☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Maryland | 80-0789789 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, par value $0.01 per share | CGBD | The Nasdaq Global Select Market |
Large accelerated filer | x | Accelerated filer | ☐ | |||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
As of December 31, | ||||||
Type—% of Fair Value | 2019 | 2018 | ||||
First Lien Debt (excluding First Lien/Last Out) | 74.63 | % | 68.12 | % | ||
First Lien/Last Out Unitranche | 3.68 | 10.29 | ||||
Second Lien Debt | 11.04 | 9.07 | ||||
Equity Investments | 1.02 | 1.25 | ||||
Investment Fund | 9.63 | 11.27 | ||||
Total | 100.00 | % | 100.00 | % |
As of December 31, | ||||||
Type—% of Fair Value of First and Second Lien Debt | 2019 | 2018 | ||||
Floating Rate | 99.73 | % | 99.20 | % | ||
Fixed Rate | 0.27 | 0.80 | ||||
Total | 100.00 | % | 100.00 | % |
As of December 31, | ||||||
Geography—% of Fair Value | 2019 | 2018 | ||||
Canada | 1.93 | % | 0.79 | % | ||
Cyprus | 0.23 | — | ||||
Jamaica | 0.01 | — | ||||
Luxembourg | 1.72 | — | ||||
United Kingdom | 1.25 | 0.49 | ||||
United States | 94.86 | 98.72 | ||||
Total | 100.00 | % | 100.00 | % |
As of December 31, | ||||||
Industry—% of Fair Value | 2019 | 2018 | ||||
Aerospace & Defense | 5.17 | % | 1.42 | % | ||
Automotive | 1.87 | 0.33 | ||||
Banking, Finance, Insurance & Real Estate | 5.42 | 6.49 | ||||
Beverage, Food & Tobacco | 3.82 | 3.77 | ||||
Business Services | 7.89 | 8.24 | ||||
Capital Equipment | 2.12 | — | ||||
Chemicals, Plastics & Rubber | 1.27 | 1.13 | ||||
Construction & Building | 0.66 | 0.13 | ||||
Consumer Services | 1.81 | 1.51 | ||||
Containers, Packaging & Glass | 3.21 | 2.40 | ||||
Durable Consumer Goods | 0.55 | 0.05 | ||||
Energy: Electricity | 1.46 | 2.18 | ||||
Energy: Oil & Gas | 0.56 | 0.61 | ||||
Environmental Industries | 2.03 | 1.82 | ||||
Forest Products & Paper | — | 2.51 | ||||
Healthcare & Pharmaceuticals | 9.07 | 11.82 | ||||
High Tech Industries | 10.13 | 12.24 | ||||
Hotel, Gaming & Leisure | 4.48 | 3.89 | ||||
Investment Fund | 9.63 | 11.27 | ||||
Media: Broadcast & Subscription | 2.19 | 1.08 | ||||
Media: Advertising, Printing & Publishing | 1.76 | 2.98 | ||||
Non-durable Consumer Goods | 0.09 | 2.53 | ||||
Retail | 2.03 | — | ||||
Software | 10.63 | 6.30 | ||||
Sovereign & Public Finance | 1.76 | 1.95 | ||||
Telecommunications | 5.47 | 5.78 | ||||
Transportation: Cargo | 1.99 | 3.62 | ||||
Transportation: Consumer | 1.71 | 1.85 | ||||
Wholesale | 1.22 | 2.10 | ||||
Total | 100.00 | % | 100.00 | % |
Assumed Return on Our Portfolio (Net of Expenses) | |||||||||
Assumed annual returns on the Company's portfolio (net of expenses) | (10)% | (5)% | 0% | 5% | 10% | ||||
Corresponding return to common stockholder (1) | (27.83)% | (16.39)% | (4.95)% | 6.48% | 17.92% |
Period | Total Number of Shares Purchased(1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(1)(2) | Maximum (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||||
October 1, 2019 through October 31, 2019 | — | $ | — | — | $ | 47,628 | ||||||||
November 1, 2019 through November 30, 2019 | 91,000 | 13.50 | 91,000 | 46,400 | ||||||||||
December 1, 2019 through December 31, 2019 | 1,233,432 | 13.78 | 1,233,432 | 29,406 | ||||||||||
Total | 1,324,432 | 1,324,432 |
For the years ended December 31, | |||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||
(dollar amounts in thousands, except per share data) | |||||||||||||||||||
Consolidated Statements of Operations Data | |||||||||||||||||||
Income | |||||||||||||||||||
Total investment income | $ | 221,298 | $ | 207,526 | $ | 165,001 | $ | 110,971 | $ | 69,190 | |||||||||
Expenses | |||||||||||||||||||
Net expenses (including excise tax expense) | 113,633 | 99,090 | 72,850 | 51,350 | 33,666 | ||||||||||||||
Net investment income (loss) | 107,665 | 108,436 | 92,151 | 59,621 | 35,524 | ||||||||||||||
Net realized gain (loss) on investments and non-investment assets and liabilities | (38,343 | ) | (1,368 | ) | (11,692 | ) | (9,644 | ) | 1,164 | ||||||||||
Net change in unrealized appreciation (depreciation) on investments and non-investment assets and liabilities | (7,992 | ) | (67,953 | ) | 3,741 | 19,832 | (18,015 | ) | |||||||||||
Net increase (decrease) in net assets resulting from operations | 61,330 | 39,115 | 84,200 | 69,809 | 18,673 | ||||||||||||||
Per Share Data | |||||||||||||||||||
Basic and diluted net investment income | $ | 1.79 | $ | 1.73 | $ | 1.74 | $ | 1.65 | $ | 1.43 | |||||||||
Basic and diluted earnings | $ | 1.02 | $ | 0.63 | $ | 1.59 | $ | 1.93 | $ | 0.75 | |||||||||
Dividends declared (1) | $ | 1.74 | $ | 1.68 | $ | 1.64 | $ | 1.68 | $ | 1.74 |
As of and for the years ended December 31, | |||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||
(dollar amounts in thousands, except per share data) | |||||||||||||||||||
Consolidated Statements of Assets and Liabilities Data | |||||||||||||||||||
Investments—non-controlled/non-affiliated, at fair value | $ | 1,897,057 | $ | 1,731,319 | $ | 1,779,584 | $ | 1,323,102 | $ | 1,052,666 | |||||||||
Investments—non-controlled/affiliated, at fair value | — | 18,543 | 15,431 | — | — | ||||||||||||||
Investments—controlled/affiliated, at fair value | 226,907 | 222,295 | 172,516 | 99,657 | — | ||||||||||||||
Cash and cash equivalents | 36,751 | 87,186 | 32,039 | 38,489 | 41,837 | ||||||||||||||
Total assets | 2,187,533 | 2,084,743 | 2,021,383 | 1,490,155 | 1,104,032 | ||||||||||||||
Secured borrowings | 616,543 | 514,635 | 562,893 | 421,885 | 234,313 | ||||||||||||||
2015-1 Notes | 446,289 | 446,043 | 271,053 | 270,849 | 270,644 | ||||||||||||||
Senior Notes | 115,000 | — | — | — | — | ||||||||||||||
Total liabilities | 1,231,062 | 1,021,525 | 894,079 | 726,018 | 532,306 | ||||||||||||||
Total net assets | 956,471 | 1,063,218 | 1,127,304 | 764,137 | 571,726 | ||||||||||||||
Net assets per share | $ | 16.56 | $ | 17.09 | $ | 18.12 | $ | 18.32 | $ | 18.14 | |||||||||
Other Data: | |||||||||||||||||||
Number of portfolio companies/structured finance obligations/investment fund at year end | 112 | 96 | 90 | 86 | 85 | ||||||||||||||
Average funded investments in new portfolio companies/structured finance obligations/investment fund (1) | $ | 19,617 | $ | 20,218 | $ | 26,816 | $ | 12,188 | $ | 12,996 | |||||||||
Total return based on NAV (2) | 7.08 | % | 3.59 | % | 7.86 | % | 10.25 | % | 5.41 | % |
As of December 31, | As of December 31, | ||||||||||||||||||||||||
2019 | 2018 | 2017 | 2020 | 2019 | 2018 | ||||||||||||||||||||
Count of investments | 136 | 119 | 107 | Count of investments | 160 | 136 | 119 | ||||||||||||||||||
Count of portfolio companies / investment fund | 112 | 96 | 90 | ||||||||||||||||||||||
Count of portfolio companies / investment funds | Count of portfolio companies / investment funds | 117 | 112 | 96 | |||||||||||||||||||||
Count of industries | 28 | 27 | 28 | Count of industries | 27 | 28 | 27 | ||||||||||||||||||
Count of sponsors | 63 | 57 | 57 | Count of sponsors | 63 | 63 | 57 | ||||||||||||||||||
Percentage of total investment fair value: | Percentage of total investment fair value: | ||||||||||||||||||||||||
First lien debt | 74.6 | % | 68.1 | % | 65.7 | % | |||||||||||||||||||
First lien / last out loans | 3.7 | % | 10.3 | % | 12.1 | % | |||||||||||||||||||
First lien debt (excluding first lien / last out debt) | First lien debt (excluding first lien / last out debt) | 63.6 | % | 74.6 | % | 68.1 | % | ||||||||||||||||||
First lien / last out debt | First lien / last out debt | 3.4 | % | 3.7 | % | 10.3 | % | ||||||||||||||||||
Second lien debt | 11.0 | % | 9.1 | % | 12.5 | % | Second lien debt | 15.6 | % | 11.0 | % | 9.1 | % | ||||||||||||
Total secured debt | 89.3 | % | 87.5 | % | 90.3 | % | Total secured debt | 82.6 | % | 89.3 | % | 87.5 | % | ||||||||||||
Credit Fund | 9.6 | % | 11.3 | % | 8.8 | % | |||||||||||||||||||
Investment Funds | Investment Funds | 15.5 | % | 9.6 | % | 11.3 | % | ||||||||||||||||||
Equity investments | 1.0 | % | 1.3 | % | 0.9 | % | Equity investments | 1.9 | % | 1.0 | % | 1.3 | % | ||||||||||||
Percentage of debt investment fair value: | Percentage of debt investment fair value: | ||||||||||||||||||||||||
Floating rate (1) | 99.7 | % | 99.2 | % | 99.0 | % | Floating rate (1) | 99.1 | % | 99.7 | % | 99.2 | % | ||||||||||||
Fixed interest rate | 0.3 | % | 0.8 | % | 1.0 | % | Fixed interest rate | 0.9 | % | 0.3 | % | 0.8 | % |
For the years ended December 31, | For the years ended December 31, | |||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2020 | 2019 | 2018 | |||||||||||||||||||||||
Investments: | Investments: | |||||||||||||||||||||||||||
Total investments, beginning of year | $ | 2,043,591 | $ | 1,971,012 | $ | 1,429,981 | Total investments, beginning of year | $ | 2,201,451 | $ | 2,043,591 | $ | 1,971,012 | |||||||||||||||
New investments purchased | 1,000,467 | 950,255 | 1,340,824 | New investments purchased | 705,743 | 1,000,467 | 950,255 | |||||||||||||||||||||
Net accretion of discount on investments | 12,955 | 12,814 | 11,747 | Net accretion of discount on investments | 8,186 | 12,955 | 12,814 | |||||||||||||||||||||
Net realized gain (loss) on investments | (38,376 | ) | (1,368 | ) | (11,692 | ) | Net realized gain (loss) on investments | (58,472) | (38,376) | (1,368) | ||||||||||||||||||
Investments sold or repaid | (817,186 | ) | (889,122 | ) | (799,848 | ) | Investments sold or repaid | (933,942) | (817,186) | (889,122) | ||||||||||||||||||
Total investments, end of year | $ | 2,201,451 | $ | 2,043,591 | $ | 1,971,012 | Total investments, end of year | $ | 1,922,966 | $ | 2,201,451 | $ | 2,043,591 | |||||||||||||||
Principal amount of investments funded: | Principal amount of investments funded: | |||||||||||||||||||||||||||
First Lien Debt (excluding First Lien/Last Out) | $ | 653,217 | $ | 648,034 | $ | 837,732 | First Lien Debt (excluding First Lien/Last Out) | $ | 314,373 | $ | 653,217 | $ | 648,034 | |||||||||||||||
First Lien/Last Out Unitranche | 73,272 | 23,507 | 153,674 | |||||||||||||||||||||||||
First Lien/Last Out Debt | First Lien/Last Out Debt | 30,866 | 73,272 | 23,507 | ||||||||||||||||||||||||
Second Lien Debt | 144,217 | 135,587 | 179,162 | Second Lien Debt | 117,106 | 144,217 | 135,587 | |||||||||||||||||||||
Equity Investments | 5,436 | 5,302 | 8,887 | Equity Investments | 12,233 | 5,436 | 5,302 | |||||||||||||||||||||
Investment Fund | 131,699 | 151,650 | 187,460 | |||||||||||||||||||||||||
Investment Funds | Investment Funds | 234,122 | 131,699 | 151,650 | ||||||||||||||||||||||||
Total | $ | 1,007,841 | $ | 964,080 | $ | 1,366,915 | Total | $ | 708,700 | $ | 1,007,841 | $ | 964,080 | |||||||||||||||
Principal amount of investments sold or repaid: | Principal amount of investments sold or repaid: | |||||||||||||||||||||||||||
First Lien Debt (excluding First Lien/Last Out) | $ | (419,151 | ) | $ | (566,490 | ) | $ | (498,475 | ) | First Lien Debt (excluding First Lien/Last Out) | $ | (694,027) | $ | (419,151) | $ | (566,490) | ||||||||||||
First Lien/Last Out Unitranche | (204,702 | ) | (29,682 | ) | (86,939 | ) | ||||||||||||||||||||||
First Lien/Last Out Debt | First Lien/Last Out Debt | (79,831) | (204,702) | (29,682) | ||||||||||||||||||||||||
Second Lien Debt | (88,695 | ) | (200,465 | ) | (107,748 | ) | Second Lien Debt | (57,207) | (88,695) | (200,465) | ||||||||||||||||||
Structured Finance Obligations | — | — | (27,000 | ) | ||||||||||||||||||||||||
Investment Fund | (145,200 | ) | (93,900 | ) | (112,594 | ) | ||||||||||||||||||||||
Equity Investments | Equity Investments | (1,282) | (3,070) | (1,000) | ||||||||||||||||||||||||
Investment Funds | Investment Funds | (156,500) | (145,200) | (93,900) | ||||||||||||||||||||||||
Total | $ | (860,818 | ) | $ | (891,537 | ) | $ | (832,756 | ) | Total | $ | (988,847) | $ | (860,818) | $ | (891,537) | ||||||||||||
Number of new funded investments | 51 | 47 | 50 | Number of new funded investments | 48 | 51 | 47 | |||||||||||||||||||||
Average amount of new funded investments | $ | 19,617 | $ | 20,218 | $ | 26,816 | Average amount of new funded investments | $ | 8,781 | $ | 19,617 | $ | 20,218 | |||||||||||||||
Percentage of new funded debt investments at floating interest rates | 99 | % | 100 | % | 99 | % | Percentage of new funded debt investments at floating interest rates | 99 | % | 99 | % | 100 | % | |||||||||||||||
Percentage of new funded debt investments at fixed interest rates | 1 | % | — | % | 1 | % | Percentage of new funded debt investments at fixed interest rates | 1 | % | 1 | % | — | % |
December 31, 2019 | December 31, 2018 | December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||||||||||||
First Lien Debt (excluding First Lien/Last Out) | $ | 1,649,721 | $ | 1,585,042 | 1,375,437 | 1,343,422 | First Lien Debt (excluding First Lien/Last Out) | $ | 1,234,579 | $ | 1,161,881 | $ | 1,649,721 | $ | 1,585,042 | |||||||||||||||||||||
First Lien/Last Out Unitranche | 78,951 | 78,096 | 241,263 | 202,849 | ||||||||||||||||||||||||||||||||
First Lien/Last Out Debt | First Lien/Last Out Debt | 63,575 | 62,182 | 78,951 | 78,096 | |||||||||||||||||||||||||||||||
Second Lien Debt | 234,006 | 234,532 | 179,434 | 178,958 | Second Lien Debt | 297,962 | 284,523 | 234,006 | 234,532 | |||||||||||||||||||||||||||
Equity Investments | 22,272 | 21,698 | 17,456 | 24,633 | Equity Investments | 32,754 | 33,877 | 22,272 | 21,698 | |||||||||||||||||||||||||||
Investment Fund | 216,501 | 204,596 | 230,001 | 222,295 | ||||||||||||||||||||||||||||||||
Investment Funds | Investment Funds | 294,096 | 283,286 | 216,501 | 204,596 | |||||||||||||||||||||||||||||||
Total | $ | 2,201,451 | $ | 2,123,964 | 2,043,591 | 1,972,157 | Total | $ | 1,922,966 | $ | 1,825,749 | $ | 2,201,451 | $ | 2,123,964 |
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||
First Lien Debt (excluding First Lien/Last Out) | 7.08 | % | 7.53 | % | 8.00 | % | 8.17 | % | |||||||||||||||
First Lien/Last Out Debt | 9.65 | % | 9.87 | % | 6.63 | % | 9.53 | % | |||||||||||||||
First Lien Debt Total | 7.21 | % | 7.65 | % | 7.91 | % | 8.23 | % | |||||||||||||||
Second Lien Debt | 9.15 | % | 9.59 | % | 10.44 | % | 10.42 | % | |||||||||||||||
First and Second Lien Debt Total | 7.57 | % | 8.01 | % | 8.22 | % | 8.50 | % |
December 31, 2019 | December 31, 2018 | ||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||
First Lien Debt (excluding First Lien/Last Out) | 8.00 | % | 8.17 | % | 9.16 | % | 9.38 | % | |||
First Lien/Last Out Unitranche | 6.63 | % | 9.53 | % | 10.62 | % | 12.63 | % | |||
First Lien Debt Total | 7.91 | % | 8.23 | % | 9.38 | % | 9.80 | % | |||
Second Lien Debt | 10.44 | % | 10.42 | % | 11.04 | % | 11.07 | % | |||
First and Second Lien Debt Total | 8.22 | % | 8.50 | % | 9.54 | % | 9.94 | % |
December 31, 2019 | December 31, 2018 | December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||
Fair Value | Percentage | Fair Value | Percentage | Fair Value | Percentage | Fair Value | Percentage | |||||||||||||||||||||||||||||
Performing | $ | 2,071,535 | 97.53 | % | $ | 1,957,830 | 99.27 | % | Performing | $ | 1,767,613 | 96.82 | % | $ | 2,071,535 | 97.53 | % | |||||||||||||||||||
Non-accrual (1) | 52,429 | 2.47 | 14,327 | 0.73 | Non-accrual (1) | 58,136 | 3.18 | 52,429 | 2.47 | |||||||||||||||||||||||||||
Total | $ | 2,123,964 | 100.00 | % | $ | 1,972,157 | 100.00 | % | Total | $ | 1,825,749 | 100.00 | % | $ | 2,123,964 | 100.00 | % |
Rating | Definition | ||||
1 | |||||
2 | |||||
3 | origination. The borrower may | ||||
4 | |||||
5 | |||||
December 31, 2019 | December 31, 2018 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
(dollar amounts in millions) | Fair Value | % of Fair Value | Fair Value | % of Fair Value | (dollar amounts in millions) | Fair Value | % of Fair Value | |||||||||||||||||||||||||||||
Internal Risk Rating 1 | $ | 39.2 | 2.06 | % | $ | 71.0 | 4.12 | % | Internal Risk Rating 1 | $ | 19.1 | 1.27 | % | |||||||||||||||||||||||
Internal Risk Rating 2 | 1,501.4 | 79.12 | 1,302.9 | 75.52 | Internal Risk Rating 2 | 1,047.5 | 69.44 | |||||||||||||||||||||||||||||
Internal Risk Rating 3 | 132.9 | 7.00 | 208.4 | 12.08 | Internal Risk Rating 3 | 361.1 | 23.93 | |||||||||||||||||||||||||||||
Internal Risk Rating 4 | 159.0 | 8.38 | 105.1 | 6.09 | Internal Risk Rating 4 | 48.1 | 3.19 | |||||||||||||||||||||||||||||
Internal Risk Rating 5 | 65.2 | 3.44 | 23.5 | 1.36 | Internal Risk Rating 5 | 32.8 | 2.17 | |||||||||||||||||||||||||||||
Internal Risk Rating 6 | — | — | 14.3 | 0.83 | ||||||||||||||||||||||||||||||||
Total | $ | 1,897.7 | 100.00 | % | $ | 1,725.2 | 100.00 | % | Total | $ | 1,508.6 | 100.00 | % |
For the years ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Investment income: | |||||||||||||||||
First Lien Debt | $ | 125,958 | $ | 168,750 | $ | 151,000 | |||||||||||
Second Lien Debt | 29,851 | 24,203 | 27,678 | ||||||||||||||
Equity Investments | 1,978 | 63 | 63 | ||||||||||||||
Investment Funds | 24,277 | 27,931 | 28,490 | ||||||||||||||
Cash | 54 | 351 | 295 | ||||||||||||||
Total investment income | $ | 182,118 | $ | 221,298 | $ | 207,526 |
For the years ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Investment income: | |||||||||||
First Lien Debt | $ | 168,750 | $ | 151,000 | $ | 119,222 | |||||
Second Lien Debt | 24,203 | 27,678 | 26,057 | ||||||||
Equity Investments | 63 | 63 | 95 | ||||||||
Investment Fund | 27,931 | 28,490 | 19,453 | ||||||||
Cash | 351 | 295 | 174 | ||||||||
Total investment income | $ | 221,298 | $ | 207,526 | $ | 165,001 |
For the years ended December 31, | For the years ended December 31, | |||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2020 | 2019 | 2018 | |||||||||||||||||||||||
Total investment income | $ | 221,298 | $ | 207,526 | $ | 165,001 | Total investment income | $ | 182,118 | $ | 221,298 | $ | 207,526 | |||||||||||||||
Net expenses (including Excise tax expense) | (113,633 | ) | (99,090 | ) | (72,850 | ) | Net expenses (including Excise tax expense) | (93,311) | (113,633) | (99,090) | ||||||||||||||||||
Net investment income (loss) | $ | 107,665 | $ | 108,436 | $ | 92,151 | Net investment income (loss) | $ | 88,807 | $ | 107,665 | $ | 108,436 |
For the years ended December 31, | For the years ended December 31, | |||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2020 | 2019 | 2018 | |||||||||||||||||||||||
Base management fees | $ | 31,316 | $ | 29,626 | $ | 25,254 | Base management fees | $ | 28,648 | $ | 31,316 | $ | 29,626 | |||||||||||||||
Incentive fees | 22,872 | 23,002 | 21,084 | Incentive fees | 18,555 | 22,872 | 23,002 | |||||||||||||||||||||
Professional fees | 2,745 | 3,404 | 2,895 | Professional fees | 3,082 | 2,745 | 3,404 | |||||||||||||||||||||
Administrative service fees | 539 | 701 | 661 | Administrative service fees | 679 | 539 | 701 | |||||||||||||||||||||
Interest expense | 50,587 | 37,801 | 24,510 | Interest expense | 35,820 | 50,587 | 37,801 | |||||||||||||||||||||
Credit facility fees | 3,079 | 2,295 | 1,983 | Credit facility fees | 3,761 | 3,079 | 2,295 | |||||||||||||||||||||
Directors’ fees and expenses | 353 | 370 | 443 | Directors’ fees and expenses | 398 | 353 | 370 | |||||||||||||||||||||
Other general and administrative | 1,738 | 1,661 | 1,683 | Other general and administrative | 1,795 | 1,738 | 1,661 | |||||||||||||||||||||
Excise tax expense | 404 | 230 | 264 | Excise tax expense | 573 | 404 | 230 | |||||||||||||||||||||
Waiver of base management fees | — | — | (5,927 | ) | ||||||||||||||||||||||||
Net expenses | $ | 113,633 | $ | 99,090 | $ | 72,850 | Net expenses | $ | 93,311 | $ | 113,633 | $ | 99,090 |
For the years ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Interest expense | $ | 35,820 | $ | 50,587 | $ | 37,801 | |||||||||||
Facility unused commitment fee | 1,766 | 1,263 | 1,260 | ||||||||||||||
Amortization of deferred financing costs | 1,886 | 1,618 | 901 | ||||||||||||||
Other fees | 109 | 198 | 134 | ||||||||||||||
Total interest expense and credit facility fees | $ | 39,581 | $ | 53,666 | $ | 40,096 | |||||||||||
Cash paid for interest expense | $ | 33,149 | $ | 49,981 | $ | 34,676 | |||||||||||
Average principal debt outstanding | $ | 1,111,397 | $ | 1,125.547 | $ | 864.734 | |||||||||||
Weighted average interest rate | 3.15 | % | 4.41 | % | 4.32 | % |
For the years ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Interest expense | 50,587 | $ | 37,801 | $ | 24,510 | ||||||
Facility unused commitment fee | 1,263 | 1,260 | 1,117 | ||||||||
Amortization of deferred financing costs | 1,618 | 901 | 745 | ||||||||
Other fees | 198 | 134 | 121 | ||||||||
Total interest expense and credit facility fees | $ | 53,666 | $ | 40,096 | $ | 26,493 | |||||
Cash paid for interest expense | $ | 49,981 | $ | 34,676 | $ | 22,519 | |||||
Average principal debt outstanding | 1,125,547 | $ | 864,734 | $ | 728,144 | ||||||
Weighted average interest rate | 4.41 | % | 4.32 | % | 3.32 | % |
For the years ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Base management fees | $ | 28,648 | $ | 31,316 | $ | 29,626 | |||||||||||
Incentive fees on pre-incentive fee net investment income | 18,555 | 22,872 | 23,002 | ||||||||||||||
Realized capital gains incentive fees | — | — | — | ||||||||||||||
Accrued capital gains incentive fees | — | — | — | ||||||||||||||
Total capital gains incentive fees | — | — | — | ||||||||||||||
Total incentive fees | 18,555 | 22,872 | 23,002 | ||||||||||||||
Total base management fees and incentive fees | $ | 47,203 | $ | 54,188 | $ | 52,628 |
For the years ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Base management fees | $ | 31,316 | $ | 29,626 | $ | 25,254 | |||||
Waiver of base management fees | — | — | 5,927 | ||||||||
Base management fees, net of waiver | 31,316 | 29,626 | 19,327 | ||||||||
Incentive fees on pre-incentive fee net investment income | 22,872 | 23,002 | 21,084 | ||||||||
Realized capital gains incentive fees | — | — | — | ||||||||
Accrued capital gains incentive fees | — | — | — | ||||||||
Total capital gains incentive fees | — | — | — | ||||||||
Total incentive fees | 22,872 | 23,002 | 21,084 | ||||||||
Total base management fees and incentive fees | $ | 54,188 | $ | 52,628 | $ | 40,411 |
For the years ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Net realized gain (loss) on investments | $ | (58,473) | $ | (38,376) | $ | (1,368) | |||||||||||
Net change in unrealized appreciation (depreciation) on investments | (19,656) | (6,053) | (67,953) | ||||||||||||||
Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments | $ | (78,129) | $ | (44,429) | $ | (69,321) |
For the years ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Net realized gain (loss) on investments | $ | (38,376 | ) | $ | (1,368 | ) | $ | (11,692 | ) | ||
Net change in unrealized appreciation (depreciation) on investments | (6,053 | ) | (67,953 | ) | 3,741 | ||||||
Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments | $ | (44,429 | ) | $ | (69,321 | ) | $ | (7,951 | ) |
For the years ended December 31, | ||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||
Type | Net realized gain (loss) | Net change in unrealized appreciation (depreciation) | Net realized gain (loss) | Net change in unrealized appreciation (depreciation) | Net realized gain (loss) | Net change in unrealized appreciation (depreciation) | ||||||||||||||||||||||||||||||||
First Lien Debt | $ | (58,766) | $ | (8,557) | $ | (52,633) | $ | 4,894 | $ | (4,903) | $ | (59,374) | ||||||||||||||||||||||||||
Second Lien Debt | (228) | (13,965) | — | 1,003 | 2 | (3,822) | ||||||||||||||||||||||||||||||||
Equity Investments | 522 | 1,697 | 14,257 | (7,751) | 3,533 | 3,214 | ||||||||||||||||||||||||||||||||
Investment Funds | — | (3,104) | — | (4,199) | — | (7,971) | ||||||||||||||||||||||||||||||||
Total | $ | (58,472) | $ | (23,929) | $ | (38,376) | $ | (6,053) | $ | (1,368) | $ | (67,953) |
For the years ended December 31, | ||||||||||||||||||||||||
2019 | 2018 | 2017 | ||||||||||||||||||||||
Type | Net realized gain (loss) | Net change in unrealized appreciation (depreciation) | Net realized gain (loss) | Net change in unrealized appreciation (depreciation) | Net realized gain (loss) | Net change in unrealized appreciation (depreciation) | ||||||||||||||||||
First Lien Debt | $ | (52,633 | ) | $ | 4,894 | $ | (4,903 | ) | $ | (59,374 | ) | $ | (8,240 | ) | $ | (5,277 | ) | |||||||
Second Lien Debt | — | 1,003 | 2 | (3,822 | ) | (360 | ) | 4,442 | ||||||||||||||||
Structured Finance Obligations | — | — | — | — | (3,092 | ) | 4,023 | |||||||||||||||||
Equity Investments | 14,257 | (7,751 | ) | 3,533 | 3,214 | — | 2,560 | |||||||||||||||||
Investment Fund | — | (4,199 | ) | — | (7,971 | ) | — | (2,007 | ) | |||||||||||||||
Total | $ | (38,376 | ) | $ | (6,053 | ) | $ | (1,368 | ) | $ | (67,953 | ) | $ | (11,692 | ) | $ | 3,741 |
As of December 31, | As of December 31, | |||||||||||||||||
2019 | 2018 | 2020 | 2019 | |||||||||||||||
ASSETS | ASSETS | |||||||||||||||||
Investments, at fair value (amortized cost of $1,258,157 and $1,198,537,respectively) | $ | 1,246,839 | $ | 1,173,508 | ||||||||||||||
Investments, at fair value (amortized cost of $1,080,538 and $1,258,157,respectively) | Investments, at fair value (amortized cost of $1,080,538 and $1,258,157,respectively) | $ | 1,056,381 | $ | 1,246,839 | |||||||||||||
Cash and cash equivalents | 64,787 | 55,698 | Cash and cash equivalents | 119,796 | 64,787 | |||||||||||||
Other assets | 9,369 | 6,849 | Other assets | 7,553 | 9,369 | |||||||||||||
Total assets | $ | 1,320,995 | $ | 1,236,055 | Total assets | $ | 1,183,730 | $ | 1,320,995 | |||||||||
LIABILITIES AND MEMBERS’ EQUITY | LIABILITIES AND MEMBERS’ EQUITY | |||||||||||||||||
Secured borrowings | $ | 441,077 | $ | 572,178 | Secured borrowings | $ | 514,261 | $ | 441,077 | |||||||||
Notes payable, net of unamortized debt issuance costs of $3,441 and $1,849, respectively) | 528,407 | 309,114 | ||||||||||||||||
Notes payable, net of unamortized debt issuance costs of $1,559 and $3,441, respectively) | Notes payable, net of unamortized debt issuance costs of $1,559 and $3,441, respectively) | 253,933 | 528,407 | |||||||||||||||
Mezzanine loans (1) | 93,000 | 112,000 | Mezzanine loans (1) | — | 93,000 | |||||||||||||
Other liabilities | 32,383 | 34,195 | Other liabilities | 15,543 | 32,383 | |||||||||||||
Subordinated loans and members’ equity (1) | 226,128 | 208,568 | Subordinated loans and members’ equity (1) | 399,993 | 226,128 | |||||||||||||
Total liabilities and members’ equity | $ | 1,320,995 | $ | 1,236,055 | Total liabilities and members’ equity | $ | 1,183,730 | $ | 1,320,995 |
For the Years Ended December 31, | |||||||||||
2020 | 2019 | ||||||||||
Total investment income | $ | 83,476 | $ | 94,092 | |||||||
Expenses | |||||||||||
Interest and credit facility expenses | 40,238 | 59,228 | |||||||||
Other expenses | 2,034 | 2,230 | |||||||||
Total expenses | 42,272 | 61,458 | |||||||||
Net investment income (loss) | 41,204 | 32,634 | |||||||||
Net realized gain (loss) on investments | — | (8,285) | |||||||||
Net change in unrealized appreciation (depreciation) on investments | (12,839) | 13,711 | |||||||||
Net increase (decrease) resulting from operations | $ | 28,365 | $ | 38,060 |
For the Years Ended December 31, | |||||||
2019 | 2018 | ||||||
Total investment income | $ | 94,092 | $ | 82,560 | |||
Expenses | |||||||
Interest and credit facility expenses | 59,228 | 51,936 | |||||
Other expenses | 2,230 | 1,988 | |||||
Total expenses | 61,458 | 53,924 | |||||
Net investment income (loss) | 32,634 | 28,636 | |||||
Net realized gain (loss) on investments | (8,285 | ) | 33 | ||||
Net change in unrealized appreciation (depreciation) on investments | 13,711 | (26,133 | ) | ||||
Net increase (decrease) resulting from operations | $ | 38,060 | $ | 2,536 |
As of December 31, | |||||||||||
2020 | 2019 | ||||||||||
Senior secured loans (1) | $ | 1,084,491 | $ | 1,260,582 | |||||||
Weighted average yields of senior secured loans based on amortized cost (2) | 6.03 | % | 6.51 | % | |||||||
Weighted average yields of senior secured loans based on fair value (2) | 6.15 | % | 6.55 | % | |||||||
Number of portfolio companies in Credit Fund | 54 | 61 | |||||||||
Average amount per portfolio company (1) | $ | 20,083 | $ | 20,665 | |||||||
Number of loans on non-accrual status | — | 1 | |||||||||
Fair value of loans on non-accrual status | $ | — | $ | 21,150 | |||||||
Percentage of loans at floating interest rates (3) (4) | 97.7 | % | 98.3 | % | |||||||
Percentage of loans at fixed interest rates (4) | 2.3 | % | 1.7 | % | |||||||
Fair value of loans with PIK provisions | $ | 24,113 | $ | 21,150 | |||||||
Percentage of portfolio with PIK provisions (4) | 2.3 | % | 1.7 | % |
As of December 31, | |||||||
2019 | 2018 | ||||||
Senior secured loans (1) | $ | 1,260,582 | $ | 1,207,913 | |||
Weighted average yields of senior secured loans based on amortized cost (2) | 6.51 | % | 7.16 | % | |||
Weighted average yields of senior secured loans based on fair value (2) | 6.55 | % | 7.32 | % | |||
Number of portfolio companies in Credit Fund | 61 | 60 | |||||
Average amount per portfolio company (1) | $ | 20,665 | $ | 20,132 | |||
Number of loans on non-accrual status | 1 | 1 | |||||
Fair value of loans on non-accrual status | $ | 21,150 | $ | 25,400 | |||
Percentage of portfolio at floating interest rates (3) (4) | 98.3 | % | 99.9 | % | |||
Percentage of portfolio at fixed interest rates (4) | 1.7 | % | 0.1 | % | |||
Fair value of loans with PIK provisions | $ | 21,150 | $ | 1,119 | |||
Percentage of portfolio with PIK provisions (4) | 1.7 | % | 0.1 | % |
Consolidated Schedule of Investments as of December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Maturity Date | Par/ Principal Amount | Amortized Cost (4) | Fair Value (55) | |||||||||||||||||||||||||||||||||||||||||||||
First Lien Debt (97.47% of fair value) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Acrisure, LLC | \# | (2)(3) | Banking, Finance, Insurance & Real Estate | L + 3.50% | 3.65% | 2/15/2027 | $ | 25,634 | $ | 25,606 | $ | 25,104 | |||||||||||||||||||||||||||||||||||||||||
Alku, LLC | +# | (2)(3) | Business Services | L + 5.50% | 5.75% | 7/29/2026 | 23,666 | 23,466 | 23,512 | ||||||||||||||||||||||||||||||||||||||||||||
Alpha Packaging Holdings, Inc. | +\ | (2)(3) | Containers, Packaging & Glass | L + 6.00% | 7.00% | 11/12/2021 | 16,378 | 16,378 | 16,378 | ||||||||||||||||||||||||||||||||||||||||||||
AmeriLife Holdings LLC | # | (2)(3) | Banking, Finance, Insurance & Real Estate | L + 4.00% | 4.15% | 3/18/2027 | 9,951 | 9,929 | 9,802 | ||||||||||||||||||||||||||||||||||||||||||||
Analogic Corporation | ^+ | (2)(3)(6) | Capital Equipment | L + 5.25% | 6.25% | 6/22/2024 | 18,857 | 18,837 | 18,857 | ||||||||||||||||||||||||||||||||||||||||||||
Anchor Packaging, Inc. | +# | (2)(3) | Containers, Packaging & Glass | L + 4.00% | 4.15% | 7/18/2026 | 24,723 | 24,617 | 24,656 | ||||||||||||||||||||||||||||||||||||||||||||
API Technologies Corp. | +\ | (2)(3) | Aerospace & Defense | L + 4.25% | 4.49% | 5/9/2026 | 14,775 | 14,713 | 13,999 | ||||||||||||||||||||||||||||||||||||||||||||
Aptean, Inc. | +\ | (2)(3) | Software | L + 4.25% | 4.40% | 4/23/2026 | 12,281 | 12,227 | 12,077 | ||||||||||||||||||||||||||||||||||||||||||||
AQA Acquisition Holding, Inc. | +\ | (2)(3)(6) | High Tech Industries | L + 4.25% | 5.25% | 5/24/2023 | 18,759 | 18,752 | 18,757 | ||||||||||||||||||||||||||||||||||||||||||||
Astra Acquisition Corp. | +# | (2)(3) | Software | L + 5.50% | 6.50% | 3/1/2027 | 28,783 | 28,392 | 28,783 | ||||||||||||||||||||||||||||||||||||||||||||
Avalign Technologies, Inc. | +\ | (2)(3) | Healthcare & Pharmaceuticals | L + 4.50% | 4.73% | 12/22/2025 | 14,592 | 14,481 | 14,334 | ||||||||||||||||||||||||||||||||||||||||||||
Big Ass Fans, LLC | +\# | (2)(3) | Capital Equipment | L + 3.75% | 4.75% | 5/21/2024 | 13,766 | 13,714 | 13,766 | ||||||||||||||||||||||||||||||||||||||||||||
BK Medical Holding Company, Inc. | ^+ | (2)(3)(6) | Healthcare & Pharmaceuticals | L + 5.25% | 6.25% | 6/22/2024 | 24,165 | 23,951 | 22,363 | ||||||||||||||||||||||||||||||||||||||||||||
Chemical Computing Group ULC (Canada) | ^+ | (2)(3)(6) | Software | L + 5.00% | 6.00% | 8/30/2023 | 14,055 | 13,378 | 14,055 | ||||||||||||||||||||||||||||||||||||||||||||
Clarity Telecom LLC. | + | (2)(3) | Media: Broadcasting & Subscription | L + 4.25% | 4.40% | 8/30/2026 | 14,813 | 14,773 | 14,813 | ||||||||||||||||||||||||||||||||||||||||||||
Clearent Newco, LLC | ^ | (2)(3)(6) | High Tech Industries | L + 6.50% | 7.50% | 3/20/2025 | 4,079 | 4,079 | 3,907 | ||||||||||||||||||||||||||||||||||||||||||||
Clearent Newco, LLC | ^+\ | (2)(3) | High Tech Industries | L + 5.50% | 7.50% | 3/20/2025 | 29,486 | 29,236 | 28,722 | ||||||||||||||||||||||||||||||||||||||||||||
DecoPac, Inc. | ^+\ | (2)(3)(6) | Non-durable Consumer Goods | L + 4.25% | 5.25% | 9/29/2024 | 12,336 | 12,253 | 12,318 | ||||||||||||||||||||||||||||||||||||||||||||
Diligent Corporation | ^+ | (2)(3)(6) | Telecommunications | L + 6.25% | 7.25% | 8/4/2025 | 8,683 | 8,411 | 8,819 | ||||||||||||||||||||||||||||||||||||||||||||
DTI Holdco, Inc. | ^+\ | (2)(3) | High Tech Industries | L + 4.75% | 5.75% | 9/30/2023 | 18,690 | 18,642 | 16,655 | ||||||||||||||||||||||||||||||||||||||||||||
Eliassen Group, LLC | +\ | (2)(3) | Business Services | L + 4.25% | 4.40% | 11/5/2024 | 7,543 | 7,516 | 7,483 | ||||||||||||||||||||||||||||||||||||||||||||
EvolveIP, LLC | ^+ | (2)(3)(6) | Telecommunications | L + 5.75% | 6.75% | 6/7/2023 | 19,800 | 19,759 | 19,775 | ||||||||||||||||||||||||||||||||||||||||||||
Exactech, Inc. | +\# | (2)(3) | Healthcare & Pharmaceuticals | L + 3.75% | 4.75% | 2/14/2025 | 21,528 | 21,416 | 20,422 | ||||||||||||||||||||||||||||||||||||||||||||
Excel Fitness Holdings, Inc. | +# | (2)(3) | Hotel, Gaming & Leisure | L + 5.25% | 6.25% | 10/7/2025 | 24,750 | 24,546 | 22,780 | ||||||||||||||||||||||||||||||||||||||||||||
Frontline Technologies Holdings, LLC | + | (2)(3) | Software | L + 5.75% | 6.75% | 9/18/2023 | 14,886 | 14,198 | 14,589 | ||||||||||||||||||||||||||||||||||||||||||||
Golden West Packaging Group LLC | +\ | (2)(3) | Containers, Packaging & Glass | L + 5.25% | 6.25% | 6/20/2023 | 29,012 | 28,896 | 28,974 | ||||||||||||||||||||||||||||||||||||||||||||
HMT Holding Inc. | +\ | (2)(3)(6) | Energy: Oil & Gas | L + 5.00% | 6.00% | 11/17/2023 | 32,821 | 32,458 | 30,984 | ||||||||||||||||||||||||||||||||||||||||||||
Integrity Marketing Acquisition, LLC | ^+ | (2)(3)(6) | Banking, Finance, Insurance & Real Estate | L + 6.25% | 7.25% | 8/27/2025 | 7,836 | 7,701 | 7,956 | ||||||||||||||||||||||||||||||||||||||||||||
Jensen Hughes, Inc. | +\ | (2)(3)(6) | Utilities: Electric | L + 4.50% | 5.50% | 3/22/2024 | 34,584 | 34,489 | 33,424 | ||||||||||||||||||||||||||||||||||||||||||||
KAMC Holdings, Inc. | +# | (2)(3) | Energy: Electricity | L + 4.00% | 4.23% | 8/14/2026 | 13,825 | 13,768 | 12,531 | ||||||||||||||||||||||||||||||||||||||||||||
KBP Investments, LLC | ^+ | (2)(3)(6) | Beverage, Food & Tobacco | L + 5.00% | 6.00% | 5/15/2023 | 9,292 | 9,059 | 9,350 | ||||||||||||||||||||||||||||||||||||||||||||
Marco Technologies, LLC | ^+\ | (2)(3)(6) | Media: Advertising, Printing & Publishing | L + 4.00% | 5.00% | 10/30/2023 | 7,332 | 7,293 | 7,332 | ||||||||||||||||||||||||||||||||||||||||||||
Mold-Rite Plastics, LLC | +\ | (2)(3) | Chemicals, Plastics & Rubber | L + 4.25% | 5.25% | 12/14/2021 | 14,520 | 14,501 | 14,520 |
Consolidated Schedule of Investments as of December 31, 2019 | |||||||||||||||||||||||
Investments (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Maturity Date | Par/ Principal Amount | Amortized Cost (5) | Fair Value (6) | |||||||||||||||
First Lien Debt (98.11% of fair value) | |||||||||||||||||||||||
Achilles Acquisition, LLC | \+# | (2) (3) | Banking, Finance, Insurance & Real Estate | L + 4.00% | 5.75% | 10/13/2025 | $ | 17,865 | $ | 17,776 | $ | 17,763 | |||||||||||
Acrisure, LLC | +\ | (2) (3) | Banking, Finance, Insurance & Real Estate | L + 3.75% | 5.85% | 11/22/2023 | 11,820 | 11,810 | 11,805 | ||||||||||||||
Acrisure, LLC | +\# | (2) (3) | Banking, Finance, Insurance & Real Estate | L + 4.25% | 6.35% | 11/22/2023 | 20,674 | 20,639 | 20,674 | ||||||||||||||
Advanced Instruments, LLC | ^+\* | (2) (3) (7) | Healthcare & Pharmaceuticals | L + 5.25% | 6.99% | 10/31/2022 | 35,610 | 35,536 | 35,466 | ||||||||||||||
Alku, LLC | +# | (2) (3) | Business Services | L + 5.50% | 7.44% | 7/29/2026 | 25,000 | 24,754 | 24,624 | ||||||||||||||
Alpha Packaging Holdings, Inc. | +*\ | (2) (3) | Containers, Packaging & Glass | L + 4.25% | 6.35% | 5/12/2020 | 16,684 | 16,676 | 16,601 | ||||||||||||||
AmeriLife Group, LLC | ^# | (2) (3) (7) | Banking, Finance, Insurance & Real Estate | L + 4.50% | 6.20% | 6/5/2026 | 16,627 | 16,557 | 16,558 | ||||||||||||||
Anchor Packaging, Inc. | ^# | (2) (3) (7) | Containers, Packaging & Glass | L + 4.00% | 5.70% | 7/18/2026 | 20,462 | 20,363 | 20,457 | ||||||||||||||
API Technologies Corp. | \+ | (2) (3) | Aerospace & Defense | L + 4.25% | 5.95% | 5/9/2026 | 14,925 | 14,853 | 14,807 | ||||||||||||||
Aptean, Inc. | +\ | (2) (3) | Software | L + 4.25% | 6.34% | 4/23/2026 | 12,406 | 12,344 | 12,385 | ||||||||||||||
AQA Acquisition Holding, Inc. | ^*\ | (2) (3) (7) | High Tech Industries | L + 4.25% | 6.16% | 5/24/2023 | 18,954 | 18,922 | 18,860 | ||||||||||||||
Avalign Technologies, Inc. | +\ | (2) (3) | Healthcare & Pharmaceuticals | L + 4.50% | 6.70% | 12/22/2025 | 14,741 | 14,610 | 14,626 | ||||||||||||||
Big Ass Fans, LLC | +*\ | (2) (3) | Capital Equipment | L + 3.75% | 5.85% | 5/21/2024 | 13,909 | 13,841 | 13,903 | ||||||||||||||
Borchers, Inc. | +*\ | (2) (3) (7) | Chemicals, Plastics & Rubber | L + 4.50% | 6.60% | 11/1/2024 | 15,116 | 15,072 | 15,085 | ||||||||||||||
Brooks Equipment Company, LLC | * | (2) (3) | Construction & Building | L + 5.00% | 6.91% | 8/29/2020 | 5,144 | 5,141 | 5,141 | ||||||||||||||
Clarity Telecom LLC. | + | (2) (3) | Media: Broadcasting & Subscription | L + 4.50% | 6.20% | 8/30/2026 | 14,963 | 14,915 | 14,902 | ||||||||||||||
Clearent Newco, LLC | ^+\ | (2) (3) (7) | High Tech Industries | L + 5.50% | 7.44% | 3/20/2025 | 29,738 | 29,436 | 29,134 | ||||||||||||||
Datto, Inc. | +\ | (2) (3) | High Tech Industries | L + 4.25% | 5.95% | 4/2/2026 | 12,438 | 12,375 | 12,420 | ||||||||||||||
DecoPac, Inc. | +*\ | (2) (3) (7) | Non-durable Consumer Goods | L + 4.25% | 6.01% | 9/29/2024 | 12,336 | 12,233 | 12,292 | ||||||||||||||
Dent Wizard International Corporation | +\ | (2) (3) | Automotive | L + 4.00% | 5.70% | 4/7/2020 | 36,880 | 36,843 | 36,717 | ||||||||||||||
DTI Holdco, Inc. | +*\ | (2) (3) | High Tech Industries | L + 4.75% | 6.68% | 9/30/2023 | 18,885 | 18,771 | 17,611 | ||||||||||||||
Eliassen Group, LLC | +\ | (2) (3) | Business Services | L + 4.50% | 6.20% | 11/5/2024 | 7,581 | 7,548 | 7,579 | ||||||||||||||
EIP Merger Sub, LLC (Evolve IP) | +^ | (2) (3) (7) | Telecommunications | L + 5.75% | 7.45% | 6/7/2023 | 19,661 | 19,605 | 19,661 | ||||||||||||||
Exactech, Inc. | +\# | (2) (3) | Healthcare & Pharmaceuticals | L + 3.75% | 5.45% | 2/14/2025 | 21,772 | 21,634 | 21,751 | ||||||||||||||
Excel Fitness Holdings, Inc. | +# | (2) (3) | Hotel, Gaming & Leisure | L + 5.25% | 6.95% | 10/7/2025 | 25,000 | 24,758 | 24,875 | ||||||||||||||
Golden West Packaging Group LLC | +*\ | (2) (3) | Containers, Packaging & Glass | L + 5.75% | 7.45% | 6/20/2023 | 29,464 | 29,303 | 29,072 | ||||||||||||||
HMT Holding Inc. | ^+*\ | (2) (3) (7) | Energy: Oil & Gas | L + 5.00% | 6.74% | 11/17/2023 | 33,157 | 32,678 | 32,972 | ||||||||||||||
Jensen Hughes, Inc. | \+^* | (2) (3) (7) | Utilities: Electric | L + 4.50% | 6.24% | 3/22/2024 | 33,909 | 33,757 | 33,550 | ||||||||||||||
KAMC Holdings, Inc. | +# | (2) (3) | Energy: Electricity | L + 4.00% | 5.91% | 8/14/2026 | 13,965 | 13,899 | 13,881 | ||||||||||||||
MAG DS Corp. | ^+\ | (2) (3) (7) | Aerospace & Defense | L + 4.75% | 6.46% | 6/6/2025 | 28,471 | 28,242 | 28,286 | ||||||||||||||
Maravai Intermediate Holdings, LLC | +\# | (2) (3) | Healthcare & Pharmaceuticals | L + 4.25% | 6.00% | 8/2/2025 | $ | 29,625 | $ | 29,378 | $ | 29,400 | |||||||||||
Marco Technologies, LLC | ^+\ | (2) (3) (7) | Media: Advertising, Printing & Publishing | L + 4.25% | 6.16% | 10/30/2023 | 7,463 | 7,410 | 7,463 |
Consolidated Schedule of Investments as of December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Maturity Date | Par/ Principal Amount | Amortized Cost (4) | Fair Value (55) | |||||||||||||||||||||||||||||||||||||||||||||
Newport Group Holdings II, Inc. | +\# | (2)(3) | Banking, Finance, Insurance & Real Estate | L + 3.50% | 3.75% | 9/13/2025 | 23,475 | 23,285 | 23,405 | ||||||||||||||||||||||||||||||||||||||||||||
Odyssey Logistics & Technology Corp. | +\# | (2)(3) | Transportation: Cargo | L + 4.00% | 5.00% | 10/12/2024 | $ | 38,897 | $ | 38,773 | $ | 37,766 | |||||||||||||||||||||||||||||||||||||||||
Output Services Group | ^+\ | (2)(3) | Media: Advertising, Printing & Publishing | L + 4.50% | 5.50% | 3/27/2024 | 19,421 | 19,382 | 14,178 | ||||||||||||||||||||||||||||||||||||||||||||
Pasternack Enterprises, Inc. | +\ | (2)(3) | Capital Equipment | L + 4.00% | 5.00% | 7/2/2025 | 22,524 | 22,513 | 22,218 | ||||||||||||||||||||||||||||||||||||||||||||
Pharmalogic Holdings Corp. | +\ | (2)(3) | Healthcare & Pharmaceuticals | L + 4.00% | 5.00% | 6/11/2023 | 11,205 | 11,189 | 11,158 | ||||||||||||||||||||||||||||||||||||||||||||
Premise Health Holding Corp. | +\# | (2)(3) | Healthcare & Pharmaceuticals | L + 3.50% | 3.75% | 7/10/2025 | 13,584 | 13,538 | 13,503 | ||||||||||||||||||||||||||||||||||||||||||||
Propel Insurance Agency, LLC | ^+\ | (2)(3)(6) | Banking, Finance, Insurance & Real Estate | L + 5.00% | 6.00% | 6/1/2024 | 38,134 | 37,662 | 37,716 | ||||||||||||||||||||||||||||||||||||||||||||
Q Holding Company | +\# | (2)(3) | Automotive | L + 5.00% | 6.00% | 12/31/2023 | 21,735 | 21,604 | 20,229 | ||||||||||||||||||||||||||||||||||||||||||||
QW Holding Corporation | + | (2)(3)(6) | Environmental Industries | L + 6.25% | 7.25% | 8/31/2022 | 11,566 | 11,465 | 10,727 | ||||||||||||||||||||||||||||||||||||||||||||
Radiology Partners, Inc. | +\# | (2)(3) | Healthcare & Pharmaceuticals | L + 4.25% | 4.81% | 7/9/2025 | 27,686 | 27,581 | 27,193 | ||||||||||||||||||||||||||||||||||||||||||||
RevSpring Inc. | +\# | (2)(3) | Media: Advertising, Printing & Publishing | L + 4.25% | 4.40% | 10/11/2025 | 29,449 | 29,265 | 29,199 | ||||||||||||||||||||||||||||||||||||||||||||
Situs Group Holdings Corporation | +\ | (2)(3) | Banking, Finance, Insurance & Real Estate | L + 4.75% | 5.75% | 6/28/2025 | 14,781 | 14,689 | 14,636 | ||||||||||||||||||||||||||||||||||||||||||||
T2 Systems, Inc. | ^+ | (2)(3)(6) | Transportation: Consumer | L + 6.75% | 7.75% | 9/28/2022 | 29,119 | 28,743 | 29,118 | ||||||||||||||||||||||||||||||||||||||||||||
The Original Cakerie, Ltd. (Canada) | +\ | (2)(3)(6) | Beverage, Food & Tobacco | L + 4.50% | 5.50% | 7/20/2022 | 6,295 | 6,281 | 6,289 | ||||||||||||||||||||||||||||||||||||||||||||
The Original Cakerie, Ltd. (Canada) | + | (2)(3) | Beverage, Food & Tobacco | L + 5.00% | 6.00% | 7/20/2022 | 8,837 | 8,815 | 8,829 | ||||||||||||||||||||||||||||||||||||||||||||
Thoughtworks, Inc. | \# | (2)(3) | Business Services | L + 3.75% | 4.75% | 10/11/2024 | 11,704 | 11,683 | 11,704 | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Acute Care Solutions, LLC | +\ | (2)(3) | Healthcare & Pharmaceuticals | L + 6.00% | 7.00% | 5/15/2021 | 31,211 | 31,184 | 29,104 | ||||||||||||||||||||||||||||||||||||||||||||
U.S. TelePacific Holdings Corp. | +\ | (2)(3) | Telecommunications | L + 5.50% | 6.50% | 5/2/2023 | 26,660 | 26,585 | 23,984 | ||||||||||||||||||||||||||||||||||||||||||||
VRC Companies, LLC | + | (2)(3)(6) | Business Services | L + 6.50% | 7.50% | 3/31/2023 | 30,582 | 29,464 | 30,582 | ||||||||||||||||||||||||||||||||||||||||||||
Water Holdings Acquisition LLC | ^+ | (2)(3)(6) | Utilities: Water | L + 5.25% | 6.25% | 12/18/2026 | 26,316 | 25,520 | 25,516 | ||||||||||||||||||||||||||||||||||||||||||||
Welocalize, Inc. | + | (2)(3)(6) | Business Services | L + 4.50% | 5.50% | 12/23/2023 | 22,629 | 22,414 | 22,584 | ||||||||||||||||||||||||||||||||||||||||||||
WRE Holding Corp. | ^+ | (2)(3)(6) | Environmental Industries | L + 5.25% | 6.25% | 1/3/2023 | 8,367 | 8,336 | 8,252 | ||||||||||||||||||||||||||||||||||||||||||||
First Lien Debt Total | $ | 1,051,406 | $ | 1,029,687 | |||||||||||||||||||||||||||||||||||||||||||||||||
Second Lien Debt (2.28% of fair value) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
DBI Holding, LLC | ^ | (2) | Transportation: Cargo | 9.00% PIK | 9.00% | 2/1/2026 | $ | 24,113 | $ | 23,768 | $ | 24,113 | |||||||||||||||||||||||||||||||||||||||||
Second Lien Debt Total | $ | 23,768 | $ | 24,113 | |||||||||||||||||||||||||||||||||||||||||||||||||
Equity Investments (0.24% of fair value) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
DBI Holding, LLC | ^ | Transportation: Cargo | 2,961 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||
DBI Holding, LLC | ^ | Transportation: Cargo | 13,996 | 5,364 | 2,581 | ||||||||||||||||||||||||||||||||||||||||||||||||
Equity Investments Total | $ | 5,364 | $ | 2,581 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Investments | $ | 1,080,538 | $ | 1,056,381 |
Consolidated Schedule of Investments as of December 31, 2019 | |||||||||||||||||||||||
Investments (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Maturity Date | Par/ Principal Amount | Amortized Cost (5) | Fair Value (6) | |||||||||||||||
First Lien Debt (98.11% of fair value) (continued) | |||||||||||||||||||||||
Mold-Rite Plastics, LLC | +\ | (2) (3) | Chemicals, Plastics & Rubber | L + 4.25% | 5.95% | 12/14/2021 | 14,557 | 14,519 | 14,524 | ||||||||||||||
MSHC, Inc. | ^+*\ | (2) (3) (7) | Construction & Building | L + 4.25% | 5.95% | 12/31/2024 | 38,251 | 38,138 | 38,166 | ||||||||||||||
Newport Group Holdings II, Inc. | \+# | (2) (3) | Banking, Finance, Insurance & Real Estate | L + 3.75% | 5.65% | 9/13/2025 | 23,715 | 23,487 | 23,663 | ||||||||||||||
Odyssey Logistics & Technology Corp. | +*\# | (2) (3) | Transportation: Cargo | L + 4.00% | 5.70% | 10/12/2024 | 39,013 | 38,859 | 38,763 | ||||||||||||||
Output Services Group | ^+\ | (2) (3) (7) | Media: Advertising, Printing & Publishing | L + 4.50% | 6.20% | 3/27/2024 | 19,621 | 19,570 | 19,469 | ||||||||||||||
PAI Holdco, Inc. | +*\ | (2) (3) | Automotive | L + 4.25% | 6.35% | 1/5/2025 | 19,532 | 19,458 | 19,532 | ||||||||||||||
Park Place Technologies, Inc. | +\# | (2) (3) | High Tech Industries | L + 4.00% | 5.70% | 3/28/2025 | 22,566 | 22,489 | 22,566 | ||||||||||||||
Pasternack Enterprises, Inc. | +\ | (2) (3) | Capital Equipment | L + 4.00% | 5.70% | 7/2/2025 | 22,755 | 22,742 | 22,653 | ||||||||||||||
Pathway Vet Alliance LLC | +\ | (2) (3) (7) | Consumer Services | L + 4.50% | 6.21% | 12/20/2024 | 19,085 | 18,708 | 19,217 | ||||||||||||||
Pharmalogic Holdings Corp. | +\ | (2) (3) | Healthcare & Pharmaceuticals | L + 4.00% | 5.70% | 6/11/2023 | 11,320 | 11,296 | 11,302 | ||||||||||||||
Premise Health Holding Corp. | ^+\# | (2) (3) (7) | Healthcare & Pharmaceuticals | L + 3.50% | 5.60% | 7/10/2025 | 13,723 | 13,665 | 13,501 | ||||||||||||||
Propel Insurance Agency, LLC | ^+\ | (2) (3) (7) | Banking, Finance, Insurance & Real Estate | L + 4.25% | 6.35% | 6/1/2024 | 22,532 | 22,056 | 22,395 | ||||||||||||||
Q Holding Company | +*\# | (2) (3) | Automotive | L + 5.00% | 6.70% | 12/31/2023 | 21,955 | 21,777 | 21,922 | ||||||||||||||
QW Holding Corporation (Quala) | ^+* | (2) (3) (7) | Environmental Industries | L + 5.75% | 7.73% | 8/31/2022 | 11,630 | 11,449 | 11,531 | ||||||||||||||
Radiology Partners, Inc. | +\# | (2) (3) | Healthcare & Pharmaceuticals | L + 4.75% | 6.66% | 7/9/2025 | 28,719 | 28,590 | 28,768 | ||||||||||||||
RevSpring Inc. | +*\# | (2) (3) | Media: Advertising, Printing & Publishing | L + 4.00% | 5.95% | 10/11/2025 | 24,750 | 24,631 | 24,608 | ||||||||||||||
Situs Group Holdings Corporation | \+^ | (2) (3) (7) | Banking, Finance, Insurance & Real Estate | L + 4.75% | 6.45% | 6/28/2025 | 13,715 | 13,621 | 13,697 | ||||||||||||||
Systems Maintenance Services Holding, Inc. | +* | (2) (3) | High Tech Industries | L + 5.00% | 6.70% | 10/30/2023 | 23,765 | 23,672 | 18,180 | ||||||||||||||
Surgical Information Systems, LLC | +*\ | (2) (3) (6) | High Tech Industries | L + 4.75% | 7.47% | 4/24/2023 | 26,168 | 26,005 | 25,715 | ||||||||||||||
T2 Systems, Inc. | ^+* | (2) (3) (7) | Transportation: Consumer | L + 6.75% | 8.85% | 9/28/2022 | 18,045 | 17,789 | 18,045 | ||||||||||||||
The Original Cakerie, Ltd. (Canada) | +* | (2) (3) (7) | Beverage, Food & Tobacco | L + 5.00% | 6.84% | 7/20/2022 | 8,928 | 8,897 | 8,887 | ||||||||||||||
The Original Cakerie, Ltd. (Canada) | ^* | (2) (3) (7) | Beverage, Food & Tobacco | L + 4.50% | 6.34% | 7/20/2022 | 6,826 | 6,801 | 6,790 | ||||||||||||||
ThoughtWorks, Inc. | +*\ | (2) (3) | Business Services | L + 4.00% | 5.70% | 10/11/2024 | 11,824 | 11,794 | 11,824 | ||||||||||||||
U.S. Acute Care Solutions, LLC | +\* | (2) (3) | Healthcare & Pharmaceuticals | L + 5.00% | 6.91% | 5/15/2021 | 31,431 | 31,331 | 29,869 | ||||||||||||||
U.S. TelePacific Holdings Corp. | +*\ | (2) (3) | Telecommunications | L + 5.00% | 7.10% | 5/2/2023 | 26,660 | 26,499 | 25,430 | ||||||||||||||
Valet Waste Holdings, Inc. | +\ | (2) (3) | Construction & Building | L + 3.75% | 5.70% | 9/28/2025 | 11,850 | 11,825 | 11,688 | ||||||||||||||
Welocalize, Inc. | +^ | (2) (3) (7) | Business Services | L + 4.50% | 6.21% | 12/2/2024 | $ | 23,038 | $ | 22,788 | $ | 22,787 | |||||||||||
WIRB - Copernicus Group, Inc. | +*\ | (2) (3) (7) | Healthcare & Pharmaceuticals | L + 4.25% | 5.95% | 8/15/2022 | 20,888 | 20,822 | 20,887 |
First Lien Debt – unfunded delayed draw and revolving term loans commitments | Type | Unused Fee | Par/ Principal Amount | Fair Value | ||||||||||||||||||||||
Analogic Corporation | Revolver | 0.50 | % | $ | 1,975 | $ | — | |||||||||||||||||||
AQA Acquisition Holding, Inc. | Revolver | 0.50 | 2,459 | — | ||||||||||||||||||||||
BK Medical Holding Company, Inc. | Revolver | 0.50 | 2,609 | (176) | ||||||||||||||||||||||
Chemical Computing Group ULC (Canada) | Revolver | 0.50 | 873 | — | ||||||||||||||||||||||
Clearent Newco, LLC | Delayed Draw | 1.00 | 2,549 | (66) | ||||||||||||||||||||||
DecoPac, Inc. | Revolver | 0.50 | 2,143 | (3) | ||||||||||||||||||||||
Diligent Corporation | Delayed Draw | 1.00 | 2,109 | 25 | ||||||||||||||||||||||
Diligent Corporation | Revolver | 0.50 | 703 | 8 | ||||||||||||||||||||||
EvolveIP, LLC | Delayed Draw | 1.00 | 1,904 | (2) | ||||||||||||||||||||||
EvolveIP, LLC | Revolver | 0.50 | 1,680 | (2) | ||||||||||||||||||||||
HMT Holding Inc. | Revolver | 0.50 | 6,173 | (291) | ||||||||||||||||||||||
Integrity Marketing Acquistion, LLC | Delayed Draw | 1.00 | 4,144 | 41 | ||||||||||||||||||||||
Jensen Hughes, Inc. | Delayed Draw | 1.00 | 1,127 | (35) | ||||||||||||||||||||||
Jensen Hughes, Inc. | Revolver | 0.50 | 1,364 | (43) | ||||||||||||||||||||||
KBP Investments, LLC | Delayed Draw | 1.00 | 503 | 1 | ||||||||||||||||||||||
KBP Investments, LLC | Delayed Draw | 1.00 | 10,190 | 30 | ||||||||||||||||||||||
Marco Technologies, LLC | Delayed Draw | 1.00 | 7,500 | — | ||||||||||||||||||||||
Propel Insurance Agency, LLC | Revolver | 0.50 | 1,905 | (19) | ||||||||||||||||||||||
Propel Insurance Agency, LLC | Delayed Draw | 1.00 | 1,733 | (17) | ||||||||||||||||||||||
QW Holding Corporation | Revolver | 0.50 | 5,498 | (268) | ||||||||||||||||||||||
QW Holding Corporation | Delayed Draw | 1.00 | 161 | (8) | ||||||||||||||||||||||
T2 Systems, Inc. | Revolver | 0.50 | 1,955 | — | ||||||||||||||||||||||
The Original Cakerie, Ltd. (Canada) | Revolver | 0.50 | 1,665 | (1) | ||||||||||||||||||||||
VRC Companies, LLC | Revolver | 0.50 | 858 | — | ||||||||||||||||||||||
Water Holdings Acquisition LLC | Delayed Draw | 1.00 | 8,421 | (168) | ||||||||||||||||||||||
Water Holdings Acquisition LLC | Revolver | 0.50 | 5,263 | (105) | ||||||||||||||||||||||
Welocalize, Inc. | Revolver | 0.50 | 2,250 | (4) | ||||||||||||||||||||||
WRE Holding Corp. | Revolver | 0.50 | 852 | (10) | ||||||||||||||||||||||
WRE Holding Corp. | Delayed Draw | 1.00 | 563 | (7) | ||||||||||||||||||||||
Total unfunded commitments | $ | 81,129 | $ | (1,120) |
Consolidated Schedule of Investments as of December 31, 2019 | |||||||||||||||||||||||
Investments (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Maturity Date | Par/ Principal Amount | Amortized Cost (5) | Fair Value (6) | |||||||||||||||
First Lien Debt (98.11% of fair value) (continued) | |||||||||||||||||||||||
WRE Holding Corp. | ^+* | (2) (3) (7) | Environmental Industries | L + 5.00% | 6.91% | 1/3/2023 | $ | 7,431 | $ | 7,372 | $ | 7,304 | |||||||||||
Zywave, Inc. | +*\ | (2) (3) (7) | High Tech Industries | L + 5.00% | 6.93% | 11/17/2022 | 19,228 | 19,107 | 19,211 | ||||||||||||||
First Lien Debt Total | $ | 1,231,436 | $ | 1,223,215 | |||||||||||||||||||
Second Lien Debt (1.75% of fair value) | |||||||||||||||||||||||
DBI Holding, LLC | ^* | (2) (3) (8) | Transportation: Cargo | 8.00% PIK | 8.00% | 2/1/2026 | $ | 21,150 | $ | 20,697 | $ | 21,150 | |||||||||||
Zywave, Inc. | * | (2) (3) | High Tech Industries | L + 9.00% | 10.94% | 11/17/2023 | 666 | 660 | 664 | ||||||||||||||
Second Lien Debt Total | $ | 21,357 | $ | 21,814 | |||||||||||||||||||
Equity Investments (0.15% of fair value) | |||||||||||||||||||||||
DBI Holding, LLC | ^ | Transportation: Cargo | 16,957 | $ | 5,364 | $ | 1,810 | ||||||||||||||||
Equity Investments Total | $ | 5,364 | $ | 1,810 | |||||||||||||||||||
Total Investments | $ | 1,258,157 | $ | 1,246,839 |
Consolidated Schedule of Investments as of December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Maturity Date | Par/ Principal Amount | Amortized Cost (5) | Fair Value (6) | |||||||||||||||||||||||||||||||||||||||||||||
First Lien Debt (98.11% of fair value) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Achilles Acquisition, LLC | \+# | (2) (3) | Banking, Finance, Insurance & Real Estate | L + 4.00% | 5.75% | 10/13/2025 | $ | 17,865 | $ | 17,776 | $ | 17,763 | |||||||||||||||||||||||||||||||||||||||||
Acrisure, LLC | +\ | (2) (3) | Banking, Finance, Insurance & Real Estate | L + 3.75% | 5.85% | 11/22/2023 | 11,820 | 11,810 | 11,805 | ||||||||||||||||||||||||||||||||||||||||||||
Acrisure, LLC | +\# | (2) (3) | Banking, Finance, Insurance & Real Estate | L + 4.25% | 6.35% | 11/22/2023 | 20,674 | 20,639 | 20,674 | ||||||||||||||||||||||||||||||||||||||||||||
Advanced Instruments, LLC | ^+\* | (2) (3) (7) | Healthcare & Pharmaceuticals | L + 5.25% | 6.99% | 10/31/2022 | 35,610 | 35,536 | 35,466 | ||||||||||||||||||||||||||||||||||||||||||||
Alku, LLC | +# | (2) (3) | Business Services | L + 5.50% | 7.44% | 7/29/2026 | 25,000 | 24,754 | 24,624 | ||||||||||||||||||||||||||||||||||||||||||||
Alpha Packaging Holdings, Inc. | +*\ | (2) (3) | Containers, Packaging & Glass | L + 4.25% | 6.35% | 5/12/2020 | 16,684 | 16,676 | 16,601 | ||||||||||||||||||||||||||||||||||||||||||||
AmeriLife Group, LLC | ^# | (2) (3) (7) | Banking, Finance, Insurance & Real Estate | L + 4.50% | 6.20% | 6/5/2026 | 16,627 | 16,557 | 16,558 | ||||||||||||||||||||||||||||||||||||||||||||
Anchor Packaging, Inc. | ^# | (2) (3) (7) | Containers, Packaging & Glass | L + 4.00% | 5.70% | 7/18/2026 | 20,462 | 20,363 | 20,457 | ||||||||||||||||||||||||||||||||||||||||||||
API Technologies Corp. | \+ | (2) (3) | Aerospace & Defense | L + 4.25% | 5.95% | 5/9/2026 | 14,925 | 14,853 | 14,807 | ||||||||||||||||||||||||||||||||||||||||||||
Aptean, Inc. | +\ | (2) (3) | Software | L + 4.25% | 6.34% | 4/23/2026 | 12,406 | 12,344 | 12,385 | ||||||||||||||||||||||||||||||||||||||||||||
AQA Acquisition Holding, Inc. | ^*\ | (2) (3) (7) | High Tech Industries | L + 4.25% | 6.16% | 5/24/2023 | 18,954 | 18,922 | 18,860 | ||||||||||||||||||||||||||||||||||||||||||||
Avalign Technologies, Inc. | +\ | (2) (3) | Healthcare & Pharmaceuticals | L + 4.50% | 6.70% | 12/22/2025 | 14,741 | 14,610 | 14,626 | ||||||||||||||||||||||||||||||||||||||||||||
Big Ass Fans, LLC | +*\ | (2) (3) | Capital Equipment | L + 3.75% | 5.85% | 5/21/2024 | 13,909 | 13,841 | 13,903 | ||||||||||||||||||||||||||||||||||||||||||||
Borchers, Inc. | +*\ | (2) (3) (7) | Chemicals, Plastics & Rubber | L + 4.50% | 6.60% | 11/1/2024 | 15,116 | 15,072 | 15,085 | ||||||||||||||||||||||||||||||||||||||||||||
Brooks Equipment Company, LLC | * | (2) (3) | Construction & Building | L + 5.00% | 6.91% | 8/29/2020 | 5,144 | 5,141 | 5,141 | ||||||||||||||||||||||||||||||||||||||||||||
Clarity Telecom LLC. | + | (2) (3) | Media: Broadcasting & Subscription | L + 4.50% | 6.20% | 8/30/2026 | 14,963 | 14,915 | 14,902 | ||||||||||||||||||||||||||||||||||||||||||||
Clearent Newco, LLC | ^+\ | (2) (3) (7) | High Tech Industries | L + 5.50% | 7.44% | 3/20/2025 | 29,738 | 29,436 | 29,134 | ||||||||||||||||||||||||||||||||||||||||||||
Datto, Inc. | +\ | (2) (3) | High Tech Industries | L + 4.25% | 5.95% | 4/2/2026 | 12,438 | 12,375 | 12,420 | ||||||||||||||||||||||||||||||||||||||||||||
DecoPac, Inc. | +*\ | (2) (3) (7) | Non-durable Consumer Goods | L + 4.25% | 6.01% | 9/29/2024 | 12,336 | 12,233 | 12,292 | ||||||||||||||||||||||||||||||||||||||||||||
Dent Wizard International Corporation | +\ | (2) (3) | Automotive | L + 4.00% | 5.70% | 4/7/2020 | 36,880 | 36,843 | 36,717 | ||||||||||||||||||||||||||||||||||||||||||||
DTI Holdco, Inc. | +*\ | (2) (3) | High Tech Industries | L + 4.75% | 6.68% | 9/30/2023 | 18,885 | 18,771 | 17,611 | ||||||||||||||||||||||||||||||||||||||||||||
Eliassen Group, LLC | +\ | (2) (3) | Business Services | L + 4.50% | 6.20% | 11/5/2024 | 7,581 | 7,548 | 7,579 | ||||||||||||||||||||||||||||||||||||||||||||
EIP Merger Sub, LLC (Evolve IP) | +^ | (2) (3) (7) | Telecommunications | L + 5.75% | 7.45% | 6/7/2023 | 19,661 | 19,605 | 19,661 | ||||||||||||||||||||||||||||||||||||||||||||
Exactech, Inc. | +\# | (2) (3) | Healthcare & Pharmaceuticals | L + 3.75% | 5.45% | 2/14/2025 | 21,772 | 21,634 | 21,751 | ||||||||||||||||||||||||||||||||||||||||||||
Excel Fitness Holdings, Inc. | +# | (2) (3) | Hotel, Gaming & Leisure | L + 5.25% | 6.95% | 10/7/2025 | 25,000 | 24,758 | 24,875 | ||||||||||||||||||||||||||||||||||||||||||||
Golden West Packaging Group LLC | +*\ | (2) (3) | Containers, Packaging & Glass | L + 5.75% | 7.45% | 6/20/2023 | 29,464 | 29,303 | 29,072 | ||||||||||||||||||||||||||||||||||||||||||||
HMT Holding Inc. | ^+*\ | (2) (3) (7) | Energy: Oil & Gas | L + 5.00% | 6.74% | 11/17/2023 | 33,157 | 32,678 | 32,972 | ||||||||||||||||||||||||||||||||||||||||||||
Jensen Hughes, Inc. | \+^* | (2) (3) (7) | Utilities: Electric | L + 4.50% | 6.24% | 3/22/2024 | 33,909 | 33,757 | 33,550 | ||||||||||||||||||||||||||||||||||||||||||||
KAMC Holdings, Inc. | +# | (2) (3) | Energy: Electricity | L + 4.00% | 5.91% | 8/14/2026 | 13,965 | 13,899 | 13,881 | ||||||||||||||||||||||||||||||||||||||||||||
MAG DS Corp. | ^+\ | (2) (3) (7) | Aerospace & Defense | L + 4.75% | 6.46% | 6/6/2025 | 28,471 | 28,242 | 28,286 | ||||||||||||||||||||||||||||||||||||||||||||
Maravai Intermediate Holdings, LLC | +\# | (2) (3) | Healthcare & Pharmaceuticals | L + 4.25% | 6.00% | 8/2/2025 | 29,625 | 29,378 | 29,400 | ||||||||||||||||||||||||||||||||||||||||||||
Marco Technologies, LLC | ^+\ | (2) (3) (7) | Media: Advertising, Printing & Publishing | L + 4.25% | 6.16% | 10/30/2023 | 7,463 | 7,410 | 7,463 |
Consolidated Schedule of Investments as of December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Maturity Date | Par/ Principal Amount | Amortized Cost (5) | Fair Value (6) | |||||||||||||||||||||||||||||||||||||||||||||
Mold-Rite Plastics, LLC | +\ | (2) (3) | Chemicals, Plastics & Rubber | L + 4.25% | 5.95% | 12/14/2021 | $ | 14,557 | $ | 14,519 | $ | 14,524 | |||||||||||||||||||||||||||||||||||||||||
MSHC, Inc. | ^+*\ | (2) (3) (7) | Construction & Building | L + 4.25% | 5.95% | 12/31/2024 | 38,251 | 38,138 | 38,166 | ||||||||||||||||||||||||||||||||||||||||||||
Newport Group Holdings II, Inc. | \+# | (2) (3) | Banking, Finance, Insurance & Real Estate | L + 3.75% | 5.65% | 9/13/2025 | 23,715 | 23,487 | 23,663 | ||||||||||||||||||||||||||||||||||||||||||||
Odyssey Logistics & Technology Corp. | +*\# | (2) (3) | Transportation: Cargo | L + 4.00% | 5.70% | 10/12/2024 | 39,013 | 38,859 | 38,763 | ||||||||||||||||||||||||||||||||||||||||||||
Output Services Group | ^+\ | (2) (3) (7) | Media: Advertising, Printing & Publishing | L + 4.50% | 6.20% | 3/27/2024 | 19,621 | 19,570 | 19,469 | ||||||||||||||||||||||||||||||||||||||||||||
PAI Holdco, Inc. | +*\ | (2) (3) | Automotive | L + 4.25% | 6.35% | 1/5/2025 | 19,532 | 19,458 | 19,532 | ||||||||||||||||||||||||||||||||||||||||||||
Park Place Technologies, Inc. | +\# | (2) (3) | High Tech Industries | L + 4.00% | 5.70% | 3/28/2025 | 22,566 | 22,489 | 22,566 | ||||||||||||||||||||||||||||||||||||||||||||
Pasternack Enterprises, Inc. | +\ | (2) (3) | Capital Equipment | L + 4.00% | 5.70% | 7/2/2025 | 22,755 | 22,742 | 22,653 | ||||||||||||||||||||||||||||||||||||||||||||
Pathway Vet Alliance LLC | +\ | (2) (3) (7) | Consumer Services | L + 4.50% | 6.21% | 12/20/2024 | 19,085 | 18,708 | 19,217 | ||||||||||||||||||||||||||||||||||||||||||||
Pharmalogic Holdings Corp. | +\ | (2) (3) | Healthcare & Pharmaceuticals | L + 4.00% | 5.70% | 6/11/2023 | 11,320 | 11,296 | 11,302 | ||||||||||||||||||||||||||||||||||||||||||||
Premise Health Holding Corp. | ^+\# | (2) (3) (7) | Healthcare & Pharmaceuticals | L + 3.50% | 5.60% | 7/10/2025 | 13,723 | 13,665 | 13,501 | ||||||||||||||||||||||||||||||||||||||||||||
Propel Insurance Agency, LLC | ^+\ | (2) (3) (7) | Banking, Finance, Insurance & Real Estate | L + 4.25% | 6.35% | 6/1/2024 | 22,532 | 22,056 | 22,395 | ||||||||||||||||||||||||||||||||||||||||||||
Q Holding Company | +*\# | (2) (3) | Automotive | L + 5.00% | 6.70% | 12/31/2023 | 21,955 | 21,777 | 21,922 | ||||||||||||||||||||||||||||||||||||||||||||
QW Holding Corporation (Quala) | ^+* | (2) (3) (7) | Environmental Industries | L + 5.75% | 7.73% | 8/31/2022 | 11,630 | 11,449 | 11,531 | ||||||||||||||||||||||||||||||||||||||||||||
Radiology Partners, Inc. | +\# | (2) (3) | Healthcare & Pharmaceuticals | L + 4.75% | 6.66% | 7/9/2025 | 28,719 | 28,590 | 28,768 | ||||||||||||||||||||||||||||||||||||||||||||
RevSpring Inc. | +*\# | (2) (3) | Media: Advertising, Printing & Publishing | L + 4.00% | 5.95% | 10/11/2025 | 24,750 | 24,631 | 24,608 | ||||||||||||||||||||||||||||||||||||||||||||
Situs Group Holdings Corporation | \+^ | (2) (3) (7) | Banking, Finance, Insurance & Real Estate | L + 4.75% | 6.45% | 6/28/2025 | 13,715 | 13,621 | 13,697 | ||||||||||||||||||||||||||||||||||||||||||||
Systems Maintenance Services Holding, Inc. | +* | (2) (3) | High Tech Industries | L + 5.00% | 6.70% | 10/30/2023 | 23,765 | 23,672 | 18,180 | ||||||||||||||||||||||||||||||||||||||||||||
Surgical Information Systems, LLC | +*\ | (2) (3) (6) | High Tech Industries | L + 4.75% | 7.47% | 4/24/2023 | 26,168 | 26,005 | 25,715 | ||||||||||||||||||||||||||||||||||||||||||||
T2 Systems, Inc. | ^+* | (2) (3) (7) | Transportation: Consumer | L + 6.75% | 8.85% | 9/28/2022 | 18,045 | 17,789 | 18,045 | ||||||||||||||||||||||||||||||||||||||||||||
The Original Cakerie, Ltd. (Canada) | +* | (2) (3) (7) | Beverage, Food & Tobacco | L + 5.00% | 6.84% | 7/20/2022 | 8,928 | 8,897 | 8,887 | ||||||||||||||||||||||||||||||||||||||||||||
The Original Cakerie, Ltd. (Canada) | ^* | (2) (3) (7) | Beverage, Food & Tobacco | L + 4.50% | 6.34% | 7/20/2022 | 6,826 | 6,801 | 6,790 | ||||||||||||||||||||||||||||||||||||||||||||
ThoughtWorks, Inc. | +*\ | (2) (3) | Business Services | L + 4.00% | 5.70% | 10/11/2024 | 11,824 | 11,794 | 11,824 | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Acute Care Solutions, LLC | +\* | (2) (3) | Healthcare & Pharmaceuticals | L + 5.00% | 6.91% | 5/15/2021 | 31,431 | 31,331 | 29,869 | ||||||||||||||||||||||||||||||||||||||||||||
U.S. TelePacific Holdings Corp. | +*\ | (2) (3) | Telecommunications | L + 5.00% | 7.10% | 5/2/2023 | 26,660 | 26,499 | 25,430 | ||||||||||||||||||||||||||||||||||||||||||||
Valet Waste Holdings, Inc. | +\ | (2) (3) | Construction & Building | L + 3.75% | 5.70% | 9/28/2025 | 11,850 | 11,825 | 11,688 | ||||||||||||||||||||||||||||||||||||||||||||
Welocalize, Inc. | +^ | (2) (3) (7) | Business Services | L + 4.50% | 6.21% | 12/2/2024 | 23,038 | 22,788 | 22,787 | ||||||||||||||||||||||||||||||||||||||||||||
WIRB - Copernicus Group, Inc. | +*\ | (2) (3) (7) | Healthcare & Pharmaceuticals | L + 4.25% | 5.95% | 8/15/2022 | 20,888 | 20,822 | 20,887 | ||||||||||||||||||||||||||||||||||||||||||||
WRE Holding Corp. | ^+* | (2) (3) (7) | Environmental Industries | L + 5.00% | 6.91% | 1/3/2023 | 7,431 | 7,372 | 7,304 | ||||||||||||||||||||||||||||||||||||||||||||
Zywave, Inc. | +*\ | (2) (3) (7) | High Tech Industries | L + 5.00% | 6.93% | 11/17/2022 | 19,228 | 19,107 | 19,211 | ||||||||||||||||||||||||||||||||||||||||||||
First Lien Debt Total | $ | 1,231,436 | $ | 1,223,215 |
Consolidated Schedule of Investments as of December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Maturity Date | Par/ Principal Amount | Amortized Cost (5) | Fair Value (6) | |||||||||||||||||||||||||||||||||||||||||||||
Second Lien Debt (1.75% of fair value) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
DBI Holding, LLC | ^* | (2) (3) (8) | Transportation: Cargo | 8.00% PIK | 8.00% | 2/1/2026 | $ | 21,150 | $ | 20,697 | $ | 21,150 | |||||||||||||||||||||||||||||||||||||||||
Zywave, Inc. | * | (2) (3) | High Tech Industries | L + 9.00% | 10.94% | 11/17/2023 | 666 | 660 | 664 | ||||||||||||||||||||||||||||||||||||||||||||
Second Lien Debt Total | $ | 21,357 | $ | 21,814 | |||||||||||||||||||||||||||||||||||||||||||||||||
Equity Investments (0.15% of fair value) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
DBI Holding, LLC | ^ | Transportation: Cargo | 16,957 | $ | 5,364 | $ | 1,810 | ||||||||||||||||||||||||||||||||||||||||||||||
Equity Investments Total | $ | 5,364 | $ | 1,810 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Investments | $ | 1,258,157 | $ | 1,246,839 |
(1)Unless otherwise indicated, issuers of investments held by Credit Fund are domiciled in the United States. As of December 31, 2019, the geographical composition of investments as a percentage of fair value was 1.26% in Canada and 98.60% in the United States. Certain portfolio company investments are subject to contractual restrictions on sales. (2)Variable rate loans to the portfolio companies bear interest at a rate that may be determined by reference to either LIBOR or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, Credit Fund has provided the interest rate in effect as of December 31, 2019. As of December 31, 2019, all of Credit Fund’s LIBOR loans were indexed to the 30-day LIBOR at 1.75%, the 90-day LIBOR at 1.91% and the 180-day LIBOR at 1.91%. (3)Loan includes interest rate floor feature, which is generally 1.00%. (4)Amortized cost represents original cost, including origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion/amortization of discounts/premiums, as applicable, on debt investments using the effective interest method. (5)Fair value is determined in good faith by or under the direction of the board of managers of Credit Fund, pursuant to Credit Fund’s valuation policy, with the fair value of all investments determined using significant unobservable inputs, which is substantially similar to the valuation policy of the Company provided in Note 3, Fair Value Measurements. (6)In addition to the interest earned based on the stated interest rate of this loan, which is the amount reflected in this schedule, Credit Fund is entitled to receive additional interest as a result of an agreement among lenders as follows: EIP Merger Sub, LLC (Evolve IP) (3.75%) and Surgical Information Systems, LLC (0.89%). Pursuant to the agreement among lenders in respect of this loan, this investment represents a first lien/last out loan, which has a secondary priority behind the first lien/first out loan with respect to principal, interest and other payments. Table of Contents (7) As of December 31, 2019, |
First Lien Debt – unfunded delayed draw and revolving term loans commitments | Type | Unused Fee | Par/ Principal Amount | Fair Value | |||||||||
Advanced Instruments, LLC | Revolver | 0.50 | % | $ | 563 | $ | (2 | ) | |||||
AmeriLife Group, LLC | Delayed Draw | 1.00 | 298 | (1 | ) | ||||||||
Anchor Packaging, Inc. | Delayed Draw | 1.00 | 4,487 | (1 | ) | ||||||||
AQA Acquisition Holding, Inc. | Revolver | 0.50 | 2,459 | (11 | ) | ||||||||
Borchers, Inc. | Revolver | 0.50 | 1,935 | (3 | ) | ||||||||
Clearent Newco, LLC | Delayed Draw | 1.00 | 6,636 | (110 | ) | ||||||||
DecoPac, Inc. | Revolver | 0.50 | 2,143 | (7 | ) | ||||||||
EIP Merger Sub, LLC (Evolve IP) | Revolver | 0.50 | 1,680 | — | |||||||||
EIP Merger Sub, LLC (Evolve IP) | Delayed Draw | 1.00 | 2,240 | — | |||||||||
HMT Holding Inc. | Revolver | 0.50 | 6,173 | (29 | ) | ||||||||
Jensen Hughes, Inc. | Revolver | 0.50 | 1,136 | (11 | ) | ||||||||
Jensen Hughes, Inc. | Delayed Draw | 1.00 | 2,365 | (23 | ) | ||||||||
MAG DS Corp. | Revolver | 0.50 | 2,188 | (13 | ) | ||||||||
Marco Technologies, LLC | Delayed Draw | 1.00 | 7,500 | — | |||||||||
MSHC, Inc. | Delayed Draw | 1.00 | 1,913 | (4 | ) | ||||||||
Output Services Group | Delayed Draw | 4.25 | 116 | (1 | ) | ||||||||
Pathway Vet Alliance LLC | Delayed Draw | 1.00 | 19,867 | 68 | |||||||||
Premise Health Holding Corp. | Delayed Draw | 1.00 | 1,103 | (17 | ) | ||||||||
Propel Insurance Agency, LLC | Revolver | 0.50 | 2,381 | (10 | ) | ||||||||
Propel Insurance Agency, LLC | Delayed Draw | 0.50 | 7,143 | (31 | ) | ||||||||
QW Holding Corporation (Quala) | Revolver | 0.50 | 5,498 | (31 | ) | ||||||||
QW Holding Corporation (Quala) | Delayed Draw | 1.00 | 217 | (1 | ) | ||||||||
Situs Group Holdings Corporation | Delayed Draw | 1.00 | 1,216 | (1 | ) | ||||||||
T2 Systems, Inc. | Revolver | 0.50 | 1,369 | — | |||||||||
The Original Cakerie, Ltd. (Canada) | Revolver | 0.50 | 1,199 | (5 | ) | ||||||||
Welocalize, Inc. | Revolver | 0.50 | 2,057 | (21 | ) | ||||||||
WIRB - Copernicus Group, Inc. | Revolver | 0.50 | 1,000 | — | |||||||||
WIRB - Copernicus Group, Inc. | Delayed Draw | 1.00 | 2,592 | — | |||||||||
WRE Holding Corp. | Revolver | 0.50 | 441 | (6 | ) | ||||||||
WRE Holding Corp. | Delayed Draw | 1.00 | 1,981 | (25 | ) | ||||||||
Zywave, Inc. | Revolver | 0.50 | 998 | (1 | ) | ||||||||
Total unfunded commitments | $ | 92,894 | $ | (297 | ) |
Consolidated Schedule of Investments as of December 31, 2018 | |||||||||||||||||||||||
Investments (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Maturity Date | Par/ Principal Amount | Amortized Cost (5) | Fair Value (6) | |||||||||||||||
First Lien Debt (99.91% of fair value) | |||||||||||||||||||||||
Achilles Acquisition, LLC | +\ | (2) (3) | Banking, Finance, Insurance & Real Estate | L + 4.00% | 6.56% | 10/11/2025 | $ | 18,000 | $ | 17,906 | $ | 17,716 | |||||||||||
Acrisure, LLC | + | (2) (3) | Banking, Finance, Insurance & Real Estate | L + 4.25% | 6.77% | 11/22/2023 | 20,886 | 20,843 | 19,981 | ||||||||||||||
Acrisure, LLC | +\ | (2) (3) | Banking, Finance, Insurance & Real Estate | L + 3.75% | 6.27% | 11/22/2023 | 11,940 | 11,928 | 11,333 | ||||||||||||||
Advanced Instruments, LLC | ^+* | (2) (3) (8) | Healthcare & Pharmaceuticals | L + 5.25% | 7.63% | 10/31/2022 | 11,791 | 11,695 | 11,690 | ||||||||||||||
Ahead, LLC | ^+ | (2) (3) (8) | High Tech Industries | L + 4.25% | 6.87% | 6/29/2023 | 20,059 | 19,959 | 19,856 | ||||||||||||||
Alpha Packaging Holdings, Inc. | +* | (2) (3) | Containers, Packaging & Glass | L + 4.25% | 7.05% | 5/12/2020 | 16,860 | 16,830 | 16,813 | ||||||||||||||
AM Conservation Holding Corporation | +* | (2) (3) | Energy: Electricity | L + 4.50% | 7.30% | 10/31/2022 | 38,310 | 38,079 | 38,027 | ||||||||||||||
AQA Acquisition Holding, Inc. | ^+* | (2) (3) (8) | High Tech Industries | L + 4.25% | 7.05% | 5/24/2023 | 19,148 | 19,111 | 18,978 | ||||||||||||||
Avalign Technologies, Inc. | +\ | (2) (3) | Healthcare & Pharmaceuticals | L + 4.50% | 7.00% | 12/22/2025 | 13,000 | 12,874 | 12,848 | ||||||||||||||
Big Ass Fans, LLC | +*\ | (2) (3) | Capital Equipment | L + 3.75% | 6.55% | 5/21/2024 | 14,052 | 13,973 | 13,840 | ||||||||||||||
Borchers, Inc. | ^+* | (2) (3) (8) | Chemicals, Plastics & Rubber | L + 4.50% | 7.30% | 11/1/2024 | 15,589 | 15,533 | 15,545 | ||||||||||||||
Brooks Equipment Company, LLC | +* | (2) (3) | Construction & Building | L + 5.00% | 7.71% | 8/29/2020 | 5,948 | 5,940 | 5,935 | ||||||||||||||
Clearent Newco, LLC | ^+ | (2) (3) (8) | High Tech Industries | L + 4.00% | 6.52% | 3/20/2024 | 23,093 | 22,702 | 22,819 | ||||||||||||||
DBI Holding, LLC | +* | (2) (3) (9) | Transportation: Cargo | L + 5.25% | 7.76% | 8/1/2021 | 34,494 | 34,276 | 25,400 | ||||||||||||||
DBI Holding, LLC | ^ | Transportation: Cargo | 15% (100% PIK) | 7.76% | 2/1/2020 | 1,119 | 1,119 | 1,119 | |||||||||||||||
DecoPac, Inc. | ^+* | (2) (3) (8) | Non-durable Consumer Goods | L + 4.25% | 7.05% | 9/29/2024 | 12,696 | 12,571 | 12,619 | ||||||||||||||
Dent Wizard International Corporation | + | (2) (3) | Automotive | L + 4.00% | 6.51% | 4/7/2020 | 24,256 | 24,183 | 24,110 | ||||||||||||||
DTI Holdco, Inc. | +*\ | (2) (3) | High Tech Industries | L + 4.75% | 7.28% | 9/30/2023 | 19,081 | 18,941 | 17,793 | ||||||||||||||
EIP Merger Sub, LLC (Evolve IP) | +* | (2) (3) (4) | Telecommunications | L + 5.75% | 8.27% | 6/7/2022 | 22,358 | 21,923 | 21,788 | ||||||||||||||
EIP Merger Sub, LLC (Evolve IP) | * | (2) (3) (7) | Telecommunications | L + 5.75% | 8.27% | 6/7/2022 | 1,500 | 1,469 | 1,462 | ||||||||||||||
Eliassen Group, LLC | + | (2) (3) | Business Services | L + 4.50% | 7.00% | 11/5/2024 | 6,250 | 6,226 | 6,202 | ||||||||||||||
Exactech, Inc. | +\ | (2) (3) | Healthcare & Pharmaceuticals | L + 3.75% | 6.27% | 2/14/2025 | 12,903 | 12,849 | 12,741 | ||||||||||||||
Executive Consulting Group, LLC, Inc. | ^+ | (2) (3) (8) | Business Services | L + 4.50% | 7.30% | 6/20/2024 | 15,318 | 15,168 | 15,132 | ||||||||||||||
Golden West Packaging Group LLC | +* | (2) (3) | Containers, Packaging & Glass | L + 5.25% | 7.77% | 6/20/2023 | 30,180 | 29,978 | 29,760 | ||||||||||||||
HMT Holding Inc. | ^+* | (2) (3) (8) | Energy: Oil & Gas | L + 4.50% | 7.02% | 11/17/2023 | 33,490 | 32,902 | 33,172 | ||||||||||||||
J.S. Held, LLC | +* | (2) (3) | Banking, Finance, Insurance & Real Estate | L + 4.50% | 7.30% | 9/25/2024 | 20,309 | 20,137 | 19,998 | ||||||||||||||
Jensen Hughes, Inc. | ^+* | (2) (3) (8) | Utilities: Electric | L + 4.50% | 7.30% | 3/22/2024 | 27,978 | 27,896 | 27,382 | ||||||||||||||
Kestra Financial, Inc. | +* | (2) (3) | Banking, Finance, Insurance & Real Estate | L + 4.25% | 6.76% | 6/24/2022 | 21,744 | 21,547 | 21,690 | ||||||||||||||
MAG DS Corp. | ^+ | (2) (3) (8) | Aerospace & Defense | L + 4.75% | 7.27% | 6/6/2025 | 22,885 | 22,679 | 22,665 | ||||||||||||||
Maravai Intermediate Holdings, LLC | +\ | (2) | Healthcare & Pharmaceuticals | L + 4.25% | 6.81% | 8/2/2025 | 29,925 | 29,640 | 29,578 |
Consolidated Schedule of Investments as of December 31, 2018 | |||||||||||||||||||||||
Investments (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Maturity Date | Par/ Principal Amount | Amortized Cost (5) | Fair Value (6) | |||||||||||||||
First Lien Debt (99.91% of fair value) | |||||||||||||||||||||||
Mold-Rite Plastics, LLC | + | (2) (3) | Chemicals, Plastics & Rubber | L + 4.50% | 7.30% | 12/14/2021 | $ | 14,850 | $ | 14,793 | $ | 14,762 | |||||||||||
MSHC, Inc. | ^+* | (2) (3) (8) | Construction & Building | L + 4.25% | 6.89% | 7/31/2023 | 23,579 | 23,514 | 23,088 | ||||||||||||||
Newport Group Holdings II, Inc. | +\ | (2) | Banking, Finance, Insurance & Real Estate | L + 3.75% | 6.54% | 9/13/2025 | 17,790 | 17,666 | 17,564 | ||||||||||||||
North American Dental Management, LLC | ^+* | (2) (3) (8) | Healthcare & Pharmaceuticals | L + 5.25% | 8.04% | 7/7/2023 | 37,781 | 37,329 | 37,093 | ||||||||||||||
North Haven CA Holdings, Inc. | ^+* | (2) (3) (8) | Business Services | L + 4.50% | 7.02% | 10/2/2023 | 35,139 | 34,789 | 34,401 | ||||||||||||||
Odyssey Logistics & Technology Corporation | +*\ | (2) (3) | Transportation: Cargo | L + 4.00% | 6.52% | 10/12/2024 | 39,680 | 39,496 | 39,149 | ||||||||||||||
Output Services Group | ^+\ | (2) (3) (8) | Media: Advertising, Printing & Publishing | L + 4.25% | 6.77% | 3/27/2024 | 17,400 | 17,338 | 16,663 | ||||||||||||||
PAI Holdco, Inc. | +* | (2) (3) | Automotive | L + 4.25% | 7.05% | 1/5/2025 | 19,727 | 19,637 | 19,459 | ||||||||||||||
Park Place Technologies, Inc. | +\ | (2) (3) | High Tech Industries | L + 4.00% | 6.52% | 3/29/2025 | 15,922 | 15,856 | 15,639 | ||||||||||||||
Pasternack Enterprises, Inc. | + | (2) (3) | Capital Equipment | L + 4.00% | 6.52% | 7/2/2025 | 20,076 | 20,076 | 19,745 | ||||||||||||||
Pharmalogic Holdings Corp. | ^+ | (2) (3) (8) | Healthcare & Pharmaceuticals | L + 4.00% | 6.52% | 6/11/2023 | 7,017 | 6,995 | 6,949 | ||||||||||||||
Ping Identity Corporation | +\ | (2) (3) | High Tech Industries | L + 3.75% | 6.27% | 1/25/2025 | 4,975 | 4,956 | 4,915 | ||||||||||||||
Premier Senior Marketing, LLC | * | (2) (3) | Banking, Finance, Insurance & Real Estate | L + 4.25% | 6.75% | 11/30/2025 | 4,953 | 4,953 | 4,875 | ||||||||||||||
Premise Health Holding Corp. | ^+\ | (2) (3) (8) | Healthcare & Pharmaceuticals | L + 3.75% | 6.55% | 7/10/2025 | 13,862 | 13,805 | 13,717 | ||||||||||||||
Propel Insurance Agency, LLC | ^+ | (2) (3) (8) | Banking, Finance, Insurance & Real Estate | L + 4.25% | 6.75% | 6/1/2024 | 21,088 | 20,535 | 20,628 | ||||||||||||||
PSI Services, LLC | ^+* | (2) (3) (8) | Business Services | L + 5.00% | 7.52% | 1/20/2023 | 29,919 | 29,469 | 29,239 | ||||||||||||||
Q Holding Company | +* | (2) (3) | Automotive | L + 5.00% | 7.52% | 12/18/2021 | 17,099 | 17,058 | 16,969 | ||||||||||||||
QW Holding Corporation (Quala) | ^+* | (2) (3) (8) | Environmental Industries | L + 6.75% | 9.22% | 8/31/2022 | 9,704 | 9,338 | 9,489 | ||||||||||||||
RevSpring, Inc. | +*\ | (2) (3) | Media: Advertising, Printing & Publishing | L + 4.25% | 7.05% | 10/11/2025 | 20,000 | 19,953 | 19,680 | ||||||||||||||
Situs Group Holdings Corporation | + | (2) (3) | Banking, Finance, Insurance & Real Estate | L + 4.50% | 7.02% | 2/26/2023 | 8,915 | 8,892 | 8,887 | ||||||||||||||
Surgical Information Systems, LLC | +* | (2) (3) (7) | High Tech Industries | L + 4.85% | 7.37% | 4/24/2023 | 27,708 | 27,494 | 27,171 | ||||||||||||||
Systems Maintenance Services Holding, Inc. | +* | (2) (3) | High Tech Industries | L + 5.00% | 7.52% | 10/28/2023 | 24,010 | 23,907 | 17,842 | ||||||||||||||
T2 Systems Canada, Inc. | + | (2) (3) | Transportation: Consumer | L + 6.75% | 9.34% | 9/28/2022 | 2,646 | 2,598 | 2,630 | ||||||||||||||
T2 Systems, Inc. | ^+* | (2) (3) (8) | Transportation: Consumer | L + 6.75% | 9.34% | 9/28/2022 | 15,775 | 15,484 | 15,677 | ||||||||||||||
The Original Cakerie, Co. (Canada) | +* | (2) (3) | Beverage, Food & Tobacco | L + 5.00% | 7.50% | 7/20/2022 | 9,019 | 8,968 | 8,932 | ||||||||||||||
The Original Cakerie, Ltd. (Canada) | + | (2) (3) (8) | Beverage, Food & Tobacco | L + 4.50% | 7.02% | 7/20/2022 | 6,957 | 6,917 | 6,883 | ||||||||||||||
ThoughtWorks, Inc. | +*\ | (2) (3) | Business Services | L + 4.00% | 6.52% | 10/12/2024 | 11,944 | 11,909 | 11,770 | ||||||||||||||
U.S. Acute Care Solutions, LLC | +* | (2) (3) | Healthcare & Pharmaceuticals | L + 5.00% | 7.52% | 5/15/2021 | 31,705 | 31,540 | 31,395 | ||||||||||||||
U.S. TelePacific Holdings Corp. | +*\ | (2) (3) | Telecommunications | L + 5.00% | 7.80% | 5/2/2023 | 26,660 | 26,459 | 24,768 | ||||||||||||||
Upstream Intermediate, LLC | ^+ | (2) (3) (8) | Healthcare & Pharmaceuticals | L + 4.25% | 6.77% | 1/3/2024 | 17,939 | 17,863 | 17,677 |
Consolidated Schedule of Investments as of December 31, 2018 | |||||||||||||||||||||||
Investments (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Maturity Date | Par/ Principal Amount | Amortized Cost (5) | Fair Value (6) | |||||||||||||||
First Lien Debt (99.91% of fair value) | |||||||||||||||||||||||
Valet Waste Holdings, Inc. | +\ | (2) (3) | Construction & Building | L + 4.00% | 6.52% | 9/28/2025 | $ | 11,970 | $ | 11,947 | $ | 11,902 | |||||||||||
Valicor Environmental Services, LLC | ^+* | (2) (3) (8) | Environmental Industries | L + 4.75% | 7.27% | 6/1/2023 | 33,410 | 32,914 | 32,995 | ||||||||||||||
WIRB - Copernicus Group, Inc. | ^+* | (2) (3) (8) | Healthcare & Pharmaceuticals | L + 4.25% | 6.77% | 8/15/2022 | 17,194 | 17,098 | 16,931 | ||||||||||||||
WRE Holding Corp. | ^+* | (2) (3) (8) | Environmental Industries | L + 5.00% | 7.52% | 1/3/2023 | 7,238 | 7,162 | 6,993 | ||||||||||||||
Zywave, Inc. | ^+* | (2) (3) (8) | High Tech Industries | L + 5.00% | 7.52% | 11/17/2022 | 18,050 | 17,914 | 17,991 | ||||||||||||||
First Lien Debt Total | $ | 1,197,499 | $ | 1,172,460 | |||||||||||||||||||
Second Lien Debt (0.09% of fair value) | |||||||||||||||||||||||
Zywave, Inc. | * | (2) (3) | High Tech Industries | L + 9.00% | 11.65% | 11/17/2023 | $ | 1,050 | $ | 1,038 | $ | 1,048 | |||||||||||
Second Lien Debt Total | $ | 1,038 | $ | 1,048 | |||||||||||||||||||
Total Investments | $ | 1,198,537 | $ | 1,173,508 |
First Lien Debt – unfunded delayed draw and revolving term loans commitments | Type | Unused Fee | Par/ Principal Amount | Fair Value | First Lien Debt – unfunded delayed draw and revolving term loans commitments | Type | Unused Fee | Par/ Principal Amount | Fair Value | ||||||||||||||||||||||||||||||
Advanced Instruments, LLC | Revolver | 0.50 | % | $ | 1,333 | $ | (10 | ) | Advanced Instruments, LLC | Revolver | 0.50 | % | $ | 563 | $ | (2) | |||||||||||||||||||||||
Ahead, LLC | Revolver | 0.50 | 4,688 | (38 | ) | ||||||||||||||||||||||||||||||||||
AmeriLife Group, LLC | AmeriLife Group, LLC | Delayed Draw | 1.00 | 298 | (1) | ||||||||||||||||||||||||||||||||||
Anchor Packaging, Inc. | Anchor Packaging, Inc. | Delayed Draw | 1.00 | 4,487 | (1) | ||||||||||||||||||||||||||||||||||
AQA Acquisition Holding, Inc. | Revolver | 0.50 | 2,459 | (19 | ) | AQA Acquisition Holding, Inc. | Revolver | 0.50 | 2,459 | (11) | |||||||||||||||||||||||||||||
Borchers, Inc. | Revolver | 0.50 | 1,935 | (5 | ) | Borchers, Inc. | Revolver | 0.50 | 1,935 | (3) | |||||||||||||||||||||||||||||
Clearent Newco, LLC | Delayed Draw | 1.00 | 4,988 | (46 | ) | Clearent Newco, LLC | Delayed Draw | 1.00 | 6,636 | (110) | |||||||||||||||||||||||||||||
Clearent Newco, LLC | Revolver | 0.50 | 1,760 | (16 | ) | ||||||||||||||||||||||||||||||||||
DecoPac, Inc. | Revolver | 0.50 | 2,143 | (11 | ) | DecoPac, Inc. | Revolver | 0.50 | 2,143 | (7) | |||||||||||||||||||||||||||||
Executive Consulting Group, LLC, Inc. | Revolver | 0.50 | 2,368 | (25 | ) | ||||||||||||||||||||||||||||||||||
EIP Merger Sub, LLC (Evolve IP) | EIP Merger Sub, LLC (Evolve IP) | Revolver | 0.50 | 1,680 | — | ||||||||||||||||||||||||||||||||||
EIP Merger Sub, LLC (Evolve IP) | EIP Merger Sub, LLC (Evolve IP) | Delayed Draw | 1.00 | 2,240 | — | ||||||||||||||||||||||||||||||||||
HMT Holding Inc. | Revolver | 0.50 | 6,173 | (49 | ) | HMT Holding Inc. | Revolver | 0.50 | 6,173 | (29) | |||||||||||||||||||||||||||||
Jensen Hughes, Inc. | Revolver | 0.50 | 2,000 | (39 | ) | Jensen Hughes, Inc. | Revolver | 0.50 | 1,136 | (11) | |||||||||||||||||||||||||||||
Jensen Hughes, Inc. | Delayed Draw | 1.00 | 337 | (7 | ) | Jensen Hughes, Inc. | Delayed Draw | 1.00 | 2,365 | (23) | |||||||||||||||||||||||||||||
MAG DS Corp. | Revolver | 0.50 | 2,022 | (18 | ) | MAG DS Corp. | Revolver | 0.50 | 2,188 | (13) | |||||||||||||||||||||||||||||
Marco Technologies, LLC | Marco Technologies, LLC | Delayed Draw | 1.00 | 7,500 | — | ||||||||||||||||||||||||||||||||||
MSHC, Inc. | Delayed Draw | 0.32 | 9,852 | (145 | ) | MSHC, Inc. | Delayed Draw | 1.00 | 1,913 | (4) | |||||||||||||||||||||||||||||
North American Dental Management, LLC | Revolver | 0.50 | 2,000 | (35 | ) | ||||||||||||||||||||||||||||||||||
North Haven CA Holdings, Inc. (CoAdvantage) | Revolver | 0.50 | 6,114 | (109 | ) | ||||||||||||||||||||||||||||||||||
Output Services Group | Delayed Draw | 4.25 | 2,518 | (93 | ) | Output Services Group | Delayed Draw | 4.25 | 116 | (1) | |||||||||||||||||||||||||||||
Pharmalogic Holdings Corp. | Delayed Draw | 1.00 | 2,947 | (20 | ) | ||||||||||||||||||||||||||||||||||
Pathway Vet Alliance LLC | Pathway Vet Alliance LLC | Delayed Draw | 1.00 | 19,867 | 68 | ||||||||||||||||||||||||||||||||||
Premise Health Holding Corp. | Delayed Draw | 1.00 | 1,103 | (11 | ) | Premise Health Holding Corp. | Delayed Draw | 1.00 | 1,103 | (17) | |||||||||||||||||||||||||||||
Propel Insurance Agency, LLC | Delayed Draw | 0.50 | 7,143 | (110 | ) | Propel Insurance Agency, LLC | Revolver | 0.50 | 2,381 | (10) | |||||||||||||||||||||||||||||
Propel Insurance Agency, LLC | Revolver | 0.50 | 1,667 | (26 | ) | Propel Insurance Agency, LLC | Delayed Draw | 0.50 | 7,143 | (31) | |||||||||||||||||||||||||||||
PSI Services LLC | Revolver | 0.50 | 754 | (17 | ) | ||||||||||||||||||||||||||||||||||
QW Holding Corporation (Quala) | Revolver | 0.50 | 5,498 | (52 | ) | QW Holding Corporation (Quala) | Revolver | 0.50 | 5,498 | (31) | |||||||||||||||||||||||||||||
QW Holding Corporation (Quala) | QW Holding Corporation (Quala) | Delayed Draw | 1.00 | 217 | (1) | ||||||||||||||||||||||||||||||||||
Situs Group Holdings Corporation | Situs Group Holdings Corporation | Delayed Draw | 1.00 | 1,216 | (1) | ||||||||||||||||||||||||||||||||||
T2 Systems, Inc. | Revolver | 0.50 | 1,173 | (7 | ) | T2 Systems, Inc. | Revolver | 0.50 | 1,369 | — | |||||||||||||||||||||||||||||
The Original Cakerie, Ltd. (Canada) | Revolver | 0.50 | 1,132 | (10 | ) | The Original Cakerie, Ltd. (Canada) | Revolver | 0.50 | 1,199 | (5) | |||||||||||||||||||||||||||||
Upstream Intermediate, LLC | Revolver | 0.50 | 1,606 | (22 | ) | ||||||||||||||||||||||||||||||||||
Valicor Environmental Services, LLC | Revolver | 0.50 | 4,971 | (54 | ) | ||||||||||||||||||||||||||||||||||
Welocalize, Inc. | Welocalize, Inc. | Revolver | 0.50 | 2,057 | (21) | ||||||||||||||||||||||||||||||||||
WIRB - Copernicus Group, Inc. | Delayed Draw | 1.00 | 6,480 | (69 | ) | WIRB - Copernicus Group, Inc. | Revolver | 0.50 | 1,000 | — | |||||||||||||||||||||||||||||
WIRB - Copernicus Group, Inc. | Revolver | 0.50 | 1,000 | (11 | ) | WIRB - Copernicus Group, Inc. | Delayed Draw | 1.00 | 2,592 | — | |||||||||||||||||||||||||||||
WRE Holding Corp. | Delayed Draw | 0.89 | 2,069 | (51 | ) | WRE Holding Corp. | Revolver | 0.50 | 441 | (6) | |||||||||||||||||||||||||||||
WRE Holding Corp. | Revolver | 0.50 | 613 | (15 | ) | WRE Holding Corp. | Delayed Draw | 1.00 | 1,981 | (25) | |||||||||||||||||||||||||||||
Zywave, Inc. | Revolver | 0.50 | 600 | (2 | ) | Zywave, Inc. | Revolver | 0.50 | 998 | (1) | |||||||||||||||||||||||||||||
Total unfunded commitments | $ | 91,446 | $ | (1,142 | ) | Total unfunded commitments | $ | 92,894 | $ | (297) |
Credit Fund Facility | Credit Fund Sub Facility | Credit Fund Warehouse Facility | Credit Fund Warehouse II Facility | |||||||||||||||||||||||
Outstanding balance as of December 31, 2018 | $ | 112,000 | $ | 471,134 | $ | 101,044 | $ | — | ||||||||||||||||||
Borrowings | 126,200 | 223,870 | 34,544 | 97,571 | ||||||||||||||||||||||
Repayments | (145,200) | (351,498) | (135,588) | — | ||||||||||||||||||||||
Outstanding balance as of December 31, 2019 | 93,000 | 343,506 | — | 97,571 | ||||||||||||||||||||||
Borrowings | 63,500 | 269,313 | — | 54,373 | ||||||||||||||||||||||
Repayments | (156,500) | (191,960) | — | (58,542) | ||||||||||||||||||||||
Outstanding balance as of December 31, 2020 | $ | — | $ | 420,859 | $ | — | $ | 93,402 |
Credit Fund Facility | Credit Fund Sub Facility | Credit Fund Warehouse Facility | Credit Fund Warehouse II Facility | |||||||||||||
Outstanding balance as of December 31, 2017 | $ | 85,750 | $ | 377,686 | $ | — | N/A | |||||||||
Borrowings | 120,150 | 239,235 | 101,044 | N/A | ||||||||||||
Repayments | (93,900 | ) | (145,787 | ) | — | N/A | ||||||||||
Outstanding balance as of December 31, 2018 | 112,000 | 471,134 | 101,044 | — | ||||||||||||
Borrowings | 126,200 | 223,870 | 34,544 | 97,571 | ||||||||||||
Repayments | (145,200 | ) | (351,498 | ) | (135,588 | ) | — | |||||||||
Outstanding balance as of December 31, 2019 | $ | 93,000 | $ | 343,506 | $ | — | $ | 97,571 |
As of December 31, | |||||||||||
2020 | |||||||||||
ASSETS | |||||||||||
Investments, at fair value (amortized cost of $245,312) | $ | 246,421 | |||||||||
Cash and cash equivalents | 1,385 | ||||||||||
Other assets | 3,436 | ||||||||||
Total assets | $ | 251,242 | |||||||||
LIABILITIES AND MEMBERS’ EQUITY | |||||||||||
Liabilities | |||||||||||
Notes payable, net of unamortized debt issuance costs of $875 | $ | 156,625 | |||||||||
Other liabilities | 2,675 | ||||||||||
Total liabilities | 159,300 | ||||||||||
Members’ equity | |||||||||||
Members’ contributions | 90,805 | ||||||||||
Members’ distributions | (1,718) | ||||||||||
Accumulated income from operations | 2,855 | ||||||||||
Total members' equity (1) | 91,942 | ||||||||||
Total liabilities and members’ equity | $ | 251,242 |
For the Year Ended December 31, | |||||||||||
2020 | |||||||||||
Total investment income | $ | 3,005 | |||||||||
Expenses | |||||||||||
Interest and credit facility expenses | 766 | ||||||||||
Other expenses | 498 | ||||||||||
Total expenses | 1,264 | ||||||||||
Net investment income (loss) | 1,741 | ||||||||||
Net change in unrealized appreciation (depreciation) on investments | 1,114 | ||||||||||
Net increase (decrease) resulting from operations | $ | 2,855 |
As of December 31, | |||||||||||
2020 | |||||||||||
Senior secured loans (1) | $ | 248,172 | |||||||||
Weighted average yields of senior secured loans based on amortized cost (2) | 7.32 | % | |||||||||
Weighted average yields of senior secured loans based on fair value (2) | 7.29 | % | |||||||||
Number of portfolio companies in Credit Fund II | 44 | ||||||||||
Average amount per portfolio company (1) | $ | 5,640 | |||||||||
Percentage of portfolio at floating interest rates (3) (4) | 99.1 | % | |||||||||
Percentage of portfolio at fixed interest rates (4) | 0.9 | % | |||||||||
Fair value of loans with PIK provisions | $ | 8,856 | |||||||||
Percentage of portfolio with PIK provisions (4) | 3.6 | % |
Consolidated Schedule of Investments as of December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Maturity Date | Par/ Principal Amount | Amortized Cost (4) | Fair Value (5) | |||||||||||||||||||||||||||||||||||||||||||||
First Lien Debt (90.10%) of fair value) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Airnov, Inc. | ^ | (2)(3) | Containers, Packaging & Glass | L + 5.25% | 6.25% | 12/19/2025 | $ | 1,500 | $ | 1,481 | $ | 1,501 | |||||||||||||||||||||||||||||||||||||||||
Alpine SG, LLC | ^ | (2)(3) | High Tech Industries | L + 5.75% | 6.75% | 11/16/2022 | 4,411 | 4,390 | 4,378 | ||||||||||||||||||||||||||||||||||||||||||||
American Physician Partners, LLC | ^ | (2)(3) | Healthcare & Pharmaceuticals | L + 6.75% | 7.75% | 12/21/2021 | 8,725 | 8,679 | 8,265 | ||||||||||||||||||||||||||||||||||||||||||||
AMS Group HoldCo, LLC | ^ | (2)(3) | Transportation: Cargo | L + 6.50% | 7.50% | 9/29/2023 | 8,182 | 8,096 | 8,079 | ||||||||||||||||||||||||||||||||||||||||||||
Apptio, Inc. | ^ | (2)(3) | Software | L + 7.25% | 8.25% | 1/10/2025 | 5,357 | 5,278 | 5,437 | ||||||||||||||||||||||||||||||||||||||||||||
Aurora Lux FinCo S.Á.R.L. (Luxembourg) | ^ | (2)(3) | Software | L + 5.75% | 6.75% | 12/24/2026 | 4,400 | 4,303 | 4,018 | ||||||||||||||||||||||||||||||||||||||||||||
Avenu Holdings, LLC | ^ | (2)(3) | Sovereign & Public Finance | L + 5.25% | 6.25% | 9/28/2024 | 997 | 987 | 997 | ||||||||||||||||||||||||||||||||||||||||||||
BMS Holdings III Corp. | ^ | (2)(3) | Construction & Building | L + 5.25% | 6.25% | 9/30/2026 | 3,308 | 3,239 | 3,270 | ||||||||||||||||||||||||||||||||||||||||||||
Captive Resources Midco, LLC | ^ | (2)(3) | Banking, Finance, Insurance & Real Estate | L + 5.75% | 6.75% | 5/31/2025 | 8,406 | 8,297 | 8,463 | ||||||||||||||||||||||||||||||||||||||||||||
Chartis Holding, LLC | ^ | (2)(3) | Business Services | L + 5.50% | 6.50% | 5/1/2025 | 1,496 | 1,474 | 1,497 | ||||||||||||||||||||||||||||||||||||||||||||
Comar Holding Company, LLC | ^ | (2)(3) | Containers, Packaging & Glass | L + 5.50% | 6.50% | 6/18/2024 | 8,799 | 8,692 | 8,832 | ||||||||||||||||||||||||||||||||||||||||||||
Cority Software Inc. (Canada) | ^ | (2)(3) | Software | L + 5.25% | 6.25% | 7/2/2026 | 8,800 | 8,655 | 8,862 | ||||||||||||||||||||||||||||||||||||||||||||
Ensono, LP | ^ | (2)(3) | Telecommunications | L + 5.25% | 5.40% | 6/27/2025 | 6,292 | 6,246 | 6,245 | ||||||||||||||||||||||||||||||||||||||||||||
Ethos Veterinary Health LLC | ^ | (2)(3) | Consumer Services | L + 4.75% | 4.90% | 5/15/2026 | 8,182 | 8,117 | 8,070 | ||||||||||||||||||||||||||||||||||||||||||||
EvolveIP, LLC | ^ | (2)(3) | Telecommunications | L + 5.75% | 6.75% | 6/7/2023 | 8,799 | 8,784 | 8,790 | ||||||||||||||||||||||||||||||||||||||||||||
Innovative Business Services, LLC | ^ | (2)(3) | High Tech Industries | L + 5.50% | 6.50% | 4/5/2023 | 2,200 | 2,162 | 2,159 | ||||||||||||||||||||||||||||||||||||||||||||
K2 Insurance Services, LLC | ^ | (2)(3) | Banking, Finance, Insurance & Real Estate | L + 5.00% | 6.00% | 7/1/2024 | 6,927 | 6,827 | 6,928 | ||||||||||||||||||||||||||||||||||||||||||||
Kaseya, Inc. | ^ | (2)(3) | High Tech Industries | L + 4.00%, 3.00% PIK | 8.00% | 5/2/2025 | 8,822 | 8,688 | 8,856 | ||||||||||||||||||||||||||||||||||||||||||||
Mailgun Technologies, Inc. | ^ | (2)(3) | High Tech Industries | L + 5.00% | 6.00% | 3/26/2025 | 8,478 | 8,347 | 8,330 | ||||||||||||||||||||||||||||||||||||||||||||
National Technical Systems, Inc. | ^ | (2)(3) | Aerospace & Defense | L + 5.50% | 6.50% | 6/12/2023 | 8,800 | 8,778 | 8,733 | ||||||||||||||||||||||||||||||||||||||||||||
NMI AcquisitionCo, Inc. | ^ | (2)(3) | High Tech Industries | L + 5.00% | 6.00% | 9/6/2022 | 8,799 | 8,732 | 8,711 | ||||||||||||||||||||||||||||||||||||||||||||
Paramit Corporation | ^ | (2)(3) | Capital Equipment | L + 4.50% | 5.50% | 5/3/2025 | 1,000 | 992 | 980 | ||||||||||||||||||||||||||||||||||||||||||||
PPC Flexible Packaging, LLC | ^ | (2)(3) | Containers, Packaging & Glass | L + 6.00% | 7.00% | 11/23/2024 | 4,400 | 4,358 | 4,386 | ||||||||||||||||||||||||||||||||||||||||||||
Redwood Services Group, LLC | ^ | (2)(3) | High Tech Industries | L + 6.00% | 7.00% | 6/6/2023 | 3,300 | 3,279 | 3,291 | ||||||||||||||||||||||||||||||||||||||||||||
Reladyne, Inc. | ^ | (2)(3) | Wholesale | L + 5.00% | 6.00% | 7/22/2022 | 6,484 | 6,431 | 6,514 | ||||||||||||||||||||||||||||||||||||||||||||
Riveron Acquisition Holdings, Inc. | ^ | (2)(3) | Banking, Finance, Insurance & Real Estate | L + 5.75% | 6.75% | 5/22/2025 | 8,257 | 8,131 | 8,312 | ||||||||||||||||||||||||||||||||||||||||||||
RSC Acquisition, Inc. | ^ | (2)(3) | Banking, Finance, Insurance & Real Estate | L + 5.50% | 6.50% | 11/1/2026 | 8,487 | 8,341 | 8,572 | ||||||||||||||||||||||||||||||||||||||||||||
Smile Doctors, LLC | ^ | (2)(3) | Healthcare & Pharmaceuticals | L + 6.00% | 7.00% | 10/6/2022 | 6,509 | 6,507 | 6,379 | ||||||||||||||||||||||||||||||||||||||||||||
Sovos Brands Intermediate, Inc. | ^ | (2)(3) | Beverage, Food & Tobacco | L + 4.75% | 4.96% | 11/20/2025 | 2,200 | 2,182 | 2,181 | ||||||||||||||||||||||||||||||||||||||||||||
Superior Health Linens, LLC | ^ | (2)(3) | Business Services | L + 6.50% | 7.50% | 9/30/2021 | 7,199 | 7,178 | 7,162 | ||||||||||||||||||||||||||||||||||||||||||||
T2 Systems, Inc. | ^ | (2)(3) | Transportation: Consumer | L + 6.75% | 7.75% | 9/28/2022 | 8,799 | 8,713 | 8,799 | ||||||||||||||||||||||||||||||||||||||||||||
TCFI Aevex LLC | ^ | (2)(3) | Aerospace & Defense | L + 6.00% | 7.00% | 3/18/2026 | 1,718 | 1,688 | 1,712 | ||||||||||||||||||||||||||||||||||||||||||||
TSB Purchaser, Inc. | ^ | (2)(3) | Media: Advertising, Printing & Publishing | L + 6.00% | 7.00% | 5/14/2024 | 8,799 | 8,663 | 8,729 | ||||||||||||||||||||||||||||||||||||||||||||
Turbo Buyer, Inc. | ^ | (2)(3) | Automotive | L + 5.25% | 6.25% | 12/2/2025 | 8,174 | 8,001 | 8,249 |
Consolidated Schedule of Investments as of December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Maturity Date | Par/ Principal Amount | Amortized Cost (4) | Fair Value (5) | |||||||||||||||||||||||||||||||||||||||||||||
US INFRA SVCS Buyer, LLC | ^ | (2)(3) | Environmental Industries | L + 6.00% | 7.00% | 4/13/2026 | $ | 3,300 | $ | 3,240 | $ | 3,292 | |||||||||||||||||||||||||||||||||||||||||
VRC Companies, LLC | ^ | (2)(3) | Business Services | L + 6.50% | 7.50% | 3/31/2023 | 4,311 | 4,271 | 4,311 | ||||||||||||||||||||||||||||||||||||||||||||
Zemax Software Holdings, LLC | ^ | (2)(3) | Software | L + 5.75% | 6.75% | 6/25/2024 | 4,400 | 4,363 | 4,294 | ||||||||||||||||||||||||||||||||||||||||||||
Zenith Merger Sub, Inc. | ^ | (2)(3) | Business Services | L + 5.25% | 6.25% | 12/13/2023 | 4,399 | 4,370 | 4,367 | ||||||||||||||||||||||||||||||||||||||||||||
First Lien Debt Total | $ | 220,960 | $ | 221,951 | |||||||||||||||||||||||||||||||||||||||||||||||||
Second Lien Debt (9.90%) of fair value | |||||||||||||||||||||||||||||||||||||||||||||||||||||
AI Convoy S.A.R.L (United Kingdom) | ^ | (2)(3) | Aerospace & Defense | L + 8.25% | 9.25% | 1/17/2028 | $ | 5,514 | $ | 5,401 | $ | 5,676 | |||||||||||||||||||||||||||||||||||||||||
AQA Acquisition Holding, Inc. | ^ | (2)(3) | High Tech Industries | L + 8.00% | 9.00% | 5/24/2024 | 1,000 | 993 | 1,000 | ||||||||||||||||||||||||||||||||||||||||||||
Quartz Holding Company | ^ | (2)(3) | Software | L + 8.00% | 8.15% | 4/2/2027 | 4,852 | 4,771 | 4,815 | ||||||||||||||||||||||||||||||||||||||||||||
Tank Holding Corp. | ^ | (2)(3) | Capital Equipment | L + 8.25% | 8.40% | 3/26/2027 | 5,514 | 5,436 | 5,394 | ||||||||||||||||||||||||||||||||||||||||||||
Ultimate Baked Goods MIDCO, LLC | ^ | (2)(3) | Beverage, Food & Tobacco | L + 8.00% | 9.00% | 8/9/2026 | 5,514 | 5,428 | 5,257 | ||||||||||||||||||||||||||||||||||||||||||||
World 50, Inc. | (6) | Business Services | 11.50% | 11.50% | 1/9/2027 | 2,365 | 2,323 | 2,328 | |||||||||||||||||||||||||||||||||||||||||||||
Second Lien Debt Total | $ | 24,352 | $ | 24,470 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Investments | $ | 245,312 | $ | 246,421 |
December 31, 2020 | |||||||||||||||||||||||
Total Facility | Borrowings Outstanding | Unused Portion (1) | Amounts Available (2) | ||||||||||||||||||||
Credit Facility | $ | 688,000 | $ | 347,949 | $ | 340,051 | $ | 207,365 | |||||||||||||||
Total | $ | 688,000 | $ | 347,949 | $ | 340,051 | $ | 207,365 |
December 31, 2019 | |||||||||||||||||||||||
Total Facility | Borrowings Outstanding | Unused Portion (1) | Amounts Available (2) | ||||||||||||||||||||
SPV Credit Facility | $ | 275,000 | $ | 232,469 | $ | 42,531 | $ | 4,225 | |||||||||||||||
Credit Facility | 688,000 | 384,074 | 303,926 | 264,198 | |||||||||||||||||||
Total | $ | 963,000 | $ | 616,543 | $ | 346,457 | $ | 268,423 |
December 31, 2019 | |||||||||||||||
Total Facility | Borrowings Outstanding | Unused Portion (1) | Amounts Available (2) | ||||||||||||
SPV Credit Facility | $ | 275,000 | $ | 232,469 | $ | 42,531 | $ | 4,225 | |||||||
Credit Facility | 688,000 | 384,074 | 303,926 | 264,198 | |||||||||||
Total | $ | 963,000 | $ | 616,543 | $ | 346,457 | $ | 268,423 |
December 31, 2018 | |||||||||||||||
Total Facility | Borrowings Outstanding | Unused Portion (1) | Amounts Available (2) | ||||||||||||
SPV Credit Facility | $ | 400,000 | $ | 224,135 | $ | 175,865 | $ | 2,547 | |||||||
Credit Facility | 413,000 | 290,500 | 122,500 | 122,500 | |||||||||||
Total | $ | 813,000 | $ | 514,635 | $ | 298,365 | $ | 125,047 |
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||||
2019 Notes | $ | 115,000 | $ | 116,250 | $ | 115,000�� | $ | 115,000 | |||||||||||||||
2020 Notes | 75,000 | 75,000 | — | — | |||||||||||||||||||
Total | $ | 190,000 | $ | 191,250 | $ | 115,000 | $ | 115,000 |
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||
2015-1R Notes | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||||
Aaa/AAA Class A-1-1-R Notes | $ | 234,800 | $ | 230,996 | $ | 234,800 | $ | 233,053 | |||||||||||||||
Aaa/AAA Class A-1-2-R Notes | 50,000 | 49,645 | 50,000 | 49,908 | |||||||||||||||||||
Aaa/AAA Class A-1-3-R Notes | 25,000 | 25,017 | 25,000 | 25,163 | |||||||||||||||||||
AA Class A-2-R Notes | 66,000 | 64,895 | 66,000 | 66,000 | |||||||||||||||||||
A Class B Notes | 46,400 | 45,291 | 46,400 | 46,400 | |||||||||||||||||||
BBB- Class C Notes | 27,000 | 24,592 | 27,000 | 27,000 | |||||||||||||||||||
Total | $ | 449,200 | $ | 440,436 | $ | 449,200 | $ | 447,524 |
December 31, 2019 | December 31, 2018 | ||||||||||||||
2015-1R Notes | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||
Aaa/AAA Class A-1-1-R Notes | $ | 234,800 | $ | 233,053 | $ | 234,800 | $ | 229,632 | |||||||
Aaa/AAA Class A-1-2-R Notes | 50,000 | 49,908 | 50,000 | 49,442 | |||||||||||
Aaa/AAA Class A-1-3-R Notes | 25,000 | 25,163 | 25,000 | 24,990 | |||||||||||
AA Class A-2-R Notes | 66,000 | 66,000 | 66,000 | 66,000 | |||||||||||
A Class B Notes | 46,400 | 46,400 | 46,400 | 44,242 | |||||||||||
BBB- Class C Notes | 27,000 | 27,000 | 27,000 | 24,809 | |||||||||||
Total | $ | 449,200 | $ | 447,524 | $ | 449,200 | $ | 439,115 |
For the years ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Common stock outstanding, beginning of year | 57,763,811 | 62,230,251 | 62,207,603 | ||||||||||||||
Reinvestment of dividends on common stock | — | — | 361,056 | ||||||||||||||
Repurchase of common stock | (2,443,502) | (4,466,440) | (338,408) | ||||||||||||||
Common stock outstanding, end of year | 55,320,309 | 57,763,811 | 62,230,251 |
For the years ended December 31, | ||||||||
2019 | 2018 | 2017 | ||||||
Shares outstanding, beginning of year | 62,230,251 | 62,207,603 | 41,702,318 | |||||
Common stock issued | — | — | 20,146,561 | |||||
Reinvestment of dividends | — | 361,056 | 358,724 | |||||
Repurchase of common stock | (4,466,440 | ) | (338,408 | ) | — | |||
Shares outstanding, end of year | 57,763,811 | 62,230,251 | 62,207,603 |
As of December 31, | As of December 31, | |||||||||||||||||||||||||||||
Payment Due by Period | 2019 | 2018 | Payment Due by Period | 2020 | 2019 | |||||||||||||||||||||||||
Less than 1 Year | $ | — | $ | — | Less than 1 Year | $ | — | $ | — | |||||||||||||||||||||
1-3 Years | — | — | 1-3 Years | — | — | |||||||||||||||||||||||||
3-5 Years (1) | 731,543 | 514,635 | 3-5 Years (1) | 537,949 | 731,543 | |||||||||||||||||||||||||
More than 5 Years (2) | 449,200 | 449,200 | More than 5 Years (2) | 449,200 | 449,200 | |||||||||||||||||||||||||
Total | $ | 1,180,743 | $ | 963,835 | Total | $ | 987,149 | $ | 1,180,743 |
Principal Amount as of December 31, | Principal Amount as of December 31, | |||||||||||||||||
2019 | 2018 | 2020 | 2019 | |||||||||||||||
Unfunded delayed draw commitments | $ | 75,874 | $ | 97,261 | Unfunded delayed draw commitments | $ | 73,292 | $ | 75,874 | |||||||||
Unfunded revolving term loan commitments | 74,016 | 59,856 | Unfunded revolving term loan commitments | 76,216 | 74,016 | |||||||||||||
Total unfunded commitments | $ | 149,890 | $ | 157,117 | Total unfunded commitments | $ | 149,508 | $ | 149,890 |
Date Declared | Record Date | Payment Date | Per Share Amount | ||||||||||||||||||||
2018 | |||||||||||||||||||||||
February 26, 2018 | March 29, 2018 | April 17, 2018 | $ | 0.37 | |||||||||||||||||||
May 2, 2018 | June 29, 2018 | July 17, 2018 | 0.37 | ||||||||||||||||||||
August 6, 2018 | September 28, 2018 | October 17, 2018 | 0.37 | ||||||||||||||||||||
November 5, 2018 | December 28, 2018 | January 17, 2019 | 0.37 | ||||||||||||||||||||
December 12, 2018 | December 28, 2018 | January 17, 2019 | 0.20 | (1) | |||||||||||||||||||
Total | $ | 1.68 | |||||||||||||||||||||
2019 | |||||||||||||||||||||||
February 22, 2019 | March 29, 2019 | April 17, 2019 | $ | 0.37 | |||||||||||||||||||
May 6, 2019 | June 28, 2019 | July 17, 2019 | 0.37 | ||||||||||||||||||||
June 17, 2019 | June 28, 2019 | July 17, 2019 | 0.08 | (1) | |||||||||||||||||||
August 5, 2019 | September 30, 2019 | October 17, 2019 | 0.37 | ||||||||||||||||||||
November 4, 2019 | December 31, 2019 | January 17, 2020 | 0.37 | ||||||||||||||||||||
December 12, 2019 | December 31, 2019 | January 17, 2020 | 0.18 | (1) | |||||||||||||||||||
Total | $ | 1.74 | |||||||||||||||||||||
2020 | |||||||||||||||||||||||
February 24, 2020 | March 31, 2020 | April 17, 2020 | $ | 0.37 | |||||||||||||||||||
May 4, 2020 | June 30, 2020 | July 17, 2020 | 0.37 | ||||||||||||||||||||
August 3, 2020 | September 30, 2020 | October 16, 2020 | 0.32 | (2) | |||||||||||||||||||
August 3, 2020 | September 30, 2020 | October 16, 2020 | 0.05 | (1) | |||||||||||||||||||
November 2, 2020 | December 31, 2020 | January 15, 2021 | 0.32 | ||||||||||||||||||||
November 2, 2020 | December 31, 2020 | January 15, 2021 | 0.04 | (1) | |||||||||||||||||||
Total | $ | 1.47 |
Date Declared | Record Date | Payment Date | Per Share Amount | ||||||
2017 | |||||||||
March 20, 2017 | March 20, 2017 | April 24, 2017 | $ | 0.41 | |||||
June 20, 2017 | June 30, 2017 | July 18, 2017 | 0.37 | ||||||
August 7, 2017 | September 29, 2017 | October 18, 2017 | 0.37 | ||||||
November 7, 2017 | December 29, 2017 | January 17, 2018 | 0.37 | ||||||
December 13, 2017 | December 29, 2017 | January 17, 2018 | 0.12 | (1) | |||||
Total | $ | 1.64 | |||||||
2018 | |||||||||
February 26, 2018 | March 29, 2018 | April 17, 2018 | $ | 0.37 | |||||
May 2, 2018 | June 29, 2018 | July 17, 2018 | 0.37 | ||||||
August 6, 2018 | September 28, 2018 | October 17, 2018 | 0.37 | ||||||
November 5, 2018 | December 28, 2018 | January 17, 2019 | 0.37 | ||||||
December 12, 2018 | December 28, 2018 | January 17, 2019 | 0.20 | (1) | |||||
Total | $ | 1.68 | |||||||
2019 | |||||||||
February 22, 2019 | March 29, 2019 | April 17, 2019 | $ | 0.37 | |||||
May 6, 2019 | June 28, 2019 | July 17, 2019 | 0.37 | ||||||
June 17, 2019 | June 28, 2019 | July 17, 2019 | 0.08 | (1) | |||||
August 5, 2019 | September 30, 2019 | October 17, 2019 | 0.37 | ||||||
November 4, 2019 | December 31, 2019 | January 17, 2020 | 0.37 | ||||||
December 12, 2019 | December 31, 2019 | January 17, 2020 | 0.18 | (1) | |||||
Total | $ | 1.74 |
Record Date | Payment Date | Per Share Amount | |||||||||||||||||||||
June 30, 2020 | June 30, 2020 | September 30, 2020 | $ | 0.277 | |||||||||||||||||||
September 30, 2020 | September 30, 2020 | September 30, 2020 | 0.423 | ||||||||||||||||||||
December 31, 2020 | December 31, 2020 | December 31, 2020 | 0.438 | ||||||||||||||||||||
Total | $ | 1.138 |
As of December 31, 2019 | As of December 31, 2018 | |||||||||||||||||||||||
Basis Point Change | Interest Income | Interest Expense | Net Investment Income | Interest Income | Interest Expense | Net Investment Income | ||||||||||||||||||
Up 300 basis points | $ | 57,441 | $ | (31,167 | ) | $ | 26,274 | $ | 52,554 | $ | (28,165 | ) | $ | 24,389 | ||||||||||
Up 200 basis points | $ | 38,294 | $ | (20,778 | ) | $ | 17,516 | $ | 35,036 | $ | (18,777 | ) | $ | 16,259 | ||||||||||
Up 100 basis points | $ | 19,147 | $ | (10,389 | ) | $ | 8,758 | $ | 17,518 | $ | (9,388 | ) | $ | 8,130 | ||||||||||
Down 100 basis points | $ | (16,433 | ) | �� | $ | 10,389 | $ | (6,044 | ) | $ | (17,477 | ) | $ | 9,388 | $ | (8,089 | ) | |||||||
Down 200 basis points | $ | (18,678 | ) | $ | 20,225 | $ | 1,547 | $ | (28,103 | ) | $ | 18,777 | $ | (9,326 | ) | |||||||||
Down 300 basis points | $ | (19,053 | ) | $ | 20,823 | $ | 1,770 | $ | (28,741 | ) | $ | 22,953 | $ | (5,788 | ) |
December 31, 2019 | December 31, 2018 | ||||||
ASSETS | |||||||
Investments, at fair value | |||||||
Investments—non-controlled/non-affiliated, at fair value (amortized cost of $1,960,755 and $1,799,751, respectively) | $ | 1,897,057 | $ | 1,731,319 | |||
Investments—non-controlled/affiliated, at fair value (amortized cost of $0 and $13,839, respectively) | — | 18,543 | |||||
Investments—controlled/affiliated, at fair value (amortized cost of $240,696 and $230,001, respectively) | 226,907 | 222,295 | |||||
Total investments, at fair value (amortized cost of $2,201,451 and $2,043,591, respectively) | 2,123,964 | 1,972,157 | |||||
Cash and cash equivalents | 36,751 | 87,186 | |||||
Receivable for investment sold | 6,162 | 8,060 | |||||
Deferred financing costs | 4,032 | 3,950 | |||||
Interest receivable from non-controlled/non-affiliated investments | 9,462 | 5,853 | |||||
Interest receivable from non-controlled/affiliated investments | — | 3 | |||||
Interest and dividend receivable from controlled/affiliated investments | 6,845 | 7,405 | |||||
Prepaid expenses and other assets | 317 | 129 | |||||
Total assets | $ | 2,187,533 | $ | 2,084,743 | |||
LIABILITIES | |||||||
Secured borrowings (Note 6) | $ | 616,543 | $ | 514,635 | |||
2015-1R Notes, net of unamortized debt issuance costs of $2,911 and $3,157, respectively (Note 7) | 446,289 | 446,043 | |||||
Senior Notes | 115,000 | — | |||||
Payable for investments purchased | — | 1,870 | |||||
Due to Investment Adviser | — | 236 | |||||
Interest and credit facility fees payable (Notes 6 and 7) | 6,764 | 7,500 | |||||
Dividend payable (Note 9) | 31,760 | 35,497 | |||||
Base management and incentive fees payable (Note 4) | 13,236 | 13,834 | |||||
Administrative service fees payable (Note 4) | 77 | 94 | |||||
Other accrued expenses and liabilities | 1,393 | 1,816 | |||||
Total liabilities | 1,231,062 | 1,021,525 | |||||
Commitments and contingencies (Notes 8 and 11) | |||||||
NET ASSETS | |||||||
Common stock, $0.01 par value; 200,000,000 shares authorized; 57,763,811 and 62,230,251 shares issued and outstanding at December 31, 2019 and December 31, 2018, respectively | 578 | 622 | |||||
Paid-in capital in excess of par value | 1,109,238 | 1,174,334 | |||||
Offering costs | (1,633 | ) | (1,633 | ) | |||
Total distributable earnings (loss) | (151,712 | ) | (110,105 | ) | |||
Total net assets | $ | 956,471 | $ | 1,063,218 | |||
NET ASSETS PER SHARE | $ | 16.56 | $ | 17.09 |
For the years ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Investment income: | |||||||||||
From non-controlled/non-affiliated investments: | |||||||||||
Interest income | $ | 184,529 | $ | 168,222 | $ | 133,807 | |||||
Other income | 7,329 | 9,134 | 10,526 | ||||||||
Total investment income from non-controlled/non-affiliated investments | 191,858 | 177,356 | 144,333 | ||||||||
From non-controlled/affiliated investments: | |||||||||||
Interest income | 1,209 | 1,680 | 1,215 | ||||||||
Total investment income from non-controlled/affiliated investments | 1,209 | 1,680 | 1,215 | ||||||||
From controlled/affiliated investments: | |||||||||||
Interest income | 12,481 | 13,240 | 10,753 | ||||||||
Dividend income | 15,750 | 15,250 | 8,700 | ||||||||
Total investment income from controlled/affiliated investments | 28,231 | 28,490 | 19,453 | ||||||||
Total investment income | 221,298 | 207,526 | 165,001 | ||||||||
Expenses: | |||||||||||
Base management fees (Note 4) | 31,316 | 29,626 | 25,254 | ||||||||
Incentive fees (Note 4) | 22,872 | 23,002 | 21,084 | ||||||||
Professional fees | 2,745 | 3,404 | 2,895 | ||||||||
Administrative service fees (Note 4) | 539 | 701 | 661 | ||||||||
Interest expense (Notes 6 and 7) | 50,587 | 37,801 | 24,510 | ||||||||
Credit facility fees (Note 6) | 3,079 | 2,295 | 1,983 | ||||||||
Directors’ fees and expenses | 353 | 370 | 443 | ||||||||
Other general and administrative | 1,738 | 1,661 | 1,683 | ||||||||
Total expenses | 113,229 | 98,860 | 78,513 | ||||||||
Waiver of base management fees (Note 4) | — | — | 5,927 | ||||||||
Net expenses | 113,229 | 98,860 | 72,586 | ||||||||
Net investment income (loss) before taxes | 108,069 | 108,666 | 92,415 | ||||||||
Excise tax expense | 404 | 230 | 264 | ||||||||
Net investment income (loss) | 107,665 | 108,436 | 92,151 | ||||||||
Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments: | |||||||||||
Net realized gain (loss) from: | |||||||||||
Non-controlled/non-affiliated investments | (29,285 | ) | (1,368 | ) | (11,692 | ) | |||||
Controlled/affiliated investments | (9,091 | ) | — | — | |||||||
Currency gains (losses) on non-investment assets and liabilities | 33 | — | — | ||||||||
Net change in unrealized appreciation (depreciation) on investments: | |||||||||||
Non-controlled/non-affiliated investments | 4,734 | (65,528 | ) | 6,590 | |||||||
Non-controlled/affiliated investments | (4,704 | ) | 5,546 | (842 | ) | ||||||
Controlled/affiliated investments | (6,083 | ) | (7,971 | ) | (2,007 | ) | |||||
Net change in unrealized currency gains (losses) on non-investment assets and liabilities | (1,939 | ) | — | — | |||||||
Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments and non-investment assets and liabilities | (46,335 | ) | (69,321 | ) | (7,951 | ) | |||||
Net increase (decrease) in net assets resulting from operations | $ | 61,330 | $ | 39,115 | $ | 84,200 | |||||
Basic and diluted earnings per common share (Note 9) | $ | 1.02 | $ | 0.63 | $ | 1.59 | |||||
Weighted-average shares of common stock outstanding—Basic and Diluted (Note 9) | 60,189,502 | 62,533,614 | 52,997,450 |
For the years ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Increase (decrease) in net assets resulting from operations: | |||||||||||
Net investment income (loss) | $ | 107,665 | $ | 108,436 | $ | 92,151 | |||||
Net realized gain (loss) on investments and non-investment assets and liabilities | (38,343 | ) | (1,368 | ) | (11,692 | ) | |||||
Net change in unrealized appreciation (depreciation) on investments | (6,053 | ) | (67,953 | ) | 3,741 | ||||||
Net change in unrealized currency gains (losses) on non-investment assets and liabilities | (1,939 | ) | — | — | |||||||
Net increase (decrease) in net assets resulting from operations | 61,330 | 39,115 | 84,200 | ||||||||
Capital transactions: | |||||||||||
Common stock issued, net of offering and underwriting costs | — | (15 | ) | 365,475 | |||||||
Reinvestment of dividends | — | 6,629 | 6,681 | ||||||||
Repurchase of common stock | (64,717 | ) | (4,867 | ) | — | ||||||
Dividends declared (Note 12) | (103,360 | ) | (104,948 | ) | (93,189 | ) | |||||
Net increase (decrease) in net assets resulting from capital share transactions | (168,077 | ) | (103,201 | ) | 278,967 | ||||||
Net increase (decrease) in net assets | (106,747 | ) | (64,086 | ) | 363,167 | ||||||
Net assets at beginning of year | 1,063,218 | 1,127,304 | 764,137 | ||||||||
Net assets at end of year | $ | 956,471 | $ | 1,063,218 | $ | 1,127,304 |
For the years ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Cash flows from operating activities: | |||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 61,330 | $ | 39,115 | $ | 84,200 | |||||
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | |||||||||||
Amortization of deferred financing costs | 1,864 | 1,896 | 949 | ||||||||
Net accretion of discount on investments | (12,955 | ) | (12,814 | ) | (11,747 | ) | |||||
Paid-in-kind interest | (7,958 | ) | (4,676 | ) | (1,057 | ) | |||||
Net realized (gain) loss on investments | 38,343 | 1,368 | 11,692 | ||||||||
Net change in unrealized (appreciation) depreciation on investments | 6,053 | 67,953 | (3,741 | ) | |||||||
Net change in unrealized currency (gains) losses on non-investment assets and liabilities | 1,939 | — | — | ||||||||
Cost of investments purchased and change in payable for investments purchased | (994,374 | ) | (953,163 | ) | (1,280,124 | ) | |||||
Proceeds from sales and repayments of investments and change in receivable for investments sold | 819,084 | 888,069 | 812,576 | ||||||||
Changes in operating assets: | |||||||||||
Interest receivable | (3,606 | ) | (1,312 | ) | (3,767 | ) | |||||
Dividend receivable | 560 | (860 | ) | (1,515 | ) | ||||||
Prepaid expenses and other assets | (188 | ) | (53 | ) | (34 | ) | |||||
Changes in operating liabilities: | |||||||||||
Due to Investment Adviser | (236 | ) | 167 | (146 | ) | ||||||
Interest and credit facility fees payable | (736 | ) | 2,147 | 1,754 | |||||||
Base management and incentive fees payable | (598 | ) | 736 | 4,941 | |||||||
Administrative service fees payable | (17 | ) | (1 | ) | (42 | ) | |||||
Other accrued expenses and liabilities | (397 | ) | 223 | 410 | |||||||
Net cash provided by (used in) operating activities | (91,892 | ) | 28,795 | (385,651 | ) | ||||||
Cash flows from financing activities: | |||||||||||
Proceeds from issuance of common stock, net of offering and underwriting costs | — | (15 | ) | 357,429 | |||||||
Repurchase of common stock | (64,717 | ) | (4,867 | ) | — | ||||||
Borrowings on SPV Credit Facility and Credit Facility | 755,179 | 812,650 | 816,216 | ||||||||
Repayments of SPV Credit Facility and Credit Facility | (655,209 | ) | (860,908 | ) | (675,208 | ) | |||||
Proceeds from issuance of Senior Unsecured Notes | 115,000 | — | — | ||||||||
Repayments of debt assumed from NFIC Acquisition | — | — | (42,128 | ) | |||||||
Proceeds from issuance of 2015-1R Notes | — | 449,200 | — | ||||||||
Redemption of 2015-1 Notes | — | (273,000 | ) | — | |||||||
Debt issuance costs paid | (1,699 | ) | (3,405 | ) | (1,063 | ) | |||||
Dividends paid in cash | (107,097 | ) | (93,303 | ) | (76,045 | ) | |||||
Net cash provided by (used in) financing activities | 41,457 | 26,352 | 379,201 | ||||||||
Net increase (decrease) in cash and cash equivalents | (50,435 | ) | 55,147 | (6,450 | ) | ||||||
Cash and cash equivalents, beginning of year | 87,186 | 32,039 | 38,489 | ||||||||
Cash and cash equivalents, end of year | $ | 36,751 | $ | 87,186 | $ | 32,039 | |||||
Supplemental disclosures: | |||||||||||
Offering expenses and debt issuance costs due | $ | — | $ | 25 | $ | — | |||||
Interest paid during the year | $ | 49,981 | $ | 34,676 | $ | 22,519 | |||||
Taxes, including excise tax, paid during year | $ | 225 | $ | 105 | $ | 179 | |||||
Dividends declared during the year | $ | 103,360 | $ | 104,948 | $ | 93,189 | |||||
Reinvestment of dividends | $ | — | $ | 6,629 | $ | 6,681 | |||||
Cost of investments received in the NFIC Acquisition from shares issued (Note 13) | $ | — | $ | — | $ | (8,046 | ) | ||||
Shares issued in consideration of NFIC Acquisition (Note 13) | $ | — | $ | — | $ | 8,046 | |||||
Debt assumed from NFIC Acquisition (Note 13) | $ | — | $ | — | $ | 42,128 |
Investments—non-controlled/non-affiliated (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Acquisition Date | Maturity Date | Par/ Principal Amount ** | Amortized Cost (4) | Fair Value(5) | % of Net Assets | |||||||||||||||||||
First Lien Debt (77.29%) | |||||||||||||||||||||||||||||
Aero Operating, LLC (Dejana Industries, Inc.) | ^+* | (2) (3) (13) | Business Services | L + 7.25% | 9.16% | 1/5/2018 | 12/29/2022 | $ | 3,517 | $ | 3,491 | $ | 3,449 | 0.36 | % | ||||||||||||||
Airnov, Inc. | ^ | (2) (3) (13) | Containers, Packaging & Glass | L + 5.25% | 7.16% | 12/20/2019 | 12/19/2025 | 12,813 | 12,602 | 12,601 | 1.32 | ||||||||||||||||||
Alpha Packaging Holdings, Inc. | +* | (2) (3) | Containers, Packaging & Glass | L + 4.25% | 6.35% | 6/26/2015 | 5/12/2020 | 2,836 | 2,836 | 2,822 | 0.30 | ||||||||||||||||||
Alpine SG, LLC | ^* | (2) (3) | High Tech Industries | L + 6.50% | 8.43% | 2/2/2018 | 11/16/2022 | 15,301 | 15,187 | 15,244 | 1.59 | ||||||||||||||||||
American Physician Partners, LLC | ^+* | (2) (3) (13) | Healthcare & Pharmaceuticals | L + 6.50% | 8.58% | 1/7/2019 | 12/21/2021 | 38,235 | 37,868 | 38,110 | 3.98 | ||||||||||||||||||
AMS Group HoldCo, LLC | ^+* | (2) (3) (13) | Transportation: Cargo | L + 6.00% | 8.07% | 9/29/2017 | 9/29/2023 | 30,808 | 30,361 | 30,457 | 3.18 | ||||||||||||||||||
Analogic Corporation | ^+* | (2) (3) (13) | Healthcare & Pharmaceuticals | L + 6.00% | 7.70% | 6/22/2018 | 6/22/2024 | 34,784 | 34,190 | 34,784 | 3.64 | ||||||||||||||||||
Anchor Hocking, LLC | ^ | (2) (3) | Durable Consumer Goods | L + 8.75% | 10.66% | 1/25/2019 | 1/25/2024 | 10,707 | 10,410 | 10,359 | 1.08 | ||||||||||||||||||
Apptio, Inc. | ^ | (2) (3) (13) | Software | L + 7.25% | 8.96% | 1/10/2019 | 1/10/2025 | 35,541 | 34,874 | 35,237 | 3.68 | ||||||||||||||||||
Aurora Lux FinCo S.Á.R.L. (Luxembourg) | ^ | (2) (3) (7) | Software | L + 6.00% | 7.93% | 12/24/2019 | 12/24/2026 | 37,500 | 36,563 | 36,563 | 3.82 | ||||||||||||||||||
Avenu Holdings, LLC | +* | (2) (3) | Sovereign & Public Finance | L + 5.25% | 7.35% | 9/28/2018 | 9/28/2024 | 38,665 | 38,125 | 37,227 | 3.89 | ||||||||||||||||||
Barnes & Noble, Inc. | ^ | (2) (3) (11) | Retail | L + 5.50% | 9.07% | 8/7/2019 | 8/7/2024 | 17,637 | 17,225 | 17,196 | 1.80 | ||||||||||||||||||
BMS Holdings III Corp. | ^* | (2) (3) (13) | Construction & Building | L + 5.25% | 7.35% | 9/30/2019 | 9/30/2026 | 11,638 | 11,274 | 11,591 | 1.21 | ||||||||||||||||||
Brooks Equipment Company, LLC | +* | (2) (3) | Construction & Building | L + 5.00% | 6.91% | 6/26/2015 | 8/29/2020 | 2,443 | 2,439 | 2,441 | 0.26 | ||||||||||||||||||
Capstone Logistics Acquisition, Inc. | +* | (2) (3) | Transportation: Cargo | L + 4.50% | 6.20% | 6/26/2015 | 10/7/2021 | 3,976 | 3,962 | 3,894 | 0.41 | ||||||||||||||||||
Captive Resources Midco, LLC | ^* | (2) (3) (13) | Banking, Finance, Insurance & Real Estate | L + 6.00% | 8.18% | 6/30/2015 | 5/31/2025 | 30,301 | 29,814 | 30,158 | 3.15 | ||||||||||||||||||
Central Security Group, Inc. | +* | (2) (3) | Consumer Services | L + 5.63% | 7.33% | 6/26/2015 | 10/6/2021 | 22,634 | 22,531 | 19,466 | 2.04 | ||||||||||||||||||
Chartis Holding, LLC | ^ | (2) (3) (13) | Business Services | L + 5.25% | 7.28% | 5/1/2019 | 5/1/2025 | 15,926 | 15,538 | 15,723 | 1.64 | ||||||||||||||||||
Chemical Computing Group ULC (Canada) | ^* | (2) (3) (7) (13) | Software | L + 5.25% | 6.95% | 8/30/2018 | 8/30/2023 | 14,674 | 14,567 | 14,539 | 1.52 | ||||||||||||||||||
CircusTrix Holdings, LLC | ^+* | (2) (3) (13) | Hotel, Gaming & Leisure | L + 5.50% | 7.20% | 2/2/2018 | 12/6/2021 | 9,397 | 9,342 | 9,242 | 0.97 | ||||||||||||||||||
Comar Holding Company, LLC | ^+* | (2) (3) (13) | Containers, Packaging & Glass | L + 5.25% | 6.96% | 6/18/2018 | 6/18/2024 | 27,783 | 27,254 | 27,101 | 2.83 | ||||||||||||||||||
Cority Software Inc. (Canada) | ^ | (2) (3) (7) (13) | Software | L + 5.50% | 7.57% | 7/2/2019 | 7/2/2026 | 27,000 | 26,435 | 26,400 | 2.76 | ||||||||||||||||||
Dent Wizard International Corporation | + | (2) (3) | Automotive | L + 4.00% | 5.70% | 4/28/2015 | 4/7/2022 | 877 | 877 | 873 | 0.09 | ||||||||||||||||||
Derm Growth Partners III, LLC (Dermatology Associates) | ^ | (2) (3) (9) | Healthcare & Pharmaceuticals | L + 6.25% (100% PIK) | 8.16% | 5/31/2016 | 5/31/2022 | 56,310 | 56,026 | 39,716 | 4.15 | ||||||||||||||||||
DermaRite Industries, LLC | ^* | (2) (3) (13) | Healthcare & Pharmaceuticals | L + 7.00% | 8.70% | 3/3/2017 | 3/3/2022 | 22,647 | 22,481 | 21,690 | 2.27 | ||||||||||||||||||
Digicel Limited (Jamaica) | ^ | (7) | Telecommunications | 6.00% | 6.00% | 7/23/2019 | 4/15/2021 | 250 | 202 | 195 | 0.02 | ||||||||||||||||||
Dimensional Dental Management, LLC | ^ | (2) (3) (11) (13) | Healthcare & Pharmaceuticals | L + 5.75% | 10.00% | 2/12/2016 | 2/12/2021 | 1,224 | 1,199 | 1,224 | 0.13 | ||||||||||||||||||
Dimensional Dental Management, LLC | ^ | (2) (3) (9) (11) | Healthcare & Pharmaceuticals | L + 5.75% | 8.66% | 2/12/2016 | 7/22/2020 | 33,674 | 33,301 | — | — |
Investments—non-controlled/non-affiliated (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Acquisition Date | Maturity Date | Par/ Principal Amount ** | Amortized Cost (4) | Fair Value(5) | % of Net Assets | |||||||||||||||||||
First Lien Debt (77.29%) (continued) | |||||||||||||||||||||||||||||
Direct Travel, Inc. | ^+* | (2) (3) | Hotel, Gaming & Leisure | L + 6.50% | 8.41% | 10/14/2016 | 12/1/2021 | $ | 36,805 | $ | 36,515 | $ | 36,757 | 3.84 | % | ||||||||||||||
DTI Holdco, Inc. | * | (2) (3) | High Tech Industries | L + 4.75% | 6.68% | 12/18/2018 | 9/30/2023 | 1,974 | 1,871 | 1,841 | 0.19 | ||||||||||||||||||
Emergency Communications Network, LLC | ^+* | (2) (3) | Telecommunications | L + 6.25% | 8.14% | 6/1/2017 | 6/1/2023 | 24,375 | 24,233 | 22,323 | 2.33 | ||||||||||||||||||
Ensono, LP | * | (2) (3) | Telecommunications | L + 5.25% | 6.95% | 4/30/2018 | 6/27/2025 | 8,537 | 8,452 | 8,537 | 0.89 | ||||||||||||||||||
Ethos Veterinary Health LLC | ^+ | (2) (3) (13) | Consumer Services | L + 4.75% | 6.45% | 5/17/2019 | 5/15/2026 | 10,869 | 10,744 | 10,807 | 1.13 | ||||||||||||||||||
EvolveIP, LLC | ^+* | (2) (3) | Telecommunications | L + 5.75% | 7.45% | 11/26/2019 | 6/7/2023 | 34,420 | 33,923 | 34,420 | 3.60 | ||||||||||||||||||
Frontline Technologies Holdings, LLC | ^* | (2) (3) | Software | L + 5.75% | 7.85% | 9/18/2017 | 9/18/2023 | 48,242 | 47,949 | 48,705 | 5.09 | ||||||||||||||||||
FWR Holding Corporation | ^+* | (2) (3) (13) | Beverage, Food & Tobacco | L + 5.50% | 7.29% | 8/21/2017 | 8/21/2023 | 48,630 | 47,950 | 48,393 | 5.06 | ||||||||||||||||||
Green Energy Partners/Stonewall, LLC | +* | (2) (3) | Energy: Electricity | L + 5.50% | 7.60% | 6/26/2015 | 11/10/2021 | 19,550 | 19,374 | 18,034 | 1.89 | ||||||||||||||||||
GRO Sub Holdco, LLC (Grand Rapids) | ^+* | (2) (3) (13) | Healthcare & Pharmaceuticals | L + 6.00% | 8.10% | 2/28/2018 | 2/22/2023 | 6,465 | 6,380 | 6,085 | 0.64 | ||||||||||||||||||
Hummel Station, LLC | +* | (2) (3) | Energy: Electricity | L + 6.00% | 7.70% | 2/3/2016 | 10/27/2022 | 14,641 | 14,169 | 12,896 | 1.35 | ||||||||||||||||||
Hydrofarm, LLC | ^ | (2) (3) | Wholesale | L+10.00% (30% Cash / 70% PIK) | 11.91% | 5/15/2017 | 5/12/2022 | 21,556 | 21,254 | 13,647 | 1.43 | ||||||||||||||||||
iCIMS, Inc. | ^ | (2) (3) (13) | Software | L + 6.50% | 8.29% | 9/12/2018 | 9/12/2024 | 23,930 | 23,507 | 23,927 | 2.50 | ||||||||||||||||||
Innovative Business Services, LLC | ^* | (2) (3) (13) | High Tech Industries | L + 5.50% | 7.53% | 4/5/2018 | 4/5/2023 | 16,143 | 15,782 | 15,880 | 1.66 | ||||||||||||||||||
K2 Insurance Services, LLC | ^+* | (2) (3) (13) | Banking, Finance, Insurance & Real Estate | L + 5.00% | 7.19% | 7/3/2019 | 7/1/2024 | 22,027 | 21,487 | 22,062 | 2.31 | ||||||||||||||||||
Kaseya Inc. | ^ | (2) (3) (13) | High Tech Industries | L + 5.50%, 1.00% PIK | 8.41% | 5/3/2019 | 5/2/2025 | 19,545 | 19,145 | 19,590 | 2.05 | ||||||||||||||||||
Legacy.com, Inc. | ^ | (2) (3) (11) | High Tech Industries | L + 9.98% | 11.77% | 3/20/2017 | 3/20/2023 | 17,080 | 16,832 | 16,325 | 1.71 | ||||||||||||||||||
Lifelong Learner Holdings, LLC | ^* | (2) (3) (13) | Business Services | L + 5.75% | 7.51% | 10/18/2019 | 10/18/2026 | 23,523 | 22,971 | 23,240 | 2.43 | ||||||||||||||||||
Liqui-Box Holdings, Inc. | ^ | (2) (3) | Containers, Packaging & Glass | L + 4.50% | 6.41% | 6/3/2019 | 6/3/2024 | — | (26 | ) | (37 | ) | — | ||||||||||||||||
Mailgun Technologies, Inc. | ^ | (2) (3) (13) | High Tech Industries | L + 5.00% | 7.10% | 3/26/2019 | 3/26/2025 | 11,853 | 11,607 | 11,655 | 1.22 | ||||||||||||||||||
National Carwash Solutions, Inc. | ^+ | (2) (3) (13) | Automotive | L + 6.00% | 7.69% | 8/7/2018 | 4/28/2023 | 9,511 | 9,342 | 9,428 | 0.99 | ||||||||||||||||||
National Technical Systems, Inc. | ^+* | (2) (3) (13) | Aerospace & Defense | L + 6.25% | 7.94% | 6/26/2015 | 6/12/2021 | 27,950 | 27,801 | 27,920 | 2.92 | ||||||||||||||||||
NES Global Talent Finance US, LLC (United Kingdom) | +* | (2) (3) (7) | Energy: Oil & Gas | L + 5.50% | 7.43% | 5/9/2018 | 5/11/2023 | 9,890 | 9,762 | 9,763 | 1.02 | ||||||||||||||||||
Nexus Technologies, LLC | * | (2) (3) | High Tech Industries | L + 5.50%, 1.50% PIK | 8.91% | 12/11/2018 | 12/5/2023 | 6,172 | 6,119 | 5,621 | 0.59 | ||||||||||||||||||
NMI AcquisitionCo, Inc. | ^+* | (2) (3) (13) | High Tech Industries | L + 5.75% | 7.45% | 9/6/2017 | 9/6/2022 | 50,067 | 49,471 | 49,888 | 5.22 |
Investments—non-controlled/non-affiliated (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Acquisition Date | Maturity Date | Par/ Principal Amount ** | Amortized Cost (4) | Fair Value(5) | % of Net Assets | |||||||||||||||||||
First Lien Debt (77.29%) (continued) | |||||||||||||||||||||||||||||
Northland Telecommunications Corporation | ^* | (2) (3) (13) | Media: Broadcast & Subscription | L + 5.75% | 7.46% | 10/1/2018 | 10/1/2025 | $ | 46,603 | $ | 45,916 | $ | 46,529 | 4.86 | % | ||||||||||||||
Paramit Corporation | +* | (2) (3) | Capital Equipment | L + 4.50% | 6.22% | 5/3/2019 | 5/3/2025 | 6,298 | 6,241 | 6,268 | 0.66 | ||||||||||||||||||
PF Growth Partners, LLC | ^+* | (2) (3) (13) | Hotel, Gaming & Leisure | L + 5.00% | 6.70% | 7/1/2019 | 7/11/2025 | 7,161 | 7,045 | 7,135 | 0.75 | ||||||||||||||||||
Plano Molding Company, LLC | ^ | (2) (3) | Hotel, Gaming & Leisure | L + 7.50% | 9.20% | 5/1/2015 | 5/12/2021 | 14,752 | 14,645 | 14,085 | 1.47 | ||||||||||||||||||
PPC Flexible Packaging, LLC | +* | (2) (3) (13) | Containers, Packaging & Glass | L + 5.50% | 7.19% | 11/23/2018 | 11/23/2024 | 13,591 | 13,404 | 13,464 | 1.41 | ||||||||||||||||||
PPT Management Holdings, LLC | ^ | (2) (3) | Healthcare & Pharmaceuticals | L + 6.00%, 0.75% PIK | 8.66% | 12/15/2016 | 12/16/2022 | 27,744 | 27,627 | 23,155 | 2.42 | ||||||||||||||||||
Pretium Packaging, LLC | ^ | (2) (3) | Containers, Packaging & Glass | L + 5.00% | 6.91% | 8/15/2019 | 11/14/2023 | 7,700 | 7,631 | 7,700 | 0.81 | ||||||||||||||||||
PricewaterhouseCoopers Public Sector LLP | ^ | (2) (3) (13) | Aerospace & Defense | L + 3.25% | 5.16% | 5/1/2018 | 5/1/2023 | — | (105 | ) | (46 | ) | — | ||||||||||||||||
Product Quest Manufacturing, LLC | ^ | (2) (3) (9) (13) | Containers, Packaging & Glass | L + 6.75% | 5.75% | 9/21/2017 | 3/31/2020 | 840 | 840 | 840 | 0.09 | ||||||||||||||||||
Propel Insurance Agency, LLC | ^ | (2) (3) | Banking, Finance, Insurance & Real Estate | L + 4.25% | 6.35% | 6/1/2018 | 6/1/2024 | 2,363 | 2,347 | 2,353 | 0.25 | ||||||||||||||||||
QW Holding Corporation (Quala) | ^+* | (2) (3) (13) | Environmental Industries | L + 5.75% | 7.73% | 8/31/2016 | 8/31/2022 | 43,358 | 42,802 | 43,106 | 4.51 | ||||||||||||||||||
Redwood Services Group, LLC | ^ | (2) (3) | High Tech Industries | L + 6.00% | 7.91% | 11/13/2018 | 6/6/2023 | 8,427 | 8,363 | 8,342 | 0.87 | ||||||||||||||||||
Riveron Acquisition Holdings, Inc. | ^+* | (2) (3) | Banking, Finance, Insurance & Real Estate | L + 6.00% | 7.91% | 5/22/2019 | 5/22/2025 | 19,968 | 19,605 | 19,587 | 2.05 | ||||||||||||||||||
RSC Acquisition, Inc. | ^ | (2) (3) (13) | Banking, Finance, Insurance & Real Estate | L + 5.50% | 7.41% | 11/1/2019 | 11/1/2026 | 11,594 | 11,222 | 11,449 | 1.20 | ||||||||||||||||||
Sapphire Convention, Inc. (Smart City) | *+^ | (2) (3) (13) | Telecommunications | L + 5.25% | 7.27% | 11/20/2018 | 11/20/2025 | 28,577 | 28,009 | 28,329 | 2.96 | ||||||||||||||||||
Smile Doctors, LLC | ^*+ | (2) (3) (13) | Healthcare & Pharmaceuticals | L + 6.00% | 8.07% | 10/6/2017 | 10/6/2022 | 22,227 | 22,136 | 21,996 | 2.30 | ||||||||||||||||||
Sovos Brands Intermediate, Inc. | +* | (2) (3) | Beverage, Food & Tobacco | L + 5.00% | 7.20% | 11/16/2018 | 11/20/2025 | 19,899 | 19,714 | 19,750 | 2.06 | ||||||||||||||||||
SPay, Inc. | ^+* | (2) (3) (13) | Hotel, Gaming & Leisure | L + 5.75% | 7.46% | 6/15/2018 | 6/17/2024 | 20,512 | 20,179 | 18,694 | 1.95 | ||||||||||||||||||
Superior Health Linens, LLC | ^+* | (2) (3) (13) | Business Services | L + 7.50%, 0.50% PIK | 9.91% | 9/30/2016 | 9/30/2021 | 21,805 | 21,666 | 19,933 | 2.08 | ||||||||||||||||||
Surgical Information Systems, LLC | ^+* | (2) (3) (11) | High Tech Industries | L + 4.50% | 7.47% | 4/24/2017 | 4/24/2023 | 26,168 | 26,007 | 25,715 | 2.69 | ||||||||||||||||||
T2 Systems, Inc. | ^+* | (2) (3) (13) | Transportation: Consumer | L + 6.75% | 8.85% | 9/28/2016 | 9/28/2022 | 35,648 | 35,159 | 35,648 | 3.73 | ||||||||||||||||||
Tank Holding Corp. | ^ | (2) (3) (13) | Capital Equipment | L + 4.00% | 5.76% | 3/26/2019 | 3/26/2024 | — | — | — | — | ||||||||||||||||||
The Leaders Romans Bidco Limited (United Kingdom) | ^ | (2) (3) (7) | Banking, Finance, Insurance & Real Estate | L + 6.75%, 3.50% PIK | 11.01% | 7/23/2019 | 6/30/2024 | £ | 19,577 | 24,865 | 26,531 | 2.77 | |||||||||||||||||
Transform SR Holdings, LLC | ^ | (2) (3) | Retail | L + 7.25% | 9.18% | 2/11/2019 | 2/12/2024 | 19,050 | 18,887 | 18,860 | 1.97 | ||||||||||||||||||
Trump Card, LLC | ^+* | (2) (3) (13) | Transportation: Cargo | L + 5.50% | 7.63% | 6/26/2018 | 4/21/2022 | 7,918 | 7,881 | 7,869 | 0.82 |
Investments—non-controlled/non-affiliated (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Acquisition Date | Maturity Date | Par/ Principal Amount ** | Amortized Cost (4) | Fair Value(5) | % of Net Assets | |||||||||||||||||||
First Lien Debt (77.29%) (continued) | |||||||||||||||||||||||||||||
TSB Purchaser, Inc. (Teaching Strategies, LLC) | ^+* | (2) (3) (13) | Media: Advertising, Printing & Publishing | L + 6.00% | 8.10% | 5/14/2018 | 5/14/2024 | $ | 28,294 | $ | 27,726 | $ | 28,105 | 2.94 | |||||||||||||||
Turbo Buyer, Inc. | ^ | (2) (3) (13) | Automotive | L + 6.00% | 7.69% | 12/2/2019 | 12/2/2025 | 27,897 | 27,033 | 27,439 | 2.87 | ||||||||||||||||||
Tweddle Group, Inc. | ^ | (2) (3) | Media: Advertising, Printing & Publishing | L + 4.50% | 6.20% | 9/17/2018 | 9/17/2023 | 1,908 | 1,885 | 1,859 | 0.19 | ||||||||||||||||||
U.S. Acute Care Solutions, LLC | +* | (2) (3) | Healthcare & Pharmaceuticals | L + 5.00% | 6.91% | 2/21/2019 | 5/15/2021 | 4,265 | 4,230 | 4,053 | 0.42 | ||||||||||||||||||
Unifrutti Financing PLC (Cyprus) | ^ | (2) (3) (7) | Beverage, Food & Tobacco | 7.50%, 1.00% PIK | 8.50% | 9/15/2019 | 9/15/2026 | € | 4,530 | 4,746 | 4,836 | 0.51 | |||||||||||||||||
USLS Acquisition, Inc. | ^* | (2) (3) (13) | Business Services | L + 5.75% | 7.85% | 11/30/2018 | 11/30/2024 | 22,139 | 21,741 | 21,674 | 2.27 | ||||||||||||||||||
VRC Companies, LLC | ^+* | (2) (3) (13) | Business Services | L + 6.50% | 8.21% | 3/31/2017 | 3/31/2023 | 57,164 | 56,674 | 57,106 | 5.97 | ||||||||||||||||||
Westfall Technik, Inc. | ^ | (2) (3) (13) | Chemicals, Plastics & Rubber | L + 5.75% | 7.66% | 9/13/2018 | 9/13/2024 | 27,973 | 27,432 | 26,962 | 2.82 | ||||||||||||||||||
WP CPP Holdings, LLC (CPP) | ^ | (2) (3) | Aerospace & Defense | L + 3.75% | 5.66% | 7/18/2019 | 4/30/2025 | 20,000 | 19,817 | 19,826 | 2.07 | ||||||||||||||||||
Zemax Software Holdings, LLC | ^* | (2) (3) (13) | Software | L + 5.75% | 7.85% | 6/25/2018 | 6/25/2024 | 10,146 | 10,013 | 10,087 | 1.05 | ||||||||||||||||||
Zenith Merger Sub, Inc. | ^ | (2) (3) (13) | Business Services | L + 5.25% | 7.35% | 12/13/2017 | 12/13/2023 | 16,530 | 16,321 | 16,405 | 1.72 | ||||||||||||||||||
First Lien Debt Total | $ | 1,725,479 | $ | 1,707,292 | $ | 1,641,653 | 171.66 | % | |||||||||||||||||||||
Second Lien Debt (11.04%) | |||||||||||||||||||||||||||||
Access CIG, LLC | * | (2) (3) | Business Services | L + 7.75% | 9.44% | 2/14/2018 | 2/27/2026 | $ | 2,700 | $ | 2,687 | $ | 2,681 | 0.28 | % | ||||||||||||||
Aimbridge Acquisition Co., Inc. | ^* | (2) (3) | Hotel, Gaming & Leisure | L + 7.50% | 9.19% | 2/1/2019 | 2/1/2027 | 9,241 | 9,089 | 9,160 | 0.96 | ||||||||||||||||||
AQA Acquisition Holding, Inc. | ^ | (2) (3) | High Tech Industries | L + 8.00% | 10.09% | 10/1/2018 | 5/24/2024 | 40,000 | 39,670 | 39,740 | 4.15 | ||||||||||||||||||
Brave Parent Holdings, Inc. | ^* | (2) (3) | Software | L + 7.50% | 9.43% | 10/3/2018 | 4/19/2026 | 19,062 | 18,660 | 18,261 | 1.91 | ||||||||||||||||||
Higginbotham Insurance Agency, Inc. | ^ | (2) (3) | Banking, Finance, Insurance & Real Estate | L + 7.50% | 9.20% | 12/3/2019 | 12/19/2025 | 2,500 | 2,475 | 2,493 | 0.26 | ||||||||||||||||||
Jazz Acquisition, Inc. | ^ | (2) (3) | Aerospace & Defense | L + 8.00% | 10.10% | 6/13/2019 | 6/18/2027 | 23,450 | 23,117 | 23,225 | 2.43 | ||||||||||||||||||
Le Tote, Inc. | ^ | (2) (3) | Retail | L + 6.75% | 8.66% | 11/8/2019 | 11/8/2024 | 7,143 | 6,969 | 6,964 | 0.73 | ||||||||||||||||||
Outcomes Group Holdings, Inc. | ^* | (2) (3) | Business Services | L + 7.50% | 9.41% | 10/23/2018 | 10/26/2026 | 4,500 | 4,490 | 4,487 | 0.47 | ||||||||||||||||||
Pathway Vet Alliance, LLC | ^ | (2) (3) (13) | Consumer Services | L + 8.50% | 10.22% | 11/14/2019 | 12/23/2025 | 8,050 | 7,814 | 8,074 | 0.84 | ||||||||||||||||||
Pharmalogic Holdings Corp. | ^ | (2) (3) | Healthcare & Pharmaceuticals | L + 8.00% | 9.70% | 6/7/2018 | 12/11/2023 | 800 | 797 | 796 | 0.08 | ||||||||||||||||||
Quartz Holding Company (QuickBase, Inc.) | ^ | (2) (3) | Software | L + 8.00% | 9.71% | 4/2/2019 | 4/2/2027 | 11,900 | 11,677 | 11,662 | 1.22 | ||||||||||||||||||
Reladyne, Inc. | ^+* | (2) (3) (13) | Wholesale | L + 9.50% | 11.60% | 4/19/2018 | 1/21/2023 | 12,242 | 12,080 | 12,234 | 1.28 | ||||||||||||||||||
Tank Holding Corp. | ^* | (2) (3) | Capital Equipment | L + 8.25% | 11.04% | 3/26/2019 | 3/26/2027 | 37,380 | 36,771 | 37,223 | 3.89 | ||||||||||||||||||
Ultimate Baked Goods MIDCO, LLC (Rise Baking) | ^ | (2) (3) | Beverage, Food & Tobacco | L + 8.00% | 9.70% | 8/9/2018 | 8/9/2026 | 8,333 | 8,187 | 8,243 | 0.86 | ||||||||||||||||||
Watchfire Enterprises, Inc. | ^ | (2) (3) | Media: Advertising, Printing & Publishing | L + 8.00% | 9.95% | 10/2/2013 | 10/2/2021 | 7,000 | 6,966 | 6,998 | 0.73 | ||||||||||||||||||
WP CPP Holdings, LLC (CPP) | ^* | (2) (3) | Aerospace & Defense | L + 7.75% | 9.68% | 7/18/2019 | 4/30/2026 | 39,500 | 39,125 | 38,833 | 4.06 |
Investments—non-controlled/non-affiliated (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Acquisition Date | Maturity Date | Par/ Principal Amount ** | Amortized Cost (4) | Fair Value(5) | % of Net Assets | |||||||||||||||||||
Second Lien Debt (11.04%) (continued) | |||||||||||||||||||||||||||||
Zywave, Inc. | ^ | (2) (3) | High Tech Industries | L + 9.00% | 10.94% | 11/18/2016 | 11/17/2023 | $ | 3,468 | $ | 3,432 | $ | 3,458 | 0.36 | |||||||||||||||
Second Lien Debt Total | $ | 237,269 | $ | 234,006 | $ | 234,532 | 24.51 | % |
Investments—non-controlled/non-affiliated (1) | Footnotes | Industry | Acquisition Date | Shares/ Units | Cost | Fair Value (5) | Percentage of Net Assets | |||||||||||||||
Equity Investments (0.98%) | ||||||||||||||||||||||
ANLG Holdings, LLC | ^ | (6) | Healthcare & Pharmaceuticals | 6/22/2018 | 880 | $ | 880 | $ | 973 | 0.10 | % | |||||||||||
Avenu Holdings, LLC | ^ | (6) | Sovereign & Public Finance | 9/28/2018 | 172 | 172 | 154 | 0.02 | ||||||||||||||
Chartis Holding, LLC | ^ | (6) | Business Services | 5/1/2019 | 433 | 433 | 589 | 0.06 | ||||||||||||||
CIP Revolution Holdings, LLC | ^ | (6) | Media: Advertising, Printing & Publishing | 8/19/2016 | 318 | 318 | 444 | 0.05 | ||||||||||||||
Cority Software Inc. (Canada) | ^ | (6) | Software | 7/2/2019 | 250 | 250 | 306 | 0.03 | ||||||||||||||
DecoPac, Inc. | ^ | (6) | Non-durable Consumer Goods | 9/29/2017 | 1,500 | 1,500 | 1,999 | 0.21 | ||||||||||||||
Derm Growth Partners III, LLC (Dermatology Associates) | ^ | (6) | Healthcare & Pharmaceuticals | 5/31/2016 | 1,000 | 1,000 | — | — | ||||||||||||||
GRO Sub Holdco, LLC (Grand Rapids) | ^ | (6) | Healthcare & Pharmaceuticals | 3/29/2018 | 500 | 500 | 137 | 0.01 | ||||||||||||||
K2 Insurance Services, LLC | ^ | (6) | Banking, Finance, Insurance & Real Estate | 7/3/2019 | 433 | 433 | 486 | 0.05 | ||||||||||||||
Legacy.com, Inc. | ^ | (6) | High Tech Industries | 3/20/2017 | 1,500 | 1,500 | 783 | 0.08 | ||||||||||||||
Mailgun Technologies, Inc. | ^ | (6) | High Tech Industries | 3/26/2019 | 424 | 424 | 605 | 0.06 | ||||||||||||||
North Haven Goldfinch Topco, LLC | ^ | (6) | Containers, Packaging & Glass | 6/18/2018 | 2,315 | $ | 2,315 | $ | 2,542 | 0.27 | % | |||||||||||
Paramit Corporation | ^ | (6) | Capital Equipment | 6/17/2019 | 150 | 500 | 501 | 0.05 | ||||||||||||||
PPC Flexible Packaging, LLC | ^ | (6) | Containers, Packaging & Glass | 2/1/2019 | 965 | 965 | 1,174 | 0.12 | ||||||||||||||
Rough Country, LLC | ^ | (6) | Durable Consumer Goods | 5/25/2017 | 755 | 755 | 1,225 | 0.13 | ||||||||||||||
SiteLock Group Holdings, LLC | ^ | (6) | High Tech Industries | 4/5/2018 | 446 | 446 | 587 | 0.06 | ||||||||||||||
T2 Systems Parent Corporation | ^ | (6) | Transportation: Consumer | 9/28/2016 | 556 | 556 | 628 | 0.07 | ||||||||||||||
Tailwind HMT Holdings Corp. | ^ | (6) | Energy: Oil & Gas | 11/17/2017 | 20 | 2,000 | 2,211 | 0.23 | ||||||||||||||
Tank Holding Corp. | ^ | (6) | Capital Equipment | 3/26/2019 | 850 | 850 | 1,035 | 0.11 | ||||||||||||||
Turbo Buyer, Inc. | ^ | (6) | Automotive | 12/2/2019 | 1,925 | 1,925 | 1,925 | 0.20 | ||||||||||||||
Tweddle Holdings, Inc. | ^* | (6) | Media: Advertising, Printing & Publishing | 9/17/2018 | 17 | — | — | — | ||||||||||||||
USLS Acquisition, Inc. | ^ | (6) | Business Services | 11/30/2018 | 641 | 641 | 720 | 0.08 | ||||||||||||||
Zenith American Holding, Inc. | ^ | (6) | Business Services | 12/13/2017 | 1,564 | 782 | 1,490 | 0.16 | ||||||||||||||
Zillow Topco LP | ^ | (6) | Software | 6/25/2018 | 313 | 312 | 358 | 0.04 | ||||||||||||||
Equity Investments Total | $ | 19,457 | $ | 20,872 | 2.19 | % | ||||||||||||||||
Total investments—non-controlled/non-affiliated | $ | 1,960,755 | $ | 1,897,057 | 198.36 | % |
Investments—controlled/affiliated | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Acquisition Date | Maturity Date | Par/ Principal Amount ** | Amortized Cost (4) | Fair Value (5) | % of Net Assets | |||||||||||||||||||
First Lien Debt (1.01%) | |||||||||||||||||||||||||||||
SolAero Technologies Corp. (A1 Term Loan) | ^ | (2) (3) (9) (10) | Telecommunications | L + 8.00% (100% PIK) | 9.91% | 4/12/2019 | 10/12/2022 | $ | 3,166 | $ | 3,166 | $ | 3,166 | 0.33 | % | ||||||||||||||
SolAero Technologies Corp. (A2 Term Loan) | ^ | (2) (3) (9) (10) | Telecommunications | L + 8.00% (100% PIK) | 9.91% | 4/12/2019 | 10/12/2022 | 8,707 | 8,707 | 8,707 | 0.91 | ||||||||||||||||||
SolAero Technologies Corp. (Priority Term Loan) | ^ | (2) (3) (10) (13) | Telecommunications | L + 6.00% | 7.91% | 4/12/2019 | 10/12/2022 | 9,612 | 9,507 | 9,612 | 1.00 | ||||||||||||||||||
First Lien Debt Total | $ | 21,485 | $ | 21,380 | $ | 21,485 | 2.24 | % |
Investments—controlled/affiliated | Footnotes | Industry | Acquisition Date | Shares/ Units | Cost | Fair Value (5) | % of Net Assets | |||||||||||||||
—% | ||||||||||||||||||||||
SolAero Technologies Corp. | ^ | (6) (10) | Telecommunications | 4/12/2019 | 3 | $ | 2,815 | $ | 826 | 0.09 | % | |||||||||||
Equity Investments Total | $ | 2,815 | $ | 826 | 0.41 | % |
Investments—controlled/affiliated | Industry | Reference Rate & Spread(2) | Interest Rate(2) | Acquisition Date | Maturity Date | Par Amount/ LLC Interest | Cost | Fair Value(7) | % of Net Assets | |||||||||||||||||||||
Investment Fund (9.63%) | ||||||||||||||||||||||||||||||
Middle Market Credit Fund, Mezzanine Loan | ^ | (2) (7) (8) (10) | Investment Fund | L + 9.00% | 10.97% | 6/30/2016 | 5/18/2021 | $ | 93,000 | $ | 93,000 | $ | 93,000 | 9.72 | % | |||||||||||||||
Middle Market Credit Fund, LLC, Subordinated Loan and Member's Interest | ^ | (7) (10) | Investment Fund | N/A | 0.001% | 2/29/2016 | 3/1/2021 | 123,500 | 123,501 | 111,596 | 11.67 | % | ||||||||||||||||||
Investment Fund Total | $ | 216,500 | $ | 216,501 | $ | 204,596 | 21.39 | % | ||||||||||||||||||||||
Total investments—controlled/affiliated | $ | 237,988 | $ | 240,696 | $ | 226,907 | 24.04 | % | ||||||||||||||||||||||
Total investments | $ | 2,201,002 | $ | 2,201,451 | $ | 2,123,964 | 222.4 | % |
Investments—controlled/affiliated | Fair Value as of December 31, 2018 | Additions/Purchases | Reductions/Sales/ Paydowns | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value as of December 31, 2019 | Dividend and Interest Income | ||||||||||||||||||||
Middle Market Credit Fund, LLC, Mezzanine Loan | $ | 112,000 | $ | 126,200 | $ | (145,200 | ) | $ | — | $ | — | $ | 93,000 | $ | 12,181 | ||||||||||||
Middle Market Credit Fund, LLC, Subordinated Loan and Member’s Interest | 110,295 | 5,500 | — | — | (4,199 | ) | 111,596 | 15,750 | |||||||||||||||||||
Total investments—controlled/affiliated | $ | 222,295 | $ | 131,700 | $ | (145,200 | ) | $ | — | $ | (4,199 | ) | $ | 204,596 | $ | 27,931 |
Investments—controlled/affiliated | Fair Value as of December 31, 2018 | Additions/Purchases | Reductions/Sales/ Paydowns | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value as of December 31, 2019 | Dividend and Interest Income | ||||||||||||||||||||
SolAero Technologies Corp. | $ | 17,968 | $ | — | $ | (18,319 | ) | $ | (9,091 | ) | $ | 9,442 | $ | — | $ | — | |||||||||||
SolAero Technologies Corp. (Priority Term Loan) | — | 9,630 | — | — | — | 9,630 | 226 | ||||||||||||||||||||
SolAero Technologies Corp. (A1 Term Loan) | — | 3,166 | — | — | — | 3,166 | — | ||||||||||||||||||||
SolAero Technologies Corp. (A2 Term Loan) | — | 8,707 | — | — | — | 8,707 | — | ||||||||||||||||||||
Solaero Technology Corp. (Equity) | — | 2,815 | — | — | (554 | ) | 2,261 | — | |||||||||||||||||||
Total investments—controlled/affiliated | $ | 17,968 | $ | 24,318 | $ | (18,319 | ) | $ | (9,091 | ) | $ | 8,888 | $ | 23,764 | $ | 226 |
Investments—non-controlled/affiliated | Fair Value as of December 31, 2018 | Purchases/ Paid-in-kind interest | Sales/ Paydowns | Net Accretion of Discount | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value as of December 31, 2019 | Interest Income | |||||||||||||||||||||||
TwentyEighty, Inc. - Revolver | $ | — | $ | — | $ | — | $ | 1 | $ | — | $ | (1 | ) | $ | — | $ | — | ||||||||||||||
TwentyEighty, Inc. - (Term A Loans) | 316 | — | (415 | ) | 1 | 101 | (1 | ) | — | 19 | |||||||||||||||||||||
TwentyEighty, Inc. - (Term B Loans) | 6,855 | 230 | (7,102 | ) | 76 | — | (59 | ) | — | 498 | |||||||||||||||||||||
TwentyEighty, Inc. - (Term C Loans) | 6,981 | 489 | (7,397 | ) | 179 | — | (252 | ) | — | 692 | |||||||||||||||||||||
TwentyEighty Investors LLC (Equity) | 4,391 | — | — | — | 7,990 | (4,391 | ) | — | — | ||||||||||||||||||||||
Total investments—non-controlled/affiliated | $ | 18,543 | $ | 719 | $ | (14,914 | ) | $ | 257 | $ | 8,091 | $ | (4,704 | ) | $ | — | $ | 1,209 |
Investments—non-controlled/non-affiliated | Type | Unused Fee | Par/ Principal Amount | Fair Value | |||||||
First and Second Lien Debt—unfunded delayed draw and revolving term loans commitments | |||||||||||
Aero Operating, LLC (Dejana Industries, Inc.) | Revolver | 1.00% | $ | 159 | $ | (3 | ) | ||||
Airnov, Inc. | Revolver | 0.50 | 1,250 | (19 | ) | ||||||
American Physician Partners, LLC | Revolver | 0.50 | 1,500 | (5 | ) | ||||||
AMS Group HoldCo, LLC | Revolver | 0.50 | 2,315 | (25 | ) | ||||||
Analogic Corporation | Revolver | 0.50 | 3,029 | — | |||||||
Apptio, Inc. | Revolver | 0.50 | 2,367 | (19 | ) | ||||||
BMS Holdings III Corp. | Delayed Draw | 1.00 | 3,333 | (10 | ) | ||||||
Captive Resources Midco, LLC | Revolver | 0.50 | 2,143 | (9 | ) | ||||||
Chartis Group, LLC | Revolver | 0.50 | 2,401 | (20 | ) | ||||||
Chartis Group, LLC | Delayed Draw | 0.50 | 6,402 | (52 | ) | ||||||
Chemical Computing Group ULC (Canada) | Revolver | 0.50 | 903 | (8 | ) | ||||||
Comar Holding Company, LLC | Delayed Draw | 1.00 | 5,136 | (103 | ) | ||||||
Comar Holding Company, LLC | Revolver | 0.50 | 1,168 | (23 | ) | ||||||
Cority Software, Inc. (Canada) | Revolver | 0.50 | 3,000 | (60 | ) | ||||||
DermaRite Industries, LLC | Revolver | 0.50 | 807 | (33 | ) | ||||||
Dimensional Dental Management, LLC | Revolver | 0.50 | 48 | — | |||||||
Ethos Veterinary Health, LLC | Delayed Draw | 1.00 | 2,696 | (12 | ) | ||||||
Evolve IP | Revolver | 0.50 | 2,941 | — | |||||||
Evolve IP | Delayed Draw | 1.00 | 3,922 | — | |||||||
FWR Holding Corporation | Delayed Draw | 1.00 | 87 | — | |||||||
FWR Holding Corporation | Revolver | 0.50 | 667 | (3 | ) | ||||||
GRO Sub Holdco, LLC (Grand Rapids) | Revolver | 0.50 | $ | 1,071 | $ | (54 | ) |
Investments—non-controlled/non-affiliated | Type | Unused Fee | Par/ Principal Amount | Fair Value | |||||||
iCIMS, Inc. | Revolver | 0.50% | $ | 1,252 | — | ||||||
Innovative Business Services, LLC | Revolver | 0.50 | 2,232 | (32 | ) | ||||||
K2 Insurance Services, LLC | Revolver | 0.50 | 2,290 | 3 | |||||||
K2 Insurance Services, LLC | Delayed Draw | 1.00 | 5,344 | 6 | |||||||
Kaseya Inc. | Revolver | 0.50 | 661 | 1 | |||||||
Kaseya Inc. | Delayed Draw | 0.50 | 1,918 | 4 | |||||||
Lifelong Learner Holdings, LLC | Revolver | 0.50 | 1,901 | (19 | ) | ||||||
Lifelong Learner Holdings, LLC | Delayed Draw | — | 2,878 | (29 | ) | ||||||
Liqui-Box Holdings, Inc. | Revolver | 0.50 | 2,630 | (37 | ) | ||||||
Mailgun Technologies, Inc. | Revolver | 0.50 | 1,342 | (20 | ) | ||||||
National Car Wash Solutions, LP | Revolver | 0.50 | 310 | (2 | ) | ||||||
National Car Wash Solutions, LP | Delayed Draw | 1.00 | 1,111 | (8 | ) | ||||||
National Technical Systems, Inc. | Revolver | 0.50 | 2,500 | (2 | ) | ||||||
NMI AcquisitionCo, Inc. | Revolver | 0.50 | 1,280 | (4 | ) | ||||||
Northland Telecommunications Corporation | Revolver | 0.50 | 2,960 | (4 | ) | ||||||
Pathway Vet Alliance, LLC | Delayed Draw | 1.00 | 7,950 | 12 | |||||||
PF Growth Partners, LLC | Delayed Draw | 1.00 | 1,028 | (3 | ) | ||||||
PPC Flexible Packaging, LLC | Revolver | 0.50 | 1,957 | (16 | ) | ||||||
PricewaterhouseCoopers Public Sector LLP | Revolver | 0.50 | 6,250 | (46 | ) | ||||||
QW Holding Corporation (Quala) | Delayed Draw | 1.00 | 809 | (5 | ) | ||||||
RSC Acquisition, Inc. | Revolver | 0.50 | 608 | (4 | ) | ||||||
RSC Acquisition, Inc. | Delayed Draw | 1.00 | 7,757 | (57 | ) | ||||||
Sapphire Convention, Inc. (Smart City | Revolver | 0.50 | 4,528 | (34 | ) | ||||||
Smile Doctors, LLC | Revolver | 0.50 | 707 | (7 | ) | ||||||
Smile Doctors, LLC | Delayed Draw | 1.00 | 1,477 | (14 | ) | ||||||
SolAero Technologies Corp. (Priority Term Loan) | Revolver | 1.00 | 542 | — | |||||||
SPay, Inc. | Revolver | 0.50 | 682 | (58 | ) | ||||||
Superior Health Linens, LLC | Revolver | 0.50 | 693 | (58 | ) | ||||||
T2 Systems, Inc. | Revolver | 0.50 | 2,053 | — | |||||||
Tank Holding Corp. | Revolver | 0.50 | 47 | — | |||||||
TSB Purchaser, Inc. (Teaching Strategies, LLC) | Revolver | 0.50 | 1,342 | (9 | ) | ||||||
The Leaders Romans Bidco Limited (United Kingdom) | Delayed Draw | 1.69 | £ | 3,533 | (94 | ) | |||||
Trump Card, LLC | Revolver | 0.50 | 369 | (2 | ) | ||||||
Turbo Buyer, Inc. | Revolver | 0.50 | 2,151 | (28 | ) | ||||||
Turbo Buyer, Inc. | Delayed Draw | 1.00 | 4,904 | (64 | ) | ||||||
USLS Acquisition, Inc. | Revolver | 0.50 | 946 | (19 | ) | ||||||
VRC Companies, LLC | Delayed Draw | 0.75 | 210 | — | |||||||
VRC Companies, LLC | Revolver | 0.50 | 1,119 | (1 | ) | ||||||
Westfall Technik, Inc. | Revolver | 0.50% | 431 | $ | (11 | ) |
Investments—non-controlled/non-affiliated | Type | Unused Fee | Par/ Principal Amount | Fair Value | |||||||
Westfall Technik, Inc. | Delayed Draw | 1.00 | $ | 12,190 | (304 | ) | |||||
Zemax Software Holdings, LLC | Revolver | 0.50 | 1,284 | (7 | ) | ||||||
Zenith American Holding, Inc. | Delayed Draw | 1.00 | 3,189 | (18 | ) | ||||||
Zenith American Holding, Inc. | Revolver | 0.50 | 3,180 | (17 | ) | ||||||
Total unfunded commitments | $ | 149,890 | $ | (1,465 | ) |
Type | Amortized Cost | Fair Value | % of Fair Value | ||||||||
First Lien Debt (excluding First Lien/Last Out) | $ | 1,649,721 | $ | 1,585,042 | 74.63 | % | |||||
First Lien/Last Out Unitranche | 78,951 | 78,096 | 3.68 | ||||||||
Second Lien Debt | 234,006 | 234,532 | 11.04 | ||||||||
Equity Investments | 22,272 | 21,698 | 1.02 | ||||||||
Investment Fund | 216,501 | 204,596 | 9.63 | ||||||||
Total | $ | 2,201,451 | $ | 2,123,964 | 100.00 | % |
Rate Type | Amortized Cost | Fair Value | % of Fair Value of First and Second Lien Debt | ||||||||
Floating Rate | $ | 1,957,730 | $ | 1,892,639 | 99.73 | % | |||||
Fixed Rate | 4,948 | 5,031 | 0.27 | ||||||||
Total | $ | 1,962,678 | $ | 1,897,670 | 100.00 | % |
Industry | Amortized Cost | Fair Value | % of Fair Value | |||||||
Aerospace & Defense | $ | 109,755 | $ | 109,758 | 5.17 | % | ||||
Automotive | 39,177 | 39,665 | 1.87 | |||||||
Banking, Finance, Insurance & Real Estate | 112,248 | 115,119 | 5.42 | |||||||
Beverage, Food & Tobacco | 80,597 | 81,222 | 3.82 | |||||||
Business Services | 167,435 | 167,497 | 7.89 | |||||||
Capital Equipment | 44,362 | 45,027 | 2.12 | |||||||
Chemicals, Plastics & Rubber | 27,432 | 26,962 | 1.27 | |||||||
Construction & Building | 13,713 | 14,032 | 0.66 | |||||||
Consumer Services | 41,089 | 38,347 | 1.81 | |||||||
Containers, Packaging & Glass | 67,821 | 68,207 | 3.21 | |||||||
Durable Consumer Goods | 11,165 | 11,584 | 0.55 | |||||||
Energy: Electricity | 33,543 | 30,930 | 1.46 | |||||||
Energy: Oil & Gas | 11,762 | 11,974 | 0.56 | |||||||
Environmental Industries | 42,802 | 43,106 | 2.03 | |||||||
Healthcare & Pharmaceuticals | 248,615 | 192,719 | 9.07 | |||||||
High Tech Industries | 215,856 | 215,274 | 10.13 | |||||||
Hotel, Gaming & Leisure | 96,815 | 95,073 | 4.48 | |||||||
Investment Fund | 216,501 | 204,596 | 9.63 | |||||||
Media: Broadcast & Subscription | 45,916 | 46,529 | 2.19 | |||||||
Media: Advertising, Printing & Publishing | 36,895 | 37,406 | 1.76 | |||||||
Non-durable Consumer Goods | 1,500 | 1,999 | 0.09 | |||||||
Retail | 43,081 | 43,020 | 2.03 | |||||||
Software | 224,807 | 226,045 | 10.63 | |||||||
Sovereign & Public Finance | 38,297 | 37,381 | 1.76 | |||||||
Telecommunications | 119,014 | 116,115 | 5.47 | |||||||
Transportation: Cargo | 42,204 | 42,220 | 1.99 | |||||||
Transportation: Consumer | 35,715 | 36,276 | 1.71 | |||||||
Wholesale | 33,334 | 25,881 | 1.22 | |||||||
Total | $ | 2,201,451 | $ | 2,123,964 | 100.00 | % |
Geography | Amortized Cost | Fair Value | % of Fair Value | |||||||
Canada | $ | 41,002 | $ | 40,939 | 1.93 | % | ||||
Cyprus | 4,746 | 4,836 | 0.23 | |||||||
Jamaica | 202 | 195 | 0.01 | |||||||
Luxembourg | 36,563 | 36,563 | 1.72 | |||||||
United Kingdom | 24,865 | 26,531 | 1.25 | |||||||
United States | 2,094,073 | 2,014,900 | 94.86 | |||||||
Total | $ | 2,201,451 | $ | 2,123,964 | 100.00 | % |
Investments—non-controlled/non-affiliated (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Acquisition Date | Maturity Date | Par/ Principal Amount | Amortized Cost (4) | Fair Value(5) | % of Net Assets | |||||||||||||||||||
First Lien Debt (77.62%) | |||||||||||||||||||||||||||||
Advanced Instruments, LLC | ^+* | (2) (3) (14) | Healthcare & Pharmaceuticals | L + 5.25% | 7.63% | 11/1/2016 | 10/31/2022 | $ | 19,967 | $ | 19,716 | $ | 19,804 | 1.86 | % | ||||||||||||||
Aero Operating, LLC (Dejana Industries, Inc.) | ^+* | (2) (3) (14) | Business Services | L + 7.25% | 9.60% | 1/5/2018 | 12/29/2022 | 3,556 | 3,520 | 3,512 | 0.33 | ||||||||||||||||||
Alpha Packaging Holdings, Inc. | +* | (2) (3) | Containers, Packaging & Glass | L + 4.25% | 7.05% | 6/26/2015 | 5/12/2020 | 2,866 | 2,865 | 2,858 | 0.27 | ||||||||||||||||||
Alpine SG, LLC | ^* | (2) (3) | High Tech Industries | L + 6.00% | 8.52% | 2/2/2018 | 11/16/2022 | 9,695 | 9,607 | 9,659 | 0.91 | ||||||||||||||||||
AMS Group HoldCo, LLC | ^+* | (2) (3) (14) | Transportation: Cargo | L + 6.00% | 8.80% | 9/29/2017 | 9/29/2023 | 32,612 | 31,996 | 31,721 | 2.98 | ||||||||||||||||||
Analogic Corporation | ^+* | (2) (3) (14) | Healthcare & Pharmaceuticals | L + 6.00% | 8.52% | 6/22/2018 | 6/22/2024 | 35,249 | 34,536 | 34,414 | 3.23 | ||||||||||||||||||
Avenu Holdings, LLC | +* | (2) (3) | Sovereign & Public Finance | L + 5.25% | 8.05% | 9/28/2018 | 9/28/2024 | 39,057 | 38,396 | 38,354 | 3.60 | ||||||||||||||||||
Brooks Equipment Company, LLC | +* | (2) (3) | Construction & Building | L + 5.00% | 7.71% | 6/26/2015 | 8/29/2020 | 2,502 | 2,492 | 2,496 | 0.23 | ||||||||||||||||||
Capstone Logistics Acquisition, Inc. | +* | (2) (3) | Transportation: Cargo | L + 4.50% | 7.02% | 6/26/2015 | 10/7/2021 | 14,306 | 14,234 | 14,262 | 1.34 | ||||||||||||||||||
Captive Resources Midco, LLC | ^+* | (2) (3) (14) | Banking, Finance, Insurance & Real Estate | L + 5.75% | 8.27% | 6/30/2015 | 12/18/2021 | 29,441 | 29,212 | 29,139 | 2.74 | ||||||||||||||||||
Central Security Group, Inc. | +* | (2) (3) | Consumer Services | L + 5.63% | 8.15% | 6/26/2015 | 10/6/2021 | 30,349 | 30,142 | 29,742 | 2.80 | ||||||||||||||||||
Chemical Computing Group ULC (Canada) | ^* | (2) (3) (8) (14) | Software | L + 5.50% | 8.02% | 8/30/2018 | 8/30/2023 | 15,794 | 15,636 | 15,617 | 1.47 | ||||||||||||||||||
CIP Revolution Holdings, LLC | ^+* | (2) (3) (14) | Media: Advertising, Printing & Publishing | L + 6.00% | 8.80% | 8/19/2016 | 8/19/2021 | 20,592 | 20,463 | 20,358 | 1.91 | ||||||||||||||||||
CircusTrix Holdings, LLC | ^+* | (2) (3) (14) | Hotel, Gaming & Leisure | L + 5.50% | 8.02% | 2/2/2018 | 12/16/2021 | 9,212 | 9,001 | 8,972 | 0.84 | ||||||||||||||||||
Comar Holding Company, LLC | ^* | (2) (3) (14) | Containers, Packaging & Glass | L + 5.25% | 7.77% | 6/18/2018 | 6/18/2024 | 27,086 | 26,452 | 26,505 | 2.49 | ||||||||||||||||||
Continuum Managed Services Holdco, LLC | ^+* | (2) (3) (14) | High Tech Industries | L + 6.25% | 8.53% | 6/20/2017 | 6/8/2023 | 28,243 | 27,621 | 27,711 | 2.60 | ||||||||||||||||||
Dade Paper & Bag, LLC | ^+* | (2) (3) | Forest Products & Paper | L + 7.50% | 10.02% | 6/9/2017 | 6/10/2024 | 49,250 | 48,464 | 47,798 | 4.49 | ||||||||||||||||||
Datto, Inc. | ^* | (2) (3) (14) | High Tech Industries | L + 8.00% | 10.46% | 12/7/2017 | 12/7/2022 | 35,622 | 35,178 | 35,280 | 3.31 | ||||||||||||||||||
Dent Wizard International Corporation | + | (2) (3) | Automotive | L + 4.00% | 6.51% | 4/28/2015 | 4/7/2020 | 886 | 885 | 881 | 0.08 | ||||||||||||||||||
Derm Growth Partners III, LLC (Dermatology Associates) | ^+* | (2) (3) (14) | Healthcare & Pharmaceuticals | L + 6.25% | 9.05% | 5/31/2016 | 5/31/2022 | 51,599 | 51,203 | 50,946 | 4.78 | ||||||||||||||||||
DermaRite Industries, LLC | ^* | (2) (3) (14) | Healthcare & Pharmaceuticals | L + 7.00% | 9.52% | 3/3/2017 | 3/3/2022 | 22,328 | 22,097 | 21,399 | 2.01 | ||||||||||||||||||
Dimensional Dental Management, LLC | ^ | (2) (3) (12) | Healthcare & Pharmaceuticals | L + 6.75% | 9.28% | 2/12/2016 | 2/12/2021 | 33,674 | 33,276 | 28,172 | 2.65 | ||||||||||||||||||
Direct Travel, Inc. | ^+* | (2) (3) (14) | Hotel, Gaming & Leisure | L + 6.50% | 9.30% | 10/14/2016 | 12/1/2021 | 35,292 | 34,878 | 34,975 | 3.28 | ||||||||||||||||||
DTI Holdco, Inc. | ^* | (2) (3) | High Tech Industries | L + 4.75% | 7.28% | 12/18/2018 | 9/30/2023 | 1,995 | 1,870 | 1,860 | 0.17 | ||||||||||||||||||
EIP Merger Sub, LLC (Evolve IP) | ^+* | (2) (3) (12) | Telecommunications | L + 5.75% | 8.27% | 6/7/2016 | 6/7/2022 | 36,093 | 35,433 | 35,169 | 3.30 | ||||||||||||||||||
Emergency Communications Network, LLC | ^+* | (2) (3) | Telecommunications | L + 6.25% | 8.75% | 6/1/2017 | 6/1/2023 | 24,625 | 24,452 | 24,133 | 2.27 | ||||||||||||||||||
Ensono, LP | * | (2) (3) | Telecommunications | L + 5.25% | 7.77% | 4/30/2018 | 6/27/2025 | 8,623 | 8,618 | 8,450 | 0.79 | ||||||||||||||||||
Frontline Technologies Holdings, LLC | ^ | (2) (3) (14) | Software | L + 6.50% | 9.02% | 9/18/2017 | 9/18/2023 | 38,804 | 38,456 | 38,450 | 3.61 |
Investments—non-controlled/non-affiliated (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Acquisition Date | Maturity Date | Par/ Principal Amount | Amortized Cost (4) | Fair Value(5) | % of Net Assets | |||||||||||||||||||
First Lien Debt (77.62%) (continued) | |||||||||||||||||||||||||||||
FWR Holding Corporation | ^+* | (2) (3) (14) | Beverage, Food & Tobacco | L + 5.75% | 8.26% | 8/21/2017 | 8/21/2023 | $ | 46,755 | $ | 45,782 | $ | 46,393 | 4.36 | % | ||||||||||||||
Green Energy Partners/Stonewall, LLC | +* | (2) (3) | Energy: Electricity | L + 5.50% | 8.30% | 6/26/2015 | 11/13/2021 | 19,750 | 19,494 | 19,536 | 1.83 | ||||||||||||||||||
GRO Sub Holdco, LLC (Grand Rapids) | ^+* | (2) (3) (14) | Healthcare & Pharmaceuticals | L + 6.00% | 8.80% | 2/28/2018 | 2/22/2024 | 6,661 | 6,466 | 6,209 | 0.58 | ||||||||||||||||||
Hummel Station, LLC | +* | (2) (3) | Energy: Electricity | L + 6.00% | 8.52% | 2/3/2016 | 10/27/2022 | 14,790 | 14,164 | 14,422 | 1.35 | ||||||||||||||||||
Hydrofarm, LLC | ^ | (2) (3) | Wholesale | L+10.00% (30% cash/70% PIK) | 12.50% | 5/15/2017 | 5/12/2022 | 20,306 | 19,958 | 13,989 | 1.31 | ||||||||||||||||||
iCIMS, Inc. | ^ | (2) (3) (14) | Software | L + 6.50% | 8.94% | 9/12/2018 | 9/12/2024 | 20,025 | 19,616 | 19,297 | 1.81 | ||||||||||||||||||
Indra Holdings Corp. (Totes Isotoner) | ^ | (2) (3) | Non-durable Consumer Goods | L + 4.25% | 6.77% | 4/29/2014 | 5/1/2021 | 18,965 | 17,561 | 9,483 | 0.89 | ||||||||||||||||||
Innovative Business Services, LLC | ^* | (2) (3) (14) | High Tech Industries | L + 5.50% | 7.91% | 4/5/2018 | 4/5/2023 | 16,307 | 15,789 | 15,948 | 1.50 | ||||||||||||||||||
Legacy.com, Inc. | ^ | (2) (3) (12) | High Tech Industries | L + 6.00% | 8.79% | 3/20/2017 | 3/20/2023 | 17,000 | 16,696 | 16,827 | 1.58 | ||||||||||||||||||
Maravai Intermediate Holdings, LLC | ^* | (2) | Healthcare & Pharmaceuticals | L + 4.25% | 6.81% | 8/2/2018 | 8/2/2025 | 19,950 | 19,766 | 19,719 | 1.85 | ||||||||||||||||||
Metrogistics, LLC | +* | (2) (3) | Transportation: Cargo | L + 6.50% | 9.00% | 12/13/2016 | 9/30/2022 | 17,517 | 17,349 | 17,424 | 1.65 | ||||||||||||||||||
Moxie Liberty, LLC | +* | (2) (3) | Energy: Electricity | L + 6.50% | 9.30% | 10/16/2017 | 8/21/2020 | 9,873 | 9,208 | 8,964 | 0.84 | ||||||||||||||||||
National Carwash Solutions, Inc. | ^+ | (2) (3) (14) | Automotive | L + 6.00% | 8.35% | 8/7/2018 | 4/28/2023 | 5,843 | 5,662 | 5,688 | 0.53 | ||||||||||||||||||
National Technical Systems, Inc. | ^+* | (2) (3) (14) | Aerospace & Defense | L + 6.25% | 8.87% | 6/26/2015 | 6/12/2021 | 28,237 | 27,990 | 28,160 | 2.64 | ||||||||||||||||||
NES Global Talent Finance US, LLC (United Kingdom) | +* | (2) (3) (8) | Energy: Oil & Gas | L + 5.50% | 8.03% | 5/9/2018 | 5/11/2023 | 9,992 | 9,833 | 9,695 | 0.91 | ||||||||||||||||||
Nexus Technologies, LLC | ^ | (2) (3) | High Tech Industries | L + 5.50% | 8.30% | 12/11/2018 | 12/5/2023 | 6,234 | 6,177 | 6,158 | 0.58 | ||||||||||||||||||
NMI AcquisitionCo, Inc. | ^+* | (2) (3) (14) | High Tech Industries | L + 6.75% | 9.27% | 9/6/2017 | 9/6/2022 | 51,424 | 50,646 | 49,501 | 4.65 | ||||||||||||||||||
North American Dental Management, LLC | ^ | (2) (3) (14) | Healthcare & Pharmaceuticals | L + 5.25% | 8.04% | 10/26/2018 | 7/7/2023 | 2,060 | 1,962 | 1,973 | 0.19 | ||||||||||||||||||
Northland Telecommunications Corporation | ^* | (2) (3) (14) | Media: Broadcast & Subscription | L + 5.75% | 8.10% | 10/1/2018 | 10/1/2025 | 21,638 | 21,297 | 21,311 | 2.00 | ||||||||||||||||||
Payment Alliance International, Inc. | ^ | (2) (3) (12) | Business Services | L + 6.05% | 8.13% | 9/15/2017 | 9/15/2021 | 23,723 | 23,324 | 23,588 | 2.22 | ||||||||||||||||||
Plano Molding Company, LLC | ^ | (2) (3) | Hotel, Gaming & Leisure | L + 7.50% | 9.98% | 5/1/2015 | 5/12/2021 | 14,902 | 14,726 | 13,729 | 1.29 | ||||||||||||||||||
PPC Flexible Packaging, LLC | ^+ | (2) (3) (14) | Containers, Packaging & Glass | L + 5.25% | 7.77% | 11/23/2018 | 11/23/2024 | 11,962 | 11,761 | 11,839 | 1.11 | ||||||||||||||||||
PPT Management Holdings, LLC | ^ | (2) (3) | Healthcare & Pharmaceuticals | L+7.50% (100% PIK) | 9.85% | 12/15/2016 | 12/16/2022 | 26,820 | 26,675 | 22,194 | 2.08 | ||||||||||||||||||
PricewaterhouseCoopers Public Sector LLP | ^ | (2) (3) (14) | Aerospace & Defense | L + 2.75% | 5.25% | 5/1/2018 | 5/1/2023 | — | (131 | ) | (160 | ) | (0.02 | ) | |||||||||||||||
Prime Risk Partners, Inc. | ^ | (2) (3) (12) (14) | Banking, Finance, Insurance & Real Estate | L + 5.00% | 7.80% | 8/15/2017 | 8/13/2023 | 24,389 | 23,906 | 23,466 | 2.20 | ||||||||||||||||||
Prime Risk Partners, Inc. | ^ | (2) (3) | Banking, Finance, Insurance & Real Estate | L + 5.00% | 7.44% | 8/15/2017 | 8/13/2023 | 1,925 | 1,887 | 1,871 | 0.18 |
Investments—non-controlled/non-affiliated (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Acquisition Date | Maturity Date | Par/ Principal Amount | Amortized Cost (4) | Fair Value(5) | % of Net Assets | |||||||||||||||||||
First Lien Debt (77.62%) (continued) | |||||||||||||||||||||||||||||
Product Quest Manufacturing, LLC | ^ | (2) (3) (14) | Containers, Packaging & Glass | L + 6.75% | 10.00% | 9/21/2017 | 3/31/2019 | $ | 4,051 | $ | 4,051 | $ | 4,051 | 0.38 | % | ||||||||||||||
Product Quest Manufacturing, LLC | ^ | (2) (3) (10) (12) | Containers, Packaging & Glass | L + 5.75% | 8.09% | 9/9/2015 | 9/9/2020 | 33,000 | 32,270 | — | — | ||||||||||||||||||
Prowler Acquisition Corp. (Pipeline Supply and Service, LLC) | +* | (2) (3) | Wholesale | L + 4.50% | 7.30% | 12/1/2017 | 1/28/2020 | 14,752 | 14,396 | 14,663 | 1.38 | ||||||||||||||||||
PSI Services, LLC | ^ | (2) (3) | Business Services | L + 5.00% | 7.52% | 9/19/2018 | 1/20/2023 | 4,546 | 4,487 | 4,445 | 0.42 | ||||||||||||||||||
QW Holding Corporation (Quala) | ^+* | (2) (3) | Environmental Industries | L + 6.75% | 9.22% | 8/31/2016 | 8/31/2022 | 36,179 | 35,604 | 35,835 | 3.37 | ||||||||||||||||||
Redwood Services Group, LLC | * | (2) (3) | High Tech Industries | L + 6.00% | 8.71% | 11/13/2018 | 6/6/2023 | 5,323 | 5,277 | 5,242 | 0.49 | ||||||||||||||||||
Sapphire Convention, Inc. (Smart City) | ^* | (2) (3) (14) | Telecommunications | L + 5.25% | 7.89% | 11/20/2018 | 11/20/2025 | 28,866 | 28,207 | 28,264 | 2.65 | ||||||||||||||||||
Smile Doctors, LLC | ^+* | (2) (3) (14) | Healthcare & Pharmaceuticals | L + 5.75% | 8.55% | 10/6/2017 | 10/6/2022 | 18,155 | 18,037 | 17,782 | 1.67 | ||||||||||||||||||
SolAero Technologies Corp. | ^ | (2) (3) (10) | Telecommunications | L + 5.25% | 7.75% | 5/24/2016 | 12/10/2020 | 24,362 | 23,787 | 14,327 | 1.35 | ||||||||||||||||||
SolAero Technologies Corp. | ^ | (2) (3) | Telecommunications | L+ 7.25%, 4.00% PIK | 10.25% | 9/6/2018 | 3/31/2019 | 3,641 | 3,623 | 3,641 | 0.34 | ||||||||||||||||||
Sovos Brands Intermediate, Inc. | ^ | (2) | Beverage, Food & Tobacco | L + 5.00% | 7.64% | 11/16/2018 | 11/20/2025 | 20,100 | 19,903 | 19,782 | 1.86 | ||||||||||||||||||
SPay, Inc. | ^+* | (2) (3) (14) | Hotel, Gaming & Leisure | L + 5.75% | 8.22% | 6/15/2018 | 6/15/2024 | 19,909 | 19,347 | 19,009 | 1.79 | ||||||||||||||||||
Superior Health Linens, LLC | ^+* | (2) (3) (14) | Business Services | L + 7.00% | 9.52% | 9/30/2016 | 9/30/2021 | 21,100 | 20,891 | 20,840 | 1.96 | ||||||||||||||||||
Surgical Information Systems, LLC | ^+* | (2) (3) (12) | High Tech Industries | L + 4.85% | 7.37% | 4/24/2017 | 4/24/2023 | 27,708 | 27,497 | 27,171 | 2.55 | ||||||||||||||||||
T2 Systems Canada, Inc. | * | (2) (3) | Transportation: Consumer | L + 6.75% | 9.34% | 5/24/2017 | 9/28/2022 | 3,969 | 3,899 | 3,946 | 0.37 | ||||||||||||||||||
T2 Systems, Inc. | ^+* | (2) (3) (14) | Transportation: Consumer | L + 6.75% | 9.34% | 9/28/2016 | 9/28/2022 | 32,331 | 31,756 | 32,133 | 3.02 | ||||||||||||||||||
The Hilb Group, LLC | ^ | (2) (3) (12) | Banking, Finance, Insurance & Real Estate | L + 6.00% | 8.80% | 6/24/2015 | 6/24/2021 | 49,451 | 48,861 | 48,456 | 4.55 | ||||||||||||||||||
The Topps Company, Inc. | +* | (2) (3) | Non-durable Consumer Goods | L + 6.00% | 8.80% | 6/26/2015 | 10/2/2020 | 22,127 | 21,951 | 22,127 | 2.08 | ||||||||||||||||||
Trump Card, LLC | ^+* | (2) (3) (14) | Transportation: Cargo | L + 5.00% | 7.80% | 6/26/2018 | 4/21/2022 | 8,157 | 8,107 | 8,036 | 0.75 | ||||||||||||||||||
TSB Purchaser, Inc. (Teaching Strategies, LLC) | ^+* | (2) (3) (14) | Media: Advertising, Printing & Publishing | L + 6.00% | 8.80% | 5/14/2018 | 5/14/2024 | 28,028 | 27,352 | 27,462 | 2.58 | ||||||||||||||||||
Tweddle Group, Inc. | ^ | (2) (3) | Media: Advertising, Printing & Publishing | L + 4.50% | 6.97% | 9/17/2018 | 9/17/2023 | 2,400 | 2,366 | 2,386 | 0.22 | ||||||||||||||||||
USLS Acquisition, Inc. | ^ | (2) (3) (14) | Business Services | L + 5.75% | 8.46% | 11/30/2018 | 11/30/2024 | 17,730 | 17,282 | 17,178 | 1.61 | ||||||||||||||||||
VRC Companies, LLC | ^+* | (2) (3) (14) | Business Services | L + 6.50% | 9.02% | 3/31/2017 | 3/31/2023 | 54,181 | 53,345 | 53,410 | 5.03 | ||||||||||||||||||
Watchfire Enterprises, Inc. | * | (2) (3) | Media: Advertising, Printing & Publishing | L + 4.00% | 6.80% | 6/9/2017 | 10/2/2020 | 1,248 | 1,241 | 1,248 | 0.12 | ||||||||||||||||||
Westfall Technik, Inc. | ^ | (2) (3) (14) | Chemicals, Plastics & Rubber | L + 5.00% | 7.79% | 9/13/2018 | 9/13/2024 | 10,585 | 10,218 | 9,902 | 0.93 | ||||||||||||||||||
Zemax Software Holdings, LLC | ^* | (2) (3) (14) | Software | L + 5.75% | 8.55% | 6/25/2018 | 6/25/2024 | 10,248 | 10,111 | 10,144 | 0.95 | ||||||||||||||||||
Zenith Merger Sub, Inc. | ^+* | (2) (3) (14) | Business Services | L + 5.50% | 8.30% | 12/13/2017 | 12/13/2023 | 10,881 | 10,732 | 10,778 | 1.01 | ||||||||||||||||||
First Lien Debt Total | $ | 1,629,394 | $ | 1,602,861 | $ | 1,532,119 | 143.88 | % |
Investments—non-controlled/non-affiliated (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Acquisition Date | Maturity Date | Par/ Principal Amount | Amortized Cost (4) | Fair Value(5) | % of Net Assets | |||||||||||||||||||
Second Lien Debt (9.07%) | |||||||||||||||||||||||||||||
Access CIG, LLC | ^ | (2) | Business Services | L + 7.75% | 10.46% | 2/14/2018 | 2/27/2026 | $ | 2,701 | $ | 2,678 | $ | 2,650 | 0.25 | % | ||||||||||||||
AmeriLife Group, LLC | ^* | (2) (3) | Banking, Finance, Insurance & Real Estate | L + 8.75% | 11.27% | 7/9/2015 | 1/10/2023 | 22,000 | 21,712 | 21,910 | 2.06 | ||||||||||||||||||
AQA Acquisition Holding, Inc. | ^ | (2) (3) | High Tech Industries | L + 8.00% | 10.40% | 10/1/2018 | 5/24/2024 | 40,000 | 39,623 | 39,336 | 3.69 | ||||||||||||||||||
Argon Medical Devices Holdings, Inc. | ^* | (2) (3) | Healthcare & Pharmaceuticals | L + 8.00% | 10.52% | 11/2/2017 | 1/23/2026 | 7,500 | 7,468 | 7,446 | 0.70 | ||||||||||||||||||
Brave Parent Holdings, Inc. | ^* | (2) (3) | Software | L + 7.50% | 10.02% | 10/3/2018 | 4/19/2026 | 19,062 | 18,616 | 18,301 | 1.72 | ||||||||||||||||||
Drew Marine Group Inc. | ^+* | (2) (3) | Chemicals, Plastics & Rubber | L + 7.00% | 9.52% | 11/19/2013 | 5/19/2021 | 12,500 | 12,487 | 12,396 | 1.16 | ||||||||||||||||||
Outcomes Group Holdings, Inc. | ^* | (2) | Business Services | L + 7.50% | 10.28% | 10/23/2018 | 10/26/2026 | 4,500 | 4,500 | 4,447 | 0.42 | ||||||||||||||||||
Pharmalogic Holdings Corp. | ^ | (2) (3) (14) | Healthcare & Pharmaceuticals | L + 8.00% | 10.52% | 6/7/2018 | 12/11/2023 | 563 | 560 | 563 | 0.05 | ||||||||||||||||||
Project Accelerate Parent, LLC | ^* | (2) (3) | Software | L + 8.50% | 10.89% | 1/2/2018 | 1/2/2026 | 22,500 | 21,986 | 22,109 | 2.08 | ||||||||||||||||||
Prowler Acquisition Corp. (Pipeline Supply and Service, LLC) | ^ | (2) (3) | Wholesale | L + 8.50% | 11.30% | 1/24/2014 | 7/28/2020 | 3,000 | 2,972 | 2,939 | 0.28 | ||||||||||||||||||
Reladyne, Inc. | ^+* | (2) (3) | Wholesale | L + 9.50% | 12.30% | 4/19/2018 | 1/21/2023 | 10,000 | 9,830 | 9,915 | 0.93 | ||||||||||||||||||
Santa Cruz Holdco, Inc. | ^ | (2) (3) | Non-durable Consumer Goods | L + 8.25% | 10.69% | 12/15/2017 | 12/13/2024 | 17,138 | 16,984 | 16,903 | 1.59 | ||||||||||||||||||
Ultimate Baked Goods MIDCO, LLC (Rise Baking) | ^ | (2) (3) | Beverage, Food & Tobacco | L + 8.00% | 10.52% | 8/9/2018 | 8/9/2026 | 8,333 | 8,176 | 8,108 | 0.76 | ||||||||||||||||||
Watchfire Enterprises, Inc. | ^ | (2) (3) | Media: Advertising, Printing & Publishing | L + 8.00% | 10.80% | 10/2/2013 | 10/2/2021 | 7,000 | 6,950 | 6,996 | 0.66 | ||||||||||||||||||
Zywave, Inc. | ^ | (2) (3) | High Tech Industries | L + 9.00% | 11.65% | 11/18/2016 | 11/17/2023 | 4,950 | 4,892 | 4,939 | 0.46 | ||||||||||||||||||
Second Lien Debt Total | $ | 181,747 | $ | 179,434 | $ | 178,958 | 16.81 | % |
Investments—non-controlled/non-affiliated (1) | Footnotes | Industry | Acquisition Date | Shares/ Units | Cost | Fair Value (5) | Percentage of Net Assets | ||||||||||||||||
Equity Investments (1.03%) | |||||||||||||||||||||||
ANLG Holdings, LLC | ^ | (7) | Healthcare & Pharmaceuticals | 43,273 | 879,689 | $ | 880 | $ | 880 | 0.08 | % | ||||||||||||
Avenu Holdings, LLC | ^ | (7) | Sovereign & Public Finance | 43,371 | 172,413 | 172 | 172 | 0.02 | |||||||||||||||
CIP Revolution Holdings, LLC | ^ | (7) | Media: Advertising, Printing & Publishing | 42,601 | 31,825 | 318 | 262 | 0.03 | |||||||||||||||
Dade Paper & Bag, LLC | ^ | (7) | Forest Products & Paper | 42,895 | 1,500,000 | 1,500 | 1,639 | 0.15 | |||||||||||||||
DecoPac, Inc. | ^ | (7) | Non-durable Consumer Goods | 43,007 | 1,500,000 | 1,500 | 1,434 | 0.13 | |||||||||||||||
Derm Growth Partners III, LLC (Dermatology Associates) | ^ | (7) | Healthcare & Pharmaceuticals | 42,521 | 1,000,000 | 1,000 | 1,415 | 0.13 | |||||||||||||||
GRO Sub Holdco, LLC (Grand Rapids) | ^ | (7) | Healthcare & Pharmaceuticals | 43,188 | 500,000 | 500 | 219 | 0.02 | |||||||||||||||
Legacy.com, Inc. | ^ | (7) | High Tech Industries | 42,814 | 1,500,000 | 1,500 | 1,227 | 0.12 | |||||||||||||||
North Haven Goldfinch Topco, LLC | ^ | (7) | Containers, Packaging & Glass | 43,269 | 2,314,815 | 2,315 | 2,103 | 0.20 | |||||||||||||||
Power Stop Intermediate Holdings, LLC | ^ | (7) | Automotive | 42,153 | 7,150 | — | 34 | — | |||||||||||||||
Rough Country, LLC | ^ | (7) | Durable Consumer Goods | 42,880 | 754,775 | 755 | 988 | 0.09 |
Investments—non-controlled/non-affiliated (1) | Footnotes | Industry | Acquisition Date | Shares/ Units | Cost | Fair Value (5) | % of Net Assets | ||||||||||||||||
Equity Investments (1.03%) (continued) | |||||||||||||||||||||||
SiteLock Group Holdings, LLC | ^ | (7) | High Tech Industries | 43,195 | 446,429 | $ | 446 | $ | 446 | 0.04 | % | ||||||||||||
T2 Systems Parent Corporation | ^ | (7) | Transportation: Consumer | 42,641 | 555,556 | 555 | 483 | 0.05 | |||||||||||||||
Tailwind HMT Holdings Corp. | ^ | (7) | Energy: Oil & Gas | 43,056 | 20,000 | 2,000 | 2,373 | 0.22 | |||||||||||||||
THG Acquisition, LLC (The Hilb Group, LLC) | ^ | (7) | Banking, Finance, Insurance & Real Estate | 42,179 | 1,500,000 | 1,500 | 3,100 | 0.29 | |||||||||||||||
Tweddle Holdings, Inc. | ^ | (7) | Media: Advertising, Printing & Publishing | 43,360 | 17,208 | — | — | — | |||||||||||||||
USLS Acquisition, Inc. | ^ | (7) | Business Services | 43,434 | 640,569 | 640 | 641 | 0.06 | |||||||||||||||
Zenith American Holding, Inc. | ^ | (7) | Business Services | 43,082 | 1,561,644 | 1,562 | 2,513 | 0.24 | |||||||||||||||
Zillow Topco LP | ^ | (7) | Software | 43,276 | 312,500 | 313 | 313 | 0.03 | |||||||||||||||
Equity Investments Total | $ | 17,456 | $ | 20,242 | 1.90 | % | |||||||||||||||||
Total investments—non-controlled/non-affiliated | $ | 1,799,751 | $ | 1,731,319 | 162.59 | % |
Investments—non-controlled/affiliated | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Acquisition Date | Maturity Date | Par/ Principal Amount | Amortized Cost (4) | Fair Value (5) | % of Net Assets | |||||||||||||||||||
First Lien Debt (0.72%) | |||||||||||||||||||||||||||||
TwentyEighty, Inc. - Revolver | ^ | (2) (3) (13) (14) | Business Services | L + 8.00% | 10.90% | 1/31/2017 | 3/21/2020 | $ | — | $ | (3 | ) | $ | — | — | % | |||||||||||||
TwentyEighty, Inc. - (Term A Loans) | ^ | (2) (3) (13) | Business Services | L + 8.00% | 11.06% | 1/31/2017 | 3/21/2020 | 316 | 315 | 316 | 0.03 | ||||||||||||||||||
TwentyEighty, Inc. - (Term B Loans) | ^ | (13) | Business Services | N/A | 8.00% (4.00% cash, 4.00% PIK) | 1/31/2017 | 3/21/2020 | 6,995 | 6,853 | 6,855 | 0.72 | ||||||||||||||||||
TwentyEighty, Inc. - (Term C Loans) | ^ | (13) | Business Services | N/A | 9.00% (0.25% cash, 8.75% PIK) | 1/31/2017 | 3/21/2020 | 7,123 | 6,674 | 6,981 | 0.73 | ||||||||||||||||||
First Lien Debt Total | $ | 14,434 | $ | 13,839 | $ | 14,152 | 1.48 | % |
Investments—non-controlled/affiliated | Footnotes | Industry | Acquisition Date | Shares/ Units | Cost | Fair Value (5) | % of Net Assets | |||||||||||||||
Equity Investments (0.22%) | ||||||||||||||||||||||
TwentyEighty Investors LLC | ^ | (7) (13) | Business Services | 1/31/2017 | 69,786 | $ | — | $ | 4,391 | 0.46 | % | |||||||||||
Equity Investments Total | $ | — | $ | 4,391 | 0.41 | % | ||||||||||||||||
Total investments—non-controlled/affiliated | $ | 13,839 | $ | 18,543 | 1.89 | % |
Investments—controlled/affiliated | Industry | Reference Rate & Spread(2) | Interest Rate(2) | Acquisition Date | Maturity Date | Par Amount/ LLC Interest | Cost | Fair Value(7) | % of Net Assets | |||||||||||||||||||||
Investment Fund (11.34%) | ||||||||||||||||||||||||||||||
Middle Market Credit Fund, LLC, Mezzanine Loan | ^ | (2) (8) (9) (11) | Investment Fund | L+9.00% | 11.47% | 6/30/2016 | 3/22/2019 | $ | 112,000 | $ | 112,000 | $ | 112,000 | 11.71 | % | |||||||||||||||
Middle Market Credit Fund, LLC, Subordinated Loan and Member’s Interest | ^ | (8) (11) | Investment Fund | N/A | 0.001% | 2/29/2016 | 3/1/2021 | 118,001 | 118,001 | 110,295 | 11.53 | % | ||||||||||||||||||
Investment Fund Total | $ | 230,001 | $ | 230,001 | $ | 222,295 | 23.24 | % | ||||||||||||||||||||||
Total investments—controlled/affiliated | $ | 230,001 | $ | 230,001 | $ | 222,295 | 23.24 | % | ||||||||||||||||||||||
Total investments | $ | 2,073,835 | $ | 2,043,591 | $ | 1,972,157 | 187.72 | % |
Investments—controlled/affiliated | Fair Value as of December 31, 2017 | Additions/ Purchases | Reductions/ Sales/ Paydowns | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value as of December 31, 2018 | Dividend and Interest Income | ||||||||||||||||||||
Middle Market Credit Fund, LLC, Mezzanine Loan | $ | 85,750 | $ | 120,150 | $ | (93,900 | ) | $ | — | $ | — | $ | 112,000 | $ | 12,481 | ||||||||||||
Middle Market Credit Fund, LLC, Subordinated Loan and Member’s Interest | 86,766 | 31,500 | — | — | (6,083 | ) | 110,295 | 15,750 | |||||||||||||||||||
Total investments—controlled/affiliated | $ | 172,516 | $ | 151,650 | $ | (93,900 | ) | $ | — | $ | (6,083 | ) | $ | 222,295 | $ | 28,231 |
Investments—non-controlled/affiliated | Fair Value as of December 31, 2017 | Purchases/ Paid-in-kind interest | Sales/ Paydowns | Net Accretion of Discount | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair value as of December 31, 2018 | Interest Income | |||||||||||||||||||||||
TwentyEighty, Inc. - Revolver | $ | (20 | ) | $ | — | $ | — | $ | 3 | $ | — | $ | 17 | $ | — | $ | 3 | ||||||||||||||
TwentyEighty, Inc. - (Term A Loans) | 3,760 | — | (3,574 | ) | 18 | — | 112 | 316 | 264 | ||||||||||||||||||||||
TwentyEighty, Inc. - (Term B Loans) | 6,360 | 240 | — | 119 | — | 136 | 6,855 | 654 | |||||||||||||||||||||||
TwentyEighty, Inc. - (Term C Loans) | 5,331 | 602 | — | 158 | — | 890 | 6,981 | 759 | |||||||||||||||||||||||
TwentyEighty Investors LLC (Equity) | — | — | — | — | — | 4,391 | 4,391 | — | |||||||||||||||||||||||
Total investments—non-controlled/affiliated | $ | 15,431 | $ | 842 | $ | (3,574 | ) | $ | 298 | $ | — | $ | 5,546 | $ | 18,543 | $ | 1,680 |
Investments—non-controlled/non-affiliated | Type | Unused Fee | Par/ Principal Amount | Fair Value | ||||||||
First and Second Lien Debt—unfunded delayed draw and revolving term loans commitments | ||||||||||||
Advanced Instruments, LLC | Revolver | 0.50% | $ | 1,167 | $ | (9 | ) | |||||
Aero Operating LLC (Dejana Industries, Inc.) | Revolver | 1.00 | 202 | (2 | ) | |||||||
AMS Group HoldCo, LLC | Delayed Draw | 1.00 | 4,009 | (95 | ) | |||||||
AMS Group HoldCo, LLC | Revolver | 0.50 | 810 | (19 | ) | |||||||
Analogic Corporation | Revolver | 0.50 | 3,365 | (73 | ) | |||||||
Captive Resources Midco, LLC | Delayed Draw | 1.25 | 3,572 | (31 | ) | |||||||
Captive Resources Midco, LLC | Revolver | 0.50 | 2,143 | (18 | ) | |||||||
Investments—non-controlled/non-affiliated | Type | Unused Fee | Par/ Principal Amount | Fair Value | ||||||||
Chemical Computing Group ULC | Revolver | 0.50% | $ | 903 | $ | (10 | ) | |||||
CIP Revolution Holdings, LLC | Revolver | 0.50 | 532 | (6 | ) | |||||||
CircusTrix Holdings, LLC | Delayed Draw | 1.00 | 1,115 | (26 | ) | |||||||
Comar Holding Company, LLC | Delayed Draw | 1.00 | 5,136 | (87 | ) | |||||||
Comar Holding Company, LLC | Revolver | 0.50 | 2,129 | (36 | ) | |||||||
Continuum Managed Services HoldCo, LLC | Revolver | 0.50 | 2,500 | (43 | ) | |||||||
Datto, Inc. | Revolver | 0.50 | 726 | (7 | ) | |||||||
DermaRite Industries LLC | Revolver | 0.50 | 1,324 | (52 | ) | |||||||
Derm Growth Partners III, LLC (Dermatology Associates) | Revolver | 0.50 | 968 | (12 | ) | |||||||
Direct Travel, Inc. | Delayed Draw | 1.00 | 1,872 | (16 | ) | |||||||
FWR Holding Corporation | Revolver | 0.50 | 2,778 | (20 | ) | |||||||
Frontline Technologies Holdings, LLC | Delayed Draw | 1.00 | 7,705 | (59 | ) | |||||||
GRO Sub Holdco, LLC (Grand Rapids) | Delayed Draw | 1.00 | 7,000 | (85 | ) | |||||||
GRO Sub Holdco, LLC (Grand Rapids) | Revolver | 0.50 | 1,071 | (13 | ) | |||||||
iCIMS, Inc. | Revolver | 0.50 | 1,252 | (43 | ) | |||||||
Innovative Business Services, LLC | Delayed Draw | 1.00 | 3,886 | (62 | ) | |||||||
Innovative Business Services, LLC | Revolver | 0.50 | 2,232 | (36 | ) | |||||||
National Carwash Solutions, Inc. | Delayed Draw | 1.00 | 3,817 | (57 | ) | |||||||
National Carwash Solutions, Inc. | Revolver | 0.50 | 632 | (9 | ) | |||||||
National Technical Systems, Inc. | Revolver | 0.50 | 2,500 | (6 | ) | |||||||
NMI AcquisitionCo, Inc. | Revolver | 0.50 | 435 | (16 | ) | |||||||
North American Dental Management, LLC | Delayed Draw | 1.00 | 3,002 | (52 | ) | |||||||
Northland Telecommunications Corporation | Revolver | 0.50 | 1,702 | (24 | ) | |||||||
Pharmalogic Holdings Corp. | Delayed Draw | 1.00 | 237 | — | ||||||||
PPC Flexible Packaging, LLC | Revolver | 0.50 | 1,737 | (16 | ) | |||||||
Prime Risk Partners, Inc. | Delayed Draw | 0.50 | 457 | (10 | ) | |||||||
Prime Risk Partners, Inc. | Delayed Draw | 0.50 | 5,694 | (175 | ) | |||||||
Product Quest Manufacturing, LLC | Revolver | 0.50 | 1,906 | — | ||||||||
PricewaterhouseCoopers Public Sector LLP | Revolver | 0.50 | 6,250 | (160 | ) | |||||||
SPay, Inc. | Delayed Draw | 1.00 | 10,227 | (197 | ) | |||||||
SPay, Inc. | Revolver | 0.50 | 546 | (19 | ) | |||||||
Sapphire Convention, Inc. | Revolver | 0.50 | 4,528 | (81 | ) | |||||||
Smile Doctors, LLC | Delayed Draw | 1.00 | 6,394 | (97 | ) | |||||||
Smile Doctors, LLC | Revolver | 0.50 | 51 | (1 | ) | |||||||
Investments—non-controlled/non-affiliated | Type | Unused Fee | Par/ Principal Amount | Fair Value | ||||||||
Superior Health Linens, LLC | Revolver | 0.50% | $ | 1,867 | $ | (21 | ) | ||||
T2 Systems, Inc. | Revolver | 0.50 | 1,760 | (10 | ) | ||||||
TSB Purchaser, Inc. (Teaching Strategies, LLC) | Revolver | 0.50 | 1,891 | (36 | ) | ||||||
The Hilb Group, LLC | Delayed Draw | 1.00 | 11,262 | (185 | ) | ||||||
Trump Card, LLC | Revolver | 0.50 | 635 | (9 | ) | ||||||
TwentyEighty, Inc. (f/k/a Miller Heiman, Inc.) | Revolver | 0.50 | 607 | — | |||||||
USLS Acquisition, Inc. | Delayed Draw | 1.00 | 4,137 | (98 | ) | ||||||
USLS Acquisition, Inc. | Revolver | 0.50 | 1,418 | (34 | ) | ||||||
VRC Companies, LLC | Delayed Draw | 1.00 | 2,481 | (33 | ) | ||||||
VRC Companies, LLC | Revolver | 0.50 | 1,227 | (16 | ) | ||||||
Westfall Technik, Inc. | Delayed Draw | 1.00 | 15,259 | (372 | ) | ||||||
Westfall Technik, Inc. | Revolver | 0.50 | 2,155 | (53 | ) | ||||||
Zemax Software Holdings, LLC | Revolver | 0.50 | 1,284 | (12 | ) | ||||||
Zenith Merger Sub, Inc. | Revolver | 0.50 | 2,622 | (20 | ) | ||||||
Total unfunded commitments | $ | 157,117 | $ | (2,679 | ) |
Type | Amortized Cost | Fair Value | % of Fair Value | ||||||||
First Lien Debt (excluding First Lien/Last Out) | $ | 1,375,437 | $ | 1,343,422 | 68.12 | % | |||||
First Lien/Last Out Unitranche | 241,263 | 202,849 | 10.29 | ||||||||
Second Lien Debt | 179,434 | 178,958 | 9.07 | ||||||||
Equity Investments | 17,456 | 24,633 | 1.25 | ||||||||
Investment Fund | 230,001 | 222,295 | 11.27 | ||||||||
Total | $ | 2,043,591 | $ | 1,972,157 | 100.00 | % |
Rate Type | Amortized Cost | Fair Value | % of Fair Value of First and Second Lien Debt | ||||||||
Floating Rate | $ | 1,782,607 | $ | 1,711,393 | 99.20 | % | |||||
Fixed Rate | 13,527 | 13,836 | 0.80 | ||||||||
Total | $ | 1,796,134 | $ | 1,725,229 | 100.00 | % |
Industry | Amortized Cost | Fair Value | % of Fair Value | ||||||||
Aerospace & Defense | $ | 27,859 | $ | 28,000 | 1.42 | % | |||||
Automotive | 6,547 | 6,603 | 0.33 | ||||||||
Banking, Finance, Insurance & Real Estate | 127,078 | 127,942 | 6.49 | ||||||||
Beverage, Food & Tobacco | 73,861 | 74,283 | 3.77 | ||||||||
Business Services | 156,800 | 162,545 | 8.24 | ||||||||
Chemicals, Plastics & Rubber | 22,705 | 22,298 | 1.13 | ||||||||
Construction & Building | 2,492 | 2,496 | 0.13 | ||||||||
Consumer Services | 30,142 | 29,742 | 1.51 | ||||||||
Containers, Packaging & Glass | 79,714 | 47,356 | 2.40 | ||||||||
Durable Consumer Goods | 755 | 988 | 0.05 | ||||||||
Energy: Electricity | 42,866 | 42,922 | 2.18 | ||||||||
Energy: Oil & Gas | 11,833 | 12,068 | 0.61 | ||||||||
Environmental Industries | 35,604 | 35,835 | 1.82 | ||||||||
Forest Products & Paper | 49,964 | 49,437 | 2.51 | ||||||||
Healthcare & Pharmaceuticals | 244,142 | 233,135 | 11.82 | ||||||||
High Tech Industries | 242,819 | 241,305 | 12.24 | ||||||||
Hotel, Gaming & Leisure | 77,952 | 76,685 | 3.89 | ||||||||
Investment Fund | 230,001 | 222,295 | 11.27 | ||||||||
Media: Broadcast & Subscription | 21,297 | 21,311 | 1.08 | ||||||||
Media: Advertising, Printing & Publishing | 58,690 | 58,712 | 2.98 | ||||||||
Non-durable Consumer Goods | 57,996 | 49,947 | 2.53 | ||||||||
Software | 124,734 | 124,231 | 6.30 | ||||||||
Sovereign & Public Finance | 38,568 | 38,526 | 1.95 | ||||||||
Telecommunications | 124,120 | 113,984 | 5.78 | ||||||||
Transportation: Cargo | 71,686 | 71,443 | 3.62 | ||||||||
Transportation: Consumer | 36,210 | 36,562 | 1.85 | ||||||||
Wholesale | 47,156 | 41,506 | 2.10 | ||||||||
Total | $ | 2,043,591 | $ | 1,972,157 | 100.00 | % |
Geography | Amortized Cost | Fair Value | % of Fair Value | ||||||||
Canada | $ | 15,636 | $ | 15,617 | 0.79 | % | |||||
United Kingdom | 9,833 | 9,695 | 0.49 | ||||||||
United States | 2,018,122 | 1,946,845 | 98.72 | ||||||||
Total | $ | 2,043,591 | $ | 1,972,157 | 100.00 | % |
December 31, 2019 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets | |||||||||||||||
First Lien Debt | $ | — | $ | — | $ | 1,663,138 | $ | 1,663,138 | |||||||
Second Lien Debt | — | — | 234,532 | 234,532 | |||||||||||
Equity Investments | — | — | 21,698 | 21,698 | |||||||||||
Investment Fund | |||||||||||||||
Mezzanine Loan | — | — | 93,000 | 93,000 | |||||||||||
Subordinated Loan and Member's Interest | — | — | 111,596 | 111,596 | |||||||||||
Total | $ | — | $ | — | $ | 2,123,964 | $ | 2,123,964 | |||||||
December 31, 2018 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets | |||||||||||||||
First Lien Debt | $ | — | $ | — | $ | 1,546,271 | $ | 1,546,271 | |||||||
Second Lien Debt | — | — | 178,958 | 178,958 | |||||||||||
Equity Investments | — | — | 24,633 | 24,633 | |||||||||||
Investment Fund | |||||||||||||||
Mezzanine Loan | — | — | 112,000 | 112,000 | |||||||||||
Subordinated Loan and Member's Interest | — | — | 110,295 | 110,295 | |||||||||||
Total | $ | — | $ | — | $ | 1,972,157 | $ | 1,972,157 |
Financial Assets | |||||||||||||||||||||||
For the year ended December 31, 2019 | |||||||||||||||||||||||
First Lien Debt | Second Lien Debt | Equity Investments | Investment Fund - Mezzanine Loan | Investment Fund - Subordinated Loan and Member's Interest | Total | ||||||||||||||||||
Balance, beginning of year | $ | 1,546,271 | $ | 178,958 | $ | 24,633 | $ | 112,000 | $ | 110,295 | $ | 1,972,157 | |||||||||||
Purchases | 718,358 | 141,814 | 8,595 | 126,200 | 5,500 | 1,000,467 | |||||||||||||||||
Sales | (79,741 | ) | — | (18,036 | ) | — | — | (97,777 | ) | ||||||||||||||
Paydowns | (485,514 | ) | (88,695 | ) | — | (145,200 | ) | — | (719,409 | ) | |||||||||||||
Accretion of discount | 11,503 | 1,452 | — | — | — | 12,955 | |||||||||||||||||
Net realized gains (losses) | (52,633 | ) | — | 14,257 | — | — | (38,376 | ) | |||||||||||||||
Net change in unrealized appreciation (depreciation) | 4,894 | 1,003 | (7,751 | ) | — | (4,199 | ) | (6,053 | ) | ||||||||||||||
Balance, end of year | $ | 1,663,138 | $ | 234,532 | $ | 21,698 | $ | 93,000 | $ | 111,596 | $ | 2,123,964 | |||||||||||
Net change in unrealized appreciation (depreciation) included in earnings related to investments still held at the reporting date included in net change in unrealized appreciation (depreciation) on investments on the Consolidated Statements of Operations | $ | (45,731 | ) | $ | 1,096 | $ | (1,587 | ) | — | $ | (4,199 | ) | $ | (50,421 | ) |
Financial Assets | |||||||||||||||||||||
For the year ended December 31, 2018 | |||||||||||||||||||||
First Lien Debt | Second Lien Debt | Equity Investments | Investment Fund - Mezzanine Loan | Investment Fund - Subordinated Loan | Total | ||||||||||||||||
Balance, beginning of year | $ | 1,531,276 | $ | 246,233 | $ | 17,506 | 85,750 | — | $ | 1,880,765 | |||||||||||
Purchases | 660,409 | 132,913 | 5,283 | 120,150 | 31,500 | 950,255 | |||||||||||||||
Transfers in | — | — | — | — | 86,766 | 86,766 | |||||||||||||||
Sales | (103,841 | ) | (3,960 | ) | (4,903 | ) | — | — | (112,704 | ) | |||||||||||
Paydowns | (486,947 | ) | (195,571 | ) | — | (93,900 | ) | — | (776,418 | ) | |||||||||||
Accretion of discount | 9,651 | 3,163 | — | — | — | 12,814 | |||||||||||||||
Net realized gains (losses) | (4,903 | ) | 2 | 3,533 | — | — | (1,368 | ) | |||||||||||||
Net change in unrealized appreciation (depreciation) | (59,374 | ) | (3,822 | ) | 3,214 | — | (7,971 | ) | (67,953 | ) | |||||||||||
Balance, end of year | $ | 1,546,271 | $ | 178,958 | $ | 24,633 | 112,000 | 110,295 | $ | 1,972,157 | |||||||||||
Net change in unrealized appreciation (depreciation) included in earnings related to investments still held at the reporting date included in net change in unrealized appreciation (depreciation) on investments on the Consolidated Statements of Operations | $ | (56,061 | ) | $ | (516 | ) | $ | 3,763 | — | (7,971 | ) | $ | (60,785 | ) |
Fair Value as of | Valuation Techniques | Significant Unobservable Inputs | Range | Weighted Average | ||||||||||||
of December 31, 2019 | Low | High | ||||||||||||||
Investments in First Lien Debt | $ | 1,332,584 | Discounted Cash Flow | Discount Rate | 3.64 | % | 24.45 | % | 8.13 | % | ||||||
318,681 | Consensus Pricing | Indicative Quotes | 77.94 | 100.00 | 96.96 | |||||||||||
11,873 | Income Approach | Discount Rate | 12.22 | % | 19.32 | % | 13.16 | % | ||||||||
Market Approach | Comparable Multiple | 7.89x | 8.38x | 8.49x | ||||||||||||
Total First Lien Debt | 1,663,138 | |||||||||||||||
Investments in Second Lien Debt | 188,736 | Discounted Cash Flow | Discount Rate | 7.40 | % | 10.66 | % | 8.85 | % | |||||||
45,796 | Consensus Pricing | Indicative Quotes | 97.50 | 98.31 | 98.19 | |||||||||||
Total Second Lien Debt | 234,532 | |||||||||||||||
Investments in Equity | 21,698 | Income Approach | Discount Rate | 7.76 | % | 15.31 | % | 8.84 | % | |||||||
Market Approach | Comparable Multiple | 6.37x | 16.65x | 9.24x | ||||||||||||
Total Equity Investments | 21,698 | |||||||||||||||
Investments in Investment Fund | ||||||||||||||||
Mezzanine Loan | 93,000 | Collateral Analysis | Recovery Rate | 100.00 | % | 100.00 | % | 100.00 | % | |||||||
Subordinated Loan and Member's Interest | 111,596 | Discounted Cash Flow | Discount Rate | 10.00 | % | 10.00 | % | 10.00 | % | |||||||
Discounted Cash Flow | Default Rate | 2.00 | % | 2.00 | % | 2.00 | % | |||||||||
Discounted Cash Flow | Recovery Rate | 75.00 | % | 75.00 | % | 75.00 | % | |||||||||
Total Investments in Investment Fund | 204,596 | |||||||||||||||
Total Level 3 Investments | $ | 2,123,964 |
Fair Value as of | Valuation Techniques | Significant Unobservable Inputs | Range | Weighted Average | ||||||||||||
of December 31, 2018 | Low | High | ||||||||||||||
Investments in First Lien Debt | $ | 1,457,170 | Discounted Cash Flow | Discount Rate | 6.45 | % | 26.48 | % | 10.49 | % | ||||||
74,774 | Consensus Pricing | Indicative Quotes | 50.00 | 100.00 | 92.04 | |||||||||||
14,327 | Income Approach | Discount Rate | 15.12 | % | 15.12 | % | 15.12 | % | ||||||||
Market Approach | Comparable Multiple | 6.76x | 6.76x | 6.76x | ||||||||||||
Total First Lien Debt | 1,546,271 | |||||||||||||||
Investments in Second Lien Debt | 176,307 | Discounted Cash Flow | Discount Rate | 9.34 | % | 13.22 | % | 11.31 | % | |||||||
2,651 | Consensus Pricing | Indicative Quotes | 98.17 | 98.17 | 98.17 | |||||||||||
Total Second Lien Debt | 178,958 | |||||||||||||||
Investments in Equities | 24,633 | Income Approach | Discount Rate | 8.51 | % | 12.84 | % | 10.49 | % | |||||||
Market Approach | Comparable Multiple | 7.22x | 14.70x | 9.74x | ||||||||||||
Total Equity Investments | 24,633 | |||||||||||||||
Investments in Investment Fund | ||||||||||||||||
Mezzanine Loan | 112,000 | Collateral Analysis | Recovery Rate | 100.00 | % | 100.00 | % | 100.00 | % | |||||||
Subordinated Loan | 110,295 | Discounted Cash Flow | Discount Rate | 10.00 | % | 10.00 | % | 10.00 | % | |||||||
Discounted Cash Flow | Default Rate | 2.00 | % | 2.00 | % | 2.00 | % | |||||||||
Discounted Cash Flow | Recovery Rate | 75.00 | % | 75.00 | % | 75.00 | % | |||||||||
Total Investment Fund | $ | 222,295 | ||||||||||||||
Total Level 3 Investments | $ | 1,972,157 |
December 31, 2019 | December 31, 2018 | ||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||
Secured borrowings | $ | 616,543 | $ | 616,543 | $ | 514,635 | $ | 514,635 | |||||||
Total | $ | 616,543 | $ | 616,543 | $ | 514,635 | $ | 514,635 |
December 31, 2019 | December 31, 2018 | ||||||||||||||
2015-1R Notes | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||
Aaa/AAA Class A-1-1-R Notes | $ | 234,800 | $ | 233,053 | $ | 234,800 | $ | 229,632 | |||||||
Aaa/AAA Class A-1-2-R Notes | 50,000 | 49,908 | 50,000 | 49,442 | |||||||||||
Aaa/AAA Class A-1-3-R Notes | 25,000 | 25,163 | 25,000 | 24,990 | |||||||||||
AA Class A-2-R Notes | 66,000 | 66,000 | 66,000 | 66,000 | |||||||||||
A Class B Notes | 46,400 | 46,400 | 46,400 | 44,242 | |||||||||||
BBB- Class C Notes | 27,000 | 27,000 | 27,000 | 24,809 | |||||||||||
Total | $ | 449,200 | $ | 447,524 | $ | 449,200 | $ | 439,115 |
For the years ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Base management fees | $ | 31,316 | $ | 29,626 | $ | 25,254 | |||||
Waiver of base management fees | — | — | 5,927 | ||||||||
Base management fees, net of waiver | 31,316 | 29,626 | 19,327 | ||||||||
Incentive fees on pre-incentive fee net investment income | 22,872 | 23,002 | 21,084 | ||||||||
Realized capital gains incentive fees | — | — | — | ||||||||
Accrued capital gains incentive fees | — | — | — | ||||||||
Total capital gains incentive fees | — | — | — | ||||||||
Total incentive fees | 22,872 | 23,002 | 21,084 | ||||||||
Total base management fees and incentive fees | $ | 54,188 | $ | 52,628 | $ | 40,411 |
As of December 31, | |||||||
2019 | 2018 | ||||||
ASSETS | |||||||
Investments, at fair value (amortized cost of $1,258,157 and $1,198,537,respectively) | $ | 1,246,839 | $ | 1,173,508 | |||
Cash and cash equivalents | 64,787 | 55,698 | |||||
Other assets | 9,369 | 6,849 | |||||
Total assets | $ | 1,320,995 | $ | 1,236,055 | |||
LIABILITIES AND MEMBERS’ EQUITY | |||||||
Secured borrowings | $ | 441,077 | $ | 572,178 | |||
Notes payable, net of unamortized debt issuance costs of $3,441 and $1,849, respectively) | 528,407 | 309,114 | |||||
Mezzanine loans (1) | 93,000 | 112,000 | |||||
Other liabilities | 32,383 | 34,195 | |||||
Subordinated loans and members’ equity (1) | 226,128 | 208,568 | |||||
Total liabilities and members’ equity | $ | 1,320,995 | $ | 1,236,055 |
For the Years Ended December 31, | |||||||
2019 | 2018 | ||||||
Total investment income | $ | 94,092 | $ | 82,560 | |||
Expenses | |||||||
Interest and credit facility expenses | 59,228 | 51,936 | |||||
Other expenses | 2,230 | 1,988 | |||||
Total expenses | 61,458 | 53,924 | |||||
Net investment income (loss) | 32,634 | 28,636 | |||||
Net realized gain (loss) on investments | (8,285 | ) | 33 | ||||
Net change in unrealized appreciation (depreciation) on investments | 13,711 | (26,133 | ) | ||||
Net increase (decrease) resulting from operations | $ | 38,060 | $ | 2,536 |
As of December 31, | |||||||
2019 | 2018 | ||||||
Senior secured loans (1) | $ | 1,260,582 | $ | 1,207,913 | |||
Weighted average yields of senior secured loans based on amortized cost (2) | 6.51 | % | 7.16 | % | |||
Weighted average yields of senior secured loans based on fair value (2) | 6.55 | % | 7.32 | % | |||
Number of portfolio companies in Credit Fund | 61 | 60 | |||||
Average amount per portfolio company (1) | $ | 20,665 | $ | 20,132 | |||
Number of loans on non-accrual status | 1 | 1 | |||||
Fair value of loans on non-accrual status | $ | 21,150 | $ | 25,400 | |||
Percentage of portfolio at floating interest rates (3) (4) | 98.3 | % | 99.9 | % | |||
Percentage of portfolio at fixed interest rates (4) | 1.7 | % | 0.1 | % | |||
Fair value of loans with PIK provisions | $ | 21,150 | $ | 1,119 | |||
Percentage of portfolio with PIK provisions (4) | 1.7 | % | 0.1 | % |
Consolidated Schedule of Investments as of December 31, 2019 | |||||||||||||||||||||||
Investments (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Maturity Date | Par/ Principal Amount | Amortized Cost (5) | Fair Value (6) | |||||||||||||||
First Lien Debt (98.11% of fair value) | |||||||||||||||||||||||
Achilles Acquisition, LLC | \+# | (2) (3) | Banking, Finance, Insurance & Real Estate | L + 4.00% | 5.75% | 10/13/2025 | $ | 17,865 | $ | 17,776 | $ | 17,763 | |||||||||||
Acrisure, LLC | +\ | (2) (3) | Banking, Finance, Insurance & Real Estate | L + 3.75% | 5.85% | 11/22/2023 | 11,820 | 11,810 | 11,805 | ||||||||||||||
Acrisure, LLC | +\# | (2) (3) | Banking, Finance, Insurance & Real Estate | L + 4.25% | 6.35% | 11/22/2023 | 20,674 | 20,639 | 20,674 | ||||||||||||||
Advanced Instruments, LLC | ^+\* | (2) (3) (7) | Healthcare & Pharmaceuticals | L + 5.25% | 6.99% | 10/31/2022 | 35,610 | 35,536 | 35,466 | ||||||||||||||
Alku, LLC | +# | (2) (3) | Business Services | L + 5.50% | 7.44% | 7/29/2026 | 25,000 | 24,754 | 24,624 | ||||||||||||||
Alpha Packaging Holdings, Inc. | +*\ | (2) (3) | Containers, Packaging & Glass | L + 4.25% | 6.35% | 5/12/2020 | 16,684 | 16,676 | 16,601 | ||||||||||||||
AmeriLife Group, LLC | ^# | (2) (3) (7) | Banking, Finance, Insurance & Real Estate | L + 4.50% | 6.20% | 6/5/2026 | 16,627 | 16,557 | 16,558 | ||||||||||||||
Anchor Packaging, Inc. | ^# | (2) (3) (7) | Containers, Packaging & Glass | L + 4.00% | 5.70% | 7/18/2026 | 20,462 | 20,363 | 20,457 | ||||||||||||||
API Technologies Corp. | \+ | (2) (3) | Aerospace & Defense | L + 4.25% | 5.95% | 5/9/2026 | 14,925 | 14,853 | 14,807 | ||||||||||||||
Aptean, Inc. | +\ | (2) (3) | Software | L + 4.25% | 6.34% | 4/23/2026 | 12,406 | 12,344 | 12,385 | ||||||||||||||
AQA Acquisition Holding, Inc. | ^*\ | (2) (3) (7) | High Tech Industries | L + 4.25% | 6.16% | 5/24/2023 | 18,954 | 18,922 | 18,860 | ||||||||||||||
Avalign Technologies, Inc. | +\ | (2) (3) | Healthcare & Pharmaceuticals | L + 4.50% | 6.70% | 12/22/2025 | 14,741 | 14,610 | 14,626 | ||||||||||||||
Big Ass Fans, LLC | +*\ | (2) (3) | Capital Equipment | L + 3.75% | 5.85% | 5/21/2024 | 13,909 | 13,841 | 13,903 | ||||||||||||||
Borchers, Inc. | +*\ | (2) (3) (7) | Chemicals, Plastics & Rubber | L + 4.50% | 6.60% | 11/1/2024 | 15,116 | 15,072 | 15,085 | ||||||||||||||
Brooks Equipment Company, LLC | * | (2) (3) | Construction & Building | L + 5.00% | 6.91% | 8/29/2020 | 5,144 | 5,141 | 5,141 | ||||||||||||||
Clarity Telecom LLC. | + | (2) (3) | Media: Broadcasting & Subscription | L + 4.50% | 6.20% | 8/30/2026 | 14,963 | 14,915 | 14,902 | ||||||||||||||
Clearent Newco, LLC | ^+\ | (2) (3) (7) | High Tech Industries | L + 5.50% | 7.44% | 3/20/2025 | 29,738 | 29,436 | 29,134 | ||||||||||||||
Datto, Inc. | +\ | (2) (3) | High Tech Industries | L + 4.25% | 5.95% | 4/2/2026 | 12,438 | 12,375 | 12,420 | ||||||||||||||
DecoPac, Inc. | +*\ | (2) (3) (7) | Non-durable Consumer Goods | L + 4.25% | 6.01% | 9/29/2024 | 12,336 | 12,233 | 12,292 | ||||||||||||||
Dent Wizard International Corporation | +\ | (2) (3) | Automotive | L + 4.00% | 5.70% | 4/7/2020 | 36,880 | 36,843 | 36,717 | ||||||||||||||
DTI Holdco, Inc. | +*\ | (2) (3) | High Tech Industries | L + 4.75% | 6.68% | 9/30/2023 | 18,885 | 18,771 | 17,611 | ||||||||||||||
Eliassen Group, LLC | +\ | (2) (3) | Business Services | L + 4.50% | 6.20% | 11/5/2024 | 7,581 | 7,548 | 7,579 | ||||||||||||||
EIP Merger Sub, LLC (Evolve IP) | +^ | (2) (3) (7) | Telecommunications | L + 5.75% | 7.45% | 6/7/2023 | 19,661 | 19,605 | 19,661 | ||||||||||||||
Exactech, Inc. | +\# | (2) (3) | Healthcare & Pharmaceuticals | L + 3.75% | 5.45% | 2/14/2025 | 21,772 | 21,634 | 21,751 | ||||||||||||||
Excel Fitness Holdings, Inc. | +# | (2) (3) | Hotel, Gaming & Leisure | L + 5.25% | 6.95% | 10/7/2025 | 25,000 | 24,758 | 24,875 | ||||||||||||||
Golden West Packaging Group LLC | +*\ | (2) (3) | Containers, Packaging & Glass | L + 5.75% | 7.45% | 6/20/2023 | 29,464 | 29,303 | 29,072 | ||||||||||||||
HMT Holding Inc. | ^+*\ | (2) (3) (7) | Energy: Oil & Gas | L + 5.00% | 6.74% | 11/17/2023 | 33,157 | 32,678 | 32,972 | ||||||||||||||
Jensen Hughes, Inc. | \+^* | (2) (3) (7) | Utilities: Electric | L + 4.50% | 6.24% | 3/22/2024 | 33,909 | 33,757 | 33,550 | ||||||||||||||
KAMC Holdings, Inc. | +# | (2) (3) | Energy: Electricity | L + 4.00% | 5.91% | 8/14/2026 | 13,965 | 13,899 | 13,881 | ||||||||||||||
MAG DS Corp. | ^+\ | (2) (3) (7) | Aerospace & Defense | L + 4.75% | 6.46% | 6/6/2025 | 28,471 | 28,242 | 28,286 |
Consolidated Schedule of Investments as of December 31, 2019 | |||||||||||||||||||||||
Investments (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Maturity Date | Par/ Principal Amount | Amortized Cost (5) | Fair Value (6) | |||||||||||||||
First Lien Debt (98.11% of fair value) (continued) | |||||||||||||||||||||||
Maravai Intermediate Holdings, LLC | +\# | (2) (3) | Healthcare & Pharmaceuticals | L + 4.25% | 6.00% | 8/2/2025 | $ | 29,625 | $ | 29,378 | $ | 29,400 | |||||||||||
Marco Technologies, LLC | ^+\ | (2) (3) (7) | Media: Advertising, Printing & Publishing | L + 4.25% | 6.16% | 10/30/2023 | 7,463 | 7,410 | 7,463 | ||||||||||||||
Mold-Rite Plastics, LLC | +\ | (2) (3) | Chemicals, Plastics & Rubber | L + 4.25% | 5.95% | 12/14/2021 | 14,557 | 14,519 | 14,524 | ||||||||||||||
MSHC, Inc. | ^+*\ | (2) (3) (7) | Construction & Building | L + 4.25% | 5.95% | 12/31/2024 | 38,251 | 38,138 | 38,166 | ||||||||||||||
Newport Group Holdings II, Inc. | \+# | (2) (3) | Banking, Finance, Insurance & Real Estate | L + 3.75% | 5.65% | 9/13/2025 | 23,715 | 23,487 | 23,663 | ||||||||||||||
Odyssey Logistics & Technology Corp. | +*\# | (2) (3) | Transportation: Cargo | L + 4.00% | 5.70% | 10/12/2024 | 39,013 | 38,859 | 38,763 | ||||||||||||||
Output Services Group | ^+\ | (2) (3) (7) | Media: Advertising, Printing & Publishing | L + 4.50% | 6.20% | 3/27/2024 | 19,621 | 19,570 | 19,469 | ||||||||||||||
PAI Holdco, Inc. | +*\ | (2) (3) | Automotive | L + 4.25% | 6.35% | 1/5/2025 | 19,532 | 19,458 | 19,532 | ||||||||||||||
Park Place Technologies, Inc. | +\# | (2) (3) | High Tech Industries | L + 4.00% | 5.70% | 3/28/2025 | 22,566 | 22,489 | 22,566 | ||||||||||||||
Pasternack Enterprises, Inc. | +\ | (2) (3) | Capital Equipment | L + 4.00% | 5.70% | 7/2/2025 | 22,755 | 22,742 | 22,653 | ||||||||||||||
Pathway Vet Alliance LLC | +\ | (2) (3) (7) | Consumer Services | L + 4.50% | 6.21% | 12/20/2024 | 19,085 | 18,708 | 19,217 | ||||||||||||||
Pharmalogic Holdings Corp. | +\ | (2) (3) | Healthcare & Pharmaceuticals | L + 4.00% | 5.70% | 6/11/2023 | 11,320 | 11,296 | 11,302 | ||||||||||||||
Premise Health Holding Corp. | ^+\# | (2) (3) (7) | Healthcare & Pharmaceuticals | L + 3.50% | 5.60% | 7/10/2025 | 13,723 | 13,665 | 13,501 | ||||||||||||||
Propel Insurance Agency, LLC | ^+\ | (2) (3) (7) | Banking, Finance, Insurance & Real Estate | L + 4.25% | 6.35% | 6/1/2024 | 22,532 | 22,056 | 22,395 | ||||||||||||||
Q Holding Company | +*\# | (2) (3) | Automotive | L + 5.00% | 6.70% | 12/31/2023 | 21,955 | 21,777 | 21,922 | ||||||||||||||
QW Holding Corporation (Quala) | ^+* | (2) (3) (7) | Environmental Industries | L + 5.75% | 7.73% | 8/31/2022 | 11,630 | 11,449 | 11,531 | ||||||||||||||
Radiology Partners, Inc. | +\# | (2) (3) | Healthcare & Pharmaceuticals | L + 4.75% | 6.66% | 7/9/2025 | 28,719 | 28,590 | 28,768 | ||||||||||||||
RevSpring Inc. | +*\# | (2) (3) | Media: Advertising, Printing & Publishing | L + 4.00% | 5.95% | 10/11/2025 | 24,750 | 24,631 | 24,608 | ||||||||||||||
Situs Group Holdings Corporation | \+^ | (2) (3) (7) | Banking, Finance, Insurance & Real Estate | L + 4.75% | 6.45% | 6/28/2025 | 13,715 | 13,621 | 13,697 | ||||||||||||||
Systems Maintenance Services Holding, Inc. | +* | (2) (3) | High Tech Industries | L + 5.00% | 6.70% | 10/30/2023 | 23,765 | 23,672 | 18,180 | ||||||||||||||
Surgical Information Systems, LLC | +*\ | (2) (3) (6) | High Tech Industries | L + 4.75% | 7.47% | 4/24/2023 | 26,168 | 26,005 | 25,715 | ||||||||||||||
T2 Systems, Inc. | ^+* | (2) (3) (7) | Transportation: Consumer | L + 6.75% | 8.85% | 9/28/2022 | 18,045 | 17,789 | 18,045 | ||||||||||||||
The Original Cakerie, Ltd. (Canada) | +* | (2) (3) (7) | Beverage, Food & Tobacco | L + 5.00% | 6.84% | 7/20/2022 | 8,928 | 8,897 | 8,887 | ||||||||||||||
The Original Cakerie, Ltd. (Canada) | ^* | (2) (3) (7) | Beverage, Food & Tobacco | L + 4.50% | 6.34% | 7/20/2022 | 6,826 | 6,801 | 6,790 | ||||||||||||||
ThoughtWorks, Inc. | +*\ | (2) (3) | Business Services | L + 4.00% | 5.70% | 10/11/2024 | 11,824 | 11,794 | 11,824 | ||||||||||||||
U.S. Acute Care Solutions, LLC | +\* | (2) (3) | Healthcare & Pharmaceuticals | L + 5.00% | 6.91% | 5/15/2021 | 31,431 | 31,331 | 29,869 | ||||||||||||||
U.S. TelePacific Holdings Corp. | +*\ | (2) (3) | Telecommunications | L + 5.00% | 7.10% | 5/2/2023 | 26,660 | 26,499 | 25,430 | ||||||||||||||
Valet Waste Holdings, Inc. | +\ | (2) (3) | Construction & Building | L + 3.75% | 5.70% | 9/28/2025 | 11,850 | 11,825 | 11,688 | ||||||||||||||
Welocalize, Inc. | +^ | (2) (3) (7) | Business Services | L + 4.50% | 6.21% | 12/2/2024 | 23,038 | 22,788 | 22,787 | ||||||||||||||
WIRB - Copernicus Group, Inc. | +*\ | (2) (3) (7) | Healthcare & Pharmaceuticals | L + 4.25% | 5.95% | 8/15/2022 | 20,888 | 20,822 | 20,887 |
Consolidated Schedule of Investments as of December 31, 2019 | |||||||||||||||||||||||
Investments (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Maturity Date | Par/ Principal Amount | Amortized Cost (5) | Fair Value (6) | |||||||||||||||
First Lien Debt (98.11% of fair value) (continued) | |||||||||||||||||||||||
WRE Holding Corp. | ^+* | (2) (3) (7) | Environmental Industries | L + 5.00% | 6.91% | 1/3/2023 | $ | 7,431 | $ | 7,372 | $ | 7,304 | |||||||||||
Zywave, Inc. | +*\ | (2) (3) (7) | High Tech Industries | L + 5.00% | 6.93% | 11/17/2022 | 19,228 | 19,107 | 19,211 | ||||||||||||||
First Lien Debt Total | $ | 1,231,436 | $ | 1,223,215 | |||||||||||||||||||
Second Lien Debt (1.75% of fair value) | |||||||||||||||||||||||
DBI Holding, LLC | ^* | (2) (3) (8) | Transportation: Cargo | 8.00% PIK | 8.00% | 2/1/2026 | $ | 21,150 | $ | 20,697 | $ | 21,150 | |||||||||||
Zywave, Inc. | * | (2) (3) | High Tech Industries | L + 9.00% | 10.94% | 11/17/2023 | $ | 666 | $ | 660 | $ | 664 | |||||||||||
Second Lien Debt Total | $ | 21,357 | $ | 21,814 | |||||||||||||||||||
Equity Investments (0.15% of fair value) | |||||||||||||||||||||||
DBI Holding, LLC | ^ | Transportation: Cargo | $ | 16,957 | $ | 5,364 | $ | 1,810 | |||||||||||||||
Equity Investments Total | $ | 5,364 | $ | 1,810 | |||||||||||||||||||
Total Investments | $ | 1,258,157 | $ | 1,246,839 |
First Lien Debt – unfunded delayed draw and revolving term loans commitments | Type | Unused Fee | Par/ Principal Amount | Fair Value | |||||||||
Advanced Instruments, LLC | Revolver | 0.50 | % | $ | 563 | $ | (2 | ) | |||||
AmeriLife Group, LLC | Delayed Draw | 1.00 | 298 | (1 | ) | ||||||||
Anchor Packaging, Inc. | Delayed Draw | 1.00 | 4,487 | (1 | ) | ||||||||
AQA Acquisition Holding, Inc. | Revolver | 0.50 | 2,459 | (11 | ) | ||||||||
Borchers, Inc. | Revolver | 0.50 | 1,935 | (3 | ) | ||||||||
Clearent Newco, LLC | Delayed Draw | 1.00 | 6,636 | (110 | ) | ||||||||
DecoPac, Inc. | Revolver | 0.50 | 2,143 | (7 | ) | ||||||||
EIP Merger Sub, LLC (Evolve IP) | Revolver | 0.50 | 1,680 | — | |||||||||
EIP Merger Sub, LLC (Evolve IP) | Delayed Draw | 1.00 | 2,240 | — | |||||||||
HMT Holding Inc. | Revolver | 0.50 | 6,173 | (29 | ) | ||||||||
Jensen Hughes, Inc. | Revolver | 0.50 | 1,136 | (11 | ) | ||||||||
Jensen Hughes, Inc. | Delayed Draw | 1.00 | 2,365 | (23 | ) | ||||||||
MAG DS Corp. | Revolver | 0.50 | 2,188 | (13 | ) | ||||||||
Marco Technologies, LLC | Delayed Draw | 1.00 | 7,500 | — | |||||||||
MSHC, Inc. | Delayed Draw | 1.00 | 1,913 | (4 | ) | ||||||||
Output Services Group | Delayed Draw | 4.25 | 116 | (1 | ) | ||||||||
Pathway Vet Alliance LLC | Delayed Draw | 1.00 | 19,867 | 68 | |||||||||
Premise Health Holding Corp. | Delayed Draw | 1.00 | 1,103 | (17 | ) | ||||||||
Propel Insurance Agency, LLC | Revolver | 0.50 | 2,381 | (10 | ) | ||||||||
Propel Insurance Agency, LLC | Delayed Draw | 0.50 | 7,143 | (31 | ) | ||||||||
QW Holding Corporation (Quala) | Revolver | 0.50 | 5,498 | (31 | ) | ||||||||
QW Holding Corporation (Quala) | Delayed Draw | 1.00 | 217 | (1 | ) | ||||||||
Situs Group Holdings Corporation | Delayed Draw | 1.00 | 1,216 | (1 | ) | ||||||||
T2 Systems, Inc. | Revolver | 0.50 | 1,369 | — | |||||||||
The Original Cakerie, Ltd. (Canada) | Revolver | 0.50 | 1,199 | (5 | ) | ||||||||
Welocalize, Inc. | Revolver | 0.50 | 2,057 | (21 | ) | ||||||||
WIRB - Copernicus Group, Inc. | Revolver | 0.50 | 1,000 | — | |||||||||
WIRB - Copernicus Group, Inc. | Delayed Draw | 1.00 | 2,592 | — | |||||||||
WRE Holding Corp. | Revolver | 0.50 | 441 | (6 | ) | ||||||||
WRE Holding Corp. | Delayed Draw | 1.00 | 1,981 | (25 | ) | ||||||||
Zywave, Inc. | Revolver | 0.50 | 998 | (1 | ) | ||||||||
Total unfunded commitments | $ | 92,894 | $ | (297 | ) |
Consolidated Schedule of Investments as of December 31, 2018 | |||||||||||||||||||||||
Investments (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Maturity Date | Par/ Principal Amount | Amortized Cost (5) | Fair Value (6) | |||||||||||||||
First Lien Debt (99.91% of fair value) | |||||||||||||||||||||||
Achilles Acquisition, LLC | +\ | (2) (3) | Banking, Finance, Insurance & Real Estate | L + 4.00% | 6.56% | 10/11/2025 | $ | 18,000 | $ | 17,906 | $ | 17,716 | |||||||||||
Acrisure, LLC | + | (2) (3) | Banking, Finance, Insurance & Real Estate | L + 4.25% | 6.77% | 11/22/2023 | 20,886 | 20,843 | 19,981 | ||||||||||||||
Acrisure, LLC | +\ | (2) (3) | Banking, Finance, Insurance & Real Estate | L + 3.75% | 6.27% | 11/22/2023 | 11,940 | 11,928 | 11,333 | ||||||||||||||
Advanced Instruments, LLC | ^+* | (2) (3) (8) | Healthcare & Pharmaceuticals | L + 5.25% | 7.63% | 10/31/2022 | 11,791 | 11,695 | 11,690 | ||||||||||||||
Ahead, LLC | ^+ | (2) (3) (8) | High Tech Industries | L + 4.25% | 6.87% | 6/29/2023 | 20,059 | 19,959 | 19,856 | ||||||||||||||
Alpha Packaging Holdings, Inc. | +* | (2) (3) | Containers, Packaging & Glass | L + 4.25% | 7.05% | 5/12/2020 | 16,860 | 16,830 | 16,813 | ||||||||||||||
AM Conservation Holding Corporation | +* | (2) (3) | Energy: Electricity | L + 4.50% | 7.30% | 10/31/2022 | 38,310 | 38,079 | 38,027 | ||||||||||||||
AQA Acquisition Holding, Inc. | ^+* | (2) (3) (8) | High Tech Industries | L + 4.25% | 7.05% | 5/24/2023 | 19,148 | 19,111 | 18,978 | ||||||||||||||
Avalign Technologies, Inc. | +\ | (2) (3) | Healthcare & Pharmaceuticals | L + 4.50% | 7.00% | 12/22/2025 | 13,000 | 12,874 | 12,848 | ||||||||||||||
Big Ass Fans, LLC | +*\ | (2) (3) | Capital Equipment | L + 3.75% | 6.55% | 5/21/2024 | 14,052 | 13,973 | 13,840 | ||||||||||||||
Borchers, Inc. | ^+* | (2) (3) (8) | Chemicals, Plastics & Rubber | L + 4.50% | 7.30% | 11/1/2024 | 15,589 | 15,533 | 15,545 | ||||||||||||||
Brooks Equipment Company, LLC | +* | (2) (3) | Construction & Building | L + 5.00% | 7.71% | 8/29/2020 | 5,948 | 5,940 | 5,935 | ||||||||||||||
Clearent Newco, LLC | ^+ | (2) (3) (8) | High Tech Industries | L + 4.00% | 6.52% | 3/20/2024 | 23,093 | 22,702 | 22,819 | ||||||||||||||
DBI Holding, LLC | +* | (2) (3) (9) | Transportation: Cargo | L + 5.25% | 7.76% | 8/1/2021 | 34,494 | 34,276 | 25,400 | ||||||||||||||
DBI Holding, LLC | ^ | Transportation: Cargo | 15% (100% PIK) | 7.76% | 2/1/2020 | 1,119 | 1,119 | 1,119 | |||||||||||||||
DecoPac, Inc. | ^+* | (2) (3) (8) | Non-durable Consumer Goods | L + 4.25% | 7.05% | 9/29/2024 | 12,696 | 12,571 | 12,619 | ||||||||||||||
Dent Wizard International Corporation | + | (2) (3) | Automotive | L + 4.00% | 6.51% | 4/7/2020 | 24,256 | 24,183 | 24,110 | ||||||||||||||
DTI Holdco, Inc. | +*\ | (2) (3) | High Tech Industries | L + 4.75% | 7.28% | 9/30/2023 | 19,081 | 18,941 | 17,793 | ||||||||||||||
EIP Merger Sub, LLC (Evolve IP) | +* | (2) (3) (4) | Telecommunications | L + 5.75% | 8.27% | 6/7/2022 | 22,358 | 21,923 | 21,788 | ||||||||||||||
EIP Merger Sub, LLC (Evolve IP) | * | (2) (3) (7) | Telecommunications | L + 5.75% | 8.27% | 6/7/2022 | 1,500 | 1,469 | 1,462 | ||||||||||||||
Eliassen Group, LLC | + | (2) (3) | Business Services | L + 4.50% | 7.00% | 11/5/2024 | 6,250 | 6,226 | 6,202 | ||||||||||||||
Exactech, Inc. | +\ | (2) (3) | Healthcare & Pharmaceuticals | L + 3.75% | 6.27% | 2/14/2025 | 12,903 | 12,849 | 12,741 | ||||||||||||||
Executive Consulting Group, LLC, Inc. | ^+ | (2) (3) (8) | Business Services | L + 4.50% | 7.30% | 6/20/2024 | 15,318 | 15,168 | 15,132 | ||||||||||||||
Golden West Packaging Group LLC | +* | (2) (3) | Containers, Packaging & Glass | L + 5.25% | 7.77% | 6/20/2023 | 30,180 | 29,978 | 29,760 | ||||||||||||||
HMT Holding Inc. | ^+* | (2) (3) (8) | Energy: Oil & Gas | L + 4.50% | 7.02% | 11/17/2023 | 33,490 | 32,902 | 33,172 | ||||||||||||||
J.S. Held, LLC | +* | (2) (3) | Banking, Finance, Insurance & Real Estate | L + 4.50% | 7.30% | 9/25/2024 | 20,309 | 20,137 | 19,998 | ||||||||||||||
Jensen Hughes, Inc. | ^+* | (2) (3) (8) | Utilities: Electric | L + 4.50% | 7.30% | 3/22/2024 | 27,978 | 27,896 | 27,382 | ||||||||||||||
Kestra Financial, Inc. | +* | (2) (3) | Banking, Finance, Insurance & Real Estate | L + 4.25% | 6.76% | 6/24/2022 | 21,744 | 21,547 | 21,690 | ||||||||||||||
MAG DS Corp. | ^+ | (2) (3) (8) | Aerospace & Defense | L + 4.75% | 7.27% | 6/6/2025 | 22,885 | 22,679 | 22,665 | ||||||||||||||
Maravai Intermediate Holdings, LLC | +\ | (2) | Healthcare & Pharmaceuticals | L + 4.25% | 6.81% | 8/2/2025 | 29,925 | 29,640 | 29,578 |
Consolidated Schedule of Investments as of December 31, 2018 | |||||||||||||||||||||||
Investments (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Maturity Date | Par/ Principal Amount | Amortized Cost (5) | Fair Value (6) | |||||||||||||||
First Lien Debt (99.91% of fair value) | |||||||||||||||||||||||
Mold-Rite Plastics, LLC | + | (2) (3) | Chemicals, Plastics & Rubber | L + 4.50% | 7.30% | 12/14/2021 | $ | 14,850 | $ | 14,793 | $ | 14,762 | |||||||||||
MSHC, Inc. | ^+* | (2) (3) (8) | Construction & Building | L + 4.25% | 6.89% | 7/31/2023 | 23,579 | 23,514 | 23,088 | ||||||||||||||
Newport Group Holdings II, Inc. | +\ | (2) | Banking, Finance, Insurance & Real Estate | L + 3.75% | 6.54% | 9/13/2025 | 17,790 | 17,666 | 17,564 | ||||||||||||||
North American Dental Management, LLC | ^+* | (2) (3) (8) | Healthcare & Pharmaceuticals | L + 5.25% | 8.04% | 7/7/2023 | 37,781 | 37,329 | 37,093 | ||||||||||||||
North Haven CA Holdings, Inc. | ^+* | (2) (3) (8) | Business Services | L + 4.50% | 7.02% | 10/2/2023 | 35,139 | 34,789 | 34,401 | ||||||||||||||
Odyssey Logistics & Technology Corporation | +*\ | (2) (3) | Transportation: Cargo | L + 4.00% | 6.52% | 10/12/2024 | 39,680 | 39,496 | 39,149 | ||||||||||||||
Output Services Group | ^+\ | (2) (3) (8) | Media: Advertising, Printing & Publishing | L + 4.25% | 6.77% | 3/27/2024 | 17,400 | 17,338 | 16,663 | ||||||||||||||
PAI Holdco, Inc. | +* | (2) (3) | Automotive | L + 4.25% | 7.05% | 1/5/2025 | 19,727 | 19,637 | 19,459 | ||||||||||||||
Park Place Technologies, Inc. | +\ | (2) (3) | High Tech Industries | L + 4.00% | 6.52% | 3/29/2025 | 15,922 | 15,856 | 15,639 | ||||||||||||||
Pasternack Enterprises, Inc. | + | (2) (3) | Capital Equipment | L + 4.00% | 6.52% | 7/2/2025 | 20,076 | 20,076 | 19,745 | ||||||||||||||
Pharmalogic Holdings Corp. | ^+ | (2) (3) (8) | Healthcare & Pharmaceuticals | L + 4.00% | 6.52% | 6/11/2023 | 7,017 | 6,995 | 6,949 | ||||||||||||||
Ping Identity Corporation | +\ | (2) (3) | High Tech Industries | L + 3.75% | 6.27% | 1/25/2025 | 4,975 | 4,956 | 4,915 | ||||||||||||||
Premier Senior Marketing, LLC | * | (2) (3) | Banking, Finance, Insurance & Real Estate | L + 4.25% | 6.75% | 11/30/2025 | 4,953 | 4,953 | 4,875 | ||||||||||||||
Premise Health Holding Corp. | ^+\ | (2) (3) (8) | Healthcare & Pharmaceuticals | L + 3.75% | 6.55% | 7/10/2025 | 13,862 | 13,805 | 13,717 | ||||||||||||||
Propel Insurance Agency, LLC | ^+ | (2) (3) (8) | Banking, Finance, Insurance & Real Estate | L + 4.25% | 6.75% | 6/1/2024 | 21,088 | 20,535 | 20,628 | ||||||||||||||
PSI Services, LLC | ^+* | (2) (3) (8) | Business Services | L + 5.00% | 7.52% | 1/20/2023 | 29,919 | 29,469 | 29,239 | ||||||||||||||
Q Holding Company | +* | (2) (3) | Automotive | L + 5.00% | 7.52% | 12/18/2021 | 17,099 | 17,058 | 16,969 | ||||||||||||||
QW Holding Corporation (Quala) | ^+* | (2) (3) (8) | Environmental Industries | L + 6.75% | 9.22% | 8/31/2022 | 9,704 | 9,338 | 9,489 | ||||||||||||||
RevSpring, Inc. | +*\ | (2) (3) | Media: Advertising, Printing & Publishing | L + 4.25% | 7.05% | 10/11/2025 | 20,000 | 19,953 | 19,680 | ||||||||||||||
Situs Group Holdings Corporation | + | (2) (3) | Banking, Finance, Insurance & Real Estate | L + 4.50% | 7.02% | 2/26/2023 | 8,915 | 8,892 | 8,887 | ||||||||||||||
Surgical Information Systems, LLC | +* | (2) (3) (7) | High Tech Industries | L + 4.85% | 7.37% | 4/24/2023 | 27,708 | 27,494 | 27,171 | ||||||||||||||
Systems Maintenance Services Holding, Inc. | +* | (2) (3) | High Tech Industries | L + 5.00% | 7.52% | 10/28/2023 | 24,010 | 23,907 | 17,842 | ||||||||||||||
T2 Systems Canada, Inc. | + | (2) (3) | Transportation: Consumer | L + 6.75% | 9.34% | 9/28/2022 | 2,646 | 2,598 | 2,630 | ||||||||||||||
T2 Systems, Inc. | ^+* | (2) (3) (8) | Transportation: Consumer | L + 6.75% | 9.34% | 9/28/2022 | 15,775 | 15,484 | 15,677 | ||||||||||||||
The Original Cakerie, Co. (Canada) | +* | (2) (3) | Beverage, Food & Tobacco | L + 5.00% | 7.50% | 7/20/2022 | 9,019 | 8,968 | 8,932 | ||||||||||||||
The Original Cakerie, Ltd. (Canada) | + | (2) (3) (8) | Beverage, Food & Tobacco | L + 4.50% | 7.02% | 7/20/2022 | 6,957 | 6,917 | 6,883 | ||||||||||||||
ThoughtWorks, Inc. | +*\ | (2) (3) | Business Services | L + 4.00% | 6.52% | 10/12/2024 | 11,944 | 11,909 | 11,770 | ||||||||||||||
U.S. Acute Care Solutions, LLC | +* | (2) (3) | Healthcare & Pharmaceuticals | L + 5.00% | 7.52% | 5/15/2021 | 31,705 | 31,540 | 31,395 | ||||||||||||||
U.S. TelePacific Holdings Corp. | +*\ | (2) (3) | Telecommunications | L + 5.00% | 7.80% | 5/2/2023 | 26,660 | 26,459 | 24,768 | ||||||||||||||
Upstream Intermediate, LLC | ^+ | (2) (3) (8) | Healthcare & Pharmaceuticals | L + 4.25% | 6.77% | 1/3/2024 | 17,939 | 17,863 | 17,677 |
Consolidated Schedule of Investments as of December 31, 2018 | |||||||||||||||||||||||
Investments (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Maturity Date | Par/ Principal Amount | Amortized Cost (5) | Fair Value (6) | |||||||||||||||
First Lien Debt (99.91% of fair value) | |||||||||||||||||||||||
Valet Waste Holdings, Inc. | +\ | (2) (3) | Construction & Building | L + 4.00% | 6.52% | 9/28/2025 | $ | 11,970 | $ | 11,947 | $ | 11,902 | |||||||||||
Valicor Environmental Services, LLC | ^+* | (2) (3) (8) | Environmental Industries | L + 4.75% | 7.27% | 6/1/2023 | 33,410 | 32,914 | 32,995 | ||||||||||||||
WIRB - Copernicus Group, Inc. | ^+* | (2) (3) (8) | Healthcare & Pharmaceuticals | L + 4.25% | 6.77% | 8/15/2022 | 17,194 | 17,098 | 16,931 | ||||||||||||||
WRE Holding Corp. | ^+* | (2) (3) (8) | Environmental Industries | L + 5.00% | 7.52% | 1/3/2023 | 7,238 | 7,162 | 6,993 | ||||||||||||||
Zywave, Inc. | ^+* | (2) (3) (8) | High Tech Industries | L + 5.00% | 7.52% | 11/17/2022 | 18,050 | 17,914 | 17,991 | ||||||||||||||
First Lien Debt Total | $ | 1,197,499 | $ | 1,172,460 | |||||||||||||||||||
Second Lien Debt (0.09% of fair value) | |||||||||||||||||||||||
Zywave, Inc. | * | (2) (3) | High Tech Industries | L + 9.00% | 11.65% | 11/17/2023 | $ | 1,050 | $ | 1,038 | $ | 1,048 | |||||||||||
Second Lien Debt Total | $ | 1,038 | $ | 1,048 | |||||||||||||||||||
Total Investments | $ | 1,198,537 | $ | 1,173,508 |
First Lien Debt – unfunded delayed draw and revolving term loans commitments | Type | Unused Fee | Par/ Principal Amount | Fair Value | |||||||||
Advanced Instruments, LLC | Revolver | 0.50 | % | $ | 1,333 | $ | (10 | ) | |||||
Ahead, LLC | Revolver | 0.50 | 4,688 | (38 | ) | ||||||||
AQA Acquisition Holding, Inc. | Revolver | 0.50 | 2,459 | (19 | ) | ||||||||
Borchers, Inc. | Revolver | 0.50 | 1,935 | (5 | ) | ||||||||
Clearent Newco, LLC | Delayed Draw | 1.00 | 4,988 | (46 | ) | ||||||||
Clearent Newco, LLC | Revolver | 0.50 | 1,760 | (16 | ) | ||||||||
DecoPac, Inc. | Revolver | 0.50 | 2,143 | (11 | ) | ||||||||
Executive Consulting Group, LLC, Inc. | Revolver | 0.50 | 2,368 | (25 | ) | ||||||||
HMT Holding Inc. | Revolver | 0.50 | 6,173 | (49 | ) | ||||||||
Jensen Hughes, Inc. | Revolver | 0.50 | 2,000 | (39 | ) | ||||||||
Jensen Hughes, Inc. | Delayed Draw | 1.00 | 337 | (7 | ) | ||||||||
MAG DS Corp. | Revolver | 0.50 | 2,022 | (18 | ) | ||||||||
MSHC, Inc. | Delayed Draw | 0.32 | 9,852 | (145 | ) | ||||||||
North American Dental Management, LLC | Revolver | 0.50 | 2,000 | (35 | ) | ||||||||
North Haven CA Holdings, Inc. (CoAdvantage) | Revolver | 0.50 | 6,114 | (109 | ) | ||||||||
Output Services Group | Delayed Draw | 4.25 | 2,518 | (93 | ) | ||||||||
Pharmalogic Holdings Corp. | Delayed Draw | 1.00 | 2,947 | (20 | ) | ||||||||
Premise Health Holding Corp. | Delayed Draw | 1.00 | 1,103 | (11 | ) | ||||||||
Propel Insurance Agency, LLC | Delayed Draw | 0.50 | 7,143 | (110 | ) | ||||||||
Propel Insurance Agency, LLC | Revolver | 0.50 | 1,667 | (26 | ) | ||||||||
PSI Services LLC | Revolver | 0.50 | 754 | (17 | ) | ||||||||
QW Holding Corporation (Quala) | Revolver | 0.50 | 5,498 | (52 | ) | ||||||||
T2 Systems, Inc. | Revolver | 0.50 | 1,173 | (7 | ) | ||||||||
The Original Cakerie, Ltd. (Canada) | Revolver | 0.50 | 1,132 | (10 | ) | ||||||||
Upstream Intermediate, LLC | Revolver | 0.50 | 1,606 | (22 | ) | ||||||||
Valicor Environmental Services, LLC | Revolver | 0.50 | 4,971 | (54 | ) | ||||||||
WIRB - Copernicus Group, Inc. | Delayed Draw | 1.00 | 6,480 | (69 | ) | ||||||||
WIRB - Copernicus Group, Inc. | Revolver | 0.50 | 1,000 | (11 | ) | ||||||||
WRE Holding Corp. | Delayed Draw | 0.89 | 2,069 | (51 | ) | ||||||||
WRE Holding Corp. | Revolver | 0.50 | 613 | (15 | ) | ||||||||
Zywave, Inc. | Revolver | 0.50 | 600 | (2 | ) | ||||||||
Total unfunded commitments | $ | 91,446 | $ | (1,142 | ) |
Credit Fund Facility | Credit Fund Sub Facility | Credit Fund Warehouse Facility | Credit Fund Warehouse II Facility | |||||||||||||
Outstanding balance as of December 31, 2017 | $ | 85,750 | $ | 377,686 | $ | — | N/A | |||||||||
Borrowings | 120,150 | 239,235 | 101,044 | N/A | ||||||||||||
Repayments | (93,900 | ) | (145,787 | ) | — | N/A | ||||||||||
Outstanding balance as of December 31, 2018 | 112,000 | 471,134 | 101,044 | — | ||||||||||||
Borrowings | 126,200 | 223,870 | 34,544 | 97,571 | ||||||||||||
Repayments | (145,200 | ) | (351,498 | ) | (135,588 | ) | — | |||||||||
Outstanding balance as of December 31, 2019 | $ | 93,000 | $ | 343,506 | $ | — | $ | 97,571 |
For the Year Ended and as of December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Outstanding borrowing, beginning of period | $ | 514,635 | $ | 562,893 | $ | 421,885 | |||||
Borrowings | 755,179 | 812,650 | 816,216 | ||||||||
Repayments | (655,209 | ) | (860,908 | ) | (675,208 | ) | |||||
Foreign currency translation | 1,938 | — | — | ||||||||
Outstanding borrowing, end of period | $ | 616,543 | $ | 514,635 | $ | 562,893 |
December 31, 2019 | |||||||||||||||
Total Facility | Borrowings Outstanding | Unused Portion (1) | Amount Available (2) | ||||||||||||
SPV Credit Facility | $ | 275,000 | $ | 232,469 | $ | 42,531 | $ | 4,225 | |||||||
Credit Facility | 688,000 | 384,074 | 303,926 | 264,198 | |||||||||||
Total | $ | 963,000 | $ | 616,543 | $ | 346,457 | $ | 268,423 |
December 31, 2018 | |||||||||||||||
Total Facility | Borrowings Outstanding | Unused Portion (1) | Amount Available (2) | ||||||||||||
SPV Credit Facility | $ | 400,000 | $ | 224,135 | $ | 175,865 | $ | 2,547 | |||||||
Credit Facility | 413,000 | 290,500 | 122,500 | 122,500 | |||||||||||
Total | $ | 813,000 | $ | 514,635 | $ | 298,365 | $ | 125,047 |
For the years ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Interest expense | $ | 30,221 | $ | 37,801 | $ | 24,510 | |||||
Facility unused commitment fee | 1,263 | 1,260 | 1,117 | ||||||||
Amortization of deferred financing costs | 1,618 | 901 | 745 | ||||||||
Other fees | 198 | 134 | 121 | ||||||||
Total interest expense and credit facility fees | $ | 33,300 | $ | 40,096 | $ | 26,493 | |||||
Cash paid for interest expense | $ | 30,312 | $ | 34,676 | $ | 22,519 | |||||
Average principal debt outstanding | $ | 676,347 | $ | 864,734 | $ | 728,144 | |||||
Weighted average interest rate | 4.41 | % | 4.32 | % | 3.32 | % |
As of December 31, | |||||||
2019 | 2018 | ||||||
Interest expense payable | $ | 2,201 | $ | 2,978 | |||
Unused commitment fees payable | 187 | 205 | |||||
Other credit facility fees payable | 30 | 23 | |||||
Interest and credit facility fees payable | $ | 2,418 | $ | 3,206 | |||
Weighted average interest rate (based on floating LIBOR rates) | 3.88 | % | 4.67 | % |
For the years ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Interest expense | $ | 20,104 | $ | 14,079 | $ | 9,010 | |||||
Amortization of deferred financing costs | 247 | 995 | 204 | ||||||||
Total interest expense | $ | 20,351 | $ | 15,074 | $ | 9,214 | |||||
Cash paid for interest expense | $ | 19,669 | $ | 11,787 | $ | 8,713 |
Payment Due by Period | December 31, 2019 | December 31, 2018 | |||||
Less than 1 Year | $ | — | $ | — | |||
1-3 Years | — | — | |||||
3-5 Years | 731,543 | 514,635 | |||||
More than 5 Years | 449,200 | 449,200 | |||||
Total | $ | 1,180,743 | $ | 963,835 |
Par Value as of | |||||||
December 31, 2019 | December 31, 2018 | ||||||
Unfunded delayed draw commitments | $ | 75,874 | $ | 97,261 | |||
Unfunded revolving term loan commitments | 74,016 | 59,856 | |||||
Total unfunded commitments | $ | 149,890 | $ | 157,117 |
Common Stock | Capital in Excess of Par Value | Offering Costs | Accumulated Net Investment Income (Loss) | Accumulated Net Realized Gain (Loss) on Investments | Accumulated Net Unrealized Appreciation (Depreciation) on Investments | Total Net Assets | ||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||
Balance, beginning of year | 62,230,251 | $ | 622 | $ | 1,174,334 | $ | (1,633 | ) | $ | 5,901 | $ | (44,572 | ) | $ | (71,434 | ) | $ | 1,063,218 | ||||||||||||
Offering costs | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Net investment income (loss) | — | — | — | — | 107,665 | — | — | 107,665 | ||||||||||||||||||||||
Net realized gain (loss) on investments | — | — | — | — | — | (38,343 | ) | — | (38,343 | ) | ||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | — | — | — | — | — | — | (7,992 | ) | (7,992 | ) | ||||||||||||||||||||
Dividends declared | — | — | — | — | (103,360 | ) | — | — | (103,360 | ) | ||||||||||||||||||||
Repurchase of common stock | (4,466,440 | ) | (44 | ) | (64,673 | ) | — | — | — | — | (64,717 | ) | ||||||||||||||||||
Tax reclassification of stockholders’ equity in accordance with U.S. GAAP | — | — | (423 | ) | — | 162 | 261 | — | — | |||||||||||||||||||||
Balance, end of year | 57,763,811 | $ | 578 | $ | 1,109,238 | $ | (1,633 | ) | $ | 10,368 | $ | (82,654 | ) | $ | (79,426 | ) | $ | 956,471 |
Common Stock | Capital in Excess of Par Value | Offering Costs | Accumulated Net Investment Income (Loss) | Accumulated Net Realized Gain (Loss) on Investments | Accumulated Net Unrealized Appreciation (Depreciation) on Investments | Total Net Assets | ||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||
Balance, beginning of year | 62,207,603 | $ | 622 | $ | 1,172,807 | $ | (1,618 | ) | $ | 2,522 | $ | (43,548 | ) | $ | (3,481 | ) | $ | 1,127,304 | ||||||||||||
Reinvestment of dividends | 361,056 | 4 | 6,625 | — | — | — | — | 6,629 | ||||||||||||||||||||||
Offering costs | — | — | — | (15 | ) | — | — | — | (15 | ) | ||||||||||||||||||||
Net investment income (loss) | — | — | — | — | 108,436 | — | — | 108,436 | ||||||||||||||||||||||
Net realized gain (loss) on investments | — | — | — | — | — | (1,368 | ) | — | (1,368 | ) | ||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | — | — | — | — | — | — | (67,953 | ) | (67,953 | ) | ||||||||||||||||||||
Dividends declared | — | — | — | — | (104,948 | ) | — | — | (104,948 | ) | ||||||||||||||||||||
Repurchase of common stock | (338,408 | ) | (4 | ) | (4,863 | ) | — | — | — | — | (4,867 | ) | ||||||||||||||||||
Tax reclassification of stockholders’ equity in accordance with U.S. GAAP | — | — | (235 | ) | — | (109 | ) | 344 | — | — | ||||||||||||||||||||
Balance, end of year | 62,230,251 | $ | 622 | $ | 1,174,334 | $ | (1,633 | ) | $ | 5,901 | $ | (44,572 | ) | $ | (71,434 | ) | $ | 1,063,218 |
Common Stock | Capital in Excess of Par Value | Offering Costs | Accumulated Net Investment Income (Loss) | Accumulated Net Realized Gain (Loss) on Investments | Accumulated Net Unrealized Appreciation (Depreciation) on Investments | Total Net Assets | ||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||
Balance, beginning of year | 41,702,318 | $ | 417 | $ | 799,580 | $ | (74 | ) | $ | (3,207 | ) | $ | (25,357 | ) | $ | (7,222 | ) | $ | 764,137 | |||||||||||
Common stock issued | 20,146,561 | 201 | 366,818 | — | — | — | — | 367,019 | ||||||||||||||||||||||
Reinvestment of dividends | 358,724 | 4 | 6,677 | — | — | — | — | 6,681 | ||||||||||||||||||||||
Offering costs | — | — | — | (1,544 | ) | — | — | — | (1,544 | ) | ||||||||||||||||||||
Net investment income (loss) | — | — | — | — | 92,151 | — | — | 92,151 | ||||||||||||||||||||||
Net realized gain (loss) on investments | — | — | — | — | — | (11,692 | ) | — | (11,692 | ) | ||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | — | — | — | — | — | — | 3,741 | 3,741 | ||||||||||||||||||||||
Dividends declared | — | — | — | — | (93,189 | ) | — | — | (93,189 | ) | ||||||||||||||||||||
Tax reclassification of stockholders’ equity in accordance with U.S. GAAP | — | — | (268 | ) | — | 6,767 | (6,499 | ) | — | — | ||||||||||||||||||||
Balance, end of year | 62,207,603 | $ | 622 | $ | 1,172,807 | $ | (1,618 | ) | $ | 2,522 | $ | (43,548 | ) | $ | (3,481 | ) | $ | 1,127,304 |
Year Ended December 31, 2018 | Shares Issued | Proceeds Received | ||||
January 17, 2018* | 361,056 | $ | 6,629 | |||
Total | 361,056 | $ | 6,629 |
Year Ended December 31, 2017 | Shares Issued | Proceeds Received | ||||
January 24, 2017* | 5,837 | $ | 108 | |||
April 24, 2017* | 5,133 | 94 | ||||
May 19, 2017 | 2,141,417 | 39,488 | ||||
June 9, 2017 | 8,116,711 | 149,997 | ||||
June 9, 2017** | 434,233 | 8,046 | ||||
June 19, 2017*** | 9,000,000 | 161,505 | ||||
July 5, 2017 | 454,200 | 7,983 | ||||
October 18, 2017* | 347,754 | 6,479 | ||||
Total | 20,505,285 | $ | 373,700 |
For the years ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Net increase (decrease) in net assets resulting from operations | $ | 61,330 | $ | 39,115 | $ | 84,200 | |||||
Weighted-average common shares outstanding | 60,189,502 | 62,533,614 | 52,997,450 | ||||||||
Basic and diluted earnings per common share | $ | 1.02 | $ | 0.63 | $ | 1.59 |
Date Declared | Record Date | Payment Date | Per Share Amount | ||||||
March 20, 2017 | March 20, 2017 | April 24, 2017 | $ | 0.41 | |||||
June 20, 2017 | June 30, 2017 | July 18, 2017 | $ | 0.37 | |||||
August 7, 2017 | September 29, 2017 | October 18, 2017 | $ | 0.37 | |||||
November 7, 2017 | December 29, 2017 | January 17, 2018 | $ | 0.37 | |||||
December 13, 2017 | December 29, 2017 | January 17, 2018 | $ | 0.12 | (1) | ||||
February 26, 2018 | March 29, 2018 | April 17, 2018 | $ | 0.37 | |||||
May 2, 2018 | June 29, 2018 | July 17, 2018 | $ | 0.37 | |||||
August 6, 2018 | September 28, 2018 | October 17, 2018 | $ | 0.37 | |||||
November 5, 2018 | December 28, 2018 | January 17, 2019 | $ | 0.37 | |||||
December 12, 2018 | December 28, 2018 | January 17, 2019 | $ | 0.20 | (1) | ||||
February 22, 2019 | March 29, 2019 | April 17, 2019 | $ | 0.37 | |||||
May 6, 2019 | June 28, 2019 | July 17, 2019 | $ | 0.37 | |||||
June 17, 2019 | June 28, 2019 | July 17, 2019 | $ | 0.08 | (1) | ||||
August 5, 2019 | September 30, 2019 | October 17, 2019 | $ | 0.37 | |||||
November 4, 2019 | December 31, 2019 | January 17, 2020 | $ | 0.37 | |||||
December 12, 2019 | December 31, 2019 | January 17, 2020 | $ | 0.18 | (1) |
For the years ended December 31, | |||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||
Per Share Data: | |||||||||||||||||||
Net asset value per share, beginning of year | $ | 17.09 | $ | 18.12 | $ | 18.32 | $ | 18.14 | $ | 18.86 | |||||||||
Net investment income (loss) (1) | 1.79 | 1.73 | 1.74 | 1.65 | 1.43 | ||||||||||||||
Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments | (0.75 | ) | (1.10 | ) | (0.19 | ) | 0.20 | (0.52 | ) | ||||||||||
Net increase (decrease) in net assets resulting from operations | 1.04 | 0.63 | 1.55 | 1.85 | 0.91 | ||||||||||||||
Dividends declared (2) | (1.74 | ) | (1.68 | ) | (1.64 | ) | (1.68 | ) | (1.74 | ) | |||||||||
Accretion due to share repurchases | 0.17 | 0.02 | — | — | — | ||||||||||||||
Effect of offering price of subscriptions and the offering price of common stock in the IPO, net of underwriting and offering costs (3) | — | — | (0.11 | ) | 0.01 | 0.11 | |||||||||||||
Net asset value per share, end of year | $ | 16.56 | $ | 17.09 | $ | 18.12 | $ | 18.32 | $ | 18.14 | |||||||||
Market price per share, end of year | $ | 13.38 | 12.40 | 20.04 | n/a | n/a | |||||||||||||
Number of shares outstanding, end of year | 57,763,811 | 62,230,251 | 62,207,603 | 41,702,318 | 31,524,803 | ||||||||||||||
Total return based on net asset value (4) | 7.08 | % | 3.59 | % | 7.86 | % | 10.25 | % | 5.41 | % | |||||||||
Total return based on market price (5) | 21.94 | % | (29.74 | )% | 14.97 | % | n/a | n/a | |||||||||||
Net assets, end of year | $ | 956,471 | $ | 1,063,218 | $ | 1,127,304 | $ | 764,137 | $ | 571,726 | |||||||||
Ratio to average net assets: | |||||||||||||||||||
Expenses net of waiver, before incentive fees | 8.79 | % | 6.77 | % | 5.25 | % | 5.46 | % | 5.11 | % | |||||||||
Expenses net of waiver, after incentive fees | 11.05 | % | 8.81 | % | 7.39 | % | 7.69 | % | 6.94 | % | |||||||||
Expenses gross of waiver, after incentive fees | 11.05 | % | 8.81 | % | 7.97 | % | 8.62 | % | 7.86 | % | |||||||||
Net investment income (loss) (6) | 10.47 | % | 9.64 | % | 9.35 | % | 8.93 | % | 7.33 | % | |||||||||
Interest expense and credit facility fees | 5.22 | % | 3.57 | % | 2.69 | % | 2.85 | % | 2.37 | % | |||||||||
Ratios/Supplemental Data: | |||||||||||||||||||
Asset coverage, end of period | 181.01 | % | 210.31 | % | 234.86 | % | 209.97 | % | 212.70 | % | |||||||||
Portfolio turnover | 38.97 | % | 45.88 | % | 49.18 | % | 32.39 | % | 26.04 | % | |||||||||
Weighted-average shares outstanding | 60,189,502 | 62,533,614 | 52,997,450 | 36,152,390 | 24,830,200 |
For the years ended December 31, | For the years ended December 31, | |||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2020 | 2019 | 2018 | |||||||||||||||||||||||
Ordinary income | $ | 103,360 | $ | 104,948 | $ | 93,189 | Ordinary income | $ | 84,683 | $ | 103,360 | $ | 104,948 | |||||||||||||||
Tax return of capital | $ | — | $ | — | $ | — | Tax return of capital | $ | — | $ | — | $ | — |
2019 | 2018 | 2020 | 2019 | |||||||||||||||
Undistributed ordinary income | $ | 11,639 | $ | 7,625 | Undistributed ordinary income | $ | 16,475 | $ | 11,639 | |||||||||
Other book/tax temporary differences(1) | (1,271 | ) | (1,725 | ) | Other book/tax temporary differences(1) | (539) | (1,271) | |||||||||||
Capital loss carryforwards | (83,433 | ) | (45,151 | ) | Capital loss carryforwards | (141,850) | (83,433) | |||||||||||
Net unrealized appreciation (depreciation) on investments(2) | (78,646 | ) | (70,854 | ) | Net unrealized appreciation (depreciation) on investments(2) | (103,078) | (78,646) | |||||||||||
Total accumulated earnings (deficit) | $ | (151,711 | ) | $ | (110,105 | ) | Total accumulated earnings (deficit) | $ | (228,992) | $ | (151,711) |
2020 | 2019 | ||||||||||
Cost of investments | $ | 1,922,617 | $ | 2,200,671 | |||||||
Gross unrealized appreciation on investments | 21,522 | 17,094 | |||||||||
Gross unrealized depreciation on investments | (124,600) | (95,740) | |||||||||
Net unrealized appreciation (depreciation) on investments | $ | (103,078) | $ | (78,646) |
2019 | 2018 | ||||||
Cost of investments | $ | 2,200,671 | $ | 2,043,012 | |||
Gross unrealized appreciation on investments | 17,094 | 81,038 | |||||
Gross unrealized depreciation on investments | (95,740 | ) | (151,892 | ) | |||
Net unrealized appreciation (depreciation) on investments | $ | (78,646 | ) | $ | (70,854 | ) |
2019 | |||||||||||||||
Q4 | Q3 | Q2 | Q1 | ||||||||||||
Total investment income | $ | 53,465 | $ | 55,779 | $ | 56,867 | $ | 55,187 | |||||||
Net expenses | 27,853 | 29,024 | 28,896 | 27,625 | |||||||||||
Net investment income (loss) | 25,377 | 26,755 | 27,971 | 27,652 | |||||||||||
Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments | 1,459 | (35,744 | ) | (18,214 | ) | 6,164 | |||||||||
Net increase (decrease) in net assets resulting from operations | 26,836 | (8,989 | ) | 9,757 | 33,726 | ||||||||||
NAV per share | 16.56 | 16.58 | 17.06 | 17.30 | |||||||||||
Basic and diluted earnings per common share | $ | 0.46 | $ | (0.15 | ) | $ | 0.16 | $ | 0.55 |
2018 | |||||||||||||||
Q4 | Q3 | Q2 | Q1 | ||||||||||||
Total investment income | $ | 56,311 | $ | 51,280 | $ | 52,452 | $ | 47,483 | |||||||
Net expenses | 26,900 | 25,595 | 24,242 | 22,353 | |||||||||||
Net investment income (loss) | 29,411 | 25,685 | 28,210 | 25,130 | |||||||||||
Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments | (30,571 | ) | (19,605 | ) | (15,104 | ) | (4,041 | ) | |||||||
Net increase (decrease) in net assets resulting from operations | (1,160 | ) | 6,080 | 13,106 | 21,089 | ||||||||||
NAV per share | 16.59 | 17.66 | 17.93 | 18.09 | |||||||||||
Basic and diluted earnings per common share | $ | (0.02 | ) | $ | 0.10 | $ | 0.21 | $ | 0.34 |
2017 | |||||||||||||||
Q4 | Q3 | Q2 | Q1 | ||||||||||||
Total investment income | $ | 49,510 | $ | 42,648 | $ | 38,744 | $ | 34,099 | |||||||
Net expenses | 22,994 | 17,568 | 17,296 | 14,992 | |||||||||||
Net investment income (loss) | 26,516 | 25,080 | 21,448 | 19,107 | |||||||||||
Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments | 467 | 463 | (5,947 | ) | (2,934 | ) | |||||||||
Net increase (decrease) in net assets resulting from operations | 26,983 | 25,543 | 15,501 | 16,173 | |||||||||||
NAV per share | 18.12 | 18.18 | 18.14 | 18.30 | |||||||||||
Basic and diluted earnings per common share | $ | 0.44 | $ | 0.41 | $ | 0.34 | $ | 0.39 |
ASSETS | |||
Total investments, at fair value | $ | 190,672 | |
Cash and other assets | 12,464 | ||
Total assets | $ | 203,136 | |
LIABILITIES | |||
Secured borrowings | $ | 42,128 | |
Other accrued expenses and liabilities | 7,360 | ||
Total liabilities | 49,488 | ||
NET ASSETS | |||
Total net assets | $ | 153,648 |
2019 | |||||
2018 | |||||
2018 | |||||
2018 | |||||
2019 | |||||
2.1 | |||||
3.1 | |||||
3.2 | |||||
3.3 | |||||
3.4 | |||||
4.1 | |||||
4.2 | |||||
4.3 | |||||
10.1 | |||||
10.2 | |||||
10.3 | |||||
10.4 | |||||
10.5 | |||||
10.6 | |||||
10.7 | |||||
10.8 | |||||
10.9 | |||||
10.10 | |||||
10.11 | |||||
10.12 | |||||
10.13 | |||||
10.14 | |||||
10.15 | |||||
10.16 | |||||
10.17 | |||||
10.18 | |||||
10.19 | |||||
10.20 | |||||
14.1 | |||||
14.2 | |||||
21.1 | List of Subsidiaries | ||||
31.1 | |||||
31.2 | |||||
31.3 | |||||
32.1 | |||||
32.2 | |||||
99.1 |
TCG BDC, INC. | ||||||||||||||||
Dated: February 25, | By | /s/ Linda Pace | ||||||||||||||
Linda Pace | ||||||||||||||||
Director and Chief Executive Officer (principal executive officer) | ||||||||||||||||
Dated: February 25, | ||||||||||||||||
By | /s/ Thomas M. Hennigan | |||||||||||||||
Thomas M. Hennigan | ||||||||||||||||
Chief Financial Officer (principal financial officer) | ||||||||||||||||