UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Quarterly Period Ended November 30, 2020
☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Commission File No. 814-00732
SARATOGA INVESTMENT CORP.
(Exact name of registrant as specified in its charter)
Maryland | 20-8700615 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
535 Madison Avenue
New York, New York 10022
(Address of principal executive offices)
(212) 906-7800
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Common Stock, par value $0.001 per share | SAR | The New York Stock Exchange | ||
6.25% Notes due 2025 | SAF | The New York Stock Exchange | ||
7.25% Notes due 2025 | SAK | The New York Stock Exchange |
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☐ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer | ☐ | Accelerated filer | ☒ |
Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The number of outstanding common shares of the registrant as of January 6, 2021 was 11,170,028.
TABLE OF CONTENTS
i
Item 1. Consolidated Financial Statements
Consolidated Statements of Assets and Liabilities
November 30, 2020 | February 29, 2020 | |||||||
(unaudited) | ||||||||
ASSETS | ||||||||
Investments at fair value | ||||||||
Non-control/Non-affiliate investments (amortized cost of $463,588,455 and $418,006,725, respectively) | $ | 456,552,179 | $ | 420,442,928 | ||||
Affiliate investments (amortized cost of $28,338,471 and $23,998,917, respectively) | 21,403,802 | 18,485,854 | ||||||
Control investments (amortized cost of $65,055,003 and $44,293,619, respectively) | 68,987,521 | 46,703,192 | ||||||
Total investments at fair value (amortized cost of $556,981,929 and $486,299,261, respectively) | 546,943,502 | 485,631,974 | ||||||
Cash and cash equivalents | 21,060,224 | 24,598,905 | ||||||
Cash and cash equivalents, reserve accounts | 12,836,663 | 14,851,447 | ||||||
Interest receivable (net of reserve of $1,982,033 and $1,238,049, respectively) | 4,192,177 | 4,810,456 | ||||||
Management fee receivable | 284,256 | 272,207 | ||||||
Other assets | 740,361 | 701,007 | ||||||
Total assets | $ | 586,057,183 | $ | 530,865,996 | ||||
LIABILITIES | ||||||||
Revolving credit facility | $ | - | $ | - | ||||
Deferred debt financing costs, revolving credit facility | (674,638 | ) | (512,628 | ) | ||||
SBA debentures payable | 176,000,000 | 150,000,000 | ||||||
Deferred debt financing costs, SBA debentures payable | (2,725,309 | ) | (2,561,495 | ) | ||||
6.25% Notes Payable 2025 | 60,000,000 | 60,000,000 | ||||||
Deferred debt financing costs, 6.25% notes payable 2025 | (1,766,709 | ) | (2,046,735 | ) | ||||
7.25% Notes Payable 2025 | 43,125,000 | - | ||||||
Deferred debt financing costs, 7.25% notes payable 2025 | (1,480,977 | ) | - | |||||
7.75% Notes Payable 2025 | 5,000,000 | - | ||||||
Deferred debt financing costs, 7.75% notes payable 2025 | (252,746 | ) | - | |||||
Base management and incentive fees payable | 4,775,801 | 15,800,097 | ||||||
Deferred tax liability | 1,434,505 | 1,347,363 | ||||||
Accounts payable and accrued expenses | 1,514,585 | 1,713,157 | ||||||
Interest and debt fees payable | 931,938 | 2,234,042 | ||||||
Directors fees payable | 44,500 | 61,500 | ||||||
Due to manager | 278,343 | 543,842 | ||||||
Total liabilities | 286,204,293 | 226,579,143 | ||||||
Commitments and contingencies (See Note 8) | ||||||||
NET ASSETS | ||||||||
Common stock, par value $0.001, 100,000,000 common shares authorized, 11,170,028 and 11,217,545 common shares issued and outstanding, respectively | 11,170 | 11,218 | ||||||
Capital in excess of par value | 288,590,554 | 289,476,991 | ||||||
Total distributable earnings | 11,251,166 | 14,798,644 | ||||||
Total net assets | 299,852,890 | 304,286,853 | ||||||
Total liabilities and net assets | $ | 586,057,183 | $ | 530,865,996 | ||||
NET ASSET VALUE PER SHARE | $ | 26.84 | $ | 27.13 |
See accompanying notes to consolidated financial statements.
1
Consolidated Statements of Operations
(unaudited)
For the three months ended | For the nine months ended | |||||||||||||||
November 30, 2020 | November 30, 2019 | November 30, 2020 | November 30, 2019 | |||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Interest from investments | ||||||||||||||||
Interest income: | ||||||||||||||||
Non-control/Non-affiliate investments | $ | 10,422,586 | $ | 9,749,294 | $ | 30,585,868 | $ | 26,862,643 | ||||||||
Affiliate investments | 418,418 | 356,958 | 1,204,840 | 873,816 | ||||||||||||
Control investments | 1,654,359 | 1,300,923 | 4,037,915 | 4,627,395 | ||||||||||||
Payment-in-kind interest income: | ||||||||||||||||
Non-control/Non-affiliate investments | 214,422 | 198,984 | 1,125,306 | 530,728 | ||||||||||||
Affiliate investments | 49,333 | 42,397 | 143,574 | 123,812 | ||||||||||||
Control investments | 44,896 | 1,250,824 | 117,449 | 3,226,060 | ||||||||||||
Total interest from investments | 12,804,014 | 12,899,380 | 37,214,952 | 36,244,454 | ||||||||||||
Interest from cash and cash equivalents | 770 | 119,539 | 14,176 | 316,691 | ||||||||||||
Management fee income | 623,817 | 629,671 | 1,883,825 | 1,888,932 | ||||||||||||
Structuring and advisory fee income* | 545,354 | 511,500 | 1,798,660 | 1,875,225 | ||||||||||||
Other income* | 308,802 | 35,665 | 523,862 | 509,850 | ||||||||||||
Total investment income | 14,282,757 | 14,195,755 | 41,435,475 | 40,835,152 | ||||||||||||
OPERATING EXPENSES | ||||||||||||||||
Interest and debt financing expenses | 3,559,870 | 3,896,968 | 9,452,193 | 11,628,266 | ||||||||||||
Base management fees | 2,324,564 | 2,146,214 | 6,694,144 | 5,955,623 | ||||||||||||
Incentive management fees expense (benefit) | 2,295,000 | 3,102,139 | 1,966,367 | 7,300,794 | ||||||||||||
Professional fees | 502,979 | 401,010 | 1,257,420 | 1,181,010 | ||||||||||||
Administrator expenses | 693,750 | 556,250 | 1,852,083 | 1,575,000 | ||||||||||||
Insurance | 67,010 | 63,936 | 202,463 | 193,174 | ||||||||||||
Directors fees and expenses | 60,000 | 60,000 | 195,000 | 217,500 | ||||||||||||
General & administrative | 278,734 | 395,024 | 963,372 | 1,036,498 | ||||||||||||
Income tax expense (benefit) | 29,748 | (1,001,089 | ) | 28,304 | (1,464,878 | ) | ||||||||||
Total operating expenses | 9,811,655 | 9,620,452 | 22,611,346 | 27,622,987 | ||||||||||||
NET INVESTMENT INCOME | 4,471,102 | 4,575,303 | 18,824,129 | 13,212,165 | ||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | ||||||||||||||||
Net realized gain (loss) from investments: | ||||||||||||||||
Non-control/Non-affiliate investments | 1,798 | 10,739,678 | 22,207 | 12,609,767 | ||||||||||||
Net realized gain (loss) from investments | 1,798 | 10,739,678 | 22,207 | 12,609,767 | ||||||||||||
Income tax (provision) benefit from realized gain on investments | (3,895,354 | ) | - | (3,895,354 | ) | - | ||||||||||
Net change in unrealized appreciation (depreciation) on investments: | ||||||||||||||||
Non-control/Non-affiliate investments | 4,348,888 | (4,322,305 | ) | (9,472,477 | ) | (1,563,573 | ) | |||||||||
Affiliate investments | 385,414 | (41,295 | ) | (1,421,606 | ) | 859,953 | ||||||||||
Control investments | 1,264,528 | 3,827,449 | 1,522,945 | 5,614,471 | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments | 5,998,830 | (536,151 | ) | (9,371,138 | ) | 4,910,851 | ||||||||||
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments | (210,057 | ) | (1,061,608 | ) | (58,838 | ) | (1,786,801 | ) | ||||||||
Net realized and unrealized gain (loss) on investments | 1,895,217 | 9,141,919 | (13,303,123 | ) | 15,733,817 | |||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 6,366,319 | $ | 13,717,222 | $ | 5,521,006 | $ | 28,945,982 | ||||||||
WEIGHTED AVERAGE - BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE | $ | 0.57 | $ | 1.37 | $ | 0.49 | $ | 3.33 | ||||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - BASIC AND DILUTED | 11,169,817 | 10,036,086 | 11,198,287 | 8,702,190 |
* | Certain prior period amounts have been reclassified to conform to current period presentation. |
See accompanying notes to consolidated financial statements.
2
Consolidated Statements of Changes in Net Assets
(unaudited)
For the nine months ended | ||||||||
November 30, 2020 | November 30, 2019 | |||||||
INCREASE (DECREASE) FROM OPERATIONS: | ||||||||
Net investment income | $ | 18,824,129 | $ | 13,212,165 | ||||
Net realized gain from investments | 22,207 | 12,609,767 | ||||||
Income tax (provision) benefit from realized gain on investments | (3,895,354 | ) | - | |||||
Net change in unrealized appreciation (depreciation) on investments | (9,371,138 | ) | 4,910,851 | |||||
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments | (58,838 | ) | (1,786,801 | ) | ||||
Net increase (decrease) in net assets resulting from operations | 5,521,006 | 28,945,982 | ||||||
DECREASE FROM SHAREHOLDER DISTRIBUTIONS: | ||||||||
Total distributions to shareholders | (9,068,484 | ) | (13,835,741 | ) | ||||
Net decrease in net assets from shareholder distributions | (9,068,484 | ) | (13,835,741 | ) | ||||
CAPITAL SHARE TRANSACTIONS: | ||||||||
Proceeds from issuance of common stock | - | 85,228,325 | ||||||
Stock dividend distribution | 1,580,919 | 2,188,811 | ||||||
Repurchases of common stock | (2,464,661 | ) | - | |||||
Repurchase fees | (2,743 | ) | - | |||||
Offering costs | - | (1,222,214 | ) | |||||
Net increase in net assets from capital share transactions | (886,485 | ) | 86,194,922 | |||||
Total increase (decrease) in net assets | (4,433,963 | ) | 101,305,163 | |||||
Net assets at beginning of period | 304,286,853 | 180,875,187 | ||||||
Net assets at end of period | $ | 299,852,890 | $ | 282,180,350 |
See accompanying notes to consolidated financial statements.
3
Consolidated Statements of Cash Flows
(unaudited)
For the nine months ended | ||||||||
November 30, 2020 | November 30, 2019 | |||||||
Operating activities | ||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 5,521,006 | $ | 28,945,982 | ||||
ADJUSTMENTS TO RECONCILE NET INCREASE (DECREASE) IN NET ASSETS RESULTING | ||||||||
FROM OPERATIONS TO NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES: | ||||||||
Payment-in-kind and other adjustments to cost | 1,402,751 | (3,082,715 | ) | |||||
Net accretion of discount on investments | (964,524 | ) | (888,292 | ) | ||||
Amortization of deferred debt financing costs | 992,592 | 1,037,764 | ||||||
Income tax expense (benefit) | 28,304 | - | ||||||
Net realized (gain) loss from investments | (22,207 | ) | (12,609,767 | ) | ||||
Net change in unrealized (appreciation) depreciation on investments | 9,371,138 | (4,910,851 | ) | |||||
Net change in provision for deferred taxes on unrealized appreciation (depreciation) on investments | 58,838 | 1,786,801 | ||||||
Proceeds from sales and repayments of investments | 50,928,681 | 97,152,448 | ||||||
Purchases of investments | (122,027,366 | ) | (160,672,062 | ) | ||||
(Increase) decrease in operating assets: | ||||||||
Interest receivable | 618,279 | (1,009,242 | ) | |||||
Due from affiliate | - | 1,673,747 | ||||||
Management and incentive fee receivable | (12,049 | ) | 255,374 | |||||
Other assets | (59,043 | ) | 826 | |||||
Deferred tax asset | - | (1,464,878 | ) | |||||
Increase (decrease) in operating liabilities: | ||||||||
Base management and incentive fees payable | (11,024,296 | ) | 3,791,110 | |||||
Accounts payable and accrued expenses | (198,572 | ) | (162,098 | ) | ||||
Interest and debt fees payable | (1,302,104 | ) | (1,314,274 | ) | ||||
Directors fees payable | (17,000 | ) | (60,500 | ) | ||||
Due to manager | (265,499 | ) | 61,580 | |||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | (66,971,071 | ) | (51,469,047 | ) | ||||
Financing activities | ||||||||
Borrowings on debt | 26,000,000 | 20,200,000 | ||||||
Paydowns on debt | - | (20,200,000 | ) | |||||
Issuance of notes | 48,125,000 | - | ||||||
Payments of deferred debt financing costs | (2,752,425 | ) | (745,133 | ) | ||||
Proceeds from issuance of common stock | - | 84,064,237 | ||||||
Payments of cash dividends | (7,487,565 | ) | (11,646,930 | ) | ||||
Repurchases of common stock | (2,464,661 | ) | - | |||||
Repurchases fees | (2,743 | ) | - | |||||
Payments of offering costs | - | (1,184,892 | ) | |||||
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 61,417,606 | 70,487,282 | ||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS | (5,553,465 | ) | 19,018,235 | |||||
CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS, BEGINNING OF PERIOD | 39,450,352 | 62,094,394 | ||||||
CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS, END OF PERIOD | $ | 33,896,887 | $ | 81,112,629 | ||||
Supplemental information: | ||||||||
Interest paid during the period | $ | 9,761,705 | $ | 11,904,776 | ||||
Cash paid for taxes | 4,103,200 | 18,153 | ||||||
Supplemental non-cash information: | ||||||||
Payment-in-kind interest income | (1,402,751 | ) | 3,082,715 | |||||
Net accretion of discount on investments | 964,524 | 888,292 | ||||||
Amortization of deferred debt financing costs | 992,592 | 1,037,764 | ||||||
Stock dividend distribution | 1,580,919 | 2,188,811 |
See accompanying notes to consolidated financial statements.
4
Consolidated Schedule of Investments
November 30, 2020
(unaudited)
Company | Industry | Investment Interest Rate/ Maturity | Original Acquisition Date | Principal/ Number of Shares | Cost | Fair Value (c) | % of Net Assets | |||||||||||||||
Non-control/Non-affiliate investments - 152.3% (b) | ||||||||||||||||||||||
CoConstruct, LLC | Construction Management Services | First Lien Term Loan (3M USD LIBOR+7.50%), 10.00% Cash, 7/5/2024 | 7/5/2019 | $ | 14,200,000 | 14,077,075 | 14,134,680 | 4.7 | % | |||||||||||||
CoConstruct, LLC (j) | Construction Management Services | Delayed Draw Term Loan (3M USD LIBOR+7.50%), 10.00% Cash, 7/5/2024 | 7/5/2019 | $ | - | - | - | 0.0 | % | |||||||||||||
Total Construction Management Services | 14,077,075 | 14,134,680 | 4.7 | % | ||||||||||||||||||
Targus Holdings, Inc. (d), (h) | Consumer Products | Common Stock | 12/31/2009 | 210,456 | 1,589,630 | 392,270 | 0.1 | % | ||||||||||||||
Total Consumer Products | 1,589,630 | 392,270 | 0.1 | % | ||||||||||||||||||
My Alarm Center, LLC (k) | Consumer Services | Preferred Equity Class A Units 8.00% PIK | 7/14/2017 | 2,227 | 2,357,879 | - | 0.0 | % | ||||||||||||||
My Alarm Center, LLC (h) | Consumer Services | Preferred Equity Class B Units | 7/14/2017 | 1,797 | 1,796,880 | - | 0.0 | % | ||||||||||||||
My Alarm Center, LLC (h) | Consumer Services | Preferred Equity Class Z Units | 9/12/2018 | 676 | 712,343 | 305,911 | 0.1 | % | ||||||||||||||
My Alarm Center, LLC (h) | Consumer Services | Common Stock | 7/14/2017 | 96,224 | - | - | 0.0 | % | ||||||||||||||
Total Consumer Services | 4,867,102 | 305,911 | 0.1 | % | ||||||||||||||||||
Passageways, Inc. | Corporate Governance | First Lien Term Loan (3M USD LIBOR+7.00%), 8.75% Cash, 7/5/2023 | 7/5/2018 | $ | 5,000,000 | 4,968,225 | 5,060,000 | 1.7 | % | |||||||||||||
Passageways, Inc. (j) | Corporate Governance | Delayed Draw Term Loan (3M USD LIBOR+7.00%), 8.75% Cash, 7/5/2023 | 1/3/2020 | $ | 2,000,000 | 1,992,775 | 2,024,000 | 0.6 | % | |||||||||||||
Passageways, Inc. (h) | Corporate Governance | Series A Preferred Stock | 7/5/2018 | 2,027,205 | 1,000,000 | 2,438,010 | 0.8 | % | ||||||||||||||
Total Corporate Governance | 7,961,000 | 9,522,010 | 3.1 | % | ||||||||||||||||||
New England Dental Partners | Dental Practice Management | First Lien Term Loan (3M USD LIBOR+8.00%), 8.50% Cash, 11/25/2025 | 11/25/2020 | $ | 6,555,000 | 6,489,677 | 6,489,450 | 2.2 | % | |||||||||||||
New England Dental Partners (j) | Dental Practice Management | Delayed Draw Term Loan (3M USD LIBOR+8.00%), 8.50% Cash, 11/25/2025 | 11/25/2020 | $ | - | - | - | 0.0 | % | |||||||||||||
Total Dental Practice Management | 6,489,677 | 6,489,450 | 2.2 | % | ||||||||||||||||||
PDDS Buyer, LLC | Dental Practice Management Software | First Lien Term Loan (3M USD LIBOR+7.00%), 9.50% Cash, 7/15/2024 | 7/15/2019 | $ | 14,000,000 | 13,887,080 | 13,953,800 | 4.7 | % | |||||||||||||
PDDS Buyer, LLC | Dental Practice Management Software | Delayed Draw Term Loan (3M USD LIBOR+7.00%), 9.50% Cash, 7/15/2024 | 7/15/2019 | $ | 7,000,000 | 6,933,884 | 6,976,900 | 2.3 | % | |||||||||||||
PDDS Buyer, LLC (h) | Dental Practice Management Software | Series A-1 Preferred Shares | 8/10/2020 | 1,755,831 | 2,000,000 | 2,000,000 | 0.7 | % | ||||||||||||||
Total Dental Practice Management Software | 22,820,964 | 22,930,700 | 7.7 | % |
See accompanying notes to consolidated financial statements.
5
Company | Industry | Investment Interest Rate/ Maturity | Original Acquisition Date | Principal/ Number of Shares | Cost | Fair Value (c) | % of Net Assets | |||||||||||||||
C2 Educational Systems (d) | Education Services | First Lien Term Loan (3M USD LIBOR+7.00%), 8.50% Cash, 5/31/2021 | 5/31/2017 | $ | 16,000,000 | 15,993,296 | 12,987,200 | 4.3 | % | |||||||||||||
Texas Teachers of Tomorrow, LLC (h), (i) | Education Services | Common Stock | 12/2/2015 | 750 | 750,000 | 789,168 | 0.3 | % | ||||||||||||||
Texas Teachers of Tomorrow, LLC (d) | Education Services | First Lien Term Loan (3M USD LIBOR+7.25%), 9.75% Cash, 6/28/2024 | 6/28/2019 | $ | 18,709,024 | 18,564,444 | 18,581,803 | 6.2 | % | |||||||||||||
Total Education Services | 35,307,740 | 32,358,171 | 10.8 | % | ||||||||||||||||||
Destiny Solutions Inc. (d) | Education Software | First Lien Term Loan (3M USD LIBOR+7.50%), 9.50% Cash, 10/24/2024 | 5/16/2018 | $ | 38,000,000 | 37,731,402 | 37,730,200 | 12.6 | % | |||||||||||||
Destiny Solutions Inc. (h), (i) | Education Software | Limited Partner Interests | 5/16/2018 | 2,342 | 2,468,464 | 3,010,778 | 1.0 | % | ||||||||||||||
Identity Automation Systems (d) | Education Software | First Lien Term Loan (3M USD LIBOR+9.24%), 10.99% Cash, 5/8/2024 | 8/25/2014 | $ | 17,291,250 | 17,287,446 | 17,180,585 | 5.7 | % | |||||||||||||
Identity Automation Systems (h) | Education Software | Common Stock Class A-2 Units | 8/25/2014 | 232,616 | 232,616 | 697,848 | 0.2 | % | ||||||||||||||
Identity Automation Systems (h) | Education Software | Common Stock Class A-1 Units | 3/6/2020 | 43,715 | 171,571 | 181,935 | 0.1 | % | ||||||||||||||
GoReact | Education Software | First Lien Term Loan (3M USD LIBOR+7.50%), 9.50% Cash, 1/17/2025 | 1/17/2020 | $ | 5,000,000 | 4,937,712 | 5,076,000 | 1.7 | % | |||||||||||||
GoReact (j) | Education Software | Delayed Draw Term Loan (3M USD LIBOR+7.50%), 9.50% Cash, 1/17/2025 | 1/17/2020 | $ | - | - | - | 0.0 | % | |||||||||||||
Kev Software Inc. (a) | Education Software | First Lien Term Loan (1M USD LIBOR+8.63%), 9.63% Cash, 9/13/2023 | 9/13/2018 | $ | 21,070,667 | 20,954,138 | 20,735,644 | 6.9 | % | |||||||||||||
Total Education Software | 83,783,349 | 84,612,990 | 28.2 | % | ||||||||||||||||||
Davisware, LLC | Field Service Management | First Lien Term Loan (3M USD LIBOR+7.00%), 9.00% Cash, 7/31/2024 | 9/6/2019 | $ | 3,000,000 | 2,975,581 | 2,980,500 | 1.0 | % | |||||||||||||
Davisware, LLC (j) | Field Service Management | Delayed Draw Term Loan (3M USD LIBOR+7.00%), 9.00% Cash, 7/31/2024 | 9/6/2019 | $ | 977,790 | 969,611 | 971,434 | 0.3 | % | |||||||||||||
Total Field Service Management | 3,945,192 | 3,951,934 | 1.3 | % | ||||||||||||||||||
GDS Software Holdings, LLC (h) | Financial Services | Common Stock Class A Units | 8/23/2018 | 250,000 | 250,000 | 424,507 | 0.1 | % | ||||||||||||||
Total Financial Services | 250,000 | 424,507 | 0.1 | % | ||||||||||||||||||
Ohio Medical, LLC (h) | Healthcare Products Manufacturing | Common Stock | 1/15/2016 | 5,000 | 500,000 | 852,968 | 0.3 | % | ||||||||||||||
Ohio Medical, LLC | Healthcare Products Manufacturing | Senior Subordinated Note 12.00% Cash, 6/30/2022 | 1/15/2016 | $ | 7,300,000 | 7,285,925 | 7,300,000 | 2.4 | % | |||||||||||||
Total Healthcare Products Manufacturing | 7,785,925 | 8,152,968 | 2.7 | % | ||||||||||||||||||
Axiom Parent Holdings, LLC (h) | Healthcare Services | Common Stock Class A Units | 6/19/2018 | 400,000 | 400,000 | 1,443,763 | 0.5 | % | ||||||||||||||
Axiom Purchaser, Inc. (d) | Healthcare Services | First Lien Term Loan (3M USD LIBOR+6.00%), 7.75% Cash, 6/19/2023 | 6/19/2018 | $ | 10,000,000 | 9,948,656 | 10,018,000 | 3.3 | % | |||||||||||||
Axiom Purchaser, Inc. (d) | Healthcare Services | Delayed Draw Term Loan (3M USD LIBOR+6.00%), 7.75% Cash, 6/19/2023 | 6/19/2018 | $ | 4,000,000 | 3,974,808 | 4,007,200 | 1.3 | % | |||||||||||||
ComForCare Health Care | Healthcare Services | First Lien Term Loan (3M USD LIBOR+7.50%), 8.50% Cash, 1/31/2022 | 1/31/2017 | $ | 15,000,000 | 14,955,975 | 15,000,000 | 5.0 | % | |||||||||||||
Total Healthcare Services | 29,279,439 | 30,468,963 | 10.1 | % |
See accompanying notes to consolidated financial statements.
6
Company | Industry | Investment Interest Rate/ Maturity | Original Acquisition Date | Principal/ Number of Shares | Cost | Fair Value (c) | % of Net Assets | |||||||||||||||
TRC HemaTerra, LLC (h) | Healthcare Software | Class D Membership Interests | 4/15/2019 | 2,000,000 | 2,000,000 | 2,471,900 | 0.8 | % | ||||||||||||||
HemaTerra Holding Company, LLC | Healthcare Software | First Lien Term Loan (3M USD LIBOR+6.75%), 9.25% Cash, 4/15/2024 | 4/15/2019 | $ | 6,000,000 | 5,952,752 | 6,072,600 | 2.0 | % | |||||||||||||
HemaTerra Holding Company, LLC (d), (j) | Healthcare Software | Delayed Draw Term Loan (3M USD LIBOR+6.75%), 9.25% Cash, 4/15/2024 | 4/15/2019 | $ | 12,000,000 | 11,907,646 | 12,145,200 | 4.1 | % | |||||||||||||
Procurement Partners, LLC | Healthcare Software | First Lien Term Loan (3M USD LIBOR+6.50%), 7.50% Cash, 11/12/2025 | 11/12/2020 | $ | 8,000,000 | 7,921,058 | 7,920,000 | 2.6 | % | |||||||||||||
Procurement Partners, LLC (j) | Healthcare Software | Delayed Draw Term Loan (3M USD LIBOR+6.50%), 7.50% Cash, 11/12/2025 | 11/12/2020 | $ | - | - | - | 0.0 | % | |||||||||||||
Procurement Partners Holdings LLC (h) | Healthcare Software | Class A Units | 11/12/2020 | 300,000 | 300,000 | 300,000 | 0.1 | % | ||||||||||||||
Total Healthcare Software | 28,081,456 | 28,909,700 | 9.6 | % | ||||||||||||||||||
Roscoe Medical, Inc. (d), (h) | Healthcare Supply | Common Stock | 3/26/2014 | 5,081 | 508,077 | 138,107 | 0.0 | % | ||||||||||||||
Roscoe Medical, Inc. (k) | Healthcare Supply | Second Lien Term Loan 11.25% Cash, 3/28/2021 | 3/26/2014 | $ | 4,200,000 | 4,200,000 | 4,200,000 | 1.4 | % | |||||||||||||
Total Healthcare Supply | 4,708,077 | 4,338,107 | 1.4 | % | ||||||||||||||||||
Knowland Group, LLC | Hospitality/Hotel | Second Lien Term Loan (3M USD LIBOR+8.00%), 10.00% Cash, 5/9/2024 | 11/9/2018 | $ | 15,767,918 | 15,767,918 | 12,117,645 | 3.9 | % | |||||||||||||
Sceptre Hospitality Resources, LLC | Hospitality/Hotel | First Lien Term Loan (1M USD LIBOR+9.00%), 10.00% Cash, 4/27/2025 | 4/27/2020 | $ | 3,000,000 | 2,972,698 | 2,970,000 | 1.0 | % | |||||||||||||
Total Hospitality/Hotel | 18,740,616 | 15,087,645 | 4.9 | % | ||||||||||||||||||
Granite Comfort, LP | HVAC Services and Sales | First Lien Term Loan (1M USD LIBOR+9.00%), 10.00% Cash, 11/16/2025 | 11/16/2020 | $ | 7,000,000 | 6,930,701 | 6,930,000 | 2.3 | % | |||||||||||||
Granite Comfort, LP (j) | HVAC Services and Sales | Delayed Draw Term Loan (1M USD LIBOR+9.00%), 10.00% Cash, 11/16/2025 | 11/16/2020 | $ | - | - | - | 0.0 | % | |||||||||||||
Total HVAC Services and Sales | 6,930,701 | 6,930,000 | 2.3 | % | ||||||||||||||||||
Vector Controls Holding Co., LLC (d) | Industrial Products | First Lien Term Loan 11.50% (9.75% Cash/1.75% PIK), 3/6/2022 | 3/6/2013 | $ | 7,590,846 | 7,590,236 | 7,544,542 | 2.5 | % | |||||||||||||
Vector Controls Holding Co., LLC (d), (h) | Industrial Products | Warrants to Purchase Limited Liability Company Interests, Expires 11/30/2027 | 5/31/2015 | 343 | - | 1,957,083 | 0.7 | % | ||||||||||||||
Total Industrial Products | 7,590,236 | 9,501,625 | 3.2 | % | ||||||||||||||||||
CLEO Communications Holding, LLC (d) | IT Services | First Lien Term Loan (3M USD LIBOR+8.00%), 9.00% Cash/2.00% PIK, 3/31/2022 | 3/31/2017 | $ | 14,003,828 | 13,991,467 | 14,136,865 | 4.7 | % | |||||||||||||
CLEO Communications Holding, LLC (d), (j) | IT Services | Delayed Draw Term Loan (3M USD LIBOR+8.00%), 9.00% Cash/2.00% PIK, 3/31/2022 | 3/31/2017 | $ | 20,349,838 | 20,270,501 | 20,543,161 | 6.9 | % | |||||||||||||
Erwin, Inc. (d) | IT Services | Second Lien Term Loan (3M USD LIBOR+10.75%), 12.75% Cash/1.00% PIK, 8/28/2021 | 2/29/2016 | $ | 16,172,271 | 16,143,067 | 16,172,270 | 5.4 | % | |||||||||||||
LogicMonitor, Inc. | IT Services | First Lien Term Loan (3M USD LIBOR+5.00), 6.00% Cash, 5/17/2023 | 3/20/2020 | $ | 18,000,000 | 17,889,800 | 17,847,000 | 6.0 | % | |||||||||||||
Total IT Services | 68,294,835 | 68,699,296 | 23.0 | % | ||||||||||||||||||
inMotionNow, Inc. | Marketing Services | First Lien Term Loan (3M USD LIBOR+7.50), 10.00% Cash, 5/15/2024 | 5/15/2019 | $ | 12,200,000 | 12,108,936 | 12,200,000 | 4.1 | % | |||||||||||||
inMotionNow, Inc. | Marketing Services | Delayed Draw Term Loan (3M USD LIBOR+7.50) 10.00% Cash, 5/15/2024 | 5/15/2019 | $ | 5,000,000 | 4,957,043 | 5,000,000 | 1.7 | % | |||||||||||||
Total Marketing Services | 17,065,979 | 17,200,000 | 5.8 | % |
See accompanying notes to consolidated financial statements.
7
Company | Industry | Investment Interest Rate/ Maturity | Original Acquisition Date | Principal/ Number of Shares | Cost | Fair Value (c) | % of Net Assets | |||||||||||||||
Omatic Software, LLC | Non-profit Services | First Lien Term Loan (3M USD LIBOR+8.00%), 9.75% Cash, 5/29/2023 | 5/29/2018 | $ | 5,500,000 | 5,467,123 | 5,525,300 | 1.8 | % | |||||||||||||
Total Non-profit Services | 5,467,123 | 5,525,300 | 1.8 | % | ||||||||||||||||||
Emily Street Enterprises, L.L.C. | Office Supplies | Senior Secured Note (3M USD LIBOR+8.50%), 10.00% Cash, 12/31/2020 | 12/28/2012 | $ | 3,300,000 | 3,300,000 | 3,278,880 | 1.1 | % | |||||||||||||
Emily Street Enterprises, L.L.C. (h) | Office Supplies | Warrant Membership Interests Expires 12/28/2022 | 12/28/2012 | 49,318 | 400,000 | 247,814 | 0.1 | % | ||||||||||||||
Total Office Supplies | 3,700,000 | 3,526,694 | 1.2 | % | ||||||||||||||||||
Apex Holdings Software Technologies, LLC | Payroll Services | First Lien Term Loan (3M USD LIBOR+8.00%), 9.00% Cash, 9/21/2021 | 9/21/2016 | $ | 18,000,000 | 17,973,081 | 17,620,200 | 5.9 | % | |||||||||||||
Apex Holdings Software Technologies, LLC | Payroll Services | Delayed Draw Term Loan (3M USD LIBOR+8.00%), 9.00% Cash, 9/21/2021 | 10/1/2018 | $ | 1,500,000 | 1,495,547 | 1,468,350 | 0.5 | % | |||||||||||||
Total Payroll Services | 19,468,628 | 19,088,550 | 6.4 | % | ||||||||||||||||||
Village Realty Holdings LLC | Property Management | First Lien Term Loan (3M USD LIBOR+6.50%), 8.75% Cash, 10/8/2024 | 10/8/2019 | $ | 7,250,000 | 7,186,815 | 7,264,500 | 2.4 | % | |||||||||||||
Village Realty Holdings LLC (j) | Property Management | Delayed Draw Term Loan (3M USD LIBOR+6.50%), 8.75% Cash, 10/8/2024 | 10/8/2019 | $ | 4,876,322 | 4,835,575 | 4,886,075 | 1.7 | % | |||||||||||||
V Rental Holdings LLC (h) | Property Management | Class A-1 Membership Units | 10/8/2019 | 122,578 | 365,914 | 822,228 | 0.3 | % | ||||||||||||||
Total Property Management | 12,388,304 | 12,972,803 | 4.4 | % | ||||||||||||||||||
Buildout, Inc. | Real Estate Services | First Lien Term Loan (3M USD LIBOR+7.75%), 9.25% Cash, 7/9/2025 | 7/9/2020 | $ | 14,000,000 | 13,867,762 | 13,860,000 | 4.6 | % | |||||||||||||
Buildout, Inc. (h), (i) | Real Estate Services | Limited Partner Interests | 7/9/2020 | 999 | 999,000 | 999,000 | 0.4 | % | ||||||||||||||
Total Real Estate Services | 14,866,762 | 14,859,000 | 5.0 | % | ||||||||||||||||||
TMAC Acquisition Co., LLC (k) | Restaurant | Unsecured Term Loan 8.00% PIK, 9/01/2023 | 3/1/2018 | $ | 2,261,017 | 2,261,017 | 1,984,653 | 0.7 | % | |||||||||||||
Total Restaurant | 2,261,017 | 1,984,653 | 0.7 | % | ||||||||||||||||||
ArbiterSports, LLC (d) | Sports Management | First Lien Term Loan (3M USD LIBOR+6.50%), 8.25% Cash, 2/21/2025 | 2/21/2020 | $ | 26,000,000 | 25,793,049 | 23,613,200 | 7.9 | % | |||||||||||||
ArbiterSports, LLC (d) | Sports Management | Delayed Draw Term Loan (3M USD LIBOR+6.50%), 8.25% Cash, 2/21/2025 | 2/21/2020 | $ | 1,000,000 | 1,000,000 | 908,200 | 0.3 | % | |||||||||||||
Total Sports Management | 26,793,049 | 24,521,400 | 8.3 | % | ||||||||||||||||||
Avionte Holdings, LLC (h) | Staffing Services | Class A Units | 1/8/2014 | 100,000 | 100,000 | 693,452 | 0.2 | % | ||||||||||||||
Total Staffing Services | 100,000 | 693,452 | 0.2 | % |
See accompanying notes to consolidated financial statements.
8
Company | Industry | Investment Interest Rate/ Maturity | Original Acquisition Date | Principal/ Number of Shares | Cost | Fair Value (c) | % of Net Assets | |||||||||||||||
National Waste Partners (d) | Waste Services | Second Lien Term Loan 10.00% Cash, 2/13/2022 | 2/13/2017 | $ | 9,000,000 | 8,974,579 | 8,969,400 | 3.0 | % | |||||||||||||
Total Waste Services | 8,974,579 | 8,969,400 | 3.0 | % | ||||||||||||||||||
Sub Total Non-control/Non-affiliate investments | 463,588,455 | 456,552,179 | 152.3 | % | ||||||||||||||||||
Affiliate investments - 7.1% (b) | ||||||||||||||||||||||
GreyHeller LLC (f) | Cyber Security | First Lien Term Loan (3M USD LIBOR+11.00%), 12.00% Cash, 11/16/2021 | 11/17/2016 | $ | 7,000,000 | 6,982,889 | 6,983,200 | 2.4 | % | |||||||||||||
GreyHeller LLC (d), (f) | Cyber Security | Delayed Draw Term Loan (3M USD LIBOR+11.00%), 12.00% Cash, 11/16/2021 | 10/19/2020 | $ | 2,250,000 | 2,229,956 | 2,244,600 | 0.7 | % | |||||||||||||
GreyHeller LLC (f), (h) | Cyber Security | Series A Preferred Units | 11/17/2016 | 850,000 | 850,000 | 3,640,200 | 1.2 | % | ||||||||||||||
Total Cyber Security | 10,062,845 | 12,868,000 | 4.3 | % | ||||||||||||||||||
Top Gun Pressure Washing, LLC (f) | Facilities Maintenance | First Lien Term Loan (3M USD LIBOR+7.00%), 9.50% Cash, 8/12/2024 | 8/12/2019 | $ | 5,000,000 | 4,959,412 | 4,644,000 | 1.5 | % | |||||||||||||
Top Gun Pressure Washing, LLC (f), (j) | Facilities Maintenance | Delayed Draw Term Loan (3M USD LIBOR+7.00%), 9.50% Cash, 8/12/2024 | 8/12/2019 | $ | 1,825,000 | 1,809,473 | 1,695,060 | 0.6 | % | |||||||||||||
TG Pressure Washing Holdings, LLC (f), (h) | Facilities Maintenance | Preferred Equity | 8/12/2019 | 488,148 | 488,149 | 199,100 | 0.1 | % | ||||||||||||||
Total Facilities Maintenance | 7,257,034 | 6,538,160 | 2.2 | % | ||||||||||||||||||
Elyria Foundry Company, L.L.C. (d), (f) | Metals | Second Lien Term Loan 15.00% PIK, 8/10/2022 | 7/30/2010 | $ | 1,333,565 | 1,333,564 | 1,267,154 | 0.4 | % | |||||||||||||
Elyria Foundry Company, L.L.C. (d), (f), (h) | Metals | Common Stock | 7/30/2010 | 60,000 | 9,685,028 | 730,488 | 0.2 | % | ||||||||||||||
Total Metals | 11,018,592 | 1,997,642 | 0.6 | % | ||||||||||||||||||
Sub Total Affiliate investments | 28,338,471 | 21,403,802 | 7.1 | % | ||||||||||||||||||
Control investments - 23.0% (b) | ||||||||||||||||||||||
Netreo Holdings, LLC (g) | IT Services | First Lien Term Loan (3M USD LIBOR +6.25%), 9.00% Cash/2.75% PIK, 7/3/2023 | 7/3/2018 | $ | 5,271,157 | 5,238,302 | 5,272,738 | 1.8 | % | |||||||||||||
Netreo Holdings, LLC (g) | IT Services | Delayed Draw Term Loan (3M USD LIBOR +6.25%), 9.00% Cash/2.75% PIK, 7/3/2023 | 5/26/2020 | $ | 1,217,338 | 1,206,896 | 1,217,703 | 0.4 | % | |||||||||||||
Netreo Holdings, LLC (g), (h) | IT Services | Common Stock Class A Unit | 7/3/2018 | 3,150,000 | 3,150,000 | 6,365,883 | 2.2 | % | ||||||||||||||
Total IT Services | 9,595,198 | 12,856,324 | 4.4 | % | ||||||||||||||||||
Saratoga Investment Corp. CLO 2013-1, Ltd. (a), (e), (g) | Structured Finance Securities | Other/Structured Finance Securities 22.02%, 1/20/2030 | 1/22/2008 | $ | 69,500,000 | 20,459,805 | 21,536,355 | 7.2 | % | |||||||||||||
Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-R-2 Note (a), (g) | Structured Finance Securities | Other/Structured Finance Securities (3M USD LIBOR+8.75%), 8.98%, 1/20/2030 | 12/14/2018 | $ | 2,500,000 | 2,500,000 | 2,435,250 | 0.7 | % | |||||||||||||
Saratoga Investment Corp. CLO 2013-1, Ltd. Class G-R-2 Note (a), (g) | Structured Finance Securities | Other/Structured Finance Securities (3M USD LIBOR+10.00%), 10.23%, 1/20/2030 | 12/14/2018 | $ | 7,500,000 | 7,500,000 | 7,327,500 | 2.4 | % | |||||||||||||
Saratoga Investment Corp. CLO 2013-1 Warehouse 2, Ltd. (a), (g) | Structured Finance Securities | Unsecured Loan (3M USD LIBOR+4.46%), 4.69%, 8/20/2021 | 2/18/2020 | $ | 25,000,000 | 25,000,000 | 24,832,092 | 8.3 | % | |||||||||||||
Total Structured Finance Securities | 55,459,805 | 56,131,197 | 18.6 | % | ||||||||||||||||||
Sub Total Control investments | 65,055,003 | 68,987,521 | 23.0 | % | ||||||||||||||||||
TOTAL INVESTMENTS - 182.4% (b) | $ | 556,981,929 | $ | 546,943,502 | 182.4 | % |
See accompanying notes to consolidated financial statements.
9
Number of Shares | Cost | Fair Value | % of Net Assets | |||||||||||||
Cash and cash equivalents and cash and cash equivalents, reserve accounts - 11.3% (b) | ||||||||||||||||
U.S. Bank Money Market (l) | 33,896,887 | $ | 33,896,887 | $ | 33,896,887 | 11.3 | % | |||||||||
Total cash and cash equivalents and cash and cash equivalents, reserve accounts | 33,896,887 | $ | 33,896,887 | $ | 33,896,887 | 11.3 | % |
(a) | Represents an ineligible investment as defined under Section 55(a) of the Investment Company Act of 1940, as amended. As of November 30, 2020 non-qualifying assets represent 14.1% of the Company's portfolio at fair value. As a BDC, the Company can only invest 30% of its portfolio in non-qualifying assets. |
(b) | Percentages are based on net assets of $299,852,890 as of November 30, 2020. |
(c) | Because there is no readily available market value for these investments, the fair values of these investments were determined using significant unobservable inputs and approved in good faith by our board of directors. These investments have been included as Level 3 in the Fair Value Hierarchy (see Note 3 to the consolidated financial statements). |
(d) | These securities are either fully or partially pledged as collateral under a senior secured revolving credit facility (see Note 7 to the consolidated financial statements). |
(e) | This investment does not have a stated interest rate that is payable thereon. As a result, the 22.02% interest rate in the table above represents the effective interest rate currently earned on the investment cost and is based on the current cash interest and other income generated by the investment. |
(f) | As defined in the Investment Company Act, this portfolio company is an Affiliate as we own between 5.0% and 25.0% of the voting securities. Transactions during the nine months ended November 30, 2020 in which the issuer was an Affiliate are as follows: |
Company | Purchases | Sales | Total Interest from Investments | Management Fee Income | Net Realized Gain (Loss) from Investments | Net Change in Unrealized Appreciation (Depreciation) | ||||||||||||||||||
Elyria Foundry Company, L.L.C. | $ | - | $ | - | $ | 143,574 | $ | - | $ | - | $ | (1,275,722 | ) | |||||||||||
GreyHeller LLC | 2,227,500 | - | 701,592 | - | - | 644,761 | ||||||||||||||||||
Top Gun Pressure Washing, LLC | 1,806,750 | - | 503,248 | - | - | (501,596 | ) | |||||||||||||||||
TG Pressure Washing Holdings, LLC | 138,148 | - | - | - | - | (289,049 | ) | |||||||||||||||||
Total | $ | 4,219,898 | $ | - | $ | 1,348,414 | $ | - | $ | - | $ | (1,421,606 | ) |
(g) | As defined in the Investment Company Act, we "Control" this portfolio company because we own more than 25% of the portfolio company's outstanding voting securities. Transactions during the nine months ended November 30, 2020 in which the issuer was both an Affiliate and a portfolio company that we Control are as follows: |
Company | Purchases | Sales | Total Interest from Investments | Management Fee Income | Net Realized Gain (Loss) from Investments | Net Change in Unrealized Appreciation (Depreciation) | ||||||||||||||||||
Netreo Holdings, LLC | $ | 1,188,000 | $ | - | $ | 541,309 | $ | - | $ | - | $ | (494,344 | ) | |||||||||||
Saratoga Investment Corp. CLO 2013-1, Ltd. | - | - | 2,426,007 | 1,883,825 | - | 2,039,738 | ||||||||||||||||||
Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-R-2 Notes | - | - | 182,964 | - | - | (42,750 | ) | |||||||||||||||||
Saratoga Investment Corp. CLO 2013-1, Ltd. Class G-R-2 Notes | - | - | 620,508 | - | - | (107,250 | ) | |||||||||||||||||
Saratoga Investment Corp. CLO 2013-1 Warehouse 2, Ltd. (j) | 22,500,000 | - | 384,576 | - | - | 127,551 | ||||||||||||||||||
Total | $ | 23,688,000 | $ | - | $ | 4,155,364 | $ | 1,883,825 | $ | - | $ | 1,522,945 |
(h) | Non-income producing at November 30, 2020. |
(i) | Includes securities issued by an affiliate of the Company. |
(j) | All or a portion of this investment has an unfunded commitment as of November 30, 2020. (see Note 8 to the consolidated financial statements). |
(k) | As of November 30, 2020, the investment was on non-accrual status. The fair value of these investments was approximately $6.2 million, which represented 1.1% of the Company's portfolio (see Note 2 to the consolidated financial statements). |
(l) | Included within cash and cash equivalents and cash and cash equivalents, reserve accounts in the Company's consolidated statements of assets and liabilities as of November 30, 2020. |
LIBOR - London Interbank Offered Rate
1M USD LIBOR - The 1 month USD LIBOR rate as of November 30, 2020 was 0.15%.
3M USD LIBOR - The 3 month USD LIBOR rate as of November 30, 2020 was 0.23%.
PIK - Payment-in-Kind (see Note 2 to the consolidated financial statements).
See accompanying notes to consolidated financial statements.
10
Saratoga Investment Corp.
Consolidated Schedule of Investments
February 29, 2020
Company | Industry | Investment Interest Rate/ Maturity | Original Acquisition Date | Principal/ Number of Shares | Cost | Fair Value (c) | % of Net Assets | |||||||||||||||
Non-control/Non-affiliate investments - 138.2% (b) | ||||||||||||||||||||||
CoConstruct, LLC | Construction Management Services | First Lien Term Loan (3M USD LIBOR+7.50%), 10.00% Cash, 7/5/2024 | 7/5/2019 | $ | 4,200,000 | 4,161,917 | 4,284,000 | 1.4 | % | |||||||||||||
CoConstruct, LLC (j) | Construction Management Services | Delayed Draw Term Loan (3M USD LIBOR+7.50%), 10.00% Cash, 7/5/2024 | 7/5/2019 | $ | - | - | - | 0.0 | % | |||||||||||||
Total Construction Management Services | 4,161,917 | 4,284,000 | 1.4 | % | ||||||||||||||||||
Targus Holdings, Inc. (h) | Consumer Products | Common Stock | 12/31/2009 | 210,456 | 1,589,630 | 417,619 | 0.1 | % | ||||||||||||||
Total Consumer Products | 1,589,630 | 417,619 | 0.1 | % | ||||||||||||||||||
My Alarm Center, LLC (k) | Consumer Services | Preferred Equity Class A Units 8.00% PIK | 7/14/2017 | 2,227 | 2,357,879 | - | 0.0 | % | ||||||||||||||
My Alarm Center, LLC (h) | Consumer Services | Preferred Equity Class B Units | 7/14/2017 | 1,797 | 1,796,880 | - | 0.0 | % | ||||||||||||||
My Alarm Center, LLC (h) | Consumer Services | Preferred Equity Class Z Units | 9/12/2018 | 676 | 712,343 | 1,997,158 | 0.6 | % | ||||||||||||||
My Alarm Center, LLC (h) | Consumer Services | Common Stock | 7/14/2017 | 96,224 | - | - | 0.0 | % | ||||||||||||||
Total Consumer Services | 4,867,102 | 1,997,158 | 0.60 | % | ||||||||||||||||||
Passageways, Inc. | Corporate Governance | First Lien Term Loan (3M USD LIBOR+7.00%), 8.75% Cash, 7/5/2023 | 7/5/2018 | $ | 5,000,000 | 4,961,214 | 5,034,500 | 1.7 | % | |||||||||||||
Passageways, Inc. (j) | Corporate Governance | Delayed Draw Term Loan (3M USD LIBOR+7.00%), 8.75% Cash, 7/5/2023 | 1/3/2020 | $ | 2,000,000 | 1,991,001 | 2,013,800 | 0.7 | % | |||||||||||||
Passageways, Inc. (h) | Corporate Governance | Series A Preferred Stock | 7/5/2018 | 2,027,205 | 1,000,000 | 2,042,180 | 0.8 | % | ||||||||||||||
Total Corporate Governance | 7,952,215 | 9,090,480 | 0.03 | |||||||||||||||||||
C2 Educational Systems (d) | Education Services | First Lien Term Loan (3M USD LIBOR+7.00%), 8.50% Cash, 5/31/2020 | 5/31/2017 | $ | 16,000,000 | 15,981,853 | 16,000,000 | 5.3 | % | |||||||||||||
Texas Teachers of Tomorrow, LLC (h), (i) | Education Services | Common Stock | 12/2/2015 | 750,000 | 750,000 | 703,910 | 0.2 | % | ||||||||||||||
Texas Teachers of Tomorrow, LLC (d) | Education Services | First Lien Term Loan (3M USD LIBOR+7.25%), 9.75% Cash, 6/28/2024 | 6/28/2019 | $ | 19,661,200 | 19,483,213 | 19,661,200 | 6.5 | % | |||||||||||||
Total Education Services | 36,215,066 | 36,365,110 | 12.0 | % | ||||||||||||||||||
Destiny Solutions Inc. (d) | Education Software | First Lien Term Loan (3M USD LIBOR+7.25%), 9.25% Cash, 10/23/2024 | 5/16/2018 | $ | 36,000,000 | 35,686,318 | 35,888,400 | 11.8 | % | |||||||||||||
Destiny Solutions Inc. (h), (i) | Education Software | Limited Partner Interests | 5/16/2018 | 2,342 | 2,468,464 | 2,805,839 | 0.9 | % | ||||||||||||||
Identity Automation Systems (h) | Education Software | Common Stock Class A Units | 8/25/2014 | 232,616 | 232,616 | 860,269 | 0.4 | % | ||||||||||||||
Identity Automation Systems (d) | Education Software | First Lien Term Loan (3M USD LIBOR+9.24%), 10.99% Cash, 5/8/2024 | 8/25/2014 | $ | 15,422,500 | 15,389,090 | 15,524,289 | 5.1 | % | |||||||||||||
EMS LINQ, Inc. | Education Software | First Lien Term Loan (1M USD LIBOR+8.50%), 10.02% Cash, 8/9/2024 | 8/9/2019 | $ | 14,925,000 | 14,780,293 | 14,823,510 | 4.8 | % | |||||||||||||
GoReact | Education Software | First Lien Term Loan (3M USD LIBOR+7.50%), 9.50% Cash, 1/17/2025 | 1/17/2020 | $ | 5,000,000 | 4,930,819 | 4,950,000 | 1.6 | % | |||||||||||||
GoReact (j) | Education Software | Delayed Draw Term Loan (3M USD LIBOR+7.50%), 9.50% Cash, 1/17/2025 | 1/17/2020 | $ | - | - | - | 0.0 | % | |||||||||||||
Kev Software Inc. (a) | Education Software | First Lien Term Loan (1M USD LIBOR+8.63%), 10.15% Cash, 9/13/2023 | 9/13/2018 | $ | 21,231,923 | 21,086,573 | 21,202,198 | 7.0 | % | |||||||||||||
Total Education Software | 94,574,173 | 96,054,505 | 31.6 | % | ||||||||||||||||||
Davisware, LLC | Field Service Management | First Lien Term Loan (3M USD LIBOR+7.00%), 9.00% Cash, 7/31/2024 | 9/6/2019 | $ | 3,000,000 | 2,971,896 | 2,970,000 | 1.0 | % | |||||||||||||
Davisware, LLC (j) | Field Service Management | Delayed Draw Term Loan (3M USD LIBOR+7.00%), 9.00% Cash, 7/31/2024 | 9/6/2019 | $ | - | - | - | 0.0 | % | |||||||||||||
Total Field Service Management | 2,971,896 | 2,970,000 | 1.0 | % |
See accompanying notes to consolidated financial statements.
11
Company | Industry | Investment Interest Rate/ Maturity | Original Acquisition Date | Principal/ Number of Shares | Cost | Fair Value (c) | % of Net Assets | |||||||||||||||
GDS Holdings US, Inc. (d) | Financial Services | First Lien Term Loan (3M USD LIBOR+7.00%), 8.50% Cash, 8/23/2023 | 8/23/2018 | $ | 7,500,000 | 7,444,170 | 7,650,000 | 2.5 | % | |||||||||||||
GDS Holdings US, Inc. (d) | Financial Services | Delayed Draw Term Loan (3M USD LIBOR+7.00%), 8.50% Cash, 8/23/2023 | 8/23/2018 | $ | 1,000,000 | 990,526 | 1,020,000 | 0.3 | % | |||||||||||||
GDS Software Holdings, LLC (h) | Financial Services | Common Stock Class A Units | 8/23/2018 | 250,000 | 250,000 | 421,291 | 0.1 | % | ||||||||||||||
FMG Suite Holdings, LLC (d) | Financial Services | Second Lien Term Loan (1M USD LIBOR+8.00%), 9.52% Cash, 11/16/2023 | 5/16/2018 | $ | 23,000,000 | 22,863,835 | 23,000,000 | 7.6 | % | |||||||||||||
Total Financial Services | 31,548,531 | 32,091,291 | 10.5 | % | ||||||||||||||||||
Ohio Medical, LLC (h) | Healthcare Products Manufacturing | Common Stock | 1/15/2016 | 5,000 | 500,000 | 416,550 | 0.1 | % | ||||||||||||||
Ohio Medical, LLC | Healthcare Products Manufacturing | Senior Subordinated Note 12.00% Cash, 7/15/2021 | 1/15/2016 | $ | 7,300,000 | 7,274,482 | 7,300,000 | 2.4 | % | |||||||||||||
Total Healthcare Products Manufacturing | 7,774,482 | 7,716,550 | 2.5 | % | ||||||||||||||||||
Axiom Parent Holdings, LLC (h) | Healthcare Services | Common Stock Class A Units | 6/19/2018 | 400,000 | 400,000 | 428,706 | 0.1 | % | ||||||||||||||
Axiom Purchaser, Inc. (d) | Healthcare Services | First Lien Term Loan (3M USD LIBOR+6.00%), 7.75% Cash, 6/19/2023 | 6/19/2018 | $ | 10,000,000 | 9,936,612 | 9,944,000 | 3.3 | % | |||||||||||||
Axiom Purchaser, Inc. (d), (j) | Healthcare Services | Delayed Draw Term Loan (3M USD LIBOR+6.00%), 7.75% Cash, 6/19/2023 | 6/19/2018 | $ | 3,000,000 | 2,977,619 | 2,983,200 | 1.0 | % | |||||||||||||
ComForCare Health Care | Healthcare Services | First Lien Term Loan (3M USD LIBOR+7.50%), 8.96% Cash, 1/31/2022 | 1/31/2017 | $ | 15,000,000 | 14,929,216 | 15,099,000 | 5.0 | % | |||||||||||||
Total Healthcare Services | 28,243,447 | 28,454,906 | 9.4 | % | ||||||||||||||||||
HemaTerra Holding Company, LLC | Healthcare Software | First Lien Term Loan (3M USD LIBOR+6.75%), 9.25% Cash, 4/15/2024 | 4/15/2019 | $ | 6,000,000 | 5,944,473 | 6,120,000 | 2.0 | % | |||||||||||||
HemaTerra Holding Company, LLC (j) | Healthcare Software | Delayed Draw Term Loan (3M USD LIBOR+6.75%), 9.25% Cash, 4/15/2024 | 4/15/2019 | $ | 10,000,000 | 9,912,295 | 10,200,000 | 3.4 | % | |||||||||||||
TRC HemaTerra, LLC (h) | Healthcare Software | Class D Membership Interests | 4/15/2019 | 2,000,000 | 2,000,000 | 2,259,190 | 0.7 | % | ||||||||||||||
PDDS Buyer, LLC | Healthcare Software | First Lien Term Loan (3M USD LIBOR+7.00%), 9.50% Cash, 7/15/2024 | 7/15/2019 | $ | 12,000,000 | 11,888,585 | 12,184,800 | 4.0 | % | |||||||||||||
PDDS Buyer, LLC (j) | Healthcare Software | Delayed Draw Term Loan (3M USD LIBOR+7.00%), 9.50% Cash, 7/15/2024 | 7/15/2019 | $ | - | - | - | 0.0 | % | |||||||||||||
Total Healthcare Software | 29,745,353 | 30,763,990 | 10.1 | % | ||||||||||||||||||
Roscoe Medical, Inc. (h) | Healthcare Supply | Common Stock | 3/26/2014 | 5,081 | 508,077 | - | 0.0 | % | ||||||||||||||
Roscoe Medical, Inc. (k) | Healthcare Supply | Second Lien Term Loan 11.25% Cash, 3/28/2021 | 3/26/2014 | $ | 4,200,000 | 4,200,000 | 2,136,960 | 0.7 | % | |||||||||||||
Total Healthcare Supply | 4,708,077 | 2,136,960 | 0.7 | % | ||||||||||||||||||
Knowland Group, LLC | Hospitality/Hotel | Second Lien Term Loan (3M USD LIBOR+8.00%), 10.00% Cash, 5/9/2024 | 11/9/2018 | $ | 15,000,000 | 15,000,000 | 14,893,500 | 4.9 | % | |||||||||||||
Total Hospitality/Hotel | 15,000,000 | 14,893,500 | 4.9 | % | ||||||||||||||||||
Vector Controls Holding Co., LLC (d) | Industrial Products | First Lien Term Loan 10.50% (9.00% Cash/1.50% PIK), 3/6/2022 | 3/6/2013 | $ | 7,849,846 | 7,849,846 | 7,928,345 | 2.6 | % | |||||||||||||
Vector Controls Holding Co., LLC (h) | Industrial Products | Warrants to Purchase Limited Liability Company Interests, Expires 11/30/2027 | 5/31/2015 | 343 | - | 2,850,231 | 0.9 | % | ||||||||||||||
Total Industrial Products | 7,849,846 | 10,778,576 | 3.5 | % | ||||||||||||||||||
CLEO Communications Holding, LLC | IT Services | First Lien Term Loan (3M USD LIBOR+8.00%), 9.46% Cash/2.00% PIK, 3/31/2022 | 3/31/2017 | $ | 13,791,686 | 13,773,206 | 14,048,211 | 4.6 | % | |||||||||||||
CLEO Communications Holding, LLC | IT Services | Delayed Draw Term Loan (3M USD LIBOR+8.00%), 9.46% Cash/2.00% PIK, 3/31/2022 | 3/31/2017 | $ | 20,041,560 | 19,919,746 | 20,414,333 | 6.7 | % | |||||||||||||
Erwin, Inc. (d) | IT Services | Second Lien Term Loan (3M USD LIBOR+11.50%), 12.96% Cash/1.00% PIK, 8/28/2021 | 2/29/2016 | $ | 16,049,804 | 15,990,286 | 16,049,804 | 5.3 | % | |||||||||||||
Total IT Services | 49,683,238 | 50,512,348 | 16.6 | % | ||||||||||||||||||
inMotionNow, Inc. | Marketing Services | First Lien Term Loan (3M USD LIBOR+7.25), 9.75% Cash, 5/15/2024 | 5/15/2019 | $ | 12,200,000 | 12,094,364 | 12,200,000 | 4.1 | % | |||||||||||||
inMotionNow, Inc. (j) | Marketing Services | Delayed Draw Term Loan (3M USD LIBOR+7.25) 9.75% Cash, 5/15/2024 | 5/15/2019 | $ | 2,000,000 | 1,981,329 | 2,000,000 | 0.0 | % | |||||||||||||
Total Marketing Services | 14,075,693 | 14,200,000 | 4.1 | % | ||||||||||||||||||
Omatic Software, LLC | Non-profit Services | First Lien Term Loan (3M USD LIBOR+8.00%), 9.75% Cash, 5/29/2023 | 5/29/2018 | $ | 5,500,000 | 5,459,192 | 5,554,999 | 1.9 | % |
See accompanying notes to consolidated financial statements.
12
Company | Industry | Investment Interest Rate/ Maturity | Original Acquisition Date | Principal/ Number of Shares | Cost | Fair Value (c) | % of Net Assets | |||||||||||||||
Omatic Software, LLC (j) | Non-profit Services | Delayed Draw Term Loan (3M USD LIBOR+8.00%), 9.75% Cash, 5/29/2023 | 5/29/2018 | $ | - | - | - | 0.0 | % | |||||||||||||
Total Non-profit Services | 5,459,192 | 5,554,999 | 1.9 | % | ||||||||||||||||||
Emily Street Enterprises, L.L.C. | Office Supplies | Senior Secured Note (3M USD LIBOR+8.50%), 10.00% Cash, 4/22/2020 | 12/28/2012 | $ | 3,300,000 | 3,299,987 | 3,300,000 | 1.1 | % | |||||||||||||
Emily Street Enterprises, L.L.C. (h) | Office Supplies | Warrant Membership Interests Expires 12/28/2022 | 12/28/2012 | 49,318 | 400,000 | 499,464 | 0.2 | % | ||||||||||||||
Total Office Supplies | 3,699,987 | 3,799,464 | 1.3 | % | ||||||||||||||||||
Apex Holdings Software Technologies, LLC | Payroll Services | First Lien Term Loan (3M USD LIBOR+8.00%), 9.46% Cash, 9/21/2021 | 9/21/2016 | $ | 18,000,000 | $ | 17,951,463 | $ | 17,589,600 | 5.8 | % | |||||||||||
Apex Holdings Software Technologies, LLC | Payroll Services | Delayed Draw Term Loan (3M USD LIBOR+8.00%), 9.46% Cash, 9/21/2021 | 10/1/2018 | $ | 1,500,000 | 1,491,938 | 1,465,800 | 0.5 | % | |||||||||||||
Total Payroll Services | 19,443,401 | 19,055,400 | 6.3 | % | ||||||||||||||||||
Village Realty Holdings LLC | Property Management | First Lien Term Loan (3M USD LIBOR+6.50%), 8.75% Cash, 10/8/2024 | 10/8/2019 | $ | 7,250,000 | 7,180,560 | 7,264,500 | 2.4 | % | |||||||||||||
Village Realty Holdings LLC (j) | Property Management | Delayed Draw Term Loan (3M USD LIBOR+6.50%), 8.75% Cash, 10/8/2024 | 10/8/2019 | $ | 3,876,322 | 3,838,783 | 3,884,075 | 1.4 | % | |||||||||||||
V Rental Holdings LLC (h) | Property Management | Class A-1 Membership Units | 10/8/2019 | 116,700 | 338,229 | 354,280 | 0.1 | % | ||||||||||||||
Total Property Management | 11,357,572 | 11,502,855 | 3.9 | % | ||||||||||||||||||
TMAC Acquisition Co., LLC | Restaurant | Unsecured Term Loan 8.00% PIK, 9/01/2023 | 3/1/2018 | $ | 2,261,017 | 2,261,017 | 2,140,880 | 0.7 | % | |||||||||||||
Total Restaurant | 2,261,017 | 2,140,880 | 0.7 | % | ||||||||||||||||||
ArbiterSports, LLC | Sports Management | First Lien Term Loan (3M USD LIBOR+6.50%), 8.25% Cash, 2/21/2025 | 2/21/2020 | $ | 26,000,000 | 25,765,288 | 25,740,000 | 8.6 | % | |||||||||||||
Arbiter Sports, LLC (j) | Sports Management | Delayed Draw Term Loan (3M USD LIBOR+6.50%), 8.25% Cash, 2/21/2025 | 2/21/2020 | $ | - | - | - | 0.0 | % | |||||||||||||
Total Sports Management | 25,765,288 | 25,740,000 | 8.6 | % | ||||||||||||||||||
Avionte Holdings, LLC (h) | Staffing Services | Class A Units | 1/8/2014 | 100,000 | 100,000 | 922,337 | 0.3 | % | ||||||||||||||
Total Staffing Services | 100,000 | 922,337 | 0.3 | % | ||||||||||||||||||
National Waste Partners (d) | Waste Services | Second Lien Term Loan 10.00% Cash, 2/13/2022 | 2/13/2017 | $ | 9,000,000 | 8,959,602 | 9,000,000 | 3.0 | % | |||||||||||||
Total Waste Services | 8,959,602 | 9,000,000 | 3.0 | % | ||||||||||||||||||
Sub Total Non-control/Non-affiliate investments | 418,006,725 | 420,442,928 | 138.2 | % | ||||||||||||||||||
Affiliate investments - 6.0% (b) | ||||||||||||||||||||||
GreyHeller LLC (f) | Cyber Security | First Lien Term Loan (3M USD LIBOR+11.00%), 12.46% Cash, 11/16/2021 | 11/17/2016 | $ | 7,000,000 | 6,971,109 | 7,000,000 | 2.2 | % | |||||||||||||
GreyHeller LLC (f), (h) | Cyber Security | Series A Preferred Units | 11/17/2016 | 850,000 | 850,000 | 2,981,503 | 1.0 | % | ||||||||||||||
Total Cyber Security | 7,821,109 | 9,981,503 | 3.2 | % | ||||||||||||||||||
Top Gun Pressure Washing, LLC (f) | Facililties Maintenance | First Lien Term Loan (3M USD LIBOR+7.00%), 9.50% Cash, 8/12/2024 | 8/12/2019 | $ | 5,000,000 | 4,952,729 | 5,024,500 | 1.7 | % | |||||||||||||
Top Gun Pressure Washing, LLC (f), (j) | Facililties Maintenance | Delayed Draw Term Loan (3M USD LIBOR+7.00%), 9.50% Cash, 8/12/2024 | 8/12/2019 | $ | - | - | - | 0.0 | % | |||||||||||||
TG Pressure Washing Holdings, LLC (f), (h) | Facililties Maintenance | Preferred Equity | 8/12/2019 | 350,000 | 350,000 | 350,000 | 0.1 | % | ||||||||||||||
Total Facililties Maintenance | 5,302,729 | 5,374,500 | 1.8 | % | ||||||||||||||||||
Elyria Foundry Company, L.L.C. (f), (h) | Metals | Common Stock | 7/30/2010 | 60,000 | 9,685,028 | 1,939,800 | 0.6 | % | ||||||||||||||
Elyria Foundry Company, L.L.C. (d), (f) | Metals | Second Lien Term Loan 15.00% PIK, 8/10/2022 | 7/30/2010 | $ | 1,190,051 | 1,190,051 | 1,190,051 | 0.4 | % | |||||||||||||
Total Metals | 10,875,079 | 3,129,851 | 1.0 | % | ||||||||||||||||||
Sub Total Affiliate investments | 23,998,917 | 18,485,854 | 6.0 | % | ||||||||||||||||||
Control investments - 15.4% (b) | ||||||||||||||||||||||
Netreo Holdings, LLC (g) | IT Services | First Lien Term Loan (3M USD LIBOR +6.25%), 9.00% Cash/2.00% PIK, 7/3/2023 | 7/3/2018 | $ | 5,162,734 | 5,123,191 | 5,265,989 | 1.7 | % | |||||||||||||
Netreo Holdings, LLC (g), (h) | IT Services | Common Stock Class A Unit | 7/3/2018 | 3,150,000 | 3,150,000 | 6,762,672 | 2.3 | % | ||||||||||||||
Total IT Services | 8,273,191 | 12,028,661 | 4.0 | % | ||||||||||||||||||
Saratoga Investment Corp. CLO 2013-1, Ltd. (a), (e), (g) | Structured Finance Securities | Other/Structured Finance Securities 10.97%, 1/20/2030 | 1/22/2008 | $ | 69,500,000 | 23,520,428 | 22,557,240 | 7.4 | % | |||||||||||||
Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-R-2 Note (a), (g) | Structured Finance Securities | Other/Structured Finance Securities (3M USD LIBOR+8.75%), 10.21%, 1/20/2030 | 12/14/2018 | $ | 2,500,000 | 2,500,000 | 2,478,000 | 0.8 | % |
See accompanying notes to consolidated financial statements.
13
Company | Industry | Investment Interest Rate/ Maturity | Original Acquisition Date | Principal/ Number of Shares | Cost | Fair Value (c) | % of Net Assets | |||||||||||||||
Saratoga Investment Corp. CLO 2013-1, Ltd. Class G-R-2 Note (a), (g) | Structured Finance Securities | Other/Structured Finance Securities (3M USD LIBOR+10.00%), 11.46%, 1/20/2030 | 12/14/2018 | $ | 7,500,000 | 7,500,000 | 7,434,750 | 2.4 | % | |||||||||||||
Saratoga Investment Corp. CLO 2013-1 Warehouse 2, Ltd. (a), (g), (j) | Structured Finance Securities | Unsecured Loan (3M USD LIBOR+7.50%), 8.96%, 8/20/2021 | 2/18/2020 | $ | 2,500,000 | 2,500,000 | 2,204,541 | 0.8 | % | |||||||||||||
Total Structured Finance Securities | 36,020,428 | 34,674,531 | 11.4 | % | ||||||||||||||||||
Sub Total Control investments | 44,293,619 | 46,703,192 | 15.4 | % | ||||||||||||||||||
TOTAL INVESTMENTS - 159.6% (b) | $ | 486,299,261 | $ | 485,631,974 | 159.6 | % |
Number of Shares | Cost | Fair Value | % of Net Assets | |||||||||||||
Cash and cash equivalents and cash and cash equivalents, reserve accounts - 13.0% (b) | ||||||||||||||||
U.S. Bank Money Market (l) | 39,450,352 | $ | 39,450,352 | $ | 39,450,352 | 13.0 | % | |||||||||
Total cash and cash equivalents and cash and cash equivalents, reserve accounts | 39,450,352 | $ | 39,450,352 | $ | 39,450,352 | 13.0 | % |
* | Certain reclassifications have been made to previously reported industry groupings to show results on a consistent basis across periods. |
(a) | Represents a non-qualifying investment as defined under Section 55(a) of the Investment Company Act of 1940, as amended. As of February 29, 2020, non-qualifying assets represent 11.5% of the Company’s portfolio at fair value. As a BDC, the Company can only invest 30% of its portfolio in non-qualifying assets. |
(b) | Percentages are based on net assets of $304,286,853 as of February 29, 2020. |
(c) | Because there is no readily available market value for these investments, the fair values of these investments were determined using significant unobservable inputs and approved in good faith by our board of directors. These investments have been included as Level 3 in the Fair Value Hierarchy (see Note 3 to the consolidated financial statements). |
(d) | These securities are either fully or partially pledged as collateral under a senior secured revolving credit facility (see Note 7 to the consolidated financial statements). |
(e) | This investment does not have a stated interest rate that is payable thereon. As a result, the 10.97% interest rate in the table above represents the effective interest rate currently earned on the investment cost and is based on the current cash interest and other income generated by the investment. |
(f) | As defined in the Investment Company Act, this portfolio company is an Affiliate as we own between 5.0% and 25.0% of the voting securities. Transactions during the year ended February 29, 2020 in which the issuer was an Affiliate are as follows: |
Company | Purchases | Sales | Total Interest from Investments | Management Fee Income | Net Realized Gain (Loss) from Investments | Net Change in Unrealized Appreciation (Depreciation) | ||||||||||||||||||
GreyHeller LLC | $ | - | $ | - | $ | 961,322 | $ | - | $ | - | $ | 1,331,201 | ||||||||||||
Elyria Foundry Company, L.L.C. | - | - | 167,835 | - | - | 135,600 | ||||||||||||||||||
Top Gun Pressure Washing, LLC | 4,950,000 | - | 269,257 | - | - | 71,771 | ||||||||||||||||||
TG Pressure Washing Holdings, LLC | 350,000 | - | - | - | - | - | ||||||||||||||||||
Total | $ | 5,300,000 | $ | - | $ | 1,398,414 | $ | - | $ | - | $ | 1,538,572 |
See accompanying notes to consolidated financial statements.
14
(g) | As defined in the Investment Company Act, we “Control” this portfolio company because we own more than 25% of the portfolio company’s outstanding voting securities. Transactions during the year ended February 29, 2020 in which the issuer was both an Affiliate and a portfolio company that we Control are as follows: |
Company | Purchases | Sales | Total Interest from Investments | Management Fee Income | Net Realized Gain (Loss) from Investments | Net Change in Unrealized Appreciation (Depreciation) | ||||||||||||||||||
Easy Ice, LLC | $ | - | $ | (65,219,080 | ) | $ | 3,335,320 | $ | - | $ | 31,225,165 | $ | (3,816,610 | ) | ||||||||||
Easy Ice Masters, LLC | - | (4,169,121 | ) | 382,066 | - | - | (51,436 | ) | ||||||||||||||||
Netreo Holdings, LLC | - | - | 578,617 | - | - | 1,654,603 | ||||||||||||||||||
Saratoga Investment Corp. CLO 2013-1, Ltd. | - | - | 4,058,715 | 2,503,804 | - | (2,840,298 | ) | |||||||||||||||||
Saratoga Investment Corp. CLO 2013-1, Ltd. Class F-R-2 Notes | - | - | 280,689 | - | - | (5,500 | ) | |||||||||||||||||
Saratoga Investment Corp. CLO 2013-1, Ltd. Class G-R-2 Notes | - | - | 937,378 | - | - | (15,750 | ) | |||||||||||||||||
Saratoga Investment Corp. CLO 2013-1 Warehouse 2, Ltd (j) | 2,500,000 | - | 7,642 | - | - | (295,459 | ) | |||||||||||||||||
Total | $ | 2,500,000 | $ | (69,388,201 | ) | $ | 9,580,427 | $ | 2,503,804 | $ | 31,225,165 | $ | (5,370,450 | ) |
(h) | Non-income producing at February 29, 2020. |
(i) | Includes securities issued by an affiliate of the Company. |
(j) | All or a portion of this investment has an unfunded commitment as of February 29, 2020. (see Note 8 to the consolidated financial statements). |
(k) | As of February 29, 2020, the investment was on non-accrual status. The fair value of these investments was approximately $2.1 million, which represented 0.4% of the Company’s portfolio (see Note 2 to the consolidated financial statements). |
(l) | Included within cash and cash equivalents and cash and cash equivalents, reserve accounts in the Company’s consolidated statements of assets and liabilities as of February 29, 2020. |
LIBOR - London Interbank Offered Rate
1M USD LIBOR - The 1 month USD LIBOR rate as of February 29, 2020 was 1.52%.
3M USD LIBOR - The 3 month USD LIBOR rate as of February 29, 2020 was 1.46%.
PIK - Payment-in-Kind (see Note 2 to the consolidated financial statements).
See accompanying notes to consolidated financial statements.
15
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
November 30, 2020
(unaudited)
Note 1. Organization
Saratoga Investment Corp. (the “Company”, “we”, “our” and “us”) is a non-diversified closed end management investment company incorporated in Maryland that has elected to be treated and is regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). The Company commenced operations on March 23, 2007 as GSC Investment Corp. and completed its initial public offering (“IPO”) on March 28, 2007. The Company has elected to be treated as a regulated investment company (“RIC”) under subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company expects to continue to qualify and to elect to be treated, for tax purposes, as a RIC. The Company’s investment objective is to generate current income and, to a lesser extent, capital appreciation from its investments.
GSC Investment, LLC (the “LLC”) was organized in May 2006 as a Maryland limited liability company. As of February 28, 2007, the LLC had not yet commenced its operations and investment activities.
On March 21, 2007, the Company was incorporated and concurrently therewith the LLC was merged with and into the Company, with the Company as the surviving entity, in accordance with the procedure for such merger in the LLC’s limited liability company agreement and Maryland law. In connection with such merger, each outstanding limited liability company interest of the LLC was converted into a share of common stock of the Company.
On July 30, 2010, the Company changed its name from “GSC Investment Corp.” to “Saratoga Investment Corp.” in connection with the consummation of a recapitalization transaction.
The Company is externally managed and advised by the investment adviser, Saratoga Investment Advisors, LLC (the “Manager” or “Saratoga Investment Advisors”), pursuant to an investment advisory and management agreement (the “Management Agreement”). Prior to July 30, 2010, the Company was managed and advised by GSCP (NJ), L.P.
The Company has established wholly-owned subsidiaries, SIA-Avionte, Inc., SIA-GH, Inc., SIA-MAC, Inc., SIA-PP, Inc., SIA-TG, Inc., SIA-TT, Inc., SIA-Vector, Inc. and SIA-VR, Inc., which are structured as Delaware entities, or tax blockers (“Taxable Blockers”), to hold equity or equity-like investments in portfolio companies organized as limited liability companies, or LLCs (or other forms of pass through entities). Tax Blockers are consolidated for accounting purposes, but are not consolidated for U.S. federal income tax purposes and may incur U.S. federal income tax expenses as a result of their ownership of portfolio companies.
On February 11, 2020, the Company entered into an unsecured loan agreement (“CLO 2013-1 Warehouse 2 Loan”) with Saratoga Investment Corp. CLO 2013-1 Warehouse 2, Ltd. (“CLO 2013-1 Warehouse 2”), a wholly-owned subsidiary of Saratoga Investment Corp. CLO 2013-1, Ltd. (“Saratoga CLO”), pursuant to which CLO 2013-1 Warehouse 2 may borrow from time to time up to $20.0 million from the Company in order to provide capital necessary to support warehouse activities. On October 23, 2020, the CLO 2013-1 Warehouse 2 Loan was increased to $25.0 million availability, which was immediately fully drawn and, which expires on August 20, 2021. The interest rate was also amended to be based on a pricing grid, starting at an annual rate of 3M USD LIBOR + 4.46%. As of November 30, 2020, the Company’s investment in the CLO 2013-1 Warehouse 2 had a fair value of $24.8 million.
On March 28, 2012, our wholly-owned subsidiary, Saratoga Investment Corp. SBIC, LP (“SBIC LP”), received a Small Business Investment Company (“SBIC”) license from the Small Business Administration (“SBA”). On August 14, 2019, our wholly-owned subsidiary, Saratoga Investment Corp. SBIC II LP (“SBIC II LP”), also received an SBIC license from the SBA. The new license will provide up to $175.0 million in additional long-term capital in the form of SBA debentures.
Note 2. Summary of Significant Accounting Policies
Basis of Presentation
The accompanying consolidated financial statements have been prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), are stated in U.S. Dollars and include the accounts of the Company and its special purpose financing subsidiaries, Saratoga Investment Funding, LLC (previously known as GSC Investment Funding LLC), SBIC LP, SBIC II LP, SIA-Avionte, Inc., SIA-GH, Inc., SIA-MAC, Inc., SIA-PP, Inc., SIA-TG, Inc., SIA-TT, Inc., SIA-Vector, Inc. and SIA-VR, Inc. All intercompany accounts and transactions have been eliminated in consolidation. All references made to the “Company,” “we,” and “us” herein include Saratoga Investment Corp. and its consolidated subsidiaries, except as stated otherwise.
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The Company, SBIC LP and SBIC II LP are all considered to be investment companies for financial reporting purposes and have applied the guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, “Financial Services — Investment Companies” (“ASC 946”). There have been no changes to the Company, SBIC LP or SBIC II LP’s status as investment companies during the three months ended November 30, 2020.
Use of Estimates in the Preparation of Financial Statements
The preparation of the accompanying consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and income, gains (losses) and expenses during the period reported. Actual results could differ materially from those estimates.
Cash and Cash Equivalents
Cash and cash equivalents include short-term, liquid investments in a money market fund. Cash and cash equivalents are carried at cost which approximates fair value. Per section 12(d)(1)(A) of the 1940 Act, the Company may not invest in another registered investment company such as a money market fund if such investment would cause the Company to exceed any of the following limitations:
● | we were to own more than 3.0% of the total outstanding voting stock of the money market fund; |
● | we were to hold securities in the money market fund having an aggregate value in excess of 5.0% of the value of our total assets, except as allowed pursuant to Rule 12d1-1 of Section 12(d)(1) of the 1940 Act which is designed to permit “cash sweep” arrangements rather than investments directly in short-term instruments; or |
● | we were to hold securities in money market funds and other registered investment companies and BDCs having an aggregate value in excess of 10.0% of the value of our total assets. |
As of November 30, 2020, the Company did not exceed any of these limitations.
Cash and Cash Equivalents, Reserve Accounts
Cash and cash equivalents, reserve accounts include amounts held in designated bank accounts in the form of cash and short-term liquid investments in money market funds, representing payments received on secured investments or other reserved amounts associated with the Company’s $45.0 million senior secured revolving credit facility with Madison Capital Funding LLC. The Company is required to use these amounts to pay interest expense, reduce borrowings, or pay other amounts in accordance with the terms of the senior secured revolving credit facility.
In addition, cash and cash equivalents, reserve accounts also include amounts held in designated bank accounts, in the form of cash and short-term liquid investments in money market funds, within our wholly-owned subsidiaries, SBIC LP and SBIC II LP.
The statements of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash and restricted cash equivalents when reconciling the beginning-of-period and end-of-period total amounts.
The following table provides a reconciliation of cash and cash equivalents and cash and cash equivalents, reserve accounts reported within the consolidated statements of assets and liabilities that sum to the total of the same such amounts shown in the consolidated statements of cash flows:
November 30, 2020 | November 30, 2019 | |||||||
Cash and cash equivalents | $ | 21,060,224 | $ | 51,646,844 | ||||
Cash and cash equivalents, reserve accounts | 12,836,663 | 29,465,785 | ||||||
Total cash and cash equivalents and cash and cash equivalents, reserve accounts | $ | 33,896,887 | $ | 81,112,629 |
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Investment Classification
The Company classifies its investments in accordance with the requirements of the 1940 Act. Under the 1940 Act, “Control Investments” are defined as investments in companies in which we own more than 25.0% of the voting securities or maintain greater than 50.0% of the board representation. Under the 1940 Act, “Affiliated Investments” are defined as those non-control investments in companies in which we own between 5.0% and 25.0% of the voting securities. Under the 1940 Act, “Non-affiliated Investments” are defined as investments that are neither Control Investments nor Affiliated Investments.
Investment Valuation
The Company accounts for its investments at fair value in accordance with the FASB ASC Topic 820, Fair Value Measurement (“ASC 820”). ASC 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the quality of inputs used to measure fair value and enhances disclosure requirements for fair value measurements. ASC 820 requires the Company to assume that its investments are to be sold or its liabilities are to be transferred at the balance sheet date in the principal market to independent market participants, or in the absence of a principal market, in the most advantageous market, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact.
Investments for which market quotations are readily available are fair valued at such market quotations obtained from independent third-party pricing services and market makers subject to any decision by our board of directors to approve a fair value determination to reflect significant events affecting the value of these investments. We value investments for which market quotations are not readily available at fair value as approved, in good faith, by our board of directors based on input from our Manager, the audit committee of our board of directors and a third-party independent valuation firm. Determinations of fair value may involve subjective judgments and estimates. The types of factors that may be considered in determining the fair value of our investments include the nature and realizable value of any collateral, the portfolio company’s ability to make payments, market yield trend analysis, the markets in which the portfolio company does business, comparison to publicly traded companies, discounted cash flow and other relevant factors.
The Company undertakes a multi-step valuation process each quarter when valuing investments for which market quotations are not readily available, as described below:
● | Each investment is initially valued by the responsible investment professionals of the Manager and preliminary valuation conclusions are documented, reviewed and discussed with our senior management; and |
● | An independent valuation firm engaged by our board of directors independently reviews a selection of these preliminary valuations each quarter so that the valuation of each investment for which market quotes are not readily available is reviewed by the independent valuation firm at least once each fiscal year. |
In addition, all our investments are subject to the following valuation process:
● | The audit committee of our board of directors reviews and approves each preliminary valuation and our Manager and independent valuation firm (if applicable) will supplement the preliminary valuation to reflect any comments provided by the audit committee; and |
● | Our board of directors discusses the valuations and approves the fair value of each investment, in good faith, based on the input of our Manager, independent valuation firm (to the extent applicable) and the audit committee of our board of directors. |
The Company’s investment in Saratoga Investment Corp. CLO 2013-1, Ltd. (“Saratoga CLO”) is carried at fair value, which is based on a discounted cash flow model that utilizes prepayment, re-investment and loss assumptions based on historical experience and projected performance, economic factors, the characteristics of the underlying cash flow, and comparable yields for equity interests in collateralized loan obligation funds similar to Saratoga CLO, when available, as determined by our Manager and recommended to our board of directors. Specifically, we use Intex cash flow models, or an appropriate substitute, to form the basis for the valuation of our investment in Saratoga CLO. The models use a set of assumptions including projected default rates, recovery rates, reinvestment rates and prepayment rates in order to arrive at estimated valuations. The assumptions are based on available market data and projections provided by third parties as well as management estimates. The Company uses the output from the Intex models (i.e., the estimated cash flows) to perform a discounted cash flow analysis on expected future cash flows to determine the valuation for our investment in Saratoga CLO.
Because such valuations, and particularly valuations of private investments and private companies, are inherently uncertain, they may fluctuate over short periods of time and may be based on estimates. The determination of fair value may differ materially from the values that would have been used if a ready market for these investments existed. The Company’s net asset value could be materially affected if the determinations regarding the fair value of our investments were materially higher or lower than the values that we ultimately realize upon the disposal of such investments.
Derivative Financial Instruments
The Company accounts for derivative financial instruments in accordance with FASB ASC Topic 815, Derivatives and Hedging (“ASC 815”). ASC 815 requires recognizing all derivative instruments as either assets or liabilities on the consolidated statements of assets and liabilities at fair value. The Company values derivative contracts at the closing fair value provided by the counterparty. Changes in the values of derivative contracts are included in the consolidated statements of operations.
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Investment Transactions and Income Recognition
Purchases and sales of investments and the related realized gains or losses are recorded on a trade-date basis. Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis to the extent that such amounts are expected to be collected. The Company stops accruing interest on its investments when it is determined that interest is no longer collectible. Discounts and premiums on investments purchased are accreted/amortized using the effective yield method. The amortized cost of investments represents the original cost adjusted for the accretion of discounts over the life of the investment and amortization of premiums on investments up to the earliest call date.
Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected. Accrued interest is generally reserved when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as a reduction in principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current, although we may make exceptions to this general rule if the loan has sufficient collateral value and is in the process of collection. At November 30, 2020, certain investments in three portfolio companies, including preferred equity interests, were on non-accrual status with a fair value of approximately $6.2 million, or 1.1% of the fair value of our portfolio. At February 29, 2020, certain investments in two portfolio companies, including preferred equity interests, were on non-accrual status with a fair value of approximately $2.1 million, or 0.4% of the fair value of our portfolio.
Interest income on our investment in Saratoga CLO is recorded using the effective interest method in accordance with the provisions of ASC Topic 325, Investments-Other, Beneficial Interests in Securitized Financial Assets, (“ASC 325”), based on the anticipated yield and the estimated cash flows over the projected life of the investment. Yields are revised when there are changes in actual or estimated cash flows due to changes in prepayments and/or re-investments, credit losses or asset pricing. Changes in estimated yield are recognized as an adjustment to the estimated yield over the remaining life of the investment from the date the estimated yield was changed.
Payment-in-Kind Interest
The Company holds debt and preferred equity investments in its portfolio that contain a payment-in-kind (“PIK”) interest provision. The PIK interest, which represents contractually deferred interest added to the investment balance that is generally due at maturity, is generally recorded on the accrual basis to the extent such amounts are expected to be collected. The Company stops accruing PIK interest if it is expected that the issuer will not be able to pay all principal and interest when due.
Structuring and Advisory Fee Income
Structuring and advisory fee income represents various fee income earned and received performing certain investment structuring and advisory activities during the closing of new investments.
Other Income
Other income includes dividends received, prepayment income fees, and origination, monitoring, administration and amendment fees and is recorded in the consolidated statements of operations when earned.
Deferred Debt Financing Costs
Financing costs incurred in connection with our credit facility and notes are deferred and amortized using the straight-line method over the life of the respective facility and debt securities. Financing costs incurred in connection with our SBA debentures are deferred and amortized using the straight-line method over the life of the debentures.
The Company presents deferred debt financing costs on the balance sheet as a contra-liability as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts.
Contingencies
In the ordinary course of business, the Company may enter into contracts or agreements that contain indemnifications or warranties. Future events could occur that lead to the execution of these provisions against the Company. Based on its history and experience, management feels that the likelihood of such an event is remote. Therefore, the Company has not accrued any liabilities in connection with such indemnifications.
In the ordinary course of business, the Company may directly or indirectly be a defendant or plaintiff in legal actions with respect to bankruptcy, insolvency or other types of proceedings. Such lawsuits may involve claims that could adversely affect the value of certain financial instruments owned by the Company.
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Income Taxes
The Company has elected to be treated for tax purposes as a RIC under the Code and, among other things, intends to make the requisite distributions to its stockholders which will relieve the Company from federal income taxes. Therefore, no provision has been recorded for federal income taxes, except as related to the Taxable Blockers and long-term capital gains, when applicable.
In order to qualify as a RIC, among other requirements, the Company is required to timely distribute to its stockholders at least 90.0% of its investment company taxable income, as defined by the Code, for each fiscal tax year. The Company will be subject to a nondeductible U.S. federal excise tax of 4.0% on undistributed income if it does not distribute at least 98.0% of its ordinary income in any calendar year and 98.2% of its capital gain net income for each one-year period ending on October 31.
Depending on the level of taxable income earned in a tax year, the Company may choose to carry forward taxable income in excess of current year dividend distributions into the next tax year and pay a 4.0% excise tax on such income, as required. To the extent that the Company determines that its estimated current year annual taxable income will be in excess of estimated current year dividend distributions for excise tax purposes, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned.
In accordance with certain applicable U.S. Treasury regulations and private letter rulings issued by the Internal Revenue Service (“IRS”), a RIC may treat a distribution of its own stock as fulfilling its RIC distribution requirements if each stockholder may elect to receive his or her entire distribution in either cash or stock of the RIC subject to a limitation on the aggregate amount of cash to be distributed to all stockholders, which limitation must be at least 20.0% of the aggregate declared distribution. If too many stockholders elect to receive cash, each stockholder electing to receive cash will receive a pro rata amount of cash (with the balance of the distribution paid in stock). In no event will any stockholder, electing to receive cash, receive less than 20.0% of his or her entire distribution in cash. If these and certain other requirements are met, for U.S. federal income tax purposes, the amount of the dividend paid in stock will be equal to the amount of cash that could have been received instead of stock.
The Company may utilize wholly-owned holding companies taxed under Subchapter C of the Code or tax blockers, when making equity investments in portfolio companies taxed as pass-through entities to meet its source-of-income requirements as a RIC. Taxable Blockers are consolidated in the Company’s U.S. GAAP financial statements and may result in current and deferred federal and state income tax expense with respect to income derived from those investments. Such income, net of applicable income taxes, is not included in the Company’s tax-basis net investment income until distributed by the Taxable Blocker, which may result in timing and character differences between the Company’s U.S. GAAP and tax-basis net investment income and realized gains and losses. Income tax expense or benefit from Taxable Blockers related to net investment income are included in total operating expenses, while any expense or benefit related to federal or state income tax originated for capital gains and losses are included together with the applicable net realized or unrealized gain or loss line item. Deferred tax assets of the Taxable Blockers are reduced by a valuation allowance when, in the opinion of management, it is more-likely than-not that some portion or all of the deferred tax assets will not be realized.
FASB ASC Topic 740, Income Taxes, (“ASC 740”), provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions deemed to meet a “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current period. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the consolidated statements of operations. During the fiscal year ended February 29, 2020, the Company did not incur any interest or penalties. Although we file federal and state tax returns, our major tax jurisdiction is federal. The 2017, 2018 and 2019 federal tax years for the Company remain subject to examination by the IRS. As of November 30, 2020 and February 29, 2020, there were no uncertain tax positions. The Company is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change significantly in the next 12 months.
Dividends
Dividends to common stockholders are recorded on the ex-dividend date. The amount to be paid out as a dividend is determined by the board of directors. Net realized capital gains, if any, are generally distributed at least annually, although we may decide to retain such capital gains for reinvestment.
We have adopted a dividend reinvestment plan (“DRIP”) that provides for reinvestment of our dividend distributions on behalf of our stockholders unless a stockholder elects to receive cash. As a result, if our board of directors authorizes, and we declare, a cash dividend, then our stockholders who have not “opted out” of the DRIP by the dividend record date will have their cash dividends automatically reinvested into additional shares of our common stock, rather than receiving the cash dividends. We have the option to satisfy the share requirements of the DRIP through the issuance of new shares of common stock or through open market purchases of common stock by the DRIP plan administrator.
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Capital Gains Incentive Fee
The Company records an expense accrual on the consolidated statements of operations, relating to the capital gains incentive fee payable on the consolidated statements of assets and liabilities, by the Company to the Manager when the net realized and unrealized gain on its investments exceed all net realized and unrealized capital losses on its investments given the fact that a capital gains incentive fee would be owed to the Manager if the Company were to liquidate its investment portfolio at such time.
The actual incentive fee payable to the Company’s Manager related to capital gains will be determined and payable in arrears at the end of each fiscal year and only reflected those realized capital gains net of realized and unrealized losses for the period.
New Accounting Pronouncements
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (“ASU 2020-04”). The amendments in ASU 2020-04 provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The standard is effective as of March 12, 2020 through December 31, 2022. Management does not believe this optional guidance has a material impact on the Company’s consolidated financial statements and disclosures.
SEC Rule 12b-2 Update
In March 2020, the SEC adopted a final rule under SEC Release No. 34-88365 (the “Final Rule”), amending the accelerated filer and large accelerated filer definitions in Exchange Act Rule 12b-2. The amendments include a provision under which a BDC will be excluded from the “accelerated filer” and “large accelerated filer” definitions if the BDC has (1) a public float of $75 million or more, but less than $700 million, and (2) has annual investment income of less than $100 million. In addition, BDCs are subject to the same transition provisions for accelerated filer and large accelerated filer status as other issuers, but instead substituting investment income for revenue. The amendments will reduce the number of issuers required to comply with the auditor attestation on the internal control over financial reporting requirement provided under Section 404(b) of the Sarbanes-Oxley Act of 2002. The Final Rule applies to annual report filings due on or after April 27, 2020. The Company has assessed the Final Rule, and believes that effective February 28, 2021, it will no longer be an accelerated filer. As a result, the Company will file its Annual Report on Form 10-K for the fiscal year ending February 28, 2021 as a non-accelerated filer.
Risk Management
In the ordinary course of its business, the Company manages a variety of risks, including market risk and credit risk. Market risk is the risk of potential adverse changes to the value of investments because of changes in market conditions such as interest rate movements and volatility in investment prices.
Credit risk is the risk of default or non-performance by portfolio companies, equivalent to the investment’s carrying amount. The Company is also exposed to credit risk related to maintaining all of its cash and cash equivalents, including those in reserve accounts, at a major financial institution and credit risk related to any of its derivative counterparties.
The Company has investments in lower rated and comparable quality unrated high yield bonds and bank loans. Investments in high yield investments are accompanied by a greater degree of credit risk. The risk of loss due to default by the issuer is significantly greater for holders of high yield securities, because such investments are generally unsecured and are often subordinated to other creditors of the issuer.
Note 3. Investments
As noted above, the Company values all investments in accordance with ASC 820. ASC 820 requires enhanced disclosures about assets and liabilities that are measured and reported at fair value. As defined in ASC 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
ASC 820 establishes a hierarchal disclosure framework which prioritizes and ranks the level of market price observability of inputs used in measuring investments at fair value. Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.
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Based on the observability of the inputs used in the valuation techniques, the Company is required to provide disclosures on fair value measurements according to the fair value hierarchy. The fair value hierarchy ranks the observability of the inputs used to determine fair values. Investments carried at fair value are classified and disclosed in one of the following three categories:
● | Level 1—Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. |
● | Level 2— Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date. Such inputs may be quoted prices for similar assets or liabilities, quoted markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full character of the financial instrument, or inputs that are derived principally from, or corroborated by, observable market information. Investments which are generally included in this category include illiquid debt securities and less liquid, privately held or restricted equity securities, for which some level of recent trading activity has been observed. |
● | Level 3— Pricing inputs are unobservable for the investment and includes situations where there is little, if any, market activity for the investment. The inputs may be based on the Company’s own assumptions about how market participants would price the asset or liability or may use Level 2 inputs, as adjusted, to reflect specific investment attributes relative to a broader market assumption. These inputs into the determination of fair value may require significant management judgment or estimation. Even if observable market data for comparable performance or valuation measures (earnings multiples, discount rates, other financial/valuation ratios, etc.) are available, such investments are grouped as Level 3 if any significant data point that is not also market observable (private company earnings, cash flows, etc.) is used in the valuation methodology. |
In addition to using the above inputs in investment valuations, the Company continues to employ the valuation policy approved by the board of directors that is consistent with ASC 820 and the 1940 Act (see Note 2). Consistent with our valuation policy, we evaluate the source of inputs, including any markets in which our investments are trading, in determining fair value.
The following table presents fair value measurements of investments, by major class, as of November 30, 2020 (dollars in thousands), according to the fair value hierarchy:
Fair Value Measurements | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
First lien term loans | $ | - | $ | - | $ | 407,699 | $ | 407,699 | ||||||||
Second lien term loans | - | - | 50,027 | 50,027 | ||||||||||||
Unsecured term loans | - | - | 26,817 | 26,817 | ||||||||||||
Structured finance securities | - | - | 31,299 | 31,299 | ||||||||||||
Equity interests | - | - | 31,102 | 31,102 | ||||||||||||
Total | $ | - | $ | - | $ | 546,944 | $ | 546,944 |
The following table presents fair value measurements of investments, by major class, as of February 29, 2020 (dollars in thousands), according to the fair value hierarchy:
Fair Value Measurements | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
First lien term loans | $ | - | $ | - | $ | 346,233 | $ | 346,233 | ||||||||
Second lien term loans | - | - | 73,570 | 73,570 | ||||||||||||
Unsecured term loans | - | - | 4,346 | 4,346 | ||||||||||||
Structured finance securities | - | - | 32,470 | 32,470 | ||||||||||||
Equity interests | - | - | 29,013 | 29,013 | ||||||||||||
Total | $ | - | $ | - | $ | 485,632 | $ | 485,632 |
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The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the nine months ended November 30, 2020 (dollars in thousands):
First lien term loans | Second lien term loans | Unsecured term loans | Structured finance securities | Equity interests | Total | |||||||||||||||||||
Balance as of February 29, 2020 | $ | 346,233 | $ | 73,570 | $ | 4,346 | $ | 32,470 | $ | 29,013 | $ | 485,632 | ||||||||||||
Payment-in-kind and other adjustments to cost | 625 | 1,034 | - | (3,061 | ) | - | (1,402 | ) | ||||||||||||||||
Net accretion of discount on investments | 772 | 193 | - | - | - | 965 | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | (7,915 | ) | (1,770 | ) | (29 | ) | 1,890 | (1,547 | ) | (9,371 | ) | |||||||||||||
Purchases | 95,891 | - | 22,500 | - | 3,636 | 122,027 | ||||||||||||||||||
Sales and repayments | (27,929 | ) | (23,000 | ) | - | - | - | (50,929 | ) | |||||||||||||||
Net realized gain (loss) from investments | 22 | - | - | - | - | 22 | ||||||||||||||||||
Balance as of November 30, 2020 | $ | 407,699 | $ | 50,027 | $ | 26,817 | $ | 31,299 | $ | 31,102 | $ | 546,944 | ||||||||||||
Net change in unrealized appreciation (depreciation) for the period relating to those Level 3 assets that were still held by the Company at the end of the period | $ | (7,636 | ) | $ | (1,722 | ) | $ | (29 | ) | $ | 1,889 | $ | (1,546 | ) | $ | (9,044 | ) |
Purchases and other adjustments to cost include purchases of new investments at cost, effects of refinancing/restructuring, accretion/amortization of income from discount/premium on debt securities, and PIK interests.
Sales and repayments represent net proceeds received from investments sold, and principal paydowns received during the period.
Transfers and restructurings, if any, are recognized at the beginning of the period in which they occur. There were no transfers or restructures in or out of Levels 1, 2 or 3 during the nine months ended November 30, 2020.
The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the nine months ended November 30, 2019 (dollars in thousands):
First lien term loans | Second lien term loans | Unsecured term loans | Structured finance securities | Equity interests | Total | |||||||||||||||||||
Balance as of February 28, 2019 | $ | 202,846 | $ | 125,786 | $ | 2,100 | $ | 35,328 | $ | 35,960 | $ | 402,020 | ||||||||||||
Payment-in-kind and other adjustments to cost | 488 | 2,716 | - | 751 | (872 | ) | 3,083 | |||||||||||||||||
Net accretion of discount on investments | 641 | 247 | - | - | - | 888 | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | (672 | ) | 350 | (27 | ) | (1,773 | ) | 7,033 | 4,911 | |||||||||||||||
Purchases | 155,588 | - | - | - | 5,084 | 160,672 | ||||||||||||||||||
Sales and repayments | (56,178 | ) | (28,000 | ) | - | - | (12,975 | ) | (97,153 | ) | ||||||||||||||
Net realized gain (loss) from investments | 60 | - | - | - | 12,550 | 12,610 | ||||||||||||||||||
Balance as of November 30, 2019 | $ | 302,773 | $ | 101,099 | $ | 2,073 | $ | 34,306 | $ | 46,780 | $ | 487,031 | ||||||||||||
Net change in unrealized appreciation (depreciation) for the year relating to those Level 3 assets that were still held by the Company at the end of the period | $ | (558 | ) | $ | 196 | $ | (27 | ) | $ | (1,773 | ) | $ | 8,422 | $ | 6,260 |
Transfers and restructurings, if any, are recognized at the beginning of the period in which they occur. There were no transfers or restructures in or out of Levels 1, 2 or 3 during the nine months ended November 30, 2019.
The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of November 30, 2020 were as follows (dollars in thousands):
Fair Value | Valuation Technique | Unobservable Input | Range | Weighted Average* | ||||||||||
First lien term loans | Market Comparables | Market Yield (%) | 6.4% - 53.9% | 11.3% | ||||||||||
$ | 407,699 | EBITDA Multiples (x) | 0.0x | 0.0x | ||||||||||
Second lien term loans | Market Comparables | Market Yield (%) | 10.3% - 19.4% | 14.1% | ||||||||||
50,027 | EBITDA Multiples (x) | 5.0x | 5.0x | |||||||||||
Unsecured term loans | Market Comparables | Market Yield (%) | 22.0% - 25.5% | 22.3% | ||||||||||
26,817 | EBITDA Multiples (x) | 5.2x | 5.2x | |||||||||||
Structured finance securities | Discounted Cash Flow | Discount Rate (%) | 10.75% - 22.0% | 19.0% | ||||||||||
Recovery Rate (%) | 35% - 70% | 70.0% | ||||||||||||
31,299 | Prepayment Rate (%) | 20.0% | 20.0% | |||||||||||
Equity interests | Market Comparables | EBITDA Multiples (x) | 4.0x - 14.0x | 9.6x | ||||||||||
31,102 | Revenue Multiples (x) | 0.5x - 38.3x | 4.9x | |||||||||||
Total | $ | 546,944 |
* | The weighted average in the table above is calculated based on each investment’s fair value weighting, using the applicable unobservable input. |
23
The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of February 29, 2020 were as follows (dollars in thousands):
Fair Value | Valuation Technique | Unobservable Input | Range | Weighted Average* | ||||||||||
First lien term loans | Market Comparables | Market Yield (%) | 7.8% - 12.5% | 9.7% | ||||||||||
$ | 346,233 | EBITDA Multiples (x) | 0.0x | 0.0x | ||||||||||
Second lien term loans | Market Comparables | Market Yield (%) | 9.5% - 85.1% | 13.0% | ||||||||||
73,570 | EBITDA Multiples (x) | 5.0x | 5.0x | |||||||||||
Unsecured term loans | Market Comparables | Market Yield (%) | 18.3% - 21.3% | 19.8% | ||||||||||
4,346 | EBITDA Multiples (x) | 5.2x | 5.2x | |||||||||||
Structured finance securities | Discounted Cash Flow | Discount Rate (%) | 9.25% - 16.00% | 14.2% | ||||||||||
Recovery Rate (%) | 35.0% - 70.0% | 70.0% | ||||||||||||
32,470 | Prepayment Rate (%) | 20.0% | 20.0% | |||||||||||
Equity interests | Market Comparables | EBITDA Multiples (x) | 4.0x - 14.0x | 6.5x | ||||||||||
29,013 | Revenue Multiples (x) | 1.0x - 40.7x | 7.3x | |||||||||||
Total | $ | 485,632 |
* | The weighted average in the table above is calculated based on each investment’s fair value weighting, using the applicable unobservable input. |
For investments utilizing a market comparables valuation technique, a significant increase (decrease) in the market yield, in isolation, would result in a significantly lower (higher) fair value measurement, and a significant increase (decrease) in any of the earnings before interest, tax, depreciation and amortization (“EBITDA”) or revenue valuation multiples, in isolation, would result in a significantly higher (lower) fair value measurement. For investments utilizing a discounted cash flow valuation technique, a significant increase (decrease) in the discount rate and prepayment rate, in isolation, would result in a significantly lower (higher) fair value measurement while a significant increase (decrease) in recovery rate, in isolation, would result in a significantly higher (lower) fair value measurement. For investments utilizing a market quote in deriving a value, a significant increase (decrease) in the market quote, in isolation, would result in a significantly higher (lower) fair value measurement.
The composition of our investments as of November 30, 2020 at amortized cost and fair value was as follows (dollars in thousands):
Investments at Amortized Cost | Amortized Cost Percentage of Total Portfolio | Investments at Fair Value | Fair Value Percentage of Total Portfolio | |||||||||||||
First lien term loans | $ | 412,481 | 74.1 | % | $ | 407,699 | 74.5 | % | ||||||||
Second lien term loans | 53,704 | 9.6 | 50,027 | 9.2 | ||||||||||||
Unsecured term loans | 27,261 | 4.9 | 26,817 | 4.9 | ||||||||||||
Structured finance securities | 30,460 | 5.5 | 31,299 | 5.7 | ||||||||||||
Equity interests | 33,076 | 5.9 | 31,102 | 5.7 | ||||||||||||
Total | $ | 556,982 | 100.0 | % | $ | 546,944 | 100.0 | % |
The composition of our investments as of February 29, 2020 at amortized cost and fair value was as follows (dollars in thousands):
Investments at Amortized Cost | Amortized Cost Percentage of Total Portfolio | Investments at Fair Value | Fair Value Percentage of Total Portfolio | |||||||||||||
First lien term loans | $ | 343,100 | 70.5 | % | $ | 346,233 | 71.3 | % | ||||||||
Second lien term loans | 75,478 | 15.5 | 73,570 | 15.1 | ||||||||||||
Unsecured term loans | 4,761 | 1.0 | 4,346 | 0.9 | ||||||||||||
Structured finance securities | 33,521 | 6.9 | 32,470 | 6.7 | ||||||||||||
Equity interests | 29,439 | 6.1 | 29,013 | 6.0 | ||||||||||||
Total | $ | 486,299 | 100.0 | % | $ | 485,632 | 100.0 | % |
24
For loans and debt securities for which market quotations are not available, we determine their fair value based on third party indicative broker quotes, where available, or the assumptions that a hypothetical market participant would use to value the security in a current hypothetical sale using a market yield valuation methodology. In applying the market yield valuation methodology, we determine the fair value based on such factors as market participant assumptions including synthetic credit ratings, estimated remaining life, current market yield and interest rate spreads of similar securities as of the measurement date. If, in our judgment, the market yield methodology is not sufficient or appropriate, we may use additional methodologies such as an asset liquidation or expected recovery model.
For equity securities of portfolio companies and partnership interests, we determine the fair value based on the market approach with value then attributed to equity or equity like securities using the enterprise value waterfall valuation methodology. Under the enterprise value waterfall valuation methodology, we determine the enterprise fair value of the portfolio company and then waterfall the enterprise value over the portfolio company’s securities in order of their preference relative to one another. To estimate the enterprise value of the portfolio company, we weigh some or all of the traditional market valuation methods and factors based on the individual circumstances of the portfolio company in order to estimate the enterprise value. The methodologies for performing investments may be based on, among other things: valuations of comparable public companies, recent sales of private and public comparable companies, discounting the forecasted cash flows of the portfolio company, third party valuations of the portfolio company, considering offers from third parties to buy the company, estimating the value to potential strategic buyers and considering the value of recent investments in the equity securities of the portfolio company. For non-performing investments, we may estimate the liquidation or collateral value of the portfolio company’s assets and liabilities. We also take into account historical and anticipated financial results.
Our investment in Saratoga CLO is carried at fair value, which is based on a discounted cash flow model that utilizes prepayment, re-investment and loss assumptions based on historical experience and projected performance, economic factors, the characteristics of the underlying cash flow, and comparable yields for equity interests in collateralized loan obligation funds similar to Saratoga CLO, when available, as determined by our Manager and recommended to our board of directors. Specifically, we use Intex cash flow models, or an appropriate substitute, to form the basis for the valuation of our investment in Saratoga CLO. The models use a set of assumptions including projected default rates, recovery rates, reinvestment rates and prepayment rates in order to arrive at estimated valuations. The assumptions are based on available market data and projections provided by third parties as well as management estimates. In connection with the refinancing of the Saratoga CLO liabilities, we ran Intex models based on assumptions about the refinanced Saratoga CLO’s structure, including capital structure, cost of liabilities and reinvestment period. We use the output from the Intex models (i.e., the estimated cash flows) to perform a discounted cash flow analysis on expected future cash flows to determine a valuation for our investment in Saratoga CLO at November 30, 2020. The inputs at November 30, 2020 for the valuation model include:
● | Default rate: 2.0% |
● | Recovery rate: 35% -70% |
● | Discount rate: 22.0% |
● | Prepayment rate: 20.0% |
● | Reinvestment rate / price: L+365bps / $99.00 |
Investment Concentration
Set forth is a brief description of each portfolio company in which the fair value of our investment represents greater than 5% of our total assets as of November 30, 2020.
CLEO Communications Holding, LLC
CLEO Communications Holding, LLC (“Cleo”) is a provider of technology enabled data communication and integration platform for daily business transactions. Cleo’s platform allows for the automation of business-to-business transaction information for customers operating in the retail, manufacturing, logistics and the healthcare verticals. The platform also allows for internal application-to-application communication, allowing customers’ core enterprise software applications to easily share and transfer data.
Destiny Solutions Inc.
Destiny Solutions provides a SaaS-based student lifecycle management (“SLM”) software solution used by higher education institutions to manage their continuing education (“CE”) and non-degree educational programs for “non-traditional” students who fall outside of the “traditional” student profile. Traditional students are full-time students working toward an undergraduate, graduate, or doctorate degree. Destiny’s software acts as the ERP, CRM, e-commerce platform, and student information management system for non-traditional student programs.
25
Saratoga Investment Corp. CLO 2013-1, Ltd.
The Company has a collateral management agreement with Saratoga CLO, pursuant to which the Company acts as its collateral manager. The Saratoga CLO invests primarily in senior secured first lien term loans. The Company also holds an investment in the subordinated note and Class F-R-2 and G-R-2 notes of the Saratoga CLO. In addition, the Company entered into an unsecured loan agreement with CLO 2013-1 Warehouse 2, a wholly- owned subsidiary of Saratoga CLO, in order to provide capital necessary to support warehouse activities.
Note 4. Investment in Saratoga Investment Corp. CLO 2013-1, Ltd. (“Saratoga CLO”)
On January 22, 2008, the Company entered into a collateral management agreement with Saratoga CLO, pursuant to which the Company acts as its collateral manager. The Saratoga CLO was initially refinanced in October 2013 with its reinvestment period extended to October 2016. On November 15, 2016, the Company completed a second refinancing of the Saratoga CLO with its reinvestment period extended to October 2018.
On December 14, 2018, the Company completed a third refinancing and upsize of the Saratoga CLO (the “2013-1 Reset CLO Notes”). The third Saratoga CLO refinancing, among other things, extended its reinvestment period to January 2021, and extended its legal maturity date to January 2030. A non-call period ending January 2020 was also added. Following this refinancing, the Saratoga CLO portfolio increased from approximately $300.0 million in aggregate principal amount to approximately $500.0 million of predominantly senior secured first lien term loans. In addition to refinancing its liabilities, the Company invested an additional $13.8 million in all of the newly issued subordinated notes of the Saratoga CLO and also purchased $2.5 million in aggregate principal amount of the Class F-R-2 and $7.5 million aggregate principal amount of the Class G-R-2 notes tranches at par, with a coupon of 3M USD LIBOR plus 8.75% and 3M USD LIBOR plus 10.00%, respectively. As part of this refinancing, the Company also redeemed our existing $4.5 million aggregate amount of the Class F notes tranche at par.
On February 11, 2020, the Company entered into an unsecured loan agreement with Saratoga Investment Corp. CLO 2013-1 Warehouse 2, Ltd., a wholly-owned subsidiary of Saratoga Investment Corp. CLO 2013-1, Ltd. Pursuant to which CLO 2013-1 Warehouse 2 may borrow from time to time up to $20.0 million from the Company in order to provide capital necessary to support warehouse activities. On October 23, 2020, the CLO 2013-1 Warehouse 2 Loan was increased to $25.0 million availability, which was immediately fully drawn and, which expires on August 20, 2021. The interest rate was also amended to be based on a pricing grid, starting at an annual rate of 3M USD LIBOR + 4.46%. As of November 30, 2020, the Company’s investment in the CLO 2013-1 Warehouse 2 had a fair value of $24.8 million.
The Saratoga CLO remains 100.0% owned and managed by the Company. We receive a base management fee of 0.10% per annum and a subordinated management fee of 0.40% per annum of the outstanding principal amount of Saratoga CLO’s assets, paid quarterly to the extent of available proceeds. Following the third refinancing and the issuance of the 2013-1 Reset CLO Notes on December 14, 2018, we are no longer entitled to an incentive management fee equal to 20.0% of excess cash flow to the extent the Saratoga CLO subordinated notes receive an internal rate of return paid in cash equal to or greater than 12.0%.
For the three months ended November 30, 2020 and November 30, 2019, we accrued management fee income of $0.6 million and $0.6 million, respectively, and interest income of $1.1 million and $1.0 million, respectively, from the Saratoga CLO.
For the nine months ended November 30, 2020 and November 30, 2019, we accrued management fee income of $1.9 million and $1.9 million, respectively, and interest income of $2.4 million and $3.2 million, respectively, from the Saratoga CLO.
As of November 30, 2020, the aggregate principal amounts of the Company’s investments in the subordinated notes, Class F-R-2 Notes and Class G-R-2 Notes of the Saratoga CLO was $69.5 million, $2.5 million and $7.5 million, respectively, which had a corresponding fair value of $21.5 million, $2.4 million and $7.3 million, respectively. The Company determines the fair value of its investment in the subordinated notes of Saratoga CLO based on the present value of the projected future cash flows of the subordinated notes over the life of Saratoga CLO. As of November 30, 2020, Saratoga CLO had investments with a principal balance of $540.0 million and a weighted average spread over LIBOR of 3.9% and had debt with a principal balance of $509.2 million with a weighted average spread over LIBOR of 2.4%. As a result, Saratoga CLO earns a “spread” between the interest income it receives on its investments and the interest expense it pays on its debt and other operating expenses, which is distributed quarterly to the Company as the holder of its subordinated notes. As of November 30, 2020, the present value of the projected future cash flows of the subordinated notes was approximately $22.0 million, using a 22.0% discount rate. The Company’s total investment in the subordinate notes of Saratoga CLO is $43.8 million, which is comprised of the initial investment of $30.0 million in January 2008 plus the additional investment of $13.8 million in December 2018, and to date the Company has since received distributions of $65.7 million, management fees of $24.0 million and incentive fees of $1.2 million. In conjunction with the third refinancing of the 2013-1 Reset CLO Notes on December 14, 2018, the Company is no longer entitled to receive an incentive management fee from Saratoga CLO.
As of February 29, 2020, the Company determined that the fair value of its investment in the subordinated notes of Saratoga CLO was $22.6 million. The Company determines the fair value of its investment in the subordinated notes of Saratoga CLO based on the present value of the projected future cash flows of the subordinated notes over the life of Saratoga CLO. As of February 29, 2020, the fair value of its investment in the Class F-R-2 Notes and G-R-2 Notes of Saratoga CLO was $2.5 million and $7.4 million, respectively. As of February 29, 2020, Saratoga CLO had investments with a principal balance of $528.4 million and a weighted average spread over LIBOR of 4.0% and had debt with a principal balance of $475.1 million with a weighted average spread over LIBOR of 2.2%. As of February 29, 2020, the present value of the projected future cash flows of the subordinated notes was approximately $22.9 million, using a 16.0% discount rate.
Below is certain financial information from the separate financial statements of Saratoga CLO as of November 30, 2020 (unaudited) and February 29, 2020 and for the three and nine months ended November 30, 2020 (unaudited) and November 30, 2019 (unaudited).
26
Saratoga Investment Corp. CLO 2013-1, Ltd.
Statements of Assets and Liabilities
November 30, 2020 | February 29, 2020 | |||||||
(unaudited) | ||||||||
ASSETS | ||||||||
Investments at fair value | ||||||||
Loans at fair value (amortized cost of $531,770,821 and $523,438,207, respectively) | $ | 516,568,831 | $ | 500,999,677 | ||||
Equities at fair value (amortized cost of $141,797 and $2,566,752, respectively) | 145,068 | 257 | ||||||
Total investments at fair value (amortized cost of $531,912,618 and $526,004,959, respectively) | 516,713,899 | 500,999,934 | ||||||
Cash and cash equivalents | 20,123,980 | 9,081,041 | ||||||
Receivable from open trades | 1,041,393 | 10,419,700 | ||||||
Interest receivable (net of reserve of $63,415 and $307,705, respectively) | 1,461,247 | 1,294,523 | ||||||
Prepaid expenses and other assets | 116,579 | 84,526 | ||||||
Total assets | $ | 539,457,098 | $ | 521,879,724 | ||||
LIABILITIES | ||||||||
Interest payable | $ | 1,482,511 | $ | 2,090,188 | ||||
Payable from open trades | 18,514,109 | 36,673,471 | ||||||
Accrued base management fee | 56,851 | 54,441 | ||||||
Accrued subordinated management fee | 227,405 | 217,766 | ||||||
Accounts payable and accrued expenses | 189,917 | 81,822 | ||||||
Loan payable, related party | 25,000,000 | 2,500,000 | ||||||
Loan payable, third party | 14,161,707 | 2,600,000 | ||||||
Saratoga Investment Corp. CLO 2013-1, Ltd. Notes: | ||||||||
Class A-1FL-R-2 Senior Secured Floating Rate Notes | 255,000,000 | 255,000,000 | ||||||
Class A-1FXD-R-2 Senior Secured Fixed Rate Notes | 25,000,000 | 25,000,000 | ||||||
Class-A-2-R-2 Senior Secured Floating Rate Notes | 40,000,000 | 40,000,000 | ||||||
Class B-R-2 Senior Secured Floating Rate Notes | 59,500,000 | 59,500,000 | ||||||
Class C-R-2 Deferrable Mezzanine Floating Rate Notes | 22,500,000 | 22,500,000 | ||||||
Discount on Class C-R-2 Notes | (489,414 | ) | (530,448 | ) | ||||
Class D-R-2 Deferrable Mezzanine Floating Rate Notes | 31,000,000 | 31,000,000 | ||||||
Discount on Class D-R-2 Notes | (890,591 | ) | (965,259 | ) | ||||
Class E-1-R-2 Deferrable Mezzanine Floating Rate Notes | 27,000,000 | 27,000,000 | ||||||
Class E-2-R-2 Deferrable Mezzanine Fixed Rate Notes | - | - | ||||||
Class F-R-2 Deferrable Junior Floating Rate Notes | 2,500,000 | 2,500,000 | ||||||
Class G-R-2 Deferrable Junior Floating Rate Notes | 7,500,000 | 7,500,000 | ||||||
Deferred debt financing costs | (2,163,235 | ) | (2,340,764 | ) | ||||
Subordinated Notes | 69,500,000 | 69,500,000 | ||||||
Discount on Subordinated Notes | (21,127,928 | ) | (22,899,324 | ) | ||||
Total liabilities | $ | 574,461,332 | $ | 556,981,893 | ||||
NET ASSETS | ||||||||
Ordinary equity, par value $1.00, 250 ordinary shares authorized, 250 and 250 common shares issued and outstanding, respectively | $ | 250 | $ | 250 | ||||
Total distributable earnings (loss) | (35,004,484 | ) | (35,102,419 | ) | ||||
Total net assets | (35,004,234 | ) | (35,102,169 | ) | ||||
Total liabilities and net assets | $ | 539,457,098 | $ | 521,879,724 |
27
Saratoga Investment Corp. CLO 2013-1, Ltd.
Consolidated Statements of Operations
(unaudited)
For the three months ended | For the nine months ended | |||||||||||||||
November 30, 2020 | November 30, 2019 | November 30, 2020 | November 30, 2019 | |||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Total interest from investments | $ | 6,646,110.0 | 8,052,668 | $ | 20,297,400 | $ | 24,560,867 | |||||||||
Interest from cash and cash equivalents | 191 | 39,788 | 3,692 | 73,591 | ||||||||||||
Other income | 174,585 | 54,333 | 469,195 | 235,301 | ||||||||||||
Total investment income | 6,820,886 | 8,146,789 | 20,770,287 | 24,869,759 | ||||||||||||
EXPENSES | ||||||||||||||||
Interest and debt financing expenses | 5,773,135 | 8,136,345 | 18,831,060 | 21,303,661 | ||||||||||||
Base management fee | 124,763 | 125,934 | 376,765 | 377,786 | ||||||||||||
Subordinated management fee | 499,054 | 503,737 | 1,507,060 | 1,511,146 | ||||||||||||
Professional fees | 146,170 | 37,967 | 329,442 | 250,679 | ||||||||||||
Trustee expenses | 54,706 | 56,810 | 160,440 | 194,825 | ||||||||||||
Other expense | 1,935 | (1,606 | ) | 42,215 | 42,128 | |||||||||||
Total expenses | 6,599,763 | 8,859,187 | 21,246,982 | 23,680,225 | ||||||||||||
NET INVESTMENT INCOME (LOSS) | 221,123 | (712,398 | ) | (476,695 | ) | 1,189,534 | ||||||||||
REALIZED AND UNREALIZED LOSS ON INVESTMENTS | ||||||||||||||||
Net realized loss from investments | (3,089,206 | ) | - | (9,231,676 | ) | (2,162,298 | ) | |||||||||
Net change in unrealized depreciation on investments | 14,923,956 | (7,516,752 | ) | 9,806,306 | (11,896,807 | ) | ||||||||||
Net realized and unrealized gain (loss) on investments | 11,834,750.00 | (7,516,752 | ) | 574,630 | (14,059,105 | ) | ||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 12,055,873 | $ | (8,229,150 | ) | $ | 97,935 | $ | (12,869,571 | ) |
28
Saratoga Investment Corp. CLO 2013-1, Ltd.
Schedule of Investments
November 30, 2020
(unaudited)
Issuer Name | Industry | Asset Name | Asset Type | Reference Rate/Spread | LIBOR Floor | Current Rate (All In) | Maturity Date | Principal/ Number of Shares | Cost | Fair Value | ||||||||||||||||||||||||||
J Jill Common Stock | Retail | Common Stock | Equity | - | 0.00 | % | 0.00 | % | 0.00 | % | - | 5,085 | $ | - | $ | 18,344 | ||||||||||||||||||||
McDermott International (Americas) Inc. | Construction & Building | McDermott International - Class A C/S (07/20) | Equity | - | 0.00 | % | 0.00 | % | 0.00 | % | - | 141,797 | 141,797 | 126,724 | ||||||||||||||||||||||
1011778 B.C. Unlimited Liability Company | Beverage Food & Tobacco | Term Loan B4 | Loan | 1M USD LIBOR+ | 1.75 | % | 0.00 | % | 1.90 | % | 11/19/2026 | $ | 1,488,750 | 1,449,552 | 1,445,487 | |||||||||||||||||||||
ABB Con-Cise Optical Group LLC | Consumer goods: Non-durable | Term Loan B | Loan | 6M USD LIBOR+ | 5.00 | % | 1.00 | % | 6.00 | % | 6/15/2023 | 2,065,788 | 2,050,427 | 1,817,893 | ||||||||||||||||||||||
ADMI Corp. | Services: Consumer | Term Loan B | Loan | 1M USD LIBOR+ | 2.75 | % | 0.00 | % | 2.90 | % | 4/30/2025 | 1,955,276 | 1,948,516 | 1,882,305 | ||||||||||||||||||||||
Advisor Group Holdings Inc | Banking Finance Insurance & Real Estate | Term Loan (7/19) | Loan | 1M USD LIBOR+ | 5.00 | % | 0.00 | % | 5.15 | % | 7/31/2026 | 496,250 | 495,154 | 477,780 | ||||||||||||||||||||||
Aegis Toxicology Sciences Corporation | Healthcare & Pharmaceuticals | Term Loan | Loan | 3M USD LIBOR+ | 5.50 | % | 1.00 | % | 6.50 | % | 5/9/2025 | 3,920,000 | 3,893,791 | 3,170,300 | ||||||||||||||||||||||
Agiliti Health Inc. | Healthcare & Pharmaceuticals | Term Loan (1/19) | Loan | 1M USD LIBOR+ | 3.00 | % | 0.00 | % | 3.15 | % | 1/5/2026 | 492,500 | 492,500 | 485,113 | ||||||||||||||||||||||
Agiliti Health Inc. | Healthcare & Pharmaceuticals | Term Loan (09/20) | Loan | 1M USD LIBOR+ | 3.00 | % | 0.75 | % | 3.75 | % | 1/5/2026 | 500,000 | 495,101 | 496,250 | ||||||||||||||||||||||
Ahead DB Holdings LLC | Services: Business | Term Loan (10/20) | Loan | 3M USD LIBOR+ | 5.00 | % | 1.00 | % | 6.00 | % | 10/13/2027 | 3,000,000 | 2,881,426 | 2,887,500 | ||||||||||||||||||||||
AI Convoy (Luxembourg) USD T/L B | Aerospace & Defense | Loan | 6M USD LIBOR+ | 3.50 | % | 1.00 | % | 4.50 | % | 1/15/2027 | 1,492,500 | 1,485,717 | 1,485,978 | |||||||||||||||||||||||
AI Mistral (Luxembourg) Subco Sarl | High Tech Industries | Term Loan | Loan | 1M USD LIBOR+ | 3.00 | % | 1.00 | % | 4.00 | % | 3/11/2024 | 482,500 | 482,500 | 388,813 | ||||||||||||||||||||||
AIS Holdco LLC | Services: Business | Term Loan | Loan | 3M USD LIBOR+ | 5.00 | % | 0.00 | % | 5.23 | % | 8/15/2025 | 4,275,000 | 4,128,561 | 3,975,750 | ||||||||||||||||||||||
Alchemy Copyrights LLC | Media: Diversified & Production | Term Loan B | Loan | 1M USD LIBOR+ | 3.25 | % | 0.75 | % | 4.00 | % | 8/16/2027 | 500,000 | 496,407 | 498,750 | ||||||||||||||||||||||
Alchemy US Holdco 1 LLC | Metals & Mining | Term Loan | Loan | 1M USD LIBOR+ | 5.50 | % | 0.00 | % | 5.65 | % | 10/10/2025 | 1,912,500 | 1,891,043 | 1,812,094 | ||||||||||||||||||||||
Alion Science and Technology Corporation | Aerospace & Defense | Term Loan 7/20 | Loan | 2M USD LIBOR+ | 3.75 | % | 1.00 | % | 4.75 | % | 7/23/2024 | 4,000,000 | 3,982,859 | 3,995,000 | ||||||||||||||||||||||
Allen Media T/L B (1/20) | Media: Advertising Printing & Publishing | Term Loan B (1/20) | Loan | 3M USD LIBOR+ | 5.50 | % | 0.00 | % | 5.74 | % | 2/10/2027 | 2,984,527 | 2,971,053 | 2,950,951 | ||||||||||||||||||||||
Altisource S.a r.l. | Banking Finance Insurance & Real Estate | Term Loan B (03/18) | Loan | 3M USD LIBOR+ | 4.00 | % | 1.00 | % | 5.00 | % | 4/3/2024 | 1,280,251 | 1,274,721 | 928,182 | ||||||||||||||||||||||
Altra Industrial Motion Corp. | Capital Equipment | Term Loan | Loan | 1M USD LIBOR+ | 2.00 | % | 0.00 | % | 2.15 | % | 10/1/2025 | 1,582,088 | 1,579,199 | 1,554,402 | ||||||||||||||||||||||
American Greetings Corporation | Media: Advertising Printing & Publishing | Term Loan | Loan | 1M USD LIBOR+ | 4.50 | % | 1.00 | % | 5.50 | % | 4/5/2024 | 4,595,528 | 4,592,871 | 4,526,595 | ||||||||||||||||||||||
Amerilife Holdings LLC | Banking Finance Insurance & Real Estate | Term Loan | Loan | 1M USD LIBOR+ | 4.00 | % | 0.00 | % | 4.15 | % | 3/18/2027 | 1,496,383 | 1,487,246 | 1,458,973 | ||||||||||||||||||||||
Amynta Agency Borrower Inc. | Banking Finance Insurance & Real Estate | Term Loan | Loan | 1M USD LIBOR+ | 4.50 | % | 0.00 | % | 4.65 | % | 2/28/2025 | 3,436,000 | 3,404,374 | 3,267,052 | ||||||||||||||||||||||
Anastasia Parent LLC | Consumer goods: Non-durable | Term Loan | Loan | 3M USD LIBOR+ | 3.75 | % | 0.00 | % | 3.98 | % | 8/11/2025 | 980,000 | 976,431 | 475,457 | ||||||||||||||||||||||
Anchor Glass Container Corporation | Containers Packaging & Glass | Term Loan (07/17) | Loan | 1M USD LIBOR+ | 2.75 | % | 1.00 | % | 3.75 | % | 12/7/2023 | 481,331 | 480,127 | 379,198 |
29
Issuer Name | Industry | Asset Name | Asset Type | Reference Rate/Spread | LIBOR Floor | Current Rate (All In) | Maturity Date | Principal/ Number of Shares | Cost | Fair Value | ||||||||||||||||||||||||||
Anchor Packaging Inc. | Containers Packaging & Glass | Term Loan B | Loan | 1M USD LIBOR+ | 3.75 | % | 0.00 | % | 3.90 | % | 7/20/2026 | 1,000,000 | 990,000 | 992,500 | ||||||||||||||||||||||
Api Group DE Inc | Services: Business | Term Loan B | Loan | 1M USD LIBOR+ | 2.50 | % | 0.00 | % | 2.65 | % | 10/1/2026 | 992,500 | 988,113 | 975,131 | ||||||||||||||||||||||
APLP Holdings T/L B (01/20) | Utilities | Term Loan B (01/20) | Loan | 1M USD LIBOR+ | 2.50 | % | 1.00 | % | 3.50 | % | 4/11/2025 | 1,715,789 | 1,715,789 | 1,707,742 | ||||||||||||||||||||||
Aramark Services Inc. | Services: Consumer | Term Loan | Loan | 1M USD LIBOR+ | 1.75 | % | 0.00 | % | 1.90 | % | 1/15/2027 | 2,487,500 | 2,404,586 | 2,407,278 | ||||||||||||||||||||||
Arctic Glacier U.S.A. Inc. | Beverage Food & Tobacco | Term Loan (3/18) | Loan | 3M USD LIBOR+ | 3.50 | % | 1.00 | % | 4.50 | % | 3/20/2024 | 3,350,967 | 3,335,582 | 2,881,128 | ||||||||||||||||||||||
Aretec Group Inc. | Banking Finance Insurance & Real Estate | Term Loan (10/18) | Loan | 1M USD LIBOR+ | 4.25 | % | 0.00 | % | 4.40 | % | 10/1/2025 | 1,965,000 | 1,961,394 | 1,866,750 | ||||||||||||||||||||||
Aristocrat International PTY Ltd | Hotel Gaming & Leisure | Term Loan (5/20) | Loan | 3M USD LIBOR+ | 3.75 | % | 1.00 | % | 4.75 | % | 10/21/2024 | 997,500 | 979,557 | 998,438 | ||||||||||||||||||||||
ASG Technologies Group Inc. | High Tech Industries | Term Loan | Loan | 1M USD LIBOR+ | 3.50 | % | 1.00 | % | 4.50 | % | 7/31/2024 | 462,646 | 461,303 | 447,175 | ||||||||||||||||||||||
Asplundh Tree Expert LLC | Services: Business | Term Loan | Loan | 1M USD LIBOR+ | 2.50 | % | 0.00 | % | 2.65 | % | 9/7/2027 | 1,000,000 | 995,111 | 1,000,890 | ||||||||||||||||||||||
AssetMark Financial Holdings Inc. | Banking Finance Insurance & Real Estate | Term Loan | Loan | 1M USD LIBOR+ | 3.00 | % | 0.00 | % | 3.15 | % | 11/14/2025 | 2,237,500 | 2,235,829 | 2,231,906 | ||||||||||||||||||||||
Asurion LLC | Banking Finance Insurance & Real Estate | Term Loan B-4 (Replacement) | Loan | 1M USD LIBOR+ | 3.00 | % | 0.00 | % | 3.15 | % | 8/4/2022 | 865,408 | 863,813 | 861,081 | ||||||||||||||||||||||
Asurion LLC | Banking Finance Insurance & Real Estate | Term Loan B6 | Loan | 1M USD LIBOR+ | 3.00 | % | 0.00 | % | 3.15 | % | 11/3/2023 | 488,886 | 486,509 | 483,489 | ||||||||||||||||||||||
Athenahealth Inc. | Healthcare & Pharmaceuticals | Term Loan B | Loan | 3M USD LIBOR+ | 4.50 | % | 0.00 | % | 4.73 | % | 2/11/2026 | 1,970,000 | 1,939,279 | 1,955,225 | ||||||||||||||||||||||
Avaya Inc. | Telecommunications | Term Loan B | Loan | 1M USD LIBOR+ | 4.25 | % | 0.00 | % | 4.40 | % | 12/16/2024 | 1,413,390 | 1,397,010 | 1,410,916 | ||||||||||||||||||||||
Avaya Inc. | Telecommunications | Term Loan B1 | Loan | 1M USD LIBOR+ | 4.25 | % | 0.00 | % | 4.40 | % | 12/15/2027 | 1,755,766 | 1,745,581 | 1,731,993 | ||||||||||||||||||||||
Avison Young (Canada) Inc. | Services: Business | Term Loan | Loan | 3M USD LIBOR+ | 5.00 | % | 0.00 | % | 5.23 | % | 1/30/2026 | 3,449,887 | 3,399,338 | 3,311,891 | ||||||||||||||||||||||
Avolon TLB Borrower 1 (US) LLC | Capital Equipment | Term Loan B3 | Loan | 1M USD LIBOR+ | 1.75 | % | 0.75 | % | 2.50 | % | 1/15/2025 | 1,000,000 | 861,993 | 979,690 | ||||||||||||||||||||||
Avolon TLB Borrower 1 (US) LLC | Capital Equipment | Term Loan (11/20) | Loan | 3M USD LIBOR+ | 2.50 | % | 0.75 | % | 3.25 | % | 12/31/2027 | 500,000 | 495,000 | 496,750 | ||||||||||||||||||||||
Azalea TopCo Inc. | Services: Business | Incremental Term Loan | Loan | 3M USD LIBOR+ | 4.00 | % | 0.75 | % | 4.75 | % | 7/24/2026 | 500,000 | 495,091 | 493,750 | ||||||||||||||||||||||
B&G Foods Inc. | Beverage Food & Tobacco | Term Loan | Loan | 1M USD LIBOR+ | 2.50 | % | 0.00 | % | 2.65 | % | 10/10/2026 | 206,458 | 205,571 | 205,426 | ||||||||||||||||||||||
Baldwin Risk Partners LLC | Banking Finance Insurance & Real Estate | Term Loan | Loan | 1M USD LIBOR+ | 4.00 | % | 0.75 | % | 4.75 | % | 10/8/2027 | 1,000,000 | 985,182 | 995,000 | ||||||||||||||||||||||
Ball Metalpack Finco LLC | Containers Packaging & Glass | Term Loan | Loan | 3M USD LIBOR+ | 4.50 | % | 0.00 | % | 4.73 | % | 7/31/2025 | 3,914,900 | 3,900,699 | 3,780,345 | ||||||||||||||||||||||
Berry Global Inc. | Chemicals Plastics & Rubber | Term Loan Y | Loan | 1M USD LIBOR+ | 2.00 | % | 0.00 | % | 2.15 | % | 7/1/2026 | 4,949,906 | 4,944,854 | 4,858,234 | ||||||||||||||||||||||
Blackstone Mortgage Trust Inc. | Banking Finance Insurance & Real Estate | Term Loan B-2 | Loan | 1M USD LIBOR+ | 4.75 | % | 1.00 | % | 5.75 | % | 4/23/2026 | 1,498,750 | 1,487,375 | 1,491,256 | ||||||||||||||||||||||
Blount International Inc. | Forest Products & Paper | Term Loan B (09/18) | Loan | 1M USD LIBOR+ | 3.75 | % | 1.00 | % | 4.75 | % | 4/12/2023 | 3,427,550 | 3,425,369 | 3,428,990 | ||||||||||||||||||||||
Blucora Inc. | Services: Consumer | Term Loan (11/17) | Loan | 6M USD LIBOR+ | 4.00 | % | 1.00 | % | 5.00 | % | 5/22/2024 | 2,453,199 | 2,444,845 | 2,416,401 | ||||||||||||||||||||||
Bombardier Recreational Products Inc. | Consumer goods: Durable | Term Loan (1/20) | Loan | 1M USD LIBOR+ | 2.00 | % | 0.00 | % | 2.15 | % | 5/24/2027 | 987,538 | 979,627 | 956,983 | ||||||||||||||||||||||
Bracket Intermediate Holding Corp. | Healthcare & Pharmaceuticals | Term Loan | Loan | 3M USD LIBOR+ | 4.25 | % | 0.00 | % | 4.48 | % | 9/5/2025 | 980,000 | 976,452 | 964,692 | ||||||||||||||||||||||
Broadstreet Partners Inc. | Banking Finance Insurance & Real Estate | Term Loan B3 | Loan | 1M USD LIBOR+ | 3.25 | % | 0.00 | % | 3.40 | % | 1/27/2027 | 2,014,491 | 2,012,881 | 1,955,728 | ||||||||||||||||||||||
Brookfield Property REIT Inc. | Banking Finance Insurance & Real Estate | Term Loan B | Loan | 1M USD LIBOR+ | 2.50 | % | 0.00 | % | 2.65 | % | 8/27/2025 | 3,979,695 | 3,171,065 | 3,656,344 | ||||||||||||||||||||||
Brookfield WEC Holdings Inc. | Energy: Electricity | Term Loan 1/20 | Loan | 1M USD LIBOR+ | 3.00 | % | 0.75 | % | 3.75 | % | 8/1/2025 | 493,719 | 492,757 | 488,549 | ||||||||||||||||||||||
Buckeye Partners L.P. | Utilities: Oil & Gas | Term Loan | Loan | 1M USD LIBOR+ | 2.75 | % | 0.00 | % | 2.90 | % | 11/2/2026 | 1,995,000 | 1,979,702 | 1,976,546 | ||||||||||||||||||||||
BW Gas & Convenience Holdings LLC | Beverage Food & Tobacco | Term Loan | Loan | 1M USD LIBOR+ | 6.25 | % | 0.00 | % | 6.40 | % | 11/18/2024 | 2,230,357 | 2,156,348 | 2,229,420 |
30
Issuer Name | Industry | Asset Name | Asset Type | Reference Rate/Spread | LIBOR Floor | Current Rate (All In) | Maturity Date | Principal/ Number of Shares | Cost | Fair Value | ||||||||||||||||||||||||||
Calceus Acquisition Inc. | Consumer goods: Non-durable | Term Loan B | Loan | 3M USD LIBOR+ | 5.50 | % | 0.00 | % | 5.73 | % | 2/12/2025 | 956,250 | 948,027 | 908,438 | ||||||||||||||||||||||
Callaway Golf Company | Retail | Term Loan B | Loan | 1M USD LIBOR+ | 4.50 | % | 0.00 | % | 4.65 | % | 1/2/2026 | 691,875 | 680,665 | 691,584 | ||||||||||||||||||||||
Cardtronics USA Inc | Banking Finance Insurance & Real Estate | Term Loan | Loan | 1M USD LIBOR+ | 4.00 | % | 1.00 | % | 5.00 | % | 6/29/2027 | 1,498,750 | 1,492,891 | 1,495,468 | ||||||||||||||||||||||
CareerBuilder LLC | Services: Business | Term Loan | Loan | 3M USD LIBOR+ | 6.75 | % | 1.00 | % | 7.75 | % | 7/31/2023 | 3,393,388 | 3,215,856 | 3,059,716 | ||||||||||||||||||||||
Casa Systems Inc. | Telecommunications | Term Loan | Loan | 6M USD LIBOR+ | 4.00 | % | 1.00 | % | 5.00 | % | 12/20/2023 | 1,443,750 | 1,436,852 | 1,382,838 | ||||||||||||||||||||||
Castle US Holding Corporation | Media: Advertising Printing & Publishing | Term Loan B (USD) | Loan | 3M USD LIBOR+ | 3.75 | % | 0.00 | % | 3.98 | % | 1/29/2027 | 497,917 | 495,740 | 479,947 | ||||||||||||||||||||||
CCS-CMGC Holdings Inc. | Healthcare & Pharmaceuticals | Term Loan | Loan | 3M USD LIBOR+ | 5.50 | % | 0.00 | % | 5.73 | % | 10/1/2025 | 2,456,250 | 2,437,583 | 2,329,336 | ||||||||||||||||||||||
Cengage Learning Inc. | Media: Advertising Printing & Publishing | Term Loan | Loan | 6M USD LIBOR+ | 4.25 | % | 1.00 | % | 5.25 | % | 6/7/2023 | 1,436,209 | 1,426,740 | 1,332,687 | ||||||||||||||||||||||
CenturyLink Inc. | Telecommunications | Term Loan B (1/20) | Loan | 1M USD LIBOR+ | 2.25 | % | 0.00 | % | 2.40 | % | 3/15/2027 | 2,977,500 | 2,974,403 | 2,908,333 | ||||||||||||||||||||||
Chemours Company The | Chemicals Plastics & Rubber | Term Loan | Loan | 1M USD LIBOR+ | 1.75 | % | 0.00 | % | 1.90 | % | 4/3/2025 | 992,366 | 939,564 | 968,381 | ||||||||||||||||||||||
Citadel Securities LP | Banking Finance Insurance & Real Estate | Term Loan (2/20) | Loan | 1M USD LIBOR+ | 2.75 | % | 0.00 | % | 2.90 | % | 2/27/2026 | 3,985,056 | 3,961,875 | 3,967,642 | ||||||||||||||||||||||
Clarios Global LP | Automotive | Term Loan B | Loan | 1M USD LIBOR+ | 3.50 | % | 0.00 | % | 3.65 | % | 4/30/2026 | 1,458,214 | 1,445,963 | 1,441,022 | ||||||||||||||||||||||
Claros Mortgage Trust Inc | Banking Finance Insurance & Real Estate | Term Loan B | Loan | 1M USD LIBOR+ | 3.25 | % | 1.00 | % | 4.25 | % | 8/10/2026 | 1,000,000 | 973,750 | 978,750 | ||||||||||||||||||||||
CNT Holdings I Corp | Retail | Term Loan | Loan | 6M USD LIBOR+ | 3.75 | % | 0.75 | % | 4.50 | % | 11/8/2027 | 500,000 | 497,519 | 495,355 | ||||||||||||||||||||||
Compass Power Generation L.L.C. | Utilities: Electric | Term Loan B (08/18) | Loan | 1M USD LIBOR+ | 3.50 | % | 1.00 | % | 4.50 | % | 12/20/2024 | 1,863,647 | 1,859,980 | 1,843,855 | ||||||||||||||||||||||
Concordia International Corp. | Healthcare & Pharmaceuticals | Term Loan | Loan | 1M USD LIBOR+ | 5.50 | % | 1.00 | % | 6.50 | % | 9/6/2024 | 1,165,440 | 1,121,243 | 1,128,810 | ||||||||||||||||||||||
Connect U.S. Finco LLC | Telecommunications | Term Loan B | Loan | 1M USD LIBOR+ | 4.50 | % | 1.00 | % | 5.50 | % | 12/11/2026 | 2,985,000 | 2,833,008 | 2,976,911 | ||||||||||||||||||||||
Consolidated Communications Inc. | Telecommunications | Term Loan B (10/20) | Loan | 1M USD LIBOR+ | 4.75 | % | 1.00 | % | 5.75 | % | 10/4/2027 | 1,000,000 | 985,197 | 999,130 | ||||||||||||||||||||||
Coral-US Co-Borrower LLC | Telecommunications | Term Loan B-5 | Loan | 1M USD LIBOR+ | 2.25 | % | 0.00 | % | 2.40 | % | 1/31/2028 | 2,000,000 | 2,000,000 | 1,955,000 | ||||||||||||||||||||||
CoreCivic Inc. | Banking Finance Insurance & Real Estate | Term Loan (12/19) | Loan | 1M USD LIBOR+ | 4.50 | % | 1.00 | % | 5.50 | % | 12/12/2024 | 3,500,000 | 3,447,500 | 3,395,000 | ||||||||||||||||||||||
Covia Holdings Corporation (b) | Metals & Mining | Term Loan | Loan | Prime+ | 5.00 | % | 1.00 | % | 6.00 | % | 6/2/2025 | 982,500 | 982,500 | 785,823 | ||||||||||||||||||||||
CPI Acquisition Inc | Banking Finance Insurance & Real Estate | Term Loan B (1st Lien) | Loan | 6M USD LIBOR+ | 4.50 | % | 1.00 | % | 5.50 | % | 8/17/2022 | 1,436,782 | 1,430,314 | 1,305,374 | ||||||||||||||||||||||
CSC Holdings LLC | Media: Broadcasting & Subscription | Term Loan B (03/17) | Loan | 1M USD LIBOR+ | 2.25 | % | 0.00 | % | 2.40 | % | 7/17/2025 | 1,959,391 | 1,940,157 | 1,907,604 | ||||||||||||||||||||||
CSC Holdings LLC | Media: Broadcasting & Subscription | Term Loan B | Loan | 1M USD LIBOR+ | 2.25 | % | 0.00 | % | 2.40 | % | 1/15/2026 | 491,250 | 490,363 | 477,844 | ||||||||||||||||||||||
CSC Holdings LLC | Media: Broadcasting & Subscription | Term Loan B-5 | Loan | 1M USD LIBOR+ | 2.50 | % | 0.00 | % | 2.65 | % | 4/15/2027 | 496,250 | 496,250 | 484,196 | ||||||||||||||||||||||
Cushman & Wakefield U.S. Borrower LLC | Construction & Building | Term Loan | Loan | 1M USD LIBOR+ | 2.75 | % | 0.00 | % | 2.90 | % | 8/21/2025 | 3,925,325 | 3,911,009 | 3,797,752 | ||||||||||||||||||||||
Daseke Companies Inc. | Transportation: Cargo | Replacement Term Loan | Loan | 1M USD LIBOR+ | 5.00 | % | 1.00 | % | 6.00 | % | 2/27/2024 | 1,940,727 | 1,933,434 | 1,921,320 | ||||||||||||||||||||||
Dealer Tire T/L B-1 | Automotive | Term Loan B-1 | Loan | 1M USD LIBOR+ | 4.25 | % | 0.00 | % | 4.41 | % | 12/12/2025 | 2,977,500 | 2,970,861 | 2,947,725 | ||||||||||||||||||||||
Delek US Holdings Inc. | Utilities: Oil & Gas | Term Loan B | Loan | 1M USD LIBOR+ | 2.25 | % | 0.00 | % | 2.40 | % | 3/31/2025 | 6,397,012 | 6,339,615 | 5,975,193 | ||||||||||||||||||||||
Dell International L.L.C. | High Tech Industries | Term Loan B-1 | Loan | 1M USD LIBOR+ | 2.00 | % | 0.75 | % | 2.75 | % | 9/19/2025 | 3,776,190 | 3,772,472 | 3,767,392 | ||||||||||||||||||||||
Delta 2 (Lux) SARL | Hotel Gaming & Leisure | Term Loan B | Loan | 1M USD LIBOR+ | 2.50 | % | 1.00 | % | 3.50 | % | 2/1/2024 | 818,289 | 817,451 | 795,328 | ||||||||||||||||||||||
Delta Air Lines Inc. | Transportation: Consumer | Term Loan B (4/20) | Loan | 3M USD LIBOR+ | 4.75 | % | 1.00 | % | 5.75 | % | 5/1/2023 | 2,249,375 | 2,245,677 | 2,270,924 | ||||||||||||||||||||||
DHX Media Ltd. | Media: Broadcasting & Subscription | Term Loan | Loan | 1M USD LIBOR+ | 4.25 | % | 1.00 | % | 5.25 | % | 12/29/2023 | 279,282 | 278,253 | 271,602 |
31
Issuer Name | Industry | Asset Name | Asset Type | Reference Rate/Spread | LIBOR Floor | Current Rate (All In) | Maturity Date | Principal/ Number of Shares | Cost | Fair Value | ||||||||||||||||||||||||||
Diamond Sports Group LLC | Media: Broadcasting & Subscription | Term Loan | Loan | 1M USD LIBOR+ | 3.25 | % | 0.00 | % | 3.40 | % | 8/24/2026 | 3,452,563 | 2,901,175 | 2,865,627 | ||||||||||||||||||||||
Digital Room Holdings Inc. | Media: Advertising Printing & Publishing | Term Loan | Loan | 6M USD LIBOR+ | 5.00 | % | 0.00 | % | 5.26 | % | 5/21/2026 | 2,962,500 | 2,930,017 | 2,714,391 | ||||||||||||||||||||||
Dole Food Company Inc. | Beverage Food & Tobacco | Term Loan B | Loan | 1M USD LIBOR+ | 2.75 | % | 1.00 | % | 3.75 | % | 4/8/2024 | 459,375 | 458,214 | 454,717 | ||||||||||||||||||||||
DRW Holdings LLC | Banking Finance Insurance & Real Estate | Term Loan B | Loan | 1M USD LIBOR+ | 4.25 | % | 0.00 | % | 4.40 | % | 11/27/2026 | 5,962,500 | 5,911,294 | 5,873,063 | ||||||||||||||||||||||
Eagletree-Carbide Acquisition Corp. | Consumer goods: Durable | Eagletree-Carbide T/L (Corsair Components) | Loan | 1M USD LIBOR+ | 3.75 | % | 1.00 | % | 4.75 | % | 8/28/2024 | 2,192,140 | 2,184,935 | 2,183,919 | ||||||||||||||||||||||
EIG Investors Corp. | High Tech Industries | Term Loan (06/18) | Loan | 3M USD LIBOR+ | 3.75 | % | 1.00 | % | 4.75 | % | 2/9/2023 | 2,161,472 | 2,151,966 | 2,157,235 | ||||||||||||||||||||||
Encapsys LLC | Chemicals Plastics & Rubber | Term Loan B2 | Loan | 1M USD LIBOR+ | 3.25 | % | 1.00 | % | 4.25 | % | 11/7/2024 | 493,570 | 489,678 | 488,634 | ||||||||||||||||||||||
Endo Luxembourg Finance Company I S.a.r.l. | Healthcare & Pharmaceuticals | Term Loan B (4/17) | Loan | 3M USD LIBOR+ | 4.25 | % | 0.75 | % | 5.00 | % | 4/29/2024 | 3,906,740 | 3,888,518 | 3,784,655 | ||||||||||||||||||||||
Energy Acquisition LP | Capital Equipment | Term Loan (6/18) | Loan | 1M USD LIBOR+ | 4.25 | % | 0.00 | % | 4.40 | % | 6/26/2025 | 1,955,000 | 1,949,825 | 1,856,429 | ||||||||||||||||||||||
Envision Healthcare Corporation | Healthcare & Pharmaceuticals | Term Loan B (06/18) | Loan | 1M USD LIBOR+ | 3.75 | % | 0.00 | % | 3.90 | % | 10/10/2025 | 4,912,500 | 4,903,992 | 3,991,947 | ||||||||||||||||||||||
EyeCare Partners DD T/L (a) | Healthcare & Pharmaceuticals | Unfunded Commitment | Loan | 6M USD LIBOR+ | 3.75 | % | 0.00 | % | 3.75 | % | 2/18/2027 | 32,432 | 32,432 | 16,083 | ||||||||||||||||||||||
EyeCare Partners T/L B | Healthcare & Pharmaceuticals | EyeCare Partners T/L B | Loan | 6M USD LIBOR+ | 3.75 | % | 0.00 | % | 4.06 | % | 2/18/2027 | 1,613,514 | 1,612,025 | 1,543,794 | ||||||||||||||||||||||
FinCo I LLC | Banking Finance Insurance & Real Estate | Term Loan B (9/20) | Loan | 1M USD LIBOR+ | 2.50 | % | 0.00 | % | 2.65 | % | 6/27/2025 | 826,839 | 825,204 | 817,537 | ||||||||||||||||||||||
First Brands Group LLC | Automotive | Term Loan B-3 | Loan | 3M USD LIBOR+ | 7.50 | % | 1.00 | % | 8.50 | % | 2/2/2024 | 5,102,673 | 4,986,035 | 5,086,753 | ||||||||||||||||||||||
First Eagle Holdings Inc. | Banking Finance Insurance & Real Estate | Refinancing Term Loan | Loan | 3M USD LIBOR+ | 2.50 | % | 0.00 | % | 2.73 | % | 2/1/2027 | 5,409,125 | 5,388,372 | 5,291,639 | ||||||||||||||||||||||
Fitness International LLC | Services: Consumer | Term Loan B (4/18) | Loan | 3M USD LIBOR+ | 3.25 | % | 0.00 | % | 3.48 | % | 4/18/2025 | 1,330,058 | 1,323,836 | 1,115,028 | ||||||||||||||||||||||
Franklin Square Holdings L.P. | Banking Finance Insurance & Real Estate | Term Loan | Loan | 1M USD LIBOR+ | 2.25 | % | 0.00 | % | 2.40 | % | 8/1/2025 | 4,409,994 | 4,384,204 | 4,299,744 | ||||||||||||||||||||||
Froneri US Inc. | Beverage Food & Tobacco | Term Loan B-2 | Loan | 1M USD LIBOR+ | 2.25 | % | 0.00 | % | 2.40 | % | 1/29/2027 | 1,995,000 | 1,990,637 | 1,945,444 | ||||||||||||||||||||||
Fusion Connect Inc. | Telecommunications | Take Back 2nd Out Term Loan | Loan | 3M USD LIBOR+ | 1.00 | % | 2.00 | % | 3.00 | % | 7/14/2025 | 798,815 | 780,801 | 319,526 | ||||||||||||||||||||||
GBT Group Services B.V. | Hotel Gaming & Leisure | Term Loan | Loan | 1M USD LIBOR+ | 2.50 | % | 0.00 | % | 2.65 | % | 8/13/2025 | 4,410,000 | 4,409,116 | 4,128,863 | ||||||||||||||||||||||
General Nutrition Centers Inc. (b) | Retail | Term Loan B2 | Loan | 6M USD LIBOR+ | 6.00 | % | 0.75 | % | 6.75 | % | 3/4/2021 | 389,896 | 389,896 | 301,000 | ||||||||||||||||||||||
Genesee & Wyoming Inc. | Transportation: Cargo | Term Loan (11/19) | Loan | 3M USD LIBOR+ | 2.00 | % | 0.00 | % | 2.23 | % | 12/30/2026 | 1,492,500 | 1,486,008 | 1,480,381 | ||||||||||||||||||||||
GEO Group Inc. The | Banking Finance Insurance & Real Estate | Term Loan Refinance | Loan | 1M USD LIBOR+ | 2.00 | % | 0.75 | % | 2.75 | % | 3/25/2024 | 3,974,267 | 3,653,766 | 3,540,952 | ||||||||||||||||||||||
GI Chill Acquisition LLC | Services: Business | Term Loan | Loan | 3M USD LIBOR+ | 4.00 | % | 0.00 | % | 4.23 | % | 8/6/2025 | 2,450,000 | 2,440,947 | 2,404,063 | ||||||||||||||||||||||
Gigamon Inc. | Services: Business | Term Loan B | Loan | 6M USD LIBOR+ | 4.25 | % | 1.00 | % | 5.25 | % | 12/27/2024 | 2,937,800 | 2,918,957 | 2,904,750 | ||||||||||||||||||||||
Global Tel*Link Corporation | Telecommunications | Term Loan B | Loan | 1M USD LIBOR+ | 4.25 | % | 0.00 | % | 4.40 | % | 11/28/2025 | 5,012,922 | 4,766,294 | 4,470,574 | ||||||||||||||||||||||
Go Wireless Inc. | Telecommunications | Term Loan | Loan | 1M USD LIBOR+ | 6.50 | % | 1.00 | % | 7.50 | % | 12/22/2024 | 3,069,156 | 3,034,740 | 3,011,609 | ||||||||||||||||||||||
Goodyear Tire & Rubber Company The | Chemicals Plastics & Rubber | Second Lien Term Loan | Loan | 1M USD LIBOR+ | 0.00 | % | 0.00 | % | 0.00 | % | 3/7/2025 | 3,000,000 | 2,929,942 | 2,925,000 | ||||||||||||||||||||||
Graham Packaging Company Inc | Containers Packaging & Glass | Initial Term Loan | Loan | 1M USD LIBOR+ | 3.75 | % | 0.75 | % | 4.50 | % | 8/4/2027 | 1,000,000 | 992,806 | 998,380 | ||||||||||||||||||||||
Greenhill & Co. Inc. | Banking Finance Insurance & Real Estate | Term Loan B | Loan | 1M USD LIBOR+ | 3.25 | % | 0.00 | % | 3.40 | % | 4/12/2024 | 3,628,846 | 3,598,386 | 3,574,413 |
32
Issuer Name | Industry | Asset Name | Asset Type | Reference Rate/Spread | LIBOR Floor | Current Rate (All In) | Maturity Date | Principal/ Number of Shares | Cost | Fair Value | ||||||||||||||||||||||||||
Grosvenor Capital Management Holdings LLLP | Banking Finance Insurance & Real Estate | Term Loan B | Loan | 1M USD LIBOR+ | 2.75 | % | 1.00 | % | 3.75 | % | 3/28/2025 | 1,660,340 | 1,658,009 | 1,652,553 | ||||||||||||||||||||||
Guidehouse LLP | Aerospace & Defense | Term Loan | Loan | 1M USD LIBOR+ | 4.50 | % | 0.00 | % | 4.65 | % | 5/1/2025 | 3,934,746 | 3,914,971 | 3,908,934 | ||||||||||||||||||||||
Harbor Freight Tools USA Inc. | Retail | Term Loan B (10/20) | Loan | 1M USD LIBOR+ | 3.25 | % | 0.75 | % | 4.00 | % | 10/19/2027 | 3,000,000 | 2,974,082 | 2,976,150 | ||||||||||||||||||||||
Harland Clarke Holdings Corp. | Media: Advertising Printing & Publishing | Term Loan | Loan | 3M USD LIBOR+ | 4.75 | % | 1.00 | % | 5.75 | % | 11/3/2023 | 1,640,442 | 1,634,865 | 1,409,615 | ||||||||||||||||||||||
Helix Acquisition Holdings Inc. | Capital Equipment | Term Loan (2019 Incremental) | Loan | 3M USD LIBOR+ | 3.75 | % | 0.00 | % | 3.98 | % | 9/30/2024 | 2,842,097 | 2,799,574 | 2,660,914 | ||||||||||||||||||||||
Helix Gen Funding LLC | Energy: Electricity | Term Loan B (02/17) | Loan | 1M USD LIBOR+ | 3.75 | % | 1.00 | % | 4.75 | % | 6/3/2024 | 244,627 | 244,376 | 242,256 | ||||||||||||||||||||||
HLF Financing SaRL LLC | Consumer goods: Non-durable | Term Loan B (08/18) | Loan | 1M USD LIBOR+ | 2.75 | % | 0.00 | % | 2.90 | % | 8/18/2025 | 3,920,000 | 3,907,099 | 3,899,185 | ||||||||||||||||||||||
Holley Purchaser Inc. | Automotive | Term Loan B | Loan | 3M USD LIBOR+ | 5.00 | % | 0.00 | % | 5.23 | % | 10/24/2025 | 2,456,250 | 2,438,060 | 2,367,211 | ||||||||||||||||||||||
Hudson River Trading LLC | Banking Finance Insurance & Real Estate | Term Loan B (01/20) | Loan | 1M USD LIBOR+ | 3.00 | % | 0.00 | % | 3.15 | % | 2/18/2027 | 5,955,000 | 5,934,142 | 5,899,202 | ||||||||||||||||||||||
Hyperion Refinance S.a.r.l. | Banking Finance Insurance & Real Estate | Tem Loan (12/17) | Loan | 1M USD LIBOR+ | 3.50 | % | 1.00 | % | 4.50 | % | 12/20/2024 | 1,696,696 | 1,689,952 | 1,677,608 | ||||||||||||||||||||||
ICH US Intermediate Holdings II Inc. | Healthcare & Pharmaceuticals | Term Loan B | Loan | 6M USD LIBOR+ | 5.75 | % | 1.00 | % | 6.75 | % | 12/24/2026 | 4,812,500 | 4,639,656 | 4,812,500 | ||||||||||||||||||||||
Idera Inc. | High Tech Industries | Term Loan B | Loan | 6M USD LIBOR+ | 4.00 | % | 1.00 | % | 5.00 | % | 6/28/2024 | 3,906,897 | 3,895,231 | 3,880,838 | ||||||||||||||||||||||
Inmar Inc. | Services: Business | Term Loan B | Loan | 3M USD LIBOR+ | 4.00 | % | 1.00 | % | 5.00 | % | 5/1/2024 | 3,430,451 | 3,364,343 | 3,306,646 | ||||||||||||||||||||||
Innophos Holdings Inc. | Chemicals Plastics & Rubber | Term Loan B | Loan | 1M USD LIBOR+ | 3.50 | % | 0.00 | % | 3.65 | % | 2/5/2027 | 497,500 | 495,259 | 493,147 | ||||||||||||||||||||||
Intrado Corporation | Telecommunications | Term Loan B (Olympus Merger) | Loan | 3M USD LIBOR+ | 4.00 | % | 1.00 | % | 5.00 | % | 10/10/2024 | 1,227,904 | 1,165,633 | 1,166,362 | ||||||||||||||||||||||
Intrado Corporation | Telecommunications | Term Loan B | Loan | 3M USD LIBOR+ | 3.50 | % | 1.00 | % | 4.50 | % | 10/10/2024 | 2,938,625 | 2,878,000 | 2,776,530 | ||||||||||||||||||||||
ION Media Networks Inc. | Media: Broadcasting & Subscription | Term Loan B | Loan | 1M USD LIBOR+ | 3.00 | % | 0.00 | % | 3.15 | % | 12/18/2024 | 2,987,481 | 2,942,872 | 2,970,691 | ||||||||||||||||||||||
Isagenix International LLC | Beverage Food & Tobacco | Term Loan | Loan | 3M USD LIBOR+ | 5.75 | % | 1.00 | % | 6.75 | % | 6/16/2025 | 2,671,340 | 2,632,565 | 1,471,454 | ||||||||||||||||||||||
Jane Street Group LLC | Banking Finance Insurance & Real Estate | Term Loan B (1/20) | Loan | 3M USD LIBOR+ | 3.00 | % | 0.00 | % | 3.23 | % | 1/31/2025 | 1,994,987 | 1,967,847 | 1,979,526 | ||||||||||||||||||||||
Jefferies Finance LLC / JFIN Co-Issuer Corp | Banking Finance Insurance & Real Estate | Term Loan | Loan | 1M USD LIBOR+ | 3.00 | % | 0.00 | % | 3.15 | % | 6/3/2026 | 3,204,956 | 3,189,146 | 3,142,203 | ||||||||||||||||||||||
Jill Acquisition LLC | Retail | Priming Term Loan | Loan | 6M USD LIBOR+ | 5.00 | % | 1.00 | % | 6.00 | % | 5/8/2024 | 1,784,383 | 1,781,768 | 1,213,381 | ||||||||||||||||||||||
JP Intermediate B LLC | Consumer goods: Non-durable | Term Loan | Loan | 3M USD LIBOR+ | 5.50 | % | 1.00 | % | 6.50 | % | 11/20/2025 | 4,491,342 | 4,451,315 | 3,963,609 | ||||||||||||||||||||||
KAR Auction Services Inc. | Automotive | Term Loan B (09/19) | Loan | 1M USD LIBOR+ | 2.25 | % | 0.00 | % | 2.40 | % | 9/21/2026 | 247,500 | 246,987 | 241,313 | ||||||||||||||||||||||
Kindred Healthcare Inc. | Healthcare & Pharmaceuticals | Term Loan (6/18) | Loan | 1M USD LIBOR+ | 5.00 | % | 0.00 | % | 5.15 | % | 7/2/2025 | 1,984,810 | 1,967,031 | 1,979,848 | ||||||||||||||||||||||
KREF Holdings X LLC | Banking Finance Insurance & Real Estate | Term Loan | Loan | 3M USD LIBOR+ | 4.75 | % | 1.00 | % | 5.75 | % | 9/1/2027 | 500,000 | 487,836 | 497,500 | ||||||||||||||||||||||
Lakeland Tours LLC | Hotel Gaming & Leisure | Term Loan B | Loan | 3M USD LIBOR+ | 4.25 | % | 1.00 | % | 5.25 | % | 12/16/2024 | 1,872,440 | 1,867,419 | 748,976 | ||||||||||||||||||||||
Lakeland Tours LLC | Hotel Gaming & Leisure | Roll Up DIP Term Loan | Loan | 3M USD LIBOR+ | 1.50 | % | 1.25 | % | 2.75 | % | 1/20/2021 | 572,536 | 572,217 | 458,028 | ||||||||||||||||||||||
Lakeland Tours LLC | Hotel Gaming & Leisure | Priority Exit PIK Term Loan (9/20) | Loan | 1M USD LIBOR+ | 6.00 | % | 1.25 | % | 7.25 | % | 9/25/2023 | 302,753 | 292,230 | 290,643 | ||||||||||||||||||||||
Lealand Finance Company B.V. | Energy: Oil & Gas | Exit Term Loan | Loan | 1M USD LIBOR+ | 1.00 | % | 0.00 | % | 1.15 | % | 6/30/2025 | 322,313 | 322,313 | 212,727 | ||||||||||||||||||||||
Learfield Communications LLC | Media: Advertising Printing & Publishing | Initial Term Loan (A-L Parent) | Loan | 1M USD LIBOR+ | 3.25 | % | 1.00 | % | 4.25 | % | 12/1/2023 | 481,250 | 480,118 | 408,610 | ||||||||||||||||||||||
Lifetime Brands Inc. | Consumer goods: Non-durable | Term Loan B | Loan | 1M USD LIBOR+ | 3.50 | % | 1.00 | % | 4.50 | % | 2/28/2025 | 2,905,639 | 2,874,127 | 2,825,734 |
33
Issuer Name | Industry | Asset Name | Asset Type | Reference Rate/Spread | LIBOR Floor | Current Rate (All In) | Maturity Date | Principal/ Number of Shares | Cost | Fair Value | ||||||||||||||||||||||||||
Lightstone Holdco LLC | Energy: Electricity | Term Loan B | Loan | 3M USD LIBOR+ | 3.75 | % | 1.00 | % | 4.75 | % | 1/30/2024 | 1,322,520 | 1,321,010 | 1,191,921 | ||||||||||||||||||||||
Lightstone Holdco LLC | Energy: Electricity | Term Loan C | Loan | 3M USD LIBOR+ | 3.75 | % | 1.00 | % | 4.75 | % | 1/30/2024 | 74,592 | 74,511 | 67,226 | ||||||||||||||||||||||
Lindblad Expeditions Inc. | Hotel Gaming & Leisure | US 2018 Term Loan | Loan | 1M USD LIBOR+ | 3.50 | % | 0.75 | % | 4.25 | % | 3/27/2025 | 392,565 | 391,927 | 365,086 | ||||||||||||||||||||||
Lindblad Expeditions Inc. | Hotel Gaming & Leisure | Cayman Term Loan | Loan | 1M USD LIBOR+ | 3.50 | % | 0.75 | % | 4.25 | % | 3/27/2025 | 98,141 | 97,982 | 91,271 | ||||||||||||||||||||||
Liquidnet Holdings Inc. | Banking Finance Insurance & Real Estate | Term Loan B | Loan | 6M USD LIBOR+ | 3.25 | % | 1.00 | % | 4.25 | % | 7/15/2024 | 2,003,392 | 1,999,416 | 1,983,358 | ||||||||||||||||||||||
LogMeIn Inc. | High Tech Industries | Term Loan (8/20) | Loan | 1M USD LIBOR+ | 4.75 | % | 0.00 | % | 4.90 | % | 8/31/2027 | 3,000,000 | 2,932,743 | 2,962,500 | ||||||||||||||||||||||
LPL Holdings Inc. | Banking Finance Insurance & Real Estate | Term Loan B1 | Loan | 1M USD LIBOR+ | 1.75 | % | 0.00 | % | 1.90 | % | 11/11/2026 | 1,235,873 | 1,233,250 | 1,212,318 | ||||||||||||||||||||||
MA FinanceCo. LLC | High Tech Industries | Term Loan B4 | Loan | 3M USD LIBOR+ | 4.25 | % | 1.00 | % | 5.25 | % | 6/5/2025 | 2,490,625 | 2,481,708 | 2,486,466 | ||||||||||||||||||||||
Marriott Ownership Resorts Inc. | Hotel Gaming & Leisure | Term Loan (11/19) | Loan | 1M USD LIBOR+ | 1.75 | % | 0.00 | % | 1.90 | % | 8/29/2025 | 1,488,750 | 1,488,750 | 1,440,827 | ||||||||||||||||||||||
Match Group Inc. | Services: Consumer | Term Loan (1/20) | Loan | 3M USD LIBOR+ | 1.75 | % | 0.00 | % | 1.98 | % | 2/15/2027 | 250,000 | 249,453 | 245,833 | ||||||||||||||||||||||
McAfee LLC | Services: Business | Term Loan B | Loan | 1M USD LIBOR+ | 3.75 | % | 0.00 | % | 3.90 | % | 9/30/2024 | 2,145,575 | 2,137,577 | 2,139,417 | ||||||||||||||||||||||
McGraw-Hill Global Education Holdings LLC | Media: Advertising Printing & Publishing | Term Loan | Loan | 3M USD LIBOR+ | 4.00 | % | 1.00 | % | 5.00 | % | 5/4/2022 | 2,918,194 | 2,674,102 | 2,751,011 | ||||||||||||||||||||||
Meredith Corporation | Media: Advertising Printing & Publishing | Term Loan B2 | Loan | 1M USD LIBOR+ | 2.50 | % | 0.00 | % | 2.65 | % | 1/31/2025 | 578,738 | 577,867 | 567,886 | ||||||||||||||||||||||
Messer Industries GMBH | Chemicals Plastics & Rubber | Term Loan B | Loan | 3M USD LIBOR+ | 2.50 | % | 0.00 | % | 2.73 | % | 3/2/2026 | 3,955,000 | 3,932,723 | 3,894,093 | ||||||||||||||||||||||
Michaels Stores Inc. | Retail | Term Loan B (9/20) | Loan | 1M USD LIBOR+ | 3.50 | % | 0.75 | % | 4.25 | % | 10/1/2027 | 2,577,875 | 2,571,175 | 2,534,051 | ||||||||||||||||||||||
Midwest Physician Administrative Services LLC | Healthcare & Pharmaceuticals | Term Loan (2/18) | Loan | 1M USD LIBOR+ | 2.75 | % | 0.75 | % | 3.50 | % | 8/15/2024 | 963,479 | 960,461 | 948,228 | ||||||||||||||||||||||
Milk Specialties Company | Beverage Food & Tobacco | Term Loan (2/17) | Loan | 1M USD LIBOR+ | 4.00 | % | 1.00 | % | 5.00 | % | 8/16/2023 | 3,841,318 | 3,800,635 | 3,785,311 | ||||||||||||||||||||||
Mitchell International Inc. | Banking Finance Insurance & Real Estate | Term Loan (7/20) | Loan | 1M USD LIBOR+ | 4.25 | % | 0.50 | % | 4.75 | % | 11/29/2024 | 1,000,000 | 943,651 | 983,440 | ||||||||||||||||||||||
MKS Instruments Inc. | High Tech Industries | Term Loan B6 | Loan | 1M USD LIBOR+ | 1.75 | % | 0.00 | % | 1.90 | % | 2/2/2026 | 880,339 | 873,475 | 867,962 | ||||||||||||||||||||||
MLN US HoldCo LLC | Telecommunications | Term Loan | Loan | 1M USD LIBOR+ | 4.50 | % | 0.00 | % | 4.65 | % | 11/28/2025 | 982,500 | 980,984 | 855,080 | ||||||||||||||||||||||
MRC Global (US) Inc. | Metals & Mining | Term Loan B2 | Loan | 1M USD LIBOR+ | 3.00 | % | 0.00 | % | 3.15 | % | 9/20/2024 | 486,221 | 485,447 | 459,479 | ||||||||||||||||||||||
Natgasoline LLC | Chemicals Plastics & Rubber | Term Loan | Loan | 6M USD LIBOR+ | 3.50 | % | 0.00 | % | 3.76 | % | 11/14/2025 | 1,491,250 | 1,459,645 | 1,435,328 | ||||||||||||||||||||||
National Mentor Holdings Inc. | Healthcare & Pharmaceuticals | Term Loan | Loan | 1M USD LIBOR+ | 4.25 | % | 0.00 | % | 4.40 | % | 3/9/2026 | 1,885,456 | 1,870,141 | 1,867,959 | ||||||||||||||||||||||
National Mentor Holdings Inc. | Healthcare & Pharmaceuticals | Term Loan C | Loan | 1M USD LIBOR+ | 4.25 | % | 0.00 | % | 4.40 | % | 3/9/2026 | 86,065 | 85,383 | 85,266 | ||||||||||||||||||||||
NeuStar Inc. | Telecommunications | Term Loan B4 (03/18) | Loan | 1M USD LIBOR+ | 3.50 | % | 1.00 | % | 4.50 | % | 8/8/2024 | 2,641,566 | 2,609,026 | 2,514,110 | ||||||||||||||||||||||
NeuStar Inc. | Telecommunications | Term Loan B-5 | Loan | 1M USD LIBOR+ | 4.50 | % | 1.00 | % | 5.50 | % | 8/8/2024 | 885,162 | 872,332 | 848,207 | ||||||||||||||||||||||
Nexstar Broadcasting Inc. | Media: Broadcasting & Subscription | Term Loan | Loan | 1M USD LIBOR+ | 2.75 | % | 0.00 | % | 2.90 | % | 9/18/2026 | 1,113,795 | 1,100,547 | 1,099,316 | ||||||||||||||||||||||
NorthPole Newco S.a r.l | Aerospace & Defense | Term Loan | Loan | 3M USD LIBOR+ | 7.00 | % | 0.00 | % | 7.23 | % | 3/3/2025 | 4,625,000 | 4,250,051 | 4,159,633 | ||||||||||||||||||||||
Novetta Solutions LLC | Aerospace & Defense | Term Loan | Loan | 3M USD LIBOR+ | 5.00 | % | 1.00 | % | 6.00 | % | 10/17/2022 | 1,904,870 | 1,898,604 | 1,863,210 | ||||||||||||||||||||||
Novetta Solutions LLC | Aerospace & Defense | Second Lien Term Loan | Loan | 3M USD LIBOR+ | 8.50 | % | 1.00 | % | 9.50 | % | 10/16/2023 | 1,000,000 | 995,232 | 965,000 | ||||||||||||||||||||||
NPC International Inc. (b) | Beverage Food & Tobacco | Term Loan | Loan | 3M USD LIBOR+ | 3.50 | % | 1.00 | % | 4.50 | % | 4/19/2024 | 487,500 | 487,124 | 457,182 | ||||||||||||||||||||||
Octave Music Group Inc. The | Services: Business | Term Loan B | Loan | 1M USD LIBOR+ | 5.25 | % | 1.00 | % | 6.25 | % | 5/29/2025 | 3,931,034 | 3,895,765 | 3,420,000 | ||||||||||||||||||||||
Onex Carestream Finance LP | Healthcare & Pharmaceuticals | Term Loan | Loan | 3M USD LIBOR+ | 6.75 | % | 1.00 | % | 7.75 | % | 5/8/2023 | 2,358,581 | 2,353,833 | 2,287,824 | ||||||||||||||||||||||
Owens & Minor Distribution Inc. | Healthcare & Pharmaceuticals | Term Loan B | Loan | 1M USD LIBOR+ | 4.50 | % | 0.00 | % | 4.65 | % | 4/30/2025 | 488,750 | 481,954 | 481,951 |
34
Issuer Name | Industry | Asset Name | Asset Type | Reference Rate/Spread | LIBOR Floor | Current Rate (All In) | Maturity Date | Principal/ Number of Shares | Cost | Fair Value | ||||||||||||||||||||||||||
PAE Incorporated | Aerospace & Defense | Term Loan B (10/20) | Loan | 3M USD LIBOR+ | 4.50 | % | 0.75 | % | 5.25 | % | 10/14/2027 | 2,000,000 | 1,970,258 | 1,986,660 | ||||||||||||||||||||||
Pathway Vet Alliance LLC | Services: Business | Term Loan (3/20) | Loan | 1M USD LIBOR+ | 4.00 | % | 0.00 | % | 4.15 | % | 3/31/2027 | 460,106 | 449,175 | 453,586 | ||||||||||||||||||||||
Pathway Vet Alliance LLC (a) | Services: Business | Delayed Draw Term Loan (3/20) | Loan | 1M USD LIBOR+ | 4.00 | % | 0.00 | % | 4.15 | % | 3/31/2027 | 16,112 | 16,112 | 15,579 | ||||||||||||||||||||||
Patriot Container Corp. | Environmental Industries | Term Loan (3/18) | Loan | 1M USD LIBOR+ | 3.50 | % | 1.00 | % | 4.50 | % | 3/20/2025 | 496,183 | 494,036 | 483,158 | ||||||||||||||||||||||
PCI Gaming Authority | Hotel Gaming & Leisure | Term Loan | Loan | 1M USD LIBOR+ | 2.50 | % | 0.00 | % | 2.65 | % | 5/29/2026 | 878,269 | 874,562 | 859,404 | ||||||||||||||||||||||
Penn National Gaming Inc. | Hotel Gaming & Leisure | Term Loan B-1 | Loan | 1M USD LIBOR+ | 2.25 | % | 0.75 | % | 3.00 | % | 10/15/2025 | 1,788,056 | 1,724,458 | 1,756,765 | ||||||||||||||||||||||
Peraton Corp. | Aerospace & Defense | Term Loan | Loan | 2M USD LIBOR+ | 5.25 | % | 1.00 | % | 6.25 | % | 4/29/2024 | 1,431,200 | 1,431,200 | 1,426,734 | ||||||||||||||||||||||
PG&E Corporation | Utilities: Electric | Term Loan | Loan | 3M USD LIBOR+ | 4.50 | % | 1.00 | % | 5.50 | % | 6/23/2025 | 1,498,750 | 1,490,608 | 1,508,117 | ||||||||||||||||||||||
PGX Holdings Inc. | Services: Consumer | Term Loan | Loan | 1M USD LIBOR+ | 5.25 | % | 1.00 | % | 6.25 | % | 9/29/2023 | 3,124,095 | 3,100,486 | 2,907,377 | ||||||||||||||||||||||
PI UK Holdco II Limited | Services: Business | Term Loan B1 (PI UK Holdco II) | Loan | 3M USD LIBOR+ | 3.50 | % | 1.00 | % | 4.50 | % | 1/3/2025 | 1,462,500 | 1,456,844 | 1,441,542 | ||||||||||||||||||||||
Pitney Bowes Inc. | Services: Business | Term Loan B | Loan | 1M USD LIBOR+ | 5.50 | % | 0.00 | % | 5.65 | % | 1/7/2025 | 2,925,000 | 2,645,690 | 2,884,781 | ||||||||||||||||||||||
Pixelle Specialty Solutions LLC | Forest Products & Paper | Term Loan | Loan | 1M USD LIBOR+ | 6.50 | % | 1.00 | % | 7.50 | % | 10/31/2024 | 3,962,121 | 3,931,283 | 3,946,035 | ||||||||||||||||||||||
Plastipak Packaging Inc. | Containers Packaging & Glass | Term Loan B (04/18) | Loan | 1M USD LIBOR+ | 2.50 | % | 0.00 | % | 2.65 | % | 10/15/2024 | 2,944,583 | 2,924,426 | 2,899,796 | ||||||||||||||||||||||
Playtika Holding Corp. | High Tech Industries | Trm Loan B (12/19) | Loan | 6M USD LIBOR+ | 6.00 | % | 1.00 | % | 7.00 | % | 12/10/2024 | 2,875,316 | 2,826,817 | 2,886,415 | ||||||||||||||||||||||
Polymer Process Holdings Inc | Containers Packaging & Glass | Term Loan | Loan | 1M USD LIBOR+ | 6.00 | % | 0.00 | % | 6.15 | % | 4/30/2026 | 2,962,500 | 2,913,635 | 2,918,063 | ||||||||||||||||||||||
Premier Dental Services Inc. | Retail | Term Loan (12/18) | Loan | 3M USD LIBOR+ | 5.25 | % | 1.00 | % | 6.25 | % | 6/30/2023 | 425,117 | 425,604 | 392,523 | ||||||||||||||||||||||
Pre-Paid Legal Services Inc. | Services: Business | Incremental Term Loan | Loan | 1M USD LIBOR+ | 4.00 | % | 0.75 | % | 4.75 | % | 5/1/2025 | 1,000,000 | 985,455 | 985,420 | ||||||||||||||||||||||
Presidio Holdings Inc. | Services: Business | Term Loan B (1/20) | Loan | 3M USD LIBOR+ | 3.50 | % | 0.00 | % | 3.73 | % | 1/22/2027 | 498,750 | 497,691 | 492,206 | ||||||||||||||||||||||
Prime Security Services Borrower LLC | Services: Consumer | Term Loan (Protection One/ADT) | Loan | 9M USD LIBOR+ | 3.25 | % | 1.00 | % | 4.25 | % | 9/23/2026 | 3,970,000 | 3,951,407 | 3,945,187 | ||||||||||||||||||||||
Priority Payment Systems Holdings LLC | High Tech Industries | Term Loan | Loan | 1M USD LIBOR+ | 6.50 | % | 1.00 | % | 7.50 | % | 1/3/2023 | 1,696,126 | 1,690,596 | 1,645,243 | ||||||||||||||||||||||
Prometric Holdings Inc. | Services: Consumer | Term Loan | Loan | 1M USD LIBOR+ | 3.00 | % | 1.00 | % | 4.00 | % | 1/29/2025 | 487,575 | 486,008 | 465,839 | ||||||||||||||||||||||
Pug LLC | Services: Consumer | Term Loan B (02/20) | Loan | 1M USD LIBOR+ | 3.50 | % | 0.00 | % | 3.65 | % | 2/12/2027 | 491,263 | 489,016 | 458,716 | ||||||||||||||||||||||
Rackspace Hosting Inc. | High Tech Industries | Term Loan B | Loan | 3M USD LIBOR+ | 3.00 | % | 1.00 | % | 4.00 | % | 11/3/2023 | 469,851 | 467,011 | 466,548 | ||||||||||||||||||||||
Radiology Partners Inc. | Healthcare & Pharmaceuticals | Term Loan | Loan | 3M USD LIBOR+ | 4.25 | % | 0.00 | % | 4.48 | % | 7/9/2025 | 1,432,727 | 1,427,203 | 1,378,699 | ||||||||||||||||||||||
Redstone Buyer LLC | High Tech Industries | Term Loan | Loan | 2M USD LIBOR+ | 5.00 | % | 1.00 | % | 6.00 | % | 9/1/2027 | 1,000,000 | 980,810 | 996,250 | ||||||||||||||||||||||
Research Now Group Inc. | Media: Advertising Printing & Publishing | Term Loan | Loan | 6M USD LIBOR+ | 5.50 | % | 1.00 | % | 6.50 | % | 12/20/2024 | 3,897,349 | 3,801,391 | 3,765,112 | ||||||||||||||||||||||
Resolute Investment Managers Inc. | Banking Finance Insurance & Real Estate | Term Loan (10/20) | Loan | 2M USD LIBOR+ | 3.75 | % | 1.00 | % | 4.75 | % | 2/22/2021 | 2,658,569 | 2,658,569 | 2,635,307 | ||||||||||||||||||||||
Rexnord LLC | Capital Equipment | Term Loan (11/19) | Loan | 1M USD LIBOR+ | 1.75 | % | 0.00 | % | 1.90 | % | 8/21/2024 | 862,069 | 862,069 | 858,681 | ||||||||||||||||||||||
Reynolds Consumer Products T/L | Metals & Mining | Reynolds Group (Pactiv Evergreen) 9/20 TL | Loan | 1M USD LIBOR+ | 3.25 | % | 0.00 | % | 3.25 | % | 2/5/2026 | 1,371,288 | 1,369,770 | 1,353,927 | ||||||||||||||||||||||
Reynolds Group Holdings Inc. | Metals & Mining | Term Loan B2 | Loan | 1M USD LIBOR+ | 3.25 | % | 0.00 | % | 3.40 | % | 2/5/2026 | 2,000,000 | 1,985,315 | 1,965,620 | ||||||||||||||||||||||
Robertshaw US Holding Corp. | Consumer goods: Durable | Term Loan B | Loan | 1M USD LIBOR+ | 3.50 | % | 1.00 | % | 4.50 | % | 2/28/2025 | 975,000 | 973,291 | 911,625 | ||||||||||||||||||||||
Rocket Software Inc. | High Tech Industries | Term Loan (11/18) | Loan | 1M USD LIBOR+ | 4.25 | % | 0.00 | % | 4.40 | % | 11/28/2025 | 2,942,532 | 2,932,347 | 2,890,419 | ||||||||||||||||||||||
RP Crown Parent LLC | High Tech Industries | Term Loan B (07/20) | Loan | 1M USD LIBOR+ | 3.00 | % | 1.00 | % | 4.00 | % | 2/2/2026 | 1,995,000 | 1,985,571 | 1,975,050 |
35
Issuer Name | Industry | Asset Name | Asset Type | Reference Rate/Spread | LIBOR Floor | Current Rate (All In) | Maturity Date | Principal/ Number of Shares | Cost | Fair Value | ||||||||||||||||||||||||||
Russell Investments US Institutional Holdco Inc. | Banking Finance Insurance & Real Estate | Term Loan (10/20) | Loan | 3M USD LIBOR+ | 3.00 | % | 1.00 | % | 4.00 | % | 5/30/2025 | 5,637,965 | 5,588,293 | 5,581,586 | ||||||||||||||||||||||
Ryan Specialty Group LLC | Banking Finance Insurance & Real Estate | Term Loan | Loan | 1M USD LIBOR+ | 3.25 | % | 0.75 | % | 4.00 | % | 9/1/2027 | 500,000 | 492,741 | 497,500 | ||||||||||||||||||||||
Sahara Parent Inc. | High Tech Industries | Term Loan B (11/18) | Loan | 3M USD LIBOR+ | 6.25 | % | 0.00 | % | 6.48 | % | 8/16/2024 | 1,940,400 | 1,926,742 | 1,901,592 | ||||||||||||||||||||||
Sally Holdings LLC | Retail | Term Loan B | Loan | 1M USD LIBOR+ | 2.25 | % | 0.00 | % | 2.40 | % | 7/5/2024 | 768,409 | 766,056 | 754,962 | ||||||||||||||||||||||
Sally Holdings LLC | Retail | Term Loan (Fixed) | Loan | Fixed | 0.00 | % | 0.00 | % | 0.00 | % | 7/5/2024 | 810,003 | 807,788 | 804,941 | ||||||||||||||||||||||
Samsonite International S.A. | Consumer goods: Non-durable | Term Loan B2 | Loan | 1M USD LIBOR+ | 4.50 | % | 1.00 | % | 5.50 | % | 4/25/2025 | 997,500 | 970,130 | 973,809 | ||||||||||||||||||||||
Savage Enterprises LLC | Energy: Oil & Gas | Term Loan B (02/20) | Loan | 1M USD LIBOR+ | 3.00 | % | 0.00 | % | 3.15 | % | 8/1/2025 | 1,831,540 | 1,815,334 | 1,813,994 | ||||||||||||||||||||||
SCS Holdings I Inc. | High Tech Industries | Term Loan 1/20 | Loan | 1M USD LIBOR+ | 3.50 | % | 0.00 | % | 3.65 | % | 7/1/2026 | 1,975,075 | 1,971,183 | 1,946,693 | ||||||||||||||||||||||
Seadrill Operating LP (b) | Energy: Oil & Gas | Term Loan B | Loan | 3M USD LIBOR+ | 0.00 | % | 0.00 | % | 0.00 | % | 2/21/2021 | 897,442 | 894,400 | 82,762 | ||||||||||||||||||||||
Seadrill Operating LP (b) | Energy: Oil & Gas | PIK Revolver | Loan | 3M USD LIBOR+ | 0.00 | % | 1.00 | % | 1.00 | % | 2/22/2021 | 25,162 | 25,076 | 25,162 | ||||||||||||||||||||||
Shutterfly Inc. | Media: Advertising Printing & Publishing | Term Loan B | Loan | 3M USD LIBOR+ | 6.00 | % | 1.00 | % | 7.00 | % | 9/25/2026 | 870,968 | 833,098 | 844,839 | ||||||||||||||||||||||
SMB Shipping Logistics LLC | Transportation: Consumer | Term Loan B | Loan | 3M USD LIBOR+ | 4.00 | % | 1.00 | % | 5.00 | % | 2/2/2024 | 1,931,951 | 1,930,449 | 1,893,312 | ||||||||||||||||||||||
SMG US Midco 2 Inc. | Services: Business | Term Loan (01/20) | Loan | 3M USD LIBOR+ | 2.50 | % | 0.00 | % | 2.73 | % | 1/23/2025 | 496,250 | 496,250 | 452,416 | ||||||||||||||||||||||
Sotheby's | Services: Business | Term Loan | Loan | 1M USD LIBOR+ | 5.50 | % | 1.00 | % | 6.50 | % | 1/15/2027 | 3,298,210 | 3,237,743 | 3,283,105 | ||||||||||||||||||||||
SP PF Buyer LLC | Consumer goods: Durable | Term Loan B | Loan | 1M USD LIBOR+ | 4.50 | % | 0.00 | % | 4.65 | % | 12/19/2025 | 1,970,000 | 1,905,459 | 1,849,692 | ||||||||||||||||||||||
SRAM LLC | Consumer goods: Durable | Term Loan | Loan | 6M USD LIBOR+ | 2.75 | % | 1.00 | % | 3.75 | % | 3/15/2024 | 2,502,486 | 2,499,621 | 2,480,590 | ||||||||||||||||||||||
SS&C European Holdings S.A.R.L. | Services: Business | Term Loan B4 | Loan | 1M USD LIBOR+ | 1.75 | % | 0.00 | % | 1.90 | % | 4/16/2025 | 187,832 | 187,527 | 184,616 | ||||||||||||||||||||||
SS&C Technologies Inc. | Services: Business | Term Loan B3 | Loan | 1M USD LIBOR+ | 1.75 | % | 0.00 | % | 1.90 | % | 4/16/2025 | 248,006 | 247,597 | 243,760 | ||||||||||||||||||||||
SS&C Technologies Inc. | Services: Business | Term Loan B-5 | Loan | 1M USD LIBOR+ | 1.75 | % | 0.00 | % | 1.90 | % | 4/16/2025 | 489,872 | 489,001 | 482,798 | ||||||||||||||||||||||
Staples Inc. | Wholesale | Term Loan (03/19) | Loan | 3M USD LIBOR+ | 5.00 | % | 0.00 | % | 5.23 | % | 4/16/2026 | 2,942,843 | 2,802,699 | 2,833,222 | ||||||||||||||||||||||
Stats Intermediate Holdings LLC | Hotel Gaming & Leisure | Term Loan | Loan | 3M USD LIBOR+ | 5.25 | % | 0.00 | % | 5.48 | % | 7/10/2026 | 1,985,000 | 1,943,374 | 1,945,300 | ||||||||||||||||||||||
Steak N Shake Operations Inc. | Beverage Food & Tobacco | Term Loan | Loan | 1M USD LIBOR+ | 3.75 | % | 1.00 | % | 4.75 | % | 3/19/2021 | 816,284 | 815,695 | 677,516 | ||||||||||||||||||||||
Sybil Software LLC | High Tech Industries | Term Loan B (4/18) | Loan | 3M USD LIBOR+ | 2.25 | % | 1.00 | % | 3.25 | % | 9/29/2023 | 682,747 | 673,919 | 678,480 | ||||||||||||||||||||||
Teneo Holdings LLC | Banking Finance Insurance & Real Estate | Term Loan | Loan | 1M USD LIBOR+ | 5.25 | % | 1.00 | % | 6.25 | % | 7/11/2025 | 2,475,000 | 2,394,437 | 2,410,031 | ||||||||||||||||||||||
Tenneco Inc. | Capital Equipment | Term Loan B | Loan | 1M USD LIBOR+ | 3.00 | % | 0.00 | % | 3.15 | % | 10/1/2025 | 1,473,750 | 1,463,107 | 1,412,220 | ||||||||||||||||||||||
Ten-X LLC | Banking Finance Insurance & Real Estate | Term Loan | Loan | 1M USD LIBOR+ | 4.00 | % | 1.00 | % | 5.00 | % | 9/30/2024 | 1,945,000 | 1,943,263 | 1,831,547 | ||||||||||||||||||||||
Terex Corporation | Capital Equipment | Term Loan | Loan | 2M USD LIBOR+ | 2.75 | % | 0.75 | % | 3.50 | % | 1/31/2024 | 985,000 | 982,211 | 965,300 | ||||||||||||||||||||||
TGG TS Acquisition Company | Media: Diversified & Production | Term Loan (12/18) | Loan | 1M USD LIBOR+ | 6.50 | % | 0.00 | % | 6.65 | % | 12/15/2025 | 2,608,602 | 2,501,015 | 2,559,691 | ||||||||||||||||||||||
The Edelman Financial Center LLC | Banking Finance Insurance & Real Estate | Term Loan B (06/18) | Loan | 1M USD LIBOR+ | 3.00 | % | 0.00 | % | 3.15 | % | 7/21/2025 | 1,228,125 | 1,223,839 | 1,202,801 | ||||||||||||||||||||||
Thor Industries Inc. | Automotive | Term Loan (USD) | Loan | 1M USD LIBOR+ | 3.75 | % | 0.00 | % | 3.90 | % | 2/2/2026 | 2,935,080 | 2,870,990 | 2,913,067 | ||||||||||||||||||||||
Tivity Health Inc. | Healthcare & Pharmaceuticals | Term Loan A | Loan | 1M USD LIBOR+ | 4.25 | % | 0.00 | % | 4.40 | % | 3/8/2024 | 1,450,000 | 1,439,655 | 1,423,900 | ||||||||||||||||||||||
Tivity Health Inc. | Healthcare & Pharmaceuticals | Term Loan B | Loan | 1M USD LIBOR+ | 5.25 | % | 0.00 | % | 5.40 | % | 3/6/2026 | 2,293,751 | 2,247,426 | 2,256,477 |
36
Issuer Name | Industry | Asset Name | Asset Type | Reference Rate/Spread | LIBOR Floor | Current Rate (All In) | Maturity Date | Principal/ Number of Shares | Cost | Fair Value | ||||||||||||||||||||||||||
Tosca Services LLC | Containers Packaging & Glass | Term Loan B | Loan | 1M USD LIBOR+ | 4.25 | % | 1.00 | % | 5.25 | % | 8/18/2027 | 500,000 | 492,774 | 500,210 | ||||||||||||||||||||||
Transdigm Inc. | Aerospace & Defense | Term Loan G (02/20) | Loan | 1M USD LIBOR+ | 2.25 | % | 0.00 | % | 2.40 | % | 8/22/2024 | 4,075,496 | 4,079,399 | 3,949,970 | ||||||||||||||||||||||
Travel Leaders Group LLC | Hotel Gaming & Leisure | Term Loan B (08/18) | Loan | 1M USD LIBOR+ | 4.00 | % | 0.00 | % | 4.15 | % | 1/25/2024 | 2,443,750 | 2,441,105 | 2,199,375 | ||||||||||||||||||||||
TRC Companies Inc. | Services: Business | Term Loan | Loan | 1M USD LIBOR+ | 3.50 | % | 1.00 | % | 4.50 | % | 6/21/2024 | 3,315,141 | 3,306,650 | 3,219,830 | ||||||||||||||||||||||
TRC Companies Inc. | Services: Business | Term Loan B | Loan | 1M USD LIBOR+ | 5.00 | % | 1.00 | % | 6.00 | % | 6/21/2024 | 979,433 | 967,317 | 968,414 | ||||||||||||||||||||||
Truck Hero Inc. | Transportation: Cargo | First Lien Term Loan | Loan | 1M USD LIBOR+ | 3.75 | % | 0.00 | % | 3.75 | % | 4/22/2024 | 2,904,925 | 2,891,318 | 2,833,754 | ||||||||||||||||||||||
Trugreen Limited Partnership | Services: Consumer | Term Loan | Loan | 1M USD LIBOR+ | 4.00 | % | 0.75 | % | 4.75 | % | 10/29/2027 | 973,980 | 966,099 | 969,110 | ||||||||||||||||||||||
Twin River Worldwide Holdings Inc. | Hotel Gaming & Leisure | Term Loan B | Loan | 1M USD LIBOR+ | 2.75 | % | 0.00 | % | 2.75 | % | 5/11/2026 | 987,500 | 983,430 | 945,531 | ||||||||||||||||||||||
Uber Technologies Inc | Transportation: Consumer | Term Loan B (06/18) | Loan | 1M USD LIBOR+ | 3.50 | % | 0.00 | % | 3.50 | % | 7/13/2023 | 1,994,805 | 1,941,902 | 1,983,275 | ||||||||||||||||||||||
United Natural Foods Inc. | Beverage Food & Tobacco | Term Loan B | Loan | 1M USD LIBOR+ | 4.25 | % | 0.00 | % | 4.25 | % | 10/22/2025 | 1,973,611 | 1,875,220 | 1,958,533 | ||||||||||||||||||||||
Univar Solutions USA Inc. | Chemicals Plastics & Rubber | Term Loan B3 (11/17) | Loan | 1M USD LIBOR+ | 2.25 | % | 0.00 | % | 2.25 | % | 7/1/2024 | 1,627,723 | 1,622,895 | 1,606,807 | ||||||||||||||||||||||
Univision Communications Inc. | Media: Broadcasting & Subscription | 2020 Replacement Term Loan | Loan | 1M USD LIBOR+ | 3.75 | % | 1.00 | % | 4.75 | % | 3/13/2026 | 2,523,362 | 2,514,424 | 2,495,680 | ||||||||||||||||||||||
URS Holdco Inc. | Transportation: Cargo | Term Loan (10/17) | Loan | 6M USD LIBOR+ | 5.75 | % | 1.00 | % | 6.75 | % | 8/30/2024 | 960,422 | 951,841 | 859,577 | ||||||||||||||||||||||
US Ecology Holdings Inc. | Environmental Industries | Term Loan B | Loan | 1M USD LIBOR+ | 2.50 | % | 0.00 | % | 2.50 | % | 11/2/2026 | 496,250 | 495,268 | 491,908 | ||||||||||||||||||||||
Veregy Consolidated Inc. | High Tech Industries | Term Loan B | Loan | 3M USD LIBOR+ | 6.00 | % | 1.00 | % | 7.00 | % | 11/2/2027 | 2,000,000 | 1,940,196 | 1,945,000 | ||||||||||||||||||||||
VeriFone Systems Inc. | Banking Finance Insurance & Real Estate | Term Loan (7/18) | Loan | 3M USD LIBOR+ | 4.00 | % | 0.00 | % | 4.00 | % | 8/20/2025 | 1,400,178 | 1,393,093 | 1,325,717 | ||||||||||||||||||||||
VFH Parent LLC | Banking Finance Insurance & Real Estate | Term Loan B | Loan | 1M USD LIBOR+ | 3.00 | % | 0.00 | % | 3.00 | % | 3/2/2026 | 3,209,493 | 3,199,075 | 3,188,856 | ||||||||||||||||||||||
Victory Capital Holdings Inc. | Banking Finance Insurance & Real Estate | Term Loan B (01/20) | Loan | 3M USD LIBOR+ | 2.50 | % | 0.00 | % | 2.50 | % | 7/1/2026 | 1,760,810 | 1,726,404 | 1,738,799 | ||||||||||||||||||||||
Virtus Investment Partners Inc. | Banking Finance Insurance & Real Estate | Term Loan B | Loan | 6M USD LIBOR+ | 2.25 | % | 0.75 | % | 3.00 | % | 6/3/2024 | 2,416,856 | 2,416,533 | 2,408,809 | ||||||||||||||||||||||
Vistra Operations Company LLC | Utilities: Electric | 2018 Incremental Term Loan | Loan | 1M USD LIBOR+ | 1.75 | % | 0.00 | % | 1.75 | % | 12/31/2025 | 919,879 | 919,129 | 909,971 | ||||||||||||||||||||||
Vizient Inc. | Healthcare & Pharmaceuticals | Term Loan B-6 | Loan | 1M USD LIBOR+ | 2.00 | % | 0.00 | % | 2.00 | % | 5/6/2026 | 492,500 | 491,579 | 480,311 | ||||||||||||||||||||||
VM Consolidated Inc. | Construction & Building | Term Loan B1 (02/20) | Loan | 1M USD LIBOR+ | 3.25 | % | 0.00 | % | 3.25 | % | 2/28/2025 | 476,694 | 475,079 | 468,352 | ||||||||||||||||||||||
WeddingWire Inc. | Services: Consumer | Term Loan | Loan | 3M USD LIBOR+ | 4.50 | % | 0.00 | % | 4.50 | % | 12/19/2025 | 3,930,000 | 3,923,643 | 3,831,750 | ||||||||||||||||||||||
Western Digital Corporation | High Tech Industries | Term Loan B-4 | Loan | 1M USD LIBOR+ | 1.75 | % | 0.00 | % | 1.75 | % | 4/29/2023 | 743,135 | 731,826 | 739,650 | ||||||||||||||||||||||
Wirepath LLC | Consumer goods: Non-durable | Term Loan | Loan | 6M USD LIBOR+ | 4.00 | % | 0.00 | % | 4.00 | % | 8/5/2024 | 2,932,674 | 2,912,941 | 2,830,031 | ||||||||||||||||||||||
WP CityMD Bidco LLC | Services: Consumer | Term Loan B | Loan | 6M USD LIBOR+ | 4.50 | % | 1.00 | % | 5.50 | % | 8/13/2026 | 3,473,750 | 3,444,780 | 3,459,751 | ||||||||||||||||||||||
Xperi Holding Corporation | High Tech Industries | Term Loan | Loan | 1M USD LIBOR+ | 4.00 | % | 0.00 | % | 4.00 | % | 6/2/2025 | 3,387,775 | 3,202,685 | 3,383,540 | ||||||||||||||||||||||
YS Garments LLC | Retail | Term Loan | Loan | 3M USD LIBOR+ | 6.00 | % | 0.00 | % | 6.00 | % | 8/9/2024 | 1,878,750 | 1,865,342 | 1,719,056 | ||||||||||||||||||||||
Zekelman Industries Inc | Metals & Mining | Term Loan (01/20) | Loan | 1M USD LIBOR+ | 2.00 | % | 0.00 | % | 2.00 | % | 1/25/2027 | 995,000 | 995,000 | 975,518 | ||||||||||||||||||||||
Zep Inc. | Chemicals Plastics & Rubber | Term Loan | Loan | 6M USD LIBOR+ | 4.00 | % | 1.00 | % | 5.00 | % | 8/12/2024 | 2,425,000 | 2,417,537 | 2,275,717 | ||||||||||||||||||||||
Zest Acquisition Corp. | Healthcare & Pharmaceuticals | Term Loan | Loan | 1M USD LIBOR+ | 3.50 | % | 0.00 | % | 3.50 | % | 3/14/2025 | 957,262 | 954,067 | 900,430 | ||||||||||||||||||||||
$ | 531,912,618 | $ | 516,713,899 |
37
Number of Shares | Cost | Fair Value | ||||||||||
Cash and cash equivalents | ||||||||||||
U.S. Bank Money Market (c) | 20,123,980 | $ | 20,123,980 | $ | 20,123,980 | |||||||
Total cash and cash equivalents | 20,123,980 | $ | 20,123,980 | $ | 20,123,980 |
(a) | All or a portion of this investment has an unfunded commitment as of November 30, 2020 |
(b) | As of November 30, 2020, the investment was in default and on non-accrual status. |
(c) | Included within cash and cash equivalents in Saratoga CLO's Statements of Assets and Liabilities as of November 30, 2020. |
LIBOR—London Interbank Offered Rate
1W USD LIBOR—The 1 week USD LIBOR rate as of November 30, 2020 was 0.01%.
1M USD LIBOR—The 1 month USD LIBOR rate as of November 30, 2020 was 0.15%.
2M USD LIBOR—The 2 month USD LIBOR rate as of November 30, 2020 was 0.18%.
3M USD LIBOR—The 3 month USD LIBOR rate as of November 30, 2020 was 0.23%.
6M USD LIBOR—The 6 month USD LIBOR rate as of November 30, 2020 was 0.26%.
Prime—The Prime Rate as of November 30, 2020 was 3.25%.
38
Saratoga Investment Corp. CLO 2013-1, Ltd.
Schedule of Investments
February 29, 2020
Issuer Name | Industry | Asset Name | Asset Type | Reference Rate/Spread | LIBOR Floor | Current Rate (All In) | Maturity Date | Principal/ Number of Shares | Cost | Fair Value | ||||||||||||||||||||||||
Education Management II LLC | Services: Consumer | Education Management II A-2 Preferred Shares | Equity | - | 0.00 | % | 0.00 | % | 0.00 | % | - | 18,975 | $ | 1,897,538 | $ | 190 | ||||||||||||||||||
Education Management II LLC | Services: Consumer | Education Management II A-1 Preferred Shares | Equity | - | 0.00 | % | 0.00 | % | 0.00 | % | - | 6,692 | 669,214 | 67 | ||||||||||||||||||||
1011778 B.C. Unlimited Liability Company | Beverage Food & Tobacco | Term Loan B4 | Loan | 1M USD LIBOR+ | 1.75 | % | 0.00 | % | 3.27 | % | 11/19/2026 | $ | 500,000.00 | 498,790 | 491,665 | |||||||||||||||||||
24 Hour Fitness Worldwide Inc. | Services: Consumer | Term Loan (5/18) | Loan | 1M USD LIBOR+ | 3.50 | % | 0.00 | % | 5.02 | % | 5/30/2025 | 2,959,950 | 2,949,872 | 1,943,710 | ||||||||||||||||||||
ABB Con-Cise Optical Group LLC | Consumer goods: Non-durable | Term Loan B | Loan | 1M USD LIBOR+ | 5.00 | % | 1.00 | % | 6.52 | % | 6/15/2023 | 2,081,927 | 2,062,239 | 1,969,149 | ||||||||||||||||||||
ADMI Corp. | Services: Consumer | Term Loan B | Loan | 1M USD LIBOR+ | 2.75 | % | 0.00 | % | 4.27 | % | 4/30/2025 | 1,970,000 | 1,962,286 | 1,924,848 | ||||||||||||||||||||
Advantage Sales & Marketing Inc. | Services: Business | First Lien Term Loan | Loan | 1M USD LIBOR+ | 3.25 | % | 1.00 | % | 4.77 | % | 7/23/2021 | 2,371,131 | 2,370,010 | 2,286,173 | ||||||||||||||||||||
Advantage Sales & Marketing Inc. | Services: Business | Term Loan B Incremental | Loan | 1M USD LIBOR+ | 3.25 | % | 1.00 | % | 4.77 | % | 7/23/2021 | 489,950 | 485,523 | 470,352 | ||||||||||||||||||||
Advisor Group Holdings Inc | Banking Finance Insurance & Real Estate | Term Loan (7/19) | Loan | 1M USD LIBOR+ | 5.00 | % | 0.00 | % | 6.52 | % | 7/31/2026 | 500,000 | 498,753 | 486,875 | ||||||||||||||||||||
Aegis Toxicology Sciences Corporation | Healthcare & Pharmaceuticals | Term Loan | Loan | 3M USD LIBOR+ | 5.50 | % | 1.00 | % | 6.96 | % | 5/9/2025 | 3,950,000 | 3,919,494 | 3,695,225 | ||||||||||||||||||||
Agiliti Health Inc. | Healthcare & Pharmaceuticals | Term Loan (1/19) | Loan | 1M USD LIBOR+ | 3.00 | % | 0.00 | % | 4.52 | % | 1/5/2026 | 496,250 | 496,250 | 486,325 | ||||||||||||||||||||
Agrofresh Inc. | Beverage Food & Tobacco | Term Loan | Loan | 1M USD LIBOR+ | 4.75 | % | 1.00 | % | 6.27 | % | 7/30/2021 | 2,889,487 | 2,886,790 | 2,677,601 | ||||||||||||||||||||
AI Convoy Bidco Limited | Aerospace & Defense | AI Convoy Bidco T/L B (USD) | Loan | 3M USD LIBOR+ | 3.50 | % | 1.00 | % | 4.96 | % | 1/29/2027 | 1,500,000 | 1,492,500 | 1,483,125 | ||||||||||||||||||||
AI Mistral (Luxembourg) Subco Sarl | High Tech Industries | Term Loan | Loan | 1M USD LIBOR+ | 3.00 | % | 1.00 | % | 4.52 | % | 3/11/2024 | 486,250 | 486,250 | 384,138 | ||||||||||||||||||||
AIS Holdco LLC | Services: Business | Term Loan | Loan | 3M USD LIBOR+ | 5.00 | % | 0.00 | % | 6.46 | % | 8/15/2025 | 2,421,875 | 2,411,617 | 2,228,125 | ||||||||||||||||||||
Alchemy US Holdco 1 LLC | Metals & Mining | Term Loan | Loan | 1M USD LIBOR+ | 5.50 | % | 0.00 | % | 7.02 | % | 10/10/2025 | 1,950,000 | 1,925,236 | 1,945,125 | ||||||||||||||||||||
Alion Science and Technology Corporation | Aerospace & Defense | Term Loan B (1st Lien) | Loan | 1M USD LIBOR+ | 4.50 | % | 1.00 | % | 6.02 | % | 8/19/2021 | 3,377,293 | 3,373,263 | 3,373,071 | ||||||||||||||||||||
Allen Media LLC | Media: Advertising Printing & Publishing | Allen Media T/L B (1/20) | Loan | 3M USD LIBOR+ | 5.50 | % | 0.00 | % | 6.96 | % | 2/10/2027 | 3,000,000 | 2,985,000 | 2,936,250 | ||||||||||||||||||||
Altisource S.a r.l. | Banking Finance Insurance & Real Estate | Term Loan B (03/18) | Loan | 3M USD LIBOR+ | 4.00 | % | 1.00 | % | 5.46 | % | 4/3/2024 | 1,454,005 | 1,446,493 | 1,353,141 | ||||||||||||||||||||
Altra Industrial Motion Corp. | Capital Equipment | Term Loan | Loan | 1M USD LIBOR+ | 2.00 | % | 0.00 | % | 3.52 | % | 10/1/2025 | 1,767,163 | 1,763,366 | 1,748,943 | ||||||||||||||||||||
American Dental Partners Inc. | Healthcare & Pharmaceuticals | Term Loan B | Loan | 3M USD LIBOR+ | 4.25 | % | 1.00 | % | 5.71 | % | 3/24/2023 | 990,000 | 982,019 | 982,575 | ||||||||||||||||||||
American Greetings Corporation | Media: Advertising Printing & Publishing | Term Loan | Loan | 1M USD LIBOR+ | 4.50 | % | 1.00 | % | 6.02 | % | 4/5/2024 | 4,889,524 | 4,886,331 | 4,788,702 | ||||||||||||||||||||
American Residential Services LLC | Services: Consumer | Term Loan B | Loan | 1M USD LIBOR+ | 4.00 | % | 1.00 | % | 5.52 | % | 6/30/2022 | 3,925,767 | 3,916,564 | 3,896,324 | ||||||||||||||||||||
AmeriLife Group LLC | Banking Finance Insurance & Real Estate | AmeriLife T/L | Loan | 3M USD LIBOR+ | 4.00 | % | 0.00 | % | 5.46 | % | 2/5/2027 | 838,710 | 836,613 | 832,419 | ||||||||||||||||||||
AmeriLife Group LLC(a) | Banking Finance Insurance & Real Estate | Unfunded Commitment | Loan | 3M USD LIBOR+ | 4.00 | % | 0.00 | % | 4.00 | % | 2/5/2027 | - | - | - | ||||||||||||||||||||
Amex GBT (2/20) T/L | Banking Finance Insurance & Real Estate | Term Loan | Loan | 3M USD LIBOR+ | 4.00 | % | 0.00 | % | 5.46 | % | 2/26/2027 | 2,993,363 | 2,933,496 | 2,926,012 | ||||||||||||||||||||
Amex GBT 2/20 D/T/L(a) | Banking Finance Insurance & Real Estate | Unfunded Commitment | Loan | 3M USD LIBOR+ | 4.00 | % | 0.00 | % | 5.46 | % | 2/26/2027 | - | - | - | ||||||||||||||||||||
Amynta Agency Borrower Inc. | Banking Finance Insurance & Real Estate | Term Loan | Loan | 1M USD LIBOR+ | 4.50 | % | 0.00 | % | 6.02 | % | 2/28/2025 | 3,462,357 | 3,425,731 | 3,224,320 |
39
Issuer Name | Industry | Asset Name | Asset Type | Reference Rate/Spread | LIBOR Floor | Current Rate (All In) | Maturity Date | Principal/ Number of Shares | Cost | Fair Value | ||||||||||||||||||||||||
Anastasia Parent LLC | Consumer goods: Non-durable | Term Loan | Loan | 1M USD LIBOR+ | 3.75 | % | 0.00 | % | 5.27 | % | 8/11/2025 | 987,500 | 983,508 | 759,141 | ||||||||||||||||||||
Anchor Glass Container Corporation | Containers Packaging & Glass | Term Loan (07/17) | Loan | 3M USD LIBOR+ | 2.75 | % | 1.00 | % | 4.21 | % | 12/7/2023 | 485,063 | 483,537 | 354,789 | ||||||||||||||||||||
Api Group DE Inc | Services: Business | Term Loan B | Loan | 1M USD LIBOR+ | 2.50 | % | 0.00 | % | 4.02 | % | 10/1/2026 | 1,000,000 | 995,123 | 990,000 | ||||||||||||||||||||
APLP Holdings Limited Partnership | Utilities | APLP Holdings T/L B (Atlantic Power) | Loan | 1M USD LIBOR+ | 2.75 | % | 1.00 | % | 4.27 | % | 4/13/2023 | 2,000,000 | 2,000,000 | 1,977,500 | ||||||||||||||||||||
Aramark Services Inc. | Services: Consumer | Term Loan | Loan | 1M USD LIBOR+ | 1.75 | % | 0.00 | % | 3.27 | % | 1/15/2027 | 1,500,000 | 1,498,209 | 1,484,070 | ||||||||||||||||||||
Arctic Glacier U.S.A. Inc. | Beverage Food & Tobacco | Term Loan (3/18) | Loan | 1M USD LIBOR+ | 3.50 | % | 1.00 | % | 5.02 | % | 3/20/2024 | 3,350,967 | 3,332,339 | 3,225,306 | ||||||||||||||||||||
Aretec Group Inc. | Banking Finance Insurance & Real Estate | Term Loan (10/18) | Loan | 1M USD LIBOR+ | 4.25 | % | 0.00 | % | 5.77 | % | 10/1/2025 | 1,980,000 | 1,975,743 | 1,937,093 | ||||||||||||||||||||
ASG Technologies Group Inc. | High Tech Industries | Term Loan | Loan | 1M USD LIBOR+ | 3.50 | % | 1.00 | % | 5.02 | % | 7/31/2024 | 488,775 | 487,107 | 476,556 | ||||||||||||||||||||
AssetMark Financial Holdings Inc. | Banking Finance Insurance & Real Estate | Term Loan | Loan | 3M USD LIBOR+ | 3.00 | % | 0.00 | % | 4.46 | % | 11/14/2025 | 1,237,500 | 1,235,582 | 1,228,219 | ||||||||||||||||||||
Astoria Energy LLC | Energy: Electricity | Term Loan | Loan | 1M USD LIBOR+ | 4.00 | % | 1.00 | % | 5.52 | % | 12/24/2021 | 1,391,552 | 1,385,662 | 1,384,595 | ||||||||||||||||||||
Asurion LLC | Banking Finance Insurance & Real Estate | Term Loan B-4 (Replacement) | Loan | 1M USD LIBOR+ | 3.00 | % | 0.00 | % | 4.52 | % | 8/4/2022 | 1,876,925 | 1,872,057 | 1,853,069 | ||||||||||||||||||||
Asurion LLC | Banking Finance Insurance & Real Estate | Term Loan B6 | Loan | 1M USD LIBOR+ | 3.00 | % | 0.00 | % | 4.52 | % | 11/3/2023 | 492,773 | 489,808 | 485,381 | ||||||||||||||||||||
Athenahealth Inc. | Healthcare & Pharmaceuticals | Term Loan B | Loan | 1M USD LIBOR+ | 4.50 | % | 0.00 | % | 6.02 | % | 2/11/2026 | 1,985,000 | 1,950,006 | 1,970,113 | ||||||||||||||||||||
Avaya Inc. | Telecommunications | Term Loan B | Loan | 1M USD LIBOR+ | 4.25 | % | 0.00 | % | 5.77 | % | 12/16/2024 | 3,169,156 | 3,138,355 | 3,010,698 | ||||||||||||||||||||
Avison Young (Canada) Inc. | Services: Business | Term Loan | Loan | 3M USD LIBOR+ | 5.00 | % | 0.00 | % | 6.46 | % | 1/30/2026 | 3,476,222 | 3,418,777 | 3,406,697 | ||||||||||||||||||||
B&G Foods Inc. | Beverage Food & Tobacco | Term Loan | Loan | 1M USD LIBOR+ | 2.50 | % | 0.00 | % | 4.02 | % | 10/10/2026 | 249,375 | 248,169 | 246,881 | ||||||||||||||||||||
Ball Metalpack Finco LLC | Containers Packaging & Glass | Term Loan | Loan | 3M USD LIBOR+ | 4.50 | % | 0.00 | % | 5.96 | % | 7/31/2025 | 3,944,937 | 3,928,266 | 3,432,096 | ||||||||||||||||||||
Bausch Health Companies Inc. | Healthcare & Pharmaceuticals | Term Loan B (05/18) | Loan | 1M USD LIBOR+ | 3.00 | % | 0.00 | % | 4.52 | % | 6/2/2025 | 25,355 | 25,274 | 25,161 | ||||||||||||||||||||
Berry Global Inc. | Chemicals Plastics & Rubber | Term Loan Y | Loan | 1M USD LIBOR+ | 2.00 | % | 0.00 | % | 3.52 | % | 7/1/2026 | 4,987,500 | 4,981,754 | 4,897,974 | ||||||||||||||||||||
Blount International Inc. | Forest Products & Paper | Term Loan B (09/18) | Loan | 1M USD LIBOR+ | 3.75 | % | 1.00 | % | 5.27 | % | 4/12/2023 | 3,453,781 | 3,450,952 | 3,432,195 | ||||||||||||||||||||
Blucora Inc. | Services: Consumer | Term Loan (11/17) | Loan | 2M USD LIBOR+ | 3.00 | % | 1.00 | % | 4.50 | % | 5/22/2024 | 955,900 | 953,639 | 946,341 | ||||||||||||||||||||
Bombardier Recreational Products Inc. | Consumer goods: Durable | Term Loan (1/20) | Loan | 1M USD LIBOR+ | 2.00 | % | 0.00 | % | 3.52 | % | 5/24/2027 | 995,000 | 985,847 | 978,214 | ||||||||||||||||||||
Boxer Parent Company Inc. | Services: Business | Term Loan | Loan | 1M USD LIBOR+ | 4.25 | % | 0.00 | % | 5.77 | % | 10/2/2025 | 2,475,000 | 2,454,363 | 2,374,070 | ||||||||||||||||||||
Bracket Intermediate Holding Corp. | Healthcare & Pharmaceuticals | Term Loan | Loan | 3M USD LIBOR+ | 4.25 | % | 0.00 | % | 5.71 | % | 9/5/2025 | 987,500 | 983,437 | 987,500 | ||||||||||||||||||||
Broadstreet Partners Inc. | Banking Finance Insurance & Real Estate | Term Loan B3 | Loan | 1M USD LIBOR+ | 3.25 | % | 0.00 | % | 4.77 | % | 1/27/2027 | 2,024,614 | 2,022,736 | 2,002,687 | ||||||||||||||||||||
Brookfield WEC Holdings Inc. | Energy: Electricity | Term Loan 1/20 | Loan | 1M USD LIBOR+ | 3.00 | % | 0.75 | % | 4.52 | % | 8/1/2025 | 497,487 | 496,370 | 488,627 | ||||||||||||||||||||
Buckeye Partners L.P. | Utilities: Oil & Gas | Term Loan | Loan | 1M USD LIBOR+ | 2.75 | % | 0.00 | % | 4.27 | % | 11/2/2026 | 1,000,000 | 995,334 | 989,170 | ||||||||||||||||||||
BW Gas & Convenience Holdings LLC | Beverage Food & Tobacco | Term Loan | Loan | 1M USD LIBOR+ | 6.25 | % | 0.00 | % | 7.77 | % | 11/18/2024 | 3,000,000 | 2,884,283 | 2,992,500 | ||||||||||||||||||||
Calceus Acquisition Inc. | Consumer goods: Non-durable | Term Loan B | Loan | 1M USD LIBOR+ | 5.50 | % | 0.00 | % | 7.02 | % | 2/12/2025 | 975,000 | 964,353 | 964,031 | ||||||||||||||||||||
Callaway Golf Company | Retail | Term Loan B | Loan | 1M USD LIBOR+ | 4.50 | % | 0.00 | % | 6.02 | % | 1/2/2026 | 697,500 | 684,758 | 696,196 | ||||||||||||||||||||
CareerBuilder LLC | Services: Business | Term Loan | Loan | 1M USD LIBOR+ | 6.75 | % | 1.00 | % | 8.27 | % | 7/31/2023 | 2,266,211 | 2,232,341 | 2,223,720 | ||||||||||||||||||||
CareStream Health Inc. | High Tech Industries | Term Loan | Loan | 1M USD LIBOR+ | 6.25 | % | 1.00 | % | 7.77 | % | 2/28/2021 | 2,362,278 | 2,356,691 | 2,263,062 | ||||||||||||||||||||
Casa Systems Inc. | Telecommunications | Term Loan | Loan | 1M USD LIBOR+ | 4.00 | % | 1.00 | % | 5.52 | % | 12/20/2023 | 1,455,000 | 1,446,052 | 1,236,750 | ||||||||||||||||||||
Castle US Holding Corporation | High Tech Industries | Term Loan B (USD) | Loan | 1M USD LIBOR+ | 3.75 | % | 0.00 | % | 5.27 | % | 1/27/2027 | 500,000 | 497,509 | 475,000 | ||||||||||||||||||||
CCS-CMGC Holdings Inc. | Healthcare & Pharmaceuticals | Term Loan | Loan | 3M USD LIBOR+ | 5.50 | % | 0.00 | % | 6.96 | % | 10/1/2025 | 2,475,000 | 2,453,876 | 2,338,875 | ||||||||||||||||||||
Cengage Learning Inc. | Media: Advertising Printing & Publishing | Term Loan | Loan | 1M USD LIBOR+ | 4.25 | % | 1.00 | % | 5.77 | % | 6/7/2023 | 1,447,458 | 1,435,195 | 1,329,447 |
40
Issuer Name | Industry | Asset Name | Asset Type | Reference Rate/Spread | LIBOR Floor | Current Rate (All In) | Maturity Date | Principal/ Number of Shares | Cost | Fair Value | ||||||||||||||||||||||||
CenturyLink Inc. | Telecommunications | Term Loan B (1/20) | Loan | 1M USD LIBOR+ | 2.25 | % | 0.00 | % | 3.77 | % | 3/15/2027 | 3,000,000 | 2,996,438 | 2,922,180 | ||||||||||||||||||||
Citadel Securities LP | Banking Finance Insurance & Real Estate | Term Loan (2/20) | Loan | 1M USD LIBOR+ | 2.75 | % | 0.00 | % | 4.27 | % | 2/27/2026 | 992,500 | 991,371 | 983,816 | ||||||||||||||||||||
Clarios Global LP | Automotive | Term Loan B | Loan | 1M USD LIBOR+ | 3.50 | % | 0.00 | % | 5.02 | % | 4/30/2026 | 1,496,250 | 1,482,216 | 1,451,991 | ||||||||||||||||||||
Compass Power Generation L.L.C. | Utilities: Electric | Term Loan B (08/18) | Loan | 1M USD LIBOR+ | 3.50 | % | 1.00 | % | 5.02 | % | 12/20/2024 | 1,891,221 | 1,886,758 | 1,855,761 | ||||||||||||||||||||
Compuware Corporation | High Tech Industries | Term Loan (08/18) | Loan | 1M USD LIBOR+ | 4.00 | % | 0.00 | % | 5.52 | % | 8/22/2025 | 495,000 | 493,979 | 493,763 | ||||||||||||||||||||
Concordia International Corp. | Healthcare & Pharmaceuticals | Term Loan | Loan | 3M USD LIBOR+ | 5.50 | % | 1.00 | % | 6.96 | % | 9/6/2024 | 1,183,650 | 1,131,380 | 1,088,224 | ||||||||||||||||||||
Connect U.S. Finco LLC | Telecommunications | Delayed Draw Term Loan B | Loan | 1M USD LIBOR+ | 4.50 | % | 1.00 | % | 6.02 | % | 12/11/2026 | 2,000,000 | 1,984,055 | 1,980,000 | ||||||||||||||||||||
Consolidated Communications Inc. | Telecommunications | Term Loan B | Loan | 1M USD LIBOR+ | 3.00 | % | 1.00 | % | 4.52 | % | 10/5/2023 | 1,475,404 | 1,464,720 | 1,395,481 | ||||||||||||||||||||
Coral-US Co-Borrower LLC | Telecommunications | Term Loan B-5 | Loan | 1M USD LIBOR+ | 2.25 | % | 0.00 | % | 3.77 | % | 1/31/2028 | 2,000,000 | 2,000,000 | 1,976,660 | ||||||||||||||||||||
Covia Holdings Corporation | Metals & Mining | Term Loan | Loan | 3M USD LIBOR+ | 4.00 | % | 1.00 | % | 5.46 | % | 6/2/2025 | 985,000 | 985,000 | 711,663 | ||||||||||||||||||||
CPI Acquisition Inc | Banking Finance Insurance & Real Estate | Term Loan B (1st Lien) | Loan | 6M USD LIBOR+ | 4.50 | % | 1.00 | % | 5.90 | % | 8/17/2022 | 1,436,782 | 1,427,762 | 1,089,957 | ||||||||||||||||||||
Crown Subsea Communications Holding Inc | Construction & Building | Term Loan | Loan | 1M USD LIBOR+ | 6.00 | % | 0.00 | % | 7.52 | % | 11/3/2025 | 1,655,837 | 1,640,398 | 1,649,627 | ||||||||||||||||||||
CSC Holdings LLC | Media: Broadcasting & Subscription | Term Loan B (03/17) | Loan | 1M USD LIBOR+ | 2.25 | % | 0.00 | % | 3.77 | % | 7/17/2025 | 1,974,620 | 1,952,260 | 1,941,308 | ||||||||||||||||||||
CSC Holdings LLC | Media: Broadcasting & Subscription | Term Loan B-5 | Loan | 1M USD LIBOR+ | 2.50 | % | 0.00 | % | 4.02 | % | 4/15/2027 | 500,000 | 500,000 | 492,500 | ||||||||||||||||||||
CSC Holdings LLC | Media: Broadcasting & Subscription | Term Loan B | Loan | 1M USD LIBOR+ | 2.25 | % | 0.00 | % | 3.77 | % | 1/15/2026 | 495,000 | 493,968 | 486,031 | ||||||||||||||||||||
Cushman & Wakefield U.S. Borrower LLC | Construction & Building | Term Loan | Loan | 1M USD LIBOR+ | 2.75 | % | 0.00 | % | 4.27 | % | 8/21/2025 | 3,945,050 | 3,928,487 | 3,874,789 | ||||||||||||||||||||
Daseke Companies Inc. | Transportation: Cargo | Replacement Term Loan | Loan | 1M USD LIBOR+ | 5.00 | % | 1.00 | % | 6.52 | % | 2/27/2024 | 1,955,694 | 1,946,628 | 1,867,688 | ||||||||||||||||||||
DaVita Inc. | High Tech Industries | Term Loan B-1 | Loan | 1M USD LIBOR+ | 1.75 | % | 0.00 | % | 3.27 | % | 8/12/2026 | 997,500 | 995,133 | 985,859 | ||||||||||||||||||||
Dealer Tire LLC | Automotive | Dealer Tire T/L B-1 | Loan | 1M USD LIBOR+ | 4.25 | % | 0.00 | % | 5.77 | % | 12/12/2025 | 3,000,000 | 2,992,500 | 2,977,500 | ||||||||||||||||||||
Delek US Holdings Inc. | Utilities: Oil & Gas | Term Loan B | Loan | 1M USD LIBOR+ | 2.25 | % | 0.00 | % | 3.77 | % | 3/31/2025 | 6,446,003 | 6,379,073 | 6,317,083 | ||||||||||||||||||||
Dell International L.L.C. | High Tech Industries | Term Loan B-1 | Loan | 1M USD LIBOR+ | 2.00 | % | 0.75 | % | 3.52 | % | 9/19/2025 | 3,814,430 | 3,809,967 | 3,766,292 | ||||||||||||||||||||
Delta 2 (Lux) SARL | Hotel Gaming & Leisure | Term Loan B | Loan | 1M USD LIBOR+ | 2.50 | % | 1.00 | % | 4.02 | % | 2/1/2024 | 1,318,289 | 1,315,922 | 1,275,445 | ||||||||||||||||||||
DHX Media Ltd. | Media: Broadcasting & Subscription | Term Loan | Loan | 1M USD LIBOR+ | 4.25 | % | 1.00 | % | 5.77 | % | 12/29/2023 | 279,282 | 278,012 | 267,413 | ||||||||||||||||||||
Diamond Sports Group LLC | Media: Broadcasting & Subscription | Term Loan | Loan | 1M USD LIBOR+ | 3.25 | % | 0.00 | % | 4.77 | % | 8/24/2026 | 997,500 | 992,773 | 907,725 | ||||||||||||||||||||
Digital Room Holdings Inc. | Media: Advertising Printing & Publishing | Term Loan | Loan | 1M USD LIBOR+ | 5.00 | % | 0.00 | % | 6.52 | % | 5/21/2026 | 2,985,000 | 2,944,957 | 2,790,975 | ||||||||||||||||||||
Dole Food Company Inc. | Beverage Food & Tobacco | Term Loan B | Loan | 1M USD LIBOR+ | 2.75 | % | 1.00 | % | 4.27 | % | 4/8/2024 | 468,750 | 467,304 | 461,522 | ||||||||||||||||||||
DRW Holdings LLC | Banking Finance Insurance & Real Estate | Term Loan B | Loan | 1M USD LIBOR+ | 4.25 | % | 0.00 | % | 5.77 | % | 11/27/2026 | 5,000,000 | 4,950,804 | 4,962,500 | ||||||||||||||||||||
DynCorp International Inc. | Aerospace & Defense | Term Loan B | Loan | 1M USD LIBOR+ | 6.00 | % | 1.00 | % | 7.52 | % | 8/18/2025 | 2,962,500 | 2,879,096 | 2,925,469 | ||||||||||||||||||||
Eagletree-Carbide Acquisition Corp. | Consumer goods: Durable | Term Loan | Loan | 3M USD LIBOR+ | 4.25 | % | 1.00 | % | 5.71 | % | 8/28/2024 | 4,927,385 | 4,901,606 | 4,804,200 | ||||||||||||||||||||
EIG Investors Corp. | High Tech Industries | Term Loan (06/18) | Loan | 3M USD LIBOR+ | 3.75 | % | 1.00 | % | 5.21 | % | 2/9/2023 | 2,199,416 | 2,186,449 | 2,160,926 | ||||||||||||||||||||
Encapsys LLC | Chemicals Plastics & Rubber | Term Loan B2 | Loan | 1M USD LIBOR+ | 3.25 | % | 1.00 | % | 4.77 | % | 11/7/2024 | 497,428 | 492,831 | 491,832 | ||||||||||||||||||||
Endo Luxembourg Finance Company I S.a.r.l. | Healthcare & Pharmaceuticals | Term Loan B (4/17) | Loan | 1M USD LIBOR+ | 4.25 | % | 0.75 | % | 5.77 | % | 4/29/2024 | 3,937,025 | 3,914,795 | 3,766,985 | ||||||||||||||||||||
Energy Acquisition LP | Capital Equipment | Term Loan (6/18) | Loan | 3M USD LIBOR+ | 4.25 | % | 0.00 | % | 5.71 | % | 6/26/2025 | 1,970,000 | 1,957,901 | 1,811,179 | ||||||||||||||||||||
Envision Healthcare Corporation | Healthcare & Pharmaceuticals | Term Loan B (06/18) | Loan | 1M USD LIBOR+ | 3.75 | % | 0.00 | % | 5.27 | % | 10/10/2025 | 4,950,000 | 4,939,709 | 3,966,188 | ||||||||||||||||||||
EyeCare Partners LLC | Healthcare & Pharmaceuticals | EyeCare Partners T/L B | Loan | 1M USD LIBOR+ | 3.75 | % | 0.00 | % | 5.27 | % | 2/5/2027 | 1,621,622 | 1,619,618 | 1,583,789 | ||||||||||||||||||||
EyeCare Partners LLC(a) | Healthcare & Pharmaceuticals | EyeCare Partners Delayed Draw Term Loan | Loan | 1M USD LIBOR+ | 3.75 | % | 0.00 | % | 5.27 | % | 2/5/2027 | - | - | - |
41
Issuer Name | Industry | Asset Name | Asset Type | Reference Rate/Spread | LIBOR Floor | Current Rate (All In) | Maturity Date | Principal/ Number of Shares | Cost | Fair Value | ||||||||||||||||||||||||
FinCo I LLC | Banking Finance Insurance & Real Estate | 2018 Term Loan B | Loan | 1M USD LIBOR+ | 2.00 | % | 0.00 | % | 3.52 | % | 12/27/2022 | 360,538 | 359,905 | 356,752 | ||||||||||||||||||||
First Eagle Holdings Inc. | Banking Finance Insurance & Real Estate | Refinancing Term Loan | Loan | 3M USD LIBOR+ | 2.50 | % | 0.00 | % | 3.96 | % | 2/1/2027 | 5,450,000 | 5,426,720 | 5,338,275 | ||||||||||||||||||||
Fitness International LLC | Services: Consumer | Term Loan B (4/18) | Loan | 1M USD LIBOR+ | 3.25 | % | 0.00 | % | 4.77 | % | 4/18/2025 | 1,330,058 | 1,322,900 | 1,312,103 | ||||||||||||||||||||
Franklin Square Holdings L.P. | Banking Finance Insurance & Real Estate | Term Loan | Loan | 1M USD LIBOR+ | 2.25 | % | 0.00 | % | 3.77 | % | 8/1/2025 | 4,443,748 | 4,414,007 | 4,421,530 | ||||||||||||||||||||
Froneri International Ltd | Beverage Food & Tobacco | Term Loan B-2 | Loan | 1M USD LIBOR+ | 2.25 | % | 0.00 | % | 3.77 | % | 1/29/2027 | 2,000,000 | 1,995,162 | 1,962,500 | ||||||||||||||||||||
Fusion Connect Inc. | Telecommunications | Exit Term Loan (1/20) | Loan | 3M USD LIBOR+ | 9.50 | % | 2.00 | % | 11.50 | % | 1/14/2025 | 1,500,000 | 1,470,716 | 1,495,005 | ||||||||||||||||||||
Fusion Connect Inc. | Telecommunications | Take Back 2nd Out Term Loan | Loan | 6M USD LIBOR+ | 8.00 | % | 2.00 | % | 10.00 | % | 7/14/2025 | 757,724 | 737,560 | 527,883 | ||||||||||||||||||||
GBT Group Services B.V. | Hotel Gaming & Leisure | Term Loan | Loan | 3M USD LIBOR+ | 2.50 | % | 0.00 | % | 3.96 | % | 8/13/2025 | 4,443,750 | 4,442,729 | 4,410,422 | ||||||||||||||||||||
GC EOS Buyer Inc. | Automotive | Term Loan B (06/18) | Loan | 1M USD LIBOR+ | 4.50 | % | 0.00 | % | 6.02 | % | 8/1/2025 | 2,962,500 | 2,940,820 | 2,888,438 | ||||||||||||||||||||
General Nutrition Centers Inc. | Retail | Term Loan B2 | Loan | 3M USD LIBOR+ | 8.75 | % | 0.75 | % | 10.21 | % | 3/4/2021 | 930,446 | 929,986 | 856,010 | ||||||||||||||||||||
General Nutrition Centers Inc. | Retail | FILO Term Loan | Loan | 1M USD LIBOR+ | 7.00 | % | 0.00 | % | 8.52 | % | 1/3/2023 | 585,849 | 584,748 | 583,505 | ||||||||||||||||||||
Genesee & Wyoming Inc. | Transportation: Cargo | Term Loan (11/19) | Loan | 3M USD LIBOR+ | 2.00 | % | 0.00 | % | 3.46 | % | 12/30/2026 | 1,500,000 | 1,492,771 | 1,489,380 | ||||||||||||||||||||
GEO Group Inc. The | Banking Finance Insurance & Real Estate | Term Loan Refinance | Loan | 1M USD LIBOR+ | 2.00 | % | 0.75 | % | 3.52 | % | 3/25/2024 | 2,000,000 | 1,911,214 | 1,846,260 | ||||||||||||||||||||
GI Chill Acquisition LLC | Services: Business | Term Loan | Loan | 3M USD LIBOR+ | 4.00 | % | 0.00 | % | 5.46 | % | 8/6/2025 | 2,468,750 | 2,458,492 | 2,450,234 | ||||||||||||||||||||
GI Revelation Acquisition LLC | Services: Business | Term Loan | Loan | 1M USD LIBOR+ | 5.00 | % | 0.00 | % | 6.52 | % | 4/16/2025 | 1,231,867 | 1,226,730 | 1,155,652 | ||||||||||||||||||||
Gigamon Inc. | Services: Business | Term Loan B | Loan | 1M USD LIBOR+ | 4.25 | % | 1.00 | % | 5.77 | % | 12/27/2024 | 2,960,000 | 2,937,550 | 2,952,600 | ||||||||||||||||||||
Global Tel*Link Corporation | Telecommunications | Term Loan B | Loan | 1M USD LIBOR+ | 4.25 | % | 0.00 | % | 5.77 | % | 11/28/2025 | 3,039,750 | 3,039,750 | 2,886,668 | ||||||||||||||||||||
Go Wireless Inc. | Telecommunications | Term Loan | Loan | 1M USD LIBOR+ | 6.50 | % | 1.00 | % | 8.02 | % | 12/22/2024 | 3,202,597 | 3,161,265 | 3,005,093 | ||||||||||||||||||||
Goodyear Tire & Rubber Company The | Chemicals Plastics & Rubber | Second Lien Term Loan | Loan | 1M USD LIBOR+ | 2.00 | % | 0.00 | % | 3.52 | % | 3/7/2025 | 2,000,000 | 2,000,000 | 1,950,000 | ||||||||||||||||||||
Greenhill & Co. Inc. | Banking Finance Insurance & Real Estate | Term Loan B | Loan | 1M USD LIBOR+ | 3.25 | % | 0.00 | % | 4.77 | % | 4/12/2024 | 3,661,538 | 3,624,459 | 3,644,769 | ||||||||||||||||||||
Grosvenor Capital Management Holdings LLLP | Banking Finance Insurance & Real Estate | Term Loan B | Loan | 1M USD LIBOR+ | 2.75 | % | 1.00 | % | 4.27 | % | 3/28/2025 | 898,530 | 894,831 | 898,530 | ||||||||||||||||||||
Guidehouse LLP | Aerospace & Defense | Term Loan | Loan | 1M USD LIBOR+ | 4.50 | % | 0.00 | % | 6.02 | % | 5/1/2025 | 3,964,937 | 3,941,954 | 3,895,550 | ||||||||||||||||||||
Harland Clarke Holdings Corp. | Media: Advertising Printing & Publishing | Term Loan | Loan | 3M USD LIBOR+ | 4.75 | % | 1.00 | % | 6.21 | % | 11/3/2023 | 1,723,072 | 1,715,720 | 1,356,919 | ||||||||||||||||||||
HD Supply Waterworks Ltd. | Construction & Building | Term Loan | Loan | 3M USD LIBOR+ | 2.75 | % | 1.00 | % | 4.21 | % | 8/1/2024 | 488,750 | 487,883 | 481,419 | ||||||||||||||||||||
Helix Acquisition Holdings Inc. | Capital Equipment | Term Loan (2019 Incremental) | Loan | 3M USD LIBOR+ | 3.75 | % | 0.00 | % | 5.21 | % | 9/30/2024 | 2,977,500 | 2,925,219 | 2,754,188 | ||||||||||||||||||||
Helix Gen Funding LLC | Energy: Electricity | Term Loan B (02/17) | Loan | 1M USD LIBOR+ | 3.75 | % | 1.00 | % | 5.27 | % | 6/3/2024 | 264,030 | 263,694 | 253,799 | ||||||||||||||||||||
HLF Financing SaRL LLC | Consumer goods: Non-durable | Term Loan B (08/18) | Loan | 1M USD LIBOR+ | 2.75 | % | 0.00 | % | 4.27 | % | 8/18/2025 | 3,950,000 | 3,935,111 | 3,883,364 | ||||||||||||||||||||
Holley Purchaser Inc. | Automotive | Term Loan B | Loan | 3M USD LIBOR+ | 5.00 | % | 0.00 | % | 6.46 | % | 10/24/2025 | 2,475,000 | 2,454,070 | 2,301,750 | ||||||||||||||||||||
Hudson River Trading LLC | Banking Finance Insurance & Real Estate | Term Loan B (01/20) | Loan | 1M USD LIBOR+ | 3.00 | % | 0.00 | % | 4.52 | % | 2/18/2027 | 6,000,000 | 5,975,621 | 5,955,000 | ||||||||||||||||||||
Hyperion Refinance S.a.r.l. | Banking Finance Insurance & Real Estate | Tem Loan (12/17) | Loan | 1M USD LIBOR+ | 3.50 | % | 1.00 | % | 5.02 | % | 12/20/2024 | 1,709,781 | 1,701,824 | 1,691,623 | ||||||||||||||||||||
ICH US Intermediate Holdings II Inc. | Healthcare & Pharmaceuticals | Term Loan B | Loan | 3M USD LIBOR+ | 5.75 | % | 1.00 | % | 7.21 | % | 12/24/2026 | 5,000,000 | 4,803,288 | 4,875,000 | ||||||||||||||||||||
Idera Inc. | High Tech Industries | Term Loan B | Loan | 1M USD LIBOR+ | 4.00 | % | 1.00 | % | 5.52 | % | 6/28/2024 | 2,939,742 | 2,919,274 | 2,917,694 | ||||||||||||||||||||
Informatica LLC | High Tech Industries | Term Loan B (02/20) | Loan | 1M USD LIBOR+ | 3.25 | % | 0.00 | % | 4.77 | % | 2/25/2027 | 500,000 | 497,500 | 489,375 | ||||||||||||||||||||
Inmar Inc. | Services: Business | Term Loan B | Loan | 3M USD LIBOR+ | 4.00 | % | 1.00 | % | 5.46 | % | 5/1/2024 | 3,457,043 | 3,377,774 | 3,320,939 | ||||||||||||||||||||
Innophos Holdings Inc | Chemicals Plastics & Rubber | Term Loan B | Loan | 1M USD LIBOR+ | 3.75 | % | 0.00 | % | 5.27 | % | 2/4/2027 | 500,000 | 497,521 | 496,250 | ||||||||||||||||||||
ION Media Networks Inc. | Media: Broadcasting & Subscription | Term Loan B | Loan | 1M USD LIBOR+ | 3.00 | % | 0.00 | % | 4.52 | % | 12/18/2024 | 997,500 | 992,818 | 982,538 |
42
Issuer Name | Industry | Asset Name | Asset Type | Reference Rate/Spread | LIBOR Floor | Current Rate (All In) | Maturity Date | Principal/ Number of Shares | Cost | Fair Value | ||||||||||||||||||||||||
Isagenix International LLC | Beverage Food & Tobacco | Term Loan | Loan | 3M USD LIBOR+ | 5.75 | % | 1.00 | % | 7.21 | % | 6/16/2025 | 2,796,876 | 2,750,718 | 1,118,750 | ||||||||||||||||||||
Jefferies Finance LLC / JFIN Co-Issuer Corp | Banking Finance Insurance & Real Estate | Term Loan | Loan | 1M USD LIBOR+ | 3.25 | % | 0.00 | % | 4.77 | % | 6/3/2026 | 3,229,359 | 3,211,489 | 3,172,846 | ||||||||||||||||||||
Jill Holdings LLC | Retail | Term Loan (1st Lien) | Loan | 3M USD LIBOR+ | 5.00 | % | 1.00 | % | 6.46 | % | 5/9/2022 | 1,800,290 | 1,796,697 | 1,458,235 | ||||||||||||||||||||
JP Intermediate B LLC | Consumer goods: Non-durable | Term Loan | Loan | 3M USD LIBOR+ | 5.50 | % | 1.00 | % | 6.96 | % | 11/20/2025 | 4,687,500 | 4,640,380 | 2,499,984 | ||||||||||||||||||||
KAR Auction Services Inc. | Automotive | Term Loan B (09/19) | Loan | 1M USD LIBOR+ | 2.25 | % | 0.00 | % | 3.77 | % | 9/19/2026 | 249,375 | 248,789 | 247,505 | ||||||||||||||||||||
Kindred Healthcare Inc. | Healthcare & Pharmaceuticals | Kindred Healthcare T/L (6/18) | Loan | 1M USD LIBOR+ | 5.00 | % | 0.00 | % | 6.52 | % | 7/2/2025 | 2,000,000 | 1,980,000 | 1,975,000 | ||||||||||||||||||||
Lakeland Tours LLC | Hotel Gaming & Leisure | Term Loan B | Loan | 3M USD LIBOR+ | 4.25 | % | 1.00 | % | 5.71 | % | 12/16/2024 | 2,457,482 | 2,450,618 | 2,248,596 | ||||||||||||||||||||
Lannett Company Inc. | Healthcare & Pharmaceuticals | Term Loan B | Loan | 1M USD LIBOR+ | 5.38 | % | 1.00 | % | 6.89 | % | 11/25/2022 | 2,379,293 | 2,356,101 | 2,343,175 | ||||||||||||||||||||
Learfield Communications LLC | Media: Advertising Printing & Publishing | Initial Term Loan (A-L Parent) | Loan | 1M USD LIBOR+ | 3.25 | % | 1.00 | % | 4.77 | % | 12/1/2023 | 485,000 | 483,577 | 439,531 | ||||||||||||||||||||
Lifetime Brands Inc. | Consumer goods: Non-durable | Term Loan B | Loan | 1M USD LIBOR+ | 3.50 | % | 1.00 | % | 5.02 | % | 2/28/2025 | 2,992,386 | 2,955,090 | 2,857,728 | ||||||||||||||||||||
Lighthouse Network LLC | Banking Finance Insurance & Real Estate | Term Loan B | Loan | 1M USD LIBOR+ | 4.50 | % | 1.00 | % | 6.02 | % | 12/2/2024 | 4,129,092 | 4,115,428 | 4,123,930 | ||||||||||||||||||||
Lightstone Holdco LLC | Energy: Electricity | Term Loan B | Loan | 1M USD LIBOR+ | 3.75 | % | 1.00 | % | 5.27 | % | 1/30/2024 | 1,322,520 | 1,320,692 | 1,164,651 | ||||||||||||||||||||
Lightstone Holdco LLC | Energy: Electricity | Term Loan C | Loan | 1M USD LIBOR+ | 3.75 | % | 1.00 | % | 5.27 | % | 1/30/2024 | 74,592 | 74,493 | 65,688 | ||||||||||||||||||||
Lindblad Expeditions Inc. | Hotel Gaming & Leisure | US 2018 Term Loan | Loan | 1M USD LIBOR+ | 3.25 | % | 0.00 | % | 4.77 | % | 3/27/2025 | 394,000 | 393,227 | 390,060 | ||||||||||||||||||||
Lindblad Expeditions Inc. | Hotel Gaming & Leisure | Cayman Term Loan | Loan | 1M USD LIBOR+ | 3.25 | % | 0.00 | % | 4.77 | % | 3/27/2025 | 98,500 | 98,307 | 97,515 | ||||||||||||||||||||
Liquidnet Holdings Inc. | Banking Finance Insurance & Real Estate | Term Loan B | Loan | 1M USD LIBOR+ | 3.25 | % | 1.00 | % | 4.77 | % | 7/15/2024 | 2,131,268 | 2,126,212 | 2,093,970 | ||||||||||||||||||||
LPL Holdings Inc. | Banking Finance Insurance & Real Estate | Term Loan B1 | Loan | 1M USD LIBOR+ | 1.75 | % | 0.00 | % | 3.27 | % | 11/11/2026 | 1,245,213 | 1,242,233 | 1,243,133 | ||||||||||||||||||||
Marriott Ownership Resorts Inc. | Hotel Gaming & Leisure | Term Loan (11/19) | Loan | 1M USD LIBOR+ | 1.75 | % | 0.00 | % | 3.27 | % | 3/12/2026 | 1,500,000 | 1,500,000 | 1,432,500 | ||||||||||||||||||||
Match Group Inc. | Services: Consumer | Term Loan (1/20) | Loan | 3M USD LIBOR+ | 1.75 | % | 0.00 | % | 3.21 | % | 2/5/2027 | 250,000 | 249,377 | 248,438 | ||||||||||||||||||||
McAfee LLC | Services: Business | Term Loan B | Loan | 1M USD LIBOR+ | 3.75 | % | 0.00 | % | 5.27 | % | 9/30/2024 | 3,159,418 | 3,131,317 | 3,136,165 | ||||||||||||||||||||
McDermott International (Americas) Inc.(b) | Construction & Building | Term Loan B | Loan | 3M USD LIBOR+ | 5.00 | % | 1.00 | % | 6.46 | % | 5/12/2025 | 1,965,000 | 1,933,938 | 1,126,928 | ||||||||||||||||||||
McGraw-Hill Global Education Holdings LLC | Media: Advertising Printing & Publishing | Term Loan | Loan | 1M USD LIBOR+ | 4.00 | % | 1.00 | % | 5.52 | % | 5/4/2022 | 956,813 | 954,867 | 897,807 | ||||||||||||||||||||
Meredith Corporation | Media: Advertising Printing & Publishing | Term Loan B2 | Loan | 1M USD LIBOR+ | 2.50 | % | 0.00 | % | 4.02 | % | 1/31/2025 | 578,738 | 577,724 | 572,227 | ||||||||||||||||||||
Messer Industries GMBH | Chemicals Plastics & Rubber | Term Loan B | Loan | 3M USD LIBOR+ | 2.50 | % | 0.00 | % | 3.96 | % | 3/2/2026 | 2,977,500 | 2,970,753 | 2,917,950 | ||||||||||||||||||||
Michaels Stores Inc. | Retail | Term Loan B | Loan | 1M USD LIBOR+ | 2.50 | % | 1.00 | % | 4.02 | % | 1/30/2023 | 2,599,163 | 2,590,493 | 2,393,387 | ||||||||||||||||||||
Midwest Physician Administrative Services LLC | Healthcare & Pharmaceuticals | Term Loan (2/18) | Loan | 1M USD LIBOR+ | 2.75 | % | 0.75 | % | 4.27 | % | 8/15/2024 | 970,910 | 967,282 | 951,492 | ||||||||||||||||||||
Milk Specialties Company | Beverage Food & Tobacco | Term Loan (2/17) | Loan | 1M USD LIBOR+ | 4.00 | % | 1.00 | % | 5.52 | % | 8/16/2023 | 3,899,905 | 3,848,164 | 3,696,798 | ||||||||||||||||||||
MKS Instruments Inc. | High Tech Industries | Term Loan B6 | Loan | 1M USD LIBOR+ | 1.75 | % | 0.00 | % | 3.27 | % | 2/2/2026 | 887,425 | 879,526 | 875,001 | ||||||||||||||||||||
MLN US HoldCo LLC | Telecommunications | Term Loan | Loan | 1M USD LIBOR+ | 4.50 | % | 0.00 | % | 6.02 | % | 11/28/2025 | 990,000 | 988,165 | 932,144 | ||||||||||||||||||||
MRC Global (US) Inc. | Metals & Mining | Term Loan B2 | Loan | 1M USD LIBOR+ | 3.00 | % | 0.00 | % | 4.52 | % | 9/20/2024 | 490,000 | 489,047 | 477,750 | ||||||||||||||||||||
NAI Entertainment Holdings LLC | Hotel Gaming & Leisure | Term Loan B | Loan | 1M USD LIBOR+ | 2.50 | % | 1.00 | % | 4.02 | % | 5/8/2025 | 870,833 | 869,104 | 855,594 | ||||||||||||||||||||
Natgasoline LLC | Chemicals Plastics & Rubber | Term Loan | Loan | 6M USD LIBOR+ | 3.50 | % | 0.00 | % | 4.90 | % | 11/14/2025 | 495,000 | 492,907 | 491,288 | ||||||||||||||||||||
National Mentor Holdings Inc. | Healthcare & Pharmaceuticals | Term Loan | Loan | 1M USD LIBOR+ | 4.00 | % | 0.00 | % | 5.52 | % | 3/9/2026 | 1,881,215 | 1,864,059 | 1,871,809 | ||||||||||||||||||||
National Mentor Holdings Inc. | Healthcare & Pharmaceuticals | Term Loan C | Loan | 1M USD LIBOR+ | 4.00 | % | 0.00 | % | 5.52 | % | 3/9/2026 | 104,662 | 103,730 | 104,139 | ||||||||||||||||||||
NeuStar Inc. | Telecommunications | Term Loan B4 (03/18) | Loan | 1M USD LIBOR+ | 3.50 | % | 1.00 | % | 5.02 | % | 8/8/2024 | 2,962,121 | 2,918,947 | 2,688,125 | ||||||||||||||||||||
NeuStar Inc. | Telecommunications | Term Loan B-5 | Loan | 1M USD LIBOR+ | 4.50 | % | 1.00 | % | 6.02 | % | 8/8/2024 | 992,500 | 975,477 | 959,311 |
43
Issuer Name | Industry | Asset Name | Asset Type | Reference Rate/Spread | LIBOR Floor | Current Rate (All In) | Maturity Date | Principal/ Number of Shares | Cost | Fair Value | ||||||||||||||||||||||||
Nexstar Broadcasting Inc. | Media: Broadcasting & Subscription | Term Loan | Loan | 1M USD LIBOR+ | 2.75 | % | 0.00 | % | 4.27 | % | 9/18/2026 | 249,375 | 248,222 | 247,298 | ||||||||||||||||||||
NMI Holdings Inc. | Banking Finance Insurance & Real Estate | Term Loan | Loan | 1M USD LIBOR+ | 4.75 | % | 1.00 | % | 6.27 | % | 5/23/2023 | 3,454,906 | 3,457,271 | 3,420,357 | ||||||||||||||||||||
NorthPole Newco S.a r.l | Aerospace & Defense | Term Loan | Loan | 3M USD LIBOR+ | 7.00 | % | 0.00 | % | 8.46 | % | 3/3/2025 | 4,812,500 | 4,371,041 | 4,162,813 | ||||||||||||||||||||
Novetta Solutions LLC | Aerospace & Defense | Term Loan | Loan | 1M USD LIBOR+ | 5.00 | % | 1.00 | % | 6.52 | % | 10/17/2022 | 1,919,870 | 1,911,097 | 1,878,478 | ||||||||||||||||||||
Novetta Solutions LLC | Aerospace & Defense | Second Lien Term Loan | Loan | 1M USD LIBOR+ | 8.50 | % | 1.00 | % | 10.02 | % | 10/16/2023 | 1,000,000 | 994,137 | 973,750 | ||||||||||||||||||||
NPC International Inc.(b) | Beverage Food & Tobacco | Term Loan | Loan | 3M USD LIBOR+ | 3.50 | % | 1.00 | % | 4.96 | % | 4/19/2024 | 487,500 | 487,124 | 237,544 | ||||||||||||||||||||
Octave Music Group Inc. The | Services: Business | Term Loan B | Loan | 2M USD LIBOR+ | 5.25 | % | 1.00 | % | 6.75 | % | 5/29/2025 | 5,000,000 | 4,950,000 | 4,937,500 | ||||||||||||||||||||
Office Depot Inc. | Retail | Term Loan B | Loan | 1M USD LIBOR+ | 5.25 | % | 1.00 | % | 6.77 | % | 11/8/2022 | 2,456,367 | 2,445,611 | 2,464,547 | ||||||||||||||||||||
Owens & Minor Distribution Inc. | Healthcare & Pharmaceuticals | Term Loan B | Loan | 1M USD LIBOR+ | 4.50 | % | 0.00 | % | 6.02 | % | 4/30/2025 | 492,500 | 484,678 | 413,700 | ||||||||||||||||||||
Patriot Container Corp. | Environmental Industries | Term Loan (3/18) | Loan | 1M USD LIBOR+ | 3.50 | % | 1.00 | % | 5.02 | % | 3/20/2025 | 500,000 | 497,500 | 492,500 | ||||||||||||||||||||
PCI Gaming Authority | Hotel Gaming & Leisure | Term Loan | Loan | 1M USD LIBOR+ | 2.50 | % | 0.00 | % | 4.02 | % | 5/29/2026 | 878,269 | 874,086 | 871,682 | ||||||||||||||||||||
Peraton Corp. | Aerospace & Defense | Term Loan | Loan | 2M USD LIBOR+ | 5.25 | % | 1.00 | % | 6.75 | % | 4/29/2024 | 2,447,449 | 2,437,345 | 2,386,263 | ||||||||||||||||||||
PGX Holdings Inc. | Services: Consumer | Term Loan | Loan | 1M USD LIBOR+ | 5.25 | % | 1.00 | % | 6.77 | % | 9/29/2020 | 3,564,650 | 3,555,767 | 1,782,325 | ||||||||||||||||||||
PI UK Holdco II Limited | Services: Business | Term Loan B1 (PI UK Holdco II) | Loan | 1M USD LIBOR+ | 3.25 | % | 1.00 | % | 4.77 | % | 1/3/2025 | 1,473,750 | 1,467,204 | 1,449,802 | ||||||||||||||||||||
Pixelle Specialty Solutions LLC | Forest Products & Paper | Term Loan | Loan | 1M USD LIBOR+ | 6.50 | % | 1.00 | % | 8.02 | % | 10/31/2024 | 2,000,000 | 1,960,340 | 1,953,120 | ||||||||||||||||||||
Plastipak Packaging Inc | Containers Packaging & Glass | Plastipak Packaging T/L B (04/18) | Loan | 1M USD LIBOR+ | 2.50 | % | 0.00 | % | 4.02 | % | 10/15/2024 | 2,944,583 | 2,921,203 | 2,885,691 | ||||||||||||||||||||
Playtika Holding Corp. | High Tech Industries | Trm Loan B (12/19) | Loan | 1M USD LIBOR+ | 6.00 | % | 1.00 | % | 7.52 | % | 12/10/2024 | 4,000,000 | 3,922,736 | 3,988,760 | ||||||||||||||||||||
Polymer Process Holdings Inc | Containers Packaging & Glass | Term Loan | Loan | 1M USD LIBOR+ | 6.00 | % | 0.00 | % | 7.52 | % | 4/30/2026 | 2,985,000 | 2,930,303 | 2,921,569 | ||||||||||||||||||||
Presidio Inc. | Services: Business | Term Loan B (1/20) | Loan | 3M USD LIBOR+ | 3.50 | % | 0.00 | % | 4.96 | % | 1/22/2027 | 500,000 | 498,787 | 495,000 | ||||||||||||||||||||
Prime Security Services Borrower LLC | Services: Consumer | Term Loan (Protection One/ADT) | Loan | 1M USD LIBOR+ | 3.25 | % | 1.00 | % | 4.77 | % | 9/23/2026 | 2,992,500 | 2,975,658 | 2,905,717 | ||||||||||||||||||||
Priority Payment Systems Holdings LLC | High Tech Industries | Term Loan | Loan | 1M USD LIBOR+ | 5.00 | % | 1.00 | % | 6.52 | % | 1/3/2023 | 2,472,719 | 2,462,039 | 2,404,720 | ||||||||||||||||||||
Project Accelerate Parent LLC | Services: Business | Term Loan | Loan | 1M USD LIBOR+ | 4.25 | % | 1.00 | % | 5.77 | % | 1/2/2025 | 1,965,000 | 1,957,491 | 1,940,438 | ||||||||||||||||||||
Prometric Holdings Inc. | Services: Consumer | Term Loan | Loan | 1M USD LIBOR+ | 3.00 | % | 1.00 | % | 4.52 | % | 1/29/2025 | 491,288 | 489,418 | 473,478 | ||||||||||||||||||||
Pug LLC | Services: Consumer | Pug T/L B (02/20) | Loan | 1M USD LIBOR+ | 3.50 | % | 0.00 | % | 5.02 | % | 2/12/2027 | 1,500,000 | 1,492,500 | 1,395,000 | ||||||||||||||||||||
Rackspace Hosting Inc. | High Tech Industries | Term Loan B | Loan | 3M USD LIBOR+ | 3.00 | % | 1.00 | % | 4.46 | % | 11/3/2023 | 1,476,064 | 1,467,715 | 1,403,486 | ||||||||||||||||||||
Radio Systems Corporation | Consumer goods: Durable | Term Loan | Loan | 2M USD LIBOR+ | 2.75 | % | 1.00 | % | 4.25 | % | 5/2/2024 | 1,462,500 | 1,462,500 | 1,449,703 | ||||||||||||||||||||
Radiology Partners Inc. | Healthcare & Pharmaceuticals | Term Loan | Loan | 2M USD LIBOR+ | 4.25 | % | 0.00 | % | 5.75 | % | 7/9/2025 | 1,432,727 | 1,426,403 | 1,413,386 | ||||||||||||||||||||
Research Now Group Inc. | Media: Advertising Printing & Publishing | Term Loan | Loan | 3M USD LIBOR+ | 5.50 | % | 1.00 | % | 6.96 | % | 12/20/2024 | 3,927,406 | 3,816,352 | 3,868,494 | ||||||||||||||||||||
Resolute Investment Managers Inc. | Banking Finance Insurance & Real Estate | Term Loan (10/17) | Loan | 3M USD LIBOR+ | 3.25 | % | 1.00 | % | 4.71 | % | 4/29/2022 | 2,680,466 | 2,681,757 | 2,673,765 | ||||||||||||||||||||
Rexnord LLC | Capital Equipment | Term Loan (11/19) | Loan | 1M USD LIBOR+ | 1.75 | % | 0.00 | % | 3.27 | % | 8/21/2024 | 862,069 | 862,069 | 858,431 | ||||||||||||||||||||
Reynolds Consumer Products Inc. | Containers Packaging & Glass | Reynolds Consumer Products T/L | Loan | 3M USD LIBOR+ | 1.75 | % | 0.00 | % | 3.21 | % | 2/4/2027 | 1,500,000 | 1,498,128 | 1,483,875 | ||||||||||||||||||||
RGIS Services LLC | Services: Business | Term Loan | Loan | 3M USD LIBOR+ | 7.50 | % | 1.00 | % | 8.96 | % | 3/31/2023 | 482,554 | 477,839 | 421,994 | ||||||||||||||||||||
Robertshaw US Holding Corp. | Consumer goods: Durable | Term Loan B | Loan | 1M USD LIBOR+ | 3.25 | % | 1.00 | % | 4.77 | % | 2/28/2025 | 982,500 | 980,484 | 884,250 | ||||||||||||||||||||
Rocket Software Inc. | High Tech Industries | Term Loan (11/18) | Loan | 1M USD LIBOR+ | 4.25 | % | 0.00 | % | 5.77 | % | 11/28/2025 | 3,970,000 | 3,953,381 | 3,817,393 | ||||||||||||||||||||
Russell Investments US Institutional Holdco Inc. | Banking Finance Insurance & Real Estate | Term Loan B | Loan | 1M USD LIBOR+ | 2.75 | % | 1.00 | % | 4.27 | % | 6/1/2023 | 5,637,965 | 5,554,276 | 5,553,396 | ||||||||||||||||||||
Sahara Parent Inc. | High Tech Industries | Term Loan B (11/18) | Loan | 3M USD LIBOR+ | 6.25 | % | 0.00 | % | 7.71 | % | 8/16/2024 | 1,955,250 | 1,938,956 | 1,877,040 | ||||||||||||||||||||
Sally Holdings LLC | Retail | Term Loan (Fixed) | Loan | 1M USD LIBOR+ | 0.00 | % | 0.00 | % | 0.00 | % | 7/5/2024 | 1,000,000 | 996,778 | 980,000 |
44
Issuer Name | Industry | Asset Name | Asset Type | Reference Rate/Spread | LIBOR Floor | Current Rate (All In) | Maturity Date | Principal/ Number of Shares | Cost | Fair Value | ||||||||||||||||||||||||
Sally Holdings LLC | Retail | Term Loan B | Loan | 1M USD LIBOR+ | 2.25 | % | 0.00 | % | 3.77 | % | 7/5/2024 | 768,409 | 765,606 | 753,041 | ||||||||||||||||||||
Savage Enterprises LLC | Energy: Oil & Gas | Term Loan | Loan | 1M USD LIBOR+ | 4.00 | % | 0.00 | % | 5.52 | % | 8/1/2025 | 3,284,831 | 3,247,280 | 3,270,049 | ||||||||||||||||||||
SCS Holdings I Inc. | High Tech Industries | Term Loan 1/20 | Loan | 1M USD LIBOR+ | 3.50 | % | 0.00 | % | 5.02 | % | 7/1/2026 | 1,990,000 | 1,985,537 | 1,976,329 | ||||||||||||||||||||
Seadrill Operating LP | Energy: Oil & Gas | Term Loan B | Loan | 3M USD LIBOR+ | 6.00 | % | 1.00 | % | 7.46 | % | 2/21/2021 | 905,168 | 891,491 | 288,359 | ||||||||||||||||||||
Shutterfly Inc. | Media: Advertising Printing & Publishing | Term Loan B | Loan | 3M USD LIBOR+ | 6.00 | % | 1.00 | % | 7.46 | % | 9/25/2026 | 870,968 | 829,352 | 827,968 | ||||||||||||||||||||
SMB Shipping Logistics LLC | Transportation: Consumer | Term Loan B | Loan | 3M USD LIBOR+ | 4.00 | % | 1.00 | % | 5.46 | % | 2/2/2024 | 1,947,873 | 1,946,123 | 1,913,785 | ||||||||||||||||||||
SMG US Midco 2 Inc. | Services: Business | Term Loan (01/20) | Loan | 1M USD LIBOR+ | 2.50 | % | 0.00 | % | 4.02 | % | 1/23/2025 | 500,000 | 500,000 | 495,000 | ||||||||||||||||||||
Snacking Investment BidCo Pty Limited | Beverage Food & Tobacco | Term Loan | Loan | 1M USD LIBOR+ | 4.00 | % | 1.00 | % | 5.52 | % | 12/18/2026 | 1,000,000 | 990,193 | 987,500 | ||||||||||||||||||||
Sotheby’s | Services: Business | Term Loan | Loan | 1M USD LIBOR+ | 5.50 | % | 1.00 | % | 7.02 | % | 1/15/2027 | 3,324,994 | 3,258,223 | 3,315,285 | ||||||||||||||||||||
SP PF Buyer LLC | Consumer goods: Durable | Term Loan B | Loan | 1M USD LIBOR+ | 4.50 | % | 0.00 | % | 6.02 | % | 12/19/2025 | 1,985,000 | 1,911,678 | 1,801,388 | ||||||||||||||||||||
SRAM LLC | Consumer goods: Durable | Term Loan | Loan | 1M USD LIBOR+ | 2.75 | % | 1.00 | % | 3.72 | % | 3/15/2024 | 1,769,661 | 1,762,426 | 1,756,388 | ||||||||||||||||||||
SS&C European Holdings S.A.R.L. | Services: Business | Term Loan B4 | Loan | 1M USD LIBOR+ | 1.75 | % | 0.00 | % | 3.27 | % | 4/16/2025 | 199,839 | 199,466 | 196,841 | ||||||||||||||||||||
SS&C Technologies Inc. | Services: Business | Term Loan B-5 | Loan | 1M USD LIBOR+ | 1.75 | % | 0.00 | % | 3.27 | % | 4/16/2025 | 493,682 | 492,653 | 486,000 | ||||||||||||||||||||
SS&C Technologies Inc. | Services: Business | Term Loan B3 | Loan | 1M USD LIBOR+ | 1.75 | % | 0.00 | % | 3.27 | % | 4/16/2025 | 280,056 | 279,525 | 275,855 | ||||||||||||||||||||
Staples Inc. | Wholesale | Term Loan (03/19) | Loan | 1M USD LIBOR+ | 5.00 | % | 0.00 | % | 6.52 | % | 4/16/2026 | 1,960,188 | 1,960,188 | 1,928,334 | ||||||||||||||||||||
Stats Intermediate Holdings LLC | Hotel Gaming & Leisure | Term Loan | Loan | 6M USD LIBOR+ | 5.25 | % | 0.00 | % | 6.65 | % | 7/10/2026 | 2,000,000 | 1,953,068 | 1,920,000 | ||||||||||||||||||||
Steak N Shake Operations Inc. | Beverage Food & Tobacco | Term Loan | Loan | 1M USD LIBOR+ | 3.75 | % | 1.00 | % | 5.27 | % | 3/19/2021 | 824,991 | 823,352 | 662,740 | ||||||||||||||||||||
STG-Fairway Holdings LLC | Services: Business | STG Fairway T/L (First Advantage) (Fastball Merger | Loan | 1M USD LIBOR+ | 3.50 | % | 0.00 | % | 5.02 | % | 1/29/2027 | 500,000 | 497,500 | 496,040 | ||||||||||||||||||||
Sybil Software LLC | High Tech Industries | Term Loan B (4/18) | Loan | 3M USD LIBOR+ | 2.25 | % | 1.00 | % | 3.71 | % | 9/29/2023 | 263,565 | 262,651 | 261,918 | ||||||||||||||||||||
Teneo Holdings LLC | Banking Finance Insurance & Real Estate | Term Loan | Loan | 1M USD LIBOR+ | 5.25 | % | 1.00 | % | 6.77 | % | 7/11/2025 | 2,493,750 | 2,401,489 | 2,381,531 | ||||||||||||||||||||
Tenneco Inc | Capital Equipment | Term Loan B | Loan | 1M USD LIBOR+ | 3.00 | % | 0.00 | % | 4.52 | % | 10/1/2025 | 1,485,000 | 1,472,625 | 1,386,619 | ||||||||||||||||||||
Ten-X LLC | Banking Finance Insurance & Real Estate | Term Loan | Loan | 1M USD LIBOR+ | 4.00 | % | 1.00 | % | 5.52 | % | 9/30/2024 | 1,960,000 | 1,958,142 | 1,927,327 | ||||||||||||||||||||
Terex Corporation | Capital Equipment | Term Loan | Loan | 1M USD LIBOR+ | 2.75 | % | 0.75 | % | 4.27 | % | 1/31/2024 | 992,500 | 988,635 | 991,567 | ||||||||||||||||||||
TGG TS Acquisition Company | Media: Diversified & Production | Term Loan (12/18) | Loan | 1M USD LIBOR+ | 6.50 | % | 0.00 | % | 8.02 | % | 12/15/2025 | 2,766,667 | 2,639,073 | 2,711,333 | ||||||||||||||||||||
The Edelman Financial Center LLC | Banking Finance Insurance & Real Estate | Term Loan B (06/18) | Loan | 1M USD LIBOR+ | 3.25 | % | 0.00 | % | 4.77 | % | 7/21/2025 | 1,237,500 | 1,232,467 | 1,211,203 | ||||||||||||||||||||
The Knot Worldwide Inc | Services: Consumer | Term Loan | Loan | 1M USD LIBOR+ | 4.50 | % | 0.00 | % | 6.02 | % | 12/19/2025 | 3,960,000 | 3,952,856 | 3,890,700 | ||||||||||||||||||||
Thor Industries Inc. | Automotive | Term Loan (USD) | Loan | 2M USD LIBOR+ | 3.75 | % | 0.00 | % | 5.25 | % | 2/2/2026 | 2,031,203 | 2,018,102 | 2,000,735 | ||||||||||||||||||||
Tivity Health Inc. | Healthcare & Pharmaceuticals | Term Loan B | Loan | 1M USD LIBOR+ | 5.25 | % | 0.00 | % | 6.77 | % | 3/6/2026 | 2,334,338 | 2,281,664 | 2,209,288 | ||||||||||||||||||||
Tivity Health Inc. | Healthcare & Pharmaceuticals | Term Loan A | Loan | 1M USD LIBOR+ | 4.25 | % | 0.00 | % | 5.77 | % | 3/8/2024 | 1,600,000 | 1,586,231 | 1,504,000 | ||||||||||||||||||||
Transdigm Inc. | Aerospace & Defense | Term Loan G (02/20) | Loan | 1M USD LIBOR+ | 2.25 | % | 0.00 | % | 3.77 | % | 8/22/2024 | 4,106,293 | 4,111,126 | 4,013,901 | ||||||||||||||||||||
Travel Leaders Group LLC | Hotel Gaming & Leisure | Term Loan B (08/18) | Loan | 1M USD LIBOR+ | 4.00 | % | 0.00 | % | 5.52 | % | 1/25/2024 | 2,462,500 | 2,458,773 | 2,410,172 | ||||||||||||||||||||
TRC Companies Inc. | Services: Business | Term Loan | Loan | 1M USD LIBOR+ | 3.50 | % | 1.00 | % | 5.02 | % | 6/21/2024 | 3,376,818 | 3,366,553 | 3,250,188 | ||||||||||||||||||||
TRC Companies Inc. | Services: Business | Term Loan B | Loan | 1M USD LIBOR+ | 5.00 | % | 1.00 | % | 6.52 | % | 6/21/2024 | 997,500 | 982,926 | 980,044 | ||||||||||||||||||||
Trico Group LLC | Containers Packaging & Glass | Incremental Term Loan | Loan | 3M USD LIBOR+ | 7.00 | % | 1.00 | % | 8.46 | % | 2/2/2024 | 4,758,359 | 4,645,140 | 4,675,088 | ||||||||||||||||||||
Truck Hero Inc. | Transportation: Cargo | First Lien Term Loan | Loan | 1M USD LIBOR+ | 3.75 | % | 0.00 | % | 5.27 | % | 4/22/2024 | 2,927,444 | 2,910,795 | 2,874,984 | ||||||||||||||||||||
Trugreen Limited Partnership | Services: Consumer | Term Loan (03/19) | Loan | 1M USD LIBOR+ | 3.75 | % | 1.00 | % | 5.27 | % | 3/19/2026 | 981,396 | 972,628 | 981,396 | ||||||||||||||||||||
Twin River Worldwide Holdings Inc. | Hotel Gaming & Leisure | Term Loan B | Loan | 1M USD LIBOR+ | 2.75 | % | 0.00 | % | 4.27 | % | 5/11/2026 | 995,000 | 990,418 | 971,060 | ||||||||||||||||||||
United Natural Foods Inc. | Beverage Food & Tobacco | Term Loan B | Loan | 1M USD LIBOR+ | 4.25 | % | 0.00 | % | 5.77 | % | 10/22/2025 | 3,465,000 | 3,270,106 | 2,875,950 | ||||||||||||||||||||
Univar Solutions Inc. | Chemicals Plastics & Rubber | Term Loan B3 (11/17) | Loan | 1M USD LIBOR+ | 2.25 | % | 0.00 | % | 3.77 | % | 7/1/2024 | 1,627,723 | 1,621,989 | 1,603,307 |
45
Issuer Name | Industry | Asset Name | Asset Type | Reference Rate/Spread | LIBOR Floor | Current Rate (All In) | Maturity Date | Principal/ Number of Shares | Cost | Fair Value | ||||||||||||||||||||||||
Univision Communications Inc. | Media: Broadcasting & Subscription | Term Loan | Loan | 1M USD LIBOR+ | 2.75 | % | 1.00 | % | 4.27 | % | 3/15/2024 | 2,746,369 | 2,735,251 | 2,634,565 | ||||||||||||||||||||
URS Holdco Inc. | Transportation: Cargo | Term Loan (10/17) | Loan | 1M USD LIBOR+ | 5.75 | % | 1.00 | % | 7.27 | % | 8/30/2024 | 984,169 | 973,856 | 821,778 | ||||||||||||||||||||
US Ecology Inc. | Environmental Industries | Term Loan B | Loan | 1M USD LIBOR+ | 2.50 | % | 0.00 | % | 4.02 | % | 11/2/2026 | 500,000 | 498,859 | 496,250 | ||||||||||||||||||||
VeriFone Systems Inc. | Banking Finance Insurance & Real Estate | Term Loan (7/18) | Loan | 3M USD LIBOR+ | 4.00 | % | 0.00 | % | 5.46 | % | 8/20/2025 | 5,431,250 | 5,403,194 | 5,214,000 | ||||||||||||||||||||
Verra Mobility Corp. | Construction & Building | Term Loan B1 (02/20) | Loan | 1M USD LIBOR+ | 3.25 | % | 0.00 | % | 4.77 | % | 2/28/2025 | 491,250 | 489,331 | 483,881 | ||||||||||||||||||||
VFH Parent LLC | Banking Finance Insurance & Real Estate | Term Loan B | Loan | 1M USD LIBOR+ | 3.50 | % | 0.00 | % | 5.02 | % | 3/2/2026 | 3,801,266 | 3,787,581 | 3,793,663 | ||||||||||||||||||||
Victory Capital Holdings Inc. | Banking Finance Insurance & Real Estate | Term Loan B (01/20) | Loan | 1M USD LIBOR+ | 2.50 | % | 0.00 | % | 4.02 | % | 7/1/2026 | 422,273 | 418,485 | 415,939 | ||||||||||||||||||||
Virtus Investment Partners Inc. | Banking Finance Insurance & Real Estate | Term Loan B | Loan | 1M USD LIBOR+ | 2.25 | % | 0.75 | % | 3.77 | % | 6/3/2024 | 3,218,500 | 3,217,979 | 3,213,479 | ||||||||||||||||||||
Vistra Operations Company LLC | Utilities: Electric | 2018 Incremental Term Loan | Loan | 1M USD LIBOR+ | 1.75 | % | 0.00 | % | 3.27 | % | 12/31/2025 | 927,500 | 926,595 | 919,094 | ||||||||||||||||||||
Vizient Inc. | Healthcare & Pharmaceuticals | Term Loan B-6 | Loan | 1M USD LIBOR+ | 2.00 | % | 0.00 | % | 3.52 | % | 5/6/2026 | 496,250 | 495,208 | 491,600 | ||||||||||||||||||||
VS Buyer T/L (Veeam Software) | High Tech Industries | Term Loan | Loan | 3M USD LIBOR+ | 3.25 | % | 0.00 | % | 4.71 | % | 2/28/2027 | 1,000,000 | 1,000,000 | 986,250 | ||||||||||||||||||||
Weight Watchers International Inc. | Services: Consumer | Term Loan B | Loan | 3M USD LIBOR+ | 4.75 | % | 0.75 | % | 6.21 | % | 11/29/2024 | 1,670,130 | 1,645,266 | 1,665,955 | ||||||||||||||||||||
West Corporation | Telecommunications | Term Loan B | Loan | 1M USD LIBOR+ | 3.50 | % | 1.00 | % | 5.02 | % | 10/10/2024 | 2,961,172 | 2,889,546 | 2,319,573 | ||||||||||||||||||||
West Corporation | Telecommunications | Term Loan B (Olympus Merger) | Loan | 1M USD LIBOR+ | 4.00 | % | 1.00 | % | 5.52 | % | 10/10/2024 | 1,237,374 | 1,164,156 | 981,002 | ||||||||||||||||||||
Western Dental Services Inc. | Retail | Term Loan (12/18) | Loan | 1M USD LIBOR+ | 5.25 | % | 1.00 | % | 6.77 | % | 6/30/2023 | 2,438,722 | 2,424,403 | 2,444,819 | ||||||||||||||||||||
Western Digital Corporation | High Tech Industries | Term Loan B-4 | Loan | 1M USD LIBOR+ | 1.75 | % | 0.00 | % | 3.27 | % | 4/29/2023 | 903,135 | 885,248 | 892,975 | ||||||||||||||||||||
Winter Park Intermediate Inc. | Automotive | Term Loan | Loan | 1M USD LIBOR+ | 4.75 | % | 0.00 | % | 6.27 | % | 4/4/2025 | 1,984,953 | 1,966,855 | 1,951,864 | ||||||||||||||||||||
Wirepath LLC | Consumer goods: Non-durable | Term Loan | Loan | 3M USD LIBOR+ | 4.00 | % | 1.00 | % | 5.46 | % | 8/5/2024 | 2,955,118 | 2,931,790 | 2,766,730 | ||||||||||||||||||||
WP CityMD Bidco LLC | Services: Consumer | Term Loan B | Loan | 3M USD LIBOR+ | 4.50 | % | 1.00 | % | 5.96 | % | 8/13/2026 | 3,500,000 | 3,467,362 | 3,476,375 | ||||||||||||||||||||
YS Garments LLC | Retail | Term Loan | Loan | 1W USD LIBOR+ | 6.00 | % | 1.00 | % | 7.57 | % | 8/9/2024 | 1,937,500 | 1,921,365 | 1,908,438 | ||||||||||||||||||||
Zekelman Industries Inc | Metals & Mining | Term Loan (01/20) | Loan | 1M USD LIBOR+ | 2.25 | % | 0.00 | % | 3.77 | % | 1/19/2027 | 1,000,000 | 1,000,000 | 977,500 | ||||||||||||||||||||
Zep Inc. | Chemicals Plastics & Rubber | Term Loan | Loan | 3M USD LIBOR+ | 4.00 | % | 1.00 | % | 5.46 | % | 8/12/2024 | 2,443,750 | 2,434,999 | 1,840,461 | ||||||||||||||||||||
Zest Acquisition Corp. | Healthcare & Pharmaceuticals | Term Loan | Loan | 1M USD LIBOR+ | 3.50 | % | 0.00 | % | 5.02 | % | 3/14/2025 | 982,500 | 978,750 | 934,603 | ||||||||||||||||||||
$ | 526,004,959 | $ | 500,999,934 |
Number of Shares | Cost | Fair Value | ||||||||||
Cash and cash equivalents |