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.) | |||||||
New York, New York | ||||||||
(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 | ||||||
Common stock, par value $0.001 per share | CION | The New York Stock Exchange |
Large accelerated filer | ☐ | Accelerated filer | ☒ | |||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||||||||
Emerging growth company | ☐ |
Page | ||||||||
March 31, 2023 | December 31, 2022 | |||||||||||||
(unaudited) | ||||||||||||||
Assets | ||||||||||||||
Investments, at fair value: | ||||||||||||||
Non-controlled, non-affiliated investments (amortized cost of $1,576,870 and $1,580,844, respectively) | $ | 1,479,976 | $ | 1,525,040 | ||||||||||
Non-controlled, affiliated investments (amortized cost of $169,539 and $140,344, respectively) | 162,785 | 143,876 | ||||||||||||
Controlled investments (amortized cost of $76,900 and $82,421, respectively) | 80,591 | 91,114 | ||||||||||||
Total investments, at fair value (amortized cost of $1,823,309 and $1,803,609, respectively) | 1,723,352 | 1,760,030 | ||||||||||||
Cash | 96,016 | 82,739 | ||||||||||||
Interest receivable on investments | 27,333 | 26,526 | ||||||||||||
Receivable due on investments sold and repaid | 3,239 | 1,016 | ||||||||||||
Dividends receivable on controlled investments | — | 1,275 | ||||||||||||
Prepaid expenses and other assets | 4,552 | 825 | ||||||||||||
Total assets | $ | 1,854,492 | $ | 1,872,411 |
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 | ||||||||||||||
Financing arrangements (net of unamortized debt issuance costs of $8,316 and $6,178, respectively) | $ | 1,002,396 | $ | 951,322 | ||||||||||
Accounts payable and accrued expenses | 1,075 | 1,012 | ||||||||||||
Interest payable | 7,007 | 7,820 | ||||||||||||
Accrued management fees | 6,676 | 6,924 | ||||||||||||
Accrued subordinated incentive fee on income | 6,334 | 5,065 | ||||||||||||
Accrued administrative services expense | 694 | 1,703 | ||||||||||||
Shareholder distribution payable | — | 14,931 | ||||||||||||
Total liabilities | 1,024,182 | 988,777 | ||||||||||||
Commitments and contingencies (Note 4 and Note 11) | ||||||||||||||
Shareholders' Equity | ||||||||||||||
Common stock, $0.001 par value; 500,000,000 shares authorized; 54,961,455 | ||||||||||||||
and 55,299,484 shares issued and 54,961,455 and 55,299,484 shares outstanding, respectively | 55 | 55 | ||||||||||||
Capital in excess of par value | 1,040,955 | 1,044,547 | ||||||||||||
Accumulated distributable losses | (210,700) | (160,968) | ||||||||||||
Total shareholders' equity | 830,310 | 883,634 | ||||||||||||
Total liabilities and shareholders' equity | $ | 1,854,492 | $ | 1,872,411 | ||||||||||
Net asset value per share of common stock at end of period | $ | 15.11 | $ | 15.98 |
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 |
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 March 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||
2023 | 2022 | 2022 | ||||||||||||||||||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||||||||||||||||||
Investment income | ||||||||||||||||||||||||||||||||
Non-controlled, non-affiliated investments | ||||||||||||||||||||||||||||||||
Interest income | $ | 42,768 | $ | 30,994 | $ | 140,560 | ||||||||||||||||||||||||||
Paid-in-kind interest income | 4,831 | 4,606 | 22,737 | |||||||||||||||||||||||||||||
Fee income | 1,143 | 949 | 9,019 | |||||||||||||||||||||||||||||
Dividend income | — | 46 | 103 | |||||||||||||||||||||||||||||
Non-controlled, affiliated investments | ||||||||||||||||||||||||||||||||
Interest income | 2,474 | 1,023 | 5,865 | |||||||||||||||||||||||||||||
Paid-in-kind interest income | 1,731 | 1,445 | 6,204 | |||||||||||||||||||||||||||||
Fee income | 1,920 | 493 | 525 | |||||||||||||||||||||||||||||
Dividend income | 3,881 | — | 79 | |||||||||||||||||||||||||||||
Controlled investments | ||||||||||||||||||||||||||||||||
Interest income | 1,977 | 2,127 | 6,049 | |||||||||||||||||||||||||||||
Paid-in-kind interest income | — | — | 2,482 | |||||||||||||||||||||||||||||
Dividend income | 4,250 | — | 1,275 | |||||||||||||||||||||||||||||
Total investment income | 64,975 | 41,683 | 194,898 | |||||||||||||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||||||||
Management fees | 6,676 | 6,655 | 27,361 | |||||||||||||||||||||||||||||
Administrative services expense | 837 | 720 | 3,348 | |||||||||||||||||||||||||||||
Subordinated incentive fee on income | 6,335 | 4,133 | 18,710 | |||||||||||||||||||||||||||||
General and administrative | 1,955 | 2,222 | 7,278 | |||||||||||||||||||||||||||||
Interest expense | 19,309 | 8,459 | 49,624 | |||||||||||||||||||||||||||||
Total operating expenses | 35,112 | 22,189 | 106,321 | |||||||||||||||||||||||||||||
Net investment income before taxes | 29,863 | 19,494 | 88,577 | |||||||||||||||||||||||||||||
Income tax expense, including excise tax | 5 | 11 | 372 | |||||||||||||||||||||||||||||
Net investment income after taxes | 29,858 | 19,483 | 88,205 | |||||||||||||||||||||||||||||
Realized and unrealized (losses) gains | ||||||||||||||||||||||||||||||||
Net realized (losses) gains on: | ||||||||||||||||||||||||||||||||
Non-controlled, non-affiliated investments | (4,525) | 28 | (11,217) | |||||||||||||||||||||||||||||
Non-controlled, affiliated investments | — | (97) | (21,530) | |||||||||||||||||||||||||||||
Foreign currency | — | — | (3) | |||||||||||||||||||||||||||||
Net realized losses | (4,525) | (69) | (32,750) | |||||||||||||||||||||||||||||
Net change in unrealized (depreciation) appreciation on: | ||||||||||||||||||||||||||||||||
Non-controlled, non-affiliated investments | (41,086) | (7,495) | (19,807) | |||||||||||||||||||||||||||||
Non-controlled, affiliated investments | (10,290) | (3,780) | 13,523 | |||||||||||||||||||||||||||||
Controlled investments | (5,002) | (250) | 970 | |||||||||||||||||||||||||||||
Net change in unrealized depreciation | (56,378) | (11,525) | (5,314) | |||||||||||||||||||||||||||||
Net realized and unrealized losses | (60,903) | (11,594) | (38,064) | |||||||||||||||||||||||||||||
Net (decrease) increase in net assets resulting from operations | $ | (31,045) | $ | 7,889 | $ | 50,141 | ||||||||||||||||||||||||||
Per share information—basic and diluted | ||||||||||||||||||||||||||||||||
Net (decrease) increase in net assets per share resulting from operations | $ | (0.56) | $ | 0.14 | $ | 0.89 | ||||||||||||||||||||||||||
Net investment income per share | $ | 0.54 | $ | 0.34 | $ | 1.56 | ||||||||||||||||||||||||||
Weighted average shares of common stock outstanding | 55,109,482 | 56,958,440 | 56,556,510 |
Three Months Ended March 31, | Year Ended December 31, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | 2022 | |||||||||||||||||||||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||||||||||||||||||||
Changes in net assets from operations: | |||||||||||||||||||||||||||||||||||
Net investment income | $ | 29,858 | $ | 19,483 | $ | 88,205 | |||||||||||||||||||||||||||||
Net realized loss on investments | (4,525) | (69) | (32,747) | ||||||||||||||||||||||||||||||||
Net realized loss on foreign currency | — | — | (3) | ||||||||||||||||||||||||||||||||
Net change in unrealized depreciation on investments | (56,378) | (11,525) | (5,314) | ||||||||||||||||||||||||||||||||
Net (decrease) increase in net assets resulting from operations | (31,045) | 7,889 | 50,141 | ||||||||||||||||||||||||||||||||
Changes in net assets from shareholders' distributions: | |||||||||||||||||||||||||||||||||||
Distributions to shareholders | (18,687) | (15,948) | (81,575) | ||||||||||||||||||||||||||||||||
Net decrease in net assets resulting from shareholders' distributions | (18,687) | (15,948) | (81,575) | ||||||||||||||||||||||||||||||||
Changes in net assets from capital share transactions: | |||||||||||||||||||||||||||||||||||
Repurchase of common stock | (3,592) | — | (15,444) | ||||||||||||||||||||||||||||||||
Net decrease in net assets resulting from capital share transactions | (3,592) | — | (15,444) | ||||||||||||||||||||||||||||||||
Total decrease in net assets | (53,324) | (8,059) | (46,878) | ||||||||||||||||||||||||||||||||
Net assets at beginning of period | 883,634 | 930,512 | 930,512 | ||||||||||||||||||||||||||||||||
Net assets at end of period | $ | 830,310 | $ | 922,453 | $ | 883,634 | |||||||||||||||||||||||||||||
Net asset value per share of common stock at end of period | $ | 15.11 | $ | 16.20 | $ | 15.98 | |||||||||||||||||||||||||||||
Shares of common stock outstanding at end of period | 54,961,455 | 56,958,440 | 55,299,484 | ||||||||||||||||||||||||||||||||
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 March 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||
2023 | 2022 | 2022 | ||||||||||||||||||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||||||||||||||||||
Operating activities: | ||||||||||||||||||||||||||||||||
Net (decrease) increase in net assets resulting from operations | $ | (31,045) | $ | 7,889 | $ | 50,141 | ||||||||||||||||||||||||||
Adjustments to reconcile net (decrease) increase in net assets resulting from operations to net cash provided by (used in) operating activities: | ||||||||||||||||||||||||||||||||
Net accretion of discount on investments | (4,342) | (2,496) | (11,032) | |||||||||||||||||||||||||||||
Proceeds from principal repayment of investments | 57,462 | 58,747 | 407,174 | |||||||||||||||||||||||||||||
Purchase of investments | (23,048) | (137,823) | (550,538) | |||||||||||||||||||||||||||||
Paid-in-kind interest and dividends capitalized | (6,562) | (6,051) | (31,446) | |||||||||||||||||||||||||||||
(Increase) decrease in short term investments, net | (55,457) | 72,154 | 77,048 | |||||||||||||||||||||||||||||
Proceeds from sale of investments | 8,812 | 2,284 | 62,586 | |||||||||||||||||||||||||||||
Net realized loss on investments | 4,525 | 69 | 32,747 | |||||||||||||||||||||||||||||
Net change in unrealized depreciation on investments | 56,378 | 11,525 | 5,314 | |||||||||||||||||||||||||||||
Amortization of debt issuance costs | 895 | 692 | 3,175 | |||||||||||||||||||||||||||||
(Increase) decrease in interest receivable on investments | (1,897) | 584 | (2,821) | |||||||||||||||||||||||||||||
(Increase) decrease in dividends receivable on investments | 1,275 | — | (1,275) | |||||||||||||||||||||||||||||
(Increase) decrease in receivable due on investments sold and repaid | (2,223) | (4,449) | 1,838 | |||||||||||||||||||||||||||||
(Increase) decrease in prepaid expenses and other assets | (3,727) | (3,152) | (359) | |||||||||||||||||||||||||||||
Increase (decrease) in payable for investments purchased | — | (11,327) | (11,327) | |||||||||||||||||||||||||||||
Increase (decrease) in accounts payable and accrued expenses | 63 | (1,060) | (910) | |||||||||||||||||||||||||||||
Increase (decrease) in interest payable | (813) | (1,166) | 3,481 | |||||||||||||||||||||||||||||
Increase (decrease) in accrued management fees | (248) | (18) | 251 | |||||||||||||||||||||||||||||
Increase (decrease) in accrued administrative services expense | (1,009) | (1,219) | 108 | |||||||||||||||||||||||||||||
Increase (decrease) in subordinated incentive fee on income payable | 1,269 | 191 | 1,123 | |||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | 308 | (14,626) | 35,278 | |||||||||||||||||||||||||||||
Financing activities: | ||||||||||||||||||||||||||||||||
Repurchase of common stock | (3,592) | — | (15,444) | |||||||||||||||||||||||||||||
Shareholders' distributions paid | (33,618) | (15,948) | (66,644) | |||||||||||||||||||||||||||||
Repayments under financing arrangements | (27,500) | — | — | |||||||||||||||||||||||||||||
Borrowings under financing arrangements | 80,712 | 45,000 | 127,500 | |||||||||||||||||||||||||||||
Debt issuance costs paid | (3,033) | (700) | (1,725) | |||||||||||||||||||||||||||||
Net cash provided by financing activities | 12,969 | 28,352 | 43,687 | |||||||||||||||||||||||||||||
Net increase in cash | 13,277 | 13,726 | 78,965 | |||||||||||||||||||||||||||||
Cash, beginning of period | 82,739 | 3,774 | 3,774 | |||||||||||||||||||||||||||||
Cash, end of period | $ | 96,016 | $ | 17,500 | $ | 82,739 | ||||||||||||||||||||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||||||||||||||||||
Cash paid for interest | $ | 19,214 | $ | 8,925 | $ | 42,930 | ||||||||||||||||||||||||||
Supplemental non-cash financing activities: | ||||||||||||||||||||||||||||||||
Restructuring of portfolio investment | $ | 45,986 | $ | — | $ | 50,554 | ||||||||||||||||||||||||||
Cash interest receivable exchanged for additional securities | $ | 912 | $ | — | $ | — | ||||||||||||||||||||||||||
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) | Interest(b) | Maturity | Industry | Principal/ Par Amount/ Units(e) | Cost(d) | Fair Value(c) | ||||||||||||||||||||||||||||||||
Senior Secured First Lien Debt - 177.4% | ||||||||||||||||||||||||||||||||||||||
Adapt Laser Acquisition, Inc.(t)(x) | L+1200, 1.00% LIBOR Floor | 12/31/2023 | Capital Equipment | $ | 11,012 | $ | 11,012 | $ | 10,740 | |||||||||||||||||||||||||||||
Adapt Laser Acquisition, Inc.(t)(x) | L+1200, 1.00% LIBOR Floor | 12/31/2023 | Capital Equipment | 2,082 | 2,082 | 1,947 | ||||||||||||||||||||||||||||||||
Afore Insurance Services, LLC(m)(r)(aa) | S+600, 0.00% SOFR Floor | 3/24/2025 | Banking, Finance, Insurance & Real Estate | 4,583 | 4,583 | 4,572 | ||||||||||||||||||||||||||||||||
AHF Parent Holding, Inc.(n)(aa) | S+625, 0.75% SOFR Floor | 2/1/2028 | Construction & Building | 2,850 | 2,802 | 2,744 | ||||||||||||||||||||||||||||||||
Allen Media, LLC(n)(aa) | S+550, 0.00% SOFR Floor | 2/10/2027 | Media: Diversified & Production | 8,841 | 8,775 | 8,553 | ||||||||||||||||||||||||||||||||
ALM Media, LLC(m)(n)(x) | L+600, 1.00% LIBOR Floor | 11/25/2024 | Media: Advertising, Printing & Publishing | 16,750 | 16,634 | 16,771 | ||||||||||||||||||||||||||||||||
American Clinical Solutions LLC(m)(t)(w) | L+700, 1.00% LIBOR Floor | 12/31/2024 | Healthcare & Pharmaceuticals | 4,797 | 4,797 | 4,629 | ||||||||||||||||||||||||||||||||
American Consolidated Natural Resources, Inc.(m)(t)(x) | L+1600, 1.00% LIBOR Floor | 9/16/2025 | Metals & Mining | 47 | 35 | 47 | ||||||||||||||||||||||||||||||||
American Health Staffing Group, Inc.(m)(y) | S+600, 1.00% SOFR Floor | 11/19/2026 | Services: Business | 16,500 | 16,378 | 16,500 | ||||||||||||||||||||||||||||||||
American Health Staffing Group, Inc. | 0.50% Unfunded | 11/19/2026 | Services: Business | 3,333 | (24) | — | ||||||||||||||||||||||||||||||||
American Teleconferencing Services, Ltd.(q) | Prime+550 | 6/30/2022 | Telecommunications | 3,116 | 3,116 | 140 | ||||||||||||||||||||||||||||||||
American Teleconferencing Services, Ltd.(o) | 0.50% Unfunded | 6/30/2022 | Telecommunications | 235 | — | — | ||||||||||||||||||||||||||||||||
Analogic Corp.(m)(n)(x) | L+525, 1.00% LIBOR Floor | 6/21/2024 | Healthcare & Pharmaceuticals | 4,838 | 4,815 | 4,807 | ||||||||||||||||||||||||||||||||
Ancile Solutions, Inc.(m)(t)(x) | L+1000, 1.00% LIBOR Floor | 6/11/2026 | High Tech Industries | 11,998 | 11,734 | 11,638 | ||||||||||||||||||||||||||||||||
Anthem Sports & Entertainment Inc.(m)(t)(x) | L+950, 1.00% LIBOR Floor | 11/15/2026 | Media: Diversified & Production | 37,076 | 36,932 | 35,500 | ||||||||||||||||||||||||||||||||
Anthem Sports & Entertainment Inc.(x) | L+950, 1.00% LIBOR Floor | 11/15/2026 | Media: Diversified & Production | 3,000 | 3,000 | 2,873 | ||||||||||||||||||||||||||||||||
Anthem Sports & Entertainment Inc. | 0.50% Unfunded | 11/15/2026 | Media: Diversified & Production | 167 | — | (7) | ||||||||||||||||||||||||||||||||
Appalachian Resource Company, LLC(w) | L+500, 1.00% LIBOR Floor | 9/10/2023 | Metals & Mining | 11,137 | 10,807 | 10,789 | ||||||||||||||||||||||||||||||||
Appalachian Resource Company, LLC(w) | L+1000, 1.00% LIBOR Floor | 9/10/2023 | Metals & Mining | 5,000 | 5,000 | 5,000 | ||||||||||||||||||||||||||||||||
Archer Systems, LLC(m)(aa) | S+600, 1.00% SOFR Floor | 8/11/2027 | Services: Business | 18,050 | 17,892 | 18,073 | ||||||||||||||||||||||||||||||||
Archer Systems, LLC | 0.50% Unfunded | 8/11/2027 | Services: Business | 1,905 | (17) | 2 | ||||||||||||||||||||||||||||||||
Associated Asphalt Partners, LLC(m)(n)(x) | L+525, 1.00% LIBOR Floor | 4/5/2024 | Construction & Building | 14,178 | 14,045 | 10,888 | ||||||||||||||||||||||||||||||||
Atlas Supply LLC | 11.00% | 4/29/2025 | Healthcare & Pharmaceuticals | 5,000 | 5,000 | 4,938 | ||||||||||||||||||||||||||||||||
Avison Young (USA) Inc.(m)(w) | S+575, 0.00% SOFR Floor | 1/31/2026 | Banking, Finance, Insurance & Real Estate | 2,658 | 2,634 | 2,425 | ||||||||||||||||||||||||||||||||
BDS Solutions Intermediateco, LLC(m)(aa) | S+625, 1.00% SOFR Floor | 2/7/2027 | Services: Business | 20,044 | 19,736 | 19,668 | ||||||||||||||||||||||||||||||||
BDS Solutions Intermediateco, LLC(aa) | S+625, 1.00% SOFR Floor | 2/7/2027 | Services: Business | 859 | 802 | 843 | ||||||||||||||||||||||||||||||||
BDS Solutions Intermediateco, LLC | 0.50% Unfunded | 2/7/2027 | Services: Business | 1,998 | — | (37) | ||||||||||||||||||||||||||||||||
Berlitz Holdings, Inc.(z) | S+900, 1.00% SOFR Floor | 2/14/2025 | Services: Business | 13,800 | 13,080 | 13,248 | ||||||||||||||||||||||||||||||||
Bradshaw International Parent Corp.(m)(w) | L+ 575, 1.00% LIBOR Floor | 10/21/2027 | Consumer Goods: Durable | 12,991 | 12,730 | 12,618 | ||||||||||||||||||||||||||||||||
Bradshaw International Parent Corp. | 0.50% Unfunded | 10/21/2026 | Consumer Goods: Durable | 1,844 | (33) | (53) |
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) | Interest(b) | Maturity | Industry | Principal/ Par Amount/ Units(e) | Cost(d) | Fair Value(c) | ||||||||||||||||||||||||||||||||
Cabi, LLC(m)(z) | S+950, 1.00% SOFR Floor | 2/28/2027 | Retail | 21,931 | 21,656 | 21,602 | ||||||||||||||||||||||||||||||||
Cadence Aerospace, LLC(m)(n)(t)(x) | L+850, 1.00% LIBOR Floor | 11/14/2023 | Aerospace & Defense | 39,491 | 39,388 | 39,195 | ||||||||||||||||||||||||||||||||
Carestream Health, Inc.(n)(r)(z) | S+750, 1.00% SOFR Floor | 9/30/2027 | Healthcare & Pharmaceuticals | 7,596 | 7,596 | 7,520 | ||||||||||||||||||||||||||||||||
CB URS Holdings Corp.(m)(q)(x) | L+575, 1.00% LIBOR Floor | 9/1/2024 | Transportation: Cargo | 14,826 | 14,797 | 10,656 | ||||||||||||||||||||||||||||||||
Celerity Acquisition Holdings, LLC(m)(x) | L+850, 1.00% LIBOR Floor | 5/28/2026 | Services: Business | 14,738 | 14,738 | 14,443 | ||||||||||||||||||||||||||||||||
Cennox, Inc.(m)(x) | L+600, 1.00% LIBOR Floor | 5/4/2026 | Services: Business | 22,455 | 22,455 | 22,371 | ||||||||||||||||||||||||||||||||
Cennox, Inc.(m)(n)(x) | L+600, 1.00% LIBOR Floor | 5/4/2026 | Services: Business | 11,666 | 11,613 | 11,623 | ||||||||||||||||||||||||||||||||
Cennox, Inc. | L+600, 1.00% LIBOR Floor | 5/4/2026 | Services: Business | 2,987 | 2,987 | 2,976 | ||||||||||||||||||||||||||||||||
Cennox, Inc. | 1.00% Unfunded | 11/22/2023 | Services: Business | 7,193 | — | (27) | ||||||||||||||||||||||||||||||||
CION/EagleTree Partners, LLC(h)(s)(t) | 14.00% | 12/21/2026 | Diversified Financials | 54,827 | 54,827 | 54,827 | ||||||||||||||||||||||||||||||||
CircusTrix Holdings, LLC(m)(n)(w) | L+550, 1.00% LIBOR Floor | 1/16/2024 | Hotel, Gaming & Leisure | 26,763 | 26,725 | 26,763 | ||||||||||||||||||||||||||||||||
CircusTrix Holdings, LLC(m)(w) | L+550, 1.00% LIBOR Floor | 1/16/2024 | Hotel, Gaming & Leisure | 2,725 | 2,703 | 2,725 | ||||||||||||||||||||||||||||||||
CircusTrix Holdings, LLC(m)(w) | L+550, 1.00% LIBOR Floor | 7/16/2023 | Hotel, Gaming & Leisure | 754 | 745 | 900 | ||||||||||||||||||||||||||||||||
Community Tree Service, LLC(m)(aa) | S+850, 1.00% SOFR Floor | 6/17/2027 | Construction & Building | 12,438 | 12,438 | 11,878 | ||||||||||||||||||||||||||||||||
Country Fresh Holdings, LLC(q)(x) | L+500, 1.00% LIBOR Floor | 4/29/2023 | Beverage, Food & Tobacco | 877 | 765 | 75 | ||||||||||||||||||||||||||||||||
Country Fresh Holdings, LLC(q)(x) | L+500, 1.00% LIBOR Floor | 4/29/2023 | Beverage, Food & Tobacco | 355 | 316 | 30 | ||||||||||||||||||||||||||||||||
Coyote Buyer, LLC(m)(n)(x) | L+600, 1.00% LIBOR Floor | 2/6/2026 | Chemicals, Plastics & Rubber | 33,950 | 33,798 | 33,611 | ||||||||||||||||||||||||||||||||
Coyote Buyer, LLC(n)(x) | L+800, 1.00% LIBOR Floor | 8/6/2026 | Chemicals, Plastics & Rubber | 6,109 | 6,032 | 6,109 | ||||||||||||||||||||||||||||||||
Coyote Buyer, LLC | 0.50% Unfunded | 2/6/2025 | Chemicals, Plastics & Rubber | 2,500 | — | (25) | ||||||||||||||||||||||||||||||||
Critical Nurse Staffing, LLC(m)(x) | L+600, 1.00% LIBOR Floor | 11/1/2026 | Healthcare & Pharmaceuticals | 12,895 | 12,895 | 12,895 | ||||||||||||||||||||||||||||||||
Critical Nurse Staffing, LLC(m)(x) | L+600, 1.00% LIBOR Floor | 11/1/2026 | Healthcare & Pharmaceuticals | 996 | 996 | 996 | ||||||||||||||||||||||||||||||||
Critical Nurse Staffing, LLC(x) | L+600, 1.00% LIBOR Floor | 11/1/2026 | Healthcare & Pharmaceuticals | 760 | 760 | 760 | ||||||||||||||||||||||||||||||||
Critical Nurse Staffing, LLC | 1.00% Unfunded | 11/1/2026 | Healthcare & Pharmaceuticals | 4,899 | — | — | ||||||||||||||||||||||||||||||||
Critical Nurse Staffing, LLC | 0.50% Unfunded | 11/1/2026 | Healthcare & Pharmaceuticals | 240 | — | — | ||||||||||||||||||||||||||||||||
David's Bridal, LLC(m)(q)(t)(x) | L+1000, 1.00% LIBOR Floor | 5/23/2024 | Retail | 13,166 | 12,419 | 7,702 | ||||||||||||||||||||||||||||||||
David's Bridal, LLC(m)(q)(t)(x) | L+1000, 1.00% LIBOR Floor | 5/23/2024 | Retail | 5,426 | 5,426 | 3,038 | ||||||||||||||||||||||||||||||||
David's Bridal, LLC(q)(t)(x) | L+1000, 1.00% LIBOR Floor | 12/23/2024 | Retail | 6,014 | 5,457 | — | ||||||||||||||||||||||||||||||||
David's Bridal, LLC(q)(t)(x) | L+700, 1.00% LIBOR Floor | 12/31/2024 | Retail | 865 | 793 | — | ||||||||||||||||||||||||||||||||
Deluxe Entertainment Services, Inc.(m)(q)(r)(t)(x) | L+650, 1.00% LIBOR Floor | 3/25/2024 | Media: Diversified & Production | 2,593 | 2,542 | 130 | ||||||||||||||||||||||||||||||||
Dermcare Management, LLC(m)(z) | S+600, 1.00% SOFR Floor | 4/22/2028 | Healthcare & Pharmaceuticals | 9,332 | 9,165 | 9,251 | ||||||||||||||||||||||||||||||||
Dermcare Management, LLC(m)(z) | S+600, 1.00% SOFR Floor | 4/22/2028 | Healthcare & Pharmaceuticals | 3,531 | 3,453 | 3,501 | ||||||||||||||||||||||||||||||||
Dermcare Management, LLC | Prime+600 | 4/22/2028 | Healthcare & Pharmaceuticals | 358 | 358 | 355 | ||||||||||||||||||||||||||||||||
Dermcare Management, LLC | 0.50% Unfunded | 10/22/2023 | Healthcare & Pharmaceuticals | 698 | — | (6) |
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) | Interest(b) | Maturity | Industry | Principal/ Par Amount/ Units(e) | Cost(d) | Fair Value(c) | ||||||||||||||||||||||||||||||||
Dermcare Management, LLC | 0.50% Unfunded | 4/22/2028 | Healthcare & Pharmaceuticals | 985 | — | (9) | ||||||||||||||||||||||||||||||||
DMT Solutions Global Corp.(n)(u) | L+750, 1.00% LIBOR Floor | 7/2/2024 | Services: Business | 3,910 | 3,884 | 3,721 | ||||||||||||||||||||||||||||||||
Emerald Technologies (U.S.) Acquisitionco, Inc.(n)(z) | S+625, 1.00% SOFR Floor | 12/29/2027 | Services: Business | 2,925 | 2,876 | 2,779 | ||||||||||||||||||||||||||||||||
Entertainment Studios P&A LLC(m)(aa) | S+850, 1.00% SOFR Floor | 9/28/2027 | Media: Diversified & Production | 23,488 | 23,400 | 23,488 | ||||||||||||||||||||||||||||||||
Entertainment Studios P&A LLC(j) | 5.00% | 5/18/2037 | Media: Diversified & Production | — | — | 1,368 | ||||||||||||||||||||||||||||||||
Flatworld Intermediate Corp.(n)(aa) | S+600, 1.00% SOFR Floor | 10/3/2027 | Services: Business | 25,072 | 25,072 | 25,260 | ||||||||||||||||||||||||||||||||
Flatworld Intermediate Corp. | 0.50% Unfunded | 10/3/2027 | Services: Business | 5,865 | — | 44 | ||||||||||||||||||||||||||||||||
FuseFX, LLC(m)(n)(w) | S+575, 1.00% SOFR Floor | 10/1/2024 | Media: Diversified & Production | 19,744 | 19,640 | 19,547 | ||||||||||||||||||||||||||||||||
Fusion Connect Inc.(m)(t)(x) | L+850, 1.00% LIBOR Floor | 1/18/2027 | High Tech Industries | 19,677 | 19,222 | 19,677 | ||||||||||||||||||||||||||||||||
Future Pak, LLC(m)(w) | L+1000, 2.00% LIBOR Floor | 7/2/2024 | Healthcare & Pharmaceuticals | 22,183 | 22,183 | 22,183 | ||||||||||||||||||||||||||||||||
Gold Medal Holdings, Inc.(m)(aa) | S+700, 1.00% SOFR Floor | 3/17/2027 | Services: Business | 14,759 | 14,639 | 14,575 | ||||||||||||||||||||||||||||||||
GSC Technologies Inc.(r)(w) | L+500, 1.00% LIBOR Floor | 9/30/2025 | Chemicals, Plastics & Rubber | 2,404 | 2,329 | 2,094 | ||||||||||||||||||||||||||||||||
GSC Technologies Inc.(r)(t)(w) | L+500, 1.00% LIBOR Floor | 9/30/2025 | Chemicals, Plastics & Rubber | 935 | 905 | 612 | ||||||||||||||||||||||||||||||||
GSC Technologies Inc.(r)(t)(w) | L+1000, 1.00% LIBOR Floor | 9/30/2025 | Chemicals, Plastics & Rubber | 150 | 150 | 150 | ||||||||||||||||||||||||||||||||
H.W. Lochner, Inc.(m)(x) | L+575, 1.00% LIBOR Floor | 7/2/2027 | Construction & Building | 8,828 | 8,763 | 8,828 | ||||||||||||||||||||||||||||||||
H.W. Lochner, Inc.(m)(x) | S +675, 1.00% SOFR Floor | 7/2/2027 | Construction & Building | 7,439 | 7,229 | 7,215 | ||||||||||||||||||||||||||||||||
H.W. Lochner, Inc.(x) | L+575, 1.00% LIBOR Floor | 7/2/2027 | Construction & Building | 775 | 765 | 775 | ||||||||||||||||||||||||||||||||
H.W. Lochner, Inc. | 0.50% Unfunded | 7/2/2027 | Construction & Building | 225 | — | — | ||||||||||||||||||||||||||||||||
Harland Clarke Holdings Corp.(m)(x) | S+775, 1.00% SOFR Floor | 6/16/2026 | Services: Business | 9,186 | 9,180 | 7,674 | ||||||||||||||||||||||||||||||||
Heritage Power, LLC | Prime+500 | 7/30/2026 | Energy: Oil & Gas | 8,622 | 6,908 | 3,837 | ||||||||||||||||||||||||||||||||
Hilliard, Martinez & Gonzales, LLP(m)(t)(w) | L+1200, 2.00% LIBOR Floor | 12/17/2023 | Services: Consumer | 22,706 | 22,670 | 22,706 | ||||||||||||||||||||||||||||||||
Hollander Intermediate LLC(m)(aa) | S+875, 2.00% SOFR Floor | 9/19/2026 | Consumer Goods: Durable | 17,249 | 16,832 | 16,538 | ||||||||||||||||||||||||||||||||
Homer City Generation, L.P.(m)(q)(t) | 15.00% | 4/5/2023 | Energy: Oil & Gas | 12,222 | 12,076 | 8,209 | ||||||||||||||||||||||||||||||||
Homer City Generation, L.P.(t) | 17.00% | 5/31/2023 | Energy: Oil & Gas | 1,000 | 1,000 | 1,060 | ||||||||||||||||||||||||||||||||
Hudson Hospital Opco, LLC(m)(n)(z) | S+800, 3.00% SOFR Floor | 11/4/2023 | Healthcare & Pharmaceuticals | 2,186 | 2,146 | 2,169 | ||||||||||||||||||||||||||||||||
HUMC Holdco, LLC(m)(x) | S+800, 3.00% SOFR Floor | 11/4/2023 | Healthcare & Pharmaceuticals | 7,827 | 7,827 | 7,827 | ||||||||||||||||||||||||||||||||
HW Acquisition, LLC(m) | Prime+500 | 9/28/2026 | Capital Equipment | 18,828 | 18,694 | 17,393 | ||||||||||||||||||||||||||||||||
HW Acquisition, LLC | Prime+500 | 9/28/2026 | Capital Equipment | 733 | 713 | 677 | ||||||||||||||||||||||||||||||||
HW Acquisition, LLC | 0.50% Unfunded | 9/28/2026 | Capital Equipment | 2,200 | — | (168) | ||||||||||||||||||||||||||||||||
ICA Foam Holdings, LLC(m)(aa) | S+675, 1.00% SOFR Floor | 11/5/2025 | Containers, Packaging & Glass | 19,900 | 19,555 | 19,477 | ||||||||||||||||||||||||||||||||
IJKG Opco LLC(m)(n)(z) | S+800, 3.00% SOFR Floor | 11/4/2023 | Healthcare & Pharmaceuticals | 1,457 | 1,432 | 1,446 | ||||||||||||||||||||||||||||||||
Independent Pet Partners Intermediate Holdings, LLC(q)(t) | 6.00% | 11/20/2023 | Retail | 10,934 | 10,905 | 4,702 | ||||||||||||||||||||||||||||||||
Independent Pet Partners Intermediate Holdings, LLC(t) | Prime+900 | 4/16/2023 | Retail | 2,491 | 2,308 | 2,491 | ||||||||||||||||||||||||||||||||
Independent Pet Partners Intermediate Holdings, LLC(t)(z) | S+1000, 1.00% SOFR Floor | 2/27/2023 | Retail | 1,577 | 1,681 | 1,577 | ||||||||||||||||||||||||||||||||
Independent Pet Partners Intermediate Holdings, LLC(t) | Prime+900 | 4/16/2023 | Retail | 1,397 | 1,374 | 1,397 |
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) | Interest(b) | Maturity | Industry | Principal/ Par Amount/ Units(e) | Cost(d) | Fair Value(c) | ||||||||||||||||||||||||||||||||
Inotiv, Inc.(m)(x) | S+625, 1.00% SOFR Floor | 11/5/2026 | Healthcare & Pharmaceuticals | 16,391 | 16,154 | 15,818 | ||||||||||||||||||||||||||||||||
Instant Web, LLC(m)(n)(r)(t)(w) | L+700, 1.00% LIBOR Floor | 2/25/2027 | Media: Advertising, Printing & Publishing | 40,985 | 40,985 | 24,847 | ||||||||||||||||||||||||||||||||
Instant Web, LLC(r)(w) | L+650, 1.00% LIBOR Floor | 2/25/2027 | Media: Advertising, Printing & Publishing | 1,186 | 1,186 | 1,180 | ||||||||||||||||||||||||||||||||
Instant Web, LLC(r) | Prime+375 | 2/25/2027 | Media: Advertising, Printing & Publishing | 458 | 458 | 469 | ||||||||||||||||||||||||||||||||
Instant Web, LLC(r) | 0.50% Unfunded | 2/25/2027 | Media: Advertising, Printing & Publishing | 1,517 | — | (8) | ||||||||||||||||||||||||||||||||
Instant Web, LLC(r) | 0.50% Unfunded | 2/25/2027 | Media: Advertising, Printing & Publishing | 3,246 | — | (16) | ||||||||||||||||||||||||||||||||
Invincible Boat Company LLC(m)(x) | L+650, 1.50% LIBOR Floor | 8/28/2025 | Consumer Goods: Durable | 13,536 | 13,453 | 13,469 | ||||||||||||||||||||||||||||||||
Invincible Boat Company LLC(x) | L+650, 1.50% LIBOR Floor | 8/28/2025 | Consumer Goods: Durable | 559 | 559 | 556 | ||||||||||||||||||||||||||||||||
Invincible Boat Company LLC | 0.50% Unfunded | 8/28/2025 | Consumer Goods: Durable | 239 | — | (1) | ||||||||||||||||||||||||||||||||
INW Manufacturing, LLC(n)(x) | L+575, 0.75% LIBOR Floor | 3/25/2027 | Services: Business | 18,500 | 18,098 | 17,205 | ||||||||||||||||||||||||||||||||
Ironhorse Purchaser, LLC(n)(aa) | S+650, 1.00% SOFR Floor | 9/30/2027 | Services: Business | 7,107 | 7,042 | 7,036 | ||||||||||||||||||||||||||||||||
Ironhorse Purchaser, LLC(aa) | S+650, 1.00% SOFR Floor | 9/30/2027 | Services: Business | 2,036 | 2,018 | 2,015 | ||||||||||||||||||||||||||||||||
Ironhorse Purchaser, LLC(aa) | S+650, 1.00% SOFR Floor | 9/30/2027 | Services: Business | 109 | 101 | 108 | ||||||||||||||||||||||||||||||||
Ironhorse Purchaser, LLC | 0.50% Unfunded | 9/30/2027 | Services: Business | 707 | — | (7) | ||||||||||||||||||||||||||||||||
Isagenix International, LLC(m)(x) | L+775, 1.00% LIBOR Floor | 6/14/2025 | Beverage, Food & Tobacco | 16,229 | 15,192 | 13,916 | ||||||||||||||||||||||||||||||||
Jenny C Acquisition, Inc.(q)(t)(x) | L+900, 1.75% LIBOR Floor | 10/1/2024 | Services: Consumer | 11,789 | 11,745 | 2,358 | ||||||||||||||||||||||||||||||||
Jenny C Acquisition, Inc.(t)(z) | S+800, 1.75% SOFR Floor | 10/1/2024 | Services: Consumer | 443 | 443 | 443 | ||||||||||||||||||||||||||||||||
JP Intermediate B, LLC(m)(x) | L+550, 1.00% LIBOR Floor | 11/20/2025 | Beverage, Food & Tobacco | 13,208 | 13,082 | 7,837 | ||||||||||||||||||||||||||||||||
K&N Parent, Inc.(t)(z) | S+825, 1.00% SOFR Floor | 8/14/2027 | Consumer Goods: Durable | 5,441 | 5,441 | 5,427 | ||||||||||||||||||||||||||||||||
K&N Parent, Inc.(z) | S+800, 1.00% SOFR Floor | 2/14/2027 | Consumer Goods: Durable | 4,263 | 4,111 | 4,439 | ||||||||||||||||||||||||||||||||
Klein Hersh, LLC(m)(t)(z) | S+1139, 0.50% SOFR Floor | 4/27/2027 | Services: Business | 20,273 | 20,273 | 20,222 | ||||||||||||||||||||||||||||||||
KNB Holdings Corp.(q)(m)(y) | L+550, 1.00% LIBOR Floor | 4/26/2024 | Consumer Goods: Durable | 7,634 | 7,387 | 1,651 | ||||||||||||||||||||||||||||||||
LAV Gear Holdings, Inc.(m)(n)(t)(aa) | S+628, 1.00% SOFR Floor | 10/31/2024 | Services: Business | 27,788 | 27,598 | 27,651 | ||||||||||||||||||||||||||||||||
LAV Gear Holdings, Inc.(m)(n)(t)(aa) | S+628, 1.00% SOFR Floor | 10/31/2024 | Services: Business | 4,558 | 4,555 | 4,541 | ||||||||||||||||||||||||||||||||
LGC US Finco, LLC(m)(w) | L+650, 1.00% LIBOR Floor | 12/20/2025 | Capital Equipment | 11,454 | 11,225 | 11,124 | ||||||||||||||||||||||||||||||||
Lift Brands, Inc.(m)(n)(r)(w) | L+750, 1.00% LIBOR Floor | 6/29/2025 | Services: Consumer | 23,228 | 23,228 | 23,228 | ||||||||||||||||||||||||||||||||
Lift Brands, Inc.(m)(n)(r)(t) | 9.50% | 6/29/2025 | Services: Consumer | 5,642 | 5,583 | 5,332 | ||||||||||||||||||||||||||||||||
Lift Brands, Inc.(m)(n)(r)(t) | 9.50% | 6/29/2025 | Services: Consumer | 5,296 | 4,982 | 4,648 | ||||||||||||||||||||||||||||||||
MacNeill Pride Group Corp.(m)(aa) | S+650, 1.00% SOFR Floor | 4/22/2026 | Services: Consumer | 17,759 | 17,670 | 17,404 | ||||||||||||||||||||||||||||||||
MacNeill Pride Group Corp.(m)(aa) | S+650, 1.00% SOFR Floor | 4/22/2026 | Services: Consumer | 7,890 | 7,823 | 7,732 | ||||||||||||||||||||||||||||||||
MacNeill Pride Group Corp. | 1.00% Unfunded | 4/30/2024 | Services: Consumer | 2,017 | — | (40) | ||||||||||||||||||||||||||||||||
Manus Bio Inc. | 13.00% | 8/20/2026 | Healthcare & Pharmaceuticals | 13,719 | 13,644 | 13,719 | ||||||||||||||||||||||||||||||||
Mimeo.com, Inc.(m)(x) | L+680, 1.00% LIBOR Floor | 12/21/2024 | Media: Advertising, Printing & Publishing | 22,156 | 22,156 | 21,990 | ||||||||||||||||||||||||||||||||
Mimeo.com, Inc.(x) | L+680, 1.00% LIBOR Floor | 12/21/2024 | Media: Advertising, Printing & Publishing | 2,256 | 2,256 | 2,239 | ||||||||||||||||||||||||||||||||
Mimeo.com, Inc. | 1.00% Unfunded | 12/21/2024 | Media: Advertising, Printing & Publishing | 3,000 | — | (23) | ||||||||||||||||||||||||||||||||
Moss Holding Company(m)(n)(t)(aa) | S+650, 1.00% SOFR Floor | 4/17/2024 | Services: Business | 19,526 | 19,464 | 18,842 |
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) | Interest(b) | Maturity | Industry | Principal/ Par Amount/ Units(e) | Cost(d) | Fair Value(c) | ||||||||||||||||||||||||||||||||
Moss Holding Company | 6.25% Unfunded | 4/17/2024 | Services: Business | 106 | — | (4) | ||||||||||||||||||||||||||||||||
Moss Holding Company | 0.50% Unfunded | 4/17/2024 | Services: Business | 2,126 | — | (74) | ||||||||||||||||||||||||||||||||
Neptune Flood Inc.(m)(x) | L+600, 1.00% LIBOR Floor | 10/21/2026 | Banking, Finance, Insurance & Real Estate | 6,208 | 6,175 | 6,270 | ||||||||||||||||||||||||||||||||
NewsCycle Solutions, Inc.(m)(n)(x) | S +700, 1.00% SOFR Floor | 12/29/2023 | Media: Advertising, Printing & Publishing | 12,413 | 12,408 | 12,413 | ||||||||||||||||||||||||||||||||
NWN Parent Holdings LLC(m)(x) | S+800, 1.00% SOFR Floor | 5/7/2026 | High Tech Industries | 12,688 | 12,611 | 12,577 | ||||||||||||||||||||||||||||||||
NWN Parent Holdings LLC(x) | S+800, 1.00% SOFR Floor | 5/7/2026 | High Tech Industries | 1,020 | 1,008 | 1,011 | ||||||||||||||||||||||||||||||||
NWN Parent Holdings LLC | 0.50% Unfunded | 5/7/2026 | High Tech Industries | 480 | — | (4) | ||||||||||||||||||||||||||||||||
OpCo Borrower, LLC(m)(z) | S+650, 1.00% SOFR Floor | 8/19/2027 | Healthcare & Pharmaceuticals | 11,315 | 11,205 | 11,315 | ||||||||||||||||||||||||||||||||
OpCo Borrower, LLC | 0.50% Unfunded | 8/19/2027 | Healthcare & Pharmaceuticals | 1,042 | — | — | ||||||||||||||||||||||||||||||||
Optio Rx, LLC(m)(n)(w) | L+700, 0.00% LIBOR Floor | 6/28/2024 | Healthcare & Pharmaceuticals | 15,929 | 15,900 | 15,610 | ||||||||||||||||||||||||||||||||
Optio Rx, LLC(n)(w) | L+1000, 0.00% LIBOR Floor | 6/28/2024 | Healthcare & Pharmaceuticals | 2,515 | 2,507 | 2,615 | ||||||||||||||||||||||||||||||||
Pentec Acquisition Corp.(m)(w) | L+600, 1.00% LIBOR Floor | 10/8/2026 | Healthcare & Pharmaceuticals | 24,688 | 24,509 | 24,688 | ||||||||||||||||||||||||||||||||
PH Beauty Holdings III. Inc.(m)(x) | L+500, 0.00% LIBOR Floor | 9/28/2025 | Consumer Goods: Non-Durable | 9,550 | 9,208 | 8,679 | ||||||||||||||||||||||||||||||||
Playboy Enterprises, Inc.(h)(n)(y) | L+625, 0.50% LIBOR Floor | 5/25/2027 | Consumer Goods: Non-Durable | 19,527 | 19,166 | 18,599 | ||||||||||||||||||||||||||||||||
Project Castle, Inc.(m)(aa) | S+550, 0.50% SOFR Floor | 6/1/2029 | Services: Business | 9,950 | 8,985 | 8,520 | ||||||||||||||||||||||||||||||||
RA Outdoors, LLC(m)(aa) | S+675, 1.00% SOFR Floor | 4/8/2026 | Media: Diversified & Production | 10,979 | 10,979 | 10,938 | ||||||||||||||||||||||||||||||||
RA Outdoors, LLC(m)(aa) | S+775, 1.00% SOFR Floor | 4/8/2026 | Media: Diversified & Production | 315 | 145 | 314 | ||||||||||||||||||||||||||||||||
RA Outdoors, LLC | 0.50% Unfunded | 4/8/2026 | Media: Diversified & Production | 735 | — | (1) | ||||||||||||||||||||||||||||||||
Retail Services WIS Corp.(m)(x) | L+775, 1.00% LIBOR Floor | 5/20/2025 | Services: Business | 9,423 | 9,264 | 9,140 | ||||||||||||||||||||||||||||||||
Robert C. Hilliard, L.L.P.(m)(t)(w) | L+1200, 2.00% LIBOR Floor | 12/17/2023 | Services: Consumer | 1,890 | 1,890 | 1,890 | ||||||||||||||||||||||||||||||||
Rogers Mechanical Contractors, LLC(m)(t)(ab) | S+800, 1.00% SOFR Floor | 9/9/2025 | Services: Business | 16,173 | 16,173 | 16,133 | ||||||||||||||||||||||||||||||||
Rogers Mechanical Contractors, LLC(t)(ab) | S+800, 1.00% SOFR Floor | 9/9/2025 | Services: Business | 1,538 | 1,538 | 1,535 | ||||||||||||||||||||||||||||||||
Rogers Mechanical Contractors, LLC(m)(t)(ab) | S+800, 1.00% SOFR Floor | 9/9/2025 | Services: Business | 951 | 951 | 949 | ||||||||||||||||||||||||||||||||
Rogers Mechanical Contractors, LLC | 1.00% Unfunded | 4/28/2023 | Services: Business | 962 | — | (2) | ||||||||||||||||||||||||||||||||
Rogers Mechanical Contractors, LLC | 0.75% Unfunded | 9/9/2025 | Services: Business | 865 | — | (2) | ||||||||||||||||||||||||||||||||
RumbleOn, Inc.(m)(x) | L+825, 1.00% LIBOR Floor | 8/31/2026 | Automotive | 13,284 | 12,542 | 12,587 | ||||||||||||||||||||||||||||||||
RumbleOn, Inc.(m)(x) | L+825, 1.00% LIBOR Floor | 8/31/2026 | Automotive | 4,019 | 3,992 | 3,808 | ||||||||||||||||||||||||||||||||
Securus Technologies Holdings, Inc.(m)(x) | L+450, 1.00% LIBOR Floor | 11/1/2024 | Telecommunications | 3,858 | 3,433 | 3,848 | ||||||||||||||||||||||||||||||||
Sequoia Healthcare Management, LLC(m)(n)(q) | 12.75% | 11/4/2023 | Healthcare & Pharmaceuticals | 8,525 | 8,456 | 10,720 | ||||||||||||||||||||||||||||||||
Service Compression, LLC(m)(t)(aa) | S+1000, 1.00% SOFR Floor | 5/6/2027 | Energy: Oil & Gas | 23,091 | 22,763 | 23,091 | ||||||||||||||||||||||||||||||||
Service Compression, LLC(m)(aa) | S+1000, 1.00% SOFR Floor | 5/6/2027 | Energy: Oil & Gas | 4,564 | 4,461 | 4,565 | ||||||||||||||||||||||||||||||||
Service Compression, LLC | 0.50% Unfunded | 5/6/2025 | Energy: Oil & Gas | 2,791 | — | — | ||||||||||||||||||||||||||||||||
Sleep Opco, LLC(m)(x) | L+650, 1.00% LIBOR Floor | 10/12/2026 | Retail | 13,739 | 13,539 | 13,619 | ||||||||||||||||||||||||||||||||
Sleep Opco, LLC(x) | L+650, 1.00% LIBOR Floor | 10/12/2026 | Retail | 525 | 500 | 520 | ||||||||||||||||||||||||||||||||
Sleep Opco, LLC(m)(x) | L+700, 1.00%LIBOR Floor | 10/12/2026 | Retail | 400 | 394 | 397 | ||||||||||||||||||||||||||||||||
Sleep Opco, LLC | 0.50% Unfunded | 10/12/2026 | Retail | 1,225 | — | (11) | ||||||||||||||||||||||||||||||||
Spinal USA, Inc. / Precision Medical Inc.(m)(t)(x) | L+950 | 5/29/2023 | Healthcare & Pharmaceuticals | 13,855 | 13,851 | 7,343 |
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) | Interest(b) | Maturity | Industry | Principal/ Par Amount/ Units(e) | Cost(d) | Fair Value(c) | ||||||||||||||||||||||||||||||||
Spinal USA, Inc. / Precision Medical Inc.(m)(t)(x) | L+950 | 5/29/2023 | Healthcare & Pharmaceuticals | 1,231 | 1,231 | 603 | ||||||||||||||||||||||||||||||||
Spinal USA, Inc. / Precision Medical Inc.(m)(t)(x) | L+950 | 5/29/2023 | Healthcare & Pharmaceuticals | 586 | 586 | 592 | ||||||||||||||||||||||||||||||||
Spinal USA, Inc. / Precision Medical Inc.(m)(t)(x) | L+950 | 5/29/2023 | Healthcare & Pharmaceuticals | 791 | 710 | 388 | ||||||||||||||||||||||||||||||||
Spinal USA, Inc. / Precision Medical Inc.(m)(t)(x) | L+950 | 5/29/2023 | Healthcare & Pharmaceuticals | 752 | 752 | 368 | ||||||||||||||||||||||||||||||||
Spinal USA, Inc. / Precision Medical Inc.(m)(t)(x) | L+950 | 5/29/2023 | Healthcare & Pharmaceuticals | 627 | 562 | 332 | ||||||||||||||||||||||||||||||||
STATinMED, LLC(r)(t)(z) | S+950, 2.00% SOFR Floor | 7/1/2027 | Healthcare & Pharmaceuticals | 9,548 | 9,548 | 9,333 | ||||||||||||||||||||||||||||||||
STATinMED, LLC(r)(t)(z) | S+950, 2.00% SOFR Floor | 7/1/2027 | Healthcare & Pharmaceuticals | 160 | 157 | 162 | ||||||||||||||||||||||||||||||||
Thrill Holdings LLC(m)(aa) | S+650, 1.00% SOFR Floor | 5/27/2027 | Media: Diversified & Production | 20,265 | 20,265 | 19,940 | ||||||||||||||||||||||||||||||||
Thrill Holdings LLC(aa) | S+650, 1.00% SOFR Floor | 5/27/2027 | Media: Diversified & Production | 1,739 | 1,739 | 1,730 | ||||||||||||||||||||||||||||||||
Thrill Holdings LLC | 1.00% Unfunded | 5/27/2024 | Media: Diversified & Production | 3,261 | — | (16) | ||||||||||||||||||||||||||||||||
Trademark Global, LLC(m)(t)(w) | L+750, 1.00% LIBOR Floor | 7/30/2024 | Consumer Goods: Non-Durable | 15,492 | 15,460 | 15,027 | ||||||||||||||||||||||||||||||||
Trammell, P.C.(t)(z) | S+1550, 2.00% SOFR Floor | 4/28/2026 | Services: Consumer | 13,129 | 13,129 | 13,096 | ||||||||||||||||||||||||||||||||
USALCO, LLC(m)(x) | L+600, 1.00% LIBOR Floor | 10/19/2027 | Chemicals, Plastics & Rubber | 24,688 | 24,493 | 24,441 | ||||||||||||||||||||||||||||||||
Williams Industrial Services Group, Inc.(n)(t)(aa) | S+1100, 1.00% SOFR Floor | 12/16/2025 | Services: Business | 7,509 | 7,509 | 7,681 | ||||||||||||||||||||||||||||||||
Williams Industrial Services Group, Inc.(aa) | S+1100, 1.00% SOFR Floor | 12/16/2025 | Services: Business | 429 | 429 | 686 | ||||||||||||||||||||||||||||||||
Williams Industrial Services Group, Inc. | 1.00% Unfunded | 4/15/2023 | Services: Business | 1,000 | — | — | ||||||||||||||||||||||||||||||||
Wok Holdings Inc.(m)(x) | L+650, 0.00% LIBOR Floor | 3/1/2026 | Beverage, Food & Tobacco | 25,039 | 24,329 | 22,661 | ||||||||||||||||||||||||||||||||
WorkGenius, Inc.(m)(aa) | S+700, 0.50% SOFR Floor | 6/7/2027 | Services: Business | 10,411 | 10,411 | 10,411 | ||||||||||||||||||||||||||||||||
WorkGenius, Inc.(aa) | S+700, 0.50% SOFR Floor | 6/7/2027 | Services: Business | 180 | 166 | 180 | ||||||||||||||||||||||||||||||||
WorkGenius, Inc. | 0.50% Unfunded | 6/7/2027 | Services: Business | 570 | — | — | ||||||||||||||||||||||||||||||||
Xenon Arc, Inc.(m)(x) | L+525, 0.75% LIBOR Floor | 12/17/2027 | High Tech Industries | 3,905 | 3,869 | 3,866 | ||||||||||||||||||||||||||||||||
Yak Access, LLC(m)(aa) | S+640, 1.00% SOFR Floor | 3/10/2028 | Construction & Building | 2,972 | 2,972 | 2,976 | ||||||||||||||||||||||||||||||||
Total Senior Secured First Lien Debt | 1,567,330 | 1,472,453 | ||||||||||||||||||||||||||||||||||||
Senior Secured Second Lien Debt - 4.7% | ||||||||||||||||||||||||||||||||||||||
Global Tel*Link Corp.(n)(aa) | S+1000, 0.00% SOFR Floor | 11/29/2026 | Telecommunications | 11,500 | 11,386 | 11,443 | ||||||||||||||||||||||||||||||||
OpCo Borrower, LLC(m) | 12.50% | 2/19/2028 | Healthcare & Pharmaceuticals | 12,500 | 11,697 | 11,500 | ||||||||||||||||||||||||||||||||
RA Outdoors, LLC(m)(aa) | S+900, 1.00% SOFR Floor | 10/8/2026 | Media: Diversified & Production | 1,823 | 1,823 | 1,820 | ||||||||||||||||||||||||||||||||
Securus Technologies Holdings, Inc.(x) | L+825, 1.00% LIBOR Floor | 11/1/2025 | Telecommunications | 2,942 | 2,929 | 2,884 | ||||||||||||||||||||||||||||||||
TMK Hawk Parent, Corp.(x) | L+800, 1.00% LIBOR Floor | 8/28/2025 | Services: Business | 13,393 | 13,267 | 11,350 | ||||||||||||||||||||||||||||||||
Total Senior Secured Second Lien Debt | 41,102 | 38,997 | ||||||||||||||||||||||||||||||||||||
Collateralized Securities and Structured Products - Equity - 0.1% | ||||||||||||||||||||||||||||||||||||||
APIDOS CLO XVI Subordinated Notes(g)(h) | 0.00% Estimated Yield | 1/19/2025 | Diversified Financials | 9,000 | 1,217 | 48 | ||||||||||||||||||||||||||||||||
Galaxy XV CLO Ltd. Class A Subordinated Notes(g)(h) | 19.30% Estimated Yield | 4/15/2025 | Diversified Financials | 4,000 | 1,389 | 1,085 | ||||||||||||||||||||||||||||||||
Total Collateralized Securities and Structured Products - Equity | 2,606 | 1,133 | ||||||||||||||||||||||||||||||||||||
Unsecured Debt - 1.9% | ||||||||||||||||||||||||||||||||||||||
Lucky Bucks Holdings LLC(q)(t) | 12.50% | 5/29/2028 | Hotel, Gaming & Leisure | 23,572 | 22,860 | 8,132 |
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) | Interest | Maturity | Industry | Principal/ Par Amount/ Units(e) | Cost(d) | Fair Value(c) | ||||||||||||||||||||||||||||||||
WPLM Acquisition Corp.(t) | 15.00% | 11/24/2025 | Media: Advertising, Printing & Publishing | 7,623 | 7,571 | 7,385 | ||||||||||||||||||||||||||||||||
Total Unsecured Debt | 30,431 | 15,517 | ||||||||||||||||||||||||||||||||||||
Equity - 15.5% | ||||||||||||||||||||||||||||||||||||||
ARC Financial Partners, LLC, Membership Interests (25% ownership)(o)(r) | Metals & Mining | NA | — | — | ||||||||||||||||||||||||||||||||||
Ascent Resources - Marcellus, LLC, Membership Units(o) | Energy: Oil & Gas | 511,255 Units | 1,642 | 1,074 | ||||||||||||||||||||||||||||||||||
Carestream Health Holdings Inc., Common Stock(o)(r) | Healthcare & Pharmaceuticals | 613,262 Units | 21,758 | 19,710 | ||||||||||||||||||||||||||||||||||
CF Arch Holdings LLC, Class A Units(o) | Services: Business | 380,952 Units | 381 | 457 | ||||||||||||||||||||||||||||||||||
CION/EagleTree Partners, LLC, Participating Preferred Shares(h)(s) | Diversified Financials | 22,072,841 Units | 22,073 | 25,764 | ||||||||||||||||||||||||||||||||||
CION/EagleTree Partners, LLC, Membership Units (85% ownership)(h)(o)(s) | Diversified Financials | NA | — | — | ||||||||||||||||||||||||||||||||||
DBI Investors, Inc., Series A1 Preferred Stock(o) | Retail | 20,000 Units | 802 | — | ||||||||||||||||||||||||||||||||||
DBI Investors, Inc., Series A2 Preferred Stock(o) | Retail | 1,733 Units | — | — | ||||||||||||||||||||||||||||||||||
DBI Investors, Inc., Series A Preferred Stock(o) | Retail | 1,396 Units | 140 | — | ||||||||||||||||||||||||||||||||||
DBI Investors, Inc., Series B Preferred Stock(o) | Retail | 4,183 Units | 410 | — | ||||||||||||||||||||||||||||||||||
DBI Investors, Inc., Common Stock(o) | Retail | 39,423 Units | — | — | ||||||||||||||||||||||||||||||||||
DBI Investors, Inc., Reallocation Rights(o) | Retail | 7,500 Units | — | — | ||||||||||||||||||||||||||||||||||
FWS Parent Holdings, LLC, Class A Membership Interests(o) | Services: Business | 35,242 Units | 800 | 707 | ||||||||||||||||||||||||||||||||||
GSC Technologies Inc., Common Shares(o)(r) | Chemicals, Plastics & Rubber | 807,268 Units | — | — | ||||||||||||||||||||||||||||||||||
Independent Pet Partners Intermediate Holdings, LLC, Class A Preferred Units(o) | Retail | 1,000,000 Units | 1,000 | — | ||||||||||||||||||||||||||||||||||
Independent Pet Partners Intermediate Holdings, LLC, Class B-2 Preferred Units(m)(o) | Retail | 2,632,771 Units | 2,133 | — | ||||||||||||||||||||||||||||||||||
Independent Pet Partners Intermediate Holdings, LLC, Class C Preferred Units(m)(o) | Retail | 2,632,771 Units | 2,633 | — | ||||||||||||||||||||||||||||||||||
Independent Pet Partners Intermediate Holdings, LLC, Warrants(o) | Retail | 155,880 Units | — | — | ||||||||||||||||||||||||||||||||||
Instant Web Holdings, LLC, Class A Common Units(o)(r) | Media: Advertising, Printing & Publishing | 10,819 Units | — | — | ||||||||||||||||||||||||||||||||||
K&N Holdco, LLC, Membership Units(o) | Consumer Goods: Durable | 458,364 Units | 8,355 | 6,867 | ||||||||||||||||||||||||||||||||||
Language Education Holdings GP LLC, Common Units(o)(r) | Services: Business | 366,667 Units | — | — | ||||||||||||||||||||||||||||||||||
Language Education Holdings LP, Ordinary Common Units(o)(r) | Services: Business | 366,667 Units | 825 | 1,287 | ||||||||||||||||||||||||||||||||||
Longview Intermediate Holdings C, LLC, Membership Units(r) | Energy: Oil & Gas | 653,989 Units | 2,704 | 22,680 | ||||||||||||||||||||||||||||||||||
Mount Logan Capital Inc., Common Stock(f)(h)(r) | Banking, Finance, Insurance & Real Estate | 1,075,557 Units | 3,534 | 2,204 | ||||||||||||||||||||||||||||||||||
New Giving Acquisition, Inc., Warrants(o) | Healthcare & Pharmaceuticals | 4,630 Units | 633 | 1,152 | ||||||||||||||||||||||||||||||||||
NS NWN Acquisition, LLC, Class A Preferred Units(o) | High Tech Industries | 111 Units | 110 | 1,028 | ||||||||||||||||||||||||||||||||||
NS NWN Acquisition, LLC, Common Equity(o) | High Tech Industries | 346 Units | 393 | — | ||||||||||||||||||||||||||||||||||
NS NWN Holdco LLC, Non-Voting Units(o) | High Tech Industries | 522 Units | 504 | 227 | ||||||||||||||||||||||||||||||||||
NSG Co-Invest (Bermuda) LP, Partnership Interests(h)(o) | Consumer Goods: Durable | 1,575 Units | 1,000 | 909 | ||||||||||||||||||||||||||||||||||
Palmetto Clean Technology, Inc., Warrants(o) | High Tech Industries | 724,112 Units | 471 | 3,577 | ||||||||||||||||||||||||||||||||||
RumbleOn, Inc., Warrants(o) | Automotive | 60,606 Units | 927 | — | ||||||||||||||||||||||||||||||||||
Service Compression, LLC, Warrants(o) | Energy: Oil & Gas | N/A | 509 | 827 | ||||||||||||||||||||||||||||||||||
Snap Fitness Holdings, Inc., Class A Common Stock(o)(r) | Services: Consumer | 9,858 Units | 3,078 | 5,184 |
Portfolio Company(a) | Interest | Industry | Principal/ Par Amount/ Units(e) | Cost(d) | Fair Value(c) | |||||||||||||||||||||||||||||||||
Snap Fitness Holdings, Inc., Warrants(o)(r) | Services: Consumer | 3,996 Units | 1,247 | 2,101 | ||||||||||||||||||||||||||||||||||
SRA Holdings, LLC, Membership Units(m)(o)(r) | Banking, Finance, Insurance & Real Estate | 224,865 Units | 23,611 | 23,577 | ||||||||||||||||||||||||||||||||||
STATinMed Parent, LLC, Class A Preferred Units(o)(r) | Healthcare & Pharmaceuticals | 6,182 Units | 6,182 | 3,076 | ||||||||||||||||||||||||||||||||||
STATinMed Parent, LLC, Class B Preferred Units(o)(r) | Healthcare & Pharmaceuticals | 51,221 Units | 3,193 | — | ||||||||||||||||||||||||||||||||||
WorkGenius, LLC, Class A Units(o) | Services: Business | 500 Units | 500 | 512 | ||||||||||||||||||||||||||||||||||
Yak Holding II, LLC, Series A Preferred Units(o) | Construction & Building | 4,000,000 Units | 2,000 | 4,000 | ||||||||||||||||||||||||||||||||||
Yak Holding II, LLC, Series B-1 Preferred Units(o) | Construction & Building | 1,966,018 Units | 1,966 | 1,907 | ||||||||||||||||||||||||||||||||||
Yak Holding II, LLC, Series A Common Units(o) | Construction & Building | 127,419 Units | — | 99 | ||||||||||||||||||||||||||||||||||
Total Equity | 115,514 | 128,926 | ||||||||||||||||||||||||||||||||||||
Short Term Investments - 8.0%(k) | ||||||||||||||||||||||||||||||||||||||
First American Treasury Obligations Fund, Class Z Shares | 4.67%(l) | 66,326 | 66,326 | |||||||||||||||||||||||||||||||||||
Total Short Term Investments | 66,326 | 66,326 | ||||||||||||||||||||||||||||||||||||
TOTAL INVESTMENTS - 207.6% | $ | 1,823,309 | 1,723,352 | |||||||||||||||||||||||||||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (107.6)% | (893,042) | |||||||||||||||||||||||||||||||||||||
NET ASSETS - 100.0% | $ | 830,310 |
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 |
Three Months Ended March 31, 2023 | Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||
Non-Controlled, Affiliated Investments | Fair Value at December 31, 2022 | Gross Additions (Cost)(1) | Gross Reductions (Cost)(2) | Net Unrealized Gain (Loss) | Fair Value at March 31, 2023 | Net Realized Gain (Loss) | Interest Income(3) | Dividend Income | ||||||||||||||||||||||||||||||||||||||||||
Afore Insurance Services, LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Term Loan | $ | — | $ | 4,583 | $ | — | $ | (11) | $ | 4,572 | $ | — | $ | 15 | $ | — | ||||||||||||||||||||||||||||||||||
ARC Financial, LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||
Membership Interests | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Carestream Health, Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Term Loan | 7,539 | 4 | — | (23) | 7,520 | — | 235 | — | ||||||||||||||||||||||||||||||||||||||||||
Carestream Health Holdings Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common Shares | 21,544 | — | — | (1,834) | 19,710 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
DESG Holdings, Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Term Loan | 246 | — | (82) | (34) | 130 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
GSC Technologies Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Incremental Term Loan | 154 | 2 | (6) | — | 150 | — | 5 | — | ||||||||||||||||||||||||||||||||||||||||||
First Lien Term Loan A | 2,064 | 7 | — | 23 | 2,094 | — | 67 | — | ||||||||||||||||||||||||||||||||||||||||||
First Lien Term Loan B | 388 | 23 | — | 201 | 612 | — | 26 | — | ||||||||||||||||||||||||||||||||||||||||||
Common Shares | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Instant Web Holdings, LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class A Common Units | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Instant Web, LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||
Revolving Loan | 321 | 865 | — | (14) | 1,172 | — | 23 | — | ||||||||||||||||||||||||||||||||||||||||||
Priming Term Loan | 469 | — | — | — | 469 | — | 13 | — | ||||||||||||||||||||||||||||||||||||||||||
First Lien Term Loan | 28,167 | 1,183 | — | (4,503) | 24,847 | — | 1,171 | — | ||||||||||||||||||||||||||||||||||||||||||
First Lien Delayed Draw Term Loan | — | — | — | (16) | (16) | — | 4 | — | ||||||||||||||||||||||||||||||||||||||||||
Lift Brands, Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loan A | 23,287 | — | (59) | — | 23,228 | — | 701 | — | ||||||||||||||||||||||||||||||||||||||||||
Term Loan B | 5,154 | 93 | — | 85 | 5,332 | — | 139 | — | ||||||||||||||||||||||||||||||||||||||||||
Term Loan C | 4,732 | 34 | — | (118) | 4,648 | — | 160 | — | ||||||||||||||||||||||||||||||||||||||||||
Longview Intermediate Holdings C, LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||
Membership Units | 23,995 | — | — | (1,315) | 22,680 | — | — | 3,881 | ||||||||||||||||||||||||||||||||||||||||||
Longview Power, LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Term Loan | 2,348 | — | (1,389) | (959) | — | — | 1,306 | — | ||||||||||||||||||||||||||||||||||||||||||
Mount Logan Capital Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | 2,341 | — | — | (137) | 2,204 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Snap Fitness Holdings, Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class A Stock | 5,123 | — | — | 61 | 5,184 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Warrants | 2,077 | — | — | 24 | 2,101 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
SRA Holdings, LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||
Membership Units | — | 23,611 | — | (34) | 23,577 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
STATinMED, LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Term Loan | 9,107 | 326 | — | (100) | 9,333 | — | 334 | — | ||||||||||||||||||||||||||||||||||||||||||
Delayed Draw First Lien Term Loan | 156 | 4 | — | 2 | 162 | — | 6 | — | ||||||||||||||||||||||||||||||||||||||||||
STATinMed Parent, LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class A Preferred Units | 4,530 | — | — | (1,454) | 3,076 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Class B Preferred Units | 134 | — | — | (134) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Totals | $ | 143,876 | $ | 30,735 | $ | (1,536) | $ | (10,290) | $ | 162,785 | $ | — | $ | 4,205 | $ | 3,881 |
Three Months Ended March 31, 2023 | Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||
Controlled Investments | Fair Value at December 31, 2022 | Gross Additions (Cost)(1) | Gross Reductions (Cost)(2) | Net Unrealized Gain (Loss) | Fair Value at March 31, 2023 | Net Realized Gain (Loss) | Interest Income(3) | Dividend Income | ||||||||||||||||||||||||||||||||||||||||||
CION/EagleTree Partners, LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Note | $ | 60,348 | $ | — | $ | (5,521) | $ | — | $ | 54,827 | $ | — | $ | 1,977 | $ | — | ||||||||||||||||||||||||||||||||||
Participating Preferred Shares | 30,766 | — | — | (5,002) | 25,764 | — | — | 4,250 | ||||||||||||||||||||||||||||||||||||||||||
Common Shares | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Totals | $ | 91,114 | $ | — | $ | (5,521) | $ | (5,002) | $ | 80,591 | $ | — | $ | 1,977 | $ | 4,250 |
Interest Rate | ||||||||||||||||||||||||||
Portfolio Company | Investment Type | Cash | PIK | All-in-Rate | ||||||||||||||||||||||
Adapt Laser Acquisition, Inc. | Senior Secured First Lien Debt | 14.73% | 2.00% | 16.73% | ||||||||||||||||||||||
American Clinical Solutions LLC | Senior Secured First Lien Debt | 7.00% | 4.81% | 11.81% | ||||||||||||||||||||||
American Consolidated Natural Resources, Inc. | Senior Secured First Lien Debt | 17.82% | 3.00% | 20.82% | ||||||||||||||||||||||
Ancile Solutions, Inc. | Senior Secured First Lien Debt | 12.14% | 3.00% | 15.14% | ||||||||||||||||||||||
Anthem Sports & Entertainment Inc. | Senior Secured First Lien Debt | 11.91% | 2.75% | 14.66% | ||||||||||||||||||||||
Cadence Aerospace, LLC | Senior Secured First Lien Debt | 11.33% | 2.00% | 13.33% | ||||||||||||||||||||||
CION/EagleTree Partners, LLC | Senior Secured Note | — | 14.00% | 14.00% | ||||||||||||||||||||||
David's Bridal, LLC | Senior Secured First Lien Debt | 9.82% | 5.00% | 14.82% | ||||||||||||||||||||||
David's Bridal, LLC | Senior Secured First Lien Debt | 1.00% | 9.83% | 10.83% | ||||||||||||||||||||||
Deluxe Entertainment Services, Inc. | Senior Secured First Lien Debt | 10.16% | 1.50% | 11.66% | ||||||||||||||||||||||
Fusion Connect Inc. | Senior Secured First Lien Debt | 12.29% | 1.00% | 13.29% | ||||||||||||||||||||||
GSC Technologies Inc. | Senior Secured First Lien Debt | — | 9.66% | 9.66% | ||||||||||||||||||||||
GSC Technologies Inc. | Senior Secured First Lien Debt | 9.66% | 5.00% | 14.66% | ||||||||||||||||||||||
Hilliard, Martinez & Gonzales, LLP | Senior Secured First Lien Debt | — | 16.78% | 16.78% | ||||||||||||||||||||||
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 | — | 17.00% | 17.00% | ||||||||||||||||||||||
Independent Pet Partners Intermediate Holdings, LLC | Senior Secured First Lien Debt | — | 14.95% | 14.95% | ||||||||||||||||||||||
Instant Web, LLC | Senior Secured First Lien Debt | — | 11.85% | 11.85% | ||||||||||||||||||||||
K&N Parent, Inc. | Senior Secured First Lien Debt | 8.17% | 5.00% | 13.17% | ||||||||||||||||||||||
Klein Hersh, LLC | Senior Secured First Lien Debt | 4.55% | 12.00% | 16.55% | ||||||||||||||||||||||
Lift Brands, Inc. | Senior Secured First Lien Debt | — | 9.50% | 9.50% | ||||||||||||||||||||||
Lucky Bucks Holdings LLC | Unsecured Note | — | 12.50% | 12.50% | ||||||||||||||||||||||
Robert C. Hilliard, L.L.P. | Senior Secured First Lien Debt | — | 16.78% | 16.78% | ||||||||||||||||||||||
Rogers Mechanical Contractors, LLC | Senior Secured First Lien Debt | 11.70% | 1.00% | 12.70% | ||||||||||||||||||||||
Service Compression, LLC | Senior Secured First Lien Debt | 12.91% | 2.00% | 14.91% | ||||||||||||||||||||||
Spinal USA, Inc. / Precision Medical Inc. | Senior Secured First Lien Debt | — | 14.25% | 14.25% | ||||||||||||||||||||||
STATinMED, LLC | Senior Secured First Lien Debt | — | 14.28% | 14.28% | ||||||||||||||||||||||
Trademark Global, LLC | Senior Secured First Lien Debt | 7.84% | 4.50% | 12.34% | ||||||||||||||||||||||
Trammell, P.C. | Senior Secured First Lien Debt | — | 19.94% | 19.94% | ||||||||||||||||||||||
Williams Industrial Services Group, Inc. | Senior Secured First Lien Debt | 10.86% | 5.00% | 15.86% | ||||||||||||||||||||||
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) | Interest(b) | Maturity | Industry | Principal/ Par Amount/ Units(e) | Cost(d) | Fair Value(c) | ||||||||||||||||||||||||||||||||
Senior Secured First Lien Debt - 178.8% | ||||||||||||||||||||||||||||||||||||||
Adapt Laser Acquisition, Inc.(t)(x) | L+1200, 1.00% LIBOR Floor | 12/31/2023 | Capital Equipment | $ | 11,047 | $ | 11,048 | $ | 10,329 | |||||||||||||||||||||||||||||
Adapt Laser Acquisition, Inc.(t)(x) | L+1200, 1.00% LIBOR Floor | 12/31/2023 | Capital Equipment | 2,072 | 2,072 | 1,875 | ||||||||||||||||||||||||||||||||
AHF Parent Holding, Inc.(n)(aa) | S+625, 0.75% SOFR Floor | 2/1/2028 | Construction & Building | 2,944 | 2,891 | 2,771 | ||||||||||||||||||||||||||||||||
Allen Media, LLC(n)(aa) | S+550, 0.00% SOFR Floor | 2/10/2027 | Media: Diversified & Production | 8,863 | 8,793 | 8,420 | ||||||||||||||||||||||||||||||||
ALM Media, LLC(m)(n)(x) | L+650, 1.00% LIBOR Floor | 11/25/2024 | Media: Advertising, Printing & Publishing | 17,000 | 16,855 | 17,000 | ||||||||||||||||||||||||||||||||
American Clinical Solutions LLC(m)(t)(w) | L+700, 1.00% LIBOR Floor | 12/31/2024 | Healthcare & Pharmaceuticals | 4,250 | 4,250 | 4,122 | ||||||||||||||||||||||||||||||||
American Consolidated Natural Resources, Inc.(m)(t)(x) | L+1600, 1.00% LIBOR Floor | 9/16/2025 | Metals & Mining | 47 | 35 | 47 | ||||||||||||||||||||||||||||||||
American Health Staffing Group, Inc.(m)(y) | L+600, 1.00% LIBOR Floor | 11/19/2026 | Services: Business | 16,542 | 16,407 | 16,542 | ||||||||||||||||||||||||||||||||
American Health Staffing Group, Inc. | 0.50% Unfunded | 11/19/2026 | Services: Business | 3,333 | (26) | — | ||||||||||||||||||||||||||||||||
American Teleconferencing Services, Ltd.(o)(q) | 0.50% Unfunded | 1/31/23 | Telecommunications | 235 | — | — | ||||||||||||||||||||||||||||||||
American Teleconferencing Services, Ltd.(q) | Prime+550 | 1/31/23 | Telecommunications | 3,116 | 3,116 | 156 | ||||||||||||||||||||||||||||||||
Analogic Corp.(m)(n)(x) | L+525, 1.00% LIBOR Floor | 6/21/2024 | Healthcare & Pharmaceuticals | 4,850 | 4,823 | 4,795 | ||||||||||||||||||||||||||||||||
Ancile Solutions, Inc.(m)(t)(x) | L+1000, 1.00% LIBOR Floor | 6/11/2026 | High Tech Industries | 11,967 | 11,681 | 11,608 | ||||||||||||||||||||||||||||||||
Anthem Sports & Entertainment Inc.(m)(t)(x) | L+950, 1.00% LIBOR Floor | 11/15/2026 | Media: Diversified & Production | 36,914 | 36,749 | 35,161 | ||||||||||||||||||||||||||||||||
Anthem Sports & Entertainment Inc.(x) | L+950, 1.00% LIBOR Floor | 11/15/2026 | Media: Diversified & Production | 3,000 | 3,000 | 2,857 | ||||||||||||||||||||||||||||||||
Anthem Sports & Entertainment Inc. | 0.50% Unfunded | 11/15/2026 | Media: Diversified & Production | 167 | — | (8) | ||||||||||||||||||||||||||||||||
Appalachian Resource Company, LLC(w) | L+500, 1.00% LIBOR Floor | 9/10/2023 | Metals & Mining | 11,137 | 10,625 | 10,733 | ||||||||||||||||||||||||||||||||
Appalachian Resource Company, LLC(w) | L+1000, 1.00% LIBOR Floor | 9/10/2023 | Metals & Mining | 5,000 | 5,000 | 5,000 | ||||||||||||||||||||||||||||||||
Archer Systems, LLC(m)(z) | S+650, 1.00% SOFR Floor | 8/11/2027 | Services: Business | 18,095 | 17,922 | 17,937 | ||||||||||||||||||||||||||||||||
Archer Systems, LLC | 0.50% Unfunded | 8/11/2027 | Services: Business | 1,905 | (18) | (17) | ||||||||||||||||||||||||||||||||
Associated Asphalt Partners, LLC(m)(n)(w) | L+525, 1.00% LIBOR Floor | 4/5/2024 | Construction & Building | 14,221 | 14,051 | 10,994 | ||||||||||||||||||||||||||||||||
Atlas Supply LLC | 11.00% | 4/29/2025 | Healthcare & Pharmaceuticals | 5,000 | 5,000 | 4,950 | ||||||||||||||||||||||||||||||||
Avison Young (USA) Inc.(h)(m)(w) | S+575, 0.00% SOFR Floor | 1/31/2026 | Banking, Finance, Insurance & Real Estate | 2,665 | 2,638 | 2,505 | ||||||||||||||||||||||||||||||||
BDS Solutions Intermediateco, LLC(m)(aa) | S+625, 1.00% SOFR Floor | 2/7/2027 | Services: Business | 17,822 | 17,535 | 17,466 | ||||||||||||||||||||||||||||||||
BDS Solutions Intermediateco, LLC(aa) | S+625, 1.00% SOFR Floor | 2/7/2027 | Services: Business | 859 | 802 | 842 | ||||||||||||||||||||||||||||||||
BDS Solutions Intermediateco, LLC | 0.50% Unfunded | 2/7/2027 | Services: Business | 1,998 | — | (40) | ||||||||||||||||||||||||||||||||
Berlitz Holdings, Inc.(r)(z) | S+900, 1.00% SOFR Floor | 2/14/2025 | Services: Business | 13,800 | 12,992 | 13,179 | ||||||||||||||||||||||||||||||||
Bradshaw International Parent Corp.(m)(w) | L+ 575, 1.00% LIBOR Floor | 10/21/2027 | Consumer Goods: Durable | 13,024 | 12,746 | 12,650 | ||||||||||||||||||||||||||||||||
Bradshaw International Parent Corp. | 0.50% Unfunded | 10/21/2026 | Consumer Goods: Durable | 1,844 | (36) | (53) |
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) | Interest(b) | Maturity | Industry | Principal/ Par Amount/ Units(e) | Cost(d) | Fair Value(c) | ||||||||||||||||||||||||||||||||
Cabi, LLC(m)(z) | S+950, 1.00% SOFR Floor | 2/28/2027 | Retail | 22,073 | 21,772 | 21,742 | ||||||||||||||||||||||||||||||||
Cadence Aerospace, LLC(m)(n)(t)(x) | L+850, 1.00% LIBOR Floor | 11/14/2023 | Aerospace & Defense | 39,383 | 39,225 | 38,842 | ||||||||||||||||||||||||||||||||
Carestream Health, Inc.(n)(r)(z) | S+750, 1.00% SOFR Floor | 9/30/2027 | Healthcare & Pharmaceuticals | 7,596 | 7,596 | 7,539 | ||||||||||||||||||||||||||||||||
CB URS Holdings Corp.(m)(x) | L+575, 1.00% LIBOR Floor | 9/1/2024 | Transportation: Cargo | 14,826 | 14,801 | 12,417 | ||||||||||||||||||||||||||||||||
Celerity Acquisition Holdings, LLC(m)(x) | L+850, 1.00% LIBOR Floor | 5/28/2026 | Services: Business | 14,775 | 14,775 | 14,590 | ||||||||||||||||||||||||||||||||
Cennox, Inc.(m)(x) | L+600, 1.00% LIBOR Floor | 5/4/2026 | Services: Business | 22,509 | 22,509 | 22,425 | ||||||||||||||||||||||||||||||||
Cennox, Inc.(n)(x) | L+600, 1.00% LIBOR Floor | 5/4/2026 | Services: Business | 11,787 | 11,730 | 11,743 | ||||||||||||||||||||||||||||||||
Cennox, Inc. | L+600, 1.00% LIBOR Floor | 5/4/2026 | Services: Business | 2,614 | 2,614 | 2,604 | ||||||||||||||||||||||||||||||||
Cennox, Inc. | 1.00% Unfunded | 8/11/2023 | Services: Business | 7,193 | — | (27) | ||||||||||||||||||||||||||||||||
Cennox, Inc. | 0.50% Unfunded | 5/4/2026 | Services: Business | 373 | — | (1) | ||||||||||||||||||||||||||||||||
CION/EagleTree Partners, LLC(h)(s)(t) | 14.00% | 12/21/2026 | Diversified Financials | 60,348 | 60,348 | 60,348 | ||||||||||||||||||||||||||||||||
CircusTrix Holdings, LLC(m)(n)(w) | L+550, 1.00% LIBOR Floor | 1/16/2024 | Hotel, Gaming & Leisure | 26,824 | 26,782 | 26,824 | ||||||||||||||||||||||||||||||||
CircusTrix Holdings, LLC(m)(w) | L+550, 1.00% LIBOR Floor | 1/16/2024 | Hotel, Gaming & Leisure | 2,737 | 2,715 | 2,737 | ||||||||||||||||||||||||||||||||
CircusTrix Holdings, LLC(m)(w) | L+550, 1.00% LIBOR Floor | 7/16/2023 | Hotel, Gaming & Leisure | 1,560 | 1,525 | 1,862 | ||||||||||||||||||||||||||||||||
Community Tree Service, LLC(m)(aa) | S+850, 1.00% SOFR Floor | 6/17/2027 | Construction & Building | 12,469 | 12,469 | 12,219 | ||||||||||||||||||||||||||||||||
Country Fresh Holdings, LLC(q)(x) | L+500, 1.00% LIBOR Floor | 4/29/2023 | Beverage, Food & Tobacco | 877 | 765 | 92 | ||||||||||||||||||||||||||||||||
Country Fresh Holdings, LLC(q)(x) | L+500, 1.00% LIBOR Floor | 4/29/2023 | Beverage, Food & Tobacco | 355 | 316 | 37 | ||||||||||||||||||||||||||||||||
Coyote Buyer, LLC(m)(n)(x) | L+600, 1.00% LIBOR Floor | 2/6/2026 | Chemicals, Plastics & Rubber | 34,038 | 33,861 | 33,612 | ||||||||||||||||||||||||||||||||
Coyote Buyer, LLC(n)(x) | L+800, 1.00% LIBOR Floor | 8/6/2026 | Chemicals, Plastics & Rubber | 6,125 | 6,041 | 6,125 | ||||||||||||||||||||||||||||||||
Coyote Buyer, LLC | 0.50% Unfunded | 2/6/2025 | Chemicals, Plastics & Rubber | 2,500 | — | (31) | ||||||||||||||||||||||||||||||||
Critical Nurse Staffing, LLC(m)(x) | L+600, 1.00% LIBOR Floor | 11/1/2026 | Healthcare & Pharmaceuticals | 12,928 | 12,928 | 12,928 | ||||||||||||||||||||||||||||||||
Critical Nurse Staffing, LLC(x) | L+600, 1.00% LIBOR Floor | 11/1/2026 | Healthcare & Pharmaceuticals | 999 | 999 | 999 | ||||||||||||||||||||||||||||||||
Critical Nurse Staffing, LLC(w) | L+600, 1.00% LIBOR Floor | 11/1/2026 | Healthcare & Pharmaceuticals | 300 | 300 | 300 | ||||||||||||||||||||||||||||||||
Critical Nurse Staffing, LLC | 1.00% Unfunded | 11/1/2026 | Healthcare & Pharmaceuticals | 4,899 | — | — | ||||||||||||||||||||||||||||||||
Critical Nurse Staffing, LLC | 0.50% Unfunded | 11/1/2026 | Healthcare & Pharmaceuticals | 700 | — | — | ||||||||||||||||||||||||||||||||
David's Bridal, LLC(m)(t)(x) | L+1000, 1.00% LIBOR Floor | 5/23/2024 | Retail | 13,000 | 12,744 | 13,130 | ||||||||||||||||||||||||||||||||
David's Bridal, LLC(t)(x) | L+1000, 1.00% LIBOR Floor | 5/23/2024 | Retail | 5,357 | 5,357 | 5,210 | ||||||||||||||||||||||||||||||||
David's Bridal, LLC(t)(x) | L+1000, 1.00% LIBOR Floor | 12/23/2024 | Retail | 5,936 | 5,717 | 2,256 | ||||||||||||||||||||||||||||||||
David's Bridal, LLC(q)(t)(w) | L+700, 1.00% LIBOR Floor | 12/31/2024 | Retail | 845 | 795 | 51 | ||||||||||||||||||||||||||||||||
Deluxe Entertainment Services, Inc.(m)(q)(r)(t)(x) | L+650, 1.00% LIBOR Floor | 3/25/2024 | Media: Diversified & Production | 2,664 | 2,624 | 246 | ||||||||||||||||||||||||||||||||
Dermcare Management, LLC(m)(z) | S+600, 1.00% SOFR Floor | 4/22/2028 | Healthcare & Pharmaceuticals | 9,356 | 9,178 | 9,297 | ||||||||||||||||||||||||||||||||
Dermcare Management, LLC(z) | S+600, 1.00% SOFR Floor | 4/22/2028 | Healthcare & Pharmaceuticals | 3,540 | 3,458 | 3,518 | ||||||||||||||||||||||||||||||||
Dermcare Management, LLC | Prime+500 | 4/22/2028 | Healthcare & Pharmaceuticals | 179 | 179 | 178 | ||||||||||||||||||||||||||||||||
Dermcare Management, LLC | 0.50% Unfunded | 10/22/2023 | Healthcare & Pharmaceuticals | 698 | — | (4) |
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) | Interest(b) | Maturity | Industry | Principal/ Par Amount/ Units(e) | Cost(d) | Fair Value(c) | ||||||||||||||||||||||||||||||||
Dermcare Management, LLC | 0.50% Unfunded | 4/22/2028 | Healthcare & Pharmaceuticals | 1,164 | — | (7) | ||||||||||||||||||||||||||||||||
DMT Solutions Global Corp.(n)(u) | L+750, 1.00% LIBOR Floor | 7/2/2024 | Services: Business | 3,974 | 3,942 | 3,766 | ||||||||||||||||||||||||||||||||
Emerald Technologies (U.S.) Acquisitionco, Inc.(n)(z) | S+625, 1.00% SOFR Floor | 12/29/2027 | Services: Business | 2,944 | 2,891 | 2,794 | ||||||||||||||||||||||||||||||||
Entertainment Studios P&A LLC(m)(x)(aa) | S+850, 1.00% SOFR Floor | 9/28/2027 | Media: Diversified & Production | 24,000 | 23,907 | 23,940 | ||||||||||||||||||||||||||||||||
Entertainment Studios P&A LLC(j) | 5.00% | 5/18/2037 | Media: Diversified & Production | — | — | 1,654 | ||||||||||||||||||||||||||||||||
Flatworld Intermediate Corp.(n)(z) | S+600, 1.00% SOFR Floor | 10/3/2027 | Services: Business | 25,135 | 25,135 | 25,135 | ||||||||||||||||||||||||||||||||
Flatworld Intermediate Corp. | 0.50% Unfunded | 10/3/2027 | Services: Business | 5,865 | — | — | ||||||||||||||||||||||||||||||||
FuseFX, LLC(m)(n)(w) | S+575, 1.00% SOFR Floor | 10/1/2024 | Media: Diversified & Production | 19,795 | 19,663 | 19,647 | ||||||||||||||||||||||||||||||||
Fusion Connect Inc.(m)(t)(x) | L+850, 1.00% LIBOR Floor | 1/18/2027 | High Tech Industries | 19,626 | 19,141 | 19,626 | ||||||||||||||||||||||||||||||||
Future Pak, LLC(m)(w) | L+1000, 2.00% LIBOR Floor | 7/2/2024 | Healthcare & Pharmaceuticals | 24,169 | 24,169 | 23,776 | ||||||||||||||||||||||||||||||||
Gold Medal Holdings, Inc.(m)(aa) | S+700, 1.00% SOFR Floor | 3/17/2027 | Services: Business | 14,759 | 14,628 | 14,575 | ||||||||||||||||||||||||||||||||
GSC Technologies Inc.(r)(w) | L+500, 1.00% LIBOR Floor | 9/30/2025 | Chemicals, Plastics & Rubber | 2,404 | 2,322 | 2,064 | ||||||||||||||||||||||||||||||||
GSC Technologies Inc.(r)(t)(w) | L+500, 1.00% LIBOR Floor | 9/30/2025 | Chemicals, Plastics & Rubber | 915 | 882 | 388 | ||||||||||||||||||||||||||||||||
GSC Technologies Inc.(r)(t)(x) | L+1000, 1.00% LIBOR Floor | 9/30/2025 | Chemicals, Plastics & Rubber | 154 | 154 | 154 | ||||||||||||||||||||||||||||||||
H.W. Lochner, Inc.(m)(x) | L+575, 1.00% LIBOR Floor | 7/2/2027 | Construction & Building | 8,850 | 8,779 | 8,850 | ||||||||||||||||||||||||||||||||
H.W. Lochner, Inc.(m)(aa) | S+675, 1.00% SOFR Floor | 7/2/2027 | Construction & Building | 7,457 | 7,234 | 7,233 | ||||||||||||||||||||||||||||||||
H.W. Lochner, Inc.(x) | L+575, 1.00% LIBOR Floor | 7/2/2027 | Construction & Building | 775 | 765 | 775 | ||||||||||||||||||||||||||||||||
H.W. Lochner, Inc. | 0.50% Unfunded | 7/2/2027 | Construction & Building | 225 | — | — | ||||||||||||||||||||||||||||||||
Harland Clarke Holdings Corp. (m)(x) | S+775, 1.00% SOFR Floor | 6/16/2026 | Services: Business | 9,186 | 9,177 | 7,625 | ||||||||||||||||||||||||||||||||
Heritage Power, LLC(x) | L+600, 1.00% LIBOR Floor | 7/30/2026 | Energy: Oil & Gas | 8,622 | 6,837 | 4,527 | ||||||||||||||||||||||||||||||||
Hilliard, Martinez & Gonzales, LLP(m)(t)(w) | L+1200, 2.00% LIBOR Floor | 12/17/2023 | Services: Consumer | 21,798 | 21,736 | 21,798 | ||||||||||||||||||||||||||||||||
Hollander Intermediate LLC(m)(w)(aa) | S+875, 2.00% SOFR Floor | 9/19/2026 | Consumer Goods: Durable | 17,358 | 16,915 | 16,794 | ||||||||||||||||||||||||||||||||
Homer City Generation, L.P.(m)(t) | 15.00% | 4/5/2023 | Energy: Oil & Gas | 11,782 | 12,078 | 9,308 | ||||||||||||||||||||||||||||||||
Homer City Generation, L.P. | 17.00% | 5/31/2023 | Energy: Oil & Gas | 1,000 | 1,000 | 1,000 | ||||||||||||||||||||||||||||||||
Homer City Generation, L.P.(o) | 0.00% Unfunded | 1/29/2023 | Energy: Oil & Gas | 3,000 | — | — | ||||||||||||||||||||||||||||||||
Hudson Hospital Opco, LLC(m)(n)(aa) | S+800, 3.00% SOFR Floor | 11/4/2023 | Healthcare & Pharmaceuticals | 1,700 | 1,667 | 1,673 | ||||||||||||||||||||||||||||||||
HUMC Holdco, LLC(m)(aa) | S+800, 3.00% SOFR Floor | 11/4/2023 | Healthcare & Pharmaceuticals | 7,933 | 7,933 | 7,933 | ||||||||||||||||||||||||||||||||
HW Acquisition, LLC | Prime+500 | 9/28/2026 | Capital Equipment | 733 | 711 | 686 | ||||||||||||||||||||||||||||||||
HW Acquisition, LLC(m) | Prime+500 | 9/28/2026 | Capital Equipment | 18,876 | 18,725 | 17,649 | ||||||||||||||||||||||||||||||||
HW Acquisition, LLC | 0.50% Unfunded | 9/28/2026 | Capital Equipment | 2,200 | — | (143) | ||||||||||||||||||||||||||||||||
ICA Foam Holdings, LLC(m)(aa) | S+675, 1.00% SOFR Floor | 11/5/2025 | Containers, Packaging & Glass | 19,950 | 19,567 | 19,551 | ||||||||||||||||||||||||||||||||
IJKG Opco LLC(m)(n)(aa) | S+800, 3.00% SOFR Floor | 11/4/2023 | Healthcare & Pharmaceuticals | 729 | 714 | 718 | ||||||||||||||||||||||||||||||||
Independent Pet Partners Intermediate Holdings, LLC(t) | 6.00% | 11/20/2023 | Retail | 10,934 | 10,906 | 10,169 | ||||||||||||||||||||||||||||||||
Independent Pet Partners Intermediate Holdings, LLC(t) | Prime+550 | 2/27/2023 | Retail | 2,238 | 2,238 | 2,216 | ||||||||||||||||||||||||||||||||
Independent Pet Partners Intermediate Holdings, LLC(t)(aa) | S+1000, 1.00% SOFR Floor | 2/27/2023 | Retail | 473 | 459 | 473 | ||||||||||||||||||||||||||||||||
Independent Pet Partners Intermediate Holdings, LLC(t)(x) | L+650, 0.00% LIBOR Floor | 2/27/2023 | Retail | 281 | 281 | 278 |
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) | Interest(b) | Maturity | Industry | Principal/ Par Amount/ Units(e) | Cost(d) | Fair Value(c) | ||||||||||||||||||||||||||||||||
InfoGroup Inc.(m)(n)(x) | L+500, 1.00% LIBOR Floor | 4/3/2023 | Media: Advertising, Printing & Publishing | 15,270 | 15,269 | 15,270 | ||||||||||||||||||||||||||||||||
Inotiv, Inc.(m)(x) | S+625, 1.00% SOFR Floor | 11/5/2026 | Healthcare & Pharmaceuticals | 16,351 | 16,094 | 15,738 | ||||||||||||||||||||||||||||||||
Instant Web, LLC(m)(n)(r)(t)(w) | L+700, 1.00% LIBOR Floor | 2/25/2027 | Media: Advertising, Printing & Publishing | 39,812 | 39,802 | 28,167 | ||||||||||||||||||||||||||||||||
Instant Web, LLC(r) | Prime+375 | 2/25/2027 | Media: Advertising, Printing & Publishing | 458 | 458 | 469 | ||||||||||||||||||||||||||||||||
Instant Web, LLC(r)(x) | L+650, 1.00% LIBOR Floor | 2/25/2027 | Media: Advertising, Printing & Publishing | 321 | 321 | 321 | ||||||||||||||||||||||||||||||||
Instant Web, LLC(r) | 0.50% Unfunded | 2/25/2027 | Media: Advertising, Printing & Publishing | 2,383 | — | — | ||||||||||||||||||||||||||||||||
Instant Web, LLC(r) | 0.50% Unfunded | 2/25/2027 | Media: Advertising, Printing & Publishing | 3,246 | — | — | ||||||||||||||||||||||||||||||||
Invincible Boat Company LLC(m)(x) | L+650, 1.50% LIBOR Floor | 8/28/2025 | Consumer Goods: Durable | 13,536 | 13,444 | 13,469 | ||||||||||||||||||||||||||||||||
Invincible Boat Company LLC(x) | L+650, 1.50% LIBOR Floor | 8/28/2025 | Consumer Goods: Durable | 239 | 239 | 238 | ||||||||||||||||||||||||||||||||
Invincible Boat Company LLC | 0.50% Unfunded | 8/28/2025 | Consumer Goods: Durable | 559 | — | (3) | ||||||||||||||||||||||||||||||||
INW Manufacturing, LLC(n)(x) | L+575, 0.75% LIBOR Floor | 3/25/2027 | Services: Business | 18,750 | 18,317 | 17,766 | ||||||||||||||||||||||||||||||||
Ironhorse Purchaser, LLC(n)(aa) | S+650, 1.00% SOFR Floor | 9/30/2027 | Services: Business | 7,125 | 7,056 | 7,054 | ||||||||||||||||||||||||||||||||
Ironhorse Purchaser, LLC(aa) | S+650, 1.00% SOFR Floor | 9/30/2027 | Services: Business | 388 | 380 | 384 | ||||||||||||||||||||||||||||||||
Ironhorse Purchaser, LLC | 0.50% Unfunded | 9/30/2027 | Services: Business | 429 | — | (4) | ||||||||||||||||||||||||||||||||
Ironhorse Purchaser, LLC | 1.00% Unfunded | 9/30/2024 | Services: Business | 2,041 | (20) | (20) | ||||||||||||||||||||||||||||||||
Isagenix International, LLC(m)(x) | L+775, 1.00% LIBOR Floor | 6/14/2025 | Beverage, Food & Tobacco | 16,229 | 15,103 | 13,774 | ||||||||||||||||||||||||||||||||
Jenny C Acquisition, Inc.(q)(x) | L+900, 1.75% LIBOR Floor | 10/1/2024 | Services: Consumer | 11,789 | 11,745 | 9,241 | ||||||||||||||||||||||||||||||||
JP Intermediate B, LLC(m)(x) | L+550, 1.00% LIBOR Floor | 11/20/2025 | Beverage, Food & Tobacco | 13,438 | 13,296 | 9,809 | ||||||||||||||||||||||||||||||||
K&N Parent, Inc.(x) | L+675, 1.00% LIBOR Floor | 10/20/2023 | Consumer Goods: Durable | 13,090 | 12,898 | 12,435 | ||||||||||||||||||||||||||||||||
K&N Parent, Inc.(aa) | S+800, 1.00% SOFR Floor | 2/15/2023 | Consumer Goods: Durable | 1,200 | 1,152 | 1,220 | ||||||||||||||||||||||||||||||||
Klein Hersh, LLC(m)(z) | S+852, 0.50% SOFR Floor | 4/27/2027 | Services: Business | 19,766 | 19,766 | 19,667 | ||||||||||||||||||||||||||||||||
KNB Holdings Corp.(m)(n)(q)(y) | L+550, 1.00% LIBOR Floor | 4/26/2024 | Consumer Goods: Durable | 7,634 | 7,387 | 3,321 | ||||||||||||||||||||||||||||||||
LaserAway Intermediate Holdings II, LLC(m)(x) | L+575, 0.75% LIBOR Floor | 10/12/2027 | Services: Consumer | 3,375 | 3,319 | 3,316 | ||||||||||||||||||||||||||||||||
LAV Gear Holdings, Inc.(m)(n)(aa) | S+550, 1.00% SOFR Floor | 10/31/2024 | Services: Business | 27,854 | 27,625 | 27,366 | ||||||||||||||||||||||||||||||||
LAV Gear Holdings, Inc.(m)(n)(aa) | S+550, 1.00% SOFR Floor | 10/31/2024 | Services: Business | 4,569 | 4,544 | 4,489 | ||||||||||||||||||||||||||||||||
LGC US Finco, LLC(m)(w) | L+650, 1.00% LIBOR Floor | 12/20/2025 | Capital Equipment | 11,515 | 11,263 | 11,184 | ||||||||||||||||||||||||||||||||
Lift Brands, Inc.(m)(n)(r)(w) | L+750, 1.00% LIBOR Floor | 6/29/2025 | Services: Consumer | 23,287 | 23,287 | 23,287 | ||||||||||||||||||||||||||||||||
Lift Brands, Inc.(m)(n)(r) | 9.50% | 6/29/2025 | Services: Consumer | 5,556 | 5,490 | 5,154 | ||||||||||||||||||||||||||||||||
Lift Brands, Inc.(m)(n)(r) | (p) | 6/29/2025 | Services: Consumer | 5,296 | 4,947 | 4,732 | ||||||||||||||||||||||||||||||||
Longview Power, LLC(r)(x) | L+1000, 1.50% LIBOR Floor | 7/30/2025 | Energy: Oil & Gas | 2,073 | 1,390 | 2,348 | ||||||||||||||||||||||||||||||||
MacNeill Pride Group Corp.(m)(aa) | S+625, 1.00% SOFR Floor | 4/22/2026 | Services: Consumer | 17,804 | 17,702 | 17,448 | ||||||||||||||||||||||||||||||||
MacNeill Pride Group Corp.(m)(aa) | S+625, 1.00% SOFR Floor | 4/22/2026 | Services: Consumer | 7,910 | 7,836 | 7,751 | ||||||||||||||||||||||||||||||||
MacNeill Pride Group Corp. | 1.00% Unfunded | 4/30/2024 | Services: Consumer | 2,017 | — | (40) | ||||||||||||||||||||||||||||||||
Manus Bio Inc. | 11.00% | 8/20/2026 | Healthcare & Pharmaceuticals | 14,213 | 14,128 | 14,212 | ||||||||||||||||||||||||||||||||
Marble Point Credit Management LLC(x) | L+600, 1.00% LIBOR Floor | 8/11/2028 | Diversified Financials | 6,089 | 5,985 | 6,089 | ||||||||||||||||||||||||||||||||
Marble Point Credit Management LLC(x) | L+600, 1.00% LIBOR Floor | 8/11/2028 | Diversified Financials | 1,437 | 1,418 | 1,437 |
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) | Interest(b) | Maturity | Industry | Principal/ Par Amount/ Units(e) | Cost(d) | Fair Value(c) | ||||||||||||||||||||||||||||||||
Mimeo.com, Inc.(x) | L+700, 1.00% LIBOR Floor | 12/21/2024 | Media: Advertising, Printing & Publishing | 22,328 | 22,328 | 22,161 | ||||||||||||||||||||||||||||||||
Mimeo.com, Inc.(x) | L+700, 1.00% LIBOR Floor | 12/21/2024 | Media: Advertising, Printing & Publishing | 2,256 | 2,256 | 2,239 | ||||||||||||||||||||||||||||||||
Mimeo.com, Inc. | 1.00% Unfunded | 12/21/2024 | Media: Advertising, Printing & Publishing | 3,000 | — | (23) | ||||||||||||||||||||||||||||||||
Moss Holding Company(m)(n)(aa) | S+625, 1.00% SOFR Floor | 4/17/2024 | Services: Business | 19,576 | 19,500 | 19,185 | ||||||||||||||||||||||||||||||||
Moss Holding Company | 6.25% Unfunded | 4/17/2024 | Services: Business | 106 | — | (2) | ||||||||||||||||||||||||||||||||
Moss Holding Company | 0.50% Unfunded | 4/17/2024 | Services: Business | 2,126 | — | (43) | ||||||||||||||||||||||||||||||||
Neptune Flood Inc.(m)(x) | L+600, 1.00% LIBOR Floor | 10/21/2026 | Banking, Finance, Insurance & Real Estate | 7,789 | 7,742 | 7,867 | ||||||||||||||||||||||||||||||||
NewsCycle Solutions, Inc.(m)(n)(x) | S+700, 1.00% SOFR Floor | 12/29/2023 | Media: Advertising, Printing & Publishing | 12,444 | 12,432 | 12,444 | ||||||||||||||||||||||||||||||||
NWN Parent Holdings LLC(m)(x) | S+800, 1.00% SOFR Floor | 5/7/2026 | High Tech Industries | 12,755 | 12,664 | 12,643 | ||||||||||||||||||||||||||||||||
NWN Parent Holdings LLC(x) | S+800, 1.00% SOFR Floor | 5/7/2026 | High Tech Industries | 810 | 798 | 803 | ||||||||||||||||||||||||||||||||
NWN Parent Holdings LLC | 0.50% Unfunded | 5/7/2026 | High Tech Industries | 90 | — | (1) | ||||||||||||||||||||||||||||||||
OpCo Borrower, LLC(m)(z) | S+650, 1.00% SOFR Floor | 8/19/2027 | Healthcare & Pharmaceuticals | 11,387 | 11,268 | 11,387 | ||||||||||||||||||||||||||||||||
OpCo Borrower, LLC(z) | S+650, 1.00% SOFR Floor | 8/19/2027 | Healthcare & Pharmaceuticals | 208 | 208 | 208 | ||||||||||||||||||||||||||||||||
OpCo Borrower, LLC | 0.50% Unfunded | 8/19/2027 | Healthcare & Pharmaceuticals | 833 | — | — | ||||||||||||||||||||||||||||||||
Optio Rx, LLC(m)(n)(w) | L+700, 0.00% LIBOR Floor | 6/28/2024 | Healthcare & Pharmaceuticals | 15,929 | 15,892 | 15,749 | ||||||||||||||||||||||||||||||||
Optio Rx, LLC(n)(w) | L+1000, 0.00% LIBOR Floor | 6/28/2024 | Healthcare & Pharmaceuticals | 2,515 | 2,504 | 2,615 | ||||||||||||||||||||||||||||||||
Pentec Acquisition Corp.(m)(w) | L+600, 1.00% LIBOR Floor | 10/8/2026 | Healthcare & Pharmaceuticals | 24,750 | 24,551 | 24,750 | ||||||||||||||||||||||||||||||||
PH Beauty Holdings III. Inc.(m)(x) | L+500, 0.00% LIBOR Floor | 9/28/2025 | Consumer Goods: Non-Durable | 9,575 | 9,195 | 8,677 | ||||||||||||||||||||||||||||||||
Playboy Enterprises, Inc.(h)(n)(x) | L+625, 0.50% LIBOR Floor | 5/25/2027 | Consumer Goods: Non-Durable | 25,202 | 24,729 | 24,257 | ||||||||||||||||||||||||||||||||
Project Castle, Inc.(m)(aa) | S+550, 0.50% SOFR Floor | 6/1/2029 | Services: Business | 9,975 | 8,979 | 8,117 | ||||||||||||||||||||||||||||||||
RA Outdoors, LLC(m)(aa) | S+675, 1.00% SOFR Floor | 4/8/2026 | Media: Diversified & Production | 10,979 | 10,979 | 10,938 | ||||||||||||||||||||||||||||||||
RA Outdoors, LLC | 0.50% Unfunded | 4/8/2026 | Media: Diversified & Production | 1,049 | (170) | (1) | ||||||||||||||||||||||||||||||||
Retail Services WIS Corp.(m)(x) | L+775, 1.00% LIBOR Floor | 5/20/2025 | Services: Business | 9,548 | 9,374 | 9,357 | ||||||||||||||||||||||||||||||||
Robert C. Hilliard, L.L.P.(m)(t)(w) | L+1200, 2.00% LIBOR Floor | 12/17/2023 | Services: Consumer | 1,815 | 1,815 | 1,815 | ||||||||||||||||||||||||||||||||
Rogers Mechanical Contractors, LLC(m)(t)(aa) | S+800, 1.00% SOFR Floor | 9/9/2025 | Services: Business | 16,365 | 16,365 | 16,324 | ||||||||||||||||||||||||||||||||
Rogers Mechanical Contractors, LLC(t)(aa) | S+800, 1.00% SOFR Floor | 9/9/2025 | Services: Business | 962 | 962 | 959 | ||||||||||||||||||||||||||||||||
Rogers Mechanical Contractors, LLC | 1.00% Unfunded | 4/28/2023 | Services: Business | 962 | — | (2) | ||||||||||||||||||||||||||||||||
Rogers Mechanical Contractors, LLC | 0.75% Unfunded | 9/9/2025 | Services: Business | 2,404 | — | (6) | ||||||||||||||||||||||||||||||||
RumbleOn, Inc.(m)(x) | L+825, 1.00% LIBOR Floor | 8/31/2026 | Automotive | 13,284 | 12,497 | 12,554 | ||||||||||||||||||||||||||||||||
RumbleOn, Inc.(x) | L+825, 1.00% LIBOR Floor | 8/31/2026 | Automotive | 4,019 | 3,976 | 3,798 | ||||||||||||||||||||||||||||||||
RumbleOn, Inc.(o) | 0.00% Unfunded | 2/28/2023 | Automotive | 1,775 | — | (98) | ||||||||||||||||||||||||||||||||
Securus Technologies Holdings, Inc.(m)(x) | L+450, 1.00% LIBOR Floor | 11/1/2024 | Telecommunications | 3,868 | 3,383 | 3,848 | ||||||||||||||||||||||||||||||||
Sequoia Healthcare Management, LLC(m)(n)(q) | 12.75% | 11/4/2023 | Healthcare & Pharmaceuticals | 8,525 | 8,457 | 10,209 | ||||||||||||||||||||||||||||||||
Service Compression, LLC(m)(t)(aa) | S+1000, 1.00% SOFR Floor | 5/6/2027 | Energy: Oil & Gas | 22,975 | 22,622 | 22,803 | ||||||||||||||||||||||||||||||||
Service Compression, LLC(aa) | S+1000, 1.00% SOFR Floor | 5/6/2027 | Energy: Oil & Gas | 3,151 | 3,044 | 3,127 |
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) | Interest(b) | Maturity | Industry | Principal/ Par Amount/ Units(e) | Cost(d) | Fair Value(c) | ||||||||||||||||||||||||||||||||
Service Compression, LLC | 0.50% Unfunded | 5/6/2025 | Energy: Oil & Gas | 4,186 | — | (31) | ||||||||||||||||||||||||||||||||
Sleep Opco, LLC(m)(x) | L+650, 1.00% LIBOR Floor | 10/12/2026 | Retail | 13,779 | 13,568 | 13,641 | ||||||||||||||||||||||||||||||||
Sleep Opco, LLC | 0.50% Unfunded | 10/12/2026 | Retail | 1,750 | (27) | (18) | ||||||||||||||||||||||||||||||||
Spinal USA, Inc. / Precision Medical Inc.(m)(t)(x) | L+950 | 5/29/2023 | Healthcare & Pharmaceuticals | 13,401 | 13,385 | 9,649 | ||||||||||||||||||||||||||||||||
Spinal USA, Inc. / Precision Medical Inc.(m)(t)(x) | L+950 | 5/29/2023 | Healthcare & Pharmaceuticals | 1,191 | 1,191 | 816 | ||||||||||||||||||||||||||||||||
Spinal USA, Inc. / Precision Medical Inc.(m)(t)(x) | L+950 | 5/29/2023 | Healthcare & Pharmaceuticals | 766 | 677 | 521 | ||||||||||||||||||||||||||||||||
Spinal USA, Inc. / Precision Medical Inc.(m)(t)(x) | L+950 | 5/29/2023 | Healthcare & Pharmaceuticals | 727 | 727 | 498 | ||||||||||||||||||||||||||||||||
Spinal USA, Inc. / Precision Medical Inc.(m)(t)(x) | L+950 | 5/29/2023 | Healthcare & Pharmaceuticals | 607 | 536 | 446 | ||||||||||||||||||||||||||||||||
STATinMED, LLC(r)(t)(z) | S+950, 2.00% SOFR Floor | 7/1/2027 | Healthcare & Pharmaceuticals | 9,222 | 9,222 | 9,107 | ||||||||||||||||||||||||||||||||
STATinMED, LLC(r)(t)(z) | S+950, 2.00% SOFR Floor | 3/31/2023 | Healthcare & Pharmaceuticals | 156 | 153 | 156 | ||||||||||||||||||||||||||||||||
STATinMED, LLC(o)(r) | 0.00% Unfunded | 3/31/2023 | Healthcare & Pharmaceuticals | 156 | — | — | ||||||||||||||||||||||||||||||||
Thrill Holdings LLC(m)(aa) | S+650, 1.00% SOFR Floor | 5/27/2027 | Media: Diversified & Production | 20,394 | 20,394 | 20,292 | ||||||||||||||||||||||||||||||||
Thrill Holdings LLC | 1.00% Unfunded | 5/27/2024 | Media: Diversified & Production | 3,261 | — | (16) | ||||||||||||||||||||||||||||||||
Thrill Holdings LLC(aa) | S+650, 1.00% SOFR Floor | 5/27/2027 | Media: Diversified & Production | 1,739 | 1,739 | 1,730 | ||||||||||||||||||||||||||||||||
Trademark Global, LLC(t)(w) | L+750, 1.00% LIBOR Floor | 7/30/2024 | Consumer Goods: Non-Durable | 15,355 | 15,310 | 14,952 | ||||||||||||||||||||||||||||||||
Trammell, P.C.(t)(z) | S+1550, 2.00% SOFR Floor | 4/28/2026 | Services: Consumer | 14,201 | 14,201 | 14,147 | ||||||||||||||||||||||||||||||||
USALCO, LLC(m)(x) | L+600, 1.00% LIBOR Floor | 10/19/2027 | Chemicals, Plastics & Rubber | 24,750 | 24,539 | 24,441 | ||||||||||||||||||||||||||||||||
Vesta Holdings, LLC(m)(t) | P+900 | 2/25/2024 | Banking, Finance, Insurance & Real Estate | 21,071 | 21,071 | 19,938 | ||||||||||||||||||||||||||||||||
Vesta Holdings, LLC(m)(aa) | S+1000, 1.00% SOFR Floor | 3/12/2023 | Banking, Finance, Insurance & Real Estate | 10,392 | 10,159 | 10,392 | ||||||||||||||||||||||||||||||||
Vesta Holdings, LLC(t) | P+900 | 2/25/2024 | Banking, Finance, Insurance & Real Estate | 838 | 838 | 793 | ||||||||||||||||||||||||||||||||
Volta Charging, LLC(m) | 12.00% | 6/19/2024 | Media: Diversified & Production | 5,621 | 5,617 | 6,506 | ||||||||||||||||||||||||||||||||
Volta Charging, LLC(m) | 12.00% | 6/19/2024 | Media: Diversified & Production | 1,500 | 1,499 | 1,736 | ||||||||||||||||||||||||||||||||
Williams Industrial Services Group, Inc.(n)(t)(x) | L+900, 1.00% LIBOR Floor | 12/16/2025 | Services: Business | 7,173 | 7,173 | 7,182 | ||||||||||||||||||||||||||||||||
Wok Holdings Inc.(m)(x) | L+650, 0.00% LIBOR Floor | 3/1/2026 | Beverage, Food & Tobacco | 25,105 | 24,335 | 21,684 | ||||||||||||||||||||||||||||||||
WorkGenius, Inc.(m)(aa) | S+700, 0.50% SOFR Floor | 6/7/2027 | Services: Business | 12,938 | 12,937 | 12,938 | ||||||||||||||||||||||||||||||||
WorkGenius, Inc. | 0.50% Unfunded | 6/7/2027 | Services: Business | 750 | (15) | — | ||||||||||||||||||||||||||||||||
Xenon Arc, Inc.(m)(x) | L+525, 0.75% LIBOR Floor | 12/17/2027 | High Tech Industries | 6,915 | 6,846 | 6,846 | ||||||||||||||||||||||||||||||||
Yak Access, LLC(m) | L+400, 0.00% LIBOR Floor | 7/11/2025 | Construction & Building | 4,925 | 3,299 | 3,165 | ||||||||||||||||||||||||||||||||
Total Senior Secured First Lien Debt | 1,638,995 | 1,579,512 | ||||||||||||||||||||||||||||||||||||
Senior Secured Second Lien Debt - 4.4% | ||||||||||||||||||||||||||||||||||||||
Global Tel*Link Corp.(n)(aa) | S+1000, 0.00% SOFR Floor | 11/29/2026 | Telecommunications | 11,500 | 11,378 | 11,414 | ||||||||||||||||||||||||||||||||
OpCo Borrower, LLC(m) | 12.50% | 2/19/2028 | Healthcare & Pharmaceuticals | 12,500 | 11,659 | 11,312 | ||||||||||||||||||||||||||||||||
RA Outdoors, LLC(m)(aa) | S+900, 1.00% SOFR Floor | 10/8/2026 | Media: Diversified & Production | 1,827 | 1,827 | 1,825 | ||||||||||||||||||||||||||||||||
Securus Technologies Holdings, Inc.(x) | L+825, 1.00% LIBOR Floor | 11/1/2025 | Telecommunications | 2,942 | 2,926 | 2,884 | ||||||||||||||||||||||||||||||||
TMK Hawk Parent, Corp.(x) | L+800, 1.00% LIBOR Floor | 8/28/2025 | Services: Business | 13,393 | 13,246 | 11,334 | ||||||||||||||||||||||||||||||||
Total Senior Secured Second Lien Debt | 41,036 | 38,769 |
Portfolio Company(a) | Interest | Maturity | Industry | Principal/ Par Amount/ Units(e) | Cost(d) | Fair Value(c) | ||||||||||||||||||||||||||||||||
Collateralized Securities and Structured Products - Equity - 0.1% | ||||||||||||||||||||||||||||||||||||||
APIDOS CLO XVI Subordinated Notes(g)(h) | 0.00% Estimated Yield | 1/19/2025 | Diversified Financials | 9,000 | 1,246 | 71 | ||||||||||||||||||||||||||||||||
Galaxy XV CLO Ltd. Class A Subordinated Notes(g)(h) | 19.30% Estimated Yield | 4/15/2025 | Diversified Financials | 4,000 | 1,441 | 1,108 | ||||||||||||||||||||||||||||||||
Total Collateralized Securities and Structured Products - Equity | 2,687 | 1,179 | ||||||||||||||||||||||||||||||||||||
Unsecured Debt - 2.6% | ||||||||||||||||||||||||||||||||||||||
Lucky Bucks Holdings LLC(t) | 12.50% | 5/29/2028 | Hotel, Gaming & Leisure | 22,860 | 22,860 | 15,316 | ||||||||||||||||||||||||||||||||
WPLM Acquisition Corp.(t) | 15.00% | 11/24/2025 | Media: Advertising, Printing & Publishing | 7,623 | 7,567 | 7,327 | ||||||||||||||||||||||||||||||||
Total Unsecured Debt | 30,427 | 22,643 | ||||||||||||||||||||||||||||||||||||
Equity - 12.1% | ||||||||||||||||||||||||||||||||||||||
ARC Financial Partners, LLC, Membership Interests (25% ownership)(o)(r) | Metals & Mining | NA | — | — | ||||||||||||||||||||||||||||||||||
Ascent Resources - Marcellus, LLC, Membership Units(o) | Energy: Oil & Gas | 511,255 Units | 1,642 | 1,235 | ||||||||||||||||||||||||||||||||||
Ascent Resources - Marcellus, LLC, Warrants(o) | Energy: Oil & Gas | 132,367 Units | 13 | 3 | ||||||||||||||||||||||||||||||||||
Carestream Health Holdings Inc., Common Stock(o)(r) | Healthcare & Pharmaceuticals | 613,262 Units | 21,758 | 21,544 | ||||||||||||||||||||||||||||||||||
CF Arch Holdings LLC, Class A Units(o) | Services: Business | 380,952 Units | 381 | 442 | ||||||||||||||||||||||||||||||||||
CION/EagleTree Partners, LLC, Participating Preferred Shares(h)(o)(s) | Diversified Financials | 22,072,841 Units | 22,073 | 30,766 | ||||||||||||||||||||||||||||||||||
CION/EagleTree Partners, LLC, Membership Units (85% ownership)(h)(o)(s) | Diversified Financials | NA | — | — | ||||||||||||||||||||||||||||||||||
DBI Investors, Inc., Series A1 Preferred Stock(o) | Retail | 20,000 Units | 802 | 28 | ||||||||||||||||||||||||||||||||||
DBI Investors, Inc., Series A2 Preferred Stock(o) | Retail | 1,733 Units | — | 2 | ||||||||||||||||||||||||||||||||||
DBI Investors, Inc., Series A Preferred Stock(o) | Retail | 1,396 Units | 140 | 2 | ||||||||||||||||||||||||||||||||||
DBI Investors, Inc., Series B Preferred Stock(o) | Retail | 4,183 Units | 410 | 2 | ||||||||||||||||||||||||||||||||||
DBI Investors, Inc., Common Stock(o) | Retail | 39,423 Units | — | — | ||||||||||||||||||||||||||||||||||
DBI Investors, Inc., Reallocation Rights(o) | Retail | 7,500 Units | — | — | ||||||||||||||||||||||||||||||||||
FWS Parent Holdings, LLC. Class A Membership Interests(o) | Services: Business | 35,242 Units | 800 | 742 | ||||||||||||||||||||||||||||||||||
GSC Technologies Inc., Common Shares(o)(r) | Chemicals, Plastics & Rubber | 807,268 Units | — | — | ||||||||||||||||||||||||||||||||||
Independent Pet Partners Intermediate Holdings, LLC, Class A Preferred Units(o) | Retail | 1,000,000 Units | 1,000 | 60 | ||||||||||||||||||||||||||||||||||
Independent Pet Partners Intermediate Holdings, LLC, Class B-2 Preferred Units(m)(o) | Retail | 2,632,771 Units | 2,133 | 3,238 | ||||||||||||||||||||||||||||||||||
Independent Pet Partners Intermediate Holdings, LLC, Class C Preferred Units(m)(o) | Retail | 2,632,771 Units | 2,633 | 2,238 | ||||||||||||||||||||||||||||||||||
Independent Pet Partners Intermediate Holdings, LLC, Warrants(o) | Retail | 155,880 Units | — | — | ||||||||||||||||||||||||||||||||||
Instant Web Holdings, LLC, Class A Common Units(o)(r) | Media: Advertising, Printing & Publishing | 10,819 Units | — | — | ||||||||||||||||||||||||||||||||||
Language Education Holdings GP LLC, Common Units(o)(r) | Services: Business | 366,667 Units | — | — | ||||||||||||||||||||||||||||||||||
Language Education Holdings LP, Ordinary Common Units(o)(r) | Services: Business | 366,667 Units | 825 | 1,173 | ||||||||||||||||||||||||||||||||||
Longview Intermediate Holdings C, LLC, Membership Units(o)(r) | Energy: Oil & Gas | 653,989 Units | 2,704 | 23,995 | ||||||||||||||||||||||||||||||||||
Mount Logan Capital Inc., Common Stock(f)(h)(r) | Banking, Finance, Insurance & Real Estate | 1,075,557 Units | 3,534 | 2,341 | ||||||||||||||||||||||||||||||||||
New Giving Acquisition, Inc., Warrants(o) | Healthcare & Pharmaceuticals | 4,630 Units | 633 | 786 | ||||||||||||||||||||||||||||||||||
NS NWN Acquisition, LLC, Class A Preferred Units(o) | High Tech Industries | 111 Units | 110 | 909 | ||||||||||||||||||||||||||||||||||
NS NWN Acquisition, LLC, Common Equity(o) | High Tech Industries | 346 Units | 393 | — |
Portfolio Company(a) | Interest | Industry | Principal/ Par Amount/ Units(e) | Cost(d) | Fair Value(c) | |||||||||||||||||||||||||||||||||
NS NWN Holdco LLC, Non-Voting Units(o) | High Tech Industries | 522 Units | 504 | 200 | ||||||||||||||||||||||||||||||||||
NSG Co-Invest (Bermuda) LP, Partnership Interests(h)(o) | Consumer Goods: Durable | 1,575 Units | 1,000 | 664 | ||||||||||||||||||||||||||||||||||
Palmetto Clean Technology, Inc., Warrants(o) | High Tech Industries | 724,112 Units | 471 | 3,867 | ||||||||||||||||||||||||||||||||||
RumbleOn, Inc., Warrants(o) | Automotive | 60,606 Units | 927 | 1 | ||||||||||||||||||||||||||||||||||
Service Compression, LLC, Warrants(o) | Energy: Oil & Gas | N/A | 509 | 441 | ||||||||||||||||||||||||||||||||||
Snap Fitness Holdings, Inc., Class A Common Stock(o)(r) | Services: Consumer | 9,858 Units | 3,078 | 5,123 | ||||||||||||||||||||||||||||||||||
Snap Fitness Holdings, Inc., Warrants(o)(r) | Services: Consumer | 3,996 Units | 1,247 | 2,077 | ||||||||||||||||||||||||||||||||||
STATinMed Parent, LLC, Class A Preferred Units(o)(r) | Healthcare & Pharmaceuticals | 6,182 Units | 6,182 | 4,530 | ||||||||||||||||||||||||||||||||||
STATinMed Parent, LLC, Class B Preferred Units(o)(r) | Healthcare & Pharmaceuticals | 51,221 Units | 3,193 | 134 | ||||||||||||||||||||||||||||||||||
WorkGenius, LLC, Class A Units(o) | Services: Business | 500 Units | 500 | 515 | ||||||||||||||||||||||||||||||||||
Total Equity | 79,595 | 107,058 | ||||||||||||||||||||||||||||||||||||
Short Term Investments - 1.2%(k) | ||||||||||||||||||||||||||||||||||||||
First American Treasury Obligations Fund, Class Z Shares | 3.95%(l) | 10,869 | 10,869 | |||||||||||||||||||||||||||||||||||
Total Short Term Investments | 10,869 | 10,869 | ||||||||||||||||||||||||||||||||||||
TOTAL INVESTMENTS - 199.2% | $ | 1,803,609 | 1,760,030 | |||||||||||||||||||||||||||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (99.2)% | (876,396) | |||||||||||||||||||||||||||||||||||||
NET ASSETS - 100.0% | $ | 883,634 |
Year Ended December 31, 2022 | Year Ended December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Non-Controlled, Affiliated Investments | Fair Value at December 31, 2021 | Gross Additions (Cost)(1) | Gross Reductions (Cost)(2) | Net Unrealized Gain (Loss) | Fair Value at December 31, 2022 | Net Realized Gain (Loss) | Interest Income(3) | Dividend Income | ||||||||||||||||||||||||||||||||||||||||||
ARC Financial, LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||
Membership Interests | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 25 | ||||||||||||||||||||||||||||||||||
Berlitz Holdings, Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Term Loan | — | 13,956 | (13,956) | — | — | — | 393 | — | ||||||||||||||||||||||||||||||||||||||||||
Carestream Health, Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Term Loan | — | 7,596 | — | (57) | 7,539 | — | 284 | — | ||||||||||||||||||||||||||||||||||||||||||
Carestream Health Holdings Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common Shares | — | 21,758 | — | (214) | 21,544 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Charming Charlie, LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||
Vendor Payment Financing Facility | 350 | — | (657) | 307 | — | (657) | 26 | — | ||||||||||||||||||||||||||||||||||||||||||
DESG Holdings, Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Term Loan | 1,787 | — | (306) | (1,235) | 246 | — | 5 | — | ||||||||||||||||||||||||||||||||||||||||||
Second Lien Term Loan | — | — | (10,017) | 10,017 | — | (10,017) | — | — | ||||||||||||||||||||||||||||||||||||||||||
GSC Technologies Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Incremental Term Loan | 170 | 8 | (24) | — | 154 | — | 22 | — | ||||||||||||||||||||||||||||||||||||||||||
First Lien Term Loan A | 2,001 | 26 | — | 37 | 2,064 | — | 193 | — | ||||||||||||||||||||||||||||||||||||||||||
First Lien Term Loan B | 485 | 67 | — | (164) | 388 | — | 72 | — | ||||||||||||||||||||||||||||||||||||||||||
Common Shares | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Instant Web Holdings, LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class A Common Units | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Instant Web, LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||
Revolving Loan | — | 970 | (649) | — | 321 | — | 26 | — | ||||||||||||||||||||||||||||||||||||||||||
Priming Term Loan | — | 458 | — | 11 | 469 | — | 36 | — | ||||||||||||||||||||||||||||||||||||||||||
First Lien Term Loan | — | 39,802 | — | (11,635) | 28,167 | — | 3,314 | — | ||||||||||||||||||||||||||||||||||||||||||
First Lien Delayed Draw Term Loan | — | — | — | — | — | — | 14 | — | ||||||||||||||||||||||||||||||||||||||||||
Language Education Holdings GP LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common Units | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Language Education Holdings LP | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ordinary Common Units | — | 1,125 | (1,125) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Lift Brands, Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loan A | 23,406 | — | (236) | 117 | 23,287 | — | 2,252 | — | ||||||||||||||||||||||||||||||||||||||||||
Term Loan B | 5,156 | 235 | — | (237) | 5,154 | — | 545 | — | ||||||||||||||||||||||||||||||||||||||||||
Term Loan C | 4,700 | 133 | — | (101) | 4,732 | — | 1,412 | — | ||||||||||||||||||||||||||||||||||||||||||
Longview Intermediate Holdings C, LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||
Membership Units | 15,127 | — | — | 8,868 | 23,995 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Longview Power, LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Term Loan | 4,504 | 156 | (1,391) | (921) | 2,348 | — | 1,952 | — | ||||||||||||||||||||||||||||||||||||||||||
Mount Logan Capital Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | 3,404 | — | — | (1,063) | 2,341 | — | — | 54 | ||||||||||||||||||||||||||||||||||||||||||
SIMR, LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Term Loan | 16,000 | 1,447 | (21,261) | 3,814 | — | (2,854) | 804 | — | ||||||||||||||||||||||||||||||||||||||||||
SIMR Parent, LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class B Membership Units | — | — | (8,002) | 8,002 | — | (8,002) | — | — | ||||||||||||||||||||||||||||||||||||||||||
Class W Membership Units | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2022 | Year Ended December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Non-Controlled, Affiliated Investments | Fair Value at December 31, 2021 | Gross Additions (Cost)(1) | Gross Reductions (Cost)(2) | Net Unrealized Gain (Loss) | Fair Value at December 31, 2022 | Net Realized Gain (Loss) | Interest Income(3) | Dividend Income | ||||||||||||||||||||||||||||||||||||||||||
Snap Fitness Holdings, Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class A Stock | 3,131 | — | — | 1,992 | 5,123 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Warrants | 1,269 | — | — | 808 | 2,077 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
STATinMED, LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Term Loan | — | 9,472 | (250) | (115) | 9,107 | — | 719 | — | ||||||||||||||||||||||||||||||||||||||||||
Delayed Draw First Lien Term Loan | — | 153 | — | 3 | 156 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
STATinMed Parent, LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class A Preferred Units | — | 6,182 | — | (1,652) | 4,530 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Class B Preferred Units | — | 3,193 | — | (3,059) | 134 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Totals | $ | 81,490 | $ | 106,737 | $ | (57,874) | $ | 13,523 | $ | 143,876 | $ | (21,530) | $ | 12,069 | $ | 79 |
Year Ended December 31, 2022 | Year Ended December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Controlled Investments | Fair Value at December 31, 2021 | Gross Additions (Cost)(1) | Gross Reductions (Cost)(2) | Net Unrealized Gain (Loss) | Fair Value at December 31, 2022 | Net Realized Gain (Loss) | Interest Income(3) | Dividend Income | ||||||||||||||||||||||||||||||||||||||||||
CION/EagleTree Partners, LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Note | $ | 61,629 | $ | 2,718 | $ | (3,999) | $ | — | $ | 60,348 | $ | — | $ | 8,531 | $ | — | ||||||||||||||||||||||||||||||||||
Participating Preferred Shares | 29,796 | — | — | 970 | 30,766 | — | — | 1,275 | ||||||||||||||||||||||||||||||||||||||||||
Common Shares | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Totals | $ | 91,425 | $ | 2,718 | $ | (3,999) | $ | 970 | $ | 91,114 | $ | — | $ | 8,531 | $ | 1,275 |
Interest Rate | ||||||||||||||||||||||||||
Portfolio Company | Investment Type | Cash | PIK | All-in-Rate | ||||||||||||||||||||||
Adapt Laser Acquisition, Inc. | Senior Secured First Lien Debt | 14.76% | 2.00% | 16.76% | ||||||||||||||||||||||
American Clinical Solutions LLC | Senior Secured First Lien Debt | 7.00% | 4.27% | 11.27% | ||||||||||||||||||||||
American Consolidated Natural Resources, Inc. | Senior Secured First Lien Debt | 17.33% | 3.00% | 20.33% | ||||||||||||||||||||||
Ancile Solutions, Inc. | Senior Secured First Lien Debt | 11.75% | 3.00% | 14.75% | ||||||||||||||||||||||
Anthem Sports & Entertainment Inc. | Senior Secured First Lien Debt | 11.48% | 2.75% | 14.23% | ||||||||||||||||||||||
Cadence Aerospace, LLC | Senior Secured First Lien Debt | 10.92% | 2.00% | 12.92% | ||||||||||||||||||||||
CION/EagleTree Partners, LLC | Senior Secured Note | — | 14.00% | 14.00% | ||||||||||||||||||||||
David's Bridal, LLC | Senior Secured First Lien Debt | 9.28% | 5.00% | 14.28% | ||||||||||||||||||||||
David's Bridal, LLC | Senior Secured First Lien Debt | 1.00% | 9.42% | 10.42% | ||||||||||||||||||||||
Deluxe Entertainment Services, Inc. | Senior Secured First Lien Debt | 9.73% | 1.50% | 11.23% | ||||||||||||||||||||||
Fusion Connect Inc. | Senior Secured First Lien Debt | 11.69% | 1.00% | 12.69% | ||||||||||||||||||||||
GSC Technologies Inc. | Senior Secured First Lien Debt | — | 9.12% | 9.12% | ||||||||||||||||||||||
GSC Technologies Inc. | Senior Secured First Lien Debt | 9.37% | 5.00% | 14.37% | ||||||||||||||||||||||
Hilliard, Martinez & Gonzales, LLP | Senior Secured First Lien Debt | — | 16.24% | 16.24% | ||||||||||||||||||||||
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 | — | 13.00% | 13.00% | ||||||||||||||||||||||
Independent Pet Partners Intermediate Holdings, LLC | Senior Secured First Lien Debt | — | 11.26% | 11.26% | ||||||||||||||||||||||
Independent Pet Partners Intermediate Holdings, LLC | Senior Secured First Lien Debt | — | 14.42% | 14.42% | ||||||||||||||||||||||
Instant Web, LLC | Senior Secured First Lien Debt | — | 11.38% | 11.38% | ||||||||||||||||||||||
Lucky Bucks Holdings LLC | Unsecured Note | — | 12.50% | 12.50% | ||||||||||||||||||||||
Robert C. Hilliard, L.L.P. | Senior Secured First Lien Debt | — | 16.24% | 16.24% | ||||||||||||||||||||||
Rogers Mechanical Contractors, LLC | Senior Secured First Lien Debt | 11.70% | 1.00% | 12.70% | ||||||||||||||||||||||
Service Compression, LLC | Senior Secured First Lien Debt | 12.83% | 2.00% | 14.83% | ||||||||||||||||||||||
Spinal USA, Inc. / Precision Medical Inc. | Senior Secured First Lien Debt | — | 13.24% | 13.24% | ||||||||||||||||||||||
STATinMED, LLC | Senior Secured First Lien Debt | — | 13.80% | 13.80% | ||||||||||||||||||||||
STATinMED, LLC | Senior Secured First Lien Debt | — | 13.94% | 13.94% | ||||||||||||||||||||||
Trademark Global, LLC | Senior Secured First Lien Debt | 7.07% | 4.50% | 11.57% | ||||||||||||||||||||||
Trammell, P.C. | Senior Secured First Lien Debt | — | 19.94% | 19.94% | ||||||||||||||||||||||
Vesta Holdings, LLC | Senior Secured First Lien Debt | — | 21.50% | 21.50% | ||||||||||||||||||||||
Williams Industrial Services Group, Inc. | Senior Secured First Lien Debt | 10.00% | 2.75% | 12.75% | ||||||||||||||||||||||
WPLM Acquisition Corp. | Unsecured Note | — | 15.00% | 15.00% | ||||||||||||||||||||||
Three Months Ended March 31, | Year Ended December 31, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | 2022 | |||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||
Gross shares/proceeds from the offering | — | $ | — | — | $ | — | — | $ | — | ||||||||||||||||||||||||||
Reinvestment of distributions | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Total gross shares/proceeds | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Share repurchase program | (338,029) | (3,592) | — | — | (1,658,956) | (15,444) | |||||||||||||||||||||||||||||
Net shares/proceeds from share transactions | (338,029) | $ | (3,592) | — | $ | — | (1,658,956) | $ | (15,444) |
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 | |||||||||||||||||||||||||||
2022 | ||||||||||||||||||||||||||||||||
March 31, 2022 | N/A | — | N/A | N/A | $ | — | ||||||||||||||||||||||||||
June 30, 2022 | N/A | — | N/A | N/A | — | |||||||||||||||||||||||||||
September 30, 2022 | N/A | 695,476 | N/A | $ | 9.65 | 6,711 | ||||||||||||||||||||||||||
December 31, 2022 | N/A | 963,480 | N/A | 9.06 | 8,733 | |||||||||||||||||||||||||||
Total for the year ended December 31, 2022 | 1,658,956 | $ | 15,444 | |||||||||||||||||||||||||||||
2023 | ||||||||||||||||||||||||||||||||
March 31, 2023 | N/A | 338,029 | N/A | $ | 10.63 | $ | 3,592 | |||||||||||||||||||||||||
Total for the three months ended March 31, 2023 | 338,029 | $ | 3,592 | |||||||||||||||||||||||||||||
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 March 31, | Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||
Entity | Capacity | Description | 2023 | 2022 | 2022 | ||||||||||||||||||||||||||||||||||||||||||
CIM | Investment adviser | Management fees(1) | $ | 6,676 | $ | 6,655 | $ | 27,361 | |||||||||||||||||||||||||||||||||||||||
CIM | Investment adviser | Incentive fees(1) | 6,335 | 4,133 | 18,710 | ||||||||||||||||||||||||||||||||||||||||||
CIM | Administrative services provider | Administrative services expense(1) | 837 | 720 | 3,348 | ||||||||||||||||||||||||||||||||||||||||||
Apollo Investment Administration, L.P. | Administrative services provider | Transaction costs(1) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
$ | 13,848 | $ | 11,508 | $ | 49,419 |
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 |
(1)Amounts charged directly |
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 |
Distributions | ||||||||||||||
Three Months Ended | Per Share | Amount | ||||||||||||
2022 | ||||||||||||||
March 31, 2022 (one record date) | $ | 0.2800 | $ | 15,948 | ||||||||||
June 30, 2022 (one record date) | 0.2800 | 15,949 | ||||||||||||
September 30, 2022 (one record date) | 0.3100 | 17,604 | ||||||||||||
December 31, 2022 (two record dates) | 0.5800 | 32,074 | ||||||||||||
Total distributions for the year ended December 31, 2022 | $ | 1.4500 | $ | 81,575 | ||||||||||
2023 | ||||||||||||||
March 31, 2023 (one record date) | $ | 0.3400 | $ | 18,687 | ||||||||||
Total distributions for the three months ended March 31, 2023 | $ | 0.3400 | $ | 18,687 |
Three Months Ended March 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Source of Distribution | Per Share | Amount | Percentage | Per Share | Amount | Percentage | Per Share | Amount | Percentage | |||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | $ | 0.3400 | $ | 18,687 | 100.0 | % | $ | 0.2800 | $ | 15,948 | 100.0 | % | $ | 1.4500 | $ | 81,575 | 100.0 | % | ||||||||||||||||||||||||||||||||||||||
Total distributions | $ | 0.3400 | $ | 18,687 | 100.0 | % | $ | 0.2800 | $ | 15,948 | 100.0 | % | $ | 1.4500 | $ | 81,575 | 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, 2022 | |||||
Undistributed ordinary income | $ | 8,543 | |||
Other accumulated losses(1) | (77,942) | ||||
Net unrealized depreciation on investments | (91,091) | ||||
Total accumulated losses | $ | (160,490) |
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 | ) |
March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||
Cost(1) | Fair Value | Percentage of Investment Portfolio | Cost(1) | Fair Value | Percentage of Investment Portfolio | |||||||||||||||||||||||||||||||||
Senior secured first lien debt | $ | 1,567,330 | $ | 1,472,453 | 88.8 | % | $ | 1,638,995 | $ | 1,579,512 | 90.3 | % | ||||||||||||||||||||||||||
Senior secured second lien debt | 41,102 | 38,997 | 2.4 | % | 41,036 | 38,769 | 2.2 | % | ||||||||||||||||||||||||||||||
Collateralized securities and structured products - equity | 2,606 | 1,133 | 0.1 | % | 2,687 | 1,179 | 0.1 | % | ||||||||||||||||||||||||||||||
Unsecured debt | 30,431 | 15,517 | 0.9 | % | 30,427 | 22,643 | 1.3 | % | ||||||||||||||||||||||||||||||
Equity | 115,514 | 128,926 | 7.8 | % | 79,595 | 107,058 | 6.1 | % | ||||||||||||||||||||||||||||||
Subtotal/total percentage | 1,756,983 | 1,657,026 | 100.0 | % | 1,792,740 | 1,749,161 | 100.0 | % | ||||||||||||||||||||||||||||||
Short term investments(2) | 66,326 | 66,326 | 10,869 | 10,869 | ||||||||||||||||||||||||||||||||||
Total investments | $ | 1,823,309 | $ | 1,723,352 | $ | 1,803,609 | $ | 1,760,030 |
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 |
March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Industry Classification | Investments at Fair Value | Percentage of Investment Portfolio | Investments at Fair Value | Percentage of Investment Portfolio | ||||||||||||||||||||||
Services: Business | $ | 340,815 | 20.6 | % | $ | 336,055 | 19.2 | % | ||||||||||||||||||
Healthcare & Pharmaceuticals | 232,306 | 14.0 | % | 237,082 | 13.6 | % | ||||||||||||||||||||
Media: Diversified & Production | 126,177 | 7.6 | % | 134,927 | 7.7 | % | ||||||||||||||||||||
Services: Consumer | 106,082 | 6.4 | % | 115,849 | 6.6 | % | ||||||||||||||||||||
Media: Advertising, Printing & Publishing | 87,247 | 5.3 | % | 105,375 | 6.0 | % | ||||||||||||||||||||
Diversified Financials | 81,724 | 4.9 | % | 99,819 | 5.7 | % | ||||||||||||||||||||
Chemicals, Plastics & Rubber | 66,992 | 4.0 | % | 66,753 | 3.8 | % | ||||||||||||||||||||
Energy: Oil & Gas | 65,343 | 3.9 | % | 68,756 | 3.9 | % | ||||||||||||||||||||
Consumer Goods: Durable | 62,420 | 3.8 | % | 60,735 | 3.5 | % | ||||||||||||||||||||
Retail | 57,034 | 3.4 | % | 74,718 | 4.3 | % | ||||||||||||||||||||
High Tech Industries | 53,597 | 3.2 | % | 56,501 | 3.2 | % | ||||||||||||||||||||
Construction & Building | 51,310 | 3.1 | % | 46,007 | 2.6 | % | ||||||||||||||||||||
Beverage, Food & Tobacco | 44,519 | 2.7 | % | 45,396 | 2.6 | % | ||||||||||||||||||||
Consumer Goods: Non-Durable | 42,305 | 2.6 | % | 47,886 | 2.8 | % | ||||||||||||||||||||
Capital Equipment | 41,713 | 2.5 | % | 41,580 | 2.4 | % | ||||||||||||||||||||
Aerospace & Defense | 39,195 | 2.4 | % | 38,842 | 2.2 | % | ||||||||||||||||||||
Banking, Finance, Insurance & Real Estate | 39,048 | 2.4 | % | 43,836 | 2.5 | % | ||||||||||||||||||||
Hotel, Gaming & Leisure | 38,520 | 2.3 | % | 46,739 | 2.7 | % | ||||||||||||||||||||
Containers, Packaging & Glass | 19,477 | 1.2 | % | 19,551 | 1.1 | % | ||||||||||||||||||||
Telecommunications | 18,315 | 1.1 | % | 18,302 | 1.1 | % | ||||||||||||||||||||
Automotive | 16,395 | 1.0 | % | 16,255 | 0.9 | % | ||||||||||||||||||||
Metals & Mining | 15,836 | 1.0 | % | 15,780 | 0.9 | % | ||||||||||||||||||||
Transportation: Cargo | 10,656 | 0.6 | % | 12,417 | 0.7 | % | ||||||||||||||||||||
Subtotal/total percentage | 1,657,026 | 100.0 | % | 1,749,161 | 100.0 | % | ||||||||||||||||||||
Short term investments | 66,326 | 10,869 | ||||||||||||||||||||||||
Total investments | $ | 1,723,352 | $ | 1,760,030 |
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 |
March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Geographic Dispersion(1) | Investments at Fair Value | Percentage of Investment Portfolio | Investments at Fair Value | Percentage of Investment Portfolio | ||||||||||||||||||||||
United States | $ | 1,647,499 | 99.4 | % | $ | 1,739,866 | 99.5 | % | ||||||||||||||||||
Canada | 7,485 | 0.4 | % | 7,452 | 0.4 | % | ||||||||||||||||||||
Cayman Islands | 1,133 | 0.1 | % | 1,179 | 0.1 | % | ||||||||||||||||||||
Bermuda | 909 | 0.1 | % | 664 | — | |||||||||||||||||||||
Subtotal/total percentage | 1,657,026 | 100.0 | % | 1,749,161 | 100.0 | % | ||||||||||||||||||||
Short term investments | 66,326 | 10,869 | ||||||||||||||||||||||||
Total investments | $ | 1,723,352 | $ | 1,760,030 |
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 |
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 |
Portfolio Company | Interest(a) | Maturity | Industry | Principal/ Par Amount/ Units | Cost(b) | Fair Value | ||||||||||||||||||||||||||||||||
Senior Secured First Lien Debt | ||||||||||||||||||||||||||||||||||||||
Berlitz Holdings, Inc.(g) | S+900, 1.00% SOFR Floor | 2/14/2025 | Services: Business | $ | 1,200 | $ | 1,133 | $ | 1,152 | |||||||||||||||||||||||||||||
Community Tree Service, LLC(h) | S+850, 1.00% SOFR Floor | 6/17/2027 | Construction & Building | 498 | 498 | 475 | ||||||||||||||||||||||||||||||||
Future Pak, LLC(e) | L+1000, 2.00% LIBOR Floor | 7/2/2024 | Healthcare & Pharmaceuticals | 1,280 | 1,271 | 1,280 | ||||||||||||||||||||||||||||||||
Total Senior Secured First Lien Debt | 2,902 | 2,907 | ||||||||||||||||||||||||||||||||||||
Senior Secured Second Lien Debt | ||||||||||||||||||||||||||||||||||||||
Access CIG, LLC(f) | L+775, 0.00% LIBOR Floor | 2/27/2026 | Services: Business | 7,250 | 7,222 | 6,942 | ||||||||||||||||||||||||||||||||
Dayton Superior Corp.(e) | L+700, 2.00% LIBOR Floor | 12/4/2024 | Construction & Building | 1,006 | 1,006 | 1,004 | ||||||||||||||||||||||||||||||||
MedPlast Holdings, Inc.(e) | L+775, 0.00% LIBOR Floor | 7/2/2026 | Healthcare & Pharmaceuticals | 6,750 | 6,172 | 6,345 | ||||||||||||||||||||||||||||||||
Total Senior Secured Second Lien Debt | 14,400 | 14,291 | ||||||||||||||||||||||||||||||||||||
Collateralized Securities and Structured Products - Equity | ||||||||||||||||||||||||||||||||||||||
Ivy Hill Middle Market Credit Fund VIII, Ltd. Subordinated Loan(c) | 11.84% Estimated Yield | 2/2/2026 | Diversified Financials | 10,000 | 9,858 | 9,339 | ||||||||||||||||||||||||||||||||
Total Collateralized Securities and Structured Products - Equity | 9,858 | 9,339 | ||||||||||||||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||||||||||||
American Clinical Solutions LLC, Class A Membership Interests(d) | Healthcare & Pharmaceuticals | 6,030,384 Units | 5,200 | 5,427 | ||||||||||||||||||||||||||||||||||
Anthem Sports and Entertainment Inc., Class A Preferred Stock Warrants(d) | Media: Diversified & Production | 1,469 Units | 486 | 1,644 | ||||||||||||||||||||||||||||||||||
Anthem Sports and Entertainment Inc., Class B Preferred Stock Warrants(d) | Media: Diversified & Production | 255 Units | — | 167 | ||||||||||||||||||||||||||||||||||
Anthem Sports and Entertainment Inc., Common Stock Warrants(d) | Media: Diversified & Production | 4,746 Units | — | 315 | ||||||||||||||||||||||||||||||||||
BCP Great Lakes II - Series A Holdings LP, Partnership Interests (4.2% ownership) | Diversified Financials | N/A | 12,966 | 12,573 | ||||||||||||||||||||||||||||||||||
Carestream Health Holdings, Inc., Common Stock(d) | Healthcare & Pharmaceuticals | 613,262 Units | 21,759 | 19,710 | ||||||||||||||||||||||||||||||||||
CHC Medical Partners, Inc., Series C Preferred Stock, 12% Dividend | Healthcare & Pharmaceuticals | 2,727,273 Units | 7,973 | 8,995 | ||||||||||||||||||||||||||||||||||
CTS Ultimate Holdings LLC, Class A Preferred Units(d) | Construction & Building | 3,578,701 Units | 1,000 | 644 | ||||||||||||||||||||||||||||||||||
Dayton HoldCo, LLC, Membership Units(d) | Construction & Building | 37,264 Units | 8,400 | 15,617 | ||||||||||||||||||||||||||||||||||
HDNet Holdco LLC, Preferred Unit Call Option(d) | Media: Diversified & Production | 1 Unit | — | 98 | ||||||||||||||||||||||||||||||||||
HW Ultimate Holdings, LP, Class A Membership Units, 4% Dividend(i) | Capital Equipment | 2,000,000 Units | 2,082 | 40 | ||||||||||||||||||||||||||||||||||
Language Education Holdings GP LLC, Common Units(d) | Services: Business | 133,333 Units | — | — | ||||||||||||||||||||||||||||||||||
Language Education Holdings LP, Ordinary Common Units(d) | Services: Business | 133,333 Units | 300 | 468 | ||||||||||||||||||||||||||||||||||
Skillsoft Corp., Class A Common Stock(d) | High Tech Industries | 243,425 Units | 2,000 | 487 | ||||||||||||||||||||||||||||||||||
Spinal USA, Inc. / Precision Medical Inc., Warrants(d) | Healthcare & Pharmaceuticals | 20,667,324 Units | — | — | ||||||||||||||||||||||||||||||||||
Total Equity | 62,166 | 66,185 | ||||||||||||||||||||||||||||||||||||
TOTAL INVESTMENTS | $ | 89,326 | $ | 92,722 |
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 | ) |
Portfolio Company | Interest(a) | Maturity | Industry | Principal/ Par Amount/ Units | Cost(b) | Fair Value | ||||||||||||||||||||||||||||||||
Senior Secured First Lien Debt | ||||||||||||||||||||||||||||||||||||||
Berlitz Holdings, Inc.(g) | S+900, 1.00% SOFR Floor | 2/14/2025 | Services: Business | $ | 1,200 | $ | 1,125 | $ | 1,146 | |||||||||||||||||||||||||||||
Community Tree Service, LLC(h) | S+850, 1.00% SOFR Floor | 6/17/2027 | Construction & Building | 499 | 499 | 489 | ||||||||||||||||||||||||||||||||
Future Pak, LLC(e) | L+800, 2.00% LIBOR Floor | 7/2/2024 | Healthcare & Pharmaceuticals | 1,395 | 1,382 | 1,372 | ||||||||||||||||||||||||||||||||
Total Senior Secured First Lien Debt | 3,006 | 3,007 | ||||||||||||||||||||||||||||||||||||
Senior Secured Second Lien Debt | ||||||||||||||||||||||||||||||||||||||
Access CIG, LLC(f) | L+775, 0.00% LIBOR Floor | 2/27/2026 | Services: Business | 7,250 | 7,220 | 6,933 | ||||||||||||||||||||||||||||||||
Dayton Superior Corp.(e) | L+700, 2.00% LIBOR Floor | 12/4/2024 | Construction & Building | 1,010 | 1,010 | 1,007 | ||||||||||||||||||||||||||||||||
MedPlast Holdings, Inc.(e) | L+775, 0.00% LIBOR Floor | 7/2/2026 | Healthcare & Pharmaceuticals | 6,750 | 6,135 | 6,337 | ||||||||||||||||||||||||||||||||
Zest Acquisition Corp.(e) | L+700, 1.00% LIBOR Floor | 3/14/2026 | Healthcare & Pharmaceuticals | 15,000 | 14,820 | 14,175 | ||||||||||||||||||||||||||||||||
Total Senior Secured Second Lien Debt | 29,185 | 28,452 | ||||||||||||||||||||||||||||||||||||
Collateralized Securities and Structured Products - Equity | ||||||||||||||||||||||||||||||||||||||
Ivy Hill Middle Market Credit Fund VIII, Ltd. Subordinated Loan(c) | 11.84% Estimated Yield | 2/2/2026 | Diversified Financials | 10,000 | 9,874 | 9,523 | ||||||||||||||||||||||||||||||||
Total Collateralized Securities and Structured Products - Equity | 9,874 | 9,523 | ||||||||||||||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||||||||||||
American Clinical Solutions LLC, Class A Membership Interests(d) | Healthcare & Pharmaceuticals | 6,030,384 Units | 5,200 | 3,618 | ||||||||||||||||||||||||||||||||||
Anthem Sports and Entertainment Inc., Class A Preferred Stock Warrants(d) | Media: Diversified & Production | 1,469 Units | 486 | 1,881 | ||||||||||||||||||||||||||||||||||
Anthem Sports and Entertainment Inc., Class B Preferred Stock Warrants(d) | Media: Diversified & Production | 255 Units | — | 187 | ||||||||||||||||||||||||||||||||||
Anthem Sports and Entertainment Inc., Common Stock Warrants(d) | Media: Diversified & Production | 4,746 Units | — | 580 | ||||||||||||||||||||||||||||||||||
BCP Great Lakes II - Series A Holdings LP, Partnership Interests (4.2% ownership) | Diversified Financials | N/A | 11,436 | 11,058 | ||||||||||||||||||||||||||||||||||
Carestream Health Holdings, Inc., Common Stock(d) | Healthcare & Pharmaceuticals | 613,262 Units | 21,759 | 21,544 | ||||||||||||||||||||||||||||||||||
CHC Medical Partners, Inc., Series C Preferred Stock, 12% Dividend | Healthcare & Pharmaceuticals | 2,727,273 Units | 7,891 | 8,877 | ||||||||||||||||||||||||||||||||||
CTS Ultimate Holdings LLC, Class A Preferred Units(d) | Construction & Building | 3,578,701 Units | 1,000 | 859 | ||||||||||||||||||||||||||||||||||
Dayton HoldCo, LLC, Membership Units(d) | Construction & Building | 37,264 Units | 8,400 | 15,334 | ||||||||||||||||||||||||||||||||||
HDNet Holdco LLC, Preferred Unit Call Option(d) | Media: Diversified & Production | 1 Unit | — | 185 | ||||||||||||||||||||||||||||||||||
HW Ultimate Holdings, LP, Class A Membership Units, 4% Dividend | Capital Equipment | 2,000,000 Units | 2,082 | 130 | ||||||||||||||||||||||||||||||||||
Language Education Holdings GP LLC, Common Units(d) | Services: Business | 133,333 Units | — | — | ||||||||||||||||||||||||||||||||||
Language Education Holdings LP, Ordinary Common Units(d) | Services: Business | 133,333 Units | 300 | 427 | ||||||||||||||||||||||||||||||||||
Skillsoft Corp., Class A Common Stock(d) | High Tech Industries | 243,425 Units | 2,000 | 316 | ||||||||||||||||||||||||||||||||||
Spinal USA, Inc. / Precision Medical Inc., Warrants(d) | Healthcare & Pharmaceuticals | 20,667,324 Units | — | — | ||||||||||||||||||||||||||||||||||
Total Equity | 60,554 | 64,996 | ||||||||||||||||||||||||||||||||||||
TOTAL INVESTMENTS | $ | 102,619 | $ | 105,978 |
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 | ) |
Selected Balance Sheet Information: | March 31, 2023 | December 31, 2022 | ||||||||||||
Investments, at fair value (amortized cost of $89,326 and $102,619, respectively) | $ | 92,722 | $ | 105,978 | ||||||||||
Cash and other assets | 1,739 | 2,476 | ||||||||||||
Dividend receivable on investments | 339 | 225 | ||||||||||||
Interest receivable on investments | 282 | 301 | ||||||||||||
Total assets | $ | 95,082 | $ | 108,980 | ||||||||||
Senior secured notes (net of unamortized debt issuance costs of $88 and $94, respectively) | $ | 64,414 | $ | 70,904 | ||||||||||
Other liabilities | 357 | 1,881 | ||||||||||||
Total liabilities | 64,771 | 72,785 | ||||||||||||
Members' capital | 30,311 | 36,195 | ||||||||||||
Total liabilities and members' capital | $ | 95,082 | $ | 108,980 |
Three Months Ended March 31, | Year Ended December 31, | ||||||||||||||||||||||
Selected Statement of Operations Information: | 2023 | 2022 | 2022 | ||||||||||||||||||||
Total revenues | $ | 1,595 | $ | 1,884 | $ | 9,653 | |||||||||||||||||
Total expenses | 2,692 | 2,720 | 11,120 | ||||||||||||||||||||
Net realized gain on investments | 176 | — | 9,947 | ||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | 37 | 542 | (5,839) | ||||||||||||||||||||
Net (decrease) increase in net assets | $ | (884) | $ | (294) | $ | 2,641 | |||||||||||||||||
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 | |||||||||||||||||||||||||
SOFR+3.10% | 50,000 | 50,000 | ||||||||||||||||||||||||||||||
2026 Notes(1) | Note Purchase Agreement | 4.50% | 125,000 | — | February 11, 2026 | |||||||||||||||||||||||||||
UBS Facility | Repurchase Agreement | L+3.375% | 125,000 | 25,000 | November 19, 2023 | |||||||||||||||||||||||||||
Series A Notes | Israel Public Bond Offering | SOFR+3.82% | 80,712 | — | August 31, 2026 | |||||||||||||||||||||||||||
2022 More Term Loan | Term Loan Facility Agreement | SOFR+3.50% | 50,000 | — | April 27, 2027 | |||||||||||||||||||||||||||
2021 More Term Loan(2) | Term Loan Facility Agreement | 5.20% | 30,000 | — | September 30, 2024 | |||||||||||||||||||||||||||
$ | 1,010,712 | $ | 100,000 |
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 March 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||
2023 | 2022 | 2022 | ||||||||||||||||||||||||||||||
Stated interest expense | $ | 11,990 | $ | 4,707 | $ | 29,254 | ||||||||||||||||||||||||||
Amortization of deferred financing costs | 564 | 490 | 2,214 | |||||||||||||||||||||||||||||
Non-usage fee | 171 | 70 | 617 | |||||||||||||||||||||||||||||
Total interest expense | $ | 12,725 | $ | 5,267 | $ | 32,085 | ||||||||||||||||||||||||||
Weighted average interest rate(1) | 8.02 | % | 3.44 | % | 4.99 | % | ||||||||||||||||||||||||||
Average borrowings | $ | 606,667 | $ | 551,333 | $ | 590,603 |
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 March 31, | Year Ended December 31, 2022 | |||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||
Stated interest expense | $ | 1,406 | $ | 1,406 | $ | 5,600 | ||||||||||||||||||||||||||
Amortization of deferred financing costs | 131 | 131 | 533 | |||||||||||||||||||||||||||||
Total interest expense | $ | 1,537 | $ | 1,537 | $ | 6,133 | ||||||||||||||||||||||||||
Weighted average interest rate(1) | 4.50 | % | 4.50 | % | 4.50 | % | ||||||||||||||||||||||||||
Average borrowings | $ | 125,000 | $ | 125,000 | $ | 125,000 |
Three Months Ended March 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||
2023 | 2022 | 2022 | ||||||||||||||||||||||||||||||
Stated interest expense | $ | 2,804 | $ | 1,147 | $ | 7,273 | ||||||||||||||||||||||||||
Non-usage fee | 23 | 47 | 96 | |||||||||||||||||||||||||||||
Total interest expense | $ | 2,827 | $ | 1,194 | $ | 7,369 | ||||||||||||||||||||||||||
Weighted average interest rate(1) | 8.22 | % | 3.82 | % | 5.29 | % | ||||||||||||||||||||||||||
Average borrowings | $ | 137,639 | $ | 125,000 | $ | 137,322 |
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 |
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 |
For the Period From February 28, 2023 Through March 31, 2023 | ||||||||||||||||||||
Stated interest expense | $ | 618 | ||||||||||||||||||
Amortization of deferred financing costs | 78 | |||||||||||||||||||
Total interest expense | $ | 696 | ||||||||||||||||||
Weighted average interest rate(1) | 8.62 | % | ||||||||||||||||||
Average borrowings | $ | 80,712 |
Three Months Ended March 31, 2023 | For the Period From April 27, 2022 Through December 31, 2022 | |||||||||||||||||||
Stated interest expense | $ | 1,012 | $ | 2,027 | ||||||||||||||||
Amortization of deferred financing costs | 51 | 140 | ||||||||||||||||||
Total interest expense | $ | 1,063 | $ | 2,167 | ||||||||||||||||
Weighted average interest rate(1) | 8.10 | % | 5.86 | % | ||||||||||||||||
Average borrowings | $ | 50,000 | $ | 50,000 |
Three Months Ended March 31, | Year Ended December 31, 2022 | |||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||
Stated interest expense | $ | 390 | $ | 390 | $ | 1,582 | ||||||||||||||||||||||||||
Amortization of deferred financing costs | 71 | 71 | 288 | |||||||||||||||||||||||||||||
Total interest expense | $ | 461 | $ | 461 | $ | 1,870 | ||||||||||||||||||||||||||
Weighted average interest rate(1) | 5.20 | % | 5.20 | % | 5.20 | % | ||||||||||||||||||||||||||
Average borrowings | $ | 30,000 | $ | 30,000 | $ | 30,000 |
September 30, 2017 | December 31, 2016 | March 31, 2023(1) | December 31, 2022(2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | 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 first lien debt | $ | — | $ | — | $ | 1,472,453 | $ | 1,472,453 | $ | — | $ | — | $ | 1,579,512 | $ | 1,579,512 | |||||||||||||||||||||||||||||||||||||||||||||
Senior secured second lien debt | — | — | 402,459 | 402,459 | — | — | 434,347 | 434,347 | Senior secured second lien debt | — | — | 38,997 | 38,997 | — | — | 38,769 | 38,769 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | Collateralized securities and structured products - equity | — | — | 1,133 | 1,133 | — | — | 1,179 | 1,179 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured debt | — | — | 7,331 | 7,331 | — | — | 16,851 | 16,851 | Unsecured debt | — | — | 15,517 | 15,517 | — | — | 22,643 | 22,643 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity | — | — | 3,863 | 3,863 | — | — | 5,107 | 5,107 | Equity | 2,204 | — | 100,958 | 103,162 | 2,341 | — | 73,951 | 76,292 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short term investments | 140,810 | — | — | 140,810 | 70,498 | — | — | 70,498 | Short term investments | 66,326 | — | — | 66,326 | 10,869 | — | — | 10,869 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Investments | $ | 140,810 | $ | — | $ | 1,551,045 | $ | 1,691,855 | $ | 70,498 | $ | — | $ | 1,018,980 | $ | 1,089,478 | Total Investments | $ | 68,530 | $ | — | $ | 1,629,058 | $ | 1,697,588 | $ | 13,210 | $ | — | $ | 1,716,054 | $ | 1,729,264 | |||||||||||||||||||||||||||||||||||||||||||||
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 March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||
Senior Secured First Lien Debt | Senior Secured Second Lien Debt | Collateralized Securities and Structured Products - Equity | Unsecured Debt | Equity | Total | ||||||||||||||||||||||||||||||||||||
Beginning balance, December 31, 2022 | $ | 1,579,512 | $ | 38,769 | $ | 1,179 | $ | 22,643 | $ | 73,951 | $ | 1,716,054 | |||||||||||||||||||||||||||||
Investments purchased(2)(3) | 40,752 | — | — | — | 35,933 | 76,685 | |||||||||||||||||||||||||||||||||||
Net realized loss | (4,511) | — | — | — | (14) | (4,525) | |||||||||||||||||||||||||||||||||||
Net change in unrealized (depreciation) appreciation | (35,394) | 163 | 35 | (7,130) | (8,912) | (51,238) | |||||||||||||||||||||||||||||||||||
Accretion of discount | 4,269 | 69 | — | 4 | — | 4,342 | |||||||||||||||||||||||||||||||||||
Sales and principal repayments(3) | (112,175) | (4) | (81) | — | — | (112,260) | |||||||||||||||||||||||||||||||||||
Ending balance, March 31, 2023 | $ | 1,472,453 | $ | 38,997 | $ | 1,133 | $ | 15,517 | $ | 100,958 | $ | 1,629,058 | |||||||||||||||||||||||||||||
Change in net unrealized (depreciation) appreciation on investments still held as of March 31, 2023(1) | $ | (34,672) | $ | 163 | $ | 35 | $ | (7,130) | $ | (8,912) | $ | (50,516) |
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 March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured First Lien Debt | Senior Secured Second Lien Debt | Collateralized Securities and Structured Products - Equity | Unsecured Debt | Equity | Total | ||||||||||||||||||||||||||||||||||||||||||
Beginning balance, December 31, 2021 | $ | 1,526,989 | $ | 38,583 | $ | 2,998 | $ | 26,616 | $ | 37,736 | $ | 1,632,922 | |||||||||||||||||||||||||||||||||||
Investments purchased(2) | 141,792 | — | — | 623 | 1,125 | 143,540 | |||||||||||||||||||||||||||||||||||||||||
Net realized (loss) gain | (73) | 4 | — | — | — | (69) | |||||||||||||||||||||||||||||||||||||||||
Net change in unrealized (depreciation) appreciation | (12,906) | (1,800) | (176) | 37 | 3,544 | (11,301) | |||||||||||||||||||||||||||||||||||||||||
Accretion of discount | 2,404 | 88 | — | 4 | — | 2,496 | |||||||||||||||||||||||||||||||||||||||||
Sales and principal repayments | (60,842) | — | (190) | — | — | (61,032) | |||||||||||||||||||||||||||||||||||||||||
Ending balance, March 31, 2022 | $ | 1,597,364 | $ | 36,875 | $ | 2,632 | $ | 27,280 | $ | 42,405 | $ | 1,706,556 | |||||||||||||||||||||||||||||||||||
Change in net unrealized (depreciation) appreciation on investments still held as of March 31, 2022(1) | $ | (12,710) | $ | (1,800) | $ | (176) | $ | 37 | $ | 3,544 | $ | (11,105) |
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 |
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Valuation Techniques/ Methodologies | Unobservable Inputs | Range | Weighted Average(1) | ||||||||||||||||||||||||||||||||||||||||
Senior secured first lien debt | $ | 1,258,936 | Discounted Cash Flow | Discount Rates | 6.5% | — | 35.0% | 13.9% | ||||||||||||||||||||||||||||||||||||
124,286 | Broker Quotes | Broker Quotes | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||
45,643 | Market Comparable Approach | Revenue Multiple | 0.20x | — | 1.55x | 0.62x | ||||||||||||||||||||||||||||||||||||||
39,376 | EBITDA Multiple | 5.75x | — | 12.5x | 10.45x | |||||||||||||||||||||||||||||||||||||||
3,837 | $ per kW | $131.85 | N/A | |||||||||||||||||||||||||||||||||||||||||
375 | Other(2) | Other(2) | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||
Senior secured second lien debt | 38,997 | Discounted Cash Flow | Discount Rates | 10.3% | — | 22.5% | 15.6% | |||||||||||||||||||||||||||||||||||||
Collateralized securities and structured products - equity | 1,133 | Discounted Cash Flow | Discount Rates | 21.0% | N/A | |||||||||||||||||||||||||||||||||||||||
Unsecured debt | 8,132 | Contingent Claims Analysis | Expected Volatility | 110.0% | N/A | |||||||||||||||||||||||||||||||||||||||
7,385 | Discounted Cash Flow | Discount Rates | 16.5% | N/A | ||||||||||||||||||||||||||||||||||||||||
Equity | 69,263 | Market Comparable Approach | EBITDA Multiple | 3.75x | — | 15.50x | 10.08x | |||||||||||||||||||||||||||||||||||||
22,680 | $ per kW | $425 | N/A | |||||||||||||||||||||||||||||||||||||||||
7,940 | Revenue Multiple | 0.13x | — | 6.00x | 3.25x | |||||||||||||||||||||||||||||||||||||||
1,075 | Broker Quotes | Broker Quotes | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||
— | Options Pricing Model | Expected Volatility | 60.0% | — | 95.0% | N/A | ||||||||||||||||||||||||||||||||||||||
Total | $ | 1,629,058 |
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, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Valuation Techniques/ Methodologies | Unobservable Inputs | Range | Weighted Average(1) | ||||||||||||||||||||||||||||||||||||||||
Senior secured first lien debt | $ | 1,471,816 | Discounted Cash Flow | Discount Rates | 6.5% | — | 34.0% | 14.7% | ||||||||||||||||||||||||||||||||||||
79,035 | Broker Quotes | Broker Quotes | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||
20,050 | Market Comparable Approach | Revenue Multiple | 0.25x | — | 1.70x | 1.19x | ||||||||||||||||||||||||||||||||||||||
4,527 | $ per kW | $131.85 | N/A | |||||||||||||||||||||||||||||||||||||||||
3,552 | EBITDA Multiple | 2.75x | — | 4.25x | 4.09x | |||||||||||||||||||||||||||||||||||||||
532 | Other(2) | Other(2) | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||
Senior secured second lien debt | 38,769 | Discounted Cash Flow | Discount Rates | 14.3% | — | 21.5% | 17.2% | |||||||||||||||||||||||||||||||||||||
Collateralized securities and structured products - equity | 1,179 | Discounted Cash Flow | Discount Rates | 21.0% | N/A | |||||||||||||||||||||||||||||||||||||||
Unsecured debt | 15,316 | Market Comparable Approach | EBITDA Multiple | 9.25x | N/A | |||||||||||||||||||||||||||||||||||||||
7,327 | Discounted Cash Flow | Discount Rates | 17.7% | N/A | ||||||||||||||||||||||||||||||||||||||||
Equity | 33,441 | Market Comparable Approach | EBITDA Multiple | 2.75x | — | 14.55x | 7.02x | |||||||||||||||||||||||||||||||||||||
23,995 | $ per kW | $412.5 | N/A | |||||||||||||||||||||||||||||||||||||||||
13,038 | Revenue Multiple | 0.13x | — | 5.75x | 2.93x | |||||||||||||||||||||||||||||||||||||||
2,238 | Discounted Cash Flow | Discount Rates | 16.8% | N/A | ||||||||||||||||||||||||||||||||||||||||
1,234 | Broker Quotes | Broker Quotes | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||
5 | Options Pricing Model | Expected Volatility | 80.0% | — | 90.0% | 87.3% | ||||||||||||||||||||||||||||||||||||||
Total | $ | 1,716,054 |
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 March 31, | Year Ended December 31, | ||||||||||||||||||||||||||||
2023 | 2022 | 2022 | |||||||||||||||||||||||||||
Professional fees | $ | 526 | $ | 633 | $ | 1,778 | |||||||||||||||||||||||
Dues and subscriptions | 429 | 535 | 791 | ||||||||||||||||||||||||||
Transfer agent expense | 268 | 291 | 1,124 | ||||||||||||||||||||||||||
Valuation expense | 173 | 179 | 821 | ||||||||||||||||||||||||||
Director fees and expenses | 169 | 154 | 632 | ||||||||||||||||||||||||||
Insurance expense | 167 | 251 | 833 | ||||||||||||||||||||||||||
Accounting and administrative costs | 166 | 157 | 524 | ||||||||||||||||||||||||||
Printing and marketing expense | 5 | 5 | 708 | ||||||||||||||||||||||||||
Other expenses | 52 | 17 | 67 | ||||||||||||||||||||||||||
Total general and administrative expense | $ | 1,955 | $ | 2,222 | $ | 7,278 |
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 | March 31, 2023(1) | December 31, 2022(1) | ||||||||||||
Cennox, Inc. | $ | 7,193 | $ | 7,567 | ||||||||||
Flatworld Intermediate Corp. | 5,865 | 5,865 | ||||||||||||
Critical Nurse Staffing, LLC | 5,139 | 5,599 | ||||||||||||
Instant Web, LLC | 4,763 | 5,628 | ||||||||||||
American Health Staffing Group, Inc. | 3,333 | 3,333 | ||||||||||||
Thrill Holdings LLC | 3,261 | 3,261 | ||||||||||||
Mimeo.com, Inc. | 3,000 | 3,000 | ||||||||||||
Service Compression, LLC | 2,791 | 4,186 | ||||||||||||
Coyote Buyer, LLC | 2,500 | 2,500 | ||||||||||||
Moss Holding Company | 2,232 | 2,232 | ||||||||||||
HW Acquisition, LLC | 2,200 | 2,200 | ||||||||||||
MacNeill Pride Group Corp. | 2,017 | 2,017 | ||||||||||||
BDS Solutions Intermediateco, LLC | 1,998 | 1,998 | ||||||||||||
Archer Systems, LLC | 1,905 | 1,905 | ||||||||||||
Bradshaw International Parent Corp. | 1,844 | 1,844 | ||||||||||||
Rogers Mechanical Contractors, LLC | 1,827 | 3,365 | ||||||||||||
Dermcare Management, LLC | 1,683 | 1,862 | ||||||||||||
Sleep Opco, LLC | 1,225 | 1,750 | ||||||||||||
OpCo Borrower, LLC | 1,042 | 833 | ||||||||||||
Williams Industrial Services Group, Inc. | 1,000 | — | ||||||||||||
RA Outdoors, LLC | 735 | 1,049 | ||||||||||||
Ironhorse Purchaser, LLC | 707 | 2,469 | ||||||||||||
WorkGenius, Inc. | 570 | 750 | ||||||||||||
NWN Parent Holdings LLC | 480 | 90 | ||||||||||||
Invincible Boat Company LLC | 239 | 559 | ||||||||||||
American Teleconferencing Services, Ltd. | 235 | 235 | ||||||||||||
H.W. Lochner, Inc. | 225 | 225 | ||||||||||||
Anthem Sports & Entertainment Inc. | 167 | 167 | ||||||||||||
Homer City Holdings LLC | — | 3,000 | ||||||||||||
RumbleOn, Inc. | — | 1,775 | ||||||||||||
STATinMED, LLC | — | 156 | ||||||||||||
Total | $ | 60,176 | $ | 71,420 |
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 |
Three Months Ended March 31, | Year Ended December 31, | ||||||||||||||||||||||||||||
2023 | 2022 | 2022 | |||||||||||||||||||||||||||
Amendment fees | $ | 2,724 | $ | 395 | $ | 2,633 | |||||||||||||||||||||||
Commitment fees | 309 | — | — | ||||||||||||||||||||||||||
Administrative agent fees | 30 | 25 | 100 | ||||||||||||||||||||||||||
Capital structuring and other fees | — | 1,022 | 4,446 | ||||||||||||||||||||||||||
Conversion fees | — | — | 2,365 | ||||||||||||||||||||||||||
Total | $ | 3,063 | $ | 1,442 | $ | 9,544 |
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 |
Three Months Ended March 31, | Year Ended December 31, | |||||||||||||||||||
2023 | 2022 | 2022 | ||||||||||||||||||
Per share data:(1) | ||||||||||||||||||||
Net asset value at beginning of period | $ | 15.98 | $ | 16.34 | $ | 16.34 | ||||||||||||||
Results of operations: | ||||||||||||||||||||
Net investment income | 0.54 | 0.34 | 1.56 | |||||||||||||||||
Net realized loss and net change in unrealized depreciation on investments and loss on foreign currency(2) | (1.10) | (0.20) | (0.68) | |||||||||||||||||
Net (decrease) increase in net assets resulting from operations(2) | (0.56) | 0.14 | 0.88 | |||||||||||||||||
Shareholder distributions: | ||||||||||||||||||||
Distributions from net investment income | (0.34) | (0.28) | (1.44) | |||||||||||||||||
Net decrease in net assets resulting from shareholders' distributions | (0.34) | (0.28) | (1.44) | |||||||||||||||||
Capital share transactions: | ||||||||||||||||||||
Issuance of common stock above net asset value(3) | — | — | — | |||||||||||||||||
Repurchases of common stock below net asset value(4) | 0.03 | — | 0.20 | |||||||||||||||||
Net increase in net assets resulting from capital share transactions | 0.03 | — | 0.20 | |||||||||||||||||
Net asset value at end of period | $ | 15.11 | $ | 16.20 | $ | 15.98 | ||||||||||||||
Shares of common stock outstanding at end of period | 54,961,455 | 56,958,440 | 55,299,484 | |||||||||||||||||
Total investment return-net asset value(5) | (2.17) | % | 1.01 | % | 10.44 | % | ||||||||||||||
Total investment return-market value(6) | 4.75 | % | 15.38 | % | (14.87) | % | ||||||||||||||
Net assets at beginning of period | $ | 883,634 | $ | 930,512 | $ | 930,512 | ||||||||||||||
Net assets at end of period | $ | 830,310 | $ | 922,453 | $ | 883,634 | ||||||||||||||
Average net assets | $ | 875,337 | $ | 931,165 | $ | 917,781 | ||||||||||||||
Ratio/Supplemental data: | ||||||||||||||||||||
Ratio of net investment income to average net assets | 3.41 | % | 2.09 | % | 9.61 | % | ||||||||||||||
Ratio of net operating expenses to average net assets | 4.01 | % | 2.38 | % | 11.63 | % | ||||||||||||||
Portfolio turnover rate(7) | 1.35 | % | 3.60 | % | 26.81 | % | ||||||||||||||
Total amount of senior securities outstanding | $ | 1,010,712 | $ | 875,000 | $ | 957,500 | ||||||||||||||
Asset coverage ratio(8) | 1.82 | 2.05 | 1.92 |
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 March 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Investment Activity | Investment Portfolio | Total Return Swap | Total | Investment Portfolio | Total Return Swap | Total | Net Investment Activity | 2023 | 2022 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 22,221 | $ | 136,698 | $ | 524,293 | |||||||||||||||||||||||||||||||||||||||||||||||||
Senior secured second lien debt | 61,464 | — | 61,464 | 40,108 | — | 40,108 | Senior secured second lien debt | — | — | 19,932 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured debt | 7,331 | — | 7,331 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity | 853 | — | 853 | 5,540 | — | 5,540 | Equity | 2,000 | 1,125 | 6,313 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales and principal repayments | (274,648 | ) | — | (274,648 | ) | (41,599 | ) | (245,657 | ) | (287,256 | ) | Sales and principal repayments | (66,274) | (61,031) | (469,760) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net portfolio activity | $ | 10,196 | $ | — | $ | 10,196 | $ | 259,968 | $ | (245,446 | ) | $ | 14,522 | Net portfolio activity | $ | (42,053) | $ | 76,792 | $ | 80,778 |
March 31, 2023 | ||||||||||||||||||||
Investments Cost(1) | Investments Fair Value | Percentage of Investment Portfolio | ||||||||||||||||||
Senior secured first lien debt | $ | 1,567,330 | $ | 1,472,453 | 88.8 | % | ||||||||||||||
Senior secured second lien debt | 41,102 | 38,997 | 2.4 | % | ||||||||||||||||
Collateralized securities and structured products - equity | 2,606 | 1,133 | 0.1 | % | ||||||||||||||||
Unsecured debt | 30,431 | 15,517 | 0.9 | % | ||||||||||||||||
Equity | 115,514 | 128,926 | 7.8 | % | ||||||||||||||||
Subtotal/total percentage | 1,756,983 | 1,657,026 | 100.0 | % | ||||||||||||||||
Short term investments(2) | 66,326 | 66,326 | ||||||||||||||||||
Total investments | $ | 1,823,309 | $ | 1,723,352 | ||||||||||||||||
Number of portfolio companies | 109 | |||||||||||||||||||
Average annual EBITDA of portfolio companies | $56.0 million | |||||||||||||||||||
Median annual EBITDA of portfolio companies | $35.0 million | |||||||||||||||||||
Purchased at a weighted average price of par | 97.81 | % | ||||||||||||||||||
Gross annual portfolio yield based upon the purchase price(3) | 11.18 | % |
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, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 1,638,995 | $ | 1,579,512 | 90.3 | % | ||||||||||||||||||||||||
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 | 41,036 | 38,769 | 2.2 | % | ||||||||||||||||||||||||||||||||
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 | 2,687 | 1,179 | 0.1 | % | |||||||||||||||||||||||||||||||||
Unsecured debt | 17,290 | 16,851 | 1.7 | % | — | — | — | 17,290 | 16,851 | 1.1 | % | Unsecured debt | 30,427 | 22,643 | 1.3 | % | |||||||||||||||||||||||||||||||||
Equity | 4,832 | 5,107 | 0.5 | % | — | — | — | 4,832 | 5,107 | 0.4 | % | Equity | 79,595 | 107,058 | 6.1 | % | |||||||||||||||||||||||||||||||||
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 | 1,792,740 | 1,749,161 | 100.0 | % | ||||||||||||||||||||||||||||||||
Short term investments(2) | 70,498 | 70,498 | — | — | 70,498 | 70,498 | Short term investments(2) | 10,869 | 10,869 | ||||||||||||||||||||||||||||||||||||||||
Total investments | $ | 1,096,948 | $ | 1,089,478 | $ | 407,847 | $ | 392,445 | $ | 1,504,795 | $ | 1,481,923 | Total investments | $ | 1,803,609 | $ | 1,760,030 | ||||||||||||||||||||||||||||||||
Number of portfolio companies | Number of portfolio companies | 103 | 49 | 141(3) | Number of portfolio companies | 113 | |||||||||||||||||||||||||||||||||||||||||||
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 | $55.2 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 | $35.0 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 | 97.81 | % | |||||||||||||||||||||||||||||||||||||||
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) | 11.80 | % |
March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||
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 | $ | 1,480,336 | $ | 1,390,918 | 84.0 | % | $ | 1,539,214 | $ | 1,477,630 | 84.5 | % | ||||||||||||||||||||||||||
Fixed interest rate investments | 158,527 | 134,681 | 8.1 | % | 166,297 | 157,006 | 9.0 | % | ||||||||||||||||||||||||||||||
Non-income producing investments | 87,203 | 78,278 | 4.7 | % | 76,061 | 104,619 | 6.0 | % | ||||||||||||||||||||||||||||||
Other income producing investments | 30,917 | 53,149 | 3.2 | % | 11,168 | 9,906 | 0.5 | % | ||||||||||||||||||||||||||||||
Total investments | $ | 1,756,983 | $ | 1,657,026 | 100.0 | % | $ | 1,792,740 | $ | 1,749,161 | 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 |
March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Industry Classification | Investments Fair Value | Percentage of Investment Portfolio | Investments Fair Value | Percentage of Investment Portfolio | ||||||||||||||||||||||
Services: Business | $ | 340,815 | 20.6 | % | $ | 336,055 | 19.2 | % | ||||||||||||||||||
Healthcare & Pharmaceuticals | 232,306 | 14.0 | % | 237,082 | 13.6 | % | ||||||||||||||||||||
Media: Diversified & Production | 126,177 | 7.6 | % | 134,927 | 7.7 | % | ||||||||||||||||||||
Services: Consumer | 106,082 | 6.4 | % | 115,849 | 6.6 | % | ||||||||||||||||||||
Media: Advertising, Printing & Publishing | 87,247 | 5.3 | % | 105,375 | 6.0 | % | ||||||||||||||||||||
Diversified Financials | 81,724 | 4.9 | % | 99,819 | 5.7 | % | ||||||||||||||||||||
Chemicals, Plastics & Rubber | 66,992 | 4.0 | % | 66,753 | 3.8 | % | ||||||||||||||||||||
Energy: Oil & Gas | 65,343 | 3.9 | % | 68,756 | 3.9 | % | ||||||||||||||||||||
Consumer Goods: Durable | 62,420 | 3.8 | % | 60,735 | 3.5 | % | ||||||||||||||||||||
Retail | 57,034 | 3.4 | % | 74,718 | 4.3 | % | ||||||||||||||||||||
High Tech Industries | 53,597 | 3.2 | % | 56,501 | 3.2 | % | ||||||||||||||||||||
Construction & Building | 51,310 | 3.1 | % | 46,007 | 2.6 | % | ||||||||||||||||||||
Beverage, Food & Tobacco | 44,519 | 2.7 | % | 45,396 | 2.6 | % | ||||||||||||||||||||
Consumer Goods: Non-Durable | 42,305 | 2.6 | % | 47,886 | 2.8 | % | ||||||||||||||||||||
Capital Equipment | 41,713 | 2.5 | % | 41,580 | 2.4 | % | ||||||||||||||||||||
Aerospace & Defense | 39,195 | 2.4 | % | 38,842 | 2.2 | % | ||||||||||||||||||||
Banking, Finance, Insurance & Real Estate | 39,048 | 2.4 | % | 43,836 | 2.5 | % | ||||||||||||||||||||
Hotel, Gaming & Leisure | 38,520 | 2.3 | % | 46,739 | 2.7 | % | ||||||||||||||||||||
Containers, Packaging & Glass | 19,477 | 1.2 | % | 19,551 | 1.1 | % | ||||||||||||||||||||
Telecommunications | 18,315 | 1.1 | % | 18,302 | 1.1 | % | ||||||||||||||||||||
Automotive | 16,395 | 1.0 | % | 16,255 | 0.9 | % | ||||||||||||||||||||
Metals & Mining | 15,836 | 1.0 | % | 15,780 | 0.9 | % | ||||||||||||||||||||
Transportation: Cargo | 10,656 | 0.6 | % | 12,417 | 0.7 | % | ||||||||||||||||||||
Subtotal/total percentage | 1,657,026 | 100.0 | % | 1,749,161 | 100.0 | % | ||||||||||||||||||||
Short term investments | 66,326 | 10,869 | ||||||||||||||||||||||||
Total investments | $ | 1,723,352 | $ | 1,760,030 |
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 |
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 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||
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 | $ | 1,530 | 0.1 | % | $ | 24,450 | 1.4 | % | |||||||||||||||||||||||||||||
2 | 963,477 | 94.6 | % | 342,620 | 87.3 | % | 1,306,097 | 92.5 | % | 2 | 1,410,148 | 85.1 | % | 1,424,681 | 81.5 | % | |||||||||||||||||||||||||||||||
3 | 50,942 | 5.0 | % | 34,657 | 8.8 | % | 85,599 | 6.1 | % | 3 | 187,757 | 11.3 | % | 260,662 | 14.9 | % | |||||||||||||||||||||||||||||||
4 | 4,561 | 0.4 | % | 12,798 | 3.3 | % | 17,359 | 1.2 | % | 4 | 31,414 | 1.9 | % | 39,032 | 2.2 | % | |||||||||||||||||||||||||||||||
5 | — | — | 2,370 | 0.6 | % | 2,370 | 0.2 | % | 5 | 26,177 | 1.6 | % | 336 | — | |||||||||||||||||||||||||||||||||
$ | 1,018,980 | 100.0 | % | $ | 392,445 | 100.0 | % | $ | 1,411,425 | 100.0 | % | $ | 1,657,026 | 100.0 | % | $ | 1,749,161 | 100.0 | % |
Three Months Ended March 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||
Net Investment Activity | 2023 | 2022 | 2022 | |||||||||||||||||||||||||||||||||||||||||
Purchases and drawdowns | ||||||||||||||||||||||||||||||||||||||||||||
Senior secured first lien debt | $ | 22,221 | $ | 136,698 | $ | 524,293 | ||||||||||||||||||||||||||||||||||||||
Senior secured second lien debt | — | — | 19,932 | |||||||||||||||||||||||||||||||||||||||||
Equity | 2,000 | 1,125 | 6,313 | |||||||||||||||||||||||||||||||||||||||||
Sales and principal repayments | (66,274) | (61,031) | (469,760) | |||||||||||||||||||||||||||||||||||||||||
Net portfolio activity | $ | (42,053) | $ | 76,792 | $ | 80,778 |
March 31, 2023 | ||||||||||||||||||||
Investments Cost(1) | Investments Fair Value | Percentage of Investment Portfolio | ||||||||||||||||||
Senior secured first lien debt | $ | 1,567,330 | $ | 1,472,453 | 88.8 | % | ||||||||||||||
Senior secured second lien debt | 41,102 | 38,997 | 2.4 | % | ||||||||||||||||
Collateralized securities and structured products - equity | 2,606 | 1,133 | 0.1 | % | ||||||||||||||||
Unsecured debt | 30,431 | 15,517 | 0.9 | % | ||||||||||||||||
Equity | 115,514 | 128,926 | 7.8 | % | ||||||||||||||||
Subtotal/total percentage | 1,756,983 | 1,657,026 | 100.0 | % | ||||||||||||||||
Short term investments(2) | 66,326 | 66,326 | ||||||||||||||||||
Total investments | $ | 1,823,309 | $ | 1,723,352 | ||||||||||||||||
Number of portfolio companies | 109 | |||||||||||||||||||
Average annual EBITDA of portfolio companies | $56.0 million | |||||||||||||||||||
Median annual EBITDA of portfolio companies | $35.0 million | |||||||||||||||||||
Purchased at a weighted average price of par | 97.81 | % | ||||||||||||||||||
Gross annual portfolio yield based upon the purchase price(3) | 11.18 | % |
December 31, 2022 | |||||||||||||||||
Investments Cost(1) | Investments Fair Value | Percentage of Investment Portfolio | |||||||||||||||
Senior secured first lien debt | $ | 1,638,995 | $ | 1,579,512 | 90.3 | % | |||||||||||
Senior secured second lien debt | 41,036 | 38,769 | 2.2 | % | |||||||||||||
Collateralized securities and structured products - equity | 2,687 | 1,179 | 0.1 | % | |||||||||||||
Unsecured debt | 30,427 | 22,643 | 1.3 | % | |||||||||||||
Equity | 79,595 | 107,058 | 6.1 | % | |||||||||||||
Subtotal/total percentage | 1,792,740 | 1,749,161 | 100.0 | % | |||||||||||||
Short term investments(2) | 10,869 | 10,869 | |||||||||||||||
Total investments | $ | 1,803,609 | $ | 1,760,030 | |||||||||||||
Number of portfolio companies | 113 | ||||||||||||||||
Average annual EBITDA of portfolio companies | $55.2 million | ||||||||||||||||
Median annual EBITDA of portfolio companies | $35.0 million | ||||||||||||||||
Purchased at a weighted average price of par | 97.81 | % | |||||||||||||||
Gross annual portfolio yield based upon the purchase price(3) | 11.80 | % |
Three Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Investment income | $ | 38,378 | $ | 18,733 | |||
Net operating expenses | 16,976 | 8,038 | |||||
Net investment income | 21,402 | 10,695 | |||||
Net realized (loss) gain on investments and foreign currency | (2,788 | ) | 379 | ||||
Net change in unrealized appreciation on investments | 1,700 | 14,948 | |||||
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 |
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 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 |
March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||
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 | $ | 1,480,336 | $ | 1,390,918 | 84.0 | % | $ | 1,539,214 | $ | 1,477,630 | 84.5 | % | ||||||||||||||||||||||||||
Fixed interest rate investments | 158,527 | 134,681 | 8.1 | % | 166,297 | 157,006 | 9.0 | % | ||||||||||||||||||||||||||||||
Non-income producing investments | 87,203 | 78,278 | 4.7 | % | 76,061 | 104,619 | 6.0 | % | ||||||||||||||||||||||||||||||
Other income producing investments | 30,917 | 53,149 | 3.2 | % | 11,168 | 9,906 | 0.5 | % | ||||||||||||||||||||||||||||||
Total investments | $ | 1,756,983 | $ | 1,657,026 | 100.0 | % | $ | 1,792,740 | $ | 1,749,161 | 100.0 | % |
March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Industry Classification | Investments Fair Value | Percentage of Investment Portfolio | Investments Fair Value | Percentage of Investment Portfolio | ||||||||||||||||||||||
Services: Business | $ | 340,815 | 20.6 | % | $ | 336,055 | 19.2 | % | ||||||||||||||||||
Healthcare & Pharmaceuticals | 232,306 | 14.0 | % | 237,082 | 13.6 | % | ||||||||||||||||||||
Media: Diversified & Production | 126,177 | 7.6 | % | 134,927 | 7.7 | % | ||||||||||||||||||||
Services: Consumer | 106,082 | 6.4 | % | 115,849 | 6.6 | % | ||||||||||||||||||||
Media: Advertising, Printing & Publishing | 87,247 | 5.3 | % | 105,375 | 6.0 | % | ||||||||||||||||||||
Diversified Financials | 81,724 | 4.9 | % | 99,819 | 5.7 | % | ||||||||||||||||||||
Chemicals, Plastics & Rubber | 66,992 | 4.0 | % | 66,753 | 3.8 | % | ||||||||||||||||||||
Energy: Oil & Gas | 65,343 | 3.9 | % | 68,756 | 3.9 | % | ||||||||||||||||||||
Consumer Goods: Durable | 62,420 | 3.8 | % | 60,735 | 3.5 | % | ||||||||||||||||||||
Retail | 57,034 | 3.4 | % | 74,718 | 4.3 | % | ||||||||||||||||||||
High Tech Industries | 53,597 | 3.2 | % | 56,501 | 3.2 | % | ||||||||||||||||||||
Construction & Building | 51,310 | 3.1 | % | 46,007 | 2.6 | % | ||||||||||||||||||||
Beverage, Food & Tobacco | 44,519 | 2.7 | % | 45,396 | 2.6 | % | ||||||||||||||||||||
Consumer Goods: Non-Durable | 42,305 | 2.6 | % | 47,886 | 2.8 | % | ||||||||||||||||||||
Capital Equipment | 41,713 | 2.5 | % | 41,580 | 2.4 | % | ||||||||||||||||||||
Aerospace & Defense | 39,195 | 2.4 | % | 38,842 | 2.2 | % | ||||||||||||||||||||
Banking, Finance, Insurance & Real Estate | 39,048 | 2.4 | % | 43,836 | 2.5 | % | ||||||||||||||||||||
Hotel, Gaming & Leisure | 38,520 | 2.3 | % | 46,739 | 2.7 | % | ||||||||||||||||||||
Containers, Packaging & Glass | 19,477 | 1.2 | % | 19,551 | 1.1 | % | ||||||||||||||||||||
Telecommunications | 18,315 | 1.1 | % | 18,302 | 1.1 | % | ||||||||||||||||||||
Automotive | 16,395 | 1.0 | % | 16,255 | 0.9 | % | ||||||||||||||||||||
Metals & Mining | 15,836 | 1.0 | % | 15,780 | 0.9 | % | ||||||||||||||||||||
Transportation: Cargo | 10,656 | 0.6 | % | 12,417 | 0.7 | % | ||||||||||||||||||||
Subtotal/total percentage | 1,657,026 | 100.0 | % | 1,749,161 | 100.0 | % | ||||||||||||||||||||
Short term investments | 66,326 | 10,869 | ||||||||||||||||||||||||
Total investments | $ | 1,723,352 | $ | 1,760,030 |
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. |
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 |
March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Investment Rating | Investments Fair Value | Percentage of Investment Portfolio | Investments Fair Value | Percentage of Investment Portfolio | ||||||||||||||||||||||
1 | $ | 1,530 | 0.1 | % | $ | 24,450 | 1.4 | % | ||||||||||||||||||
2 | 1,410,148 | 85.1 | % | 1,424,681 | 81.5 | % | ||||||||||||||||||||
3 | 187,757 | 11.3 | % | 260,662 | 14.9 | % | ||||||||||||||||||||
4 | 31,414 | 1.9 | % | 39,032 | 2.2 | % | ||||||||||||||||||||
5 | 26,177 | 1.6 | % | 336 | — | |||||||||||||||||||||
$ | 1,657,026 | 100.0 | % | $ | 1,749,161 | 100.0 | % |
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 |
Three Months Ended March 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||
2023 | 2022 | 2022 | ||||||||||||||||||||||||||||||
Stated interest expense | $ | 11,990 | $ | 4,707 | $ | 29,254 | ||||||||||||||||||||||||||
Amortization of deferred financing costs | 564 | 490 | 2,214 | |||||||||||||||||||||||||||||
Non-usage fee | 171 | 70 | 617 | |||||||||||||||||||||||||||||
Total interest expense | $ | 12,725 | $ | 5,267 | $ | 32,085 | ||||||||||||||||||||||||||
Weighted average interest rate(1) | 8.02 | % | 3.44 | % | 4.99 | % | ||||||||||||||||||||||||||
Average borrowings | $ | 606,667 | $ | 551,333 | $ | 590,603 |
Three Months Ended March 31, | Year Ended December 31, 2022 | |||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||
Stated interest expense | $ | 1,406 | $ | 1,406 | $ | 5,600 | ||||||||||||||||||||||||||
Amortization of deferred financing costs | 131 | 131 | 533 | |||||||||||||||||||||||||||||
Total interest expense | $ | 1,537 | $ | 1,537 | $ | 6,133 | ||||||||||||||||||||||||||
Weighted average interest rate(1) | 4.50 | % | 4.50 | % | 4.50 | % | ||||||||||||||||||||||||||
Average borrowings | $ | 125,000 | $ | 125,000 | $ | 125,000 |
Three Months Ended March 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||
2023 | 2022 | 2022 | ||||||||||||||||||||||||||||||
Stated interest expense | $ | 2,804 | $ | 1,147 | $ | 7,273 | ||||||||||||||||||||||||||
Non-usage fee | 23 | 47 | 96 | |||||||||||||||||||||||||||||
Total interest expense | $ | 2,827 | $ | 1,194 | $ | 7,369 | ||||||||||||||||||||||||||
Weighted average interest rate(1) | 8.22 | % | 3.82 | % | 5.29 | % | ||||||||||||||||||||||||||
Average borrowings | $ | 137,639 | $ | 125,000 | $ | 137,322 |
For the Period From February 28, 2023 Through March 31, 2023 | ||||||||||||||||||||
Stated interest expense | $ | 618 | ||||||||||||||||||
Amortization of deferred financing costs | 78 | |||||||||||||||||||
Total interest expense | $ | 696 | ||||||||||||||||||
Weighted average interest rate(1) | 8.62 | % | ||||||||||||||||||
Average borrowings | $ | 80,712 |
Three Months Ended March 31, 2023 | For the Period From April 27, 2022 Through December 31, 2022 | |||||||||||||||||||
Stated interest expense | $ | 1,012 | $ | 2,027 | ||||||||||||||||
Amortization of deferred financing costs | 51 | 140 | ||||||||||||||||||
Total interest expense | $ | 1,063 | $ | 2,167 | ||||||||||||||||
Weighted average interest rate(1) | 8.10 | % | 5.86 | % | ||||||||||||||||
Average borrowings | $ | 50,000 | $ | 50,000 |
Three Months Ended March 31, | Year Ended December 31, 2022 | |||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||
Stated interest expense | $ | 390 | $ | 390 | $ | 1,582 | ||||||||||||||||||||||||||
Amortization of deferred financing costs | 71 | 71 | 288 | |||||||||||||||||||||||||||||
Total interest expense | $ | 461 | $ | 461 | $ | 1,870 | ||||||||||||||||||||||||||
Weighted average interest rate(1) | 5.20 | % | 5.20 | % | 5.20 | % | ||||||||||||||||||||||||||
Average borrowings | $ | 30,000 | $ | 30,000 | $ | 30,000 |
March 31, 2023(1) | December 31, 2022(2) | ||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||||||
Senior secured first lien debt | $ | — | $ | — | $ | 1,472,453 | $ | 1,472,453 | $ | — | $ | — | $ | 1,579,512 | $ | 1,579,512 | |||||||||||||||||||||||||||||||
Senior secured second lien debt | — | — | 38,997 | 38,997 | — | — | 38,769 | 38,769 | |||||||||||||||||||||||||||||||||||||||
Collateralized securities and structured products - equity | — | — | 1,133 | 1,133 | — | — | 1,179 | 1,179 | |||||||||||||||||||||||||||||||||||||||
Unsecured debt | — | — | 15,517 | 15,517 | — | — | 22,643 | 22,643 | |||||||||||||||||||||||||||||||||||||||
Equity | 2,204 | — | 100,958 | 103,162 | 2,341 | — | 73,951 | 76,292 | |||||||||||||||||||||||||||||||||||||||
Short term investments | 66,326 | — | — | 66,326 | 10,869 | — | — | 10,869 | |||||||||||||||||||||||||||||||||||||||
Total Investments | $ | 68,530 | $ | — | $ | 1,629,058 | $ | 1,697,588 | $ | 13,210 | $ | — | $ | 1,716,054 | $ | 1,729,264 |
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||
Senior Secured First Lien Debt | Senior Secured Second Lien Debt | Collateralized Securities and Structured Products - Equity | Unsecured Debt | Equity | Total | ||||||||||||||||||||||||||||||||||||
Beginning balance, December 31, 2022 | $ | 1,579,512 | $ | 38,769 | $ | 1,179 | $ | 22,643 | $ | 73,951 | $ | 1,716,054 | |||||||||||||||||||||||||||||
Investments purchased(2)(3) | 40,752 | — | — | — | 35,933 | 76,685 | |||||||||||||||||||||||||||||||||||
Net realized loss | (4,511) | — | — | — | (14) | (4,525) | |||||||||||||||||||||||||||||||||||
Net change in unrealized (depreciation) appreciation | (35,394) | 163 | 35 | (7,130) | (8,912) | (51,238) | |||||||||||||||||||||||||||||||||||
Accretion of discount | 4,269 | 69 | — | 4 | — | 4,342 | |||||||||||||||||||||||||||||||||||
Sales and principal repayments(3) | (112,175) | (4) | (81) | — | — | (112,260) | |||||||||||||||||||||||||||||||||||
Ending balance, March 31, 2023 | $ | 1,472,453 | $ | 38,997 | $ | 1,133 | $ | 15,517 | $ | 100,958 | $ | 1,629,058 | |||||||||||||||||||||||||||||
Change in net unrealized (depreciation) appreciation on investments still held as of March 31, 2023(1) | $ | (34,672) | $ | 163 | $ | 35 | $ | (7,130) | $ | (8,912) | $ | (50,516) |
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 |
Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured First Lien Debt | Senior Secured Second Lien Debt | Collateralized Securities and Structured Products - Equity | Unsecured Debt | Equity | Total | ||||||||||||||||||||||||||||||||||||||||||
Beginning balance, December 31, 2021 | $ | 1,526,989 | $ | 38,583 | $ | 2,998 | $ | 26,616 | $ | 37,736 | $ | 1,632,922 | |||||||||||||||||||||||||||||||||||
Investments purchased(2) | 141,792 | — | — | 623 | 1,125 | 143,540 | |||||||||||||||||||||||||||||||||||||||||
Net realized (loss) gain | (73) | 4 | — | — | — | (69) | |||||||||||||||||||||||||||||||||||||||||
Net change in unrealized (depreciation) appreciation | (12,906) | (1,800) | (176) | 37 | 3,544 | (11,301) | |||||||||||||||||||||||||||||||||||||||||
Accretion of discount | 2,404 | 88 | — | 4 | — | 2,496 | |||||||||||||||||||||||||||||||||||||||||
Sales and principal repayments | (60,842) | — | (190) | — | — | (61,032) | |||||||||||||||||||||||||||||||||||||||||
Ending balance, March 31, 2022 | $ | 1,597,364 | $ | 36,875 | $ | 2,632 | $ | 27,280 | $ | 42,405 | $ | 1,706,556 | |||||||||||||||||||||||||||||||||||
Change in net unrealized (depreciation) appreciation on investments still held as of March 31, 2022(1) | $ | (12,710) | $ | (1,800) | $ | (176) | $ | 37 | $ | 3,544 | $ | (11,105) |
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Valuation Techniques/ Methodologies | Unobservable Inputs | Range | Weighted Average(1) | ||||||||||||||||||||||||||||||||||||||||
Senior secured first lien debt | $ | 1,258,936 | Discounted Cash Flow | Discount Rates | 6.5% | — | 35.0% | 13.9% | ||||||||||||||||||||||||||||||||||||
124,286 | Broker Quotes | Broker Quotes | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||
45,643 | Market Comparable Approach | Revenue Multiple | 0.20x | — | 1.55x | 0.62x | ||||||||||||||||||||||||||||||||||||||
39,376 | EBITDA Multiple | 5.75x | — | 12.5x | 10.45x | |||||||||||||||||||||||||||||||||||||||
3,837 | $ per kW | $131.85 | N/A | |||||||||||||||||||||||||||||||||||||||||
375 | Other(2) | Other(2) | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||
Senior secured second lien debt | 38,997 | Discounted Cash Flow | Discount Rates | 10.3% | — | 22.5% | 15.6% | |||||||||||||||||||||||||||||||||||||
Collateralized securities and structured products - equity | 1,133 | Discounted Cash Flow | Discount Rates | 21.0% | N/A | |||||||||||||||||||||||||||||||||||||||
Unsecured debt | 8,132 | Contingent Claims Analysis | Expected Volatility | 110.0% | N/A | |||||||||||||||||||||||||||||||||||||||
7,385 | Discounted Cash Flow | Discount Rates | 16.5% | N/A | ||||||||||||||||||||||||||||||||||||||||
Equity | 69,263 | Market Comparable Approach | EBITDA Multiple | 3.75x | — | 15.50x | 10.08x | |||||||||||||||||||||||||||||||||||||
22,680 | $ per kW | $425 | N/A | |||||||||||||||||||||||||||||||||||||||||
7,940 | Revenue Multiple | 0.13x | — | 6.00x | 3.25x | |||||||||||||||||||||||||||||||||||||||
1,075 | Broker Quotes | Broker Quotes | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||
— | Options Pricing Model | Expected Volatility | 60.0% | — | 95.0% | N/A | ||||||||||||||||||||||||||||||||||||||
Total | $ | 1,629,058 |
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Valuation Techniques/ Methodologies | Unobservable Inputs | Range | Weighted Average(1) | ||||||||||||||||||||||||||||||||||||||||
Senior secured first lien debt | $ | 1,471,816 | Discounted Cash Flow | Discount Rates | 6.5% | — | 34.0% | 14.7% | ||||||||||||||||||||||||||||||||||||
79,035 | Broker Quotes | Broker Quotes | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||
20,050 | Market Comparable Approach | Revenue Multiple | 0.25x | — | 1.70x | 1.19x | ||||||||||||||||||||||||||||||||||||||
4,527 | $ per kW | $131.85 | N/A | |||||||||||||||||||||||||||||||||||||||||
3,552 | EBITDA Multiple | 2.75x | — | 4.25x | 4.09x | |||||||||||||||||||||||||||||||||||||||
532 | Other(2) | Other(2) | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||
Senior secured second lien debt | 38,769 | Discounted Cash Flow | Discount Rates | 14.3% | — | 21.5% | 17.2% | |||||||||||||||||||||||||||||||||||||
Collateralized securities and structured products - equity | 1,179 | Discounted Cash Flow | Discount Rates | 21.0% | N/A | |||||||||||||||||||||||||||||||||||||||
Unsecured debt | 15,316 | Market Comparable Approach | EBITDA Multiple | 9.25x | N/A | |||||||||||||||||||||||||||||||||||||||
7,327 | Discounted Cash Flow | Discount Rates | 17.7% | N/A | ||||||||||||||||||||||||||||||||||||||||
Equity | 33,441 | Market Comparable Approach | EBITDA Multiple | 2.75x | — | 14.55x | 7.02x | |||||||||||||||||||||||||||||||||||||
23,995 | $ per kW | $412.5 | N/A | |||||||||||||||||||||||||||||||||||||||||
13,038 | Revenue Multiple | 0.13x | — | 5.75x | 2.93x | |||||||||||||||||||||||||||||||||||||||
2,238 | Discounted Cash Flow | Discount Rates | 16.8% | N/A | ||||||||||||||||||||||||||||||||||||||||
1,234 | Broker Quotes | Broker Quotes | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||
5 | Options Pricing Model | Expected Volatility | 80.0% | — | 90.0% | 87.3% | ||||||||||||||||||||||||||||||||||||||
Total | $ | 1,716,054 |
Three Months Ended March 31, | Year Ended December 31, | ||||||||||||||||||||||||||||
2023 | 2022 | 2022 | |||||||||||||||||||||||||||
Professional fees | $ | 526 | $ | 633 | $ | 1,778 | |||||||||||||||||||||||
Dues and subscriptions | 429 | 535 | 791 | ||||||||||||||||||||||||||
Transfer agent expense | 268 | 291 | 1,124 | ||||||||||||||||||||||||||
Valuation expense | 173 | 179 | 821 | ||||||||||||||||||||||||||
Director fees and expenses | 169 | 154 | 632 | ||||||||||||||||||||||||||
Insurance expense | 167 | 251 | 833 | ||||||||||||||||||||||||||
Accounting and administrative costs | 166 | 157 | 524 | ||||||||||||||||||||||||||
Printing and marketing expense | 5 | 5 | 708 | ||||||||||||||||||||||||||
Other expenses | 52 | 17 | 67 | ||||||||||||||||||||||||||
Total general and administrative expense | $ | 1,955 | $ | 2,222 | $ | 7,278 |
Unfunded Commitments | March 31, 2023(1) | December 31, 2022(1) | ||||||||||||
Cennox, Inc. | $ | 7,193 | $ | 7,567 | ||||||||||
Flatworld Intermediate Corp. | 5,865 | 5,865 | ||||||||||||
Critical Nurse Staffing, LLC | 5,139 | 5,599 | ||||||||||||
Instant Web, LLC | 4,763 | 5,628 | ||||||||||||
American Health Staffing Group, Inc. | 3,333 | 3,333 | ||||||||||||
Thrill Holdings LLC | 3,261 | 3,261 | ||||||||||||
Mimeo.com, Inc. | 3,000 | 3,000 | ||||||||||||
Service Compression, LLC | 2,791 | 4,186 | ||||||||||||
Coyote Buyer, LLC | 2,500 | 2,500 | ||||||||||||
Moss Holding Company | 2,232 | 2,232 | ||||||||||||
HW Acquisition, LLC | 2,200 | 2,200 | ||||||||||||
MacNeill Pride Group Corp. | 2,017 | 2,017 | ||||||||||||
BDS Solutions Intermediateco, LLC | 1,998 | 1,998 | ||||||||||||
Archer Systems, LLC | 1,905 | 1,905 | ||||||||||||
Bradshaw International Parent Corp. | 1,844 | 1,844 | ||||||||||||
Rogers Mechanical Contractors, LLC | 1,827 | 3,365 | ||||||||||||
Dermcare Management, LLC | 1,683 | 1,862 | ||||||||||||
Sleep Opco, LLC | 1,225 | 1,750 | ||||||||||||
OpCo Borrower, LLC | 1,042 | 833 | ||||||||||||
Williams Industrial Services Group, Inc. | 1,000 | — | ||||||||||||
RA Outdoors, LLC | 735 | 1,049 | ||||||||||||
Ironhorse Purchaser, LLC | 707 | 2,469 | ||||||||||||
WorkGenius, Inc. | 570 | 750 | ||||||||||||
NWN Parent Holdings LLC | 480 | 90 | ||||||||||||
Invincible Boat Company LLC | 239 | 559 | ||||||||||||
American Teleconferencing Services, Ltd. | 235 | 235 | ||||||||||||
H.W. Lochner, Inc. | 225 | 225 | ||||||||||||
Anthem Sports & Entertainment Inc. | 167 | 167 | ||||||||||||
Homer City Holdings LLC | — | 3,000 | ||||||||||||
RumbleOn, Inc. | — | 1,775 | ||||||||||||
STATinMED, LLC | — | 156 | ||||||||||||
Total | $ | 60,176 | $ | 71,420 |
Three Months Ended March 31, | Year Ended December 31, | ||||||||||||||||||||||||||||
2023 | 2022 | 2022 | |||||||||||||||||||||||||||
Amendment fees | $ | 2,724 | $ | 395 | $ | 2,633 | |||||||||||||||||||||||
Commitment fees | 309 | — | — | ||||||||||||||||||||||||||
Administrative agent fees | 30 | 25 | 100 | ||||||||||||||||||||||||||
Capital structuring and other fees | — | 1,022 | 4,446 | ||||||||||||||||||||||||||
Conversion fees | — | — | 2,365 | ||||||||||||||||||||||||||
Total | $ | 3,063 | $ | 1,442 | $ | 9,544 |
Three Months Ended March 31, | Year Ended December 31, | |||||||||||||||||||
2023 | 2022 | 2022 | ||||||||||||||||||
Per share data:(1) | ||||||||||||||||||||
Net asset value at beginning of period | $ | 15.98 | $ | 16.34 | $ | 16.34 | ||||||||||||||
Results of operations: | ||||||||||||||||||||
Net investment income | 0.54 | 0.34 | 1.56 | |||||||||||||||||
Net realized loss and net change in unrealized depreciation on investments and loss on foreign currency(2) | (1.10) | (0.20) | (0.68) | |||||||||||||||||
Net (decrease) increase in net assets resulting from operations(2) | (0.56) | 0.14 | 0.88 | |||||||||||||||||
Shareholder distributions: | ||||||||||||||||||||
Distributions from net investment income | (0.34) | (0.28) | (1.44) | |||||||||||||||||
Net decrease in net assets resulting from shareholders' distributions | (0.34) | (0.28) | (1.44) | |||||||||||||||||
Capital share transactions: | ||||||||||||||||||||
Issuance of common stock above net asset value(3) | — | — | — | |||||||||||||||||
Repurchases of common stock below net asset value(4) | 0.03 | — | 0.20 | |||||||||||||||||
Net increase in net assets resulting from capital share transactions | 0.03 | — | 0.20 | |||||||||||||||||
Net asset value at end of period | $ | 15.11 | $ | 16.20 | $ | 15.98 | ||||||||||||||
Shares of common stock outstanding at end of period | 54,961,455 | 56,958,440 | 55,299,484 | |||||||||||||||||
Total investment return-net asset value(5) | (2.17) | % | 1.01 | % | 10.44 | % | ||||||||||||||
Total investment return-market value(6) | 4.75 | % | 15.38 | % | (14.87) | % | ||||||||||||||
Net assets at beginning of period | $ | 883,634 | $ | 930,512 | $ | 930,512 | ||||||||||||||
Net assets at end of period | $ | 830,310 | $ | 922,453 | $ | 883,634 | ||||||||||||||
Average net assets | $ | 875,337 | $ | 931,165 | $ | 917,781 | ||||||||||||||
Ratio/Supplemental data: | ||||||||||||||||||||
Ratio of net investment income to average net assets | 3.41 | % | 2.09 | % | 9.61 | % | ||||||||||||||
Ratio of net operating expenses to average net assets | 4.01 | % | 2.38 | % | 11.63 | % | ||||||||||||||
Portfolio turnover rate(7) | 1.35 | % | 3.60 | % | 26.81 | % | ||||||||||||||
Total amount of senior securities outstanding | $ | 1,010,712 | $ | 875,000 | $ | 957,500 | ||||||||||||||
Asset coverage ratio(8) | 1.82 | 2.05 | 1.92 |
Three Months Ended March 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||
2023 | 2022 | 2022 | ||||||||||||||||||||||||||||||
Stated interest expense | $ | 11,990 | $ | 4,707 | $ | 29,254 | ||||||||||||||||||||||||||
Amortization of deferred financing costs | 564 | 490 | 2,214 | |||||||||||||||||||||||||||||
Non-usage fee | 171 | 70 | 617 | |||||||||||||||||||||||||||||
Total interest expense | $ | 12,725 | $ | 5,267 | $ | 32,085 | ||||||||||||||||||||||||||
Weighted average interest rate(1) | 8.02 | % | 3.44 | % | 4.99 | % | ||||||||||||||||||||||||||
Average borrowings | $ | 606,667 | $ | 551,333 | $ | 590,603 |
Three Months Ended March 31, | Year Ended December 31, 2022 | |||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||
Stated interest expense | $ | 1,406 | $ | 1,406 | $ | 5,600 | ||||||||||||||||||||||||||
Amortization of deferred financing costs | 131 | 131 | 533 | |||||||||||||||||||||||||||||
Total interest expense | $ | 1,537 | $ | 1,537 | $ | 6,133 | ||||||||||||||||||||||||||
Weighted average interest rate(1) | 4.50 | % | 4.50 | % | 4.50 | % | ||||||||||||||||||||||||||
Average borrowings | $ | 125,000 | $ | 125,000 | $ | 125,000 |
Three Months Ended March 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||
2023 | 2022 | 2022 | ||||||||||||||||||||||||||||||
Stated interest expense | $ | 2,804 | $ | 1,147 | $ | 7,273 | ||||||||||||||||||||||||||
Non-usage fee | 23 | 47 | 96 | |||||||||||||||||||||||||||||
Total interest expense | $ | 2,827 | $ | 1,194 | $ | 7,369 | ||||||||||||||||||||||||||
Weighted average interest rate(1) | 8.22 | % | 3.82 | % | 5.29 | % | ||||||||||||||||||||||||||
Average borrowings | $ | 137,639 | $ | 125,000 | $ | 137,322 |
For the Period From February 28, 2023 Through March 31, 2023 | ||||||||||||||||||||
Stated interest expense | $ | 618 | ||||||||||||||||||
Amortization of deferred financing costs | 78 | |||||||||||||||||||
Total interest expense | $ | 696 | ||||||||||||||||||
Weighted average interest rate(1) | 8.62 | % | ||||||||||||||||||
Average borrowings | $ | 80,712 |
Three Months Ended March 31, 2023 | For the Period From April 27, 2022 Through December 31, 2022 | |||||||||||||||||||
Stated interest expense | $ | 1,012 | $ | 2,027 | ||||||||||||||||
Amortization of deferred financing costs | 51 | 140 | ||||||||||||||||||
Total interest expense | $ | 1,063 | $ | 2,167 | ||||||||||||||||
Weighted average interest rate(1) | 8.10 | % | 5.86 | % | ||||||||||||||||
Average borrowings | $ | 50,000 | $ | 50,000 |
Three Months Ended March 31, | Year Ended December 31, 2022 | |||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||
Stated interest expense | $ | 390 | $ | 390 | $ | 1,582 | ||||||||||||||||||||||||||
Amortization of deferred financing costs | 71 | 71 | 288 | |||||||||||||||||||||||||||||
Total interest expense | $ | 461 | $ | 461 | $ | 1,870 | ||||||||||||||||||||||||||
Weighted average interest rate(1) | 5.20 | % | 5.20 | % | 5.20 | % | ||||||||||||||||||||||||||
Average borrowings | $ | 30,000 | $ | 30,000 | $ | 30,000 |
March 31, 2023(1) | December 31, 2022(2) | ||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||||||
Senior secured first lien debt | $ | — | $ | — | $ | 1,472,453 | $ | 1,472,453 | $ | — | $ | — | $ | 1,579,512 | $ | 1,579,512 | |||||||||||||||||||||||||||||||
Senior secured second lien debt | — | — | 38,997 | 38,997 | — | — | 38,769 | 38,769 | |||||||||||||||||||||||||||||||||||||||
Collateralized securities and structured products - equity | — | — | 1,133 | 1,133 | — | — | 1,179 | 1,179 | |||||||||||||||||||||||||||||||||||||||
Unsecured debt | — | — | 15,517 | 15,517 | — | — | 22,643 | 22,643 | |||||||||||||||||||||||||||||||||||||||
Equity | 2,204 | — | 100,958 | 103,162 | 2,341 | — | 73,951 | 76,292 | |||||||||||||||||||||||||||||||||||||||
Short term investments | 66,326 | — | — | 66,326 | 10,869 | — | — | 10,869 | |||||||||||||||||||||||||||||||||||||||
Total Investments | $ | 68,530 | $ | — | $ | 1,629,058 | $ | 1,697,588 | $ | 13,210 | $ | — | $ | 1,716,054 | $ | 1,729,264 |
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||
Senior Secured First Lien Debt | Senior Secured Second Lien Debt | Collateralized Securities and Structured Products - Equity | Unsecured Debt | Equity | Total | ||||||||||||||||||||||||||||||||||||
Beginning balance, December 31, 2022 | $ | 1,579,512 | $ | 38,769 | $ | 1,179 | $ | 22,643 | $ | 73,951 | $ | 1,716,054 | |||||||||||||||||||||||||||||
Investments purchased(2)(3) | 40,752 | — | — | — | 35,933 | 76,685 | |||||||||||||||||||||||||||||||||||
Net realized loss | (4,511) | — | — | — | (14) | (4,525) | |||||||||||||||||||||||||||||||||||
Net change in unrealized (depreciation) appreciation | (35,394) | 163 | 35 | (7,130) | (8,912) | (51,238) | |||||||||||||||||||||||||||||||||||
Accretion of discount | 4,269 | 69 | — | 4 | — | 4,342 | |||||||||||||||||||||||||||||||||||
Sales and principal repayments(3) | (112,175) | (4) | (81) | — | — | (112,260) | |||||||||||||||||||||||||||||||||||
Ending balance, March 31, 2023 | $ | 1,472,453 | $ | 38,997 | $ | 1,133 | $ | 15,517 | $ | 100,958 | $ | 1,629,058 | |||||||||||||||||||||||||||||
Change in net unrealized (depreciation) appreciation on investments still held as of March 31, 2023(1) | $ | (34,672) | $ | 163 | $ | 35 | $ | (7,130) | $ | (8,912) | $ | (50,516) |
Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured First Lien Debt | Senior Secured Second Lien Debt | Collateralized Securities and Structured Products - Equity | Unsecured Debt | Equity | Total | ||||||||||||||||||||||||||||||||||||||||||
Beginning balance, December 31, 2021 | $ | 1,526,989 | $ | 38,583 | $ | 2,998 | $ | 26,616 | $ | 37,736 | $ | 1,632,922 | |||||||||||||||||||||||||||||||||||
Investments purchased(2) | 141,792 | — | — | 623 | 1,125 | 143,540 | |||||||||||||||||||||||||||||||||||||||||
Net realized (loss) gain | (73) | 4 | — | — | — | (69) | |||||||||||||||||||||||||||||||||||||||||
Net change in unrealized (depreciation) appreciation | (12,906) | (1,800) | (176) | 37 | 3,544 | (11,301) | |||||||||||||||||||||||||||||||||||||||||
Accretion of discount | 2,404 | 88 | — | 4 | — | 2,496 | |||||||||||||||||||||||||||||||||||||||||
Sales and principal repayments | (60,842) | — | (190) | — | — | (61,032) | |||||||||||||||||||||||||||||||||||||||||
Ending balance, March 31, 2022 | $ | 1,597,364 | $ | 36,875 | $ | 2,632 | $ | 27,280 | $ | 42,405 | $ | 1,706,556 | |||||||||||||||||||||||||||||||||||
Change in net unrealized (depreciation) appreciation on investments still held as of March 31, 2022(1) | $ | (12,710) | $ | (1,800) | $ | (176) | $ | 37 | $ | 3,544 | $ | (11,105) |
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Valuation Techniques/ Methodologies | Unobservable Inputs | Range | Weighted Average(1) | ||||||||||||||||||||||||||||||||||||||||
Senior secured first lien debt | $ | 1,258,936 | Discounted Cash Flow | Discount Rates | 6.5% | — | 35.0% | 13.9% | ||||||||||||||||||||||||||||||||||||
124,286 | Broker Quotes | Broker Quotes | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||
45,643 | Market Comparable Approach | Revenue Multiple | 0.20x | — | 1.55x | 0.62x | ||||||||||||||||||||||||||||||||||||||
39,376 | EBITDA Multiple | 5.75x | — | 12.5x | 10.45x | |||||||||||||||||||||||||||||||||||||||
3,837 | $ per kW | $131.85 | N/A | |||||||||||||||||||||||||||||||||||||||||
375 | Other(2) | Other(2) | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||
Senior secured second lien debt | 38,997 | Discounted Cash Flow | Discount Rates | 10.3% | — | 22.5% | 15.6% | |||||||||||||||||||||||||||||||||||||
Collateralized securities and structured products - equity | 1,133 | Discounted Cash Flow | Discount Rates | 21.0% | N/A | |||||||||||||||||||||||||||||||||||||||
Unsecured debt | 8,132 | Contingent Claims Analysis | Expected Volatility | 110.0% | N/A | |||||||||||||||||||||||||||||||||||||||
7,385 | Discounted Cash Flow | Discount Rates | 16.5% | N/A | ||||||||||||||||||||||||||||||||||||||||
Equity | 69,263 | Market Comparable Approach | EBITDA Multiple | 3.75x | — | 15.50x | 10.08x | |||||||||||||||||||||||||||||||||||||
22,680 | $ per kW | $425 | N/A | |||||||||||||||||||||||||||||||||||||||||
7,940 | Revenue Multiple | 0.13x | — | 6.00x | 3.25x | |||||||||||||||||||||||||||||||||||||||
1,075 | Broker Quotes | Broker Quotes | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||
— | Options Pricing Model | Expected Volatility | 60.0% | — | 95.0% | N/A | ||||||||||||||||||||||||||||||||||||||
Total | $ | 1,629,058 |
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Valuation Techniques/ Methodologies | Unobservable Inputs | Range | Weighted Average(1) | ||||||||||||||||||||||||||||||||||||||||
Senior secured first lien debt | $ | 1,471,816 | Discounted Cash Flow | Discount Rates | 6.5% | — | 34.0% | 14.7% | ||||||||||||||||||||||||||||||||||||
79,035 | Broker Quotes | Broker Quotes | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||
20,050 | Market Comparable Approach | Revenue Multiple | 0.25x | — | 1.70x | 1.19x | ||||||||||||||||||||||||||||||||||||||
4,527 | $ per kW | $131.85 | N/A | |||||||||||||||||||||||||||||||||||||||||
3,552 | EBITDA Multiple | 2.75x | — | 4.25x | 4.09x | |||||||||||||||||||||||||||||||||||||||
532 | Other(2) | Other(2) | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||
Senior secured second lien debt | 38,769 | Discounted Cash Flow | Discount Rates | 14.3% | — | 21.5% | 17.2% | |||||||||||||||||||||||||||||||||||||
Collateralized securities and structured products - equity | 1,179 | Discounted Cash Flow | Discount Rates | 21.0% | N/A | |||||||||||||||||||||||||||||||||||||||
Unsecured debt | 15,316 | Market Comparable Approach | EBITDA Multiple | 9.25x | N/A | |||||||||||||||||||||||||||||||||||||||
7,327 | Discounted Cash Flow | Discount Rates | 17.7% | N/A | ||||||||||||||||||||||||||||||||||||||||
Equity | 33,441 | Market Comparable Approach | EBITDA Multiple | 2.75x | — | 14.55x | 7.02x | |||||||||||||||||||||||||||||||||||||
23,995 | $ per kW | $412.5 | N/A | |||||||||||||||||||||||||||||||||||||||||
13,038 | Revenue Multiple | 0.13x | — | 5.75x | 2.93x | |||||||||||||||||||||||||||||||||||||||
2,238 | Discounted Cash Flow | Discount Rates | 16.8% | N/A | ||||||||||||||||||||||||||||||||||||||||
1,234 | Broker Quotes | Broker Quotes | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||
5 | Options Pricing Model | Expected Volatility | 80.0% | — | 90.0% | 87.3% | ||||||||||||||||||||||||||||||||||||||
Total | $ | 1,716,054 |
Three Months Ended March 31, | Year Ended December 31, | ||||||||||||||||||||||||||||
2023 | 2022 | 2022 | |||||||||||||||||||||||||||
Professional fees | $ | 526 | $ | 633 | $ | 1,778 | |||||||||||||||||||||||
Dues and subscriptions | 429 | 535 | 791 | ||||||||||||||||||||||||||
Transfer agent expense | 268 | 291 | 1,124 | ||||||||||||||||||||||||||
Valuation expense | 173 | 179 | 821 | ||||||||||||||||||||||||||
Director fees and expenses | 169 | 154 | 632 | ||||||||||||||||||||||||||
Insurance expense | 167 | 251 | 833 | ||||||||||||||||||||||||||
Accounting and administrative costs | 166 | 157 | 524 | ||||||||||||||||||||||||||
Printing and marketing expense | 5 | 5 | 708 | ||||||||||||||||||||||||||
Other expenses | 52 | 17 | 67 | ||||||||||||||||||||||||||
Total general and administrative expense | $ | 1,955 | $ | 2,222 | $ | 7,278 |
Unfunded Commitments | March 31, 2023(1) | December 31, 2022(1) | ||||||||||||
Cennox, Inc. | $ | 7,193 | $ | 7,567 | ||||||||||
Flatworld Intermediate Corp. | 5,865 | 5,865 | ||||||||||||
Critical Nurse Staffing, LLC | 5,139 | 5,599 | ||||||||||||
Instant Web, LLC | 4,763 | 5,628 | ||||||||||||
American Health Staffing Group, Inc. | 3,333 | 3,333 | ||||||||||||
Thrill Holdings LLC | 3,261 | 3,261 | ||||||||||||
Mimeo.com, Inc. | 3,000 | 3,000 | ||||||||||||
Service Compression, LLC | 2,791 | 4,186 | ||||||||||||
Coyote Buyer, LLC | 2,500 | 2,500 | ||||||||||||
Moss Holding Company | 2,232 | 2,232 | ||||||||||||
HW Acquisition, LLC | 2,200 | 2,200 | ||||||||||||
MacNeill Pride Group Corp. | 2,017 | 2,017 | ||||||||||||
BDS Solutions Intermediateco, LLC | 1,998 | 1,998 | ||||||||||||
Archer Systems, LLC | 1,905 | 1,905 | ||||||||||||
Bradshaw International Parent Corp. | 1,844 | 1,844 | ||||||||||||
Rogers Mechanical Contractors, LLC | 1,827 | 3,365 | ||||||||||||
Dermcare Management, LLC | 1,683 | 1,862 | ||||||||||||
Sleep Opco, LLC | 1,225 | 1,750 | ||||||||||||
OpCo Borrower, LLC | 1,042 | 833 | ||||||||||||
Williams Industrial Services Group, Inc. | 1,000 | — | ||||||||||||
RA Outdoors, LLC | 735 | 1,049 | ||||||||||||
Ironhorse Purchaser, LLC | 707 | 2,469 | ||||||||||||
WorkGenius, Inc. | 570 | 750 | ||||||||||||
NWN Parent Holdings LLC | 480 | 90 | ||||||||||||
Invincible Boat Company LLC | 239 | 559 | ||||||||||||
American Teleconferencing Services, Ltd. | 235 | 235 | ||||||||||||
H.W. Lochner, Inc. | 225 | 225 | ||||||||||||
Anthem Sports & Entertainment Inc. | 167 | 167 | ||||||||||||
Homer City Holdings LLC | — | 3,000 | ||||||||||||
RumbleOn, Inc. | — | 1,775 | ||||||||||||
STATinMED, LLC | — | 156 | ||||||||||||
Total | $ | 60,176 | $ | 71,420 |
Three Months Ended March 31, | Year Ended December 31, | ||||||||||||||||||||||||||||
2023 | 2022 | 2022 | |||||||||||||||||||||||||||
Amendment fees | $ | 2,724 | $ | 395 | $ | 2,633 | |||||||||||||||||||||||
Commitment fees | 309 | — | — | ||||||||||||||||||||||||||
Administrative agent fees | 30 | 25 | 100 | ||||||||||||||||||||||||||
Capital structuring and other fees | — | 1,022 | 4,446 | ||||||||||||||||||||||||||
Conversion fees | — | — | 2,365 | ||||||||||||||||||||||||||
Total | $ | 3,063 | $ | 1,442 | $ | 9,544 |
Three Months Ended March 31, | Year Ended December 31, | |||||||||||||||||||
2023 | 2022 | 2022 | ||||||||||||||||||
Per share data:(1) | ||||||||||||||||||||
Net asset value at beginning of period | $ | 15.98 | $ | 16.34 | $ | 16.34 | ||||||||||||||
Results of operations: | ||||||||||||||||||||
Net investment income | 0.54 | 0.34 | 1.56 | |||||||||||||||||
Net realized loss and net change in unrealized depreciation on investments and loss on foreign currency(2) | (1.10) | (0.20) | (0.68) | |||||||||||||||||
Net (decrease) increase in net assets resulting from operations(2) | (0.56) | 0.14 | 0.88 | |||||||||||||||||
Shareholder distributions: | ||||||||||||||||||||
Distributions from net investment income | (0.34) | (0.28) | (1.44) | |||||||||||||||||
Net decrease in net assets resulting from shareholders' distributions | (0.34) | (0.28) | (1.44) | |||||||||||||||||
Capital share transactions: | ||||||||||||||||||||
Issuance of common stock above net asset value(3) | — | — | — | |||||||||||||||||
Repurchases of common stock below net asset value(4) | 0.03 | — | 0.20 | |||||||||||||||||
Net increase in net assets resulting from capital share transactions | 0.03 | — | 0.20 | |||||||||||||||||
Net asset value at end of period | $ | 15.11 | $ | 16.20 | $ | 15.98 | ||||||||||||||
Shares of common stock outstanding at end of period | 54,961,455 | 56,958,440 | 55,299,484 | |||||||||||||||||
Total investment return-net asset value(5) | (2.17) | % | 1.01 | % | 10.44 | % | ||||||||||||||
Total investment return-market value(6) | 4.75 | % | 15.38 | % | (14.87) | % | ||||||||||||||
Net assets at beginning of period | $ | 883,634 | $ | 930,512 | $ | 930,512 | ||||||||||||||
Net assets at end of period | $ | 830,310 | $ | 922,453 | $ | 883,634 | ||||||||||||||
Average net assets | $ | 875,337 | $ | 931,165 | $ | 917,781 | ||||||||||||||
Ratio/Supplemental data: | ||||||||||||||||||||
Ratio of net investment income to average net assets | 3.41 | % | 2.09 | % | 9.61 | % | ||||||||||||||
Ratio of net operating expenses to average net assets | 4.01 | % | 2.38 | % | 11.63 | % | ||||||||||||||
Portfolio turnover rate(7) | 1.35 | % | 3.60 | % | 26.81 | % | ||||||||||||||
Total amount of senior securities outstanding | $ | 1,010,712 | $ | 875,000 | $ | 957,500 | ||||||||||||||
Asset coverage ratio(8) | 1.82 | 2.05 | 1.92 |
Three Months Ended March 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||
Net Investment Activity | 2023 | 2022 | 2022 | |||||||||||||||||||||||||||||||||||||||||
Purchases and drawdowns | ||||||||||||||||||||||||||||||||||||||||||||
Senior secured first lien debt | $ | 22,221 | $ | 136,698 | $ | 524,293 | ||||||||||||||||||||||||||||||||||||||
Senior secured second lien debt | — | — | 19,932 | |||||||||||||||||||||||||||||||||||||||||
Equity | 2,000 | 1,125 | 6,313 | |||||||||||||||||||||||||||||||||||||||||
Sales and principal repayments | (66,274) | (61,031) | (469,760) | |||||||||||||||||||||||||||||||||||||||||
Net portfolio activity | $ | (42,053) | $ | 76,792 | $ | 80,778 |
March 31, 2023 | ||||||||||||||||||||
Investments Cost(1) | Investments Fair Value | Percentage of Investment Portfolio | ||||||||||||||||||
Senior secured first lien debt | $ | 1,567,330 | $ | 1,472,453 | 88.8 | % | ||||||||||||||
Senior secured second lien debt | 41,102 | 38,997 | 2.4 | % | ||||||||||||||||
Collateralized securities and structured products - equity | 2,606 | 1,133 | 0.1 | % | ||||||||||||||||
Unsecured debt | 30,431 | 15,517 | 0.9 | % | ||||||||||||||||
Equity | 115,514 | 128,926 | 7.8 | % | ||||||||||||||||
Subtotal/total percentage | 1,756,983 | 1,657,026 | 100.0 | % | ||||||||||||||||
Short term investments(2) | 66,326 | 66,326 | ||||||||||||||||||
Total investments | $ | 1,823,309 | $ | 1,723,352 | ||||||||||||||||
Number of portfolio companies | 109 | |||||||||||||||||||
Average annual EBITDA of portfolio companies | $56.0 million | |||||||||||||||||||
Median annual EBITDA of portfolio companies | $35.0 million | |||||||||||||||||||
Purchased at a weighted average price of par | 97.81 | % | ||||||||||||||||||
Gross annual portfolio yield based upon the purchase price(3) | 11.18 | % |
December 31, 2022 | |||||||||||||||||
Investments Cost(1) | Investments Fair Value | Percentage of Investment Portfolio | |||||||||||||||
Senior secured first lien debt | $ | 1,638,995 | $ | 1,579,512 | 90.3 | % | |||||||||||
Senior secured second lien debt | 41,036 | 38,769 | 2.2 | % | |||||||||||||
Collateralized securities and structured products - equity | 2,687 | 1,179 | 0.1 | % | |||||||||||||
Unsecured debt | 30,427 | 22,643 | 1.3 | % | |||||||||||||
Equity | 79,595 | 107,058 | 6.1 | % | |||||||||||||
Subtotal/total percentage | 1,792,740 | 1,749,161 | 100.0 | % | |||||||||||||
Short term investments(2) | 10,869 | 10,869 | |||||||||||||||
Total investments | $ | 1,803,609 | $ | 1,760,030 | |||||||||||||
Number of portfolio companies | 113 | ||||||||||||||||
Average annual EBITDA of portfolio companies | $55.2 million | ||||||||||||||||
Median annual EBITDA of portfolio companies | $35.0 million | ||||||||||||||||
Purchased at a weighted average price of par | 97.81 | % | |||||||||||||||
Gross annual portfolio yield based upon the purchase price(3) | 11.80 | % |
March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||
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 | $ | 1,480,336 | $ | 1,390,918 | 84.0 | % | $ | 1,539,214 | $ | 1,477,630 | 84.5 | % | ||||||||||||||||||||||||||
Fixed interest rate investments | 158,527 | 134,681 | 8.1 | % | 166,297 | 157,006 | 9.0 | % | ||||||||||||||||||||||||||||||
Non-income producing investments | 87,203 | 78,278 | 4.7 | % | 76,061 | 104,619 | 6.0 | % | ||||||||||||||||||||||||||||||
Other income producing investments | 30,917 | 53,149 | 3.2 | % | 11,168 | 9,906 | 0.5 | % | ||||||||||||||||||||||||||||||
Total investments | $ | 1,756,983 | $ | 1,657,026 | 100.0 | % | $ | 1,792,740 | $ | 1,749,161 | 100.0 | % |
March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Industry Classification | Investments Fair Value | Percentage of Investment Portfolio | Investments Fair Value | Percentage of Investment Portfolio | ||||||||||||||||||||||
Services: Business | $ | 340,815 | 20.6 | % | $ | 336,055 | 19.2 | % | ||||||||||||||||||
Healthcare & Pharmaceuticals | 232,306 | 14.0 | % | 237,082 | 13.6 | % | ||||||||||||||||||||
Media: Diversified & Production | 126,177 | 7.6 | % | 134,927 | 7.7 | % | ||||||||||||||||||||
Services: Consumer | 106,082 | 6.4 | % | 115,849 | 6.6 | % | ||||||||||||||||||||
Media: Advertising, Printing & Publishing | 87,247 | 5.3 | % | 105,375 | 6.0 | % | ||||||||||||||||||||
Diversified Financials | 81,724 | 4.9 | % | 99,819 | 5.7 | % | ||||||||||||||||||||
Chemicals, Plastics & Rubber | 66,992 | 4.0 | % | 66,753 | 3.8 | % | ||||||||||||||||||||
Energy: Oil & Gas | 65,343 | 3.9 | % | 68,756 | 3.9 | % | ||||||||||||||||||||
Consumer Goods: Durable | 62,420 | 3.8 | % | 60,735 | 3.5 | % | ||||||||||||||||||||
Retail | 57,034 | 3.4 | % | 74,718 | 4.3 | % | ||||||||||||||||||||
High Tech Industries | 53,597 | 3.2 | % | 56,501 | 3.2 | % | ||||||||||||||||||||
Construction & Building | 51,310 | 3.1 | % | 46,007 | 2.6 | % | ||||||||||||||||||||
Beverage, Food & Tobacco | 44,519 | 2.7 | % | 45,396 | 2.6 | % | ||||||||||||||||||||
Consumer Goods: Non-Durable | 42,305 | 2.6 | % | 47,886 | 2.8 | % | ||||||||||||||||||||
Capital Equipment | 41,713 | 2.5 | % | 41,580 | 2.4 | % | ||||||||||||||||||||
Aerospace & Defense | 39,195 | 2.4 | % | 38,842 | 2.2 | % | ||||||||||||||||||||
Banking, Finance, Insurance & Real Estate | 39,048 | 2.4 | % | 43,836 | 2.5 | % | ||||||||||||||||||||
Hotel, Gaming & Leisure | 38,520 | 2.3 | % | 46,739 | 2.7 | % | ||||||||||||||||||||
Containers, Packaging & Glass | 19,477 | 1.2 | % | 19,551 | 1.1 | % | ||||||||||||||||||||
Telecommunications | 18,315 | 1.1 | % | 18,302 | 1.1 | % | ||||||||||||||||||||
Automotive | 16,395 | 1.0 | % | 16,255 | 0.9 | % | ||||||||||||||||||||
Metals & Mining | 15,836 | 1.0 | % | 15,780 | 0.9 | % | ||||||||||||||||||||
Transportation: Cargo | 10,656 | 0.6 | % | 12,417 | 0.7 | % | ||||||||||||||||||||
Subtotal/total percentage | 1,657,026 | 100.0 | % | 1,749,161 | 100.0 | % | ||||||||||||||||||||
Short term investments | 66,326 | 10,869 | ||||||||||||||||||||||||
Total investments | $ | 1,723,352 | $ | 1,760,030 |
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. |
March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Investment Rating | Investments Fair Value | Percentage of Investment Portfolio | Investments Fair Value | Percentage of Investment Portfolio | ||||||||||||||||||||||
1 | $ | 1,530 | 0.1 | % | $ | 24,450 | 1.4 | % | ||||||||||||||||||
2 | 1,410,148 | 85.1 | % | 1,424,681 | 81.5 | % | ||||||||||||||||||||
3 | 187,757 | 11.3 | % | 260,662 | 14.9 | % | ||||||||||||||||||||
4 | 31,414 | 1.9 | % | 39,032 | 2.2 | % | ||||||||||||||||||||
5 | 26,177 | 1.6 | % | 336 | — | |||||||||||||||||||||
$ | 1,657,026 | 100.0 | % | $ | 1,749,161 | 100.0 | % |
Investments Fair Value | Percentage of Investment Portfolio | |||||||||||||||||||
Senior secured first lien debt | $ | 1,424,228 | 87.1 | % | ||||||||||||||||
Senior secured second lien debt | 38,992 | 2.4 | % | |||||||||||||||||
Collateralized securities and structured products - equity | 1,133 | 0.1 | % | |||||||||||||||||
Unsecured debt | 15,517 | 0.9 | % | |||||||||||||||||
Equity | 155,883 | 9.5 | % | |||||||||||||||||
Subtotal/total percentage | 1,635,753 | 100.0 | % | |||||||||||||||||
Short term investments(2) | 66,876 | |||||||||||||||||||
Total investments | $ | 1,702,629 | ||||||||||||||||||
Number of portfolio companies | 109 | |||||||||||||||||||
Average annual EBITDA of portfolio companies | $55.6 million | |||||||||||||||||||
Median annual EBITDA of portfolio companies | $33.7 million | |||||||||||||||||||
Purchased at a weighted average price of par | 97.78 | % | ||||||||||||||||||
Gross annual portfolio yield based upon the purchase price(2) | 10.99 | % |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Investment income | $ | 64,975 | $ | 41,683 | |||||||
Operating expenses and income taxes | 35,117 | 22,200 | |||||||||
Net investment income after taxes | 29,858 | 19,483 | |||||||||
Net realized loss on investments and foreign currency | (4,525) | (69) | |||||||||
Net change in unrealized depreciation on investments | (56,378) | (11,525) | |||||||||
Net (decrease) increase in net assets resulting from operations | $ | (31,045) | $ | 7,889 |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Management fees | $ | 6,676 | $ | 6,655 | |||||||
Administrative services expense | 837 | 720 | |||||||||
Subordinated incentive fee on income | 6,335 | 4,133 | |||||||||
General and administrative | 1,955 | 2,222 | |||||||||
Interest expense | 19,309 | 8,459 | |||||||||
Income tax expense, including excise tax | 5 | 11 | |||||||||
Total operating expenses and income taxes | $ | 35,117 | $ | 22,200 | |||||||
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Professional fees | $ | 526 | $ | 633 | |||||||
Dues and subscriptions | 429 | 535 | |||||||||
Transfer agent expense | 268 | 291 | |||||||||
Valuation expense | 173 | 179 | |||||||||
Director fees and expenses | 169 | 154 | |||||||||
Insurance expense | 167 | 251 | |||||||||
Accounting and administrative costs | 166 | 157 | |||||||||
Printing and marketing expense | 5 | 5 | |||||||||
Other expenses | 52 | 17 | |||||||||
Total general and administrative expense | $ | 1,955 | $ | 2,222 |
Distributions | ||||||||||||||
Three Months Ended | Per Share | Amount | ||||||||||||
2022 | ||||||||||||||
March 31, 2022 (one record date) | $ | 0.2800 | $ | 15,948 | ||||||||||
June 30, 2022 (one record date) | 0.2800 | 15,949 | ||||||||||||
September 30, 2022 (one record date) | 0.3100 | 17,604 | ||||||||||||
December 31, 2022 (two record dates) | 0.5800 | 32,074 | ||||||||||||
Total distributions for the year ended December 31, 2022 | $ | 1.4500 | $ | 81,575 | ||||||||||
2023 | ||||||||||||||
March 31, 2023 (one record date) | $ | 0.3400 | $ | 18,687 | ||||||||||
Total distributions for the three months ended March 31, 2023 | $ | 0.3400 | $ | 18,687 |
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 | ||||||||||||
Down 300 basis points | $ | (14,417) | (14.3) | % | ||||||||||
Down 200 basis points | (9,783) | (9.7) | % | |||||||||||
Down 100 basis points | (4,926) | (4.9) | % | |||||||||||
Down 50 basis points | (2,486) | (2.5) | % | |||||||||||
No change to current base rate (4.96% as of March 31, 2023) | — | — | ||||||||||||
Up 50 basis points | 2,395 | 2.4 | % | |||||||||||
Up 100 basis points | 4,835 | 4.8 | % | |||||||||||
Up 200 basis points | 9,716 | 9.6 | % | |||||||||||
Up 300 basis points | 14,596 | 14.5 | % |
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 | ||||||||||||||||||||||
January 1 to January 31, 2023 | 129,882 | $ | 10.58 | 129,882 | (1) | |||||||||||||||||||||
February 1 to February 28, 2023 | 114,733 | 11.06 | 114,733 | (1) | ||||||||||||||||||||||
March 1 to March 31, 2023 | 93,423 | 10.17 | 93,423 | (1) | ||||||||||||||||||||||
Total | 338,038 | $ | 10.63 | 338,038 | (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 | ||||||||
3.2 | ||||||||
3.3 | ||||||||
4.3 | ||||||||
10.1 | ||||||||
10.2 | ||||||||
10.14 |
Exhibit Number | Description of Document | |||||||
10.15 | ||||||||
10.16 | ||||||||
10.17 | ||||||||
10.18 | ||||||||
10.19 | ||||||||
10.20 | ||||||||
10.21 | ||||||||
10.22 | ||||||||
10.23 | ||||||||
10.24 | First Amendment to Third Amended and Restated Loan and Security Agreement, dated as of March 28, 2022, by and among 34th Street Funding, LLC, JPMorgan Chase Bank, National Association, U.S. Bank Trust Company, National Association, U.S. Bank National Association and CION Investment Management, LLC (Incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K filed with the SEC on March 29, 2022 (File No. 814-00941)). | |||||||
10.25 | ||||||||
10.26 | ||||||||
14.1 | ||||||||
21.1 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
31.3 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
32.3 | ||||||||
101.INS | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document. | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101). |
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) |