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Delaware
|
| |
45-4247759
|
|
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(State or Other Jurisdiction of
Incorporation or Organization) |
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(I.R.S. Employer
Identification No.) |
|
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1450 Brickell Avenue, 31st Floor
Miami, Florida |
| |
33131
|
|
|
(Address of Principal Executive Offices)
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(Zip Code)
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Title of Each Class
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Trading Symbol(s)
|
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Name of Each Exchange on Which
Registered |
|
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Common Stock, par value $0.001 per
share |
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WHF
|
| |
The Nasdaq Stock Market LLC
(Nasdaq Global Select Market) |
|
|
6.50% Notes due 2025
|
| |
WHFBZ
|
| |
The Nasdaq Stock Market LLC
(Nasdaq Global Select Market) |
|
| Large accelerated filer ☐ | | | Accelerated filer ☐ | |
| Non-accelerated filer ☒ | | | Smaller reporting company ☐ | |
| | | | Emerging growth company ☐ | |
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December 31, 2020
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December 31, 2019
|
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Investment Performance Rating
|
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Investments at
Fair Value (Dollars in Millions) |
| |
Percentage of
Total Portfolio |
| |
Investments at
Fair Value (Dollars in Millions) |
| |
Percentage of
Total Portfolio |
| ||||||||||||
1
|
| | | $ | 153.3 | | | | | | 22.2% | | | | | $ | 13.4 | | | | | | 2.3% | | |
2
|
| | | | 422.1 | | | | | | 61.1 | | | | | | 491.4 | | | | | | 83.3 | | |
3
|
| | | | 103.7 | | | | | | 15.0 | | | | | | 77.2 | | | | | | 13.1 | | |
4
|
| | | | 4.0 | | | | | | 0.6 | | | | | | — | | | | | | 0.0 | | |
5
|
| | | | 7.6 | | | | | | 1.1 | | | | | | 7.7 | | | | | | 1.3 | | |
Total Portfolio
|
| | | $ | 690.7 | | | | | | 100.0% | | | | | $ | 589.7 | | | | | | 100.0% | | |
Incentive fee
|
=
|
(100% × “catch-up”) + (the greater of 0% AND (20% × (Pre-Incentive Fee Net Investment Income — 2.1875%))) |
Incentive fee
|
=
|
(100% × “catch-up”) + (the greater of 0% AND (20% × (Pre-Incentive Fee Net Investment Income – 2.1875%))) |
| | | |
Income Related Incentive
Fee Accrued Before Application of Incentive Fee Cap and Deferral Mechanism |
| |
Capital Gains Related
Incentive Fee Accrued Before Application of Incentive Fee Cap and Deferral Mechanism |
| |
Incentive Fee Cap
|
| |
Incentive Fees Paid and
Deferred |
|
|
Year 1
|
| | $8.0 million ($40.0 million multiplied by 20%) | | | None | | | $8.0 million (20% of Cumulative Pre- Incentive Fee Net Return during Incentive Fee Look- back Period of $120.0 million less $16.0 million of cumulative incentive fees paid) | | | Incentive fees of $8.0 million paid; no incentive fees deferred | |
| | | |
Income Related Incentive
Fee Accrued Before Application of Incentive Fee Cap and Deferral Mechanism |
| |
Capital Gains Related
Incentive Fee Accrued Before Application of Incentive Fee Cap and Deferral Mechanism |
| |
Incentive Fee Cap
|
| |
Incentive Fees Paid and
Deferred |
|
|
Year 2
|
| | $8.0 million ($40.0 million multiplied by 20%) | | | $6.0 million (20% of $30.0 million) | | | $14.0 million (20% of Cumulative Pre- Incentive Fee Net Return during Incentive Fee Look- back Period of $150.0 million ($120.0 million plus $30.0 million) less $16.0 million of cumulative incentive fees paid) | | | Incentive fees of $14.0 million paid; no incentive fees deferred | |
|
Year 3
|
| | $8.0 million ($40.0 million multiplied by 20%) | | | None (20% of cumulative net capital gains of $25.0 million ($30.0 million in cumulative realized gains less $5.0 million in cumulative unrealized capital depreciation) less $6.0 million of capital gains fee paid in Year 2) | | | $7.0 million (20% of Cumulative Pre- incentive Fee Net Return during Incentive Fee Look- back Period of $145.0 million ($120.0 million plus $25.0 million) less $22.0 million of cumulative incentive fees paid) | | | Incentive fees of $7.0 million paid; $8.0 million of incentive fees accrued but payment restricted to $7.0 million by the Incentive Fee Cap; $1.0 million of incentive fees deferred | |
|
Year 4
|
| | $8.0 million ($40.0 million multiplied by 20%) | | | $0.2 million (20% of cumulative net capital gains of $31.0 million ($36.0 million cumulative realized capital gains less $5.0 million cumulative unrealized capital depreciation) less $6.0 million of capital gains fee paid in Year 2) | | | $9.2 million (20% of Cumulative Pre- Incentive Fee Net Return during Incentive Fee Look- back Period of $151.0 million ($120.0 million plus $31.0 million) less $21.0 million of cumulative incentive fees paid) | | | Incentive fees of $9.2 million paid ($8.2 million of incentive fees accrued in Year 4 plus $1.0 million of deferred incentive fees); no incentive fees deferred | |
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Assumed Return on Our Portfolio (Net of Expenses)
|
| |||||||||||||||||||||||||||
| | |
-10%
|
| |
-5%
|
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0%
|
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5%
|
| |
10%
|
| |||||||||||||||
Corresponding return to common stockholder assuming actual
asset coverage as of December 31, 2020 (180.2%)(1) |
| | | | (25.9)% | | | | | | (14.9)% | | | | | | (3.9)% | | | | | | 7.2% | | | | | | 18.2% | | |
Corresponding return to common stockholder assuming 200% asset coverage(2)
|
| | | | (23.6)% | | | | | | (13.8)% | | | | | | (4.0)% | | | | | | 5.8% | | | | | | 15.6% | | |
Corresponding return to common stockholder assuming 150% asset coverage(3)
|
| | | | (36.3)% | | | | | | (21.5)% | | | | | | (6.7)% | | | | | | 8.1% | | | | | | 22.9% | | |
| | | | | | | | |
Closing Sales Price
|
| |
Premium
(Discount) of High Sales Price to NAV(2) |
| |
(Discount) of
Low Sales Price to NAV(2) |
| |
Distributions
Declared Per Share(3) |
| ||||||||||||||||||
Period
|
| |
NAV(1)
|
| |
High
|
| |
Low
|
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Fiscal year ending December 31, 2021
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Quarter (through March 2, 2021)
|
| | | | * | | | | | $ | 14.79 | | | | | $ | 13.30 | | | | | | * | | | | | | * | | | | | $ | 0.355 | | |
Fiscal year ended December 31, 2020
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fourth Quarter
|
| | | $ | 15.22 | | | | | $ | 14.37 | | | | | $ | 9.90 | | | | | | (5.6)% | | | | | | (35.0)% | | | | | $ | 0.480 | | |
Third Quarter
|
| | | | 15.31 | | | | | | 10.98 | | | | | | 9.18 | | | | | | (28.3) | | | | | | (40.0) | | | | | | 0.355 | | |
Second Quarter
|
| | | | 14.61 | | | | | | 11.69 | | | | | | 6.15 | | | | | | (20.0) | | | | | | (57.9) | | | | | | 0.355 | | |
First Quarter
|
| | | | 13.86 | | | | | | 14.30 | | | | | | 6.08 | | | | | | (3.2) | | | | | | (56.1) | | | | | | 0.355 | | |
Fiscal year ended December 31, 2019
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fourth Quarter
|
| | | $ | 15.23 | | | | | $ | 14.35 | | | | | | 13.37 | | | | | | (5.8)% | | | | | | (12.2) | | | | | $ | 0.550 | | |
Third Quarter
|
| | | | 15.36 | | | | | | 14.27 | | | | | | 12.77 | | | | | | (7.1) | | | | | | (16.8) | | | | | | 0.355 | | |
Second Quarter
|
| | | | 15.38 | | | | | | 14.68 | | | | | | 13.75 | | | | | | (4.5) | | | | | | (10.6) | | | | | | 0.355 | | |
First Quarter
|
| | | | 15.33 | | | | | | 14.66 | | | | | | 12.90 | | | | | | (4.4) | | | | | | (15.9) | | | | | | 0.355 | | |
| Stockholder transaction expenses: | | | | | | | |
|
Sales load (as a percentage of offering price)
|
| | | | —%(1) | | |
|
Offering expenses (as a percentage of offering price)
|
| | | | —%(2) | | |
|
Distribution reinvestment plan fees (per sales transaction fee)
|
| | | $ |
15 Transaction Fee(3) |
| |
|
Total stockholder transaction expenses (as a percentage of offering price)
|
| | | | —% | | |
| Annual expenses (as a percentage of net assets attributable to common stock): | | | | | | | |
|
Base management fees
|
| | | | 3.98%(4) | | |
|
Incentive fees payable under Investment Advisory Agreement (20% of Pre-Incentive Fee Net
Investment Income and 20% of realized capital gains) |
| | | | 2.42%(5) | | |
|
Interest payments on borrowed funds
|
| | | | 4.19%(6) | | |
|
Acquired fund fees and expenses
|
| | | | 2.51%(7)(8) | | |
|
Other expenses
|
| | | | 1.38%(9) | | |
|
Total annual expenses
|
| | | | 14.48% | | |
Stockholders would pay the following expenses on a $1,000 common stock investment:
|
| |
1 year
|
| |
3 years
|
| |
5 years
|
| |
10 years
|
| ||||||||||||
Assuming a 5% annual return (none of which is subject to the incentive fee)
|
| | | $ | 116 | | | | | $ | 325 | | | | | $ | 505 | | | | | $ | 855 | | |
Stockholders would pay the following expenses on a $1,000 common stock investment:
|
| |
1 year
|
| |
3 years
|
| |
5 years
|
| |
10 years
|
| ||||||||||||
Assuming a 5% annual return resulting entirely from net realized capital gains (which is subject to the incentive fee based on capital gains)
|
| | | $ | 126 | | | | | $ | 353 | | | | | $ | 549 | | | | | $ | 929 | | |
| | |
As of and for the years ended December 31,
|
| |||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |
2017
|
| |
2016
|
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| | | | | | | | |
(In thousands, except per share data)
|
| |||||||||||||||||||||
Statement of Operations Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment income
|
| | | $ | 61,699 | | | | | $ | 67,073 | | | | | $ | 63,246 | | | | | $ | 54,804 | | | | | $ | 53,849 | | |
Base management fees, net of fees waived
|
| | | | 12,464 | | | | | | 10,903 | | | | | | 10,241 | | | | | | 9,508 | | | | | | 8,990 | | |
Performance-based incentive fees
|
| | | | 7,619 | | | | | | 7,710 | | | | | | 12,134 | | | | | | 6,553 | | | | | | 6,755 | | |
All other expenses
|
| | | | 16,717 | | | | | | 16,451 | | | | | | 14,929 | | | | | | 12,531 | | | | | | 11,093 | | |
Net investment income before excise tax
|
| | | | 24,899 | | | | | | 32,009 | | | | | | 25,942 | | | | | | 26,212 | | | | | | 27,011 | | |
Excise tax
|
| | | | 742 | | | | | | 813 | | | | | | 942 | | | | | | — | | | | | | — | | |
Net investment income after excise tax
|
| | | | 24,157 | | | | | | 31,196 | | | | | | 25,000 | | | | | | 26,212 | | | | | | 27,011 | | |
Net realized gains (losses) on investments and foreign currency transactions
|
| | | | 4,163 | | | | | | (408) | | | | | | 32,734 | | | | | | 108 | | | | | | (478) | | |
Net change in unrealized appreciation (depreciation) on investments and foreign currency translation
|
| | | | 3,365 | | | | | | 53 | | | | | | (433) | | | | | | 8,128 | | | | | | 4,796 | | |
Net increase in net assets resulting from operations
|
| | | | 31,685 | | | | | | 30,841 | | | | | | 57,301 | | | | | | 34,448 | | | | | | 31,329 | | |
Per share data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value
|
| | | | 15.23 | | | | | | 15.23 | | | | | | 15.35 | | | | | | 13.98 | | | | | | 13.63 | | |
Net investment income
|
| | | | 1.17 | | | | | | 1.52 | | | | | | 1.22 | | | | | | 1.36 | | | | | | 1.48 | | |
Net realized gains (losses) on investments and foreign currency transactions
|
| | | | 0.20 | | | | | | (0.02) | | | | | | 1.59 | | | | | | 0.01 | | | | | | (0.02) | | |
Net change in unrealized (depreciation) appreciation and foreign currency translation
|
| | | | 0.17 | | | | | | 0.00 | | | | | | (0.02) | | | | | | 0.40 | | | | | | 0.26 | | |
Net increase in net assets resulting from operations
|
| | | | 1.55 | | | | | | 1.50 | | | | | | 2.79 | | | | | | 1.77 | | | | | | 1.72 | | |
Per share distributions declared
|
| | | | 1.55 | | | | | | 1.62 | | | | | | 1.42 | | | | | | 1.42 | | | | | | 1.42 | | |
Dollar amount of distributions declared
|
| | | | 31,743 | | | | | | 33,182 | | | | | | 29,165 | | | | | | 27,573 | | | | | | 25,992 | | |
Balance Sheet data at period end: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments, at fair value
|
| | | | 690,735 | | | | | | 589,688 | | | | | | 469,564 | | | | | | 440,680 | | | | | | 411,714 | | |
Cash and cash equivalents
|
| | | | 8,062 | | | | | | 4,294 | | | | | | 24,148 | | | | | | 35,219 | | | | | | 17,036 | | |
Restricted cash and cash equivalents
|
| | | | 7,882 | | | | | | 23,252 | | | | | | 9,584 | | | | | | 3,717 | | | | | | 11,858 | | |
Other assets
|
| | | | 12,310 | | | | | | 13,990 | | | | | | 10,799 | | | | | | 5,915 | | | | | | 5,626 | | |
Total assets
|
| | | | 718,989 | | | | | | 631,224 | | | | | | 514,095 | | | | | | 485,531 | | | | | | 446,234 | | |
Total liabilities
|
| | | | 406,092 | | | | | | 318,269 | | | | | | 198,799 | | | | | | 198,579 | | | | | | 196,845 | | |
Total net assets
|
| | | | 312,897 | | | | | | 312,955 | | | | | | 315,296 | | | | | | 286,952 | | | | | | 249,389 | | |
Other data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average effective yield on income producing debt investments(1)
|
| | | | 9.9% | | | | | | 10.4% | | | | | | 11.9% | | | | | | 11.9% | | | | | | 11.8% | | |
Weighted average effective yield on total portfolio, including equities(1)
|
| | | | 9.4% | | | | | | 9.9% | | | | | | 11.8% | | | | | | 11.4% | | | | | | 11.1% | | |
Number of portfolio investments at period end
|
| | | | 99 | | | | | | 66 | | | | | | 53 | | | | | | 43 | | | | | | 37 | | |
Class and Year
|
| |
Total Amount
Outstanding(1) |
| |
Asset Coverage
per Unit(2) |
| |
Involuntary
Liquidating Preference per Unit(3) |
| |
Average
Market Value per Unit(4) |
| ||||||||||||
Credit Facility(5) | | | | | | | | | | | | | | | | | | | | | | | | | |
Fiscal 2020
|
| | | $ | 265,246 | | | | | $ | 1,813 | | | | | $ | — | | | | | | N/A | | |
Fiscal 2019
|
| | | | 238,917 | | | | | | 2,047 | | | | | | — | | | | | | N/A | | |
Fiscal 2018
|
| | | | 115,000 | | | | | | 2,792 | | | | | | — | | | | | | N/A | | |
Fiscal 2017
|
| | | | 155,000 | | | | | | 2,576 | | | | | | — | | | | | | N/A | | |
Fiscal 2016
|
| | | | 155,000 | | | | | | 2,368 | | | | | | — | | | | | | N/A | | |
Fiscal 2015
|
| | | | 102,000 | | | | | | 2,305 | | | | | | — | | | | | | N/A | | |
Fiscal 2014
|
| | | | 105,500 | | | | | | 2,183 | | | | | | — | | | | | | N/A | | |
Fiscal 2013
|
| | | | 25,000 | | | | | | 3,064 | | | | | | — | | | | | | N/A | | |
Fiscal 2012
|
| | | | 51,250 | | | | | | 2,622 | | | | | | — | | | | | | N/A | | |
2023 Private Notes | | | | | | | | | | | | | | | | | | | | | | | | | |
Fiscal 2020
|
| | | $ | 30,000 | | | | | $ | 1,813 | | | | | $ | — | | | | | | N/A | | |
Fiscal 2019
|
| | | | 30,000 | | | | | | 2,047 | | | | | | — | | | | | | N/A | | |
Fiscal 2018
|
| | | | 30,000 | | | | | | 2,792 | | | | | | — | | | | | | N/A | | |
2025 Private Notes | | | | | | | | | | | | | | | | | | | | | | | | | |
Fiscal 2020
|
| | | $ | 40,000 | | | | | $ | 1,813 | | | | | $ | — | | | | | | N/A | | |
2026 Private Notes | | | | | | | | | | | | | | | | | | | | | | | | | |
Fiscal 2020
|
| | | $ | 10,000 | | | | | $ | 1,813 | | | | | $ | — | | | | | | N/A | | |
2027 Private Notes | | | | | | | | | | | | | | | | | | | | | | | | | |
Fiscal 2020
|
| | | $ | 10,000 | | | | | $ | 1,813 | | | | | $ | — | | | | | | N/A | | |
2025 Public Notes | | | | | | | | | | | | | | | | | | | | | | | | | |
Fiscal 2020
|
| | | $ | 35,000 | | | | | $ | 1,813 | | | | | $ | — | | | | | | 1,029 | | |
Fiscal 2019
|
| | | | 35,000 | | | | | | 2,047 | | | | | | — | | | | | | 1,049 | | |
Fiscal 2018
|
| | | | 35,000 | | | | | | 2,792 | | | | | | — | | | | | | 982 | | |
2020 Notes(6) | | | | | | | | | | | | | | | | | | | | | | | | | |
Fiscal 2018
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | | N/A | | |
Fiscal 2017
|
| | | | 30,000 | | | | | | 2,576 | | | | | | — | | | | | | 1,026 | | |
Fiscal 2016
|
| | | | 30,000 | | | | | | 2,368 | | | | | | — | | | | | | 1,005 | | |
Fiscal 2015
|
| | | | 30,000 | | | | | | 2,305 | | | | | | — | | | | | | 1,010 | | |
Fiscal 2014
|
| | | | 30,000 | | | | | | 2,183 | | | | | | — | | | | | | 1,006 | | |
Fiscal 2013
|
| | | | 30,000 | | | | | | 3,064 | | | | | | — | | | | | | 982 | | |
Unsecured Term Loan(7) | | | | | | | | | | | | | | | | | | | | | | | | | |
Fiscal 2015
|
| | | $ | 55,000 | | | | | $ | 2,305 | | | | | $ | — | | | | | | N/A | | |
Fiscal 2014
|
| | | | 55,000 | | | | | | 2,183 | | | | | | — | | | | | | N/A | | |
Fiscal 2013
|
| | | | 55,000 | | | | | | 3,064 | | | | | | — | | | | | | N/A | | |
Fiscal 2012
|
| | | | 90,000 | | | | | | 2,622 | | | | | | — | | | | | | N/A | | |
| | |
December 31, 2020
|
| |
December 31, 2019
|
| ||||||
Total investments(1)
|
| | | $ | 174,552 | | | | | $ | 97,260 | | |
Weighted average effective yield on total portfolio(2)
|
| | | | 7.9% | | | | | | 8.5% | | |
Number of portfolio companies in STRS JV
|
| | | | 20 | | | | | | 10 | | |
Largest portfolio company investment(1)
|
| | | $ | 13,511 | | | | | $ | 13,657 | | |
Total of five largest portfolio company investments(1)
|
| | | $ | 60,252 | | | | | $ | 57,819 | | |
| | |
December 31, 2020
|
| |
December 31, 2019
|
| ||||||||||||||||||
| | |
Amortized Cost
|
| |
Fair Value
|
| |
Amortized Cost
|
| |
Fair Value
|
| ||||||||||||
First lien secured loans
|
| | | $ | 176,716 | | | | | $ | 174,552 | | | | | $ | 96,910 | | | | | $ | 97,260 | | |
Total
|
| | | $ | 176.716 | | | | | $ | 174,552 | | | | | $ | 96,910 | | | | | $ | 97,260 | | |
| | |
December 31, 2020
|
| |
December 31, 2019
|
| ||||||||||||||||||
Advertising
|
| | | $ | 9,256 | | | | | | 5.3% | | | | | $ | 8,672 | | | | | | 8.9% | | |
Building Products
|
| | | | 19,754 | | | | | | 11.3 | | | | | | — | | | | | | — | | |
Construction & Engineering
|
| | | | 19,815 | | | | | | 11.4 | | | | | | 10,132 | | | | | | 10.4 | | |
Data Processing & Outsourced Services
|
| | | | 11,130 | | | | | | 6.4 | | | | | | — | | | | | | — | | |
Diversified Support Services
|
| | | | 10,230 | | | | | | 5.9 | | | | | | 10,497 | | | | | | 10.8 | | |
Environmental & Facilities Services
|
| | | | 6,248 | | | | | | 3.6 | | | | | | — | | | | | | — | | |
Health Care Services
|
| | | | — | | | | | | — | | | | | | 13,482 | | | | | | 13.9 | | |
Human Resource & Employment Services
|
| | | | 11,549 | | | | | | 6.6 | | | | | | — | | | | | | — | | |
Industrial Machinery
|
| | | | 9,886 | | | | | | 5.7 | | | | | | 9,990 | | | | | | 10.3 | | |
Insurance Brokers
|
| | | | 7,838 | | | | | | 4.5 | | | | | | 10,051 | | | | | | 10.3 | | |
Internet & Direct Marketing Retail
|
| | | | 13,511 | | | | | | 7.7 | | | | | | 13,657 | | | | | | 14.1 | | |
Investment Banking & Brokerage
|
| | | | 11,076 | | | | | | 6.3 | | | | | | — | | | | | | — | | |
Packaged Foods & Meats
|
| | | | 24,577 | | | | | | 14.1 | | | | | | 7,688 | | | | | | 7.9 | | |
Personal Products
|
| | | | 4,232 | | | | | | 2.4 | | | | | | 4,781 | | | | | | 4.9 | | |
Systems Software
|
| | | | 8,110 | | | | | | 4.6 | | | | | | 8,310 | | | | | | 8.5 | | |
Technology Hardware, Storage & Peripherals
|
| | | | 7,340 | | | | | | 4.2 | | | | | | — | | | | | | — | | |
Total
|
| | | $ | 174,552 | | | | | | 100.0% | | | | | $ | 97,260 | | | | | | 100.0% | | |
| | |
December 31, 2020
|
| |
December 31, 2019
|
| ||||||||||||||||||
Investment Performance Rating
|
| |
Investments at
Fair Value |
| |
Percentage of
Total Portfolio |
| |
Investments at
Fair Value |
| |
Percentage of
Total Portfolio |
| ||||||||||||
| | |
(Dollars in
Millions) |
| | | | | | | |
(Dollars in
Millions) |
| | | | | | | ||||||
1
|
| | | $ | 153.3 | | | | | | 22.2% | | | | | $ | 13.4 | | | | | | 2.3% | | |
2
|
| | | | 422.1 | | | | | | 61.1 | | | | | | 491.4 | | | | | | 83.3 | | |
3
|
| | | | 103.7 | | | | | | 15.0 | | | | | | 77.2 | | | | | | 13.1 | | |
| | |
December 31, 2020
|
| |
December 31, 2019
|
| ||||||||||||||||||
Investment Performance Rating
|
| |
Investments at
Fair Value |
| |
Percentage of
Total Portfolio |
| |
Investments at
Fair Value |
| |
Percentage of
Total Portfolio |
| ||||||||||||
| | |
(Dollars in
Millions) |
| | | | | | | |
(Dollars in
Millions) |
| | | | | | | ||||||
4
|
| | | | 4.0 | | | | | | 0.6 | | | | | | — | | | | | | — | | |
5
|
| | | | 7.6 | | | | | | 1.1 | | | | | | 7.7 | | | | | | 1.3 | | |
Total Portfolio
|
| | | $ | 690.7 | | | | | | 100.0% | | | | | $ | 589.7 | | | | | | 100.0% | | |
|
| | |
Payments Due by Period
|
| |||||||||||||||||||||||||||
| | |
Total
|
| |
Less Than
1 Year |
| |
1 – 3 Years
|
| |
3 – 5 Years
|
| |
More Than
5 Years |
| |||||||||||||||
| | |
(Dollars in millions)
|
| |||||||||||||||||||||||||||
Credit Facility
|
| | | $ | 265.2 | | | | | $ | — | | | | | $ | — | | | | | $ | 265.2 | | | | | $ | — | | |
2023 Private Notes
|
| | | | 30.0 | | | | | | — | | | | | | — | | | | | | 30.0 | | | | | | — | | |
2025 Private Notes
|
| | | | 40.0 | | | | | | — | | | | | | — | | | | | | 40.0 | | | | | | — | | |
2026 Private Notes
|
| | | | 10.0 | | | | | | — | | | | | | — | | | | | | 10.0 | | | | | | —— | | |
2027 Private Notes
|
| | | | 10.0 | | | | | | — | | | | | | — | | | | | | — | | | | | | 10.0 | | |
2025 Public Notes
|
| | | | 35.0 | | | | | | — | | | | | | — | | | | | | — | | | | | | 35.0 | | |
Total contractual obligations
|
| | | $ | 390.2 | | | | | $ | — | | | | | $ | — | | | | | $ | 345.2 | | | | | $ | 45.0 | | |
Basis point Increase (Decrease)
|
| |
Increase (Decrease)
in Interest Income |
| |
Increase (Decrease)
in Interest Expense |
| |
Net Increase
(Decrease) |
| |||||||||
(100)
|
| | | $ | (616) | | | | | | (632) | | | | | | 16 | | |
100
|
| | | | 2,541 | | | | | | 2,652 | | | | | | (111) | | |
200
|
| | | | 9,207 | | | | | | 5,305 | | | | | | 3,902 | | |
300
|
| | | | 16,125 | | | | | | 7,957 | | | | | | 8,168 | | |
400
|
| | | | 23,043 | | | | | | 10,610 | | | | | | 12,433 | | |
500
|
| | | | 29,962 | | | | | | 13,262 | | | | | | 16,700 | | |
| | | | | 94 | | | |
| | | | | 96 | | | |
| | | | | 97 | | | |
| | | | | 98 | | | |
| | | | | 99 | | | |
| | | | | 108 | | | |
| | | | | 114 | | |
| | |
December 31,
2020 |
| |
December 31,
2019 |
| ||||||
Assets | | | | | | | | | | | | | |
Investments, at fair value | | | | | | | | | | | | | |
Non-controlled/non-affiliate company investments
|
| | | $ | 623,777 | | | | | $ | 546,744 | | |
Non-controlled affiliate company investments
|
| | | | 15,717 | | | | | | 9,651 | | |
Controlled affiliate company investments
|
| | | | 51,241 | | | | | | 33,293 | | |
Total investments, at fair value (amortized cost $695,429 and $597,725, respectively)
|
| | | | 690,735 | | | | | | 589,688 | | |
Cash and cash equivalents
|
| | | | 8,062 | | | | | | 4,294 | | |
Restricted cash and cash equivalents
|
| | | | 7,549 | | | | | | 23,252 | | |
Restricted foreign currency (cost of $319)
|
| | | | 333 | | | | | | — | | |
Interest and dividend receivable
|
| | | | 6,532 | | | | | | 6,010 | | |
Amounts receivable on unsettled investment transactions
|
| | | | 4,717 | | | | | | 360 | | |
Prepaid expenses and other receivables
|
| | | | 1,061 | | | | | | 7,620 | | |
Total assets
|
| | | $ | 718,989 | | | | | $ | 631,224 | | |
Liabilities | | | | | | | | | | | | | |
Debt
|
| | | $ | 384,880 | | | | | $ | 298,924 | | |
Distributions payable
|
| | | | 7,294 | | | | | | 7,294 | | |
Management fees payable
|
| | | | 3,354 | | | | | | 3,060 | | |
Incentive fees payable
|
| | | | 6,117 | | | | | | 5,230 | | |
Amounts payable on unsettled investment transactions
|
| | | | 497 | | | | | | — | | |
Interest payable
|
| | | | 1,870 | | | | | | 1,674 | | |
Accounts payable and accrued expenses
|
| | | | 1,708 | | | | | | 1,944 | | |
Advances received from unfunded credit facilities
|
| | | | 372 | | | | | | 143 | | |
Total liabilities
|
| | | | 406,092 | | | | | | 318,269 | | |
Commitments and contingencies (See Note 8) | | | | | | | | | | | | | |
Net assets | | | | | | | | | | | | | |
Common stock, 20,546,032 and 20,546,032 shares issued and outstanding, par
value $0.001 per share, respectively, and 100,000,000 shares authorized |
| | | | 21 | | | | | | 21 | | |
Paid-in capital in excess of par
|
| | | | 300,002 | | | | | | 300,744 | | |
Accumulated undistributed (overdistributed) earnings
|
| | | | 12,874 | | | | | | 12,190 | | |
Total net assets
|
| | | | 312,897 | | | | | | 312,955 | | |
Total liabilities and total net assets
|
| | | $ | 718,989 | | | | | $ | 631,224 | | |
Number of shares outstanding
|
| | | | 20,546,032 | | | | | | 20,546,032 | | |
Net asset value per share
|
| | | $ | 15.23 | | | | | $ | 15.23 | | |
| | |
Years ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Investment income | | | | | | | | | | | | | | | | | | | |
From non-controlled/non-affiliate company investments
|
| | | | | | | | | | | | | | | | | | |
Interest income
|
| | | $ | 54,039 | | | | | $ | 56,566 | | | | | $ | 56,208 | | |
Fee income
|
| | | | 1,988 | | | | | | 8,398 | | | | | | 4,906 | | |
Dividend income
|
| | | | 133 | | | | | | — | | | | | | — | | |
From non-controlled affiliate company investments | | | | | | | | | | | | | | | | | | | |
Dividend income
|
| | | | 1,183 | | | | | | 1,173 | | | | | | 2,132 | | |
From controlled affiliate company investments | | | | | | | | | | | | | | | | | | | |
Interest income
|
| | | | 2,595 | | | | | | 936 | | | | | | — | | |
Dividend income
|
| | | | 1,761 | | | | | | — | | | | | | — | | |
Total investment income
|
| | | | 61,699 | | | | | | 67,073 | | | | | | 63,246 | | |
Expenses | | | | | | | | | | | | | | | | | | | |
Interest expense
|
| | | | 13,125 | | | | | | 13,468 | | | | | | 11,599 | | |
Base management fees
|
| | | | 12,464 | | | | | | 11,300 | | | | | | 10,511 | | |
Performance-based incentive fees
|
| | | | 7,619 | | | | | | 7,710 | | | | | | 12,134 | | |
Administrative service fees
|
| | | | 683 | | | | | | 646 | | | | | | 684 | | |
General and administrative expenses
|
| | | | 2,909 | | | | | | 2,337 | | | | | | 2,646 | | |
Total expenses, before fees waived
|
| | | | 36,800 | | | | | | 35,461 | | | | | | 37,574 | | |
Base management fees waived
|
| | | | — | | | | | | (397) | | | | | | (270) | | |
Total expenses, net of fees waived
|
| | | | 36,800 | | | | | | 35,064 | | | | | | 37,304 | | |
Net investment income before excise tax
|
| | | | 24,899 | | | | | | 32,009 | | | | | | 25,942 | | |
Excise tax
|
| | | | 742 | | | | | | 813 | | | | | | 942 | | |
Net investment income after excise tax
|
| | | | 24,157 | | | | | | 31,196 | | | | | | 25,000 | | |
Realized and unrealized gains (losses) on investments and foreign
currency transactions |
| | | | | | | | | | | | | | | | | | |
Net realized gains (losses)
|
| | | | | | | | | | | | | | | | | | |
Non-controlled/non-affiliate company investments
|
| | | | 4,118 | | | | | | (409) | | | | | | (216) | | |
Non-controlled affiliate company investments
|
| | | | — | | | | | | — | | | | | | 32,950 | | |
Foreign currency transactions
|
| | | | 70 | | | | | | 1 | | | | | | — | | |
Foreign currency forward contracts
|
| | | | (25) | | | | | | — | | | | | | — | | |
Net realized gains (losses)
|
| | | | 4,163 | | | | | | (408) | | | | | | 32,734 | | |
Net change in unrealized appreciation (depreciation)
|
| | | | | | | | | | | | | | | | | | |
Non-controlled/non-affiliate company investments
|
| | | | 4,685 | | | | | | 388 | | | | | | (5,136) | | |
Non-controlled affiliate company investments
|
| | | | (878) | | | | | | (514) | | | | | | 4,703 | | |
Controlled affiliate company investments
|
| | | | (464) | | | | | | 363 | | | | | | — | | |
Translation of assets and liabilities in foreign currencies
|
| | | | 22 | | | | | | (184) | | | | | | — | | |
Net change in unrealized appreciation (depreciation)
|
| | | | 3,365 | | | | | | 53 | | | | | | (433) | | |
Net realized and unrealized gains (losses) on investments and foreign currency transactions
|
| | | | 7,528 | | | | | | (355) | | | | | | 32,301 | | |
Net increase in net assets resulting from operations
|
| | | $ | 31,685 | | | | | $ | 30,841 | | | | | $ | 57,301 | | |
Per Common Share Data | | | | | | | | | | | | | | | | | | | |
Basic and diluted earnings per common share
|
| | | $ | 1.55 | | | | | $ | 1.50 | | | | | $ | 2.79 | | |
Dividends and distributions declared per common share
|
| | | $ | 1.55 | | | | | $ | 1.62 | | | | | $ | 1.42 | | |
Basic and diluted weighted average common shares outstanding
|
| | | | 20,546,032 | | | | | | 20,546,032 | | | | | | 20,538,971 | | |
| | |
Common Stock
|
| |
Paid-in
Capital in Excess of Par |
| |
Accumulated
Undistributed (Overdistributed) Earnings |
| |
Total Net
Assets |
| ||||||||||||||||||
| | |
Shares
|
| |
Par
amount |
| ||||||||||||||||||||||||
Balance at December 31, 2017
|
| | | | 20,531,948 | | | | | $ | 20 | | | | | $ | 302,292 | | | | | $ | (15,360) | | | | | $ | 286,952 | | |
Stock issued in connection with distribution reinvestment plan
|
| | | | 14,084 | | | | | | 1 | | | | | | 207 | | | | | | — | | | | | | 208 | | |
Net increase in net assets resulting from operations:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income after excise tax
|
| | | | — | | | | | | — | | | | | | — | | | | | | 25,000 | | | | | | 25,000 | | |
Net realized gains (losses) on investments
|
| | | | — | | | | | | — | | | | | | — | | | | | | 32,734 | | | | | | 32,734 | | |
Net change in unrealized appreciation (depreciation) on investments
|
| | | | — | | | | | | — | | | | | | — | | | | | | (433) | | | | | | (433) | | |
Distributions declared
|
| | | | — | | | | | | — | | | | | | — | | | | | | (29,165) | | | | | | (29,165) | | |
Tax reclassification of stockholders’ equity
|
| | | | — | | | | | | — | | | | | | (942) | | | | | | 942 | | | | | | — | | |
Balance at December 31, 2018
|
| | | | 20,546,032 | | | | | | 21 | | | | | | 301,557 | | | | | | 13,718 | | | | | | 315,296 | | |
Net increase in net assets resulting from operations:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income after excise tax
|
| | | | — | | | | | | — | | | | | | — | | | | | | 31,196 | | | | | | 31,196 | | |
Net realized gains (losses) on investments
|
| | | | — | | | | | | — | | | | | | — | | | | | | (408) | | | | | | (408) | | |
Net change in unrealized appreciation (depreciation) on investments
|
| | | | — | | | | | | — | | | | | | — | | | | | | 53 | | | | | | 53 | | |
Distributions declared
|
| | | | — | | | | | | — | | | | | | — | | | | | | (33,182) | | | | | | (33,182) | | |
Tax reclassification of stockholders’ equity
|
| | | | — | | | | | | — | | | | | | (813) | | | | | | 813 | | | | | | — | | |
Balance at December 31, 2019
|
| | | | 20,546,032 | | | | | $ | 21 | | | | | | 300,744 | | | | | | 12,190 | | | | | | 312,955 | | |
Net increase in net assets resulting from operations:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income after excise tax
|
| | | | — | | | | | | — | | | | | | — | | | | | | 24,157 | | | | | | 24,157 | | |
Net realized gains (losses) on investments and foreign currency transactions
|
| | | | — | | | | | | — | | | | | | — | | | | | | 4,163 | | | | | | 4,163 | | |
Net change in unrealized appreciation (depreciation) on investments and translation of assets and liabilities in foreign
currencies |
| | | | — | | | | | | — | | | | | | — | | | | | | 3,365 | | | | | | 3,365 | | |
Distributions declared
|
| | | | — | | | | | | — | | | | | | — | | | | | | (31,743) | | | | | | (31,743) | | |
Tax reclassification of stockholders’ equity
|
| | | | — | | | | | | — | | | | | | (742) | | | | | | 742 | | | | | | — | | |
Balance at December 31, 2020
|
| | | | 20,546,032 | | | | | $ | 21 | | | | | | 300,002 | | | | | | 12,874 | | | | | | 312,897 | | |
| | |
Years ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Cash flows from operating activities | | | | | | | | | | | | | | | | | | | |
Net increase in net assets resulting from operations
|
| | | $ | 31,685 | | | | | $ | 30,841 | | | | | $ | 57,301 | | |
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities: | | | | | | | | | | | | | | | | | | | |
Paid-in-kind income
|
| | | | (1,210) | | | | | | (2,141) | | | | | | (584) | | |
Net realized (gains) losses on investments
|
| | | | (4,118) | | | | | | 408 | | | | | | (32,734) | | |
Net unrealized (appreciation) depreciation on investments
|
| | | | (3,343) | | | | | | (237) | | | | | | 433 | | |
Net unrealized appreciation on translation of assets and liabilities in foreign currencies | | | | | (22) | | | | | | 184 | | | | | | — | | |
Accretion of discount
|
| | | | (3,434) | | | | | | (4,431) | | | | | | (4,740) | | |
Amortization of deferred financing costs
|
| | | | 1,055 | | | | | | 998 | | | | | | 1,155 | | |
Acquisition of investments
|
| | | | (302,729) | | | | | | (360,070) | | | | | | (277,035) | | |
Acquisition of interests in STRS JV
|
| | | | — | | | | | | (3,090) | | | | | | — | | |
Proceeds from principal payments and sales of portfolio investments
|
| | | | 133,419 | | | | | | 191,870 | | | | | | 285,776 | | |
Proceeds from sales of portfolio investments to STRS JV
|
| | | | 80,369 | | | | | | 57,568 | | | | | | — | | |
Net changes in operating assets and liabilities: | | | | | | | | | | | | | | | | | | | |
Interest and dividend receivable
|
| | | | (522) | | | | | | (402) | | | | | | (661) | | |
Prepaid expenses and other receivables
|
| | | | 6,560 | | | | | | (7,045) | | | | | | (390) | | |
Amounts receivable on unsettled investment transactions
|
| | | | (4,357) | | | | | | 4,255 | | | | | | (3,833) | | |
Amounts payable on unsettled investment transactions
|
| | | | 497 | | | | | | (445) | | | | | | 445 | | |
Management fees payable
|
| | | | 294 | | | | | | 515 | | | | | | 168 | | |
Incentive fees payable
|
| | | | 887 | | | | | | (3,418) | | | | | | 3,177 | | |
Accounts payable and accrued expenses
|
| | | | (52) | | | | | | (563) | | | | | | 1,621 | | |
Interest payable
|
| | | | 196 | | | | | | 112 | | | | | | 1,035 | | |
Advances received from unfunded credit facilities
|
| | | | 229 | | | | | | 113 | | | | | | (62) | | |
Net cash provided by (used in) operating activities
|
| | | | (64,596) | | | | | | (94,978) | | | | | | 31,072 | | |
Cash flows from financing activities | | | | | | | | | | | | | | | | | | | |
Proceeds from notes issued
|
| | | | 60,000 | | | | | | — | | | | | | 65,000 | | |
Borrowings
|
| | | | 236,045 | | | | | | 176,017 | | | | | | 100,400 | | |
Repayments of debt
|
| | | | (209,895) | | | | | | (52,100) | | | | | | (170,400) | | |
Deferred financing costs
|
| | | | (1,427) | | | | | | (1,943) | | | | | | (2,324) | | |
Distributions paid to common stockholders, net of distributions reinvested
|
| | | | (31,743) | | | | | | (33,182) | | | | | | (28,952) | | |
Net cash provided by (used in) financing activities
|
| | | | 52,980 | | | | | | 88,792 | | | | | | (36,276) | | |
Effect of exchange rate changes on cash
|
| | | | 14 | | | | | | — | | | | | | — | | |
Net change in cash, cash equivalents and restricted cash
|
| | | | (11,602) | | | | | | (6,186) | | | | | | (5,204) | | |
Cash, cash equivalents and restricted cash at beginning of year
|
| | | | 27,546 | | | | | | 33,732 | | | | | | 38,936 | | |
Cash, cash equivalents and restricted cash at end of year
|
| | | $ | 15,944 | | | | | $ | 27,546 | | | | | $ | 33,732 | | |
Supplemental disclosure of cash flow information: | | | | | | | | | | | | | | | | | | | |
Interest paid
|
| | | $ | 11,888 | | | | | $ | 12,358 | | | | | $ | 9,409 | | |
Taxes, including excise tax, paid during the year
|
| | | | 833 | | | | | | 942 | | | | | | — | | |
Supplemental noncash disclosures: | | | | | | | | | | | | | | | | | | | |
Distributions declared
|
| | | $ | 31,743 | | | | | $ | 33,182 | | | | | $ | 29,165 | | |
Distributions reinvested
|
| | | | — | | | | | | — | | | | | | 208 | | |
Non-cash exchanges of investments
|
| | | $ | 28,103 | | | | | | 29,840 | | | | | | — | | |
| | |
December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Cash and cash equivalents
|
| | | $ | 8,062 | | | | | $ | 4,294 | | | | | $ | 24,148 | | |
Restricted cash and restricted foreign currency
|
| | | | 7,882 | | | | | | 23,252 | | | | | | 9,584 | | |
Total cash, cash equivalents and restricted cash presented in consolidated statements of cash flows
|
| | | $ | 15,944 | | | | | $ | 27,546 | | | | | $ | 33,732 | | |
Investment Type(1)
|
| |
Spread
Above Index(2) |
| |
Interest
Rate(3) |
| |
Acquisition
Date(10) |
| |
Maturity
Date |
| |
Principal/
Share Amount |
| |
Amortized
Cost |
| |
Fair
Value(11) |
| |
Fair Value
As A Percentage of Net Assets |
| ||||||||||||||||||
North America | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Debt Investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Advertising | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fluent, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 7.00%
(0.50% Floor) |
| |
7.50%
|
| | | | 03/26/18 | | | | | | 03/27/23 | | | | | | 7,453 | | | | | $ | 7,453 | | | | | $ | 7,453 | | | | | | 2.38% | | |
SmartSign Holdings LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 7.50%
(1.00% Floor) |
| |
8.50%
|
| | | | 08/21/20 | | | | | | 10/11/24 | | | | | | 7,744 | | | | | | 7,603 | | | | | | 7,706 | | | | | | 2.46 | | |
| | | | | | | | | | | | | | | | | | | | | | | 15,197 | | | | | | 15,056 | | | | | | 15,159 | | | | | | 4.84 | | |
Agricultural & Farm Machinery | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Bad Boy Mowers Acquisition, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 5.75%
(1.00% Floor) |
| |
6.75%
|
| | | | 12/19/19 | | | | | | 12/06/25 | | | | | | 9,294 | | | | | | 9,062 | | | | | | 9,201 | | | | | | 2.94 | | |
Air Freight & Logistics | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Access USA Shipping, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 8.00%
(1.50% Floor) |
| |
9.50%
|
| | | | 02/08/19 | | | | | | 02/08/24 | | | | | | 5,359 | | | | | | 5,309 | | | | | | 5,359 | | | | | | 1.71 | | |
Application Software | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Connexity, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 8.50%
(1.50% Floor) |
| |
10.00%
|
| | | | 05/21/20 | | | | | | 05/21/25 | | | | | | 10,863 | | | | | | 10,577 | | | | | | 10,863 | | | | | | 3.47 | | |
Newscycle Solutions, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 7.00%
(1.00% Floor) |
| |
8.00%
|
| | | | 06/14/19 | | | | | | 12/29/22 | | | | | | 3,245 | | | | | | 3,209 | | | | | | 3,194 | | | | | | 1.02 | | |
First Lien Secured Revolving Loan(7)
|
| |
L+ 7.00%
(1.00% Floor) |
| |
8.00%
|
| | | | 06/14/19 | | | | | | 12/29/22 | | | | | | 181 | | | | | | 179 | | | | | | 177 | | | | | | 0.06 | | |
TaxSlayer LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 6.50%
(1.00% Floor) |
| |
7.50%
|
| | | | 12/31/20 | | | | | | 12/31/26 | | | | | | 14,452 | | | | | | 14,163 | | | | | | 14,163 | | | | | | 4.53 | | |
First Lien Secured Revolving Loan(7)
|
| |
L+ 6.50%
(1.00% Floor) |
| |
7.50%
|
| | | | 12/31/20 | | | | | | 12/31/26 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | 28,741 | | | | | | 28,128 | | | | | | 28,397 | | | | | | 9.08 | | |
Automotive Retail | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Team Car Care Holdings, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan(12)
|
| |
Base rate+ 8.00%
(1.00% Floor) |
| |
9.00%
|
| | | | 02/26/18 | | | | | | 02/23/23 | | | | | | 16,168 | | | | | | 16,011 | | | | | | 15,820 | | | | | | 5.06 | | |
BW Gas & Convenience Holdings, LLC
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 6.25%
(0.00% Floor) |
| |
6.40%
|
| | | | 11/15/19 | | | | | | 11/18/24 | | | | | | 6,319 | | | | | | 6,121 | | | | | | 6,319 | | | | | | 2.02 | | |
| | | | | | | | | | | | | | | | | | | | | | | 22,487 | | | | | | 22,132 | | | | | | 22,139 | | | | | | 7.08 | | |
Broadcasting | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Alpha Media, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
P+7.50%
(2.00% Floor) |
| |
10.75%
|
| | | | 08/14/18 | | | | | | 02/25/22 | | | | | | 5,075 | | | | | | 5,022 | | | | | | 4,844 | | | | | | 1.55 | | |
Building Products | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Drew Foam Companies Inc | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 6.50%
(1.00% Floor) |
| |
7.50%
|
| | | | 12/15/20 | | | | | | 11/24/25 | | | | | | 10,078 | | | | | | 9,878 | | | | | | 9,879 | | | | | | 3.16 | | |
First Lien Secured Revolving Loan(7)
|
| |
L+ 6.50%
(1.00% Floor) |
| |
7.50%
|
| | | | 12/15/20 | | | | | | 11/05/25 | | | | | | 332 | | | | | | 325 | | | | | | 325 | | | | | | 0.10 | | |
LHS Borrower, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 6.75%
(1.00% Floor) |
| |
7.75%
|
| | | | 09/30/20 | | | | | | 09/30/25 | | | | | | 9,689 | | | | | | 9,483 | | | | | | 9,543 | | | | | | 3.05 | | |
First Lien Secured Revolving
Loan (7) |
| |
L+ 6.75%
(1.00% Floor) |
| |
7.75%
|
| | | | 09/30/20 | | | | | | 09/30/25 | | | | | | — | | | | | | — | | | | | | 4 | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | 20,099 | | | | | | 19,686 | | | | | | 19,751 | | | | | | 6.31 | | |
Investment Type(1)
|
| |
Spread
Above Index(2) |
| |
Interest
Rate(3) |
| |
Acquisition
Date(10) |
| |
Maturity
Date |
| |
Principal/
Share Amount |
| |
Amortized
Cost |
| |
Fair
Value(11) |
| |
Fair Value
As A Percentage of Net Assets |
| ||||||||||||||||||
Cable & Satellite | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Bulk Midco, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan(15)
|
| |
L+ 7.19%
(1.00% Floor) |
| |
8.19%
|
| | | | 06/08/18 | | | | | | 06/08/23 | | | | | | 15,000 | | | | | $ | 14,890 | | | | | $ | 14,250 | | | | | | 4.55% | | |
Communications Equipment | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ribbon Communications Operating Company, Inc.
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan(5)
|
| |
L+ 7.50%
(0.00% Floor) |
| |
7.65%
|
| | | | 08/14/20 | | | | | | 03/03/26 | | | | | | 12,438 | | | | | | 12,002 | | | | | | 12,313 | | | | | | 3.94% | | |
Sorenson Communications, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 6.50%
(0.00% Floor) |
| |
6.75%
|
| | | | 03/15/19 | | | | | | 04/29/24 | | | | | | 3,462 | | | | | | 3,393 | | | | | | 3,457 | | | | | | 1.10 | | |
| | | | | | | | | | | | | | | | | | | | | | | 15,900 | | | | | | 15,395 | | | | | | 15,770 | | | | | | 5.04 | | |
Construction & Engineering | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Atlas Intermediate Holdings LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 6.25%
(1.00% Floor) |
| |
7.25%
|
| | | | 05/26/20 | | | | | | 02/13/26 | | | | | | 15,073 | | | | | | 14,259 | | | | | | 14,922 | | | | | | 4.77 | | |
Road Safety Services, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 6.00%
(1.00% Floor) |
| |
7.00%
|
| | | | 12/31/20 | | | | | | 09/18/23 | | | | | | 4,550 | | | | | | 4,459 | | | | | | 4,461 | | | | | | 1.43 | | |
First Lien Secured Revolving
Loan(7) |
| |
L+ 6.00%
(1.00% Floor) |
| |
7.00%
|
| | | | 12/31/20 | | | | | | 09/18/23 | | | | | | — | | | | | | — | | | | | | 17 | | | | | | 0.01 | | |
Tensar Corp. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 6.75%
(1.00% Floor) |
| |
7.75%
|
| | | | 11/20/20 | | | | | | 08/20/25 | | | | | | 7,000 | | | | | | 6,829 | | | | | | 6,829 | | | | | | 2.18 | | |
| | | | | | | | | | | | | | | | | | | | | | | 26,623 | | | | | | 25,547 | | | | | | 26,229 | | | | | | 8.39 | | |
Construction Materials | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Claridge Products and Equipment, LLC
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 6.50%
|
| |
7.50%
|
| | | | 12/30/20 | | | | | | 12/29/25 | | | | | | 8,000 | | | | | | 7,840 | | | | | | 7,840 | | | | | | 2.51 | | |
| | |
(1.00% Floor)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Revolving
Loan(7) |
| |
L+ 6.50%
(1.00% Floor) |
| |
7.50%
|
| | | | 12/30/20 | | | | | | 12/29/25 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | 8,000 | | | | | | 7,840 | | | | | | 7,840 | | | | | | 2.51 | | |
Consumer Finance | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Maxitransfers Blocker Corp | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 9.00%
(1.00% Floor) |
| |
10.00%
|
| | | | 10/07/20 | | | | | | 10/07/25 | | | | | | 8,869 | | | | | | 8,668 | | | | | | 8,668 | | | | | | 2.77 | | |
First Lien Secured Revolving Loan(4)
|
| |
L+ 9.00%
(1.00% Floor) |
| |
10.00%
|
| | | | 10/07/20 | | | | | | 10/07/25 | | | | | | 1,038 | | | | | | 1,014 | | | | | | 1,014 | | | | | | 0.32 | | |
| | | | | | | | | | | | | | | | | | | | | | | 9,907 | | | | | | 9,682 | | | | | | 9,682 | | | | | | 3.09 | | |
Data Processing & Outsourced Services
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Escalon Services Inc | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
P+12.50%
(0.75% Floor) |
| |
15.75%
(1.50% PIK) |
| | | | 12/04/20 | | | | | | 12/04/25 | | | | | | 8,000 | | | | | | 7,295 | | | | | | 7,763 | | | | | | 2.48 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
FPT Operating Company, LLC/ | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
TLabs Operating Company, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 8.25%
(1.00% Floor) |
| |
9.25%
(0.50% PIK) |
| | | | 12/23/16 | | | | | | 06/07/24 | | | | | | 24,467 | | | | | | 24,225 | | | | | | 23,460 | | | | | | 7.50 | | |
Geo Logic Systems Ltd.(5) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan(13)
|
| |
C +6.25%
(1.00% Floor) |
| |
7.25%
|
| | | | 12/19/19 | | | | | | 12/19/24 | | | | | | 6,709 | | | | | | 5,035 | | | | | | 5,164 | | | | | | 1.65 | | |
First Lien Secured Revolving Loan(7)(13)
|
| |
C +6.25%
(1.00% Floor) |
| |
7.25%
|
| | | | 12/19/19 | | | | | | 12/19/24 | | | | | | — | | | | | | — | | | | | | (2) | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | 39,176 | | | | | | 36,555 | | | | | | 36,385 | | | | | | 11.63 | | |
|
Investment Type(1)
|
| |
Spread
Above Index(2) |
| |
Interest
Rate(3) |
| |
Acquisition
Date(10) |
| |
Maturity
Date |
| |
Principal/
Share Amount |
| |
Amortized
Cost |
| |
Fair
Value(11) |
| |
Fair Value
As A Percentage of Net Assets |
| ||||||||||||||||||
Department Stores | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mills Fleet Farm Group, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 6.00%
(1.00% Floor) |
| |
7.00%
|
| | | | 10/24/18 | | | | | | 10/24/24 | | | | | | 13,543 | | | | | $ | 13,292 | | | | | $ | 13,272 | | | | | | 4.24% | | |
Distributors | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Crown Brands, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Second Lien Secured Term
Loan(20) |
| |
L+ 10.50%
(1.50% Floor) |
| |
12.00%
|
| | | | 12/15/20 | | | | | | 01/08/26 | | | | | | 4,526 | | | | | | 4,420 | | | | | | 3,621 | | | | | | 1.16 | | |
Second Lien Secured Delayed Draw Loan(20)
|
| |
L+ 10.50%
(1.50% Floor) |
| |
12.00%
|
| | | | 12/15/20 | | | | | | 01/08/26 | | | | | | 671 | | | | | | 671 | | | | | | 537 | | | | | | 0.17 | | |
| | | | | | | | | | | | | | | | | | | | | | | 5,197 | | | | | | 5,091 | | | | | | 4,158 | | | | | | 1.33 | | |
Diversified Chemicals | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sklar Holdings, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 6.00%
(1.00% Floor) |
| |
7.00%
|
| | | | 11/13/19 | | | | | | 05/13/23 | | | | | | 8,882 | | | | | | 8,718 | | | | | | 8,834 | | | | | | 2.82 | | |
Diversified Support Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
ImageOne Industries, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 10.00%
(1.00% Floor) |
| |
11.00%
(4.00% PIK) |
| | | | 01/11/18 | | | | | | 01/11/23 | | | | | | 6,564 | | | | | | 6,422 | | | | | | 6,564 | | | | | | 2.10 | | |
First Lien Secured Revolving Loan(4)(7)
|
| |
L+ 10.00%
(1.00% Floor) |
| |
11.00%
(4.00% PIK) |
| | | | 07/22/19 | | | | | | 12/12/22 | | | | | | 379 | | | | | | 379 | | | | | | 379 | | | | | | 0.12 | | |
NNA Services, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 7.00%
(1.50% Floor) |
| |
8.50%
|
| | | | 10/16/18 | | | | | | 10/16/23 | | | | | | 13,353 | | | | | | 13,178 | | | | | | 13,284 | | | | | | 4.25 | | |
| | | | | | | | | | | | | | | | | | | | | | | 20,296 | | | | | | 19,979 | | | | | | 20,227 | | | | | | 6.47 | | |
Education Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
EducationDynamics, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 7.75%
(1.00% Floor) |
| |
8.75%
|
| | | | 11/26/19 | | | | | | 11/26/24 | | | | | | 13,649 | | | | | | 13,428 | | | | | | 13,612 | | | | | | 4.35 | | |
Food Retail | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
AG Kings Holdings, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan(4)(8)
|
| |
P+ 11.00%
(0.75% Floor) |
| |
16.25%
(2.00% PIK) |
| | | | 8/10/16 | | | | | | 08/10/21 | | | | | | 21,755 | | | | | | 8,612 | | | | | | 7,600 | | | | | | 2.43 | | |
Superpriority Secured Debtor-In-Possession Term Loan(4)(18)
|
| |
L+ 10.00%
(1.00% Floor) |
| |
11.00%
|
| | | | 08/26/20 | | | | | | 02/08/21 | | | | | | 14,222 | | | | | | 5,663 | | | | | | 14,222 | | | | | | 4.55 | | |
| | | | | | | | | | | | | | | | | | | | | | | 35,977 | | | | | | 14,275 | | | | | | 21,822 | | | | | | 6.98 | | |
Health Care Facilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Epiphany Dermatology | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 7.50%
(1.00% Floor) |
| |
8.50%
|
| | | | 12/04/20 | | | | | | 12/01/25 | | | | | | 3,500 | | | | | | 3,414 | | | | | | 3,414 | | | | | | 1.09 | | |
First Lien Secured Revolving
Loan(7) |
| |
L+ 7.50%
(1.00% Floor) |
| |
8.50%
|
| | | | 12/04/20 | | | | | | 12/01/25 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
First Lien Secured Delayed Draw Loan(7)
|
| |
L+ 7.50%
(1.00% Floor) |
| |
8.50%
|
| | | | 12/04/20 | | | | | | 12/01/25 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Grupo HIMA San Pablo, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan A
|
| |
L+ 9.00%
|
| |
9.22%
|
| | | | 05/15/19 | | | | | | 04/30/19 | | | | | | 3,855 | | | | | | 3,855 | | | | | | 2,613 | | | | | | 0.84 | | |
First Lien Secured Term Loan B
|
| |
L+ 9.00%
(1.50% Floor) |
| |
10.50%
|
| | | | 02/01/13 | | | | | | 04/30/19 | | | | | | 13,511 | | | | | | 13,511 | | | | | | 9,161 | | | | | | 2.93 | | |
Second Lien Secured Term Loan(8)
|
| |
N/A
|
| |
15.75%
(2.00% PIK) |
| | | | 02/01/13 | | | | | | 07/31/18 | | | | | | 1,028 | | | | | | 1,024 | | | | | | — | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | 21,894 | | | | | | 21,804 | | | | | | 15,188 | | | | | | 4.86 | | |
Health Care Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CHS Therapy, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan A
|
| |
L+ 7.75%
(1.50% Floor) |
| |
9.25%
|
| | | | 06/14/19 | | | | | | 06/14/24 | | | | | | 7,422 | | | | | | 7,325 | | | | | | 7,422 | | | | | | 2.37 | | |
First Lien Secured Term Loan C
|
| |
L+ 7.75%
(1.50% Floor) |
| |
9.25%
|
| | | | 10/07/20 | | | | | | 06/14/24 | | | | | | 912 | | | | | | 895 | | | | | | 895 | | | | | | 0.29 | | |
Investment Type(1)
|
| |
Spread
Above Index(2) |
| |
Interest
Rate(3) |
| |
Acquisition
Date(10) |
| |
Maturity
Date |
| |
Principal/
Share Amount |
| |
Amortized
Cost |
| |
Fair
Value(11) |
| |
Fair Value
As A Percentage of Net Assets |
| ||||||||||||||||||
Ivy Rehab Holdings LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 6.75%
(1.00% Floor) |
| |
7.75%
|
| | | | 12/04/20 | | | | | | 12/04/24 | | | | | | 8,855 | | | | | $ | 8,682 | | | | | $ | 8,682 | | | | | | 2.77% | | |
First Lien Secured Revolving
Loan(7) |
| |
L+ 6.75%
(1.00% Floor) |
| |
7.75%
|
| | | | 12/04/20 | | | | | | 12/04/25 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
First Lien Secured Delayed Draw Loan(7)
|
| |
L+ 6.75%
(1.00% Floor) |
| |
7.75%
|
| | | | 12/04/20 | | | | | | 12/04/25 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Lab Logistics, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 7.25%
(1.00% Floor) |
| |
8.25%
|
| | | | 10/16/19 | | | | | | 11/19/25 | | | | | | 709 | | | | | | 693 | | | | | | 694 | | | | | | 0.22 | | |
First Lien Secured Delayed Draw Loan
|
| |
L+ 7.25%
(1.00% Floor) |
| |
8.25%
|
| | | | 10/16/19 | | | | | | 09/25/23 | | | | | | 5,236 | | | | | | 5,209 | | | | | | 5,236 | | | | | | 1.67 | | |
PG Dental New Jersey Parent, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 7.75%
(1.00% Floor) |
| |
8.75%
|
| | | | 11/25/20 | | | | | | 11/25/25 | | | | | | 16,170 | | | | | | 15,813 | | | | | | 15,814 | | | | | | 5.05 | | |
First Lien Secured Revolving
Loan (7) |
| |
L+ 7.75%
(1.00% Floor) |
| |
8.75%
|
| | | | 11/25/20 | | | | | | 11/25/25 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | 39,304 | | | | | | 38,617 | | | | | | 38,743 | | | | | | 12.37 | | |
Home Furnishings | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sure Fit Home Products, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan(8)
|
| |
L+ 9.75%
(1.00% Floor) |
| |
10.75%
|
| | | | 10/26/18 | | | | | | 07/13/22 | | | | | | 5,229 | | | | | | 5,111 | | | | | | 4,019 | | | | | | 1.28 | | |
Interactive Media & Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
What If Media Group, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 6.50%
(1.00% Floor) |
| |
7.50%
|
| | | | 10/02/19 | | | | | | 10/02/24 | | | | | | 12,594 | | | | | | 12,405 | | | | | | 12,594 | | | | | | 4.02 | | |
Internet & Direct Marketing Retail | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
BBQ Buyer, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 8.00%
(1.50% Floor) |
| |
9.50%
|
| | | | 08/28/20 | | | | | | 08/28/25 | | | | | | 10,669 | | | | | | 10,421 | | | | | | 10,563 | | | | | | 3.38 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Revolving
Loan(7) |
| |
L+ 8.00%
(1.50% Floor) |
| |
9.50%
|
| | | | 08/28/20 | | | | | | 02/28/21 | | | | | | — | | | | | | — | | | | | | 8 | | | | | | — | | |
Luxury Brand Holdings, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 7.00%
(1.00% Floor) |
| |
8.00%
|
| | | | 12/04/20 | | | | | | 06/04/26 | | | | | | 6,000 | | | | | | 5,882 | | | | | | 5,882 | | | | | | 1.88 | | |
Potpourri Group, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 8.25%
(1.50% Floor) |
| |
9.75%
|
| | | | 07/03/19 | | | | | | 07/03/24 | | | | | | 18,390 | | | | | | 18,099 | | | | | | 18,238 | | | | | | 5.83 | | |
| | | | | | | | | | | | | | | | | | | | | | | 35,059 | | | | | | 34,402 | | | | | | 34,691 | | | | | | 11.09 | | |
Investment Banking & brokerage | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
JVMC Holdings Corp. (f/k/a RJO Holdings Corp)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 7.25%
(1.00% Floor) |
| |
8.25%
|
| | | | 02/28/19 | | | | | | 02/28/24 | | | | | | 13,598 | | | | | | 13,512 | | | | | | 13,598 | | | | | | 4.35 | | |
IT Consulting & Other Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
AST-Applications Software Technology
LLC |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 8.00%
(1.00% Floor) |
| |
9.00%
(1.00% PIK) |
| | | | 01/10/17 | | | | | | 01/10/23 | | | | | | 4,019 | | | | | | 3,988 | | | | | | 4,019 | | | | | | 1.28 | | |
RCKC Acquisitions LLC
(dba KSM Consulting LLC) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 6.25%
(1.00% Floor) |
| |
7.25%
|
| | | | 12/31/20 | | | | | | 12/31/26 | | | | | | 11,378 | | | | | | 11,150 | | | | | | 11,150 | | | | | | 3.56 | | |
First Lien Secured Revolving
Loan(7) |
| |
L+ 6.25%
(1.00% Floor) |
| |
7.25%
|
| | | | 12/31/20 | | | | | | 12/31/26 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
First Lien Secured Delayed Draw Loan(7)
|
| |
L+ 6.25%
(1.00% Floor) |
| |
7.25%
|
| | | | 12/31/20 | | | | | | 12/31/22 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | 15,397 | | | | | | 15,138 | | | | | | 15,169 | | | | | | 4.84 | | |
|
Investment Type(1)
|
| |
Spread
Above Index(2) |
| |
Interest
Rate(3) |
| |
Acquisition
Date(10) |
| |
Maturity
Date |
| |
Principal/
Share Amount |
| |
Amortized
Cost |
| |
Fair
Value(11) |
| |
Fair Value
As A Percentage of Net Assets |
| ||||||||||||||||||
Leisure Facilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Honors Holdings, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan(16)
|
| |
L+ 7.97%
(1.00% Floor) |
| |
8.97%
(0.50% PIK) |
| | | | 09/06/19 | | | | | | 09/06/24 | | | | | | 9,427 | | | | | $ | 9,278 | | | | | $ | 8,296 | | | | | | 2.65% | | |
First Lien Secured Delayed Draw Loan(16)
|
| |
L+ 7.61%
(1.00% Floor) |
| |
8.61%
(0.50% PIK) |
| | | | 09/06/19 | | | | | | 09/06/24 | | | | | | 4,643 | | | | | | 4,597 | | | | | | 4,086 | | | | | | 1.31 | | |
Lift Brands, Inc. (aka Snap Fitness Holdings, Inc)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan A
|
| |
L+ 3.25%
(1.00% Floor) |
| |
4.25%
|
| | | | 06/29/20 | | | | | | 06/29/25 | | | | | | 5,659 | | | | | | 5,580 | | | | | | 5,569 | | | | | | 1.78 | | |
First Lien Secured Term Loan B
|
| |
N/A
|
| |
9.50%
(9.50% PIK) |
| | | | 06/29/20 | | | | | | 06/29/25 | | | | | | 1,164 | | | | | | 1,138 | | | | | | 1,133 | | | | | | 0.36 | | |
First Lien Secured Term Loan C(9)
|
| |
N/A
|
| |
9.50%
(9.50% PIK) |
| | | | 06/29/20 | | | | | | NA | | | | | | 1,268 | | | | | | 1,265 | | | | | | 1,265 | | | | | | 0.40 | | |
| | | | | | | | | | | | | | | | | | | | | | | 22,161 | | | | | | 21,858 | | | | | | 20,349 | | | | | | 6.50 | | |
Office Services & Supplies | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Empire Office, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 6.75%
(1.50% Floor) |
| |
8.25%
|
| | | | 04/12/19 | | | | | | 04/12/24 | | | | | | 10,736 | | | | | | 10,595 | | | | | | 10,489 | | | | | | 3.35 | | |
Packaged Foods & Meats | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Lenny & Larry's, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan(17)
|
| |
L+ 7.94%
(1.00% Floor) |
| |
8.94%
(1.17% PIK) |
| | | | 05/15/18 | | | | | | 05/15/23 | | | | | | 11,304 | | | | | | 11,200 | | | | | | 10,811 | | | | | | 3.46 | | |
Personal Products | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Inspired Beauty Brands, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 7.00%
(1.00% Floor) |
| |
8.00%
|
| | | | 12/30/20 | | | | | | 12/31/25 | | | | | | 11,500 | | | | | | 11,270 | | | | | | 11,270 | | | | | | 3.60 | | |
First Lien Secured Revolving
Loan(7) |
| |
L+ 7.00%
(1.00% Floor) |
| |
8.00%
|
| | | | 12/30/20 | | | | | | 12/31/25 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | 11,500 | | | | | | 11,270 | | | | | | 11,270 | | | | | | 3.60 | | |
Property & Casualty Insurance | | | | | | | | | | ||||||||||||||||||||||||||||||||||
Policy Services Company, LLC(5) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 6.00%
(1.00% Floor) |
| |
7.00%
|
| | | | 03/06/20 | | | | | | 05/31/24 | | | | | | 6,240 | | | | | | 5,987 | | | | | | 6,115 | | | | | | 1.95 | | |
Research & Consulting Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Comniscient Technologies LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 7.50%
(1.00% Floor) |
| |
8.50%
|
| | | | 10/13/20 | | | | | | 10/13/25 | | | | | | 6,962 | | | | | | 6,830 | | | | | | 6,830 | | | | | | 2.18 | | |
First Lien Secured Revolving
Loan(7) |
| |
L+ 7.50%
(1.00% Floor) |
| |
8.50%
|
| | | | 10/13/20 | | | | | | 10/13/25 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Nelson Worldwide, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 9.25%
(1.00% Floor) |
| |
10.25%
|
| | | | 01/09/18 | | | | | | 01/09/23 | | | | | | 11,593 | | | | | | 11,477 | | | | | | 11,362 | | | | | | 3.63 | | |
ALM Media, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 6.50%
(1.00% Floor) |
| |
7.50%
|
| | | | 11/25/19 | | | | | | 11/25/24 | | | | | | 14,962 | | | | | | 14,728 | | | | | | 14,439 | | | | | | 4.61 | | |
| | | | | | | | | | | | | | | | | | | | | | | 33,517 | | | | | | 33,035 | | | | | | 32,631 | | | | | | 10.42 | | |
Restaurants | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
LS GFG Holdings Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 7.00%
(1.00% Floor) |
| |
8.00%
(1.00% PIK) |
| | | | 11/30/18 | | | | | | 11/19/25 | | | | | | 11,240 | | | | | | 10,442 | | | | | | 9,779 | | | | | | 3.13 | | |
Specialized Consumer Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
True Blue Car Wash, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 7.12%
(1.00% Floor) |
| |
8.12%
|
| | | | 10/17/19 | | | | | | 10/17/24 | | | | | | 4,349 | | | | | | 4,283 | | | | | | 4,349 | | | | | | 1.39 | | |
First Lien Secured Delayed Draw Loan
|
| |
L+ 7.12%
(1.00% Floor) |
| |
8.12%
|
| | | | 10/17/19 | | | | | | 10/17/24 | | | | | | 2,014 | | | | | | 1,997 | | | | | | 2,014 | | | | | | 0.64 | | |
| | | | | | | | | | | | | | | | | | | | | | | 6,363 | | | | | | 6,280 | | | | | | 6,363 | | | | | | 2.03 | | |
|
Investment Type(1)
|
| |
Spread
Above Index(2) |
| |
Interest
Rate(3) |
| |
Acquisition
Date(10) |
| |
Maturity
Date |
| |
Principal/
Share Amount |
| |
Amortized
Cost |
| |
Fair
Value(11) |
| |
Fair Value
As A Percentage of Net Assets |
| ||||||||||||||||||
Specialized Finance | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Golden Pear Funding Assetco,
LLC(5) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Second Lien Secured Term Loan
|
| |
L+ 10.50%
(1.00% Floor) |
| |
11.50%
|
| | | | 09/20/18 | | | | | | 03/20/24 | | | | | | 10,938 | | | | | $ | 10,810 | | | | | $ | 10,938 | | | | | | 3.50% | | |
Oasis Legal Finance, LLC(5) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Second Lien Secured Term Loan
|
| |
L+ 10.75%
(1.00% Floor) |
| |
11.75%
|
| | | | 09/09/16 | | | | | | 03/09/22 | | | | | | 12,500 | | | | | | 12,446 | | | | | | 12,500 | | | | | | 3.99 | | |
WHF STRS Ohio Senior Loan Fund LLC
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Subordinated Note(4)(5)(7)(9)(14)
|
| |
L+ 6.50%
|
| |
6.65%
|
| | | | 07/19/19 | | | | | | N/A | | | | | | 41,073 | | | | | | 41,073 | | | | | | 41,073 | | | | | | 13.13 | | |
| | | | | | | | | | | | | | | | | | | | | | | 64,511 | | | | | | 64,329 | | | | | | 64,511 | | | | | | 20.62 | | |
Specialty Chemicals | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Flexitallic Group SAS
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 6.50%
(1.00% Floor) |
| |
7.50%
|
| | | | 10/28/19 | | | | | | 10/29/26 | | | | | | 11,632 | | | | | | 11,389 | | | | | | 10,818 | | | | | | 3.46 | | |
Systems Software | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Vero Parent, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 6.00%
(1.00% Floor) |
| |
7.00%
|
| | | | 11/06/19 | | | | | | 08/16/24 | | | | | | 7,074 | | | | | | 6,613 | | | | | | 7,074 | | | | | | 2.26 | | |
Technology Hardware, Storage & Peripherals
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Source Code Midco, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 8.25%
(1.00% Floor) |
| |
9.25%
|
| | | | 05/04/18 | | | | | | 05/04/23 | | | | | | 22,322 | | | | | | 22,022 | | | | | | 22,322 | | | | | | 7.13 | | |
Telestream Holdings Corporation | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 8.75%
(1.00% Floor) |
| |
9.75%
|
| | | | 10/15/20 | | | | | | 10/15/25 | | | | | | 14,037 | | | | | | 13,608 | | | | | | 13,769 | | | | | | 4.40 | | |
First Lien Secured Revolving
Loan(7) |
| |
L+ 8.75%
(1.00% Floor) |
| |
9.75%
|
| | | | 10/15/20 | | | | | | 10/15/25 | | | | | | — | | | | | | — | | | | | | 15 | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | 36,359 | | | | | | 35,630 | | | | | | 36,106 | | | | | | 11.54 | | |
Total Debt Investments
|
| | | | | | | | | | | | | | | | | | | | | | 694,114 | | | | | | 658,704 | | | | | | 657,249 | | | | | | 210.03 | | |
Equity Investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Data Processing & Outsourced Services
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Escalon Services Inc Warrants(4)
|
| |
N/A
|
| |
N/A
|
| | | | 12/04/20 | | | | | | N/A | | | | | | 709 | | | | | | 476 | | | | | | 476 | | | | | | 0.15 | | |
Diversified Support Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Quest Events, LLC Preferred Units(4)
|
| |
N/A
|
| |
N/A
|
| | | | 12/28/18 | | | | | | 12/08/25 | | | | | | 317 | | | | | | 317 | | | | | | — | | | | | | — | | |
ImageOne Industries, LLC Common A
Units(4) |
| |
N/A
|
| |
N/A
|
| | | | 09/20/19 | | | | | | N/A | | | | | | 225 | | | | | | — | | | | | | 14 | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | 542 | | | | | | 317 | | | | | | 14 | | | | | | — | | |
Health Care Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Lab Logistics Preferred Units(4)
|
| |
N/A
|
| |
N/A
|
| | | | 10/29/19 | | | | | | N/A | | | | | | 2 | | | | | | 857 | | | | | | 857 | | | | | | 0.27 | | |
Internet & Direct Marketing Retail | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
BBQ Buyer, LLC Shares(4)
|
| |
N/A
|
| |
N/A
|
| | | | 08/28/20 | | | | | | N/A | | | | | | 1,100 | | | | | | 1,100 | | | | | | 1,265 | | | | | | 0.40 | | |
Ross-Simons Topco, LP Preferred Units(4)
|
| |
N/A
|
| |
N/A
|
| | | | 12/04/20 | | | | | | N/A | | | | | | 600 | | | | | | 600 | | | | | | 600 | | | | | | 0.19 | | |
| | | | | | | | | | | | | | | | | | | | | | | 1,700 | | | | | | 1,700 | | | | | | 1,865 | | | | | | 0.59 | | |
Investment Banking & Brokerage | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Arcole Holding Corp. Shares(4)(5)(6)(19)
|
| |
N/A
|
| |
N/A
|
| | | | 10/01/20 | | | | | | N/A | | | | | | — | | | | | | 6,944 | | | | | | 6,448 | | | | | | 2.06 | | |
IT Consulting & Other Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Keras Holdings, LLC
Shares(dba KSM Consulting LLC)(4) |
| |
N/A
|
| |
N/A
|
| | | | 12/31/20 | | | | | | N/A | | | | | | 496 | | | | | | 496 | | | | | | 496 | | | | | | 0.16 | | |
Leisure Facilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Lift Brands, Inc. (aka Snap Fitness Holdings, Inc.) Class A Common Stock(4)
|
| |
N/A
|
| |
N/A
|
| | | | 06/29/20 | | | | | | N/A | | | | | | 2 | | | | | | 1,955 | | | | | | 282 | | | | | | 0.09 | | |
Lift Brands, Inc. (aka Snap Fitness Holdings, Inc.) Warrants(4)
|
| |
N/A
|
| |
N/A
|
| | | | 06/29/20 | | | | | | 06/28/28 | | | | | | 1 | | | | | | 793 | | | | | | 114 | | | | | | 0.04 | | |
|
Investment Type(1)
|
| |
Spread
Above Index(2) |
| |
Interest
Rate(3) |
| |
Acquisition
Date(10) |
| |
Maturity
Date |
| |
Principal/
Share Amount |
| |
Amortized
Cost |
| |
Fair
Value(11) |
| |
Fair Value
As A Percentage of Net Assets |
| ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | 3 | | | | | | 2,748 | | | | | | 396 | | | | | | 0.13 | | |
Other Diversified Financial Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
RCS Creditor Trust Class B Units(4)(6)
|
| |
N/A
|
| |
N/A
|
| | | | 10/01/17 | | | | | | N/A | | | | | | 143 | | | | | $ | — | | | | | $ | — | | | | | | —% | | |
SFS Global Holding Company Warrants(4)
|
| |
N/A
|
| |
N/A
|
| | | | 06/28/18 | | | | | | 12/28/25 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Sigue Corporation Warrants(4)
|
| |
N/A
|
| |
N/A
|
| | | | 06/28/18 | | | | | | 12/28/25 | | | | | | 22 | | | | | | 2,890 | | | | | | 3,498 | | | | | | 1.12 | | |
| | | | | | | | | | | | | | | | | | | | | | | 165 | | | | | | 2,890 | | | | | | 3,498 | | | | | | 1.12 | | |
Specialized Finance | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
NMFC Senior Loan Program I LLC Units(4)(5)(6)
|
| |
N/A
|
| |
N/A
|
| | | | 06/10/14 | | | | | | 08/31/22 | | | | | | 10,000 | | | | | | 10,029 | | | | | | 9,269 | | | | | | 2.96 | | |
WHF STRS Ohio Senior Loan Fund LLC Interests(4)(5)(7)(14)
|
| |
N/A
|
| |
N/A
|
| | | | 07/19/19 | | | | | | N/A | | | | | | 10,268 | | | | | | 10,268 | | | | | | 10,167 | | | | | | 3.25 | | |
| | | | | | | | | | | | | | | | | | | | | | | 20,268 | | | | | | 20,297 | | | | | | 19,436 | | | | | | 6.21 | | |
Total Equity Investments
|
| | | | | | | | | | | | | | | | | | | | | | 23,885 | | | | | | 36,725 | | | | | | 33,486 | | | | | | 10.69 | | |
Total Investments
|
| | | | | | | | | | | | | | | | | | | | | | 717,999 | | | | | $ | 695,429 | | | | | $ | 690,735 | | | | | | 220.72% | | |
|
Investment Type(1)
|
| |
Spread
Above Index(2) |
| |
Interest
Rate(3) |
| |
Acquisition
Date(10) |
| |
Maturity
Date |
| |
Principal/
Share Amount |
| |
Amortized
Cost |
| |
Fair
Value(11) |
| |
Fair Value
As A Percentage of Net Assets |
| ||||||||||||||||||
North America | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Debt Investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Advertising | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fluent, LLC
First Lien Secured Term Loan |
| |
L+ 7.00%
(0.50% Floor) |
| |
8.80%
|
| | | | 03/26/18 | | | | | | 03/26/24 | | | | | | 9,337 | | | | | $ | 9,337 | | | | | $ | 9,337 | | | | | | 2.98% | | |
Agricultural & Farm Machinery | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Bad Boy Mowers Acquisition, LLC
First Lien Secured Term Loan |
| |
L+ 5.75%
(1.00% Floor) |
| |
7.38%
|
| | | | 12/19/19 | | | | | | 12/06/25 | | | | | | 10,385 | | | | | | 10,073 | | | | | | 10,073 | | | | | | 3.22 | | |
Air Freight & Logistics | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Access USA Shipping, LLC
First Lien Secured Term Loan |
| |
L+ 8.00%
(1.00% Floor) |
| |
9.80%
|
| | | | 02/08/19 | | | | | | 02/08/24 | | | | | | 5,651 | | | | | | 5,581 | | | | | | 5,600 | | | | | | 1.79 | | |
Application Software | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Newscycle Solutions, Inc.
First Lien Secured Term Loan |
| |
L+ 7.00%
(1.00% Floor) |
| |
8.80%
|
| | | | 06/14/19 | | | | | | 12/29/22 | | | | | | 5,263 | | | | | | 5,174 | | | | | | 5,136 | | | | | | 1.64 | | |
First Lien Secured Revolving
Loan(7) |
| |
L+ 6.50%
(1.00% Floor) |
| |
9.77%
|
| | | | 06/14/19 | | | | | | 12/29/22 | | | | | | 265 | | | | | | 262 | | | | | | 259 | | | | | | 0.08 | | |
| | | | | | | | | | | | | | | | | | | | | | | 5,528 | | | | | | 5,436 | | | | | | 5,395 | | | | | | 1.72 | | |
Automotive Retail | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Team Car Care Holdings, LLC
First Lien Secured Term Loan(12) |
| |
base rate+ 7.99%
(1.00% Floor) |
| |
10.05%
|
| | | | 02/26/18 | | | | | | 02/26/23 | | | | | | 16,722 | | | | | | 16,485 | | | | | | 16,722 | | | | | | 5.34 | | |
BW Gas & Convenience Holdings, LLC
First Lien Secured Term Loan |
| |
L+ 6.25%
(1.00% Floor) |
| |
8.00%
|
| | | | 11/15/19 | | | | | | 11/18/24 | | | | | | 8,500 | | | | | | 8,164 | | | | | | 8,168 | | | | | | 2.61 | | |
| | | | | | | | | | | | | | | | | | | | | | | 25,222 | | | | | | 24,649 | | | | | | 24,890 | | | | | | 7.95 | | |
Broadcasting | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Alpha Media, LLC
First Lien Secured Term Loan |
| |
L+ 6.00%
(1.50% Floor) |
| |
7.87%
|
| | | | 08/14/18 | | | | | | 02/25/22 | | | | | | 5,405 | | | | | | 5,299 | | | | | | 5,405 | | | | | | 1.73 | | |
Rural Media Group, Inc.
First Lien Secured Term Loan(16) |
| |
L+ 7.71%
(1.00% Floor) |
| |
9.64%
|
| | | | 12/29/17 | | | | | | 12/29/22 | | | | | | 7,133 | | | | | | 7,050 | | | | | | 6,991 | | | | | | 2.23 | | |
| | | | | | | | | | | | | | | | | | | | | | | 12,538 | | | | | | 12,349 | | | | | | 12,396 | | | | | | 3.96 | | |
Cable & Satellite | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Bulk Midco, LLC
First Lien Secured Term Loan(16) |
| |
P+ 6.27%
(2.25% Floor) |
| |
11.02%
|
| | | | 06/08/18 | | | | | | 06/08/23 | | | | | | 15,000 | | | | | | 14,845 | | | | | | 14,250 | | | | | | 4.45 | | |
Communications Equipment | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sorenson Communications, LLC
First Lien Secured Term Loan |
| |
L+ 6.50%
(0.00% Floor) |
| |
8.44%
|
| | | | 03/15/19 | | | | | | 04/29/24 | | | | | | 4,875 | | | | | | 4,749 | | | | | | 4,857 | | | | | | 1.55 | | |
Data Processing & Outsourced Services
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
FPT Operating Company, LLC/ TLabs
Operating Company, LLC |
| | | | | | | | | ||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan
|
| |
L+ 8.25%
(1.00% Floor) |
| |
9.94%
|
| | | | 06/07/19 | | | | | | 06/07/24 | | | | | | 24,907 | | | | | | 24,685 | | | | | | 24,284 | | | | | | 7.76 | | |
Geo Logic Systems Ltd.(5) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan(13)
|
| |
C+ 6.25%
(1.00% Floor) |
| |
8.26%
|
| | | | 12/19/19 | | | | | | 12/19/24 | | | | | | 21,718 | | | | | | 16,231 | | | | | | 16,415 | | | | | | 5.25 | | |
First Lien Secured Revolving
Loan(7)(13) |
| |
C+ 6.25%
(1.00% Floor) |
| |
8.26%
|
| | | | 12/19/19 | | | | | | 12/19/24 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | 46,625 | | | | | | 40,916 | | | | | | 40,699 | | | | | | 13.01 | | |
Department Stores | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mills Fleet Farm Group, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 7.00%
(1.00% Floor) |
| |
9.04%
(0.75% PIK) |
| | | | 10/24/18 | | | | | | 10/24/24 | | | | | | 14,883 | | | | | | 14,591 | | | | | | 13,544 | | | | | | 4.33% | | |
Investment Type(1)
|
| |
Spread
Above Index(2) |
| |
Interest
Rate(3) |
| |
Acquisition
Date(10) |
| |
Maturity
Date |
| |
Principal/
Share Amount |
| |
Amortized
Cost |
| |
Fair
Value(11) |
| |
Fair Value
As A Percentage of Net Assets |
| ||||||||||||||||||
Distributors | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Crown Brands, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 8.00%
(1.50% Floor) |
| |
9.80%
|
| | | | 01/28/19 | | | | | | 01/25/24 | | | | | | 5,727 | | | | | $ | 5,610 | | | | | $ | 5,596 | | | | | | 1.79% | | |
First Lien Secured Delayed Draw
Loan(7) |
| |
L+ 8.00%
(1.50% Floor) |
| |
9.80%
|
| | | | 01/28/19 | | | | | | 01/25/24 | | | | | | — | | | | | | — | | | | | | (2) | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | 5,727 | | | | | | 5,610 | | | | | | 5,594 | | | | | | 1.79 | | |
Diversified Chemicals | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sklar Holdings, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 6.00%
|
| |
7.99%
|
| | | | 11/13/19 | | | | | | 05/13/23 | | | | | | 8,902 | | | | | | 8,731 | | | | | | 8,731 | | | | | | 2.79 | | |
| | |
(1.00% Floor)
|
| |
(1.00% PIK)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Revolving
Loan(7) |
| |
L+ 6.00%
(1.00% Floor) |
| |
7.99%
(1.00% PIK) |
| | | | 11/13/19 | | | | | | 05/13/20 | | | | | | — | | | | | | — | | | | | | 2 | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | 8,902 | | | | | | 8,731 | | | | | | 8,733 | | | | | | 2.79 | | |
Diversified Support Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
ImageOne Industries, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 10.00%
(1.00% Floor) |
| |
11.80%
(4.00% PIK) |
| | | | 01/11/18 | | | | | | 01/11/23 | | | | | | 7,261 | | | | | | 7,097 | | | | | | 6,898 | | | | | | 2.20 | | |
First Lien Secured Revolving
Loan(4) |
| |
L+ 10.00%
(1.00% Floor) |
| |
11.94%
(4.00% PIK) |
| | | | 07/22/19 | | | | | | 12/12/22 | | | | | | 525 | | | | | | 525 | | | | | | 525 | | | | | | 0.17 | | |
NNA Services, LLC First Lien Secured Term Loan
|
| |
L+ 7.00%
(1.50% Floor) |
| |
8.84%
|
| | | | 10/16/18 | | | | | | 10/16/23 | | | | | | 9,889 | | | | | | 9,739 | | | | | | 9,889 | | | | | | 3.16 | | |
| | | | | | | | | | | | | | | | | | | | | | | 17,675 | | | | | | 17,361 | | | | | | 17,312 | | | | | | 5.53 | | |
Education Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
EducationDynamics, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 7.50%
(1.00% Floor) |
| |
9.42%
|
| | | | 11/26/19 | | | | | | 11/26/24 | | | | | | 11,750 | | | | | | 11,520 | | | | | | 11,519 | | | | | | 3.68 | | |
Environmental & Facilities Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
WH Lessor Corp. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 6.00%
(1.00% Floor) |
| |
7.79%
|
| | | | 12/26/19 | | | | | | 12/26/24 | | | | | | 6,458 | | | | | | 6,330 | | | | | | 6,329 | | | | | | 2.02 | | |
First Lien Secured Revolving
Loan(7) |
| |
L+ 6.00%
(1.00% Floor) |
| |
7.79%
|
| | | | 12/26/19 | | | | | | 12/26/24 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | 6,458 | | | | | | 6,330 | | | | | | 6,329 | | | | | | 2.02 | | |
Food Retail | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
AG Kings Holdings, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan(8)(19)
|
| |
P+ 11.00%
(2.25% Floor) |
| |
15.75%
(2.00% PIK) |
| | | | 08/10/16 | | | | | | 08/10/21 | | | | | | 13,250 | | | | | | 12,837 | | | | | | 7,668 | | | | | | 2.45 | | |
Health Care Facilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Grupo HIMA San Pablo, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan A
|
| |
L+ 9.00%
(1.50% Floor) |
| |
10.94%
|
| | | | 05/15/19 | | | | | | 04/30/19 | | | | | | 3,855 | | | | | | 3,855 | | | | | | 3,276 | | | | | | 1.05 | | |
First Lien Secured Term Loan B
|
| |
L+ 9.00%
(1.50% Floor) |
| |
10.94%
|
| | | | 02/01/13 | | | | | | 04/30/19 | | | | | | 13,511 | | | | | | 13,511 | | | | | | 11,484 | | | | | | 3.67 | | |
Second Lien Secured Term
Loan(8) |
| |
N/A
|
| |
15.75%
(2.00% PIK) |
| | | | 02/01/13 | | | | | | 07/31/18 | | | | | | 1,028 | | | | | | 1,024 | | | | | | — | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | 18,394 | | | | | | 18,390 | | | | | | 14,760 | | | | | | 4.72 | | |
Health Care Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CHS Therapy, LLC
First Lien Secured Term Loan A |
| |
L+ 8.50%
(1.50% Floor)
|
| |
10.44%
|
| | | | 06/14/19 | | | | | | 06/14/24 | | | | | | 7,615 | | | | | | 7,486 | | | | | | 7,615 | | | | | | 2.43 | | |
Lab Logistics, LLC
First Lien Secured Term Loan |
| |
L+ 6.50%
(1.00% Floor)
|
| |
8.56%
|
| | | | 10/16/19 | | | | | | 09/25/23 | | | | | | 107 | | | | | | 106 | | | | | | 106 | | | | | | 0.03 | | |
First Lien Secured Delayed Draw Loan(7)
|
| |
L+ 6.50%
(1.00% Floor)
|
| |
8.44%
|
| | | | 10/16/19 | | | | | | 09/25/23 | | | | | | 5,289 | | | | | | 5,251 | | | | | | 5,251 | | | | | | 1.68 | | |
Investment Type(1)
|
| |
Spread
Above Index(2) |
| |
Interest
Rate(3) |
| |
Acquisition
Date(10) |
| |
Maturity
Date |
| |
Principal/
Share Amount |
| |
Amortized
Cost |
| |
Fair
Value(11) |
| |
Fair Value
As A Percentage of Net Assets |
| ||||||||||||||||||
PMA Holdco, LLC
First Lien Secured Term Loan |
| |
L+ 7.75%
(1.00% Floor)
|
| |
9.69%
(2.00% PIK) |
| | | | 06/28/18 | | | | | | 06/28/23 | | | | | | 12,784 | | | | | $ | 12,595 | | | | | $ | 12,720 | | | | | | 4.06% | | |
| | | | | | | | | | | | | | | | | | | | | | | 25,795 | | | | | | 25,438 | | | | | | 25,692 | | | | | | 8.20 | | |
Home Furnishings | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sure Fit Home Products, LLC
First Lien Secured Term Loan |
| |
L+ 9.75%
(1.00% Floor)
|
| |
11.70%
|
| | | | 10/26/18 | | | | | | 07/13/22 | | | | | | 5,250 | | | | | | 5,178 | | | | | | 5,040 | | | | | | 1.61 | | |
Human Resources & Employment Services
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Pluto Acquisition Topco, LLC
First Lien Secured Term Loan(18) |
| |
L+ 6.31%
(1.50% Floor) |
| |
8.23%
|
| | | | 01/31/19 | | | | | | 01/31/24 | | | | | | 12,354 | | | | | | 12,152 | | | | | | 12,354 | | | | | | 3.95 | | |
Interactive Media & Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
What If Media Group, LLC
First Lien Secured Term Loan |
| |
L+ 7.00%
(1.00% Floor)
|
| |
8.80%
|
| | | | 10/02/19 | | | | | | 10/02/24 | | | | | | 12,919 | | | | | | 12,673 | | | | | | 12,673 | | | | | | 4.05 | | |
Internet & Direct Marketing Retail | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Potpourri Group, Inc.
First Lien Secured Term Loan |
| |
L+ 8.25%
(1.50% Floor)
|
| |
9.94%
|
| | | | 07/03/19 | | | | | | 07/03/24 | | | | | | 18,763 | | | | | | 18,385 | | | | | | 18,424 | | | | | | 5.89 | | |
Investment Banking & Brokerage | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Arcole Acquisition Corp(5)
First Lien Secured Term Loan A |
| |
L+ 8.25%
(1.00% Floor)
|
| |
10.16%
|
| | | | 11/29/18 | | | | | | 11/30/23 | | | | | | 5,231 | | | | | | 5,156 | | | | | | 4,968 | | | | | | 1.59 | | |
First Lien Secured Term Loan B
|
| |
L+ 14.50%
(1.00% Floor)
|
| |
16.41%
(1.50% PIK)
|
| | | | 11/29/18 | | | | | | 11/30/23 | | | | | | 1,805 | | | | | | 1,779 | | | | | | 1,777 | | | | | | 0.57 | | |
JVMC Holdings Corp.
(f/k/a RJO Holdings Corp) First Lien Secured Term Loan |
| |
L+ 6.50%
(1.00% Floor) |
| |
8.30%
|
| | | | 02/28/19 | | | | | | 02/28/24 | | | | | | 16,190 | | | | | | 16,055 | | | | | | 16,190 | | | | | | 5.17 | | |
| | | | | | | | | | | | | | | | | | | | | | | 23,226 | | | | | | 22,990 | | | | | | 22,935 | | | | | | 7.33 | | |
IT Consulting & Other Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
AST-Applications Software Technology
LLC First Lien Secured Term Loan |
| |
L+ 8.00%
(1.00% Floor)
|
| |
9.80%
(1.00% PIK)
|
| | | | 01/10/17 | | | | | | 01/10/23 | | | | | | 4,236 | | | | | | 4,187 | | | | | | 4,236 | | | | | | 1.35 | | |
Leisure Facilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Honors Holdings, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan(17)
|
| |
L+ 6.86%
(1.00% Floor)
|
| |
8.74%
|
| | | | 09/06/19 | | | | | | 09/06/24 | | | | | | 9,405 | | | | | | 9,264 | | | | | | 9,305 | | | | | | 2.97 | | |
First Lien Secured Delayed Draw Loan(17)
|
| |
L+ 6.00%
(1.00% Floor)
|
| |
7.90%
|
| | | | 09/06/19 | | | | | | 09/06/24 | | | | | | 4,662 | | | | | | 4,616 | | | | | | 4,612 | | | | | | 1.47 | | |
Lift Brands, Inc.
First Lien Secured Term Loan |
| |
L+ 7.50%
(1.00% Floor)
|
| |
9.44%
(0.50% PIK)
|
| | | | 04/16/18 | | | | | | 04/16/23 | | | | | | 10,532 | | | | | | 10,387 | | | | | | 10,038 | | | | | | 3.21 | | |
First Lien Secured Revolving Loan(7)
|
| |
P+ 6.00%
(2.76% Floor)
|
| |
10.75%
|
| | | | 04/16/18 | | | | | | 04/16/23 | | | | | | 158 | | | | | | 156 | | | | | | 131 | | | | | | 0.04 | | |
| | | | | | | | | | | | | | | | | | | | | | | 24,757 | | | | | | 24,423 | | | | | | 24,086 | | | | | | 7.69 | | |
Office Services & Supplies | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Empire Office, Inc.
First Lien Secured Term Loan |
| |
L+ 6.75%
(1.50% Floor) |
| |
8.55%
|
| | | | 04/12/19 | | | | | | 04/12/24 | | | | | | 12,224 | | | | | | 12,015 | | | | | | 12,029 | | | | | | 3.84 | | |
Other Diversified Financial Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sigue Corporation
Second Lien Secured Term Loan(4) |
| |
L+ 12.00%
(1.00% Floor) |
| |
13.94%
|
| | | | 12/27/13 | | | | | | 05/01/20 | | | | | | 24,904 | | | | | | 24,905 | | | | | | 24,655 | | | | | | 7.88 | | |
Packaged Foods & Meats | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Lenny & Larry’s, LLC
First Lien Secured Term Loan(18) |
| |
L+ 7.97%
(1.00% Floor) |
| |
9.71%
(1.18% PIK) |
| | | | 05/15/18 | | | | | | 05/15/23 | | | | | | 12,293 | | | | | | 12,128 | | | | | | 11,924 | | | | | | 3.81 | | |
Investment Type(1)
|
| |
Spread
Above Index(2) |
| |
Interest
Rate(3) |
| |
Acquisition
Date(10) |
| |
Maturity
Date |
| |
Principal/
Share Amount |
| |
Amortized
Cost |
| |
Fair
Value(11) |
| |
Fair Value
As A Percentage of Net Assets |
| ||||||||||||||||||
Research & Consulting Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Nelson Worldwide, LLC
First Lien Secured Term Loan |
| |
L+ 9.25%
(1.00% Floor) |
| |
11.23%
|
| | | | 01/09/18 | | | | | | 01/09/23 | | | | | | 13,603 | | | | | $ | 13,397 | | | | | $ | 13,263 | | | | | | 4.24% | | |
ALM Media, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 6.50%
(1.00% Floor) |
| |
8.44%
|
| | | | 11/25/19 | | | | | | 11/25/24 | | | | | | 15,750 | | | | | | 15,441 | | | | | | 15,441 | | | | | | 4.93 | | |
| | | | | | | | | | | | | | | | | | | | | | | 29,353 | | | | | | 28,838 | | | | | | 28,704 | | | | | | 9.17 | | |
Restaurants | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
LS GFG Holdings Inc.
First Lien Secured Term Loan |
| |
L+ 6.00%
(0.00% Floor) |
| |
7.80%
|
| | | | 11/30/18 | | | | | | 11/19/25 | | | | | | 10,237 | | | | | | 9,977 | | | | | | 9,717 | | | | | | 3.10 | | |
Specialized Consumer Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
True Blue Car Wash, LLC
First Lien Secured Term Loan |
| |
L+ 8.12%
(1.00% Floor) |
| |
9.91%
|
| | | | 10/17/19 | | | | | | 10/17/24 | | | | | | 4,461 | | | | | | 4,375 | | | | | | 4,375 | | | | | | 1.40 | | |
First Lien Secured Revolving
Loan(7) |
| |
L+ 8.12%
(1.00% Floor) |
| |
9.91%
|
| | | | 10/17/19 | | | | | | 10/17/24 | | | | | | — | | | | | | — | | | | | | (20) | | | | | | (0.01) | | |
| | | | | | | | | | | | | | | | | | | | | | | 4,461 | | | | | | 4,375 | | | | | | 4,355 | | | | | | 1.39 | | |
Specialty Chemicals | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Flexitallic Group SAS
First Lien Secured Term Loan |
| |
L+ 6.50%
(1.00% Floor) |
| |
8.44%
|
| | | | 10/28/19 | | | | | | 10/29/26 | | | | | | 11,750 | | | | | | 11,461 | | | | | | 11,463 | | | | | | 3.66 | | |
Specialized Finance | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Golden Pear Funding Assetco, LLC(5)
Second Lien Secured Term Loan |
| |
L+ 10.50%
(1.00% Floor) |
| |
12.19%
|
| | | | 09/20/18 | | | | | | 03/20/24 | | | | | | 17,500 | | | | | | 17,232 | | | | | | 17,500 | | | | | | 5.59 | | |
Oasis Legal Finance, LLC(5)
Second Lien Secured Term Loan |
| |
L+ 10.75%
(1.00% Floor) |
| |
12.44%
|
| | | | 09/09/16 | | | | | | 03/09/22 | | | | | | 20,000 | | | | | | 19,841 | | | | | | 20,000 | | | | | | 6.39 | | |
WHF STRS Ohio Senior Loan Fund LLC Subordinated
Note(4)(5)(7)(14)(15) |
| |
L+ 6.50%
|
| |
8.16%
|
| | | | 07/19/19 | | | | | | NA | | | | | | 26,344 | | | | | | 26,344 | | | | | | 26,344 | | | | | | 8.42 | | |
| | | | | | | | | | | | | | | | | | | | | | | 63,844 | | | | | | 63,417 | | | | | | 63,844 | | | | | | 20.40 | | |
Systems Software | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Vero Parent, Inc.
First Lien Secured Term Loan |
| |
L+ 6.00%
(1.00% Floor) |
| |
7.91%
|
| | | | 11/06/19 | | | | | | 08/16/24 | | | | | | 20,000 | | | | | | 18,014 | | | | | | 19,025 | | | | | | 6.08 | | |
Trading Companies & Distributors | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Vessco Holdings, LLC
First Lien Secured Term Loan |
| |
L+ 6.50%
(1.50% Floor) |
| |
8.41%
|
| | | | 08/22/19 | | | | | | 08/22/24 | | | | | | 19,067 | | | | | | 18,713 | | | | | | 18,696 | | | | | | 5.97 | | |
Technology Hardware, Storage & Peripherals
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Source Code Midco, LLC
First Lien Secured Term Loan |
| |
L+ 8.25%
(1.00% Floor) |
| |
10.18%
|
| | | | 05/04/18 | | | | | | 05/04/23 | | | | | | 23,566 | | | | | | 23,112 | | | | | | 23,566 | | | | | | 7.53% | | |
Total Debt Investments | | | | | | | | | | | | | | | | | | | | | | | 591,199 | | | | | | 575,686 | | | | | | 566,374 | | | | | | 180.94 | | |
Equity Investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Advertising | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fluent, Inc. (f/k/a Cogint, Inc.)(4)(9)
|
| |
N/A
|
| |
N/A
|
| | | | 11/28/17 | | | | | | N/A | | | | | | 187 | | | | | | 560 | | | | | | 467 | | | | | | 0.15 | | |
Diversified Support Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Quest Events, LLC Preferred Units(4)
|
| |
N/A
|
| |
N/A
|
| | | | 12/28/18 | | | | | | 12/08/25 | | | | | | 317 | | | | | | 317 | | | | | | 276 | | | | | | 0.09 | | |
ImageOne Industries, LLC Common A
Units(4) |
| |
N/A
|
| |
N/A
|
| | | | 09/20/19 | | | | | | N/A | | | | | | 149 | | | | | | — | | | | | | 48 | | | | | | 0.02 | | |
Health Care Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Lab Logistics Preferred Units
|
| |
N/A
|
| |
N/A
|
| | | | 10/29/19 | | | | | | N/A | | | | | | 2 | | | | | | 857 | | | | | | 857 | | | | | | 0.27 | | |
PMA Holdco, LLC Warrants(4)
|
| |
N/A
|
| |
N/A
|
| | | | 06/28/18 | | | | | | 06/28/28 | | | | | | 8 | | | | | | — | | | | | | 461 | | | | | | 0.15 | | |
| | | | | | | | | | | | | | | | | | | | | | | 10 | | | | | | 857 | | | | | | 1,318 | | | | | | 0.42 | | |
|
Investment Type(1)
|
| |
Spread
Above Index(2) |
| |
Interest
Rate(3) |
| |
Acquisition
Date(10) |
| |
Maturity
Date |
| |
Principal/
Share Amount |
| |
Amortized
Cost |
| |
Fair
Value(11) |
| |
Fair Value
As A Percentage of Net Assets |
| ||||||||||||||||||
Other Diversified Financial Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
RCS Creditor Trust Class B
Units(4)(6) |
| |
N/A
|
| |
N/A
|
| | | | 10/01/17 | | | | | | N/A | | | | | | 143 | | | | | $ | — | | | | | $ | — | | | | | | —% | | |
SFS Global Holding Company
Warrants(4) |
| |
N/A
|
| |
N/A
|
| | | | 06/28/18 | | | | | | 12/28/25 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Sigue Corporation Warrants(4)
|
| |
N/A
|
| |
N/A
|
| | | | 06/28/18 | | | | | | 12/28/25 | | | | | | 22 | | | | | | 2,890 | | | | | | 3,721 | | | | | | 1.19 | | |
| | | | | | | | | | | | | | | | | | | | | | | 165 | | | | | | 2,890 | | | | | | 3,721 | | | | | | 1.19 | | |
Specialized Finance | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
NMFC Senior Loan Program I LLC
Units(4)(5)(6) |
| |
N/A
|
| |
N/A
|
| | | | 06/10/14 | | | | | | 08/31/22 | | | | | | 10,000 | | | | | | 10,029 | | | | | | 9,651 | | | | | | 3.08 | | |
WHF STRS Ohio Senior Loan
Fund LLC(4)(5)(7)(14) |
| |
N/A
|
| |
N/A
|
| | | | 07/19/19 | | | | | | N/A | | | | | | 6,586 | | | | | | 6,586 | | | | | | 6,949 | | | | | | 2.22 | | |
Trading Companies & Distributors | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Vessco Holdings, LLC(4)
|
| |
N/A
|
| |
N/A
|
| | | | 08/22/19 | | | | | | N/A | | | | | | 489 | | | | | | 800 | | | | | | 800 | | | | | | 0.26 | | |
Trucking | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Europcar Mobility Group(5)
|
| |
N/A
|
| |
N/A
|
| | | | 10/31/19 | | | | | | 12/31/22 | | | | | | — | | | | | | — | | | | | | 84 | | | | | | 0.03 | | |
Total Equity Investments
|
| | | | | | | | | | | | | | | | | | | | | | 17,903 | | | | | | 22,039 | | | | | | 23,314 | | | | | | 7.46 | | |
Total Investments
|
| | | | | | | | | | | | | | | | | | | | | | 609,102 | | | | | $ | 597,725 | | | | | $ | 589,688 | | | | | | 188.40% | | |
|
Risk exposure category
|
| |
For the
yearended December 31, 2020 |
| |
For the
year ended December 31, 2019 |
| ||||||
Foreign exchange
|
| | | $ | (25) | | | | | $ | — | | |
Risk exposure category
|
| |
For the
year ended December 31, 2020 |
| |
For the
year ended December 31, 2019 |
| ||||||
Foreign exchange
|
| | | $ | — | | | | | $ | — | | |
| | |
December 31, 2020
|
| |
December 31, 2019
|
| ||||||||||||||||||
| | |
Cost
|
| |
Fair Value
|
| |
Cost
|
| |
Fair Value
|
| ||||||||||||
First lien secured loans
|
| | | $ | 588,260 | | | | | $ | 588,580 | | | | | $ | 486,340 | | | | | $ | 477,875 | | |
Second lien secured loans
|
| | | | 29,371 | | | | | | 27,596 | | | | | | 63,002 | | | | | | 62,155 | | |
Subordinated Note to STRS JV
|
| | | | 41,073 | | | | | | 41,073 | | | | | | 26,344 | | | | | | 26,344 | | |
Equity (excluding STRS JV)
|
| | | | 26,457 | | | | | | 23,319 | | | | | | 15,453 | | | | | | 16,365 | | |
Equity in STRS JV
|
| | | | 10,268 | | | | | | 10,167 | | | | | | 6,586 | | | | | | 6,949 | | |
Total
|
| | | $ | 695,429 | | | | | $ | 690,735 | | | | | $ | 597,725 | | | | | $ | 589,688 | | |
| | |
December 31, 2020
|
| |
December 31, 2019
|
| ||||||||||||||||||
Advertising
|
| | | $ | 15,159 | | | | | | 2.37% | | | | | $ | 9,804 | | | | | | 1.76% | | |
Agricultural & Farm Machinery
|
| | | | 9,201 | | | | | | 1.44 | | | | | | 10,073 | | | | | | 1.81 | | |
Air Freight & Logistics
|
| | | | 5,359 | | | | | | 0.84 | | | | | | 5,600 | | | | | | 1.01 | | |
Application Software
|
| | | | 28,397 | | | | | | 4.43 | | | | | | 5,395 | | | | | | 0.97 | | |
Automotive Retail
|
| | | | 22,139 | | | | | | 3.46 | | | | | | 24,890 | | | | | | 4.47 | | |
Broadcasting
|
| | | | 4,844 | | | | | | 0.76 | | | | | | 12,396 | | | | | | 2.23 | | |
Building Products
|
| | | | 19,751 | | | | | | 3.09 | | | | | | — | | | | | | — | | |
Cable & Satellite
|
| | | | 14,250 | | | | | | 2.23 | | | | | | 14,250 | | | | | | 2.56 | | |
Communications Equipment
|
| | | | 15,770 | | | | | | 2.47 | | | | | | 4,857 | | | | | | 0.87 | | |
Construction & Engineering
|
| | | | 26,229 | | | | | | 4.09 | | | | | | — | | | | | | — | | |
Construction Material
|
| | | | 7,840 | | | | | | 1.23 | | | | | | — | | | | | | — | | |
Consumer Finance
|
| | | | 9,682 | | | | | | 1.51 | | | | | | — | | | | | | — | | |
Data Processing & Outsourced Services
|
| | | | 36,861 | | | | | | 5.76 | | | | | | 40,699 | | | | | | 7.32 | | |
Department Stores
|
| | | | 13,272 | | | | | | 2.08 | | | | | | 13,544 | | | | | | 2.43 | | |
Distributors
|
| | | | 4,158 | | | | | | 0.65 | | | | | | 5,594 | | | | | | 1.01 | | |
Diversified Chemicals
|
| | | | 8,834 | | | | | | 1.38 | | | | | | 8,733 | | | | | | 1.57 | | |
Diversified Support Services
|
| | | | 20,241 | | | | | | 3.17 | | | | | | 17,636 | | | | | | 3.17 | | |
Education Services
|
| | | | 13,612 | | | | | | 2.13 | | | | | | 11,519 | | | | | | 2.07 | | |
Environmental & Facilities Services
|
| | | | — | | | | | | — | | | | | | 6,329 | | | | | | 1.14 | | |
Food Retail
|
| | | | 21,822 | | | | | | 3.41 | | | | | | 7,668 | | | | | | 1.38 | | |
Health Care Facilities
|
| | | | 15,188 | | | | | | 2.37 | | | | | | 14,760 | | | | | | 2.65 | | |
Health Care Services
|
| | | | 39,600 | | | | | | 6.19 | | | | | | 27,010 | | | | | | 4.85 | | |
Home Furnishings
|
| | | | 4,019 | | | | | | 0.63 | | | | | | 5,040 | | | | | | 0.91 | | |
Human Resource & Employment Services
|
| | | | — | | | | | | — | | | | | | 12,354 | | | | | | 2.22 | | |
Interactive Media & Services
|
| | | | 12,594 | | | | | | 1.97 | | | | | | 12,673 | | | | | | 2.28 | | |
Internet & Direct Marketing Retail
|
| | | | 36,556 | | | | | | 5.72 | | | | | | 18,424 | | | | | | 3.31 | | |
Investment Banking & Brokerage
|
| | | | 20,046 | | | | | | 3.14 | | | | | | 22,935 | | | | | | 4.12 | | |
IT Consulting & Other Services
|
| | | | 15,665 | | | | | | 2.45 | | | | | | 4,236 | | | | | | 0.76 | | |
Leisure Facilities
|
| | | | 20,745 | | | | | | 3.24 | | | | | | 24,086 | | | | | | 4.33 | | |
Office Services & Supplies
|
| | | | 10,489 | | | | | | 1.64 | | | | | | 12,029 | | | | | | 2.16 | | |
Other Diversified Financial Services
|
| | | | 3,498 | | | | | | 0.55 | | | | | | 28,376 | | | | | | 5.10 | | |
Packaged Foods & Meats
|
| | | | 10,811 | | | | | | 1.69 | | | | | | 11,924 | | | | | | 2.14 | | |
Personal Products
|
| | | | 11,270 | | | | | | 1.76 | | | | | | — | | | | | | — | | |
Property & Casualty Insurance
|
| | | | 6,115 | | | | | | 0.96 | | | | | | — | | | | | | — | | |
Research & Consulting Services
|
| | | | 32,631 | | | | | | 5.10 | | | | | | 28,704 | | | | | | 5.16 | | |
Restaurants
|
| | | | 9,779 | | | | | | 1.53 | | | | | | 9,717 | | | | | | 1.75 | | |
Specialized Consumer Services
|
| | | | 6,363 | | | | | | 1.00 | | | | | | 4,355 | | | | | | 0.78 | | |
Specialized Finance
|
| | | | 32,707 | | | | | | 5.11 | | | | | | 47,151 | | | | | | 8.47 | | |
Specialty Chemicals
|
| | | | 10,818 | | | | | | 1.69 | | | | | | 11,463 | | | | | | 2.06 | | |
Systems Software
|
| | | | 7,074 | | | | | | 1.11 | | | | | | 19,025 | | | | | | 3.42 | | |
Technology Hardware, Storage & Peripherals
|
| | | | 36,106 | | | | | | 5.65 | | | | | | 23,566 | | | | | | 4.24 | | |
Trading Companies & Distributors
|
| | | | — | | | | | | — | | | | | | 19,496 | | | | | | 3.50 | | |
Trucking
|
| | | | — | | | | | | — | | | | | | 84 | | | | | | 0.02 | | |
Total
|
| | | $ | 639,495 | | | | | | 100.00% | | | | | $ | 556,395 | | | | | | 100.00% | | |
Affiliated Person(1)
|
| |
Type of
Asset |
| |
Amount of
dividends and interest included in income |
| |
Beginning
Fair Value at December 31, 2019 |
| |
Purchases
|
| |
Sales
|
| |
Net
Realized Gain (Loss) |
| |
Net Change in
Unrealized Appreciation (Depreciation) |
| |
Ending Fair
Value at December 31, 2020 |
| ||||||||||||||||||||||||
Non-controlled affiliates | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Arcole Holding Corp Shares
|
| | | | Equity | | | | | $ | 114 | | | | | $ | — | | | | | $ | 6,944 | | | | | $ | — | | | | | $ | — | | | | | $ | (496) | | | | | $ | 6,448 | | |
NMFC Senior Loan
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Program I LLC Units
|
| | | | Equity | | | | | | 1,069 | | | | | | 9,651 | | | | | | — | | | | | | — | | | | | | — | | | | | | (382) | | | | | | 9,269 | | |
Total Non-controlled
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
affiliates
|
| | | | | | | | | $ | 1,183 | | | | | $ | 9,651 | | | | | $ | 6,944 | | | | | $ | — | | | | | $ | — | | | | | $ | (878) | | | | | $ | 15,717 | | |
Affiliated Person(1)
|
| |
Type of
Asset |
| |
Amount of
dividends and interest included in income |
| |
Beginning
Fair Value at December 31, 2019 |
| |
Purchases
|
| |
Sales
|
| |
Net
Realized Gain (Loss) |
| |
Net Change in
Unrealized Appreciation (Depreciation) |
| |
Ending Fair
Value at December 31, 2020 |
| |||||||||||||||||||||
Controlled affiliates
WHF STRS Ohio Senior Loan Fund LLC* |
| |
Subordinate
Note |
| | | $ | 2,595 | | | | | $ | 26,344 | | | | | $ | 14,729 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 41,073 | | |
WHF STRS Ohio Senior Loan Fund LLC*.
|
| |
Equity
|
| | | | 1,761 | | | | | | 6,949 | | | | | | 3,682 | | | | | | — | | | | | | — | | | | | | (464) | | | | | | 10,167 | | |
Total Controlled affiliates
|
| | | | | | $ | 4,356 | | | | | | 33,293 | | | | | $ | 18,411 | | | | | $ | — | | | | | $ | — | | | | | $ | (464) | | | | | $ | 51,240 | | |
Affiliated Person(1)
|
| |
Type of
Asset |
| |
Amount of
dividends and interest included in income |
| |
Beginning Fair
Value at December 31, 2018 |
| |
Purchases
|
| |
Sales
|
| |
Net
Realized Gain (Loss) |
| |
Net Change in
Unrealized Appreciation (Depreciation) |
| |
Ending Fair
Value at December 31, 2019 |
| ||||||||||||||||||||||||
Non-controlled affiliates | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
NMFC Senior Loan
Program I LLC Units |
| | | | Equity | | | | | $ | 1,173 | | | | | $ | 9,630 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 21 | | | | | $ | 9,651 | | |
RCS Creditor Trust Class B Units
|
| | | | Equity | | | | | | — | | | | | | 535 | | | | | | — | | | | | | — | | | | | | — | | | | | | (535) | | | | | | — | | |
Total Non-controlled
affiliates |
| | | | | | | | | $ | 1,173 | | | | | $ | 10,165 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | (514) | | | | | $ | 9,651 | | |
Affiliated Person(1)
|
| |
Type of
Asset |
| |
Amount of
dividends and interest included in income |
| |
Beginning
Fair Value at December 31, 2018 |
| |
Purchases
|
| |
Sales
|
| |
Net
Realized Gain (Loss) |
| |
Net Change in
Unrealized Appreciation (Depreciation) |
| |
Ending Fair
Value at December 31, 2019 |
| |||||||||||||||||||||
Controlled affiliates
WHF STRS Ohio Senior Loan Fund LLC* |
| |
Subordinated
Note |
| | | $ | 936 | | | | | $ | — | | | | | $ | 26,344 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 26,344 | | |
WHF STRS Ohio Senior Loan Fund LLC*.
|
| |
Equity
|
| | | | — | | | | | | — | | | | | | 6,586 | | | | | | — | | | | | | — | | | | | | 363 | | | | | | 6,949 | | |
Total Controlled affiliates
|
| | | | | | $ | 936 | | | | | $ | — | | | | | $ | 32,930 | | | | | $ | — | | | | | $ | — | | | | | $ | 363 | | | | | $ | 33,293 | | |
Investment Type(1)
|
| |
Spread
Above Index(2) |
| |
Interest
Rate(3) |
| |
Acquisition Date(4)
|
| |
Maturity
Date |
| |
Principal/
Share Amount |
| |
Amortized
Cost |
| |
Fair
Value(5) |
| ||||||||||||||||||
North America | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Debt Investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Advertising | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
SmartSign Holdings LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 6.00%
|
| | | | 7.00% | | | | | | 10/21/19 | | | | | | 10/11/24 | | | | | | 8,753 | | | | | $ | 8,620 | | | | | $ | 8,710 | | |
| | |
(1.00% Floor)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Revolving
Loan |
| |
L+ 6.00%
|
| | | | 7.00% | | | | | | 10/21/19 | | | | | | 10/11/24 | | | | | | 545 | | | | | | 537 | | | | | | 546 | | |
| | |
(1.00% Floor)
|
| | | | | | | | | | | | | | | | | | | | | | 9,298 | | | | | | 9,157 | | | | | | 9,256 | | |
Investment Type(1)
|
| |
Spread
Above Index(2) |
| |
Interest
Rate(3) |
| |
Acquisition Date(4)
|
| |
Maturity
Date |
| |
Principal/
Share Amount |
| |
Amortized
Cost |
| |
Fair
Value(5) |
| ||||||||||||||||||
Building Products | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Drew Foam Companies Inc | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 6.50%
|
| | | | 7.50% | | | | | | 11/09/20 | | | | | | 11/24/25 | | | | | | 10,079 | | | | | $ | 9,883 | | | | | $ | 9,882 | | |
| | |
(1.00% Floor)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Revolving Loan
|
| |
L+ 6.50%
|
| | | | 7.50% | | | | | | 11/09/20 | | | | | | 11/05/25 | | | | | | 332 | | | | | | 325 | | | | | | 325 | | |
| | |
(1.00% Floor)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
LHS Borrower, LLC
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 6.75%
|
| | | | 7.75% | | | | | | 10/09/20 | | | | | | 09/30/25 | | | | | | 9,689 | | | | | | 9,478 | | | | | | 9,543 | | |
| | |
(1.00% Floor)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Revolving Loan
|
| |
L+ 6.75%
|
| | | | 7.75% | | | | | | 10/09/20 | | | | | | 09/30/25 | | | | | | — | | | | | | — | | | | | | 4 | | |
| | |
(1.00% Floor)
|
| | | | | | | | | | | | | | | | | | | | | | 20,100 | | | | | | 19,686 | | | | | | 19,754 | | |
Construction & Engineering | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
SFP Holding, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 6.25%
|
| | | | 7.25% | | | | | | 12/13/19 | | | | | | 09/01/22 | | | | | | 6,483 | | | | | | 6,482 | | | | | | 6,389 | | |
| | |
(1.00% Floor)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Delayed Draw
Loan |
| |
L+ 6.25%
|
| | | | 7.25% | | | | | | 12/13/19 | | | | | | 09/01/22 | | | | | | 6,713 | | | | | | 6,711 | | | | | | 6,610 | | |
| | |
(1.00% Floor)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Revolving Loan
|
| |
L+ 6.25%
|
| | | | 7.25% | | | | | | 12/31/19 | | | | | | 09/01/22 | | | | | | — | | | | | | — | | | | | | (13) | | |
| | |
(1.00% Floor)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Tensar Corp.
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 6.75%
|
| | | | 7.75% | | | | | | 11/24/20 | | | | | | 08/20/25 | | | | | | 7,000 | | | | | | 6,829 | | | | | | 6,829 | | |
| | |
(1.00% Floor)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | 20,196 | | | | | | 20,022 | | | | | | 19,815 | | |
Data Processing & Outsourced Services
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Geo Logic Systems Ltd. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured
Term Loan(7) |
| |
L+ 6.24%
|
| | | | 7.25% | | | | | | 01/22/20 | | | | | | 12/19/24 | | | | | | 14,466 | | | | | | 10,894 | | | | | | 11,133 | | |
| | |
(1.00% Floor)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Revolving Loan(7)
|
| |
L+ 6.24%
|
| | | | 7.25% | | | | | | 01/22/20 | | | | | | 12/19/24 | | | | | | — | | | | | | — | | | | | | (3) | | |
| | |
(1.00% Floor)
|
| | | | | | | | | | | | | | | | | | | | | | 14,466 | | | | | | 10,894 | | | | | | 11,130 | | |
Diversified Support Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Quest Events, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 6.00%
|
| | | | 7.00% | | | | | | 07/19/19 | | | | | | 12/28/24 | | | | | | 11,649 | | | | | | 11,490 | | | | | | 9,470 | | |
| | |
(1.00% Floor)
|
| | | |
(3.50% PIK) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Revolving Loan
|
| |
L+ 6.00%
|
| | | | 7.00% | | | | | | 07/19/19 | | | | | | 12/28/24 | | | | | | 935 | | | | | | 922 | | | | | | 760 | | |
| | |
(1.00% Floor)
|
| | | |
(3.50% PIK) |
| | | | | | | | | | | | | | | | | 12,584 | | | | | | 12,412 | | | | | | 10,230 | | |
|
Investment Type(1)
|
| |
Spread
Above Index(2) |
| |
Interest
Rate(3) |
| |
Acquisition Date(4)
|
| |
Maturity
Date |
| |
Principal/
Share Amount |
| |
Amortized
Cost |
| |
Fair
Value(5) |
| ||||||||||||||||||
Environmental & Facilities Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
WH Lessor Corp. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 6.00%
|
| | | | 7.00% | | | | | | 01/22/20 | | | | | | 11/24/25 | | | | | | 6,259 | | | | | $ | 6,155 | | | | | $ | 6,239 | | |
| | |
(1.00% Floor)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Revolving Loan
|
| |
L+ 6.00%
|
| | | | 7.00% | | | | | | 01/22/20 | | | | | | 12/26/24 | | | | | | — | | | | | | — | | | | | | 9 | | |
| | |
(1.00% Floor)
|
| | | | | | | | | | | | | | | | | | | | | | 6,259 | | | | | | 6,155 | | | | | | 6,248 | | |
Human Resource & Employment Services
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Pluto Acquisition Topco, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured
Term Loan(8) |
| |
L+ 6.31%
|
| | | | 7.81% | | | | | | 05/19/20 | | | | | | 01/31/24 | | | | | | 11,549 | | | | | | 11,405 | | | | | | 11,549 | | |
| | |
(1.50% Floor)
|
| | | | | | | | | | | | | | | | | | | | | | 11,549 | | | | | | 11,405 | | | | | | 11,549 | | |
Industrial Machinery | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
FR Flow Control CB LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured
Term Loan B |
| |
L+ 6.00%
|
| | | | 7.00% | | | | | | 07/19/19 | | | | | | 06/28/26 | | | | | | 7,269 | | | | | | 7,154 | | | | | | 7,088 | | |
| | |
(1.00% Floor)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured
Term Loan C |
| |
L+ 6.00%
|
| | | | 7.00% | | | | | | 07/19/19 | | | | | | 06/28/26 | | | | | | 2,870 | | | | | | 2,825 | | | | | | 2,798 | | |
| | |
(1.00% Floor)
|
| | | | | | | | | | | | | | | | | | | | | | 10,139 | | | | | | 9,979 | | | | | | 9,886 | | |
Insurance Brokers | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
SelectQuote, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 6.00%
|
| | | | 7.00% | | | | | | 11/05/19 | | | | | | 11/05/24 | | | | | | 7,838 | | | | | | 7,718 | | | | | | 7,838 | | |
| | |
(1.00% Floor)
|
| | | | | | | | | | | | | | | | | | | | | | 7,838 | | | | | | 7,718 | | | | | | 7,838 | | |
Internet & Direct Marketing Retail | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Marlin DTC-LS Midco 2, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 5.50%
|
| | | | 6.50% | | | | | | 07/19/19 | | | | | | 07/01/25 | | | | | | 13,577 | | | | | | 13,373 | | | | | | 13,501 | | |
| | |
(1.00% Floor)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Revolving Loan
|
| |
L+ 5.50%
|
| | | | 6.50% | | | | | | 07/19/19 | | | | | | 07/01/25 | | | | | | — | | | | | | — | | | | | | 10 | | |
| | |
(1.00% Floor)
|
| | | | | | | | | | | | | | | | | | | | | | 13,577 | | | | | | 13,373 | | | | | | 13,511 | | |
Investment Banking & Brokerage | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
TOUR Intermediate Holdings, LLC
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 7.00%
|
| | | | 8.00% | | | | | | 05/19/20 | | | | | | 05/15/25 | | | | | | 8,194 | | | | | | 8,059 | | | | | | 8,194 | | |
| | |
(1.00% Floor)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Delayed Draw
Loan |
| |
L+ 7.00%
|
| | | | 8.00% | | | | | | 05/19/20 | | | | | | 05/15/25 | | | | | | 2,882 | | | | | | 2,859 | | | | | | 2,882 | | |
| | |
(1.00% Floor)
|
| | | | | | | | | | | | | | | | | | | | | | 11,076 | | | | | | 10,918 | | | | | | 11,076 | | |
Packaged Foods & Meats | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mikawaya Holdings, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 5.75%
|
| | | | 7.00% | | | | | | 02/18/20 | | | | | | 01/29/25 | | | | | | 3,057 | | | | | | 3,007 | | | | | | 3,057 | | |
| | |
(1.25% Floor)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Poultry Holdings, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 5.75%
|
| | | | 6.75% | | | | | | 10/21/19 | | | | | | 06/28/25 | | | | | | 7,728 | | | | | | 7,606 | | | | | | 7,265 | | |
| | |
(1.00% Floor)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment Type(1)
|
| |
Spread
Above Index(2) |
| |
Interest
Rate(3) |
| |
Acquisition Date(4)
|
| |
Maturity
Date |
| |
Principal/
Share Amount |
| |
Amortized
Cost |
| |
Fair
Value(5) |
| ||||||||||||||||||
Stella & Chewy's | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 6.50%
|
| | | | 7.50% | | | | | | 12/29/20 | | | | | | 12/16/25 | | | | | | 5,312 | | | | | $ | 5,206 | | | | | $ | 5,206 | | |
| | |
(1.00% Floor)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Delayed Draw
Loan(6) |
| |
L+ 6.50%
|
| | | | 7.50% | | | | | | 12/29/20 | | | | | | 12/16/25 | | | | | | — | | | | | | — | | | | | | — | | |
| | |
(1.00% Floor)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Westrock Coffee Company, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 8.25%
|
| | | | 9.75% | | | | | | 03/20/20 | | | | | | 02/28/25 | | | | | | 9,234 | | | | | | 9,137 | | | | | | 9,049 | | |
| | |
(1.50% Floor)
|
| | | |
(1.00% PIK) |
| | | | | | | | | | | | | | | | | 25,331 | | | | | | 24,956 | | | | | | 24,577 | | |
Personal Products | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sunless, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 6.50%
|
| | | | 7.50% | | | | | | 10/21/19 | | | | | | 08/13/24 | | | | | | 4,828 | | | | | | 4,734 | | | | | | 4,345 | | |
| | |
(1.00% Floor)
|
| | | |
(0.50% PIK) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Revolving Loan
|
| |
L+ 6.50%
|
| | | | 7.50% | | | | | | 10/21/19 | | | | | | 08/13/24 | | | | | | — | | | | | | — | | | | | | (113) | | |
| | |
(1.00% Floor)
|
| | | | | | | | | | | | | | | | | | | | | | 4,828 | | | | | | 4,734 | | | | | | 4,232 | | |
Systems Software | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
arcserve (USA) LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 6.00%
|
| | | | 7.00% | | | | | | 07/19/19 | | | | | | 05/01/24 | | | | | | 8,110 | | | | | | 8,001 | | | | | | 8,110 | | |
| | |
(1.00% Floor)
|
| | | | | | | | | | | | | | | | | | | | | | 8,110 | | | | | | 8,001 | | | | | | 8,110 | | |
Technology Hardware, Storage & Peripherals
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
PS Lightwave, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 6.75%
|
| | | | 8.25% | | | | | | 05/19/20 | | | | | | 03/10/25 | | | | | | 7,435 | | | | | | 7,306 | | | | | | 7,334 | | |
| | |
(1.50% Floor)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Delayed Draw
Loan |
| |
L+ 6.75%
|
| | | | 8.25% | | | | | | 05/19/20 | | | | | | 03/10/25 | | | | | | — | | | | | | — | | | | | | 6 | | |
| | |
(1.50% Floor)
|
| | | | | | | | | | | | | | | | | | | | | | 7,435 | | | | | | 7,306 | | | | | | 7,340 | | |
Total Investments
|
| | | | | | | | | | | | | | | | | | | | | | | | | 182,786 | | | | | $ | 176,716 | | | | | $ | 174,552 | | |
|
Investment Type(1)
|
| |
Spread
Above Index(2) |
| |
Interest
Rate(3) |
| |
Acquisition
Date(4) |
| |
Maturity
Date |
| |
Principal/
Share Amount |
| |
Amortized
Cost |
| |
Fair
Value(5) |
| ||||||||||||||||||
North America | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Debt Investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Advertising | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
SmartSign Holdings LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 6.00%
|
| | | | 10.19% | | | | | | 10/21/19 | | | | | | 10/11/24 | | | | | | 8,841 | | | | | $ | 8,672 | | | | | $ | 8,672 | | |
| | |
(1.00% Floor)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Revolving Loan
|
| |
L+ 6.00%
|
| | | | 10.19% | | | | | | 10/21/19 | | | | | | 10/11/24 | | | | | | — | | | | | | — | | | | | | — | | |
| | |
(1.00% Floor)
|
| | | | | | | | | | | | | | | | | | | | | | 8,841 | | | | | | 8,672 | | | | | | 8,672 | | |
Construction & Engineering | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
SFP Holding, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 6.25%
|
| | | | 8.14% | | | | | | 12/13/19 | | | | | | 09/01/22 | | | | | | 9,932 | | | | | | 9,927 | | | | | | 9,932 | | |
| | |
(1.00% Floor)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Delayed Draw Loan
|
| |
L+ 6.25%
|
| | | | 8.14% | | | | | | 12/13/19 | | | | | | 09/01/22 | | | | | | 85 | | | | | | 84 | | | | | | 85 | | |
| | |
(1.00% Floor)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Delayed Draw Loan
|
| |
L+ 6.25%
|
| | | | 8.14% | | | | | | 12/13/19 | | | | | | 12/14/20 | | | | | | — | | | | | | — | | | | | | 47 | | |
| | |
(1.00% Floor)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Revolving Loan
|
| |
L+ 6.25%
|
| | | | 8.41% | | | | | | 12/13/19 | | | | | | 09/01/22 | | | | | | 61 | | | | | | 61 | | | | | | 68 | | |
| | |
(1.00% Floor)
|
| | | | | | | | | | | | | | | | | | | | | | 10,078 | | | | | | 10,072 | | | | | | 10,132 | | |
Diversified Support Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Quest Events, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 6.00%
|
| | | | 7.94% | | | | | | 07/19/19 | | | | | | 12/28/24 | | | | | | 10,833 | | | | | | 10,634 | | | | | | 10,508 | | |
| | |
(1.00% Floor)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Revolving Loan
|
| |
L+ 6.00%
|
| | | | 7.94% | | | | | | 07/19/19 | | | | | | 12/28/24 | | | | | | — | | | | | | — | | | | | | (11) | | |
| | |
(1.00% Floor)
|
| | | | | | | | | | | | | | | | | | | | | | 10,833 | | | | | | 10,634 | | | | | | 10,497 | | |
Health Care Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Akumin Corp. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 6.00%
|
| | | | 7.80% | | | | | | 07/19/19 | | | | | | 05/31/24 | | | | | | 13,632 | | | | | | 13,392 | | | | | | 13,482 | | |
| | |
(1.00% Floor)
|
| | | | | | | | | | | | | | | | | | | | | | 13,632 | | | | | | 13,392 | | | | | | 13,482 | | |
Industrial Machinery | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
FR Flow Control CB LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan B
|
| |
L+ 6.00%
|
| | | | 7.94% | | | | | | 07/19/19 | | | | | | 06/28/26 | | | | | | 7,343 | | | | | | 7,206 | | | | | | 7,183 | | |
| | |
(1.00% Floor)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan C
|
| |
L+ 6.00%
|
| | | | 7.94% | | | | | | 07/19/19 | | | | | | 06/28/26 | | | | | | 2,870 | | | | | | 2,816 | | | | | | 2,807 | | |
| | |
(1.00% Floor)
|
| | | | | | | | | | | | | | | | | | | | | | 10,213 | | | | | | 10,022 | | | | | | 9,990 | | |
Insurance Brokers | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment Type(1)
|
| |
Spread
Above Index(2) |
| |
Interest
Rate(3) |
| |
Acquisition
Date(4) |
| |
Maturity
Date |
| |
Principal/
Share Amount |
| |
Amortized
Cost |
| |
Fair
Value(5) |
| ||||||||||||||||||
SelectQuote, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 6.00%
|
| | | | 7.70% | | | | | | 11/05/19 | | | | | | 11/05/24 | | | | | | 10,250 | | | | | | 10,051 | | | | | | 10,051 | | |
| | |
(1.00% Floor)
|
| | | | | | | | | | | | | | | | | | | | | | 10,250 | | | | | | 10,051 | | | | | | 10,051 | | |
Internet & Direct Marketing Retail | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Marlin DTC-LS Midco 2, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 6.00%
|
| | | | 7.80% | | | | | | 07/19/19 | | | | | | 07/01/25 | | | | | | 13,715 | | | | | | 13,463 | | | | | | 13,644 | | |
| | |
(1.00% Floor)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Revolving Loan
|
| |
L+ 6.00%
|
| | | | 7.80% | | | | | | 07/19/19 | | | | | | 07/01/25 | | | | | | — | | | | | | — | | | | | | 13 | | |
| | |
(1.00% Floor)
|
| | | | | | | | | | | | | | | | | | | | | | 13,715 | | | | | | 13,463 | | | | | | 13,657 | | |
Packaged Foods & Meats | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Poultry Holdings, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 5.75%
|
| | | | 7.55% | | | | | | 10/21/19 | | | | | | 06/28/25 | | | | | | 7,807 | | | | | | 7,656 | | | | | | 7,688 | | |
| | |
(1.00% Floor)
|
| | | | | | | | | | | | | | | | | | | | | | 7,807 | | | | | | 7,656 | | | | | | 7,688 | | |
Personal Products | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sunless, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 6.00%
|
| | | | 7.79% | | | | | | 10/21/19 | | | | | | 08/13/24 | | | | | | 4,864 | | | | | | 4,773 | | | | | | 4,779 | | |
| | |
(1.00% Floor)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Revolving Loan
|
| |
L+ 6.00%
|
| | | | 7.79% | | | | | | 10/21/19 | | | | | | 08/13/24 | | | | | | — | | | | | | — | | | | | | 2 | | |
| | |
(1.00% Floor)
|
| | | | | | | | | | | | | | | | | | | | | | 4,864 | | | | | | 4,773 | | | | | | 4,781 | | |
Systems Software | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
arcserve (USA) LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan
|
| |
L+ 6.00%
|
| | | | 7.91% | | | | | | 07/19/19 | | | | | | 05/01/24 | | | | | | 8,321 | | | | | | 8,175 | | | | | | 8,310 | | |
| | |
(1.00% Floor)
|
| | | | | | | | | | | | | | | | | | | | | | 8,321 | | | | | | 8,175 | | | | | | 8,310 | | |
Total Investments
|
| | | | | | | | | | | | | | | | | | | | | | | | | 98,554 | | | | | $ | 96,910 | | | | | $ | 97,260 | | |
|
Selected Balance Sheet Information
|
| |
December 31,
2020 |
| |
December 31,
2019 |
| ||||||
Assets: | | | | | | | | | | | | | |
Investments, at fair value (amortized cost of $176,716 and $96,910,
respectively) |
| | | $ | 174,552 | | | | | $ | 97,260 | | |
Cash and cash equivalents
|
| | | | 5,947 | | | | | | 1,552 | | |
Other assets
|
| | | | 883 | | | | | | 726 | | |
Total assets
|
| | | $ | 181,382 | | | | | $ | 99,538 | | |
Liabilities: | | | | | | | | | | | | | |
Credit facility
|
| | | $ | 94,260 | | | | | $ | 42,773 | | |
Note payable to members
|
| | | | 68,456 | | | | | | 43,907 | | |
Interest payable on credit facility
|
| | | | 189 | | | | | | 179 | | |
Interest payable on notes to members
|
| | | | 1,136 | | | | | | 850 | | |
Other liabilities
|
| | | | 396 | | | | | | 248 | | |
Total liabilities
|
| | | | 164,437 | | | | | | 87,957 | | |
Members’ equity
|
| | | | 16,945 | | | | | | 11,581 | | |
Total liabilities and members’ equity
|
| | | $ | 181,382 | | | | | $ | 99,538 | | |
Selected Statement of Operations Information
|
| |
For the
year ended December 31, 2020 |
| |
For the period
July 19, 2019 (commencement of operations) through December31, 2019 |
| ||||||
Interest income
|
| | | $ | 13,316 | | | | | $ | 2,936 | | |
Total investment income
|
| | | $ | 13,316 | | | | | $ | 2,936 | | |
Interest expense on credit facility
|
| | | | 3,256 | | | | | | 1,042 | | |
Interest expense on notes to members
|
| | | | 4,465 | | | | | | 1,422 | | |
Administrative fee
|
| | | | 308 | | | | | | 65 | | |
Other expenses
|
| | | | 317 | | | | | | 164 | | |
Total expenses
|
| | | $ | 8,346 | | | | | $ | 2,693 | | |
Net investment income
|
| | | | 4,970 | | | | | | 243 | | |
Net realized gains (losses) on investments
|
| | | | (10) | | | | | | 12 | | |
Net change in unrealized appreciation (depreciation) on investments
|
| | | | (2,799) | | | | | | 350 | | |
Net increase in net assets resulting from operations
|
| | | $ | 2,161 | | | | | $ | 605 | | |
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
First lien secured loans
|
| | | $ | — | | | | | $ | — | | | | | $ | 589,717 | | | | | $ | 589,717 | | |
Second lien secured loans
|
| | | | — | | | | | | — | | | | | | 27,059 | | | | | | 27,059 | | |
Subordinated Note to STRS JV
|
| | | | — | | | | | | — | | | | | | 41,073 | | | | | | 41,073 | | |
Equity (excluding STRS JV)
|
| | | | — | | | | | | — | | | | | | 22,719 | | | | | | 22,719 | | |
Equity in STRS JV(1)
|
| | | | — | | | | | | — | | | | | | — | | | | | | 10,167 | | |
Total investments
|
| | | $ | — | | | | | $ | — | | | | | $ | 680,568 | | | | | | 690,735 | | |
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
First lien secured loans
|
| | | $ | — | | | | | $ | — | | | | | $ | 477,875 | | | | | $ | 477,875 | | |
Second lien secured loans
|
| | | | — | | | | | | — | | | | | | 62,155 | | | | | | 62,155 | | |
Subordinated Note to STRS JV
|
| | | | — | | | | | | — | | | | | | 26,344 | | | | | | 26,344 | | |
Equity (excluding STRS JV)
|
| | | | 467 | | | | | | — | | | | | | 15,898 | | | | | | 16,365 | | |
Equity in STRS JV(1)
|
| | | | — | | | | | | — | | | | | | — | | | | | | 6,949 | | |
Total investments
|
| | | $ | 467 | | | | | $ | — | | | | | $ | 582,272 | | | | | $ | 589,688 | | |
| | |
First Lien
Secured Loans |
| |
Second Lien
Secured Loans |
| |
Subordinated
Unsecured Loans |
| |
Subordinated
Notes to STRS JV |
| |
Equity
|
| |
Total
Investments |
| ||||||||||||||||||
Fair value, beginning of period
|
| | | $ | 477,875 | | | | | $ | 62,155 | | | | | | — | | | | | $ | 26,344 | | | | | $ | 15,898 | | | | | $ | 582,272 | | |
Funding of investments
|
| | | | 298,856 | | | | | | 850 | | | | | | 291 | | | | | | 14,729 | | | | | | 2,732 | | | | | | 317,458 | | |
Non-cash interest income
|
| | | | 1,170 | | | | | | 40 | | | | | | — | | | | | | — | | | | | | | | | | | | 1,210 | | |
Accretion of discount
|
| | | | 3,055 | | | | | | 247 | | | | | | — | | | | | | — | | | | | | 132 | | | | | | 3,434 | | |
Proceeds from paydowns and sales
|
| | | | (188,017) | | | | | | (39,187) | | | | | | (291) | | | | | | — | | | | | | (3,989) | | | | | | (231,484) | | |
Conversions
|
| | | | (14,111) | | | | | | 4,419 | | | | | | — | | | | | | — | | | | | | 9,692 | | | | | | — | | |
Realized gains
|
| | | | 965 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,997 | | | | | | 3,962 | | |
Net unrealized (depreciation) appreciation
|
| | | | 8,787 | | | | | | (928) | | | | | | — | | | | | | — | | | | | | (4,143) | | | | | | 3,716 | | |
Fair value, end of period
|
| | | $ | 588,580 | | | | | $ | 27,596 | | | | | | — | | | | | $ | 41,073 | | | | | $ | 23,319 | | | | | $ | 680,568 | | |
Change in unrealized appreciation (depreciation) on investments still held as of December 31, 2020
|
| | | $ | 8,627 | | | | | $ | (926) | | | | | $ | — | | | | | $ | — | | | | | $ | (4,059) | | | | | $ | 3,642 | | |
| | |
First Lien
Secured Loans |
| |
Second Lien
Secured Loans |
| |
Subordinated
Notes to STRS JV |
| |
Equity
|
| |
Total
Investments |
| |||||||||||||||
Fair value, beginning of period
|
| | | $ | 359,416 | | | | | $ | 97,167 | | | | | $ | — | | | | | $ | 12,275 | | | | | $ | 468,858 | | |
Funding of investments
|
| | | | 356,222 | | | | | | — | | | | | | 26,344 | | | | | | 3,846 | | | | | | 386,412 | | |
Non-cash interest income
|
| | | | 1,575 | | | | | | 567 | | | | | | — | | | | | | — | | | | | | 2,142 | | |
Accretion of discount
|
| | | | 3,690 | | | | | | 722 | | | | | | — | | | | | | 19 | | | | | | 4,431 | | |
Proceeds from paydowns and sales
|
| | | | (252,923) | | | | | | (24,691) | | | | | | — | | | | | | (1,660) | | | | | | (279,274) | | |
Lien priority conversion
|
| | | | 14,472 | | | | | | (14,472) | | | | | | — | | | | | | — | | | | | | — | | |
Realized losses
|
| | | | (2,051) | | | | | | — | | | | | | — | | | | | | 1,641 | | | | | | (410) | | |
Net unrealized (depreciation) appreciation
|
| | | | (2,526) | | | | | | 2,862 | | | | | | — | | | | | | (223) | | | | | | 113 | | |
Fair value, end of period
|
| | | $ | 477,875 | | | | | $ | 62,155 | | | | | $ | 26,344 | | | | | $ | 15,898 | | | | | $ | 582,272 | | |
Change in unrealized appreciation
(depreciation) on investments still held as of December 31, 2019 |
| | | $ | (5,273) | | | | | $ | 420 | | | | | $ | — | | | | | $ | 812 | | | | | $ | (4,041) | | |
Investment Type
|
| |
Fair Value at
December 31, 2020 |
| |
Valuation
Techniques |
| |
Unobservable
Inputs |
| |
Range (Weighted Average)
|
| |||
First lien secured loans
|
| | | $ | 391,704 | | | |
Discounted cash flows
|
| |
Discount rate
|
| |
7.2% – 16.6% (9.7)%
|
|
| | | | | | | | | | | |
Exit EBITDA multiple
|
| |
3.0x – 15.0x (7.5x)
|
|
| | | | | 11,774 | | | |
Guideline public companies
|
| |
LTM EBITDA multiple
|
| |
6.3x
|
|
| | | | | 142,031 | | | |
Recent transaction
|
| |
Transaction price
|
| |
97.0 – 99.0 (97.9)
|
|
| | | | | 20,870 | | | |
Discounted cash flows,
recent transaction, guideline public companies and consensus market pricing |
| |
Discount rate
|
| |
7.1% – 16.5% (9.6)%
|
|
| | | | | | | | | | | |
Market pricing
|
| |
100.2 – 100.6 (100.4)
|
|
| | | | | | | | | | | |
Transaction price
|
| |
100.0
|
|
| | | | | | | | | | | |
Exit EBITDA
multiple |
| |
7.0x – 12.0x (9.3x)
|
|
| | | | | 22,201 | | | |
Other (asset coverage and expected repayment)
|
| |
—
|
| |
—
|
|
| | | | $ | 588,580 | | | | | | | | | | | |
Second lien secured loans
|
| | | $ | 15,096 | | | |
Discounted cash flows
|
| |
Discount rate
|
| |
12.1% – 20.9% (14.9)%
|
|
| | | | | | | | | | | |
Exit EBITDA
multiple |
| |
6.5x
|
|
| | | | | 12,500 | | | |
Other (expected repayment)
|
| |
—
|
| |
—
|
|
| | | | $ | 27,596 | | | | | | | | | | | |
Subordinated Note to STRS JV
|
| | | $ | 41,073 | | | |
Enterprise value
|
| |
—
|
| |
—
|
|
| | | | $ | 41,073 | | | | | | | | | | | |
Preferred Equity
|
| | | $ | 857 | | | |
Similar transactions
|
| |
LTM EBITDA multiple
|
| |
8.0x
|
|
| | | | | 600 | | | |
Recent transaction
|
| |
Transaction price
|
| |
$1.0/s
|
|
| | | | $ | 1,457 | | | | | | | | | | | |
Common Equity
|
| | | $ | 10,816 | | | |
Discounted cash flows
|
| |
Discount rate
|
| |
12.5% – 19.8% (13.5)%
|
|
| | | | | | | | | | | |
Exit EBITDA
Multiple |
| |
6.7x – 8.6x (7.1x)
|
|
| | | | | | | | | | | |
Discount for lack of marketability
|
| |
2.0% – 15.0% (3.8)%
|
|
| | | | | 6,448 | | | |
Discounted cash flows and Guideline public companies
|
| |
Discount rate
|
| |
15.5%
|
|
| | | | | | | | | | | |
Exit EBITDA
Multiple |
| |
8.0x
|
|
| | | | | | | | | | | |
Discount for lack of marketability
|
| |
10.0%
|
|
| | | | | 14 | | | |
Similar transactions
|
| |
Exit EBITDA
Multiple |
| |
6.0x
|
|
| | | | | | | | | | | |
Discount for lack of marketability
|
| |
15.0%
|
|
| | | | | 496 | | | |
Recent transaction
|
| |
Transaction price
|
| |
$1.0/s
|
|
| | | | $ | 17,774 | | | | | | | | | | | |
Warrant
|
| | | $ | 3,612 | | | |
Discounted cash flows and
|
| |
Discount rate
|
| |
19.1% – 24.7% (24.5)%
|
|
| | | | | | | | |
Option-pricing method
|
| |
Exit EBITDA
multiple |
| |
5.5x – 8.6x (5.6x)
|
|
| | | | | | | | | | | |
Volatility
|
| |
3.0% – 7.8% (3.2)%
|
|
| | | | | | | | | | | |
Discount for lack of marketability
|
| |
10.0% – 15.0% (10.2)%
|
|
| | | | | 476 | | | |
Recent transaction
|
| |
Transaction price
|
| |
$1.0/s
|
|
| | | | $ | 4,088 | | | | | | | | | | | |
Total Level 3 Investments
|
| | | $ | 680,568 | | | | | | | | | | | |
Investment Type
|
| |
Fair Value at
December 31, 2019 |
| |
Valuation
Techniques |
| |
Unobservable
Inputs |
| |
Range (Weighted Average)
|
| |||
First lien secured loans
|
| | | $ | 204,908 | | | |
Discounted cash flows
|
| |
Discount rate
|
| |
8.8% – 20.0% (10.9)%
|
|
| | | | | | | | | | | |
Exit multiple
|
| |
4.8x – 9.0x (7.3x)
|
|
| | | | | 525 | | | |
Asset coverage and Recent transaction
|
| |
Transaction price
|
| |
100.0
|
|
| | | | | 184,636 | | | |
Discounted cash flows and consensus market pricing or recent transaction
|
| |
Discount rate
|
| |
6.2% – 11.2% (9.1)%
|
|
| | | | | | | | | | | |
Market quotes or transaction price
|
| |
97.1 – 99.7 (98.2)
|
|
| | | | | | | | | | | |
Exit multiple
|
| |
7.0x – 10.0x (8.2x)
|
|
| | | | | 22,429 | | | |
Guideline public companies
|
| |
Exit multiple
|
| |
4.0x – 5.0x (4.6x)
|
|
| | | | | 5,405 | | | |
Expected repayment
|
| |
Repayment price
|
| |
100.0
|
|
| | | | | 59,972 | | | |
Consensus market pricing or
recent transaction |
| |
Market quotes or transaction price
|
| |
95.1 – 98.0 (96.6)
|
|
| | | | $ | 477,875 | | | | | | | | | | | |
Second lien secured loans
|
| | | $ | 62,155 | | | |
Discounted cash flows
|
| |
Discount rate
|
| |
12.0% – 18.5% (14.9)%
|
|
| | | | | | | | | | | |
Exit multiple
|
| |
6.0x
|
|
| | | | $ | 62,155 | | | | | | | | | | | |
Subordinated Note to STRS JV
|
| | | $ | 26,344 | | | |
Enterprise value
|
| |
—
|
| |
—
|
|
| | | | $ | 26,344 | | | | | | | | | | | |
Preferred Equity
|
| | | $ | 1,133 | | | |
Similar transactions
|
| |
Transaction multiple
|
| |
9.4x – 9.5x (9.5x)
|
|
| | | | $ | 1,133 | | | | | | | | | | | |
Common Equity
|
| | | $ | 9,650 | | | |
Discounted cash flows
|
| |
Discount rate
|
| |
9.1%
|
|
| | | | | | | | | | | |
Discount for lack of marketability
|
| |
2.0%
|
|
| | | | | 849 | | | |
Similar transactions
|
| |
Transaction multiple
|
| |
6.0x – 6.8x (6.8x)
|
|
| | | | $ | 10,499 | | | | | | | | | | | |
Warrant
|
| | | $ | 4,182 | | | |
Discounted cash flows and
|
| |
Discount rate
|
| |
23.0% – 30.0% (23.8)%
|
|
| | | | | | | | |
Option-pricing method
|
| |
Exit multiple
|
| |
5.5x – 8.0x (5.8x)
|
|
| | | | | | | | | | | |
Volatility
|
| |
1.3% – 2.2% (2.1)%
|
|
| | | | | | | | | | | |
Discount for lack of marketability
|
| |
10.0% – 13.0% (10.3)%
|
|
| | | | $ | 4,182 | | | | | | | | | | | |
Earnout and Holdback
|
| | | $ | 84 | | | |
Discounted cash flows
|
| |
Discount rate
|
| |
1.6%
|
|
| | | | $ | 84 | | | | | | | | | | | |
Total Level 3 Investments
|
| | | $ | 582,272 | | | | | | | | | | | |
| | | | | | | | |
December 31, 2020
|
| |
December 31, 2019
|
| ||||||||||||||||||
| | |
Fair
Value Level |
| |
Amortized
Cost |
| |
Fair Value
|
| |
Amortized
Cost |
| |
Fair Value
|
| |||||||||||||||
JPM Credit Facility
|
| | | | 3 | | | | | $ | 265,246 | | | | | $ | 272,570 | | | | | $ | 238,917 | | | | | $ | 243,435 | | |
2023 Private Notes
|
| | | | 3 | | | | | | 30,000 | | | | | | 32,389 | | | | | | 30,000 | | | | | | 31,558 | | |
2025 Private Notes
|
| | | | 3 | | | | | | 40,000 | | | | | | 41,110 | | | | | | — | | | | | | — | | |
2026 Private Notes
|
| | | | 3 | | | | | | 10,000 | | | | | | 10,260 | | | | | | — | | | | | | — | | |
2027 Private Notes
|
| | | | 3 | | | | | | 10,000 | | | | | | 10,324 | | | | | | — | | | | | | — | | |
2025 Public Notes
|
| | | | 2 | | | | | | 35,000 | | | | | | 36,000 | | | | | | 35,000 | | | | | | 36,722 | | |
| | | | | | | | | | $ | 390,246 | | | | | $ | 402,653 | | | | | $ | 303,917 | | | | | $ | 311,715 | | |
| | |
Maturity
|
| |
Rate
|
| |
Face Amount
|
| |
Available
|
| ||||||||||||
JPM Credit Facility
|
| | | | 2024 | | | | | | L+2.50% | | | | | $ | 265,246 | | | | | $ | 19,754 | | |
2023 Private Notes
|
| | | | 2023 | | | | | | 6.0% | | | | | | 30,000 | | | | | | — | | |
2025 Private Notes
|
| | | | 2025 | | | | | | 5.375% | | | | | | 40,000 | | | | | | — | | |
2026 Private Notes
|
| | | | 2026 | | | | | | 5.375% | | | | | | 10,000 | | | | | | — | | |
2027 Private Notes
|
| | | | 2027 | | | | | | 5.625% | | | | | | 10,000 | | | | | | — | | |
2025 Public Notes
|
| | | | 2025 | | | | | | 6.5% | | | | | | 35,000 | | | | | | — | | |
Total debt
|
| | | | | | | | | | | | | | | | 390,246 | | | | | $ | 19,754 | | |
Debt issuance cost
|
| | | | | | | | | | | | | | | | (5,366) | | | | | | | | |
Total debt net issuance cost
|
| | | | | | | | | | | | | | | $ | 384,880 | | | | | | | | |
| | |
Maturity
|
| |
Rate
|
| |
Face Amount
|
| |
Available
|
| ||||||||||||
JPM Credit Facility
|
| | | | 2024 | | | | | | L+2.50% | | | | | $ | 238,917 | | | | | $ | 11,083 | | |
2023 Private Notes
|
| | | | 2023 | | | | | | 6.0% | | | | | | 30,000 | | | | | | — | | |
2025 Public Notes
|
| | | | 2025 | | | | | | 6.5% | | | | | | 35,000 | | | | | | — | | |
Total debt
|
| | | | | | | | | | | | | | | | 303,917 | | | | | $ | 11,083 | | |
Debt issuance cost
|
| | | | | | | | | | | | | | | | (4,993) | | | | | | | | |
Total debt net issuance cost
|
| | | | | | | | | | | | | | | $ | 298,924 | | | | | | | | |
| | |
Unfunded Commitment as of
|
| |||||||||
| | |
December 31,
2020 |
| |
December 31,
2019 |
| ||||||
Revolving Loan Commitments: | | | | | | | | | | | | | |
BBQ Buyer, LLC
|
| | | $ | 823 | | | | | $ | — | | |
Claridge Products and Equipment, LLC
|
| | | | 702 | | | | | | — | | |
Comniscient Technologies LLC
|
| | | | 341 | | | | | | — | | |
Drew Foam Companies Inc
|
| | | | 534 | | | | | | — | | |
Epiphany Dermatology
|
| | | | 438 | | | | | | — | | |
Geo Logic Systems Ltd.
|
| | | | 321 | | | | | | 994 | | |
ImageOne Industries, LLC
|
| | | | 408 | | | | | | — | | |
Inspired Beauty Brands, Inc.
|
| | | | 531 | | | | | | — | | |
Ivy Rehab Holdings LLC
|
| | | | 545 | | | | | | — | | |
LHS Borrower, LLC
|
| | | | 560 | | | | | | — | | |
Lift Brands, Inc.
|
| | | | — | | | | | | 594 | | |
Newscycle Solutions, Inc.
|
| | | | 120 | | | | | | 36 | | |
PG Dental New Jersey Parent, LLC
|
| | | | 1,166 | | | | | | — | | |
Quest Events, LLC
|
| | | | — | | | | | | — | | |
RCKC Acquisitions LLC (dba KSM Consulting)
|
| | | | 1,422 | | | | | | — | | |
Road Safety Services, Inc.
|
| | | | 875 | | | | | | — | | |
TaxSlayer LLC
|
| | | | 1,548 | | | | | | — | | |
Telestream Holdings Corporation
|
| | | | 1,324 | | | | | | — | | |
WH Lessor Corp.
|
| | | | — | | | | | | 646 | | |
| | | | | 11,658 | | | | | | 2,270 | | |
Delayed Draw Loan Commitments: | | | | | | | | | | | | | |
Crown Brands LLC
|
| | | | — | | | | | | 850 | | |
Epiphany Dermatology
|
| | | | 3,063 | | | | | | — | | |
Ivy Rehab Holdings LLC
|
| | | | 1,633 | | | | | | — | | |
Lab Logistics, LLC
|
| | | | — | | | | | | 572 | | |
RCKC Acquisitions LLC (dba KSM Consulting)
|
| | | | 3,200 | | | | | | — | | |
Sklar Holdings, Inc.
|
| | | | — | | | | | | 3,039 | | |
True Blue Car Wash, LLC
|
| | | | — | | | | | | 2,031 | | |
| | | | | 7,896 | | | | | | 6,492 | | |
Total Unfunded Commitments
|
| | | $ | 19,554 | | | | | $ | 8,762 | | |
| | |
Years Ended December 31,
|
| |||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |
2017
|
| |
2016
|
| |||||||||||||||
Per share data:(1) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period
|
| | | $ | 15.23 | | | | | | 15.35 | | | | | $ | 13.98 | | | | | $ | 13.63 | | | | | $ | 13.33 | | |
Investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income
|
| | | | 1.18 | | | | | | 1.52 | | | | | | 1.22 | | | | | | 1.35 | | | | | | 1.48 | | |
Net realized and unrealized (losses) gains on investments and foreign currency
|
| | | | 0.37 | | | | | | (0.02) | | | | | | 1.57 | | | | | | 0.42 | | | | | | 0.24 | | |
Net increase in net assets resulting from operations
|
| | | | 1.55 | | | | | | 1.50 | | | | | | 2.79 | | | | | | 1.77 | | | | | | 1.72 | | |
Distributions declared
|
| | | | (1.55) | | | | | | (1.62) | | | | | | (1.42) | | | | | | (1.42) | | | | | | (1.42) | | |
Net asset value, end of period
|
| | | $ | 15.23 | | | | | | 15.23 | | | | | $ | 15.35 | | | | | $ | 13.98 | | | | | $ | 13.63 | | |
Total return based on market value(2)
|
| | | | (0.66)% | | | | | | 9.72% | | | | | | (5.22)% | | | | | | 10.27% | | | | | | 6.01% | | |
Total return based on net asset value
|
| | | | 10.36% | | | | | | 7.70% | | | | | | 18.66% | | | | | | 12.69% | | | | | | 12.64% | | |
Net assets, end of period
|
| | | $ | 312,897 | | | | | $ | 312,955 | | | | | $ | 315,296 | | | | | $ | 286,952 | | | | | $ | 249,389 | | |
Per share market value at end of period
|
| | | $ | 13.61 | | | | | $ | 13.70 | | | | | $ | 12.72 | | | | | $ | 13.42 | | | | | $ | 12.17 | | |
Shares outstanding end of period
|
| | | | 20,546,032 | | | | | | 20,546,032 | | | | | | 20,546,032 | | | | | | 20,531,948 | | | | | | 18,303,890 | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses before incentive fees to
average net assets(3)(4) |
| | | | 9.78% | | | | | | 8.88% | | | | | | 8.50% | | | | | | 8.12% | | | | | | 8.03% | | |
Ratio of incentive fees to average net assets(3)
|
| | | | 2.49% | | | | | | 2.43% | | | | | | 3.95% | | | | | | 2.42% | | | | | | 2.80% | | |
Ratio of total expenses to average net assets(3)(4)
|
| | | | 12.27% | | | | | | 11.31% | | | | | | 12.45% | | | | | | 10.54% | | | | | | 10.83% | | |
Ratio of net investment income to average
net assets(3)(4) |
| | | | 7.90% | | | | | | 9.83% | | | | | | 8.14% | | | | | | 9.66% | | | | | | 10.90% | | |
Portfolio turnover ratio
|
| | | | 35.86% | | | | | | 48.15% | | | | | | 57.74% | | | | | | 27.96% | | | | | | 29.38% | | |
| | |
Years ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Net increase (decrease) in net assets resulting from operations
|
| | | $ | 31,685 | | | | | $ | 30,841 | | | | | $ | 57,301 | | |
Change in net unrealized (appreciation) depreciation on investments and foreign currency
|
| | | | (3,365) | | | | | | (53) | | | | | | 433 | | |
Other book-to-tax differences
|
| | | | 3,140 | | | | | | 1,069 | | | | | | 4,573 | | |
Taxable income before deductions for distributions
|
| | | $ | 31,460 | | | | | $ | 31,857 | | | | | $ | 62,307 | | |
| | |
Years ended December 31,
|
| |||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||||||||||||||||||||
Ordinary income
|
| | | $ | 26,420 | | | | | | 83.2% | | | | | $ | 7,194 | | | | | | 21.7% | | | | | $ | 17,540 | | | | | | 60.1% | | |
Return of capital
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Long-term capital gains
|
| | | | 5,323 | | | | | | 16.8 | | | | | | 25,988 | | | | | | 78.3% | | | | | | 11,625 | | | | | | 39.9% | | |
Total distributions
|
| | | $ | 31,743 | | | | | | 100.0% | | | | | | 33,182 | | | | | | 100.0% | | | | | $ | 29,165 | | | | | | 100.0% | | |
| | |
December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Ordinary income
|
| | | $ | 24,100 | | | | | $ | 24,548 | | | | | $ | — | | |
Accumulated capital and other losses
|
| | | | — | | | | | | — | | | | | | 26,073 | | |
Net unrealized (depreciation) appreciation on investments and foreign currency
|
| | | | (11,226) | | | | | | (12,358) | | | | | | (12,355) | | |
Distributions deferred
|
| | | | — | | | | | | — | | | | | | — | | |
Total (accumulated deficit) distributable earnings – tax basis
|
| | | $ | 12,874 | | | | | $ | 12,190 | | | | | $ | 13,718 | | |
| | |
2020
|
| |||||||||||||||||||||
| | |
Q4
|
| |
Q3
|
| |
Q2
|
| |
Q1
|
| ||||||||||||
Total investment income
|
| | | $ | 16,845 | | | | | $ | 16,497 | | | | | $ | 13,823 | | | | | $ | 14,533 | | |
Net investment income after excise tax
|
| | | | 6,883 | | | | | | 5,929 | | | | | | 5,240 | | | | | | 6,102 | | |
Net realized and unrealized (losses) gains on investments and foreign currency
|
| | | | 1,310 | | | | | | 15,704 | | | | | | 17,571 | | | | | | (27,058) | | |
Net increase (decrease) in net assets resulting from operations
|
| | | | 8,193 | | | | | | 21,634 | | | | | | 22,811 | | | | | | (20,956) | | |
Earnings (loss) per share
|
| | | | 0.40 | | | | | | 1.06 | | | | | | 1.11 | | | | | | (1.01) | | |
Net asset value per share
|
| | | $ | 15.23 | | | | | $ | 15.31 | | | | | $ | 14.61 | | | | | $ | 13.86 | | |
| | |
2019
|
| |||||||||||||||||||||
| | |
Q4
|
| |
Q3
|
| |
Q2
|
| |
Q1
|
| ||||||||||||
Total investment income
|
| | | $ | 17,411 | | | | | $ | 17,755 | | | | | $ | 15,984 | | | | | $ | 15,924 | | |
Net investment income after excise tax
|
| | | | 7,702 | | | | | | 8,655 | | | | | | 7,226 | | | | | | 7,611 | | |
Net realized and unrealized (losses) gains on investments and foreign currency
|
| | | | 1,059 | | | | | | (1,800) | | | | | | 993 | | | | | | (606) | | |
Net increase in net assets resulting from operations
|
| | | | 8,761 | | | | | | 6,855 | | | | | | 8,219 | | | | | | 7,005 | | |
Earnings per share
|
| | | | 0.42 | | | | | | 0.34 | | | | | | 0.41 | | | | | | 0.34 | | |
Net asset value per share
|
| | | $ | 15.23 | | | | | $ | 15.36 | | | | | $ | 15.38 | | | | | $ | 15.33 | | |
| | |
2018
|
| |||||||||||||||||||||
| | |
Q4
|
| |
Q3
|
| |
Q2
|
| |
Q1
|
| ||||||||||||
Total investment income
|
| | | $ | 16,671 | | | | | $ | 15,318 | | | | | $ | 14,654 | | | | | $ | 16,605 | | |
Net investment income after excise tax
|
| | | | 8,040 | | | | | | 3,777(1) | | | | | | 4,607 | | | | | | 8,578 | | |
Net realized and unrealized (losses) gains on investments
|
| | | | (3,106) | | | | | | 15,685 | | | | | | 14,447 | | | | | | 5,275 | | |
Net increase in net assets resulting from operations
|
| | | | 4,934 | | | | | | 19,462 | | | | | | 19,054 | | | | | | 13,853 | | |
Earnings per share
|
| | | | 0.24 | | | | | | 0.95 | | | | | | 0.93 | | | | | | 0.67 | | |
Net asset value per share
|
| | | $ | 15.35 | | | | | $ | 15.46 | | | | | $ | 14.87 | | | | | $ | 14.30 | | |
Name
|
| |
Age
|
| |
Position
|
| |
Director
Since |
| |
Expiration
of Term |
|
Interested Directors | | | | | | | | | | | | | |
John Bolduc | | |
56
|
| | Chairman of the Board of Directors | | |
2012
|
| |
2021
|
|
Stuart Aronson | | |
58
|
| | Chief Executive Officer and Director | | |
2017
|
| |
2023
|
|
Jay Carvell | | |
55
|
| | Director | | |
2012
|
| |
2023
|
|
Independent Directors | | | | | | | | | | | | | |
Rick P. Frier | | |
59
|
| | Director, Chairman of the Compensation Committee | | |
2016
|
| |
2023
|
|
Rick D. Puckett | | |
67
|
| | Director, Chairman of the Audit Committee | | |
2012
|
| |
2021
|
|
G. Stacy Smith | | |
52
|
| | Director, Co-Chairman of the Nominating and Corporate Governance Committee | | |
2015
|
| |
2022
|
|
Kevin F. Burke | | |
67
|
| | Director, Co-Chairman of the Nominating and Corporate Governance Committee | | |
2017
|
| |
2022
|
|
Name
|
| |
Age
|
| |
Position
|
|
Joyson C. Thomas | | |
39
|
| | Chief Financial Officer | |
Marco Collazos | | |
45
|
| |
Chief Compliance Officer
|
|
Name
|
| |
Aggregate
Fees Earned or Paid in Cash |
| |
Pension or
Retirement Benefits Accrued as Part of Our Expenses(1) |
| |
Total
Compensation from WhiteHorse Finance |
| |||||||||
Independent Directors | | | | | | | | | | | | | | | | | | | |
Kevin F. Burke
|
| | | $ | 92,625 | | | | | | — | | | | | $ | 92,625 | | |
Rick P. Frier
|
| | | | 92,625 | | | | | | — | | | | | | 92,625 | | |
Rick D. Puckett
|
| | | | 97,625 | | | | | | — | | | | | | 97,625 | | |
G. Stacy Smith
|
| | | | 92,625 | | | | | | — | | | | | | 92,625 | | |
Interested Directors | | | | | | | | | | | | | | | | | | | |
Stuart Aronson
|
| | | | — | | | | | | — | | | | | | — | | |
John Bolduc
|
| | | | — | | | | | | — | | | | | | — | | |
Jay Carvell
|
| | | | — | | | | | | — | | | | | | — | | |
Name and Address
|
| |
Type of
Ownership |
| |
Shares
Owned |
| |
Percentage
|
| | |||||||||||
H.I.G. Bayside Loan Opportunity Fund IV, L.P.(1)
|
| | | | Beneficial | | | | | | 4,863,172 | | | | | | 23.7% | | | | ||
Hamilton Lane Advisors, L.L.C.(2)
|
| | | | Beneficial | | | | | | 496,591 | | | | | | 2.4% | | | | ||
Stuart Aronson(3)
|
| | | | Beneficial | | | | | | 36,000 | | | | | | * | | | | ||
John Bolduc(3)(4)
|
| | | | Beneficial | | | | | | 316,000 | | | | | | 1.5% | | | | ||
Jay Carvell(3)
|
| | | | Beneficial | | | | | | 15,630 | | | | | | * | | | | ||
Sami Mnaymneh(5)(6)
|
| | | | Beneficial | | | | | | 5,228,376 | | | | | | 25.4% | | | | ||
Anthony Tamer(5)(7)
|
| | | | Beneficial | | | | | | 5,214,888 | | | | | | 25.4% | | | | ||
Kevin F. Burke(3)
|
| | | | Beneficial | | | | | | 7,530 | | | | | | * | | | | | |
Rick P. Frier(3)(9)
|
| | | | Beneficial | | | | | | 3,700 | | | | | | * | | | | ||
Rick D. Puckett(3)(8)
|
| | | | Beneficial | | | | | | 19,912 | | | | | | * | | | | ||
G. Stacy Smith(3)
|
| | | | Beneficial | | | | | | 3,700 | | | | | | * | | | | ||
Marco Collazos(3)
|
| | | | Beneficial | | | | | | 10,000 | | | | | | * | | | | ||
Joyson C. Thomas(3)
|
| | | | Beneficial | | | | | | 9,921 | | | | | | * | | | | ||
All officers and directors as a group (9 persons)
|
| | | | Beneficial | | | | | | 422,393 | | | | | | 2.1% | | | |
| | |
Years ended
December 31, |
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Audit Fees
|
| | | $ | 400 | | | | | $ | 411 | | |
Audit-Related Fees
|
| | | | — | | | | | | 55 | | |
Tax Fees
|
| | | | — | | | | | | — | | |
All Other Fees
|
| | | | — | | | | | | — | | |
Total Fees
|
| | | $ | 400 | | | | | $ | 466 | | |
|
Signature
|
| |
Title
|
| |
Date
|
|
|
/s/ Stuart Aronson
Stuart Aronson
|
| |
Chief Executive Officer and Director
(Principal Executive Officer) |
| |
March 8, 2021
|
|
|
/s/ Joyson C. Thomas
Joyson C. Thomas
|
| |
Chief Financial Officer
(Principal Financial and Accounting Officer)
|
| |
March 8, 2021
|
|
|
/s/ John Bolduc
John Bolduc
|
| |
Chairman of the Board of Directors
|
| |
March 8, 2021
|
|
|
/s/ Jay Carvell
Jay Carvell
|
| |
Director
|
| |
March 8, 2021
|
|
|
/s/ Kevin F. Burke
Kevin F. Burke
|
| |
Director
|
| |
March 8, 2021
|
|
|
/s/ Rick P. Frier
Rick P. Frier
|
| |
Director
|
| |
March 8, 2021
|
|
|
/s/ Rick D. Puckett
Rick D. Puckett
|
| |
Director
|
| |
March 8, 2021
|
|
|
/s/ G. Stacy Smith
G. Stacy Smith
|
| |
Director
|
| |
March 8, 2021
|
|
Name
|
| |
Jurisdiction
|
|
WhiteHorse Finance Warehouse, LLC
|
| |
Delaware
|
|
WhiteHorse Finance Credit I, LLC
|
| |
Delaware
|
|
WhiteHorse Finance (CA), LLC
|
| |
Delaware
|
|
WhiteHorse Crews of California Holding, Inc.
|
| |
Delaware
|
|
WhiteHorse Nicholas & Associates Holding, Inc.
|
| |
Delaware
|
|
WhiteHorse Pinnacle Management Holding, Inc.
|
| |
Delaware
|
|
WHF PMA Holdco Blocker, LLC
|
| |
Delaware
|
|
Exhibit 23.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the incorporation by reference in Registration Statement No. 333-231247 on Form N-2 of WhiteHorse Finance, Inc. (the “Registration Statement”) of our report dated March 8, 2021 relating to the financial statements, appearing in this Annual Report on Form 10-K (the “Form 10-K”), and to the report dated March 8, 2021, on the Senior Securities table of WhiteHorse Finance, Inc. attached as an exhibit to the Form 10-K. We also consent to the reference to us under the headings “Senior Securities” in the Form 10-K and “Selected Consolidated Financial Data”, “Senior Securities” and “Independent Registered Public Accounting Firm” in the Registration Statement.
/s/Crowe LLP
Crowe LLP
New York, New York
March 8, 2021
Exhibit 99.1
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
ON SUPPLEMENTAL INFORMATION
Shareholders and the Board of Directors
of WhiteHorse Finance, Inc.
Miami, Florida
We have audited and reported separately herein on the consolidated financial statements of WhiteHorse Finance, Inc. (the “Company”) as of December 31, 2020 and 2019, and for each of the three years in the period ended December 31, 2020. We have also previously audited and reported on the consolidated financial statements of the Company as of and for the years ended December 31, 2018, 2017 and 2016 (not presented herein) appearing under Item 8 of the Company’s 2018, 2017 and 2016 Annual Report on Form 10-K.
The senior securities information included in Part II, Item 7 of the Annual Report on Form 10-K of the Company for the year ended December 31, 2020, under the caption “Senior Securities” (the “Senior Securities Table”), has been subjected to audit procedures performed in conjunction with the audit of the Company’s consolidated financial statements. The Senior Securities Table is the responsibility of the Company’s management. Our audit procedures included determining whether the Senior Securities Table reconciles to the consolidated financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the Senior Securities Table. In forming our opinion on the Senior Securities Table, we evaluated whether the Senior Securities Table, including its form and content, is presented in conformity with the instructions to Form N-2. In our opinion, the Senior Securities Table is fairly stated, in all material respects, in relation to the Company’s respective consolidated financial statements as a whole.
/s/Crowe LLP
Crowe LLP
New York, New York
March 8, 2021
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