|
Delaware
|
| |
27-6822130
|
|
|
(State or other jurisdiction of incorporation or organization)
|
| |
(I.R.S. Employer Identification Number)
|
|
|
201 Rouse Boulevard
Philadelphia, Pennsylvania
(Address of principal executive offices) |
| |
19112
(Zip Code)
|
|
|
Large accelerated filer ☐
|
| |
Accelerated filer ☐
|
| |
Non-accelerated filer ☒
|
| |
Smaller reporting company ☐
|
| |
Emerging Growth company ☐
|
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| | |
Page
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PART I | | | | | | | |
| | | | 1 | | | |
| | | | 19 | | | |
| | | | 53 | | | |
| | | | 53 | | | |
| | | | 53 | | | |
| | | | 53 | | | |
PART II | | | | | | | |
| | | | 54 | | | |
| | | | 55 | | | |
| | | | 57 | | | |
| | | | 75 | | | |
| | | | 76 | | | |
| | | | 136 | | | |
| | | | 136 | | | |
| | | | 137 | | | |
PART III | | | | | | | |
| | | | 138 | | | |
| | | | 138 | | | |
| | | | 138 | | | |
| | | | 138 | | | |
| | | | 138 | | | |
PART IV | | | | | | | |
| | | | 139 | | | |
| | | | 141 | | | |
| | | | 142 | | |
Assumed Return on Our Portfolio (net of expenses)
|
| |
-10%
|
| |
-5%
|
| |
0%
|
| |
5%
|
| |
10%
|
| |||||||||||||||
Corresponding return to shareholders
|
| | | | -20.11% | | | | | | -11.96% | | | | | | -3.82% | | | | | | 4.33% | | | | | | 12.48% | | |
(1)
|
| |
(2)
|
| |
(3)
|
| |
(4)
|
| |||||||||
Title of Class
|
| |
Amount
Authorized |
| |
Amount Held by Us or
for Our Account |
| |
Amount Outstanding
Exclusive of Amount Under Column(3) |
| |||||||||
Common Shares
|
| | | | 700,000,000 | | | | | | — | | | | | | 441,638,829 | | |
| | |
Distribution
|
| |||||||||
For the Year Ended December 31,
|
| |
Per Share
|
| |
Amount
|
| ||||||
2018
|
| | | $ | 0.5000 | | | | | $ | 219,047 | | |
2019
|
| | | $ | 0.5000 | | | | | $ | 218,187 | | |
2020
|
| | | $ | 0.1733 | | | | | $ | 75,656 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |
2017
|
| |
2016
|
| |||||||||||||||
Statements of operations data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment income
|
| | | $ | 221,926 | | | | | $ | 365,910 | | | | | $ | 333,978 | | | | | $ | 418,756 | | | | | $ | 369,740 | | |
Operating expenses
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses
|
| | | | 140,185 | | | | | | 170,118 | | | | | | 150,031 | | | | | | 160,584 | | | | | | 138,093 | | |
Less: Management fee offset
|
| | | | (706) | | | | | | (5,992) | | | | | | (1,276) | | | | | | — | | | | | | — | | |
Less: Expense reimbursement from
sponsor |
| | | | — | | | | | | — | | | | | | — | | | | | | (31,260) | | | | | | — | | |
Add: Expense reimbursement due to sponsor
|
| | | | — | | | | | | — | | | | | | — | | | | | | 2,858 | | | | | | — | | |
Net expenses
|
| | | | 139,479 | | | | | | 164,126 | | | | | | 148,755 | | | | | | 132,182 | | | | | | 138,093 | | |
Net investment income
|
| | | | 82,447 | | | | | | 201,784 | | | | | | 185,223 | | | | | | 286,574 | | | | | | 231,647 | | |
Total net realized and unrealized gain (loss) on
investments, swap contracts and foreign currency |
| | | | (957,232) | | | | | | (238,907) | | | | | | (245,565) | | | | | | (399,544) | | | | | | 520,937 | | |
Net increase (decrease) in net assets resulting from operations
|
| | | $ | (874,785) | | | | | $ | (37,123) | | | | | $ | (60,342) | | | | | $ | (112,970) | | | | | $ | 752,584 | | |
Per share data:(1) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income – basic and diluted
|
| | | $ | 0.19 | | | | | $ | 0.46 | | | | | $ | 0.42 | | | | | $ | 0.65 | | | | | $ | 0.57 | | |
Net increase (decrease) in net assets resulting from operations – basic and diluted
|
| | | $ | (2.00) | | | | | $ | (0.08) | | | | | $ | (0.14) | | | | | $ | (0.26) | | | | | $ | 1.84 | | |
Distributions declared(2)
|
| | | $ | 0.17 | | | | | $ | 0.50 | | | | | $ | 0.50 | | | | | $ | 0.71 | | | | | $ | 0.71 | | |
Balance sheet data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets
|
| | | $ | 2,358,642 | | | | | $ | 3,674,784 | | | | | $ | 3,893,516 | | | | | $ | 4,316,431 | | | | | $ | 4,268,297 | | |
Credit facilities, senior secured notes and repurchase agreement payable
|
| | | $ | 905,667 | | | | | $ | 1,236,667 | | | | | $ | 1,131,667 | | | | | $ | 1,220,000 | | | | | $ | 873,665 | | |
Total net assets
|
| | | $ | 1,428,577 | | | | | $ | 2,379,605 | | | | | $ | 2,648,186 | | | | | $ | 2,966,042 | | | | | $ | 3,348,894 | | |
Other data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total return(3)
|
| | | | (37.68)% | | | | | | (1.83)% | | | | | | (2.49)% | | | | | | (3.65)% | | | | | | 29.53% | | |
Total return (without assuming reinvestment of distributions)(3)
|
| | | | (37.02)% | | | | | | (1.33)% | | | | | | (2.11)% | | | | | | (3.29)% | | | | | | 28.00% | | |
Number of portfolio company investments at year end
|
| | | | 54 | | | | | | 77 | | | | | | 79 | | | | | | 76 | | | | | | 84 | | |
Total portfolio investments for the year
|
| | | $ | 687,208 | | | | | $ | 1,240,325 | | | | | $ | 1,915,034 | | | | | $ | 1,861,618 | | | | | $ | 1,488,179 | | |
Proceeds from sales and prepayments of investments
|
| | | $ | 1,075,528 | | | | | $ | 1,313,072 | | | | | $ | 1,948,414 | | | | | $ | 1,431,648 | | | | | $ | 1,225,052 | | |
| | |
For the Year Ended December 31,
|
| |||||||||
Net Investment Activity
|
| |
2020
|
| |
2019
|
| ||||||
Purchases
|
| | | $ | 687,208 | | | | | $ | 1,240,325 | | |
Sales and Repayments
|
| | | | (1,075,528) | | | | | | (1,313,072) | | |
Net Portfolio Activity
|
| | | $ | (388,320) | | | | | $ | (72,747) | | |
| | |
For the Year Ended December 31,
|
| |||||||||||||||||||||
| | |
2020
|
| |
2019
|
| ||||||||||||||||||
New Investment Activity by Asset Class
|
| |
Purchases
|
| |
Percentage
|
| |
Purchases
|
| |
Percentage
|
| ||||||||||||
Senior Secured Loans – First Lien
|
| | | $ | 221,371 | | | | | | 33% | | | | | $ | 677,674 | | | | | | 55% | | |
Senior Secured Loans – Second Lien
|
| | | | 19,111 | | | | | | 3% | | | | | | 175,756 | | | | | | 14% | | |
Senior Secured Bonds
|
| | | | 71,267 | | | | | | 10% | | | | | | 66,393 | | | | | | 5% | | |
Unsecured Debt
|
| | | | 113,193 | | | | | | 16% | | | | | | 63,668 | | | | | | 5% | | |
Preferred Equity
|
| | | | 22,716 | | | | | | 3% | | | | | | 242,227 | | | | | | 20% | | |
Sustainable Infrastructure Investments, LLC
|
| | | | 60,603 | | | | | | 9% | | | | | | — | | | | | | — | | |
Equity/Other
|
| | | | 178,947 | | | | | | 26% | | | | | | 14,607 | | | | | | 1% | | |
Total
|
| | | $ | 687,208 | | | | | | 100% | | | | | $ | 1,240,325 | | | | | | 100% | | |
| | |
December 31, 2020
|
| |
December 31, 2019
|
| ||||||||||||||||||||||||||||||
| | |
Amortized
Cost(1) |
| |
Fair Value
|
| |
Percentage
of Portfolio |
| |
Amortized
Cost(1) |
| |
Fair Value
|
| |
Percentage
of Portfolio |
| ||||||||||||||||||
Senior Secured Loans – First Lien
|
| | | $ | 649,708 | | | | | $ | 607,338 | | | | | | 28% | | | | | $ | 1,252,529 | | | | | $ | 1,134,571 | | | | | | 33% | | |
Senior Secured Loans – Second Lien
|
| | | | 277,018 | | | | | | 276,312 | | | | | | 13% | | | | | | 752,528 | | | | | | 564,813 | | | | | | 16% | | |
Senior Secured Bonds
|
| | | | 286,082 | | | | | | 340,042 | | | | | | 16% | | | | | | 529,773 | | | | | | 524,221 | | | | | | 15% | | |
Unsecured Debt
|
| | | | 245,180 | | | | | | 134,560 | | | | | | 6% | | | | | | 398,233 | | | | | | 323,220 | | | | | | 9% | | |
Preferred Equity
|
| | | | 689,253 | | | | | | 471,077 | | | | | | 22% | | | | | | 711,883 | | | | | | 721,842 | | | | | | 21% | | |
Sustainable Infrastructure Investments, LLC
|
| | | | 60,603 | | | | | | 61,816 | | | | | | 3% | | | | | | — | | | | | | — | | | | | | — | | |
Equity/Other
|
| | | | 367,561 | | | | | | 290,331 | | | | | | 12% | | | | | | 480,760 | | | | | | 213,970 | | | | | | 6% | | |
Total
|
| | | $ | 2,575,405 | | | | | $ | 2,181,476 | | | | | | 100% | | | | | $ | 4,125,706 | | | | | $ | 3,482,637 | | | | | | 100% | | |
| | |
December 31, 2020
|
| |
December 31, 2019
|
| ||||||
Number of Portfolio Companies
|
| | | | 54 | | | | | | 77 | | |
% Variable Rate (based on fair value)
|
| | | | 37.7% | | | | | | 47.4% | | |
% Fixed Rate (based on fair value)
|
| | | | 24.6% | | | | | | 25.7% | | |
% Income Producing Preferred Equity and Equity/Other Investments (based on fair value)
|
| | | | 24.2% | | | | | | 20.3% | | |
% Non-Income Producing Preferred Equity and Equity/Other Investments (based on fair value)
|
| | | | 13.5% | | | | | | 6.6% | | |
Weighted Average Annual EBITDA of Portfolio Companies
|
| | | $ | 309,742 | | | | | $ | 248,795 | | |
Weighted Average Purchase Price of Debt Investments (as a % of par value)
|
| | | | 93.6% | | | | | | 96.1% | | |
% of Investments on Non-Accrual (based on fair value)
|
| | | | 8.2% | | | | | | 2.1% | | |
Gross Portfolio Yield Prior to Leverage (based on amortized cost)
|
| | | | 7.0% | | | | | | 8.1% | | |
Gross Portfolio Yield Prior to Leverage (based on amortized cost) – Excluding Non-Income Producing Assets
|
| | | | 9.7% | | | | | | 10.1% | | |
New Direct Originations
|
| |
For the Three Months Ended
December 31, 2020 |
| |
For the Year Ended
December 31, 2020 |
| ||||||
Total Commitments (including unfunded commitments)
|
| | | $ | 70,289 | | | | | $ | 541,036 | | |
Exited Investments (including partial paydowns)
|
| | | | (160,761) | | | | | | (601,606) | | |
Net Direct Originations
|
| | | $ | (90,472) | | | | | $ | (60,570) | | |
| | |
For the Three Months Ended
December 31, 2020 |
| |
For the Year Ended
December 31, 2020 |
| ||||||||||||||||||
New Direct Originations by Asset Class (including unfunded commitments)
|
| |
Commitment
Amount |
| |
Percentage
|
| |
Commitment
Amount |
| |
Percentage
|
| ||||||||||||
Senior Secured Loans – First Lien
|
| | | $ | 41,112 | | | | | | 59% | | | | | $ | 124,119 | | | | | | 23% | | |
Senior Secured Loans – Second Lien
|
| | | | 10,420 | | | | | | 15% | | | | | | 10,420 | | | | | | 2% | | |
Senior Secured Bonds
|
| | | | 16,381 | | | | | | 23% | | | | | | 71,213 | | | | | | 13% | | |
Unsecured Debt
|
| | | | — | | | | | | — | | | | | | 112,848 | | | | | | 21% | | |
Preferred Equity
|
| | | | — | | | | | | — | | | | | | 10,156 | | | | | | 2% | | |
Sustainable Infrastructure Investments, LLC
|
| | | | — | | | | | | — | | | | | | 60,603 | | | | | | 11% | | |
Equity/Other
|
| | | | 2,376 | | | | | | 3% | | | | | | 151,677 | | | | | | 28% | | |
Total
|
| | | $ | 70,289 | | | | | | 100% | | | | | $ | 541,036 | | | | | | 100% | | |
| | |
For the Three Months Ended
December 31, 2020 |
| |
For the Year Ended
December 31, 2020 |
|
Average New Direct Origination Commitment Amount
|
| |
$10,041
|
| |
$28,476
|
|
Weighted Average Maturity for New Direct Originations
|
| |
12/19/22
|
| |
4/11/23
|
|
Gross Portfolio Yield Prior to Leverage (based on amortized cost) of New Direct Originations Funded during Period
|
| |
7.9%
|
| |
8.7%
|
|
Gross Portfolio Yield Prior to Leverage (based on amortized cost) of New Direct Originations Funded during Period – Excluding Non-Income Producing Assets
|
| |
8.1%
|
| |
12.0%
|
|
Gross Portfolio Yield Prior to Leverage (based on amortized cost) of Direct Originations Exited during Period
|
| |
6.4%
|
| |
8.2%
|
|
Characteristics of All Direct Originations held in Portfolio
|
| |
December 31, 2020
|
| |
December 31, 2019
|
|
Number of Portfolio Companies
|
| |
46
|
| |
49
|
|
Weighted Average Annual EBITDA of Portfolio
Companies |
| |
$310,123
|
| |
$267,575
|
|
Weighted Average Leverage Through Tranche of Portfolio Companies – Excluding Equity/Other Securities
|
| |
4.3x
|
| |
4.7x
|
|
% of Investments on Non-Accrual (based on fair value)
|
| |
9.1%
|
| |
2.8%
|
|
Gross Portfolio Yield Prior to Leverage (based on amortized cost) of Funded Direct Originations
|
| |
7.1%
|
| |
8.0%
|
|
Gross Portfolio Yield Prior to Leverage (based on amortized cost) of Funded Direct Originations – Excluding Non-Income Producing Assets
|
| |
10.0%
|
| |
10.4%
|
|
| | |
December 31, 2020
|
| |
December 31, 2019
|
| ||||||||||||||||||
Portfolio Composition by Strategy
|
| |
Fair Value
|
| |
Percentage of
Portfolio |
| |
Fair Value
|
| |
Percentage of
Portfolio |
| ||||||||||||
Direct Originations
|
| | | $ | 1,953,804 | | | | | | 90% | | | | | $ | 2,617,063 | | | | | | 75% | | |
Broadly Syndicated/Other
|
| | | | 227,672 | | | | | | 10% | | | | | | 865,574 | | | | | | 25% | | |
Total
|
| | | $ | 2,181,476 | | | | | | 100% | | | | | $ | 3,482,637 | | | | | | 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. | |
| | |
December 31, 2020
|
| |
December 31, 2019
|
| ||||||||||||||||||
Investment Rating
|
| |
Fair Value
|
| |
Percentage
of Portfolio |
| |
Fair Value
|
| |
Percentage
of Portfolio |
| ||||||||||||
1
|
| | | $ | — | | | | | | — | | | | | $ | — | | | | | | — | | |
2
|
| | | | 966,968 | | | | | | 44% | | | | | | 2,115,875 | | | | | | 61% | | |
3
|
| | | | 888,656 | | | | | | 41% | | | | | | 805,934 | | | | | | 23% | | |
4
|
| | | | 162,251 | | | | | | 7% | | | | | | 206,535 | | | | | | 6% | | |
5
|
| | | | 163,601 | | | | | | 8% | | | | | | 354,293 | | | | | | 10% | | |
| | | | $ | 2,181,476 | | | | | | 100% | | | | | $ | 3,482,637 | | | | | | 100% | | |
| | |
Years Ended December 31,
|
| |||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||||||||||||||||||||
| | |
Amount
|
| |
Percentage of
Total Income |
| |
Amount
|
| |
Percentage of
Total Income |
| |
Amount
|
| |
Percentage of
Total Income |
| ||||||||||||||||||
Interest income
|
| | | $ | 190,177 | | | | | | 85% | | | | | $ | 322,641 | | | | | | 88% | | | | | $ | 305,891 | | | | | | 92% | | |
Paid-in-kind interest income
|
| | | | 30,396 | | | | | | 14% | | | | | | 35,302 | | | | | | 10% | | | | | | 10,163 | | | | | | 3% | | |
Fee income
|
| | | | 1,287 | | | | | | 1% | | | | | | 7,688 | | | | | | 2% | | | | | | 17,736 | | | | | | 5% | | |
Dividend income
|
| | | | 66 | | | | | | 0% | | | | | | 279 | | | | | | 0% | | | | | | 188 | | | | | | 0% | | |
Total investment income(1)
|
| | | $ | 221,926 | | | | | | 100% | | | | | $ | 365,910 | | | | | | 100% | | | | | $ | 333,978 | | | | | | 100% | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Management fees
|
| | | $ | 49,029 | | | | | $ | 68,526 | | | | | $ | 70,075 | | |
Administrative services expenses
|
| | | | 6,579 | | | | | | 4,760 | | | | | | 3,717 | | |
Share transfer agent fees
|
| | | | 2,728 | | | | | | 2,748 | | | | | | 2,608 | | |
Accounting and administrative fees
|
| | | | 787 | | | | | | 1,106 | | | | | | 1,318 | | |
Interest expense
|
| | | | 75,101 | | | | | | 88,364 | | | | | | 66,681 | | |
Trustees’ fees
|
| | | | 789 | | | | | | 762 | | | | | | 1,004 | | |
Expenses associated with our independent audit and related fees
|
| | | | 451 | | | | | | 444 | | | | | | 411 | | |
Legal fees
|
| | | | 1,581 | | | | | | 438 | | | | | | 599 | | |
Printing fees
|
| | | | 736 | | | | | | 1,018 | | | | | | 954 | | |
Insurance expense
|
| | | | 143 | | | | | | 99 | | | | | | 132 | | |
Other
|
| | | | 2,261 | | | | | | 1,853 | | | | | | 2,532 | | |
Total operating Expenses
|
| | | | 140,185 | | | | | | 170,118 | | | | | | 150,031 | | |
Less: Management fee offset
|
| | | | (706) | | | | | | (5,992) | | | | | | (1,276) | | |
Net operating expenses
|
| | | $ | 139,479 | | | | | $ | 164,126 | | | | | $ | 148,755 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Ratio of operating expenses to average net assets
|
| | | | 8.20% | | | | | | 6.54% | | | | | | 5.19% | | |
Ratio of management fee offset to average net assets
|
| | | | (0.04)% | | | | | | (0.23)% | | | | | | (0.05)% | | |
Ratio of net operating expenses to average net assets
|
| | | | 8.16% | | | | | | 6.31% | | | | | | 5.14% | | |
Less: Ratio of interest expense to average net assets
|
| | | | (4.40)% | | | | | | (3.40)% | | | | | | (2.30)% | | |
Ratio of net operating expenses, excluding interest expenses, to average net assets
|
| | | | 3.76% | | | | | | 2.91% | | | | | | 2.84% | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Net realized gain (loss) on investments(1)
|
| | | $ | (1,222,667) | | | | | $ | (114,746) | | | | | $ | (100,914) | | |
Net realized gain (loss) on swap contracts
|
| | | | 20,250 | | | | | | 5,453 | | | | | | 1,165 | | |
Net realized gain (loss) on debt extinguishment
|
| | | | 2,591 | | | | | | — | | | | | | — | | |
Total net realized gain (loss)
|
| | | $ | (1,199,826) | | | | | $ | (109,293) | | | | | $ | (99,749) | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Net change in unrealized appreciation (depreciation) on investments
|
| | | $ | 249,140 | | | | | $ | (116,518) | | | | | $ | (165,490) | | |
Net change in unrealized appreciation (depreciation) on swap contracts
|
| | | | (6,551) | | | | | | (13,103) | | | | | | 19,654 | | |
Net change in unrealized appreciation (depreciation) on foreign currency
|
| | | | 5 | | | | | | 7 | | | | | | 20 | | |
Total net change in unrealized appreciation (depreciation)
|
| | | $ | 242,594 | | | | | $ | (129,614) | | | | | $ | (145,816) | | |
Arrangement(1)
|
| |
Type of
Arrangement |
| |
Rate(2)
|
| |
Amount
Outstanding |
| |
Amount
Available |
| |
Maturity Date
|
| ||||||
JPMorgan Facility
|
| |
Revolving/Term
|
| |
L+3.00%
|
| | | $ | 416,667 | | | | | $ | — | | | |
February 16, 2023
|
|
Senior Secured Notes(3)
|
| |
Bond
|
| |
7.50%
|
| | | | 489,000 | | | | | | — | | | |
August 15, 2023
|
|
Total
|
| | | | | | | | | $ | 905,667 | | | | | $ | — | | | | | |
| | |
Distribution
|
| |||||||||
For the Year Ended December 31,
|
| |
Per Share
|
| |
Amount
|
| ||||||
2018
|
| | | $ | 0.5000 | | | | | $ | 219,047 | | |
2019
|
| | | $ | 0.5000 | | | | | $ | 218,187 | | |
| | |
Distribution
|
| |||||||||
For the Year Ended December 31,
|
| |
Per Share
|
| |
Amount
|
| ||||||
2020
|
| | | $ | 0.1733 | | | | | $ | 75,656 | | |
| | | | | |
Payments Due By Period
|
| |||||||||||||||||||||||||||
| | |
Maturity Date(1)
|
| |
Total
|
| |
Less than
1 year |
| |
1 – 3 years
|
| |
3 – 5 years
|
| |
More than
5 years |
| |||||||||||||||
JPMorgan Facility(2)
|
| |
February 16, 2023
|
| | | $ | 416,667 | | | | | | — | | | | | $ | 416,667 | | | | | $ | — | | | | | | — | | |
Senior Secured Notes(2)
|
| |
August 15, 2023
|
| | | $ | 489,000 | | | | | | — | | | | | $ | 489,000 | | | | | $ | — | | | | | | — | | |
Basis Point Change in Interest Rates
|
| |
Increase
(Decrease) in Interest Income |
| |
Increase
(Decrease) in Interest Expense |
| |
Increase
(Decrease) in Net Interest Income |
| |
Percentage
Change in Net Interest Income |
| ||||||||||||
Down 24 basis points
|
| | | $ | (399) | | | | | $ | (716) | | | | | $ | 317 | | | | | | 0.2% | | |
No Change
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Up 100 basis points
|
| | | $ | 3,001 | | | | | $ | 3,578 | | | | | $ | (577) | | | | | | (0.4)% | | |
Up 300 basis points
|
| | | $ | 18,731 | | | | | $ | 10,733 | | | | | $ | 7,998 | | | | | | 6.1% | | |
Up 500 basis points
|
| | | $ | 35,025 | | | | | $ | 17,889 | | | | | $ | 17,136 | | | | | | 13.1% | | |
| | |
Page
|
| |||
| | | | 77 | | | |
| | | | 78 | | | |
| | | | 80 | | | |
| | | | 81 | | | |
| | | | 82 | | | |
| | | | 83 | | | |
| | | | 84 | | | |
| | | | 99 | | |
| | |
December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Assets | | | | | | | | | | | | | |
Investments, at fair value | | | | | | | | | | | | | |
Non-controlled/unaffiliated investments (amortized cost – $2,053,838 and $3,399,611, respectively)
|
| | | $ | 1,825,470 | | | | | $ | 3,108,039 | | |
Non-controlled/affiliated investments (amortized cost – $406,430 and $698,631,
respectively) |
| | | | 239,279 | | | | | | 374,598 | | |
Controlled/affiliated investments (amortized cost – $115,137 and $27,464, respectively)
|
| | | | 116,727 | | | | | | — | | |
Total investments, at fair value (amortized cost – $2,575,405 and $4,125,706 respectively)
|
| | | | 2,181,476 | | | | | | 3,482,637 | | |
Cash
|
| | | | 142,536 | | | | | | 149,752 | | |
Restricted cash
|
| | | | — | | | | | | 667 | | |
Receivable for investments sold and repaid
|
| | | | 7,691 | | | | | | 729 | | |
Swap income receivable
|
| | | | — | | | | | | 395 | | |
Unrealized appreciation on swap contracts
|
| | | | — | | | | | | 6,831 | | |
Interest receivable
|
| | | | 26,705 | | | | | | 33,507 | | |
Prepaid expenses and other assets
|
| | | | 234 | | | | | | 266 | | |
Total assets
|
| | | $ | 2,358,642 | | | | | $ | 3,674,784 | | |
Liabilities | | | | | | | | | | | | | |
Payable for investments purchased
|
| | | $ | — | | | | | $ | 28,518 | | |
Credit facilities payable (net of deferred financing costs of $5,816 and $6,370,
respectively)(1) |
| | | | 410,851 | | | | | | 730,297 | | |
Secured note payable (net of deferred financing costs of $5,284 and $7,344, respectively)(1)
|
| | | | 478,521 | | | | | | 485,313 | | |
Shareholder distributions payable
|
| | | | 13,188 | | | | | | 10,240 | | |
Management fees payable
|
| | | | 10,156 | | | | | | 15,582 | | |
Administrative services expenses payable
|
| | | | 949 | | | | | | 507 | | |
Interest payable
|
| | | | 14,236 | | | | | | 16,567 | | |
Unrealized depreciation on swap contracts
|
| | | | — | | | | | | 280 | | |
Trustees’ fees payable
|
| | | | 192 | | | | | | 192 | | |
Other accrued expenses and liabilities
|
| | | | 1,972 | | | | | | 7,683 | | |
Total Liabilities
|
| | | | 930,065 | | | | | | 1,295,179 | | |
Commitments and contingencies ($0 and $28,104, respectively)(2) | | | | | | | | | | | | | |
Shareholders’ equity | | | | | | | | | | | | | |
Preferred shares, $0.001 par value, 50,000,000 shares authorized, none issued and
outstanding |
| | | | — | | | | | | — | | |
Common shares, $0.001 par value, 700,000,000 shares authorized, 440,020,123 and 438,477,007 shares issued and outstanding, respectively
|
| | | | 440 | | | | | | 438 | | |
Capital in excess of par value
|
| | | | 3,152,485 | | | | | | 3,610,533 | | |
Accumulated earnings (deficit)
|
| | | | (1,724,348) | | | | | | (1,231,366) | | |
Total shareholders’ equity
|
| | | | 1,428,577 | | | | | | 2,379,605 | | |
Total liabilities and shareholders’ equity
|
| | | $ | 2,358,642 | | | | | $ | 3,674,784 | | |
Net asset value per common share at year end
|
| | | $ | 3.25 | | | | | $ | 5.43 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Investment income | | | | | | | | | | | | | | | | | | | |
From non-controlled/unaffiliated investments: | | | | | | | | | | | | | | | | | | | |
Interest income
|
| | | $ | 177,147 | | | | | $ | 292,728 | | | | | $ | 258,862 | | |
Paid-in-kind interest income
|
| | | | 18,397 | | | | | | 34,228 | | | | | | 7,878 | | |
Fee income
|
| | | | 1,287 | | | | | | 3,031 | | | | | | 15,645 | | |
Dividend income
|
| | | | 66 | | | | | | 279 | | | | | | 188 | | |
From non-controlled/affiliated investments: | | | | | | | | | | | | | | | | | | | |
Interest income
|
| | | | 10,144 | | | | | | 29,913 | | | | | | 47,029 | | |
Paid-in-kind interest income
|
| | | | 11,999 | | | | | | 1,074 | | | | | | 2,285 | | |
Fee income
|
| | | | — | | | | | | 4,657 | | | | | | 2,091 | | |
From controlled/affiliated investments: | | | | | | | | | | | | | | | | | | | |
Interest income
|
| | | | 2,886 | | | | | | — | | | | | | — | | |
Total investment income
|
| | | | 221,926 | | | | | | 365,910 | | | | | | 333,978 | | |
Operating expenses | | | | | | | | | | | | | | | | | | | |
Management fees
|
| | | | 49,029 | | | | | | 68,526 | | | | | | 70,075 | | |
Administrative services expenses
|
| | | | 6,579 | | | | | | 4,760 | | | | | | 3,717 | | |
Share transfer agent fees
|
| | | | 2,728 | | | | | | 2,748 | | | | | | 2,608 | | |
Accounting and administrative fees
|
| | | | 787 | | | | | | 1,106 | | | | | | 1,318 | | |
Interest expense(1)
|
| | | | 75,101 | | | | | | 88,364 | | | | | | 66,681 | | |
Trustees’ fees
|
| | | | 789 | | | | | | 762 | | | | | | 1,004 | | |
Other general and administrative expenses
|
| | | | 5,172 | | | | | | 3,852 | | | | | | 4,628 | | |
Total operating expenses
|
| | | | 140,185 | | | | | | 170,118 | | | | | | 150,031 | | |
Less: Management fee offset(2)
|
| | | | (706) | | | | | | (5,992) | | | | | | (1,276) | | |
Net expenses
|
| | | | 139,479 | | | | | | 164,126 | | | | | | 148,755 | | |
Net investment income
|
| | | | 82,447 | | | | | | 201,784 | | | | | | 185,223 | | |
Realized and unrealized gain/loss | | | | | | | | | | | | | | | | | | | |
Net realized gain (loss) on investments: | | | | | | | | | | | | | | | | | | | |
Non-controlled/unaffiliated
|
| | | | (766,774) | | | | | | (121,361) | | | | | | (94,085) | | |
Non-controlled/affiliated
|
| | | | (428,429) | | | | | | 6,615 | | | | | | (6,829) | | |
Controlled/affiliated
|
| | | | (27,464) | | | | | | — | | | | | | — | | |
Net realized gain (loss) on swap contracts
|
| | | | 20,250 | | | | | | 5,453 | | | | | | 1,165 | | |
Net realized gain (loss) on debt extinguishment
|
| | | | 2,591 | | | | | | — | | | | | | — | | |
Net change in unrealized appreciation (depreciation) on investments:
|
| | | | | | | | | | | | | | | | | | |
Non-controlled/unaffiliated
|
| | | | 63,204 | | | | | | (51,511) | | | | | | (30,914) | | |
Non-controlled/affiliated
|
| | | | 156,882 | | | | | | (65,007) | | | | | | (134,576) | | |
Controlled/affiliated
|
| | | | 29,054 | | | | | | — | | | | | | — | | |
Net change in unrealized appreciation (depreciation) on swap contracts
|
| | | | (6,551) | | | | | | (13,103) | | | | | | 19,654 | | |
Net change in unrealized gain (loss) on foreign currency
|
| | | | 5 | | | | | | 7 | | | | | | 20 | | |
Total net realized and unrealized gain (loss)
|
| | | | (957,232) | | | | | | (238,907) | | | | | | (245,565) | | |
Net increase (decrease) in net assets resulting from operations
|
| | | $ | (874,785) | | | | | $ | (37,123) | | | | | $ | (60,342) | | |
Per share information – basic and diluted | | | | | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations (Earnings per Share)
|
| | | $ | (2.00) | | | | | $ | (0.08) | | | | | $ | (0.14) | | |
Weighted average shares outstanding
|
| | | | 437,620,915 | | | | | | 437,167,745 | | | | | | 438,963,491 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Operations | | | | | | | | | | | | | | | | | | | |
Net investment income
|
| | | $ | 82,447 | | | | | $ | 201,784 | | | | | $ | 185,223 | | |
Net realized gain (loss) on investments, swap contracts and debt
extinguishment |
| | | | (1,199,826) | | | | | | (109,293) | | | | | | (99,749) | | |
Net change in unrealized appreciation (depreciation) on investments
|
| | | | 249,140 | | | | | | (116,518) | | | | | | (165,490) | | |
Net change in unrealized appreciation (depreciation) on swap contracts
|
| | | | (6,551) | | | | | | (13,103) | | | | | | 19,654 | | |
Net change in unrealized gain (loss) on foreign currency
|
| | | | 5 | | | | | | 7 | | | | | | 20 | | |
Net increase (decrease) in net assets resulting from operations
|
| | | | (874,785) | | | | | | (37,123) | | | | | | (60,342) | | |
Shareholder distributions(1) | | | | | | | | | | | | | | | | | | | |
Distributions to shareholders
|
| | | | (63,272) | | | | | | (218,187) | | | | | | (219,047) | | |
Distributions representing return of capital
|
| | | | (12,384) | | | | | | — | | | | | | — | | |
Net decrease in net assets resulting from shareholder
distributions |
| | | | (75,656) | | | | | | (218,187) | | | | | | (219,047) | | |
Capital share transactions(2) | | | | | | | | | | | | | | | | | | | |
Reinvestment of shareholder distributions
|
| | | | 26,236 | | | | | | 101,727 | | | | | | 118,191 | | |
Repurchases of common shares
|
| | | | (26,823) | | | | | | (114,998) | | | | | | (156,658) | | |
Net increase (decrease) in net assets resulting from capital share transactions
|
| | | | (587) | | | | | | (13,271) | | | | | | (38,467) | | |
Total increase (decrease) in net assets
|
| | | | (951,028) | | | | | | (268,581) | | | | | | (317,856) | | |
Net assets at beginning of year
|
| | | | 2,379,605 | | | | | | 2,648,186 | | | | | | 2,966,042 | | |
Net assets at end of year
|
| | | $ | 1,428,577 | | | | | $ | 2,379,605 | | | | | $ | 2,648,186 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Cash flows from operating activities | | | | | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations
|
| | | $ | (874,785) | | | | | $ | (37,123) | | | | | $ | (60,342) | | |
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
|
| | | | | | | | | | | | | | | | | | |
Purchases of investments
|
| | | | (375,782) | | | | | | (1,111,384) | | | | | | (1,768,663) | | |
Paid-in-kind interest
|
| | | | (30,396) | | | | | | (35,302) | | | | | | (10,163) | | |
Proceeds from sales and repayments of investments
|
| | | | 764,102 | | | | | | 1,184,131 | | | | | | 1,802,043 | | |
Net realized (gain) loss on investments
|
| | | | 1,222,667 | | | | | | 114,746 | | | | | | 100,914 | | |
Net change in unrealized (appreciation) depreciation on investments
|
| | | | (249,140) | | | | | | 116,518 | | | | | | 165,490 | | |
Net change in unrealized (appreciation) depreciation on swap contracts
|
| | | | 6,551 | | | | | | 13,103 | | | | | | (19,654) | | |
Accretion of discount
|
| | | | (30,290) | | | | | | (29,394) | | | | | | (14,868) | | |
Amortization of deferred financing costs and discount
|
| | | | 7,523 | | | | | | 6,123 | | | | | | 4,217 | | |
(Increase) decrease in receivable for investments sold and repaid
|
| | | | (6,962) | | | | | | 15,245 | | | | | | 50,363 | | |
(Increase) decrease in interest receivable
|
| | | | 6,802 | | | | | | (168) | | | | | | 17,954 | | |
(Increase) decrease in expense reimbursement due from sponsor(1)
|
| | | | — | | | | | | — | | | | | | 5,945 | | |
(Increase) decrease in swap income receivable
|
| | | | 395 | | | | | | 459 | | | | | | (854) | | |
(Increase) decrease in prepaid expenses and other assets
|
| | | | 32 | | | | | | 2,104 | | | | | | (2,315) | | |
Increase (decrease) in payable for investments purchased
|
| | | | (28,518) | | | | | | (63,376) | | | | | | 3,861 | | |
Increase (decrease) in management fees payable
|
| | | | (5,426) | | | | | | (824) | | | | | | (5,428) | | |
Increase (decrease) in administrative services expense payable
|
| | | | 442 | | | | | | 9 | | | | | | 137 | | |
Increase (decrease) in swap income payable
|
| | | | — | | | | | | (225) | | | | | | 225 | | |
Increase (decrease) in interest payable(2)
|
| | | | (2,331) | | | | | | 339 | | | | | | 10,195 | | |
Increase (decrease) in trustees’ fees payable
|
| | | | — | | | | | | 9 | | | | | | (69) | | |
Increase (decrease) in other accrued expenses and liabilities
|
| | | | (5,711) | | | | | | 4,377 | | | | | | (1,515) | | |
Net cash provided by (used in) operating activities
|
| | | | 399,173 | | | | | | 179,367 | | | | | | 277,473 | | |
Cash flows from financing activities | | | | | | | | | | | | | | | | | | | |
Repurchases of common shares
|
| | | | (26,823) | | | | | | (114,998) | | | | | | (156,658) | | |
Shareholder distributions paid
|
| | | | (46,472) | | | | | | (115,256) | | | | | | (102,758) | | |
Borrowings under credit facilities(2)
|
| | | | 160,000 | | | | | | 580,000 | | | | | | 321,667 | | |
Borrowings under secured notes(2)
|
| | | | — | | | | | | — | | | | | | 489,865 | | |
Repayments of credit facilities(2)
|
| | | | (480,000) | | | | | | (475,000) | | | | | | (910,000) | | |
Repayments under senior secured notes(2)
|
| | | | (11,000) | | | | | | — | | | | | | — | | |
Deferred financing costs paid
|
| | | | (2,761) | | | | | | (2,200) | | | | | | (16,459) | | |
Net cash provided by financing activities
|
| | | | (407,056) | | | | | | (127,454) | | | | | | (374,343) | | |
Total increase (decrease) in cash
|
| | | | (7,883) | | | | | | 51,913 | | | | | | (96,870) | | |
Cash and restricted cash at beginning of year(3)
|
| | | | 150,419 | | | | | | 98,506 | | | | | | 195,376 | | |
Cash and restricted cash at end of year(3)
|
| | | $ | 142,536 | | | | | $ | 150,419 | | | | | $ | 98,506 | | |
Supplemental disclosure | | | | | | | | | | | | | | | | | | | |
Reinvestment of shareholder distributions
|
| | | $ | 26,236 | | | | | $ | 101,727 | | | | | $ | 118,191 | | |
Non-cash purchases of investments
|
| | | $ | (311,426) | | | | | $ | (128,941) | | | | | $ | (146,371) | | |
Non-cash sales of investments
|
| | | $ | 311,426 | | | | | $ | 128,941 | | | | | $ | 146,371 | | |
Portfolio Company(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate(b)
|
| |
Floor
|
| |
Maturity
|
| |
Principal
Amount(c) |
| |
Amortized
Cost |
| |
Fair
Value(d) |
| |||||||||||||||
Senior Secured Loans – First Lien – 42.5% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
AIRRO (Mauritius) Holdings II
|
| |
(k)(p)(s)
|
| | Power | | |
L+350, 3.5% PIK, (3.5% Max PIK)
|
| | | | 1.5% | | | | | | 7/24/25 | | | | | $ | 20,734 | | | | | $ | 18,082 | | | | | $ | 15,992 | | |
AIRRO (Mauritius) Holdings II
|
| |
(e)(k)(p)(s)
|
| | Power | | |
L+350, 3.5% PIK, (3.5% Max PIK)
|
| | | | 1.5% | | | | | | 7/24/25 | | | | | | 15,189 | | | | | | 15,189 | | | | | | 11,715 | | |
Allied Wireline Services, LLC
|
| |
(f)(n)(o)(s)(x)
|
| |
Service & Equipment
|
| |
10.0% PIK (10.0% Max PIK)
|
| | | | | | | | | | 6/15/25 | | | | | | 53,007 | | | | | | 53,007 | | | | | | 53,007 | | |
ARB Midstream Operating Company, LLC
|
| |
(s)
|
| | Midstream | | |
L+825
|
| | | | 1.0% | | | | | | 11/6/21 | | | | | | 1,807 | | | | | | 1,804 | | | | | | 1,698 | | |
Bioenergy Infrastructure Holdings Limited
|
| |
(k)(s)
|
| | Power | | |
L+725
|
| | | | 1.0% | | | | | | 12/22/22 | | | | | | 429 | | | | | | 429 | | | | | | 395 | | |
Birch Permian LLC
|
| |
(s)
|
| | Upstream | | |
L+800
|
| | | | 1.5% | | | | | | 4/12/23 | | | | | | 49,865 | | | | | | 49,598 | | | | | | 49,372 | | |
Brazos Delaware II LLC
|
| | | | | Midstream | | |
L+400
|
| | | | | | | | | | 5/21/25 | | | | | | 40,111 | | | | | | 38,155 | | | | | | 35,140 | | |
Cimarron Energy Inc.
|
| |
(s)
|
| |
Service & Equipment
|
| |
L+900
|
| | | | 1.0% | | | | | | 6/30/21 | | | | | | 7,500 | | | | | | 7,500 | | | | | | 6,797 | | |
Cox Oil Offshore, LLC, Volumetric Production Payments
|
| |
(i)(o)(s)(v)
|
| | Upstream | | |
0.0%
|
| | | | | | | | | | 12/31/23 | | | | | | 100,000 | | | | | | 37,527 | | | | | | 31,670 | | |
EIF Van Hook Holdings, LLC
|
| |
(h)
|
| | Midstream | | |
L+525
|
| | | | | | | | | | 9/5/24 | | | | | | 33,392 | | | | | | 32,769 | | | | | | 21,601 | | |
FR BR Holdings LLC
|
| |
(f)(h)(s)
|
| | Midstream | | |
L+650
|
| | | | | | | | | | 12/14/23 | | | | | | 85,700 | | | | | | 82,258 | | | | | | 82,966 | | |
FR XIII PAA Holdings HoldCo, LLC
|
| |
(s)
|
| | Midstream | | |
L+725
|
| | | | 0.5% | | | | | | 10/15/26 | | | | | | 29,925 | | | | | | 29,343 | | | | | | 29,955 | | |
Luxe Drillship Operating, LLC
|
| |
(s)
|
| | Upstream | | |
8.0%
|
| | | | | | | | | | 10/30/24 | | | | | | 16,976 | | | | | | 16,088 | | | | | | 15,779 | | |
MECO IV LLC
|
| |
(s)
|
| | Upstream | | |
L+925
|
| | | | 1.5% | | | | | | 9/14/21 | | | | | | 33,250 | | | | | | 32,951 | | | | | | 23,275 | | |
MRP CalPeak Holdings, LLC
|
| |
(h)(s)
|
| | Power | | |
L+525
|
| | | | 1.5% | | | | | | 1/27/25 | | | | | | 14,328 | | | | | | 14,328 | | | | | | 14,122 | | |
MRP West Power Holdings II, LLC
|
| |
(h)(s)
|
| | Power | | |
L+525
|
| | | | 1.5% | | | | | | 1/27/25 | | | | | | 14,586 | | | | | | 14,586 | | | | | | 14,378 | | |
Navitas Midstream Midland Basin LLC
|
| |
(h)
|
| | Midstream | | |
L+450
|
| | | | 1.0% | | | | | | 12/13/24 | | | | | | 29,650 | | | | | | 28,861 | | | | | | 29,298 | | |
Navitas Midstream Midland Basin LLC (Mirror Tranche)
|
| | | | | Midstream | | |
L+450
|
| | | | 1.0% | | | | | | 12/13/24 | | | | | | 39,400 | | | | | | 38,041 | | | | | | 38,931 | | |
NNE Holding LLC
|
| |
(h)(s)
|
| | Upstream | | |
L+475, 4.5% PIK (4.5% Max PIK)
|
| | | | | | | | | | 3/2/22 | | | | | | 40,455 | | | | | | 40,419 | | | | | | 38,432 | | |
Permian Production Holdings, LLC
|
| |
(f)(s)(w)
|
| | Upstream | | |
7.0%, 2.0% PIK (2.0% Max PIK)
|
| | | | | | | | | | 11/23/25 | | | | | | 14,075 | | | | | | 11,498 | | | | | | 11,446 | | |
Plainfield Renewable Energy Holdings LLC
|
| |
(o)(s)
|
| | Power | | |
10.0% (10.0% Max PIK)
|
| | | | | | | | | | 8/22/25 | | | | | | 2,998 | | | | | | 2,998 | | | | | | — | | |
Plainfield Renewable Energy Holdings LLC, Letter of Credit
|
| |
(e)(s)
|
| | Power | | |
10.0%
|
| | | | | | | | | | 8/22/23 | | | | | | 2,709 | | | | | | 2,709 | | | | | | — | | |
Plainfield Renewable Energy Holdings LLC
|
| |
(s)
|
| | Power | | |
15.5% (9.5% Max PIK)
|
| | | | | | | | | | 8/22/25 | | | | | | 10,801 | | | | | | 10,801 | | | | | | 10,602 | | |
Swift Worldwide Resources US Holdings Corp.
|
| |
(h)(s)
|
| |
Service & Equipment
|
| |
L+1000, 1.0% PIK (1.0% Max PIK)
|
| | | | 1.0% | | | | | | 7/20/21 | | | | | | 60,877 | | | | | | 60,877 | | | | | | 60,877 | | |
Warren Resources, Inc.
|
| |
(s)(w)
|
| | Upstream | | |
L+900, 1.0% PIK (1.0% Max PIK)
|
| | | | 1.0% | | | | | | 5/21/21 | | | | | | 27,788 | | | | | | 27,788 | | | | | | 27,788 | | |
Total Senior Secured Loans – First Lien
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
667,606
|
| | | |
|
625,236
|
| |
Unfunded Loan Commitments
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (17,898) | | | | | | (17,898) | | |
Net Senior Secured Loans – First Lien
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
649,708
|
| | | |
|
607,338
|
| |
Senior Secured Loans – Second Lien – 19.3% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Aethon III BR LLC
|
| |
(s)
|
| | Upstream | | |
L+750
|
| | | | 1.5% | | | | | | 1/10/25 | | | | | | 20,000 | | | | | | 19,740 | | | | | | 20,000 | | |
Aethon United BR LP
|
| |
(f)(h)(s)
|
| | Upstream | | |
L+675
|
| | | | 1.0% | | | | | | 9/8/23 | | | | | | 148,150 | | | | | | 146,950 | | | | | | 147,365 | | |
Chisholm Energy Holdings, LLC
|
| |
(f)(s)
|
| | Upstream | | |
L+625
|
| | | | 1.5% | | | | | | 5/15/26 | | | | | | 21,429 | | | | | | 21,353 | | | | | | 20,792 | | |
Portfolio Company(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate(b)
|
| |
Floor
|
| |
Maturity
|
| |
Principal
Amount(c) |
| |
Amortized
Cost |
| |
Fair
Value(d) |
| |||||||||||||||
Encino Acquisition Partners Holdings LLC
|
| |
(f)
|
| | Upstream | | |
L+675
|
| | | | 1.0% | | | | | | 10/29/25 | | | | | $ | 41,828 | | | | | $ | 36,014 | | | | | $ | 38,561 | | |
Peak Exploration & Production, LLC
|
| |
(f)(s)
|
| | Upstream | | |
L+675
|
| | | | 1.5% | | | | | | 11/16/23 | | | | | | 13,545 | | | | | | 13,497 | | | | | | 13,334 | | |
Peak Exploration & Production, LLC
|
| |
(e)(s)
|
| | Upstream | | |
L+675
|
| | | | 1.5% | | | | | | 11/16/23 | | | | | | 1,505 | | | | | | 1,505 | | | | | | 1,482 | | |
Penn Virginia Holdings Corp.
|
| |
(f)(h)(k)(s)
|
| | Upstream | | |
L+700
|
| | | | 1.0% | | | | | | 9/29/22 | | | | | | 20,950 | | | | | | 20,587 | | | | | | 19,563 | | |
SilverBow Resources, Inc.
|
| |
(f)(h)(k)(s)
|
| | Upstream | | |
L+750
|
| | | | 1.0% | | | | | | 12/15/24 | | | | | | 19,000 | | | | | | 18,877 | | | | | | 16,720 | | |
Total Senior Secured Loans – Second Lien
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
278,523
|
| | | |
|
277,817
|
| |
Unfunded Loan Commitments
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (1,505) | | | | | | (1,505) | | |
Net Senior Secured Loans – Second Lien
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
277,018
|
| | | |
|
276,312
|
| |
Senior Secured Bonds – 23.8% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Black Swan Energy Ltd.
|
| |
(k)(s)
|
| | Upstream | | |
9.0%
|
| | | | | | | | | | 1/20/24 | | | | | | 90,000 | | | | | | 90,000 | | | | | | 89,100 | | |
Limetree Bay Ventures, LLC
|
| |
(f)(m)(o)(s)(w)
|
| | Midstream | | |
20.0% PIK (20.0% Max PIK)
|
| | | | | | | | | | 1/4/21 | | | | | | 25,538 | | | | | | 25,562 | | | | | | 25,538 | | |
Limetree Bay Ventures, LLC
|
| |
(f)(m)(o)(s)(w)
|
| | Midstream | | |
20.0% PIK (20.0% Max PIK)
|
| | | | | | | | | | 1/4/21 | | | | | | 36,308 | | | | | | 34,139 | | | | | | 36,308 | | |
Limetree Bay Ventures, LLC
|
| |
(f)(m)(o)(s)(w)
|
| | Midstream | | |
20.0% PIK (20.0% Max PIK)
|
| | | | | | | | | | 1/4/21 | | | | | | 89,968 | | | | | | 16,381 | | | | | | 89,968 | | |
Velvet Energy Ltd.
|
| |
(f)(k)(s)
|
| | Upstream | | |
9.0%
|
| | | | | | | | | | 10/5/23 | | | | | | 120,000 | | | | | | 120,000 | | | | | | 99,128 | | |
Total Senior Secured Bonds
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 286,082 | | | | | | 340,042 | | |
Unsecured Debt – 9.5% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Global Jet Capital Holdings, LP
|
| |
(f)(o)(s)
|
| | Industrials | | |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | | | | 1/30/25 | | | | | | 1,330 | | | | | | 1,178 | | | | | | 1,172 | | |
Global Jet Capital Holdings, LP
|
| |
(f)(o)(s)
|
| | Industrials | | |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | | | | 4/30/25 | | | | | | 8,450 | | | | | | 7,484 | | | | | | 7,447 | | |
Global Jet Capital Holdings, LP
|
| |
(f)(o)(s)
|
| | Industrials | | |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | | | | 9/3/25 | | | | | | 1,746 | | | | | | 1,547 | | | | | | 1,539 | | |
Global Jet Capital Holdings, LP
|
| |
(f)(o)(s)
|
| | Industrials | | |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | | | | 9/29/25 | | | | | | 1,644 | | | | | | 1,456 | | | | | | 1,449 | | |
Global Jet Capital Holdings, LP
|
| |
(f)(o)(s)
|
| | Industrials | | |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | | | | 12/2/26 | | | | | | 1,446 | | | | | | 1,280 | | | | | | 1,274 | | |
Great Western Petroleum, LLC
|
| |
(f)(s)
|
| | Upstream | | |
8.5%
|
| | | | | | | | | | 4/15/25 | | | | | | 13,636 | | | | | | 13,183 | | | | | | 12,954 | | |
Great Western Petroleum, LLC
|
| |
(f)
|
| | Upstream | | |
9.0%
|
| | | | | | | | | | 9/30/21 | | | | | | 35,830 | | | | | | 35,827 | | | | | | 21,140 | | |
Hammerhead Resources Inc.
|
| |
(f)(k)(o)(s)
|
| | Upstream | | |
12.0% PIK (12.0% Max PIK)
|
| | | | | | | | | | 7/15/24 | | | | | | 55,607 | | | | | | 55,144 | | | | | | 55,607 | | |
Limetree Bay Ventures, LLC
|
| |
(f)(m)(o)(s)(w)
|
| | Midstream | | |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | | | | 3/3/21 | | | | | | 37,778 | | | | | | 37,814 | | | | | | — | | |
Limetree Bay Ventures, LLC
|
| |
(f)(m)(o)(s)(w)
|
| | Midstream | | |
20.0% PIK (20.0% Max PIK)
|
| | | | | | | | | | 2/1/21 | | | | | | 9,882 | | | | | | 9,892 | | | | | | — | | |
Moss Creek Resources, LLC
|
| |
(f)
|
| | Upstream | | |
7.5%
|
| | | | | | | | | | 1/15/26 | | | | | | 6,693 | | | | | | 5,075 | | | | | | 5,103 | | |
Tenrgys, LLC
|
| |
(f)(m)(n)(o)(s)
|
| | Upstream | | |
L+900
|
| | | | 2.5% | | | | | | 12/23/18 | | | | | | 75,000 | | | | | | 75,300 | | | | | | 26,875 | | |
Total Unsecured Debt
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 245,180 | | | | | | 134,560 | | |
|
Portfolio Company(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate(b)
|
| |
Floor
|
| |
Maturity
|
| |
Number of
Shares |
| |
Amortized
Cost |
| |
Fair
Value(d) |
| ||||||||||||
Preferred Equity – 33.0%(l) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Abaco Energy Technologies LLC, Preferred Equity
|
| |
(o)(s)
|
| |
Service & Equipment
|
| | | | | | | | | | | | | | | | 28,942,003 | | | | | $ | 1,447 | | | | | $ | 5,354 | | |
Altus Midstream LP, Series A Preferred Units
|
| |
(j)(s)
|
| | Midstream | | |
11.0%
|
| | | | | | | 6/28/26 | | | | | | 52,856 | | | | | | 56,228 | | | | | | 54,177 | | |
Global Jet Capital Holdings, LP, Preferred Equity
|
| |
(f)(o)(s)
|
| | Industrials | | | | | | | | | | | | | | | | | 27,856 | | | | | | 2,786 | | | | | | — | | |
Great Western Petroleum, LLC, Preferred Equity
|
| |
(f)(h)(r)(s)
|
| | Upstream | | |
15.5%
|
| | | | | | | 12/31/27 | | | | | | 36,364 | | | | | | 47,372 | | | | | | 18,182 | | |
Limetree Bay Ventures, LLC, Preferred Equity
|
| |
(f)(m)(o)(s)(w)
|
| | Midstream | | |
13.5%
|
| | | | | | | 11/30/24 | | | | | | 95,821,000 | | | | | | 86,729 | | | | | | — | | |
Limetree Bay Ventures, LLC, Preferred Equity
|
| |
(f)(m)(o)(s)(w)
|
| | Midstream | | |
13.5%
|
| | | | | | | 11/27/23 | | | | | | 59,819,000 | | | | | | 53,548 | | | | | | — | | |
NGL Energy Partners, LP, Preferred Equity
|
| |
(k)(s)
|
| | Midstream | | |
14.2%
|
| | | | | | | 7/2/27 | | | | | | 156,250 | | | | | | 168,049 | | | | | | 109,375 | | |
NuStar, Preferred Equity
|
| |
(f)(h)(k)(s)
|
| | Midstream | | |
12.8%
|
| | | | | | | 6/29/28 | | | | | | 3,910,165 | | | | | | 102,744 | | | | | | 118,048 | | |
Segreto Power Holdings, LLC, Preferred Equity
|
| |
(f)(g)(s)
|
| | Power | | |
13.1%
|
| | | | | | | 6/30/25 | | | | | | 70,297 | | | | | | 92,750 | | | | | | 79,546 | | |
USA Compression Partners, LP, Preferred Equity
|
| |
(h)(k)(s)
|
| | Midstream | | |
9.8%
|
| | | | | | | 4/3/28 | | | | | | 79,336 | | | | | | 77,600 | | | | | | 86,395 | | |
Total Preferred Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 689,253 | | | | | | 471,077 | | |
| | | | | | | | | | | | | | | | | | | | |
Principal
Amount(c) |
| |
Amortized
Cost |
| |
Fair
Value(d) |
| |||||||||
Sustainable Infrastructure Investments, LLC – 4.3%
|
| | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Sustainable Infrastructure Investments, LLC
|
| |
(k)(s)(x)
|
| | Power | | | | | | | | | | | | | | | | $ | 60,603 | | | | | $ | 60,603 | | | | | $ | 61,816 | | |
Total Sustainable Infrastructure Investments, LLC
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 60,603 | | | | | | 61,816 | | |
Portfolio Company(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Number of
Shares |
| |
Amortized
Cost |
| |
Fair
Value(d) |
| |||||||||
Equity/Other – 20.3%(l) | | | | | | | | | | | | | | | | | | | | | | | | | |
Abaco Energy Technologies LLC, Common Equity
|
| |
(f)(o)(s)
|
| |
Service & Equipment
|
| | | | 6,944,444 | | | | | $ | 6,944 | | | | | $ | 896 | | |
AIRRO (Mauritius) Holdings II, Warrants
|
| |
(f)(k)(o)(p)(s)
|
| | Power | | | | | 35 | | | | | | 2,652 | | | | | | 2,504 | | |
Allied Wireline Services, LLC, Common Equity
|
| |
(f)(n)(o)(s)(x)
|
| |
Service & Equipment
|
| | | | 48,400 | | | | | | 1,527 | | | | | | 1,904 | | |
Allied Wireline Services, LLC, Warrants
|
| |
(f)(n)(o)(s)(x)
|
| |
Service & Equipment
|
| | | | 22,000 | | | | | | — | | | | | | — | | |
Arena Energy, LP, Contingent Value Rights
|
| |
(f)(o)(s)
|
| | Upstream | | | | | 126,632,117 | | | | | | 351 | | | | | | 418 | | |
Ascent Resources Utica Holdings, LLC, Common Equity
|
| |
(f)(o)(q)(s)
|
| | Upstream | | | | | 148,692,908 | | | | | | 44,700 | | | | | | 33,084 | | |
Chisholm Oil and Gas, LLC, Series A Units
|
| |
(g)(o)(s)
|
| | Upstream | | | | | 14,700,000 | | | | | | 14,700 | | | | | | — | | |
Cimarron Energy Holdco Inc., Common Equity
|
| |
(f)(o)(s)
|
| |
Service & Equipment
|
| | | | 4,302,293 | | | | | | 3,950 | | | | | | 30 | | |
Cimarron Energy Holdco Inc., Participation Option
|
| |
(f)(o)(s)
|
| |
Service & Equipment
|
| | | | 25,000,000 | | | | | | 1,289 | | | | | | 175 | | |
Denbury Inc., Common Equity
|
| |
(f)(k)(o)
|
| | Upstream | | | | | 1,265,510 | | | | | | 22,906 | | | | | | 32,511 | | |
Portfolio Company(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Number of
Shares |
| |
Amortized
Cost |
| |
Fair
Value(d) |
| |||||||||
Harvest Oil & Gas Corp., Common Equity
|
| |
(f)(o)(w)
|
| | Upstream | | | | | 135,062 | | | | | $ | 17,558 | | | | | $ | 2,794 | | |
Limetree Bay Ventures, LLC, Common Equity
|
| |
(f)(o)(s)(w)
|
| | Midstream | | | | | 128,645 | | | | | | 3,406 | | | | | | — | | |
Lonestar Resources US Inc., Common Equity
|
| |
(f)(o)(w)
|
| | Upstream | | | | | 864,000 | | | | | | 2,376 | | | | | | 2,592 | | |
Luxe Drillship Operating, LLC, Overriding Royalty Interest
|
| |
(f)(o)(s)
|
| | Upstream | | | | | N/A | | | | | | 1,354 | | | | | | 773 | | |
Maverick Natural Resources, LLC, Common Equity
|
| |
(f)(g)(n)(o)(s)
|
| | Upstream | | | | | 503,176 | | | | | | 138,208 | | | | | | 152,860 | | |
MB Precision Investment Holdings LLC, Class A-2 Units
|
| |
(f)(n)(o)(s)
|
| | Industrials | | | | | 1,426,110 | | | | | | 490 | | | | | | — | | |
NGL Energy Partners, LP, Warrants (Par)
|
| |
(f)(k)(o)(s)
|
| | Midstream | | | | | 2,187,500 | | | | | | 3,083 | | | | | | 88 | | |
NGL Energy Partners, LP, Warrants (Premium)
|
| |
(f)(k)(o)(s)
|
| | Midstream | | | | | 3,125,000 | | | | | | 2,623 | | | | | | 81 | | |
NGL Energy Partners, LP, Warrants (Premium)
|
| |
(f)(k)(o)(s)
|
| | Midstream | | | | | 781,250 | | | | | | 576 | | | | | | 21 | | |
NGL Energy Partners, LP, Warrants (Par)
|
| |
(f)(k)(o)(s)
|
| | Midstream | | | | | 546,880 | | | | | | 630 | | | | | | 22 | | |
Permian Production Holdings, LLC, Common Equity
|
| |
(f)(n)(o)(s)(w)
|
| | Upstream | | | | | 1,951,667 | | | | | | — | | | | | | — | | |
Ridgeback Resources Inc., Common Equity
|
| |
(f)(k)(o)(s)(t)(w)
|
| | Upstream | | | | | 9,599,928 | | | | | | 58,985 | | | | | | 38,385 | | |
Rosehill Operating Company, LLC, Common Equity
|
| |
(f)(n)(o)(s)
|
| | Upstream | | | | | 13,973 | | | | | | 2,182 | | | | | | 2,377 | | |
Swift Worldwide Resources Holdco Limited, Common Equity
|
| |
(f)(k)(o)(s)(u)
|
| |
Service & Equipment
|
| | | | 3,750,000 | | | | | | 6,029 | | | | | | 2,531 | | |
UP Energy, LLC, Common Equity
|
| |
(f)(o)(s)
|
| | Upstream | | | | | 367,237 | | | | | | 9,019 | | | | | | 8,160 | | |
USA Compression Partners, LP, Warrants (Market)
|
| |
(f)(h)(k)(o)(s)
|
| | Midstream | | | | | 793,359 | | | | | | 555 | | | | | | 1,412 | | |
USA Compression Partners, LP, Warrants (Premium)
|
| |
(f)(h)(k)(o)(s)
|
| | Midstream | | | | | 1,586,719 | | | | | | 714 | | | | | | 2,253 | | |
Warren Resources, Inc., Common Equity
|
| |
(f)(o)(s)(w)
|
| | Upstream | | | | | 4,415,749 | | | | | | 20,754 | | | | | | 4,460 | | |
Total Equity/Other
|
| | | | | | | | | | | | | | | | 367,561 | | | | | | 290,331 | | |
TOTAL INVESTMENTS – 152.7%
|
| | | | | | | | | | | | | | |
$
|
2,575,405
|
| | | |
|
2,181,476
|
| |
LIABILITIES IN EXCESS OF OTHER ASSETS – (52.7%)
|
| | | | | | | | | | | | | | | | | | | | |
|
(752,899)
|
| |
NET ASSETS – 100.0%
|
| | | | | | | | | | | | | | | | | | | | |
$
|
1,428,577
|
| |
|
Portfolio Company
|
| |
Fair Value at
December 31, 2019 |
| |
Purchases,
Paid-in-Kind Interest and Transfers In |
| |
Sales,
Repayments and Transfers Out |
| |
Accretion of
Discount |
| |
Net
Realized Gain (Loss) |
| |
Net Change in
Unrealized Appreciation (Depreciation) |
| |
Fair Value at
December 31, 2020 |
| |
Interest
Income(1) |
| |
PIK
Income(1) |
| | |||||||||||||||||||||||||||||
Senior Secured Loans – First Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
BL Sand Hills Unit, L.P.
|
| | | $ | 288 | | | | | $ | — | | | | | $ | (223) | | | | | $ | — | | | | | $ | (16,451) | | | | | $ | 16,386 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | ||
MB Precision Holdings LLC
|
| | | | 4,585 | | | | | | 157 | | | | | | (3,949) | | | | | | 48 | | | | | | (748) | | | | | | (93) | | | | | | — | | | | | | 305 | | | | | | 157 | | | | ||
Permian Production Holdings, LLC
|
| | | | — | | | | | | 11,450 | | | | | | — | | | | | | 48 | | | | | | — | | | | | | (52) | | | | | | 11,446 | | | | | | 262 | | | | | | 23 | | | | ||
Warren Resources, Inc.
|
| | | | 27,507 | | | | | | 281 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 27,788 | | | | | | 2,915 | | | | | | 280 | | | | ||
Senior Secured Loans – Second Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Titan Energy Operating, LLC
|
| | | | — | | | | | | — | | | | | | (600) | | | | | | — | | | | | | (100,302) | | | | | | 100,902 | | | | | | — | | | | | | — | | | | | | — | | | | ||
Senior Secured Bonds | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
FourPoint Energy, LLC
|
| | | | 223,369 | | | | | | — | | | | | | (135,635) | | | | | | 636 | | | | | | (96,598) | | | | | | 8,228 | | | | | | — | | | | | | 5,647 | | | | | | — | | | | ||
Limetree Bay Ventures, LLC
|
| | | | — | | | | | | 25,562 | | | | | | — | | | | | | — | | | | | | — | | | | | | (24) | | | | | | 25,538 | | | | | | — | | | | | | 2,700 | | | | ||
Limetree Bay Ventures, LLC
|
| | | | — | | | | | | 33,813 | | | | | | — | | | | | | 326 | | | | | | — | | | | | | 2,169 | | | | | | 36,308 | | | | | | 326 | | | | | | 1,790 | | | | ||
Limetree Bay Ventures, LLC
|
| | | | — | | | | | | 16,381 | | | | | | — | | | | | | — | | | | | | — | | | | | | 73,587 | | | | | | 89,968 | | | | | | — | | | | | | — | | | | ||
Unsecured Debt | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Limetree Bay Ventures, LLC
|
| | | | — | | | | | | 37,814 | | | | | | — | | | | | | — | | | | | | — | | | | | | (37,814) | | | | | | — | | | | | | — | | | | | | 3,068 | | | | ||
Limetree Bay Ventures, LLC
|
| | | | — | | | | | | 9,892 | | | | | | — | | | | | | — | | | | | | — | | | | | | (9,892) | | | | | | — | | | | | | — | | | | | | 1,045 | | | | ||
Preferred Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Limetree Bay Ventures, LLC, Preferred Equity
|
| | | | — | | | | | | 86,105 | | | | | | — | | | | | | 624 | | | | | | — | | | | | | (86,729) | | | | | | — | | | | | | 689 | | | | | | 1,950 | | | | ||
Limetree Bay Ventures, LLC, Preferred Equity
|
| | | | — | | | | | | 53,548 | | | | | | — | | | | | | — | | | | | | — | | | | | | (53,548) | | | | | | — | | | | | | — | | | | | | 986 | | | | ||
MB Precision Investment Holdings LLC, Class A Preferred Units
|
| | | | 1,205 | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,880) | | | | | | 675 | | | | | | — | | | | | | — | | | | | | — | | | | ||
Equity/Other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
BL Sand Hills Unit, L.P., Net Profits Interest
|
| | | | — | | | | | | — | | | | | | (60) | | | | | | — | | | | | | (5,120) | | | | | | 5,180 | | | | | | — | | | | | | — | | | | | | — | | | | ||
BL Sand Hills Unit, L.P., Overriding Royalty Interest
|
| | | | — | | | | | | — | | | | | | (8) | | | | | | — | | | | | | (732) | | | | | | 740 | | | | | | — | | | | | | — | | | | | | — | | | | | |
BL Sand Hills Unit, L.P., Series A Units
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (24,019) | | | | | | 24,019 | | | | | | — | | | | | | — | | | | | | — | | | | ||
FourPoint Energy, LLC, Common Equity, Class C-II-A Units
|
| | | | 6,906 | | | | | | — | | | | | | (376) | | | | | | — | | | | | | (65,624) | | | | | | 59,094 | | | | | | — | | | | | | — | | | | | | — | | | | ||
FourPoint Energy, LLC, Common Equity, Class D Units
|
| | | | 1,307 | | | | | | — | | | | | | (70) | | | | | | — | | | | | | (8,106) | | | | | | 6,869 | | | | | | — | | | | | | — | | | | | | — | | | | ||
FourPoint Energy, LLC, Common Equity, Class E-II Units
|
| | | | 15,793 | | | | | | — | | | | | | (859) | | | | | | — | | | | | | (36,875) | | | | | | 21,941 | | | | | | — | | | | | | — | | | | | | — | | | | ||
FourPoint Energy, LLC, Common Equity, Class E-III Units
|
| | | | 23,306 | | | | | | — | | | | | | (1,268) | | | | | | — | | | | | | (54,420) | | | | | | 32,382 | | | | | | — | | | | | | — | | | | | | — | | | | ||
Harvest Oil & Gas Corp., Common Equity
|
| | | | 8,644 | | | | | | — | | | | | | (2,701) | | | | | | — | | | | | | — | | | | | | (3,149) | | | | | | 2,794 | | | | | | — | | | | | | — | | | | ||
Limetree Bay Ventures, LLC, Common Equity
|
| | | | — | | | | | | 3,406 | | | | | | — | | | | | | — | | | | | | — | | | | | | (3,406) | | | | | | — | | | | | | — | | | | | | — | | | | ||
Lonestar Resources US Inc., Common Equity
|
| | | | — | | | | | | 2,376 | | | | | | — | | | | | | — | | | | | | — | | | | | | 216 | | | | | | 2,592 | | | | | | — | | | | | | — | | | | ||
MB Precision Investment Holdings LLC, Class A-2 Units
|
| | | | — | | | | | | — | | | | | | (490) | | | | | | — | | | | | | — | | | | | | 490 | | | | | | — | | | | | | — | | | | | | — | | | | ||
Permian Production Holdings, LLC, Common Equity
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | ||
Ridgeback Resources Inc., Common Equity
|
| | | | 50,721 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (12,336) | | | | | | 38,385 | | | | | | — | | | | | | — | | | | ||
Titan Energy, LLC, Common Equity
|
| | | | 16 | | | | | | — | | | | | | — | | | | | | — | | | | | | (17,554) | | | | | | 17,538 | | | | | | — | | | | | | — | | | | | | — | | | | ||
Warren Resources, Inc., Common Equity
|
| | | | 10,951 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (6,491) | | | | | | 4,460 | | | | | | — | | | | | | — | | | | ||
| | | | $ | 374,598 | | | | | $ | 280,785 | | | | | $ | (146,239) | | | | | $ | 1,682 | | | | | $ | (428,429) | | | | | $ | 156,882 | | | | | $ | 239,279 | | | | | $ | 10,144 | | | | | $ | 11,999 | | | |
Portfolio Company
|
| |
Fair Value at
December 31, 2019 |
| |
Purchases,
Paid-in-Kind Interest and Transfers In |
| |
Sales,
Repayments and Transfers Out |
| |
Accretion of
Discount |
| |
Net Realized
Gain (Loss) |
| |
Net Change in
Unrealized Appreciation (Depreciation) |
| |
Fair Value at
December 31, 2020 |
| |
Interest
Income(1) |
| ||||||||||||||||||||||||
Senior Secured Loans – First Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Allied Wireline Services, LLC
|
| | | $ | — | | | | | $ | 53,007 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 53,007 | | | | | $ | 2,886 | | |
Lusk Operating LLC
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (27,464) | | | | | | 27,464 | | | | | | — | | | | | | — | | |
Sustainable Infrastructure Investments, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sustainable Infrastructure Investments, LLC
|
| | | | — | | | | | | 60,603 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,213 | | | | | | 61,816 | | | | | | — | | |
Equity/Other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Allied Wireline Services, LLC, Common Equity
|
| | | | — | | | | | | 1,527 | | | | | | — | | | | | | — | | | | | | — | | | | | | 377 | | | | | | 1,904 | | | | | | — | | |
Allied Wireline Services, LLC, Warrants
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Lusk Operating LLC, Common Equity
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | $ | — | | | | | $ | 115,137 | | | | | $ | — | | | | | $ | — | | | | | $ | (27,464) | | | | | $ | 29,054 | | | | | $ | 116,727 | | | | | $ | 2,886 | | |
Portfolio Company(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate(b)
|
| |
Floor
|
| |
Maturity
|
| |
Principal
Amount(c) |
| |
Amortized
Cost |
| |
Fair
Value(d) |
| |||||||||||||||
Senior Secured Loans – First Lien – 47.7% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
AIRRO (Mauritius) Holdings II
|
| |
(k)(p)(w)
|
| | Power | | |
L+695
|
| | | | 1.5% | | | | | | 7/24/25 | | | | | $ | 18,186 | | | | | $ | 15,534 | | | | | $ | 15,378 | | |
AIRRO (Mauritius) Holdings II
|
| |
(e)(k)(p)(w)
|
| | Power | | |
L+695
|
| | | | 1.5% | | | | | | 7/24/25 | | | | | | 17,055 | | | | | | 17,055 | | | | | | 14,421 | | |
Allied Wireline Services, LLC
|
| |
(w)(x)
|
| |
Service & Equipment
|
| |
L+950
|
| | | | 1.5% | | | | | | 6/30/20 | | | | | | 102,718 | | | | | | 102,657 | | | | | | 92,960 | | |
ARB Midstream Operating Company, LLC
|
| |
(w)(x)
|
| | Midstream | | |
L+725
|
| | | | 1.0% | | | | | | 11/6/21 | | | | | | 3,193 | | | | | | 3,183 | | | | | | 3,186 | | |
Bellatrix Exploration Ltd.
|
| |
(k)(w)
|
| | Upstream | | |
10.0%
|
| | | | | | | | | | 3/31/20 | | | | | | 7,879 | | | | | | 7,879 | | | | | | 7,879 | | |
Bellatrix Exploration Ltd.
|
| |
(e)(k)(w)
|
| | Upstream | | |
10.0%
|
| | | | | | | | | | 3/31/20 | | | | | | 3,377 | | | | | | 3,377 | | | | | | 3,377 | | |
Bioenergy Infrastructure Holdings Limited
|
| |
(k)(w)
|
| | Power | | |
L+725
|
| | | | 1.0% | | | | | | 12/22/22 | | | | | | 909 | | | | | | 904 | | | | | | 912 | | |
Bioenergy Infrastructure Holdings Limited
|
| |
(e)(k)(w)
|
| | Power | | |
L+725
|
| | | | 1.0% | | | | | | 12/22/22 | | | | | | 543 | | | | | | 543 | | | | | | 545 | | |
Bioenergy Infrastructure Holdings Limited
|
| |
(e)(k)(w)
|
| | Power | | |
L+725
|
| | | | 1.0% | | | | | | 12/22/22 | | | | | | 544 | | | | | | 544 | | | | | | 546 | | |
Birch Permian LLC
|
| |
(h)(w)
|
| | Upstream | | |
L+800
|
| | | | 1.5% | | | | | | 4/12/23 | | | | | | 41,531 | | | | | | 41,176 | | | | | | 41,436 | | |
Birch Permian LLC
|
| |
(e)(w)
|
| | Upstream | | |
L+800
|
| | | | 1.5% | | | | | | 4/12/23 | | | | | | 8,333 | | | | | | 8,333 | | | | | | 8,314 | | |
BL Sand Hills Unit, L.P.
|
| |
(m)(o)(w)(x)(z)
|
| | Upstream | | |
Prime+650
|
| | | | 3.5% | | | | | | 12/17/21 | | | | | | 19,200 | | | | | | 16,674 | | | | | | 288 | | |
Brazos Delaware II LLC
|
| |
(h)
|
| | Midstream | | |
L+400
|
| | | | | | | | | | 5/21/25 | | | | | | 63,656 | | | | | | 60,357 | | | | | | 54,744 | | |
Cimarron Energy Inc.
|
| |
(w)(x)
|
| |
Service & Equipment
|
| |
10.0%
|
| | | | | | | | | | 6/30/21 | | | | | | 7,500 | | | | | | 7,500 | | | | | | 7,472 | | |
Cox Oil Offshore, LLC, Volumetric Production Payments
|
| |
(v)(w)(x)(y)
|
| | Upstream | | |
6.6%
|
| | | | | | | | | | 12/31/23 | | | | | | 100,000 | | | | | | 63,884 | | | | | | 63,646 | | |
CPV Shore Holdings LLC
|
| | | | | Power | | |
L+375
|
| | | | | | | | | | 12/29/25 | | | | | | 1,089 | | | | | | 1,080 | | | | | | 1,098 | | |
Edgewater Generation LLC
|
| | | | | Power | | |
L+375
|
| | | | | | | | | | 12/13/25 | | | | | | 2,885 | | | | | | 2,879 | | | | | | 2,775 | | |
EIF Van Hook Holdings, LLC
|
| |
(h)
|
| | Midstream | | |
L+525
|
| | | | | | | | | | 9/5/24 | | | | | | 34,521 | | | | | | 33,739 | | | | | | 32,967 | | |
EPIC Crude Services LP
|
| |
(h)
|
| | Midstream | | |
L+500
|
| | | | | | | | | | 3/2/26 | | | | | | 9,500 | | | | | | 9,327 | | | | | | 9,183 | | |
Felix Investments Holdings II, LLC
|
| |
(w)
|
| | Upstream | | |
L+650
|
| | | | 1.0% | | | | | | 8/9/22 | | | | | | 5,900 | | | | | | 5,878 | | | | | | 5,959 | | |
FR BR Holdings LLC
|
| |
(h)(w)
|
| | Midstream | | |
L+650
|
| | | | | | | | | | 12/14/23 | | | | | | 89,233 | | | | | | 84,669 | | | | | | 86,770 | | |
LMBE-MC Holdco II LLC
|
| | | | | Power | | |
L+400
|
| | | | 1.0% | | | | | | 12/3/25 | | | | | | 1,712 | | | | | | 1,693 | | | | | | 1,703 | | |
Lower Cadence Holdings LLC
|
| |
(f)(h)
|
| | Midstream | | |
L+400
|
| | | | | | | | | | 5/22/26 | | | | | | 18,957 | | | | | | 17,827 | | | | | | 18,803 | | |
Lusk Operating LLC
|
| |
(m)(o)(w)(aa)
|
| | Upstream | | |
Prime+500 PIK (8.8% Max PIK)
|
| | | | 3.3% | | | | | | 1/31/20 | | | | | | 29,297 | | | | | | 27,464 | | | | | | — | | |
Luxe Drillship Operating, LLC
|
| |
(w)
|
| | Upstream | | |
8.0%
|
| | | | | | | | | | 10/30/24 | | | | | | 17,143 | | | | | | 16,115 | | | | | | 15,819 | | |
Luxe Drillship Operating, LLC
|
| |
(e)(w)
|
| | Upstream | | |
8.0%
|
| | | | | | | | | | 10/30/24 | | | | | | 32,857 | | | | | | 32,857 | | | | | | 30,321 | | |
MB Precision Holdings LLC
|
| |
(w)(x)(z)
|
| | Industrials | | |
L+725, 2.3% PIK (2.3% Max PIK)
|
| | | | 1.3% | | | | | | 1/23/21 | | | | | | 4,602 | | | | | | 4,492 | | | | | | 4,585 | | |
MECO IV LLC
|
| |
(h)(w)
|
| | Upstream | | |
L+725
|
| | | | 1.5% | | | | | | 9/14/21 | | | | | | 35,000 | | | | | | 34,849 | | | | | | 34,405 | | |
Navitas Midstream Midland Basin LLC
|
| |
(h)
|
| | Midstream | | |
L+450
|
| | | | 1.0% | | | | | | 12/13/24 | | | | | | 77,895 | | | | | | 76,815 | | | | | | 73,416 | | |
Navitas Midstream Midland Basin LLC (Mirror Tranche)
|
| | | | | Midstream | | |
L+450
|
| | | | 1.0% | | | | | | 12/13/24 | | | | | | 39,800 | | | | | | 38,141 | | | | | | 37,512 | | |
NNE Holding LLC
|
| |
(h)(w)
|
| | Upstream | | |
L+800
|
| | | | | | | | | | 3/2/22 | | | | | | 40,000 | | | | | | 39,938 | | | | | | 39,492 | | |
Panda Hummel Station LLC
|
| | | | | Power | | |
L+600
|
| | | | 1.0% | | | | | | 10/27/22 | | | | | | 19,150 | | | | | | 18,668 | | | | | | 17,060 | | |
Panda Hummel Station LLC
|
| |
(h)
|
| | Power | | |
L+600
|
| | | | 1.0% | | | | | | 10/27/22 | | | | | | 24,227 | | | | | | 23,802 | | | | | | 21,582 | | |
Panda Stonewall LLC
|
| |
(f)(h)
|
| | Power | | |
L+550
|
| | | | 1.0% | | | | | | 11/13/21 | | | | | | 53,447 | | | | | | 53,070 | | | | | | 49,791 | | |
Panda Stonewall LLC
|
| |
(h)
|
| | Power | | |
L+550
|
| | | | 1.0% | | | | | | 11/13/21 | | | | | | 21,372 | | | | | | 20,813 | | | | | | 19,910 | | |
Permian Production Partners LLC
|
| |
(h)(m)(o)(w)(x)
|
| | Upstream | | |
L+600
|
| | | | 1.0% | | | | | | 5/18/24 | | | | | | 44,498 | | | | | | 43,184 | | | | | | 28,648 | | |
Plainfield Renewable Energy Holdings LLC
|
| |
(w)
|
| | Power | | |
10.0%
|
| | | | | | | | | | 8/22/25 | | | | | | 2,855 | | | | | | 2,855 | | | | | | 2,569 | | |
Plainfield Renewable Energy Holdings LLC, Letter of Credit
|
| |
(e)(w)
|
| | Power | | |
10.0%
|
| | | | | | | | | | 8/22/23 | | | | | | 2,709 | | | | | | 2,709 | | | | | | 2,437 | | |
Portfolio Company(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate(b)
|
| |
Floor
|
| |
Maturity
|
| |
Principal
Amount(c) |
| |
Amortized
Cost |
| |
Fair
Value(d) |
| |||||||||||||||
Plainfield Renewable Energy Holdings LLC
|
| |
(w)
|
| | Power | | |
15.5%
|
| | | | | | | | | | 8/22/25 | | | | | $ | 10,397 | | | | | $ | 10,397 | | | | | $ | 10,441 | | |
Power Distribution, Inc.
|
| |
(w)(x)
|
| | Power | | |
L+725
|
| | | | 1.3% | | | | | | 1/25/23 | | | | | | 27,891 | | | | | | 27,891 | | | | | | 25,982 | | |
Prairie ECI Acquiror LP
|
| |
(f)
|
| | Midstream | | |
L+475
|
| | | | | | | | | | 3/11/26 | | | | | | 17,991 | | | | | | 17,615 | | | | | | 17,901 | | |
Sandy Creek Energy Associates, L.P.
|
| |
(f)
|
| | Power | | |
L+400
|
| | | | 1.0% | | | | | | 11/9/20 | | | | | | 72,666 | | | | | | 66,553 | | | | | | 62,054 | | |
Swift Worldwide Resources US Holdings Corp.
|
| |
(h)(w)(x)
|
| |
Service & Equipment
|
| |
9.5%, L+150 PIK (L+1.5% Max PIK)
|
| | | | 2.5% | | | | | | 7/20/21 | | | | | | 59,901 | | | | | | 59,901 | | | | | | 59,901 | | |
Terra-Gen Finance Co LLC
|
| | | | | Power | | |
L+425
|
| | | | 1.0% | | | | | | 12/9/21 | | | | | | 25,185 | | | | | | 23,922 | | | | | | 24,429 | | |
Traverse Midstream Partners LLC
|
| |
(h)
|
| | Midstream | | |
L+400
|
| | | | 1.0% | | | | | | 9/27/24 | | | | | | 60,273 | | | | | | 60,283 | | | | | | 54,728 | | |
Ultra Resources, Inc.
|
| | | | | Upstream | | |
L+375, 0.25% PIK (0.25% Max PIK)
|
| | | | 1.0% | | | | | | 4/12/24 | | | | | | 67,405 | | | | | | 57,066 | | | | | | 40,542 | | |
Warren Resources, Inc.
|
| |
(h)(w)(z)
|
| | Upstream | | |
L+1000, 0.0% PIK (1.0% Max PIK)
|
| | | | 1.0% | | | | | | 5/22/20 | | | | | | 27,507 | | | | | | 27,507 | | | | | | 27,507 | | |
Waterbridge Operating LLC
|
| |
(h)
|
| | Midstream | | |
L+575
|
| | | | 1.0% | | | | | | 6/22/26 | | | | | | 24,938 | | | | | | 24,348 | | | | | | 24,595 | | |
Total Senior Secured Loans – First Lien
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
1,317,947
|
| | | |
|
1,199,989
|
| |
Unfunded Loan Commitments
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (65,418) | | | | | | (65,418) | | |
Net Senior Secured Loans – First Lien
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
1,252,529
|
| | | |
|
1,134,571
|
| |
Senior Secured Loans – Second Lien – 23.7% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Aethon III BR LLC
|
| |
(w)
|
| | Upstream | | |
L+675
|
| | | | 1.0% | | | | | | 1/10/25 | | | | | | 10,000 | | | | | | 9,868 | | | | | | 9,956 | | |
Aethon United BR LP
|
| |
(h)(w)
|
| | Upstream | | |
L+675
|
| | | | 1.0% | | | | | | 9/8/23 | | | | | | 148,150 | | | | | | 146,582 | | | | | | 146,298 | | |
Arena Energy, LP
|
| |
(h)(w)(x)
|
| | Upstream | | |
L+900, 4.0% PIK (4.0% Max PIK)
|
| | | | 1.0% | | | | | | 1/24/21 | | | | | | 116,730 | | | | | | 116,730 | | | | | | 113,575 | | |
Bellatrix Exploration Ltd.
|
| |
(k)(w)
|
| | Upstream | | |
8.5%
|
| | | | | | | | | | 9/11/23 | | | | | | 22,511 | | | | | | 22,511 | | | | | | 22,511 | | |
Bellatrix Exploration Ltd.
|
| |
(k)(m)(o)(w)(x)
|
| | Upstream | | |
8.5%
|
| | | | | | | | | | 9/11/23 | | | | | | 54,108 | | | | | | 49,379 | | | | | | 17,168 | | |
Chisholm Oil and Gas Operating, LLC
|
| |
(w)(x)
|
| | Upstream | | |
L+550, 3.0% PIK (3.0% Max PIK)
|
| | | | 1.3% | | | | | | 3/21/24 | | | | | | 197,503 | | | | | | 196,000 | | | | | | 149,201 | | |
Chisholm Energy Holdings, LLC
|
| |
(w)
|
| | Upstream | | |
L+625
|
| | | | 1.5% | | | | | | 5/15/26 | | | | | | 21,429 | | | | | | 21,230 | | | | | | 21,090 | | |
Chisholm Energy Holdings, LLC
|
| |
(e)(w)
|
| | Upstream | | |
L+625
|
| | | | 1.5% | | | | | | 5/15/26 | | | | | | 8,571 | | | | | | 8,571 | | | | | | 8,436 | | |
Encino Acquisition Partners Holdings LLC
|
| | | | | Upstream | | |
L+675
|
| | | | 1.0% | | | | | | 10/29/25 | | | | | | 41,828 | | | | | | 35,334 | | | | | | 31,579 | | |
Peak Exploration & Production, LLC
|
| |
(w)
|
| | Upstream | | |
L+675
|
| | | | 1.5% | | | | | | 11/16/23 | | | | | | 13,545 | | | | | | 13,484 | | | | | | 13,435 | | |
Peak Exploration & Production, LLC
|
| |
(e)(w)
|
| | Upstream | | |
L+675
|
| | | | 1.5% | | | | | | 11/16/23 | | | | | | 1,505 | | | | | | 1,505 | | | | | | 1,493 | | |
Penn Virginia Holdings Corp.
|
| |
(h)(k)(w)
|
| | Upstream | | |
L+700
|
| | | | 1.0% | | | | | | 9/29/22 | | | | | | 20,000 | | | | | | 20,000 | | | | | | 19,726 | | |
Rosehill Operating Company, LLC
|
| |
(w)(x)
|
| | Upstream | | |
10.0%
|
| | | | | | | | | | 1/31/23 | | | | | | 1,667 | | | | | | 1,655 | | | | | | 1,619 | | |
SilverBow Resources, Inc.
|
| |
(h)(k)(w)
|
| | Upstream | | |
L+750
|
| | | | 1.0% | | | | | | 12/15/24 | | | | | | 19,000 | | | | | | 18,853 | | | | | | 18,802 | | |
Titan Energy Operating, LLC
|
| |
(m)(o)(w)(x)(z)
|
| | Upstream | | |
L+1300 PIK (L+1300 Max PIK)
|
| | | | 1.0% | | | | | | 2/23/20 | | | | | | 137,233 | | | | | | 100,902 | | | | | | — | | |
Total Senior Secured Loans – Second Lien
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
762,604
|
| | | |
|
574,889
|
| |
Unfunded Loan Commitments
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (10,076) | | | | | | (10,076) | | |
Net Senior Secured Loans – Second Lien
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
752,528
|
| | | |
|
564,813
|
| |
Senior Secured Bonds – 22.0% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Black Swan Energy Ltd.
|
| |
(h)(k)(w)(x)
|
| | Upstream | | |
9.0%
|
| | | | | | | | | | 1/20/24 | | | | | | 90,000 | | | | | | 90,000 | | | | | | 91,692 | | |
Denbury Resources Inc.
|
| |
(k)
|
| | Upstream | | |
7.5%
|
| | | | | | | | | | 2/15/24 | | | | | | 12,000 | | | | | | 11,995 | | | | | | 10,260 | | |
Denbury Resources Inc.
|
| |
(k)
|
| | Upstream | | |
9.3%
|
| | | | | | | | | | 3/31/22 | | | | | | 42,341 | | | | | | 42,139 | | | | | | 40,024 | | |
FourPoint Energy, LLC
|
| |
(h)(w)(x)(z)
|
| | Upstream | | |
9.0%
|
| | | | | | | | | | 12/31/21 | | | | | | 235,125 | | | | | | 231,597 | | | | | | 223,369 | | |
Talen Energy Supply LLC
|
| |
(h)
|
| | Power | | |
7.3%
|
| | | | | | | | | | 5/15/27 | | | | | | 34,319 | | | | | | 34,042 | | | | | | 36,176 | | |
Portfolio Company(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate(b)
|
| |
Floor
|
| |
Maturity
|
| |
Principal
Amount(c) |
| |
Amortized
Cost |
| |
Fair
Value(d) |
| | |||||||||||||||||
Velvet Energy Ltd.
|
| |
(h)(k)(w)
|
| | Upstream | | |
9.0%
|
| | | | | | | | | | 10/5/23 | | | | | $ | 120,000 | | | | | $ | 120,000 | | | | | $ | 122,700 | | | | ||
Total Senior Secured Bonds
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 529,773 | | | | | | 524,221 | | | | ||
Unsecured Debt – 13.6% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Ferrellgas, L.P.
|
| | | | | Midstream | | |
6.5%
|
| | | | | | | | | | 5/1/21 | | | | | | 24,729 | | | | | | 22,296 | | | | | | 21,462 | | | | ||
Ferrellgas, L.P.
|
| | | | | Midstream | | |
6.8%
|
| | | | | | | | | | 1/15/22 | | | | | | 25,020 | | | | | | 22,137 | | | | | | 21,337 | | | | ||
Global Jet Capital Holdings, LP
|
| |
(w)(x)
|
| | Industrials | | |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | | | | 1/30/25 | | | | | | 1,145 | | | | | | 1,067 | | | | | | 1,145 | | | | ||
Global Jet Capital Holdings, LP
|
| |
(w)(x)
|
| | Industrials | | |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | | | | 4/30/25 | | | | | | 7,276 | | | | | | 6,779 | | | | | | 7,276 | | | | ||
Global Jet Capital Holdings, LP
|
| |
(w)(x)
|
| | Industrials | | |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | | | | 9/3/25 | | | | | | 1,503 | | | | | | 1,401 | | | | | | 1,503 | | | | ||
Global Jet Capital Holdings, LP
|
| |
(w)(x)
|
| | Industrials | | |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | | | | 9/29/25 | | | | | | 1,415 | | | | | | 1,319 | | | | | | 1,415 | | | | ||
Global Jet Capital Holdings, LP
|
| |
(w)(x)
|
| | Industrials | | |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | | | | 12/2/26 | | | | | | 1,245 | | | | | | 1,160 | | | | | | 1,245 | | | | ||
Great Western Petroleum, LLC
|
| |
(w)(x)
|
| | Upstream | | |
8.5%
|
| | | | | | | | | | 4/15/25 | | | | | | 13,636 | | | | | | 13,101 | | | | | | 11,966 | | | | ||
Great Western Petroleum, LLC
|
| |
(x)
|
| | Upstream | | |
9.0%
|
| | | | | | | | | | 9/30/21 | | | | | | 35,830 | | | | | | 35,764 | | | | | | 32,129 | | | | ||
Hammerhead Resources Inc.
|
| |
(k)(w)(x)
|
| | Upstream | | |
9.0%
|
| | | | | | | | | | 7/10/22 | | | | | | 100,000 | | | | | | 98,299 | | | | | | 96,750 | | | | ||
Lonestar Resources America Inc.
|
| |
(x)
|
| | Upstream | | |
11.3%
|
| | | | | | | | | | 1/1/23 | | | | | | 37,500 | | | | | | 38,310 | | | | | | 25,781 | | | | ||
Martin Midstream Partners L.P.
|
| |
(k)(x)
|
| | Midstream | | |
7.3%
|
| | | | | | | | | | 2/15/21 | | | | | | 12,723 | | | | | | 12,453 | | | | | | 11,615 | | | | ||
Moss Creek Resources, LLC
|
| |
(x)
|
| | Upstream | | |
7.5%
|
| | | | | | | | | | 1/15/26 | | | | | | 42,693 | | | | | | 40,473 | | | | | | 32,566 | | | | ||
Oasis Petroleum Inc.
|
| |
(k)
|
| | Upstream | | |
6.9%
|
| | | | | | | | | | 3/15/22 | | | | | | 2,000 | | | | | | 1,946 | | | | | | 1,930 | | | | ||
Oasis Petroleum Inc.
|
| |
(k)
|
| | Upstream | | |
6.9%
|
| | | | | | | | | | 1/15/23 | | | | | | 11,850 | | | | | | 11,085 | | | | | | 11,613 | | | | ||
Talen Energy Supply LLC
|
| | | | | Power | | |
9.5%
|
| | | | | | | | | | 7/15/22 | | | | | | 10,365 | | | | | | 10,442 | | | | | | 10,371 | | | | ||
Tenrgys, LLC
|
| |
(m)(n)(o)(w)(x)
|
| | Upstream | | |
L+900
|
| | | | 2.5% | | | | | | 12/23/18 | | | | | | 75,000 | | | | | | 75,000 | | | | | | 28,000 | | | | ||
Whiting Petroleum Corp.
|
| |
(k)
|
| | Upstream | | |
5.8%
|
| | | | | | | | | | 3/15/21 | | | | | | 5,395 | | | | | | 5,201 | | | | | | 5,116 | | | | ||
Total Unsecured Debt
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 398,233 | | | | | | 323,220 | | | | | |
|
Portfolio Company(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate(b)
|
| |
Floor
|
| |
Maturity
|
| |
Number of
Shares |
| |
Amortized
Cost |
| |
Fair
Value(d) |
| |||||||||
Preferred Equity – 30.4%(l) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Abaco Energy Technologies LLC, Preferred Equity
|
| |
(o)(w)(x)
|
| |
Service & Equipment
|
| | | | | | | | | | | | | | | | 28,942,003 | | | | | $ | 1,447 | | | |
$11,982
|
|
Altus Midstream LP, Series A Preferred Units
|
| |
(j)(w)(x)
|
| | Midstream | | |
11.0%
|
| | | | | | | 6/28/26 | | | | | | 51,053 | | | | | | 52,185 | | | |
53,095
|
|
Global Jet Capital Holdings, LP, Preferred Equity
|
| |
(o)(w)(x)
|
| | Industrials | | | | | | | | | | | | | | | | | 27,856 | | | | | | 2,786 | | | |
348
|
|
Great Western Petroleum, LLC, Preferred Equity
|
| |
(n)(w)(x)
|
| | Upstream | | |
15.5%
|
| | | | | | | 12/31/27 | | | | | | 36,364 | | | | | | 42,306 | | | |
39,332
|
|
Limetree Bay Ventures, LLC, Preferred Equity
|
| |
(w)(x)
|
| | Midstream | | |
13.5%
|
| | | | | | | 11/27/23 | | | | | | 83,877,497 | | | | | | 84,155 | | | |
72,831
|
|
Limetree Bay Ventures, LLC, Preferred Equity
|
| |
(w)(x)
|
| | Midstream | | |
13.5%
|
| | | | | | | 11/27/23 | | | | | | 42,402,611 | | | | | | 42,403 | | | |
35,489
|
|
MB Precision Investment Holdings LLC, Class A Preferred Units
|
| |
(n)(o)(w)(x)(z)
|
| | Industrials | | | | | | | | | | | | | | | | | 8,952,623 | | | | | | 1,880 | | | |
1,205
|
|
NGL Energy Partners, LP, Preferred Equity
|
| |
(k)(w)(x)
|
| | Midstream | | |
14.2%
|
| | | | | | | 7/2/27 | | | | | | 156,250 | | | | | | 155,770 | | | |
159,198
|
|
NuStar, Preferred Equity
|
| |
(h)(k)(w)(x)
|
| | Midstream | | |
12.8%
|
| | | | | | | 6/29/28 | | | | | | 5,910,165 | | | | | | 150,836 | | | |
178,842
|
|
Rosehill Resources, Inc. Preferred Equity
|
| |
(o)(w)(x)
|
| | Upstream | | | | | | | | | | | | | | | | | 2,536 | | | | | | 2,511 | | | |
2,709
|
|
Segreto Power Holdings, LLC, Preferred Equity
|
| |
(g)(w)(x)
|
| | Power | | |
13.1%
|
| | | | | | | 5/8/25 | | | | | | 70,297 | | | | | | 83,418 | | | |
82,311
|
|
TE Holdings, LLC, Preferred Equity
|
| |
(o)(x)
|
| | Upstream | | | | | | | | | | | | | | | | | 1,475,531 | | | | | | 14,734 | | | |
—
|
|
USA Compression Partners, LP, Preferred Equity
|
| |
(h)(k)(w)(x)
|
| | Midstream | | |
9.8%
|
| | | | | | | 4/3/28 | | | | | | 79,336 | | | | | | 77,452 | | | |
84,500
|
|
Total Preferred Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 711,883 | | | |
721,842
|
|
Portfolio Company(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Number of
Shares |
| |
Amortized
Cost |
| |
Fair
Value(d) |
| |||||||||
Equity/Other – 9.0%(l) | | | | | | | | | | | | | | | | | | | | | | | | | |
Abaco Energy Technologies LLC, Common Equity
|
| |
(o)(w)(x)
|
| |
Service & Equipment
|
| | | | 6,944,444 | | | | | $ | 6,944 | | | | | $ | 2,167 | | |
AIRRO (Mauritius) Holdings II, Warrants
|
| |
(k)(o)(p)(w)
|
| | Power | | | | | 35 | | | | | | 2,652 | | | | | | 1,129 | | |
Allied Downhole Technologies, LLC, Common Equity
|
| |
(n)(o)(w)(x)
|
| |
Service & Equipment
|
| | | | 7,431,113 | | | | | | 7,223 | | | | | | 372 | | |
Allied Downhole Technologies, LLC, Warrants
|
| |
(n)(o)(w)(x)
|
| |
Service & Equipment
|
| | | | 5,344,680 | | | | | | 1,865 | | | | | | 267 | | |
Ascent Resources Utica Holdings, LLC, Common Equity
|
| |
(o)(q)(w)(x)
|
| | Upstream | | | | | 148,692,908 | | | | | | 44,700 | | | | | | 39,404 | | |
Bellatrix Exploration Ltd., Warrants
|
| |
(k)(o)(w)
|
| | Upstream | | | | | 1,533,197 | | | | | | — | | | | | | — | | |
BL Sand Hills Unit, L.P., Net Profits Interest
|
| |
(o)(s)(w)(x)(z)
|
| | Upstream | | | | | N/A | | | | | | 5,180 | | | | | | — | | |
BL Sand Hills Unit, L.P., Overriding Royalty Interest
|
| |
(o)(s)(w)(x)(z)
|
| | Upstream | | | | | N/A | | | | | | 740 | | | | | | — | | |
BL Sand Hills Unit, L.P., Series A Units
|
| |
(g)(o)(w)(x)(z)
|
| | Upstream | | | | | 29,117 | | | | | | 24,019 | | | | | | — | | |
Chisholm Oil and Gas, LLC, Series A Units
|
| |
(g)(o)(w)(x)
|
| | Upstream | | | | | 14,700,000 | | | | | | 14,700 | | | | | | — | | |
Cimarron Energy Holdco Inc., Common Equity
|
| |
(o)(w)(x)
|
| |
Service & Equipment
|
| | | | 4,302,293 | | | | | | 3,950 | | | | | | 277 | | |
Cimarron Energy Holdco Inc., Participation Option
|
| |
(o)(w)(x)
|
| |
Service & Equipment
|
| | | | 25,000,000 | | | | | | 1,289 | | | | | | 1,613 | | |
FourPoint Energy, LLC, Common Equity, Class C-II-A Units
|
| |
(n)(o)(w)(x)(z)
|
| | Upstream | | | | | 66,000 | | | | | | 66,000 | | | | | | 6,906 | | |
FourPoint Energy, LLC, Common Equity, Class D Units
|
| |
(n)(o)(w)(x)(z)
|
| | Upstream | | | | | 12,374 | | | | | | 8,176 | | | | | | 1,307 | | |
FourPoint Energy, LLC, Common Equity, Class E-II Units
|
| |
(g)(o)(w)(x)(z)
|
| | Upstream | | | | | 150,937 | | | | | | 37,734 | | | | | | 15,793 | | |
FourPoint Energy, LLC, Common Equity, Class E-III Units
|
| |
(g)(n)(o)(w)(x)(z)
|
| | Upstream | | | | | 222,750 | | | | | | 55,688 | | | | | | 23,306 | | |
Harvest Oil & Gas Corp., Common Equity
|
| |
(o)(x)(z)
|
| | Upstream | | | | | 1,350,620 | | | | | | 20,259 | | | | | | 8,644 | | |
JSS Holdco, LLC, Net Profits Interest
|
| |
(o)(w)(x)
|
| | Industrials | | | | | N/A | | | | | | — | | | | | | 156 | | |
Limetree Bay Ventures, LLC, Common Equity
|
| |
(o)(w)(x)
|
| | Midstream | | | | | 106,363 | | | | | | 3,406 | | | | | | — | | |
Portfolio Company(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Number of
Shares |
| |
Amortized
Cost |
| |
Fair
Value(d) |
| |||||||||
Lusk Operating LLC, Common Equity
|
| |
(o)(r)(w)(aa)
|
| | Upstream | | | | | 2,000 | | | | | $ | — | | | | | $ | — | | |
Luxe Drillship Operating, LLC, Overriding Royalty Interest
|
| |
(o)(w)
|
| | Upstream | | | | | N/A | | | | | | 1,354 | | | | | | 1,354 | | |
MB Precision Investment Holdings LLC, Class A-2 Units
|
| |
(n)(o)(w)(z)
|
| | Industrials | | | | | 1,426,110 | | | | | | 490 | | | | | | — | | |
NGL Energy Partners, LP, Warrants (Par)
|
| |
(k)(o)(w)
|
| | Midstream | | | | | 2,187,500 | | | | | | 3,083 | | | | | | 2,142 | | |
NGL Energy Partners, LP, Warrants (Premium)
|
| |
(k)(o)(w)(x)
|
| | Midstream | | | | | 3,125,000 | | | | | | 2,623 | | | | | | 1,924 | | |
NGL Energy Partners, LP, Warrants (Premium)
|
| |
(k)(o)(w)
|
| | Midstream | | | | | 781,250 | | | | | | 576 | | | | | | 576 | | |
NGL Energy Partners, LP, Warrants (Par)
|
| |
(k)(o)(w)
|
| | Midstream | | | | | 546,875 | | | | | | 630 | | | | | | 630 | | |
PDI Parent LLC, Common Equity
|
| |
(o)(w)(x)
|
| | Power | | | | | 1,941,431 | | | | | | 1,663 | | | | | | 757 | | |
Ridgeback Resources Inc., Common Equity
|
| |
(k)(o)(t)(w)(x)(z)
|
| | Upstream | | | | | 9,599,928 | | | | | | 58,985 | | | | | | 50,721 | | |
Sunnova Energy Corp., Common Equity
|
| |
(o)(x)
|
| | Power | | | | | 3,392,666 | | | | | | 38,167 | | | | | | 37,862 | | |
Swift Worldwide Resources Holdco Limited, Common Equity
|
| |
(k)(o)(u)(w)(x)
|
| |
Service & Equipment
|
| | | | 3,750,000 | | | | | | 6,029 | | | | | | 1,575 | | |
TE Holdings, LLC, Common Equity
|
| |
(g)(o)(x)
|
| | Upstream | | | | | 2,225,950 | | | | | | 18,921 | | | | | | 178 | | |
Titan Energy, LLC, Common Equity
|
| |
(o)(x)(z)
|
| | Upstream | | | | | 555,496 | | | | | | 17,554 | | | | | | 16 | | |
USA Compression Partners, LP, Warrants (Market)
|
| |
(k)(o)(w)(x)
|
| | Midstream | | | | | 793,359 | | | | | | 555 | | | | | | 1,722 | | |
USA Compression Partners, LP, Warrants (Premium)
|
| |
(k)(o)(w)(x)
|
| | Midstream | | | | | 1,586,719 | | | | | | 714 | | | | | | 2,221 | | |
Warren Resources, Inc., Common Equity
|
| |
(o)(w)(x)(z)
|
| | Upstream | | | | | 4,415,749 | | | | | | 20,754 | | | | | | 10,951 | | |
White Star Petroleum Holdings, LLC, Common Equity
|
| |
(g)(o)(w)(x)
|
| | Upstream | | | | | 4,867,084 | | | | | | 4,137 | | | | | | — | | |
Total Equity/Other
|
| | | | | | | | | | | | | | | | 480,760 | | | | | | 213,970 | | |
TOTAL INVESTMENTS – 146.4%
|
| | | | | | | | | | | | | | |
$
|
4,125,706
|
| | | |
|
3,482,637
|
| |
LIABILITIES IN EXCESS OF OTHER ASSETS – (46.4%)
|
| |
(i)
|
| | | | | | | | | | | | | | | | | |
|
(1,103,032)
|
| |
NET ASSETS – 100.0%
|
| | | | | | | | | | | | | | | | | | | | |
$
|
2,379,605
|
| |
|
Counterparty
|
| |
Type
|
| |
Location
|
| |
Period
|
| |
Bbls
|
| |
Weighted
Average Price ($/Bbls) |
| |
Unrealized
Appreciation(1) |
| |
Unrealized
Depreciation(1) |
| ||||||||||||
BP Energy Company
|
| |
Fixed
|
| | NYMEX WTI | | |
January 1, 2020 – December 31, 2023
|
| | | | 993,727 | | | | | $ | 61.69 | | | | | $ | 5,988 | | | | | $ | — | | |
BP Energy Company
|
| |
Basis
|
| |
NYMEX WTI/Argus LLS
|
| |
January 1, 2020 – December 31, 2023
|
| | | | 993,702 | | | | | $ | 2.97 | | | | | | 274 | | | | | | 280 | | |
Total Swap Contracts – Crude Oil
|
| | | | | | | | | | | | | | | | | | | | | | | |
|
6,262
|
| | | |
|
280
|
| |
Counterparty
|
| |
Type
|
| |
Location
|
| |
Period
|
| |
MMBtu
|
| |
Weighted
Average Price ($/MMBtu) |
| |
Unrealized
Appreciation(1) |
| |
Unrealized
Depreciation(1) |
| ||||||||||||
Macquarie Bank Limited
|
| |
Fixed
|
| |
NYMEX Henry Hub
|
| |
February 1, 2020 – December 31, 2023
|
| | | | 6,368,951 | | | | | $ | 2.58 | | | | | $ | 569 | | | | | $ | — | | |
Total Swap Contracts – Natural Gas
|
| | | | | | | | | | | | | | | | | | | | | | | |
|
569
|
| | | |
|
—
|
| |
TOTAL SWAP CONTRACTS
|
| | | | | | | | | | | | | | | | | | | | | | | | $ | 6,831 | | | | | $ | 280 | | |
Portfolio Company
|
| |
Fair Value at
December 31, 2018 |
| |
Purchases,
Paid-in-Kind Interest and Transfers In |
| |
Sales,
Repayments and Transfers Out |
| |
Accretion
of Discount |
| |
Net
Realized Gain (Loss) |
| |
Net Change in
Unrealized Appreciation (Depreciation) |
| |
Fair Value at
December 31, 2019 |
| |
Interest
Income(1) |
| |
PIK
Income(1) |
| |
Fee
Income(1) |
| ||||||||||||||||||||||||||||||
Senior Secured Loans – First Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Altus Power America, Inc.
|
| | | $ | 83,247 | | | | | $ | — | | | | | $ | (85,939) | | | | | $ | — | | | | | $ | — | | | | | $ | 2,692 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
BL Sand Hills Unit, L.P.
|
| | | | 20,000 | | | | | | — | | | | | | (800) | | | | | | — | | | | | | 105 | | | | | | (19,017) | | | | | | 288 | | | | | | 782 | | | | | | — | | | | | | — | | |
MB Precision Holdings LLC
|
| | | | 4,573 | | | | | | 105 | | | | | | (112) | | | | | | 148 | | | | | | 38 | | | | | | (167) | | | | | | 4,585 | | | | | | 696 | | | | | | 105 | | | | | | — | | |
Warren Resources, Inc.
|
| | | | 27,297 | | | | | | 210 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 27,507 | | | | | | 3,256 | | | | | | 210 | | | | | | — | | |
Senior Secured Loans – Second Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Titan Energy Operating, LLC
|
| | | | 12,411 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (12,411) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Senior Secured Bonds
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
FourPoint Energy, LLC
|
| | | | 231,010 | | | | | | — | | | | | | — | | | | | | 2,530 | | | | | | — | | | | | | (10,171) | | | | | | 223,369 | | | | | | 24,088 | | | | | | — | | | | | | — | | |
Sunnova Energy Corp.
|
| | | | 17,757 | | | | | | 19,637 | | | | | | (37,474) | | | | | | (67) | | | | | | 36 | | | | | | 111 | | | | | | — | | | | | | 1,091 | | | | | | 759 | | | | | | 4,657 | | |
Unsecured Debt | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sunnova Energy Corp.
|
| | | | — | | | | | | 757 | | | | | | (629) | | | | | | — | | | | | | (128) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Preferred Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Altus Power America Holdings, LLC, Preferred Equity
|
| | | | 28,217 | | | | | | — | | | | | | (28,646) | | | | | | — | | | | | | — | | | | | | 429 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
MB Precision Investment Holdings LLC, Class A Preferred Units
|
| | | | 1,248 | | | | | | 37 | | | | | | — | | | | | | — | | | | | | — | | | | | | (80) | | | | | | 1,205 | | | | | | — | | | | | | — | | | | | | — | | |
Sunnova Energy Corp., Preferred Equity
|
| | | | 6,134 | | | | | | — | | | | | | (5,387) | | | | | | — | | | | | | (561) | | | | | | (186) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Equity/Other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Altus Power America Holdings, LLC, Common Equity
|
| | | | 2,183 | | | | | | — | | | | | | (12,474) | | | | | | — | | | | | | — | | | | | | 10,291 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
BL Sand Hills Unit, L.P., Net Profits Interest
|
| | | | 1,150 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,150) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
BL Sand Hills Unit, L.P., Overriding Royalty Interest
|
| | | | 738 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (738) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
BL Sand Hills Unit, L.P., Series A Units
|
| | | | 3,239 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (3,239) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
FourPoint Energy, LLC, Common Equity, Class C-II-A Units
|
| | | | 14,768 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (7,862) | | | | | | 6,906 | | | | | | — | | | | | | — | | | | | | — | | |
FourPoint Energy, LLC, Common Equity, Class D Units
|
| | | | 2,800 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,493) | | | | | | 1,307 | | | | | | — | | | | | | — | | | | | | — | | |
FourPoint Energy, LLC, Common Equity, Class E-II Units
|
| | | | 33,772 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (17,979) | | | | | | 15,793 | | | | | | — | | | | | | — | | | | | | — | | |
FourPoint Energy, LLC, Common Equity, Class E-III Units
|
| | | | 49,840 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (26,534) | | | | | | 23,306 | | | | | | — | | | | | | — | | | | | | — | | |
Harvest Oil & Gas Corp., Common Equity
|
| | | | 24,284 | | | | | | — | | | | | | (9,455) | | | | | | — | | | | | | — | | | | | | (6,185) | | | | | | 8,644 | | | | | | — | | | | | | — | | | | | | — | | |
MB Precision Investment Holdings LLC, Class A-2 Units
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Ridgeback Resources Inc., Common Equity
|
| | | | 47,488 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,233 | | | | | | 50,721 | | | | | | — | | | | | | — | | | | | | — | | |
Sunnova Energy Corp., Common Equity
|
| | | | — | | | | | | — | | | | | | (32,151) | | | | | | — | | | | | | 7,125 | | | | | | 25,026 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Titan Energy, LLC, Common Equity
|
| | | | 167 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (151) | | | | | | 16 | | | | | | — | | | | | | — | | | | | | — | | |
Warren Resources, Inc., Common Equity
|
| | | | 10,377 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 574 | | | | | | 10,951 | | | | | | — | | | | | | — | | | | | | — | | |
| | | | $ | 622,700 | | | | | $ | 20,746 | | | | | $ | (213,067) | | | | | $ | 2,611 | | | | | $ | 6,615 | | | | | $ | (65,007) | | | | | $ | 374,598 | | | | | $ | 29,913 | | | | | $ | 1,074 | | | | | $ | 4,657 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||
Reinvestment of Distributions
|
| | | | 6,420,185 | | | | | $ | 26,236 | | | | | | 16,921,366 | | | | | $ | 101,727 | | | | | | 18,007,138 | | | | | $ | 118,191 | | |
Share Repurchase Program
|
| | | | (4,877,069) | | | | | | (26,823) | | | | | | (18,895,526) | | | | | | (114,998) | | | | | | (23,601,106) | | | | | | (156,658) | | |
Net Proceeds from Share Transactions
|
| | | | 1,543,116 | | | | | $ | (587) | | | | | | (1,974,160) | | | | | $ | (13,271) | | | | | | (5,593,968) | | | | | $ | (38,467) | | |
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 2018
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
December 31, 2017
|
| |
January 12, 2018
|
| | | | 9,018,665 | | | | | | 64% | | | | | | 2.02% | | | | | $ | 6.70 | | | | | $ | 60,425 | | |
March 31, 2018
|
| |
April 2, 2018
|
| | | | 4,786,015 | | | | | | 24% | | | | | | 1.08% | | | | | $ | 6.55 | | | | | | 31,348 | | |
June 30, 2018
|
| |
July 2, 2018
|
| | | | 4,554,498 | | | | | | 20% | | | | | | 1.03% | | | | | $ | 6.60 | | | | | | 30,060 | | |
September 30, 2018
|
| |
October 1, 2018
|
| | | | 4,346,141 | | | | | | 16% | | | | | | 0.99% | | | | | $ | 6.65 | | | | | | 28,902 | | |
Total
|
| | | | | | | 22,705,319 | | | | | | | | | | | | | | | | | | | | | | | $ | 150,735 | | |
Fiscal 2019
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
December 31, 2018
|
| |
January 2, 2019
|
| | | | 4,568,195 | | | | | | 16% | | | | | | 1.04% | | | | | $ | 6.10 | | | | | $ | 27,866 | | |
March 31, 2019
|
| |
April 1, 2019
|
| | | | 4,365,903 | | | | | | 13% | | | | | | 0.99% | | | | | $ | 6.20 | | | | | | 27,069 | | |
June 30, 2019
|
| |
July 23, 2019
|
| | | | 4,193,499 | | | | | | 10% | | | | | | 0.95% | | | | | $ | 6.20 | | | | | | 26,000 | | |
September 30, 2019
|
| |
October 2, 2019
|
| | | | 4,243,599 | | | | | | 9% | | | | | | 0.97% | | | | | $ | 5.85 | | | | | | 24,825 | | |
Total
|
| | | | | | | 17,371,196 | | | | | | | | | | | | | | | | | | | | | | | $ | 105,760 | | |
Fiscal 2020
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
December 31, 2019
|
| |
January 8, 2020
|
| | | | 4,354,073 | | | | | | 9% | | | | | | 0.99% | | | | | $ | 5.50 | | | | | $ | 23,947 | | |
March 31, 2020
|
| |
—
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
June 30, 2020
|
| |
—
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
September 30, 2020
|
| |
—
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | | | | | 4,354,073 | | | | | | | | | | | | | | | | | | | | | | | $ | 23,947 | | |
For the Three Months Ended
|
| |
Repurchase Date
|
| |
Shares
Repurchased |
| |
Percentage of
Outstanding Shares Repurchased as of the Repurchase Date |
| |
Repurchase
Price Per Share |
| |
Aggregate
Consideration for Repurchased Shares |
| ||||||||||||
Fiscal 2018
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
June 30, 2018
|
| |
July 19, 2018
|
| | | | 659,593 | | | | | | 0.15% | | | | | $ | 6.60 | | | | | $ | 4,353 | | |
September 30, 2018
|
| |
October 10, 2018
|
| | | | 236,194 | | | | | | 0.05% | | | | | $ | 6.65 | | | | | | 1,570 | | |
Total
|
| | | | | | | 895,787 | | | | | | | | | | | | | | | | | $ | 5,923 | | |
Fiscal 2019
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
December 31, 2018
|
| |
January 16, 2019
|
| | | | 423,643 | | | | | | 0.10% | | | | | $ | 6.10 | | | | | $ | 2,584 | | |
March 31, 2019
|
| |
April 11, 2019
|
| | | | 297,672 | | | | | | 0.07% | | | | | $ | 6.20 | | | | | | 1,846 | | |
June 30, 2019
|
| |
August 8, 2019
|
| | | | 312,841 | | | | | | 0.07% | | | | | $ | 6.20 | | | | | | 1,940 | | |
September 30, 2019
|
| |
October 17, 2019
|
| | | | 490,174 | | | | | | 0.11% | | | | | $ | 5.85 | | | | | | 2,868 | | |
Total
|
| | | | | | | 1,524,330 | | | | | | | | | | | | | | | | | $ | 9,238 | | |
Fiscal 2020
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
December 31, 2019
|
| |
January 17, 2020
|
| | | | 522,996 | | | | | | 0.12% | | | | | $ | 5.50 | | | | | $ | 2,876 | | |
March 31, 2020(1)
|
| |
—
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
June 30, 2020(1)
|
| |
—
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
September 30, 2020(1)
|
| |
—
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | | | | | 522,996 | | | | | | | | | | | | | | | | | $ | 2,876 | | |
| | | | | | | | |
Year Ended December 31,
|
| |||||||||||||||
Related Party
|
| |
Source Agreement
|
| |
Description
|
| |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
FS Advisor and FS/EIG Advisor
|
| | FS Advisor investment advisory agreement and FS/EIG investment advisory agreement | | | Base Management Fee(1) | | | | $ | 48,323 | | | | | $ | 62,534 | | | | | $ | 68,799 | | |
FS Advisor and FS/EIG Advisor
|
| | FS Advisor investment advisory agreement and FS/EIG investment advisory agreement | | |
Administrative Services Expenses(2)
|
| | | $ | 6,579 | | | | | $ | 4,760 | | | | | $ | 3,717 | | |
| | |
Distribution
|
| |||||||||
For the Year Ended December 31,
|
| |
Per Share
|
| |
Amount
|
| ||||||
2018
|
| | | $ | 0.5000 | | | | | $ | 219,047 | | |
2019
|
| | | $ | 0.5000 | | | | | $ | 218,187 | | |
2020
|
| | | $ | 0.1733 | | | | | $ | 75,656 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||||||||||||||||||||
Source of Distribution
|
| |
Distribution
Amount |
| |
Percentage
|
| |
Distribution
Amount |
| |
Percentage
|
| |
Distribution
Amount |
| |
Percentage
|
| ||||||||||||||||||
Net investment income(1)(2)
|
| | | $ | 63,272 | | | | | | 84% | | | | | $ | 217,484 | | | | | | 100% | | | | | $ | 219,047 | | | | | | 100% | | |
Short-term capital gains proceeds from the sale of assets
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Long-term capital gains proceeds from the sale of assets
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Return of capital
|
| | | | 12,384 | | | | | | 16% | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | $ | 75,656 | | | | | | 100% | | | | | $ | 217,484 | | | | | | 100% | | | | | $ | 219,047 | | | | | | 100% | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
GAAP-basis net investment income
|
| | | $ | 82,447 | | | | | $ | 201,784 | | | | | $ | 185,223 | | |
Reclassification of unamortized original issue discount, amendment fees
and prepayment fees |
| | | | (404) | | | | | | (7,407) | | | | | | (11,451) | | |
GAAP vs. tax-basis consolidation of certain subsidiaries
|
| | | | (5,565) | | | | | | 21,789 | | | | | | 25,434 | | |
Income subject to tax not recorded for GAAP (income recorded for GAAP not subject to tax)
|
| | | | (24,640) | | | | | | (10,863) | | | | | | 25,211 | | |
Other miscellaneous differences
|
| | | | 3,810 | | | | | | 5,411 | | | | | | 1,142 | | |
Tax-basis net investment income
|
| | | $ | 55,648 | | | | | $ | 210,714 | | | | | $ | 225,559 | | |
| | |
December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Distributable ordinary income
|
| | | $ | — | | | | | $ | — | | |
Accumulated capital losses(1)
|
| | | | (1,303,633) | | | | | | (548,859) | | |
Other temporary differences
|
| | | | (13,320) | | | | | | (5,721) | | |
Net unrealized appreciation (depreciation) on investments, swap contracts and
unrealized gain/loss on foreign currency(2) |
| | | | (407,395) | | | | | | (676,786) | | |
Total
|
| | | $ | (1,724,348) | | | | | $ | (1,231,366) | | |
| | |
December 31, 2019
|
| |
December 31, 2018
|
| ||||||||||||||||||
Instrument
|
| |
Asset(1)
|
| |
Liability(2)
|
| |
Asset(1)
|
| |
Liability(2)
|
| ||||||||||||
Swap Contracts – Crude Oil
|
| | | $ | 6,262 | | | | | $ | 280 | | | | | $ | 20,441 | | | | | $ | 672 | | |
Swap Contracts – Natural Gas
|
| | | | 569 | | | | | | — | | | | | | 80 | | | | | | 195 | | |
Total
|
| | | $ | 6,831 | | | | | $ | 280 | | | | | $ | 20,521 | | | | | $ | 867 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||||||||||||||||||||
Instrument
|
| |
Realized
Gain (Loss) on Derivatives Recognized in Income(1) |
| |
Net Change in
Unrealized Appreciation (Depreciation) onDerivatives Recognized in Income(2) |
| |
Realized
Gain (Loss) on Derivatives Recognized in Income(1) |
| |
Net Change in
Unrealized Appreciation (Depreciation) onDerivatives Recognized in Income(2) |
| |
Realized
Gain (Loss) on Derivatives Recognized in Income(1) |
| |
Net Change in
Unrealized Appreciation (Depreciation) onDerivatives Recognized in Income(2) |
| ||||||||||||||||||
Swap Contracts – Crude Oil
|
| | | $ | 19,313 | | | | | $ | (5,982) | | | | | $ | 5,078 | | | | | $ | (13,787) | | | | | $ | 1,383 | | | | | $ | 19,768 | | |
Swap Contracts – Natural Gas
|
| | | | 937 | | | | | | (569) | | | | | | 375 | | | | | | 684 | | | | | | (218) | | | | | | (114) | | |
Total
|
| | | $ | 20,250 | | | | | $ | (6,551) | | | | | $ | 5,453 | | | | | $ | (13,103) | | | | | $ | 1,165 | | | | | $ | 19,654 | | |
| | |
December 31, 2019
|
| |||||||||||||||
Counterparty
|
| |
Derivative Assets Subject
to Master Netting Agreement |
| |
Derivatives
Available for Offset |
| |
Net Amount of
Derivative Assets(1) |
| |||||||||
BP Energy Co.
|
| | | $ | 6,551 | | | | | $ | 280 | | | | | $ | 6,271 | | |
Macquarie Bank Ltd.
|
| | | | 675 | | | | | | — | | | | | | 675 | | |
Total
|
| | | $ | 7,226 | | | | | $ | 280 | | | | | $ | 6,946 | | |
Counterparty
|
| |
Derivative Liabilities Subject
to Master Netting Agreement |
| |
Derivatives
Available for Offset |
| |
Net Amount of
Derivative Liabilities(2) |
| |||||||||
BP Energy Co.
|
| | | $ | 280 | | | | | $ | 280 | | | | | $ | — | | |
Macquarie Bank Ltd.
|
| | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | $ | 280 | | | | | $ | 280 | | | | | $ | — | | |
| | |
December 31, 2018
|
| |||||||||||||||
Counterparty
|
| |
Derivative Assets Subject
to Master Netting Agreement |
| |
Derivatives
Available for Offset |
| |
Net Amount of
Derivative Assets(1) |
| |||||||||
BP Energy Co.
|
| | | $ | 21,163 | | | | | $ | 672 | | | | | $ | 20,491 | | |
Macquarie Bank Ltd.
|
| | | | 212 | | | | | | 212 | | | | | | — | | |
Total
|
| | | $ | 21,375 | | | | | $ | 884 | | | | | $ | 20,491 | | |
Counterparty
|
| |
Derivative Liabilities Subject
to Master Netting Agreement |
| |
Derivatives
Available for Offset |
| |
Net Amount of
Derivative Liabilities(2) |
| |||||||||
BP Energy Co.
|
| | | $ | 672 | | | | | $ | 672 | | | | | $ | — | | |
Macquarie Bank Ltd.
|
| | | | 420 | | | | | | 212 | | | | | | 208 | | |
Total
|
| | | $ | 1,092 | | | | | $ | 884 | | | | | $ | 208 | | |
| | |
December 31, 2020
|
| |
December 31, 2019
|
| ||||||||||||||||||||||||||||||
| | |
Amortized
Cost(1) |
| |
Fair Value
|
| |
Percentage
of Portfolio |
| |
Amortized
Cost(1) |
| |
Fair Value
|
| |
Percentage
of Portfolio |
| ||||||||||||||||||
Senior Secured Loans – First Lien
|
| | | $ | 649,708 | | | | | $ | 607,338 | | | | | | 28% | | | | | $ | 1,252,529 | | | | | $ | 1,134,571 | | | | | | 33% | | |
Senior Secured Loans – Second Lien
|
| | | | 277,018 | | | | | | 276,312 | | | | | | 13% | | | | | | 752,528 | | | | | | 564,813 | | | | | | 16% | | |
Senior Secured Bonds
|
| | | | 286,082 | | | | | | 340,042 | | | | | | 16% | | | | | | 529,773 | | | | | | 524,221 | | | | | | 15% | | |
Unsecured Debt
|
| | | | 245,180 | | | | | | 134,560 | | | | | | 6% | | | | | | 398,233 | | | | | | 323,220 | | | | | | 9% | | |
Preferred Equity
|
| | | | 689,253 | | | | | | 471,077 | | | | | | 22% | | | | | | 711,883 | | | | | | 721,842 | | | | | | 21% | | |
Sustainable Infrastructure Investments, LLC
|
| | | | 60,603 | | | | | | 61,816 | | | | | | 3% | | | | | | — | | | | | | — | | | | | | — | | |
Equity/Other
|
| | | | 367,561 | | | | | | 290,331 | | | | | | 12% | | | | | | 480,760 | | | | | | 213,970 | | | | | | 6% | | |
| | | | $ | 2,575,405 | | | | | $ | 2,181,476 | | | | | | 100% | | | | | $ | 4,125,706 | | | | | $ | 3,482,637 | | | | | | 100% | | |
| | |
December 31, 2020
|
| |
December 31, 2019
|
| ||||||||||||||||||
Industry Classification
|
| |
Fair Value
|
| |
Percentage
of Portfolio |
| |
Fair Value
|
| |
Percentage
of Portfolio |
| ||||||||||||
Upstream
|
| | | $ | 1,080,577 | | | | | | 50% | | | | | $ | 1,802,396 | | | | | | 52% | | |
Midstream
|
| | | | 763,275 | | | | | | 34% | | | | | | 1,061,389 | | | | | | 30% | | |
Power
|
| | | | 131,356 | | | | | | 6% | | | | | | 421,388 | | | | | | 12% | | |
Service & Equipment
|
| | | | 131,571 | | | | | | 6% | | | | | | 178,586 | | | | | | 5% | | |
Industrials
|
| | | | 12,881 | | | | | | 1% | | | | | | 18,878 | | | | | | 1% | | |
Sustainable Infrastructure Investments, LLC(1)
|
| | | | 61,816 | | | | | | 3% | | | | | | — | | | | | | — | | |
Total
|
| | | $ | 2,181,476 | | | | | | 100% | | | | | $ | 3,482,637 | | | | | | 100% | | |
|
Total investments(1)
|
| | | $ | 442,916 | | |
|
Weighted average current interest rate on debt investments(2)
|
| | | | 2.24% | | |
|
Number of portfolio assets in SIIJV
|
| | | | 14 | | |
|
Largest investment in a single portfolio company(1)
|
| | | $ | 84,914 | | |
Portfolio Company(a)(g)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate(b)
|
| |
Maturity
|
| |
Principal
Amount(c) |
| |
Amortized
Cost |
| |
Fair
Value(d) |
| | |||||||||||||||||
Senior Secured Loans – First Lien – 95.0%
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
AES DE Holdings V, LLC
|
| | | | |
Renewables
|
| | | | L+175 | | | | | | 6/13/26 | | | | | $ | 15,442 | | | | | $ | 15,442 | | | | | $ | 14,971 | | | | ||
Alianca Transportadora de Gas Participacoes S.A.
|
| | | | |
Midstream
|
| | | | L+230 | | | | | | 5/23/27 | | | | | | 84,914 | | | | | | 84,914 | | | | | | 83,790 | | | | ||
Astoria Energy II LLC
|
| | | | |
Power
|
| | | | L+150 | | | | | | 8/31/24 | | | | | | 58,789 | | | | | | 58,789 | | | | | | 59,178 | | | | ||
Blue Heron Intermediate Holdco I, LLC
|
| | | | |
Midstream
|
| | | | L+175 | | | | | | 4/22/24 | | | | | | 33,884 | | | | | | 33,884 | | | | | | 33,872 | | | | ||
Cedar Creek II LLC
|
| | | | |
Renewables
|
| | | | L+188 | | | | | | 11/18/23 | | | | | | 10,580 | | | | | | 10,580 | | | | | | 10,633 | | | | ||
Copper Mountain Solar 3, LLC
|
| |
(f)
|
| |
Renewables
|
| | | | L+175 | | | | | | 5/29/25 | | | | | | 20,539 | | | | | | 20,539 | | | | | | 20,698 | | | | ||
CPV Maryland, LLC
|
| |
(f)
|
| |
Power
|
| | | | L+425 | | | | | | 3/31/22 | | | | | | 12,386 | | | | | | 12,386 | | | | | | 12,353 | | | | ||
Flex Intermediate Holdco, LLC
|
| |
(f)
|
| |
Midstream
|
| | | | L+250 | | | | | | 5/15/23 | | | | | | 30,151 | | | | | | 30,151 | | | | | | 29,921 | | | | ||
FLNG Liquefaction 2, LLC
|
| | | | |
Midstream
|
| | | | L+150 | | | | | | 12/31/26 | | | | | | 31,330 | | | | | | 31,330 | | | | | | 31,165 | | | | | |
Meikle Wind Energy, LP
|
| |
(e)(f)
|
| |
Renewables
|
| | | | C+150 | | | | | | 5/29/24 | | | | | C$ | 17,397 | | | | | | 13,382 | | | | | | 13,870 | | | | ||
NES Hercules Class B Member, LLC
|
| |
(f)
|
| |
Renewables
|
| | | | L+125 | | | | | | 12/15/27 | | | | | $ | 24,906 | | | | | | 24,906 | | | | | | 24,412 | | | | ||
ST EIP Holdco LLC
|
| | | | |
Midstream
|
| | | | L+250 | | | | | | 11/5/24 | | | | | | 60,000 | | | | | | 60,000 | | | | | | 59,779 | | | | ||
Top of the World Wind Energy LLC
|
| | | | |
Renewables
|
| | | | L+188 | | | | | | 12/2/28 | | | | | | 24,617 | | | | | | 24,617 | | | | | | 24,556 | | | | ||
Total Senior Secured Loans – First Lien
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
420,920
|
| | | |
|
419,198
|
| | | ||
Unsecured Debt – 5.0%
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Sociedad Minera Cerro Verde S.A.A.
|
| | | | |
Power
|
| | | | L+190 | | | | | | 6/19/22 | | | | | | 21,996 | | | | | | 21,996 | | | | | | 21,934 | | | | ||
Total Unsecured Debt
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 21,996 | | | | | | 21,934 | | | | ||
TOTAL INVESTMENTS – 100.0%
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
$
|
442,916
|
| | | |
$
|
441,132
|
| | |
| Selected Balance Sheet Information | | | | | | | |
|
Total investments, at fair value
|
| | | $ | 441,132 | | |
|
Cash and other assets
|
| | | | 71,809 | | |
|
Total assets
|
| | | $ | 512,941 | | |
|
Debt
|
| | | $ | 439,533 | | |
|
Other liabilities
|
| | | | 1,527 | | |
|
Total liabilities
|
| | | | 441,060 | | |
|
Member’s equity
|
| | | $ | 71,881 | | |
| Selected Statement of Operations Information | | | | | | | |
|
Total investment income
|
| | | $ | 18,426 | | |
| Expenses | | | | | | | |
|
Interest expense
|
| | | | 12,492 | | |
|
Custodian and accounting fees
|
| | | | 157 | | |
|
Administrative services
|
| | | | 129 | | |
|
Professional services
|
| | | | 990 | | |
|
Total expenses
|
| | | | 13,768 | | |
|
Net investment income
|
| | | | 4,658 | | |
|
Net realized and unrealized gain (loss)
|
| | | | (2,053) | | |
|
Net increase in net assets resulting from operations
|
| | | $ | 2,605 | | |
Valuation Inputs
|
| |
December 31, 2020
|
| |
December 31, 2019
|
| ||||||
Level 1 – Price quotations in active markets
|
| | | $ | 35,305 | | | | | $ | 46,522 | | |
Level 2 – Significant other observable inputs
|
| | | | 192,366 | | | | | | 856,930 | | |
Level 3 – Significant unobservable inputs
|
| | | | 1,953,805 | | | | | | 2,579,185 | | |
Total
|
| | | $ | 2,181,476 | | | | | $ | 3,482,637 | | |
| | |
December 31, 2019
|
| |||||||||
Valuation Inputs
|
| |
Assets
|
| |
Liabilities
|
| ||||||
Level 1 – Price quotations in active markets
|
| | | $ | — | | | | | $ | — | | |
Level 2 – Significant other observable inputs
|
| | | | 6,831 | | | | | | 280 | | |
Level 3 – Significant unobservable inputs
|
| | | | — | | | | | | — | | |
Total
|
| | | $ | 6,831 | | | | | $ | 280 | | |
| | |
For the Year Ended December 31, 2020
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Senior
Secured Loans — First Lien |
| |
Senior
Secured Loans — Second Lien |
| |
Senior
Secured Bonds |
| |
Unsecured
Debt |
| |
Preferred
Equity |
| |
Sustainable
Infrastructure Investments, LLC |
| |
Equity/
Other |
| |
Total
|
| ||||||||||||||||||||||||
Fair value at beginning of period
|
| | | $ | 569,778 | | | | | $ | 533,234 | | | | | $ | 437,761 | | | | | $ | 149,300 | | | | | $ | 721,842 | | | | | $ | — | | | | | $ | 167,270 | | | | | $ | 2,579,185 | | |
Accretion of discount (amortization of premium)
|
| | | | 1,712 | | | | | | 453 | | | | | | 961 | | | | | | 450 | | | | | | 21,276 | | | | | | — | | | | | | — | | | | | | 24,852 | | |
Net realized gain (loss)
|
| | | | (125,577) | | | | | | (482,045) | | | | | | (96,598) | | | | | | (44,131) | | | | | | (3,249) | | | | | | — | | | | | | (207,995) | | | | | | (959,595) | | |
Net change in unrealized appreciation (depreciation)
|
| | | | 45,240 | | | | | | 180,705 | | | | | | 57,797 | | | | | | (47,134) | | | | | | (242,869) | | | | | | 1,213 | | | | | | 146,304 | | | | | | 141,256 | | |
Purchases
|
| | | | 206,015 | | | | | | 19,111 | | | | | | 71,267 | | | | | | 113,193 | | | | | | 22,716 | | | | | | 60,603 | | | | | | 152,046 | | | | | | 644,951 | | |
Paid-in-kind interest
|
| | | | 4,599 | | | | | | — | | | | | | 4,489 | | | | | | 5,939 | | | | | | 15,369 | | | | | | — | | | | | | — | | | | | | 30,396 | | |
Sales and repayments
|
| | | | (219,399) | | | | | | (13,707) | | | | | | (135,635) | | | | | | (69,300) | | | | | | (64,008) | | | | | | — | | | | | | (5,191) | | | | | | (507,240) | | |
Net transfers in or out of Level 3(1)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Fair value at end of period
|
| | | $ | 482,368 | | | | | $ | 237,751 | | | | | $ | 340,042 | | | | | $ | 108,317 | | | | | $ | 471,077 | | | | | $ | 61,816 | | | | | $ | 252,434 | | | | | $ | 1,953,805 | | |
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
|
| | | $ | (26,696) | | | | | $ | (2,678) | | | | | $ | 49,569 | | | | | $ | (48,822) | | | | | $ | (243,489) | | | | | $ | 1,213 | | | | | $ | 13,569 | | | | | $ | (257,334) | | |
| | |
For the Year Ended December 31, 2019
|
| |||||||||||||||||||||||||||||||||||||||
| | |
Senior
Secured Loans — First Lien |
| |
Senior
Secured Loans — Second Lien |
| |
Senior
Secured Bonds |
| |
Unsecured
Debt |
| |
Preferred
Equity |
| |
Equity/
Other |
| |
Total
|
| |||||||||||||||||||||
Fair value at beginning of period
|
| | | $ | 761,125 | | | | | $ | 539,172 | | | | | $ | 456,575 | | | | | $ | 55,906 | | | | | $ | 498,167 | | | | | $ | 238,485 | | | | | $ | 2,549,430 | | |
Accretion of discount (amortization of premium)
|
| | | | 2,009 | | | | | | 784 | | | | | | 2,464 | | | | | | 634 | | | | | | 16,649 | | | | | | 142 | | | | | | 22,682 | | |
Net realized gain (loss)
|
| | | | 167 | | | | | | 2 | | | | | | 36 | | | | | | (128) | | | | | | (92,070) | | | | | | (7,633) | | | | | | (99,626) | | |
Net change in unrealized appreciation (depreciation)
|
| | | | (30,512) | | | | | | (91,992) | | | | | | (3,476) | | | | | | (3,287) | | | | | | 66,448 | | | | | | (28,823) | | | | | | (91,642) | | |
Purchases
|
| | | | 234,257 | | | | | | 160,405 | | | | | | 18,877 | | | | | | 757 | | | | | | 242,227 | | | | | | 14,607 | | | | | | 671,130 | | |
Paid-in-kind interest
|
| | | | 3,809 | | | | | | 4,616 | | | | | | 759 | | | | | | 1,047 | | | | | | 25,005 | | | | | | 10 | | | | | | 35,246 | | |
Sales and repayments
|
| | | | (415,198) | | | | | | (79,753) | | | | | | (37,474) | | | | | | (629) | | | | | | (34,584) | | | | | | (49,518) | | | | | | (617,156) | | |
Net transfers in or out of Level 3(1)
|
| | | | 14,121 | | | | | | — | | | | | | — | | | | | | 95,000 | | | | | | — | | | | | | — | | | | | | 109,121 | | |
Fair value at end of period
|
| | | $ | 569,778 | | | | | $ | 533,234 | | | | | $ | 437,761 | | | | | $ | 149,300 | | | | | $ | 721,842 | | | | | $ | 167,270 | | | | | $ | 2,579,185 | | |
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 |
| | | $ | (34,637) | | | | | $ | (90,100) | | | | | $ | (4,992) | | | | | $ | (3,315) | | | | | $ | (2,522) | | | | | $ | (3,928) | | | | | $ | (139,494) | | |
Type of Investment
|
| |
Fair Value at
December 31, 2020 |
| |
Valuation Technique(1)
|
| |
Unobservable Input
|
| |
Range
|
| |
Weighted
Average |
| |||
Senior Secured Loans – First Lien
|
| | | $ | 450,698 | | | | Market Comparables | | | Market Yield (%) | | |
6.8%-26.3%
|
| |
10.4%
|
|
| | | | | | | | | | | | EBITDA Multiples (x) | | |
2.3x-6.7x
|
| |
4.1x
|
|
| | | | | 31,670 | | | | Discounted Cash Flow | | | Discount Rate (%) | | |
10.0%-12.5%
|
| |
11.3%
|
|
Senior Secured Loans – Second Lien
|
| | | | 237,751 | | | | Market Comparables | | | Market Yield (%) | | |
8.0%-15.3%
|
| |
9.7%
|
|
Senior Secured Bonds
|
| | | | 340,042 | | | | Market Comparables | | | Market Yield (%) | | |
8.7%-15.8%
|
| |
12.6%
|
|
| | | | | | | | | | | | EBITDA Multiples (x) | | |
6.0x-8.0x
|
| |
7.0x
|
|
Unsecured Debt
|
| | | | 81,442 | | | | Market Comparables | | | Market Yield (%) | | |
9.8%-11.5%
|
| |
10.8%
|
|
| | | | | | | | | | | |
Net Aircraft Book
Value Multiple (x) |
| |
1.0x-1.0x
|
| |
1.0x
|
|
| | | | | 26,875 | | | | Other(2) | | | Other(2) | | |
N/A
|
| |
N/A
|
|
Preferred Equity
|
| | | | 5,354 | | | | Market Comparables | | | EBITDA Multiples (x) | | |
6.0x-10.5x
|
| |
10.0x
|
|
| | | | | 465,723 | | | | Discounted Cash Flow | | | Discount Rate (%) | | |
7.5%-50.3%
|
| |
18.8%
|
|
Sustainable Infrastructure Investments, LLC
|
| | | | 61,816 | | | | Discounted Cash Flow | | | Discount Rate (%) | | |
10.8%-11.3%
|
| |
11.0%
|
|
Equity/Other
|
| | | | 92,002 | | | | Market Comparables | | | EBITDA Multiples (x) | | |
2.3x-10.5x
|
| |
4.6x
|
|
| | | | | | | | | | | | Production Multiples (Mboe/d) | | |
$26,500.0-$31,500.0
|
| |
$29,000.0
|
|
| | | | | | | | | | | | Proved Reserves Multiples (Mmboe) | | |
7.6x-9.1x
|
| |
8.4x
|
|
| | | | | | | | | | | | Production Multiples (MMcfe/d) | | |
$1,650.0-$3,400.0
|
| |
$2,923.6
|
|
| | | | | | | | | | | | Proved Reserves Multiples (Bcfe) | | |
0.4x-0.7x
|
| |
0.6x
|
|
| | | | | | | | | | | | PV-10 Multiples (x) | | |
0.5x-1.6x
|
| |
1.0x
|
|
| | | | | 3,695 | | | | Discounted Cash Flow | | | Discount Rate (%) | | |
8.0%-32.0%
|
| |
24.0%
|
|
| | | | | 3,877 | | | | Option Valuation Model | | | Volatility (%) | | |
55.0%-65.0%
|
| |
60.0%
|
|
| | | | | 152,860 | | | | Other(2) | | | Other(2) | | |
N/A
|
| |
N/A
|
|
Total
|
| | | $ | 1,953,805 | | | | | | | | | | | | | | |
Type of Investment
|
| |
Fair Value at
December 31, 2019 |
| |
Valuation Technique(1)
|
| |
Unobservable Input
|
| |
Range
|
| |
Weighted
Average |
| |||
Senior Secured Loans – First Lien
|
| | | $ | 478,337 | | | | Market Comparables | | | Market Yield (%) | | |
7.5%-27.0%
|
| |
13.8%
|
|
| | | | | | | | | | | | EBITDA Multiples (x) | | |
3.6x-4.6x
|
| |
4.1x
|
|
| | | | | 63,646 | | | | Discounted Cash Flow | | | Discount Rate (%) | | |
18.5%-23.5%
|
| |
21.0%
|
|
| | | | | 27,795 | | | | Other(2) | | | Other(2) | | |
N/A
|
| |
N/A
|
|
Senior Secured Loans – Second Lien
|
| | | | 533,234 | | | | Market Comparables | | | Market Yield (%) | | |
8.5%-19.1%
|
| |
13.7%
|
|
| | | | | | | | | | | | EBITDA Multiples (x) | | |
3.6x-4.6x
|
| |
4.1x
|
|
Senior Secured Bonds
|
| | | | 437,761 | | | | Market Comparables | | | Market Yield (%) | | |
7.9%-12.1%
|
| |
10.1%
|
|
Unsecured Debt
|
| | | | 121,300 | | | | Market Comparables | | | Market Yield (%) | | |
10.2%-12.5%
|
| |
10.6%
|
|
| | | | | | | | | | | |
Net Aircraft Book Value Multiple (x)
|
| |
1.0x-1.0x
|
| |
1.0x
|
|
| | | | | 28,000 | | | | Other(2) | | | Other | | |
N/A
|
| |
N/A
|
|
Preferred Equity
|
| | | | 13,187 | | | | Market Comparables | | | EBITDA Multiples (x) | | |
6.8x-8.8x
|
| |
8.4x
|
|
| | | | | 708,307 | | | | Discounted Cash Flow | | | Discount Rate (%) | | |
9.3%-19.0%
|
| |
13.8%
|
|
| | | | | 348 | | | | Other(2) | | | Other(2) | | |
N/A
|
| |
N/A
|
|
Equity/Other
|
| | | | 144,465 | | | | Market Comparables | | | EBITDA Multiples (x) | | |
3.5x-10.3x
|
| |
4.6x
|
|
| | | | | | | | | | | |
Production Multiples (Mboe/d)
|
| |
$20,000.0-$37,500.0
|
| |
$28,364.1
|
|
| | | | | | | | | | | |
Proved Reserves Multiples (Mmboe)
|
| |
$2.8-$12.0
|
| |
$7.2
|
|
| | | | | | | | | | | |
Production Multiples (MMcfe/d)
|
| |
$3,050.0-$3,550.0
|
| |
$3,300.0
|
|
| | | | | | | | | | | |
Proved Reserves Multiples (Bcfe)
|
| |
0.8x-0.9x
|
| |
0.9x
|
|
| | | | | | | | | | | | PV-10 Multiples (x) | | |
0.5x-1.2x
|
| |
0.8x
|
|
| | | | | 1,354 | | | | Discounted Cash Flow | | | Discount Rate (%) | | |
14.5%-20.5%
|
| |
17.5%
|
|
| | | | | 9,371 | | | | Option Valuation Model | | | Volatility (%) | | |
24.0%-37.5%
|
| |
30.7%
|
|
| | | | | 12,080 | | | | Other(2) | | | Other(2) | | |
N/A
|
| |
N/A
|
|
Total
|
| | | $ | 2,579,185 | | | | | | | | | | | | | | |
| | |
As of December 31, 2020
|
| ||||||||||||||||||
Arrangement(1)
|
| |
Type of
Arrangement |
| |
Rate(2)
|
| |
Amount
Outstanding |
| |
Amount
Available |
| |
Maturity Date
|
| ||||||
JPMorgan Facility
|
| |
Revolving/Term
|
| |
L+3.00%
|
| | | $ | 416,667 | | | | | $ | — | | | |
February 16, 2023
|
|
Senior Secured Notes(3)
|
| |
Bond
|
| |
7.50%
|
| | | | 489,000 | | | | | | — | | | |
August 15, 2023
|
|
Total
|
| | | | | | | | | $ | 905,667 | | | | | $ | — | | | | | |
| | |
As of December 31, 2019
|
| ||||||||||||||||||
Arrangement(1)
|
| |
Type of
Arrangement |
| |
Rate(2)
|
| |
Amount
Outstanding |
| |
Amount
Available |
| |
Maturity Date
|
| ||||||
Goldman Facility
|
| |
Term
|
| |
L+3.20%
|
| | | $ | 425,000 | | | | | $ | 50,000 | | | |
December 2, 2022
|
|
JPMorgan Facility
|
| |
Revolving/Term
|
| |
L+2.75%
|
| | | | 311,667 | | | | | | 383,333 | | | |
February 16, 2023
|
|
Senior Secured Notes(3)
|
| |
Bond
|
| |
7.50%
|
| | | | 500,000 | | | | | | — | | | |
August 15, 2023
|
|
Total
|
| | | | | | | | | $ | 1,236,667 | | | | | $ | 433,333 | | | | | |
| | |
Year Ended December 31,
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||||||||||||||||||||||||||||||||||||||
Arrangement(1)
|
| |
Direct
Interest Expense(2) |
| |
Amortization
of Deferred Financing Costs and Discount |
| |
Total
Interest Expense |
| |
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 Facility
|
| | | $ | 13,882 | | | | | $ | 773 | | | | | $ | 14,655 | | | | | $ | 26,343 | | | | | $ | 481 | | | | | $ | 26,824 | | | | | $ | 25,359 | | | | | $ | 587 | | | | | $ | 25,946 | | |
JPMorgan Facility
|
| | | | 16,687 | | | | | | 2,417 | | | | | | 19,104 | | | | | | 18,398 | | | | | | 1,591 | | | | | | 19,989 | | | | | | 4,686 | | | | | | 543 | | | | | | 5,229 | | |
Senior Secured Notes
|
| | | | 37,009 | | | | | | 4,333 | | | | | | 41,342 | | | | | | 37,500 | | | | | | 4,051 | | | | | | 41,551 | | | | | | 14,063 | | | | | | 1,483 | | | | | | 15,546 | | |
Barclays Credit Facility
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 236 | | | | | | 196 | | | | | | 432 | | |
BNP Facility
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,016 | | | | | | — | | | | | | 5,016 | | |
Deutsche Bank Credit Facility
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,378 | | | | | | 524 | | | | | | 6,902 | | |
Fortress Facility
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,726 | | | | | | 884 | | | | | | 7,610 | | |
Total
|
| | | $ | 67,578 | | | | | $ | 7,523 | | | | | $ | 75,101 | | | | | $ | 82,241 | | | | | $ | 6,123 | | | | | $ | 88,364 | | | | | $ | 62,464 | | | | | $ | 4,217 | | | | | $ | 66,681 | | |
For the Years Ended December 31,
|
| |
Cash Paid for
Interest Expense |
| |
Average
Borrowings |
| |
Effective
Interest Rate(1) |
| |
Weighted Average
Interest Rate(1) |
| ||||||||||||
2018
|
| | | $ | 52,269 | | | | | $ | 1,063,699 | | | | | | 6.81% | | | | | | 5.87% | | |
2019
|
| | | $ | 81,902 | | | | | $ | 1,259,900 | | | | | | 6.05% | | | | | | 6.53% | | |
2020
|
| | | $ | 69,909 | | | | | $ | 1,062,486 | | | | | | 5.52% | | | | | | 7.07% | | |
Year Ended December 31,
|
| |
Total Amount Outstanding
Exclusive of Treasury Securities |
| |
Asset Coverage
Per Unit(1) |
| |
Involuntary Liquidation
Preference per Unit(2) |
| |
Average Market
Value per Unit (Exclude Bank Loans)(3) |
| ||||||||||||
2016
|
| | | $ | 873,665 | | | | | | 4.83 | | | | | | — | | | | | | N/A | | |
2017
|
| | | $ | 1,220,000 | | | | | | 3.43 | | | | | | — | | | | | | N/A | | |
2018
|
| | | $ | 1,131,667 | | | | | | 3.34 | | | | | | — | | | | | | N/A | | |
2019
|
| | | $ | 1,236,667 | | | | | | 2.92 | | | | | | — | | | | | | N/A | | |
2020
|
| | | $ | 905,667 | | | | | | 2.58 | | | | | | — | | | | | | N/A | | |
| | |
Year Ended December 31,
|
| |||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |
2017
|
| |
2016
|
| |||||||||||||||
Per Share Data:(1)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year
|
| | | $ | 5.43 | | | | | $ | 6.01 | | | | | $ | 6.65 | | | | | $ | 7.61 | | | | | $ | 6.50 | | |
Results of operations(2)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income
|
| | | | 0.19 | | | | | | 0.46 | | | | | | 0.42 | | | | | | 0.65 | | | | | | 0.57 | | |
Net realized and unrealized appreciation (depreciation) on investments, swaps and gain/loss on foreign currency
|
| | | | (2.20) | | | | | | (0.54) | | | | | | (0.56) | | | | | | (0.90) | | | | | | 1.25 | | |
Net increase (decrease) in net assets resulting from operations
|
| | | | (2.01) | | | | | | (0.08) | | | | | | (0.14) | | | | | | (0.25) | | | | | | 1.82 | | |
Shareholder distributions(3)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions from net investment
income |
| | | | (0.14) | | | | | | (0.50) | | | | | | (0.50) | | | | | | (0.71) | | | | | | (0.67) | | |
Distributions representing return of capital
|
| | | | (0.03) | | | | | | — | | | | | | — | | | | | | (0.00) | | | | | | (0.04) | | |
Net decrease in net assets resulting from shareholder distributions
|
| | | | (0.17) | | | | | | (0.50) | | | | | | (0.50) | | | | | | (0.71) | | | | | | (0.71) | | |
Net asset value, end of year
|
| | | $ | 3.25 | | | | | $ | 5.43 | | | | | $ | 6.01 | | | | | $ | 6.65 | | | | | $ | 7.61 | | |
Shares outstanding, end of year
|
| | | | 440,020,123 | | | | | | 438,477,007 | | | | | | 440,451,167 | | | | | | 446,045,135 | | | | | | 440,162,095 | | |
Total return(4)
|
| | | | (37.68)% | | | | | | (1.83)% | | | | | | (2.49)% | | | | | | (3.65)% | | | | | | 29.53% | | |
Total return (without assuming reinvestment of
distributions)(4) |
| | | | (37.02)% | | | | | | (1.33)% | | | | | | (2.11)% | | | | | | (3.29)% | | | | | | 28.00% | | |
Ratio/Supplemental Data:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year
|
| | | $ | 1,428,577 | | | | | $ | 2,379,605 | | | | | $ | 2,648,186 | | | | | $ | 2,966,042 | | | | | $ | 3,348,894 | | |
Ratio of net investment income to average net assets(5)
|
| | | | 4.82% | | | | | | 7.76% | | | | | | 6.40% | | | | | | 8.82% | | | | | | 8.19% | | |
Ratio of total expenses to average net assets(5)
|
| | | | 8.20% | | | | | | 6.54% | | | | | | 5.19% | | | | | | 4.94% | | | | | | 4.88% | | |
Portfolio turnover
|
| | | | 26.54% | | | | | | 32.88% | | | | | | 51.25% | | | | | | 34.08% | | | | | | 35.85% | | |
Total amount of senior securities outstanding,
exclusive of treasury securities(6) |
| | | $ | 905,667 | | | | | $ | 1,236,667 | | | | | $ | 1,131,667 | | | | | $ | 1,220,000 | | | | | $ | 873,665 | | |
Asset coverage per unit(7)
|
| | | | 2.58 | | | | | | 2.92 | | | | | | 3.34 | | | | | | 3.43 | | | | | | 4.83 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |
2017
|
| |
2016
|
| |||||||||||||||
Ratio of subordinated income incentive fees to average net assets
|
| | | | — | | | | | | — | | | | | | — | | | | | | 0.32% | | | | | | 0.20% | | |
Ratio of interest expense to average net assets
|
| | | | 4.39% | | | | | | 3.40% | | | | | | 2.30% | | | | | | 1.52% | | | | | | 1.31% | | |
| | |
Quarter Ended
|
| |||||||||||||||||||||
| | |
December 31,
2020 |
| |
September 30,
2020 |
| |
June 30,
2020 |
| |
March 31,
2020 |
| ||||||||||||
Investment income
|
| | | $ | 51,001 | | | | | $ | 46,119 | | | | | $ | 46,025 | | | | | $ | 78,781 | | |
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses
|
| | | | 28,901 | | | | | | 35,424 | | | | | | 35,267 | | | | | | 40,593 | | |
Less: Management fee offset
|
| | | | (254) | | | | | | (2) | | | | | | — | | | | | | (450) | | |
Net expenses
|
| | | | 28,647 | | | | | | 35,422 | | | | | | 35,267 | | | | | | 40,143 | | |
Net investment income
|
| | | | 22,354 | | | | | | 10,697 | | | | | | 10,758 | | | | | | 38,638 | | |
Realized and unrealized gain (loss)
|
| | | | (22,569) | | | | | | (17,154) | | | | | | (114,991) | | | | | | (802,518) | | |
Net increase (decrease) in net assets resulting from operations
|
| | | $ | (215) | | | | | $ | (6,457) | | | | | $ | (104,233) | | | | | $ | (763,880) | | |
Per share information – basic and diluted | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income
|
| | | $ | 0.05 | | | | | $ | 0.02 | | | | | $ | 0.02 | | | | | $ | 0.09 | | |
Net increase (decrease) in net assets resulting from operations
|
| | | $ | (0.00) | | | | | $ | (0.01) | | | | | $ | (0.24) | | | | | $ | (1.75) | | |
Weighted average shares outstanding
|
| | | | 439,914,053 | | | | | | 438,305,464 | | | | | | 436,770,076 | | | | | | 435,458,944 | | |
| | |
Quarter Ended
|
| |||||||||||||||||||||
| | |
December 31,
2019 |
| |
September 30,
2019 |
| |
June 30,
2019 |
| |
March 31,
2019 |
| ||||||||||||
Investment income
|
| | | $ | 94,919 | | | | | $ | 96,474 | | | | | $ | 86,104 | | | | | $ | 88,413 | | |
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses
|
| | | | 42,848 | | | | | | 44,280 | | | | | | 41,356 | | | | | | 41,634 | | |
Less: Management fee offset
|
| | | | (1,473) | | | | | | (3,158) | | | | | | (1,161) | | | | | | (200) | | |
Net expenses
|
| | | | 41,375 | | | | | | 41,122 | | | | | | 40,195 | | | | | | 41,434 | | |
Net investment income
|
| | | | 53,544 | | | | | | 55,352 | | | | | | 45,909 | | | | | | 46,979 | | |
Realized and unrealized gain (loss)
|
| | | | (140,097) | | | | | | (149,121) | | | | | | (10,565) | | | | | | 60,876 | | |
Net increase (decrease) in net assets resulting from operations
|
| | | $ | (86,553) | | | | | $ | (93,769) | | | | | $ | 35,344 | | | | | $ | 107,855 | | |
Per share information – basic and diluted | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income
|
| | | $ | 0.12 | | | | | $ | 0.13 | | | | | $ | 0.10 | | | | | $ | 0.11 | | |
Net increase (decrease) in net assets resulting from operations
|
| | | $ | (0.20) | | | | | $ | (0.21) | | | | | $ | 0.08 | | | | | $ | 0.25 | | |
Weighted average shares outstanding
|
| | | | 436,460,589 | | | | | | 437,324,544 | | | | | | 437,249,452 | | | | | | 437,647,716 | | |
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FS ENERGY AND POWER FUND
|
|
| Date: March 10, 2021 | | |
/s/ Michael C. Forman
Michael C. Forman
Chief Executive Officer |
|
| Date: March 10, 2021 | | |
/s/ Michael C. Forman
Michael C. Forman
Chief Executive Officer and Trustee (Principal Executive Officer) |
|
| Date: March 10, 2021 | | |
/s/ Edward T. Gallivan, Jr.
Edward T. Gallivan, Jr.
Chief Financial Officer (Principal Accounting and Financial Officer) |
|
| Date: March 10, 2021 | | |
/s/ R. Blair Thomas
R. Blair Thomas
Trustee |
|
| Date: March 10, 2021 | | |
/s/ Sidney Brown
Sidney Brown
Trustee |
|
| Date: March 10, 2021 | | |
/s/ Gregory P. Chandler
Gregory P. Chandler
Trustee |
|
| Date: March 10, 2021 | | |
/s/ Richard Goldstein
Richard Goldstein
Trustee |
|
| Date: March 10, 2021 | | |
/s/ Kathleen A. McGinty
Kathleen A. McGinty
Trustee |
|
| Date: March 10, 2021 | | |
/s/ Charles P. Pizzi
Charles P. Pizzi
Trustee |
|
| Date: March 10, 2021 | | |
/s/ Pedro A. Ramos
Pedro A. Ramos
Trustee |
|
Exhibit 4.2
DESCRIPTION OF OUR SECURITIES
As of December 31, 2020, FS Energy & Power Fund (“we,” “our,” or the “Company”) had one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended: our beneficial interest, par value $0.001 per share (“common shares”).
Common Shares, par value $0.001 per share
Our declaration of trust authorizes us to issue up to 750,000,000 shares of stock, of which 700,000,000 shares are classified as common shares and 50,000,000 shares are classified as preferred shares, par value $0.001 per share. A majority of the board of trustees, including a majority of the independent trustees, without any action by our stockholders, may amend our declaration of trust to increase or decrease the aggregate number of shares or the number of shares of any class or series that we have authority to issue. There are no outstanding options or warrants to purchase our shares. No stock has been authorized for issuance under any equity compensation plans.
Our declaration of trust also contains a provision permitting the board of directors to classify or reclassify any unissued common shares or preferred shares in one or more classes or series of common shares or preferred shares by setting or changing the preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications, or terms or conditions of redemption of shares. We believe that the power to classify or reclassify unissued shares of capital stock and thereafter issue the classified or reclassified shares provides us with increased flexibility in structuring possible future financings and investments and in meeting other needs that might arise.
Common Shares
Under the declaration of trust, all our common shares will have equal rights as to voting and, when they are issued, will be duly authorized, validly issued, fully paid and nonassessable. Distributions may be paid to the holders of our common shares if, as and when authorized by our board of trustees and declared by us out of funds legally available therefor. Except as may be provided by our board of trustees in setting the terms of classified or reclassified shares, common shares will have no preemptive, exchange, conversion or redemption rights and will be freely transferable, except where their transfer is restricted by federal and state securities laws or by contract. In addition, our common shares are not subject to any mandatory redemption obligations by us. In the event of our liquidation, dissolution or winding up, each common share would be entitled to share ratably in all of our assets that are legally available for distribution after we pay or make reasonable provision for the payment of all claims and obligations and subject to any preferential rights of holders of our preferred shares, if any preferred shares are outstanding at such time. Each common share will be entitled to one vote on all matters submitted to a vote of shareholders, including the election of trustees. Except as may be provided by the Delaware General Corporation Law (“DGCL”), the Delaware Statutory Trust Act or by our board of trustees in setting the terms of preferred shares or classified or reclassified shares, the holders of our common shares will possess exclusive voting power.
Preferred Shares
Under the terms of our declaration of trust, our board of trustees, with approval from a majority of our independent trustees, is authorized to issue preferred shares in one or more classes or series without shareholder approval. Our board of trustees has discretion to determine the rights, preferences, covenants, privileges and restrictions, including voting rights, distribution rights, conversion rights, redemption privileges and liquidation preferences of each class or series of preferred shares.
1
Preferred shares could be issued with rights and preferences that would adversely affect the holders of common shares. Preferred shares could also be used as an anti-takeover device. Every issuance of preferred shares will be required to comply with the requirements of the Investment Company Act of 1940, as amended (the “1940 Act”). The 1940 Act requires, among other things, that (1) immediately after issuance of preferred shares and before any distribution is made with respect to our common shares and before any purchase of common shares is made, the aggregate involuntary liquidation preference of such preferred shares together with the aggregate involuntary liquidation preference or aggregate value of all other senior securities must not exceed an amount equal to 50% of our total assets after deducting the amount of such distribution or purchase price, as the case may be, and (2) the holders of preferred shares, if any are issued, must be entitled as a class to elect two trustees at all times and to elect a majority of trustees if distributions on such preferred shares are in arrears by two years or more. Certain matters under the 1940 Act require the separate vote of the holders of any issued and outstanding preferred shares. We believe that the availability for issuance of preferred shares will provide us with increased flexibility in structuring future financings and acquisitions.
Limitation on Liability of Trustees and Officers; Indemnification and Advancement of Expenses
Delaware law permits a Delaware statutory trust to include in its governing instrument a provision to indemnify and hold harmless any trustee or beneficial owner or other person from and against any and all claims and demands whatsoever. Despite this provision, and in accordance with guidelines adopted by the North American Securities Administrators Association, our declaration of trust provides that we will not indemnify (1) any individual who is a present or former trustee or officer of the Company and who is made or threatened to be made a party to the proceeding by reason of his or her service in that capacity, (2) any individual who, while a trustee or officer of the Company and at the request of the Company, serves or has served as a trustee, officer, partner or trustee of any corporation, partnership, joint venture, trust, employee benefit plan or other enterprise and who is made or threatened to be made a party to the proceeding by reason of his or her service in that capacity or (3) FS/EIG Advisor, LLC (the “Advisor”) or any of its affiliates acting as an agent of the Company (each such person an "Indemnitee") against any liability or loss suffered by such Indemnitee unless (a) the Company determines in good faith that the course of conduct that caused the loss or liability was in the best interest of the Company, (b) the Indemnitee was acting on behalf of or performing services for the Company, (c) in the case that the Indemnitee is the Advisor or an affiliate of the Advisor, or an officer of the Company, the Advisor or an affiliate of the Advisor, such liability or loss was not the result of negligence or misconduct, (d) in the case that the Indemnitee is a trustee of the Company (and not also an officer of the Company, the Advisor or an affiliate of the Advisor), such liability or loss was not the result of gross negligence or willful misconduct and (e) such indemnification or agreement to hold harmless is recoverable only out of net assets of the Company and not from the shareholders.
In addition, the investment advisory and administrative services agreement provides that the Advisor and its officers, managers, partners, members (and their members, including the owners of their members), agents, employees, controlling persons and any other person or entity affiliated with it will not be entitled to indemnification (including reasonable attorneys' fees and amounts reasonably paid in settlement) for any liability or loss suffered by the Advisor or such other person, nor will the Advisor or such other person be held harmless for any loss or liability, unless (1) the Advisor or such other person has determined, in good faith, that the course of conduct which caused the loss or liability was in the best interests of the Company, (2) the Advisor or such other person was acting on behalf of or performing services for the Company, (3) the liability or loss suffered was not the result of negligence or misconduct by the Advisor or such other person and (4) the indemnification or agreement to hold the Advisor or such other person harmless for any loss or liability is recoverable only out of the Company's net assets and not from shareholders. In accordance with the 1940 Act, the Company will not indemnify certain persons for any liability to which such persons would be subject by reason of such person's willful misconduct, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office.
Pursuant to our declaration of trust and subject to certain exceptions described therein, we will indemnify and, without requiring a preliminary determination of the ultimate entitlement to indemnification, pay or reimburse reasonable expenses in advance of final disposition of a proceeding to each Indemnitee, in each case to the fullest extent permitted by Delaware law. Notwithstanding the foregoing, we will not provide indemnification for any loss, liability or expense arising from or out of an alleged violation of federal or state securities laws by an Indemnitee unless (1) there has been a successful adjudication on the merits of each count involving alleged securities law violations, (2) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction, or (3) a court of competent jurisdiction approves a settlement of the claims against the Indemnitee and finds that indemnification of the settlement and the related costs should be made.
In addition, Delaware law permits a trust to advance reasonable expenses to a trustee or officer, and we will do so in advance of final disposition of a proceeding (1) if the proceeding relates to acts or omissions with respect to the performance of duties or services on behalf of the Company, (2) the legal proceeding was initiated by a third party who is not a shareholder or, if by a shareholder of the Company acting in his or her capacity as such, a court of competent jurisdiction approves such advancement and (3) upon the Company's receipt of (a) a written affirmation by the trustee or officer of his or her good faith belief that he or she has met the standard of conduct necessary for indemnification by the Company and (b) a undertaking by him or her or on his or her behalf to repay the amount paid or reimbursed by the Company if it is ultimately determined that the standard of conduct was not met.
Provisions of our Declaration of Trust and Bylaws
Our declaration of trust and bylaws contain provisions that could make it more difficult for a potential acquirer to acquire us by means of a tender offer, proxy contest or otherwise. These provisions are expected to discourage certain coercive takeover practices and inadequate takeover bids and to encourage persons seeking to acquire control of us to negotiate first with our board of trustees. We believe that the benefits of these provisions outweigh the potential disadvantages of discouraging any such acquisition proposals because, among other things, the negotiation of such proposals may improve their terms.
Election of Trustees
As set forth in our bylaws, our trustees will be elected by a plurality of all votes cast at a meeting of shareholders at which a quorum is present.
Number of Trustees; Vacancies; Removal
Our declaration of trust provides that the number of trustees will be set by our board of trustees in accordance with our bylaws. Our bylaws provide that a majority of our entire board of trustees may at any time increase or decrease the number of trustees. Our declaration of trust provides that the number of trustees generally may not be less than three. Except as otherwise required by applicable requirements of the 1940 Act and as may be provided by our board of trustees in setting the terms of any class or series of preferred shares, pursuant to an election under our declaration of trust, any and all vacancies on our board of trustees may be filled only by the affirmative vote of a majority of the remaining trustees in office, even if the remaining trustees do not constitute a quorum, and any trustee elected to fill a vacancy will serve for the remainder of the full term of the trustee for whom the vacancy occurred and until a successor is elected and qualifies, subject to any applicable requirements of the 1940 Act. Independent trustees will nominate replacements for any vacancies among the independent trustees' positions.
Pursuant to our bylaws, our shareholders may remove a trustee for cause by the affirmative vote of at least two-thirds of the votes entitled to be cast in the election of trustees. “Cause” is defined by our bylaws to mean, with respect to any particular trustee, conviction of a felony or a final judgment of a court of competent jurisdiction holding that such trustee caused demonstrable, material harm to the Company through bad faith or active and deliberate dishonesty.
We currently have a total of eight members of our board of trustees, six of whom are independent trustees. Our declaration of trust provides that a majority of our board of trustees must be independent trustees except for a period of up to 60 days after the death, removal or resignation of an independent trustee pending the election of his or her successor.
Action by Shareholders
Our bylaws provide that shareholder action can be taken at an annual or special meeting of shareholders. Pursuant to (and except as provided otherwise in) our declaration of trust, provided that our trustees then in office have approved and declared the action advisable and submitted such action to the shareholders, an action that requires shareholder approval, including a dissolution, merger, or a sale of all or substantially all of our assets or a similar transaction outside the ordinary course of business, must be approved by the affirmative vote of shareholders entitled to cast at least a majority of the votes entitled to be cast on the matter.
In addition, our bylaws provide that any action which may be taken by shareholders by vote may be taken without a meeting upon unanimous written consent of the shareholders.
These provisions, combined with the other requirements of our bylaws regarding the calling of a shareholder-requested special meeting of shareholders discussed below, may have the effect of delaying consideration of a shareholder proposal until the next annual meeting.
Advance Notice Provisions for Shareholder Nominations and Shareholder Proposals
Our bylaws provide that with respect to an annual meeting of shareholders, nominations of persons for election to our board of trustees and the proposal of business to be considered by shareholders may be made only (1) pursuant to our notice of the meeting, (2) by or at the direction of our board of trustees or (3) by a shareholder who was a shareholder of record both at the time of giving of notice and at the time of the annual meeting, who is entitled to vote at the meeting and who has complied with the advance notice procedures of the bylaws. With respect to special meetings of shareholders, only the business specified in our notice of the meeting may be brought before the meeting. Nominations of individuals for election to our board of trustees at a special meeting may be made only (1) pursuant to our notice of the meeting, (2) by or at the direction of our board of trustees or (3) provided that our board of trustees has determined that trustees will be elected at the meeting, by a shareholder who was a shareholder of record both at the time of giving notice and at the time of the special meeting, who is entitled to vote at the meeting and who has complied with the advance notice provisions of the bylaws.
The purpose of requiring shareholders to give us advance notice of nominations and other business is to afford our board of trustees a meaningful opportunity to consider the qualifications of the proposed nominees and the advisability of any other proposed business and, to the extent deemed necessary or desirable by our board of trustees, to inform shareholders and make recommendations about such qualifications or business, as well as to provide a more orderly procedure for conducting meetings of shareholders. Although our bylaws do not give our board of trustees any power to disapprove shareholder nominations for the election of trustees or proposals recommending certain action, they may have the effect of precluding a contest for the election of trustees or the consideration of shareholder proposals if proper procedures are not followed and of discouraging or deterring a third party from conducting a solicitation of proxies to elect its own slate of trustees or to approve its own proposal without regard to whether consideration of such nominees or proposals might be harmful or beneficial to us and our shareholders.
Calling of Special Meetings of Shareholders
Our bylaws provide that special meetings of shareholders may be called by our board of trustees and certain of our officers. In addition, our bylaws provide that, subject to the satisfaction of certain procedural and informational requirements by the shareholders requesting the meeting, a special meeting of shareholders will be called by the secretary of the Company upon the written request of shareholders entitled to cast a majority or more of the votes entitled to be cast at the meeting. Any special meeting called by such shareholders shall be held not more than 60 days after the record date for such meeting.
Approval of Extraordinary Trust Action; Amendment of Declaration of Trust and Bylaws
Our declaration of trust provides that shareholders are entitled to vote upon a proposed amendment to the declaration of trust if the amendment would alter or change the powers, preferences or special rights of the shares held by such shareholders so as to affect them adversely. Approval of any such amendment shall require at least a majority of the votes cast by such shareholders at a meeting of shareholders duly called and at which a quorum is present. Notwithstanding the foregoing, amendments to our declaration of trust to make our common shares a "redeemable security" or to convert the Company, whether by merger or otherwise, from a closed-end company to an open-end company each must be approved by the affirmative vote of shareholders entitled to cast at least two-thirds of the votes entitled to be cast on the matter.
Our declaration of trust and bylaws provide that our board of trustees will have the exclusive power to make, alter, amend or repeal any provision of our bylaws.
Our declaration of trust provides that, subject to the applicable mandatory provisions of the DGCL and until our common shares are listed on a national securities exchange, a majority of our shareholders may amend the declaration of trust without concurrence by our board of trustees. In addition, subject to the applicable mandatory provisions of the DGCL, our declaration of trust provides that a majority of our shareholders may, without the necessity of any concurrence by the Advisor, direct that the board of trustees cause the Company to:
• remove the Advisor and elect a new investment adviser;
• dissolve the Company;
• approve or disapprove the sale of all or substantially all of our assets other than in the ordinary course of our business; or
• cause the merger or other reorganization of the Company.
Without the approval of a majority of our shareholders, the Advisor may not:
• amend the investment advisory and administrative services agreement except for amendments that would not adversely affect the interests of our shareholders;
• voluntarily withdraw as our investment adviser unless such withdrawal would not affect our tax status and would not materially adversely affect our shareholders;
• appoint a new investment adviser;
• sell all or substantially all of our assets other than in the ordinary course of business; and
• cause the merger or other reorganization of the Company.
Except as described above, our declaration of trust provides that our board of trustees may amend our declaration of trust without any vote of our shareholders.
No Appraisal Rights
In certain extraordinary transactions, some jurisdictions provide the right to dissenting shareholders to demand and receive the fair value of their common shares, subject to certain procedures and requirements set forth in such statute. Those rights are commonly referred to as appraisal rights. Our declaration of trust provides that, except as may be provided by the board of trustees in setting the terms of any class or series of preferred shares and except as contemplated by the DGCL, holders of our shares will not be entitled to exercise appraisal rights.
Delaware Business Combination Statute
Pursuant to our declaration of trust, we have elected to be governed by Section 203 of the DGCL, which, in general, prohibits a business combination between a corporation and an interested stockholder within three years of the time such stockholder became an interested stockholder, unless:
• prior to such time, the board of directors of the corporation approved either the business combination or the transaction that resulted in the stockholder becoming an interested stockholder;
• upon consummation of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, exclusive (for the purposes of determining the voting stock outstanding) of shares owned by directors who are also officers and by certain employee stock plans; or
• at or subsequent to such time, the business combination is approved by the board of directors and authorized by the affirmative vote at a stockholders' meeting (and not by written consent) of at least 66 2/3% of the outstanding voting stock that is not owned by the interested stockholder.
The term "business combination" is defined in Section 203 of the DGCL to include, among other transactions between an interested stockholder and a corporation or any direct or indirect majority owned subsidiary thereof: a merger or consolidation; a sale, lease, exchange, mortgage, pledge, transfer or other disposition (including as part of a dissolution) of assets having an aggregate market value equal to 10% or more of either the aggregate market value of all assets of the corporation on a consolidated basis or the aggregate market value of all the outstanding stock of the corporation; certain transactions that result in the issuance or transfer by the corporation or by any direct or indirect majority-owned subsidiary of the corporation of any stock of the corporation or any stock of such subsidiary to the interested stockholder; certain transactions that would increase the interested stockholder's proportionate share ownership of the stock of any class or series of the corporation or such subsidiary; and any receipt by the interested stockholder of the benefit (except proportionally as a stockholder of the corporation) of any loans, advances, guarantees, pledges or other financial benefits provided by or through the corporation or any such subsidiary. In general, and subject to certain exceptions, pursuant to Section 203 of the DGCL, an "interested stockholder" is any person who is the owner of 15% or more of the outstanding voting stock of the corporation or is an affiliate or associate of the corporation and was the owner of 15% or more of the outstanding voting stock of the corporation at any time within the three-year period immediately prior to the determination date, and the affiliates and associates of such persons. The term "owner" is broadly defined to include any person that individually or with or through such person's affiliates or associates, among other things, beneficially owns such stock, or has the right to acquire such stock (whether such right is exercisable immediately or only after the passage of time) pursuant to any agreement, arrangement or understanding or upon the exercise of options or other convertible securities or otherwise or has the right to vote such stock pursuant to any agreement, arrangement or understanding, or has an agreement, arrangement or understanding with the beneficial owner of such stock for the purpose of acquiring, holding, voting or disposing of such stock.
Conflict with 1940 Act
Our declaration of trust and bylaws provide that if and to the extent that any provision of the Delaware Statutory Trust Act, the DGCL or any provision of our declaration of trust or bylaws conflicts with any provision of the 1940 Act, the applicable provision of the 1940 Act will control.
Name of Subsidiary
|
| |
State of Incorporation or Organization
|
|
EP Altus Investments, LLC | | | Delaware | |
EP American Energy Investments, Inc. | | | Delaware | |
EP Burnett Investments, Inc. | | | Delaware | |
EP Northern Investments, LLC | | | Delaware | |
EP Synergy Investments, Inc. | | | Delaware | |
FS Energy Investments, LLC | | | Delaware | |
FS Power Investments, LLC | | | Delaware | |
FSEP Investments, Inc. | | | Delaware | |
FS Power Investments II, LLC | | | Delaware | |
Gladwyne Funding LLC | | | Delaware | |
| | | |
/s/ Michael C. Forman
Michael C. Forman
Chief Executive Officer |
|
| | | |
/s/ Edward T. Gallivan, Jr.
Edward T. Gallivan, Jr.
Chief Financial Officer |
|
| | | |
Dated: March 10, 2021
|
|
| | | |
/s/ Michael C. Forman
Michael C. Forman
Chief Executive Officer |
|
| | | |
Dated: March 10, 2021
|
|
| | | |
/s/ Edward T. Gallivan, Jr.
Edward T. Gallivan, Jr.
Chief Financial Officer |
|