x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Maryland | 80-0789789 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | |||||||
(212) 813-4900 | ||||||||
(Address of principal executive office) (Zip Code) | (Registrant’s telephone number, including area code) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||
Common stock, $0.01 par value | CGBD | The Nasdaq Global Select Market |
Large accelerated filer | x | Accelerated filer | o | |||||||||||||||||
Non-accelerated filer | o | Smaller reporting company | o | |||||||||||||||||
Emerging growth company | o |
Part I. | Financial Information | |||||||
Item 1. | Financial Statements | |||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Part II. | Other Information | |||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
March 31, 2020 | December 31, 2019 | March 31, 2021 | December 31, 2020 | |||||||||||||||
ASSETS | (unaudited) | ASSETS | (unaudited) | |||||||||||||||
Investments, at fair value | Investments, at fair value | |||||||||||||||||
Investments—non-controlled/non-affiliated, at fair value (amortized cost of $2,007,160 and $1,960,755, respectively) | $ | 1,826,422 | $ | 1,897,057 | ||||||||||||||
Investments—controlled/affiliated, at fair value (amortized cost of $240,167 and $240,696, respectively) | 197,855 | 226,907 | ||||||||||||||||
Total investments, at fair value (amortized cost of $2,247,327 and $2,201,451, respectively) | 2,024,277 | 2,123,964 | ||||||||||||||||
Investments—non-controlled/non-affiliated, at fair value (amortized cost of $1,575,395 and $1,574,182, respectively) | Investments—non-controlled/non-affiliated, at fair value (amortized cost of $1,575,395 and $1,574,182, respectively) | $ | 1,528,400 | $ | 1,509,271 | |||||||||||||
Investments—non-controlled/affiliated, at fair value (amortized cost of $38,395 and $37,571, respectively) | Investments—non-controlled/affiliated, at fair value (amortized cost of $38,395 and $37,571, respectively) | 27,650 | 26,180 | |||||||||||||||
Investments—controlled/affiliated, at fair value (amortized cost of $311,202 and $311,213, respectively) | Investments—controlled/affiliated, at fair value (amortized cost of $311,202 and $311,213, respectively) | 285,584 | 290,298 | |||||||||||||||
Total investments, at fair value (amortized cost of $1,924,992 and $1,922,966, respectively) | Total investments, at fair value (amortized cost of $1,924,992 and $1,922,966, respectively) | 1,841,634 | 1,825,749 | |||||||||||||||
Cash and cash equivalents | 65,525 | 36,751 | Cash and cash equivalents | 35,493 | 68,419 | |||||||||||||
Receivable for investment sold | 15,655 | 6,162 | ||||||||||||||||
Receivable for investment sold/repaid | Receivable for investment sold/repaid | 1,192 | 4,313 | |||||||||||||||
Deferred financing costs | 4,026 | 4,032 | Deferred financing costs | 3,502 | 3,633 | |||||||||||||
Interest receivable from non-controlled/non-affiliated investments | 10,406 | 9,462 | Interest receivable from non-controlled/non-affiliated investments | 12,948 | 12,634 | |||||||||||||
Interest receivable from non-controlled/affiliated investments | Interest receivable from non-controlled/affiliated investments | 580 | 569 | |||||||||||||||
Interest and dividend receivable from controlled/affiliated investments | 6,350 | 6,845 | Interest and dividend receivable from controlled/affiliated investments | 7,925 | 6,480 | |||||||||||||
Prepaid expenses and other assets | 587 | 317 | Prepaid expenses and other assets | 813 | 816 | |||||||||||||
Total assets | $ | 2,126,826 | $ | 2,187,533 | Total assets | $ | 1,904,087 | $ | 1,922,613 | |||||||||
LIABILITIES | LIABILITIES | |||||||||||||||||
Secured borrowings (Note 6) | $ | 701,609 | $ | 616,543 | ||||||||||||||
2015-1 Notes payable, net of unamortized debt issuance costs of $2,849 and $2,911, respectively (Note 7) | 446,351 | 446,289 | ||||||||||||||||
Senior Notes (Note 7) | 115,000 | 115,000 | ||||||||||||||||
Secured borrowings (Note 7) | Secured borrowings (Note 7) | $ | 309,397 | $ | 347,949 | |||||||||||||
2015-1 Notes payable, net of unamortized debt issuance costs of $2,602 and $2,664, respectively (Note 8) | 2015-1 Notes payable, net of unamortized debt issuance costs of $2,602 and $2,664, respectively (Note 8) | 446,598 | 446,536 | |||||||||||||||
Senior Notes, net of unamortized debt issuance costs of $520 and $562, respectively (Note 8) | Senior Notes, net of unamortized debt issuance costs of $520 and $562, respectively (Note 8) | 189,480 | 189,438 | |||||||||||||||
Payable for investments purchased | 24,345 | — | Payable for investments purchased | 12,818 | 809 | |||||||||||||
Interest and credit facility fees payable (Notes 6 and 7) | 6,100 | 6,764 | ||||||||||||||||
Dividend payable (Note 9) | 20,824 | 31,760 | ||||||||||||||||
Interest and credit facility fees payable (Notes 7 and 8) | Interest and credit facility fees payable (Notes 7 and 8) | 2,427 | 2,439 | |||||||||||||||
Dividend payable (Note 10) | Dividend payable (Note 10) | 20,280 | 19,892 | |||||||||||||||
Base management and incentive fees payable (Note 4) | 12,333 | 13,236 | Base management and incentive fees payable (Note 4) | 11,047 | 11,549 | |||||||||||||
Administrative service fees payable (Note 4) | 98 | 77 | Administrative service fees payable (Note 4) | 202 | 85 | |||||||||||||
Other accrued expenses and liabilities | 1,632 | 1,393 | Other accrued expenses and liabilities | 1,318 | 2,553 | |||||||||||||
Total liabilities | 1,328,292 | 1,231,062 | Total liabilities | 993,567 | 1,021,250 | |||||||||||||
Commitments and contingencies (Notes 8 and 11) | ||||||||||||||||||
Commitments and contingencies (Notes 9 and 12) | Commitments and contingencies (Notes 9 and 12) | |||||||||||||||||
EQUITY | EQUITY | |||||||||||||||||
NET ASSETS | NET ASSETS | |||||||||||||||||
Common stock, $0.01 par value; 200,000,000 shares authorized; 56,308,616 and 57,763,811 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively) | 563 | 578 | ||||||||||||||||
Cumulative convertible preferred stock, $0.01 par value; 2,000,000 and 2,000,000 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively | Cumulative convertible preferred stock, $0.01 par value; 2,000,000 and 2,000,000 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively | 50,000 | 50,000 | |||||||||||||||
Common stock, $0.01 par value; 198,000,000 shares authorized; 54,809,262 and 55,320,309 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively | Common stock, $0.01 par value; 198,000,000 shares authorized; 54,809,262 and 55,320,309 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively | 548 | 553 | |||||||||||||||
Paid-in capital in excess of par value | 1,093,250 | 1,109,238 | Paid-in capital in excess of par value | 1,075,871 | 1,081,436 | |||||||||||||
Offering costs | (1,633 | ) | (1,633 | ) | Offering costs | (1,633) | (1,633) | |||||||||||
Total distributable earnings (loss) | (293,646 | ) | (151,712 | ) | Total distributable earnings (loss) | (214,266) | (228,993) | |||||||||||
Total net assets | $ | 798,534 | $ | 956,471 | Total net assets | $ | 910,520 | $ | 901,363 | |||||||||
NET ASSETS PER SHARE | $ | 14.18 | $ | 16.56 | ||||||||||||||
NET ASSETS PER COMMON SHARE | NET ASSETS PER COMMON SHARE | $ | 15.70 | $ | 15.39 |
For the three month periods ended | For the three month periods ended | |||||||||||||||||||||||||||||
March 31, 2020 | March 31, 2019 | March 31, 2021 | March 31, 2020 | |||||||||||||||||||||||||||
Investment income: | Investment income: | |||||||||||||||||||||||||||||
From non-controlled/non-affiliated investments: | From non-controlled/non-affiliated investments: | |||||||||||||||||||||||||||||
Interest income | $ | 41,465 | $ | 45,242 | Interest income | $ | 31,756 | $ | 41,465 | |||||||||||||||||||||
Other income | 2,344 | 2,028 | Other income | 1,467 | 2,344 | |||||||||||||||||||||||||
Total investment income from non-controlled/non-affiliated investments | 43,809 | 47,270 | Total investment income from non-controlled/non-affiliated investments | 33,223 | 43,809 | |||||||||||||||||||||||||
From non-controlled/affiliated investments: | From non-controlled/affiliated investments: | |||||||||||||||||||||||||||||
Interest income | — | 379 | Interest income | 38 | — | |||||||||||||||||||||||||
Other income | Other income | 3 | — | |||||||||||||||||||||||||||
Total investment income from non-controlled/affiliated investments | — | 379 | Total investment income from non-controlled/affiliated investments | 41 | — | |||||||||||||||||||||||||
From controlled/affiliated investments: | From controlled/affiliated investments: | |||||||||||||||||||||||||||||
Interest income | 3,236 | 3,538 | Interest income | 56 | 3,236 | |||||||||||||||||||||||||
Dividend income | 3,500 | 4,000 | Dividend income | 7,528 | 3,500 | |||||||||||||||||||||||||
Total investment income from controlled/affiliated investments | 6,736 | 7,538 | Total investment income from controlled/affiliated investments | 7,584 | 6,736 | |||||||||||||||||||||||||
Total investment income | 50,545 | 55,187 | Total investment income | 40,848 | 50,545 | |||||||||||||||||||||||||
Expenses: | Expenses: | |||||||||||||||||||||||||||||
Base management fees (Note 4) | 7,386 | 7,685 | Base management fees (Note 4) | 6,800 | 7,386 | |||||||||||||||||||||||||
Incentive fees (Note 4) | 5,086 | 5,846 | Incentive fees (Note 4) | 4,257 | 5,086 | |||||||||||||||||||||||||
Professional fees | 667 | 745 | Professional fees | 691 | 667 | |||||||||||||||||||||||||
Administrative service fees (Note 4) | 106 | 216 | Administrative service fees (Note 4) | 282 | 106 | |||||||||||||||||||||||||
Interest expense (Notes 6 and 7) | 12,179 | 11,991 | ||||||||||||||||||||||||||||
Credit facility fees (Note 6) | 590 | 568 | ||||||||||||||||||||||||||||
Interest expense (Notes 7 and 8) | Interest expense (Notes 7 and 8) | 6,975 | 12,179 | |||||||||||||||||||||||||||
Credit facility fees (Note 7) | Credit facility fees (Note 7) | 519 | 590 | |||||||||||||||||||||||||||
Directors’ fees and expenses | 96 | 93 | Directors’ fees and expenses | 116 | 96 | |||||||||||||||||||||||||
Other general and administrative | 411 | 421 | Other general and administrative | 405 | 411 | |||||||||||||||||||||||||
Total expenses | 26,521 | 27,565 | Total expenses | 20,045 | 26,521 | |||||||||||||||||||||||||
Net investment income (loss) before taxes | 24,024 | 27,622 | Net investment income (loss) before taxes | 20,803 | 24,024 | |||||||||||||||||||||||||
Excise tax expense | 52 | 60 | Excise tax expense | 124 | 52 | |||||||||||||||||||||||||
Net investment income (loss) | 23,972 | 27,562 | Net investment income (loss) | 20,679 | 23,972 | |||||||||||||||||||||||||
Net realized gain (loss) and net change in unrealized appreciation (depreciation): | Net realized gain (loss) and net change in unrealized appreciation (depreciation): | |||||||||||||||||||||||||||||
Net realized gain (loss) on investments: | Net realized gain (loss) on investments: | |||||||||||||||||||||||||||||
Non-controlled/non-affiliated investments | (1,697 | ) | 899 | Non-controlled/non-affiliated investments | 1,672 | (1,697) | ||||||||||||||||||||||||
Controlled/affiliated investments | — | — | ||||||||||||||||||||||||||||
Non-controlled/affiliated investments | Non-controlled/affiliated investments | 1 | — | |||||||||||||||||||||||||||
Currency gains (losses) on non-investment assets and liabilities | (150 | ) | — | Currency gains (losses) on non-investment assets and liabilities | (82) | (150) | ||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments: | Net change in unrealized appreciation (depreciation) on investments: | |||||||||||||||||||||||||||||
Non-controlled/non-affiliated investments | (117,042 | ) | 2,473 | Non-controlled/non-affiliated investments | 17,916 | (117,042) | ||||||||||||||||||||||||
Non-controlled/affiliated investments | — | 2,296 | Non-controlled/affiliated investments | 646 | — | |||||||||||||||||||||||||
Controlled/affiliated investments | (28,521 | ) | 496 | Controlled/affiliated investments | (4,703) | (28,521) | ||||||||||||||||||||||||
Net change in unrealized currency gains (losses) on non-investment assets and liabilities | 2,338 | — | Net change in unrealized currency gains (losses) on non-investment assets and liabilities | (225) | 2,338 | |||||||||||||||||||||||||
Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments and non-investment assets and liabilities | (145,072 | ) | 6,164 | |||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and non-investment assets and liabilities | Net realized and unrealized gain (loss) on investments and non-investment assets and liabilities | 15,225 | (145,072) | |||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | (121,100 | ) | $ | 33,726 | Net increase (decrease) in net assets resulting from operations | 35,904 | (121,100) | ||||||||||||||||||||||
Basic and diluted earnings per common share (Note 9) | $ | (2.12 | ) | $ | 0.55 | |||||||||||||||||||||||||
Weighted-average shares of common stock outstanding—Basic and Diluted (Note 9) | 57,112,193 | 61,772,774 | ||||||||||||||||||||||||||||
Preferred stock dividend | Preferred stock dividend | 875 | — | |||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations attributable to Common Stockholders | Net increase (decrease) in net assets resulting from operations attributable to Common Stockholders | $ | 35,029 | $ | (121,100) | |||||||||||||||||||||||||
Basic and diluted earnings per common share (Note 10) | Basic and diluted earnings per common share (Note 10) | |||||||||||||||||||||||||||||
Basic | Basic | $ | 0.65 | $ | (2.12) | |||||||||||||||||||||||||
Diluted | Diluted | $ | 0.60 | $ | (2.12) | |||||||||||||||||||||||||
Weighted-average shares of common stock outstanding (Note 10) | Weighted-average shares of common stock outstanding (Note 10) | |||||||||||||||||||||||||||||
Basic | Basic | 55,039,010 | 57,112,193 | |||||||||||||||||||||||||||
Diluted | Diluted | 60,306,312 | 57,112,193 |
For the three month periods ended | |||||||||||
March 31, 2021 | March 31, 2020 | ||||||||||
Net increase (decrease) in net assets resulting from operations: | |||||||||||
Net investment income (loss) | $ | 20,679 | $ | 23,972 | |||||||
Net realized gain (loss) | 1,591 | (1,847) | |||||||||
Net change in unrealized appreciation (depreciation) on investments | 13,859 | (145,563) | |||||||||
Net change in unrealized currency gains (losses) on non-investment assets and liabilities | (225) | 2,338 | |||||||||
Net increase (decrease) in net assets resulting from operations | 35,904 | (121,100) | |||||||||
Capital transactions: | |||||||||||
Repurchase of common stock | (5,570) | (16,003) | |||||||||
Dividends declared on preferred and common stock (Note 10) | (21,177) | (20,834) | |||||||||
Net increase (decrease) in net assets resulting from capital share transactions | (26,747) | (36,757) | |||||||||
Net increase (decrease) in net assets | 9,157 | (157,937) | |||||||||
Net Assets at beginning of period | 901,363 | 956,471 | |||||||||
Net Assets at end of period | $ | 910,520 | $ | 798,534 |
For the three month periods ended | |||||||
March 31, 2020 | March 31, 2019 | ||||||
Net increase (decrease) in net assets resulting from operations: | |||||||
Net investment income (loss) | $ | 23,972 | $ | 27,562 | |||
Net realized gain (loss) | (1,847 | ) | 899 | ||||
Net change in unrealized appreciation (depreciation) on investments | (145,563 | ) | 5,265 | ||||
Net change in unrealized currency gains (losses) on non-investment assets and liabilities | 2,338 | — | |||||
Net increase (decrease) in net assets resulting from operations | (121,100 | ) | 33,726 | ||||
Capital transactions: | |||||||
Repurchase of common stock | (16,003 | ) | (14,085 | ) | |||
Dividends declared (Note 12) | (20,834 | ) | (22,672 | ) | |||
Net increase (decrease) in net assets resulting from capital share transactions | (36,837 | ) | (36,757 | ) | |||
Net increase (decrease) in net assets | (157,937 | ) | (3,031 | ) | |||
Net Assets at beginning of period | 956,471 | 1,063,218 | |||||
Net Assets at end of period | $ | 798,534 | $ | 1,060,187 |
For the three month periods ended | |||||||||||
March 31, 2021 | March 31, 2020 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 35,904 | $ | (121,100) | |||||||
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | |||||||||||
Amortization of deferred financing costs | 253 | 305 | |||||||||
Net accretion of discount on investments | (2,026) | (2,586) | |||||||||
Paid-in-kind interest | (2,025) | (179) | |||||||||
Net realized (gain) loss on investments | (1,673) | 1,697 | |||||||||
Net realized currency (gain) loss on non-investment assets and liabilities | 82 | 150 | |||||||||
Net change in unrealized (appreciation) depreciation on investments | (13,859) | 145,563 | |||||||||
Net change in unrealized currency (gains) losses on non-investment assets and liabilities | 225 | (2,338) | |||||||||
Cost of investments purchased and change in payable for investments purchased | (134,935) | (307,148) | |||||||||
Proceeds from sales and repayments of investments and change in receivable for investments sold/repaid | 153,722 | 277,451 | |||||||||
Changes in operating assets: | |||||||||||
Interest receivable | (726) | (949) | |||||||||
Dividend receivable | (1,044) | 500 | |||||||||
Prepaid expenses and other assets | 3 | (270) | |||||||||
Changes in operating liabilities: | |||||||||||
Interest and credit facility fees payable | (12) | (664) | |||||||||
Base management and incentive fees payable | (502) | (903) | |||||||||
Administrative service fees payable | 117 | 21 | |||||||||
Other accrued expenses and liabilities | (1,235) | 239 | |||||||||
Net cash provided by (used in) operating activities | 32,269 | (10,211) | |||||||||
Cash flows from financing activities: | |||||||||||
Repurchase of common stock | (5,570) | (16,003) | |||||||||
Borrowings on SPV Credit Facility and Credit Facility | 40,286 | 226,500 | |||||||||
Repayments of SPV Credit Facility and Credit Facility | (79,000) | (139,443) | |||||||||
Debt issuance costs paid | (122) | (299) | |||||||||
Dividends paid in cash | (20,789) | (31,770) | |||||||||
Net cash provided by (used in) financing activities | (65,195) | 38,985 | |||||||||
Net increase (decrease) in cash and cash equivalents | (32,926) | 28,774 | |||||||||
Cash and cash equivalents, beginning of period | 68,419 | 36,751 | |||||||||
Cash and cash equivalents, end of period | $ | 35,493 | $ | 65,525 | |||||||
Supplemental disclosures: | |||||||||||
Interest paid during the period | $ | 6,915 | $ | 12,647 | |||||||
Taxes, including excise tax, paid during the period | $ | 626 | $ | 387 | |||||||
Dividends declared on preferred stock and common stock during the period | $ | 21,177 | $ | 20,834 |
For the three month periods ended | |||||||
March 31, 2020 | March 31, 2019 | ||||||
Cash flows from operating activities: | |||||||
Net increase (decrease) in net assets resulting from operations | $ | (121,100 | ) | $ | 33,726 | ||
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | |||||||
Amortization of deferred financing costs | 305 | 298 | |||||
Net accretion of discount on investments | (2,586 | ) | (2,161 | ) | |||
Paid-in-kind interest | (179 | ) | (1,052 | ) | |||
Net realized (gain) loss on investments | 1,697 | (899 | ) | ||||
Net realized currency (gain) loss on non-investment assets and liabilities | 150 | — | |||||
Net change in unrealized (appreciation) depreciation on investments | 145,563 | (5,265 | ) | ||||
Net change in unrealized currency (gains) losses on non-investment assets and liabilities | (2,338 | ) | — | ||||
Cost of investments purchased and change in payable for investments purchased | (307,148 | ) | (247,039 | ) | |||
Proceeds from sales and repayments of investments and change in receivable for investments sold | 277,451 | 79,554 | |||||
Changes in operating assets: | |||||||
Interest receivable | (949 | ) | (1,361 | ) | |||
Dividend receivable | 500 | (300 | ) | ||||
Prepaid expenses and other assets | (270 | ) | 121 | ||||
Changes in operating liabilities: | |||||||
Due to Investment Adviser | — | (67 | ) | ||||
Interest and credit facility fees payable | (664 | ) | 494 | ||||
Base management and incentive fees payable | (903 | ) | (303 | ) | |||
Administrative service fees payable | 21 | 45 | |||||
Other accrued expenses and liabilities | 239 | 698 | |||||
Net cash provided by (used in) operating activities | (10,211 | ) | (143,511 | ) | |||
Cash flows from financing activities: | |||||||
Repurchase of common stock | (16,003 | ) | (14,085 | ) | |||
Borrowings on SPV Credit Facility and Credit Facility | 226,500 | 253,950 | |||||
Repayments of SPV Credit Facility and Credit Facility | (139,443 | ) | (107,626 | ) | |||
Debt issuance costs paid | (299 | ) | (355 | ) | |||
Dividends paid in cash | (31,770 | ) | (35,488 | ) | |||
Net cash provided by (used in) financing activities | 38,985 | 96,396 | |||||
Net increase (decrease) in cash and cash equivalents | 28,774 | (47,115 | ) | ||||
Cash and cash equivalents, beginning of period | 36,751 | 87,186 | |||||
Cash and cash equivalents, end of period | $ | 65,525 | $ | 40,071 | |||
Supplemental disclosures: | |||||||
Interest paid during the period | $ | 12,647 | $ | 11,515 | |||
Taxes, including excise tax, paid during the period | $ | 387 | $ | 225 | |||
Dividends declared during the period | $ | 20,834 | $ | 22,672 |
Investments—non-controlled/non-affiliated (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Acquisition Date | Maturity Date | Par/ Principal Amount ** | Amortized Cost (4) | Fair Value (5) | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Debt (64.8% of fair value) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advanced Web Technologies Holding Company | ^* | (2)(3)(13) | Containers, Packaging & Glass | L + 6.00% | 7.00% | 12/17/2020 | 12/17/2026 | $ | 6,125 | $ | 5,949 | $ | 6,152 | 0.68 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Airnov, Inc. | ^* | (2)(3) | Containers, Packaging & Glass | L + 5.25% | 6.25% | 12/20/2019 | 12/19/2025 | 12,438 | 12,286 | 12,409 | 1.36 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allied Universal Holdco LLC | ^ | (2)(3) | Business Services | L + 4.25% | 4.44% | 2/17/2021 | 7/10/2026 | 500 | 502 | 498 | 0.05 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alpha Packaging Holdings, Inc. | ^* | (2)(3) | Containers, Packaging & Glass | L + 6.00% | 7.00% | 6/26/2015 | 11/12/2021 | 2,765 | 2,765 | 2,765 | 0.30 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alpine SG, LLC | * | (2)(3) | High Tech Industries | L + 5.75% | 6.75% | 2/2/2018 | 11/16/2022 | 10,890 | 10,842 | 10,722 | 1.18 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alpine SG, LLC | ^ | (2)(3) | High Tech Industries | L + 8.50% | 9.50% | 7/24/2020 | 11/16/2022 | 1,618 | 1,583 | 1,618 | 0.18 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alpine SG, LLC | ^* | (2)(3) | High Tech Industries | L + 6.50% | 7.50% | 11/2/2020 | 11/16/2022 | 10,749 | 10,489 | 10,661 | 1.17 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alpine SG, LLC | ^ | (2)(3) | High Tech Industries | L + 7.00% | 8.00% | 2/10/2021 | 11/16/2022 | 3,046 | 2,964 | 3,035 | 0.33 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
American Physician Partners, LLC | ^* | (2)(3)(13) | Healthcare & Pharmaceuticals | L + 6.75% | 7.75% | 1/7/2019 | 12/21/2021 | 28,550 | 28,485 | 27,680 | 3.04 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AMS Group HoldCo, LLC | ^ | (2)(3)(13) | Transportation: Cargo | L + 6.50% | 7.50% | 9/29/2017 | 9/29/2023 | 22,220 | 21,993 | 22,184 | 2.44 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Analogic Corporation | ^* | (2)(3)(13) | Capital Equipment | L + 5.25% | 6.25% | 6/22/2018 | 6/22/2024 | 2,356 | 2,328 | 2,341 | 0.27 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Anchor Hocking, LLC | ^ | (2)(3) | Durable Consumer Goods | L + 11.75% | 12.75% | 1/25/2019 | 1/25/2024 | 4,190 | 4,108 | 4,060 | 0.45 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Applied Technical Services, LLC | ^ | (2)(3)(13) | Business Services | L + 5.75% | 6.75% | 12/29/2020 | 12/29/2026 | 394 | 382 | 392 | 0.04 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Apptio, Inc. | ^ | (2)(3)(13) | Software | L + 7.25% | 8.25% | 1/10/2019 | 1/10/2025 | 6,131 | 6,026 | 6,188 | 0.68 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At Home Holding III, Inc. | ^ | (2)(3)(7) | Retail | L + 9.00% | 10.00% | 6/12/2020 | 7/27/2022 | 852 | 838 | 852 | 0.09 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aurora Lux FinCo S.Á.R.L. (Luxembourg) | ^* | (2)(3)(7) | Software | L + 6.00% | 7.00% | 12/24/2019 | 12/24/2026 | 32,736 | 32,037 | 29,620 | 3.25 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avenu Holdings, LLC | * | (2)(3) | Sovereign & Public Finance | L + 5.25% | 6.25% | 9/28/2018 | 9/28/2024 | 13,650 | 13,518 | 13,650 | 1.50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Barnes & Noble, Inc. | ^ | (2)(3)(11) | Retail | L + 5.50% | 6.50% | 8/7/2019 | 8/7/2024 | 16,521 | 16,225 | 15,615 | 1.71 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BlueCat Networks, Inc. (Canada) | * | (2)(3)(7) | High Tech Industries | L + 6.25% | 7.25% | 10/30/2020 | 10/30/2026 | 11,468 | 11,250 | 11,460 | 1.26 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BMS Holdings III Corp. | * | (2)(3) | Construction & Building | L + 5.25% | 6.25% | 9/30/2019 | 9/30/2026 | 1,592 | 1,559 | 1,578 | 0.17 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Captive Resources Midco, LLC | ^* | (2)(3)(13) | Banking, Finance, Insurance & Real Estate | L + 5.75% | 6.75% | 6/30/2015 | 5/31/2025 | 10,407 | 10,262 | 10,515 | 1.15 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Central Security Group, Inc. | ^* | (2)(3) | Consumer Services | L + 6.00% | 7.00% | 10/16/2020 | 10/16/2025 | 9,254 | 9,254 | 8,589 | 0.94 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chartis Holding, LLC | ^* | (2)(3)(13) | Business Services | L + 5.25% | 6.25% | 5/1/2019 | 5/1/2025 | 16,229 | 15,948 | 16,229 | 1.78 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chemical Computing Group ULC (Canada) | ^* | (2)(3)(7)(13) | Software | L + 5.00% | 6.00% | 8/30/2018 | 8/30/2023 | 470 | 469 | 470 | 0.05 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CircusTrix Holdings, LLC | ^* | (2)(3) | Hotel, Gaming & Leisure | L + 8.00% (100% PIK) | 9.00% | 2/2/2018 | 1/16/2024 | 10,400 | 10,368 | 8,597 | 0.94 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CircusTrix Holdings, LLC | ^ | (2)(3)(13) | Hotel, Gaming & Leisure | L + 8.00% (100% PIK) | 9.00% | 1/8/2021 | 7/16/2023 | 346 | 289 | 347 | 0.04 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cobblestone Intermediate Holdco LLC | ^ | (2)(3) | Consumer Services | L + 5.50% | 6.50% | 1/29/2020 | 1/29/2026 | 728 | 722 | 732 | 0.09 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comar Holding Company, LLC | ^* | (2)(3)(13) | Containers, Packaging & Glass | L + 5.50% | 6.50% | 6/18/2018 | 6/18/2024 | 24,050 | 23,676 | 24,050 | 2.64 |
Investments—non-controlled/non-affiliated (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Acquisition Date | Maturity Date | Par/ Principal Amount ** | Amortized Cost (4) | Fair Value (5) | % of Net Assets | ||||||||||||||||||||
First Lien Debt (75.19% of fair value) | ||||||||||||||||||||||||||||||
Airnov, Inc. (Clariant) | ^* | (2) (3) (12) | Containers, Packaging & Glass | L + 5.25% | 6.37% | 12/20/2019 | 12/19/2025 | $ | 12,813 | $ | 12,610 | $ | 12,396 | 1.55 | % | |||||||||||||||
Alpha Packaging Holdings, Inc. | +* | (2) (3) | Containers, Packaging & Glass | L + 6.00% | 7.13% | 6/26/2015 | 11/12/2021 | 2,829 | 2,828 | 2,770 | 0.35 | |||||||||||||||||||
Alpine SG, LLC | ^* | (2) (3) | High Tech Industries | L + 5.75% | 7.20% | 2/2/2018 | 11/16/2022 | 15,301 | 15,196 | 14,996 | 1.88 | |||||||||||||||||||
American Physician Partners, LLC | ^+* | (2) (3) (12) | Healthcare & Pharmaceuticals | L + 6.50% | 7.95% | 1/7/2019 | 12/21/2021 | 38,753 | 38,435 | 37,555 | 4.70 | |||||||||||||||||||
AMS Group HoldCo, LLC | ^+* | (2) (3) (12) | Transportation: Cargo | L + 6.00% | 7.77% | 9/29/2017 | 9/29/2023 | 32,603 | 32,183 | 31,998 | 4.01 | |||||||||||||||||||
Analogic Corporation | ^+* | (2) (3) (12) | Capital Equipment | L + 5.25% | 6.25% | 6/22/2018 | 6/22/2024 | 2,393 | 2,358 | 2,269 | 0.28 | |||||||||||||||||||
Anchor Hocking, LLC | ^ | (2) (3) | Durable Consumer Goods | L + 8.75% | 10.51% | 1/25/2019 | 1/25/2024 | 10,418 | 10,143 | 9,872 | 1.24 | |||||||||||||||||||
Apptio, Inc. | ^ | (2) (3) (12) | Software | L + 7.25% | 8.25% | 1/10/2019 | 1/10/2025 | 35,541 | 34,901 | 33,468 | 4.19 | |||||||||||||||||||
Aurora Lux FinCo S.Á.R.L. (Accelya) (Luxembourg) | ^ | (2) (3) (7) | Software | L + 6.00% | 7.00% | 12/24/2019 | 12/24/2026 | 37,500 | 36,589 | 35,104 | 4.40 | |||||||||||||||||||
Avenu Holdings, LLC | +* | (2) (3) | Sovereign & Public Finance | L + 5.25% | 6.70% | 9/28/2018 | 9/28/2024 | 38,567 | 38,060 | 35,293 | 4.42 | |||||||||||||||||||
Barnes & Noble, Inc. | ^ | (2) (3) (11) | Retail | L + 5.50% | 9.18% | 8/7/2019 | 8/7/2024 | 17,414 | 17,025 | 15,634 | 1.96 | |||||||||||||||||||
BMS Holdings III Corp. | ^* | (2) (3) (12) | Construction & Building | L + 5.25% | 6.70% | 9/30/2019 | 9/30/2026 | 11,608 | 11,256 | 10,919 | 1.37 | |||||||||||||||||||
Brooks Equipment Company, LLC | +* | (2) (3) | Construction & Building | L + 5.00% | 6.60% | 6/26/2015 | 8/29/2020 | 2,406 | 2,403 | 2,383 | 0.30 | |||||||||||||||||||
Captive Resources Midco, LLC | ^* | (2) (3) | Banking, Finance, Insurance & Real Estate | L + 6.00% | 7.00% | 6/30/2015 | 5/31/2025 | 32,368 | 32,046 | 30,733 | 3.85 | |||||||||||||||||||
Central Security Group, Inc. | ^* | (2) (3) (8) | Consumer Services | L + 5.63% | 6.63% | 6/26/2015 | 10/6/2021 | 18,449 | 18,012 | 8,117 | 1.02 | |||||||||||||||||||
Chartis Holding, LLC | ^* | (2) (3) (12) | Business Services | L + 5.25% | 6.63% | 5/1/2019 | 5/1/2025 | 18,287 | 17,916 | 17,541 | 2.20 | |||||||||||||||||||
Chemical Computing Group ULC (Canada) | ^* | (2) (3) (7) (12) | Software | L + 5.00% | 6.00% | 8/30/2018 | 8/30/2023 | 14,637 | 14,537 | 14,157 | 1.77 | |||||||||||||||||||
CircusTrix Holdings, LLC | ^+* | (2) (3) | Hotel, Gaming & Leisure | L + 5.50% (100% PIK) | 6.50% | 2/2/2018 | 12/6/2021 | 9,397 | 9,346 | 7,800 | 0.98 | |||||||||||||||||||
Cobblestone Intermediate Holdco LLC | ^ | (2) (3) (12) | Consumer Services | L + 5.00% | 6.77% | 1/29/2020 | 1/29/2026 | 463 | 455 | 452 | 0.06 | |||||||||||||||||||
Comar Holding Company, LLC | ^+* | (2) (3) (12) | Containers, Packaging & Glass | L + 5.75% | 6.75% | 6/18/2018 | 6/18/2024 | 31,807 | 31,304 | 31,157 | 3.90 | |||||||||||||||||||
Cority Software Inc. (Canada) | ^ | (2) (3) (7) (12) | Software | L + 5.75% | 7.64% | 7/2/2019 | 7/2/2026 | 31,970 | 31,325 | 31,271 | 3.92 | |||||||||||||||||||
Derm Growth Partners III, LLC (Dermatology Associates) | ^ | (2) (3) (8) | Healthcare & Pharmaceuticals | L + 6.25% (100% PIK) | 7.70% | 5/31/2016 | 5/31/2022 | 56,310 | 56,055 | 31,266 | 3.92 | |||||||||||||||||||
DermaRite Industries, LLC | ^* | (2) (3) (12) | Healthcare & Pharmaceuticals | L + 7.00% | 8.07% | 3/3/2017 | 3/3/2022 | 21,788 | 21,648 | 19,769 | 2.48 | |||||||||||||||||||
Digicel Limited (Jamaica) | ^ | (7) | Telecommunications | 6.00% | 6.00% | 7/23/2019 | 4/15/2021 | 250 | 210 | 134 | 0.02 | |||||||||||||||||||
Dimensional Dental Management, LLC | ^ | (2) (3) (8) | Healthcare & Pharmaceuticals | L + 5.75% | 10.00% | 2/12/2016 | 2/12/2021 | 1,272 | 1,247 | 1,272 | 0.16 | |||||||||||||||||||
Dimensional Dental Management, LLC | ^ | (2) (3) (8) (11) | Healthcare & Pharmaceuticals | L + 5.75% | 8.20% | 2/12/2016 | 7/22/2020 | 33,674 | 33,301 | — | — | |||||||||||||||||||
Direct Travel, Inc. | ^+* | (2) (3) | Hotel, Gaming & Leisure | L + 6.50% | 7.54% | 10/14/2016 | 12/1/2021 | 36,711 | 36,458 | 33,653 | 4.21 |
Investments—non-controlled/non-affiliated (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Acquisition Date | Maturity Date | Par/ Principal Amount ** | Amortized Cost (4) | Fair Value (5) | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cority Software Inc. (Canada) | ^* | (2)(3)(7)(13) | Software | L + 5.25% | 6.25% | 7/2/2019 | 7/2/2026 | $ | 10,595 | $ | 10,384 | $ | 10,657 | 1.17 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cority Software Inc. (Canada) | ^ | (2)(3)(7) | Software | L + 7.25% | 8.25% | 9/3/2020 | 7/2/2026 | 1,893 | 1,841 | 1,934 | 0.21 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DCA Investment Holding, LLC | ^ | (2)(3)(13) | Healthcare & Pharmaceuticals | L + 6.25% | 7.00% | 3/11/2021 | 3/12/2027 | 9,936 | 9,752 | 9,750 | 1.07 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derm Growth Partners III, LLC | ^ | (2)(3)(8) | Healthcare & Pharmaceuticals | L + 6.25% | 7.25% | 5/31/2016 | 5/31/2022 | 56,192 | 54,793 | 31,967 | 3.51 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DermaRite Industries, LLC | ^* | (2)(3)(13) | Healthcare & Pharmaceuticals | L + 6.75% | 7.75% | 3/3/2017 | 3/3/2022 | 18,669 | 18,604 | 17,945 | 1.97 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Designer Brands Inc. | ^ | (2)(3)(7) | Retail | L + 8.50% | 9.75% | 8/7/2020 | 8/7/2025 | 17,728 | 17,330 | 17,426 | 1.91 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diligent Corporation | ^ | (2)(3)(13) | Telecommunications | L + 6.25% | 7.25% | 8/4/2020 | 8/4/2025 | 577 | 560 | 582 | 0.06 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DTI Holdco, Inc. | * | (2)(3) | High Tech Industries | L + 4.75% | 5.75% | 12/18/2018 | 9/30/2023 | 1,949 | 1,878 | 1,867 | 0.21 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Emergency Communications Network, LLC | ^* | (2)(3) | Telecommunications | L + 2.625%, 5.125% PIK | 8.75% | 6/1/2017 | 6/1/2023 | 24,619 | 24,529 | 21,520 | 2.36 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ensono, LP | * | (2)(3) | Telecommunications | L + 5.25% | 5.36% | 4/30/2018 | 6/27/2025 | 2,152 | 2,137 | 2,136 | 0.23 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ensono, LP | ^* | (2)(3) | Telecommunications | L + 5.75% | 5.86% | 6/25/2020 | 6/27/2025 | 18,085 | 17,968 | 17,995 | 1.98 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ethos Veterinary Health LLC | ^ | (2)(3)(13) | Consumer Services | L + 4.75% | 4.86% | 5/17/2019 | 5/15/2026 | 2,606 | 2,565 | 2,572 | 0.28 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EvolveIP, LLC | ^* | (2)(3)(13) | Telecommunications | L + 5.75% | 6.75% | 11/26/2019 | 6/7/2023 | 25,798 | 25,746 | 25,798 | 2.83 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Frontline Technologies Holdings, LLC | ^* | (2)(3) | Software | L + 5.75% | 6.75% | 9/18/2017 | 9/18/2023 | 3,091 | 3,075 | 3,118 | 0.34 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FWR Holding Corporation | ^* | (2)(3)(13) | Beverage, Food & Tobacco | L + 5.50%, 1.50% PIK | 8.00% | 8/21/2017 | 8/21/2023 | 34,622 | 34,274 | 31,628 | 3.47 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Greenhouse Software, Inc. | ^ | (2)(3)(13) | Software | L + 6.50% | 7.50% | 3/1/2021 | 3/1/2027 | 15,196 | 14,824 | 14,821 | 1.63 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hawkeye AcquisitionCo, LLC | ^* | (2)(3)(13) | Aerospace & Defense | L + 6.75% | 7.75% | 3/1/2021 | 11/19/2026 | 6,109 | 5,890 | 5,887 | 0.65 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Helios Buyer, Inc. | ^* | (2)(3)(13) | Consumer Services | L + 6.00% | 7.00% | 12/15/2020 | 12/15/2026 | 9,364 | 9,081 | 9,301 | 1.02 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hercules Borrower LLC | ^ | (2)(3)(13) | Environmental Industries | L + 6.50% | 7.50% | 12/14/2020 | 12/14/2026 | 18,592 | 18,094 | 18,293 | 2.01 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Higginbotham Insurance Agency, Inc. | ^ | (2)(3)(13) | Banking, Finance, Insurance & Real Estate | L + 5.75% | 6.50% | 11/25/2020 | 11/25/2026 | 3,902 | 3,830 | 3,930 | 0.43 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
iCIMS, Inc. | ^ | (2)(3) | Software | L + 6.50% | 7.50% | 9/12/2018 | 9/12/2024 | 1,671 | 1,648 | 1,679 | 0.18 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individual FoodService Holdings, LLC | ^ | (2)(3)(13) | Wholesale | L + 6.25% | 7.25% | 2/21/2020 | 11/22/2025 | 3,902 | 3,817 | 3,837 | 0.42 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individual FoodService Holdings, LLC | ^ | (2)(3)(13) | Wholesale | L + 6.25% | 7.25% | 12/31/2020 | 11/22/2025 | 2,207 | 2,150 | 2,177 | 0.25 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Integrity Marketing Acquisition, LLC | ^ | (2)(3) | Banking, Finance, Insurance & Real Estate | L + 5.75% | 6.75% | 1/15/2020 | 8/27/2025 | 4,958 | 4,897 | 5,004 | 0.55 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
K2 Insurance Services, LLC | ^* | (2)(3)(13) | Banking, Finance, Insurance & Real Estate | L + 5.00% | 6.00% | 7/3/2019 | 7/1/2024 | 18,603 | 18,298 | 18,631 | 2.05 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Kaseya, Inc. | ^ | (2)(3)(13) | High Tech Industries | L + 4.00%, 3.00% PIK | 8.00% | 5/3/2019 | 5/2/2025 | 15,714 | 15,466 | 15,714 | 1.73 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Legacy.com, Inc. | ^ | (2)(3)(11) | High Tech Industries | L + 6.00% | 7.00% | 3/20/2017 | 3/20/2023 | 17,066 | 16,905 | 15,992 | 1.76 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lifelong Learner Holdings, LLC | ^* | (2)(3)(13) | Business Services | L + 5.75% | 6.75% | 10/18/2019 | 10/18/2026 | 23,756 | 23,315 | 21,927 | 2.41 |
Investments—non-controlled/non-affiliated (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Acquisition Date | Maturity Date | Par/ Principal Amount ** | Amortized Cost (4) | Fair Value (5) | % of Net Assets | ||||||||||||||||||||
DTI Holdco, Inc. | * | (2) (3) | High Tech Industries | L + 4.75% | 6.53% | 12/18/2018 | 9/30/2023 | $ | 1,969 | $ | 1,872 | $ | 1,383 | 0.17 | % | |||||||||||||||
Emergency Communications Network, LLC | ^+* | (2) (3) | Telecommunications | L + 6.25% | 7.25% | 6/1/2017 | 6/1/2023 | 24,313 | 24,180 | 20,418 | 2.56 | |||||||||||||||||||
Ensono, LP | * | (2) (3) | Telecommunications | L + 5.25% | 6.24% | 4/30/2018 | 6/27/2025 | 8,515 | 8,434 | 7,215 | 0.90 | |||||||||||||||||||
Ethos Veterinary Health LLC | ^+ | (2) (3) (12) | Consumer Services | L + 4.75% | 5.74% | 5/17/2019 | 5/15/2026 | 10,850 | 10,730 | 10,298 | 1.29 | |||||||||||||||||||
EvolveIP, LLC | ^+* | (2) (3) (12) | Telecommunications | L + 5.75% | 6.75% | 11/26/2019 | 6/7/2023 | 34,922 | 34,836 | 34,035 | 4.26 | |||||||||||||||||||
Frontline Technologies Holdings, LLC | ^+* | (2) (3) | Software | L + 5.75% | 6.85% | 9/18/2017 | 9/18/2023 | 48,125 | 47,851 | 47,378 | 5.93 | |||||||||||||||||||
FWR Holding Corporation | ^+* | (2) (3) (12) | Beverage, Food & Tobacco | L + 5.50% | 6.76% | 8/21/2017 | 8/21/2023 | 47,823 | 47,185 | 43,878 | 5.49 | |||||||||||||||||||
Green Energy Partners/Stonewall, LLC | +* | (2) (3) | Energy: Electricity | L + 5.50% | 6.95% | 6/26/2015 | 11/10/2021 | 19,500 | 19,347 | 14,066 | 1.76 | |||||||||||||||||||
Hydrofarm, LLC | ^ | (2) (3) | Wholesale | L + 8.50% | 9.50% | 5/15/2017 | 5/12/2022 | 19,446 | 19,164 | 11,749 | 1.47 | |||||||||||||||||||
iCIMS, Inc. | ^ | (2) (3) (12) | Software | L + 6.50% | 7.50% | 9/12/2018 | 9/12/2024 | 23,930 | 23,525 | 22,762 | 2.85 | |||||||||||||||||||
Individual FoodService Holdings, LLC | ^ | (2) (3) (12) | Wholesale | L + 5.75% | 6.75% | 2/21/2020 | 11/22/2025 | 3,847 | 3,748 | 3,682 | 0.46 | |||||||||||||||||||
Innovative Business Services, LLC | ^* | (2) (3) | High Tech Industries | L + 5.50% | 7.25% | 4/5/2018 | 4/5/2023 | 18,334 | 17,989 | 17,791 | 2.23 | |||||||||||||||||||
Integrity Marketing Acquisition, LLC | ^ | (2) (3) (12) | Banking, Finance, Insurance & Real Estate | L + 5.75% | 7.26% | 1/15/2020 | 8/27/2025 | 710 | 635 | 428 | 0.05 | |||||||||||||||||||
K2 Insurance Services, LLC | ^+* | (2) (3) (12) | Banking, Finance, Insurance & Real Estate | L + 5.00% | 6.42% | 7/3/2019 | 7/1/2024 | 23,116 | 22,605 | 22,492 | 2.82 | |||||||||||||||||||
Kaseya Inc. | ^ | (2) (3) (12) | High Tech Industries | L + 5.50%, 1.00% PIK | 7.95% | 5/3/2019 | 5/2/2025 | 21,561 | 21,139 | 20,261 | 2.54 | |||||||||||||||||||
Legacy.com, Inc. | ^ | (2) (3) (11) | High Tech Industries | L + 6.00% | 11.43% | 3/20/2017 | 3/20/2023 | 17,066 | 16,834 | 15,357 | 1.92 | |||||||||||||||||||
Lifelong Learner Holdings, LLC | ^* | (2) (3) (12) | Business Services | L + 5.75% | 6.76% | 10/18/2019 | 10/18/2026 | 24,943 | 24,409 | 23,073 | 2.89 | |||||||||||||||||||
Liqui-Box Holdings, Inc. | ^ | (2) (3) (12) | Containers, Packaging & Glass | L + 4.50% | 5.69% | 6/3/2019 | 6/3/2024 | 2,279 | 2,254 | 2,147 | 0.27 | |||||||||||||||||||
Mailgun Technologies, Inc. | ^ | (2) (3) (12) | High Tech Industries | L + 6.00% | 7.19% | 3/26/2019 | 3/26/2025 | 11,824 | 11,588 | 11,367 | 1.42 | |||||||||||||||||||
National Carwash Solutions, Inc. | ^+ | (2) (3) (12) | Automotive | L + 6.00% | 7.54% | 8/7/2018 | 4/28/2023 | 9,792 | 9,642 | 9,523 | 1.19 | |||||||||||||||||||
National Technical Systems, Inc. | ^+* | (2) (3) (12) | Aerospace & Defense | L + 6.25% | 7.78% | 6/26/2015 | 6/12/2021 | 30,359 | 30,237 | 29,927 | 3.75 | |||||||||||||||||||
NES Global Talent Finance US, LLC (United Kingdom) | +* | (2) (3) (7) | Energy: Oil & Gas | L + 5.50% | 7.28% | 5/9/2018 | 5/11/2023 | 9,865 | 9,746 | 9,253 | 1.16 | |||||||||||||||||||
Nexus Technologies, LLC | * | (2) (3) | High Tech Industries | L + 5.50%, 1.50% PIK | 8.45% | 12/11/2018 | 12/5/2023 | 6,188 | 6,139 | 5,053 | 0.63 | |||||||||||||||||||
NMI AcquisitionCo, Inc. | ^+* | (2) (3) | High Tech Industries | L + 5.50% | 6.50% | 9/6/2017 | 9/6/2022 | 51,219 | 50,676 | 50,718 | 6.35 | |||||||||||||||||||
Northland Telecommunications Corporation | ^* | (2) (3) (12) | Media: Broadcasting & Subscription | L + 5.75% | 6.96% | 10/1/2018 | 10/1/2025 | 47,262 | 46,601 | 45,510 | 5.70 | |||||||||||||||||||
Paramit Corporation | +* | (2) (3) | Capital Equipment | L + 4.50% | 5.50% | 5/3/2019 | 5/3/2025 | 6,298 | 6,243 | 6,040 | 0.76 | |||||||||||||||||||
PF Growth Partners, LLC | ^+* | (2) (3) (12) | Hotel, Gaming & Leisure | L + 5.00% | 6.00% | 7/1/2019 | 7/11/2025 | 7,349 | 7,238 | 6,865 | 0.86 |
Investments—non-controlled/non-affiliated (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Acquisition Date | Maturity Date | Par/ Principal Amount ** | Amortized Cost (4) | Fair Value (5) | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liqui-Box Holdings, Inc. | ^ | (2)(3)(13) | Containers, Packaging & Glass | L + 4.50% | 5.50% | 6/3/2019 | 6/3/2024 | $ | 1,718 | $ | 1,698 | $ | 1,492 | 0.16 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Mailgun Technologies, Inc. | ^ | (2)(3)(13) | High Tech Industries | L + 5.00% | 6.00% | 3/26/2019 | 3/26/2025 | 3,248 | 3,180 | 3,206 | 0.35 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
National Technical Systems, Inc. | ^ | (2)(3)(13) | Aerospace & Defense | L + 5.50% | 6.50% | 10/28/2020 | 6/12/2023 | 1,175 | 1,152 | 1,175 | 0.13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NES Global Talent Finance US, LLC (United Kingdom) | ^* | (2)(3)(7) | Energy: Oil & Gas | L + 5.50% | 6.50% | 5/9/2018 | 5/11/2023 | 9,764 | 9,681 | 9,507 | 1.04 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NMI AcquisitionCo, Inc. | ^* | (2)(3)(13) | High Tech Industries | L + 5.00% | 6.00% | 9/6/2017 | 9/6/2023 | 40,650 | 40,382 | 40,814 | 4.48 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Paramit Corporation | ^* | (2)(3) | Capital Equipment | L + 4.50% | 5.50% | 5/3/2019 | 5/3/2025 | 5,213 | 5,176 | 5,184 | 0.57 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Paramit Corporation | ^ | (2)(3)(13) | Capital Equipment | L + 5.25% | 6.25% | 11/24/2020 | 5/3/2025 | 3,029 | 2,918 | 3,029 | 0.34 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PF Growth Partners, LLC | ^* | (2)(3)(13) | Hotel, Gaming & Leisure | L + 7.00% | 8.00% | 7/1/2019 | 7/11/2025 | 7,276 | 7,185 | 6,842 | 0.75 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Plano Molding Company, LLC | ^ | (2)(3) | Hotel, Gaming & Leisure | L + 7.50%, 1.50% PIK | 10.00% | 5/1/2015 | 5/12/2022 | 14,711 | 14,701 | 13,655 | 1.50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Plano Molding Company, LLC | ^ | (2)(3) | Hotel, Gaming & Leisure | L + 7.50%, 1.50% PIK | 10.00% | 8/7/2020 | 5/12/2022 | 1,082 | 1,076 | 1,082 | 0.12 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PPC Flexible Packaging, LLC | ^* | (2)(3)(13) | Containers, Packaging & Glass | L + 5.50% | 6.50% | 11/23/2018 | 11/23/2024 | 11,508 | 11,409 | 11,508 | 1.26 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PPT Management Holdings, LLC | ^ | (2)(3) | Healthcare & Pharmaceuticals | L + 6.00%, 2.50% PIK | 9.50% | 12/15/2016 | 12/16/2022 | 28,081 | 28,011 | 23,678 | 2.60 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PricewaterhouseCoopers Public Sector LLP | ^ | (2)(3)(13) | Aerospace & Defense | L + 3.25% | 3.44% | 5/1/2018 | 5/1/2023 | — | (66) | (19) | 0.01 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product Quest Manufacturing, LLC | ^ | (2)(3)(8) | Containers, Packaging & Glass | L + 6.75% | 10.00% | 9/21/2017 | 3/31/2021 | 840 | 840 | 423 | 0.05 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Propel Insurance Agency, LLC | ^ | (2)(3) | Banking, Finance, Insurance & Real Estate | L + 5.00% | 6.00% | 6/1/2018 | 6/1/2024 | 2,333 | 2,322 | 2,324 | 0.26 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prophix Software Inc. (Canada) | ^ | (2)(3)(7)(13) | Software | L + 6.50% | 7.50% | 2/1/2021 | 2/1/2026 | 10,963 | 10,710 | 10,704 | 1.18 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
QW Holding Corporation | ^* | (2)(3) | Environmental Industries | L + 5.75% | 6.75% | 8/31/2016 | 8/31/2022 | 43,007 | 42,711 | 40,913 | 4.49 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redwood Services Group, LLC | * | (2)(3) | High Tech Industries | L + 6.00% | 7.00% | 11/13/2018 | 6/6/2023 | 5,030 | 5,007 | 5,030 | 0.56 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redwood Services Group, LLC | * | (2)(3) | High Tech Industries | L + 8.50% | 9.50% | 8/14/2020 | 6/6/2023 | 3,466 | 3,383 | 3,515 | 0.39 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redwood Services Group, LLC | ^* | (2)(3)(13) | High Tech Industries | L + 7.25% | 8.25% | 10/19/2020 | 6/6/2023 | 14,566 | 14,265 | 14,702 | 1.61 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regency Entertainment, Inc. | ^ | (2)(3) | Media: Diversified & Production | L + 6.75% | 7.75% | 5/22/2020 | 10/22/2025 | 20,000 | 19,652 | 19,652 | 2.16 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reladyne, Inc. | * | (2)(3) | Wholesale | L + 5.00% | 6.00% | 8/21/2020 | 7/22/2022 | 10,100 | 10,030 | 10,061 | 1.10 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Riveron Acquisition Holdings, Inc. | * | (2)(3) | Banking, Finance, Insurance & Real Estate | L + 5.75% | 6.75% | 5/22/2019 | 5/22/2025 | 11,488 | 11,321 | 11,603 | 1.27 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RSC Acquisition, Inc. | ^ | (2)(3)(13) | Banking, Finance, Insurance & Real Estate | L + 5.50% | 6.50% | 11/1/2019 | 11/1/2026 | 6,068 | 5,961 | 6,100 | 0.67 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sapphire Convention, Inc. | ^* | (2)(3)(13) | Telecommunications | L + 6.25% | 7.25% | 11/20/2018 | 11/20/2025 | 29,378 | 28,930 | 24,547 | 2.70 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Smile Doctors, LLC | ^* | (2)(3)(13) | Healthcare & Pharmaceuticals | L + 6.00% | 7.00% | 10/6/2017 | 10/6/2022 | 16,887 | 16,838 | 16,887 | 1.84 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Southern Graphics, Inc. | ^ | (2)(3)(11) | Media: Advertising, Printing & Publishing | L + 6.50% | 7.50% | 10/30/2020 | 10/23/2023 | 9,959 | 9,781 | 9,950 | 1.09 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sovos Brands Intermediate, Inc. | ^* | (2)(3) | Beverage, Food & Tobacco | L + 4.75% | 4.98% | 11/16/2018 | 11/20/2025 | 12,292 | 12,200 | 12,226 | 1.34 |
Investments—non-controlled/non-affiliated (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Acquisition Date | Maturity Date | Par/ Principal Amount ** | Amortized Cost (4) | Fair Value (5) | % of Net Assets | ||||||||||||||||||||
Plano Molding Company, LLC | ^ | (2) (3) | Hotel, Gaming & Leisure | L + 7.50% | 8.50% | 5/1/2015 | 5/12/2021 | $ | 14,715 | $ | 14,626 | $ | 12,881 | 1.61 | % | |||||||||||||||
PPC Flexible Packaging, LLC | ^+* | (2) (3) (12) | Containers, Packaging & Glass | L + 5.25% | 6.25% | 11/23/2018 | 11/23/2024 | 15,025 | 14,878 | 14,640 | 1.83 | |||||||||||||||||||
PPT Management Holdings, LLC | ^ | (2) (3) | Healthcare & Pharmaceuticals | L + 1.00%, 5.75% PIK | 8.20% | 12/15/2016 | 12/16/2022 | 27,735 | 27,627 | 20,523 | 2.57 | |||||||||||||||||||
PricewaterhouseCoopers Public Sector LLP | ^ | (2) (3) (12) | Aerospace & Defense | L + 3.25% | 4.70% | 5/1/2018 | 5/1/2023 | 2,000 | 1,903 | 1,734 | 0.22 | |||||||||||||||||||
Product Quest Manufacturing, LLC | ^ | (2) (3) (8) | Containers, Packaging & Glass | L + 6.75% | 9.00% | 9/21/2017 | 3/31/2020 | 840 | 840 | 334 | 0.04 | |||||||||||||||||||
Propel Insurance Agency, LLC | ^ | (2) (3) | Banking, Finance, Insurance & Real Estate | L + 4.25% | 5.70% | 6/1/2018 | 6/1/2024 | 2,357 | 2,342 | 2,298 | 0.29 | |||||||||||||||||||
QW Holding Corporation (Quala) | ^+* | (2) (3) (12) | Environmental Industries | L + 6.25% | 7.70% | 8/31/2016 | 8/31/2022 | 43,467 | 42,969 | 42,423 | 5.31 | |||||||||||||||||||
Redwood Services Group, LLC | ^* | (2) (3) | High Tech Industries | L + 6.00% | 7.00% | 11/13/2018 | 6/6/2023 | 8,406 | 8,347 | 8,217 | 1.03 | |||||||||||||||||||
Riveron Acquisition Holdings, Inc. | ^+* | (2) (3) | Banking, Finance, Insurance & Real Estate | L + 6.00% | 7.45% | 5/22/2019 | 5/22/2025 | 19,918 | 19,571 | 19,379 | 2.43 | |||||||||||||||||||
RSC Acquisition, Inc. | ^ | (2) (3) (12) | Banking, Finance, Insurance & Real Estate | L + 5.50% | 7.26% | 11/1/2019 | 11/1/2026 | 12,729 | 12,369 | 11,707 | 1.47 | |||||||||||||||||||
Sapphire Convention, Inc. (Smart City) | ^+* | (2) (3) (12) | Telecommunications | L + 5.25% | 6.92% | 11/20/2018 | 11/20/2025 | 30,769 | 30,224 | 29,612 | 3.71 | |||||||||||||||||||
Smile Doctors, LLC | ^+* | (2) (3) (12) | Healthcare & Pharmaceuticals | L + 6.25% | 7.69% | 10/6/2017 | 10/6/2022 | 23,541 | 23,457 | 22,645 | 2.84 | |||||||||||||||||||
Sovos Brands Intermediate, Inc. | +* | (2) (3) | Beverage, Food & Tobacco | L + 5.00% | 6.59% | 11/16/2018 | 11/20/2025 | 19,849 | 19,671 | 18,916 | 2.37 | |||||||||||||||||||
SPay, Inc. | ^+* | (2) (3) (12) | Hotel, Gaming & Leisure | L + 5.75% | 6.84% | 6/15/2018 | 6/17/2024 | 20,512 | 20,194 | 15,558 | 1.95 | |||||||||||||||||||
Superior Health Linens, LLC | ^+* | (2) (3) (12) | Business Services | L + 7.50% | 8.95% | 9/30/2016 | 9/30/2021 | 21,700 | 21,580 | 20,746 | 2.60 | |||||||||||||||||||
Surgical Information Systems, LLC | ^+* | (2) (3) (11) | High Tech Industries | L + 4.50% | 7.21% | 4/24/2017 | 4/24/2023 | 26,168 | 26,018 | 25,417 | 3.18 | |||||||||||||||||||
T2 Systems, Inc. | ^+* | (2) (3) (12) | Transportation: Consumer | L + 6.75% | 8.34% | 9/28/2016 | 9/28/2022 | 35,265 | 34,818 | 34,926 | 4.37 | |||||||||||||||||||
Tank Holding Corp. | ^ | (2) (3) (12) | Capital Equipment | L + 4.00% | 5.45% | 3/26/2019 | 3/26/2024 | 45 | 45 | 43 | 0.01 | |||||||||||||||||||
TCFI Aevex LLC | ^ | (2) (3) (12) | Aerospace & Defense | L + 6.00% | 7.00% | 3/18/2020 | 3/18/2026 | 8,325 | 8,126 | 8,125 | 1.02 | |||||||||||||||||||
The Leaders Romans Bidco Limited (United Kingdom) Term Loan B | ^ | (2) (3) (7) | Banking, Finance, Insurance & Real Estate | L + 6.75%, 3.50% PIK | 11.02% | 7/23/2019 | 6/30/2024 | £ | 20,074 | 24,420 | 23,465 | 2.94 | ||||||||||||||||||
The Leaders Romans Bidco Limited (United Kingdom) Term Loan C | ^ | (2) (3) (7) | Banking, Finance, Insurance & Real Estate | L + 6.75%, 3.50% PIK | 11.02% | 7/23/2019 | 6/30/2024 | £ | 3,922 | 4,809 | 4,617 | 0.58 | ||||||||||||||||||
Trump Card, LLC | ^+* | (2) (3) | Transportation: Cargo | L + 5.50% | 6.92% | 6/26/2018 | 4/21/2022 | 8,287 | 8,254 | 8,064 | 1.01 | |||||||||||||||||||
TSB Purchaser, Inc. (Teaching Strategies, LLC) | ^+* | (2) (3) (12) | Media: Advertising, Printing & Publishing | L + 6.00% | 7.45% | 5/14/2018 | 5/14/2024 | 28,224 | 27,685 | 27,465 | 3.44 | |||||||||||||||||||
Turbo Buyer, Inc. (Portfolio Holdings, Inc.) | ^ | (2) (3) (12) | Automotive | L + 6.00% | 7.48% | 12/2/2019 | 12/2/2025 | 29,978 | 29,146 | 29,105 | 3.64 | |||||||||||||||||||
Tweddle Group, Inc. | ^ | (2) (3) | Media: Advertising, Printing & Publishing | L + 4.50% | 5.50% | 9/17/2018 | 9/17/2023 | 1,825 | 1,804 | 1,730 | 0.22 |
Investments—non-controlled/non-affiliated (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Acquisition Date | Maturity Date | Par/ Principal Amount ** | Amortized Cost (4) | Fair Value (5) | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SPay, Inc. | ^* | (2)(3)(13) | Hotel, Gaming & Leisure | L + 2.30%, 6.95% PIK | 10.25% | 6/15/2018 | 6/17/2024 | $ | 21,730 | $ | 21,480 | $ | 18,273 | 2.01 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Speedstar Holding, LLC | ^* | (2)(3)(13) | Automotive | L + 7.00% | 8.00% | 1/22/2021 | 1/22/2027 | 27,432 | 26,824 | 26,813 | 2.94 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Superior Health Linens, LLC | ^* | (2)(3)(13) | Business Services | L + 6.50% | 7.50% | 9/30/2016 | 9/30/2021 | 12,837 | 12,812 | 12,821 | 1.41 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
T2 Systems, Inc. | ^* | (2)(3)(13) | Transportation: Consumer | L + 6.75% | 7.75% | 9/28/2016 | 9/28/2022 | 26,536 | 26,321 | 26,535 | 2.90 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TCFI Aevex LLC | ^* | (2)(3)(13) | Aerospace & Defense | L + 6.00% | 7.00% | 3/18/2020 | 3/18/2026 | 9,668 | 9,487 | 9,651 | 1.06 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Leaders Romans Bidco Limited (United Kingdom) Term Loan B | ^ | (2)(3)(7) | Banking, Finance, Insurance & Real Estate | L + 6.75%, 3.50% PIK | 11.00% | 7/23/2019 | 6/30/2024 | £ | 20,739 | 25,444 | 28,520 | 3.13 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Leaders Romans Bidco Limited (United Kingdom) Term Loan C | ^ | (2)(3)(7)(13) | Banking, Finance, Insurance & Real Estate | L + 6.75%, 3.50% PIK | 11.00% | 7/23/2019 | 6/30/2024 | £ | 4,991 | 7,363 | 8,945 | 0.98 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trump Card, LLC | ^* | (2)(3)(13) | Transportation: Cargo | L + 5.50% | 6.50% | 6/26/2018 | 4/21/2022 | 7,734 | 7,716 | 7,634 | 0.84 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TSB Purchaser, Inc. | ^* | (2)(3)(13) | Media: Advertising, Printing & Publishing | L + 6.00% | 7.00% | 5/14/2018 | 5/14/2024 | 18,618 | 18,328 | 18,518 | 2.03 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Turbo Buyer, Inc. | ^* | (2)(3)(13) | Automotive | L + 5.50% | 6.50% | 12/2/2019 | 12/2/2025 | 24,262 | 23,730 | 24,527 | 2.69 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tweddle Group, Inc. | ^ | (2)(3) | Media: Advertising, Printing & Publishing | L + 4.50% | 5.50% | 9/17/2018 | 9/17/2023 | 1,710 | 1,694 | 1,536 | 0.17 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unifrutti Financing PLC (Cyprus) | ^ | (7) | Beverage, Food & Tobacco | 7.50%, 1.00% PIK | 8.50% | 9/15/2019 | 9/15/2026 | € | 4,598 | 4,866 | 5,325 | 0.57 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unifrutti Financing PLC (Cyprus) | ^ | (7) | Beverage, Food & Tobacco | 11.00% PIK | 11.00% | 10/22/2020 | 9/15/2026 | € | 679 | 762 | 786 | 0.09 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US INFRA SVCS Buyer, LLC | ^ | (2)(3)(13) | Environmental Industries | L + 6.00% | 7.00% | 4/13/2020 | 4/13/2026 | 4,066 | 3,531 | 3,658 | 0.40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
USLS Acquisition, Inc. | ^* | (2)(3)(13) | Business Services | L + 5.75% | 6.75% | 11/30/2018 | 11/30/2024 | 21,393 | 21,089 | 20,124 | 2.21 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
USLS Acquisition, Inc. | ^ | (2)(3)(13) | Business Services | L + 5.75% | 6.75% | 9/3/2020 | 11/30/2024 | — | (21) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
VRC Companies, LLC | ^* | (2)(3)(13) | Business Services | L + 6.50% | 7.50% | 3/31/2017 | 3/31/2023 | 33,201 | 32,989 | 32,504 | 3.57 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Westfall Technik, Inc. | ^* | (2)(3)(13) | Chemicals, Plastics & Rubber | L + 6.25% | 7.25% | 9/13/2018 | 9/13/2024 | 27,656 | 27,408 | 26,389 | 2.90 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wheel Pros, LLC | * | (2)(3) | Automotive | L + 5.25% | 6.25% | 11/18/2020 | 11/6/2027 | 3,267 | 3,188 | 3,251 | 0.36 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
YLG Holdings, Inc. | ^ | (2)(3)(13) | Consumer Services | L + 6.25% | 7.25% | 9/30/2020 | 11/1/2025 | 1,626 | 1,570 | 1,613 | 0.18 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Zemax Software Holdings, LLC | ^* | (2)(3)(13) | Software | L + 5.75% | 6.75% | 6/25/2018 | 6/25/2024 | 6,271 | 6,207 | 6,159 | 0.68 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Zenith Merger Sub, Inc. | ^* | (2)(3)(13) | Business Services | L + 5.25% | 6.25% | 12/13/2017 | 12/13/2023 | 13,603 | 13,499 | 13,579 | 1.49 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Debt Total | $ | 1,237,509 | $ | 1,194,048 | 131.14 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Second Lien Debt (16.3% of fair value) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AI Convoy S.A.R.L (United Kingdom) | ^ | (2)(3)(7) | Aerospace & Defense | L + 8.25% | 9.25% | 1/17/2020 | 1/17/2028 | $ | 24,814 | $ | 24,318 | $ | 25,717 | 2.82 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Aimbridge Acquisition Co., Inc. | ^ | (2)(3) | Hotel, Gaming & Leisure | L + 7.50% | 7.62% | 2/1/2019 | 2/1/2027 | 9,241 | 9,109 | 8,197 | 0.90 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AQA Acquisition Holdings, Inc. | ^ | (2)(3) | High Tech Industries | L + 7.50% | 8.00% | 3/3/2021 | 3/3/2029 | 40,000 | 39,007 | 39,000 | 4.29 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brave Parent Holdings, Inc. | ^* | (2)(3) | Software | L + 7.50% | 7.61% | 10/3/2018 | 4/19/2026 | 19,062 | 18,725 | 19,062 | 2.09 |
Investments—non-controlled/non-affiliated (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Acquisition Date | Maturity Date | Par/ Principal Amount ** | Amortized Cost (4) | Fair Value (5) | % of Net Assets | ||||||||||||||||||||
U.S. Acute Care Solutions, LLC | * | (2) (3) | Healthcare & Pharmaceuticals | L + 5.00% | 6.45% | 2/21/2019 | 5/15/2021 | $ | 4,258 | $ | 4,232 | $ | 3,755 | 0.47 | % | |||||||||||||||
USLS Acquisition, Inc. | ^* | (2) (3) (12) | Business Services | L + 5.75% | 6.82% | 11/30/2018 | 11/30/2024 | 22,954 | 22,575 | 22,166 | 2.78 | |||||||||||||||||||
Unifrutti Financing PLC (Cyprus) | ^ | (7) | Beverage, Food & Tobacco | 7.50%, 1.00% PIK | 8.50% | 9/15/2019 | 9/15/2026 | € | 4,553 | 4,778 | 4,571 | 0.57 | ||||||||||||||||||
VRC Companies, LLC | ^+* | (2) (3) (12) | Business Services | L + 6.50% | 7.99% | 3/31/2017 | 3/31/2023 | 58,916 | 58,440 | 57,624 | 7.22 | |||||||||||||||||||
Westfall Technik, Inc. | ^* | (2) (3) (12) | Chemicals, Plastics & Rubber | L + 5.75% | 7.20% | 9/13/2018 | 9/13/2024 | 28,341 | 27,824 | 25,520 | 3.20 | |||||||||||||||||||
WP CPP Holdings, LLC (CPP) | ^ | (2) (3) | Aerospace & Defense | L + 3.75% | 5.53% | 7/18/2019 | 4/30/2025 | 14,952 | 14,826 | 11,214 | 1.40 | |||||||||||||||||||
Zemax Software Holdings, LLC | ^* | (2) (3) (12) | Software | L + 5.75% | 7.20% | 6/25/2018 | 6/25/2024 | 10,762 | 10,636 | 10,492 | 1.31 | |||||||||||||||||||
Zenith Merger Sub, Inc. | ^+* | (2) (3) (12) | Business Services | L + 5.25% | 6.70% | 12/13/2017 | 12/13/2023 | 18,076 | 17,879 | 17,484 | 2.19 | |||||||||||||||||||
First Lien Debt Total | $ | 1,669,607 | $ | 1,522,044 | 190.60 | % | ||||||||||||||||||||||||
Second Lien Debt (13.59% of fair value) | ||||||||||||||||||||||||||||||
Access CIG, LLC | * | (2) (3) | Business Services | L + 7.75% | 9.53% | 2/14/2018 | 2/27/2026 | $ | 2,700 | $ | 2,687 | $ | 2,196 | 0.28 | % | |||||||||||||||
AI Convoy S.A.R.L (Cobham) (United Kingdom) | ^ | (2) (3) (7) | Aerospace & Defense | L + 8.25% | 10.09% | 1/17/2020 | 1/17/2028 | 30,327 | 29,659 | 27,470 | 3.44 | |||||||||||||||||||
Aimbridge Acquisition Co., Inc. | ^* | (2) (3) | Hotel, Gaming & Leisure | L + 7.50% | 9.08% | 2/1/2019 | 2/1/2027 | 9,241 | 9,092 | 7,907 | 0.99 | |||||||||||||||||||
AQA Acquisition Holding, Inc. | ^ | (2) (3) | High Tech Industries | L + 8.00% | 9.91% | 10/1/2018 | 5/24/2024 | 40,000 | 39,685 | 37,440 | 4.69 | |||||||||||||||||||
Brave Parent Holdings, Inc. | ^* | (2) (3) | Software | L + 7.50% | 9.28% | 10/3/2018 | 4/19/2026 | 19,062 | 18,672 | 17,323 | 2.17 | |||||||||||||||||||
Drilling Info Holdings, Inc. | ^ | (2) (3) | Energy: Oil & Gas | L + 8.25% | 9.24% | 2/11/2020 | 7/30/2026 | 18,600 | 18,098 | 17,307 | 2.17 | |||||||||||||||||||
Higginbotham Insurance Agency, Inc. | ^ | (2) (3) | Banking, Finance, Insurance & Real Estate | L + 7.50% | 8.50% | 12/3/2019 | 12/19/2025 | 2,500 | 2,476 | 2,344 | 0.29 | |||||||||||||||||||
Jazz Acquisition, Inc. | ^ | (2) (3) | Aerospace & Defense | L + 8.00% | 8.99% | 6/13/2019 | 6/18/2027 | 23,450 | 23,124 | 18,760 | 2.35 | |||||||||||||||||||
Le Tote, Inc. | ^ | (2) (3) | Retail | L + 6.75% | 8.33% | 11/8/2019 | 11/8/2024 | 7,143 | 6,977 | 6,456 | 0.81 | |||||||||||||||||||
Outcomes Group Holdings, Inc. | ^* | (2) (3) | Business Services | L + 7.50% | 9.11% | 10/23/2018 | 10/26/2026 | 4,500 | 4,490 | 4,184 | 0.52 | |||||||||||||||||||
Pharmalogic Holdings Corp. | ^ | (2) (3) | Healthcare & Pharmaceuticals | L + 8.00% | 9.00% | 6/7/2018 | 12/11/2023 | 800 | 797 | 777 | 0.10 | |||||||||||||||||||
Quartz Holding Company (QuickBase, Inc.) | ^ | (2) (3) | Software | L + 8.00% | 8.86% | 4/2/2019 | 4/2/2027 | 11,900 | 11,683 | 10,900 | 1.37 | |||||||||||||||||||
Reladyne, Inc. | ^+* | (2) (3) | Wholesale | L + 9.50% | 10.95% | 4/19/2018 | 1/21/2023 | 12,242 | 12,092 | 11,643 | 1.46 | |||||||||||||||||||
Stonegate Pub Company Limited (United Kingdom) | ^ | (2) (3) (7) | Beverage, Food & Tobacco | L + 8.50% | 9.23% | 3/12/2020 | 3/12/2028 | £ | 20,000 | 24,692 | 22,467 | 2.81 | ||||||||||||||||||
Tank Holding Corp. | ^* | (2) (3) | Capital Equipment | L + 8.25% | 9.17% | 3/26/2019 | 3/26/2027 | 37,380 | 36,799 | 34,420 | 4.31 | |||||||||||||||||||
Ultimate Baked Goods MIDCO, LLC (Rise Baking) | ^ | (2) (3) | Beverage, Food & Tobacco | L + 8.00% | 9.00% | 8/9/2018 | 8/9/2026 | 8,333 | 8,191 | 7,913 | 0.99 | |||||||||||||||||||
Watchfire Enterprises, Inc. | ^ | (2) (3) | Media: Advertising, Printing & Publishing | L + 8.00% | 9.06% | 10/2/2013 | 10/2/2021 | 7,000 | 6,970 | 6,929 | 0.87 | |||||||||||||||||||
World 50, Inc. | ^ | (9) | Business Services | 11.50% | 11.50% | 1/10/2020 | 1/9/2027 | 10,000 | 9,807 | 9,335 | 1.17 |
Investments—non-controlled/non-affiliated (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Acquisition Date | Maturity Date | Par/ Principal Amount ** | Amortized Cost (4) | Fair Value (5) | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Drilling Info Holdings, Inc. | ^ | (2)(3) | Energy: Oil & Gas | L + 8.25% | 8.36% | 2/11/2020 | 7/30/2026 | $ | 18,600 | $ | 18,161 | $ | 18,739 | 2.06 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Jazz Acquisition, Inc. | ^ | (2)(3) | Aerospace & Defense | L + 8.00% | 8.11% | 6/13/2019 | 6/18/2027 | 23,450 | 23,159 | 18,762 | 2.06 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outcomes Group Holdings, Inc. | ^* | (2)(3) | Business Services | L + 7.50% | 7.70% | 10/23/2018 | 10/26/2026 | 1,731 | 1,727 | 1,731 | 0.19 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PAI Holdco, Inc. | ^ | (2)(3) | Automotive | L + 6.25%, 2.00% PIK | 9.25% | 10/28/2020 | 10/28/2028 | 13,599 | 13,210 | 13,480 | 1.48 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Peraton Corp. | ^ | (2)(3) | Aerospace & Defense | L + 7.75% | 8.50% | 2/24/2021 | 2/1/2029 | 12,300 | 12,115 | 12,115 | 1.33 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quartz Holding Company | ^ | (2)(3) | Software | L + 8.00% | 8.11% | 4/2/2019 | 4/2/2027 | 7,048 | 6,934 | 7,118 | 0.78 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reladyne, Inc. | ^ | (2)(3) | Wholesale | L + 9.50% | 10.50% | 4/19/2018 | 1/21/2023 | 12,242 | 12,145 | 11,834 | 1.30 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stonegate Pub Company Bidco Limited (United Kingdom) | ^ | (2)(3)(7) | Beverage, Food & Tobacco | L + 8.50% | 8.54% | 3/12/2020 | 3/12/2028 | £ | 20,000 | 24,743 | 22,976 | 2.52 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tank Holding Corp. | ^* | (2)(3) | Capital Equipment | L + 8.25% | 8.36% | 3/26/2019 | 3/26/2027 | 35,965 | 35,489 | 36,214 | 3.98 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TruGreen Limited Partnership | ^ | (2)(3) | Consumer Services | L + 8.50% | 9.25% | 11/16/2020 | 11/2/2028 | 13,000 | 12,752 | 13,003 | 1.43 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ultimate Baked Goods MIDCO, LLC | ^ | (2)(3) | Beverage, Food & Tobacco | L + 8.00% | 9.00% | 8/9/2018 | 8/9/2026 | 2,820 | 2,777 | 2,600 | 0.29 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Watchfire Enterprises, Inc. | ^ | (2)(3) | Media: Advertising, Printing & Publishing | L + 8.00% | 9.00% | 10/2/2013 | 10/2/2021 | 7,000 | 6,990 | 6,947 | 0.76 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
World 50, Inc. | ^ | (9) | Business Services | 11.50% | 11.50% | 1/10/2020 | 1/9/2027 | 7,635 | 7,503 | 7,561 | 0.83 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WP CPP Holdings, LLC | ^* | (2)(3) | Aerospace & Defense | L + 7.75% | 8.75% | 7/18/2019 | 4/30/2026 | 39,500 | 39,184 | 34,266 | 3.77 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Second Lien Debt Total | $ | 308,048 | $ | 299,322 | 32.87 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments—non-controlled/non-affiliated (1) | Footnotes | Industry | Acquisition Date | Shares/ Units | Cost | Fair Value (5) | % of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Investments (1.9% of fair value) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ANLG Holdings, LLC | ^ | (6) | Capital Equipment | 6/22/2018 | 592 | $ | 592 | $ | 803 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avenu Holdings, LLC | ^ | (6) | Sovereign & Public Finance | 9/28/2018 | 172 | 172 | 479 | 0.05 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BK Intermediate Company, LLC | ^ | (6) | Healthcare & Pharmaceuticals | 5/27/2020 | 288 | 288 | 266 | 0.03 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Central Security Group, Inc. | ^* | (6) | Consumer Services | 10/16/2020 | 443 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chartis Holding, LLC | ^ | (6) | Business Services | 5/1/2019 | 433 | 433 | 733 | 0.08 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CIP Revolution Holdings, LLC | ^ | (6) | Media: Advertising, Printing & Publishing | 8/19/2016 | 318 | 318 | 250 | 0.03 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cority Software Inc. (Canada) | ^ | (6) | Software | 7/2/2019 | 250 | 250 | 312 | 0.03 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DecoPac, Inc. | ^ | (6) | Non-durable Consumer Goods | 9/29/2017 | 1,500 | 1,500 | 1,557 | 0.17 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derm Growth Partners III, LLC | ^ | (6) | Healthcare & Pharmaceuticals | 5/31/2016 | 1,000 | 1,000 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GRO Sub Holdco, LLC | ^ | (6) | Healthcare & Pharmaceuticals | 3/29/2018 | 268 | — | 290 | 0.03 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
K2 Insurance Services, LLC | ^ | (6) | Banking, Finance, Insurance & Real Estate | 7/3/2019 | 433 | 433 | 622 | 0.07 |
Investments—non-controlled/non-affiliated (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Acquisition Date | Maturity Date | Par/ Principal Amount ** | Amortized Cost (4) | Fair Value (5) | % of Net Assets | ||||||||||||||||||||
WP CPP Holdings, LLC (CPP) | ^* | (2) (3) | Aerospace & Defense | L + 7.75% | 9.53% | 7/18/2019 | 4/30/2026 | $ | 39,500 | $ | 39,137 | $ | 25,940 | 3.25 | % | |||||||||||||||
Zywave, Inc. | ^ | (2) (3) | High Tech Industries | L + 9.00% | 10.80% | 11/18/2016 | 11/17/2023 | 3,468 | 3,435 | 3,344 | 0.42 | |||||||||||||||||||
Second Lien Debt Total | $ | 308,563 | $ | 275,055 | 34.44 | % |
Investments—non-controlled/non-affiliated (1) | Footnotes | Industry | Acquisition Date | Shares/ Units | Cost | Fair Value (5) | % of Net Assets | |||||||||||||||||||||
Equity Investments (1.45% of fair value) | ||||||||||||||||||||||||||||
ANLG Holdings, LLC | ^ | (6) | Healthcare & Pharmaceuticals | 6/22/2018 | 880 | $ | 880 | $ | 757 | 0.09 | % | |||||||||||||||||
Avenu Holdings, LLC | ^ | (6) | Sovereign & Public Finance | 9/28/2018 | 172 | 172 | 74 | 0.01 | ||||||||||||||||||||
Chartis Holding, LLC | ^ | (6) | Business Services | 5/1/2019 | 433 | 433 | 599 | 0.08 | ||||||||||||||||||||
CIP Revolution Holdings, LLC | ^ | (6) | Media: Advertising, Printing & Publishing | 8/19/2016 | 318 | 318 | 344 | 0.04 | ||||||||||||||||||||
Cority Software Inc. (Canada) | ^ | (6) | Software | 7/2/2019 | 250 | 250 | 306 | 0.04 | ||||||||||||||||||||
DecoPac, Inc. | ^ | (6) | Non-durable Consumer Goods | 9/29/2017 | 1,500 | 1,500 | 2,800 | 0.35 | ||||||||||||||||||||
Derm Growth Partners III, LLC (Dermatology Associates) | ^ | (6) | Healthcare & Pharmaceuticals | 5/31/2016 | 1,000 | 1,000 | 0 | — | ||||||||||||||||||||
GRO Sub Holdco, LLC (Grand Rapids) | ^ | (6) | Healthcare & Pharmaceuticals | 3/29/2018 | 500 | 500 | 108 | 0.01 | ||||||||||||||||||||
K2 Insurance Services, LLC | ^ | (6) | Banking, Finance, Insurance & Real Estate | 7/3/2019 | 433 | 433 | 465 | 0.06 | ||||||||||||||||||||
Legacy.com, Inc. | ^ | (6) | High Tech Industries | 3/20/2017 | 1,500 | 1,500 | 615 | 0.08 | ||||||||||||||||||||
Mailgun Technologies, Inc. | ^ | (6) | High Tech Industries | 3/26/2019 | 424 | 424 | 447 | 0.06 | ||||||||||||||||||||
North Haven Goldfinch Topco, LLC | ^ | (6) | Containers, Packaging & Glass | 6/18/2018 | 2,315 | 2,315 | 2,359 | 0.30 | ||||||||||||||||||||
Paramit Corporation | ^ | (6) | Capital Equipment | 6/17/2019 | 150 | 500 | 202 | 0.03 | ||||||||||||||||||||
PPC Flexible Packaging, LLC | ^ | (6) | Containers, Packaging & Glass | 2/1/2019 | 965 | 965 | 1,112 | 0.14 | ||||||||||||||||||||
Rough Country, LLC | ^ | (6) | Durable Consumer Goods | 5/25/2017 | 755 | 755 | 1,278 | 0.16 | ||||||||||||||||||||
SiteLock Group Holdings, LLC | ^ | (6) | High Tech Industries | 4/5/2018 | 446 | 446 | 506 | 0.06 | ||||||||||||||||||||
T2 Systems Parent Corporation | ^ | (6) | Transportation: Consumer | 9/28/2016 | 556 | 555 | 706 | 0.09 | ||||||||||||||||||||
Tailwind HMT Holdings Corp. | ^ | (6) | Energy: Oil & Gas | 11/17/2017 | 20 | 1,334 | 2,173 | 0.27 | ||||||||||||||||||||
Tank Holding Corp. | ^ | (6) | Capital Equipment | 3/26/2019 | 850 | 850 | 944 | 0.12 | ||||||||||||||||||||
Titan DI Preferred Holdings, Inc. (Drilling Info) | ^ | (6) | Energy: Oil & Gas | 2/11/2020 | 10,000 | 9,700 | 9,100 | 1.14 | ||||||||||||||||||||
Turbo Buyer, Inc. (Portfolio Holdings, Inc.) | ^ | (6) | Automotive | 12/2/2019 | 1,925 | 1,925 | 1,925 | 0.24 | ||||||||||||||||||||
Tweddle Holdings, Inc. | ^ | (6) | Media: Advertising, Printing & Publishing | 9/17/2018 | 17 | 0 | 0 | — |
Investments—non-controlled/non-affiliated (1) | Footnotes | Industry | Acquisition Date | Shares/ Units | Cost | Fair Value (5) | % of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Legacy.com, Inc. | ^ | (6) | High Tech Industries | 3/20/2017 | 1,500 | $ | 1,500 | $ | 696 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mailgun Technologies, Inc. | ^ | (6) | High Tech Industries | 3/26/2019 | 424 | 424 | 784 | 0.09 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
North Haven Goldfinch Topco, LLC | ^ | (6) | Containers, Packaging & Glass | 6/18/2018 | 2,315 | 2,315 | 3,199 | 0.35 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Paramit Corporation | ^ | (6) | Capital Equipment | 6/17/2019 | 150 | 500 | 760 | 0.08 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PPC Flexible Packaging, LLC | ^ | (6) | Containers, Packaging & Glass | 2/1/2019 | 965 | 965 | 1,483 | 0.16 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rough Country, LLC | ^ | (6) | Durable Consumer Goods | 5/25/2017 | 755 | 490 | 1,511 | 0.17 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
T2 Systems Parent Corporation | ^ | (6) | Transportation: Consumer | 9/28/2016 | 556 | 556 | 677 | 0.07 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tailwind HMT Holdings Corp. | ^ | (6) | Energy: Oil & Gas | 11/17/2017 | 22 | 1,558 | 2,023 | 0.22 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tank Holding Corp. | ^ | (6) | Capital Equipment | 3/26/2019 | 850 | 482 | 944 | 0.10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Titan DI Preferred Holdings, Inc. | ^ | (6) | Energy: Oil & Gas | 2/11/2020 | 11,620 | 11,345 | 11,620 | 1.28 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Turbo Buyer, Inc. | ^ | (6) | Automotive | 12/2/2019 | 1,925 | 1,925 | 2,601 | 0.29 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tweddle Holdings, Inc. | ^* | (6) | Media: Advertising, Printing & Publishing | 9/17/2018 | 17 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unifrutti Financing PLC (Cyprus) | ^ | (6) | Beverage, Food & Tobacco | 10/22/2020 | — | 424 | 421 | 0.05 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unifrutti Financing PLC (Cyprus) | ^ | (6) | Beverage, Food & Tobacco | 10/22/2020 | — | 133 | 148 | 0.02 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
USLS Acquisition, Inc. | ^ | (6) | Business Services | 11/30/2018 | 641 | 641 | 570 | 0.06 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
W50 Parent LLC | ^ | (6) | Business Services | 1/10/2020 | 500 | 500 | 672 | 0.07 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Zenith American Holding, Inc. | ^ | (6) | Business Services | 12/13/2017 | 1,564 | 782 | 1,441 | 0.16 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Zillow Topco LP | ^ | (6) | Software | 6/25/2018 | 313 | 312 | 168 | 0.02 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Investments Total | $ | 29,838 | $ | 35,030 | 3.85 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total investments—non-controlled/non-affiliated | $ | 1,575,395 | $ | 1,528,400 | 167.86 | % |
Investments—non-controlled/affiliated | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Acquisition Date | Maturity Date | Par/ Principal Amount ** | Amortized Cost (4) | Fair Value (5) | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Debt (1.5% of fair value) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Direct Travel, Inc. | ^* | (2)(3)(8)(12) | Hotel, Gaming & Leisure | L + 1.00%, 7.50% PIK | 9.50% | 10/14/2016 | 10/1/2023 | $ | 36,839 | $ | 36,218 | $ | 25,473 | 2.80 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Direct Travel Inc. | ^ | (2)(3)(12)(13) | Hotel, Gaming & Leisure | L + 6.00% | 7.00% | 10/1/2020 | 10/1/2023 | 2,177 | 2,177 | 2,177 | 0.24 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Debt Total | $ | 38,395 | $ | 27,650 | 3.04 | % |
Investments—non-controlled/non-affiliated (1) | Footnotes | Industry | Acquisition Date | Shares/ Units | Cost | Fair Value (5) | % of Net Assets | |||||||||||||||||||||
USLS Acquisition, Inc. | ^ | (6) | Business Services | 11/30/2018 | 641 | $ | 641 | $ | 588 | 0.07 | % | |||||||||||||||||
W50 Parent LLC | ^ | (6) | Business Services | 1/10/2020 | 500 | 500 | 500 | 0.06 | ||||||||||||||||||||
Zenith American Holding, Inc. | ^ | (6) | Business Services | 12/13/2017 | 1,564 | 782 | 1,170 | 0.15 | ||||||||||||||||||||
Zillow Topco LP | ^ | (6) | Software | 6/25/2018 | 313 | 312 | 245 | 0.03 | ||||||||||||||||||||
Equity Investments Total | $ | 28,990 | $ | 29,323 | 3.67 | % | ||||||||||||||||||||||
Total investments—non-controlled/non-affiliated | $ | 2,007,160 | $ | 1,826,422 | 228.7 | % |
Investments—controlled/affiliated | Footnotes | Industry | Reference Rate & Spread(2) | Interest Rate (2) | Acquisition Date | Maturity Date | Par/ Principal Amount | Amortized Cost (6) | Fair Value (5) | % of Net Assets | ||||||||||||||||||||
First Lien Debt (0.63% of fair value) | ||||||||||||||||||||||||||||||
SolAero Technologies Corp. (A1 Term Loan) | ^ | (2) (3) (8) (10) | Telecommunications | L + 8.00% (100% PIK) | 9.45% | 4/12/2019 | 44,846 | $ | 3,166 | $ | 3,166 | $ | 834 | 0.10 | % | |||||||||||||||
SolAero Technologies Corp. (A2 Term Loan) | ^ | (2) (3) (8) (10) | Telecommunications | L + 8.00% (100% PIK) | 9.45% | 4/12/2019 | 44,846 | 8,707 | 8,707 | 2,293 | 0.29 | |||||||||||||||||||
SolAero Technologies Corp. (Priority Term Loan) | ^ | (2) (3) (10) (12) | Telecommunications | L + 6.00% | 7.45% | 4/12/2019 | 44,846 | 9,594 | 9,478 | 9,594 | 1.20 | |||||||||||||||||||
First Lien Debt Total | $ | 21,351 | $ | 12,721 | 1.59 | % |
Investments—controlled/affiliated | Footnotes | Industry | Acquisition Date | Shares/ Units | Cost | Fair Value (5) | % of Net Assets | ||||||||||||||||||||
Equity Investments (0.00% of fair value) | |||||||||||||||||||||||||||
SolAero Technologies Corp. | ^ | (6) (10) | Telecommunications | 4/12/2019 | 3 | $ | 2,815 | $ | — | — | % | ||||||||||||||||
Equity Investments Total | $ | 2,815 | $ | — | — | % |
Investments—non-controlled/affiliated | Footnotes | Industry | Acquisition Date | Shares/ Units | Cost | Fair Value (5) | % of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Investments (0.0% of fair value) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Direct Travel, Inc. | ^ | (6)(12) | Hotel, Gaming & Leisure | 10/1/2020 | 43 | $ | — | $ | — | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Investments Total | $ | — | $ | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total investments—non-controlled/affiliated | $ | 38,395 | $ | 27,650 | 3.04 | % |
Investments—controlled/affiliated | Footnotes | Industry | Reference Rate & Spread(2) | Interest Rate (2) | Acquisition Date | Maturity Date | Par/ Principal Amount ** | Amortized Cost (4) | Fair Value (5) | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Debt (0.3% of fair value) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SolAero Technologies Corp. (A1 Term Loan) | ^ | (2)(3)(8)(10) | Telecommunications | L + 8.00% (100% PIK) | 9.00% | 4/12/2019 | 10/12/2022 | $ | 3,166 | $ | 3,166 | $ | 670 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
SolAero Technologies Corp. (A2 Term Loan) | ^ | (2)(3)(8)(10) | Telecommunications | L + 8.00% (100% PIK) | 9.00% | 4/12/2019 | 10/12/2022 | 8,707 | 8,707 | 1,843 | 0.20 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SolAero Technologies Corp. (Priority Facilities) | ^ | (2)(3)(10)(13) | Telecommunications | L + 6.00% | 7.00% | 4/12/2019 | 10/12/2022 | 2,442 | 2,417 | 2,442 | 0.27 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Debt Total | $ | 14,290 | $ | 4,955 | 0.54 | % |
Investments—controlled/affiliated | Footnotes | Industry | Acquisition Date | Shares/ Units | Cost | Fair Value (5) | % of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Investments (0.0% of fair value) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SolAero Technologies Corp. | ^ | (6)(10) | Telecommunications | 4/12/2019 | 3 | $ | 2,815 | $ | — | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Investments Total | $ | 2,815 | $ | — | — | % |
Investments—controlled/affiliated | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Acquisition Date | Maturity Date | Par Amount/ LLC Interest | Cost | Fair Value (7) | % of Net Assets | Investments—controlled/affiliated | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Acquisition Date | Maturity Date | Par Amount/ LLC Interest ** | Cost | Fair Value (5) | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Fund (9.15% of fair value) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Funds (15.2% of fair value) | Investment Funds (15.2% of fair value) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Middle Market Credit Fund II, LLC, Member's Interest | Middle Market Credit Fund II, LLC, Member's Interest | ^ | (7)(10) | Investment Funds | N/A | —% | 11/3/2020 | 12/31/2030 | $ | 78,122 | $ | 78,096 | $ | 77,934 | 8.56 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Middle Market Credit Fund, LLC, Subordinated Loan and Member's Interest | Middle Market Credit Fund, LLC, Subordinated Loan and Member's Interest | ^ | (7)(10) | Investment Funds | N/A | —% | 2/29/2016 | 12/31/2024 | 216,000 | 216,001 | 202,695 | 22.26 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Middle Market Credit Fund, Mezzanine Loan | ^ | (2) (7) (9) (10) | Investment Fund | L + 9.00% | 10.97% | 6/30/2016 | 3/22/2021 | $ | — | $ | — | $ | — | — | % | Middle Market Credit Fund, Mezzanine Loan | ^ | (2)(7)(9)(10) | Investment Funds | L + 9.00% | 9.19% | 6/30/2016 | 5/21/2022 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Middle Market Credit Fund, LLC, Subordinated Loan and Member's Interest | ^ | (7) (10) | Investment Fund | N/A | 2/29/2016 | 3/1/2021 | 216,001 | 216,001 | 185,134 | 23.18 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Fund Total | $ | 216,001 | $ | 185,134 | 23.18 | % | Investment Fund Total | $ | 294,097 | $ | 280,629 | 30.82 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total investments—controlled/affiliated | Total investments—controlled/affiliated | $ | 240,167 | $ | 197,855 | 24.78 | % | Total investments—controlled/affiliated | $ | 311,202 | $ | 285,584 | 31.37 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Investments | Total Investments | $ | 2,247,327 | $ | 2,024,277 | 253.50 | % | Total Investments | $ | 1,924,992 | $ | 1,841,634 | 202.26 | % |
Investments—controlled/affiliated | Fair Value as of December 31, 2019 | Additions/Purchases | Reductions/Sales/ Paydowns | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value as of March 31, 2020 | Dividend and Interest Income | Investments—controlled/affiliated | Fair Value as of December 31, 2020 | Additions/Purchases | Reductions/Sales/ Paydowns | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value as of March 31, 2021 | Dividend and Interest Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Middle Market Credit Fund, LLC, Mezzanine Loan | $ | 93,000 | $ | 63,500 | $ | (156,500 | ) | $ | — | $ | — | $ | — | $ | 3,049 | Middle Market Credit Fund, LLC, Mezzanine Loan | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||
Middle Market Credit Fund, LLC, Subordinated Loan and Member’s Interest | 111,596 | 92,500 | — | — | (18,962 | ) | 185,134 | 3,500 | Middle Market Credit Fund, LLC, Subordinated Loan and Member’s Interest | 205,891 | — | — | — | (3,196) | 202,695 | 5,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Middle Market Credit Fund II LLC, Member's Interest | Middle Market Credit Fund II LLC, Member's Interest | 77,395 | — | — | — | 539 | 77,934 | 2,524 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total investments—controlled/affiliated | $ | 204,596 | $ | 156,000 | $ | (156,500 | ) | $ | — | $ | (18,962 | ) | $ | 185,134 | $ | 6,549 | Total investments—controlled/affiliated | $ | 283,286 | $ | — | $ | — | $ | — | $ | (2,657) | $ | 280,629 | $ | 7,524 |
Investments—controlled/affiliated | Fair Value as of December 31, 2020 | Additions/Purchases | Reductions/Sales/ Paydowns | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value as of March 31, 2021 | Dividend and Interest Income | ||||||||||||||||||||||||||||||||||
SolAero Technologies Corp. (Priority Term Loan) | $ | 2,640 | $ | — | $ | (18) | $ | — | $ | — | $ | 2,622 | $ | 56 | |||||||||||||||||||||||||||
SolAero Technologies Corp. (A1 Term Loan) | 1,214 | — | — | — | (544) | 670 | — | ||||||||||||||||||||||||||||||||||
SolAero Technologies Corp. (A2 Term Loan) | 3,338 | — | — | — | (1,495) | 1,843 | — | ||||||||||||||||||||||||||||||||||
Solaero Technology Corp. (Equity) | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Total investments—controlled/affiliated | $ | 7,192 | $ | — | $ | (18) | $ | — | $ | (2,039) | $ | 5,135 | $ | 56 |
Investments—non-controlled/affiliated | Fair Value as of December 31, 2020 | Additions/Purchases | Reductions/Sales/ Paydowns | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value as of March 31, 2021 | Dividend and Interest Income | ||||||||||||||||||||||||||||||||||
Direct Travel, Inc. | $ | 24,949 | $ | — | $ | (123) | $ | 1 | $ | 646 | $ | 25,473 | $ | — | |||||||||||||||||||||||||||
Direct Travel, Inc. | 1,231 | 946 | — | — | — | 2,177 | 38 | ||||||||||||||||||||||||||||||||||
Direct Travel, Inc. (Equity) | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Total investments—non-controlled/affiliated | $ | 26,180 | $ | 946 | $ | (123) | $ | 1 | $ | 646 | $ | 27,650 | $ | 38 |
Investments—controlled/affiliated | Fair Value as of December 31, 2019 | Additions/Purchases | Reductions/Sales/ Paydowns | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value as of March 31, 2020 | Dividend and Interest Income | ||||||||||||||||||||
SolAero Technologies Corp. (Priority Term Loan) | $ | 9,612 | $ | — | $ | (18 | ) | $ | — | $ | — | $ | 9,594 | $ | 202 | ||||||||||||
SolAero Technologies Corp. (A1 Term Loan) | 3,166 | — | — | — | (2,332 | ) | 834 | — | |||||||||||||||||||
SolAero Technologies Corp. (A2 Term Loan) | 8,707 | — | — | — | (6,414 | ) | 2,293 | — | |||||||||||||||||||
Solaero Technology Corp. (Equity) | 826 | — | — | — | (826 | ) | — | — | |||||||||||||||||||
Total investments—controlled/affiliated | $ | 22,311 | $ | — | $ | (18 | ) | $ | — | $ | (9,572 | ) | $ | 12,721 | $ | 202 |
Investments—non-controlled/non-affiliated | Type | Unused Fee | Par/ Principal Amount | Fair Value | |||||||
First and Second Lien Debt—unfunded delayed draw and revolving term loans commitments | |||||||||||
Airnov, Inc. | Revolver | 0.50% | $ | 1,250 | $ | (37 | ) | ||||
American Physician Partners, LLC | Revolver | 0.50 | 550 | (17 | ) | ||||||
AMS Group HoldCo, LLC | Revolver | 0.50 | 475 | (9 | ) | ||||||
Analogic Corporation | Revolver | 0.50 | 154 | (8 | ) | ||||||
Apptio, Inc. | Revolver | 0.50 | 2,367 | (129 | ) | ||||||
BMS Holdings III Corp. | Delayed Draw | 2.63 | 3,333 | (154 | ) | ||||||
Chartis Holdings, LLC | Delayed Draw | 0.50 | 6,402 | (193 | ) | ||||||
Chemical Computing Group ULC (Canada) | Revolver | 0.50 | 903 | (28 | ) |
Investments—non-controlled/non-affiliated | Type | Unused Fee | Par/ Principal Amount | Fair Value | |||||||||||||||||||
First and Second Lien Debt—unfunded delayed draw and revolving term loans commitments | |||||||||||||||||||||||
Advanced Web Technologies Holding Company | Delayed Draw | 1.00% | $ | 2,299 | $ | 6 | |||||||||||||||||
Advanced Web Technologies Holding Company | Revolver | 0.50 | 755 | 2 | |||||||||||||||||||
American Physician Partners, LLC | Revolver | 0.50 | 550 | (16) | |||||||||||||||||||
AMS Group HoldCo, LLC | Revolver | 0.50 | 2,315 | (3) | |||||||||||||||||||
Analogic Corporation | Revolver | 0.50 | 168 | (1) | |||||||||||||||||||
Applied Technical Services | Delayed Draw | 1.00 | 132 | (1) | |||||||||||||||||||
Applied Technical Services | Revolver | 0.50 | 53 | — | |||||||||||||||||||
Apptio, Inc. | Revolver | 0.50 | 1,420 | 11 | |||||||||||||||||||
Captive Resources Midco, LLC | Revolver | 0.50 | 2,143 | 18 | |||||||||||||||||||
Chartis Holding, LLC | Delayed Draw | 1.00 | 4,406 | — | |||||||||||||||||||
Chartis Holding, LLC | Revolver | 0.50 | 2,401 | — | |||||||||||||||||||
Chemical Computing Group ULC (Canada) | Revolver | 0.50 | 29 | — | |||||||||||||||||||
CircusTrix Holdings, LLC | Delayed Draw | 1.00 | 287 | — | |||||||||||||||||||
Comar Holding Company, LLC | Revolver | 0.50 | 2,935 | — | |||||||||||||||||||
Comar Holding Company, LLC | Delayed Draw | 1.00 | 2,586 | — | |||||||||||||||||||
Cority Software Inc.(Canada) | Revolver | 0.50 | 3,000 | 14 | |||||||||||||||||||
DCA Investment Holding, LLC | Delayed Draw | 1.00 | 2,449 | (37) | |||||||||||||||||||
DermaRite Industries, LLC | Revolver | 0.50 | 2,234 | (78) | |||||||||||||||||||
Diligent Corporation | Delayed Draw | 1.00 | 141 | 1 | |||||||||||||||||||
Diligent Corporation | Revolver | 0.50 | 47 | — | |||||||||||||||||||
Direct Travel, Inc. | Delayed Draw | 0.50 | 2,083 | — | |||||||||||||||||||
Ethos Veterinary Health LLC | Delayed Draw | 1.00 | 2,696 | (17) | |||||||||||||||||||
EvolveIP, LLC | Delayed Draw | 1.00 | 3,333 | — | |||||||||||||||||||
EvolveIP, LLC | Revolver | 0.50 | 2,941 | — | |||||||||||||||||||
FWR Holding Corporation | Revolver | 0.50 | 4,444 | (340) | |||||||||||||||||||
Greenhouse Software, Inc. | Revolver | 0.50 | 1,471 | (33) | |||||||||||||||||||
Hawkeye AcquisitionCo, LLC | Delayed Draw | 1.00 | 4,454 | (89) | |||||||||||||||||||
Hawkeye AcquisitionCo, LLC | Revolver | 0.50 | 557 | (11) | |||||||||||||||||||
Helios Buyer, Inc. | Revolver | 0.50 | 689 | (3) | |||||||||||||||||||
Helios Buyer, Inc. | Delayed Draw | 1.00 | 4,672 | (20) | |||||||||||||||||||
Hercules Borrower LLC | Revolver | 0.50 | 2,160 | (31) | |||||||||||||||||||
Higginbotham Insurance Agency, Inc. | Delayed Draw | 1.00 | 1,098 | 6 | |||||||||||||||||||
Individual FoodService Holdings, LLC | Revolver | 0.50 | 607 | (8) | |||||||||||||||||||
Individual FoodService Holdings, LLC | Delayed Draw | 1.00 | 584 | (7) | |||||||||||||||||||
Individual FoodService Holdings, LLC | Delayed Draw | 1.00 | 149 | (2) |
Investments—non-controlled/non-affiliated | Type | Unused Fee | Par/ Principal Amount | Fair Value | |||||||
Cobblestone Intermediate Holdco LLC | Delayed Draw | 1.00% | $ | 271 | $ | (4 | ) | ||||
Comar Holding Company, LLC | Revolver | 0.50 | 2,201 | (42 | ) | ||||||
Cority Software Inc. (Canada) | Revolver | 0.50 | 3,000 | (60 | ) | ||||||
DermaRite Industries, LLC | Revolver | 0.50 | 393 | (36 | ) | ||||||
Ethos Veterinary Health LLC | Delayed Draw | 1.00 | 2,696 | (110 | ) | ||||||
EvolveIP, LLC | Delayed Draw | 1.00 | 3,922 | (93 | ) | ||||||
EvolveIP, LLC | Revolver | 0.50 | 2,353 | (56 | ) | ||||||
FWR Holding Corporation | Revolver | 0.50 | 1,444 | (116 | ) | ||||||
iCIMS, Inc. | Revolver | 0.50 | 1,252 | (58 | ) | ||||||
Individual FoodService Holdings, LLC | Delayed Draw | 1.00 | 745 | (24 | ) | ||||||
Individual FoodService Holdings, LLC | Revolver | 0.50 | 400 | (13 | ) | ||||||
Integrity Marketing Acquisition, LLC | Delayed Draw | 1.00 | 4,289 | (242 | ) | ||||||
K2 Insurance Services, LLC | Delayed Draw | 1.00 | 5,344 | (113 | ) | ||||||
K2 Insurance Services, LLC | Revolver | 0.50 | 1,145 | (24 | ) | ||||||
Kaseya Inc. | Delayed Draw | 0.75 | 2,800 | (149 | ) | ||||||
Kaseya Inc. | Revolver | 0.50 | 15 | (1 | ) | ||||||
Lifelong Learner Holdings, LLC | Delayed Draw | — | 2,878 | (191 | ) | ||||||
Lifelong Learner Holdings, LLC | Revolver | 0.50 | 422 | (28 | ) | ||||||
Liqui-Box Holdings, Inc. | Revolver | 0.50 | 351 | (18 | ) | ||||||
Mailgun Technologies, Inc. | Revolver | 0.50 | 1,342 | (47 | ) | ||||||
National Carwash Solutions, Inc. | Delayed Draw | 1.00 | 1,111 | (28 | ) | ||||||
National Carwash Solutions, Inc. | Revolver | 0.50 | 5 | — | |||||||
National Technical Systems, Inc. | Revolver | 0.50 | 19 | — | |||||||
Northland Telecommunications Corporation | Revolver | 0.50 | 2,199 | (78 | ) | ||||||
PF Growth Partners, LLC | Delayed Draw | 1.00 | 823 | (49 | ) | ||||||
PPC Flexible Packaging, LLC | Revolver | 0.50 | 489 | (12 | ) | ||||||
PricewaterhouseCoopers Public Sector LLP | Revolver | 0.50 | 4,250 | (181 | ) | ||||||
QW Holding Corporation (Quala) | Delayed Draw | 1.00 | 600 | (14 | ) | ||||||
RSC Acquisition, Inc. | Delayed Draw | 1.00 | 6,593 | (338 | ) | ||||||
RSC Acquisition, Inc. | Revolver | 0.50 | 608 | (31 | ) | ||||||
Sapphire Convention, Inc. (Smart City) | Revolver | 0.50 | 2,264 | (79 | ) | ||||||
Smile Doctors, LLC | Delayed Draw | 1.00 | 813 | (30 | ) | ||||||
Smile Doctors, LLC | Revolver | 0.50 | 1 | — | |||||||
SolAero Technologies Corp. (Priority Term Loan) | Revolver | 0.50 | 1,526 | — | |||||||
SPay, Inc. | Revolver | 0.50 | 682 | (159 | ) | ||||||
Superior Health Linens, LLC | Revolver | 0.50 | 693 | (30 | ) | ||||||
T2 Systems, Inc. | Revolver | 0.50 | 2,346 | (21 | ) | ||||||
Tank Holding Corp. | Revolver | 0.50 | 2 | — |
Investments—non-controlled/non-affiliated | Type | Unused Fee | Par/ Principal Amount | Fair Value | |||||||||||||||||||
K2 Insurance Services, LLC | Revolver | 0.50 | 2,290 | 3 | |||||||||||||||||||
K2 Insurance Services, LLC | Delayed Draw | 1.00 | 1,571 | 2 | |||||||||||||||||||
Kaseya, Inc. | Delayed Draw | 1.00 | 1,111 | — | |||||||||||||||||||
Kaseya, Inc. | Revolver | 0.50 | 787 | — | |||||||||||||||||||
Lifelong Learner Holdings, LLC | Delayed Draw | 1.00 | 1,690 | (115) | |||||||||||||||||||
Lifelong Learner Holdings, LLC | Revolver | 0.50 | 1,377 | (94) | |||||||||||||||||||
Liqui-Box Holdings, Inc. | Revolver | 0.50 | 912 | (79) | |||||||||||||||||||
Mailgun Technologies, Inc. | Revolver | 0.50 | 1,342 | (12) | |||||||||||||||||||
National Technical Systems, Inc. | Revolver | 0.50 | 836 | — | |||||||||||||||||||
NMI AcquisitionCo, Inc. | Revolver | 0.50 | 1,280 | 5 | |||||||||||||||||||
Paramit Corporation | Delayed Draw | 1.00 | 2,931 | — | |||||||||||||||||||
PF Growth Partners, LLC | Delayed Draw | 1.00 | 823 | (44) | |||||||||||||||||||
PPC Flexible Packaging, LLC | Revolver | 0.50 | 685 | — | |||||||||||||||||||
PricewaterhouseCoopers Public Sector LLP | Revolver | 0.50 | 6,250 | (19) | |||||||||||||||||||
Redwood Services Group, LLC | Delayed Draw | 3.63 | 2,992 | 23 | |||||||||||||||||||
RSC Acquisition, Inc. | Revolver | 0.50 | 462 | 2 | |||||||||||||||||||
Sapphire Convention, Inc. | Revolver | 0.50 | 3,089 | (460) | |||||||||||||||||||
Smile Doctors, LLC | Revolver | 0.50 | 707 | — | |||||||||||||||||||
SolAero Technologies Corp. (Priority Facilities) | Revolver | 0.50 | 984 | — | |||||||||||||||||||
SolAero Technologies Corp. (Priority Facilities) | Revolver | 0.50 | 1,084 | — | |||||||||||||||||||
SPay, Inc. | Revolver | 0.50 | 648 | (100) | |||||||||||||||||||
Speedstar Holding, LLC | Delayed Draw | 1.00 | 3,775 | (76) | |||||||||||||||||||
Superior Health Linens, LLC | Revolver | 0.50 | 1,667 | (2) | |||||||||||||||||||
T2 Systems, Inc. | Revolver | 0.50 | 2,933 | — | |||||||||||||||||||
TCFI Aevex LLC | Delayed Draw | 1.00 | 1,787 | (3) | |||||||||||||||||||
The Leaders Romans Bidco Limited (United Kingdom) | Delayed Draw | 1.00 | £ | 2,111 | 252 | ||||||||||||||||||
Trump Card, LLC | Revolver | 0.50 | 477 | (6) | |||||||||||||||||||
TSB Purchaser, Inc. | Revolver | 0.50 | 1,891 | (9) | |||||||||||||||||||
Turbo Buyer, Inc. | Revolver | 0.50 | 2,151 | 22 | |||||||||||||||||||
US INFRA SVCS Buyer, LLC | Revolver | 0.50 | 2,275 | (29) | |||||||||||||||||||
US INFRA SVCS Buyer, LLC | Delayed Draw | 1.00 | 25,328 | (327) | |||||||||||||||||||
USLS Acquisition, Inc. | Revolver | 0.50 | 1,418 | (79) | |||||||||||||||||||
VRC Companies, LLC | Revolver | 0.50 | 1,646 | (33) | |||||||||||||||||||
Westfall Technik, Inc. | Revolver | 0.50 | 431 | (19) | |||||||||||||||||||
YLG Holdings, Inc. | Delayed Draw | 1.00 | 368 | (2) | |||||||||||||||||||
Zemax Software Holdings, LLC | Revolver | 0.50 | 642 | (10) | |||||||||||||||||||
Zenith Merger Sub, Inc. | Revolver | 0.50 | 2,120 | (3) | |||||||||||||||||||
Total unfunded commitments | $ | 149,152 | $ | (1,891) |
Investments—non-controlled/non-affiliated | Type | Unused Fee | Par/ Principal Amount | Fair Value | |||||||
TCFI Aevex LLC | Delayed Draw | 1.00% | $ | 1,722 | $ | (34 | ) | ||||
TSB Purchaser, Inc. (Teaching Strategies, LLC) | Revolver | 0.50 | 1,342 | (34 | ) | ||||||
Turbo Buyer, Inc. (Portfolio Holdings, Inc.) | Delayed Draw | 1.00 | 4,904 | (123 | ) | ||||||
USLS Acquisition, Inc. | Revolver | 0.50 | 76 | (3 | ) | ||||||
VRC Companies, LLC | Delayed Draw | 0.75 | 612 | (13 | ) | ||||||
Westfall Technik, Inc. | Delayed Draw | 1.00 | 12,190 | (848 | ) | ||||||
Zemax Software Holdings, LLC | Revolver | 0.50 | 642 | (15 | ) | ||||||
Zenith American Holding, Inc. | Delayed Draw | 1.00 | 3,189 | (83 | ) | ||||||
Zenith American Holding, Inc. | Revolver | 0.50 | 1,590 | (41 | ) | ||||||
Total unfunded commitments | $ | 103,988 | $ | (4,244 | ) |
Type | Amortized Cost | Fair Value | % of Fair Value | ||||||||
First Lien Debt (excluding First Lien/Last Out) | $ | 1,597,780 | $ | 1,478,357 | 73.02 | % | |||||
First Lien/Last Out Unitranche | 93,178 | 56,408 | 2.79 | ||||||||
Second Lien Debt | 308,563 | 275,055 | 13.59 | ||||||||
Equity Investments | 31,805 | 29,323 | 1.45 | ||||||||
Investment Fund | 216,001 | 185,134 | 9.15 | ||||||||
Total | $ | 2,247,327 | $ | 2,024,277 | 100.00 | % |
Type | Amortized Cost | Fair Value | % of Fair Value | |||||||||||||||||
First Lien Debt (excluding First Lien/Last Out Debt) | $ | 1,226,793 | $ | 1,164,592 | 63.2 | % | ||||||||||||||
First Lien/Last Out Debt | 63,401 | 62,061 | 3.4 | |||||||||||||||||
Second Lien Debt | 308,048 | 299,322 | 16.3 | |||||||||||||||||
Equity Investments | 32,653 | 35,030 | 1.9 | |||||||||||||||||
Investment Funds | 294,097 | 280,629 | 15.2 | |||||||||||||||||
Total | $ | 1,924,992 | $ | 1,841,634 | 100.0 | % |
Rate Type | Amortized Cost | Fair Value | % of Fair Value of First and Second Lien Debt | |||||||||||||||||
Floating Rate | $ | 1,585,111 | $ | 1,512,303 | 99.1 | % | ||||||||||||||
Fixed Rate | 13,131 | 13,672 | 0.9 | |||||||||||||||||
Total | $ | 1,598,242 | $ | 1,525,975 | 100.0 | % |
Rate Type | Amortized Cost | Fair Value | % of Fair Value of First and Second Lien Debt | ||||||||
Floating Rate | $ | 1,984,726 | $ | 1,795,780 | 99.22 | % | |||||
Fixed Rate | 14,795 | 14,040 | 0.78 | ||||||||
Total | $ | 1,999,521 | $ | 1,809,820 | 100.00 | % |
Industry | Amortized Cost | Fair Value | % of Fair Value | ||||||||||||||
Aerospace & Defense | $ | 115,239 | $ | 107,554 | 5.9 | % | |||||||||||
Automotive | 68,877 | 70,672 | 3.9 | ||||||||||||||
Banking, Finance, Insurance & Real Estate | 90,131 | 96,194 | 5.2 | ||||||||||||||
Beverage, Food & Tobacco | 80,179 | 76,110 | 4.1 | ||||||||||||||
Business Services | 132,101 | 130,782 | 7.1 | ||||||||||||||
Capital Equipment | 47,485 | 49,275 | 2.7 | ||||||||||||||
Chemicals, Plastics & Rubber | 27,408 | 26,389 | 1.4 | ||||||||||||||
Construction & Building | 1,559 | 1,578 | 0.1 | ||||||||||||||
Consumer Services | 35,944 | 35,810 | 1.9 | ||||||||||||||
Containers, Packaging & Glass | 61,903 | 63,481 | 3.4 | ||||||||||||||
Durable Consumer Goods | 4,598 | 5,571 | 0.3 | ||||||||||||||
Energy: Oil & Gas | 40,745 | 41,889 | 2.3 | ||||||||||||||
Environmental Industries | 64,336 | 62,864 | 3.4 | ||||||||||||||
Healthcare & Pharmaceuticals | 157,771 | 128,463 | 7.0 | ||||||||||||||
High Tech Industries | 178,525 | 178,816 | 9.7 | ||||||||||||||
Hotel, Gaming & Leisure | 102,603 | 84,643 | 4.6 | ||||||||||||||
Investment Funds | 294,097 | 280,629 | 15.2 | ||||||||||||||
Media: Advertising, Printing & Publishing | 37,111 | 37,201 | 2.0 | ||||||||||||||
Industry | Amortized Cost | Fair Value | % of Fair Value | |||||||
Aerospace & Defense | $ | 147,012 | $ | 123,170 | 6.08 | % | ||||
Automotive | 40,713 | 40,553 | 2.00 | |||||||
Banking, Finance, Insurance & Real Estate | 121,706 | 117,928 | 5.83 | |||||||
Beverage, Food & Tobacco | 104,517 | 97,745 | 4.83 | |||||||
Business Services | 182,139 | 177,206 | 8.75 | |||||||
Capital Equipment | 46,795 | 43,918 | 2.17 | |||||||
Chemicals, Plastics & Rubber | 27,824 | 25,520 | 1.26 | |||||||
Construction & Building | 13,659 | 13,302 | 0.66 | |||||||
Consumer Services | 29,197 | 18,867 | 0.93 | |||||||
Containers, Packaging & Glass | 67,994 | 66,915 | 3.31 | |||||||
Durable Consumer Goods | 10,898 | 11,150 | 0.55 | |||||||
Energy: Electricity | 19,347 | 14,066 | 0.69 | |||||||
Energy: Oil & Gas | 38,878 | 37,833 | 1.87 | |||||||
Environmental Industries | 42,969 | 42,423 | 2.10 | |||||||
Healthcare & Pharmaceuticals | 209,179 | 138,427 | 6.84 | |||||||
High Tech Industries | 221,288 | 212,912 | 10.52 | |||||||
Hotel, Gaming & Leisure | 96,954 | 84,664 | 4.18 | |||||||
Investment Fund | 216,001 | 185,134 | 9.15 | |||||||
Media: Advertising, Printing & Publishing | 36,777 | 36,468 | 1.80 | |||||||
Media: Broadcasting & Subscription | 46,601 | 45,510 | 2.25 | |||||||
Non-durable Consumer Goods | 1,500 | 2,800 | 0.14 | |||||||
Retail | 24,002 | 22,090 | 1.09 | |||||||
Software | 230,281 | 223,406 | 11.03 | |||||||
Sovereign & Public Finance | 38,232 | 35,367 | 1.75 | |||||||
Telecommunications | 122,050 | 104,135 | 5.14 | |||||||
Transportation: Cargo | 40,437 | 40,062 | 1.98 | |||||||
Transportation: Consumer | 35,373 | 35,632 | 1.76 | |||||||
Wholesale | 35,004 | 27,074 | 1.34 | |||||||
Total | $ | 2,247,327 | $ | 2,024,277 | 100.00 | % |
Industry | Amortized Cost | Fair Value | % of Fair Value | ||||||||||||||
Media: Diversified & Production | 19,652 | 19,652 | 1.1 | ||||||||||||||
Non-durable Consumer Goods | 1,500 | 1,557 | 0.1 | ||||||||||||||
Retail | 34,393 | 33,893 | 1.8 | ||||||||||||||
Software | 113,442 | 112,010 | 6.1 | ||||||||||||||
Sovereign & Public Finance | 13,690 | 14,129 | 0.8 | ||||||||||||||
Telecommunications | 116,975 | 97,533 | 5.3 | ||||||||||||||
Transportation: Cargo | 29,709 | 29,818 | 1.6 | ||||||||||||||
Transportation: Consumer | 26,877 | 27,212 | 1.5 | ||||||||||||||
Wholesale | 28,142 | 27,909 | 1.5 | ||||||||||||||
$ | 1,924,992 | $ | 1,841,634 | 100.0 | % |
Geography | Amortized Cost | Fair Value | % of Fair Value | ||||||||||||||
Canada | $ | 34,904 | $ | 35,537 | 1.9 | % | |||||||||||
Cyprus | 6,185 | 6,680 | 0.4 | ||||||||||||||
Luxembourg | 32,037 | 29,620 | 1.6 | ||||||||||||||
United Kingdom | 91,549 | 95,665 | 5.2 | ||||||||||||||
United States | 1,760,317 | 1,674,132 | 90.9 | ||||||||||||||
Total | $ | 1,924,992 | $ | 1,841,634 | 100.0 | % |
Geography | Amortized Cost | Fair Value | % of Fair Value | |||||||
Canada | $ | 46,112 | $ | 45,734 | 2.26 | % | ||||
Cyprus | 4,778 | 4,571 | 0.23 | |||||||
Jamaica | 210 | 134 | 0.01 | |||||||
Luxembourg | 36,589 | 35,104 | 1.73 | |||||||
United Kingdom | 93,326 | 87,272 | 4.31 | |||||||
United States | 2,066,312 | 1,851,462 | 91.46 | |||||||
Total | $ | 2,247,327 | $ | 2,024,277 | 100.00 | % |
Investments—non-controlled/non-affiliated (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Acquisition Date | Maturity Date | Par/ Principal Amount ** | Amortized Cost (4) | Fair Value(5) | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Debt (65.2% of fair value) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advanced Web Technologies Holding Company | ^ | (2)(3)(13) | Containers, Packaging & Glass | L + 6.00% | 7.00% | 12/17/2020 | 12/17/2026 | $ | 6,042 | $ | 5,859 | $ | 5,858 | 0.65 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Airnov, Inc. | ^* | (2)(3)(13) | Containers, Packaging & Glass | L + 5.25% | 6.25% | 12/20/2019 | 12/19/2025 | 11,216 | 11,057 | 11,221 | 1.24 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alpha Packaging Holdings, Inc. | * | (2)(3) | Containers, Packaging & Glass | L + 6.00% | 7.00% | 6/26/2015 | 11/12/2021 | 2,784 | 2,784 | 2,784 | 0.31 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alpine SG, LLC | * | (2)(3) | High Tech Industries | L + 5.75% | 6.75% | 2/2/2018 | 11/16/2022 | 10,890 | 10,835 | 10,808 | 1.20 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alpine SG, LLC | ^ | (2)(3) | High Tech Industries | L + 8.50% | 9.50% | 7/24/2020 | 11/16/2022 | 1,618 | 1,578 | 1,612 | 0.18 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alpine SG, LLC | ^* | (2)(3) | High Tech Industries | L + 6.50% | 7.50% | 11/2/2020 | 11/16/2022 | 10,750 | 10,452 | 10,698 | 1.19 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
American Physician Partners, LLC | ^* | (2)(3)(13) | Healthcare & Pharmaceuticals | L + 6.75% | 7.75% | 1/7/2019 | 12/21/2021 | 28,848 | 28,715 | 27,295 | 3.03 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AMS Group HoldCo, LLC | ^ | (2)(3)(13) | Transportation: Cargo | L + 6.50% | 7.50% | 9/29/2017 | 9/29/2023 | 22,252 | 22,004 | 21,945 | 2.43 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Analogic Corporation | * | (2)(3)(13) | Capital Equipment | L + 5.25% | 6.25% | 6/22/2018 | 6/22/2024 | 2,361 | 2,332 | 2,361 | 0.26 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Anchor Hocking, LLC | ^ | (2)(3) | Durable Consumer Goods | L + 11.75% | 12.75% | 1/25/2019 | 1/25/2024 | 9,758 | 9,547 | 9,358 | 1.04 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Applied Technical Services, LLC | ^ | (2)(3)(13) | Business Services | L + 5.75% | 6.75% | 12/29/2020 | 12/29/2026 | 395 | 382 | 382 | 0.04 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Apptio, Inc. | ^ | (2)(3)(13) | Software | L + 7.25% | 8.25% | 1/10/2019 | 1/10/2025 | 5,184 | 5,073 | 5,297 | 0.59 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At Home Holding III, Inc. | ^ | (2)(3)(7) | Retail | L + 9.00% | 10.00% | 6/12/2020 | 7/27/2022 | 875 | 858 | 870 | 0.10 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aurora Lux FinCo S.Á.R.L. (Luxembourg) | ^* | (2)(3)(7) | Software | L + 5.75% | 6.75% | 12/24/2019 | 12/24/2026 | 32,819 | 32,093 | 29,970 | 3.32 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avenu Holdings, LLC | ^* | (2)(3) | Sovereign & Public Finance | L + 5.25% | 6.25% | 9/28/2018 | 9/28/2024 | 37,276 | 36,883 | 37,276 | 4.14 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Barnes & Noble, Inc. | ^ | (2)(3)(11) | Retail | L + 5.50% | 6.50% | 8/7/2019 | 8/7/2024 | 16,744 | 16,426 | 15,808 | 1.75 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BlueCat Networks, Inc. (Canada) | * | (2)(3)(7) | High Tech Industries | L + 6.25% | 7.25% | 10/30/2020 | 10/30/2026 | 11,468 | 11,243 | 11,239 | 1.25 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BMS Holdings III Corp. | * | (2)(3) | Construction & Building | L + 5.25% | 6.25% | 9/30/2019 | 9/30/2026 | 1,596 | 1,554 | 1,578 | 0.18 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Captive Resources Midco, LLC | ^* | (2)(3)(13) | Banking, Finance, Insurance & Real Estate | L + 5.75% | 6.75% | 6/30/2015 | 5/31/2025 | 10,525 | 10,370 | 10,611 | 1.18 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Central Security Group, Inc. | ^* | (2)(3) | Consumer Services | L + 6.00% | 7.00% | 10/16/2020 | 10/16/2025 | 9,278 | 9,278 | 7,930 | 0.88 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chartis Holding, LLC | ^* | (2)(3)(13) | Business Services | L + 5.50% | 6.50% | 5/1/2019 | 5/1/2025 | 16,266 | 15,969 | 16,275 | 1.81 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chemical Computing Group ULC (Canada) | ^* | (2)(3)(7)(13) | Software | L + 5.00% | 6.00% | 8/30/2018 | 8/30/2023 | 471 | 469 | 471 | 0.05 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CircusTrix Holdings, LLC | ^* | (2)(3) | Hotel, Gaming & Leisure | L + 6.75% (100% PIK) | 7.75% | 2/2/2018 | 12/6/2021 | 10,023 | 9,987 | 8,093 | 0.90 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cobblestone Intermediate Holdco LLC | ^ | (2)(3)(13) | Consumer Services | L + 4.75% | 5.75% | 1/29/2020 | 1/29/2026 | 720 | 713 | 723 | 0.08 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comar Holding Company, LLC | ^* | (2)(3)(13) | Containers, Packaging & Glass | L + 5.50% | 6.50% | 6/18/2018 | 6/18/2024 | 22,037 | 21,636 | 22,147 | 2.46 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cority Software Inc. (Canada) | ^* | (2)(3)(7)(13) | Software | L + 5.25% | 6.25% | 7/2/2019 | 7/2/2026 | 10,622 | 10,401 | 10,718 | 1.19 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cority Software Inc. (Canada) | ^ | (2)(3)(7) | Software | L + 7.25% | 8.25% | 9/3/2020 | 7/2/2026 | 1,898 | 1,843 | 1,935 | 0.21 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derm Growth Partners III, LLC | ^ | (2)(3)(8) | Healthcare & Pharmaceuticals | L + 6.25% (100% PIK) | 7.25% | 5/31/2016 | 5/31/2022 | 56,320 | 56,046 | 28,212 | 3.13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DermaRite Industries, LLC | ^* | (2)(3)(13) | Healthcare & Pharmaceuticals | L + 7.00% | 8.00% | 3/3/2017 | 3/3/2022 | 18,862 | 18,776 | 18,656 | 2.07 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Designer Brands Inc. | ^ | (2)(3)(7) | Retail | L + 8.50% | 9.75% | 8/7/2020 | 8/7/2025 | 17,955 | 17,534 | 17,811 | 1.98 |
Investments—non-controlled/non-affiliated (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Acquisition Date | Maturity Date | Par/ Principal Amount ** | Amortized Cost (4) | Fair Value(5) | % of Net Assets | |||||||||||||||||||
First Lien Debt (77.29%) | |||||||||||||||||||||||||||||
Aero Operating, LLC (Dejana Industries, Inc.) | ^+* | (2) (3) (13) | Business Services | L + 7.25% | 9.16% | 1/5/2018 | 12/29/2022 | $ | 3,517 | $ | 3,491 | $ | 3,449 | 0.36 | % | ||||||||||||||
Airnov, Inc. | ^ | (2) (3) (13) | Containers, Packaging & Glass | L + 5.25% | 7.16% | 12/20/2019 | 12/19/2025 | 12,813 | 12,602 | 12,601 | 1.32 | ||||||||||||||||||
Alpha Packaging Holdings, Inc. | +* | (2) (3) | Containers, Packaging & Glass | L + 4.25% | 6.35% | 6/26/2015 | 5/12/2020 | 2,836 | 2,836 | 2,822 | 0.30 | ||||||||||||||||||
Alpine SG, LLC | ^* | (2) (3) | High Tech Industries | L + 6.50% | 8.43% | 2/2/2018 | 11/16/2022 | 15,301 | 15,187 | 15,244 | 1.59 | ||||||||||||||||||
American Physician Partners, LLC | ^+* | (2) (3) (13) | Healthcare & Pharmaceuticals | L + 6.50% | 8.58% | 1/7/2019 | 12/21/2021 | 38,235 | 37,868 | 38,110 | 3.98 | ||||||||||||||||||
AMS Group HoldCo, LLC | ^+* | (2) (3) (13) | Transportation: Cargo | L + 6.00% | 8.07% | 9/29/2017 | 9/29/2023 | 30,808 | 30,361 | 30,457 | 3.18 | ||||||||||||||||||
Analogic Corporation | ^+* | (2) (3) (13) | Healthcare & Pharmaceuticals | L + 6.00% | 7.70% | 6/22/2018 | 6/22/2024 | 34,784 | 34,190 | 34,784 | 3.64 | ||||||||||||||||||
Anchor Hocking, LLC | ^ | (2) (3) | Durable Consumer Goods | L + 8.75% | 10.66% | 1/25/2019 | 1/25/2024 | 10,707 | 10,410 | 10,359 | 1.08 | ||||||||||||||||||
Apptio, Inc. | ^ | (2) (3) (13) | Software | L + 7.25% | 8.96% | 1/10/2019 | 1/10/2025 | 35,541 | 34,874 | 35,237 | 3.68 | ||||||||||||||||||
Aurora Lux FinCo S.Á.R.L. (Luxembourg) | ^ | (2) (3) (7) | Software | L + 6.00% | 7.93% | 12/24/2019 | 12/24/2026 | 37,500 | 36,563 | 36,563 | 3.82 | ||||||||||||||||||
Avenu Holdings, LLC | +* | (2) (3) | Sovereign & Public Finance | L + 5.25% | 7.35% | 9/28/2018 | 9/28/2024 | 38,665 | 38,125 | 37,227 | 3.89 | ||||||||||||||||||
Barnes & Noble, Inc. | ^ | (2) (3) (11) | Retail | L + 5.50% | 9.07% | 8/7/2019 | 8/7/2024 | 17,637 | 17,225 | 17,196 | 1.80 | ||||||||||||||||||
BMS Holdings III Corp. | ^* | (2) (3) (13) | Construction & Building | L + 5.25% | 7.35% | 9/30/2019 | 9/30/2026 | 11,638 | 11,274 | 11,591 | 1.21 | ||||||||||||||||||
Brooks Equipment Company, LLC | +* | (2) (3) | Construction & Building | L + 5.00% | 6.91% | 6/26/2015 | 8/29/2020 | 2,443 | 2,439 | 2,441 | 0.26 | ||||||||||||||||||
Capstone Logistics Acquisition, Inc. | +* | (2) (3) | Transportation: Cargo | L + 4.50% | 6.20% | 6/26/2015 | 10/7/2021 | 3,976 | 3,962 | 3,894 | 0.41 | ||||||||||||||||||
Captive Resources Midco, LLC | ^* | (2) (3) (13) | Banking, Finance, Insurance & Real Estate | L + 6.00% | 8.18% | 6/30/2015 | 5/31/2025 | 30,301 | 29,814 | 30,158 | 3.15 | ||||||||||||||||||
Central Security Group, Inc. | +* | (2) (3) | Consumer Services | L + 5.63% | 7.33% | 6/26/2015 | 10/6/2021 | 22,634 | 22,531 | 19,466 | 2.04 | ||||||||||||||||||
Chartis Holding, LLC | ^ | (2) (3) (13) | Business Services | L + 5.25% | 7.28% | 5/1/2019 | 5/1/2025 | 15,926 | 15,538 | 15,723 | 1.64 | ||||||||||||||||||
Chemical Computing Group ULC (Canada) | ^* | (2) (3) (7) (13) | Software | L + 5.25% | 6.95% | 8/30/2018 | 8/30/2023 | 14,674 | 14,567 | 14,539 | 1.52 | ||||||||||||||||||
CircusTrix Holdings, LLC | ^+* | (2) (3) | Hotel, Gaming & Leisure | L + 5.50% | 7.20% | 2/2/2018 | 12/6/2021 | 9,397 | 9,342 | 9,242 | 0.97 | ||||||||||||||||||
Comar Holding Company, LLC | ^+* | (2) (3) (13) | Containers, Packaging & Glass | L + 5.25% | 6.96% | 6/18/2018 | 6/18/2024 | 27,783 | 27,254 | 27,101 | 2.83 | ||||||||||||||||||
Cority Software Inc. (Canada) | ^ | (2) (3) (7) (13) | Software | L + 5.50% | 7.57% | 7/2/2019 | 7/2/2026 | 27,000 | 26,435 | 26,400 | 2.76 | ||||||||||||||||||
Dent Wizard International Corporation | + | (2) (3) | Automotive | L + 4.00% | 5.70% | 4/28/2015 | 4/7/2022 | 877 | 877 | 873 | 0.09 | ||||||||||||||||||
Derm Growth Partners III, LLC (Dermatology Associates) | ^ | (2) (3) (9) | Healthcare & Pharmaceuticals | L + 6.25% (100% PIK) | 8.16% | 5/31/2016 | 5/31/2022 | 56,310 | 56,026 | 39,716 | 4.15 | ||||||||||||||||||
DermaRite Industries, LLC | ^* | (2) (3) (13) | Healthcare & Pharmaceuticals | L + 7.00% | 8.70% | 3/3/2017 | 3/3/2022 | 22,647 | 22,481 | 21,690 | 2.27 | ||||||||||||||||||
Digicel Limited (Jamaica) | ^ | (7) | Telecommunications | 6.00% | 6.00% | 7/23/2019 | 4/15/2021 | 250 | 202 | 195 | 0.02 | ||||||||||||||||||
Dimensional Dental Management, LLC | ^ | (2) (3) (11) (13) | Healthcare & Pharmaceuticals | L + 5.75% | 10.00% | 2/12/2016 | 2/12/2021 | 1,224 | 1,199 | 1,224 | 0.13 |
Investments—non-controlled/non-affiliated (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Acquisition Date | Maturity Date | Par/ Principal Amount ** | Amortized Cost (4) | Fair Value(5) | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diligent Corporation | ^ | (2)(3)(13) | Telecommunications | L + 6.25% | 7.25% | 8/4/2020 | 8/4/2025 | $ | 579 | $ | 561 | $ | 588 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
DTI Holdco, Inc. | * | (2)(3) | High Tech Industries | L + 4.75% | 5.75% | 12/18/2018 | 9/30/2023 | 1,954 | 1,876 | 1,741 | 0.19 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Emergency Communications Network, LLC | ^* | (2)(3) | Telecommunications | L + 2.625%, 5.125% PIK | 8.75% | 6/1/2017 | 6/1/2023 | 24,370 | 24,269 | 21,349 | 2.37 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ensono, LP | * | (2)(3) | Telecommunications | L + 5.25% | 5.40% | 4/30/2018 | 6/27/2025 | 2,158 | 2,142 | 2,142 | 0.24 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ensono, LP | ^* | (2)(3) | Telecommunications | L + 5.75% | 5.90% | 6/25/2020 | 6/27/2025 | 18,131 | 18,008 | 17,995 | 2.00 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ethos Veterinary Health LLC | ^ | (2)(3)(13) | Consumer Services | L + 4.75% | 4.90% | 5/17/2019 | 5/15/2026 | 2,612 | 2,570 | 2,540 | 0.28 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EvolveIP, LLC | ^ | (2)(3)(13) | Telecommunications | L + 5.75% | 6.75% | 11/26/2019 | 6/7/2023 | 25,864 | 25,806 | 25,828 | 2.87 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Frontline Technologies Holdings, LLC | * | (2)(3) | Software | L + 5.75% | 6.75% | 9/18/2017 | 9/18/2023 | 3,099 | 3,081 | 3,037 | 0.34 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FWR Holding Corporation | ^* | (2)(3)(13) | Beverage, Food & Tobacco | L + 5.50%, 1.50% PIK | 8.00% | 8/21/2017 | 8/21/2023 | 34,555 | 34,175 | 31,216 | 3.46 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Helios Buyer, Inc. | ^ | (2)(3)(13) | Consumer Services | L + 6.00% | 7.00% | 12/15/2020 | 12/15/2026 | 8,749 | 8,456 | 8,454 | 0.94 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hercules Borrower LLC | ^ | (2)(3)(13) | Environmental Industries | L + 6.50% | 7.50% | 12/14/2020 | 12/14/2026 | 18,592 | 18,077 | 18,073 | 2.01 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Higginbotham Insurance Agency, Inc. | ^ | (2)(3)(13) | Banking, Finance, Insurance & Real Estate | L + 5.75% | 6.50% | 11/25/2020 | 11/25/2026 | 3,902 | 3,828 | 3,827 | 0.42 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
iCIMS, Inc. | ^ | (2)(3) | Software | L + 6.50% | 7.50% | 9/12/2018 | 9/12/2024 | 1,670 | 1,646 | 1,666 | 0.18 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individual FoodService Holdings, LLC | ^ | (2)(3)(13) | Wholesale | L + 6.25% | 7.25% | 2/21/2020 | 11/22/2025 | 3,883 | 3,797 | 3,759 | 0.42 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individual FoodService Holdings, LLC | ^ | (2)(3)(13) | Wholesale | L + 6.25% | 7.25% | 12/31/2020 | 11/22/2025 | 2,197 | 2,134 | 2,134 | 0.24 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Innovative Business Services, LLC | ^* | (2)(3) | High Tech Industries | L + 5.50% | 6.50% | 4/5/2018 | 4/5/2023 | 13,779 | 13,523 | 13,484 | 1.50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Integrity Marketing Acquisition, LLC | ^ | (2)(3) | Banking, Finance, Insurance & Real Estate | L + 5.75% | 6.75% | 1/15/2020 | 8/27/2025 | 4,970 | 4,907 | 5,011 | 0.56 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
K2 Insurance Services, LLC | ^* | (2)(3)(13) | Banking, Finance, Insurance & Real Estate | L + 5.00% | 6.00% | 7/3/2019 | 7/1/2024 | 18,651 | 18,323 | 18,653 | 2.07 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Kaseya, Inc. | ^ | (2)(3)(13) | High Tech Industries | L + 4.00%, 3.00% PIK | 8.00% | 5/3/2019 | 5/2/2025 | 14,871 | 14,610 | 14,940 | 1.66 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Legacy.com, Inc. | ^ | (2)(3)(11) | High Tech Industries | L + 6.00% | 7.00% | 3/20/2017 | 3/20/2023 | 17,066 | 16,886 | 16,055 | 1.78 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lifelong Learner Holdings, LLC | ^* | (2)(3)(13) | Business Services | L + 5.75% | 6.75% | 10/18/2019 | 10/18/2026 | 23,814 | 23,355 | 21,580 | 2.39 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liqui-Box Holdings, Inc. | ^ | (2)(3)(13) | Containers, Packaging & Glass | L + 4.50% | 5.50% | 6/3/2019 | 6/3/2024 | 1,368 | 1,346 | 1,112 | 0.12 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mailgun Technologies, Inc. | ^ | (2)(3)(13) | High Tech Industries | L + 5.00% | 6.00% | 3/26/2019 | 3/26/2025 | 3,256 | 3,185 | 3,175 | 0.35 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
National Technical Systems, Inc. | ^ | (2)(3)(13) | Aerospace & Defense | L + 5.50% | 6.50% | 10/28/2020 | 6/12/2023 | 1,175 | 1,150 | 1,160 | 0.13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NES Global Talent Finance US, LLC (United Kingdom) | * | (2)(3)(7) | Energy: Oil & Gas | L + 5.50% | 6.50% | 5/9/2018 | 5/11/2023 | 9,789 | 9,697 | 8,859 | 0.98 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NMI AcquisitionCo, Inc. | ^* | (2)(3)(13) | High Tech Industries | L + 5.00% | 6.00% | 9/6/2017 | 9/6/2022 | 40,756 | 40,442 | 40,336 | 4.48 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Paramit Corporation | * | (2)(3) | Capital Equipment | L + 4.50% | 5.50% | 5/3/2019 | 5/3/2025 | 5,213 | 5,174 | 5,109 | 0.57 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Paramit Corporation | ^ | (2)(3)(13) | Capital Equipment | L + 5.25% | 6.25% | 11/24/2020 | 5/3/2025 | 3,029 | 2,912 | 2,909 | 0.32 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Park Place Technologies, LLC | ^ | (2)(3) | High Tech Industries | L + 5.00% | 6.00% | 11/19/2020 | 11/19/2027 | 20,000 | 19,211 | 19,150 | 2.12 |
Investments—non-controlled/non-affiliated (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Acquisition Date | Maturity Date | Par/ Principal Amount ** | Amortized Cost (4) | Fair Value(5) | % of Net Assets | |||||||||||||||||||
Dimensional Dental Management, LLC | ^ | (2) (3) (9) (11) | Healthcare & Pharmaceuticals | L + 5.75% | 8.66% | 2/12/2016 | 7/22/2020 | $ | 33,674 | $ | 33,301 | $ | — | — | % | ||||||||||||||
Direct Travel, Inc. | ^+* | (2) (3) | Hotel, Gaming & Leisure | L + 6.50% | 8.41% | 10/14/2016 | 12/1/2021 | 36,805 | 36,515 | 36,757 | 3.84 | ||||||||||||||||||
DTI Holdco, Inc. | * | (2) (3) | High Tech Industries | L + 4.75% | 6.68% | 12/18/2018 | 9/30/2023 | 1,974 | 1,871 | 1,841 | 0.19 | ||||||||||||||||||
Emergency Communications Network, LLC | ^+* | (2) (3) | Telecommunications | L + 6.25% | 8.14% | 6/1/2017 | 6/1/2023 | 24,375 | 24,233 | 22,323 | 2.33 | ||||||||||||||||||
Ensono, LP | * | (2) (3) | Telecommunications | L + 5.25% | 6.95% | 4/30/2018 | 6/27/2025 | 8,537 | 8,452 | 8,537 | 0.89 | ||||||||||||||||||
Ethos Veterinary Health LLC | ^+ | (2) (3) (13) | Consumer Services | L + 4.75% | 6.45% | 5/17/2019 | 5/15/2026 | 10,869 | 10,744 | 10,807 | 1.13 | ||||||||||||||||||
EvolveIP, LLC | ^+* | (2) (3) | Telecommunications | L + 5.75% | 7.45% | 11/26/2019 | 6/7/2023 | 34,420 | 33,923 | 34,420 | 3.60 | ||||||||||||||||||
Frontline Technologies Holdings, LLC | ^* | (2) (3) | Software | L + 5.75% | 7.85% | 9/18/2017 | 9/18/2023 | 48,242 | 47,949 | 48,705 | 5.09 | ||||||||||||||||||
FWR Holding Corporation | ^+* | (2) (3) (13) | Beverage, Food & Tobacco | L + 5.50% | 7.29% | 8/21/2017 | 8/21/2023 | 48,630 | 47,950 | 48,393 | 5.06 | ||||||||||||||||||
Green Energy Partners/Stonewall, LLC | +* | (2) (3) | Energy: Electricity | L + 5.50% | 7.60% | 6/26/2015 | 11/10/2021 | 19,550 | 19,374 | 18,034 | 1.89 | ||||||||||||||||||
GRO Sub Holdco, LLC (Grand Rapids) | ^+* | (2) (3) (13) | Healthcare & Pharmaceuticals | L + 6.00% | 8.10% | 2/28/2018 | 2/22/2023 | 6,465 | 6,380 | 6,085 | 0.64 | ||||||||||||||||||
Hummel Station, LLC | +* | (2) (3) | Energy: Electricity | L + 6.00% | 7.70% | 2/3/2016 | 10/27/2022 | 14,641 | 14,169 | 12,896 | 1.35 | ||||||||||||||||||
Hydrofarm, LLC | ^ | (2) (3) | Wholesale | L+10.00% (30% Cash / 70% PIK) | 11.91% | 5/15/2017 | 5/12/2022 | 21,556 | 21,254 | 13,647 | 1.43 | ||||||||||||||||||
iCIMS, Inc. | ^ | (2) (3) (13) | Software | L + 6.50% | 8.29% | 9/12/2018 | 9/12/2024 | 23,930 | 23,507 | 23,927 | 2.50 | ||||||||||||||||||
Innovative Business Services, LLC | ^* | (2) (3) (13) | High Tech Industries | L + 5.50% | 7.53% | 4/5/2018 | 4/5/2023 | 16,143 | 15,782 | 15,880 | 1.66 | ||||||||||||||||||
K2 Insurance Services, LLC | ^+* | (2) (3) (13) | Banking, Finance, Insurance & Real Estate | L + 5.00% | 7.19% | 7/3/2019 | 7/1/2024 | 22,027 | 21,487 | 22,062 | 2.31 | ||||||||||||||||||
Kaseya Inc. | ^ | (2) (3) (13) | High Tech Industries | L + 5.50%, 1.00% PIK | 8.41% | 5/3/2019 | 5/2/2025 | 19,545 | 19,145 | 19,590 | 2.05 | ||||||||||||||||||
Legacy.com, Inc. | ^ | (2) (3) (11) | High Tech Industries | L + 9.98% | 11.77% | 3/20/2017 | 3/20/2023 | 17,080 | 16,832 | 16,325 | 1.71 | ||||||||||||||||||
Lifelong Learner Holdings, LLC | ^* | (2) (3) (13) | Business Services | L + 5.75% | 7.51% | 10/18/2019 | 10/18/2026 | 23,523 | 22,971 | 23,240 | 2.43 | ||||||||||||||||||
Liqui-Box Holdings, Inc. | ^ | (2) (3) (13) | Containers, Packaging & Glass | L + 4.50% | 6.41% | 6/3/2019 | 6/3/2024 | — | (26 | ) | (37 | ) | — | ||||||||||||||||
Mailgun Technologies, Inc. | ^ | (2) (3) (13) | High Tech Industries | L + 5.00% | 7.10% | 3/26/2019 | 3/26/2025 | 11,853 | 11,607 | 11,655 | 1.22 | ||||||||||||||||||
National Carwash Solutions, Inc. | ^+ | (2) (3) (13) | Automotive | L + 6.00% | 7.69% | 8/7/2018 | 4/28/2023 | 9,511 | 9,342 | 9,428 | 0.99 | ||||||||||||||||||
National Technical Systems, Inc. | ^+* | (2) (3) (13) | Aerospace & Defense | L + 6.25% | 7.94% | 6/26/2015 | 6/12/2021 | 27,950 | 27,801 | 27,920 | 2.92 | ||||||||||||||||||
NES Global Talent Finance US, LLC (United Kingdom) | +* | (2) (3) (7) | Energy: Oil & Gas | L + 5.50% | 7.43% | 5/9/2018 | 5/11/2023 | 9,890 | 9,762 | 9,763 | 1.02 | ||||||||||||||||||
Nexus Technologies, LLC | * | (2) (3) | High Tech Industries | L + 5.50%, 1.50% PIK | 8.91% | 12/11/2018 | 12/5/2023 | 6,172 | 6,119 | 5,621 | 0.59 | ||||||||||||||||||
NMI AcquisitionCo, Inc. | ^+* | (2) (3) (13) | High Tech Industries | L + 5.75% | 7.45% | 9/6/2017 | 9/6/2022 | 50,067 | 49,471 | 49,888 | 5.22 |
Investments—non-controlled/non-affiliated (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Acquisition Date | Maturity Date | Par/ Principal Amount ** | Amortized Cost (4) | Fair Value(5) | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PF Growth Partners, LLC | ^* | (2)(3)(13) | Hotel, Gaming & Leisure | L + 7.00% | 8.00% | 7/1/2019 | 7/11/2025 | $ | 7,294 | $ | 7,198 | $ | 6,778 | 0.75 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Plano Molding Company, LLC | ^ | (2)(3) | Hotel, Gaming & Leisure | L + 7.50%, 1.50% PIK | 10.00% | 5/1/2015 | 5/12/2022 | 14,693 | 14,664 | 13,001 | 1.44 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Plano Molding Company, LLC | ^ | (2)(3) | Hotel, Gaming & Leisure | L + 7.50%, 1.50% PIK | 10.00% | 8/7/2020 | 5/12/2022 | 1,081 | 1,073 | 1,081 | 0.12 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PPC Flexible Packaging, LLC | ^* | (2)(3)(13) | Containers, Packaging & Glass | L + 6.00% | 7.00% | 11/23/2018 | 11/23/2024 | 11,338 | 11,234 | 11,300 | 1.25 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PPT Management Holdings, LLC | ^ | (2)(3) | Healthcare & Pharmaceuticals | L + 6.00%, 2.50% PIK | 9.50% | 12/15/2016 | 12/16/2022 | 27,896 | 27,817 | 22,798 | 2.53 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PricewaterhouseCoopers Public Sector LLP | ^ | (2)(3)(13) | Aerospace & Defense | L + 3.25% | 3.49% | 5/1/2018 | 5/1/2023 | — | (74) | (32) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product Quest Manufacturing, LLC | ^ | (2)(3)(8) | Containers, Packaging & Glass | L + 6.75% | 10.00% | 9/21/2017 | 3/31/2021 | 840 | 840 | 423 | 0.05 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Propel Insurance Agency, LLC | (2)(3) | Banking, Finance, Insurance & Real Estate | L + 5.00% | 6.00% | 6/1/2018 | 6/1/2024 | 2,339 | 2,327 | 2,316 | 0.26 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
QW Holding Corporation | ^* | (2)(3)(13) | Environmental Industries | L + 6.25% | 7.25% | 8/31/2016 | 8/31/2022 | 43,119 | 42,771 | 40,990 | 4.55 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redwood Services Group, LLC | * | (2)(3) | High Tech Industries | L + 6.00% | 7.00% | 11/13/2018 | 6/6/2023 | 5,043 | 5,017 | 5,030 | 0.56 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redwood Services Group, LLC | * | (2)(3) | High Tech Industries | L + 8.50% | 9.50% | 8/14/2020 | 6/6/2023 | 3,474 | 3,378 | 3,494 | 0.39 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redwood Services Group, LLC | ^* | (2)(3)(13) | High Tech Industries | L + 7.25% | 8.25% | 10/19/2020 | 6/6/2023 | 12,957 | 12,628 | 13,024 | 1.44 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regency Entertainment, Inc. | ^ | (2)(3) | Media: Diversified & Production | L + 6.75% | 7.75% | 5/22/2020 | 10/22/2025 | 20,000 | 19,636 | 19,600 | 2.17 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reladyne, Inc. | * | (2)(3) | Wholesale | L + 5.00% | 6.00% | 8/21/2020 | 7/22/2022 | 10,100 | 10,017 | 10,146 | 1.13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Riveron Acquisition Holdings, Inc. | * | (2)(3) | Banking, Finance, Insurance & Real Estate | L + 5.75% | 6.75% | 5/22/2019 | 5/22/2025 | 11,517 | 11,341 | 11,595 | 1.29 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RSC Acquisition, Inc. | ^ | (2)(3)(13) | Banking, Finance, Insurance & Real Estate | L + 5.50% | 6.50% | 11/1/2019 | 11/1/2026 | 10,711 | 10,534 | 10,824 | 1.20 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sapphire Convention, Inc. | ^* | (2)(3)(13) | Telecommunications | L + 6.25% | 7.25% | 11/20/2018 | 11/20/2025 | 28,812 | 28,342 | 24,000 | 2.66 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Smile Doctors, LLC | ^* | (2)(3)(13) | Healthcare & Pharmaceuticals | L + 6.00% | 7.00% | 10/6/2017 | 10/6/2022 | 16,930 | 16,872 | 16,577 | 1.84 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Southern Graphics, Inc. | ^ | (2)(3)(11) | Media: Advertising, Printing & Publishing | L + 6.50% | 7.50% | 10/30/2020 | 10/23/2023 | 9,959 | 9,769 | 9,849 | 1.09 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sovos Brands Intermediate, Inc. | * | (2)(3) | Beverage, Food & Tobacco | L + 4.75% | 4.96% | 11/16/2018 | 11/20/2025 | 17,498 | 17,360 | 17,348 | 1.92 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SPay, Inc. | ^* | (2)(3)(13) | Hotel, Gaming & Leisure | L + 5.75%, 2.00% PIK | 8.75% | 6/15/2018 | 6/17/2024 | 21,365 | 21,099 | 17,318 | 1.92 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Superior Health Linens, LLC | ^* | (2)(3)(13) | Business Services | L + 6.50% | 7.50% | 9/30/2016 | 9/30/2021 | 13,155 | 13,116 | 13,079 | 1.45 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
T2 Systems, Inc. | ^* | (2)(3)(13) | Transportation: Consumer | L + 6.75% | 7.75% | 9/28/2016 | 9/28/2022 | 26,605 | 26,356 | 26,605 | 2.95 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tank Holding Corp. | ^ | (2)(3)(13) | Capital Equipment | L + 3.50% | 3.74% | 3/26/2019 | 3/26/2024 | — | — | (1) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TCFI Aevex LLC | ^* | (2)(3)(13) | Aerospace & Defense | L + 6.00% | 7.00% | 3/18/2020 | 3/18/2026 | 9,693 | 9,503 | 9,650 | 1.07 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Leaders Romans Bidco Limited (United Kingdom) Term Loan B | ^ | (2)(3)(7) | Banking, Finance, Insurance & Real Estate | L + 6.50%, 3.00% PIK | 10.25% | 7/23/2019 | 6/30/2024 | £ | 20,740 | 25,406 | 28,078 | 3.12 |
Investments—non-controlled/non-affiliated (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Acquisition Date | Maturity Date | Par/ Principal Amount ** | Amortized Cost (4) | Fair Value(5) | % of Net Assets | |||||||||||||||||||
Northland Telecommunications Corporation | ^* | (2) (3) (13) | Media: Broadcast & Subscription | L + 5.75% | 7.46% | 10/1/2018 | 10/1/2025 | $ | 46,603 | $ | 45,916 | $ | 46,529 | 4.86 | % | ||||||||||||||
Paramit Corporation | +* | (2) (3) | Capital Equipment | L + 4.50% | 6.22% | 5/3/2019 | 5/3/2025 | 6,298 | 6,241 | 6,268 | 0.66 | ||||||||||||||||||
PF Growth Partners, LLC | ^+* | (2) (3) (13) | Hotel, Gaming & Leisure | L + 5.00% | 6.70% | 7/1/2019 | 7/11/2025 | 7,161 | 7,045 | 7,135 | 0.75 | ||||||||||||||||||
Plano Molding Company, LLC | ^ | (2) (3) | Hotel, Gaming & Leisure | L + 7.50% | 9.20% | 5/1/2015 | 5/12/2021 | 14,752 | 14,645 | 14,085 | 1.47 | ||||||||||||||||||
PPC Flexible Packaging, LLC | +* | (2) (3) (13) | Containers, Packaging & Glass | L + 5.50% | 7.19% | 11/23/2018 | 11/23/2024 | 13,591 | 13,404 | 13,464 | 1.41 | ||||||||||||||||||
PPT Management Holdings, LLC | ^ | (2) (3) | Healthcare & Pharmaceuticals | L + 6.00%, 0.75% PIK | 8.66% | 12/15/2016 | 12/16/2022 | 27,744 | 27,627 | 23,155 | 2.42 | ||||||||||||||||||
Pretium Packaging, LLC | ^ | (2) (3) | Containers, Packaging & Glass | L + 5.00% | 6.91% | 8/15/2019 | 11/14/2023 | 7,700 | 7,631 | 7,700 | 0.81 | ||||||||||||||||||
PricewaterhouseCoopers Public Sector LLP | ^ | (2) (3) (13) | Aerospace & Defense | L + 3.25% | 5.16% | 5/1/2018 | 5/1/2023 | — | (105 | ) | (46 | ) | — | ||||||||||||||||
Product Quest Manufacturing, LLC | ^ | (2) (3) (9) | Containers, Packaging & Glass | L + 6.75% | 5.75% | 9/21/2017 | 3/31/2020 | 840 | 840 | 840 | 0.09 | ||||||||||||||||||
Propel Insurance Agency, LLC | ^ | (2) (3) | Banking, Finance, Insurance & Real Estate | L + 4.25% | 6.35% | 6/1/2018 | 6/1/2024 | 2,363 | 2,347 | 2,353 | 0.25 | ||||||||||||||||||
QW Holding Corporation (Quala) | ^+* | (2) (3) (13) | Environmental Industries | L + 5.75% | 7.73% | 8/31/2016 | 8/31/2022 | 43,358 | 42,802 | 43,106 | 4.51 | ||||||||||||||||||
Redwood Services Group, LLC | ^ | (2) (3) | High Tech Industries | L + 6.00% | 7.91% | 11/13/2018 | 6/6/2023 | 8,427 | 8,363 | 8,342 | 0.87 | ||||||||||||||||||
Riveron Acquisition Holdings, Inc. | ^+* | (2) (3) | Banking, Finance, Insurance & Real Estate | L + 6.00% | 7.91% | 5/22/2019 | 5/22/2025 | 19,968 | 19,605 | 19,587 | 2.05 | ||||||||||||||||||
RSC Acquisition, Inc. | ^ | (2) (3) (13) | Banking, Finance, Insurance & Real Estate | L + 5.50% | 7.41% | 11/1/2019 | 11/1/2026 | 11,594 | 11,222 | 11,449 | 1.20 | ||||||||||||||||||
Sapphire Convention, Inc. (Smart City) | *+^ | (2) (3) (13) | Telecommunications | L + 5.25% | 7.27% | 11/20/2018 | 11/20/2025 | 28,577 | 28,009 | 28,329 | 2.96 | ||||||||||||||||||
Smile Doctors, LLC | ^*+ | (2) (3) (13) | Healthcare & Pharmaceuticals | L + 6.00% | 8.07% | 10/6/2017 | 10/6/2022 | 22,227 | 22,136 | 21,996 | 2.30 | ||||||||||||||||||
Sovos Brands Intermediate, Inc. | +* | (2) (3) | Beverage, Food & Tobacco | L + 5.00% | 7.20% | 11/16/2018 | 11/20/2025 | 19,899 | 19,714 | 19,750 | 2.06 | ||||||||||||||||||
SPay, Inc. | ^+* | (2) (3) (13) | Hotel, Gaming & Leisure | L + 5.75% | 7.46% | 6/15/2018 | 6/17/2024 | 20,512 | 20,179 | 18,694 | 1.95 | ||||||||||||||||||
Superior Health Linens, LLC | ^+* | (2) (3) (13) | Business Services | L + 7.50%, 0.50% PIK | 9.91% | 9/30/2016 | 9/30/2021 | 21,805 | 21,666 | 19,933 | 2.08 | ||||||||||||||||||
Surgical Information Systems, LLC | ^+* | (2) (3) (11) | High Tech Industries | L + 4.50% | 7.47% | 4/24/2017 | 4/24/2023 | 26,168 | 26,007 | 25,715 | 2.69 | ||||||||||||||||||
T2 Systems, Inc. | ^+* | (2) (3) (13) | Transportation: Consumer | L + 6.75% | 8.85% | 9/28/2016 | 9/28/2022 | 35,648 | 35,159 | 35,648 | 3.73 | ||||||||||||||||||
Tank Holding Corp. | ^ | (2) (3) (13) | Capital Equipment | L + 4.00% | 5.76% | 3/26/2019 | 3/26/2024 | — | — | — | — | ||||||||||||||||||
The Leaders Romans Bidco Limited (United Kingdom) | ^ | (2) (3) (7) (13) | Banking, Finance, Insurance & Real Estate | L + 6.75%, 3.50% PIK | 11.01% | 7/23/2019 | 6/30/2024 | £ | 19,577 | 24,865 | 26,531 | 2.77 | |||||||||||||||||
Transform SR Holdings, LLC | ^ | (2) (3) | Retail | L + 7.25% | 9.18% | 2/11/2019 | 2/12/2024 | 19,050 | 18,887 | 18,860 | 1.97 | ||||||||||||||||||
Trump Card, LLC | ^+* | (2) (3) (13) | Transportation: Cargo | L + 5.50% | 7.63% | 6/26/2018 | 4/21/2022 | 7,918 | 7,881 | 7,869 | 0.82 | ||||||||||||||||||
TSB Purchaser, Inc. (Teaching Strategies, LLC) | ^+* | (2) (3) (13) | Media: Advertising, Printing & Publishing | L + 6.00% | 8.10% | 5/14/2018 | 5/14/2024 | 28,294 | 27,726 | 28,105 | 2.94 |
Investments—non-controlled/non-affiliated (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Acquisition Date | Maturity Date | Par/ Principal Amount ** | Amortized Cost (4) | Fair Value(5) | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Leaders Romans Bidco Limited (United Kingdom) Term Loan C | ^ | (2)(3)(7)(13) | Banking, Finance, Insurance & Real Estate | L + 6.50%, 3.00% PIK | 10.25% | 7/23/2019 | 6/30/2024 | £ | 3,816 | $ | 4,748 | $ | 5,727 | 0.64 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Trump Card, LLC | ^* | (2)(3)(13) | Transportation: Cargo | L + 5.50% | 6.50% | 6/26/2018 | 4/21/2022 | 7,594 | 7,572 | 7,444 | 0.83 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TSB Purchaser, Inc. | ^* | (2)(3)(13) | Media: Advertising, Printing & Publishing | L + 6.00% | 7.00% | 5/14/2018 | 5/14/2024 | 18,666 | 18,354 | 18,501 | 2.05 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Turbo Buyer, Inc. | ^* | (2)(3)(13) | Automotive | L + 5.25% | 6.25% | 12/2/2019 | 12/2/2025 | 24,323 | 23,766 | 24,567 | 2.73 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tweddle Group, Inc. | ^ | (2)(3) | Media: Advertising, Printing & Publishing | L + 4.50% | 5.50% | 9/17/2018 | 9/17/2023 | 1,825 | 1,808 | 1,678 | 0.19 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Acute Care Solutions, LLC | * | (2)(3) | Healthcare & Pharmaceuticals | L + 6.00% | 7.00% | 2/21/2019 | 5/15/2021 | 4,242 | 4,235 | 3,956 | 0.44 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unifrutti Financing PLC (Cyprus) | ^ | (7) | Beverage, Food & Tobacco | 7.50%, 1.00% PIK | 8.50% | 9/15/2019 | 9/15/2026 | € | 4,575 | 4,832 | 5,464 | 0.61 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unifrutti Financing PLC (Cyprus) | ^ | (7) | Beverage, Food & Tobacco | 11.00% PIK | 11.00% | 10/22/2020 | 9/15/2026 | € | 647 | 724 | 754 | 0.08 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US INFRA SVCS Buyer, LLC | ^ | (2)(3)(13) | Environmental Industries | L + 6.00% | 7.00% | 4/13/2020 | 4/13/2026 | 3,248 | 2,688 | 3,175 | 0.35 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
USLS Acquisition, Inc. | ^* | (2)(3)(13) | Business Services | L + 5.75% | 6.75% | 11/30/2018 | 11/30/2024 | 21,447 | 21,124 | 19,981 | 2.22 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
USLS Acquisition, Inc. | ^ | (2)(3)(13) | Business Services | L + 5.75% | 6.75% | 9/3/2020 | 11/30/2024 | — | (22) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
VRC Companies, LLC | ^* | (2)(3)(13) | Business Services | L + 6.50% | 7.50% | 3/31/2017 | 3/31/2023 | 33,286 | 33,048 | 33,286 | 3.69 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Westfall Technik, Inc. | ^* | (2)(3)(13) | Chemicals, Plastics & Rubber | L + 6.25% | 7.25% | 9/13/2018 | 9/13/2024 | 27,720 | 27,457 | 25,733 | 2.85 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wheel Pros, LLC | * | (2)(3) | Automotive | L + 5.25% | 6.25% | 11/18/2020 | 11/6/2027 | 18,750 | 18,286 | 18,390 | 2.04 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
YLG Holdings, Inc. | ^ | (2)(3)(13) | Consumer Services | L + 6.25% | 7.25% | 9/30/2020 | 11/1/2025 | 1,401 | 1,343 | 1,370 | 0.15 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Zemax Software Holdings, LLC | * | (2)(3)(13) | Software | L + 5.75% | 6.75% | 6/25/2018 | 6/25/2024 | 6,285 | 6,216 | 6,119 | 0.68 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Zenith Merger Sub, Inc. | ^* | (2)(3)(13) | Business Services | L + 5.25% | 6.25% | 12/13/2017 | 12/13/2023 | 14,164 | 14,034 | 14,031 | 1.56 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Debt Total | $ | 1,246,281 | $ | 1,190,871 | 132.16 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Second Lien Debt (15.6% of fair value) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AI Convoy S.A.R.L (United Kingdom) | ^ | (2)(3)(7) | Aerospace & Defense | L + 8.25% | 9.25% | 1/17/2020 | 1/17/2028 | $ | 24,814 | $ | 24,305 | $ | 25,546 | 2.83 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Aimbridge Acquisition Co., Inc. | ^ | (2)(3) | Hotel, Gaming & Leisure | L + 7.50% | 7.65% | 2/1/2019 | 2/1/2027 | 9,241 | 9,104 | 7,993 | 0.89 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AQA Acquisition Holding, Inc. | ^ | (2)(3) | High Tech Industries | L + 8.00% | 9.00% | 10/1/2018 | 5/24/2024 | 39,000 | 38,741 | 39,000 | 4.33 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brave Parent Holdings, Inc. | ^* | (2)(3) | Software | L + 7.50% | 7.64% | 10/3/2018 | 4/19/2026 | 19,062 | 18,711 | 19,062 | 2.11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Drilling Info Holdings, Inc. | ^ | (2)(3) | Energy: Oil & Gas | L + 8.25% | 8.40% | 2/11/2020 | 7/30/2026 | 18,600 | 18,145 | 18,228 | 2.02 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jazz Acquisition, Inc. | ^ | (2)(3) | Aerospace & Defense | L + 8.00% | 8.15% | 6/13/2019 | 6/18/2027 | 23,450 | 23,150 | 18,146 | 2.01 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outcomes Group Holdings, Inc. | ^* | (2)(3) | Business Services | L + 7.50% | 7.75% | 10/23/2018 | 10/26/2026 | 3,462 | 3,455 | 3,462 | 0.38 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PAI Holdco, Inc. | ^ | (2)(3) | Automotive | L + 6.25%, 2.00% PIK | 9.25% | 10/28/2020 | 10/28/2028 | 13,530 | 13,132 | 13,329 | 1.48 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pharmalogic Holdings Corp. | ^ | (2)(3) | Healthcare & Pharmaceuticals | L + 8.00% | 9.00% | 6/7/2018 | 12/11/2023 | 800 | 798 | 783 | 0.09 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quartz Holding Company | ^ | (2)(3) | Software | L + 8.00% | 8.15% | 4/2/2019 | 4/2/2027 | 7,048 | 6,930 | 6,994 | 0.78 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reladyne, Inc. | ^ | (2)(3) | Wholesale | L + 9.50% | 10.50% | 4/19/2018 | 1/21/2023 | 12,242 | 12,133 | 11,956 | 1.33 |
Investments—non-controlled/non-affiliated (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Acquisition Date | Maturity Date | Par/ Principal Amount ** | Amortized Cost (4) | Fair Value(5) | % of Net Assets | |||||||||||||||||||
Turbo Buyer, Inc. | ^ | (2) (3) (13) | Automotive | L + 6.00% | 7.69% | 12/2/2019 | 12/2/2025 | $ | 27,897 | $ | 27,033 | $ | 27,439 | 2.87 | % | ||||||||||||||
Tweddle Group, Inc. | ^ | (2) (3) | Media: Advertising, Printing & Publishing | L + 4.50% | 6.20% | 9/17/2018 | 9/17/2023 | 1,908 | 1,885 | 1,859 | 0.19 | ||||||||||||||||||
U.S. Acute Care Solutions, LLC | +* | (2) (3) | Healthcare & Pharmaceuticals | L + 5.00% | 6.91% | 2/21/2019 | 5/15/2021 | 4,265 | 4,230 | 4,053 | 0.42 | ||||||||||||||||||
Unifrutti Financing PLC (Cyprus) | ^ | (2) (3) (7) | Beverage, Food & Tobacco | 7.50%, 1.00% PIK | 8.50% | 9/15/2019 | 9/15/2026 | € | 4,530 | 4,746 | 4,836 | 0.51 | |||||||||||||||||
USLS Acquisition, Inc. | ^* | (2) (3) (13) | Business Services | L + 5.75% | 7.85% | 11/30/2018 | 11/30/2024 | 22,139 | 21,741 | 21,674 | 2.27 | ||||||||||||||||||
VRC Companies, LLC | ^+* | (2) (3) (13) | Business Services | L + 6.50% | 8.21% | 3/31/2017 | 3/31/2023 | 57,164 | 56,674 | 57,106 | 5.97 | ||||||||||||||||||
Westfall Technik, Inc. | ^ | (2) (3) (13) | Chemicals, Plastics & Rubber | L + 5.75% | 7.66% | 9/13/2018 | 9/13/2024 | 27,973 | 27,432 | 26,962 | 2.82 | ||||||||||||||||||
WP CPP Holdings, LLC (CPP) | ^ | (2) (3) | Aerospace & Defense | L + 3.75% | 5.66% | 7/18/2019 | 4/30/2025 | 20,000 | 19,817 | 19,826 | 2.07 | ||||||||||||||||||
Zemax Software Holdings, LLC | ^* | (2) (3) (13) | Software | L + 5.75% | 7.85% | 6/25/2018 | 6/25/2024 | 10,146 | 10,013 | 10,087 | 1.05 | ||||||||||||||||||
Zenith Merger Sub, Inc. | ^ | (2) (3) (13) | Business Services | L + 5.25% | 7.35% | 12/13/2017 | 12/13/2023 | 16,530 | 16,321 | 16,405 | 1.72 | ||||||||||||||||||
First Lien Debt Total | $ | 1,725,479 | $ | 1,707,292 | $ | 1,641,653 | 171.66 | % | |||||||||||||||||||||
Second Lien Debt (11.04%) | |||||||||||||||||||||||||||||
Access CIG, LLC | * | (2) (3) | Business Services | L + 7.75% | 9.44% | 2/14/2018 | 2/27/2026 | $ | 2,700 | $ | 2,687 | $ | 2,681 | 0.28 | % | ||||||||||||||
Aimbridge Acquisition Co., Inc. | ^* | (2) (3) | Hotel, Gaming & Leisure | L + 7.50% | 9.19% | 2/1/2019 | 2/1/2027 | 9,241 | 9,089 | 9,160 | 0.96 | ||||||||||||||||||
AQA Acquisition Holding, Inc. | ^ | (2) (3) | High Tech Industries | L + 8.00% | 10.09% | 10/1/2018 | 5/24/2024 | 40,000 | 39,670 | 39,740 | 4.15 | ||||||||||||||||||
Brave Parent Holdings, Inc. | ^* | (2) (3) | Software | L + 7.50% | 9.43% | 10/3/2018 | 4/19/2026 | 19,062 | 18,660 | 18,261 | 1.91 | ||||||||||||||||||
Higginbotham Insurance Agency, Inc. | ^ | (2) (3) | Banking, Finance, Insurance & Real Estate | L + 7.50% | 9.20% | 12/3/2019 | 12/19/2025 | 2,500 | 2,475 | 2,493 | 0.26 | ||||||||||||||||||
Jazz Acquisition, Inc. | ^ | (2) (3) | Aerospace & Defense | L + 8.00% | 10.10% | 6/13/2019 | 6/18/2027 | 23,450 | 23,117 | 23,225 | 2.43 | ||||||||||||||||||
Le Tote, Inc. | ^ | (2) (3) | Retail | L + 6.75% | 8.66% | 11/8/2019 | 11/8/2024 | 7,143 | 6,969 | 6,964 | 0.73 | ||||||||||||||||||
Outcomes Group Holdings, Inc. | ^* | (2) (3) | Business Services | L + 7.50% | 9.41% | 10/23/2018 | 10/26/2026 | 4,500 | 4,490 | 4,487 | 0.47 | ||||||||||||||||||
Pathway Vet Alliance, LLC | ^ | (2) (3) (13) | Consumer Services | L + 8.50% | 10.22% | 11/14/2019 | 12/23/2025 | 8,050 | 7,814 | 8,074 | 0.84 | ||||||||||||||||||
Pharmalogic Holdings Corp. | ^ | (2) (3) | Healthcare & Pharmaceuticals | L + 8.00% | 9.70% | 6/7/2018 | 12/11/2023 | 800 | 797 | 796 | 0.08 | ||||||||||||||||||
Quartz Holding Company (QuickBase, Inc.) | ^ | (2) (3) | Software | L + 8.00% | 9.71% | 4/2/2019 | 4/2/2027 | 11,900 | 11,677 | 11,662 | 1.22 | ||||||||||||||||||
Reladyne, Inc. | ^+* | (2) (3) (13) | Wholesale | L + 9.50% | 11.60% | 4/19/2018 | 1/21/2023 | 12,242 | 12,080 | 12,234 | 1.28 | ||||||||||||||||||
Tank Holding Corp. | ^* | (2) (3) | Capital Equipment | L + 8.25% | 11.04% | 3/26/2019 | 3/26/2027 | 37,380 | 36,771 | 37,223 | 3.89 | ||||||||||||||||||
Ultimate Baked Goods MIDCO, LLC (Rise Baking) | ^ | (2) (3) | Beverage, Food & Tobacco | L + 8.00% | 9.70% | 8/9/2018 | 8/9/2026 | 8,333 | 8,187 | 8,243 | 0.86 | ||||||||||||||||||
Watchfire Enterprises, Inc. | ^ | (2) (3) | Media: Advertising, Printing & Publishing | L + 8.00% | 9.95% | 10/2/2013 | 10/2/2021 | 7,000 | 6,966 | 6,998 | 0.73 | ||||||||||||||||||
WP CPP Holdings, LLC (CPP) | ^* | (2) (3) | Aerospace & Defense | L + 7.75% | 9.68% | 7/18/2019 | 4/30/2026 | 39,500 | 39,125 | 38,833 | 4.06 | ||||||||||||||||||
Zywave, Inc. | ^ | (2) (3) | High Tech Industries | L + 9.00% | 10.94% | 11/18/2016 | 11/17/2023 | 3,468 | 3,432 | 3,458 | 0.36 | ||||||||||||||||||
Second Lien Debt Total | $ | 237,269 | $ | 234,006 | $ | 234,532 | 24.51 | % |
Investments—non-controlled/non-affiliated (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Acquisition Date | Maturity Date | Par/ Principal Amount ** | Amortized Cost (4) | Fair Value(5) | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stonegate Pub Company Bidco Limited (United Kingdom) | ^ | (2)(3)(7) | Beverage, Food & Tobacco | L + 8.50% | 8.54% | 3/12/2020 | 3/12/2028 | £ | 20,000 | 24,729 | 21,902 | 2.43 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tank Holding Corp. | (2)(3) | Capital Equipment | L + 8.25% | 8.40% | 3/26/2019 | 3/26/2027 | $ | 35,965 | $ | 35,454 | $ | 35,189 | 3.90 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
TruGreen Limited Partnership | ^ | (2)(3) | Consumer Services | L + 8.50% | 9.25% | 11/16/2020 | 11/2/2028 | 13,000 | 12,743 | 13,000 | 1.44 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ultimate Baked Goods MIDCO, LLC | ^ | (2)(3) | Beverage, Food & Tobacco | L + 8.00% | 9.00% | 8/9/2018 | 8/9/2026 | 2,820 | 2,776 | 2,689 | 0.30 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Watchfire Enterprises, Inc. | ^ | (2)(3) | Media: Advertising, Printing & Publishing | L + 8.00% | 9.00% | 10/2/2013 | 10/2/2021 | 7,000 | 6,985 | 6,988 | 0.78 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
World 50, Inc. | ^ | (9) | Business Services | 11.50% | 11.50% | 1/10/2020 | 1/9/2027 | 7,635 | 7,499 | 7,518 | 0.83 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WP CPP Holdings, LLC | ^* | (2)(3) | Aerospace & Defense | L + 7.75% | 8.75% | 7/18/2019 | 4/30/2026 | 39,500 | 39,172 | 32,738 | 3.63 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Second Lien Debt Total | $ | 297,962 | $ | 284,523 | 31.56 | % |
Investments—non-controlled/non-affiliated (1) | Footnotes | Industry | Acquisition Date | Shares/ Units | Cost | Fair Value (5) | % of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Investments (1.9% of fair value) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Central Security Group, Inc. | ^* | (6) | Consumer Services | 10/16/2020 | 443 | $ | — | $ | — | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ANLG Holdings, LLC | ^ | (6) | Capital Equipment | 6/22/2018 | 592 | 592 | 865 | 0.10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avenu Holdings, LLC | ^ | (6) | Sovereign & Public Finance | 9/28/2018 | 172 | 172 | 345 | 0.04 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BK Intermediate Company, LLC | ^ | (6) | Healthcare & Pharmaceuticals | 5/27/2020 | 288 | 288 | 209 | 0.02 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chartis Holding, LLC | ^ | (6) | Business Services | 5/1/2019 | 433 | 433 | 571 | 0.06 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CIP Revolution Holdings, LLC | ^ | (6) | Media: Advertising, Printing & Publishing | 8/19/2016 | 318 | 318 | 245 | 0.03 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cority Software Inc. (Canada) | ^ | (6) | Software | 7/2/2019 | 250 | 250 | 295 | 0.03 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DecoPac, Inc. | ^ | (6) | Non-durable Consumer Goods | 9/29/2017 | 1,500 | 1,500 | 1,664 | 0.18 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derm Growth Partners III, LLC | ^ | (6) | Healthcare & Pharmaceuticals | 5/31/2016 | 1,000 | 1,000 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GRO Sub Holdco, LLC | ^ | (6) | Healthcare & Pharmaceuticals | 3/29/2018 | 500 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
K2 Insurance Services, LLC | ^ | (6) | Banking, Finance, Insurance & Real Estate | 7/3/2019 | 433 | 433 | 676 | 0.07 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Legacy.com, Inc. | ^ | (6) | High Tech Industries | 3/20/2017 | 1,500 | 1,500 | 613 | 0.07 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mailgun Technologies, Inc. | ^ | (6) | High Tech Industries | 3/26/2019 | 424 | 424 | 784 | 0.09 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
North Haven Goldfinch Topco, LLC | ^ | (6) | Containers, Packaging & Glass | 6/18/2018 | 2,315 | 2,315 | 3,043 | 0.34 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PPC Flexible Packaging, LLC | ^ | (6) | Containers, Packaging & Glass | 2/1/2019 | 965 | 965 | 1,302 | 0.14 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Paramit Corporation | ^ | (6) | Capital Equipment | 6/17/2019 | 150 | 500 | 758 | 0.08 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rough Country, LLC | ^ | (6) | Durable Consumer Goods | 5/25/2017 | 755 | 755 | 1,634 | 0.18 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SiteLock Group Holdings, LLC | ^ | (6) | High Tech Industries | 4/5/2018 | 446 | 446 | 526 | 0.06 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
T2 Systems Parent Corporation | ^ | (6) | Transportation: Consumer | 9/28/2016 | 556 | 556 | 838 | 0.09 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tailwind HMT Holdings Corp. | ^ | (6) | Energy: Oil & Gas | 11/17/2017 | 20 | 1,334 | 2,001 | 0.22 |
Investments—non-controlled/non-affiliated (1) | Footnotes | Industry | Acquisition Date | Shares/ Units | Cost | Fair Value (5) | % of Net Assets | |||||||||||||||
Equity Investments (0.98%) | ||||||||||||||||||||||
ANLG Holdings, LLC | ^ | (6) | Healthcare & Pharmaceuticals | 6/22/2018 | 880 | $ | 880 | $ | 973 | 0.10 | % | |||||||||||
Avenu Holdings, LLC | ^ | (6) | Sovereign & Public Finance | 9/28/2018 | 172 | 172 | 154 | 0.02 | ||||||||||||||
Chartis Holding, LLC | ^ | (6) | Business Services | 5/1/2019 | 433 | 433 | 589 | 0.06 | ||||||||||||||
CIP Revolution Holdings, LLC | ^ | (6) | Media: Advertising, Printing & Publishing | 8/19/2016 | 318 | 318 | 444 | 0.05 | ||||||||||||||
Cority Software Inc. (Canada) | ^ | (6) | Software | 7/2/2019 | 250 | 250 | 306 | 0.03 | ||||||||||||||
DecoPac, Inc. | ^ | (6) | Non-durable Consumer Goods | 9/29/2017 | 1,500 | 1,500 | 1,999 | 0.21 | ||||||||||||||
Derm Growth Partners III, LLC (Dermatology Associates) | ^ | (6) | Healthcare & Pharmaceuticals | 5/31/2016 | 1,000 | 1,000 | — | — | ||||||||||||||
GRO Sub Holdco, LLC (Grand Rapids) | ^ | (6) | Healthcare & Pharmaceuticals | 3/29/2018 | 500 | 500 | 137 | 0.01 | ||||||||||||||
K2 Insurance Services, LLC | ^ | (6) | Banking, Finance, Insurance & Real Estate | 7/3/2019 | 433 | 433 | 486 | 0.05 | ||||||||||||||
Legacy.com, Inc. | ^ | (6) | High Tech Industries | 3/20/2017 | 1,500 | 1,500 | 783 | 0.08 | ||||||||||||||
Mailgun Technologies, Inc. | ^ | (6) | High Tech Industries | 3/26/2019 | 424 | 424 | 605 | 0.06 | ||||||||||||||
North Haven Goldfinch Topco, LLC | ^ | (6) | Containers, Packaging & Glass | 6/18/2018 | 2,315 | 2,315 | 2,542 | 0.27 | ||||||||||||||
Paramit Corporation | ^ | (6) | Capital Equipment | 6/17/2019 | 150 | 500 | 501 | 0.05 | ||||||||||||||
PPC Flexible Packaging, LLC | ^ | (6) | Containers, Packaging & Glass | 2/1/2019 | 965 | 965 | 1,174 | 0.12 | ||||||||||||||
Rough Country, LLC | ^ | (6) | Durable Consumer Goods | 5/25/2017 | 755 | 755 | 1,225 | 0.13 | ||||||||||||||
SiteLock Group Holdings, LLC | ^ | (6) | High Tech Industries | 4/5/2018 | 446 | 446 | 587 | 0.06 | ||||||||||||||
T2 Systems Parent Corporation | ^ | (6) | Transportation: Consumer | 9/28/2016 | 556 | 556 | 628 | 0.07 | ||||||||||||||
Tailwind HMT Holdings Corp. | ^ | (6) | Energy: Oil & Gas | 11/17/2017 | 20 | 2,000 | 2,211 | 0.23 | ||||||||||||||
Tank Holding Corp. | ^ | (6) | Capital Equipment | 3/26/2019 | 850 | 850 | 1,035 | 0.11 | ||||||||||||||
Turbo Buyer, Inc. | ^ | (6) | Automotive | 12/2/2019 | 1,925 | 1,925 | 1,925 | 0.20 | ||||||||||||||
Tweddle Holdings, Inc. | ^* | (6) | Media: Advertising, Printing & Publishing | 9/17/2018 | 17 | — | — | — | ||||||||||||||
USLS Acquisition, Inc. | ^ | (6) | Business Services | 11/30/2018 | 641 | 641 | 720 | 0.08 | ||||||||||||||
Zenith American Holding, Inc. | ^ | (6) | Business Services | 12/13/2017 | 1,564 | 782 | 1,490 | 0.16 | ||||||||||||||
Zillow Topco LP | ^ | (6) | Software | 6/25/2018 | 313 | 312 | 358 | 0.04 | ||||||||||||||
Equity Investments Total | $ | 19,457 | $ | 20,872 | 2.19 | % | ||||||||||||||||
Total investments—non-controlled/non-affiliated | $ | 1,960,755 | $ | 1,897,057 | 198.36 | % |
Investments—non-controlled/non-affiliated (1) | Footnotes | Industry | Acquisition Date | Shares/ Units | Cost | Fair Value (5) | % of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tank Holding Corp. | ^ | (6) | Capital Equipment | 3/26/2019 | 850 | 482 | 944 | 0.10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Titan DI Preferred Holdings, Inc. | ^ | (6) | Energy: Oil & Gas | 2/11/2020 | 11,246 | 10,959 | 11,021 | 1.22 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Turbo Buyer, Inc. | ^ | (6) | Automotive | 12/2/2019 | 1,925 | $ | 1,925 | $ | 2,444 | 0.27 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tweddle Holdings, Inc. | ^* | (6) | Media: Advertising, Printing & Publishing | 9/17/2018 | 17 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unifrutti Financing PLC (Cyprus) | ^ | (6) | Beverage, Food & Tobacco | 10/22/2020 | — | 556 | 575 | 0.06 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unifrutti Financing PLC (Cyprus) | ^ | (6) | Beverage, Food & Tobacco | 10/22/2020 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
USLS Acquisition, Inc. | ^ | (6) | Business Services | 11/30/2018 | 641 | 641 | 565 | 0.06 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
W50 Parent LLC | ^ | (6) | Business Services | 1/10/2020 | 500 | 500 | 575 | 0.06 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Zenith American Holding, Inc. | ^ | (6) | Business Services | 12/13/2017 | 1,565 | 782 | 1,221 | 0.14 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Zillow Topco LP | ^ | (6) | Software | 6/25/2018 | 313 | 313 | 163 | 0.02 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Investments Total | $ | 29,939 | $ | 33,877 | 3.73 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total investments—non-controlled/non-affiliated | $ | 1,574,182 | $ | 1,509,271 | 167.45 | % |
Investments—non-controlled/affiliated | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Acquisition Date | Maturity Date | Par/ Principal Amount ** | Amortized Cost (4) | Fair Value (5) | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Debt (1.4% of fair value) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Direct Travel, Inc. | ^* | (2)(3)(8)(12) | Hotel, Gaming & Leisure | L + 1.00%, 7.50% PIK | 9.50% | 10/14/2016 | 10/1/2023 | $ | 36,711 | $ | 36,340 | $ | 24,949 | 2.77 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Direct Travel, Inc. | ^ | (2)(3)(12)(13) | Hotel, Gaming & Leisure | L + 6.00% | 7.00% | 10/1/2020 | 10/1/2023 | 1,231 | 1,231 | 1,231 | 0.14 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Debt Total | $ | 37,571 | $ | 26,180 | 2.91 | % |
Investments—non-controlled/affiliated | Footnotes | Industry | Acquisition Date | Shares/ Units | Cost | Fair Value (5) | % of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Investments (0.00% of fair value) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Direct Travel, Inc. | ^ | (6)(12) | Hotel, Gaming & Leisure | 10/1/2020 | 43 | $ | — | $ | — | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Investments Total | $ | — | $ | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total investments—non-controlled/affiliated | $ | 37,571 | $ | 26,180 | 2.91 | % |
Investments—controlled/affiliated | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Acquisition Date | Maturity Date | Par/ Principal Amount ** | Amortized Cost (4) | Fair Value (5) | % of Net Assets | Investments—controlled/affiliated | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Acquisition Date | Maturity Date | Par/ Principal Amount ** | Amortized Cost (4) | Fair Value (5) | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Debt (1.01%) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Debt (0.4% of fair value) | First Lien Debt (0.4% of fair value) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SolAero Technologies Corp. (A1 Term Loan) | ^ | (2) (3) (9) (10) | Telecommunications | L + 8.00% (100% PIK) | 9.91% | 4/12/2019 | 10/12/2022 | $ | 3,166 | $ | 3,166 | $ | 3,166 | 0.33 | % | SolAero Technologies Corp. (A1 Term Loan) | ^ | (2)(3)(8)(10) | Telecommunications | L + 8.00% (100% PIK) | 9.00% | 4/12/2019 | 10/12/2022 | $ | 3,166 | $ | 3,166 | $ | 1,214 | 0.13 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SolAero Technologies Corp. (A2 Term Loan) | ^ | (2) (3) (9) (10) | Telecommunications | L + 8.00% (100% PIK) | 9.91% | 4/12/2019 | 10/12/2022 | 8,707 | 8,707 | 8,707 | 0.91 | SolAero Technologies Corp. (A2 Term Loan) | ^ | (2)(3)(8)(10) | Telecommunications | L + 8.00% (100% PIK) | 9.00% | 4/12/2019 | 10/12/2022 | 8,707 | 8,707 | 3,338 | 0.37 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SolAero Technologies Corp. (Priority Term Loan) | ^ | (2) (3) (10) (13) | Telecommunications | L + 6.00% | 7.91% | 4/12/2019 | 10/12/2022 | 9,612 | 9,507 | 9,612 | 1.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SolAero Technologies Corp. (Priority Facilities) | SolAero Technologies Corp. (Priority Facilities) | ^ | (2)(3)(10)(13) | Telecommunications | L + 6.00% | 7.00% | 4/12/2019 | 10/12/2022 | 2,460 | 2,429 | 2,460 | 0.27 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Debt Total | $ | 21,485 | $ | 21,380 | $ | 21,485 | 2.24 | % | First Lien Debt Total | $ | 14,302 | $ | 7,012 | 0.77 | % |
Investments—controlled/affiliated | Footnotes | Industry | Acquisition Date | Shares/ Units | Cost | Fair Value (5) | % of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Investments (0.00% of fair value) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SolAero Technologies Corp. | ^ | (6)(10) | Telecommunications | 4/12/2019 | 3 | $ | 2,815 | $ | — | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Investments Total | $ | 2,815 | $ | — | — | % |
Investments—controlled/affiliated | Footnotes | Industry | Acquisition Date | Shares/ Units | Cost | Fair Value (5) | % of Net Assets | |||||||||||||||
Equity Investments (—%) | ||||||||||||||||||||||
SolAero Technologies Corp. | ^ | (6) (10) | Telecommunications | 4/12/2019 | 3 | $ | 2,815 | $ | 826 | 0.09 | % | |||||||||||
Equity Investments Total | $ | 2,815 | $ | 826 | 0.41 | % |
Investments—controlled/affiliated | Footnotes | Industry | Reference Rate & Spread(2) | Interest Rate(2) | Acquisition Date | Maturity Date | Par Amount/ LLC Interest | Cost | Fair Value(7) | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Funds (15.5% of fair value) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Middle Market Credit Fund II, LLC, Member's Interest | ^ | (10)(7) | Investment Funds | N/A | N/A | 11/3/2020 | 12/31/2030 | $ | 78,122 | $ | 78,096 | $ | 77,395 | 8.59 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Middle Market Credit Fund, LLC, Subordinated Loan and Member's Interest | ^ | (10)(7) | Investment Funds | N/A | N/A | 2/29/2016 | 3/1/2021 | 216,000 | 216,000 | 205,891 | 22.84 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Middle Market Credit Fund, Mezzanine Loan | ^ | (2)(10)(7)(9) | Investment Funds | L + 9.00% | 9.24% | 6/30/2016 | 3/22/2021 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Fund Total | $ | 294,096 | $ | 283,286 | 31.43 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total investments—controlled/affiliated | $ | 311,213 | $ | 290,298 | 32.20 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total investments | $ | 1,922,966 | $ | 1,825,749 | 202.56 | % |
Investments—controlled/affiliated | Industry | Reference Rate & Spread(2) | Interest Rate(2) | Acquisition Date | Maturity Date | Par Amount/ LLC Interest | Cost | Fair Value(7) | % of Net Assets | |||||||||||||||||||||
Investment Fund (9.63%) | ||||||||||||||||||||||||||||||
Middle Market Credit Fund, Mezzanine Loan | ^ | (2) (7) (8) (10) | Investment Fund | L + 9.00% | 10.97% | 6/30/2016 | 5/18/2021 | $ | 93,000 | $ | 93,000 | $ | 93,000 | 9.72 | % | |||||||||||||||
Middle Market Credit Fund, LLC, Subordinated Loan and Member's Interest | ^ | (7) (10) | Investment Fund | N/A | 0.001% | 2/29/2016 | 3/1/2021 | 123,500 | 123,501 | 111,596 | 11.67 | % | ||||||||||||||||||
Investment Fund Total | $ | 216,500 | $ | 216,501 | $ | 204,596 | 21.39 | % | ||||||||||||||||||||||
Total investments—controlled/affiliated | $ | 237,988 | $ | 240,696 | $ | 226,907 | 24.04 | % | ||||||||||||||||||||||
Total investments | $ | 2,201,002 | $ | 2,201,451 | $ | 2,123,964 | 222.4 | % |
Investments—controlled/affiliated | Fair Value as of December 31, 2018 | Additions/Purchases | Reductions/Sales/ Paydowns | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value as of December 31, 2019 | Dividend and Interest Income | ||||||||||||||||||||
Middle Market Credit Fund, LLC, Mezzanine Loan | $ | 112,000 | $ | 126,200 | $ | (145,200 | ) | $ | — | $ | — | $ | 93,000 | $ | 12,181 | ||||||||||||
Middle Market Credit Fund, LLC, Subordinated Loan and Member’s Interest | 110,295 | 5,500 | — | — | (4,199 | ) | 111,596 | 15,750 | |||||||||||||||||||
Total investments—controlled/affiliated | $ | 222,295 | $ | 131,700 | $ | (145,200 | ) | $ | — | $ | (4,199 | ) | $ | 204,596 | $ | 27,931 |
Investments—controlled/affiliated | Fair Value as of December 31, 2019 | Additions/Purchases | Reductions/Sales/ Paydowns | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value as of December 31, 2020 | Dividend and Interest Income | ||||||||||||||||||||||||||||||||||
Middle Market Credit Fund, LLC, Mezzanine Loan | $ | 93,000 | $ | 63,500 | $ | (156,500) | $ | — | $ | — | $ | — | $ | 3,049 | |||||||||||||||||||||||||||
Middle Market Credit Fund, LLC, Subordinated Loan and Member’s Interest | 111,596 | 92,500 | — | — | 1,795 | 205,891 | 19,750 | ||||||||||||||||||||||||||||||||||
Middle Market Credit Fund II, LLC, Member’s Interest | — | 78,096 | — | — | (701) | 77,395 | 1,446 | ||||||||||||||||||||||||||||||||||
Total investments—controlled/affiliated | $ | 204,596 | $ | 234,096 | $ | (156,500) | $ | — | $ | 1,094 | $ | 283,286 | $ | 24,245 |
Investments—controlled/affiliated | Fair Value as of December 31, 2019 | Additions/Purchases | Reductions/Sales/ Paydowns | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value as of December 31, 2020 | Dividend and Interest Income | ||||||||||||||||||||||||||||||||||
SolAero Technologies Corp. (Priority Term Loan) | 9,612 | — | (7,152) | — | — | 2,460 | 52 | ||||||||||||||||||||||||||||||||||
SolAero Technologies Corp. (A1 Term Loan) | 3,166 | — | — | — | (1,952) | 1,214 | — | ||||||||||||||||||||||||||||||||||
SolAero Technologies Corp. (A2 Term Loan) | 8,707 | — | — | — | (5,369) | 3,338 | — | ||||||||||||||||||||||||||||||||||
Solaero Technology Corp. (Equity) | 826 | — | — | — | (826) | — | — | ||||||||||||||||||||||||||||||||||
Total investments—controlled/affiliated | $ | 22.311 | $ | — | $ | (7,152) | $ | — | $ | (8,147) | $ | 7,012 | $ | 52 |
Investments—controlled/affiliated | Fair Value as of December 31, 2018 | Additions/Purchases | Reductions/Sales/ Paydowns | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value as of December 31, 2019 | Dividend and Interest Income | ||||||||||||||||||||
SolAero Technologies Corp. | $ | 17,968 | $ | — | $ | (18,319 | ) | $ | (9,091 | ) | $ | 9,442 | $ | — | $ | — | |||||||||||
SolAero Technologies Corp. (Priority Term Loan) | — | 9,630 | — | — | — | 9,630 | 226 | ||||||||||||||||||||
SolAero Technologies Corp. (A1 Term Loan) | — | 3,166 | — | — | — | 3,166 | — | ||||||||||||||||||||
SolAero Technologies Corp. (A2 Term Loan) | — | 8,707 | — | — | — | 8,707 | — | ||||||||||||||||||||
Solaero Technology Corp. (Equity) | — | 2,815 | — | — | (554 | ) | 2,261 | — | |||||||||||||||||||
Total investments—controlled/affiliated | $ | 17,968 | $ | 24,318 | $ | (18,319 | ) | $ | (9,091 | ) | $ | 8,888 | $ | 23,764 | $ | 226 |
Investments—non-controlled/affiliated | Fair Value as of December 31, 2019 | Additions/Purchases | Reductions/Sales/ Paydowns | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value as of December 31, 2020 | Dividend and Interest Income | ||||||||||||||||||||||||||||||||||
Direct Travel, Inc. | $ | 36,757 | $ | — | $ | (176) | $ | 1 | $ | (11,633) | $ | 24,949 | $ | — | |||||||||||||||||||||||||||
Direct Travel, Inc. | — | 1,231 | — | — | — | 1,231 | 18 | ||||||||||||||||||||||||||||||||||
Direct Travel, Inc. (Equity) | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Total investments—non-controlled/affiliated | $ | 36.757 | $ | 1,231 | $ | (176) | $ | 1 | $ | (11,633) | $ | 26,180 | $ | 18 |
Investments—non-controlled/affiliated | Fair Value as of December 31, 2018 | Purchases/ Paid-in-kind interest | Sales/ Paydowns | Net Accretion of Discount | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value as of December 31, 2019 | Interest Income | |||||||||||||||||||||||
TwentyEighty, Inc. - Revolver | $ | — | $ | — | $ | — | $ | 1 | $ | — | $ | (1 | ) | $ | — | $ | — | ||||||||||||||
TwentyEighty, Inc. - (Term A Loans) | 316 | — | (415 | ) | 1 | 101 | (1 | ) | — | 19 | |||||||||||||||||||||
TwentyEighty, Inc. - (Term B Loans) | 6,855 | 230 | (7,102 | ) | 76 | — | (59 | ) | — | 498 | |||||||||||||||||||||
TwentyEighty, Inc. - (Term C Loans) | 6,981 | 489 | (7,397 | ) | 179 | — | (252 | ) | — | 692 | |||||||||||||||||||||
TwentyEighty Investors LLC (Equity) | 4,391 | — | — | — | 7,990 | (4,391 | ) | — | — | ||||||||||||||||||||||
Total investments—non-controlled/affiliated | $ | 18,543 | $ | 719 | $ | (14,914 | ) | $ | 257 | $ | 8,091 | $ | (4,704 | ) | $ | — | $ | 1,209 |
Investments—non-controlled/non-affiliated | Type | Unused Fee | Par/ Principal Amount | Fair Value | |||||||||||||||||||
First and Second Lien Debt—unfunded delayed draw and revolving term loans commitments | |||||||||||||||||||||||
Advanced Web Technologies Holding Company | Delayed Draw | 1.00% | $ | 2,299 | $ | (46) | |||||||||||||||||
Advanced Web Technologies Holding Company | Revolver | 0.50 | 854 | (17) | |||||||||||||||||||
Airnov, Inc. | Revolver | 0.50 | 1,250 | 1 | |||||||||||||||||||
American Physician Partners, LLC | Revolver | 0.50 | 550 | (29) | |||||||||||||||||||
AMS Group HoldCo, LLC | Revolver | 0.50 | 2,315 | (29) | |||||||||||||||||||
Analogic Corporation | Revolver | 0.50 | 168 | — | |||||||||||||||||||
Applied Technical Services | Delayed Draw | 1.00 | 132 | (3) | |||||||||||||||||||
Applied Technical Services | Revolver | 0.50 | 53 | (1) | |||||||||||||||||||
Apptio, Inc. | Revolver | 0.50 | 2,367 | 36 | |||||||||||||||||||
Captive Resources Midco, LLC | Revolver | 0.50 | 2,143 | 15 | |||||||||||||||||||
Chartis Holding, LLC | Delayed Draw | 1.00 | 4,406 | 2 | |||||||||||||||||||
Chartis Holding, LLC | Revolver | 0.50 | 2,401 | 1 | |||||||||||||||||||
Chemical Computing Group ULC (Canada) | Revolver | 0.50 | 29 | — | |||||||||||||||||||
Cobblestone Intermediate Holdco LLC | Delayed Draw | 1.00 | 11 | — | |||||||||||||||||||
Comar Holding Company, LLC | Revolver | 0.50 | 2,935 | 11 | |||||||||||||||||||
Comar Holding Company, LLC | Delayed Draw | 1.00 | 4,655 | 17 | |||||||||||||||||||
Cority Software Inc.(Canada) | Revolver | 0.50 | 3,000 | 21 | |||||||||||||||||||
DermaRite Industries, LLC | Revolver | 0.50 | 3,103 | (29) | |||||||||||||||||||
Diligent Corporation | Delayed Draw | 1.00 | 141 | 2 | |||||||||||||||||||
Diligent Corporation | Revolver | 0.50 | 47 | 1 | |||||||||||||||||||
Direct Travel, Inc. | Delayed Draw | 0.50 | 3,029 | — | |||||||||||||||||||
Ethos Veterinary Health LLC | Delayed Draw | 1.00 | 2,696 | (37) | |||||||||||||||||||
EvolveIP, LLC | Delayed Draw | 1.00 | 3,333 | (4) | |||||||||||||||||||
EvolveIP, LLC | Revolver | 0.50 | 2,941 | (3) | |||||||||||||||||||
FWR Holding Corporation | Revolver | 0.50 | 4,444 | (380) | |||||||||||||||||||
Helios Buyer, Inc. | Revolver | 0.50 | 1,326 | (27) | |||||||||||||||||||
Helios Buyer, Inc. | Delayed Draw | — | 4,672 | (93) | |||||||||||||||||||
Hercules Borrower LLC | Revolver | 0.50 | 2,160 | (54) |
Investments—non-controlled/non-affiliated | Type | Unused Fee | Par/ Principal Amount | Fair Value | |||||||
First and Second Lien Debt—unfunded delayed draw and revolving term loans commitments | |||||||||||
Aero Operating, LLC (Dejana Industries, Inc.) | Revolver | 1.00% | $ | 159 | $ | (3 | ) | ||||
Airnov, Inc. | Revolver | 0.50 | 1,250 | (19 | ) | ||||||
American Physician Partners, LLC | Revolver | 0.50 | 1,500 | (5 | ) | ||||||
AMS Group HoldCo, LLC | Revolver | 0.50 | 2,315 | (25 | ) | ||||||
Analogic Corporation | Revolver | 0.50 | 3,029 | — | |||||||
Apptio, Inc. | Revolver | 0.50 | 2,367 | (19 | ) | ||||||
BMS Holdings III Corp. | Delayed Draw | 1.00 | 3,333 | (10 | ) | ||||||
Captive Resources Midco, LLC | Revolver | 0.50 | 2,143 | (9 | ) | ||||||
Chartis Group, LLC | Revolver | 0.50 | 2,401 | (20 | ) | ||||||
Chartis Group, LLC | Delayed Draw | 0.50 | 6,402 | (52 | ) | ||||||
Chemical Computing Group ULC (Canada) | Revolver | 0.50 | 903 | (8 | ) | ||||||
Comar Holding Company, LLC | Delayed Draw | 1.00 | 5,136 | (103 | ) | ||||||
Comar Holding Company, LLC | Revolver | 0.50 | 1,168 | (23 | ) | ||||||
Cority Software, Inc. (Canada) | Revolver | 0.50 | 3,000 | (60 | ) | ||||||
DermaRite Industries, LLC | Revolver | 0.50 | 807 | (33 | ) | ||||||
Dimensional Dental Management, LLC | Revolver | 0.50 | 48 | — | |||||||
Ethos Veterinary Health, LLC | Delayed Draw | 1.00 | 2,696 | (12 | ) | ||||||
Evolve IP | Revolver | 0.50 | 2,941 | — | |||||||
Evolve IP | Delayed Draw | 1.00 | 3,922 | — | |||||||
FWR Holding Corporation | Delayed Draw | 1.00 | 87 | — | |||||||
FWR Holding Corporation | Revolver | 0.50 | 667 | (3 | ) | ||||||
GRO Sub Holdco, LLC (Grand Rapids) | Revolver | 0.50 | $ | 1,071 | $ | (54 | ) |
Investments—non-controlled/non-affiliated | Type | Unused Fee | Par/ Principal Amount | Fair Value | |||||||||||||||||||
Higginbotham Insurance Agency, Inc. | Delayed Draw | 1.00 | 1,098 | (16) | |||||||||||||||||||
Individual FoodService Holdings, LLC | Revolver | 0.50 | 436 | (11) | |||||||||||||||||||
Individual FoodService Holdings, LLC | Delayed Draw | 1.00 | 645 | (16) | |||||||||||||||||||
Individual FoodService Holdings, LLC | Delayed Draw | 1.00 | 165 | (4) | |||||||||||||||||||
Individual FoodService Holdings, LLC | Revolver | 0.50 | 139 | (3) | |||||||||||||||||||
Innovative Business Services, LLC | Revolver | 0.50 | 2,232 | (41) | |||||||||||||||||||
K2 Insurance Services, LLC | Revolver | 0.50 | 2,290 | — | |||||||||||||||||||
K2 Insurance Services, LLC | Delayed Draw | 1.00 | 1,571 | — | |||||||||||||||||||
Kaseya, Inc. | Delayed Draw | 1.00 | 1,852 | 7 | |||||||||||||||||||
Kaseya, Inc. | Revolver | 0.50 | 787 | 3 | |||||||||||||||||||
Lifelong Learner Holdings, LLC | Delayed Draw | 1.00 | 1,690 | (140) | |||||||||||||||||||
Lifelong Learner Holdings, LLC | Revolver | 0.50 | 1,377 | (114) | |||||||||||||||||||
Liqui-Box Holdings, Inc. | Revolver | 0.50 | 1,262 | (123) | |||||||||||||||||||
Mailgun Technologies, Inc. | Revolver | 0.50 | 1,342 | (23) | |||||||||||||||||||
National Technical Systems, Inc. | Revolver | 0.50 | 835 | (6) | |||||||||||||||||||
NMI AcquisitionCo, Inc. | Revolver | 0.50 | 1,280 | (13) | |||||||||||||||||||
Paramit Corporation | Delayed Draw | — | 2,931 | (59) | |||||||||||||||||||
PF Growth Partners, LLC | Delayed Draw | 1.00 | 823 | (52) | |||||||||||||||||||
PPC Flexible Packaging, LLC | Revolver | 0.50 | 881 | (3) | |||||||||||||||||||
PricewaterhouseCoopers Public Sector LLP | Revolver | 0.50 | 6,250 | (32) | |||||||||||||||||||
QW Holding Corporation | Delayed Draw | 1.00 | 600 | (29) | |||||||||||||||||||
Redwood Services Group, LLC | Delayed Draw | 3.63 | 4,639 | 18 | |||||||||||||||||||
RSC Acquisition, Inc. | Revolver | 0.50 | 608 | 6 | |||||||||||||||||||
Sapphire Convention, Inc. | Revolver | 0.50 | 3,655 | (542) | |||||||||||||||||||
Smile Doctors, LLC | Revolver | 0.50 | 707 | (14) | |||||||||||||||||||
SolAero Technologies Corp. (Priority Facilities) | Revolver | 0.50 | 2,068 | — | |||||||||||||||||||
SPay, Inc. | Revolver | 0.50 | 655 | (120) | |||||||||||||||||||
Superior Health Linens, LLC | Revolver | 0.50 | 1,667 | (8) | |||||||||||||||||||
T2 Systems, Inc. | Revolver | 0.50 | 2,933 | — | |||||||||||||||||||
Tank Holding Corp. | Revolver | 0.25 | 47 | (1) | |||||||||||||||||||
TCFI Aevex LLC | Delayed Draw | 1.00 | 1,787 | (7) | |||||||||||||||||||
The Leaders Romans Bidco Limited (United Kingdom) | Delayed Draw | 1.63 | £ | 204 | 26 | ||||||||||||||||||
Trump Card, LLC | Revolver | 0.50 | 635 | (12) | |||||||||||||||||||
TSB Purchaser, Inc. | Revolver | 0.50 | 1,891 | (15) | |||||||||||||||||||
Turbo Buyer, Inc. | Revolver | 0.50 | 2,151 | 20 | |||||||||||||||||||
US INFRA SVCS Buyer, LLC | Revolver | 0.50 | 2,275 | (5) | |||||||||||||||||||
US INFRA SVCS Buyer, LLC | Delayed Draw | 1.00 | 26,153 | (60) | |||||||||||||||||||
USLS Acquisition, Inc. | Revolver | 0.50 | 1,418 | (91) | |||||||||||||||||||
USLS Acquisition, Inc. | Delayed Draw | 0.50 | 591 | — |
Investments—non-controlled/non-affiliated | Type | Unused Fee | Par/ Principal Amount | Fair Value | |||||||
iCIMS, Inc. | Revolver | 0.50% | $ | 1,252 | — | ||||||
Innovative Business Services, LLC | Revolver | 0.50 | 2,232 | (32 | ) | ||||||
K2 Insurance Services, LLC | Revolver | 0.50 | 2,290 | 3 | |||||||
K2 Insurance Services, LLC | Delayed Draw | 1.00 | 5,344 | 6 | |||||||
Kaseya Inc. | Revolver | 0.50 | 661 | 1 | |||||||
Kaseya Inc. | Delayed Draw | 0.50 | 1,918 | 4 | |||||||
Lifelong Learner Holdings, LLC | Revolver | 0.50 | 1,901 | (19 | ) | ||||||
Lifelong Learner Holdings, LLC | Delayed Draw | — | 2,878 | (29 | ) | ||||||
Liqui-Box Holdings, Inc. | Revolver | 0.50 | 2,630 | (37 | ) | ||||||
Mailgun Technologies, Inc. | Revolver | 0.50 | 1,342 | (20 | ) | ||||||
National Car Wash Solutions, LP | Revolver | 0.50 | 310 | (2 | ) | ||||||
National Car Wash Solutions, LP | Delayed Draw | 1.00 | 1,111 | (8 | ) | ||||||
National Technical Systems, Inc. | Revolver | 0.50 | 2,500 | (2 | ) | ||||||
NMI AcquisitionCo, Inc. | Revolver | 0.50 | 1,280 | (4 | ) | ||||||
Northland Telecommunications Corporation | Revolver | 0.50 | 2,960 | (4 | ) | ||||||
Pathway Vet Alliance, LLC | Delayed Draw | 1.00 | 7,950 | 12 | |||||||
PF Growth Partners, LLC | Delayed Draw | 1.00 | 1,028 | (3 | ) | ||||||
PPC Flexible Packaging, LLC | Revolver | 0.50 | 1,957 | (16 | ) | ||||||
PricewaterhouseCoopers Public Sector LLP | Revolver | 0.50 | 6,250 | (46 | ) | ||||||
QW Holding Corporation (Quala) | Delayed Draw | 1.00 | 809 | (5 | ) | ||||||
RSC Acquisition, Inc. | Revolver | 0.50 | 608 | (4 | ) | ||||||
RSC Acquisition, Inc. | Delayed Draw | 1.00 | 7,757 | (57 | ) | ||||||
Sapphire Convention, Inc. (Smart City | Revolver | 0.50 | 4,528 | (34 | ) | ||||||
Smile Doctors, LLC | Revolver | 0.50 | 707 | (7 | ) | ||||||
Smile Doctors, LLC | Delayed Draw | 1.00 | 1,477 | (14 | ) | ||||||
SolAero Technologies Corp. (Priority Term Loan) | Revolver | 1.00 | 542 | — | |||||||
SPay, Inc. | Revolver | 0.50 | 682 | (58 | ) | ||||||
Superior Health Linens, LLC | Revolver | 0.50 | 693 | (58 | ) | ||||||
T2 Systems, Inc. | Revolver | 0.50 | 2,053 | — | |||||||
Tank Holding Corp. | Revolver | 0.50 | 47 | — | |||||||
TSB Purchaser, Inc. (Teaching Strategies, LLC) | Revolver | 0.50 | 1,342 | (9 | ) | ||||||
The Leaders Romans Bidco Limited (United Kingdom) | Delayed Draw | 1.69 | £ | 3,533 | (94 | ) | |||||
Trump Card, LLC | Revolver | 0.50 | 369 | (2 | ) | ||||||
Turbo Buyer, Inc. | Revolver | 0.50 | 2,151 | (28 | ) | ||||||
Turbo Buyer, Inc. | Delayed Draw | 1.00 | 4,904 | (64 | ) | ||||||
USLS Acquisition, Inc. | Revolver | 0.50 | 946 | (19 | ) | ||||||
VRC Companies, LLC | Delayed Draw | 0.75 | 210 | — | |||||||
VRC Companies, LLC | Revolver | 0.50 | 1,119 | (1 | ) | ||||||
Westfall Technik, Inc. | Revolver | 0.50 | 431 | (11 | ) |
Investments—non-controlled/non-affiliated | Type | Unused Fee | Par/ Principal Amount | Fair Value | Investments—non-controlled/non-affiliated | Type | Unused Fee | Par/ Principal Amount | Fair Value | |||||||||||||||||||||||||
VRC Companies, LLC | VRC Companies, LLC | Revolver | 0.50 | 1,646 | — | |||||||||||||||||||||||||||||
Westfall Technik, Inc. | Delayed Draw | 1.00% | $ | 12,190 | $ | (304 | ) | Westfall Technik, Inc. | Revolver | 0.50 | 431 | (30) | ||||||||||||||||||||||
YLG Holdings, Inc. | YLG Holdings, Inc. | Delayed Draw | 1.00 | 596 | (9) | |||||||||||||||||||||||||||||
Zemax Software Holdings, LLC | Revolver | 0.50 | 1,284 | (7 | ) | Zemax Software Holdings, LLC | Revolver | 0.50 | 642 | (15) | ||||||||||||||||||||||||
Zenith American Holding, Inc. | Delayed Draw | 1.00 | 3,189 | (18 | ) | |||||||||||||||||||||||||||||
Zenith American Holding, Inc. | Revolver | 0.50 | 3,180 | (17 | ) | |||||||||||||||||||||||||||||
Zenith Merger Sub, Inc. | Zenith Merger Sub, Inc. | Revolver | 0.50 | 1,590 | (12) | |||||||||||||||||||||||||||||
Zenith Merger Sub, Inc. | Zenith Merger Sub, Inc. | Delayed Draw | 1.00 | 2,573 | (19) | |||||||||||||||||||||||||||||
Total unfunded commitments | $ | 149,890 | $ | (1,465 | ) | Total unfunded commitments | $ | 149,508 | $ | (2,210) |
Type | Amortized Cost | Fair Value | % of Fair Value | |||||||||||||||||
First Lien Debt (excluding First Lien/Last Out Debt) | $ | 1,234,579 | $ | 1,161,881 | 63.6 | % | ||||||||||||||
First Lien/Last Out Debt | 63,575 | 62,182 | 3.4 | |||||||||||||||||
Second Lien Debt | 297,962 | 284,523 | 15.6 | |||||||||||||||||
Equity Investments | 32,754 | 33,877 | 1.9 | |||||||||||||||||
Investment Funds | 294,096 | 283,286 | 15.5 | |||||||||||||||||
Total | $ | 1,922,966 | $ | 1,825,749 | 100.0 | % |
Type | Amortized Cost | Fair Value | % of Fair Value | ||||||||
First Lien Debt (excluding First Lien/Last Out) | $ | 1,649,721 | $ | 1,585,042 | 74.63 | % | |||||
First Lien/Last Out Unitranche | 78,951 | 78,096 | 3.68 | ||||||||
Second Lien Debt | 234,006 | 234,532 | 11.04 | ||||||||
Equity Investments | 22,272 | 21,698 | 1.02 | ||||||||
Investment Fund | 216,501 | 204,596 | 9.63 | ||||||||
Total | $ | 2,201,451 | $ | 2,123,964 | 100.00 | % |
Rate Type | Amortized Cost | Fair Value | % of Fair Value of First and Second Lien Debt | |||||||||||||||||
Floating Rate | $ | 1,583,061 | $ | 1,494,850 | 99.1 | % | ||||||||||||||
Fixed Rate | 13,055 | 13,736 | 0.9 | |||||||||||||||||
Total | $ | 1,596,116 | $ | 1,508,586 | 100.0 | % |
Rate Type | Amortized Cost | Fair Value | % of Fair Value of First and Second Lien Debt | ||||||||
Floating Rate | $ | 1,957,730 | $ | 1,892,639 | 99.73 | % | |||||
Fixed Rate | 4,948 | 5,031 | 0.27 | ||||||||
Total | $ | 1,962,678 | $ | 1,897,670 | 100.00 | % |
Industry | Amortized Cost | Fair Value | % of Fair Value | ||||||||||||||
Aerospace & Defense | $ | 97,206 | $ | 87,208 | 4.8 | % | |||||||||||
Automotive | 57,109 | 58,730 | 3.2 | ||||||||||||||
Banking, Finance, Insurance & Real Estate | 92,217 | 97,318 | 5.3 | ||||||||||||||
Beverage, Food & Tobacco | 85,152 | 79,948 | 4.4 | ||||||||||||||
Business Services | 134,316 | 132,526 | 7.3 | ||||||||||||||
Capital Equipment | 47,446 | 48,134 | 2.6 | ||||||||||||||
Chemicals, Plastics & Rubber | 27,457 | 25,733 | 1.4 | ||||||||||||||
Construction & Building | 1,554 | 1,578 | 0.1 | ||||||||||||||
Consumer Services | 35,103 | 34,017 | 1.9 | ||||||||||||||
Containers, Packaging & Glass | 58,036 | 59,190 | 3.2 | ||||||||||||||
Durable Consumer Goods | 10,302 | 10,992 | 0.6 | ||||||||||||||
Energy: Oil & Gas | 40,135 | 40,109 | 2.2 | ||||||||||||||
Environmental Industries | 63,536 | 62,238 | 3.4 | ||||||||||||||
Healthcare & Pharmaceuticals | 154,547 | 118,486 | 6.5 | ||||||||||||||
High Tech Industries | 205,975 | 205,709 | 11.3 | ||||||||||||||
Hotel, Gaming & Leisure | 100,696 | 80,444 | 4.4 | ||||||||||||||
Investment Funds | 294,096 | 283,286 | 15.5 | ||||||||||||||
Media: Advertising, Printing & Publishing | 37,234 | 37,261 | 2.0 | ||||||||||||||
Media: Diversified & Production | 19,636 | 19,600 | 1.1 | ||||||||||||||
Non-durable Consumer Goods | 1,500 | 1,664 | 0.1 | ||||||||||||||
Retail | 34,818 | 34,489 | 1.9 | ||||||||||||||
Software | 87,026 | 85,727 | 4.7 | ||||||||||||||
Sovereign & Public Finance | 37,055 | 37,621 | 2.1 | ||||||||||||||
Telecommunications | 116,245 | 98,914 | 5.4 | ||||||||||||||
Transportation: Cargo | 29,576 | 29,389 | 1.6 | ||||||||||||||
Transportation: Consumer | 26,912 | 27,443 | 1.5 | ||||||||||||||
Wholesale | 28,081 | 27,995 | 1.5 | ||||||||||||||
Total | $ | 1,922,966 | $ | 1,825,749 | 100.0 | % |
Industry | Amortized Cost | Fair Value | % of Fair Value | |||||||
Aerospace & Defense | $ | 109,755 | $ | 109,758 | 5.17 | % | ||||
Automotive | 39,177 | 39,665 | 1.87 | |||||||
Banking, Finance, Insurance & Real Estate | 112,248 | 115,119 | 5.42 | |||||||
Beverage, Food & Tobacco | 80,597 | 81,222 | 3.82 | |||||||
Business Services | 167,435 | 167,497 | 7.89 | |||||||
Capital Equipment | 44,362 | 45,027 | 2.12 | |||||||
Chemicals, Plastics & Rubber | 27,432 | 26,962 | 1.27 | |||||||
Construction & Building | 13,713 | 14,032 | 0.66 | |||||||
Consumer Services | 41,089 | 38,347 | 1.81 | |||||||
Containers, Packaging & Glass | 67,821 | 68,207 | 3.21 | |||||||
Durable Consumer Goods | 11,165 | 11,584 | 0.55 | |||||||
Energy: Electricity | 33,543 | 30,930 | 1.46 | |||||||
Energy: Oil & Gas | 11,762 | 11,974 | 0.56 | |||||||
Environmental Industries | 42,802 | 43,106 | 2.03 | |||||||
Healthcare & Pharmaceuticals | 248,615 | 192,719 | 9.07 | |||||||
High Tech Industries | 215,856 | 215,274 | 10.13 | |||||||
Hotel, Gaming & Leisure | 96,815 | 95,073 | 4.48 | |||||||
Investment Fund | 216,501 | 204,596 | 9.63 | |||||||
Media: Broadcast & Subscription | 45,916 | 46,529 | 2.19 | |||||||
Media: Advertising, Printing & Publishing | 36,895 | 37,406 | 1.76 | |||||||
Non-durable Consumer Goods | 1,500 | 1,999 | 0.09 | |||||||
Retail | 43,081 | 43,020 | 2.03 | |||||||
Software | 224,807 | 226,045 | 10.63 | |||||||
Sovereign & Public Finance | 38,297 | 37,381 | 1.76 | |||||||
Telecommunications | 119,014 | 116,115 | 5.47 | |||||||
Transportation: Cargo | 42,204 | 42,220 | 1.99 | |||||||
Transportation: Consumer | 35,715 | 36,276 | 1.71 | |||||||
Wholesale | 33,334 | 25,881 | 1.22 | |||||||
Total | $ | 2,201,451 | $ | 2,123,964 | 100.00 | % |
Geography | Amortized Cost | Fair Value | % of Fair Value | ||||||||||||||
Canada | $ | 24,206 | $ | 24,658 | 1.4 | % | |||||||||||
Cyprus | 6,112 | 6,793 | 0.4 | ||||||||||||||
Luxembourg | 32,093 | 29,970 | 1.6 | ||||||||||||||
United Kingdom | 88,885 | 90,112 | 4.9 | ||||||||||||||
United States | 1,771,670 | 1,674,216 | 91.7 | ||||||||||||||
Total | $ | 1,922,966 | $ | 1,825,749 | 100.0 | % |
Geography | Amortized Cost | Fair Value | % of Fair Value | |||||||
Canada | $ | 41,002 | $ | 40,939 | 1.93 | % | ||||
Cyprus | 4,746 | 4,836 | 0.23 | |||||||
Jamaica | 202 | 195 | 0.01 | |||||||
Luxembourg | 36,563 | 36,563 | 1.72 | |||||||
United Kingdom | 24,865 | 26,531 | 1.25 | |||||||
United States | 2,094,073 | 2,014,900 | 94.86 | |||||||
Total | $ | 2,201,451 | $ | 2,123,964 | 100.00 | % |
March 31, 2021 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Assets | |||||||||||||||||||||||
First Lien Debt | $ | — | $ | — | $ | 1,226,653 | $ | 1,226,653 | |||||||||||||||
Second Lien Debt | — | — | 299,322 | 299,322 | |||||||||||||||||||
Equity Investments | — | — | 35,030 | 35,030 | |||||||||||||||||||
Investment Funds | |||||||||||||||||||||||
Mezzanine Loan | — | — | — | — | |||||||||||||||||||
Subordinated Loan and Member's Interest | — | — | 202,695 | 202,695 | |||||||||||||||||||
Total | $ | — | $ | — | $ | 1,763,700 | $ | 1,763,700 | |||||||||||||||
Investments measured at net asset value (1) | 77,934 | ||||||||||||||||||||||
Total | $ | 1,841,634 |
December 31, 2020 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Assets | |||||||||||||||||||||||
First Lien Debt | $ | — | $ | — | $ | 1,224,063 | $ | 1,224,063 | |||||||||||||||
Second Lien Debt | — | — | 284,523 | 284,523 | |||||||||||||||||||
Equity Investments | — | — | 33,877 | 33,877 | |||||||||||||||||||
Investment Funds | |||||||||||||||||||||||
Mezzanine Loan | — | — | — | — | |||||||||||||||||||
Subordinated Loan and Member's Interest | — | — | 205,891 | 205,891 | |||||||||||||||||||
Total | $ | — | $ | — | $ | 1,748,354 | $ | 1,748,354 | |||||||||||||||
Investments measured at net asset value (1) | 77,395 | ||||||||||||||||||||||
Total | $ | 1,825,749 |
March 31, 2020 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets | |||||||||||||||
First Lien Debt | $ | — | $ | — | $ | 1,534,765 | $ | 1,534,765 | |||||||
Second Lien Debt | — | — | 275,055 | 275,055 | |||||||||||
Equity Investments | — | — | 29,323 | 29,323 | |||||||||||
Investment Fund | |||||||||||||||
Mezzanine Loan | — | — | — | — | |||||||||||
Subordinated Loan and Member's Interest | — | — | 185,134 | 185,134 | |||||||||||
Total | $ | — | $ | — | $ | 2,024,277 | $ | 2,024,277 |
December 31, 2019 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets | |||||||||||||||
First Lien Debt | $ | — | $ | — | $ | 1,663,138 | $ | 1,663,138 | |||||||
Second Lien Debt | — | — | 234,532 | 234,532 | |||||||||||
Equity Investments | — | — | 21,698 | 21,698 | |||||||||||
Investment Fund | |||||||||||||||
Mezzanine Loan | — | — | 93,000 | 93,000 | |||||||||||
Subordinated Loan and Member's Interest | — | — | 111,596 | 111,596 | |||||||||||
Total | $ | — | $ | — | $ | 2,123,964 | $ | 2,123,964 |
Financial Assets | |||||||||||||||||||||||
For the three month period ended March 31, 2020 | |||||||||||||||||||||||
First Lien Debt | Second Lien Debt | Equity Investments | Investment Fund - Mezzanine Loan | Investment Fund - Subordinated Loan and Member's Interest | Total | ||||||||||||||||||
Balance, beginning of period | $ | 1,663,138 | $ | 234,532 | $ | 21,698 | $ | 93,000 | $ | 111,596 | $ | 2,123,964 | |||||||||||
Purchases | 76,323 | 89,409 | 10,200 | 63,500 | 92,500 | 331,932 | |||||||||||||||||
Sales | (44,060 | ) | — | — | (156,500 | ) | — | (200,560 | ) | ||||||||||||||
Paydowns | (70,129 | ) | (15,232 | ) | (1,024 | ) | — | — | (86,385 | ) | |||||||||||||
Accretion of discount | 2,206 | 380 | — | — | — | 2,586 | |||||||||||||||||
Net realized gains (losses) | (2,054 | ) | — | 357 | — | — | (1,697 | ) | |||||||||||||||
Net change in unrealized appreciation (depreciation) | (90,659 | ) | (34,034 | ) | (1,908 | ) | — | (18,962 | ) | (145,563 | ) | ||||||||||||
Balance, end of period | $ | 1,534,765 | $ | 275,055 | $ | 29,323 | $ | — | $ | 185,134 | $ | 2,024,277 | |||||||||||
Net change in unrealized appreciation (depreciation) included in earnings related to investments still held at the reporting date included in net change in unrealized appreciation (depreciation) on investments on the Consolidated Statements of Operations | $ | (92,299 | ) | $ | (33,774 | ) | $ | (1,908 | ) | $ | — | $ | (18,962 | ) | $ | (146,943 | ) |
Financial Assets | |||||||||||||||||||||||||||||||||||
For the three month period ended March 31, 2021 | |||||||||||||||||||||||||||||||||||
First Lien Debt | Second Lien Debt | Equity Investments | Investment Fund - Subordinated Loan and Member's Interest | Total | |||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 1,224,063 | $ | 284,523 | $ | 33,877 | $ | 205,891 | $ | 1,748,354 | |||||||||||||||||||||||||
Purchases | 97,145 | 51,184 | 598 | — | 148,927 | ||||||||||||||||||||||||||||||
Sales | (75,754) | — | (1,392) | — | (77,146) | ||||||||||||||||||||||||||||||
Paydowns | (31,924) | (41,531) | — | — | (73,455) | ||||||||||||||||||||||||||||||
Accretion of discount | 1,581 | 433 | 12 | — | 2,026 | ||||||||||||||||||||||||||||||
Net realized gains (losses) | 992 | — | 681 | — | 1,673 | ||||||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | 10,550 | 4,713 | 1,254 | (3,196) | 13,321 | ||||||||||||||||||||||||||||||
Balance, end of period | $ | 1,226,653 | $ | 299,322 | $ | 35,030 | $ | 202,695 | $ | 1,763,700 | |||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) included in earnings related to investments still held at the reporting date included in net change in unrealized appreciation (depreciation) on investments on the Consolidated Statements of Operations | $ | 10,170 | $ | 4,957 | $ | 1,334 | $ | (3,196) | $ | 13,265 |
Financial Assets | |||||||||||||||||||||||
For the three month period ended March 31, 2019 | |||||||||||||||||||||||
First Lien Debt | Second Lien Debt | Equity Investments | Investment Fund - Mezzanine Loan | Investment Fund - Subordinated Loan and Member's Interest | Total | ||||||||||||||||||
Balance, beginning of period | $ | 1,546,271 | $ | 178,958 | $ | 24,633 | $ | 112,000 | $ | 110,295 | $ | 1,972,157 | |||||||||||
Purchases | 165,076 | 48,405 | 2,240 | 30,500 | — | 246,221 | |||||||||||||||||
Sales | (6,815 | ) | — | (1,738 | ) | — | — | (8,553 | ) | ||||||||||||||
Paydowns | (44,241 | ) | — | — | (18,700 | ) | — | (62,941 | ) | ||||||||||||||
Accretion of discount | 2,092 | 69 | — | — | — | 2,161 | |||||||||||||||||
Net realized gains (losses) | (60 | ) | — | 959 | — | — | 899 | ||||||||||||||||
Net change in unrealized appreciation (depreciation) | 978 | 1,419 | 2,372 | — | 496 | 5,265 | |||||||||||||||||
Balance, end of period | $ | 1,663,301 | $ | 228,851 | $ | 28,466 | $ | 123,800 | $ | 110,791 | $ | 2,155,209 | |||||||||||
Net change in unrealized appreciation (depreciation) included in earnings related to investments still held at the reporting date included in net change in unrealized appreciation (depreciation) on investments on the Consolidated Statements of Operations | $ | 1,242 | $ | 1,419 | $ | 2,648 | $ | — | $ | 496 | $ | 5,805 |
Financial Assets | |||||||||||||||||||||||||||||||||||
For the three month period ended March 31, 2020 | |||||||||||||||||||||||||||||||||||
First Lien Debt | Second Lien Debt | Equity Investments | Investment Fund - Mezzanine Loan | Investment Fund - Subordinated Loan and Member's Interest | Total | ||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 1,663,138 | $ | 234,532 | $ | 21,698 | $ | 93,000 | $ | 111,596 | $ | 2,123,964 | |||||||||||||||||||||||
Purchases | 76,323 | 89,409 | 10,200 | 63,500 | 92,500 | 331,932 | |||||||||||||||||||||||||||||
Sales | (44,060) | — | — | (156,500) | — | (200,560) | |||||||||||||||||||||||||||||
Paydowns | (70,129) | (15,232) | (1,024) | — | (86,385) | ||||||||||||||||||||||||||||||
Accretion of discount | 2,206 | 380 | — | — | — | 2,586 | |||||||||||||||||||||||||||||
Net realized gains (losses) | (2,054) | — | 357 | — | — | (1,697) | |||||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | (90,659) | (34,034) | (1,908) | — | (18,962) | (145,563) | |||||||||||||||||||||||||||||
Balance, end of period | $ | 1,534,765 | $ | 275,055 | $ | 29,323 | $ | — | $ | 185,134 | $ | 2,024,277 | |||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) included in earnings related to investments still held at the reporting date included in net change in unrealized appreciation (depreciation) on investments on the Consolidated Statements of Operations | $ | (92,299) | $ | (33,774) | $ | (1,908) | $ | — | $ | (18,962) | $ | (146,943) |
Fair Value as of March 31, 2021 | Valuation Techniques | Significant Unobservable Inputs | Range | ||||||||||||||||||||||||||||||||
Low | High | Weighted Average | |||||||||||||||||||||||||||||||||
Investments in First Lien Debt | $ | 1,091,189 | Discounted Cash Flow | Discount Rate | 3.87 | % | 17.30 | % | 9.08 | % | |||||||||||||||||||||||||
75,638 | Consensus Pricing | Indicative Quotes | 95.81 | 100.50 | 98.39 | ||||||||||||||||||||||||||||||
59,826 | Income Approach | Discount Rate | 11.96 | % | 13.35 | % | 12.61 | % | |||||||||||||||||||||||||||
Market Approach | Comparable Multiple | 3.73x | 7.65x | 6.99x | |||||||||||||||||||||||||||||||
Total First Lien Debt | 1,226,653 | ||||||||||||||||||||||||||||||||||
Investments in Second Lien Debt | 206,992 | Discounted Cash Flow | Discount Rate | 7.03 | % | 14.53 | % | 9.74 | % | ||||||||||||||||||||||||||
92,330 | Consensus Pricing | Indicative Quotes | 86.75 | 99.25 | 93.77 | ||||||||||||||||||||||||||||||
Total Second Lien Debt | 299,322 | ||||||||||||||||||||||||||||||||||
Investments in Equity | 35,030 | Income Approach | Discount Rate | 7.22 | % | 11.96 | % | 8.74 | % | ||||||||||||||||||||||||||
Market Approach | Comparable Multiple | 7.55x | 16.43x | 10.69x | |||||||||||||||||||||||||||||||
Total Equity Investments | 35,030 | ||||||||||||||||||||||||||||||||||
Investments in Investment Fund | |||||||||||||||||||||||||||||||||||
Subordinated Loan and Member's Interest | 202,695 | Discounted Cash Flow | Discount Rate | 8.50 | % | 8.50 | % | 8.50 | % | ||||||||||||||||||||||||||
Discounted Cash Flow | Default Rate | 3.00 | % | 3.00 | % | 3.00 | % | ||||||||||||||||||||||||||||
Discounted Cash Flow | Recovery Rate | 65.00 | % | 65.00 | % | 65.00 | % | ||||||||||||||||||||||||||||
Total Investments in Investment Fund | 202,695 | ||||||||||||||||||||||||||||||||||
Total Level 3 Investments | $ | 1,763,700 | |||||||||||||||||||||||||||||||||
Fair Value as of March 31, 2020 | Valuation Techniques | Significant Unobservable Inputs | Range | |||||||||||||
Low | High | Weighted Average | ||||||||||||||
Investments in First Lien Debt | $ | 1,384,548 | Discounted Cash Flow | Discount Rate | 6.24 | % | 25.03 | % | 9.77 | % | ||||||
115,824 | Consensus Pricing | Indicative Quotes | 44.00 | 100.00 | 86.37 | |||||||||||
34,393 | Income Approach | Discount Rate | 12.22 | % | 19.32 | % | 16.06 | % | ||||||||
Market Approach | Comparable Multiple | 7.89x | 8.55x | 8.49x | ||||||||||||
Total First Lien Debt | 1,534,765 | |||||||||||||||
Investments in Second Lien Debt | 221,704 | Discounted Cash Flow | Discount Rate | 9.52 | % | 13.87 | % | 11.64 | % | |||||||
53,351 | Consensus Pricing | Indicative Quotes | 65.67 | 90.38 | 74.34 | |||||||||||
Total Second Lien Debt | 275,055 | |||||||||||||||
Investments in Equity | 29,323 | Income Approach | Discount Rate | 7.93 | % | 16.28 | % | 9.71 | % | |||||||
Market Approach | Comparable Multiple | 6.05x | 16.40x | 9.49x | ||||||||||||
Total Equity Investments | 29,323 | |||||||||||||||
Investments in Investment Fund | ||||||||||||||||
Mezzanine Loan | — | Collateral Analysis | Recovery Rate | 100.00 | % | 100.00 | % | 100.00 | % | |||||||
Subordinated Loan and Member's Interest | 185,134 | Discounted Cash Flow | Discount Rate | 11.00 | % | 11.00 | % | 11.00 | % | |||||||
Discounted Cash Flow | Default Rate | 3.00 | % | 3.00 | % | 3.00 | % | |||||||||
Discounted Cash Flow | Recovery Rate | 65.00 | % | 65.00 | % | 65.00 | % | |||||||||
Total Investments in Investment Fund | 185,134 | |||||||||||||||
Total Level 3 Investments | $ | 2,024,277 |
Fair Value as of December 31, 2019 | Valuation Techniques | Significant Unobservable Inputs | Range | Fair Value as of December 31, 2020 | Valuation Techniques | Significant Unobservable Inputs | Range | ||||||||||||||||||||||||||||||||||||||||||||
Low | High | Weighted Average | Low | High | Weighted Average | ||||||||||||||||||||||||||||||||||||||||||||||
Investments in First Lien Debt | $ | 1,332,584 | Discounted Cash Flow | Discount Rate | 3.64 | % | 24.45 | % | 8.13 | % | Investments in First Lien Debt | $ | 879,159 | Discounted Cash Flow | Discount Rate | 3.96 | % | 16.60 | % | 8.80 | % | ||||||||||||||||||||||||||||||
318,681 | Consensus Pricing | Indicative Quotes | 77.94 | 100.00 | 96.96 | 287,191 | Consensus Pricing | Indicative Quotes | 89.11 | 100.00 | 97.70 | ||||||||||||||||||||||||||||||||||||||||
11,873 | Income Approach | Discount Rate | 12.22 | % | 19.32 | % | 13.16 | % | 57,713 | Income Approach | Discount Rate | 12.80 | % | 14.70 | % | 13.50 | % | ||||||||||||||||||||||||||||||||||
Market Approach | Comparable Multiple | 7.89x | 8.38x | 8.49x | Market Approach | Comparable Multiple | 3.17x | 6.99x | 6.43x | ||||||||||||||||||||||||||||||||||||||||||
Total First Lien Debt | 1,663,138 | Total First Lien Debt | 1,224,063 | ||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Second Lien Debt | 188,736 | Discounted Cash Flow | Discount Rate | 7.40 | % | 10.66 | % | 8.85 | % | Investments in Second Lien Debt | 238,785 | Discounted Cash Flow | Discount Rate | 7.14 | % | 15.27 | % | 9.67 | % | ||||||||||||||||||||||||||||||||
45,796 | Consensus Pricing | Indicative Quotes | 97.50 | 98.31 | 98.19 | 45,738 | Consensus Pricing | Indicative Quotes | 82.88 | 100.00 | 87.75 | ||||||||||||||||||||||||||||||||||||||||
Total Second Lien Debt | 234,532 | Total Second Lien Debt | 284,523 | ||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Equity | 21,698 | Income Approach | Discount Rate | 7.76 | % | 15.31 | % | 8.84 | % | Investments in Equity | 33,877 | Income Approach | Discount Rate | 7.22 | % | 12.80 | % | 8.84 | % | ||||||||||||||||||||||||||||||||
Market Approach | Comparable Multiple | 6.37x | 16.65x | 9.24x | Market Approach | Comparable Multiple | 6.99x | 16.43x | 10.50x | ||||||||||||||||||||||||||||||||||||||||||
Total Equity Investments | 21,698 | Total Equity Investments | 33,877 | ||||||||||||||||||||||||||||||||||||||||||||||||
Investment in Investment Fund | Investment in Investment Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mezzanine Loan | 93,000 | Collateral Analysis | Recovery Rate | 100.00 | % | 100.00 | % | 100.00 | % | Mezzanine Loan | — | Collateral Analysis | Recovery Rate | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||||||||||||||||||||
Subordinated Loan and Member's Interest | 111,596 | Discounted Cash Flow | Discount Rate | 10.00 | % | 10.00 | % | 10.00 | % | Subordinated Loan and Member's Interest | 205,891 | Discounted Cash Flow | Discount Rate | 8.50 | % | 8.50 | % | 8.50 | % | ||||||||||||||||||||||||||||||||
Discounted Cash Flow | Default Rate | 2.00 | % | 2.00 | % | 2.00 | % | Discounted Cash Flow | Default Rate | 3.00 | % | 3.00 | % | 3.00 | % | ||||||||||||||||||||||||||||||||||||
Discounted Cash Flow | Recovery Rate | 75.00 | % | 75.00 | % | 75.00 | % | Discounted Cash Flow | Recovery Rate | 65.00 | % | 65.00 | % | 65.00 | % | ||||||||||||||||||||||||||||||||||||
Total Investments in Investment Fund | 204,596 | Total Investments in Investment Fund | 205,891 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Level 3 Investments | $ | 2,123,964 | Total Level 3 Investments | $ | 1,748,354 |
March 31, 2020 | December 31, 2019 | March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||||||||||||||||
Secured borrowings | $ | 701,609 | $ | 701,609 | $ | 616,543 | $ | 616,543 | Secured borrowings | $ | 309,397 | $ | 309,397 | $ | 347,949 | $ | 347,949 | |||||||||||||||||||||
Senior unsecured notes | $ | 115,000 | $ | 115,000 | $ | 115,000 | $ | 115,000 | ||||||||||||||||||||||||||||||
2019 Notes | 2019 Notes | 115,000 | 116,250 | 115,000 | 116,250 | |||||||||||||||||||||||||||||||||
2020 Notes | 2020 Notes | 75,000 | 75,000 | 75,000 | 75,000 | |||||||||||||||||||||||||||||||||
Total | $ | 816,609 | $ | 816,609 | $ | 731,543 | $ | 731,543 | Total | $ | 499,397 | $ | 500,647 | $ | 537,949 | $ | 539,199 |
March 31, 2020 | December 31, 2019 | March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||||||||||||||||
Aaa/AAA Class A-1-1-R Notes | $ | 234,800 | $ | 212,996 | $ | 234,800 | $ | 233,053 | Aaa/AAA Class A-1-1-R Notes | $ | 234,800 | $ | 234,283 | $ | 234,800 | $ | 230,996 | |||||||||||||||||||||
Aaa/AAA Class A-1-2-R Notes | 50,000 | 45,773 | 50,000 | 49,908 | Aaa/AAA Class A-1-2-R Notes | 50,000 | 50,000 | 50,000 | 49,645 | |||||||||||||||||||||||||||||
Aaa/AAA Class A-1-3-R Notes | 25,000 | 24,045 | 25,000 | 25,163 | Aaa/AAA Class A-1-3-R Notes | 25,000 | 25,016 | 25,000 | 25,017 | |||||||||||||||||||||||||||||
AA Class A-2-R Notes | 66,000 | 66,000 | 66,000 | 66,000 | AA Class A-2-R Notes | 66,000 | 66,000 | 66,000 | 64,895 | |||||||||||||||||||||||||||||
A Class B Notes | 46,400 | 37,370 | 46,400 | 46,400 | A Class B Notes | 46,400 | 46,400 | 46,400 | 45,291 | |||||||||||||||||||||||||||||
BBB- Class C Notes | 27,000 | 27,000 | 27,000 | 27,000 | BBB- Class C Notes | 27,000 | 26,411 | 27,000 | 24,592 | |||||||||||||||||||||||||||||
Total | $ | 449,200 | $ | 413,184 | $ | 449,200 | $ | 447,524 | Total | $ | 449,200 | $ | 448,110 | $ | 449,200 | $ | 440,436 |
For the three month periods ended | |||||||||||||||||||||||
March 31, 2021 | March 31, 2020 | ||||||||||||||||||||||
Base management fees | $ | 6,800 | $ | 7,386 | |||||||||||||||||||
Incentive fees on pre-incentive fee net investment income | 4,257 | 5,086 | |||||||||||||||||||||
Realized capital gains incentive fees | — | — | |||||||||||||||||||||
Accrued capital gains incentive fees | — | — | |||||||||||||||||||||
Total capital gains incentive fees | — | — | |||||||||||||||||||||
Total incentive fees | 4,257 | 5,086 | |||||||||||||||||||||
Total base management fees and incentive fees | $ | 11,057 | $ | 12,472 |
For the three month periods ended | |||||||
March 31, 2020 | March 31, 2019 | ||||||
Base management fees | $ | 7,386 | $ | 7,685 | |||
Incentive fees on pre-incentive fee net investment income | 5,086 | 5,846 | |||||
Realized capital gains incentive fees | — | — | |||||
Accrued capital gains incentive fees | — | — | |||||
Total capital gains incentive fees | — | — | |||||
Total incentive fees | 5,086 | 5,846 | |||||
Total base management fees and incentive fees | $ | 12,472 | $ | 13,531 |
As of | As of | |||||||||||||||||||||
March 31, 2020 | December 31, 2019 | March 31, 2021 | December 31, 2020 | |||||||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||||||||
Selected Consolidated Balance Sheet Information | Selected Consolidated Balance Sheet Information | |||||||||||||||||||||
ASSETS | ASSETS | |||||||||||||||||||||
Investments, at fair value (amortized cost of $1,296,794 and $1,258,157, respectively) | $ | 1,199,183 | $ | 1,246,839 | ||||||||||||||||||
Investments, at fair value (amortized cost of $993,936 and $1,080,538, respectively) | Investments, at fair value (amortized cost of $993,936 and $1,080,538, respectively) | $ | 983,277 | $ | 1,056,381 | |||||||||||||||||
Cash and cash equivalents | 79,802 | 64,787 | Cash and cash equivalents | 63,384 | 119,796 | |||||||||||||||||
Other assets | 47,437 | 9,369 | Other assets | 11,344 | 7,553 | |||||||||||||||||
Total assets | $ | 1,326,422 | $ | 1,320,995 | Total assets | $ | 1,058,005 | $ | 1,183,730 | |||||||||||||
LIABILITIES AND MEMBERS’ EQUITY | LIABILITIES AND MEMBERS’ EQUITY | |||||||||||||||||||||
Secured borrowings | $ | 462,421 | $ | 441,077 | Secured borrowings | $ | 446,301 | $ | 514,261 | |||||||||||||
Notes payable, net of unamortized debt issuance costs of $3,320 and $3,441, respectively | 487,066 | 528,407 | ||||||||||||||||||||
Mezzanine loans (1) | — | 93,000 | ||||||||||||||||||||
Other Short-Term Borrowings | 8,802 | — | ||||||||||||||||||||
Notes payable, net of unamortized debt issuance costs of $1,511 and $1,559, respectively | Notes payable, net of unamortized debt issuance costs of $1,511 and $1,559, respectively | 184,326 | 253,933 | |||||||||||||||||||
Other liabilities | 43,135 | 32,383 | Other liabilities | 15,243 | 15,543 | |||||||||||||||||
Subordinated loans and members’ equity (1) | 324,998 | 226,128 | Subordinated loans and members’ equity (1) | 412,135 | 399,993 | |||||||||||||||||
Liabilities and members’ equity | $ | 1,326,422 | $ | 1,320,995 | Liabilities and members’ equity | $ | 1,058,005 | $ | 1,183,730 |
For the three month periods ended | For the three month periods ended | |||||||||||||||||||||||||||||||||
March 31, 2020 | March 31, 2019 | March 31, 2021 | March 31, 2020 | |||||||||||||||||||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||||||||||||||||||||
Selected Consolidated Statement of Operations Information: | Selected Consolidated Statement of Operations Information: | |||||||||||||||||||||||||||||||||
Total investment income | $ | 21,592 | $ | 22,606 | Total investment income | $ | 16,105 | $ | 21,592 | |||||||||||||||||||||||||
Expenses | Expenses | |||||||||||||||||||||||||||||||||
Interest and credit facility expenses | 13,927 | 14,730 | Interest and credit facility expenses | 5,415 | 13,927 | |||||||||||||||||||||||||||||
Other expenses | 503 | 441 | Other expenses | 468 | 503 | |||||||||||||||||||||||||||||
Total expenses | 14,430 | 15,171 | Total expenses | 5,883 | 14,430 | |||||||||||||||||||||||||||||
Net investment income (loss) | 7,162 | 7,435 | Net investment income (loss) | 10,222 | 7,162 | |||||||||||||||||||||||||||||
Net realized gain (loss) on investments | — | (8,285 | ) | Net realized gain (loss) on investments | (1,578) | — | ||||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | (86,293 | ) | 17,778 | Net change in unrealized appreciation (depreciation) on investments | 13,498 | (86,293) | ||||||||||||||||||||||||||||
Net increase (decrease) resulting from operations | $ | (79,131 | ) | $ | 16,928 | Net increase (decrease) resulting from operations | $ | 22,142 | $ | (79,131) |
As of | |||||||||||
March 31, 2021 | December 31, 2020 | ||||||||||
Senior secured loans (1) | $ | 997,657 | $ | 1,084,491 | |||||||
Weighted average yields of senior secured loans based on amortized cost (2) | 6.06 | % | 6.03 | % | |||||||
Weighted average yields of senior secured loans based on fair value (2) | 6.11 | % | 6.15 | % | |||||||
Number of portfolio companies in Credit Fund | 50 | 54 | |||||||||
Average amount per portfolio company (1) | $ | 19,953 | $ | 20,083 | |||||||
Number of loans on non-accrual status | — | — | |||||||||
Fair value of loans on non-accrual status | $ | — | $ | — | |||||||
Percentage of portfolio at floating interest rates (3)(4) | 97.3 | % | 97.7 | % | |||||||
Percentage of portfolio at fixed interest rates (4) | 2.7 | % | 2.3 | % | |||||||
Fair value of loans with PIK provisions | $ | 26,602 | $ | 24,113 | |||||||
Percentage of portfolio with PIK provisions (4) | 2.7 | % | 2.3 | % |
As of | |||||||
March 31, 2020 | December 31, 2019 | ||||||
Senior secured loans (1) | $ | 1,299,438 | $ | 1,260,582 | |||
Weighted average yields of senior secured loans based on amortized cost (2) | 6.01 | % | 6.51 | % | |||
Weighted average yields of senior secured loans based on fair value (2) | 6.48 | % | 6.55 | % | |||
Number of portfolio companies in Credit Fund | 63 | 61 | |||||
Average amount per portfolio company (1) | $ | 20,626 | $ | 20,665 | |||
Number of loans on non-accrual status | 1 | 1 | |||||
Fair value of loans on non-accrual status | $ | 21,150 | $ | 21,150 | |||
Percentage of portfolio at floating interest rates (3)(4) | 98.2 | % | 98.3 | % | |||
Percentage of portfolio at fixed interest rates (4) | 1.8 | % | 1.7 | % | |||
Fair value of loans with PIK provisions | $ | 21,150 | $ | 21,150 | |||
Percentage of portfolio with PIK provisions (4) | 1.8 | % | 1.7 | % |
Consolidated Schedule of Investments as of March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Maturity Date | Par/ Principal Amount | Amortized Cost (4) | Fair Value (5) | |||||||||||||||||||||||||||||||||||||||||||||
First Lien Debt (97.3% of fair value) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
ACR Group Borrower, LLC | ^+ | (2)(3)(6) | Aerospace & Defense | L + 4.50% | 5.50% | 3/31/2028 | $ | 34,650 | $ | 34,020 | $ | 34,020 | |||||||||||||||||||||||||||||||||||||||||
Acrisure, LLC | \# | (2)(3) | Banking, Finance, Insurance & Real Estate | L + 3.50% | 3.70% | 2/15/2027 | 25,570 | 25,542 | 25,220 | ||||||||||||||||||||||||||||||||||||||||||||
Alpha Packaging Holdings, Inc. | +\ | (2)(3) | Containers, Packaging & Glass | L + 6.00% | 7.00% | 11/12/2021 | 16,269 | 16,269 | 16,269 | ||||||||||||||||||||||||||||||||||||||||||||
AmeriLife Holdings LLC | # | (2)(3) | Banking, Finance, Insurance & Real Estate | L + 4.00% | 4.11% | 3/18/2027 | 9,926 | 9,905 | 9,923 | ||||||||||||||||||||||||||||||||||||||||||||
Analogic Corporation | ^+ | (2)(3)(6) | Capital Equipment | L + 5.25% | 6.25% | 6/22/2024 | 18,810 | 18,790 | 18,687 | ||||||||||||||||||||||||||||||||||||||||||||
Anchor Packaging, Inc. | +# | (2)(3) | Containers, Packaging & Glass | L + 4.00% | 4.11% | 7/18/2026 | 24,660 | 24,559 | 24,660 | ||||||||||||||||||||||||||||||||||||||||||||
API Technologies Corp. | +\ | (2)(3) | Aerospace & Defense | L + 4.25% | 4.36% | 5/9/2026 | 14,738 | 14,679 | 14,516 | ||||||||||||||||||||||||||||||||||||||||||||
Aptean, Inc. | ^+# | (2)(3) | Software | L + 4.25% | 4.36% | 4/23/2026 | 12,250 | 12,199 | 12,121 | ||||||||||||||||||||||||||||||||||||||||||||
Astra Acquisition Corp. | +# | (2)(3) | Software | L + 4.75% | 5.50% | 2/28/2027 | 28,782 | 28,405 | 28,443 | ||||||||||||||||||||||||||||||||||||||||||||
Avalign Technologies, Inc. | +\ | (2)(3) | Healthcare & Pharmaceuticals | L + 4.50% | 4.69% | 12/22/2025 | 14,555 | 14,449 | 14,485 | ||||||||||||||||||||||||||||||||||||||||||||
Avenu Holdings, LLC | + | (2)(3) | Sovereign & Public Finance | L + 5.25% | 6.25% | 9/28/2024 | 23,531 | 23,531 | 23,531 | ||||||||||||||||||||||||||||||||||||||||||||
Big Ass Fans, LLC | +\# | (2)(3) | Capital Equipment | L + 3.75% | 4.75% | 5/21/2024 | 13,730 | 13,680 | 13,730 | ||||||||||||||||||||||||||||||||||||||||||||
BK Medical Holding Company, Inc. | ^+ | (2)(3)(6) | Healthcare & Pharmaceuticals | L + 5.25% | 6.25% | 6/22/2024 | 24,104 | 23,905 | 23,650 | ||||||||||||||||||||||||||||||||||||||||||||
Chemical Computing Group ULC (Canada) | ^+ | (2)(3)(6) | Software | L + 5.00% | 6.00% | 8/30/2023 | 14,019 | 13,402 | 14,019 | ||||||||||||||||||||||||||||||||||||||||||||
Clearent Newco, LLC | ^ | (2)(3)(6) | High Tech Industries | L + 5.50% | 6.50% | 3/20/2025 | 29,423 | 29,187 | 29,423 | ||||||||||||||||||||||||||||||||||||||||||||
Clearent Newco, LLC | +\ | (2)(3) | High Tech Industries | L + 6.50% | 7.50% | 3/20/2025 | 4,069 | 4,069 | 4,069 | ||||||||||||||||||||||||||||||||||||||||||||
DBI Holding LLC | ^ | (2) | Transportation: Cargo | 14.00% PIK | 14.00% | 3/26/2023 | 2,538 | 2,538 | 2,538 | ||||||||||||||||||||||||||||||||||||||||||||
DecoPac, Inc. | ^+\ | (2)(3)(6) | Non-durable Consumer Goods | L + 4.25% | 5.25% | 9/29/2024 | 12,336 | 12,259 | 12,334 | ||||||||||||||||||||||||||||||||||||||||||||
Diligent Corporation | ^+ | (2)(3)(6) | Telecommunications | L + 6.25% | 7.25% | 8/4/2025 | 8,661 | 8,399 | 8,738 | ||||||||||||||||||||||||||||||||||||||||||||
DTI Holdco, Inc. | ^+\ | (2)(3) | High Tech Industries | L + 4.75% | 5.75% | 9/30/2023 | 18,641 | 18,566 | 17,860 | ||||||||||||||||||||||||||||||||||||||||||||
Eliassen Group, LLC | +\ | (2)(3) | Business Services | L + 4.25% | 4.36% | 11/5/2024 | 7,533 | 7,509 | 7,496 | ||||||||||||||||||||||||||||||||||||||||||||
EvolveIP, LLC | ^+ | (2)(3)(6) | Telecommunications | L + 5.75% | 6.75% | 6/7/2023 | 19,750 | 19,713 | 19,750 | ||||||||||||||||||||||||||||||||||||||||||||
Exactech, Inc. | +\# | (2)(3) | Healthcare & Pharmaceuticals | L + 3.75% | 4.75% | 2/14/2025 | 21,473 | 21,367 | 20,749 | ||||||||||||||||||||||||||||||||||||||||||||
Excel Fitness Holdings, Inc. | +# | (2)(3) | Hotel, Gaming & Leisure | L + 5.25% | 6.25% | 10/7/2025 | 24,688 | 24,494 | 23,495 | ||||||||||||||||||||||||||||||||||||||||||||
Frontline Technologies Holdings, LLC | + | (2)(3) | Software | L + 5.75% | 6.75% | 9/18/2023 | 14,849 | 14,214 | 14,980 | ||||||||||||||||||||||||||||||||||||||||||||
Golden West Packaging Group LLC | +\ | (2)(3) | Containers, Packaging & Glass | L + 5.25% | 6.25% | 6/20/2023 | 27,305 | 27,208 | 27,259 | ||||||||||||||||||||||||||||||||||||||||||||
HMT Holding Inc. | +\ | (2)(3)(6) | Energy: Oil & Gas | L + 5.00% | 6.00% | 11/17/2023 | 32,737 | 32,404 | 32,001 | ||||||||||||||||||||||||||||||||||||||||||||
Integrity Marketing Acquisition, LLC | ^+ | (2)(3)(6) | Banking, Finance, Insurance & Real Estate | L + 6.25% | 7.25% | 8/27/2025 | 8,495 | 8,381 | 8,615 | ||||||||||||||||||||||||||||||||||||||||||||
Jensen Hughes, Inc. | +\ | (2)(3)(6) | Utilities: Electric | L + 4.50% | 5.50% | 3/22/2024 | 34,863 | 34,771 | 34,118 | ||||||||||||||||||||||||||||||||||||||||||||
KAMC Holdings, Inc. | + | (2)(3) | Energy: Electricity | L + 4.00% | 4.19% | 8/14/2026 | 13,790 | 13,735 | 13,208 | ||||||||||||||||||||||||||||||||||||||||||||
KBP Investments, LLC | ^+ | (2)(3)(6) | Beverage, Food & Tobacco | L + 5.00% | 6.00% | 5/15/2023 | 9,277 | 9,058 | 9,362 | ||||||||||||||||||||||||||||||||||||||||||||
Marco Technologies, LLC | +\ | (2)(3) | Media: Advertising, Printing & Publishing | L + 4.00% | 5.00% | 10/30/2023 | 7,332 | 7,313 | 7,332 | ||||||||||||||||||||||||||||||||||||||||||||
Mold-Rite Plastics, LLC | +\ | (2)(3) | Chemicals, Plastics & Rubber | L + 4.25% | 5.25% | 12/14/2021 | 14,483 | 14,468 | 14,483 | ||||||||||||||||||||||||||||||||||||||||||||
Newport Group Holdings II, Inc. | +\# | (2)(3) | Banking, Finance, Insurance & Real Estate | L + 3.50% | 3.70% | 9/13/2025 | 23,415 | 23,235 | 23,389 |
Consolidated Schedule of Investments as of March 31, 2020 | |||||||||||||||||||||||
Investments (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Maturity Date | Par/ Principal Amount | Amortized Cost (4) | Fair Value (5) | |||||||||||||||
First Lien Debt (98.17% of fair value) | |||||||||||||||||||||||
Achilles Acquisition, LLC | +\# | (2) (3) | Banking, Finance, Insurance & Real Estate | L + 4.00% | 5.00% | 10/13/2025 | $ | 29,805 | $ | 29,690 | $ | 25,931 | |||||||||||
Acrisure, LLC | +\ | (2) (3) | Banking, Finance, Insurance & Real Estate | L + 3.50% | 5.21% | 2/15/2027 | 25,828 | 25,796 | 22,486 | ||||||||||||||
Advanced Instruments, LLC | +*\ | (2) (3) | Healthcare & Pharmaceuticals | L + 5.25% | 6.26% | 10/31/2022 | 36,087 | 36,019 | 35,405 | ||||||||||||||
Alku, LLC | +# | (2) (3) | Business Services | L + 5.50% | 7.31% | 7/29/2026 | 25,000 | 24,758 | 23,900 | ||||||||||||||
Alpha Packaging Holdings, Inc. | +*\ | (2) (3) | Containers, Packaging & Glass | L + 6.00% | 7.13% | 11/12/2021 | 16,639 | 16,637 | 16,296 | ||||||||||||||
AmeriLife Holdings LLC | # | (2) (3) (7) | Banking, Finance, Insurance & Real Estate | L + 4.00% | 5.45% | 3/18/2027 | 8,864 | 8,839 | 8,286 | ||||||||||||||
Analogic Corporation | ^+ | (2) (3) (7) | Capital Equipment | L + 5.25% | 6.25% | 6/22/2024 | 19,169 | 19,144 | 18,143 | ||||||||||||||
Anchor Packaging, Inc. | ^+# | (2) (3) (7) | Containers, Packaging & Glass | L + 4.00% | 4.99% | 7/18/2026 | 20,410 | 20,315 | 19,056 | ||||||||||||||
API Technologies Corp. | +\ | (2) (3) | Aerospace & Defense | L + 4.25% | 5.24% | 5/9/2026 | 14,888 | 14,818 | 12,887 | ||||||||||||||
Aptean, Inc. | + \ | (2) (3) | Software | L + 4.25% | 5.24% | 4/23/2026 | 12,375 | 12,313 | 10,271 | ||||||||||||||
AQA Acquisition Holding, Inc. | ^*\ | (2) (3) (7) | High Tech Industries | L + 4.25% | 5.65% | 5/24/2023 | 21,323 | 21,299 | 20,741 | ||||||||||||||
Astra Acquisition Corp. | +# | (2) (3) | Software | L + 5.50% | 6.50% | 3/1/2027 | 29,000 | 28,567 | 26,822 | ||||||||||||||
Avalign Technologies, Inc. | +\ | (2) (3) | Healthcare & Pharmaceuticals | L + 4.50% | 5.57% | 12/22/2025 | 14,704 | 14,578 | 13,893 | ||||||||||||||
Big Ass Fans, LLC | +*\ | (2) (3) | Capital Equipment | L + 3.75% | 5.20% | 5/21/2024 | 13,873 | 13,809 | 13,515 | ||||||||||||||
BK Medical Holding Company, Inc. | ^+ | (2) (3) (7) | Healthcare & Pharmaceuticals | L + 5.25% | 6.25% | 6/22/2024 | 24,348 | 24,089 | 23,456 | ||||||||||||||
Brooks Equipment Company, LLC | +* | (2) (3) | Construction & Building | L + 5.00% | 6.60% | 8/29/2020 | 5,066 | 5,064 | 5,019 | ||||||||||||||
Clarity Telecom LLC. | + | (2) (3) | Media: Broadcasting & Subscription | L + 4.25% | 5.24% | 8/30/2026 | 14,925 | 14,880 | 14,058 | ||||||||||||||
Clearent Newco, LLC | ^+\ | (2) (3) (7) | High Tech Industries | L + 5.50% | 6.87% | 3/20/2025 | 29,675 | 29,386 | 27,402 | ||||||||||||||
Datto, Inc. | +\ | (2) (3) | High Tech Industries | L + 4.25% | 5.24% | 4/2/2026 | 12,406 | 12,345 | 11,720 | ||||||||||||||
DecoPac, Inc. | ^+ *\ | (2) (3) (7) | Non-durable Consumer Goods | L + 4.25% | 5.27% | 9/29/2024 | 13,622 | 13,524 | 13,622 | ||||||||||||||
DTI Holdco, Inc. | +*\ | (2) (3) | High Tech Industries | L + 4.75% | 6.53% | 9/30/2023 | 18,836 | 18,729 | 13,233 | ||||||||||||||
Eliassen Group, LLC | +\ | (2) (3) | Business Services | L + 4.50% | 5.49% | 11/5/2024 | 7,571 | 7,540 | 7,376 | ||||||||||||||
EvolveIP, LLC | ^+ | (2) (3) (7) | Telecommunications | L + 5.75% | 6.75% | 6/7/2023 | 19,948 | 19,895 | 19,388 | ||||||||||||||
Exactech, Inc. | +\# | (2) (3) | Healthcare & Pharmaceuticals | L + 3.75% | 4.75% | 2/14/2025 | 21,694 | 21,563 | 17,084 | ||||||||||||||
Excel Fitness Holdings, Inc. | +# | (2) (3) | Hotel, Gaming & Leisure | L + 5.25% | 6.25% | 10/7/2025 | 24,938 | 24,705 | 22,539 | ||||||||||||||
Golden West Packaging Group LLC | +*\ | (2) (3) | Containers, Packaging & Glass | L + 5.75% | 6.75% | 6/20/2023 | 29,252 | 29,103 | 28,333 | ||||||||||||||
HMT Holding Inc. | ^ +*\ | (2) (3) (7) | Energy: Oil & Gas | L + 5.00% | 6.02% | 11/17/2023 | 37,305 | 36,855 | 36,630 | ||||||||||||||
Jensen Hughes, Inc. | ^+*\ | (2) (3) (7) | Utilities: Electric | L + 4.50% | 5.57% | 3/22/2024 | 34,871 | 34,726 | 33,326 | ||||||||||||||
KAMC Holdings, Inc. | +# | (2) (3) | Energy: Electricity | L + 4.00% | 5.61% | 8/14/2026 | 13,930 | 13,866 | 13,083 | ||||||||||||||
Lionbridge Technologies, Inc. | + | (2) (3) | Business Services | L + 6.25% | 7.32% | 12/29/2025 | 24,938 | 24,938 | 23,583 | ||||||||||||||
MAG DS Corp. | +\ | (2) (3) (7) | Aerospace & Defense | L + 4.75% | 6.20% | 6/6/2025 | 27,632 | 27,413 | 27,632 | ||||||||||||||
Maravai Intermediate Holdings, LLC | +\# | (2) (3) | Healthcare & Pharmaceuticals | L + 4.25% | 5.75% | 8/2/2025 | 29,550 | 29,313 | 28,040 | ||||||||||||||
Marco Technologies, LLC | ^+\ | (2) (3) (7) | Media: Advertising, Printing & Publishing | L + 4.25% | 5.78% | 10/30/2023 | 7,444 | 7,394 | 6,979 |
Consolidated Schedule of Investments as of March 31, 2020 | |||||||||||||||||||||||
Investments (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Maturity Date | Par/ Principal Amount | Amortized Cost (4) | Fair Value (5) | |||||||||||||||
Mold-Rite Plastics, LLC | +\ | (2) (3) | Chemicals, Plastics & Rubber | L + 4.25% | 5.32% | 12/14/2021 | $ | 14,557 | $ | 14,524 | $ | 14,288 | |||||||||||
MSHC, Inc. | ^+*\ | (2) (3) (7) | Construction & Building | L + 4.25% | 5.25% | 12/31/2024 | 42,477 | 42,340 | 40,467 | ||||||||||||||
Newport Group Holdings II, Inc. | +\# | (2) (3) | Banking, Finance, Insurance & Real Estate | L + 3.75% | 5.20% | 9/13/2025 | 23,655 | 23,436 | 22,626 | ||||||||||||||
Odyssey Logistics & Technology Corp. | +*\# | (2) (3) | Transportation: Cargo | L + 4.00% | 5.07% | 10/12/2024 | 39,013 | 38,866 | 27,309 | ||||||||||||||
Output Services Group | ^+\ | (2) (3) | Media: Advertising, Printing & Publishing | L + 4.50% | 6.11% | 3/27/2024 | 19,571 | 19,523 | 18,432 | ||||||||||||||
PAI Holdco, Inc. | +*\ | (2) (3) | Automotive | L + 4.25% | 5.39% | 1/5/2025 | 19,486 | 19,415 | 18,956 | ||||||||||||||
Park Place Technologies, Inc. | +\# | (2) (3) | High Tech Industries | L + 4.00% | 5.00% | 3/28/2025 | 22,502 | 22,429 | 21,827 | ||||||||||||||
Pasternack Enterprises, Inc. | +\ | (2) (3) | Capital Equipment | L + 4.00% | 5.00% | 7/2/2025 | 22,697 | 22,684 | 21,955 | ||||||||||||||
Pharmalogic Holdings Corp. | +\ | (2) (3) | Healthcare & Pharmaceuticals | L + 4.00% | 5.00% | 6/11/2023 | 11,292 | 11,269 | 11,091 | ||||||||||||||
Premise Health Holding Corp. | ^+\# | (2) (3) (7) | Healthcare & Pharmaceuticals | L + 3.50% | 4.95% | 7/10/2025 | 13,689 | 13,632 | 13,081 | ||||||||||||||
Propel Insurance Agency, LLC | ^+\ | (2) (3) (7) | Banking, Finance, Insurance & Real Estate | L + 4.25% | 5.70% | 6/1/2024 | 22,475 | 22,024 | 21,678 | ||||||||||||||
Q Holding Company | +*\# | (2) (3) | Automotive | L + 5.00% | 6.45% | 12/31/2023 | 21,900 | 21,732 | 20,560 | ||||||||||||||
QW Holding Corporation (Quala) | ^+* | (2) (3) (7) | Environmental Industries | L + 6.25% | 7.70% | 8/31/2022 | 16,305 | 16,144 | 15,895 | ||||||||||||||
Radiology Partners, Inc. | +\# | (2) (3) | Healthcare & Pharmaceuticals | L + 4.25% | 5.98% | 7/9/2025 | 27,686 | 27,566 | 22,149 | ||||||||||||||
RevSpring Inc. | *\# | (2) (3) | Media: Advertising, Printing & Publishing | L + 4.00% | 5.45% | 10/11/2025 | 29,688 | 29,476 | 25,012 | ||||||||||||||
Situs Group Holdings Corporation | ^+\ | (2) (3) | Banking, Finance, Insurance & Real Estate | L + 4.75% | 5.81% | 6/28/2025 | 14,897 | 14,790 | 13,954 | ||||||||||||||
Surgical Information Systems, LLC | +*\ | (2) (3) (6) | High Tech Industries | L + 4.75% | 7.21% | 4/24/2023 | 26,168 | 26,016 | 25,417 | ||||||||||||||
Systems Maintenance Services Holding, Inc. | ^* | (2) (3) (9) | High Tech Industries | L + 5.00% | 6.45% | 10/30/2023 | 23,735 | 23,647 | 16,837 | ||||||||||||||
T2 Systems, Inc. | ^+* | (2) (3) (7) | Transportation: Consumer | L + 6.75% | 8.34% | 9/28/2022 | 17,804 | 17,570 | 17,630 | ||||||||||||||
The Original Cakerie, Ltd. (Canada) | ^+*\ | (2) (3) | Beverage, Food & Tobacco | L + 5.00% | 6.62% | 7/20/2022 | 8,906 | 8,879 | 8,723 | ||||||||||||||
The Original Cakerie, Ltd. (Canada) | ^+*\ | (2) (3) | Beverage, Food & Tobacco | L + 4.50% | 5.95% | 7/20/2022 | 8,009 | 7,988 | 7,858 | ||||||||||||||
Thoughtworks, Inc. | *\# | (2) (3) | Business Services | L + 3.75% | 5.20% | 10/11/2024 | 11,794 | 11,769 | 10,202 | ||||||||||||||
U.S. Acute Care Solutions, LLC | +*\ | (2) (3) | Healthcare & Pharmaceuticals | L + 5.00% | 6.45% | 5/15/2021 | 31,299 | 31,217 | 27,624 | ||||||||||||||
U.S. TelePacific Holdings Corp. | +*\ | (2) (3) | Telecommunications | L + 5.00% | 6.07% | 5/2/2023 | 26,660 | 26,510 | 20,195 | ||||||||||||||
Valet Waste Holdings, Inc. | +\# | (2) (3) | Construction & Building | L + 3.75% | 4.74% | 9/28/2025 | 18,058 | 17,967 | 17,383 | ||||||||||||||
VRC Companies, LLC | ^+ | (2) (3) (7) | Business Services | L + 6.50% | 7.99% | 3/31/2023 | 5,548 | 5,321 | 5,295 | ||||||||||||||
Welocalize, Inc. | ^+ | (2) (3) (7) | Business Services | L + 4.50% | 5.50% | 12/2/2024 | 23,804 | 23,563 | 23,113 | ||||||||||||||
WRE Holding Corp. | ^+* | (2) (3) (7) | Environmental Industries | L + 5.00% | 6.45% | 1/3/2023 | 7,854 | 7,800 | 7,718 | ||||||||||||||
Zywave, Inc. | ^+*\ | (2) (3) | High Tech Industries | L + 5.00% | 6.72% | 11/17/2022 | 20,177 | 20,066 | 19,870 | ||||||||||||||
First Lien Debt Total | $ | 1,270,073 | $ | 1,177,280 | |||||||||||||||||||
Second Lien Debt (1.82% of fair value) | |||||||||||||||||||||||
DBI Holding, LLC | ^* | (8) | Transportation: Cargo | 8.00% PIK | 8.00% | 2/1/2026 | $ | 21,150 | $ | 20,697 | $ | 21,150 | |||||||||||
Zywave, Inc. | * | (2) (3) | High Tech Industries | L + 9.00% | 10.8% | 11/17/2023 | 666 | 660 | 642 | ||||||||||||||
Second Lien Debt Total | $ | 21,357 | $ | 21,792 |
Consolidated Schedule of Investments as of March 31, 2021 | Consolidated Schedule of Investments as of March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments (1) | Investments (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Maturity Date | Par/ Principal Amount | Amortized Cost (4) | Fair Value (5) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Odyssey Logistics & Technology Corp. | Odyssey Logistics & Technology Corp. | +\# | (2)(3) | Transportation: Cargo | L + 4.00% | 5.00% | 10/12/2024 | $ | 33,328 | $ | 33,229 | $ | 32,652 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Output Services Group | Output Services Group | ^+\ | (2)(3) | Media: Advertising, Printing & Publishing | L + 4.50% | 5.50% | 3/27/2024 | 19,371 | 19,335 | 15,128 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Premise Health Holding Corp. | Premise Health Holding Corp. | +\# | (2)(3) | Healthcare & Pharmaceuticals | L + 3.50% | 3.70% | 7/10/2025 | 13,550 | 13,505 | 13,498 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Propel Insurance Agency, LLC | Propel Insurance Agency, LLC | ^+\ | (2)(3)(6) | Banking, Finance, Insurance & Real Estate | L + 5.00% | 6.00% | 6/1/2024 | 37,562 | 37,123 | 37,403 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Q Holding Company | Q Holding Company | +\# | (2)(3) | Automotive | L + 5.00% | 6.00% | 12/31/2023 | 21,680 | 21,554 | 20,355 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
QW Holding Corporation | QW Holding Corporation | + | (2)(3)(6) | Environmental Industries | L + 5.75% | 6.75% | 8/31/2022 | 11,536 | 11,455 | 10,706 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Radiology Partners, Inc. | Radiology Partners, Inc. | +\# | (2)(3) | Healthcare & Pharmaceuticals | L + 4.25% | 4.79% | 7/9/2025 | 27,686 | 27,586 | 27,439 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RevSpring Inc. | RevSpring Inc. | +\# | (2)(3) | Media: Advertising, Printing & Publishing | L + 4.25% | 4.36% | 10/11/2025 | 29,374 | 29,199 | 29,216 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Situs Group Holdings Corporation | Situs Group Holdings Corporation | +\ | (2)(3) | Banking, Finance, Insurance & Real Estate | L + 4.75% | 4.94% | 6/28/2025 | 14,744 | 14,656 | 14,642 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Striper Buyer, LLC | Striper Buyer, LLC | + | (2)(3) | Containers, Packaging & Glass | L + 5.50% | 6.25% | 12/30/2026 | 14,963 | 14,815 | 14,813 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
T2 Systems, Inc. | T2 Systems, Inc. | ^+ | (2)(3)(6) | Transportation: Consumer | L + 6.75% | 7.75% | 9/28/2022 | 29,044 | 28,723 | 29,044 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Original Cakerie, Ltd. (Canada) | The Original Cakerie, Ltd. (Canada) | +\ | (2)(3)(6) | Beverage, Food & Tobacco | L + 4.50% | 5.50% | 7/20/2022 | 6,279 | 6,265 | 6,279 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Original Cakerie, Ltd. (Canada) | The Original Cakerie, Ltd. (Canada) | + | (2)(3) | Beverage, Food & Tobacco | L + 5.00% | 6.00% | 7/20/2022 | 8,815 | 8,796 | 8,815 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. TelePacific Holdings Corp. | U.S. TelePacific Holdings Corp. | +\ | (2)(3) | Telecommunications | L + 5.50% | 6.50% | 5/2/2023 | 6,660 | 6,625 | 6,144 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
VRC Companies, LLC | VRC Companies, LLC | + | (2)(3)(6) | Business Services | L + 6.50% | 7.50% | 3/31/2023 | 30,504 | 29,503 | 29,877 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Water Holdings Acquisition LLC | Water Holdings Acquisition LLC | ^+ | (2)(3)(6) | Utilities: Water | L + 5.25% | 6.25% | 12/18/2026 | 26,250 | 25,488 | 25,627 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Welocalize, Inc. | Welocalize, Inc. | + | (2)(3)(6) | Business Services | L + 4.50% | 5.50% | 12/23/2023 | 22,574 | 22,369 | 22,571 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WRE Holding Corp. | WRE Holding Corp. | ^+ | (2)(3)(6) | Environmental Industries | L + 5.50% | 6.50% | 1/3/2023 | 8,421 | 8,394 | 8,307 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments (1) | Footnotes | Industry | Type | Shares/Units | Cost | Fair Value (6) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Investments (0.01% of fair value) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Debt Total | First Lien Debt Total | $ | 964,843 | $ | 956,989 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Second Lien Debt (2.4% of fair value) | Second Lien Debt (2.4% of fair value) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DBI Holding, LLC | DBI Holding, LLC | ^ | (2) | Transportation: Cargo | 10.00% PIK | 10.00% | 2/1/2026 | $ | 24,064 | $ | 23,729 | $ | 24,064 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Second Lien Debt Total | Second Lien Debt Total | $ | 23,729 | $ | 24,064 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Investments (0.2% of fair value) | Equity Investments (0.2% of fair value) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DBI Holding, LLC | DBI Holding, LLC | ^ | Transportation: Cargo | 2,961 | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DBI Holding, LLC | ^* | Transportation: Cargo | Common stock | 16,957 | $ | 5,364 | $ | 111 | DBI Holding, LLC | ^ | Transportation: Cargo | 13,996 | 5,364 | 2,224 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Investments Total | Equity Investments Total | $ | 5,364 | $ | 111 | Equity Investments Total | $ | 5,364 | $ | 2,224 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Investments | $ | 1,296,794 | $ | 1,199,183 | Total Investments | $ | 993,936 | $ | 983,277 |
First Lien Debt – unfunded delayed draw and revolving term loans commitments | Type | Unused Fee | Par/ Principal Amount | Fair Value | |||||||
AmeriLife Holdings LLC | Delayed Draw | 1.00% | $ | 1,136 | $ | (66 | ) | ||||
Analogic Corporation | Revolver | 0.50 | 1,806 | (88 | ) | ||||||
Anchor Packaging, Inc. | Delayed Draw | 1.00 | 4,487 | (244 | ) | ||||||
AQA Acquisition Holding, Inc. | Revolver | 0.50 | 42 | (1 | ) | ||||||
BK Medical Holding Company, Inc. | Revolver | 0.50 | 2,609 | (86 | ) | ||||||
Clearent Newco, LLC | Delayed Draw | 1.00 | 6,636 | (415 | ) | ||||||
DecoPac, Inc. | Revolver | 0.50 | 857 | — | |||||||
EvolveIP, LLC | Delayed Draw | 1.00 | 2,240 | (53 | ) | ||||||
EvolveIP, LLC | Revolver | 0.50 | 1,344 | (32 | ) | ||||||
HMT Holding Inc. | Revolver | 0.50 | 1,940 | (33 | ) | ||||||
Jensen Hughes, Inc. | Revolver | 0.50 | 91 | (4 | ) | ||||||
Jensen Hughes, Inc. | Delayed Draw | 1.00 | 2,365 | (98 | ) | ||||||
MAG DS Corp. | Revolver | 0.50 | 2,965 | — | |||||||
Marco Technologies, LLC | Delayed Draw | 1.00 | 7,500 | (233 | ) | ||||||
MSHC, Inc. | Delayed Draw | 1.00 | 747 | (35 | ) | ||||||
Premise Health Holding Corp. | Delayed Draw | 1.00 | 1,103 | (45 | ) | ||||||
Propel Insurance Agency, LLC | Revolver | 0.50 | 2,381 | (59 | ) | ||||||
Propel Insurance Agency, LLC | Delayed Draw | 0.50 | 7,143 | (178 | ) | ||||||
QW Holding Corporation (Quala) | Revolver | 0.50 | 852 | (20 | ) | ||||||
QW Holding Corporation (Quala) | Delayed Draw | 1.00 | 161 | (4 | ) | ||||||
T2 Systems, Inc. | Revolver | 0.50 | 1,564 | (14 | ) | ||||||
VRC Companies, LLC | Delayed Draw | 0.75 | 6,091 | (132 | ) | ||||||
Welocalize, Inc. | Revolver | 0.50 | 1,238 | (34 | ) | ||||||
WRE Holding Corp. | Delayed Draw | 1.00 | 1,981 | (27 | ) | ||||||
Total unfunded commitments | $ | 59,279 | $ | (1,901 | ) |
First Lien Debt – unfunded delayed draw and revolving term loans commitments | Type | Unused Fee | Par/ Principal Amount | Fair Value | |||||||||||||||||||
ACR Group Borrower, LLC | Revolver | 0.375% | $ | 7,350 | $ | (110) | |||||||||||||||||
Analogic Corporation | Revolver | 0.50 | 1,975 | — | |||||||||||||||||||
BK Medical Holding Company, Inc. | Revolver | 0.50 | 2,609 | (176) | |||||||||||||||||||
Chemical Computing Group ULC (Canada) | Revolver | 0.50 | 873 | — | |||||||||||||||||||
Clearent Newco, LLC | Delayed Draw | 1.00 | 2,549 | (66) | |||||||||||||||||||
DecoPac, Inc. | Revolver | 0.50 | 2,143 | (3) | |||||||||||||||||||
Diligent Corporation | Delayed Draw | 1.00 | 2,109 | 25 | |||||||||||||||||||
Diligent Corporation | Revolver | 0.50 | 703 | 8 | |||||||||||||||||||
EvolveIP, LLC | Delayed Draw | 1.00 | 1,904 | (2) | |||||||||||||||||||
EvolveIP, LLC | Revolver | 0.50 | 1,680 | (2) | |||||||||||||||||||
HMT Holding Inc. | Revolver | 0.50 | 6,173 | (291) | |||||||||||||||||||
Integrity Marketing Acquisition, LLC | Delayed Draw | 1.00 | 3,464 | 46 | |||||||||||||||||||
Jensen Hughes, Inc. | Delayed Draw | 1.00 | 1,127 | (35) | |||||||||||||||||||
Jensen Hughes, Inc. | Revolver | 0.50 | 1,000 | (31) | |||||||||||||||||||
KBP Investments, LLC | Delayed Draw | 1.00 | 503 | 1 | |||||||||||||||||||
KBP Investments, LLC | Delayed Draw | 1.00 | 10,190 | 30 | |||||||||||||||||||
Propel Insurance Agency, LLC | Revolver | 0.50 | 2,381 | (24) | |||||||||||||||||||
Propel Insurance Agency, LLC | Delayed Draw | 1.00 | 1,733 | (17) | |||||||||||||||||||
QW Holding Corporation | Revolver | 0.50 | 5,498 | (268) | |||||||||||||||||||
QW Holding Corporation | Delayed Draw | 1.00 | 162 | (8) | |||||||||||||||||||
T2 Systems, Inc. | Revolver | 0.50 | 1,955 | — | |||||||||||||||||||
The Original Cakerie, Ltd. (Canada) | Revolver | 0.50 | 1,665 | (1) | |||||||||||||||||||
VRC Companies, LLC | Revolver | 0.50 | 858 | — | |||||||||||||||||||
Water Holdings Acquisition LLC | Delayed Draw | 1.00 | 8,421 | (126) | |||||||||||||||||||
Water Holdings Acquisition LLC | Revolver | 0.50 | 5,263 | (79) | |||||||||||||||||||
Welocalize, Inc. | Revolver | 0.50 | 1,800 | (3) | |||||||||||||||||||
WRE Holding Corp. | Revolver | 0.50 | 778 | (9) | |||||||||||||||||||
WRE Holding Corp. | Delayed Draw | 1.00 | 563 | (7) | |||||||||||||||||||
Total unfunded commitments | $ | 77,429 | $ | (1,148) |
Consolidated Schedule of Investments as of December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Schedule of Investments as of December 31, 2020 | Consolidated Schedule of Investments as of December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Maturity Date | Par/ Principal Amount | Amortized Cost (5) | Fair Value (6) | Investments (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Maturity Date | Par/ Principal Amount | Amortized Cost (4) | Fair Value (5) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Debt (98.11% of fair value) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Achilles Acquisition, LLC | +\# | (2) (3) | Banking, Finance, Insurance & Real Estate | L + 4.00% | 5.75% | 10/13/2025 | $ | 17,865 | $ | 17,776 | $ | 17,763 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Debt (97.5% of fair value) | First Lien Debt (97.5% of fair value) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acrisure, LLC | +\ | (2) (3) | Banking, Finance, Insurance & Real Estate | L + 3.75% | 5.85% | 11/22/2023 | 11,820 | 11,810 | 11,805 | Acrisure, LLC | \# | (2)(3) | Banking, Finance, Insurance & Real Estate | L + 3.50% | 3.65% | 2/15/2027 | $ | 25,634 | $ | 25,606 | $ | 25,104 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acrisure, LLC | +\# | (2) (3) | Banking, Finance, Insurance & Real Estate | L + 4.25% | 6.35% | 11/22/2023 | 20,674 | 20,639 | 20,674 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advanced Instruments, LLC | ^+*\ | (2) (3) (7) | Healthcare & Pharmaceuticals | L + 5.25% | 6.99% | 10/31/2022 | 35,610 | 35,536 | 35,466 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alku, LLC | +# | (2) (3) | Business Services | L + 5.50% | 7.44% | 7/29/2026 | 25,000 | 24,754 | 24,624 | Alku, LLC | +# | (2)(3) | Business Services | L + 5.50% | 5.75% | 7/29/2026 | 23,666 | 23,466 | 23,512 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alpha Packaging Holdings, Inc. | +*\ | (2) (3) | Containers, Packaging & Glass | L + 4.25% | 6.35% | 5/12/2020 | 16,684 | 16,676 | 16,601 | Alpha Packaging Holdings, Inc. | +\ | (2)(3) | Containers, Packaging & Glass | L + 6.00% | 7.00% | 11/12/2021 | 16,378 | 16,378 | 16,378 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AmeriLife Group, LLC | ^# | (2) (3) (7) | Banking, Finance, Insurance & Real Estate | L + 4.50% | 6.20% | 6/5/2026 | 16,627 | 16,557 | 16,558 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AmeriLife Holdings LLC | AmeriLife Holdings LLC | # | (2)(3) | Banking, Finance, Insurance & Real Estate | L + 4.00% | 4.15% | 3/18/2027 | 9,951 | 9,929 | 9,802 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Analogic Corporation | Analogic Corporation | ^+ | (2)(3)(6) | Capital Equipment | L + 5.25% | 6.25% | 6/22/2024 | 18,857 | 18,837 | 18,857 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Anchor Packaging, Inc. | ^# | (2) (3) (7) | Containers, Packaging & Glass | L + 4.00% | 5.70% | 7/18/2026 | 20,462 | 20,363 | 20,457 | Anchor Packaging, Inc. | +# | (2)(3) | Containers, Packaging & Glass | L + 4.00% | 4.15% | 7/18/2026 | 24,723 | 24,617 | 24,656 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
API Technologies Corp. | +\ | (2) (3) | Aerospace & Defense | L + 4.25% | 5.95% | 5/9/2026 | 14,925 | 14,853 | 14,807 | API Technologies Corp. | +\ | (2)(3) | Aerospace & Defense | L + 4.25% | 4.49% | 5/9/2026 | 14,775 | 14,713 | 13,999 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aptean, Inc. | +\ | (2) (3) | Software | L + 4.25% | 6.34% | 4/23/2026 | 12,406 | 12,344 | 12,385 | Aptean, Inc. | +\ | (2)(3) | Software | L + 4.25% | 4.40% | 4/23/2026 | 12,281 | 12,227 | 12,077 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AQA Acquisition Holding, Inc. | ^*\ | (2) (3) (7) | High Tech Industries | L + 4.25% | 6.16% | 5/24/2023 | 18,954 | 18,922 | 18,860 | AQA Acquisition Holding, Inc. | +\ | (2)(3)(6) | High Tech Industries | L + 4.25% | 5.25% | 5/24/2023 | 18,759 | 18,752 | 18,757 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Astra Acquisition Corp. | Astra Acquisition Corp. | +# | (2)(3) | Software | L + 5.50% | 6.50% | 3/1/2027 | 28,783 | 28,392 | 28,783 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalign Technologies, Inc. | +\ | (2) (3) | Healthcare & Pharmaceuticals | L + 4.50% | 6.70% | 12/22/2025 | 14,741 | 14,610 | 14,626 | Avalign Technologies, Inc. | +\ | (2)(3) | Healthcare & Pharmaceuticals | L + 4.50% | 4.73% | 12/22/2025 | 14,592 | 14,481 | 14,334 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Big Ass Fans, LLC | +*\ | (2) (3) | Capital Equipment | L + 3.75% | 5.85% | 5/21/2024 | 13,909 | 13,841 | 13,903 | Big Ass Fans, LLC | +\# | (2)(3) | Capital Equipment | L + 3.75% | 4.75% | 5/21/2024 | 13,766 | 13,714 | 13,766 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borchers, Inc. | +*\ | (2) (3) (7) | Chemicals, Plastics & Rubber | L + 4.50% | 6.60% | 11/1/2024 | 15,116 | 15,072 | 15,085 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brooks Equipment Company, LLC | * | Construction & Building | L + 5.00% | 6.91% | 8/29/2020 | 5,144 | 5,141 | 5,141 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BK Medical Holding Company, Inc. | BK Medical Holding Company, Inc. | ^+ | (2)(3)(6) | Healthcare & Pharmaceuticals | L + 5.25% | 6.25% | 6/22/2024 | 24,165 | 23,951 | 22,363 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chemical Computing Group ULC (Canada) | Chemical Computing Group ULC (Canada) | ^+ | (2)(3)(6) | Software | L + 5.00% | 6.00% | 8/30/2023 | 14,055 | 13,378 | 14,055 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Clarity Telecom LLC. | + | (2) (3) | Media: Broadcasting & Subscription | L + 4.50% | 6.20% | 8/30/2026 | 14,963 | 14,915 | 14,902 | Clarity Telecom LLC. | + | Media: Broadcasting & Subscription | L + 4.25% | 4.40% | 8/30/2026 | 14,813 | 14,773 | 14,813 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Clearent Newco, LLC | ^+\ | (2) (3) (7) | High Tech Industries | L + 5.50% | 7.44% | 3/20/2025 | 29,738 | 29,436 | 29,134 | Clearent Newco, LLC | ^ | (2)(3)(6) | High Tech Industries | L + 6.50% | 7.50% | 3/20/2025 | 4,079 | 4,079 | 3,907 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Datto, Inc. | +\ | (2) (3) | High Tech Industries | L + 4.25% | 5.95% | 4/2/2026 | 12,438 | 12,375 | 12,420 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Clearent Newco, LLC | Clearent Newco, LLC | ^+\ | (2)(3) | High Tech Industries | L + 5.50% | 6.50% | 3/20/2025 | 29,486 | 29,236 | 28,722 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DecoPac, Inc. | +*\ | (2) (3) (7) | Non-durable Consumer Goods | L + 4.25% | 6.01% | 9/29/2024 | 12,336 | 12,233 | 12,292 | DecoPac, Inc. | ^+\ | (2)(3)(6) | Non-durable Consumer Goods | L + 4.25% | 5.25% | 9/29/2024 | 12,336 | 12,253 | 12,318 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dent Wizard International Corporation | +\ | (2) (3) | Automotive | L + 4.00% | 5.70% | 4/7/2020 | 36,880 | 36,843 | 36,717 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diligent Corporation | Diligent Corporation | ^+ | (2)(3)(6) | Telecommunications | L + 6.25% | 7.25% | 8/4/2025 | 8,683 | 8,411 | 8,819 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DTI Holdco, Inc. | +*\ | (2) (3) | High Tech Industries | L + 4.75% | 6.68% | 9/30/2023 | 18,885 | 18,771 | 17,611 | DTI Holdco, Inc. | ^+\ | (2)(3) | High Tech Industries | L + 4.75% | 5.75% | 9/30/2023 | 18,690 | 18,642 | 16,655 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Eliassen Group, LLC | +\ | (2) (3) | Business Services | L + 4.50% | 6.20% | 11/5/2024 | 7,581 | 7,548 | 7,579 | Eliassen Group, LLC | +\ | (2)(3) | Business Services | L + 4.25% | 4.40% | 11/5/2024 | 7,543 | 7,516 | 7,483 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EIP Merger Sub, LLC (Evolve IP) | ^+ | (2) (3) (7) | Telecommunications | L + 5.75% | 7.45% | 6/7/2023 | 19,661 | 19,605 | 19,661 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EvolveIP, LLC | EvolveIP, LLC | ^+ | (2)(3)(6) | Telecommunications | L + 5.75% | 6.75% | 6/7/2023 | 19,800 | 19,759 | 19,775 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exactech, Inc. | +\# | (2) (3) | Healthcare & Pharmaceuticals | L + 3.75% | 5.45% | 2/14/2025 | 21,772 | 21,634 | 21,751 | Exactech, Inc. | +\# | (2)(3) | Healthcare & Pharmaceuticals | L + 3.75% | 4.75% | 2/14/2025 | 21,528 | 21,416 | 20,422 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Excel Fitness Holdings, Inc. | +# | (2) (3) | Hotel, Gaming & Leisure | L + 5.25% | 6.95% | 10/7/2025 | 25,000 | 24,758 | 24,875 | Excel Fitness Holdings, Inc. | +# | (2)(3) | Hotel, Gaming & Leisure | L + 5.25% | 6.25% | 10/7/2025 | 24,750 | 24,546 | 22,780 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Frontline Technologies Holdings, LLC | Frontline Technologies Holdings, LLC | + | (2)(3) | Software | L + 5.75% | 6.75% | 9/18/2023 | 14,886 | 14,198 | 14,589 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Golden West Packaging Group LLC | +*\ | (2) (3) | Containers, Packaging & Glass | L + 5.75% | 7.45% | 6/20/2023 | 29,464 | 29,303 | 29,072 | Golden West Packaging Group LLC | +\ | (2)(3) | Containers, Packaging & Glass | L + 5.25% | 6.25% | 6/20/2023 | 29,012 | 28,896 | 28,974 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HMT Holding Inc. | ^+*\ | (2) (3) (7) | Energy: Oil & Gas | L + 5.00% | 6.74% | 11/17/2023 | 33,157 | 32,678 | 32,972 | HMT Holding Inc. | +\ | (2)(3)(6) | Energy: Oil & Gas | L + 5.00% | 6.00% | 11/17/2023 | 32,821 | 32,458 | 30,984 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Integrity Marketing Acquisition, LLC | Integrity Marketing Acquisition, LLC | ^+ | (2)(3)(6) | Banking, Finance, Insurance & Real Estate | L + 6.25% | 7.25% | 8/27/2025 | 7,836 | 7,701 | 7,956 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jensen Hughes, Inc. | ^+*\ | (2) (3) (7) | Utilities: Electric | L + 4.50% | 6.24% | 3/22/2024 | 33,909 | 33,757 | 33,550 | Jensen Hughes, Inc. | +\ | (2)(3)(6) | Utilities: Electric | L + 4.50% | 5.50% | 3/22/2024 | 34,584 | 34,489 | 33,424 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
KAMC Holdings, Inc. | +# | (2) (3) | Energy: Electricity | L + 4.00% | 5.91% | 8/14/2026 | 13,965 | 13,899 | 13,881 | KAMC Holdings, Inc. | +# | (2)(3) | Energy: Electricity | L + 4.00% | 4.23% | 8/14/2026 | 13,825 | 13,768 | 12,531 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MAG DS Corp. | ^+\ | (2) (3) (7) | Aerospace & Defense | L + 4.75% | 6.46% | 6/6/2025 | 28,471 | 28,242 | 28,286 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maravai Intermediate Holdings, LLC | +\# | (2) (3) | Healthcare & Pharmaceuticals | L + 4.25% | 6.00% | 8/2/2025 | 29,625 | 29,378 | 29,400 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
KBP Investments, LLC | KBP Investments, LLC | ^+ | (2)(3)(6) | Beverage, Food & Tobacco | L + 5.00% | 6.00% | 5/15/2023 | 9,292 | 9,059 | 9,350 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marco Technologies, LLC | ^+\ | (2) (3) (7) | Media: Advertising, Printing & Publishing | L + 4.25% | 6.16% | 10/30/2023 | 7,463 | 7,410 | 7,463 | Marco Technologies, LLC | ^+\ | (2)(3)(6) | Media: Advertising, Printing & Publishing | L + 4.00% | 5.00% | 10/30/2023 | 7,332 | 7,293 | 7,332 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mold-Rite Plastics, LLC | Mold-Rite Plastics, LLC | +\ | (2)(3) | Chemicals, Plastics & Rubber | L + 4.25% | 5.25% | 12/14/2021 | $ | 14,520 | $ | 14,501 | $ | 14,520 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Newport Group Holdings II, Inc. | Newport Group Holdings II, Inc. | +\# | (2)(3) | Banking, Finance, Insurance & Real Estate | L + 3.50% | 3.75% | 9/13/2025 | 23,475 | 23,285 | 23,405 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Odyssey Logistics & Technology Corp. | Odyssey Logistics & Technology Corp. | +\# | (2)(3) | Transportation: Cargo | L + 4.00% | 5.00% | 10/12/2024 | 38,897 | 38,773 | 37,766 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Output Services Group | Output Services Group | ^+\ | (2)(3) | Media: Advertising, Printing & Publishing | L + 4.50% | 5.50% | 3/27/2024 | 19,421 | 19,382 | 14,178 |
Consolidated Schedule of Investments as of December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Schedule of Investments as of December 31, 2020 | Consolidated Schedule of Investments as of December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Maturity Date | Par/ Principal Amount | Amortized Cost (5) | Fair Value (6) | Investments (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Maturity Date | Par/ Principal Amount | Amortized Cost (4) | Fair Value (5) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mold-Rite Plastics, LLC | +\ | (2) (3) | Chemicals, Plastics & Rubber | L + 4.25% | 5.95% | 12/14/2021 | $ | 14,557 | $ | 14,519 | $ | 14,524 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MSHC, Inc. | ^+*\ | (2) (3) (7) | Construction & Building | L + 4.25% | 5.95% | 12/31/2024 | 38,251 | 38,138 | 38,166 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Newport Group Holdings II, Inc. | +\# | (2) (3) | Banking, Finance, Insurance & Real Estate | L + 3.75% | 5.65% | 9/13/2025 | 23,715 | 23,487 | 23,663 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Odyssey Logistics & Technology Corp. | +*\# | (2) (3) | Transportation: Cargo | L + 4.00% | 5.70% | 10/12/2024 | 39,013 | 38,859 | 38,763 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Output Services Group | ^+\ | (2) (3) (7) | Media: Advertising, Printing & Publishing | L + 4.50% | 6.20% | 3/27/2024 | 19,621 | 19,570 | 19,469 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PAI Holdco, Inc. | +*\ | (2) (3) | Automotive | L + 4.25% | 6.35% | 1/5/2025 | 19,532 | 19,458 | 19,532 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Park Place Technologies, Inc. | +\# | (2) (3) | High Tech Industries | L + 4.00% | 5.70% | 3/28/2025 | 22,566 | 22,489 | 22,566 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pasternack Enterprises, Inc. | +\ | (2) (3) | Capital Equipment | L + 4.00% | 5.70% | 7/2/2025 | 22,755 | 22,742 | 22,653 | Pasternack Enterprises, Inc. | +\ | (2)(3) | Capital Equipment | L + 4.00% | 5.00% | 7/2/2025 | $ | 22,524 | $ | 22,513 | $ | 22,218 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pathway Vet Alliance LLC | +\ | (2) (3) (7) | Consumer Services | L + 4.50% | 6.21% | 12/20/2024 | 19,085 | 18,708 | 19,217 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pharmalogic Holdings Corp. | +\ | (2) (3) | Healthcare & Pharmaceuticals | L + 4.00% | 5.70% | 6/11/2023 | 11,320 | 11,296 | 11,302 | Pharmalogic Holdings Corp. | +\ | (2)(3) | Healthcare & Pharmaceuticals | L + 4.00% | 5.00% | 6/11/2023 | 11,205 | 11,189 | 11,158 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Premise Health Holding Corp. | ^+\# | (2) (3) (7) | Healthcare & Pharmaceuticals | L + 3.50% | 5.60% | 7/10/2025 | 13,723 | 13,665 | 13,501 | Premise Health Holding Corp. | +\# | (2)(3) | Healthcare & Pharmaceuticals | L + 3.50% | 3.75% | 7/10/2025 | 13,584 | 13,538 | 13,503 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Propel Insurance Agency, LLC | ^+\ | (2) (3) (7) | Banking, Finance, Insurance & Real Estate | L + 4.25% | 6.35% | 6/1/2024 | 22,532 | 22,056 | 22,395 | Propel Insurance Agency, LLC | ^+\ | (2)(3)(6) | Banking, Finance, Insurance & Real Estate | L + 5.00% | 6.00% | 6/1/2024 | 38,134 | 37,662 | 37,716 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Q Holding Company | +*\# | (2) (3) | Automotive | L + 5.00% | 6.70% | 12/31/2023 | 21,955 | 21,777 | 21,922 | Q Holding Company | +\# | (2)(3) | Automotive | L + 5.00% | 6.00% | 12/31/2023 | 21,735 | 21,604 | 20,229 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
QW Holding Corporation (Quala) | ^+* | (2) (3) (7) | Environmental Industries | L + 5.75% | 7.73% | 8/31/2022 | 11,630 | 11,449 | 11,531 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
QW Holding Corporation | QW Holding Corporation | + | (2)(3)(6) | Environmental Industries | L + 6.25% | 7.25% | 8/31/2022 | 11,566 | 11,465 | 10,727 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Radiology Partners, Inc. | +\# | (2) (3) | Healthcare & Pharmaceuticals | L + 4.75% | 6.66% | 7/9/2025 | 28,719 | 28,590 | 28,768 | Radiology Partners, Inc. | +\# | (2)(3) | Healthcare & Pharmaceuticals | L + 4.25% | 4.81% | 7/9/2025 | 27,686 | 27,581 | 27,193 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RevSpring Inc. | +*\# | (2) (3) | Media: Advertising, Printing & Publishing | L + 4.00% | 5.95% | 10/11/2025 | 24,750 | 24,631 | 24,608 | RevSpring Inc. | +\# | (2)(3) | Media: Advertising, Printing & Publishing | L + 4.25% | 4.40% | 10/11/2025 | 29,449 | 29,265 | 29,199 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Situs Group Holdings Corporation | ^+\ | (2) (3) (7) | Banking, Finance, Insurance & Real Estate | L + 4.75% | 6.45% | 6/28/2025 | 13,715 | 13,621 | 13,697 | Situs Group Holdings Corporation | +\ | (2)(3) | Banking, Finance, Insurance & Real Estate | L + 4.75% | 5.75% | 6/28/2025 | 14,781 | 14,689 | 14,636 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Systems Maintenance Services Holding, Inc. | +* | (2) (3) | High Tech Industries | L + 5.00% | 6.70% | 10/30/2023 | 23,765 | 23,672 | 18,180 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Surgical Information Systems, LLC | +*\ | (2) (3) (6) | High Tech Industries | L + 4.75% | 7.47% | 4/24/2023 | 26,168 | 26,005 | 25,715 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
T2 Systems, Inc. | ^+* | (2) (3) (7) | Transportation: Consumer | L + 6.75% | 8.85% | 9/28/2022 | 18,045 | 17,789 | 18,045 | T2 Systems, Inc. | ^+ | (2)(3)(6) | Transportation: Consumer | L + 6.75% | 7.75% | 9/28/2022 | 29,119 | 28,743 | 29,118 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Original Cakerie, Ltd. (Canada) | +* | (2) (3) (7) | Beverage, Food & Tobacco | L + 5.00% | 6.84% | 7/20/2022 | 8,928 | 8,897 | 8,887 | The Original Cakerie, Ltd. (Canada) | +\ | (2)(3)(6) | Beverage, Food & Tobacco | L + 4.50% | 5.50% | 7/20/2022 | 6,295 | 6,281 | 6,289 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Original Cakerie, Ltd. (Canada) | ^* | (2) (3) (7) | Beverage, Food & Tobacco | L + 4.50% | 6.34% | 7/20/2022 | 6,826 | 6,801 | 6,790 | The Original Cakerie, Ltd. (Canada) | + | (2)(3) | Beverage, Food & Tobacco | L + 5.00% | 6.00% | 7/20/2022 | 8,837 | 8,815 | 8,829 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ThoughtWorks, Inc. | +*\ | (2) (3) | Business Services | L + 4.00% | 5.70% | 10/11/2024 | 11,824 | 11,794 | 11,824 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Thoughtworks, Inc. | Thoughtworks, Inc. | \# | (2)(3) | Business Services | L + 3.75% | 4.75% | 10/11/2024 | 11,704 | 11,683 | 11,704 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Acute Care Solutions, LLC | +*\ | (2) (3) | Healthcare & Pharmaceuticals | L + 5.00% | 6.91% | 5/15/2021 | 31,431 | 31,331 | 29,869 | U.S. Acute Care Solutions, LLC | +\ | (2)(3) | Healthcare & Pharmaceuticals | L + 6.00% | 7.00% | 5/15/2021 | 31,211 | 31,184 | 29,104 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. TelePacific Holdings Corp. | +*\ | (2) (3) | Telecommunications | L + 5.00% | 7.10% | 5/2/2023 | 26,660 | 26,499 | 25,430 | U.S. TelePacific Holdings Corp. | +\ | (2)(3) | Telecommunications | L + 5.50% | 6.50% | 5/2/2023 | 26,660 | 26,585 | 23,984 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Valet Waste Holdings, Inc. | +\ | (2) (3) | Construction & Building | L + 3.75% | 5.70% | 9/28/2025 | 11,850 | 11,825 | 11,688 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
VRC Companies, LLC | VRC Companies, LLC | + | (2)(3)(6) | Business Services | L + 6.50% | 7.50% | 3/31/2023 | 30,582 | 29,464 | 30,582 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Water Holdings Acquisition LLC | Water Holdings Acquisition LLC | ^+ | (2)(3)(6) | Utilities: Water | L + 5.25% | 6.25% | 12/18/2026 | 26,316 | 25,520 | 25,516 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Welocalize, Inc. | +^ | (2) (3) (7) | Business Services | L + 4.50% | 6.21% | 12/2/2024 | 23,038 | 22,788 | 22,787 | Welocalize, Inc. | + | (2)(3)(6) | Business Services | L + 4.50% | 5.50% | 12/23/2023 | 22,629 | 22,414 | 22,584 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WIRB - Copernicus Group, Inc. | +*\ | (2) (3) (7) | Healthcare & Pharmaceuticals | L + 4.25% | 5.95% | 8/15/2022 | 20,888 | 20,822 | 20,887 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WRE Holding Corp. | ^+* | (2) (3) (7) | Environmental Industries | L + 5.00% | 6.91% | 1/3/2023 | 7,431 | 7,372 | 7,304 | WRE Holding Corp. | ^+ | (2)(3)(6) | Environmental Industries | L + 5.25% | 6.25% | 1/3/2023 | 8,367 | 8,336 | 8,252 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Zywave, Inc. | +*\ | (2) (3) (7) | High Tech Industries | L + 5.00% | 6.93% | 11/17/2022 | 19,228 | 19,107 | 19,211 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Debt Total | $ | 1,231,436 | $ | 1,223,215 | First Lien Debt Total | $ | 1,051,406 | $ | 1,029,687 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Second Lien Debt (1.75% of fair value) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Second Lien Debt (2.3% of fair value) | Second Lien Debt (2.3% of fair value) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DBI Holding, LLC | ^* | (2) (3) (8) | Transportation: Cargo | 8.00% PIK | 8.00% | 2/1/2026 | $ | 21,150 | $ | 20,697 | $ | 21,150 | DBI Holding, LLC | ^ | (2) | Transportation: Cargo | 9.00% PIK | 9.00% | 2/1/2026 | $ | 24,113 | $ | 23,768 | $ | 24,113 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Second Lien Debt Total | Second Lien Debt Total | $ | 23,768 | $ | 24,113 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Investments (0.2%of fair value) | Equity Investments (0.2%of fair value) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DBI Holding, LLC | DBI Holding, LLC | ^ | Transportation: Cargo | 2,961 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DBI Holding, LLC | DBI Holding, LLC | ^ | Transportation: Cargo | 13,996 | 5,364 | 2,581 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Investments Total | Equity Investments Total | $ | 5,364 | $ | 2,581 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Investments | Total Investments | $ | 1,080,538 | $ | 1,056,381 |
Consolidated Schedule of Investments as of December 31, 2019 | |||||||||||||||||||||||
Investments (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Maturity Date | Par/ Principal Amount | Amortized Cost (5) | Fair Value (6) | |||||||||||||||
Zywave, Inc. | * | (2) (3) | High Tech Industries | L + 9.00% | 10.94% | 11/17/2023 | $ | 666 | 660 | 664 | |||||||||||||
Second Lien Debt Total | $ | 21,357 | $ | 21,814 | |||||||||||||||||||
Equity Investments (0.15%of fair value) | |||||||||||||||||||||||
DBI Holding, LLC | ^ | Transportation: Cargo | $ | 16,957 | $ | 5,364 | $ | 1,810 | |||||||||||||||
Equity Investments Total | $ | 5,364 | $ | 1,810 | |||||||||||||||||||
Total Investments | $ | 1,258,157 | $ | 1,246,839 |
First Lien Debt—unfunded delayed draw and revolving term loans commitments | Type | Unused Fee | Par/ Principal Amount | Fair Value | ||||||||
Advanced Instruments, LLC | Revolver | 0.50 | % | $ | 563 | $ | (2 | ) | ||||
AmeriLife Group, LLC | Delayed Draw | 1.00 | 298 | (1 | ) | |||||||
Anchor Packaging, Inc. | Delayed Draw | 1.00 | 4,487 | (1 | ) | |||||||
AQA Acquisition Holding, Inc. | Revolver | 0.50 | 2,459 | (11 | ) | |||||||
Borchers, Inc. | Revolver | 0.50 | 1,935 | (3 | ) | |||||||
Clearent Newco, LLC | Delayed Draw | 1.00 | 6,636 | (110 | ) | |||||||
DecoPac, Inc. | Revolver | 0.50 | 2,143 | (7 | ) | |||||||
EIP Merger Sub, LLC (Evolve IP) | Revolver | 0.50 | 1,680 | — | ||||||||
EIP Merger Sub, LLC (Evolve IP) | Delayed Draw | 1.00 | 2,240 | — | ||||||||
HMT Holding Inc. | Revolver | 0.50 | 6,173 | (29 | ) | |||||||
Jensen Hughes, Inc. | Revolver | 0.50 | 1,136 | (11 | ) | |||||||
Jensen Hughes, Inc. | Delayed Draw | 1.00 | 2,365 | (23 | ) | |||||||
MAG DS Corp. | Revolver | 0.50 | 2,188 | (13 | ) | |||||||
Marco Technologies, LLC | Delayed Draw | 1.00 | 7,500 | — | ||||||||
MSHC, Inc. | Delayed Draw | 1.00 | 1,913 | (4 | ) | |||||||
Output Services Group | Delayed Draw | 4.25 | 116 | (1 | ) | |||||||
Pathway Vet Alliance LLC | Delayed Draw | 1.00 | 19,867 | 68 | ||||||||
Premise Health Holding Corp. | Delayed Draw | 1.00 | 1,103 | (17 | ) | |||||||
Propel Insurance Agency, LLC | Revolver | 0.50 | 2,381 | (10 | ) | |||||||
Propel Insurance Agency, LLC | Delayed Draw | 0.50 | 7,143 | (31 | ) | |||||||
QW Holding Corporation (Quala) | Revolver | 0.50 | 5,498 | (31 | ) | |||||||
QW Holding Corporation (Quala) | Delayed Draw | 1.00 | 217 | (1 | ) | |||||||
Situs Group Holdings Corporation | Delayed Draw | 1.00 | 1,216 | (1 | ) | |||||||
T2 Systems, Inc. | Revolver | 0.50 | 1,369 | — | ||||||||
The Original Cakerie, Ltd. (Canada) | Revolver | 0.50 | 1,199 | (5 | ) | |||||||
Welocalize, Inc. | Revolver | 0.50 | 2,057 | (21 | ) | |||||||
WIRB - Copernicus Group, Inc. | Revolver | 0.50 | 1,000 | — | ||||||||
WIRB - Copernicus Group, Inc. | Delayed Draw | 1.00 | 2,592 | — | ||||||||
WRE Holding Corp. | Revolver | 0.50 | 441 | (6 | ) | |||||||
WRE Holding Corp. | Delayed Draw | 1.00 | 1,981 | (25 | ) | |||||||
Zywave, Inc. | Revolver | 0.50 | 998 | (1 | ) | |||||||
Total unfunded commitments | $ | 92,894 | $ | (297 | ) |
First Lien Debt—unfunded delayed draw and revolving term loans commitments | Type | Unused Fee | Par/ Principal Amount | Fair Value | |||||||||||||||||||
Analogic Corporation | Revolver | 0.50 | % | $ | 1,975 | $ | — | ||||||||||||||||
AQA Acquisition Holding, Inc. | Revolver | 0.50 | 2,459 | — | |||||||||||||||||||
BK Medical Holding Company, Inc. | Revolver | 0.50 | 2,609 | (176) | |||||||||||||||||||
Chemical Computing Group ULC (Canada) | Revolver | 0.50 | 873 | — | |||||||||||||||||||
Clearent Newco, LLC | Delayed Draw | 1.00 | 2,549 | (66) | |||||||||||||||||||
DecoPac, Inc. | Revolver | 0.50 | 2,143 | (3) | |||||||||||||||||||
Diligent Corporation | Delayed Draw | 1.00 | 2,109 | 25 | |||||||||||||||||||
Diligent Corporation | Revolver | 0.50 | 703 | 8 | |||||||||||||||||||
EvolveIP, LLC | Delayed Draw | 1.00 | 1,904 | (2) | |||||||||||||||||||
EvolveIP, LLC | Revolver | 0.50 | 1,680 | (2) | |||||||||||||||||||
HMT Holding Inc. | Revolver | 0.50 | 6,173 | (291) | |||||||||||||||||||
Integrity Marketing Acquistion, LLC | Delayed Draw | 1.00 | 4,144 | 41 | |||||||||||||||||||
Jensen Hughes, Inc. | Delayed Draw | 1.00 | 1,127 | (35) | |||||||||||||||||||
Jensen Hughes, Inc. | Revolver | 0.50 | 1,364 | (43) | |||||||||||||||||||
KBP Investments, LLC | Delayed Draw | 1.00 | 503 | 1 | |||||||||||||||||||
KBP Investments, LLC | Delayed Draw | 1.00 | 10,190 | 30 | |||||||||||||||||||
Marco Technologies, LLC | Delayed Draw | 1.00 | 7,500 | — | |||||||||||||||||||
Propel Insurance Agency, LLC | Revolver | 0.50 | 1,905 | (19) | |||||||||||||||||||
Propel Insurance Agency, LLC | Delayed Draw | 1.00 | 1,733 | (17) | |||||||||||||||||||
QW Holding Corporation | Revolver | 0.50 | 5,498 | (268) | |||||||||||||||||||
QW Holding Corporation | Delayed Draw | 1.00 | 161 | (8) | |||||||||||||||||||
T2 Systems, Inc. | Revolver | 0.50 | 1,955 | — | |||||||||||||||||||
The Original Cakerie, Ltd. (Canada) | Revolver | 0.50 | 1,665 | (1) | |||||||||||||||||||
VRC Companies, LLC | Revolver | 0.50 | 858 | — | |||||||||||||||||||
Water Holdings Acquisition LLC | Delayed Draw | 1.00 | 8,421 | (168) | |||||||||||||||||||
Water Holdings Acquisition LLC | Revolver | 0.50 | 5,263 | (105) | |||||||||||||||||||
Welocalize, Inc. | Revolver | 0.50 | 2,250 | (4) | |||||||||||||||||||
WRE Holding Corp. | Revolver | 0.50 | 852 | (10) | |||||||||||||||||||
WRE Holding Corp. | Delayed Draw | 1.00 | 563 | (7) | |||||||||||||||||||
Total unfunded commitments | $ | 81,129 | $ | (1,120) |
Credit Fund Facility | Credit Fund Sub Facility | Credit Fund Warehouse Facility | Credit Fund Warehouse II Facility | Credit Fund Facility | Credit Fund Sub Facility | Credit Fund Warehouse II Facility | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Month Periods Ended March 31, | Three Month Periods Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding balance, beginning of period | $ | 93,000 | $ | 112,000 | $ | 343,506 | $ | 471,134 | N/A | $ | 101,044 | $ | 97,571 | N/A | Outstanding balance, beginning of period | $ | — | $ | 93,000 | $ | 420,859 | $ | 343,506 | $ | 93,402 | $ | 97,571 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | 63,500 | 30,500 | 57,000 | 60,020 | N/A | 12,873 | 19,794 | N/A | Borrowings | — | 63,500 | 63,000 | 57,000 | — | 19,794 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments | (156,500 | ) | (18,700 | ) | (33,500 | ) | (20,404 | ) | N/A | — | (21,950 | ) | N/A | Repayments | — | (156,500) | (120,738) | (33,500) | (10,222) | (21,950) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding balance, end of period | $ | — | $ | 123,800 | $ | 367,006 | $ | 510,750 | N/A | $ | 113,917 | $ | 95,415 | N/A | Outstanding balance, end of period | $ | — | $ | — | $ | 363,121 | $ | 367,006 | $ | 83,180 | $ | 95,415 | |||||||||||||||||||||||||||||||||||||||||||||||||||
As of | |||||||||||
March 31, 2021 | December 31, 2020 | ||||||||||
ASSETS | |||||||||||
Investments, at fair value (amortized cost of $246,772 and $245,312, respectively) | $ | 248,375 | $ | 246,421 | |||||||
Cash and cash equivalents | 3,492 | 1,385 | |||||||||
Other assets | 2,238 | 3,436 | |||||||||
Total assets | $ | 254,105 | $ | 251,242 | |||||||
LIABILITIES AND MEMBERS’ EQUITY | |||||||||||
Notes payable, net of unamortized debt issuance costs of $857 and $875, respectively | $ | 156,643 | $ | 156,625 | |||||||
Other liabilities | 4,859 | 2,675 | |||||||||
Total members' equity (1) | 92,603 | 91,942 | |||||||||
Total liabilities and members’ equity | $ | 254,105 | $ | 251,242 |
For the three month period ended | ||||||||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||
Selected Consolidated Statement of Operations Information: | ||||||||||||||||||||||||||
Total investment income | $ | 4,563 | ||||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||
Interest and credit facility expenses | 1,201 | |||||||||||||||||||||||||
Other expenses | 191 | |||||||||||||||||||||||||
Total expenses | 1,392 | |||||||||||||||||||||||||
Net investment income (loss) | 3,171 | |||||||||||||||||||||||||
Net realized gain (loss) on investments | — | |||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | 494 | |||||||||||||||||||||||||
Net increase (decrease) resulting from operations | $ | 3,665 |
As of | |||||||||||
March 31, 2021 | December 31, 2020 | ||||||||||
Senior secured loans (1) | $ | 249,442 | $ | 248,172 | |||||||
Weighted average yields of senior secured loans based on amortized cost (2) | 7.26 | % | 7.32 | % | |||||||
Weighted average yields of senior secured loans based on fair value (2) | 7.21 | % | 7.29 | % | |||||||
Number of portfolio companies in Credit Fund II | 42 | 44 | |||||||||
Average amount per portfolio company (1) | $ | 5,939 | $ | 5,640 | |||||||
Percentage of portfolio at floating interest rates (3) (4) | 99.1 | % | 99.1 | % | |||||||
Percentage of portfolio at fixed interest rates (4) | 0.9 | % | 0.9 | % | |||||||
Fair value of loans with PIK provisions | $ | 8,892 | $ | 8,856 | |||||||
Percentage of portfolio with PIK provisions (4) | 3.6 | % | 3.6 | % |
Consolidated Schedule of Investments as of March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Maturity Date | Par/ Principal Amount | Amortized Cost (4) | Fair Value (5) | |||||||||||||||||||||||||||||||||||||||||||||
First Lien Debt (90.5% of fair value) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Airnov, Inc. | ^ | (2)(3) | Containers, Packaging & Glass | L + 5.25% | 6.25% | 12/19/2025 | $ | 1,496 | $ | 1,478 | $ | 1,493 | |||||||||||||||||||||||||||||||||||||||||
Alpine SG, LLC | ^ | (2)(3) | High Tech Industries | L + 5.75% | 6.75% | 11/16/2022 | 4,411 | 4,392 | 4,342 | ||||||||||||||||||||||||||||||||||||||||||||
American Physician Partners, LLC | ^ | (2)(3) | Healthcare & Pharmaceuticals | L + 6.75% | 7.75% | 12/21/2021 | 8,629 | 8,595 | 8,371 | ||||||||||||||||||||||||||||||||||||||||||||
AMS Group HoldCo, LLC | ^ | (2)(3) | Transportation: Cargo | L + 6.50% | 7.50% | 9/29/2023 | 8,169 | 8,091 | 8,157 | ||||||||||||||||||||||||||||||||||||||||||||
Apptio, Inc. | ^ | (2)(3) | Software | L + 7.25% | 8.25% | 1/10/2025 | 5,357 | 5,282 | 5,397 | ||||||||||||||||||||||||||||||||||||||||||||
Aurora Lux FinCo S.Á.R.L. (Luxembourg) | ^ | (2)(3) | Software | L + 6.00% | 7.00% | 12/24/2026 | $ | 4,389 | $ | 4,295 | $ | 3,971 | |||||||||||||||||||||||||||||||||||||||||
Avenu Holdings, LLC | ^ | (2)(3) | Sovereign & Public Finance | L + 5.25% | 6.25% | 9/28/2024 | 995 | 985 | 995 | ||||||||||||||||||||||||||||||||||||||||||||
BMS Holdings III Corp. | ^ | (2)(3) | Construction & Building | L + 5.25% | 6.25% | 9/30/2026 | 3,300 | 3,233 | 3,270 | ||||||||||||||||||||||||||||||||||||||||||||
Captive Resources Midco, LLC | ^ | (2)(3) | Banking, Finance, Insurance & Real Estate | L + 5.75% | 6.75% | 5/31/2025 | 8,324 | 8,220 | 8,396 | ||||||||||||||||||||||||||||||||||||||||||||
Chartis Holding, LLC | ^ | (2)(3) | Business Services | L + 5.25% | 6.25% | 5/1/2025 | 1,492 | 1,471 | 1,492 | ||||||||||||||||||||||||||||||||||||||||||||
Comar Holding Company, LLC | ^ | (2)(3) | Containers, Packaging & Glass | L + 5.50% | 6.50% | 6/18/2024 | 8,776 | 8,676 | 8,776 | ||||||||||||||||||||||||||||||||||||||||||||
Cority Software Inc. (Canada) | ^ | (2)(3) | Software | L + 5.25% | 6.25% | 7/2/2026 | 8,777 | 8,639 | 8,817 | ||||||||||||||||||||||||||||||||||||||||||||
Ensono, LP | ^ | (2)(3) | Telecommunications | L + 5.25% | 5.36% | 6/27/2025 | 6,276 | 6,232 | 6,227 | ||||||||||||||||||||||||||||||||||||||||||||
Ethos Veterinary Health LLC | ^ | (2)(3) | Consumer Services | L + 4.75% | 4.86% | 5/15/2026 | 8,170 | 8,108 | 8,118 | ||||||||||||||||||||||||||||||||||||||||||||
EvolveIP, LLC | ^ | (2)(3) | Telecommunications | L + 5.75% | 6.75% | 6/7/2023 | 8,777 | 8,763 | 8,777 | ||||||||||||||||||||||||||||||||||||||||||||
K2 Insurance Services, LLC | ^ | (2)(3) | Banking, Finance, Insurance & Real Estate | L + 5.00% | 6.00% | 7/1/2024 | 6,894 | 6,800 | 6,902 | ||||||||||||||||||||||||||||||||||||||||||||
Kaseya, Inc. | ^ | (2)(3) | High Tech Industries | L + 4.00%, 3.00% PIK | 8.00% | 5/2/2025 | 8,892 | 8,765 | 8,892 |
Consolidated Schedule of Investments as of March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Maturity Date | Par/ Principal Amount | Amortized Cost (4) | Fair Value (5) | |||||||||||||||||||||||||||||||||||||||||||||
Mailgun Technologies, Inc. | ^ | (2)(3) | High Tech Industries | L + 5.00% | 6.00% | 3/26/2025 | 8,457 | 8,332 | 8,379 | ||||||||||||||||||||||||||||||||||||||||||||
National Technical Systems, Inc. | ^ | (2)(3) | Aerospace & Defense | L + 5.50% | 6.50% | 6/12/2023 | 8,800 | 8,780 | 8,800 | ||||||||||||||||||||||||||||||||||||||||||||
NMI AcquisitionCo, Inc. | ^ | (2)(3) | High Tech Industries | L + 5.00% | 6.00% | 9/6/2023 | 8,776 | 8,719 | 8,810 | ||||||||||||||||||||||||||||||||||||||||||||
Paramit Corporation | ^ | (2)(3) | Capital Equipment | L + 4.50% | 5.50% | 5/3/2025 | 1,000 | 993 | 994 | ||||||||||||||||||||||||||||||||||||||||||||
PPC Flexible Packaging, LLC | ^ | (2)(3) | Containers, Packaging & Glass | L + 5.50% | 6.50% | 11/23/2024 | 4,389 | 4,349 | 4,389 | ||||||||||||||||||||||||||||||||||||||||||||
Redwood Services Group, LLC | ^ | (2)(3) | High Tech Industries | L + 6.00% | 7.00% | 6/6/2023 | 3,291 | 3,273 | 3,291 | ||||||||||||||||||||||||||||||||||||||||||||
Reladyne, Inc. | ^ | (2)(3) | Wholesale | L + 5.00% | 6.00% | 7/22/2022 | 6,484 | 6,439 | 6,458 | ||||||||||||||||||||||||||||||||||||||||||||
Riveron Acquisition Holdings, Inc. | ^ | (2)(3) | Banking, Finance, Insurance & Real Estate | L + 5.75% | 6.75% | 5/22/2025 | 8,236 | 8,117 | 8,318 | ||||||||||||||||||||||||||||||||||||||||||||
RSC Acquisition, Inc. | ^ | (2)(3) | Banking, Finance, Insurance & Real Estate | L + 5.50% | 6.50% | 11/1/2026 | 8,465 | 8,325 | 8,508 | ||||||||||||||||||||||||||||||||||||||||||||
Smile Doctors, LLC | ^ | (2)(3) | Healthcare & Pharmaceuticals | L + 6.00% | 7.00% | 10/6/2022 | 6,493 | 6,491 | 6,493 | ||||||||||||||||||||||||||||||||||||||||||||
Sovos Brands Intermediate, Inc. | ^ | (2)(3) | Beverage, Food & Tobacco | L + 4.75% | 4.98% | 11/20/2025 | 7,355 | 7,311 | 7,316 | ||||||||||||||||||||||||||||||||||||||||||||
Superior Health Linens, LLC | ^ | (2)(3) | Business Services | L + 6.50% | 7.50% | 9/30/2021 | 7,024 | 7,010 | 7,016 | ||||||||||||||||||||||||||||||||||||||||||||
T2 Systems, Inc. | ^ | (2)(3) | Transportation: Consumer | L + 6.75% | 7.75% | 9/28/2022 | 8,776 | 8,702 | 8,776 | ||||||||||||||||||||||||||||||||||||||||||||
TCFI Aevex LLC | ^ | (2)(3) | Aerospace & Defense | L + 6.00% | 7.00% | 3/18/2026 | 1,714 | 1,685 | 1,711 | ||||||||||||||||||||||||||||||||||||||||||||
TSB Purchaser, Inc. | ^ | (2)(3) | Media: Advertising, Printing & Publishing | L + 6.00% | 7.00% | 5/14/2024 | 8,777 | 8,649 | 8,734 | ||||||||||||||||||||||||||||||||||||||||||||
Turbo Buyer, Inc. | ^ | (2)(3) | Automotive | L + 5.50% | 6.50% | 12/2/2025 | 8,153 | 7,988 | 8,235 | ||||||||||||||||||||||||||||||||||||||||||||
US INFRA SVCS Buyer, LLC | ^ | (2)(3) | Environmental Industries | L + 6.00% | 7.00% | 4/13/2026 | 3,292 | 3,235 | 3,249 | ||||||||||||||||||||||||||||||||||||||||||||
VRC Companies, LLC | ^ | (2)(3) | Business Services | L + 6.50% | 7.50% | 3/31/2023 | 4,300 | 4,264 | 4,214 | ||||||||||||||||||||||||||||||||||||||||||||
Zemax Software Holdings, LLC | ^ | (2)(3) | Software | L + 5.75% | 6.75% | 6/25/2024 | 4,388 | 4,354 | 4,318 | ||||||||||||||||||||||||||||||||||||||||||||
Zenith Merger Sub, Inc. | ^ | (2)(3) | Business Services | L + 5.25% | 6.25% | 12/13/2023 | 4,389 | 4,360 | 4,382 | ||||||||||||||||||||||||||||||||||||||||||||
First Lien Debt Total | $ | 223,401 | $ | 224,784 | |||||||||||||||||||||||||||||||||||||||||||||||||
Second Lien Debt (9.5% of fair value) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
AI Convoy S.A.R.L (United Kingdom) | ^ | (2)(3) | Aerospace & Defense | L + 8.25% | 9.25% | 1/17/2028 | $ | 5,514 | $ | 5,404 | $ | 5,714 | |||||||||||||||||||||||||||||||||||||||||
Quartz Holding Company | ^ | (2)(3) | Software | L + 8.00% | 8.11% | 4/2/2027 | $ | 4,852 | $ | 4,773 | $ | 4,900 | |||||||||||||||||||||||||||||||||||||||||
Tank Holding Corp. | ^ | (2)(3) | Capital Equipment | L + 8.25% | 8.36% | 3/26/2027 | 5,514 | 5,439 | 5,552 | ||||||||||||||||||||||||||||||||||||||||||||
Ultimate Baked Goods MIDCO, LLC | ^ | (2)(3) | Beverage, Food & Tobacco | L + 8.00% | 9.00% | 8/9/2026 | 5,514 | 5,431 | 5,083 | ||||||||||||||||||||||||||||||||||||||||||||
World 50, Inc. | ^ | (6) | Business Services | 11.50% | 11.50% | 1/9/2027 | 2,365 | 2,324 | 2,342 | ||||||||||||||||||||||||||||||||||||||||||||
Second Lien Debt Total | $ | 23,371 | $ | 23,591 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Investments | $ | 246,772 | $ | 248,375 |
Consolidated Schedule of Investments as of December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Maturity Date | Par/ Principal Amount | Amortized Cost (4) | Fair Value (5) | |||||||||||||||||||||||||||||||||||||||||||||
First Lien Debt (90.10% of fair value) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Airnov, Inc. | ^ | (2)(3) | Containers, Packaging & Glass | L + 5.25% | 6.25% | 12/19/2025 | $ | 1,500 | $ | 1,481 | $ | 1,501 | |||||||||||||||||||||||||||||||||||||||||
Alpine SG, LLC | ^ | (2)(3) | High Tech Industries | L + 5.75% | 6.75% | 11/16/2022 | 4,411 | 4,390 | 4,378 | ||||||||||||||||||||||||||||||||||||||||||||
American Physician Partners, LLC | ^ | (2)(3) | Healthcare & Pharmaceuticals | L + 6.75% | 7.75% | 12/21/2021 | 8,725 | 8,679 | 8,265 | ||||||||||||||||||||||||||||||||||||||||||||
AMS Group HoldCo, LLC | ^ | (2)(3) | Transportation: Cargo | L + 6.50% | 7.50% | 9/29/2023 | 8,182 | 8,096 | 8,079 | ||||||||||||||||||||||||||||||||||||||||||||
Apptio, Inc. | ^ | (2)(3) | Software | L + 7.25% | 8.25% | 1/10/2025 | 5,357 | 5,278 | 5,437 | ||||||||||||||||||||||||||||||||||||||||||||
Aurora Lux FinCo S.Á.R.L. (Luxembourg) | ^ | (2)(3) | Software | L + 5.75% | 6.75% | 12/24/2026 | 4,400 | 4,303 | 4,018 | ||||||||||||||||||||||||||||||||||||||||||||
Avenu Holdings, LLC | ^ | (2)(3) | Sovereign & Public Finance | L + 5.25% | 6.25% | 9/28/2024 | 997 | 987 | 997 | ||||||||||||||||||||||||||||||||||||||||||||
BMS Holdings III Corp. | ^ | (2)(3) | Construction & Building | L + 5.25% | 6.25% | 9/30/2026 | 3,308 | 3,239 | 3,270 | ||||||||||||||||||||||||||||||||||||||||||||
Captive Resources Midco, LLC | ^ | (2)(3) | Banking, Finance, Insurance & Real Estate | L + 5.75% | 6.75% | 5/31/2025 | 8,406 | 8,297 | 8,463 | ||||||||||||||||||||||||||||||||||||||||||||
Chartis Holding, LLC | ^ | (2)(3) | Business Services | L + 5.50% | 6.50% | 5/1/2025 | 1,496 | 1,474 | 1,497 | ||||||||||||||||||||||||||||||||||||||||||||
Comar Holding Company, LLC | ^ | (2)(3) | Containers, Packaging & Glass | L + 5.50% | 6.50% | 6/18/2024 | 8,799 | 8,692 | 8,832 | ||||||||||||||||||||||||||||||||||||||||||||
Cority Software Inc. (Canada) | ^ | (2)(3) | Software | L + 5.25% | 6.25% | 7/2/2026 | 8,800 | 8,655 | 8,862 | ||||||||||||||||||||||||||||||||||||||||||||
Ensono, LP | ^ | (2)(3) | Telecommunications | L + 5.25% | 5.40% | 6/27/2025 | 6,292 | 6,246 | 6,245 | ||||||||||||||||||||||||||||||||||||||||||||
Ethos Veterinary Health LLC | ^ | (2)(3) | Consumer Services | L + 4.75% | 4.90% | 5/15/2026 | 8,182 | 8,117 | 8,070 | ||||||||||||||||||||||||||||||||||||||||||||
EvolveIP, LLC | ^ | (2)(3) | Telecommunications | L + 5.75% | 6.75% | 6/7/2023 | 8,799 | 8,784 | 8,790 | ||||||||||||||||||||||||||||||||||||||||||||
Innovative Business Services, LLC | ^ | (2)(3) | High Tech Industries | L + 5.50% | 6.50% | 4/5/2023 | 2,200 | 2,162 | 2,159 | ||||||||||||||||||||||||||||||||||||||||||||
K2 Insurance Services, LLC | ^ | (2)(3) | Banking, Finance, Insurance & Real Estate | L + 5.00% | 6.00% | 7/1/2024 | 6,927 | 6,827 | 6,928 | ||||||||||||||||||||||||||||||||||||||||||||
Kaseya, Inc. | ^ | (2)(3) | High Tech Industries | L + 4.00%, 3.00% PIK | 8.00% | 5/2/2025 | 8,822 | 8,688 | 8,856 | ||||||||||||||||||||||||||||||||||||||||||||
Mailgun Technologies, Inc. | ^ | (2)(3) | High Tech Industries | L + 5.00% | 6.00% | 3/26/2025 | 8,478 | 8,347 | 8,330 | ||||||||||||||||||||||||||||||||||||||||||||
National Technical Systems, Inc. | ^ | (2)(3) | Aerospace & Defense | L + 5.50% | 6.50% | 6/12/2023 | 8,800 | 8,778 | 8,733 | ||||||||||||||||||||||||||||||||||||||||||||
NMI AcquisitionCo, Inc. | ^ | (2)(3) | High Tech Industries | L + 5.00% | 6.00% | 9/6/2022 | 8,799 | 8,732 | 8,711 | ||||||||||||||||||||||||||||||||||||||||||||
Paramit Corporation | ^ | (2)(3) | Capital Equipment | L + 4.50% | 5.50% | 5/3/2025 | 1,000 | 992 | 980 | ||||||||||||||||||||||||||||||||||||||||||||
PPC Flexible Packaging, LLC | ^ | (2)(3) | Containers, Packaging & Glass | L + 6.00% | 7.00% | 11/23/2024 | 4,400 | 4,358 | 4,386 | ||||||||||||||||||||||||||||||||||||||||||||
Redwood Services Group, LLC | ^ | (2)(3) | High Tech Industries | L + 6.00% | 7.00% | 6/6/2023 | 3,300 | 3,279 | 3,291 | ||||||||||||||||||||||||||||||||||||||||||||
Reladyne, Inc. | ^ | (2)(3) | Wholesale | L + 5.00% | 6.00% | 7/22/2022 | 6,484 | 6,431 | 6,514 | ||||||||||||||||||||||||||||||||||||||||||||
Riveron Acquisition Holdings, Inc. | ^ | (2)(3) | Banking, Finance, Insurance & Real Estate | L + 5.75% | 6.75% | 5/22/2025 | 8,257 | 8,131 | 8,312 | ||||||||||||||||||||||||||||||||||||||||||||
RSC Acquisition, Inc. | ^ | (2)(3) | Banking, Finance, Insurance & Real Estate | L + 5.50% | 6.50% | 11/1/2026 | 8,487 | 8,341 | 8,572 | ||||||||||||||||||||||||||||||||||||||||||||
Smile Doctors, LLC | ^ | (2)(3) | Healthcare & Pharmaceuticals | L + 6.00% | 7.00% | 10/6/2022 | 6,509 | 6,507 | 6,379 | ||||||||||||||||||||||||||||||||||||||||||||
Sovos Brands Intermediate, Inc. | ^ | (2)(3) | Beverage, Food & Tobacco | L + 4.75% | 4.96% | 11/20/2025 | 2,200 | 2,182 | 2,181 | ||||||||||||||||||||||||||||||||||||||||||||
Superior Health Linens, LLC | ^ | (2)(3) | Business Services | L + 6.50% | 7.50% | 9/30/2021 | 7,199 | 7,178 | 7,162 | ||||||||||||||||||||||||||||||||||||||||||||
T2 Systems, Inc. | ^ | (2)(3) | Transportation: Consumer | L + 6.75% | 7.75% | 9/28/2022 | 8,799 | 8,713 | 8,799 | ||||||||||||||||||||||||||||||||||||||||||||
TCFI Aevex LLC | ^ | (2)(3) | Aerospace & Defense | L + 6.00% | 7.00% | 3/18/2026 | 1,718 | 1,688 | 1,712 | ||||||||||||||||||||||||||||||||||||||||||||
TSB Purchaser, Inc. | ^ | (2)(3) | Media: Advertising, Printing & Publishing | L + 6.00% | 7.00% | 5/14/2024 | 8,799 | 8,663 | 8,729 | ||||||||||||||||||||||||||||||||||||||||||||
Turbo Buyer, Inc. | ^ | (2)(3) | Automotive | L + 5.25% | 6.25% | 12/2/2025 | 8,174 | 8,001 | 8,249 |
Consolidated Schedule of Investments as of December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Maturity Date | Par/ Principal Amount | Amortized Cost (4) | Fair Value (5) | |||||||||||||||||||||||||||||||||||||||||||||
US INFRA SVCS Buyer, LLC | ^ | (2)(3) | Environmental Industries | L + 6.00% | 7.00% | 4/13/2026 | $ | 3,300 | $ | 3,240 | $ | 3,292 | |||||||||||||||||||||||||||||||||||||||||
VRC Companies, LLC | ^ | (2)(3) | Business Services | L + 6.50% | 7.50% | 3/31/2023 | 4,311 | 4,271 | 4,311 | ||||||||||||||||||||||||||||||||||||||||||||
Zemax Software Holdings, LLC | ^ | (2)(3) | Software | L + 5.75% | 6.75% | 6/25/2024 | 4,400 | 4,363 | 4,294 | ||||||||||||||||||||||||||||||||||||||||||||
Zenith Merger Sub, Inc. | ^ | (2)(3) | Business Services | L + 5.25% | 6.25% | 12/13/2023 | 4,399 | 4,370 | 4,367 | ||||||||||||||||||||||||||||||||||||||||||||
First Lien Debt Total | $ | 220,960 | $ | 221,951 | |||||||||||||||||||||||||||||||||||||||||||||||||
Second Lien Debt (9.90% of fair value) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
AI Convoy S.A.R.L (United Kingdom) | ^ | (2)(3) | Aerospace & Defense | L + 8.25% | 9.25% | 1/17/2028 | $ | 5,514 | $ | 5,401 | $ | 5,676 | |||||||||||||||||||||||||||||||||||||||||
AQA Acquisition Holding, Inc. | ^ | (2)(3) | High Tech Industries | L + 8.00% | 9.00% | 5/24/2024 | 1,000 | 993 | 1,000 | ||||||||||||||||||||||||||||||||||||||||||||
Quartz Holding Company | ^ | (2)(3) | Software | L + 8.00% | 8.15% | 4/2/2027 | 4,852 | 4,771 | 4,815 | ||||||||||||||||||||||||||||||||||||||||||||
Tank Holding Corp. | ^ | (2)(3) | Capital Equipment | L + 8.25% | 8.40% | 3/26/2027 | 5,514 | 5,436 | 5,394 | ||||||||||||||||||||||||||||||||||||||||||||
Ultimate Baked Goods MIDCO, LLC | ^ | (2)(3) | Beverage, Food & Tobacco | L + 8.00% | 9.00% | 8/9/2026 | 5,514 | 5,428 | 5,257 | ||||||||||||||||||||||||||||||||||||||||||||
World 50, Inc. | (6) | Business Services | 11.50% | 11.50% | 1/9/2027 | 2,365 | 2,323 | 2,328 | |||||||||||||||||||||||||||||||||||||||||||||
Second Lien Debt Total | $ | 24,352 | $ | 24,470 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Investments | $ | 245,312 | $ | 246,421 |
For the three month periods ended | For the three month periods ended | |||||||||||||||||||||||||||||
March 31, 2020 | March 31, 2019 | March 31, 2021 | March 31, 2020 | |||||||||||||||||||||||||||
Outstanding Borrowing, beginning of period | $ | 616,543 | $ | 514,635 | Outstanding Borrowing, beginning of period | $ | 347,949 | $ | 616,543 | |||||||||||||||||||||
Borrowings | 226,500 | 253,950 | Borrowings | 40,286 | 226,500 | |||||||||||||||||||||||||
Repayments | (139,443 | ) | (107,626 | ) | Repayments | (79,000) | (139,443) | |||||||||||||||||||||||
Foreign currency translation | (1,991 | ) | — | Foreign currency translation | 162 | (1,991) | ||||||||||||||||||||||||
Outstanding balance, end of period | $ | 701,609 | $ | 660,959 | Outstanding balance, end of period | $ | 309,397 | $ | 701,609 |
March 31, 2021 | |||||||||||||||||||||||
Total Facility | Borrowings Outstanding | Unused Portion (1) | Amount Available (2) | ||||||||||||||||||||
Credit Facility | $ | 688,000 | $ | 309,397 | $ | 378,603 | $ | 358,091 | |||||||||||||||
Total | $ | 688,000 | $ | 309,397 | $ | 378,603 | $ | 358,091 | |||||||||||||||
December 31, 2020 | |||||||||||||||||||||||
Total Facility | Borrowings Outstanding | Unused Portion (1) | Amount Available (2) | ||||||||||||||||||||
Credit Facility | $ | 688,000 | $ | 347,949 | $ | 340,051 | $ | 207,365 | |||||||||||||||
Total | $ | 688,000 | $ | 347,949 | $ | 340,051 | $ | 207,365 |
March 31, 2020 | |||||||||||||||
Total Facility | Borrowings Outstanding | Unused Portion (1) | Amount Available (2) | ||||||||||||
SPV Credit Facility | $ | 275,000 | $ | 201,026 | $ | 73,974 | $ | 4,497 | |||||||
Credit Facility | 688,000 | 500,583 | 187,417 | 122,832 | |||||||||||
Total | $ | 963,000 | $ | 701,609 | $ | 261,391 | $ | 127,329 | |||||||
December 31, 2019 | |||||||||||||||
Total Facility | Borrowings Outstanding | Unused Portion (1) | Amount Available (2) | ||||||||||||
SPV Credit Facility | $ | 275,000 | $ | 232,469 | $ | 42,531 | $ | 4,225 | |||||||
Credit Facility | 688,000 | 384,074 | 303,926 | 264,198 | |||||||||||
Total | $ | 963,000 | $ | 616,543 | $ | 346,457 | $ | 268,423 |
For the three month periods ended | |||||||||||||||||||||||
March 31, 2021 | March 31, 2020 | ||||||||||||||||||||||
Interest expense | $ | 2,033 | $ | 6,373 | |||||||||||||||||||
Facility unused commitment fee | 328 | 318 | |||||||||||||||||||||
Amortization of deferred financing costs | 191 | 244 | |||||||||||||||||||||
Other fees | — | 29 | |||||||||||||||||||||
Total interest expense and credit facility fees | $ | 2,552 | $ | 6,964 | |||||||||||||||||||
Cash paid for interest expense | $ | 1,985 | $ | 6,688 | |||||||||||||||||||
Average principal debt outstanding | $ | 340,357 | $ | 672,263 | |||||||||||||||||||
Weighted average interest rate | 2.39 | % | 3.75 | % |
For the three month periods ended | |||||||
March 31, 2020 | March 31, 2019 | ||||||
Interest expense | $ | 6,373 | $ | 6,653 | |||
Facility unused commitment fee | 318 | 303 | |||||
Amortization of deferred financing costs | 244 | 236 | |||||
Other fees | 29 | 29 | |||||
Total interest expense and credit facility fees | $ | 6,964 | $ | 7,221 | |||
Cash paid for interest expense | $ | 6,688 | $ | 6,449 | |||
Average principal debt outstanding | $ | 672,263 | $ | 568,519 | |||
Weighted average interest rate | 3.75 | % | 4.68 | % |
As of | |||||||||||
March 31, 2021 | December 31, 2020 | ||||||||||
Interest expense payable | $ | 165 | $ | 119 | |||||||
Unused commitment fees payable | 4 | 4 | |||||||||
Other credit facility fees payable | 4 | 14 | |||||||||
Interest and credit facilities payable | $ | 173 | $ | 137 | |||||||
Weighted average interest rate (based on floating LIBOR rates) | 2.37 | % | 2.59 | % |
As of | |||||||
March 31, 2020 | December 31, 2019 | ||||||
Interest expense payable | $ | 2,093 | $ | 2,201 | |||
Unused commitment fees payable | 295 | 187 | |||||
Other credit facility fees payable | 22 | 30 | |||||
Interest and credit facilities payable | $ | 2,410 | $ | 2,418 | |||
Weighted average interest rate (based on floating LIBOR rates) | 3.11 | % | 3.88 | % |
For the three month periods ended | |||||||||||||||||||||||
March 31, 2021 | March 31, 2020 | ||||||||||||||||||||||
Interest expense | $ | 2,671 | $ | 4,393 | |||||||||||||||||||
Amortization of deferred financing costs | 62 | 62 | |||||||||||||||||||||
Total interest expense and credit facility fees | $ | 2,733 | $ | 4,455 | |||||||||||||||||||
Cash paid for interest expense | $ | 2,720 | $ | 4,594 |
For the three month periods ended | |||||||
March 31, 2020 | March 31, 2019 | ||||||
Interest expense | $ | 4,393 | $ | 5,276 | |||
Amortization of deferred financing costs | 62 | 62 | |||||
Total interest expense and credit facility fees | $ | 4,455 | $ | 5,338 | |||
Cash paid for interest expense | $ | 4,594 | $ | 5,066 |
Payment Due by Period | March 31, 2020 | December 31, 2019 | ||||||
Less than 1 Year | $ | — | $ | — | ||||
1-3 Years | — | — | ||||||
3-5 Years | 816,609 | 731,543 | ||||||
More than 5 Years | 449,200 | 449,200 | ||||||
Total | $ | 1,265,809 | $ | 1,180,743 |
Payment Due by Period | March 31, 2021 | December 31, 2020 | ||||||||||||
Less than one year | $ | — | $ | — | ||||||||||
1-3 years | — | — | ||||||||||||
3-5 years | 499,397 | 537,949 | ||||||||||||
More than 5 years | 449,200 | 449,200 | ||||||||||||
Total | $ | 948,597 | $ | 987,149 |
Par Value as of | |||||||
March 31, 2020 | December 31, 2019 | ||||||
Unfunded delayed draw commitments | $ | 65,237 | $ | 75,874 | |||
Unfunded revolving term loan commitments | 38,751 | 74,016 | |||||
Total unfunded commitments | $ | 103,988 | $ | 149,890 |
Par Value as of | |||||||||||
March 31, 2021 | December 31, 2020 | ||||||||||
Unfunded delayed draw commitments | $ | 75,856 | $ | 73,292 | |||||||
Unfunded revolving loan commitments | 73,296 | 76,216 | |||||||||
Total unfunded commitments | $ | 149,152 | $ | 149,508 |
Date Declared | Record Date | Payment Date | Per Share Amount | ||||||||||||||||||||
June 30, 2020 | June 30, 2020 | September 30, 2020 | $ | 0.277 | |||||||||||||||||||
September 30, 2020 | September 30, 2020 | September 30, 2020 | 0.423 | ||||||||||||||||||||
December 31, 2020 | December 31, 2020 | December 31, 2020 | 0.438 | ||||||||||||||||||||
March 31, 2021 | March 31, 2021 | March 31, 2021 | 0.438 | ||||||||||||||||||||
Total | $ | 1.576 |
Preferred Stock | Common Stock | Capital in Excess of Par Value | Offering Costs | Accumulated Net Investment Income (Loss) | Accumulated Net Realized Gain (Loss) | Accumulated Net Unrealized Appreciation (Depreciation) | Total Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2021 | 2,000,000 | $ | 50,000 | 55,320,309 | $ | 553 | $ | 1,081,436 | $ | (1,633) | $ | 14,568 | $ | (140,133) | $ | (103,428) | $ | 901,363 | ||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | — | — | (511,047) | (5) | (5,565) | — | — | — | — | (5,570) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | — | — | — | — | — | — | 20,679 | — | — | 20,679 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized gain (loss) | — | — | — | — | — | — | — | 1,591 | — | 1,591 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | — | — | — | — | — | — | — | — | 13,634 | 13,634 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared on common stock and preferred stock | — | — | — | — | — | — | (21,177) | — | — | (21,177) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2021 | 2,000,000 | $ | 50,000 | 54,809,262 | $ | 548 | $ | 1,075,871 | $ | (1,633) | $ | 14,070 | $ | (138,542) | $ | (89,794) | $ | 910,520 |
Common Stock | Capital in Excess of Par Value | Offering Costs | Accumulated Net Investment Income (Loss) | Accumulated Net Realized Gain (Loss) | Accumulated Net Unrealized Appreciation (Depreciation) | Total Net Assets | |||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||
Balance, beginning of period | 57,763,811 | $ | 578 | $ | 1,109,238 | $ | (1,633 | ) | $ | 10,368 | $ | (82,654 | ) | $ | (79,426 | ) | $ | 956,471 | |||||||||||||
Repurchase of common stock | (1,455,195 | ) | (15 | ) | (15,988 | ) | — | — | — | — | (16,003 | ) | |||||||||||||||||||
Net investment income (loss) | — | — | — | — | 23,972 | — | — | 23,972 | |||||||||||||||||||||||
Net realized gain (loss) | — | — | — | — | — | (1,847 | ) | — | (1,847 | ) | |||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | — | — | — | — | — | — | (143,225 | ) | (143,225 | ) | |||||||||||||||||||||
Dividends declared | — | — | — | — | (20,834 | ) | — | — | (20,834 | ) | |||||||||||||||||||||
Balance, end of period | 56,308,616 | $ | 563 | $ | 1,093,250 | $ | (1,633 | ) | $ | 13,506 | $ | (84,501 | ) | $ | (222,651 | ) | $ | 798,534 |
Common Stock | Capital in Excess of Par Value | Offering Costs | Accumulated Net Investment Income (Loss) | Accumulated Net Realized Gain (Loss) | Accumulated Net Unrealized Appreciation (Depreciation) | Total Net Assets | ||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2020 | 57,763,811 | $ | 578 | $ | 1,109,238 | $ | (1,633) | $ | 10,368 | $ | (82,654) | $ | (79,426) | $ | 956,471 | |||||||||||||||||||||||||||||||||||
Repurchase of common stock | (1,455,195) | (15) | (15,988) | — | — | — | — | (16,003) | ||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | — | — | — | — | 23,972 | — | — | 23,972 | ||||||||||||||||||||||||||||||||||||||||||
Net realized gain (loss) | — | — | — | — | — | (1,847) | — | (1,847) | ||||||||||||||||||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | — | — | — | — | — | — | (143,225) | (143,225) | ||||||||||||||||||||||||||||||||||||||||||
Dividends declared | — | — | — | — | (20,834) | — | — | (20,834) | ||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2020 | 56,308,616 | $ | 563 | $ | 1,093,250 | $ | (1,633) | $ | 13,506 | $ | (84,501) | $ | (222,651) | $ | 798,534 |
Common Stock | Capital in Excess of Par Value | Offering Costs | Accumulated Net Investment Income (Loss) | Accumulated Net Realized Gain (Loss) | Accumulated Net Unrealized Appreciation (Depreciation) | Total Net Assets | |||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||
Balance, beginning of period | 62,230,251 | $ | 622 | $ | 1,174,334 | $ | (1,633 | ) | $ | 5,901 | $ | (44,572 | ) | $ | (71,434 | ) | $ | 1,063,218 | |||||||||||||
Repurchase of common stock | (958,182 | ) | (9 | ) | (14,076 | ) | — | — | — | — | (14,085 | ) | |||||||||||||||||||
Net investment income (loss) | — | — | — | — | 27,562 | — | — | 27,562 | |||||||||||||||||||||||
Net realized gain (loss) | — | — | — | — | — | 899 | — | 899 | |||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | — | — | — | — | — | — | 5,265 | 5,265 | |||||||||||||||||||||||
Dividends declared | — | — | — | — | (22,672 | ) | — | — | (22,672 | ) | |||||||||||||||||||||
Balance, end of period | 61,272,069 | $ | 613 | $ | 1,160,258 | $ | (1,633 | ) | $ | 10,791 | $ | (43,673 | ) | $ | (66,169 | ) | $ | 1,060,187 |
For the three month period ended March 31, 2021 | ||||||||||||||||||||||||||
Basic | Diluted | |||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations attributable to Common Stockholders | $ | 35,029 | $ | 35,904 | ||||||||||||||||||||||
Weighted-average common shares outstanding | 55,039,010 | 60,306,312 | ||||||||||||||||||||||||
Basic and diluted earnings per share | $ | 0.65 | $ | 0.60 |
For the three month periods ended | ||||||||
March 31, 2020 | March 31, 2019 | |||||||
Net increase (decrease) in net assets resulting from operations | $ | (121,100 | ) | $ | 33,726 | |||
Weighted-average common shares outstanding | 57,112,193 | 61,772,774 | ||||||
Basic and diluted earnings per common share | $ | (2.12 | ) | $ | 0.55 |
For the three month period ended March 31, 2020 | ||||||||||||||||||||||||||
Basic | Diluted | |||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations attributable to Common Stockholders | $ | (121,100) | $ | (121,100) | ||||||||||||||||||||||
Weighted-average common shares outstanding | 57,112,193 | 57,112,193 | ||||||||||||||||||||||||
Basic and diluted earnings per share | $ | (2.12) | $ | (2.12) |
Date Declared | Record Date | Payment Date | Per Common Share Amount | ||||||||||||||||||||
February 22, 2019 | March 29, 2019 | April 17, 2019 | $ | 0.37 | |||||||||||||||||||
May 6, 2019 | June 28, 2019 | July 17, 2019 | $ | 0.37 | |||||||||||||||||||
June 17, 2019 | June 28, 2019 | July 17, 2019 | $ | 0.08 | (1) | ||||||||||||||||||
August 5, 2019 | September 30, 2019 | October 17, 2019 | $ | 0.37 | |||||||||||||||||||
November 4, 2019 | December 31, 2019 | January 17, 2020 | $ | 0.37 | |||||||||||||||||||
December 12, 2019 | December 31, 2019 | January 17, 2020 | $ | 0.18 | (1) | ||||||||||||||||||
February 24, 2020 | March 31, 2020 | April 17, 2020 | $ | 0.37 | |||||||||||||||||||
May 4, 2020 | June 30, 2020 | July 17, 2020 | $ | 0.37 | |||||||||||||||||||
August 3, 2020 | September 30, 2020 | October 16, 2020 | $ | 0.32 | (2) | ||||||||||||||||||
August 3, 2020 | September 30, 2020 | October 16, 2020 | $ | 0.05 | (1) | ||||||||||||||||||
November 2, 2020 | December 31, 2020 | January 15, 2021 | $ | 0.32 | |||||||||||||||||||
November 2, 2020 | December 31, 2020 | January 15, 2021 | $ | 0.04 | (1) | ||||||||||||||||||
February 22, 2021 | March 31, 2021 | April 16, 2021 | $ | 0.32 | |||||||||||||||||||
February 22, 2021 | March 31, 2021 | April 16, 2021 | $ | 0.05 | (1) |
Date Declared | Record Date | Payment Date | Per Share Amount | ||||||
February 26, 2018 | March 29, 2018 | April 17, 2018 | $ | 0.37 | |||||
May 2, 2018 | June 29, 2018 | July 17, 2018 | $ | 0.37 | |||||
August 6, 2018 | September 28, 2018 | October 17, 2018 | $ | 0.37 | |||||
November 5, 2018 | December 28, 2018 | January 17, 2019 | $ | 0.37 | |||||
December 12, 2018 | December 28, 2018 | January 17, 2019 | $ | 0.20 | (1) | ||||
February 22, 2019 | March 29, 2019 | April 17, 2019 | $ | 0.37 | |||||
May 6, 2019 | June 28, 2019 | July 17, 2019 | $ | 0.37 | |||||
June 17, 2019 | June 28, 2019 | July 17, 2019 | $ | 0.08 | (1) | ||||
August 5, 2019 | September 30, 2019 | October 17, 2019 | $ | 0.37 | |||||
November 4, 2019 | December 31, 2019 | January 17, 2020 | $ | 0.37 | |||||
December 12, 2019 | December 31, 2019 | January 17, 2020 | $ | 0.18 | (1) | ||||
February 24, 2020 | March 31, 2020 | April 17, 2020 | $ | 0.37 |
For the three month periods ended | |||||||||||
March 31, 2021 | March 31, 2020 | ||||||||||
Per Common Share Data: | |||||||||||
Net asset value per common share, beginning of period | $ | 15.39 | $ | 16.56 | |||||||
Net investment income (loss) (1) | 0.36 | 0.42 | |||||||||
Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments and non-investment assets and liabilities | 0.29 | (2.57) | |||||||||
Net increase (decrease) in net assets resulting from operations | 0.65 | (2.15) | |||||||||
Dividends declared (2) | (0.37) | (0.37) | |||||||||
Accretion due to share repurchases | 0.03 | 0.14 | |||||||||
Net asset value per common share, end of period | $ | 15.70 | $ | 14.18 | |||||||
Market price per common share, end of period | $ | 13.20 | $ | 5.22 | |||||||
Number of common shares outstanding, end of period | 54,809,262 | 56,308,616 | |||||||||
Total return based on net asset value (3) | 4.42 | % | (12.14) | % | |||||||
Total return based on market price (4) | 32.26 | % | (58.22) | % | |||||||
Net assets attributable to Common Stockholders, end of period | $ | 860,520 | $ | 798,534 | |||||||
Ratio to average net assets attributable to Common Stockholders(5): | |||||||||||
Expenses before incentive fees | 1.76 | % | 2.38 | % | |||||||
Expenses after incentive fees | 2.23 | % | 2.94 | % | |||||||
Net investment income (loss) | 2.28 | % | 2.66 | % | |||||||
Interest expense and credit facility fees | 0.83 | % | 1.41 | % | |||||||
Ratios/Supplemental Data: | |||||||||||
Asset coverage, end of period | 186.17 | % | 163.08 | % | |||||||
Portfolio turnover | 8.05 | % | 3.11 | % | |||||||
Weighted-average shares outstanding | 55,039,010 | 57,112,193 |
For the three month periods ended | |||||||
March 31, 2020 | March 31, 2019 | ||||||
Per Share Data: | |||||||
Net asset value per share, beginning of period | $ | 16.56 | $ | 17.09 | |||
Net investment income (loss) (1) | 0.42 | 0.45 | |||||
Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments and non-investment assets and liabilities | (2.57 | ) | 0.09 | ||||
Net increase (decrease) in net assets resulting from operations | (2.15 | ) | 0.54 | ||||
Dividends declared (2) | (0.37 | ) | (0.37 | ) | |||
Accretion due to share repurchases | 0.14 | 0.04 | |||||
Net asset value per share, end of period | $ | 14.18 | $ | 17.30 | |||
Market price per share, end of period | $ | 5.22 | $ | 14.48 | |||
Number of shares outstanding, end of period | 56,308,616 | 61,272,069 | |||||
Total return based on net asset value (3) | (12.14 | )% | 3.39 | % | |||
Total return based on market price (4) | (58.22 | )% | 19.76 | % | |||
Net assets, end of period | $ | 798,534 | $ | 1,060,187 | |||
Ratio to average net assets (5): | |||||||
Expenses before incentive fees | 2.38 | % | 2.03 | % | |||
Expenses after incentive fees | 2.94 | % | 2.58 | % | |||
Net investment income (loss) | 2.66 | % | 2.58 | % | |||
Interest expense and credit facility fees | 1.41 | % | 1.18 | % | |||
Ratios/Supplemental Data: | |||||||
Asset coverage, end of period | 163.08 | % | 195.50 | % | |||
Portfolio turnover | 3.11 | % | 3.45 | % | |||
Weighted-average shares outstanding | 57,112,193 | 61,772,774 |
For the three month periods ended | |||||||||||
March 31, 2021 | March 31, 2020 | ||||||||||
Ordinary income | $ | 21,177 | $ | 20,834 | |||||||
Tax return of capital | $ | — | $ | — |
For the three month periods ended | |||||||
March 31, 2020 | March 31, 2019 | ||||||
Ordinary income | $ | 20,834 | $ | 22,672 | |||
Tax return of capital | $ | — | $ | — |
As of | As of | |||||||||||||||||
March 31, 2020 | December 31, 2019 | March 31, 2021 | December 31, 2020 | |||||||||||||||
Fair value of investments | $ | 2,024,277 | $ | 2,123,964 | Fair value of investments | $ | 1,841,634 | $ | 1,825,749 | |||||||||
Count of investments | 138 | 136 | Count of investments | 164 | 160 | |||||||||||||
Count of portfolio companies / investment fund | 110 | 112 | ||||||||||||||||
Count of portfolio companies / investment funds | Count of portfolio companies / investment funds | 119 | 117 | |||||||||||||||
Count of industries | 28 | 28 | Count of industries | 27 | 27 | |||||||||||||
Count of sponsors | 63 | 63 | ||||||||||||||||
Percentage of total investment fair value: | Percentage of total investment fair value: | |||||||||||||||||
First lien debt | 73.0 | % | 74.6 | % | ||||||||||||||
First lien/last out loans | 2.8 | % | 3.7 | % | ||||||||||||||
First lien debt (excluding first lien/last out debt) | First lien debt (excluding first lien/last out debt) | 63.2 | % | 63.6 | % | |||||||||||||
First lien/last out debt | First lien/last out debt | 3.4 | % | 3.4 | % | |||||||||||||
Second lien debt | 13.6 | % | 11.0 | % | Second lien debt | 16.3 | % | 15.6 | % | |||||||||
Total secured debt | 89.4 | % | 89.3 | % | Total secured debt | 82.9 | % | 82.6 | % | |||||||||
Credit Fund | 9.2 | % | 9.6 | % | ||||||||||||||
Investment Funds | Investment Funds | 15.2 | % | 15.5 | % | |||||||||||||
Equity investments | 1.5 | % | 1.0 | % | Equity investments | 1.9 | % | 1.9 | % | |||||||||
Percentage of debt investment fair value: | Percentage of debt investment fair value: | |||||||||||||||||
Floating rate (1) | 99.2 | % | 99.7 | % | Floating rate (1) | 99.1 | % | 99.1 | % | |||||||||
Fixed interest rate | 0.8 | % | 0.3 | % | Fixed interest rate | 0.9 | % | 0.9 | % |
For the three month periods ended | For the three month periods ended | |||||||||||||||||
March 31, 2020 | March 31, 2019 | March 31, 2021 | March 31, 2020 | |||||||||||||||
Investments: | Investments: | |||||||||||||||||
Total investments, beginning of period | $ | 2,201,451 | $ | 2,043,591 | Total investments, beginning of period | $ | 1,922,966 | $ | 2,201,451 | |||||||||
New investments purchased | 331,932 | 246,221 | New investments purchased | 148,927 | 331,932 | |||||||||||||
Net accretion of discount on investments | 2,586 | 2,161 | Net accretion of discount on investments | 2,026 | 2,586 | |||||||||||||
Net realized gain (loss) on investments | (1,697 | ) | 899 | Net realized gain (loss) on investments | 1,673 | (1,697) | ||||||||||||
Investments sold or repaid | (286,945 | ) | (71,494 | ) | Investments sold or repaid | (150,601) | (286,945) | |||||||||||
Total Investments, end of period | $ | 2,247,327 | $ | 2,221,378 | Total Investments, end of period | $ | 1,924,991 | $ | 2,247,327 | |||||||||
Principal amount of investments funded: | Principal amount of investments funded: | |||||||||||||||||
First Lien Debt (excluding First Lien/Last Out) | $ | 75,510 | $ | 143,749 | ||||||||||||||
First Lien/Last Out Unitranche | — | 23,879 | ||||||||||||||||
First Lien Debt (excluding First Lien/Last Out Debt) | First Lien Debt (excluding First Lien/Last Out Debt) | $ | 98,408 | $ | 75,510 | |||||||||||||
First Lien/Last Out Debt | First Lien/Last Out Debt | — | — | |||||||||||||||
Second Lien Debt | 86,109 | 49,344 | Second Lien Debt | 52,369 | 86,109 | |||||||||||||
Equity Investments | 10,500 | 2,241 | Equity Investments | 645 | 10,500 | |||||||||||||
Investment Fund | 156,000 | 30,500 | ||||||||||||||||
Investment Funds | Investment Funds | — | 156,000 | |||||||||||||||
Total | $ | 328,119 | $ | 249,713 | Total | $ | 151,422 | $ | 328,119 | |||||||||
Principal amount of investments sold or repaid: | Principal amount of investments sold or repaid: | |||||||||||||||||
First Lien Debt (excluding First Lien/Last Out) | $ | (97,185 | ) | $ | (25,902 | ) | ||||||||||||
First Lien/Last Out Unitranche | (19,273 | ) | (25,264 | ) | ||||||||||||||
First Lien Debt (excluding First Lien/Last Out Debt) | First Lien Debt (excluding First Lien/Last Out Debt) | $ | (106,827) | $ | (97,185) | |||||||||||||
First Lien/Last Out Debt | First Lien/Last Out Debt | (246) | (19,273) | |||||||||||||||
Second Lien Debt | (15,232 | ) | — | Second Lien Debt | (41,531) | (15,232) | ||||||||||||
Equity Investments | — | — | Equity Investments | (446) | — | |||||||||||||
Investment Fund | (156,500 | ) | (18,700 | ) | ||||||||||||||
Investment Funds | Investment Funds | — | (156,500) | |||||||||||||||
Total | $ | (288,190 | ) | $ | (69,866 | ) | Total | $ | (149,050) | $ | (288,190) | |||||||
Number of new funded investments | 10 | 12 | Number of new funded investments | 10 | 10 | |||||||||||||
Average amount of new funded investments | $ | 10,277 | $ | 20,518 | Average amount of new funded investments | $ | 12,583 | $ | 10,277 | |||||||||
Percentage of new funded debt investments at floating interest rates | 90 | % | 100 | % | Percentage of new funded debt investments at floating interest rates | 100 | % | 90 | % | |||||||||
Percentage of new funded debt investments at fixed interest rates | 10 | % | — | % | Percentage of new funded debt investments at fixed interest rates | — | % | 10 | % |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||
First Lien Debt (excluding First Lien/Last Out Debt) | $ | 1,226,793 | $ | 1,164,592 | $ | 1,234,579 | $ | 1,161,881 | |||||||||||||||
First Lien/Last Out Debt | 63,401 | 62,061 | 63,575 | 62,182 | |||||||||||||||||||
Second Lien Debt | 308,048 | 299,322 | 297,962 | 284,523 | |||||||||||||||||||
Equity Investments | 32,653 | 35,030 | 32,754 | 33,877 | |||||||||||||||||||
Investment Funds | 294,097 | 280,629 | 294,096 | 283,286 | |||||||||||||||||||
Total | $ | 1,924,992 | $ | 1,841,634 | $ | 1,922,966 | $ | 1,825,749 |
March 31, 2020 | December 31, 2019 | ||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||
First Lien Debt (excluding First Lien/Last Out) | $ | 1,597,780 | $ | 1,478,357 | $ | 1,649,721 | $ | 1,585,042 | |||||||
First Lien/Last Out Unitranche | 93,178 | 56,408 | 78,951 | 78,096 | |||||||||||
Second Lien Debt | 308,563 | 275,055 | 234,006 | 234,532 | |||||||||||
Equity Investments | 31,805 | 29,323 | 22,272 | 21,698 | |||||||||||
Investment Fund | 216,001 | 185,134 | 216,501 | 204,596 | |||||||||||
Total | $ | 2,247,327 | $ | 2,024,277 | $ | 2,201,451 | $ | 2,123,964 |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||
March 31, 2020 | December 31, 2019 | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||||||||||||||
First Lien Debt (excluding First Lien/Last Out) | 7.42 | % | 8.02 | % | 8.00 | % | 8.17 | % | ||||||||||||||||||||||||||
First Lien/Last Out Unitranche | 6.06 | % | 10.02 | % | 6.63 | % | 9.53 | % | ||||||||||||||||||||||||||
First Lien Debt (excluding First Lien/Last Out Debt) | First Lien Debt (excluding First Lien/Last Out Debt) | 7.18 | % | 7.56 | % | 7.08 | % | 7.53 | % | |||||||||||||||||||||||||
First Lien/Last Out Debt | First Lien/Last Out Debt | 9.64 | % | 9.85 | % | 9.65 | % | 9.87 | % | |||||||||||||||||||||||||
First Lien Debt Total | 7.35 | % | 8.10 | % | 7.91 | % | 8.23 | % | First Lien Debt Total | 7.30 | % | 7.68 | % | 7.21 | % | 7.65 | % | |||||||||||||||||
Second Lien Debt | 9.92 | % | 11.13 | % | 10.44 | % | 10.42 | % | Second Lien Debt | 9.04 | % | 9.30 | % | 9.15 | % | 9.59 | % | |||||||||||||||||
First and Second Lien Debt Total | 7.74 | % | 8.56 | % | 8.22 | % | 8.50 | % | First and Second Lien Debt Total | 7.63 | % | 7.99 | % | 7.57 | % | 8.01 | % |
March 31, 2020 | December 31, 2019 | March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||
Fair Value | Percentage | Fair Value | Percentage | Fair Value | Percentage | Fair Value | Percentage | |||||||||||||||||||||||||||||
Performing | $ | 1,980,161 | 97.82 | % | $ | 2,071,535 | 97.53 | % | Performing | $ | 1,781,258 | 96.7 | % | $ | 1,767,613 | 96.8 | % | |||||||||||||||||||
Non-accrual (1) | 44,116 | 2.18 | 52,429 | 2.47 | Non-accrual (1) | 60,376 | 3.3 | 58,136 | 3.2 | |||||||||||||||||||||||||||
Total | $ | 2,024,277 | 100.00 | % | $ | 2,123,964 | 100.00 | % | Total | $ | 1,841,634 | 100.0 | % | $ | 1,825,749 | 100.0 | % |
(1)For information regarding our non-accrual policy, see Note 2 to the consolidated financial statements included in Part I, Item 1 of this Form 10-Q. |
Rating | Definition | |||||||
1 | ||||||||
2 | ||||||||
3 | ||||||||
4 | ||||||||
5 | ||||||||
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
Fair Value | % of Fair Value | Fair Value | % of Fair Value | ||||||||||||||||||||
(dollar amounts in millions) | |||||||||||||||||||||||
Internal Risk Rating 1 | $ | 19.1 | 1.3 | % | $ | 19.1 | 1.3 | % | |||||||||||||||
Internal Risk Rating 2 | 1,097.9 | 71.9 | 1,047.5 | 69.4 | |||||||||||||||||||
Internal Risk Rating 3 | 324.9 | 21.3 | 361.1 | 23.9 | |||||||||||||||||||
Internal Risk Rating 4 | 49.6 | 3.2 | 48.2 | 3.2 | |||||||||||||||||||
Internal Risk Rating 5 | 34.5 | 2.3 | 32.8 | 2.2 | |||||||||||||||||||
Total | $ | 1,526.0 | 100.0 | % | $ | 1,508.6 | 100.0 | % | |||||||||||||||
March 31, 2020 | December 31, 2019 | ||||||||||||
Fair Value | % of Fair Value | Fair Value | % of Fair Value | ||||||||||
(dollar amounts in millions) | |||||||||||||
Internal Risk Rating 1 | $ | 38.6 | 2.13 | % | $ | 39.2 | 2.06 | % | |||||
Internal Risk Rating 2 | 1,392.5 | 76.94 | 1,501.4 | 79.12 | |||||||||
Internal Risk Rating 3 | 205.8 | 11.37 | 132.9 | 7.00 | |||||||||
Internal Risk Rating 4 | 96.6 | 5.34 | 159.0 | 8.38 | |||||||||
Internal Risk Rating 5 | 32.6 | 1.80 | 65.2 | 3.44 | |||||||||
Internal Risk Rating 6 | 43.8 | 2.42 | — | — | |||||||||
Total | $ | 1,809.8 | 100.00 | % | $ | 1,897.7 | 100.00 | % |
For the three month periods ended | For the three month periods ended | |||||||||||||||||||||||||||||
March 31, 2020 | March 31, 2019 | March 31, 2021 | March 31, 2020 | |||||||||||||||||||||||||||
Investment income | Investment income | |||||||||||||||||||||||||||||
First Lien Debt | $ | 35,650 | $ | 41,574 | First Lien Debt | $ | 25,584 | $ | 35,650 | |||||||||||||||||||||
Second Lien Debt | 8,126 | 5,746 | Second Lien Debt | 6,700 | 8,126 | |||||||||||||||||||||||||
Equity Investments | 185 | 247 | Equity Investments | 1,036 | 185 | |||||||||||||||||||||||||
Investment Fund | 6,549 | 7,538 | ||||||||||||||||||||||||||||
Investment Funds | Investment Funds | 7,528 | 6,549 | |||||||||||||||||||||||||||
Cash | 35 | 82 | Cash | — | 35 | |||||||||||||||||||||||||
Total investment income | $ | 50,545 | $ | 55,187 | Total investment income | $ | 40,848 | $ | 50,545 |
For the three month periods ended | |||||||||||||||||||||||
March 31, 2021 | March 31, 2020 | ||||||||||||||||||||||
Total investment income | $ | 40,848 | $ | 50,545 | |||||||||||||||||||
Net expenses (including excise tax expense) | (20,169) | (26,573) | |||||||||||||||||||||
Net investment income (loss) | $ | 20,679 | $ | 23,972 |
For the three month periods ended | |||||||
March 31, 2020 | March 31, 2019 | ||||||
Total investment income | $ | 50,545 | $ | 55,187 | |||
Net expenses (including excise tax expense) | (26,573 | ) | (27,625 | ) | |||
Net investment income (loss) | $ | 23,972 | $ | 27,562 |
For the three month periods ended | |||||||||||||||||||||||
March 31, 2021 | March 31, 2020 | ||||||||||||||||||||||
Base management fees | $ | 6,800 | $ | 7,386 | |||||||||||||||||||
Incentive fees | 4,257 | 5,086 | |||||||||||||||||||||
Professional fees | 691 | 667 | |||||||||||||||||||||
Administrative service fees | 282 | 106 | |||||||||||||||||||||
Interest expense | 6,975 | 12,179 | |||||||||||||||||||||
Credit facility fees | 519 | 590 | |||||||||||||||||||||
Directors’ fees and expenses | 116 | 96 | |||||||||||||||||||||
Other general and administrative | 405 | 411 | |||||||||||||||||||||
Excise tax expense | 124 | 52 | |||||||||||||||||||||
Expenses | $ | 20,169 | $ | 26,573 |
For the three month periods ended | |||||||
March 31, 2020 | March 31, 2019 | ||||||
Base management fees | $ | 7,386 | $ | 7,685 | |||
Incentive fees | 5,086 | 5,846 | |||||
Professional fees | 667 | 745 | |||||
Administrative service fees | 106 | 216 | |||||
Interest expense | 12,179 | 11,991 | |||||
Credit facility fees | 590 | 568 | |||||
Directors’ fees and expenses | 96 | 93 | |||||
Other general and administrative | 411 | 421 | |||||
Excise tax expense | 52 | 60 | |||||
Net expenses | $ | 26,573 | $ | 27,625 |
For the three month periods ended | For the three month periods ended | |||||||||||||||||||||||||||||
March 31, 2020 | March 31, 2019 | March 31, 2021 | March 31, 2020 | |||||||||||||||||||||||||||
Interest expense | $ | 12,179 | $ | 11,991 | Interest expense | $ | 6,975 | $ | 12,179 | |||||||||||||||||||||
Facility unused commitment fee | 318 | 303 | Facility unused commitment fee | 328 | 318 | |||||||||||||||||||||||||
Amortization of deferred financing costs | 243 | 236 | Amortization of deferred financing costs | 191 | 243 | |||||||||||||||||||||||||
Other fees | 29 | 29 | Other fees | — | 29 | |||||||||||||||||||||||||
Total interest expense and credit facility fees | $ | 12,769 | $ | 12,559 | Total interest expense and credit facility fees | $ | 7,494 | $ | 12,769 | |||||||||||||||||||||
Cash paid for interest expense | $ | 12,647 | $ | 11,515 | Cash paid for interest expense | $ | 6,915 | $ | 12,647 | |||||||||||||||||||||
Average principal debt outstanding | $ | 1,236,463 | $ | 1,017,719 | Average principal debt outstanding | $ | 979,557 | $ | 1,236,463 | |||||||||||||||||||||
Weighted average interest rate | 3.91 | % | 4.71 | % | Weighted average interest rate | 2.85 | % | 3.91 | % |
For the three month periods ended | For the three month periods ended | |||||||||||||||||||||||||||||
March 31, 2020 | March 31, 2019 | March 31, 2021 | March 31, 2020 | |||||||||||||||||||||||||||
Base management fees | $ | 7,386 | $ | 7,685 | Base management fees | $ | 6,800 | $ | 7,386 | |||||||||||||||||||||
Incentive fees on pre-incentive fee net investment income | 5,086 | 5,846 | Incentive fees on pre-incentive fee net investment income | 4,257 | 5,086 | |||||||||||||||||||||||||
Realized capital gains incentive fees | — | — | Realized capital gains incentive fees | — | — | |||||||||||||||||||||||||
Accrued capital gains incentive fees | — | — | Accrued capital gains incentive fees | — | — | |||||||||||||||||||||||||
Total capital gains incentive fees | — | — | Total capital gains incentive fees | — | — | |||||||||||||||||||||||||
Total incentive fees | 5,086 | 5,846 | Total incentive fees | 4,257 | 5,086 | |||||||||||||||||||||||||
Total base management fees and incentive fees | $ | 12,472 | $ | 13,531 | Total base management fees and incentive fees | $ | 11,057 | $ | 12,472 |
For the three month periods ended | For the three month periods ended | |||||||||||||||||||||||||||||
March 31, 2020 | March 31, 2019 | March 31, 2021 | March 31, 2020 | |||||||||||||||||||||||||||
Net realized gain (loss) on investments | $ | (1,697 | ) | $ | 899 | Net realized gain (loss) on investments | $ | 1,673 | $ | (1,697) | ||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | (145,563 | ) | 5,265 | Net change in unrealized appreciation (depreciation) on investments | 13,859 | (145,563) | ||||||||||||||||||||||||
Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments | $ | (147,260 | ) | $ | 6,164 | Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments | $ | 15,532 | $ | (147,260) |
For the three month periods ended | For the three month periods ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2020 | March 31, 2019 | March 31, 2021 | March 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Type | Net realized gain (loss) | Net change in unrealized appreciation (depreciation) | Net realized gain (loss) | Net change in unrealized appreciation (depreciation) | Type | Net realized gain (loss) | Net change in unrealized appreciation (depreciation) | Net realized gain (loss) | Net change in unrealized appreciation (depreciation) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Debt | $ | (2,054 | ) | $ | (90,659 | ) | $ | (60 | ) | $ | 978 | First Lien Debt | $ | 992 | $ | 10,550 | $ | (2,054) | $ | (90,659) | ||||||||||||||||||||||||||||||||||||||||||
Second Lien Debt | — | (34,034 | ) | — | 1,419 | Second Lien Debt | — | 4,713 | — | (34,034) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Investments | 357 | (1,908 | ) | 959 | 2,372 | Equity Investments | 681 | 1,254 | 357 | (1,908) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Fund | — | (18,962 | ) | — | 496 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Funds | Investment Funds | — | (2,691) | — | (18,962) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | (1,697 | ) | $ | (145,563 | ) | $ | 899 | $ | 5,265 | Total | $ | 1,673 | $ | 13,826 | $ | (1,697) | $ | (145,563) |
March 31, 2020 | December 31, 2019 | March 31, 2021 | December 31, 2020 | |||||||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||||||||
Selected Consolidated Balance Sheet Information | Selected Consolidated Balance Sheet Information | |||||||||||||||||||||
ASSETS | ASSETS | |||||||||||||||||||||
Investments, at fair value (amortized cost of $1,296,794 and $1,258,157, respectively) | $ | 1,199,183 | $ | 1,246,839 | ||||||||||||||||||
Investments, at fair value (amortized cost of $993,936 and $1,080,538, respectively) | Investments, at fair value (amortized cost of $993,936 and $1,080,538, respectively) | $ | 983,277 | $ | 1,056,381 | |||||||||||||||||
Cash and cash equivalents | 79,802 | 64,787 | Cash and cash equivalents | 63,384 | 119,796 | |||||||||||||||||
Other assets | 47,437 | 9,369 | Other assets | 11,344 | 7,553 | |||||||||||||||||
Total assets | $ | 1,326,422 | $ | 1,320,995 | Total assets | $ | 1,058,005 | $ | 1,183,730 | |||||||||||||
LIABILITIES AND MEMBERS’ EQUITY | LIABILITIES AND MEMBERS’ EQUITY | |||||||||||||||||||||
Secured borrowings | $ | 462,421 | $ | 441,077 | Secured borrowings | $ | 446,301 | $ | 514,261 | |||||||||||||
Notes payable, net of unamortized debt issuance costs of $3,320 and $3,441, respectively | 487,066 | 528,407 | ||||||||||||||||||||
Mezzanine loans (1) | — | 93,000 | ||||||||||||||||||||
Other Short-Term Borrowings | 8,802 | — | ||||||||||||||||||||
Notes payable, net of unamortized debt issuance costs of $1,511 and $1,559, respectively | Notes payable, net of unamortized debt issuance costs of $1,511 and $1,559, respectively | 184,326 | 253,933 | |||||||||||||||||||
Other liabilities | 43,135 | 32,383 | Other liabilities | 15,243 | 15,543 | |||||||||||||||||
Subordinated loans and members’ equity (1) | 324,998 | 226,128 | Subordinated loans and members’ equity (1) | 412,135 | 399,993 | |||||||||||||||||
Liabilities and members’ equity | $ | 1,326,422 | $ | 1,320,995 | Liabilities and members’ equity | $ | 1,058,005 | $ | 1,183,730 |
For the three month periods ended | ||||||||||||||||||||||||||
March 31, 2021 | March 31, 2020 | |||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||
Selected Consolidated Statement of Operations Information: | ||||||||||||||||||||||||||
Total investment income | $ | 16,105 | $ | 21,592 | ||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||
Interest and credit facility expenses | 5,415 | 13,927 | ||||||||||||||||||||||||
Other expenses | 468 | 503 | ||||||||||||||||||||||||
Total expenses | 5,883 | 14,430 | ||||||||||||||||||||||||
Net investment income (loss) | 10,222 | 7,162 | ||||||||||||||||||||||||
Net realized gain (loss) on investments | (1,578) | — | ||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | 13,498 | (86,293) | ||||||||||||||||||||||||
Net increase (decrease) resulting from operations | $ | 22,142 | $ | (79,131) |
For the three month periods ended | ||||||||
March 31, 2020 | March 31, 2019 | |||||||
(unaudited) | ||||||||
Selected Consolidated Statement of Operations Information: | ||||||||
Total investment income | $ | 21,592 | $ | 22,606 | ||||
Expenses | ||||||||
Interest and credit facility expenses | 13,927 | 14,730 | ||||||
Other expenses | 503 | 441 | ||||||
Total expenses | 14,430 | 15,171 | ||||||
Net investment income (loss) | 7,162 | 7,435 | ||||||
Net realized gain (loss) on investments | — | (8,285 | ) | |||||
Net change in unrealized appreciation (depreciation) on investments | (86,293 | ) | 17,778 | |||||
Net increase (decrease) resulting from operations | $ | (79,131 | ) | $ | 16,928 |
As of | |||||||||||
March 31, 2021 | December 31, 2020 | ||||||||||
Senior secured loans (1) | $ | 997,657 | $ | 1,084,491 | |||||||
Weighted average yields of senior secured loans based on amortized cost (2) | 6.06 | % | 6.03 | % | |||||||
Weighted average yields of senior secured loans based on fair value (2) | 6.11 | % | 6.15 | % | |||||||
Number of portfolio companies in Credit Fund | 50 | 54 | |||||||||
Average amount per portfolio company (1) | $ | 19,953 | $ | 20,083 | |||||||
Number of loans on non-accrual status | — | — | |||||||||
Fair value of loans on non-accrual status | $ | — | $ | — | |||||||
Percentage of portfolio at floating interest rates (3)(4) | 97.3 | % | 97.7 | % | |||||||
Percentage of portfolio at fixed interest rates (4) | 2.7 | % | 2.3 | % | |||||||
Fair value of loans with PIK provisions | $ | 26,602 | $ | 24,113 | |||||||
Percentage of portfolio with PIK provisions (4) | 2.7 | % | 2.3 | % |
As of | |||||||
March 31, 2020 | December 31, 2019 | ||||||
Senior secured loans (1) | $ | 1,299,438 | $ | 1,260,582 | |||
Weighted average yields of senior secured loans based on amortized cost (2) | 6.01 | % | 6.51 | % | |||
Weighted average yields of senior secured loans based on fair value (2) | 6.48 | % | 6.55 | % | |||
Number of portfolio companies in Credit Fund | 63 | 61 | |||||
Average amount per portfolio company (1) | $ | 20,626 | $ | 20,665 | |||
Number of loans on non-accrual status | 1 | 1 | |||||
Fair value of loans on non-accrual status | $ | 21,150 | $ | 21,150 | |||
Percentage of portfolio at floating interest rates (3)(4) | 98.2 | % | 98.3 | % | |||
Percentage of portfolio at fixed interest rates (4) | 1.8 | % | 1.7 | % | |||
Fair value of loans with PIK provisions | $ | 21,150 | $ | 21,150 | |||
Percentage of portfolio with PIK provisions (4) | 1.8 | % | 1.7 | % |
Consolidated Schedule of Investments as of March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Maturity Date | Par/ Principal Amount | Amortized Cost (4) | Fair Value (5) | |||||||||||||||||||||||||||||||||||||||||||||
First Lien Debt (97.3% of fair value) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
ACR Group Borrower, LLC | ^+ | (2)(3)(6) | Aerospace & Defense | L + 4.50% | 5.50% | 3/31/2028 | $ | 34,650 | $ | 34,020 | $ | 34,020 | |||||||||||||||||||||||||||||||||||||||||
Acrisure, LLC | \# | (2)(3) | Banking, Finance, Insurance & Real Estate | L + 3.50% | 3.70% | 2/15/2027 | 25,570 | 25,542 | 25,220 | ||||||||||||||||||||||||||||||||||||||||||||
Alpha Packaging Holdings, Inc. | +\ | (2)(3) | Containers, Packaging & Glass | L + 6.00% | 7.00% | 11/12/2021 | 16,269 | 16,269 | 16,269 | ||||||||||||||||||||||||||||||||||||||||||||
AmeriLife Holdings LLC | # | (2)(3) | Banking, Finance, Insurance & Real Estate | L + 4.00% | 4.11% | 3/18/2027 | 9,926 | 9,905 | 9,923 | ||||||||||||||||||||||||||||||||||||||||||||
Analogic Corporation | ^+ | (2)(3)(6) | Capital Equipment | L + 5.25% | 6.25% | 6/22/2024 | 18,810 | 18,790 | 18,687 | ||||||||||||||||||||||||||||||||||||||||||||
Anchor Packaging, Inc. | +# | (2)(3) | Containers, Packaging & Glass | L + 4.00% | 4.11% | 7/18/2026 | 24,660 | 24,559 | 24,660 | ||||||||||||||||||||||||||||||||||||||||||||
API Technologies Corp. | +\ | (2)(3) | Aerospace & Defense | L + 4.25% | 4.36% | 5/9/2026 | 14,738 | 14,679 | 14,516 | ||||||||||||||||||||||||||||||||||||||||||||
Aptean, Inc. | (2)(3) | Software | L + 4.25% | 4.36% | 4/23/2026 | 12,250 | 12,199 | 12,121 | |||||||||||||||||||||||||||||||||||||||||||||
Astra Acquisition Corp. | +# | (2)(3) | Software | L + 4.75% | 5.50% | 2/28/2027 | 28,782 | 28,405 | 28,443 | ||||||||||||||||||||||||||||||||||||||||||||
Avalign Technologies, Inc. | +\ | (2)(3) | Healthcare & Pharmaceuticals | L + 4.50% | 4.69% | 12/22/2025 | 14,555 | 14,449 | 14,485 | ||||||||||||||||||||||||||||||||||||||||||||
Avenu Holdings, LLC | + | (2)(3) | Sovereign & Public Finance | L + 5.25% | 6.25% | 9/28/2024 | 23,531 | 23,531 | 23,531 | ||||||||||||||||||||||||||||||||||||||||||||
Big Ass Fans, LLC | +\# | (2)(3) | Capital Equipment | L + 3.75% | 4.75% | 5/21/2024 | 13,730 | 13,680 | 13,730 | ||||||||||||||||||||||||||||||||||||||||||||
BK Medical Holding Company, Inc. | ^+ | (2)(3)(6) | Healthcare & Pharmaceuticals | L + 5.25% | 6.25% | 6/22/2024 | 24,104 | 23,905 | 23,650 | ||||||||||||||||||||||||||||||||||||||||||||
Chemical Computing Group ULC (Canada) | ^+ | (2)(3)(6) | Software | L + 5.00% | 6.00% | 8/30/2023 | 14,019 | 13,402 | 14,019 | ||||||||||||||||||||||||||||||||||||||||||||
Clearent Newco, LLC | ^ | (2)(3)(6) | High Tech Industries | L + 5.50% | 6.50% | 3/20/2025 | 29,423 | 29,187 | 29,423 | ||||||||||||||||||||||||||||||||||||||||||||
Clearent Newco, LLC | +\ | (2)(3) | High Tech Industries | L + 6.50% | 7.50% | 3/20/2025 | 4,069 | 4,069 | 4,069 | ||||||||||||||||||||||||||||||||||||||||||||
DBI Holding LLC | ^ | (2) | Transportation: Cargo | 14.00% PIK | 14.00% | 3/26/2023 | 2,538 | 2,538 | 2,538 | ||||||||||||||||||||||||||||||||||||||||||||
DecoPac, Inc. | ^+\ | (2)(3)(6) | Non-durable Consumer Goods | L + 4.25% | 5.25% | 9/29/2024 | 12,336 | 12,259 | 12,334 | ||||||||||||||||||||||||||||||||||||||||||||
Diligent Corporation | ^+ | (2)(3)(6) | Telecommunications | L + 6.25% | 7.25% | 8/4/2025 | 8,661 | 8,399 | 8,738 | ||||||||||||||||||||||||||||||||||||||||||||
DTI Holdco, Inc. | ^+\ | (2)(3) | High Tech Industries | L + 4.75% | 5.75% | 9/30/2023 | 18,641 | 18,566 | 17,860 | ||||||||||||||||||||||||||||||||||||||||||||
Eliassen Group, LLC | +\ | (2)(3) | Business Services | L + 4.25% | 4.36% | 11/5/2024 | 7,533 | 7,509 | 7,496 | ||||||||||||||||||||||||||||||||||||||||||||
EvolveIP, LLC | ^+ | (2)(3)(6) | Telecommunications | L + 5.75% | 6.75% | 6/7/2023 | 19,750 | 19,713 | 19,750 | ||||||||||||||||||||||||||||||||||||||||||||
Exactech, Inc. | +\# | (2)(3) | Healthcare & Pharmaceuticals | L + 3.75% | 4.75% | 2/14/2025 | 21,473 | 21,367 | 20,749 | ||||||||||||||||||||||||||||||||||||||||||||
Excel Fitness Holdings, Inc. | +# | (2)(3) | Hotel, Gaming & Leisure | L + 5.25% | 6.25% | 10/7/2025 | 24,688 | 24,494 | 23,495 | ||||||||||||||||||||||||||||||||||||||||||||
Frontline Technologies Holdings, LLC | + | (2)(3) | Software | L + 5.75% | 6.75% | 9/18/2023 | 14,849 | 14,214 | 14,980 | ||||||||||||||||||||||||||||||||||||||||||||
Golden West Packaging Group LLC | +\ | (2)(3) | Containers, Packaging & Glass | L + 5.25% | 6.25% | 6/20/2023 | 27,305 | 27,208 | 27,259 | ||||||||||||||||||||||||||||||||||||||||||||
HMT Holding Inc. | +\ | (2)(3)(6) | Energy: Oil & Gas | L + 5.00% | 6.00% | 11/17/2023 | 32,737 | 32,404 | 32,001 | ||||||||||||||||||||||||||||||||||||||||||||
Integrity Marketing Acquisition, LLC | ^+ | (2)(3)(6) | Banking, Finance, Insurance & Real Estate | L + 6.25% | 7.25% | 8/27/2025 | 8,495 | 8,381 | 8,615 | ||||||||||||||||||||||||||||||||||||||||||||
Jensen Hughes, Inc. | +\ | (2)(3)(6) | Utilities: Electric | L + 4.50% | 5.50% | 3/22/2024 | 34,863 | 34,771 | 34,118 | ||||||||||||||||||||||||||||||||||||||||||||
KAMC Holdings, Inc. | (2)(3) | Energy: Electricity | L + 4.00% | 4.19% | 8/14/2026 | 13,790 | 13,735 | 13,208 | |||||||||||||||||||||||||||||||||||||||||||||
KBP Investments, LLC | ^+ | (2)(3)(6) | Beverage, Food & Tobacco | L + 5.00% | 6.00% | 5/15/2023 | 9,277 | 9,058 | 9,362 | ||||||||||||||||||||||||||||||||||||||||||||
Marco Technologies, LLC | +\ | (2)(3) | Media: Advertising, Printing & Publishing | L + 4.00% | 5.00% | 10/30/2023 | 7,332 | 7,313 | 7,332 | ||||||||||||||||||||||||||||||||||||||||||||
Mold-Rite Plastics, LLC | +\ | (2)(3) | Chemicals, Plastics & Rubber | L + 4.25% | 5.25% | 12/14/2021 | 14,483 | 14,468 | 14,483 | ||||||||||||||||||||||||||||||||||||||||||||
Newport Group Holdings II, Inc. | +\# | (2)(3) | Banking, Finance, Insurance & Real Estate | L + 3.50% | 3.70% | 9/13/2025 | 23,415 | 23,235 | 23,389 |
Consolidated Schedule of Investments as of March 31, 2020 | |||||||||||||||||||||||
Investments (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Maturity Date | Par/ Principal Amount | Amortized Cost (5) | Fair Value (6) | |||||||||||||||
First Lien Debt (98.17% of fair value) | |||||||||||||||||||||||
Achilles Acquisition, LLC | +\# | (2) (3) | Banking, Finance, Insurance & Real Estate | L + 4.00% | 5.00% | 10/13/2025 | $ | 29,805 | $ | 29,690 | $ | 25,931 | |||||||||||
Acrisure, LLC | +\ | (2) (3) | Banking, Finance, Insurance & Real Estate | L + 3.50% | 5.21% | 2/15/2027 | 25,828 | 25,796 | 22,486 | ||||||||||||||
Advanced Instruments, LLC | +*\ | (2) (3) | Healthcare & Pharmaceuticals | L + 5.25% | 6.26% | 10/31/2022 | 36,087 | 36,019 | 35,405 | ||||||||||||||
Alku, LLC | +# | (2) (3) | Business Services | L + 5.50% | 7.31% | 7/29/2026 | 25,000 | 24,758 | 23,900 | ||||||||||||||
Alpha Packaging Holdings, Inc. | +*\ | (2) (3) | Containers, Packaging & Glass | L + 6.00% | 7.13% | 11/12/2021 | 16,639 | 16,637 | 16,296 | ||||||||||||||
AmeriLife Holdings LLC | # | (2) (3) (7) | Banking, Finance, Insurance & Real Estate | L + 4.00% | 5.45% | 3/18/2027 | 8,864 | 8,839 | 8,286 | ||||||||||||||
Analogic Corporation | ^+ | (2) (3) (7) | Capital Equipment | L + 5.25% | 6.25% | 6/22/2024 | 19,169 | 19,144 | 18,143 | ||||||||||||||
Anchor Packaging, Inc. | (2) (3) (7) | Containers, Packaging & Glass | L + 4.00% | 4.99% | 7/18/2026 | 20,410 | 20,315 | 19,056 | |||||||||||||||
API Technologies Corp. | +\ | (2) (3) | Aerospace & Defense | L + 4.25% | 5.24% | 5/9/2026 | 14,888 | 14,818 | 12,887 | ||||||||||||||
Aptean, Inc. | + \ | (2) (3) | Software | L + 4.25% | 5.24% | 4/23/2026 | 12,375 | 12,313 | 10,271 | ||||||||||||||
AQA Acquisition Holding, Inc. | ^*\ | (2) (3) (7) | High Tech Industries | L + 4.25% | 5.65% | 5/24/2023 | 21,323 | 21,299 | 20,741 | ||||||||||||||
Astra Acquisition Corp. | +# | (2) (3) | Software | L + 5.50% | 6.50% | 3/1/2027 | 29,000 | 28,567 | 26,822 | ||||||||||||||
Avalign Technologies, Inc. | +\ | (2) (3) | Healthcare & Pharmaceuticals | L + 4.50% | 5.57% | 12/22/2025 | 14,704 | 14,578 | 13,893 | ||||||||||||||
Big Ass Fans, LLC | +*\ | (2) (3) | Capital Equipment | L + 3.75% | 5.20% | 5/21/2024 | 13,873 | 13,809 | 13,515 | ||||||||||||||
BK Medical Holding Company, Inc. | ^+ | (2) (3) (7) | Healthcare & Pharmaceuticals | L + 5.25% | 6.25% | 6/22/2024 | 24,348 | 24,089 | 23,456 | ||||||||||||||
Brooks Equipment Company, LLC | +* | (2) (3) | Construction & Building | L + 5.00% | 6.60% | 8/29/2020 | 5,066 | 5,064 | 5,019 | ||||||||||||||
Clarity Telecom LLC. | + | (2) (3) | Media: Broadcasting & Subscription | L + 4.25% | 5.24% | 8/30/2026 | 14,925 | 14,880 | 14,058 | ||||||||||||||
Clearent Newco, LLC | ^+\ | (2) (3) (7) | High Tech Industries | L + 5.50% | 6.87% | 3/20/2025 | 29,675 | 29,386 | 27,402 | ||||||||||||||
Datto, Inc. | +\ | (2) (3) | High Tech Industries | L + 4.25% | 5.24% | 4/2/2026 | 12,406 | 12,345 | 11,720 | ||||||||||||||
DecoPac, Inc. | ^+ *\ | (2) (3) (7) | Non-durable Consumer Goods | L + 4.25% | 5.27% | 9/29/2024 | 13,622 | 13,524 | 13,622 | ||||||||||||||
DTI Holdco, Inc. | +*\ | (2) (3) | High Tech Industries | L + 4.75% | 6.53% | 9/30/2023 | 18,836 | 18,729 | 13,233 | ||||||||||||||
Eliassen Group, LLC | +\ | (2) (3) | Business Services | L + 4.50% | 5.49% | 11/5/2024 | 7,571 | 7,540 | 7,376 | ||||||||||||||
EvolveIP, LLC | ^+ | (2) (3) (7) | Telecommunications | L + 5.75% | 6.75% | 6/7/2023 | 19,948 | 19,895 | 19,388 | ||||||||||||||
Exactech, Inc. | +\# | (2) (3) | Healthcare & Pharmaceuticals | L + 3.75% | 4.75% | 2/14/2025 | 21,694 | 21,563 | 17,084 | ||||||||||||||
Excel Fitness Holdings, Inc. | +# | (2) (3) | Hotel, Gaming & Leisure | L + 5.25% | 6.25% | 10/7/2025 | 24,938 | 24,705 | 22,539 | ||||||||||||||
Golden West Packaging Group LLC | +*\ | (2) (3) | Containers, Packaging & Glass | L + 5.75% | 6.75% | 6/20/2023 | 29,252 | 29,103 | 28,333 | ||||||||||||||
HMT Holding Inc. | ^ +*\ | (2) (3) (7) | Energy: Oil & Gas | L + 5.00% | 6.02% | 11/17/2023 | 37,305 | 36,855 | 36,630 | ||||||||||||||
Jensen Hughes, Inc. | ^+*\ | (2) (3) (7) | Utilities: Electric | L + 4.50% | 5.57% | 3/22/2024 | 34,871 | 34,726 | 33,326 | ||||||||||||||
KAMC Holdings, Inc. | +# | (2) (3) | Energy: Electricity | L + 4.00% | 5.61% | 8/14/2026 | 13,930 | 13,866 | 13,083 | ||||||||||||||
Lionbridge Technologies, Inc. | (2) (3) | Business Services | L + 6.25% | 7.32% | 12/29/2025 | 24,938 | 24,938 | 23,583 | |||||||||||||||
MAG DS Corp. | +\ | (2) (3) (7) | Aerospace & Defense | L + 4.75% | 6.20% | 6/6/2025 | 27,632 | 27,413 | 27,632 | ||||||||||||||
Maravai Intermediate Holdings, LLC | +\# | (2) (3) | Healthcare & Pharmaceuticals | L + 4.25% | 5.75% | 8/2/2025 | 29,550 | 29,313 | 28,040 | ||||||||||||||
Marco Technologies, LLC | ^+\ | (2) (3) (7) | Media: Advertising, Printing & Publishing | L + 4.25% | 5.78% | 10/30/2023 | 7,444 | 7,394 | 6,979 |
Consolidated Schedule of Investments as of March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Maturity Date | Par/ Principal Amount | Amortized Cost (4) | Fair Value (5) | |||||||||||||||||||||||||||||||||||||||||||||
Odyssey Logistics & Technology Corp. | +\# | (2)(3) | Transportation: Cargo | L + 4.00% | 5.00% | 10/12/2024 | $ | 33,328 | $ | 33,229 | $ | 32,652 | |||||||||||||||||||||||||||||||||||||||||
Output Services Group | ^+\ | (2)(3) | Media: Advertising, Printing & Publishing | L + 4.50% | 5.50% | 3/27/2024 | 19,371 | 19,335 | 15,128 | ||||||||||||||||||||||||||||||||||||||||||||
Premise Health Holding Corp. | +\# | (2)(3) | Healthcare & Pharmaceuticals | L + 3.50% | 3.70% | 7/10/2025 | 13,550 | 13,505 | 13,498 | ||||||||||||||||||||||||||||||||||||||||||||
Propel Insurance Agency, LLC | ^+\ | (2)(3)(6) | Banking, Finance, Insurance & Real Estate | L + 5.00% | 6.00% | 6/1/2024 | 37,562 | 37,123 | 37,403 | ||||||||||||||||||||||||||||||||||||||||||||
Q Holding Company | +\# | (2)(3) | Automotive | L + 5.00% | 6.00% | 12/31/2023 | 21,680 | 21,554 | 20,355 | ||||||||||||||||||||||||||||||||||||||||||||
QW Holding Corporation | + | (2)(3)(6) | Environmental Industries | L + 5.75% | 6.75% | 8/31/2022 | 11,536 | 11,455 | 10,706 | ||||||||||||||||||||||||||||||||||||||||||||
Radiology Partners, Inc. | +\# | (2)(3) | Healthcare & Pharmaceuticals | L + 4.25% | 4.79% | 7/9/2025 | 27,686 | 27,586 | 27,439 | ||||||||||||||||||||||||||||||||||||||||||||
RevSpring Inc. | +\# | (2)(3) | Media: Advertising, Printing & Publishing | L + 4.25% | 4.36% | 10/11/2025 | 29,374 | 29,199 | 29,216 | ||||||||||||||||||||||||||||||||||||||||||||
Situs Group Holdings Corporation | +\ | (2)(3) | Banking, Finance, Insurance & Real Estate | L + 4.75% | 4.94% | 6/28/2025 | 14,744 | 14,656 | 14,642 | ||||||||||||||||||||||||||||||||||||||||||||
Striper Buyer, LLC | + | (2)(3) | Containers, Packaging & Glass | L + 5.50% | 6.25% | 12/30/2026 | 14,963 | 14,815 | 14,813 | ||||||||||||||||||||||||||||||||||||||||||||
T2 Systems, Inc. | ^+ | (2)(3)(6) | Transportation: Consumer | L + 6.75% | 7.75% | 9/28/2022 | 29,044 | 28,723 | 29,044 | ||||||||||||||||||||||||||||||||||||||||||||
The Original Cakerie, Ltd. (Canada) | +\ | (2)(3)(6) | Beverage, Food & Tobacco | L + 4.50% | 5.50% | 7/20/2022 | 6,279 | 6,265 | 6,279 | ||||||||||||||||||||||||||||||||||||||||||||
The Original Cakerie, Ltd. (Canada) | + | (2)(3) | Beverage, Food & Tobacco | L + 5.00% | 6.00% | 7/20/2022 | 8,815 | 8,796 | 8,815 | ||||||||||||||||||||||||||||||||||||||||||||
U.S. TelePacific Holdings Corp. | +\ | (2)(3) | Telecommunications | L + 5.50% | 6.50% | 5/2/2023 | 6,660 | 6,625 | 6,144 | ||||||||||||||||||||||||||||||||||||||||||||
VRC Companies, LLC | + | (2)(3)(6) | Business Services | L + 6.50% | 7.50% | 3/31/2023 | 30,504 | 29,503 | 29,877 | ||||||||||||||||||||||||||||||||||||||||||||
Water Holdings Acquisition LLC | ^+ | (2)(3)(6) | Utilities: Water | L + 5.25% | 6.25% | 12/18/2026 | 26,250 | 25,488 | 25,627 | ||||||||||||||||||||||||||||||||||||||||||||
Welocalize, Inc. | + | (2)(3)(6) | Business Services | L + 4.50% | 5.50% | 12/23/2023 | 22,574 | 22,369 | 22,571 | ||||||||||||||||||||||||||||||||||||||||||||
WRE Holding Corp. | ^+ | (2)(3)(6) | Environmental Industries | L + 5.50% | 6.50% | 1/3/2023 | 8,421 | 8,394 | 8,307 | ||||||||||||||||||||||||||||||||||||||||||||
First Lien Debt Total | $ | 964,843 | $ | 956,989 | |||||||||||||||||||||||||||||||||||||||||||||||||
Second Lien Debt (2.4% of fair value) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
DBI Holding, LLC | ^ | (2) | Transportation: Cargo | 10.00% PIK | 10.00% | 2/1/2026 | $ | 24,064 | $ | 23,729 | $ | 24,064 | |||||||||||||||||||||||||||||||||||||||||
Second Lien Debt Total | $ | 23,729 | $ | 24,064 | |||||||||||||||||||||||||||||||||||||||||||||||||
Equity Investments (0.2% of fair value) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
DBI Holding, LLC | ^ | Transportation: Cargo | 2,961 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||
DBI Holding, LLC | ^ | Transportation: Cargo | 13,996 | 5,364 | 2,224 | ||||||||||||||||||||||||||||||||||||||||||||||||
Equity Investments Total | $ | 5,364 | $ | 2,224 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Investments | $ | 993,936 | $ | 983,277 |
Consolidated Schedule of Investments as of March 31, 2020 | |||||||||||||||||||||||
Investments (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Maturity Date | Par/ Principal Amount | Amortized Cost (5) | Fair Value (6) | |||||||||||||||
Mold-Rite Plastics, LLC | +\ | (2) (3) | Chemicals, Plastics & Rubber | L + 4.25% | 5.32% | 12/14/2021 | $ | 14,557 | $ | 14,524 | $ | 14,288 | |||||||||||
MSHC, Inc. | ^+*\ | (2) (3) (7) | Construction & Building | L + 4.25% | 5.25% | 12/31/2024 | 42,477 | 42,340 | 40,467 | ||||||||||||||
Newport Group Holdings II, Inc. | +\# | (2) (3) | Banking, Finance, Insurance & Real Estate | L + 3.75% | 5.20% | 9/13/2025 | 23,655 | 23,436 | 22,626 | ||||||||||||||
Odyssey Logistics & Technology Corp. | +*\# | (2) (3) | Transportation: Cargo | L + 4.00% | 5.07% | 10/12/2024 | 39,013 | 38,866 | 27,309 | ||||||||||||||
Output Services Group | ^+\ | (2) (3) | Media: Advertising, Printing & Publishing | L + 4.50% | 6.11% | 3/27/2024 | 19,571 | 19,523 | 18,432 | ||||||||||||||
PAI Holdco, Inc. | +*\ | (2) (3) | Automotive | L + 4.25% | 5.39% | 1/5/2025 | 19,486 | 19,415 | 18,956 | ||||||||||||||
Park Place Technologies, Inc. | +\# | (2) (3) | High Tech Industries | L + 4.00% | 5.00% | 3/28/2025 | 22,502 | 22,429 | 21,827 | ||||||||||||||
Pasternack Enterprises, Inc. | +\ | (2) (3) | Capital Equipment | L + 4.00% | 5.00% | 7/2/2025 | 22,697 | 22,684 | 21,955 | ||||||||||||||
Pharmalogic Holdings Corp. | +\ | (2) (3) | Healthcare & Pharmaceuticals | L + 4.00% | 5.00% | 6/11/2023 | 11,292 | 11,269 | 11,091 | ||||||||||||||
Premise Health Holding Corp. | ^+\# | (2) (3) (7) | Healthcare & Pharmaceuticals | L + 3.50% | 4.95% | 7/10/2025 | 13,689 | 13,632 | 13,081 | ||||||||||||||
Propel Insurance Agency, LLC | ^+\ | (2) (3) (7) | Banking, Finance, Insurance & Real Estate | L + 4.25% | 5.70% | 6/1/2024 | 22,475 | 22,024 | 21,678 | ||||||||||||||
Q Holding Company | +*\# | (2) (3) | Automotive | L + 5.00% | 6.45% | 12/31/2023 | 21,900 | 21,732 | 20,560 | ||||||||||||||
QW Holding Corporation (Quala) | ^+* | (2) (3) (7) | Environmental Industries | L + 6.25% | 7.70% | 8/31/2022 | 16,305 | 16,144 | 15,895 | ||||||||||||||
Radiology Partners, Inc. | +\# | (2) (3) | Healthcare & Pharmaceuticals | L + 4.25% | 5.98% | 7/9/2025 | 27,686 | 27,566 | 22,149 | ||||||||||||||
RevSpring Inc. | *\# | (2) (3) | Media: Advertising, Printing & Publishing | L + 4.00% | 5.45% | 10/11/2025 | 29,688 | 29,476 | 25,012 | ||||||||||||||
Situs Group Holdings Corporation | ^+\ | (2) (3) | Banking, Finance, Insurance & Real Estate | L + 4.75% | 5.81% | 6/28/2025 | 14,897 | 14,790 | 13,954 | ||||||||||||||
Surgical Information Systems, LLC | +*\ | (2) (3) (6) | High Tech Industries | L + 4.75% | 7.21% | 4/24/2023 | 26,168 | 26,016 | 25,417 | ||||||||||||||
Systems Maintenance Services Holding, Inc. | ^* | (2) (3) (9) | High Tech Industries | L + 5.00% | 6.45% | 10/30/2023 | 23,735 | 23,647 | 16,837 | ||||||||||||||
T2 Systems, Inc. | ^+* | (2) (3) (7) | Transportation: Consumer | L + 6.75% | 8.34% | 9/28/2022 | 17,804 | 17,570 | 17,630 | ||||||||||||||
The Original Cakerie, Ltd. (Canada) | ^+*\ | (2) (3) | Beverage, Food & Tobacco | L + 5.00% | 6.62% | 7/20/2022 | 8,906 | 8,879 | 8,723 | ||||||||||||||
The Original Cakerie, Ltd. (Canada) | ^+*\ | (2) (3) | Beverage, Food & Tobacco | L + 4.50% | 5.95% | 7/20/2022 | 8,009 | 7,988 | 7,858 | ||||||||||||||
Thoughtworks, Inc. | *\# | (2) (3) | Business Services | L + 3.75% | 5.20% | 10/11/2024 | 11,794 | 11,769 | 10,202 | ||||||||||||||
U.S. Acute Care Solutions, LLC | +*\ | (2) (3) | Healthcare & Pharmaceuticals | L + 5.00% | 6.45% | 5/15/2021 | 31,299 | 31,217 | 27,624 | ||||||||||||||
U.S. TelePacific Holdings Corp. | +*\ | (2) (3) | Telecommunications | L + 5.00% | 6.07% | 5/2/2023 | 26,660 | 26,510 | 20,195 | ||||||||||||||
Valet Waste Holdings, Inc. | +\# | (2) (3) | Construction & Building | L + 3.75% | 4.74% | 9/28/2025 | 18,058 | 17,967 | 17,383 | ||||||||||||||
VRC Companies, LLC | ^+ | (2) (3) (7) | Business Services | L + 6.50% | 7.99% | 3/31/2023 | 5,548 | 5,321 | 5,295 | ||||||||||||||
Welocalize, Inc. | ^+ | (2) (3) (7) | Business Services | L + 4.50% | 5.50% | 12/2/2024 | 23,804 | 23,563 | 23,113 | ||||||||||||||
WRE Holding Corp. | ^+* | (2) (3) (7) | Environmental Industries | L + 5.00% | 6.45% | 1/3/2023 | 7,854 | 7,800 | 7,718 | ||||||||||||||
Zywave, Inc. | ^+*\ | (2) (3) | High Tech Industries | L + 5.00% | 6.72% | 11/17/2022 | 20,177 | 20,066 | 19,870 | ||||||||||||||
First Lien Debt Total | $ | 1,270,073 | $ | 1,177,280 | |||||||||||||||||||
Second Lien Debt (1.82% of fair value) | |||||||||||||||||||||||
DBI Holding, LLC | ^* | (8) | Transportation: Cargo | 8.00% PIK | 8.00% | 2/1/2026 | $ | 21,150 | $ | 20,697 | $ | 21,150 | |||||||||||
Zywave, Inc. | * | (2) (3) | High Tech Industries | L + 9.00% | 10.8% | 11/17/2023 | 666 | 660 | 642 | ||||||||||||||
Second Lien Debt Total | $ | 21,364 | $ | 21,764 |
Investments (1) | Footnotes | Industry | Type | Shares/Units | Cost | Fair Value (6) | ||||||||||||
Equity Investments (0.01% of fair value) | ||||||||||||||||||
DBI Holding, LLC | ^* | Transportation: Cargo | Common stock | 16,957 | $ | 5,364 | $ | 111 | ||||||||||
Equity Investments Total | $ | 5,364 | $ | 111 | ||||||||||||||
Total Investments | $ | 1,296,794 | $ | 1,199,183 |
First Lien Debt – unfunded delayed draw and revolving term loans commitments | Type | Unused Fee | Par/ Principal Amount | Fair Value | |||||||
AmeriLife Holdings LLC | Delayed Draw | 1.00% | $ | 1,136 | $ | (66 | ) | ||||
Analogic Corporation | Revolver | 0.50 | 1,806 | (88 | ) | ||||||
Anchor Packaging, Inc. | Delayed Draw | 1.00 | 4,487 | (244 | ) | ||||||
AQA Acquisition Holding, Inc. | Revolver | 0.50 | 42 | (1 | ) | ||||||
BK Medical Holding Company, Inc. | Revolver | 0.50 | 2,609 | (86 | ) | ||||||
Clearent Newco, LLC | Delayed Draw | 1.00 | 6,636 | (415 | ) | ||||||
DecoPac, Inc. | Revolver | 0.50 | 857 | — | |||||||
EvolveIP, LLC | Delayed Draw | 1.00 | 2,240 | (53 | ) | ||||||
EvolveIP, LLC | Revolver | 0.50 | 1,344 | (32 | ) | ||||||
HMT Holding Inc. | Revolver | 0.50 | 1,940 | (33 | ) | ||||||
Jensen Hughes, Inc. | Revolver | 0.50 | 91 | (4 | ) | ||||||
Jensen Hughes, Inc. | Delayed Draw | 1.00 | 2,365 | (98 | ) | ||||||
MAG DS Corp. | Revolver | 0.50 | 2,965 | — | |||||||
Marco Technologies, LLC | Delayed Draw | 1.00 | 7,500 | (233 | ) | ||||||
MSHC, Inc. | Delayed Draw | 1.00 | 747 | (35 | ) | ||||||
Premise Health Holding Corp. | Delayed Draw | 1.00 | 1,103 | (45 | ) | ||||||
Propel Insurance Agency, LLC | Revolver | 0.50 | 2,381 | (59 | ) | ||||||
Propel Insurance Agency, LLC | Delayed Draw | 0.50 | 7,143 | (178 | ) | ||||||
QW Holding Corporation (Quala) | Revolver | 0.50 | 852 | (20 | ) | ||||||
QW Holding Corporation (Quala) | Delayed Draw | 1.00 | 161 | (4 | ) | ||||||
T2 Systems, Inc. | Revolver | 0.50 | 1,564 | (14 | ) | ||||||
VRC Companies, LLC | Delayed Draw | 0.75 | 6,091 | (132 | ) | ||||||
Welocalize, Inc. | Revolver | 0.50 | 1,238 | (34 | ) | ||||||
WRE Holding Corp. | Delayed Draw | 1.00 | 1,981 | (27 | ) | ||||||
Total unfunded commitments | $ | 59,279 | $ | (1,901 | ) |
First Lien Debt – unfunded delayed draw and revolving term loans commitments | Type | Unused Fee | Par/ Principal Amount | Fair Value | |||||||||||||||||||
ACR Group Borrower, LLC | Revolver | 0.38% | $ | 7,350 | $ | (110) | |||||||||||||||||
Analogic Corporation | Revolver | 0.50 | 1,975 | — | |||||||||||||||||||
BK Medical Holding Company, Inc. | Revolver | 0.50 | 2,609 | (176) | |||||||||||||||||||
Chemical Computing Group ULC (Canada) | Revolver | 0.50 | 873 | — | |||||||||||||||||||
Clearent Newco, LLC | Delayed Draw | 1.00 | 2,549 | (66) | |||||||||||||||||||
DecoPac, Inc. | Revolver | 0.50 | 2,143 | (3) | |||||||||||||||||||
Diligent Corporation | Delayed Draw | 1.00 | 2,109 | 25 | |||||||||||||||||||
Diligent Corporation | Revolver | 0.50 | 703 | 8 | |||||||||||||||||||
EvolveIP, LLC | Delayed Draw | 1.00 | 1,904 | (2) | |||||||||||||||||||
EvolveIP, LLC | Revolver | 0.50 | 1,680 | (2) | |||||||||||||||||||
HMT Holding Inc. | Revolver | 0.50 | 6,173 | (291) | |||||||||||||||||||
Integrity Marketing Acquisition, LLC | Delayed Draw | 1.00 | 3,464 | 46 | |||||||||||||||||||
Jensen Hughes, Inc. | Delayed Draw | 1.00 | 1,127 | (35) | |||||||||||||||||||
Jensen Hughes, Inc. | Revolver | 0.50 | 1,000 | (31) | |||||||||||||||||||
KBP Investments, LLC | Delayed Draw | 1.00 | 503 | 1 | |||||||||||||||||||
KBP Investments, LLC | Delayed Draw | 1.00 | 10,190 | 30 | |||||||||||||||||||
Propel Insurance Agency, LLC | Revolver | 0.50 | 2,381 | (24) | |||||||||||||||||||
Propel Insurance Agency, LLC | Delayed Draw | 1.00 | 1,733 | (17) | |||||||||||||||||||
QW Holding Corporation | Revolver | 0.50 | 5,498 | (268) | |||||||||||||||||||
QW Holding Corporation | Delayed Draw | 1.00 | 162 | (8) | |||||||||||||||||||
T2 Systems, Inc. | Revolver | 0.50 | 1,955 | — | |||||||||||||||||||
The Original Cakerie, Ltd. (Canada) | Revolver | 0.50 | 1,665 | (1) | |||||||||||||||||||
VRC Companies, LLC | Revolver | 0.50 | 858 | — | |||||||||||||||||||
Water Holdings Acquisition LLC | Delayed Draw | 1.00 | 8,421 | (126) | |||||||||||||||||||
Water Holdings Acquisition LLC | Revolver | 0.50 | 5,263 | (79) | |||||||||||||||||||
Welocalize, Inc. | Revolver | 0.50 | 1,800 | (3) | |||||||||||||||||||
WRE Holding Corp. | Revolver | 0.50 | 778 | (9) | |||||||||||||||||||
WRE Holding Corp. | Delayed Draw | 1.00 | 563 | (7) | |||||||||||||||||||
Total unfunded commitments | $ | 77,429 | $ | (1,148) |
Consolidated Schedule of Investments as of December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Schedule of Investments as of December 31, 2020 | Consolidated Schedule of Investments as of December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Maturity Date | Par/ Principal Amount | Amortized Cost (5) | Fair Value (6) | Investments (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Maturity Date | Par/ Principal Amount | Amortized Cost (4) | Fair Value (5) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Debt (98.11% of fair value) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Achilles Acquisition, LLC | +\# | (2) (3) | Banking, Finance, Insurance & Real Estate | L + 4.00% | 5.75% | 10/13/2025 | $ | 17,865 | $ | 17,776 | $ | 17,763 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Debt (97.5% of fair value) | First Lien Debt (97.5% of fair value) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acrisure, LLC | +\ | (2) (3) | Banking, Finance, Insurance & Real Estate | L + 3.75% | 5.85% | 11/22/2023 | 11,820 | 11,810 | 11,805 | Acrisure, LLC | \# | (2)(3) | Banking, Finance, Insurance & Real Estate | L + 3.50% | 3.65% | 2/15/2027 | $ | 25,634 | $ | 25,606 | $ | 25,104 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acrisure, LLC | +\# | (2) (3) | Banking, Finance, Insurance & Real Estate | L + 4.25% | 6.35% | 11/22/2023 | 20,674 | 20,639 | 20,674 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advanced Instruments, LLC | ^+*\ | (2) (3) (7) | Healthcare & Pharmaceuticals | L + 5.25% | 6.99% | 10/31/2022 | 35,610 | 35,536 | 35,466 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alku, LLC | +# | (2) (3) | Business Services | L + 5.50% | 7.44% | 7/29/2026 | 25,000 | 24,754 | 24,624 | Alku, LLC | +# | (2)(3) | Business Services | L + 5.50% | 5.75% | 7/29/2026 | 23,666 | 23,466 | 23,512 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alpha Packaging Holdings, Inc. | +*\ | (2) (3) | Containers, Packaging & Glass | L + 4.25% | 6.35% | 5/12/2020 | 16,684 | 16,676 | 16,601 | Alpha Packaging Holdings, Inc. | +\ | (2)(3) | Containers, Packaging & Glass | L + 6.00% | 7.00% | 11/12/2021 | 16,378 | 16,378 | 16,378 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AmeriLife Group, LLC | ^# | (2) (3) (7) | Banking, Finance, Insurance & Real Estate | L + 4.50% | 6.20% | 6/5/2026 | 16,627 | 16,557 | 16,558 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AmeriLife Holdings LLC | AmeriLife Holdings LLC | # | (2)(3) | Banking, Finance, Insurance & Real Estate | L + 4.00% | 4.15% | 3/18/2027 | 9,951 | 9,929 | 9,802 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Analogic Corporation | Analogic Corporation | ^+ | (2)(3)(6) | Capital Equipment | L + 5.25% | 6.25% | 6/22/2024 | 18,857 | 18,837 | 18,857 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Anchor Packaging, Inc. | ^# | (2) (3) (7) | Containers, Packaging & Glass | L + 4.00% | 5.70% | 7/18/2026 | 20,462 | 20,363 | 20,457 | Anchor Packaging, Inc. | +# | (2)(3) | Containers, Packaging & Glass | L + 4.00% | 4.15% | 7/18/2026 | 24,723 | 24,617 | 24,656 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
API Technologies Corp. | +\ | (2) (3) | Aerospace & Defense | L + 4.25% | 5.95% | 5/9/2026 | 14,925 | 14,853 | 14,807 | API Technologies Corp. | +\ | (2)(3) | Aerospace & Defense | L + 4.25% | 4.49% | 5/9/2026 | 14,775 | 14,713 | 13,999 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aptean, Inc. | +\ | (2) (3) | Software | L + 4.25% | 6.34% | 4/23/2026 | 12,406 | 12,344 | 12,385 | Aptean, Inc. | +\ | (2)(3) | Software | L + 4.25% | 4.40% | 4/23/2026 | 12,281 | 12,227 | 12,077 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AQA Acquisition Holding, Inc. | ^*\ | (2) (3) (7) | High Tech Industries | L + 4.25% | 6.16% | 5/24/2023 | 18,954 | 18,922 | 18,860 | AQA Acquisition Holding, Inc. | +\ | (2)(3)(6) | High Tech Industries | L + 4.25% | 5.25% | 5/24/2023 | 18,759 | 18,752 | 18,757 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Astra Acquisition Corp. | Astra Acquisition Corp. | +# | (2)(3) | Software | L + 5.50% | 6.50% | 3/1/2027 | 28,783 | 28,392 | 28,783 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalign Technologies, Inc. | +\ | (2) (3) | Healthcare & Pharmaceuticals | L + 4.50% | 6.70% | 12/22/2025 | 14,741 | 14,610 | 14,626 | Avalign Technologies, Inc. | +\ | (2)(3) | Healthcare & Pharmaceuticals | L + 4.50% | 4.73% | 12/22/2025 | 14,592 | 14,481 | 14,334 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Big Ass Fans, LLC | +*\ | (2) (3) | Capital Equipment | L + 3.75% | 5.85% | 5/21/2024 | 13,909 | 13,841 | 13,903 | Big Ass Fans, LLC | +\# | (2)(3) | Capital Equipment | L + 3.75% | 4.75% | 5/21/2024 | 13,766 | 13,714 | 13,766 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borchers, Inc. | +*\ | (2) (3) (7) | Chemicals, Plastics & Rubber | L + 4.50% | 6.60% | 11/1/2024 | 15,116 | 15,072 | 15,085 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brooks Equipment Company, LLC | * | Construction & Building | L + 5.00% | 6.91% | 8/29/2020 | 5,144 | 5,141 | 5,141 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BK Medical Holding Company, Inc. | BK Medical Holding Company, Inc. | ^+ | (2)(3)(6) | Healthcare & Pharmaceuticals | L + 5.25% | 6.25% | 6/22/2024 | 24,165 | 23,951 | 22,363 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chemical Computing Group ULC (Canada) | Chemical Computing Group ULC (Canada) | ^+ | (2)(3)(6) | Software | L + 5.00% | 6.00% | 8/30/2023 | 14,055 | 13,378 | 14,055 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Clarity Telecom LLC. | + | (2) (3) | Media: Broadcasting & Subscription | L + 4.50% | 6.20% | 8/30/2026 | 14,963 | 14,915 | 14,902 | Clarity Telecom LLC. | + | Media: Broadcasting & Subscription | L + 4.25% | 4.40% | 8/30/2026 | 14,813 | 14,773 | 14,813 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Clearent Newco, LLC | ^+\ | (2) (3) (7) | High Tech Industries | L + 5.50% | 7.44% | 3/20/2025 | 29,738 | 29,436 | 29,134 | Clearent Newco, LLC | ^ | (2)(3)(6) | High Tech Industries | L + 6.50% | 7.50% | 3/20/2025 | 4,079 | 4,079 | 3,907 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Datto, Inc. | +\ | (2) (3) | High Tech Industries | L + 4.25% | 5.95% | 4/2/2026 | 12,438 | 12,375 | 12,420 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Clearent Newco, LLC | Clearent Newco, LLC | ^+\ | (2)(3) | High Tech Industries | L + 5.50% | 6.50% | 3/20/2025 | 29,486 | 29,236 | 28,722 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DecoPac, Inc. | +*\ | (2) (3) (7) | Non-durable Consumer Goods | L + 4.25% | 6.01% | 9/29/2024 | 12,336 | 12,233 | 12,292 | DecoPac, Inc. | ^+\ | (2)(3)(6) | Non-durable Consumer Goods | L + 4.25% | 5.25% | 9/29/2024 | 12,336 | 12,253 | 12,318 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dent Wizard International Corporation | +\ | (2) (3) | Automotive | L + 4.00% | 5.70% | 4/7/2020 | 36,880 | 36,843 | 36,717 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diligent Corporation | Diligent Corporation | ^+ | (2)(3)(6) | Telecommunications | L + 6.25% | 7.25% | 8/4/2025 | 8,683 | 8,411 | 8,819 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DTI Holdco, Inc. | +*\ | (2) (3) | High Tech Industries | L + 4.75% | 6.68% | 9/30/2023 | 18,885 | 18,771 | 17,611 | DTI Holdco, Inc. | ^+\ | (2)(3) | High Tech Industries | L + 4.75% | 5.75% | 9/30/2023 | 18,690 | 18,642 | 16,655 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Eliassen Group, LLC | +\ | (2) (3) | Business Services | L + 4.50% | 6.20% | 11/5/2024 | 7,581 | 7,548 | 7,579 | Eliassen Group, LLC | +\ | (2)(3) | Business Services | L + 4.25% | 4.40% | 11/5/2024 | 7,543 | 7,516 | 7,483 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EIP Merger Sub, LLC (Evolve IP) | ^+ | (2) (3) (7) | Telecommunications | L + 5.75% | 7.45% | 6/7/2023 | 19,661 | 19,605 | 19,661 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EvolveIP, LLC | EvolveIP, LLC | ^+ | (2)(3)(6) | Telecommunications | L + 5.75% | 6.75% | 6/7/2023 | 19,800 | 19,759 | 19,775 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exactech, Inc. | +\# | (2) (3) | Healthcare & Pharmaceuticals | L + 3.75% | 5.45% | 2/14/2025 | 21,772 | 21,634 | 21,751 | Exactech, Inc. | +\# | (2)(3) | Healthcare & Pharmaceuticals | L + 3.75% | 4.75% | 2/14/2025 | 21,528 | 21,416 | 20,422 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Excel Fitness Holdings, Inc. | +# | (2) (3) | Hotel, Gaming & Leisure | L + 5.25% | 6.95% | 10/7/2025 | 25,000 | 24,758 | 24,875 | Excel Fitness Holdings, Inc. | +# | (2)(3) | Hotel, Gaming & Leisure | L + 5.25% | 6.25% | 10/7/2025 | 24,750 | 24,546 | 22,780 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Frontline Technologies Holdings, LLC | Frontline Technologies Holdings, LLC | + | (2)(3) | Software | L + 5.75% | 6.75% | 9/18/2023 | 14,886 | 14,198 | 14,589 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Golden West Packaging Group LLC | +*\ | (2) (3) | Containers, Packaging & Glass | L + 5.75% | 7.45% | 6/20/2023 | 29,464 | 29,303 | 29,072 | Golden West Packaging Group LLC | +\ | (2)(3) | Containers, Packaging & Glass | L + 5.25% | 6.25% | 6/20/2023 | 29,012 | 28,896 | 28,974 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HMT Holding Inc. | ^+*\ | (2) (3) (7) | Energy: Oil & Gas | L + 5.00% | 6.74% | 11/17/2023 | 33,157 | 32,678 | 32,972 | HMT Holding Inc. | +\ | (2)(3)(6) | Energy: Oil & Gas | L + 5.00% | 6.00% | 11/17/2023 | 32,821 | 32,458 | 30,984 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Integrity Marketing Acquisition, LLC | Integrity Marketing Acquisition, LLC | ^+ | (2)(3)(6) | Banking, Finance, Insurance & Real Estate | L + 6.25% | 7.25% | 8/27/2025 | 7,836 | 7,701 | 7,956 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jensen Hughes, Inc. | ^+*\ | (2) (3) (7) | Utilities: Electric | L + 4.50% | 6.24% | 3/22/2024 | 33,909 | 33,757 | 33,550 | Jensen Hughes, Inc. | +\ | (2)(3)(6) | Utilities: Electric | L + 4.50% | 5.50% | 3/22/2024 | 34,584 | 34,489 | 33,424 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
KAMC Holdings, Inc. | +# | (2) (3) | Energy: Electricity | L + 4.00% | 5.91% | 8/14/2026 | 13,965 | 13,899 | 13,881 | KAMC Holdings, Inc. | +# | (2)(3) | Energy: Electricity | L + 4.00% | 4.23% | 8/14/2026 | 13,825 | 13,768 | 12,531 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MAG DS Corp. | ^+\ | (2) (3) (7) | Aerospace & Defense | L + 4.75% | 6.46% | 6/6/2025 | 28,471 | 28,242 | 28,286 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maravai Intermediate Holdings, LLC | +\# | (2) (3) | Healthcare & Pharmaceuticals | L + 4.25% | 6.00% | 8/2/2025 | 29,625 | 29,378 | 29,400 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
KBP Investments, LLC | KBP Investments, LLC | ^+ | (2)(3)(6) | Beverage, Food & Tobacco | L + 5.00% | 6.00% | 5/15/2023 | 9,292 | 9,059 | 9,350 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marco Technologies, LLC | ^+\ | (2) (3) (7) | Media: Advertising, Printing & Publishing | L + 4.25% | 6.16% | 10/30/2023 | 7,463 | 7,410 | 7,463 | Marco Technologies, LLC | ^+\ | (2)(3)(6) | Media: Advertising, Printing & Publishing | L + 4.00% | 5.00% | 10/30/2023 | 7,332 | 7,293 | 7,332 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mold-Rite Plastics, LLC | Mold-Rite Plastics, LLC | +\ | (2)(3) | Chemicals, Plastics & Rubber | L + 4.25% | 5.25% | 12/14/2021 | 14,520 | 14,501 | 14,520 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Newport Group Holdings II, Inc. | Newport Group Holdings II, Inc. | +\# | (2)(3) | Banking, Finance, Insurance & Real Estate | L + 3.50% | 3.75% | 9/13/2025 | 23,475 | 23,285 | 23,405 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Odyssey Logistics & Technology Corp. | Odyssey Logistics & Technology Corp. | +\# | (2)(3) | Transportation: Cargo | L + 4.00% | 5.00% | 10/12/2024 | 38,897 | 38,773 | 37,766 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Output Services Group | Output Services Group | ^+\ | (2)(3) | Media: Advertising, Printing & Publishing | L + 4.50% | 5.50% | 3/27/2024 | 19,421 | 19,382 | 14,178 |
Consolidated Schedule of Investments as of December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Schedule of Investments as of December 31, 2020 | Consolidated Schedule of Investments as of December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Maturity Date | Par/ Principal Amount | Amortized Cost (5) | Fair Value (6) | Investments (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Maturity Date | Par/ Principal Amount | Amortized Cost (4) | Fair Value (5) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mold-Rite Plastics, LLC | +\ | (2) (3) | Chemicals, Plastics & Rubber | L + 4.25% | 5.95% | 12/14/2021 | $ | 14,557 | $ | 14,519 | $ | 14,524 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MSHC, Inc. | ^+*\ | (2) (3) (7) | Construction & Building | L + 4.25% | 5.95% | 12/31/2024 | 38,251 | 38,138 | 38,166 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Newport Group Holdings II, Inc. | +\# | (2) (3) | Banking, Finance, Insurance & Real Estate | L + 3.75% | 5.65% | 9/13/2025 | 23,715 | 23,487 | 23,663 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Odyssey Logistics & Technology Corp. | +*\# | (2) (3) | Transportation: Cargo | L + 4.00% | 5.70% | 10/12/2024 | 39,013 | 38,859 | 38,763 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Output Services Group | ^+\ | (2) (3) (7) | Media: Advertising, Printing & Publishing | L + 4.50% | 6.20% | 3/27/2024 | 19,621 | 19,570 | 19,469 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PAI Holdco, Inc. | +*\ | (2) (3) | Automotive | L + 4.25% | 6.35% | 1/5/2025 | 19,532 | 19,458 | 19,532 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Park Place Technologies, Inc. | +\# | (2) (3) | High Tech Industries | L + 4.00% | 5.70% | 3/28/2025 | 22,566 | 22,489 | 22,566 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pasternack Enterprises, Inc. | +\ | (2) (3) | Capital Equipment | L + 4.00% | 5.70% | 7/2/2025 | 22,755 | 22,742 | 22,653 | Pasternack Enterprises, Inc. | +\ | (2)(3) | Capital Equipment | L + 4.00% | 5.00% | 7/2/2025 | $ | 22,524 | $ | 22,513 | $ | 22,218 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pathway Vet Alliance LLC | +\ | (2) (3) (7) | Consumer Services | L + 4.50% | 6.21% | 12/20/2024 | 19,085 | 18,708 | 19,217 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pharmalogic Holdings Corp. | +\ | (2) (3) | Healthcare & Pharmaceuticals | L + 4.00% | 5.70% | 6/11/2023 | 11,320 | 11,296 | 11,302 | Pharmalogic Holdings Corp. | +\ | (2)(3) | Healthcare & Pharmaceuticals | L + 4.00% | 5.00% | 6/11/2023 | 11,205 | 11,189 | 11,158 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Premise Health Holding Corp. | ^+\# | (2) (3) (7) | Healthcare & Pharmaceuticals | L + 3.50% | 5.60% | 7/10/2025 | 13,723 | 13,665 | 13,501 | Premise Health Holding Corp. | +\# | (2)(3) | Healthcare & Pharmaceuticals | L + 3.50% | 3.75% | 7/10/2025 | 13,584 | 13,538 | 13,503 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Propel Insurance Agency, LLC | ^+\ | (2) (3) (7) | Banking, Finance, Insurance & Real Estate | L + 4.25% | 6.35% | 6/1/2024 | 22,532 | 22,056 | 22,395 | Propel Insurance Agency, LLC | ^+\ | (2)(3)(6) | Banking, Finance, Insurance & Real Estate | L + 5.00% | 6.00% | 6/1/2024 | 38,134 | 37,662 | 37,716 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Q Holding Company | +*\# | (2) (3) | Automotive | L + 5.00% | 6.70% | 12/31/2023 | 21,955 | 21,777 | 21,922 | Q Holding Company | +\# | (2)(3) | Automotive | L + 5.00% | 6.00% | 12/31/2023 | 21,735 | 21,604 | 20,229 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
QW Holding Corporation (Quala) | ^+* | (2) (3) (7) | Environmental Industries | L + 5.75% | 7.73% | 8/31/2022 | 11,630 | 11,449 | 11,531 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
QW Holding Corporation | QW Holding Corporation | + | (2)(3)(6) | Environmental Industries | L + 6.25% | 7.25% | 8/31/2022 | 11,566 | 11,465 | 10,727 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Radiology Partners, Inc. | +\# | (2) (3) | Healthcare & Pharmaceuticals | L + 4.75% | 6.66% | 7/9/2025 | 28,719 | 28,590 | 28,768 | Radiology Partners, Inc. | +\# | (2)(3) | Healthcare & Pharmaceuticals | L + 4.25% | 4.81% | 7/9/2025 | 27,686 | 27,581 | 27,193 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RevSpring Inc. | +*\# | (2) (3) | Media: Advertising, Printing & Publishing | L + 4.00% | 5.95% | 10/11/2025 | 24,750 | 24,631 | 24,608 | RevSpring Inc. | +\# | (2)(3) | Media: Advertising, Printing & Publishing | L + 4.25% | 4.40% | 10/11/2025 | 29,449 | 29,265 | 29,199 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Situs Group Holdings Corporation | ^+\ | (2) (3) (7) | Banking, Finance, Insurance & Real Estate | L + 4.75% | 6.45% | 6/28/2025 | 13,715 | 13,621 | 13,697 | Situs Group Holdings Corporation | +\ | (2)(3) | Banking, Finance, Insurance & Real Estate | L + 4.75% | 5.75% | 6/28/2025 | 14,781 | 14,689 | 14,636 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Systems Maintenance Services Holding, Inc. | +* | (2) (3) | High Tech Industries | L + 5.00% | 6.70% | 10/30/2023 | 23,765 | 23,672 | 18,180 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Surgical Information Systems, LLC | +*\ | (2) (3) (6) | High Tech Industries | L + 4.75% | 7.47% | 4/24/2023 | 26,168 | 26,005 | 25,715 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
T2 Systems, Inc. | ^+* | (2) (3) (7) | Transportation: Consumer | L + 6.75% | 8.85% | 9/28/2022 | 18,045 | 17,789 | 18,045 | T2 Systems, Inc. | ^+ | (2)(3)(6) | Transportation: Consumer | L + 6.75% | 7.75% | 9/28/2022 | 29,119 | 28,743 | 29,118 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Original Cakerie, Ltd. (Canada) | +* | (2) (3) (7) | Beverage, Food & Tobacco | L + 5.00% | 6.84% | 7/20/2022 | 8,928 | 8,897 | 8,887 | The Original Cakerie, Ltd. (Canada) | +\ | (2)(3)(6) | Beverage, Food & Tobacco | L + 4.50% | 5.50% | 7/20/2022 | 6,295 | 6,281 | 6,289 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Original Cakerie, Ltd. (Canada) | ^* | (2) (3) (7) | Beverage, Food & Tobacco | L + 4.50% | 6.34% | 7/20/2022 | 6,826 | 6,801 | 6,790 | The Original Cakerie, Ltd. (Canada) | + | (2)(3) | Beverage, Food & Tobacco | L + 5.00% | 6.00% | 7/20/2022 | 8,837 | 8,815 | 8,829 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ThoughtWorks, Inc. | +*\ | (2) (3) | Business Services | L + 4.00% | 5.70% | 10/11/2024 | 11,824 | 11,794 | 11,824 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Thoughtworks, Inc. | Thoughtworks, Inc. | \# | (2)(3) | Business Services | L + 3.75% | 4.75% | 10/11/2024 | 11,704 | 11,683 | 11,704 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Acute Care Solutions, LLC | +*\ | (2) (3) | Healthcare & Pharmaceuticals | L + 5.00% | 6.91% | 5/15/2021 | 31,431 | 31,331 | 29,869 | U.S. Acute Care Solutions, LLC | +\ | (2)(3) | Healthcare & Pharmaceuticals | L + 6.00% | 7.00% | 5/15/2021 | 31,211 | 31,184 | 29,104 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. TelePacific Holdings Corp. | +*\ | (2) (3) | Telecommunications | L + 5.00% | 7.10% | 5/2/2023 | 26,660 | 26,499 | 25,430 | U.S. TelePacific Holdings Corp. | +\ | (2)(3) | Telecommunications | L + 5.50% | 6.50% | 5/2/2023 | 26,660 | 26,585 | 23,984 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Valet Waste Holdings, Inc. | +\ | (2) (3) | Construction & Building | L + 3.75% | 5.70% | 9/28/2025 | 11,850 | 11,825 | 11,688 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
VRC Companies, LLC | VRC Companies, LLC | + | (2)(3)(6) | Business Services | L + 6.50% | 7.50% | 3/31/2023 | 30,582 | 29,464 | 30,582 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Water Holdings Acquisition LLC | Water Holdings Acquisition LLC | ^+ | (2)(3)(6) | Utilities: Water | L + 5.25% | 6.25% | 12/18/2026 | 26,316 | 25,520 | 25,516 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Welocalize, Inc. | +^ | (2) (3) (7) | Business Services | L + 4.50% | 6.21% | 12/2/2024 | 23,038 | 22,788 | 22,787 | Welocalize, Inc. | + | (2)(3)(6) | Business Services | L + 4.50% | 5.50% | 12/23/2023 | 22,629 | 22,414 | 22,584 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WIRB - Copernicus Group, Inc. | +*\ | (2) (3) (7) | Healthcare & Pharmaceuticals | L + 4.25% | 5.95% | 8/15/2022 | 20,888 | 20,822 | 20,887 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WRE Holding Corp. | ^+* | (2) (3) (7) | Environmental Industries | L + 5.00% | 6.91% | 1/3/2023 | 7,431 | 7,372 | 7,304 | WRE Holding Corp. | ^+ | (2)(3)(6) | Environmental Industries | L + 5.25% | 6.25% | 1/3/2023 | 8,367 | 8,336 | 8,252 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Zywave, Inc. | +*\ | (2) (3) (7) | High Tech Industries | L + 5.00% | 6.93% | 11/17/2022 | 19,228 | 19,107 | 19,211 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Debt Total | $ | 1,231,436 | $ | 1,223,215 | First Lien Debt Total | $ | 1,051,406 | $ | 1,029,687 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Second Lien Debt (1.75% of fair value) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Second Lien Debt (2.3% of fair value) | Second Lien Debt (2.3% of fair value) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DBI Holding, LLC | DBI Holding, LLC | ^ | (2) | Transportation: Cargo | 9.00% PIK | 9.00% | 2/1/2026 | $ | 24,113 | $ | 23,768 | $ | 24,113 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Second Lien Debt Total | Second Lien Debt Total | $ | 23,768 | $ | 24,113 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Investments (0.2%of fair value) | Equity Investments (0.2%of fair value) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DBI Holding, LLC | DBI Holding, LLC | ^ | Transportation: Cargo | $ | 2,961 | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DBI Holding, LLC | DBI Holding, LLC | ^ | Transportation: Cargo | $ | 13,996 | $ | 5,364 | $ | 2,581 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Investments Total | Equity Investments Total | $ | 5,364 | $ | 2,581 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Investments | Total Investments | $ | 1,080,538 | $ | 1,056,381 |
Consolidated Schedule of Investments as of December 31, 2019 | |||||||||||||||||||||||
Investments (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Maturity Date | Par/ Principal Amount | Amortized Cost (5) | Fair Value (6) | |||||||||||||||
DBI Holding, LLC | ^* | (2) (3) (8) | Transportation: Cargo | 8.00% PIK | 8.00% | 2/1/2026 | $ | 21,150 | $ | 20,697 | $ | 21,150 | |||||||||||
Zywave, Inc. | * | (2) (3) | High Tech Industries | L + 9.00% | 10.94% | 11/17/2023 | 666 | 660 | 664 | ||||||||||||||
Second Lien Debt Total | $ | 21,357 | $ | 21,814 | |||||||||||||||||||
Equity Investments (0.15% of fair value) | |||||||||||||||||||||||
DBI Holding, LLC | ^ | Transportation: Cargo | $ | 16,957 | $ | 5,364 | $ | 1,810 | |||||||||||||||
Equity Investments Total | $ | 5,364 | $ | 1,810 | |||||||||||||||||||
Total Investments | $ | 1,258,157 | $ | 1,246,839 |
First Lien Debt—unfunded delayed draw and revolving term loans commitments | Type | Unused Fee | Par/ Principal Amount | Fair Value | ||||||||
Advanced Instruments, LLC | Revolver | 0.50 | % | $ | 563 | $ | (2 | ) | ||||
AmeriLife Group, LLC | Delayed Draw | 0.01 | 298 | (1 | ) | |||||||
Anchor Packaging, Inc. | Delayed Draw | 0.01 | 4,487 | (1 | ) | |||||||
AQA Acquisition Holding, Inc. | Revolver | 0.01 | 2,459 | (11 | ) | |||||||
Borchers, Inc. | Revolver | 0.01 | 1,935 | (3 | ) | |||||||
Clearent Newco, LLC | Delayed Draw | 0.01 | 6,636 | (110 | ) | |||||||
DecoPac, Inc. | Revolver | 0.01 | 2,143 | (7 | ) | |||||||
EIP Merger Sub, LLC (Evolve IP) | Revolver | 0.01 | 1,680 | — | ||||||||
EIP Merger Sub, LLC (Evolve IP) | Delayed Draw | 0.01 | 2,240 | — | ||||||||
HMT Holding Inc. | Revolver | 0.01 | 6,173 | (29 | ) | |||||||
Jensen Hughes, Inc. | Revolver | 0.01 | 1,136 | (11 | ) | |||||||
Jensen Hughes, Inc. | Delayed Draw | 0.01 | 2,365 | (23 | ) | |||||||
MAG DS Corp. | Revolver | 0.01 | 2,188 | (13 | ) | |||||||
Marco Technologies, LLC | Delayed Draw | 0.01 | 7,500 | — | ||||||||
MSHC, Inc. | Delayed Draw | 0.01 | 1,913 | (4 | ) | |||||||
Output Services Group | Delayed Draw | 0.04 | 116 | (1 | ) | |||||||
Pathway Vet Alliance LLC | Delayed Draw | 0.01 | 19,867 | 68 | ||||||||
Premise Health Holding Corp. | Delayed Draw | 0.01 | 1,103 | (17 | ) | |||||||
Propel Insurance Agency, LLC | Revolver | 0.01 | 2,381 | (10 | ) | |||||||
Propel Insurance Agency, LLC | Delayed Draw | 0.01 | 7,143 | (31 | ) | |||||||
QW Holding Corporation (Quala) | Revolver | 0.01 | 5,498 | (31 | ) | |||||||
QW Holding Corporation (Quala) | Delayed Draw | 0.01 | 217 | (1 | ) | |||||||
Situs Group Holdings Corporation | Delayed Draw | 0.01 | 1,216 | (1 | ) | |||||||
T2 Systems, Inc. | Revolver | 0.01 | 1,369 | — | ||||||||
The Original Cakerie, Ltd. (Canada) | Revolver | 0.01 | 1,199 | (5 | ) | |||||||
Welocalize, Inc. | Revolver | 0.01 | 2,057 | (21 | ) | |||||||
WIRB - Copernicus Group, Inc. | Revolver | 0.01 | 1,000 | — | ||||||||
WIRB - Copernicus Group, Inc. | Delayed Draw | 0.01 | 2,592 | — | ||||||||
WRE Holding Corp. | Revolver | 0.01 | 441 | (6 | ) | |||||||
WRE Holding Corp. | Delayed Draw | 0.01 | 1,981 | (25 | ) | |||||||
Zywave, Inc. | Revolver | 0.01 | 998 | (1 | ) | |||||||
Total unfunded commitments | $ | 92,894 | $ | (297 | ) |
First Lien Debt—unfunded delayed draw and revolving term loans commitments | Type | Unused Fee | Par/ Principal Amount | Fair Value | |||||||||||||||||||
Analogic Corporation | Revolver | 0.50 | % | $ | 1,975 | $ | — | ||||||||||||||||
AQA Acquisition Holding, Inc. | Revolver | 0.50 | 2,459 | — | |||||||||||||||||||
BK Medical Holding Company, Inc. | Revolver | 0.50 | 2,609 | (176) | |||||||||||||||||||
Chemical Computing Group ULC (Canada) | Revolver | 0.50 | 873 | — | |||||||||||||||||||
Clearent Newco, LLC | Delayed Draw | 1.00 | 2,549 | (66) | |||||||||||||||||||
DecoPac, Inc. | Revolver | 0.50 | 2,143 | (3) | |||||||||||||||||||
Diligent Corporation | Delayed Draw | 1.00 | 2,109 | 25 | |||||||||||||||||||
Diligent Corporation | Revolver | 0.50 | 703 | 8 | |||||||||||||||||||
EvolveIP, LLC | Delayed Draw | 1.00 | 1,904 | (2) | |||||||||||||||||||
EvolveIP, LLC | Revolver | 0.50 | 1,680 | (2) | |||||||||||||||||||
HMT Holding Inc. | Revolver | 0.50 | 6,173 | (291) | |||||||||||||||||||
Integrity Marketing Acquistion, LLC | Delayed Draw | 1.00 | 4,144 | 41 | |||||||||||||||||||
Jensen Hughes, Inc. | Delayed Draw | 1.00 | 1,127 | (35) | |||||||||||||||||||
Jensen Hughes, Inc. | Revolver | 0.50 | 1,364 | (43) | |||||||||||||||||||
KBP Investments, LLC | Delayed Draw | 1.00 | 503 | 1 | |||||||||||||||||||
KBP Investments, LLC | Delayed Draw | 1.00 | 10,190 | 30 | |||||||||||||||||||
Marco Technologies, LLC | Delayed Draw | 1.00 | 7,500 | — | |||||||||||||||||||
Propel Insurance Agency, LLC | Revolver | 0.50 | 1,905 | (19) | |||||||||||||||||||
Propel Insurance Agency, LLC | Delayed Draw | 1.00 | 1,733 | (17) | |||||||||||||||||||
QW Holding Corporation | Revolver | 0.50 | 5,498 | (268) | |||||||||||||||||||
QW Holding Corporation | Delayed Draw | 1.00 | 161 | (8) | |||||||||||||||||||
T2 Systems, Inc. | Revolver | 0.50 | 1,955 | — | |||||||||||||||||||
The Original Cakerie, Ltd. (Canada) | Revolver | 0.50 | 1,665 | (1) | |||||||||||||||||||
VRC Companies, LLC | Revolver | 0.50 | 858 | — | |||||||||||||||||||
Water Holdings Acquisition LLC | Delayed Draw | 1.00 | 8,421 | (168) | |||||||||||||||||||
Water Holdings Acquisition LLC | Revolver | 0.50 | 5,263 | (105) | |||||||||||||||||||
Welocalize, Inc. | Revolver | 0.50 | 2,250 | (4) | |||||||||||||||||||
WRE Holding Corp. | Revolver | 0.50 | 852 | (10) | |||||||||||||||||||
WRE Holding Corp. | Delayed Draw | 1.00 | 563 | (7) | |||||||||||||||||||
Total unfunded commitments | $ | 81,129 | $ | (1,120) |
Credit Fund Facility | Credit Fund Sub Facility | Credit Fund Warehouse Facility | Credit Fund Warehouse II Facility | Credit Fund Facility | Credit Fund Sub Facility | Credit Fund Warehouse II Facility | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Month Periods Ended March 31, | Three Month Periods Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding balance, beginning of period | $ | 93,000 | $ | 112,000 | $ | 343,506 | $ | 471,134 | N/A | $ | 101,044 | $ | 97,571 | N/A | Outstanding balance, beginning of period | $ | — | $ | 93,000 | $ | 420,859 | $ | 343,506 | $ | 93,402 | $ | 97,571 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | 63,500 | 30,500 | 57,000 | 60,020 | N/A | 12,873 | 19,794 | N/A | Borrowings | — | 63,500 | 63,000 | 57,000 | — | 19,794 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments | (156,500 | ) | (18,700 | ) | (33,500 | ) | (20,404 | ) | N/A | — | (21,950 | ) | N/A | Repayments | — | (156,500) | (120,738) | (33,500) | (10,222) | (21,950) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding balance, end of period | $ | — | $ | 123,800 | $ | 367,006 | $ | 510,750 | N/A | $ | 113,917 | $ | 95,415 | N/A | Outstanding balance, end of period | $ | — | $ | — | $ | 363,121 | $ | 367,006 | $ | 83,180 | $ | 95,415 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Three Month Periods Ended March 31, | Three Month Periods Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding Borrowing, beginning of period | Outstanding Borrowing, beginning of period | $ | — | $ | 93,000 | $ | — | $ | 343,506 | $ | — | $ | 97,571 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | Borrowings | — | 63,500 | — | 57,000 | — | 19,794 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments | Repayments | — | (156,500) | — | (33,500) | — | (21,950) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding balance, end of period | Outstanding balance, end of period | $ | — | $ | — | $ | — | $ | 367,006 | $ | — | $ | 95,415 |
As of | |||||||||||
March 31, 2021 | December 31, 2020 | ||||||||||
(unaudited) | |||||||||||
ASSETS | |||||||||||
Investments, at fair value (amortized cost of $246,772 and $245,312, respectively) | $ | 248,375 | $ | 246,421 | |||||||
Cash and cash equivalents | 3,492 | 1,385 | |||||||||
Other assets | 2,238 | 3,436 | |||||||||
Total assets | $ | 254,105 | $ | 251,242 | |||||||
LIABILITIES AND MEMBERS’ EQUITY | |||||||||||
Notes payable, net of unamortized debt issuance costs of $857 and $875, respectively | $ | 156,643 | $ | 156,625 | |||||||
Other liabilities | 4,859 | 2,675 | |||||||||
Total members' equity (1) | 92,603 | 91,942 | |||||||||
Total liabilities and members’ equity | $ | 254,105 | $ | 251,242 |
For the three month period ended | ||||||||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||
Selected Consolidated Statement of Operations Information: | ||||||||||||||||||||||||||
Total investment income | $ | 4,563 | ||||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||
Interest and credit facility expenses | 1,201 | |||||||||||||||||||||||||
Other expenses | 191 | |||||||||||||||||||||||||
Total expenses | 1,392 | |||||||||||||||||||||||||
Net investment income (loss) | 3,171 | |||||||||||||||||||||||||
Net realized gain (loss) on investments | — | |||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | 494 | |||||||||||||||||||||||||
Net increase (decrease) resulting from operations | $ | 3,665 |
As of | |||||||||||
March 31, 2021 | December 31, 2020 | ||||||||||
Senior secured loans (1) | $ | 249,442 | $ | 248,172 | |||||||
Weighted average yields of senior secured loans based on amortized cost (2) | 7.26 | % | 7.32 | % | |||||||
Weighted average yields of senior secured loans based on fair value (2) | 7.21 | % | 7.29 | % | |||||||
Number of portfolio companies in Credit Fund II | 42 | 44 | |||||||||
Average amount per portfolio company (1) | $ | 5,939 | $ | 5,640 | |||||||
Percentage of portfolio at floating interest rates (3) (4) | 99.1 | % | 99.1 | % | |||||||
Percentage of portfolio at fixed interest rates (4) | 0.9 | % | 0.9 | % | |||||||
Fair value of loans with PIK provisions | $ | 8,892 | $ | 9 | |||||||
Percentage of portfolio with PIK provisions (4) | 3.6 | % | 3.6 | % |
Consolidated Schedule of Investments as of March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Maturity Date | Par/ Principal Amount | Amortized Cost (4) | Fair Value (5) | |||||||||||||||||||||||||||||||||||||||||||||
First Lien Debt (90.5% of fair value) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Airnov, Inc. | ^ | (2)(3) | Containers, Packaging & Glass | L + 5.25% | 6.25% | 12/19/2025 | $ | 1,496 | $ | 1,478 | $ | 1,493 | |||||||||||||||||||||||||||||||||||||||||
Alpine SG, LLC | ^ | (2)(3) | High Tech Industries | L + 5.75% | 6.75% | 11/16/2022 | 4,411 | 4,392 | 4,342 | ||||||||||||||||||||||||||||||||||||||||||||
American Physician Partners, LLC | ^ | (2)(3) | Healthcare & Pharmaceuticals | L + 6.75% | 7.75% | 12/21/2021 | 8,629 | 8,595 | 8,371 | ||||||||||||||||||||||||||||||||||||||||||||
AMS Group HoldCo, LLC | ^ | (2)(3) | Transportation: Cargo | L + 6.50% | 7.50% | 9/29/2023 | 8,169 | 8,091 | 8,157 | ||||||||||||||||||||||||||||||||||||||||||||
Apptio, Inc. | ^ | (2)(3) | Software | L + 7.25% | 8.25% | 1/10/2025 | 5,357 | 5,282 | 5,397 | ||||||||||||||||||||||||||||||||||||||||||||
Aurora Lux FinCo S.Á.R.L. (Luxembourg) | ^ | (2)(3) | Software | L + 6.00% | 7.00% | 12/24/2026 | $ | 4,389 | $ | 4,295 | $ | 3,971 | |||||||||||||||||||||||||||||||||||||||||
Avenu Holdings, LLC | ^ | (2)(3) | Sovereign & Public Finance | L + 5.25% | 6.25% | 9/28/2024 | 995 | 985 | 995 | ||||||||||||||||||||||||||||||||||||||||||||
BMS Holdings III Corp. | ^ | (2)(3) | Construction & Building | L + 5.25% | 6.25% | 9/30/2026 | 3,300 | 3,233 | 3,270 | ||||||||||||||||||||||||||||||||||||||||||||
Captive Resources Midco, LLC | ^ | (2)(3) | Banking, Finance, Insurance & Real Estate | L + 5.75% | 6.75% | 5/31/2025 | 8,324 | 8,220 | 8,396 | ||||||||||||||||||||||||||||||||||||||||||||
Chartis Holding, LLC | ^ | (2)(3) | Business Services | L + 5.25% | 6.25% | 5/1/2025 | 1,492 | 1,471 | 1,492 | ||||||||||||||||||||||||||||||||||||||||||||
Comar Holding Company, LLC | ^ | (2)(3) | Containers, Packaging & Glass | L + 5.50% | 6.50% | 6/18/2024 | 8,776 | 8,676 | 8,776 | ||||||||||||||||||||||||||||||||||||||||||||
Cority Software Inc. (Canada) | ^ | (2)(3) | Software | L + 5.25% | 6.25% | 7/2/2026 | 8,777 | 8,639 | 8,817 | ||||||||||||||||||||||||||||||||||||||||||||
Ensono, LP | ^ | (2)(3) | Telecommunications | L + 5.25% | 5.36% | 6/27/2025 | 6,276 | 6,232 | 6,227 | ||||||||||||||||||||||||||||||||||||||||||||
Ethos Veterinary Health LLC | ^ | (2)(3) | Consumer Services | L + 4.75% | 4.86% | 5/15/2026 | 8,170 | 8,108 | 8,118 | ||||||||||||||||||||||||||||||||||||||||||||
EvolveIP, LLC | ^ | (2)(3) | Telecommunications | L + 5.75% | 6.75% | 6/7/2023 | 8,777 | 8,763 | 8,777 | ||||||||||||||||||||||||||||||||||||||||||||
K2 Insurance Services, LLC | ^ | (2)(3) | Banking, Finance, Insurance & Real Estate | L + 5.00% | 6.00% | 7/1/2024 | 6,894 | 6,800 | 6,902 | ||||||||||||||||||||||||||||||||||||||||||||
Kaseya, Inc. | ^ | (2)(3) | High Tech Industries | L + 4.00%, 3.00% PIK | 8.00% | 5/2/2025 | 8,892 | 8,765 | 8,892 |
Consolidated Schedule of Investments as of March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Maturity Date | Par/ Principal Amount | Amortized Cost (4) | Fair Value (5) | |||||||||||||||||||||||||||||||||||||||||||||
Mailgun Technologies, Inc. | ^ | (2)(3) | High Tech Industries | L + 5.00% | 6.00% | 3/26/2025 | 8,457 | 8,332 | 8,379 | ||||||||||||||||||||||||||||||||||||||||||||
National Technical Systems, Inc. | ^ | (2)(3) | Aerospace & Defense | L + 5.50% | 6.50% | 6/12/2023 | 8,800 | 8,780 | 8,800 | ||||||||||||||||||||||||||||||||||||||||||||
NMI AcquisitionCo, Inc. | ^ | (2)(3) | High Tech Industries | L + 5.00% | 6.00% | 9/6/2023 | 8,776 | 8,719 | 8,810 | ||||||||||||||||||||||||||||||||||||||||||||
Paramit Corporation | ^ | (2)(3) | Capital Equipment | L + 4.50% | 5.50% | 5/3/2025 | 1,000 | 993 | 994 | ||||||||||||||||||||||||||||||||||||||||||||
PPC Flexible Packaging, LLC | ^ | (2)(3) | Containers, Packaging & Glass | L + 5.50% | 6.50% | 11/23/2024 | 4,389 | 4,349 | 4,389 | ||||||||||||||||||||||||||||||||||||||||||||
Redwood Services Group, LLC | ^ | (2)(3) | High Tech Industries | L + 6.00% | 7.00% | 6/6/2023 | 3,291 | 3,273 | 3,291 | ||||||||||||||||||||||||||||||||||||||||||||
Reladyne, Inc. | ^ | (2)(3) | Wholesale | L + 5.00% | 6.00% | 7/22/2022 | 6,484 | 6,439 | 6,458 | ||||||||||||||||||||||||||||||||||||||||||||
Riveron Acquisition Holdings, Inc. | ^ | (2)(3) | Banking, Finance, Insurance & Real Estate | L + 5.75% | 6.75% | 5/22/2025 | 8,236 | 8,117 | 8,318 | ||||||||||||||||||||||||||||||||||||||||||||
RSC Acquisition, Inc. | ^ | (2)(3) | Banking, Finance, Insurance & Real Estate | L + 5.50% | 6.50% | 11/1/2026 | 8,465 | 8,325 | 8,508 | ||||||||||||||||||||||||||||||||||||||||||||
Smile Doctors, LLC | ^ | (2)(3) | Healthcare & Pharmaceuticals | L + 6.00% | 7.00% | 10/6/2022 | 6,493 | 6,491 | 6,493 | ||||||||||||||||||||||||||||||||||||||||||||
Sovos Brands Intermediate, Inc. | ^ | (2)(3) | Beverage, Food & Tobacco | L + 4.75% | 4.98% | 11/20/2025 | 7,355 | 7,311 | 7,316 | ||||||||||||||||||||||||||||||||||||||||||||
Superior Health Linens, LLC | ^ | (2)(3) | Business Services | L + 6.50% | 7.50% | 9/30/2021 | 7,024 | 7,010 | 7,016 | ||||||||||||||||||||||||||||||||||||||||||||
T2 Systems, Inc. | ^ | (2)(3) | Transportation: Consumer | L + 6.75% | 7.75% | 9/28/2022 | 8,776 | 8,702 | 8,776 | ||||||||||||||||||||||||||||||||||||||||||||
TCFI Aevex LLC | ^ | (2)(3) | Aerospace & Defense | L + 6.00% | 7.00% | 3/18/2026 | 1,714 | 1,685 | 1,711 | ||||||||||||||||||||||||||||||||||||||||||||
TSB Purchaser, Inc. | ^ | (2)(3) | Media: Advertising, Printing & Publishing | L + 6.00% | 7.00% | 5/14/2024 | 8,777 | 8,649 | 8,734 | ||||||||||||||||||||||||||||||||||||||||||||
Turbo Buyer, Inc. | ^ | (2)(3) | Automotive | L + 5.50% | 6.50% | 12/2/2025 | 8,153 | 7,988 | 8,235 | ||||||||||||||||||||||||||||||||||||||||||||
US INFRA SVCS Buyer, LLC | ^ | (2)(3) | Environmental Industries | L + 6.00% | 7.00% | 4/13/2026 | 3,292 | 3,235 | 3,249 | ||||||||||||||||||||||||||||||||||||||||||||
VRC Companies, LLC | ^ | (2)(3) | Business Services | L + 6.50% | 7.50% | 3/31/2023 | 4,300 | 4,264 | 4,214 | ||||||||||||||||||||||||||||||||||||||||||||
Zemax Software Holdings, LLC | ^ | (2)(3) | Software | L + 5.75% | 6.75% | 6/25/2024 | 4,388 | 4,354 | 4,318 | ||||||||||||||||||||||||||||||||||||||||||||
Zenith Merger Sub, Inc. | ^ | (2)(3) | Business Services | L + 5.25% | 6.25% | 12/13/2023 | 4,389 | 4,360 | 4,382 | ||||||||||||||||||||||||||||||||||||||||||||
First Lien Debt Total | $ | 223,401 | $ | 224,784 | |||||||||||||||||||||||||||||||||||||||||||||||||
Second Lien Debt (9.5% of fair value) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
AI Convoy S.A.R.L (United Kingdom) | ^ | (2)(3) | Aerospace & Defense | L + 8.25% | 9.25% | 1/17/2028 | $ | 5,514 | $ | 5,404 | $ | 5,714 | |||||||||||||||||||||||||||||||||||||||||
Quartz Holding Company | ^ | (2)(3) | Software | L + 8.00% | 8.11% | 4/2/2027 | 4,852 | 4,773 | 4,900 | ||||||||||||||||||||||||||||||||||||||||||||
Tank Holding Corp. | ^ | (2)(3) | Capital Equipment | L + 8.25% | 8.36% | 3/26/2027 | $ | 5,514 | $ | 5,439 | $ | 5,552 | |||||||||||||||||||||||||||||||||||||||||
Ultimate Baked Goods MIDCO, LLC | ^ | (2)(3) | Beverage, Food & Tobacco | L + 8.00% | 9.00% | 8/9/2026 | 5,514 | 5,431 | 5,083 | ||||||||||||||||||||||||||||||||||||||||||||
World 50, Inc. | ^ | (6) | Business Services | 0.115 | 11.50% | 1/9/2027 | 2,365 | 2,324 | 2,342 | ||||||||||||||||||||||||||||||||||||||||||||
Second Lien Debt Total | $ | 23,371 | $ | 23,591 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Investments | $ | 246,772 | $ | 248,375 |
Consolidated Schedule of Investments as of December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Maturity Date | Par/ Principal Amount | Amortized Cost (4) | Fair Value (5) | |||||||||||||||||||||||||||||||||||||||||||||
First Lien Debt (90.1% of fair value) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Airnov, Inc. | ^ | (2)(3) | Containers, Packaging & Glass | L + 5.25% | 6.25% | 12/19/2025 | $ | 1,500 | $ | 1,481 | $ | 1,501 | |||||||||||||||||||||||||||||||||||||||||
Alpine SG, LLC | ^ | (2)(3) | High Tech Industries | L + 5.75% | 6.75% | 11/16/2022 | 4,411 | 4,390 | 4,378 | ||||||||||||||||||||||||||||||||||||||||||||
American Physician Partners, LLC | ^ | (2)(3) | Healthcare & Pharmaceuticals | L + 6.75% | 7.75% | 12/21/2021 | 8,725 | 8,679 | 8,265 | ||||||||||||||||||||||||||||||||||||||||||||
AMS Group HoldCo, LLC | ^ | (2)(3) | Transportation: Cargo | L + 6.50% | 7.50% | 9/29/2023 | 8,182 | 8,096 | 8,079 | ||||||||||||||||||||||||||||||||||||||||||||
Apptio, Inc. | ^ | (2)(3) | Software | L + 7.25% | 8.25% | 1/10/2025 | 5,357 | 5,278 | 5,437 | ||||||||||||||||||||||||||||||||||||||||||||
Aurora Lux FinCo S.Á.R.L. (Luxembourg) | ^ | (2)(3) | Software | L + 5.75% | 6.75% | 12/24/2026 | 4,400 | 4,303 | 4,018 | ||||||||||||||||||||||||||||||||||||||||||||
Avenu Holdings, LLC | ^ | (2)(3) | Sovereign & Public Finance | L + 5.25% | 6.25% | 9/28/2024 | 997 | 987 | 997 | ||||||||||||||||||||||||||||||||||||||||||||
BMS Holdings III Corp. | ^ | (2)(3) | Construction & Building | L + 5.25% | 6.25% | 9/30/2026 | 3,308 | 3,239 | 3,270 | ||||||||||||||||||||||||||||||||||||||||||||
Captive Resources Midco, LLC | ^ | (2)(3) | Banking, Finance, Insurance & Real Estate | L + 5.75% | 6.75% | 5/31/2025 | 8,406 | 8,297 | 8,463 | ||||||||||||||||||||||||||||||||||||||||||||
Chartis Holding, LLC | ^ | (2)(3) | Business Services | L + 5.50% | 6.50% | 5/1/2025 | 1,496 | 1,474 | 1,497 | ||||||||||||||||||||||||||||||||||||||||||||
Comar Holding Company, LLC | ^ | (2)(3) | Containers, Packaging & Glass | L + 5.50% | 6.50% | 6/18/2024 | 8,799 | 8,692 | 8,832 | ||||||||||||||||||||||||||||||||||||||||||||
Cority Software Inc. (Canada) | ^ | (2)(3) | Software | L + 5.25% | 6.25% | 7/2/2026 | 8,800 | 8,655 | 8,862 | ||||||||||||||||||||||||||||||||||||||||||||
Ensono, LP | ^ | (2)(3) | Telecommunications | L + 5.25% | 5.40% | 6/27/2025 | 6,292 | 6,246 | 6,245 | ||||||||||||||||||||||||||||||||||||||||||||
Ethos Veterinary Health LLC | ^ | (2)(3) | Consumer Services | L + 4.75% | 4.90% | 5/15/2026 | 8,182 | 8,117 | 8,070 | ||||||||||||||||||||||||||||||||||||||||||||
EvolveIP, LLC | ^ | (2)(3) | Telecommunications | L + 5.75% | 6.75% | 6/7/2023 | 8,799 | 8,784 | 8,790 | ||||||||||||||||||||||||||||||||||||||||||||
Innovative Business Services, LLC | ^ | (2)(3) | High Tech Industries | L + 5.50% | 6.50% | 4/5/2023 | 2,200 | 2,162 | 2,159 | ||||||||||||||||||||||||||||||||||||||||||||
K2 Insurance Services, LLC | ^ | (2)(3) | Banking, Finance, Insurance & Real Estate | L + 5.00% | 6.00% | 7/1/2024 | 6,927 | 6,827 | 6,928 | ||||||||||||||||||||||||||||||||||||||||||||
Kaseya, Inc. | ^ | (2)(3) | High Tech Industries | L + 4.00%, 3.00% PIK | 8.00% | 5/2/2025 | 8,822 | 8,688 | 8,856 | ||||||||||||||||||||||||||||||||||||||||||||
Mailgun Technologies, Inc. | ^ | (2)(3) | High Tech Industries | L + 5.00% | 6.00% | 3/26/2025 | 8,478 | 8,347 | 8,330 | ||||||||||||||||||||||||||||||||||||||||||||
National Technical Systems, Inc. | ^ | (2)(3) | Aerospace & Defense | L + 5.50% | 6.50% | 6/12/2023 | 8,800 | 8,778 | 8,733 | ||||||||||||||||||||||||||||||||||||||||||||
NMI AcquisitionCo, Inc. | ^ | (2)(3) | High Tech Industries | L + 5.00% | 6.00% | 9/6/2022 | 8,799 | 8,732 | 8,711 | ||||||||||||||||||||||||||||||||||||||||||||
Paramit Corporation | ^ | (2)(3) | Capital Equipment | L + 4.50% | 5.50% | 5/3/2025 | 1,000 | 992 | 980 | ||||||||||||||||||||||||||||||||||||||||||||
PPC Flexible Packaging, LLC | ^ | (2)(3) | Containers, Packaging & Glass | L + 6.00% | 7.00% | 11/23/2024 | 4,400 | 4,358 | 4,386 | ||||||||||||||||||||||||||||||||||||||||||||
Redwood Services Group, LLC | ^ | (2)(3) | High Tech Industries | L + 6.00% | 7.00% | 6/6/2023 | 3,300 | 3,279 | 3,291 | ||||||||||||||||||||||||||||||||||||||||||||
Reladyne, Inc. | ^ | (2)(3) | Wholesale | L + 5.00% | 6.00% | 7/22/2022 | 6,484 | 6,431 | 6,514 | ||||||||||||||||||||||||||||||||||||||||||||
Riveron Acquisition Holdings, Inc. | ^ | (2)(3) | Banking, Finance, Insurance & Real Estate | L + 5.75% | 6.75% | 5/22/2025 | 8,257 | 8,131 | 8,312 | ||||||||||||||||||||||||||||||||||||||||||||
RSC Acquisition, Inc. | ^ | (2)(3) | Banking, Finance, Insurance & Real Estate | L + 5.50% | 6.50% | 11/1/2026 | 8,487 | 8,341 | 8,572 | ||||||||||||||||||||||||||||||||||||||||||||
Smile Doctors, LLC | ^ | (2)(3) | Healthcare & Pharmaceuticals | L + 6.00% | 7.00% | 10/6/2022 | 6,509 | 6,507 | 6,379 | ||||||||||||||||||||||||||||||||||||||||||||
Sovos Brands Intermediate, Inc. | ^ | (2)(3) | Beverage, Food & Tobacco | L + 4.75% | 4.96% | 11/20/2025 | 2,200 | 2,182 | 2,181 | ||||||||||||||||||||||||||||||||||||||||||||
Superior Health Linens, LLC | ^ | (2)(3) | Business Services | L + 6.50% | 7.50% | 9/30/2021 | 7,199 | 7,178 | 7,162 | ||||||||||||||||||||||||||||||||||||||||||||
T2 Systems, Inc. | ^ | (2)(3) | Transportation: Consumer | L + 6.75% | 7.75% | 9/28/2022 | 8,799 | 8,713 | 8,799 | ||||||||||||||||||||||||||||||||||||||||||||
TCFI Aevex LLC | ^ | (2)(3) | Aerospace & Defense | L + 6.00% | 7.00% | 3/18/2026 | 1,718 | 1,688 | 1,712 | ||||||||||||||||||||||||||||||||||||||||||||
TSB Purchaser, Inc. | ^ | (2)(3) | Media: Advertising, Printing & Publishing | L + 6.00% | 7.00% | 5/14/2024 | 8,799 | 8,663 | 8,729 | ||||||||||||||||||||||||||||||||||||||||||||
Turbo Buyer, Inc. | ^ | (2)(3) | Automotive | L + 5.25% | 6.25% | 12/2/2025 | 8,174 | 8,001 | 8,249 |
Consolidated Schedule of Investments as of December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments (1) | Footnotes | Industry | Reference Rate & Spread (2) | Interest Rate (2) | Maturity Date | Par/ Principal Amount | Amortized Cost (4) | Fair Value (5) | |||||||||||||||||||||||||||||||||||||||||||||
US INFRA SVCS Buyer, LLC | ^ | (2)(3) | Environmental Industries | L + 6.00% | 7.00% | 4/13/2026 | $ | 3,300 | $ | 3,240 | $ | 3,292 | |||||||||||||||||||||||||||||||||||||||||
VRC Companies, LLC | ^ | (2)(3) | Business Services | L + 6.50% | 7.50% | 3/31/2023 | 4,311 | 4,271 | 4,311 | ||||||||||||||||||||||||||||||||||||||||||||
Zemax Software Holdings, LLC | ^ | (2)(3) | Software | L + 5.75% | 6.75% | 6/25/2024 | 4,400 | 4,363 | 4,294 | ||||||||||||||||||||||||||||||||||||||||||||
Zenith Merger Sub, Inc. | ^ | (2)(3) | Business Services | L + 5.25% | 6.25% | 12/13/2023 | 4,399 | 4,370 | 4,367 | ||||||||||||||||||||||||||||||||||||||||||||
First Lien Debt Total | $ | 220,960 | $ | 221,951 | |||||||||||||||||||||||||||||||||||||||||||||||||
Second Lien Debt (9.9% of fair value) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
AI Convoy S.A.R.L (United Kingdom) | ^ | (2)(3) | Aerospace & Defense | L + 8.25% | 9.25% | 1/17/2028 | $ | 5,514 | $ | 5,401 | $ | 5,676 | |||||||||||||||||||||||||||||||||||||||||
AQA Acquisition Holding, Inc. | ^ | (2)(3) | High Tech Industries | L + 8.00% | 9.00% | 5/24/2024 | 1,000 | 993 | 1,000 | ||||||||||||||||||||||||||||||||||||||||||||
Quartz Holding Company | ^ | (2)(3) | Software | L + 8.00% | 8.15% | 4/2/2027 | 4,852 | 4,771 | 4,815 | ||||||||||||||||||||||||||||||||||||||||||||
Tank Holding Corp. | ^ | (2)(3) | Capital Equipment | L + 8.25% | 8.40% | 3/26/2027 | 5,514 | 5,436 | 5,394 | ||||||||||||||||||||||||||||||||||||||||||||
Ultimate Baked Goods MIDCO, LLC | ^ | (2)(3) | Beverage, Food & Tobacco | L + 8.00% | 9.00% | 8/9/2026 | 5,514 | 5,428 | 5,257 | ||||||||||||||||||||||||||||||||||||||||||||
World 50, Inc. | (6) | Business Services | 11.50% | 11.50% | 1/9/2027 | 2,365 | 2,323 | 2,328 | |||||||||||||||||||||||||||||||||||||||||||||
Second Lien Debt Total | $ | 24,352 | $ | 24,470 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Investments | $ | 245,312 | $ | 246,421 |
March 31, 2021 | |||||||||||||||||||||||
Total Facility | Borrowings Outstanding | Unused Portion (1) | Amount Available (2) | ||||||||||||||||||||
Credit Facility | $ | 688,000 | $ | 309,397 | $ | 378,603 | $ | 358,091 | |||||||||||||||
Total | $ | 688,000 | $ | 309,397 | $ | 378,603 | $ | 358,091 |
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
March 31, 2020 | Total Facility | Borrowings Outstanding | Unused Portion (1) | Amount Available (2) | ||||||||||||||||||||||||||||||||||
Total Facility | Borrowings Outstanding | Unused Portion (1) | Amount Available (2) | |||||||||||||||||||||||||||||||||||
SPV Credit Facility | $ | 275,000 | $ | 201,026 | $ | 73,974 | $ | 4,497 | ||||||||||||||||||||||||||||||
Credit Facility | 688,000 | 500,583 | 187,417 | 122,832 | Credit Facility | 688,000 | 347,949 | 340,051 | 207,365 | |||||||||||||||||||||||||||||
Total | $ | 963,000 | $ | 701,609 | $ | 261,391 | $ | 127,329 | Total | $ | 688,000 | $ | 347,949 | $ | 340,051 | $ | 207,365 |
December 31, 2019 | |||||||||||||||
Total Facility | Borrowings Outstanding | Unused Portion (1) | Amount Available (2) | ||||||||||||
SPV Credit Facility | $ | 275,000 | $ | 232,469 | $ | 42,531 | $ | 4,225 | |||||||
Credit Facility | 688,000 | 384,074 | 303,926 | 264,198 | |||||||||||
Total | $ | 963,000 | $ | 616,543 | $ | 346,457 | $ | 268,423 |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||||
Aaa/AAA Class A-1-1-R Notes | $ | 234,800 | $ | 234,283 | $ | 234,800 | $ | 230,996 | |||||||||||||||
Aaa/AAA Class A-1-2-R Notes | 50,000 | 50,000 | 50,000 | 49,645 | |||||||||||||||||||
Aaa/AAA Class A-1-3-R Notes | 25,000 | 25,016 | 25,000 | 25,017 | |||||||||||||||||||
AA Class A-2-R Notes | 66,000 | 66,000 | 66,000 | 64,895 | |||||||||||||||||||
A Class B Notes | 46,400 | 46,400 | 46,400 | 45,291 | |||||||||||||||||||
BBB- Class C Notes | 27,000 | 26,411 | 27,000 | 24,592 | |||||||||||||||||||
Total | $ | 449,200 | $ | 448,110 | $ | 449,200 | $ | 440,436 |
March 31, 2020 | December 31, 2019 | ||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||
Aaa/AAA Class A-1-1-R Notes | $ | 234,800 | $ | 212,996 | $ | 234,800 | $ | 233,053 | |||||||
Aaa/AAA Class A-1-2-R Notes | 50,000 | 45,773 | 50,000 | 49,908 | |||||||||||
Aaa/AAA Class A-1-3-R Notes | 25,000 | 24,045 | 25,000 | 25,163 | |||||||||||
AA Class A-2-R Notes | 66,000 | 66,000 | 66,000 | 66,000 | |||||||||||
A Class B Notes | 46,400 | 37,370 | 46,400 | 46,400 | |||||||||||
BBB- Class C Notes | 27,000 | 27,000 | 27,000 | 27,000 | |||||||||||
Total | $ | 449,200 | $ | 413,184 | $ | 449,200 | $ | 447,524 |
For the three month periods ended | |||||
March 31, 2020 | March 31, 2019 | ||||
Shares outstanding, beginning of period | 57,763,811 | 62,230,251 | |||
Repurchase of common stock (1) | (1,455,195 | ) | (958,182 | ) | |
Shares outstanding, end of period | 56,308,616 | 61,272,069 |
For the three month periods ended | |||||||||||
March 31, 2021 | March 31, 2020 | ||||||||||
Common shares outstanding, beginning of period | 55,320,309 | 57,763,811 | |||||||||
Repurchase of common stock (1) | (511,047) | (1,455,195) | |||||||||
Common shares outstanding, end of period | 54,809,262 | 56,308,616 |
As of | As of | |||||||||||||||||||||
Payment Due by Period | March 31, 2020 | December 31, 2019 | Payment Due by Period | March 31, 2021 | December 31, 2020 | |||||||||||||||||
Less than 1 Year | $ | — | $ | — | Less than 1 Year | $ | — | $ | — | |||||||||||||
1-3 Years | — | — | ||||||||||||||||||||
1-3 Years (1) | 1-3 Years (1) | — | — | |||||||||||||||||||
3-5 Years (1) | 816,609 | 731,543 | 3-5 Years (1) | 499,397 | 537,949 | |||||||||||||||||
More than 5 Years (2) | 449,200 | 449,200 | More than 5 Years (2) | 449,200 | 449,200 | |||||||||||||||||
Total | $ | 1,265,809 | $ | 1,180,743 | Total | $ | 948,597 | $ | 987,149 |
Principal Amount as of | Principal Amount as of | |||||||||||||||||
March 31, 2020 | December 31, 2019 | March 31, 2021 | December 31, 2020 | |||||||||||||||
Unfunded delayed draw commitments | $ | 65,237 | $ | 75,874 | Unfunded delayed draw commitments | $ | 75,856 | $ | 73,292 | |||||||||
Unfunded revolving term loan commitments | 38,751 | 74,016 | ||||||||||||||||
Unfunded revolving commitments | Unfunded revolving commitments | 73,296 | 76,216 | |||||||||||||||
Total unfunded commitments | $ | 103,988 | $ | 149,890 | Total unfunded commitments | $ | 149,152 | $ | 149,508 |
Date Declared | Record Date | Payment Date | Per Share Amount | ||||||||||||||||||||
2019 | |||||||||||||||||||||||
February 22, 2019 | March 29, 2019 | April 17, 2019 | $ | 0.37 | |||||||||||||||||||
May 6, 2019 | June 28, 2019 | July 17, 2019 | 0.37 | ||||||||||||||||||||
June 17, 2019 | June 28, 2019 | July 17, 2019 | 0.08 | (1) | |||||||||||||||||||
August 5, 2019 | September 30, 2019 | October 17, 2019 | 0.37 | ||||||||||||||||||||
November 4, 2019 | December 31, 2019 | January 17, 2020 | 0.37 | ||||||||||||||||||||
December 12, 2019 | December 31, 2019 | January 17, 2020 | 0.18 | (1) | |||||||||||||||||||
Total | $ | 1.74 | |||||||||||||||||||||
2020 | |||||||||||||||||||||||
February 24, 2020 | March 31, 2020 | April 17, 2020 | $ | 0.37 | |||||||||||||||||||
May 4, 2020 | June 30, 2020 | July 17, 2020 | 0.37 | ||||||||||||||||||||
August 3, 2020 | September 30, 2020 | October 16, 2020 | 0.32 | (2) | |||||||||||||||||||
August 3, 2020 | September 30, 2020 | October 16, 2020 | 0.05 | (1) | |||||||||||||||||||
November 2, 2020 | December 31, 2020 | January 15, 2021 | 0.32 | (2) | |||||||||||||||||||
November 2, 2020 | December 31, 2020 | January 15, 2021 | 0.04 | (1) | |||||||||||||||||||
Total | $ | 1.47 | |||||||||||||||||||||
2021 | |||||||||||||||||||||||
February 22, 2021 | March 31, 2021 | April 16, 2021 | $ | 0.32 | (2) | ||||||||||||||||||
February 22, 2021 | March 31, 2021 | April 16, 2021 | 0.05 | (1) | |||||||||||||||||||
Total | $ | 0.37 |
Date Declared | Record Date | Payment Date | Per Share Amount | ||||||
2018 | |||||||||
February 26, 2018 | March 29, 2018 | April 17, 2018 | $ | 0.37 | |||||
May 2, 2018 | June 29, 2018 | July 17, 2018 | 0.37 | ||||||
August 6, 2018 | September 28, 2018 | October 17, 2018 | 0.37 | ||||||
November 5, 2018 | December 28, 2018 | January 17, 2019 | 0.37 | ||||||
December 12, 2018 | December 28, 2018 | January 17, 2019 | 0.20 | (1) | |||||
Total | $ | 1.68 | |||||||
2019 | |||||||||
February 22, 2019 | March 29, 2019 | April 17, 2019 | $ | 0.37 | |||||
May 6, 2019 | June 28, 2019 | July 17, 2019 | 0.37 | ||||||
June 17, 2019 | June 28, 2019 | July 17, 2019 | 0.08 | (1) | |||||
August 5, 2019 | September 30, 2019 | October 17, 2019 | 0.37 | ||||||
November 4, 2019 | December 31, 2019 | January 17, 2020 | 0.37 | ||||||
December 12, 2019 | December 31, 2019 | January 17, 2020 | 0.18 | (1) | |||||
Total | $ | 1.74 | |||||||
2020 | |||||||||
February 24, 2020 | March 31, 2020 | April 17, 2020 | $ | 0.37 |
Record Date | Payment Date | Per Share Amount | |||||||||||||||||||||
2020 | |||||||||||||||||||||||
June 30, 2020 | June 30, 2020 | September 30, 2020 | $ | 0.277 | |||||||||||||||||||
September 30, 2020 | September 30, 2020 | September 30, 2020 | 0.423 | ||||||||||||||||||||
December 31, 2020 | December 31, 2020 | December 31, 2020 | 0.438 | ||||||||||||||||||||
Total | $ | 1.138 | |||||||||||||||||||||
2021 | |||||||||||||||||||||||
March 31, 2021 | March 31, 2021 | March 31, 2021 | $ | 0.438 | |||||||||||||||||||
Total | $ | 0.438 |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
Basis Point Change | Interest Income | Interest Expense | Net Investment Income | Interest Income | Interest Expense | Net Investment Income | |||||||||||||||||||||||||||||
Up 300 basis points | $ | 34,724 | $ | (22,008) | $ | 12,716 | $ | 35,024 | $ | (23,164) | $ | 11,860 | |||||||||||||||||||||||
Up 200 basis points | $ | 19,699 | $ | (14,672) | $ | 5,027 | $ | 20,031 | $ | (15,443) | $ | 4,588 | |||||||||||||||||||||||
Up 100 basis points | $ | 4,684 | $ | (7,336) | $ | (2,652) | $ | 5,040 | $ | (7,721) | $ | (2,681) | |||||||||||||||||||||||
Down 100 basis points | $ | (194) | $ | 1,402 | $ | 1,208 | $ | (260) | $ | 1,570 | $ | 1,310 | |||||||||||||||||||||||
Down 200 basis points | $ | (194) | $ | 1,402 | $ | 1,208 | $ | (260) | $ | 1,570 | $ | 1,310 | |||||||||||||||||||||||
Down 300 basis points | $ | (194) | $ | 1,402 | $ | 1,208 | $ | (260) | $ | 1,570 | $ | 1,310 |
March 31, 2020 | December 31, 2019 | ||||||||||||||||||||||
Basis Point Change | Interest Income | Interest Expense | Net Investment Income | Interest Income | Interest Expense | Net Investment Income | |||||||||||||||||
Up 300 basis points | $ | 57,263 | $ | (33,774 | ) | $ | 23,489 | $ | 57,441 | $ | (31,167 | ) | $ | 26,274 | |||||||||
Up 200 basis points | $ | 38,175 | $ | (22,516 | ) | $ | 15,659 | $ | 38,294 | $ | (20,778 | ) | $ | 17,516 | |||||||||
Up 100 basis points | $ | 19,088 | $ | (11,258 | ) | $ | 7,830 | $ | 19,147 | $ | (10,389 | ) | $ | 8,758 | |||||||||
Down 100 basis points | $ | (7,697 | ) | $ | 11,258 | $ | 3,561 | $ | (16,433 | ) | $ | 10,389 | $ | (6,044 | ) | ||||||||
Down 200 basis points | $ | (7,926 | ) | $ | 14,817 | $ | 6,891 | $ | (18,678 | ) | $ | 20,225 | $ | 1,547 | |||||||||
Down 300 basis points | $ | (7,926 | ) | $ | 14,817 | $ | 6,891 | $ | (19,053 | ) | $ | 20,823 | $ | 1,770 |
Period | Total Number of Shares Purchased(1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(1)(2) | Maximum (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||||
January 1, 2020 through January 31, 2020 | 582,188 | $ | 13.74 | 582,188 | $ | 22,406 | ||||||||
February 1, 2020 through February 29, 2020 | 40,861 | 12.24 | 40,861 | 21,906 | ||||||||||
March 1, 2020 through March 31, 2020 | 832,146 | 9.02 | 832,146 | 14,403 | ||||||||||
Total | 1,455,195 | 1,455,195 |
Period | Total Number of Shares Purchased (1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(1)(2) | Maximum (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||||||||||||||||
January 1, 2021 through January 31, 2021 | 190,888 | $ | 10.92 | 190,888 | $ | 51,067 | ||||||||||||||||||||
February 1, 2021 through February 28, 2021 | 88,970 | 11.61 | 88,970 | 50,034 | ||||||||||||||||||||||
March 1, 2021 through March 31, 2021 | 182,962 | 13.40 | 182,962 | 47,582 | ||||||||||||||||||||||
Total | 462,820 | 462,820 | ||||||||||||||||||||||||
10.1 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 |
TCG BDC, INC. | ||||||||||||
Dated: May | By | /s/ Thomas M. Hennigan | ||||||||||
Thomas M. Hennigan Chief Financial Officer (principal financial officer) |