UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2014
OR
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period to
Commission File No. 814-00663
ARES CAPITAL CORPORATION
(Exact name of Registrant as specified in its charter)
|
Maryland |
|
33-1089684 |
|
(State or other jurisdiction of |
|
(I.R.S. Employer |
|
incorporation or organization) |
|
Identification Number) |
245 Park Avenue, 44th Floor, New York, NY 10167
(Address of principal executive office) (Zip Code)
(212) 750-7300
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes x No o
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes o No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
|
Large accelerated filer x |
|
Accelerated filer o |
|
|
|
|
|
Non-accelerated filer o |
|
Smaller reporting company o |
|
(Do not check if a smaller reporting company) |
|
|
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
|
Class |
|
Outstanding at May 5, 2014 |
|
Common stock, $0.001 par value |
|
298,269,678 |
ARES CAPITAL CORPORATION
|
Part I. |
Financial Information |
|
|
|
|
|
|
Item 1. |
Financial Statements |
|
|
|
|
|
|
|
Consolidated Balance Sheet as of March 31, 2014 (unaudited) and December 31, 2013 |
2 |
|
|
|
|
|
|
3 | |
|
|
|
|
|
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Consolidated Schedule of Investments as of March 31, 2014 (unaudited) and December 31, 2013 |
4 |
|
|
|
|
|
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Consolidated Statement of Stockholders’ Equity for the three months ended March 31, 2014 (unaudited) |
43 |
|
|
|
|
|
|
44 | |
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|
|
|
|
|
45 | |
|
|
|
|
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
70 | |
|
|
|
|
|
93 | ||
|
|
|
|
|
94 | ||
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|
|
|
|
| ||
|
|
|
|
|
94 | ||
|
|
|
|
|
95 | ||
|
|
|
|
|
95 | ||
|
|
|
|
|
95 | ||
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|
|
|
95 | ||
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|
|
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|
95 | ||
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|
|
|
|
95 |
ARES CAPITAL CORPORATION AND SUBSIDIARIES
(in thousands, except per share data)
|
|
|
As of |
| ||||
|
|
|
March 31, 2014 |
|
December 31, 2013 |
| ||
|
|
|
(unaudited) |
|
|
| ||
|
ASSETS |
|
|
|
|
| ||
|
Investments at fair value |
|
|
|
|
| ||
|
Non-controlled/non-affiliate investments |
|
$ |
5,198,593 |
|
$ |
5,136,612 |
|
|
Non-controlled affiliate company investments |
|
275,016 |
|
260,484 |
| ||
|
Controlled affiliate company investments |
|
2,325,987 |
|
2,235,801 |
| ||
|
Total investments at fair value (amortized cost of $7,711,474 and $7,537,403 respectively) |
|
7,799,596 |
|
7,632,897 |
| ||
|
Cash and cash equivalents |
|
146,639 |
|
149,629 |
| ||
|
Interest receivable |
|
141,248 |
|
123,981 |
| ||
|
Receivable for open trades |
|
6,920 |
|
128,566 |
| ||
|
Other assets |
|
105,120 |
|
106,431 |
| ||
|
Total assets |
|
$ |
8,199,523 |
|
$ |
8,141,504 |
|
|
LIABILITIES |
|
|
|
|
| ||
|
Debt |
|
$ |
3,058,693 |
|
$ |
2,986,275 |
|
|
Management and incentive fees payable |
|
122,849 |
|
139,208 |
| ||
|
Accounts payable and other liabilities |
|
77,263 |
|
68,649 |
| ||
|
Interest and facility fees payable |
|
41,383 |
|
42,828 |
| ||
|
Payable for open trades |
|
769 |
|
100 |
| ||
|
Total liabilities |
|
3,300,957 |
|
3,237,060 |
| ||
|
Commitments and contingencies (Note 7) |
|
|
|
|
| ||
|
STOCKHOLDERS’ EQUITY |
|
|
|
|
| ||
|
Common stock, par value $0.001 per share, 500,000 common shares authorized 298,270 and 297,971 common shares issued and outstanding, respectively |
|
298 |
|
298 |
| ||
|
Capital in excess of par value |
|
4,987,734 |
|
4,982,477 |
| ||
|
Accumulated overdistributed net investment income |
|
(24,576 |
) |
(8,785 |
) | ||
|
Accumulated net realized loss on investments, foreign currency transactions, extinguishment of debt and other assets |
|
(152,995 |
) |
(165,040 |
) | ||
|
Net unrealized gain on investments and foreign currency transactions |
|
88,105 |
|
95,494 |
| ||
|
Total stockholders’ equity |
|
4,898,566 |
|
4,904,444 |
| ||
|
Total liabilities and stockholders’ equity |
|
$ |
8,199,523 |
|
$ |
8,141,504 |
|
|
NET ASSETS PER SHARE |
|
$ |
16.42 |
|
$ |
16.46 |
|
See accompanying notes to consolidated financial statements.
ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(in thousands, except per share data)
|
|
|
For the three months ended |
| ||||
|
|
|
March 31, 2014 |
|
March 31, 2013 |
| ||
|
|
|
(unaudited) |
|
(unaudited) |
| ||
|
INVESTMENT INCOME: |
|
|
|
|
| ||
|
From non-controlled/non-affiliate company investments: |
|
|
|
|
| ||
|
Interest income from investments |
|
$ |
99,781 |
|
$ |
85,122 |
|
|
Capital structuring service fees |
|
14,323 |
|
4,104 |
| ||
|
Dividend income |
|
7,976 |
|
4,024 |
| ||
|
Management and other fees |
|
— |
|
314 |
| ||
|
Other income |
|
7,048 |
|
6,195 |
| ||
|
Total investment income from non-controlled/non-affiliate company investments |
|
129,128 |
|
99,759 |
| ||
|
|
|
|
|
|
| ||
|
From non-controlled affiliate company investments: |
|
|
|
|
| ||
|
Interest income from investments |
|
2,900 |
|
6,016 |
| ||
|
Capital structuring service fees |
|
650 |
|
— |
| ||
|
Dividend income |
|
2,672 |
|
603 |
| ||
|
Other income |
|
327 |
|
91 |
| ||
|
Total investment income from non-controlled affiliate company investments |
|
6,549 |
|
6,710 |
| ||
|
|
|
|
|
|
| ||
|
From controlled affiliate company investments: |
|
|
|
|
| ||
|
Interest income from investments |
|
70,843 |
|
53,039 |
| ||
|
Capital structuring service fees |
|
5,925 |
|
1,887 |
| ||
|
Dividend income |
|
20,078 |
|
27,462 |
| ||
|
Management and other fees |
|
5,952 |
|
4,184 |
| ||
|
Other income |
|
1,244 |
|
2,014 |
| ||
|
Total investment income from controlled affiliate company investments |
|
104,042 |
|
88,586 |
| ||
|
|
|
|
|
|
| ||
|
Total investment income |
|
239,719 |
|
195,055 |
| ||
|
|
|
|
|
|
| ||
|
EXPENSES: |
|
|
|
|
| ||
|
Interest and credit facility fees |
|
52,493 |
|
39,347 |
| ||
|
Base management fees |
|
30,084 |
|
23,218 |
| ||
|
Incentive fees |
|
29,253 |
|
20,085 |
| ||
|
Administrative fees |
|
3,743 |
|
2,592 |
| ||
|
Other general and administrative |
|
6,430 |
|
6,912 |
| ||
|
Total expenses |
|
122,003 |
|
92,154 |
| ||
|
|
|
|
|
|
| ||
|
NET INVESTMENT INCOME BEFORE INCOME TAXES |
|
117,716 |
|
102,901 |
| ||
|
|
|
|
|
|
| ||
|
Income tax expense, including excise tax |
|
5,380 |
|
3,804 |
| ||
|
|
|
|
|
|
| ||
|
NET INVESTMENT INCOME |
|
112,336 |
|
99,097 |
| ||
|
|
|
|
|
|
| ||
|
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS: |
|
|
|
|
| ||
|
Net realized gains (losses): |
|
|
|
|
| ||
|
Non-controlled/non-affiliate company investments |
|
10,148 |
|
10,651 |
| ||
|
Non-controlled affiliate company investments |
|
38 |
|
17 |
| ||
|
Controlled affiliate company investments |
|
1,768 |
|
1,010 |
| ||
|
Foreign currency transactions |
|
163 |
|
— |
| ||
|
Net realized gains |
|
12,117 |
|
11,678 |
| ||
|
|
|
|
|
|
| ||
|
Net unrealized gains (losses): |
|
|
|
|
| ||
|
Non-controlled/non-affiliate company investments |
|
(14,879 |
) |
5,949 |
| ||
|
Non-controlled affiliate company investments |
|
14,919 |
|
(1,353 |
) | ||
|
Controlled affiliate company investments |
|
(7,414 |
) |
(35,029 |
) | ||
|
Foreign currency transactions |
|
(15 |
) |
— |
| ||
|
Net unrealized losses |
|
(7,389 |
) |
(30,433 |
) | ||
|
|
|
|
|
|
| ||
|
Net realized and unrealized gains (losses) on investments and foreign currency transactions |
|
4,728 |
|
(18,755 |
) | ||
|
|
|
|
|
|
| ||
|
REALIZED LOSSES ON EXTINGUISHMENT OF DEBT |
|
(72 |
) |
— |
| ||
|
NET INCREASE IN STOCKHOLDERS’ EQUITY RESULTING FROM OPERATIONS |
|
$ |
116,992 |
|
$ |
80,342 |
|
|
|
|
|
|
|
| ||
|
BASIC AND DILUTED EARNINGS PER COMMON SHARE (see Note 10) |
|
$ |
0.39 |
|
$ |
0.32 |
|
|
|
|
|
|
|
| ||
|
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING — BASIC AND DILUTED (see Note 10) |
|
297,972 |
|
248,658 |
| ||
See accompanying notes to consolidated financial statements.
ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of March 31, 2014
(dollar amounts in thousands)
(unaudited)
|
Company(1) |
|
Business Description |
|
Investment |
|
Interest(5)(11) |
|
Acquisition |
|
Amortized |
|
Fair Value |
|
Percentage |
| ||
|
Investment Funds and Vehicles |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
CIC Flex, LP (9) |
|
Investment partnership |
|
Limited partnership units (0.94 units) |
|
|
|
9/7/2007 |
|
$ |
811 |
|
$ |
3,561 |
(2) |
|
|
|
Covestia Capital Partners, LP (9) |
|
Investment partnership |
|
Limited partnership interest (47.00% interest) |
|
|
|
6/17/2008 |
|
487 |
|
838 |
(2) |
|
| ||
|
Dynamic India Fund IV, LLC (8)(9) |
|
Investment company |
|
Member interest (5.44% interest) |
|
|
|
4/1/2010 |
|
4,822 |
|
2,903 |
|
|
| ||
|
HCI Equity, LLC (7)(8)(9) |
|
Investment company |
|
Member interest (100.00% interest) |
|
|
|
4/1/2010 |
|
112 |
|
411 |
|
|
| ||
|
Imperial Capital Private Opportunities, LP (9) |
|
Investment partnership |
|
Limited partnership interest (80.00% interest) |
|
|
|
5/10/2007 |
|
5,914 |
|
12,548 |
(2) |
|
| ||
|
Partnership Capital Growth Fund I, L.P. (9) |
|
Investment partnership |
|
Limited partnership interest (25.00% interest) |
|
|
|
6/16/2006 |
|
1,403 |
|
3,631 |
(2) |
|
| ||
|
Partnership Capital Growth Investors III, L.P. (9) |
|
Investment partnership |
|
Limited partnership interest (2.50% interest) |
|
|
|
10/5/2011 |
|
1,843 |
|
1,999 |
(2) |
|
| ||
|
Piper Jaffray Merchant Banking Fund I, L.P. (9) |
|
Investment partnership |
|
Limited partnership interest (2.00% interest) |
|
|
|
8/16/2012 |
|
828 |
|
767 |
(2) |
|
| ||
|
Senior Secured Loan Fund LLC (7)(10) |
|
Co-investment vehicle |
|
Subordinated certificates ($1,814,766 par due 12/2024) |
|
8.23% (Libor + 8.00%/Q)(26) |
|
10/30/2009 |
|
1,814,766 |
|
1,841,987 |
|
|
| ||
|
|
|
|
|
Membership interest (87.50% interest) |
|
|
|
10/30/2009 |
|
— |
|
— |
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
1,814,766 |
|
1,841,987 |
|
|
| ||
|
VSC Investors LLC (9) |
|
Investment company |
|
Membership interest (1.95% interest) |
|
|
|
1/24/2008 |
|
695 |
|
1,267 |
(2) |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
1,831,681 |
|
1,869,912 |
|
38.17 |
% | ||
|
Healthcare-Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Alegeus Technologies Holdings Corp. |
|
Benefits administration and transaction processing provider |
|
Preferred stock (2,997 shares) |
|
|
|
12/13/2013 |
|
3,087 |
|
2,702 |
|
|
| ||
|
|
|
|
|
Common stock (3 shares) |
|
|
|
12/13/2013 |
|
3 |
|
27 |
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
3,090 |
|
2,729 |
|
|
| ||
|
ATI Phyiscal Therapy Holdings, LLC |
|
Outpatient rehabilitation services provider |
|
Class C common stock (51,005 shares) |
|
|
|
12/13/2013 |
|
53 |
|
55 |
|
|
| ||
|
AxelaCare Holdings, Inc. and AxelaCare Investment Holdings, L.P. |
|
Provider of home infusion services |
|
First lien senior secured loan ($4,430 par due 4/2019) |
|
5.75% (Libor + 4.50%/Q) |
|
4/12/2013 |
|
4,430 |
|
4,430 |
(2)(25) |
|
| ||
|
|
|
|
|
Preferred units (8,218,160 units) |
|
|
|
4/12/2013 |
|
822 |
|
820 |
(2) |
|
| ||
|
|
|
|
|
Common units (83,010 units) |
|
|
|
4/12/2013 |
|
8 |
|
7 |
(2) |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
5,260 |
|
5,257 |
|
|
| ||
|
California Forensic Medical Group, Incorporated |
|
Correctional facility healthcare operator |
|
First lien senior secured loan ($53,504 par due 11/2018) |
|
9.25% (Libor + 8.00%/Q) |
|
11/16/2012 |
|
53,504 |
|
53,504 |
(3)(25) |
|
| ||
|
CCS Group Holdings, LLC |
|
Correctional facility healthcare operator |
|
Class A units (601,937 units) |
|
|
|
8/19/2010 |
|
602 |
|
1,423 |
(2) |
|
| ||
|
CT Technologies Intermediate Holdings, Inc. and CT Technologies Holdings LLC (6) |
|
Healthcare analysis services provider |
|
First lien senior secured revolving loan ($144 par due 10/2018) |
|
6.25% (Base Rate + 3.00%/Q) |
|
10/4/2013 |
|
144 |
|
144 |
(2)(25) |
|
| ||
|
|
|
|
|
Class A common stock (9,679 shares) |
|
|
|
6/15/2007 |
|
2,543 |
|
4,449 |
(2) |
|
| ||
|
|
|
|
|
Class C common stock (1,546 shares) |
|
|
|
6/15/2007 |
|
— |
|
711 |
(2) |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
2,687 |
|
5,304 |
|
|
| ||
|
Dialysis Newco, Inc. |
|
Dialysis provider |
|
First lien senior secured loan ($1,823 par due 8/2020) |
|
5.25% (Libor + 4.25%/Q) |
|
8/16/2013 |
|
1,823 |
|
1,823 |
(2)(25) |
|
| ||
|
|
|
|
|
First lien senior secured loan ($13,676 par due 8/2020) |
|
5.25% (Libor + 4.25%/Q) |
|
8/16/2013 |
|
13,676 |
|
13,676 |
(2)(25) |
|
| ||
|
|
|
|
|
Second lien senior secured loan ($56,500 par due 2/2021) |
|
9.75% (Libor + 8.50%/Q) |
|
8/16/2013 |
|
56,500 |
|
58,195 |
(2)(25) |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
71,999 |
|
73,694 |
|
|
| ||
|
DNAnexus, Inc. |
|
Bioinformatics company |
|
First lien senior secured loan ($5,000 par due 10/2017) |
|
9.25% |
|
3/21/2014 |
|
4,752 |
|
5,000 |
(2) |
|
| ||
|
|
|
|
|
Warrants to purchase up to 454,546 units of Series C preferred stock |
|
|
|
3/21/2014 |
|
— |
|
— |
(2) |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
4,752 |
|
5,000 |
|
|
| ||
As of March 31, 2014
(dollar amounts in thousands)
(unaudited)
|
Company(1) |
|
Business Description |
|
Investment |
|
Interest(5)(11) |
|
Acquisition |
|
Amortized |
|
Fair Value |
|
Percentage |
|
|
Genocea Biosciences, Inc. |
|
Vaccine discovery technology company |
|
First lien senior secured loan ($10,000 par due 4/2017) |
|
8.00% |
|
9/30/2013 |
|
9,818 |
|
10,000 |
(2) |
|
|
|
|
|
|
|
Common stock (34,500 shares) |
|
|
|
9/30/2013 |
|
— |
|
654 |
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
9,818 |
|
10,654 |
|
|
|
|
GI Advo Opco, LLC |
|
Residential behavioral treatment services provider |
|
First lien senior secured loan ($14,523 par due 6/2017) |
|
6.00% (Libor + 4.75%/Q) |
|
12/13/2013 |
|
14,922 |
|
14,523 |
(25) |
|
|
|
|
|
|
|
First lien senior secured loan ($280 par due 6/2017) |
|
7.00% (Base Rate + 3.75%/Q) |
|
12/13/2013 |
|
288 |
|
280 |
(25) |
|
|
|
|
|
|
|
|
|
|
|
|
|
15,210 |
|
14,803 |
|
|
|
|
Global Healthcare Exchange, LLC and GHX Ultimate Parent Corp. |
|
On-demand supply chain automation solutions provider |
|
First lien senior secured loan ($125,000 par due 3/2020) |
|
10.00% (Libor + 9.00%/Q) |
|
3/11/2014 |
|
123,835 |
|
125,000 |
(2)(25) |
|
|
|
|
|
|
|
Class A common stock (2,475 shares) |
|
|
|
3/11/2014 |
|
2,475 |
|
2,475 |
(2) |
|
|
|
|
|
|
|
Class B common stock (938 shares) |
|
|
|
3/11/2014 |
|
25 |
|
25 |
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
126,335 |
|
127,500 |
|
|
|
|
INC Research, Inc. |
|
Pharmaceutical and biotechnology consulting services |
|
Common stock (1,410,000 shares) |
|
|
|
9/27/2010 |
|
1,512 |
|
1,846 |
(2) |
|
|
|
Intermedix Corporation |
|
Revenue cycle management provider to the emergency healthcare industry |
|
Second lien senior secured loan ($112,000 par due 6/2020) |
|
9.25% (Libor + 8.25%/Q) |
|
12/27/2012 |
|
112,000 |
|
112,000 |
(2)(25) |
|
|
|
LM Acquisition Holdings, LLC (8) |
|
Developer and manufacturer of medical equipment |
|
Class A units (426 units) |
|
|
|
9/27/2013 |
|
1,000 |
|
1,024 |
(2) |
|
|
|
MC Acquisition Holdings I, LLC |
|
Healthcare professional provider |
|
Class A units (1,000,000 units) |
|
|
|
1/17/2014 |
|
1,000 |
|
1,000 |
(2) |
|
|
|
Monte Nido Holdings, LLC |
|
Outpatient eating disorder treatment provider |
|
First lien senior secured loan ($44,750 par due 12/2019) |
|
7.75% (Libor + 6.75%/Q) |
|
12/20/2013 |
|
44,750 |
|
44,750 |
(2)(19)(25) |
|
|
|
MW Dental Holding Corp. |
|
Dental services provider |
|
First lien senior secured loan ($1,000 par due 4/2017) |
|
8.50% (Libor + 7.00%/M) |
|
4/12/2011 |
|
1,000 |
|
1,000 |
(2)(25) |
|
|
|
|
|
|
|
First lien senior secured loan ($35,004 par due 4/2017) |
|
8.50% (Libor + 7.00%/M) |
|
4/12/2011 |
|
35,004 |
|
35,004 |
(2)(25) |
|
|
|
|
|
|
|
First lien senior secured loan ($48,609 par due 4/2017) |
|
8.50% (Libor + 7.00%/M) |
|
4/12/2011 |
|
48,609 |
|
48,609 |
(3)(25) |
|
|
|
|
|
|
|
First lien senior secured loan ($9,771 par due 4/2017) |
|
8.50% (Libor + 7.00%/M) |
|
4/12/2011 |
|
9,771 |
|
9,771 |
(4)(25) |
|
|
|
|
|
|
|
|
|
|
|
|
|
94,384 |
|
94,384 |
|
|
|
|
Napa Management Services Corporation |
|
Anesthesia management services provider |
|
First lien senior secured loan ($66,734 par due 2/2019) |
|
6.00% (Libor + 5.00%/Q) |
|
4/15/2011 |
|
66,734 |
|
66,734 |
(2)(22)(25) |
|
|
|
|
|
|
|
First lien senior secured loan ($33,266 par due 2/2019) |
|
6.00% (Libor + 5.00%/Q) |
|
4/15/2011 |
|
33,206 |
|
33,266 |
(3)(22)(25) |
|
|
|
|
|
|
|
Common units (5,345 units) |
|
|
|
4/15/2011 |
|
5,623 |
|
8,717 |
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
105,563 |
|
108,717 |
|
|
|
|
National Healing Corporation and National Healing Holding Corp. |
|
Wound care service and equipment provider |
|
Second lien senior secured loan ($10,000 par due 2/2020) |
|
9.25% (Libor + 8.00%/Q) |
|
12/13/2013 |
|
10,285 |
|
10,200 |
(25) |
|
|
|
|
|
|
|
Preferred stock (869,565 shares) |
|
|
|
12/13/2013 |
|
1,296 |
|
1,462 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,581 |
|
11,662 |
|
|
|
|
Netsmart Technologies, Inc. and NS Holdings, Inc. |
|
Healthcare technology provider |
|
First lien senior secured loan ($2,817 par due 12/2017) |
|
8.75% (Libor + 7.50%/Q) |
|
12/18/2012 |
|
2,817 |
|
2,817 |
(2)(17)(25) |
|
|
|
|
|
|
|
First lien senior secured loan ($36,027 par due 12/2017) |
|
8.75% (Libor + 7.50%/Q) |
|
12/18/2012 |
|
36,027 |
|
36,027 |
(2)(17)(25) |
|
|
|
|
|
|
|
Common stock (2,500,000 shares) |
|
|
|
6/21/2010 |
|
2,500 |
|
3,715 |
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
41,344 |
|
42,559 |
|
|
|
|
New Trident Holdcorp, Inc. |
|
Outsourced mobile diagnostic healthcare service provider |
|
Second lien senior secured loan ($80,000 par due 7/2020) |
|
10.25% (Libor + 9.00%/Q) |
|
8/6/2013 |
|
78,505 |
|
80,000 |
(2)(25) |
|
|
|
OmniSYS Acquisition Corporation, OmniSYS, LLC, and OSYS Holdings, LLC |
|
Provider of technology-enabled solutions to pharmacies |
|
First lien senior secured loan ($20,869 par due 11/2018) |
|
8.50% (Libor + 7.50%/Q) |
|
11/21/2013 |
|
20,869 |
|
20,869 |
(2)(25) |
|
|
|
|
|
|
|
Limited liability company membership interest (1.57%) |
|
|
|
11/21/2013 |
|
1,000 |
|
1,031 |
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
21,869 |
|
21,900 |
|
|
|
As of March 31, 2014
(dollar amounts in thousands)
(unaudited)
|
Company(1) |
|
Business Description |
|
Investment |
|
Interest(5)(11) |
|
Acquisition |
|
Amortized |
|
Fair Value |
|
Percentage |
|
|
PerfectServe, Inc. |
|
Communications software platform provider for hospitals and physician practices |
|
First lien senior secured loan ($3,500 par due 4/2017) |
|
10.00% |
|
12/26/2013 |
|
3,467 |
|
3,500 |
(2) |
|
|
|
|
|
|
|
Warrants to purchase up to 34,113 units of Series C preferred stock |
|
|
|
12/26/2013 |
|
— |
|
70 |
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
3,467 |
|
3,570 |
|
|
|
|
PG Mergersub, Inc. and PGA Holdings, Inc. |
|
Provider of patient surveys, management reports and national databases for the integrated healthcare delivery system |
|
Second lien senior secured loan ($2,368 par due 10/2018) |
|
8.25% (Libor + 7.00%/M) |
|
12/13/2013 |
|
2,435 |
|
2,368 |
(25) |
|
|
|
|
|
|
|
Second lien senior secured loan ($21,316 par due 10/2018) |
|
8.25% (Libor + 7.00%/M) |
|
4/19/2012 |
|
21,316 |
|
21,316 |
(2)(25) |
|
|
|
|
|
|
|
Preferred stock (333 shares) |
|
|
|
3/12/2008 |
|
125 |
|
18 |
(2) |
|
|
|
|
|
|
|
Common stock (16,667 shares) |
|
|
|
3/12/2008 |
|
167 |
|
892 |
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
24,043 |
|
24,594 |
|
|
|
|
Physiotherapy Associates Holdings, Inc. |
|
Outpatient rehabilitation physical therapy provider |
|
Class A common stock (100,000 shares) |
|
|
|
12/13/2013 |
|
3,090 |
|
3,090 |
|
|
|
|
POS I Corp. (fka Vantage Oncology, Inc.) |
|
Radiation oncology care provider |
|
Common stock (62,157 shares) |
|
|
|
2/3/2011 |
|
4,670 |
|
1,043 |
(2) |
|
|
|
RCHP, Inc. |
|
Operator of general acute care hospitals |
|
First lien senior secured loan ($4,875 par due 11/2018) |
|
7.00% (Libor + 5.75%/Q) |
|
11/4/2011 |
|
4,875 |
|
4,875 |
(2)(25) |
|
|
|
|
|
|
|
First lien senior secured loan ($60,365 par due 11/2018) |
|
7.00% (Libor + 5.75%/Q) |
|
11/4/2011 |
|
60,344 |
|
60,365 |
(3)(25) |
|
|
|
|
|
|
|
First lien senior secured loan ($9,975 par due 11/2018) |
|
7.00% (Libor + 5.75%/Q) |
|
11/4/2011 |
|
9,975 |
|
9,975 |
(4)(25) |
|
|
|
|
|
|
|
Second lien senior secured loan ($85,000 par due 5/2019) |
|
11.50% (Libor + 10.00%/Q) |
|
11/4/2011 |
|
85,000 |
|
85,850 |
(2)(25) |
|
|
|
|
|
|
|
|
|
|
|
|
|
160,194 |
|
161,065 |
|
|
|
|
Reed Group, Ltd. |
|
Medical disability management services provider |
|
Equity interests |
|
|
|
4/1/2010 |
|
— |
|
— |
(2) |
|
|
|
Respicardia, Inc. |
|
Developer of implantable therapies to improve cardiovascular health |
|
First lien senior secured loan ($3,200 par due 7/2015) |
|
11.00% |
|
6/28/2012 |
|
3,191 |
|
3,200 |
(2) |
|
|
|
|
|
|
|
Warrants to purchase up to 99,094 shares of Series C preferred stock |
|
|
|
6/26/2012 |
|
38 |
|
29 |
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
3,229 |
|
3,229 |
|
|
|
|
Sage Products Holdings III, LLC |
|
Patient infection control and preventive care solutions provider |
|
Second lien senior secured loan ($75,000 par due 6/2020) |
|
9.25% (Libor + 8.00%/Q) |
|
12/13/2012 |
|
75,000 |
|
75,000 |
(2)(25) |
|
|
|
Sorbent Therapeutics, Inc. |
|
Orally-administered drug developer |
|
First lien senior secured loan ($6,370 par due 9/2016) |
|
10.25% |
|
4/23/2013 |
|
6,370 |
|
6,370 |
(2) |
|
|
|
|
|
|
|
Warrant to purchase up to 727,272 shares of Series C Preferred Stock |
|
|
|
4/23/2013 |
|
— |
|
25 |
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
6,370 |
|
6,395 |
|
|
|
|
SurgiQuest, Inc. |
|
Medical device company |
|
First lien senior secured revolving loan ($2,200 par due 9/2014) |
|
8.50% |
|
9/28/2012 |
|
2,200 |
|
2,200 |
(2) |
|
|
|
|
|
|
|
First lien senior secured loan ($5,726 par due 10/2017) |
|
10.00% |
|
9/28/2012 |
|
5,603 |
|
5,726 |
(2) |
|
|
|
|
|
|
|
First lien senior secured loan ($2,000 par due 10/2017) |
|
10.69% |
|
9/28/2012 |
|
1,957 |
|
2,000 |
(2) |
|
|
|
|
|
|
|
Warrants to purchase up to 54,672 shares of Series D-4 convertible preferred stock |
|
|
|
9/28/2012 |
|
— |
|
— |
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
9,760 |
|
9,926 |
|
|
|
|
U.S. Anesthesia Partners, Inc. |
|
Anesthesiology service provider |
|
First lien senior secured loan ($29,925 par due 12/2019) |
|
7.25% (Base Rate + 4.00%/Q) |
|
12/31/2013 |
|
29,925 |
|
29,925 |
(2)(25) |
|
|
|
Young Innovations, Inc. |
|
Dental supplies and equipment manufacturer |
|
First lien senior secured loan ($9,445 par due 1/2019) |
|
5.75% (Libor + 4.50%/Q) |
|
1/31/2013 |
|
9,445 |
|
9,445 |
(3)(25) |
|
|
|
|
|
|
|
First lien senior secured loan ($8 par due 1/2019) |
|
6.75% (Base Rate + 3.50%/Q) |
|
1/31/2013 |
|
8 |
|
8 |
(3)(25) |
|
|
As of March 31, 2014
(dollar amounts in thousands)
(unaudited)
|
Company(1) |
|
Business Description |
|
Investment |
|
Interest(5)(11) |
|
Acquisition |
|
Amortized |
|
Fair Value |
|
Percentage |
|
|
|
|
|
|
First lien senior secured loan ($12,958 par due 1/2019) |
|
5.75% (Libor + 4.50%/Q) |
|
1/31/2013 |
|
12,958 |
|
12,958 |
(4)(25) |
|
|
|
|
|
|
|
First lien senior secured loan ($12 par due 1/2019) |
|
6.75% (Base Rate + 3.50%/Q) |
|
1/31/2013 |
|
12 |
|
12 |
(4)(25) |
|
|
|
|
|
|
|
|
|
|
|
|
|
22,423 |
|
22,423 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,148,989 |
|
1,160,025 |
|
23.68 |
% |
|
Business Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2329497 Ontario Inc. (8) |
|
Provider of outsourced data center infrastructure and related services |
|
Second lien senior secured loan ($45,000 par due 6/2019) |
|
10.50% (Libor + 9.25%/M) |
|
12/13/2013 |
|
43,496 |
|
41,557 |
(25) |
|
|
|
Access CIG, LLC |
|
Records and information management services provider |
|
First lien senior secured loan ($988 par due 10/2017) |
|
7.00% (Libor + 5.75%/M) |
|
10/5/2012 |
|
988 |
|
988 |
(2)(25) |
|
|
|
BlackArrow, Inc. |
|
Advertising and data solutions software platform provider for the television and video industry |
|
First lien senior secured loan ($8,000 par due 9/2017) |
|
9.25% |
|
3/13/2014 |
|
7,723 |
|
7,920 |
(2) |
|
|
|
|
|
|
|
Warrants to purchase up to 517,386 shares of Series C preferred stock |
|
|
|
3/13/2014 |
|
— |
|
76 |
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
7,723 |
|
7,996 |
|
|
|
|
BluePay Processing, Inc. |
|
Technology-enabled payment processing solutions provider |
|
First lien senior secured loan ($5,970 par due 8/2019) |
|
5.00% (Libor + 4.00%/Q) |
|
8/30/2013 |
|
5,970 |
|
5,970 |
(2)(25) |
|
|
|
|
|
|
|
First lien senior secured loan ($15 par due 8/2019) |
|
6.25% (Base Rate + 3.00%/Q) |
|
8/30/2013 |
|
15 |
|
15 |
(2)(25) |
|
|
|
|
|
|
|
|
|
|
|
|
|
5,985 |
|
5,985 |
|
|
|
|
Cast & Crew Payroll, LLC and Centerstage Co-Investors, L.L.C. (6) |
|
Payroll and accounting services provider to the entertainment industry |
|
First lien senior secured loan ($12,934 par due 12/2017) |
|
5.75% (Libor + 4.75%/Q) |
|
12/24/2012 |
|
12,934 |
|
12,934 |
(2)(18)(25) |
|
|
|
|
|
|
|
First lien senior secured loan ($44,671 par due 12/2017) |
|
5.75% (Libor + 4.75%/Q) |
|
12/24/2012 |
|
44,671 |
|
44,671 |
(3)(18)(25) |
|
|
|
|
|
|
|
Class A membership units (2,500,000 units) |
|
|
|
12/24/2012 |
|
2,500 |
|
4,634 |
(2) |
|
|
|
|
|
|
|
Class B membership units (2,500,000 units) |
|
|
|
12/24/2012 |
|
2,500 |
|
4,634 |
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
62,605 |
|
66,873 |
|
|
|
|
CIBT Investment Holdings, LLC |
|
Expedited travel document processing services |
|
Class A shares (2,500 shares) |
|
|
|
12/15/2011 |
|
2,500 |
|
3,758 |
(2) |
|
|
|
CitiPostal Inc. (7) |
|
Document storage and management services |
|
First lien senior secured revolving loan ($2,500 par due 12/2014) |
|
6.50% (Libor + 4.50%/M) |
|
4/1/2010 |
|
2,500 |
|
2,500 |
(2)(25) |
|
|
|
|
|
|
|
First lien senior secured loan ($53,846 par due 12/2014) |
|
|
|
4/1/2010 |
|
52,041 |
|
41,500 |
(2)(24) |
|
|
|
|
|
|
|
Senior subordinated loan ($21,027 par due 12/2015) |
|
|
|
4/1/2010 |
|
13,038 |
|
— |
(2)(24) |
|
|
|
|
|
|
|
Common stock (37,024 shares) |
|
|
|
4/1/2010 |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
67,579 |
|
44,000 |
|
|
|
|
Command Alkon, Inc. |
|
Software solutions provider to the ready-mix concrete industry |
|
Second lien senior secured loan ($10,000 par due 3/2018) |
|
8.75% (Libor + 7.50%/Q) |
|
9/28/2012 |
|
10,000 |
|
10,000 |
(2)(25) |
|
|
|
|
|
|
|
Second lien senior secured loan ($26,500 par due 5/2019) |
|
8.75% (Libor + 7.50%/S) |
|
9/28/2012 |
|
26,500 |
|
26,500 |
(2)(25) |
|
|
|
|
|
|
|
|
|
|
|
|
|
36,500 |
|
36,500 |
|
|
|
|
Coverall North America, Inc. |
|
Commercial janitorial services provider |
|
Letter of credit facility |
|
|
|
1/17/2013 |
|
— |
|
— |
(29) |
|
|
|
First Insight, Inc. |
|
SaaS company providing merchandising and pricing solutions to companies worldwide |
|
First lien senior secured loan ($3,500 par due 4/2017) |
|
9.50% |
|
3/20/2014 |
|
3,396 |
|
3,465 |
(2) |
|
|
|
|
|
|
|
Warrants to purchase up to 122,827 shares of Series C preferred stock |
|
|
|
3/20/2014 |
|
— |
|
7 |
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
3,396 |
|
3,472 |
|
|
|
|
GHS Interactive Security, LLC and LG Security Holdings, LLC |
|
Originates residential security alarm contracts |
|
First lien senior secured loan ($3,915 par due 5/2018) |
|
7.50% (Libor + 6.00%/S) |
|
12/13/2013 |
|
3,973 |
|
3,954 |
(25) |
|
|
|
|
|
|
|
Class A membership units (1,560,000 units) |
|
|
|
12/13/2013 |
|
1,607 |
|
432 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,580 |
|
4,386 |
|
|
|
|
HCPro, Inc. and HCP Acquisition Holdings, LLC (7) |
|
Healthcare compliance advisory services |
|
Senior subordinated loan ($9,100 par due 8/2014) |
|
|
|
3/5/2013 |
|
2,691 |
|
— |
(2)(24) |
|
|
|
|
|
|
|
Class A units (14,293,110 units) |
|
|
|
6/26/2008 |
|
12,793 |
|
— |
(2) |
|
|
As of March 31, 2014
(dollar amounts in thousands)
(unaudited)
|
Company(1) |
|
Business Description |
|
Investment |
|
Interest(5)(11) |
|
Acquisition |
|
Amortized |
|
Fair Value |
|
Percentage |
|
|
|
|
|
|
|
|
|
|
|
|
15,484 |
|
— |
|
|
|
|
IfByPhone Inc. |
|
Voice-based marketing automation software provider |
|
First lien senior secured loan ($1,333 par due 11/2015) |
|
11.00% |
|
10/15/2012 |
|
1,300 |
|
1,333 |
(2) |
|
|
|
|
|
|
|
First lien senior secured loan ($733 par due 1/2016) |
|
11.00% |
|
10/15/2012 |
|
733 |
|
733 |
(2) |
|
|
|
|
|
|
|
Warrant to purchase up to 124,300 shares of Series C preferred stock |
|
|
|
10/15/2012 |
|
88 |
|
61 |
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
2,121 |
|
2,127 |
|
|
|
|
Investor Group Services, LLC (6) |
|
Business consulting for private equity and corporate clients |
|
Limited liability company membership interest (8.5% interest) |
|
|
|
6/22/2006 |
|
— |
|
630 |
|
|
|
|
IronPlanet, Inc. |
|
Online auction platform provider for used heavy equipment |
|
First lien senior secured revolving loan ($5,000 par due 9/2015) |
|
8.00% |
|
9/24/2013 |
|
5,000 |
|
5,000 |
(2) |
|
|
|
|
|
|
|
First lien senior secured loan ($7,500 par due 7/2017) |
|
9.25% |
|
9/24/2013 |
|
7,172 |
|
7,350 |
(2) |
|
|
|
|
|
|
|
Warrant to purchase to up to 133,333 shares of Series C preferred stock |
|
|
|
9/24/2013 |
|
214 |
|
242 |
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
12,386 |
|
12,592 |
|
|
|
|
Itel Laboratories, Inc. |
|
Data services provider for building materials to property insurance industry |
|
Preferred units (1,798,391 units) |
|
|
|
6/29/2012 |
|
1,000 |
|
1,143 |
(2) |
|
|
|
Keynote Systems, Inc. and Hawaii Ultimate Parent Corp., Inc. |
|
Web and mobile cloud performance testing and monitoring services provider |
|
First lien senior secured loan ($183,175 par due 2/2020) |
|
9.50% (Libor + 8.50%/S) |
|
8/22/2013 |
|
183,175 |
|
183,175 |
(2)(25) |
|
|
|
|
|
|
|
Class A common stock (2,970 shares) |
|
|
|
8/22/2013 |
|
2,970 |
|
3,924 |
(2) |
|
|
|
|
|
|
|
Class B common stock (1,956,522 shares) |
|
|
|
8/22/2013 |
|
30 |
|
40 |
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
186,175 |
|
187,139 |
|
|
|
|
Market Track Holdings, LLC |
|
Business media consulting services company |
|
Preferred stock (1,500 shares) |
|
|
|
12/13/2013 |
|
1,982 |
|
2,097 |
|
|
|
|
|
|
|
|
Common stock (15,000 shares) |
|
|
|
12/13/2013 |
|
1,982 |
|
2,097 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,964 |
|
4,194 |
|
|
|
|
MSC.Software Corporation and Maximus Holdings, LLC |
|
Provider of software simulation tools and related services |
|
First lien senior secured loan ($42,187 par due 11/2017) |
|
8.50% (Libor + 7.25%/Q) |
|
12/13/2013 |
|
43,357 |
|
43,242 |
(21)(25) |
|
|
|
|
|
|
|
Warrants to purchase up to 1,050,013 shares of common stock |
|
|
|
12/13/2013 |
|
424 |
|
1,506 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
43,781 |
|
44,748 |
|
|
|
|
Multi-Ad Services, Inc. (6) |
|
Marketing services and software provider |
|
Preferred units (1,725,280 units) |
|
|
|
4/1/2010 |
|
788 |
|
2,178 |
|
|
|
|
|
|
|
|
Common units (1,725,280 units) |
|
|
|
4/1/2010 |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
788 |
|
2,178 |
|
|
|
|
MVL Group, Inc. (7) |
|
Marketing research provider |
|
Senior subordinated loan ($33,576 par due 7/2012) |
|
|
|
4/1/2010 |
|
30,266 |
|
2,485 |
(2)(24) |
|
|
|
|
|
|
|
Junior subordinated loan ($185 par due 7/2012) |
|
|
|
4/1/2010 |
|
— |
|
— |
(2)(24) |
|
|
|
|
|
|
|
Common stock (560,716 shares) |
|
|
|
4/1/2010 |
|
— |
|
— |
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
30,266 |
|
2,485 |
|
|
|
|
NComputing, Inc. |
|
Desktop virtualization hardware and software technology service provider |
|
Warrant to purchase up to 462,726 shares of Series C preferred stock |
|
|
|
3/20/2013 |
|
— |
|
45 |
(2) |
|
|
|
Pillar Processing LLC, PHL Investors, Inc., and PHL Holding Co. (6) |
|
Mortgage services |
|
First lien senior secured loan ($3,993 par due 11/2018) |
|
|
|
7/31/2008 |
|
3,248 |
|
2,145 |
(2)(24) |
|
|
|
|
|
|
|
First lien senior secured loan ($7,375 par due 5/2019) |
|
|
|
11/20/2007 |
|
5,592 |
|
— |
(2)(24) |
|
|
|
|
|
|
|
Class A common stock (576 shares) |
|
|
|
7/31/2012 |
|
3,768 |
|
— |
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
12,608 |
|
2,145 |
|
|
|
|
Platform Acquisition, Inc. |
|
Data center and managed cloud services provider |
|
Common stock (48,604 shares) |
|
|
|
12/13/2013 |
|
7,536 |
|
7,919 |
|
|
|
|
Powersport Auctioneer Holdings, LLC |
|
Powersport vehicle auction operator |
|
Common units (1,972 units) |
|
|
|
3/2/2012 |
|
1,000 |
|
955 |
(2) |
|
|
|
PSSI Holdings, LLC |
|
Provider of mission-critical outsourced cleaning and sanitation |
|
First lien senior secured loan ($956 par due 6/2018) |
|
6.00% (Libor + 5.00%/S) |
|
8/7/2013 |
|
956 |
|
956 |
(2)(25) |
|
|
As of March 31, 2014
(dollar amounts in thousands)
(unaudited)
|
Company(1) |
|
Business Description |
|
Investment |
|
Interest(5)(11) |
|
Acquisition |
|
Amortized |
|
Fair Value |
|
Percentage |
|
|
|
|
services to the food processing industry |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
R2 Acquisition Corp. |
|
Marketing services |
|
Common stock (250,000 shares) |
|
|
|
5/29/2007 |
|
250 |
|
177 |
(2) |
|
|
|
Rainstor, Inc. |
|
Database solution provider designed to manage Big Data for large enterprises at the lowest total cost |
|
First lien senior secured loan ($2,500 par due 4/2016) |
|
11.25% |
|
3/28/2013 |
|
2,446 |
|
2,500 |
(2) |
|
|
|
|
|
|
|
Warrant to purchase up to 142,210 shares of Series C preferred stock |
|
|
|
3/28/2013 |
|
88 |
|
70 |
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
2,534 |
|
2,570 |
|
|
|
|
Ship Investor & Cy S.C.A. (8) |
|
Payment processing company |
|
Common stock (936,693 shares) |
|
|
|
12/13/2013 |
|
2,698 |
|
2,774 |
|
|
|
|
Summit Business Media Parent Holding Company LLC |
|
Business media consulting services |
|
Limited liability company membership interest (45.98% interest) |
|
|
|
5/20/2011 |
|
— |
|
1,620 |
(2) |
|
|
|
TOA Technologies, Inc. |
|
Cloud based, mobile workforce management applications provider |
|
First lien senior secured loan ($12,242 par due 11/2016) |
|
10.25% |
|
10/31/2012 |
|
11,843 |
|
12,242 |
(2) |
|
|
|
|
|
|
|
Warrant to purchase up to 2,509,770 shares of Series D preferred stock |
|
|
|
10/31/2012 |
|
605 |
|
1,189 |
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
12,448 |
|
13,431 |
|
|
|
|
Tripwire, Inc. |
|
IT security software provider |
|
First lien senior secured loan ($84,950 par due 5/2018) |
|
7.00% (Libor + 5.75%/Q) |
|
5/23/2011 |
|
84,950 |
|
84,950 |
(2)(25) |
|
|
|
|
|
|
|
First lien senior secured loan ($49,875 par due 5/2018) |
|
7.00% (Libor + 5.75%/Q) |
|
5/23/2011 |
|
49,875 |
|
49,875 |
(3)(25) |
|
|
|
|
|
|
|
First lien senior secured loan ($9,975 par due 5/2018) |
|
7.00% (Libor + 5.75%/Q) |
|
5/23/2011 |
|
9,975 |
|
9,975 |
(4)(25) |
|
|
|
|
|
|
|
Class B common stock (2,655,638 shares) |
|
|
|
5/23/2011 |
|
30 |
|
84 |
(2) |
|
|
|
|
|
|
|
Class A common stock (2,970 shares) |
|
|
|
5/23/2011 |
|
2,970 |
|
8,348 |
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
147,800 |
|
153,232 |
|
|
|
|
Velocity Holdings Corp. |
|
Hosted enterprise resource planning application management services provider |
|
Common units (1,713,546 units) |
|
|
|
12/13/2013 |
|
4,503 |
|
4,597 |
|
|
|
|
Venturehouse-Cibernet Investors, LLC |
|
Financial settlement services for intercarrier wireless roaming |
|
Equity interest |
|
|
|
4/1/2010 |
|
— |
|
— |
(2) |
|
|
|
VSS-Tranzact Holdings, LLC (6) |
|
Management consulting services |
|
Common membership interest (5.98% interest) |
|
|
|
10/26/2007 |
|
10,204 |
|
8,677 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X Plus Two Solutions, Inc. and X Plus One Solutions, Inc. |
|
Provider of open and integrated software for digital marketing optimization |
|
First lien senior secured revolving loan ($8,600 par due 9/2014) |
|
8.50% |
|
4/1/2013 |
|
8,600 |
|
8,600 |
(2) |
|
|
|
|
|
|
|
First lien senior secured loan ($6,788 par due 3/2017) |
|
10.00% |
|
4/1/2013 |
|
6,470 |
|
6,788 |
(2) |
|
|
|
|
|
|
|
First lien senior secured loan ($2,000 par due 10/2017) |
|
10.00% |
|
3/28/2014 |
|
1,781 |
|
1,820 |
(2) |
|
|
|
|
|
|
|
Warrant to purchase up to 586,178 shares of Series C preferred stock |
|
|
|
3/28/2014 |
|
180 |
|
180 |
(2) |
|
|
|
|
|
|
|
Warrant to purchase up to 999,167 shares of Series C preferred stock |
|
|
|
4/1/2013 |
|
284 |
|
306 |
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
17,315 |
|
17,694 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
752,169 |
|
689,543 |
|
14.07 |
% |
|
Services-Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Investments and Ventures Corp. |
|
SCUBA diver training and certification provider |
|
First lien senior secured loan ($24,080 par due 8/2018) |
|
7.00% (Libor + 5.75%/Q) |
|
8/9/2012 |
|
24,080 |
|
24,080 |
(3)(25) |
|
|
|
|
|
|
|
First lien senior secured loan ($8,565 par due 8/2018) |
|
7.00% (Libor + 5.75%/Q) |
|
8/9/2012 |
|
8,565 |
|
8,565 |
(4)(25) |
|
|
|
|
|
|
|
|
|
|
|
|
|
32,645 |
|
32,645 |
|
|
|
|
Community Education Centers, Inc. |
|
Offender re-entry and in-prison treatment services provider |
|
First lien senior secured loan ($13,571 par due 12/2014) |
|
6.25% (Libor + 5.25%/Q) |
|
12/10/2010 |
|
13,571 |
|
13,571 |
(2)(15)(25) |
|
|
|
|
|
|
|
First lien senior secured loan ($714 par due 12/2014) |
|
7.50% (Base Rate + 4.25%/S) |
|
12/10/2010 |
|
714 |
|
714 |
(2)(15)(25) |
|
|
As of March 31, 2014
(dollar amounts in thousands)
(unaudited)
|
Company(1) |
|
Business Description |
|
Investment |
|
Interest(5)(11) |
|
Acquisition |
|
Amortized |
|
Fair Value |
|
Percentage |
|