10-Q 1 tslx-10q_20190331.htm 10-Q tslx-10q_20190331.htm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended March 31, 2019

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the transition period from                     to                     

Commission file number 001-36364

 

TPG Specialty Lending, Inc.

(Exact Name of Registrant as Specified in Its Charter)

 

 

Delaware

27-3380000

(State or Other Jurisdiction of

Incorporation or Organization)

(I.R.S. Employer

Identification No.)

 

 

301 Commerce Street, Suite 3300,

Fort Worth, TX

76102

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (817) 871-4000

Not applicable

Former Name, Former Address and Former Fiscal Year, If Changed Since Last Report.

 

 

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

 

 

 

 

Non-accelerated filer

  

Smaller reporting company

 

 

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01 per share

TSLX

The New York Stock Exchange

 

The number of shares of the Registrant’s common stock, $.01 par value per share, outstanding at May 1, 2019 was 66,031,076.

 

 

 

 

 

 


 

TPG SPECIALTY LENDING, INC.

 

 

 

INDEX

 

PAGE

NO.

 

 

 

 

 

PART I.

 

FINANCIAL INFORMATION

 

4

 

 

 

 

 

Item 1.

 

Financial Statements

 

4

 

 

 

 

 

 

 

Consolidated Balance Sheets as of  March 31, 2019 (Unaudited) and December 31, 2018

 

4

 

 

 

 

 

 

 

Consolidated Statements of Operations for the three months ended March 31, 2019 and 2018 (Unaudited)

 

5

 

 

 

 

 

 

 

Consolidated Schedules of Investments as of  March 31, 2019 (Unaudited) and December 31, 2018

 

6

 

 

 

 

 

 

 

Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2019 and 2018 (Unaudited)

 

18

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows for the three months ended March 31, 2019 and 2018 (Unaudited)

 

19

 

 

 

 

 

 

 

Notes to Consolidated Financial Statements (Unaudited)

 

20

 

 

 

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

45

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

65

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

66

 

 

 

 

 

PART II.

 

OTHER INFORMATION

 

67

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

67

 

 

 

 

 

Item 1A.

 

Risk Factors

 

67

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

71

 

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

 

71

 

 

 

 

 

Item 4.

 

Mine Safety Disclosures

 

71

 

 

 

 

 

Item 5.

 

Other Information

 

71

 

 

 

 

 

Item 6.

 

Exhibits

 

71

 

 

 

 

 

SIGNATURES

 

72

 

 

 

2


 

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements that involve substantial risks and uncertainties. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about us, our current and prospective portfolio investments, our industry, our beliefs, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “would,” “should,” “targets,” “projects,” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict, that could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements.

In addition to factors previously identified elsewhere in the reports and other documents TPG Specialty Lending, Inc. has filed with the Securities and Exchange Commission, or SEC, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance:

 

an economic downturn could impair our portfolio companies’ abilities to continue to operate, which could lead to the loss of some or all of our investments in those portfolio companies;

 

such an economic downturn could disproportionately impact the companies in which we have invested and others that we intend to target for investment, potentially causing us to experience a decrease in investment opportunities and diminished demand for capital from these companies;

 

such an economic downturn could also impact availability and pricing of our financing;

 

an inability to access the capital markets could impair our ability to raise capital and our investment activities; and

 

the risks, uncertainties and other factors we identify in the section entitled “Risk Factors” in this report and  in our Annual Report on Form 10-K for the year ended December 31, 2018, filed with the SEC on February 20, 2019, and elsewhere in our filings with the SEC.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, some of those assumptions are based on the work of third parties and any of those assumptions could prove to be inaccurate; as a result, forward-looking statements based on those assumptions also could prove to be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this report. We do not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law. The safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, which preclude civil liability for certain forward-looking statements, do not apply to the forward-looking statements in this report.

3


 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

TPG Specialty Lending, Inc.

Consolidated Balance Sheets

(Amounts in thousands, except share and per share amounts)

(Unaudited)

 

 

 

March 31,

 

 

December 31,

 

 

 

2019

 

 

2018

 

Assets

 

 

 

 

 

 

 

 

Investments at fair value

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments (amortized cost of $1,649,133 and $1,546,780, respectively)

 

$

1,680,699

 

 

$

1,565,532

 

Non-controlled, affiliated investments (amortized cost of $90,305 and $84,602, respectively)

 

 

90,062

 

 

 

83,932

 

Controlled, affiliated investments (amortized cost of $86,281 and $85,018, respectively)

 

 

54,100

 

 

 

56,505

 

Total investments at fair value (amortized cost of $1,825,719 and $1,716,400, respectively)

 

 

1,824,861

 

 

 

1,705,969

 

Cash and cash equivalents (restricted cash of $5,622 and $7,303, respectively)

 

 

9,650

 

 

 

10,575

 

Interest receivable

 

 

9,601

 

 

 

8,829

 

Prepaid expenses and other assets

 

 

5,408

 

 

 

4,951

 

Total Assets

 

$

1,849,520

 

 

$

1,730,324

 

Liabilities

 

 

 

 

 

 

 

 

Debt (net of deferred financing costs of $17,708 and $15,508, respectively)

 

$

724,521

 

 

$

608,007

 

Management fees payable to affiliate

 

 

6,622

 

 

 

7,069

 

Incentive fees payable to affiliate

 

 

5,650

 

 

 

9,356

 

Dividends payable

 

 

25,594

 

 

 

25,499

 

Other payables to affiliate

 

 

2,426

 

 

 

1,621

 

Other liabilities

 

 

10,643

 

 

 

15,570

 

Total Liabilities

 

 

775,456

 

 

 

667,122

 

Commitments and contingencies (Note 8)

 

 

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 

 

 

Preferred stock, $0.01 par value; 100,000,000 shares authorized; no shares issued

   and outstanding

 

 

 

 

 

 

Common stock, $0.01 par value; 400,000,000 shares authorized, 65,802,042 and

   65,501,897 shares issued, respectively; and 65,712,962 and 65,412,817 shares

   outstanding, respectively

 

 

658

 

 

 

655

 

Additional paid-in capital

 

 

997,198

 

 

 

991,919

 

Treasury stock at cost; 89,080 and 89,080 shares held, respectively

 

 

(1,359

)

 

 

(1,359

)

Distributable earnings

 

 

77,567

 

 

 

71,987

 

Total Net Assets

 

 

1,074,064

 

 

 

1,063,202

 

Total Liabilities and Net Assets

 

$

1,849,520

 

 

$

1,730,324

 

Net Asset Value Per Share

 

$

16.34

 

 

$

16.25

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 

 

4


 

TPG Specialty Lending, Inc.

Consolidated Statements of Operations

(Amounts in thousands, except share and per share amounts)

(Unaudited)

 

 

 

Three Months Ended

 

 

Three Months Ended

 

 

 

March 31, 2019

 

 

March 31, 2018

 

Income

 

 

 

 

 

 

 

 

Investment income from non-controlled, non-affiliated investments:

 

 

 

 

 

 

 

 

Interest from investments

 

$

46,523

 

 

$

47,967

 

Dividend income

 

 

 

 

 

195

 

Other income

 

 

2,078

 

 

 

5,819

 

Total investment income from non-controlled, non-affiliated investments

 

 

48,601

 

 

 

53,981

 

Investment income from non-controlled, affiliated investments:

 

 

 

 

 

 

 

 

Interest from investments

 

 

2,411

 

 

 

 

Other income

 

 

31

 

 

 

 

Total investment income from non-controlled, affiliated investments

 

 

2,442

 

 

 

 

Investment income from controlled, affiliated investments:

 

 

 

 

 

 

 

 

Interest from investments

 

 

1,439

 

 

 

3,734

 

Other income

 

 

5

 

 

 

52

 

Total investment income from controlled, affiliated investments

 

 

1,444

 

 

 

3,786

 

Total Investment Income

 

 

52,487

 

 

 

57,767

 

Expenses

 

 

 

 

 

 

 

 

Interest

 

 

10,369

 

 

 

9,070

 

Management fees

 

 

6,622

 

 

 

6,660

 

Incentive fees

 

 

5,650

 

 

 

6,608

 

Professional fees

 

 

1,295

 

 

 

2,112

 

Directors’ fees

 

 

135

 

 

 

106

 

Other general and administrative

 

 

1,478

 

 

 

1,238

 

Total expenses

 

 

25,549

 

 

 

25,794

 

Management and incentive fees waived (Note 3)

 

 

 

 

 

(63

)

Net Expenses

 

 

25,549

 

 

 

25,731

 

Net Investment Income Before Income Taxes

 

 

26,938

 

 

 

32,036

 

Income taxes, including excise taxes

 

 

300

 

 

 

850

 

Net Investment Income

 

 

26,638

 

 

 

31,186

 

Unrealized and Realized Gains (Losses)

 

 

 

 

 

 

 

 

Net change in unrealized gains (losses):

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

12,813

 

 

 

8,339

 

Non-controlled, affiliated investments

 

 

427

 

 

 

 

Controlled, affiliated investments

 

 

(3,667

)

 

 

(3,371

)

Translation of other assets and liabilities in foreign currencies

 

 

(1,432

)

 

 

(981

)

Interest rate swaps

 

 

3,319

 

 

 

(4,194

)

Total net change in unrealized gains (losses)

 

 

11,460

 

 

 

(207

)

Realized gains (losses):

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

180

 

 

 

2,645

 

Controlled, affiliated investments

 

 

570

 

 

 

 

Foreign currency transactions

 

 

(103

)

 

 

212

 

Total net realized gains

 

 

647

 

 

 

2,857

 

Total Net Unrealized and Realized Gains (Losses)

 

 

12,107

 

 

 

2,650

 

Increase in Net Assets Resulting from Operations

 

$

38,745

 

 

$

33,836

 

Earnings per common share—basic and diluted

 

$

0.59

 

 

$

0.56

 

Weighted average shares of common stock outstanding—basic and diluted

 

 

65,595,441

 

 

 

60,840,459

 

 

The accompanying notes are an integral part of these consolidated financial statements.

5


 

TPG Specialty Lending, Inc.

Consolidated Schedule of Investments as of March 31, 2019

(Amounts in thousands, except share amounts)

(Unaudited)

 

Company (1)

 

Investment

 

Initial Acquisition Date

 

Reference Rate and Spread

 

 

Interest Rate

 

 

Amortized Cost (2)(8)

 

 

Fair Value (10)

 

 

Percentage of Net Assets

 

Debt Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beverage, food and tobacco

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AFS Technologies, Inc. (3)(5)(6)

 

First-lien loan ($46,441 par, due 10/2023)

 

10/16/2018

 

 

L + 6.25

%

 

 

8.75

%

 

$

45,781

 

 

$

45,628

 

 

 

4.2

%

Business services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acceo Solutions, Inc. (3)(4)(5)

 

First-lien loan (CAD 64,513 par, due 7/2023)

 

7/6/2018

 

 

C + 5.25

%

 

 

7.23

%

 

 

48,205

 

 

47,444

(CAD 63,384)

 

 

 

4.4

%

Integration Appliance, Inc. (3)

 

First-lien loan ($52,381 par, due 8/2023)

 

8/13/2018

 

 

L + 7.25

%

 

 

9.75

%

 

 

51,676

 

 

 

51,595

 

 

 

4.8

%

 

 

First-lien revolving loan ($2,095 par, due 8/2023)

 

8/13/2018

 

 

L + 7.25

%

 

 

9.74

%

 

 

2,061

 

 

 

2,056

 

 

 

0.2

%

Jive Software, Inc. (3)(5)

 

First-lien loan ($51,435 par, due 6/2022)

 

6/12/2017

 

 

L + 9.25

%

 

 

11.75

%

 

 

50,085

 

 

 

53,621

 

 

 

5.0

%

Motus, LLC (3)

 

First-lien loan ($68,880 par, due 1/2024)

 

1/17/2018

 

 

L + 6.75

%

 

 

9.53

%

 

 

67,328

 

 

 

69,811

 

 

 

6.5

%

Nintex Global Limited (3)(5)

 

First-lien loan ($74,789 par, due 4/2024)

 

3/30/2018

 

 

L + 6.75

%

 

 

9.25

%

 

 

73,200

 

 

 

75,163

 

 

 

7.0

%

Sovos Compliance, LLC (3)

 

First-lien loan ($36,360 par, due 3/2022)

 

7/1/2016

 

 

L + 6.00

%

 

 

8.50

%

 

 

35,970

 

 

 

36,457

 

 

 

3.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

328,525

 

 

 

336,147

 

 

 

31.3

%

Chemicals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vertellus Specialties, Inc. (3)

 

Second-lien loan  ($3,341 par, due 10/2021)

 

10/31/2016

 

 

L + 12.00

%

 

 

14.41

%

 

 

3,341

 

 

 

3,341

 

 

 

0.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Education

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Curriculum Associates, LLC (3)(5)

 

First-lien loan ($49,625 par, due 2/2024)

 

2/28/2018

 

 

L + 6.00

%

 

 

8.53

%

 

 

48,307

 

 

 

50,617

 

 

 

4.7

%

Frontline Technologies Group, LLC (3)

 

First-lien loan ($49,192 par, due 9/2023)

 

9/18/2017

 

 

L + 6.50

%

 

 

9.10

%

 

 

48,716

 

 

 

49,192

 

 

 

4.6

%

Illuminate Education, Inc.(3)(5)

 

First-lien loan ($64,513 par, due 8/2022)

 

8/25/2017

 

 

L + 7.25

%

 

 

9.75

%

 

 

63,512

 

 

 

63,706

 

 

 

5.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

160,535

 

 

 

163,515

 

 

 

15.2

%

Electronics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Monitronics International, Inc. (3)(11)

 

First-lien loan ($1,164 par, due 9/2022)

 

1/2/2019

 

 

L + 5.50

%

 

 

8.10

%

 

 

1,010

 

 

 

969

 

 

 

0.1

%

Financial services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AppStar Financial, LLC (3)

 

First-lien loan ($18,056 par, due 8/2020)

 

8/18/2015

 

 

L + 7.50

%

 

 

10.00

%

 

 

17,912

 

 

 

18,207

 

 

 

1.7

%

AvidXchange, Inc. (3)

 

First-lien loan ($54,449 par, due 8/2020)

 

8/7/2015

 

 

L + 9.50

%

 

 

12.00

%

 

 

54,133

 

 

 

55,130

 

 

 

5.1

%

G Treasury SS, LLC (3)

 

First-lien loan ($30,749 par, due 4/2022)

 

4/9/2018

 

 

L + 9.25

%

 

11.99% (incl. 3.00% PIK)

 

 

 

30,196

 

 

 

30,277

 

 

 

2.8

%

6


 

Company (1)

 

Investment

 

Initial Acquisition Date

 

Reference Rate and Spread

 

 

Interest Rate

 

 

Amortized Cost (2)(8)

 

 

Fair Value (10)

 

 

Percentage of Net Assets

 

GC Agile Holdings Limited (3)(4)

 

First-lien loan ($32,910 par, due 6/2025)

 

1/31/2019

 

 

L + 7.00

%

 

 

9.72

%

 

 

32,198

 

 

 

32,310

 

 

 

3.0

%

Government Brands, LLC (3)

 

First-lien loan ($46,151 par, due 3/2023)

 

3/15/2018

 

 

L + 9.25

%

 

11.75% (incl. 2.50% PIK)

 

 

 

45,325

 

 

 

45,512

 

 

 

4.2

%

PayLease, LLC (3)

 

First-lien loan ($59,807 par, due 7/2022)

 

7/28/2017

 

 

L + 7.00

%

 

 

9.50

%

 

 

58,892

 

 

 

59,649

 

 

 

5.6

%

PaySimple, Inc. (3)(5)

 

First-lien loan ($59,621 par, due 3/2022)

 

4/17/2018

 

 

L + 8.25

%

 

10.75% (incl. 1.75% PIK)

 

 

 

59,365

 

 

 

59,173

 

 

 

5.5

%

PrimeRevenue, Inc. (3)

 

First-lien loan ($20,270 par, due 12/2023)

 

12/31/2018

 

 

L + 8.50

%

 

11.00% (incl. 5.50% PIK)

 

 

 

19,957

 

 

 

20,204

 

 

 

1.9

%

Swift Gift Limited (3)(5)

 

First-lien loan ($28,693 par, due 1/2022)

 

7/31/2017

 

 

L + 6.50

%

 

 

9.00

%

 

 

28,195

 

 

 

29,984

 

 

 

2.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

346,173

 

 

 

350,446

 

 

 

32.6

%

Healthcare

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Caris Life Sciences, Ltd.

 

First-lien loan ($2,500 par, due 9/2023)

 

9/21/2018

 

 

11.30

%

 

 

11.30

%

 

 

2,318

 

 

 

2,306

 

 

 

0.2

%

 

 

Convertible note ($2,500 par, due 9/2023)

 

9/21/2018

 

 

8.00

%

 

 

8.00

%

 

 

2,500

 

 

 

2,531

 

 

 

0.2

%

Integrated Practice Solutions, Inc. (3)(5)

 

First-lien loan ($36,409 par, due 6/2022)

 

6/30/2017

 

 

L + 8.00

%

 

 

10.50

%

 

 

35,655

 

 

 

36,227

 

 

 

3.4

%

InterOperability Bidco, Inc. (3)(5)

 

First-lien loan ($29,925 par, due 10/2023)

 

10/30/2018

 

 

L + 7.00

%

 

 

9.50

%

 

 

28,778

 

 

 

28,952

 

 

 

2.7

%

MedeAnalytics, Inc. (3)(5)

 

First-lien loan ($41,606 par, due 9/2020)

 

9/30/2015

 

 

L + 7.50

%

 

 

10.00

%

 

 

41,176

 

 

 

41,815

 

 

 

3.9

%

Quantros, Inc. (3)(5)

 

First-lien loan ($27,590 par, due 9/2019)

 

2/29/2016

 

 

L + 7.75

%

 

 

10.35

%

 

 

26,712

 

 

 

27,314

 

 

 

2.5

%

Vita Bidco, Inc. (3)(5)

 

First-lien loan ($21,938 par, due 2/2024)

 

2/11/2019

 

 

L + 6.50

%

 

 

9.00

%

 

 

21,317

 

 

 

21,390

 

 

 

2.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

158,456

 

 

 

160,535

 

 

 

14.9

%

Hotel, gaming, and leisure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IRGSE Holding Corp. (3)(7)

 

First-lien loan ($30,410 par, due 9/2019)

 

9/29/2015

 

 

L + 9.50

%

 

12.10% (incl. 5.00% PIK)

 

 

 

28,556

 

 

 

30,333

 

 

 

2.8

%

 

 

First-lien revolving loan ($894 par, due 9/2019)

 

9/29/2015

 

 

L + 9.50

%

 

12.00% (incl. 5.00% PIK)

 

 

 

894

 

 

 

886

 

 

 

0.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

29,450

 

 

 

31,219

 

 

 

2.9

%

Human resource support services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ClearCompany, LLC (3)

 

First-lien loan ($17,261 par, due 7/2023)

 

7/23/2018

 

 

L + 8.50

%

 

11.13% (incl. 2.50% PIK)

 

 

 

17,011

 

 

 

17,008

 

 

 

1.6

%

7


 

Company (1)

 

Investment

 

Initial Acquisition Date

 

Reference Rate and Spread

 

 

Interest Rate

 

 

Amortized Cost (2)(8)

 

 

Fair Value (10)

 

 

Percentage of Net Assets

 

PageUp People Limited (3)(4)

 

First-lien loan (AUD 47,078 par, due 12/2022)

 

1/11/2018

 

B + 7.25%

 

 

9.27% (incl. 1.25% PIK)

 

 

 

36,372

 

 

33,164

(AUD 46,688)

 

 

 

3.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

53,383

 

 

 

50,172

 

 

 

4.7

%

Insurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurity, Inc. (3)(5)

 

First-lien loan ($60,837 par, due 10/2020)

 

10/31/2014

 

 

L + 6.50

%

 

 

9.18

%

 

 

60,593

 

 

 

61,293

 

 

 

5.7

%

Riskonnect, Inc. (3)(5)

 

First-lien loan ($50,000 par, due 10/2023)

 

6/30/2017

 

 

L + 7.75

%

 

 

10.36

%

 

 

49,455

 

 

 

49,250

 

 

 

4.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

110,048

 

 

 

110,543

 

 

 

10.3

%

Internet services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Higher Logic, LLC (3)(5)

 

First-lien loan ($37,715 par, due 1/2022)

 

6/18/2018

 

 

L + 6.00

%

 

 

8.61

%

 

 

37,184

 

 

 

37,149

 

 

 

3.5

%

Lithium Technologies, LLC (3)

 

First-lien loan ($54,700 par, due 10/2022)

 

10/3/2017

 

 

L + 8.00

%

 

 

10.49

%

 

 

53,699

 

 

 

54,260

 

 

 

5.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

90,883

 

 

 

91,409

 

 

 

8.6

%

Manufacturing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ScentAir Technologies, Inc. (3)

 

First-lien loan ($19,986 par, due 12/2019)

 

12/30/2014

 

 

L + 7.25

%

 

 

9.75

%

 

 

19,918

 

 

 

19,986

 

 

 

1.9

%

 

 

First-lien revolving loan ($1,393 par, due 12/2019)

 

12/30/2014

 

 

L + 7.25

%

 

 

9.75

%

 

 

1,387

 

 

 

1,393

 

 

 

0.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21,305

 

 

 

21,379

 

 

 

2.0

%

Marketing services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Validity, Inc. (3)(5)(6)

 

First-lien loan ($36,797 par, due 5/2023)

 

5/31/2018

 

 

L + 6.50

%

 

 

9.19

%

 

 

36,243

 

 

 

36,153

 

 

 

3.4

%

Office products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

USR Parent Inc. (3)(5)

 

ABL FILO term loan  ($13,000 par, due 9/2022)

 

9/12/2017

 

 

L + 7.75

%

 

 

10.23

%

 

 

12,773

 

 

 

12,967

 

 

 

1.2

%

Oil, gas and consumable

   fuels

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MD America Energy, LLC (3)

 

First-lien loan ($14,906 par, due 11/2023)

 

11/14/2018

 

 

L + 7.75

%

 

 

10.44

%