| Maryland | | | 80-0741103 | |
| (State or other jurisdiction of incorporation or organization) | | | (I.R.S. Employer Identification No.) | |
| 201 Rouse Boulevard Philadelphia, Pennsylvania | | | 19112 | |
| (Address of principal executive offices) | | | (Zip Code) | |
| Large accelerated filer | | | ☐ | | | Accelerated filer | | | ☐ | |
| Non-accelerated filer | | | ☑ | | | Smaller reporting company | | | ☐ | |
| | | | | | | Emerging growth company | | | ☐ | |
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PART I—FINANCIAL INFORMATION | | | ||||||||||
ITEM 1. FINANCIAL STATEMENTS | | | | | | | | |||||
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PART II—OTHER INFORMATION | | | | | | | | |||||
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| | September 30, 2018 (Unaudited) | | December 31, 2017 | | | March 31, 2019 (Unaudited) | | December 31, 2018 | | ||||||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | ||||
Investments, at fair value | | | | | | | | | | | | | | | | | | | | | | | ||||
Non-controlled/unaffiliated investments (amortized cost—$4,243,543 and $4,397,304, respectively) | | | $ | 4,118,376 | | | | $ | 4,374,076 | | | |||||||||||||||
Non-controlled/affiliated investments (amortized cost—$242,088 and $206,404, respectively) | | | | 215,168 | | | | | 223,518 | | | |||||||||||||||
Total investments, at fair value (amortized cost—$4,485,631 and $4,603,708, respectively) | | | | 4,333,544 | | | | | 4,597,594 | | | |||||||||||||||
Non-controlled/unaffiliated investments (amortized cost—$4,546,541 and $4,312,105, respectively) | | | $ | 4,402,970 | | | | $ | 4,131,877 | | | |||||||||||||||
Non-controlled/affiliated investments (amortized cost—$253,344 and $248,500, respectively) | | | | 231,848 | | | | | 227,403 | | | |||||||||||||||
Total investments, at fair value (amortized cost—$4,799,885 and $4,560,605, respectively) | | | | 4,634,818 | | | | | 4,359,280 | | | |||||||||||||||
Cash | | | | 286,780 | | | | | 449,215 | | | | | | 109,670 | | | | | 148,172 | | | ||||
Foreign currency, at fair value (cost—$594 and $10,938, respectively) | | | | 594 | | | | | 11,194 | | | |||||||||||||||
Foreign currency, at fair value (cost—$1,318 and $2,264, respectively) | | | | 1,325 | | | | | 2,286 | | | |||||||||||||||
Collateral held at broker for open interest rate swap contracts | | | | 6,700 | | | | | — | | | |||||||||||||||
Receivable for investments sold and repaid | | | | 5,419 | | | | | 682 | | | | | | 2,878 | | | | | 4,025 | | | ||||
Interest receivable | | | | 42,978 | | | | | 45,247 | | | | | | 43,314 | | | | | 34,221 | | | ||||
Deferred financing costs | | | | 6,181 | | | | | 5,284 | | | | | | 7,403 | | | | | 6,000 | | | ||||
Receivable on interest rate swaps | | | | 2,474 | | | | | 173 | | | |||||||||||||||
Prepaid expenses and other assets | | | | 146 | | | | | 865 | | | | | | 49 | | | | | 97 | | | ||||
Total assets | | | $ | 4,675,642 | | | | $ | 5,110,081 | | | | | $ | 4,808,631 | | | | $ | 4,554,254 | | | ||||
Liabilities | | | | | | | | | | | | | | | | | | | | | | | ||||
Payable for investments purchased | | | $ | 36,492 | | | | $ | 3,688 | | | | | $ | 54,759 | | | | $ | 42,236 | | | ||||
Credit facilities payable (net of deferred financing costs of $3,447 and $5,125, respectively)(1) | | | | 1,889,947 | | | | | 2,179,354 | | | |||||||||||||||
Credit facilities payable (net of deferred financing costs of $2,628 and $3,122, respectively)(1) | | | | 2,108,336 | | | | | 1,887,132 | | | |||||||||||||||
Stockholder distributions payable | | | | 11,439 | | | | | 10,561 | | | | | | 11,901 | | | | | 11,688 | | | ||||
Management fees payable | | | | 17,567 | | | | | 22,595 | | | | | | 17,864 | | | | | 17,256 | | | ||||
Subordinated income incentive fees payable(2) | | | | 11,939 | | | | | 19,129 | | | | | | 11,131 | | | | | 5,796 | | | ||||
Administrative services expense payable | | | | 747 | | | | | 568 | | | | | | 499 | | | | | 365 | | | ||||
Interest payable | | | | 16,866 | | | | | 16,842 | | | | | | 18,040 | | | | | 16,480 | | | ||||
Directors’ fees payable | | | | 300 | | | | | 277 | | | | | | 139 | | | | | 243 | | | ||||
Interest rate swap income payable | | | | 2,406 | | | | | 174 | | | |||||||||||||||
Unrealized depreciation on interest rate swaps | | | | 5,739 | | | | | 1,743 | | | |||||||||||||||
Other accrued expenses and liabilities | | | | 2,219 | | | | | 4,046 | | | | | | 1,600 | | | | | 3,732 | | | ||||
Total liabilities | | | | 1,987,516 | | | | | 2,257,060 | | | | | | 2,232,414 | | | | | 1,986,845 | | | ||||
Commitments and contingencies(3) | | | | — | | | | | — | | | | | | | | | | | | | | ||||
Stockholders’ equity | | | | | | | | | | | | | | | | | | | | | | | ||||
Preferred stock, $0.001 par value, 50,000,000 shares authorized, none issued and outstanding | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
Common stock, $0.001 par value, 450,000,000 shares authorized, 326,478,291 and 326,748,337 shares issued and outstanding, respectively | | | | 326 | | | | | 327 | | | |||||||||||||||
Common stock, $0.001 par value, 450,000,000 shares authorized, 326,339,625 and 326,445,320 shares issued and outstanding, respectively | | | | 326 | | | | | 326 | | | |||||||||||||||
Capital in excess of par value | | | | 3,002,165 | | | | | 3,004,948 | | | | | | 2,990,149 | | | | | 2,990,996 | | | ||||
Accumulated earnings (loss) | | | | (314,365) | | | | | (152,254) | | | |||||||||||||||
Retained earnings (accumulated deficit)(4) | | | | (414,258) | | | | | (423,913) | | | |||||||||||||||
Total stockholders’ equity | | | | 2,688,126 | | | | | 2,853,021 | | | | | | 2,576,217 | | | | | 2,567,409 | | | ||||
Total liabilities and stockholders’ equity | | | $ | 4,675,642 | | | | $ | 5,110,081 | | | | | $ | 4,808,631 | | | | $ | 4,554,254 | | | ||||
Net asset value per share of common stock at period end | | | $ | 8.23 | | | | $ | 8.73 | | | | | $ | 7.89 | | | | $ | 7.86 | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, | | | Three Months Ended March 31, | | ||||||||||||||||||||||||||||||
| | 2018 | | 2017 | | 2018 | | 2017 | | | 2019 | | 2018 | | ||||||||||||||||||||||||
Investment income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
From non-controlled/unaffiliated investments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Interest income | | | $ | 92,684 | | | | $ | 97,122 | | | | $ | 282,218 | | | | $ | 290,519 | | | | | $ | 102,601 | | | | $ | 95,157 | | | ||||||
Paid-in-kind interest income | | | | 2,491 | | | | | 8,863 | | | | | 6,467 | | | | | 17,121 | | | | | | 1,881 | | | | | 2,221 | | | ||||||
Fee income | | | | 14,181 | | | | | 5,874 | | | | | 22,641 | | | | | 44,974 | | | | | | 7,044 | | | | | 3,951 | | | ||||||
Dividend income | | | | 468 | | | | | — | | | | | 7,962 | | | | | 11 | | | | | | 71 | | | | | 7,494 | | | ||||||
From non-controlled/affiliated investments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Interest income | | | | 4,697 | | | | | 7,301 | | | | | 15,699 | | | | | 18,448 | | | | | | 5,267 | | | | | 4,999 | | | ||||||
Paid-in-kind interest income | | | | 2,865 | | | | | 393 | | | | | 7,080 | | | | | 3,067 | | | | | | 3,075 | | | | | 2,757 | | | ||||||
Fee income | | | | — | | | | | 1,349 | | | | | 1,123 | | | | | 1,349 | | | | | | — | | | | | 1,123 | | | ||||||
From controlled/affiliated investments: | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||
Interest income | | | | — | | | | | — | | | | | — | | | | | 1,217 | | | |||||||||||||||||
Total investment income | | | | 117,386 | | | | | 120,902 | | | | | 343,190 | | | | | 376,706 | | | | | | 119,939 | | | | | 117,702 | | | ||||||
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Management fees(1) | | | | 17,567 | | | | | 25,769 | | | | | 61,739 | | | | | 77,005 | | | | | | 17,864 | | | | | 25,234 | | | ||||||
Subordinated income incentive fees(2) | | | | 11,939 | | | | | 10,137 | | | | | 18,994 | | | | | 42,352 | | | | | | 11,131 | | | | | 5,575 | | | ||||||
Administrative services expenses | | | | 799 | | | | | 799 | | | | | 2,371 | | | | | 2,530 | | | | | | 907 | | | | | 782 | | | ||||||
Stock transfer agent fees | | | | 506 | | | | | 506 | | | | | 1,502 | | | | | 1,502 | | | | | | 705 | | | | | 495 | | | ||||||
Accounting and administrative fees | | | | 395 | | | | | 434 | | | | | 1,227 | | | | | 1,303 | | | | | | 433 | | | | | 421 | | | ||||||
Interest expense | | | | 26,924 | | | | | 22,786 | | | | | 77,958 | | | | | 62,971 | | | |||||||||||||||||
Interest expense(3) | | | | 29,575 | | | | | 24,183 | | | |||||||||||||||||||||||||||
Directors’ fees | | | | 254 | | | | | 278 | | | | | 1,053 | | | | | 849 | | | | | | 142 | | | | | 504 | | | ||||||
Other general and administrative expenses | | | | 1,217 | | | | | 1,102 | | | | | 3,539 | | | | | 2,978 | | | | | | 1,068 | | | | | 1,271 | | | ||||||
Operating expenses | | | | 59,601 | | | | | 61,811 | | | | | 168,383 | | | | | 191,490 | | | | | | 61,825 | | | | | 58,465 | | | ||||||
Management fee waiver(1) | | | | — | | | | | (3,222) | | | | | (3,432) | | | | | (9,626) | | | | | | — | | | | | (3,154) | | | ||||||
Net expenses | | | | 59,601 | | | | | 58,589 | | | | | 164,951 | | | | | 181,864 | | | | | | 61,825 | | | | | 55,311 | | | ||||||
Net investment income | | | | 57,785 | | | | | 62,313 | | | | | 178,239 | | | | | 194,842 | | | | | | 58,114 | | | | | 62,391 | | | ||||||
Realized and unrealized gain/loss | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Net realized gain (loss) on investments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Non-controlled/unaffiliated investments | | | | 18,501 | | | | | (13,262) | | | | | 14,901 | | | | | (56,519) | | | | | | (18,665) | | | | | (19,294) | | | ||||||
Non-controlled/affiliated investments | | | | 3 | | | | | 7,320 | | | | | (25,706) | | | | | 7,320 | | | | | | 179 | | | | | — | | | ||||||
Net realized gain (loss) on foreign currency | | | | 446 | | | | | 122 | | | | | (220) | | | | | 439 | | | | | | 3 | | | | | (327) | | | ||||||
Net change in unrealized appreciation (depreciation) on investments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Non-controlled/unaffiliated investments | | | | (42,337) | | | | | 14,895 | | | | | (101,939) | | | | | 84,385 | | | | | | 36,657 | | | | | (83,890) | | | ||||||
Non-controlled/affiliated investments | | | | 2,298 | | | | | 8,323 | | | | | (44,034) | | | | | 1,991 | | | | | | (399) | | | | | (4,722) | | | ||||||
Controlled/affiliated investments | | | | — | | | | | (18,217) | | | | | — | | | | | (29,646) | | | |||||||||||||||||
Net change in unrealized appreciation (depreciation) on secured borrowing(3) | | | | — | | | | | 10 | | | | | — | | | | | (26) | | | |||||||||||||||||
Net change in unrealized appreciation (depreciation) on interest rate swaps | | | | (3,996) | | | | | — | | | |||||||||||||||||||||||||||
Net change in unrealized gain (loss) on foreign currency | | | | (693) | | | | | (186) | | | | | 84 | | | | | (370) | | | | | | (1,124) | | | | | 410 | | | ||||||
Total net realized and unrealized gain (loss) | | | | (21,782) | | | | | (995) | | | | | (156,914) | | | | | 7,574 | | | |||||||||||||||||
Total net realized and unrealized gain (loss) on investments | | | | 12,655 | | | | | (107,823) | | | |||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | | | $ | 36,003 | | | | $ | 61,318 | | | | $ | 21,325 | | | | $ | 202,416 | | | | | $ | 70,769 | | | | $ | (45,432) | | | ||||||
Per share information—basic and diluted | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Net increase (decrease) in net assets resulting from operations (Earnings per Share) | | | $ | 0.11 | | | | $ | 0.19 | | | | $ | 0.07 | | | | $ | 0.62 | | | | | $ | 0.22 | | | | $ | (0.14) | | | ||||||
Weighted average shares outstanding | | | | 324,359,144 | | | | | 324,993,290 | | | | | 324,577,481 | | | | | 325,613,608 | | | | | | 324,309,084 | | | | | 324,916,879 | | | ||||||
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| | Nine Months Ended September 30, | | | Three Months Ended March 31, | | ||||||||||||||||||||
| | 2018 | | 2017 | | | 2019 | | 2018 | | ||||||||||||||||
Operations | | | | | | | | | | | | | | | | | | | | | | | ||||
Net investment income | | | $ | 178,239 | | | | $ | 194,842 | | | | | $ | 58,114 | | | | $ | 62,391 | | | ||||
Net realized gain (loss) on investments and foreign currency | | | | (11,025) | | | | | (48,760) | | | | | | (18,483) | | | | | (19,621) | | | ||||
Net change in unrealized appreciation (depreciation) on investments | | | | (145,973) | | | | | 56,730 | | | |||||||||||||||
Net change in unrealized appreciation (depreciation) on secured borrowing(1) | | | | — | | | | | (26) | | | |||||||||||||||
Net change in unrealized appreciation (depreciation) on investments and interest rate swaps(1) | | | | 32,262 | | | | | (88,612) | | | |||||||||||||||
Net change in unrealized gain (loss) on foreign currency | | | | 84 | | | | | (370) | | | | | | (1,124) | | | | | 410 | | | ||||
Net increase (decrease) in net assets resulting from operations | | | | 21,325 | | | | | 202,416 | | | | | | 70,769 | | | | | (45,432) | | | ||||
Stockholder distributions(2) | | | | | | | | | | | | | | |||||||||||||
Distributions to stockholders | | | | (183,436) | | | | | (184,218) | | | | | | (61,114) | | | | | (61,153) | | | ||||
Net decrease in net assets resulting from stockholder distributions | | | | (183,436) | | | | | (184,218) | | | | | | (61,114) | | | | | (61,153) | | | ||||
Capital share transactions(3) | | | | | | | | | | | | | | |||||||||||||
Reinvestment of stockholder distributions | | | | 84,192 | | | | | 92,907 | | | | | | 25,694 | | | | | 28,959 | | | ||||
Repurchases of common stock | | | | (86,976) | | | | | (92,570) | | | | | | (26,541) | | | | | (29,993) | | | ||||
Net increase in net assets resulting from capital share transactions | | | | (2,784) | | | | | 337 | | | |||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions | | | | (847) | | | | | (1,034) | | | |||||||||||||||
Total increase (decrease) in net assets | | | | (164,895) | | | | | 18,535 | | | | | | 8,808 | | | | | (107,619) | | | ||||
Net assets at beginning of period | | | | 2,853,021 | | | | | 2,909,860 | | | | | | 2,567,409 | | | | | 2,853,021 | | | ||||
Net assets at end of period | | | $ | 2,688,126 | | | | $ | 2,928,395 | | | | | $ | 2,576,217 | | | | $ | 2,745,402 | | |
| | Nine Months Ended September 30, | | | Three Months Ended March 31, | | ||||||||||||||||||||
| | 2018 | | 2017 | | | 2019 | | 2018 | | ||||||||||||||||
Cash flows from operating activities | | | | | | | | | | | | | | | | | | | | | | | ||||
Net increase (decrease) in net assets resulting from operations | | | $ | 21,325 | | | | $ | 202,416 | | | | | $ | 70,769 | | | | $ | (45,432) | | | ||||
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | | | | | | | | | | | | | | | | | | | | | | | ||||
Purchases of investments | | | | (1,331,866) | | | | | (1,490,626) | | | | | | (453,599) | | | | | (199,941) | | | ||||
Paid-in-kind interest | | | | (13,547) | | | | | (20,188) | | | | | | (4,956) | | | | | (4,978) | | | ||||
Proceeds from sales and repayments of investments | | | | 1,458,900 | | | | | 1,409,656 | | | | | | 203,103 | | | | | 301,070 | | | ||||
Net realized (gain) loss on investments | | | | 10,805 | | | | | 49,199 | | | | | | 18,486 | | | | | 19,294 | | | ||||
Net change in unrealized (appreciation) depreciation on investments | | | | 145,973 | | | | | (56,730) | | | | | | (36,258) | | | | | 88,612 | | | ||||
Net change in unrealized (appreciation) depreciation on secured borrowing | | | | — | | | | | 26 | | | |||||||||||||||
Net change in unrealized (appreciation) depreciation on interest rate swaps | | | | 3,996 | | | | | — | | | |||||||||||||||
Accretion of discount | | | | (6,215) | | | | | (19,542) | | | | | | (2,314) | | | | | (1,703) | | | ||||
Amortization of deferred financing costs and discount | | | | 5,192 | | | | | 3,982 | | | | | | 990 | | | | | 1,358 | | | ||||
Unrealized (gain) loss on borrowings in foreign currency | | | | 186 | | | | | 1,114 | | | | | | 1,108 | | | | | 219 | | | ||||
(Increase) decrease in receivable for investments sold and repaid | | | | (4,737) | | | | | 71,635 | | | | | | 1,147 | | | | | (241) | | | ||||
(Increase) decrease in interest receivable | | | | 2,269 | | | | | (11,628) | | | | | | (9,093) | | | | | (315) | | | ||||
(Increase) decrease in receivable on interest rate swaps | | | | (2,301) | | | | | — | | | |||||||||||||||
(Increase) decrease in prepaid expenses and other assets | | | | 719 | | | | | (176) | | | | | | 48 | | | | | 39 | | | ||||
Increase (decrease) in payable for investments purchased | | | | 32,804 | | | | | 29,856 | | | | | | 12,523 | | | | | (3,162) | | | ||||
Increase (decrease) in management fees payable | | | | (5,028) | | | | | 937 | | | | | | 608 | | | | | (515) | | | ||||
Increase (decrease) in subordinated income incentive fees payable | | | | (7,190) | | | | | (6,356) | | | | | | 5,335 | | | | | (13,554) | | | ||||
Increase (decrease) in administrative services expense payable | | | | 179 | | | | | 170 | | | | | | 134 | | | | | 235 | | | ||||
Increase (decrease) in interest payable | | | | 24 | | | | | 2,348 | | | | | | 1,560 | | | | | 977 | | | ||||
Increase (decrease) in directors’ fees payable | | | | 23 | | | | | 16 | | | | | | (104) | | | | | 222 | | | ||||
Increase (decrease) in interest rate swap income payable | | | | 2,232 | | | | | — | | | |||||||||||||||
Increase (decrease) in other accrued expenses and liabilities | | | | (1,827) | | | | | (2,181) | | | | | | (2,132) | | | | | (2,390) | | | ||||
Net cash provided by (used in) operating activities | | | | 307,989 | | | | | 163,928 | | | | | | (188,718) | | | | | 139,795 | | | ||||
Cash flows from financing activities | | | | | | | | | | | | | | | | | | | | | | | ||||
Reinvestment of stockholder distributions | | | | 84,192 | | | | | 92,907 | | | |||||||||||||||
Repurchases of common stock | | | | (86,976) | | | | | (92,570) | | | | | | (26,541) | | | | | (29,993) | | | ||||
Stockholder distributions | | | | (182,558) | | | | | (183,574) | | | | | | (35,207) | | | | | (31,928) | | | ||||
Borrowings under credit facilities(1) | | | | 436,346 | | | | | 777,821 | | | | | | 436,602 | | | | | 2,970 | | | ||||
Repayments of credit facilities(1) | | | | (727,617) | | | | | (172,967) | | | | | | (217,000) | | | | | (4,730) | | | ||||
Repayments of repurchase agreement | | | | — | | | | | (400,000) | | | |||||||||||||||
Deferred financing costs paid | | | | (4,411) | | | | | (2,804) | | | | | | (1,899) | | | | | — | | | ||||
Net cash provided by financing activities | | | | (481,024) | | | | | 18,813 | | | | | | 155,955 | | | | | (63,681) | | | ||||
Total increase (decrease) in cash | | | | (173,035) | | | | | 182,741 | | | | | | (32,763) | | | | | 76,114 | | | ||||
Cash and foreign currency at beginning of period | | | | 460,409 | | | | | 347,076 | | | |||||||||||||||
Cash and foreign currency at end of period | | ��� | | $ | 287,374 | | | | $ | 529,817 | | | ||||||||||||||
Cash, restricted cash and foreign currency at beginning of period | | | | 150,458 | | | | | 460,409 | | | |||||||||||||||
Cash, restricted cash and foreign currency at end of period(2) | | | $ | 117,695 | | | | $ | 536,523 | | | |||||||||||||||
Supplemental disclosure | | | | | | | | | | | | | | | | | | | | | | | ||||
Distributions reinvested | | | $ | 25,694 | | | | $ | 28,959 | | | |||||||||||||||
Local and excise taxes paid | | | $ | 2,584 | | | | $ | 1,826 | | | | | $ | 2,096 | | | | $ | 2,574 | | |
Portfolio Company(a) | | | Footnotes | | | Industry | | | Rate(b) | | | Floor | | | Maturity | | | Principal Amount(c) | | | Amortized Cost | | | Fair Value(d) | | | ||||||||||||||
Senior Secured Loans—First Lien—123.3% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
5 Arch Income Fund 2, LLC | | | (m)(q) | | | Diversified Financials | | | 9.0% | | | | | | | | | 11/18/21 | | | | $ | 28,555 | | | | | $ | 28,577 | | | | | $ | 28,555 | | | | ||
5 Arch Income Fund 2, LLC | | | (m)(n)(q) | | | Diversified Financials | | | 9.0% | | | | | | | | | 11/18/21 | | | | | 45,445 | | | | | | 45,445 | | | | | | 45,445 | | | | ||
Abaco Energy Technologies LLC | | | (h)(i)(u) | | | Energy | | | L+950 | | | | | 1.0% | | | | 11/20/20 | | | | | 24,781 | | | | | | 24,231 | | | | | | 24,843 | | | | ||
ABB/Con-Cise Optical Group LLC | | | (u) | | | Health Care Equipment & Services | | | L+500 | | | | | 1.0% | | | | 6/15/23 | | | | | 2,776 | | | | | | 2,786 | | | | | | 2,791 | | | | ||
Accuride Corporation | | | (u) | | | Automobiles & Components | | | L+525 | | | | | 1.0% | | | | 11/17/23 | | | | | 165 | | | | | | 167 | | | | | | 167 | | | | ||
Acosta, Inc. | | | (h)(u) | | | Media | | | L+325 | | | | | 1.0% | | | | 9/26/21 | | | | | 6,661 | | | | | | 5,397 | | | | | | 5,025 | | | | ||
Advanced Lighting Technologies, Inc. | | | (h)(v) | | | Materials | | | L+750 | | | | | 1.0% | | | | 10/4/22 | | | | | 9,149 | | | | | | 7,899 | | | | | | 9,149 | | | | ||
Advantage Sales & Marketing Inc. | | | (i)(j)(u) | | | Media | | | L+325 | | | | | 1.0% | | | | 7/23/21 | | | | | 14,772 | | | | | | 14,076 | | | | | | 13,731 | | | | ||
AG Group Merger Sub, Inc. | | | (f)(g)(h)(i) | | | Commercial & Professional Services | | | L+750 | | | | | 1.0% | | | | 12/29/23 | | | | | 61,240 | | | | | | 61,240 | | | | | | 61,546 | | | | ||
Aleris International, Inc. | | | (h)(u) | | | Materials | | | L+475 | | | | | | | | | 2/27/23 | | | | | 1,370 | | | | | | 1,357 | | | | | | 1,397 | | | | | |
All Systems Holding LLC | | | (g)(h)(i) | | | Commercial & Professional Services | | | L+767 | | | | | 1.0% | | | | 10/31/23 | | | | | 111,623 | | | | | | 111,623 | | | | | | 112,739 | | | | ||
Altus Power America, Inc. | | | (i) | | | Energy | | | L+750 | | | | | 1.5% | | | | 9/30/21 | | | | | 3,110 | | | | | | 3,110 | | | | | | 3,016 | | | | ||
Altus Power America, Inc. | | | (n) | | | Energy | | | L+750 | | | | | 1.5% | | | | 9/30/21 | | | | | 213 | | | | | | 213 | | | | | | 207 | | | | ||
American Tire Distributors, Inc. | | | (u) | | | Retailing | | | L+425 | | | | | 1.0% | | | | 9/1/21 | | | | | 3,590 | | | | | | 3,154 | | | | | | 3,125 | | | | ||
APX Group Inc. | | | (i)(u) | | | Consumer Services | | | L+500 | | | | | | | | | 4/1/24 | | | | | 14,791 | | | | | | 14,742 | | | | | | 14,791 | | | | ||
Aspect Software, Inc. | | | | | | Software & Services | | | L+400, 6.5% PIK (6.5% Max PIK) | | | | | | | | | 5/25/20 | | | | | 4,594 | | | | | | 4,594 | | | | | | 4,072 | | | | ||
Aspect Software, Inc. | | | (h) | | | Software & Services | | | L+1050 | | | | | 1.0% | | | | 5/25/20 | | | | | 3,621 | | | | | | 3,621 | | | | | | 3,209 | | | | ||
Atlas Aerospace LLC | | | (f)(h)(i) | | | Capital Goods | | | L+725 | | | | | 1.0% | | | | 12/29/22 | | | | | 86,857 | | | | | | 86,857 | | | | | | 88,594 | | | | ||
ATX Networks Corp. | | | (f)(m)(u) | | | Technology Hardware & Equipment | | | L+600, 1.0% PIK (1.0% Max PIK) | | | | | 1.0% | | | | 6/11/21 | | | | | 1,867 | | | | | | 1,853 | | | | | | 1,774 | | | | ||
ATX Networks Corp. | | | (f)(i)(m)(u) | | | Technology Hardware & Equipment | | | L+600, 1.0% PIK (1.0% Max PIK) | | | | | 1.0% | | | | 6/11/21 | | | | | 24,936 | | | | | | 24,456 | | | | | | 23,689 | | | | ||
AVF Parent, LLC | | | (f)(h)(i) | | | Retailing | | | L+725 | | | | | 1.3% | | | | 3/1/24 | | | | | 74,941 | | | | | | 74,941 | | | | | | 70,819 | | | | ||
BCP Raptor, LLC | | | (i)(u) | | | Energy | | | L+425 | | | | | 1.0% | | | | 6/24/24 | | | | | 5,121 | | | | | | 4,957 | | | | | | 5,055 | | | | ||
Belk, Inc. | | | (j)(u) | | | Retailing | | | L+475 | | | | | 1.0% | | | | 12/12/22 | | | | | 20,826 | | | | | | 18,139 | | | | | | 18,281 | | | | ||
Borden Dairy Co. | | | (g)(h) | | | Food, Beverage & Tobacco | | | L+819 | | | | | 1.0% | | | | 7/6/23 | | | | | 52,500 | | | | | | 52,500 | | | | | | 51,135 | | | | ||
Cimarron Energy Inc. | | | (k)(l) | | | Energy | | | L+1150 PIK (L+1150 Max PIK) | | | | | 1.0% | | | | 12/15/19 | | | | | 25,491 | | | | | | 24,841 | | | | | | 13,606 | | | | ||
ConnectiveRx, LLC | | | (f)(h) | | | Health Care Equipment & Services | | | L+827 | | | | | 1.0% | | | | 11/25/21 | | | | | 56,025 | | | | | | 55,980 | | | | | | 56,098 | | | | ||
CSafe Acquisition Co., Inc. | | | (j) | | | Capital Goods | | | L+725 | | | | | 1.0% | | | | 11/1/21 | | | | | 626 | | | | | | 626 | | | | | | 626 | | | | ||
CSafe Acquisition Co., Inc. | | | (n) | | | Capital Goods | | | L+725 | | | | | 1.0% | | | | 11/1/21 | | | | | 5,635 | | | | | | 5,635 | | | | | | 5,635 | | | | ||
CSafe Acquisition Co., Inc. | | | (f)(g)(h) | | | Capital Goods | | | L+725 | | | | | 1.0% | | | | 10/31/23 | | | | | 53,734 | | | | | | 53,733 | | | | | | 53,733 | | | | ||
CSafe Acquisition Co., Inc. | | | (n) | | | Capital Goods | | | L+725 | | | | | 1.0% | | | | 10/31/23 | | | | | 22,620 | | | | | | 22,620 | | | | | | 22,620 | | | | ||
CSM Bakery Solutions LLC | | | (i)(u) | | | Food, Beverage & Tobacco | | | L+400 | | | | | 1.0% | | | | 7/3/20 | | | | | 4,968 | | | | | | 4,813 | | | | | | 4,820 | | | | ||
Dade Paper & Bag, LLC | | | (f)(g)(h) | | | Capital Goods | | | L+700 | | | | | 1.0% | | | | 6/10/24 | | | | | 17,356 | | | | | | 17,356 | | | | | | 16,987 | | | | ||
Dade Paper & Bag, LLC | | | (f)(g)(h) | | | Capital Goods | | | L+750 | | | | | 1.0% | | | | 6/10/24 | | | | | 136,078 | | | | | | 136,078 | | | | | | 136,078 | | | | ||
Dayton Superior Corp. | | | (i)(u) | | | Materials | | | L+800, 6.0% PIK (6.0% Max PIK) | | | | | 1.0% | | | | 11/15/21 | | | | | 11,462 | | | | | | 11,223 | | | | | | 10,030 | | | | ||
Diamond Resorts International, Inc. | | | (i)(u) | | | Consumer Services | | | L+375 | | | | | 1.0% | | | | 9/2/23 | | | | | 14,121 | | | | | | 13,959 | | | | | | 13,815 | | | | ||
Distribution International, Inc. | | | (j)(u) | | | Capital Goods | | | L+500 | | | | | 1.0% | | | | 12/15/21 | | | | | 3,415 | | | | | | 3,254 | | | | | | 3,244 | | | | ||
Eagle Family Foods Group LLC | | | (n) | | | Food, Beverage & Tobacco | | | L+650 | | | | | 1.0% | | | | 6/14/23 | | | | | 4,126 | | | | | | 4,082 | | | | | | 3,684 | | | | ||
Eagle Family Foods Group LLC | | | (g)(h) | | | Food, Beverage & Tobacco | | | L+650 | | | | | 1.0% | | | | 6/14/24 | | | | | 27,437 | | | | | | 27,140 | | | | | | 27,073 | | | | ||
Eastman Kodak Co. | | | (f)(j)(u) | | | Consumer Durables & Apparel | | | L+625 | | | | | 1.0% | | | | 9/3/19 | | | | | 4,575 | | | | | | 4,559 | | | | | | 4,415 | | | |
Portfolio Company(a) | | | Footnotes | | | Industry | | | Rate(b) | | | Floor | | | Maturity | | | Principal Amount(c) | | | Amortized Cost | | | Fair Value(d) | | ||||||||||||
Senior Secured Loans—First Lien—136.6% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
5 Arch Income Fund 2, LLC | | | (m)(q) | | | Diversified Financials | | | 9.0% | | | | | | | | | 11/18/23 | | | | $ | 39,540 | | | | | $ | 39,551 | | | | | $ | 39,540 | | |
5 Arch Income Fund 2, LLC | | | (m)(n)(q) | | | Diversified Financials | | | 9.0% | | | | | | | | | 11/18/23 | | | | | 34,461 | | | | | | 34,470 | | | | | | 34,461 | | |
Abaco Energy Technologies LLC | | | (h)(i)(s) | | | Energy | | | L+700, 2.5% PIK (2.5% Max PIK) | | | | | 1.0% | | | | 11/20/20 | | | | | 24,074 | | | | | | 23,652 | | | | | | 24,134 | | |
ABB CONCISE Optical Group LLC | | | (s) | | | Retailing | | | L+500 | | | | | 1.0% | | | | 6/15/23 | | | | | 2,762 | | | | | | 2,771 | | | | | | 2,637 | | |
Accuride Corp | | | (s) | | | Capital Goods | | | L+525 | | | | | 1.0% | | | | 11/17/23 | | | | | 539 | | | | | | 519 | | | | | | 453 | | |
Acosta Holdco Inc | | | (h)(s) | | | Commercial & Professional Services | | | L+325 | | | | | 1.0% | | | | 9/26/21 | | | | | 6,627 | | | | | | 5,369 | | | | | | 3,122 | | |
Addison Holdings | | | (f)(g)(h)(i) | | | Commercial & Professional Services | | | L+675 | | | | | 1.0% | | | | 12/29/23 | | | | | 84,953 | | | | | | 84,953 | | | | | | 85,803 | | |
Advanced Lighting Technologies Inc | | | (h)(t) | | | Materials | | | L+750 | | | | | 1.0% | | | | 10/4/22 | | | | | 9,102 | | | | | | 7,968 | | | | | | 9,102 | | |
Advantage Sales & Marketing Inc | | | (i)(s) | | | Commercial & Professional Services | | | L+325 | | | | | 1.0% | | | | 7/23/21 | | | | | 15,330 | | | | | | 14,697 | | | | | | 13,086 | | |
All Systems Holding LLC | | | (h) | | | Commercial & Professional Services | | | L+725 | | | | | 1.0% | | | | 10/31/23 | | | | | 10,557 | | | | | | 10,557 | | | | | | 10,662 | | |
All Systems Holding LLC | | | (g)(h)(i) | | | Commercial & Professional Services | | | L+767 | | | | | 1.0% | | | | 10/31/23 | | | | | 101,066 | | | | | | 101,066 | | | | | | 102,077 | | |
Altus Power America Inc | | | | | | Energy | | | L+750 | | | | | 1.5% | | | | 9/30/21 | | | | | 683 | | | | | | 683 | | | | | | 656 | | |
Altus Power America Inc | | | (n) | | | Energy | | | L+750 | | | | | 1.5% | | | | 9/30/21 | | | | | 140 | | | | | | 140 | | | | | | 135 | | |
Altus Power America Inc | | | (i) | | | Energy | | | L+750 | | | | | 1.5% | | | | 10/8/21 | | | | | 2,500 | | | | | | 2,500 | | | | | | 2,400 | | |
American Tire Distributors Inc | | | (s) | | | Automobiles & Components | | | L+600, 1.0% PIK (1.0% Max PIK) | | | | | 1.0% | | | | 9/1/23 | | | | | 634 | | | | | | 595 | | | | | | 626 | | |
American Tire Distributors Inc | | | (s) | | | Automobiles & Components | | | L+750 | | | | | 1.0% | | | | 9/2/24 | | | | | 4,021 | | | | | | 3,512 | | | | | | 3,607 | | |
Ammeraal Beltech Holding BV | | | (m)(s) | | | Capital Goods | | | E+375 | | | | | | | | | 7/30/25 | | | | € | 1,491 | | | | | | 1,725 | | | | | | 1,674 | | |
Apex Group Limited | | | (m)(n) | | | Diversified Financials | | | L+650 | | | | | | | | | 6/15/23 | | | | $ | 2,302 | | | | | | 2,241 | | | | | | 1,961 | | |
Apex Group Limited | | | (f)(g)(m) | | | Diversified Financials | | | L+650 | | | | | 1.0% | | | | 6/15/25 | | | | | 44,691 | | | | | | 44,183 | | | | | | 43,672 | | |
Apex Group Limited | | | (m)(n) | | | Diversified Financials | | | L+650 | | | | | 1.0% | | | | 6/15/25 | | | | | 5,833 | | | | | | 5,809 | | | | | | 5,700 | | |
Ascension Insurance Inc | | | (f)(g)(h) | | | Insurance | | | L+825 | | | | | 1.3% | | | | 6/5/19 | | | | | 91,635 | | | | | | 91,579 | | | | | | 91,635 | | |
Ascension Insurance Inc | | | (n) | | | Insurance | | | L+825 | | | | | 1.3% | | | | 6/5/19 | | | | | 13,800 | | | | | | 13,800 | | | | | | 13,800 | | |
Aspect Software Inc | | | (n) | | | Software & Services | | | L+500 | | | | | 1.0% | | | | 7/15/23 | | | | | 865 | | | | | | 865 | | | | | | 865 | | |
Aspect Software Inc | | | (h) | | | Software & Services | | | L+500 | | | | | | | | | 1/15/24 | | | | | 5,656 | | | | | | 5,002 | | | | | | 4,991 | | |
ATX Networks Corp | | | (f)(i)(m)(s) | | | Technology Hardware & Equipment | | | L+600, 1.0% PIK (1.0% Max PIK) | | | | | 1.0% | | | | 6/11/21 | | | | | 26,516 | | | | | | 26,110 | | | | | | 25,190 | | |
AVF Parent LLC | | | (h)(i) | | | Retailing | | | L+725 | | | | | 1.3% | | | | 3/1/24 | | | | | 73,980 | | | | | | 73,980 | | | | | | 64,178 | | |
Belk Inc | | | (s) | | | Retailing | | | L+475 | | | | | 1.0% | | | | 12/12/22 | | | | | 22,561 | | | | | | 19,823 | | | | | | 18,265 | | |
Borden Dairy Co | | | (g)(h) | | | Food, Beverage & Tobacco | | | L+750 | | | | | 1.0% | | | | 7/6/23 | | | | | 52,500 | | | | | | 52,500 | | | | | | 47,654 | | |
Caprock Midstream LLC | | | (s) | | | Energy | | | L+475 | | | | | | | | | 11/3/25 | | | | | 6,046 | | | | | | 5,919 | | | | | | 5,738 | | |
Cimarron Energy Inc | | | | | | Energy | | | L+900 | | | | | 1.0% | | | | 6/30/21 | | | | | 7,500 | | | | | | 7,500 | | | | | | 7,500 | | |
Conservice LLC | | | | | | Consumer Services | | | L+525 | | | | | | | | | 11/30/24 | | | | | 31,904 | | | | | | 31,595 | | | | | | 31,961 | | |
Conservice LLC | | | (n) | | | Consumer Services | | | L+525 | | | | | | | | | 11/30/24 | | | | | 5,955 | | | | | | 5,919 | | | | | | 5,820 | | |
Portfolio Company(a) | | | Footnotes | | | Industry | | | Rate(b) | | | Floor | | | Maturity | | | Principal Amount(c) | | | Amortized Cost | | | Fair Value(d) | | | ||||||||||||||
Empire Today, LLC | | | (f)(g)(h)(i) | | | Retailing | | | L+800 | | | | | 1.0% | | | | 11/17/22 | | | | $ | 88,425 | | | | | $ | 88,425 | | | | | $ | 88,867 | | | | ||
Evergreen AcqCo 1 LP | | | (u) | | | Retailing | | | L+375 | | | | | 1.3% | | | | 7/9/19 | | | | | 1,543 | | | | | | 1,530 | | | | | | 1,503 | | | | ||
Fairway Group Acquisition Co. | | | (h) | | | Food & Staples Retailing | | | 12.0% PIK (12.0% Max PIK) | | | | | | | | | 1/3/20 | | | | | 2,951 | | | | | | 2,951 | | | | | | 2,870 | | | | ||
Fairway Group Acquisition Co. | | | (u) | | | Food & Staples Retailing | | | 10.0% PIK (10.0% Max PIK) | | | | | | | | | 1/3/20 | | | | | 1,915 | | | | | | 1,749 | | | | | | 211 | | | | ||
Fairway Group Acquisition Co. | | | (j) | | | Food & Staples Retailing | | | 4.0%, 11.0% PIK (11.0% Max PIK) | | | | | | | | | 8/28/23 | | | | | 207 | | | | | | 204 | | | | | | 207 | | | | ||
Fairway Group Acquisition Co. | | | (n) | | | Food & Staples Retailing | | | 4.0%, 11.0% PIK (11.0% Max PIK) | | | | | | | | | 8/28/23 | | | | | 455 | | | | | | 455 | | | | | | 455 | | | | ||
Fairway Group Acquisition Co. | | | (j) | | | Food & Staples Retailing | | | 4.0%, 11.0% PIK (11.0% Max PIK) | | | | | | | | | 8/28/23 | | | | | 1,041 | | | | | | 1,026 | | | | | | 1,041 | | | | ||
Foresight Energy LLC | | | (h)(i)(j)(m)(u) | | | Energy | | | L+575 | | | | | 1.0% | | | | 3/28/22 | | | | | 10,591 | | | | | | 10,574 | | | | | | 10,608 | | | | ||
Fox Head, Inc. | | | (h)(i) | | | Consumer Durables & Apparel | | | L+850 | | | | | 1.0% | | | | 12/19/20 | | | | | 8,273 | | | | | | 8,273 | | | | | | 8,227 | | | | ||
FullBeauty Brands Holdings Corp. | | | (i) | | | Retailing | | | L+800 | | | | | 1.0% | | | | 10/14/20 | | | | | 55,000 | | | | | | 55,000 | | | | | | 55,000 | | | | ||
FullBeauty Brands Holdings Corp. | | | (i)(u) | | | Retailing | | | L+475 | | | | | 1.0% | | | | 10/14/22 | | | | | 4,923 | | | | | | 4,586 | | | | | | 1,504 | | | | ||
GC Agile Intermediate Holdings Ltd. | | | (m)(n) | | | Commercial & Professional Services | | | L+650 | | | | | | | | | 6/15/23 | | | | | 2,302 | | | | | | 2,234 | | | | | | 2,061 | | | | | |
GC Agile Intermediate Holdings Ltd. | | | (f)(g)(m) | | | Commercial & Professional Services | | | L+650 | | | | | 1.0% | | | | 6/15/25 | | | | | 15,604 | | | | | | 15,301 | | | | | | 15,440 | | | | ||
GC Agile Intermediate Holdings Ltd. | | | (m)(n) | | | Commercial & Professional Services | | | L+650 | | | | | 1.0% | | | | 6/15/25 | | | | | 7,509 | | | | | | 7,365 | | | | | | 7,430 | | | | ||
GC Agile Intermediate Holdings Ltd. | | | (m)(n) | | | Commercial & Professional Services | | | L+650 | | | | | 1.0% | | | | 6/15/25 | | | | | 6,257 | | | | | | 6,150 | | | | | | 6,191 | | | | ||
Greystone Equity Member Corp. | | | (j)(m) | | | Diversified Financials | | | L+725 | | | | | 3.8% | | | | 4/1/26 | | | | | 36,524 | | | | | | 36,523 | | | | | | 36,614 | | | | ||
Greystone Equity Member Corp. | | | (m)(n) | | | Diversified Financials | | | L+725 | | | | | 3.8% | | | | 4/1/26 | | | | | 8,476 | | | | | | 8,476 | | | | | | 8,498 | | | | ||
Gulf Finance, LLC | | | (i)(u) | | | Energy | | | L+525 | | | | | 1.0% | | | | 8/25/23 | | | | | 4,699 | | | | | | 4,592 | | | | | | 3,965 | | | | ||
H.M. Dunn Co., Inc. | | | (h)(k)(l)(v) | | | Capital Goods | | | L+875 PIK (L+875 Max PIK) | | | | | | | | | 6/30/21 | | | | | 42,645 | | | | | | 38,571 | | | | | | 9,595 | | | | ||
Harrison Gypsum, LLC | | | (h) | | | Materials | | | L+700 | | | | | 1.0% | | | | 4/29/24 | | | | | 21,039 | | | | | | 20,846 | | | | | | 20,636 | | | | ||
Harrison Gypsum, LLC | | | (n) | | | Materials | | | L+700 | | | | | 1.0% | | | | 4/29/24 | | | | | 6,749 | | | | | | 6,749 | | | | | | 6,620 | | | | ||
Hudson Technologies Co. | | | (h)(i)(m) | | | Commercial & Professional Services | | | L+1025 | | | | | 1.0% | | | | 10/10/23 | | | | | 50,974 | | | | | | 50,524 | | | | | | 40,014 | | | | ||
Hybrid Promotions, LLC | | | (h)(i) | | | Consumer Durables & Apparel | | | L+850 | | | | | 1.0% | | | | 12/19/20 | | | | | 47,375 | | | | | | 47,375 | | | | | | 47,114 | | | | ||
Icynene U.S. Acquisition Corp. | | | (f)(h)(m) | | | Materials | | | L+700 | | | | | 1.0% | | | | 11/30/24 | | | | | 35,730 | | | | | | 35,730 | | | | | | 35,998 | | | | ||
Industrial Group Intermediate Holdings, LLC | | | (f)(g)(h)(i) | | | Materials | | | L+800 | | | | | 1.3% | | | | 5/31/20 | | | | | 118,840 | | | | | | 118,840 | | | | | | 118,989 | | | | ||
Industry City TI Lessor, L.P. | | | (h) | | | Consumer Services | | | 10.8%, 1.0% PIK (1.0% Max PIK) | | | | | | | | | 6/30/26 | | | | | 11,731 | | | | | | 11,731 | | | | | | 12,229 | | | | ||
J.C. Penney Corp., Inc. | | | (m)(u) | | | Retailing | | | L+425 | | | | | 1.0% | | | | 6/23/23 | | | | | 1,213 | | | | | | 1,154 | | | | | | 1,118 | | | | ||
JAKKS Pacific, Inc. | | | (h) | | | Consumer Durables & Apparel | | | L+900 | | | | | 1.5% | | | | 6/14/21 | | | | | 2,793 | | | | | | 2,773 | | | | | | 2,770 | | | | ||
JMC Acquisition Merger Corp. | | | (f)(g)(h) | | | Capital Goods | | | L+750 | | | | | 1.0% | | | | 1/29/24 | | | | | 121,947 | | | | | | 121,946 | | | | | | 121,946 | | | | ||
JMC Acquisition Merger Corp. | | | (n) | | | Capital Goods | | | L+750 | | | | | 1.0% | | | | 1/29/24 | | | | | 35,269 | | | | | | 35,269 | | | | | | 35,269 | | | | ||
Jo-Ann Stores, LLC | | | (j)(u) | | | Retailing | | | L+500 | | | | | 1.0% | | | | 10/16/23 | | | | | 4,247 | | | | | | 4,270 | | | | | | 4,274 | | | | ||
JSS Holdings, Inc. | | | (f)(h)(i) | | | Capital Goods | | | L+800, 0.0% PIK (2.5% Max PIK) | | | | | 1.0% | | | | 3/31/23 | | | | | 72,638 | | | | | | 72,052 | | | | | | 76,197 | | | | ||
Kodiak BP, LLC | | | (g)(h)(i) | | | Capital Goods | | | L+725 | | | | | 1.0% | | | | 12/1/24 | | | | | 110,282 | | | | | | 110,282 | | | | | | 109,041 | | | | ||
Kodiak BP, LLC | | | (n) | | | Capital Goods | | | L+725 | | | | | 1.0% | | | | 12/1/24 | | | | | 10,504 | | | | | | 10,504 | | | | | | 10,386 | | | | ||
Latham Pool Products, Inc. | | | (f)(h) | | | Consumer Durables & Apparel | | | L+775 | | | | | 1.0% | | | | 6/29/21 | | | | | 28,092 | | | | | | 28,091 | | | | | | 28,091 | | | | ||
LD Intermediate Holdings, Inc. | | | (i)(u) | | | Software & Services | | | L+588 | | | | | 1.0% | | | | 12/9/22 | | | | | 16,256 | | | | | | 15,091 | | | | | | 15,769 | | | | ||
Logan’s Roadhouse, Inc. | | | (v) | | | Consumer Services | | | L+1300 PIK (L+1300 Max PIK) | | | | | 1.0% | | | | 5/5/19 | | | | | 5,899 | | | | | | 5,899 | | | | | | 5,899 | | | | ||
Logan’s Roadhouse, Inc. | | | (v) | | | Consumer Services | | | L+1300 PIK (L+1300 Max PIK) | | | | | 1.0% | | | | 5/5/19 | | | | | 1,326 | | | | | | 1,326 | | | | | | 1,326 | | | |
Portfolio Company(a) | | | Footnotes | | | Industry | | | Rate(b) | | | Floor | | | Maturity | | | Principal Amount(c) | | | Amortized Cost | | | Fair Value(d) | | ||||||||||||
Constellis Holdings LLC/Constellis Finance Corp | | | (h) | | | Capital Goods | | | L+575 | | | | | 1.0% | | | | 4/15/22 | | | | $ | 47,206 | | | | | $ | 46,547 | | | | | $ | 46,676 | | |
CSafe Global | | | | | | Capital Goods | | | L+725 | | | | | 1.0% | | | | 11/1/21 | | | | | 2,296 | | | | | | 2,296 | | | | | | 2,296 | | |
CSafe Global | | | (n) | | | Capital Goods | | | L+725 | | | | | 1.0% | | | | 11/1/21 | | | | | 3,965 | | | | | | 3,965 | | | | | | 3,965 | | |
CSafe Global | | | (f)(g)(h) | | | Capital Goods | | | L+725 | | | | | 1.0% | | | ��� | 10/31/23 | | | | | 53,485 | | | | | | 53,485 | | | | | | 54,019 | | |
CSM Bakery Products | | | (i)(s) | | | Food, Beverage & Tobacco | | | L+400 | | | | | 1.0% | | | | 7/3/20 | | | | | 5,217 | | | | | | 5,091 | | | | | | 5,004 | | |
Dade Paper and Bag Co Inc | | | (f)(g)(h) | | | Capital Goods | | | L+700 | | | | | 1.0% | | | | 6/10/24 | | | | | 17,269 | | | | | | 17,269 | | | | | | 16,600 | | |
Dade Paper and Bag Co Inc | | | (f)(g)(h)(i) | | | Capital Goods | | | L+750 | | | | | 1.0% | | | | 6/10/24 | | | | | 135,389 | | | | | | 135,389 | | | | | | 132,682 | | |
Dayton Superior Corp | | | (i)(s) | | | Materials | | | L+800, 6.0% PIK (6.0% Max PIK) | | | | | 1.0% | | | | 11/15/21 | | | | | 11,934 | | | | | | 11,746 | | | | | | 10,054 | | |
Diamond Resorts International Inc | | | (i)(s) | | | Consumer Services | | | L+375 | | | | | 1.0% | | | | 9/2/23 | | | | | 14,050 | | | | | | 13,773 | | | | | | 13,558 | | |
Distribution International Inc | | | (s) | | | Retailing | | | L+500 | | | | | 1.0% | | | | 12/15/21 | | | | | 3,389 | | | | | | 3,249 | | | | | | 3,093 | | |
Eagle Family Foods Inc | | | (n) | | | Food, Beverage & Tobacco | | | L+650 | | | | | 1.0% | | | | 6/14/23 | | | | | 4,126 | | | | | | 4,087 | | | | | | 3,499 | | |
Eagle Family Foods Inc | | | (g)(h) | | | Food, Beverage & Tobacco | | | L+650 | | | | | 1.0% | | | | 6/14/24 | | | | | 27,299 | | | | | | 27,024 | | | | | | 26,438 | | |
Eagleclaw Midstream Ventures LLC | | | (i)(s) | | | Energy | | | L+425 | | | | | 1.0% | | | | 6/24/24 | | | | | 11,426 | | | | | | 10,908 | | | | | | 10,753 | | |
EIF Van Hook Holdings LLC | | | (i)(s) | | | Energy | | | L+525 | | | | | | | | | 9/5/24 | | | | | 7,285 | | | | | | 7,148 | | | | | | 6,975 | | |
Empire Today LLC | | | (f)(g)(h)(i) | | | Retailing | | | L+700 | | | | | 1.0% | | | | 11/17/22 | | | | | 87,975 | | | | | | 87,975 | | | | | | 87,202 | | |
Fairway Group Holdings Corp | | | (k)(l) | | | Food & Staples Retailing | | | 10.0% PIK (10.0% Max PIK) | | | | | | | | | 11/27/23 | | | | | 2,013 | | | | | | 1,733 | | | | | | 264 | | |
Fairway Group Holdings Corp | | | | | | Food & Staples Retailing | | | 4.0%, 11.0% PIK (11.0% Max PIK) | | | | | | | | | 8/28/23 | | | | | 218 | | | | | | 217 | | | | | | 218 | | |
Fairway Group Holdings Corp | | | (n) | | | Food & Staples Retailing | | | 4.0%, 11.0% PIK (11.0% Max PIK) | | | | | | | | | 8/28/23 | | | | | 455 | | | | | | 453 | | | | | | 455 | | |
Fairway Group Holdings Corp | | | (h) | | | Food & Staples Retailing | | | 12.0% PIK (12.0% Max PIK) | | | | | | | | | 11/27/23 | | | | | 3,165 | | | | | | 3,165 | | | | | | 3,074 | | |
Fairway Group Holdings Corp | | | | | | Food & Staples Retailing | | | 4.0%, 11.0% PIK (11.0% Max PIK) | | | | | | | | | 11/27/23 | | | | | 1,099 | | | | | | 1,085 | | | | | | 1,099 | | |
Foresight Energy LLC | | | (h)(m)(s) | | | Materials | | | L+575 | | | | | 1.0% | | | | 3/28/22 | | | | | 10,591 | | | | | | 10,576 | | | | | | 10,401 | | |
Fox Head Inc | | | (h)(i) | | | Consumer Durables & Apparel | | | L+850 | | | | | 1.0% | | | | 12/19/20 | | | | | 52,149 | | | | | | 52,149 | | | | | | 50,134 | | |
FullBeauty Brands Holdings Corp | | | | | | Retailing | | | 10.0% | | | | | | | | | 6/30/19 | | | | | 188 | | | | | | 189 | | | | | | 184 | | |
FullBeauty Brands Holdings Corp | | | | | | Retailing | | | L+900 | | | | | 1.0% | | | | 2/7/24 | | | | | 1,099 | | | | | | 1,073 | | | | | | 1,072 | | |
Gulf Finance LLC | | | (i)(s) | | | Energy | | | L+525 | | | | | 1.0% | | | | 8/25/23 | | | | | 4,675 | | | | | | 4,578 | | | | | | 3,745 | | |
HM Dunn Co Inc | | | (h)(k)(l)(t) | | | Capital Goods | | | L+875 PIK (L+875 Max PIK) | | | | | | | | | 6/30/21 | | | | | 43,885 | | | | | | 38,571 | | | | | | 4,005 | | |
Hudson Technologies Co | | | (h)(i)(m) | | | Commercial & Professional Services | | | L+1025 | | | | | 1.0% | | | | 10/10/23 | | | | | 50,717 | | | | | | 50,302 | | | | | | 35,882 | | |
Icynene Group Ltd | | | (f)(h)(i) | | | Materials | | | L+700 | | | | | 1.0% | | | | 11/30/24 | | | | | 35,550 | | | | | | 35,550 | | | | | | 34,483 | | |
Industrial Group Intermediate Holdings LLC | | | (f)(g)(h)(i) | | | Materials | | | L+800 | | | | | 1.3% | | | | 5/31/20 | | | | | 118,840 | | | | | | 118,840 | | | | | | 119,732 | | |
Industry City TI Lessor LP | | | (h) | | | Consumer Services | | | 10.8%, 1.0% PIK (1.0% Max PIK) | | | | | | | | | 6/30/26 | | | | | 11,308 | | | | | | 11,308 | | | | | | 12,015 | | |
JAKKS Pacific Inc | | | (h) | | | Consumer Durables & Apparel | | | L+900 | | | | | 1.5% | | | | 6/14/21 | | | | | 2,793 | | | | | | 2,777 | | | | | | 2,812 | | |
Portfolio Company(a) | | | Footnotes | | | Industry | | | Rate(b) | | | Floor | | | Maturity | | | Principal Amount(c) | | | Amortized Cost | | | Fair Value(d) | | ||||||||||||
Logan’s Roadhouse, Inc. | | | (n)(v) | | | Consumer Services | | | L+1300 PIK (L+1300 Max PIK) | | | | | 1.0% | | | | 5/5/19 | | | | $ | 818 | | | | | $ | 818 | | | | | $ | 818 | | |
MB Precision Holdings LLC | | | (g)(h)(k)(l) | | | Capital Goods | | | L+725, 2.3% PIK (2.3% Max PIK) | | | | | 1.3% | | | | 1/23/21 | | | | | 62,431 | | | | | | 62,078 | | | | | | 27,314 | | |
Mitel US Holdings, Inc. | | | (i)(j)(u) | | | Software & Services | | | L+450 | | | | | | | | | 7/11/25 | | | | | 4,559 | | | | | | 4,548 | | | | | | 4,612 | | |
Moxie Patriot LLC | | | (f)(g)(u) | | | Energy | | | L+650 | | | | | 1.0% | | | | 8/21/20 | | | | | 11,545 | | | | | | 11,557 | | | | | | 10,737 | | |
Murray Energy Corp. | | | (h) | | | Energy | | | L+900 | | | | | 1.0% | | | | 2/12/21 | | | | | 10,891 | | | | | | 10,817 | | | | | | 10,804 | | |
naviHealth, Inc. | | | (i)(u) | | | Health Care Equipment & Services | | | L+500 | | | | | | | | | 8/1/25 | | | | | 9,376 | | | | | | 8,853 | | | | | | 9,048 | | |
North Haven Cadence Buyer, Inc. | | | (n) | | | Consumer Services | | | L+500 | | | | | 1.0% | | | | 9/2/21 | | | | | 2,625 | | | | | | 2,625 | | | | | | 2,625 | | |
North Haven Cadence Buyer, Inc. | | | (h)(i) | | | Consumer Services | | | L+823 | | | | | 1.0% | | | | 9/2/22 | | | | | 61,884 | | | | | | 61,884 | | | | | | 61,807 | | |
Nova Wildcat Amerock, LLC | | | (f)(h) | | | Consumer Durables & Apparel | | | L+750 | | | | | 1.3% | | | | 9/10/19 | | | | | 11,914 | | | | | | 11,843 | | | | | | 11,914 | | |
PHRC License, LLC | | | (g)(h) | | | Consumer Services | | | L+850 | | | | | 1.5% | | | | 4/28/22 | | | | | 67,186 | | | | | | 67,186 | | | | | | 69,202 | | |
Power Distribution, Inc. | | | (f)(i) | | | Capital Goods | | | L+725 | | | | | 1.3% | | | | 1/25/23 | | | | | 44,134 | | | | | | 44,134 | | | | | | 44,851 | | |
Production Resource Group, LLC | | | (f)(g)(h)(i) | | | Media | | | L+700 | | | | | 1.0% | | | | 8/21/24 | | | | | 207,992 | | | | | | 207,992 | | | | | | 207,992 | | |
Propulsion Acquisition, LLC | | | (f)(h)(i)(u) | | | Capital Goods | | | L+600 | | | | | 1.0% | | | | 7/13/21 | | | | | 58,417 | | | | | | 56,757 | | | | | | 57,833 | | |
Relation Insurance, Inc. | | | (f)(g)(h) | | | Insurance | | | L+825 | | | | | 1.3% | | | | 3/5/19 | | | | | 77,818 | | | | | | 77,682 | | | | | | 77,818 | | |
Relation Insurance, Inc. | | | (n) | | | Insurance | | | L+825 | | | | | 1.3% | | | | 3/5/19 | | | | | 27,800 | | | | | | 27,800 | | | | | | 27,800 | | |
Reliant Acquisitions Holdings, Inc. | | | (h) | | | Health Care Equipment & Services | | | L+675 | | | | | 1.0% | | | | 8/30/24 | | | | | 55,153 | | | | | | 54,610 | | | | | | 54,932 | | |
Roadrunner Intermediate Acquisition Co., LLC | | | (f) | | | Health Care Equipment & Services | | | L+675 | | | | | 1.0% | | | | 3/15/23 | | | | | 7,215 | | | | | | 7,215 | | | | | | 6,789 | | |
Rogue Wave Software, Inc. | | | (h) | | | Software & Services | | | L+844 | | | | | 1.0% | | | | 9/25/21 | | | | | 24,413 | | | | | | 24,413 | | | | | | 24,413 | | |
Safariland, LLC | | | (g)(h) | | | Capital Goods | | | L+778 | | | | | 1.1% | | | | 11/18/23 | | | | | 70,234 | | | | | | 70,234 | | | | | | 63,913 | | |
Schenectady International Group, Inc. | | | (j)(u) | | | Materials | | | L+475 | | | | | 1.0% | | | | 8/17/25 | | | | | 1,356 | | | | | | 1,302 | | | | | | 1,365 | | |
Sequa Mezzanine Holdings L.L.C. | | | (i)(j)(u) | | | Capital Goods | | | L+500 | | | | | 1.0% | | | | 11/28/21 | | | | | 18,184 | | | | | | 17,913 | | | | | | 17,919 | | |
Sequel Youth and Family Services, LLC | | | (f)(h)(i) | | | Health Care Equipment & Services | | | L+755 | | | | | 1.0% | | | | 9/1/22 | | | | | 82,260 | | | | | | 82,260 | | | | | | 83,330 | | |
Sequential Brands Group, Inc. | | | (g)(h)(i) | | | Consumer Durables & Apparel | | | L+875 | | | | | | | | | 2/7/24 | | | | | 119,725 | | | | | | 117,651 | | | | | | 119,725 | | |
SGS Cayman, L.P. | | | (h)(m)(u) | | | Commercial & Professional Services | | | L+538 | | | | | 1.0% | | | | 4/23/21 | | | | | 1,771 | | | | | | 1,707 | | | | | | 1,699 | | |
SIRVA Worldwide Inc | | | (i)(u) | | | Transportation | | | L+550 | | | | | | | | | 7/31/25 | | | | | 2,776 | | | | | | 2,736 | | | | | | 2,787 | | |
Sorenson Communications, Inc. | | | (f)(g)(h)(u) | | | Telecommunication Services | | | L+575 | | | | | 2.3% | | | | 4/30/20 | | | | | 97,675 | | | | | | 97,526 | | | | | | 98,203 | | |
SSC (Lux) Limited S.à r.l. | | | (g)(h)(i)(m) | | | Health Care Equipment & Services | | | L+750 | | | | | 1.0% | | | | 9/10/24 | | | | | 104,545 | | | | | | 104,545 | | | | | | 107,290 | | |
Staples Canada, ULC | | | (m)(t) | | | Retailing | | | CDOR+700 | | | | | 1.0% | | | | 9/12/24 | | | | C$ | 50,792 | | | | | | 50,956 | | | | | | 51,402 | | |
Strike, LLC | | | (i)(u) | | | Energy | | | L+800 | | | | | 1.0% | | | | 11/30/22 | | | | $ | 4,344 | | | | | | 4,244 | | | | | | 4,409 | | |
SunGard Availability Services Capital, Inc. | | | (f)(u) | | | Software & Services | | | L+700 | | | | | 1.0% | | | | 9/30/21 | | | | | 10,534 | | | | | | 10,457 | | | | | | 9,797 | | |
SunGard Availability Services Capital, Inc. | | | (u) | | | Software & Services | | | L+1000 | | | | | 1.0% | | | | 10/1/22 | | | | | 980 | | | | | | 934 | | | | | | 965 | | |
Sutherland Global Services Inc. | | | (h)(u) | | | Commercial & Professional Services | | | L+538 | | | | | 1.0% | | | | 4/23/21 | | | | | 7,608 | | | | | | 7,332 | | | | | | 7,300 | | |
Swift Worldwide Resources US Holdings Corp. | | | (f)(g) | | | Energy | | | L+1000, 1.0% PIK (1.0% Max PIK) | | | | | 1.0% | | | | 7/20/21 | | | | | 19,490 | | | | | | 19,490 | | | | | | 19,880 | | |
Trace3, LLC | | | (f)(g)(h)(i) | | | Software & Services | | | L+675 | | | | | 1.0% | | | | 6/6/23 | | | | | 161,990 | | | | | | 161,990 | | | | | | 161,990 | | |
VP Parent Holdings, Inc. | | | (h)(i) | | | Software & Services | | | L+650 | | | | | 1.0% | | | | 5/22/25 | | | | | 64,509 | | | | | | 63,891 | | | | | | 63,862 | | |
Portfolio Company(a) | | | Footnotes | | | Industry | | | Rate(b) | | | Floor | | | Maturity | | | Principal Amount(c) | | | Amortized Cost | | | Fair Value(d) | | ||||||||||||
Jazz Acquisition Inc | | | | | | Capital Goods | | | L+550 | | | | | 1.0% | | | | 6/1/22 | | | | $ | 20,258 | | | | | $ | 20,258 | | | | | $ | 20,091 | | |
JC Penney Corp Inc | | | (m)(s) | | | Retailing | | | L+425 | | | | | 1.0% | | | | 6/23/23 | | | | | 1,196 | | | | | | 1,144 | | | | | | 1,066 | | |
JHC Acquisition LLC | | | (f)(g) | | | Capital Goods | | | L+750 | | | | | 1.0% | | | | 11/6/21 | | | | | 20,495 | | | | | | 20,495 | | | | | | 20,495 | | |
JHC Acquisition LLC | | | (f)(g)(h) | | | Capital Goods | | | L+750 | | | | | 1.0% | | | | 1/29/24 | | | | | 101,452 | | | | | | 101,452 | | | | | | 101,452 | | |
JHC Acquisition LLC | | | (n) | | | Capital Goods | | | L+750 | | | | | 1.0% | | | | 1/29/24 | | | | | 35,269 | | | | | | 35,269 | | | | | | 35,269 | | |
Jo-Ann Stores Inc | | | (i)(s) | | | Retailing | | | L+500 | | | | | 1.0% | | | | 10/20/23 | | | | | 4,903 | | | | | | 4,894 | | | | | | 4,891 | | |
Jostens Inc | | | (s) | | | Consumer Services | | | L+550 | | | | | | | | | 12/19/25 | | | | | 3,508 | | | | | | 3,405 | | | | | | 3,514 | | |
JSS Holdings Ltd | | | (f)(h)(i) | | | Capital Goods | | | L+800, 0.0% PIK (2.5% Max PIK) | | | | | 1.0% | | | | 3/31/23 | | | | | 72,790 | | | | | | 72,259 | | | | | | 74,974 | | |
Kodiak BP LLC | | | (g)(h)(i) | | | Capital Goods | | | L+725 | | | | | 1.0% | | | | 12/1/24 | | | | | 110,425 | | | | | | 110,425 | | | | | | 108,079 | | |
Kodiak BP LLC | | | (n) | | | Capital Goods | | | L+725 | | | | | 1.0% | | | | 12/1/24 | | | | | 9,849 | | | | | | 9,849 | | | | | | 9,639 | | |
Lazard Global Compounders Fund | | | (m) | | | Diversified Financials | | | L+725 | | | | | 3.8% | | | | 4/1/26 | | | | | 37,786 | | | | | | 37,786 | | | | | | 37,219 | | |
Lazard Global Compounders Fund | | | (m)(n) | | | Diversified Financials | | | L+725 | | | | | 3.8% | | | | 4/1/26 | | | | | 7,214 | | | | | | 7,214 | | | | | | 7,106 | | |
LD Intermediate Holdings Inc | | | (i)(s) | | | Software & Services | | | L+588 | | | | | 1.0% | | | | 12/9/22 | | | | | 15,938 | | | | | | 14,925 | | | | | | 13,886 | | |
Lipari Foods LLC | | | | | | Food & Staples Retailing | | | L+588 | | | | | 1.0% | | | | 1/4/25 | | | | | 121,935 | | | | | | 120,971 | | | | | | 120,859 | | |
Lipari Foods LLC | | | (n) | | | Food & Staples Retailing | | | L+588 | | | | | 1.0% | | | | 1/4/25 | | | | | 25,220 | | | | | | 25,220 | | | | | | 24,997 | | |
MB Precision Holdings LLC | | | (g)(h)(t) | | | Capital Goods | | | L+725, 2.3% PIK (2.3% Max PIK) | | | | | 1.3% | | | | 1/23/21 | | | | | 21,369 | | | | | | 20,733 | | | | | | 21,369 | | |
Mitel US Holdings Inc | | | (i)(s) | | | Technology Hardware & Equipment | | | L+450 | | | | | | | | | 11/30/25 | | | | | 119 | | | | | | 119 | | | | | | 117 | | |
Monitronics International Inc | | | (m)(s) | | | Commercial & Professional Services | | | L+550 | | | | | 1.0% | | | | 9/30/22 | | | | | 3,829 | | | | | | 3,698 | | | | | ��� | 3,220 | | |
Murray Energy Corp | | | (h) | | | Energy | | | L+900 | | | | | 1.0% | | | | 2/12/21 | | | | | 10,891 | | | | | | 10,830 | | | | | | 10,826 | | |
NaviHealth Inc. | | | (i)(s) | | | Health Care Equipment & Services | | | L+500 | | | | | | | | | 8/1/25 | | | | | 15,073 | | | | | | 14,419 | | | | | | 14,678 | | |
North Haven Cadence Buyer Inc | | | (n) | | | Consumer Services | | | L+500 | | | | | 1.0% | | | | 9/2/21 | | | | | 2,625 | | | | | | 2,625 | | | | | | 2,625 | | |
North Haven Cadence Buyer Inc | | | (h) | | | Consumer Services | | | L+777 | | | | | 1.0% | | | | 9/2/22 | | | | | 10,656 | | | | | | 10,656 | | | | | | 10,523 | | |
North Haven Cadence Buyer Inc | | | (h)(i) | | | Consumer Services | | | L+798 | | | | | 1.0% | | | | 9/2/24 | | | | | 51,188 | | | | | | 51,188 | | | | | | 50,548 | | |
North Haven Cadence Buyer Inc | | | | | | Consumer Services | | | L+650 | | | | | 1.0% | | | | 9/2/24 | | | | | 14,283 | | | | | | 14,283 | | | | | | 14,105 | | |
North Haven Cadence Buyer Inc | | | (n) | | | Consumer Services | | | L+650 | | | | | 1.0% | | | | 9/2/24 | | | | | 292 | | | | | | 292 | | | | | | 288 | | |
P2 Energy Solutions, Inc. | | | (s) | | | Software & Services | | | L+400 | | | | | 1.0% | | | | 10/30/20 | | | | | 74 | | | | | | 73 | | | | | | 73 | | |
PAE Holding Corp | | | (s) | | | Capital Goods | | | L+550 | | | | | 1.0% | | | | 10/20/22 | | | | | 9 | | | | | | 9 | | | | | | 9 | | |
Peak 10 Holding Corp | | | (s) | | | Telecommunication Services | | | L+350 | | | | | | | | | 8/1/24 | | | | | 8,942 | | | | | | 8,327 | | | | | | 8,219 | | |
PF Chang’s China Bistro Inc | | | (s) | | | Consumer Services | | | L+650 | | | | | | | | | 3/1/26 | | | | | 5,817 | | | | | | 5,760 | | | | | | 5,751 | | |
PHRC License LLC | | | (g)(h) | | | Consumer Services | | | L+850, 0.3% PIK (0.3% Max PIK) | | | | | 1.5% | | | | 4/28/22 | | | | | 66,646 | | | | | | 66,646 | | | | | | 67,563 | | |
Power Distribution Inc | | | (f)(i) | | | Capital Goods | | | L+725 | | | | | 1.3% | | | | 1/25/23 | | | | | 43,907 | | | | | | 43,907 | | | | | | 42,974 | | |
Production Resource Group LLC | | | (f)(g)(h)(i) | | | Media | | | L+700 | | | | | 1.0% | | | | 8/21/24 | | | | | 207,992 | | | | | | 207,992 | | | | | | 204,872 | | |
Portfolio Company(a) | | | Footnotes | | | Industry | | | Rate(b) | | | Floor | | | Maturity | | | Principal Amount(c) | | | Amortized Cost | | | Fair Value(d) | | | ||||||||||||||
Warren Resources, Inc. | | | (h)(v) | | | Energy | | | L+1000 | | | | | 1.0% | | | | 5/22/20 | | | | $ | 14,623 | | | | | $ | 14,623 | | | | | $ | 14,623 | | | | ||
York Risk Services Holding Corp. | | | (u) | | | Insurance | | | L+375 | | | | | 1.0% | | | | 10/1/21 | | | | | 982 | | | | | | 977 | | | | | | 954 | | | | ||
Zeta Interactive Holdings Corp. | | | (f)(h) | | | Software & Services | | | L+750 | | | | | 1.0% | | | | 7/29/22 | | | | | 37,112 | | | | | | 37,112 | | | | | | 37,853 | | | | ||
Zeta Interactive Holdings Corp. | | | (n) | | | Software & Services | | | L+750 | | | | | 1.0% | | | | 7/29/22 | | | | | 6,571 | | | | | | 6,571 | | | | | | 6,703 | | | | ||
Total Senior Secured Loans—First Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,593,534 | | | | | | 3,506,870 | | | | ||
Unfunded Loan Commitments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (193,011) | | | | | | (193,011) | | | | ||
Net Senior Secured Loans—First Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,400,523 | | | | | | 3,313,859 | | | | ||
Senior Secured Loans—Second Lien—10.4% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Access CIG LLC | | | (u) | | | Software & Services | | | L+775 | | | | | | | | | 2/27/26 | | | | | 1,258 | | | | | | 1,274 | | | | | | 1,265 | | | | ||
Access CIG LLC | | | (n)(u) | | | Software & Services | | | L+775 | | | | | | | | | 2/27/26 | | | | | 68 | | | | | | 68 | | | | | | 68 | | | | | |
Advantage Sales & Marketing Inc. | | | (u) | | | Media | | | L+650 | | | | | 1.0% | | | | 7/25/22 | | | | | 2,291 | | | | | | 2,027 | | | | | | 1,951 | | | | ||
American Bath Group, LLC | | | (i)(u) | | | Capital Goods | | | L+975 | | | | | 1.0% | | | | 9/30/24 | | | | | 7,000 | | | | | | 6,532 | | | | | | 7,105 | | | | ||
Ammeraal Beltech Holding BV | | | (m) | | | Capital Goods | | | L+800 | | | | | | | | | 9/28/26 | | | | | 52,309 | | | | | | 51,263 | | | | | | 51,263 | | | | ||
Arena Energy, LP | | | (f)(h) | | | Energy | | | L+900, 4.0% PIK (4.0% Max PIK) | | | | | 1.0% | | | | 1/24/21 | | | | | 25,605 | | | | | | 25,605 | | | | | | 25,605 | | | | ||
Bellatrix Exploration Ltd. | | | (m) | | | Energy | | | 8.5% | | | | | | | | | 7/26/23 | | | | | 4,500 | | | | | | 4,002 | | | | | | 3,983 | | | | ||
Bellatrix Exploration Ltd. | | | (m) | | | Energy | | | 8.5% | | | | | | | | | 7/26/23 | | | | | 936 | | | | | | 936 | | | | | | 938 | | | | ||
Bellatrix Exploration Ltd. | | | (m)(n) | | | Energy | | | 8.5% | | | | | | | | | 7/26/23 | | | | | 1,560 | | | | | | 1,560 | | | | | | 1,564 | | | | ||
Byrider Finance, LLC | | | | | | Automobiles & Components | | | L+1000, 0.5% PIK (4.0% Max PIK) | | | | | 1.3% | | | | 8/22/20 | | | | | 29,656 | | | | | | 29,656 | | | | | | 29,026 | | | | ||
Checkout Holding Corp. | | | (i)(k)(l)(u) | | | Media | | | L+675 | | | | | 1.0% | | | | 4/11/22 | | | | | 10,000 | | | | | | 9,958 | | | | | | 1,044 | | | | ||
Chisholm Oil and Gas Operating, LLC | | | (h) | | | Energy | | | L+800 | | | | | 1.0% | | | | 3/21/24 | | | | | 16,000 | | | | | | 16,000 | | | | | | 15,883 | | | | ||
Crossmark Holdings, Inc. | | | (i)(k)(l)(u) | | | Media | | | L+750 | | | | | 1.3% | | | | 12/21/20 | | | | | 7,778 | | | | | | 7,786 | | | | | | 752 | | | | ||
Envigo Laboratories, Inc. | | | (h)(u) | | | Health Care Equipment & Services | | | L+775 | | | | | | | | | 4/29/20 | | | | | 3,272 | | | | | | 3,175 | | | | | | 3,076 | | | | ||
Fairway Group Acquisition Co. | | | (u) | | | Food & Staples Retailing | | | 11.0% PIK (11.0% Max PIK) | | | | | | | | | 10/3/21 | | | | | 1,697 | | | | | | 1,536 | | | | | | 187 | | | | ||
Gruden Acquisition, Inc. | | | (h)(u) | | | Transportation | | | L+850 | | | | | 1.0% | | | | 8/18/23 | | | | | 15,000 | | | | | | 14,491 | | | | | | 15,000 | | | | ||
Inmar, Inc. | | | (i)(u) | | | Software & Services | | | L+800 | | | | | 1.0% | | | | 5/1/25 | | | | | 2,615 | | | | | | 2,582 | | | | | | 2,628 | | | | ||
Jazz Acquisition, Inc. | | | (f)(u) | | | Capital Goods | | | L+675 | | | | | 1.0% | | | | 6/19/22 | | | | | 3,700 | | | | | | 3,730 | | | | | | 3,561 | | | | ||
LBM Borrower, LLC | | | (f)(i)(u) | | | Capital Goods | | | L+925 | | | | | 1.0% | | | | 8/20/23 | | | | | 23,332 | | | | | | 23,221 | | | | | | 23,507 | | | | ||
Logan’s Roadhouse, Inc. | | | (k)(l)(v) | | | Consumer Services | | | L+850 PIK (L+850 Max PIK) | | | | | 1.0% | | | | 11/23/20 | | | | | 15,927 | | | | | | 14,840 | | | | | | 4,109 | | | | ||
One Call Corp. | | | (h) | | | Health Care Equipment & Services | | | L+375, 6.0% PIK (6.0% Max PIK) | | | | | | | | | 4/11/24 | | | | | 12,281 | | | | | | 12,167 | | | | | | 12,115 | | | | ||
P2 Upstream Acquisition Co. | | | (i)(u) | | | Energy | | | L+800 | | | | | 1.0% | | | | 4/30/21 | | | | | 14,500 | | | | | | 14,624 | | | | | | 13,612 | | | | ||
Peak 10 Holding Corp. | | | (i)(j)(u) | | | Software & Services | | | L+725 | | | | | 1.0% | | | | 8/1/25 | | | | | 2,865 | | | | | | 2,838 | | | | | | 2,796 | | | | ||
Sequa Mezzanine Holdings L.L.C. | | | (i)(u) | | | Capital Goods | | | L+900 | | | | | 1.0% | | | | 4/28/22 | | | | | 7,462 | | | | | | 7,413 | | | | | | 7,359 | | | | ||
SIRVA Worldwide Inc | | | (i)(u) | | | Transportation | | | L+950 | | | | | | | | | 7/31/26 | | | | | 2,494 | | | | | | 2,309 | | | | | | 2,319 | | | | ||
SMG US Midco 2, Inc. | | | (u) | | | Consumer Services | | | L+700 | | | | | | | | | 1/23/26 | | | | | 831 | | | | | | 841 | | | | | | 840 | | | | ||
Spencer Gifts LLC | | | (i)(u) | | | Retailing | | | L+825 | | | | | 1.0% | | | | 6/29/22 | | | | | 20,000 | | | | | | 20,067 | | | | | | 15,050 | | | | ||
Titan Energy Operating, LLC | | | (h)(k)(l) | | | Energy | | | L+1300 PIK (L+1300 Max PIK) | | | | | 1.0% | | | | 2/23/20 | | | | | 86,822 | | | | | | 67,595 | | | | | | 13,371 | | | | ||
Ultimate Baked Goods Midco LLC | | | (i) | | | Food & Staples Retailing | | | L+800 | | | | | 1.0% | | | | 8/9/26 | | | | | 17,990 | | | | | | 17,814 | | | | | | 17,779 | | | |
Portfolio Company(a) | | | Footnotes | | | Industry | | | Rate(b) | | | Floor | | | Maturity | | | Principal Amount(c) | | | Amortized Cost | | | Fair Value(d) | | ||||||||||||
Propulsion Acquisition LLC | | | (f)(h)(i)(s) | | | Capital Goods | | | L+600 | | | | | 1.0% | | | | 7/13/21 | | | | $ | 52,322 | | | | | $ | 51,121 | | | | | $ | 51,798 | | |
PSKW LLC | | | (f)(h) | | | Health Care Equipment & Services | | | L+825 | | | | | 1.0% | | | | 10/1/21 | | | | | 26,000 | | | | | | 26,000 | | | | | | 26,000 | | |
PSKW LLC | | | (f)(h) | | | Health Care Equipment & Services | | | L+826 | | | | | 1.0% | | | | 11/25/21 | | | | | 30,025 | | | | | | 29,986 | | | | | | 30,025 | | |
Reliant Rehab Hospital Cincinnati LLC | | | (h) | | | Health Care Equipment & Services | | | L+675 | | | | | 1.0% | | | | 8/30/24 | | | | | 60,001 | | | | | | 59,494 | | | | | | 59,166 | | |
Roadrunner Intermediate Acquisition Co LLC | | | (f) | | | Health Care Equipment & Services | | | L+675 | | | | | 1.0% | | | | 9/22/21 | | | | | 7,115 | | | | | | 7,115 | | | | | | 6,565 | | |
Safariland LLC | | | (g)(h) | | | Capital Goods | | | L+765 | | | | | 1.1% | | | | 11/18/23 | | | | | 70,234 | | | | | | 70,234 | | | | | | 63,474 | | |
Savers Inc | | | | | | Retailing | | | L+650, 0.8% PIK (0.8% Max PIK) | | | | | 1.5% | | | | 3/28/24 | | | | C$ | 36,443 | | | | | | 26,804 | | | | | | 26,938 | | |
Savers Inc | | | | | | Retailing | | | L+650, 0.8% PIK (0.8% Max PIK) | | | | | 1.5% | | | | 3/28/24 | | | | $ | 26,242 | | | | | | 25,915 | | | | | | 25,914 | | |
Sequa Corp | | | (i)(s) | | | Materials | | | L+500 | | | | | 1.0% | | | | 11/28/21 | | | | | 18,420 | | | | | | 18,184 | | | | | | 18,075 | | |
Sequel Youth & Family Services LLC | | | (h) | | | Health Care Equipment & Services | | | L+700 | | | | | 1.0% | | | | 9/1/23 | | | | | 12,199 | | | | | | 12,199 | | | | | | 12,309 | | |
Sequel Youth & Family Services LLC | | | (f)(h)(i) | | | Health Care Equipment & Services | | | L+800 | | | | | | | | | 9/1/23 | | | | | 70,000 | | | | | | 70,000 | | | | | | 70,633 | | |
Sequential Brands Group Inc. | | | (g)(h)(i) | | | Consumer Durables & Apparel | | | L+875 | | | | | | | | | 2/7/24 | | | | | 118,132 | | | | | | 116,207 | | | | | | 117,099 | | |
SI Group Inc | | | (s) | | | Materials | | | L+475 | | | | | | | | | 10/15/25 | | | | | 2,915 | | | | | | 2,810 | | | | | | 2,919 | | |
SIRVA Worldwide Inc | | | (i)(s) | | | Commercial & Professional Services | | | L+550 | | | | | | | | | 8/2/25 | | | | | 2,759 | | | | | | 2,721 | | | | | | 2,697 | | |
Sorenson Communications LLC | | | (f)(g)(h)(s) | | | Telecommunication Services | | | L+575 | | | | | 2.3% | | | | 4/30/20 | | | | | 107,112 | | | | | | 106,964 | | | | | | 106,041 | | |
Sorenson Communications LLC | | | (j)(s) | | | Telecommunication Services | | | L+650 | | | | | | | | | 3/14/24 | | | | | 55,946 | | | | | | 53,708 | | | | | | 55,456 | | |
SSC (Lux) Limited S.a r.l. | | | (g)(h)(i)(m) | | | Health Care Equipment & Services | | | L+750 | | | | | 1.0% | | | | 9/10/24 | | | | | 104,545 | | | | | | 104,545 | | | | | | 105,359 | | |
Staples Canada | | | (m) | | | Retailing | | | L+700 | | | | | 1.0% | | | | 9/12/24 | | | | C$ | 55,460 | | | | | | 42,914 | | | | | | 42,111 | | |
Sungard Availability Services Capital Inc | | | (f)(k)(l)(s) | | | Software & Services | | | L+700 | | | | | 1.0% | | | | 9/30/21 | | | | $ | 9,606 | | | | | | 9,471 | | | | | | 6,556 | | |
Sungard Availability Services Capital Inc | | | (k)(l)(s) | | | Software & Services | | | L+1000 | | | | | 1.0% | | | | 10/1/22 | | | | | 894 | | | | | | 845 | | | | | | 771 | | |
Sutherland Global Services Inc | | | (h)(i)(m)(s) | | | Software & Services | | | L+538 | | | | | 1.0% | | | | 4/23/21 | | | | | 12,990 | | | | | | 12,507 | | | | | | 12,697 | | |
Swift Worldwide Resources Holdco Ltd | | | (f)(g) | | | Energy | | | L+1000, 1.0% PIK (1.0% Max PIK) | | | | | 1.0% | | | | 7/20/21 | | | | | 19,492 | | | | | | 19,492 | | | | | | 19,492 | | |
Tangoe LLC | | | | | | Software & Services | | | L+650 | | | | | 1.0% | | | | 11/28/25 | | | | | 51,894 | | | | | | 51,395 | | | | | | 51,243 | | |
Team Health Inc | | | (s) | | | Health Care Equipment & Services | | | L+275 | | | | | 1.0% | | | | 2/6/24 | | | | | 78 | | | | | | 71 | | | | | | 69 | | |
Trace3 Inc | | | (f)(g)(h)(i) | | | Software & Services | | | L+675 | | | | | 1.0% | | | | 8/5/24 | | | | | 161,180 | | | | | | 161,180 | | | | | | 161,180 | | |
Virgin Pulse Inc | | | (h)(i) | | | Software & Services | | | L+650 | | | | | 1.0% | | | | 5/22/25 | | | | | 79,691 | | | | | | 79,108 | | | | | | 78,663 | | |
Vivint Inc | | | (i)(s) | | | Commercial & Professional Services | | | L+500 | | | | | | | | | 4/1/24 | | | | | 18,536 | | | | | | 18,491 | | | | | | 18,131 | | |
Warren Resources Inc | | | (h)(j)(t) | | | Energy | | | L+1000, 1.0% PIK (1.0% Max PIK) | | | | | 1.0% | | | | 5/22/20 | | | | | 14,697 | | | | | | 14,697 | | | | | | 14,697 | | |
York Risk Services Group Inc | | | (s) | | | Insurance | | | L+375 | | | | | 1.0% | | | | 10/1/21 | | | | | 977 | | | | | | 973 | | | | | | 920 | | |
Portfolio Company(a) | | | Footnotes | | | Industry | | | Rate(b) | | | Floor | | | Maturity | | | Principal Amount(c) | | | Amortized Cost | | | Fair Value(d) | | | ||||||||||||||
WireCo WorldGroup, Inc. | | | (j)(u) | | | Materials | | | L+900 | | | | | 1.0% | | | | 9/30/24 | | | | $ | 2,014 | | | | | $ | 2,039 | | | | | $ | 2,034 | | | | ||
Total Senior Secured Loans—Second Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 367,949 | | | | | | 279,790 | | | | ||
Unfunded Loan Commitments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (1,628) | | | | | | (1,628) | | | | ||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 366,321 | | | | | | 278,162 | | | | ||
Senior Secured Bonds—6.6% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Advanced Lighting Technologies, Inc. | | | (k)(l)(v) | | | Materials | | | L+700, 10.0% PIK (10.0% Max PIK) | | | | | 1.0% | | | | 10/4/23 | | | | | 11,342 | | | | | | 10,664 | | | | | | 5,076 | | | | ||
Altice France SA | | | (m)(u) | | | Telecommunication Services | | | 8.1% | | | | | | | | | 2/1/27 | | | | | 917 | | | | | | 917 | | | | | | 946 | | | | ||
APX Group, Inc. | | | (h)(u) | | | Consumer Services | | | 7.9% | | | | | | | | | 12/1/22 | | | | | 3,931 | | | | | | 3,903 | | | | | | 4,015 | | | | ||
Artesyn Embedded Technologies Inc. | | | (u) | | | Capital Goods | | | 9.8% | | | | | | | | | 10/15/20 | | | | | 1,052 | | | | | | 1,011 | | | | | | 1,010 | | | | ||
Black Swan Energy Ltd. | | | (m) | | | Energy | | | 9.0% | | | | | | | | | 1/20/24 | | | | | 1,333 | | | | | | 1,333 | | | | | | 1,333 | | | | ||
Boyne USA Inc. | | | (u) | | | Consumer Services | | | 7.3% | | | | | | | | | 5/1/25 | | | | | 44 | | | | | | 46 | | | | | | 47 | | | | ||
DJO Finance LLC | | | (u) | | | Health Care Equipment & Services | | | 8.1% | | | | | | | | | 6/15/21 | | | | | 1,563 | | | | | | 1,575 | | | | | | 1,602 | | | | ||
Eagle Intermediate Global Holding B.V. | | | (m)(u) | | | Consumer Durables & Apparel | | | 7.5% | | | | | | | | | 5/1/25 | | | | | 3,659 | | | | | | 3,688 | | | | | | 3,590 | | | | ||
FourPoint Energy, LLC | | | (h)(i) | | | Energy | | | 9.0% | | | | | | | | | 12/31/21 | | | | | 46,313 | | | | | | 44,990 | | | | | | 46,776 | | | | ||
Genesys Telecommunications Laboratories, Inc. | | | (u) | | | Software & Services | | | 10.0% | | | | | | | | | 11/30/24 | | | | | 144 | | | | | | 160 | | | | | | 160 | | | | ||
Global A&T Electronics Ltd. | | | (i)(m)(u) | | | Semiconductors & Semiconductor Equipment | | | 8.5% | | | | | | | | | 1/12/23 | | | | | 15,949 | | | | | | 16,081 | | | | | | 15,511 | | | | ||
J.C. Penney Corp., Inc. | | | (j)(m)(u) | | | Retailing | | | 5.7% | | | | | | | | | 6/1/20 | | | | | 126 | | | | | | 118 | | | | | | 112 | | | | ||
JW Aluminum Co. | | | (h)(u)(v) | | | Materials | | | 10.3% | | | | | | | | | 6/1/26 | | | | | 33,001 | | | | | | 33,001 | | | | | | 33,042 | | | | ||
Mood Media Corp. | | | (h)(m)(v) | | | Media | | | L+1400 PIK (L+1400 Max PIK) | | | | | 1.0% | | | | 6/28/24 | | | | | 28,478 | | | | | | 28,377 | | | | | | 28,478 | | | | ||
Pattonair Holdings, Ltd. | | | (m)(u) | | | Capital Goods | | | 9.0% | | | | | | | | | 11/1/22 | | | | | 4,111 | | | | | | 4,261 | | | | | | 4,259 | | | | ||
Pisces Midco Inc. | | | (u) | | | Capital Goods | | | 8.0% | | | | | | | | | 4/15/26 | | | | | 2,014 | | | | | | 1,981 | | | | | | 2,030 | | | | ||
Sorenson Communications, Inc. | | | (h)(u) | | | Telecommunication Services | | | 9.0%, 0.0% PIK (9.0% Max PIK) | | | | | | | | | 10/31/20 | | | | | 7,058 | | | | | | 6,939 | | | | | | 6,987 | | | | ||
Starfruit Finco B.V. | | | (u) | | | Materials | | | 8.0% | | | | | | | | | 10/1/26 | | | | | 2,019 | | | | | | 2,019 | | | | | | 2,052 | | | | ||
Sunnova Energy Corp. | | | | | | Energy | | | 6.0%, 6.0% PIK (6.0% Max PIK) | | | | | | | | | 1/24/19 | | | | | 1,660 | | | | | | 1,660 | | | | | | 1,658 | | | | | |
Talos Production LLC | | | (h)(u) | | | Energy | | | 11.0% | | | | | | | | | 4/3/22 | | | | | 4,500 | | | | | | 4,715 | | | | | | 4,832 | | | | ||
Velvet Energy Ltd. | | | (i)(m) | | | Energy | | | 9.0% | | | | | | | | | 10/5/23 | | | | | 15,000 | | | | | | 15,000 | | | | | | 15,675 | | | | ||
Total Senior Secured Bonds | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 182,439 | | | | | | 179,191 | | | | ||
Subordinated Debt—9.6% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
APX Group, Inc. | | | (h)(u) | | | Consumer Services | | | 8.8% | | | | | | | | | 12/1/20 | | | | | 3,839 | | | | | | 3,684 | | | | | | 3,841 | | | | ||
APX Group, Inc. | | | (h)(u) | | | Consumer Services | | | 7.6% | | | | | | | | | 9/1/23 | | | | | 5,712 | | | | | | 5,179 | | | | | | 5,272 | | | | ||
Ascent Resources Utica Holdings, LLC | | | (h)(i)(u) | | | Energy | | | 10.0% | | | | | | | | | 4/1/22 | | | | | 40,000 | | | | | | 40,000 | | | | | | 45,075 | | | | ||
Aurora Diagnostics, LLC | | | (h)(u) | | | Health Care Equipment & Services | | | 12.3%, 1.5% PIK (1.5% Max PIK) | | | | | | | | | 1/15/20 | | | | | 6,235 | | | | | | 5,886 | | | | | | 5,666 | | | | ||
Avantor, Inc. | | | (i)(u) | | | Materials | | | 9.0% | | | | | | | | | 10/1/25 | | | | | 20,000 | | | | | | 20,000 | | | | | | 20,670 | | | | ||
Byrider Holding Corp. | | | | | | Automobiles & Components | | | 20.0% PIK (20.0% Max PIK) | | | | | | | | | 4/1/22 | | | | | 1,458 | | | | | | 1,458 | | | | | | 1,458 | | | | ||
CEC Entertainment, Inc. | | | (u) | | | Consumer Services | | | 8.0% | | | | | | | | | 2/15/22 | | | | | 18,715 | | | | | | 18,594 | | | | | | 17,148 | | | | ||
ClubCorp Holdings, Inc. | | | (h)(u) | | | Consumer Services | | | 8.5% | | | | | | | | | 9/15/25 | | | | | 4,679 | | | | | | 4,515 | | | | | | 4,466 | | | |
Portfolio Company(a) | | | Footnotes | | | Industry | | | Rate(b) | | | Floor | | | Maturity | | | Principal Amount(c) | | | Amortized Cost | | | Fair Value(d) | | ||||||||||||
Zeta Interactive Holdings Corp | | | (f)(h) | | | Software & Services | | | L+750 | | | | | 1.0% | | | | 7/29/22 | | | | $ | 37,112 | | | | | $ | 37,112 | | | | | $ | 37,483 | | |
Zeta Interactive Holdings Corp | | | (n) | | | Software & Services | | | L+750 | | | | | 1.0% | | | | 7/29/22 | | | | | 6,571 | | | | | | 6,571 | | | | | | 6,637 | | |
Total Senior Secured Loans—First Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,770,028 | | | | | | 3,677,909 | | |
Unfunded Loan Commitments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (158,789) | | | | | | (158,789) | | |
Net Senior Secured Loans—First Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,611,239 | | | | | | 3,519,120 | | |
Senior Secured Loans—Second Lien—15.1% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Access CIG LLC | | | (s) | | | Software & Services | | | L+775 | | | | | | | | | 2/27/26 | | | | | 1,326 | | | | | | 1,342 | | | | | | 1,317 | | |
Advantage Sales & Marketing Inc | | | (s) | | | Commercial & Professional Services | | | L+650 | | | | | 1.0% | | | | 7/25/22 | | | | | 2,291 | | | | | | 2,052 | | | | | | 1,693 | | |
American Bath Group LLC | | | (i)(s) | | | Capital Goods | | | L+975 | | | | | 1.0% | | | | 9/30/24 | | | | | 7,000 | | | | | | 6,605 | | | | | | 7,000 | | |
Ammeraal Beltech Holding BV | | | (m) | | | Capital Goods | | | L+800 | | | | | | | | | 7/27/26 | | | | | 52,309 | | | | | | 51,306 | | | | | | 51,208 | | |
Arena Energy LP | | | (f)(h) | | | Energy | | | L+900, 4.0% PIK (4.0% Max PIK) | | | | | 1.0% | | | | 1/24/21 | | | | | 26,125 | | | | | | 26,125 | | | | | | 26,125 | | |
athenahealth Inc | | | (h) | | | Health Care Equipment & Services | | | L+850 | | | | | 1.0% | | | | 2/11/27 | | | | | 65,229 | | | | | | 64,590 | | | | | | 65,554 | | |
Bellatrix Exploration Ltd | | | (m) | | | Energy | | | 8.5% | | | | | | | | | 7/26/23 | | | | | 6,372 | | | | | | 5,966 | | | | | | 5,792 | | |
Bellatrix Exploration Ltd | | | (m)(n) | | | Energy | | | 8.5% | | | | | | | | | 7/26/23 | | | | | 624 | | | | | | 624 | | | | | | 618 | | |
Byrider Finance LLC | | | | | | Automobiles & Components | | | L+1000, 0.5% PIK (4.0% Max PIK) | | | | | 1.3% | | | | 8/22/20 | | | | | 29,731 | | | | | | 29,731 | | | | | | 29,397 | | |
Catalina Marketing Corp | | | (i)(k)(l)(s) | | | Media | | | L+675 | | | | | 1.0% | | | | 4/11/22 | | | | | 10,000 | | | | | | 9,958 | | | | | | 200 | | |
Chisholm Oil & Gas Operating LLC | | | (h) | | | Energy | | | L+800 | | | | | 1.0% | | | | 3/21/24 | | | | | 16,000 | | | | | | 16,000 | | | | | | 15,705 | | |
Crossmark Holdings Inc | | | (i)(k)(l)(s) | | | Media | | | L+750 | | | | | 1.3% | | | | 12/21/20 | | | | | 7,778 | | | | | | 7,786 | | | | | | 58 | | |
Envigo Laboratories Inc | | | (h)(s) | | | Health Care Equipment & Services | | | L+775 | | | | | | | | | 4/29/20 | | | | | 3,272 | | | | | | 3,202 | | | | | | 3,043 | | |
Fairway Group Holdings Corp | | | (k)(l) | | | Food & Staples Retailing | | | 11.0% PIK (11.0% Max PIK) | | | | | | | | | 2/24/24 | | | | | 1,793 | | | | | | 1,520 | | | | | | — | | |
Grocery Outlet Inc | | | (s) | | | Food & Staples Retailing | | | L+725 | | | | | | | | | 10/22/26 | | | | | 2,287 | | | | | | 2,266 | | | | | | 2,287 | | |
Gruden Acquisition Inc | | | (h)(s) | | | Transportation | | | L+850 | | | | | 1.0% | | | | 8/18/23 | | | | | 15,000 | | | | | | 14,531 | | | | | | 14,887 | | |
Jazz Acquisition Inc | | | (f)(s) | | | Capital Goods | | | L+675 | | | | | 1.0% | | | | 6/19/22 | | | | | 3,700 | | | | | | 3,727 | | | | | | 3,478 | | |
LBM Borrower LLC | | | (f)(i)(s) | | | Capital Goods | | | L+925 | | | | | 1.0% | | | | 8/20/23 | | | | | 29,332 | | | | | | 29,099 | | | | | | 28,745 | | |
One Call Care Management Inc | | | (h) | | | Insurance | | | L+375, 6.0% PIK (6.0% Max PIK) | | | | | 1.0% | | | | 4/11/24 | | | | | 12,666 | | | | | | 12,560 | | | | | | 11,554 | | |
OPE Inmar Acquisition Inc | | | (i)(s) | | | Software & Services | | | L+800 | | | | | 1.0% | | | | 5/1/25 | | | | | 2,615 | | | | | | 2,584 | | | | | | 2,596 | | |
P2 Energy Solutions, Inc. | | | (i)(s) | | | Software & Services | | | L+800 | | | | | 1.0% | | | | 4/30/21 | | | | | 14,500 | | | | | | 14,603 | | | | | | 14,011 | | |
Paradigm Acquisition Corp | | | (s) | | | Health Care Equipment & Services | | | L+750 | | | | | | | | | 10/26/26 | | | | | 1,599 | | | | | | 1,595 | | | | | | 1,591 | | |
Peak 10 Holding Corp | | | (i)(s) | | | Telecommunication Services | | | L+725 | | | | | 1.0% | | | | 8/1/25 | | | | | 5,814 | | | | | | 5,635 | | | | | | 5,146 | | |
Pure Fishing Inc | | | (i) | | | Consumer Durables & Apparel | | | L+838 | | | | | 1.0% | | | | 12/31/26 | | | | | 46,828 | | | | | | 46,371 | | | | | | 47,107 | | |
Rise Baking Company | | | (i) | | | Food, Beverage & Tobacco | | | L+800 | | | | | 1.0% | | | | 8/9/26 | | | | | 17,990 | | | | | | 17,821 | | | | | | 17,676 | | |
Portfolio Company(a) | | | Footnotes | | | Industry | | | Rate(b) | | | Floor | | | Maturity | | | Principal Amount(c) | | | Amortized Cost | | | Fair Value(d) | | ||||||||||||
Diamond Resorts International, Inc. | | | (u) | | | Consumer Services | | | 10.8% | | | | | | | | | 9/1/24 | | | | $ | 3,048 | | | | | $ | 3,197 | | | | | $ | 2,970 | | |
Eclipse Resources Corp. | | | (u) | | | Energy | | | 8.9% | | | | | | | | | 7/15/23 | | | | | 9,175 | | | | | | 9,042 | | | | | | 9,359 | | |
Global Jet Capital Inc. | | | | | | Commercial & Professional Services | | | 15.0% PIK (15.0% Max PIK) | | | | | | | | | 1/30/25 | | | | | 950 | | | | | | 950 | | | | | | 941 | | |
Global Jet Capital Inc. | | | | | | Commercial & Professional Services | | | 15.0% PIK (15.0% Max PIK) | | | | | | | | | 4/30/25 | | | | | 6,035 | | | | | | 6,035 | | | | | | 5,983 | | |
Global Jet Capital Inc. | | | | | | Commercial & Professional Services | | | 15.0% PIK (15.0% Max PIK) | | | | | | | | | 9/3/25 | | | | | 1,247 | | | | | | 1,247 | | | | | | 1,235 | | |
Global Jet Capital Inc. | | | | | | Commercial & Professional Services | | | 15.0% PIK (15.0% Max PIK) | | | | | | | | | 9/29/25 | | | | | 1,174 | | | | | | 1,174 | | | | | | 1,162 | | |
Global Jet Capital Inc. | | | (e)(m) | | | Commercial & Professional Services | | | 15.0% PIK (15.0% Max PIK) | | | | | | | | | 12/4/25 | | | | | 8,667 | | | | | | 8,667 | | | | | | 8,569 | | |
Global Jet Capital Inc. | | | (e)(m) | | | Commercial & Professional Services | | | 15.0% PIK (15.0% Max PIK) | | | | | | | | | 12/9/25 | | | | | 1,417 | | | | | | 1,417 | | | | | | 1,401 | | |
Global Jet Capital Inc. | | | (e)(m) | | | Commercial & Professional Services | | | 15.0% PIK (15.0% Max PIK) | | | | | | | | | 1/29/26 | | | | | 742 | | | | | | 742 | | | | | | 734 | | |
Global Jet Capital Inc. | | | | | | Commercial & Professional Services | | | 15.0% PIK (15.0% Max PIK) | | | | | | | | | 12/2/26 | | | | | 2,246 | | | | | | 2,246 | | | | | | 2,218 | | |
Great Lakes Dredge & Dock Corp. | | | (u) | | | Capital Goods | | | 8.0% | | | | | | | | | 5/15/22 | | | | | 9,000 | | | | | | 9,000 | | | | | | 9,270 | | |
Greystone Mezzanine Equity Member Corp. | | | (n) | | | Diversified Financials | | | L+650 | | | | | 4.5% | | | | 9/15/25 | | | | | 15,000 | | | | | | 15,000 | | | | | | 14,813 | | |
KGA Escrow LLC | | | (u) | | | Automobiles & Components | | | 7.5% | | | | | | | | | 8/15/23 | | | | | 6,004 | | | | | | 6,057 | | | | | | 6,254 | | |
P.F. Chang’s China Bistro, Inc. | | | (h)(i)(u) | | | Consumer Services | | | 10.3% | | | | | | | | | 6/30/20 | | | | | 29,790 | | | | | | 29,036 | | | | | | 28,863 | | |
Quorum Health Corp. | | | (j)(u) | | | Health Care Equipment & Services | | | 11.6% | | | | | | | | | 4/15/23 | | | | | 2,566 | | | | | | 2,554 | | | | | | 2,574 | | |
S1 Blocker Buyer Inc. | | | | | | Commercial & Professional Services | | | 10.0% PIK (10.0% Max PIK) | | | | | | | | | 10/31/22 | | | | | 240 | | | | | | 240 | | | | | | 240 | | |
Sorenson Communications, Inc. | | | (h)(u) | | | Telecommunication Services | | | 13.9%, 0.0% PIK (13.9% Max PIK) | | | | | | | | | 10/31/21 | | | | | 5,364 | | | | | | 5,156 | | | | | | 5,645 | | |
SRS Distribution Inc. | | | (h)(j)(u) | | | Capital Goods | | | 8.3% | | | | | | | | | 7/1/26 | | | | | 11,224 | | | | | | 11,052 | | | | | | 10,985 | | |
Stars Group Holdings B.V. | | | (m)(u) | | | Consumer Services | | | 7.0% | | | | | | | | | 7/15/26 | | | | | 1,438 | | | | | | 1,438 | | | | | | 1,485 | | |
SunGard Availability Services Capital, Inc. | | | (u) | | | Software & Services | | | 8.8% | | | | | | | | | 4/1/22 | | | | | 5,900 | | | | | | 4,801 | | | | | | 2,852 | | |
Team Health Holdings Inc | | | (u) | | | Health Care Equipment & Services | | | 6.4% | | | | | | | | | 2/1/25 | | | | | 893 | | | | | | 783 | | | | | | 785 | | |
Vertiv Group Corp. | | | (h)(u) | | | Capital Goods | | | 9.3% | | | | | | | | | 10/15/24 | | | | | 15,746 | | | | | | 15,570 | | | | | | 16,460 | | |
York Risk Services Holding Corp. | | | (h)(i)(u) | | | Insurance | | | 8.5% | | | | | | | | | 10/1/22 | | | | | 38,070 | | | | | | 35,583 | | | | | | 33,629 | | |
Total Subordinated Debt | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 270,303 | | | | | | 272,023 | | |
Unfunded Debt Commitments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (15,000) | | | | | | (15,000) | | |
Net Subordinated Debt | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 255,303 | | | | | | 257,023 | | |
Collateralized Securities—0.9% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CGMS CLO 2013-3A Class Subord. | | | (m) | | | Diversified Financials | | | 22.3% | | | | | | | | | 7/15/25 | | | | | 23,263 | | | | | | 10,891 | | | | | | 14,105 | | |
NewStar Clarendon 2014-1A Class D | | | (m) | | | Diversified Financials | | | L+435 | | | | | | | | | 1/25/27 | | | | | 1,060 | | | | | | 1,013 | | | | | | 1,063 | | |
NewStar Clarendon 2014-1A Class Subord. B | | | (m) | | | Diversified Financials | | | 9.7% | | | | | | | | | 1/25/27 | | | | | 12,140 | | | | | | 7,848 | | | | | | 8,267 | | |
Total Collateralized Securities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 19,752 | | | | | | 23,435 | | |
Equity/Other—10.5% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
5 Arches, LLC, Common Equity | | | (m)(p) | | | Diversified Financials | | | | | | | | | | | | | | | | | 8,000 | | | | | | 197 | | | | | | 400 | | |
Abaco Energy Technologies LLC, Common Equity | | | (l) | | | Energy | | | | | | | | | | | | | | | | | 3,055,556 | | | | | | 3,056 | | | | | | 1,337 | | |
Abaco Energy Technologies LLC, Preferred Equity | | | (l) | | | Energy | | | | | | | | | | | | | | | | | 12,734,481 | | | | | | 637 | | | | | | 6,686 | | |
ACP FH Holdings GP, LLC, Common Equity | | | (e)(l) | | | Consumer Durables & Apparel | | | | | | | | | | | | | | | | | 88,571 | | | | | | 89 | | | | | | 48 | | |
ACP FH Holdings, LP, Common Equity | | | (e)(l) | | | Consumer Durables & Apparel | | | | | | | | | | | | | | | | | 8,768,572 | | | | | | 8,768 | | | | | | 4,757 | | |
Portfolio Company(a) | | | Footnotes | | | Industry | | | Rate(b) | | | Floor | | | Maturity | | | Principal Amount(c) | | | Amortized Cost | | | Fair Value(d) | | ||||||||||||
Sequa Corp | | | (i)(s) | | | Materials | | | L+900 | | | | | 1.0% | | | | 4/28/22 | | | | $ | 7,462 | | | | | $ | 7,419 | | | | | $ | 7,322 | | |
SIRVA Worldwide Inc | | | (i)(s) | | | Commercial & Professional Services | | | L+950 | | | | | | | | | 8/2/26 | | | | | 2,494 | | | | | | 2,315 | | | | | | 2,195 | | |
SMG/PA | | | (s) | | | Consumer Services | | | L+700 | | | | | | | | | 1/23/26 | | | | | 3,641 | | | | | | 3,671 | | | | | | 3,691 | | |
Spencer Gifts LLC | | | (i)(s) | | | Retailing | | | L+825 | | | | | 1.0% | | | | 6/29/22 | | | | | 8,736 | | | | | | 8,761 | | | | | | 8,342 | | |
Titan Energy LLC | | | (h)(k)(l) | | | Energy | | | L+1300 PIK (L+1300 Max PIK) | | | | | 1.0% | | | | 2/3/20 | | | | | 91,946 | | | | | | 67,595 | | | | | | 6,743 | | |
WireCo WorldGroup Inc | | | (s) | | | Capital Goods | | | L+900 | | | | | 1.0% | | | | 9/30/24 | | | | | 5,115 | | | | | | 5,176 | | | | | | 5,102 | | |
Total Senior Secured Loans—Second Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 472,536 | | | | | | 390,183 | | |
Unfunded Loan Commitments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (624) | | | | | | (624) | | |
Net Senior Secured Loans—Second Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 471,912 | | | | | | 389,559 | | |
Other Senior Secured Debt—6.7% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Advanced Lighting Technologies Inc | | | (k)(l)(t) | | | Materials | | | L+700, 10.0% PIK (10.0% Max PIK) | | | | | 1.0% | | | | 10/4/23 | | | | | 12,493 | | | | | | 10,663 | | | | | | 344 | | |
Akzo Nobel Specialty Chemicals | | | (m)(s) | | | Materials | | | 8.0% | | | | | | | | | 10/1/26 | | | | | 2,019 | | | | | | 2,020 | | | | | | 2,037 | | |
Artesyn Embedded Technologies Inc | | | (s) | | | Technology Hardware & Equipment | | | 9.8% | | | | | | | | | 10/15/20 | | | | | 1,574 | | | | | | 1,526 | | | | | | 1,495 | | |
Black Swan Energy Ltd | | | (m) | | | Energy | | | 9.0% | | | | | | | | | 1/20/24 | | | | | 1,333 | | | | | | 1,333 | | | | | | 1,320 | | |
FourPoint Energy LLC | | | (h)(i) | | | Energy | | | 9.0% | | | | | | | | | 12/31/21 | | | | | 46,313 | | | | | | 45,226 | | | | | | 45,386 | | |
Genesys Telecommunications Laboratories Inc | | | (s) | | | Technology Hardware & Equipment | | | 10.0% | | | | | | | | | 11/30/24 | | | | | 144 | | | | | | 158 | | | | | | 158 | | |
JC Penney Corp Inc | | | (m)(s) | | | Retailing | | | 5.7% | | | | | | | | | 6/1/20 | | | | | 126 | | | | | | 118 | | | | | | 115 | | |
JW Aluminum Co | | | (h)(s)(t) | | | Materials | | | 10.3% | | | | | | | | | 6/1/26 | | | | | 33,001 | | | | | | 33,001 | | | | | | 34,197 | | |
Lycra | | | (m)(s) | | | Consumer Durables & Apparel | | | 7.5% | | | | | | | | | 5/1/25 | | | | | 3,659 | | | | | | 3,686 | | | | | | 3,613 | | |
Mood Media Corp | | | (h)(t) | | | Media | | | L+1400 PIK (L+1400 Max PIK) | | | | | 1.0% | | | | 7/1/24 | | | | | 30,835 | | | | | | 30,730 | | | | | | 30,835 | | |
Numericable-SFR | | | (m)(s) | | | Software & Services | | | 8.1% | | | | | | | | | 2/1/27 | | | | | 917 | | | | | | 917 | | | | | | 928 | | |
Pattonair Holdings Ltd | | | (m)(s) | | | Capital Goods | | | 9.0% | | | | | | | | | 11/1/22 | | | | | 4,111 | | | | | | 4,245 | | | | | | 4,184 | | |
Ply Gem Holdings Inc | | | (s) | | | Capital Goods | | | 8.0% | | | | | | | | | 4/15/26 | | | | | 7,807 | | | | | | 7,463 | | | | | | 7,015 | | |
Sorenson Communications LLC | | | (h)(s) | | | Telecommunication Services | | | 9.0%, 0.0% PIK (9.0% Max PIK) | | | | | | | | | 10/31/20 | | | | | 7,058 | | | | | | 6,964 | | | | | | 7,128 | | |
Sunnova Energy Corp | | | | | | Energy | | | 6.0%, 6.0% PIK (6.0% Max PIK) | | | | | | | | | 7/31/19 | | | | | 1,140 | | | | | | 1,140 | | | | | | 1,136 | | |
Velvet Energy Ltd | | | (i)(m) | | | Energy | | | 9.0% | | | | | | | | | 10/5/23 | | | | | 15,000 | | | | | | 15,000 | | | | | | 15,338 | | |
Vivint Inc | | | (h)(s) | | | Commercial & Professional Services | | | 7.9% | | | | | | | | | 12/1/22 | | | | | 11,307 | | | | | | 11,089 | | | | | | 11,334 | | |
Vivint Inc | | | (h)(s) | | | Commercial & Professional Services | | | 7.6% | | | | | | | | | 9/1/23 | | | | | 7,309 | | | | | | 6,733 | | | | | | 6,237 | | |
Total Other Senior Secured Debt | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 182,012 | | | | | | 172,800 | | |
|
Portfolio Company(a) | | | Footnotes | | | Industry | | | Rate(b) | | | Floor | | | Maturity | | | Principal Amount(c) | | | Amortized Cost | | | Fair Value(d) | | |||||||||
Advanced Lighting Technologies, Inc., Common Equity | | | (l)(v) | | | Materials | | | | | | | | | | | | | $ | 265,747 | | | | | $ | 7,471 | | | | | $ | — | | |
Advanced Lighting Technologies, Warrants | | | (l)(v) | | | Materials | | | | | | | | | 10/4/27 | | | | | 4,189 | | | | | | 39 | | | | | | — | | |
Altus Power America Holdings, LLC, Common Equity | | | (l) | | | Energy | | | | | | | | | | | | | | 462,008 | | | | | | 462 | | | | | | 69 | | |
Altus Power America Holdings, LLC, Preferred Equity | | | (r) | | | Energy | | | 9.0%, 5.0% PIK | | | | | | 10/3/23 | | | | | 1,036,585 | | | | | | 1,037 | | | | | | 1,000 | | |
Ascent Resources Utica Holdings, LLC, Common Equity | | | (l)(o) | | | Energy | | | | | | | | | | | | | | 128,734,129 | | | | | | 38,700 | | | | | | 41,195 | | |
ASG Everglades Holdings, Inc., Common Equity | | | (l)(v) | | | Software & Services | | | | | | | | | | | | | | 625,178 | | | | | | 13,475 | | | | | | 32,666 | | |
ASG Everglades Holdings, Inc., Warrants | | | (l)(v) | | | Software & Services | | | | | | | | | 6/27/22 | | | | | 253,704 | | | | | | 7,231 | | | | | | 7,738 | | |
Aspect Software Parent, Inc., Common Equity | | | (l) | | | Software & Services | | | | | | | | | | | | | | 403,955 | | | | | | 9,932 | | | | | | — | | |
ATX Holdings, LLC, Common Equity | | | (l)(m) | | | Technology Hardware & Equipment | | | | | | | | | | | | | | 72,635 | | | | | | 116 | | | | | | 69 | | |
Aurora Diagnostics Holdings, LLC, Warrants | | | (h)(l) | | | Health Care Equipment & Services | | | | | | | | | 5/25/27 | | | | | 94,193 | | | | | | 686 | | | | | | 975 | | |
Byrider Holding Corp., Common Equity | | | (l) | | | Automobiles & Components | | | | | | | | | | | | | | 1,389 | | | | | | — | | | | | | — | | |
Chisholm Oil and Gas, LLC, Series A Units | | | (l)(p) | | | Energy | | | | | | | | | | | | | | 75,000 | | | | | | 75 | | | | | | 70 | | |
Cimarron Energy Holdco Inc., Common Equity | | | (l) | | | Energy | | | | | | | | | | | | | | 3,675 | | | | | | 3,323 | | | | | | — | | |
Cimarron Energy Holdco Inc., Preferred Equity | | | (l) | | | Energy | | | | | | | | | | | | | | 626,806 | | | | | | 627 | | | | | | 172 | | |
CSF Group Holdings, Inc., Common Equity | | | (l) | | | Capital Goods | | | | | | | | | | | | | | 417,400 | | | | | | 417 | | | | | | 459 | | |
Eastman Kodak Co., Common Equity | | | (l)(u) | | | Consumer Durables & Apparel | | | | | | | | | | | | | | 1,846 | | | | | | 36 | | | | | | 6 | | |
Envigo Laboratories, Inc., Series A Warrants | | | (h)(l)(u) | | | Health Care Equipment & Services | | | | | | | | | 4/29/24 | | | | | 10,924 | | | | | | — | | | | | | — | | |
Envigo Laboratories, Inc., Series B Warrants | | | (h)(l)(u) | | | Health Care Equipment & Services | | | | | | | | | 4/29/24 | | | | | 17,515 | | | | | | — | | | | | | — | | |
Escape Velocity Holdings, Inc., Common Equity | | | (l) | | | Software & Services | | | | | | | | | | | | | | 33,216 | | | | | | 332 | | | | | | 1,277 | | |
Fairway Group Holdings Corp., Common Equity | | | (l) | | | Food & Staples Retailing | | | | | | | | | | | | | | 31,626 | | | | | | 1,016 | | | | | | — | | |
FourPoint Energy, LLC, Common Equity, Class C-II-A Units | | | (l)(p) | | | Energy | | | | | | | | | | | | | | 13,000 | | | | | | 13,000 | | | | | | 3,672 | | |
FourPoint Energy, LLC, Common Equity, Class D Units | | | (l)(p) | | | Energy | | | | | | | | | | | | | | 2,437 | | | | | | 1,610 | | | | | | 695 | | |
FourPoint Energy, LLC, Common Equity, Class E-II Units | | | (l)(p) | | | Energy | | | | | | | | | | | | | | 29,730 | | | | | | 7,432 | | | | | | 8,361 | | |
FourPoint Energy, LLC, Common Equity, Class E-III Units | | | (l)(p) | | | Energy | | | | | | | | | | | | | | 43,875 | | | | | | 10,969 | | | | | | 12,395 | | |
Global Jet Capital Holdings, LP, Preferred Equity | | | (e)(l) | | | Commercial & Professional Services | | | | | | | | | | | | | | 6,228,866 | | | | | | 6,229 | | | | | | 2,273 | | |
H.I.G. Empire Holdco, Inc., Common Equity | | | (l) | | | Retailing | | | | | | | | | | | | | | 411 | | | | | | 1,227 | | | | | | 1,268 | | |
Harvest Oil & Gas Corp., Common Equity | | | (e)(l)(u) | | | Energy | | | | | | | | | | | | | | 7,166 | | | | | | 158 | | | | | | 143 | | |
Harvey Holdings, LLC, Common Equity | | | (l) | | | Capital Goods | | | | | | | | | | | | | | 666,667 | | | | | | 667 | | | | | | 1,717 | | |
HM Dunn Aerosystems, Inc., Preferred Equity, Series A | | | (h)(l)(v) | | | Capital Goods | | | | | | | | | | | | | | 12,857 | | | | | | — | | | | | | — | | |
HM Dunn Aerosystems, Inc., Preferred Equity, Series B | | | (h)(l)(v) | | | Capital Goods | | | | | | | | | | | | | | 12,857 | | | | | | — | | | | | | — | | |
Industrial Group Intermediate Holdings, LLC, Common Equity | | | (l)(p) | | | Materials | | | | | | | | | | | | | | 2,678,947 | | | | | | 2,679 | | | | | | 2,411 | | |
Portfolio Company(a) | | | Footnotes | | | Industry | | | Rate(b) | | | Floor | | | Maturity | | | Principal Amount(c) | | | Amortized Cost | | | Fair Value(d) | | |||||||||
Subordinated Debt—8.6% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
All Systems Holding LLC | | | | | | Commercial & Professional Services | | | 10.0% PIK (10.0% Max PIK) | | | | | | 10/31/22 | | | | $ | 206 | | | | | $ | 206 | | | | | $ | 206 | | |
Ascent Resources Utica Holdings LLC/ARU Finance Corp | | | (h)(i)(s) | | | Energy | | | 10.0% | | | | | | 4/1/22 | | | | | 26,026 | | | | | | 26,026 | | | | | | 28,506 | | |
athenahealth Inc | | | | | | Health Care Equipment & Services | | | L+1125 PIK (L+1125 Max PIK) | | | | | | 11/30/25 | | | | | 32,614 | | | | | | 32,614 | | | | | | 32,988 | | |
Avantor Inc | | | (i)(s) | | | Pharmaceuticals, Biotechnology & Life Sciences | | | 9.0% | | | | | | 10/1/25 | | | | | 20,000 | | | | | | 20,000 | | | | | | 21,675 | | |
Byrider Finance LLC | | | | | | Automobiles & Components | | | 20.0% PIK (20.0% Max PIK) | | | | | | 3/31/22 | | | | | 1,604 | | | | | | 1,604 | | | | | | 1,604 | | |
CEC Entertainment Inc | | | (s) | | | Consumer Services | | | 8.0% | | | | | | 2/15/22 | | | | | 11,479 | | | | | | 11,374 | | | | | | 10,622 | | |
ClubCorp Club Operations Inc | | | (h)(s) | | | Consumer Services | | | 8.5% | | | | | | 9/15/25 | | | | | 10,733 | | | | | | 10,373 | | | | | | 9,803 | | |
Diamond Resorts International Inc | | | (s) | | | Consumer Services | | | 10.8% | | | | | | 9/1/24 | | | | | 3,048 | | | | | | 3,187 | | | | | | 2,890 | | |
Eclipse Resources Corp | | | (m)(s) | | | Energy | | | 8.9% | | | | | | 7/15/23 | | | | | 9,175 | | | | | | 9,053 | | | | | | 8,756 | | |
Hub International Ltd | | | (s) | | | Insurance | | | 7.0% | | | | | | 5/1/26 | | | | | 578 | | | | | | 563 | | | | | | 573 | | |
Intelsat Jackson Holdings SA | | | (m)(s) | | | Media | | | 5.5% | | | | | | 8/1/23 | | | | | 5,752 | | | | | | 5,204 | | | | | | 5,112 | | |
Ken Garff Automotive LLC | | | (s) | | | Retailing | | | 7.5% | | | | | | 8/15/23 | | | | | 6,004 | | | | | | 6,053 | | | | | | 6,102 | | |
LifePoint Hospitals Inc | | | (s) | | | Health Care Equipment & Services | | | 9.8% | | | | | | 12/1/26 | | | | | 7,656 | | | | | | 7,572 | | | | | | 7,953 | | |
Logan’s Roadhouse Inc | | | | | | Consumer Services | | | | | | | | | 11/1/24 | | | | | 4,907 | | | | | | 4,859 | | | | | | 4,907 | | |
Quorum Health Corp | | | (s) | | | Health Care Equipment & Services | | | 11.6% | | | | | | 4/15/23 | | | | | 2,396 | | | | | | 2,384 | | | | | | 2,157 | | |
Sorenson Communications LLC | | | (h)(s) | | | Telecommunication Services | | | 13.9%, 0.0% PIK (13.9% Max PIK) | | | | | | 10/31/21 | | | | | 5,364 | | | | | | 5,182 | | | | | | 5,525 | | |
SRS Distribution Inc | | | (h)(s) | | | Capital Goods | | | 8.3% | | | | | | 7/1/26 | | | | | 11,667 | | | | | | 11,479 | | | | | | 11,229 | | |
Stars Group Holdings BV | | | (m)(s) | | | Consumer Services | | | 7.0% | | | | | | 7/15/26 | | | | | 1,438 | | | | | | 1,438 | | | | | | 1,501 | | |
Sungard Availability Services Capital Inc | | | (k)(l)(s) | | | Software & Services | | | 8.8% | | | | | | 4/1/22 | | | | | 5,900 | | | | | | 4,860 | | | | | | 315 | | |
Team Health Inc | | | (s) | | | Health Care Equipment & Services | | | 6.4% | | | | | | 2/1/25 | | | | | 6,901 | | | | | | 5,987 | | | | | | 5,620 | | |
Vertiv Group Corp | | | (h)(s) | | | Technology Hardware & Equipment | | | 9.3% | | | | | | 10/15/24 | | | | | 16,584 | | | | | | 16,419 | | | | | | 16,377 | | |
Vivint Inc | | | (h)(s) | | | Commercial & Professional Services | | | 8.8% | | | | | | 12/1/20 | | | | | 7,602 | | | | | | 7,360 | | | | | | 7,497 | | |
York Risk Services Group Inc | | | (h)(i)(s) | | | Insurance | | | 8.5% | | | | | | 10/1/22 | | | | | 38,070 | | | | | | 35,840 | | | | | | 30,932 | | |
Total Subordinated Debt | | | | | | | | | | | | | | | | | | | | | | | | | | 229,637 | | | | | | 222,850 | | |
|
Portfolio Company(a) | | | Footnotes | | | Industry | | | Rate(b) | | | Floor | | | Maturity | | | Principal Amount(c) | | | Amortized Cost | | | Fair Value(d) | | |||||||||
JMC Acquisition Holdings, LLC, Common Equity | | | (l) | | | Capital Goods | | | | | | | | | | | | | $ | 1,449 | | | | | $ | 1,449 | | | | | $ | 1,681 | | |
JSS Holdco, LLC, Net Profits Interest | | | (l) | | | Capital Goods | | | | | | | | | | | | | | — | | | | | | — | | | | | | 720 | | |
JW Aluminum Co., Common Equity | | | (e)(i)(l)(v) | | | Materials | | | | | | | | | | | | | | 548 | | | | | | — | | | | | | 2,452 | | |
JW Aluminum Co., Preferred Equity | | | (e)(i)(v) | | | Materials | | | 12.5% PIK | | | | | | 11/17/25 | | | | | 4,869 | | | | | | 30,226 | | | | | | 33,063 | | |
MB Precision Investment Holdings LLC, Class A-2 Units | | | (l)(p) | | | Capital Goods | | | | | | | | | | | | | | 2,287,659 | | | | | | 2,288 | | | | | | — | | |
Mood Media Corp., Common Equity | | | (l)(m)(v) | | | Media | | | | | | | | | | | | | | 17,400,835 | | | | | | 12,644 | | | | | | 18,941 | | |
North Haven Cadence TopCo, LLC, Common Equity | | | (l) | | | Consumer Services | | | | | | | | | | | | | | 2,916,667 | | | | | | 2,917 | | | | | | 4,594 | | |
PDI Parent LLC, Common Equity | | | (l) | | | Capital Goods | | | | | | | | | | | | | | 2,076,923 | | | | | | 2,077 | | | | | | 1,713 | | |
Professional Plumbing Group, Inc., Common Equity | | | (e)(l) | | | Capital Goods | | | | | | | | | | | | | | 3,000,000 | | | | | | 3,000 | | | | | | 9,150 | | |
Ridgeback Resources Inc., Common Equity | | | (e)(l)(m)(t) | | | Energy | | | | | | | | | | | | | | 817,308 | | | | | | 5,022 | | | | | | 5,644 | | |
Roadhouse Holding Inc., Common Equity | | | (l)(v) | | | Consumer Services | | | | | | | | | | | | | | 4,481,763 | | | | | | 4,657 | | | | | | — | | |
S1 Blocker Buyer Inc., Common Equity | | | | | | Commercial & Professional Services | | | | | | | | | | | | | | 124 | | | | | | 1,201 | | | | | | 1,941 | | |
Sequential Brands Group, Inc., Common Equity | | | (e)(l)(u) | | | Consumer Durables & Apparel | | | | | | | | | | | | | | 408,685 | | | | | | 5,517 | | | | | | 683 | | |
Sorenson Communications, Inc., Common Equity | | | (e)(l) | | | Telecommunication Services | | | | | | | | | | | | | | 43,796 | | | | | | — | | | | | | 36,101 | | |
SSC Holdco Limited, Common Equity | | | (l)(m) | | | Health Care Equipment & Services | | | | | | | | | | | | | | 261,364 | | | | | | 5,227 | | | | | | 6,142 | | |
Sunnova Energy Corp., Common Equity | | | (l) | | | Energy | | | | | | | | | | | | | | 384,746 | | | | | | 1,444 | | | | | | — | | |
Sunnova Energy Corp., Preferred Equity | | | (l) | | | Energy | | | | | | | | | | | | | | 70,229 | | | | | | 374 | | | | | | 406 | | |
Swift Worldwide Resources Holdco Limited, Common Equity | | | (l)(m) | | | Energy | | | | | | | | | | | | | | 1,250,000 | | | | | | 2,010 | | | | | | 875 | | |
TE Holdings, LLC, Common Equity | | | (e)(l)(p)(u) | | | Energy | | | | | | | | | | | | | | 717,718 | | | | | | 6,101 | | | | | | 718 | | |
TE Holdings, LLC, Preferred Equity | | | (e)(l)(u) | | | Energy | | | | | | | | | | | | | | 475,758 | | | | | | 4,751 | | | | | | 3,092 | | |
Titan Energy, LLC, Common Equity | | | (e)(l)(u) | | | Energy | | | | | | | | | | | | | | 200,040 | | | | | | 6,322 | | | | | | 82 | | |
Warren Resources, Inc., Common Equity | | | (l)(v) | | | Energy | | | | | | | | | | | | | | 2,371,337 | | | | | | 11,145 | | | | | | 9,011 | | |
White Star Petroleum Holdings, LLC, Common Equity | | | (l)(p) | | | Energy | | | | | | | | | | | | | | 1,613,753 | | | | | | 1,372 | | | | | | 686 | | |
Zeta Interactive Holdings Corp., Preferred Equity, Series E-1 | | | (l) | | | Software & Services | | | | | | | | | | | | | | 620,025 | | | | | | 4,928 | | | | | | 6,388 | | |
Zeta Interactive Holdings Corp., Preferred Equity, Series F | | | (l) | | | Software & Services | | | | | | | | | | | | | | 563,932 | | | | | | 4,928 | | | | | | 5,671 | | |
Zeta Interactive Holdings Corp., Warrants | | | (l) | | | Software & Services | | | | | | | | | 4/20/27 | | | | | 84,590 | | | | | | — | | | | | | 261 | | |
Total Equity/Other | | | | | | | | | | | | | | | | | | | | | | | | | | 261,293 | | | | | | 281,874 | | |
TOTAL INVESTMENTS—161.2% | | | | | | | | | | | | | | | | | | | | | | | | | $ | 4,485,631 | | | | | | 4,333,544 | | |
LIABILITIES IN EXCESS OF OTHER ASSETS—(61.2%) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (1,645,418) | | |
NET ASSETS—100.0% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 2,688,126 | | |
|
Portfolio Company(a) | | | Footnotes | | | Industry | | | Rate(b) | | | Floor | | | Maturity | | | Principal Amount(c)/ Shares | | | Cost | | | Fair Value(d) | | |||||||||
Asset Based Finance—1.8% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Altus Power America Inc, Preferred Stock | | | (r) | | | Energy | | | 9.0%, 5.0% PIK | | | | | | 10/3/23 | | | | | 1,107,723 | | | | | $ | 1,108 | | | | | $ | 1,106 | | |
CGMS CLO 2013-3A Class Subord., 7/15/2025 | | | (m) | | | Commercial & Professional Services | | | 26.1% | | | | | | 7/15/25 | | | | $ | 23,263 | | | | | | 9,069 | | | | | | 12,251 | | |
Global Jet Capital LLC, Structured Mezzanine | | | (j) | | | Commercial & Professional Services | | | 15.0% PIK (15.0% Max PIK) | | | | | | 1/30/25 | | | | $ | 1,023 | | | | | | 994 | | | | | | 1,006 | | |
Global Jet Capital LLC, Structured Mezzanine | | | (j) | | | Commercial & Professional Services | | | 15.0% PIK (15.0% Max PIK) | | | | | | 4/30/25 | | | | $ | 6,502 | | | | | | 6,315 | | | | | | 6,396 | | |
Global Jet Capital LLC, Structured Mezzanine | | | (j) | | | Commercial & Professional Services | | | 15.0% PIK (15.0% Max PIK) | | | | | | 9/3/25 | | | | $ | 1,344 | | | | | | 1,305 | | | | | | 1,322 | | |
Global Jet Capital LLC, Structured Mezzanine | | | (j) | | | Commercial & Professional Services | | | 15.0% PIK (15.0% Max PIK) | | | | | | 9/29/25 | | | | $ | 1,265 | | | | | | 1,229 | | | | | | 1,244 | | |
Global Jet Capital LLC, Structured Mezzanine | | | (e) | | | Commercial & Professional Services | | | 15.0% PIK (15.0% Max PIK) | | | | | | 12/4/25 | | | | $ | 7,636 | | | | | | 7,417 | | | | | | 7,512 | | |
Global Jet Capital LLC, Structured Mezzanine | | | (e)(m) | | | Commercial & Professional Services | | | 15.0% PIK (15.0% Max PIK) | | | | | | 12/4/25 | | | | $ | 1,700 | | | | | | 1,651 | | | | | | 1,673 | | |
Global Jet Capital LLC, Structured Mezzanine | | | (e) | | | Commercial & Professional Services | | | 15.0% PIK (15.0% Max PIK) | | | | | | 12/9/25 | | | | $ | 176 | | | | | | 171 | | | | | | 173 | | |
Global Jet Capital LLC, Structured Mezzanine | | | (e)(m) | | | Commercial & Professional Services | | | 15.0% PIK (15.0% Max PIK) | | | | | | 12/9/25 | | | | $ | 1,351 | | | | | | 1,312 | | | | | | 1,329 | | |
Global Jet Capital LLC, Structured Mezzanine | | | (e) | | | Commercial & Professional Services | | | 15.0% PIK (15.0% Max PIK) | | | | | | 1/29/26 | | | | $ | 654 | | | | | | 635 | | | | | | 643 | | |
Global Jet Capital LLC, Structured Mezzanine | | | (e)(m) | | | Commercial & Professional Services | | | 15.0% PIK (15.0% Max PIK) | | | | | | 1/29/26 | | | | $ | 146 | | | | | | 142 | | | | | | 144 | | |
Global Jet Capital LLC, Structured Mezzanine | | | | | | Commercial & Professional Services | | | 15.0% PIK (15.0% Max PIK) | | | | | | 12/2/26 | | | | $ | 2,420 | | | | | | 2,350 | | | | | | 2,380 | | |
NewStar Clarendon 2014-1A Class D | | | (m) | | | Diversified Financials | | | 20.3% | | | | | | 1/25/27 | | | | $ | 12,140 | | | | | | 7,579 | | | | | | 8,089 | | |
Total Asset Based Finance | | | | | | | | | | | | | | | | | | | | | | | | | | 41,277 | | | | | | 45,268 | | |
|
Portfolio Company(a) | | | Footnotes | | | Industry | | | Rate(b) | | | Floor | | | Maturity | | | Number of Shares | | | Cost | | | Fair Value(d) | | ||||||||||||
Equity/Other—11.1% | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Abaco Energy Technologies LLC, Common Stock | | | (l) | | | Energy | | | | | | | | | | | | | | | | | 3,055,556 | | | | | $ | 3,056 | | | | | $ | 1,413 | | |
Abaco Energy Technologies LLC, Preferred Stock | | | (l) | | | Energy | | | | | | | | | | | | | | | | | 12,734,481 | | | | | | 637 | | | | | | 7,322 | | |
Advanced Lighting Technologies Inc, Common Stock | | | (l)(t) | | | Materials | | | | | | | | | | | | | | | | | 265,747 | | | | | | 7,471 | | | | | | — | | |
Advanced Lighting Technologies Inc, Warrant | | | (l)(t) | | | Materials | | | | | | | | | | | 10/4/27 | | | | | | 4,189 | | | | | | 39 | | | | | | — | | |
All Systems Holding LLC, Common Stock | | | | | | Commercial & Professional Services | | | | | | | | | | | | | | | | | 1,240,204 | | | | | | 1,201 | | | | | | 1,692 | | |
Altavair NewCo, Private Equity | | | (l)(m) | | | Capital Goods | | | | | | | | | | | | | | | | | 3,429,458 | | | | | | 3,429 | | | | | | 3,519 | | |
Ascent Resources Utica Holdings LLC/ARU Finance Corp, Common Stock | | | (o) | | | Energy | | | | | | | | | | | | | | | | | 13,556 | | | | | | 12,900 | | | | | | 4,365 | | |
Ascent Resources Utica Holdings LLC/ARU Finance Corp, Trade Claim | | | (o) | | | Energy | | | | | | | | | | | | | | | | | 115,178,571 | | | | | | 25,800 | | | | | | 37,088 | | |
ASG Technologies, Common Stock | | | (l)(t) | | | Software & Services | | | | | | | | | | | | | | | | | 625,178 | | | | | | 13,475 | | | | | | 36,667 | | |
ASG Technologies, Warrants | | | (l)(t) | | | Software & Services | | | | | | | | | | | 6/27/22 | | | | | | 253,704 | | | | | | 7,231 | | | | | | 9,362 | | |
Aspect Software Inc, Common Stock | | | (h)(l) | | | Software & Services | | | | | | | | | | | | | | | | | 304,599 | | | | | | 494 | | | | | | 494 | | |
Aspect Software Inc, Warrant | | | (h)(l) | | | Software & Services | | | | | | | | | | | 1/15/24 | | | | | | 304,120 | | | | | | — | | | | | | — | | |
ATX Networks Corp, Common Stock | | | (l)(m) | | | Technology Hardware & Equipment | | | | | | | | | | | | | | | | | 72,635 | | | | | | 116 | | | | | | 94 | | |
Aurora Diagnostics Holdings LLC/Aurora Diagnostics Financing Inc, Warrant | | | (h)(l) | | | Health Care Equipment & Services | | | | | | | | | | | 5/25/27 | | | | | | 94,193 | | | | | | 686 | | | | | | 277 | | |
Australis Maritime, Private Equity | | | (l)(m) | | | Transportation | | | | | | | | | | | | | | | | | 1,136,041 | | | | | | 1,136 | | | | | | 1,136 | | |
Byrider Finance LLC, Common Stock | | | (l) | | | Automobiles & Components | | | | | | | | | | | | | | | | | 1,389 | | | | | | — | | | | | | — | | |
Chisholm Oil & Gas Operating LLC, Series A Units | | | (l)(p) | | | Energy | | | | | | | | | | | | | | | | | 75,000 | | | | | | 75 | | | | | | 34 | | |
Cimarron Energy Inc, Common Stock | | | (l) | | | Energy | | | | | | | | | | | | | | | | | 4,302,293 | | | | | | 3,950 | | | | | | 217 | | |
Cimarron Energy Inc, Participation Option | | | (l) | | | Energy | | | | | | | | | | | | | | | | | 25,000,000 | | | | | | 1,289 | | | | | | 1,263 | | |
CSafe Global, Common Stock | | | (l) | | | Capital Goods | | | | | | | | | | | | | | | | | 417,400 | | | | | | 417 | | | | | | 741 | | |
Empire Today LLC, Common Stock | | | (l) | | | Retailing | | | | | | | | | | | | | | | | | 411 | | | | | | 1,227 | | | | | | 1,350 | | |
Envigo Laboratories Inc, Series A Warrant | | | (h)(l)(s) | | | Health Care Equipment & Services | | | | | | | | | | | 4/29/24 | | | | | | 10,924 | | | | | | — | | | | | | — | | |
Envigo Laboratories Inc, Series B Warrant | | | (h)(l)(s) | | | Health Care Equipment & Services | | | | | | | | | | | 4/29/24 | | | | | | 17,515 | | | | | | — | | | | | | — | | |
Fairway Group Holdings Corp, Common Stock | | | (l) | | | Food & Staples Retailing | | | | | | | | | | | | | | | | | 31,626 | | | | | | 1,016 | | | | | | — | | |
FourPoint Energy LLC, Common Stock, Class C - II - A Units | | | (l)(p) | | | Energy | | | | | | | | | | | | | | | | | 13,000 | | | | | | 13,000 | | | | | | 2,896 | | |
FourPoint Energy LLC, Common Stock, Class D Units | | | (l)(p) | | | Energy | | | | | | | | | | | | | | | | | 2,437 | | | | | | 1,610 | | | | | | 549 | | |
FourPoint Energy LLC, Common Stock, Class E - II Units | | | (l)(p) | | | Energy | | | | | | | | | | | | | | | | | 29,730 | | | | | | 7,432 | | | | | | 6,622 | | |
FourPoint Energy LLC, Common Stock, Class E - III Units | | | (l)(p) | | | Energy | | | | | | | | | | | | | | | | | 43,875 | | | | | | 10,969 | | | | | | 9,773 | | |
Fox Head Inc, Common Stock | | | (e)(l) | | | Consumer Durables & Apparel | | | | | | | | | | | | | | | | | 8,857,143 | | | | | | 8,857 | | | | | | 3,569 | | |
FullBeauty Brands Holdings Corp, Common Stock | | | (l) | | | Retailing | | | | | | | | | | | | | | | | | 5,583 | | | | | | 26 | | | | | | 26 | | |
Portfolio Company(a) | | | Footnotes | | | Industry | | | Rate(b) | | | Floor | | | Maturity | | | Number of Shares | | | Cost | | | Fair Value(d) | | ||||||||||||
Global Jet Capital LLC, Preferred Stock | | | (e)(l)(m) | | | Commercial & Professional Services | | | | | | | | | | | | | | | | | 6,228,866 | | | | | $ | 6,229 | | | | | $ | 467 | | |
Harvest Oil & Gas Corp, Common Stock | | | (e)(l)(s) | | | Energy | | | | | | | | | | | | | | | | | 7,161 | | | | | | 158 | | | | | | 120 | | |
Harvey Industries Inc, Common Stock | | | (l) | | | Capital Goods | | | | | | | | | | | | | | | | | 666,667 | | | | | | 667 | | | | | | 1,350 | | |
HM Dunn Co Inc, Preferred Stock, Series A | | | (h)(l)(t) | | | Capital Goods | | | | | | | | | | | | | | | | | 12,857 | | | | | | — | | | | | | — | | |
HM Dunn Co Inc, Preferred Stock, Series B | | | (h)(l)(t) | | | Capital Goods | | | | | | | | | | | | | | | | | 12,857 | | | | | | — | | | | | | — | | |
Industrial Group Intermediate Holdings LLC, Common Stock | | | (l)(p) | | | Materials | | | | | | | | | | | | | | | | | 2,678,947 | | | | | | 2,679 | | | | | | 3,416 | | |
JHC Acquisition LLC, Common Stock | | | (l) | | | Capital Goods | | | | | | | | | | | | | | | | | 1,449 | | | | | | 1,449 | | | | | | 1,880 | | |
JSS Holdings Ltd, Net Profits Interest | | | (l) | | | Capital Goods | | | | | | | | | | | | | | | | | 27 | | | | | | — | | | | | | 469 | | |
JW Aluminum Co, Common Stock | | | (e)(i)(l)(t) | | | Materials | | | | | | | | | | | | | | | | | 548 | | | | | | — | | | | | | — | | |
JW Aluminum Co, Preferred Stock | | | (e)(i)(t) | | | Materials | | | 12.5% PIK | | | | | | | | 11/17/25 | | | | | | 4,869 | | | | | | 33,914 | | | | | | 49,830 | | |
MB Precision Holdings LLC, Class A - 2 Units | | | (g)(h)(l)(p)(t) | | | Capital Goods | | | | | | | | | | | | | | | | | 6,655,178 | | | | | | 2,288 | | | | | | — | | |
MB Precision Holdings LLC, Preferred Stock | | | (g)(h)(l)(t) | | | Capital Goods | | | | | | | | | | | | | | | | | 41,778,909 | | | | | | 8,774 | | | | | | 3,539 | | |
Mood Media Corp, Common Stock | | | (l)(t) | | | Media | | | | | | | | | | | | | | | | | 17,400,835 | | | | | | 12,644 | | | | | | 10,906 | | |
North Haven Cadence Buyer Inc, Common Stock | | | (l) | | | Consumer Services | | | | | | | | | | | | | | | | | 2,916,667 | | | | | | 2,917 | | | | | | 4,958 | | |
Power Distribution Inc, Common Stock | | | (l) | | | Capital Goods | | | | | | | | | | | | | | | | | 2,076,923 | | | | | | 2,077 | | | | | | 467 | | |
Professional Plumbing Group Inc, Common Stock | | | (e)(l) | | | Materials | | | | | | | | | | | | | | | | | 3,000,000 | | | | | | 3,000 | | | | | | 8,250 | | |
Ridgeback Resources Inc, Common Stock | | | (e)(l)(m) | | | Energy | | | | | | | | | | | | | | | | | 817,308 | | | | | | 5,022 | | | | | | 3,885 | | |
Sequential Brands Group Inc., Common Stock | | | (e)(l)(s) | | | Consumer Durables & Apparel | | | | | | | | | | | | | | | | | 408,685 | | | | | | 5,517 | | | | | | 523 | | |
Sorenson Communications LLC, Common Stock | | | (e)(l) | | | Telecommunication Services | | | | | | | | | | | | | | | | | 43,796 | | | | | | — | | | | | | 33,620 | | |
SSC (Lux) Limited S.a r.l., Common Stock | | | (l)(m) | | | Health Care Equipment & Services | | | | | | | | | | | | | | | | | 261,364 | | | | | | 5,227 | | | | | | 6,403 | | |
Sunnova Energy Corp, Common Stock | | | (l) | | | Energy | | | | | | | | | | | | | | | | | 384,746 | | | | | | 1,444 | | | | | | 477 | | |
Sunnova Energy Corp, Preferred Stock | | | (l) | | | Energy | | | | | | | | | | | | | | | | | 70,229 | | | | | | 374 | | | | | | 413 | | |
Swift Worldwide Resources Holdco Ltd, Common Stock | | | (l) | | | Energy | | | | | | | | | | | | | | | | | 1,250,000 | | | | | | 2,009 | | | | | | 438 | | |
Templar Energy LLC, Common Stock | | | (e)(l)(p)(s) | | | Energy | | | | | | | | | | | | | | | | | 717,718 | | | | | | 6,101 | | | | | | 404 | | |
Templar Energy LLC, Preferred Stock | | | (e)(l)(s) | | | Energy | | | | | | | | | | | | | | | | | 475,758 | | | | | | 4,751 | | | | | | 1,189 | | |
Titan Energy LLC, Common Stock | | | (e)(l)(s) | | | Energy | | | | | | | | | | | | | | | | | 200,039 | | | | | | 6,321 | | | | | | 20 | | |
Trace3 Inc, Common Stock | | | (l) | | | Software & Services | | | | | | | | | | | | | | | | | 33,216 | | | | | | 332 | | | | | | 1,513 | | |
Warren Resources Inc, Common Stock | | | (l)(t) | | | Energy | | | | | | | | | | | | | | | | | 2,371,337 | | | | | | 11,145 | | | | | | 6,995 | | |
White Star Petroleum LLC, Common Stock | | | (l)(p) | | | Energy | | | | | | | | | | | | | | | | | 1,613,753 | | | | | | 1,372 | | | | | | 363 | | |
Zeta Interactive Holdings Corp, Preferred Stock, Series E - 1 | | | (l) | | | Software & Services | | | | | | | | | | | | | | | | | 620,025 | | | | | | 4,929 | | | | | | 6,649 | | |
Zeta Interactive Holdings Corp, Preferred Stock, Series F | | | (l) | | | Software & Services | | | | | | | | | | | | | | | | | 563,932 | | | | | | 4,929 | | | | | | 5,961 | | |
Zeta Interactive Holdings Corp, Warrant | | | (l) | | | Software & Services | | | | | | | | | | | 4/20/27 | | | | | | 84,590 | | | | | | — | | | | | | 247 | | |
Total Equity/Other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 263,808 | | | | | | 285,221 | | |
TOTAL INVESTMENTS—179.9% | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 4,799,885 | | | | | | 4,634,818 | | |
LIABILITIES IN EXCESS OF OTHER ASSETS—(79.9%) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (2,058,601) | | |
NET ASSETS—100.0% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 2,576,217 | | |
|
Counterparty | | | Notional Amount | | | Company Receives Floating Rate | | | Company Pays Fixed Rate | | | Termination Date | | | Premiums Paid/ (Received) | | | Value | | | Unrealized Depreciation | | |||||||||||||||
JP Morgan Chase Bank | | | $80,000 | | | 3-Month LIBOR | | | | | 2.78% | | | | | | 12/18/2023 | | | | | $ | — | | | | | $ | (2,029) | | | | | $ | (2,029) | | |
JP Morgan Chase Bank | | | $80,000 | | | 3-Month LIBOR | | | | | 2.81% | | | | | | 12/18/2021 | | | | | | — | | | | | | (1,154) | | | | | | (1,154) | | |
ING Capital Markets | | | $100,000 | | | 3-Month LIBOR | | | | | 2.59% | | | | | | 1/14/2024 | | | | | | — | | | | | | (1,654) | | | | | | (1,654) | | |
ING Capital Markets | | | $100,000 | | | 3-Month LIBOR | | | | | 2.62% | | | | | | 1/14/2022 | | | | | | — | | | | | | (902) | | | | | | (902) | | |
| | | | | | | | | | | | | | | | | | | | | | $ | — | | | | | $ | (5,739) | | | | | $ | (5,739) | | |
|
Portfolio Company | | Fair Value at December 31, 2017 | | Transfers In or Out | | Purchases and Paid- in-Kind Interest | | Sales and Repayments | | Accretion of Discount | | Net Realized Gain (Loss) | | Net Change in Unrealized Appreciation (Depreciation) | | Fair Value at September 30, 2018 | | Interest Income(1) | | PIK Income(1) | | Fee Income(1) | | | Fair Value at December 31, 2018 | | Gross Additions(1) | | Gross Reductions(2) | | Net Realized Gain (Loss) | | Net Change in Unrealized Appreciation (Depreciation) | | Fair Value at March 31, 2019 | | Interest Income(3) | | PIK Income(3) | | Fee Income(3) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loans—First Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||
Advanced Lighting Technologies, Inc. | | | $ | 9,218 | | | | $ | — | | | | $ | — | | | | $ | (69) | | | | $ | 169 | | | | $ | 10 | | | | $ | (179) | | | | $ | 9,149 | | | | $ | 834 | | | | $ | — | | | | $ | — | | | | | $ | 9,125 | | | | $ | 56 | | | | $ | (24) | | | | $ | 3 | | | | $ | (58) | | | | $ | 9,102 | | | | $ | 234 | | | | $ | — | | | | $ | — | | | ||||||||||||||||||||
H.M. Dunn Co., Inc. | | | | — | | | | | 64,286 | | | | | — | | | | | — | | | | | — | | | | | (25,715) | | | | | (28,976) | | | | | 9,595 | | | | | 1,656 | | | | | — | | | | | — | | | | | | 7,022 | | | | | — | | | | | — | | | | | — | | | | | (3,017) | | | | | 4,005 | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||
Logan’s Roadhouse, Inc. | | | | 4,669 | | | | | — | | | | | 2,139 | | | | | (909) | | | | | — | | | | | (8) | | | | | 8 | | | | | 5,899 | | | | | — | | | | | 625 | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Logan’s Roadhouse, Inc.(3) | | | | — | | | | | — | | | | | 1,326 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 1,326 | | | | | 529 | | | | | 508 | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MB Precision Holdings LLC | | | | 21,339 | | | | | 690 | | | | | (497) | | | | | 176 | | | | | (339) | | | | | 21,369 | | | | | 644 | | | | | 117 | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warren Resources, Inc. | | | | 43,613 | | | | | — | | | | | 141 | | | | | (28,068) | | | | | — | | | | | — | | | | | (1,063) | | | | | 14,623 | | | | | 1,652 | | | | | 141 | | | | | 1,123 | | | | | | 14,652 | | | | | 45 | | | | | — | | | | | — | | | | | — | | | | | 14,697 | | | | | 441 | | | | | 45 | | | | | — | | | ||||||||||||||||||||
Senior Secured Loans—Second Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||
JW Aluminum Co. | | | | 34,382 | | | | | — | | | | | — | | | | | (33,874) | | | | | 1 | | | | | 7 | | | | | (516) | | | | | — | | | | | 1,492 | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||
Logan’s Roadhouse, Inc. | | | | 6,771 | | | | | — | | | | | 194 | | | | | — | | | | | 6 | | | | | — | | | | | (2,862) | | | | | 4,109 | | | | | 188 | | | | | 194 | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Bonds | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Senior Secured Debt | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advanced Lighting Technologies, Inc. | | | | 10,278 | | | | | — | | | | | 647 | | | | | (261) | | | | | — | | | | | — | | | | | (5,588) | | | | | 5,076 | | | | | 1,182 | | | | | 646 | | | | | — | | | | | | 3,630 | | | | | — | | | | | — | | | | | — | | | | | (3,286) | | | | | 344 | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||
JW Aluminum Co. | | | | — | | | | | — | | | | | 33,001 | | | | | — | | | | | — | | | | | — | | | | | 41 | | | | | 33,042 | | | | | 1,128 | | | | | — | | | | | — | | | | | | 32,919 | | | | | — | | | | | — | | | | | — | | | | | 1,278 | | | | | 34,197 | | | | | 846 | | | | | — | | | | | — | | | ||||||||||||||||||||
Mood Media Corp. | | | | 23,219 | | | | | — | | | | | 5,273 | | | | | — | | | | | — | | | | | — | | | | | (14) | | | | | 28,478 | | | | | 3,247 | | | | | 1,901 | | | | | — | | | | | | 28,478 | | | | | 2,347 | | | | | — | | | | | — | | | | | 10 | | | | | 30,835 | | | | | 1,300 | | | | | 1,139 | | | | | — | | | ||||||||||||||||||||
Equity/Other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||
Advanced Lighting Technologies, Inc., Common Equity | | | | 5,900 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (5,900) | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||
Advanced Lighting Technologies, Warrants, 10/4/2027 | | | | 26 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (26) | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||
ASG Everglades Holdings, Inc., Common Equity | | | | 30,727 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 1,939 | | | | | 32,666 | | | | | — | | | | | — | | | | | — | | | | | | 31,743 | | | | | — | | | | | — | | | | | — | | | | | 4,924 | | | | | 36,667 | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||
ASG Everglades Holdings, Inc., 6/27/2022, Warrants | | | | 6,951 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 787 | | | | | 7,738 | | | | | — | | | | | — | | | | | — | | | | | | 7,364 | | | | | — | | | | | — | | | | | — | | | | | 1,998 | | | | | 9,362 | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||
HM Dunn Aerosystems, Inc., Preferred Equity, Series A(2) | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HM Dunn Aerosystems, Inc., Preferred Equity, Series B(2) | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HM Dunn Aerosystems, Inc., Preferred Equity, Series A | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HM Dunn Aerosystems, Inc., Preferred Equity, Series B | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
JW Aluminum Co., Common Equity | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 2,452 | | | | | 2,452 | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||
JW Aluminum Co., Preferred Equity | | | | 15,074 | | | | | — | | | | | 17,271 | | | | | — | | | | | 117 | | | | | — | | | | | 601 | | | | | 33,063 | | | | | 3,791 | | | | | 3,065 | | | | | — | | | | | | 43,890 | | | | | 1,874 | | | | | — | | | | | — | | | | | 4,066 | | | | | 49,830 | | | | | 1,802 | | | | | 1,774 | | | | | — | | | ||||||||||||||||||||
MB Precision Holdings LLC, Class A-2 Units | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MB Precision Holdings LLC, Preferred Stock | | | | 5,826 | | | | | 174 | | | | | — | | | | | — | | | | | (2,461) | | | | | 3,539 | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mood Media Corp. | | | | 28,659 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (9,718) | | | | | 18,941 | | | | | — | | | | | — | | | | | — | | | | | | 15,842 | | | | | — | | | | | — | | | | | — | | | | | (4,936) | | | | | 10,906 | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||
Roadhouse Holding Inc., Common Equity | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warren Resources, Inc., Common Equity | | | | 4,031 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 4,980 | | | | | 9,011 | | | | | — | | | | | — | | | | | — | | | | | | 5,573 | | | | | — | | | | | — | | | | | — | | | | | 1,422 | | | | | 6,995 | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||
Total | | | $ | 223,518 | | | | $ | 64,286 | | | | $ | 59,992 | | | | $ | (63,181) | | | | $ | 293 | | | | $ | (25,706) | | | | $ | (44,034) | | | | $ | 215,168 | | | | $ | 15,699 | | | | $ | 7,080 | | | | $ | 1,123 | | | | | $ | 227,403 | | | | $ | 5,186 | | | | $ | (521) | | | | $ | 179 | | | | $ | (399) | | | | $ | 231,848 | | | | $ | 5,267 | | | | $ | 3,075 | | | | $ | — | | | |
Portfolio Company(a) | | | Footnotes | | | Industry | | | Rate(b) | | | Floor | | | Maturity | | | Principal Amount(c) | | | Amortized Cost | | | Fair Value(d) | | ||||||||||||
Senior Secured Loans—First Lien—119.9% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
5 Arch Income Fund 2, LLC | | | (o)(s) | | | Diversified Financials | | | 10.5% | | | | | | | | | 11/18/21 | | | | $ | 14,912 | | | | | $ | 14,935 | | | | | $ | 14,912 | | |
5 Arch Income Fund 2, LLC | | | (o)(p)(s) | | | Diversified Financials | | | 10.5% | | | | | | | | | 11/18/21 | | | | | 4,088 | | | | | | 4,088 | | | | | | 4,088 | | |
Abaco Energy Technologies LLC | | | (j) | | | Energy | | | L+700, 2.5% PIK (2.5% Max PIK) | | | | | 1.0% | | | | 11/20/20 | | | | | 25,842 | | | | | | 25,079 | | | | | | 25,390 | | |
Actian Corp. | | | (f)(j)(g) | | | Software & Services | | | L+806 | | | | | 1.0% | | | | 6/30/22 | | | | | 45,714 | | | | | | 45,714 | | | | | | 46,286 | | |
Advanced Lighting Technologies, Inc. | | | (j)(x) | | | Materials | | | L+750 | | | | | 1.0% | | | | 10/4/22 | | | | | 9,218 | | | | | | 7,789 | | | | | | 9,218 | | |
AG Group Merger Sub, Inc. | | | (f)(h)(k)(j) | | | Commercial & Professional Services | | | L+750 | | | | | 1.0% | | | | 12/29/23 | | | | | 62,418 | | | | | | 62,418 | | | | | | 63,510 | | |
All Systems Holding LLC | | | (h)(k)(j) | | | Commercial & Professional Services | | | L+767 | | | | | 1.0% | | | | 10/31/23 | | | | | 103,557 | | | | | | 103,557 | | | | | | 105,110 | | |
Altus Power America, Inc. | | | (k) | | | Energy | | | L+750 | | | | | 1.5% | | | | 9/30/21 | | | | | 2,866 | | | | | | 2,866 | | | | | | 2,809 | | |
Altus Power America, Inc. | | | (p) | | | Energy | | | L+750 | | | | | 1.5% | | | | 9/30/21 | | | | | 884 | | | | | | 884 | | | | | | 866 | | |
Ascension Insurance, Inc. | | | (f)(h)(j)(g) | | | Insurance | | | L+825 | | | | | 1.3% | | | | 3/5/19 | | | | | 78,342 | | | | | | 78,020 | | | | | | 79,419 | | |
Ascension Insurance, Inc. | | | (p) | | | Insurance | | | L+825 | | | | | 1.3% | | | | 3/5/19 | | | | | 27,800 | | | | | | 27,800 | | | | | | 28,182 | | |
Aspect Software, Inc. | | | | | | Software & Services | | | L+1050 | | | | | 1.0% | | | | 5/25/18 | | | | | 1,804 | | | | | | 1,804 | | | | | | 1,804 | | |
Aspect Software, Inc. | | | (p) | | | Software & Services | | | L+1050 | | | | | 1.0% | | | | 5/25/18 | | | | | 46 | | | | | | 46 | | | | | | 46 | | |
Aspect Software, Inc. | | | (j) | | | Software & Services | | | L+1050 | | | | | 1.0% | | | | 5/25/20 | | | | | 3,620 | | | | | | 3,620 | | | | | | 3,349 | | |
Aspect Software, Inc. | | | (p) | | | Software & Services | | | L+1200 | | | | | 1.0% | | | | 5/25/18 | | | | | 657 | | | | | | 657 | | | | | | — | | |
Atlas Aerospace LLC | | | (f)(k)(j) | | | Capital Goods | | | L+802 | | | | | 1.0% | | | | 12/29/22 | | | | | 86,857 | | | | | | 86,857 | | | | | | 86,857 | | |
ATX Networks Corp. | | | (f)(g)(o) | | | Technology Hardware & Equipment | | | L+600, 1.0% PIK (1.0% Max PIK) | | | | | 1.0% | | | | 6/11/21 | | | | | 1,911 | | | | | | 1,894 | | | | | | 1,899 | | |
ATX Networks Corp. | | | (f)(k)(o) | | | Technology Hardware & Equipment | | | L+600, 1.0% PIK (1.0% Max PIK) | | | | | 1.0% | | | | 6/11/21 | | | | | 25,569 | | | | | | 24,974 | | | | | | 25,410 | | |
Avaya Inc. | | | (i)(g) | | | Technology Hardware & Equipment | | | L+475 | | | | | 1.0% | | | | 12/15/24 | | | | | 17,000 | | | | | | 16,830 | | | | | | 16,761 | | |
AVF Parent, LLC | | | (f)(j)(k) | | | Retailing | | | L+725 | | | | | 1.3% | | | | 3/1/24 | | | | | 76,382 | | | | | | 76,382 | | | | | | 77,963 | | |
Borden Dairy Co. | | | (g)(h)(j) | | | Food, Beverage & Tobacco | | | L+804 | | | | | 1.0% | | | | 7/6/23 | | | | | 52,500 | | | | | | 52,500 | | | | | | 52,484 | | |
Cactus Wellhead, LLC | | | (f)(g) | | | Energy | | | L+600 | | | | | 1.0% | | | | 7/31/20 | | | | | 16,211 | | | | | | 15,596 | | | | | | 16,238 | | |
CEVA Group Plc | | | (o)(p) | | | Transportation | | | L+500 | | | | | | | | | 3/19/19 | | | | | 20,000 | | | | | | 20,000 | | | | | | 18,750 | | |
Cimarron Energy Inc. | | | (k) | | | Energy | | | L+1150 PIK (L+1150 Max PIK) | | | | | 1.0% | | | | 12/15/19 | | | | | 25,470 | | | | | | 25,470 | | | | | | 10,379 | | |
ConnectiveRx, LLC | | | (f)(g)(j) | | | Health Care Equipment & Services | | | L+828 | | | | | 1.0% | | | | 11/25/21 | | | | | 51,032 | | | | | | 51,032 | | | | | | 51,053 | | |
Crestwood Holdings LLC | | | (f) | | | Energy | | | L+800 | | | | | 1.0% | | | | 6/19/19 | | | | | 4,185 | | | | | | 4,180 | | | | | | 4,207 | | |
CSafe Acquisition Co., Inc. | | | | | | Capital Goods | | | L+725 | | | | | 1.0% | | | | 11/1/21 | | | | | 3,548 | | | | | | 3,548 | | | | | | 3,517 | | |
CSafe Acquisition Co., Inc. | | | (p) | | | Capital Goods | | | L+725 | | | | | 1.0% | | | | 11/1/21 | | | | | 2,713 | | | | | | 2,713 | | | | | | 2,689 | | |
CSafe Acquisition Co., Inc. | | | (f)(g)(h)(j) | | | Capital Goods | | | L+725 | | | | | 1.0% | | | | 10/31/23 | | | | | 49,935 | | | | | | 49,935 | | | | | | 49,498 | | |
CSafe Acquisition Co., Inc. | | | (p) | | | Capital Goods | | | L+725 | | | | | 1.0% | | | | 10/31/23 | | | | | 26,797 | | | | | | 26,797 | | | | | | 26,562 | | |
Dade Paper & Bag, LLC | | | (f)(g)(h)(j) | | | Capital Goods | | | L+750 | | | | | 1.0% | | | | 6/10/24 | | | | | 137,112 | | | | | | 137,112 | | | | | | 141,911 | | |
Dayton Superior Corp. | | | (k) | | | Materials | | | L+800 | | | | | 1.0% | | | | 11/15/21 | | | | | 11,550 | | | | | | 11,263 | | | | | | 9,992 | | |
Diamond Resorts International, Inc. | | | (g) | | | Consumer Services | | | L+600 | | | | | 1.0% | | | | 9/2/23 | | | | | 6,853 | | | | | | 6,713 | | | | | | 6,919 | | |
Eastman Kodak Co. | | | (f) | | | Consumer Durables & Apparel | | | L+625 | | | | | 1.0% | | | | 9/3/19 | | | | | 6,836 | | | | | | 6,797 | | | | | | 5,931 | | |
Empire Today, LLC | | | (f)(g)(h)(j)(k) | | | Retailing | | | L+800 | | | | | 1.0% | | | | 11/17/22 | | | | | 89,100 | | | | | | 89,100 | | | | | | 89,991 | | |
Fairway Group Acquisition Co. | | | (j) | | | Food & Staples Retailing | | | 12.0% PIK (12.0% Max PIK) | | | | | | | | | 1/3/20 | | | | | 2,725 | | | | | | 2,725 | | | | | | 2,725 | | |
Fairway Group Acquisition Co. | | | (m)(n) | | | Food & Staples Retailing | | | 10.0% PIK (10.0% Max PIK) | | | | | | | | | 1/3/20 | | | | | 1,777 | | | | | | 1,733 | | | | | | 400 | | |
Fox Head, Inc. | | | (g)(j)(k) | | | Consumer Durables & Apparel | | | L+850 | | | | | 1.0% | | | | 12/19/20 | | | | | 13,020 | | | | | | 13,020 | | | | | | 13,009 | | |
FR Dixie Acquisition Corp. | | | (f) | | | Energy | | | L+475 | | | | | 1.0% | | | | 12/18/20 | | | | | 4,042 | | | | | | 4,032 | | | | | | 2,386 | | |
Portfolio Company(a) | | | Footnotes | | | Industry | | | Rate(b) | | | Floor | | | Maturity | | | Principal Amount(c) | | | Amortized Cost | | | Fair Value(d) | | ||||||||||||
FullBeauty Brands Holdings Corp. | | | (k) | | | Consumer Durables & Apparel | | | L+475 | | | | | 1.0% | | | | 10/14/22 | | | | $ | 4,949 | | | | | $ | 4,561 | | | | | $ | 2,929 | | |
FullBeauty Brands Holdings Corp. | | | (k) | | | Consumer Durables & Apparel | | | L+800 | | | | | 1.0% | | | | 10/14/20 | | | | | 55,000 | | | | | | 55,000 | | | | | | 54,313 | | |
Greystone Equity Member Corp. | | | (e)(o) | | | Diversified Financials | | | L+1050 | | | | | | | | | 3/31/21 | | | | | 13,582 | | | | | | 13,596 | | | | | | 13,599 | | |
Greystone Equity Member Corp. | | | (e)(o) | | | Diversified Financials | | | L+1100 | | | | | | | | | 3/31/21 | | | | | 21,048 | | | | | | 21,048 | | | | | | 21,258 | | |
Greystone Equity Member Corp. | | | (o)(p) | | | Diversified Financials | | | L+1100 | | | | | | | | | 3/31/21 | | | | | 5,370 | | | | | | 5,370 | | | | | | 5,424 | | |
Gulf Finance, LLC | | | (g) | | | Energy | | | L+525 | | | | | 1.0% | | | | 8/25/23 | | | | | 4,864 | | | | | | 4,745 | | | | | | 4,392 | | |
H.M. Dunn Co., Inc. | | | (j)(k) | | | Capital Goods | | | L+946 | | | | | 1.0% | | | | 3/26/21 | | | | | 64,286 | | | | | | 64,286 | | | | | | 61,393 | | |
Hudson Technologies Co. | | | (j)(k)(o) | | | Commercial & Professional Services | | | L+725 | | | | | 1.0% | | | | 10/10/23 | | | | | 51,359 | | | | | | 51,359 | | | | | | 52,065 | | |
Hudson Technologies Co. | | | (o)(p) | | | Commercial & Professional Services | | | L+725 | | | | | 1.0% | | | | 10/10/23 | | | | | 12,228 | | | | | | 12,228 | | | | | | 12,396 | | |
Hybrid Promotions, LLC | | | (g)(j)(k) | | | Consumer Durables & Apparel | | | L+850 | | | | | 1.0% | | | | 12/19/20 | | | | | 47,740 | | | | | | 47,740 | | | | | | 47,699 | | |
Icynene U.S. Acquisition Corp. | | | (f)(g)(j) | | | Materials | | | L+700 | | | | | 1.0% | | | | 11/30/24 | | | | | 36,000 | | | | | | 36,000 | | | | | | 36,007 | | |
Industrial Group Intermediate Holdings, LLC | | | (f)(g)(h)(j)(k) | | | Materials | | | L+800 | | | | | 1.3% | | | | 5/31/20 | | | | | 130,488 | | | | | | 130,488 | | | | | | 132,445 | | |
Industry City TI Lessor, L.P. | | | (j) | | | Consumer Services | | | 10.8%, 1.0% PIK (1.0% Max PIK) | | | | | | | | | 6/30/26 | | | | | 12,324 | | | | | | 12,324 | | | | | | 12,478 | | |
JMC Acquisition Merger Corp. | | | (f)(g)(h) | | | Capital Goods | | | L+854 | | | | | 1.0% | | | | 11/6/21 | | | | | 20,495 | | | | | | 20,495 | | | | | | 20,828 | | |
JSS Holdings, Inc. | | | (f)(g)(j)(k) | | | Capital Goods | | | L+800, 0.0% PIK (2.5% Max PIK) | | | | | 1.0% | | | | 3/31/23 | | | | | 72,715 | | | | | | 72,056 | | | | | | 73,842 | | |
JSS Holdings, Inc. | | | (p) | | | Capital Goods | | | L+800, 0.0% PIK (2.5% Max PIK) | | | | | 1.0% | | | | 3/31/23 | | | | | 13,273 | | | | | | 13,273 | | | | | | 13,478 | | |
Kodiak BP, LLC | | | (g)(h)(j)(k) | | | Capital Goods | | | L+725 | | | | | 1.0% | | | | 12/1/24 | | | | | 84,121 | | | | | | 84,121 | | | | | | 84,332 | | |
Kodiak BP, LLC | | | (p) | | | Capital Goods | | | L+725 | | | | | 1.0% | | | | 12/1/24 | | | | | 24,242 | | | | | | 24,242 | | | | | | 24,303 | | |
Latham Pool Products, Inc. | | | (f)(g)(j) | | | Commercial & Professional Services | | | L+775 | | | | | 1.0% | | | | 6/29/21 | | | | | 28,092 | | | | | | 28,092 | | | | | | 28,408 | | |
LD Intermediate Holdings, Inc. | | | (k) | | | Software & Services | | | L+588 | | | | | 1.0% | | | | 12/9/22 | | | | | 16,575 | | | | | | 15,186 | | | | | | 14,891 | | |
Logan’s Roadhouse, Inc. | | | (x) | | | Consumer Services | | | L+1100 | | | | | 1.0% | | | | 5/5/19 | | | | | 4,677 | | | | | | 4,677 | | | | | | 4,677 | | |
Logan’s Roadhouse, Inc. | | | (p)(x) | | | Consumer Services | | | L+1100 | | | | | 1.0% | | | | 5/5/19 | | | | | 752 | | | | | | 760 | | | | | | 752 | | |
MB Precision Holdings LLC | | | (g)(h)(j) | | | Capital Goods | | | L+725, 2.3% PIK (2.3% Max PIK) | | | | | 1.3% | | | | 1/23/21 | | | | | 64,367 | | | | | | 64,367 | | | | | | 58,976 | | |
MORSCO, Inc. | | | (e)(f) | | | Capital Goods | | | L+700 | | | | | 1.0% | | | | 10/31/23 | | | | | 3,581 | | | | | | 3,460 | | | | | | 3,652 | | |
Moxie Liberty LLC | | | (f)(h) | | | Energy | | | L+650 | | | | | 1.0% | | | | 8/21/20 | | | | | 11,634 | | | | | | 11,651 | | | | | | 10,751 | | |
Moxie Patriot LLC | | | (h) | | | Energy | | | L+575 | | | | | 1.0% | | | | 12/19/20 | | | | | 5,383 | | | | | | 5,360 | | | | | | 5,303 | | |
Nobel Learning Communities, Inc. | | | | | | Consumer Services | | | L+450 | | | | | 1.0% | | | | 5/5/21 | | | | | 3,075 | | | | | | 3,075 | | | | | | 3,075 | | |
Nobel Learning Communities, Inc. | | | (p) | | | Consumer Services | | | L+450 | | | | | 1.0% | | | | 5/5/21 | | | | | 8,106 | | | | | | 8,106 | | | | | | 8,106 | | |
Nobel Learning Communities, Inc. | | | (f)(j)(k) | | | Consumer Services | | | L+436 | | | | | 4.5% | | | | 5/5/23 | | | | | 84,472 | | | | | | 84,472 | | | | | | 84,045 | | |
Nobel Learning Communities, Inc. | | | (p) | | | Consumer Services | | | L+375 | | | | | 4.5% | | | | 5/5/23 | | | | | 49,689 | | | | | | 49,689 | | | | | | 49,439 | | |
North Haven Cadence Buyer, Inc. | | | (p) | | | Consumer Services | | | L+500 | | | | | 1.0% | | | | 9/2/21 | | | | | 2,625 | | | | | | 2,625 | | | | | | 2,625 | | |
North Haven Cadence Buyer, Inc. | | | (f)(h)(j)(k) | | | Consumer Services | | | L+810 | | | | | 1.0% | | | | 9/2/22 | | | | | 77,522 | | | | | | 77,522 | | | | | | 78,976 | | |
North Haven Cadence Buyer, Inc. | | | (p) | | | Consumer Services | | | L+750 | | | | | 1.0% | | | | 9/2/22 | | | | | 9,917 | | | | | | 9,917 | | | | | | 10,103 | | |
Nova Wildcat Amerock, LLC | | | (f)(g)(j) | | | Consumer Durables & Apparel | | | L+800 | | | | | 1.3% | | | | 9/10/19 | | | | | 64,921 | | | | | | 64,921 | | | | | | 65,245 | | |
PHRC License, LLC | | | (e)(g)(h) | | | Consumer Services | | | L+850 | | | | | 1.5% | | | | 4/28/22 | | | | | 67,500 | | | | | | 67,500 | | | | | | 69,187 | | |
Polymer Additives, Inc. | | | (g)(h)(k) | | | Materials | | | L+888 | | | | | 1.0% | | | | 12/19/22 | | | | | 63,068 | | | | | | 63,068 | | | | | | 65,276 | | |
Polymer Additives, Inc. | | | (h)(k) | | | Materials | | | L+834 | | | | | 1.0% | | | | 12/19/22 | | | | | 29,005 | | | | | | 29,005 | | | | | | 29,585 | | |
Power Distribution, Inc. | | | (f)(g)(k) | | | Capital Goods | | | L+725 | | | | | 1.3% | | | | 1/25/23 | | | | | 44,893 | | | | | | 44,893 | | | | | | 45,566 | | |
Production Resource Group, LLC | | | (g)(j)(k) | | | Media | | | L+750 | | | | | 1.0% | | | | 1/14/19 | | | | | 137,162 | | | | | | 137,162 | | | | | | 145,049 | | |
Portfolio Company(a) | | | Footnotes | | | Industry | | | Rate(b) | | | Floor | | | Maturity | | | Principal Amount(c) | | | Amortized Cost | | | Fair Value(d) | | ||||||||||||
Propulsion Acquisition, LLC | | | (f)(g)(j)(k) | | | Commercial & Professional Services | | | L+600 | | | | | 1.0% | | | | 7/13/21 | | | | $ | 58,874 | | | | | $ | 56,828 | | | | | $ | 58,285 | | |
Quest Software US Holdings Inc. | | | (f)(h)(i) | | | Software & Services | | | L+550 | | | | | 1.0% | | | | 10/31/22 | | | | | 18,333 | | | | | | 18,244 | | | | | | 18,659 | | |
Roadrunner Intermediate Acquisition Co., LLC | | | (f) | | | Health Care Equipment & Services | | | L+725 | | | | | 1.0% | | | | 3/15/23 | | | | | 7,550 | | | | | | 7,550 | | | | | | 7,614 | | |
Rogue Wave Software, Inc. | | | (j) | | | Software & Services | | | L+858 | | | | | 1.0% | | | | 9/25/21 | | | | | 24,413 | | | | | | 24,413 | | | | | | 24,413 | | |
Safariland, LLC | | | (h)(j) | | | Capital Goods | | | L+768 | | | | | 1.1% | | | | 11/18/23 | | | | | 70,234 | | | | | | 70,234 | | | | | | 71,200 | | |
Safariland, LLC | | | (p)(h)(j) | | | Capital Goods | | | L+725 | | | | | 1.1% | | | | 11/18/23 | | | | | 13,867 | | | | | | 13,867 | | | | | | 14,057 | | |
Sequel Youth and Family Services, LLC | | | (f)(k)(j) | | | Health Care Equipment & Services | | | L+778 | | | | | 1.0% | | | | 9/1/22 | | | | | 82,353 | | | | | | 82,353 | | | | | | 83,111 | | |
Sequel Youth and Family Services, LLC | | | (p) | | | Health Care Equipment & Services | | | L+700 | | | | | 1.0% | | | | 9/1/22 | | | | | 4,118 | | | | | | 4,118 | | | | | | 4,156 | | |
Sequential Brands Group, Inc. | | | (h)(j)(k) | | | Consumer Durables & Apparel | | | L+900 | | | | | | | | | 7/1/22 | | | | | 156,102 | | | | | | 156,102 | | | | | | 154,541 | | |
Sorenson Communications, Inc. | | | (f)(g)(h)(j) | | | Telecommunication Services | | | L+575 | | | | | 2.3% | | | | 4/30/20 | | | | | 98,440 | | | | | | 98,219 | | | | | | 99,240 | | |
SSC (Lux) Limited S.à r.l. | | | (g)(h)(j)(o) | | | Health Care Equipment & Services | | | L+750 | | | | | 1.0% | | | | 9/10/24 | | | | | 104,545 | | | | | | 104,545 | | | | | | 106,636 | | |
Staples Canada, ULC | | | (o)(v) | | | Retailing | | | L+700 | | | | | 1.0% | | | | 9/12/23 | | | | C$ | 3,229 | | | | | | 2,667 | | | | | | 2,602 | | |
Strike, LLC | | | | | | Energy | | | L+800 | | | | | 1.0% | | | | 5/30/19 | | | | $ | 2,800 | | | | | | 2,766 | | | | | | 2,814 | | |
Strike, LLC | | | (k) | | | Energy | | | L+800 | | | | | 1.0% | | | | 11/30/22 | | | | | 4,523 | | | | | | 4,408 | | | | | | 4,591 | | |
SunGard Availability Services Capital, Inc. | | | (f)(i) | | | Software & Services | | | L+700 | | | | | 1.0% | | | | 9/30/21 | | | | | 10,749 | | | | | | 10,653 | | | | | | 9,970 | | |
SunGard Availability Services Capital, Inc. | | | (i)(l) | | | Software & Services | | | L+1000 | | | | | 1.0% | | | | 10/1/22 | | | | | 1,000 | | | | | | 950 | | | | | | 962 | | |
Swift Worldwide Resources US Holdings Corp. | | | (f)(h) | | | Energy | | | L+1000, 1.0% PIK (1.0% Max PIK) | | | | | 1.0% | | | | 7/20/21 | | | | | 19,489 | | | | | | 19,489 | | | | | | 19,879 | | |
ThermaSys Corp. | | | (f) | | | Capital Goods | | | L+400 | | | | | 1.3% | | | | 5/3/19 | | | | | 4,522 | | | | | | 4,523 | | | | | | 4,267 | | |
Trace3, LLC | | | (f)(g)(j) | | | Software & Services | | | L+775 | | | | | 1.0% | | | | 6/6/23 | | | | | 53,481 | | | | | | 53,481 | | | | | | 54,751 | | |
U.S. Xpress Enterprises, Inc. | | | (g)(h)(j) | | | Transportation | | | L+1075, 0.0% PIK (1.8% Max PIK) | | | | | 1.5% | | | | 5/30/20 | | | | | 66,734 | | | | | | 66,734 | | | | | | 66,901 | | |
USI Senior Holdings, Inc. | | | (h)(j) | | | Capital Goods | | | L+779 | | | | | 1.0% | | | | 1/5/22 | | | | | 41,150 | | | | | | 41,150 | | | | | | 41,383 | | |
USI Senior Holdings, Inc. | | | (p) | | | Capital Goods | | | L+725 | | | | | 1.0% | | | | 1/5/22 | | | | | 8,373 | | | | | | 8,373 | | | | | | 8,421 | | |
UTEX Industries, Inc. | | | (k) | | | Energy | | | L+400 | | | | | 1.0% | | | | 5/21/21 | | | | | 22,057 | | | | | | 20,083 | | | | | | 21,680 | | |
Warren Resources, Inc. | | | (e)(j)(x) | | | Energy | | | L+900, 1.0% PIK (1.0% Max PIK) | | | | | 1.0% | | | | 5/22/20 | | | | | 42,550 | | | | | | 42,550 | | | | | | 43,613 | | |
Waste Pro USA, Inc. | | | (g)(h)(j)(k) | | | Commercial & Professional Services | | | L+750 | | | | | 1.0% | | | | 10/15/20 | | | | | 121,116 | | | | | | 121,116 | | | | | | 123,387 | | |
Westbridge Technologies, Inc. | | | (i) | | | Software & Services | | | L+850 | | | | | 1.0% | | | | 4/28/23 | | | | | 14,813 | | | | | | 14,541 | | | | | | 14,701 | | |
York Risk Services Holding Corp. | | | | | | Insurance | | | L+375 | | | | | 1.0% | | | | 10/1/21 | | | | | 990 | | | | | | 983 | | | | | | 971 | | |
Zeta Interactive Holdings Corp. | | | (f)(g)(j) | | | Software & Services | | | L+750 | | | | | 1.0% | | | | 7/29/22 | | | | | 33,826 | | | | | | 33,826 | | | | | | 34,334 | | |
Zeta Interactive Holdings Corp. | | | (p) | | | Software & Services | | | L+750 | | | | | 1.0% | | | | 7/29/22 | | | | | 6,424 | | | | | | 6,424 | | | | | | 6,520 | | |
Total Senior Secured Loans—First Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,650,110 | | | | | | 3,663,047 | | |
Unfunded Loan Commitments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (241,977) | | | | | | (241,977) | | |
Net Senior Secured Loans—First Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,408,133 | | | | | | 3,421,070 | | |
Senior Secured Loans—Second Lien—11.5% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
American Bath Group, LLC | | | (k) | | | Capital Goods | | | L+975 | | | | | 1.0% | | | | 9/30/24 | | | | | 7,000 | | | | | | 6,494 | | | | | | 7,018 | | |
Arena Energy, LP | | | (f)(j) | | | Energy | | | L+900, 4.0% PIK (4.0% Max PIK) | | | | | 1.0% | | | | 1/24/21 | | | | | 24,844 | | | | | | 24,844 | | | | | | 23,621 | | |
BPA Laboratories Inc. | | | (j) | | | Pharmaceuticals, Biotechnology & Life Sciences | | | L+250 | | | | | | | | | 4/29/20 | | | | | 3,272 | | | | | | 3,134 | | | | | | 3,239 | | |
Byrider Finance, LLC | | | (e) | | | Automobiles & Components | | | L+1000, 0.5% PIK (4.0% Max PIK) | | | | | 1.3% | | | | 8/22/20 | | | | | 22,608 | | | | | | 22,608 | | | | | | 21,280 | | |
Checkout Holding Corp. | | | (k) | | | Media | | | L+675 | | | | | 1.0% | | | | 4/11/22 | | | | | 10,000 | | | | | | 9,953 | | | | | | 4,356 | | |
Portfolio Company(a) | | | Footnotes | | | Industry | | | Rate(b) | | | Floor | | | Maturity | | | Principal Amount(c) | | | Amortized Cost | | | Fair Value(d) | | ||||||||||||
Senior Secured Loans—First Lien—128.3% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
5 Arch Income Fund 2, LLC | | | (m)(q) | | | Diversified Financials | | | 9.0% | | | | | | | | | 11/18/23 | | | | $ | 39,540 | | | | | $ | 39,561 | | | | | $ | 39,540 | | |
5 Arch Income Fund 2, LLC | | | (m)(n)(q) | | | Diversified Financials | | | 9.0% | | | | | | | | | 11/18/23 | | | | | 34,461 | | | | | | 34,461 | | | | | | 34,461 | | |
Abaco Energy Technologies LLC | | | (h)(i)(t) | | | Energy | | | L+700, 2.5% PIK(2.5% Max PIK) | | | | | 1.0% | | | | 11/20/20 | | | | | 24,428 | | | | | | 23,941 | | | | | | 24,153 | | |
ABB CONCISE Optical Group LLC | | | (t) | | | Retailing | | | L+500 | | | | | 1.0% | | | | 6/15/23 | | | | | 2,769 | | | | | | 2,779 | | | | | | 2,658 | | |
Accuride Corp | | | (j)(t) | | | Capital Goods | | | L+525 | | | | | 1.0% | | | | 11/17/23 | | | | | 540 | | | | | | 520 | | | | | | 518 | | |
Acosta Holdco Inc | | | (h)(t) | | | Commercial & Professional Services | | | L+325 | | | | | 1.0% | | | | 9/26/21 | | | | | 6,644 | | | | | | 5,383 | | | | | | 4,081 | | |
Addison Holdings | | | (f)(g)(h)(i) | | | Commercial & Professional Services | | | L+675 | | | | | 1.0% | | | | 12/29/23 | | | | | 83,832 | | | | | | 83,832 | | | | | | 83,974 | | |
Advanced Lighting Technologies Inc | | | (h)(u) | | | Materials | | | L+750 | | | | | 1.0% | | | | 10/4/22 | | | | | 9,125 | | | | | | 7,933 | | | | | | 9,125 | | |
Advantage Sales & Marketing Inc | | | (i)(t) | | | Commercial & Professional Services | | | L+325 | | | | | 1.0% | | | | 7/23/21 | | | | | 15,370 | | | | | | 14,681 | | | | | | 13,654 | | |
Aleris International Inc | | | (h)(t) | | | Materials | | | L+475 | | | | | | | | | 2/27/23 | | | | | 1,367 | | | | | | 1,354 | | | | | | 1,358 | | |
All Systems Holding LLC | | | (g)(h)(i) | | | Commercial & Professional Services | | | L+767 | | | | | 1.0% | | | | 10/31/23 | | | | | 111,623 | | | | | | 111,623 | | | | | | 112,739 | | |
Altus Power America Inc | | | (i) | | | Energy | | | L+750 | | | | | 1.5% | | | | 9/30/21 | | | | | 3,183 | | | | | | 3,183 | | | | | | 3,087 | | |
Altus Power America Inc | | | (n) | | | Energy | | | L+750 | | | | | 1.5% | | | | 9/30/21 | | | | | 140 | | | | | | 140 | | | | | | 136 | | |
American Tire Distributors Inc | | | (t) | | | Automobiles & Components | | | L+750 | | | | | 1.0% | | | | 8/30/24 | | | | | 4,031 | | | | | | 3,521 | | | | | | 3,319 | | |
American Tire Distributors Inc | | | (t) | | | Automobiles & Components | | | L+650, 1.0% PIK(1.0% Max PIK) | | | | | 1.0% | | | | 9/1/23 | | | | | 634 | | | | | | 593 | | | | | | 593 | | |
Ammeraal Beltech Holding BV | | | (m)(t) | | | Capital Goods | | | E+375 | | | | | | | | | 7/30/25 | | | | € | 1,491 | | | | | | 1,725 | | | | | | 1,701 | | |
Apex Group Limited | | | (m)(n) | | | Diversified Financials | | | L+650 | | | | | | | | | 6/15/23 | | | | $ | 2,302 | | | | | | 2,238 | | | | | | 1,970 | | |
Apex Group Limited | | | (f)(g)(m) | | | Diversified Financials | | | L+650 | | | | | 1.0% | | | | 6/15/25 | | | | | 15,565 | | | | | | 15,271 | | | | | | 14,948 | | |
Apex Group Limited | | | (m)(n) | | | Diversified Financials | | | L+650 | | | | | 1.0% | | | | 6/15/25 | | | | | 7,509 | | | | | | 7,370 | | | | | | 7,211 | | |
Apex Group Limited | | | (m) | | | Diversified Financials | | | L+650 | | | | | 1.0% | | | | 6/15/25 | | | | | 2,503 | | | | | | 2,466 | | | | | | 2,404 | | |
Apex Group Limited | | | (m)(n) | | | Diversified Financials | | | L+650 | | | | | 1.0% | | | | 6/15/25 | | | | | 3,754 | | | | | | 3,699 | | | | | | 3,606 | | |
Ascension Insurance Inc | | | (f)(g)(h) | | | Insurance | | | L+825 | | | | | 1.3% | | | | 3/5/19 | | | | | 77,635 | | | | | | 77,567 | | | | | | 77,635 | | |
Ascension Insurance Inc | | | (n) | | | Insurance | | | L+825 | | | | | 1.3% | | | | 3/5/19 | | | | | 27,800 | | | | | | 27,800 | | | | | | 27,800 | | |
Aspect Software Inc | | | (k)(l) | | | Software & Services | | | L+400, 6.5% PIK(6.5% Max PIK) | | | | | | | | | 5/25/20 | | | | | 4,671 | | | | | | 4,657 | | | | | | 3,480 | | |
Aspect Software Inc | | | (h)(k)(l) | | | Software & Services | | | L+1100 | | | | | 1.0% | | | | 5/25/20 | | | | | 3,598 | | | | | | 3,556 | | | | | | 2,680 | | |
ATX Networks Corp | | | (f)(m)(t) | | | Technology Hardware & Equipment | | | L+600, 1.0% PIK(1.0% Max PIK) | | | | | 1.0% | | | | 6/11/21 | | | | | 1,852 | | | | | | 1,839 | | | | | | 1,759 | | |
ATX Networks Corp | | | (f)(i)(m)(t) | | | Technology Hardware & Equipment | | | L+600, 1.0% PIK(1.0% Max PIK) | | | | | 1.0% | | | | 6/11/21 | | | | | 24,804 | | | | | | 24,368 | | | | | | 23,564 | | |
AVF Parent LLC | | | (h)(i) | | | Retailing | | | L+725 | | | | | 1.3% | | | | 3/1/24 | | | | | 74,461 | | | | | | 74,461 | | | | | | 69,605 | | |
Belk Inc | | | (t) | | | Retailing | | | L+475 | | | | | 1.0% | | | | 12/12/22 | | | | | 22,635 | | | | | | 19,743 | | | | | | 18,366 | | |
Borden Dairy Co | | | (g)(h) | | | Food, Beverage & Tobacco | | | L+808 | | | | | 1.0% | | | | 7/6/23 | | | | | 52,500 | | | | | | 52,500 | | | | | | 47,738 | | |
Caprock Midstream LLC | | | (t) | | | Energy | | | L+475 | | | | | | | | | 11/3/25 | | | | | 6,046 | | | | | | 5,916 | | | | | | 5,638 | | |
Cimarron Energy Inc | | | | | | Energy | | | L+900 | | | | | 1.0% | | | | 6/30/21 | | | | | 7,500 | | | | | | 7,500 | | | | | | 7,500 | | |
Constellis Holdings LLC/Constellis Finance Corp | | | | | | Capital Goods | | | L+575 | | | | | 1.0% | | | | 4/1/22 | | | | | 47,325 | | | | | | 46,621 | | | | | | 46,615 | | |
CSafe Global | | | | | | Capital Goods | | | L+725 | | | | | 1.0% | | | | 11/1/21 | | | | | 626 | | | | | | 626 | | | | | | 632 | | |
CSafe Global | | | (n) | | | Capital Goods | | | L+725 | | | | | 1.0% | | | | 11/1/21 | | | | | 5,635 | | | | | | 5,635 | | | | | | 5,691 | | |
CSafe Global | | | (f)(g)(h) | | | Capital Goods | | | L+725 | | | | | 1.0% | | | | 10/31/23 | | | | | 53,605 | | | | | | 53,605 | | | | | | 54,141 | | |
Portfolio Company(a) | | | Footnotes | | | Industry | | | Rate(b) | | | Floor | | | Maturity | | | Principal Amount(c) | | | Amortized Cost | | | Fair Value(d) | | ||||||||||||
Chisholm Oil and Gas Operating, LLC | | | (j) | | | Energy | | | L+800 | | | | | 1.0% | | | | 3/21/24 | | | | $ | 16,000 | | | | | $ | 16,000 | | | | | $ | 15,998 | | |
Compuware Corp. | | | (j) | | | Software & Services | | | L+825 | | | | | 1.0% | | | | 12/15/22 | | | | | 1,841 | | | | | | 1,666 | | | | | | 1,850 | | |
Crossmark Holdings, Inc. | | | (k) | | | Media | | | L+750 | | | | | 1.3% | | | | 12/21/20 | | | | | 7,778 | | | | | | 7,788 | | | | | | 879 | | |
Fairway Group Acquisition Co. | | | (m)(n) | | | Food & Staples Retailing | | | 11.0% PIK (11.0% Max PIK) | | | | | | | | | 10/3/21 | | | | | 1,563 | | | | | | 1,520 | | | | | | 352 | | |
Fieldwood Energy LLC | | | (e)(k)(m)(n) | | | Energy | | | L+713 | | | | | 1.3% | | | | 9/30/20 | | | | | 1,947 | | | | | | 1,602 | | | | | | 652 | | |
Gruden Acquisition, Inc. | | | (j) | | | Transportation | | | L+850 | | | | | 1.0% | | | | 8/18/23 | | | | | 15,000 | | | | | | 14,435 | | | | | | 14,981 | | |
Inmar, Inc. | | | (k) | | | Software & Services | | | L+800 | | | | | 1.0% | | | | 5/1/25 | | | | | 2,615 | | | | | | 2,579 | | | | | | 2,630 | | |
Jazz Acquisition, Inc. | | | (f) | | | Capital Goods | | | L+675 | | | | | 1.0% | | | | 6/19/22 | | | | | 3,700 | | | | | | 3,736 | | | | | | 3,500 | | |
JW Aluminum Co. | | | (e)(j)(k)(x) | | | Materials | | | L+850 | | | | | 0.8% | | | | 11/17/20 | | | | | 33,874 | | | | | | 33,866 | | | | | | 34,382 | | |
Logan’s Roadhouse, Inc. | | | (x) | | | Consumer Services | | | L+850 PIK (L+850 Max PIK) | | | | | 1.0% | | | | 11/23/20 | | | | | 14,728 | | | | | | 14,640 | | | | | | 6,771 | | |
LTI Holdings, Inc. | | | (j) | | | Materials | | | L+875 | | | | | 1.0% | | | | 5/16/25 | | | | | 9,259 | | | | | | 9,087 | | | | | | 9,421 | | |
P2 Upstream Acquisition Co. | | | (k) | | | Energy | | | L+800 | | | | | 1.0% | | | | 4/30/21 | | | | | 14,500 | | | | | | 14,652 | | | | | | 13,413 | | |
Peak 10 Holding Corp. | | | (k) | | | Software & Services | | | L+725 | | | | | 1.0% | | | | 8/1/25 | | | | | 2,786 | | | | | | 2,759 | | | | | | 2,810 | | |
Production Resource Group, LLC | | | (f)(g)(h) | | | Media | | | L+850 | | | | | 1.0% | | | | 7/23/19 | | | | | 95,599 | | | | | | 95,599 | | | | | | 96,256 | | |
Spencer Gifts LLC | | | (k) | | | Retailing | | | L+825 | | | | | 1.0% | | | | 6/29/22 | | | | | 20,000 | | | | | | 20,078 | | | | | | 10,800 | | |
Talos Production LLC | | | | | | Energy | | | 11.0% | | | | | | | | | 4/3/22 | | | | | 4,500 | | | | | | 4,213 | | | | | | 4,466 | | |
Titan Energy Operating, LLC | | | (g)(j) | | | Energy | | | 2.0%, L+1100 PIK (L+1100 Max PIK) | | | | | 1.0% | | | | 2/23/20 | | | | | 78,366 | | | | | | 67,595 | | | | | | 41,557 | | |
WP CPP Holdings, LLC | | | (j) | | | Capital Goods | | | L+775 | | | | | 1.0% | | | | 4/30/21 | | | | | 6,932 | | | | | | 6,913 | | | | | | 6,903 | | |
Total Senior Secured Loans—Second Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 385,761 | | | | | | 327,135 | | |
Senior Secured Bonds—4.4% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Advanced Lighting Technologies, Inc. | | | (x) | | | Materials | | | L+700, 10.0% PIK (10.0% Max PIK) | | | | | 1.0% | | | | 10/4/23 | | | | | 10,278 | | | | | | 10,278 | | | | | | 10,278 | | |
Black Swan Energy Ltd. | | | (o) | | | Energy | | | 9.0% | | | | | | | | | 1/20/24 | | | | | 1,333 | | | | | | 1,333 | | | | | | 1,343 | | |
FourPoint Energy, LLC | | | (e)(j)(k) | | | Energy | | | 9.0% | | | | | | | | | 12/31/21 | | | | | 46,313 | | | | | | 44,869 | | | | | | 47,065 | | |
Global A&T Electronics Ltd. | | | (e)(k)(m)(n)(o) | | | Semiconductors & Semiconductor Equipment | | | 10.0% | | | | | | | | | 2/1/19 | | | | | 19,490 | | | | | | 19,114 | | | | | | 18,069 | | |
Mood Media Corp. | | | (e)(j)(o)(x) | | | Media | | | L+600, 8.0% PIK (8.0% Max PIK) | | | | | 1.0% | | | | 6/28/24 | | | | | 23,104 | | | | | | 23,104 | | | | | | 23,219 | | |
Ridgeback Resources Inc. | | | (e)(o)(w) | | | Energy | | | 12.0% | | | | | | | | | 12/29/20 | | | | | 331 | | | | | | 326 | | | | | | 331 | | |
Sorenson Communications, Inc. | | | (j) | | | Telecommunication Services | | | 9.0%, 0.0% PIK (9.0% Max PIK) | | | | | | | | | 10/31/20 | | | | | 7,058 | | | | | | 6,904 | | | | | | 7,058 | | |
Sunnova Energy Corp. | | | | | | Energy | | | 6.0%, 6.0% PIK (6.0% Max PIK) | | | | | | | | | 10/24/18 | | | | | 2,117 | | | | | | 2,117 | | | | | | 2,117 | | |
Velvet Energy Ltd. | | | (o) | | | Energy | | | 9.0% | | | | | | | | | 10/5/23 | | | | | 15,000 | | | | | | 15,000 | | | | | | 15,193 | | |
Total Senior Secured Bonds | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 123,045 | | | | | | 124,673 | | |
Subordinated Debt—12.8% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ascent Resources Utica Holdings, LLC | | | (i) | | | Energy | | | 10.0% | | | | | | | | | 4/1/22 | | | | | 40,000 | | | | | | 40,000 | | | | | | 43,226 | | |
Aurora Diagnostics, LLC | | | (j) | | | Health Care Equipment & Services | | | 10.8%, 1.5% PIK (1.5% Max PIK) | | | | | | | | | 1/15/20 | | | | | 6,143 | | | | | | 5,628 | | | | | | 5,713 | | |
Avantor, Inc. | | | (k) | | | Materials | | | 9.0% | | | | | | | | | 10/1/25 | | | | | 20,000 | | | | | | 20,000 | | | | | | 19,888 | | |
Bellatrix Exploration Ltd. | | | (o) | | | Energy | | | 8.5% | | | | | | | | | 5/15/20 | | | | | 5,000 | | | | | | 4,947 | | | | | | 4,775 | | |
Brooklyn Basketball Holdings, LLC | | | (h)(j) | | | Consumer Services | | | L+725 | | | | | | | | | 10/25/19 | | | | | 39,746 | | | | | | 39,746 | | | | | | 40,342 | | |
CEC Entertainment, Inc. | | | (i) | | | Consumer Services | | | 8.0% | | | | | | | | | 2/15/22 | | | | | 18,715 | | | | | | 18,572 | | | | | | 17,709 | | |
Portfolio Company(a) | | | Footnotes | | | Industry | | | Rate(b) | | | Floor | | | Maturity | | | Principal Amount(c) | | | Amortized Cost | | | Fair Value(d) | | ||||||||||||
CSM Bakery Products | | | (i)(t) | | | Food, Beverage & Tobacco | | | L+400 | | | | | 1.0% | | | | 7/3/20 | | | | $ | 5,217 | | | | | $ | 5,071 | | | | | $ | 4,845 | | |
Dade Paper and Bag Co Inc | | | (f)(g)(h)(i) | | | Capital Goods | | | L+750 | | | | | 1.0% | | | | 6/10/24 | | | | | 135,734 | | | | | | 135,734 | | | | | | 133,019 | | |
Dade Paper and Bag Co Inc | | | (f)(g)(h) | | | Capital Goods | | | L+700 | | | | | 1.0% | | | | 6/10/24 | | | | | 17,312 | | | | | | 17,312 | | | | | | 16,620 | | |
Dayton Superior Corp | | | (i)(t) | | | Materials | | | L+800, 6.0% PIK(6.0% Max PIK) | | | | | 1.0% | | | | 11/15/21 | | | | | 11,790 | | | | | | 11,585 | | | | | | 9,874 | | |
Diamond Resorts International Inc | | | (i)(t) | | | Consumer Services | | | L+375 | | | | | 1.0% | | | | 9/2/23 | | | | | 14,085 | | | | | | 13,795 | | | | | | 13,170 | | |
Distribution International Inc | | | (t) | | | Retailing | | | L+500 | | | | | 1.0% | | | | 12/15/21 | | | | | 3,398 | | | | | | 3,247 | | | | | | 3,024 | | |
Eagle Family Foods Inc | | | (n) | | | Food, Beverage & Tobacco | | | L+650 | | | | | 1.0% | | | | 6/14/23 | | | | | 4,126 | | | | | | 4,084 | | | | | | 3,516 | | |
Eagle Family Foods Inc | | | (g)(h) | | | Food, Beverage & Tobacco | | | L+650 | | | | | 1.0% | | | | 6/14/24 | | | | | 27,368 | | | | | | 27,082 | | | | | | 26,950 | | |
Eagleclaw Midstream Ventures LLC | | | (i)(j)(t) | | | Energy | | | L+425 | | | | | 1.0% | | | | 6/24/24 | | | | | 11,455 | | | | | | 10,917 | | | | | | 10,747 | | |
EIF Van Hook Holdings LLC | | | (i)(t) | | | Energy | | | L+525 | | | | | | | | | 9/5/24 | | | | | 7,378 | | | | | | 7,234 | | | | | | 7,184 | | |
Empire Today LLC | | | (f)(g)(h)(i) | | | Retailing | | | L+700 | | | | | 1.0% | | | | 11/17/22 | | | | | 88,200 | | | | | | 88,200 | | | | | | 88,361 | | |
Fairway Group Holdings Corp | | | (k)(l) | | | Food & Staples Retailing | | | 10.0% PIK(10.0% Max PIK) | | | | | | | | | 11/27/23 | | | | | 1,964 | | | | | | 1,733 | | | | | | 258 | | |
Fairway Group Holdings Corp | | | (h) | | | Food & Staples Retailing | | | 12.0% PIK(12.0% Max PIK) | | | | | | | | | 11/27/23 | | | | | 3,072 | | | | | | 3,072 | | | | | | 2,984 | | |
Fairway Group Holdings Corp | | | | | | Food & Staples Retailing | | | 4.0%, 11.0% PIK(11.0% Max PIK) | | | | | | | | | 8/28/23 | | | | | 212 | | | | | | 210 | | | | | | 212 | | |
Fairway Group Holdings Corp | | | (n) | | | Food & Staples Retailing | | | 4.0%, 11.0% PIK(11.0% Max PIK) | | | | | | | | | 8/28/23 | | | | | 455 | | | | | | 455 | | | | | | 455 | | |
Fairway Group Holdings Corp | | | | | | Food & Staples Retailing | | | 4.0%, 11.0% PIK(11.0% Max PIK) | | | | | | | | | 8/28/23 | | | | | 1,070 | | | | | | 1,055 | | | | | | 1,070 | | |
Foresight Energy LLC | | | (h)(m)(t) | | | Materials | | | L+575 | | | | | 1.0% | | | | 3/28/22 | | | | | 10,591 | | | | | | 10,575 | | | | | | 10,423 | | |
Fox Head Inc | | | (h)(i) | | | Consumer Durables & Apparel | | | L+850 | | | | | 1.0% | | | | 12/19/20 | | | | | 5,051 | | | | | | 5,051 | | | | | | 4,989 | | |
Fox Head Inc | | | (h)(i) | | | Consumer Durables & Apparel | | | L+850 | | | | | 1.0% | | | | 12/19/20 | | | | | 47,253 | | | | | | 47,253 | | | | | | 46,671 | | |
FullBeauty Brands Holdings Corp | | | (k)(l)(t) | | | Retailing | | | L+475 | | | | | 1.0% | | | | 10/14/22 | | | | | 4,910 | | | | | | 4,574 | | | | | | 1,495 | | |
Gulf Finance LLC | | | (i)(t) | | | Energy | | | L+525 | | | | | 1.0% | | | | 8/25/23 | | | | | 4,687 | | | | | | 4,585 | | | | | | 3,615 | | |
HM Dunn Co Inc | | | (h)(k)(l)(u) | | | Capital Goods | | | L+875 PIK(L+875 Max PIK) | | | | | | | | | 6/30/21 | | | | | 43,885 | | | | | | 38,571 | | | | | | 7,022 | | |
Hudson Technologies Co | | | (h)(i)(m) | | | Commercial & Professional Services | | | L+1025 | | | | | 1.0% | | | | 10/10/23 | | | | | 50,717 | | | | | | 50,286 | | | | | | 36,262 | | |
Icynene Group Ltd | | | (f)(h)(i) | | | Materials | | | L+700 | | | | | 1.0% | | | | 11/30/24 | | | | | 35,640 | | | | | | 35,640 | | | | | | 34,656 | | |
Industrial Group Intermediate Holdings LLC | | | (f)(g)(h)(i) | | | Materials | | | L+800 | | | | | 1.3% | | | | 5/31/20 | | | | | 118,840 | | | | | | 118,840 | | | | | | 118,098 | | |
Industry City TI Lessor LP | | | (h) | | | Consumer Services | | | 10.8%, 1.0% PIK(1.0% Max PIK) | | | | | | | | | 6/30/26 | | | | | 11,522 | | | | | | 11,522 | | | | | | 11,522 | | |
JAKKS Pacific Inc | | | (h) | | | Consumer Durables & Apparel | | | L+900 | | | | | 1.5% | | | | 6/14/21 | | | | | 2,793 | | | | | | 2,775 | | | | | | 2,803 | | |
JC Penney Corp Inc | | | (m)(t) | | | Retailing | | | L+425 | | | | | 1.0% | | | | 6/23/23 | | | | | 1,205 | | | | | | 1,149 | | | | | | 1,034 | | |
JHC Acquisition LLC | | | (f)(g)(h) | | | Capital Goods | | | L+750 | | | | | 1.0% | | | | 1/29/24 | | | | | 121,947 | | | | | | 121,947 | | | | | | 121,947 | | |
JHC Acquisition LLC | | | (n) | | | Capital Goods | | | L+750 | | | | | 1.0% | | | | 1/29/24 | | | | | 35,269 | | | | | | 35,268 | | | | | | 35,269 | | |
Jo-Ann Stores Inc | | | (i)(t) | | | Retailing | | | L+500 | | | | | 1.0% | | | | 10/20/23 | | | | | 5,013 | | | | | | 5,004 | | | | | | 4,794 | | |
Jostens Inc | | | (j)(t) | | | Consumer Services | | | L+550 | | | | | | | | | 12/19/25 | | | | | 3,663 | | | | | | 3,552 | | | | | | 3,574 | | |
JSS Holdings Ltd | | | (f)(h)(i) | | | Capital Goods | | | L+800, 0.0% PIK(2.5% Max PIK) | | | | | 1.0% | | | | 3/31/23 | | | | | 72,696 | | | | | | 72,140 | | | | | | 74,877 | | |
Kodiak BP LLC | | | (g)(h)(i) | | | Capital Goods | | | L+725 | | | | | 1.0% | | | | 12/1/24 | | | | | 110,681 | | | | | | 110,681 | | | | | | 108,329 | | |
Kodiak BP LLC | | | (n) | | | Capital Goods | | | L+725 | | | | | 1.0% | | | | 12/1/24 | | | | | 9,849 | | | | | | 9,849 | | | | | | 9,639 | | |
Lazard Global Compounders Fund | | | (m) | | | Diversified Financials | | | L+725 | | | | | 3.8% | | | | 4/1/26 | | | | | 38,356 | | | | | | 38,356 | | | | | | 38,644 | | |
Lazard Global Compounders Fund | | | (m)(n) | | | Diversified Financials | | | L+725 | | | | | 3.8% | | | | 4/1/26 | | | | | 6,644 | | | | | | 6,644 | | | | | | 6,694 | | |
Portfolio Company(a) | | | Footnotes | | | Industry | | | Rate(b) | | | Floor | | | Maturity | | | Principal Amount(c) | | | Amortized Cost | | | Fair Value(d) | | ||||||||||||
Ceridian HCM Holding, Inc. | | | (i)(k) | | | Commercial & Professional Services | | | 11.0% | | | | | | | | | 3/15/21 | | | | $ | 40,657 | | | | | $ | 40,304 | | | | | $ | 42,534 | | |
Coveris Holdings S.A. | | | (i)(k)(o) | | | Materials | | | 7.9% | | | | | | | | | 11/1/19 | | | | | 42,534 | | | | | | 42,270 | | | | | | 42,454 | | |
Eclipse Resources Corp. | | | (i)(o) | | | Energy | | | 8.9% | | | | | | | | | 7/15/23 | | | | | 9,175 | | | | | | 9,028 | | | | | | 9,439 | | |
EV Energy Partners, L.P. | | | (e)(m) | | | Energy | | | 8.0% | | | | | | | | | 4/15/19 | | | | | 259 | | | | | | 246 | | | | | | 132 | | |
Global Jet Capital Inc. | | | | | | Commercial & Professional Services | | | 15.0% PIK (15.0% Max PIK) | | | | | | | | | 1/30/25 | | | | | 849 | | | | | | 849 | | | | | | 864 | | |
Global Jet Capital Inc. | | | | | | Commercial & Professional Services | | | 15.0% PIK (15.0% Max PIK) | | | | | | | | | 4/30/25 | | | | | 5,398 | | | | | | 5,398 | | | | | | 5,492 | | |
Global Jet Capital Inc. | | | | | | Commercial & Professional Services | | | 15.0% PIK (15.0% Max PIK) | | | | | | | | | 9/3/25 | | | | | 1,115 | | | | | | 1,115 | | | | | | 1,135 | | |
Global Jet Capital Inc. | | | | | | Commercial & Professional Services | | | 15.0% PIK (15.0% Max PIK) | | | | | | | | | 9/29/25 | | | | | 1,050 | | | | | | 1,050 | | | | | | 1,068 | | |
Global Jet Capital Inc. | | | (e)(o) | | | Commercial & Professional Services | | | 15.0% PIK (15.0% Max PIK) | | | | | | | | | 12/4/25 | | | | | 7,751 | | | | | | 7,751 | | | | | | 7,887 | | |
Global Jet Capital Inc. | | | (e)(o) | | | Commercial & Professional Services | | | 15.0% PIK (15.0% Max PIK) | | | | | | | | | 12/9/25 | | | | | 1,268 | | | | | | 1,268 | | | | | | 1,290 | | |
Global Jet Capital Inc. | | | (e)(o) | | | Commercial & Professional Services | | | 15.0% PIK (15.0% Max PIK) | | | | | | | | | 1/29/26 | | | | | 664 | | | | | | 664 | | | | | | 675 | | |
Global Jet Capital Inc. | | | | | | Commercial & Professional Services | | | 15.0% PIK (15.0% Max PIK) | | | | | | | | | 12/2/26 | | | | | 2,009 | | | | | | 2,009 | | | | | | 2,044 | | |
Great Lakes Dredge & Dock Corp. | | | (i)(o) | | | Capital Goods | | | 8.0% | | | | | | | | | 5/15/22 | | | | | 9,000 | | | | | | 9,000 | | | | | | 9,453 | | |
Greystone Mezzanine Equity Member Corp. | | | (o) | | | Diversified Financials | | | L+650 | | | | | 4.5% | | | | 9/15/25 | | | | | 1,011 | | | | | | 1,011 | | | | | | 1,011 | | |
Greystone Mezzanine Equity Member Corp. | | | (o)(p) | | | Diversified Financials | | | L+650 | | | | | 4.5% | | | | 9/15/25 | | | | | 18,989 | | | | | | 18,989 | | | | | | 18,989 | | |
Jupiter Resources Inc. | | | (h)(k)(o) | | | Energy | | | 8.5% | | | | | | | | | 10/1/22 | | | | | 28,800 | | | | | | 27,037 | | | | | | 17,784 | | |
P.F. Chang’s China Bistro, Inc. | | | (i)(k)(j) | | | Consumer Services | | | 10.3% | | | | | | | | | 6/30/20 | | | | | 44,078 | | | | | | 43,300 | | | | | | 40,395 | | |
S1 Blocker Buyer Inc. | | | | | | Commercial & Professional Services | | | 10.0% PIK (10.0% Max PIK) | | | | | | | | | 10/31/22 | | | | | 295 | | | | | | 295 | | | | | | 330 | | |
Sorenson Communications, Inc. | | | (e)(j) | | | Telecommunication Services | | | 13.9%, 0.0% PIK (13.9% Max PIK) | | | | | | | | | 10/31/21 | | | | | 5,364 | | | | | | 5,119 | | | | | | 5,565 | | |
SunGard Availability Services Capital, Inc. | | | (i) | | | Software & Services | | | 8.8% | | | | | | | | | 4/1/22 | | | | | 5,900 | | | | | | 4,632 | | | | | | 3,680 | | |
TI Group Automotive Systems, LLC | | | (i)(o) | | | Automobiles & Components | | | 8.8% | | | | | | | | | 7/15/23 | | | | | 3,408 | | | | | | 3,408 | | | | | | 3,664 | | |
York Risk Services Holding Corp. | | | (i)(j)(k) | | | Insurance | | | 8.5% | | | | | | | | | 10/1/22 | | | | | 38,070 | | | | | | 35,217 | | | | | | 37,499 | | |
Total Subordinated Debt | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 388,853 | | | | | | 385,037 | | |
Unfunded Loan Commitments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (18,989) | | | | | | (18,989) | | |
Net Subordinated Debt | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 369,864 | | | | | | 366,048 | | |
Collateralized Securities—0.9% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CGMS CLO 2013-3A Class Subord. | | | (o) | | | Diversified Financials | | | 10.5% | | | | | | | | | 7/15/25 | | | | | 23,263 | | | | | | 10,658 | | | | | | 14,722 | | |
NewStar Clarendon 2014-1A Class D | | | (o) | | | Diversified Financials | | | L+435 | | | | | | | | | 1/25/27 | | | | | 1,060 | | | | | | 1,009 | | | | | | 1,062 | | |
NewStar Clarendon 2014-1A Class Subord. B | | | (o) | | | Diversified Financials | | | 15.8% | | | | | | | | | 1/25/27 | | | | | 12,140 | | | | | | 8,768 | | | | | | 9,979 | | |
Total Collateralized Securities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 20,435 | | | | | | 25,763 | | |
|
Portfolio Company(a) | | | Footnotes | | | Industry | | | Rate(b) | | | Floor | | | Maturity | | | Principal Amount(c) | | | Amortized Cost | | | Fair Value(d) | | ||||||||||||
LD Intermediate Holdings Inc | | | (i)(t) | | | Software & Services | | | L+588 | | | | | 1.0% | | | | 12/9/22 | | | | $ | 16,150 | | | | | $ | 15,058 | | | | | $ | 14,656 | | |
MB Precision Holdings LLC | | | (g)(h)(k)(l)(u) | | | Capital Goods | | | L+725, 2.3% PIK(2.3% Max PIK) | | | | | 1.3% | | | | 1/23/21 | | | | | 21,339 | | | | | | 20,364 | | | | | | 21,339 | | |
Mitel US Holdings Inc | | | (i)(t) | | | Technology Hardware & Equipment | | | L+450 | | | | | | | | | 11/30/25 | | | | | 4,559 | | | | | | 4,548 | | | | | | 4,431 | | |
Monitronics International Inc | | | (j)(m)(t) | | | Commercial & Professional Services | | | L+550 | | | | | 1.0% | | | | 9/30/22 | | | | | 3,838 | | | | | | 3,702 | | | | | | 3,442 | | |
Murray Energy Corp | | | (h) | | | Energy | | | L+900 | | | | | 1.0% | | | | 2/12/21 | | | | | 10,891 | | | | | | 10,824 | | | | | | 10,842 | | |
NaviHealth Inc. | | | (i)(j)(t) | | | Health Care Equipment & Services | | | L+500 | | | | | | | | | 8/1/25 | | | | | 15,111 | | | | | | 14,437 | | | | | | 14,318 | | |
North Haven Cadence Buyer Inc | | | (n) | | | Consumer Services | | | L+500 | | | | | 1.0% | | | | 9/2/21 | | | | | 2,625 | | | | | | 2,625 | | | | | | 2,625 | | |
North Haven Cadence Buyer Inc | | | (h) | | | Consumer Services | | | L+777 | | | | | 1.0% | | | | 9/2/24 | | | | | 14,762 | | | | | | 14,762 | | | | | | 14,614 | | |
North Haven Cadence Buyer Inc | | | (h)(i) | | | Consumer Services | | | L+798 | | | | | 1.0% | | | | 9/2/24 | | | | | 51,187 | | | | | | 51,187 | | | | | | 50,676 | | |
North Haven Cadence Buyer Inc | | | (n) | | | Consumer Services | | | L+650 | | | | | 1.0% | | | | 9/2/24 | | | | | 10,500 | | | | | | 10,500 | | | | | | 10,395 | | |
P2 Energy Solutions, Inc. | | | (t) | | | Energy | | | L+400 | | | | | 1.3% | | | | 10/30/20 | | | | | 74 | | | | | | 73 | | | | | | 71 | | |
PAE Holding Corp | | | (j)(t) | | | Capital Goods | | | L+550 | | | | | 1.0% | | | | 10/20/22 | | | | | 9 | | | | | | 9 | | | | | | 9 | | |
Panda Liberty LLC | | | (f)(g)(t) | | | Energy | | | L+650 | | | | | 1.0% | | | | 8/21/20 | | | | | 11,515 | | | | | | 11,525 | | | | | | 10,383 | | |
Peak 10 Holding Corp | | | (j)(t) | | | Telecommunication Services | | | L+325 | | | | | 1.0% | | | | 8/1/24 | | | | | 8,965 | | | | | | 8,329 | | | | | | 8,181 | | |
PHRC License LLC | | | (g)(h) | | | Consumer Services | | | L+850, 0.3% PIK(0.3% Max PIK) | | | | | 1.5% | | | | 4/28/22 | | | | | 66,842 | | | | | | 66,842 | | | | | | 68,262 | | |
Power Distribution Inc | | | (f)(i) | | | Capital Goods | | | L+725 | | | | | 1.3% | | | | 1/25/23 | | | | | 44,021 | | | | | | 44,021 | | | | | | 44,021 | | |
Production Resource Group LLC | | | (f)(g)(h)(i) | | | Media | | | L+700 | | | | | 1.0% | | | | 8/21/24 | | | | | 207,992 | | | | | | 207,992 | | | | | | 204,352 | | |
Propulsion Acquisition LLC | | | (f)(h)(i)(t) | | | Capital Goods | | | L+600 | | | | | 1.0% | | | | 7/13/21 | | | | | 58,267 | | | | | | 56,734 | | | | | | 57,684 | | |
PSKW LLC | | | (f)(h) | | | Health Care Equipment & Services | | | L+850 | | | | | 1.0% | | | | 11/25/21 | | | | | 56,025 | | | | | | 55,983 | | | | | | 56,166 | | |
Reliant Rehab Hospital Cincinnati LLC | | | (h) | | | Health Care Equipment & Services | | | L+675 | | | | | 1.0% | | | | 8/30/24 | | | | | 55,015 | | | | | | 54,490 | | | | | | 54,850 | | |
Roadrunner Intermediate Acquisition Co LLC | | | (f) | | | Health Care Equipment & Services | | | L+675 | | | | | 1.0% | | | | 3/15/23 | | | | | 7,165 | | | | | | 7,165 | | | | | | 6,673 | | |
Rogue Wave Software Inc | | | (h) | | | Software & Services | | | L+843 | | | | | 1.0% | | | | 9/25/21 | | | | | 72,434 | | | | | | 72,434 | | | | | | 72,343 | | |
Safariland LLC | | | (g)(h) | | | Capital Goods | | | L+765 | | | | | 1.1% | | | | 11/18/23 | | | | | 70,234 | | | | | | 70,234 | | | | | | 62,947 | | |
Savers Inc | | | (t) | | | Retailing | | | L+375 | | | | | 1.3% | | | | 7/9/19 | | | | | 1,539 | | | | | | 1,529 | | | | | | 1,473 | | |
Sequa Corp | | | (i)(j)(t) | | | Materials | | | L+500 | | | | | 1.0% | | | | 11/28/21 | | | | | 18,467 | | | | | | 18,212 | | | | | | 17,705 | | |
Sequel Youth & Family Services LLC | | | (h) | | | Health Care Equipment & Services | | | L+700 | | | | | 1.0% | | | | 9/1/23 | | | | | 12,229 | | | | | | 12,229 | | | | | | 12,448 | | |
Sequel Youth & Family Services LLC | | | (f)(h)(i) | | | Health Care Equipment & Services | | | L+800 | | | | | | | | | 9/1/23 | | | | | 70,000 | | | | | | 70,000 | | | | | | 71,247 | | |
Sequential Brands Group Inc. | | | (g)(h)(i) | | | Consumer Durables & Apparel | | | L+875 | | | | | | | | | 2/7/24 | | | | | 118,929 | | | | | | 116,976 | | | | | | 118,929 | | |
SI Group Inc | | | (j)(t) | | | Materials | | | L+475 | | | | | | | | | 10/15/25 | | | | | 2,922 | | | | | | 2,814 | | | | | | 2,820 | | |
SIRVA Worldwide Inc | | | (i)(t) | | | Commercial & Professional Services | | | L+550 | | | | | | | | | 8/2/25 | | | | | 2,776 | | | | | | 2,737 | | | | | | 2,728 | | |
Sorenson Communications LLC | | | (f)(g)(h)(j)(t) | | | Telecommunication Services | | | L+575 | | | | | 2.3% | | | | 4/30/20 | | | | | 107,393 | | | | | | 107,217 | | | | | | 106,991 | | |
SSC (Lux) Limited S.a r.l. | | | (g)(h)(i)(m) | | | Health Care Equipment & Services | | | L+750 | | | | | 1.0% | | | | 9/10/24 | | | | | 104,545 | | | | | | 104,545 | | | | | | 105,591 | | |
Staples Canada | | | (m) | | | Retailing | | | L+700 | | | | | 1.0% | | | | 9/12/24 | | | | C$ | 56,874 | | | | | | 44,009 | | | | | | 42,101 | | |
Strike LLC | | | (i)(t) | | | Energy | | | L+800 | | | | | 1.0% | | | | 11/30/22 | | | | $ | 4,285 | | | | | | 4,191 | | | | | | 4,290 | | |
Sungard Availability Services Capital Inc | | | (f)(t) | | | Software & Services | | | L+700 | | | | | 1.0% | | | | 9/30/21 | | | | | 10,336 | | | | | | 10,266 | | | | | | 8,827 | | |
Portfolio Company(a) | | | Footnotes | | | Industry | | | Number of Shares | | | Cost | | | Fair Value(d) | | |||||||||
Equity/Other—11.7% | | | | | | | | | | | | | | | | | | | | | | | | | |
5 Arches, LLC, Common Equity | | | (o)(r) | | | Diversified Financials | | | | | 10,000 | | | | | $ | 250 | | | | | $ | 250 | | |
Abaco Energy Technologies LLC, Common Equity | | | (n) | | | Energy | | | | | 3,055,556 | | | | | | 3,056 | | | | | | 458 | | |
Abaco Energy Technologies LLC, Preferred Equity | | | (n) | | | Energy | | | | | 12,734,481 | | | | | | 637 | | | | | | 2,229 | | |
ACP FH Holdings GP, LLC, Common Equity | | | (e)(n) | | | Consumer Durables & Apparel | | | | | 88,571 | | | | | | 89 | | | | | | 67 | | |
ACP FH Holdings, LP, Common Equity | | | (e)(n) | | | Consumer Durables & Apparel | | | | | 8,768,572 | | | | | | 8,769 | | | | | | 6,668 | | |
Advanced Lighting Technologies, Inc., Common Equity | | | (n)(x) | | | Materials | | | | | 265,747 | | | | | | 7,471 | | | | | | 5,900 | | |
Advanced Lighting Technologies, Warrants, 10/4/2027 | | | (n)(x) | | | Materials | | | | | 4,189 | | | | | | 39 | | | | | | 26 | | |
Altus Power America Holdings, LLC, Common Equity | | | (n) | | | Energy | | | | | 462,008 | | | | | | 462 | | | | | | 69 | | |
Altus Power America Holdings, LLC, Preferred Equity | | | (t) | | | Energy | | | | | 955,284 | | | | | | 955 | | | | | | 955 | | |
AP Exhaust Holdings, LLC, Class A1 Common Units | | | (n)(r) | | | Automobiles & Components | | | | | 84 | | | | | | — | | | | | | — | | |
AP Exhaust Holdings, LLC, Class A1 Preferred Units | | | (n)(r) | | | Automobiles & Components | | | | | 8,295 | | | | | | 9,248 | | | | | | 8,378 | | |
Ascent Resources Utica Holdings, LLC, Common Equity | | | (n)(q) | | | Energy | | | | | 128,734,129 | | | | | | 38,700 | | | | | | 32,184 | | |
ASG Everglades Holdings, Inc., Common Equity | | | (n)(x) | | | Software & Services | | | | | 625,178 | | | | | | 13,475 | | | | | | 30,727 | | |
ASG Everglades Holdings, Inc. Warrants, 6/27/2022 | | | (n)(x) | | | Software & Services | | | | | 253,704 | | | | | | 7,231 | | | | | | 6,951 | | |
Aspect Software Parent, Inc., Common Equity | | | (n) | | | Software & Services | | | | | 403,955 | | | | | | 19,021 | | | | | | — | | |
ATX Holdings, LLC, Common Equity | | | (n)(o) | | | Technology Hardware & Equipment | | | | | 72,635 | | | | | | 116 | | | | | | 84 | | |
Aurora Diagnostics Holdings, LLC, Warrants, 5/25/2027 | | | (j)(n) | | | Health Care Equipment & Services | | | | | 94,193 | | | | | | 686 | | | | | | 673 | | |
BPA Laboratories, Inc., Series A Warrants, 4/29/2024 | | | (j)(n) | | | Pharmaceuticals, Biotechnology & Life Sciences | | | | | 10,924 | | | | | | — | | | | | | — | | |
BPA Laboratories, Inc., Series B Warrants, 4/29/2024 | | | (j)(n) | | | Pharmaceuticals, Biotechnology & Life Sciences | | | | | 17,515 | | | | | | — | | | | | | — | | |
Burleigh Point, Ltd., Warrants, 7/16/2020 | | | (n)(o) | | | Retailing | | | | | 3,451,216 | | | | | | 1,898 | | | | | | 49 | | |
Chisholm Oil and Gas Operating, LLC, Series A Units | | | (n)(r) | | | Energy | | | | | 70,947 | | | | | | 71 | | | | | | 70 | | |
Cimarron Energy Holdco Inc., Common Equity | | | (n) | | | Energy | | | | | 3,675,487 | | | | | | 3,323 | | | | | | — | | |
Cimarron Energy Holdco Inc., Preferred Equity | | | (n) | | | Energy | | | | | 626,806 | | | | | | 627 | | | | | | — | | |
CSF Group Holdings, Inc., Common Equity | | | (n) | | | Capital Goods | | | | | 417,400 | | | | | | 417 | | | | | | 292 | | |
Eastman Kodak Co., Common Equity | | | (n)(w) | | | Consumer Durables & Apparel | | | | | 1,846 | | | | | | 36 | | | | | | 6 | | |
Escape Velocity Holdings, Inc., Common Equity | | | (n) | | | Software & Services | | | | | 33,216 | | | | | | 332 | | | | | | 784 | | |
Fairway Group Holdings Corp., Common Equity | | | (n) | | | Food & Staples Retailing | | | | | 31,626 | | | | | | 1,016 | | | | | | — | | |
FourPoint Energy, LLC, Common Equity, Class C-II-A Units | | | (n)(r) | | | Energy | | | | | 13,000 | | | | | | 13,000 | | | | | | 3,770 | | |
FourPoint Energy, LLC, Common Equity, Class D Units | | | (n)(r) | | | Energy | | | | | 2,437 | | | | | | 1,610 | | | | | | 713 | | |
FourPoint Energy, LLC, Common Equity, Class E-II Units | | | (n)(r) | | | Energy | | | | | 29,730 | | | | | | 7,432 | | | | | | 8,547 | | |
FourPoint Energy, LLC, Common Equity, Class E-III Units | | | (n)(r) | | | Energy | | | | | 43,875 | | | | | | 10,969 | | | | | | 12,724 | | |
Global Jet Capital Holdings, LP, Preferred Equity | | | (e)(n) | | | Commercial & Professional Services | | | | | 62,289 | | | | | | 6,229 | | | | | | 5,606 | | |
H.I.G. Empire Holdco, Inc., Common Equity | | | (n) | | | Retailing | | | | | 411 | | | | | | 1,227 | | | | | | 1,226 | | |
Harvey Holdings, LLC, Common Equity | | | (n) | | | Capital Goods | | | | | 666,667 | | | | | | 667 | | | | | | 1,700 | | |
Industrial Group Intermediate Holdings, LLC, Common Equity | | | (n)(r) | | | Materials | | | | | 2,678,947 | | | | | | 2,679 | | | | | | 4,018 | | |
Portfolio Company(a) | | | Footnotes | | | Industry | | | Rate(b) | | | Floor | | | Maturity | | | Principal Amount(c) | | | Amortized Cost | | | Fair Value(d) | | ||||||||||||
Sungard Availability Services Capital Inc | | | (t) | | | Software & Services | | | L+1000 | | | | | 1.0% | | | | 10/1/22 | | | | $ | 962 | | | | | $ | 918 | | | | | $ | 933 | | |
Sutherland Global Services Inc | | | (h)(i)(j)(m)(t) | | | Software & Services | | | L+538 | | | | | 1.0% | | | | 4/23/21 | | | | | 10,564 | | | | | | 10,143 | | | | | | 9,974 | | |
Sutherland Global Services Inc | | | (h)(i)(j)(m)(t) | | | Software & Services | | | L+538 | | | | | 1.0% | | | | 4/23/21 | | | | | 2,459 | | | | | | 2,361 | | | | | | 2,322 | | |
Swift Worldwide Resources Holdco Ltd | | | (f)(g) | | | Energy | | | L+1000, 1.0% PIK(1.0% Max PIK) | | | | | 1.0% | | | | 7/20/21 | | | | | 19,492 | | | | | | 19,492 | | | | | | 19,492 | | |
Tangoe LLC | | | | | | Software & Services | | | L+650 | | | | | 1.0% | | | | 11/28/25 | | | | | 52,024 | | | | | | 51,511 | | | | | | 51,504 | | |
Team Health Inc | | | (j)(t) | | | Health Care Equipment & Services | | | L+275 | | | | | 1.0% | | | | 2/6/24 | | | | | 78 | | | | | | 71 | | | | | | 70 | | |
Trace3 Inc | | | (f)(g)(h)(i) | | | Diversified Financials | | | L+675 | | | | | 1.0% | | | | 8/5/24 | | | | | 161,585 | | | | | | 161,585 | | | | | | 159,970 | | |
Virgin Pulse Inc | | | (h)(i) | | | Software & Services | | | L+650 | | | | | 1.0% | | | | 5/22/25 | | | | | 79,891 | | | | | | 79,290 | | | | | | 77,407 | | |
Vivint Inc | | | (i)(t) | | | Commercial & Professional Services | | | L+500 | | | | | | | | | 4/1/24 | | | | | 18,583 | | | | | | 18,537 | | | | | | 18,111 | | |
Warren Resources Inc | | | (h)(u) | | | Energy | | | L+1000, 1.0% PIK(1.0% Max PIK) | | | | | 1.0% | | | | 5/22/20 | | | | | 14,652 | | | | | | 14,652 | | | | | | 14,652 | | |
York Risk Services Group Inc | | | (t) | | | Insurance | | | L+375 | | | | | 1.0% | | | | 10/1/21 | | | | | 980 | | | | | | 975 | | | | | | 919 | | |
Zeta Interactive Holdings Corp | | | (f)(h) | | | Software & Services | | | L+750 | | | | | 1.0% | | | | 7/29/22 | | | | | 37,112 | | | | | | 37,112 | | | | | | 37,483 | | |
Zeta Interactive Holdings Corp | | | (n) | | | Software & Services | | | L+750 | | | | | 1.0% | | | | 7/29/22 | | | | | 6,571 | | | | | | 6,571 | | | | | | 6,637 | | |
Total Senior Secured Loans—First Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,539,497 | | | | | | 3,450,630 | | |
Unfunded Loan Commitments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (157,339) | | | | | | (157,339) | | |
Net Senior Secured Loans—First Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,382,158 | | | | | | 3,293,291 | | |
Senior Secured Loans—Second Lien—13.0% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Access CIG LLC | | | (t) | | | Software & Services | | | L+775 | | | | | | | | | 2/27/26 | | | | | 1,326 | | | | | | 1,342 | | | | | | 1,314 | | |
Advantage Sales & Marketing Inc | | | (t) | | | Commercial & Professional Services | | | L+650 | | | | | 1.0% | | | | 7/25/22 | | | | | 2,291 | | | | | | 2,039 | | | | | | 1,815 | | |
American Bath Group LLC | | | (i)(t) | | | Capital Goods | | | L+975 | | | | | 1.0% | | | | 9/30/24 | | | | | 7,000 | | | | | | 6,588 | | | | | | 6,965 | | |
Ammeraal Beltech Holding BV | | | (m) | | | Capital Goods | | | L+800 | | | | | | | | | 7/27/26 | | | | | 52,309 | | | | | | 51,285 | | | | | | 51,183 | | |
Arena Energy LP | | | (f)(h) | | | Energy | | | L+900, 4.0% PIK(4.0% Max PIK) | | | | | 1.0% | | | | 1/24/21 | | | | | 25,872 | | | | | | 25,872 | | | | | | 25,872 | | |
Bellatrix Exploration Ltd | | | (m) | | | Energy | | | 8.5% | | | | | | | | | 7/26/23 | | | | | 4,500 | | | | | | 4,076 | | | | | | 3,979 | | |
Bellatrix Exploration Ltd | | | (m) | | | Energy | | | 8.5% | | | | | | | | | 7/26/23 | | | | | 1,872 | | | | | | 1,872 | | | | | | 1,866 | | |
Bellatrix Exploration Ltd | | | (m)(n) | | | Energy | | | 8.5% | | | | | | | | | 7/26/23 | | | | | 624 | | | | | | 624 | | | | | | 622 | | |
Byrider Finance LLC | | | | | | Automobiles & Components | | | L+1000, 0.5% PIK(4.0% Max PIK) | | | | | 1.3% | | | | 8/22/20 | | | | | 29,695 | | | | | | 29,695 | | | | | | 29,138 | | |
Catalina Marketing Corp | | | (i)(k)(l)(t) | | | Media | | | L+675 | | | | | 1.0% | | | | 4/11/22 | | | | | 10,000 | | | | | | 9,958 | | | | | | 237 | | |
Chisholm Oil & Gas Operating LLC | | | (h) | | | Energy | | | L+800 | | | | | 1.0% | | | | 3/21/24 | | | | | 16,000 | | | | | | 16,000 | | | | | | 15,811 | | |
Crossmark Holdings Inc | | | (i)(k)(l)(t) | | | Media | | | L+750 | | | | | 1.3% | | | | 12/21/20 | | | | | 7,778 | | | | | | 7,786 | | | | | | 311 | | |
Envigo Laboratories Inc | | | (h)(t) | | | Health Care Equipment & Services | | | L+775 | | | | | | | | | 4/29/20 | | | | | 3,272 | | | | | | 3,189 | | | | | | 3,051 | | |
Fairway Group Holdings Corp | | | (k)(l) | | | Food & Staples Retailing | | | 11.0% PIK(11.0% Max PIK) | | | | | | | | | 2/24/24 | | | | | 1,744 | | | | | | 1,520 | | | | | | — | | |
Grocery Outlet Inc | | | (t) | | | Food & Staples Retailing | | | L+725 | | | | | | | | | 10/22/26 | | | | | 2,287 | | | | | | 2,265 | | | | | | 2,273 | | |
Gruden Acquisition Inc | | | (h)(t) | | | Transportation | | | L+850 | | | | | 1.0% | | | | 8/18/23 | | | | | 15,000 | | | | | | 14,511 | | | | | | 15,038 | | |
Jazz Acquisition Inc | | | (f)(t) | | | Capital Goods | | | L+675 | | | | | 1.0% | | | | 6/19/22 | | | | | 3,700 | | | | | | 3,729 | | | | | | 3,460 | | |
LBM Borrower LLC | | | (f)(i)(j)(t) | | | Capital Goods | | | L+925 | | | | | 1.0% | | | | 8/20/23 | | | | | 29,332 | | | | | | 29,090 | | | | | | 28,746 | | |
One Call Care Management Inc | | | (h) | | | Insurance | | | L+375, 6.0% PIK(6.0% Max PIK) | | | | | | | | | 4/11/24 | | | | | 12,472 | | | | | | 12,362 | | | | | | 11,946 | | |
Portfolio Company(a) | | | Footnotes | | | Industry | | | Number of Shares | | | Cost | | | Fair Value(d) | | |||||||||
JMC Acquisition Holdings, LLC, Common Equity | | | (n) | | | Capital Goods | | | | | 1,449 | | | | | $ | 1,449 | | | | | $ | 1,964 | | |
JSS Holdco, LLC, Net Profits Interest | | | (n) | | | Capital Goods | | | | | 27 | | | | | | — | | | | | | 500 | | |
JW Aluminum Co., Common Equity | | | (e)(k)(n)(x) | | | Materials | | | | | 256 | | | | | | — | | | | | | — | | |
JW Aluminum Co., Preferred Equity | | | (e)(k)(x) | | | Materials | | | | | 1,184 | | | | | | 12,838 | | | | | | 15,074 | | |
MB Precision Investment Holdings LLC, Class A-2 Units | | | (n)(r) | | | Capital Goods | | | | | 2,287,659 | | | | | | 2,288 | | | | | | — | | |
Mood Media Corp., Common Equity | | | (n)(o)(x) | | | Media | | | | | 17,400,835 | | | | | | 12,644 | | | | | | 28,659 | | |
North Haven Cadence TopCo, LLC, Common Equity | | | (n) | | | Consumer Services | | | | | 2,916,667 | | | | | | 2,917 | | | | | | 4,521 | | |
PDI Parent LLC, Common Equity | | | (n) | | | Capital Goods | | | | | 2,076,923 | | | | | | 2,077 | | | | | | 2,181 | | |
Professional Plumbing Group, Inc., Common Equity | | | (e)(n) | | | Capital Goods | | | | | 3,000,000 | | | | | | 3,000 | | | | | | 6,900 | | |
PSAV Holdings LLC, Common Equity | | | (n) | | | Technology Hardware & Equipment | | | | | 10,000 | | | | | | 10,000 | | | | | | 34,000 | | |
Ridgeback Resources Inc., Common Equity | | | (e)(n)(o)(v) | | | Energy | | | | | 817,308 | | | | | | 5,022 | | | | | | 4,962 | | |
Roadhouse Holding Inc., Common Equity | | | (n)(x) | | | Consumer Services | | | | | 4,481,763 | | | | | | 4,657 | | | | | | — | | |
S1 Blocker Buyer Inc., Common Equity | | | | | | Commercial & Professional Services | | | | | 124 | | | | | | 1,240 | | | | | | 1,887 | | |
SandRidge Energy, Inc., Common Equity | | | (n)(o)(w) | | | Energy | | | | | 253,009 | | | | | | 5,647 | | | | | | 5,331 | | |
Sequential Brands Group, Inc., Common Equity | | | (e)(n)(w) | | | Consumer Durables & Apparel | | | | | 408,685 | | | | | | 5,517 | | | | | | 727 | | |
Sorenson Communications, Inc., Common Equity | | | (e)(n) | | | Telecommunication Services | | | | | 43,796 | | | | | | — | | | | | | 35,917 | | |
SSC Holdco Limited, Common Equity | | | (n)(o) | | | Health Care Equipment & Services | | | | | 261,364 | | | | | | 5,227 | | | | | | 6,247 | | |
Sunnova Energy Corp., Common Equity | | | (n) | | | Energy | | | | | 384,746 | | | | | | 1,444 | | | | | | — | | |
Sunnova Energy Corp., Preferred Equity | | | (n) | | | Energy | | | | | 70,229 | | | | | | 374 | | | | | | 283 | | |
Swift Worldwide Resources Holdco Limited, Common Equity | | | (n)(o)(u) | | | Energy | | | | | 1,250,000 | | | | | | 2,010 | | | | | | 687 | | |
TE Holdings, LLC, Common Equity | | | (e)(n)(r) | | | Energy | | | | | 717,718 | | | | | | 6,101 | | | | | | 1,166 | | |
TE Holdings, LLC, Preferred Equity | | | (e)(n) | | | Energy | | | | | 475,758 | | | | | | 4,751 | | | | | | 4,520 | | |
The Stars Group Inc., Warrants, 5/15/2024 | | | (n)(o) | | | Consumer Services | | | | | 2,000,000 | | | | | | 16,832 | | | | | | 25,140 | | |
Titan Energy, LLC, Common Equity | | | (e)(n)(w) | | | Energy | | | | | 200,040 | | | | | | 6,322 | | | | | | 304 | | |
Warren Resources, Inc., Common Equity | | | (n)(x) | | | Energy | | | | | 2,371,337 | | | | | | 11,145 | | | | | | 4,031 | | |
White Star Petroleum Holdings, LLC, Common Equity | | | (n)(r) | | | Energy | | | | | 1,613,753 | | | | | | 1,372 | | | | | | 1,210 | | |
Zeta Interactive Holdings Corp., Preferred Equity, Series E-1 | | | (n) | | | Software & Services | | | | | 620,025 | | | | | | 4,929 | | | | | | 6,015 | | |
Zeta Interactive Holdings Corp., Preferred Equity, Series F | | | (n) | | | Software & Services | | | | | 563,932 | | | | | | 4,929 | | | | | | 5,261 | | |
Zeta Interactive Holdings Corp., Warrants, 4/20/2027 | | | (n) | | | Software & Services | | | | | 84,590 | | | | | | — | | | | | | 294 | | |
Total Equity/Other | | | | | | | | | | | | | | | | | 296,470 | | | | | | 332,905 | | |
TOTAL INVESTMENTS—161.2% | | | | | | | | | | | | | | | | $ | 4,603,708 | | | | | | 4,597,594 | | |
LIABILITIES IN EXCESS OF OTHER ASSETS—(61.2%) | | | | | | | | | | | | | | | | | | | | | | | (1,744,573) | | |
NET ASSETS—100.0% | | | | | | | | | | | | | | | | | | | | | | $ | 2,853,021 | | |
|
Portfolio Company(a) | | | Footnotes | | | Industry | | | Rate(b) | | | Floor | | | Maturity | | | Principal Amount(c) | | | Amortized Cost | | | Fair Value(d) | | ||||||||||||
OPE Inmar Acquisition Inc | | | (i)(t) | | | Software & Services | | | L+800 | | | | | 1.0% | | | | 5/1/25 | | | | $ | 2,615 | | | | | $ | 2,583 | | | | | $ | 2,589 | | |
P2 Energy Solutions, Inc. | | | (i)(t) | | | Energy | | | L+800 | | | | | 1.0% | | | | 4/30/21 | | | | | 14,500 | | | | | | 14,614 | | | | | | 13,920 | | |
Paradigm Acquisition Corp | | | (t) | | | Health Care Equipment & Services | | | L+750 | | | | | | | | | 10/26/26 | | | | | 1,599 | | | | | | 1,595 | | | | | | 1,607 | | |
Peak 10 Holding Corp | | | (i)(j)(t) | | | Telecommunication Services | | | L+725 | | | | | 1.0% | | | | 8/1/25 | | | | | 5,814 | | | | | | 5,630 | | | | | | 5,247 | | |
Pure Fishing Inc | | | | | | Consumer Durables & Apparel | | | L+838 | | | | | 1.0% | | | | 12/31/26 | | | | | 46,828 | | | | | | 46,362 | | | | | | 46,359 | | |
Rise Baking Company | | | (i) | | | Food, Beverage & Tobacco | | | L+800 | | | | | 1.0% | | | | 8/9/26 | | | | | 17,990 | | | | | | 17,817 | | | | | | 17,822 | | |
Sequa Corp | | | (i)(t) | | | Materials | | | L+900 | | | | | 1.0% | | | | 4/28/22 | | | | | 7,462 | | | | | | 7,416 | | | | | | 7,089 | | |
SIRVA Worldwide Inc | | | (i)(t) | | | Commercial & Professional Services | | | L+950 | | | | | | | | | 8/2/26 | | | | | 2,494 | | | | | | 2,312 | | | | | | 2,207 | | |
SMG/PA | | | (j)(t) | | | Consumer Services | | | L+700 | | | | | | | | | 1/23/26 | | | | | 3,641 | | | | | | 3,671 | | | | | | 3,599 | | |
Spencer Gifts LLC | | | (i)(t) | | | Retailing | | | L+825 | | | | | 1.0% | | | | 6/29/22 | | | | | 20,000 | | | | | | 20,063 | | | | | | 17,100 | | |
Titan Energy LLC | | | (h)(k)(l) | | | Energy | | | L+1300 PIK(L+1300 Max PIK) | | | | | 1.0% | | | | 2/23/20 | | | | | 89,408 | | | | | | 67,595 | | | | | | 8,316 | | |
WireCo WorldGroup Inc | | | (t) | | | Capital Goods | | | L+900 | | | | | 1.0% | | | | 9/30/24 | | | | | 5,115 | | | | | | 5,178 | | | | | | 5,128 | | |
Total Senior Secured Loans—Second Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 418,639 | | | | | | 334,610 | | |
Unfunded Loan Commitments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (624) | | | | | | (624) | | |
Net Senior Secured Loans—Second Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 418,015 | | | | | | 333,986 | | |
Other Senior Secured Debt—7.7% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Advanced Lighting Technologies Inc | | | (k)(l)(u) | | | Materials | | | L+700, 10.0% PIK(10.0% Max PIK) | | | | | 1.0% | | | | 10/4/23 | | | | | 11,342 | | | | | | 10,663 | | | | | | 3,630 | | |
Akzo Nobel Specialty Chemicals | | | (m)(t) | | | Materials | | | 8.0% | | | | | | | | | 10/1/26 | | | | | 2,019 | | | | | | 2,019 | | | | | | 1,890 | | |
Artesyn Embedded Technologies Inc | | | (t) | | | Technology Hardware & Equipment | | | 9.8% | | | | | | | | | 10/15/20 | | | | | 1,574 | | | | | | 1,518 | | | | | | 1,456 | | |
Black Swan Energy Ltd | | | (m) | | | Energy | | | 9.0% | | | | | | | | | 1/20/24 | | | | | 1,333 | | | | | | 1,333 | | | | | | 1,286 | | |
Boyne USA Inc | | | (t) | | | Consumer Services | | | 7.3% | | | | | | | | | 5/1/25 | | | | | 44 | | | | | | 46 | | | | | | 46 | | |
DJO Finance LLC/DJO Finance Corp | | | (t) | | | Health Care Equipment & Services | | | 8.1% | | | | | | | | | 6/15/21 | | | | | 6,838 | | | | | | 6,886 | | | | | | 7,060 | | |
FourPoint Energy LLC | | | (h)(i) | | | Energy | | | 9.0% | | | | | | | | | 12/31/21 | | | | | 46,313 | | | | | | 45,107 | | | | | | 45,502 | | |
Genesys Telecommunications Laboratories Inc | | | (t) | | | Technology Hardware & Equipment | | | 10.0% | | | | | | | | | 11/30/24 | | | | | 144 | | | | | | 159 | | | | | | 152 | | |
Global A&T Electronics Ltd | | | (i)(m)(t) | | | Semiconductors & Semiconductor Equipment | | | 8.5% | | | | | | | | | 1/12/23 | | | | | 15,949 | | | | | | 16,079 | | | | | | 14,155 | | |
JC Penney Corp Inc | | | (j)(m)(t) | | | Retailing | | | 5.7% | | | | | | | | | 6/1/20 | | | | | 126 | | | | | | 117 | | | | | | 101 | | |
JW Aluminum Co | | | (h)(t)(u) | | | Materials | | | 10.3% | | | | | | | | | 6/1/26 | | | | | 33,001 | | | | | | 33,001 | | | | | | 32,919 | | |
Lycra | | | (m)(t) | | | Consumer Durables & Apparel | | | 7.5% | | | | | | | | | 5/1/25 | | | | | 3,659 | | | | | | 3,687 | | | | | | 3,444 | | |
Mood Media Corp | | | (h)(u) | | | Media | | | L+1400 PIK(L+1400 Max PIK) | | | | | 1.0% | | | | 6/28/24 | | | | | 28,478 | | | | | | 28,383 | | | | | | 28,478 | | |
Numericable-SFR | | | (m)(t) | | | Software & Services | | | 8.1% | | | | | | | | | 2/1/27 | | | | | 917 | | | | | | 917 | | | | | | 869 | | |
Pattonair Holdings Ltd | | | (m)(t) | | | Capital Goods | | | 9.0% | | | | | | | | | 11/1/22 | | | | | 4,111 | | | | | | 4,252 | | | | | | 4,153 | | |
Ply Gem Holdings Inc | | | (t) | | | Capital Goods | | | 8.0% | | | | | | | | | 4/15/26 | | | | | 7,807 | | | | | | 7,453 | | | | | | 7,182 | | |
Sorenson Communications LLC | | | (h)(t) | | | Telecommunication Services | | | 9.0%, 0.0% PIK(9.0% Max PIK) | | | | | | | | | 10/31/20 | | | | | 7,058 | | | | | | 6,952 | | | | | | 6,987 | | |
Sunnova Energy Corp | | | | | | Energy | | | 6.0%, 6.0% PIK(6.0% Max PIK) | | | | | | | | | 7/31/19 | | | | | 1,123 | | | | | | 1,123 | | | | | | 1,116 | | |
Talos Production LLC | | | (h)(t) | | | Energy | | | 11.0% | | | | | | | | | 4/3/22 | | | | | 4,500 | | | | | | 4,701 | | | | | | 4,376 | | |
Portfolio Company(a) | | | Footnotes | | | Industry | | | Rate(b) | | | Floor | | | Maturity | | | Principal Amount(c) | | | Amortized Cost | | | Fair Value(d) | | ||||||||||||
Velvet Energy Ltd | | | (i)(m) | | | Energy | | | 9.0% | | | | | | | | | 10/5/23 | | | | $ | 15,000 | | | | | $ | 15,000 | | | | | $ | 15,120 | | |
Vivint Inc | | | (h)(t) | | | Commercial & Professional Services | | | 7.6% | | | | | | | | | 9/1/23 | | | | | 7,309 | | | | | | 6,707 | | | | | | 5,981 | | |
Vivint Inc | | | (h)(t) | | | Commercial & Professional Services | | | 7.9% | | | | | | | | | 12/1/22 | | | | | 11,307 | | | | | | 11,078 | | | | | | 10,713 | | |
Total Other Senior Secured Debt | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 207,181 | | | | | | 196,616 | | |
Subordinated Debt—8.6% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
All Systems Holding LLC | | | | | | Commercial & Professional Services | | | 10.0% PIK(10.0% Max PIK) | | | | | | | | | 10/31/22 | | | | | 206 | | | | | | 206 | | | | | | 206 | | |
Ascent Resources Utica Holdings LLC/ARU Finance Corp | | | (h)(i)(t) | | | Energy | | | 10.0% | | | | | | | | | 4/1/22 | | | | | 26,026 | | | | | | 26,026 | | | | | | 26,635 | | |
Aurora Diagnostics Holdings LLC/Aurora Diagnostics Financing Inc | | | (h)(t) | | | Health Care Equipment & Services | | | 12.3%, 1.5% PIK(1.5% Max PIK) | | | | | | | | | 1/15/20 | | | | | 6,235 | | | | | | 5,951 | | | | | | 6,235 | | |
Avantor Inc | | | (i)(t) | | | Pharmaceuticals, Biotechnology & Life Sciences | | | 9.0% | | | | | | | | | 10/1/25 | | | | | 20,000 | | | | | | 20,000 | | | | | | 20,012 | | |
Byrider Finance LLC | | | | | | Automobiles & Components | | | 20.0% PIK(20.0% Max PIK) | | | | | | | | | 3/31/22 | | | | | 1,458 | | | | | | 1,458 | | | | | | 1,458 | | |
CEC Entertainment Inc | | | (t) | | | Consumer Services | | | 8.0% | | | | | | | | | 2/15/22 | | | | | 18,510 | | | | | | 18,397 | | | | | | 16,659 | | |
ClubCorp Club Operations Inc | | | (h)(t) | | | Consumer Services | | | 8.5% | | | | | | | | | 9/15/25 | | | | | 10,733 | | | | | | 10,361 | | | | | | 9,660 | | |
Diamond Resorts International Inc | | | (t) | | | Consumer Services | | | 10.8% | | | | | | | | | 9/1/24 | | | | | 3,048 | | | | | | 3,191 | | | | | | 2,751 | | |
Eclipse Resources Corp | | | (m)(t) | | | Energy | | | 8.9% | | | | | | | | | 7/15/23 | | | | | 9,175 | | | | | | 9,049 | | | | | | 7,879 | | |
Great Lakes Dredge & Dock Corp | | | (m)(t) | | | Capital Goods | | | 8.0% | | | | | | | | | 5/15/22 | | | | | 5,276 | | | | | | 5,276 | | | | | | 5,364 | | |
Intelsat Jackson Holdings SA | | | (m)(t) | | | Media | | | 5.5% | | | | | | | | | 8/1/23 | | | | | 5,752 | | | | | | 5,178 | | | | | | 5,058 | | |
Ken Garff Automotive LLC | | | (t) | | | Retailing | | | 7.5% | | | | | | | | | 8/15/23 | | | | | 6,004 | | | | | | 6,055 | | | | | | 5,959 | | |
Lazard Global Compounders Fund | | | (m)(n) | | | Diversified Financials | | | L+650 | | | | | 4.5% | | | | 9/15/25 | | | | | 15,000 | | | | | | 15,000 | | | | | | 14,682 | | |
LifePoint Hospitals Inc | | | (t) | | | Health Care Equipment & Services | | | 9.8% | | | | | | | | | 12/1/26 | | | | | 7,656 | | | | | | 7,571 | | | | | | 7,295 | | |
Logan’s Roadhouse Inc | | | (l) | | | Consumer Services | | | | | | | | | | | | 11/1/24 | | | | | 4,907 | | | | | | 4,857 | | | | | | 4,855 | | |
PF Chang’s China Bistro Inc | | | (h)(i)(t) | | | Consumer Services | | | 10.3% | | | | | | | | | 6/30/20 | | | | | 28,977 | | | | | | 28,320 | | | | | | 26,460 | | |
Quorum Health Corp | | | (t) | | | Health Care Equipment & Services | | | 11.6% | | | | | | | | | 4/15/23 | | | | | 2,566 | | | | | | 2,554 | | | | | | 2,446 | | |
Sorenson Communications LLC | | | (h)(t) | | | Telecommunication Services | | | 13.9%, 0.0% PIK(13.9% Max PIK) | | | | | | | | | 10/31/21 | | | | | 5,364 | | | | | | 5,170 | | | | | | 5,498 | | |
SRS Distribution Inc | | | (h)(t) | | | Capital Goods | | | 8.3% | | | | | | | | | 7/1/26 | | | | | 11,667 | | | | | | 11,476 | | | | | | 10,734 | | |
Stars Group Holdings BV | | | (m)(t) | | | Consumer Services | | | 7.0% | | | | | | | | | 7/15/26 | | | | | 1,438 | | | | | | 1,438 | | | | | | 1,398 | | |
Sungard Availability Services Capital Inc | | | (t) | | | Software & Services | | | 8.8% | | | | | | | | | 4/1/22 | | | | | 5,900 | | | | | | 4,860 | | | | | | 1,322 | | |
Team Health Inc | | | (t) | | | Health Care Equipment & Services | | | 6.4% | | | | | | | | | 2/1/25 | | | | | 6,901 | | | | | | 5,958 | | | | | | 5,633 | | |
Vertiv Group Corp | | | (h)(t) | | | Technology Hardware & Equipment | | | 9.3% | | | | | | | | | 10/15/24 | | | | | 16,584 | | | | | | 16,411 | | | | | | 14,760 | | |
Vivint Inc | | | (h)(t) | | | Commercial & Professional Services | | | 8.8% | | | | | | | | | 12/1/20 | | | | | 7,602 | | | | | | 7,328 | | | | | | 7,250 | | |
York Risk Services Group Inc | | | (h)(i)(t) | | | Insurance | | | 8.5% | | | | | | | | | 10/1/22 | | | | | 38,070 | | | | | | 35,701 | | | | | | 26,649 | | |
Total Subordinated Debt | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 257,792 | | | | | | 236,858 | | |
Unfunded Debt Commitments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (15,000) | | | | | | (15,000) | | |
Net Subordinated Debt | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 242,792 | | | | | | 221,858 | | |
|
Portfolio Company(a) | | | Footnotes | | | Industry | | | Rate(b) | | | Floor | | | Maturity | | | Principal Amount(c)/ Shares | | | Cost | | | Fair Value(d) | | |||||||||
Asset Based Finance—1.8% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Altus Power America Inc, Preferred Stock | | | (r) | | | Energy | | | 9.0%, 5.0% PIK | | | | | | 10/3/23 | | | | | 1,060,975 | | | | | $ | 1,061 | | | | | $ | 1,045 | | |
CGMS CLO 2013-3A Class Subord., 7/15/2025 | | | (m) | | | Diversified Financials | | | 27.8% | | | | | | 7/15/25 | | | | $ | 23,263 | | | | | | 9,222 | | | | | | 12,050 | | |
Global Jet Capital LLC, Structured Mezzanine | | | | | | Commercial & Professional Services | | | 15.0% PIK(15.0% Max PIK) | | | | | | 1/30/25 | | | | $ | 986 | | | | | | 971 | | | | | | 986 | | |
Global Jet Capital LLC, Structured Mezzanine | | | | | | Commercial & Professional Services | | | 15.0% PIK(15.0% Max PIK) | | | | | | 4/30/25 | | | | $ | 6,267 | | | | | | 6,174 | | | | | | 6,267 | | |
Global Jet Capital LLC, Structured Mezzanine | | | | | | Commercial & Professional Services | | | 15.0% PIK(15.0% Max PIK) | | | | | | 9/3/25 | | | | $ | 1,295 | | | | | | 1,276 | | | | | | 1,295 | | |
Global Jet Capital LLC, Structured Mezzanine | | | | | | Commercial & Professional Services | | | 15.0% PIK(15.0% Max PIK) | | | | | | 9/29/25 | | | | $ | 1,219 | | | | | | 1,201 | | | | | | 1,219 | | |
Global Jet Capital LLC, Structured Mezzanine | | | (e) | | | Commercial & Professional Services | | | 15.0% PIK(15.0% Max PIK) | | | | | | 12/4/25 | | | | $ | 7,287 | | | | | | 7,179 | | | | | | 7,287 | | |
Global Jet Capital LLC, Structured Mezzanine | | | (e)(m) | | | Commercial & Professional Services | | | 15.0% PIK(15.0% Max PIK) | | | | | | 12/4/25 | | | | $ | 1,712 | | | | | | 1,687 | | | | | | 1,712 | | |
Global Jet Capital LLC, Structured Mezzanine | | | (e) | | | Commercial & Professional Services | | | 15.0% PIK(15.0% Max PIK) | | | | | | 12/9/25 | | | | $ | 219 | | | | | | 216 | | | | | | 219 | | |
Global Jet Capital LLC, Structured Mezzanine | | | (e)(m) | | | Commercial & Professional Services | | | 15.0% PIK(15.0% Max PIK) | | | | | | 12/9/25 | | | | $ | 1,253 | | | | | | 1,234 | | | | | | 1,253 | | |
Global Jet Capital LLC, Structured Mezzanine | | | (e) | | | Commercial & Professional Services | | | 15.0% PIK(15.0% Max PIK) | | | | | | 1/29/26 | | | | $ | 625 | | | | | | 616 | | | | | | 625 | | |
Global Jet Capital LLC, Structured Mezzanine | | | (e)(m) | | | Commercial & Professional Services | | | 15.0% PIK(15.0% Max PIK) | | | | | | 1/29/26 | | | | $ | 146 | | | | | | 143 | | | | | | 146 | | |
Global Jet Capital LLC, Structured Mezzanine | | | | | | Commercial & Professional Services | | | 15.0% PIK(15.0% Max PIK) | | | | | | 12/2/26 | | | | $ | 2,332 | | | | | | 2,298 | | | | | | 2,332 | | |
NewStar Clarendon 2014-1A Class Subord. B | | | (m) | | | Diversified Financials | | | L+435 | | | | | | 1/25/27 | | | | $ | 1,060 | | | | | | 1,014 | | | | | | 1,055 | | |
NewStar Clarendon 2014-1A Class D | | | (m) | | | Diversified Financials | | | 13.2% | | | | | | 1/25/27 | | | | $ | 12,140 | | | | | | 7,758 | | | | | | 8,661 | | |
Total Asset Based Finance | | | | | | | | | | | | | | | | | | | | | | | | | | 42,050 | | | | | | 46,152 | | |
Equity/Other—10.4% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
5 Arch Income Fund 2, LLC, Common Stock | | | (m)(p) | | | Diversified Financials | | | | | | | | | | | | | | 8,000 | | | | | | 197 | | | | | | 400 | | |
Abaco Energy Technologies LLC, Common Equity | | | (l) | | | Energy | | | | | | | | | | | | | | 3,055,556 | | | | | | 3,056 | | | | | | 1,299 | | |
Abaco Energy Technologies LLC, Preferred Equity | | | (l) | | | Energy | | | | | | | | | | | | | | 12,734,481 | | | | | | 637 | | | | | | 6,686 | | |
Advanced Lighting Technologies Inc, Common Stock | | | (l)(u) | | | Materials | | | | | | | | | | | | | | 265,747 | | | | | | 7,471 | | | | | | — | | |
Advanced Lighting Technologies Inc, Warrant | | | (l)(u) | | | Materials | | | | | | | | | 10/4/27 | | | | | 4,189 | | | | | | 39 | | | | | | — | | |
All Systems Holding LLC, Common Stock | | | | | | Commercial & Professional Services | | | | | | | | | | | | | | 124 | | | | | | 1,201 | | | | | | 1,384 | | |
Altus Power America Inc, Common Stock | | | (l) | | | Energy | | | | | | | | | | | | | | 462,008 | | | | | | 462 | | | | | | 81 | | |
Ascent Resources Utica Holdings LLC/ARU Finance Corp, Common Stock | | | (o) | | | Energy | | | | | | | | | | | | | | 13,555,557 | | | | | | 12,900 | | | | | | 3,768 | | |
Ascent Resources Utica Holdings LLC/ARU Finance Corp, Trade Claim | | | (o) | | | Energy | | | | | | | | | | | | | | 115,178,572 | | | | | | 25,800 | | | | | | 32,020 | | |
ASG Technologies, Common Stock | | | (l)(u) | | | Software & Services | | | | | | | | | | | | | | 625,178 | | | | | | 13,475 | | | | | | 31,743 | | |
ASG Technologies, Warrants | | | (l)(u) | | | Software & Services | | | | | | | | | 6/27/22 | | | | | 253,704 | | | | | | 7,231 | | | | | | 7,364 | | |
Aspect Software Inc, Common Stock | | | (l) | | | Software & Services | | | | | | | | | | | | | | 38,574 | | | | | | 9,932 | | | | | | — | | |
Portfolio Company(a) | | | Footnotes | | | Industry | | | Rate(b) | | | Floor | | | Maturity | | | Principal Amount(c)/ Shares | | | Cost | | | Fair Value(d) | | |||||||||
ATX Networks Corp, Common Stock | | | (l)(m) | | | Technology Hardware & Equipment | | | | | | | | | | | | | | 72,635 | | | | | $ | 116 | | | | | $ | 56 | | |
Aurora Diagnostics Holdings LLC/Aurora Diagnostics Financing Inc, Warrant | | | (h)(l) | | | Health Care Equipment & Services | | | | | | | | | 5/25/27 | | | | | 94,193 | | | | | | 686 | | | | | | 135 | | |
Australis Maritime, Private Equity | | | (l)(m) | | | Transportation | | | | | | | | | | | | | | — | | | | | | 1,136 | | | | | | 1,136 | | |
Byrider Finance LLC, Common Stock | | | (l) | | | Automobiles & Components | | | | | | | | | | | | | | 1,389 | | | | | | — | | | | | | — | | |
Chisholm Oil & Gas Operating LLC, Series A Units | | | (l)(p) | | | Energy | | | | | | | | | | | | | | 75,000 | | | | | | 75 | | | | | | 32 | | |
Cimarron Energy Inc, Common Stock | | | (l) | | | Energy | | | | | | | | | | | | | | 4,302,293 | | | | | | 3,950 | | | | | | 194 | | |
Cimarron Energy Inc, Participation Option | | | (l) | | | Energy | | | | | | | | | | | | | | 25,000,000 | | | | | | 1,289 | | | | | | 1,125 | | |
CSafe Global, Common Stock | | | (l) | | | Capital Goods | | | | | | | | | | | | | | 417,400 | | | | | | 417 | | | | | | 584 | | |
Eastman Kodak Co, Common Stock | | | (l)(t) | | | Consumer Durables & Apparel | | | | | | | | | | | | | | 354 | | | | | | 7 | | | | | | 1 | | |
Empire Today LLC, Common Stock | | | (l) | | | Retailing | | | | | | | | | | | | | | 411 | | | | | | 1,227 | | | | | | 1,189 | | |
Envigo Laboratories Inc, Warrant | | | (h)(l)(t) | | | Health Care Equipment & Services | | | | | | | | | 4/29/24 | | | | | 10,924 | | | | | | — | | | | | | — | | |
Envigo Laboratories Inc, Warrant | | | (h)(l)(t) | | | Health Care Equipment & Services | | | | | | | | | 4/29/24 | | | | | 17,515 | | | | | | — | | | | | | — | | |
Fairway Group Holdings Corp, Common Stock | | | (l) | | | Food & Staples Retailing | | | | | | | | | | | | | | 31,626 | | | | | | 1,016 | | | | | | — | | |
FourPoint Energy LLC, Common Stock, Class C - II - A Units | | | (l)(p) | | | Energy | | | | | | | | | | | | | | 13,000 | | | | | | 13,000 | | | | | | 2,909 | | |
FourPoint Energy LLC, Common Stock, Class D Units | | | (l)(p) | | | Energy | | | | | | | | | | | | | | 2,437 | | | | | | 1,610 | | | | | | 551 | | |
FourPoint Energy LLC, Common Stock, Class E - II Units | | | (l)(p) | | | Energy | | | | | | | | | | | | | | 29,730 | | | | | | 7,432 | | | | | | 6,652 | | |
FourPoint Energy LLC, Common Stock, Class E - III Units | | | (l)(p) | | | Energy | | | | | | | | | | | | | | 43,875 | | | | | | 10,969 | | | | | | 9,817 | | |
Fox Head Inc, Common Stock | | | (e)(l) | | | Consumer Durables & Apparel | | | | | | | | | | | | | | 8,857,143 | | | | | | 8,857 | | | | | | 3,947 | | |
Global Jet Capital LLC, Preferred Stock | | | (e)(l) | | | Commercial & Professional Services | | | | | | | | | | | | | | 5,385,440 | | | | | | 5,386 | | | | | | 754 | | |
Global Jet Capital LLC, Preferred Stock | | | (e)(l)(m) | | | Commercial & Professional Services | | | | | | | | | | | | | | 843,426 | | | | | | 843 | | | | | | 118 | | |
Harvest Oil & Gas Corp, Common Stock | | | (e)(l)(t) | | | Energy | | | | | | | | | | | | | | 7,161 | | | | | | 158 | | | | | | 129 | | |
Harvey Industries Inc, Common Stock | | | (l) | | | Capital Goods | | | | | | | | | | | | | | 666,667 | | | | | | 667 | | | | | | 1,350 | | |
HM Dunn Co Inc, Preferred Stock, Series A | | | (h)(l)(u) | | | Capital Goods | | | | | | | | | | | | | | 12,857 | | | | | | — | | | | | | — | | |
HM Dunn Co Inc, Preferred Stock, Series B | | | (h)(l)(u) | | | Capital Goods | | | | | | | | | | | | | | 12,857 | | | | | | — | | | | | | — | | |
Industrial Group Intermediate Holdings LLC, Common Stock | | | (l)(p) | | | Materials | | | | | | | | | | | | | | 2,678,947 | | | | | | 2,679 | | | | | | 1,607 | | |
JHC Acquisition LLC, Common Stock | | | (l) | | | Capital Goods | | | | | | | | | | | | | | 1,449 | | | | | | 1,449 | | | | | | 1,946 | | |
JSS Holdings Ltd, Net Profits Interest | | | (l) | | | Capital Goods | | | | | | | | | | | | | | — | | | | | | — | | | | | | 471 | | |
JW Aluminum Co, Common Stock | | | (e)(i)(l)(u) | | | Materials | | | | | | | | | | | | | | 548 | | | | | | — | | | | | | — | | |
Portfolio Company(a) | | | Footnotes | | | Industry | | | Rate(b) | | | Floor | | | Maturity | | | Principal Amount(c)/ Shares | | | Cost | | | Fair Value(d) | | |||||||||
JW Aluminum Co, Preferred Stock | | | (e)(i)(u) | | | Materials | | | 12.5% PIK | | | | | | 11/17/25 | | | | | 4,869 | | | | | $ | 32,040 | | | | | $ | 43,890 | | |
MB Precision Holdings LLC, Class A-2 Units | | | (g)(h)(l)(u) | | | Capital Goods | | | | | | | | | | | | | | 6,655,178 | | | | | | 2,288 | | | | | | — | | |
MB Precision Holdings LLC, Preferred Stock | | | (g)(h)(l)(p)(u) | | | Capital Goods | | | | | | | | | | | | | | 41,778,909 | | | | | | 8,600 | | | | | | 5,826 | | |
Mood Media Corp, Common Stock | | �� | (l)(u) | | | Media | | | | | | | | | | | | | | 17,400,835 | | | | | | 12,644 | | | | | | 15,842 | | |
North Haven Cadence Buyer Inc, Common Equity | | | (l) | | | Consumer Services | | | | | | | | | | | | | | 2,916,667 | | | | | | 2,917 | | | | | | 4,448 | | |
Power Distribution Inc, Common Stock | | | (l) | | | Capital Goods | | | | | | | | | | | | | | 2,076,923 | | | | | | 2,077 | | | | | | 1,090 | | |
Professional Plumbing Group Inc, Common Stock | | | (e)(l) | | | Capital Goods | | | | | | | | | | | | | | 3,000,000 | | | | | | 3,000 | | | | | | 7,800 | | |
Ridgeback Resources Inc, Common Stock | | | (e)(l)(m)(s) | | | Energy | | | | | | | | | | | | | | 817,308 | | | | | | 5,022 | | | | | | 4,043 | | |
Sequential Brands Group Inc., Common Stock | | | (e)(l)(t) | | | Consumer Durables & Apparel | | | | | | | | | | | | | | 408,685 | | | | | | 5,517 | | | | | | 327 | | |
Sorenson Communications LLC, Common Stock | | | (e)(l) | | | Telecommunication Services | | | | | | | | | | | | | | 43,796 | | | | | | — | | | | | | 36,026 | | |
SSC (Lux) Limited S.a r.l., Common Stock | | | (l)(m) | | | Health Care Equipment & Services | | | | | | | | | | | | | | 261,364 | | | | | | 5,227 | | | | | | 6,403 | | |
Sunnova Energy Corp, Common Stock | | | (l) | | | Energy | | | | | | | | | | | | | | 384,746 | | | | | | 1,444 | | | | | | — | | |
Sunnova Energy Corp, Preferred Stock | | | (l) | | | Energy | | | | | | | | | | | | | | 70,229 | | | | | | 374 | | | | | | 385 | | |
Swift Worldwide Resources Holdco Ltd, Common Stock | | | (l) | | | Energy | | | | | | | | | | | | | | 1,250,000 | | | | | | 2,009 | | | | | | 625 | | |
Templar Energy LLC, Common Stock | | | (e)(l)(p)(t) | | | Energy | | | | | | | | | | | | | | 717,718 | | | | | | 6,101 | | | | | | 449 | | |
Templar Energy LLC, Preferred Stock | | | (e)(l)(t) | | | Energy | | | | | | | | | | | | | | 475,758 | | | | | | 4,751 | | | | | | 1,427 | | |
Titan Energy LLC, Common Stock | | | (e)(l)(t) | | | Energy | | | | | | | | | | | | | | 200,040 | | | | | | 6,321 | | | | | | 60 | | |
Trace3 Inc, Common Stock | | | | | | Diversified Financials | | | | | | | | | | | | | | 33,216 | | | | | | 332 | | | | | | 616 | | |
Warren Resources Inc, Common Stock | | | (l)(u) | | | Energy | | | | | | | | | | | | | | 2,371,337 | | | | | | 11,145 | | | | | | 5,573 | | |
White Star Petroleum LLC | | | (l)(p) | | | Energy | | | | | | | | | | | | | | 1,613,753 | | | | | | 1,372 | | | | | | 524 | | |
Zeta Interactive Holdings Corp, Preferred Stock, Series E - 1 | | | (l) | | | Software & Services | | | | | | | | | | | | | | 620,025 | | | | | | 4,929 | | | | | | 6,519 | | |
Zeta Interactive Holdings Corp, Preferred Stock, Series F | | | (l) | | | Software & Services | | | | | | | | | | | | | | 563,932 | | | | | | 4,929 | | | | | | 5,816 | | |
Zeta Interactive Holdings Corp, Warrant | | | (l) | | | Software & Services | | | | | | | | | 4/20/27 | | | | | 84,590 | | | | | | — | | | | | | 240 | | |
Total Equity/Other | | | | | | | | | | | | | | | | | | | | | | | | | | 268,409 | | | | | | 267,377 | | |
TOTAL INVESTMENTS—169.8% | | | | | | | | | | | | | | | | | | | | | | | | | $ | 4,560,605 | | | | | | 4,359,280 | | |
LIABILITIES IN EXCESS OF ASSETS—(69.8%) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (1,791,871) | | |
NET ASSETS—100.0% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 2,567,409 | | |
|
Counterparty | | | Notional Amount | | | Company Receives Floating Rate | | | Company Pays Fixed Rate | | | Termination Date | | | Premiums Paid/ (Received) | | | Value | | | Unrealized Depreciation | | |||||||||||||||
JP Morgan Chase Bank | | | $80,000 | | | 3-Month LIBOR | | | | | 2.78% | | | | | | 12/18/2023 | | | | | $ | — | | | | | $ | (1,090) | | | | | $ | (1,090) | | |
JP Morgan Chase Bank | | | $80,000 | | | 3-Month LIBOR | | | | | 2.81% | | | | | | 12/18/2021 | | | | | | — | | | | | | (653) | | | | | | (653) | | |
| | | | | | | | | | | | | | | | | | | | | | $ | — | | | | | $ | (1,743) | | | | | $ | (1,743) | | |
|
Portfolio Company | | Fair Value at December 31, 2016 | | Transfers In or Out | | Purchases and Paid- in-Kind Interest | | Sales and Repayments | | Accretion of Discount | | Net Realized Gain (Loss) | | Net Change in Unrealized Appreciation (Depreciation) | | Fair Value at December 31, 2017 | | Interest Income(3) | | PIK Income(3) | | Fee Income(3) | | | Fair Value at December 31, 2017 | | Transfers In or Out | | Purchases and Paid-in-Kind Interest | | Sales and Repayments | | Accretion of Discount | | Net Realized Gain (Loss) | | Net Change in Unrealized Appreciation (Depreciation) | | Fair Value at December 31, 2018 | | Interest Income(1) | | PIK Income(1) | | Fee Income(1) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loans—First Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||
Advanced Lighting Technologies, Inc. | | | $ | — | | | | $ | — | | | | $ | 9,055 | | | | $ | (1,333) | | | | $ | 63 | | | | $ | 4 | | | | $ | 1,429 | | | | $ | 9,218 | | | | $ | 265 | | | | $ | — | | | | $ | 403 | | | | | $ | 9,218 | | | | $ | — | | | | $ | — | | | | $ | (92) | | | | $ | 223 | | | | $ | 13 | | | | $ | (237) | | | | $ | 9,125 | | | | $ | 1,119 | | | | $ | — | | | | $ | — | | | ||||||||||||||||||||||
A.T. Cross Co.(1) | | | | 28,081 | | | | | (31,027) | | | | | — | | | | | — | | | | | (682) | | | | | — | | | | | 3,628 | | | | | — | | | | | (682) | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASG Everglades Holdings, Inc. | | | | 80,505 | | | | | — | | | | | 12,509 | | | | | (91,824) | | | | | 24 | | | | | 148 | | | | | (1,362) | | | | | — | | | | | 4,540 | | | | | 508 | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Logan’s Roadhouse, Inc.(2) | | | | — | | | | | — | | | | | 5,437 | | | | | (760) | | | | | — | | | | | — | | | | | (8) | | | | | 4,669 | | | | | — | | | | | 544 | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
H.M. Dunn Co., Inc.(2) | | | | — | | | | | 64,286 | | | | | — | | | | | — | | | | | — | | | | | (25,715) | | | | | (31,549) | | | | | 7,022 | | | | | 1,656 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Logan’s Roadhouse, Inc.(3) | | | | 4,669 | | | | | — | | | | | 2,223 | | | | | (6,875) | | | | | — | | | | | (25) | | | | | 8 | | | | | — | | | | | 17 | | | | | 710 | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Logan’s Roadhouse, Inc. | | | | — | | | | | — | | | | | 1,347 | | | | | (1,333) | | | | | — | | | | | (14) | | | | | — | | | | | — | | | | | 529 | | | | | 529 | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MB Precision Holdings LLC(2) | | | | — | | | | | 64,367 | | | | | 710 | | | | | (12,581) | | | | | — | | | | | (32,132) | | | | | 975 | | | | | 21,339 | | | | | 3,507 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warren Resources, Inc. | | | | 42,122 | | | | | — | | | | | 428 | | | | | — | | | | | — | | | | | — | | | | | 1,063 | | | | | 43,613 | | | | | 4,379 | | | | | 428 | | | | | (180) | | | | | | 43,613 | | | | | — | | | | | 170 | | | | | (28,068) | | | | | — | | | | | — | | | | | (1,063) | | | | | 14,652 | | | | | 1,939 | | | | | 170 | | | | | 1,123 | | | ||||||||||||||||||||||
Senior Secured Loans—Second Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||
ASG Everglades Holdings, Inc. | | | | 26,179 | | | | | — | | | | | — | | | | | (26,989) | | | | | 408 | | | | | 6,392 | | | | | (5,990) | | | | | — | | | | | 2,312 | | | | | — | | | | | 1,349 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
JW Aluminum Co. | | | | 34,410 | | | | | — | | | | | 132 | | | | | (76) | | | | | 2 | | | | | — | | | | | (86) | | | | | 34,382 | | | | | 3,198 | | | | | 132 | | | | | — | | | | | | 34,382 | | | | | — | | | | | — | | | | | (33,874) | | | | | 1 | | | | | 7 | | | | | (516) | | | | | — | | | | | 1,492 | | | | | — | | | | | — | | | ||||||||||||||||||||||
Logan’s Roadhouse, Inc. | | | | 10,355 | | | | | — | | | | | 3,794 | | | | | — | | | | | 22 | | | | | — | | | | | (7,400) | | | | | 6,771 | | | | | 22 | | | | | 743 | | | | | — | | | | | | 6,771 | | | | | — | | | | | 194 | | | | | (1,839) | | | | | 6 | | | | | (13,001) | | | | | 7,869 | | | | | — | | | | | 188 | | | | | 194 | | | | | — | | | ||||||||||||||||||||||
Senior Secured Bonds | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Senior Secured Debt | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advanced Lighting Technologies, Inc. | | | | — | | | | | — | | | | | 10,278 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 10,278 | | | | | 152 | | | | | — | | | | | — | | | | | | 10,278 | | | | | — | | | | | 646 | | | | | (261) | | | | | — | | | | | — | | | | | (7,033) | | | | | 3,630 | | | | | 1,182 | | | | | 646 | | | | | — | | | ||||||||||||||||||||||
Mood Media Corp. | | | | — | | | | | 23,104 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 115 | | | | | 23,219 | | | | | 3,746 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Debt | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
JW Aluminum Co. | | | | — | | | | | — | | | | | 33,001 | | | | | — | | | | | — | | | | | — | | | | | (82) | | | | | 32,919 | | | | | 1,983 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mood Media Corp. | | | | — | | | | | 6,103 | | | | | — | | | | | (6,930) | | | | | 47 | | | | | 780 | | | | | — | | | | | — | | | | | 463 | | | | | — | | | | | — | | | | | | 23,219 | | | | | — | | | | | 5,274 | | | | | — | | | | | 5 | | | | | — | | | | | (20) | | | | | 28,478 | | | | | 4,429 | | | | | 1,901 | | | | | — | | | ||||||||||||||||||||||
Equity/Other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||
Advanced Lighting Technologies, Inc., Common Equity | | | | — | | | | | — | | | | | 7,471 | | | | | — | | | | | — | | | | | — | | | | | (1,571) | | | | | 5,900 | | | | | — | | | | | — | | | | | — | | | | | | 5,900 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (5,900) | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||
Advanced Lighting Technologies, Warrants, 10/4/2027 | | | | — | | | | | — | | | | | 39 | | | | | — | | | | | — | | | | | — | | | | | (13) | | | | | 26 | | | | | — | | | | | — | | | | | — | | | | | | 26 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (26) | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||
A.T. Cross Co., Common Equity, Class A Units(1) | | | | — | | | | | (1,000) | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 1,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
A.T. Cross Co., Preferred Equity, Class A-1 Units(1) | | | | — | | | | | (243) | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 243 | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
A.T. Cross Co., GSO Special Unit(1) | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASG Everglades Holdings, Inc., Common Equity | | | | 29,477 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 1,250 | | | | | 30,727 | | | | | — | | | | | — | | | | | — | | | | | | 30,727 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 1,016 | | | | | 31,743 | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||
ASG Everglades Holdings, Inc., 6/27/2022, Warrants | | | | 6,444 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 507 | | | | | 6,951 | | | | | — | | | | | — | | | | | — | | | | | | 6,951 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 413 | | | | | 7,364 | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||
HM Dunn Aerosystems, Inc., Preferred Equity, Series A(2) | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HM Dunn Aerosystems, Inc., Preferred Equity, Series B(2) | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
JW Aluminum Co., Common Equity | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||
JW Aluminum Co., Preferred Equity | | | | 11,854 | | | | | — | | | | | 1,559 | | | | | — | | | | | — | | | | | — | | | | | 1,661 | | | | | 15,074 | | | | | 222 | | | | | 1,559 | | | | | — | | | | | | 15,074 | | | | | — | | | | | 18,992 | | | | | — | | | | | 210 | | | | | — | | | | | 9,614 | | | | | 43,890 | | | | | 5,632 | | | | | 4,785 | | | | | — | | | ||||||||||||||||||||||
MB Precision Holdings LLC, Class A-2 Units(2) | | | | — | | | | | 2,288 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (2,288) | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MB Precision Holdings LLC, Preferred Stock | | | | — | | | | | — | | | | | 8,600 | | | | | — | | | | | — | | | | | — | | | | | (2,774) | | | | | 5,826 | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mood Media Corp. | | | | — | | | | | 7,136 | | | | | 5,508 | | | | | — | | | | | — | | | | | — | | | | | 16,015 | | | | | 28,659 | | | | | — | | | | | — | | | | | — | | | | | | 28,659 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (12,817) | | | | | 15,842 | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||
Roadhouse Holding Inc., Common Equity | | | | 5,472 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (5,472) | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (4,657) | | | | | 4,657 | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||
Warren Resources, Inc., Common Equity | | | | 10,197 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (6,166) | | | | | 4,031 | | | | | — | | | | | — | | | | | — | | | | | | 4,031 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 1,542 | | | | | 5,573 | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||
Total | | | $ | 285,096 | | | | $ | 4,073 | | | | $ | 56,210 | | | | $ | (127,912) | | | | $ | (116) | | | | $ | 7,324 | | | | $ | (1,157) | | | | $ | 223,518 | | | | $ | 18,617 | | | | $ | 3,914 | | | | $ | 1,572 | | | | | $ | 223,518 | | | | $ | 130,941 | | | | $ | 71,157 | | | | $ | (84,923) | | | | $ | 445 | | | | $ | (75,524) | | | | $ | (38,211) | | | | $ | 227,403 | | | | $ | 23,673 | | | | $ | 8,935 | | | | $ | 1,123 | | | |
Portfolio Company | | | Fair Value at December 31, 2016 | | | Transfers In or Out | | | Purchases and Paid- in-Kind Interest | | | Sales and Repayments | | | Accretion of Discount | | | Net Realized Gain (Loss) | | | Net Change in Unrealized Appreciation (Depreciation) | | | Fair Value at December 31, 2017 | | | Interest Income(2) | | | PIK Income(2) | | | Fee Income(2) | | |||||||||||||||||||||||||||||||||
Senior Secured Loans—First Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
A.T. Cross Co.(1) | | | | $ | — | | | | | $ | 31,027 | | | | | $ | 9,654 | | | | | $ | (11,099) | | | | | $ | — | | | | | $ | (29,582) | | | | | $ | — | | | | | $ | — | | | | | $ | 664 | | | | | $ | 553 | | | | | $ | — | | |
Equity/Other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
A.T. Cross Co., Common Equity, Class A Units(1) | | | | | — | | | | | | 1,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,000) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
A.T. Cross Co., Preferred Equity, Class A-1 Units(1) | | | | | — | | | | | | 243 | | | | | | — | | | | | | — | | | | | | — | | | | | | (243) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
A.T. Cross Co., GSO Special Unit(1) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total | | | | $ | — | | | | | $ | 32,270 | | | | | $ | 9,654 | | | | | $ | (11,099) | | | | | $ | — | | | | | $ | (30,825) | | | | | $ | — | | | | | $ | — | | | | | $ | 664 | | | | | $ | 553 | | | | | $ | — | | |
|
| | | Three Months Ended March 31, | | |||||||||||||||||||||
| | | 2019 | | | 2018 | | ||||||||||||||||||
| | | Shares | | | Amount | | | Shares | | | Amount | | ||||||||||||
Reinvestment of Distributions | | | | | 3,191,361 | | | | | $ | 25,694 | | | | | | 3,316,098 | | | | | $ | 28,959 | | |
Share Repurchase Program | | | | | (3,297,056) | | | | | | (26,541) | | | | | | (3,408,305) | | | | | | (29,993) | | |
Net Proceeds from Share Transactions | | | | | (105,695) | | | | | $ | (847) | | | | | | (92,207) | | | | | $ | (1,034) | | |
| | | Nine Months Ended September 30, | | |||||||||||||||||||||
| | | 2018 | | | 2017 | | ||||||||||||||||||
| | | Shares | | | Amount | | | Shares | | | Amount | | ||||||||||||
Reinvestment of Distributions | | | | | 9,802,626 | | | | | $ | 84,192 | | | | | | 10,255,691 | | | | | $ | 92,207 | | |
Share Repurchase Program | | | | | (10,072,672) | | | | | | (86,976) | | | | | | (10,211,257) | | | | | | (92,570) | | |
Net Proceeds from Share Transactions | | | | | (270,046) | | | | | $ | (2,784) | | | | | | 44,434 | | | | | $ | 337 | | |
For the Three Months Ended | | Repurchase Date | | Shares Repurchased | | Percentage of Shares Tendered That Were Repurchased | | Percentage of Outstanding Shares Repurchased as of the Repurchase Date | | Repurchase Price Per Share | | Aggregate Consideration for Repurchased Shares | | | Repurchase Date | | Shares Repurchased | | Percentage of Shares Tendered That Were Repurchased | | Percentage of Outstanding Shares Repurchased as of the Repurchase Date | | Repurchase Price Per Share | | Aggregate Consideration for Repurchased Shares | | ||||||||||||||||||||||||||||||||||||||||||
Fiscal 2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
December 31, 2016 | | January 3, 2017 | | | | 2,344,810 | | | | | 100% | | | | | 0.72% | | | | $ | 8.950 | | | | $ | 20,986 | | | ||||||||||||||||||||||||||||||||||||||||
March 31, 2017 | | April 3, 2017 | | | | 3,353,328 | | | | | 100% | | | | | 1.02% | | | | $ | 9.100 | | | | | 30,515 | | | ||||||||||||||||||||||||||||||||||||||||
June 30, 2017 | | July 3, 2017 | | | | 4,513,119 | | | | | 100% | | | | | 1.38% | | | | $ | 9.100 | | | | | 41,069 | | | ||||||||||||||||||||||||||||||||||||||||
Total | | | | | | 10,211,257 | | | | | | | | | | | | | | | | | | | $ | 92,570 | | | ||||||||||||||||||||||||||||||||||||||||
Fiscal 2018 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
December 31, 2017 | | January 12, 2018 | | | | 3,408,305 | | | | | 28% | | | | | 1.04% | | | | $ | 8.800 | | | | $ | 29,993 | | | | January 12, 2018 | | | | 3,408,305 | | | | | 28.0% | | | | | 1.04% | | | | $ | 8.800 | | | | $ | 29,993 | | | ||||||||||||
March 31, 2018 | | April 2, 2018 | | | | 3,367,488 | | | | | 21% | | | | | 1.03% | | | | $ | 8.600 | | | | | 28,960 | | | ||||||||||||||||||||||||||||||||||||||||
June 30, 2018 | | July 3, 2018 | | | | 3,296,879 | | | | | 20% | | | | | 1.01% | | | | $ | 8.500 | | | | | 28,023 | | | ||||||||||||||||||||||||||||||||||||||||
Total | | | | | | 3,408,305 | | | | | | | | | | | | | | | | | | | $ | 29,993 | | | ||||||||||||||||||||||||||||||||||||||||
Fiscal 2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
December 31, 2018 | | January 2, 2019 | | | | 3,297,056 | | | | | 16.7% | | | | | 1.01% | | | | $ | 8.050 | | | | $ | 26,541 | | | ||||||||||||||||||||||||||||||||||||||||
Total | | | | | | 10,072,672 | | | | | | | | | | | | | | | | | | | $ | 86,976 | | | | | | | | 3,297,056 | | | | | | | | | | | | | | | | | | | $ | 26,541 | | | |
| | | | | | | | | Three Months Ended September 30, | | | Nine Months Ended September 30, | | ||||||||||||||||||
Related Party | | | Source Agreement | | | Description | | | 2018 | | | 2017 | | | 2018 | | | 2017 | | ||||||||||||
FSIC II Advisor and FS/KKR Advisor | | | FSIC II Advisor Investment Advisory and Administrative Services Agreement and FS/KKR Advisor Investment Advisory and Administrative Services Agreement | | | Base Management Fee(1) | | | | $ | 17,567 | | | | | $ | 22,547 | | | | | $ | 58,307 | | | | | $ | 67,379 | | |
FSIC II Advisor and FS/KKR Advisor | | | FSIC II Advisor Investment Advisory and Administrative Services Agreement and FS/KKR Advisor Investment Advisory and Administrative Services Agreement | | | Subordinated Incentive Fee on Income(2) | | | | $ | 11,939 | | | | | $ | 10,137 | | | | | $ | 18,994 | | | | | $ | 42,352 | | |
FSIC II Advisor and FS/KKR Advisor | | | FSIC II Advisor Investment Advisory and Administrative Services Agreement and FS/KKR Advisor Investment Advisory and Administrative Services Agreement | | | Administrative Services Expenses(3) | | | | $ | 799 | | | | | $ | 799 | | | | | $ | 2,371 | | | | | $ | 2,530 | | |
Related Party | | | Source Agreement | | | Description | | | Three Months Ended March 31, | | |||||||||
| 2019 | | | 2018 | | ||||||||||||||
The Advisor and FSIC II Advisor | | | FS/KKR Advisor Investment Advisory and Administrative Services Agreement and FSIC II Advisor Investment Advisory and Administrative Services Agreement | | | Base Management Fee(1) | | | | $ | 17,864 | | | | | $ | 22,080 | | |
The Advisor and FSIC II Advisor | | | FS/KKR Advisor Investment Advisory and Administrative Services Agreement and FSIC II Advisor Investment Advisory and Administrative Services Agreement | | | Subordinated Incentive Fee on Income(2) | | | | $ | 11,131 | | | | | $ | 5,575 | | |
The Advisor and FSIC II Advisor | | | FS/KKR Advisor Investment Advisory and Administrative Services Agreement and FSIC II Advisor Investment Advisory and Administrative Services Agreement | | | Administrative Services Expenses(3) | | | | $ | 907 | | | | | $ | 782 | | |
| | | Distribution | | |||||||||
For the Three Months Ended | | | Per Share | | | Amount | | ||||||
Fiscal 2017 | | | | | | | | | | | | | |
March 31, 2017 | | | | $ | 0.1885 | | | | | $ | 61,436 | | |
June 30, 2017 | | | | | 0.1885 | | | | | | 61,505 | | |
September 30, 2017 | | | | | 0.1885 | | | | | | 61,277 | | |
Total | | | | $ | 0.5655 | | | | | $ | 184,218 | | |
Fiscal 2018 | | | | | | | | | | | | | |
March 31, 2018 | | | | $ | 0.1885 | | | | | $ | 61,153 | | |
June 30, 2018 | | | | | 0.1885 | | | | | | 61,146 | | |
September 30, 2018 | | | | | 0.1885 | | | | | | 61,137 | | |
Total | | | | $ | 0.5655 | | | | | $ | 183,436 | | |
| | | Distribution | | |||||||||
For the Three Months Ended | | | Per Share | | | Amount | | ||||||
Fiscal 2018 | | | | | | | | | | | | | |
March 31, 2018 | | | | $ | 0.1885 | | | | | $ | 61,153 | | |
Total | | | | $ | 0.1885 | | | | | $ | 61,153 | | |
Fiscal 2019 | | | | | | | | | | | | | |
March 31, 2019 | | | | $ | 0.1885 | | | | | $ | 61,114 | | |
Total | | | | $ | 0.1885 | | | | | $ | 61,114 | | |
| | Nine Months Ended September 30, | | | Three Months Ended March 31, | | ||||||||||||||||||||||||||||||||||||||||||||
| | 2018 | | 2017 | | | 2019 | | 2018 | | ||||||||||||||||||||||||||||||||||||||||
Source of Distribution | | Distribution Amount | | Percentage | | Distribution Amount | | Percentage | | | Distribution Amount | | Percentage | | Distribution Amount | | Percentage | | ||||||||||||||||||||||||||||||||
Offering proceeds | | | $ | — | | | | | — | | | | $ | — | | | | | — | | | | | $ | — | | | | | — | | | | $ | — | | | | | — | | | ||||||||
Borrowings | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||
Net investment income(1) | | | | 183,436 | | | | | 100% | | | | | 184,218 | | | | | 100% | | | | | | 61,114 | | | | | 100% | | | | | 61,153 | | | | | 100% | | | ||||||||
Short-term capital gains proceeds from the sale of assets | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||
Long-term capital gains proceeds from the sale of assets | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||
Non-capital gains proceeds from the sale of assets | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||
Distributions on account of preferred and common equity | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||
Total | | | $ | 183,436 | | | | | 100% | | | | $ | 184,218 | | | | | 100% | | | | | $ | 61,114 | | | | | 100% | | | | $ | 61,153 | | | | | 100% | | |
| | | Nine Months Ended September 30, | | |||||||||
| | | 2018 | | | 2017 | | ||||||
GAAP-basis net investment income | | | | $ | 178,239 | | | | | $ | 194,842 | | |
Income subject to tax not recorded for GAAP | | | | | 2,538 | | | | | | (2,111) | | |
GAAP versus tax-basis impact of consolidation of certain subsidiaries | | | | | 5,192 | | | | | | 5,901 | | |
Reclassification of unamortized original issue discount, prepayment fees and other income | | | | | (16,781) | | | | | | (13,822) | | |
Other miscellaneous differences | | | | | (231) | | | | | | 429 | | |
Tax-basis net investment income | | | | $ | 168,957 | | | | | $ | 185,239 | | |
|
| | | Three Months Ended March 31, | | |||||||||
| | | 2019 | | | 2018 | | ||||||
GAAP-basis net investment income | | | | $ | 58,114 | | | | | $ | 62,391 | | |
Income subject to tax not recorded for GAAP (income recorded for GAAP not subject to tax) | | | | | (166) | | | | | | 1,035 | | |
GAAP versus tax-basis impact of consolidation of certain subsidiaries | | | | | 1,711 | | | | | | 1,897 | | |
Reclassification of unamortized original issue discount, prepayment fees and other income | | | | | (278) | | | | | | (5,469) | | |
Other miscellaneous differences | | | | | (14) | | | | | | (330) | | |
Tax-basis net investment income | | | | $ | 59,367 | | | | | $ | 59,524 | | |
|
| | September 30, 2018 (Unaudited) | | December 31, 2017 | | | March 31, 2019 (Unaudited) | | December 31, 2018 | | ||||||||||||||||
Distributable ordinary income | | | $ | 56,005 | | | | $ | 70,483 | | | | | $ | 56,281 | | | | $ | 58,028 | | | ||||
Distributable realized gains | | | | — | | | | | — | | | |||||||||||||||
Capital loss carryover(1) | | | | (160,845) | | | | | (202,496) | | | | | | (214,125) | | | | | (194,360) | | | ||||
Other temporary differences | | | | (136) | | | | | (168) | | | | | | (129) | | | | | (139) | | | ||||
Net unrealized appreciation (depreciation) on investments and secured borrowing and gain (loss) on foreign currency(2) | | | | (203,351) | | | | | (20,073) | | | | | | (254,484) | | | | | (287,442) | | | ||||
Total | | | $ | (308,327) | | | | $ | (152,254) | | | | | $ | (412,457) | | | | $ | (423,913) | | | ||||
|
| | September 30, 2018 (Unaudited) | | December 31, 2017 | | | March 31, 2019 (Unaudited) | | December 31, 2018 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Amortized Cost(1) | | Fair Value | | Percentage of Portfolio | | Amortized Cost(1) | | Fair Value | | Percentage of Portfolio | | | Amortized Cost(1) | | Fair Value | | Percentage of Portfolio | | Amortized Cost(1) | | Fair Value | | Percentage of Portfolio | | ||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loans—First Lien | | | $ | 3,400,523 | | | | $ | 3,313,859 | | | | | 77% | | | | $ | 3,408,133 | | | | $ | 3,421,070 | | | | | 74% | | | | | $ | 3,611,239 | | | | $ | 3,519,120 | | | | | 76% | | | | $ | 3,382,158 | | | | $ | 3,293,291 | | | | | 75% | | | ||||||||||||
Senior Secured Loans—Second Lien | | | | 366,321 | | | | | 278,162 | | | | | 6% | | | | | 385,761 | | | | | 327,135 | | | | | 7% | | | | | | 471,912 | | | | | 389,559 | | | | | 8% | | | | | 418,015 | | | | | 333,986 | | | | | 8% | | | ||||||||||||
Senior Secured Bonds | | | | 182,439 | | | | | 179,191 | | | | | 4% | | | | | 123,045 | | | | | 124,673 | | | | | 3% | | | |||||||||||||||||||||||||||||||||||||||||||
Other Senior Secured Debt | | | | 182,012 | | | | | 172,800 | | | | | 4% | | | | | 207,181 | | | | | 196,616 | | | | | 5% | | | |||||||||||||||||||||||||||||||||||||||||||
Subordinated Debt | | | | 255,303 | | | | | 257,023 | | | | | 6% | | | | | 369,864 | | | | | 366,048 | | | | | 8% | | | | | | 229,637 | | | | | 222,850 | | | | | 5% | | | | | 242,792 | | | | | 221,858 | | | | | 5% | | | ||||||||||||
Collateralized Securities | | | | 19,752 | | | | | 23,435 | | | | | 1% | | | | | 20,435 | | | | | 25,763 | | | | | 1% | | | |||||||||||||||||||||||||||||||||||||||||||
Asset Based Finance | | | | 41,277 | | | | | 45,268 | | | | | 1% | | | | | 42,050 | | | | | 46,152 | | | | | 1% | | | |||||||||||||||||||||||||||||||||||||||||||
Equity/Other | | | | 261,293 | | | | | 281,874 | | | | | 6% | | | | | 296,470 | | | | | 332,905 | | | | | 7% | | | | | | 263,808 | | | | | 285,221 | | | | | 6% | | | | | 268,409 | | | | | 267,377 | | | | | 6% | | | ||||||||||||
Total | | | $ | 4,485,631 | | | | $ | 4,333,544 | | | | | 100% | | | | $ | 4,603,708 | | | | $ | 4,597,594 | | | | | 100% | | | | | $ | 4,799,885 | | | | $ | 4,634,818 | | | | | 100% | | | | $ | 4,560,605 | | | | $ | 4,359,280 | | | | | 100% | | | |
| | September 30, 2018 (Unaudited) | | December 31, 2017 | | | March 31, 2019 (Unaudited) | | December 31, 2018 | | ||||||||||||||||||||||||||||||||||||||||
Industry Classification | | Fair Value | | Percentage of Portfolio | | Fair Value | | Percentage of Portfolio | | | Fair Value | | Percentage of Portfolio | | Fair Value | | Percentage of Portfolio | | ||||||||||||||||||||||||||||||||
Automobiles & Components | | | $ | 36,905 | | | | | 1% | | | | $ | 33,322 | | | | | 1% | | | | | $ | 35,234 | | | | | 1% | | | | $ | 34,508 | | | | | 1% | | | ||||||||
Capital Goods | | | | 980,002 | | | | | 23% | | | | | 787,878 | | | | | 17% | | | | | | 892,836 | | | | | 19% | | | | | 893,250 | | | | | 21% | | | ||||||||
Commercial & Professional Services | | | | 265,368 | | | | | 6% | | | | | 501,745 | | | | | 11% | | | | | | 342,074 | | | | | 7% | | | | | 328,760 | | | | | 8% | | | ||||||||
Consumer Durables & Apparel | | | | 231,340 | | | | | 5% | | | | | 351,135 | | | | | 8% | | | | | | 224,857 | | | | | 5% | | | | | 227,470 | | | | | 5% | | | ||||||||
Consumer Services | | | | 256,719 | | | | | 6% | | | | | 394,163 | | | | | 9% | | | | | | 247,807 | | | | | 5% | | | | | 231,589 | | | | | 5% | | | ||||||||
Diversified Financials | | | | 88,839 | | | | | 2% | | | | | 76,847 | | | | | 2% | | | | | | 128,014 | | | | | 3% | | | | | 277,500 | | | | | 6% | | | ||||||||
Energy | | | | 415,953 | | | | | 10% | | | | | 499,739 | | | | | 11% | | | | | | 348,664 | | | | | 8% | | | | | 372,720 | | | | | 9% | | | ||||||||
Food & Staples Retailing | | | | 22,295 | | | | | 1% | | | | | 3,477 | | | | | 0% | | | | | | 127,580 | | | | | 3% | | | | | 6,797 | | | | | 0% | | | ||||||||
Food, Beverage & Tobacco | | | | 82,630 | | | | | 2% | | | | | 52,484 | | | | | 1% | | | | | | 96,184 | | | | | 2% | | | | | 96,787 | | | | | 2% | | | ||||||||
Health Care Equipment & Services | | | | 353,213 | | | | | 8% | | | | | 261,085 | | | | | 6% | | | | | | 450,390 | | | | | 10% | | | | | 361,228 | | | | | 8% | | | ||||||||
Insurance | | | | 112,401 | | | | | 3% | | | | | 118,271 | | | | | 2% | | | | | | 135,614 | | | | | 3% | | | | | 117,149 | | | | | 3% | | | ||||||||
Materials | | | | 298,235 | | | | | 7% | | | | | 423,964 | | | | | 9% | | | | | | 310,162 | | | | | 7% | | | | | 295,084 | | | | | 7% | | | ||||||||
Media | | | | 277,914 | | | | | 6% | | | | | 298,418 | | | | | 6% | | | | | | 251,983 | | | | | 5% | | | | | 254,278 | | | | | 6% | | | ||||||||
Pharmaceuticals, Biotechnology & Life Sciences | | | | — | | | | | — | | | | | 3,239 | | | | | 0% | | | | | | 21,675 | | | | | 0% | | | | | 20,012 | | | | | 0% | | | ||||||||
Retailing | | | | 312,323 | | | | | 7% | | | | | 182,631 | | | | | 4% | | | | | | 293,486 | | | | | 6% | | | | | 257,260 | | | | | 6% | | | ||||||||
Semiconductors & Semiconductor Equipment | | | | 15,511 | | | | | 0% | | | | | 18,069 | | | | | 0% | | | | | | — | | | | | — | | | | | 14,155 | | | | | 0% | | | ||||||||
Software & Services | | | | 390,376 | | | | | 9% | | | | | 284,561 | | | | | 6% | | | | | | 447,669 | | | | | 10% | | | | | 339,451 | | | | | 8% | | | ||||||||
Technology Hardware & Equipment | | | | 25,532 | | | | | 1% | | | | | 78,154 | | | | | 2% | | | | | | 43,431 | | | | | 1% | | | | | 46,178 | | | | | 1% | | | ||||||||
Telecommunication Services | | | | 147,882 | | | | | 3% | | | | | 147,780 | | | | | 3% | | | | | | 221,135 | | | | | 5% | | | | | 168,930 | | | | | 4% | | | ||||||||
Transportation | | | | 20,106 | | | | | 0% | | | | | 80,632 | | | | | 2% | | | | | | 16,023 | | | | | 0% | | | | | 16,174 | | | | | 0% | | | ||||||||
Total | | | $ | 4,333,544 | | | | | 100% | | | | $ | 4,597,594 | | | | | 100% | | | | | $ | 4,634,818 | | | | | 100% | | | | $ | 4,359,280 | | | | | 100% | | | |
Derivative Instrument | | | Statement Location | | | Fair Value | | |||||||||
| March 31, 2019 (Unaudited) | | | December 31, 2018 | | |||||||||||
Interest rate swaps | | | Unrealized depreciation on interest rate swaps | | | | $ | (5,739) | | | | | $ | (1,743) | | |
Total | | | | | | | $ | (5,739) | | | | | $ | (1,743) | | |
|
Derivative Instrument | | | Statement Location | | | Net Realized Gains (Losses) | | |||||||||
| Three Months Ended March 31, | | ||||||||||||||
| 2019 | | | 2018 | | |||||||||||
Interest Rate Swaps | | | Net realized gains (losses) on interest rate swaps | | | | $ | — | | | | | $ | — | | |
Total | | | | | | | $ | — | | | | | $ | — | | |
|
Derivative Instrument | | | Statement Location | | | Net Unrealized Gains (Losses) | | |||||||||
| Three Months Ended March 31, | | ||||||||||||||
| 2019 | | | 2018 | | |||||||||||
Interest Rate Swaps | | | Net change in unrealized appreciation (depreciation) on interest rate swaps | | | | $ | (3,996) | | | | | $ | — | | |
Total | | | | | | | $ | (3,996) | | | | | $ | — | | |
|
As of March 31, 2019 (Unaudited) | | ||||||||||||||||||||||||||||||
Counterparty | | | Derivative Assets Subject to Master Netting Agreement | | | Derivatives Available for Offset | | | Non-cash Collateral Received(1) | | | Cash Collateral Received(1) | | | Net Amount of Derivative Assets(2) | | |||||||||||||||
JP Morgan Chase Bank | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
ING Capital Markets | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
|
Counterparty | | | Derivative Liabilities Subject to Master Netting Agreement | | | Derivatives Available for Offset | | | Non-cash Collateral Received(1) | | | Cash Collateral Pledged1) | | | Net Amount of Derivative Liabilities(3) | | |||||||||||||||
JP Morgan Chase Bank | | | | $ | 3,183 | | | | | $ | — | | | | | $ | — | | | | | $ | 3,183 | | | | | $ | — | | |
ING Capital Markets | | | | | 2,556 | | | | | | — | | | | | | — | | | | | | 2,556 | | | | | | — | | |
Total | | | | $ | 5,739 | | | | | $ | — | | | | | $ | — | | | | | $ | 5,739 | | | | | $ | — | | |
|
As of December 31, 2018 | | ||||||||||||||||||||||||||||||
Counterparty | | | Derivative Assets Subject to Master Netting Agreement | | | Derivatives Available for Offset | | | Non-cash Collateral Received(1) | | | Cash Collateral Received(1) | | | Net Amount of Derivative Assets(2) | | |||||||||||||||
JP Morgan Chase Bank | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
|
Counterparty | | | Derivative Liabilities Subject to Master Netting Agreement | | | Derivatives Available for Offset | | | Non-cash Collateral Received(1) | | | Cash Collateral Pledged(1) | | | Net Amount of Derivative Liabilities(3) | | |||||||||||||||
JP Morgan Chase Bank | | | | $ | 1,743 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 1,743 | | |
| | | | $ | 1,743 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 1,743 | | |
|
As of March 31, 2019 (Unaudited) | | ||||||||||||||||||||||||||||||||||||
Counterparty | | | Notional Amount | | | Company Receives Floating Rate | | | Company Pays Fixed Rate | | | Termination Date | | | Premiums Paid/ (Received) | | | Value | | | Unrealized Appreciation (Depreciation) | | |||||||||||||||
JP Morgan Chase Bank | | | | $ | 80,000 | | | | 3-Month LIBOR | | | | | 2.78% | | | | 12/18/2023 | | | | $ | — | | | | | $ | (2,029) | | | | | $ | (2,029) | | |
JP Morgan Chase Bank | | | | $ | 80,000 | | | | 3-Month LIBOR | | | | | 2.81% | | | | 12/18/2021 | | | | | — | | | | | | (1,154) | | | | | | (1,154) | | |
ING Capital Markets | | | | $ | 100,000 | | | | 3-Month LIBOR | | | | | 2.59% | | | | 1/14/2024 | | | | | — | | | | | | (1,654) | | | | | | (1,654) | | |
ING Capital Markets | | | | $ | 100,000 | | | | 3-Month LIBOR | | | | | 2.62% | | | | 1/14/2022 | | | | | — | | | | | | (902) | | | | | | (902) | | |
| | | | | | | | | | | | | | | | | | | | | | $ | — | | | | | $ | (5,739) | | | | | $ | (5,739) | | |
|
As of December 31, 2018 | | ||||||||||||||||||||||||||||||||||||
Counterparty | | | Notional Amount | | | Company Receives Floating Rate | | | Company Pays Fixed Rate | | | Termination Date | | | Premiums Paid/ (Received) | | | Value | | | Unrealized Appreciation (Depreciation) | | |||||||||||||||
JP Morgan Chase Bank | | | | $ | 80,000 | | | | 3-Month LIBOR | | | | | 2.78% | | | | 12/18/2023 | | | | $ | — | | | | | $ | (1,090) | | | | | $ | (1,090) | | |
JP Morgan Chase Bank | | | | $ | 80,000 | | | | 3-Month LIBOR | | | | | 2.81% | | | | 12/18/2021 | | | | | — | | | | | | (653) | | | | | | (653) | | |
| | | | | | | | | | | | | | | | | | | | | | $ | — | | | | | $ | (1,743) | | | | | $ | (1,743) | | |
|
Valuation Inputs | | September 30, 2018 (Unaudited) | | December 31, 2017 | | | March 31, 2019 (Unaudited) | | December 31, 2018 | | ||||||||||||||||
Level 1—Price quotations in active markets | | | $ | 914 | | | | $ | 6,368 | | | | | $ | 663 | | | | $ | 517 | | | ||||
Level 2—Significant other observable inputs | | | | 838,933 | | | | | — | | | | | | 869,552 | | | | | 906,192 | | | ||||
Level 3—Significant unobservable inputs | | | | 3,493,697 | | | | | 4,591,226 | | | | | | 3,764,603 | | | | | 3,452,571 | | | ||||
Total | | | $ | 4,333,544 | | | | $ | 4,597,594 | | | | | $ | 4,634,818 | | | | $ | 4,359,280 | | | |
| | | March 31, 2019 (Unaudited) | | | December 31, 2018 | | ||||||||||||||||||
Valuation Inputs | | | Assets | | | Liability | | | Asset | | | Liability | | ||||||||||||
Level 1—Price quotations in active markets | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Level 2—Significant other observable inputs | | | | | — | | | | | | (5,739) | | | | | | — | | | | | | (1,743) | | |
Level 3—Significant unobservable inputs | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total | | | | $ | — | | | | | $ | (5,739) | | | | | $ | — | | | | | $ | (1,743) | | |
|
| | | For the Nine Months Ended September 30, 2018 | | |||||||||||||||||||||||||||||||||||||||
| | | Senior Secured Loans—First Lien | | | Senior Secured Loans—Second Lien | | | Senior Secured Bonds | | | Subordinated Debt | | | Collateralized Securities | | | Equity/ Other | | | Total | | |||||||||||||||||||||
Fair value at beginning of period | | | | $ | 3,421,070 | | | | | $ | 327,135 | | | | | $ | 124,673 | | | | | $ | 366,048 | | | | | $ | 25,763 | | | | | $ | 326,537 | | | | | $ | 4,591,226 | | |
Accretion of discount (amortization of premium) | | | | | 2,272 | | | | | | 57 | | | | | | 414 | | | | | | — | | | | | | 4 | | | | | | 117 | | | | | | 2,864 | | |
Net realized gain (loss) | | | | | (25,716) | | | | | | 611 | | | | | | (1,846) | | | | | | — | | | | | | — | | | | | | 32,186 | | | | | | 5,235 | | |
Net change in unrealized appreciation (depreciation) | | | | | (97,573) | | | | | | (30,768) | | | | | | (4,502) | | | | | | (1,404) | | | | | | (1,645) | | | | | | (14,013) | | | | | | (149,905) | | |
Purchases | | | | | 826,657 | | | | | | 92,816 | | | | | | 3,370 | | | | | | 18,782 | | | | | | 912 | | | | | | 31,266 | | | | | | 973,803 | | |
Paid-in-kind interest | | | | | 3,773 | | | | | | 1,339 | | | | | | 2,636 | | | | | | 2,444 | | | | | | — | | | | | | 3,065 | | | | | | 13,257 | | |
Sales and repayments | | | | | (841,856) | | | | | | (134,310) | | | | | | (18,691) | | | | | | (58,206) | | | | | | (1,599) | | | | | | (96,322) | | | | | | (1,150,984) | | |
Net transfers in or out of Level 3(1) | | | | | (392,341) | | | | | | (82,804) | | | | | | (7,058) | | | | | | (303,910) | | | | | | — | | | | | | (5,686) | | | | | | (791,799) | | |
Fair value at end of period | | | | $ | 2,896,286 | | | | | $ | 174,076 | | | | | $ | 98,996 | | | | | $ | 23,754 | | | | | $ | 23,435 | | | | | $ | 277,150 | | | | | $ | 3,493,697 | | |
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date | | | | $ | (85,430) | | | | | $ | (29,344) | | | | | $ | (5,544) | | | | | $ | (809) | | | | | $ | (1,645) | | | | | $ | 15,558 | | | | | $ | (107,214) | | |
|
| | | For the Nine Months Ended September 30, 2017 | | |||||||||||||||||||||||||||||||||||||||
| | | Senior Secured Loans—First Lien | | | Senior Secured Loans—Second Lien | | | Senior Secured Bonds | | | Subordinated Debt | | | Collateralized Securities | | | Equity/ Other | | | Total | | |||||||||||||||||||||
Fair value at beginning of period | | | | $ | 2,864,089 | | | | | $ | 718,971 | | | | | $ | 148,085 | | | | | $ | 402,397 | | | | | $ | 23,173 | | | | | $ | 331,297 | | | | | $ | 4,488,012 | | |
Accretion of discount (amortization of premium) | | | | | 4,257 | | | | | | 12,330 | | | | | | 418 | | | | | | 2,533 | | | | | | 4 | | | | | | — | | | | | | 19,542 | ��� | |
Net realized gain (loss) | | | | | 4,315 | | | | | | (16,697) | | | | | | (18,593) | | | | | | (14,935) | | | | | | (167) | | | | | | (3,122) | | | | | | (49,199) | | |
Net change in unrealized appreciation (depreciation) | | | | | 11,743 | | | | | | (10,215) | | | | | | 26,019 | | | | | | 45,308 | | | | | | (945) | | | | | | (10,173) | | | | | | 61,737 | | |
Purchases | | | | | 1,165,253 | | | | | | 126,861 | | | | | | 25,468 | | | | | | 134,356 | | | | | | — | | | | | | 35,844 | | | | | | 1,487,782 | | |
Paid-in-kind interest | | | | | 7,537 | | | | | | 9,470 | | | | | | 23 | | | | | | 2,059 | | | | | | — | | | | | | 1,099 | | | | | | 20,188 | | |
Sales and repayments | | | | | (821,782) | | | | | | (508,516) | | | | | | (1,497) | | | | | | (65,062) | | | | | | (2,805) | | | | | | (9,994) | | | | | | (1,409,656) | | |
Net transfers in or out of Level 3 | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Fair value at end of period | | | | $ | 3,235,412 | | | | | $ | 332,204 | | | | | $ | 179,923 | | | | | $ | 506,656 | | | | | $ | 19,260 | | | | | $ | 344,951 | | | | | $ | 4,618,406 | | |
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date | | | | $ | (3,650) | | | | | $ | (21,506) | | | | | $ | 5,632 | | | | | $ | 12,402 | | | | | $ | (512) | | | | | $ | (37,227) | | | | | $ | (44,861) | | |
|
| | | For the Three Months Ended March 31, 2019 | | |||||||||||||||||||||||||||||||||||||||
| | | Senior Secured Loans— First Lien | | | Senior Secured Loans— Second Lien | | | Other Senior Secured Debt | | | Subordinated Debt | | | Asset Based Finance | | | Equity/ Other | | | Total | | |||||||||||||||||||||
Fair value at beginning of period | | | | $ | 2,827,812 | | | | | $ | 212,290 | | | | | $ | 95,132 | | | | | $ | 6,201 | | | | | $ | 46,152 | | | | | $ | 264,984 | | | | | $ | 3,452,571 | | |
Accretion of discount (amortization of premium) | | | | | 837 | | | | | | 68 | | | | | | 119 | | | | | | 2 | | | | | | 1 | | | | | | 100 | | | | | | 1,127 | | |
Net realized gain (loss) | | | | | (1,521) | | | | | | — | | | | | | — | | | | | | — | | | | | | 114 | | | | | | (10,299) | | | | | | (11,706) | | |
Net change in unrealized appreciation (depreciation) | | | | | (8,812) | | | | | | (564) | | | | | | (3,257) | | | | | | 742 | | | | | | (111) | | | | | | 22,575 | | | | | | 10,573 | | |
Purchases | | | | | 291,045 | | | | | | 64,577 | | | | | | 1,209 | | | | | | 32,614 | | | | | | — | | | | | | 4,123 | | | | | | 393,568 | | |
Paid-in-kind interest | | | | | 651 | | | | | | 484 | | | | | | 1,156 | | | | | | 146 | | | | | | 525 | | | | | | 1,774 | | | | | | 4,736 | | |
Sales and repayments | | | | | (86,294) | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,413) | | | | | | (292) | | | | | | (87,999) | | |
Net transfers in or out of Level 3 | | | | | 1,733 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,733 | | |
Fair value at end of period | | | | $ | 3,025,451 | | | | | $ | 276,855 | | | | | $ | 94,359 | | | | | $ | 39,705 | | | | | $ | 45,268 | | | | | $ | 282,965 | | | | | $ | 3,764,603 | | |
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date | | | | $ | (29) | | | | | $ | 14,613 | | | | | $ | (3,257) | | | | | $ | (9,231) | | | | | $ | (1,303) | | | | | $ | 51 | | | | | $ | 844 | | |
|
| | | For the Three Months Ended March 31, 2018 | | |||||||||||||||||||||||||||||||||||||||
| | | Senior Secured Loans— First Lien | | | Senior Secured Loans— Second Lien | | | Other Senior Secured Debt | | | Subordinated Debt | | | Asset Based Finance | | | Equity/ Other | | | Total | | |||||||||||||||||||||
Fair value at beginning of period | | | | $ | 3,421,070 | | | | | $ | 327,135 | | | | | $ | 124,673 | | | | | $ | 345,593 | | | | | $ | 47,173 | | | | | $ | 325,582 | | | | | $ | 4,591,226 | | |
Accretion of discount (amortization of premium) | | | | | 839 | | | | | | 235 | | | | | | 190 | | | | | | 438 | | | | | | 1 | | | | | | — | | | | | | 1,703 | | |
Net realized gain (loss) | | | | | (1,395) | | | | | | (1,329) | | | | | | (1,852) | | | | | | (13,058) | | | | | | 99 | | | | | | (1,759) | | | | | | (19,294) | | |
Net change in unrealized appreciation (depreciation) | | | | | (50,585) | | | | | | (28,219) | | | | | | 902 | | | | | | (1,879) | | | | | | (2,659) | | | | | | (6,533) | | | | | | (88,973) | | |
Purchases | | | | | 164,136 | | | | | | 6,944 | | | | | | 17,900 | | | | | | 3,784 | | | | | | 658 | | | | | | 6,519 | | | | | | 199,941 | | |
Paid-in-kind interest | | | | | 1,731 | | | | | | 464 | | | | | | 1,509 | | | | | | 48 | | | | | | 754 | | | | | | 472 | | | | | | 4,978 | | |
Sales and repayments | | | | | (249,782) | | | | | | (2,189) | | | | | | (18,099) | | | | | | (14,095) | | | | | | (66) | | | | | | (11,192) | | | | | | (295,423) | | |
Net transfers in or out of Level 3 | | | | | (365,903) | | | | | | (80,281) | | | | | | (25,062) | | | | | | (275,743) | | | | | | — | | | | | | (4,465) | | | | | | (751,454) | | |
Fair value at end of period | | | | $ | 2,920,111 | | | | | $ | 222,760 | | | | | $ | 100,161 | | | | | $ | 45,088 | | | | | $ | 45,960 | | | | | $ | 308,624 | | | | | $ | 3,642,704 | | |
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date | | | | $ | (48,621) | | | | | $ | (28,923) | | | | | $ | (252) | | | | | $ | (324) | | | | | $ | (2,661) | | | | | $ | (6,121) | | | | | $ | (86,902) | | |
|
Type of Investment | | Fair Value at September 30, 2018 (Unaudited) | | Valuation Technique(1) | | Unobservable Input | | Range | | Weighted Average | | | Fair Value at March 31, 2019 (Unaudited)(1) | | Valuation Technique(2) | | Unobservable Input | | Range(3) | | Impact to Valuation from an Increase in Input(4) | | ||||||||||||||||
Senior Secured Loans—First Lien | | | $ | 2,679,875 | | | Market Comparables | | Market Yield (%) | | 6.4% – 21.8% | | 10.3% | | ||||||||||||||||||||||||
Senior Debt | | | $ | 3,024,159 | | | Discounted Cash Flow | | Discount Rate | | 8.06% – 16.73% (9.62%) | | Decrease | | ||||||||||||||||||||||||
| | | | | | | | | EBITDA Multiples (x) | | 4.8x – 9.0x | | 8.0x | | | | | 166,669 | | | Waterfall | | EBITDA Multiple | | 0.13x – 8.25x (4.81x) | | Increase | | ||||||||||
| | | | 216,411 | | | Other(2) | | Other | | N/A | | N/A | | | | | 105,878 | | | Other(5) | | | | | | | | ||||||||||
Senior Secured Loans—Second Lien | | | | 160,705 | | | Market Comparables | | Market Yield (%) | | 8.6% – 15.0% | | 12.7% | | ||||||||||||||||||||||||
| | | | | | | | | EBITDA Multiples (x) | | 4.8x – 5.3x | | 5.0x | | ||||||||||||||||||||||||
| | | | 13,371 | | | Other(2) | | Other | | N/A | | N/A | | ||||||||||||||||||||||||
Senior Secured Bonds | | | | 98,996 | | | Market Comparables | | Market Yield (%) | | 6.6% – 12.8% | | 8.3% | | ||||||||||||||||||||||||
| | | | | | | | | EBITDA Multiples (x) | | 6.9x – 9.0x | | 7.6x | | | | | 99,959 | | | Cost | | | | | | | | ||||||||||
Subordinated Debt | | | | 23,754 | | | Market Comparables | | Market Yield (%) | | 14.8% – 20.3% | | 15.4% | | | | | 39,499 | | | Discounted Cash Flow | | Discount Rate | | 11.58% – 19.75% (12.11%) | | Decrease | | ||||||||||
| | | | | | | | | EBITDA Multiples (x) | | 12.5x – 13.0x | | 12.8x | | | | | 206 | | | Waterfall | | EBITDA Multiple | | 10.64x – 10.64x (10.64x) | | Increase | | ||||||||||
Collateralized Securities | | | | 23,435 | | | Market Quotes | | Indicative Dealer Quotes | | 60.6% – 100.3% | | 65.1% | | ||||||||||||||||||||||||
Asset Based Finance | | | | 24,928 | | | Waterfall | | EBITDA Multiple | | 1.03x – 12.00x (1.51x) | | Increase | | ||||||||||||||||||||||||
| | | | 20,340 | | | Indicative Dealer Quotes | | | | 52.63% – 99.71% (71.35%) | | Increase | | ||||||||||||||||||||||||
Equity/Other | | | | 254,841 | | | Market Comparables | | Market Yield (%) | | 17.5% – 18.7% | | 18.1% | | | | | 254,466 | | | Waterfall | | EBITDA Multiple | | 0.73x – 14.50x (5.29x) | | Increase | | ||||||||||
| | | | | | | | | Capacity Multiple ($/kW) | | $1,875.0 – $2,125.0 | | $2,000.0 | | ||||||||||||||||||||||||
| | | | | | | | | EBITDA Multiples (x) | | 4.8x – 14.2x | | 7.9x | | ||||||||||||||||||||||||
| | | | | | | | | Production Multiples (Mboe/d) | | $36,250.0 – $53,750.0 | | $49,760.3 | | ||||||||||||||||||||||||
| | | | | | | | | Production Multiples (MMcfe/d) | | $4,200.0 – $4,700.0 | | $4,450.0 | | ||||||||||||||||||||||||
| | | | | | | | | Proved Reserves Multiples (Bcfe) | | $1.2 – $1.3 | | $1.2 | | ||||||||||||||||||||||||
| | | | | | | | | Proved Reserves Multiples (Mmboe) | | $8.3 – $18.0 | | $16.3 | | ||||||||||||||||||||||||
| | | | | | | | | PV-10 Multiples (x) | | 1.1x – 2.4x | | 2.1x | | ||||||||||||||||||||||||
| | | | | | | Discounted Cash Flow | | Discount Rate (%) | | 14.5% – 15.5% | | 15.0% | | | | | 23,375 | | | Other(5) | | | | | | | | ||||||||||
| | | | | | | Option Valuation Model | | Volatility (%) | | 25.0% – 25.0% | | 25.0% | | | | | 4,655 | | | Cost | | | | | | | | ||||||||||
| | | | 22,309 | | | Other(2) | | Other | | N/A | | N/A | | | | | 469 | | | Option Pricing Model | | Equity Illiquidity Discount | | 15.00% – 15.00% (15.00%) | | Decrease | | ||||||||||
Total | | | $ | 3,493,697 | | | | | | | | | | | | | $ | 3,764,603 | | | | | | | | | | | |
Type of Investment | | | Fair Value at December 31, 2018 | | | Valuation Technique(1) | | | Unobservable Input | | | Range | | | Weighted Average | | |||
Senior Secured Loans—First Lien | | | | $ | 2,668,002 | | | | Market Comparables | | | Market Yield (%) | | | 5.5% – 16.8% | | | 10.5% | |
| | | | | | | | | | | | EBITDA Multiples (x) | | | 5.3x – 9.5x | | | 6.9x | |
| | | | | | | | | | | | Revenue Multiples (x) | | | 0.1x – 0.1x | | | 0.1x | |
| | | | | 61,692 | | | | Other(2) | | | Other | | | N/A | | | N/A | |
| | | | | 98,118 | | | | Cost | | | Cost | | | 99.0% – 100.0% | | | 99.5% | |
Senior Secured Loans—Second Lien | | | | | 157,615 | | | | Market Comparables | | | Market Yield (%) | | | 8.9% – 15.0% | | | 12.6% | |
| | | | | 8,316 | | | | Other(2) | | | Other | | | N/A | | | N/A | |
| | | | | 46,359 | | | | Cost | | | Cost | | | 98.5% – 98.5% | | | 98.5% | |
Other Senior Secured Debt | | | | | 95,132 | | | | Market Comparables | | | Market Yield (%) | | | 8.2% – 13.6% | | | 9.7% | |
| | | | | | | | | | | | EBITDA Multiples (x) | | | 7.0x – 8.5x | | | 7.5x | |
Subordinated Debt | | | | | 6,201 | | | | Market Comparables | | | Market Yield (%) | | | 12.0% – 20.0% | | | 14.3% | |
| | | | | | | | | | | | EBITDA Multiples (x) | | | 9.6x – 10.1x | | | 9.9x | |
Asset Based Finance | | | | | 24,385 | | | | Market Comparables | | | Market Yield (%) | | | 17.7% – 19.0% | | | 18.4% | |
| | | | | | | | | | | | Net Aircraft Book Value Multiple (x) | | | 1.0x – 1.0x | | | 1.0x | |
| | | | | 21,767 | | | | Market Quotes | | | Indicative Dealer Quotes | | | 51.8% – 99.6% | | | 61.9% | |
Equity/Other | | | | | 223,197 | | | | Market Comparables | | | Capacity Multiple ($/kW) | | | $1,875.0 – $2,125.0 | | | $2,000.0 | |
| | | | | | | | | | | | EBITDA Multiples (x) | | | 4.0x – 14.3x | | | 7.6x | |
| | | | | | | | | | | | Net Aircraft Book Value Multiple (x) | | | 1.0x – 1.0x | | | 1.0x | |
| | | | | | | | | | | | Price to Book Multiple (x) | | | 1.0x – 1.0x | | | 1.0x | |
| | | | | | | | | | | | Production Multiples (Mboe/d) | | | $25,000.0 – $38,750.0 | | | $28,034.2 | |
| | | | | | | | | | | | Production Multiples (MMcfe/d) | | | $4,708.0 – $5,167.0 | | | $4,937.5 | |
| | | | | | | | | | | | Proved Reserves Multiples (Bcfe) | | | $1.2 – $1.3 | | | $1.2 | |
| | | | | | | | | | | | Proved Reserves Multiples (Mmboe) | | | $3.5 – $13.8 | | | $5.4 | |
| | | | | | | | | | | | PV-10 Multiples (x) | | | 0.8x – 2.3x | | | 1.7x | |
| | | | | 19,929 | | | | Discounted Cash Flow | | | Discount Rate (%) | | | 11.8% – 13.8% | | | 12.8% | |
| | | | | 471 | | | | Option Valuation Model | | | Volatility (%) | | | 30.0% – 30.0% | | | 30.0% | |
| | | | | 20,251 | | | | Other(2) | | | Other | | | N/A | | | N/A | |
| | | | | 1,136 | | | | Cost | | | Cost | | | 100.0% – 100.0% | | | 100.0% | |
Total | | | | $ | 3,452,571 | | | | | | | | | | | | | | |
|
Type of Investment | | | Fair Value at December 31, 2017 | | | Valuation Technique(1) | | | Unobservable Input | | | Range | | | Weighted Average | | |||
Senior Secured Loans—First Lien | | | | $ | 2,947,886 | | | | Market Comparables | | | Market Yield (%) | | | 4.8% – 14.0% | | | 9.2% | |
| | | | | | | | | | | | EBITDA Multiples (x) | | | 5.0x – 8.0x | | | 7.3x | |
| | | | | 80,848 | | | | Other(2) | | | Other | | | N/A | | | N/A | |
| | | | | 392,336 | | | | Market Quotes | | | Indicative Dealer Quotes | | | 25.0% – 102.8% | | | 98.2% | |
Senior Secured Loans—Second Lien | | | | | 244,330 | | | | Market Comparables | | | Market Yield (%) | | | 8.3% – 20.7% | | | 14.2% | |
| | | | | | | | | | | | EBITDA Multiples (x) | | | 5.0x – 6.5x | | | 6.1x | |
| | | | | 82,805 | | | | Market Quotes | | | Indicative Dealer Quotes | | | 13.2% – 102.3% | | | 89.2% | |
Senior Secured Bonds | | | | | 89,268 | | | | Market Comparables | | | Market Yield (%) | | | 7.7% – 12.3% | | | 8.7% | |
| | | | | | | | | | | | EBITDA Multiples (x) | | | 4.8x – 8.0x | | | 7.7x | |
| | | | | | | | | | | | Production Multiples (Mboe/d) | | | $42,250.0 – $44,750.0 | | | $43,500.0 | |
| | | | | | | | | | | | Proved Reserves Multiples (Mmboe) | | | $10.3 – $11.3 | | | $10.8 | |
| | | | | | | | | | | | PV-10 Multiples (x) | | | 0.8x – 0.8x | | | 0.8x | |
| | | | | 28,347 | | | | Other(2) | | | Other | | | N/A | | | N/A | |
| | | | | 7,058 | | | | Market Quotes | | | Indicative Dealer Quotes | | | 100.5% – 100.5% | | | 100.5% | |
Subordinated Debt | | | | | 62,138 | | | | Market Comparables | | | Market Yield (%) | | | 7.8% – 14.8% | | | 10.2% | |
| | | | | | | | | | | | EBITDA Multiples (x) | | | 10.5x – 11.0x | | | 10.8x | |
| | | | | 303,910 | | | | Market Quotes | | | Indicative Dealer Quotes | | | 52.0% – 108.5% | | | 97.9% | |
Collateralized Securities | | | | | 25,763 | | | | Market Quotes | | | Indicative Dealer Quotes | | | 63.3% – 100.2% | | | 72.1% | |
Equity/Other | | | | | 260,420 | | | | Market Comparables | | | Market Yield (%) | | | 15.3% – 15.8% | | | 15.5% | |
| | | | | | | | | | | | Capacity Multiple ($/kW) | | | $2,000.0 – $2,250.0 | | | $2,125.0 | |
| | | | | | | | | | | | EBITDA Multiples (x) | | | 4.8x – 23.5x | | | 7.9x | |
| | | | | | | | | | | | Production Multiples (Mboe/d) | | | $32,500.0 – $51,250.0 | | | $35,881.4 | |
| | | | | | | | | | | | Production Multiples (MMcfe/d) | | | $5,000.0 – $5,500.0 | | | $5,250.0 | |
| | | | | | | | | | | | Proved Reserves Multiples (Bcfe) | | | $1.8 – $2.0 | | | $1.9 | |
| | | | | | | | | | | | Proved Reserves Multiples (Mmboe) | | | $8.3 – $11.3 | | | $8.9 | |
| | | | | | | | | | | | PV-10 Multiples (x) | | | 0.8x – 2.6x | | | 2.2x | |
| | | | | | | | | Discounted Cash Flow | | | Discount Rate (%) | | | 11.0% – 13.0% | | | 12.0% | |
| | | | | | | | | Option Valuation Model | | | Volatility (%) | | | 30.0% – 36.5% | | | 35.4% | |
| | | | | 60,431 | | | | Other(2) | | | Other | | | N/A | | | N/A | |
| | | | | 5,686 | | | | Market Quotes | | | Indicative Dealer Quotes | | | 0.0% – 9.8% | | | 8.1% | |
Total | | | | $ | 4,591,226 | | | | | | | | | | | | | | |
|
| | | As of September 30, 2018 (Unaudited) | | ||||||||||||||||||
Arrangement(1) | | | Type of Arrangement | | | Rate | | | Amount Outstanding | | | Amount Available | | | Maturity Date | | ||||||
Green Creek Credit Facility | | | Term Loan Credit Facility | | | L+2.50% | | | | $ | 500,000 | | | | | $ | — | | | | December 15, 2019 | |
Cooper River Credit Facility | | | Revolving Credit Facility | | | L+2.25% | | | | | 132,000 | | | | | | 68,000 | | | | May 29, 2020 | |
Darby Creek Credit Facility | | | Revolving Credit Facility | | | L+2.50% | | | | | 135,000 | | | | | | 115,000 | | | | August 19, 2020 | |
Juniata River Credit Facility | | | Term Loan Credit Facility | | | L+2.68% | | | | | 850,000 | | | | | | — | | | | October 11, 2020 | |
Senior Secured Revolving Credit Facility | | | Revolving Credit Facility | | | L+2.00% – 2.25%(2) | | | | | 276,394(3) | | | | | | 373,606 | | | | August 9, 2023 | |
Total | | | | | | | | | | $ | 1,893,394 | | | | | $ | 556,606 | | | | | |
| | | As of March 31, 2019 (Unaudited) | | ||||||||||||||||||
Arrangement(1) | | | Type of Arrangement | | | Rate | | | Amount Outstanding | | | Amount Available | | | Maturity Date | | ||||||
Green Creek Credit Facility | | | Term Loan Credit Facility | | | L+2.50% | | | | $ | 500,000 | | | | | $ | — | | | | December 15, 2019 | |
Cooper River Credit Facility | | | Revolving Credit Facility | | | L+2.25% | | | | | 115,000 | | | | | | 85,000 | | | | March 31, 2021 | |
Darby Creek Credit Facility | | | Revolving Credit Facility | | | L+1.95% | | | | | 185,000 | | | | | | 65,000 | | | | February 26, 2024 | |
Juniata River Credit Facility | | | Revolving Credit Facility | | | L+2.68% | | | | | 850,000 | | | | | | — | | | | October 11, 2020 | |
Senior Secured Revolving Credit Facility | | | Revolving Credit Facility | | | L+2.00% – 2.25%(2) | | | | | 460,964(3) | | | | | | 189,036 | | | | August 9, 2023 | |
Total | | | | | | | | | | $ | 2,110,964 | | | | | $ | 339,036 | | | | | |
| | | As of December 31, 2018 | | ||||||||||||||||||
Arrangement(1) | | | Type of Arrangement | | | Rate | | | Amount Outstanding | | | Amount Available | | | Maturity Date | | ||||||
Green Creek Credit Facility | | | Term Loan Credit Facility | | | L+2.50% | | | | $ | 500,000 | | | | | $ | — | | | | December 15, 2019 | |
Cooper River Credit Facility | | | Revolving Credit Facility | | | L+2.25% | | | | | 107,000 | | | | | | 93,000 | | | | May 29, 2020 | |
Darby Creek Credit Facility | | | Revolving Credit Facility | | | L+2.50% | | | | | 135,000 | | | | | | 115,000 | | | | August 19, 2020 | |
Juniata River Credit Facility | | | Term Loan Credit Facility | | | L+2.68% | | | | | 850,000 | | | | | | — | | | | October 11, 2020 | |
Senior Secured Revolving Credit Facility | | | Revolving Credit Facility | | | L+2.00% – 2.25%(2) | | | | | 298,254(4) | | | | | | 351,746 | | | | August 9, 2023 | |
Total | | | | | | | | | | $ | 1,890,254 | | | | | $ | 559,746 | | | | | |
| | | As of December 31, 2017 | | ||||||||||||||||||
Arrangement(1) | | | Type of Arrangement | | | Rate | | | Amount Outstanding | | | Amount Available | | | Maturity Date | | ||||||
Green Creek Credit Facility | | | Term Loan Credit Facility | | | L+2.50% | | | | $ | 500,000 | | | | | $ | — | | | | December 15, 2019 | |
Cooper River Credit Facility | | | Revolving Credit Facility | | | L+2.25% | | | | | 180,933 | | | | | | 19,067 | | | | May 29, 2020 | |
Wissahickon Creek Credit Facility | | | Revolving Credit Facility | | | L+1.50% to L+2.50% | | | | | 240,146 | | | | | | 9,854 | | | | February 18, 2022 | |
Darby Creek Credit Facility | | | Revolving Credit Facility | | | L+2.50% | | | | | 250,000 | | | | | | — | | | | August 19, 2020 | |
Dunning Creek Credit Facility | | | Revolving Credit Facility | | | L+1.80% | | | | | 150,000 | | | | | | — | | | | May 14, 2018 | |
Juniata River Credit Facility | | | Term Loan Credit Facility | | | L+2.68% | | | | | 850,000 | | | | | | — | | | | October 11, 2020 | |
FSIC II Revolving Credit Facility | | | Revolving Credit Facility | | | See Note(2) | | | | | 13,400(3) | | | | | | 106,600 | | | | February 23, 2021 | |
Total | | | | | | | | | | $ | 2,184,479 | | | | | $ | 135,521 | | | | | |
| | | Three Months Ended September 30, | | |||||||||||||||||||||||||||||||||
| | | 2018 | | | 2017 | | ||||||||||||||||||||||||||||||
Arrangement(1) | | | Direct Interest Expense(2) | | | Amortization of Deferred Financing Costs | | | Total Interest Expense | | | Direct Interest Expense(2) | | | Amortization of Deferred Financing Costs | | | Total Interest Expense | | ||||||||||||||||||
Green Creek Credit Facility | | | | $ | 6,187 | | | | | $ | 315 | | | | | $ | 6,502 | | | | | $ | 4,655 | | | | | $ | 125 | | | | | $ | 4,780 | | |
Cooper River Credit Facility | | | | | 1,901 | | | | | | 117 | | | | | | 2,018 | | | | | | 1,628 | | | | | | 117 | | | | | | 1,745 | | |
Wissahickon Creek Credit Facility | | | | | 1,118 | | | | | | 1,816 | | | | | | 2,934 | | | | | | 2,289 | | | | | | 266 | | | | | | 2,555 | | |
Darby Creek Credit Facility | | | | | 2,243 | | | | | | 139 | | | | | | 2,382 | | | | | | 2,567 | | | | | | 345 | | | | | | 2,912 | | |
Dunning Creek Credit Facility | | | | | 268 | | | | | | — | | | | | | 268 | | | | | | 1,198 | | | | | | 94 | | | | | | 1,292 | | |
Juniata River Credit Facility | | | | | 10,907 | | | | | | 370 | | | | | | 11,277 | | | | | | 8,587 | | | | | | 369 | | | | | | 8,956 | | |
FSIC II Revolving Credit Facility | | | | | 11 | | | | | | 4 | | | | | | 15 | | | | | | 407 | | | | | | 13 | | | | | | 420 | | |
Senior Secured Revolving Credit Facility | | | | | 1,395 | | | | | | 133 | | | | | | 1,528 | | | | | | — | | | | | | — | | | | | | — | | |
Partial Loan Sale(3) | | | | | — | | | | | | — | | | | | | — | | | | | | 121 | | | | | | 5 | | | | | | 126 | | |
Total | | | | $ | 24,030 | | | | | $ | 2,894 | | | | | $ | 26,924 | | | | | $ | 21,452 | | | | | $ | 1,334 | | | | | $ | 22,786 | | |
|
| | | Nine Months Ended September 30, | | |||||||||||||||||||||||||||||||||
| | | 2018 | | | 2017 | | ||||||||||||||||||||||||||||||
Arrangement(1) | | | Direct Interest Expense(2) | | | Amortization of Deferred Financing Costs | | | Total Interest Expense | | | Direct Interest Expense(2) | | | Amortization of Deferred Financing Costs | | | Total Interest Expense | | ||||||||||||||||||
Goldman Repurchase Facility | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 5,249 | | | | | $ | 202 | | | | | $ | 5,451 | | |
Green Creek Credit Facility | | | | | 17,225 | | | | | | 583 | | | | | | 17,808 | | | | | | 6,503 | | | | | | 205 | | | | | | 6,708 | | |
Cooper River Credit Facility | | | | | 5,876 | | | | | | 347 | | | | | | 6,223 | | | | | | 4,586 | | | | | | 347 | | | | | | 4,933 | | |
Wissahickon Creek Credit Facility | | | | | 6,342 | | | | | | 2,342 | | | | | | 8,684 | | | | | | 6,519 | | | | | | 744 | | | | | | 7,263 | | |
Darby Creek Credit Facility | | | | | 7,759 | | | | | | 527 | | | | | | 8,286 | | | | | | 7,306 | | | | | | 1,023 | | | | | | 8,329 | | |
Dunning Creek Credit Facility | | | | | 2,914 | | | | | | 136 | | | | | | 3,050 | | | | | | 3,008 | | | | | | 298 | | | | | | 3,306 | | |
Juniata River Credit Facility | | | | | 30,767 | | | | | | 1,095 | | | | | | 31,862 | | | | | | 24,381 | | | | | | 1,095 | | | | | | 25,476 | | |
FSIC II Revolving Credit Facility | | | | | 488 | | | | | | 29 | | | | | | 517 | | | | | | 1,086 | | | | | | 55 | | | | | | 1,141 | | |
Senior Secured Revolving Credit Facility | | | | | 1,395 | | | | | | 133 | | | | | | 1,528 | | | | | | — | | | | | | — | | | | | | — | | |
Partial Loan Sale(3) | | | | | — | | | | | | — | | | | | | — | | | | | | 351 | | | | | | 13 | | | | | | 364 | | |
Total | | | | $ | 72,766 | | | | | $ | 5,192 | | | | | $ | 77,958 | | | | | $ | 58,989 | | | | | $ | 3,982 | | | | | $ | 62,971 | | |
|
| | | Three Months Ended March 31, | | |||||||||||||||||||||||||||||||||
| | | 2019 | | | 2018 | | ||||||||||||||||||||||||||||||
Arrangement(1) | | | Direct Interest Expense(2) | | | Amortization of Deferred Financing Costs | | | Total Interest Expense | | | Direct Interest Expense(2) | | | Amortization of Deferred Financing Costs | | | Total Interest Expense | | ||||||||||||||||||
Green Creek Credit Facility | | | | $ | 6,437 | | | | | $ | 133 | | | | | $ | 6,570 | | | | | $ | 4,961 | | | | | $ | 267 | | | | | $ | 5,228 | | |
Cooper River Credit Facility | | | | | 1,695 | | | | | | 125 | | | | | | 1,820 | | | | | | 1,697 | | | | | | 114 | | �� | | | | 1,811 | | |
Wissahickon Creek Credit Facility | | | | | — | | | | | | — | | | | | | — | | | | | | 2,612 | | | | | | 262 | | | | | | 2,874 | | |
Darby Creek Credit Facility | | | | | 2,473 | | | | | | 130 | | | | | | 2,603 | | | | | | 2,786 | | | | | | 250 | | | | | | 3,036 | | |
Dunning Creek Credit Facility | | | | | — | | | | | | — | | | | | | — | | | | | | 1,365 | | | | | | 92 | | | | | | 1,457 | | |
Juniata River Credit Facility | | | | | 11,692 | | | | | | 361 | | | | | | 12,053 | | | | | | 9,242 | | | | | | 361 | | | | | | 9,603 | | |
FSIC II Revolving Credit Facility | | | | | — | | | | | | — | | | | | | — | | | | | | 162 | | | | | | 12 | | | | | | 174 | | |
Senior Secured Revolving Credit Facility | | | | | 6,288 | | | | | | 241 | | | | | | 6,529 | | | | | | — | | | | | | — | | | | | | — | | |
Total | | | | $ | 28,585 | | | | | $ | 990 | | | | | $ | 29,575 | | | | | $ | 22,825 | | | | | $ | 1,358 | | | | | $ | 24,183 | | |
|
Category/Company(1) | | | Commitment Amount | | |||
Senior Secured Loans—First Lien | | | | | | | |
5 Arch Income Fund 2, LLC | | | | $ | 34,470 | | |
Altus Power America Inc | | | | | 140 | | |
Apex Group Limited | | | | | 2,241 | | |
Apex Group Limited | | | | | 5,809 | | |
Ascension Insurance Inc | | | | | 13,800 | | |
Aspect Software Inc | | | | | 865 | | |
Conservice LLC | | | | | 5,919 | | |
CSafe Global | | | | | 3,965 | | |
Eagle Family Foods Inc | | | | | 4,087 | | |
Fairway Group Holdings Corp | | | | | 453 | | |
JHC Acquisition LLC | | | | | 35,269 | | |
Kodiak BP LLC | | | | | 9,849 | | |
Lazard Global Compounders Fund | | | | | 7,214 | | |
Lipari Foods LLC | | | | | 25,220 | | |
North Haven Cadence Buyer Inc | | | | | 2,625 | | |
North Haven Cadence Buyer Inc | | | | | 292 | | |
Zeta Interactive Holdings Corp | | | | | 6,571 | | |
Senior Secured Loans—Second Lien | | | | | | | |
Bellatrix Exploration Ltd | | | | | 624 | | |
Total unfunded loans | | | | $ | 159,413 | | |
Unfunded equity commitments | | | | $ | 47 | | |
|
| | Nine Months Ended September 30, 2018 (Unaudited) | | Year Ended December 31, 2017 | | | Three Months Ended March 31, 2019 (Unaudited) | | Year Ended December 31, 2018 | | ||||||||||||||||
Per Share Data:(1) | | | | | | | | | | | | | | | | | | | | | | | ||||
Net asset value, beginning of period | | | $ | 8.73 | | | | $ | 8.90 | | | | | $ | 7.86 | | | | $ | 8.73 | | | ||||
Results of operations(2) | | | | | | | | | | | | | | | | | | | | | | | ||||
Net investment income | | | | 0.55 | | | | | 0.83 | | | | | | 0.18 | | | | | 0.73 | | | ||||
Net realized and unrealized appreciation (depreciation) on investments, gain/loss on foreign currency and secured borrowing | | | | (0.48) | | | | | (0.25) | | | |||||||||||||||
Net realized gain (loss) and unrealized appreciation (depreciation) | | | | 0.04 | | | | | (0.85) | | | |||||||||||||||
Net increase (decrease) in net assets resulting from operations | | | | 0.07 | | | | | 0.58 | | | | | | 0.22 | | | | | (0.12) | | | ||||
Stockholder distributions(3) | | | | | | | | | | | | | | | | | | | | | | | ||||
Distributions from net investment income | | | | (0.57) | | | | | (0.75) | | | | | | (0.19) | | | | | (0.75) | | | ||||
Distributions from net realized gain on investments | | | | — | | | | | — | | | |||||||||||||||
Net decrease in net assets resulting from stockholder distributions | | | | (0.57) | | | | | (0.75) | | | | | | (0.19) | | | | | (0.75) | | | ||||
Capital share transactions | | | | | | | | | | | | | | | | | | | | | | | ||||
Issuance of common stock(4) | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
Repurchases of common stock(5) | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
Net increase (decrease) in net assets resulting from capital share transactions | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
Net asset value, end of period | | | $ | 8.23 | | | | | 8.73 | | | | | $ | 7.89 | | | | $ | 7.86 | | | ||||
Shares outstanding, end of period | | | | 326,478,291 | | | | | 326,748,337 | | | | | | 326,339,625 | | | | | 326,445,320 | | | ||||
Total return(6) | | | | 0.67% | | | | | 6.59% | | | | | | 2.75% | | | | | (1.64)% | | | ||||
Total return (without assuming reinvestment of distributions)(6) | | | | 0.80% | | | | | 6.52% | | | | | | 2.80% | | | | | (1.37)% | | | ||||
Ratio/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | ||||
Net assets, end of period | | | $ | 2,688,126 | | | | $ | 2,853,021 | | | | | $ | 2,576,217 | | | | $ | 2,567,409 | | | ||||
Ratio of net investment income to average net assets(7) | | | | 8.63% | | | | | 9.32% | | | | | | 9.07% | | | | | 8.68% | | | ||||
Ratio of operating expenses and excise taxes to average net assets(7) | | | | 8.16% | | | | | 9.10% | | | | | | 9.65% | | | | | 8.12% | | | ||||
Ratio of net operating expenses and excise taxes to average net assets(7) | | | | 7.99% | | | | | 8.66% | | | | | | 9.65% | | | | | 7.99% | | | ||||
Portfolio turnover(8) | | | | 30.31% | | | | | 39.62% | | | | | | 4.44% | | | | | 43.12% | | | ||||
Total amount of senior securities outstanding, exclusive of treasury securities | | | $ | 1,893,394 | | | | $ | 2,184,479 | | | | | $ | 2,110,964 | | | | $ | 1,890,254 | | | ||||
Asset coverage per unit(9) | | | | 2.42 | | | | | 2.31 | | | | | | 2.22 | | | | | 2.36 | | |
| | Nine Months Ended September 30, 2018 (Unaudited) | | Year Ended December 31, 2017 | | | Three Months Ended March 31, 2019 (Unaudited) | | Year Ended December 31, 2018 | | ||||||||||||||||
Ratio of subordinated income incentive fees to average net assets | | | | 0.92% | | | | | 2.11% | | | | | | 1.74% | | | | | 0.91% | | | ||||
Ratio of interest expense to average net assets | | | | 3.78% | | | | | 2.97% | | | | | | 4.62% | | | | | 3.78% | | | ||||
Ratio of excise taxes to average net assets | | | | — | | | | | 0.08% | | | | | | — | | | | | 0.09% | | |
Net Investment Activity | | | For the Three Months Ended September 30, 2018 | | | For the Nine Months Ended September 30, 2018 | | ||||||
Purchases | | | | $ | 731,019 | | | | | $ | 1,331,866 | | |
Sales and Repayments | | | | | (665,229) | | | | | | (1,458,900) | | |
Net Portfolio Activity | | | | $ | 65,790 | | | | | $ | (127,034) | | |
|
| | | For the Three Months Ended September 30, 2018 | | | For the Nine Months Ended September 30, 2018 | | ||||||||||||||||||
New Investment Activity by Asset Class | | | Purchases | | | Percentage | | | Purchases | | | Percentage | | ||||||||||||
Senior Secured Loans—First Lien | | | | $ | 585,507 | | | | | | 80% | | | | | $ | 1,014,755 | | | | | | 76% | | |
Senior Secured Loans—Second Lien | | | | | 100,328 | | | | | | 14% | | | | | | 132,003 | | | | | | 10% | | |
Senior Secured Bonds | | | | | 13,918 | | | | | | 2% | | | | | | 78,684 | | | | | | 6% | | |
Subordinated Debt | | | | | 30,707 | | | | | | 4% | | | | | | 74,088 | | | | | | 6% | | |
Collateralized Securities | | | | | 520 | | | | | | 0% | | | | | | 912 | | | | | | 0% | | |
Equity/Other | | | | | 39 | | | | | | 0% | | | | | | 31,424 | | | | | | 2% | | |
Total | | | | $ | 731,019 | | | | | | 100% | | | | | $ | 1,331,866 | | | | | | 100% | | |
|
Net Investment Activity | | | For the Three Months Ended March 31, 2019 | | | For the Year Ended December 31, 2018 | | ||||||
Purchases | | | | $ | 453,599 | | | | | $ | 1,895,833 | | |
Sales and Repayments | | | | | (203,103) | | | | | | (1,885,140) | | |
Net Portfolio Activity | | | | $ | 250,496 | | | | | $ | 10,693 | | |
|
| | | For the Three Months Ended March 31, 2019 | | | For the Year Ended December 31, 2018 | | ||||||||||||||||||
New Investment Activity by Asset Class | | | Purchases | | | Percentage | | | Purchases | | | Percentage | | ||||||||||||
Senior Secured Loans—First Lien | | | | $ | 350,512 | | | | | | 78% | | | | | $ | 1,448,861 | | | | | | 76% | | |
Senior Secured Loans—Second Lien | | | | | 64,577 | | | | | | 14% | | | | | | 197,852 | | | | | | 11% | | |
Other Senior Secured Debt | | | | | 1,209 | | | | | | 0% | | | | | | 103,808 | | | | | | 6% | | |
Subordinated Debt | | | | | 33,178 | | | | | | 7% | | | | | | 102,391 | | | | | | 5% | | |
Asset Based Finance | | | | | — | | | | | | — | | | | | | 694 | | | | | | 0% | | |
Equity/Other | | | | | 4,123 | | | | | | 1% | | | | | | 42,227 | | | | | | 2% | | |
Total | | | | $ | 453,599 | | | | | | 100% | | | | | $ | 1,895,833 | | | | | | 100% | | |
|
| | September 30, 2018 (Unaudited) | | December 31, 2017 | | | March 31, 2019 (Unaudited) | | December 31, 2018 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Amortized Cost(1) | | Fair Value | | Percentage of Portfolio | | Amortized Cost(1) | | Fair Value | | Percentage of Portfolio | | | Amortized Cost(1) | | Fair Value | | Percentage of Portfolio | | Amortized Cost(1) | | Fair Value | | Percentage of Portfolio | | ||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loans—First Lien | | | $ | 3,400,523 | | | | $ | 3,313,859 | | | | | 77% | | | | $ | 3,408,133 | | | | $ | 3,421,070 | | | | | 74% | | | | | $ | 3,611,239 | | | | $ | 3,519,120 | | | | | 76% | | | | $ | 3,382,158 | | | | $ | 3,293,291 | | | | | 75% | | | ||||||||||||
Senior Secured Loans—Second Lien | | | | 366,321 | | | | | 278,162 | | | | | 6% | | | | | 385,761 | | | | | 327,135 | | | | | 7% | | | | | | 471,912 | | | | | 389,559 | | | | | 8% | | | | | 418,015 | | | | | 333,986 | | | | | 8% | | | ||||||||||||
Senior Secured Bonds | | | | 182,439 | | | | | 179,191 | | | | | 4% | | | | | 123,045 | | | | | 124,673 | | | | | 3% | | | |||||||||||||||||||||||||||||||||||||||||||
Other Senior Secured Debt | | | | 182,012 | | | | | 172,800 | | | | | 4% | | | | | 207,181 | | | | | 196,616 | | | | | 5% | | | |||||||||||||||||||||||||||||||||||||||||||
Subordinated Debt | | | | 255,303 | | | | | 257,023 | | | | | 6% | | | | | 369,864 | | | | | 366,048 | | | | | 8% | | | | | | 229,637 | | | | | 222,850 | | | | | 5% | | | | | 242,792 | | | | | 221,858 | | | | | 5% | | | ||||||||||||
Collateralized Securities | | | | 19,752 | | | | | 23,435 | | | | | 1% | | | | | 20,435 | | | | | 25,763 | | | | | 1% | | | |||||||||||||||||||||||||||||||||||||||||||
Asset Based Finance | | | | 41,277 | | | | | 45,268 | | | | | 1% | | | | | 42,050 | | | | | 46,152 | | | | | 1% | | | |||||||||||||||||||||||||||||||||||||||||||
Equity/Other | | | | 261,293 | | | | | 281,874 | | | | | 6% | | | | | 296,470 | | | | | 332,905 | | | | | 7% | | | | | | 263,808 | | | | | 285,221 | | | | | 6% | | | | | 268,409 | | | | | 267,377 | | | | | 6% | | | ||||||||||||
Total | | | $ | 4,485,631 | | | | $ | 4,333,544 | | | | | 100% | | | | $ | 4,603,708 | | | | $ | 4,597,594 | | | | | 100% | | | | | $ | 4,799,885 | | | | $ | 4,634,818 | | | | | 100% | | | | $ | 4,560,605 | | | | $ | 4,359,280 | | | | | 100% | | | ||||||||||||
|
| | | September 30, 2018 | | | December 31, 2017 | |
Number of Portfolio Companies | | | 152 | | | 131 | |
% Variable Rate (based on fair value) | | | 82.5% | | | 82.4% | |
% Fixed Rate (based on fair value) | | | 11.0% | | | 9.9% | |
% Income Producing Equity or Other Investments (based on fair value) | | | 0.8% | | | 0.4% | |
% Non-Income Producing Equity or Other Investments (based on fair value) | | | 5.7% | | | 7.3% | |
Average Annual EBITDA of Portfolio Companies | | | $168,200 | | | $108,500 | |
Weighted Average Purchase Price of Debt Investments (as a % of par) | | | 98.6% | | | 98.8% | |
% of Investments on Non-Accrual (based on fair value) | | | 1.7% | | | 0.4% | |
Gross Portfolio Yield Prior to Leverage (based on amortized cost) | | | 9.3% | | | 9.1% | |
Gross Portfolio Yield Prior to Leverage (based on amortized cost)—Excluding Non-Income Producing Assets | | | 10.3% | | | 9.8% | |
| | | March 31, 2019 | | | December 31, 2018 | |
Number of Portfolio Companies | | | 154 | | | 160 | |
% Variable Rate Debt Investments (based on fair value)(1)(2) | | | 84.0% | | | 81.4% | |
% Fixed Rate Debt Investments (based on fair value)(1)(2) | | | 10.4% | | | 12.2% | |
% Other Income Producing Investments (based on fair value)(3) | | | 1.0% | | | 0.1% | |
% Non-Income Producing Investments (based on fair value)(2) | | | 4.2% | | | 5.2% | |
% of Investments on Non-Accrual (based on fair value) | | | 0.4% | | | 1.1% | |
Weighted Average Annual Yield on Accruing Debt Investments(2)(4) | | | 10.4% | | | 10.5% | |
New Direct Originations | | | For the Three Months Ended September 30, 2018 | | | For the Nine Months Ended September 30, 2018 | | ||||||
Total Commitments (including unfunded commitments) | | | | $ | 559,069 | | | | | $ | 945,264 | | |
Exited Investments (including partial paydowns) | | | | | (586,851) | | | | | | (1,100,610) | | |
Net Direct Originations | | | | $ | (27,782) | | | | | $ | (155,346) | | |
|
| | | For the Three Months Ended September 30, 2018 | | | For the Nine Months Ended September 30, 2018 | | ||||||||||||||||||
New Direct Originations by Asset Class (including unfunded commitments) | | | Commitment Amount | | | Percentage | | | Commitment Amount | | | Percentage | | ||||||||||||
Senior Secured Loans—First Lien | | | | $ | 481,773 | | | | | | 86% | | | | | $ | 845,405 | | | | | | 89% | | |
Senior Secured Loans—Second Lien | | | | | 77,296 | | | | | | 14% | | | | | | 84,240 | | | | | | 9% | | |
Senior Secured Bonds | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Subordinated Debt | | | | | — | | | | | | — | | | | | | 1,389 | | | | | | 0% | | |
Collateralized Securities | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Equity/Other | | | | | — | | | | | | — | | | | | | 14,230 | | | | | | 2% | | |
Total | | | | $ | 559,069 | | | | | | 100% | | | | | $ | 945,264 | | | | | | 100% | | |
|
| | | For the Three Months Ended September 30, 2018 | | | For the Nine Months Ended September 30, 2018 | |
Average New Direct Origination Commitment Amount | | | $55,907 | | | $35,010 | |
Weighted Average Maturity for New Direct Originations | | | 1/15/2023 | | | 2/10/2024 | |
Gross Portfolio Yield Prior to Leverage (based on amortized cost) of New Direct Originations Funded during Period | | | 8.7% | | | 9.6% | |
Gross Portfolio Yield Prior to Leverage (based on amortized cost) of New Direct Originations Funded during Period—Excluding Non-Income Producing Assets | | | 8.7% | | | 9.6% | |
Gross Portfolio Yield Prior to Leverage (based on amortized cost) of Direct Originations Exited during Period | | | 10.4% | | | 9.9% | |
Characteristics of All Direct Originations Held in Portfolio | | | September 30, 2018 | | | December 31, 2017 | |
Number of Portfolio Companies | | | 76 | | | 75 | |
Average Annual EBITDA of Portfolio Companies | | | $89,400 | | | $71,200 | |
Average Leverage Through Tranche of Portfolio Companies—Excluding Equity/Other and Collateralized Securities | | | 5.6x | | | 4.8x | |
% of Investments on Non-Accrual (based on fair value) | | | 2.1% | | | — | |
Gross Portfolio Yield Prior to Leverage (based on amortized cost) of Funded Direct Originations | | | 9.2% | | | 9.2% | |
Gross Portfolio Yield Prior to Leverage (based on amortized cost) of Funded Direct Originations—Excluding Non-Income Producing Assets | | | 10.3% | | | 9.8% | |
Characteristics of All Direct Originations Held in Portfolio | | | March 31, 2019 | | | December 31, 2018 | |
Number of Portfolio Companies | | | 74 | | | 74 | |
% of Investments on Non-Accrual (based on fair value) | | | 2.4% | | | 3.6% | |
Total Cost of Direct Originations | | | $3,928,473 | | | $3,615,151 | |
Total Fair Value of Direct Originations | | | $3,803,151 | | | $3,497,141 | |
% of Total Investments, at Fair Value | | | 82.1% | | | 80.2% | |
Weighted Average Annual Yield on Accruing Debt Investments(1) | | | 10.5% | | | 10.5% | |
| | | September 30, 2018 | | | December 31, 2017 | | ||||||||||||||||||
Portfolio Composition by Strategy | | | Fair Value | | | Percentage of Portfolio | | | Fair Value | | | Percentage of Portfolio | | ||||||||||||
Direct Originations | | | | $ | 3,524,869 | | | | | | 81% | | | | | $ | 3,812,590 | | | | | | 83% | | |
Opportunistic | | | | | 468,887 | | | | | | 11% | | | | | | 634,049 | | | | | | 14% | | |
Broadly Syndicated/Other | | | | | 339,788 | | | | | | 8% | | | | | | 150,955 | | | | | | 3% | | |
Total | | | | $ | 4,333,544 | | | | | | 100% | | | | | $ | 4,597,594 | | | | | | 100% | | |
|
Investment Rating | | | Summary Description | |
1 | | | | |
2 | | | Performing | |
| ||||
| | Underperforming investment—some loss of interest or dividend possible, but still expecting a positive return on investment. | | |
| | Underperforming | |
| | September 30, 2018 | | December 31, 2017 | | | March 31, 2019 | | December 31, 2018 | | ||||||||||||||||||||||||||||||||||||||||
Investment Rating | | Fair Value | | Percentage of Portfolio | | Fair Value | | Percentage of Portfolio | | | Fair Value | | Percentage of Portfolio | | Fair Value | | Percentage of Portfolio | | ||||||||||||||||||||||||||||||||
1 | | | $ | 90,683 | | | | | 2% | | | | $ | 353,707 | | | | | 8% | | | | | $ | 3,062,579 | | | | | 66% | | | | $ | 2,817,253 | | | | | 65% | | | ||||||||
2 | | | | 3,521,105 | | | | | 81% | | | | | 3,821,037 | | | | | 83% | | | | | | 1,353,997 | | | | | 29% | | | | | 1,377,931 | | | | | 32% | | | ||||||||
3 | | | | 612,329 | | | | | 14% | | | | | 332,397 | | | | | 7% | | | | | | 125,052 | | | | | 3% | | | | | 95,013 | | | | | 2% | | | ||||||||
4 | | | | 5,977 | | | | | 0% | | | | | 6,771 | | | | | 0% | | | | | | 93,190 | | | | | 2% | | | | | 69,083 | | | | | 1% | | | ||||||||
5 | | | | 103,450 | | | | | 3% | | | | | 83,682 | | | | | 2% | | | |||||||||||||||||||||||||||||
Total | | | $ | 4,333,544 | | | | | 100% | | | | $ | 4,597,594 | | | | | 100% | | | | | $ | 4,634,818 | | | | | 100% | | | | $ | 4,359,280 | | | | | 100% | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, | | | Three Months Ended March 31, | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | 2018 | | 2017 | | 2018 | | 2017 | | | 2019 | | 2018 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Amount | | Percentage of Total Income | | Amount | | Percentage of Total Income | | Amount | | Percentage of Total Income | | Amount | | Percentage of Total Income | | | Amount | | Percentage of Total Income | | Amount | | Percentage of Total Income | | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | | | $ | 97,381 | | | | | 83% | | | | $ | 104,423 | | | | | 87% | | | | $ | 297,917 | | | | | 87% | | | | $ | 310,184 | | | | | 82% | | | | | $ | 107,868 | | | | | 90% | | | | $ | 100,156 | | | | | 85% | | | ||||||||||||
Paid-in-kind interest income | | | | 5,356 | | | | | 5% | | | | | 9,256 | | | | | 7% | | | | | 13,547 | | | | | 4% | | | | | 20,188 | | | | | 6% | | | | | | 4,956 | | | | | 4% | | | | | 4,978 | | | | | 4% | | | ||||||||||||
Fee income | | | | 14,181 | | | | | 12% | | | | | 7,223 | | | | | 6% | | | | | 23,764 | | | | | 7% | | | | | 46,323 | | | | | 12% | | | | | | 7,044 | | | | | 6% | | | | | 5,074 | | | | | 4% | | | ||||||||||||
Dividend income | | | | 468 | | | | | 0% | | | | | — | | | | | — | | | | | 7,962 | | | | | 2% | | | | | 11 | | | | | 0% | | | | | | 71 | | | | | 0% | | | | | 7,494 | | | | | 7% | | | ||||||||||||
Total investment income(1) | | | $ | 117,386 | | | | | 100% | | | | $ | 120,902 | | | | | 100% | | | | $ | 343,190 | | | | | 100% | | | | $ | 376,706 | | | | | 100% | | | | | $ | 119,939 | | | | | 100% | | | | $ | 117,702 | | | | | 100% | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, | | | Three Months Ended March 31, | | ||||||||||||||||||||||||||||||
| | 2018 | | 2017 | | 2018 | | 2017 | | | 2019 | | 2018 | | ||||||||||||||||||||||||
Management fees | | | $ | 17,567 | | | | $ | 25,769 | | | | $ | 61,739 | | | | $ | 77,005 | | | | | $ | 17,864 | | | | $ | 25,234 | | | ||||||
Subordinated income incentive fees | | | | 11,939 | | | | | 10,137 | | | | | 18,994 | | | | | 42,352 | | | | | | 11,131 | | | | | 5,575 | | | ||||||
Administrative services expenses | | | | 799 | | | | | 799 | | | | | 2,371 | | | | | 2,530 | | | | | | 907 | | | | | 782 | | | ||||||
Stock transfer agent fees | | | | 506 | | | | | 506 | | | | | 1,502 | | | | | 1,502 | | | | | | 705 | | | | | 495 | | | ||||||
Accounting and administrative fees | | | | 395 | | | | | 434 | | | | | 1,227 | | | | | 1,303 | | | | | | 433 | | | | | 421 | | | ||||||
Interest expense | | | | 26,924 | | | | | 22,786 | | | | | 77,958 | | | | | 62,971 | | | | | | 29,575 | | | | | 24,183 | | | ||||||
Directors’ fees | | | | 254 | | | | | 278 | | | | | 1,053 | | | | | 849 | | | | | | 142 | | | | | 504 | | | ||||||
Expenses associated with our independent audit and related fees | | | | 74 | | | | | 129 | | | | | 275 | | | | | 382 | | | | | | 73 | | | | | 126 | | | ||||||
Legal fees | | | | 308 | | | | | 207 | | | | | 632 | | | | | 612 | | | | | | 113 | | | | | 34 | | | ||||||
Printing fees | | | | 137 | | | | | 187 | | | | | 330 | | | | | 847 | | | | | | 343 | | | | | 53 | | | ||||||
Other | | | | 698 | | | | | 579 | | | | | 2,302 | | | | | 1,137 | | | | | | 539 | | | | | 1,058 | | | ||||||
Total operating expenses | | | $ | 59,601 | | | | $ | 61,811 | | | | $ | 168,383 | | | | $ | 191,490 | | | | | $ | 61,825 | | | | $ | 58,465 | | | ||||||
Management fee waiver | | | | — | | | | | (3,222) | | | | | (3,432) | | | | | (9,626) | | | | | | — | | | | | (3,154) | | | ||||||
Net operating expenses | | | $ | 59,601 | | | | $ | 58,589 | | | | $ | 164,951 | | | | $ | 181,864 | | | | | $ | 61,825 | | | | $ | 55,311 | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, | | | Three Months Ended March 31, | | ||||||||||||||||||||||||||||||
| | 2018 | | 2017 | | 2018 | | 2017 | | | 2019 | | 2018 | | ||||||||||||||||||||||||
Ratio of operating expenses to average net assets | | | | 2.21% | | | | | 2.13% | | | | | 6.12% | | | | | 6.56% | | | | | | 2.41% | | | | | 2.06% | | | ||||||
Ratio of management fee waiver to average net assets | | | | — | | | | | (0.11)% | | | | | (0.12)% | | | | | (0.33)% | | | | | | — | | | | | (0.11)% | | | ||||||
Ratio of net operating expenses to average net assets | | | | 2.21% | | | | | 2.02% | | | | | 6.00% | | | | | 6.23% | | | | | | 2.41% | | | | | 1.95% | | | ||||||
Ratio of incentive fees and interest expense to average net assets(1) | | | | 1.44% | | | | | 1.14% | | | | | 3.52% | | | | | 3.61% | | | | | | 1.59% | | | | | 1.05% | | | ||||||
Ratio of net operating expenses, excluding certain expenses, to average net assets | | | | 0.77% | | | | | 0.88% | | | | | 2.48% | | | | | 2.62% | | | | | | 0.82% | | | | | 0.90% | | | ||||||
| |
| | Three Months Ended September 30, | | Nine Months Ended September 30, | | | Three Months Ended March 31, | | ||||||||||||||||||||||||||||||
| | 2018 | | 2017 | | 2018 | | 2017 | | | 2019 | | 2018 | | ||||||||||||||||||||||||
Net realized gain (loss) on investments(1) | | | $ | 18,504 | | | | $ | (5,942) | | | | $ | (10,805) | | | | $ | (49,199) | | | | | $ | (18,486) | | | | $ | (19,294) | | | ||||||
Net realized gain (loss) on foreign currency | | | | 446 | | | | | 122 | | | | | (220) | | | | | 439 | | | | | | 3 | | | | | (327) | | | ||||||
Total net realized gain (loss) | | | $ | 18,950 | | | | $ | (5,820) | | | | $ | (11,025) | | | | $ | (48,760) | | | | | $ | (18,483) | | | | $ | (19,621) | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, | | | Three Months Ended March 31, | | ||||||||||||||||||||||||||||||
| | 2018 | | 2017 | | 2018 | | 2017 | | | 2019 | | 2018 | | ||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | | | $ | (40,039) | | | | $ | 5,001 | | | | $ | (145,973) | | | | $ | 56,730 | | | | | $ | 36,258 | | | | $ | (88,612) | | | ||||||
Net change in unrealized appreciation (depreciation) on secured borrowing | | | | — | | | | | 10 | | | | | — | | | | | (26) | | | |||||||||||||||||
Net change in unrealized appreciation (depreciation) on interest rate swaps | | | | (3,996) | | | | | — | | | |||||||||||||||||||||||||||
Net change in unrealized gain (loss) on foreign currency | | | | (693) | | | | | (186) | | | | | 84 | | | | | (370) | | | | | | (1,124) | | | | | 410 | | | ||||||
Total net change in unrealized appreciation (depreciation) | | | $ | (40,732) | | | | $ | 4,825 | | | | $ | (145,889) | | | | $ | 56,334 | | | | | $ | 31,138 | | | | $ | (88,202) | | | |
Arrangement(1) | | Type of Arrangement | | Rate | | Amount Outstanding | | Amount Available | | Maturity Date | | | Type of Arrangement | | Rate | | Amount Outstanding | | Amount Available | | Maturity Date | | ||||||||||||||||||||||
Green Creek Credit Facility | | Term Loan Credit Facility | | L+2.50% | | | $ | 500,000 | | | | $ | — | | | December 15, 2019 | | | Term Loan Credit Facility | | L+2.50% | | | $ | 500,000 | | | | $ | — | | | December 15, 2019 | | ||||||||||
Cooper River Credit Facility | | Revolving Credit Facility | | L+2.25% | | | | 132,000 | | | | | 68,000 | | | May 29, 2020 | | | Revolving Credit Facility | | L+2.25% | | | | 115,000 | | | | | 85,000 | | | March 31, 2021 | | ||||||||||
Darby Creek Credit Facility | | Revolving Credit Facility | | L+2.50% | | | | 135,000 | | | | | 115,000 | | | August 19, 2020 | | | Revolving Credit Facility | | L+1.95% | | | | 185,000 | | | | | 65,000 | | | February 26, 2024 | | ||||||||||
Juniata River Credit Facility | | Term Loan Credit Facility | | L+2.68% | | | | 850,000 | | | | | — | | | October 11, 2020 | | | Revolving Credit Facility | | L+2.68% | | | | 850,000 | | | | | — | | | October 11, 2020 | | ||||||||||
Senior Secured Revolving Credit Facility | | Revolving Credit Facility | | L+2.00%—2.25%(2) | | | | 276,394(3) | | | | | 373,606 | | | August 9, 2023 | | | Revolving Credit Facility | | L+2.00% – 2.25%(2) | | | | 460,964(3) | | | | | 189,036 | | | August 9, 2023 | | ||||||||||
Total | | | | | | | $ | 1,893,394 | | | | $ | 556,606 | | | | | | | | | | | $ | 2,110,964 | | | | $ | 339,036 | | | | |
| | Distribution | | | Distribution | | ||||||||||||||||||||
For the Three Months Ended | | Per Share | | Amount | | | Per Share | | Amount | | ||||||||||||||||
Fiscal 2017 | | | | | | | | | | | | |||||||||||||||
March 31, 2017 | | | $ | 0.1885 | | | | $ | 61,436 | | | |||||||||||||||
June 30, 2017 | | | | 0.1885 | | | | | 61,505 | | | |||||||||||||||
September 30, 2017 | | | | 0.1885 | | | | | 61,277 | | | |||||||||||||||
Total | | | $ | 0.5655 | | | | $ | 184,218 | | | |||||||||||||||
Fiscal 2018 | | | | | | | | | | | | | | | | | | | | | | | ||||
March 31, 2018 | | | $ | 0.1885 | | | | $ | 61,153 | | | | | $ | 0.1885 | | | | $ | 61,153 | | | ||||
June 30, 2018 | | | | 0.1885 | | | | | 61,146 | | | |||||||||||||||
September 30, 2018 | | | | 0.1885 | | | | | 61,137 | | | |||||||||||||||
Total | | | $ | 0.1885 | | | | $ | 61,153 | | | |||||||||||||||
Fiscal 2019 | | | | | | | | | | | | |||||||||||||||
March 31, 2019 | | | $ | 0.1885 | | | | $ | 61,114 | | | |||||||||||||||
Total | | | $ | 0.5655 | | | | $ | 183,436 | | | | | $ | 0.1885 | | | | $ | 61,114 | | | |
| | Payments Due By Period | | | Payments Due By Period | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Maturity Date(1) | | Total | | Less than 1 year | | 1-3 years | | 3-5 years | | More than 5 years | | | Maturity Date(1) | | Total | | Less than 1 year | | 1 – 3 years | | 3 – 5 years | | More than 5 years | | ||||||||||||||||||||||||||||||||||||||||||
Green Creek Credit Facility(2) | | December 15, 2019 | | | $ | 500,000 | | | | | — | | | | $ | 500,000 | | | | | — | | | | | — | | | | December 15, 2019 | | | $ | 500,000 | | | | $ | 500,000 | | | | | — | | | | | — | | | | | — | | | ||||||||||||
Cooper River Credit Facility(3) | | May 29, 2020 | | | $ | 132,000 | | | | | — | | | | $ | 132,000 | | | | | — | | | | | — | | | | March 31, 2021 | | | $ | 115,000 | | | | | — | | | | $ | 115,000 | | | | | — | | | | | — | | | ||||||||||||
Darby Creek Credit Facility(4) | | August 19, 2020 | | | $ | 135,000 | | | | | — | | | | $ | 135,000 | | | | | — | | | | | — | | | | February 26, 2024 | | | $ | 185,000 | | | | | — | | | | | — | | | | $ | 185,000 | | | | | — | | | ||||||||||||
Juniata River Credit Facility(2) | | October 11, 2020 | | | $ | 850,000 | | | | | — | | | | $ | 850,000 | | | | | — | | | | | — | | | | October 11, 2020 | | | $ | 850,000 | | | | | — | | | | $ | 850,000 | | | | | — | | | | | — | | | ||||||||||||
Senior Secured Revolving Credit Facility(5) | | August 9, 2023 | | | $ | 276,394 | | | | | — | | | | | — | | | | $ | 276,394 | | | | | — | | | | August 9, 2023 | | | $ | 460,964 | | | | | — | | | | | — | | | | $ | 460,964 | | | | | — | | |
Basis Point Change in Interest Rates | | Increase (Decrease) in Interest Income(1) | | Increase (Decrease) in Interest Expense | | Increase (Decrease) in Net Interest Income | | Percentage Change in Net Interest Income | | | Increase (Decrease) in Interest Income(1) | | Increase (Decrease) in Interest Expense | | Increase (Decrease) in Net Interest Income | | Percentage Change in Net Interest Income | | ||||||||||||||||||||||||||||||||
Down 100 basis points | | | $ | (34,125) | | | | $ | (17,185) | | | | $ | (16,940) | | | | | (5.2)% | | | | | $ | (38,660) | | | | $ | (21,110) | | | | $ | (17,550) | | | | | (5.0)% | | | ||||||||
No change | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||
Up 100 basis points | | | $ | 35,028 | | | | $ | 17,185 | | | | $ | 17,843 | | | | | 5.5% | | | | | $ | 39,372 | | | | $ | 21,110 | | | | $ | 18,262 | | | | | 5.2% | | | ||||||||
Up 300 basis points | | | $ | 105,687 | | | | $ | 51,556 | | | | $ | 54,131 | | | | | 16.6% | | | | | $ | 118,827 | | | | $ | 63,329 | | | | $ | 55,498 | | | | | 15.9% | | | ||||||||
Up 500 basis points | | | $ | 176,473 | | | | $ | 85,927 | | | | $ | 90,546 | | | | | 27.8% | | | | | $ | 198,337 | | | | $ | 105,548 | | | | $ | 92,789 | | | | | 26.6% | | |
Period | | Total Number of Shares Purchased | | Average Price Paid per Share | | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs | | | Total Number of Shares Purchased | | Average Price Paid per Share | | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs | | ||||||||||||||||||||||||||||||||
July 1, 2018 through July 31, 2018 | | | | 3,296,879 | | | | $ | 8.50 | | | | | 3,296,879 | | | | | (1) | | | |||||||||||||||||||||||||||||
August 1, 2018 through August 31, 2018 | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||
September 1, 2018 through September 30, 2018 | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||
January 1, 2019 through January 31, 2019 | | | | 3,297,056 | | | | $ | 8.05 | | | | | 3,297,056 | | | | | (1) | | | |||||||||||||||||||||||||||||
February 1, 2018 through February 28, 2019 | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||
March 1, 2019 through March 31, 2019 | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||
Total | | | | 3,296,879 | | | | $ | 8.50 | | | | | 3,296,879 | | | | | (1) | | | | | | 3,297,056 | | | | $ | 8.50 | | | | | 3,297,056 | | | | | (1) | | | |
| | | | FS INVESTMENT CORPORATION II | | |||
| | | | By: | | | /s/ Michael C. Forman Michael C. Forman Chief Executive Officer (Principal Executive Officer) | |
| | | | By: | | | /s/ William Goebel William Goebel Chief Financial Officer (Principal Financial and Accounting Officer) | |