|
Maryland
|
| |
80-0741103
|
|
|
(State or other jurisdiction of
incorporation or organization) |
| |
(I.R.S. Employer
Identification No.) |
|
|
201 Rouse Boulevard
Philadelphia, Pennsylvania |
| |
19112
|
|
|
(Address of principal executive offices)
|
| |
(Zip Code)
|
|
| Large accelerated filer | | | ☐ | | | Accelerated filer | | | ☐ | |
| Non-accelerated filer | | | ☑ | | | Smaller reporting company | | | ☐ | |
| | | | | | | Emerging growth company | | | ☐ | |
| | |
Page
|
| |||
PART I—FINANCIAL INFORMATION | | | | | | | |
ITEM 1.
FINANCIAL STATEMENTS
|
| | | | | | |
| | | | 1 | | | |
| | | | 2 | | | |
| | | | 3 | | | |
| | | | 4 | | | |
| | | | 5 | | | |
| | | | 26 | | | |
| | | | 53 | | | |
| | | | 70 | | | |
| | | | 71 | | | |
PART II—OTHER INFORMATION | | | | | | | |
| | | | 72 | | | |
| | | | 72 | | | |
| | | | 72 | | | |
| | | | 72 | | | |
| | | | 72 | | | |
| | | | 72 | | | |
| | | | 73 | | | |
| | | | 76 | | |
| | |
September 30, 2018
(Unaudited) |
| |
December 31, 2017
|
| ||||||
Assets | | | | | | | | | | | | | |
Investments, at fair value | | | | | | | | | | | | | |
Non-controlled/unaffiliated investments (amortized cost—$4,243,543 and $4,397,304, respectively)
|
| | | $ | 4,118,376 | | | | | $ | 4,374,076 | | |
Non-controlled/affiliated investments (amortized cost—$242,088 and $206,404, respectively)
|
| | | | 215,168 | | | | | | 223,518 | | |
Total investments, at fair value (amortized cost—$4,485,631 and $4,603,708, respectively)
|
| | | | 4,333,544 | | | | | | 4,597,594 | | |
Cash
|
| | | | 286,780 | | | | | | 449,215 | | |
Foreign currency, at fair value (cost—$594 and $10,938, respectively)
|
| | | | 594 | | | | | | 11,194 | | |
Receivable for investments sold and repaid
|
| | | | 5,419 | | | | | | 682 | | |
Interest receivable
|
| | | | 42,978 | | | | | | 45,247 | | |
Deferred financing costs
|
| | | | 6,181 | | | | | | 5,284 | | |
Prepaid expenses and other assets
|
| | | | 146 | | | | | | 865 | | |
Total assets
|
| | | $ | 4,675,642 | | | | | $ | 5,110,081 | | |
Liabilities | | | | | | | | | | | | | |
Payable for investments purchased
|
| | | $ | 36,492 | | | | | $ | 3,688 | | |
Credit facilities payable (net of deferred financing costs of $3,447 and $5,125, respectively)(1)
|
| | | | 1,889,947 | | | | | | 2,179,354 | | |
Stockholder distributions payable
|
| | | | 11,439 | | | | | | 10,561 | | |
Management fees payable
|
| | | | 17,567 | | | | | | 22,595 | | |
Subordinated income incentive fees payable(2)
|
| | | | 11,939 | | | | | | 19,129 | | |
Administrative services expense payable
|
| | | | 747 | | | | | | 568 | | |
Interest payable
|
| | | | 16,866 | | | | | | 16,842 | | |
Directors’ fees payable
|
| | | | 300 | | | | | | 277 | | |
Other accrued expenses and liabilities
|
| | | | 2,219 | | | | | | 4,046 | | |
Total liabilities
|
| | | | 1,987,516 | | | | | | 2,257,060 | | |
Commitments and contingencies(3)
|
| | | | — | | | | | | — | | |
Stockholders’ equity | | | | | | | | | | | | | |
Preferred stock, $0.001 par value, 50,000,000 shares authorized, none issued and
outstanding |
| | | | — | | | | | | — | | |
Common stock, $0.001 par value, 450,000,000 shares authorized, 326,478,291 and 326,748,337 shares issued and outstanding, respectively
|
| | | | 326 | | | | | | 327 | | |
Capital in excess of par value
|
| | | | 3,002,165 | | | | | | 3,004,948 | | |
Accumulated earnings (loss)
|
| | | | (314,365) | | | | | | (152,254) | | |
Total stockholders’ equity
|
| | | | 2,688,126 | | | | | | 2,853,021 | | |
Total liabilities and stockholders’ equity
|
| | | $ | 4,675,642 | | | | | $ | 5,110,081 | | |
Net asset value per share of common stock at period end
|
| | | $ | 8.23 | | | | | $ | 8.73 | | |
| | |
Three Months Ended
September 30, |
| |
Nine Months Ended
September 30, |
| ||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
2018
|
| |
2017
|
| ||||||||||||
Investment income | | | | | | | | | | | | | | | | | | | | | | | | | |
From non-controlled/unaffiliated investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income
|
| | | $ | 92,684 | | | | | $ | 97,122 | | | | | $ | 282,218 | | | | | $ | 290,519 | | |
Paid-in-kind interest income
|
| | | | 2,491 | | | | | | 8,863 | | | | | | 6,467 | | | | | | 17,121 | | |
Fee income
|
| | | | 14,181 | | | | | | 5,874 | | | | | | 22,641 | | | | | | 44,974 | | |
Dividend income
|
| | | | 468 | | | | | | — | | | | | | 7,962 | | | | | | 11 | | |
From non-controlled/affiliated investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income
|
| | | | 4,697 | | | | | | 7,301 | | | | | | 15,699 | | | | | | 18,448 | | |
Paid-in-kind interest income
|
| | | | 2,865 | | | | | | 393 | | | | | | 7,080 | | | | | | 3,067 | | |
Fee income
|
| | | | — | | | | | | 1,349 | | | | | | 1,123 | | | | | | 1,349 | | |
From controlled/affiliated investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income
|
| | | | — | | | | | | — | | | | | | — | | | | | | 1,217 | | |
Total investment income
|
| | | | 117,386 | | | | | | 120,902 | | | | | | 343,190 | | | | | | 376,706 | | |
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Management fees(1)
|
| | | | 17,567 | | | | | | 25,769 | | | | | | 61,739 | | | | | | 77,005 | | |
Subordinated income incentive fees(2)
|
| | | | 11,939 | | | | | | 10,137 | | | | | | 18,994 | | | | | | 42,352 | | |
Administrative services expenses
|
| | | | 799 | | | | | | 799 | | | | | | 2,371 | | | | | | 2,530 | | |
Stock transfer agent fees
|
| | | | 506 | | | | | | 506 | | | | | | 1,502 | | | | | | 1,502 | | |
Accounting and administrative fees
|
| | | | 395 | | | | | | 434 | | | | | | 1,227 | | | | | | 1,303 | | |
Interest expense
|
| | | | 26,924 | | | | | | 22,786 | | | | | | 77,958 | | | | | | 62,971 | | |
Directors’ fees
|
| | | | 254 | | | | | | 278 | | | | | | 1,053 | | | | | | 849 | | |
Other general and administrative expenses
|
| | | | 1,217 | | | | | | 1,102 | | | | | | 3,539 | | | | | | 2,978 | | |
Operating expenses
|
| | | | 59,601 | | | | | | 61,811 | | | | | | 168,383 | | | | | | 191,490 | | |
Management fee waiver(1)
|
| | | | — | | | | | | (3,222) | | | | | | (3,432) | | | | | | (9,626) | | |
Net expenses
|
| | | | 59,601 | | | | | | 58,589 | | | | | | 164,951 | | | | | | 181,864 | | |
Net investment income
|
| | | | 57,785 | | | | | | 62,313 | | | | | | 178,239 | | | | | | 194,842 | | |
Realized and unrealized gain/loss | | | | | | | | | | | | | | | | | | | | | | | | | |
Net realized gain (loss) on investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-controlled/unaffiliated investments
|
| | | | 18,501 | | | | | | (13,262) | | | | | | 14,901 | | | | | | (56,519) | | |
Non-controlled/affiliated investments
|
| | | | 3 | | | | | | 7,320 | | | | | | (25,706) | | | | | | 7,320 | | |
Net realized gain (loss) on foreign currency
|
| | | | 446 | | | | | | 122 | | | | | | (220) | | | | | | 439 | | |
Net change in unrealized appreciation (depreciation) on investments:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Non-controlled/unaffiliated investments
|
| | | | (42,337) | | | | | | 14,895 | | | | | | (101,939) | | | | | | 84,385 | | |
Non-controlled/affiliated investments
|
| | | | 2,298 | | | | | | 8,323 | | | | | | (44,034) | | | | | | 1,991 | | |
Controlled/affiliated investments
|
| | | | — | | | | | | (18,217) | | | | | | — | | | | | | (29,646) | | |
Net change in unrealized appreciation (depreciation) on secured borrowing(3)
|
| | | | — | | | | | | 10 | | | | | | — | | | | | | (26) | | |
Net change in unrealized gain (loss) on foreign currency
|
| | | | (693) | | | | | | (186) | | | | | | 84 | | | | | | (370) | | |
Total net realized and unrealized gain (loss)
|
| | | | (21,782) | | | | | | (995) | | | | | | (156,914) | | | | | | 7,574 | | |
Net increase (decrease) in net assets resulting from operations
|
| | | $ | 36,003 | | | | | $ | 61,318 | | | | | $ | 21,325 | | | | | $ | 202,416 | | |
Per share information—basic and diluted | | | | | | | | | | | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations (Earnings per Share)
|
| | | $ | 0.11 | | | | | $ | 0.19 | | | | | $ | 0.07 | | | | | $ | 0.62 | | |
Weighted average shares outstanding
|
| | | | 324,359,144 | | | | | | 324,993,290 | | | | | | 324,577,481 | | | | | | 325,613,608 | | |
|
| | |
Nine Months Ended
September 30, |
| |||||||||
| | |
2018
|
| |
2017
|
| ||||||
Operations | | | | | | | | | | | | | |
Net investment income
|
| | | $ | 178,239 | | | | | $ | 194,842 | | |
Net realized gain (loss) on investments and foreign currency
|
| | | | (11,025) | | | | | | (48,760) | | |
Net change in unrealized appreciation (depreciation) on investments
|
| | | | (145,973) | | | | | | 56,730 | | |
Net change in unrealized appreciation (depreciation) on secured borrowing(1)
|
| | | | — | | | | | | (26) | | |
Net change in unrealized gain (loss) on foreign currency
|
| | | | 84 | | | | | | (370) | | |
Net increase (decrease) in net assets resulting from operations
|
| | | | 21,325 | | | | | | 202,416 | | |
Stockholder distributions(2) | | | | ||||||||||
Distributions to stockholders
|
| | | | (183,436) | | | | | | (184,218) | | |
Net decrease in net assets resulting from stockholder distributions
|
| | | | (183,436) | | | | | | (184,218) | | |
Capital share transactions(3) | | | | ||||||||||
Reinvestment of stockholder distributions
|
| | | | 84,192 | | | | | | 92,907 | | |
Repurchases of common stock
|
| | | | (86,976) | | | | | | (92,570) | | |
Net increase in net assets resulting from capital share transactions
|
| | | | (2,784) | | | | | | 337 | | |
Total increase (decrease) in net assets
|
| | | | (164,895) | | | | | | 18,535 | | |
Net assets at beginning of period
|
| | | | 2,853,021 | | | | | | 2,909,860 | | |
Net assets at end of period
|
| | | $ | 2,688,126 | | | | | $ | 2,928,395 | | |
| | |
Nine Months Ended
September 30, |
| |||||||||
| | |
2018
|
| |
2017
|
| ||||||
Cash flows from operating activities | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations
|
| | | $ | 21,325 | | | | | $ | 202,416 | | |
Adjustments to reconcile net increase (decrease) in net assets resulting from operations
to net cash provided by (used in) operating activities: |
| | | | | | | | | | | | |
Purchases of investments
|
| | | | (1,331,866) | | | | | | (1,490,626) | | |
Paid-in-kind interest
|
| | | | (13,547) | | | | | | (20,188) | | |
Proceeds from sales and repayments of investments
|
| | | | 1,458,900 | | | | | | 1,409,656 | | |
Net realized (gain) loss on investments
|
| | | | 10,805 | | | | | | 49,199 | | |
Net change in unrealized (appreciation) depreciation on investments
|
| | | | 145,973 | | | | | | (56,730) | | |
Net change in unrealized (appreciation) depreciation on secured borrowing
|
| | | | — | | | | | | 26 | | |
Accretion of discount
|
| | | | (6,215) | | | | | | (19,542) | | |
Amortization of deferred financing costs and discount
|
| | | | 5,192 | | | | | | 3,982 | | |
Unrealized (gain) loss on borrowings in foreign currency
|
| | | | 186 | | | | | | 1,114 | | |
(Increase) decrease in receivable for investments sold and repaid
|
| | | | (4,737) | | | | | | 71,635 | | |
(Increase) decrease in interest receivable
|
| | | | 2,269 | | | | | | (11,628) | | |
(Increase) decrease in prepaid expenses and other assets
|
| | | | 719 | | | | | | (176) | | |
Increase (decrease) in payable for investments purchased
|
| | | | 32,804 | | | | | | 29,856 | | |
Increase (decrease) in management fees payable
|
| | | | (5,028) | | | | | | 937 | | |
Increase (decrease) in subordinated income incentive fees payable
|
| | | | (7,190) | | | | | | (6,356) | | |
Increase (decrease) in administrative services expense payable
|
| | | | 179 | | | | | | 170 | | |
Increase (decrease) in interest payable
|
| | | | 24 | | | | | | 2,348 | | |
Increase (decrease) in directors’ fees payable
|
| | | | 23 | | | | | | 16 | | |
Increase (decrease) in other accrued expenses and liabilities
|
| | | | (1,827) | | | | | | (2,181) | | |
Net cash provided by (used in) operating activities
|
| | | | 307,989 | | | | | | 163,928 | | |
Cash flows from financing activities | | | | | | | | | | | | | |
Reinvestment of stockholder distributions
|
| | | | 84,192 | | | | | | 92,907 | | |
Repurchases of common stock
|
| | | | (86,976) | | | | | | (92,570) | | |
Stockholder distributions
|
| | | | (182,558) | | | | | | (183,574) | | |
Borrowings under credit facilities(1)
|
| | | | 436,346 | | | | | | 777,821 | | |
Repayments of credit facilities(1)
|
| | | | (727,617) | | | | | | (172,967) | | |
Repayments of repurchase agreement
|
| | | | — | | | | | | (400,000) | | |
Deferred financing costs paid
|
| | | | (4,411) | | | | | | (2,804) | | |
Net cash provided by financing activities
|
| | | | (481,024) | | | | | | 18,813 | | |
Total increase (decrease) in cash
|
| | | | (173,035) | | | | | | 182,741 | | |
Cash and foreign currency at beginning of period
|
| | | | 460,409 | | | | | | 347,076 | | |
Cash and foreign currency at end of period
|
| | | $ | 287,374 | | | | | $ | 529,817 | | |
Supplemental disclosure | | | | | | | | | | | | | |
Local and excise taxes paid
|
| | | $ | 2,584 | | | | | $ | 1,826 | | |
Portfolio Company(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate(b)
|
| |
Floor
|
| |
Maturity
|
| |
Principal
Amount(c) |
| |
Amortized
Cost |
| |
Fair
Value(d) |
| | ||||||||||||||
Senior Secured Loans—First Lien—123.3% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
5 Arch Income Fund 2, LLC
|
| |
(m)(q)
|
| | Diversified Financials | | |
9.0%
|
| | | | | | | |
11/18/21
|
| | | $ | 28,555 | | | | | $ | 28,577 | | | | | $ | 28,555 | | | | ||
5 Arch Income Fund 2, LLC
|
| |
(m)(n)(q)
|
| | Diversified Financials | | |
9.0%
|
| | | | | | | |
11/18/21
|
| | | | 45,445 | | | | | | 45,445 | | | | | | 45,445 | | | | ||
Abaco Energy Technologies LLC
|
| |
(h)(i)(u)
|
| | Energy | | |
L+950
|
| | | | 1.0% | | | |
11/20/20
|
| | | | 24,781 | | | | | | 24,231 | | | | | | 24,843 | | | | ||
ABB/Con-Cise Optical Group LLC
|
| |
(u)
|
| |
Health Care Equipment & Services
|
| |
L+500
|
| | | | 1.0% | | | |
6/15/23
|
| | | | 2,776 | | | | | | 2,786 | | | | | | 2,791 | | | | ||
Accuride Corporation
|
| |
(u)
|
| | Automobiles & Components | | |
L+525
|
| | | | 1.0% | | | |
11/17/23
|
| | | | 165 | | | | | | 167 | | | | | | 167 | | | | ||
Acosta, Inc.
|
| |
(h)(u)
|
| | Media | | |
L+325
|
| | | | 1.0% | | | |
9/26/21
|
| | | | 6,661 | | | | | | 5,397 | | | | | | 5,025 | | | | ||
Advanced Lighting Technologies, Inc.
|
| |
(h)(v)
|
| | Materials | | |
L+750
|
| | | | 1.0% | | | |
10/4/22
|
| | | | 9,149 | | | | | | 7,899 | | | | | | 9,149 | | | | ||
Advantage Sales & Marketing Inc.
|
| |
(i)(j)(u)
|
| | Media | | |
L+325
|
| | | | 1.0% | | | |
7/23/21
|
| | | | 14,772 | | | | | | 14,076 | | | | | | 13,731 | | | | ||
AG Group Merger Sub, Inc.
|
| |
(f)(g)(h)(i)
|
| |
Commercial & Professional Services
|
| |
L+750
|
| | | | 1.0% | | | |
12/29/23
|
| | | | 61,240 | | | | | | 61,240 | | | | | | 61,546 | | | | ||
Aleris International, Inc.
|
| |
(h)(u)
|
| | Materials | | |
L+475
|
| | | | | | | |
2/27/23
|
| | | | 1,370 | | | | | | 1,357 | | | | | | 1,397 | | | | | |
All Systems Holding LLC
|
| |
(g)(h)(i)
|
| |
Commercial & Professional Services
|
| |
L+767
|
| | | | 1.0% | | | |
10/31/23
|
| | | | 111,623 | | | | | | 111,623 | | | | | | 112,739 | | | | ||
Altus Power America, Inc.
|
| |
(i)
|
| | Energy | | |
L+750
|
| | | | 1.5% | | | |
9/30/21
|
| | | | 3,110 | | | | | | 3,110 | | | | | | 3,016 | | | | ||
Altus Power America, Inc.
|
| |
(n)
|
| | Energy | | |
L+750
|
| | | | 1.5% | | | |
9/30/21
|
| | | | 213 | | | | | | 213 | | | | | | 207 | | | | ||
American Tire Distributors, Inc.
|
| |
(u)
|
| | Retailing | | |
L+425
|
| | | | 1.0% | | | |
9/1/21
|
| | | | 3,590 | | | | | | 3,154 | | | | | | 3,125 | | | | ||
APX Group Inc.
|
| |
(i)(u)
|
| | Consumer Services | | |
L+500
|
| | | | | | | |
4/1/24
|
| | | | 14,791 | | | | | | 14,742 | | | | | | 14,791 | | | | ||
Aspect Software, Inc.
|
| | | | | Software & Services | | |
L+400, 6.5% PIK (6.5% Max PIK)
|
| | | | | | | |
5/25/20
|
| | | | 4,594 | | | | | | 4,594 | | | | | | 4,072 | | | | ||
Aspect Software, Inc.
|
| |
(h)
|
| | Software & Services | | |
L+1050
|
| | | | 1.0% | | | |
5/25/20
|
| | | | 3,621 | | | | | | 3,621 | | | | | | 3,209 | | | | ||
Atlas Aerospace LLC
|
| |
(f)(h)(i)
|
| | Capital Goods | | |
L+725
|
| | | | 1.0% | | | |
12/29/22
|
| | | | 86,857 | | | | | | 86,857 | | | | | | 88,594 | | | | ||
ATX Networks Corp.
|
| |
(f)(m)(u)
|
| |
Technology Hardware & Equipment
|
| |
L+600, 1.0% PIK (1.0% Max PIK)
|
| | | | 1.0% | | | |
6/11/21
|
| | | | 1,867 | | | | | | 1,853 | | | | | | 1,774 | | | | ||
ATX Networks Corp.
|
| |
(f)(i)(m)(u)
|
| |
Technology Hardware & Equipment
|
| |
L+600, 1.0% PIK (1.0% Max PIK)
|
| | | | 1.0% | | | |
6/11/21
|
| | | | 24,936 | | | | | | 24,456 | | | | | | 23,689 | | | | ||
AVF Parent, LLC
|
| |
(f)(h)(i)
|
| | Retailing | | |
L+725
|
| | | | 1.3% | | | |
3/1/24
|
| | | | 74,941 | | | | | | 74,941 | | | | | | 70,819 | | | | ||
BCP Raptor, LLC
|
| |
(i)(u)
|
| | Energy | | |
L+425
|
| | | | 1.0% | | | |
6/24/24
|
| | | | 5,121 | | | | | | 4,957 | | | | | | 5,055 | | | | ||
Belk, Inc.
|
| |
(j)(u)
|
| | Retailing | | |
L+475
|
| | | | 1.0% | | | |
12/12/22
|
| | | | 20,826 | | | | | | 18,139 | | | | | | 18,281 | | | | ||
Borden Dairy Co.
|
| |
(g)(h)
|
| | Food, Beverage & Tobacco | | |
L+819
|
| | | | 1.0% | | | |
7/6/23
|
| | | | 52,500 | | | | | | 52,500 | | | | | | 51,135 | | | | ||
Cimarron Energy Inc.
|
| |
(k)(l)
|
| | Energy | | |
L+1150 PIK (L+1150 Max PIK)
|
| | | | 1.0% | | | |
12/15/19
|
| | | | 25,491 | | | | | | 24,841 | | | | | | 13,606 | | | | ||
ConnectiveRx, LLC
|
| |
(f)(h)
|
| |
Health Care Equipment & Services
|
| |
L+827
|
| | | | 1.0% | | | |
11/25/21
|
| | | | 56,025 | | | | | | 55,980 | | | | | | 56,098 | | | | ||
CSafe Acquisition Co., Inc.
|
| |
(j)
|
| | Capital Goods | | |
L+725
|
| | | | 1.0% | | | |
11/1/21
|
| | | | 626 | | | | | | 626 | | | | | | 626 | | | | ||
CSafe Acquisition Co., Inc.
|
| |
(n)
|
| | Capital Goods | | |
L+725
|
| | | | 1.0% | | | |
11/1/21
|
| | | | 5,635 | | | | | | 5,635 | | | | | | 5,635 | | | | ||
CSafe Acquisition Co., Inc.
|
| |
(f)(g)(h)
|
| | Capital Goods | | |
L+725
|
| | | | 1.0% | | | |
10/31/23
|
| | | | 53,734 | | | | | | 53,733 | | | | | | 53,733 | | | | ||
CSafe Acquisition Co., Inc.
|
| |
(n)
|
| | Capital Goods | | |
L+725
|
| | | | 1.0% | | | |
10/31/23
|
| | | | 22,620 | | | | | | 22,620 | | | | | | 22,620 | | | | ||
CSM Bakery Solutions LLC
|
| |
(i)(u)
|
| | Food, Beverage & Tobacco | | |
L+400
|
| | | | 1.0% | | | |
7/3/20
|
| | | | 4,968 | | | | | | 4,813 | | | | | | 4,820 | | | | ||
Dade Paper & Bag, LLC
|
| |
(f)(g)(h)
|
| | Capital Goods | | |
L+700
|
| | | | 1.0% | | | |
6/10/24
|
| | | | 17,356 | | | | | | 17,356 | | | | | | 16,987 | | | | ||
Dade Paper & Bag, LLC
|
| |
(f)(g)(h)
|
| | Capital Goods | | |
L+750
|
| | | | 1.0% | | | |
6/10/24
|
| | | | 136,078 | | | | | | 136,078 | | | | | | 136,078 | | | | ||
Dayton Superior Corp.
|
| |
(i)(u)
|
| | Materials | | |
L+800, 6.0% PIK (6.0% Max PIK)
|
| | | | 1.0% | | | |
11/15/21
|
| | | | 11,462 | | | | | | 11,223 | | | | | | 10,030 | | | | ||
Diamond Resorts International, Inc.
|
| |
(i)(u)
|
| | Consumer Services | | |
L+375
|
| | | | 1.0% | | | |
9/2/23
|
| | | | 14,121 | | | | | | 13,959 | | | | | | 13,815 | | | | ||
Distribution International, Inc.
|
| |
(j)(u)
|
| | Capital Goods | | |
L+500
|
| | | | 1.0% | | | |
12/15/21
|
| | | | 3,415 | | | | | | 3,254 | | | | | | 3,244 | | | | ||
Eagle Family Foods Group LLC
|
| |
(n)
|
| | Food, Beverage & Tobacco | | |
L+650
|
| | | | 1.0% | | | |
6/14/23
|
| | | | 4,126 | | | | | | 4,082 | | | | | | 3,684 | | | | ||
Eagle Family Foods Group LLC
|
| |
(g)(h)
|
| | Food, Beverage & Tobacco | | |
L+650
|
| | | | 1.0% | | | |
6/14/24
|
| | | | 27,437 | | | | | | 27,140 | | | | | | 27,073 | | | | ||
Eastman Kodak Co.
|
| |
(f)(j)(u)
|
| | Consumer Durables & Apparel | | |
L+625
|
| | | | 1.0% | | | |
9/3/19
|
| | | | 4,575 | | | | | | 4,559 | | | | | | 4,415 | | | |
Portfolio Company(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate(b)
|
| |
Floor
|
| |
Maturity
|
| |
Principal
Amount(c) |
| |
Amortized
Cost |
| |
Fair
Value(d) |
| | ||||||||||||||
Empire Today, LLC
|
| |
(f)(g)(h)(i)
|
| | Retailing | | |
L+800
|
| | | | 1.0% | | | |
11/17/22
|
| | | $ | 88,425 | | | | | $ | 88,425 | | | | | $ | 88,867 | | | | ||
Evergreen AcqCo 1 LP
|
| |
(u)
|
| | Retailing | | |
L+375
|
| | | | 1.3% | | | |
7/9/19
|
| | | | 1,543 | | | | | | 1,530 | | | | | | 1,503 | | | | ||
Fairway Group Acquisition Co.
|
| |
(h)
|
| | Food & Staples Retailing | | |
12.0% PIK (12.0% Max PIK)
|
| | | | | | | |
1/3/20
|
| | | | 2,951 | | | | | | 2,951 | | | | | | 2,870 | | | | ||
Fairway Group Acquisition Co.
|
| |
(u)
|
| | Food & Staples Retailing | | |
10.0% PIK (10.0% Max PIK)
|
| | | | | | | |
1/3/20
|
| | | | 1,915 | | | | | | 1,749 | | | | | | 211 | | | | ||
Fairway Group Acquisition Co.
|
| |
(j)
|
| | Food & Staples Retailing | | |
4.0%, 11.0% PIK (11.0% Max PIK)
|
| | | | | | | |
8/28/23
|
| | | | 207 | | | | | | 204 | | | | | | 207 | | | | ||
Fairway Group Acquisition Co.
|
| |
(n)
|
| | Food & Staples Retailing | | |
4.0%, 11.0% PIK (11.0% Max PIK)
|
| | | | | | | |
8/28/23
|
| | | | 455 | | | | | | 455 | | | | | | 455 | | | | ||
Fairway Group Acquisition Co.
|
| |
(j)
|
| | Food & Staples Retailing | | |
4.0%, 11.0% PIK (11.0% Max PIK)
|
| | | | | | | |
8/28/23
|
| | | | 1,041 | | | | | | 1,026 | | | | | | 1,041 | | | | ||
Foresight Energy LLC
|
| |
(h)(i)(j)(m)(u)
|
| | Energy | | |
L+575
|
| | | | 1.0% | | | |
3/28/22
|
| | | | 10,591 | | | | | | 10,574 | | | | | | 10,608 | | | | ||
Fox Head, Inc.
|
| |
(h)(i)
|
| | Consumer Durables & Apparel | | |
L+850
|
| | | | 1.0% | | | |
12/19/20
|
| | | | 8,273 | | | | | | 8,273 | | | | | | 8,227 | | | | ||
FullBeauty Brands Holdings Corp.
|
| |
(i)
|
| | Retailing | | |
L+800
|
| | | | 1.0% | | | |
10/14/20
|
| | | | 55,000 | | | | | | 55,000 | | | | | | 55,000 | | | | ||
FullBeauty Brands Holdings Corp.
|
| |
(i)(u)
|
| | Retailing | | |
L+475
|
| | | | 1.0% | | | |
10/14/22
|
| | | | 4,923 | | | | | | 4,586 | | | | | | 1,504 | | | | ||
GC Agile Intermediate Holdings Ltd.
|
| |
(m)(n)
|
| |
Commercial & Professional Services
|
| |
L+650
|
| | | | | | | |
6/15/23
|
| | | | 2,302 | | | | | | 2,234 | | | | | | 2,061 | | | | | |
GC Agile Intermediate Holdings Ltd.
|
| |
(f)(g)(m)
|
| |
Commercial & Professional Services
|
| |
L+650
|
| | | | 1.0% | | | |
6/15/25
|
| | | | 15,604 | | | | | | 15,301 | | | | | | 15,440 | | | | ||
GC Agile Intermediate Holdings Ltd.
|
| |
(m)(n)
|
| |
Commercial & Professional Services
|
| |
L+650
|
| | | | 1.0% | | | |
6/15/25
|
| | | | 7,509 | | | | | | 7,365 | | | | | | 7,430 | | | | ||
GC Agile Intermediate Holdings Ltd.
|
| |
(m)(n)
|
| |
Commercial & Professional Services
|
| |
L+650
|
| | | | 1.0% | | | |
6/15/25
|
| | | | 6,257 | | | | | | 6,150 | | | | | | 6,191 | | | | ||
Greystone Equity Member Corp.
|
| |
(j)(m)
|
| | Diversified Financials | | |
L+725
|
| | | | 3.8% | | | |
4/1/26
|
| | | | 36,524 | | | | | | 36,523 | | | | | | 36,614 | | | | ||
Greystone Equity Member Corp.
|
| |
(m)(n)
|
| | Diversified Financials | | |
L+725
|
| | | | 3.8% | | | |
4/1/26
|
| | | | 8,476 | | | | | | 8,476 | | | | | | 8,498 | | | | ||
Gulf Finance, LLC
|
| |
(i)(u)
|
| | Energy | | |
L+525
|
| | | | 1.0% | | | |
8/25/23
|
| | | | 4,699 | | | | | | 4,592 | | | | | | 3,965 | | | | ||
H.M. Dunn Co., Inc.
|
| |
(h)(k)(l)(v)
|
| | Capital Goods | | |
L+875 PIK (L+875 Max PIK)
|
| | | | | | | |
6/30/21
|
| | | | 42,645 | | | | | | 38,571 | | | | | | 9,595 | | | | ||
Harrison Gypsum, LLC
|
| |
(h)
|
| | Materials | | |
L+700
|
| | | | 1.0% | | | |
4/29/24
|
| | | | 21,039 | | | | | | 20,846 | | | | | | 20,636 | | | | ||
Harrison Gypsum, LLC
|
| |
(n)
|
| | Materials | | |
L+700
|
| | | | 1.0% | | | |
4/29/24
|
| | | | 6,749 | | | | | | 6,749 | | | | | | 6,620 | | | | ||
Hudson Technologies Co.
|
| |
(h)(i)(m)
|
| |
Commercial & Professional Services
|
| |
L+1025
|
| | | | 1.0% | | | |
10/10/23
|
| | | | 50,974 | | | | | | 50,524 | | | | | | 40,014 | | | | ||
Hybrid Promotions, LLC
|
| |
(h)(i)
|
| | Consumer Durables & Apparel | | |
L+850
|
| | | | 1.0% | | | |
12/19/20
|
| | | | 47,375 | | | | | | 47,375 | | | | | | 47,114 | | | | ||
Icynene U.S. Acquisition Corp.
|
| |
(f)(h)(m)
|
| | Materials | | |
L+700
|
| | | | 1.0% | | | |
11/30/24
|
| | | | 35,730 | | | | | | 35,730 | | | | | | 35,998 | | | | ||
Industrial Group Intermediate Holdings, LLC
|
| |
(f)(g)(h)(i)
|
| | Materials | | |
L+800
|
| | | | 1.3% | | | |
5/31/20
|
| | | | 118,840 | | | | | | 118,840 | | | | | | 118,989 | | | | ||
Industry City TI Lessor, L.P.
|
| |
(h)
|
| | Consumer Services | | |
10.8%, 1.0% PIK (1.0% Max PIK)
|
| | | | | | | |
6/30/26
|
| | | | 11,731 | | | | | | 11,731 | | | | | | 12,229 | | | | ||
J.C. Penney Corp., Inc.
|
| |
(m)(u)
|
| | Retailing | | |
L+425
|
| | | | 1.0% | | | |
6/23/23
|
| | | | 1,213 | | | | | | 1,154 | | | | | | 1,118 | | | | ||
JAKKS Pacific, Inc.
|
| |
(h)
|
| | Consumer Durables & Apparel | | |
L+900
|
| | | | 1.5% | | | |
6/14/21
|
| | | | 2,793 | | | | | | 2,773 | | | | | | 2,770 | | | | ||
JMC Acquisition Merger Corp.
|
| |
(f)(g)(h)
|
| | Capital Goods | | |
L+750
|
| | | | 1.0% | | | |
1/29/24
|
| | | | 121,947 | | | | | | 121,946 | | | | | | 121,946 | | | | ||
JMC Acquisition Merger Corp.
|
| |
(n)
|
| | Capital Goods | | |
L+750
|
| | | | 1.0% | | | |
1/29/24
|
| | | | 35,269 | | | | | | 35,269 | | | | | | 35,269 | | | | ||
Jo-Ann Stores, LLC
|
| |
(j)(u)
|
| | Retailing | | |
L+500
|
| | | | 1.0% | | | |
10/16/23
|
| | | | 4,247 | | | | | | 4,270 | | | | | | 4,274 | | | | ||
JSS Holdings, Inc.
|
| |
(f)(h)(i)
|
| | Capital Goods | | |
L+800, 0.0% PIK (2.5% Max PIK)
|
| | | | 1.0% | | | |
3/31/23
|
| | | | 72,638 | | | | | | 72,052 | | | | | | 76,197 | | | | ||
Kodiak BP, LLC
|
| |
(g)(h)(i)
|
| | Capital Goods | | |
L+725
|
| | | | 1.0% | | | |
12/1/24
|
| | | | 110,282 | | | | | | 110,282 | | | | | | 109,041 | | | | ||
Kodiak BP, LLC
|
| |
(n)
|
| | Capital Goods | | |
L+725
|
| | | | 1.0% | | | |
12/1/24
|
| | | | 10,504 | | | | | | 10,504 | | | | | | 10,386 | | | | ||
Latham Pool Products, Inc.
|
| |
(f)(h)
|
| | Consumer Durables & Apparel | | |
L+775
|
| | | | 1.0% | | | |
6/29/21
|
| | | | 28,092 | | | | | | 28,091 | | | | | | 28,091 | | | | ||
LD Intermediate Holdings, Inc.
|
| |
(i)(u)
|
| | Software & Services | | |
L+588
|
| | | | 1.0% | | | |
12/9/22
|
| | | | 16,256 | | | | | | 15,091 | | | | | | 15,769 | | | | ||
Logan’s Roadhouse, Inc.
|
| |
(v)
|
| | Consumer Services | | |
L+1300 PIK (L+1300 Max PIK)
|
| | | | 1.0% | | | |
5/5/19
|
| | | | 5,899 | | | | | | 5,899 | | | | | | 5,899 | | | | ||
Logan’s Roadhouse, Inc.
|
| |
(v)
|
| | Consumer Services | | |
L+1300 PIK (L+1300 Max PIK)
|
| | | | 1.0% | | | |
5/5/19
|
| | | | 1,326 | | | | | | 1,326 | | | | | | 1,326 | | | |
Portfolio Company(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate(b)
|
| |
Floor
|
| |
Maturity
|
| |
Principal
Amount(c) |
| |
Amortized
Cost |
| |
Fair
Value(d) |
| ||||||||||||
Logan’s Roadhouse, Inc.
|
| |
(n)(v)
|
| | Consumer Services | | |
L+1300 PIK (L+1300 Max PIK)
|
| | | | 1.0% | | | |
5/5/19
|
| | | $ | 818 | | | | | $ | 818 | | | | | $ | 818 | | |
MB Precision Holdings LLC
|
| |
(g)(h)(k)(l)
|
| | Capital Goods | | |
L+725, 2.3% PIK (2.3% Max PIK)
|
| | | | 1.3% | | | |
1/23/21
|
| | | | 62,431 | | | | | | 62,078 | | | | | | 27,314 | | |
Mitel US Holdings, Inc.
|
| |
(i)(j)(u)
|
| | Software & Services | | |
L+450
|
| | | | | | | |
7/11/25
|
| | | | 4,559 | | | | | | 4,548 | | | | | | 4,612 | | |
Moxie Patriot LLC
|
| |
(f)(g)(u)
|
| | Energy | | |
L+650
|
| | | | 1.0% | | | |
8/21/20
|
| | | | 11,545 | | | | | | 11,557 | | | | | | 10,737 | | |
Murray Energy Corp.
|
| |
(h)
|
| | Energy | | |
L+900
|
| | | | 1.0% | | | |
2/12/21
|
| | | | 10,891 | | | | | | 10,817 | | | | | | 10,804 | | |
naviHealth, Inc.
|
| |
(i)(u)
|
| |
Health Care Equipment & Services
|
| |
L+500
|
| | | | | | | |
8/1/25
|
| | | | 9,376 | | | | | | 8,853 | | | | | | 9,048 | | |
North Haven Cadence Buyer, Inc.
|
| |
(n)
|
| | Consumer Services | | |
L+500
|
| | | | 1.0% | | | |
9/2/21
|
| | | | 2,625 | | | | | | 2,625 | | | | | | 2,625 | | |
North Haven Cadence Buyer, Inc.
|
| |
(h)(i)
|
| | Consumer Services | | |
L+823
|
| | | | 1.0% | | | |
9/2/22
|
| | | | 61,884 | | | | | | 61,884 | | | | | | 61,807 | | |
Nova Wildcat Amerock, LLC
|
| |
(f)(h)
|
| | Consumer Durables & Apparel | | |
L+750
|
| | | | 1.3% | | | |
9/10/19
|
| | | | 11,914 | | | | | | 11,843 | | | | | | 11,914 | | |
PHRC License, LLC
|
| |
(g)(h)
|
| | Consumer Services | | |
L+850
|
| | | | 1.5% | | | |
4/28/22
|
| | | | 67,186 | | | | | | 67,186 | | | | | | 69,202 | | |
Power Distribution, Inc.
|
| |
(f)(i)
|
| | Capital Goods | | |
L+725
|
| | | | 1.3% | | | |
1/25/23
|
| | | | 44,134 | | | | | | 44,134 | | | | | | 44,851 | | |
Production Resource Group, LLC
|
| |
(f)(g)(h)(i)
|
| | Media | | |
L+700
|
| | | | 1.0% | | | |
8/21/24
|
| | | | 207,992 | | | | | | 207,992 | | | | | | 207,992 | | |
Propulsion Acquisition, LLC
|
| |
(f)(h)(i)(u)
|
| | Capital Goods | | |
L+600
|
| | | | 1.0% | | | |
7/13/21
|
| | | | 58,417 | | | | | | 56,757 | | | | | | 57,833 | | |
Relation Insurance, Inc.
|
| |
(f)(g)(h)
|
| | Insurance | | |
L+825
|
| | | | 1.3% | | | |
3/5/19
|
| | | | 77,818 | | | | | | 77,682 | | | | | | 77,818 | | |
Relation Insurance, Inc.
|
| |
(n)
|
| | Insurance | | |
L+825
|
| | | | 1.3% | | | |
3/5/19
|
| | | | 27,800 | | | | | | 27,800 | | | | | | 27,800 | | |
Reliant Acquisitions Holdings, Inc.
|
| |
(h)
|
| |
Health Care Equipment & Services
|
| |
L+675
|
| | | | 1.0% | | | |
8/30/24
|
| | | | 55,153 | | | | | | 54,610 | | | | | | 54,932 | | |
Roadrunner Intermediate Acquisition Co., LLC
|
| |
(f)
|
| |
Health Care Equipment & Services
|
| |
L+675
|
| | | | 1.0% | | | |
3/15/23
|
| | | | 7,215 | | | | | | 7,215 | | | | | | 6,789 | | |
Rogue Wave Software, Inc.
|
| |
(h)
|
| | Software & Services | | |
L+844
|
| | | | 1.0% | | | |
9/25/21
|
| | | | 24,413 | | | | | | 24,413 | | | | | | 24,413 | | |
Safariland, LLC
|
| |
(g)(h)
|
| | Capital Goods | | |
L+778
|
| | | | 1.1% | | | |
11/18/23
|
| | | | 70,234 | | | | | | 70,234 | | | | | | 63,913 | | |
Schenectady International Group, Inc.
|
| |
(j)(u)
|
| | Materials | | |
L+475
|
| | | | 1.0% | | | |
8/17/25
|
| | | | 1,356 | | | | | | 1,302 | | | | | | 1,365 | | |
Sequa Mezzanine Holdings L.L.C.
|
| |
(i)(j)(u)
|
| | Capital Goods | | |
L+500
|
| | | | 1.0% | | | |
11/28/21
|
| | | | 18,184 | | | | | | 17,913 | | | | | | 17,919 | | |
Sequel Youth and Family Services,
LLC |
| |
(f)(h)(i)
|
| |
Health Care Equipment & Services
|
| |
L+755
|
| | | | 1.0% | | | |
9/1/22
|
| | | | 82,260 | | | | | | 82,260 | | | | | | 83,330 | | |
Sequential Brands Group, Inc.
|
| |
(g)(h)(i)
|
| | Consumer Durables & Apparel | | |
L+875
|
| | | | | | | |
2/7/24
|
| | | | 119,725 | | | | | | 117,651 | | | | | | 119,725 | | |
SGS Cayman, L.P.
|
| |
(h)(m)(u)
|
| |
Commercial & Professional Services
|
| |
L+538
|
| | | | 1.0% | | | |
4/23/21
|
| | | | 1,771 | | | | | | 1,707 | | | | | | 1,699 | | |
SIRVA Worldwide Inc
|
| |
(i)(u)
|
| | Transportation | | |
L+550
|
| | | | | | | |
7/31/25
|
| | | | 2,776 | | | | | | 2,736 | | | | | | 2,787 | | |
Sorenson Communications, Inc.
|
| |
(f)(g)(h)(u)
|
| | Telecommunication Services | | |
L+575
|
| | | | 2.3% | | | |
4/30/20
|
| | | | 97,675 | | | | | | 97,526 | | | | | | 98,203 | | |
SSC (Lux) Limited S.à r.l.
|
| |
(g)(h)(i)(m)
|
| |
Health Care Equipment & Services
|
| |
L+750
|
| | | | 1.0% | | | |
9/10/24
|
| | | | 104,545 | | | | | | 104,545 | | | | | | 107,290 | | |
Staples Canada, ULC
|
| |
(m)(t)
|
| | Retailing | | |
CDOR+700
|
| | | | 1.0% | | | |
9/12/24
|
| | | C$ | 50,792 | | | | | | 50,956 | | | | | | 51,402 | | |
Strike, LLC
|
| |
(i)(u)
|
| | Energy | | |
L+800
|
| | | | 1.0% | | | |
11/30/22
|
| | | $ | 4,344 | | | | | | 4,244 | | | | | | 4,409 | | |
SunGard Availability Services Capital,
Inc. |
| |
(f)(u)
|
| | Software & Services | | |
L+700
|
| | | | 1.0% | | | |
9/30/21
|
| | | | 10,534 | | | | | | 10,457 | | | | | | 9,797 | | |
SunGard Availability Services Capital,
Inc. |
| |
(u)
|
| | Software & Services | | |
L+1000
|
| | | | 1.0% | | | |
10/1/22
|
| | | | 980 | | | | | | 934 | | | | | | 965 | | |
Sutherland Global Services Inc.
|
| |
(h)(u)
|
| |
Commercial & Professional Services
|
| |
L+538
|
| | | | 1.0% | | | |
4/23/21
|
| | | | 7,608 | | | | | | 7,332 | | | | | | 7,300 | | |
Swift Worldwide Resources US Holdings Corp.
|
| |
(f)(g)
|
| | Energy | | |
L+1000, 1.0% PIK (1.0% Max PIK)
|
| | | | 1.0% | | | |
7/20/21
|
| | | | 19,490 | | | | | | 19,490 | | | | | | 19,880 | | |
Trace3, LLC
|
| |
(f)(g)(h)(i)
|
| | Software & Services | | |
L+675
|
| | | | 1.0% | | | |
6/6/23
|
| | | | 161,990 | | | | | | 161,990 | | | | | | 161,990 | | |
VP Parent Holdings, Inc.
|
| |
(h)(i)
|
| | Software & Services | | |
L+650
|
| | | | 1.0% | | | |
5/22/25
|
| | | | 64,509 | | | | | | 63,891 | | | | | | 63,862 | | |
Portfolio Company(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate(b)
|
| |
Floor
|
| |
Maturity
|
| |
Principal
Amount(c) |
| |
Amortized
Cost |
| |
Fair
Value(d) |
| | ||||||||||||||
Warren Resources, Inc.
|
| |
(h)(v)
|
| | Energy | | |
L+1000
|
| | | | 1.0% | | | |
5/22/20
|
| | | $ | 14,623 | | | | | $ | 14,623 | | | | | $ | 14,623 | | | | ||
York Risk Services Holding Corp.
|
| |
(u)
|
| | Insurance | | |
L+375
|
| | | | 1.0% | | | |
10/1/21
|
| | | | 982 | | | | | | 977 | | | | | | 954 | | | | ||
Zeta Interactive Holdings Corp.
|
| |
(f)(h)
|
| | Software & Services | | |
L+750
|
| | | | 1.0% | | | |
7/29/22
|
| | | | 37,112 | | | | | | 37,112 | | | | | | 37,853 | | | | ||
Zeta Interactive Holdings Corp.
|
| |
(n)
|
| | Software & Services | | |
L+750
|
| | | | 1.0% | | | |
7/29/22
|
| | | | 6,571 | | | | | | 6,571 | | | | | | 6,703 | | | | ||
Total Senior Secured Loans—First Lien
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,593,534 | | | | | | 3,506,870 | | | | ||
Unfunded Loan Commitments
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (193,011) | | | | | | (193,011) | | | | ||
Net Senior Secured Loans—First Lien
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,400,523 | | | | | | 3,313,859 | | | | ||
Senior Secured Loans—Second Lien—10.4%
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Access CIG LLC
|
| |
(u)
|
| | Software & Services | | |
L+775
|
| | | | | | | |
2/27/26
|
| | | | 1,258 | | | | | | 1,274 | | | | | | 1,265 | | | | ||
Access CIG LLC
|
| |
(n)(u)
|
| | Software & Services | | |
L+775
|
| | | | | | | |
2/27/26
|
| | | | 68 | | | | | | 68 | | | | | | 68 | | | | | |
Advantage Sales & Marketing Inc.
|
| |
(u)
|
| | Media | | |
L+650
|
| | | | 1.0% | | | |
7/25/22
|
| | | | 2,291 | | | | | | 2,027 | | | | | | 1,951 | | | | ||
American Bath Group, LLC
|
| |
(i)(u)
|
| | Capital Goods | | |
L+975
|
| | | | 1.0% | | | |
9/30/24
|
| | | | 7,000 | | | | | | 6,532 | | | | | | 7,105 | | | | ||
Ammeraal Beltech Holding BV
|
| |
(m)
|
| | Capital Goods | | |
L+800
|
| | | | | | | |
9/28/26
|
| | | | 52,309 | | | | | | 51,263 | | | | | | 51,263 | | | | ||
Arena Energy, LP
|
| |
(f)(h)
|
| | Energy | | |
L+900, 4.0% PIK (4.0% Max PIK)
|
| | | | 1.0% | | | |
1/24/21
|
| | | | 25,605 | | | | | | 25,605 | | | | | | 25,605 | | | | ||
Bellatrix Exploration Ltd.
|
| |
(m)
|
| | Energy | | |
8.5%
|
| | | | | | | |
7/26/23
|
| | | | 4,500 | | | | | | 4,002 | | | | | | 3,983 | | | | ||
Bellatrix Exploration Ltd.
|
| |
(m)
|
| | Energy | | |
8.5%
|
| | | | | | | |
7/26/23
|
| | | | 936 | | | | | | 936 | | | | | | 938 | | | | ||
Bellatrix Exploration Ltd.
|
| |
(m)(n)
|
| | Energy | | |
8.5%
|
| | | | | | | |
7/26/23
|
| | | | 1,560 | | | | | | 1,560 | | | | | | 1,564 | | | | ||
Byrider Finance, LLC
|
| | | | | Automobiles & Components | | |
L+1000, 0.5% PIK (4.0% Max PIK)
|
| | | | 1.3% | | | |
8/22/20
|
| | | | 29,656 | | | | | | 29,656 | | | | | | 29,026 | | | | ||
Checkout Holding Corp.
|
| |
(i)(k)(l)(u)
|
| | Media | | |
L+675
|
| | | | 1.0% | | | |
4/11/22
|
| | | | 10,000 | | | | | | 9,958 | | | | | | 1,044 | | | | ||
Chisholm Oil and Gas Operating, LLC
|
| |
(h)
|
| | Energy | | |
L+800
|
| | | | 1.0% | | | |
3/21/24
|
| | | | 16,000 | | | | | | 16,000 | | | | | | 15,883 | | | | ||
Crossmark Holdings, Inc.
|
| |
(i)(k)(l)(u)
|
| | Media | | |
L+750
|
| | | | 1.3% | | | |
12/21/20
|
| | | | 7,778 | | | | | | 7,786 | | | | | | 752 | | | | ||
Envigo Laboratories, Inc.
|
| |
(h)(u)
|
| |
Health Care Equipment & Services
|
| |
L+775
|
| | | | | | | |
4/29/20
|
| | | | 3,272 | | | | | | 3,175 | | | | | | 3,076 | | | | ||
Fairway Group Acquisition Co.
|
| |
(u)
|
| | Food & Staples Retailing | | |
11.0% PIK (11.0% Max PIK)
|
| | | | | | | |
10/3/21
|
| | | | 1,697 | | | | | | 1,536 | | | | | | 187 | | | | ||
Gruden Acquisition, Inc.
|
| |
(h)(u)
|
| | Transportation | | |
L+850
|
| | | | 1.0% | | | |
8/18/23
|
| | | | 15,000 | | | | | | 14,491 | | | | | | 15,000 | | | | ||
Inmar, Inc.
|
| |
(i)(u)
|
| | Software & Services | | |
L+800
|
| | | | 1.0% | | | |
5/1/25
|
| | | | 2,615 | | | | | | 2,582 | | | | | | 2,628 | | | | ||
Jazz Acquisition, Inc.
|
| |
(f)(u)
|
| | Capital Goods | | |
L+675
|
| | | | 1.0% | | | |
6/19/22
|
| | | | 3,700 | | | | | | 3,730 | | | | | | 3,561 | | | | ||
LBM Borrower, LLC
|
| |
(f)(i)(u)
|
| | Capital Goods | | |
L+925
|
| | | | 1.0% | | | |
8/20/23
|
| | | | 23,332 | | | | | | 23,221 | | | | | | 23,507 | | | | ||
Logan’s Roadhouse, Inc.
|
| |
(k)(l)(v)
|
| | Consumer Services | | |
L+850 PIK (L+850 Max PIK)
|
| | | | 1.0% | | | |
11/23/20
|
| | | | 15,927 | | | | | | 14,840 | | | | | | 4,109 | | | | ||
One Call Corp.
|
| |
(h)
|
| |
Health Care Equipment & Services
|
| |
L+375, 6.0% PIK (6.0% Max PIK)
|
| | | | | | | |
4/11/24
|
| | | | 12,281 | | | | | | 12,167 | | | | | | 12,115 | | | | ||
P2 Upstream Acquisition Co.
|
| |
(i)(u)
|
| | Energy | | |
L+800
|
| | | | 1.0% | | | |
4/30/21
|
| | | | 14,500 | | | | | | 14,624 | | | | | | 13,612 | | | | ||
Peak 10 Holding Corp.
|
| |
(i)(j)(u)
|
| | Software & Services | | |
L+725
|
| | | | 1.0% | | | |
8/1/25
|
| | | | 2,865 | | | | | | 2,838 | | | | | | 2,796 | | | | ||
Sequa Mezzanine Holdings L.L.C.
|
| |
(i)(u)
|
| | Capital Goods | | |
L+900
|
| | | | 1.0% | | | |
4/28/22
|
| | | | 7,462 | | | | | | 7,413 | | | | | | 7,359 | | | | ||
SIRVA Worldwide Inc
|
| |
(i)(u)
|
| | Transportation | | |
L+950
|
| | | | | | | |
7/31/26
|
| | | | 2,494 | | | | | | 2,309 | | | | | | 2,319 | | | | ||
SMG US Midco 2, Inc.
|
| |
(u)
|
| | Consumer Services | | |
L+700
|
| | | | | | | |
1/23/26
|
| | | | 831 | | | | | | 841 | | | | | | 840 | | | | ||
Spencer Gifts LLC
|
| |
(i)(u)
|
| | Retailing | | |
L+825
|
| | | | 1.0% | | | |
6/29/22
|
| | | | 20,000 | | | | | | 20,067 | | | | | | 15,050 | | | | ||
Titan Energy Operating, LLC
|
| |
(h)(k)(l)
|
| | Energy | | |
L+1300 PIK (L+1300 Max PIK)
|
| | | | 1.0% | | | |
2/23/20
|
| | | | 86,822 | | | | | | 67,595 | | | | | | 13,371 | | | | ||
Ultimate Baked Goods Midco LLC
|
| |
(i)
|
| | Food & Staples Retailing | | |
L+800
|
| | | | 1.0% | | | |
8/9/26
|
| | | | 17,990 | | | | | | 17,814 | | | | | | 17,779 | | | |
Portfolio Company(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate(b)
|
| |
Floor
|
| |
Maturity
|
| |
Principal
Amount(c) |
| |
Amortized
Cost |
| |
Fair
Value(d) |
| | ||||||||||||||
WireCo WorldGroup, Inc.
|
| |
(j)(u)
|
| | Materials | | |
L+900
|
| | | | 1.0% | | | |
9/30/24
|
| | | $ | 2,014 | | | | | $ | 2,039 | | | | | $ | 2,034 | | | | ||
Total Senior Secured Loans—Second Lien
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 367,949 | | | | | | 279,790 | | | | ||
Unfunded Loan Commitments
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (1,628) | | | | | | (1,628) | | | | ||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 366,321 | | | | | | 278,162 | | | | ||
Senior Secured Bonds—6.6% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Advanced Lighting Technologies, Inc.
|
| |
(k)(l)(v)
|
| | Materials | | |
L+700, 10.0% PIK (10.0% Max PIK)
|
| | | | 1.0% | | | |
10/4/23
|
| | | | 11,342 | | | | | | 10,664 | | | | | | 5,076 | | | | ||
Altice France SA
|
| |
(m)(u)
|
| | Telecommunication Services | | |
8.1%
|
| | | | | | | |
2/1/27
|
| | | | 917 | | | | | | 917 | | | | | | 946 | | | | ||
APX Group, Inc.
|
| |
(h)(u)
|
| | Consumer Services | | |
7.9%
|
| | | | | | | |
12/1/22
|
| | | | 3,931 | | | | | | 3,903 | | | | | | 4,015 | | | | ||
Artesyn Embedded Technologies Inc.
|
| |
(u)
|
| | Capital Goods | | |
9.8%
|
| | | | | | | |
10/15/20
|
| | | | 1,052 | | | | | | 1,011 | | | | | | 1,010 | | | | ||
Black Swan Energy Ltd.
|
| |
(m)
|
| | Energy | | |
9.0%
|
| | | | | | | |
1/20/24
|
| | | | 1,333 | | | | | | 1,333 | | | | | | 1,333 | | | | ||
Boyne USA Inc.
|
| |
(u)
|
| | Consumer Services | | |
7.3%
|
| | | | | | | |
5/1/25
|
| | | | 44 | | | | | | 46 | | | | | | 47 | | | | ||
DJO Finance LLC
|
| |
(u)
|
| |
Health Care Equipment & Services
|
| |
8.1%
|
| | | | | | | |
6/15/21
|
| | | | 1,563 | | | | | | 1,575 | | | | | | 1,602 | | | | ||
Eagle Intermediate Global Holding B.V.
|
| |
(m)(u)
|
| | Consumer Durables & Apparel | | |
7.5%
|
| | | | | | | |
5/1/25
|
| | | | 3,659 | | | | | | 3,688 | | | | | | 3,590 | | | | ||
FourPoint Energy, LLC
|
| |
(h)(i)
|
| | Energy | | |
9.0%
|
| | | | | | | |
12/31/21
|
| | | | 46,313 | | | | | | 44,990 | | | | | | 46,776 | | | | ||
Genesys Telecommunications Laboratories, Inc.
|
| |
(u)
|
| | Software & Services | | |
10.0%
|
| | | | | | | |
11/30/24
|
| | | | 144 | | | | | | 160 | | | | | | 160 | | | | ||
Global A&T Electronics Ltd.
|
| |
(i)(m)(u)
|
| | Semiconductors & Semiconductor Equipment | | |
8.5%
|
| | | | | | | |
1/12/23
|
| | | | 15,949 | | | | | | 16,081 | | | | | | 15,511 | | | | ||
J.C. Penney Corp., Inc.
|
| |
(j)(m)(u)
|
| | Retailing | | |
5.7%
|
| | | | | | | |
6/1/20
|
| | | | 126 | | | | | | 118 | | | | | | 112 | | | | ||
JW Aluminum Co.
|
| |
(h)(u)(v)
|
| | Materials | | |
10.3%
|
| | | | | | | |
6/1/26
|
| | | | 33,001 | | | | | | 33,001 | | | | | | 33,042 | | | | ||
Mood Media Corp.
|
| |
(h)(m)(v)
|
| | Media | | |
L+1400 PIK (L+1400 Max PIK)
|
| | | | 1.0% | | | |
6/28/24
|
| | | | 28,478 | | | | | | 28,377 | | | | | | 28,478 | | | | ||
Pattonair Holdings, Ltd.
|
| |
(m)(u)
|
| | Capital Goods | | |
9.0%
|
| | | | | | | |
11/1/22
|
| | | | 4,111 | | | | | | 4,261 | | | | | | 4,259 | | | | ||
Pisces Midco Inc.
|
| |
(u)
|
| | Capital Goods | | |
8.0%
|
| | | | | | | |
4/15/26
|
| | | | 2,014 | | | | | | 1,981 | | | | | | 2,030 | | | | ||
Sorenson Communications, Inc.
|
| |
(h)(u)
|
| | Telecommunication Services | | |
9.0%, 0.0% PIK (9.0% Max PIK)
|
| | | | | | | |
10/31/20
|
| | | | 7,058 | | | | | | 6,939 | | | | | | 6,987 | | | | ||
Starfruit Finco B.V.
|
| |
(u)
|
| | Materials | | |
8.0%
|
| | | | | | | |
10/1/26
|
| | | | 2,019 | | | | | | 2,019 | | | | | | 2,052 | | | | ||
Sunnova Energy Corp.
|
| | | | | Energy | | |
6.0%, 6.0% PIK (6.0% Max PIK)
|
| | | | | | | |
1/24/19
|
| | | | 1,660 | | | | | | 1,660 | | | | | | 1,658 | | | | | |
Talos Production LLC
|
| |
(h)(u)
|
| | Energy | | |
11.0%
|
| | | | | | | |
4/3/22
|
| | | | 4,500 | | | | | | 4,715 | | | | | | 4,832 | | | | ||
Velvet Energy Ltd.
|
| |
(i)(m)
|
| | Energy | | |
9.0%
|
| | | | | | | |
10/5/23
|
| | | | 15,000 | | | | | | 15,000 | | | | | | 15,675 | | | | ||
Total Senior Secured Bonds
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 182,439 | | | | | | 179,191 | | | | ||
Subordinated Debt—9.6% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
APX Group, Inc.
|
| |
(h)(u)
|
| | Consumer Services | | |
8.8%
|
| | | | | | | |
12/1/20
|
| | | | 3,839 | | | | | | 3,684 | | | | | | 3,841 | | | | ||
APX Group, Inc.
|
| |
(h)(u)
|
| | Consumer Services | | |
7.6%
|
| | | | | | | |
9/1/23
|
| | | | 5,712 | | | | | | 5,179 | | | | | | 5,272 | | | | ||
Ascent Resources Utica Holdings, LLC
|
| |
(h)(i)(u)
|
| | Energy | | |
10.0%
|
| | | | | | | |
4/1/22
|
| | | | 40,000 | | | | | | 40,000 | | | | | | 45,075 | | | | ||
Aurora Diagnostics, LLC
|
| |
(h)(u)
|
| |
Health Care Equipment & Services
|
| |
12.3%, 1.5% PIK (1.5% Max PIK)
|
| | | | | | | |
1/15/20
|
| | | | 6,235 | | | | | | 5,886 | | | | | | 5,666 | | | | ||
Avantor, Inc.
|
| |
(i)(u)
|
| | Materials | | |
9.0%
|
| | | | | | | |
10/1/25
|
| | | | 20,000 | | | | | | 20,000 | | | | | | 20,670 | | | | ||
Byrider Holding Corp.
|
| | | | | Automobiles & Components | | |
20.0% PIK (20.0% Max PIK)
|
| | | | | | | |
4/1/22
|
| | | | 1,458 | | | | | | 1,458 | | | | | | 1,458 | | | | ||
CEC Entertainment, Inc.
|
| |
(u)
|
| | Consumer Services | | |
8.0%
|
| | | | | | | |
2/15/22
|
| | | | 18,715 | | | | | | 18,594 | | | | | | 17,148 | | | | ||
ClubCorp Holdings, Inc.
|
| |
(h)(u)
|
| | Consumer Services | | |
8.5%
|
| | | | | | | |
9/15/25
|
| | | | 4,679 | | | | | | 4,515 | | | | | | 4,466 | | | |
Portfolio Company(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate(b)
|
| |
Floor
|
| |
Maturity
|
| |
Principal
Amount(c) |
| |
Amortized
Cost |
| |
Fair
Value(d) |
| ||||||||||||
Diamond Resorts International, Inc.
|
| |
(u)
|
| | Consumer Services | | |
10.8%
|
| | | | | | | |
9/1/24
|
| | | $ | 3,048 | | | | | $ | 3,197 | | | | | $ | 2,970 | | |
Eclipse Resources Corp.
|
| |
(u)
|
| | Energy | | |
8.9%
|
| | | | | | | |
7/15/23
|
| | | | 9,175 | | | | | | 9,042 | | | | | | 9,359 | | |
Global Jet Capital Inc.
|
| | | | |
Commercial & Professional Services
|
| |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
1/30/25
|
| | | | 950 | | | | | | 950 | | | | | | 941 | | |
Global Jet Capital Inc.
|
| | | | |
Commercial & Professional Services
|
| |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
4/30/25
|
| | | | 6,035 | | | | | | 6,035 | | | | | | 5,983 | | |
Global Jet Capital Inc.
|
| | | | |
Commercial & Professional Services
|
| |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
9/3/25
|
| | | | 1,247 | | | | | | 1,247 | | | | | | 1,235 | | |
Global Jet Capital Inc.
|
| | | | |
Commercial & Professional Services
|
| |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
9/29/25
|
| | | | 1,174 | | | | | | 1,174 | | | | | | 1,162 | | |
Global Jet Capital Inc.
|
| |
(e)(m)
|
| |
Commercial & Professional Services
|
| |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
12/4/25
|
| | | | 8,667 | | | | | | 8,667 | | | | | | 8,569 | | |
Global Jet Capital Inc.
|
| |
(e)(m)
|
| |
Commercial & Professional Services
|
| |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
12/9/25
|
| | | | 1,417 | | | | | | 1,417 | | | | | | 1,401 | | |
Global Jet Capital Inc.
|
| |
(e)(m)
|
| |
Commercial & Professional Services
|
| |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
1/29/26
|
| | | | 742 | | | | | | 742 | | | | | | 734 | | |
Global Jet Capital Inc.
|
| | | | |
Commercial & Professional Services
|
| |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
12/2/26
|
| | | | 2,246 | | | | | | 2,246 | | | | | | 2,218 | | |
Great Lakes Dredge & Dock Corp.
|
| |
(u)
|
| | Capital Goods | | |
8.0%
|
| | | | | | | |
5/15/22
|
| | | | 9,000 | | | | | | 9,000 | | | | | | 9,270 | | |
Greystone Mezzanine Equity Member Corp.
|
| |
(n)
|
| | Diversified Financials | | |
L+650
|
| | | | 4.5% | | | |
9/15/25
|
| | | | 15,000 | | | | | | 15,000 | | | | | | 14,813 | | |
KGA Escrow LLC
|
| |
(u)
|
| | Automobiles & Components | | |
7.5%
|
| | | | | | | |
8/15/23
|
| | | | 6,004 | | | | | | 6,057 | | | | | | 6,254 | | |
P.F. Chang’s China Bistro, Inc.
|
| |
(h)(i)(u)
|
| | Consumer Services | | |
10.3%
|
| | | | | | | |
6/30/20
|
| | | | 29,790 | | | | | | 29,036 | | | | | | 28,863 | | |
Quorum Health Corp.
|
| |
(j)(u)
|
| |
Health Care Equipment & Services
|
| |
11.6%
|
| | | | | | | |
4/15/23
|
| | | | 2,566 | | | | | | 2,554 | | | | | | 2,574 | | |
S1 Blocker Buyer Inc.
|
| | | | |
Commercial & Professional Services
|
| |
10.0% PIK (10.0% Max PIK)
|
| | | | | | | |
10/31/22
|
| | | | 240 | | | | | | 240 | | | | | | 240 | | |
Sorenson Communications, Inc.
|
| |
(h)(u)
|
| | Telecommunication Services | | |
13.9%, 0.0% PIK (13.9% Max PIK)
|
| | | | | | | |
10/31/21
|
| | | | 5,364 | | | | | | 5,156 | | | | | | 5,645 | | |
SRS Distribution Inc.
|
| |
(h)(j)(u)
|
| | Capital Goods | | |
8.3%
|
| | | | | | | |
7/1/26
|
| | | | 11,224 | | | | | | 11,052 | | | | | | 10,985 | | |
Stars Group Holdings B.V.
|
| |
(m)(u)
|
| | Consumer Services | | |
7.0%
|
| | | | | | | |
7/15/26
|
| | | | 1,438 | | | | | | 1,438 | | | | | | 1,485 | | |
SunGard Availability Services Capital, Inc.
|
| |
(u)
|
| | Software & Services | | |
8.8%
|
| | | | | | | |
4/1/22
|
| | | | 5,900 | | | | | | 4,801 | | | | | | 2,852 | | |
Team Health Holdings Inc
|
| |
(u)
|
| |
Health Care Equipment & Services
|
| |
6.4%
|
| | | | | | | |
2/1/25
|
| | | | 893 | | | | | | 783 | | | | | | 785 | | |
Vertiv Group Corp.
|
| |
(h)(u)
|
| | Capital Goods | | |
9.3%
|
| | | | | | | |
10/15/24
|
| | | | 15,746 | | | | | | 15,570 | | | | | | 16,460 | | |
York Risk Services Holding Corp.
|
| |
(h)(i)(u)
|
| | Insurance | | |
8.5%
|
| | | | | | | |
10/1/22
|
| | | | 38,070 | | | | | | 35,583 | | | | | | 33,629 | | |
Total Subordinated Debt
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 270,303 | | | | | | 272,023 | | |
Unfunded Debt Commitments
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (15,000) | | | | | | (15,000) | | |
Net Subordinated Debt
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 255,303 | | | | | | 257,023 | | |
Collateralized Securities—0.9% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CGMS CLO 2013-3A Class Subord.
|
| |
(m)
|
| | Diversified Financials | | |
22.3%
|
| | | | | | | |
7/15/25
|
| | | | 23,263 | | | | | | 10,891 | | | | | | 14,105 | | |
NewStar Clarendon 2014-1A Class D
|
| |
(m)
|
| | Diversified Financials | | |
L+435
|
| | | | | | | |
1/25/27
|
| | | | 1,060 | | | | | | 1,013 | | | | | | 1,063 | | |
NewStar Clarendon 2014-1A Class Subord. B
|
| |
(m)
|
| | Diversified Financials | | |
9.7%
|
| | | | | | | |
1/25/27
|
| | | | 12,140 | | | | | | 7,848 | | | | | | 8,267 | | |
Total Collateralized Securities
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 19,752 | | | | | | 23,435 | | |
Equity/Other—10.5% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
5 Arches, LLC, Common Equity
|
| |
(m)(p)
|
| | Diversified Financials | | | | | | | | | | | | | | | | | 8,000 | | | | | | 197 | | | | | | 400 | | |
Abaco Energy Technologies LLC, Common Equity
|
| |
(l)
|
| | Energy | | | | | | | | | | | | | | | | | 3,055,556 | | | | | | 3,056 | | | | | | 1,337 | | |
Abaco Energy Technologies LLC, Preferred Equity
|
| |
(l)
|
| | Energy | | | | | | | | | | | | | | | | | 12,734,481 | | | | | | 637 | | | | | | 6,686 | | |
ACP FH Holdings GP, LLC, Common Equity
|
| |
(e)(l)
|
| | Consumer Durables & Apparel | | | | | | | | | | | | | | | | | 88,571 | | | | | | 89 | | | | | | 48 | | |
ACP FH Holdings, LP, Common Equity
|
| |
(e)(l)
|
| | Consumer Durables & Apparel | | | | | | | | | | | | | | | | | 8,768,572 | | | | | | 8,768 | | | | | | 4,757 | | |
Portfolio Company(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate(b)
|
| |
Floor
|
| |
Maturity
|
| |
Principal
Amount(c) |
| |
Amortized
Cost |
| |
Fair
Value(d) |
| |||||||||
Advanced Lighting Technologies, Inc., Common Equity
|
| |
(l)(v)
|
| | Materials | | | | | | | | | | | | | $ | 265,747 | | | | | $ | 7,471 | | | | | $ | — | | |
Advanced Lighting Technologies, Warrants
|
| |
(l)(v)
|
| | Materials | | | | | | | | |
10/4/27
|
| | | | 4,189 | | | | | | 39 | | | | | | — | | |
Altus Power America Holdings, LLC, Common
Equity |
| |
(l)
|
| | Energy | | | | | | | | | | | | | | 462,008 | | | | | | 462 | | | | | | 69 | | |
Altus Power America Holdings, LLC, Preferred
Equity |
| |
(r)
|
| | Energy | | |
9.0%, 5.0% PIK
|
| | | | |
10/3/23
|
| | | | 1,036,585 | | | | | | 1,037 | | | | | | 1,000 | | |
Ascent Resources Utica Holdings, LLC, Common Equity
|
| |
(l)(o)
|
| | Energy | | | | | | | | | | | | | | 128,734,129 | | | | | | 38,700 | | | | | | 41,195 | | |
ASG Everglades Holdings, Inc., Common Equity
|
| |
(l)(v)
|
| | Software & Services | | | | | | | | | | | | | | 625,178 | | | | | | 13,475 | | | | | | 32,666 | | |
ASG Everglades Holdings, Inc., Warrants
|
| |
(l)(v)
|
| | Software & Services | | | | | | | | |
6/27/22
|
| | | | 253,704 | | | | | | 7,231 | | | | | | 7,738 | | |
Aspect Software Parent, Inc., Common Equity
|
| |
(l)
|
| | Software & Services | | | | | | | | | | | | | | 403,955 | | | | | | 9,932 | | | | | | — | | |
ATX Holdings, LLC, Common Equity
|
| |
(l)(m)
|
| |
Technology Hardware & Equipment
|
| | | | | | | | | | | | | 72,635 | | | | | | 116 | | | | | | 69 | | |
Aurora Diagnostics Holdings, LLC, Warrants
|
| |
(h)(l)
|
| |
Health Care Equipment & Services
|
| | | | | | | |
5/25/27
|
| | | | 94,193 | | | | | | 686 | | | | | | 975 | | |
Byrider Holding Corp., Common Equity
|
| |
(l)
|
| | Automobiles & Components | | | | | | | | | | | | | | 1,389 | | | | | | — | | | | | | — | | |
Chisholm Oil and Gas, LLC, Series A Units
|
| |
(l)(p)
|
| | Energy | | | | | | | | | | | | | | 75,000 | | | | | | 75 | | | | | | 70 | | |
Cimarron Energy Holdco Inc., Common Equity
|
| |
(l)
|
| | Energy | | | | | | | | | | | | | | 3,675 | | | | | | 3,323 | | | | | | — | | |
Cimarron Energy Holdco Inc., Preferred Equity
|
| |
(l)
|
| | Energy | | | | | | | | | | | | | | 626,806 | | | | | | 627 | | | | | | 172 | | |
CSF Group Holdings, Inc., Common Equity
|
| |
(l)
|
| | Capital Goods | | | | | | | | | | | | | | 417,400 | | | | | | 417 | | | | | | 459 | | |
Eastman Kodak Co., Common Equity
|
| |
(l)(u)
|
| | Consumer Durables & Apparel | | | | | | | | | | | | | | 1,846 | | | | | | 36 | | | | | | 6 | | |
Envigo Laboratories, Inc., Series A Warrants
|
| |
(h)(l)(u)
|
| |
Health Care Equipment & Services
|
| | | | | | | |
4/29/24
|
| | | | 10,924 | | | | | | — | | | | | | — | | |
Envigo Laboratories, Inc., Series B Warrants
|
| |
(h)(l)(u)
|
| |
Health Care Equipment & Services
|
| | | | | | | |
4/29/24
|
| | | | 17,515 | | | | | | — | | | | | | — | | |
Escape Velocity Holdings, Inc., Common Equity
|
| |
(l)
|
| | Software & Services | | | | | | | | | | | | | | 33,216 | | | | | | 332 | | | | | | 1,277 | | |
Fairway Group Holdings Corp., Common Equity
|
| |
(l)
|
| | Food & Staples Retailing | | | | | | | | | | | | | | 31,626 | | | | | | 1,016 | | | | | | — | | |
FourPoint Energy, LLC, Common Equity, Class C-II-A Units
|
| |
(l)(p)
|
| | Energy | | | | | | | | | | | | | | 13,000 | | | | | | 13,000 | | | | | | 3,672 | | |
FourPoint Energy, LLC, Common Equity, Class D Units
|
| |
(l)(p)
|
| | Energy | | | | | | | | | | | | | | 2,437 | | | | | | 1,610 | | | | | | 695 | | |
FourPoint Energy, LLC, Common Equity, Class E-II Units
|
| |
(l)(p)
|
| | Energy | | | | | | | | | | | | | | 29,730 | | | | | | 7,432 | | | | | | 8,361 | | |
FourPoint Energy, LLC, Common Equity, Class E-III
Units |
| |
(l)(p)
|
| | Energy | | | | | | | | | | | | | | 43,875 | | | | | | 10,969 | | | | | | 12,395 | | |
Global Jet Capital Holdings, LP, Preferred Equity
|
| |
(e)(l)
|
| |
Commercial & Professional Services
|
| | | | | | | | | | | | | 6,228,866 | | | | | | 6,229 | | | | | | 2,273 | | |
H.I.G. Empire Holdco, Inc., Common Equity
|
| |
(l)
|
| | Retailing | | | | | | | | | | | | | | 411 | | | | | | 1,227 | | | | | | 1,268 | | |
Harvest Oil & Gas Corp., Common Equity
|
| |
(e)(l)(u)
|
| | Energy | | | | | | | | | | | | | | 7,166 | | | | | | 158 | | | | | | 143 | | |
Harvey Holdings, LLC, Common Equity
|
| |
(l)
|
| | Capital Goods | | | | | | | | | | | | | | 666,667 | | | | | | 667 | | | | | | 1,717 | | |
HM Dunn Aerosystems, Inc., Preferred Equity, Series A
|
| |
(h)(l)(v)
|
| | Capital Goods | | | | | | | | | | | | | | 12,857 | | | | | | — | | | | | | — | | |
HM Dunn Aerosystems, Inc., Preferred Equity,
Series B |
| |
(h)(l)(v)
|
| | Capital Goods | | | | | | | | | | | | | | 12,857 | | | | | | — | | | | | | — | | |
Industrial Group Intermediate Holdings, LLC, Common Equity
|
| |
(l)(p)
|
| | Materials | | | | | | | | | | | | | | 2,678,947 | | | | | | 2,679 | | | | | | 2,411 | | |
Portfolio Company(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate(b)
|
| |
Floor
|
| |
Maturity
|
| |
Principal
Amount(c) |
| |
Amortized
Cost |
| |
Fair
Value(d) |
| |||||||||
JMC Acquisition Holdings, LLC, Common
Equity |
| |
(l)
|
| | Capital Goods | | | | | | | | | | | | | $ | 1,449 | | | | | $ | 1,449 | | | | | $ | 1,681 | | |
JSS Holdco, LLC, Net Profits Interest
|
| |
(l)
|
| | Capital Goods | | | | | | | | | | | | | | — | | | | | | — | | | | | | 720 | | |
JW Aluminum Co., Common Equity
|
| |
(e)(i)(l)(v)
|
| | Materials | | | | | | | | | | | | | | 548 | | | | | | — | | | | | | 2,452 | | |
JW Aluminum Co., Preferred Equity
|
| |
(e)(i)(v)
|
| | Materials | | |
12.5% PIK
|
| | | | |
11/17/25
|
| | | | 4,869 | | | | | | 30,226 | | | | | | 33,063 | | |
MB Precision Investment Holdings LLC, Class A-2 Units
|
| |
(l)(p)
|
| | Capital Goods | | | | | | | | | | | | | | 2,287,659 | | | | | | 2,288 | | | | | | — | | |
Mood Media Corp., Common Equity
|
| |
(l)(m)(v)
|
| | Media | | | | | | | | | | | | | | 17,400,835 | | | | | | 12,644 | | | | | | 18,941 | | |
North Haven Cadence TopCo, LLC, Common
Equity |
| |
(l)
|
| | Consumer Services | | | | | | | | | | | | | | 2,916,667 | | | | | | 2,917 | | | | | | 4,594 | | |
PDI Parent LLC, Common Equity
|
| |
(l)
|
| | Capital Goods | | | | | | | | | | | | | | 2,076,923 | | | | | | 2,077 | | | | | | 1,713 | | |
Professional Plumbing Group, Inc., Common
Equity |
| |
(e)(l)
|
| | Capital Goods | | | | | | | | | | | | | | 3,000,000 | | | | | | 3,000 | | | | | | 9,150 | | |
Ridgeback Resources Inc., Common Equity
|
| |
(e)(l)(m)(t)
|
| | Energy | | | | | | | | | | | | | | 817,308 | | | | | | 5,022 | | | | | | 5,644 | | |
Roadhouse Holding Inc., Common Equity
|
| |
(l)(v)
|
| | Consumer Services | | | | | | | | | | | | | | 4,481,763 | | | | | | 4,657 | | | | | | — | | |
S1 Blocker Buyer Inc., Common Equity
|
| | | | |
Commercial & Professional Services
|
| | | | | | | | | | | | | 124 | | | | | | 1,201 | | | | | | 1,941 | | |
Sequential Brands Group, Inc., Common Equity
|
| |
(e)(l)(u)
|
| | Consumer Durables & Apparel | | | | | | | | | | | | | | 408,685 | | | | | | 5,517 | | | | | | 683 | | |
Sorenson Communications, Inc., Common Equity
|
| |
(e)(l)
|
| | Telecommunication Services | | | | | | | | | | | | | | 43,796 | | | | | | — | | | | | | 36,101 | | |
SSC Holdco Limited, Common Equity
|
| |
(l)(m)
|
| |
Health Care Equipment & Services
|
| | | | | | | | | | | | | 261,364 | | | | | | 5,227 | | | | | | 6,142 | | |
Sunnova Energy Corp., Common Equity
|
| |
(l)
|
| | Energy | | | | | | | | | | | | | | 384,746 | | | | | | 1,444 | | | | | | — | | |
Sunnova Energy Corp., Preferred Equity
|
| |
(l)
|
| | Energy | | | | | | | | | | | | | | 70,229 | | | | | | 374 | | | | | | 406 | | |
Swift Worldwide Resources Holdco Limited, Common
Equity |
| |
(l)(m)
|
| | Energy | | | | | | | | | | | | | | 1,250,000 | | | | | | 2,010 | | | | | | 875 | | |
TE Holdings, LLC, Common Equity
|
| |
(e)(l)(p)(u)
|
| | Energy | | | | | | | | | | | | | | 717,718 | | | | | | 6,101 | | | | | | 718 | | |
TE Holdings, LLC, Preferred Equity
|
| |
(e)(l)(u)
|
| | Energy | | | | | | | | | | | | | | 475,758 | | | | | | 4,751 | | | | | | 3,092 | | |
Titan Energy, LLC, Common Equity
|
| |
(e)(l)(u)
|
| | Energy | | | | | | | | | | | | | | 200,040 | | | | | | 6,322 | | | | | | 82 | | |
Warren Resources, Inc., Common Equity
|
| |
(l)(v)
|
| | Energy | | | | | | | | | | | | | | 2,371,337 | | | | | | 11,145 | | | | | | 9,011 | | |
White Star Petroleum Holdings, LLC, Common
Equity |
| |
(l)(p)
|
| | Energy | | | | | | | | | | | | | | 1,613,753 | | | | | | 1,372 | | | | | | 686 | | |
Zeta Interactive Holdings Corp., Preferred Equity, Series E-1
|
| |
(l)
|
| | Software & Services | | | | | | | | | | | | | | 620,025 | | | | | | 4,928 | | | | | | 6,388 | | |
Zeta Interactive Holdings Corp., Preferred Equity, Series F
|
| |
(l)
|
| | Software & Services | | | | | | | | | | | | | | 563,932 | | | | | | 4,928 | | | | | | 5,671 | | |
Zeta Interactive Holdings Corp., Warrants
|
| |
(l)
|
| | Software & Services | | | | | | | | |
4/20/27
|
| | | | 84,590 | | | | | | — | | | | | | 261 | | |
Total Equity/Other
|
| | | | | | | | | | | | | | | | | | | | | | | | | 261,293 | | | | | | 281,874 | | |
TOTAL INVESTMENTS—161.2%
|
| | | | | | | | | | | | | | | | | | | | | | | | $ | 4,485,631 | | | | | | 4,333,544 | | |
LIABILITIES IN EXCESS OF OTHER ASSETS—(61.2%)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
(1,645,418)
|
| |
NET ASSETS—100.0%
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 2,688,126 | | |
|
Portfolio Company
|
| |
Fair Value at
December 31, 2017 |
| |
Transfers
In or Out |
| |
Purchases
and Paid- in-Kind Interest |
| |
Sales and
Repayments |
| |
Accretion
of Discount |
| |
Net
Realized Gain (Loss) |
| |
Net Change in
Unrealized Appreciation (Depreciation) |
| |
Fair Value at
September 30, 2018 |
| |
Interest
Income(1) |
| |
PIK
Income(1) |
| |
Fee
Income(1) |
| |||||||||||||||||||||||||||||||||
Senior Secured Loans—First Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Advanced Lighting Technologies, Inc.
|
| | | $ | 9,218 | | | | | $ | — | | | | | $ | — | | | | | $ | (69) | | | | | $ | 169 | | | | | $ | 10 | | | | | $ | (179) | | | | | $ | 9,149 | | | | | $ | 834 | | | | | $ | — | | | | | $ | — | | |
H.M. Dunn Co., Inc.(2)
|
| | | | — | | | | | | 64,286 | | | | | | — | | | | | | — | | | | | | — | | | | | | (25,715) | | | | | | (28,976) | | | | | | 9,595 | | | | | | 1,656 | | | | | | — | | | | | | — | | |
Logan’s Roadhouse, Inc.
|
| | | | 4,669 | | | | | | — | | | | | | 2,139 | | | | | | (909) | | | | | | — | | | | | | (8) | | | | | | 8 | | | | | | 5,899 | | | | | | — | | | | | | 625 | | | | | | — | | |
Logan’s Roadhouse, Inc.(3)
|
| | | | — | | | | | | — | | | | | | 1,326 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,326 | | | | | | 529 | | | | | | 508 | | | | | | — | | |
Warren Resources, Inc.
|
| | | | 43,613 | | | | | | — | | | | | | 141 | | | | | | (28,068) | | | | | | — | | | | | | — | | | | | | (1,063) | | | | | | 14,623 | | | | | | 1,652 | | | | | | 141 | | | | | | 1,123 | | |
Senior Secured Loans—Second Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
JW Aluminum Co.
|
| | | | 34,382 | | | | | | — | | | | | | — | | | | | | (33,874) | | | | | | 1 | | | | | | 7 | | | | | | (516) | | | | | | — | | | | | | 1,492 | | | | | | — | | | | | | — | | |
Logan’s Roadhouse, Inc.
|
| | | | 6,771 | | | | | | — | | | | | | 194 | | | | | | — | | | | | | 6 | | | | | | — | | | | | | (2,862) | | | | | | 4,109 | | | | | | 188 | | | | | | 194 | | | | | | — | | |
Senior Secured Bonds | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Advanced Lighting Technologies, Inc.
|
| | | | 10,278 | | | | | | — | | | | | | 647 | | | | | | (261) | | | | | | — | | | | | | — | | | | | | (5,588) | | | | | | 5,076 | | | | | | 1,182 | | | | | | 646 | | | | | | — | | |
JW Aluminum Co.
|
| | | | — | | | | | | — | | | | | | 33,001 | | | | | | — | | | | | | — | | | | | | — | | | | | | 41 | | | | | | 33,042 | | | | | | 1,128 | | | | | | — | | | | | | — | | |
Mood Media Corp.
|
| | | | 23,219 | | | | | | — | | | | | | 5,273 | | | | | | — | | | | | | — | | | | | | — | | | | | | (14) | | | | | | 28,478 | | | | | | 3,247 | | | | | | 1,901 | | | | | | — | | |
Equity/Other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Advanced Lighting Technologies, Inc., Common Equity
|
| | | | 5,900 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (5,900) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Advanced Lighting Technologies, Warrants, 10/4/2027
|
| | | | 26 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (26) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
ASG Everglades Holdings, Inc., Common Equity
|
| | | | 30,727 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,939 | | | | | | 32,666 | | | | | | — | | | | | | — | | | | | | — | | |
ASG Everglades Holdings, Inc., 6/27/2022, Warrants
|
| | | | 6,951 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 787 | | | | | | 7,738 | | | | | | — | | | | | | — | | | | | | — | | |
HM Dunn Aerosystems, Inc., Preferred Equity, Series A(2)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
HM Dunn Aerosystems, Inc., Preferred Equity, Series B(2)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
JW Aluminum Co., Common Equity
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,452 | | | | | | 2,452 | | | | | | — | | | | | | — | | | | | | — | | |
JW Aluminum Co., Preferred Equity
|
| | | | 15,074 | | | | | | — | | | | | | 17,271 | | | | | | — | | | | | | 117 | | | | | | — | | | | | | 601 | | | | | | 33,063 | | | | | | 3,791 | | | | | | 3,065 | | | | | | — | | |
Mood Media Corp.
|
| | | | 28,659 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (9,718) | | | | | | 18,941 | | | | | | — | | | | | | — | | | | | | — | | |
Roadhouse Holding Inc., Common Equity
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Warren Resources, Inc., Common Equity
|
| | | | 4,031 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,980 | | | | | | 9,011 | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | $ | 223,518 | | | | | $ | 64,286 | | | | | $ | 59,992 | | | | | $ | (63,181) | | | | | $ | 293 | | | | | $ | (25,706) | | | | | $ | (44,034) | | | | | $ | 215,168 | | | | | $ | 15,699 | | | | | $ | 7,080 | | | | | $ | 1,123 | | |
|
Portfolio Company(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate(b)
|
| |
Floor
|
| |
Maturity
|
| |
Principal
Amount(c) |
| |
Amortized
Cost |
| |
Fair
Value(d) |
| ||||||||||||
Senior Secured Loans—First Lien—119.9% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
5 Arch Income Fund 2, LLC
|
| |
(o)(s)
|
| | Diversified Financials | | |
10.5%
|
| | | | | | | |
11/18/21
|
| | | $ | 14,912 | | | | | $ | 14,935 | | | | | $ | 14,912 | | |
5 Arch Income Fund 2, LLC
|
| |
(o)(p)(s)
|
| | Diversified Financials | | |
10.5%
|
| | | | | | | |
11/18/21
|
| | | | 4,088 | | | | | | 4,088 | | | | | | 4,088 | | |
Abaco Energy Technologies LLC
|
| |
(j)
|
| | Energy | | |
L+700, 2.5% PIK (2.5% Max PIK)
|
| | | | 1.0% | | | |
11/20/20
|
| | | | 25,842 | | | | | | 25,079 | | | | | | 25,390 | | |
Actian Corp.
|
| |
(f)(j)(g)
|
| | Software & Services | | |
L+806
|
| | | | 1.0% | | | |
6/30/22
|
| | | | 45,714 | | | | | | 45,714 | | | | | | 46,286 | | |
Advanced Lighting Technologies, Inc.
|
| |
(j)(x)
|
| | Materials | | |
L+750
|
| | | | 1.0% | | | |
10/4/22
|
| | | | 9,218 | | | | | | 7,789 | | | | | | 9,218 | | |
AG Group Merger Sub, Inc.
|
| |
(f)(h)(k)(j)
|
| |
Commercial & Professional Services
|
| |
L+750
|
| | | | 1.0% | | | |
12/29/23
|
| | | | 62,418 | | | | | | 62,418 | | | | | | 63,510 | | |
All Systems Holding LLC
|
| |
(h)(k)(j)
|
| |
Commercial & Professional Services
|
| |
L+767
|
| | | | 1.0% | | | |
10/31/23
|
| | | | 103,557 | | | | | | 103,557 | | | | | | 105,110 | | |
Altus Power America, Inc.
|
| |
(k)
|
| | Energy | | |
L+750
|
| | | | 1.5% | | | |
9/30/21
|
| | | | 2,866 | | | | | | 2,866 | | | | | | 2,809 | | |
Altus Power America, Inc.
|
| |
(p)
|
| | Energy | | |
L+750
|
| | | | 1.5% | | | |
9/30/21
|
| | | | 884 | | | | | | 884 | | | | | | 866 | | |
Ascension Insurance, Inc.
|
| |
(f)(h)(j)(g)
|
| | Insurance | | |
L+825
|
| | | | 1.3% | | | |
3/5/19
|
| | | | 78,342 | | | | | | 78,020 | | | | | | 79,419 | | |
Ascension Insurance, Inc.
|
| |
(p)
|
| | Insurance | | |
L+825
|
| | | | 1.3% | | | |
3/5/19
|
| | | | 27,800 | | | | | | 27,800 | | | | | | 28,182 | | |
Aspect Software, Inc.
|
| | | | | Software & Services | | |
L+1050
|
| | | | 1.0% | | | |
5/25/18
|
| | | | 1,804 | | | | | | 1,804 | | | | | | 1,804 | | |
Aspect Software, Inc.
|
| |
(p)
|
| | Software & Services | | |
L+1050
|
| | | | 1.0% | | | |
5/25/18
|
| | | | 46 | | | | | | 46 | | | | | | 46 | | |
Aspect Software, Inc.
|
| |
(j)
|
| | Software & Services | | |
L+1050
|
| | | | 1.0% | | | |
5/25/20
|
| | | | 3,620 | | | | | | 3,620 | | | | | | 3,349 | | |
Aspect Software, Inc.
|
| |
(p)
|
| | Software & Services | | |
L+1200
|
| | | | 1.0% | | | |
5/25/18
|
| | | | 657 | | | | | | 657 | | | | | | — | | |
Atlas Aerospace LLC
|
| |
(f)(k)(j)
|
| | Capital Goods | | |
L+802
|
| | | | 1.0% | | | |
12/29/22
|
| | | | 86,857 | | | | | | 86,857 | | | | | | 86,857 | | |
ATX Networks Corp.
|
| |
(f)(g)(o)
|
| |
Technology Hardware & Equipment
|
| |
L+600, 1.0% PIK (1.0% Max PIK)
|
| | | | 1.0% | | | |
6/11/21
|
| | | | 1,911 | | | | | | 1,894 | | | | | | 1,899 | | |
ATX Networks Corp.
|
| |
(f)(k)(o)
|
| |
Technology Hardware & Equipment
|
| |
L+600, 1.0% PIK (1.0% Max PIK)
|
| | | | 1.0% | | | |
6/11/21
|
| | | | 25,569 | | | | | | 24,974 | | | | | | 25,410 | | |
Avaya Inc.
|
| |
(i)(g)
|
| |
Technology Hardware & Equipment
|
| |
L+475
|
| | | | 1.0% | | | |
12/15/24
|
| | | | 17,000 | | | | | | 16,830 | | | | | | 16,761 | | |
AVF Parent, LLC
|
| |
(f)(j)(k)
|
| | Retailing | | |
L+725
|
| | | | 1.3% | | | |
3/1/24
|
| | | | 76,382 | | | | | | 76,382 | | | | | | 77,963 | | |
Borden Dairy Co.
|
| |
(g)(h)(j)
|
| | Food, Beverage & Tobacco | | |
L+804
|
| | | | 1.0% | | | |
7/6/23
|
| | | | 52,500 | | | | | | 52,500 | | | | | | 52,484 | | |
Cactus Wellhead, LLC
|
| |
(f)(g)
|
| | Energy | | |
L+600
|
| | | | 1.0% | | | |
7/31/20
|
| | | | 16,211 | | | | | | 15,596 | | | | | | 16,238 | | |
CEVA Group Plc
|
| |
(o)(p)
|
| | Transportation | | |
L+500
|
| | | | | | | |
3/19/19
|
| | | | 20,000 | | | | | | 20,000 | | | | | | 18,750 | | |
Cimarron Energy Inc.
|
| |
(k)
|
| | Energy | | |
L+1150 PIK (L+1150 Max PIK)
|
| | | | 1.0% | | | |
12/15/19
|
| | | | 25,470 | | | | | | 25,470 | | | | | | 10,379 | | |
ConnectiveRx, LLC
|
| |
(f)(g)(j)
|
| |
Health Care Equipment & Services
|
| |
L+828
|
| | | | 1.0% | | | |
11/25/21
|
| | | | 51,032 | | | | | | 51,032 | | | | | | 51,053 | | |
Crestwood Holdings LLC
|
| |
(f)
|
| | Energy | | |
L+800
|
| | | | 1.0% | | | |
6/19/19
|
| | | | 4,185 | | | | | | 4,180 | | | | | | 4,207 | | |
CSafe Acquisition Co., Inc.
|
| | | | | Capital Goods | | |
L+725
|
| | | | 1.0% | | | |
11/1/21
|
| | | | 3,548 | | | | | | 3,548 | | | | | | 3,517 | | |
CSafe Acquisition Co., Inc.
|
| |
(p)
|
| | Capital Goods | | |
L+725
|
| | | | 1.0% | | | |
11/1/21
|
| | | | 2,713 | | | | | | 2,713 | | | | | | 2,689 | | |
CSafe Acquisition Co., Inc.
|
| |
(f)(g)(h)(j)
|
| | Capital Goods | | |
L+725
|
| | | | 1.0% | | | |
10/31/23
|
| | | | 49,935 | | | | | | 49,935 | | | | | | 49,498 | | |
CSafe Acquisition Co., Inc.
|
| |
(p)
|
| | Capital Goods | | |
L+725
|
| | | | 1.0% | | | |
10/31/23
|
| | | | 26,797 | | | | | | 26,797 | | | | | | 26,562 | | |
Dade Paper & Bag, LLC
|
| |
(f)(g)(h)(j)
|
| | Capital Goods | | |
L+750
|
| | | | 1.0% | | | |
6/10/24
|
| | | | 137,112 | | | | | | 137,112 | | | | | | 141,911 | | |
Dayton Superior Corp.
|
| |
(k)
|
| | Materials | | |
L+800
|
| | | | 1.0% | | | |
11/15/21
|
| | | | 11,550 | | | | | | 11,263 | | | | | | 9,992 | | |
Diamond Resorts International, Inc.
|
| |
(g)
|
| | Consumer Services | | |
L+600
|
| | | | 1.0% | | | |
9/2/23
|
| | | | 6,853 | | | | | | 6,713 | | | | | | 6,919 | | |
Eastman Kodak Co.
|
| |
(f)
|
| | Consumer Durables & Apparel | | |
L+625
|
| | | | 1.0% | | | |
9/3/19
|
| | | | 6,836 | | | | | | 6,797 | | | | | | 5,931 | | |
Empire Today, LLC
|
| |
(f)(g)(h)(j)(k)
|
| | Retailing | | |
L+800
|
| | | | 1.0% | | | |
11/17/22
|
| | | | 89,100 | | | | | | 89,100 | | | | | | 89,991 | | |
Fairway Group Acquisition Co.
|
| |
(j)
|
| | Food & Staples Retailing | | |
12.0% PIK (12.0% Max PIK)
|
| | | | | | | |
1/3/20
|
| | | | 2,725 | | | | | | 2,725 | | | | | | 2,725 | | |
Fairway Group Acquisition Co.
|
| |
(m)(n)
|
| | Food & Staples Retailing | | |
10.0% PIK (10.0% Max PIK)
|
| | | | | | | |
1/3/20
|
| | | | 1,777 | | | | | | 1,733 | | | | | | 400 | | |
Fox Head, Inc.
|
| |
(g)(j)(k)
|
| | Consumer Durables & Apparel | | |
L+850
|
| | | | 1.0% | | | |
12/19/20
|
| | | | 13,020 | | | | | | 13,020 | | | | | | 13,009 | | |
FR Dixie Acquisition Corp.
|
| |
(f)
|
| | Energy | | |
L+475
|
| | | | 1.0% | | | |
12/18/20
|
| | | | 4,042 | | | | | | 4,032 | | | | | | 2,386 | | |
Portfolio Company(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate(b)
|
| |
Floor
|
| |
Maturity
|
| |
Principal
Amount(c) |
| |
Amortized
Cost |
| |
Fair
Value(d) |
| ||||||||||||
FullBeauty Brands Holdings Corp.
|
| |
(k)
|
| | Consumer Durables & Apparel | | |
L+475
|
| | | | 1.0% | | | |
10/14/22
|
| | | $ | 4,949 | | | | | $ | 4,561 | | | | | $ | 2,929 | | |
FullBeauty Brands Holdings Corp.
|
| |
(k)
|
| | Consumer Durables & Apparel | | |
L+800
|
| | | | 1.0% | | | |
10/14/20
|
| | | | 55,000 | | | | | | 55,000 | | | | | | 54,313 | | |
Greystone Equity Member Corp.
|
| |
(e)(o)
|
| | Diversified Financials | | |
L+1050
|
| | | | | | | |
3/31/21
|
| | | | 13,582 | | | | | | 13,596 | | | | | | 13,599 | | |
Greystone Equity Member Corp.
|
| |
(e)(o)
|
| | Diversified Financials | | |
L+1100
|
| | | | | | | |
3/31/21
|
| | | | 21,048 | | | | | | 21,048 | | | | | | 21,258 | | |
Greystone Equity Member Corp.
|
| |
(o)(p)
|
| | Diversified Financials | | |
L+1100
|
| | | | | | | |
3/31/21
|
| | | | 5,370 | | | | | | 5,370 | | | | | | 5,424 | | |
Gulf Finance, LLC
|
| |
(g)
|
| | Energy | | |
L+525
|
| | | | 1.0% | | | |
8/25/23
|
| | | | 4,864 | | | | | | 4,745 | | | | | | 4,392 | | |
H.M. Dunn Co., Inc.
|
| |
(j)(k)
|
| | Capital Goods | | |
L+946
|
| | | | 1.0% | | | |
3/26/21
|
| | | | 64,286 | | | | | | 64,286 | | | | | | 61,393 | | |
Hudson Technologies Co.
|
| |
(j)(k)(o)
|
| |
Commercial & Professional Services
|
| |
L+725
|
| | | | 1.0% | | | |
10/10/23
|
| | | | 51,359 | | | | | | 51,359 | | | | | | 52,065 | | |
Hudson Technologies Co.
|
| |
(o)(p)
|
| |
Commercial & Professional Services
|
| |
L+725
|
| | | | 1.0% | | | |
10/10/23
|
| | | | 12,228 | | | | | | 12,228 | | | | | | 12,396 | | |
Hybrid Promotions, LLC
|
| |
(g)(j)(k)
|
| | Consumer Durables & Apparel | | |
L+850
|
| | | | 1.0% | | | |
12/19/20
|
| | | | 47,740 | | | | | | 47,740 | | | | | | 47,699 | | |
Icynene U.S. Acquisition Corp.
|
| |
(f)(g)(j)
|
| | Materials | | |
L+700
|
| | | | 1.0% | | | |
11/30/24
|
| | | | 36,000 | | | | | | 36,000 | | | | | | 36,007 | | |
Industrial Group Intermediate Holdings, LLC
|
| |
(f)(g)(h)(j)(k)
|
| | Materials | | |
L+800
|
| | | | 1.3% | | | |
5/31/20
|
| | | | 130,488 | | | | | | 130,488 | | | | | | 132,445 | | |
Industry City TI Lessor, L.P.
|
| |
(j)
|
| | Consumer Services | | |
10.8%, 1.0% PIK (1.0% Max PIK)
|
| | | | | | | |
6/30/26
|
| | | | 12,324 | | | | | | 12,324 | | | | | | 12,478 | | |
JMC Acquisition Merger Corp.
|
| |
(f)(g)(h)
|
| | Capital Goods | | |
L+854
|
| | | | 1.0% | | | |
11/6/21
|
| | | | 20,495 | | | | | | 20,495 | | | | | | 20,828 | | |
JSS Holdings, Inc.
|
| |
(f)(g)(j)(k)
|
| | Capital Goods | | |
L+800, 0.0% PIK (2.5% Max PIK)
|
| | | | 1.0% | | | |
3/31/23
|
| | | | 72,715 | | | | | | 72,056 | | | | | | 73,842 | | |
JSS Holdings, Inc.
|
| |
(p)
|
| | Capital Goods | | |
L+800, 0.0% PIK (2.5% Max PIK)
|
| | | | 1.0% | | | |
3/31/23
|
| | | | 13,273 | | | | | | 13,273 | | | | | | 13,478 | | |
Kodiak BP, LLC
|
| |
(g)(h)(j)(k)
|
| | Capital Goods | | |
L+725
|
| | | | 1.0% | | | |
12/1/24
|
| | | | 84,121 | | | | | | 84,121 | | | | | | 84,332 | | |
Kodiak BP, LLC
|
| |
(p)
|
| | Capital Goods | | |
L+725
|
| | | | 1.0% | | | |
12/1/24
|
| | | | 24,242 | | | | | | 24,242 | | | | | | 24,303 | | |
Latham Pool Products, Inc.
|
| |
(f)(g)(j)
|
| |
Commercial & Professional Services
|
| |
L+775
|
| | | | 1.0% | | | |
6/29/21
|
| | | | 28,092 | | | | | | 28,092 | | | | | | 28,408 | | |
LD Intermediate Holdings, Inc.
|
| |
(k)
|
| | Software & Services | | |
L+588
|
| | | | 1.0% | | | |
12/9/22
|
| | | | 16,575 | | | | | | 15,186 | | | | | | 14,891 | | |
Logan’s Roadhouse, Inc.
|
| |
(x)
|
| | Consumer Services | | |
L+1100
|
| | | | 1.0% | | | |
5/5/19
|
| | | | 4,677 | | | | | | 4,677 | | | | | | 4,677 | | |
Logan’s Roadhouse, Inc.
|
| |
(p)(x)
|
| | Consumer Services | | |
L+1100
|
| | | | 1.0% | | | |
5/5/19
|
| | | | 752 | | | | | | 760 | | | | | | 752 | | |
MB Precision Holdings LLC
|
| |
(g)(h)(j)
|
| | Capital Goods | | |
L+725, 2.3% PIK (2.3% Max PIK)
|
| | | | 1.3% | | | |
1/23/21
|
| | | | 64,367 | | | | | | 64,367 | | | | | | 58,976 | | |
MORSCO, Inc.
|
| |
(e)(f)
|
| | Capital Goods | | |
L+700
|
| | | | 1.0% | | | |
10/31/23
|
| | | | 3,581 | | | | | | 3,460 | | | | | | 3,652 | | |
Moxie Liberty LLC
|
| |
(f)(h)
|
| | Energy | | |
L+650
|
| | | | 1.0% | | | |
8/21/20
|
| | | | 11,634 | | | | | | 11,651 | | | | | | 10,751 | | |
Moxie Patriot LLC
|
| |
(h)
|
| | Energy | | |
L+575
|
| | | | 1.0% | | | |
12/19/20
|
| | | | 5,383 | | | | | | 5,360 | | | | | | 5,303 | | |
Nobel Learning Communities, Inc.
|
| | | | | Consumer Services | | |
L+450
|
| | | | 1.0% | | | |
5/5/21
|
| | | | 3,075 | | | | | | 3,075 | | | | | | 3,075 | | |
Nobel Learning Communities, Inc.
|
| |
(p)
|
| | Consumer Services | | |
L+450
|
| | | | 1.0% | | | |
5/5/21
|
| | | | 8,106 | | | | | | 8,106 | | | | | | 8,106 | | |
Nobel Learning Communities, Inc.
|
| |
(f)(j)(k)
|
| | Consumer Services | | |
L+436
|
| | | | 4.5% | | | |
5/5/23
|
| | | | 84,472 | | | | | | 84,472 | | | | | | 84,045 | | |
Nobel Learning Communities, Inc.
|
| |
(p)
|
| | Consumer Services | | |
L+375
|
| | | | 4.5% | | | |
5/5/23
|
| | | | 49,689 | | | | | | 49,689 | | | | | | 49,439 | | |
North Haven Cadence Buyer, Inc.
|
| |
(p)
|
| | Consumer Services | | |
L+500
|
| | | | 1.0% | | | |
9/2/21
|
| | | | 2,625 | | | | | | 2,625 | | | | | | 2,625 | | |
North Haven Cadence Buyer, Inc.
|
| |
(f)(h)(j)(k)
|
| | Consumer Services | | |
L+810
|
| | | | 1.0% | | | |
9/2/22
|
| | | | 77,522 | | | | | | 77,522 | | | | | | 78,976 | | |
North Haven Cadence Buyer, Inc.
|
| |
(p)
|
| | Consumer Services | | |
L+750
|
| | | | 1.0% | | | |
9/2/22
|
| | | | 9,917 | | | | | | 9,917 | | | | | | 10,103 | | |
Nova Wildcat Amerock, LLC
|
| |
(f)(g)(j)
|
| | Consumer Durables & Apparel | | |
L+800
|
| | | | 1.3% | | | |
9/10/19
|
| | | | 64,921 | | | | | | 64,921 | | | | | | 65,245 | | |
PHRC License, LLC
|
| |
(e)(g)(h)
|
| | Consumer Services | | |
L+850
|
| | | | 1.5% | | | |
4/28/22
|
| | | | 67,500 | | | | | | 67,500 | | | | | | 69,187 | | |
Polymer Additives, Inc.
|
| |
(g)(h)(k)
|
| | Materials | | |
L+888
|
| | | | 1.0% | | | |
12/19/22
|
| | | | 63,068 | | | | | | 63,068 | | | | | | 65,276 | | |
Polymer Additives, Inc.
|
| |
(h)(k)
|
| | Materials | | |
L+834
|
| | | | 1.0% | | | |
12/19/22
|
| | | | 29,005 | | | | | | 29,005 | | | | | | 29,585 | | |
Power Distribution, Inc.
|
| |
(f)(g)(k)
|
| | Capital Goods | | |
L+725
|
| | | | 1.3% | | | |
1/25/23
|
| | | | 44,893 | | | | | | 44,893 | | | | | | 45,566 | | |
Production Resource Group, LLC
|
| |
(g)(j)(k)
|
| | Media | | |
L+750
|
| | | | 1.0% | | | |
1/14/19
|
| | | | 137,162 | | | | | | 137,162 | | | | | | 145,049 | | |
Portfolio Company(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate(b)
|
| |
Floor
|
| |
Maturity
|
| |
Principal
Amount(c) |
| |
Amortized
Cost |
| |
Fair
Value(d) |
| ||||||||||||
Propulsion Acquisition, LLC
|
| |
(f)(g)(j)(k)
|
| |
Commercial & Professional Services
|
| |
L+600
|
| | | | 1.0% | | | |
7/13/21
|
| | | $ | 58,874 | | | | | $ | 56,828 | | | | | $ | 58,285 | | |
Quest Software US Holdings Inc.
|
| |
(f)(h)(i)
|
| | Software & Services | | |
L+550
|
| | | | 1.0% | | | |
10/31/22
|
| | | | 18,333 | | | | | | 18,244 | | | | | | 18,659 | | |
Roadrunner Intermediate Acquisition Co., LLC
|
| |
(f)
|
| |
Health Care Equipment & Services
|
| |
L+725
|
| | | | 1.0% | | | |
3/15/23
|
| | | | 7,550 | | | | | | 7,550 | | | | | | 7,614 | | |
Rogue Wave Software, Inc.
|
| |
(j)
|
| | Software & Services | | |
L+858
|
| | | | 1.0% | | | |
9/25/21
|
| | | | 24,413 | | | | | | 24,413 | | | | | | 24,413 | | |
Safariland, LLC
|
| |
(h)(j)
|
| | Capital Goods | | |
L+768
|
| | | | 1.1% | | | |
11/18/23
|
| | | | 70,234 | | | | | | 70,234 | | | | | | 71,200 | | |
Safariland, LLC
|
| |
(p)(h)(j)
|
| | Capital Goods | | |
L+725
|
| | | | 1.1% | | | |
11/18/23
|
| | | | 13,867 | | | | | | 13,867 | | | | | | 14,057 | | |
Sequel Youth and Family Services, LLC
|
| |
(f)(k)(j)
|
| |
Health Care Equipment & Services
|
| |
L+778
|
| | | | 1.0% | | | |
9/1/22
|
| | | | 82,353 | | | | | | 82,353 | | | | | | 83,111 | | |
Sequel Youth and Family Services, LLC
|
| |
(p)
|
| |
Health Care Equipment & Services
|
| |
L+700
|
| | | | 1.0% | | | |
9/1/22
|
| | | | 4,118 | | | | | | 4,118 | | | | | | 4,156 | | |
Sequential Brands Group, Inc.
|
| |
(h)(j)(k)
|
| | Consumer Durables & Apparel | | |
L+900
|
| | | | | | | |
7/1/22
|
| | | | 156,102 | | | | | | 156,102 | | | | | | 154,541 | | |
Sorenson Communications, Inc.
|
| |
(f)(g)(h)(j)
|
| | Telecommunication Services | | |
L+575
|
| | | | 2.3% | | | |
4/30/20
|
| | | | 98,440 | | | | | | 98,219 | | | | | | 99,240 | | |
SSC (Lux) Limited S.à r.l.
|
| |
(g)(h)(j)(o)
|
| |
Health Care Equipment & Services
|
| |
L+750
|
| | | | 1.0% | | | |
9/10/24
|
| | | | 104,545 | | | | | | 104,545 | | | | | | 106,636 | | |
Staples Canada, ULC
|
| |
(o)(v)
|
| | Retailing | | |
L+700
|
| | | | 1.0% | | | |
9/12/23
|
| | | C$ | 3,229 | | | | | | 2,667 | | | | | | 2,602 | | |
Strike, LLC
|
| | | | | Energy | | |
L+800
|
| | | | 1.0% | | | |
5/30/19
|
| | | $ | 2,800 | | | | | | 2,766 | | | | | | 2,814 | | |
Strike, LLC
|
| |
(k)
|
| | Energy | | |
L+800
|
| | | | 1.0% | | | |
11/30/22
|
| | | | 4,523 | | | | | | 4,408 | | | | | | 4,591 | | |
SunGard Availability Services Capital, Inc.
|
| |
(f)(i)
|
| | Software & Services | | |
L+700
|
| | | | 1.0% | | | |
9/30/21
|
| | | | 10,749 | | | | | | 10,653 | | | | | | 9,970 | | |
SunGard Availability Services Capital, Inc.
|
| |
(i)(l)
|
| | Software & Services | | |
L+1000
|
| | | | 1.0% | | | |
10/1/22
|
| | | | 1,000 | | | | | | 950 | | | | | | 962 | | |
Swift Worldwide Resources US Holdings Corp.
|
| |
(f)(h)
|
| | Energy | | |
L+1000, 1.0% PIK (1.0% Max PIK)
|
| | | | 1.0% | | | |
7/20/21
|
| | | | 19,489 | | | | | | 19,489 | | | | | | 19,879 | | |
ThermaSys Corp.
|
| |
(f)
|
| | Capital Goods | | |
L+400
|
| | | | 1.3% | | | |
5/3/19
|
| | | | 4,522 | | | | | | 4,523 | | | | | | 4,267 | | |
Trace3, LLC
|
| |
(f)(g)(j)
|
| | Software & Services | | |
L+775
|
| | | | 1.0% | | | |
6/6/23
|
| | | | 53,481 | | | | | | 53,481 | | | | | | 54,751 | | |
U.S. Xpress Enterprises, Inc.
|
| |
(g)(h)(j)
|
| | Transportation | | |
L+1075, 0.0% PIK (1.8% Max PIK)
|
| | | | 1.5% | | | |
5/30/20
|
| | | | 66,734 | | | | | | 66,734 | | | | | | 66,901 | | |
USI Senior Holdings, Inc.
|
| |
(h)(j)
|
| | Capital Goods | | |
L+779
|
| | | | 1.0% | | | |
1/5/22
|
| | | | 41,150 | | | | | | 41,150 | | | | | | 41,383 | | |
USI Senior Holdings, Inc.
|
| |
(p)
|
| | Capital Goods | | |
L+725
|
| | | | 1.0% | | | |
1/5/22
|
| | | | 8,373 | | | | | | 8,373 | | | | | | 8,421 | | |
UTEX Industries, Inc.
|
| |
(k)
|
| | Energy | | |
L+400
|
| | | | 1.0% | | | |
5/21/21
|
| | | | 22,057 | | | | | | 20,083 | | | | | | 21,680 | | |
Warren Resources, Inc.
|
| |
(e)(j)(x)
|
| | Energy | | |
L+900, 1.0% PIK (1.0% Max PIK)
|
| | | | 1.0% | | | |
5/22/20
|
| | | | 42,550 | | | | | | 42,550 | | | | | | 43,613 | | |
Waste Pro USA, Inc.
|
| |
(g)(h)(j)(k)
|
| |
Commercial & Professional Services
|
| |
L+750
|
| | | | 1.0% | | | |
10/15/20
|
| | | | 121,116 | | | | | | 121,116 | | | | | | 123,387 | | |
Westbridge Technologies, Inc.
|
| |
(i)
|
| | Software & Services | | |
L+850
|
| | | | 1.0% | | | |
4/28/23
|
| | | | 14,813 | | | | | | 14,541 | | | | | | 14,701 | | |
York Risk Services Holding Corp.
|
| | | | | Insurance | | |
L+375
|
| | | | 1.0% | | | |
10/1/21
|
| | | | 990 | | | | | | 983 | | | | | | 971 | | |
Zeta Interactive Holdings Corp.
|
| |
(f)(g)(j)
|
| | Software & Services | | |
L+750
|
| | | | 1.0% | | | |
7/29/22
|
| | | | 33,826 | | | | | | 33,826 | | | | | | 34,334 | | |
Zeta Interactive Holdings Corp.
|
| |
(p)
|
| | Software & Services | | |
L+750
|
| | | | 1.0% | | | |
7/29/22
|
| | | | 6,424 | | | | | | 6,424 | | | | | | 6,520 | | |
Total Senior Secured Loans—First Lien
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,650,110 | | | | | | 3,663,047 | | |
Unfunded Loan Commitments
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (241,977) | | | | | | (241,977) | | |
Net Senior Secured Loans—First Lien
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,408,133 | | | | | | 3,421,070 | | |
Senior Secured Loans—Second Lien—11.5% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
American Bath Group, LLC
|
| |
(k)
|
| | Capital Goods | | |
L+975
|
| | | | 1.0% | | | |
9/30/24
|
| | | | 7,000 | | | | | | 6,494 | | | | | | 7,018 | | |
Arena Energy, LP
|
| |
(f)(j)
|
| | Energy | | |
L+900, 4.0% PIK (4.0% Max PIK)
|
| | | | 1.0% | | | |
1/24/21
|
| | | | 24,844 | | | | | | 24,844 | | | | | | 23,621 | | |
BPA Laboratories Inc.
|
| |
(j)
|
| | Pharmaceuticals, Biotechnology & Life Sciences |
| |
L+250
|
| | | | | | | |
4/29/20
|
| | | | 3,272 | | | | | | 3,134 | | | | | | 3,239 | | |
Byrider Finance, LLC
|
| |
(e)
|
| | Automobiles & Components | | |
L+1000, 0.5% PIK (4.0% Max PIK)
|
| | | | 1.3% | | | |
8/22/20
|
| | | | 22,608 | | | | | | 22,608 | | | | | | 21,280 | | |
Checkout Holding Corp.
|
| |
(k)
|
| | Media | | |
L+675
|
| | | | 1.0% | | | |
4/11/22
|
| | | | 10,000 | | | | | | 9,953 | | | | | | 4,356 | | |
Portfolio Company(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate(b)
|
| |
Floor
|
| |
Maturity
|
| |
Principal
Amount(c) |
| |
Amortized
Cost |
| |
Fair
Value(d) |
| ||||||||||||
Chisholm Oil and Gas Operating, LLC
|
| |
(j)
|
| | Energy | | |
L+800
|
| | | | 1.0% | | | |
3/21/24
|
| | | $ | 16,000 | | | | | $ | 16,000 | | | | | $ | 15,998 | | |
Compuware Corp.
|
| |
(j)
|
| | Software & Services | | |
L+825
|
| | | | 1.0% | | | |
12/15/22
|
| | | | 1,841 | | | | | | 1,666 | | | | | | 1,850 | | |
Crossmark Holdings, Inc.
|
| |
(k)
|
| | Media | | |
L+750
|
| | | | 1.3% | | | |
12/21/20
|
| | | | 7,778 | | | | | | 7,788 | | | | | | 879 | | |
Fairway Group Acquisition Co.
|
| |
(m)(n)
|
| | Food & Staples Retailing | | |
11.0% PIK (11.0% Max PIK)
|
| | | | | | | |
10/3/21
|
| | | | 1,563 | | | | | | 1,520 | | | | | | 352 | | |
Fieldwood Energy LLC
|
| |
(e)(k)(m)(n)
|
| | Energy | | |
L+713
|
| | | | 1.3% | | | |
9/30/20
|
| | | | 1,947 | | | | | | 1,602 | | | | | | 652 | | |
Gruden Acquisition, Inc.
|
| |
(j)
|
| | Transportation | | |
L+850
|
| | | | 1.0% | | | |
8/18/23
|
| | | | 15,000 | | | | | | 14,435 | | | | | | 14,981 | | |
Inmar, Inc.
|
| |
(k)
|
| | Software & Services | | |
L+800
|
| | | | 1.0% | | | |
5/1/25
|
| | | | 2,615 | | | | | | 2,579 | | | | | | 2,630 | | |
Jazz Acquisition, Inc.
|
| |
(f)
|
| | Capital Goods | | |
L+675
|
| | | | 1.0% | | | |
6/19/22
|
| | | | 3,700 | | | | | | 3,736 | | | | | | 3,500 | | |
JW Aluminum Co.
|
| |
(e)(j)(k)(x)
|
| | Materials | | |
L+850
|
| | | | 0.8% | | | |
11/17/20
|
| | | | 33,874 | | | | | | 33,866 | | | | | | 34,382 | | |
Logan’s Roadhouse, Inc.
|
| |
(x)
|
| | Consumer Services | | |
L+850 PIK (L+850 Max PIK)
|
| | | | 1.0% | | | |
11/23/20
|
| | | | 14,728 | | | | | | 14,640 | | | | | | 6,771 | | |
LTI Holdings, Inc.
|
| |
(j)
|
| | Materials | | |
L+875
|
| | | | 1.0% | | | |
5/16/25
|
| | | | 9,259 | | | | | | 9,087 | | | | | | 9,421 | | |
P2 Upstream Acquisition Co.
|
| |
(k)
|
| | Energy | | |
L+800
|
| | | | 1.0% | | | |
4/30/21
|
| | | | 14,500 | | | | | | 14,652 | | | | | | 13,413 | | |
Peak 10 Holding Corp.
|
| |
(k)
|
| | Software & Services | | |
L+725
|
| | | | 1.0% | | | |
8/1/25
|
| | | | 2,786 | | | | | | 2,759 | | | | | | 2,810 | | |
Production Resource Group, LLC
|
| |
(f)(g)(h)
|
| | Media | | |
L+850
|
| | | | 1.0% | | | |
7/23/19
|
| | | | 95,599 | | | | | | 95,599 | | | | | | 96,256 | | |
Spencer Gifts LLC
|
| |
(k)
|
| | Retailing | | |
L+825
|
| | | | 1.0% | | | |
6/29/22
|
| | | | 20,000 | | | | | | 20,078 | | | | | | 10,800 | | |
Talos Production LLC
|
| | | | | Energy | | |
11.0%
|
| | | | | | | |
4/3/22
|
| | | | 4,500 | | | | | | 4,213 | | | | | | 4,466 | | |
Titan Energy Operating, LLC
|
| |
(g)(j)
|
| | Energy | | |
2.0%, L+1100 PIK (L+1100 Max PIK)
|
| | | | 1.0% | | | |
2/23/20
|
| | | | 78,366 | | | | | | 67,595 | | | | | | 41,557 | | |
WP CPP Holdings, LLC
|
| |
(j)
|
| | Capital Goods | | |
L+775
|
| | | | 1.0% | | | |
4/30/21
|
| | | | 6,932 | | | | | | 6,913 | | | | | | 6,903 | | |
Total Senior Secured Loans—Second Lien
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 385,761 | | | | | | 327,135 | | |
Senior Secured Bonds—4.4% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Advanced Lighting Technologies, Inc.
|
| |
(x)
|
| | Materials | | |
L+700, 10.0% PIK (10.0% Max PIK)
|
| | | | 1.0% | | | |
10/4/23
|
| | | | 10,278 | | | | | | 10,278 | | | | | | 10,278 | | |
Black Swan Energy Ltd.
|
| |
(o)
|
| | Energy | | |
9.0%
|
| | | | | | | |
1/20/24
|
| | | | 1,333 | | | | | | 1,333 | | | | | | 1,343 | | |
FourPoint Energy, LLC
|
| |
(e)(j)(k)
|
| | Energy | | |
9.0%
|
| | | | | | | |
12/31/21
|
| | | | 46,313 | | | | | | 44,869 | | | | | | 47,065 | | |
Global A&T Electronics Ltd.
|
| |
(e)(k)(m)(n)(o)
|
| | Semiconductors & Semiconductor Equipment |
| |
10.0%
|
| | | | | | | |
2/1/19
|
| | | | 19,490 | | | | | | 19,114 | | | | | | 18,069 | | |
Mood Media Corp.
|
| |
(e)(j)(o)(x)
|
| | Media | | |
L+600, 8.0% PIK (8.0% Max PIK)
|
| | | | 1.0% | | | |
6/28/24
|
| | | | 23,104 | | | | | | 23,104 | | | | | | 23,219 | | |
Ridgeback Resources Inc.
|
| |
(e)(o)(w)
|
| | Energy | | |
12.0%
|
| | | | | | | |
12/29/20
|
| | | | 331 | | | | | | 326 | | | | | | 331 | | |
Sorenson Communications, Inc.
|
| |
(j)
|
| | Telecommunication Services | | |
9.0%, 0.0% PIK (9.0% Max PIK)
|
| | | | | | | |
10/31/20
|
| | | | 7,058 | | | | | | 6,904 | | | | | | 7,058 | | |
Sunnova Energy Corp.
|
| | | | | Energy | | |
6.0%, 6.0% PIK (6.0% Max PIK)
|
| | | | | | | |
10/24/18
|
| | | | 2,117 | | | | | | 2,117 | | | | | | 2,117 | | |
Velvet Energy Ltd.
|
| |
(o)
|
| | Energy | | |
9.0%
|
| | | | | | | |
10/5/23
|
| | | | 15,000 | | | | | | 15,000 | | | | | | 15,193 | | |
Total Senior Secured Bonds
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 123,045 | | | | | | 124,673 | | |
Subordinated Debt—12.8% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ascent Resources Utica Holdings, LLC
|
| |
(i)
|
| | Energy | | |
10.0%
|
| | | | | | | |
4/1/22
|
| | | | 40,000 | | | | | | 40,000 | | | | | | 43,226 | | |
Aurora Diagnostics, LLC
|
| |
(j)
|
| |
Health Care Equipment & Services
|
| |
10.8%, 1.5% PIK (1.5% Max PIK)
|
| | | | | | | |
1/15/20
|
| | | | 6,143 | | | | | | 5,628 | | | | | | 5,713 | | |
Avantor, Inc.
|
| |
(k)
|
| | Materials | | |
9.0%
|
| | | | | | | |
10/1/25
|
| | | | 20,000 | | | | | | 20,000 | | | | | | 19,888 | | |
Bellatrix Exploration Ltd.
|
| |
(o)
|
| | Energy | | |
8.5%
|
| | | | | | | |
5/15/20
|
| | | | 5,000 | | | | | | 4,947 | | | | | | 4,775 | | |
Brooklyn Basketball Holdings, LLC
|
| |
(h)(j)
|
| | Consumer Services | | |
L+725
|
| | | | | | | |
10/25/19
|
| | | | 39,746 | | | | | | 39,746 | | | | | | 40,342 | | |
CEC Entertainment, Inc.
|
| |
(i)
|
| | Consumer Services | | |
8.0%
|
| | | | | | | |
2/15/22
|
| | | | 18,715 | | | | | | 18,572 | | | | | | 17,709 | | |
Portfolio Company(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate(b)
|
| |
Floor
|
| |
Maturity
|
| |
Principal
Amount(c) |
| |
Amortized
Cost |
| |
Fair
Value(d) |
| ||||||||||||
Ceridian HCM Holding, Inc.
|
| |
(i)(k)
|
| |
Commercial & Professional Services
|
| |
11.0%
|
| | | | | | | |
3/15/21
|
| | | $ | 40,657 | | | | | $ | 40,304 | | | | | $ | 42,534 | | |
Coveris Holdings S.A.
|
| |
(i)(k)(o)
|
| | Materials | | |
7.9%
|
| | | | | | | |
11/1/19
|
| | | | 42,534 | | | | | | 42,270 | | | | | | 42,454 | | |
Eclipse Resources Corp.
|
| |
(i)(o)
|
| | Energy | | |
8.9%
|
| | | | | | | |
7/15/23
|
| | | | 9,175 | | | | | | 9,028 | | | | | | 9,439 | | |
EV Energy Partners, L.P.
|
| |
(e)(m)
|
| | Energy | | |
8.0%
|
| | | | | | | |
4/15/19
|
| | | | 259 | | | | | | 246 | | | | | | 132 | | |
Global Jet Capital Inc.
|
| | | | |
Commercial & Professional Services
|
| |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
1/30/25
|
| | | | 849 | | | | | | 849 | | | | | | 864 | | |
Global Jet Capital Inc.
|
| | | | |
Commercial & Professional Services
|
| |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
4/30/25
|
| | | | 5,398 | | | | | | 5,398 | | | | | | 5,492 | | |
Global Jet Capital Inc.
|
| | | | |
Commercial & Professional Services
|
| |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
9/3/25
|
| | | | 1,115 | | | | | | 1,115 | | | | | | 1,135 | | |
Global Jet Capital Inc.
|
| | | | |
Commercial & Professional Services
|
| |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
9/29/25
|
| | | | 1,050 | | | | | | 1,050 | | | | | | 1,068 | | |
Global Jet Capital Inc.
|
| |
(e)(o)
|
| |
Commercial & Professional Services
|
| |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
12/4/25
|
| | | | 7,751 | | | | | | 7,751 | | | | | | 7,887 | | |
Global Jet Capital Inc.
|
| |
(e)(o)
|
| |
Commercial & Professional Services
|
| |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
12/9/25
|
| | | | 1,268 | | | | | | 1,268 | | | | | | 1,290 | | |
Global Jet Capital Inc.
|
| |
(e)(o)
|
| |
Commercial & Professional Services
|
| |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
1/29/26
|
| | | | 664 | | | | | | 664 | | | | | | 675 | | |
Global Jet Capital Inc.
|
| | | | |
Commercial & Professional Services
|
| |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
12/2/26
|
| | | | 2,009 | | | | | | 2,009 | | | | | | 2,044 | | |
Great Lakes Dredge & Dock Corp.
|
| |
(i)(o)
|
| | Capital Goods | | |
8.0%
|
| | | | | | | |
5/15/22
|
| | | | 9,000 | | | | | | 9,000 | | | | | | 9,453 | | |
Greystone Mezzanine Equity Member Corp.
|
| |
(o)
|
| | Diversified Financials | | |
L+650
|
| | | | 4.5% | | | |
9/15/25
|
| | | | 1,011 | | | | | | 1,011 | | | | | | 1,011 | | |
Greystone Mezzanine Equity Member Corp.
|
| |
(o)(p)
|
| | Diversified Financials | | |
L+650
|
| | | | 4.5% | | | |
9/15/25
|
| | | | 18,989 | | | | | | 18,989 | | | | | | 18,989 | | |
Jupiter Resources Inc.
|
| |
(h)(k)(o)
|
| | Energy | | |
8.5%
|
| | | | | | | |
10/1/22
|
| | | | 28,800 | | | | | | 27,037 | | | | | | 17,784 | | |
P.F. Chang’s China Bistro, Inc.
|
| |
(i)(k)(j)
|
| | Consumer Services | | |
10.3%
|
| | | | | | | |
6/30/20
|
| | | | 44,078 | | | | | | 43,300 | | | | | | 40,395 | | |
S1 Blocker Buyer Inc.
|
| | | | |
Commercial & Professional Services
|
| |
10.0% PIK (10.0% Max PIK)
|
| | | | | | | |
10/31/22
|
| | | | 295 | | | | | | 295 | | | | | | 330 | | |
Sorenson Communications, Inc.
|
| |
(e)(j)
|
| | Telecommunication Services | | |
13.9%, 0.0% PIK (13.9% Max PIK)
|
| | | | | | | |
10/31/21
|
| | | | 5,364 | | | | | | 5,119 | | | | | | 5,565 | | |
SunGard Availability Services Capital, Inc.
|
| |
(i)
|
| | Software & Services | | |
8.8%
|
| | | | | | | |
4/1/22
|
| | | | 5,900 | | | | | | 4,632 | | | | | | 3,680 | | |
TI Group Automotive Systems, LLC
|
| |
(i)(o)
|
| | Automobiles & Components | | |
8.8%
|
| | | | | | | |
7/15/23
|
| | | | 3,408 | | | | | | 3,408 | | | | | | 3,664 | | |
York Risk Services Holding Corp.
|
| |
(i)(j)(k)
|
| | Insurance | | |
8.5%
|
| | | | | | | |
10/1/22
|
| | | | 38,070 | | | | | | 35,217 | | | | | | 37,499 | | |
Total Subordinated Debt
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 388,853 | | | | | | 385,037 | | |
Unfunded Loan Commitments
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (18,989) | | | | | | (18,989) | | |
Net Subordinated Debt
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 369,864 | | | | | | 366,048 | | |
Collateralized Securities—0.9% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CGMS CLO 2013-3A Class Subord.
|
| |
(o)
|
| | Diversified Financials | | |
10.5%
|
| | | | | | | |
7/15/25
|
| | | | 23,263 | | | | | | 10,658 | | | | | | 14,722 | | |
NewStar Clarendon 2014-1A Class D
|
| |
(o)
|
| | Diversified Financials | | |
L+435
|
| | | | | | | |
1/25/27
|
| | | | 1,060 | | | | | | 1,009 | | | | | | 1,062 | | |
NewStar Clarendon 2014-1A Class Subord. B
|
| |
(o)
|
| | Diversified Financials | | |
15.8%
|
| | | | | | | |
1/25/27
|
| | | | 12,140 | | | | | | 8,768 | | | | | | 9,979 | | |
Total Collateralized Securities
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 20,435 | | | | | | 25,763 | | |
|
Portfolio Company(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Number of
Shares |
| |
Cost
|
| |
Fair Value(d)
|
| |||||||||
Equity/Other—11.7% | | | | | | | | | | | | | | | | | | | | | | | | | |
5 Arches, LLC, Common Equity
|
| |
(o)(r)
|
| | Diversified Financials | | | | | 10,000 | | | | | $ | 250 | | | | | $ | 250 | | |
Abaco Energy Technologies LLC, Common Equity
|
| |
(n)
|
| | Energy | | | | | 3,055,556 | | | | | | 3,056 | | | | | | 458 | | |
Abaco Energy Technologies LLC, Preferred Equity
|
| |
(n)
|
| | Energy | | | | | 12,734,481 | | | | | | 637 | | | | | | 2,229 | | |
ACP FH Holdings GP, LLC, Common Equity
|
| |
(e)(n)
|
| | Consumer Durables & Apparel | | | | | 88,571 | | | | | | 89 | | | | | | 67 | | |
ACP FH Holdings, LP, Common Equity
|
| |
(e)(n)
|
| | Consumer Durables & Apparel | | | | | 8,768,572 | | | | | | 8,769 | | | | | | 6,668 | | |
Advanced Lighting Technologies, Inc., Common Equity
|
| |
(n)(x)
|
| | Materials | | | | | 265,747 | | | | | | 7,471 | | | | | | 5,900 | | |
Advanced Lighting Technologies, Warrants, 10/4/2027
|
| |
(n)(x)
|
| | Materials | | | | | 4,189 | | | | | | 39 | | | | | | 26 | | |
Altus Power America Holdings, LLC, Common Equity
|
| |
(n)
|
| | Energy | | | | | 462,008 | | | | | | 462 | | | | | | 69 | | |
Altus Power America Holdings, LLC, Preferred Equity
|
| |
(t)
|
| | Energy | | | | | 955,284 | | | | | | 955 | | | | | | 955 | | |
AP Exhaust Holdings, LLC, Class A1 Common Units
|
| |
(n)(r)
|
| | Automobiles & Components | | | | | 84 | | | | | | — | | | | | | — | | |
AP Exhaust Holdings, LLC, Class A1 Preferred Units
|
| |
(n)(r)
|
| | Automobiles & Components | | | | | 8,295 | | | | | | 9,248 | | | | | | 8,378 | | |
Ascent Resources Utica Holdings, LLC, Common Equity
|
| |
(n)(q)
|
| | Energy | | | | | 128,734,129 | | | | | | 38,700 | | | | | | 32,184 | | |
ASG Everglades Holdings, Inc., Common Equity
|
| |
(n)(x)
|
| | Software & Services | | | | | 625,178 | | | | | | 13,475 | | | | | | 30,727 | | |
ASG Everglades Holdings, Inc. Warrants, 6/27/2022
|
| |
(n)(x)
|
| | Software & Services | | | | | 253,704 | | | | | | 7,231 | | | | | | 6,951 | | |
Aspect Software Parent, Inc., Common Equity
|
| |
(n)
|
| | Software & Services | | | | | 403,955 | | | | | | 19,021 | | | | | | — | | |
ATX Holdings, LLC, Common Equity
|
| |
(n)(o)
|
| | Technology Hardware & Equipment | | | | | 72,635 | | | | | | 116 | | | | | | 84 | | |
Aurora Diagnostics Holdings, LLC, Warrants, 5/25/2027
|
| |
(j)(n)
|
| | Health Care Equipment & Services | | | | | 94,193 | | | | | | 686 | | | | | | 673 | | |
BPA Laboratories, Inc., Series A Warrants, 4/29/2024
|
| |
(j)(n)
|
| | Pharmaceuticals, Biotechnology & Life Sciences | | | | | 10,924 | | | | | | — | | | | | | — | | |
BPA Laboratories, Inc., Series B Warrants, 4/29/2024
|
| |
(j)(n)
|
| | Pharmaceuticals, Biotechnology & Life Sciences | | | | | 17,515 | | | | | | — | | | | | | — | | |
Burleigh Point, Ltd., Warrants, 7/16/2020
|
| |
(n)(o)
|
| | Retailing | | | | | 3,451,216 | | | | | | 1,898 | | | | | | 49 | | |
Chisholm Oil and Gas Operating, LLC, Series A Units
|
| |
(n)(r)
|
| | Energy | | | | | 70,947 | | | | | | 71 | | | | | | 70 | | |
Cimarron Energy Holdco Inc., Common Equity
|
| |
(n)
|
| | Energy | | | | | 3,675,487 | | | | | | 3,323 | | | | | | — | | |
Cimarron Energy Holdco Inc., Preferred Equity
|
| |
(n)
|
| | Energy | | | | | 626,806 | | | | | | 627 | | | | | | — | | |
CSF Group Holdings, Inc., Common Equity
|
| |
(n)
|
| | Capital Goods | | | | | 417,400 | | | | | | 417 | | | | | | 292 | | |
Eastman Kodak Co., Common Equity
|
| |
(n)(w)
|
| | Consumer Durables & Apparel | | | | | 1,846 | | | | | | 36 | | | | | | 6 | | |
Escape Velocity Holdings, Inc., Common Equity
|
| |
(n)
|
| | Software & Services | | | | | 33,216 | | | | | | 332 | | | | | | 784 | | |
Fairway Group Holdings Corp., Common Equity
|
| |
(n)
|
| | Food & Staples Retailing | | | | | 31,626 | | | | | | 1,016 | | | | | | — | | |
FourPoint Energy, LLC, Common Equity, Class C-II-A Units
|
| |
(n)(r)
|
| | Energy | | | | | 13,000 | | | | | | 13,000 | | | | | | 3,770 | | |
FourPoint Energy, LLC, Common Equity, Class D Units
|
| |
(n)(r)
|
| | Energy | | | | | 2,437 | | | | | | 1,610 | | | | | | 713 | | |
FourPoint Energy, LLC, Common Equity, Class E-II Units
|
| |
(n)(r)
|
| | Energy | | | | | 29,730 | | | | | | 7,432 | | | | | | 8,547 | | |
FourPoint Energy, LLC, Common Equity, Class E-III Units
|
| |
(n)(r)
|
| | Energy | | | | | 43,875 | | | | | | 10,969 | | | | | | 12,724 | | |
Global Jet Capital Holdings, LP, Preferred Equity
|
| |
(e)(n)
|
| | Commercial & Professional Services | | | | | 62,289 | | | | | | 6,229 | | | | | | 5,606 | | |
H.I.G. Empire Holdco, Inc., Common Equity
|
| |
(n)
|
| | Retailing | | | | | 411 | | | | | | 1,227 | | | | | | 1,226 | | |
Harvey Holdings, LLC, Common Equity
|
| |
(n)
|
| | Capital Goods | | | | | 666,667 | | | | | | 667 | | | | | | 1,700 | | |
Industrial Group Intermediate Holdings, LLC, Common Equity
|
| |
(n)(r)
|
| | Materials | | | | | 2,678,947 | | | | | | 2,679 | | | | | | 4,018 | | |
Portfolio Company(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Number of
Shares |
| |
Cost
|
| |
Fair Value(d)
|
| |||||||||
JMC Acquisition Holdings, LLC, Common Equity
|
| |
(n)
|
| | Capital Goods | | | | | 1,449 | | | | | $ | 1,449 | | | | | $ | 1,964 | | |
JSS Holdco, LLC, Net Profits Interest
|
| |
(n)
|
| | Capital Goods | | | | | 27 | | | | | | — | | | | | | 500 | | |
JW Aluminum Co., Common Equity
|
| |
(e)(k)(n)(x)
|
| | Materials | | | | | 256 | | | | | | — | | | | | | — | | |
JW Aluminum Co., Preferred Equity
|
| |
(e)(k)(x)
|
| | Materials | | | | | 1,184 | | | | | | 12,838 | | | | | | 15,074 | | |
MB Precision Investment Holdings LLC, Class A-2 Units
|
| |
(n)(r)
|
| | Capital Goods | | | | | 2,287,659 | | | | | | 2,288 | | | | | | — | | |
Mood Media Corp., Common Equity
|
| |
(n)(o)(x)
|
| | Media | | | | | 17,400,835 | | | | | | 12,644 | | | | | | 28,659 | | |
North Haven Cadence TopCo, LLC, Common Equity
|
| |
(n)
|
| | Consumer Services | | | | | 2,916,667 | | | | | | 2,917 | | | | | | 4,521 | | |
PDI Parent LLC, Common Equity
|
| |
(n)
|
| | Capital Goods | | | | | 2,076,923 | | | | | | 2,077 | | | | | | 2,181 | | |
Professional Plumbing Group, Inc., Common Equity
|
| |
(e)(n)
|
| | Capital Goods | | | | | 3,000,000 | | | | | | 3,000 | | | | | | 6,900 | | |
PSAV Holdings LLC, Common Equity
|
| |
(n)
|
| | Technology Hardware & Equipment | | | | | 10,000 | | | | | | 10,000 | | | | | | 34,000 | | |
Ridgeback Resources Inc., Common Equity
|
| |
(e)(n)(o)(v)
|
| | Energy | | | | | 817,308 | | | | | | 5,022 | | | | | | 4,962 | | |
Roadhouse Holding Inc., Common Equity
|
| |
(n)(x)
|
| | Consumer Services | | | | | 4,481,763 | | | | | | 4,657 | | | | | | — | | |
S1 Blocker Buyer Inc., Common Equity
|
| | | | | Commercial & Professional Services | | | | | 124 | | | | | | 1,240 | | | | | | 1,887 | | |
SandRidge Energy, Inc., Common Equity
|
| |
(n)(o)(w)
|
| | Energy | | | | | 253,009 | | | | | | 5,647 | | | | | | 5,331 | | |
Sequential Brands Group, Inc., Common Equity
|
| |
(e)(n)(w)
|
| | Consumer Durables & Apparel | | | | | 408,685 | | | | | | 5,517 | | | | | | 727 | | |
Sorenson Communications, Inc., Common Equity
|
| |
(e)(n)
|
| | Telecommunication Services | | | | | 43,796 | | | | | | — | | | | | | 35,917 | | |
SSC Holdco Limited, Common Equity
|
| |
(n)(o)
|
| | Health Care Equipment & Services | | | | | 261,364 | | | | | | 5,227 | | | | | | 6,247 | | |
Sunnova Energy Corp., Common Equity
|
| |
(n)
|
| | Energy | | | | | 384,746 | | | | | | 1,444 | | | | | | — | | |
Sunnova Energy Corp., Preferred Equity
|
| |
(n)
|
| | Energy | | | | | 70,229 | | | | | | 374 | | | | | | 283 | | |
Swift Worldwide Resources Holdco Limited, Common Equity
|
| |
(n)(o)(u)
|
| | Energy | | | | | 1,250,000 | | | | | | 2,010 | | | | | | 687 | | |
TE Holdings, LLC, Common Equity
|
| |
(e)(n)(r)
|
| | Energy | | | | | 717,718 | | | | | | 6,101 | | | | | | 1,166 | | |
TE Holdings, LLC, Preferred Equity
|
| |
(e)(n)
|
| | Energy | | | | | 475,758 | | | | | | 4,751 | | | | | | 4,520 | | |
The Stars Group Inc., Warrants, 5/15/2024
|
| |
(n)(o)
|
| | Consumer Services | | | | | 2,000,000 | | | | | | 16,832 | | | | | | 25,140 | | |
Titan Energy, LLC, Common Equity
|
| |
(e)(n)(w)
|
| | Energy | | | | | 200,040 | | | | | | 6,322 | | | | | | 304 | | |
Warren Resources, Inc., Common Equity
|
| |
(n)(x)
|
| | Energy | | | | | 2,371,337 | | | | | | 11,145 | | | | | | 4,031 | | |
White Star Petroleum Holdings, LLC, Common Equity
|
| |
(n)(r)
|
| | Energy | | | | | 1,613,753 | | | | | | 1,372 | | | | | | 1,210 | | |
Zeta Interactive Holdings Corp., Preferred Equity, Series E-1
|
| |
(n)
|
| | Software & Services | | | | | 620,025 | | | | | | 4,929 | | | | | | 6,015 | | |
Zeta Interactive Holdings Corp., Preferred Equity, Series F
|
| |
(n)
|
| | Software & Services | | | | | 563,932 | | | | | | 4,929 | | | | | | 5,261 | | |
Zeta Interactive Holdings Corp., Warrants, 4/20/2027
|
| |
(n)
|
| | Software & Services | | | | | 84,590 | | | | | | — | | | | | | 294 | | |
Total Equity/Other
|
| | | | | | | | | | | | | | | | 296,470 | | | | | | 332,905 | | |
TOTAL INVESTMENTS—161.2%
|
| | | | | | | | | | | | | | | $ | 4,603,708 | | | | | | 4,597,594 | | |
LIABILITIES IN EXCESS OF OTHER ASSETS—(61.2%)
|
| | | | | | | | | | | | | | | | | | | | | | (1,744,573) | | |
NET ASSETS—100.0%
|
| | | | | | | | | | | | | | | | | | | | | $ | 2,853,021 | | |
|
Portfolio Company
|
| |
Fair Value at
December 31, 2016 |
| |
Transfers
In or Out |
| |
Purchases
and Paid- in-Kind Interest |
| |
Sales and
Repayments |
| |
Accretion
of Discount |
| |
Net
Realized Gain (Loss) |
| |
Net Change in
Unrealized Appreciation (Depreciation) |
| |
Fair Value at
December 31, 2017 |
| |
Interest
Income(3) |
| |
PIK
Income(3) |
| |
Fee
Income(3) |
| |||||||||||||||||||||||||||||||||
Senior Secured Loans—First Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Advanced Lighting Technologies, Inc.
|
| | | $ | — | | | | | $ | — | | | | | $ | 9,055 | | | | | $ | (1,333) | | | | | $ | 63 | | | | | $ | 4 | | | | | $ | 1,429 | | | | | $ | 9,218 | | | | | $ | 265 | | | | | $ | — | | | | | $ | 403 | | |
A.T. Cross Co.(1)
|
| | | | 28,081 | | | | | | (31,027) | | | | | | — | | | | | | — | | | | | | (682) | | | | | | — | | | | | | 3,628 | | | | | | — | | | | | | (682) | | | | | | — | | | | | | — | | |
ASG Everglades Holdings, Inc.
|
| | | | 80,505 | | | | | | — | | | | | | 12,509 | | | | | | (91,824) | | | | | | 24 | | | | | | 148 | | | | | | (1,362) | | | | | | — | | | | | | 4,540 | | | | | | 508 | | | | | | — | | |
Logan’s Roadhouse, Inc.(2)
|
| | | | — | | | | | | — | | | | | | 5,437 | | | | | | (760) | | | | | | — | | | | | | — | | | | | | (8) | | | | | | 4,669 | | | | | | — | | | | | | 544 | | | | | | — | | |
Warren Resources, Inc.
|
| | | | 42,122 | | | | | | — | | | | | | 428 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,063 | | | | | | 43,613 | | | | | | 4,379 | | | | | | 428 | | | | | | (180) | | |
Senior Secured Loans—Second Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
ASG Everglades Holdings, Inc.
|
| | | | 26,179 | | | | | | — | | | | | | — | | | | | | (26,989) | | | | | | 408 | | | | | | 6,392 | | | | | | (5,990) | | | | | | — | | | | | | 2,312 | | | | | | — | | | | | | 1,349 | | |
JW Aluminum Co.
|
| | | | 34,410 | | | | | | — | | | | | | 132 | | | | | | (76) | | | | | | 2 | | | | | | — | | | | | | (86) | | | | | | 34,382 | | | | | | 3,198 | | | | | | 132 | | | | | | — | | |
Logan’s Roadhouse, Inc.
|
| | | | 10,355 | | | | | | — | | | | | | 3,794 | | | | | | — | | | | | | 22 | | | | | | — | | | | | | (7,400) | | | | | | 6,771 | | | | | | 22 | | | | | | 743 | | | | | | — | | |
Senior Secured Bonds | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Advanced Lighting Technologies, Inc.
|
| | | | — | | | | | | — | | | | | | 10,278 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 10,278 | | | | | | 152 | | | | | | — | | | | | | — | | |
Mood Media Corp.
|
| | | | — | | | | | | 23,104 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 115 | | | | | | 23,219 | | | | | | 3,746 | | | | | | — | | | | | | — | | |
Subordinated Debt | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mood Media Corp.
|
| | | | — | | | | | | 6,103 | | | | | | — | | | | | | (6,930) | | | | | | 47 | | | | | | 780 | | | | | | — | | | | | | — | | | | | | 463 | | | | | | — | | | | | | — | | |
Equity/Other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Advanced Lighting Technologies, Inc., Common Equity
|
| | | | — | | | | | | — | | | | | | 7,471 | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,571) | | | | | | 5,900 | | | | | | — | | | | | | — | | | | | | — | | |
Advanced Lighting Technologies, Warrants, 10/4/2027
|
| | | | — | | | | | | — | | | | | | 39 | | | | | | — | | | | | | — | | | | | | — | | | | | | (13) | | | | | | 26 | | | | | | — | | | | | | — | | | | | | — | | |
A.T. Cross Co., Common Equity, Class A Units(1)
|
| | | | — | | | | | | (1,000) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
A.T. Cross Co., Preferred Equity, Class A-1 Units(1)
|
| | | | — | | | | | | (243) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 243 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
A.T. Cross Co., GSO Special Unit(1)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
ASG Everglades Holdings, Inc., Common Equity
|
| | | | 29,477 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,250 | | | | | | 30,727 | | | | | | — | | | | | | — | | | | | | — | | |
ASG Everglades Holdings, Inc., 6/27/2022, Warrants
|
| | | | 6,444 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 507 | | | | | | 6,951 | | | | | | — | | | | | | — | | | | | | — | | |
JW Aluminum Co., Common Equity
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
JW Aluminum Co., Preferred Equity
|
| | | | 11,854 | | | | | | — | | | | | | 1,559 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,661 | | | | | | 15,074 | | | | | | 222 | | | | | | 1,559 | | | | | | — | | |
Mood Media Corp.
|
| | | | — | | | | | | 7,136 | | | | | | 5,508 | | | | | | — | | | | | | — | | | | | | — | | | | | | 16,015 | | | | | | 28,659 | | | | | | — | | | | | | — | | | | | | — | | |
Roadhouse Holding Inc., Common Equity
|
| | | | 5,472 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (5,472) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Warren Resources, Inc., Common Equity
|
| | | | 10,197 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (6,166) | | | | | | 4,031 | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | $ | 285,096 | | | | | $ | 4,073 | | | | | $ | 56,210 | | | | | $ | (127,912) | | | | | $ | (116) | | | | | $ | 7,324 | | | | | $ | (1,157) | | | | | $ | 223,518 | | | | | $ | 18,617 | | | | | $ | 3,914 | | | | | $ | 1,572 | | |
|
Portfolio Company
|
| |
Fair Value at
December 31, 2016 |
| |
Transfers
In or Out |
| |
Purchases
and Paid- in-Kind Interest |
| |
Sales and
Repayments |
| |
Accretion
of Discount |
| |
Net
Realized Gain (Loss) |
| |
Net Change in
Unrealized Appreciation (Depreciation) |
| |
Fair Value at
December 31, 2017 |
| |
Interest
Income(2) |
| |
PIK
Income(2) |
| |
Fee
Income(2) |
| |||||||||||||||||||||||||||||||||
Senior Secured Loans—First Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
A.T. Cross Co.(1)
|
| | | $ | — | | | | | $ | 31,027 | | | | | $ | 9,654 | | | | | $ | (11,099) | | | | | $ | — | | | | | $ | (29,582) | | | | | $ | — | | | | | $ | — | | | | | $ | 664 | | | | | $ | 553 | | | | | $ | — | | |
Equity/Other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
A.T. Cross Co., Common Equity, Class A Units(1)
|
| | | | — | | | | | | 1,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,000) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
A.T. Cross Co., Preferred Equity, Class A-1 Units(1)
|
| | | | — | | | | | | 243 | | | | | | — | | | | | | — | | | | | | — | | | | | | (243) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
A.T. Cross Co., GSO Special Unit(1)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | $ | — | | | | | $ | 32,270 | | | | | $ | 9,654 | | | | | $ | (11,099) | | | | | $ | — | | | | | $ | (30,825) | | | | | $ | — | | | | | $ | — | | | | | $ | 664 | | | | | $ | 553 | | | | | $ | — | | |
|
| | |
Nine Months Ended September 30,
|
| |||||||||||||||||||||
| | |
2018
|
| |
2017
|
| ||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||
Reinvestment of Distributions
|
| | | | 9,802,626 | | | | | $ | 84,192 | | | | | | 10,255,691 | | | | | $ | 92,207 | | |
Share Repurchase Program
|
| | | | (10,072,672) | | | | | | (86,976) | | | | | | (10,211,257) | | | | | | (92,570) | | |
Net Proceeds from Share Transactions
|
| | | | (270,046) | | | | | $ | (2,784) | | | | | | 44,434 | | | | | $ | 337 | | |
For the Three Months Ended
|
| |
Repurchase
Date |
| |
Shares
Repurchased |
| |
Percentage of
Shares Tendered That Were Repurchased |
| |
Percentage of
Outstanding Shares Repurchased as of the Repurchase Date |
| |
Repurchase
Price Per Share |
| |
Aggregate
Consideration for Repurchased Shares |
| |||||||||||||||
Fiscal 2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
December 31, 2016
|
| |
January 3, 2017
|
| | | | 2,344,810 | | | | | | 100% | | | | | | 0.72% | | | | | $ | 8.950 | | | | | $ | 20,986 | | |
March 31, 2017
|
| |
April 3, 2017
|
| | | | 3,353,328 | | | | | | 100% | | | | | | 1.02% | | | | | $ | 9.100 | | | | | | 30,515 | | |
June 30, 2017
|
| |
July 3, 2017
|
| | | | 4,513,119 | | | | | | 100% | | | | | | 1.38% | | | | | $ | 9.100 | | | | | | 41,069 | | |
Total
|
| | | | | | | 10,211,257 | | | | | | | | | | | | | | | | | | | | | | | $ | 92,570 | | |
Fiscal 2018 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
December 31, 2017
|
| |
January 12, 2018
|
| | | | 3,408,305 | | | | | | 28% | | | | | | 1.04% | | | | | $ | 8.800 | | | | | $ | 29,993 | | |
March 31, 2018
|
| |
April 2, 2018
|
| | | | 3,367,488 | | | | | | 21% | | | | | | 1.03% | | | | | $ | 8.600 | | | | | | 28,960 | | |
June 30, 2018
|
| |
July 3, 2018
|
| | | | 3,296,879 | | | | | | 20% | | | | | | 1.01% | | | | | $ | 8.500 | | | | | | 28,023 | | |
Total
|
| | | | | | | 10,072,672 | | | | | | | | | | | | | | | | | | | | | | | $ | 86,976 | | |
|
| | | | | | | | |
Three Months Ended
September 30, |
| |
Nine Months Ended
September 30, |
| ||||||||||||||||||
Related Party
|
| |
Source Agreement
|
| |
Description
|
| |
2018
|
| |
2017
|
| |
2018
|
| |
2017
|
| ||||||||||||
FSIC II Advisor
and FS/KKR Advisor |
| | FSIC II Advisor Investment Advisory and Administrative Services Agreement and FS/KKR Advisor Investment Advisory and Administrative Services Agreement |
| | Base Management Fee(1) |
| | | $ |
17,567 |
| | | | $ |
22,547 |
| | | | $ |
58,307 |
| | | | $ |
67,379 |
| |
FSIC II Advisor
and FS/KKR Advisor |
| | FSIC II Advisor Investment Advisory and Administrative Services Agreement and FS/KKR Advisor Investment Advisory and Administrative Services Agreement |
| | Subordinated Incentive Fee on Income(2) |
| | | $ |
11,939 |
| | | | $ |
10,137 |
| | | | $ |
18,994 |
| | | | $ |
42,352 |
| |
FSIC II Advisor
and FS/KKR Advisor |
| | FSIC II Advisor Investment Advisory and Administrative Services Agreement and FS/KKR Advisor Investment Advisory and Administrative Services Agreement |
| | Administrative Services Expenses(3) |
| | | $ |
799 |
| | | | $ |
799 |
| | | | $ |
2,371 |
| | | | $ |
2,530 |
| |
| | |
Distribution
|
| |||||||||
For the Three Months Ended
|
| |
Per Share
|
| |
Amount
|
| ||||||
Fiscal 2017 | | | | | | | | | | | | | |
March 31, 2017
|
| | | $ | 0.1885 | | | | | $ | 61,436 | | |
June 30, 2017
|
| | | | 0.1885 | | | | | | 61,505 | | |
September 30, 2017
|
| | | | 0.1885 | | | | | | 61,277 | | |
Total
|
| | | $ | 0.5655 | | | | | $ | 184,218 | | |
Fiscal 2018 | | | | | | | | | | | | | |
March 31, 2018
|
| | | $ | 0.1885 | | | | | $ | 61,153 | | |
June 30, 2018
|
| | | | 0.1885 | | | | | | 61,146 | | |
September 30, 2018
|
| | | | 0.1885 | | | | | | 61,137 | | |
Total
|
| | | $ | 0.5655 | | | | | $ | 183,436 | | |
| | |
Nine Months Ended September 30,
|
| |||||||||||||||||||||
| | |
2018
|
| |
2017
|
| ||||||||||||||||||
Source of Distribution
|
| |
Distribution
Amount |
| |
Percentage
|
| |
Distribution
Amount |
| |
Percentage
|
| ||||||||||||
Offering proceeds
|
| | | $ | — | | | | | | — | | | | | $ | — | | | | | | — | | |
Borrowings
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net investment income(1)
|
| | | | 183,436 | | | | | | 100% | | | | | | 184,218 | | | | | | 100% | | |
Short-term capital gains proceeds from the sale of assets
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Long-term capital gains proceeds from the sale of assets
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Non-capital gains proceeds from the sale of assets
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Distributions on account of preferred and common equity
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | $ | 183,436 | | | | | | 100% | | | | | $ | 184,218 | | | | | | 100% | | |
| | |
Nine Months Ended
September 30, |
| |||||||||
| | |
2018
|
| |
2017
|
| ||||||
GAAP-basis net investment income
|
| | | $ | 178,239 | | | | | $ | 194,842 | | |
Income subject to tax not recorded for GAAP
|
| | | | 2,538 | | | | | | (2,111) | | |
GAAP versus tax-basis impact of consolidation of certain subsidiaries
|
| | | | 5,192 | | | | | | 5,901 | | |
Reclassification of unamortized original issue discount, prepayment fees and other income
|
| | | | (16,781) | | | | | | (13,822) | | |
Other miscellaneous differences
|
| | | | (231) | | | | | | 429 | | |
Tax-basis net investment income
|
| | | $ | 168,957 | | | | | $ | 185,239 | | |
|
| | |
September 30, 2018
(Unaudited) |
| |
December 31, 2017
|
| ||||||
Distributable ordinary income
|
| | | $ | 56,005 | | | | | $ | 70,483 | | |
Capital loss carryover(1)
|
| | | | (160,845) | | | | | | (202,496) | | |
Other temporary differences
|
| | | | (136) | | | | | | (168) | | |
Net unrealized appreciation (depreciation) on investments and secured
borrowing and gain (loss) on foreign currency(2) |
| | | | (203,351) | | | | | | (20,073) | | |
Total
|
| | | $ | (308,327) | | | | | $ | (152,254) | | |
|
| | |
September 30, 2018
(Unaudited) |
| |
December 31, 2017
|
| ||||||||||||||||||||||||||||||
| | |
Amortized
Cost(1) |
| |
Fair Value
|
| |
Percentage
of Portfolio |
| |
Amortized
Cost(1) |
| |
Fair Value
|
| |
Percentage
of Portfolio |
| ||||||||||||||||||
Senior Secured Loans—First Lien
|
| | | $ | 3,400,523 | | | | | $ | 3,313,859 | | | | | | 77% | | | | | $ | 3,408,133 | | | | | $ | 3,421,070 | | | | | | 74% | | |
Senior Secured Loans—Second Lien
|
| | | | 366,321 | | | | | | 278,162 | | | | | | 6% | | | | | | 385,761 | | | | | | 327,135 | | | | | | 7% | | |
Senior Secured Bonds
|
| | | | 182,439 | | | | | | 179,191 | | | | | | 4% | | | | | | 123,045 | | | | | | 124,673 | | | | | | 3% | | |
Subordinated Debt
|
| | | | 255,303 | | | | | | 257,023 | | | | | | 6% | | | | | | 369,864 | | | | | | 366,048 | | | | | | 8% | | |
Collateralized Securities
|
| | | | 19,752 | | | | | | 23,435 | | | | | | 1% | | | | | | 20,435 | | | | | | 25,763 | | | | | | 1% | | |
Equity/Other
|
| | | | 261,293 | | | | | | 281,874 | | | | | | 6% | | | | | | 296,470 | | | | | | 332,905 | | | | | | 7% | | |
Total
|
| | | $ | 4,485,631 | | | | | $ | 4,333,544 | | | | | | 100% | | | | | $ | 4,603,708 | | | | | $ | 4,597,594 | | | | | | 100% | | |
|
| | |
September 30, 2018
(Unaudited) |
| |
December 31, 2017
|
| ||||||||||||||||||
Industry Classification
|
| |
Fair Value
|
| |
Percentage
of Portfolio |
| |
Fair Value
|
| |
Percentage
of Portfolio |
| ||||||||||||
Automobiles & Components
|
| | | $ | 36,905 | | | | | | 1% | | | | | $ | 33,322 | | | | | | 1% | | |
Capital Goods
|
| | | | 980,002 | | | | | | 23% | | | | | | 787,878 | | | | | | 17% | | |
Commercial & Professional Services
|
| | | | 265,368 | | | | | | 6% | | | | | | 501,745 | | | | | | 11% | | |
Consumer Durables & Apparel
|
| | | | 231,340 | | | | | | 5% | | | | | | 351,135 | | | | | | 8% | | |
Consumer Services
|
| | | | 256,719 | | | | | | 6% | | | | | | 394,163 | | | | | | 9% | | |
Diversified Financials
|
| | | | 88,839 | | | | | | 2% | | | | | | 76,847 | | | | | | 2% | | |
Energy
|
| | | | 415,953 | | | | | | 10% | | | | | | 499,739 | | | | | | 11% | | |
Food & Staples Retailing
|
| | | | 22,295 | | | | | | 1% | | | | | | 3,477 | | | | | | 0% | | |
Food, Beverage & Tobacco
|
| | | | 82,630 | | | | | | 2% | | | | | | 52,484 | | | | | | 1% | | |
Health Care Equipment & Services
|
| | | | 353,213 | | | | | | 8% | | | | | | 261,085 | | | | | | 6% | | |
Insurance
|
| | | | 112,401 | | | | | | 3% | | | | | | 118,271 | | | | | | 2% | | |
Materials
|
| | | | 298,235 | | | | | | 7% | | | | | | 423,964 | | | | | | 9% | | |
Media
|
| | | | 277,914 | | | | | | 6% | | | | | | 298,418 | | | | | | 6% | | |
Pharmaceuticals, Biotechnology & Life Sciences
|
| | | | — | | | | | | — | | | | | | 3,239 | | | | | | 0% | | |
Retailing
|
| | | | 312,323 | | | | | | 7% | | | | | | 182,631 | | | | | | 4% | | |
Semiconductors & Semiconductor Equipment
|
| | | | 15,511 | | | | | | 0% | | | | | | 18,069 | | | | | | 0% | | |
Software & Services
|
| | | | 390,376 | | | | | | 9% | | | | | | 284,561 | | | | | | 6% | | |
Technology Hardware & Equipment
|
| | | | 25,532 | | | | | | 1% | | | | | | 78,154 | | | | | | 2% | | |
Telecommunication Services
|
| | | | 147,882 | | | | | | 3% | | | | | | 147,780 | | | | | | 3% | | |
Transportation
|
| | | | 20,106 | | | | | | 0% | | | | | | 80,632 | | | | | | 2% | | |
Total
|
| | | $ | 4,333,544 | | | | | | 100% | | | | | $ | 4,597,594 | | | | | | 100% | | |
|
Valuation Inputs
|
| |
September 30, 2018
(Unaudited) |
| |
December 31, 2017
|
| ||||||
Level 1—Price quotations in active markets
|
| | | $ | 914 | | | | | $ | 6,368 | | |
Level 2—Significant other observable inputs
|
| | | | 838,933 | | | | | | — | | |
Level 3—Significant unobservable inputs
|
| | | | 3,493,697 | | | | | | 4,591,226 | | |
Total
|
| | | $ | 4,333,544 | | | | | $ | 4,597,594 | | |
|
| | |
For the Nine Months Ended September 30, 2018
|
| |||||||||||||||||||||||||||||||||||||||
| | |
Senior Secured
Loans—First Lien |
| |
Senior Secured
Loans—Second Lien |
| |
Senior
Secured Bonds |
| |
Subordinated
Debt |
| |
Collateralized
Securities |
| |
Equity/
Other |
| |
Total
|
| |||||||||||||||||||||
Fair value at beginning of period
|
| | | $ | 3,421,070 | | | | | $ | 327,135 | | | | | $ | 124,673 | | | | | $ | 366,048 | | | | | $ | 25,763 | | | | | $ | 326,537 | | | | | $ | 4,591,226 | | |
Accretion of discount (amortization of premium)
|
| | | | 2,272 | | | | | | 57 | | | | | | 414 | | | | | | — | | | | | | 4 | | | | | | 117 | | | | | | 2,864 | | |
Net realized gain (loss)
|
| | | | (25,716) | | | | | | 611 | | | | | | (1,846) | | | | | | — | | | | | | — | | | | | | 32,186 | | | | | | 5,235 | | |
Net change in unrealized appreciation (depreciation)
|
| | | | (97,573) | | | | | | (30,768) | | | | | | (4,502) | | | | | | (1,404) | | | | | | (1,645) | | | | | | (14,013) | | | | | | (149,905) | | |
Purchases
|
| | | | 826,657 | | | | | | 92,816 | | | | | | 3,370 | | | | | | 18,782 | | | | | | 912 | | | | | | 31,266 | | | | | | 973,803 | | |
Paid-in-kind interest
|
| | | | 3,773 | | | | | | 1,339 | | | | | | 2,636 | | | | | | 2,444 | | | | | | — | | | | | | 3,065 | | | | | | 13,257 | | |
Sales and repayments
|
| | | | (841,856) | | | | | | (134,310) | | | | | | (18,691) | | | | | | (58,206) | | | | | | (1,599) | | | | | | (96,322) | | | | | | (1,150,984) | | |
Net transfers in or out of Level 3(1)
|
| | | | (392,341) | | | | | | (82,804) | | | | | | (7,058) | | | | | | (303,910) | | | | | | — | | | | | | (5,686) | | | | | | (791,799) | | |
Fair value at end of period
|
| | | $ | 2,896,286 | | | | | $ | 174,076 | | | | | $ | 98,996 | | | | | $ | 23,754 | | | | | $ | 23,435 | | | | | $ | 277,150 | | | | | $ | 3,493,697 | | |
The amount of total gains or
losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date |
| | | $ | (85,430) | | | | | $ | (29,344) | | | | | $ | (5,544) | | | | | $ | (809) | | | | | $ | (1,645) | | | | | $ | 15,558 | | | | | $ | (107,214) | | |
|
| | |
For the Nine Months Ended September 30, 2017
|
| |||||||||||||||||||||||||||||||||||||||
| | |
Senior Secured
Loans—First Lien |
| |
Senior Secured
Loans—Second Lien |
| |
Senior
Secured Bonds |
| |
Subordinated
Debt |
| |
Collateralized
Securities |
| |
Equity/
Other |
| |
Total
|
| |||||||||||||||||||||
Fair value at beginning of period
|
| | | $ | 2,864,089 | | | | | $ | 718,971 | | | | | $ | 148,085 | | | | | $ | 402,397 | | | | | $ | 23,173 | | | | | $ | 331,297 | | | | | $ | 4,488,012 | | |
Accretion of discount (amortization of premium)
|
| | | | 4,257 | | | | | | 12,330 | | | | | | 418 | | | | | | 2,533 | | | | | | 4 | | | | | | — | | | | | | 19,542 | | |
Net realized gain (loss)
|
| | | | 4,315 | | | | | | (16,697) | | | | | | (18,593) | | | | | | (14,935) | | | | | | (167) | | | | | | (3,122) | | | | | | (49,199) | | |
Net change in unrealized appreciation (depreciation)
|
| | | | 11,743 | | | | | | (10,215) | | | | | | 26,019 | | | | | | 45,308 | | | | | | (945) | | | | | | (10,173) | | | | | | 61,737 | | |
Purchases
|
| | | | 1,165,253 | | | | | | 126,861 | | | | | | 25,468 | | | | | | 134,356 | | | | | | — | | | | | | 35,844 | | | | | | 1,487,782 | | |
Paid-in-kind interest
|
| | | | 7,537 | | | | | | 9,470 | | | | | | 23 | | | | | | 2,059 | | | | | | — | | | | | | 1,099 | | | | | | 20,188 | | |
Sales and repayments
|
| | | | (821,782) | | | | | | (508,516) | | | | | | (1,497) | | | | | | (65,062) | | | | | | (2,805) | | | | | | (9,994) | | | | | | (1,409,656) | | |
Net transfers in or out of Level 3
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Fair value at end of period
|
| | | $ | 3,235,412 | | | | | $ | 332,204 | | | | | $ | 179,923 | | | | | $ | 506,656 | | | | | $ | 19,260 | | | | | $ | 344,951 | | | | | $ | 4,618,406 | | |
The amount of total gains or
losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date |
| | | $ | (3,650) | | | | | $ | (21,506) | | | | | $ | 5,632 | | | | | $ | 12,402 | | | | | $ | (512) | | | | | $ | (37,227) | | | | | $ | (44,861) | | |
|
| | |
For the Nine
Months Ended September 30, 2017 |
| |||
Fair value at beginning of period
|
| | | $ | (8,273) | | |
Amortization of premium (accretion of discount)
|
| | | | (13) | | |
Net realized gain (loss)
|
| | | | — | | |
Net change in unrealized (appreciation) depreciation
|
| | | | (26) | | |
Proceeds from secured borrowing
|
| | | | — | | |
Paid-in-kind interest
|
| | | | — | | |
Repayments on secured borrowing
|
| | | | — | | |
Net transfers in or out of Level 3
|
| | | | — | | |
Fair value at end of period
|
| | | $ | (8,312) | | |
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to a secured borrowing still held at the reporting date
|
| | | $ | (26) | | |
|
Type of Investment
|
| |
Fair Value at
September 30, 2018 (Unaudited) |
| |
Valuation
Technique(1) |
| |
Unobservable Input
|
| |
Range
|
| |
Weighted
Average |
| |||
Senior Secured
Loans—First Lien |
| | |
$
|
2,679,875
|
| | |
Market Comparables
|
| | Market Yield (%) | | |
6.4% – 21.8%
|
| |
10.3%
|
|
| | | | | | | | | | | | EBITDA Multiples (x) | | |
4.8x – 9.0x
|
| |
8.0x
|
|
| | | |
|
216,411
|
| | | Other(2) | | | Other | | |
N/A
|
| |
N/A
|
|
Senior Secured
Loans—Second Lien |
| | |
|
160,705
|
| | |
Market Comparables
|
| | Market Yield (%) | | |
8.6% – 15.0%
|
| |
12.7%
|
|
| | | | | | | | | | | | EBITDA Multiples (x) | | |
4.8x – 5.3x
|
| |
5.0x
|
|
| | | |
|
13,371
|
| | | Other(2) | | | Other | | |
N/A
|
| |
N/A
|
|
Senior Secured Bonds
|
| | |
|
98,996
|
| | |
Market Comparables
|
| | Market Yield (%) | | |
6.6% – 12.8%
|
| |
8.3%
|
|
| | | | | | | | | | | | EBITDA Multiples (x) | | |
6.9x – 9.0x
|
| |
7.6x
|
|
Subordinated Debt
|
| | |
|
23,754
|
| | |
Market Comparables
|
| | Market Yield (%) | | |
14.8% – 20.3%
|
| |
15.4%
|
|
| | | | | | | | | | | | EBITDA Multiples (x) | | |
12.5x – 13.0x
|
| |
12.8x
|
|
Collateralized Securities
|
| | |
|
23,435
|
| | | Market Quotes | | | Indicative Dealer Quotes | | |
60.6% – 100.3%
|
| |
65.1%
|
|
Equity/Other
|
| | |
|
254,841
|
| | |
Market Comparables
|
| | Market Yield (%) | | |
17.5% – 18.7%
|
| |
18.1%
|
|
| | | | | | | | | | | | Capacity Multiple ($/kW) | | |
$1,875.0 – $2,125.0
|
| |
$2,000.0
|
|
| | | | | | | | | | | | EBITDA Multiples (x) | | |
4.8x – 14.2x
|
| |
7.9x
|
|
| | | | | | | | | | | | Production Multiples (Mboe/d) | | |
$36,250.0 – $53,750.0
|
| |
$49,760.3
|
|
| | | | | | | | | | | | Production Multiples (MMcfe/d) | | |
$4,200.0 – $4,700.0
|
| |
$4,450.0
|
|
| | | | | | | | | | | | Proved Reserves Multiples (Bcfe) | | |
$1.2 – $1.3
|
| |
$1.2
|
|
| | | | | | | | | | | |
Proved Reserves Multiples (Mmboe)
|
| |
$8.3 – $18.0
|
| |
$16.3
|
|
| | | | | | | | | | | | PV-10 Multiples (x) | | |
1.1x – 2.4x
|
| |
2.1x
|
|
| | | | | | | | |
Discounted Cash
Flow |
| | Discount Rate (%) | | |
14.5% – 15.5%
|
| |
15.0%
|
|
| | | | | | | | |
Option Valuation
Model |
| | Volatility (%) | | |
25.0% – 25.0%
|
| |
25.0%
|
|
| | | |
|
22,309
|
| | | Other(2) | | | Other | | |
N/A
|
| |
N/A
|
|
Total
|
| | |
$
|
3,493,697
|
| | | | | | | | | | | | | |
|
Type of Investment
|
| |
Fair Value at
December 31, 2017 |
| |
Valuation
Technique(1) |
| |
Unobservable Input
|
| |
Range
|
| |
Weighted
Average |
| |||
Senior Secured Loans—First
Lien |
| | |
$
|
2,947,886
|
| | |
Market Comparables
|
| | Market Yield (%) | | |
4.8% – 14.0%
|
| |
9.2%
|
|
| | | | | | | | | | | | EBITDA Multiples (x) | | |
5.0x – 8.0x
|
| |
7.3x
|
|
| | | |
|
80,848
|
| | | Other(2) | | | Other | | |
N/A
|
| |
N/A
|
|
| | | |
|
392,336
|
| | | Market Quotes | | | Indicative Dealer Quotes | | |
25.0% – 102.8%
|
| |
98.2%
|
|
Senior Secured Loans—Second Lien
|
| | |
|
244,330
|
| | |
Market Comparables
|
| | Market Yield (%) | | |
8.3% – 20.7%
|
| |
14.2%
|
|
| | | | | | | | | | | | EBITDA Multiples (x) | | |
5.0x – 6.5x
|
| |
6.1x
|
|
| | | |
|
82,805
|
| | | Market Quotes | | | Indicative Dealer Quotes | | |
13.2% – 102.3%
|
| |
89.2%
|
|
Senior Secured Bonds
|
| | |
|
89,268
|
| | |
Market Comparables
|
| | Market Yield (%) | | |
7.7% – 12.3%
|
| |
8.7%
|
|
| | | | | | | | | | | | EBITDA Multiples (x) | | |
4.8x – 8.0x
|
| |
7.7x
|
|
| | | | | | | | | | | | Production Multiples (Mboe/d) | | |
$42,250.0 – $44,750.0
|
| |
$43,500.0
|
|
| | | | | | | | | | | |
Proved Reserves Multiples (Mmboe)
|
| |
$10.3 – $11.3
|
| |
$10.8
|
|
| | | | | | | | | | | | PV-10 Multiples (x) | | |
0.8x – 0.8x
|
| |
0.8x
|
|
| | | |
|
28,347
|
| | | Other(2) | | | Other | | |
N/A
|
| |
N/A
|
|
| | | |
|
7,058
|
| | | Market Quotes | | | Indicative Dealer Quotes | | |
100.5% – 100.5%
|
| |
100.5%
|
|
Subordinated Debt
|
| | |
|
62,138
|
| | |
Market Comparables
|
| | Market Yield (%) | | |
7.8% – 14.8%
|
| |
10.2%
|
|
| | | | | | | | | | | | EBITDA Multiples (x) | | |
10.5x – 11.0x
|
| |
10.8x
|
|
| | | |
|
303,910
|
| | | Market Quotes | | | Indicative Dealer Quotes | | |
52.0% – 108.5%
|
| |
97.9%
|
|
Collateralized Securities
|
| | |
|
25,763
|
| | | Market Quotes | | | Indicative Dealer Quotes | | |
63.3% – 100.2%
|
| |
72.1%
|
|
Equity/Other
|
| | |
|
260,420
|
| | |
Market Comparables
|
| | Market Yield (%) | | |
15.3% – 15.8%
|
| |
15.5%
|
|
| | | | | | | | | | | | Capacity Multiple ($/kW) | | |
$2,000.0 – $2,250.0
|
| |
$2,125.0
|
|
| | | | | | | | | | | | EBITDA Multiples (x) | | |
4.8x – 23.5x
|
| |
7.9x
|
|
| | | | | | | | | | | | Production Multiples (Mboe/d) | | |
$32,500.0 – $51,250.0
|
| |
$35,881.4
|
|
| | | | | | | | | | | | Production Multiples (MMcfe/d) | | |
$5,000.0 – $5,500.0
|
| |
$5,250.0
|
|
| | | | | | | | | | | | Proved Reserves Multiples (Bcfe) | | |
$1.8 – $2.0
|
| |
$1.9
|
|
| | | | | | | | | | | |
Proved Reserves Multiples (Mmboe)
|
| |
$8.3 – $11.3
|
| |
$8.9
|
|
| | | | | | | | | | | | PV-10 Multiples (x) | | |
0.8x – 2.6x
|
| |
2.2x
|
|
| | | | | | | | | Discounted Cash Flow | | | Discount Rate (%) | | |
11.0% – 13.0%
|
| |
12.0%
|
|
| | | | | | | | | Option Valuation Model | | | Volatility (%) | | |
30.0% – 36.5%
|
| |
35.4%
|
|
| | | |
|
60,431
|
| | | Other(2) | | | Other | | |
N/A
|
| |
N/A
|
|
| | | |
|
5,686
|
| | | Market Quotes | | | Indicative Dealer Quotes | | |
0.0% – 9.8%
|
| |
8.1%
|
|
Total
|
| | |
$
|
4,591,226
|
| | | | | | | | | | | | | |
|
| | |
As of September 30, 2018
(Unaudited) |
| ||||||||||||||||||
Arrangement(1)
|
| |
Type of Arrangement
|
| |
Rate
|
| |
Amount
Outstanding |
| |
Amount
Available |
| |
Maturity
Date |
| ||||||
Green Creek Credit Facility
|
| |
Term Loan Credit Facility
|
| |
L+2.50%
|
| | | $ | 500,000 | | | | | $ | — | | | |
December 15, 2019
|
|
Cooper River Credit Facility
|
| |
Revolving Credit Facility
|
| |
L+2.25%
|
| | | | 132,000 | | | | | | 68,000 | | | |
May 29, 2020
|
|
Darby Creek Credit Facility
|
| |
Revolving Credit Facility
|
| |
L+2.50%
|
| | | | 135,000 | | | | | | 115,000 | | | |
August 19, 2020
|
|
Juniata River Credit Facility
|
| |
Term Loan Credit Facility
|
| |
L+2.68%
|
| | | | 850,000 | | | | | | — | | | |
October 11, 2020
|
|
Senior Secured Revolving Credit Facility
|
| |
Revolving Credit Facility
|
| |
L+2.00% – 2.25%(2)
|
| | | | 276,394(3) | | | | | | 373,606 | | | |
August 9, 2023
|
|
Total
|
| | | | | | | | | $ | 1,893,394 | | | | | $ | 556,606 | | | | | |
| | |
As of December 31, 2017
|
| ||||||||||||||||||
Arrangement(1)
|
| |
Type of Arrangement
|
| |
Rate
|
| |
Amount
Outstanding |
| |
Amount
Available |
| |
Maturity
Date |
| ||||||
Green Creek Credit Facility
|
| |
Term Loan Credit Facility
|
| |
L+2.50%
|
| | | $ | 500,000 | | | | | $ | — | | | |
December 15, 2019
|
|
Cooper River Credit Facility
|
| |
Revolving Credit Facility
|
| |
L+2.25%
|
| | | | 180,933 | | | | | | 19,067 | | | |
May 29, 2020
|
|
Wissahickon Creek Credit Facility
|
| |
Revolving Credit Facility
|
| |
L+1.50% to L+2.50%
|
| | | | 240,146 | | | | | | 9,854 | | | |
February 18, 2022
|
|
Darby Creek Credit Facility
|
| |
Revolving Credit Facility
|
| |
L+2.50%
|
| | | | 250,000 | | | | | | — | | | |
August 19, 2020
|
|
Dunning Creek Credit Facility
|
| |
Revolving Credit Facility
|
| |
L+1.80%
|
| | | | 150,000 | | | | | | — | | | |
May 14, 2018
|
|
Juniata River Credit Facility
|
| |
Term Loan Credit Facility
|
| |
L+2.68%
|
| | | | 850,000 | | | | | | — | | | |
October 11, 2020
|
|
FSIC II Revolving Credit Facility
|
| |
Revolving Credit Facility
|
| |
See Note(2)
|
| | | | 13,400(3) | | | | | | 106,600 | | | |
February 23, 2021
|
|
Total
|
| | | | | | | | | $ | 2,184,479 | | | | | $ | 135,521 | | | | | |
| | |
Three Months Ended September 30,
|
| |||||||||||||||||||||||||||||||||
| | |
2018
|
| |
2017
|
| ||||||||||||||||||||||||||||||
Arrangement(1)
|
| |
Direct
Interest Expense(2) |
| |
Amortization of
Deferred Financing Costs |
| |
Total
Interest Expense |
| |
Direct
Interest Expense(2) |
| |
Amortization of
Deferred Financing Costs |
| |
Total
Interest Expense |
| ||||||||||||||||||
Green Creek Credit Facility
|
| | | $ | 6,187 | | | | | $ | 315 | | | | | $ | 6,502 | | | | | $ | 4,655 | | | | | $ | 125 | | | | | $ | 4,780 | | |
Cooper River Credit Facility
|
| | | | 1,901 | | | | | | 117 | | | | | | 2,018 | | | | | | 1,628 | | | | | | 117 | | | | | | 1,745 | | |
Wissahickon Creek Credit Facility
|
| | | | 1,118 | | | | | | 1,816 | | | | | | 2,934 | | | | | | 2,289 | | | | | | 266 | | | | | | 2,555 | | |
Darby Creek Credit Facility
|
| | | | 2,243 | | | | | | 139 | | | | | | 2,382 | | | | | | 2,567 | | | | | | 345 | | | | | | 2,912 | | |
Dunning Creek Credit Facility
|
| | | | 268 | | | | | | — | | | | | | 268 | | | | | | 1,198 | | | | | | 94 | | | | | | 1,292 | | |
Juniata River Credit Facility
|
| | | | 10,907 | | | | | | 370 | | | | | | 11,277 | | | | | | 8,587 | | | | | | 369 | | | | | | 8,956 | | |
FSIC II Revolving Credit Facility
|
| | | | 11 | | | | | | 4 | | | | | | 15 | | | | | | 407 | | | | | | 13 | | | | | | 420 | | |
Senior Secured Revolving Credit Facility
|
| | | | 1,395 | | | | | | 133 | | | | | | 1,528 | | | | | | — | | | | | | — | | | | | | — | | |
Partial Loan Sale(3)
|
| | | | — | | | | | | — | | | | | | — | | | | | | 121 | | | | | | 5 | | | | | | 126 | | |
Total
|
| | | $ | 24,030 | | | | | $ | 2,894 | | | | | $ | 26,924 | | | | | $ | 21,452 | | | | | $ | 1,334 | | | | | $ | 22,786 | | |
|
| | |
Nine Months Ended September 30,
|
| |||||||||||||||||||||||||||||||||
| | |
2018
|
| |
2017
|
| ||||||||||||||||||||||||||||||
Arrangement(1)
|
| |
Direct
Interest Expense(2) |
| |
Amortization of
Deferred Financing Costs |
| |
Total
Interest Expense |
| |
Direct
Interest Expense(2) |
| |
Amortization of
Deferred Financing Costs |
| |
Total
Interest Expense |
| ||||||||||||||||||
Goldman Repurchase Facility
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 5,249 | | | | | $ | 202 | | | | | $ | 5,451 | | |
Green Creek Credit Facility
|
| | | | 17,225 | | | | | | 583 | | | | | | 17,808 | | | | | | 6,503 | | | | | | 205 | | | | | | 6,708 | | |
Cooper River Credit Facility
|
| | | | 5,876 | | | | | | 347 | | | | | | 6,223 | | | | | | 4,586 | | | | | | 347 | | | | | | 4,933 | | |
Wissahickon Creek Credit Facility
|
| | | | 6,342 | | | | | | 2,342 | | | | | | 8,684 | | | | | | 6,519 | | | | | | 744 | | | | | | 7,263 | | |
Darby Creek Credit Facility
|
| | | | 7,759 | | | | | | 527 | | | | | | 8,286 | | | | | | 7,306 | | | | | | 1,023 | | | | | | 8,329 | | |
Dunning Creek Credit Facility
|
| | | | 2,914 | | | | | | 136 | | | | | | 3,050 | | | | | | 3,008 | | | | | | 298 | | | | | | 3,306 | | |
Juniata River Credit Facility
|
| | | | 30,767 | | | | | | 1,095 | | | | | | 31,862 | | | | | | 24,381 | | | | | | 1,095 | | | | | | 25,476 | | |
FSIC II Revolving Credit Facility
|
| | | | 488 | | | | | | 29 | | | | | | 517 | | | | | | 1,086 | | | | | | 55 | | | | | | 1,141 | | |
Senior Secured Revolving Credit Facility
|
| | | | 1,395 | | | | | | 133 | | | | | | 1,528 | | | | | | — | | | | | | — | | | | | | — | | |
Partial Loan Sale(3)
|
| | | | — | | | | | | — | | | | | | — | | | | | | 351 | | | | | | 13 | | | | | | 364 | | |
Total
|
| | | $ | 72,766 | | | | | $ | 5,192 | | | | | $ | 77,958 | | | | | $ | 58,989 | | | | | $ | 3,982 | | | | | $ | 62,971 | | |
|
| | |
Nine Months Ended
September 30, 2018 (Unaudited) |
| |
Year Ended
December 31, 2017 |
| ||||||
Per Share Data:(1) | | | | | | | | | | | | | |
Net asset value, beginning of period
|
| | | $ | 8.73 | | | | | $ | 8.90 | | |
Results of operations(2) | | | | | | | | | | | | | |
Net investment income
|
| | | | 0.55 | | | | | | 0.83 | | |
Net realized and unrealized appreciation (depreciation) on investments,
gain/loss on foreign currency and secured borrowing |
| | | | (0.48) | | | | | | (0.25) | | |
Net increase (decrease) in net assets resulting from operations
|
| | | | 0.07 | | | | | | 0.58 | | |
Stockholder distributions(3) | | | | | | | | | | | | | |
Distributions from net investment income
|
| | | | (0.57) | | | | | | (0.75) | | |
Distributions from net realized gain on investments
|
| | | | — | | | | | | — | | |
Net decrease in net assets resulting from stockholder distributions
|
| | | | (0.57) | | | | | | (0.75) | | |
Capital share transactions | | | | | | | | | | | | | |
Issuance of common stock(4)
|
| | | | — | | | | | | — | | |
Repurchases of common stock(5)
|
| | | | — | | | | | | — | | |
Net increase (decrease) in net assets resulting from capital share transactions
|
| | | | — | | | | | | — | | |
Net asset value, end of period
|
| | | $ | 8.23 | | | | | | 8.73 | | |
Shares outstanding, end of period
|
| | | | 326,478,291 | | | | | | 326,748,337 | | |
Total return(6)
|
| | | | 0.67% | | | | | | 6.59% | | |
Total return (without assuming reinvestment of distributions)(6)
|
| | | | 0.80% | | | | | | 6.52% | | |
Ratio/Supplemental Data: | | | | | | | | | | | | | |
Net assets, end of period
|
| | | $ | 2,688,126 | | | | | $ | 2,853,021 | | |
Ratio of net investment income to average net assets(7)
|
| | | | 8.63% | | | | | | 9.32% | | |
Ratio of operating expenses and excise taxes to average net assets(7)
|
| | | | 8.16% | | | | | | 9.10% | | |
Ratio of net operating expenses and excise taxes to average net assets(7)
|
| | | | 7.99% | | | | | | 8.66% | | |
Portfolio turnover(8)
|
| | | | 30.31% | | | | | | 39.62% | | |
Total amount of senior securities outstanding, exclusive of treasury securities
|
| | | $ | 1,893,394 | | | | | $ | 2,184,479 | | |
Asset coverage per unit(9)
|
| | | | 2.42 | | | | | | 2.31 | | |
| | |
Nine Months Ended
September 30, 2018 (Unaudited) |
| |
Year Ended
December 31, 2017 |
| ||||||
Ratio of subordinated income incentive fees to average net assets
|
| | | | 0.92% | | | | | | 2.11% | | |
Ratio of interest expense to average net assets
|
| | | | 3.78% | | | | | | 2.97% | | |
Ratio of excise taxes to average net assets
|
| | | | — | | | | | | 0.08% | | |
Net Investment Activity
|
| |
For the Three Months Ended
September 30, 2018 |
| |
For the Nine Months Ended
September 30, 2018 |
| ||||||
Purchases
|
| | | $ | 731,019 | | | | | $ | 1,331,866 | | |
Sales and Repayments
|
| | | | (665,229) | | | | | | (1,458,900) | | |
Net Portfolio Activity
|
| | | $ | 65,790 | | | | | $ | (127,034) | | |
|
| | |
For the Three Months Ended
September 30, 2018 |
| |
For the Nine Months Ended
September 30, 2018 |
| ||||||||||||||||||
New Investment Activity by Asset Class
|
| |
Purchases
|
| |
Percentage
|
| |
Purchases
|
| |
Percentage
|
| ||||||||||||
Senior Secured Loans—First Lien
|
| | | $ | 585,507 | | | | | | 80% | | | | | $ | 1,014,755 | | | | | | 76% | | |
Senior Secured Loans—Second Lien
|
| | | | 100,328 | | | | | | 14% | | | | | | 132,003 | | | | | | 10% | | |
Senior Secured Bonds
|
| | | | 13,918 | | | | | | 2% | | | | | | 78,684 | | | | | | 6% | | |
Subordinated Debt
|
| | | | 30,707 | | | | | | 4% | | | | | | 74,088 | | | | | | 6% | | |
Collateralized Securities
|
| | | | 520 | | | | | | 0% | | | | | | 912 | | | | | | 0% | | |
Equity/Other
|
| | | | 39 | | | | | | 0% | | | | | | 31,424 | | | | | | 2% | | |
Total
|
| | | $ | 731,019 | | | | | | 100% | | | | | $ | 1,331,866 | | | | | | 100% | | |
|
| | |
September 30, 2018 (Unaudited)
|
| |
December 31, 2017
|
| ||||||||||||||||||||||||||||||
| | |
Amortized
Cost(1) |
| |
Fair Value
|
| |
Percentage
of Portfolio |
| |
Amortized
Cost(1) |
| |
Fair Value
|
| |
Percentage
of Portfolio |
| ||||||||||||||||||
Senior Secured Loans—First Lien
|
| | | $ | 3,400,523 | | | | | $ | 3,313,859 | | | | | | 77% | | | | | $ | 3,408,133 | | | | | $ | 3,421,070 | | | | | | 74% | | |
Senior Secured Loans—Second Lien
|
| | | | 366,321 | | | | | | 278,162 | | | | | | 6% | | | | | | 385,761 | | | | | | 327,135 | | | | | | 7% | | |
Senior Secured Bonds
|
| | | | 182,439 | | | | | | 179,191 | | | | | | 4% | | | | | | 123,045 | | | | | | 124,673 | | | | | | 3% | | |
Subordinated Debt
|
| | | | 255,303 | | | | | | 257,023 | | | | | | 6% | | | | | | 369,864 | | | | | | 366,048 | | | | | | 8% | | |
Collateralized Securities
|
| | | | 19,752 | | | | | | 23,435 | | | | | | 1% | | | | | | 20,435 | | | | | | 25,763 | | | | | | 1% | | |
Equity/Other
|
| | | | 261,293 | | | | | | 281,874 | | | | | | 6% | | | | | | 296,470 | | | | | | 332,905 | | | | | | 7% | | |
Total
|
| | | $ | 4,485,631 | | | | | $ | 4,333,544 | | | | | | 100% | | | | | $ | 4,603,708 | | | | | $ | 4,597,594 | | | | | | 100% | | |
|
| | |
September 30, 2018
|
| |
December 31, 2017
|
|
Number of Portfolio Companies
|
| |
152
|
| |
131
|
|
% Variable Rate (based on fair value)
|
| |
82.5%
|
| |
82.4%
|
|
% Fixed Rate (based on fair value)
|
| |
11.0%
|
| |
9.9%
|
|
% Income Producing Equity or Other Investments (based on fair value)
|
| |
0.8%
|
| |
0.4%
|
|
% Non-Income Producing Equity or Other Investments (based on
fair value) |
| |
5.7%
|
| |
7.3%
|
|
Average Annual EBITDA of Portfolio Companies
|
| |
$168,200
|
| |
$108,500
|
|
Weighted Average Purchase Price of Debt Investments (as a % of par)
|
| |
98.6%
|
| |
98.8%
|
|
% of Investments on Non-Accrual (based on fair value)
|
| |
1.7%
|
| |
0.4%
|
|
Gross Portfolio Yield Prior to Leverage (based on amortized cost)
|
| |
9.3%
|
| |
9.1%
|
|
Gross Portfolio Yield Prior to Leverage (based on amortized cost)—Excluding Non-Income Producing Assets
|
| |
10.3%
|
| |
9.8%
|
|
New Direct Originations
|
| |
For the Three Months Ended
September 30, 2018 |
| |
For the Nine Months Ended
September 30, 2018 |
| ||||||
Total Commitments (including unfunded commitments)
|
| | | $ | 559,069 | | | | | $ | 945,264 | | |
Exited Investments (including partial paydowns)
|
| | | | (586,851) | | | | | | (1,100,610) | | |
Net Direct Originations
|
| | | $ | (27,782) | | | | | $ | (155,346) | | |
|
| | |
For the Three Months Ended
September 30, 2018 |
| |
For the Nine Months Ended
September 30, 2018 |
| ||||||||||||||||||
New Direct Originations by Asset Class (including unfunded commitments)
|
| |
Commitment
Amount |
| |
Percentage
|
| |
Commitment
Amount |
| |
Percentage
|
| ||||||||||||
Senior Secured Loans—First Lien
|
| | | $ | 481,773 | | | | | | 86% | | | | | $ | 845,405 | | | | | | 89% | | |
Senior Secured Loans—Second Lien
|
| | | | 77,296 | | | | | | 14% | | | | | | 84,240 | | | | | | 9% | | |
Senior Secured Bonds
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Subordinated Debt
|
| | | | — | | | | | | — | | | | | | 1,389 | | | | | | 0% | | |
Collateralized Securities
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Equity/Other
|
| | | | — | | | | | | — | | | | | | 14,230 | | | | | | 2% | | |
Total
|
| | | $ | 559,069 | | | | | | 100% | | | | | $ | 945,264 | | | | | | 100% | | |
|
| | |
For the Three Months Ended
September 30, 2018 |
| |
For the Nine Months Ended
September 30, 2018 |
|
Average New Direct Origination Commitment Amount
|
| |
$55,907
|
| |
$35,010
|
|
Weighted Average Maturity for New Direct Originations
|
| |
1/15/2023
|
| |
2/10/2024
|
|
Gross Portfolio Yield Prior to Leverage (based on amortized cost) of New Direct Originations Funded during Period
|
| |
8.7%
|
| |
9.6%
|
|
Gross Portfolio Yield Prior to Leverage (based on amortized cost) of New Direct Originations Funded during Period—Excluding Non-Income Producing Assets
|
| |
8.7%
|
| |
9.6%
|
|
Gross Portfolio Yield Prior to Leverage (based on amortized cost) of Direct Originations Exited during Period
|
| |
10.4%
|
| |
9.9%
|
|
Characteristics of All Direct Originations Held in Portfolio
|
| |
September 30, 2018
|
| |
December 31, 2017
|
|
Number of Portfolio Companies
|
| |
76
|
| |
75
|
|
Average Annual EBITDA of Portfolio Companies
|
| |
$89,400
|
| |
$71,200
|
|
Average Leverage Through Tranche of Portfolio Companies—Excluding
Equity/Other and Collateralized Securities |
| |
5.6x
|
| |
4.8x
|
|
% of Investments on Non-Accrual (based on fair value)
|
| |
2.1%
|
| |
—
|
|
Gross Portfolio Yield Prior to Leverage (based on amortized cost) of Funded Direct Originations
|
| |
9.2%
|
| |
9.2%
|
|
Gross Portfolio Yield Prior to Leverage (based on amortized cost) of Funded Direct Originations—Excluding Non-Income Producing
Assets |
| |
10.3%
|
| |
9.8%
|
|
| | |
September 30, 2018
|
| |
December 31, 2017
|
| ||||||||||||||||||
Portfolio Composition by Strategy
|
| |
Fair Value
|
| |
Percentage
of Portfolio |
| |
Fair Value
|
| |
Percentage
of Portfolio |
| ||||||||||||
Direct Originations
|
| | | $ | 3,524,869 | | | | | | 81% | | | | | $ | 3,812,590 | | | | | | 83% | | |
Opportunistic
|
| | | | 468,887 | | | | | | 11% | | | | | | 634,049 | | | | | | 14% | | |
Broadly Syndicated/Other
|
| | | | 339,788 | | | | | | 8% | | | | | | 150,955 | | | | | | 3% | | |
Total
|
| | | $ | 4,333,544 | | | | | | 100% | | | | | $ | 4,597,594 | | | | | | 100% | | |
|
Investment Rating |
| |
Summary Description
|
|
1
|
| | Investment exceeding expectations and/or capital gain expected. | |
2
|
| | Performing investment generally executing in accordance with the portfolio company’s business plan—full return of principal and interest expected. | |
3
|
| | Performing investment requiring closer monitoring. | |
4
|
| | Underperforming investment—some loss of interest or dividend possible, but still expecting a positive return on investment. | |
5
|
| | Underperforming investment with expected loss of interest and some principal. | |
| | |
September 30, 2018
|
| |
December 31, 2017
|
| ||||||||||||||||||
Investment Rating
|
| |
Fair
Value |
| |
Percentage of
Portfolio |
| |
Fair
Value |
| |
Percentage of
Portfolio |
| ||||||||||||
1
|
| | | $ | 90,683 | | | | | | 2% | | | | | $ | 353,707 | | | | | | 8% | | |
2
|
| | | | 3,521,105 | | | | | | 81% | | | | | | 3,821,037 | | | | | | 83% | | |
3
|
| | | | 612,329 | | | | | | 14% | | | | | | 332,397 | | | | | | 7% | | |
4
|
| | | | 5,977 | | | | | | 0% | | | | | | 6,771 | | | | | | 0% | | |
5
|
| | | | 103,450 | | | | | | 3% | | | | | | 83,682 | | | | | | 2% | | |
Total
|
| | | $ | 4,333,544 | | | | | | 100% | | | | | $ | 4,597,594 | | | | | | 100% | | |
|
| | |
Three Months Ended September 30,
|
| |
Nine Months Ended September 30,
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
2018
|
| |
2017
|
| ||||||||||||||||||||||||||||||||||||
| | |
Amount
|
| |
Percentage of
Total Income |
| |
Amount
|
| |
Percentage of
Total Income |
| |
Amount
|
| |
Percentage of
Total Income |
| |
Amount
|
| |
Percentage of
Total Income |
| ||||||||||||||||||||||||
Interest income
|
| | | $ | 97,381 | | | | | | 83% | | | | | $ | 104,423 | | | | | | 87% | | | | | $ | 297,917 | | | | | | 87% | | | | | $ | 310,184 | | | | | | 82% | | |
Paid-in-kind interest
income |
| | | | 5,356 | | | | | | 5% | | | | | | 9,256 | | | | | | 7% | | | | | | 13,547 | | | | | | 4% | | | | | | 20,188 | | | | | | 6% | | |
Fee income
|
| | | | 14,181 | | | | | | 12% | | | | | | 7,223 | | | | | | 6% | | | | | | 23,764 | | | | | | 7% | | | | | | 46,323 | | | | | | 12% | | |
Dividend income
|
| | | | 468 | | | | | | 0% | | | | | | — | | | | | | — | | | | | | 7,962 | | | | | | 2% | | | | | | 11 | | | | | | 0% | | |
Total investment income(1)
|
| | | $ | 117,386 | | | | | | 100% | | | | | $ | 120,902 | | | | | | 100% | | | | | $ | 343,190 | | | | | | 100% | | | | | $ | 376,706 | | | | | | 100% | | |
|
| | |
Three Months Ended
September 30, |
| |
Nine Months Ended
September 30, |
| ||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
2018
|
| |
2017
|
| ||||||||||||
Management fees
|
| | | $ | 17,567 | | | | | $ | 25,769 | | | | | $ | 61,739 | | | | | $ | 77,005 | | |
Subordinated income incentive fees
|
| | | | 11,939 | | | | | | 10,137 | | | | | | 18,994 | | | | | | 42,352 | | |
Administrative services expenses
|
| | | | 799 | | | | | | 799 | | | | | | 2,371 | | | | | | 2,530 | | |
Stock transfer agent fees
|
| | | | 506 | | | | | | 506 | | | | | | 1,502 | | | | | | 1,502 | | |
Accounting and administrative fees
|
| | | | 395 | | | | | | 434 | | | | | | 1,227 | | | | | | 1,303 | | |
Interest expense
|
| | | | 26,924 | | | | | | 22,786 | | | | | | 77,958 | | | | | | 62,971 | | |
Directors’ fees
|
| | | | 254 | | | | | | 278 | | | | | | 1,053 | | | | | | 849 | | |
Expenses associated with our independent audit and related fees
|
| | | | 74 | | | | | | 129 | | | | | | 275 | | | | | | 382 | | |
Legal fees
|
| | | | 308 | | | | | | 207 | | | | | | 632 | | | | | | 612 | | |
Printing fees
|
| | | | 137 | | | | | | 187 | | | | | | 330 | | | | | | 847 | | |
Other
|
| | | | 698 | | | | | | 579 | | | | | | 2,302 | | | | | | 1,137 | | |
Total operating expenses
|
| | | $ | 59,601 | | | | | $ | 61,811 | | | | | $ | 168,383 | | | | | $ | 191,490 | | |
Management fee waiver
|
| | | | — | | | | | | (3,222) | | | | | | (3,432) | | | | | | (9,626) | | |
Net operating expenses
|
| | | $ | 59,601 | | | | | $ | 58,589 | | | | | $ | 164,951 | | | | | $ | 181,864 | | |
|
| | |
Three Months Ended
September 30, |
| |
Nine Months Ended
September 30, |
| ||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
2018
|
| |
2017
|
| ||||||||||||
Ratio of operating expenses to average net assets
|
| | | | 2.21% | | | | | | 2.13% | | | | | | 6.12% | | | | | | 6.56% | | |
Ratio of management fee waiver to average net assets
|
| | | | — | | | | | | (0.11)% | | | | | | (0.12)% | | | | | | (0.33)% | | |
Ratio of net operating expenses to average net assets
|
| | | | 2.21% | | | | | | 2.02% | | | | | | 6.00% | | | | | | 6.23% | | |
Ratio of incentive fees and interest expense to average net assets(1)
|
| | | | 1.44% | | | | | | 1.14% | | | | | | 3.52% | | | | | | 3.61% | | |
Ratio of net operating expenses, excluding certain expenses, to average net assets
|
| | | | 0.77% | | | | | | 0.88% | | | | | | 2.48% | | | | | | 2.62% | | |
| | |
Three Months Ended
September 30, |
| |
Nine Months Ended
September 30, |
| ||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
2018
|
| |
2017
|
| ||||||||||||
Net realized gain (loss) on investments(1)
|
| | | $ | 18,504 | | | | | $ | (5,942) | | | | | $ | (10,805) | | | | | $ | (49,199) | | |
Net realized gain (loss) on foreign currency
|
| | | | 446 | | | | | | 122 | | | | | | (220) | | | | | | 439 | | |
Total net realized gain (loss)
|
| | | $ | 18,950 | | | | | $ | (5,820) | | | | | $ | (11,025) | | | | | $ | (48,760) | | |
|
| | |
Three Months Ended
September 30, |
| |
Nine Months Ended
September 30, |
| ||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
2018
|
| |
2017
|
| ||||||||||||
Net change in unrealized appreciation (depreciation) on investments
|
| | | $ | (40,039) | | | | | $ | 5,001 | | | | | $ | (145,973) | | | | | $ | 56,730 | | |
Net change in unrealized appreciation (depreciation) on secured
borrowing |
| | | | — | | | | | | 10 | | | | | | — | | | | | | (26) | | |
Net change in unrealized gain (loss) on foreign currency
|
| | | | (693) | | | | | | (186) | | | | | | 84 | | | | | | (370) | | |
Total net change in unrealized appreciation (depreciation)
|
| | | $ | (40,732) | | | | | $ | 4,825 | | | | | $ | (145,889) | | | | | $ | 56,334 | | |
|
Arrangement(1)
|
| |
Type of Arrangement
|
| |
Rate
|
| |
Amount
Outstanding |
| |
Amount
Available |
| |
Maturity Date
|
| ||||||
Green Creek Credit Facility
|
| |
Term Loan Credit Facility
|
| |
L+2.50%
|
| | | $ | 500,000 | | | | | $ | — | | | |
December 15, 2019
|
|
Cooper River Credit Facility
|
| |
Revolving Credit Facility
|
| |
L+2.25%
|
| | | | 132,000 | | | | | | 68,000 | | | |
May 29, 2020
|
|
Darby Creek Credit Facility
|
| |
Revolving Credit Facility
|
| |
L+2.50%
|
| | | | 135,000 | | | | | | 115,000 | | | |
August 19, 2020
|
|
Juniata River Credit Facility
|
| |
Term Loan Credit Facility
|
| |
L+2.68%
|
| | | | 850,000 | | | | | | — | | | |
October 11, 2020
|
|
Senior Secured Revolving Credit Facility
|
| |
Revolving Credit Facility
|
| |
L+2.00%—2.25%(2)
|
| | | | 276,394(3) | | | | | | 373,606 | | | |
August 9, 2023
|
|
Total
|
| | | | | | | | | $ | 1,893,394 | | | | | $ | 556,606 | | | | | |
| | |
Distribution
|
| |||||||||
For the Three Months Ended
|
| |
Per Share
|
| |
Amount
|
| ||||||
Fiscal 2017 | | | | | | | | | | | | | |
March 31, 2017
|
| | | $ | 0.1885 | | | | | $ | 61,436 | | |
June 30, 2017
|
| | | | 0.1885 | | | | | | 61,505 | | |
September 30, 2017
|
| | | | 0.1885 | | | | | | 61,277 | | |
Total
|
| | | $ | 0.5655 | | | | | $ | 184,218 | | |
Fiscal 2018 | | | | | | | | | | | | | |
March 31, 2018
|
| | | $ | 0.1885 | | | | | $ | 61,153 | | |
June 30, 2018
|
| | | | 0.1885 | | | | | | 61,146 | | |
September 30, 2018
|
| | | | 0.1885 | | | | | | 61,137 | | |
Total
|
| | | $ | 0.5655 | | | | | $ | 183,436 | | |
|
| | |
Payments Due By Period
|
| ||||||||||||||||||||||||||||||
| | |
Maturity Date(1)
|
| |
Total
|
| |
Less than
1 year |
| |
1-3 years
|
| |
3-5 years
|
| |
More than
5 years |
| |||||||||||||||
Green Creek Credit Facility(2)
|
| |
December 15, 2019
|
| | | $ | 500,000 | | | | | | — | | | | | $ | 500,000 | | | | | | — | | | | | | — | | |
Cooper River Credit Facility(3)
|
| |
May 29, 2020
|
| | | $ | 132,000 | | | | | | — | | | | | $ | 132,000 | | | | | | — | | | | | | — | | |
Darby Creek Credit Facility(4)
|
| |
August 19, 2020
|
| | | $ | 135,000 | | | | | | — | | | | | $ | 135,000 | | | | | | — | | | | | | — | | |
Juniata River Credit Facility(2)
|
| |
October 11, 2020
|
| | | $ | 850,000 | | | | | | — | | | | | $ | 850,000 | | | | | | — | | | | | | — | | |
Senior Secured Revolving Credit Facility(5)
|
| |
August 9, 2023
|
| | | $ | 276,394 | | | | | | — | | | | | | — | | | | | $ | 276,394 | | | | | | — | | |
Basis Point Change in Interest Rates
|
| |
Increase
(Decrease) in Interest Income(1) |
| |
Increase
(Decrease) in Interest Expense |
| |
Increase
(Decrease) in Net Interest Income |
| |
Percentage
Change in Net Interest Income |
| ||||||||||||
Down 100 basis points
|
| | | $ | (34,125) | | | | | $ | (17,185) | | | | | $ | (16,940) | | | | | | (5.2)% | | |
No change
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Up 100 basis points
|
| | | $ | 35,028 | | | | | $ | 17,185 | | | | | $ | 17,843 | | | | | | 5.5% | | |
Up 300 basis points
|
| | | $ | 105,687 | | | | | $ | 51,556 | | | | | $ | 54,131 | | | | | | 16.6% | | |
Up 500 basis points
|
| | | $ | 176,473 | | | | | $ | 85,927 | | | | | $ | 90,546 | | | | | | 27.8% | | |
Period
|
| |
Total Number
of Shares Purchased |
| |
Average
Price Paid per Share |
| |
Total Number of
Shares Purchased as Part of Publicly Announced Plans or Programs |
| |
Maximum Number of
Shares that May Yet Be Purchased Under the Plans or Programs |
| ||||||||||||
July 1, 2018 through July 31, 2018
|
| | | | 3,296,879 | | | | | $ | 8.50 | | | | | | 3,296,879 | | | | |
|
(1)
|
| |
August 1, 2018 through August 31, 2018
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
September 1, 2018 through September 30, 2018
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | | 3,296,879 | | | | | $ | 8.50 | | | | | | 3,296,879 | | | | |
|
(1)
|
| |
|
| | | | FS INVESTMENT CORPORATION II | | |||
| | | |
By:
|
| |
/s/ Michael C. Forman
Michael C. Forman
Chief Executive Officer (Principal Executive Officer) |
|
| | | |
By:
|
| |
/s/ William Goebel
William Goebel
Chief Financial Officer (Principal Financial and Accounting Officer) |
|
Exhibit 10.7
THIRD AMENDMENT TO
REVOLVING CREDIT AND SECURITY AGREEMENT
THIS THIRD AMENDMENT TO REVOLVING CREDIT AND SECURITY AGREEMENT, dated as of July 30, 2018 (this “Amendment”), is entered into by and among COOPER RIVER LLC, a Delaware limited liability company, as borrower (the “Borrower”), the LENDERS party hereto, CITIBANK, N.A. (“Citibank”), as administrative agent for the Secured Parties (as hereinafter defined) (in such capacity, the “Administrative Agent”), CITIBANK, N.A., acting through its Agency & Trust division (“Citibank Agency & Trust”), as collateral custodian for the Secured Parties (in such capacity, the “Custodian”) and as collateral agent for the Secured Parties (in such capacity, the “Collateral Agent”), and VIRTUS GROUP, LP (“Virtus”), as collateral administrator (in such capacity, the “Collateral Administrator”).
R E C I T A L S
WHEREAS, certain of the above-named parties have entered into that certain Revolving Credit and Security Agreement, dated as of May 29, 2015 (as amended, the “Agreement”), by and among the Borrower, the Lenders from time to time party thereto, the Administrative Agent, the Collateral Agent, the Custodian and the Collateral Administrator; and
WHEREAS, pursuant to and in accordance with Section 12.01(b) of the Agreement, the parties hereto desire to amend the Agreement in certain respects as provided herein.
NOW, THEREFORE, based upon the above Recitals, the mutual premises and agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned, intending to be legally bound, hereby agree as follows:
SECTION 1. Definitions.
Each capitalized term used but not defined herein has the meaning ascribed thereto in the Agreement.
SECTION 2. Amendments to the Agreement. The parties hereto agree that Section 1.01 of the Agreement is hereby amended by restating the definition of “Reinvestment Period” as follows:
“Reinvestment Period” means the period from and including the Closing Date to and including the earliest of (a) September 28, 2018 (or such later date as may be agreed by the Borrower and the Lenders); and (b) the date of the termination of the Commitments pursuant to Section 6.02.
SECTION 3. Agreement in Full Force and Effect as Amended.
Except as specifically amended hereby, all provisions of the Agreement shall remain in full force and effect. This Amendment shall not be deemed to expressly or impliedly waive, amend or supplement any provision of the Agreement other than as expressly set forth herein and shall not constitute a novation of the Agreement.
SECTION 4. Representations and Warranties.
The Borrower hereby represents and warrants as of the date of this Amendment as follows:
(a) this Amendment and each other Facility Document entered into on the date hereof has been duly executed and delivered by it;
(b) this Amendment and each other Facility Document entered into on the date hereof constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally or by general principles of equity; and
(c) there is no Event of Default or Default that is continuing or would result from entering into this Amendment.
SECTION 5. Conditions to Effectiveness.
The effectiveness of this Amendment shall be subject to the receipt by the Administrative Agent of executed counterparts of this Amendment.
SECTION 6. Miscellaneous.
(a) This Amendment is a Facility Document for all purposes of the Agreement. This Amendment may be executed in any number of counterparts (including by facsimile or electronic mail), and by the different parties hereto on the same or separate counterparts, each of which shall be deemed to be an original instrument but all of which together shall constitute one and the same agreement.
(b) The descriptive headings of the various sections of this Amendment are inserted for convenience of reference only and shall not be deemed to affect the meaning or construction of any of the provisions hereof.
(c) This Amendment may not be amended or otherwise modified except as provided in the Agreement.
(d) The failure or unenforceability of any provision hereof shall not affect the other provisions of this Amendment.
(e) Whenever the context and construction so require, all words used in the singular number herein shall be deemed to have been used in the plural, and vice versa, and the masculine gender shall include the feminine and neuter and the neuter shall include the masculine and feminine.
(f) This Amendment represents the final agreement between the parties only with respect to the subject matter expressly covered hereby and may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements between the parties. There are no unwritten oral agreements between the parties.
(g) THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.
(h) The Administrative Agent authorizes and directs the Collateral Agent, the Collateral Administrator and the Custodian to enter into this Amendment.
[Remainder of Page Intentionally Left Blank]
2 |
IN WITNESS WHEREOF, the undersigned have caused this Amendment to be executed by their respective officers thereunto duly authorized, as of the date first written above.
COOPER RIVER LLC, as Borrower | ||||
By: | /s/ William Goebel | |||
Name: | William Goebel | |||
Title: | Chief Financial Officer | |||
FS INVESTMENT CORPORATION II, as Collateral Manager | ||||
By: | /s/ William Goebel | |||
Name: | William Goebel | |||
Title: | Chief Financial Officer |
Third Amendment to Revolving Credit and Security Agreement |
CITIBANK, N.A., as Administrative Agent and a Lender | ||||
By: | /s/ Wayne Gee | |||
Name: | Wayne Gee | |||
Title: | Vice President |
Third Amendment to Revolving Credit and Security Agreement |
GUARDIANS OF NEW ZEALAND SUPERANNUATION AS MANAGER AND ADMINISTRATOR OF THE NEW ZEALAND SUPERANNUATION FUND IN ACCORDANCE WITH THE NEW ZEALAND SUPERANNUATION AND RETIREMENT INCOME ACT 2001, as a Lender | ||||
By: | /s/ Deborah Bush | |||
Name: | Deborah Bush | |||
Title: | Authorised Signatory |
Third Amendment to Revolving Credit and Security Agreement |
CITIBANK, N.A., as Collateral Agent | ||||
By: | /s/ Valerie Delgado | |||
Name: | Valerie Delgado | |||
Title: | Senior Trust Officer | |||
VIRTUS GROUP, LP, as Custodian and as Collateral Administrator | ||||
By: | /s/ Joseph U. Elston | |||
Name: | Joseph U. Elston | |||
Title: | Partner |
Third Amendment to Revolving Credit and Security Agreement |
Exhibit 10.8
FOURTH AMENDMENT TO
REVOLVING CREDIT AND SECURITY AGREEMENT
THIS FOURTH AMENDMENT TO REVOLVING CREDIT AND SECURITY AGREEMENT, dated as of September 10, 2018 (this “Amendment”), is entered into by and among COOPER RIVER LLC, a Delaware limited liability company, as borrower (the “Borrower”), the LENDERS party hereto, CITIBANK, N.A. (“Citibank”), as administrative agent for the Secured Parties (as hereinafter defined) (in such capacity, the “Administrative Agent”), CITIBANK, N.A., acting through its Agency & Trust division (“Citibank Agency & Trust”), as collateral custodian for the Secured Parties (in such capacity, the “Custodian”) and as collateral agent for the Secured Parties (in such capacity, the “Collateral Agent”), and VIRTUS GROUP, LP (“Virtus”), as collateral administrator (in such capacity, the “Collateral Administrator”).
R E C I T A L S
WHEREAS, certain of the above-named parties have entered into that certain Revolving Credit and Security Agreement, dated as of May 29, 2015 (as amended, the “Agreement”), by and among the Borrower, the Lenders from time to time party thereto, the Administrative Agent, the Collateral Agent, the Custodian and the Collateral Administrator; and
WHEREAS, pursuant to and in accordance with Section 12.01(b) of the Agreement, the parties hereto desire to amend the Agreement in certain respects as provided herein.
NOW, THEREFORE, based upon the above Recitals, the mutual premises and agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned, intending to be legally bound, hereby agree as follows:
SECTION 1. Definitions.
Each capitalized term used but not defined herein has the meaning ascribed thereto in the Agreement.
SECTION 2. Amendments to the Agreement. The parties hereto agree that Section 1.01 of the Agreement is hereby amended by restating the definition of “Reinvestment Period” as follows:
“Reinvestment Period” means the period from and including the Closing Date to and including the earliest of (a) November 30, 2018 (or such later date as may be agreed by the Borrower and the Lenders); and (b) the date of the termination of the Commitments pursuant to Section 6.02.
SECTION 3. Agreement in Full Force and Effect as Amended.
Except as specifically amended hereby, all provisions of the Agreement shall remain in full force and effect. This Amendment shall not be deemed to expressly or impliedly waive, amend or supplement any provision of the Agreement other than as expressly set forth herein and shall not constitute a novation of the Agreement.
SECTION 4. Representations and Warranties.
The Borrower hereby represents and warrants as of the date of this Amendment as follows:
(a) this Amendment and each other Facility Document entered into on the date hereof has been duly executed and delivered by it;
(b) this Amendment and each other Facility Document entered into on the date hereof constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally or by general principles of equity; and
(c) there is no Event of Default or Default that is continuing or would result from entering into this Amendment.
SECTION 5. Conditions to Effectiveness.
The effectiveness of this Amendment shall be subject to the receipt by the Administrative Agent of executed counterparts of this Amendment.
SECTION 6. Miscellaneous.
(a) This Amendment is a Facility Document for all purposes of the Agreement. This Amendment may be executed in any number of counterparts (including by facsimile or electronic mail), and by the different parties hereto on the same or separate counterparts, each of which shall be deemed to be an original instrument but all of which together shall constitute one and the same agreement.
(b) The descriptive headings of the various sections of this Amendment are inserted for convenience of reference only and shall not be deemed to affect the meaning or construction of any of the provisions hereof.
(c) This Amendment may not be amended or otherwise modified except as provided in the Agreement.
(d) The failure or unenforceability of any provision hereof shall not affect the other provisions of this Amendment.
(e) Whenever the context and construction so require, all words used in the singular number herein shall be deemed to have been used in the plural, and vice versa, and the masculine gender shall include the feminine and neuter and the neuter shall include the masculine and feminine.
(f) This Amendment represents the final agreement between the parties only with respect to the subject matter expressly covered hereby and may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements between the parties. There are no unwritten oral agreements between the parties.
(g) THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.
(h) The Administrative Agent authorizes and directs the Collateral Agent, the Collateral Administrator and the Custodian to enter into this Amendment.
[Remainder of Page Intentionally Left Blank]
2 |
IN WITNESS WHEREOF, the undersigned have caused this Amendment to be executed by their respective officers thereunto duly authorized, as of the date first written above.
COOPER RIVER LLC, as Borrower | ||||
By: | /s/ William Goebel | |||
Name: | William Goebel | |||
Title: | Chief Financial Officer | |||
FS INVESTMENT CORPORATION II, as Collateral Manager | ||||
By: | /s/ William Goebel | |||
Name: | William Goebel | |||
Title: | Chief Financial Officer |
Fourth Amendment to Revolving Credit and Security Agreement |
CITIBANK, N.A., as Administrative Agent and a Lender | ||||
By: | /s/ Victoria Chant | |||
Name: | Victoria Chant | |||
Title: | Vice President |
Fourth Amendment to Revolving Credit and Security Agreement |
GUARDIANS OF NEW ZEALAND SUPERANNUATION AS MANAGER AND ADMINISTRATOR OF THE NEW ZEALAND SUPERANNUATION FUND IN ACCORDANCE WITH THE NEW ZEALAND SUPERANNUATION AND RETIREMENT INCOME ACT 2001, as a Lender | ||||
By: | /s/ Deborah Bush | |||
Name: | Deborah Bush | |||
Title: | Authorized Signatory | |||
Fourth Amendment to Revolving Credit and Security Agreement |
CITIBANK, N.A., as Collateral Agent | ||||
By: | /s/ Valerie Delgado | |||
Name: | Valerie Delgado | |||
Title: | Senior Trust Officer | |||
VIRTUS GROUP, LP, as Custodian and as Collateral Administrator | ||||
By: | /s/ Joseph U. Elston | |||
Name: | Joseph U. Elston | |||
Title: | Partner |
Fourth Amendment to Revolving Credit and Security Agreement |
|
/s/ Michael C. Forman
Michael C. Forman
Chief Executive Officer |
| | | |
|
/s/ William Goebel
William Goebel
Chief Financial Officer |
| | | |
| | | | Dated: November 14, 2018 | |
| | | |
/s/ Michael C. Forman
Michael C. Forman
Chief Executive Officer |
|
| | | |
/s/ William Goebel
William Goebel
Chief Financial Officer |
|