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THE SECURITIES ACT OF 1933
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Pre-Effective Amendment No.
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| Post-Effective Amendment No. | | |
☐
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Title of Securities Being Registered
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Amount Being
Registered |
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Proposed
Maximum Aggregate Offering Price(1) |
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Amount of
Registration Fee |
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% Notes due 20
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$
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| | | $ | | | | | $ | | | |
| | | | | 1 | | | |
| | | | | 14 | | | |
| | | | | 18 | | | |
| | | | | 20 | | | |
| | | | | 67 | | | |
| | | | | 69 | | | |
| | | | | 70 | | | |
| | | | | 71 | | | |
| | | | | 104 | | | |
| | | | | 122 | | | |
| | | | | 123 | | | |
| | | | | 129 | | | |
| | | | | 141 | | | |
| | | | | 154 | | | |
| | | | | 157 | | | |
| | | | | 159 | | | |
| | | | | 161 | | | |
| | | | | 162 | | | |
| | | | | 170 | | | |
| | | | | 185 | | | |
| | | | | 193 | | | |
| | | | | 199 | | | |
| | | | | 202 | | | |
| | | | | 203 | | | |
| | | | | 204 | | | |
| | | | | 205 | | | |
| | | | | 206 | | | |
| | | | | F-1 | | |
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For the Nine Months
Ended September 30, |
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For the Years Ended
December 31, |
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($ in millions, except per share amounts)
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2020
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2019
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2019
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2018(1)
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Consolidated Statement of Operations Data | | | | | | | | | | | | | | | | | | | | | | | | | |
Income | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment income
|
| | | $ | 120.7 | | | | | $ | 53.4 | | | | | $ | 83.7 | | | | | $ | 2.6 | | |
Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses
|
| | | | 61.6 | | | | | | 34.7 | | | | | | 52.5 | | | | | | 4.7 | | |
Net investment income (loss) before income taxes
|
| | | | 59.1 | | | | | | 18.7 | | | | | | 31.2 | | | | | | (2.1) | | |
Excise tax expense
|
| | | | 0.3 | | | | | | 0.1 | | | | | | 0.1 | | | | | | — | | |
Net investment income (loss) after income taxes
|
| | | | 58.8 | | | | | | 18.6 | | | | | | 31.1 | | | | | | (2.1) | | |
Total change in net unrealized gain (loss)
|
| | | | 19.6 | | | | | | (2.0) | | | | | | (2.0) | | | | | | (1.1) | | |
Total net realized gain (loss)
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| | | | 0.3 | | | | | | 1.6 | | | | | | 1.6 | | | | | | — | | |
Increase (decrease) in net assets resulting from operations
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| | | $ | 78.7 | | | | | $ | 18.2 | | | | | $ | 30.7 | | | | | $ | (3.2) | | |
Earnings (loss) per share – basic and diluted
|
| | | $ | 0.98 | | | | | $ | 0.56 | | | | | $ | 0.84 | | | | | $ | (0.34) | | |
($ in millions, except per share amounts)
|
| |
September 30,
2020 |
| |
September 30,
2019 |
| |
December 31,
2019 |
| |
December 31,
2018(1) |
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Statement of Assets and Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash
|
| | | $ | 29.8 | | | | | $ | 126.7 | | | | | $ | 142.4 | | | | | $ | 323.0 | | |
Investments at fair value
|
| | | | 2,467.1 | | | | | | 1,338.6 | | | | | | 1,475.9 | | | | | | 262.8 | | |
Total assets
|
| | | | 2,513.7 | | | | | | 1,478.2 | | | | | | 1,625.0 | | | | | | 588.2 | | |
Total debt (net of unamortized debt issuance
costs) |
| | | | 1,008.5 | | | | | | 768.5 | | | | | | 823.8 | | | | | | 297.6 | | |
Total liabilities
|
| | | | 1,054.8 | | | | | | 805.6 | | | | | | 847.8 | | | | | | 301.5 | | |
Total net assets
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| | | $ | 1,458.9 | | | | | $ | 672.7 | | | | | $ | 777.2 | | | | | $ | 286.7 | | |
Net asset value per share
|
| | | $ | 14.66 | | | | | $ | 14.66 | | | | | $ | 14.70 | | | | | $ | 14.53 | | |
Other Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Number of portfolio companies
|
| | | | 43 | | | | | | 29 | | | | | | 29 | | | | | | 6 | | |
Distributions declared per share
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| | | $ | 0.63 | | | | | $ | 0.44 | | | | | $ | 0.65 | | | | | $ | — | | |
Total return based on net asset value(2)
|
| | | | 4.1% | | | | | | 4.0% | | | | | | 5.8% | | | | | | (3.2)% | | |
Weighted average total yield of portfolio at fair value
|
| | | | 7.7% | | | | | | 7.9% | | | | | | 7.9% | | | | | | 8.0% | | |
Weighted average total yield of portfolio at amortized cost
|
| | | | 7.8% | | | | | | 7.9% | | | | | | 7.9% | | | | | | 8.0% | | |
Weighted average yield of debt and income producing securities at fair value
|
| | | | 8.2% | | | | | | 8.3% | | | | | | 8.2% | | | | | | 8.0% | | |
Weighted average yield of debt and income producing securities at amortized cost
|
| | | | 8.2% | | | | | | 8.3% | | | | | | 8.2% | | | | | | 8.0% | | |
Fair value of debt investments as a percentage of principal
|
| | | | 98.5% | | | | | | 98.4% | | | | | | 98.5% | | | | | | 98.5% | | |
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Assumed Return on Our Portfolio (Net of Expenses)
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-10%
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-5%
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0%
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5%
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10%
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Corresponding return to common shareholder(1)
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| | | | -19.84% | | | | | | -11.22% | | | | | | -2.61% | | | | | | 6.01% | | | | | | 14.62% | | |
($ in thousands, except per share amounts)
|
| |
September 30,
2020 |
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As Adjusted for
this Offering |
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Assets | | | | | | | | | | |
Investments at fair value | | | | | | | | | | |
Non-controlled, non-affiliated investments (amortized cost of $2,355,434)
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| | | $ | 2,362,432 | | | |
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|
Non-controlled, affiliated investments (amortized cost of $96,809)
|
| | | | 104,647 | | | | | |
Total investments at fair value (amortized cost of $2,452,243)
|
| | | | 2,467,079 | | | | | |
Cash
|
| | | | 29,813 | | | | | |
Interest receivable
|
| | | | 15,767 | | | | | |
Dividend income receivable
|
| | | | 72 | | | | | |
Prepaid expenses and other assets
|
| | | | 930 | | | | | |
Total Assets
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| | | $ | 2,513,661 | | | | | |
Liabilities | | | | | | | | | | |
Debt (net of unamortized debt issuance costs of $25,117)
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| | | $ | 1,008,516 | | | | | |
Management fee payable
|
| | | | 8,298 | | | | | |
Distribution payable
|
| | | | 21,554 | | | | | |
Incentive fee payable
|
| | | | 4,405 | | | | | |
Payables to affiliates
|
| | | | 1,617 | | | | | |
Accrued expenses and other liabilities
|
| | | | 10,364 | | | | | |
Total Liabilities
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| | | $ | 1,054,754 | | | | | |
Net Assets | | | | | | | | | | |
Common shares $0.01 par value, 500,000,000 shares authorized; 99,539,158 shares issued and outstanding
|
| | | $ | 995 | | | | | |
Additional paid-in-capital
|
| | | | 1,434,864 | | | | | |
Total distributable earnings (losses)
|
| | | | 23,048 | | | | | |
Total Net Assets
|
| | | $ | 1,458,907 | | | | | |
Total Liabilities and Net Assets
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| | | $ | 2,513,661 | | | | | |
Net Asset Value Per Share
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| | | $ | 14.66 | | | | | |
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For the Three
Months Ended September 30, |
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($ in thousands)
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2020
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2019
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New investment commitments | | | | | | | | | | | | | |
Gross originations
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| | | $ | 399,824 | | | | | $ | 360,044 | | |
Less: Sell downs
|
| | | | (50,000) | | | | | | (27,130) | | |
Total new investment commitments
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| | | $ | 349,824 | | | | | $ | 332,914 | | |
Principal amount of investments funded: | | | | | | | | | | | | | |
First-lien senior secured debt investments
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| | | $ | 174,148 | | | | | $ | 202,600 | | |
Second-lien senior secured debt investments
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| | | | 2,500 | | | | | | 16,450 | | |
Unsecured debt investments
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| | | | 64,640 | | | | | | — | | |
Equity investments
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| | | | 60,000 | | | | | | 27,000 | | |
Total principal amount of investments funded z
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| | | $ | 301,288 | | | | | $ | 246,050 | | |
Principal amount of investments sold or repaid: | | | | | | | | | | | | | |
First-lien senior secured debt investments
|
| | | $ | (21,156) | | | | | $ | (11,906) | | |
Second-lien senior secured debt investments
|
| | | | (1,496) | | | | | | — | | |
Unsecured debt investments
|
| | | | — | | | | | | (30,000) | | |
Total principal amount of investments sold or repaid
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| | | $ | (22,652) | | | | | $ | (41,906) | | |
Number of new investment commitments in new portfolio companies(1)
|
| | | | 7 | | | | | | 7 | | |
Average new investment commitment amount
|
| | | $ | 45,655 | | | | | $ | 45,850 | | |
Weighted average term for new debt investment commitments (in years)
|
| | | | 5.6 | | | | | | 6.3 | | |
Percentage of new debt investment commitments at
floating rates |
| | | | 85.3% | | | | | | 100.0% | | |
Percentage of new debt investment commitments at
fixed rates |
| | | | 14.7% | | | | | | 0.0% | | |
Weighted average interest rate of new debt investment commitments(2)
|
| | | | 7.2% | | | | | | 7.7% | | |
Weighted average spread over LIBOR of new floating rate debt investment commitments
|
| | | | 7.7% | | | | | | 5.7% | | |
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September 30, 2020
|
| |
December 31, 2019
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($ in thousands)
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Amortized Cost
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Fair Value
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Amortized Cost
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Fair Value
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First-lien senior secured debt investments
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| | | $ | 1,829,089 | | | | | $ | 1,821,365(1) | | | | | $ | 1,385,386 | | | | | $ | 1,382,256(1) | | |
Second-lien senior secured debt investments
|
| | | | 130,919 | | | | | | 131,802 | | | | | | 36,147 | | | | | | 36,236 | | |
Unsecured debt investments
|
| | | | 368,015 | | | | | | 372,762 | | | | | | — | | | | | | — | | |
Equity investments
|
| | | | 124,220 | | | | | | 141,150 | | | | | | 57,303 | | | | | | 57,453 | | |
Total Investments
|
| | | $ | 2,452,243 | | | | | $ | 2,467,079 | | | | | $ | 1,478,836 | | | | | $ | 1,475,945 | | |
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September 30, 2020
|
| |
December 31, 2019
|
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Buildings and real estate
|
| | | | 1.8% | | | | | | 3.0% | | |
Business services
|
| | | | 22.2 | | | | | | 26.9 | | |
Data and information services
|
| | | | 15.3 | | | | | | 5.8 | | |
eCommerce and digital marketplaces
|
| | | | 2.3 | | | | | | 0.3 | | |
Education
|
| | | | 11.1 | | | | | | 16.4 | | |
Financial services
|
| | | | 4.0 | | | | | | 1.4 | | |
Food and beverage
|
| | | | 10.5 | | | | | | — | | |
Healthcare providers and services
|
| | | | — | | | | | | 3.1 | | |
Healthcare technology
|
| | | | 13.0 | | | | | | 17.0 | | |
Human resource support services
|
| | | | 0.1 | | | | | | — | | |
Insurance
|
| | | | 3.2 | | | | | | 2.9 | | |
Internet and digital media
|
| | | | 4.4 | | | | | | 8.7 | | |
Leisure and entertainment
|
| | | | 3.6 | | | | | | 4.5 | | |
Oil and gas
|
| | | | 4.0 | | | | | | 5.7 | | |
Professional services
|
| | | | 2.0 | | | | | | 3.5 | | |
Technology Infrastructure
|
| | | | 2.5 | | | | | | 0.8 | | |
Total
|
| | | | 100.0% | | | | | | 100.0% | | |
| | |
September 30, 2020
|
| |
December 31, 2019
|
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United States: | | | | | | | | | | | | | |
Midwest
|
| | | | 5.4% | | | | | | 6.9% | | |
Northeast
|
| | | | 25.3 | | | | | | 35.9 | | |
South
|
| | | | 23.5 | | | | | | 34.7 | | |
West
|
| | | | 31.0 | | | | | | 17.3 | | |
Canada
|
| | | | 4.9 | | | | | | 3.1 | | |
Ireland
|
| | | | — | | | | | | 2.1 | | |
Israel
|
| | | | 5.0 | | | | | | — | | |
United Kingdom
|
| | | | 4.9 | | | | | | — | | |
Total
|
| | | | 100.0% | | | | | | 100.0% | | |
| | |
September 30, 2020
|
| |
December 31, 2019
|
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Weighted average total yield of portfolio
|
| | | | 7.7% | | | | | | 7.9% | | |
Weighted average total yield of debt and income producing
securities |
| | | | 8.2% | | | | | | 8.2% | | |
Weighted average interest rate of debt securities
|
| | | | 7.4% | | | | | | 7.9% | | |
Weighted average spread over LIBOR of all floating rate
investments |
| | | | 6.5% | | | | | | 6.0% | | |
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Investment Rating
|
| |
Description
|
|
|
1
|
| | Investments with a rating of 1 involve the least amount of risk to our initial cost basis. The borrower is performing above expectations, and the trends and risk factors for this investment since origination or acquisition are generally favorable; | |
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2
|
| | Investments rated 2 involve an acceptable level of risk that is similar to the risk at the time of origination or acquisition. The borrower is generally performing as expected and the risk factors are neutral to favorable. All investments or acquired investments in new portfolio companies are initially assessed a rate of 2; | |
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3
|
| | Investments rated 3 involve a borrower performing below expectations and indicates that the loan’s risk has increased somewhat since origination or acquisition; | |
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4
|
| | Investments rated 4 involve a borrower performing materially below expectations and indicates that the loan’s risk has increased materially since origination or acquisition. In addition to the borrower being generally out of compliance with debt covenants, loan payments may be past due (but generally not more than 120 days past due); and | |
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5
|
| | Investments rated 5 involve a borrower performing substantially below expectations and indicates that the loan’s risk has increased substantially since origination or acquisition. Most or all of the debt covenants are out of compliance and payments are substantially delinquent. Loans rated 5 are not anticipated to be repaid in full and we will reduce the fair value of the loan to the amount we anticipate will be recovered. | |
| | |
September 30, 2020
|
| |
December 31, 2019
|
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Investment Rating
|
| |
Investments
at Fair Value |
| |
Percentage of
Total Portfolio |
| |
Investments
at Fair Value |
| |
Percentage of
Total Portfolio |
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($ in thousands)
|
| | | | | | | | | | | | | | | | | | | | | | | | |
1
|
| | | $ | 310,517 | | | | | | 12.6% | | | | | $ | — | | | | | | —% | | |
2
|
| | | | 2,095,146 | | | | | | 84.9 | | | | | | 1,475,945 | | | | | | 100.0 | | |
3
|
| | | | 61,416 | | | | | | 2.5 | | | | | | — | | | | | | — | | |
4
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
5
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | $ | 2,467,079 | | | | | | 100.0% | | | | | $ | 1,475,945 | | | | | | 100.0% | | |
| | |
September 30, 2020
|
| |
December 31, 2019
|
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($ in thousands)
|
| |
Amortized Cost
|
| |
Percentage
|
| |
Amortized Cost
|
| |
Percentage
|
| ||||||||||||
Performing
|
| | | $ | 2,328,023 | | | | | | 100.0% | | | | | $ | 1,421,533 | | | | | | 100.0% | | |
Non-accrual
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | $ | 2,328,023 | | | | | | 100.0% | | | | | $ | 1,421,533 | | | | | | 100.0% | | |
| | |
For the Three
Months Ended September 30, |
| |
For the Nine
Months Ended September 30, |
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($ in millions)
|
| |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| ||||||||||||
Total Investment Income
|
| | | $ | 45.5 | | | | | $ | 27.2 | | | | | $ | 120.7 | | | | | $ | 53.4 | | |
Less: Expenses
|
| | | | 24.3 | | | | | | 15.7 | | | | | | 61.6 | | | | | | 34.7 | | |
Net Investment Income (Loss) Before Taxes
|
| | | $ | 21.2 | | | | | $ | 11.5 | | | | | $ | 59.1 | | | | | $ | 18.7 | | |
Less: Income taxes, including excise taxes
|
| | | | 0.1 | | | | | | 0.1 | | | | | | 0.3 | | | | | | 0.1 | | |
Net Investment Income (Loss) After Taxes
|
| | | $ | 21.1 | | | | | $ | 11.4 | | | | | $ | 58.8 | | | | | $ | 18.6 | | |
Net change in unrealized gain (loss)
|
| | | | 31.3 | | | | | | (5.3) | | | | | | 19.6 | | | | | | (2.0) | | |
Net realized gain (loss)
|
| | | | 0.3 | | | | | | 1.5 | | | | | | 0.3 | | | | | | 1.6 | | |
Net Increase (Decrease) in Net Assets Resulting from Operations
|
| | | $ | 52.7 | | | | | $ | 7.6 | | | | | $ | 78.7 | | | | | $ | 18.2 | | |
| | |
For the Three Months Ended
September 30, |
| |
For the Nine Months Ended
September 30, |
| ||||||||||||||||||
($ in millions)
|
| |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| ||||||||||||
Interest income (excluding PIK interest income)
|
| | | $ | 38.7 | | | | | $ | 25.5 | | | | | $ | 107.6 | | | | | $ | 51.3 | | |
PIK interest income
|
| | | | 6.3 | | | | | | 0.5 | | | | | | 11.0 | | | | | | 0.6 | | |
Dividend income
|
| | | | 0.1 | | | | | | — | | | | | | 0.1 | | | | | | — | | |
Other income
|
| | | | 0.4 | | | | | | 1.2 | | | | | | 2.0 | | | | | | 1.5 | | |
Total investment income
|
| | | $ | 45.5 | | | | | $ | 27.2 | | | | | $ | 120.7 | | | | | $ | 53.4 | | |
| | |
For the Three Months Ended
September 30, |
| |
For the Nine Months Ended
September 30, |
| ||||||||||||||||||
($ in millions)
|
| |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| ||||||||||||
Interest expense
|
| | | $ | 9.3 | | | | | $ | 7.3 | | | | | $ | 23.1 | | | | | $ | 14.0 | | |
Management fees
|
| | | | 8.3 | | | | | | 6.1 | | | | | | 23.5 | | | | | | 15.3 | | |
Incentive fees
|
| | | | 4.4 | | | | | | 1.0 | | | | | | 8.6 | | | | | | 1.2 | | |
Professional fees
|
| | | | 1.4 | | | | | | 0.5 | | | | | | 3.8 | | | | | | 2.2 | | |
Directors’ fees
|
| | | | 0.2 | | | | | | 0.2 | | | | | | 0.5 | | | | | | 0.4 | | |
Other general and administrative
|
| | | | 0.7 | | | | | | 0.6 | | | | | | 2.1 | | | | | | 1.6 | | |
Total expenses
|
| | | $ | 24.3 | | | | | $ | 15.7 | | | | | $ | 61.6 | | | | | $ | 34.7 | | |
| | |
For the Three Months Ended
September 30, |
| |
For the Nine Months Ended
September 30, |
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($ in millions)
|
| |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| ||||||||||||
Net change in unrealized gain (loss) on investments
|
| | | $ | 31.6 | | | | | $ | (5.3) | | | | | $ | 19.9 | | | | | $ | (2.1) | | |
Net change in unrealized gain (loss) on translation of assets and liabilities in foreign currencies
|
| | | | (0.3) | | | | | | — | | | | | | (0.3) | | | | | | — | | |
Net change in unrealized gain (loss)
|
| | | $ | 31.3 | | | | | $ | (5.3) | | | | | $ | 19.6 | | | | | $ | (2.1) | | |
Portfolio Company
($ in millions) |
| |
Net Change in Unrealized
Gain (Loss) |
| |||
Remaining portfolio companies
|
| | | $ | 10.1 | | |
Toast, Inc.
|
| | | | 5.4 | | |
H&F Opportunities LUX III S.À R.L (dba Checkmarx)
|
| | | | 3.2 | | |
MINDBODY, Inc.
|
| | | | 2.2 | | |
Airbnb, Inc.
|
| | | | 2.1 | | |
Paysimple, Inc.
|
| | | | 1.9 | | |
SURF HOLDINGS, LLC (dba Sophos Group plc)
|
| | | | 1.5 | | |
Poshmark, Inc.
|
| | | | 1.4 | | |
Interoperability Bidco, Inc.
|
| | | | 1.3 | | |
ConnectWise, LLC
|
| | | | 1.3 | | |
Acquia Inc.
|
| | | | 1.2 | | |
Total
|
| | | $ | 31.6 | | |
Portfolio Company
($ in millions) |
| |
Net Change in Unrealized
Gain (Loss) |
| |||
Circle Internet Services, Inc.
|
| | | $ | 8.0 | | |
Toast, Inc.
|
| | | | 4.8 | | |
Remaining portfolio companies
|
| | | | 4.5 | | |
Remitly Global, Inc.
|
| | | | 3.7 | | |
H&F Opportunities LUX III S.À R.L (dba Checkmarx)
|
| | | | 3.1 | | |
DoorDash, Inc.
|
| | | | 2.2 | | |
Airbnb, Inc.
|
| | | | 2.1 | | |
Poshmark, Inc.
|
| | | | 1.9 | | |
Reef Global, Inc. (fka Cheese Acquisition, LLC)
|
| | | | (1.7) | | |
Interoperability Bidco, Inc.
|
| | | | (2.6) | | |
MINDBODY, Inc.
|
| | | | (6.1) | | |
Total
|
| | | $ | 19.9 | | |
|
| | |
For the Three
Months Ended September 30, |
| |
For the Nine
Months Ended September 30, |
| ||||||||||||||||||
($ in millions)
|
| |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| ||||||||||||
Net realized gain (loss) on investments
|
| | | $ | — | | | | | $ | 1.5 | | | | | $ | — | | | | | $ | 1.5 | | |
Net realized gain (loss) on foreign currency transactions
|
| | | | 0.3 | | | | | | — | | | | | | 0.3 | | | | | | 0.1 | | |
Net realized gain (loss)
|
| | | $ | 0.3 | | | | | $ | 1.5 | | | | | $ | 0.3 | | | | | $ | 1.6 | | |
Capital Drawdown Notice Date
|
| |
Common Share
Issuance Date |
| |
Number of Common
Shares Issued |
| |
Aggregate
Offering Price ($ in millions) |
| ||||||
September 11, 2020
|
| |
September 24, 2020
|
| | | | 673,401 | | | | | $ | 10.0 | | |
May 6, 2020
|
| |
May 19, 2020
|
| | | | 19,416,820 | | | | | | 274.9 | | |
April 15, 2020
|
| |
April 28, 2020
|
| | | | 10,668,889 | | | | | | 149.9 | | |
March 11, 2020
|
| |
March 24, 2020
|
| | | | 10,840,780 | | | | | | 149.4 | | |
December 30, 2019
|
| |
January 13, 2020
|
| | | | 4,209,097 | | | | | | 62.0 | | |
Total
|
| | | | | | | 45,808,987 | | | | | $ | 646.2 | | |
Capital Drawdown Notice Date
|
| |
Common Share
Issuance Date |
| |
Number of Common
Shares Issued |
| |
Aggregate
Offering Price ($ in millions) |
| ||||||
September 16, 2019
|
| |
September 27, 2019
|
| | | | 4,025,213 | | | | | $ | 59.9 | | |
May 15, 2019
|
| |
May 29, 2019
|
| | | | 10,112,871 | | | | | | 149.5 | | |
March 15, 2019
|
| |
March 28, 2019
|
| | | | 11,838,390 | | | | | | 175.0 | | |
Total
|
| | | | | | | 25,976,474 | | | | | $ | 384.4 | | |
| | |
September 30, 2020
|
| |||||||||
Date Declared
|
| |
Record Date
|
| |
Payment Date
|
| |
Distribution per
Share |
| |||
August 4, 2020
|
| |
September 30, 2020
|
| |
November 13, 2020
|
| | | $ | 0.22 | | |
May 5, 2020
|
| |
June 30, 2020
|
| |
August 14, 2020
|
| | | $ | 0.20 | | |
February 19, 2020
|
| |
March 31, 2020
|
| |
May 15, 2020
|
| | | $ | 0.21 | | |
| | |
September 30, 2019
|
| |||||||||
Date Declared
|
| |
Record Date
|
| |
Payment Date
|
| |
Distribution per
Share |
| |||
August 7, 2019
|
| |
September 30, 2019
|
| |
November 15, 2019
|
| | | $ | 0.25 | | |
May 8, 2019
|
| |
June 30, 2019
|
| |
August 15, 2019
|
| | | $ | 0.14 | | |
February 27, 2019
|
| |
March 31, 2019
|
| |
May 15, 2019
|
| | | $ | 0.05 | | |
| | |
September 30, 2020
|
| |||||||||
Date Declared
|
| |
Record Date
|
| |
Payment Date
|
| |
Shares
|
| |||
May 5, 2020
|
| |
June 30, 2020
|
| |
August 14, 2020
|
| | | | 354,998 | | |
February 19, 2020
|
| |
March 31, 2020
|
| |
May 15, 2020
|
| | | | 295,497 | | |
October 30, 2019
|
| |
December 31, 2019
|
| |
January 31, 2020
|
| | | | 227,554 | | |
| | |
September 30, 2019
|
| |||||||||
Date Declared
|
| |
Record Date
|
| |
Payment Date
|
| |
Shares
|
| |||
May 8, 2019
|
| |
June 30, 2019
|
| |
August 15, 2019
|
| | | | 122,495 | | |
February 27, 2019
|
| |
March 31, 2019
|
| |
May 15, 2019
|
| | | | 32,953 | | |
| | |
September 30, 2020
|
| |||||||||||||||||||||
($ in thousands)
|
| |
Aggregate
Principal Committed |
| |
Outstanding
Principal |
| |
Amount
Available(1) |
| |
Net Carrying
Value(2)(3)(4)(5)(6) |
| ||||||||||||
Subscription Credit Facility
|
| | | $ | 700,000 | | | | | $ | 68,992 | | | | | $ | 594,580 | | | | | $ | 66,613 | | |
Revolving Credit Facility
|
| | | | 540,000 | | | | | | 64,640 | | | | | | 475,360 | | | | | | 58,262 | | |
SPV Asset Facility I
|
| | | | 300,000 | | | | | | 290,000 | | | | | | 10,000 | | | | | | 286,452 | | |
June 2025 Notes
|
| | | | 210,000 | | | | | | 210,000 | | | | | | — | | | | | | 204,984 | | |
December 2025 Notes
|
| | | | 400,000 | | | | | | 400,000 | | | | | | — | | | | | | 392,205 | | |
Total Debt
|
| | | $ | 2,150,000 | | | | | $ | 1,033,632 | | | | | $ | 1,079,940 | | | | | $ | 1,008,516 | | |
| | |
December 31, 2019
|
| |||||||||||||||||||||
($ in thousands)
|
| |
Aggregate
Principal Committed |
| |
Outstanding
Principal |
| |
Amount
Available(1) |
| |
Net Carrying
Value(2)(3) |
| ||||||||||||
Subscription Credit Facility
|
| | | $ | 900,000 | | | | | $ | 645,712 | | | | | $ | 103,399 | | | | | $ | 641,739 | | |
Revolving Credit Facility
|
| | | | 305,000 | | | | | | 185,000 | | | | | | 120,000 | | | | | | 182,058 | | |
Total Debt
|
| | | $ | 1,205,000 | | | | | $ | 830,712 | | | | | $ | 223,399 | | | | | $ | 823,797 | | |
| | |
For the Three
Months Ended September 30, |
| |
For the Nine
Months Ended September 30, |
| ||||||||||||||||||
($ in thousands)
|
| |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| ||||||||||||
Interest expense
|
| | | $ | 8,148 | | | | | $ | 6,640 | | | | | $ | 20,348 | | | | | $ | 12,545 | | |
Amortization of debt issuance costs
|
| | | | 1,126 | | | | | | 677 | | | | | | 2,709 | | | | | | 1,482 | | |
Total Interest Expense
|
| | | $ | 9,274 | | | | | $ | 7,317 | | | | | $ | 23,057 | | | | | $ | 14,027 | | |
Average interest rate
|
| | | | 3.68% | | | | | | 3.80% | | | | | | 3.26% | | | | | | 3.96% | | |
Average daily borrowings
|
| | | $ | 865,497 | | | | | $ | 647,914 | | | | | $ | 820,239 | | | | | $ | 387,615 | | |
Class and Period
|
| |
Total Amount
Outstanding Exclusive of Treasury Securities(1) ($ in millions) |
| |
Asset
Coverage per Unit(2) |
| |
Involuntary
Liquidating Preference per Unit(3) |
| |
Average Market
Value per Unit(4) |
| ||||||||||||
Revolving Credit Facility | | | | | | | | | | | | | | | | | | | | | | | | | |
September 30, 2020 (unaudited)
|
| | | $ | 64.6 | | | | | | 2,402 | | | | | | — | | | | | | N/A | | |
December 31, 2019
|
| | | $ | 185.0 | | | | | | 1,935 | | | | | | — | | | | | | N/A | | |
Subscription Credit Facility | | | | | | | | | | | | | | | | | | | | | | | | | |
September 30, 2020 (unaudited)
|
| | | $ | 69.0 | | | | | | 2,402 | | | | | | — | | | | | | N/A | | |
December 31, 2019
|
| | | $ | 645.7 | | | | | | 1,935 | | | | | | — | | | | | | N/A | | |
December 31, 2018
|
| | | $ | 300.0 | | | | | | 1,955 | | | | | | — | | | | | | N/A | | |
SPV Asset Facility I | | | | | | | | | | | | | | | | | | | | | | | | | |
September 30, 2020 (unaudited)
|
| | | $ | 290.0 | | | | | | 2,402 | | | | | | — | | | | | | N/A | | |
June 2025 Notes | | | | | | | | | | | | | | | | | | | | | | | | | |
September 30, 2020 (unaudited)
|
| | | $ | 210.0 | | | | | | 2,402 | | | | | | — | | | | | | N/A | | |
December 2025 Notes | | | | | | | | | | | | | | | | | | | | | | | | | |
September 30, 2020 (unaudited)
|
| | | $ | 400.0 | | | | | | 2,402 | | | | | | — | | | | | | N/A | | |
Portfolio Company
|
| |
Investment
|
| |
September 30,
2020 |
| |
December 31,
2019 |
| ||||||
($ in thousands)
|
| | | | | | | | | | | | | | | |
11849573 Canada Inc. (dba Intelerad Medical Systems Incorporated)
|
| |
First lien senior secured delayed draw term loan
|
| | | $ | 1,777 | | | | | $ | — | | |
11849573 Canada Inc. (dba Intelerad Medical Systems Incorporated)
|
| |
First lien senior secured revolving loan
|
| | | | 6,040 | | | | | | — | | |
3ES Innovation Inc. (dba Aucerna) | | |
First lien senior secured revolving loan
|
| | | | 4,580 | | | | | | 4,580 | | |
Acquia Inc. | | |
First lien senior secured revolving loan
|
| | | | 11,789 | | | | | | 14,158 | | |
Apptio, Inc. | | |
First lien senior secured revolving loan
|
| | | | 3,269 | | | | | | 3,269 | | |
Certify, Inc. | | |
First lien senior secured delayed draw term loan
|
| | | | — | | | | | | 3,422 | | |
Certify, Inc. | | |
First lien senior secured revolving loan
|
| | | | 2,282 | | | | | | 1,939 | | |
Portfolio Company
|
| |
Investment
|
| |
September 30,
2020 |
| |
December 31,
2019 |
| ||||||
($ in thousands)
|
| | | | | | | | | | | | | | | |
H&F Opportunities LUX III S.À R.L (dba Checkmarx)
|
| |
First lien senior secured revolving loan
|
| | | | 25,000 | | | | | | — | | |
Reef Global, Inc. (fka Cheese Acquisition, LLC)
|
| |
First lien senior secured revolving loan
|
| | | | 1,494 | | | | | | 4,545 | | |
ConnectWise, LLC | | |
First lien senior secured revolving loan
|
| | | | 13,904 | | | | | | 13,904 | | |
Datix Bidco Limited (dba RLDatix) | | |
First lien senior secured delayed draw term loan
|
| | | | 2,241 | | | | | | — | | |
Datix Bidco Limited (dba RLDatix) | | |
Second lien senior secured delayed draw term loan
|
| | | | 20,000 | | | | | | — | | |
Definitive Healthcare Holdings, LLC | | |
First lien senior secured delayed draw term loan
|
| | | | 21,739 | | | | | | 21,739 | | |
Definitive Healthcare Holdings, LLC | | |
First lien senior secured revolving loan
|
| | | | — | | | | | | 5,435 | | |
Diligent Corporation | | |
First lien senior secured delayed draw term loan
|
| | | | 4,570 | | | | | | — | | |
Diligent Corporation | | |
First lien senior secured revolving loan
|
| | | | 1,523 | | | | | | — | | |
Dude Solutions Holdings, Inc. | | |
First lien senior secured revolving loan
|
| | | | 5,077 | | | | | | 6,923 | | |
Forescout Technologies, Inc. | | |
First lien senior secured revolving loan
|
| | | | 8,333 | | | | | | — | | |
Gerson Lehrman Group, Inc. | | |
First lien senior secured revolving loan
|
| | | | 3,647 | | | | | | 3,647 | | |
Granicus, Inc. | | |
First lien senior secured revolving loan
|
| | | | 4,110 | | | | | | — | | |
GS Acquisitionco, Inc. (dba insightsoftware)
|
| |
First lien senior secured delayed draw term loan
|
| | | | — | | | | | | 12,159 | | |
GS Acquisitionco, Inc. (dba insightsoftware)
|
| |
First lien senior secured revolving loan
|
| | | | 736 | | | | | | 684 | | |
Instructure, Inc. | | |
First lien senior secured revolving loan
|
| | | | 7,405 | | | | | | — | | |
Integrity Marketing Acquisition, LLC | | |
First lien senior secured delayed draw term loan
|
| | | | — | | | | | | 4,179 | | |
Integrity Marketing Acquisition, LLC | | |
First lien senior secured delayed draw term loan
|
| | | | — | | | | | | 8,206 | | |
Integrity Marketing Acquisition, LLC | | |
First lien senior secured revolving loan
|
| | | | 3,736 | | | | | | 3,736 | | |
Interoperability Bidco, Inc. | | |
First lien senior secured delayed draw term loan
|
| | | | 10,000 | | | | | | 10,000 | | |
Interoperability Bidco, Inc. | | |
First lien senior secured revolving loan
|
| | | | — | | | | | | 5,000 | | |
Kaseya Inc. | | |
First lien senior secured delayed draw term loan
|
| | | | 2,835 | | | | | | 3,045 | | |
Kaseya Inc. | | |
First lien senior secured delayed draw term loan
|
| | | | 1,400 | | | | | | — | | |
Kaseya Inc. | | |
First lien senior secured revolving loan
|
| | | | 1,250 | | | | | | 1,050 | | |
Lightning Midco, LLC (dba Vector Solutions)
|
| |
First lien senior secured delayed draw term loan
|
| | | | — | | | | | | 1,309 | | |
Lightning Midco, LLC (dba Vector Solutions)
|
| |
First lien senior secured revolving loan
|
| | | | 694 | | | | | | 3,946 | | |
Litera Bidco LLC | | |
First lien senior secured revolving loan
|
| | | | 6,188 | | | | | | 8,250 | | |
MINDBODY, Inc. | | |
First lien senior secured revolving loan
|
| | | | 7,143 | | | | | | 7,143 | | |
Portfolio Company
|
| |
Investment
|
| |
September 30,
2020 |
| |
December 31,
2019 |
| ||||||
($ in thousands)
|
| | | | | | | | | | | | | | | |
Paysimple, Inc. | | |
First lien senior secured delayed draw term loan
|
| | | | — | | | | | | 10,432 | | |
Project Power Buyer, LLC (dba PEC-Veriforce)
|
| |
First lien senior secured revolving loan
|
| | | | 3,750 | | | | | | 3,750 | | |
RxSense Holdings, LLC | | |
First lien senior secured revolving loan
|
| | | | — | | | | | | 1,415 | | |
Total Unfunded Portfolio Company
Commitments |
| | | | | | $ | 186,512 | | | | | $ | 167,865 | | |
|
| | |
Payments Due by Period
|
| |||||||||||||||||||||||||||
($ in millions)
|
| |
Total
|
| |
Less than
1 year |
| |
1−3 years
|
| |
3−5 years
|
| |
After 5 years
|
| |||||||||||||||
Subscription Credit Facility
|
| | | $ | 69.0 | | | | | $ | — | | | | | $ | 69.0 | | | | | $ | — | | | | | $ | — | | |
Revolving Credit Facility
|
| | | | 64.6 | | | | | | — | | | | | | — | | | | | | 64.6 | | | | | | — | | |
SPV Asset Facility I
|
| | | | 290.0 | | | | | | — | | | | | | — | | | | | | — | | | | | | 290.0 | | |
June 2025 Notes
|
| | | | 210.0 | | | | | | — | | | | | | — | | | | | | 210.0 | | | | | | — | | |
December 2025 Notes
|
| | | | 400.0 | | | | | | — | | | | | | — | | | | | | — | | | | | | 400.0 | | |
Total Contractual Obligations
|
| | | $ | 1,033.6 | | | | | $ | — | | | | | $ | 69.0 | | | | | $ | 274.6 | | | | | $ | 690.0 | | |
($ in millions)
|
| |
Interest Income
|
| |
Interest Expense
|
| |
Net Income
|
| |||||||||
Up 300 basis points
|
| | | $ | 47.4 | | | | | $ | 12.7 | | | | | $ | 34.7 | | |
Up 200 basis points
|
| | | $ | 26.9 | | | | | $ | 8.5 | | | | | $ | 18.4 | | |
Up 100 basis points
|
| | | $ | 6.3 | | | | | $ | 4.2 | | | | | $ | 2.1 | | |
Up 50 basis points
|
| | | $ | 0.9 | | | | | $ | 2.1 | | | | | $ | (1.2) | | |
Down 25 basis points
|
| | | $ | (0.4) | | | | | $ | (1.0) | | | | | $ | 0.6 | | |
Down 50 basis points
|
| | | $ | (0.4) | | | | | $ | (1.2) | | | | | $ | 0.8 | | |
| | |
September 30, 2020
|
| |
December 31, 2019
|
| ||||||||||||||||||
($ in thousands)
|
| |
Amortized Cost
|
| |
Fair Value
|
| |
Amortized Cost
|
| |
Fair Value
|
| ||||||||||||
First-lien senior secured debt investments
|
| | | $ | 1,829,089 | | | | | $ | 1,821,365(1) | | | | | $ | 1,385,386 | | | | | $ | 1,382,256(1) | | |
Second-lien senior secured debt investments
|
| | | | 130,919 | | | | | | 131,802 | | | | | | 36,147 | | | | | | 36,236 | | |
Unsecured debt investments
|
| | | | 368,015 | | | | | | 372,762 | | | | | | — | | | | | | — | | |
Equity investments
|
| | | | 124,220 | | | | | | 141,150 | | | | | | 57,303 | | | | | | 57,453 | | |
Total Investments
|
| | | $ | 2,452,243 | | | | | $ | 2,467,079 | | | | | $ | 1,478,836 | | | | | $ | 1,475,945 | | |
| | |
September 30, 2020
|
| |
December 31, 2019
|
| ||||||
Buildings and real estate
|
| | | | 1.8% | | | | | | 3.0% | | |
Business services
|
| | | | 22.2 | | | | | | 26.9 | | |
Data and information services
|
| | | | 15.3 | | | | | | 5.8 | | |
eCommerce and digital marketplaces
|
| | | | 2.3 | | | | | | 0.3 | | |
Education
|
| | | | 11.1 | | | | | | 16.4 | | |
Financial services
|
| | | | 4.0 | | | | | | 1.4 | | |
Food and beverage
|
| | | | 10.5 | | | | | | — | | |
Healthcare providers and services
|
| | | | — | | | | | | 3.1 | | |
Healthcare technology
|
| | | | 13.0 | | | | | | 17.0 | | |
Human resource support services
|
| | | | 0.1 | | | | | | — | | |
Insurance
|
| | | | 3.2 | | | | | | 2.9 | | |
Internet and digital media
|
| | | | 4.4 | | | | | | 8.7 | | |
Leisure and entertainment
|
| | | | 3.6 | | | | | | 4.5 | | |
Oil and gas
|
| | | | 4.0 | | | | | | 5.7 | | |
Professional services
|
| | | | 2.0 | | | | | | 3.5 | | |
Technology infrastructure
|
| | | | 2.5 | | | | | | 0.8 | | |
Total
|
| | | | 100.0% | | | | | | 100.0% | | |
|
| | |
September 30, 2020
|
| |
December 31, 2019
|
| ||||||
United States: | | | | | | | | | | | | | |
Midwest
|
| | | | 5.4% | | | | | | 6.9% | | |
Northeast
|
| | | | 25.3 | | | | | | 35.9 | | |
South
|
| | | | 23.5 | | | | | | 34.7 | | |
West
|
| | | | 31.0 | | | | | | 17.3 | | |
Canada
|
| | | | 4.9 | | | | | | 3.1 | | |
Ireland
|
| | | | — | | | | | | 2.1 | | |
Israel
|
| | | | 5.0 | | | | | | — | | |
United Kingdom
|
| | | | 4.9 | | | | | | — | | |
Total
|
| | | | 100.0% | | | | | | 100.0% | | |
| | |
September 30, 2020
|
| |||||||||||||||||||||
($ in thousands)
|
| |
Aggregate
Principal Committed |
| |
Outstanding
Principal |
| |
Amount
Available(1) |
| |
Net Carrying
Value(2)(3)(4)(5)(6) |
| ||||||||||||
Subscription Credit Facility
|
| | | $ | 700,000 | | | | | $ | 68,992 | | | | | $ | 594,580 | | | | | $ | 66,613 | | |
Revolving Credit Facility
|
| | | | 540,000 | | | | | | 64,640 | | | | | | 475,360 | | | | | | 58,262 | | |
SPV Asset Facility I
|
| | | | 300,000 | | | | | | 290,000 | | | | | | 10,000 | | | | | | 286,452 | | |
June 2025 Notes
|
| | | | 210,000 | | | | | | 210,000 | | | | | | — | | | | | | 204,984 | | |
December 2025 Notes
|
| | | | 400,000 | | | | | | 400,000 | | | | | | — | | | | | | 392,205 | | |
Total Debt
|
| | | $ | 2,150,000 | | | | | $ | 1,033,632 | | | | | $ | 1,079,940 | | | | | $ | 1,008,516 | | |
| | |
September 30, 2020
|
| |||||||||
Date Declared
|
| |
Record Date
|
| |
Payment Date
|
| |
Distribution per
Share |
| |||
August 4, 2020
|
| |
September 30, 2020
|
| |
November 13, 2020
|
| | | $ | 0.22 | | |
May 5, 2020
|
| |
June 30, 2020
|
| |
August 14, 2020
|
| | | $ | 0.20 | | |
February 19, 2020
|
| |
March 31, 2020
|
| |
May 15, 2020
|
| | | $ | 0.21 | | |
| | |
December 31, 2019
|
| |||||||||
Date Declared
|
| |
Record Date
|
| |
Payment Date
|
| |
Distribution per
Share |
| |||
October 30, 2019
|
| |
December 31, 2019
|
| |
January 31, 2020
|
| | | $ | 0.21 | | |
August 7, 2019
|
| |
September 30, 2019
|
| |
November 15, 2019
|
| | | $ | 0.25 | | |
| | |
December 31, 2019
|
| |||||||||
Date Declared
|
| |
Record Date
|
| |
Payment Date
|
| |
Distribution per
Share |
| |||
May 8, 2019
|
| |
June 30, 2019
|
| |
August 15, 2019
|
| | | $ | 0.14 | | |
February 27, 2019
|
| |
March 31, 2019
|
| |
May 15, 2019
|
| | | $ | 0.05 | | |
Total Distributions Declared
|
| | | | | | | | | $ | 0.65 | | |
|
Class and Period
|
| |
Total
Amount Outstanding Exclusive of Treasury Securities(1) ($ in millions) |
| |
Asset
Coverage per Unit(2) |
| |
Involuntary
Liquidating Preference per Unit(3) |
| |
Average
Market Value per Unit(4) |
| | | | ||||||||||||
Revolving Credit Facility | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
September 30, 2020 (unaudited)
|
| | | $ | 64.6 | | | | | | 2,402 | | | | | | — | | | | | | N/A | | | | | |
December 31, 2019
|
| | | $ | 185.0 | | | | | | 1,935 | | | | | | — | | | | | | N/A | | | | | |
Subscription Credit Facility | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
September 30, 2020 (unaudited)
|
| | | $ | 69.0 | | | | | | 2,402 | | | | | | — | | | | | | N/A | | | | | |
December 31, 2019
|
| | | $ | 645.7 | | | | | | 1,935 | | | | | | — | | | | | | N/A | | | | | |
December 31, 2018
|
| | | $ | 300.0 | | | | | | 1,955 | | | | | | — | | | | | | N/A | | | | | |
SPV Asset Facility I | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
September 30, 2020 (unaudited)
|
| | | $ | 290.0 | | | | | | 2,402 | | | | | | — | | | | | | N/A | | | | | |
June 2025 Notes | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
September 30, 2020 (unaudited)
|
| | | $ | 210.0 | | | | | | 2,402 | | | | | | — | | | | | | N/A | | | | | |
December 2025 Notes | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
September 30, 2020 (unaudited)
|
| | | $ | 400.0 | | | | | | 2,402 | | | | | | — | | | | | | N/A | | | | | |
($ in thousands)
Company |
| |
Industry
|
| |
Type of
Investment |
| |
Interest Rate
|
| |
Maturity /
Dissolution Date |
| |
Percentage of
Class Held on a Fully Diluted Basis |
| |
Principal
Number of Shares / Number of Units |
| |
Amortized
Cost |
| |
Fair Value
|
| |
Percentage
of Net Assets |
| |||||||||||||||
Reef Global, Inc. (fka Cheese Acquisition, LLC)(1)(5)
233 Peachtree Street NE Harris Tower, Suite 2600 Atlanta, GA 30303 |
| |
Buildings and
real estate |
| | First lien senior secured loan | | |
L + 5.75% (incl. 1.00% PIK)
|
| |
11/28/2024
|
| | | | 0.0% | | | | | $ | 37,287 | | | | | $ | 36,891 | | | | | $ | 35,609 | | | | | | 2.4% | | |
Reef Global, Inc. (fka Cheese Acquisition, LLC)(1)(2)(10)
233 Peachtree Street NE Harris Tower, Suite 2600 Atlanta, GA 30303 |
| |
Buildings and
real estate |
| |
First lien senior
secured revolving loan |
| |
L + 4.75%
|
| |
11/28/2023
|
| | | | 0.0% | | | | | | 3,052 | | | | | | 3,020 | | | | | | 2,847 | | | | | | 0.2% | | |
Imperial Parking Canada(1)(7)
233 Peachtree Street NE Harris Tower, Suite 2600 Atlanta, GA 30303 |
| |
Buildings and
real estate |
| | First lien senior secured loan | | |
C + 6.00% (incl. 1.00% PIK)
|
| |
11/28/2024
|
| | | | 0.0% | | | | | | 7,356 | | | | | | 7,377 | | | | | | 7,025 | | | | | | 0.5% | | |
Apptio, Inc.(1)(5)
11100 NE 8th Street, Suite 600 Bellevue, WA 98004 |
| |
Business services
|
| |
First lien senior secured loan
|
| |
L + 7.25%
|
| |
1/10/2025
|
| | | | 0.0% | | | | | | 59,901 | | | | | | 58,738 | | | | | | 59,452 | | | | | | 4.1% | | |
Apptio, Inc.(1)(10)
11100 NE 8th Street, Suite 600 Bellevue, WA 98004 |
| | Business services | | |
First lien senior
secured revolving loan |
| |
L + 7.25%
|
| |
1/10/2025
|
| | | | 0.0% | | | | | | — | | | | | | (47) | | | | | | (25) | | | | | | —% | | |
Certify, Inc.(1)(2)
20 York St., Suite 201 Portland, ME 04101 |
| | Business services | | | First lien senior secured loan | | |
L + 5.75%
|
| |
2/28/2024
|
| | | | 0.0% | | | | | | 50,194 | | | | | | 49,726 | | | | | | 49,692 | | | | | | 3.4% | | |
Certify, Inc.(1)(2)
20 York St., Suite 201 Portland, ME 04101 |
| |
Business services
|
| |
First lien senior secured delayed draw term loan
|
| |
L + 5.75%
|
| |
2/28/2024
|
| | | | 0.0% | | | | | | 6,845 | | | | | | 6,767 | | | | | | 6,776 | | | | | | 0.5% | | |
Certify, Inc.(1)(10)
20 York St., Suite 201 Portland, ME 04101 |
| | Business services | | |
First lien senior
secured revolving loan |
| |
L + 5.75%
|
| |
2/28/2024
|
| | | | 0.0% | | | | | | — | | | | | | (20) | | | | | | (23) | | | | | | —% | | |
Circle Internet Services, Inc.(1)(4)
555 Market Street 15th Floor San Francisco, CA 94105 |
| | Business services | | | First lien senior secured loan | | |
L + 8.00%
|
| |
5/22/2023
|
| | | | 0.0% | | | | | | 25,000 | | | | | | 24,892 | | | | | | 25,000 | | | | | | 1.7% | | |
ConnectWise, LLC(1)(4)
4110 George Rd., Suite 200 Tampa, FL, 33634 |
| |
Business services
|
| |
First lien senior secured loan
|
| |
L + 5.50%
|
| |
2/28/2025
|
| | | | 0.0% | | | | | | 127,010 | | | | | | 125,768 | | | | | | 126,375 | | | | | | 8.6% | | |
ConnectWise, LLC(1)(10)
4110 George Rd., Suite 200 Tampa, FL, 33634 |
| | Business services | | |
First lien senior
secured revolving loan |
| |
L + 5.50%
|
| |
2/28/2025
|
| | | | 0.0% | | | | | | — | | | | | | (129) | | | | | | (70) | | | | | | —% | | |
Diligent Corporation(1)(4)
111 W 33rd St 16th Floor New York, NY 10001 |
| |
Business services
|
| |
First lien senior secured loan
|
| |
L + 6.25%
|
| |
8/4/2025
|
| | | | 0.0% | | | | | | 18,860 | | | | | | 18,401 | | | | | | 18,388 | | | | | | 1.3% | | |
Diligent Corporation(1)(10)
111 W 33rd St 16th Floor New York, NY 10001 |
| | Business services | | | First lien senior secured delayed draw term loan | | |
L + 6.25%
|
| |
2/4/2022
|
| | | | 0.0% | | | | | | — | | | | | | (111) | | | | | | (114) | | | | | | —% | | |
Diligent Corporation(1)(10)
111 W 33rd St 16th Floor New York, NY 10001 |
| | Business services | | |
First lien senior
secured revolving loan |
| |
L + 6.25%
|
| |
8/4/2025
|
| | | | 0.0% | | | | | | — | | | | | | (37) | | | | | | (38) | | | | | | —% | | |
($ in thousands)
Company |
| |
Industry
|
| |
Type of
Investment |
| |
Interest Rate
|
| |
Maturity /
Dissolution Date |
| |
Percentage of
Class Held on a Fully Diluted Basis |
| |
Principal
Number of Shares / Number of Units |
| |
Amortized
Cost |
| |
Fair Value
|
| |
Percentage
of Net Assets |
| |||||||||||||||
Hyland Software, Inc.(1)(2)
28500 Clemens Road Westlake, OH 44145 |
| | Business services | | | Second lien senior secured loan | | |
L + 7.00%
|
| |
7/7/2025
|
| | | | 0.0% | | | | | | 37,432 | | | | | | 37,040 | | | | | | 37,166 | | | | | | 2.5% | | |
GS Acquisitionco, Inc. (dba insightsoftware)(1)(5)
8529 Six Forks Rd Raleigh, NC 27615 |
| |
Business services
|
| |
First lien senior secured loan
|
| |
L + 5.75%
|
| |
5/24/2024
|
| | | | 0.0% | | | | | | 22,694 | | | | | | 22,478 | | | | | | 22,297 | | | | | | 1.5% | | |
GS Acquisitionco, Inc. (dba insightsoftware)(1)(5)
8529 Six Forks Rd Raleigh, NC 27615 |
| | Business services | | | First lien senior secured delayed draw term loan | | |
L + 5.75%
|
| |
5/24/2024
|
| | | | 0.0% | | | | | | 13,405 | | | | | | 13,266 | | | | | | 13,170 | | | | | | 0.9% | | |
GS Acquisitionco, Inc. (dba insightsoftware)(1)(5)(10)
8529 Six Forks Rd Raleigh, NC 27615 |
| | Business services | | |
First lien senior
secured revolving loan |
| |
L + 5.75%
|
| |
5/24/2024
|
| | | | 0.0% | | | | | | 1,717 | | | | | | 1,694 | | | | | | 1,674 | | | | | | 0.1% | | |
Kaseya Traverse Inc.(1)(5)
701 Brickell Avenue Suite 400 Miami, FL 33131 |
| |
Business services
|
| |
First lien senior secured loan
|
| |
L + 7.00% (incl. 3.00% PIK)
|
| |
5/2/2025
|
| | | | 0.0% | | | | | | 31,809 | | | | | | 31,315 | | | | | | 31,412 | | | | | | 2.2% | | |
Kaseya Traverse Inc.(1)(5)(10)
701 Brickell Avenue Suite 400 Miami, FL 33131 |
| | Business services | | |
First lien senior
secured revolving loan |
| |
L + 6.50%
|
| |
5/2/2025
|
| | | | 0.0% | | | | | | 1,201 | | | | | | 1,163 | | | | | | 1,170 | | | | | | 0.1% | | |
Kaseya Traverse Inc.(1)(5)(10)
701 Brickell Avenue Suite 400 Miami, FL 33131 |
| | Business services | | |
First lien senior secured delayed draw term loan
|
| |
L + 7.00% (incl. 3.00% PIK)
|
| |
5/3/2021
|
| | | | 0.0% | | | | | | 674 | | | | | | 643 | | | | | | 658 | | | | | | —% | | |
Kaseya Traverse Inc.(1)(10)
701 Brickell Avenue Suite 400 Miami, FL 33131 |
| |
Business services
|
| |
First lien senior secured delayed draw term loan
|
| |
L + 7.00% (incl. 3.00% PIK)
|
| |
3/4/2022
|
| | | | 0.0% | | | | | | — | | | | | | (12) | | | | | | (4) | | | | | | —% | | |
Paysimple, Inc.(1)(2)
1515 Wynkoop St, Ste 250 Denver, CO 80202 |
| | Business services | | | First lien senior secured loan | | |
L + 5.50%
|
| |
8/23/2025
|
| | | | 0.0% | | | | | | 44,847 | | | | | | 44,184 | | | | | | 43,053 | | | | | | 3.0% | | |
Paysimple, Inc.(1)(2)
1515 Wynkoop St, Ste 250 Denver, CO 80202 |
| |
Business services
|
| |
First lien senior secured delayed draw term loan
|
| |
L + 5.50%
|
| |
8/23/2025
|
| | | | 0.0% | | | | | | 14,595 | | | | | | 14,335 | | | | | | 14,011 | | | | | | 1.0% | | |
SURF HOLDINGS, LLC (dba
Sophos Group plc)(1)(4) Abingdon Science Park Abingdon OX14 3YP United Kingdom |
| | Business services | | | Second lien senior secured loan | | |
L + 8.00%
|
| |
3/6/2028
|
| | | | 0.0% | | | | | | 50,481 | | | | | | 49,293 | | | | | | 49,471 | | | | | | 3.4% | | |
Forescout Technologies, Inc.(1)(4)
190 W. Tasman Drive San Jose, CA 95134 |
| | Data and information services | | | First lien senior secured loan | | |
L + 9.50% (incl. 9.50% PIK)
|
| |
8/17/2026
|
| | | | 0.0% | | | | | | 75,000 | | | | | | 73,713 | | | | | | 73,688 | | | | | | 5.1% | | |
Forescout Technologies, Inc.(1)(10)
190 W. Tasman Drive San Jose, CA 95134 |
| |
Data and information services
|
| |
First lien senior
secured revolving loan |
| |
L + 8.50%
|
| |
8/18/2025
|
| | | | 0.0% | | | | | | — | | | | | | (142) | | | | | | (146) | | | | | | —% | | |
Granicus, Inc.(1)(5)
1999 Broadway, Suite 3600 Denver, CO 80202 |
| | Data and information services | | | First lien senior secured loan | | |
L + 7.00%
|
| |
8/21/2026
|
| | | | 0.0% | | | | | | 60,000 | | | | | | 58,522 | | | | | | 58,500 | | | | | | 4.0% | | |
Granicus, Inc.(1)(10)
1999 Broadway, Suite 3600 Denver, CO 80202 |
| |
Data and information services
|
| |
First lien senior
secured revolving loan |
| |
L + 7.00%
|
| |
8/21/2026
|
| | | | 0.0% | | | | | | — | | | | | | (101) | | | | | | (103) | | | | | | —% | | |
H&F Opportunities LUX III S.À R.L (dba Checkmarx)(1)(4)
Amot Atrium Tower, 2 Jabotinsky Street Ramat Gan 520501, Israel |
| | Data and information services | | | First lien senior secured loan | | |
L + 7.75%
|
| |
4/16/2026
|
| | | | 0.0% | | | | | | 125,000 | | | | | | 121,471 | | | | | | 124,063 | | | | | | 8.5% | | |
H&F Opportunities LUX III S.À R.L (dba Checkmarx)(1)(10)
Amot Atrium Tower, 2 Jabotinsky Street Ramat Gan 520501, Israel |
| | Data and information services | | |
First lien senior
secured revolving loan |
| |
L + 7.75%
|
| |
4/16/2026
|
| | | | 0.0% | | | | | | — | | | | | | (692) | | | | | | (188) | | | | | | —% | | |
($ in thousands)
Company |
| |
Industry
|
| |
Type of
Investment |
| |
Interest Rate
|
| |
Maturity /
Dissolution Date |
| |
Percentage of
Class Held on a Fully Diluted Basis |
| |
Principal
Number of Shares / Number of Units |
| |
Amortized
Cost |
| |
Fair Value
|
| |
Percentage
of Net Assets |
| |||||||||||||||
Litera Bidco LLC(1)(2)
300 South Riverside Plaza Suite 800 Chicago, IL 60606 |
| | Data and information services | | | First lien senior secured loan | | |
L + 5.25%
|
| |
5/29/2026
|
| | | | 0.0% | | | | | | 95,301 | | | | | | 94,136 | | | | | | 94,349 | | | | | | 6.5% | | |
Litera Bidco LLC(1)(2)(10)
300 South Riverside Plaza Suite 800 Chicago, IL 60606 |
| | Data and information services | | |
First lien senior
secured revolving loan |
| |
L + 5.25%
|
| |
5/30/2025
|
| | | | 0.0% | | | | | | 2,063 | | | | | | 1,979 | | | | | | 1,980 | | | | | | 0.1% | | |
Maverick Bidco Inc.(1)(5)
5001 Plaza on the Lake #111 Austin, TX 78746 |
| |
Data and information services
|
| | First lien senior secured loan | | |
L + 6.25%
|
| |
4/28/2023
|
| | | | 0.0% | | | | | | 26,385 | | | | | | 25,577 | | | | | | 25,726 | | | | | | 1.8% | | |
Dude Solutions Holdings, Inc.(1)(5)
11000 Regency Parkway Suite 110 Cary, NC 27518 |
| | Education | | | First lien senior secured loan | | |
L + 7.50%
|
| |
6/13/2025
|
| | | | 0.0% | | | | | | 58,773 | | | | | | 57,670 | | | | | | 57,597 | | | | | | 3.9% | | |
Dude Solutions Holdings, Inc.(1)(5)(10)
11000 Regency Parkway Suite 110 Cary, NC 27518 |
| | Education | | |
First lien senior
secured revolving loan |
| |
L + 7.50%
|
| |
6/13/2025
|
| | | | 0.0% | | | | | | 1,846 | | | | | | 1,724 | | | | | | 1,708 | | | | | | 0.1% | | |
Instructure, Inc.(1)(4)
6330 South 3000 East, Suite 700 Salt Lake City, UT 84121 |
| | Education | | | First lien senior secured loan | | |
L + 7.00%
|
| |
3/24/2026
|
| | | | 0.0% | | | | | | 103,732 | | | | | | 102,297 | | | | | | 103,732 | | | | | | 7.1% | | |
Instructure, Inc.(1)(10)
6330 South 3000 East, Suite 700 Salt Lake City, UT 84121 |
| | Education | | |
First lien senior
secured revolving loan |
| |
L + 7.00%
|
| |
3/24/2026
|
| | | | 0.0% | | | | | | — | | | | | | (84) | | | | | | — | | | | | | —% | | |
Lightning Midco, LLC (dba Vector Solutions)(1)(4)
4890 W. Kennedy Blvd, Suite 300 Tampa, FL 33609 |
| | Education | | | First lien senior secured loan | | |
L + 5.50%
|
| |
11/21/2025
|
| | | | 0.0% | | | | | | 103,321 | | | | | | 102,528 | | | | | | 102,288 | | | | | | 7.0% | | |
Lightning Midco, LLC (dba Vector Solutions)(1)(4)(10)
4890 W. Kennedy Blvd, Suite 300 Tampa, FL 33609 |
| | Education | | |
First lien senior
secured revolving loan |
| |
E+ 5.50%
|
| |
11/21/2023
|
| | | | 0.0% | | | | | | 9,220 | | | | | | 9,158 | | | | | | 9,121 | | | | | | 0.6% | | |
Poshmark, Inc.
203 Redwood Shores Pkwy floor 8 Redwood City, CA 94065 |
| |
eCommerce
& digital marketplaces |
| |
Convertible Note
|
| |
0%
|
| |
9/15/2023
|
| | | | 0.0% | | | | | | 50,000 | | | | | | 50,255 | | | | | | 50,000 | | | | | | 3.4% | | |
Hg Genesis 8 Sumoco Limited(1)(9)
2 More London Riverside London SE1 2AP UK |
| | Financial services | | | Unsecured Facility | | |
G+ 7.50% (incl. 7.50% PIK)
|
| |
8/28/2025
|
| | | | 0.0% | | | | | | 64,640 | | | | | | 65,671 | | | | | | 63,670 | | | | | | 4.4% | | |
Transact Holdings, Inc.(1)(2)
1111 19th Street Northwest Washington, DC 20036 |
| |
Financial services
|
| |
First lien senior secured loan
|
| |
L + 4.75%
|
| |
4/30/2026
|
| | | | 0.0% | | | | | | 8,910 | | | | | | 8,799 | | | | | | 8,665 | | | | | | 0.6% | | |
DoorDash, Inc.
303 2nd Street, South Tower, 8th Floor San Francisco, California 94107 |
| | Food and beverage | | |
Convertible Note
|
| |
10.00% PIK
|
| |
3/1/2025
|
| | | | 0.0% | | | | | | 105,413 | | | | | | 104,244 | | | | | | 106,467 | | | | | | 7.3% | | |
Toast, Inc.
401 Park Drive, Suite 801 Boston, MA 02215 |
| | Food and beverage | | |
Convertible Note
|
| |
8.50% (incl. 4.25% PIK)
|
| |
6/15/2027
|
| | | | 0.0% | | | | | | 150,000 | | | | | | 147,845 | | | | | | 152,625 | | | | | | 10.4% | | |
VVC Holdings Corp. (dba Athenahealth, Inc.)(1)(4)
311 Arsenal St. Watertown, MA 02472 |
| | Healthcare technology | | | First lien senior secured loan | | |
L + 4.50%
|
| |
2/11/2026
|
| | | | 0.0% | | | | | | 19,744 | | | | | | 19,425 | | | | | | 19,398 | | | | | | 1.3% | | |
($ in thousands)
Company |
| |
Industry
|
| |
Type of
Investment |
| |
Interest Rate
|
| |
Maturity /
Dissolution Date |
| |
Percentage of
Class Held on a Fully Diluted Basis |
| |
Principal
Number of Shares / Number of Units |
| |
Amortized
Cost |
| |
Fair Value
|
| |
Percentage
of Net Assets |
| |||||||||||||||
Bracket Intermediate Holding Corp.(1)(4)
575 East Swedesford Road, Suite 200 Wayne, PA 19087 |
| | Healthcare technology | | | First lien senior secured loan | | |
L + 4.25%
|
| |
9/5/2025
|
| | | | 0.0% | | | | | | 398 | | | | | | 369 | | | | | | 390 | | | | | | —% | | |
Bracket Intermediate Holding Corp.(1)(4)
575 East Swedesford Road, Suite 200 Wayne, PA 19087 |
| | Healthcare technology | | | Second lien senior secured loan | | |
L + 8.13%
|
| |
9/7/2026
|
| | | | 0.0% | | | | | | 20,000 | | | | | | 19,676 | | | | | | 19,450 | | | | | | 1.3% | | |
Datix Bidco Limited (dba RLDatix)(1)(5)(10)
Swan court 11 Worple Road Wimbledon, London SW19 4JS |
| | Healthcare technology | | | First lien senior secured delayed draw term loan | | |
L + 5.00%
|
| |
2/3/2022
|
| | | | 0.0% | | | | | | 7,759 | | | | | | 7,512 | | | | | | 7,509 | | | | | | 0.5% | | |
Datix Bidco Limited (dba RLDatix)(1)(10)
Swan court 11 Worple Road Wimbledon, London SW19 4JS |
| | Healthcare technology | | |
Second lien senior secured delayed draw term loan
|
| |
L + 8.50%
|
| |
1/2/2021
|
| | | | 0.0% | | | | | | — | | | | | | 1 | | | | | | — | | | | | | —% | | |
Definitive Healthcare Holdings,
LLC(1)(2) 550 Cochituate Rd Framingham, MA 01701 |
| | Healthcare technology | | | First lien senior secured loan | | |
L + 5.50%
|
| |
7/16/2026
|
| | | | 0.0% | | | | | | 99,111 | | | | | | 98,278 | | | | | | 97,377 | | | | | | 6.7% | | |
Definitive Healthcare Holdings,
LLC(1)(10) 550 Cochituate Rd Framingham, MA 01701 |
| |
Healthcare technology
|
| |
First lien senior secured delayed draw term loan
|
| |
L + 5.50%
|
| |
7/16/2021
|
| | | | 0.0% | | | | | | — | | | | | | (90) | | | | | | (109) | | | | | | —% | | |
Definitive Healthcare Holdings,
LLC(1)(4) 550 Cochituate Rd Framingham, MA 01701 |
| | Healthcare technology | | |
First lien senior
secured revolving loan |
| |
L + 5.50%
|
| |
7/16/2024
|
| | | | 0.0% | | | | | | 5,435 | | | | | | 5,394 | | | | | | 5,340 | | | | | | 0.4% | | |
11849573 Canada Inc. (dba
Intelerad Medical Systems Incorporated)(1)(5) 800 Boulevard de Maisonneuve East 12th floor Montreal, Quebec H2L 4L8, Canada |
| | Healthcare technology | | | First lien senior secured loan | | |
L + 6.25%
|
| |
2/20/2026
|
| | | | 0.0% | | | | | | 75,226 | | | | | | 74,364 | | | | | | 73,722 | | | | | | 5.1% | | |
11849573 Canada Inc. (dba
Intelerad Medical Systems Incorporated)(1)(4)(10) 800 Boulevard de Maisonneuve East 12th floor Montreal, Quebec H2L 4L8, Canada |
| |
Healthcare technology
|
| |
First lien senior secured delayed draw term loan
|
| |
L + 6.25%
|
| |
2/21/2021
|
| | | | 0.0% | | | | | | 1,240 | | | | | | 1,206 | | | | | | 1,180 | | | | | | 0.1% | | |
11849573 Canada Inc. (dba
Intelerad Medical Systems Incorporated)(1)(4)(10) 800 Boulevard de Maisonneuve East 12th floor Montreal, Quebec H2L 4L8, Canada |
| | Healthcare technology | | |
First lien senior
secured revolving loan |
| |
L + 6.25%
|
| |
2/20/2026
|
| | | | 0.0% | | | | | | 1,501 | | | | | | 1,417 | | | | | | 1,351 | | | | | | 0.1% | | |
Interoperability Bidco, Inc.(1)(4)
100 High Street, Suite 1560 Boston, MA 02110 |
| | Healthcare technology | | | First lien senior secured loan | | |
L + 5.75%
|
| |
6/25/2026
|
| | | | 0.0% | | | | | | 95,293 | | | | | | 94,277 | | | | | | 91,720 | | | | | | 6.3% | | |
Interoperability Bidco, Inc.(1)(10)
100 High Street, Suite 1560 Boston, MA 02110 |
| | Healthcare technology | | |
First lien senior secured delayed draw term loan
|
| |
L + 5.75%
|
| |
6/25/2021
|
| | | | 0.0% | | | | | | — | | | | | | (10) | | | | | | (263) | | | | | | —% | | |
Interoperability Bidco, Inc.(1)(5)
100 High Street, Suite 1560 Boston, MA 02110 |
| |
Healthcare technology
|
| |
First lien senior
secured revolving loan |
| |
L + 5.75%
|
| |
6/25/2024
|
| | | | 0.0% | | | | | | 5,000 | | | | | | 4,953 | | | | | | 4,813 | | | | | | 0.3% | | |
The Ultimate Software Group, Inc.(1)(4)
2000 Ultimate Way Weston, FL 33326 |
| |
Human resource support services
|
| | Second lien senior secured loan | | |
L + 6.75%
|
| |
5/3/2027
|
| | | | 0.0% | | | | | | 2,500 | | | | | | 2,476 | | | | | | 2,525 | | | | | | 0.2% | | |
($ in thousands)
Company |
| |
Industry
|
| |
Type of
Investment |
| |
Interest Rate
|
| |
Maturity /
Dissolution Date |
| |
Percentage of
Class Held on a Fully Diluted Basis |
| |
Principal
Number of Shares / Number of Units |
| |
Amortized
Cost |
| |
Fair Value
|
| |
Percentage
of Net Assets |
| |||||||||||||||
Asurion, LLC(1)(2)
648 Grassmere Park Nashville, TN 37211 |
| | Insurance | | | Second lien senior secured loan | | |
L + 6.50%
|
| |
8/4/2025
|
| | | | 0.0% | | | | | | 23,186 | | | | | | 22,433 | | | | | | 23,190 | | | | | | 1.6% | | |
Integrity Marketing Acquisition,
LLC(1)(5) 9111 Cypress Waters Blvd Suite 450 Coppell, TX 75019 |
| | Insurance | | |
First lien senior secured loan
|
| |
L + 5.50%
|
| |
8/27/2025
|
| | | | 0.0% | | | | | | 55,841 | | | | | | 55,025 | | | | | | 54,725 | | | | | | 3.8% | | |
Integrity Marketing Acquisition,
LLC(1)(10) 9111 Cypress Waters Blvd Suite 450 Coppell, TX 75019 |
| | Insurance | | |
First lien senior
secured revolving loan |
| |
L + 5.50%
|
| |
8/27/2025
|
| | | | 0.0% | | | | | | — | | | | | | (46) | | | | | | (75) | | | | | | —% | | |
Acquia Inc.(1)(5)
53 State St Boston, MA 02109 |
| |
Internet and
digital media |
| | First lien senior secured loan | | |
L + 7.00%
|
| |
10/31/2025
|
| | | | 0.0% | | | | | | 110,245 | | | | | | 109,278 | | | | | | 109,419 | | | | | | 7.5% | | |
Acquia Inc.(1)(10)
53 State St Boston, MA 02109 |
| |
Internet and
digital media |
| |
First lien senior
secured revolving loan |
| |
L + 7.00%
|
| |
10/31/2025
|
| | | | 0.0% | | | | | | — | | | | | | (100) | | | | | | (88) | | | | | | —% | | |
Airbnb, Inc.(1)(4)
888 Brannan St San Francisco, CA 94103 |
| |
Leisure and
entertainment |
| | First lien senior secured loan | | |
L + 7.50%
|
| |
4/17/2025
|
| | | | 0.0% | | | | | | 24,938 | | | | | | 24,354 | | | | | | 26,434 | | | | | | 1.8% | | |
MINDBODY, Inc.(1)(5)
651 Tank Farm Road San Luis Obispo, CA 93401 |
| |
Leisure and
entertainment |
| |
First lien senior secured loan
|
| |
L + 8.50% (incl. 1.50% PIK)
|
| |
2/14/2025
|
| | | | 0.0% | | | | | | 68,197 | | | | | | 67,671 | | | | | | 62,059 | | | | | | 4.3% | | |
MINDBODY, Inc.(1)(10)
651 Tank Farm Road San Luis Obispo, CA 93401 |
| |
Leisure and
entertainment |
| |
First lien senior
secured revolving loan |
| |
L + 8.00%
|
| |
2/14/2025
|
| | | | 0.0% | | | | | | — | | | | | | (52) | | | | | | (643) | | | | | | —% | | |
3ES Innovation Inc. (dba Aucerna)(1)(4)
Suite 800, 250 - 2nd Street S.W. Calgary, Alberta, Canada |
| | Oil and gas | | | First lien senior secured loan | | |
L + 5.75%
|
| |
5/13/2025
|
| | | | 0.0% | | | | | | 46,858 | | | | | | 46,384 | | | | | | 45,101 | | | | | | 3.1% | | |
3ES Innovation Inc. (dba Aucerna)(1)(10)
Suite 800, 250 - 2nd Street S.W. Calgary, Alberta, Canada |
| | Oil and gas | | |
First lien senior
secured revolving loan |
| |
L + 5.75%
|
| |
5/13/2025
|
| | | | 0.0% | | | | | | — | | | | | | (44) | | | | | | (172) | | | | | | —% | | |
Project Power Buyer, LLC (dba
PEC-Veriforce)(1)(4) 233 General Patton Ave. Mandeville, LA 70471 |
| | Oil and gas | | | First lien senior secured loan | | |
L + 6.25%
|
| |
5/14/2026
|
| | | | 0.0% | | | | | | 53,727 | | | | | | 53,097 | | | | | | 52,921 | | | | | | 3.6% | | |
Project Power Buyer, LLC (dba
PEC-Veriforce)(1)(10) 233 General Patton Ave. Mandeville, LA 70471 |
| | Oil and gas | | |
First lien senior
secured revolving loan |
| |
L + 6.25%
|
| |
5/14/2025
|
| | | | 0.0% | | | | | | — | | | | | | (36) | | | | | | (56) | | | | | | —% | | |
Gerson Lehrman Group, Inc.(1)(6)
60 East 42nd Street, 3rd Floor New York, NY 10165 |
| | Professional services | | | First lien senior secured loan | | |
L + 4.25%
|
| |
12/12/2024
|
| | | | 0.0% | | | | | | 49,997 | | | | | | 49,631 | | | | | | 49,997 | | | | | | 3.4% | | |
Gerson Lehrman Group, Inc.(1)(10)
60 East 42nd Street, 3rd Floor New York, NY 10165 |
| |
Professional services
|
| |
First lien senior
secured revolving loan |
| |
L + 4.25%
|
| |
12/12/2024
|
| | | | 0.0% | | | | | | — | | | | | | (25) | | | | | | — | | | | | | —% | | |
Circle Internet Services, Inc.
555 Market Street 15th Floor San Francisco, CA 94105 |
| |
Business services
|
| |
Series D Preferred Stock
|
| |
N/A
|
| |
N/A
|
| | | | 3.9% | | | | | | 2,934,961 | | | | | | 15,000 | | | | | | 21,922 | | | | | | 1.5% | | |
Circle Internet Services, Inc.
555 Market Street 15th Floor San Francisco, CA 94105 |
| | Business services | | | Series E Preferred Stock | | |
N/A
|
| |
N/A
|
| | | | 1.1% | | | | | | 821,806 | | | | | | 6,917 | | | | | | 6,917 | | | | | | 0.5% | | |
Circle Internet Services, Inc.
555 Market Street 15th Floor San Francisco, CA 94105 |
| | Business services | | | Warrants | | |
N/A
|
| |
N/A
|
| | | | 0.3% | | | | | | 244,580 | | | | | | — | | | | | | 808 | | | | | | 0.1% | | |
($ in thousands)
Company |
| |
Industry
|
| |
Type of
Investment |
| |
Interest Rate
|
| |
Maturity /
Dissolution Date |
| |
Percentage of
Class Held on a Fully Diluted Basis |
| |
Principal
Number of Shares / Number of Units |
| |
Amortized
Cost |
| |
Fair Value
|
| |
Percentage
of Net Assets |
| |||||||||||||||
SLA Eclipse Co-Invest, L.P.
1515 Wynkoop St, Ste 250 Denver, CO 80202 |
| | Business services | | | Series B Preferred Stock | | |
N/A
|
| |
N/A
|
| | | | 2.1% | | | | | | 1,641,929 | | | | | | 15,125 | | | | | | 16,462 | | | | | | 1.1% | | |
Poshmark, Inc.
203 Redwood Shores Pkwy floor 8 Redwood City, CA 94065 |
| |
eCommerce
& digital marketplaces |
| | Common Stock | | |
N/A
|
| |
N/A
|
| | | | 0.4% | | | | | | 303,529 | | | | | | 5,162 | | | | | | 6,832 | | | | | | 0.5% | | |
eShares, Inc. (dba Carta)
195 Page Mill Road Suite 101 Palo Alto, CA 94306 |
| | Financial services | | | Series E Preferred Stock | | |
N/A
|
| |
N/A
|
| | | | 0.1% | | | | | | 186,904 | | | | | | 2,008 | | | | | | 2,930 | | | | | | 0.2% | | |
Remitly Global, Inc
1111 3rd Avenue Suite 2100 Seattle, WA 98101 |
| |
Financial services
|
| |
Series E Preferred Stock
|
| |
N/A
|
| |
N/A
|
| | | | 1.0% | | | | | | 1,678,810 | | | | | | 10,008 | | | | | | 13,689 | | | | | | 0.9% | | |
Remitly Global, Inc
1111 3rd Avenue Suite 2100 Seattle, WA 98101 |
| | Financial services | | | Series F Preferred Stock | | |
N/A
|
| |
N/A
|
| | | | 0.6% | | | | | | 1,093,421 | | | | | | 10,000 | | | | | | 10,000 | | | | | | 0.7% | | |
Algolia, Inc.
301 Howard St, 3rd Floor San Francisco, CA 94105 |
| |
Technology
infrastructure |
| | Series C Preferred Stock | | |
N/A
|
| |
N/A
|
| | | | 1.4% | | | | | | 323,427 | | | | | | 10,000 | | | | | | 11,590 | | | | | | 0.8% | | |
UserZoom Technologies, Inc.
10 Almaden Blvd #250 San Jose, CA 95110 |
| |
Technology
infrastructure |
| |
Series B Preferred Stock
|
| |
N/A
|
| |
N/A
|
| | | | 12.4% | | | | | | 12,000,769 | | | | | | 50,000 | | | | | | 50,000 | | | | | | 3.4% | | |
Portfolio Company greater than 5% of Total Assets
|
| |
Description
|
|
ConnectWise, LLC | | | Connectwise, LLC is a leading provider of mission critical business management software solutions to the IT managed service provider (MSP) end market. | |
Toast, Inc. | | | Toast, Inc. is a provider of cloud-based restaurant point-of-sale (POS) systems and associated software. | |
Name
|
| |
Age
|
| |
Position
|
| |
Expiration
of Term |
| |
Director
Since |
|
Independent Directors | | | | | | | | | | | | | |
Brian Finn | | |
60
|
| | Director | | |
2023
|
| |
2018
|
|
Eric Kaye | | |
57
|
| | Director | | |
2023
|
| |
2018
|
|
Christopher M. Temple | | |
53
|
| | Director | | |
2021
|
| |
2018
|
|
Edward D’Alelio | | |
68
|
| | Chairman of the Board, Director | | |
2022
|
| |
2018
|
|
Interested Directors | | | | | | | | | | | | | |
Douglas I. Ostrover | | |
58
|
| | Director | | |
2021
|
| |
2018
|
|
Craig W. Packer | | |
53
|
| | Chief Executive Officer, President and Director | | |
2022
|
| |
2018
|
|
Alan Kirshenbaum | | |
49
|
| | Chief Operating Officer, Chief Financial Officer and Director | | |
2022
|
| |
2018
|
|
Name
|
| |
Age
|
| |
Position
|
| |
Officer Since
|
|
Karen Hager | | |
48
|
| | Chief Compliance Officer | | |
2018
|
|
Bryan Cole | | |
36
|
| | Controller, Chief Accounting Officer | | |
2018
|
|
Alexis Maged | | |
55
|
| | Vice President | | |
2018
|
|
Neena Reddy | | |
42
|
| | Vice President, Secretary | | |
2019
|
|
| | | | | | | | |
Annual Committee Chair Cash Retainer
|
| |||||||||||||||||||||
Annual Cash Retainer
|
| |
Board
Meeting Fee |
| |
Chair of
the Board |
| |
Audit
|
| |
Nominating
|
| |
Committee
Meeting Fee |
| |||||||||||||||
$150,000
|
| | | $ | 2,500 | | | | | $ | 25,000 | | | | | $ | 15,000 | | | | | $ | 5,000 | | | | | $ | 1,000 | | |
Net Asset Value
|
| |
Fees Earned and
Paid in Cash by the Company |
| |
Total
Compensation from the Company |
| |
Total
Compensation from the Fund Complex |
| |||||||||
Edward D’Alelio
|
| | | $ | 168,000 | | | | | $ | 168,000 | | | | | $ | 506,271 | | |
Christopher M. Temple
|
| | | $ | 160,000 | | | | | $ | 160,000 | | | | | $ | 490,271 | | |
Eric Kaye
|
| | | $ | 149,000 | | | | | $ | 149,000 | | | | | $ | 465,771 | | |
Brian Finn
|
| | | $ | 145,000 | | | | | $ | 145,000 | | | | | $ | 440,271 | | |
Name
|
| |
Year of Birth
|
|
Douglas I. Ostrover
|
| |
1962
|
|
Marc S. Lipschultz
|
| |
1969
|
|
Craig W. Packer
|
| |
1966
|
|
Alexis Maged
|
| |
1965
|
|
Erik Bissonnette
|
| |
1979
|
|
Pravin Vazirani
|
| |
1973
|
|
Name
|
| |
Entity
|
| |
Investment Focus
|
| |
Gross Assets
($ in millions) |
| |||
Owl Rock Capital Corporation
|
| |
Business development company
|
| |
U.S. middle-market lending
|
| | | $ | 10,234.3 | | |
Owl Rock Capital Corporation II
|
| |
Business development company
|
| |
U.S. middle-market lending
|
| | | $ | 1,930.2 | | |
Owl Rock Capital Corporation III
|
| |
Business development company
|
| |
U.S. middle-market lending
|
| | | $ | 276.9 | | |
Name
|
| |
Dollar Range of
Equity Securities in Owl Rock Technology Finance Corp. (1)(2) |
| |
Aggregate Dollar
Range of Equity Securities in the Fund Complex(1)(3) |
|
Douglas I. Ostrover
|
| |
over $100,000(4)
|
| |
over $100,000
|
|
Marc S. Lipschultz
|
| |
over $100,000
|
| |
over $100,000
|
|
Craig W. Packer
|
| |
over $100,000(4)
|
| |
over $100,000
|
|
Alexis Maged
|
| |
—
|
| |
—
|
|
Erik Bissonnette
|
| |
—
|
| |
—
|
|
Pravin Vazirani
|
| |
—
|
| |
—
|
|
| | | |
Investment
A |
| |
Investment
B |
| |
Investment
C |
| |
Investment
D |
| |
Investment
E |
| |
Investment
F |
| |
Cumulative
Unrealized Capital Depreciation |
| |
Cumulative
Realized Capital Losses |
| |
Cumulative
Realized Capital Gains |
|
| Year 1 | | |
$10 million
(FMV/cost basis) |
| |
$10 million
(FMV/cost basis) |
| |
$10 million
(FMV/cost basis) |
| |
$10 million
(FMV/cost basis) |
| |
$10 million
(FMV/cost basis) |
| | — | | | — | | | — | | | — | |
| Year 2 | | |
$20 million
(sale price) |
| |
$8 million
FMV |
| |
$12 million
FMV |
| |
$10 million
FMV |
| |
$10 million
FMV |
| | — | | | $2 million | | | — | | | $10 million | |
| Year 3 | | | — | | |
$8 million
FMV |
| |
$14 million
FMV |
| |
$14 million
FMV |
| |
$16 million
FMV |
| | — | | | $2 million | | | — | | | $10 million | |
| Year 4 | | | — | | |
$10 million
FMV |
| |
$16 million
FMV |
| |
$12 million
(sale price) |
| |
$14 million
FMV |
| |
$10 million
(cost basis) |
| | — | | | — | | | $12 million | |
| Year 5 | | | — | | |
$14 million
FMV |
| |
$20 million
(sale price) |
| | — | | |
$10 million
FMV |
| |
$12 million
FMV |
| | — | | | — | | | $22 million | |
| | | |
Investment
A |
| |
Investment
B |
| |
Investment
C |
| |
Investment
D |
| |
Investment
E |
| |
Investment
F |
| |
Cumulative
Unrealized Capital Depreciation |
| |
Cumulative
Realized Capital Losses |
| |
Cumulative
Realized Capital Gains |
|
| Year 6 | | | — | | |
$16 million
(sale price) |
| | — | | | — | | |
$8 million
FMV |
| |
$15 million
FMV |
| | $2 million | | | — | | | $28 million | |
| Year 7 | | | — | | | — | | | — | | | — | | |
$8 million
(sale price) |
| |
$17 million
FMV |
| | — | | | $2 million | | | $28 million | |
| Year 8 | | | — | | | — | | | — | | | — | | | — | | |
$18 million
(sale price) |
| | — | | | $2 million | | | $36 million | |
| | | |
Investment
A |
| |
Investment
B |
| |
Investment
C |
| |
Investment
D |
| |
Investment
E |
| |
Investment
F |
| |
Cumulative
Unrealized Capital Depreciation |
| |
Cumulative
Realized Capital Losses |
| |
Cumulative
Realized Capital Gains |
|
| Year 1 | | |
$10 million
(FMV/cost basis) |
| |
$10 million
(FMV/cost basis) |
| |
$10 million
(FMV/cost basis) |
| |
$10 million
(FMV/cost basis) |
| |
$10 million
(FMV/cost basis) |
| | — | | | — | | | — | | | — | |
| Year 2 | | |
$20 million
(sale price) |
| |
$8 million
FMV |
| |
$12 million
FMV |
| |
$10 million
FMV |
| |
$10 million
FMV |
| | — | | | $2 million | | | — | | | $10 million | |
| Year 3 | | | — | | |
$8 million
FMV |
| |
$14 million
FMV |
| |
$14 million
FMV |
| |
$16 million
FMV |
| | — | | | $2 million | | | — | | | $10 million | |
| Year 4 | | | — | | |
$10 million
FMV |
| |
$16 million
FMV |
| |
$12 million
(sale price) |
| |
$14 million
FMV |
| |
$10 million
(cost basis) |
| | — | | | — | | | $12 million | |
| Year 5 | | | — | | |
$14 million
FMV |
| |
$20 million
(sale price) |
| | — | | |
$10 million
FMV |
| |
$12 million
FMV |
| | — | | | — | | | $22 million | |
| Year 6 | | | — | | |
$16 million
(sale price) |
| | — | | | — | | |
$8 million
FMV |
| |
$15 million
FMV |
| | $2 million | | | — | | | $28 million | |
| Year 7 | | | — | | | — | | | — | | | — | | |
$8 million
(sale price) |
| |
$17 million
FMV |
| | — | | | $2 million | | | $28 million | |
| Year 8 | | | — | | | — | | | — | | | — | | | — | | |
$18 million
(sale price) |
| | — | | | $2 million | | | $36 million | |
Name and Address
|
| |
Number of Shares
Owned |
| |
Percentage of Class
Outstanding |
| ||||||
5% Owners | | | | | | | | | | | | | |
Regents of the University of California(1)
|
| | | | [ ] | | | | | | [ ]% | | |
Interested Directors | | | | | | | | | | | | | |
Douglas I. Ostrover(2)
|
| | | | [ ] | | | | | | [ ]% | | |
Craig W. Packer(2)
|
| | | | [ ] | | | | | | [ ]% | | |
Alan Kirshenbaum(2)
|
| | | | [ ] | | | | | | [ ]% | | |
Independent Directors | | | | | | | | | | | | | |
Brian Finn
|
| | | | [ ] | | | | | | * | | |
Edward D’Alelio
|
| | | | — | | | | | | 0% | | |
Eric Kaye
|
| | | | — | | | | | | 0% | | |
Christopher M. Temple
|
| | | | — | | | | | | 0% | | |
Executive Officers
|
| | | | 0% | | | | | | | | |
Karen Hager
|
| | | | — | | | | | | 0% | | |
Bryan Cole
|
| | | | — | | | | | | 0% | | |
Alexis Maged
|
| | | | — | | | | | | 0% | | |
All officers and directors as a group (10 persons)(3)
|
| | | | [ ](4) | | | | | | [ ]% | | |
Name of Director
|
| |
Dollar Range of
Equity Securities in Owl Rock Technology Finance Corp.(1)(2) |
| |
Aggregate Dollar
Range of Equity Securities in the Fund Complex(1)(3) |
| |||
Interested Directors | | | | | | | | | | |
Douglas I. Ostrover
|
| | | over$ | 100,000(4) | | | |
over $100,000
|
|
Craig W. Packer
|
| | | over$ | 100,000(4) | | | |
over $100,000
|
|
Alan Kirshenbaum
|
| | | over$ | 100,000(4) | | | |
over $100,000
|
|
Independent Directors | | | | | | | | | | |
Brian Finn
|
| | | over$ | 100,000 | | | |
over $100,000
|
|
Edward D’Alelio
|
| | | | — | | | |
over $100,000
|
|
Eric Kaye
|
| | | over$ | 100,000 | | | |
over $100,000
|
|
Christopher M. Temple
|
| | | over$ | 100,000 | | | |
over $100,000
|
|
Title of Class
|
| |
Amount
Authorized |
| |
Amount Held by
Us or for Our Account |
| |
Amount
Outstanding Exclusive of Amount Held by Us or for Our Account |
| |||||||||
Common Stock
|
| | | | 500,000,000 | | | | | | — | | | | | | 99,539,158 | | |
Name
|
| |
Principal Amount
of Notes |
| |||
| | | | | | | |
| | | | | | | |
| | | | | | | |
Total
|
| | | $ | | |
| | |
Per Note
|
| |
Amount
|
|
Public offering price
|
| |
|
| |
|
|
Underwriting discount (sales load)
|
| |
|
| |
|
|
Proceeds to us, before expenses
|
| |
|
| |
|
|
|
ANNUAL FINANCIAL STATEMENTS (AUDITED)
|
| | | | | | |
| | | | | F-2 | | | |
| | | | | F-3 | | | |
| | | | | F-4 | | | |
| | | | | F-5 | | | |
| | | | | F-11 | | | |
| | | | | F-12 | | | |
| | | | | F-13 | | | |
| INTERIM FINANCIAL STATEMENTS (UNAUDITED) | | | | | | | |
| | | | | F-37 | | | |
| | | | | F-38 | | | |
| | | | | F-39 | | | |
| | | | | F-49 | | | |
| | | | | F-50 | | | |
| | | | | F-51 | | |
| | |
December 31,
2019 |
| |
December 31,
2018 |
| ||||||
Assets | | | | | | | | | | | | | |
Non-controlled/non-affiliated investments at fair value (amortized cost of $1,478,836 and $263,885, respectively)
|
| | | $ | 1,475,945 | | | | | $ | 262,833 | | |
Cash
|
| | | | 142,363 | | | | | | 323,035 | | |
Interest receivable
|
| | | | 6,127 | | | | | | 1,792 | | |
Prepaid expenses and other assets
|
| | | | 562 | | | | | | 575 | | |
Total Assets
|
| | | $ | 1,624,997 | | | | | $ | 588,235 | | |
Liabilities | | | | | | | | | | | | | |
Debt (net of unamortized debt issuance costs of $6,915 and $2,445,
respectively) |
| | | $ | 823,797 | | | | | $ | 297,555 | | |
Management fee payable
|
| | | | 6,811 | | | | | | 1,948 | | |
Distribution payable
|
| | | | 11,776 | | | | | | — | | |
Incentive fee payable
|
| | | | 1,379 | | | | | | — | | |
Payables to affiliates
|
| | | | 1,159 | | | | | | 916 | | |
Accrued expenses and other liabilities
|
| | | | 2,903 | | | | | | 1,106 | | |
Total Liabilities
|
| | | $ | 847,825 | | | | | $ | 301,525 | | |
Commitments and contingencies (Note 7) | | | | | | | | | | | | | |
Net Assets | | | | | | | | | | | | | |
Common shares $0.01 par value, 500,000,000 shares authorized; 52,852,122 and
19,739,051 shares issued and outstanding, respectively |
| | | $ | 529 | | | | | $ | 197 | | |
Additional paid-in-capital
|
| | | | 776,603 | | | | | | 287,922 | | |
Total distributable earnings (losses)
|
| | | | 40 | | | | | | (1,409) | | |
Total Net Assets
|
| | | $ | 777,172 | | | | | $ | 286,710 | | |
Total Liabilities and Net Assets
|
| | | $ | 1,624,997 | | | | | $ | 588,235 | | |
Net Asset Value Per Share
|
| | | $ | 14.70 | | | | | $ | 14.53 | | |
| | |
For the
Years Ended December 31, |
| |||||||||
| | |
2019
|
| |
2018(1)
|
| ||||||
Investment Income | | | | | | | | | | | | | |
Investment income from non-controlled, non-affiliated investments: | | | | | | | | | | | | | |
Interest income
|
| | | $ | 81,346 | | | | | $ | 2,561 | | |
Other income
|
| | | | 2,366 | | | | | | 44 | | |
Total investment income from non-controlled, non-affiliated investments:
|
| | | | 83,712 | | | | | | 2,605 | | |
Total Investment Income
|
| | | | 83,712 | | | | | | 2,605 | | |
Expenses | | | | | | | | | | | | | |
Initial organization
|
| | | $ | — | | | | | $ | 397 | | |
Interest expense
|
| | | | 21,680 | | | | | | 451 | | |
Management fees
|
| | | | 22,085 | | | | | | 2,147 | | |
Incentive fees
|
| | | | 2,622 | | | | | | — | | |
Professional fees
|
| | | | 3,308 | | | | | | 930 | | |
Directors’ fees
|
| | | | 622 | | | | | | 194 | | |
Other general and administrative
|
| | | | 2,215 | | | | | | 600 | | |
Total Expenses
|
| | | | 52,532 | | | | | | 4,719 | | |
Net Investment Income (Loss) Before Taxes
|
| | | | 31,180 | | | | | | (2,114) | | |
Excise tax expense
|
| | | | 107 | | | | | | — | | |
Net Investment Income (Loss) After Taxes
|
| | | | 31,073 | | | | | | (2,114) | | |
Net Change in Unrealized Gain (Loss) | | | | | | | | | | | | | |
Non-controlled, non-affiliated investments
|
| | | $ | (1,948) | | | | | $ | (1,052) | | |
Translation of assets and liabilities in foreign currencies
|
| | | | (5) | | | | | | — | | |
Total Net Change in Unrealized Gain (Loss)
|
| | | | (1,953) | | | | | | (1,052) | | |
Net Realized Gain (Loss): | | | | | | | | | | | | | |
Non-controlled, non-affiliated investments
|
| | | $ | 1,560 | | | | | $ | — | | |
Foreign currency transactions
|
| | | | 56 | | | | | | — | | |
Total Net Realized Gain (Loss)
|
| | | | 1,616 | | | | | | — | | |
Net Increase (Decrease) in Net Assets Resulting from Operations
|
| | | $ | 30,736 | | | | | $ | (3,166) | | |
Earnings (Loss) Per Share – Basic and Diluted
|
| | | $ | 0.84 | | | | | $ | (0.34) | | |
Weighted Average Shares Outstanding – Basic and Diluted
|
| | |
|
36,696,078
|
| | | |
|
9,344,401
|
| |
Company(1)(15)
|
| |
Investment
|
| |
Interest
|
| |
Maturity
Date |
| |
Par /
Units |
| |
Amortized
Cost(2)(3) |
| |
Fair
Value |
| |
Percentage
of Net Assets |
| ||||||||||||
Non-controlled/non-affiliated portfolio company debt investments
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Buildings and real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Reef (fka Cheese Acquisition, LLC)(4)(6)(9)
|
| |
First lien senior secured loan
|
| |
L + 4.75%
|
| |
11/28/2024
|
| | | $ | 37,498 | | | | | $ | 37,017 | | | | | $ | 36,936 | | | | | | 4.8% | | |
Reef (fka Cheese Acquisition, LLC)(4)(9)(11)(12)
|
| |
First lien senior secured revolving loan
|
| |
L + 4.75%
|
| |
11/28/2023
|
| | | | — | | | | | | (44) | | | | | | (68) | | | | | | —% | | |
Imperial Parking Canada(4)(8)(9)
|
| |
First lien senior secured loan
|
| |
C + 5.00%
|
| |
11/28/2024
|
| | | | 7,639 | | | | | | 7,421 | | | | | | 7,524 | | | | | | 1.0% | | |
| | | | | | | | | | | | | | 45,137 | | | | | | 44,394 | | | | | | 44,392 | | | | | | 5.8% | | |
Business services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Apptio, Inc.(4)(5)(9)
|
| |
First lien senior secured loan
|
| |
L + 7.25%
|
| |
1/10/2025
|
| | | | 49,091 | | | | | | 48,225 | | | | | | 48,478 | | | | | | 6.2% | | |
Apptio, Inc.(4)(9)(11)(12)
|
| |
First lien senior secured revolving loan
|
| |
L + 7.25%
|
| |
1/10/2025
|
| | | | — | | | | | | (55) | | | | | | (41) | | | | | | —% | | |
Certify, Inc.(4)(5)
|
| |
First lien senior secured loan
|
| |
L + 5.75%
|
| |
2/28/2024
|
| | | | 50,194 | | | | | | 49,636 | | | | | | 49,566 | | | | | | 6.4% | | |
Certify, Inc.(4)(5)(11)(13)
|
| |
First lien senior secured delayed draw term loan
|
| |
L + 5.75%
|
| |
2/28/2020
|
| | | | 3,422 | | | | | | 3,355 | | | | | | 3,362 | | | | | | 0.4% | | |
Certify, Inc.(4)(5)(11)
|
| |
First lien senior secured revolving loan
|
| |
L + 5.75%
|
| |
2/28/2024
|
| | | | 342 | | | | | | 318 | | | | | | 314 | | | | | | —% | | |
Circle Internet Services, Inc.(4)(5)
|
| |
First lien senior secured loan
|
| |
L + 8.00%
|
| |
5/17/2023
|
| | | | 25,000 | | | | | | 24,863 | | | | | | 24,313 | | | | | | 3.1% | | |
ConnectWise, LLC(4)(6)(9)
|
| |
First lien senior secured loan
|
| |
L + 6.00%
|
| |
2/28/2025
|
| | | | 127,975 | | | | | | 126,548 | | | | | | 126,375 | | | | | | 16.2% | | |
ConnectWise, LLC(4)(9)(11)(12)
|
| |
First lien senior secured revolving loan
|
| |
L + 6.00%
|
| |
2/28/2025
|
| | | | — | | | | | | (151) | | | | | | (174) | | | | | | —% | | |
Hyland Software, Inc.(4)(5)(10)
|
| |
Second lien senior secured loan
|
| |
L + 7.00%
|
| |
7/7/2025
|
| | | | 16,450 | | | | | | 16,501 | | | | | | 16,636 | | | | | | 2.1% | | |
GS Acquisitionco, Inc. (dba insightsoftware)(4)(5)
|
| |
First lien senior secured loan
|
| |
L + 5.75%
|
| |
5/24/2024
|
| | | | 17,077 | | | | | | 16,879 | | | | | | 16,863 | | | | | | 2.2% | | |
GS Acquisitionco, Inc. (dba insightsoftware)(4)(5)(11)(13)
|
| |
First lien senior secured delayed draw term loan
|
| |
L + 5.75%
|
| |
8/2/2021
|
| | | | 1,289 | | | | | | 1,204 | | | | | | 1,197 | | | | | | 0.2% | | |
GS Acquisitionco, Inc. (dba insightsoftware)(4)(5)(11)
|
| |
First lien senior secured revolving loan
|
| |
L + 5.75%
|
| |
5/24/2024
|
| | | | 1,216 | | | | | | 1,194 | | | | | | 1,192 | | | | | | 0.2% | | |
Kaseya Traverse Inc.(4)(6)
|
| |
First lien senior secured loan
|
| |
L + 5.50%
(1.00% PIK) |
| |
5/3/2025
|
| | | | 29,174 | | | | | | 28,649 | | | | | | 28,517 | | | | | | 3.7% | | |
Kaseya Traverse Inc.(4)(5)(11)
|
| |
First lien senior secured revolving loan
|
| |
L + 6.50%
|
| |
5/3/2025
|
| | | | 1,400 | | | | | | 1,356 | | | | | | 1,345 | | | | | | 0.2% | | |
Kaseya Traverse Inc.(4)(7)(11)(13)
|
| |
First lien senior secured delayed draw term loan
|
| |
L + 5.50%
(1.00% PIK) |
| |
5/3/2021
|
| | | | 456 | | | | | | 420 | | | | | | 407 | | | | | | 0.1% | | |
Paysimple, Inc.(4)(5)
|
| |
First lien senior secured loan
|
| |
L + 5.50%
|
| |
8/23/2025
|
| | | | 45,187 | | | | | | 44,434 | | | | | | 44,396 | | | | | | 5.7% | | |
Paysimple, Inc.(4)(5)(11)(13)
|
| |
First lien senior secured delayed draw term loan
|
| |
L + 5.50%
|
| |
8/23/2020
|
| | | | 4,258 | | | | | | 4,173 | | | | | | 4,183 | | | | | | 0.5% | | |
| | | | | | | | | | | | | | 372,531 | | | | | | 367,549 | | | | | | 366,929 | | | | | | 47.2% | | |
Data and information services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Litera Bidco LLC(4)(6)(9)
|
| |
First lien senior secured loan
|
| |
L + 5.75%
|
| |
5/29/2026
|
| | | | 86,626 | | | | | | 85,480 | | | | | | 85,542 | | | | | | 11.0% | | |
Litera Bidco LLC(4)(9)(11)(12)
|
| |
First lien senior secured revolving loan
|
| |
L + 5.75%
|
| |
5/30/2025
|
| | | | — | | | | | | (95) | | | | | | (103) | | | | | | —% | | |
| | | | | | | | | | | | | | 86,626 | | | | | | 85,385 | | | | | | 85,439 | | | | | | 11.0% | | |
Education | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2U, Inc.(4)(5)(9)
|
| |
First lien senior secured loan
|
| |
L + 5.75%
|
| |
5/22/2024
|
| | | | 85,000 | | | | | | 83,857 | | | | | | 83,300 | | | | | | 10.6% | | |
Dude Solutions Holdings, Inc.(4)(5)
|
| |
First lien senior secured loan
|
| |
L + 7.00%
|
| |
6/14/2025
|
| | | | 53,077 | | | | | | 51,968 | | | | | | 51,750 | | | | | | 6.7% | | |
Dude Solutions Holdings, Inc.(4)(11)(12)
|
| |
First lien senior secured revolving loan
|
| |
L + 7.00%
|
| |
6/14/2025
|
| | | | — | | | | | | (141) | | | | | | (173) | | | | | | —% | | |
Lightning Midco, LLC (dba Vector Solutions)(4)(6)(9)
|
| |
First lien senior secured loan
|
| |
L + 5.50%
|
| |
11/21/2025
|
| | | | 84,405 | | | | | | 83,673 | | | | | | 83,140 | | | | | | 10.7% | | |
Company(1)(15)
|
| |
Investment
|
| |
Interest
|
| |
Maturity
Date |
| |
Par /
Units |
| |
Amortized
Cost(2)(3) |
| |
Fair
Value |
| |
Percentage
of Net Assets |
| ||||||||||||
Lightning Midco, LLC (dba Vector Solutions)(4)(6)(9)(11)(13)
|
| |
First lien senior secured delayed draw term loan
|
| |
L + 5.50%
|
| |
11/23/2020
|
| | | | 18,391 | | | | | | 18,225 | | | | | | 18,096 | | | | | | 2.3% | | |
Lightning Midco, LLC (dba Vector Solutions)(4)(6)(9)(11)
|
| |
First lien senior secured revolving loan
|
| |
L + 5.50%
|
| |
11/21/2023
|
| | | | 5,968 | | | | | | 5,891 | | | | | | 5,819 | | | | | | 0.7% | | |
| | | | | | | | | | | | | | 246,841 | | | | | | 243,473 | | | | | | 241,932 | | | | | | 31.0% | | |
Financial services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Transact Holdings, Inc.(4)(5)(9)
|
| |
First lien senior secured loan
|
| |
L + 4.75%
|
| |
4/30/2026
|
| | | | 8,978 | | | | | | 8,852 | | | | | | 8,798 | | | | | | 1.1% | | |
| | | | | | | | | | | | | | 8,978 | | | | | | 8,852 | | | | | | 8,798 | | | | | | 1.1% | | |
Healthcare providers and services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
RxSense Holdings, LLC(4)(5)(9)
|
| |
First lien senior secured loan
|
| |
L + 6.00%
|
| |
2/15/2024
|
| | | | 45,400 | | | | | | 44,821 | | | | | | 44,606 | | | | | | 5.7% | | |
RxSense Holdings, LLC(4)(5)(9)(11)
|
| |
First lien senior secured revolving loan
|
| |
L + 6.00%
|
| |
2/15/2024
|
| | | | 1,415 | | | | | | 1,380 | | | | | | 1,366 | | | | | | 0.2% | | |
| | | | | | | | | | | | | | 46,815 | | | | | | 46,201 | | | | | | 45,972 | | | | | | 5.9% | | |
Healthcare technology | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
VVC Holding Corp. (dba Athenahealth, Inc.)(4)(6)(9)(10)
|
| |
First lien senior secured loan
|
| |
L + 4.50%
|
| |
2/11/2026
|
| | | | 39,700 | | | | | | 38,981 | | | | | | 39,851 | | | | | | 5.1% | | |
Bracket Intermediate Holding Corp.(4)(6)(9)
|
| |
Second lien senior secured loan
|
| |
L + 8.13%
|
| |
9/7/2026
|
| | | | 20,000 | | | | | | 19,646 | | | | | | 19,600 | | | | | | 2.5% | | |
Definitive Healthcare Holdings, LLC(4)(6)(9)
|
| |
First lien senior secured loan
|
| |
L + 5.50%
|
| |
7/16/2026
|
| | | | 98,243 | | | | | | 97,316 | | | | | | 97,260 | | | | | | 12.5% | | |
Definitive Healthcare Holdings, LLC(4)(9)(11)(12)(13)
|
| |
First lien senior secured delayed draw term loan
|
| |
L + 5.50%
|
| |
7/16/2021
|
| | | | — | | | | | | (102) | | | | | | — | | | | | | —% | | |
Definitive Healthcare Holdings, LLC(4)(9)(11)(12)
|
| |
First lien senior secured revolving loan
|
| |
L + 5.50%
|
| |
7/16/2024
|
| | | | — | | | | | | (49) | | | | | | (54) | | | | | | —% | | |
Interoperability Bidco, Inc.(4)(5)(9)
|
| |
First lien senior secured loan
|
| |
L + 5.75%
|
| |
6/25/2026
|
| | | | 96,018 | | | | | | 94,886 | | | | | | 94,577 | | | | | | 12.2% | | |
Interoperability Bidco,
Inc.(4)(9)(11)(12)(13) |
| |
First lien senior secured delayed draw term loan
|
| |
L + 5.75%
|
| |
6/25/2021
|
| | | | — | | | | | | (12) | | | | | | (38) | | | | | | —% | | |
Interoperability Bidco, Inc.(4)(9)(11)(12)
|
| |
First lien senior secured revolving loan
|
| |
L + 5.75%
|
| |
6/25/2024
|
| | | | — | | | | | | (56) | | | | | | (75) | | | | | | —% | | |
| | | | | | | | | | | | | | 253,961 | | | | | | 250,610 | | | | | | 251,121 | | | | | | 32.3% | | |
Insurance | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Integrity Marketing Acquisition, LLC(4)(6)(9)
|
| |
First lien senior secured loan
|
| |
L + 5.75%
|
| |
8/27/2025
|
| | | | 34,487 | | | | | | 33,995 | | | | | | 33,970 | | | | | | 4.4% | | |
Integrity Marketing Acquisition, LLC(4)(6)(9)(11)(13)
|
| |
First lien senior secured delayed draw term loan
|
| |
L + 5.75%
|
| |
2/29/2020
|
| | | | 9,392 | | | | | | 9,182 | | | | | | 9,251 | | | | | | 1.2% | | |
Integrity Marketing Acquisition, LLC(4)(9)(11)(12)(13)
|
| |
First lien senior secured delayed draw term loan
|
| |
L + 5.75%
|
| |
2/27/2021
|
| | | | — | | | | | | (48) | | | | | | — | | | | | | —% | | |
Integrity Marketing Acquisition, LLC(4)(9)(11)(12)
|
| |
First lien senior secured revolving loan
|
| |
L + 5.75%
|
| |
8/27/2025
|
| | | | — | | | | | | (53) | | | | | | (56) | | | | | | —% | | |
| | | | | | | | | | | | | | 43,879 | | | | | | 43,076 | | | | | | 43,165 | | | | | | 5.6% | | |
Internet and digital media | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Acquia Inc.(4)(6)
|
| |
First lien senior secured loan
|
| |
L + 7.00%
|
| |
11/1/2025
|
| | | | 130,377 | | | | | | 128,904 | | | | | | 128,683 | | | | | | 16.5% | | |
Acquia Inc.(4)(11)(12)
|
| |
First lien senior secured revolving loan
|
| |
L + 7.00%
|
| |
11/1/2025
|
| | | | — | | | | | | (161) | | | | | | (184) | | | | | | —% | | |
| | | | | | | | | | | | | | 130,377 | | | | | | 128,743 | | | | | | 128,499 | | | | | | 16.5% | | |
Leisure and entertainment | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
MINDBODY, Inc.(4)(5)(9)
|
| |
First lien senior secured loan
|
| |
L + 7.00%
|
| |
2/14/2025
|
| | | | 67,857 | | | | | | 67,257 | | | | | | 67,179 | | | | | | 8.6% | | |
MINDBODY, Inc.(4)(9)(11)(12)
|
| |
First lien senior secured revolving loan
|
| |
L + 7.00%
|
| |
2/14/2025
|
| | | | — | | | | | | (61) | | | | | | (71) | | | | | | —% | | |
| | | | | | | | | | | | | | 67,857 | | | | | | 67,196 | | | | | | 67,108 | | | | | | 8.6% | | |
|
Company(1)(15)
|
| |
Investment
|
| |
Interest
|
| |
Maturity
Date |
| |
Par /
Units |
| |
Amortized
Cost(2)(3) |
| |
Fair
Value |
| |
Percentage
of Net Assets |
| ||||||||||||
Oil and gas | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
3ES Innovation Inc. (dba
Aucerna)(4)(7)(9) |
| |
First lien senior secured loan
|
| |
L + 5.75%
|
| |
5/13/2025
|
| | | | 47,214 | | | | | | 46,673 | | | | | | 46,269 | | | | | | 6.0% | | |
3ES Innovation Inc. (dba Aucerna)(4)(9)(11)(12)
|
| |
First lien senior secured revolving loan
|
| |
L + 5.75%
|
| |
5/13/2025
|
| | | | — | | | | | | (51) | | | | | | (92) | | | | | | —% | | |
Project Power Buyer, LLC (dba PEC-Veriforce)(4)(6)(9)
|
| |
First lien senior secured loan
|
| |
L + 5.75%
|
| |
5/14/2026
|
| | | | 38,556 | | | | | | 38,108 | | | | | | 37,882 | | | | | | 4.9% | | |
Project Power Buyer, LLC (dba PEC-Veriforce)(4)(9)(11)(12)
|
| |
First lien senior secured revolving loan
|
| |
L + 5.75%
|
| |
5/14/2025
|
| | | | — | | | | | | (42) | | | | | | (66) | | | | | | —% | | |
| | | | | | | | | | | | | | 85,770 | | | | | | 84,688 | | | | | | 83,993 | | | | | | 10.9% | | |
Professional services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gerson Lehrman Group, Inc.(4)(5)(9)
|
| |
First lien senior secured loan
|
| |
L + 4.25%
|
| |
12/12/2024
|
| | | | 51,836 | | | | | | 51,396 | | | | | | 51,190 | | | | | | 6.6% | | |
Gerson Lehrman Group,
Inc.(4)(9)(11)(12) |
| |
First lien senior secured revolving loan
|
| |
L + 4.25%
|
| |
12/12/2024
|
| | | | — | | | | | | (30) | | | | | | (46) | | | | | | —% | | |
| | | | | | | | | | | | | | 51,836 | | | | | | 51,366 | | | | | | 51,144 | | | | | | 6.6% | | |
Total non-controlled/non-affiliated portfolio company debt investments
|
| | | | | | | | | | | | $ | 1,440,608 | | | | | $ | 1,421,533 | | | | | $ | 1,418,492 | | | | | | 182.5% | | |
Non-controlled/non-affiliated portfolio company equity investments
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Business services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Circle Internet Services, Inc.(14)
|
| | Series D Preferred Stock | | | | | | | | | | | 2,934,961 | | | | | $ | 15,000 | | | | | $ | 15,000 | | | | | | 1.9% | | |
Circle Internet Services, Inc.(14)
|
| | Warrants | | | | | | | | | | | 244,580 | | | | | | — | | | | | | 424 | | | | | | 0.1% | | |
SLA Eclipse Co-Invest, L.P.(14)(16)
|
| | Series B Preferred Stock | | | | | | | | | | | 1,641,929 | | | | | | 15,125 | | | | | | 15,385 | | | | | | 1.9% | | |
| | | | | | | | | | | | | | 4,821,470 | | | | | | 30,125 | | | | | | 30,809 | | | | | | 3.9% | | |
eCommerce and digital marketplaces | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Poshmark, Inc.(14)
|
| | LLC Interest | | | | | | | | | | | 303,529 | | | | | | 5,162 | | | | | | 4,644 | | | | | | 0.6% | | |
| | | | | | | | | | | | | | 303,529 | | | | | | 5,162 | | | | | | 4,644 | | | | | | 0.6% | | |
Financial services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
eShares, Inc. (dba Carta)(14)
|
| | Series E Preferred Stock | | | | | | | | | | | 186,904 | | | | | | 2,008 | | | | | | 2,000 | | | | | | 0.3% | | |
Remitly Global, Inc (14)
|
| | Series E Preferred Stock | | | | | | | | | | | 1,678,810 | | | | | | 10,008 | | | | | | 10,000 | | | | | | 1.3% | | |
| | | | | | | | | | | | | | 1,865,714 | | | | | | 12,016 | | | | | | 12,000 | | | | | | 1.6% | | |
Technology infrastructure | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Algolia, Inc.(14)
|
| | Series C Preferred Stock | | | | | | | | | | | 323,427 | | | | | | 10,000 | | | | | | 10,000 | | | | | | 1.3% | | |
| | | | | | | | | | | | | | 323,427 | | | | | | 10,000 | | | | | | 10,000 | | | | | | 1.3% | | |
Total non-controlled/non-affiliated portfolio company equity investments
|
| | | | | | | | | | | | | | | | | | $ | 57,303 | | | | | $ | 57,453 | | | | | | 7.4% | | |
Total Investments
|
| | | | | | | | | | | | | | | | | | $ | 1,478,836 | | | | | $ | 1,475,945 | | | | | | 189.9% | | |
|
Portfolio Company
|
| |
Investment
|
| |
Acquisition Date
|
|
Algolia, Inc. | | | Series C Preferred Stock | | |
August 30, 2019
|
|
Circle Internet Services, Inc. | | | Series D Preferred Stock | | |
May 20, 2019
|
|
Circle Internet Services, Inc. | | | Warrants | | |
May 20, 2019
|
|
eShares, Inc. (dba Carta) | | | Series E Preferred Stock | | |
August 1, 2019
|
|
SLA Eclipse Co-Invest, L.P. | | | Series B Preferred Stock | | |
September 30, 2019
|
|
Poshmark, Inc. | | | LLC Interest | | |
February 28, 2019
|
|
Remitly Global, Inc | | | Series E Preferred Stock | | |
May 30, 2019
|
|
Company(1)
|
| |
Investment
|
| |
Interest
|
| |
Maturity
Date |
| |
Par /
Units |
| |
Amortized
Cost(2)(3) |
| |
Fair
Value |
| |
Percentage
of Net Assets |
| ||||||||||||
Non-controlled/non-affiliated portfolio company debt investments
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Aerospace and defense | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Space Exploration Technologies Corp.(4)(5)(8)(13)
|
| |
First lien senior secured loan
|
| |
L + 4.25%
|
| |
11/21/2025
|
| | | $ | 25,000 | | | | | $ | 24,751 | | | | | $ | 24,750 | | | | | | 8.6% | | |
Buildings and real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cheese Acquisition, LLC(4)(6)(8)(13)
|
| |
First lien senior secured loan
|
| |
L + 4.75%
|
| |
11/28/2024
|
| | | | 14,416 | | | | | | 14,238 | | | | | | 14,235 | | | | | | 5.0% | | |
Cheese Acquisition, LLC(4)(8)(10)(11)(12)(13)
|
| |
First lien senior secured delayed draw term loan
|
| |
L + 4.75%
|
| |
4/19/2020
|
| | | | — | | | | | | (172) | | | | | | (39) | | | | | | —% | | |
Cheese Acquisition, LLC(4)(8)(10)(11)(13)
|
| |
First lien senior secured revolving loan
|
| |
L + 4.75%
|
| |
11/28/2023
|
| | | | — | | | | | | (56) | | | | | | (57) | | | | | | —% | | |
| | | | | | | | | | | | | | 14,416 | | | | | | 14,010 | | | | | | 14,139 | | | | | | 5.0% | | |
Education | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Lightning Midco, LLC (dba Vector Solutions)(4)(6)(8)(13)
|
| |
First lien senior secured loan
|
| |
L + 5.50%
|
| |
11/21/2025
|
| | | | 85,258 | | | | | | 84,419 | | | | | | 84,407 | | | | | | 29.4% | | |
Lightning Midco, LLC (dba Vector Solutions)(4)(7)(8)(10)(12)(13)
|
| |
First lien senior secured delayed draw term loan
|
| |
P + 4.50%
|
| |
11/23/2020
|
| | | | 5,472 | | | | | | 5,277 | | | | | | 5,274 | | | | | | 1.9% | | |
Lightning Midco, LLC (dba Vector Solutions)(4)(8)(10)(11)(13)
|
| |
First lien senior secured revolving loan
|
| |
L + 5.50%
|
| |
11/21/2023
|
| | | | — | | | | | | (97) | | | | | | (99) | | | | | | —% | | |
| | | | | | | | | | | | | | 90,730 | | | | | | 89,599 | | | | | | 89,582 | | | | | | 31.3% | | |
Healthcare technology | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Bracket Intermediate Holding
Corp.(4)(6)(8)(13) |
| |
First lien senior secured loan
|
| |
L + 4.25%
|
| |
9/5/2025
|
| | | | 11,970 | | | | | | 11,912 | | | | | | 11,880 | | | | | | 4.1% | | |
Bracket Intermediate Holding
Corp.(4)(6)(8)(13) |
| |
Second lien senior secured loan
|
| |
L + 8.13%
|
| |
9/5/2026
|
| | | | 20,000 | | | | | | 19,611 | | | | | | 19,550 | | | | | | 6.8% | | |
| | | | | | | | | | | | | | 31,970 | | | | | | 31,523 | | | | | | 31,430 | | | | | | 10.9% | | |
Professional services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gerson Lehrman Group, Inc.(4)(6)(8)(13)
|
| |
First lien senior secured loan
|
| |
L + 4.25%
|
| |
12/12/2024
|
| | | | 74,797 | | | | | | 74,054 | | | | | | 74,049 | | | | | | 25.8% | | |
Gerson Lehrman Group, Inc.(4)(8)(10)(11)(13)
|
| |
First lien senior secured revolving loan
|
| |
L + 4.25%
|
| |
12/12/2024
|
| | | | — | | | | | | (52) | | | | | | (52) | | | | | | —% | | |
| | | | | | | | | | | | | | 74,797 | | | | | | 74,002 | | | | | | 73,997 | | | | | | 25.8% | | |
Transportation | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Uber Technologies, Inc.(8)(9)(13)(14)
|
| | Unsecured notes | | |
7.50%
|
| |
11/1/2023
|
| | | | 12,000 | | | | | | 12,000 | | | | | | 11,588 | | | | | | 4.0% | | |
Uber Technologies, Inc.(8)(9)(13)(14)
|
| | Unsecured notes | | |
8.00%
|
| |
11/1/2026
|
| | | | 18,000 | | | | | | 18,000 | | | | | | 17,347 | | | | | | 6.1% | | |
| | | | | | | | | | | | | | 30,000 | | | | | | 30,000 | | | | | | 28,935 | | | | | | 10.1% | | |
Total non-controlled/non-affiliated portfolio company debt investments
|
| | | | | | | | | | | | | 266,913 | | | | | | 263,885 | | | | | | 262,833 | | | | | | 91.7% | | |
Total Investments
|
| | | | | | | | | | | | $ | 266,913 | | | | | $ | 263,885 | | | | | $ | 262,833 | | | | | | 91.7% | | |
|
| | |
For the Years
Ended December 31, |
| |||||||||
| | |
2019
|
| |
2018(1)
|
| ||||||
Increase (Decrease) in Net Assets Resulting from Operations | | | | | | | | | | | | | |
Net investment income (loss)
|
| | | $ | 31,073 | | | | | $ | (2,114) | | |
Net change in unrealized gain (loss)
|
| | | | (1,953) | | | | | | (1,052) | | |
Realized gain (loss)
|
| | | | 1,616 | | | | | | — | | |
Net Increase (Decrease) in Net Assets Resulting from Operations
|
| | | | 30,736 | | | | | | (3,166) | | |
Distributions | | | | | | | | | | | | | |
Distributions declared from earnings
|
| | | | (30,296) | | | | | | — | | |
Net Decrease in Net Assets Resulting from Shareholders’ Distributions
|
| | | | (30,296) | | | | | | — | | |
Capital Share Transactions | | | | | | | | | | | | | |
Issuance of common shares
|
| | | | 484,440 | | | | | | 289,876 | | |
Reinvestment of distributions
|
| | | | 5,582 | | | | | | — | | |
Net Increase in Net Assets Resulting from Capital Share Transactions
|
| | | | 490,022 | | | | | | 289,876 | | |
Total Increase in Net Assets
|
| | | | 490,462 | | | | | | 286,710 | | |
Net Assets, at beginning of period
|
| | | | 286,710 | | | | | | — | | |
Net Assets, at end of period
|
| | | $ | 777,172 | | | | | $ | 286,710 | | |
| | |
For the Years
Ended December 31, |
| |||||||||
| | |
2019
|
| |
2018(1)
|
| ||||||
Cash Flows from Operating Activities | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations
|
| | | $ | 30,736 | | | | | $ | (3,166) | | |
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:
|
| | | | | | | | | | | | |
Purchases of investments, net
|
| | | | (1,396,849) | | | | | | (264,133) | | |
Proceeds from investments, net
|
| | | | 186,431 | | | | | | 290 | | |
Net amortization of discount on investments
|
| | | | (2,187) | | | | | | (42) | | |
Net change in unrealized (gain) loss on investments
|
| | | | 1,948 | | | | | | 1,052 | | |
Net change in unrealized (gains) losses on translation of assets and liabilities in foreign currencies
|
| | | | 5 | | | | | | — | | |
Net realized (gain) loss
|
| | | | (1,560) | | | | | | — | | |
Paid-in-kind interest
|
| | | | (786) | | | | | | — | | |
Amortization of debt issuance costs
|
| | | | 2,202 | | | | | | 102 | | |
Amortization of offering costs
|
| | | | 903 | | | | | | 227 | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | |
(Increase) decrease in interest receivable
|
| | | | (4,335) | | | | | | (1,792) | | |
(Increase) decrease in prepaid expenses and other assets
|
| | | | (403) | | | | | | (41) | | |
Increase (decrease) in management fee payable
|
| | | | 4,863 | | | | | | 1,948 | | |
Increase (decrease) in incentive fee payable
|
| | | | 1,379 | | | | | | — | | |
Increase (decrease) in payables to affiliates
|
| | | | 243 | | | | | | 916 | | |
Increase (decrease) in accrued expenses and other liabilities
|
| | | | 1,797 | | | | | | 1,106 | | |
Net cash used in operating activities
|
| | | | (1,175,613) | | | | | | (263,533) | | |
Cash Flows from Financing Activities
|
| | | | | | | | | | | | |
Borrowings on debt
|
| | | | 1,751,565 | | | | | | 305,000 | | |
Payments on debt
|
| | | | (1,220,972) | | | | | | (5,000) | | |
Debt issuance costs
|
| | | | (6,672) | | | | | | (2,547) | | |
Proceeds from issuance of common shares
|
| | | | 484,440 | | | | | | 289,876 | | |
Offering costs paid
|
| | | | (482) | | | | | | (761) | | |
Distributions paid
|
| | | | (12,938) | | | | | | — | | |
Net cash provided by financing activities
|
| | | | 994,941 | | | | | | 586,568 | | |
Net increase (decrease) in cash
|
| | | | (180,672) | | | | | | 323,035 | | |
Cash, beginning of period
|
| | | | 323,035 | | | | | | — | | |
Cash, end of period
|
| | | $ | 142,363 | | | | | $ | 323,035 | | |
Supplemental and Non-Cash Information
|
| | | | | | | | | | | | |
Interest expense paid
|
| | | $ | 17,988 | | | | | $ | 4 | | |
Distribution payable
|
| | | $ | 11,776 | | | | | $ | — | | |
Reinvestment of distributions during the period
|
| | | $ | 5,582 | | | | | $ | — | | |
| | |
December 31, 2019
|
| |
December 31, 2018
|
| ||||||||||||||||||
($ in thousands)
|
| |
Amortized
Cost |
| |
Fair
Value |
| |
Amortized
Cost |
| |
Fair
Value |
| ||||||||||||
First-lien senior secured debt investments(1)
|
| | | $ | 1,385,386 | | | | | $ | 1,382,256 | | | | | $ | 214,274 | | | | | $ | 214,348 | | |
Second-lien senior secured debt investments
|
| | | | 36,147 | | | | | | 36,236 | | | | | | 19,611 | | | | | | 19,550 | | |
Unsecured debt investments
|
| | | | — | | | | | | — | | | | | | 30,000 | | | | | | 28,935 | | |
Equity investments
|
| | | | 57,303 | | | | | | 57,453 | | | | | | — | | | | | | — | | |
Total Investments
|
| | | $ | 1,478,836 | | | | | $ | 1,475,945 | | | | | $ | 263,885 | | | | | $ | 262,833 | | |
| | |
December 31,
2019 |
| |
December 31,
2018 |
| ||||||
Aerospace and defense
|
| | | | —% | | | | | | 9.4% | | |
Buildings and real estate
|
| | | | 3.0 | | | | | | 5.4 | | |
Business services
|
| | | | 26.9 | | | | | | — | | |
Data and information services
|
| | | | 5.8 | | | | | | — | | |
eCommerce and digital marketplaces
|
| | | | 0.3 | | | | | | — | | |
Education
|
| | | | 16.4 | | | | | | 34.0 | | |
Financial services
|
| | | | 1.4 | | | | | | — | | |
Healthcare providers and services
|
| | | | 3.1 | | | | | | — | | |
Healthcare technology
|
| | | | 17.0 | | | | | | 12.0 | | |
Insurance
|
| | | | 2.9 | | | | | | — | | |
Internet and digital media
|
| | | | 8.7 | | | | | | — | | |
Leisure and entertainment
|
| | | | 4.5 | | | | | | — | | |
Oil and gas
|
| | | | 5.7 | | | | | | — | | |
Professional services
|
| | | | 3.5 | | | | | | 28.2 | | |
Technology infrastructure
|
| | | | 0.8 | | | | | | — | | |
Transportation
|
| | | | — | | | | | | 11.0 | | |
Total
|
| | | | 100.0% | | | | | | 100.0% | | |
| | |
December 31,
2019 |
| |
December 31,
2018 |
| ||||||
United States: | | | | | | | | | | | | | |
Midwest
|
| | | | 6.9% | | | | | | —% | | |
Northeast
|
| | | | 35.9 | | | | | | 40.1 | | |
South
|
| | | | 34.7 | | | | | | 39.5 | | |
West
|
| | | | 17.3 | | | | | | 20.4 | | |
Canada
|
| | | | 3.1 | | | | | | — | | |
Ireland
|
| | | | 2.1 | | | | | | — | | |
Total
|
| | | | 100.0% | | | | | | 100.0% | | |
| | |
Fair Value Hierarchy as of December 31, 2019
|
| |||||||||||||||||||||
($ in thousands)
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
First-lien senior secured debt investments
|
| | | $ | — | | | | | $ | 39,851 | | | | | $ | 1,342,405 | | | | | $ | 1,382,256 | | |
Second-lien senior secured debt investments
|
| | | | — | | | | | | 16,636 | | | | | | 19,600 | | | | | | 36,236 | | |
Equity
|
| | | | — | | | | | | — | | | | | | 57,453 | | | | | | 57,453 | | |
Total Investments at fair value
|
| | | $ | — | | | | | $ | 56,487 | | | | | $ | 1,419,458 | | | | | $ | 1,475,945 | | |
|
| | |
Fair Value Hierarchy as of December 31, 2018
|
| |||||||||||||||||||||
($ in thousands)
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
First-lien senior secured debt investments
|
| | | $ | — | | | | | $ | — | | | | | $ | 214,348 | | | | | $ | 214,348 | | |
Second-lien senior secured debt investments
|
| | | | — | | | | | | — | | | | | | 19,550 | | | | | | 19,550 | | |
Unsecured debt investments
|
| | | | — | | | | | | 28,935 | | | | | | — | | | | | | 28,935 | | |
Total Investments at fair value
|
| | | $ | — | | | | | $ | 28,935 | | | | | $ | 233,898 | | | | | $ | 262,833 | | |
| | |
As of and for the Year Ended December 31, 2019
|
| |||||||||||||||||||||
($ in thousands)
|
| |
First-lien senior
secured debt investments |
| |
Second-lien senior
secured debt investments |
| |
Equity
|
| |
Total
|
| ||||||||||||
Fair value, beginning of period
|
| | | $ | 214,348 | | | | | $ | 19,550 | | | | | $ | — | | | | | $ | 233,898 | | |
Purchases of investments, net(2)
|
| | | | 1,284,622 | | | | | | — | | | | | | 57,303 | | | | | | 1,341,925 | | |
Proceeds from investments, net
|
| | | | (154,652) | | | | | | — | | | | | | — | | | | | | (154,652) | | |
Net change in unrealized gain (loss)
|
| | | | (4,068) | | | | | | 15 | | | | | | 150 | | | | | | (3,903) | | |
Net realized gains (losses)
|
| | | | 77 | | | | | | — | | | | | | — | | | | | | 77 | | |
Net amortization of discount on investments
|
| | | | 2,078 | | | | | | 35 | | | | | | — | | | | | | 2,113 | | |
Transfers into (out of) Level 3(1)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Fair value, end of period
|
| | | $ | 1,342,405 | | | | | $ | 19,600 | | | | | $ | 57,453 | | | | | $ | 1,419,458 | | |
| | |
As of and for the Year Ended December 31, 2018(3)
|
| |||||||||||||||
($ in thousands)
|
| |
First-lien senior
secured debt investments |
| |
Second-lien senior
secured debt investments |
| |
Total
|
| |||||||||
Fair value, beginning of period
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
Purchases of investments, net(2)
|
| | | | 214,533 | | | | | | 19,600 | | | | | | 234,133 | | |
Proceeds from investments, net
|
| | | | (290) | | | | | | — | | | | | | (290) | | |
Net change in unrealized gain (loss)
|
| | | | 74 | | | | | | (61) | | | | | | 13 | | |
Net amortization of discount on investments
|
| | | | 31 | | | | | | 11 | | | | | | 42 | | |
Transfers into (out of) Level 3(1)
|
| | | | — | | | | | | — | | | | | | — | | |
Fair value, end of period
|
| | | $ | 214,348 | | | | | $ | 19,550 | | | | | $ | 233,898 | | |
($ in thousands)
|
| |
Net change in unrealized
gain (loss) for the Year Ended December 31, 2019 on Investments Held at December 31, 2019 |
| |
Net change in unrealized
gain (loss) for the Year Ended December 31, 2018 on Investments Held at December 31, 2018(1) |
| ||||||
First-lien senior secured debt investments
|
| | | $ | (4,103) | | | | | $ | 74 | | |
Second-lien senior secured debt investments
|
| | | | 15 | | | | | | (61) | | |
Equity investments
|
| | | | 150 | | | | | | — | | |
Total Investments
|
| | | $ | (3,938) | | | | | $ | 13 | | |
| | |
As of December 31, 2019
|
| |||||||||||||||
($ in thousands)
|
| |
Fair
Value |
| |
Valuation
Technique |
| |
Unobservable
Input |
| |
Range
(Weighted Average) |
| |
Impact to
Valuation from an Increase in Input |
| |||
First-lien senior secured debt investments
|
| | | $ | 1,087,705 | | | |
Yield Analysis
|
| |
Market Yield
|
| |
6.8% – 11.7% (8.7%)
|
| |
Decrease
|
|
| | | | | 254,700 | | | |
Recent Transaction
|
| |
Transaction Price
|
| |
98.7% – 98.8% (98.7%)
|
| |
Increase
|
|
Second-lien senior secured debt investments
|
| | | $ | 19,600 | | | |
Yield Analysis
|
| |
Market Yield
|
| |
11.8% (11.8%)
|
| |
Decrease
|
|
Equity
|
| | | $ | 15,385 | | | |
Market Approach
|
| |
EBITDA Multiple
|
| |
21.5x (21.5x)
|
| |
Increase
|
|
| | | | | 42,068 | | | |
Market Approach
|
| |
Revenue Multiple
|
| |
4.7x – 18.8x (8.1x)
|
| |
Increase
|
|
| | |
As of December 31, 2018
|
| |||||||||||||||
($ in thousands)
|
| |
Fair
Value |
| |
Valuation
Technique |
| |
Unobservable
Input |
| |
Range
(Weighted Average) |
| |
Impact to
Valuation from an Increase in Input |
| |||
First-lien senior secured debt investments
|
| | | $ | 11,880 | | | |
Yield Analysis
|
| |
Market Yield
|
| |
7.5% (7.5%)
|
| |
Decrease
|
|
| | | | | 202,468 | | | |
Recent Transaction
|
| |
Transaction Price
|
| |
98.8% – 99.0% (99.0%)
|
| |
Increase
|
|
Second-lien senior secured debt investments
|
| | | $ | 19,550 | | | |
Yield Analysis
|
| |
Market Yield
|
| |
12.4% (12.4%)
|
| |
Decrease
|
|
| | |
December 31, 2019
|
| |||||||||||||||||||||
($ in thousands)
|
| |
Aggregate
Principal Committed |
| |
Outstanding
Principal |
| |
Amount
Available(1) |
| |
Net Carrying
Value(2)(3) |
| ||||||||||||
Subscription Credit Facility
|
| | | $ | 900,000 | | | | | $ | 645,712 | | | | | $ | 103,399 | | | | | $ | 641,739 | | |
Revolving Credit Facility
|
| | | | 305,000 | | | | | | 185,000 | | | | | | 120,000 | | | | | | 182,058 | | |
Total Debt
|
| | | $ | 1,205,000 | | | | | $ | 830,712 | | | | | $ | 223,399 | | | | | $ | 823,797 | | |
| | |
December 31, 2018
|
| |||||||||||||||||||||
($ in thousands)
|
| |
Aggregate
Principal Committed |
| |
Outstanding
Principal |
| |
Amount
Available(1) |
| |
Net Carrying
Value(2) |
| ||||||||||||
Subscription Credit Facility
|
| | | $ | 350,000 | | | | | $ | 300,000 | | | | | $ | 50,000 | | | | | $ | 297,555 | | |
Total Debt
|
| | | $ | 350,000 | | | | | $ | 300,000 | | | | | $ | 50,000 | | | | | $ | 297,555 | | |
| | |
For the Years Ended
December 31, |
| |||||||||
($ in thousands)
|
| |
2019
|
| |
2018(1)
|
| ||||||
Interest expense
|
| | | $ | 19,478 | | | | | $ | 349 | | |
Amortization of debt issuance costs
|
| | | | 2,202 | | | | | | 102 | | |
Total Interest Expense
|
| | | $ | 21,680 | | | | | $ | 451 | | |
Average interest rate
|
| | | | 3.76% | | | | | | 5.91% | | |
Average daily borrowings
|
| | | $ | 479,115 | | | | | $ | 36,163 | | |
Portfolio Company
|
| |
Investment
|
| |
December 31,
2019 |
| |
December 31,
2018 |
| ||||||
($ in thousands) | | | | | | | | | | | | | | | | |
3ES Innovation Inc. (dba Aucerna)
|
| | First lien senior secured revolving loan | | | | $ | 4,580 | | | | | $ | — | | |
Acquia Inc.
|
| | First lien senior secured revolving loan | | | | | 14,158 | | | | | | — | | |
Apptio, Inc.
|
| | First lien senior secured revolving loan | | | | | 3,269 | | | | | | — | | |
Certify, Inc.
|
| | First lien senior secured delayed draw term loan | | | | | 3,422 | | | | | | — | | |
Certify, Inc.
|
| | First lien senior secured revolving loan | | | | | 1,939 | | | | | | — | | |
Portfolio Company
|
| |
Investment
|
| |
December 31,
2019 |
| |
December 31,
2018 |
| ||||||
Reef (fka Cheese Acquisition, LLC)
|
| | First lien senior secured delayed draw term loan | | | | | — | | | | | | 31,039 | | |
Reef (fka Cheese Acquisition, LLC)
|
| | First lien senior secured revolving loan | | | | | 4,545 | | | | | | 4,545 | | |
ConnectWise, LLC
|
| | First lien senior secured revolving loan | | | | | 13,904 | | | | | | — | | |
Definitive Healthcare Holdings, LLC
|
| | First lien senior secured delayed draw term loan | | | | | 21,739 | | | | | | — | | |
Definitive Healthcare Holdings, LLC
|
| | First lien senior secured revolving loan | | | | | 5,435 | | | | | | — | | |
Dude Solutions Holdings, Inc.
|
| | First lien senior secured revolving loan | | | | | 6,923 | | | | | | — | | |
Gerson Lehrman Group, Inc.
|
| | First lien senior secured revolving loan | | | | | 3,647 | | | | | | 5,203 | | |
GS Acquisitionco, Inc. (dba insightsoftware)
|
| | First lien senior secured delayed draw term loan | | | | | 12,159 | | | | | | — | | |
GS Acquisitionco, Inc. (dba insightsoftware)
|
| | First lien senior secured revolving loan | | | | | 684 | | | | | | — | | |
Integrity Marketing Acquisition, LLC
|
| | First lien senior secured delayed draw term loan | | | | | 4,179 | | | | | | — | | |
Integrity Marketing Acquisition, LLC
|
| | First lien senior secured delayed draw term loan | | | | | 8,206 | | | | | | — | | |
Integrity Marketing Acquisition, LLC
|
| | First lien senior secured revolving loan | | | | | 3,736 | | | | | | — | | |
Interoperability Bidco, Inc.
|
| | First lien senior secured delayed draw term loan | | | | | 10,000 | | | | | | — | | |
Interoperability Bidco, Inc.
|
| | First lien senior secured revolving loan | | | | | 5,000 | | | | | | — | | |
Kaseya Traverse Inc.
|
| | First lien senior secured revolving loan | | | | | 1,050 | | | | | | — | | |
Kaseya Traverse Inc.
|
| | First lien senior secured delayed draw term loan | | | | | 3,045 | | | | | | — | | |
Lightning Midco, LLC (dba Vector Solutions)
|
| | First lien senior secured delayed draw term loan | | | | | 1,309 | | | | | | 14,356 | | |
Lightning Midco, LLC (dba Vector Solutions)
|
| | First lien senior secured revolving loan | | | | | 3,946 | | | | | | 9,914 | | |
Litera Bidco LLC
|
| | First lien senior secured revolving loan | | | | | 8,250 | | | | | | | | |
MINDBODY, Inc.
|
| | First lien senior secured revolving loan | | | | | 7,143 | | | | | | — | | |
Paysimple, Inc.
|
| | First lien senior secured delayed draw term loan | | | | | 10,432 | | | | | | — | | |
Project Power Buyer, LLC (dba PEC-Veriforce)
|
| | First lien senior secured revolving loan | | | | | 3,750 | | | | | | — | | |
RxSense Holdings, LLC
|
| | First lien senior secured revolving loan | | | | | 1,415 | | | | | | — | | |
| | | | | | | | | | | | | | — | | |
Total Unfunded Portfolio Company
Commitments |
| | | | | | $ | 167,865 | | | | | $ | 65,057 | | |
|
Capital Drawdown Notice Date
|
| |
Common Share
Issuance Date |
| |
Number of
Common Shares Issued |
| |
Aggregate
Offering Price ($ in millions) |
| ||||||
November 7, 2019
|
| |
November 22, 2019
|
| | | | 6,756,466 | | | | | $ | 100.0 | | |
September 16, 2019
|
| |
September 27, 2019
|
| | | | 4,025,213 | | | | | | 59.9 | | |
May 15, 2019
|
| |
May 29, 2019
|
| | | | 10,112,871 | | | | | | 149.5 | | |
March 15, 2019
|
| |
March 28, 2019
|
| | | | 11,838,390 | | | | | | 175.0 | | |
Total
|
| | | | | | | 32,732,940 | | | | | $ | 484.4 | | |
Capital Drawdown Notice Date
|
| |
Common Share
Issuance Date |
| |
Number of
Common Shares Issued |
| |
Aggregate
Offering Price ($ in millions) |
| ||||||
November 26, 2018
|
| |
December 7, 2018
|
| | | | 8,904,151 | | | | | $ | 129.9 | | |
September 13, 2018
|
| |
September 26, 2018
|
| | | | 8,168,133 | | | | | | 120.0 | | |
August 20, 2018
|
| |
August 30, 2018
|
| | | | 2,666,667 | | | | | | 40.0 | | |
Total
|
| | | | | | | 19,738,951 | | | | | $ | 289.9 | | |
| | |
December 31, 2019
|
| |||||||||
Date Declared
|
| |
Record Date
|
| |
Payment Date
|
| |
Distribution per
Share |
| |||
October 30, 2019
|
| |
December 31, 2019
|
| |
January 31, 2020
|
| | | $ | 0.21 | | |
August 7, 2019
|
| |
September 30, 2019
|
| |
November 15, 2019
|
| | | $ | 0.25 | | |
May 8, 2019
|
| |
June 30, 2019
|
| |
August 15, 2019
|
| | | $ | 0.14 | | |
February 27, 2019
|
| |
March 31, 2019
|
| |
May 15, 2019
|
| | | $ | 0.05 | | |
Date Declared
|
| |
Record Date
|
| |
Payment Date
|
| |
Shares
|
| |||
August 7, 2019
|
| |
September 30, 2019
|
| |
November 15, 2019
|
| | | | 224,683 | | |
May 8, 2019
|
| |
June 30, 2019
|
| |
August 15, 2019
|
| | | | 122,495 | | |
February 27, 2019
|
| |
March 31, 2019
|
| |
May 15, 2019
|
| | | | 32,953 | | |
| | |
For the Years Ended
December 31, |
| |||||||||
($ in thousands, except per share amounts)
|
| |
2019
|
| |
2018(1)
|
| ||||||
Increase (decrease) in net assets resulting from operations
|
| | | $ | 30,736 | | | | | $ | (3,166) | | |
Weighted average shares of common stock outstanding – basic and diluted
|
| | | | 36,696,078 | | | | | | 9,344,401 | | |
Earnings (loss) per common share – basic and diluted
|
| | | $ | 0.84 | | | | | $ | (0.34) | | |
| | |
For the Years Ended
December 31, |
| |||||||||
($ in millions)
|
| |
2019
|
| |
2018(1)
|
| ||||||
Increase (decrease) in net assets resulting from operations
|
| | | $ | 30.7 | | | | | $ | (3.2) | | |
Adjustments: | | | | | | | | | | | | | |
Net unrealized gain (loss)
|
| | | | 2.0 | | | | | | 1.1 | | |
Deferred organization costs
|
| | | | 0.0 | | | | | | 0.4 | | |
Excise tax
|
| | | | 0.1 | | | | | | — | | |
Other book-tax differences
|
| | | | 0.9 | | | | | | 0.2 | | |
Net operating losses
|
| | | | — | | | | | | 1.5 | | |
Taxable Income
|
| | | $ | 33.7 | | | | | $ | — | | |
| | |
For the Years Ended
December 31, |
| |||||||||
($ in thousands, except share and per share amounts)
|
| |
2019
|
| |
2018(1)
|
| ||||||
Per share data: | | | | | | | | | | | | | |
Net asset value, beginning of period
|
| | | $ | 14.53 | | | | | $ | — | | |
Net investment income (loss)(2)
|
| | | | 0.85 | | | | | | (0.23) | | |
Net realized and unrealized gain (loss)
|
| | | | (0.03) | | | | | | (0.11) | | |
Total from operations
|
| | | | 0.82 | | | | | | (0.34) | | |
Issuance of common stock
|
| | | | — | | | | | | 14.87 | | |
Distributions declared from net investment income(3)
|
| | | | (0.65) | | | | | | — | | |
Total increase in net assets
|
| | | | 0.17 | | | | | | 14.53 | | |
Net asset value, end of period
|
| | | $ | 14.70 | | | | | $ | 14.53 | | |
Shares outstanding, end of period
|
| | | | 52,852,122 | | | | | | 19,739,051 | | |
Total Return(4)
|
| | | | 5.8% | | | | | | (3.2)% | | |
Ratios / Supplemental Data | | | | | | | | | | | | | |
Ratio of total expenses to average net assets(5)
|
| | | | 9.3% | | | | | | 7.7% | | |
Ratio of net investment income to average net assets(5)
|
| | | | 5.5% | | | | | | (3.2)% | | |
Net assets, end of period
|
| | | $ | 777,172 | | | | | $ | 286,710 | | |
Weighted-average shares outstanding
|
| | | | 36,696,078 | | | | | | 9,344,401 | | |
Total capital commitments, end of period
|
| | | $ | 2,519,921 | | | | | $ | 1,813,178 | | |
Ratio of total contributed capital to total committed capital, end of
period |
| | | | 30.7% | | | | | | 16.0% | | |
Portfolio turnover rate
|
| | | | 18.4% | | | | | | 0.0% | | |
Year of formation
|
| | | | 2018 | | | | | | 2018 | | |
| | |
For the three months ended
|
| |||||||||||||||||||||
($ in thousands, except share and per share data)
|
| |
March 31,
2019 |
| |
June 30,
2019 |
| |
September 30,
2019 |
| |
December 31,
2019 |
| ||||||||||||
Investment income
|
| | | $ | 9,123 | | | | | $ | 17,098 | | | | | $ | 27,175 | | | | | $ | 30,316 | | |
Net expenses
|
| | | $ | 8,083 | | | | | $ | 10,889 | | | | | $ | 15,765 | | | | | $ | 17,902 | | |
Net investment income (loss)
|
| | | $ | 1,040 | | | | | $ | 6,209 | | | | | $ | 11,410 | | | | | $ | 12,414 | | |
Net realized and unrealized gains (losses) on investments
|
| | | $ | 2,873 | | | | | $ | 475 | | | | | $ | (3,792) | | | | | $ | 107 | | |
Increase (decrease) in net assets resulting from operations
|
| | | $ | 3,913 | | | | | $ | 6,684 | | | | | $ | 7,618 | | | | | $ | 12,521 | | |
Net asset value per share as of the end of the quarter
|
| | | $ | 14.70 | | | | | $ | 14.74 | | | | | $ | 14.66 | | | | | $ | 14.70 | | |
Earnings (loss) per share – basic and diluted
|
| | | $ | 0.19 | | | | | $ | 0.19 | | | | | $ | 0.18 | | | | | $ | 0.26 | | |
| | |
For the three months ended
|
| |||||||||||||||||||||
(amounts in thousands, except share and per share data)
|
| |
March 31,
2018(1) |
| |
June 30,
2018(1) |
| |
September 30,
2018(1) |
| |
December 31,
2018(1) |
| ||||||||||||
Investment income
|
| | | $ | — | | | | | $ | — | | | | | $ | 200 | | | | | $ | 2,405 | | |
Net expenses
|
| | | $ | — | | | | | $ | — | | | | | $ | 1,054 | | | | | $ | 3,665 | | |
Net investment income (loss)
|
| | | $ | — | | | | | $ | — | | | | | $ | (854) | | | | | $ | (1,260) | | |
Net realized and unrealized gains (losses) on investments
|
| | | $ | — | | | | | $ | — | | | | | $ | (2) | | | | | $ | (1,050) | | |
Increase (decrease) in net assets resulting from operations
|
| | | $ | — | | | | | $ | — | | | | | $ | (856) | | | | | $ | (2,310) | | |
Net asset value per share as of the end of the quarter
|
| | | $ | — | | | | | $ | — | | | | | $ | 14.68 | | | | | $ | 14.53 | | |
Earnings (loss) per share – basic and diluted
|
| | | $ | — | | | | | $ | — | | | | | $ | (0.35) | | | | | $ | (0.17) | | |
| | |
September 30,
2020 (Unaudited) |
| |
December 31, 2019
|
| ||||||
Assets | | | | | | | | | | | | | |
Investments at fair value | | | | | | | | | | | | | |
Non-controlled, non-affiliated investments (amortized cost of $2,355,434 and $1,478,836, respectively)
|
| | | $ | 2,362,432 | | | | | $ | 1,475,945 | | |
Non-controlled, affiliated investments (amortized cost of $96,809 and
$0, respectively) |
| | | | 104,647 | | | | | | — | | |
Total investments at fair value (amortized cost of $2,452,243 and $1,478,836, respectively)
|
| | | | 2,467,079 | | | | | | 1,475,945 | | |
Cash
|
| | | | 29,813 | | | | | | 142,363 | | |
Interest receivable
|
| | | | 15,767 | | | | | | 6,127 | | |
Dividend income receivable
|
| | | | 72 | | | | | | — | | |
Prepaid expenses and other assets
|
| | | | 930 | | | | | | 562 | | |
Total Assets
|
| | | $ | 2,513,661 | | | | | $ | 1,624,997 | | |
Liabilities | | | | | | | | | | | | | |
Debt (net of unamortized debt issuance costs of $25,117 and $6,915, respectively)
|
| | | $ | 1,008,516 | | | | | $ | 823,797 | | |
Management fee payable
|
| | | | 8,298 | | | | | | 6,811 | | |
Distribution payable
|
| | | | 21,554 | | | | | | 11,776 | | |
Incentive fee payable
|
| | | | 4,405 | | | | | | 1,379 | | |
Payables to affiliates
|
| | | | 1,617 | | | | | | 1,159 | | |
Accrued expenses and other liabilities
|
| | | | 10,364 | | | | | | 2,903 | | |
Total Liabilities
|
| | | $ | 1,054,754 | | | | | $ | 847,825 | | |
Commitments and contingencies (Note 7) | | | | | | | | | | | | | |
Net Assets | | | | | | | | | | | | | |
Common shares $0.01 par value, 500,000,000 shares authorized; 99,539,158 and 52,852,122 shares issued and outstanding,
respectively |
| | | $ | 995 | | | | | $ | 529 | | |
Additional paid-in-capital
|
| | | | 1,434,864 | | | | | | 776,603 | | |
Total distributable earnings (losses)
|
| | | | 23,048 | | | | | | 40 | | |
Total Net Assets
|
| | | $ | 1,458,907 | | | | | $ | 777,172 | | |
Total Liabilities and Net Assets
|
| | | $ | 2,513,661 | | | | | $ | 1,624,997 | | |
Net Asset Value Per Share
|
| | | $ | 14.66 | | | | | $ | 14.70 | | |
| | |
For the Three Months
Ended September 30, |
| |
For the Nine Months
Ended September 30, |
| ||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| ||||||||||||
Investment Income | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment income from non-controlled, non-affiliated investments:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Interest income
|
| | | $ | 38,102 | | | | | $ | 25,511 | | | | | $ | 105,829 | | | | | $ | 51,351 | | |
Payment-in-kind interest income
|
| | | | 6,327 | | | | | | 506 | | | | | | 11,040 | | | | | | 554 | | |
Other income
|
| | | | 393 | | | | | | 1,158 | | | | | | 1,979 | | | | | | 1,491 | | |
Total investment income from non-controlled, non-affiliated investments
|
| | | | 44,822 | | | | | | 27,175 | | | | | | 118,848 | | | | | | 53,396 | | |
Investment income from non-controlled, affiliated investments:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Interest income
|
| | | | 585 | | | | | | — | | | | | | 1,817 | | | | | | — | | |
Dividend income
|
| | | | 72 | | | | | | — | | | | | | 72 | | | | | | — | | |
Total investment income from non-controlled, affiliated investments
|
| | | | 657 | | | | | | — | | | | | | 1,889 | | | | | | — | | |
Total Investment Income
|
| | | | 45,479 | | | | | | 27,175 | | | | | | 120,737 | | | | | | 53,396 | | |
Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense
|
| | | $ | 9,274 | | | | | $ | 7,317 | | | | | $ | 23,057 | | | | | $ | 14,027 | | |
Management fees
|
| | | | 8,298 | | | | | | 6,119 | | | | | | 23,496 | | | | | | 15,274 | | |
Incentive fees
|
| | | | 4,405 | | | | | | 1,012 | | | | | | 8,586 | | | | | | 1,242 | | |
Professional fees
|
| | | | 1,364 | | | | | | 485 | | | | | | 3,764 | | | | | | 2,118 | | |
Directors’ fees
|
| | | | 179 | | | | | | 178 | | | | | | 629 | | | | | | 444 | | |
Other general and administrative
|
| | | | 781 | | | | | | 613 | | | | | | 2,138 | | | | | | 1,565 | | |
Total Expenses
|
| | | | 24,301 | | | | | | 15,724 | | | | | | 61,670 | | | | | | 34,670 | | |
Net Investment Income (Loss) Before Taxes
|
| | | | 21,178 | | | | | | 11,451 | | | | | | 59,067 | | | | | | 18,726 | | |
Excise tax expense
|
| | | | 77 | | | | | | 41 | | | | | | 335 | | | | | | 67 | | |
Net Investment Income (Loss) After Taxes
|
| | | | 21,101 | | | | | | 11,410 | | | | | | 58,732 | | | | | | 18,659 | | |
Net Change in Unrealized Gain (Loss)
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Non-controlled, non-affiliated investments
|
| | | $ | 31,622 | | | | | $ | (5,298) | | | | | $ | 11,965 | | | | | $ | (2,053) | | |
Non-controlled, affiliated investments
|
| | | | (9) | | | | | | — | | | | | | 7,964 | | | | | | — | | |
Translation of assets and liabilities in foreign currencies
|
| | | | (286) | | | | | | 1 | | | | | | (283) | | | | | | (7) | | |
Total Net Change in Unrealized Gain (Loss)
|
| | | | 31,327 | | | | | | (5,297) | | | | | | 19,646 | | | | | | (2,060) | | |
Net Realized Gain (Loss): | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-controlled, non-affiliated investments
|
| | | $ | 33 | | | | | $ | 1,506 | | | | | $ | 5 | | | | | $ | 1,560 | | |
Foreign currency transactions
|
| | | | 286 | | | | | | (1) | | | | | | 283 | | | | | | 56 | | |
Total Net Realized Gain (Loss)
|
| | | | 319 | | | | | | 1,505 | | | | | | 288 | | | | | | 1,616 | | |
Net Increase (Decrease) in Net Assets Resulting from Operations
|
| | | $ | 52,747 | | | | | $ | 7,618 | | | | | $ | 78,666 | | | | | $ | 18,215 | | |
Earnings (Loss) Per Share – Basic and Diluted
|
| | | $ | 0.53 | | | | | $ | 0.18 | | | | | $ | 0.98 | | | | | $ | 0.56 | | |
Weighted Average Shares Outstanding – Basic and Diluted
|
| | | | 98,747,212 | | | | | | 41,960,853 | | | | | | 80,506,651 | | | | | | 32,575,532 | | |
|
Company(1)(19)
|
| |
Investment
|
| |
Interest
|
| |
Maturity
Date |
| |
Par / Units
|
| |
Amortized
Cost(2)(3) |
| |
Fair Value
|
| |
Percentage
of Net Assets |
| ||||||||||||
Portfolio company debt investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Buildings and real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Reef Global, Inc. (fka Cheese Acquisition,
LLC)(4)(8)(13) |
| |
First lien senior secured loan
|
| |
L + 5.75% (incl.
1.00% PIK) |
| |
11/28/2024
|
| | | $ | 37,287 | | | | | $ | 36,891 | | | | | $ | 35,609 | | | | | | 2.4% | | |
Reef Global, Inc. (fka Cheese Acquisition,
LLC)(4)(5)(13)(15) |
| |
First lien senior secured revolving loan
|
| |
L + 4.75%
|
| |
11/28/2023
|
| | | | 3,052 | | | | | | 3,020 | | | | | | 2,847 | | | | | | 0.2% | | |
Imperial Parking Canada(4)(8)(10)(13)
|
| |
First lien senior secured loan
|
| |
C + 6.00% (incl.
1.00% PIK) |
| |
11/28/2024
|
| | | | 7,356 | | | | | | 7,377 | | | | | | 7,025 | | | | | | 0.5% | | |
| | | | | | | | | | | | | | 47,695 | | | | | | 47,288 | | | | | | 45,481 | | | | | | 3.1% | | |
Business services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Apptio, Inc.(4)(8)(13)
|
| | First lien senior secured loan | | |
L + 7.25%
|
| |
1/10/2025
|
| | | | 59,901 | | | | | | 58,738 | | | | | | 59,452 | | | | | | 4.1% | | |
Apptio, Inc.(4)(13)(15)(16)
|
| | First lien senior secured revolving loan | | |
L + 7.25%
|
| |
1/10/2025
|
| | | | — | | | | | | (47) | | | | | | (25) | | | | | | —% | | |
Certify, Inc.(4)(5)
|
| |
First lien senior secured loan
|
| |
L + 5.75%
|
| |
2/28/2024
|
| | | | 50,194 | | | | | | 49,726 | | | | | | 49,692 | | | | | | 3.4% | | |
Certify, Inc.(4)(5)
|
| |
First lien senior secured delayed draw term loan
|
| |
L + 5.75%
|
| |
2/28/2024
|
| | | | 6,845 | | | | | | 6,767 | | | | | | 6,776 | | | | | | 0.5% | | |
Certify, Inc.(4)(15)(16)
|
| |
First lien senior secured revolving loan
|
| |
L + 5.75%
|
| |
2/28/2024
|
| | | | — | | | | | | (20) | | | | | | (23) | | | | | | —% | | |
Circle Internet Services, Inc.(4)(7)(21)
|
| |
First lien senior secured loan
|
| |
L + 8.00%
|
| |
5/22/2023
|
| | | | 25,000 | | | | | | 24,892 | | | | | | 25,000 | | | | | | 1.7% | | |
ConnectWise, LLC(4)(7)(13)
|
| |
First lien senior secured loan
|
| |
L + 5.50%
|
| |
2/28/2025
|
| | | | 127,010 | | | | | | 125,768 | | | | | | 126,375 | | | | | | 8.6% | | |
ConnectWise, LLC(4)(13)(15)(16)
|
| |
First lien senior secured revolving loan
|
| |
L + 5.50%
|
| |
2/28/2025
|
| | | | — | | | | | | (129) | | | | | | (70) | | | | | | —% | | |
Diligent Corporation(4)(7)
|
| | First lien senior secured loan | | |
L + 6.25%
|
| |
8/4/2025
|
| | | | 18,860 | | | | | | 18,401 | | | | | | 18,388 | | | | | | 1.3% | | |
Diligent Corporation(4)(15)(16)(17)
|
| | First lien senior secured delayed draw term loan | | |
L + 6.25%
|
| |
2/4/2022
|
| | | | — | | | | | | (111) | | | | | | (114) | | | | | | —% | | |
Diligent Corporation(4)(15)(16)
|
| | First lien senior secured revolving loan | | |
L + 6.25%
|
| |
8/4/2025
|
| | | | — | | | | | | (37) | | | | | | (38) | | | | | | —% | | |
Hyland Software, Inc.(4)(5)(13)
|
| | Second lien senior secured loan | | |
L + 7.00%
|
| |
7/7/2025
|
| | | | 37,432 | | | | | | 37,040 | | | | | | 37,166 | | | | | | 2.5% | | |
GS Acquisitionco, Inc. (dba insightsoftware)(4)(8)
|
| | First lien senior secured loan | | |
L + 5.75%
|
| |
5/24/2024
|
| | | | 22,694 | | | | | | 22,478 | | | | | | 22,297 | | | | | | 1.5% | | |
GS Acquisitionco, Inc. (dba insightsoftware)(4)(8)
|
| | First lien senior secured delayed draw term loan | | |
L + 5.75%
|
| |
5/24/2024
|
| | | | 13,405 | | | | | | 13,266 | | | | | | 13,170 | | | | | | 0.9% | | |
GS Acquisitionco, Inc. (dba insightsoftware)(4)(8)(15)
|
| | First lien senior secured revolving loan | | |
L + 5.75%
|
| |
5/24/2024
|
| | | | 1,717 | | | | | | 1,694 | | | | | | 1,674 | | | | | | 0.1% | | |
Kaseya Traverse
Inc.(4)(8) |
| | First lien senior secured loan | | |
L + 7.00% (incl.
3.00% PIK) |
| |
5/2/2025
|
| | | | 31,809 | | | | | | 31,315 | | | | | | 31,412 | | | | | | 2.2% | | |
Kaseya Traverse Inc.(4)(8)(15)
|
| | First lien senior secured revolving loan | | |
L + 6.50%
|
| |
5/2/2025
|
| | | | 1,201 | | | | | | 1,163 | | | | | | 1,170 | | | | | | 0.1% | | |
Kaseya Traverse Inc.(4)(8)(15)(17)
|
| | First lien senior secured delayed draw term loan | | |
L + 7.00% (incl.
3.00% PIK) |
| |
5/3/2021
|
| | | | 674 | | | | | | 643 | | | | | | 658 | | | | | | —% | | |
Kaseya Traverse Inc.(4)(15)(16)(17)
|
| | First lien senior secured delayed draw term loan | | |
L + 7.00% (incl.
3.00% PIK) |
| |
3/4/2022
|
| | | | — | | | | | | (12) | | | | | | (4) | | | | | | —% | | |
Paysimple, Inc.(4)(5)
|
| | First lien senior secured loan | | |
L + 5.50%
|
| |
8/23/2025
|
| | | | 44,847 | | | | | | 44,184 | | | | | | 43,053 | | | | | | 3.0% | | |
Paysimple, Inc.(4)(5)
|
| | First lien senior secured delayed draw term loan | | |
L + 5.50%
|
| |
8/23/2025
|
| | | | 14,595 | | | | | | 14,335 | | | | | | 14,011 | | | | | | 1.0% | | |
Company(1)(19)
|
| |
Investment
|
| |
Interest
|
| |
Maturity
Date |
| |
Par / Units
|
| |
Amortized
Cost(2)(3) |
| |
Fair Value
|
| |
Percentage
of Net Assets |
| ||||||||||||
SURF HOLDINGS, LLC (dba Sophos Group plc)(4)(7)(13)
|
| |
Second lien senior secured loan
|
| |
L + 8.00%
|
| |
3/6/2028
|
| | | | 50,481 | | | | | | 49,293 | | | | | | 49,471 | | | | | | 3.4% | | |
| | | | | | | | | | | | | | 506,665 | | | | | | 499,347 | | | | | | 499,491 | | | | | | 34.3% | | |
Data and information services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Forescout Technologies, Inc.(4)(7)(13)
|
| |
First lien senior secured loan
|
| |
L + 9.50% (incl.
9.50% PIK) |
| |
8/17/2026
|
| | | | 75,000 | | | | | | 73,713 | | | | | | 73,688 | | | | | | 5.1% | | |
Forescout Technologies,
Inc.(4)(13)(15)(16) |
| | First lien senior secured revolving loan | | |
L + 8.50%
|
| |
8/18/2025
|
| | | | — | | | | | | (142) | | | | | | (146) | | | | | | —% | | |
Granicus, Inc.(4)(8)(13)
|
| | First lien senior secured loan | | |
L + 7.00%
|
| |
8/21/2026
|
| | | | 60,000 | | | | | | 58,522 | | | | | | 58,500 | | | | | | 4.0% | | |
Granicus, Inc.(4)(13)(15)(16)
|
| | First lien senior secured revolving loan | | |
L + 7.00%
|
| |
8/21/2026
|
| | | | — | | | | | | (101) | | | | | | (103) | | | | | | —% | | |
H&F Opportunities LUX III S.À R.L (dba
Checkmarx)(4)(7)(13) |
| | First lien senior secured loan | | |
L + 7.75%
|
| |
4/16/2026
|
| | | | 125,000 | | | | | | 121,471 | | | | | | 124,063 | | | | | | 8.5% | | |
H&F Opportunities LUX III S.À R.L (dba
Checkmarx)(4)(13)(15)(16) |
| | First lien senior secured revolving loan | | |
L + 7.75%
|
| |
4/16/2026
|
| | | | — | | | | | | (692) | | | | | | (188) | | | | | | —% | | |
Litera Bidco LLC(4)(5)(13)
|
| | First lien senior secured loan | | |
L + 5.25%
|
| |
5/29/2026
|
| | | | 95,301 | | | | | | 94,136 | | | | | | 94,349 | | | | | | 6.5% | | |
Litera Bidco LLC(4)(5)(13)(15)
|
| | First lien senior secured revolving loan | | |
L + 5.25%
|
| |
5/30/2025
|
| | | | 2,063 | | | | | | 1,979 | | | | | | 1,980 | | | | | | 0.1% | | |
Maverick Bidco Inc.(4)(8)
|
| |
First lien senior secured loan
|
| |
L + 6.25%
|
| |
4/28/2023
|
| | | | 26,385 | | | | | | 25,577 | | | | | | 25,726 | | | | | | 1.8% | | |
| | | | | | | | | | | | | | 383,749 | | | | | | 374,463 | | | | | | 377,869 | | | | | | 26.0% | | |
Education | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dude Solutions Holdings, Inc.(4)(8)
|
| |
First lien senior secured loan
|
| |
L + 7.50%
|
| |
6/13/2025
|
| | | | 58,773 | | | | | | 57,670 | | | | | | 57,597 | | | | | | 3.9% | | |
Dude Solutions Holdings, Inc.(4)(8)(15)
|
| | First lien senior secured revolving loan | | |
L + 7.50%
|
| |
6/13/2025
|
| | | | 1,846 | | | | | | 1,724 | | | | | | 1,708 | | | | | | 0.1% | | |
Instructure, Inc. (4)(7)(13)
|
| | First lien senior secured loan | | |
L + 7.00%
|
| |
3/24/2026
|
| | | | 103,732 | | | | | | 102,297 | | | | | | 103,732 | | | | | | 7.1% | | |
Instructure, Inc. (4)(13)(15)(16)
|
| | First lien senior secured revolving loan | | |
L + 7.00%
|
| |
3/24/2026
|
| | | | — | | | | | | (84) | | | | | | — | | | | | | —% | | |
Lightning Midco, LLC (dba Vector Solutions)(4)(7)(13)
|
| | First lien senior secured loan | | |
L + 5.50%
|
| |
11/21/2025
|
| | | | 103,321 | | | | | | 102,528 | | | | | | 102,288 | | | | | | 7.0% | | |
Lightning Midco, LLC (dba Vector Solutions)(4)(7)(13)(15)
|
| |
First lien senior secured revolving loan
|
| |
E+ 5.50%
|
| |
11/21/2023
|
| | | | 9,220 | | | | | | 9,158 | | | | | | 9,121 | | | | | | 0.6% | | |
| | | | | | | | | | | | | | 276,892 | | | | | | 273,293 | | | | | | 274,446 | | | | | | 18.7% | | |
eCommerce and digital marketplaces | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Poshmark, Inc.(18)
|
| | Convertible Note | | |
0%
|
| |
9/15/2023
|
| | | | 50,000 | | | | | | 50,255 | | | | | | 50,000 | | | | | | 3.4% | | |
| | | | | | | | | | | | | | 50,000 | | | | | | 50,255 | | | | | | 50,000 | | | | | | 3.4% | | |
Financial services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Hg Genesis 8 Sumoco
Limited(4)(12)(13) |
| | Unsecured Facility | | |
G+ 7.50% (incl. 7.50% PIK)
|
| |
8/28/2025
|
| | | | 64,640 | | | | | | 65,671 | | | | | | 63,670 | | | | | | 4.4% | | |
Transact Holdings, Inc.(4)(5)(13)
|
| |
First lien senior secured loan
|
| |
L + 4.75%
|
| |
4/30/2026
|
| | | | 8,910 | | | | | | 8,799 | | | | | | 8,665 | | | | | | 0.6% | | |
| | | | | | | | | | | | | | 73,550 | | | | | | 74,470 | | | | | | 72,335 | | | | | | 5.0% | | |
Food and beverage | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
DoorDash, Inc.(18)
|
| | Convertible Note | | |
10.00% PIK
|
| |
3/1/2025
|
| | | | 105,413 | | | | | | 104,244 | | | | | | 106,467 | | | | | | 7.3% | | |
Toast, Inc.(18)
|
| |
Convertible Note
|
| |
8.50% (incl. 4.25% PIK)
|
| |
6/15/2027
|
| | | | 150,000 | | | | | | 147,845 | | | | | | 152,625 | | | | | | 10.4% | | |
| | | | | | | | | | | | | | 255,413 | | | | | | 252,089 | | | | | | 259,092 | | | | | | 17.7% | | |
Company(1)(19)
|
| |
Investment
|
| |
Interest
|
| |
Maturity
Date |
| |
Par / Units
|
| |
Amortized
Cost(2)(3) |
| |
Fair Value
|
| |
Percentage
of Net Assets |
| ||||||||||||
Healthcare technology | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
VVC Holdings Corp. (dba Athenahealth, Inc.)(4)(7)(13)(14)
|
| | First lien senior secured loan | | |
L + 4.50%
|
| |
2/11/2026
|
| | | | 19,744 | | | | | | 19,425 | | | | | | 19,398 | | | | | | 1.3% | | |
Bracket Intermediate Holding Corp.(4)(7)(13)
|
| | First lien senior secured loan | | |
L + 4.25%
|
| |
9/5/2025
|
| | | | 398 | | | | | | 369 | | | | | | 390 | | | | | | —% | | |
Bracket Intermediate Holding Corp.(4)(7)(13)
|
| | Second lien senior secured loan | | |
L + 8.13%
|
| |
9/7/2026
|
| | | | 20,000 | | | | | | 19,676 | | | | | | 19,450 | | | | | | 1.3% | | |
Datix Bidco Limited (dba RLDatix)(4)(8)(13)(15)(17)
|
| | First lien senior secured delayed draw term loan | | |
L + 5.00%
|
| |
2/3/2022
|
| | | | 7,759 | | | | | | 7,512 | | | | | | 7,509 | | | | | | 0.5% | | |
Datix Bidco Limited (dba RLDatix)(4)(13)(15)(17)
|
| | Second lien senior secured delayed draw term loan | | |
L + 8.50%
|
| |
1/2/2021
|
| | | | — | | | | | | 1 | | | | | | — | | | | | | —% | | |
Definitive Healthcare Holdings, LLC(4)(5)(13)
|
| | First lien senior secured loan | | |
L + 5.50%
|
| |
7/16/2026
|
| | | | 99,111 | | | | | | 98,278 | | | | | | 97,377 | | | | | | 6.7% | | |
Definitive Healthcare Holdings, LLC(4)(13)(15)(16)
|
| | First lien senior secured delayed draw term loan | | |
L + 5.50%
|
| |
7/16/2021
|
| | | | — | | | | | | (90) | | | | | | (109) | | | | | | —% | | |
Definitive Healthcare Holdings, LLC(4)(7)(13)
|
| | First lien senior secured revolving loan | | |
L + 5.50%
|
| |
7/16/2024
|
| | | | 5,435 | | | | | | 5,394 | | | | | | 5,340 | | | | | | 0.4% | | |
11849573 Canada Inc. (dba Intelerad Medical Systems Incorporated)(4)(8)(13)
|
| | First lien senior secured loan | | |
L + 6.25%
|
| |
2/20/2026
|
| | | | 75,226 | | | | | | 74,364 | | | | | | 73,722 | | | | | | 5.1% | | |
11849573 Canada Inc. (dba Intelerad Medical Systems Incorporated)(4)(7)(13)(15)(17)
|
| |
First lien senior secured delayed draw term loan
|
| |
L + 6.25%
|
| |
2/21/2021
|
| | | | 1,240 | | | | | | 1,206 | | | | | | 1,180 | | | | | | 0.1% | | |
11849573 Canada Inc. (dba Intelerad Medical Systems Incorporated)(4)(7)(13)(15)
|
| | First lien senior secured revolving loan | | |
L + 6.25%
|
| |
2/20/2026
|
| | | | 1,501 | | | | | | 1,417 | | | | | | 1,351 | | | | | | 0.1% | | |
Interoperability Bidco, Inc.(4)(7)(13)
|
| | First lien senior secured loan | | |
L + 5.75%
|
| |
6/25/2026
|
| | | | 95,293 | | | | | | 94,277 | | | | | | 91,720 | | | | | | 6.3% | | |
Interoperability Bidco, Inc.(4)(13)(15)(16)(17)
|
| | First lien senior secured delayed draw term loan | | |
L + 5.75%
|
| |
6/25/2021
|
| | | | — | | | | | | (10) | | | | | | (263) | | | | | | —% | | |
Interoperability Bidco, Inc.(4)(8)(13)
|
| |
First lien senior secured revolving loan
|
| |
L + 5.75%
|
| |
6/25/2024
|
| | | | 5,000 | | | | | | 4,953 | | | | | | 4,813 | | | | | | 0.3% | | |
| | | | | | | | | | | | | | 330,707 | | | | | | 326,772 | | | | | | 321,878 | | | | | | 22.1% | | |
Human resource support services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The Ultimate Software Group, Inc.(4)(7)(13)
|
| |
Second lien senior secured loan
|
| |
L + 6.75%
|
| |
5/3/2027
|
| | | | 2,500 | | | | | | 2,476 | | | | | | 2,525 | | | | | | 0.2% | | |
| | | | | | | | | | | | | | 2,500 | | | | | | 2,476 | | | | | | 2,525 | | | | | | 0.2% | | |
Insurance | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Asurion, LLC(4)(5)(13)(14)
|
| | Second lien senior secured loan | | |
L + 6.50%
|
| |
8/4/2025
|
| | | | 23,186 | | | | | | 22,433 | | | | | | 23,190 | | | | | | 1.6% | | |
Integrity Marketing Acquisition, LLC(4)(8)(13)
|
| | First lien senior secured loan | | |
L + 5.50%
|
| |
8/27/2025
|
| | | | 55,841 | | | | | | 55,025 | | | | | | 54,725 | | | | | | 3.8% | | |
Integrity Marketing Acquisition, LLC(4)(13)(15)(16)
|
| |
First lien senior secured revolving loan
|
| |
L + 5.50%
|
| |
8/27/2025
|
| | | | — | | | | | | (46) | | | | | | (75) | | | | | | —% | | |
| | | | | | | | | | | | | | 79,027 | | | | | | 77,412 | | | | | | 77,840 | | | | | | 5.4% | | |
Internet and digital media | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Acquia Inc.(4)(8)
|
| | First lien senior secured loan | | |
L + 7.00%
|
| |
10/31/2025
|
| | | | 110,245 | | | | | | 109,278 | | | | | | 109,419 | | | | | | 7.5% | | |
Acquia Inc.(4)(15)(16)
|
| |
First lien senior secured revolving loan
|
| |
L + 7.00%
|
| |
10/31/2025
|
| | | | — | | | | | | (100) | | | | | | (88) | | | | | | —% | | |
| | | | | | | | | | | | | | 110,245 | | | | | | 109,178 | | | | | | 109,331 | | | | | | 7.5% | | |
Company(1)(19)
|
| |
Investment
|
| |
Interest
|
| |
Maturity
Date |
| |
Par / Units
|
| |
Amortized
Cost(2)(3) |
| |
Fair Value
|
| |
Percentage
of Net Assets |
| ||||||||||||
Leisure and entertainment | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Airbnb, Inc.(4)(7)
|
| | First lien senior secured loan | | |
L + 7.50%
|
| |
4/17/2025
|
| | | | 24,938 | | | | | | 24,354 | | | | | | 26,434 | | | | | | 1.8% | | |
MINDBODY, Inc.(4)(8)(13)
|
| | First lien senior secured loan | | |
L + 8.50% (incl.
1.50% PIK) |
| |
2/14/2025
|
| | | | 68,197 | | | | | | 67,671 | | | | | | 62,059 | | | | | | 4.3% | | |
MINDBODY, Inc.(4)(13)(15)(16)
|
| |
First lien senior secured revolving loan
|
| |
L + 8.00%
|
| |
2/14/2025
|
| | | | — | | | | | | (52) | | | | | | (643) | | | | | | —% | | |
| | | | | | | | | | | | | | 93,135 | | | | | | 91,973 | | | | | | 87,850 | | | | | | 6.1% | | |
Oil and gas | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
3ES Innovation Inc. (dba Aucerna)(4)(7)(13)
|
| |
First lien senior secured loan
|
| |
L + 5.75%
|
| |
5/13/2025
|
| | | | 46,858 | | | | | | 46,384 | | | | | | 45,101 | | | | | | 3.1% | | |
3ES Innovation Inc. (dba Aucerna)(4)(13)(15)(16)
|
| |
First lien senior secured revolving loan
|
| |
L + 5.75%
|
| |
5/13/2025
|
| | | | — | | | | | | (44) | | | | | | (172) | | | | | | —% | | |
Project Power Buyer, LLC (dba PEC-Veriforce)(4)(7)(13)
|
| |
First lien senior secured loan
|
| |
L + 6.25%
|
| |
5/14/2026
|
| | | | 53,727 | | | | | | 53,097 | | | | | | 52,921 | | | | | | 3.6% | | |
Project Power Buyer, LLC (dba PEC-Veriforce)(4)(13)(15)(16)
|
| |
First lien senior secured revolving loan
|
| |
L + 6.25%
|
| |
5/14/2025
|
| | | | — | | | | | | (36) | | | | | | (56) | | | | | | —% | | |
| | | | | | | | | | | | | | 100,585 | | | | | | 99,401 | | | | | | 97,794 | | | | | | 6.7% | | |
Professional services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gerson Lehrman Group, Inc.(4)(9)(13)
|
| | First lien senior secured loan | | |
L + 4.25%
|
| |
12/12/2024
|
| | | | 49,997 | | | | | | 49,631 | | | | | | 49,997 | | | | | | 3.4% | | |
Gerson Lehrman Group,
Inc.(4)(13)(15)(16) |
| |
First lien senior secured revolving loan
|
| |
L + 4.25%
|
| |
12/12/2024
|
| | | | — | | | | | | (25) | | | | | | — | | | | | | —% | | |
| | | | | | | | | | | | | | 49,997 | | | | | | 49,606 | | | | | | 49,997 | | | | | | 3.4% | | |
Total portfolio company debt investments
|
| | | | | | | | | | | | $ | 2,360,160 | | | | | $ | 2,328,023 | | | | | $ | 2,325,929 | | | | | | 159.6% | | |
Portfolio company equity investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Business services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Circle Internet Services, Inc.(18)(21)
|
| | Series D Preferred Stock | | | | | | | | | | | 2,934,961 | | | | | $ | 15,000 | | | | | $ | 21,922 | | | | | | 1.5% | | |
Circle Internet Services, Inc.(18)(21)
|
| | Series E Preferred Stock | | | | | | | | | | | 821,806 | | | | | | 6,917 | | | | | | 6,917 | | | | | | 0.5% | | |
Circle Internet Services, Inc.(18)(21)
|
| | Warrants | | | | | | | | | | | 244,580 | | | | | | — | | | | | | 808 | | | | | | 0.1% | | |
SLA Eclipse Co-Invest, L.P.(18)(20)
|
| | Series B Preferred Stock | | | | | | | | | | | 1,641,929 | | | | | | 15,125 | | | | | | 16,462 | | | | | | 1.1% | | |
| | | | | | | | | | | | | | 5,643,276 | | | | | | 37,042 | | | | | | 46,109 | | | | | | 3.2% | | |
eCommerce and digital marketplaces | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Poshmark, Inc.(18)
|
| | Common Stock | | | | | | | | | | | 303,529 | | | | | | 5,162 | | | | | | 6,832 | | | | | | 0.5% | | |
| | | | | | | | | | | | | | 303,529 | | | | | | 5,162 | | | | | | 6,832 | | | | | | 0.5% | | |
Financial services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
eShares, Inc. (dba Carta)(18)
|
| | Series E Preferred Stock | | | | | | | | | | | 186,904 | | | | | | 2,008 | | | | | | 2,930 | | | | | | 0.2% | | |
Remitly Global, Inc (18)
|
| | Series E Preferred Stock | | | | | | | | | | | 1,678,810 | | | | | | 10,008 | | | | | | 13,689 | | | | | | 0.9% | | |
Remitly Global, Inc (18)
|
| | Series F Preferred Stock | | | | | | | | | | | 1,093,421 | | | | | | 10,000 | | | | | | 10,000 | | | | | | 0.7% | | |
| | | | | | | | | | | | | | 2,959,135 | | | | | | 22,016 | | | | | | 26,619 | | | | | | 1.8% | | |
Technology infrastructure | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Algolia, Inc.(18)
|
| | Series C Preferred Stock | | | | | | | | | | | 323,427 | | | | | | 10,000 | | | | | | 11,590 | | | | | | 0.8% | | |
UserZoom Technologies, Inc.(18)(21)
|
| | Series B Preferred Stock | | | | | | | | | | | 12,000,769 | | | | | | 50,000 | | | | | | 50,000 | | | | | | 3.4% | | |
| | | | | | | | | | | | | | 12,324,196 | | | | | | 60,000 | | | | | | 61,590 | | | | | | 4.2% | | |
Total portfolio company equity investments
|
| | | | | | | | | | | | | | | | | | $ | 124,220 | | | | | $ | 141,150 | | | | | | 9.7% | | |
Total Investments
|
| | | | | | | | | | | | | | | | | | $ | 2,452,243 | | | | | $ | 2,467,079 | | | | | | 169.3% | | |
|
|
Portfolio Company
|
| |
Investment
|
| |
Acquisition Date
|
|
| Algolia, Inc. | | | Series C Preferred Stock | | |
August 30, 2019
|
|
| Circle Internet Services, Inc. | | | Series D Preferred Stock | | |
May 20, 2019
|
|
|
Portfolio Company
|
| |
Investment
|
| |
Acquisition Date
|
|
| Circle Internet Services, Inc. | | | Series E Preferred Stock | | |
February 28, 2020
|
|
| Circle Internet Services, Inc. | | | Warrants | | |
May 20, 2019
|
|
| DoorDash, Inc. | | | Convertible Note | | |
February 19, 2020
|
|
| eShares, Inc. (dba Carta) | | | Series E Preferred Stock | | |
August 1, 2019
|
|
| Poshmark, Inc. | | | Convertible Note | | |
September 15, 2020
|
|
| Poshmark, Inc. | | | Common Stock | | |
February 28, 2019
|
|
| Remitly Global, Inc. | | | Series E Preferred Stock | | |
May 30, 2019
|
|
| Remitly Global, Inc. | | | Series F Preferred Stock | | |
August 3, 2020
|
|
| SLA Eclipse Co-Invest, L.P. | | | Series B Preferred Stock | | |
September 30, 2019
|
|
| Toast, Inc. | | | Convertible Note | | |
June 19, 2020
|
|
| UserZoom Technologies, Inc. | | | Series B Preferred Stock | | |
September 9, 2020
|
|
Company
|
| |
Fair Value at
December 31, 2019 |
| |
Gross
Additions(a) |
| |
Gross
Reductions(b) |
| |
Net
Change in Unrealized Gain/(Loss) |
| |
Realized
Gain/(Loss) |
| |
Transfers
|
| |
Fair Value at
September 30, 2020 |
| |
Other
Income |
| |
Interest
Income |
| |||||||||||||||||||||||||||
UserZoom Technologies, Inc.
|
| | | $ | — | | | | | $ | 50,000 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 50,000 | | | | | $ | 72 | | | | | $ | — | | |
Circle Internet Services, Inc.
|
| | | | 39,737 | | | | | | 6,946 | | | | | | — | | | | | | 7,964 | | | | | | — | | | | | | — | | | | | | 54,647 | | | | | | — | | | | | | 1,817 | | |
Total
|
| | | $ | 39,737 | | | | | $ | 56,946 | | | | | $ | — | | | | | $ | 7,964 | | | | | $ | — | | | | | $ | — | | | | | $ | 104,647 | | | | | $ | 72 | | | | | $ | 1,817 | | |
Company(1)(15)
|
| |
Investment
|
| |
Interest
|
| |
Maturity
Date |
| |
Par / Units
|
| |
Amortized
Cost(2)(3) |
| |
Fair Value
|
| |
Percentage
of Net Assets |
| ||||||||||||
Non-controlled/non-affiliated portfolio company debt investments
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Buildings and real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Reef (fka Cheese Acquisition,
LLC)(4)(6)(9) |
| | First lien senior secured loan | | |
L + 4.75%
|
| |
11/28/2024
|
| | | $ | 37,498 | | | | | $ | 37,017 | | | | | $ | 36,936 | | | | | | 4.8% | | |
Reef (fka Cheese Acquisition, LLC)(4)(9)(11)(12)
|
| | First lien senior secured revolving loan | | |
L + 4.75%
|
| |
11/28/2023
|
| | | | — | | | | | | (44) | | | | | | (68) | | | | | | —% | | |
Imperial Parking Canada(4)(8)(9)
|
| |
First lien senior secured loan
|
| |
C + 5.00%
|
| |
11/28/2024
|
| | | | 7,639 | | | | | | 7,421 | | | | | | 7,524 | | | | | | 1.0% | | |
| | | | | | | | | | | | | | 45,137 | | | | | | 44,394 | | | | | | 44,392 | | | | | | 5.8% | | |
Business services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Apptio, Inc.(4)(5)(9)
|
| |
First lien senior secured loan
|
| |
L + 7.25%
|
| |
1/10/2025
|
| | | | 49,091 | | | | | | 48,225 | | | | | | 48,478 | | | | | | 6.2% | | |
Apptio, Inc.(4)(9)(11)(12)
|
| |
First lien senior secured revolving loan
|
| |
L + 7.25%
|
| |
1/10/2025
|
| | | | — | | | | | | (55) | | | | | | (41) | | | | | | —% | | |
Certify, Inc.(4)(5)
|
| | First lien senior secured loan | | |
L + 5.75%
|
| |
2/28/2024
|
| | | | 50,194 | | | | | | 49,636 | | | | | | 49,566 | | | | | | 6.4% | | |
Certify, Inc.(4)(5)(11)(13)
|
| | First lien senior secured delayed draw term loan | | |
L + 5.75%
|
| |
2/28/2020
|
| | | | 3,422 | | | | | | 3,355 | | | | | | 3,362 | | | | | | 0.4% | | |
Certify, Inc.(4)(5)(11)
|
| | First lien senior secured revolving loan | | |
L + 5.75%
|
| |
2/28/2024
|
| | | | 342 | | | | | | 318 | | | | | | 314 | | | | | | —% | | |
Circle Internet Services, Inc.(4)(5)
|
| | First lien senior secured loan | | |
L + 8.00%
|
| |
5/17/2023
|
| | | | 25,000 | | | | | | 24,863 | | | | | | 24,313 | | | | | | 3.1% | | |
ConnectWise, LLC(4)(6)(9)
|
| | First lien senior secured loan | | |
L + 6.00%
|
| |
2/28/2025
|
| | | | 127,975 | | | | | | 126,548 | | | | | | 126,375 | | | | | | 16.2% | | |
ConnectWise, LLC(4)(9)(11)(12)
|
| | First lien senior secured revolving loan | | |
L + 6.00%
|
| |
2/28/2025
|
| | | | — | | | | | | (151) | | | | | | (174) | | | | | | —% | | |
Hyland Software, Inc.(4)(5)(10)
|
| | Second lien senior secured loan | | |
L + 7.00%
|
| |
7/7/2025
|
| | | | 16,450 | | | | | | 16,501 | | | | | | 16,636 | | | | | | 2.1% | | |
GS Acquisitionco, Inc. (dba insightsoftware)(4)(5)
|
| | First lien senior secured loan | | |
L + 5.75%
|
| |
5/24/2024
|
| | | | 17,077 | | | | | | 16,879 | | | | | | 16,863 | | | | | | 2.2% | | |
GS Acquisitionco, Inc. (dba insightsoftware)(4)(5)(11)(13)
|
| | First lien senior secured delayed draw term loan | | |
L + 5.75%
|
| |
8/2/2021
|
| | | | 1,289 | | | | | | 1,204 | | | | | | 1,197 | | | | | | 0.2% | | |
GS Acquisitionco, Inc. (dba insightsoftware)(4)(5)(11)
|
| | First lien senior secured revolving loan | | |
L + 5.75%
|
| |
5/24/2024
|
| | | | 1,216 | | | | | | 1,194 | | | | | | 1,192 | | | | | | 0.2% | | |
Kaseya Traverse Inc.(4)(6)
|
| | First lien senior secured loan | | |
L + 5.50% (1.00% PIK)
|
| |
5/3/2025
|
| | | | 29,174 | | | | | | 28,649 | | | | | | 28,517 | | | | | | 3.7% | | |
Kaseya Traverse Inc.(4)(5)(11)
|
| | First lien senior secured revolving loan | | |
L + 6.50%
|
| |
5/3/2025
|
| | | | 1,400 | | | | | | 1,356 | | | | | | 1,345 | | | | | | 0.2% | | |
Kaseya Traverse Inc.(4)(7)(11)(13)
|
| | First lien senior secured delayed draw term loan | | |
L + 5.50% (1.00% PIK)
|
| |
5/3/2021
|
| | | | 456 | | | | | | 420 | | | | | | 407 | | | | | | 0.1% | | |
Paysimple, Inc.(4)(5)
|
| | First lien senior secured loan | | |
L + 5.50%
|
| |
8/23/2025
|
| | | | 45,187 | | | | | | 44,434 | | | | | | 44,396 | | | | | | 5.7% | | |
Paysimple, Inc.(4)(5)(11)(13)
|
| |
First lien senior secured delayed draw term loan
|
| |
L + 5.50%
|
| |
8/23/2020
|
| | | | 4,258 | | | | | | 4,173 | | | | | | 4,183 | | | | | | 0.5% | | |
| | | | | | | | | | | | | | 372,531 | | | | | | 367,549 | | | | | | 366,929 | | | | | | 47.2% | | |
Data and information services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Litera Bidco LLC(4)(6)(9)
|
| | First lien senior secured loan | | |
L + 5.75%
|
| |
5/29/2026
|
| | | | 86,626 | | | | | | 85,480 | | | | | | 85,542 | | | | | | 11.0% | | |
Litera Bidco LLC(4)(9)(11)(12)
|
| |
First lien senior secured revolving loan
|
| |
L + 5.75%
|
| |
5/30/2025
|
| | | | — | | | | | | (95) | | | | | | (103) | | | | | | —% | | |
| | | | | | | | | | | | | | 86,626 | | | | | | 85,385 | | | | | | 85,439 | | | | | | 11.0% | | |
Company(1)(15)
|
| |
Investment
|
| |
Interest
|
| |
Maturity
Date |
| |
Par / Units
|
| |
Amortized
Cost(2)(3) |
| |
Fair Value
|
| |
Percentage
of Net Assets |
| ||||||||||||
Education | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2U, Inc.(4)(5)(9)
|
| | First lien senior secured loan | | |
L + 5.75%
|
| |
5/22/2024
|
| | | | 85,000 | | | | | | 83,857 | | | | | | 83,300 | | | | | | 10.6% | | |
Dude Solutions Holdings, Inc.(4)(5)
|
| | First lien senior secured loan | | |
L + 7.00%
|
| |
6/14/2025
|
| | | | 53,077 | | | | | | 51,968 | | | | | | 51,750 | | | | | | 6.7% | | |
Dude Solutions Holdings,
Inc.(4)(11)(12) |
| | First lien senior secured revolving loan | | |
L + 7.00%
|
| |
6/14/2025
|
| | | | — | | | | | | (141) | | | | | | (173) | | | | | | —% | | |
Lightning Midco, LLC (dba Vector Solutions)(4)(6)(9)
|
| | First lien senior secured loan | | |
L + 5.50%
|
| |
11/21/2025
|
| | | | 84,405 | | | | | | 83,673 | | | | | | 83,140 | | | | | | 10.7% | | |
Lightning Midco, LLC (dba Vector Solutions)(4)(6)(9)(11)(13)
|
| | First lien senior secured delayed draw term loan | | |
L + 5.50%
|
| |
11/23/2020
|
| | | | 18,391 | | | | | | 18,225 | | | | | | 18,096 | | | | | | 2.3% | | |
Lightning Midco, LLC (dba Vector Solutions)(4)(6)(9)(11)
|
| |
First lien senior secured revolving loan
|
| |
L + 5.50%
|
| |
11/21/2023
|
| | | | 5,968 | | | | | | 5,891 | | | | | | 5,819 | | | | | | 0.7% | | |
| | | | | | | | | | | | | | 246,841 | | | | | | 243,473 | | | | | | 241,932 | | | | | | 31.0% | | |
Financial services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Transact Holdings, Inc.(4)(5)(9)
|
| |
First lien senior secured loan
|
| |
L + 4.75%
|
| |
4/30/2026
|
| | | | 8,978 | | | | | | 8,852 | | | | | | 8,798 | | | | | | 1.1% | | |
| | | | | | | | | | | | | | 8,978 | | | | | | 8,852 | | | | | | 8,798 | | | | | | 1.1% | | |
Healthcare providers and services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
RxSense Holdings, LLC(4)(5)(9)
|
| | First lien senior secured loan | | |
L + 6.00%
|
| |
2/15/2024
|
| | | | 45,400 | | | | | | 44,821 | | | | | | 44,606 | | | | | | 5.7% | | |
RxSense Holdings, LLC(4)(5)(9)(11)
|
| |
First lien senior secured revolving loan
|
| |
L + 6.00%
|
| |
2/15/2024
|
| | | | 1,415 | | | | | | 1,380 | | | | | | 1,366 | | | | | | 0.2% | | |
| | | | | | | | | | | | | | 46,815 | | | | | | 46,201 | | | | | | 45,972 | | | | | | 5.9% | | |
Healthcare technology | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
VVC Holding Corp. (dba Athenahealth, Inc.)(4)(6)(9)(10)
|
| | First lien senior secured loan | | |
L + 4.50%
|
| |
2/11/2026
|
| | | | 39,700 | | | | | | 38,981 | | | | | | 39,851 | | | | | | 5.1% | | |
Bracket Intermediate Holding Corp.(4)(6)(9)
|
| | Second lien senior secured loan | | |
L + 8.13%
|
| |
9/7/2026
|
| | | | 20,000 | | | | | | 19,646 | | | | | | 19,600 | | | | | | 2.5% | | |
Definitive Healthcare Holdings, LLC(4)(6)(9)
|
| | First lien senior secured loan | | |
L + 5.50%
|
| |
7/16/2026
|
| | | | 98,243 | | | | | | 97,316 | | | | | | 97,260 | | | | | | 12.5% | | |
Definitive Healthcare Holdings, LLC(4)(9)(11)(12)(13)
|
| | First lien senior secured delayed draw term loan | | |
L + 5.50%
|
| |
7/16/2021
|
| | | | — | | | | | | (102) | | | | | | — | | | | | | —% | | |
Definitive Healthcare Holdings, LLC(4)(9)(11)(12)
|
| | First lien senior secured revolving loan | | |
L + 5.50%
|
| |
7/16/2024
|
| | | | — | | | | | | (49) | | | | | | (54) | | | | | | —% | | |
Interoperability Bidco, Inc.(4)(5)(9)
|
| | First lien senior secured loan | | |
L + 5.75%
|
| |
6/25/2026
|
| | | | 96,018 | | | | | | 94,886 | | | | | | 94,577 | | | | | | 12.2% | | |
Interoperability Bidco, Inc.(4)(9)(11)(12)(13)
|
| | First lien senior secured delayed draw term loan | | |
L + 5.75%
|
| |
6/25/2021
|
| | | | — | | | | | | (12) | | | | | | (38) | | | | | | —% | | |
Interoperability Bidco, Inc.(4)(9)(11)(12)
|
| |
First lien senior secured revolving loan
|
| |
L + 5.75%
|
| |
6/25/2024
|
| | | | — | | | | | | (56) | | | | | | (75) | | | | | | —% | | |
| | | | | | | | | | | | | | 253,961 | | | | | | 250,610 | | | | | | 251,121 | | | | | | 32.3% | | |
Insurance | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Integrity Marketing Acquisition, LLC(4)(6)(9)
|
| | First lien senior secured loan | | |
L + 5.75%
|
| |
8/27/2025
|
| | | | 34,487 | | | | | | 33,995 | | | | | | 33,970 | | | | | | 4.4% | | |
Integrity Marketing Acquisition, LLC(4)(6)(9)(11)(13)
|
| | First lien senior secured delayed draw term loan | | |
L + 5.75%
|
| |
2/29/2020
|
| | | | 9,392 | | | | | | 9,182 | | | | | | 9,251 | | | | | | 1.2% | | |
Integrity Marketing Acquisition, LLC(4)(9)(11)(12)(13)
|
| | First lien senior secured delayed draw term loan | | |
L + 5.75%
|
| |
2/27/2021
|
| | | | — | | | | | | (48) | | | | | | — | | | | | | —% | | |
Integrity Marketing Acquisition, LLC(4)(9)(11)(12)
|
| |
First lien senior secured revolving loan
|
| |
L + 5.75%
|
| |
8/27/2025
|
| | | | — | | | | | | (53) | | | | | | (56) | | | | | | —% | | |
| | | | | | | | | | | | | | 43,879 | | | | | | 43,076 | | | | | | 43,165 | | | | | | 5.6% | | |
Company(1)(15)
|
| |
Investment
|
| |
Interest
|
| |
Maturity
Date |
| |
Par / Units
|
| |
Amortized
Cost(2)(3) |
| |
Fair Value
|
| |
Percentage
of Net Assets |
| ||||||||||||
Internet and digital media | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Acquia Inc.(4)(6)
|
| | First lien senior secured loan | | |
L + 7.00%
|
| |
11/1/2025
|
| | | | 130,377 | | | | | | 128,904 | | | | | | 128,683 | | | | | | 16.5% | | |
Acquia Inc.(4)(11)(12)
|
| |
First lien senior secured revolving loan
|
| |
L + 7.00%
|
| |
11/1/2025
|
| | | | — | | | | | | (161) | | | | | | (184) | | | | | | —% | | |
| | | | | | | | | | | | | | 130,377 | | | | | | 128,743 | | | | | | 128,499 | | | | | | 16.5% | | |
Leisure and entertainment | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
MINDBODY, Inc.(4)(5)(9)
|
| |
First lien senior secured loan
|
| |
L + 7.00%
|
| |
2/14/2025
|
| | | | 67,857 | | | | | | 67,257 | | | | | | 67,179 | | | | | | 8.6% | | |
MINDBODY, Inc.(4)(9)(11)(12)
|
| |
First lien senior secured revolving loan
|
| |
L + 7.00%
|
| |
2/14/2025
|
| | | | — | | | | | | (61) | | | | | | (71) | | | | | | —% | | |
| | | | | | | | | | | | | | 67,857 | | | | | | 67,196 | | | | | | 67,108 | | | | | | 8.6% | | |
Oil and gas | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
3ES Innovation Inc. (dba
Aucerna)(4)(7)(9) |
| | First lien senior secured loan | | |
L + 5.75%
|
| |
5/13/2025
|
| | | | 47,214 | | | | | | 46,673 | | | | | | 46,269 | | | | | | 6.0% | | |
3ES Innovation Inc. (dba Aucerna)(4)(9)(11)(12)
|
| | First lien senior secured revolving loan | | |
L + 5.75%
|
| |
5/13/2025
|
| | | | — | | | | | | (51) | | | | | | (92) | | | | | | —% | | |
Project Power Buyer, LLC (dba PEC-Veriforce)(4)(6)(9)
|
| | First lien senior secured loan | | |
L + 5.75%
|
| |
5/14/2026
|
| | | | 38,556 | | | | | | 38,108 | | | | | | 37,882 | | | | | | 4.9% | | |
Project Power Buyer, LLC (dba PEC-Veriforce)(4)(9)(11)(12)
|
| |
First lien senior secured revolving loan
|
| |
L + 5.75%
|
| |
5/14/2025
|
| | | | — | | | | | | (42) | | | | | | (66) | | | | | | —% | | |
| | | | | | | | | | | | | | 85,770 | | | | | | 84,688 | | | | | | 83,993 | | | | | | 10.9% | | |
Professional services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gerson Lehrman Group, Inc.(4)(5)(9)
|
| | First lien senior secured loan | | |
L + 4.25%
|
| |
12/12/2024
|
| | | | 51,836 | | | | | | 51,396 | | | | | | 51,190 | | | | | | 6.6% | | |
Gerson Lehrman Group, Inc.(4)(9)(11)(12)
|
| |
First lien senior secured revolving loan
|
| |
L + 4.25%
|
| |
12/12/2024
|
| | | | — | | | | | | (30) | | | | | | (46) | | | | | | —% | | |
| | | | | | | | | | | | | | 51,836 | | | | | | 51,366 | | | | | | 51,144 | | | | | | 6.6% | | |
Total non-controlled/non-affiliated portfolio
company debt investments |
| | | | | | | | | | | | $ | 1,440,608 | | | | | $ | 1,421,533 | | | | | $ | 1,418,492 | | | | | | 182.5% | | |
Non-controlled/non-affiliated portfolio company equity investments
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Business services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Circle Internet Services, Inc.(14)
|
| | Series D Preferred Stock | | | | | | | | | | | 2,934,961 | | | | | $ | 15,000 | | | | | $ | 15,000 | | | | | | 1.9% | | |
Circle Internet Services, Inc.(14)
|
| | Warrants | | | | | | | | | | | 244,580 | | | | | | — | | | | | | 424 | | | | | | 0.1% | | |
SLA Eclipse Co-Invest, L.P.(14)(16)
|
| | Series B Preferred Stock | | | | | | | | | | | 1,641,929 | | | | | | 15,125 | | | | | | 15,385 | | | | | | 1.9% | | |
| | | | | | | | | | | | | | 4,821,470 | | | | | | 30,125 | | | | | | 30,809 | | | | | | 3.9% | | |
eCommerce and digital marketplaces | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Poshmark, Inc. (14)
|
| | Common Stock | | | | | | | | | | | 303,529 | | | | | | 5,162 | | | | | | 4,644 | | | | | | 0.6% | | |
| | | | | | | | | | | | | | 303,529 | | | | | | 5,162 | | | | | | 4,644 | | | | | | 0.6% | | |
Financial services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
eShares, Inc. (dba Carta)(14)
|
| | Series E Preferred Stock | | | | | | | | | | | 186,904 | | | | | | 2,008 | | | | | | 2,000 | | | | | | 0.3% | | |
Remitly Global, Inc (14)
|
| | Series E Preferred Stock | | | | | | | | | | | 1,678,810 | | | | | | 10,008 | | | | | | 10,000 | | | | | | 1.3% | | |
| | | | | | | | | | | | | | 1,865,714 | | | | | | 12,016 | | | | | | 12,000 | | | | | | 1.6% | | |
Technology infrastructure | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Algolia, Inc.(14)
|
| | Series C Preferred Stock | | | | | | | | | | | 323,427 | | | | | | 10,000 | | | | | | 10,000 | | | | | | 1.3% | | |
| | | | | | | | | | | | | | 323,427 | | | | | | 10,000 | | | | | | 10,000 | | | | | | 1.3% | | |
Total non-controlled/non-affiliated portfolio
company equity investments |
| | | | | | | | | | | | | | | | | | $ | 57,303 | | | | | $ | 57,453 | | | | | | 7.4% | | |
Total Investments
|
| | | | | | | | | | | | | | | | | | $ | 1,478,836 | | | | | $ | 1,475,945 | | | | | | 189.9% | | |
|
| | |
For the Three Months
Ended September 30, |
| |
For the Nine Months
Ended September 30, |
| ||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| ||||||||||||
Increase (Decrease) in Net Assets Resulting from Operations
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)
|
| | | $ | 21,101 | | | | | $ | 11,410 | | | | | $ | 58,732 | | | | | $ | 18,659 | | |
Net change in unrealized gain (loss)
|
| | | | 31,327 | | | | | | (5,297) | | | | | | 19,646 | | | | | | (2,060) | | |
Realized gain (loss)
|
| | | | 319 | | | | | | 1,505 | | | | | | 288 | | | | | | 1,616 | | |
Net Increase (Decrease) in Net Assets Resulting from Operations
|
| | | | 52,747 | | | | | | 7,618 | | | | | | 78,666 | | | | | | 18,215 | | |
Distributions | | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions declared from earnings
|
| | | | (21,554) | | | | | | (11,650) | | | | | | (55,659) | | | | | | (19,002) | | |
Net Decrease in Net Assets Resulting from Shareholders’ Distributions
|
| | | | (21,554) | | | | | | (11,650) | | | | | | (55,659) | | | | | | (19,002) | | |
Capital Share Transactions | | | | | | | | | | | | | | | | | | | | | | | | | |
Issuance of common shares
|
| | | | 10,000 | | | | | | 59,976 | | | | | | 646,226 | | | | | | 384,444 | | |
Reinvestment of distributions
|
| | | | 5,091 | | | | | | 1,806 | | | | | | 12,502 | | | | | | 2,291 | | |
Net Increase in Net Assets Resulting from Capital Share Transactions
|
| | | | 15,091 | | | | | | 61,782 | | | | | | 658,728 | | | | | | 386,735 | | |
Total Increase in Net Assets
|
| | | | 46,284 | | | | | | 57,750 | | | | | | 681,735 | | | | | | 385,948 | | |
Net Assets, at beginning of period
|
| | | | 1,412,623 | | | | | | 614,908 | | | | | | 777,172 | | | | | | 286,710 | | |
Net Assets, at end of period
|
| | | $ | 1,458,907 | | | | | $ | 672,658 | | | | | $ | 1,458,907 | | | | | $ | 672,658 | | |
| | |
For the Nine Months Ended
September 30, |
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Cash Flows from Operating Activities | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations
|
| | | $ | 78,666 | | | | | $ | 18,215 | | |
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:
|
| | | | | | | | | | | | |
Purchases of investments, net
|
| | | | (1,229,358) | | | | | | (1,194,639) | | |
Proceeds from investments, net
|
| | | | 270,122 | | | | | | 119,797 | | |
Net amortization of discount on investments
|
| | | | (6,205) | | | | | | (1,232) | | |
Net change in unrealized (gain) loss on investments
|
| | | | (19,929) | | | | | | 2,053 | | |
Net change in unrealized (gains) losses on translation of assets and
liabilities in foreign currencies |
| | | | 283 | | | | | | 7 | | |
Net realized (gain) loss on investments
|
| | | | (5) | | | | | | (1,560) | | |
Net realized (gain) loss on foreign currency transactions relating to
investments |
| | | | 3 | | | | | | — | | |
Paid-in-kind interest
|
| | | | (7,967) | | | | | | (237) | | |
Amortization of debt issuance costs
|
| | | | 2,709 | | | | | | 1,482 | | |
Amortization of offering costs
|
| | | | 252 | | | | | | 803 | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
(Increase) decrease in interest receivable
|
| | | | (5,621) | | | | | | (5,922) | | |
(Increase) decrease in dividend income receivable
|
| | | | (72) | | | | | | — | | |
(Increase) decrease in receivable for investments sold
|
| | | | — | | | | | | (1,506) | | |
(Increase) decrease in paid-in-kind interest receivable
|
| | | | (4,019) | | | | | | — | | |
(Increase) decrease in prepaid expenses and other assets
|
| | | | (399) | | | | | | (159) | | |
Increase (decrease) in management fee payable
|
| | | | 1,487 | | | | | | 4,170 | | |
Increase (decrease) in incentive fee payable
|
| | | | 3,026 | | | | | | 1,242 | | |
Increase (decrease) in payables to affiliates
|
| | | | 458 | | | | | | (24) | | |
Increase (decrease) in payable for investments purchased
|
| | | | — | | | | | | 14,019 | | |
Increase (decrease) in accrued expenses and other liabilities
|
| | | | 7,461 | | | | | | 2,065 | | |
Net cash used in operating activities
|
| | | | (909,108) | | | | | | (1,041,426) | | |
Cash Flows from Financing Activities | | | | | | | | | | | | | |
Borrowings on debt
|
| | | | 2,067,862 | | | | | | 1,900,065 | | |
Payments on debt
|
| | | | (1,862,994) | | | | | | (1,424,472) | | |
Debt issuance costs
|
| | | | (20,910) | | | | | | (6,127) | | |
Proceeds from issuance of common shares
|
| | | | 646,213 | | | | | | 381,100 | | |
Offering costs paid
|
| | | | (234) | | | | | | (411) | | |
Distributions paid
|
| | | | (33,379) | | | | | | (5,061) | | |
Net cash provided by financing activities
|
| | | | 796,558 | | | | | | 845,094 | | |
Net increase (decrease) in cash
|
| | | | (112,550) | | | | | | (196,332) | | |
Cash, beginning of period
|
| | | | 142,363 | | | | | | 323,035 | | |
Cash, end of period
|
| | | $ | 29,813 | | | | | $ | 126,703 | | |
Supplemental and Non-Cash Information | | | | | | | | | | | | | |
Interest expense paid
|
| | | $ | 13,620 | | | | | $ | 11,335 | | |
Distribution payable
|
| | | $ | 21,554 | | | | | $ | 11,650 | | |
Reinvestment of distributions during the period
|
| | | $ | 12,502 | | | | | $ | 2,291 | | |
Subscription receivable
|
| | | $ | 13 | | | | | $ | 3,344 | | |
| | |
September 30, 2020
|
| |
December 31, 2019
|
| ||||||||||||||||||
($ in thousands)
|
| |
Amortized
Cost |
| |
Fair
Value |
| |
Amortized
Cost |
| |
Fair
Value |
| ||||||||||||
First-lien senior secured debt investments
|
| | | $ | 1,829,089 | | | | | $ | 1,821,365 | | | | | $ | 1,385,386 | | | | | $ | 1,382,256 | | |
Second-lien senior secured debt investments
|
| | | | 130,919 | | | | | | 131,802 | | | | | | 36,147 | | | | | | 36,236 | | |
Unsecured debt investments
|
| | | | 368,015 | | | | | | 372,762 | | | | | | — | | | | | | — | | |
Equity investments
|
| | | | 124,220 | | | | | | 141,150 | | | | | | 57,303 | | | | | | 57,453 | | |
Total Investments
|
| | | $ | 2,452,243 | | | | | $ | 2,467,079 | | | | | $ | 1,478,836 | | | | | $ | 1,475,945 | | |
| | |
September 30,
2020 |
| |
December 31,
2019 |
| ||||||
Buildings and real estate
|
| | | | 1.8% | | | | | | 3.0% | | |
Business services
|
| | | | 22.2 | | | | | | 26.9 | | |
Data and information services
|
| | | | 15.3 | | | | | | 5.8 | | |
eCommerce and digital marketplaces
|
| | | | 2.3 | | | | | | 0.3 | | |
Education
|
| | | | 11.1 | | | | | | 16.4 | | |
Financial services
|
| | | | 4.0 | | | | | | 1.4 | | |
Food and beverage
|
| | | | 10.5 | | | | | | — | | |
Healthcare providers and services
|
| | | | — | | | | | | 3.1 | | |
Healthcare technology
|
| | | | 13.0 | | | | | | 17.0 | | |
Human resource support services
|
| | | | 0.1 | | | | | | — | | |
Insurance
|
| | | | 3.2 | | | | | | 2.9 | | |
Internet and digital media
|
| | | | 4.4 | | | | | | 8.7 | | |
Leisure and entertainment
|
| | | | 3.6 | | | | | | 4.5 | | |
Oil and gas
|
| | | | 4.0 | | | | | | 5.7 | | |
Professional services
|
| | | | 2.0 | | | | | | 3.5 | | |
Technology Infrastructure
|
| | | | 2.5 | | | | | | 0.8 | | |
Total
|
| | | | 100.0% | | | | | | 100.0% | | |
| | |
September 30,
2020 |
| |
December 31,
2019 |
| ||||||
United States: | | | | | | | | | | | | | |
Midwest
|
| | | | 5.4% | | | | | | 6.9% | | |
Northeast
|
| | | | 25.3 | | | | | | 35.9 | | |
South
|
| | | | 23.5 | | | | | | 34.7 | | |
West
|
| | | | 31.0 | | | | | | 17.3 | | |
Canada
|
| | | | 4.9 | | | | | | 3.1 | | |
Ireland
|
| | | | — | | | | | | 2.1 | | |
Israel
|
| | | | 5.0 | | | | | | — | | |
United Kingdom
|
| | | | 4.9 | | | | | | — | | |
Total
|
| | | | 100.0% | | | | | | 100.0% | | |
|
| | |
Fair Value Hierarchy as of September 30, 2020
|
| |||||||||||||||||||||
($ in thousands)
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
First-lien senior secured debt investments
|
| | | $ | — | | | | | $ | 19,398 | | | | | $ | 1,801,967 | | | | | $ | 1,821,365 | | |
Second-lien senior secured debt investments
|
| | | | — | | | | | | 23,190 | | | | | | 108,612 | | | | | | 131,802 | | |
Unsecured debt investments
|
| | | | — | | | | | | — | | | | | | 372,762 | | | | | | 372,762 | | |
Equity
|
| | | | — | | | | | | — | | | | | | 141,150 | | | | | | 141,150 | | |
Total Investments at fair value
|
| | | $ | — | | | | | $ | 42,588 | | | | | $ | 2,424,491 | | | | | $ | 2,467,079 | | |
|
| | |
Fair Value Hierarchy as of December 31, 2019
|
| |||||||||||||||||||||
($ in thousands)
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
First-lien senior secured debt investments
|
| | | $ | — | | | | | $ | 39,851 | | | | | $ | 1,342,405 | | | | | $ | 1,382,256 | | |
Second-lien senior secured debt investments
|
| | | | — | | | | | | 16,636 | | | | | | 19,600 | | | | | | 36,236 | | |
Equity
|
| | | | — | | | | | | — | | | | | | 57,453 | | | | | | 57,453 | | |
Total Investments at fair value
|
| | | $ | — | | | | | $ | 56,487 | | | | | $ | 1,419,458 | | | | | $ | 1,475,945 | | |
| | |
As of and for the Three Months Ended September 30, 2020
|
| |||||||||||||||||||||||||||
($ in thousands)
|
| |
First-lien
senior secured debt investments |
| |
Second-lien
senior secured debt investments |
| |
Unsecured
debt investments |
| |
Equity
|
| |
Total
|
| |||||||||||||||
Fair value, beginning of period
|
| | | $ | 1,613,968 | | | | | $ | 104,013 | | | | | $ | 298,870 | | | | | $ | 78,184 | | | | | $ | 2,095,035 | | |
Purchases of investments, net
|
| | | | 187,521 | | | | | | 2,477 | | | | | | 115,694 | | | | | | 60,000 | | | | | | 365,692 | | |
Payment-in-kind
|
| | | | 1,228 | | | | | | — | | | | | | 2,571 | | | | | | — | | | | | | 3,799 | | |
Proceeds from investments, net
|
| | | | (22,745) | | | | | | — | | | | | | (48,750) | | | | | | — | | | | | | (71,495) | | |
Net change in unrealized gain (loss)
|
| | | | 20,834 | | | | | | 2,067 | | | | | | 3,145 | | | | | | 2,966 | | | | | | 29,012 | | |
Net realized gains (losses)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net amortization of discount on investments
|
| | | | 1,161 | | | | | | 55 | | | | | | 1,232 | | | | | | — | | | | | | 2,448 | | |
Transfers into (out of) Level 3(1)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Fair value, end of period
|
| | | $ | 1,801,967 | | | | | $ | 108,612 | | | | | $ | 372,762 | | | | | $ | 141,150 | | | | | $ | 2,424,491 | | |
| | |
As of and for the Three Months Ended September 30, 2019
|
| |||||||||||||||||||||||||||
($ in thousands)
|
| |
First-lien
senior secured debt investments |
| |
Second-lien
senior secured debt investments |
| |
Unsecured
debt investments |
| |
Equity
|
| |
Total
|
| |||||||||||||||
Fair value, beginning of period
|
| | | $ | 980,188 | | | | | $ | 19,600 | | | | | $ | — | | | | | $ | 30,586 | | | | | $ | 1,030,374 | | |
Purchases of investments, net
|
| | | | 277,273 | | | | | | — | | | | | | — | | | | | | 27,135 | | | | | | 304,408 | | |
Payment-in-kind
|
| | | | 212 | | | | | | — | | | | | | — | | | | | | — | | | | | | 212 | | |
Proceeds from investments, net
|
| | | | (49,700) | | | | | | — | | | | | | — | | | | | | — | | | | | | (49,700) | | |
Net change in unrealized gain (loss)
|
| | | | (2,803) | | | | | | (9) | | | | | | — | | | | | | (653) | | | | | | (3,465) | | |
Net realized gains (losses)
|
| | | | 23 | | | | | | — | | | | | | — | | | | | | — | | | | | | 23 | | |
Net amortization of discount on
investments |
| | | | 610 | | | | | | 9 | | | | | | — | | | | | | — | | | | | | 619 | | |
Transfers into (out of) Level 3(1)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Fair value, end of period
|
| | | $ | 1,205,803 | | | | | $ | 19,600 | | | | | $ | — | | | | | $ | 57,068 | | | | | $ | 1,282,471 | | |
| | |
As of and for the Nine Months Ended September 30, 2020
|
| |||||||||||||||||||||||||||
($ in thousands)
|
| |
First-lien
senior secured debt investments |
| |
Second-lien
senior secured debt investments |
| |
Unsecured
debt investments |
| |
Equity
|
| |
Total
|
| |||||||||||||||
Fair value, beginning of period
|
| | | $ | 1,342,405 | | | | | $ | 19,600 | | | | | $ | — | | | | | $ | 57,453 | | | | | $ | 1,419,458 | | |
Purchases of investments, net
|
| | | | 656,340 | | | | | | 72,222 | | | | | | 410,032 | | | | | | 66,917 | | | | | | 1,205,511 | | |
Payment-in-kind
|
| | | | 2,554 | | | | | | — | | | | | | 5,413 | | | | | | — | | | | | | 7,967 | | |
Proceeds from investments, net
|
| | | | (200,223) | | | | | | — | | | | | | (48,750) | | | | | | — | | | | | | (248,973) | | |
Net change in unrealized gain (loss)
|
| | | | (3,701) | | | | | | 37 | | | | | | 4,748 | | | | | | 16,780 | | | | | | 17,864 | | |
Net realized gains (losses)
|
| | | | (27) | | | | | | — | | | | | | — | | | | | | — | | | | | | (27) | | |
Net amortization of discount on investments
|
| | | | 4,619 | | | | | | 117 | | | | | | 1,319 | | | | | | — | | | | | | 6,055 | | |
Transfers into (out of) Level 3(1)
|
| | | | — | | | | | | 16,636 | | | | | | — | | | | | | — | | | | | | 16,636 | | |
Fair value, end of period
|
| | | $ | 1,801,967 | | | | | $ | 108,612 | | | | | $ | 372,762 | | | | | $ | 141,150 | | | | | $ | 2,424,491 | | |
| | |
As of and for the Nine Months Ended September 30, 2019
|
| |||||||||||||||||||||||||||
($ in thousands)
|
| |
First-lien
senior secured debt investments |
| |
Second-lien
senior secured debt investments |
| |
Unsecured
debt investments |
| |
Equity
|
| |
Total
|
| |||||||||||||||
Fair value, beginning of period
|
| | | $ | 214,348 | | | | | $ | 19,550 | | | | | $ | — | | | | | $ | — | | | | | $ | 233,898 | | |
Purchases of investments, net
|
| | | | 1,081,629 | | | | | | — | | | | | | — | | | | | | 57,303 | | | | | | 1,138,932 | | |
Payment-in-kind
|
| | | | 237 | | | | | | — | | | | | | — | | | | | | — | | | | | | 237 | | |
Proceeds from investments, net
|
| | | | (88,117) | | | | | | — | | | | | | — | | | | | | — | | | | | | (88,117) | | |
Net change in unrealized gain (loss)
|
| | | | (3,528) | | | | | | 24 | | | | | | — | | | | | | (235) | | | | | | (3,739) | | |
Net realized gains (losses)
|
| | | | 77 | | | | | | — | | | | | | — | | | | | | — | | | | | | 77 | | |
Net amortization of discount on
investments |
| | | | 1,157 | | | | | | 26 | | | | | | — | | | | | | — | | | | | | 1,183 | | |
Transfers into (out of) Level 3(1)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Fair value, end of period
|
| | | $ | 1,205,803 | | | | | $ | 19,600 | | | | | $ | — | | | | | $ | 57,068 | | | | | $ | 1,282,471 | | |
($ in thousands)
|
| |
Net change in unrealized
gain (loss) for the Three Months Ended September 30, 2020 on Investments Held at September 30, 2020 |
| |
Net change in unrealized
gain (loss) for the Three Months Ended September 30, 2019 on Investments Held at September 30, 2019 |
| ||||||
First-lien senior secured debt investments
|
| | | $ | 20,834 | | | | | $ | (2,803) | | |
Second-lien senior secured debt investments
|
| | | | 2,067 | | | | | | (9) | | |
Unsecured debt investments
|
| | | | 3,145 | | | | | | — | | |
Equity investments
|
| | | | 2,966 | | | | | | (653) | | |
Total Investments
|
| | | $ | 29,012 | | | | | $ | (3,465) | | |
|
($ in thousands)
|
| |
Net change in unrealized
gain (loss) for the Nine Months Ended September 30, 2020 on Investments Held at September 30, 2020 |
| |
Net change in unrealized
gain (loss) for the Nine Months Ended September 30, 2019 on Investments Held at September 30, 2019 |
| ||||||
First-lien senior secured debt investments
|
| | | $ | (4,488) | | | | | $ | (3,532) | | |
Second-lien senior secured debt investments
|
| | | | 37 | | | | | | 24 | | |
Unsecured debt investments
|
| | | | 4,748 | | | | | | — | | |
Equity investments
|
| | | | 16,780 | | | | | | (235) | | |
Total Investments
|
| | | $ | 17,077 | | | | | $ | (3,743) | | |
| | |
As of September 30, 2020
|
| |||||||||||||||
($ in thousands)
|
| |
Fair Value
|
| |
Valuation
Technique |
| |
Unobservable
Input |
| |
Range
(Weighted Average) |
| |
Impact to
Valuation from an Increase in Input |
| |||
First-lien senior secured debt investments
|
| | | $ | 1,534,354 | | | |
Yield Analysis
|
| |
Market Yield
|
| |
5.4% – 13.5% (8.5%)
|
| |
Decrease
|
|
| | | | | 267,613 | | | |
Recent Transaction
|
| |
Transaction Price
|
| |
96.0% – 98.5% (97.6%)
|
| |
Increase
|
|
Second-lien senior secured debt investments(1)
|
| | | $ | 71,446 | | | |
Yield Analysis
|
| |
Market Yield
|
| |
7.4% – 11.8% (10.7%)
|
| |
Decrease
|
|
Unsecured debt investments
|
| | | $ | 259,092 | | | |
Yield Analysis
|
| |
Market Yield
|
| |
10.0% – 12.5% (11.5%)
|
| |
Decrease
|
|
| | | | | 113,670 | | | |
Recent Transaction
|
| |
Transaction Price
|
| |
98.5% – 100.0% (99.2%)
|
| |
Increase
|
|
Equity
|
| | | $ | 16,462 | | | |
Yield Analysis
|
| |
Market Yield
|
| |
10.3% (10.3%)
|
| |
Decrease
|
|
| | | | | 80,521 | | | |
Recent Transaction
|
| |
Transaction Price
|
| |
$4.17 – $22.51 ($7.19)
|
| |
Increase
|
|
| | | | | 44,167 | | | |
Market Approach
|
| |
Revenue Multiple
|
| |
8.3x – 24.3x (9.7x)
|
| |
Increase
|
|
| | |
As of December 31, 2019
|
| |||||||||||||||
($ in thousands)
|
| |
Fair Value
|
| |
Valuation
Technique |
| |
Unobservable
Input |
| |
Range
(Weighted Average) |
| |
Impact to
Valuation from an Increase in Input |
| |||
First-lien senior secured debt investments
|
| | | $ | 1,087,705 | | | |
Yield Analysis
|
| |
Market Yield
|
| |
6.8% – 11.7% (8.7%)
|
| |
Decrease
|
|
| | | | | 254,700 | | | |
Recent Transaction
|
| |
Transaction Price
|
| |
98.7% – 98.8% (98.7%)
|
| |
Increase
|
|
Second-lien senior secured debt investments
|
| | | $ | 19,600 | | | |
Yield Analysis
|
| |
Market Yield
|
| |
11.8% (11.8%)
|
| |
Decrease
|
|
Equity
|
| | | $ | 15,385 | | | |
Market Approach
|
| |
EBITDA Multiple
|
| |
21.5x (21.5x)
|
| |
Increase
|
|
| | | | | 42,068 | | | |
Market Approach
|
| |
Revenue Multiple
|
| |
4.7x – 18.8x (8.1x)
|
| |
Increase
|
|
| | |
September 30, 2020
|
| |
December 31, 2019
|
| ||||||||||||||||||
($ in thousands)
|
| |
Net Carrying
Value(1) |
| |
Fair Value
|
| |
Net Carrying
Value(2) |
| |
Fair Value
|
| ||||||||||||
Subscription Credit Facility
|
| | | $ | 66,613 | | | | | $ | 66,613 | | | | | $ | 641,739 | | | | | $ | 641,739 | | |
Revolving Credit Facility
|
| | | | 58,262 | | | | | | 58,262 | | | | | | 182,058 | | | | | | 182,058 | | |
SPV Asset Facility I
|
| | | | 286,452 | | | | | | 286,452 | | | | | | — | | | | | | — | | |
June 2025 Notes
|
| | | | 204,984 | | | | | | 226,800 | | | | | | — | | | | | | — | | |
December 2025 Notes
|
| | | | 392,205 | | | | | | 398,000 | | | | | | — | | | | | | — | | |
Total Debt
|
| | | $ | 1,008,516 | | | | | $ | 1,036,127 | | | | | $ | 823,797 | | | | | $ | 823,797 | | |
($ in thousands)
|
| |
September 30,
2020 |
| |
December 31,
2019 |
| ||||||
Level 1
|
| | | $ | — | | | | | $ | — | | |
Level 2
|
| | | | — | | | | | | — | | |
Level 3
|
| | | | 1,036,127 | | | | | | 823,797 | | |
Total Debt
|
| | | $ | 1,036,127 | | | | | $ | 823,797 | | |
| | |
September 30, 2020
|
| |||||||||||||||||||||
($ in thousands)
|
| |
Aggregate
Principal Committed |
| |
Outstanding
Principal |
| |
Amount
Available(1) |
| |
Net Carrying
Value(2)(3)(4)(5)(6) |
| ||||||||||||
Subscription Credit Facility
|
| | | $ | 700,000 | | | | | $ | 68,992 | | | | | $ | 594,580 | | | | | $ | 66,613 | | |
Revolving Credit Facility
|
| | | | 540,000 | | | | | | 64,640 | | | | | | 475,360 | | | | | | 58,262 | | |
SPV Asset Facility I
|
| | | | 300,000 | | | | | | 290,000 | | | | | | 10,000 | | | | | | 286,452 | | |
June 2025 Notes
|
| | | | 210,000 | | | | | | 210,000 | | | | | | — | | | | | | 204,984 | | |
December 2025 Notes
|
| | | | 400,000 | | | | | | 400,000 | | | | | | — | | | | | | 392,205 | | |
Total Debt
|
| | | $ | 2,150,000 | | | | | $ | 1,033,632 | | | | | $ | 1,079,940 | | | | | $ | 1,008,516 | | |
| | |
December 31, 2019
|
| |||||||||||||||||||||
($ in thousands)
|
| |
Aggregate
Principal Committed |
| |
Outstanding
Principal |
| |
Amount
Available(1) |
| |
Net Carrying
Value(2)(3) |
| ||||||||||||
Subscription Credit Facility
|
| | | $ | 900,000 | | | | | $ | 645,712 | | | | | $ | 103,399 | | | | | $ | 641,739 | | |
Revolving Credit Facility
|
| | | | 305,000 | | | | | | 185,000 | | | | | | 120,000 | | | | | | 182,058 | | |
Total Debt
|
| | | $ | 1,205,000 | | | | | $ | 830,712 | | | | | $ | 223,399 | | | | | $ | 823,797 | | |
| | |
For the Three Months Ended
September 30, |
| |
For the Nine Months Ended
September 30, |
| ||||||||||||||||||
($ in thousands)
|
| |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| ||||||||||||
Interest expense
|
| | | $ | 8,148 | | | | | $ | 6,640 | | | | | $ | 20,348 | | | | | $ | 12,545 | | |
Amortization of debt issuance costs
|
| | | | 1,126 | | | | | | 677 | | | | | | 2,709 | | | | | | 1,482 | | |
Total Interest Expense
|
| | | $ | 9,274 | | | | | $ | 7,317 | | | | | $ | 23,057 | | | | | $ | 14,027 | | |
Average interest rate
|
| | | | 3.68% | | | | | | 3.80% | | | | | | 3.26% | | | | | | 3.96% | | |
Average daily borrowings
|
| | | $ | 865,497 | | | | | $ | 647,914 | | | | | $ | 820,239 | | | | | $ | 387,615 | | |
Portfolio Company
|
| |
Investment
|
| |
September 30,
2020 |
| |
December 31,
2019 |
| ||||||
($ in thousands) | | | | | | | | | | | | | | | | |
11849573 Canada Inc. (dba Intelerad Medical Systems Incorporated)
|
| | First lien senior secured delayed draw term loan | | | | $ | 1,777 | | | | | $ | — | | |
11849573 Canada Inc. (dba Intelerad Medical Systems Incorporated)
|
| | First lien senior secured revolving loan | | | | | 6,040 | | | | | | — | | |
3ES Innovation Inc. (dba Aucerna)
|
| | First lien senior secured revolving loan | | | | | 4,580 | | | | | | 4,580 | | |
Acquia Inc.
|
| | First lien senior secured revolving loan | | | | | 11,789 | | | | | | 14,158 | | |
Apptio, Inc.
|
| | First lien senior secured revolving loan | | | | | 3,269 | | | | | | 3,269 | | |
Certify, Inc.
|
| | First lien senior secured delayed draw term loan | | | | | — | | | | | | 3,422 | | |
Certify, Inc.
|
| | First lien senior secured revolving loan | | | | | 2,282 | | | | | | 1,939 | | |
H&F Opportunities LUX III S.À R.L (dba Checkmarx)
|
| | First lien senior secured revolving loan | | | | | 25,000 | | | | | | — | | |
Reef Global, Inc. (fka Cheese Acquisition, LLC)
|
| | First lien senior secured revolving loan | | | | | 1,494 | | | | | | 4,545 | | |
ConnectWise, LLC
|
| | First lien senior secured revolving loan | | | | | 13,904 | | | | | | 13,904 | | |
Datix Bidco Limited (dba RLDatix)
|
| | First lien senior secured delayed draw term loan | | | | | 2,241 | | | | | | — | | |
Datix Bidco Limited (dba RLDatix)
|
| |
Second lien senior secured delayed draw term loan
|
| | | | 20,000 | | | | | | — | | |
Definitive Healthcare Holdings, LLC
|
| | First lien senior secured delayed draw term loan | | | | | 21,739 | | | | | | 21,739 | | |
Definitive Healthcare Holdings, LLC
|
| | First lien senior secured revolving loan | | | | | — | | | | | | 5,435 | | |
Diligent Corporation
|
| | First lien senior secured delayed draw term loan | | | | | 4,570 | | | | | | — | | |
Diligent Corporation
|
| | First lien senior secured revolving loan | | | | | 1,523 | | | | | | — | | |
Dude Solutions Holdings, Inc.
|
| | First lien senior secured revolving loan | | | | | 5,077 | | | | | | 6,923 | | |
Forescout Technologies, Inc.
|
| | First lien senior secured revolving loan | | | | | 8,333 | | | | | | — | | |
Gerson Lehrman Group, Inc.
|
| | First lien senior secured revolving loan | | | | | 3,647 | | | | | | 3,647 | | |
Granicus, Inc.
|
| | First lien senior secured revolving loan | | | | | 4,110 | | | | | | — | | |
GS Acquisitionco, Inc. (dba insightsoftware)
|
| | First lien senior secured delayed draw term loan | | | | | — | | | | | | 12,159 | | |
GS Acquisitionco, Inc. (dba insightsoftware)
|
| | First lien senior secured revolving loan | | | | | 736 | | | | | | 684 | | |
Instructure, Inc.
|
| | First lien senior secured revolving loan | | | | | 7,405 | | | | | | — | | |
Integrity Marketing Acquisition, LLC
|
| | First lien senior secured delayed draw term loan | | | | | — | | | | | | 4,179 | | |
Integrity Marketing Acquisition, LLC
|
| | First lien senior secured delayed draw term loan | | | | | — | | | | | | 8,206 | | |
Integrity Marketing Acquisition, LLC
|
| | First lien senior secured revolving loan | | | | | 3,736 | | | | | | 3,736 | | |
Interoperability Bidco, Inc.
|
| | First lien senior secured delayed draw term loan | | | | | 10,000 | | | | | | 10,000 | | |
Interoperability Bidco, Inc.
|
| | First lien senior secured revolving loan | | | | | — | | | | | | 5,000 | | |
Kaseya Inc.
|
| | First lien senior secured delayed draw term loan | | | | | 2,835 | | | | | | 3,045 | | |
Kaseya Inc.
|
| | First lien senior secured delayed draw term loan | | | | | 1,400 | | | | | | — | | |
Kaseya Inc.
|
| | First lien senior secured revolving loan | | | | | 1,250 | | | | | | 1,050 | | |
Lightning Midco, LLC (dba Vector Solutions)
|
| | First lien senior secured delayed draw term loan | | | | | — | | | | | | 1,309 | | |
Lightning Midco, LLC (dba Vector Solutions)
|
| | First lien senior secured revolving loan | | | | | 694 | | | | | | 3,946 | | |
Litera Bidco LLC
|
| | First lien senior secured revolving loan | | | | | 6,188 | | | | | | 8,250 | | |
MINDBODY, Inc.
|
| | First lien senior secured revolving loan | | | | | 7,143 | | | | | | 7,143 | | |
Paysimple, Inc.
|
| | First lien senior secured delayed draw term loan | | | | | — | | | | | | 10,432 | | |
Project Power Buyer, LLC (dba PEC-Veriforce)
|
| | First lien senior secured revolving loan | | | | | 3,750 | | | | | | 3,750 | | |
RxSense Holdings, LLC
|
| | First lien senior secured revolving loan | | | | | — | | | | | | 1,415 | | |
Total Unfunded Portfolio Company Commitments
|
| | | | | | $ | 186,512 | | | | | $ | 167,865 | | |
|
Capital Drawdown Notice Date
|
| |
Common Share
Issuance Date |
| |
Number of Common
Shares Issued |
| |
Aggregate
Offering Price ($ in millions) |
| ||||||
September 11, 2020
|
| |
September 24, 2020
|
| | | | 673,401 | | | | | $ | 10.0 | | |
May 6, 2020
|
| |
May 19, 2020
|
| | | | 19,416,820 | | | | | | 274.9 | | |
April 15, 2020
|
| |
April 28, 2020
|
| | | | 10,668,889 | | | | | | 149.9 | | |
March 11, 2020
|
| |
March 24, 2020
|
| | | | 10,840,780 | | | | | | 149.4 | | |
December 30, 2019
|
| |
January 13, 2020
|
| | | | 4,209,097 | | | | | | 62.0 | | |
Total
|
| | | | | | | 45,808,987 | | | | | $ | 646.2 | | |
Capital Drawdown Notice Date
|
| |
Common Share
Issuance Date |
| |
Number of Common
Shares Issued |
| |
Aggregate
Offering Price ($ in millions) |
| ||||||
September 16, 2019
|
| |
September 27, 2019
|
| | | | 4,025,213 | | | | | $ | 59.9 | | |
May 15, 2019
|
| |
May 29, 2019
|
| | | | 10,112,871 | | | | | | 149.5 | | |
March 15, 2019
|
| |
March 28, 2019
|
| | | | 11,838,390 | | | | | | 175.0 | | |
Total
|
| | | | | | | 25,976,474 | | | | | $ | 384.4 | | |
|
| | |
September 30, 2020
|
| |||||||||
Date Declared
|
| |
Record Date
|
| |
Payment Date
|
| |
Distribution
per Share |
| |||
August 4, 2020
|
| |
September 30, 2020
|
| |
November 13, 2020
|
| | | $ | 0.22 | | |
May 5, 2020
|
| |
June 30, 2020
|
| |
August 14, 2020
|
| | | $ | 0.20 | | |
February 19, 2020
|
| |
March 31, 2020
|
| |
May 15, 2020
|
| | | $ | 0.21 | | |
| | |
September 30, 2019
|
| |||||||||
Date Declared
|
| |
Record Date
|
| |
Payment Date
|
| |
Distribution
per Share |
| |||
August 7, 2019
|
| |
September 30, 2019
|
| |
November 15, 2019
|
| | | $ | 0.25 | | |
May 8, 2019
|
| |
June 30, 2019
|
| |
August 15, 2019
|
| | | $ | 0.14 | | |
February 27, 2019
|
| |
March 31, 2019
|
| |
May 15, 2019
|
| | | $ | 0.05 | | |
| | |
September 30, 2020
|
| |||||||||
Date Declared
|
| |
Record Date
|
| |
Payment Date
|
| |
Shares
|
| |||
May 5, 2020
|
| |
June 30, 2020
|
| |
August 14, 2020
|
| | | | 354,998 | | |
February 19, 2020
|
| |
March 31, 2020
|
| |
May 15, 2020
|
| | | | 295,497 | | |
October 30, 2019
|
| |
December 31, 2019
|
| |
January 31, 2020
|
| | | | 227,554 | | |
| | |
September 30, 2019
|
| |||||||||
Date Declared
|
| |
Record Date
|
| |
Payment Date
|
| |
Shares
|
| |||
May 8, 2019
|
| |
June 30, 2019
|
| |
August 15, 2019
|
| | | | 122,495 | | |
February 27, 2019
|
| |
March 31, 2019
|
| |
May 15, 2019
|
| | | | 32,953 | | |
| | |
For the Three Months Ended
September 30, |
| |
For the Nine Months Ended
September 30, |
| ||||||||||||||||||
($ in thousands, except per share amounts)
|
| |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| ||||||||||||
Increase (decrease) in net assets resulting from operations
|
| | | $ | 52,747 | | | | | $ | 7,618 | | | | | $ | 78,666 | | | | | $ | 18,215 | | |
Weighted average shares of common stock outstanding – basic and diluted
|
| | | | 98,747,212 | | | | | | 41,960,853 | | | | | | 80,506,651 | | | | | | 32,575,532 | | |
Earnings (loss) per common share-basic and diluted
|
| | | $ | 0.53 | | | | | $ | 0.18 | | | | | $ | 0.98 | | | | | $ | 0.56 | | |
| | |
For the Nine Months Ended September 30,
|
| |||||||||
($ in thousands, except share and per share amounts)
|
| |
2020
|
| |
2019
|
| ||||||
Per share data: | | | | | | | | | | | | | |
Net asset value, beginning of period
|
| | | $ | 14.70 | | | | | $ | 14.53 | | |
Net investment income (loss)(1)
|
| | | | 0.73 | | | | | | 0.57 | | |
Net realized and unrealized gain (loss)
|
| | | | (0.14) | | | | | | — | | |
Total from operations
|
| | | | 0.59 | | | | | | 0.57 | | |
Distributions declared from net investment income(2)
|
| | | | (0.63) | | | | | | (0.44) | | |
Total increase (decrease) in net assets
|
| | | | (0.04) | | | | | | 0.13 | | |
Net asset value, end of period
|
| | | $ | 14.66 | | | | | $ | 14.66 | | |
Shares outstanding, end of period
|
| | | | 99,539,158 | | | | | | 45,870,973 | | |
Total Return(3)
|
| | | | 4.1% | | | | | | 4.0% | | |
Ratios / Supplemental Data | | | | | | | | | | | | | |
Ratio of total expenses to average net assets(4)
|
| | | | 7.2% | | | | | | 4.1% | | |
Ratio of net investment income to average net assets(4)
|
| | | | 6.8% | | | | | | 3.0% | | |
Net assets, end of period
|
| | | $ | 1,458,907 | | | | | $ | 672,658 | | |
| | |
For the Nine Months Ended
September 30, |
| |||||||||
($ in thousands, except share and per share amounts)
|
| |
2020
|
| |
2019
|
| ||||||
Weighted-average shares outstanding
|
| | | | 80,506,651 | | | | | | 32,575,532 | | |
Total capital commitments, end of period
|
| | | $ | 2,963,431 | | | | | $ | 2,241,820 | | |
Ratio of total contributed capital to total committed capital, end of period
|
| | | | 47.9% | | | | | | 30.1% | | |
Portfolio turnover rate
|
| | | | 11.4% | | | | | | 13.5% | | |
Year of formation
|
| | | | 2018 | | | | | | 2018 | | |
|
ANNUAL FINANCIAL STATEMENTS (AUDITED)
|
| | | | | | |
| | | | | F-2 | | | |
| | | | | F-3 | | | |
| | | | | F-4 | | | |
| | | | | F-5 | | | |
| | | | | F-11 | | | |
| | | | | F-12 | | | |
| | | | | F-13 | | | |
| INTERIM FINANCIAL STATEMENTS (UNAUDITED) | | | | | | | |
| | | | | F-37 | | | |
| | | | | F-38 | | | |
| | | | | F-39 | | | |
| | | | | F-49 | | | |
| | | | | F-50 | | | |
| | | | | F-51 | | |
| (a) | | | Articles of Amendment and Restatement, dated August 9, 2018 (incorporated by reference to Exhibit 3.1 to the Company’s Registration Statement on Form 10, filed on August 10, 2018). | |
| (b) | | | Bylaws, dated July 18, 2018 (incorporated by reference to Exhibit 3.2 to the Company’s Registration Statement on Form 10, filed on August 10, 2018). | |
| (d)(1) | | | Form of Subscription Agreement (incorporated by reference to Exhibit 4.1 to Amendment No. 1 to the Company’s Registration Statement on Form 10, filed on September 17, 2018). | |
| (d)(2) | | | Indenture, dated as of June 12, 2020, by and between the Company and Wells Fargo Bank, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company’s current report on Form 8-K, filed on June 12, 2020). | |
| (d)(3) | | | Statement of Eligibility of Trustee on Form T-1** | |
| (d)(4) | | | First Supplemental Indenture, dated as of June 12, 2020, relating to the 6.75% notes due 2025, by and between the Company and Wells Fargo Bank, National Association, as trustee (incorporated by reference to Exhibit 4.2 to the Company’s current report on Form 8-K, filed on June 12, 2020). | |
| (d)(5) | | | Form of 6.75% notes due 2025 sold in reliance on Rule 144A of the Securities Act (incorporated by reference to Exhibit 4.2 to the Company’s current report on Form 8-K, filed on June 12, 2020). | |
| (d)(6) | | | Form of 6.75% notes due 2025 sold in reliance on Rule 501(a)(1), (2), (3), or (7) of the Securities Act (incorporated by reference to Exhibit 4.2 to the Company’s current report on Form 8-K, filed on June 12, 2020). | |
| (d)(7) | | | Second Supplemental Indenture, dated as of September 23, 2020, relating to the 4.75% notes due 2025, by and between the Company and Wells Fargo Bank, National Association as trustee (incorporated by reference to Exhibit 4.2 to the Company’s current report on Form 8-K, filed on September 23, 2020) | |
| (d)(8) | | | Form of 4.75% notes due 2025 sold in reliance on Rule 144A of the Securities Act (incorporated by reference to Exhibit 4.2 to the Company’s current report on Form 8-K, filed on September 23, 2020) | |
| (d)(9) | | | Form of 4.75% notes due 2025 sold in reliance on Rule 501(a)(1), (2), (3) or (7) of the Securities Act (incorporated by reference to Exhibit 4.2 to the Company’s current report on Form 8-K, filed on September 23, 2020) | |
| (e) | | | Dividend Reinvestment Plan effective as of August 10, 2018 (incorporated by reference to Exhibit 10.3 to the Company’s Registration Statement on Form 10 filed on August 10, 2018). | |
| (g) | | | Investment Advisory Agreement between the Company and the Adviser, dated August 10, 2018 (incorporated by reference to Exhibit 10.1 to the Company’s Registration Statement on Form 10 filed on August 10, 2018). | |
| (h) | | | Form of Underwriting Agreement** | |
| (j)(1) | | | Custody Agreement by and between the Company and State Street Bank and Trust Company, dated August 2018 (incorporated by reference to Exhibit 10.5 to the Company’s Registration Statement on Form 10 filed on August 10, 2018). | |
| (k)(1) | | | Form of Indemnification Agreement (incorporated by reference to Exhibit 10.4 to Amendment No. 1 to the Company’s Registration Statement on Form 10 filed on September 17, 2018). | |
| (k)(2) | | | Administration Agreement between the Company and the Adviser, dated August 10, 2018 (incorporated by reference to Exhibit 10.2 to the Company’s Registration Statement on Form 10 filed on August 10, 2018). | |
| (k)(3) | | | License Agreement between the Company and Owl Rock Capital Partners LP, dated August 10, 2018 (incorporated by reference to Exhibit 10.6 to the Company’s Registration Statement on Form 10 filed on August 10, 2018). | |
| (k)(4) | | | Revolving Credit Agreement dated November 19, 2018, between the Company, as the Initial Borrower, Wells Fargo Bank, National Association, as the Administrative Agent, Letter of Credit Issuer and a Lender, and Wells Fargo Securities, LLC, as the Sole Bookrunner and the Sole Lead | |
| | | | Arranger (incorporated by reference to Exhibit 10.1 to the Company’s current report on Form 8-K, filed on November 21, 2018). | |
| (k)(5) | | | Senior Secured Revolving Credit Agreement dated as of March 15, 2019, between the Company, as Borrower, the lenders from time to time parties thereto, SunTrust Bank as Administrative Agent and SunTrust Robinson Humphrey, Inc. and ING Capital LLC as Joint Lead Arrangers and Joint Bookrunners (incorporated by reference to Exhibit 10.1 to the Company’s current report on Form 8-K, filed on March 19, 2019). | |
| (k)(6) | | | First Amendment to Revolving Credit Agreement, dated as of June 6, 2019, by and among the Company, as the Initial Borrower, and Wells Fargo Bank, National Association, as the Administrative Agent for the Secured Parties and as a Lender (incorporated by reference to Exhibit 10.1 to the Company’s quarterly report on Form 10-Q filed on August 7, 2019). | |
| (k)(7) | | | Second Amendment to Revolving Credit Agreement, dated as of December 19, 2019, by and among the Company, as the Initial Borrower, and Wells Fargo Bank, National Association, as the Administrative Agent for the Secured Parties and as a Lender. | |
| (k)(8) | | | Credit Agreement dated as of August 11, 2020, among OR Tech Financing I LLC, as Borrower, the Lenders referred to therein, Alter Domus (US) LLC, as Administrative Agent, State Street Bank and Trust Company, as Collateral Agent, Collateral Administrator and Custodian and Alter Domus (US) LLC, as Document Custodian (incorporated by reference to Exhibit 10.1 to the Company’s quarterly report on Form 10-Q filed on August 11, 2020). | |
| (k)(9) | | | Sale and Contribution Agreement dated as of August 11, 2020, between the Company, as Seller and OR Tech Financing I LLC, as Purchaser (incorporated by reference to Exhibit 10.2 to the Company’s quarterly report on Form 10-Q filed on August 11, 2020). | |
| (k)(8) | | | First Amendment to Senior Secured Revolving Credit Agreement, dated as of September 3, 2020, by and among, the Company, the Lenders party thereto, Truist Bank (as successor by merger to SunTrust Bank) as Administrative Agent, a Swingline Lender, an Issuing Bank and a Lender, and ING Capital LLC, as a Swingline Lender, an Issuing Bank, and a Lender (incorporated by reference to Exhibit 10.3 to the Company’s quarterly report on Form 10-Q filed on November 10, 2020). | |
| (l) | | | Form of Opinion and Consent of Eversheds Sutherland (US) LLP** | |
| (n)(1) | | | Consent of PricewaterhouseCoopers LLP** | |
| (n)(2) | | | Report of PricewaterhouseCoopers LLP, independent registered public accounting firm, with respect to the “Senior Securities” table** | |
| (o) | | | Not applicable | |
| (p) | | | Not applicable | |
| (q) | | | Not applicable | |
| (r) | | | Code of Ethics (incorporated by reference to Exhibit 99.1 to the Company’s Registration Statement on Form 10 filed on August 10, 2018). | |
| | |
Amount
|
| |||
U.S. Securities and Exchange Commission registration fee
|
| | | $ | [ ] | | |
Trustee fees and expenses(1)
|
| | |
|
(2)
|
| |
Printing expenses(1)
|
| | |
|
(2)
|
| |
Legal fees and expenses(1)
|
| | |
|
(2)
|
| |
Accounting fees and expenses(1)
|
| | |
|
(2)
|
| |
Miscellaneous(1) | | | |
|
(2)
|
| |
Total
|
| | |
|
(2)
|
| |
Title of Class
|
| |
Number of Record
Holders |
| |||
Common Stock
|
| | | | 7,098 | | |
| | | | OWL ROCK TECHNOLOGY FINANCE CORP. | | |||
| | | | By: | | |
Name: Alan Kirshenbaum
Title: Chief Financial Officer and Chief Operating Officer |
|
|
Name
|
| |
Title
|
|
|
Craig Packer
|
| | Chief Executive Officer and Director | |
|
Alan Kirshenbaum
|
| | Chief Financial Officer, Chief Operating Officer and Director | |
|
Douglas I. Ostrover
|
| | Director | |
|
Edward D’Alelio
|
| | Director and Chairman of the Board of Directors | |
|
Christopher M. Temple
|
| | Director and Chairman of the Audit Committee | |
|
Eric Kaye
|
| | Director and Chairman of the Nominating and Corporate Governance Committee | |
|
Brian Finn
|
| | Director | |
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