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 September 30, 2016
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 October 28, 2016 |
|
Common stock, $0.001 par value |
|
313,954,008 |
ARES CAPITAL CORPORATION
|
Part I. |
Financial Information |
|
|
|
|
|
|
Item 1. |
Financial Statements |
|
|
|
|
|
|
|
Consolidated Balance Sheet as of September 30, 2016 (unaudited) and December 31, 2015 |
3 |
|
|
|
|
|
|
4 | |
|
|
|
|
|
|
Consolidated Schedule of Investments as of September 30, 2016 (unaudited) and December 31, 2015 |
6 |
|
|
|
|
|
|
56 | |
|
|
|
|
|
|
57 | |
|
|
|
|
|
|
58 | |
|
|
|
|
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
94 | |
|
|
|
|
|
125 | ||
|
|
|
|
|
126 | ||
|
|
|
|
|
| ||
|
|
|
|
|
126 | ||
|
|
|
|
|
126 | ||
|
|
|
|
|
126 | ||
|
|
|
|
|
128 | ||
|
|
|
|
|
128 | ||
|
|
|
|
|
128 | ||
|
|
|
|
|
128 |
ARES CAPITAL CORPORATION AND SUBSIDIARIES
(in thousands, except per share data)
|
|
|
As of |
| ||||
|
|
|
September 30, 2016 |
|
December 31, 2015 |
| ||
|
|
|
(unaudited) |
|
|
| ||
|
ASSETS |
|
|
|
|
| ||
|
Investments at fair value |
|
|
|
|
| ||
|
Non-controlled/non-affiliate company investments |
|
$ |
5,981,144 |
|
$ |
6,481,333 |
|
|
Non-controlled affiliate company investments |
|
175,473 |
|
195,074 |
| ||
|
Controlled affiliate company investments |
|
2,648,034 |
|
2,379,089 |
| ||
|
Total investments at fair value (amortized cost of $8,927,999 and $9,147,646, respectively) |
|
8,804,651 |
|
9,055,496 |
| ||
|
Cash and cash equivalents |
|
125,089 |
|
257,056 |
| ||
|
Interest receivable |
|
120,665 |
|
137,968 |
| ||
|
Receivable for open trades |
|
21,664 |
|
— |
| ||
|
Other assets |
|
63,789 |
|
56,292 |
| ||
|
Total assets |
|
$ |
9,135,858 |
|
$ |
9,506,812 |
|
|
LIABILITIES |
|
|
|
|
| ||
|
Debt |
|
$ |
3,720,916 |
|
$ |
4,113,935 |
|
|
Base management fees payable |
|
33,923 |
|
34,125 |
| ||
|
Income based fees payable |
|
33,052 |
|
31,234 |
| ||
|
Capital gains incentive fees payable |
|
50,963 |
|
42,265 |
| ||
|
Accounts payable and other liabilities |
|
51,730 |
|
60,587 |
| ||
|
Interest and facility fees payable |
|
32,170 |
|
51,007 |
| ||
|
Payable for open trades |
|
4,125 |
|
327 |
| ||
|
Total liabilities |
|
3,926,879 |
|
4,333,480 |
| ||
|
Commitments and contingencies (Note 7) |
|
|
|
|
| ||
|
STOCKHOLDERS’ EQUITY |
|
|
|
|
| ||
|
Common stock, par value $0.001 per share, 500,000 common shares authorized; 313,954 and 314,347 common shares issued and outstanding, respectively |
|
314 |
|
314 |
| ||
|
Capital in excess of par value |
|
5,312,800 |
|
5,318,277 |
| ||
|
Accumulated overdistributed net investment income |
|
(3,262 |
) |
(894 |
) | ||
|
Accumulated net realized gains (losses) on investments, foreign currency transactions, extinguishment of debt and other assets |
|
25,523 |
|
(53,013 |
) | ||
|
Net unrealized losses on investments, foreign currency and other transactions |
|
(126,396 |
) |
(91,352 |
) | ||
|
Total stockholders’ equity |
|
5,208,979 |
|
5,173,332 |
| ||
|
Total liabilities and stockholders’ equity |
|
$ |
9,135,858 |
|
$ |
9,506,812 |
|
|
NET ASSETS PER SHARE |
|
$ |
16.59 |
|
$ |
16.46 |
|
See accompanying notes to consolidated financial statements.
ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(in thousands, except per share data)
(unaudited)
|
|
|
For the Three Months Ended |
|
For the Nine Months Ended |
| ||||||||
|
|
|
2016 |
|
2015 |
|
2016 |
|
2015 |
| ||||
|
INVESTMENT INCOME: |
|
|
|
|
|
|
|
|
| ||||
|
From non-controlled/non-affiliate company investments: |
|
|
|
|
|
|
|
|
| ||||
|
Interest income from investments |
|
$ |
134,098 |
|
$ |
128,814 |
|
$ |
411,856 |
|
$ |
376,257 |
|
|
Capital structuring service fees |
|
33,786 |
|
27,883 |
|
60,440 |
|
49,410 |
| ||||
|
Dividend income |
|
6,226 |
|
4,045 |
|
23,215 |
|
11,957 |
| ||||
|
Other income |
|
3,203 |
|
2,583 |
|
9,708 |
|
8,683 |
| ||||
|
Total investment income from non-controlled/non-affiliate company investments |
|
177,313 |
|
163,325 |
|
505,219 |
|
446,307 |
| ||||
|
From non-controlled affiliate company investments: |
|
|
|
|
|
|
|
|
| ||||
|
Interest income from investments |
|
4,211 |
|
3,629 |
|
12,155 |
|
10,948 |
| ||||
|
Capital structuring service fees |
|
— |
|
— |
|
— |
|
2,205 |
| ||||
|
Dividend income |
|
— |
|
38 |
|
40 |
|
1,407 |
| ||||
|
Other income |
|
49 |
|
66 |
|
275 |
|
196 |
| ||||
|
Total investment income from non-controlled affiliate company investments |
|
4,260 |
|
3,733 |
|
12,470 |
|
14,756 |
| ||||
|
From controlled affiliate company investments: |
|
|
|
|
|
|
|
|
| ||||
|
Interest income from investments |
|
61,525 |
|
75,494 |
|
186,968 |
|
220,660 |
| ||||
|
Capital structuring service fees |
|
1,249 |
|
1,885 |
|
2,425 |
|
21,416 |
| ||||
|
Dividend income |
|
10,000 |
|
10,000 |
|
30,250 |
|
40,099 |
| ||||
|
Management and other fees |
|
3,879 |
|
6,148 |
|
13,506 |
|
18,421 |
| ||||
|
Other income |
|
444 |
|
363 |
|
1,144 |
|
2,015 |
| ||||
|
Total investment income from controlled affiliate company investments |
|
77,097 |
|
93,890 |
|
234,293 |
|
302,611 |
| ||||
|
Total investment income |
|
258,670 |
|
260,948 |
|
751,982 |
|
763,674 |
| ||||
|
EXPENSES: |
|
|
|
|
|
|
|
|
| ||||
|
Interest and credit facility fees |
|
43,300 |
|
56,618 |
|
138,877 |
|
171,614 |
| ||||
|
Base management fees |
|
33,923 |
|
33,284 |
|
103,126 |
|
100,221 |
| ||||
|
Income based fees |
|
33,052 |
|
31,842 |
|
91,097 |
|
90,156 |
| ||||
|
Capital gain incentive fees |
|
(5,491 |
) |
(2,628 |
) |
8,698 |
|
834 |
| ||||
|
Administrative fees |
|
3,433 |
|
3,545 |
|
10,198 |
|
10,515 |
| ||||
|
Professional fees and other costs related to the American Capital Acquisition |
|
2,699 |
|
— |
|
10,710 |
|
— |
| ||||
|
Other general and administrative |
|
6,488 |
|
6,926 |
|
20,814 |
|
22,652 |
| ||||
|
Total expenses |
|
117,404 |
|
129,587 |
|
383,520 |
|
395,992 |
| ||||
|
NET INVESTMENT INCOME BEFORE INCOME TAXES |
|
141,266 |
|
131,361 |
|
368,462 |
|
367,682 |
| ||||
|
Income tax expense, including excise tax |
|
3,570 |
|
884 |
|
12,772 |
|
7,025 |
| ||||
|
NET INVESTMENT INCOME |
|
137,696 |
|
130,477 |
|
355,690 |
|
360,657 |
| ||||
|
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, FOREIGN CURRENCY AND OTHER TRANSACTIONS: |
|
|
|
|
|
|
|
|
| ||||
|
Net realized gains (losses): |
|
|
|
|
|
|
|
|
| ||||
|
Non-controlled/non-affiliate company investments |
|
3,601 |
|
19,378 |
|
55,114 |
|
71,182 |
| ||||
|
Non-controlled affiliate company investments |
|
12,223 |
|
25,897 |
|
13,097 |
|
26,230 |
| ||||
ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(in thousands, except per share data)
(unaudited)
|
|
|
For the Three Months Ended |
|
For the Nine Months Ended |
| ||||||||
|
|
|
2016 |
|
2015 |
|
2016 |
|
2015 |
| ||||
|
Controlled affiliate company investments |
|
5,048 |
|
— |
|
11,378 |
|
— |
| ||||
|
Foreign currency transactions |
|
(310 |
) |
2,462 |
|
(1,053 |
) |
6,327 |
| ||||
|
Net realized gains |
|
20,562 |
|
47,737 |
|
78,536 |
|
103,739 |
| ||||
|
Net unrealized gains (losses): |
|
|
|
|
|
|
|
|
| ||||
|
Non-controlled/non-affiliate company investments |
|
(57,484 |
) |
(23,322 |
) |
(91,240 |
) |
(47,050 |
) | ||||
|
Non-controlled affiliate company investments |
|
(10,043 |
) |
(29,859 |
) |
11,724 |
|
(13,463 |
) | ||||
|
Controlled affiliate company investments |
|
23,506 |
|
(7,920 |
) |
48,490 |
|
(34,535 |
) | ||||
|
Foreign currency and other transactions |
|
(3,996 |
) |
(254 |
) |
(4,018 |
) |
(1,552 |
) | ||||
|
Net unrealized losses |
|
(48,017 |
) |
(61,355 |
) |
(35,044 |
) |
(96,600 |
) | ||||
|
Net realized and unrealized gains (losses) from investments, foreign currency and other transactions |
|
(27,455 |
) |
(13,618 |
) |
43,492 |
|
7,139 |
| ||||
|
REALIZED LOSSES ON EXTINGUISHMENT OF DEBT |
|
— |
|
— |
|
— |
|
(3,839 |
) | ||||
|
NET INCREASE IN STOCKHOLDERS’ EQUITY RESULTING FROM OPERATIONS |
|
$ |
110,241 |
|
$ |
116,859 |
|
$ |
399,182 |
|
$ |
363,957 |
|
|
BASIC AND DILUTED EARNINGS PER COMMON SHARE (see Note 10) |
|
$ |
0.35 |
|
$ |
0.37 |
|
$ |
1.27 |
|
$ |
1.16 |
|
|
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING (see Note 10) |
|
313,954 |
|
314,469 |
|
314,067 |
|
314,350 |
| ||||
See accompanying notes to consolidated financial statements.
ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of September 30, 2016
(dollar amounts in thousands)
(unaudited)
|
Company(1) |
|
Business Description |
|
Investment |
|
Interest(6)(12) |
|
Acquisition |
|
Amortized |
|
Fair Value |
|
Percentage |
| ||
|
Investment Funds and Vehicles |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Covestia Capital Partners, LP (10) |
|
Investment partnership |
|
Limited partnership interest (47.00% interest) |
|
|
|
6/17/2008 |
|
$ |
487 |
|
$ |
1,770 |
(2) |
|
|
|
HCI Equity, LLC (8)(9)(10) |
|
Investment company |
|
Member interest (100.00% interest) |
|
|
|
4/1/2010 |
|
— |
|
128 |
|
|
| ||
|
Imperial Capital Private Opportunities, LP (10)(26) |
|
Investment partnership |
|
Limited partnership interest (80.00% interest) |
|
|
|
5/10/2007 |
|
4,054 |
|
17,131 |
(2) |
|
| ||
|
Partnership Capital Growth Fund I, L.P. (10) |
|
Investment partnership |
|
Limited partnership interest (25.00% interest) |
|
|
|
6/16/2006 |
|
— |
|
194 |
(2) |
|
| ||
|
Partnership Capital Growth Investors III, L.P. (10)(26) |
|
Investment partnership |
|
Limited partnership interest (2.50% interest) |
|
|
|
10/5/2011 |
|
2,655 |
|
3,039 |
(2) |
|
| ||
|
PCG-Ares Sidecar Investment II, L.P. (10)(26) |
|
Investment partnership |
|
Limited partnership interest (100.00% interest) |
|
|
|
10/31/2014 |
|
7,456 |
|
11,430 |
(2) |
|
| ||
|
PCG-Ares Sidecar Investment, L.P. (10)(26) |
|
Investment partnership |
|
Limited partnership interest (100.00% interest) |
|
|
|
5/22/2014 |
|
3,355 |
|
2,796 |
(2) |
|
| ||
|
Piper Jaffray Merchant Banking Fund I, L.P. (10)(26) |
|
Investment partnership |
|
Limited partnership interest (2.00% interest) |
|
|
|
8/16/2012 |
|
1,664 |
|
1,491 |
|
|
| ||
|
Senior Direct Lending Program, LLC (8)(10)(28) |
|
Co-investment vehicle |
|
Subordinated certificates ($195,338 par due 12/2036) |
|
8.86% (Libor + 8.00%/M)(22) |
|
7/27/2016 |
|
195,338 |
|
195,338 |
|
|
| ||
|
|
|
|
|
Member interest (87.50% interest) |
|
|
|
7/27/2016 |
|
— |
|
— |
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
195,338 |
|
195,338 |
|
|
| ||
|
Senior Secured Loan Fund LLC (8)(11)(27) |
|
Co-investment vehicle |
|
Subordinated certificates ($2,003,959 par due 12/2024) |
|
8.86% (Libor + 8.00%/M)(21) |
|
10/30/2009 |
|
1,938,446 |
|
1,899,754 |
|
|
| ||
|
|
|
|
|
Member interest (87.50% interest) |
|
|
|
10/30/2009 |
|
— |
|
— |
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
1,938,446 |
|
1,899,754 |
|
|
| ||
|
VSC Investors LLC (10) |
|
Investment company |
|
Membership interest (1.95% interest) |
|
|
|
1/24/2008 |
|
299 |
|
1,124 |
(2) |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
2,153,754 |
|
2,134,195 |
|
40.97 |
% | ||
|
Healthcare Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Absolute Dental Management LLC and ADM Equity, LLC |
|
Dental services provider |
|
First lien senior secured loan ($18,750 par due 1/2022) |
|
9.06% (Libor + 8.06%/Q) |
|
1/5/2016 |
|
18,750 |
|
18,188 |
(3)(20) |
|
| ||
|
|
|
|
|
First lien senior secured loan ($5,000 par due 1/2022) |
|
9.06% (Libor + 8.06%/Q) |
|
1/5/2016 |
|
5,000 |
|
4,850 |
(4)(20) |
|
| ||
|
|
|
|
|
Class A preferred units (4,000,000 units) |
|
|
|
1/5/2016 |
|
4,000 |
|
1,901 |
(2) |
|
| ||
|
|
|
|
|
Class A common units (4,000,000 units) |
|
|
|
1/5/2016 |
|
— |
|
— |
(2) |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
27,750 |
|
24,939 |
|
|
| ||
|
ADCS Billings Intermediate Holdings, LLC (25) |
|
Dermatology practice |
|
First lien senior secured revolving loan ($1,375 par due 5/2022) |
|
8.25%(Base Rate + 4.75%/Q) |
|
5/18/2016 |
|
1,375 |
|
1,375 |
(2)(20)(24) |
|
| ||
|
ADG, LLC and RC IV GEDC Investor LLC (25) |
|
Dental services provider |
|
First lien senior secured revolving loan ($2,117 par due 9/2022) |
|
5.75% (Libor + 4.75%/Q) |
|
9/28/2016 |
|
2,117 |
|
2,117 |
(2)(20) |
|
| ||
|
|
|
|
|
First lien senior secured loan ($33,388 par due 9/2023) |
|
5.75% (Libor + 4.75%/Q) |
|
9/28/2016 |
|
33,387 |
|
33,387 |
(2)(20) |
|
| ||
|
|
|
|
|
Second lien senior secured loan ($87,500 par due 3/2024) |
|
10.00% (Libor + 9.00%/Q) |
|
9/28/2016 |
|
87,500 |
|
87,500 |
(2)(20) |
|
| ||
|
|
|
|
|
Membership units (3,000,000 units) |
|
|
|
9/28/2016 |
|
3,000 |
|
3,000 |
(2) |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
126,004 |
|
126,004 |
|
|
| ||
|
Alegeus Technologies Holdings Corp. |
|
Benefits administration and transaction processing provider |
|
Preferred stock (2,997 shares) |
|
|
|
12/13/2013 |
|
3,087 |
|
1,793 |
|
|
| ||
|
|
|
|
|
Common stock (3 shares) |
|
|
|
12/13/2013 |
|
3 |
|
— |
|
|
| ||
As of September 30, 2016
(dollar amounts in thousands)
(unaudited)
|
Company(1) |
|
Business Description |
|
Investment |
|
Interest(6)(12) |
|
Acquisition |
|
Amortized |
|
Fair Value |
|
Percentage |
|
|
|
|
|
|
|
|
|
|
|
|
3,090 |
|
1,793 |
|
|
|
|
Argon Medical Devices, Inc. |
|
Manufacturer and marketer of single-use specialty medical devices |
|
Second lien senior secured loan ($9,000 par due 6/2022) |
|
10.50% (Libor + 9.50%/Q) |
|
12/23/2015 |
|
8,758 |
|
9,000 |
(2)(20) |
|
|
|
AwarePoint Corporation |
|
Healthcare technology platform developer |
|
First lien senior secured loan ($8,772 par due 6/2018) |
|
10.50% (Libor + 9.50%/M) |
|
9/5/2014 |
|
8,548 |
|
8,772 |
(2)(20) |
|
|
|
|
|
|
|
Warrant to purchase up to 3,213,367 shares of Series 1 preferred stock (expires 9/2024) |
|
|
|
11/14/2014 |
|
— |
|
609 |
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
8,548 |
|
9,381 |
|
|
|
|
CCS Intermediate Holdings, LLC and CCS Group Holdings, LLC (25) |
|
Correctional facility healthcare operator |
|
First lien senior secured revolving loan ($3,750 par due 7/2019) |
|
5.00% (Libor + 4.00%/Q) |
|
7/23/2014 |
|
3,750 |
|
3,188 |
(2)(20)(24) |
|
|
|
|
|
|
|
First lien senior secured revolving loan ($1,620 par due 7/2019) |
|
6.50%(Base Rate + 3.00%/Q) |
|
7/23/2014 |
|
1,620 |
|
1,377 |
(2)(20)(24) |
|
|
|
|
|
|
|
First lien senior secured loan ($6,601 par due 7/2021) |
|
5.00% (Libor + 4.00%/Q) |
|
7/23/2014 |
|
6,579 |
|
5,611 |
(2)(20) |
|
|
|
|
|
|
|
Second lien senior secured loan ($135,000 par due 7/2022) |
|
9.38% (Libor + 8.38%/Q) |
|
7/23/2014 |
|
134,017 |
|
101,250 |
(2)(20) |
|
|
|
|
|
|
|
Class A units (601,937 units) |
|
|
|
8/19/2010 |
|
— |
|
215 |
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
145,966 |
|
111,641 |
|
|
|
|
Correctional Medical Group Companies, Inc. |
|
Correctional facility healthcare operator |
|
First lien senior secured loan ($3,088 par due 9/2021) |
|
9.39% (Libor + 8.39%/Q) |
|
9/29/2015 |
|
3,088 |
|
3,026 |
(2)(20) |
|
|
|
|
|
|
|
First lien senior secured loan ($4,093 par due 9/2021) |
|
9.39% (Libor + 8.39%/Q) |
|
9/29/2015 |
|
4,093 |
|
4,011 |
(2)(20) |
|
|
|
|
|
|
|
First lien senior secured loan ($44,707 par due 9/2021) |
|
9.39% (Libor + 8.39%/Q) |
|
9/29/2015 |
|
44,707 |
|
43,813 |
(3)(20) |
|
|
|
|
|
|
|
|
|
|
|
|
|
51,888 |
|
50,850 |
|
|
|
|
DCA Investment Holding, LLC (25) |
|
Multi-branded dental practice management |
|
First lien senior secured revolving loan ($5,774 par due 7/2021) |
|
7.75%(Base Rate + 4.25%/Q) |
|
7/2/2015 |
|
5,774 |
|
5,659 |
(2)(20)(24) |
|
|
|
|
|
|
|
First lien senior secured loan ($18,945 par due 7/2021) |
|
6.25% (Libor + 5.25%/Q) |
|
7/2/2015 |
|
18,831 |
|
18,566 |
(4)(20) |
|
|
|
|
|
|
|
|
|
|
|
|
|
24,605 |
|
24,225 |
|
|
|
|
DNAnexus, Inc. |
|
Bioinformatics company |
|
First lien senior secured loan ($10,075 par due 10/2018) |
|
9.25% (Libor + 8.25%/M) |
|
3/21/2014 |
|
9,861 |
|
10,075 |
(2)(20) |
|
|
|
|
|
|
|
Warrant to purchase up to 909,092 units of Series C preferred stock (expires 3/2024) |
|
|
|
3/21/2014 |
|
— |
|
121 |
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
9,861 |
|
10,196 |
|
|
|
|
Global Healthcare Exchange, LLC and GHX Ultimate Parent Corp. |
|
On-demand supply chain automation solutions provider |
|
Second lien senior secured loan ($47,500 par due 8/2023) |
|
9.75% (Libor + 8.75%/Q) |
|
8/18/2016 |
|
46,787 |
|
47,500 |
(2)(20) |
|
|
|
|
|
|
|
Class A common stock (1,788 shares) |
|
|
|
3/11/2014 |
|
1,788 |
|
1,788 |
(2) |
|
|
|
|
|
|
|
Class B common stock (980 shares) |
|
|
|
3/11/2014 |
|
30 |
|
5,244 |
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
48,605 |
|
54,532 |
|
|
|
|
Greenphire, Inc. and RMCF III CIV XXIX, L.P (25) |
|
Software provider for clinical trial management |
|
First lien senior secured loan ($1,500 par due 12/2018) |
|
9.00% (Libor + 8.00%/M) |
|
12/19/2014 |
|
1,500 |
|
1,500 |
(2)(20) |
|
|
|
|
|
|
|
First lien senior secured loan ($3,800 par due 12/2018) |
|
9.00% (Libor + 8.00%/M) |
|
12/19/2014 |
|
3,800 |
|
3,800 |
(2)(20) |
|
|
|
|
|
|
|
Limited partnership interest (99.90% interest) |
|
|
|
12/19/2014 |
|
999 |
|
1,590 |
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
6,299 |
|
6,890 |
|
|
|
|
Hygiena Borrower LLC (25) |
|
Adenosine triphosphate testing technology provider |
|
Second lien senior secured loan ($10,000 par due 8/2023) |
|
10.00% (Libor + 9.00%/Q) |
|
8/26/2016 |
|
10,000 |
|
10,000 |
(2)(20) |
|
|
|
INC Research Mezzanine Co-Invest, LLC |
|
Pharmaceutical and biotechnology consulting services |
|
Common units (1,410,000 units) |
|
|
|
9/27/2010 |
|
— |
|
738 |
(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 |
|
107,520 |
(2)(20) |
|
|
|
Island Medical Management Holdings, LLC (25) |
|
Provider of physician management services |
|
First lien senior secured revolving loan ($250 par due 9/2021) |
|
6.00% (Libor + 5.00%/Q) |
|
9/1/2016 |
|
250 |
|
250 |
(2)(20) |
|
|
|
|
|
|
|
First lien senior secured loan ($382 par due 9/2022) |
|
6.00% (Libor + 5.00%/Q) |
|
9/1/2016 |
|
382 |
|
382 |
(2)(20) |
|
|
As of September 30, 2016
(dollar amounts in thousands)
(unaudited)
|
Company(1) |
|
Business Description |
|
Investment |
|
Interest(6)(12) |
|
Acquisition |
|
Amortized |
|
Fair Value |
|
Percentage |
|
|
|
|
|
|
First lien senior secured loan ($6,228 par due 9/2022) |
|
6.00% (Libor + 5.00%/Q) |
|
9/1/2016 |
|
6,228 |
|
6,228 |
(2)(20) |
|
|
|
|
|
|
|
|
|
|
|
|
|
6,860 |
|
6,860 |
|
|
|
|
MC Acquisition Holdings I, LLC |
|
Healthcare professional provider |
|
Class A units (1,338,314 shares) |
|
|
|
1/17/2014 |
|
1,338 |
|
1,170 |
(2) |
|
|
|
MW Dental Holding Corp. (25) |
|
Dental services provider |
|
First lien senior secured revolving loan ($1,000 par due 4/2018) |
|
8.50% (Libor + 7.00%/Q) |
|
4/12/2011 |
|
1,000 |
|
1,000 |
(2)(20) |
|
|
|
|
|
|
|
First lien senior secured loan ($44,972 par due 4/2018) |
|
8.50% (Libor + 7.00%/Q) |
|
4/12/2011 |
|
44,972 |
|
44,972 |
(2)(20) |
|
|
|
|
|
|
|
First lien senior secured loan ($47,373 par due 4/2018) |
|
8.50% (Libor + 7.00%/Q) |
|
4/12/2011 |
|
47,373 |
|
47,373 |
(3)(20) |
|
|
|
|
|
|
|
First lien senior secured loan ($19,591 par due 4/2018) |
|
8.50% (Libor + 7.00%/Q) |
|
4/12/2011 |
|
19,591 |
|
19,591 |
(4)(20) |
|
|
|
|
|
|
|
|
|
|
|
|
|
112,936 |
|
112,936 |
|
|
|
|
My Health Direct, Inc. (25) |
|
Healthcare scheduling exchange software solution provider |
|
First lien senior secured loan ($1,600 par due 1/2018) |
|
10.75% |
|
9/18/2014 |
|
1,581 |
|
1,600 |
(2) |
|
|
|
|
|
|
|
Warrant to purchase up to 4,548 shares of Series D preferred stock (expires 9/2024) |
|
|
|
9/18/2014 |
|
39 |
|
40 |
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,620 |
|
1,640 |
|
|
|
|
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 |
|
79,085 |
|
76,000 |
(2)(20) |
|
|
|
NMSC Holdings, Inc. and ASP NAPA Holdings, LLC |
|
Anesthesia management services provider |
|
Second lien senior secured loan ($72,796 par due 10/2023) |
|
11.00% (Libor + 10.00%/Q) |
|
4/19/2016 |
|
72,796 |
|
72,796 |
(2)(20) |
|
|
|
|
|
|
|
Class A units (25,277 units) |
|
|
|
4/19/2016 |
|
2,528 |
|
2,488 |
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
75,324 |
|
75,284 |
|
|
|
|
Nodality, Inc. |
|
Biotechnology company |
|
First lien senior secured loan ($2,743 par due 8/2016) |
|
|
|
11/12/2015 |
|
2,533 |
|
2,585 |
(2)(19) |
|
|
|
|
|
|
|
First lien senior secured loan ($10,885 par due 8/2016) |
|
|
|
4/25/2014 |
|
9,694 |
|
773 |
(2)(19) |
|
|
|
|
|
|
|
Common stock (3,736,255 shares) |
|
|
|
5/1/2016 |
|
— |
|
— |
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
12,227 |
|
3,358 |
|
|
|
|
nThrive, Inc. (fka Precyse Acquisition Corp.) |
|
Provider of healthcare information management technology and services |
|
Second lien senior secured loan ($10,000 par due 4/2023) |
|
10.75% (Libor + 9.75%/Q) |
|
4/20/2016 |
|
9,624 |
|
10,000 |
(2)(20) |
|
|
|
OmniSYS Acquisition Corporation, OmniSYS, LLC, and OSYS Holdings, LLC (25) |
|
Provider of technology-enabled solutions to pharmacies |
|
First lien senior secured loan ($5,899 par due 11/2018) |
|
8.50% (Libor + 7.50%/Q) |
|
11/21/2013 |
|
5,899 |
|
5,899 |
(4)(20) |
|
|
|
|
|
|
|
Limited liability company membership interest (1.57%) |
|
|
|
11/21/2013 |
|
1,000 |
|
679 |
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
6,899 |
|
6,578 |
|
|
|
|
Patterson Medical Supply, Inc. |
|
Distributor of rehabilitation supplies and equipment |
|
Second lien senior secured loan ($78,000 par due 8/2023) |
|
9.50% (Libor + 8.50%/Q) |
|
9/2/2015 |
|
76,070 |
|
78,000 |
(2)(20) |
|
|
|
PerfectServe, Inc. (25) |
|
Communications software platform provider for hospitals and physician practices |
|
First lien senior secured loan ($9,000 par due 3/2020) |
|
9.00% (Libor + 8.00%/M) |
|
9/15/2015 |
|
8,714 |
|
9,000 |
(2)(20) |
|
|
|
|
|
|
|
First lien senior secured loan ($2,000 par due 6/2020) |
|
9.00% (Libor + 8.00%/M) |
|
9/15/2015 |
|
1,965 |
|
2,000 |
(2)(20) |
|
|
|
|
|
|
|
First lien senior secured loan ($3,000 par due 6/2021) |
|
9.00% (Libor + 8.00%/M) |
|
9/15/2015 |
|
2,960 |
|
3,000 |
(2)(20) |
|
|
|
|
|
|
|
Warrant to purchase up to 28,428 shares of Series C preferred stock (expires 9/2025) |
|
|
|
9/15/2015 |
|
180 |
|
256 |
(2) |
|
|
|
|
|
|
|
Warrant to purchase up to 34,113 units of Series C preferred stock (expires 12/2023) |
|
|
|
12/26/2013 |
|
— |
|
307 |
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
13,819 |
|
14,563 |
|
|
|
|
PhyMED Management LLC |
|
Provider of anesthesia services |
|
Second lien senior secured loan ($47,239 par due 5/2021) |
|
9.75% (Libor + 8.75%/Q) |
|
12/18/2015 |
|
46,616 |
|
45,821 |
(2)(20) |
|
|
|
Respicardia, Inc. |
|
Developer of implantable therapies to improve cardiovascular health |
|
Warrant to purchase up to 99,094 shares of Series C preferred stock (expires 6/2022) |
|
|
|
6/28/2012 |
|
38 |
|
28 |
(2) |
|
|
As of September 30, 2016
(dollar amounts in thousands)
(unaudited)
|
Company(1) |
|
Business Description |
|
Investment |
|
Interest(6)(12) |
|
Acquisition |
|
Amortized |
|
Fair Value |
|
Percentage |
|
|
Sarnova HC, LLC, Tri-Anim Health Services, Inc., and BEMS Holdings, LLC |
|
Distributor of emergency medical service and respiratory products |
|
Second lien senior secured loan ($54,000 par due 7/2022) |
|
10.50% (Libor + 9.50%/Q) |
|
1/29/2016 |
|
54,000 |
|
54,000 |
(2)(20) |
|
|
|
Transaction Data Systems, Inc. |
|
Pharmacy management software provider |
|
Second lien senior secured loan ($27,500 par due 6/2022) |
|
10.00% (Libor + 9.00%/Q) |
|
6/15/2015 |
|
27,500 |
|
27,500 |
(2)(20) |
|
|
|
U.S. Anesthesia Partners, Inc. |
|
Anesthesiology service provider |
|
Second lien senior secured loan ($23,500 par due 9/2020) |
|
10.25% (Libor + 9.25%/Q) |
|
12/14/2015 |
|
23,500 |
|
23,500 |
(2)(20) |
|
|
|
|
|
|
|
Second lien senior secured loan ($50,000 par due 9/2020) |
|
10.25% (Libor + 9.25%/Q) |
|
9/24/2014 |
|
50,000 |
|
50,000 |
(2)(20) |
|
|
|
|
|
|
|
|
|
|
|
|
|
73,500 |
|
73,500 |
|
|
|
|
Urgent Cares of America Holdings I, LLC and FastMed Holdings I, LLC (25) |
|
Operator of urgent care clinics |
|
First lien senior secured loan ($13,895 par due 12/2022) |
|
7.00% (Libor + 6.00%/Q) |
|
12/1/2015 |
|
13,895 |
|
12,644 |
(2)(20) |
|
|
|
|
|
|
|
First lien senior secured loan ($54,314 par due 12/2022) |
|
7.00% (Libor + 6.00%/Q) |
|
12/1/2015 |
|
54,313 |
|
49,426 |
(2)(20) |
|
|
|
|
|
|
|
Preferred units (7,696,613 units) |
|
|
|
6/11/2015 |
|
7,697 |
|
8,616 |
|
|
|
|
|
|
|
|
Series A common units (2,000,000 units) |
|
|
|
6/11/2015 |
|
2,000 |
|
522 |
|
|
|
|
|
|
|
|
Series C common units (1,026,866 units) |
|
|
|
6/11/2015 |
|
— |
|
219 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
77,905 |
|
71,427 |
|
|
|
|
VistaPharm, Inc. and Vertice Pharma UK Parent Limited |
|
Manufacturer and distributor of generic pharmaceutical products |
|
Preferred shares (40,662 shares) |
|
|
|
12/21/2015 |
|
407 |
|
407 |
(9) |
|
|
|
Young Innovations, Inc. |
|
Dental supplies and equipment manufacturer |
|
Second lien senior secured loan ($45,000 par due 7/2019) |
|
9.00% (Libor + 8.00%/Q) |
|
5/30/2014 |
|
45,000 |
|
45,000 |
(2)(20) |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,305,517 |
|
1,253,156 |
|
24.06 |
% |
|
Other Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Residential Services L.L.C. |
|
Heating, ventilation and air conditioning services provider |
|
Second lien senior secured loan ($67,000 par due 12/2021) |
|
9.00% (Libor + 8.00%/Q) |
|
6/30/2014 |
|
66,657 |
|
67,000 |
(2)(20) |
|
|
|
Community Education Centers, Inc. and CEC Parent Holdings LLC (8) |
|
Offender re-entry and in-prison treatment services provider |
|
First lien senior secured loan ($13,579 par due 12/2017) |
|
6.25% (Libor + 5.25%/Q) |
|
12/10/2010 |
|
13,579 |
|
13,579 |
(2)(13)(20) |
|
|
|
|
|
|
|
First lien senior secured loan ($707 par due 12/2017) |
|
7.75%(Base Rate + 4.25%/Q) |
|
12/10/2010 |
|
707 |
|
707 |
(2)(20) |
|
|
|
|
|
|
|
Second lien senior secured loan ($21,895 par due 6/2018) |
|
15.75% (Libor + 15.00%/Q) |
|
12/10/2010 |
|
21,895 |
|
21,895 |
(2) |
|
|
|
|
|
|
|
Class A senior preferred units (7,846 units) |
|
|
|
3/27/2015 |
|
9,384 |
|
10,918 |
(2) |
|
|
|
|
|
|
|
Class A junior preferred units (26,154 units) |
|
|
|
3/27/2015 |
|
20,168 |
|
18,850 |
(2) |
|
|
|
|
|
|
|
Class A common units (134 units) |
|
|
|
3/27/2015 |
|
— |
|
— |
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
65,733 |
|
65,949 |
|
|
|
|
Competitor Group, Inc., Calera XVI, LLC and Champion Parent Corporation (8)(25) |
|
Endurance sports media and event operator |
|
First lien senior secured revolving loan ($4,602 par due 11/2018) |
|
5.00% (Libor + 3.75%/Q) |
|
11/30/2012 |
|
4,473 |
|
4,602 |
(2)(20) |
|
|
|
|
|
|
|
First lien senior secured revolving loan ($600 par due 11/2018) |
|
5.00% (Libor + 3.75%/Q) |
|
9/29/2016 |
|
600 |
|
600 |
(2)(20) |
|
|
|
|
|
|
|
First lien senior secured loan ($39,098 par due 11/2018) |
|
5.00% (Libor + 3.75%/Q) |
|
11/30/2012 |
|
37,993 |
|
39,098 |
(2)(20) |
|
|
|
|
|
|
|
Preferred shares (18,875 shares) |
|
|
|
3/25/2016 |
|
15,966 |
|
1,245 |
(2) |
|
|
|
|
|
|
|
Membership units (2,522,512 units) |
|
|
|
11/30/2012 |
|
2,523 |
|
— |
(2) |
|
|
|
|
|
|
|
Common shares (114,000 shares) |
|
|
|
3/25/2016 |
|
— |
|
— |
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
61,555 |
|
45,545 |
|
|
|
|
Crown Health Care Laundry Services, Inc. and Crown Laundry Holdings, LLC (7)(25) |
|
Provider of outsourced healthcare linen management solutions |
|
First lien senior secured revolving loan ($3,800 par due 3/2019) |
|
7.25% (Libor + 6.00%/Q) |
|
3/13/2014 |
|
3,800 |
|
3,800 |
(2)(20)(24) |
|
|
|
|
|
|
|
First lien senior secured loan ($5,261 par due 3/2019) |
|
7.25% (Libor + 6.00%/Q) |
|
3/13/2014 |
|
5,261 |
|
5,261 |
(3)(20) |
|
|
|
|
|
|
|
Class A preferred units (2,475,000 units) |
|
|
|
3/13/2014 |
|
2,475 |
|
2,952 |
(2) |
|
|
|
|
|
|
|
Class B common units (275,000 units) |
|
|
|
3/13/2014 |
|
275 |
|
328 |
(2) |
|
|
As of September 30, 2016
(dollar amounts in thousands)
(unaudited)
|
Company(1) |
|
Business Description |
|
Investment |
|
Interest(6)(12) |
|
Acquisition |
|
Amortized |
|
Fair Value |
|
Percentage |
|
|
|
|
|
|
|
|
|
|
|
|
11,811 |
|
12,341 |
|
|
|
|
Dwyer Acquisition Parent, Inc. and TDG Group Holding Company |
|
Operator of multiple franchise concepts primarily related to home maintenance or repairs |
|
Senior subordinated loan ($31,500 par due 2/2020) |
|
11.00% |
|
6/12/2015 |
|
31,500 |
|
31,500 |
(2) |
|
|
|
|
|
|
|
Senior subordinated loan ($52,670 par due 2/2020) |
|
11.00% |
|
8/15/2014 |
|
52,670 |
|
52,670 |
(2) |
|
|
|
|
|
|
|
Common stock (32,843 shares) |
|
|
|
8/15/2014 |
|
3,378 |
|
4,986 |
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
87,548 |
|
89,156 |
|
|
|
|
Massage Envy, LLC (25) |
|
Franchisor in the massage industry |
|
First lien senior secured loan ($38,987 par due 9/2018) |
|
8.50% (Libor + 7.25%/Q) |
|
9/27/2012 |
|
38,987 |
|
38,988 |
(3)(20) |
|
|
|
|
|
|
|
First lien senior secured loan ($18,945 par due 9/2018) |
|
8.50% (Libor + 7.25%/Q) |
|
9/27/2012 |
|
18,945 |
|
18,945 |
(4)(20) |
|
|
|
|
|
|
|
Common stock (3,000,000 shares) |
|
|
|
9/27/2012 |
|
3,000 |
|
5,762 |
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
60,932 |
|
63,695 |
|
|
|
|
McKenzie Sports Products, LLC (25) |
|
Designer, manufacturer and distributor of hunting-related supplies |
|
First lien senior secured loan ($5,500 par due 9/2020) |
|
6.75% (Libor + 5.75%/Q) |
|
9/18/2014 |
|
5,500 |
|
5,390 |
(2)(14)(20) |
|
|
|
|
|
|
|
First lien senior secured loan ($39,500 par due 9/2020) |
|
6.75% (Libor + 5.75%/Q) |
|
9/18/2014 |
|
39,500 |
|
38,710 |
(2)(14)(20) |
|
|
|
|
|
|
|
First lien senior secured loan ($45,000 par due 9/2020) |
|
6.75% (Libor + 5.75%/Q) |
|
9/18/2014 |
|
45,000 |
|
44,100 |
(3)(14)(20) |
|
|
|
|
|
|
|
|
|
|
|
|
|
90,000 |
|
88,200 |
|
|
|
|
OpenSky Project, Inc. and OSP Holdings, Inc. |
|
Social commerce platform operator |
|
First lien senior secured loan ($1,200 par due 9/2017) |
|
10.00% |
|
6/4/2014 |
|
1,195 |
|
1,200 |
(2) |
|
|
|
|
|
|
|
Warrant to purchase up to 159,496 shares of Series D preferred stock (expires 4/2025) |
|
|
|
6/29/2015 |
|
48 |
|
— |
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,243 |
|
1,200 |
|
|
|
|
Osmose Holdings, Inc. |
|
Provider of structural integrity management services to transmission and distribution infrastructure |
|
Second lien senior secured loan ($25,000 par due 8/2023) |
|
8.75% (Libor + 7.75%/Q) |
|
9/3/2015 |
|
24,568 |
|
24,500 |
(2)(20) |
|
|
|
SocialFlow, Inc. |
|
Social media optimization platform provider |
|
First lien senior secured loan ($4,000 par due 8/2019) |
|
9.50% (Libor + 8.50%/M) |
|
1/29/2016 |
|
3,919 |
|
4,000 |
(5)(20) |
|
|
|
|
|
|
|
Warrant to purchase up to 215,331 shares of Series C preferred stock (expires 1/2026) |
|
|
|
1/29/2016 |
|
— |
|
25 |
(5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
3,919 |
|
4,025 |
|
|
|
|
Spin HoldCo Inc. |
|
Laundry service and equipment provider |
|
Second lien senior secured loan ($140,000 par due 5/2020) |
|
8.00% (Libor + 7.00%/Q) |
|
5/14/2013 |
|
140,000 |
|
137,200 |
(2)(20) |
|
|
|
Surface Dive, Inc. |
|
SCUBA diver training and certification provider |
|
Second lien senior secured loan ($31,591 par due 1/2022) |
|
9.00% (Libor + 8.00%/Q) |
|
7/28/2015 |
|
31,591 |
|
31,591 |
(2)(20) |
|
|
|
|
|
|
|
Second lien senior secured loan ($94,094 par due 1/2022) |
|
10.25% (Libor + 9.25%/Q) |
|
1/29/2015 |
|
93,753 |
|
94,094 |
(2)(20) |
|
|
|
|
|
|
|
|
|
|
|
|
|
125,344 |
|
125,685 |
|
|
|
|
TWH Water Treatment Industries, Inc., TWH Filtration Industries, Inc. and TWH Infrastructure Industries, Inc. (25) |
|
Wastewater infrastructure repair, treatment and filtration holding company |
|
First lien senior secured loan ($5,370 par due 10/2019) |
|
10.25% (Libor + 9.25%/Q) |
|
10/10/2014 |
|
5,370 |
|
5,370 |
(2)(20) |
|
|
|
|
|
|
|
First lien senior secured loan ($36,400 par due 10/2019) |
|
10.25% (Libor + 9.25%/Q) |
|
10/10/2014 |
|
36,400 |
|
36,400 |
(3)(20) |
|
|
|
|
|
|
|
|
|
|
|
|
|
41,770 |
|
41,770 |
|
|
|
|
U.S. Security Associates Holdings, Inc |
|
Security guard service provider |
|
Second lien senior secured loan ($25,000 par due 7/2018) |
|
11.00% |
|
11/24/2015 |
|
25,000 |
|
25,000 |
(2) |
|
|
|
WASH Multifamily Acquisition Inc. and Coinamatic Canada Inc. |
|
Laundry service and equipment provider |
|
Second lien senior secured loan ($3,726 par due 5/2023) |
|
8.00% (Libor + 7.00%/Q) |
|
5/14/2015 |
|
3,664 |
|
3,689 |
(2)(20) |
|
|
|
|
|
|
|
Second lien senior secured loan ($21,274 par due 5/2023) |
|
8.00% (Libor + 7.00%/Q) |
|
5/14/2015 |
|
20,920 |
|
21,061 |
(2)(20) |
|
|
|
|
|
|
|
|
|
|
|
|
|
24,584 |
|
24,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
830,664 |
|
816,016 |
|
15.67 |
% |
As of September 30, 2016
(dollar amounts in thousands)
(unaudited)
|
Company(1) |
|
Business Description |
|
Investment |
|
Interest(6)(12) |
|
Acquisition |
|
Amortized |
|
Fair Value |
|
Percentage |
|
|
Business Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accruent, LLC and Athena Parent, Inc. (25) |
|
Real estate and facilities management software provider |
|
First lien senior secured loan ($15,000 par due 5/2022) |
|
6.25% (Libor + 5.25%/Q) |
|
9/13/2016 |
|
15,000 |
|
15,000 |
(2)(20) |
|
|
|
|
|
|
|
First lien senior secured loan ($4,500 par due 5/2022) |
|
6.25% (Libor + 5.25%/Q) |
|
9/19/2016 |
|
4,500 |
|
4,500 |
(2)(20) |
|
|
|
|
|
|
|
Second lien senior secured loan ($10,500 par due 11/2022) |
|
12.25%(Base Rate + 8.75%/Q) |
|
9/19/2016 |
|
10,500 |
|
10,500 |
(2)(20) |
|
|
|
|
|
|
|
Second lien senior secured loan ($42,500 par due 11/2022) |
|
10.75% (Libor + 9.75%/Q) |
|
9/19/2016 |
|
42,500 |
|
42,500 |
(2)(20) |
|
|
|
|
|
|
|
Series A preferred stock (778 shares) |
|
|
|
9/19/2016 |
|
778 |
|
800 |
(2) |
|
|
|
|
|
|
|
Common stock (3,000 shares) |
|
|
|
5/16/2016 |
|
3,000 |
|
3,084 |
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
76,278 |
|
76,384 |
|
|
|
|
Brandtone Holdings Limited (9) |
|
Mobile communications and marketing services provider |
|
First lien senior secured loan ($4,676 par due 11/2018) |
|
12.50% (Libor + 10.50% Cash, 1.00% PIK/M) |
|
5/11/2015 |
|
4,591 |
|
3,975 |
(2)(20) |
|
|
|
|
|
|
|
First lien senior secured loan ($3,098 par due 2/2019) |
|
12.50% (Libor + 10.50% Cash, 1.00% PIK/M) |
|
5/11/2015 |
|
3,035 |
|
2,633 |
(2)(20) |
|
|
|
|
|
|
|
Warrant to purchase up to 184,003 units of Series Three participating convertible preferred shares (expires 8/2026) |
|
|
|
5/11/2015 |
|
— |
|
— |
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
7,626 |
|
6,608 |
|
|
|
|
CallMiner, Inc. |
|
Provider of cloud-based conversational analytics solutions |
|
Second lien senior secured loan ($2,424 par due 5/2018) |
|
10.50% (Libor + 9.50%/M) |
|
7/23/2014 |
|
2,417 |
|
2,424 |
(2)(20) |
|
|
|
|
|
|
|
Second lien senior secured loan ($1,394 par due 8/2018) |
|
10.50% (Libor + 9.50%/M) |
|
7/23/2014 |
|
1,389 |
|
1,394 |
(2)(20) |
|
|
|
|
|
|
|
Warrant to purchase up to 2,350,636 shares of Series 1 preferred stock (expires 7/2024) |
|
|
|
7/23/2014 |
|
— |
|
— |
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
3,806 |
|
3,818 |
|
|
|
|
CIBT Holdings, Inc. and CIBT Investment Holdings, LLC |
|
Expedited travel document processing services |
|
Class A shares (2,500 shares) |
|
|
|
12/15/2011 |
|
2,500 |
|
6,015 |
(2) |
|
|
|
Clearwater Analytics, LLC (25) |
|
Provider of integrated cloud-based investment portfolio management, accounting, reporting and analytics software |
|
First lien senior secured loan ($25,500 par due 9/2022) |
|
8.50% (Libor + 7.50%/Q) |
|
9/1/2016 |
|
25,500 |
|
25,500 |
(2)(20) |
|
|
|
CMW Parent LLC (fka Black Arrow, Inc.) |
|
Multiplatform media firm |
|
Series A units (32 units) |
|
|
|
9/11/2015 |
|
— |
|
— |
(2) |
|
|
|
Command Alkon, Incorporated and CA Note Issuer, LLC |
|
Software solutions provider to the ready-mix concrete industry |
|
Second lien senior secured loan ($10,000 par due 8/2020) |
|
9.25% (Libor + 8.25%/Q) |
|
9/28/2012 |
|
10,000 |
|
10,000 |
(2)(20) |
|
|
|
|
|
|
|
Second lien senior secured loan ($11,500 par due 8/2020) |
|
9.44% (Libor + 8.25%/Q) |
|
9/28/2012 |
|
11,500 |
|
11,500 |
(2)(20) |
|
|
|
|
|
|
|
Second lien senior secured loan ($26,500 par due 8/2020) |
|
9.25% (Libor + 8.25%/Q) |
|
9/28/2012 |
|
26,500 |
|
26,500 |
(2)(20) |
|
|
|
|
|
|
|
Senior subordinated loan ($22,542 par due 8/2021) |
|
14.00% PIK |
|
8/8/2014 |
|
22,542 |
|
22,542 |
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
70,542 |
|
70,542 |
|
|
|
|
Compuware Parent, LLC |
|
Web and mobile cloud performance testing and monitoring services provider |
|
Class A-1 common stock (4,132 units) |
|
|
|
12/15/2014 |
|
2,250 |
|
2,113 |
(2) |
|
|
|
|
|
|
|
Class B-1 common stock (4,132 units) |
|
|
|
12/15/2014 |
|
450 |
|
422 |
(2) |
|
|
|
|
|
|
|
Class C-1 common stock (4,132 units) |
|
|
|
12/15/2014 |
|
300 |
|
282 |
(2) |
|
|
|
|
|
|
|
Class A-2 common stock (4,132 units) |
|
|
|
12/15/2014 |
|
— |
|
— |
(2) |
|
|
|
|
|
|
|
Class B-2 common stock (4,132 units) |
|
|
|
12/15/2014 |
|
— |
|
— |
(2) |
|
|
|
|
|
|
|
Class C-2 common stock (4,132 units) |
|
|
|
12/15/2014 |
|
— |
|
— |
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
3,000 |
|
2,817 |
|
|
|
As of September 30, 2016
(dollar amounts in thousands)
(unaudited)
|
Company(1) |
|
Business Description |
|
Investment |
|
Interest(6)(12) |
|
Acquisition |
|
Amortized |
|
Fair Value |
|
Percentage |
|
|
Directworks, Inc. and Co-Exprise Holdings, Inc. |
|
Provider of cloud-based software solutions for direct materials sourcing and supplier management for manufacturers |
|
First lien senior secured loan ($1,917 par due 4/2018) |
|
10.25% (Libor + 9.25%/M) |
|
12/19/2014 |
|
1,863 |
|
1,782 |
(2)(20) |
|
|
|
|
|
|
|
Warrant to purchase up to 1,875,000 shares of Series 1 preferred stock (expires 12/2024) |
|
|
|
12/19/2014 |
|
— |
|
— |
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,863 |
|
1,782 |
|
|
|
|
DTI Holdco, Inc. and OPE DTI Holdings, Inc. (25) |
|
Provider of legal process outsourcing and managed services |
|
First lien senior secured loan ($4,167 par due 9/2023) |
|
6.25% (Libor + 5.25%/Q) |
|
9/23/2016 |
|
4,125 |
|
4,166 |
(2)(20) |
|
|
|
|
|
|
|
Class A common stock (7,500 shares) |
|
|
|
8/19/2014 |
|
7,500 |
|
4,323 |
(2) |
|
|
|
|
|
|
|
Class B common stock (7,500 shares) |
|
|
|
8/19/2014 |
|
— |
|
4,323 |
(2) |
|
|
|
|
|
|
|