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PTMN Portman Ridge Finance

Filed: 6 May 21, 4:46pm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2021

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from          to

Commission File No. 814-00735

Portman Ridge Finance Corporation

(Exact name of Registrant as specified in its charter)

 

 

Delaware

 

20-5951150

(State or other jurisdiction of

Incorporation or organization)

 

(I.R.S. Employer

Identification Number)

650 Madison Avenue, 23rd Floor

New York, New York 10022

(Address of principal executive offices)

(212) 891-2880

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Stock, par value $0.01 per share

 

PTMN

 

The NASDAQ Global Select Market

6.125% Notes due 2022

 

KCAPL

 

The NASDAQ Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

Emerging growth company

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No

 

The number of outstanding shares of common stock of the registrant as of May 3, 2021 was 75,195,141.

 

 

 

 


 

TABLE OF CONTENTS

 

 

 

Page

 

 

 

 

Part I. Financial Information

 

 

 

 

Item 1.

Consolidated Financial Statements

 

 

 

 

 

Consolidated Balance Sheets as of March 31, 2021 (unaudited) and December 31, 2020

5

 

 

 

 

Consolidated Statements of Operations (unaudited) for the three months ended March 31, 2021 and 2020

6

 

 

 

 

Consolidated Statements of Changes in Net Assets (unaudited) for the three months ended March 31, 2021 and 2020

7

 

 

 

 

Consolidated Statements of Cash Flows (unaudited) for the three months ended March 31, 2021 and 2020

8

 

 

 

 

Consolidated Schedules of Investments as of March 31, 2021 (unaudited) and December 31, 2020

9

 

 

 

 

Consolidated Financial Highlights (unaudited) for the three months ended March 31, 2021 and 2020

40

 

 

 

 

Notes to Consolidated Financial Statements (unaudited)

41

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

78

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

101

 

 

 

Item 4.

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

103

 

 

 

Item 5.

Controls and Procedures

103

 

 

 

 

Part II. Other Information

 

 

 

 

Item 1.

Legal Proceedings

104

 

 

 

Item 1A.

Risk Factors

104

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

107

 

 

 

Item 3.

Defaults Upon Senior Securities

108

 

 

 

Item 4.

Mine Safety Disclosures

108

 

 

 

Item 5.

Other Information

108

 

 

 

Item 6.

Exhibits

108

 

 

 

Signatures

 

110

 

2


 

NOTE ABOUT REFERENCES TO PORTMAN RIDGE FINANCE CORPORATION

In this Quarterly Report on Form 10-Q, the “Company”, “Portman Ridge”, “we”, “us” and “our” refer to Portman Ridge Finance Corporation and its wholly-owned subsidiaries, Garrison Funding 2018-2 Ltd. (“GF CLO 2018-2”), Great Lakes KCAP Funding I LLC, Great Lakes Portman Ridge Funding, LLC, OHA Investment Sub, LLC, OHA Asset Holdings II, LP, Kohlberg Capital Funding I LLC, KCAP Senior Funding I, LLC and KCAP Senior Funding I Holdings, LLC, unless the context otherwise requires.

NOTE ABOUT FORWARD-LOOKING STATEMENTS

The information contained in this item should be read in conjunction with our consolidated financial statements and notes thereto appearing elsewhere in this Quarterly Report and in conjunction with the financial statements and notes thereto in the Company’s Form 10-K for the year ended December 31, 2020, as filed with the U.S. Securities and Exchange Commission (the “Commission” or the “SEC”). In addition, some of the statements in this report constitute forward-looking statements. The matters discussed in this Quarterly Report, as well as in future oral and written statements by management of Portman Ridge Finance Corporation, that are forward-looking statements are based on current management expectations that involve substantial risks and uncertainties which could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements. Forward-looking statements relate to future events or our future financial performance. We generally identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “outlook, ”believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar words. Important assumptions include our ability to originate new investments, achieve certain margins and levels of profitability, the availability of additional capital, and the ability to maintain certain debt to asset ratios. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Quarterly Report should not be regarded as a representation by us that our plans or objectives will be achieved. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:

 

our future operating results;

 

our business prospects and the prospects of our existing and prospective portfolio companies;

 

the return or impact of current and future investments;

 

our contractual arrangements and other relationships with third parties;

 

the dependence of our future success on the general economy and its impact on the industries in which we invest;

 

the financial condition and ability of our existing and prospective portfolio companies to achieve their objectives;

 

our expected financings and investments;

 

our ability to operate as a business development company (“BDC”) under the Investment Company Act of 1940 and a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, including the impact of changes in laws or regulations governing our operations or the operations of our portfolio companies;

 

the adequacy of our available liquidity, cash resources and working capital;

 

the timing of cash flows, if any, from the operations of our portfolio companies;

 

the ability of Sierra Crest Investment Management LLC (the “Adviser”) to locate suitable investments for us to monitor and administer our investments;

 

the ability of the Adviser to attract and retain highly talented professionals;

 

actual and potential conflicts of interest with the Adviser and its affiliates;

 

the effect of legal, tax, and regulatory changes on us and our portfolio companies;

 

the impact of a protracted decline in the liquidity of credit markets on our business;

 

the impact of fluctuations in interest rates on our business;

 

the valuation of our investments in portfolio companies, particularly those having no liquid trading market;

3


 

 

our ability to recover unrealized losses;

 

market conditions and our ability to access additional capital;

 

the duration and effects of the COVID-19 pandemic on us and our portfolio companies;

 

an economic downturn, including as a result of the impact of the COVID-19 pandemic, could have a material adverse effect on our portfolio companies’ results of operations and financial condition, which could lead to a loss on some or all of our investments in such portfolio companies and have a material adverse effect on our results of operations and financial condition; and

 

the timing, form and amount of any dividend distributions.

For a more detailed discussion of factors that could cause our actual results to differ from forward-looking statements contained in this Quarterly Report, please see the discussion in Part II, “Item 1A. Risk Factors” of this Quarterly Report, and in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020. You should not place undue reliance on these forward-looking statements. The forward-looking statements made in this Quarterly Report relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances occurring after the date this Quarterly Report is filed with the SEC.

4


PORTMAN RIDGE FINANCE CORPORATION

CONSOLIDATED BALANCE SHEETS

 

 

 

March 31,

2021

 

 

December 31,

2020

 

 

 

(Unaudited)

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Investments at fair value:

 

 

 

 

 

 

 

 

Debt securities (amortized cost: 2021 - $377,355,331; 2020 - $392,932,411)

 

$

387,043,989

 

 

$

404,860,855

 

CLO Fund Securities managed by non-affiliates (amortized cost: 2021 - $35,264,540; 2020 - $45,727,813)

 

 

16,021,434

 

 

 

19,582,555

 

Equity securities (cost: 2021 - $23,950,747; 2020 - $24,593,639)

 

 

14,651,029

 

 

 

13,944,876

 

Asset Manager Affiliates (cost: 2021 - $17,791,230; 2020 - $17,791,230)

 

 

 

 

 

 

Joint Ventures (cost: 2021 - $61,105,966; 2020 - $54,932,458)

 

 

56,730,956

 

 

 

49,349,163

 

Total Investments at Fair Value, excluding derivatives (cost: 2021 - $515,467,814; 2020 - $535,977,551)

 

 

474,447,408

 

 

 

487,737,449

 

Cash and cash equivalents

 

 

30,843,590

 

 

 

6,990,008

 

Restricted cash

 

 

28,452,560

 

 

 

75,913,411

 

Interest receivable

 

 

2,888,364

 

 

 

2,972,546

 

Receivable for unsettled trades

 

 

14,142,812

 

 

 

25,107,598

 

Due from affiliates

 

 

853,420

 

 

 

357,168

 

Other assets

 

 

1,201,991

 

 

 

1,100,241

 

Total Assets

 

$

552,830,145

 

 

$

600,178,421

 

LIABILITIES

 

 

 

 

 

 

 

 

6.125% Notes Due 2022 (net of offering costs of: 2021-$0; 2020 - $1,058,351)

 

$

76,725,975

 

 

$

75,667,624

 

2018-2 Secured Notes (net of discount of: 2021-$1,535,573; 2020 - $2,444,512)

 

 

162,327,125

 

 

$

249,418,186

 

Great Lakes Portman Ridge Funding LLC Revolving Credit Facility (net of offering costs of: 2021-$1,006,335; 2020 - $1,097,815)

 

 

68,064,563

 

 

 

48,223,083

 

Derivative liabilities, net (cost: 2021 - $30,609; 2020 - $30,609)

 

 

1,582,963

 

 

 

1,108,618

 

Payable for unsettled trades

 

 

13,881,059

 

 

 

 

Accounts payable and accrued expenses

 

 

2,409,861

 

 

 

1,788,908

 

Accrued interest payable

 

 

1,146,732

 

 

 

1,089,531

 

Due to affiliates

 

 

2,372,115

 

 

 

1,374,739

 

Management and incentive fees payable

 

 

4,464,644

 

 

 

5,243,869

 

Total Liabilities

 

 

332,975,037

 

 

 

383,914,558

 

COMMITMENTS AND CONTINGENCIES (NOTE 8)

 

 

 

 

 

 

 

 

STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Common stock, par value $0.01 per share, 100,000,000 common shares authorized; 76,124,403 issued, and 75,195,141 outstanding at March 31, 2021, and 76,093,492 issued, and 75,164,230 outstanding at December 31, 2020

 

 

751,951

 

 

 

751,642

 

Capital in excess of par value

 

 

638,523,223

 

 

 

638,459,548

 

Total distributable (loss) earnings

 

 

(419,420,066

)

 

 

(422,947,327

)

Total Stockholders' Equity

 

 

219,855,108

 

 

 

216,263,863

 

Total Liabilities and Stockholders' Equity

 

$

552,830,145

 

 

$

600,178,421

 

NET ASSET VALUE PER COMMON SHARE

 

$

2.92

 

 

$

2.88

 

 

See accompanying notes to unaudited consolidated financial statements.

5


PORTMAN RIDGE FINANCE CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

 

 

 

For the Three Months

Ended March 31,

 

 

 

2021

 

 

2020

 

Investment Income:

 

 

 

 

 

 

 

 

Interest from investments in debt securities

 

$

14,086,475

 

 

$

4,579,782

 

Payment-in-kind investment income

 

 

1,131,598

 

 

 

309,369

 

Interest from short-term investments

 

 

 

 

 

15,279

 

Investment income on CLO Fund Securities managed by affiliates

 

 

 

 

 

1,073,494

 

Investment income on CLO Fund Securities managed by non-affiliates

 

 

617,256

 

 

 

117,243

 

Investment income - Joint Ventures

 

 

2,039,266

 

 

 

1,577,136

 

Capital structuring service fees

 

 

429,968

 

 

 

81,904

 

Total investment income

 

 

18,304,563

 

 

 

7,754,207

 

Expenses:

 

 

 

 

 

 

 

 

Management fees

 

 

1,792,564

 

 

 

1,011,690

 

Performance-based incentive fees

 

 

2,093,619

 

 

 

102,006

 

Interest and amortization of debt issuance costs

 

 

3,380,497

 

 

 

2,350,071

 

Professional fees

 

 

1,494,428

 

 

 

843,630

 

Insurance

 

 

177,154

 

 

 

123,750

 

Administrative services expense

 

 

613,372

 

 

 

461,000

 

Other general and administrative expenses

 

 

540,412

 

 

 

198,276

 

Total expenses

 

 

10,092,046

 

 

 

5,090,423

 

Management and performance-based incentive fees waived

 

 

 

 

 

(102,006

)

Net Expenses

 

 

10,092,046

 

 

 

4,988,417

 

Net Investment Income

 

 

8,212,517

 

 

 

2,765,790

 

Realized And Unrealized Gains (Losses) On Investments:

 

 

 

 

 

 

 

 

Net realized (losses) gains from investment transactions

 

 

(5,085,788

)

 

 

(1,048,147

)

Net change in unrealized appreciation (depreciation) on:

 

 

 

 

 

 

 

 

Debt securities

 

 

(2,239,786

)

 

 

(10,778,237

)

Equity securities

 

 

1,349,044

 

 

 

(277,907

)

CLO Fund Securities managed by affiliates

 

 

 

 

 

(11,162,275

)

CLO Fund Securities managed by non-affiliates

 

 

6,902,151

 

 

 

(571,429

)

Joint Venture Investments

 

 

1,208,285

 

 

 

(8,109,197

)

Derivatives

 

 

(474,345

)

 

 

(25,637

)

Total net change in unrealized appreciation (depreciation)

 

 

6,745,349

 

 

 

(30,924,682

)

Net realized and unrealized appreciation (depreciation) on investments

 

 

1,659,561

 

 

 

(31,972,829

)

Realized (losses) gains on extinguishments of Debt

 

 

(1,834,963

)

 

 

154,106

 

Net Increase (Decrease) In Stockholders’ Equity Resulting From Operations

 

$

8,037,115

 

 

$

(29,052,933

)

Net Increase (Decrease) In Stockholders' Equity Resulting from Operations per Common Share:

 

 

 

 

 

 

 

 

Basic:

 

$

0.11

 

 

$

(0.65

)

Diluted:

 

$

0.11

 

 

$

(0.65

)

Net Investment Income Per Common Share:

 

 

 

 

 

 

 

 

Basic:

 

$

0.11

 

 

$

0.06

 

Diluted:

 

$

0.11

 

 

$

0.06

 

Weighted Average Shares of Common Stock Outstanding—Basic

 

 

75,174,533

 

 

 

44,823,193

 

Weighted Average Shares of Common Stock Outstanding—Diluted

 

 

75,174,533

 

 

 

44,823,193

 

 

See accompanying notes to unaudited consolidated financial statements.

6


PORTMAN RIDGE FINANCE CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS(1)

(unaudited)

 

 

 

For the Three Months Ended March 31,

 

 

 

2021

 

 

2020

 

Operations:

 

 

 

 

 

 

 

 

Net investment income

 

$

8,212,517

 

 

$

2,765,790

 

Net realized gains (losses) from investment transactions

 

 

(5,085,788

)

 

 

(1,048,147

)

Realized (losses) gains from extinguishments of debt

 

 

(1,834,963

)

 

 

154,106

 

Net change in unrealized (depreciation) appreciation on investments

 

 

6,745,349

 

 

 

(30,924,682

)

Net increase (decrease) in stockholders’ equity resulting from operations

 

 

8,037,115

 

 

 

(29,052,933

)

 

 

 

 

 

 

 

 

 

Stockholder distributions:

 

 

(4,509,854

)

 

 

(2,689,779

)

 

 

 

 

 

 

 

 

 

Capital share transactions:

 

 

 

 

 

 

 

 

Issuance of common stock for:

 

 

 

 

 

 

 

 

Dividend reinvestment plan

 

 

63,984

 

 

 

37,084

 

Stock repurchases

 

 

 

 

 

(123,330

)

Net increase in net assets resulting from capital share transactions

 

 

63,984

 

 

 

(86,246

)

 

 

 

 

 

 

 

 

 

Net assets at beginning of period

 

 

216,263,863

 

 

 

152,198,570

 

Net assets at end of period

 

$

219,855,108

 

 

$

120,369,612

 

Net asset value per common share

 

$

2.92

 

 

$

2.69

 

Common shares outstanding at end of period

 

 

75,195,141

 

 

 

44,725,872

 

 

(1)

Refer to note 9 "Stockholders' Equity" for additional information on changes in components of Stockholders' Equity

See accompanying notes to unaudited consolidated financial statements.

7


PORTMAN RIDGE FINANCE CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

 

 

 

For the Three Months Ended March 31,

 

 

 

2021

 

 

2020

 

OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

Net (decrease) increase in stockholders' equity resulting from operations

 

$

8,037,115

 

 

$

(29,052,933

)

Adjustments to reconcile net (decrease) increase in stockholders' equity resulting from operations to net cash (used in) provided by in operations:

 

 

 

 

 

 

 

 

Net realized (gains) losses on investment transactions

 

 

5,085,788

 

 

 

1,048,147

 

Net change in unrealized (depreciation) appreciation from investments

 

 

(6,745,349

)

 

 

30,924,682

 

Purchases of investments

 

 

(58,353,638

)

 

 

(47,942,983

)

Proceeds from sales and redemptions of investments

 

 

80,774,432

 

 

 

23,453,568

 

Net accretion of investments

 

 

(7,880,944

)

 

 

(1,951,807

)

Amortization of debt issuance costs

 

 

223,806

 

 

 

234,925

 

Realized gains on extinguishments of debt

 

 

1,834,963

 

 

 

(154,106

)

Net payment-in-kind interest income

 

 

884,098

 

 

 

(59,119

)

(Increase) decrease in operating assets:

 

 

 

 

 

 

 

 

Receivable for unsettled trades

 

 

10,964,786

 

 

 

21,075,553

 

Interest and dividends receivable

 

 

84,182

 

 

 

446,820

 

Due from affiliates

 

 

(496,252

)

 

 

185,063

 

Other assets

 

 

(101,750

)

 

 

(89,061

)

Increase (decrease) in operating liabilities:

 

 

 

 

 

 

 

 

Payable for unsettled trades

 

 

13,881,059

 

 

 

26,571,709

 

Accrued interest payable

 

 

57,201

 

 

 

663,492

 

Management and incentive fees payable

 

 

(779,225

)

 

 

(65,289

)

Due to affiliates

 

 

997,376

 

 

 

318,899

 

Accounts payable and accrued expenses

 

 

620,953

 

 

 

115,551

 

Net cash used in operating activities

 

 

49,088,601

 

 

 

25,723,111

 

FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

Debt issuance costs

 

 

 

 

 

(1,342

)

Stock repurchase program

 

 

 

 

 

(123,330

)

Distributions to stockholders

 

 

(4,445,870

)

 

 

(2,652,695

)

Repurchase of 6.125% Notes Due 2022

 

 

 

 

 

(418,594

)

Repayment of 2018-2 Secured Notes

 

 

(88,000,000

)

 

 

 

Borrowings from Revolving Credit Facilities

 

 

19,750,000

 

 

 

6,000,000

 

Repayment of Revolving Credit Facilities

 

 

 

 

 

(28,500,000

)

Net cash provided by financing activities

 

 

(72,695,870

)

 

 

(25,695,962

)

CHANGE IN CASH AND RESTRICTED CASH

 

 

(23,607,269

)

 

 

27,149

 

CASH AND RESTRICTED CASH, BEGINNING OF PERIOD

 

 

82,903,419

 

 

 

5,104,355

 

CASH AND RESTRICTED CASH, END OF PERIOD

 

$

59,296,150

 

 

$

5,131,504

 

Amounts per balance sheet:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

30,843,590

 

 

$

403,497

 

Restricted cash

 

 

28,452,560

 

 

 

4,728,007

 

Total Cash and Restricted cash

 

$

59,296,150

 

 

$

5,131,504

 

Supplemental Information:

 

 

 

 

 

 

 

 

Interest paid during the period

 

$

3,099,490

 

 

$

1,440,865

 

Dividends paid during the period under the dividend reinvestment plan

 

$

63,984

 

 

$

37,084

 

 

See accompanying notes to unaudited consolidated financial statements.

8


PORTMAN RIDGE FINANCE CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2021

(unaudited)

Debt Securities Portfolio

 

Portfolio Company /

Principal Business

 

Investment

Interest Rate¹ / Maturity15

 

Initial

Acquisition

Date

 

Principal

 

 

Amortized

Cost

 

 

Fair Value2

 

1A Smart Start LLC

                    Consumer goods: Non-durable

(8)(14)

Senior Secured Loan — First Lien Term Loan

5.8% Cash, 3 Month Libor (1.00%) + 4.75%; Libor Floor 1.00% , Due 8/27

 

10/28/2020

 

$

2,089,500

 

 

$

1,842,084

 

 

$

2,101,253

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advantage Capital Holdings LLC

     Banking, Finance, Insurance & Real Estate

(8)(13)(21)

Senior Secured Loan — Delayed Draw Term Loan, 8.0% PIK, Due 1/25

 

2/14/2020

 

 

2,852,556

 

 

 

2,852,556

 

 

 

2,884,790

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advantage Capital Holdings LLC

          Banking, Finance, Insurance & Real Estate

(8)(13)(14)(21)

Senior Secured Loan — Term Loan

5.0% Cash, 8.0% PIK, Due 1/25

 

2/14/2020

 

 

2,520,115

 

 

 

2,520,115

 

 

 

2,548,592

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AIS Holdco, LLC

      Banking, Finance, Insurance & Real Estate

(8)(13)(14)

Senior Secured Loan — First Lien Term Loan A

5.2% Cash, 3 Month Libor (0.21%) + 5.00% , Due 8/25

 

10/28/2020

 

 

2,545,236

 

 

 

2,067,899

 

 

 

2,487,460

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allied Universal Holdco LLC

      Services: Business

(8)(14)

Senior Secured Loan — Initial Term Loan

4.4% Cash, 1 Month Libor (0.11%) + 4.25% , Due 7/26

 

3/23/2020

 

 

5,143,496

 

 

 

4,253,956

 

 

 

5,135,473

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AMCP Pet Holdings, Inc.

      Beverage, Food and Tobacco

(8)(13)(14)(21)

Senior Secured Loan — Delayed Draw Term Loan

1.0% Cash, Due 10/26

 

12/9/2020

 

 

-

 

 

 

(19,000

)

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AMCP Pet Holdings, Inc.

      Beverage, Food and Tobacco

(8)(13)(14)(21)

Senior Secured Loan — First Lien Term Loan

7.3% Cash, 3 Month Libor (1.00%) + 6.25%; Libor Floor 1.00% , Due 10/26

 

12/9/2020

 

 

4,987,500

 

 

 

4,892,738

 

 

 

4,987,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AMCP Pet Holdings, Inc.

      Beverage, Food and Tobacco

(8)(13)(21)

Senior Secured Loan — Revolving Loan

6.3% Cash, Due 10/26

 

12/9/2020

 

 

50,000

 

 

 

30,883

 

 

 

50,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Analogic Corporation

 

      Electronics

(8)(13)(14)

Senior Secured Loan — Revolver

0.5% Cash, Due 6/23

 

10/28/2020

 

 

0

 

 

 

0

 

 

 

(5,197

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Analogic Corporation

      Electronics

(8)(13)(14)

Senior Secured Loan — First Lien Term Loan A

6.3% Cash, 1 Month Libor (1.00%) + 5.25%; Libor Floor 1.00% , Due 6/24

 

10/28/2020

 

 

3,546,831

 

 

 

3,127,646

 

 

 

3,455,678

 

 

9


 

 

Portfolio Company /

Principal Business

 

Investment

Interest Rate¹ / Maturity15

 

Initial

Acquisition

Date

 

Principal

 

 

Amortized

Cost

 

 

Fair Value2

 

Anthem Sports & Entertainment Inc.

 

      Media: Broadcasting & Subscription

(8)(13)(14)

Senior Secured Loan — Term Loan

5.0% Cash, Due 9/24

 

3/31/2021

 

 

916,514

 

 

 

808,158

 

 

 

883,336

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Anthem Sports & Entertainment Inc.

     Media: Broadcasting & Subscription

(8)(13)(14)(21)

Senior Secured Loan — Term Loan

7.8% Cash, 2.8% PIK, 3 Month Libor (1.00%) + 6.75%; Libor Floor 1.00% , Due 9/24

 

9/9/2019

 

 

3,562,644

 

 

 

3,472,376

 

 

 

3,433,677

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Anthem Sports & Entertainment Inc.

     Media: Broadcasting & Subscription

(8)(13)(21)

Senior Secured Loan — Revolving Loan

10.5% Cash, 3 Month Libor (1.00%) + 9.50%; Libor Floor 1.00% , Due 9/24

 

9/9/2019

 

 

416,667

 

 

 

387,967

 

 

 

377,450

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ascensus Specialties LLC

 

      Chemicals, Plastics & Rubber

(8)(13)(14)

Senior Secured Loan — First Lien Term Loan

4.9% Cash, 1 Month Libor (0.11%) + 4.75% , Due 9/26

 

10/28/2020

 

 

1,699,478

 

 

 

1,443,790

 

 

 

1,692,850

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Athos Merger Sub LLC

     Services: Business

(8)(14)

Senior Secured Loan — First Lien Term Loan

5.1% Cash, 1 Month Libor (0.11%) + 5.00% , Due 7/26

 

10/28/2020

 

 

1,325,732

 

 

 

1,148,109

 

 

 

1,325,732

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BJ Services, LLC

     Energy: Oil & Gas

(8)(13)(14)

Senior Secured Loan — First Out Term Loan

7.0% Cash, 3 Month Libor (1.50%) + 5.50%; Libor Floor 1.50% , Due 1/23

 

10/28/2020

 

 

2,517,704

 

 

 

2,393,614

 

 

 

2,517,704

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BMC Acquisition, Inc.

     Banking, Finance, Insurance & Real Estate

(8)(13)(14)

Senior Secured Loan — Initial Term Loan

6.3% Cash, 6 month Libor (1.00%) + 5.25%; Libor Floor 1.00% , Due 12/24

 

1/2/2018

 

 

2,902,500

 

 

 

2,901,582

 

 

 

2,883,634

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bristol Hospice

     Healthcare & Pharmaceuticals

(8)(13)(14)(21)

Senior Secured Loan — Delayed Draw Term Loan

1.0% Cash, Due 12/26

 

12/22/2020

 

 

(0

)

 

 

(7,844

)

 

 

(12,000

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bristol Hospice

     Healthcare & Pharmaceuticals

(8)(13)(14)(21)

Senior Secured Loan — Unitranche

5.7% Cash, 3 Month Libor (1.00%) + 4.65%; Libor Floor 1.00% , Due 12/26

 

12/22/2020

 

 

2,172,637

 

 

 

2,131,167

 

 

 

2,140,916

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

C.P. Converters, Inc.

     Chemicals, Plastics & Rubber

(8)(13)(14)

Senior Secured Loan — Seventh Amendment Acquisition Loan

7.5% Cash, 1 Month Libor (1.00%) + 6.50%; Libor Floor 1.00% , Due 6/23

 

6/26/2020

 

 

2,943,750

 

 

 

2,889,045

 

 

 

2,929,031

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carestream Health, Inc.

     Healthcare & Pharmaceuticals

(8)(14)

Junior Secured Loan — 2023 Extended Term Loan (Second Lien)

5.5% Cash, 8.0% PIK, 6 month Libor (1.00%) + 4.50%; Libor Floor 1.00% , Due 8/23

 

5/8/2020

 

 

1,662,106

 

 

 

1,503,788

 

 

 

1,518,060

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Centric Brands Inc.

     Machinery (Non-Agrclt/Constr/Electr)

(8)(13)(14)

Senior Secured Loan — Term Loan

7.3% Cash, Due 10/25

 

10/28/2020

 

 

8,198,194

 

 

 

6,574,177

 

 

 

7,378,373

 

 

 

10


 

 

Portfolio Company /

Principal Business

 

Investment

Interest Rate¹ / Maturity15

 

Initial

Acquisition

Date

 

Principal

 

 

Amortized

Cost

 

 

Fair Value2

 

Centric Brands Inc.

     Machinery (Non-Agrclt/Constr/Electr)

(8)(13)(14)

Senior Secured Loan — Revolver

0.5% Cash, Due 10/24

 

10/28/2020

 

 

338,278

 

 

 

273,599

 

 

 

269,076

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Child Development Schools, Inc.

     Services: Consumer

(8)(13)(14)

Senior Secured Loan — Term Loan, 3 Month Libor (1.00%) + 4.25%; Libor Floor 1.00% , Due 5/23

 

6/6/2018

 

 

4,177,732

 

 

 

4,173,235

 

 

 

4,162,275

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chloe Ox Parent, LLC

     Services: Business

(8)(14)

Senior Secured Loan — First Lien Term Loan

5.5% Cash, 3 Month Libor (1.00%) + 4.50%; Libor Floor 1.00% , Due 12/24

 

10/28/2020

 

 

1,832,715

 

 

 

1,565,981

 

 

 

1,839,835

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Circustrix Holdings, LLC

     Banking, Finance, Insurance & Real Estate

(8)(13)(14)

Senior Secured Loan — Term Loan

6.5% Cash, 2.5% PIK, 1 Month Libor (1.00%) + 5.50%; Libor Floor 1.00% , Due 7/23

 

1/29/2021

 

 

574,205

 

 

 

574,205

 

 

 

478,485

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Circustrix Holdings, LLC

 

      Banking, Finance, Insurance & Real Estate

(8)(13)(14)

Senior Secured Loan — Delayed Draw Term Loan, 1 Month Libor (1.00%) + 5.50%; Libor Floor 1.00% , Due 7/23

 

1/11/2021

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Circustrix Holdings, LLC

 

      Banking, Finance, Insurance & Real Estate

(8)(13)(14)

Senior Secured Loan — First Lien Term Loan B

0.0% Cash, 7.8% PIK, Due 1/22

 

10/28/2020

 

 

6,556,981

 

 

 

4,694,494

 

 

 

4,797,743

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Coinamatic Canada Inc.

 

      Consumer goods: Durable

(3)(13)(14)

Junior Secured Loan — Initial Canadian Term Loan (Second Lien)

8.0% Cash, 1 Month Libor (1.00%) + 7.00%; Libor Floor 1.00% , Due 5/23

 

12/18/2019

 

 

521,646

 

 

 

472,779

 

 

 

500,676

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Colibri Group, LLC

     Services: Business

(8)(13)(14)(20)(21)

Senior Secured Loan — Last out DDTL

9.1% Cash, 3 Month Libor (1.00%) + 8.05%; Libor Floor 1.00% , Due 5/25

 

3/31/2020

 

 

932,983

 

 

 

927,361

 

 

 

935,315

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Colibri Group, LLC

     Services: Business

(8)(13)(14)(20)(21)

Senior Secured Loan — Last Out Term Loan

9.1% Cash, 3 Month Libor (1.00%) + 8.05%; Libor Floor 1.00% , Due 5/25

 

3/31/2020

 

 

6,033,990

 

 

 

5,997,634

 

 

 

6,049,075

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Colibri Group, LLC

     Services: Business

(8)(13)(14)(20)(21)

Senior Secured Loan — Last Out Second Amendment TL

9.1% Cash, 3 Month Libor (1.00%) + 8.05%; Libor Floor 1.00% , Due 5/25

 

3/31/2020

 

 

690,407

 

 

 

686,248

 

 

 

692,133

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Convergeone Holdings Corp.

     Electronics

(8)(14)

Senior Secured Loan — First Lien Term Loan

5.1% Cash, 1 Month Libor (0.11%) + 5.00% , Due 1/26

 

10/28/2020

 

 

2,162,509

 

 

 

1,757,256

 

 

 

2,094,596

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CSM Bakery Solutions Limited (fka CSM Bakery Supplies Limited)

 

      Beverage, Food and Tobacco

(8)(14)

Senior Secured Loan — Term Loan (First Lien)

7.3% Cash, 3 Month Libor (1.00%) + 6.25%; Libor Floor 1.00% , Due 1/22

 

6/11/2020

 

 

4,300,489

 

 

 

4,283,689

 

 

 

4,284,964

 

 

11


 

 

Portfolio Company /

Principal Business

 

Investment

Interest Rate¹ / Maturity15

 

Initial

Acquisition

Date

 

Principal

 

 

Amortized

Cost

 

 

Fair Value2

 

Datalink, LLC

 

      Healthcare & Pharmaceuticals

(8)(13)(14)

Senior Secured Loan — First Lien Term Loan

7.3% Cash, 3 Month Libor (1.00%) + 6.25%; Libor Floor 1.00% , Due 11/26

 

11/23/2020

 

 

2,937,813

 

 

 

2,861,499

 

 

 

2,937,813

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Datalink, LLC

     Healthcare & Pharmaceuticals

(8)(13)

Senior Secured Loan —  Delayed Draw Term Loan (First Lien)

1.0% Cash, Due 11/26

 

11/23/2020

 

 

-

 

 

 

(13,587

)

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DCert Buyer, Inc.

     High Tech Industries

(8)(14)

Senior Secured Loan — Term Loan (Second Lien)

7.1% Cash, 1 Month Libor (0.11%) + 7.00% , Due 2/29

 

3/16/2021

 

 

5,400,000

 

 

 

5,386,500

 

 

 

5,450,652

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deliver Buyer, Inc.

 

      Capital Equipment

(8)(13)(14)

Senior Secured Loan — Incremental Term Loan (First Lien), 3 Month Libor (1.00%) + 6.25%; Libor Floor 1.00% , Due 5/24

 

7/1/2020

 

 

4,755,801

 

 

 

4,694,700

 

 

 

4,755,801

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Digitran Innovations B.V. (Pomeroy Solutions Holding Company, Inc.)

 

      High Tech Industries

(3)(13)

Senior Secured Loan — EUR Term Loan A

0.0% Cash, 5.0% PIK, Due 7/25

 

5/11/2020

 

 

261,136

 

 

 

282,354

 

 

 

257,259

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Digitran Innovations B.V. (Pomeroy Solutions Holding Company, Inc.)

 

      High Tech Industries

(8)(13)

Senior Secured Loan — Senior Term Loan A, 5.0% PIK, Due 5/25

 

5/29/2020

 

 

1,485,850

 

 

 

1,115,054

 

 

 

1,162,677

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Digitran Innovations B.V. (Pomeroy Solutions Holding Company, Inc.)

 

      High Tech Industries

(5)(8)(13)

Senior Secured Loan — Senior Term Loan B, 7.0% PIK, Due 5/25

 

5/29/2020

 

 

1,510,966

 

 

 

1,140,170

 

 

 

438,180

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Digitran Innovations B.V. (Pomeroy Solutions Holding Company, Inc.)

 

      High Tech Industries

(8)(13)

Senior Secured Loan — Super Senior Term Loan B

2.0% Cash, 7.0% PIK, Due 5/25

 

5/29/2020

 

 

959,944

 

 

 

944,724

 

 

 

946,792

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Drilling Info Holdings, Inc.

 

      High Tech Industries

(8)(14)(21)

Senior Secured Loan — 2019 Delayed Draw Term Loan (First Lien)

2.0% Cash, Due 7/25

 

6/27/2019

 

 

(0

)

 

 

(1,301

)

 

 

(3,387

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Drilling Info Holdings, Inc.

     High Tech Industries

(8)(14)(21)

Senior Secured Loan — Initial Term Loan (First Lien)

4.1% Cash, 1 Month Libor (0.11%) + 4.00% , Due 7/25

 

6/27/2019

 

 

464,431

 

 

 

464,431

 

 

 

460,112

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Drilling Info Holdings, Inc.

 

      High Tech Industries

(8)(13)(14)(21)

Senior Secured Loan — 2020 Term Loan (First Lien)

4.7% Cash, 1 Month Libor (0.11%) + 4.54% , Due 7/25

 

2/14/2020

 

 

990,000

 

 

 

986,074

 

 

 

990,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electronics for Imaging, Inc.

 

      Electronics

(8)(14)

Senior Secured Loan — First Lien Term Loan

5.1% Cash, 1 Month Libor (0.11%) + 5.00% , Due 7/26

 

10/28/2020

 

 

2,176,225

 

 

 

1,659,030

 

 

 

2,054,977

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ELO Touch Solutions, Inc.

 

      High Tech Industries

(8)(13)(14)

Senior Secured Loan — First Lien Term Loan

6.6% Cash, 1 Month Libor (0.11%) + 6.50% , Due 12/25

 

10/28/2020

 

 

2,613,437

 

 

 

2,242,454

 

 

 

2,572,145

 

 

12


 

Portfolio Company /

Principal Business

 

Investment

Interest Rate¹ / Maturity15

 

Initial

Acquisition

Date

 

Principal

 

 

Amortized

Cost

 

 

Fair Value2

 

Emtec, Inc.

 

      Services: Business

(8)(13)

Senior Secured Loan — First Lien Term Loan A

6.6% Cash, 1 Month Libor (0.11%) + 6.50% , Due 8/21

 

10/28/2020

 

 

2,395,175

 

 

 

2,233,990

 

 

 

2,391,342

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Emtec, Inc.

 

      Services: Business

(5)(8)(13)

Senior Secured Loan — First Lien Term Loan B, 10.3% PIK, Due 8/21

 

10/28/2020

 

 

1,779,324

 

 

 

1,354,400

 

 

 

1,709,574

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Energy Acquisition Lp

     Electronics

(14)

Senior Secured Loan — First Lien Term Loan

4.4% Cash, 1 Month Libor (0.11%) + 4.25% , Due 6/25

 

10/28/2020

 

 

4,874,687

 

 

 

3,982,425

 

 

 

4,769,588

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ensono, LP

     Telecommunications

(8)(13)(14)

Junior Secured Loan — Term Loan (Second Lien)

9.4% Cash, 1 Month Libor (0.11%) + 9.25% , Due 6/26

 

12/18/2019

 

 

1,700,000

 

 

 

1,538,445

 

 

 

1,700,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Evergreen North America Acquisition, LLC

 

      Environmental Industries

(8)(13)(14)

Senior Secured Loan — Term Loan

6.0% Cash, 6 month Libor (1.00%) + 5.00%; Libor Floor 1.00% , Due 6/22

 

6/21/2016

 

 

959,321

 

 

 

960,545

 

 

 

959,321

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Firstlight Holdco Inc.

     Telecommunications

(8)(13)(14)

Junior Secured Loan — Initial Term Loan (Second Lien)

7.7% Cash, Due 7/26

 

12/18/2019

 

 

400,000

 

 

 

363,686

 

 

 

397,400

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Geo Parent Corporation

     Media: Advertising, Printing & Publishing

(8)(13)(14)

Senior Secured Loan — First Lien Term Loan

5.1% Cash, 1 Month Libor (0.11%) + 5.00% , Due 12/25

 

10/28/2020

 

 

3,281,639

 

 

 

2,846,137

 

 

 

3,270,481

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GI Revelation Acquisition LLC

     Services: Business

(8)(14)(21)

Senior Secured Loan — Initial Term Loan (First Lien)

5.1% Cash, 1 Month Libor (0.11%) + 5.00% , Due 4/25

 

5/22/2020

 

 

3,892,437

 

 

 

3,505,119

 

 

 

3,905,419

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GK Holdings, Inc.

 

      Services: Business

(5)(8)(13)

Junior Secured Loan — Initial Term Loan (Second Lien)

13.3% Cash, Due 1/22

 

1/30/2015

 

 

1,500,000

 

 

 

1,496,527

 

 

 

831,900

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Integrated Flooring Systems Inc.

 

      Consumer goods: Durable

(8)(13)

Senior Secured Loan — Revolver

0.8% Cash, Due 2/23

 

10/28/2020

 

 

0

 

 

 

(0

)

 

 

(18,077

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Integrated Flooring Systems Inc.

 

      Consumer goods: Durable

(8)(13)

Senior Secured Loan — First Lien Term Loan

9.3% Cash, 3 Month Libor (1.00%) + 8.25%; Libor Floor 1.00% , Due 2/23

 

10/28/2020

 

 

6,300,000

 

 

 

4,301,340

 

 

 

3,642,660

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Tel*Link Corporation

     Telecommunications

(8)(14)

Junior Secured Loan — Loan (Second Lien)

8.4% Cash, 1 Month Libor (0.11%) + 8.25% , Due 11/26

 

5/21/2013

 

 

1,500,000

 

 

 

1,481,807

 

 

 

1,161,465

 

 

 

 


13


 

Portfolio Company /

Principal Business

 

Investment

Interest Rate¹ / Maturity15

 

Initial

Acquisition

Date

 

Principal

 

 

Amortized

Cost

 

 

Fair Value2

 

Gruden Acquisition, Inc.

     Transportation: Cargo

(8)(14)

Senior Secured Loan — First Lien Term Loan

6.5% Cash, 3 Month Libor (1.00%) + 5.50%; Libor Floor 1.00% , Due 8/22

 

10/28/2020

 

 

2,407,962

 

 

 

2,117,470

 

 

 

2,407,962

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grupo HIMA San Pablo, Inc.

 

      Healthcare & Pharmaceuticals

(8)(13)(14)

Senior Secured Loan — Term B Loan (First Lien)

10.5% Cash, 3 Month Libor (1.50%) + 9.00%; Libor Floor 1.50% , Due 1/18

 

1/30/2013

 

 

2,702,232

 

 

 

2,702,232

 

 

 

2,013,163

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grupo HIMA San Pablo, Inc.

 

      Healthcare & Pharmaceuticals

(5)(8)(13)

Junior Secured Loan — Term Loan (Second Lien)

13.8% Cash, Due 7/18

 

1/30/2013

 

 

7,191,667

 

 

 

7,191,667

 

 

 

15,822

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

H-CA II, LLC

 

      Healthcare & Pharmaceuticals

(8)(13)

Senior Secured Loan — Term Loan

19.0% Cash, Due 2/24

 

2/16/2021

 

 

2,000,000

 

 

 

2,000,000

 

 

 

2,000,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

HDC/HW Intermediate Holdings, LLC

     High Tech Industries

(8)(13)(14)

Senior Secured Loan — Revolver

9.5% Cash, 3 Month Libor (1.00%) + 8.50%; Libor Floor 1.00% , Due 12/23

 

10/28/2020

 

 

669,722

 

 

 

570,746

 

 

 

635,232

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

HDC/HW Intermediate Holdings, LLC

     High Tech Industries

(8)(13)(14)

Senior Secured Loan — First Lien Term Loan A

9.5% Cash, 3 Month Libor (1.00%) + 8.50%; Libor Floor 1.00% , Due 12/23

 

10/28/2020

 

 

6,580,021

 

 

 

5,607,585

 

 

 

6,241,150

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Helix Acquisition Holdings, Inc.

 

      Metals & Mining

(8)(14)

Junior Secured Loan — Initial Term Loan (Second Lien)

8.2% Cash, 3 Month Libor (0.20%) + 8.00% , Due 9/25

 

12/18/2019

 

 

1,400,000

 

 

 

1,228,584

 

 

 

1,324,169

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hoffmaster Group, Inc.

     Forest Products & Paper

(8)(13)(14)

Junior Secured Loan — Initial Term Loan (Second Lien)

5.8% Cash, 3 Month Libor (1.00%) + 4.76%; Libor Floor 1.00% , Due 11/24

 

5/6/2014

 

 

1,600,000

 

 

 

1,578,115

 

 

 

1,294,720

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Holley Purchaser, Inc.

 

      Banking, Finance, Insurance & Real Estate

(8)(14)

Senior Secured Loan — First Lien Term Loan A

5.2% Cash, 3 Month Libor (0.21%) + 5.00% , Due 10/25

 

10/28/2020

 

 

-

 

 

 

84,648

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Infobase Holdings, Inc.

     High Tech Industries

(8)(13)(14)

Senior Secured Loan — Term Loan

5.3% Cash, 3 Month Libor (1.00%) + 4.25%; Libor Floor 1.00% , Due 12/22

 

12/13/2017

 

 

1,837,500

 

 

 

1,830,426

 

 

 

1,837,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Infobase Holdings, Inc.

 

      High Tech Industries

(8)(13)(14)

Senior Secured Loan — Term Loan (add on)

5.5% Cash, 3 Month Libor (1.00%) + 4.50%; Libor Floor 1.00% , Due 12/22

 

12/13/2017

 

 

1,948,120

 

 

 

1,940,620

 

 

 

1,948,120

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Intermedia Holdings, Inc.

 

      High Tech Industries

(8)(14)

Senior Secured Loan — First Lien Term Loan A

7.0% Cash, 1 Month Libor (1.00%) + 6.00%; Libor Floor 1.00% , Due 7/25

 

10/28/2020

 

 

2,688,562

 

 

 

2,361,937

 

 

 

2,686,412

 

 

 

 

 

 

 

 


14


 

 

 

 

Portfolio Company /

Principal Business

 

Investment

Interest Rate¹ / Maturity15

 

Initial

Acquisition

Date

 

Principal

 

 

Amortized

Cost

 

 

Fair Value2

 

Janus International Group, LLC

     Construction & Building

(8)(14)

Senior Secured Loan — First Lien Term Loan B

4.3% Cash, 3 Month Libor (1.00%) + 3.25%; Libor Floor 1.00% , Due 2/25

 

10/28/2020

 

 

2,193,340

 

 

 

1,887,968

 

 

 

2,193,790

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Keeco, LLC

 

      Consumer goods: Durable

(8)(13)(14)

Senior Secured Loan — First Lien Term Loan A

9.5% Cash, 0.5% PIK, 1 Month Libor (1.75%) + 7.75%; Libor Floor 1.75% , Due 3/24

 

10/28/2020

 

 

5,561,624

 

 

 

4,663,522

 

 

 

5,418,690

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lifescan Global Corporation

 

      Healthcare & Pharmaceuticals

(8)(14)

Senior Secured Loan — First Lien Term Loan A

6.2% Cash, 3 Month Libor (0.20%) + 6.00% , Due 10/24

 

10/28/2020

 

 

3,167,755

 

 

 

2,655,825

 

 

 

3,078,931

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Location Services Holdings, LLC

     Services: Business

(8)(13)(14)(21)

Senior Secured Loan — Revolving Credit

7.8% Cash, 1 Month Libor (1.00%) + 6.75%; Libor Floor 1.00% , Due 5/21

 

11/7/2019

 

 

2,291,667

 

 

 

2,285,656

 

 

 

2,202,792

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Luminii LLC

 

      Construction & Building

(8)(13)(14)

Senior Secured Loan — Revolver

7.3% Cash, 3 Month Libor (1.00%) + 6.25%; Libor Floor 1.00% , Due 4/23

 

10/28/2020

 

 

343,473

 

 

 

304,874

 

 

 

334,096

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Luminii LLC

 

      Construction & Building

(8)(13)(14)

Senior Secured Loan — First Lien Term Loan B

7.3% Cash, 3 Month Libor (1.00%) + 6.25%; Libor Floor 1.00% , Due 4/23

 

10/28/2020

 

 

7,116,777

 

 

 

6,316,997

 

 

 

6,987,252

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mag Ds Corp.

     Aerospace and Defense

(8)(13)(14)(21)

Senior Secured Loan — First Lien Term Loan

6.2% Cash, 3 Month Libor (0.20%) + 6.00% , Due 4/27

 

10/28/2020

 

 

3,980,000

 

 

 

3,345,014

 

 

 

3,898,808

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Maxor National Pharmacy Services, LLC

 

      Healthcare & Pharmaceuticals

(8)(13)(14)

Senior Secured Loan — First Lien Term Loan B

9.1% Cash, 3 Month Libor (1.00%) + 8.05%; Libor Floor 1.00% , Due 11/23

 

10/28/2020

 

 

8,531,223

 

 

 

7,531,071

 

 

 

8,531,223

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Maxor National Pharmacy Services, LLC

     Healthcare & Pharmaceuticals

(8)(13)(14)

Senior Secured Loan — Revolver

0.5% Cash, Due 11/22

 

10/28/2020

 

 

-

 

 

 

(0

)

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ministry Brands, LLC

     Electronics

(8)(13)(14)

Junior Secured Loan — April 2018 Incremental Term Loan (Second Lien)

5.2% Cash, 3 Month Libor (1.00%) + 4.23%; Libor Floor 1.00% , Due 6/23

 

12/18/2019

 

 

6,000,000

 

 

 

5,600,515

 

 

 

5,819,400

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mother's Market & Kitchen, Inc.

     Healthcare & Pharmaceuticals

(8)(13)(14)

Senior Secured Loan — First Lien Term Loan

5.2% Cash, 3 Month Libor (1.00%) + 4.23%; Libor Floor 1.00% , Due 7/23

 

10/28/2020

 

 

6,907,585

 

 

 

6,114,095

 

 

 

6,907,585

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MountainTop Financial, LLC

     Transportation: Cargo

(8)(13)(14)

Senior Secured Loan — First Lien Term Loan A

8.5% Cash, 3 Month Libor (1.50%) + 7.00%; Libor Floor 1.50% , Due 3/24

 

10/28/2020

 

 

6,338,579

 

 

 

5,609,620

 

 

 

6,338,579

 

 

 

15


 

Portfolio Company /

Principal Business

 

Investment

Interest Rate¹ / Maturity15

 

Initial

Acquisition

Date

 

Principal

 

 

Amortized

Cost

 

 

Fair Value2

 

MSM Acquisitions, Inc.

     Services: Business

(8)(13)(14)

Senior Secured Loan — Delayed Draw Term Loan (First Lien)

1.0% Cash,   (1.00%) + 0.00%; Libor Floor 1.00% , Due 6/22

 

12/31/2020

 

 

1,484,515

 

 

 

1,490,585

 

 

 

1,481,577

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MSM Acquisitions, Inc.

     Services: Business

(8)(13)(14)

Senior Secured Loan — First Lien Term Loan

7.3% Cash, 1 Month Libor (1.00%) + 6.25%; Libor Floor 1.00% , Due 1/26

 

12/31/2020

 

 

7,041,176

 

 

 

6,956,854

 

 

 

7,034,135

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nasco Healthcare Inc.

     Healthcare, Education and Childcare

(8)(13)(14)(21)

Senior Secured Loan — Term Loan

6.5% Cash, 3 Month Libor (1.00%) + 5.50%; Libor Floor 1.00% , Due 6/23

 

5/22/2020

 

 

4,299,944

 

 

 

4,162,129

 

 

 

4,095,697

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Navex Topco, Inc.

     Electronics

(8)(14)(18)(21)

Junior Secured Loan — Initial Term Loan (Second Lien)

7.1% Cash, 1 Month Libor (0.11%) + 7.00% , Due 9/26

 

12/4/2018

 

 

7,700,000

 

 

 

7,243,443

 

 

 

7,502,726

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Naviga Inc.

     Services: Business

(8)(13)(14)

Senior Secured Loan — Delayed Draw Term Loan

11.0% Cash, 3 Month Libor (1.00%) + 10.00%; Libor Floor 1.00% , Due 12/22

 

10/28/2020

 

 

460,709

 

 

 

407,920

 

 

 

449,191

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Naviga Inc.

     Services: Business

(8)(13)(14)

Senior Secured Loan — First Lien Term Loan

8.0% Cash, 3 Month Libor (1.00%) + 7.00%; Libor Floor 1.00% , Due 12/22

 

10/28/2020

 

 

328,982

 

 

 

250,448

 

 

 

311,847

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Naviga Inc.

     Services: Business

(8)(13)(14)

Senior Secured Loan — First Lien Term Loan

8.0% Cash, 3 Month Libor (1.00%) + 7.00%; Libor Floor 1.00% , Due 12/22

 

10/28/2020

 

 

5,037,700

 

 

 

4,460,819

 

 

 

4,911,757

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Naviga Inc.

     Services: Business

(8)(13)

Senior Secured Loan — Delayed Draw Term Loan

0.5% Cash, Due 12/22

 

3/1/2021

 

 

-

 

 

 

(9,075

)

 

 

(9,517

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Naviga Inc.

     Services: Business

(8)(13)

Senior Secured Loan — Term Loan

7.3% Cash, Due 12/22

 

3/1/2021

 

 

717,269

 

 

 

700,170

 

 

 

699,337

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Novetta Solutions, LLC

     High Tech Industries

(8)(14)

Senior Secured Loan — First Lien Term Loan

6.0% Cash, 3 Month Libor (1.00%) + 5.00%; Libor Floor 1.00% , Due 10/22

 

10/28/2020

 

 

1,938,615

 

 

 

1,709,943

 

 

 

1,934,990

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Orbit Purchaser LLC

     Banking, Finance, Insurance & Real Estate

(8)(13)(14)

Senior Secured Loan — Incremental First Lien Term Loan

5.5% Cash, 3 Month Libor (1.00%) + 4.50%; Libor Floor 1.00% , Due 10/24

 

10/28/2020

 

 

1,535,951

 

 

 

1,349,442

 

 

 

1,535,951

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Orbit Purchaser LLC

     Banking, Finance, Insurance & Real Estate

(8)(13)(14)

Senior Secured Loan — First Lien Term Loan

5.5% Cash, 3 Month Libor (1.00%) + 4.50%; Libor Floor 1.00% , Due 10/24

 

10/28/2020

 

 

2,541,621

 

 

 

2,228,065

 

 

 

2,541,621

 

 

 

16


 

Portfolio Company /

Principal Business

 

Investment

Interest Rate¹ / Maturity15

 

Initial

Acquisition

Date

 

Principal

 

 

Amortized

Cost

 

 

Fair Value2

 

Orbit Purchaser LLC

     Banking, Finance, Insurance & Real Estate

(8)(13)(14)

Senior Secured Loan — Delayed Draw Term Loan

5.5% Cash, 3 Month Libor (1.00%) + 4.50%; Libor Floor 1.00% , Due 10/24

 

10/28/2020

 

 

743,202

 

 

 

652,956

 

 

 

743,202

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Phoenix Guarantor Inc.

     Healthcare & Pharmaceuticals

(8)(13)(14)

Junior Secured Loan — Term Loan Second Lien

9.3% Cash, 1 Month Libor (1.00%) + 8.25%; Libor Floor 1.00% , Due 3/27

 

12/18/2019

 

 

1,200,000

 

 

 

1,104,223

 

 

 

1,200,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pinstripe Holdings, LLC

     Services: Business

(8)(13)(14)

Senior Secured Loan — Initial Term Loan

8.0% Cash, 6 month Libor (1.00%) + 7.00%; Libor Floor 1.00% , Due 1/25

 

1/17/2019

 

 

4,900,000

 

 

 

4,837,653

 

 

 

4,774,070

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PromptCare Companies, The

     Healthcare & Pharmaceuticals

(8)(13)(14)

Senior Secured Loan — First Delayed Draw Term Loan

6.3% Cash, 1 Month Libor (1.00%) + 5.25%; Libor Floor 1.00% , Due 12/25

 

2/20/2020

 

 

538,636

 

 

 

534,272

 

 

 

538,636

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PromptCare Companies, The

     Healthcare & Pharmaceuticals

(8)(13)(14)(21)

Senior Secured Loan — Second Delayed Draw Term Loan

1.0% Cash, Due 12/25

 

2/20/2020

 

 

445,091

 

 

 

442,879

 

 

 

445,091

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PromptCare Companies, The

     Healthcare & Pharmaceuticals

(8)(13)(14)(21)

Senior Secured Loan — Term Loan

6.3% Cash, 1 Month Libor (1.00%) + 5.25%; Libor Floor 1.00% , Due 12/25

 

2/20/2020

 

 

3,860,227

 

 

 

3,828,949

 

 

 

3,860,227

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSC Industrial Holdings Corp.

     Environmental Industries

(8)(14)

Junior Secured Loan — Initial Term Loan (Second Lien)

9.5% Cash, 1 Month Libor (1.00%) + 8.50%; Libor Floor 1.00% , Due 10/25

 

10/5/2017

 

 

3,000,000

 

 

 

2,964,815

 

 

 

2,667,495

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PVHC Holding Corp

     Containers, Packaging and Glass

(8)(13)(14)

Senior Secured Loan — Initial Term Loan

5.8% Cash, 3 Month Libor (1.00%) + 4.75%; Libor Floor 1.00% , Due 8/24

 

8/10/2018

 

 

2,808,000

 

 

 

2,800,141

 

 

 

2,569,320

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Q Holding Company (fka Lex Precision Corp)

     Chemicals, Plastics & Rubber

(8)(13)(14)

Senior Secured Loan — First Lien Term Loan

6.0% Cash, 3 Month Libor (1.00%) + 5.00%; Libor Floor 1.00% , Due 12/23

 

10/28/2020

 

 

2,372,982

 

 

 

1,950,163

 

 

 

2,255,519

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Qualtek USA, LLC

     High Tech Industries

(8)(14)

Senior Secured Loan — First Lien Term Loan

7.3% Cash, 3 Month Libor (1.00%) + 6.25%; Libor Floor 1.00% , Due 7/25

 

10/28/2020

 

 

5,622,872

 

 

 

4,540,222

 

 

 

5,416,710

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RA Outdoors, LLC

     Services: Business

(8)(13)(14)

Senior Secured Loan — First Lien Term Loan

5.8% Cash, 3 Month Libor (1.00%) + 4.75%; Libor Floor 1.00% , Due 9/24

 

10/28/2020

 

 

7,187,982

 

 

 

6,318,096

 

 

 

7,187,982

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Radiology Partners, Inc

     Healthcare & Pharmaceuticals

(8)(14)(21)

Senior Secured Loan — Term B Loan (First Lien)

4.4% Cash, 1 Month Libor (0.11%) + 4.25% , Due 7/25

 

3/24/2020

 

 

7,000,000

 

 

 

5,893,436

 

 

 

6,956,985

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Radius Aerospace, Inc.

     Aerospace and Defense

(8)(13)(14)

Senior Secured Loan — Initial Term Loan

7.3% Cash, 3 Month Libor (1.00%) + 6.27%; Libor Floor 1.00% , Due 3/25

 

6/27/2019

 

 

6,860,000

 

 

 

6,788,493

 

 

 

6,311,200

 

 

17


 

Portfolio Company /

Principal Business

 

Investment

Interest Rate¹ / Maturity15

 

Initial

Acquisition

Date

 

Principal

 

 

Amortized

Cost

 

 

Fair Value2

 

Ravn Air Group, Inc.

     Aerospace and Defense

(5)(8)(13)

Senior Secured Loan — Initial Term Loan

2.0% Cash, Due 7/21

 

7/29/2015

 

 

1,015,351

 

 

 

247,543

 

 

 

225,306

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ritedose Holdings I, Inc

     Healthcare & Pharmaceuticals

(8)(13)(14)

Senior Secured Loan — Revolver

0.5% Cash, Due 9/23

 

10/28/2020

 

 

-

 

 

 

(0

)

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ritedose Holdings I, Inc

     Healthcare & Pharmaceuticals

(8)(13)(14)

Senior Secured Loan — First Lien Term Loan

7.5% Cash, 3 Month Libor (1.00%) + 6.50%; Libor Floor 1.00% , Due 9/23

 

10/28/2020

 

 

7,162,332

 

 

 

6,332,543

 

 

 

7,162,332

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Robertshaw US Holding Corp.

     Capital Equipment

(8)(13)

Junior Secured Loan — Initial Term Loan (Second Lien)

4.7% Cash, 1 Month Libor (1.00%) + 3.65%; Libor Floor 1.00% , Due 2/26

 

2/15/2018

 

 

3,000,000

 

 

 

2,981,544

 

 

 

2,610,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Roscoe Medical, Inc.

     Healthcare & Pharmaceuticals

(8)(13)

Junior Secured Loan — Term Loan (Second Lien)

11.3% Cash, Due 3/21

 

3/26/2014

 

 

8,201,777

 

 

 

8,196,188

 

 

 

7,894,210

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Safe Fleet Holdings LLC

     Automotive

(8)(14)

Junior Secured Loan — Initial Term Loan (Second Lien)

7.8% Cash, 6 month Libor (1.00%) + 6.75%; Libor Floor 1.00% , Due 2/26

 

12/18/2019

 

 

700,000

 

 

 

627,739

 

 

 

679,438

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

San Vicente Capital LLC

     Telecommunications

(8)(13)(14)(21)

Senior Secured Loan — Term Loan

9.5% Cash, 3 Month Libor (1.50%) + 8.00%; Libor Floor 1.50% , Due 6/25

 

6/10/2020

 

 

2,985,000

 

 

 

2,947,457

 

 

 

3,059,625

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SCSG EA Acquisition Company, Inc.

     Healthcare & Pharmaceuticals

(8)(13)(14)

Junior Secured Loan — Initial Term Loan (Second Lien)

9.3% Cash, 3 Month Libor (1.00%) + 8.25%; Libor Floor 1.00% , Due 9/24

 

8/18/2017

 

 

6,000,000

 

 

 

5,970,234

 

 

 

5,935,200

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shipston Group, U.S., Inc.

     Automotive

(8)(13)(14)(20)

Senior Secured Loan — First Lien Term Loan

7.5% Cash, 2.4% PIK, 1 Month Libor (1.25%) + 6.25%; Libor Floor 1.25% , Due 9/23

 

10/28/2020

 

 

6,299,241

 

 

 

5,440,170

 

 

 

6,120,343

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Smartronix, Inc,

     Services: Business

(8)(13)(14)(21)

Senior Secured Loan — Initial Term Loan

7.5% Cash, 3 Month Libor (1.50%) + 6.00%; Libor Floor 1.50% , Due 12/25

 

5/1/2020

 

 

4,949,875

 

 

 

4,741,656

 

 

 

4,875,627

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

South Street Securities Holdings, Inc

     Banking, Finance, Insurance & Real Estate

(8)(13)(14)

Senior Secured Loan — Initial Term Loan

9.0% Cash, 3 Month Libor (1.00%) + 8.00%; Libor Floor 1.00% , Due 3/26

 

3/24/2021

 

 

7,000,000

 

 

 

6,825,767

 

 

 

6,825,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sundance Holdings Group, LLC

     Retail

(8)(13)(14)(20)

Senior Secured Loan — First Lien Term Loan

7.3% Cash, 2.0% PIK, 3 Month Libor (1.00%) + 6.25%; Libor Floor 1.00% , Due 5/24

 

10/28/2020

 

 

6,792,219

 

 

 

5,817,066

 

 

 

6,661,808

 

 

18


 

Portfolio Company /

Principal Business

 

Investment

Interest Rate¹ / Maturity15

 

Initial

Acquisition

Date

 

Principal

 

 

Amortized

Cost

 

 

Fair Value2

 

Syncsort Incorporated

     Services: Business

(8)(14)

Senior Secured Loan — First Lien Term Loan

5.5% Cash, 1 Month Libor (0.75%) + 4.75%; Libor Floor 0.75% , Due 3/28

 

3/19/2021

 

 

2,440,763

 

 

 

2,428,559

 

 

 

2,428,559

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Syncsort Incorporated

     Services: Business

(8)(14)

Senior Secured Loan — First Lien Term Loan B

5.5% Cash, 1 Month Libor (0.75%) + 4.75%; Libor Floor 0.75% , Due 8/24

 

10/28/2020

 

 

2,783,080

 

 

 

2,411,028

 

 

 

2,793,655

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tailwind Randys, LLC

     Automotive

(8)(13)(14)

Senior Secured Loan — Initial Term Loan

6.0% Cash, 3 Month Libor (1.00%) + 5.00%; Libor Floor 1.00% , Due 5/25

 

6/27/2019

 

 

4,912,500

 

 

 

4,852,172

 

 

 

4,912,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tank Partners Equipment Holdings LLC

     Energy: Oil & Gas

(5)(8)(13)

Senior Unsecured Bond — 10.000% - 02/2022 - TankConvert

0.0% Cash, 10.0% PIK, Due 2/22

 

2/15/2019

 

 

494,576

 

 

 

416,170

 

 

 

41,792

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tex-Tech Industries, Inc.

     Textiles and Leather

(8)(13)(14)

Junior Secured Loan — Term Loan (Second Lien)

10.0% Cash, 1 Month Libor (1.00%) + 9.00%; Libor Floor 1.00% , Due 8/24

 

8/24/2017

 

 

12,508,000

 

 

 

12,421,470

 

 

 

10,992,030

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Cook & Boardman Group, LLC

     Construction & Building

(8)(14)

Senior Secured Loan — First Lien Term Loan

6.8% Cash, 6 Month Libor (1.00%) + 5.75%; Libor Floor 1.00% , Due 10/25

 

10/28/2020

 

 

-

 

 

 

22,864

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Edelman Financial Center, LLC

     Banking, Finance, Insurance & Real Estate

(8)(14)

Junior Secured Loan — Initial Term Loan (Second Lien)

6.9% Cash, 1 Month Libor (0.11%) + 6.75% , Due 7/26

 

12/18/2019

 

 

300,000

 

 

 

273,853

 

 

 

300,750

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Theragenics Corp

     Healthcare & Pharmaceuticals

(8)(13)(14)

Senior Secured Loan — First Lien Term Loan B

9.0% Cash, 3 Month Libor (1.00%) + 8.00%; Libor Floor 1.00% , Due 5/24

 

10/28/2020

 

 

8,100,000

 

 

 

7,004,543

 

 

 

7,903,170

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TLE Holdings, LLC

     Healthcare, Education and Childcare

(8)(13)(14)(21)

Senior Secured Loan — Initial Term Loan

7.0% Cash, 6 month Libor (1.00%) + 6.00%; Libor Floor 1.00% , Due 6/24

 

6/27/2019

 

 

5,616,718

 

 

 

5,599,693

 

 

 

5,539,488

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TLE Holdings, LLC

     Healthcare, Education and Childcare

(8)(13)(14)(21)

Senior Secured Loan — Delayed Draw Term Loan

7.0% Cash, 6 month Libor (1.00%) + 6.00%; Libor Floor 1.00% , Due 6/24

 

6/27/2019

 

 

740,990

 

 

 

739,871

 

 

 

730,776

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Travelport Finance (Luxembourg) S.A R.L.

     Services: Business

(3)(13)(14)

Senior Secured Loan — Term Loan

5.2% Cash, 3 Month Libor (0.20%) + 5.00% , Due 5/26

 

3/31/2021

 

 

-

 

 

 

63,475

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Triangle Home Fashions LLC

     Consumer goods: Durable

(8)(13)(14)(20)

Senior Secured Loan — First Lien Term Loan

6.8% Cash, 1 Month Libor (1.00%) + 5.75%; Libor Floor 1.00% , Due 3/23

 

10/28/2020

 

 

10,500,000

 

 

 

9,367,057

 

 

 

10,500,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TronAir Parent Inc.

     Aerospace and Defense

(8)(13)(14)

Senior Secured Loan — Initial Term Loan (First Lien)

7.5% Cash, 12 Month Libor (1.00%) + 6.50%; Libor Floor 1.00% , Due 9/23

 

9/30/2016

 

 

964,646

 

 

 

963,612

 

 

 

836,059

 

 

19


 

Portfolio Company /

Principal Business

 

Investment

Interest Rate¹ / Maturity15

 

Initial

Acquisition

Date

 

Principal

 

 

Amortized

Cost

 

 

Fair Value2

 

TRSO I, Inc.

     Energy: Oil & Gas

(8)(13)(14)

Junior Secured Loan — Term Loan (Second Lien)

14.0% Cash, 3 Month Libor (1.00%) + 13.00%; Libor Floor 1.00% , Due 12/20

 

12/24/2012

 

 

900,000

 

 

 

899,998

 

 

 

900,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TRSO II, Inc.

     Energy: Oil & Gas

(5)(8)(13)

Junior Secured Loan — Promissory Note

0.0% Cash, 1.7% PIK, Due 1/25

 

1/24/2020

 

 

71,929

 

 

 

71,929

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vectra Co.

     Chemicals, Plastics & Rubber

(8)(14)

Junior Secured Loan — Initial Loan (Second Lien)

7.4% Cash, 1 Month Libor (0.11%) + 7.25% , Due 3/26

 

12/18/2019

 

 

400,000

 

 

 

356,772

 

 

 

391,334

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wash MultiFamily Acquisition Inc.

     Consumer goods: Durable

(8)(13)(14)

Junior Secured Loan — Initial US Term Loan (Second Lien), 1 Month Libor (1.00%) + 7.00%; Libor Floor 1.00% , Due 5/23

 

12/18/2019

 

 

2,978,354

 

 

 

2,698,934

 

 

 

2,858,624

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WireCo WorldGroup Inc.

     Capital Equipment

(8)(14)

Junior Secured Loan — Initial Term Loan (Second Lien)

10.0% Cash, 6 month Libor (1.00%) + 9.00%; Libor Floor 1.00% , Due 9/24

 

8/9/2016

 

 

3,000,000

 

 

 

2,980,297

 

 

 

2,724,375

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wonder Love, Inc.

     Media: Diversified &  Production

(8)(13)(14)(21)

Senior Secured Loan — Term Loan

6.0% Cash, 3 Month Libor (1.00%) + 5.00%; Libor Floor 1.00% , Due 11/24

 

11/18/2019

 

 

2,625,000

 

 

 

2,585,016

 

 

 

2,628,413

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Zest Acquisition Corp.

     Healthcare, Education and Childcare

(8)(13)(14)(18)

Junior Secured Loan — Initial Term Loan (Second Lien)

8.5% Cash, 1 Month Libor (1.00%) + 7.50%; Libor Floor 1.00% , Due 3/26

 

3/8/2018

 

 

3,500,000

 

 

 

3,486,078

 

 

 

3,419,850

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investment in Debt Securities

   (177% of net asset value at fair value)

 

 

 

 

 

$

412,338,917

 

 

$

377,355,331

 

 

$

387,043,989

 

 

 

 

Equity Securities Portfolio

Portfolio Company /

Principal Business

 

Investment15

 

Initial

Acquisition

Date

 

Quantity/Par

/Shares

 

 

Cost

 

 

Fair Value2

 

4L Technologies Inc.(8)(13)(19)

  Healthcare & Pharmaceuticals

 

Class A Preferred Units

 

5/29/2020

 

 

321

 

 

 

29,277

 

 

 

29,275

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AAPC Holdings LLC.(8)(13)(21)(22)

  Healthcare & Pharmaceuticals

 

Class A Preferred Units; 18% PIK; No maturity

 

6/27/2019

 

 

5,500,000

 

 

 

5,500,000

 

 

 

5,500,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advantage Capital Holdings LLC(8)(13)(19)(22)

Banking, Finance, Insurance & Real Estate

 

Class A Membership Units

 

2/14/2020

 

 

628

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Anthem Sports & Entertainment Inc. (8)(13)(19)(21)

Media: Broadcasting & Subscription

 

Warrant Class A, 9/29 maturity

 

9/9/2019

 

 

263

 

 

 

46,371

 

 

 

10,611

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Anthem Sports & Entertainment Inc. (8)(13)(19)(21)

Media: Broadcasting & Subscription

 

Warrant Class B, 9/29 maturity

 

9/9/2019

 

 

46

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Anthem Sports & Entertainment Inc. (8)(13)(19)(21)

Media: Broadcasting & Subscription

 

Warrant Common Stock, 9/29 maturity

 

9/9/2019

 

 

859

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ATP Oil & Gas Corporation(8)(12)(19)

Energy: Oil & Gas

 

Limited Term Royalty Interest

 

12/18/2019

 

 

1,808,203

 

 

 

1,808,073

 

 

 

2,137,739

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Centric Brands Inc. (8)(13)(19)

Machinery (Non-Agrclt/Constr/Electr)

 

Common

 

10/28/2020

 

 

36,342

 

 

 

 

 

 

31,799

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

eInstruction Acquisition, LLC(8)(13)(19)

Services: Business

 

Membership Units

 

7/2/2007

 

 

1,076

 

 

 

1,079,617

 

 

 

1,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EJF Investments Ltd.(3)(19)

Services: Business

 

Preferred Equity, 0%; 6/25 maturity

 

6/17/2020

 

 

1,380,000

 

 

 

1,256,485

 

 

 

1,406,376

 

 

 

20


 

Portfolio Company /

Principal Business

 

Investment15

 

Initial

Acquisition

Date

 

Quantity/Par

/Shares

 

 

Cost

 

 

Fair Value2

 

Emtec, Inc.(8)(13)(19)

Services: Business

 

Preferred Equity

 

10/28/2020

 

 

319,357

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oneida Group, Inc.(8)(13)(19)

Consumer goods: Durable

 

Common

 

10/28/2020

 

 

1,085,565

 

 

 

345,834

 

 

 

1,096,436

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Faraday Holdings LLC.(8)(13)(19)

Consumer goods: Durable

 

Class D Shares

 

10/28/2020

 

 

2,752

 

 

 

548,377

 

 

 

986,187

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FP WRCA Coinvestment Fund VII, Ltd.(3)(13)(19)

Capital Equipment

 

Class A Shares

 

2/2/2007

 

 

1,500,000

 

 

 

1,500,000

 

 

 

502,530

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fusion Connect, Inc. (8)(13)(19)

Telecommunications

 

Common

 

10/28/2020

 

 

121,871

 

 

 

865,854

 

 

 

764,131

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GIG Rooster Holdings I, LLC (8)(13)(18)(19)

Energy: Oil & Gas

 

Common

 

10/28/2020

 

 

99

 

 

 

 

 

 

24,849

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New Millennium Holdco, Inc. (Millennium Health, LLC)(8)(13)(19)

Healthcare & Pharmaceuticals

 

Common

 

10/7/2014

 

 

29,699

 

 

 

1,953,300

 

 

 

1,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ohene Holdings B.V.(3)(13)(19)

Services: Business

 

Warrants

 

3/31/2019

 

 

4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prosper Marketplace (6)(13)(19)

Consumer goods: Durable

 

Class B Preferred Units

 

10/28/2020

 

 

912,865

 

 

 

278,865

 

 

 

319,503

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Roscoe Investors, LLC(8)(13)(19)

  Healthcare & Pharmaceuticals

 

Class A Units

 

3/26/2014

 

 

10,000

 

 

 

1,000,000

 

 

 

454,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tank Partners Equipment Holdings, LLC(8)(9)(13)(16)(19)

Energy: Oil & Gas

 

Class A Units

 

8/28/2014

 

 

49,000

 

 

 

6,228,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TRSO II, Inc.(8)(13)(19)

Energy: Oil & Gas

 

Common Stock

 

12/24/2012

 

 

1,228

 

 

 

420,289

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valterra Products Holdings, LLC(8)(13)(19)

Consumer goods: Durable

 

Class A Units

 

10/28/2020

 

 

185,847

 

 

 

981,365

 

 

 

1,247,034

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valterra Products Holdings, LLC(8)(13)(19)

Consumer goods: Durable

 

Class B Units

 

10/28/2020

 

 

20,650

 

 

 

109,040

 

 

 

138,559

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investment in Equity Securities

   (7% of net asset value at fair value)

 

 

 

 

 

$

12,966,675

 

 

$

23,950,747

 

 

$

14,651,029

 

 

CLO Subordinated Investments

 

Portfolio Company

 

Investment15,11

 

Initial

Acquisition

Date

 

Percentage

Ownership

 

 

Amortized

Cost

 

 

Fair

Value2

 

Catamaran CLO 2013- 1 Ltd.(3)(13)

 

Subordinated Securities, effective interest 8.0%,

1/28 maturity

 

6/4/2013

 

 

23.3

%

 

 

5,930,441

 

 

 

2,541,098

 

Catamaran CLO 2014-1 Ltd.(3)(13)

 

Subordinated Securities, effective interest 5.5%,

4/30 maturity

 

5/6/2014

 

 

22.2

%

 

 

9,730,733

 

 

 

4,178,261

 

Dryden 30 Senior Loan Fund(3)(13)

 

Subordinated Securities, effective interest 20.5%,

11/28 maturity

 

10/10/2013

 

 

6.8

%

 

 

1,186,447

 

 

 

1,339,325

 

Catamaran CLO 2014-2 Ltd.(3)(7)(13)

 

Subordinated Securities, effective interest 0.0%,

10/26 maturity

 

8/15/2014

 

 

24.9

%

 

 

6,065,598

 

 

 

-

 

Catamaran CLO 2015-1 Ltd.(3)(13)

 

Subordinated Securities, effective interest 8.7%,

4/27 maturity

 

5/5/2015

 

 

9.9

%

 

 

3,385,599

 

 

 

1,521,750

 

Catamaran CLO 2018-1 Ltd(3)(13)

 

Subordinated Securities, effective interest 8.7%,

10/31 maturity

 

9/27/2018

 

 

24.8

%

 

 

8,965,723

 

 

 

6,441,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investment in CLO Fund

   Securities (7% of net asset value at fair value)

 

 

 

 

 

 

 

$

35,264,540

 

 

$

16,021,434

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21


 

 

Asset Manager Affiliates

 

Portfolio Company /

Principal Business

 

Investment15

 

Initial

Acquisition

Date

 

Percentage

Ownership

 

 

Cost

 

 

Fair

Value2

 

Asset Manager Affiliates(8)(9)(13)(16)

 

Asset Management Company

 

12/11/2006

 

 

100

%

 

$

17,791,230

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investment in Asset Manager

   Affiliates (0% of net asset value at fair value)

 

 

 

 

 

 

 

 

 

$

17,791,230

 

 

$

-

 

Derivatives

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Portfolio Company /

Principal Business

 

Investment15

 

Initial

Acquisition

Date

 

 

 

 

 

Cost

 

 

Fair

Value2

 

AAPC Holdings LLC.(13)(21)(22)

Banking, Finance, Insurance & Real Estate

 

Securities Swap and Option Agreement

 

9/30/2019

 

 

 

 

 

$

-

 

 

$

(1,588,195

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

HDNet Holdco LLC (13)(21)(22)

Media: Broadcasting & Subscription

 

Call Option

 

9/9/2019

 

 

 

 

 

 

30,609

 

 

 

5,232

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Derivatives (0% of net asset value at fair value)

 

 

 

 

 

 

 

 

 

$

30,609

 

 

$

(1,582,963

)

Joint Ventures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Portfolio Company /

Principal Business

 

Investment15

 

Initial

Acquisition

Date

 

Percentage

Ownership

 

 

Cost

 

 

Fair

Value2

 

KCAP Freedom 3 LLC(9)(13)(16)

 

Joint Venture

 

7/19/2017

 

 

60

%

 

$

24,914,858

 

 

$

20,539,848

 

BCP Great Lakes Holdings LP(10)(17)(18)

   Limited Partnership

 

Joint Venture

 

12/11/2018

 

 

24

%

 

 

36,191,108

 

 

 

36,191,108

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investment in Joint Ventures

   (26% of net asset value at fair value)

 

 

 

 

 

 

 

$

61,105,966

 

 

$

56,730,956

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investments4

 

 

 

 

 

 

 

$

515,498,423

 

 

$

472,864,445

 

 

1

A majority of the variable rate loans in the Company’s investment portfolio bear interest at a rate that may be determined by reference to either LIBOR or an alternate Base Rate (commonly based on the Federal Funds Rate or the Prime Rate), which typically resets semi-annually, quarterly, or monthly at the borrower’s option. The Borrower may also elect to have multiple interest reset periods for each March 31, 2021 loan. For each such loan, the Company has provided the weighted average annual stated interest rate in effect at March 31, 2021. As noted in the table above 71.4% (based on par) of debt securities contain floors which range between 1.00% and 1.50%.

2

Reflects the fair market value of all investments as of March 31, 2021 as determined by the Company’s Board of Directors.

3

Non-U.S. company or principal place of business outside the U.S.

4

The aggregate cost of investments for federal income tax purposes is approximately $545 million. The aggregate gross unrealized appreciation is approximately $52 million, the aggregate gross unrealized depreciation is approximately $124 million, and the net unrealized depreciation is approximately $72 million.

5

Loan or debt security is on non-accrual status and therefore is considered non-income producing.

6

Held through Garrison Capital Equity Holdings II LLC and net of non-controlling member’s interest of 17.5% pursuant to the Amended and Restated Limited Liability Company Agreement of Garrison Capital Equity Holdings II LLC.

7

During the second quarter of 2020, the Company was notified that this CLO Fund security will cease making distributions to the Company.

8

Qualified asset for purposes of section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Qualifying assets represent approximately 85.4% of the total assets at March 31, 2021.

9

As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” and has “Control” of this portfolio company as the Company owns more than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement). Other than for purposes of the 1940 Act, the Company does not believe that it has control over this portfolio company.

10

Non-voting.

11

CLO Subordinated Investments are entitled to periodic distributions which are generally equal to the remaining cash flow of the payments made by the underlying fund’s investments less contractual payments to debt holders and fund expenses. The estimated annualized effective yield indicated is based upon a current projection of the amount and timing of these distributions. Such projections are updated on a quarterly basis and the estimated effective yield is adjusted prospectively.

12

This investment is on non-accrual status and receives a 5% royalty interest on oil being produced on certain fields. All production payments received are being applied to the cost basis and are considered return of capital.

13

Fair value of this investment was determined using significant unobservable inputs.

14

As of March 31, 2021, is investment is pledged to secure the Company’s debt obligations.

15

The Company's investments are generally acquired in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”) and, therefore, are generally subject to limitations on resale, and may be deemed to be “restricted securities'' under the Securities Act of 1933.

16

As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” and has “Control” of this portfolio company as the Company owns more than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company.

17

Ownership of LP interest held through the holding company BCP Great Lakes Fund, L.P, a non-U.S. company or principal place of business outside the U.S.

18

Under the 1940 Act, the Company is deemed to be an “Affiliated Person” of, as defined in the 1940 Act, this portfolio company as the Company owns at least 5% but no more than 25% of the portfolio company’s outstanding voting securities or is under common control with such portfolio company. Other than for purpose of the 1940 Act, the Company does not believe it has control over this portfolio company.

19

Non-income producing.

22


20

In addition to the stated interest rate of this security, which is the amount disclosed in this schedule, the Company is entitled to receive additional interest as a result of an arrangement with other lenders in the syndication, whereby the “first out” tranche will have priority over the Company’s “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder from the borrower. The additional interest received during the quarter has been annualized and included in the spread disclosed for this investment.

 

21

Represents co-investment made with the Company's affiliates in accordance with the terms of the exemptive relief that the Company received.

 

22

Information related to the Company’s derivatives is presented below as of March 31, 2021:

Description

 

Payments made

 

Payments received

 

Counterparty

 

Maturity date

 

Notional amount

 

 

Value

 

 

Upfront payments/receipts

 

 

Unrealized gain (loss)

 

Securities Swap and Option Agreement

 

18% PIK

 

16% Cash

 

Advantage Capital Holdings LLC.

 

9/15/24

 

$

5,500,000

 

 

$

(1,588,195

)

 

$

-

 

 

$

(1,588,195

)

 

Description

 

 

 

Counterparty

 

Number of shares

 

Notional amount

 

 

Exercise price

 

 

Expiration date

 

Value

 

Call option

 

 

 

HDNet Holdco LLC

 

0.2

 

$

7,656

 

 

$

0.01

 

 

N/A

 

$

5,232

 

See accompanying notes to unaudited consolidated financial statements.

23


PORTMAN RIDGE FINANCE CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2020

 

Debt Securities Portfolio

 

Portfolio Company /

Principal Business

 

Investment

Interest Rate¹ / Maturity15

 

Initial

Acquisition

Date

 

Principal

 

 

Amortized

Cost

 

 

Fair Value2

 

1A Smart Start LLC

                    Consumer goods: Non-durable

(8)(14)(21)

Senior Secured Loan — First Lien Term Loan

5.8% Cash, 3 Month Libor (1.00%) + 4.75%; Libor Floor 1.00% , Due 8/27

 

10/28/2020

 

$

2,094,750

 

 

$

1,837,151

 

 

$

2,102,176

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advanced Lighting Technologies, Inc.

     Consumer goods: Durable

(5)(8)(13)

Junior Secured Loan — Second Lien Notes, 10.0% PIK, 3 Month Libor (1.00%) + 7.00%; Libor Floor 1.00% , Due 10/23

 

6/13/2012

 

 

1,464,432

 

 

 

951,271

 

 

 

3,075

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advantage Capital Holdings LLC

          Banking, Finance, Insurance & Real Estate

(8)(13)(14)(21)

Senior Secured Loan — Term Loan

5.0% Cash, 8.0% PIK, Due 1/25

 

2/14/2020

 

 

2,422,152

 

 

 

2,422,152

 

 

 

2,425,301

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advantage Capital Holdings LLC

      Banking, Finance, Insurance & Real Estate

(8)(13)(21)

Senior Secured Loan — Delayed Draw Term Loan

5.0% Cash, 8.0% PIK, Due 1/25

 

2/14/2020

 

 

1,735,880

 

 

 

1,735,880

 

 

 

1,738,137

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advantage Capital Holdings LLC

      Banking, Finance, Insurance & Real Estate

(8)(13)(21)

Senior Secured Loan — Delayed Draw Term Loan

5.0% Cash, 8.0% PIK, Due 1/25

 

2/14/2020

 

 

-

 

 

 

-

 

 

 

1,353

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AIS Holdco, LLC

      Banking, Finance, Insurance & Real Estate

(8)(13)(14)

Senior Secured Loan — First Lien Term Loan A

5.2% Cash, 3 Month Libor (0.21%) + 5.00% , Due 8/25

 

10/28/2020

 

 

2,562,205

 

 

 

2,054,605

 

 

 

2,341,855

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allied Universal Holdco LLC

      Services: Business

(8)(14)(21)

Senior Secured Loan — Initial Term Loan

4.4% Cash, 1 Month Libor (0.15%) + 4.25% , Due 7/26

 

3/23/2020

 

 

5,156,518

 

 

 

4,229,619

 

 

 

5,142,312

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AMCP Pet Holdings, Inc.

      Beverage, Food and Tobacco

(8)(13)(14)(21)

Senior Secured Loan — Delayed Draw Term Loan

1.0% Cash, Due 10/26

 

12/9/2020

 

 

-

 

 

 

(19,849

)

 

 

(20,000

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AMCP Pet Holdings, Inc.

 

      Beverage, Food and Tobacco

(8)(13)(14)(21)

Senior Secured Loan — First Lien Term Loan

7.3% Cash, 3 Month Libor (1.00%) + 6.25%; Libor Floor 1.00% , Due 10/26

 

12/9/2020

 

 

5,000,000

 

 

 

4,900,755

 

 

 

4,900,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AMCP Pet Holdings, Inc.

      Beverage, Food and Tobacco

(8)(13)(21)

Senior Secured Loan — Revolving Loan

0.5% Cash, Due 10/26

 

12/9/2020

 

 

-

 

 

 

(19,972

)

 

 

(20,000

)

 

24


 

 

 

 

Portfolio Company /

Principal Business

 

Investment

Interest Rate¹ / Maturity15

 

Initial

Acquisition

Date

 

Principal

 

 

Amortized

Cost

 

 

Fair Value2

 

Analogic Corporation

 

      Electronics

(8)(13)(14)

Senior Secured Loan — Revolver

0.5% Cash, Due 6/23

 

10/28/2020

 

 

-

 

 

 

0

 

 

 

(3,033

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Analogic Corporation

     Electronics

(8)(13)(14)

Senior Secured Loan — First Lien Term Loan A

6.3% Cash, 1 Month Libor (1.00%) + 5.25%; Libor Floor 1.00% , Due 6/24

 

10/28/2020

 

 

3,555,811

 

 

 

3,103,457

 

 

 

3,502,474

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Anthem Sports & Entertainment Inc.

     Media: Broadcasting & Subscription

(8)(13)(14)(21)

Senior Secured Loan — Term Loan

7.8% Cash, 2.8% PIK, 3 Month Libor (1.00%) + 6.75%; Libor Floor 1.00% , Due 9/24

 

9/9/2019

 

 

3,592,120

 

 

 

3,495,363

 

 

 

3,486,871

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Anthem Sports & Entertainment Inc.

 

      Media: Broadcasting & Subscription

(8)(13)(21)

Senior Secured Loan — Revolving Loan

10.5% Cash, 3 Month Libor (1.00%) + 9.50%; Libor Floor 1.00% , Due 9/24

 

9/9/2019

 

 

416,667

 

 

 

385,912

 

 

 

384,925

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ascensus Specialties LLC

     Chemicals, Plastics & Rubber

(8)(13)(14)

Senior Secured Loan — First Lien Term Loan

4.9% Cash, 1 Month Libor (0.15%) + 4.75% , Due 9/26

 

10/28/2020

 

 

1,703,780

 

 

 

1,435,922

 

 

 

1,697,135

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Athos Merger Sub LLC

     Services: Business

(8)(14)

Senior Secured Loan �� First Lien Term Loan

5.1% Cash, 1 Month Libor (0.15%) + 5.00% , Due 7/26

 

10/28/2020

 

 

1,329,088

 

 

 

1,142,784

 

 

 

1,312,474

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BJ Services, LLC

     Energy: Oil & Gas

(8)(13)(14)

Senior Secured Loan — First Out Term Loan

8.5% Cash, 3 Month Libor (1.50%) + 7.00%; Libor Floor 1.50% , Due 1/23

 

10/28/2020

 

 

3,573,631

 

 

 

3,094,158

 

 

 

3,540,397

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BMC Acquisition, Inc.

     Banking, Finance, Insurance & Real Estate

(8)(13)(14)

Senior Secured Loan — Initial Term Loan

6.3% Cash, 6 month Libor (1.00%) + 5.25%; Libor Floor 1.00% , Due 12/24

 

1/2/2018

 

 

2,910,000

 

 

 

2,909,020

 

 

 

2,878,863

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bristol Hospice

     Healthcare & Pharmaceuticals

(8)(13)(14)(21)

Senior Secured Loan — Delayed Draw Term Loan

1.0% Cash, Due 12/26

 

12/22/2020

 

 

-

 

 

 

(8,182

)

 

 

(8,219

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bristol Hospice

     Healthcare & Pharmaceuticals

(8)(13)(14)(21)

Senior Secured Loan — Unitranche

6.5% Cash, 3 Month Libor (1.00%) + 5.50%; Libor Floor 1.00% , Due 12/26

 

12/22/2020

 

 

2,178,082

 

 

 

2,134,719

 

 

 

2,134,521

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

C.P. Converters, Inc.

     Chemicals, Plastics & Rubber

(8)(13)(14)

Senior Secured Loan — Seventh Amendment Acquisition Loan

7.5% Cash, 1 Month Libor (1.00%) + 6.50%; Libor Floor 1.00% , Due 6/23

 

6/26/2020

 

 

2,962,500

 

 

 

2,901,315

 

 

 

2,918,063

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carestream Health, Inc.

     Healthcare & Pharmaceuticals

(8)(13)(14)

Junior Secured Loan — 2023 Extended Term Loan (Second Lien)

5.5% Cash, 8.0% PIK, 6 month Libor (1.00%) + 4.50%; Libor Floor 1.00% , Due 8/23

 

5/8/2020

 

 

1,629,516

 

 

 

1,454,610

 

 

 

1,394,866

 

25


 

 

 

 

Portfolio Company /

Principal Business

 

Investment

Interest Rate¹ / Maturity15

 

Initial

Acquisition

Date

 

Principal

 

 

Amortized

Cost

 

 

Fair Value2

 

Centric Brands Inc.

     Machinery (Non-Agrclt/Constr/Electr)

(8)(13)(14)

Senior Secured Loan — Revolver

6.5% Cash, 3 Month Libor (1.00%) + 5.50%; Libor Floor 1.00% , Due 10/24

 

10/28/2020

 

 

403,134

 

 

 

333,931

 

 

 

367,420

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Centric Brands Inc.

     Machinery (Non-Agrclt/Constr/Electr)

(8)(13)(14)(20)

Senior Secured Loan — First Lien Last Out Term Loan, 10.0% PIK, Due 10/25

 

10/28/2020

 

 

7,989,577

 

 

 

6,378,529

 

 

 

6,825,496

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Child Development Schools, Inc.

     Services: Consumer

(8)(13)(14)

Senior Secured Loan — Term Loan

5.3% Cash, 3 Month Libor (1.00%) + 4.25%; Libor Floor 1.00% , Due 5/23

 

6/6/2018

 

 

4,246,226

 

 

 

4,241,127

 

 

 

4,198,243

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chloe Ox Parent, LLC

     Services: Business

(8)(13)(14)

Senior Secured Loan — First Lien Term Loan

5.5% Cash, 3 Month Libor (1.00%) + 4.50%; Libor Floor 1.00% , Due 12/24

 

10/28/2020

 

 

1,837,439

 

 

 

1,552,347

 

 

 

1,752,917

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Circustrix Holdings, LLC

 

      Banking, Finance, Insurance & Real Estate

(8)(13)(14)

Senior Secured Loan — First Lien Term Loan B, 7.8% PIK, Due 1/22

 

10/28/2020

 

 

6,319,500

 

 

 

4,455,164

 

 

 

4,194,884

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Coinamatic Canada Inc.

 

      Consumer goods: Durable

(3)(13)(14)

Junior Secured Loan — Initial Canadian Term Loan (Second Lien)

8.0% Cash, 1 Month Libor (1.00%) + 7.00%; Libor Floor 1.00% , Due 5/23

 

12/18/2019

 

 

521,646

 

 

 

467,075

 

 

 

487,217

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Colibri Group, LLC

 

      Services: Business

(8)(13)(14)(20)(21)

Senior Secured Loan — Last out DDTL

9.1% Cash, 3 Month Libor (1.00%) + 8.05%; Libor Floor 1.00% , Due 5/25

 

3/31/2020

 

 

932,983

 

 

 

927,022

 

 

 

932,983

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Colibri Group, LLC

     Services: Business

(8)(13)(14)(20)(21)

Senior Secured Loan — Last Out Term Loan

9.1% Cash, 3 Month Libor (1.00%) + 8.05%; Libor Floor 1.00% , Due 5/25

 

3/31/2020

 

 

6,033,990

 

 

 

5,995,440

 

 

 

6,033,990

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Colibri Group, LLC

     Services: Business

(8)(13)(14)(20)(21)

Senior Secured Loan — Last Out Second Amendment TL

9.1% Cash, 3 Month Libor (1.00%) + 8.05%; Libor Floor 1.00% , Due 5/25

 

3/31/2020

 

 

690,407

 

 

 

685,996

 

 

 

690,407

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Convergeone Holdings Corp.

     Electronics

(8)(14)

Senior Secured Loan — First Lien Term Loan

5.1% Cash, 1 Month Libor (0.15%) + 5.00% , Due 1/26

 

10/28/2020

 

 

2,168,026

 

 

 

1,740,712

 

 

 

2,054,204

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CSM Bakery Solutions Limited (fka CSM Bakery Supplies Limited)

     Beverage, Food and Tobacco

(8)(14)

Senior Secured Loan — Term Loan (First Lien)

7.3% Cash, 3 Month Libor (1.00%) + 6.25%; Libor Floor 1.00% , Due 1/22

 

6/11/2020

 

 

1,265,625

 

 

 

1,248,537

 

 

 

1,251,577

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CSM Bakery Solutions Limited (fka CSM Bakery Supplies Limited)

 

      Beverage, Food and Tobacco

(8)(13)(14)

Junior Secured Loan — Term Loan (Second Lien)

8.8% Cash, 3 Month Libor (1.00%) + 7.75%; Libor Floor 1.00% , Due 2/22

 

6/11/2020

 

 

3,083,490

 

 

 

3,086,814

 

 

 

2,988,519

 

26


 

 

Portfolio Company /

Principal Business

 

Investment

Interest Rate¹ / Maturity15

 

Initial

Acquisition

Date

 

Principal

 

 

Amortized

Cost

 

 

Fair Value2

 

Datalink, LLC

 

      Healthcare & Pharmaceuticals

(8)(13)(14)

Senior Secured Loan — First Lien Term Loan

7.3% Cash, 3 Month Libor (1.00%) + 6.25%; Libor Floor 1.00% , Due 11/26

 

11/23/2020

 

 

2,975,000

 

 

 

2,894,347

 

 

 

2,893,188

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Datalink, LLC

     Healthcare & Pharmaceuticals

(8)(13)

Senior Secured Loan —  Delayed Draw Term Loan (First Lien)

1.0% Cash, Due 11/26

 

11/23/2020

 

 

-

 

 

 

(14,180

)

 

 

(14,438

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deliver Buyer, Inc.

     Capital Equipment

(8)(13)(14)

Senior Secured Loan — Incremental Term Loan (First Lien)

7.3% Cash, 3 Month Libor (1.00%) + 6.25%; Libor Floor 1.00% , Due 5/24

 

7/1/2020

 

 

2,892,750

 

 

 

2,816,722

 

 

 

2,872,790

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Digitran Innovations B.V. (Pomeroy Solutions Holding Company, Inc.)

 

      High Tech Industries

(5)(8)(13)

Senior Secured Loan — Senior Term Loan B, 7.0% PIK, Due 5/25

 

5/29/2020

 

 

1,484,979

 

 

 

1,092,213

 

 

 

748,132

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Digitran Innovations B.V. (Pomeroy Solutions Holding Company, Inc.)

 

      High Tech Industries

(8)(13)

Senior Secured Loan — Super Senior Term Loan B

2.0% Cash, 7.0% PIK, Due 5/25

 

5/29/2020

 

 

959,944

 

 

 

943,862

 

 

 

940,745

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Digitran Innovations B.V. (Pomeroy Solutions Holding Company, Inc.)

 

      High Tech Industries

(3)(13)

Senior Secured Loan — EUR Term Loan A, 5.0% PIK, Due 7/25

 

5/11/2020

 

 

324,350

 

 

 

285,676

 

 

 

268,222

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Digitran Innovations B.V. (Pomeroy Solutions Holding Company, Inc.)

 

      High Tech Industries

(8)(13)

Senior Secured Loan — Senior Term Loan A, 5.0% PIK, Due 5/25

 

5/29/2020

 

 

1,467,506

 

 

 

1,074,740

 

 

 

1,063,942

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DMT Solutions Global Corporation

 

      Electronics

(8)(13)(14)

Senior Secured Loan — First Lien Term Loan

7.2% Cash, 3 Month Libor (0.24%) + 7.00% , Due 7/24

 

10/28/2020

 

 

6,381,442

 

 

 

5,158,548

 

 

 

6,142,138

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Drilling Info Holdings, Inc.

 

      High Tech Industries

(8)(14)(21)

Senior Secured Loan — 2019 Delayed Draw Term Loan (First Lien)

2.0% Cash, Due 7/25

 

6/27/2019

 

 

-

 

 

 

(1,375

)

 

 

(10,621

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Drilling Info Holdings, Inc.

     High Tech Industries

(8)(14)(21)

Senior Secured Loan — Initial Term Loan (First Lien)

4.4% Cash, 1 Month Libor (0.15%) + 4.25% , Due 7/25

 

6/27/2019

 

 

465,621

 

 

 

465,621

 

 

 

452,042

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Drilling Info Holdings, Inc.

 

      High Tech Industries

(8)(13)(14)(21)

Senior Secured Loan — 2020 Term Loan (First Lien)

4.7% Cash, 1 Month Libor (0.15%) + 4.50% , Due 7/25

 

2/14/2020

 

 

992,500

 

 

 

988,340

 

 

 

947,838

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electronics for Imaging, Inc.

 

      Electronics

(8)(14)

Senior Secured Loan — First Lien Term Loan

5.2% Cash, 1 Month Libor (0.15%) + 5.00% , Due 7/26

 

10/28/2020

 

 

2,181,735

 

 

 

1,639,163

 

 

 

1,875,605

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ELO Touch Solutions, Inc.

 

      High Tech Industries

(8)(13)(14)

Senior Secured Loan — First Lien Term Loan

6.6% Cash, 1 Month Libor (0.15%) + 6.50% , Due 12/25

 

10/28/2020

 

 

2,665,527

 

 

 

2,267,328

 

 

 

2,632,741

 

 

 

 

 

27


 

 

 

 

Portfolio Company /

Principal Business

 

Investment

Interest Rate¹ / Maturity15

 

Initial

Acquisition

Date

 

Principal

 

 

Amortized

Cost

 

 

Fair Value2

 

Emtec, Inc.

 

      Services: Business

(8)(13)

Senior Secured Loan — First Lien Term Loan A

10.0% Cash, 1 Month Libor (1.50%) + 8.50%; Libor Floor 1.50% , Due 8/21

 

10/28/2020

 

 

2,395,175

 

 

 

2,138,552

 

 

 

2,377,690

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Emtec, Inc.

 

      Services: Business

(5)(8)(13)

Senior Secured Loan — First Lien Term Loan B, 10.3% PIK, Due 8/21

 

10/28/2020

 

 

1,734,498

 

 

 

1,394,239

 

 

 

1,620,368

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Energy Acquisition Lp

     Electronics

(14)

Senior Secured Loan — First Lien Term Loan

4.4% Cash, 1 Month Libor (0.15%) + 4.25% , Due 6/25

 

10/28/2020

 

 

4,887,218

 

 

 

3,940,620

 

 

 

4,752,820

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ensono, LP

     Telecommunications

(8)(13)(14)

Junior Secured Loan — Term Loan (Second Lien)

9.4% Cash, 1 Month Libor (0.15%) + 9.25% , Due 6/26

 

12/18/2019

 

 

1,700,000

 

 

 

1,530,845

 

 

 

1,648,660

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Evergreen North America Acquisition, LLC

 

      Environmental Industries

(8)(13)(14)

Senior Secured Loan — Term Loan

6.0% Cash, 6 month Libor (1.00%) + 5.00%; Libor Floor 1.00% , Due 6/22

 

6/21/2016

 

 

975,366

 

 

 

976,863

 

 

 

963,174

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Firstlight Holdco Inc.

     Telecommunications

(8)(13)(14)

Junior Secured Loan — Initial Term Loan (Second Lien)

7.7% Cash, 1 Month Libor (0.15%) + 7.50% , Due 7/26

 

12/18/2019

 

 

400,000

 

 

 

362,000

 

 

 

383,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fusion Connect, Inc.

     Telecommunications

(8)(13)(14)

Senior Secured Loan — First Lien Term Loan B

10.0% Cash, 6 month Libor (2.00%) + 8.00%; Libor Floor 2.00% , Due 7/25

 

10/28/2020

 

 

2,964,925

 

 

 

1,730,558

 

 

 

1,885,989

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Geo Parent Corporation

     Media: Advertising, Printing & Publishing

(8)(13)(14)

Senior Secured Loan — First Lien Term Loan

5.4% Cash, 1 Month Libor (0.15%) + 5.25% , Due 12/25

 

10/28/2020

 

 

3,290,011

 

 

 

2,830,592

 

 

 

3,170,254

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GI Revelation Acquisition LLC

 

      Services: Business

(8)(13)(14)(21)

Senior Secured Loan — Initial Term Loan (First Lien)

5.2% Cash, 1 Month Libor (0.15%) + 5.00% , Due 4/25

 

5/22/2020

 

 

3,902,444

 

 

 

3,490,451

 

 

 

3,629,663

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GK Holdings, Inc.

 

      Services: Business

(5)(8)(13)

Junior Secured Loan — Initial Term Loan (Second Lien)

13.3% Cash, 3 Month Libor (1.00%) + 12.25%; Libor Floor 1.00% , Due 1/22

 

1/30/2015

 

 

1,500,000

 

 

 

1,495,464

 

 

 

839,100

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Integrated Flooring Systems Inc.

 

      Consumer goods: Durable

(8)(13)

Senior Secured Loan — Revolver

0.8% Cash, Due 2/23

 

10/28/2020

 

 

-

 

 

 

(0

)

 

 

(42,857

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Integrated Flooring Systems Inc.

     Consumer goods: Durable

(8)(13)

Senior Secured Loan — First Lien Term Loan

9.5% Cash, 3 Month Libor (1.25%) + 8.25%; Libor Floor 1.25% , Due 2/23

 

10/28/2020

 

 

6,412,500

 

 

 

4,110,863

 

 

 

3,851,348

 

 

 

28


 

Portfolio Company /

Principal Business

 

Investment

Interest Rate¹ / Maturity15

 

Initial

Acquisition

Date

 

Principal

 

 

Amortized

Cost

 

 

Fair Value2

 

Global Tel*Link Corporation

     Telecommunications

(8)(14)

Junior Secured Loan — Loan (Second Lien)

8.4% Cash, 1 Month Libor (0.15%) + 8.25% , Due 11/26

 

5/21/2013

 

 

1,500,000

 

 

 

1,481,015

 

 

 

1,062,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gruden Acquisition, Inc.

 

      Transportation: Cargo

(8)(13)(14)

Senior Secured Loan — First Lien Term Loan

6.5% Cash, 3 Month Libor (1.00%) + 5.50%; Libor Floor 1.00% , Due 8/22

 

10/28/2020

 

 

2,414,315

 

 

 

2,071,047

 

 

 

2,404,658

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grupo HIMA San Pablo, Inc.

 

      Healthcare & Pharmaceuticals

(8)(13)(14)

Senior Secured Loan — Term B Loan (First Lien)

10.5% Cash, 3 Month Libor (1.50%) + 9.00%; Libor Floor 1.50% , Due 1/18

 

1/30/2013

 

 

2,702,232

 

 

 

2,702,232

 

 

 

2,418,498

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grupo HIMA San Pablo, Inc.

 

      Healthcare & Pharmaceuticals

(5)(8)(13)

Junior Secured Loan — Term Loan (Second Lien)

13.8% Cash, Due 7/18

 

1/30/2013

 

 

7,191,667

 

 

 

7,191,667

 

 

 

199,209

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hayward Industries, Inc.

     Consumer goods: Durable

(8)(13)(14)

Junior Secured Loan — Initial Loan (Second Lien)

8.4% Cash, 1 Month Libor (0.15%) + 8.25%; Libor Floor 0.00% , Due 8/25

 

12/18/2019

 

 

2,159,333

 

 

 

1,893,917

 

 

 

2,107,077

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

HDC/HW Intermediate Holdings, LLC

     High Tech Industries

(8)(13)(14)

Senior Secured Loan — Revolver

8.5% Cash, 3 Month Libor (1.00%) + 7.50%; Libor Floor 1.00% , Due 12/23

 

10/28/2020

 

 

669,722

 

 

 

561,785

 

 

 

632,486

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

HDC/HW Intermediate Holdings, LLC

 

      High Tech Industries

(8)(13)(14)

Senior Secured Loan — First Lien Term Loan A

8.5% Cash, 3 Month Libor (1.00%) + 7.50%; Libor Floor 1.00% , Due 12/23

 

10/28/2020

 

 

6,596,764

 

 

 

5,533,583

 

 

 

6,229,984

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Helix Acquisition Holdings, Inc.

     Metals & Mining

(8)(14)

Junior Secured Loan — Initial Term Loan (Second Lien)

8.3% Cash, 3 Month Libor (0.25%) + 8.00% , Due 9/25

 

12/18/2019

 

 

1,400,000

 

 

 

1,219,188

 

 

 

1,326,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hoffmaster Group, Inc.

 

      Forest Products & Paper

(8)(13)(14)

Junior Secured Loan — Initial Term Loan (Second Lien)

10.5% Cash, 3 Month Libor (1.00%) + 9.50%; Libor Floor 1.00% , Due 11/24

 

5/6/2014

 

 

1,600,000

 

 

 

1,576,633

 

 

 

1,270,880

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Holley Purchaser, Inc.

     Banking, Finance, Insurance & Real Estate

(8)(14)

Senior Secured Loan — First Lien Term Loan A

5.2% Cash, 3 Month Libor (0.21%) + 5.00% , Due 10/25

 

10/28/2020

 

 

6,487,528

 

 

 

5,528,001

 

 

 

6,339,547

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Idera, Inc.

 

      High Tech Industries

(8)(13)(14)(21)

Junior Secured Loan — Loan (Second Lien)

10.0% Cash, 6 Month Libor (1.00%) + 9.00%; Libor Floor 1.00% , Due 6/27

 

6/27/2019

 

 

7,500,000

 

 

 

7,408,450

 

 

 

7,344,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Infobase Holdings, Inc.

 

      High Tech Industries

(8)(13)(14)

Senior Secured Loan — Term Loan

5.5% Cash, 3 Month Libor (1.00%) + 4.50%; Libor Floor 1.00% , Due 12/22

 

12/13/2017

 

 

1,850,000

 

 

 

1,841,858

 

 

 

1,850,000

 

 

 

 

29


 

Portfolio Company /

Principal Business

 

Investment

Interest Rate¹ / Maturity15

 

Initial

Acquisition

Date

 

Principal

 

 

Amortized

Cost

 

 

Fair Value2

 

Infobase Holdings, Inc.

     High Tech Industries

(8)(13)(14)

Senior Secured Loan — Term Loan (add on)

5.5% Cash, 3 Month Libor (1.00%) + 4.50%; Libor Floor 1.00% , Due 12/22

 

12/13/2017

 

 

1,961,372

 

 

 

1,952,741

 

 

 

1,961,373

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Institutional Shareholder Services Inc.

 

      Banking, Finance, Insurance & Real Estate

(8)(14)

Senior Secured Loan — First Lien Term Loan

4.8% Cash, 3 Month Libor (0.25%) + 4.50% , Due 3/26

 

10/28/2020

 

 

4,769,657

 

 

 

4,022,186

 

 

 

4,751,771

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Intermedia Holdings, Inc.

 

      High Tech Industries

(8)(14)

Senior Secured Loan — First Lien Term Loan A

7.0% Cash, 1 Month Libor (1.00%) + 6.00%; Libor Floor 1.00% , Due 7/25

 

10/28/2020

 

 

2,695,439

 

 

 

2,349,230

 

 

 

2,693,336

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Janus International Group, LLC

     Construction & Building

(8)(13)(14)

Senior Secured Loan — First Lien Term Loan B

5.5% Cash, 3 Month Libor (1.00%) + 4.50%; Libor Floor 1.00% , Due 2/25

 

10/28/2020

 

 

2,193,340

 

 

 

1,889,233

 

 

 

2,152,544

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Keeco, LLC

 

      Consumer goods: Durable

(8)(13)(14)

Senior Secured Loan — First Lien Term Loan A

9.5% Cash, 0.5% PIK, 1 Month Libor (1.75%) + 7.75%; Libor Floor 1.75% , Due 3/24

 

10/28/2020

 

 

5,627,336

 

 

 

4,717,415

 

 

 

5,571,062

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lifescan Global Corporation

 

      Healthcare & Pharmaceuticals

(8)(14)

Senior Secured Loan — First Lien Term Loan A

6.2% Cash, 3 Month Libor (0.24%) + 6.00% , Due 10/24

 

10/28/2020

 

 

3,233,554

 

 

 

2,674,220

 

 

 

3,089,063

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Location Services Holdings, LLC

     Services: Business

(8)(13)(14)(21)

Senior Secured Loan — Revolving Credit

7.8% Cash, 1 Month Libor (1.00%) + 6.75%; Libor Floor 1.00% , Due 5/21

 

11/7/2019

 

 

2,291,667

 

 

 

2,270,203

 

 

 

2,197,917

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Luminii LLC

 

      Construction & Building

(8)(13)(14)

Senior Secured Loan — Revolver

7.3% Cash, 3 Month Libor (1.00%) + 6.25%; Libor Floor 1.00% , Due 4/23

 

10/28/2020

 

 

343,473

 

 

 

300,180

 

 

 

326,729

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Luminii LLC

     Construction & Building

(8)(13)(14)

Senior Secured Loan — First Lien Term Loan B

7.3% Cash, 3 Month Libor (1.00%) + 6.25%; Libor Floor 1.00% , Due 4/23

 

10/28/2020

 

 

7,134,945

 

 

 

6,235,604

 

 

 

6,903,059

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mag Ds Corp.

     Aerospace and Defense

(8)(13)(14)(21)

Senior Secured Loan — First Lien Term Loan

6.5% Cash, 3 Month Libor (1.00%) + 5.50%; Libor Floor 1.00% , Due 4/27

 

10/28/2020

 

 

3,990,000

 

 

 

3,327,258

 

 

 

3,803,268

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Maxor National Pharmacy Services, LLC

     Healthcare & Pharmaceuticals

(8)(13)(14)

Senior Secured Loan — First Lien Term Loan B

6.5% Cash, 3 Month Libor (1.00%) + 5.50%; Libor Floor 1.00% , Due 11/23

 

10/28/2020

 

 

8,532,796

 

 

 

7,439,057

 

 

 

8,453,441

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Maxor National Pharmacy Services, LLC

     Healthcare & Pharmaceuticals

(8)(13)(14)

Senior Secured Loan — Revolver

0.5% Cash, Due 11/22

 

10/28/2020

 

 

-

 

 

 

(0

)

 

 

(5,441

)

 

 

30


 

Portfolio Company /

Principal Business

 

Investment

Interest Rate¹ / Maturity15

 

Initial

Acquisition

Date

 

Principal

 

 

Amortized

Cost

 

 

Fair Value2

 

McNally Industries, LLC

     Consumer goods: Durable

(8)(13)

Senior Secured Loan — Delayed Draw Term Loan (First Lien)

7.3% Cash, 1 Month Libor (1.50%) + 5.75%; Libor Floor 1.50% , Due 8/24

 

10/28/2020

 

 

49,147

 

 

 

42,989

 

 

 

49,024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

McNally Industries, LLC

     Consumer goods: Durable

(8)(13)

Senior Secured Loan — Revolver

0.5% Cash, Due 8/24

 

10/28/2020

 

 

-

 

 

 

(5,507

)

 

 

(125

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

McNally Industries, LLC

     Consumer goods: Durable

(8)(13)

Senior Secured Loan — First Lien Term Loan

7.3% Cash, 1 Month Libor (1.50%) + 5.75%; Libor Floor 1.50% , Due 8/24

 

10/28/2020

 

 

6,770,625

 

 

 

5,922,332

 

 

 

6,753,698

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ministry Brands, LLC

     Electronics

(8)(13)(14)

Junior Secured Loan — April 2018 Incremental Term Loan (Second Lien)

9.0% Cash, 3 Month Libor (1.00%) + 8.00%; Libor Floor 1.00% , Due 6/23

 

12/18/2019

 

 

6,000,000

 

 

 

5,555,131

 

 

 

5,722,800

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mother's Market & Kitchen, Inc.

     Healthcare & Pharmaceuticals

(8)(13)(14)

Senior Secured Loan — First Lien Term Loan

6.8% Cash, 3 Month Libor (1.25%) + 5.50%; Libor Floor 1.25% , Due 7/23

 

10/28/2020

 

 

6,954,470

 

 

 

6,070,606

 

 

 

6,841,807

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MountainTop Financial, LLC

     Transportation: Cargo

(8)(13)(14)

Senior Secured Loan — First Lien Term Loan A

8.5% Cash, 3 Month Libor (1.50%) + 7.00%; Libor Floor 1.50% , Due 3/24

 

10/28/2020

 

 

6,379,954

 

 

 

5,584,923

 

 

 

6,353,158

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MSM Acquisitions, Inc.

     Services: Business

(8)(13)(14)

Senior Secured Loan — Delayed Draw Term Loan (First Lien)

1.0% Cash, Due 6/22

 

12/31/2020

 

 

-

 

 

 

7,339

 

 

 

7,353

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MSM Acquisitions, Inc.

     Services: Business

(8)(13)(14)

Senior Secured Loan — First Lien Term Loan

7.0% Cash, 1 Month Libor (1.00%) + 6.00%; Libor Floor 1.00% , Due 1/26

 

12/31/2020

 

 

7,058,824

 

 

 

6,970,629

 

 

 

6,970,588

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nasco Healthcare Inc.

     Healthcare, Education and Childcare

(8)(13)(14)(21)

Senior Secured Loan — Term Loan

5.5% Cash, 3 Month Libor (1.00%) + 4.50%; Libor Floor 1.00% , Due 6/21

 

5/22/2020

 

 

4,509,119

 

 

 

4,220,080

 

 

 

4,285,015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Navex Topco, Inc.

     Electronics

(8)(13)(14)(18)(21)

Junior Secured Loan — Initial Term Loan (Second Lien)

7.2% Cash, 1 Month Libor (0.15%) + 7.00% , Due 9/26

 

12/4/2018

 

 

7,700,000

 

 

 

7,222,712

 

 

 

7,488,250

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Naviga Inc.

     Services: Business

(8)(13)(14)

Senior Secured Loan — Delayed Draw Term Loan

8.0% Cash, 3 Month Libor (1.00%) + 7.00%; Libor Floor 1.00% , Due 12/22

 

10/28/2020

 

 

461,859

 

 

 

401,461

 

 

 

455,532

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Naviga Inc.

     Services: Business

(8)(13)(14)

Senior Secured Loan — First Lien Term Loan

8.0% Cash, 3 Month Libor (1.00%) + 7.00%; Libor Floor 1.00% , Due 12/22

 

10/28/2020

 

 

411,227

 

 

 

321,598

 

 

 

401,837

 

 

 


31


 

Portfolio Company /

Principal Business

 

Investment

Interest Rate¹ / Maturity15

 

Initial

Acquisition

Date

 

Principal

 

 

Amortized

Cost

 

 

Fair Value2

 

Naviga Inc.

     Services: Business

(8)(13)(14)

Senior Secured Loan — First Lien Term Loan

8.0% Cash, 3 Month Libor (1.00%) + 7.00%; Libor Floor 1.00% , Due 12/22

 

10/28/2020

 

 

5,050,283

 

 

 

4,389,994

 

 

 

4,981,094

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Novetta Solutions, LLC

     High Tech Industries

(8)(14)

Senior Secured Loan — First Lien Term Loan

6.0% Cash, 3 Month Libor (1.00%) + 5.00%; Libor Floor 1.00% , Due 10/22

 

10/28/2020

 

 

1,943,730

 

 

 

1,677,869

 

 

 

1,939,678

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Orbit Purchaser LLC

     Banking, Finance, Insurance & Real Estate

(8)(13)(14)

Senior Secured Loan — Incremental First Lien Term Loan

5.5% Cash, 3 Month Libor (1.00%) + 4.50%; Libor Floor 1.00% , Due 10/24

 

10/28/2020

 

 

1,539,869

 

 

 

1,339,929

 

 

 

1,527,242

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Orbit Purchaser LLC

     Banking, Finance, Insurance & Real Estate

(8)(13)(14)

Senior Secured Loan — First Lien Term Loan

5.5% Cash, 3 Month Libor (1.00%) + 4.50%; Libor Floor 1.00% , Due 10/24

 

10/28/2020

 

 

2,548,122

 

 

 

2,211,950

 

 

 

2,527,227

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Orbit Purchaser LLC

     Banking, Finance, Insurance & Real Estate

(8)(13)(14)

Senior Secured Loan — Delayed Draw Term Loan

5.5% Cash, 3 Month Libor (1.00%) + 4.50%; Libor Floor 1.00% , Due 10/24

 

10/28/2020

 

 

745,098

 

 

 

648,353

 

 

 

738,988

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Phoenix Guarantor Inc.

     Healthcare & Pharmaceuticals

(8)(13)(14)

Junior Secured Loan — Term Loan Second Lien

9.3% Cash, 1 Month Libor (1.00%) + 8.25%; Libor Floor 1.00% , Due 3/27

 

12/18/2019

 

 

1,200,000

 

 

 

1,100,239

 

 

 

1,179,480

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pinstripe Holdings, LLC

     Services: Business

(8)(13)(14)

Senior Secured Loan — Initial Term Loan

6.3% Cash, 6 month Libor (0.27%) + 6.00% , Due 1/25

 

1/17/2019

 

 

4,912,500

 

 

 

4,845,938

 

 

 

4,620,206

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PromptCare Companies, The

     Healthcare & Pharmaceuticals

(8)(13)(14)(21)

Senior Secured Loan — Second Delayed Draw Term Loan

1.0% Cash, Due 12/25

 

2/20/2020

 

 

-

 

 

 

(2,326

)

 

 

(4,091

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PromptCare Companies, The

     Healthcare & Pharmaceuticals

(8)(13)(14)(21)

Senior Secured Loan — Term Loan

6.3% Cash, 1 Month Libor (1.00%) + 5.25%; Libor Floor 1.00% , Due 12/25

 

2/20/2020

 

 

3,870,000

 

 

 

3,837,015

 

 

 

3,840,975

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PromptCare Companies, The

     Healthcare & Pharmaceuticals

(8)(13)(14)

Senior Secured Loan — First Delayed Draw Term Loan

6.3% Cash, 1 Month Libor (1.00%) + 5.25%; Libor Floor 1.00% , Due 12/25

 

2/20/2020

 

 

540,000

 

 

 

535,398

 

 

 

535,950

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSC Industrial Holdings Corp.

     Environmental Industries

(8)(14)

Junior Secured Loan — Initial Term Loan (Second Lien)

9.5% Cash, 1 Month Libor (1.00%) + 8.50%; Libor Floor 1.00% , Due 10/25

 

10/5/2017

 

 

3,000,000

 

 

 

2,962,901

 

 

 

2,622,495

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PVHC Holding Corp

     Containers, Packaging and Glass

(8)(13)(14)

Senior Secured Loan — Initial Term Loan

5.8% Cash, 3 Month Libor (1.00%) + 4.75%; Libor Floor 1.00% , Due 8/24

 

8/10/2018

 

 

2,815,200

 

 

 

2,806,740

 

 

 

2,502,994

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Q Holding Company (fka Lex Precision Corp)

     Chemicals, Plastics & Rubber

(8)(13)(14)

Senior Secured Loan — First Lien Term Loan

6.0% Cash, 3 Month Libor (1.00%) + 5.00%; Libor Floor 1.00% , Due 12/23

 

10/28/2020

 

 

2,379,005

 

 

 

1,917,038

 

 

 

2,234,599

 

32


 

 

 

Portfolio Company /

Principal Business

 

Investment

Interest Rate¹ / Maturity15

 

Initial

Acquisition

Date

 

Principal

 

 

Amortized

Cost

 

 

Fair Value2

 

Qualtek USA, LLC

     High Tech Industries

(8)(14)

Senior Secured Loan — First Lien Term Loan

7.3% Cash, 3 Month Libor (1.00%) + 6.25%; Libor Floor 1.00% , Due 7/25

 

10/28/2020

 

 

5,660,358

 

 

 

4,507,974

 

 

 

5,358,491

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RA Outdoors, LLC

     Services: Business

(8)(13)(14)

Senior Secured Loan — First Lien Term Loan

5.8% Cash, 3 Month Libor (1.00%) + 4.75%; Libor Floor 1.00% , Due 9/24

 

10/28/2020

 

 

7,206,556

 

 

 

6,272,077

 

 

 

7,139,535

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Radiology Partners, Inc

     Healthcare & Pharmaceuticals

(8)(14)(21)

Senior Secured Loan — Term B Loan (First Lien)

5.3% Cash, 12 Month Libor (1.04%) + 4.25% , Due 7/25

 

3/24/2020

 

 

7,000,000

 

 

 

5,845,451

 

 

 

6,900,845

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Radius Aerospace, Inc.

     Aerospace and Defense

(8)(13)(14)

Senior Secured Loan — Initial Term Loan

6.8% Cash, 3 Month Libor (1.00%) + 5.75%; Libor Floor 1.00% , Due 3/25

 

6/27/2019

 

 

6,877,500

 

 

 

6,801,385

 

 

 

6,351,371

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ravn Air Group, Inc.

     Aerospace and Defense

(5)(8)(13)

Senior Secured Loan — Initial Term Loan

6.0% Cash, Due 7/21

 

7/29/2015

 

 

1,015,351

 

 

 

247,543

 

 

 

225,306

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ritedose Holdings I, Inc

     Healthcare & Pharmaceuticals

(8)(13)(14)

Senior Secured Loan — Revolver

0.5% Cash, Due 9/23

 

10/28/2020

 

 

-

 

 

 

(0

)

 

 

(1,988

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ritedose Holdings I, Inc

     Healthcare & Pharmaceuticals

(8)(13)(14)

Senior Secured Loan — First Lien Term Loan

7.5% Cash, 3 Month Libor (1.00%) + 6.50%; Libor Floor 1.00% , Due 9/23

 

10/28/2020

 

 

7,457,779

 

 

 

6,506,876

 

 

 

7,430,185

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Riverside Fund V, L.P.

     Banking, Finance, Insurance & Real Estate

(13)(21)

Senior Secured Loan — Term Loan

9.5% Cash, Due 3/21

 

10/28/2020

 

 

2,500,000

 

 

 

2,475,000

 

 

 

2,475,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Robertshaw US Holding Corp.

     Capital Equipment

(8)(13)

Junior Secured Loan — Initial Term Loan (Second Lien)

9.0% Cash, 1 Month Libor (1.00%) + 8.00%; Libor Floor 1.00% , Due 2/26

 

2/15/2018

 

 

3,000,000

 

 

 

2,980,618

 

 

 

2,393,100

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Roscoe Medical, Inc.

     Healthcare & Pharmaceuticals

(8)(13)

Junior Secured Loan — Term Loan (Second Lien)

11.3% Cash, Due 3/21

 

3/26/2014

 

 

8,201,777

 

 

 

8,199,552

 

 

 

7,894,210

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Safe Fleet Holdings LLC

     Automotive

(8)(14)

Junior Secured Loan — Initial Term Loan (Second Lien)

7.8% Cash, 6 month Libor (1.00%) + 6.75%; Libor Floor 1.00% , Due 2/26

 

12/18/2019

 

 

700,000

 

 

 

624,061

 

 

 

616,875

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

San Vicente Capital LLC

     Telecommunications

(8)(13)(14)(21)

Senior Secured Loan — Term Loan

9.5% Cash, 3 Month Libor (1.50%) + 8.00%; Libor Floor 1.50% , Due 6/25

 

6/10/2020

 

 

3,000,000

 

 

 

2,960,051

 

 

 

3,003,900

 

33


 

 

Portfolio Company /

Principal Business

 

Investment

Interest Rate¹ / Maturity15

 

Initial

Acquisition

Date

 

Principal

 

 

Amortized

Cost

 

 

Fair Value2

 

SCSG EA Acquisition Company, Inc.

     Healthcare & Pharmaceuticals

(8)(13)(14)

Junior Secured Loan — Initial Term Loan (Second Lien)

9.3% Cash, 3 Month Libor (1.00%) + 8.25%; Libor Floor 1.00% , Due 9/24

 

8/18/2017

 

 

6,000,000

 

 

 

5,968,089

 

 

 

5,761,200

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shipston Group, U.S., Inc.

     Automotive

(8)(13)(14)(20)

Senior Secured Loan — First Lien Term Loan

7.5% Cash, 2.4% PIK, 1 Month Libor (1.25%) + 8.65%; Libor Floor 1.25% , Due 9/23

 

10/28/2020

 

 

6,299,241

 

 

 

5,355,206

 

 

 

6,124,122

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Smartronix, Inc,

     Services: Business

(8)(13)(14)(21)

Senior Secured Loan — Initial Term Loan

7.5% Cash, 3 Month Libor (1.50%) + 6.00%; Libor Floor 1.50% , Due 12/25

��

5/1/2020

 

 

4,962,406

 

 

 

4,742,756

 

 

 

4,815,519

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sundance Holdings Group, LLC

     Retail

(8)(13)(14)(20)

Senior Secured Loan — First Lien Term Loan

7.2% Cash, 2.0% PIK, 3 Month Libor (1.00%) + 6.23%; Libor Floor 1.00% , Due 5/24

 

10/28/2020

 

 

6,768,583

 

 

 

5,790,208

 

 

 

6,597,338

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Surgical Specialties Corporation (Us), Inc.

     Healthcare & Pharmaceuticals

(3)(13)(14)

Senior Secured Loan — First Lien Term Loan

5.2% Cash, 1 Month Libor (0.15%) + 5.00% , Due 5/25

 

10/28/2020

 

 

4,341,432

 

 

 

3,483,355

 

 

 

3,963,727

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tailwind Randys, LLC

     Automotive

(8)(13)(14)

Senior Secured Loan — Initial Term Loan

6.0% Cash, 3 Month Libor (1.00%) + 5.00%; Libor Floor 1.00% , Due 5/25

 

6/27/2019

 

 

4,925,000

 

 

 

4,860,904

 

 

 

4,910,717

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tank Partners Equipment Holdings LLC

     Energy: Oil & Gas

(5)(8)(13)

Senior Unsecured Bond — 10.000% - 02/2022 - TankConvert

0.0% Cash, 10.0% PIK, Due 2/22

 

2/15/2019

 

 

481,051

 

 

 

416,170

 

 

 

207,766

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tex-Tech Industries, Inc.

     Textiles and Leather

(8)(13)(14)

Junior Secured Loan — Term Loan (Second Lien)

10.0% Cash, 1 Month Libor (1.00%) + 9.00%; Libor Floor 1.00% , Due 8/24

 

8/24/2017

 

 

12,508,000

 

 

 

12,415,194

 

 

 

10,860,696

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Cook & Boardman Group, LLC

     Construction & Building

(8)(14)

Senior Secured Loan — First Lien Term Loan

6.8% Cash, 3 Month Libor (1.00%) + 5.75%; Libor Floor 1.00% , Due 10/25

 

10/28/2020

 

 

1,635,880

 

 

 

1,377,740

 

 

 

1,564,311

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Edelman Financial Center, LLC

     Banking, Finance, Insurance & Real Estate

(8)(14)

Junior Secured Loan — Initial Term Loan (Second Lien)

6.9% Cash, 1 Month Libor (0.11%) + 6.75% , Due 7/26

 

12/18/2019

 

 

300,000

 

 

 

272,637

 

 

 

302,250

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Theragenics Corp

     Healthcare & Pharmaceuticals

(8)(13)(14)

Senior Secured Loan — First Lien Term Loan B

9.0% Cash, 3 Month Libor (1.00%) + 8.00%; Libor Floor 1.00% , Due 5/24

 

10/28/2020

 

 

8,212,500

 

 

 

7,015,358

 

 

 

7,971,052

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TLE Holdings, LLC

     Healthcare, Education and Childcare

(8)(13)(14)(21)

Senior Secured Loan — Initial Term Loan

7.0% Cash, 6 month Libor (1.00%) + 6.00%; Libor Floor 1.00% , Due 6/24

 

6/27/2019

 

 

5,631,157

 

 

 

5,612,790

 

 

 

5,490,378

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TLE Holdings, LLC

     Healthcare, Education and Childcare

(8)(13)(14)(21)

Senior Secured Loan — Delayed Draw Term Loan

7.0% Cash, 6 month Libor (1.00%) + 6.00%; Libor Floor 1.00% , Due 6/24

 

6/27/2019

 

 

742,874

 

 

 

741,666

 

 

 

724,255

 

34


 

 

Portfolio Company /

Principal Business

 

Investment

Interest Rate¹ / Maturity15

 

Initial

Acquisition

Date

 

Principal

 

 

Amortized

Cost

 

 

Fair Value2

 

Triangle Home Fashions LLC

     Consumer goods: Durable

(8)(13)(14)(20)

Senior Secured Loan — First Lien Term Loan

7.7% Cash, 1 Month Libor (1.00%) + 6.72%; Libor Floor 1.00% , Due 3/23

 

10/28/2020

 

 

10,500,000

 

 

 

9,222,836

 

 

 

10,447,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TronAir Parent Inc.

     Aerospace and Defense

(8)(13)(14)

Senior Secured Loan — Initial Term Loan (First Lien)

5.8% Cash, 12 Month Libor (1.00%) + 4.75%; Libor Floor 1.00% , Due 9/23

 

9/30/2016

 

 

967,172

 

 

 

966,030

 

 

 

838,248

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TRSO I, Inc.

     Energy: Oil & Gas

(8)(13)(14)

Junior Secured Loan — Term Loan (Second Lien)

14.0% Cash, 3 Month Libor (1.00%) + 13.00%; Libor Floor 1.00% , Due 12/20

 

12/24/2012

 

 

1,000,000

 

 

 

999,999

 

 

 

1,000,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TRSO II, Inc.

     Energy: Oil & Gas

(5)(8)(13)

Junior Secured Loan — Promissory Note, 1.7% PIK, Due 1/25

 

1/24/2020

 

 

71,626

 

 

 

71,626

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vectra Co.

     Chemicals, Plastics & Rubber

(8)(14)

Junior Secured Loan — Initial Loan (Second Lien)

7.4% Cash, 1 Month Libor (0.15%) + 7.25% , Due 3/26

 

12/18/2019

 

 

400,000

 

 

 

354,613

 

 

 

380,334

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vero Parent, Inc.

     Services: Business

(8)(14)

Senior Secured Loan — First Lien Term Loan

6.5% Cash, 3 Month Libor (0.23%) + 6.25% , Due 8/24

 

10/28/2020

 

 

2,790,055

 

 

 

2,417,526

 

 

 

2,789,009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wash MultiFamily Acquisition Inc.

     Consumer goods: Durable

(8)(13)(14)

Junior Secured Loan — Initial US Term Loan (Second Lien)

8.0% Cash, 1 Month Libor (1.00%) + 7.00%; Libor Floor 1.00% , Due 5/23

 

12/18/2019

 

 

2,978,354

 

 

 

2,666,444

 

 

 

2,781,783

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WireCo WorldGroup Inc.

     Capital Equipment

(8)(13)(14)

Junior Secured Loan — Initial Term Loan (Second Lien)

10.0% Cash, 6 month Libor (1.00%) + 9.00%; Libor Floor 1.00% , Due 9/24

 

8/9/2016

 

 

3,000,000

 

 

 

2,978,909

 

 

 

2,458,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wonder Love, Inc.

     Media: Diversified &  Production

(8)(13)(14)(21)

Senior Secured Loan — Term Loan

6.0% Cash, 3 Month Libor (1.00%) + 5.00%; Libor Floor 1.00% , Due 11/24

 

11/18/2019

 

 

2,700,000

 

 

 

2,658,914

 

 

 

2,612,250

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Zest Acquisition Corp.

     Healthcare, Education and Childcare

(8)(13)(14)(18)

Junior Secured Loan — Initial Term Loan (Second Lien)

8.5% Cash, 1 Month Libor (1.00%) + 7.50%; Libor Floor 1.00% , Due 3/26

 

3/8/2018

 

 

3,500,000

 

 

 

3,485,385

 

 

 

3,291,400

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investment in Debt Securities

   (187% of net asset value at fair value)

 

 

 

 

 

$

437,751,485

 

 

$

392,932,411

 

 

$

404,860,855

 

35


 

 

Equity Securities Portfolio

 

Portfolio Company /

Principal Business

 

Investment15

 

Initial

Acquisition

Date

 

Quantity/Par

/Shares

 

 

Cost

 

 

Fair Value2

 

4L Technologies Inc.(8)(13)(19)

  Healthcare & Pharmaceuticals

 

Class A Preferred Units

 

5/29/2020

 

 

321

 

 

 

29,277

 

 

 

29,275

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AAPC Holdings LLC.(8)(13)(21)(22)

  Healthcare & Pharmaceuticals

 

Class A Preferred Units; 18% PIK; No maturity

 

6/27/2019

 

 

5,500,000

 

 

 

5,500,000

 

 

 

5,500,000