|
Maryland
|
| |
80-0741103
|
|
|
(State or other jurisdiction of
incorporation or organization) |
| |
(I.R.S. Employer
Identification No.) |
|
|
201 Rouse Boulevard
Philadelphia, Pennsylvania |
| |
19112
|
|
|
(Address of principal executive offices)
|
| |
(Zip Code)
|
|
| Large accelerated filer | | | ☐ | | | Accelerated filer | | | ☐ | |
| Non-accelerated filer | | | ☒ (Do not check if a smaller reporting company) | | | Smaller reporting company | | | ☐ | |
| | | | | | | Emerging growth company | | | ☐ | |
| | |
Page
|
| |||
PART I—FINANCIAL INFORMATION | | | | | | | |
ITEM 1.
FINANCIAL STATEMENTS
|
| | | | | | |
| | | | 1 | | | |
| | | | 2 | | | |
| | | | 3 | | | |
| | | | 4 | | | |
| | | | 5 | | | |
| | | | 25 | | | |
| | | | 56 | | | |
| | | | 72 | | | |
| | | | 73 | | | |
PART II—OTHER INFORMATION | | | | | | | |
| | | | 74 | | | |
| | | | 74 | | | |
| | | | 75 | | | |
| | | | 75 | | | |
| | | | 75 | | | |
| | | | 75 | | | |
| | | | 76 | | | |
| | | | 81 | | |
| | |
March 31, 2018
(Unaudited) |
| |
December 31, 2017
|
| ||||||
Assets | | | | | | | | | | | | | |
Investments, at fair value | | | | | | | | | | | | | |
Non-controlled/unaffiliated investments (amortized cost—$4,301,557 and $4,397,304, respectively)
|
| | | $ | 4,194,439 | | | | | $ | 4,374,076 | | |
Non-controlled/affiliated investments (amortized cost—$188,409 and $206,404, respectively)
|
| | | | 200,801 | | | | | | 223,518 | | |
Total investments, at fair value (amortized cost—$4,489,966 and $4,603,708, respectively)
|
| | | | 4,395,240 | | | | | | 4,597,594 | | |
Cash
|
| | | | 527,736 | | | | | | 449,215 | | |
Foreign currency, at fair value (cost—$8,599 and $10,938, respectively)
|
| | | | 8,787 | | | | | | 11,194 | | |
Receivable for investments sold and repaid
|
| | | | 923 | | | | | | 682 | | |
Interest receivable
|
| | | | 45,562 | | | | | | 45,247 | | |
Deferred financing costs
|
| | | | 4,554 | | | | | | 5,284 | | |
Prepaid expenses and other assets
|
| | | | 826 | | | | | | 865 | | |
Total assets
|
| | | $ | 4,983,628 | | | | | $ | 5,110,081 | | |
Liabilities | | | | | | | | | | | | | |
Payable for investments purchased
|
| | | $ | 526 | | | | | $ | 3,688 | | |
Credit facilities payable (net of deferred financing costs of $4,497 and $5,125, respectively)
(1)
|
| | | | 2,178,441 | | | | | | 2,179,354 | | |
Stockholder distributions payable
|
| | | | 10,827 | | | | | | 10,561 | | |
Management fees payable
|
| | | | 22,080 | | | | | | 22,595 | | |
Subordinated income incentive fees payable
(2)
|
| | | | 5,575 | | | | | | 19,129 | | |
Administrative services expense payable
|
| | | | 803 | | | | | | 568 | | |
Interest payable
|
| | | | 17,819 | | | | | | 16,842 | | |
Directors’ fees payable
|
| | | | 499 | | | | | | 277 | | |
Other accrued expenses and liabilities
|
| | | | 1,656 | | | | | | 4,046 | | |
Total liabilities
|
| | | | 2,238,226 | | | | | | 2,257,060 | | |
Commitments and contingencies
(3)
|
| | | | — | | | | | | — | | |
Stockholders’ equity | | | | | | | | | | | | | |
Preferred stock, $0.001 par value, 50,000,000 shares authorized, none issued and outstanding
|
| | | | — | | | | | | — | | |
Common stock, $0.001 par value, 450,000,000 shares authorized, 326,656,130 and 326,748,337 shares issued and outstanding, respectively
|
| | | | 327 | | | | | | 327 | | |
Capital in excess of par value
|
| | | | 3,003,914 | | | | | | 3,004,948 | | |
Accumulated undistributed net realized gain (loss) on investments and gain (loss) on
foreign currency (4) |
| | | | (237,848 ) | | | | | | (218,227 ) | | |
Accumulated undistributed net investment income
(4)
|
| | | | 73,919 | | | | | | 72,681 | | |
Net unrealized appreciation (depreciation)
|
| | | | (94,910 ) | | | | | | (6,708 ) | | |
Total stockholders’ equity
|
| | | | 2,745,402 | | | | | | 2,853,021 | | |
Total liabilities and stockholders’ equity
|
| | | $ | 4,983,628 | | | | | $ | 5,110,081 | | |
Net asset value per share of common stock at period end
|
| | | $ | 8.40 | | | | | $ | 8.73 | | |
| | |
Three Months Ended
March 31, |
| |||||||||
| | |
2018
|
| |
2017
|
| ||||||
Investment income | | | | | | | | | | | | | |
From non-controlled/unaffiliated investments: | | | | | | | | | | | | | |
Interest income
|
| | | $ | 95,157 | | | | | $ | 99,311 | | |
Paid-in-kind interest income
|
| | | | 2,221 | | | | | | 4,444 | | |
Fee income
|
| | | | 3,951 | | | | | | 21,479 | | |
Dividend income
|
| | | | 7,494 | | | | | | — | | |
From non-controlled/affiliated investments: | | | | | | | | | | | | | |
Interest income
|
| | | | 4,999 | | | | | | 5,159 | | |
Paid-in-kind interest income
|
| | | | 2,757 | | | | | | 1,550 | | |
Fee income
|
| | | | 1,123 | | | | | | — | | |
Total investment income
|
| | | | 117,702 | | | | | | 131,943 | | |
Operating expenses | | | | | | | | | | | | | |
Management fees
(1)
|
| | | | 25,234 | | | | | | 25,468 | | |
Subordinated income incentive fees
(2)
|
| | | | 5,575 | | | | | | 17,499 | | |
Administrative services expenses
|
| | | | 782 | | | | | | 867 | | |
Stock transfer agent fees
|
| | | | 495 | | | | | | 495 | | |
Accounting and administrative fees
|
| | | | 421 | | | | | | 431 | | |
Interest expense
|
| | | | 24,183 | | | | | | 19,611 | | |
Directors’ fees
|
| | | | 504 | | | | | | 276 | | |
Other general and administrative expenses
|
| | | | 1,271 | | | | | | 482 | | |
Operating expenses
|
| | | | 58,465 | | | | | | 65,129 | | |
Management fee waiver
(1)
|
| | | | (3,154 ) | | | | | | (3,183 ) | | |
Net expenses
|
| | | | 55,311 | | | | | | 61,946 | | |
Net investment income
|
| | | | 62,391 | | | | | | 69,997 | | |
Realized and unrealized gain/loss | | | | | | | | | | | | | |
Net realized gain (loss) on investments: | | | | | | | | | | | | | |
Non-controlled/unaffiliated investments
|
| | | | (19,294 ) | | | | | | (19,501 ) | | |
Net realized gain (loss) on foreign currency
|
| | | | (327 ) | | | | | | — | | |
Net change in unrealized appreciation (depreciation) on investments: | | | | | | | | | | | | | |
Non-controlled/unaffiliated investments
|
| | | | (83,890 ) | | | | | | 73,712 | | |
Non-controlled/affiliated investments
|
| | | | (4,722 ) | | | | | | (15,559 ) | | |
Net change in unrealized appreciation (depreciation) on secured borrowing
(3)
|
| | | | — | | | | | | (34 ) | | |
Net change in unrealized gain (loss) on foreign currency
|
| | | | 410 | | | | | | — | | |
Total net realized and unrealized gain (loss)
|
| | | | (107,823 ) | | | | | | 38,618 | | |
Net increase (decrease) in net assets resulting from operations
|
| | | $ | (45,432 ) | | | | | $ | 108,615 | | |
Per share information—basic and diluted | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations (Earnings per Share)
|
| | | $ | (0.14 ) | | | | | $ | 0.33 | | |
Weighted average shares outstanding
|
| | | | 324,916,879 | | | | | | 325,822,908 | | |
| | |
Three Months Ended
March 31, |
| |||||||||
| | |
2018
|
| |
2017
|
| ||||||
Operations | | | | | | | | | | | | | |
Net investment income
|
| | | $ | 62,391 | | | | | $ | 69,997 | | |
Net realized gain (loss) on investments and foreign currency
|
| | | | (19,621 ) | | | | | | (19,501 ) | | |
Net change in unrealized appreciation (depreciation) on investments
|
| | | | (88,612 ) | | | | | | 58,153 | | |
Net change in unrealized appreciation (depreciation) on secured borrowing
(1)
|
| | | | — | | | | | | (34 ) | | |
Net change in unrealized gain (loss) on foreign currency
|
| | | | 410 | | | | | | — | | |
Net increase (decrease) in net assets resulting from operations
|
| | | | (45,432 ) | | | | | | 108,615 | | |
Stockholder distributions (2) | | | | | | | | | | | | | |
Distributions from net investment income
|
| | | | (61,153 ) | | | | | | (61,436 ) | | |
Net decrease in net assets resulting from stockholder distributions
|
| | | | (61,153 ) | | | | | | (61,436 ) | | |
Capital share transactions (3) | | | | | | | | | | | | | |
Reinvestment of stockholder distributions
|
| | | | 28,959 | | | | | | 31,286 | | |
Repurchases of common stock
|
| | | | (29,993 ) | | | | | | (20,986 ) | | |
Net increase in net assets resulting from capital share transactions
|
| | | | (1,034 ) | | | | | | 10,300 | | |
Total increase (decrease) in net assets
|
| | | | (107,619 ) | | | | | | 57,479 | | |
Net assets at beginning of period
|
| | | | 2,853,021 | | | | | | 2,909,860 | | |
Net assets at end of period
|
| | | $ | 2,745,402 | | | | | $ | 2,967,339 | | |
Accumulated undistributed net investment income
(2)
|
| | | $ | 73,919 | | | | | $ | 62,636 | | |
| | |
Three Months Ended
March 31, |
| |||||||||
| | |
2018
|
| |
2017
|
| ||||||
Cash flows from operating activities | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations
|
| | | $ | (45,432 ) | | | | | $ | 108,615 | | |
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
|
| | | | | | | | | | | | |
Purchases of investments
|
| | | | (199,941 ) | | | | | | (498,247 ) | | |
Paid-in-kind interest
|
| | | | (4,978 ) | | | | | | (5,994 ) | | |
Proceeds from sales and repayments of investments
|
| | | | 301,070 | | | | | | 416,532 | | |
Net realized (gain) loss on investments
|
| | | | 19,294 | | | | | | 19,501 | | |
Net change in unrealized (appreciation) depreciation on investments
|
| | | | 88,612 | | | | | | (58,153 ) | | |
Net change in unrealized (appreciation) depreciation on secured borrowing
|
| | | | — | | | | | | 34 | | |
Accretion of discount
|
| | | | (1,703 ) | | | | | | (6,977 ) | | |
Amortization of deferred financing costs and discount
|
| | | | 1,358 | | | | | | 1,297 | | |
Unrealized (gain) loss on borrowings in foreign currency
|
| | | | 219 | | | | | | — | | |
(Increase) decrease in receivable for investments sold and repaid
|
| | | | (241 ) | | | | | | (237,803 ) | | |
(Increase) decrease in interest receivable
|
| | | | (315 ) | | | | | | (20,080 ) | | |
(Increase) decrease in prepaid expenses and other assets
|
| | | | 39 | | | | | | (215 ) | | |
Increase (decrease) in payable for investments purchased
|
| | | | (3,162 ) | | | | | | 28,921 | | |
Increase (decrease) in management fees payable
|
| | | | (515 ) | | | | | | 675 | | |
Increase (decrease) in subordinated income incentive fees payable
|
| | | | (13,554 ) | | | | | | 1,006 | | |
Increase (decrease) in administrative services expense payable
|
| | | | 235 | | | | | | 64 | | |
Increase (decrease) in interest payable
|
| | | | 977 | | | | | | 532 | | |
Increase (decrease) in directors’ fees payable
|
| | | | 222 | | | | | | (4 ) | | |
Increase (decrease) in other accrued expenses and liabilities
|
| | | | (2,390 ) | | | | | | 1,591 | | |
Net cash provided by (used in) operating activities
|
| | | | 139,795 | | | | | | (248,705 ) | | |
Cash flows from financing activities | | | | | | | | | | | | | |
Reinvestment of stockholder distributions
|
| | | | 28,959 | | | | | | 31,286 | | |
Repurchases of common stock
|
| | | | (29,993 ) | | | | | | (20,986 ) | | |
Stockholder distributions
|
| | | | (60,887 ) | | | | | | (61,186 ) | | |
Borrowings under credit facilities
(1)
|
| | | | 2,970 | | | | | | 160,500 | | |
Repayments of credit facilities
(1)
|
| | | | (4,730 ) | | | | | | — | | |
Deferred financing costs paid
|
| | | | — | | | | | | (1,896 ) | | |
Net cash provided by financing activities
|
| | | | (63,681 ) | | | | | | 107,718 | | |
Total increase (decrease) in cash
|
| | | | 76,114 | | | | | | (140,987 ) | | |
Cash and foreign currency at beginning of period
|
| | | | 460,409 | | | | | | 347,076 | | |
Cash and foreign currency at end of period
|
| | | $ | 536,523 | | | | | $ | 206,089 | | |
Supplemental disclosure | | | | | | | | | | | | | |
Local and excise taxes paid
|
| | | $ | 2,574 | | | | | $ | 1,992 | | |
Portfolio Company
(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate
(b)
|
| |
Floor
|
| |
Maturity
|
| |
Principal
Amount (c) |
| |
Amortized
Cost |
| |
Fair
Value (d) |
| ||||||||||||
Senior Secured Loans—First Lien—119.7% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
5 Arch Income Fund 2, LLC
|
| |
(o)(s)
|
| | Diversified Financials | | |
10.5%
|
| | | | | | | |
11/18/21
|
| | | $ | 17,762 | | | | | $ | 17,785 | | | | | $ | 17,762 | | |
5 Arch Income Fund 2, LLC
|
| |
(o)(p)(s)
|
| | Diversified Financials | | |
10.5%
|
| | | | | | | |
11/18/21
|
| | | | 1,238 | | | | | | 1,238 | | | | | | 1,238 | | |
Abaco Energy Technologies LLC
|
| |
(j)
|
| | Energy | | |
L+950
|
| | | | 1.0 % | | | |
11/20/20
|
| | | | 25,651 | | | | | | 24,961 | | | | | | 25,352 | | |
Actian Corp.
|
| |
(f)(j)(g)
|
| | Software & Services | | |
L+786
|
| | | | 1.0 % | | | |
6/30/22
|
| | | | 45,714 | | | | | | 45,714 | | | | | | 46,829 | | |
Advanced Lighting Technologies,
Inc. |
| |
(j)(x)
|
| | Materials | | |
L+750
|
| | | | 1.0 % | | | |
10/4/22
|
| | | | 9,195 | | | | | | 7,836 | | | | | | 9,195 | | |
AG Group Merger Sub, Inc.
|
| |
(f)(h)(k)(j)
|
| |
Commercial & Professional Services
|
| |
L+750
|
| | | | 1.0 % | | | |
12/29/23
|
| | | | 62,261 | | | | | | 62,261 | | | | | | 63,117 | | |
All Systems Holding LLC
|
| |
(h)(k)(j)
|
| |
Commercial & Professional Services
|
| |
L+767
|
| | | | 1.0 % | | | |
10/31/23
|
| | | | 103,557 | | | | | | 103,557 | | | | | | 105,110 | | |
Altus Power America, Inc.
|
| |
(k)
|
| | Energy | | |
L+750
|
| | | | 1.5 % | | | |
9/30/21
|
| | | | 2,866 | | | | | | 2,866 | | | | | | 2,809 | | |
Altus Power America, Inc.
|
| |
(p)
|
| | Energy | | |
L+750
|
| | | | 1.5 % | | | |
9/30/21
|
| | | | 884 | | | | | | 884 | | | | | | 866 | | |
Ascension Insurance, Inc.
|
| |
(f)(h)(j)(g)
|
| | Insurance | | |
L+825
|
| | | | 1.3 % | | | |
3/5/19
|
| | | | 78,165 | | | | | | 77,906 | | | | | | 78,654 | | |
Ascension Insurance, Inc.
|
| |
(p)
|
| | Insurance | | |
L+825
|
| | | | 1.3 % | | | |
3/5/19
|
| | | | 27,800 | | | | | | 27,800 | | | | | | 27,974 | | |
Aspect Software, Inc.
|
| | | | | Software & Services | | |
L+1050
|
| | | | 1.0 % | | | |
5/25/18
|
| | | | 1,804 | | | | | | 1,805 | | | | | | 1,678 | | |
Aspect Software, Inc.
|
| |
(p)
|
| | Software & Services | | |
L+1050
|
| | | | 1.0 % | | | |
5/25/18
|
| | | | 46 | | | | | | 46 | | | | | | 43 | | |
Aspect Software, Inc.
|
| |
(j)
|
| | Software & Services | | |
L+1050
|
| | | | 1.0 % | | | |
5/25/20
|
| | | | 3,597 | | | | | | 3,597 | | | | | | 3,345 | | |
Aspect Software, Inc.
|
| |
(p)
|
| | Software & Services | | |
L+1200
|
| | | | 1.0 % | | | |
5/25/18
|
| | | | 657 | | | | | | 657 | | | | | | — | | |
Atlas Aerospace LLC
|
| |
(f)(k)(j)
|
| | Capital Goods | | |
L+800
|
| | | | 1.0 % | | | |
12/29/22
|
| | | | 86,857 | | | | | | 86,857 | | | | | | 87,726 | | |
ATX Networks Corp.
|
| |
(f)(g)(o)
|
| |
Technology Hardware & Equipment
|
| |
L+600, 1.0% PIK (1.0% Max PIK)
|
| | | | 1.0 % | | | |
6/11/21
|
| | | | 1,897 | | | | | | 1,882 | | | | | | 1,764 | | |
ATX Networks Corp.
|
| |
(f)(k)(o)
|
| |
Technology Hardware & Equipment
|
| |
L+600, 1.0% PIK (1.0% Max PIK)
|
| | | | 1.0 % | | | |
6/11/21
|
| | | | 25,394 | | | | | | 24,846 | | | | | | 23,617 | | |
Avaya Inc.
|
| |
(i)(g)
|
| |
Technology Hardware & Equipment
|
| |
L+475
|
| | | | 1.0 % | | | |
12/15/24
|
| | | | 16,958 | | | | | | 16,795 | | | | | | 17,100 | | |
AVF Parent, LLC
|
| |
(f)(j)(k)
|
| | Retailing | | |
L+725
|
| | | | 1.3 % | | | |
3/1/24
|
| | | | 75,902 | | | | | | 75,902 | | | | | | 75,962 | | |
Borden Dairy Co.
|
| |
(g)(h)(j)
|
| | Food, Beverage & Tobacco | | |
L+789
|
| | | | 1.0 % | | | |
7/6/23
|
| | | | 52,500 | | | | | | 52,500 | | | | | | 52,952 | | |
CEVA Group Plc
|
| |
(o)(p)
|
| | Transportation | | |
L+500
|
| | | | | | | |
3/19/19
|
| | | | 20,000 | | | | | | 20,000 | | | | | | 18,600 | | |
Cimarron Energy Inc.
|
| | | | | Energy | | |
L+1150 PIK (L+1150 Max PIK)
|
| | | | 1.0 % | | | |
12/15/19
|
| | | | 25,854 | | | | | | 25,646 | | | | | | 12,055 | | |
ConnectiveRx, LLC
|
| |
(f)(g)(j)
|
| |
Health Care Equipment & Services
|
| |
L+826
|
| | | | 1.0 % | | | |
11/25/21
|
| | | | 51,032 | | | | | | 51,032 | | | | | | 51,589 | | |
CSafe Acquisition Co., Inc.
|
| |
(p)
|
| | Capital Goods | | |
L+725
|
| | | | 1.0 % | | | |
11/1/21
|
| | | | 6,261 | | | | | | 6,261 | | | | | | 6,120 | | |
CSafe Acquisition Co., Inc.
|
| |
(f)(g)(h)(j)
|
| | Capital Goods | | |
L+725
|
| | | | 1.0 % | | | |
10/31/23
|
| | | | 53,983 | | | | | | 53,982 | | | | | | 52,768 | | |
CSafe Acquisition Co., Inc.
|
| |
(p)
|
| | Capital Goods | | |
L+725
|
| | | | 1.0 % | | | |
10/31/23
|
| | | | 22,623 | | | | | | 22,623 | | | | | | 22,114 | | |
Dade Paper & Bag, LLC
|
| |
(f)(h)(j)
|
| | Capital Goods | | |
L+700
|
| | | | 1.0 % | | | |
6/10/24
|
| | | | 17,443 | | | | | | 17,443 | | | | | | 17,465 | | |
Dade Paper & Bag, LLC
|
| |
(f)(g)(h)(j)
|
| | Capital Goods | | |
L+750
|
| | | | 1.0 % | | | |
6/10/24
|
| | | | 136,767 | | | | | | 136,767 | | | | | | 140,357 | | |
Dayton Superior Corp.
|
| |
(k)
|
| | Materials | | |
L+800
|
| | | | 1.0 % | | | |
11/15/21
|
| | | | 11,521 | | | | | | 11,250 | | | | | | 10,772 | | |
Diamond Resorts International, Inc.
|
| |
(g)
|
| | Consumer Services | | |
L+450
|
| | | | 1.0 % | | | |
9/2/23
|
| | | | 6,835 | | | | | | 6,702 | | | | | | 6,964 | | |
Eastman Kodak Co.
|
| |
(f)
|
| | Consumer Durables & Apparel | | |
L+625
|
| | | | 1.0 % | | | |
9/3/19
|
| | | | 6,836 | | | | | | 6,802 | | | | | | 6,466 | | |
Empire Today, LLC
|
| |
(f)(g)(h)(j)
(k) |
| | Retailing | | |
L+800
|
| | | | 1.0 % | | | |
11/17/22
|
| | | | 88,875 | | | | | | 88,875 | | | | | | 89,764 | | |
Fairway Group Acquisition Co.
|
| |
(j)
|
| | Food & Staples Retailing | | |
12.0% PIK (12.0% Max PIK)
|
| | | | | | | |
1/3/20
|
| | | | 2,807 | | | | | | 2,807 | | | | | | 2,807 | | |
Fairway Group Acquisition Co.
|
| |
(m)(n)
|
| | Food & Staples Retailing | | |
10.0% PIK (10.0% Max PIK)
|
| | | | | | | |
1/3/20
|
| | | | 1,821 | | | | | | 1,733 | | | | | | 273 | | |
Fox Head, Inc.
|
| |
(g)(j)(k)
|
| | Consumer Durables & Apparel | | |
L+850
|
| | | | 1.0 % | | | |
12/19/20
|
| | | | 12,987 | | | | | | 12,987 | | | | | | 12,458 | | |
FullBeauty Brands Holdings Corp.
|
| |
(k)
|
| | Consumer Durables & Apparel | | |
L+475
|
| | | | 1.0 % | | | |
10/14/22
|
| | | | 4,936 | | | | | | 4,565 | | | | | | 2,840 | | |
Portfolio Company
(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate
(b)
|
| |
Floor
|
| |
Maturity
|
| |
Principal
Amount (c) |
| |
Amortized
Cost |
| |
Fair
Value (d) |
| ||||||||||||
FullBeauty Brands Holdings Corp.
|
| |
(k)
|
| | Consumer Durables & Apparel | | |
L+800
|
| | | | 1.0 % | | | |
10/14/20
|
| | | $ | 55,000 | | | | | $ | 55,000 | | | | | $ | 54,450 | | |
Greystone Equity Member Corp.
|
| |
(o)
|
| | Diversified Financials | | |
L+1050
|
| | | | | | | |
3/31/21
|
| | | | 11,025 | | | | | | 11,034 | | | | | | 11,038 | | |
Greystone Equity Member Corp.
|
| |
(o)
|
| | Diversified Financials | | |
L+1100
|
| | | | | | | |
3/31/21
|
| | | | 28,975 | | | | | | 28,975 | | | | | | 29,663 | | |
Gulf Finance, LLC
|
| |
(g)
|
| | Energy | | |
L+525
|
| | | | 1.0 % | | | |
8/25/23
|
| | | | 4,852 | | | | | | 4,739 | | | | | | 4,498 | | |
H.M. Dunn Co., Inc.
|
| |
(j)(m)(n)
|
| | Capital Goods | | |
L+150, 7.8% PIK (7.8% Max PIK)
|
| | | | 1.0 % | | | |
3/26/21
|
| | | | 65,822 | | | | | | 64,286 | | | | | | 29,949 | | |
Hudson Technologies Co.
|
| |
(j)(k)(o)
|
| |
Commercial & Professional Services
|
| |
L+725
|
| | | | 1.0 % | | | |
10/10/23
|
| | | | 51,230 | | | | | | 51,231 | | | | | | 51,550 | | |
Hudson Technologies Co.
|
| |
(o)(p)
|
| |
Commercial & Professional Services
|
| |
L+725
|
| | | | 1.0 % | | | |
10/10/23
|
| | | | 12,228 | | | | | | 12,228 | | | | | | 12,305 | | |
Hybrid Promotions, LLC
|
| |
(g)(j)(k)
|
| | Consumer Durables & Apparel | | |
L+850
|
| | | | 1.0 % | | | |
12/19/20
|
| | | | 47,618 | | | | | | 47,618 | | | | | | 45,680 | | |
Icynene U.S. Acquisition Corp.
|
| |
(f)(g)(j)(o)
|
| | Materials | | |
L+700
|
| | | | 1.0 % | | | |
11/30/24
|
| | | | 35,910 | | | | | | 35,910 | | | | | | 36,246 | | |
Industrial Group Intermediate Holdings, LLC
|
| |
(f)(g)(h)(j)(k)
|
| | Materials | | |
L+800
|
| | | | 1.3 % | | | |
5/31/20
|
| | | | 130,418 | | | | | | 130,418 | | | | | | 132,374 | | |
Industry City TI Lessor, L.P.
|
| |
(j)
|
| | Consumer Services | | |
10.8%, 1.0% PIK (1.0% Max PIK)
|
| | | | | | | |
6/30/26
|
| | | | 12,131 | | | | | | 12,131 | | | | | | 12,222 | | |
JMC Acquisition Merger Corp.
|
| |
(f)(g)(h)(j)
|
| | Capital Goods | | |
L+750
|
| | | | 1.0 % | | | |
1/29/24
|
| | | | 121,947 | | | | | | 121,946 | | | | | | 122,556 | | |
JMC Acquisition Merger Corp.
|
| |
(p)
|
| | Capital Goods | | |
L+750
|
| | | | 1.0 % | | | |
1/29/24
|
| | | | 35,269 | | | | | | 35,269 | | | | | | 35,445 | | |
JSS Holdings, Inc.
|
| |
(f)(g)(j)(k)
|
| | Capital Goods | | |
L+800, 0.0% PIK (2.5% Max PIK)
|
| | | | 1.0 % | | | |
3/31/23
|
| | | | 72,632 | | | | | | 71,998 | | | | | | 74,183 | | |
JSS Holdings, Inc.
|
| |
(p)
|
| | Capital Goods | | |
L+800, 0.0% PIK (2.5% Max PIK)
|
| | | | 1.0 % | | | |
3/31/23
|
| | | | 13,273 | | | | | | 13,273 | | | | | | 13,556 | | |
Kodiak BP, LLC
|
| |
(g)(h)(j)(k)
|
| | Capital Goods | | |
L+725
|
| | | | 1.0 % | | | |
12/1/24
|
| | | | 84,121 | | | | | | 84,122 | | | | | | 83,701 | | |
Kodiak BP, LLC
|
| |
(p)
|
| | Capital Goods | | |
L+725
|
| | | | 1.0 % | | | |
12/1/24
|
| | | | 24,242 | | | | | | 24,242 | | | | | | 24,121 | | |
Latham Pool Products, Inc.
|
| |
(f)(g)(j)
|
| |
Commercial & Professional Services
|
| |
L+775
|
| | | | 1.0 % | | | |
6/29/21
|
| | | | 28,092 | | | | | | 28,092 | | | | | | 28,478 | | |
LD Intermediate Holdings, Inc.
|
| |
(k)
|
| | Software & Services | | |
L+588
|
| | | | 1.0 % | | | |
12/9/22
|
| | | | 16,469 | | | | | | 15,155 | | | | | | 14,822 | | |
Logan’s Roadhouse, Inc.
|
| |
(x)
|
| | Consumer Services | | |
L+1300 PIK (L+1300 Max PIK)
|
| | | | 1.0 % | | | |
5/5/19
|
| | | | 4,850 | | | | | | 4,850 | | | | | | 4,850 | | |
Logan’s Roadhouse, Inc.
|
| |
(p)(x)
|
| | Consumer Services | | |
L+1300 PIK (L+1300 Max PIK)
|
| | | | 1.0 % | | | |
5/5/19
|
| | | | 752 | | | | | | 760 | | | | | | 752 | | |
Logan’s Roadhouse, Inc.
|
| |
(x)
|
| | Consumer Services | | |
L+1300 PIK (L+1300 Max PIK)
|
| | | | 1.0 % | | | |
5/5/19
|
| | | | 1,227 | | | | | | 1,227 | | | | | | 1,227 | | |
Logan’s Roadhouse, Inc.
|
| |
(p)(x)
|
| | Consumer Services | | |
L+1300 PIK (L+1300 Max PIK)
|
| | | | 1.0 % | | | |
5/5/19
|
| | | | 818 | | | | | | 818 | | | | | | 818 | | |
MB Precision Holdings LLC
|
| |
(g)(h)(j)
|
| | Capital Goods | | |
L+725, 2.3% PIK (2.3% Max PIK)
|
| | | | 1.3 % | | | |
1/23/21
|
| | | | 61,723 | | | | | | 61,723 | | | | | | 50,459 | | |
MORSCO, Inc.
|
| |
(e)(f)
|
| | Capital Goods | | |
L+700
|
| | | | 1.0 % | | | |
10/31/23
|
| | | | 3,443 | | | | | | 3,332 | | | | | | 3,505 | | |
Moxie Liberty LLC
|
| |
(f)(h)
|
| | Energy | | |
L+650
|
| | | | 1.0 % | | | |
8/21/20
|
| | | | 11,604 | | | | | | 11,619 | | | | | | 10,902 | | |
Moxie Patriot LLC
|
| |
(h)
|
| | Energy | | |
L+575
|
| | | | 1.0 % | | | |
12/19/20
|
| | | | 5,227 | | | | | | 5,206 | | | | | | 5,170 | | |
Nobel Learning Communities, Inc.
|
| | | | | Consumer Services | | |
L+450
|
| | | | 1.0 % | | | |
5/5/21
|
| | | | 2,516 | | | | | | 2,515 | | | | | | 2,515 | | |
Nobel Learning Communities, Inc.
|
| |
(p)
|
| | Consumer Services | | |
L+450
|
| | | | 1.0 % | | | |
5/5/21
|
| | | | 8,665 | | | | | | 8,665 | | | | | | 8,665 | | |
Nobel Learning Communities, Inc.
|
| |
(f)(j)(k)
|
| | Consumer Services | | |
L+383
|
| | | | 4.5 % | | | |
5/5/23
|
| | | | 84,472 | | | | | | 84,472 | | | | | | 83,412 | | |
Nobel Learning Communities, Inc.
|
| |
(p)
|
| | Consumer Services | | |
L+375
|
| | | | 4.5 % | | | |
5/5/23
|
| | | | 49,689 | | | | | | 49,689 | | | | | | 49,066 | | |
North Haven Cadence Buyer, Inc.
|
| |
(p)
|
| | Consumer Services | | |
L+500
|
| | | | 1.0 % | | | |
9/2/21
|
| | | | 2,625 | | | | | | 2,625 | | | | | | 2,625 | | |
North Haven Cadence Buyer, Inc.
|
| |
(f)(h)(j)(k)
|
| | Consumer Services | | |
L+809
|
| | | | 1.0 % | | | |
9/2/22
|
| | | | 80,730 | | | | | | 80,731 | | | | | | 82,244 | | |
North Haven Cadence Buyer, Inc.
|
| |
(p)
|
| | Consumer Services | | |
L+750
|
| | | | 1.0 % | | | |
9/2/22
|
| | | | 6,708 | | | | | | 6,708 | | | | | | 6,834 | | |
Nova Wildcat Amerock, LLC
|
| |
(f)(g)(j)
|
| | Consumer Durables & Apparel | | |
L+800
|
| | | | 1.3 % | | | |
9/10/19
|
| | | | 12,283 | | | | | | 12,283 | | | | | | 12,517 | | |
PHRC License, LLC
|
| |
(e)(g)(h)
|
| | Consumer Services | | |
L+850
|
| | | | 1.5 % | | | |
4/28/22
|
| | | | 67,500 | | | | | | 67,500 | | | | | | 70,031 | | |
Polymer Additives, Inc.
|
| |
(g)(h)(k)
|
| | Materials | | |
L+850
|
| | | | 1.0 % | | | |
12/19/22
|
| | | | 63,068 | | | | | | 63,068 | | | | | | 64,487 | | |
Polymer Additives, Inc.
|
| |
(h)(k)
|
| | Materials | | |
L+795
|
| | | | 1.0 % | | | |
12/19/22
|
| | | | 29,005 | | | | | | 29,005 | | | | | | 29,512 | | |
Power Distribution, Inc.
|
| |
(f)(g)(k)
|
| | Capital Goods | | |
L+725
|
| | | | 1.3 % | | | |
1/25/23
|
| | | | 44,779 | | | | | | 44,779 | | | | | | 45,562 | | |
Production Resource Group, LLC
|
| |
(g)(j)(k)
|
| | Media | | |
L+750
|
| | | | 1.0 % | | | |
1/14/19
|
| | | | 137,162 | | | | | | 137,162 | | | | | | 143,677 | | |
Portfolio Company
(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate
(b)
|
| |
Floor
|
| |
Maturity
|
| |
Principal
Amount (c) |
| |
Amortized
Cost |
| |
Fair
Value (d) |
|||||||||||
Propulsion Acquisition, LLC
|
| |
(f)(g)(j)(k)
|
| |
Commercial & Professional Services
|
| |
L+600
|
| | | | 1.0 % | | | |
7/13/21
|
| | | $ | 58,719 | | | | | $ | 56,802 | | | | | $ | 58,131 |
Quest Software US Holdings Inc.
|
| |
(f)(h)(i)
|
| | Software & Services | | |
L+550
|
| | | | 1.0 % | | | |
10/31/22
|
| | | | 18,333 | | | | | | 18,248 | | | | | | 18,700 |
Roadrunner Intermediate Acquisition Co., LLC
|
| |
(f)
|
| |
Health Care Equipment & Services
|
| |
L+725
|
| | | | 1.0 % | | | |
3/15/23
|
| | | | 7,500 | | | | | | 7,500 | | | | | | 7,589 |
Rogue Wave Software, Inc.
|
| |
(j)
|
| | Software & Services | | |
L+847
|
| | | | 1.0 % | | | |
9/25/21
|
| | | | 24,413 | | | | | | 24,413 | | | | | | 24,657 |
Safariland, LLC
|
| |
(h)(j)
|
| | Capital Goods | | |
L+768
|
| | | | 1.1 % | | | |
11/18/23
|
| | | | 70,234 | | | | | | 70,234 | | | | | | 65,581 |
Safariland, LLC
|
| |
(h)(j)(p)
|
| | Capital Goods | | |
L+725
|
| | | | 1.1 % | | | |
11/18/23
|
| | | | 13,867 | | | | | | 13,867 | | | | | | 12,948 |
Sequel Youth and Family Services, LLC
|
| |
(f)(k)(j)
|
| |
Health Care Equipment & Services
|
| |
L+775
|
| | | | 1.0 % | | | |
9/1/22
|
| | | | 82,322 | | | | | | 82,322 | | | | | | 83,145 |
Sequel Youth and Family Services, LLC
|
| |
(p)
|
| |
Health Care Equipment & Services
|
| |
L+700
|
| | | | 1.0 % | | | |
9/1/22
|
| | | | 4,118 | | | | | | 4,118 | | | | | | 4,159 |
Sequential Brands Group, Inc.
|
| |
(h)(j)(k)
|
| | Consumer Durables & Apparel | | |
L+900
|
| | | | | | | |
7/1/22
|
| | | | 155,306 | | | | | | 155,306 | | | | | | 155,500 |
Sorenson Communications, Inc.
|
| |
(f)(g)(h)(j)
|
| | Telecommunication Services | | |
L+575
|
| | | | 2.3 % | | | |
4/30/20
|
| | | | 97,995 | | | | | | 97,995 | | | | | | 98,614 |
SSC (Lux) Limited S.à r.l.
|
| |
(g)(h)(j)(k)(o)
|
| |
Health Care Equipment & Services
|
| |
L+750
|
| | | | 1.0 % | | | |
9/10/24
|
| | | | 104,545 | | | | | | 104,545 | | | | | | 106,506 |
Staples Canada, ULC
|
| |
(o)(v)
|
| | Retailing | | |
L+700
|
| | | | 1.0 % | | | |
9/12/23
|
| | | | 3,238 | | | |
C$ 2,667
|
| | | | 2,500 | |||
Strike, LLC
|
| | | | | Energy | | |
L+800
|
| | | | 1.0 % | | | |
5/30/19
|
| | | | 458 | | | | | $ | 453 | | | | | | 461 |
Strike, LLC
|
| |
(k)
|
| | Energy | | |
L+800
|
| | | | 1.0 % | | | |
11/30/22
|
| | | | 4,463 | | | | | | 4,356 | | | | | | 4,530 |
SunGard Availability Services Capital, Inc.
|
| |
(f)(i)
|
| | Software & Services | | |
L+700
|
| | | | 1.0 % | | | |
9/30/21
|
| | | | 10,749 | | | | | | 10,660 | | | | | | 10,123 |
SunGard Availability Services Capital, Inc.
|
| |
(i)
|
| | Software & Services | | |
L+1000
|
| | | | 1.0 % | | | |
10/1/22
|
| | | | 1,000 | | | | | | 950 | | | | | | 989 |
Swift Worldwide Resources US Holdings Corp.
|
| |
(f)(h)
|
| | Energy | | |
L+1000, 1.0% PIK (1.0% Max PIK)
|
| | | | 1.0 % | | | |
7/20/21
|
| | | | 19,491 | | | | | | 19,491 | | | | | | 19,637 |
ThermaSys Corp.
|
| |
(f)
|
| | Capital Goods | | |
L+400
|
| | | | 1.3 % | | | |
5/3/19
|
| | | | 4,490 | | | | | | 4,491 | | | | | | 4,371 |
Trace3, LLC
|
| |
(f)(g)(j)
|
| | Software & Services | | |
L+775
|
| | | | 1.0 % | | | |
6/6/23
|
| | | | 66,751 | | | | | | 66,751 | | | | | | 67,001 |
U.S. Xpress Enterprises, Inc.
|
| |
(g)(h)(j)
|
| | Transportation | | |
L+1075, 0.0% PIK (1.8% Max PIK)
|
| | | | 1.5 % | | | |
5/30/20
|
| | | | 66,496 | | | | | | 66,496 | | | | | | 66,912 |
USI Senior Holdings, Inc.
|
| |
(h)(j)
|
| | Capital Goods | | |
L+778
|
| | | | 1.0 % | | | |
1/5/22
|
| | | | 46,295 | | | | | | 46,295 | | | | | | 47,337 |
UTEX Industries, Inc.
|
| |
(k)
|
| | Energy | | |
L+400
|
| | | | 1.0 % | | | |
5/21/21
|
| | | | 22,000 | | | | | | 20,085 | | | | | | 21,633 |
Warren Resources, Inc.
|
| |
(e)(j)(x)
|
| | Energy | | |
L+900, 1.0% PIK (1.0% Max PIK)
|
| | | | 1.0 % | | | |
5/22/20
|
| | | | 14,549 | | | | | | 14,549 | | | | | | 14,549 |
Westbridge Technologies, Inc.
|
| |
(i)
|
| | Software & Services | | |
L+850
|
| | | | 1.0 % | | | |
4/28/23
|
| | | | 14,719 | | | | | | 14,458 | | | | | | 14,737 |
York Risk Services Holding Corp.
|
| | | | | Insurance | | |
L+375
|
| | | | 1.0 % | | | |
10/1/21
|
| | | | 987 | | | | | | 981 | | | | | | 969 |
Zeta Interactive Holdings Corp.
|
| |
(f)(g)(j)
|
| | Software & Services | | |
L+750
|
| | | | 1.0 % | | | |
7/29/22
|
| | | | 33,826 | | | | | | 33,826 | | | | | | 34,334 |
Total Senior Secured Loans—First Lien
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,575,433 | | | | | | 3,537,785 |
Unfunded Loan Commitments
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (251,771 ) | | | | | | (251,771 ) |
Net Senior Secured Loans—First Lien
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,323,662 | | | | | | 3,286,014 |
Senior Secured Loans—Second Lien—11.0% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
American Bath Group, LLC
|
| |
(k)
|
| | Capital Goods | | |
L+975
|
| | | | 1.0 % | | | |
9/30/24
|
| | | | 7,000 | | | | | | 6,505 | | | | | | 7,026 |
Arena Energy, LP
|
| |
(f)(j)
|
| | Energy | | |
L+900, 4.0% PIK (4.0% Max PIK)
|
| | | | 1.0 % | | | |
1/24/21
|
| | | | 25,092 | | | | | | 25,092 | | | | | | 24,214 |
BPA Laboratories Inc.
|
| |
(j)
|
| | Pharmaceuticals, Biotechnology & Life Sciences | | |
L+250
|
| | | | | | | |
4/29/20
|
| | | | 3,272 | | | | | | 3,148 | | | | | | 3,141 |
Byrider Finance, LLC
|
| |
(e)
|
| | Automobiles & Components | | |
L+1000, 0.5% PIK (4.0% Max PIK)
|
| | | | 1.3 % | | | |
8/22/20
|
| | | | 29,581 | | | | | | 29,581 | | | | | | 28,989 |
Checkout Holding Corp.
|
| |
(k)
|
| | Media | | |
L+675
|
| | | | 1.0 % | | | |
4/11/22
|
| | | | 10,000 | | | | | | 9,956 | | | | | | 2,200 |
Chisholm Oil and Gas Operating, LLC
|
| |
(j)
|
| | Energy | | |
L+800
|
| | | | 1.0 % | | | |
3/21/24
|
| | | | 16,000 | | | | | | 16,000 | | | | | | 15,994 |
Portfolio Company
(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate
(b)
|
| |
Floor
|
| |
Maturity
|
| |
Principal
Amount (c) |
| |
Amortized
Cost |
| |
Fair
Value (d) |
| ||||||||||||
Crossmark Holdings, Inc.
|
| |
(k)
|
| | Media | | |
L+750
|
| | | | 1.3 % | | | |
12/21/20
|
| | | $ | 7,778 | | | | | $ | 7,787 | | | | | $ | 696 | | |
Fairway Group Acquisition Co.
|
| |
(m)(n)
|
| | Food & Staples Retailing | | |
11.0% PIK (11.0% Max PIK)
|
| | | | | | | |
10/3/21
|
| | | | 1,606 | | | | | | 1,520 | | | | | | 241 | | |
Gruden Acquisition, Inc.
|
| |
(j)
|
| | Transportation | | |
L+850
|
| | | | 1.0 % | | | |
8/18/23
|
| | | | 15,000 | | | | | | 14,453 | | | | | | 15,113 | | |
Inmar, Inc.
|
| |
(k)
|
| | Software & Services | | |
L+800
|
| | | | 1.0 % | | | |
5/1/25
|
| | | | 2,615 | | | | | | 2,581 | | | | | | 2,630 | | |
Jazz Acquisition, Inc.
|
| |
(f)
|
| | Capital Goods | | |
L+675
|
| | | | 1.0 % | | | |
6/19/22
|
| | | | 3,700 | | | | | | 3,734 | | | | | | 3,501 | | |
JW Aluminum Co.
|
| |
(e)(j)(k)(x)
|
| | Materials | | |
L+850
|
| | | | 0.8 % | | | |
11/17/20
|
| | | | 33,798 | | | | | | 33,791 | | | | | | 33,967 | | |
Logan’s Roadhouse, Inc.
|
| |
(x)
|
| | Consumer Services | | |
L+850 PIK (L+850 Max PIK)
|
| | | | 1.0 % | | | |
11/23/20
|
| | | | 15,103 | | | | | | 14,833 | | | | | | 7,453 | | |
LTI Holdings, Inc.
|
| |
(j)
|
| | Materials | | |
L+875
|
| | | | 1.0 % | | | |
5/16/25
|
| | | | 9,259 | | | | | | 9,093 | | | | | | 9,398 | | |
P2 Upstream Acquisition Co.
|
| |
(k)
|
| | Energy | | |
L+800
|
| | | | 1.0 % | | | |
4/30/21
|
| | | | 14,500 | | | | | | 14,643 | | | | | | 13,618 | | |
Peak 10 Holding Corp.
|
| |
(k)
|
| | Software & Services | | |
L+725
|
| | | | 1.0 % | | | |
8/1/25
|
| | | | 2,786 | | | | | | 2,760 | | | | | | 2,807 | | |
Production Resource Group, LLC
|
| |
(f)(g)(h)
|
| | Media | | |
L+850
|
| | | | 1.0 % | | | |
7/23/19
|
| | | | 95,599 | | | | | | 95,599 | | | | | | 94,762 | | |
Spencer Gifts LLC
|
| |
(k)
|
| | Retailing | | |
L+825
|
| | | | 1.0 % | | | |
6/29/22
|
| | | | 20,000 | | | | | | 20,074 | | | | | | 13,000 | | |
Talos Production LLC
|
| | | | | Energy | | |
11.0%
|
| | | | | | | |
4/3/22
|
| | | | 4,500 | | | | | | 4,227 | | | | | | 4,500 | | |
Titan Energy Operating, LLC
|
| |
(g)(j)
|
| | Energy | | |
2.0%, L+1100 PIK (L+1100 Max
PIK) |
| | | | 1.0 % | | | |
2/23/20
|
| | | | 80,860 | | | | | | 67,595 | | | | | | 12,881 | | |
WP CPP Holdings, LLC
|
| |
(j)
|
| | Capital Goods | | |
L+775
|
| | | | 1.0 % | | | |
4/30/21
|
| | | | 6,932 | | | | | | 6,914 | | | | | | 6,910 | | |
Total Senior Secured Loans—Second Lien
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 389,886 | | | | | | 303,041 | | |
Senior Secured Bonds—4.5% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Advanced Lighting Technologies, Inc.
|
| |
(x)
|
| | Materials | | |
L+700, 10.0% PIK (10.0% Max PIK)
|
| | | | 1.0 % | | | |
10/4/23
|
| | | | 10,787 | | | | | | 10,787 | | | | | | 10,787 | | |
Black Swan Energy Ltd.
|
| |
(o)
|
| | Energy | | |
9.0%
|
| | | | | | | |
1/20/24
|
| | | | 1,333 | | | | | | 1,333 | | | | | | 1,303 | | |
FourPoint Energy, LLC
|
| |
(e)(j)(k)
|
| | Energy | | |
9.0%
|
| | | | | | | |
12/31/21
|
| | | | 46,313 | | | | | | 44,768 | | | | | | 47,123 | | |
Global A&T Electronics Ltd.
|
| |
(e)(k)(o)
|
| | Semiconductors & Semiconductor Equipment | | |
8.5%
|
| | | | | | | |
1/12/23
|
| | | | 17,721 | | | | | | 17,885 | | | | | | 17,965 | | |
Mood Media Corp.
|
| |
(e)(j)(o)(x)
|
| | Media | | |
L+600, 8.0% PIK (8.0% Max PIK)
|
| | | | 1.0 % | | | |
6/28/24
|
| | | | 24,043 | | | | | | 24,043 | | | | | | 24,043 | | |
Ridgeback Resources Inc.
|
| |
(e)(o)(v)
|
| | Energy | | |
12.0%
|
| | | | | | | |
12/29/20
|
| | | | 331 | | | | | | 326 | | | | | | 331 | | |
Sorenson Communications, Inc.
|
| |
(j)
|
| | Telecommunication Services | | |
9.0%, 0.0% PIK (9.0% Max PIK)
|
| | | | | | | |
10/31/20
|
| | | | 7,058 | | | | | | 6,915 | | | | | | 7,097 | | |
Sunnova Energy Corp.
|
| | | | | Energy | | |
6.0%, 6.0% PIK (6.0% Max PIK)
|
| | | | | | | |
10/24/18
|
| | | | 1,636 | | | | | | 1,636 | | | | | | 1,634 | | |
Velvet Energy Ltd.
|
| |
(o)
|
| | Energy | | |
9.0%
|
| | | | | | | |
10/5/23
|
| | | | 15,000 | | | | | | 15,000 | | | | | | 14,940 | | |
Total Senior Secured Bonds
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 122,693 | | | | | | 125,223 | | |
Subordinated Debt—12.5% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ascent Resources Utica Holdings, LLC
|
| |
(i)
|
| | Energy | | |
10.0%
|
| | | | | | | |
4/1/22
|
| | | | 40,000 | | | | | | 40,000 | | | | | | 43,350 | | |
Aurora Diagnostics, LLC
|
| |
(j)
|
| |
Health Care Equipment & Services
|
| |
10.8%, 1.5% PIK (1.5% Max PIK)
|
| | | | | | | |
1/15/20
|
| | | | 6,189 | | | | | | 5,726 | | | | | | 5,632 | | |
Avantor, Inc.
|
| |
(k)
|
| | Materials | | |
9.0%
|
| | | | | | | |
10/1/25
|
| | | | 20,000 | | | | | | 20,000 | | | | | | 19,613 | | |
Bellatrix Exploration Ltd.
|
| |
(o)
|
| | Energy | | |
8.5%
|
| | | | | | | |
5/15/20
|
| | | | 5,000 | | | | | | 4,952 | | | | | | 4,084 | | |
Brooklyn Basketball Holdings, LLC
|
| |
(h)(j)
|
| | Consumer Services | | |
L+725
|
| | | | | | | |
10/25/19
|
| | | | 39,746 | | | | | | 39,746 | | | | | | 40,044 | | |
Byrider Holding Corp.
|
| | | | | Automobiles & Components | | |
20.0% PIK (20.0% Max PIK)
|
| | | | | | | |
4/1/22
|
| | | | 1,389 | | | | | | 1,389 | | | | | | 1,389 | | |
CEC Entertainment, Inc.
|
| |
(i)
|
| | Consumer Services | | |
8.0%
|
| | | | | | | |
2/15/22
|
| | | | 18,715 | | | | | | 18,580 | | | | | | 16,773 | | |
Ceridian HCM Holding,
Inc. |
| |
(i)(k)
|
| |
Commercial & Professional Services
|
| |
11.0%
|
| | | | | | | |
3/15/21
|
| | | | 40,657 | | | | | | 40,335 | | | | | | 42,105 | | |
Portfolio Company
(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate
(b)
|
| |
Floor
|
| |
Maturity
|
| |
Principal
Amount (c) |
| |
Amortized
Cost |
| |
Fair
Value (d) |
| ||||||||||||
Coveris Holdings S.A.
|
| |
(i)(k)(o)
|
| | Materials | | |
7.9%
|
| | | | | | | |
11/1/19
|
| | | $ | 42,534 | | | | | $ | 42,306 | | | | | $ | 42,694 | | |
Eclipse Resources Corp.
|
| |
(i)(o)
|
| | Energy | | |
8.9%
|
| | | | | | | |
7/15/23
|
| | | | 9,175 | | | | | | 9,031 | | | | | | 8,682 | | |
EV Energy Partners, L.P.
|
| |
(e)(m)(n)
|
| | Energy | | |
8.0%
|
| | | | | | | |
4/15/19
|
| | | | 259 | | | | | | 246 | | | | | | 126 | | |
Global Jet Capital Inc.
|
| | | | |
Commercial & Professional Services
|
| |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
1/30/25
|
| | | | 881 | | | | | | 881 | | | | | | 889 | | |
Global Jet Capital Inc.
|
| | | | |
Commercial & Professional Services
|
| |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
4/30/25
|
| | | | 5,600 | | | | | | 5,600 | | | | | | 5,649 | | |
Global Jet Capital Inc.
|
| | | | |
Commercial & Professional Services
|
| |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
9/3/25
|
| | | | 1,157 | | | | | | 1,157 | | | | | | 1,167 | | |
Global Jet Capital Inc.
|
| | | | |
Commercial & Professional Services
|
| |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
9/29/25
|
| | | | 1,089 | | | | | | 1,089 | | | | | | 1,099 | | |
Global Jet Capital Inc.
|
| |
(e)(o)
|
| |
Commercial & Professional Services
|
| |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
12/4/25
|
| | | | 8,042 | | | | | | 8,042 | | | | | | 8,112 | | |
Global Jet Capital Inc.
|
| |
(e)(o)
|
| |
Commercial & Professional Services
|
| |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
12/9/25
|
| | | | 1,315 | | | | | | 1,315 | | | | | | 1,327 | | |
Global Jet Capital Inc.
|
| |
(e)(o)
|
| |
Commercial & Professional Services
|
| |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
1/29/26
|
| | | | 689 | | | | | | 689 | | | | | | 695 | | |
Global Jet Capital Inc.
|
| | | | |
Commercial & Professional Services
|
| |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
12/2/26
|
| | | | 2,084 | | | | | | 2,084 | | | | | | 2,102 | | |
Great Lakes Dredge & Dock Corp.
|
| |
(i)(o)
|
| | Capital Goods | | |
8.0%
|
| | | | | | | |
5/15/22
|
| | | | 9,000 | | | | | | 9,000 | | | | | | 9,248 | | |
Greystone Mezzanine Equity Member Corp.
|
| |
(o)
|
| | Diversified Financials | | |
L+650
|
| | | | 4.5 % | | | |
9/15/25
|
| | | | 3,406 | | | | | | 3,406 | | | | | | 3,402 | | |
Greystone Mezzanine Equity Member Corp.
|
| |
(o)(p)
|
| | Diversified Financials | | |
L+650
|
| | | | 4.5 % | | | |
9/15/25
|
| | | | 16,594 | | | | | | 16,594 | | | | | | 16,573 | | |
P.F. Chang’s China Bistro, Inc.
|
| |
(i)(k)(j)
|
| | Consumer Services | | |
10.3%
|
| | | | | | | |
6/30/20
|
| | | | 44,078 | | | | | | 43,350 | | | | | | 34,877 | | |
S1 Blocker Buyer Inc.
|
| | | | |
Commercial & Professional Services
|
| |
10.0% PIK (10.0% Max PIK)
|
| | | | | | | |
10/31/22
|
| | | | 240 | | | | | | 240 | | | | | | 274 | | |
Sorenson Communications, Inc.
|
| |
(e)(j)
|
| | Telecommunication Services | | |
13.9%, 0.0% PIK (13.9% Max PIK)
|
| | | | | | | |
10/31/21
|
| | | | 5,364 | | | | | | 5,131 | | | | | | 5,498 | | |
SunGard Availability Services Capital, Inc.
|
| |
(i)
|
| | Software & Services | | |
8.8%
|
| | | | | | | |
4/1/22
|
| | | | 5,900 | | | | | | 4,688 | | | | | | 3,685 | | |
TI Group Automotive Systems, LLC
|
| |
(i)(o)
|
| | Automobiles & Components | | |
8.8%
|
| | | | | | | |
7/15/23
|
| | | | 3,408 | | | | | | 3,408 | | | | | | 3,598 | | |
York Risk Services Holding Corp.
|
| |
(i)(j)(k)
|
| | Insurance | | |
8.5%
|
| | | | | | | |
10/1/22
|
| | | | 38,070 | | | | | | 35,343 | | | | | | 35,778 | | |
Total Subordinated Debt
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 364,328 | | | | | | 358,465 | | |
Unfunded Loan Commitments
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (16,594 ) | | | | | | (16,594 ) | | |
Net Subordinated Debt
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 347,734 | | | | | | 341,871 | | |
Collateralized Securities—0.9% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CGMS CLO 2013-3A Class Subord.
|
| |
(o)
|
| | Diversified Financials | | |
19.1%
|
| | | | | | | |
7/15/25
|
| | | | 23,263 | | | | | | 11,585 | | | | | | 13,159 | | |
NewStar Clarendon 2014-1A Class D
|
| |
(o)
|
| | Diversified Financials | | |
L+435
|
| | | | | | | |
1/25/27
|
| | | | 1,060 | | | | | | 1,010 | | | | | | 1,062 | | |
NewStar Clarendon 2014-1A Class Subord. B
|
| |
(o)
|
| | Diversified Financials | | |
16.1%
|
| | | | | | | |
1/25/27
|
| | | | 12,140 | | | | | | 8,533 | | | | | | 9,748 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 21,128 | | | | | | 23,969 | | |
|
Portfolio Company
(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate
(b)
|
| |
Floor
|
| |
Maturity
|
| |
Number of
Shares |
| |
Cost
|
| |
Fair
Value (d) |
| |||||||||
Equity/Other—11.5% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
5 Arches, LLC, Common Equity
|
| |
(o)(r)
|
| | Diversified Financials | | | | | | | | | | | | | | 10,000 | | | | | $ | 250 | | | | | $ | 375 | | |
Abaco Energy Technologies LLC, Common Equity
|
| |
(n)
|
| | Energy | | | | | | | | | | | | | | 3,055,556 | | | | | | 3,056 | | | | | | 764 | | |
Abaco Energy Technologies LLC, Preferred Equity
|
| |
(n)
|
| | Energy | | | | | | | | | | | | | | 12,734,481 | | | | | | 637 | | | | | | 3,820 | | |
ACP FH Holdings GP, LLC, Common Equity
|
| |
(e)(n)
|
| | Consumer Durables & Apparel | | | | | | | | | | | | | | 88,571 | | | | | | 89 | | | | | | 47 | | |
ACP FH Holdings, LP, Common Equity
|
| |
(e)(n)
|
| | Consumer Durables & Apparel | | | | | | | | | | | | | | 8,768,572 | | | | | | 8,767 | | | | | | 4,678 | | |
Advanced Lighting Technologies, Inc., Common Equity
|
| |
(n)
|
| | Materials | | | | | | | | | | | | | | 265,747 | | | | | | 7,471 | | | | | | 3,030 | | |
Advanced Lighting Technologies, Warrants
|
| |
(n)
|
| | Materials | | | | | | | | |
10/4/27
|
| | | | 4,189 | | | | | | 39 | | | | | | 7 | | |
Altus Power America Holdings, LLC, Common Equity
|
| |
(n)
|
| | Energy | | | | | | | | | | | | | | 462,008 | | | | | | 462 | | | | | | — | | |
Altus Power America Holdings, LLC, Preferred Equity
|
| |
(t)
|
| | Energy | | |
9.0%, 5.0% PIK
|
| | | | |
10/3/23
|
| | | | 955,284 | | | | | | 955 | | | | | | 951 | | |
Ascent Resources Utica Holdings, LLC, Common Equity
|
| |
(n)(q)
|
| | Energy | | | | | | | | | | | | | | 128,734,129 | | | | | | 38,700 | | | | | | 32,184 | | |
ASG Everglades Holdings, Inc., Common Equity
|
| |
(n)(x)
|
| | Software & Services | | | | | | | | | | | | | | 625,178 | | | | | | 13,475 | | | | | | 32,791 | | |
ASG Everglades Holdings, Inc. Warrants
|
| |
(n)(x)
|
| | Software & Services | | | | | | | | |
6/27/22
|
| | | | 253,704 | | | | | | 7,231 | | | | | | 7,789 | | |
Aspect Software Parent, Inc., Common Equity
|
| |
(n)
|
| | Software & Services | | | | | | | | | | | | | | 403,955 | | | | | | 19,021 | | | | | | — | | |
ATX Holdings, LLC, Common Equity
|
| |
(n)(o)
|
| |
Technology Hardware & Equipment
|
| | | | | | | | | | | | | 72,635 | | | | | | 116 | | | | | | 94 | | |
Aurora Diagnostics Holdings, LLC, Warrants
|
| |
(j)(n)
|
| |
Health Care Equipment & Services
|
| | | | | | | |
5/25/27
|
| | | | 94,193 | | | | | | 686 | | | | | | 648 | | |
BPA Laboratories, Inc., Series A Warrants
|
| |
(j)(n)
|
| |
Pharmaceuticals, Biotechnology &
Life Sciences |
| | | | | | | |
4/29/24
|
| | | | 10,924 | | | | | | — | | | | | | — | | |
BPA Laboratories, Inc., Series B Warrants
|
| |
(j)(n)
|
| |
Pharmaceuticals, Biotechnology &
Life Sciences |
| | | | | | | |
4/29/24
|
| | | | 17,515 | | | | | | — | | | | | | — | | |
Burleigh Point, Ltd., Warrants
|
| |
(n)(o)
|
| | Retailing | | | | | | | | |
7/16/20
|
| | | | 3,451,216 | | | | | | 1,898 | | | | | | 25 | | |
Byrider Holding Corp., Common Equity
|
| |
(n)
|
| | Automobiles & Components | | | | | | | | | | | | | | 1,389 | | | | | | — | | | | | | — | | |
Chisholm Oil and Gas Operating, LLC, Series A Units
|
| |
(n)(r)
|
| | Energy | | | | | | | | | | | | | | 71 | | | | | | 71 | | | | | | 71 | | |
Cimarron Energy Holdco Inc., Common Equity
|
| |
(n)
|
| | Energy | | | | | | | | | | | | | | 3,675,487 | | | | | | 3,323 | | | | | | — | | |
Cimarron Energy Holdco Inc., Preferred Equity
|
| |
(n)
|
| | Energy | | | | | | | | | | | | | | 626,806 | | | | | | 627 | | | | | | — | | |
CSF Group Holdings, Inc., Common Equity
|
| |
(n)
|
| | Capital Goods | | | | | | | | | | | | | | 417,400 | | | | | | 417 | | | | | | 292 | | |
Eastman Kodak Co., Common Equity
|
| |
(n)(w)
|
| | Consumer Durables & Apparel | | | | | | | | | | | | | | 1,846 | | | | | | 36 | | | | | | 10 | | |
Escape Velocity Holdings, Inc., Common Equity
|
| |
(n)
|
| | Software & Services | | | | | | | | | | | | | | 33,216 | | | | | | 332 | | | | | | 631 | | |
Fairway Group Holdings Corp., Common Equity
|
| |
(n)
|
| | Food & Staples Retailing | | | | | | | | | | | | | | 31,626 | | | | | | 1,016 | | | | | | — | | |
FourPoint Energy, LLC, Common Equity, Class C-II-A Units
|
| |
(n)(r)
|
| | Energy | | | | | | | | | | | | | | 13,000 | | | | | | 13,000 | | | | | | 3,673 | | |
FourPoint Energy, LLC, Common Equity, Class D Units
|
| |
(n)(r)
|
| | Energy | | | | | | | | | | | | | | 2,437 | | | | | | 1,610 | | | | | | 695 | | |
FourPoint Energy, LLC, Common Equity, Class E-II Units
|
| |
(n)(r)
|
| | Energy | | | | | | | | | | | | | | 29,730 | | | | | | 7,432 | | | | | | 8,399 | | |
FourPoint Energy, LLC, Common Equity, Class E-III Units
|
| |
(n)(r)
|
| | Energy | | | | | | | | | | | | | | 43,875 | | | | | | 10,969 | | | | | | 12,395 | | |
Global Jet Capital Holdings, LP, Preferred Equity
|
| |
(e)(n)
|
| |
Commercial & Professional Services
|
| | | | | | | | | | | | | 62,289 | | | | | | 6,229 | | | | | | 5,606 | | |
H.I.G. Empire Holdco, Inc., Common Equity
|
| |
(n)
|
| | Retailing | | | | | | | | | | | | | | 411 | | | | | | 1,227 | | | | | | 1,214 | | |
Harvey Holdings, LLC, Common Equity
|
| |
(n)
|
| | Capital Goods | | | | | | | | | | | | | | 666,667 | | | | | | 667 | | | | | | 1,433 | | |
Industrial Group Intermediate Holdings, LLC, Common Equity
|
| |
(n)(r)
|
| | Materials | | | | | | | | | | | | | | 2,678,947 | | | | | | 2,678 | | | | | | 3,349 | | |
JMC Acquisition Holdings, LLC, Common Equity
|
| |
(n)
|
| | Capital Goods | | | | | | | | | | | | | | 1,449 | | | | | | 1,449 | | | | | | 1,449 | | |
JSS Holdco, LLC, Net Profits Interest
|
| |
(n)
|
| | Capital Goods | | | | | | | | | | | | | | 27 | | | | | | — | | | | | | 330 | | |
JW Aluminum Co., Common Equity
|
| |
(e)(k)(n)(x)
|
| | Materials | | | | | | | | | | | | | | 256 | | | | | | — | | | | | | — | | |
JW Aluminum Co., Preferred Equity
|
| |
(e)(k)(x)
|
| | Materials | | |
12.5% PIK
|
| | | | |
11/17/25
|
| | | | 3,025 | | | | | | 19,831 | | | | | | 18,710 | | |
Portfolio Company
(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate
(b)
|
| |
Floor
|
| |
Maturity
|
| |
Number of
Shares |
| |
Cost
|
| |
Fair
Value (d) |
| |||||||||
MB Precision Investment Holdings LLC, Class A-2 Units
|
| |
(n)(r)
|
| | Capital Goods | | | | | | | | | | | | | | 2,287,659 | | | | | $ | 2,288 | | | | | $ | — | | |
Mood Media Corp., Common Equity
|
| |
(n)(o)(x)
|
| | Media | | | | | | | | | | | | | | 17,400,835 | | | | | | 12,644 | | | | | | 22,926 | | |
North Haven Cadence TopCo, LLC, Common Equity
|
| |
(n)
|
| | Consumer Services | | | | | | | | | | | | | | 2,916,667 | | | | | | 2,917 | | | | | | 4,813 | | |
PDI Parent LLC, Common Equity
|
| |
(n)
|
| | Capital Goods | | | | | | | | | | | | | | 2,076,923 | | | | | | 2,077 | | | | | | 2,077 | | |
Professional Plumbing Group, Inc., Common Equity
|
| |
(e)(n)
|
| | Capital Goods | | | | | | | | | | | | | | 3,000,000 | | | | | | 3,000 | | | | | | 7,500 | | |
PSAV Holdings LLC, Common Equity
|
| |
(n)
|
| |
Technology Hardware & Equipment
|
| | | | | | | | | | | | | 10,000 | | | | | | 6,337 | | | | | | 22,500 | | |
Ridgeback Resources Inc., Common Equity
|
| |
(e)(n)(o)(v)
|
| | Energy | | | | | | | | | | | | | | 817,308 | | | | | | 5,022 | | | | | | 4,656 | | |
Roadhouse Holding Inc., Common Equity
|
| |
(n)(x)
|
| | Consumer Services | | | | | | | | | | | | | | 4,481,763 | | | | | | 4,657 | | | | | | — | | |
S1 Blocker Buyer Inc., Common Equity
|
| | | | |
Commercial & Professional Services
|
| | | | | | | | | | | | | 124 | | | | | | 1,201 | | | | | | 2,026 | | |
Sequential Brands Group, Inc., Common Equity
|
| |
(e)(n)(w)
|
| | Consumer Durables & Apparel | | | | | | | | | | | | | | 408,685 | | | | | | 5,517 | | | | | | 852 | | |
Sorenson Communications, Inc., Common Equity
|
| |
(e)(n)
|
| | Telecommunication Services | | | | | | | | | | | | | | 43,796 | | | | | | — | | | | | | 36,587 | | |
SSC Holdco Limited, Common Equity
|
| |
(n)(o)
|
| |
Health Care Equipment & Services
|
| | | | | | | | | | | | | 261,364 | | | | | | 5,227 | | | | | | 5,306 | | |
Sunnova Energy Corp., Common Equity
|
| |
(n)
|
| | Energy | | | | | | | | | | | | | | 384,746 | | | | | | 1,444 | | | | | | 19 | | |
Sunnova Energy Corp., Preferred Equity
|
| |
(n)
|
| | Energy | | | | | | | | | | | | | | 70,229 | | | | | | 374 | | | | | | 416 | | |
Swift Worldwide Resources Holdco Limited, Common Equity
|
| |
(n)(o)(u)
|
| | Energy | | | | | | | | | | | | | | 1,250,000 | | | | | | 2,010 | | | | | | 562 | | |
TE Holdings, LLC, Common Equity
|
| |
(e)(n)(r)
|
| | Energy | | | | | | | | | | | | | | 717,718 | | | | | | 6,101 | | | | | | 897 | | |
TE Holdings, LLC, Preferred Equity
|
| |
(e)(n)
|
| | Energy | | | | | | | | | | | | | | 475,758 | | | | | | 4,751 | | | | | | 3,568 | | |
The Stars Group Inc., Warrants
|
| |
(n)(o)
|
| | Consumer Services | | | | | | | | |
5/15/24
|
| | | | 2,000,000 | | | | | | 16,832 | | | | | | 32,500 | | |
Titan Energy, LLC, Common Equity
|
| |
(e)(n)(w)
|
| | Energy | | | | | | | | | | | | | | 200,040 | | | | | | 6,322 | | | | | | 220 | | |
Warren Resources, Inc., Common Equity
|
| |
(n)(x)
|
| | Energy | | | | | | | | | | | | | | 2,371,337 | | | | | | 11,145 | | | | | | 9,485 | | |
White Star Petroleum Holdings, LLC, Common Equity
|
| |
(n)(r)
|
| | Energy | | | | | | | | | | | | | | 1,613,753 | | | | | | 1,372 | | | | | | 928 | | |
Zeta Interactive Holdings Corp., Preferred Equity, Series E-1
|
| |
(n)
|
| | Software & Services | | | | | | | | | | | | | | 620,025 | | | | | | 4,929 | | | | | | 6,136 | | |
Zeta Interactive Holdings Corp., Preferred Equity, Series F
|
| |
(n)
|
| | Software & Services | | | | | | | | | | | | | | 563,932 | | | | | | 4,929 | | | | | | 5,393 | | |
Zeta Interactive Holdings Corp., Warrants
|
| |
(n)
|
| | Software & Services | | | | | | | | |
4/20/27
|
| | | | 84,590 | | | | | | — | | | | | | 295 | | |
Total Equity/Other
|
| | | | | | | | | | | | | | | | | | | | | | | | | 284,863 | | | | | | 315,122 | | |
TOTAL INVESTMENTS—160.1%
|
| | | | | | | | | | | | | | | | | | | | | | | | $ | 4,489,966 | | | | | | 4,395,240 | | |
LIABILITIES IN EXCESS OF OTHER ASSETS—(60.1%)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (1,649,838 ) | | |
NET ASSETS—100.0%
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 2,745,402 | | |
|
Portfolio Company
|
| |
Fair Value at
December 31, 2017 |
| |
Transfers
In or Out |
| |
Purchases
and Paid- in-Kind Interest |
| |
Sales and
Repayments |
| |
Accretion
of Discount |
| |
Net
Realized Gain (Loss) |
| |
Net Change in
Unrealized Appreciation (Depreciation) |
| |
Fair Value at
March 31, 2018 |
| |
Interest
Income (3) |
| |
PIK
Income (3) |
| |
Fee
Income (3) |
| |||||||||||||||||||||||||||||||||
Senior Secured Loans—First Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Advanced Lighting Technologies, Inc.
|
| | | $ | 9,218 | | | | | $ | — | | | | | $ | — | | | | | $ | (23 ) | | | | | $ | 70 | | | | | $ | — | | | | | $ | (70 ) | | | | | $ | 9,195 | | | | | $ | 276 | | | | | $ | — | | | | | $ | — | | |
Logan’s Roadhouse, Inc.
(1)
|
| | | | 4,669 | | | | | | — | | | | | | 173 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,842 | | | | | | — | | | | | | 173 | | | | | | — | | |
Logan’s Roadhouse, Inc.
(2)
|
| | | | — | | | | | | — | | | | | | 1,227 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,227 | | | | | | 415 | | | | | | 409 | | | | | | — | | |
Warren Resources, Inc.
|
| | | | 43,613 | | | | | | — | | | | | | 67 | | | | | | (28,068 ) | | | | | | — | | | | | | — | | | | | | (1,063 ) | | | | | | 14,549 | | | | | | 673 | | | | | | 67 | | | | | | 1,123 | | |
Senior Secured Loans—Second Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
JW Aluminum Co.
|
| | | | 34,382 | | | | | | — | | | | | | — | | | | | | (76 ) | | | | | | 1 | | | | | | — | | | | | | (340 ) | | | | | | 33,967 | | | | | | 906 | | | | | | — | | | | | | — | | |
Logan’s Roadhouse, Inc.
|
| | | | 6,771 | | | | | | — | | | | | | 187 | | | | | | — | | | | | | 6 | | | | | | — | | | | | | 489 | | | | | | 7,453 | | | | | | 223 | | | | | | 187 | | | | | | — | | |
Senior Secured Bonds | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Advanced Lighting Technologies, Inc.
|
| | | | 10,278 | | | | | | — | | | | | | 509 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 10,787 | | | | | | 797 | | | | | | 509 | | | | | | — | | |
Mood Media Corp.
|
| | | | 23,219 | | | | | | — | | | | | | 939 | | | | | | — | | | | | | — | | | | | | — | | | | | | (115 ) | | | | | | 24,043 | | | | | | 1,011 | | | | | | 939 | | | | | | — | | |
Equity/Other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Advanced Lighting Technologies, Inc., Common Equity
|
| | | | 5,900 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,870 ) | | | | | | 3,030 | | | | | | — | | | | | | — | | | | | | — | | |
Advanced Lighting Technologies, Warrants, 10/4/2027
|
| | | | 26 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (19 ) | | | | | | 7 | | | | | | — | | | | | | — | | | | | | — | | |
ASG Everglades Holdings, Inc., Common Equity
|
| | | | 30,727 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,064 | | | | | | 32,791 | | | | | | — | | | | | | — | | | | | | — | | |
ASG Everglades Holdings, Inc., 6/27/2022, Warrants
|
| | | | 6,951 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 838 | | | | | | 7,789 | | | | | | — | | | | | | — | | | | | | — | | |
JW Aluminum Co., Common Equity
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
JW Aluminum Co., Preferred Equity
|
| | | | 15,074 | | | | | | — | | | | | | 6,993 | | | | | | — | | | | | | — | | | | | | — | | | | | | (3,357 ) | | | | | | 18,710 | | | | | | 698 | | | | | | 473 | | | | | | — | | |
Mood Media Corp.
|
| | | | 28,659 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (5,733 ) | | | | | | 22,926 | | | | | | — | | | | | | — | | | | | | — | | |
Roadhouse Holding Inc., Common Equity
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Warren Resources, Inc., Common Equity
|
| | | | 4,031 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,454 | | | | | | 9,485 | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | $ | 223,518 | | | | | $ | — | | | | | $ | 10,095 | | | | | $ | (28,167 ) | | | | | $ | 77 | | | | | $ | — | | | | | $ | (4,722 ) | | | | | $ | 200,801 | | | | | $ | 4,999 | | | | | $ | 2,757 | | | | | $ | 1,123 | | |
|
Portfolio Company
(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate
(b)
|
| |
Floor
|
| |
Maturity
|
| |
Principal
Amount (c) |
| |
Amortized
Cost |
| |
Fair
Value (d) |
| ||||||||||||
Senior Secured Loans—First Lien—119.9% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
5 Arch Income Fund 2, LLC
|
| |
(o)(s)
|
| | Diversified Financials | | |
10.5%
|
| | | | | | | |
11/18/21
|
| | | $ | 14,912 | | | | | $ | 14,935 | | | | | $ | 14,912 | | |
5 Arch Income Fund 2, LLC
|
| |
(o)(p)(s)
|
| | Diversified Financials | | |
10.5%
|
| | | | | | | |
11/18/21
|
| | | | 4,088 | | | | | | 4,088 | | | | | | 4,088 | | |
Abaco Energy Technologies LLC
|
| |
(j)
|
| | Energy | | |
L+700, 2.5% PIK (2.5% Max PIK)
|
| | | | 1.0 % | | | |
11/20/20
|
| | | | 25,842 | | | | | | 25,079 | | | | | | 25,390 | | |
Actian Corp.
|
| |
(f)(j)(g)
|
| | Software & Services | | |
L+806
|
| | | | 1.0 % | | | |
6/30/22
|
| | | | 45,714 | | | | | | 45,714 | | | | | | 46,286 | | |
Advanced Lighting Technologies, Inc.
|
| |
(j)(x)
|
| | Materials | | |
L+750
|
| | | | 1.0 % | | | |
10/4/22
|
| | | | 9,218 | | | | | | 7,789 | | | | | | 9,218 | | |
AG Group Merger Sub, Inc.
|
| |
(f)(h)(k)(j)
|
| |
Commercial & Professional Services
|
| |
L+750
|
| | | | 1.0 % | | | |
12/29/23
|
| | | | 62,418 | | | | | | 62,418 | | | | | | 63,510 | | |
All Systems Holding LLC
|
| |
(h)(k)(j)
|
| |
Commercial & Professional Services
|
| |
L+767
|
| | | | 1.0 % | | | |
10/31/23
|
| | | | 103,557 | | | | | | 103,557 | | | | | | 105,110 | | |
Altus Power America, Inc.
|
| |
(k)
|
| | Energy | | |
L+750
|
| | | | 1.5 % | | | |
9/30/21
|
| | | | 2,866 | | | | | | 2,866 | | | | | | 2,809 | | |
Altus Power America, Inc.
|
| |
(p)
|
| | Energy | | |
L+750
|
| | | | 1.5 % | | | |
9/30/21
|
| | | | 884 | | | | | | 884 | | | | | | 866 | | |
Ascension Insurance, Inc.
|
| |
(f)(h)(j)(g)
|
| | Insurance | | |
L+825
|
| | | | 1.3 % | | | |
3/5/19
|
| | | | 78,342 | | | | | | 78,020 | | | | | | 79,419 | | |
Ascension Insurance, Inc.
|
| |
(p)
|
| | Insurance | | |
L+825
|
| | | | 1.3 % | | | |
3/5/19
|
| | | | 27,800 | | | | | | 27,800 | | | | | | 28,182 | | |
Aspect Software, Inc.
|
| | | | | Software & Services | | |
L+1050
|
| | | | 1.0 % | | | |
5/25/18
|
| | | | 1,804 | | | | | | 1,804 | | | | | | 1,804 | | |
Aspect Software, Inc.
|
| |
(p)
|
| | Software & Services | | |
L+1050
|
| | | | 1.0 % | | | |
5/25/18
|
| | | | 46 | | | | | | 46 | | | | | | 46 | | |
Aspect Software, Inc.
|
| |
(j)
|
| | Software & Services | | |
L+1050
|
| | | | 1.0 % | | | |
5/25/20
|
| | | | 3,620 | | | | | | 3,620 | | | | | | 3,349 | | |
Aspect Software, Inc.
|
| |
(p)
|
| | Software & Services | | |
L+1200
|
| | | | 1.0 % | | | |
5/25/18
|
| | | | 657 | | | | | | 657 | | | | | | — | | |
Atlas Aerospace LLC
|
| |
(f)(k)(j)
|
| | Capital Goods | | |
L+802
|
| | | | 1.0 % | | | |
12/29/22
|
| | | | 86,857 | | | | | | 86,857 | | | | | | 86,857 | | |
ATX Networks Corp.
|
| |
(f)(g)(o)
|
| |
Technology Hardware & Equipment
|
| |
L+600, 1.0% PIK (1.0% Max PIK)
|
| | | | 1.0 % | | | |
6/11/21
|
| | | | 1,911 | | | | | | 1,894 | | | | | | 1,899 | | |
ATX Networks Corp.
|
| |
(f)(k)(o)
|
| |
Technology Hardware & Equipment
|
| |
L+600, 1.0% PIK (1.0% Max PIK)
|
| | | | 1.0 % | | | |
6/11/21
|
| | | | 25,569 | | | | | | 24,974 | | | | | | 25,410 | | |
Avaya Inc.
|
| |
(i)(g)
|
| |
Technology Hardware & Equipment
|
| |
L+475
|
| | | | 1.0 % | | | |
12/15/24
|
| | | | 17,000 | | | | | | 16,830 | | | | | | 16,761 | | |
AVF Parent, LLC
|
| |
(f)(j)(k)
|
| | Retailing | | |
L+725
|
| | | | 1.3 % | | | |
3/1/24
|
| | | | 76,382 | | | | | | 76,382 | | | | | | 77,963 | | |
Borden Dairy Co.
|
| |
(g)(h)(j)
|
| | Food, Beverage & Tobacco | | |
L+804
|
| | | | 1.0 % | | | |
7/6/23
|
| | | | 52,500 | | | | | | 52,500 | | | | | | 52,484 | | |
Cactus Wellhead, LLC
|
| |
(f)(g)
|
| | Energy | | |
L+600
|
| | | | 1.0 % | | | |
7/31/20
|
| | | | 16,211 | | | | | | 15,596 | | | | | | 16,238 | | |
CEVA Group Plc
|
| |
(o)(p)
|
| | Transportation | | |
L+500
|
| | | | | | | |
3/19/19
|
| | | | 20,000 | | | | | | 20,000 | | | | | | 18,750 | | |
Cimarron Energy Inc.
|
| |
(k)
|
| | Energy | | |
L+1150 PIK (L+1150 Max PIK)
|
| | | | 1.0 % | | | |
12/15/19
|
| | | | 25,470 | | | | | | 25,470 | | | | | | 10,379 | | |
ConnectiveRx, LLC
|
| |
(f)(g)(j)
|
| |
Health Care Equipment & Services
|
| |
L+828
|
| | | | 1.0 % | | | |
11/25/21
|
| | | | 51,032 | | | | | | 51,032 | | | | | | 51,053 | | |
Crestwood Holdings LLC
|
| |
(f)
|
| | Energy | | |
L+800
|
| | | | 1.0 % | | | |
6/19/19
|
| | | | 4,185 | | | | | | 4,180 | | | | | | 4,207 | | |
CSafe Acquisition Co., Inc.
|
| | | | | Capital Goods | | |
L+725
|
| | | | 1.0 % | | | |
11/1/21
|
| | | | 3,548 | | | | | | 3,548 | | | | | | 3,517 | | |
CSafe Acquisition Co., Inc.
|
| |
(p)
|
| | Capital Goods | | |
L+725
|
| | | | 1.0 % | | | |
11/1/21
|
| | | | 2,713 | | | | | | 2,713 | | | | | | 2,689 | | |
CSafe Acquisition Co., Inc.
|
| |
(f)(g)(h)(j)
|
| | Capital Goods | | |
L+725
|
| | | | 1.0 % | | | |
10/31/23
|
| | | | 49,935 | | | | | | 49,935 | | | | | | 49,498 | | |
CSafe Acquisition Co., Inc.
|
| |
(p)
|
| | Capital Goods | | |
L+725
|
| | | | 1.0 % | | | |
10/31/23
|
| | | | 26,797 | | | | | | 26,797 | | | | | | 26,562 | | |
Dade Paper & Bag, LLC
|
| |
(f)(g)(h)(j)
|
| | Capital Goods | | |
L+750
|
| | | | 1.0 % | | | |
6/10/24
|
| | | | 137,112 | | | | | | 137,112 | | | | | | 141,911 | | |
Dayton Superior Corp.
|
| |
(k)
|
| | Materials | | |
L+800
|
| | | | 1.0 % | | | |
11/15/21
|
| | | | 11,550 | | | | | | 11,263 | | | | | | 9,992 | | |
Diamond Resorts International, Inc.
|
| |
(g)
|
| | Consumer Services | | |
L+600
|
| | | | 1.0 % | | | |
9/2/23
|
| | | | 6,853 | | | | | | 6,713 | | | | | | 6,919 | | |
Eastman Kodak Co.
|
| |
(f)
|
| | Consumer Durables & Apparel | | |
L+625
|
| | | | 1.0 % | | | |
9/3/19
|
| | | | 6,836 | | | | | | 6,797 | | | | | | 5,931 | | |
Empire Today, LLC
|
| |
(f)(g)(h)(j)(k)
|
| | Retailing | | |
L+800
|
| | | | 1.0 % | | | |
11/17/22
|
| | | | 89,100 | | | | | | 89,100 | | | | | | 89,991 | | |
Fairway Group Acquisition Co.
|
| |
(j)
|
| | Food & Staples Retailing | | |
12.0% PIK (12.0% Max PIK)
|
| | | | | | | |
1/3/20
|
| | | | 2,725 | | | | | | 2,725 | | | | | | 2,725 | | |
Fairway Group Acquisition Co.
|
| |
(m)(n)
|
| | Food & Staples Retailing | | |
10.0% PIK (10.0% Max PIK)
|
| | | | | | | |
1/3/20
|
| | | | 1,777 | | | | | | 1,733 | | | | | | 400 | | |
Fox Head, Inc.
|
| |
(g)(j)(k)
|
| | Consumer Durables & Apparel | | |
L+850
|
| | | | 1.0 % | | | |
12/19/20
|
| | | | 13,020 | | | | | | 13,020 | | | | | | 13,009 | | |
FR Dixie Acquisition Corp.
|
| |
(f)
|
| | Energy | | |
L+475
|
| | | | 1.0 % | | | |
12/18/20
|
| | | | 4,042 | | | | | | 4,032 | | | | | | 2,386 | | |
Portfolio Company
(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate
(b)
|
| |
Floor
|
| |
Maturity
|
| |
Principal
Amount (c) |
| |
Amortized
Cost |
| |
Fair
Value (d) |
| ||||||||||||
FullBeauty Brands Holdings Corp.
|
| |
(k)
|
| | Consumer Durables & Apparel | | |
L+475
|
| | | | 1.0 % | | | |
10/14/22
|
| | | $ | 4,949 | | | | | $ | 4,561 | | | | | $ | 2,929 | | |
FullBeauty Brands Holdings Corp.
|
| |
(k)
|
| | Consumer Durables & Apparel | | |
L+800
|
| | | | 1.0 % | | | |
10/14/20
|
| | | | 55,000 | | | | | | 55,000 | | | | | | 54,313 | | |
Greystone Equity Member Corp.
|
| |
(e)(o)
|
| | Diversified Financials | | |
L+1050
|
| | | | | | | |
3/31/21
|
| | | | 13,582 | | | | | | 13,596 | | | | | | 13,599 | | |
Greystone Equity Member Corp.
|
| |
(e)(o)
|
| | Diversified Financials | | |
L+1100
|
| | | | | | | |
3/31/21
|
| | | | 21,048 | | | | | | 21,048 | | | | | | 21,258 | | |
Greystone Equity Member Corp.
|
| |
(o)(p)
|
| | Diversified Financials | | |
L+1100
|
| | | | | | | |
3/31/21
|
| | | | 5,370 | | | | | | 5,370 | | | | | | 5,424 | | |
Gulf Finance, LLC
|
| |
(g)
|
| | Energy | | |
L+525
|
| | | | 1.0 % | | | |
8/25/23
|
| | | | 4,864 | | | | | | 4,745 | | | | | | 4,392 | | |
H.M. Dunn Co., Inc.
|
| |
(j)(k)
|
| | Capital Goods | | |
L+946
|
| | | | 1.0 % | | | |
3/26/21
|
| | | | 64,286 | | | | | | 64,286 | | | | | | 61,393 | | |
Hudson Technologies Co.
|
| |
(j)(k)(o)
|
| |
Commercial & Professional Services
|
| |
L+725
|
| | | | 1.0 % | | | |
10/10/23
|
| | | | 51,359 | | | | | | 51,359 | | | | | | 52,065 | | |
Hudson Technologies Co.
|
| |
(o)(p)
|
| |
Commercial & Professional Services
|
| |
L+725
|
| | | | 1.0 % | | | |
10/10/23
|
| | | | 12,228 | | | | | | 12,228 | | | | | | 12,396 | | |
Hybrid Promotions, LLC
|
| |
(g)(j)(k)
|
| | Consumer Durables & Apparel | | |
L+850
|
| | | | 1.0 % | | | |
12/19/20
|
| | | | 47,740 | | | | | | 47,740 | | | | | | 47,699 | | |
Icynene U.S. Acquisition Corp.
|
| |
(f)(g)(j)
|
| | Materials | | |
L+700
|
| | | | 1.0 % | | | |
11/30/24
|
| | | | 36,000 | | | | | | 36,000 | | | | | | 36,007 | | |
Industrial Group Intermediate Holdings, LLC
|
| |
(f)(g)(h)(j)(k)
|
| | Materials | | |
L+800
|
| | | | 1.3 % | | | |
5/31/20
|
| | | | 130,488 | | | | | | 130,488 | | | | | | 132,445 | | |
Industry City TI Lessor, L.P.
|
| |
(j)
|
| | Consumer Services | | |
10.8%, 1.0% PIK (1.0% Max PIK)
|
| | | | | | | |
6/30/26
|
| | | | 12,324 | | | | | | 12,324 | | | | | | 12,478 | | |
JMC Acquisition Merger Corp.
|
| |
(f)(g)(h)
|
| | Capital Goods | | |
L+854
|
| | | | 1.0 % | | | |
11/6/21
|
| | | | 20,495 | | | | | | 20,495 | | | | | | 20,828 | | |
JSS Holdings, Inc.
|
| |
(f)(g)(j)(k)
|
| | Capital Goods | | |
L+800, 0.0% PIK (2.5% Max PIK)
|
| | | | 1.0 % | | | |
3/31/23
|
| | | | 72,715 | | | | | | 72,056 | | | | | | 73,842 | | |
JSS Holdings, Inc.
|
| |
(p)
|
| | Capital Goods | | |
L+800, 0.0% PIK (2.5% Max PIK)
|
| | | | 1.0 % | | | |
3/31/23
|
| | | | 13,273 | | | | | | 13,273 | | | | | | 13,478 | | |
Kodiak BP, LLC
|
| |
(g)(h)(j)(k)
|
| | Capital Goods | | |
L+725
|
| | | | 1.0 % | | | |
12/1/24
|
| | | | 84,121 | | | | | | 84,121 | | | | | | 84,332 | | |
Kodiak BP, LLC
|
| |
(p)
|
| | Capital Goods | | |
L+725
|
| | | | 1.0 % | | | |
12/1/24
|
| | | | 24,242 | | | | | | 24,242 | | | | | | 24,303 | | |
Latham Pool Products, Inc.
|
| |
(f)(g)(j)
|
| |
Commercial & Professional Services
|
| |
L+775
|
| | | | 1.0 % | | | |
6/29/21
|
| | | | 28,092 | | | | | | 28,092 | | | | | | 28,408 | | |
LD Intermediate Holdings, Inc.
|
| |
(k)
|
| | Software & Services | | |
L+588
|
| | | | 1.0 % | | | |
12/9/22
|
| | | | 16,575 | | | | | | 15,186 | | | | | | 14,891 | | |
Logan’s Roadhouse, Inc.
|
| |
(x)
|
| | Consumer Services | | |
L+1100
|
| | | | 1.0 % | | | |
5/5/19
|
| | | | 4,677 | | | | | | 4,677 | | | | | | 4,677 | | |
Logan’s Roadhouse, Inc.
|
| |
(p)(x)
|
| | Consumer Services | | |
L+1100
|
| | | | 1.0 % | | | |
5/5/19
|
| | | | 752 | | | | | | 760 | | | | | | 752 | | |
MB Precision Holdings LLC
|
| |
(g)(h)(j)
|
| | Capital Goods | | |
L+725, 2.3% PIK (2.3% Max PIK)
|
| | | | 1.3 % | | | |
1/23/21
|
| | | | 64,367 | | | | | | 64,367 | | | | | | 58,976 | | |
MORSCO, Inc.
|
| |
(e)(f)
|
| | Capital Goods | | |
L+700
|
| | | | 1.0 % | | | |
10/31/23
|
| | | | 3,581 | | | | | | 3,460 | | | | | | 3,652 | | |
Moxie Liberty LLC
|
| |
(f)(h)
|
| | Energy | | |
L+650
|
| | | | 1.0 % | | | |
8/21/20
|
| | | | 11,634 | | | | | | 11,651 | | | | | | 10,751 | | |
Moxie Patriot LLC
|
| |
(h)
|
| | Energy | | |
L+575
|
| | | | 1.0 % | | | |
12/19/20
|
| | | | 5,383 | | | | | | 5,360 | | | | | | 5,303 | | |
Nobel Learning Communities, Inc.
|
| | | | | Consumer Services | | |
L+450
|
| | | | 1.0 % | | | |
5/5/21
|
| | | | 3,075 | | | | | | 3,075 | | | | | | 3,075 | | |
Nobel Learning Communities, Inc.
|
| |
(p)
|
| | Consumer Services | | |
L+450
|
| | | | 1.0 % | | | |
5/5/21
|
| | | | 8,106 | | | | | | 8,106 | | | | | | 8,106 | | |
Nobel Learning Communities, Inc.
|
| |
(f)(j)(k)
|
| | Consumer Services | | |
L+436
|
| | | | 4.5 % | | | |
5/5/23
|
| | | | 84,472 | | | | | | 84,472 | | | | | | 84,045 | | |
Nobel Learning Communities, Inc.
|
| |
(p)
|
| | Consumer Services | | |
L+375
|
| | | | 4.5 % | | | |
5/5/23
|
| | | | 49,689 | | | | | | 49,689 | | | | | | 49,439 | | |
North Haven Cadence Buyer, Inc.
|
| |
(p)
|
| | Consumer Services | | |
L+500
|
| | | | 1.0 % | | | |
9/2/21
|
| | | | 2,625 | | | | | | 2,625 | | | | | | 2,625 | | |
North Haven Cadence Buyer, Inc.
|
| |
(f)(h)(j)(k)
|
| | Consumer Services | | |
L+810
|
| | | | 1.0 % | | | |
9/2/22
|
| | | | 77,522 | | | | | | 77,522 | | | | | | 78,976 | | |
North Haven Cadence Buyer, Inc.
|
| |
(p)
|
| | Consumer Services | | |
L+750
|
| | | | 1.0 % | | | |
9/2/22
|
| | | | 9,917 | | | | | | 9,917 | | | | | | 10,103 | | |
Nova Wildcat Amerock, LLC
|
| |
(f)(g)(j)
|
| | Consumer Durables & Apparel | | |
L+800
|
| | | | 1.3 % | | | |
9/10/19
|
| | | | 64,921 | | | | | | 64,921 | | | | | | 65,245 | | |
PHRC License, LLC
|
| |
(e)(g)(h)
|
| | Consumer Services | | |
L+850
|
| | | | 1.5 % | | | |
4/28/22
|
| | | | 67,500 | | | | | | 67,500 | | | | | | 69,187 | | |
Polymer Additives, Inc.
|
| |
(g)(h)(k)
|
| | Materials | | |
L+888
|
| | | | 1.0 % | | | |
12/19/22
|
| | | | 63,068 | | | | | | 63,068 | | | | | | 65,276 | | |
Polymer Additives, Inc.
|
| |
(h)(k)
|
| | Materials | | |
L+834
|
| | | | 1.0 % | | | |
12/19/22
|
| | | | 29,005 | | | | | | 29,005 | | | | | | 29,585 | | |
Power Distribution, Inc.
|
| |
(f)(g)(k)
|
| | Capital Goods | | |
L+725
|
| | | | 1.3 % | | | |
1/25/23
|
| | | | 44,893 | | | | | | 44,893 | | | | | | 45,566 | | |
Production Resource Group, LLC
|
| |
(g)(j)(k)
|
| | Media | | |
L+750
|
| | | | 1.0 % | | | |
1/14/19
|
| | | | 137,162 | | | | | | 137,162 | | | | | | 145,049 | | |
Portfolio Company
(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate
(b)
|
| |
Floor
|
| |
Maturity
|
| |
Principal
Amount (c) |
| |
Amortized
Cost |
| |
Fair
Value (d) |
| ||||||||||||
Propulsion Acquisition, LLC
|
| |
(f)(g)(j)(k)
|
| |
Commercial & Professional Services
|
| |
L+600
|
| | | | 1.0 % | | | |
7/13/21
|
| | | $ | 58,874 | | | | | $ | 56,828 | | | | | $ | 58,285 | | |
Quest Software US Holdings Inc.
|
| |
(f)(h)(i)
|
| | Software & Services | | |
L+550
|
| | | | 1.0 % | | | |
10/31/22
|
| | | | 18,333 | | | | | | 18,244 | | | | | | 18,659 | | |
Roadrunner Intermediate Acquisition Co., LLC
|
| |
(f)
|
| |
Health Care Equipment & Services
|
| |
L+725
|
| | | | 1.0 % | | | |
3/15/23
|
| | | | 7,550 | | | | | | 7,550 | | | | | | 7,614 | | |
Rogue Wave Software, Inc.
|
| |
(j)
|
| | Software & Services | | |
L+858
|
| | | | 1.0 % | | | |
9/25/21
|
| | | | 24,413 | | | | | | 24,413 | | | | | | 24,413 | | |
Safariland, LLC
|
| |
(h)(j)
|
| | Capital Goods | | |
L+768
|
| | | | 1.1 % | | | |
11/18/23
|
| | | | 70,234 | | | | | | 70,234 | | | | | | 71,200 | | |
Safariland, LLC
|
| |
(p)(h)(j)
|
| | Capital Goods | | |
L+725
|
| | | | 1.1 % | | | |
11/18/23
|
| | | | 13,867 | | | | | | 13,867 | | | | | | 14,057 | | |
Sequel Youth and Family Services, LLC
|
| |
(f)(k)(j)
|
| |
Health Care Equipment & Services
|
| |
L+778
|
| | | | 1.0 % | | | |
9/1/22
|
| | | | 82,353 | | | | | | 82,353 | | | | | | 83,111 | | |
Sequel Youth and Family Services, LLC
|
| |
(p)
|
| |
Health Care Equipment & Services
|
| |
L+700
|
| | | | 1.0 % | | | |
9/1/22
|
| | | | 4,118 | | | | | | 4,118 | | | | | | 4,156 | | |
Sequential Brands Group, Inc.
|
| |
(h)(j)(k)
|
| | Consumer Durables & Apparel | | |
L+900
|
| | | | | | | |
7/1/22
|
| | | | 156,102 | | | | | | 156,102 | | | | | | 154,541 | | |
Sorenson Communications, Inc.
|
| |
(f)(g)(h)(j)
|
| | Telecommunication Services | | |
L+575
|
| | | | 2.3 % | | | |
4/30/20
|
| | | | 98,440 | | | | | | 98,219 | | | | | | 99,240 | | |
SSC (Lux) Limited S.à r.l.
|
| |
(g)(h)(j)(o)
|
| |
Health Care Equipment & Services
|
| |
L+750
|
| | | | 1.0 % | | | |
9/10/24
|
| | | | 104,545 | | | | | | 104,545 | | | | | | 106,636 | | |
Staples Canada, ULC
|
| |
(o)(v)
|
| | Retailing | | |
L+700
|
| | | | 1.0 % | | | |
9/12/23
|
| | | C$ | 3,229 | | | | | | 2,667 | | | | | | 2,602 | | |
Strike, LLC
|
| | | | | Energy | | |
L+800
|
| | | | 1.0 % | | | |
5/30/19
|
| | | $ | 2,800 | | | | | | 2,766 | | | | | | 2,814 | | |
Strike, LLC
|
| |
(k)
|
| | Energy | | |
L+800
|
| | | | 1.0 % | | | |
11/30/22
|
| | | | 4,523 | | | | | | 4,408 | | | | | | 4,591 | | |
SunGard Availability Services Capital, Inc.
|
| |
(f)(i)
|
| | Software & Services | | |
L+700
|
| | | | 1.0 % | | | |
9/30/21
|
| | | | 10,749 | | | | | | 10,653 | | | | | | 9,970 | | |
SunGard Availability Services Capital, Inc.
|
| |
(i)(l)
|
| | Software & Services | | |
L+1000
|
| | | | 1.0 % | | | |
10/1/22
|
| | | | 1,000 | | | | | | 950 | | | | | | 962 | | |
Swift Worldwide Resources US Holdings Corp.
|
| |
(f)(h)
|
| | Energy | | |
L+1000, 1.0% PIK (1.0% Max PIK)
|
| | | | 1.0 % | | | |
7/20/21
|
| | | | 19,489 | | | | | | 19,489 | | | | | | 19,879 | | |
ThermaSys Corp.
|
| |
(f)
|
| | Capital Goods | | |
L+400
|
| | | | 1.3 % | | | |
5/3/19
|
| | | | 4,522 | | | | | | 4,523 | | | | | | 4,267 | | |
Trace3, LLC
|
| |
(f)(g)(j)
|
| | Software & Services | | |
L+775
|
| | | | 1.0 % | | | |
6/6/23
|
| | | | 53,481 | | | | | | 53,481 | | | | | | 54,751 | | |
U.S. Xpress Enterprises, Inc.
|
| |
(g)(h)(j)
|
| | Transportation | | |
L+1075, 0.0% PIK (1.8% Max PIK)
|
| | | | 1.5 % | | | |
5/30/20
|
| | | | 66,734 | | | | | | 66,734 | | | | | | 66,901 | | |
USI Senior Holdings, Inc.
|
| |
(h)(j)
|
| | Capital Goods | | |
L+779
|
| | | | 1.0 % | | | |
1/5/22
|
| | | | 41,150 | | | | | | 41,150 | | | | | | 41,383 | | |
USI Senior Holdings, Inc.
|
| |
(p)
|
| | Capital Goods | | |
L+725
|
| | | | 1.0 % | | | |
1/5/22
|
| | | | 8,373 | | | | | | 8,373 | | | | | | 8,421 | | |
UTEX Industries, Inc.
|
| |
(k)
|
| | Energy | | |
L+400
|
| | | | 1.0 % | | | |
5/21/21
|
| | | | 22,057 | | | | | | 20,083 | | | | | | 21,680 | | |
Warren Resources, Inc.
|
| |
(e)(j)(x)
|
| | Energy | | |
L+900, 1.0% PIK (1.0% Max PIK)
|
| | | | 1.0 % | | | |
5/22/20
|
| | | | 42,550 | | | | | | 42,550 | | | | | | 43,613 | | |
Waste Pro USA, Inc.
|
| |
(g)(h)(j)(k)
|
| |
Commercial & Professional Services
|
| |
L+750
|
| | | | 1.0 % | | | |
10/15/20
|
| | | | 121,116 | | | | | | 121,116 | | | | | | 123,387 | | |
Westbridge Technologies, Inc.
|
| |
(i)
|
| | Software & Services | | |
L+850
|
| | | | 1.0 % | | | |
4/28/23
|
| | | | 14,813 | | | | | | 14,541 | | | | | | 14,701 | | |
York Risk Services Holding Corp.
|
| | | | | Insurance | | |
L+375
|
| | | | 1.0 % | | | |
10/1/21
|
| | | | 990 | | | | | | 983 | | | | | | 971 | | |
Zeta Interactive Holdings Corp.
|
| |
(f)(g)(j)
|
| | Software & Services | | |
L+750
|
| | | | 1.0 % | | | |
7/29/22
|
| | | | 33,826 | | | | | | 33,826 | | | | | | 34,334 | | |
Zeta Interactive Holdings Corp.
|
| |
(p)
|
| | Software & Services | | |
L+750
|
| | | | 1.0 % | | | |
7/29/22
|
| | | | 6,424 | | | | | | 6,424 | | | | | | 6,520 | | |
Total Senior Secured Loans—First Lien
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,650,110 | | | | | | 3,663,047 | | |
Unfunded Loan Commitments
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (241,977 ) | | | | | | (241,977 ) | | |
Net Senior Secured Loans—First Lien
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,408,133 | | | | | | 3,421,070 | | |
Senior Secured Loans—Second Lien—11.5% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
American Bath Group, LLC
|
| |
(k)
|
| | Capital Goods | | |
L+975
|
| | | | 1.0 % | | | |
9/30/24
|
| | | | 7,000 | | | | | | 6,494 | | | | | | 7,018 | | |
Arena Energy, LP
|
| |
(f)(j)
|
| | Energy | | |
L+900, 4.0% PIK (4.0% Max PIK)
|
| | | | 1.0 % | | | |
1/24/21
|
| | | | 24,844 | | | | | | 24,844 | | | | | | 23,621 | | |
BPA Laboratories Inc.
|
| |
(j)
|
| |
Pharmaceuticals, Biotechnology &
Life Sciences |
| |
L+250
|
| | | | | | | |
4/29/20
|
| | | | 3,272 | | | | | | 3,134 | | | | | | 3,239 | | |
Byrider Finance, LLC
|
| |
(e)
|
| | Automobiles & Components | | |
L+1000, 0.5% PIK (4.0% Max PIK)
|
| | | | 1.3 % | | | |
8/22/20
|
| | | | 22,608 | | | | | | 22,608 | | | | | | 21,280 | | |
Checkout Holding Corp.
|
| |
(k)
|
| | Media | | |
L+675
|
| | | | 1.0 % | | | |
4/11/22
|
| | | | 10,000 | | | | | | 9,953 | | | | | | 4,356 | | |
Portfolio Company
(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate
(b)
|
| |
Floor
|
| |
Maturity
|
| |
Principal
Amount (c) |
| |
Amortized
Cost |
| |
Fair
Value (d) |
| ||||||||||||
Chisholm Oil and Gas Operating, LLC
|
| |
(j)
|
| | Energy | | |
L+800
|
| | | | 1.0 % | | | |
3/21/24
|
| | | $ | 16,000 | | | | | $ | 16,000 | | | | | $ | 15,998 | | |
Compuware Corp.
|
| |
(j)
|
| | Software & Services | | |
L+825
|
| | | | 1.0 % | | | |
12/15/22
|
| | | | 1,841 | | | | | | 1,666 | | | | | | 1,850 | | |
Crossmark Holdings, Inc.
|
| |
(k)
|
| | Media | | |
L+750
|
| | | | 1.3 % | | | |
12/21/20
|
| | | | 7,778 | | | | | | 7,788 | | | | | | 879 | | |
Fairway Group Acquisition Co.
|
| |
(m)(n)
|
| | Food & Staples Retailing | | |
11.0% PIK (11.0% Max PIK)
|
| | | | | | | |
10/3/21
|
| | | | 1,563 | | | | | | 1,520 | | | | | | 352 | | |
Fieldwood Energy LLC
|
| |
(e)(k)(m)(n)
|
| | Energy | | |
L+713
|
| | | | 1.3 % | | | |
9/30/20
|
| | | | 1,947 | | | | | | 1,602 | | | | | | 652 | | |
Gruden Acquisition, Inc.
|
| |
(j)
|
| | Transportation | | |
L+850
|
| | | | 1.0 % | | | |
8/18/23
|
| | | | 15,000 | | | | | | 14,435 | | | | | | 14,981 | | |
Inmar, Inc.
|
| |
(k)
|
| | Software & Services | | |
L+800
|
| | | | 1.0 % | | | |
5/1/25
|
| | | | 2,615 | | | | | | 2,579 | | | | | | 2,630 | | |
Jazz Acquisition, Inc.
|
| |
(f)
|
| | Capital Goods | | |
L+675
|
| | | | 1.0 % | | | |
6/19/22
|
| | | | 3,700 | | | | | | 3,736 | | | | | | 3,500 | | |
JW Aluminum Co.
|
| |
(e)(j)(k)(x)
|
| | Materials | | |
L+850
|
| | | | 0.8 % | | | |
11/17/20
|
| | | | 33,874 | | | | | | 33,866 | | | | | | 34,382 | | |
Logan’s Roadhouse, Inc.
|
| |
(x)
|
| | Consumer Services | | |
L+850 PIK (L+850 Max PIK)
|
| | | | 1.0 % | | | |
11/23/20
|
| | | | 14,728 | | | | | | 14,640 | | | | | | 6,771 | | |
LTI Holdings, Inc.
|
| |
(j)
|
| | Materials | | |
L+875
|
| | | | 1.0 % | | | |
5/16/25
|
| | | | 9,259 | | | | | | 9,087 | | | | | | 9,421 | | |
P2 Upstream Acquisition Co.
|
| |
(k)
|
| | Energy | | |
L+800
|
| | | | 1.0 % | | | |
4/30/21
|
| | | | 14,500 | | | | | | 14,652 | | | | | | 13,413 | | |
Peak 10 Holding Corp.
|
| |
(k)
|
| | Software & Services | | |
L+725
|
| | | | 1.0 % | | | |
8/1/25
|
| | | | 2,786 | | | | | | 2,759 | | | | | | 2,810 | | |
Production Resource Group, LLC
|
| |
(f)(g)(h)
|
| | Media | | |
L+850
|
| | | | 1.0 % | | | |
7/23/19
|
| | | | 95,599 | | | | | | 95,599 | | | | | | 96,256 | | |
Spencer Gifts LLC
|
| |
(k)
|
| | Retailing | | |
L+825
|
| | | | 1.0 % | | | |
6/29/22
|
| | | | 20,000 | | | | | | 20,078 | | | | | | 10,800 | | |
Talos Production LLC
|
| | | | | Energy | | |
11.0%
|
| | | | | | | |
4/3/22
|
| | | | 4,500 | | | | | | 4,213 | | | | | | 4,466 | | |
Titan Energy Operating, LLC
|
| |
(g)(j)
|
| | Energy | | |
2.0%, L+1100 PIK (L+1100 Max PIK)
|
| | | | 1.0 % | | | |
2/23/20
|
| | | | 78,366 | | | | | | 67,595 | | | | | | 41,557 | | |
WP CPP Holdings, LLC
|
| |
(j)
|
| | Capital Goods | | |
L+775
|
| | | | 1.0 % | | | |
4/30/21
|
| | | | 6,932 | | | | | | 6,913 | | | | | | 6,903 | | |
Total Senior Secured Loans—Second Lien
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 385,761 | | | | | | 327,135 | | |
Senior Secured Bonds—4.4% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Advanced Lighting Technologies, Inc.
|
| |
(x)
|
| | Materials | | |
L+700, 10.0% PIK (10.0% Max PIK)
|
| | | | 1.0 % | | | |
10/4/23
|
| | | | 10,278 | | | | | | 10,278 | | | | | | 10,278 | | |
Black Swan Energy Ltd.
|
| |
(o)
|
| | Energy | | |
9.0%
|
| | | | | | | |
1/20/24
|
| | | | 1,333 | | | | | | 1,333 | | | | | | 1,343 | | |
FourPoint Energy, LLC
|
| |
(e)(j)(k)
|
| | Energy | | |
9.0%
|
| | | | | | | |
12/31/21
|
| | | | 46,313 | | | | | | 44,869 | | | | | | 47,065 | | |
Global A&T Electronics Ltd.
|
| |
(e)(k)(m)(n)(o)
|
| |
Semiconductors &
Semiconductor Equipment |
| |
10.0%
|
| | | | | | | |
2/1/19
|
| | | | 19,490 | | | | | | 19,114 | | | | | | 18,069 | | |
Mood Media Corp.
|
| |
(e)(j)(o)(x)
|
| | Media | | |
L+600, 8.0% PIK (8.0% Max PIK)
|
| | | | 1.0 % | | | |
6/28/24
|
| | | | 23,104 | | | | | | 23,104 | | | | | | 23,219 | | |
Ridgeback Resources Inc.
|
| |
(e)(o)(w)
|
| | Energy | | |
12.0%
|
| | | | | | | |
12/29/20
|
| | | | 331 | | | | | | 326 | | | | | | 331 | | |
Sorenson Communications, Inc.
|
| |
(j)
|
| | Telecommunication Services | | |
9.0%, 0.0% PIK (9.0% Max PIK)
|
| | | | | | | |
10/31/20
|
| | | | 7,058 | | | | | | 6,904 | | | | | | 7,058 | | |
Sunnova Energy Corp.
|
| | | | | Energy | | |
6.0%, 6.0% PIK (6.0% Max PIK)
|
| | | | | | | |
10/24/18
|
| | | | 2,117 | | | | | | 2,117 | | | | | | 2,117 | | |
Velvet Energy Ltd.
|
| |
(o)
|
| | Energy | | |
9.0%
|
| | | | | | | |
10/5/23
|
| | | | 15,000 | | | | | | 15,000 | | | | | | 15,193 | | |
Total Senior Secured Bonds
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 123,045 | | | | | | 124,673 | | |
Subordinated Debt—12.8% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ascent Resources Utica Holdings, LLC
|
| |
(i)
|
| | Energy | | |
10.0%
|
| | | | | | | |
4/1/22
|
| | | | 40,000 | | | | | | 40,000 | | | | | | 43,226 | | |
Aurora Diagnostics, LLC
|
| |
(j)
|
| |
Health Care Equipment & Services
|
| |
10.8%, 1.5% PIK (1.5% Max PIK)
|
| | | | | | | |
1/15/20
|
| | | | 6,143 | | | | | | 5,628 | | | | | | 5,713 | | |
Avantor, Inc.
|
| |
(k)
|
| | Materials | | |
9.0%
|
| | | | | | | |
10/1/25
|
| | | | 20,000 | | | | | | 20,000 | | | | | | 19,888 | | |
Bellatrix Exploration Ltd.
|
| |
(o)
|
| | Energy | | |
8.5%
|
| | | | | | | |
5/15/20
|
| | | | 5,000 | | | | | | 4,947 | | | | | | 4,775 | | |
Brooklyn Basketball Holdings, LLC
|
| |
(h)(j)
|
| | Consumer Services | | |
L+725
|
| | | | | | | |
10/25/19
|
| | | | 39,746 | | | | | | 39,746 | | | | | | 40,342 | | |
CEC Entertainment, Inc.
|
| |
(i)
|
| | Consumer Services | | |
8.0%
|
| | | | | | | |
2/15/22
|
| | | | 18,715 | | | | | | 18,572 | | | | | | 17,709 | | |
Portfolio Company
(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate
(b)
|
| |
Floor
|
| |
Maturity
|
| |
Principal
Amount (c) |
| |
Amortized
Cost |
| |
Fair
Value (d) |
| ||||||||||||
Ceridian HCM Holding, Inc.
|
| |
(i)(k)
|
| |
Commercial & Professional Services
|
| |
11.0%
|
| | | | | | | |
3/15/21
|
| | | $ | 40,657 | | | | | $ | 40,304 | | | | | $ | 42,534 | | |
Coveris Holdings S.A.
|
| |
(i)(k)(o)
|
| | Materials | | |
7.9%
|
| | | | | | | |
11/1/19
|
| | | | 42,534 | | | | | | 42,270 | | | | | | 42,454 | | |
Eclipse Resources Corp.
|
| |
(i)(o)
|
| | Energy | | |
8.9%
|
| | | | | | | |
7/15/23
|
| | | | 9,175 | | | | | | 9,028 | | | | | | 9,439 | | |
EV Energy Partners, L.P.
|
| |
(e)(m)
|
| | Energy | | |
8.0%
|
| | | | | | | |
4/15/19
|
| | | | 259 | | | | | | 246 | | | | | | 132 | | |
Global Jet Capital Inc.
|
| | | | |
Commercial & Professional Services
|
| |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
1/30/25
|
| | | | 849 | | | | | | 849 | | | | | | 864 | | |
Global Jet Capital Inc.
|
| | | | |
Commercial & Professional Services
|
| |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
4/30/25
|
| | | | 5,398 | | | | | | 5,398 | | | | | | 5,492 | | |
Global Jet Capital Inc.
|
| | | | |
Commercial & Professional Services
|
| |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
9/3/25
|
| | | | 1,115 | | | | | | 1,115 | | | | | | 1,135 | | |
Global Jet Capital Inc.
|
| | | | |
Commercial & Professional Services
|
| |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
9/29/25
|
| | | | 1,050 | | | | | | 1,050 | | | | | | 1,068 | | |
Global Jet Capital Inc.
|
| |
(e)(o)
|
| |
Commercial & Professional Services
|
| |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
12/4/25
|
| | | | 7,751 | | | | | | 7,751 | | | | | | 7,887 | | |
Global Jet Capital Inc.
|
| |
(e)(o)
|
| |
Commercial & Professional Services
|
| |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
12/9/25
|
| | | | 1,268 | | | | | | 1,268 | | | | | | 1,290 | | |
Global Jet Capital Inc.
|
| |
(e)(o)
|
| |
Commercial & Professional Services
|
| |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
1/29/26
|
| | | | 664 | | | | | | 664 | | | | | | 675 | | |
Global Jet Capital Inc.
|
| | | | |
Commercial & Professional Services
|
| |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
12/2/26
|
| | | | 2,009 | | | | | | 2,009 | | | | | | 2,044 | | |
Great Lakes Dredge & Dock Corp.
|
| |
(i)(o)
|
| | Capital Goods | | |
8.0%
|
| | | | | | | |
5/15/22
|
| | | | 9,000 | | | | | | 9,000 | | | | | | 9,453 | | |
Greystone Mezzanine Equity Member Corp.
|
| |
(o)
|
| | Diversified Financials | | |
L+650
|
| | | | 4.5 % | | | |
9/15/25
|
| | | | 1,011 | | | | | | 1,011 | | | | | | 1,011 | | |
Greystone Mezzanine Equity Member Corp.
|
| |
(o)(p)
|
| | Diversified Financials | | |
L+650
|
| | | | 4.5 % | | | |
9/15/25
|
| | | | 18,989 | | | | | | 18,989 | | | | | | 18,989 | | |
Jupiter Resources Inc.
|
| |
(h)(k)(o)
|
| | Energy | | |
8.5%
|
| | | | | | | |
10/1/22
|
| | | | 28,800 | | | | | | 27,037 | | | | | | 17,784 | | |
P.F. Chang’s China Bistro, Inc.
|
| |
(i)(k)(j)
|
| | Consumer Services | | |
10.3%
|
| | | | | | | |
6/30/20
|
| | | | 44,078 | | | | | | 43,300 | | | | | | 40,395 | | |
S1 Blocker Buyer Inc.
|
| | | | |
Commercial & Professional Services
|
| |
10.0% PIK (10.0% Max PIK)
|
| | | | | | | |
10/31/22
|
| | | | 295 | | | | | | 295 | | | | | | 330 | | |
Sorenson Communications, Inc.
|
| |
(e)(j)
|
| | Telecommunication Services | | |
13.9%, 0.0% PIK (13.9% Max PIK)
|
| | | | | | | |
10/31/21
|
| | | | 5,364 | | | | | | 5,119 | | | | | | 5,565 | | |
SunGard Availability Services Capital, Inc.
|
| |
(i)
|
| | Software & Services | | |
8.8%
|
| | | | | | | |
4/1/22
|
| | | | 5,900 | | | | | | 4,632 | | | | | | 3,680 | | |
TI Group Automotive Systems, LLC
|
| |
(i)(o)
|
| | Automobiles & Components | | |
8.8%
|
| | | | | | | |
7/15/23
|
| | | | 3,408 | | | | | | 3,408 | | | | | | 3,664 | | |
York Risk Services Holding Corp.
|
| |
(i)(j)(k)
|
| | Insurance | | |
8.5%
|
| | | | | | | |
10/1/22
|
| | | | 38,070 | | | | | | 35,217 | | | | | | 37,499 | | |
Total Subordinated Debt
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 388,853 | | | | | | 385,037 | | |
Unfunded Loan Commitments
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (18,989 ) | | | | | | (18,989 ) | | |
Net Subordinated Debt
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 369,864 | | | | | | 366,048 | | |
Collateralized Securities—0.9% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CGMS CLO 2013-3A Class Subord.
|
| |
(o)
|
| | Diversified Financials | | |
10.5%
|
| | | | | | | |
7/15/25
|
| | | | 23,263 | | | | | | 10,658 | | | | | | 14,722 | | |
NewStar Clarendon 2014-1A Class D
|
| |
(o)
|
| | Diversified Financials | | |
L+435
|
| | | | | | | |
1/25/27
|
| | | | 1,060 | | | | | | 1,009 | | | | | | 1,062 | | |
NewStar Clarendon 2014-1A Class Subord. B
|
| |
(o)
|
| | Diversified Financials | | |
15.8%
|
| | | | | | | |
1/25/27
|
| | | | 12,140 | | | | | | 8,768 | | | | | | 9,979 | | |
Total Collateralized Securities
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 20,435 | | | | | | 25,763 | | |
|
Portfolio Company
(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Number of
Shares |
| |
Cost
|
| |
Fair Value
(d)
|
| |||||||||
Equity/Other—11.7% | | | | | | | | | | | | | | | | | | | | | | | | | |
5 Arches, LLC, Common Equity
|
| |
(o)(r)
|
| | Diversified Financials | | | | | 10,000 | | | | | $ | 250 | | | | | $ | 250 | | |
Abaco Energy Technologies LLC, Common Equity
|
| |
(n)
|
| | Energy | | | | | 3,055,556 | | | | | | 3,056 | | | | | | 458 | | |
Abaco Energy Technologies LLC, Preferred Equity
|
| |
(n)
|
| | Energy | | | | | 12,734,481 | | | | | | 637 | | | | | | 2,229 | | |
ACP FH Holdings GP, LLC, Common Equity
|
| |
(e)(n)
|
| | Consumer Durables & Apparel | | | | | 88,571 | | | | | | 89 | | | | | | 67 | | |
ACP FH Holdings, LP, Common Equity
|
| |
(e)(n)
|
| | Consumer Durables & Apparel | | | | | 8,768,572 | | | | | | 8,769 | | | | | | 6,668 | | |
Advanced Lighting Technologies, Inc., Common Equity
|
| |
(n)(x)
|
| | Materials | | | | | 265,747 | | | | | | 7,471 | | | | | | 5,900 | | |
Advanced Lighting Technologies, Warrants, 10/4/2027
|
| |
(n)(x)
|
| | Materials | | | | | 4,189 | | | | | | 39 | | | | | | 26 | | |
Altus Power America Holdings, LLC, Common Equity
|
| |
(n)
|
| | Energy | | | | | 462,008 | | | | | | 462 | | | | | | 69 | | |
Altus Power America Holdings, LLC, Preferred Equity
|
| |
(t)
|
| | Energy | | | | | 955,284 | | | | | | 955 | | | | | | 955 | | |
AP Exhaust Holdings, LLC, Class A1 Common Units
|
| |
(n)(r)
|
| | Automobiles & Components | | | | | 84 | | | | | | — | | | | | | — | | |
AP Exhaust Holdings, LLC, Class A1 Preferred Units
|
| |
(n)(r)
|
| | Automobiles & Components | | | | | 8,295 | | | | | | 9,248 | | | | | | 8,378 | | |
Ascent Resources Utica Holdings, LLC, Common Equity
|
| |
(n)(q)
|
| | Energy | | | | | 128,734,129 | | | | | | 38,700 | | | | | | 32,184 | | |
ASG Everglades Holdings, Inc., Common Equity
|
| |
(n)(x)
|
| | Software & Services | | | | | 625,178 | | | | | | 13,475 | | | | | | 30,727 | | |
ASG Everglades Holdings, Inc. Warrants, 6/27/2022
|
| |
(n)(x)
|
| | Software & Services | | | | | 253,704 | | | | | | 7,231 | | | | | | 6,951 | | |
Aspect Software Parent, Inc., Common Equity
|
| |
(n)
|
| | Software & Services | | | | | 403,955 | | | | | | 19,021 | | | | | | — | | |
ATX Holdings, LLC, Common Equity
|
| |
(n)(o)
|
| | Technology Hardware & Equipment | | | | | 72,635 | | | | | | 116 | | | | | | 84 | | |
Aurora Diagnostics Holdings, LLC, Warrants, 5/25/2027
|
| |
(j)(n)
|
| | Health Care Equipment & Services | | | | | 94,193 | | | | | | 686 | | | | | | 673 | | |
BPA Laboratories, Inc., Series A Warrants, 4/29/2024
|
| |
(j)(n)
|
| | Pharmaceuticals, Biotechnology & Life Sciences | | | | | 10,924 | | | | | | — | | | | | | — | | |
BPA Laboratories, Inc., Series B Warrants, 4/29/2024
|
| |
(j)(n)
|
| | Pharmaceuticals, Biotechnology & Life Sciences | | | | | 17,515 | | | | | | — | | | | | | — | | |
Burleigh Point, Ltd., Warrants, 7/16/2020
|
| |
(n)(o)
|
| | Retailing | | | | | 3,451,216 | | | | | | 1,898 | | | | | | 49 | | |
Chisholm Oil and Gas Operating, LLC, Series A Units
|
| |
(n)(r)
|
| | Energy | | | | | 70,947 | | | | | | 71 | | | | | | 70 | | |
Cimarron Energy Holdco Inc., Common Equity
|
| |
(n)
|
| | Energy | | | | | 3,675,487 | | | | | | 3,323 | | | | | | — | | |
Cimarron Energy Holdco Inc., Preferred Equity
|
| |
(n)
|
| | Energy | | | | | 626,806 | | | | | | 627 | | | | | | — | | |
CSF Group Holdings, Inc., Common Equity
|
| |
(n)
|
| | Capital Goods | | | | | 417,400 | | | | | | 417 | | | | | | 292 | | |
Eastman Kodak Co., Common Equity
|
| |
(n)(w)
|
| | Consumer Durables & Apparel | | | | | 1,846 | | | | | | 36 | | | | | | 6 | | |
Escape Velocity Holdings, Inc., Common Equity
|
| |
(n)
|
| | Software & Services | | | | | 33,216 | | | | | | 332 | | | | | | 784 | | |
Fairway Group Holdings Corp., Common Equity
|
| |
(n)
|
| | Food & Staples Retailing | | | | | 31,626 | | | | | | 1,016 | | | | | | — | | |
FourPoint Energy, LLC, Common Equity, Class C-II-A Units
|
| |
(n)(r)
|
| | Energy | | | | | 13,000 | | | | | | 13,000 | | | | | | 3,770 | | |
FourPoint Energy, LLC, Common Equity, Class D Units
|
| |
(n)(r)
|
| | Energy | | | | | 2,437 | | | | | | 1,610 | | | | | | 713 | | |
FourPoint Energy, LLC, Common Equity, Class E-II Units
|
| |
(n)(r)
|
| | Energy | | | | | 29,730 | | | | | | 7,432 | | | | | | 8,547 | | |
FourPoint Energy, LLC, Common Equity, Class E-III Units
|
| |
(n)(r)
|
| | Energy | | | | | 43,875 | | | | | | 10,969 | | | | | | 12,724 | | |
Global Jet Capital Holdings, LP, Preferred Equity
|
| |
(e)(n)
|
| | Commercial & Professional Services | | | | | 62,289 | | | | | | 6,229 | | | | | | 5,606 | | |
H.I.G. Empire Holdco, Inc., Common Equity
|
| |
(n)
|
| | Retailing | | | | | 411 | | | | | | 1,227 | | | | | | 1,226 | | |
Harvey Holdings, LLC, Common Equity
|
| |
(n)
|
| | Capital Goods | | | | | 666,667 | | | | | | 667 | | | | | | 1,700 | | |
Industrial Group Intermediate Holdings, LLC, Common Equity
|
| |
(n)(r)
|
| | Materials | | | | | 2,678,947 | | | | | | 2,679 | | | | | | 4,018 | | |
Portfolio Company
(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Number of
Shares |
| |
Cost
|
| |
Fair Value
(d)
|
| |||||||||
JMC Acquisition Holdings, LLC, Common Equity
|
| |
(n)
|
| | Capital Goods | | | | | 1,449 | | | | | $ | 1,449 | | | | | $ | 1,964 | | |
JSS Holdco, LLC, Net Profits Interest
|
| |
(n)
|
| | Capital Goods | | | | | 27 | | | | | | — | | | | | | 500 | | |
JW Aluminum Co., Common Equity
|
| |
(e)(k)(n)(x)
|
| | Materials | | | | | 256 | | | | | | — | | | | | | — | | |
JW Aluminum Co., Preferred Equity
|
| |
(e)(k)(x)
|
| | Materials | | | | | 1,184 | | | | | | 12,838 | | | | | | 15,074 | | |
MB Precision Investment Holdings LLC, Class A-2 Units
|
| |
(n)(r)
|
| | Capital Goods | | | | | 2,287,659 | | | | | | 2,288 | | | | | | — | | |
Mood Media Corp., Common Equity
|
| |
(n)(o)(x)
|
| | Media | | | | | 17,400,835 | | | | | | 12,644 | | | | | | 28,659 | | |
North Haven Cadence TopCo, LLC, Common Equity
|
| |
(n)
|
| | Consumer Services | | | | | 2,916,667 | | | | | | 2,917 | | | | | | 4,521 | | |
PDI Parent LLC, Common Equity
|
| |
(n)
|
| | Capital Goods | | | | | 2,076,923 | | | | | | 2,077 | | | | | | 2,181 | | |
Professional Plumbing Group, Inc., Common Equity
|
| |
(e)(n)
|
| | Capital Goods | | | | | 3,000,000 | | | | | | 3,000 | | | | | | 6,900 | | |
PSAV Holdings LLC, Common Equity
|
| |
(n)
|
| | Technology Hardware & Equipment | | | | | 10,000 | | | | | | 10,000 | | | | | | 34,000 | | |
Ridgeback Resources Inc., Common Equity
|
| |
(e)(n)(o)(v)
|
| | Energy | | | | | 817,308 | | | | | | 5,022 | | | | | | 4,962 | | |
Roadhouse Holding Inc., Common Equity
|
| |
(n)(x)
|
| | Consumer Services | | | | | 4,481,763 | | | | | | 4,657 | | | | | | — | | |
S1 Blocker Buyer Inc., Common Equity
|
| | | | | Commercial & Professional Services | | | | | 124 | | | | | | 1,240 | | | | | | 1,887 | | |
SandRidge Energy, Inc., Common Equity
|
| |
(n)(o)(w)
|
| | Energy | | | | | 253,009 | | | | | | 5,647 | | | | | | 5,331 | | |
Sequential Brands Group, Inc., Common Equity
|
| |
(e)(n)(w)
|
| | Consumer Durables & Apparel | | | | | 408,685 | | | | | | 5,517 | | | | | | 727 | | |
Sorenson Communications, Inc., Common Equity
|
| |
(e)(n)
|
| | Telecommunication Services | | | | | 43,796 | | | | | | — | | | | | | 35,917 | | |
SSC Holdco Limited, Common Equity
|
| |
(n)(o)
|
| | Health Care Equipment & Services | | | | | 261,364 | | | | | | 5,227 | | | | | | 6,247 | | |
Sunnova Energy Corp., Common Equity
|
| |
(n)
|
| | Energy | | | | | 384,746 | | | | | | 1,444 | | | | | | — | | |
Sunnova Energy Corp., Preferred Equity
|
| |
(n)
|
| | Energy | | | | | 70,229 | | | | | | 374 | | | | | | 283 | | |
Swift Worldwide Resources Holdco Limited, Common Equity
|
| |
(n)(o)(u)
|
| | Energy | | | | | 1,250,000 | | | | | | 2,010 | | | | | | 687 | | |
TE Holdings, LLC, Common Equity
|
| |
(e)(n)(r)
|
| | Energy | | | | | 717,718 | | | | | | 6,101 | | | | | | 1,166 | | |
TE Holdings, LLC, Preferred Equity
|
| |
(e)(n)
|
| | Energy | | | | | 475,758 | | | | | | 4,751 | | | | | | 4,520 | | |
The Stars Group Inc., Warrants, 5/15/2024
|
| |
(n)(o)
|
| | Consumer Services | | | | | 2,000,000 | | | | | | 16,832 | | | | | | 25,140 | | |
Titan Energy, LLC, Common Equity
|
| |
(e)(n)(w)
|
| | Energy | | | | | 200,040 | | | | | | 6,322 | | | | | | 304 | | |
Warren Resources, Inc., Common Equity
|
| |
(n)(x)
|
| | Energy | | | | | 2,371,337 | | | | | | 11,145 | | | | | | 4,031 | | |
White Star Petroleum Holdings, LLC, Common Equity
|
| |
(n)(r)
|
| | Energy | | | | | 1,613,753 | | | | | | 1,372 | | | | | | 1,210 | | |
Zeta Interactive Holdings Corp., Preferred Equity, Series E-1
|
| |
(n)
|
| | Software & Services | | | | | 620,025 | | | | | | 4,929 | | | | | | 6,015 | | |
Zeta Interactive Holdings Corp., Preferred Equity, Series F
|
| |
(n)
|
| | Software & Services | | | | | 563,932 | | | | | | 4,929 | | | | | | 5,261 | | |
Zeta Interactive Holdings Corp., Warrants, 4/20/2027
|
| |
(n)
|
| | Software & Services | | | | | 84,590 | | | | | | — | | | | | | 294 | | |
Total Equity/Other
|
| | | | | | | | | | | | | | | | 296,470 | | | | | | 332,905 | | |
TOTAL INVESTMENTS—161.2%
|
| | | | | | | | | | | | | | | $ | 4,603,708 | | | | | | 4,597,594 | | |
LIABILITIES IN EXCESS OF OTHER ASSETS—(61.2%)
|
| | | | | | | | | | | | | | | | | | | | | | (1,744,573 ) | | |
NET ASSETS—100.0%
|
| | | | | | | | | | | | | | | | | | | | | $ | 2,853,021 | | |
|
Portfolio Company
|
| |
Fair Value at
December 31, 2016 |
| |
Transfers
In or Out |
| |
Purchases
and Paid- in-Kind Interest |
| |
Sales and
Repayments |
| |
Accretion
of Discount |
| |
Net
Realized Gain (Loss) |
| |
Net Change in
Unrealized Appreciation (Depreciation) |
| |
Fair Value at
December 31, 2017 |
| |
Interest
Income (3) |
| |
PIK
Income (3) |
| |
Fee
Income (3) |
| |||||||||||||||||||||||||||||||||
Senior Secured Loans—First Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Advanced Lighting Technologies, Inc.
|
| | | $ | — | | | | | $ | — | | | | | $ | 9,055 | | | | | $ | (1,333 ) | | | | | $ | 63 | | | | | $ | 4 | | | | | $ | 1,429 | | | | | $ | 9,218 | | | | | $ | 265 | | | | | $ | — | | | | | $ | 403 | | |
A.T. Cross Co.
(1)
|
| | | | 28,081 | | | | | | (31,027 ) | | | | | | — | | | | | | — | | | | | | (682 ) | | | | | | — | | | | | | 3,628 | | | | | | — | | | | | | (682 ) | | | | | | — | | | | | | — | | |
ASG Everglades Holdings, Inc.
|
| | | | 80,505 | | | | | | — | | | | | | 12,509 | | | | | | (91,824 ) | | | | | | 24 | | | | | | 148 | | | | | | (1,362 ) | | | | | | — | | | | | | 4,540 | | | | | | 508 | | | | | | — | | |
Logan’s Roadhouse, Inc.
(2)
|
| | | | — | | | | | | — | | | | | | 5,437 | | | | | | (760 ) | | | | | | — | | | | | | — | | | | | | (8 ) | | | | | | 4,669 | | | | | | — | | | | | | 544 | | | | | | — | | |
Warren Resources, Inc.
|
| | | | 42,122 | | | | | | — | | | | | | 428 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,063 | | | | | | 43,613 | | | | | | 4,379 | | | | | | 428 | | | | | | (180 ) | | |
Senior Secured Loans—Second Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
ASG Everglades Holdings, Inc.
|
| | | | 26,179 | | | | | | — | | | | | | — | | | | | | (26,989 ) | | | | | | 408 | | | | | | 6,392 | | | | | | (5,990 ) | | | | | | — | | | | | | 2,312 | | | | | | — | | | | | | 1,349 | | |
JW Aluminum Co.
|
| | | | 34,410 | | | | | | — | | | | | | 132 | | | | | | (76 ) | | | | | | 2 | | | | | | — | | | | | | (86 ) | | | | | | 34,382 | | | | | | 3,198 | | | | | | 132 | | | | | | — | | |
Logan’s Roadhouse, Inc.
|
| | | | 10,355 | | | | | | — | | | | | | 3,794 | | | | | | — | | | | | | 22 | | | | | | — | | | | | | (7,400 ) | | | | | | 6,771 | | | | | | 22 | | | | | | 743 | | | | | | — | | |
Senior Secured Bonds | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Advanced Lighting Technologies, Inc.
|
| | | | — | | | | | | — | | | | | | 10,278 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 10,278 | | | | | | 152 | | | | | | — | | | | | | — | | |
Mood Media Corp.
|
| | | | — | | | | | | 23,104 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 115 | | | | | | 23,219 | | | | | | 3,746 | | | | | | — | | | | | | — | | |
Subordinated Debt | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mood Media Corp.
|
| | | | — | | | | | | 6,103 | | | | | | — | | | | | | (6,930 ) | | | | | | 47 | | | | | | 780 | | | | | | — | | | | | | — | | | | | | 463 | | | | | | — | | | | | | — | | |
Equity/Other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Advanced Lighting Technologies, Inc., Common Equity
|
| | | | — | | | | | | — | | | | | | 7,471 | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,571 ) | | | | | | 5,900 | | | | | | — | | | | | | — | | | | | | — | | |
Advanced Lighting Technologies, Warrants, 10/4/2027
|
| | | | — | | | | | | — | | | | | | 39 | | | | | | — | | | | | | — | | | | | | — | | | | | | (13 ) | | | | | | 26 | | | | | | — | | | | | | — | | | | | | — | | |
A.T. Cross Co., Common Equity, Class A Units
(1)
|
| | | | — | | | | | | (1,000 ) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
A.T. Cross Co., Preferred Equity, Class A-1 Units
(1)
|
| | | | — | | | | | | (243 ) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 243 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
A.T. Cross Co., GSO Special Unit
(1)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
ASG Everglades Holdings, Inc., Common Equity
|
| | | | 29,477 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,250 | | | | | | 30,727 | | | | | | — | | | | | | — | | | | | | — | | |
ASG Everglades Holdings, Inc., 6/27/2022, Warrants
|
| | | | 6,444 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 507 | | | | | | 6,951 | | | | | | — | | | | | | — | | | | | | — | | |
JW Aluminum Co., Common Equity
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
JW Aluminum Co., Preferred Equity
|
| | | | 11,854 | | | | | | — | | | | | | 1,559 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,661 | | | | | | 15,074 | | | | | | 222 | | | | | | 1,559 | | | | | | — | | |
Mood Media Corp.
|
| | | | — | | | | | | 7,136 | | | | | | 5,508 | | | | | | — | | | | | | — | | | | | | — | | | | | | 16,015 | | | | | | 28,659 | | | | | | — | | | | | | — | | | | | | — | | |
Roadhouse Holding Inc., Common Equity
|
| | | | 5,472 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (5,472 ) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Warren Resources, Inc., Common Equity
|
| | | | 10,197 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (6,166 ) | | | | | | 4,031 | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | $ | 285,096 | | | | | $ | 4,073 | | | | | $ | 56,210 | | | | | $ | (127,912 ) | | | | | $ | (116 ) | | | | | $ | 7,324 | | | | | $ | (1,157 ) | | | | | $ | 223,518 | | | | | $ | 18,617 | | | | | $ | 3,914 | | | | | $ | 1,572 | | |
|
Portfolio Company
|
| |
Fair Value at
December 31, 2016 |
| |
Transfers
In or Out |
| |
Purchases
and Paid- in-Kind Interest |
| |
Sales and
Repayments |
| |
Accretion
of Discount |
| |
Net
Realized Gain (Loss) |
| |
Net Change in
Unrealized Appreciation (Depreciation) |
| |
Fair Value at
December 31, 2017 |
| |
Interest
Income (2) |
| |
PIK
Income (2) |
| |
Fee
Income (2) |
| |||||||||||||||||||||||||||||||||
Senior Secured Loans—First Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
A.T. Cross Co.
(1)
|
| | | $ | — | | | | | $ | 31,027 | | | | | $ | 9,654 | | | | | $ | (11,099 ) | | | | | $ | — | | | | | $ | (29,582 ) | | | | | $ | — | | | | | $ | — | | | | | $ | 664 | | | | | $ | 553 | | | | | $ | — | | |
Equity/Other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
A.T. Cross Co., Common Equity, Class A Units
(1)
|
| | | | — | | | | | | 1,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,000 ) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
A.T. Cross Co., Preferred Equity, Class A-1 Units
(1)
|
| | | | — | | | | | | 243 | | | | | | — | | | | | | — | | | | | | — | | | | | | (243 ) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
A.T. Cross Co., GSO Special Unit
(1)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | $ | — | | | | | $ | 32,270 | | | | | $ | 9,654 | | | | | $ | (11,099 ) | | | | | $ | — | | | | | $ | (30,825 ) | | | | | $ | — | | | | | $ | — | | | | | $ | 664 | | | | | $ | 553 | | | | | $ | — | | |
|
| | |
Three Months Ended March 31,
|
| |||||||||||||||||||||
| | |
2018
|
| |
2017
|
| ||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||
Reinvestment of Distributions
|
| | | | 3,316,098 | | | | | $ | 28,959 | | | | | | 3,469,599 | | | | | $ | 31,286 | | |
Share Repurchase Program
|
| | | | (3,408,305 ) | | | | | | (29,993 ) | | | | | | (2,344,810 ) | | | | | | (20,986 ) | | |
Net Proceeds from Share Transactions
|
| | | | (92,207 ) | | | | | $ | (1,034 ) | | | | | | 1,124,789 | | | | | $ | 10,300 | | |
For the Three Months Ended
|
| |
Repurchase
Date |
| |
Shares
Repurchased |
| |
Percentage of
Shares Tendered That Were Repurchased |
| |
Percentage of
Outstanding Shares Repurchased as of the Repurchase Date |
| |
Repurchase
Price Per Share |
| |
Aggregate
Consideration for Repurchased Shares |
| |||||||||||||||
Fiscal 2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
December 31, 2016
|
| |
January 3, 2017
|
| | | | 2,344,810 | | | | | | 100 % | | | | | | 0.72 % | | | | | $ | 8.950 | | | | | $ | 20,986 | | |
Total
|
| | | | | | | 2,344,810 | | | | | | | | | | | | | | | | | | | | | | | $ | 20,986 | | |
Fiscal 2018 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
December 31, 2017
|
| |
January 12, 2018
|
| | | | 3,408,305 | | | | | | 28 % | | | | | | 1.04 % | | | | | $ | 8.800 | | | | | $ | 29,993 | | |
Total
|
| | | | | | | 3,408,305 | | | | | | | | | | | | | | | | | | | | | | | $ | 29,993 | | |
|
| | | | | | | | |
Three Months Ended
March 31, |
| |||||||||
Related Party
|
| |
Source Agreement
|
| |
Description
|
| |
2018
|
| |
2017
|
| ||||||
FSIC II Advisor
|
| |
FSIC II Advisor Investment
Advisory and Administrative Services Agreement |
| | Base Management Fee (1) | | | | $ | 22,080 | | | | | $ | 22,285 | | |
FSIC II Advisor
|
| |
FSIC II Advisor Investment
Advisory and Administrative Services Agreement |
| | Subordinated Incentive Fee on Income (2) | | | | $ | 5,575 | | | | | $ | 17,499 | | |
FSIC II Advisor
|
| |
FSIC II Advisor Investment
Advisory and Administrative Services Agreement |
| | Administrative Services Expenses (3) | | | | $ | 782 | | | | | $ | 867 | | |
| | |
Distribution
|
| |||||||||
For the Three Months Ended
|
| |
Per Share
|
| |
Amount
|
| ||||||
Fiscal 2017 | | | | | | | | | | | | | |
March 31, 2017
|
| | | $ | 0.1885 | | | | | $ | 61,436 | | |
Total
|
| | | $ | 0.1885 | | | | | $ | 61,436 | | |
Fiscal 2018 | | | | | | | | | | | | | |
March 31, 2018
|
| | | $ | 0.1885 | | | | | $ | 61,153 | | |
Total
|
| | | $ | 0.1885 | | | | | $ | 61,153 | | |
| | |
Three Months Ended March 31,
|
| |||||||||||||||||||||
| | |
2018
|
| |
2017
|
| ||||||||||||||||||
Source of Distribution
|
| |
Distribution
Amount |
| |
Percentage
|
| |
Distribution
Amount |
| |
Percentage
|
| ||||||||||||
Offering proceeds
|
| | | $ | — | | | | | | — | | | | | $ | — | | | | | | — | | |
Borrowings
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net investment income
(1)
|
| | | | 61,153 | | | | | | 100 % | | | | | | 61,436 | | | | | | 100 % | | |
Short-term capital gains proceeds from the sale of assets
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Long-term capital gains proceeds from the sale of assets
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Non-capital gains proceeds from the sale of assets
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Distributions on account of preferred and common equity
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Expense reimbursement from sponsor
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | $ | 61,153 | | | | | | 100 % | | | | | $ | 61,436 | | | | | | 100 % | | |
| | |
Three Months Ended
March 31, |
| |||||||||
| | |
2018
|
| |
2017
|
| ||||||
GAAP-basis net investment income
|
| | | $ | 62,391 | | | | | $ | 69,997 | | |
Income subject to tax not recorded for GAAP
|
| | | | 1,035 | | | | | | — | | |
GAAP versus tax-basis impact of consolidation of certain subsidiaries
|
| | | | 1,897 | | | | | | 1,843 | | |
Reclassification of unamortized original issue discount, prepayment fees and other income
|
| | | | (5,469 ) | | | | | | (17,173 ) | | |
Other miscellaneous differences
|
| | | | (330 ) | | | | | | (770 ) | | |
Tax-basis net investment income
|
| | | $ | 59,524 | | | | | $ | 53,897 | | |
|
| | |
March 31, 2018
(Unaudited) |
| |
December 31,
2017 |
| ||||||
Distributable ordinary income
|
| | | $ | 71,518 | | | | | $ | 73,147 | | |
Capital loss carryover
(1)
|
| | | | (219,274 ) | | | | | | (201,927 ) | | |
Other temporary differences
|
| | | | (145 ) | | | | | | (148 ) | | |
Net unrealized appreciation (depreciation) on investments and secured borrowing and gain (loss) on foreign currency
(2)
|
| | | | (108,171 ) | | | | | | (23,326 ) | | |
Total
|
| | | $ | (256,072 ) | | | | | $ | (152,254 ) | | |
| | |
March 31, 2018
(Unaudited) |
| |
December 31, 2017
|
| ||||||||||||||||||||||||||||||
| | |
Amortized
Cost (1) |
| |
Fair Value
|
| |
Percentage
of Portfolio |
| |
Amortized
Cost (1) |
| |
Fair Value
|
| |
Percentage of
Portfolio |
| ||||||||||||||||||
Senior Secured Loans—First Lien
|
| | | $ | 3,323,662 | | | | | $ | 3,286,014 | | | | | | 75 % | | | | | $ | 3,408,133 | | | | | $ | 3,421,070 | | | | | | 74 % | | |
Senior Secured Loans—Second
Lien |
| | | | 389,886 | | | | | | 303,041 | | | | | | 7 % | | | | | | 385,761 | | | | | | 327,135 | | | | | | 7 % | | |
Senior Secured Bonds
|
| | | | 122,693 | | | | | | 125,223 | | | | | | 3 % | | | | | | 123,045 | | | | | | 124,673 | | | | | | 3 % | | |
Subordinated Debt
|
| | | | 347,734 | | | | | | 341,871 | | | | | | 8 % | | | | | | 369,864 | | | | | | 366,048 | | | | | | 8 % | | |
Collateralized Securities
|
| | | | 21,128 | | | | | | 23,969 | | | | | | 0 % | | | | | | 20,435 | | | | | | 25,763 | | | | | | 1 % | | |
Equity/Other
|
| | | | 284,863 | | | | | | 315,122 | | | | | | 7 % | | | | | | 296,470 | | | | | | 332,905 | | | | | | 7 % | | |
Total
|
| | | $ | 4,489,966 | | | | | $ | 4,395,240 | | | | | | 100 % | | | | | $ | 4,603,708 | | | | | $ | 4,597,594 | | | | | | 100 % | | |
| | |
March 31, 2018
(Unaudited) |
| |
December 31, 2017
|
| ||||||||||||||||||
Industry Classification
|
| |
Fair Value
|
| |
Percentage
of Portfolio |
| |
Fair Value
|
| |
Percentage
of Portfolio |
| ||||||||||||
Automobiles & Components
|
| | | $ | 33,976 | | | | | | 1 % | | | | | $ | 33,322 | | | | | | 1 % | | |
Capital Goods
|
| | | | 864,055 | | | | | | 20 % | | | | | | 787,878 | | | | | | 17 % | | |
Commercial & Professional Services
|
| | | | 377,514 | | | | | | 9 % | | | | | | 501,745 | | | | | | 11 % | | |
Consumer Durables & Apparel
|
| | | | 295,498 | | | | | | 7 % | | | | | | 351,135 | | | | | | 8 % | | |
Consumer Services
|
| | | | 399,420 | | | | | | 9 % | | | | | | 394,163 | | | | | | 9 % | | |
Diversified Financials
|
| | | | 86,188 | | | | | | 2 % | | | | | | 76,847 | | | | | | 2 % | | |
Energy
|
| | | | 398,061 | | | | | | 9 % | | | | | | 499,739 | | | | | | 11 % | | |
Food & Staples Retailing
|
| | | | 3,321 | | | | | | 0 % | | | | | | 3,477 | | | | | | 0 % | | |
Food, Beverage & Tobacco
|
| | | | 52,952 | | | | | | 1 % | | | | | | 52,484 | | | | | | 1 % | | |
Health Care Equipment & Services
|
| | | | 260,456 | | | | | | 6 % | | | | | | 261,085 | | | | | | 6 % | | |
Insurance
|
| | | | 115,575 | | | | | | 3 % | | | | | | 118,271 | | | | | | 2 % | | |
Materials
|
| | | | 424,141 | | | | | | 10 % | | | | | | 423,964 | | | | | | 9 % | | |
Media
|
| | | | 288,304 | | | | | | 6 % | | | | | | 298,418 | | | | | | 6 % | | |
Pharmaceuticals, Biotechnology & Life Sciences
|
| | | | 3,141 | | | | | | 0 % | | | | | | 3,239 | | | | | | 0 % | | |
Retailing
|
| | | | 182,465 | | | | | | 4 % | | | | | | 182,631 | | | | | | 4 % | | |
Semiconductors & Semiconductor Equipment
|
| | | | 17,965 | | | | | | 0 % | | | | | | 18,069 | | | | | | 0 % | | |
Software & Services
|
| | | | 298,712 | | | | | | 7 % | | | | | | 284,561 | | | | | | 6 % | | |
Technology Hardware & Equipment
|
| | | | 65,075 | | | | | | 1 % | | | | | | 78,154 | | | | | | 2 % | | |
Telecommunication Services
|
| | | | 147,796 | | | | | | 3 % | | | | | | 147,780 | | | | | | 3 % | | |
Transportation
|
| | | | 80,625 | | | | | | 2 % | | | | | | 80,632 | | | | | | 2 % | | |
Total
|
| | | $ | 4,395,240 | | | | | | 100 % | | | | | $ | 4,597,594 | | | | | | 100 % | | |
|
| | |
March 31, 2018
(Unaudited) |
| |
December 31,
2017 |
| ||||||
Valuation Inputs
|
| |
Investments
|
| |
Investments
|
| ||||||
Level 1—Price quotations in active markets
|
| | | $ | 1,082 | | | | | $ | 6,368 | | |
Level 2—Significant other observable inputs
|
| | | | — | | | | | | — | | |
Level 3—Significant unobservable inputs
|
| | | | 4,394,158 | | | | | | 4,591,226 | | |
Total
|
| | | $ | 4,395,240 | | | | | $ | 4,597,594 | | |
|
| | |
For the Three Months Ended March 31, 2018
|
| |||||||||||||||||||||||||||||||||||||||
| | |
Senior Secured
Loans— First Lien |
| |
Senior Secured
Loans— Second Lien |
| |
Senior
Secured Bonds |
| |
Subordinated
Debt |
| |
Collateralized
Securities |
| |
Equity/
Other |
| |
Total
|
| |||||||||||||||||||||
Fair value at beginning of period
|
| | | $ | 3,421,070 | | | | | $ | 327,135 | | | | | $ | 124,673 | | | | | $ | 366,048 | | | | | $ | 25,763 | | | | | $ | 326,537 | | | | | $ | 4,591,226 | | |
Accretion of discount (amortization of premium)
|
| | | | 839 | | | | | | 235 | | | | | | 190 | | | | | | 438 | | | | | | 1 | | | | | | — | | | | | | 1,703 | | |
Net realized gain (loss)
|
| | | | (1,296 ) | | | | | | (1,329 ) | | | | | | (1,852 ) | | | | | | (13,058 ) | | | | | | — | | | | | | (1,759 ) | | | | | | (19,294 ) | | |
Net change in unrealized
appreciation (depreciation) |
| | | | (50,585 ) | | | | | | (28,219 ) | | | | | | 902 | | | | | | (2,047 ) | | | | | | (2,487 ) | | | | | | (6,537 ) | | | | | | (88,973 ) | | |
Purchases
|
| | | | 164,136 | | | | | | 6,944 | | | | | | 17,900 | | | | | | 3,783 | | | | | | 659 | | | | | | 6,519 | | | | | | 199,941 | | |
Paid-in-kind interest
|
| | | | 1,731 | | | | | | 464 | | | | | | 1,509 | | | | | | 802 | | | | | | — | | | | | | 472 | | | | | | 4,978 | | |
Sales and repayments
|
| | | | (249,881 ) | | | | | | (2,189 ) | | | | | | (18,099 ) | | | | | | (14,095 ) | | | | | | 33 | | | | | | (11,192 ) | | | | | | (295,423 ) | | |
Net transfers in or out of
Level 3 |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Fair value at end of period
|
| | | $ | 3,286,014 | | | | | $ | 303,041 | | | | | $ | 125,223 | | | | | $ | 341,871 | | | | | $ | 23,969 | | | | | $ | 314,040 | | | | | $ | 4,394,158 | | |
The amount of total gains
or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date |
| | | $ | (48,844 ) | | | | | $ | (28,983 ) | | | | | $ | (143 ) | | | | | $ | (11,301 ) | | | | | $ | (2,487 ) | | | | | $ | (7,347 ) | | | | | $ | (99,105 ) | | |
|
| | |
For the Three Months Ended March 31, 2017
|
| |||||||||||||||||||||||||||||||||||||||
| | |
Senior Secured
Loans— First Lien |
| |
Senior Secured
Loans— Second Lien |
| |
Senior
Secured Bonds |
| |
Subordinated
Debt |
| |
Collateralized
Securities |
| |
Equity/
Other |
| |
Total
|
| |||||||||||||||||||||
Fair value at beginning of period
|
| | | $ | 2,864,089 | | | | | $ | 718,971 | | | | | $ | 148,085 | | | | | $ | 402,397 | | | | | $ | 23,173 | | | | | $ | 331,297 | | | | | $ | 4,488,012 | | |
Accretion of discount (amortization of premium)
|
| | | | 3,932 | | | | | | 2,035 | | | | | | 156 | | | | | | 854 | | | | | | — | | | | | | — | | | | | | 6,977 | | |
Net realized gain (loss)
|
| | | | 266 | | | | | | — | | | | | | (19,350 ) | | | | | | (538 ) | | | | | | (166 ) | | | | | | 287 | | | | | | (19,501 ) | | |
Net change in unrealized appreciation (depreciation)
|
| | | | 19,546 | | | | | | 4,298 | | | | | | 20,946 | | | | | | 17,763 | | | | | | (236 ) | | | | | | (1,867 ) | | | | | | 60,450 | | |
Purchases
|
| | | | 394,038 | | | | | | 3,181 | | | | | | 15,906 | | | | | | 74,781 | | | | | | — | | | | | | 7,497 | | | | | | 495,403 | | |
Paid-in-kind interest
|
| | | | 1,355 | | | | | | 3,766 | | | | | | — | | | | | | 649 | | | | | | — | | | | | | 224 | | | | | | 5,994 | | |
Sales and repayments
|
| | | | (141,665 ) | | | | | | (250,198 ) | | | | | | (13,845 ) | | | | | | (8,957 ) | | | | | | (1,867 ) | | | | | | — | | | | | | (416,532 ) | | |
Net transfers in or out of
Level 3 |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Fair value at end of period
|
| | | $ | 3,141,561 | | | | | $ | 482,053 | | | | | $ | 151,898 | | | | | $ | 486,949 | | | | | $ | 20,904 | | | | | $ | 337,438 | | | | | $ | 4,620,803 | | |
The amount of total gains or losses
for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date |
| | | $ | 24,576 | | | | | $ | 7,344 | | | | | $ | 476 | | | | | $ | 17,719 | | | | | $ | (79 ) | | | | | $ | 3,319 | | | | | $ | 53,355 | | |
|
| | |
For the Three
Months Ended March 31, 2017 |
| ||||||
Fair value at beginning of period
|
| | | $ | (8,273 ) | | | | ||
Amortization of premium (accretion of discount)
|
| | | | (4 ) | | | | ||
Net realized gain (loss)
|
| | | | — | | | | ||
Net change in unrealized (appreciation) depreciation
|
| | | | (34 ) | | | | ||
Proceeds from secured borrowing
|
| | | | — | | | | ||
Paid-in-kind interest
|
| | | | — | | | | ||
Repayments on secured borrowing
|
| | | | — | | | | ||
Net transfers in or out of Level 3
|
| | | | — | | | | ||
Fair value at end of period
|
| | | $ | (8,311 ) | | | | ||
The amount of total gains or losses for the period included in changes in net assets
attributable to the change in unrealized gains or losses relating to a secured borrowing still held at the reporting date |
| | | $ | (34 ) | | | | ||
|
Type of Investment
|
| |
Fair Value at
March 31, 2018 (Unaudited) |
| |
Valuation
Technique (1) |
| |
Unobservable Input
|
| |
Range
|
| |
Weighted
Average |
| |||
Senior Secured Loans—First
Lien |
| | |
$
|
2,863,742
|
| | |
Market Comparables
|
| | Market Yield (%) | | |
6.8% - 15.6%
|
| |
9.7%
|
|
| | | | | | | | | | | | EBITDA Multiples (x) | | |
5.8x - 10.5x
|
| |
9.3x
|
|
| | | |
|
56,368
|
| | | Other (2) | | | Other | | |
N/A
|
| |
N/A
|
|
| | | |
|
365,904
|
| | | Market Quotes | | | Indicative Dealer Quotes | | |
14.0% - 102.5%
|
| |
98.0%
|
|
Senior Secured Loans—Second Lien
|
| | |
|
209,879
|
| | |
Market Comparables
|
| | Market Yield (%) | | |
9.0% - 18.5%
|
| |
15.3%
|
|
| | | | | | | | | | | | EBITDA Multiples (x) | | |
5.8x - 6.8x
|
| |
6.3x
|
|
| | | |
|
12,881
|
| | | Other (2) | | | Other | | |
N/A
|
| |
N/A
|
|
| | | |
|
80,281
|
| | | Market Quotes | | | Indicative Dealer Quotes | | |
7.6% - 102.0%
|
| |
90.1%
|
|
Senior Secured Bonds
|
| | |
|
89,374
|
| | |
Market Comparables
|
| | Market Yield (%) | | |
8.3% - 12.5%
|
| |
8.9%
|
|
| | | | | | | | | | | | EBITDA Multiples (x) | | |
4.5x - 7.3x
|
| |
7.2x
|
|
| | | | | | | | | | | | Production Multiples (Mboe/d) | | |
$41,000.0 - $43,500.0
|
| |
$42,250.0
|
|
| | | | | | | | | | | |
Proved Reserves Multiples (Mmboe)
|
| |
$13.5 - $14.5
|
| |
$14.0
|
|
| | | | | | | | | | | | PV-10 Multiples (x) | | |
1.0x- 1.0x
|
| |
1.0x
|
|
| | | |
|
10,787
|
| | | Other (2) | | | Other | | |
N/A
|
| |
N/A
|
|
| | | |
|
25,062
|
| | | Market Quotes | | | Indicative Dealer Quotes | | |
100.5% - 101.5%
|
| |
101.1%
|
|
Subordinated Debt
|
| | |
|
66,129
|
| | |
Market Comparables
|
| | Market Yield (%) | | |
8.3% - 20.3%
|
| |
10.9%
|
|
| | | | | | | | | | | | EBITDA Multiples (x) | | |
10.8x - 11.3x
|
| |
11.0x
|
|
| | | |
|
275,742
|
| | | Market Quotes | | | Indicative Dealer Quotes | | |
47.5% - 108.5%
|
| |
96.8%
|
|
Collateralized Securities
|
| | |
|
23,969
|
| | | Market Quotes | | | Indicative Dealer Quotes | | |
56.6% - 100.2%
|
| |
68.2%
|
|
Equity/Other
|
| | |
|
287,455
|
| | |
Market Comparables
|
| | Market Yield (%) | | |
16.0% - 16.5%
|
| |
16.3%
|
|
| | | | | | | | | | | | EBITDA Multiples (x) | | |
4.5x - 27.8x
|
| |
7.9x
|
|
| | | | | | | | | | | | Production Multiples (Mboe/d) | | |
$32,500.0 - $43,500.0
|
| |
$35,188.3
|
|
| | | | | | | | | | | |
Proved Reserves Multiples (Mmboe)
|
| |
$4.3 - $14.5
|
| |
$6.1
|
|
| | | | | | | | | | | | Production Multiples (MMcfe/d) | | |
$4,000.0 - $4,500.0
|
| |
$4,250.0
|
|
| | | | | | | | | | | | Proved Reserves Multiples (Bcfe) | | |
$1.0 - $1.1
|
| |
$1.0
|
|
| | | | | | | | | | | | PV-10 Multiples (x) | | |
1.0x - 2.0x
|
| |
1.5x
|
|
| | | | | | | | | | | | Capacity Multiple ($/kW) | | |
$1,875.0 - $2,125.0
|
| |
$2,000
|
|
| | | | | | | | | Discounted Cash Flow | | | Discount Rate (%) | | |
10.5% - 12.5%
|
| |
11.5%
|
|
| | | | | | | | | Option Valuation Model | | | Volatility (%) | | |
24.3% - 34.5%
|
| |
32.5%
|
|
| | | |
|
22,120
|
| | | Other (2) | | | Other | | |
N/A
|
| |
N/A
|
|
| | | |
|
4,465
|
| | | Market Quotes | | | Indicative Dealer Quotes | | |
0.0% - 8.0%
|
| |
6.2%
|
|
Total
|
| | |
$
|
4,394,158
|
| | | | | | | | | | | | | |
|
Type of Investment
|
| |
Fair Value at
December 31, 2017 |
| |
Valuation
Technique (1) |
| |
Unobservable Input
|
| |
Range
|
| |
Weighted
Average |
| |||
Senior Secured Loans—First
Lien |
| | |
$
|
2,947,886
|
| | |
Market Comparables
|
| | Market Yield (%) | | |
4.8% - 14.0%
|
| |
9.2%
|
|
| | | | | | | | | | | | EBITDA Multiples (x) | | |
5.0x - 8.0x
|
| |
7.3 x
|
|
| | | |
|
80,848
|
| | | Other (2) | | | Other | | |
N/A
|
| |
N/A
|
|
| | | |
|
392,336
|
| | | Market Quotes | | | Indicative Dealer Quotes | | |
25.0% - 102.8%
|
| |
98.2%
|
|
Senior Secured Loans—Second Lien
|
| | |
|
244,330
|
| | |
Market Comparables
|
| | Market Yield (%) | | |
8.3% - 20.7%
|
| |
14.2%
|
|
| | | | | | | | | | | | EBITDA Multiples (x) | | |
5.0x - 6.5x
|
| |
6.1x
|
|
| | | |
|
82,805
|
| | | Market Quotes | | | Indicative Dealer Quotes | | |
13.2% - 102.3%
|
| |
89.2%
|
|
Senior Secured Bonds
|
| | |
|
89,268
|
| | |
Market Comparables
|
| | Market Yield (%) | | |
7.7% - 12.3%
|
| |
8.7%
|
|
| | | | | | | | | | | | EBITDA Multiples (x) | | |
4.8x - 8.0x
|
| |
7.7x
|
|
| | | | | | | | | | | | Production Multiples (Mboe/d) | | |
$42,250.0 - $44,750.0
|
| |
$43,500.0
|
|
| | | | | | | | | | | |
Proved Reserves Multiples (Mmboe)
|
| |
$10.3 - $11.3
|
| |
$10.8
|
|
| | | | | | | | | | | | PV-10 Multiples (x) | | |
0.8x - 0.8x
|
| |
0.8x
|
|
| | | |
|
28,347
|
| | | Other (2) | | | Other | | |
N/A
|
| |
N/A
|
|
| | | |
|
7,058
|
| | | Market Quotes | | | Indicative Dealer Quotes | | |
100.5% - 100.5%
|
| |
100.5%
|
|
Subordinated Debt
|
| | |
|
62,138
|
| | |
Market Comparables
|
| | Market Yield (%) | | |
7.8% - 14.8%
|
| |
10.2%
|
|
| | | | | | | | | | | | EBITDA Multiples (x) | | |
10.5x - 11.0x
|
| |
10.8 x
|
|
| | | |
|
303,910
|
| | | Other (2) | | | Indicative Dealer Quotes | | |
52.0% - 108.5%
|
| |
97.9%
|
|
| | | | | | | |||||||||||||
Collateralized Securities
|
| | |
|
25,763
|
| | | Market Quotes | | | Indicative Dealer Quotes | | |
63.3% - 100.2%
|
| |
72.1%
|
|
Equity/Other
|
| | |
|
260,420
|
| | |
Market Comparables
|
| | Market Yield (%) | | |
15.3% - 15.8%
|
| |
15.5%
|
|
| | | | | | | | | | | | Capacity Multiple ($/kW) | | |
$2,000.0 - $2,250.0
|
| |
$2,125.0
|
|
| | | | | | | | | | | | EBITDA Multiples (x) | | |
4.8x - 23.5x
|
| |
7.9 x
|
|
| | | | | | | | | | | | Production Multiples (Mboe/d) | | |
$32,500.0 - $51,250.0
|
| |
$35,881.4
|
|
| | | | | | | | | | | | Production Multiples (MMcfe/d) | | |
$5,000.0 - $5,500.0
|
| |
$5,250.0
|
|
| | | | | | | | | | | | Proved Reserves Multiples (Bcfe) | | |
$1.8 - $2.0
|
| |
$1.9
|
|
| | | | | | | | | | | |
Proved Reserves Multiples (Mmboe)
|
| |
$8.3 - $11.3
|
| |
$8.9
|
|
| | | | | | | | | | | | PV-10 Multiples (x) | | |
0.8x - 2.6x
|
| |
2.2 x
|
|
| | | | | | | | | Discounted Cash Flow | | | Discount Rate (%) | | |
11.0% - 13.0%
|
| |
12.0%
|
|
| | | | | | | | | Option Valuation Model | | | Volatility (%) | | |
30.0% - 36.5%
|
| |
35.4%
|
|
| | | |
|
60,431
|
| | | Other (2) | | | Other | | |
N/A
|
| |
N/A
|
|
| | | |
|
5,686
|
| | | Market Quotes | | | Indicative Dealer Quotes | | |
0.0% - 9.8%
|
| |
8.1%
|
|
Total
|
| | |
$
|
4,591,226
|
| | | | | | | | | | | | | |
|
| | |
As of March 31, 2018 (Unaudited)
|
| ||||||||||||||||||
Arrangement
(1)
|
| |
Type of Arrangement
|
| |
Rate
|
| |
Amount
Outstanding |
| |
Amount
Available |
| |
Maturity Date
|
| ||||||
Green Creek Credit Facility
|
| |
Term Loan Credit Facility
|
| |
L+2.50%
|
| | | $ | 500,000 | | | | | $ | — | | | |
December 15, 2019
|
|
Cooper River Credit Facility
|
| |
Revolving Credit Facility
|
| |
L+2.25%
|
| | | | 181,933 | | | | | | 18,067 | | | |
May 29, 2020
|
|
Wissahickon Creek Credit Facility
|
| |
Revolving Credit Facility
|
| |
L+1.50% to
L+2.50% |
| | | | 240,146 | | | | | | 9,854 | | | |
February 18, 2022
|
|
Darby Creek Credit Facility
|
| |
Revolving Credit Facility
|
| |
L+2.50%
|
| | | | 250,000 | | | | | | — | | | |
August 19, 2020
|
|
Dunning Creek Credit Facility
(4)
|
| |
Revolving Credit Facility
|
| |
L+1.80%
|
| | | | 150,000 | | | | | | — | | | |
May 14, 2018
|
|
Juniata River Credit Facility
|
| |
Term Loan Credit Facility
|
| |
L+2.68%
|
| | | | 850,000 | | | | | | — | | | |
October 11, 2020
|
|
FSIC II Revolving Credit Facility
|
| |
Revolving Credit Facility
|
| |
See Note
(2)
|
| | | | 10,859 (3) | | | | | | 109,141 | | | |
February 23, 2021
|
|
Total
|
| | | | | | | | | $ | 2,182,938 | | | | | $ | 137,062 | | | | | |
| | |
December 31, 2017
|
| ||||||||||||||||||
Arrangement
(1)
|
| |
Type of Arrangement
|
| |
Rate
|
| |
Amount
Outstanding |
| |
Amount
Available |
| |
Maturity Date
|
| ||||||
Green Creek Credit Facility
|
| |
Term Loan Credit Facility
|
| |
L+2.50%
|
| | | $ | 500,000 | | | | | $ | — | | | |
December 15, 2019
|
|
Cooper River Credit Facility
|
| |
Revolving Credit Facility
|
| |
L+2.25%
|
| | | | 180,933 | | | | | | 19,067 | | | |
May 29, 2020
|
|
Wissahickon Creek Credit Facility
|
| |
Revolving Credit Facility
|
| |
L+1.50% to
L+2.50% |
| | | | 240,146 | | | | | | 9,854 | | | |
February 18, 2022
|
|
Darby Creek Credit Facility
|
| |
Revolving Credit Facility
|
| |
L+2.50%
|
| | | | 250,000 | | | | | | — | | | |
August 19, 2020
|
|
Dunning Creek Credit Facility
|
| |
Revolving Credit Facility
|
| |
L+1.80%
|
| | | | 150,000 | | | | | | — | | | |
May 14, 2018
|
|
Juniata River Credit Facility
|
| |
Term Loan Credit Facility
|
| |
L+2.68%
|
| | | | 850,000 | | | | | | — | | | |
October 11, 2020
|
|
FSIC II Revolving Credit Facility
|
| |
Revolving Credit Facility
|
| |
See Note
(2)
|
| | | | 13,400 (3) | | | | | | 106,600 | | | |
February 23, 2021
|
|
Total
|
| | | | | | | | | $ | 2,184,479 | | | | | $ | 135,521 | | | | | |
| | |
Three Months Ended March 31,
|
| |||||||||||||||||||||||||||||||||
| | |
2018
|
| |
2017
|
| ||||||||||||||||||||||||||||||
Arrangement
(1)
|
| |
Direct
Interest Expense (2) |
| |
Amortization of
Deferred Financing Costs |
| |
Total
Interest Expense |
| |
Direct
Interest Expense (2) |
| |
Amortization of
Deferred Financing Costs |
| |
Total
Interest Expense |
| ||||||||||||||||||
Goldman Repurchase Facility
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 3,519 | | | | | $ | 134 | | | | | $ | 3,653 | | |
Green Creek Credit Facility
|
| | | | 4,961 | | | | | | 267 | | | | | | 5,228 | | | | | | — | | | | | | — | | | | | | — | | |
Cooper River Credit Facility
|
| | | | 1,697 | | | | | | 114 | | | | | | 1,811 | | | | | | 1,431 | | | | | | 115 | | | | | | 1,546 | | |
Wissahickon Creek Credit Facility
|
| | | | 2,612 | | | | | | 262 | | | | | | 2,874 | | | | | | 2,050 | | | | | | 213 | | | | | | 2,263 | | |
Darby Creek Credit Facility
|
| | | | 2,786 | | | | | | 250 | | | | | | 3,036 | | | | | | 2,284 | | | | | | 337 | | | | | | 2,621 | | |
Dunning Creek Credit Facility
|
| | | | 1,365 | | | | | | 92 | | | | | | 1,457 | | | | | | 771 | | | | | | 103 | | | | | | 874 | | |
Juniata River Credit Facility
|
| | | | 9,242 | | | | | | 361 | | | | | | 9,603 | | | | | | 7,833 | | | | | | 361 | | | | | | 8,194 | | |
FSIC II Revolving Credit Facility
|
| | | | 162 | | | | | | 12 | | | | | | 174 | | | | | | 313 | | | | | | 30 | | | | | | 343 | | |
Partial Loan Sale
(3)
|
| | | | — | | | | | | — | | | | | | — | | | | | | 113 | | | | | | 4 | | | | | | 117 | | |
Total
|
| | | $ | 22,825 | | | | | $ | 1,358 | | | | | $ | 24,183 | | | | | $ | 18,314 | | | | | $ | 1,297 | | | | | $ | 19,611 | | |
|
| | |
Three Months Ended March 31,
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
2018
|
| |
2017
|
| ||||||||||||||||||||||||||||||||||||||||||
Arrangement
(1)
|
| |
Cash Paid
for Interest Expense |
| |
Average
Borrowings |
| |
Effective
Interest Rate |
| |
Weighted
Average Interest Rate (2) |
| |
Cash Paid
for Interest Expense |
| |
Average
Borrowings |
| |
Effective
Interest Rate |
| |
Weighted
Average Interest Rate (2) |
| ||||||||||||||||||||||||
Goldman Repurchase Facility
(3)
|
| | | $ | — | | | | | $ | — | | | | | | — % | | | | | | — % | | | | | $ | 3,481 | | | | | $ | 400,000 | | | | | | 3.54 % | | | | | | 3.52 % | | |
Green Creek Credit Facility
(3)
|
| | | | 5,005 | | | | | | 500,000 | | | | | | 3.92 % | | | | | | 3.97 % | | | | | | — | | | | | | — | | | | | | — % | | | | | | — % | | |
Cooper River Credit Facility
(3)
|
| | | | 1,705 | | | | | | 181,622 | | | | | | 3.69 % | | | | | | 3.74 % | | | | | | 1,385 | | | | | | 166,246 | | | | | | 3.25 % | | | | | | 3.44 % | | |
Wissahickon Creek Credit
Facility (3) |
| | | | 2,392 | | | | | | 240,146 | | | | | | 4.72 % | | | | | | 4.35 % | | | | | | 2,003 | | | | | | 240,146 | | | | | | 3.53 % | | | | | | 3.42 % | | |
Darby Creek Credit Facility
(3)
|
| | | | 2,625 | | | | | | 250,000 | | | | | | 4.47 % | | | | | | 4.46 % | | | | | | 2,117 | | | | | | 239,167 | | | | | | 3.63 % | | | | | | 3.82 % | | |
Dunning Creek Credit Facility
(3)
|
| | | | 1,266 | | | | | | 150,000 | | | | | | 3.86 % | | | | | | 3.64 % | | | | | | 748 | | | | | | 99,453 | | | | | | 3.05 % | | | | | | 3.10 % | | |
Juniata River Credit Facility
(3)
|
| | | | 8,687 | | | | | | 850,000 | | | | | | 4.39 % | | | | | | 4.35 % | | | | | | 7,659 | | | | | | 850,000 | | | | | | 3.71 % | | | | | | 3.69 % | | |
FSIC II Revolving Credit
Facility (4) |
| | | | 168 | | | | | | 11,378 | | | | | | 5.88 % | | | | | | 5.69 % | | | | | | 274 | | | | | | 34,000 | | | | | | 3.55 % | | | | | | 3.67 % | | |
Partial Loan Sale
(3)
|
| | | | — | | | | | | — | | | | | | — % | | | | | | — % | | | | | | 119 | | | | | | 8,214 | | | | | | 5.53 % | | | | | | 5.50 % | | |
| | | | $ | 21,848 | | | | | $ | 2,183,146 | | | | | | 4.24 % | | | | | | 4.18 % | | | | | $ | 17,786 | | | | | $ | 2,037,226 | | | | | | 3.58 % | | | | | | 3.60 % | | |
|
| | |
Three Months Ended
March 31, 2018 (Unaudited) |
| |
Year Ended
December 31, 2017 |
| ||||||
Per Share Data: (1) | | | | | | | | | | | | | |
Net asset value, beginning of period
|
| | | $ | 8.73 | | | | | $ | 8.90 | | |
Results of operations (2) | | | | | | | | | | | | | |
Net investment income
|
| | | | 0.19 | | | | | | 0.83 | | |
Net realized and unrealized appreciation (depreciation) on investments, gain/loss on foreign currency and secured
borrowing |
| | | | (0.33 ) | | | | | | (0.25 ) | | |
Net increase (decrease) in net assets resulting from operations
|
| | | | (0.14 ) | | | | | | 0.58 | | |
Stockholder distributions (3) | | | | | | | | | | | | | |
Distributions from net investment income
|
| | | | (0.19 ) | | | | | | (0.75 ) | | |
Distributions from net realized gain on investments
|
| | | | — | | | | | | — | | |
Net decrease in net assets resulting from stockholder distributions
|
| | | | (0.19 ) | | | | | | (0.75 ) | | |
Capital share transactions | | | | | | | | | | | | | |
Issuance of common stock
(4)
|
| | | | — | | | | | | — | | |
Repurchases of common stock
(5)
|
| | | | — | | | | | | — | | |
Net increase (decrease) in net assets resulting from capital share transactions
|
| | | | — | | | | | | — | | |
Net asset value, end of period
|
| | | $ | 8.40 | | | | | $ | 8.73 | | |
Shares outstanding, end of period
|
| | | | 326,656,130 | | | | | | 326,748,337 | | |
Total return
(6)
|
| | | | (1.69 )% | | | | | | 6.59 % | | |
Total return (without assuming reinvestment of distributions)
(6)
|
| | | | (1.60 )% | | | | | | 6.52 % | | |
Ratio/Supplemental Data: | | | | | | | | | | | | | |
Net assets, end of period
|
| | | $ | 2,745,402 | | | | | $ | 2,853,021 | | |
Ratio of net investment income to average net assets
(7)
|
| | | | 8.81 % | | | | | | 9.32 % | | |
Ratio of operating expenses and excise taxes to average net assets
(7)
|
| | | | 8.26 % | | | | | | 9.10 % | | |
Ratio of net operating expenses and excise taxes to average net assets
(7)
|
| | | | 7.81 % | | | | | | 8.66 % | | |
Portfolio turnover
(8)
|
| | | | 4.39 % | | | | | | 39.62 % | | |
Total amount of senior securities outstanding, exclusive of treasury securities
|
| | | $ | 2,182,938 | | | | | $ | 2,184,479 | | |
Asset coverage per unit
(9)
|
| | | | 2.26 | | | | | | 2.31 | | |
| | |
Three Months Ended
March 31, 2018 (Unaudited) |
| |
Year Ended
December 31, 2017 |
| ||||||
Ratio of subordinated income incentive fees to average net assets
|
| | | | 0.79 % | | | | | | 2.11 % | | |
Ratio of interest expense to average net assets
|
| | | | 3.42 % | | | | | | 2.97 % | | |
Ratio of excise taxes to average net assets
|
| | | | — % | | | | | | 0.08 % | | |
Net Investment Activity
|
| |
For the Three Months Ended
March 31, 2018 |
| |
For the Year Ended
December 31, 2017 |
| ||||||
Purchases
|
| | | $ | 199,941 | | | | | $ | 1,947,595 | | |
Sales and Repayments
|
| | | | (301,070 ) | | | | | | (1,838,233 ) | | |
Net Portfolio Activity
|
| | | $ | (101,129 ) | | | | | $ | 109,362 | | |
|
| | |
For the Three Months Ended
March 31, 2018 |
| |
For the Year Ended
December 31, 2017 |
| ||||||||||||||||||
New Investment Activity by Asset Class
|
| |
Purchases
|
| |
Percentage
|
| |
Purchases
|
| |
Percentage
|
| ||||||||||||
Senior Secured Loans—First Lien
|
| | | $ | 164,136 | | | | | | 82 % | | | | | $ | 1,555,659 | | | | | | 80 % | | |
Senior Secured Loans—Second Lien
|
| | | | 6,944 | | | | | | 4 % | | | | | | 141,861 | | | | | | 7 % | | |
Senior Secured Bonds
|
| | | | 17,900 | | | | | | 9 % | | | | | | 40,746 | | | | | | 2 % | | |
Subordinated Debt
|
| | | | 3,783 | | | | | | 2 % | | | | | | 158,364 | | | | | | 8 % | | |
Collateralized Securities
|
| | | | 659 | | | | | | 0 % | | | | | | 3,947 | | | | | | 0 % | | |
Equity/Other
|
| | | | 6,519 | | | | | | 3 % | | | | | | 47,018 | | | | | | 3 % | | |
Total
|
| | | $ | 199,941 | | | | | | 100 % | | | | | $ | 1,947,595 | | | | | | 100 % | | |
|
| | |
March 31, 2018 (Unaudited)
|
| |
December 31, 2017
|
| ||||||||||||||||||||||||||||||
| | |
Amortized
Cost (1) |
| |
Fair Value
|
| |
Percentage
of Portfolio |
| |
Amortized
Cost (1) |
| |
Fair Value
|
| |
Percentage
of Portfolio |
| ||||||||||||||||||
Senior Secured Loans—First Lien
|
| | | $ | 3,323,662 | | | | | $ | 3,286,014 | | | | | | 75 % | | | | | $ | 3,408,133 | | | | | $ | 3,421,070 | | | | | | 74 % | | |
Senior Secured Loans—Second Lien
|
| | | | 389,886 | | | | | | 303,041 | | | | | | 7 % | | | | | | 385,761 | | | | | | 327,135 | | | | | | 7 % | | |
Senior Secured Bonds
|
| | | | 122,693 | | | | | | 125,223 | | | | | | 3 % | | | | | | 123,045 | | | | | | 124,673 | | | | | | 3 % | | |
Subordinated Debt
|
| | | | 347,734 | | | | | | 341,871 | | | | | | 8 % | | | | | | 369,864 | | | | | | 366,048 | | | | | | 8 % | | |
Collateralized Securities
|
| | | | 21,128 | | | | | | 23,969 | | | | | | 0 % | | | | | | 20,435 | | | | | | 25,763 | | | | | | 1 % | | |
Equity/Other
|
| | | | 284,863 | | | | | | 315,122 | | | | | | 7 % | | | | | | 296,470 | | | | | | 332,905 | | | | | | 7 % | | |
Total
|
| | | $ | 4,489,966 | | | | | $ | 4,395,240 | | | | | | 100 % | | | | | $ | 4,603,708 | | | | | $ | 4,597,594 | | | | | | 100 % | | |
|
| | |
March 31, 2018
|
| |
December 31, 2017
|
|
Number of Portfolio Companies
|
| |
122
|
| |
131
|
|
% Variable Rate (based on fair value)
|
| |
81.9%
|
| |
82.4%
|
|
% Fixed Rate (based on fair value)
|
| |
10.2%
|
| |
9.9%
|
|
% Income Producing Equity or Other Investments (based on fair value)
|
| |
0.5%
|
| |
0.4%
|
|
% Non-Income Producing Equity or Other Investments (based on fair
value) |
| |
7.4%
|
| |
7.3%
|
|
Average Annual EBITDA of Portfolio Companies
|
| |
$106,200
|
| |
$108,500
|
|
Weighted Average Purchase Price of Debt Investments (as a % of par)
|
| |
98.8%
|
| |
98.8%
|
|
% of Investments on Non-Accrual (based on fair value)
|
| |
0.7%
|
| |
0.4%
|
|
Gross Portfolio Yield Prior to Leverage (based on amortized cost)
|
| |
9.6%
|
| |
9.1%
|
|
Gross Portfolio Yield Prior to Leverage (based on amortized cost)—Excluding Non-Income Producing Assets
|
| |
10.1%
|
| |
9.8%
|
|
New Direct Originations
|
| |
For the Three Months Ended
March 31, 2018 |
| |
For the Year Ended
December 31, 2017 |
| ||||||
Total Commitments (including unfunded
commitments) |
| | | $ | 184,090 | | | | | $ | 1,475,349 | | |
Exited Investments (including partial paydowns)
|
| | | | (231,373 ) | | | | | | (1,247,429 ) | | |
Net Direct Originations
|
| | | $ | (47,283 ) | | | | | $ | 227,920 | | |
|
| | |
For the Three Months Ended
March 31, 2018 |
| |
For the Year Ended
December 31, 2017 |
| ||||||||||||||||||
New Direct Originations by Asset Class (including unfunded commitments)
|
| |
Commitment
Amount |
| |
Percentage
|
| |
Commitment
Amount |
| |
Percentage
|
| ||||||||||||
Senior Secured Loans—First Lien
|
| | | $ | 169,238 | | | | | | 92 % | | | | | $ | 1,381,940 | | | | | | 94 % | | |
Senior Secured Loans—Second Lien
|
| | | | 6,944 | | | | | | 4 % | | | | | | 24,094 | | | | | | 2 % | | |
Senior Secured Bonds
|
| | | | — | | | | | | — | | | | | | 18,674 | | | | | | 1 % | | |
Subordinated Debt
|
| | | | 1,389 | | | | | | 1 % | | | | | | 20,000 | | | | | | 1 % | | |
Collateralized Securities
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Equity/Other
|
| | | | 6,519 | | | | | | 3 % | | | | | | 30,641 | | | | | | 2 % | | |
Total
|
| | | $ | 184,090 | | | | | | 100 % | | | | | $ | 1,475,349 | | | | | | 100 % | | |
|
| | |
For the Three Months Ended
March 31, 2018 |
| |
For the Year Ended
December 31, 2017 |
|
Average New Direct Origination Commitment Amount
|
| |
$30,682
|
| |
$30,736
|
|
Weighted Average Maturity for New Direct Originations
|
| |
10/31/23
|
| |
12/9/22
|
|
Gross Portfolio Yield Prior to Leverage (based on amortized cost) of New Direct Originations Funded during Period
|
| |
9.8%
|
| |
9.0%
|
|
Gross Portfolio Yield Prior to Leverage (based on amortized cost) of New Direct Originations Funded during Period—Excluding Non-Income Producing Assets
|
| |
10.2%
|
| |
9.2%
|
|
Gross Portfolio Yield Prior to Leverage (based on amortized cost) of Direct Originations Exited during Period
|
| |
9.9%
|
| |
10.3%
|
|
Characteristics of All Direct Originations Held in Portfolio
|
| |
March 31, 2018
|
| |
December 31, 2017
|
|
Number of Portfolio Companies
|
| |
73
|
| |
75
|
|
Average Annual EBITDA of Portfolio Companies
|
| |
$73,200
|
| |
$71,200
|
|
Average Leverage Through Tranche of Portfolio Companies—Excluding Equity/Other and Collateralized Securities
|
| |
5.0x
|
| |
4.8x
|
|
% of Investments on Non-Accrual (based on fair value)
|
| |
0.7%
|
| |
—
|
|
Gross Portfolio Yield Prior to Leverage (based on amortized cost) of Funded Direct Originations
|
| |
9.6%
|
| |
9.2%
|
|
Gross Portfolio Yield Prior to Leverage (based on amortized cost) of Funded Direct Originations—Excluding Non-Income Producing
Assets |
| |
10.2%
|
| |
9.8%
|
|
| | |
March 31, 2018
|
| |
December 31, 2017
|
| ||||||||||||||||||
Portfolio Composition by Strategy
|
| |
Fair
Value |
| |
Percentage
of Portfolio |
| |
Fair
Value |
| |
Percentage
of Portfolio |
| ||||||||||||
Direct Originations
|
| | | $ | 3,679,776 | | | | | | 84 % | | | | | $ | 3,812,590 | | | | | | 83 % | | |
Opportunistic
|
| | | | 580,084 | | | | | | 13 % | | | | | | 634,049 | | | | | | 14 % | | |
Broadly Syndicated/Other
|
| | | | 135,380 | | | | | | 3 % | | | | | | 150,955 | | | | | | 3 % | | |
Total
|
| | | $ | 4,395,240 | | | | | | 100 % | | | | | $ | 4,597,594 | | | | | | 100 % | | |
|
Investment
Rating |
| |
Summary Description
|
|
1
|
| | Investment exceeding expectations and/or capital gain expected. | |
2
|
| | Performing investment generally executing in accordance with the portfolio company’s business plan—full return of principal and interest expected. | |
3
|
| | Performing investment requiring closer monitoring. | |
4
|
| | Underperforming investment—some loss of interest or dividend possible, but still expecting a positive return on investment. | |
5
|
| | Underperforming investment with expected loss of interest and some principal. | |
| | |
March 31, 2018
|
| |
December 31, 2017
|
| ||||||||||||||||||
Investment Rating
|
| |
Fair
Value |
| |
Percentage
of Portfolio |
| |
Fair
Value |
| |
Percentage
of Portfolio |
| ||||||||||||
1
|
| | | $ | 347,766 | | | | | | 8 % | | | | | $ | 353,707 | | | | | | 8 % | | |
2
|
| | | | 3,157,334 | | | | | | 72 % | | | | | | 3,821,037 | | | | | | 83 % | | |
3
|
| | | | 749,390 | | | | | | 17 % | | | | | | 332,397 | | | | | | 7 % | | |
4
|
| | | | 90,458 | | | | | | 2 % | | | | | | 6,771 | | | | | | 0 % | | |
5
|
| | | | 50,292 | | | | | | 1 % | | | | | | 83,682 | | | | | | 2 % | | |
Total
|
| | | $ | 4,395,240 | | | | | | 100 % | | | | | $ | 4,597,594 | | | | | | 100 % | | |
|
| | |
Three Months Ended March 31,
|
| |||||||||||||||||||||
| | |
2018
|
| |
2017
|
| ||||||||||||||||||
| | |
Amount
|
| |
Percentage of
Total Income |
| |
Amount
|
| |
Percentage of
Total Income |
| ||||||||||||
Interest income
|
| | | $ | 100,156 | | | | | | 85 % | | | | | $ | 104,470 | | | | | | 79 % | | |
Paid-in-kind interest income
|
| | | | 4,978 | | | | | | 4 % | | | | | | 5,994 | | | | | | 5 % | | |
Fee income
|
| | | | 5,074 | | | | | | 4 % | | | | | | 21,479 | | | | | | 16 % | | |
Dividend income
|
| | | | 7,494 | | | | | | 7 % | | | | | | — | | | | | | — % | | |
Total investment income
(1)
|
| | | $ | 117,702 | | | | | | 100 % | | | | | $ | 131,943 | | | | | | 100 % | | |
|
| | |
Three Months Ended
March 31, |
| |||||||||
| | |
2018
|
| |
2017
|
| ||||||
Management fees
|
| | | $ | 25,234 | | | | | $ | 25,468 | | |
Subordinated income incentive fees
|
| | | | 5,575 | | | | | | 17,499 | | |
Administrative services expenses
|
| | | | 782 | | | | | | 867 | | |
Stock transfer agent fees
|
| | | | 495 | | | | | | 495 | | |
Accounting and administrative fees
|
| | | | 421 | | | | | | 431 | | |
Interest expense
|
| | | | 24,183 | | | | | | 19,611 | | |
Directors’ fees
|
| | | | 504 | | | | | | 276 | | |
Expenses associated with our independent audit and related fees
|
| | | | 126 | | | | | | 126 | | |
Legal fees
|
| | | | 34 | | | | | | 35 | | |
Printing fees
|
| | | | 53 | | | | | | 278 | | |
Other
|
| | | | 1,058 | | | | | | 43 | | |
Total operating expenses
|
| | | $ | 58,465 | | | | | $ | 65,129 | | |
Management fee waiver
|
| | | | (3,154 ) | | | | | | (3,183 ) | | |
Net operating expenses
|
| | | $ | 55,311 | | | | | $ | 61,946 | | |
|
| | |
Three Months Ended March 31,
|
| |||||||||
| | |
2018
|
| |
2017
|
| ||||||
Ratio of operating expenses and excise taxes to average net assets
|
| | | | 2.06 % | | | | | | 2.23 % | | |
Ratio of management fee waiver to average net assets
|
| | | | (0.11 )% | | | | | | (0.11 )% | | |
Ratio of net operating expenses and excise taxes to average net assets
|
| | | | 1.95 % | | | | | | 2.12 % | | |
Ratio of incentive fees, interest expense and excise taxes to average net assets
(1)
|
| | | | 1.05 % | | | | | | 1.27 % | | |
Ratio of net operating expenses, excluding certain expenses, to average net assets
|
| | | | 0.90 % | | | | | | 0.85 % | | |
| | |
Three Months Ended
March 31, |
| |||||||||||||||
| | |
2018
|
| |
2017
|
| | | ||||||||||
Net realized gain (loss) on investments
(1)
|
| | | $ | (19,294 ) | | | | | $ | (19,501 ) | | | | | ||||
Net realized gain (loss) on foreign currency
|
| | | | (327 ) | | | | | | — | | | | | ||||
Total net realized gain (loss)
|
| | | $ | (19,621 ) | | | | | $ | (19,501 ) | | | | | ||||
|
| | |
Three Months Ended
March 31, |
| |||||||||
| | |
2018
|
| |
2017
|
| ||||||
Net change in unrealized appreciation (depreciation) on investments
|
| | | $ | (88,612 ) | | | | | $ | 58,153 | | |
Net change in unrealized appreciation (depreciation) on secured borrowing
|
| | | | — | | | | | | (34 ) | | |
Net change in unrealized gain (loss) on foreign currency
|
| | | | 410 | | | | | | — | | |
Total net change in unrealized appreciation (depreciation)
|
| | | $ | (88,202 ) | | | | | $ | 58,119 | | |
|
Arrangement
(1)
|
| |
Type of Arrangement
|
| |
Rate
|
| |
Amount
Outstanding |
| |
Amount
Available |
| |
Maturity Date
|
| ||||||
Green Creek Credit Facility
|
| |
Term Loan Credit Facility
|
| |
L+2.50%
|
| | | $ | 500,000 | | | | | $ | — | | | |
December 15, 2019
|
|
Cooper River Credit Facility
|
| |
Revolving Credit Facility
|
| |
L+2.25%
|
| | | | 181,933 | | | | | | 18,067 | | | |
May 29, 2020
|
|
Wissahickon Creek Credit Facility
|
| |
Revolving Credit Facility
|
| |
L+1.50% to
L+2.50% |
| | | | 240,146 | | | | | | 9,854 | | | |
February 18, 2022
|
|
Darby Creek Credit Facility
|
| |
Revolving Credit Facility
|
| |
L+2.50%
|
| | | | 250,000 | | | | | | — | | | |
August 19, 2020
|
|
Dunning Creek Credit Facility
(4)
|
| |
Revolving Credit Facility
|
| |
L+1.80%
|
| | | | 150,000 | | | | | | — | | | |
May 14, 2018
|
|
Juniata River Credit Facility
|
| |
Term Loan Credit Facility
|
| |
L+2.68%
|
| | | | 850,000 | | | | | | — | | | |
October 11, 2020
|
|
FSIC II Revolving Credit Facility
|
| |
Revolving Credit Facility
|
| |
See Note
(2)
|
| | | | 10,859 (3) | | | | | | 109,141 | | | |
February 23, 2021
|
|
Total
|
| | | | | | | | | $ | 2,182,938 | | | | | $ | 137,062 | | | | | |
| | |
Distribution
|
| |||||||||
For the Three Months Ended
|
| |
Per Share
|
| |
Amount
|
| ||||||
Fiscal 2017 | | | | | | | | | | | | | |
March 31, 2017
|
| | | $ | 0.1885 | | | | | $ | 61,436 | | |
Total
|
| | | $ | 0.1885 | | | | | $ | 61,436 | | |
Fiscal 2018 | | | | | | | | | | | | | |
March 31, 2018
|
| | | $ | 0.1885 | | | | | $ | 61,153 | | |
Total
|
| | | $ | 0.1885 | | | | | $ | 61,153 | | |
|
| | |
Payments Due By Period
|
| | |||||||||||||||||||||||||||||
| | |
Maturity Date
(1)
|
| |
Total
|
| |
Less than
1 year |
| |
1-3 years
|
| |
3-5 years
|
| |
More than
5 years |
| |||||||||||||||
Green Creek Credit Facility
(2)
|
| |
December 15, 2019
|
| | | $ | 500,000 | | | | | | — | | | | | $ | 500,000 | | | | | | — | | | | | | — | | |
Cooper River Credit Facility
(3)
|
| |
May 29, 2020
|
| | | $ | 181,933 | | | | | | — | | | | | $ | 181,933 | | | | | | — | | | | | | — | | |
Wissahickon Creek Credit Facility
(4)
|
| |
February 18, 2022
|
| | | $ | 240,146 | | | | | | — | | | | | | — | | | | | $ | 240,146 | | | | | | — | | |
Darby Creek Credit Facility
(2)
|
| |
August 19, 2020
|
| | | $ | 250,000 | | | | | | — | | | | | $ | 250,000 | | | | | | — | | | | | | — | | |
Dunning Creek Credit Facility
(2)
|
| |
May 14, 2018
|
| | | $ | 150,000 | | | | | $ | 150,000 | | | | | | — | | | | | | — | | | | | | — | | |
Juniata River Credit Facility
(2)
|
| |
October 11, 2020
|
| | | $ | 850,000 | | | | | | — | | | | | $ | 850,000 | | | | | | — | | | | | | — | | |
FSIC II Revolving Credit Facility
(5)
|
| |
February 23, 2021
|
| | | $ | 10,859 | | | | | | — | | | | | $ | 10,859 | | | | | | — | | | | | | — | | |
Basis Point Change in Interest Rates
|
| |
Increase
(Decrease) in Interest Income (1) |
| |
Increase
(Decrease) in Interest Expense |
| |
Increase
(Decrease) in Net Interest Income |
| |
Percentage
Change in Net Interest Income |
| ||||||||||||
Down 100 basis points
|
| | | $ | (33,960 ) | | | | | $ | (17,558 ) | | | | | $ | (16,402 ) | | | | | | (4.8 )% | | |
No change
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Up 100 basis points
|
| | | $ | 35,166 | | | | | $ | 17,558 | | | | | $ | 17,608 | | | | | | 5.1 % | | |
Up 300 basis points
|
| | | $ | 106,202 | | | | | $ | 52,673 | | | | | $ | 53,529 | | | | | | 15.6 % | | |
Up 500 basis points
|
| | | $ | 178,291 | | | | | $ | 87,789 | | | | | $ | 90,502 | | | | | | 26.4 % | | |
Period
|
| |
Total Number
of Shares Purchased |
| |
Average
Price Paid per Share |
| |
Total Number of
Shares Purchased as Part of Publicly Announced Plans or Programs |
| |
Maximum Number of
Shares that May Yet Be Purchased Under the Plans or Programs |
| ||||||||||||
January 1, 2018 through January 31, 2018
|
| | | | 3,408,305 | | | | | $ | 8.80 | | | | | | 3,408,305 | | | | | | (1 ) | | |
February 1, 2018 through February 28, 2018
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
March 1, 2018 through March 31, 2018
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | | 3,408,305 | | | | | $ | 8.80 | | | | | | 3,408,305 | | | | | | (1 ) | | |
|
| | | | FS INVESTMENT CORPORATION II | | |||
| | | |
By:
|
| |
/s/ Michael C. Forman
Michael C. Forman
Chief Executive Officer (Principal Executive Officer) |
|
| | | |
By:
|
| |
/s/ William Goebel
William Goebel
Chief Financial Officer (Principal Financial and Accounting Officer) |
|
Exhibit 10.50
FS Investment Corporation II
201 Rouse Boulevard
Philadelphia, PA 19112
March 16, 2018 |
ING Capital LLC, as Administrative Agent
1133 Avenue of the Americas
New York, NY 10036
and the Lenders (as defined below)
Re: | FS Investment Corporation II – Consent and Modification in relation to Transition Events |
Ladies and Gentlemen,
Reference is hereby made to the Senior Secured Revolving Credit Agreement, dated as of February 23, 2016 (as amended by that certain Amendment No. 1 to Senior Secured Revolving Credit Agreement, dated as of April 25, 2016, and as further amended, restated, supplemented or otherwise modified from time to time, the “ Credit Agreement ”; capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Credit Agreement), among FS INVESTMENT CORPORATION II, a Maryland corporation (“ us ” or “ we ”), the several banks and other financial institutions or entities from time to time party to the Credit Agreement as lenders (the “ Lenders ”), and ING CAPITAL LLC, as administrative agent for the Lenders under the Credit Agreement (in such capacity, together with its successors in such capacity, the “ Administrative Agent ”).
FSIC II Advisor, LLC (“ FSIC II Advisor ”) currently provides investment advisory and administrative services to us pursuant to the Investment Advisory and Administrative Services Agreement, dated as of February 8, 2012, by and between us and FSIC II Advisor (the “ Current Investment Advisory Agreement ”). GSO / Blackstone Debt Funds Management LLC (“ GDFM ”) currently serves as our investment sub-advisor pursuant to the Investment Sub-Advisory Agreement, dated as of February 8, 2012, by and between GDFM and FSIC II Advisor (the “ Current Investment Sub-Advisory Agreement ”).
On (i) December 11, 2017, we filed a current report with the U.S. Securities and Exchange Commission on Form 8-K (a copy of which is attached hereto as Exhibit A , the “ Filing ”) and (ii) January 18, 2018, we filed a definitive proxy report statement with the U.S. Securities and Exchange Commission on Schedule 14A (a copy of which is attached hereto as Exhibit B , the “ Proxy ”) announcing, among other things (collectively, the “ Proposed Transition ”), (a) GDFM’s intended resignation as our investment sub-advisor and termination of the Current Investment Sub-Advisory Agreement in April 2018 and (b) a proposed transition of our investment advisory services to a new joint venture relationship between affiliates of Franklin Square Holdings, L.P. (“ FS Investments ”) and KKR Credit Advisors (US) LLC (“ KKR ”), which is proposed to ultimately take the form of a newly formed entity jointly operated by one or more affiliates of FS Investments and KKR (such proposed new joint investment advisor entity, the “ Joint Advisor ”).
In furtherance of the Proposed Transition, we, FSIC II Advisor, KKR and the Joint Advisor have taken or intend to take one or more of the following actions, each as more fully described in the Filing and the Proxy and subject to the terms and conditions set forth in the applicable definitive documents (collectively and together with all other transactions reasonably necessary to achieve the Proposed Transition, the “ Transition Events ”):
(a) | the renewal of the Current Investment Advisory Agreement for an additional one-year term commencing on December 10, 2017; |
(b) | the entry into that certain Engagement Letter, dated as of December 13, 2017, by and among FSIC II Advisor, other affiliated investment advisors, KKR and KKR’s broker-dealer affiliate (the “ Sourcing and Administrative Services Agreement ”); |
(c) | the entry into an interim investment advisory agreement that meets the applicable requirements of Rule 15a-4 under the Investment Company Act by and between us and KKR, substantially in the form of that certain Interim Investment Advisory Agreement by and between us and KKR delivered to the Administrative Agent by us on March 9, 2018 (the “ Interim Advisory Agreement ”); |
(d) | the termination of the Current Investment Sub-Advisory Agreement; |
(e) | the entry into investment advisory and/or administration agreements by and between us and one or each of FSIC II Advisor and/or KKR, substantially in the form of (i) that certain Investment Advisory Agreement between us and FSIC II Advisor, attached as Exhibit A to the Proxy and (ii) that certain Investment Advisory Agreement between us and KKR, attached as Exhibit B to the Proxy (together, the “ Co-Advisory Agreements ”); |
(f) | the entry into investment advisory and/or administration agreements by and between us and the Joint Advisor, substantially in the form of that certain Investment Advisory Agreement between us and FS/KKR Advisor, LLC, attached as Exhibit C to the Proxy (the “ Joint Advisor Advisory Agreement ”); |
(g) | the resignation of GDFM as our investment sub-advisor; |
(h) | the provision by KKR and/or KKR’s broker-dealer affiliate of certain origination, administrative and other services to FSIC II Advisor; |
(i) | FSIC II Advisor and KKR serving as our co-investment advisors (“ Co-Advisory Status ”); |
(j) | the Joint Advisor serving as our investment advisor (“ Joint Advisory Status ”); |
2 |
(k) | upon or after the effectiveness of Joint Advisory Status, the resignation of FSIC II Advisor as our investment advisor or the resignation of FSIC II Advisor and/or KKR as our co-investment advisors, as applicable; |
(l) | changes to the size and composition of our board of directors; and/or |
(m) | the receipt by one or more of FSIC II Advisor, KKR and/or the Joint Advisor of management and/or incentive fees from us in connection with or arising from any of the foregoing. |
One or more of the Transition Events may require your consent under the Credit Agreement and the other Loan Documents. Accordingly, we hereby request your consent under the Credit Agreement and the other Loan Documents to the undertaking of one or more of the Transition Events, and the Lenders signatory hereto and the Administrative Agent hereby so consent on the terms and subject to the conditions contained in this consent and modification letter.
Effective as of the date hereof, and subject to the terms and conditions set forth herein, you hereby consent to the following (items (1) through (4) collectively, the “ Consent ”):
1. The resignation of GDFM as our sub-advisor and the termination of the Current Investment Sub-Advisory Agreement; provided that,
a. the definition of “Affiliate Agreement” in Section 1.01 of the Credit Agreement shall be amended by deleting clause (ii) thereof;
b. the definition of “Sub-Advisor” in Section 1.01 of the Credit Agreement shall be amended by deleting such definition in its entirety; and
c. clause (n) of Article VII shall be amended by deleting subclause (ii) in its entirety.
2. The entry into one or more of the Sourcing and Administrative Services Agreement, the Interim Advisory Agreement, the Co-Advisory Agreements and/or the Joint Advisor Advisory Agreement; provided that any of the Interim Advisory Agreement, the Co-Advisory Agreements or the Joint Advisory Agreement, once entered into, shall be deemed an “Affiliate Agreement” for all purposes under the Credit Agreement; provided that, for the purposes of Section 6.11(b) of the Credit Agreement, we may freely terminate one or both of the Interim Advisory Agreement and/or the Co-Advisory Agreements to the extent such termination is in connection with the effectiveness of Co-Advisory Status or Joint Advisory Status, as applicable.
3. The entry into the Co-Advisory Status pursuant to the Co-Advisory Agreements; provided that, upon entry into any such status,
a. the definition of “Investment Advisor” in Section 1.01 of the Credit Agreement shall be deemed to be: “(x) FSIC II Advisor, LLC, a Delaware limited liability company, or an Affiliate thereof, in each case so long as it is a Controlled Affiliate of Franklin Square Holdings, L.P. and (y) KKR Credit Advisors (US) LLC or an Affiliate thereof, in each case so long as it is a Controlled Affiliate of KKR & Co. LP, as co-advisors”;
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b. each reference to “Affiliate” in Sections 3.17 and 5.02(b) of the Credit Agreement shall be deemed to be a reference to “Affiliate (other than KKR or any of its Affiliates (except the Investment Advisor) to the extent such entity satisfies the definition of “Affiliate” solely as a result of the entry into the Co-Advisory Status)”;
c. the reference to “FSIC II Advisor, LLC (so long as it is an Affiliate of Franklin Square Holdings, L.P.)” in clause (n) of Article VII of the Credit Agreement shall be deemed to be a reference to “both FSIC II Advisor, LLC or one of its Affiliates (in each case, so long as it is a Controlled Affiliate of Franklin Square Holdings, L.P.) and KKR Credit Advisors (US) LLC or one of its Affiliates (in each case, so long as it is a Controlled Affiliate of KKR & Co. LP)”; and
d. the definition of “Information” in Section 9.13 of the Credit Agreement shall be deemed to also include information received from the Investment Advisor relating to the Investment Advisor, the Borrower, any of its Subsidiaries, any of their respective businesses or any Portfolio Investment (including its Value), other than any such information that is available to the Administrative Agent, the Issuing Bank or any Lender on a nonconfidential basis prior to the disclosure by the Investment Advisor.
4. The entry into the Joint Advisory Status pursuant to the Joint Advisor Advisory Agreement and, upon or after entry into any such status, the resignation of FSIC II Advisor as our investment advisor or the resignation of FSIC II Advisor and/or KKR as our co-investment advisors, as applicable; provided that, upon entry into any such status,
a. the definition of “Investment Advisor” in Section 1.01 of the Credit Agreement shall be deemed to be “FS/KKR Advisor, LLC (so long as it is jointly managed by (i) Franklin Square Holdings, L.P. and/or one or more of its Controlled Affiliates and (ii) KKR & Co. LP and/or one or more of its Controlled Affiliates)”;
b. each reference to “Affiliate” in Sections 3.17 and 5.02(b) of the Credit Agreement shall be deemed to be a reference to “Affiliate (other than KKR or any of its Affiliates (except the Investment Advisor) to the extent such entity satisfies the definition of “Affiliate” solely as a result of the entry into the Co-Advisory Status and/or the Joint Advisory Status)”;
c. the reference to “FSIC II Advisor, LLC (so long as it is an Affiliate of Franklin Square Holdings, L.P.)” in clause (n) of Article VII of the Credit Agreement shall be deemed to be a reference to “FS/KKR Advisor, LLC (so long as it is jointly managed by (i) Franklin Square Holdings, L.P. and/or one or more of its Controlled Affiliates and (ii) KKR & Co. LP and/or one or more of its Controlled Affiliates)”; and
d. the definition of “Information” in Section 9.13 of the Credit Agreement shall be deemed to also include information received from the Investment Advisor relating to the Investment Advisor, the Borrower, any of its Subsidiaries, any of their respective businesses or any Portfolio Investment (including its Value), other than any such information that is available to the Administrative Agent, the Issuing Bank or any Lender on a nonconfidential basis prior to the disclosure by the Investment Advisor.
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The Consent will remain effective (i) during the eighteen (18) month period following the date hereof, so long as one of either the Sourcing and Administrative Services Agreement or the Interim Advisory Agreement is in full force and effect at such time or (ii) at any time, if one of either the Co-Advisory Status or Joint Advisory Status has become effective.
Additionally, you and we hereby agree, upon the effectiveness of Co-Advisory Status or Joint Advisory Status (or earlier upon the request of the Administrative Agent or us), to take such actions (including entering into mutually agreeable amendments, supplements or other modifications to the Loan Documents) that are reasonably requested by the Administrative Agent or us to document the advisory relationship and the other matters contemplated in this consent and modification letter and to otherwise effectuate the purposes and objectives of this consent and modification letter, in each case, on a going-forward basis.
To induce the other parties hereto to enter into this consent and modification letter, the Borrower represents and warrants to the Administrative Agent and each Lender that, as of the date hereof and after giving effect to this consent and modification letter, (i) the representations and warranties set forth in Article 3 of the Credit Agreement and each other Loan Document are true and correct in all material respects (other than any representation or warranty already qualified by materiality or Material Adverse Effect, which shall be true and correct in all respects) on and as of the date hereof or, as to any such representations and warranties that refer to a specific date, as of such specific date, with the same effect as though made on the date hereof and (ii) no Default or Event of Default has occurred or is continuing.
Except as expressly modified hereby, all of the representations, warranties, terms, covenants, conditions and other provisions of the Credit Agreement and the other Loan Documents and the Liens granted thereunder shall remain unchanged and shall continue to be, and shall remain, in full force and effect in accordance with their respective terms. The consents and modifications set forth herein shall be limited precisely as provided for herein and shall not be deemed to be an amendment to, waiver of, consent to or modification of any other terms or provisions of the Credit Agreement or any other Loan Document or of any transaction or further or future action on the part of the Borrower. Upon and after the execution of this consent and modification letter by each of the parties hereto, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to “the Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement as modified hereby.
The contemporaneous exchange and release of executed signature pages by each of the Persons contemplated to be a party hereto shall render this consent and modification letter effective. This consent and modification letter may not be amended or any provision hereof or thereof waived or modified except by an instrument in writing signed by each of the parties hereto. This consent and modification letter may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This consent and modification letter constitutes the entire contract between and among the parties relating to the subject matter hereof and supersedes any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Delivery of an executed counterpart of this consent and modification letter by telecopy or electronic mail shall be effective as delivery of a manually executed counterpart of this consent and modification letter.
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THIS CONSENT AND MODIFICATION LETTER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.
EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS CONSENT AND MODIFICATION LETTER OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS CONSENT AND MODIFICATION LETTER BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.
The provisions of Sections 9.01, 9.07, 9.09 and 9.12 of the Credit Agreement are hereby incorporated by reference mutatis mutandis as if fully set forth herein.
[Signature pages follow]
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If you are in agreement with the foregoing, please sign and return the enclosed counterpart of this consent and modification letter.
FS INVESTMENT CORPORATION II, as Borrower | ||
By: | /s/ William Goebel | |
Name: | William Goebel | |
Title: | Chief Financial Officer |
[Consent and Modification Letter]
ING CAPITAL LLC, as Administrative Agent | ||
By: | /s/ Patrick Frisch | |
Name: | Patrick Frisch | |
Title: | Managing Director | |
By: | /s/ Dominik Breuer | |
Name: | Dominik Breuer | |
Title: | Vice President |
[Consent and Modification Letter]
BARCLAYS BANK PLC, as a Lender | ||
By: | /s/ Jake Lam | |
Name: | Jake Lam | |
Title: | Assistant Vice President |
[Consent and Modification Letter]
CITIBANK, N.A., as a Lender | ||
By: | /s/ Erik Andersen | |
Name: | Erik Andersen | |
Title: | Vice President |
[Consent and Modification Letter]
CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as a Lender |
||
By: | /s/ Doreen Barr | |
Name: | Doreen Barr | |
Title: | Authorized Signatory | |
By: | /s/ Sophie Bulliard | |
Name: | Sophie Bulliard | |
Title: | Authorized Signatory |
[Consent and Modification Letter]
DEUTSCHE BANK AG, NEW YORK BRANCH, as a Lender |
||
By: | /s/ Howard Lee | |
Name: | Howard Lee | |
Title: | Assistant Vice President | |
By: | /s/ Hoi Yeun Chin | |
Name: | Hoi Yeun Chin | |
Title: | Assistant Vice President |
[Consent and Modification Letter]
Exhibit A
[See Attached]
Exhibit B
[See Attached]
|
/s/ Michael C. Forman
Michael C. Forman
Chief Executive Officer |
| | | |
|
/s/ William Goebel
William Goebel
Chief Financial Officer |
| | | |
| | | | Dated: May 15, 2018 | |
| | | |
/s/ Michael C. Forman
Michael C. Forman
Chief Executive Officer |
|
| | | |
/s/ William Goebel
William Goebel
Chief Financial Officer |
|