|
Maryland
|
| |
90-0994912
|
|
|
(State or other jurisdiction of
incorporation or organization) |
| |
(I.R.S. Employer
Identification No.) |
|
|
201 Rouse Boulevard
Philadelphia, Pennsylvania |
| |
19112
|
|
|
(Address of principal executive offices)
|
| |
(Zip Code)
|
|
| Large accelerated filer | | | ☐ | | | Accelerated filer | | | ☐ | |
| Non-accelerated filer | | | ☒ | | | Smaller reporting company | | | ☐ | |
| | | | | | | Emerging growth company | | | ☒ | |
| | |
Page
|
| |||
PART I—FINANCIAL INFORMATION | | | | | | | |
ITEM 1.
FINANCIAL STATEMENTS
|
| | | | | | |
| | | | 1 | | | |
| | | | 2 | | | |
| | | | 3 | | | |
| | | | 4 | | | |
| | | | 5 | | | |
| | | | 21 | | | |
| | | | 50 | | | |
| | | | 67 | | | |
| | | | 68 | | | |
PART II—OTHER INFORMATION | | | | | | | |
| | | | 69 | | | |
| | | | 69 | | | |
| | | | 69 | | | |
| | | | 69 | | | |
| | | | 69 | | | |
| | | | 69 | | | |
| | | | 69 | | | |
| | | | 76 | | |
| | |
September 30,
2018 (Unaudited) |
| |
December 31,
2017 |
| ||||||
Assets | | | | | | | | | | | | | |
Investments, at fair value | | | | | | | | | | | | | |
Non-controlled/unaffiliated investments (amortized cost—$3,280,445 and $3,326,008, respectively)
|
| | |
$
|
3,209,311
|
| | | |
$
|
3,301,261
|
| |
Non-controlled/affiliated investments (amortized cost—$86,553 and $107,137, respectively)
|
| | |
|
41,771
|
| | | |
|
40,265
|
| |
Total investments, at fair value (amortized cost—$3,366,998 and $3,433,145, respectively)
|
| | |
|
3,251,082
|
| | | |
|
3,341,526
|
| |
Cash
|
| | |
|
168,149
|
| | | |
|
359,975
|
| |
Foreign currency, at fair value (cost—$179 and $8,178, respectively)
|
| | |
|
181
|
| | | |
|
8,369
|
| |
Due from counterparty
|
| | |
|
114,689
|
| | | |
|
98,005
|
| |
Receivable for investments sold and repaid
|
| | |
|
26,570
|
| | | |
|
675
|
| |
Interest receivable
|
| | |
|
34,424
|
| | | |
|
35,499
|
| |
Deferred financing costs
|
| | |
|
4,730
|
| | | |
|
1,874
|
| |
Receivable due on total return swap
(1)
|
| | |
|
6,052
|
| | | |
|
1,107
|
| |
Prepaid expenses and other assets
|
| | |
|
77
|
| | | |
|
250
|
| |
Total assets
|
| | |
$
|
3,605,954
|
| | | |
$
|
3,847,280
|
| |
Liabilities | | | | | | | | | | | | | |
Unrealized depreciation on total return swap
(1)
|
| | |
$
|
10,002
|
| | | |
$
|
3,756
|
| |
Payable for investments purchased
|
| | |
|
4,878
|
| | | |
|
22,175
|
| |
Repurchase agreement payable (net of deferred financing costs of $314 and $611, respectively)
(1)
|
| | |
|
299,686
|
| | | |
|
299,389
|
| |
Credit facilities payable (net of deferred financing costs of $1,980 and $196, respectively)
(1)
|
| | |
|
932,738
|
| | | |
|
1,087,504
|
| |
Stockholder distributions payable
|
| | |
|
9,204
|
| | | |
|
—
|
| |
Management fees payable
|
| | |
|
13,724
|
| | | |
|
17,015
|
| |
Subordinated income incentive fees payable
(2)
|
| | |
|
12,827
|
| | | |
|
14,487
|
| |
Administrative services expense payable
|
| | |
|
854
|
| | | |
|
277
|
| |
Interest payable
(1)
|
| | |
|
12,292
|
| | | |
|
10,870
|
| |
Directors’ fees payable
|
| | |
|
247
|
| | | |
|
253
|
| |
Other accrued expenses and liabilities
|
| | |
|
1,909
|
| | | |
|
2,830
|
| |
Total liabilities
|
| | |
|
1,298,361
|
| | | |
|
1,458,556
|
| |
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, 550,000,000 shares authorized, 290,360,066 and 290,566,041 shares
issued and outstanding, respectively |
| | |
|
290
|
| | | |
|
291
|
| |
Capital in excess of par value
|
| | |
|
2,527,159
|
| | | |
|
2,529,098
|
| |
Accumulated earnings (loss)
|
| | |
|
(219,856
)
|
| | | |
|
(140,665
)
|
| |
Total stockholders’ equity
|
| | |
|
2,307,593
|
| | | |
|
2,388,724
|
| |
Total liabilities and stockholders’ equity
|
| | |
$
|
3,605,954
|
| | | |
$
|
3,847,280
|
| |
Net asset value per share of common stock at period end
|
| | |
$
|
7.95
|
| | | |
$
|
8.22
|
| |
| | |
Three Months Ended
September 30, |
| |
Nine Months Ended
September 30, |
| ||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
2018
|
| |
2017
|
| ||||||||||||
Investment income | | | | | | | | | | | | | | | | | | | | | | | | | |
From non-controlled/unaffiliated investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income
|
| | | $ | 71,536 | | | | | $ | 76,649 | | | | | $ | 221,286 | | | | | $ | 222,569 | | |
Paid-in-kind interest income
|
| | | | 10,424 | | | | | | 6,274 | | | | | | 22,939 | | | | | | 17,931 | | |
Fee income
|
| | | | 8,659 | | | | | | 3,033 | | | | | | 15,823 | | | | | | 21,736 | | |
Dividend income
|
| | | | 353 | | | | | | — | | | | | | 430 | | | | | | 74 | | |
From non-controlled/affiliated investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income
|
| | | | 1,225 | | | | | | 887 | | | | | | 3,287 | | | | | | 2,666 | | |
Paid-in-kind interest income
|
| | | | 559 | | | | | | 411 | | | | | | 982 | | | | | | 1,036 | | |
Fee income
|
| | | | 388 | | | | | | 6 | | | | | | 871 | | | | | | 198 | | |
Total investment income
|
| | | | 93,144 | | | | | | 87,260 | | | | | | 265,618 | | | | | | 266,210 | | |
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Management fees
(1)
|
| | | | 13,724 | | | | | | 19,382 | | | | | | 47,248 | | | | | | 57,171 | | |
Subordinated income incentive fees
(2)
|
| | | | 12,827 | | | | | | 5,166 | | | | | | 25,631 | | | | | | 26,278 | | |
Administrative services expenses
|
| | | | 919 | | | | | | 569 | | | | | | 2,435 | | | | | | 2,098 | | |
Stock transfer agent fees
|
| | | | 346 | | | | | | 396 | | | | | | 1,124 | | | | | | 1,174 | | |
Accounting and administrative fees
|
| | | | 274 | | | | | | 282 | | | | | | 834 | | | | | | 837 | | |
Interest expense
|
| | | | 17,709 | | | | | | 13,775 | | | | | | 48,961 | | | | | | 38,561 | | |
Directors’ fees
|
| | | | 200 | | | | | | 284 | | | | | | 913 | | | | | | 809 | | |
Offering costs
|
| | | | — | | | | | | 2,118 | | | | | | — | | | | | | 3,054 | | |
Other general and administrative expenses
|
| | | | 743 | | | | | | 776 | | | | | | 2,249 | | | | | | 2,290 | | |
Operating expenses
|
| | | | 46,742 | | | | | | 42,748 | | | | | | 129,395 | | | | | | 132,272 | | |
Management fees waiver
(1)
|
| | | | — | | | | | | (2,423 ) | | | | | | (2,594 ) | | | | | | (6,324 ) | | |
Net expenses
|
| | | | 46,742 | | | | | | 40,325 | | | | | | 126,801 | | | | | | 125,948 | | |
Net investment income
|
| | | | 46,402 | | | | | | 46,935 | | | | | | 138,817 | | | | | | 140,262 | | |
Realized and unrealized gain/loss | | | | | | | | | | | | | | | | | | | | | | | | | |
Net realized gain (loss) on investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-controlled/unaffiliated investments
|
| | | | 2,882 | | | | | | 2,902 | | | | | | (20,152 ) | | | | | | 7,510 | | |
Non-controlled/affiliated investments
|
| | | | — | | | | | | — | | | | | | (29,568 ) | | | | | | — | | |
Net realized gain (loss) on total return swap
(3)
|
| | | | 4,021 | | | | | | 11,255 | | | | | | 14,258 | | | | | | 18,434 | | |
Net realized gain (loss) on foreign currency
|
| | | | (516 ) | | | | | | 893 | | | | | | (290 ) | | | | | | 1,030 | | |
Net change in unrealized appreciation (depreciation) on investments:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Non-controlled/unaffiliated investments
|
| | | | (25,549 ) | | | | | | (7,142 ) | | | | | | (46,387 ) | | | | | | 11,390 | | |
Non-controlled/affiliated investments
|
| | | | (174 ) | | | | | | (7,477 ) | | | | | | 22,090 | | | | | | (31,359 ) | | |
Net change in unrealized appreciation (depreciation) on total
return swap (3) |
| | | | 939 | | | | | | (9,274 ) | | | | | | (6,246 ) | | | | | | (11,672 ) | | |
Net change in unrealized appreciation (depreciation) on secured borrowing
(3)
|
| | | | — | | | | | | 16 | | | | | | — | | | | | | (33 ) | | |
Net change in unrealized gain (loss) on foreign currency
|
| | | | 216 | | | | | | (448 ) | | | | | | (253 ) | | | | | | 162 | | |
Total net realized gain (loss) and unrealized appreciation (depreciation)
|
| | | | (18,181 ) | | | | | | (9,275 ) | | | | | | (66,548 ) | | | | | | (4,538 ) | | |
Net increase (decrease) in net assets resulting from operations
|
| | | $ | 28,221 | | | | | $ | 37,660 | | | | | $ | 72,269 | | | | | $ | 135,724 | | |
Per share information—basic and diluted | | | | | | | | | | | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations
(Earnings per Share) |
| | | $ | 0.10 | | | | | $ | 0.13 | | | | | $ | 0.25 | | | | | $ | 0.49 | | |
Weighted average shares outstanding
|
| | | | 288,969,053 | | | | | | 283,734,531 | | | | | | 289,044,461 | | | | | | 279,420,801 | | |
|
| | |
Nine Months Ended
September 30, |
| |||||||||
| | |
2018
|
| |
2017
|
| ||||||
Operations | | | | | | | | | | | | | |
Net investment income
|
| | | $ | 138,817 | | | | | $ | 140,262 | | |
Net realized gain (loss) on investments, total return swap and foreign currency
(1)
|
| | | | (35,752 ) | | | | | | 26,974 | | |
Net change in unrealized appreciation (depreciation) on investments
|
| | | | (24,297 ) | | | | | | (19,969 ) | | |
Net change in unrealized appreciation (depreciation) on total return swap
(1)
|
| | | | (6,246 ) | | | | | | (11,672 ) | | |
Net change in unrealized appreciation (depreciation) on secured borrowing
(1)
|
| | | | — | | | | | | (33 ) | | |
Net change in unrealized gain (loss) on foreign currency
|
| | | | (253 ) | | | | | | 162 | | |
Net increase in net assets resulting from operations
|
| | | | 72,269 | | | | | | 135,724 | | |
Stockholder distributions (2) | | | | | | | | | | | | | |
Distributions to stockholders
|
| | | | (151,460 ) | | | | | | (146,609 ) | | |
Net decrease in net assets resulting from stockholder distributions
|
| | | | (151,460 ) | | | | | | (146,609 ) | | |
Capital share transactions (3) | | | | | | | | | | | | | |
Issuance of common stock
|
| | | | — | | | | | | 122,948 | | |
Reinvestment of stockholder distributions
|
| | | | 70,953 | | | | | | 74,284 | | |
Repurchases of common stock
|
| | | | (72,893 ) | | | | | | (68,455 ) | | |
Net increase (decrease) in net assets resulting from capital share transactions
|
| | | | (1,940 ) | | | | | | 128,777 | | |
Total increase in net assets
|
| | | | (81,131 ) | | | | | | 117,892 | | |
Net assets at beginning of period
|
| | | | 2,388,724 | | | | | | 2,323,940 | | |
Net assets at end of period
|
| | | $ | 2,307,593 | | | | | $ | 2,441,832 | | |
|
| | |
Nine Months Ended
September 30, |
| |||||||||
| | |
2018
|
| |
2017
|
| ||||||
Cash flows from operating activities | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations
|
| | | $ | 72,269 | | | | | $ | 135,724 | | |
Adjustments to reconcile net increase (decrease) in net assets resulting from operations
to net cash provided by (used in) operating activities: |
| | | | | | | | | | | | |
Purchases of investments
|
| | | | (1,089,493 ) | | | | | | (1,008,621 ) | | |
Paid-in-kind interest
|
| | | | (23,921 ) | | | | | | (18,967 ) | | |
Proceeds from sales and repayments of investments
|
| | | | 1,133,149 | | | | | | 837,803 | | |
Net realized (gain) loss on investments
|
| | | | 49,720 | | | | | | (7,510 ) | | |
Net change in unrealized (appreciation) depreciation on investments
|
| | | | 24,297 | | | | | | 19,969 | | |
Net change in unrealized (appreciation) depreciation on total return swap
(1)
|
| | | | 6,246 | | | | | | 11,672 | | |
Net change in unrealized appreciation (depreciation) on secured borrowing
(1)
|
| | | | — | | | | | | 33 | | |
Accretion of discount
|
| | | | (3,308 ) | | | | | | (9,844 ) | | |
Amortization of deferred financing costs and discount on secured borrowing
|
| | | | 2,063 | | | | | | 1,388 | | |
Amortization of deferred offering costs
|
| | | | — | | | | | | 3,054 | | |
(Increase) decrease in due from counterparty
|
| | | | (16,684 ) | | | | | | 20,000 | | |
(Increase) decrease in receivable for investments sold and repaid
|
| | | | (25,895 ) | | | | | | (13,138 ) | | |
(Increase) decrease in interest receivable
|
| | | | 1,075 | | | | | | (10,004 ) | | |
(Increase) decrease in receivable due on total return swap
(1)
|
| | | | (4,945 ) | | | | | | (3,646 ) | | |
(Increase) decrease in prepaid expenses and other assets
|
| | | | 173 | | | | | | (86 ) | | |
Increase (decrease) in payable for investments purchased
|
| | | | (17,297 ) | | | | | | 60,935 | | |
Increase (decrease) in management fees payable
|
| | | | (3,291 ) | | | | | | (864 ) | | |
Increase (decrease) in subordinated income incentive fees payable
|
| | | | (1,660 ) | | | | | | (7,157 ) | | |
Increase (decrease) in administrative services expense payable
|
| | | | 577 | | | | | | 172 | | |
Increase (decrease) in interest payable
(1)
|
| | | | 1,422 | | | | | | 1,466 | | |
Increase (decrease) in directors’ fees payable
|
| | | | (6 ) | | | | | | 41 | | |
Increase (decrease) in other accrued expenses and liabilities
|
| | | | (921 ) | | | | | | (992 ) | | |
Net cash provided by (used in) operating activities
|
| | | | 103,570 | | | | | | 11,428 | | |
Cash flows from financing activities | | | | | | | | | | | | | |
Issuance of common stock
|
| | | | — | | | | | | 122,948 | | |
Reinvestment of stockholder distributions
|
| | | | 70,953 | | | | | | 74,284 | | |
Repurchases of common stock
|
| | | | (72,893 ) | | | | | | (68,455 ) | | |
Offering costs incurred
|
| | | | — | | | | | | (2,077 ) | | |
Stockholder distributions
|
| | | | (142,256 ) | | | | | | (146,609 ) | | |
Borrowings under credit facilities
(1)
|
| | | | 715,521 | | | | | | 110,000 | | |
Repayments of credit facilities
(1)
|
| | | | (868,503 ) | | | | | | — | | |
Deferred financing costs paid
|
| | | | (6,406 ) | | | | | | (500 ) | | |
Net cash provided by financing activities
|
| | | | (303,584 ) | | | | | | 89,591 | | |
Total increase (decrease) in cash
|
| | | | (200,014 ) | | | | | | 101,019 | | |
Cash and foreign currency at beginning of period
|
| | | | 368,344 | | | | | | 249,862 | | |
Cash and foreign currency at end of period
|
| | | $ | 168,330 | | | | | $ | 350,881 | | |
Supplemental disclosure | | | | | | | | | | | | | |
Excise and state taxes paid
|
| | | $ | 573 | | | | | $ | 335 | | |
Portfolio Company
(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate
(b)
|
| |
Floor
|
| |
Maturity
|
| |
Principal
Amount (c) |
| |
Amortized
Cost |
| |
Fair
Value (d) |
| ||||||||||||
Senior Secured Loans—First Lien—101.9% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
5 Arch Income Fund 2, LLC
|
| |
(i)(n)
|
| | Diversified Financials | | |
9.0%
|
| | | | | | | |
11/18/21
|
| | | $ | 143,185 | | | | | $ | 143,336 | | | | | $ | 143,185 | | |
5 Arch Income Fund 2, LLC
|
| |
(j)
|
| | Diversified Financials | | |
9.0%
|
| | | | | | | |
11/18/21
|
| | | | 5,215 | | | | | | 5,215 | | | | | | 5,215 | | |
AG Group Merger Sub, Inc.
|
| |
(g)
|
| | Commercial & Professional Services | | |
L+750
|
| | | | 1.0 % | | | |
12/29/23
|
| | | | 17,497 | | | | | | 17,497 | | | | | | 17,585 | | |
All Systems Holding LLC
|
| |
(f)(g)(h)
|
| | Commercial & Professional Services | | |
L+767
|
| | | | 1.0 % | | | |
10/31/23
|
| | | | 54,011 | | | | | | 54,011 | | | | | | 54,551 | | |
Altus Power America, Inc.
|
| | | | | Energy | | |
L+750
|
| | | | 1.5 % | | | |
9/30/21
|
| | | | 3,110 | | | | | | 3,110 | | | | | | 3,016 | | |
Altus Power America, Inc.
|
| |
(j)
|
| | Energy | | |
L+750
|
| | | | 1.5 % | | | |
9/30/21
|
| | | | 213 | | | | | | 213 | | | | | | 207 | | |
Aspect Software, Inc.
|
| |
(t)
|
| | Software & Services | | |
L+400, 6.5% PIK (6.5% Max PIK)
|
| | | | | | | |
5/25/20
|
| | | | 12,861 | | | | | | 12,861 | | | | | | 11,399 | | |
Aspect Software, Inc.
|
| |
(f)(t)
|
| | Software & Services | | |
L+1050
|
| | | | 1.0 % | | | |
5/25/20
|
| | | | 9,901 | | | | | | 9,901 | | | | | | 8,775 | | |
Atlas Aerospace LLC
|
| |
(f)(g)
|
| | Capital Goods | | |
L+725
|
| | | | 1.0 % | | | |
12/29/22
|
| | | | 42,667 | | | | | | 42,667 | | | | | | 43,520 | | |
ATX Networks Corp.
|
| |
(h)(i)(r)
|
| | Technology Hardware & Equipment | | |
L+600, 1.0% PIK (1.0% Max PIK)
|
| | | | 1.0 % | | | |
6/11/21
|
| | | | 9,430 | | | | | | 9,358 | | | | | | 8,958 | | |
ATX Networks Corp.
|
| |
(g)(h)(i)(r)
|
| | Technology Hardware & Equipment | | |
L+600, 1.0% PIK (1.0% Max PIK)
|
| | | | 1.0 % | | | |
6/11/21
|
| | | | 28,735 | | | | | | 28,181 | | | | | | 27,298 | | |
AVF Parent, LLC
|
| |
(f)
|
| | Retailing | | |
L+725
|
| | | | 1.3 % | | | |
3/1/24
|
| | | | 29,628 | | | | | | 29,628 | | | | | | 27,998 | | |
BMC Software Finance, Inc.
|
| |
(j)(r)
|
| | Software & Services | | |
L+400
|
| | | | | | | |
9/10/20
|
| | | | 10,000 | | | | | | 10,000 | | | | | | 9,990 | | |
Borden Dairy Co.
|
| |
(f)(g)
|
| | Food, Beverage & Tobacco | | |
L+819
|
| | | | 1.0 % | | | |
7/6/23
|
| | | | 48,125 | | | | | | 48,125 | | | | | | 46,874 | | |
ConnectiveRx, LLC
|
| |
(f)(g)(h)
|
| | Health Care Equipment & Services | | |
L+827
|
| | | | 1.0 % | | | |
11/25/21
|
| | | | 172,364 | | | | | | 172,225 | | | | | | 172,588 | | |
CSafe Acquisition Co., Inc.
|
| | | | | Capital Goods | | |
L+725
|
| | | | 1.0 % | | | |
11/1/21
|
| | | | 261 | | | | | | 261 | | | | | | 261 | | |
CSafe Acquisition Co., Inc.
|
| |
(j)
|
| | Capital Goods | | |
L+725
|
| | | | 1.0 % | | | |
11/1/21
|
| | | | 2,435 | | | | | | 2,348 | | | | | | 2,348 | | |
CSafe Acquisition Co., Inc.
|
| |
(f)
|
| | Capital Goods | | |
L+725
|
| | | | 1.0 % | | | |
10/31/23
|
| | | | 22,388 | | | | | | 22,388 | | | | | | 22,388 | | |
CSafe Acquisition Co., Inc.
|
| |
(j)
|
| | Capital Goods | | |
L+725
|
| | | | 1.0 % | | | |
10/31/23
|
| | | | 9,426 | | | | | | 9,426 | | | | | | 9,426 | | |
Dade Paper & Bag, LLC
|
| | | | | Capital Goods | | |
L+700
|
| | | | 1.0 % | | | |
6/10/24
|
| | | | 5,644 | | | | | | 5,644 | | | | | | 5,524 | | |
Dade Paper & Bag, LLC
|
| |
(g)(h)
|
| | Capital Goods | | |
L+750
|
| | | | 1.0 % | | | |
6/10/24
|
| | | | 44,253 | | | | | | 44,253 | | | | | | 44,253 | | |
Eagle Family Foods Group LLC
|
| |
(j)
|
| | Food, Beverage & Tobacco | | |
L+650
|
| | | | 1.0 % | | | |
6/14/23
|
| | | | 3,507 | | | | | | 3,470 | | | | | | 3,132 | | |
Eagle Family Foods Group LLC
|
| |
(f)
|
| | Food, Beverage & Tobacco | | |
L+650
|
| | | | 1.0 % | | | |
6/14/24
|
| | | | 23,321 | | | | | | 23,070 | | | | | | 23,012 | | |
Elo Touch Solutions, Inc.
|
| |
(r)
|
| | Technology Hardware & Equipment | | |
L+600
|
| | | | 1.0 % | | | |
10/31/23
|
| | | | 2,916 | | | | | | 2,890 | | | | | | 2,947 | | |
Empire Today, LLC
|
| |
(f)(g)
|
| | Retailing | | |
L+800
|
| | | | 1.0 % | | | |
11/17/22
|
| | | | 44,213 | | | | | | 44,212 | | | | | | 44,434 | | |
EmployBridge, LLC
|
| |
(r)
|
| | Commercial & Professional Services | | |
L+500
|
| | | | 1.0 % | | | |
4/18/25
|
| | | | 1,682 | | | | | | 1,706 | | | | | | 1,699 | | |
Fairway Group Acquisition Co.
|
| |
(t)
|
| | Food & Staples Retailing | | |
12.0% PIK (12.0% Max PIK)
|
| | | | | | | |
1/3/20
|
| | | | 6,669 | | | | | | 6,669 | | | | | | 6,485 | | |
Fairway Group Acquisition Co.
|
| |
(k)(l)(t)(r)
|
| | Food & Staples Retailing | | |
10.0% PIK (10.0% Max PIK)
|
| | | | | | | |
1/3/20
|
| | | | 4,328 | | | | | | 3,953 | | | | | | 476 | | |
Fairway Group Acquisition Co.
|
| |
(t)
|
| | Food & Staples Retailing | | |
4.0%, 11.0% PIK (11.0% Max PIK)
|
| | | | | | | |
8/28/23
|
| | | | 467 | | | | | | 460 | | | | | | 467 | | |
Fairway Group Acquisition Co.
|
| |
(j)(t)
|
| | Food & Staples Retailing | | |
4.0%, 11.0% PIK (11.0% Max PIK)
|
| | | | | | | |
8/28/23
|
| | | | 1,028 | | | | | | 1,028 | | | | | | 1,028 | | |
Fairway Group Acquisition Co.
|
| |
(t)
|
| | Food & Staples Retailing | | |
4.0%, 11.0% PIK (11.0% Max PIK)
|
| | | | | | | |
8/28/23
|
| | | | 2,352 | | | | | | 2,203 | | | | | | 2,352 | | |
Fox Head, Inc.
|
| |
(f)
|
| | Consumer Durables & Apparel | | |
L+850
|
| | | | 1.0 % | | | |
12/19/20
|
| | | | 1,067 | | | | | | 1,067 | | | | | | 1,062 | | |
FullBeauty Brands Holdings Corp.
|
| | | | | Retailing | | |
L+800
|
| | | | 1.0 % | | | |
10/14/20
|
| | | | 13,000 | | | | | | 13,000 | | | | | | 13,000 | | |
FullBeauty Brands Holdings Corp.
|
| |
(s)(r)
|
| | Retailing | | |
L+475
|
| | | | 1.0 % | | | |
10/14/22
|
| | | | 8,137 | | | | | | 2,428 | | | | | | 2,486 | | |
GC Agile Intermediate Holdings Ltd.
|
| |
(i)(j)
|
| | Commercial & Professional Services | | |
L+650
|
| | | | | | | |
6/15/23
|
| | | | 1,957 | | | | | | 1,899 | | | | | | 1,752 | | |
GC Agile Intermediate Holdings Ltd.
|
| |
(f)(i)
|
| | Commercial & Professional Services | | |
L+650
|
| | | | 1.0 % | | | |
6/15/25
|
| | | | 13,263 | | | | | | 13,007 | | | | | | 13,124 | | |
GC Agile Intermediate Holdings Ltd.
|
| |
(i)(j)
|
| | Commercial & Professional Services | | |
L+650
|
| | | | 1.0 % | | | |
6/15/25
|
| | | | 6,382 | | | | | | 6,260 | | | | | | 6,315 | | |
Portfolio Company
(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate
(b)
|
| |
Floor
|
| |
Maturity
|
| |
Principal
Amount (c) |
| |
Amortized
Cost |
| |
Fair
Value (d) |
| ||||||||||||
GC Agile Intermediate Holdings Ltd.
|
| |
(i)(j)
|
| | Commercial & Professional Services | | |
L+650
|
| | | | 1.0 % | | | |
6/15/25
|
| | | $ | 5,319 | | | | | $ | 5,227 | | | | | $ | 5,263 | | |
Greystone Equity Member Corp.
|
| |
(i)
|
| | Diversified Financials | | |
L+725
|
| | | | 3.8 % | | | |
4/1/26
|
| | | | 96,787 | | | | | | 96,787 | | | | | | 97,029 | | |
Greystone Equity Member Corp.
|
| |
(i)(j)
|
| | Diversified Financials | | |
L+725
|
| | | | 3.8 % | | | |
4/1/26
|
| | | | 22,463 | | | | | | 22,463 | | | | | | 22,519 | | |
Gulf Finance, LLC
|
| |
(h)(r)
|
| | Energy | | |
L+525
|
| | | | 1.0 % | | | |
8/25/23
|
| | | | 4,699 | | | | | | 4,592 | | | | | | 3,965 | | |
H.M. Dunn Co., Inc.
|
| |
(k)(l)(t)
|
| | Capital Goods | | |
L+875 PIK (L+875 Max PIK)
|
| | | | | | | |
6/30/21
|
| | | | 6,397 | | | | | | 5,786 | | | | | | 1,439 | | |
Harrison Gypsum, LLC
|
| |
(f)
|
| | Materials | | |
L+700
|
| | | | 1.0 % | | | |
4/29/24
|
| | | | 17,884 | | | | | | 17,719 | | | | | | 17,541 | | |
Harrison Gypsum, LLC
|
| |
(j)
|
| | Materials | | |
L+700
|
| | | | 1.0 % | | | |
4/29/24
|
| | | | 5,737 | | | | | | 5,736 | | | | | | 5,627 | | |
Hudson Technologies Co.
|
| |
(g)(i)
|
| | Commercial & Professional Services | | |
L+1025
|
| | | | 1.0 % | | | |
10/10/23
|
| | | | 7,929 | | | | | | 7,859 | | | | | | 6,224 | | |
Hybrid Promotions, LLC
|
| |
(f)
|
| | Consumer Durables & Apparel | | |
L+850
|
| | | | 1.0 % | | | |
12/19/20
|
| | | | 6,113 | | | | | | 6,113 | | | | | | 6,079 | | |
Icynene U.S. Acquisition Corp.
|
| |
(f)(g)(h)(i)
|
| | Materials | | |
L+700
|
| | | | 1.0 % | | | |
11/30/24
|
| | | | 76,423 | | | | | | 76,422 | | | | | | 76,996 | | |
Industrial Group Intermediate Holdings, LLC
|
| |
(g)
|
| | Materials | | |
L+800
|
| | | | 1.3 % | | | |
5/31/20
|
| | | | 9,787 | | | | | | 9,787 | | | | | | 9,799 | | |
JAKKS Pacific, Inc.
|
| | | | | Consumer Durables & Apparel | | |
L+900
|
| | | | 1.5 % | | | |
6/14/21
|
| | | | 2,374 | | | | | | 2,357 | | | | | | 2,355 | | |
JMC Acquisition Merger Corp.
|
| |
(f)(g)(h)
|
| | Capital Goods | | |
L+750
|
| | | | 1.0 % | | | |
1/29/24
|
| | | | 176,168 | | | | | | 176,168 | | | | | | 176,168 | | |
JMC Acquisition Merger Corp.
|
| |
(j)
|
| | Capital Goods | | |
L+750
|
| | | | 1.0 % | | | |
1/29/24
|
| | | | 21,787 | | | | | | 21,787 | | | | | | 21,787 | | |
JSS Holdings, Inc.
|
| |
(f)(g)
|
| | Capital Goods | | |
L+800, 0.0% PIK (2.5% Max PIK)
|
| | | | 1.0 % | | | |
3/31/23
|
| | | | 65,673 | | | | | | 65,147 | | | | | | 68,891 | | |
Kodiak BP, LLC
|
| |
(f)(g)(h)
|
| | Capital Goods | | |
L+725
|
| | | | 1.0 % | | | |
12/1/24
|
| | | | 90,364 | | | | | | 90,364 | | | | | | 89,348 | | |
Kodiak BP, LLC
|
| |
(j)
|
| | Capital Goods | | |
L+725
|
| | | | 1.0 % | | | |
12/1/24
|
| | | | 11,594 | | | | | | 11,594 | | | | | | 11,464 | | |
Latham Pool Products, Inc.
|
| |
(g)
|
| | Consumer Durables & Apparel | | |
L+775
|
| | | | 1.0 % | | | |
6/29/21
|
| | | | 36,118 | | | | | | 36,118 | | | | | | 36,118 | | |
Logan’s Roadhouse, Inc.
|
| | | | | Consumer Services | | |
L+1300 PIK (L+1300 Max PIK)
|
| | | | 1.0 % | | | |
5/5/19
|
| | | | 1,583 | | | | | | 1,583 | | | | | | 1,583 | | |
Logan’s Roadhouse, Inc.
|
| | | | | Consumer Services | | |
L+1300 PIK (L+1300 Max PIK)
|
| | | | 1.0 % | | | |
5/5/19
|
| | | | 356 | | | | | | 356 | | | | | | 356 | | |
Logan’s Roadhouse, Inc.
|
| |
(j)
|
| | Consumer Services | | |
L+1300 PIK (L+1300 Max PIK)
|
| | | | 1.0 % | | | |
5/5/19
|
| | | | 220 | | | | | | 220 | | | | | | 220 | | |
Murray Energy Corp.
|
| | | | | Energy | | |
L+900
|
| | | | 1.0 % | | | |
2/12/21
|
| | | | 9,258 | | | | | | 9,194 | | | | | | 9,184 | | |
North Haven Cadence Buyer, Inc.
|
| |
(j)
|
| | Consumer Services | | |
L+500
|
| | | | 1.0 % | | | |
9/2/21
|
| | | | 750 | | | | | | 750 | | | | | | 750 | | |
North Haven Cadence Buyer, Inc.
|
| |
(f)(g)
|
| | Consumer Services | | |
L+823
|
| | | | 1.0 % | | | |
9/2/22
|
| | | | 17,686 | | | | | | 17,686 | | | | | | 17,664 | | |
PHRC License, LLC
|
| |
(f)
|
| | Consumer Services | | |
L+850
|
| | | | 1.5 % | | | |
4/28/22
|
| | | | 16,797 | | | | | | 16,797 | | | | | | 17,300 | | |
Power Distribution, Inc.
|
| | | | | Capital Goods | | |
L+725
|
| | | | 1.3 % | | | |
1/25/23
|
| | | | 19,615 | | | | | | 19,615 | | | | | | 19,934 | | |
Production Resource Group, LLC
|
| |
(f)(h)
|
| | Media | | |
L+700
|
| | | | 1.0 % | | | |
8/21/24
|
| | | | 173,008 | | | | | | 173,008 | | | | | | 173,008 | | |
Propulsion Acquisition, LLC
|
| |
(f)(h)(r)
|
| | Capital Goods | | |
L+600
|
| | | | 1.0 % | | | |
7/13/21
|
| | | | 60,447 | | | | | | 59,310 | | | | | | 59,843 | | |
Reliant Acquisitions Holdings, Inc.
|
| |
(g)
|
| | Health Care Equipment & Services | | |
L+675
|
| | | | 1.0 % | | | |
8/30/24
|
| | | | 46,880 | | | | | | 46,418 | | | | | | 46,691 | | |
Roadrunner Intermediate Acquisition Co., LLC
|
| |
(f)(g)(h)
|
| | Health Care Equipment & Services | | |
L+675
|
| | | | 1.0 % | | | |
3/15/23
|
| | | | 94,698 | | | | | | 94,698 | | | | | | 89,111 | | |
Rogue Wave Software, Inc.
|
| |
(f)(g)(h)
|
| | Software & Services | | |
L+844
|
| | | | 1.0 % | | | |
9/25/21
|
| | | | 151,900 | | | | | | 151,900 | | | | | | 151,900 | | |
Safariland, LLC
|
| |
(f)
|
| | Capital Goods | | |
L+778
|
| | | | 1.1 % | | | |
11/18/23
|
| | | | 42,893 | | | | | | 42,893 | | | | | | 39,032 | | |
Sequel Youth and Family Services, LLC
|
| |
(f)(g)
|
| | Health Care Equipment & Services | | |
L+755
|
| | | | 1.0 % | | | |
9/1/22
|
| | | | 15,277 | | | | | | 15,277 | | | | | | 15,475 | | |
Sequential Brands Group, Inc.
|
| |
(f)(g)(h)
|
| | Consumer Durables & Apparel | | |
L+875
|
| | | | | | | |
2/7/24
|
| | | | 98,508 | | | | | | 96,592 | | | | | | 98,508 | | |
Sorenson Communications, Inc.
|
| |
(f)(r)
|
| | Telecommunication Services | | |
L+575
|
| | | | 2.3 % | | | |
4/30/20
|
| | | | 4,812 | | | | | | 4,805 | | | | | | 4,838 | | |
Specialty Building Products Holdings, LLC
|
| |
(r)
|
| | Capital Goods | | |
L+600
|
| | | | 1.0 % | | | |
10/26/23
|
| | | | 9,467 | | | | | | 9,180 | | | | | | 9,520 | | |
SSC (Lux) Limited S.Ã r.l.
|
| |
(f)(g)(i)
|
| | Health Care Equipment & Services | | |
L+750
|
| | | | 1.0 % | | | |
9/10/24
|
| | | | 45,455 | | | | | | 45,455 | | | | | | 46,648 | | |
Strike, LLC
|
| |
(r)
|
| | Energy | | |
L+800
|
| | | | 1.0 % | | | |
11/30/22
|
| | | | 2,896 | | | | | | 2,830 | | | | | | 2,940 | | |
Portfolio Company
(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate
(b)
|
| |
Floor
|
| |
Maturity
|
| |
Principal
Amount (c) |
| |
Amortized
Cost |
| |
Fair
Value (d) |
|||||||||||
SunGard Availability Services Capital, Inc.
|
| |
(f)(h)(r)
|
| | Software & Services | | |
L+700
|
| | | | 1.0 % | | | |
9/30/21
|
| | | $ | 24,325 | | | | | $ | 24,147 | | | | | $ | 22,622 |
SunGard Availability Services Capital, Inc.
|
| |
(r)
|
| | Software & Services | | |
L+1000
|
| | | | 1.0 % | | | |
10/1/22
|
| | | | 2,450 | | | | | | 2,334 | | | | | | 2,413 |
Swift Worldwide Resources US Holdings Corp.
|
| | | | | Energy | | |
L+1000, 1.0% PIK (1.0% Max PIK)
|
| | | | 1.0 % | | | |
7/20/21
|
| | | | 17,227 | | | | | | 17,227 | | | | | | 17,571 |
Trace3, LLC
|
| |
(f)(g)
|
| | Software & Services | | |
L+675
|
| | | | 1.0 % | | | |
6/6/23
|
| | | | 37,672 | | | | | | 37,672 | | | | | | 37,672 |
VP Parent Holdings, Inc.
|
| |
(f)(g)(h)
|
| | Software & Services | | |
L+650
|
| | | | 1.0 % | | | |
5/22/25
|
| | | | 54,833 | | | | | | 54,307 | | | | | | 54,282 |
Warren Resources, Inc.
|
| |
(g)(t)
|
| | Energy | | |
L+1000, 1.0% PIK (1.0% Max PIK)
|
| | | | 1.0 % | | | |
5/22/20
|
| | | | 6,160 | | | | | | 6,160 | | | | | | 6,160 |
York Risk Services Holding Corp.
|
| |
(r)
|
| | Insurance | | |
L+375
|
| | | | 1.0 % | | | |
10/1/21
|
| | | | 982 | | | | | | 977 | | | | | | 954 |
Zeta Interactive Holdings Corp.
|
| |
(g)(h)
|
| | Software & Services | | |
L+750
|
| | | | 1.0 % | | | |
7/29/22
|
| | | | 62,929 | | | | | | 62,929 | | | | | | 64,188 |
Zeta Interactive Holdings Corp.
|
| |
(j)
|
| | Software & Services | | |
L+750
|
| | | | 1.0 % | | | |
7/29/22
|
| | | | 11,143 | | | | | | 11,143 | | | | | | 11,366 |
Total Senior Secured Loans—First Lien
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,485,459 | | | | | | 2,469,475 |
Unfunded Loan Commitments
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (118,779 ) | | | | | | (118,779 ) |
Net Senior Secured Loans—First Lien
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,366,680 | | | | | | 2,350,696 |
Senior Secured Loans—Second Lien—7.6% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ammeraal Beltech Holding BV
|
| |
(i)
|
| | Capital Goods | | |
L+800
|
| | | | | | | |
9/28/26
|
| | | | 44,463 | | | | | | 43,574 | | | | | | 43,573 |
Arena Energy, LP
|
| |
(f)(g)
|
| | Energy | | |
L+900, 4.0% PIK (4.0% Max PIK)
|
| | | | 1.0 % | | | |
1/24/21
|
| | | | 25,605 | | | | | | 25,605 | | | | | | 25,605 |
Bellatrix Exploration Ltd.
|
| |
(i)
|
| | Energy | | |
8.5%
|
| | | | | | | |
7/26/23
|
| | | | 1,872 | | | | | | 1,872 | | | | | | 1,877 |
Bellatrix Exploration Ltd.
|
| |
(i)(j)
|
| | Energy | | |
8.5%
|
| | | | | | | |
7/26/23
|
| | | | 3,120 | | | | | | 3,120 | | | | | | 3,128 |
Bellatrix Exploration Ltd.
|
| |
(i)
|
| | Energy | | |
8.5%
|
| | | | | | | |
7/26/23
|
| | | | 9,000 | | | | | | 8,004 | | | | | | 7,965 |
Byrider Finance, LLC
|
| | | | | Automobiles & Components | | |
L+1000, 0.5% PIK (4.0% Max PIK)
|
| | | | 1.3 % | | | |
8/22/20
|
| | | | 5,931 | | | | | | 5,931 | | | | | | 5,805 |
CDS U.S. Intermediate Holdings, Inc.
|
| |
(f)(i)(r)
|
| | Media | | |
L+825
|
| | | | 1.0 % | | | |
7/10/23
|
| | | | 9,000 | | | | | | 8,906 | | | | | | 8,707 |
Chisholm Oil and Gas Operating, LLC
|
| | | | | Energy | | |
L+800
|
| | | | 1.0 % | | | |
3/21/24
|
| | | | 16,000 | | | | | | 16,000 | | | | | | 15,883 |
Crossmark Holdings, Inc.
|
| |
(k)(l)(r)
|
| | Media | | |
L+750
|
| | | | 1.3 % | | | |
12/21/20
|
| | | | 1,500 | | | | | | 1,340 | | | | | | 145 |
Fairway Group Acquisition Co.
|
| |
(k)(l)(t)(r)
|
| | Food & Staples Retailing | | |
11.0% PIK (11.0% Max PIK)
|
| | | | | | | |
10/3/21
|
| | | | 3,835 | | | | | | 3,472 | | | | | | 422 |
Gruden Acquisition, Inc.
|
| |
(h)(r)
|
| | Transportation | | |
L+850
|
| | | | 1.0 % | | | |
8/18/23
|
| | | | 10,000 | | | | | | 9,688 | | | | | | 10,000 |
Jazz Acquisition, Inc.
|
| |
(r)
|
| | Capital Goods | | |
L+675
|
| | | | 1.0 % | | | |
6/19/22
|
| | | | 1,998 | | | | | | 2,004 | | | | | | 1,923 |
Logan’s Roadhouse, Inc.
|
| |
(k)(l)
|
| | Consumer Services | | |
L+850 PIK (L+850 Max PIK)
|
| | | | 1.0 % | | | |
11/23/20
|
| | | | 4,275 | | | | | | 3,983 | | | | | | 1,103 |
One Call Corp.
|
| |
(g)(h)
|
| | Health Care Equipment & Services | | |
L+375, 6.0% PIK (6.0% Max PIK)
|
| | | | | | | |
4/11/24
|
| | | | 2,729 | | | | | | 2,704 | | | | | | 2,692 |
Spencer Gifts LLC
|
| |
(g)(h)(r)
|
| | Retailing | | |
L+825
|
| | | | 1.0 % | | | |
6/29/22
|
| | | | 37,000 | | | | | | 36,961 | | | | | | 27,843 |
Titan Energy Operating, LLC
|
| |
(g)(k)(l)
|
| | Energy | | |
L+1300 PIK (L+1300 Max PIK)
|
| | | | 1.0 % | | | |
2/23/20
|
| | | | 42,763 | | | | | | 33,111 | | | | | | 6,586 |
Ultimate Baked Goods Midco LLC
|
| |
(f)
|
| | Food & Staples Retailing | | |
L+800
|
| | | | 1.0 % | | | |
8/9/26
|
| | | | 15,292 | | | | | | 15,142 | | | | | | 15,112 |
UTEX Industries, Inc.
|
| |
(r)
|
| | Energy | | |
L+725
|
| | | | 1.0 % | | | |
5/20/22
|
| | | | 1,273 | | | | | | 1,269 | | | | | | 1,259 |
Total Senior Secured Loans—Second Lien
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 222,686 | | | | | | 179,628 |
Unfunded Loan Commitment
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (3,120 ) | | | | | | (3,120 ) |
Net Senior Secured Loans—Second Lien
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 219,566 | | | | | | 176,508 |
|
Portfolio Company
(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate
(b)
|
| |
Floor
|
| |
Maturity
|
| |
Principal
Amount (c) |
| |
Amortized
Cost |
| |
Fair
Value (d) |
| |||||||||
Senior Secured Bonds—3.9% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Altice France SA
|
| |
(e)(i)(r)
|
| | Telecommunication Services | | |
8.1%
|
| | | | |
2/1/27
|
| | | $ | 1,767 | | | | | $ | 1,767 | | | | | $ | 1,823 | | |
APX Group, Inc.
|
| |
(h)(r)
|
| | Consumer Services | | |
7.9%
|
| | | | |
12/1/22
|
| | | | 10,708 | | | | | | 10,630 | | | | | | 10,935 | | |
Avantor, Inc.
|
| |
(r)
|
| | Materials | | |
6.0%
|
| | | | |
10/1/24
|
| | | | 1,361 | | | | | | 1,361 | | | | | | 1,384 | | |
Black Swan Energy Ltd.
|
| |
(i)
|
| | Energy | | |
9.0%
|
| | | | |
1/20/24
|
| | | | 1,333 | | | | | | 1,333 | | | | | | 1,333 | | |
Boyne USA Inc.
|
| |
(e)(r)
|
| | Consumer Services | | |
7.3%
|
| | | | |
5/1/25
|
| | | | 54 | | | | | | 56 | | | | | | 57 | | |
CSVC Acquisition Corp.
|
| |
(e)(r)
|
| | Diversified Financials | | |
7.8%
|
| | | | |
6/15/25
|
| | | | 13,774 | | | | | | 13,774 | | | | | | 11,889 | | |
Diamond Resorts International, Inc.
|
| |
(h)(r)
|
| | Consumer Services | | |
7.8%
|
| | | | |
9/1/23
|
| | | | 11,965 | | | | | | 11,965 | | | | | | 12,301 | | |
DJO Finco Inc.
|
| |
(r)
|
| | Health Care Equipment & Services | | |
8.1%
|
| | | | |
6/15/21
|
| | | | 2,660 | | | | | | 2,679 | | | | | | 2,726 | | |
Eagle Intermediate Global Holding B.V.
|
| |
(e)(i)(r)
|
| | Consumer Durables & Apparel | | |
7.5%
|
| | | | |
5/1/25
|
| | | | 4,284 | | | | | | 4,322 | | | | | | 4,204 | | |
Genesys Telecommunications Laboratories, Inc.
|
| |
(r)
|
| | Software & Services | | |
10.0%
|
| | | | |
11/30/24
|
| | | | 1,409 | | | | | | 1,561 | | | | | | 1,561 | | |
Global A&T Electronics Ltd.
|
| |
(i)(r)
|
| |
Semiconductors & Semiconductor Equipment
|
| |
8.5%
|
| | | | |
1/12/23
|
| | | | 7,120 | | | | | | 7,182 | | | | | | 6,924 | | |
J.C. Penney Corp., Inc.
|
| |
(e)(i)(s)(r)
|
| | Retailing | | |
5.7%
|
| | | | |
6/1/20
|
| | | | 143 | | | | | | 133 | | | | | | 127 | | |
JW Aluminum Co.
|
| |
(r)
|
| | Materials | | |
10.3%
|
| | | | |
6/1/26
|
| | | | 759 | | | | | | 759 | | | | | | 760 | | |
Pattonair Holdings, Ltd.
|
| |
(e)(i)(r)
|
| | Capital Goods | | |
9.0%
|
| | | | |
11/1/22
|
| | | | 4,660 | | | | | | 4,830 | | | | | | 4,827 | | |
Pisces Midco Inc.
|
| |
(r)
|
| | Capital Goods | | |
8.0%
|
| | | | |
4/15/26
|
| | | | 3,277 | | | | | | 3,217 | | | | | | 3,304 | | |
Sorenson Communications, Inc.
|
| |
(r)
|
| | Telecommunication Services | | |
9.0%, 0.0% PIK (9.0% Max PIK)
|
| | | | |
10/31/20
|
| | | | 11,820 | | | | | | 11,611 | | | | | | 11,702 | | |
Starfruit Finco B.V.
|
| |
(e)(s)(r)
|
| | Materials | | |
8.0%
|
| | | | |
10/1/26
|
| | | | 2,288 | | | | | | 2,288 | | | | | | 2,325 | | |
Sunnova Energy Corp.
|
| | | | | Energy | | |
6.0%, 6.0% PIK (6.0% Max PIK)
|
| | | | |
1/24/19
|
| | | | 2,490 | | | | | | 2,490 | | | | | | 2,487 | | |
Talos Production LLC
|
| |
(r)
|
| | Energy | | |
11.0%
|
| | | | |
4/3/22
|
| | | | 4,500 | | | | | | 4,712 | | | | | | 4,832 | | |
Velvet Energy Ltd.
|
| |
(i)
|
| | Energy | | |
9.0%
|
| | | | |
10/5/23
|
| | | | 4,500 | | | | | | 4,500 | | | | | | 4,703 | | |
Total Senior Secured Bonds
|
| | | | | | | | | | | | | | | | | | | | | | | | | 91,170 | | | | | | 90,204 | | |
Subordinated Debt—23.5% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
APX Group, Inc.
|
| |
(e)(r)
|
| | Consumer Services | | |
8.8%
|
| | | | |
12/1/20
|
| | | | 4,406 | | | | | | 4,104 | | | | | | 4,409 | | |
APX Group, Inc.
|
| |
(e)(h)(r)
|
| | Consumer Services | | |
7.6%
|
| | | | |
9/1/23
|
| | | | 7,510 | | | | | | 6,791 | | | | | | 6,931 | | |
Ascent Resources Utica Holdings, LLC
|
| |
(e)(r)
|
| | Energy | | |
10.0%
|
| | | | |
4/1/22
|
| | | | 30,000 | | | | | | 30,000 | | | | | | 33,806 | | |
Avantor, Inc.
|
| |
(g)(h)(r)
|
| | Materials | | |
9.0%
|
| | | | |
10/1/25
|
| | | | 52,500 | | | | | | 52,502 | | | | | | 54,258 | | |
Byrider Holding Corp.
|
| | | | | Automobiles & Components | | |
20.0% PIK (20.0% Max PIK)
|
| | | | |
4/1/22
|
| | | | 292 | | | | | | 292 | | | | | | 292 | | |
Calumet Specialty Products Partners, L.P.
|
| |
(e)(i)(r)
|
| | Energy | | |
7.8%
|
| | | | |
4/15/23
|
| | | | 10,300 | | | | | | 10,251 | | | | | | 10,310 | | |
Canbriam Energy Inc.
|
| |
(e)(i)(r)
|
| | Energy | | |
9.8%
|
| | | | |
11/15/19
|
| | | | 19,550 | | | | | | 19,493 | | | | | | 19,501 | | |
CEC Entertainment, Inc.
|
| |
(g)(r)
|
| | Consumer Services | | |
8.0%
|
| | | | |
2/15/22
|
| | | | 39,014 | | | | | | 37,924 | | | | | | 35,747 | | |
ClubCorp Holdings, Inc.
|
| |
(e)(r)
|
| | Consumer Services | | |
8.5%
|
| | | | |
9/15/25
|
| | | | 9,202 | | | | | | 8,866 | | | | | | 8,784 | | |
Diamond Resorts International, Inc.
|
| |
(e)(r)
|
| | Consumer Services | | |
10.8%
|
| | | | |
9/1/24
|
| | | | 3,453 | | | | | | 3,621 | | | | | | 3,364 | | |
Eclipse Resources Corp.
|
| |
(e)(i)(r)
|
| | Energy | | |
8.9%
|
| | | | |
7/15/23
|
| | | | 9,175 | | | | | | 9,042 | | | | | | 9,358 | | |
Exterran Energy Solutions, L.P.
|
| |
(e)(i)(r)
|
| | Capital Goods | | |
8.1%
|
| | | | |
5/1/25
|
| | | | 7,714 | | | | | | 7,714 | | | | | | 8,066 | | |
Portfolio Company
(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate
(b)
|
| |
Floor
|
| |
Maturity
|
| |
Principal
Amount (c) |
| |
Amortized
Cost |
| |
Fair
Value (d) |
| ||||||||||||
Global Jet Capital Inc.
|
| | | | | Commercial & Professional Services | | |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
1/30/25
|
| | | $ | 950 | | | | | $ | 950 | | | | | $ | 941 | | |
Global Jet Capital Inc.
|
| | | | | Commercial & Professional Services | | |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
4/30/25
|
| | | | 6,035 | | | | | | 6,035 | | | | | | 5,983 | | |
Global Jet Capital Inc.
|
| | | | | Commercial & Professional Services | | |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
9/3/25
|
| | | | 1,247 | | | | | | 1,247 | | | | | | 1,235 | | |
Global Jet Capital Inc.
|
| | | | | Commercial & Professional Services | | |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
9/29/25
|
| | | | 1,174 | | | | | | 1,174 | | | | | | 1,162 | | |
Global Jet Capital Inc.
|
| |
(i)
|
| | Commercial & Professional Services | | |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
12/4/25
|
| | | | 77,999 | | | | | | 77,999 | | | | | | 77,122 | | |
Global Jet Capital Inc.
|
| |
(i)
|
| | Commercial & Professional Services | | |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
12/9/25
|
| | | | 12,757 | | | | | | 12,757 | | | | | | 12,613 | | |
Global Jet Capital Inc.
|
| |
(i)
|
| | Commercial & Professional Services | | |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
1/29/26
|
| | | | 6,680 | | | | | | 6,680 | | | | | | 6,605 | | |
Global Jet Capital Inc.
|
| | | | | Commercial & Professional Services | | |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
2/17/26
|
| | | | 16,334 | | | | | | 16,334 | | | | | | 16,150 | | |
Global Jet Capital Inc.
|
| | | | | Commercial & Professional Services | | |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
4/14/26
|
| | | | 10,115 | | | | | | 10,115 | | | | | | 10,001 | | |
Global Jet Capital Inc.
|
| | | | | Commercial & Professional Services | | |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
12/2/26
|
| | | | 14,950 | | | | | | 14,950 | | | | | | 14,763 | | |
Great Lakes Dredge & Dock Corp.
|
| |
(e)(i)(r)
|
| | Capital Goods | | |
8.0%
|
| | | | | | | |
5/15/22
|
| | | | 8,352 | | | | | | 8,364 | | | | | | 8,602 | | |
Greystone Mezzanine Equity Member Corp.
|
| |
(i)(j)
|
| | Diversified Financials | | |
L+650
|
| | | | 4.5 % | | | |
9/15/25
|
| | | | 39,750 | | | | | | 39,750 | | | | | | 39,253 | | |
KGA Escrow LLC
|
| |
(e)(r)
|
| | Automobiles & Components | | |
7.5%
|
| | | | | | | |
8/15/23
|
| | | | 4,039 | | | | | | 4,048 | | | | | | 4,207 | | |
P.F. Chang’s China Bistro, Inc.
|
| |
(e)(g)(r)
|
| | Consumer Services | | |
10.3%
|
| | | | | | | |
6/30/20
|
| | | | 49,532 | | | | | | 49,369 | | | | | | 47,991 | | |
PriSo Acquisition Corp.
|
| |
(e)(r)
|
| | Capital Goods | | |
9.0%
|
| | | | | | | |
5/15/23
|
| | | | 47,859 | | | | | | 47,545 | | | | | | 49,669 | | |
Quorum Health Corp.
|
| |
(e)(r)
|
| | Health Care Equipment & Services | | |
11.6%
|
| | | | | | | |
4/15/23
|
| | | | 2,816 | | | | | | 2,806 | | | | | | 2,825 | | |
S1 Blocker Buyer Inc.
|
| | | | | Commercial & Professional Services | | |
10.0% PIK (10.0% Max PIK)
|
| | | | | | | |
10/31/22
|
| | | | 116 | | | | | | 116 | | | | | | 116 | | |
Sorenson Communications, Inc.
|
| |
(g)(r)
|
| | Telecommunication Services | | |
13.9%, 0.0% PIK (13.9% Max PIK)
|
| | | | | | | |
10/31/21
|
| | | | 8,983 | | | | | | 9,261 | | | | | | 9,455 | | |
SRS Distribution Inc.
|
| |
(e)(r)
|
| | Capital Goods | | |
8.3%
|
| | | | | | | |
7/1/26
|
| | | | 11,646 | | | | | | 11,594 | | | | | | 11,398 | | |
Stars Group Holdings B.V.
|
| |
(e)(i)(r)
|
| | Consumer Services | | |
7.0%
|
| | | | | | | |
7/15/26
|
| | | | 2,770 | | | | | | 2,770 | | | | | | 2,860 | | |
SunGard Availability Services Capital, Inc.
|
| |
(g)(r)
|
| | Software & Services | | |
8.8%
|
| | | | | | | |
4/1/22
|
| | | | 16,400 | | | | | | 12,691 | | | | | | 7,927 | | |
Surgery Center Holdings, Inc.
|
| |
(e)(r)
|
| | Health Care Equipment & Services | | |
6.8%
|
| | | | | | | |
7/1/25
|
| | | | 2,215 | | | | | | 2,109 | | | | | | 2,129 | | |
Team Health Holdings Inc
|
| |
(e)(r)
|
| | Health Care Equipment & Services | | |
6.4%
|
| | | | | | | |
2/1/25
|
| | | | 8,677 | | | | | | 7,658 | | | | | | 7,632 | | |
Vertiv Group Corp.
|
| |
(e)(r)
|
| | Capital Goods | | |
9.3%
|
| | | | | | | |
10/15/24
|
| | | | 14,697 | | | | | | 14,324 | | | | | | 15,364 | | |
York Risk Services Holding Corp.
|
| |
(g)(h)(r)
|
| | Insurance | | |
8.5%
|
| | | | | | | |
10/1/22
|
| | | | 36,050 | | | | | | 34,069 | | | | | | 31,844 | | |
Total Subordinated Debt
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 585,315 | | | | | | 582,673 | | |
Unfunded Debt Commitment
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (39,750 ) | | | | | | (39,750 ) | | |
Net Subordinated Debt
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 545,565 | | | | | | 542,923 | | |
Collateralized Securities—0.3% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
NewStar Clarendon 2014-1A Class D
|
| |
(i)
|
| | Diversified Financials | | |
L+435
|
| | | | | | | |
1/25/27
|
| | | | 730 | | | | | | 698 | | | | | | 732 | | |
NewStar Clarendon 2014-1A Class Subord. B
|
| |
(i)
|
| | Diversified Financials | | |
9.7%
|
| | | | | | | |
1/25/27
|
| | | | 8,310 | | | | | | 5,372 | | | | | | 5,659 | | |
Total Collateralized Securities
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 6,070 | | | | | | 6,391 | | |
|
Portfolio Company
(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate
(b)
|
| |
Floor
|
| |
Maturity
|
| |
Number
of Shares |
| |
Cost
|
| |
Fair
Value (d) |
| |||||||||
Equity/Other—3.7% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
5 Arches, LLC, Common Equity
|
| |
(i)(m)
|
| | Diversified Financials | | | | | | | | | | | | | | 56,000 | | | | | $ | 1,381 | | | | | $ | 2,800 | | |
ACP FH Holdings GP, LLC, Common Equity
|
| |
(k)
|
| | Consumer Durables & Apparel | | | | | | | | | | | | | | 11,429 | | | | | | 11 | | | | | | 6 | | |
ACP FH Holdings, LP, Common Equity
|
| |
(k)
|
| | Consumer Durables & Apparel | | | | | | | | | | | | | | 1,131,428 | | | | | | 1,131 | | | | | | 614 | | |
Altus Power America Holdings, LLC, Common Equity
|
| |
(k)
|
| | Energy | | | | | | | | | | | | | | 462,008 | | | | | | 462 | | | | | | 69 | | |
Altus Power America Holdings, LLC, Preferred Equity
|
| |
(o)
|
| | Energy | | |
9.0%, 5.0% PIK
|
| | | | |
10/3/23
|
| | | | 1,036,585 | | | | | | 1,037 | | | | | | 1,000 | | |
ASG Everglades Holdings, Inc., Warrants
|
| |
(k)
|
| | Software & Services | | | | | | | | |
6/27/22
|
| | | | 48,325 | | | | | | 1,377 | | | | | | 1,474 | | |
Aspect Software Parent, Inc., Common Equity
|
| |
(k)(t)
|
| | Software & Services | | | | | | | | | | | | | | 1,142,735 | | | | | | 28,097 | | | | | | — | | |
ATX Holdings, LLC, Common Equity
|
| |
(i)(k)
|
| |
Technology Hardware & Equipment
|
| | | | | | | | | | | | | 83,488 | | | | | | 134 | | | | | | 79 | | |
Byrider Holding Corp., Common Equity
|
| |
(k)
|
| | Automobiles & Components | | | | | | | | | | | | | | 278 | | | | | | — | | | | | | — | | |
Chisholm Oil and Gas, LLC, Series A Units
|
| |
(k)(m)
|
| | Energy | | | | | | | | | | | | | | 75,000 | | | | | | 75 | | | | | | 70 | | |
CSF Group Holdings, Inc., Common Equity
|
| |
(k)
|
| | Capital Goods | | | | | | | | | | | | | | 173,900 | | | | | | 174 | | | | | | 191 | | |
Escape Velocity Holdings, Inc., Common Equity
|
| |
(k)
|
| | Software & Services | | | | | | | | | | | | | | 7,725 | | | | | | 77 | | | | | | 297 | | |
Fairway Group Holdings Corp., Common Equity
|
| |
(k)(t)
|
| | Food & Staples Retailing | | | | | | | | | | | | | | 71,465 | | | | | | 2,296 | | | | | | — | | |
Global Jet Capital Holdings, LP, Preferred Equity
|
| |
(i)(k)
|
| |
Commercial & Professional Services
|
| | | | | | | | | | | | | 42,484,416 | | | | | | 42,484 | | | | | | 15,507 | | |
H.I.G. Empire Holdco, Inc., Common Equity
|
| |
(k)
|
| | Retailing | | | | | | | | | | | | | | 206 | | | | | | 614 | | | | | | 634 | | |
Harvest Oil & Gas Corp., Common Equity
|
| |
(k)(r)
|
| | Energy | | | | | | | | | | | | | | 59,487 | | | | | | 1,309 | | | | | | 1,190 | | |
Harvey Holdings, LLC, Common Equity
|
| |
(k)
|
| | Capital Goods | | | | | | | | | | | | | | 2,000,000 | | | | | | 2,000 | | | | | | 5,150 | | |
HM Dunn Aerosystems, Inc., Preferred Equity, Series A
|
| |
(k)(t)
|
| | Capital Goods | | | | | | | | | | | | | | 1,929 | | | | | | — | | | | | | — | | |
HM Dunn Aerosystems, Inc., Preferred Equity, Series B
|
| |
(k)(t)
|
| | Capital Goods | | | | | | | | | | | | | | 1,929 | | | | | | — | | | | | | — | | |
Industrial Group Intermediate Holdings, LLC, Common Equity
|
| |
(k)(m)
|
| | Materials | | | | | | | | | | | | | | 220,619 | | | | | | 221 | | | | | | 199 | | |
JMC Acquisition Holdings, LLC, Common Equity
|
| |
(k)
|
| | Capital Goods | | | | | | | | | | | | | | 8,068 | | | | | | 8,068 | | | | | | 9,359 | | |
JSS Holdco, LLC, Net Profits Interest
|
| |
(k)
|
| | Capital Goods | | | | | | | | | | | | | | — | | | | | | — | | | | | | 651 | | |
JW Aluminum Co., Common Equity
|
| |
(k)
|
| | Materials | | | | | | | | | | | | | | 41 | | | | | | — | | | | | | 185 | | |
JW Aluminum Co., Preferred Equity
|
| | | | | Materials | | |
12.5% PIK
|
| | | | |
11/17/25
|
| | | | 1,087 | | | | | | 4,488 | | | | | | 6,527 | | |
North Haven Cadence TopCo, LLC, Common Equity
|
| |
(k)
|
| | Consumer Services | | | | | | | | | | | | | | 833,333 | | | | | | 833 | | | | | | 1,312 | | |
PDI Parent LLC, Common Equity
|
| |
(k)
|
| | Capital Goods | | | | | | | | | | | | | | 923,077 | | | | | | 923 | | | | | | 762 | | |
Ridgeback Resources Inc., Common Equity
|
| |
(i)(k)(q)
|
| | Energy | | | | | | | | | | | | | | 827,156 | | | | | | 5,082 | | | | | | 5,712 | | |
Roadhouse Holding Inc., Common Equity
|
| |
(k)
|
| | Consumer Services | | | | | | | | | | | | | | 1,202,991 | | | | | | 1,250 | | | | | | — | | |
S1 Blocker Buyer Inc., Common Equity
|
| | | | |
Commercial & Professional Services
|
| | | | | | | | | | | | | 60 | | | | | | 581 | | | | | | 939 | | |
Sequential Brands Group, Inc., Common Equity
|
| |
(k)(r)
|
| | Consumer Durables & Apparel | | | | | | | | | | | | | | 125,391 | | | | | | 1,693 | | | | | | 209 | | |
SSC Holdco Limited, Common Equity
|
| |
(i)(k)
|
| |
Health Care Equipment & Services
|
| | | | | | | | | | | | | 113,636 | | | | | | 2,273 | | | | | | 2,671 | | |
Sunnova Energy Corp., Common Equity
|
| |
(k)
|
| | Energy | | | | | | | | | | | | | | 577,086 | | | | | | 2,166 | | | | | | — | | |
Sunnova Energy Corp., Preferred Equity
|
| |
(k)
|
| | Energy | | | | | | | | | | | | | | 105,341 | | | | | | 561 | | | | | | 609 | | |
TE Holdings, LLC, Common Equity
|
| |
(k)(m)(r)
|
| | Energy | | | | | | | | | | | | | | 129,829 | | | | | | 1,104 | | | | | | 130 | | |
TE Holdings, LLC, Preferred Equity
|
| |
(k)(r)
|
| | Energy | | | | | | | | | | | | | | 86,061 | | | | | | 859 | | | | | | 559 | | |
Portfolio Company
(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate
(b)
|
| |
Floor
|
| |
Maturity
|
| |
Number
of Shares |
| |
Cost
|
| |
Fair
Value (d) |
| |||||||||
Titan Energy, LLC, Common Equity
|
| |
(k)(r)
|
| | Energy | | | | | | | | | | | | | | 72,739 | | | | | $ | 2,299 | | | | | $ | 30 | | |
Warren Resources, Inc., Common Equity
|
| |
(k)(t)
|
| | Energy | | | | | | | | | | | | | | 998,936 | | | | | | 4,695 | | | | | | 3,796 | | |
White Star Petroleum Holdings, LLC, Common Equity
|
| |
(k)(m)
|
| | Energy | | | | | | | | | | | | | | 1,738,244 | | | | | | 1,478 | | | | | | 739 | | |
Zeta Interactive Holdings Corp., Preferred Equity, Series E-1
|
| |
(k)
|
| | Software & Services | | | | | | | | | | | | | | 1,051,348 | | | | | | 8,357 | | | | | | 10,832 | | |
Zeta Interactive Holdings Corp., Preferred Equity, Series F
|
| |
(k)
|
| | Software & Services | | | | | | | | | | | | | | 956,233 | | | | | | 8,357 | | | | | | 9,616 | | |
Zeta Interactive Holdings Corp., Warrants
|
| |
(k)
|
| | Software & Services | | | | | | | | |
4/20/27
|
| | | | 143,435 | | | | | | — | | | | | | 442 | | |
Total Equity/Other
|
| | | | | | | | | | | | | | | | | | | | | | | | | 137,947 | | | | | | 84,360 | | |
TOTAL INVESTMENTS—140.9%
|
| | | | | | | | | | | | | | | | | | | | | | | | $ | 3,366,998 | | | | | | 3,251,082 | | |
LIABILITIES IN EXCESS OF OTHER ASSETS—(40.9%)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (943,489 ) | | |
NET ASSETS—100.0%
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 2,307,593 | | |
|
Total Return Swap
|
| | | | | | | | | | | | | | | | |
Notional
Amount |
| | | | |
Unrealized
Depreciation |
| ||||||
Citibank TRS Facility (Note 8)
|
| |
(j)
|
| | | | | | | | | | | | | | | $ | 484,378 | | | | | | | | $ | (10,002 ) | | |
|
Portfolio Company
|
| |
Fair Value at
December 31, 2017 |
| |
Transfers
In or Out |
| |
Purchases
and Paid- in-Kind Interest |
| |
Sales and
Repayments |
| |
Accretion
of Discount |
| |
Net
Realized Gain (Loss) |
| |
Net Change in
Unrealized Appreciation (Depreciation) |
| |
Fair Value at
September 30, 2018 |
| |
Interest
Income (3) |
| |
PIK
Income (3) |
| |
Fee
Income (3) |
| |||||||||||||||||||||||||||||||||
Senior Secured Loans—First Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Aspect Software, Inc.
|
| | | $ | 5,004 | | | | | $ | — | | | | | $ | — | | | | | $ | (5,004 ) | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 286 | | | | | $ | — | | | | | $ | 6 | | |
Aspect Software, Inc.
|
| | | | 9,156 | | | | | | — | | | | | | 195 | | | | | | (193 ) | | | | | | — | | | | | | — | | | | | | (383 ) | | | | | | 8,775 | | | | | | 932 | | | | | | 195 | | | | | | 293 | | |
Aspect Software, Inc.
(1)
|
| | | | (1,822 ) | | | | | | — | | | | | | 1,822 | | | | | | (1,822 ) | | | | | | — | | | | | | — | | | | | | 1,822 | | | | | | — | | | | | | 22 | | | | | | — | | | | | | 4 | | |
Aspect Software, Inc.
|
| | | | — | | | | | | — | | | | | | 13,018 | | | | | | (157 ) | | | | | | — | | | | | | — | | | | | | (1,462 ) | | | | | | 11,399 | | | | | | 441 | | | | | | 118 | | | | | | 2 | | |
Fairway Group Acquisition Co.
|
| | | | 6,159 | | | | | | — | | | | | | 510 | | | | | | — | | | | | | — | | | | | | — | | | | | | (184 ) | | | | | | 6,485 | | | | | | 569 | | | | | | 510 | | | | | | — | | |
Fairway Group Acquisition Co.
|
| | | | 903 | | | | | | — | | | | | | 37 | | | | | | — | | | | | | — | | | | | | — | | | | | | (464 ) | | | | | | 476 | | | | | | 41 | | | | | | 37 | | | | | | — | | |
Fairway Group Acquisition Co.
(2)
|
| | | | — | | | | | | — | | | | | | 460 | | | | | | — | | | | | | — | | | | | | — | | | | | | 7 | | | | | | 467 | | | | | | 7 | | | | | | 4 | | | | | | 93 | | |
Fairway Group Acquisition Co.
|
| | | | — | | | | | | — | | | | | | 2,317 | | | | | | (116 ) | | | | | | 2 | | | | | | — | | | | | | 149 | | | | | | 2,352 | | | | | | 33 | | | | | | 22 | | | | | | — | | |
H.M. Dunn Co., Inc.
|
| | | | — | | | | | | 9,643 | | | | | | — | | | | | | — | | | | | | — | | | | | | (3,857 ) | | | | | | (4,347 ) | | | | | | 1,439 | | | | | | 279 | | | | | | — | | | | | | — | | |
Warren Resources, Inc.
|
| | | | 18,372 | | | | | | — | | | | | | 60 | | | | | | (11,824 ) | | | | | | — | | | | | | — | | | | | | (448 ) | | | | | | 6,160 | | | | | | 638 | | | | | | 60 | | | | | | 473 | | |
Senior Secured Loans—Second Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fairway Group Acquisition Co.
|
| | | | 795 | | | | | | — | | | | | | 36 | | | | | | — | | | | | | — | | | | | | — | | | | | | (409 ) | | | | | | 422 | | | | | | 39 | | | | | | 36 | | | | | | — | | |
Equity/Other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Aspect Software Parent, Inc., Common Equity
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (25,711 ) | | | | | | 25,711 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Fairway Group Holdings Corp., Common Equity
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
HM Dunn Aerosystems, Inc. Preferred Equity, Series A
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
HM Dunn Aerosystems, Inc. Preferred Equity, Series B
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Warren Resources, Inc., Common Equity
|
| | | | 1,698 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,098 | | | | | | 3,796 | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | $ | 40,265 | | | | | $ | 9,643 | | | | | $ | 18,455 | | | | | $ | (19,116 ) | | | | | $ | 2 | | | | | $ | (29,568 ) | | | | | $ | 22,090 | | | | | $ | 41,771 | | | | | $ | 3,287 | | | | | $ | 982 | | | | | $ | 871 | | |
|
Portfolio Company
(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate
(b)
|
| |
Floor
|
| |
Maturity
|
| |
Principal
Amount (c) |
| |
Amortized
Cost |
| |
Fair
Value (d) |
| ||||||||||||
Senior Secured Loans—First Lien—93.0% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
5 Arch Income Fund 2, LLC
|
| |
(j)(p)
|
| | Diversified Financials | | |
10.5%
|
| | | | | | | |
11/18/21
|
| | | $ | 104,385 | | | | | $ | 104,547 | | | | | $ | 104,385 | | |
5 Arch Income Fund 2, LLC
|
| |
(j)(l)(p)
|
| | Diversified Financials | | |
10.5%
|
| | | | | | | |
11/18/21
|
| | | | 28,615 | | | | | | 28,615 | | | | | | 28,615 | | |
Actian Corp.
|
| |
(g)(i)
|
| | Software & Services | | |
L+806
|
| | | | 1.0 % | | | |
6/30/22
|
| | | | 21,333 | | | | | | 21,333 | | | | | | 21,600 | | |
AG Group Merger Sub, Inc.
|
| |
(g)
|
| |
Commercial & Professional Services
|
| |
L+750
|
| | | | 1.0 % | | | |
12/29/23
|
| | | | 17,834 | | | | | | 17,834 | | | | | | 18,146 | | |
All Systems Holding LLC
|
| |
(f)(g)(i)
|
| |
Commercial & Professional Services
|
| |
L+767
|
| | | | 1.0 % | | | |
10/31/23
|
| | | | 50,108 | | | | | | 50,108 | | | | | | 50,860 | | |
Altus Power America, Inc.
|
| | | | | Energy | | |
L+750
|
| | | | 1.5 % | | | |
9/30/21
|
| | | | 2,866 | | | | | | 2,866 | | | | | | 2,809 | | |
Altus Power America, Inc.
|
| |
(l)
|
| | Energy | | |
L+750
|
| | | | 1.5 % | | | |
9/30/21
|
| | | | 884 | | | | | | 884 | | | | | | 866 | | |
Aspect Software, Inc.
|
| |
(u)
|
| | Software & Services | | |
L+1050
|
| | | | 1.0 % | | | |
5/25/18
|
| | | | 5,004 | | | | | | 5,004 | | | | | | 5,004 | | |
Aspect Software, Inc.
|
| |
(l)(u)
|
| | Software & Services | | |
L+1050
|
| | | | 1.0 % | | | |
5/25/18
|
| | | | 128 | | | | | | 128 | | | | | | 128 | | |
Aspect Software, Inc.
|
| |
(f)(u)
|
| | Software & Services | | |
L+1050
|
| | | | 1.0 % | | | |
5/25/20
|
| | | | 9,899 | | | | | | 9,899 | | | | | | 9,156 | | |
Aspect Software, Inc.
|
| |
(l)(u)
|
| | Software & Services | | |
L+1200
|
| | | | 1.0 % | | | |
5/25/18
|
| | | | 1,822 | | | | | | 1,822 | | | | | | — | | |
Atlas Aerospace LLC
|
| |
(f)(g)
|
| | Capital Goods | | |
L+802
|
| | | | 1.0 % | | | |
12/29/22
|
| | | | 42,667 | | | | | | 42,667 | | | | | | 42,667 | | |
ATX Networks Corp.
|
| |
(h)(i)(j)
|
| |
Technology Hardware & Equipment
|
| |
L+600, 1.0% PIK (1.0% Max PIK)
|
| | | | 1.0 % | | | |
6/11/21
|
| | | | 9,649 | | | | | | 9,561 | | | | | | 9,589 | | |
ATX Networks Corp.
|
| |
(g)(h)(i)(j)
|
| |
Technology Hardware & Equipment
|
| |
L+600, 1.0% PIK (1.0% Max PIK)
|
| | | | 1.0 % | | | |
6/11/21
|
| | | | 29,390 | | | | | | 28,692 | | | | | | 29,206 | | |
Avaya Inc.
|
| |
(h)
|
| |
Technology Hardware & Equipment
|
| |
L+475
|
| | | | 1.0 % | | | |
12/15/24
|
| | | | 8,000 | | | | | | 7,920 | | | | | | 7,888 | | |
AVF Parent, LLC
|
| |
(f)(h)
|
| | Retailing | | |
L+725
|
| | | | 1.3 % | | | |
3/1/24
|
| | | | 30,198 | | | | | | 30,198 | | | | | | 30,823 | | |
BMC Software Finance, Inc.
|
| |
(l)
|
| | Software & Services | | |
L+400
|
| | | | | | | |
9/10/20
|
| | | | 10,000 | | | | | | 10,000 | | | | | | 9,100 | | |
Borden Dairy Co.
|
| |
(f)(g)
|
| | Food, Beverage & Tobacco | | |
L+804
|
| | | | 1.0 % | | | |
7/6/23
|
| | | | 48,125 | | | | | | 48,125 | | | | | | 48,111 | | |
Cactus Wellhead, LLC
|
| |
(f)(i)
|
| | Energy | | |
L+600
|
| | | | 1.0 % | | | |
7/31/20
|
| | | | 11,365 | | | | | | 10,909 | | | | | | 11,384 | | |
CEVA Group Plc
|
| |
(j)(l)
|
| | Transportation | | |
L+500
|
| | | | | | | |
3/19/19
|
| | | | 15,000 | | | | | | 14,350 | | | | | | 14,062 | | |
ConnectiveRx, LLC
|
| |
(f)(g)(h)(i)
|
| | Health Care Equipment & Services | | |
L+828
|
| | | | 1.0 % | | | |
11/25/21
|
| | | | 157,004 | | | | | | 157,004 | | | | | | 157,067 | | |
CSafe Acquisition Co., Inc.
|
| | | | | Capital Goods | | |
L+725
|
| | | | 1.0 % | | | |
11/1/21
|
| | | | 1,478 | | | | | | 1,478 | | | | | | 1,465 | | |
CSafe Acquisition Co., Inc.
|
| |
(l)
|
| | Capital Goods | | |
L+725
|
| | | | 1.0 % | | | |
11/1/21
|
| | | | 1,130 | | | | | | 1,131 | | | | | | 1,121 | | |
CSafe Acquisition Co., Inc.
|
| |
(f)(h)
|
| | Capital Goods | | |
L+725
|
| | | | 1.0 % | | | |
10/31/23
|
| | | | 20,806 | | | | | | 20,806 | | | | | | 20,624 | | |
CSafe Acquisition Co., Inc.
|
| |
(l)
|
| | Capital Goods | | |
L+725
|
| | | | 1.0 % | | | |
10/31/23
|
| | | | 11,165 | | | | | | 11,165 | | | | | | 11,068 | | |
Dade Paper & Bag, LLC
|
| |
(g)(i)
|
| | Capital Goods | | |
L+750
|
| | | | 1.0 % | | | |
6/10/24
|
| | | | 44,589 | | | | | | 44,589 | | | | | | 46,150 | | |
Elo Touch Solutions, Inc.
|
| |
(h)
|
| |
Technology Hardware & Equipment
|
| |
L+600
|
| | | | 1.0 % | | | |
10/25/23
|
| | | | 4,267 | | | | | | 4,225 | | | | | | 4,277 | | |
Empire Today, LLC
|
| |
(f)(g)(h)
|
| | Retailing | | |
L+800
|
| | | | 1.0 % | | | |
11/17/22
|
| | | | 44,550 | | | | | | 44,550 | | | | | | 44,995 | | |
Fairway Group Acquisition Co.
|
| |
(u)
|
| | Food & Staples Retailing | | |
12.0% PIK (12.0% Max PIK)
|
| | | | | | | |
1/3/20
|
| | | | 6,159 | | | | | | 6,159 | | | | | | 6,159 | | |
Fairway Group Acquisition Co.
|
| |
(m)(n)(u)
|
| | Food & Staples Retailing | | |
10.0% PIK (10.0% Max PIK)
|
| | | | | | | |
1/3/20
|
| | | | 4,015 | | | | | | 3,916 | | | | | | 903 | | |
Fox Head, Inc.
|
| |
(f)
|
| | Consumer Durables & Apparel | | |
L+850
|
| | | | 1.0 % | | | |
12/19/20
|
| | | | 1,680 | | | | | | 1,680 | | | | | | 1,679 | | |
FullBeauty Brands Holdings Corp.
|
| | | | | Consumer Durables & Apparel | | |
L+800
|
| | | | 1.0 % | | | |
10/14/20
|
| | | | 13,000 | | | | | | 13,000 | | | | | | 12,837 | | |
Greystone Equity Member Corp.
|
| |
(j)
|
| | Diversified Financials | | |
L+1050
|
| | | | | | | |
3/31/21
|
| | | | 19,015 | | | | | | 19,054 | | | | | | 19,038 | | |
Greystone Equity Member Corp.
|
| |
(j)
|
| | Diversified Financials | | |
L+1100
|
| | | | | | | |
3/31/21
|
| | | | 50,000 | | | | | | 50,000 | | | | | | 50,500 | | |
Greystone Equity Member Corp.
|
| |
(j)
|
| | Diversified Financials | | |
L+1100
|
| | | | | | | |
3/31/21
|
| | | | 29,467 | | | | | | 29,467 | | | | | | 29,762 | | |
Portfolio Company
(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate
(b)
|
| |
Floor
|
| |
Maturity
|
| |
Principal
Amount (c) |
| |
Amortized
Cost |
| |
Fair
Value (d) |
| ||||||||||||
Greystone Equity Member Corp.
|
| |
(j)(l)
|
| | Diversified Financials | | |
L+1100
|
| | | | | | | |
3/31/21
|
| | | $ | 7,518 | | | | | $ | 7,518 | | | | | $ | 7,594 | | |
Gulf Finance, LLC
|
| |
(h)
|
| | Energy | | |
L+525
|
| | | | 1.0 % | | | |
8/25/23
|
| | | | 4,864 | | | | | | 4,745 | | | | | | 4,391 | | |
H.M. Dunn Co., Inc.
|
| | | | | Capital Goods | | |
L+946
|
| | | | 1.0 % | | | |
3/26/21
|
| | | | 9,643 | | | | | | 9,643 | | | | | | 9,209 | | |
Hudson Technologies Co.
|
| |
(g)(j)
|
| |
Commercial & Professional Services
|
| |
L+725
|
| | | | 1.0 % | | | |
10/10/23
|
| | | | 7,989 | | | | | | 7,989 | | | | | | 8,099 | | |
Hudson Technologies Co.
|
| |
(j)(l)
|
| |
Commercial & Professional Services
|
| |
L+725
|
| | | | 1.0 % | | | |
10/10/23
|
| | | | 1,902 | | | | | | 1,902 | | | | | | 1,928 | | |
Hybrid Promotions, LLC
|
| |
(f)
|
| | Consumer Durables & Apparel | | |
L+850
|
| | | | 1.0 % | | | |
12/19/20
|
| | | | 6,160 | | | | | | 6,160 | | | | | | 6,155 | | |
Icynene U.S. Acquisition Corp.
|
| |
(f)(g)(h)(i)
|
| | Materials | | |
L+700
|
| | | | 1.0 % | | | |
11/30/24
|
| | | | 77,000 | | | | | | 77,000 | | | | | | 77,015 | | |
Industrial Group Intermediate Holdings, LLC
|
| |
(g)
|
| | Materials | | |
L+800
|
| | | | 1.3 % | | | |
5/31/20
|
| | | | 10,746 | | | | | | 10,746 | | | | | | 10,907 | | |
JMC Acquisition Merger Corp.
|
| |
(f)(g)(h)(i)
|
| | Capital Goods | | |
L+854
|
| | | | 1.0 % | | | |
11/6/21
|
| | | | 114,086 | | | | | | 114,086 | | | | | | 115,940 | | |
JSS Holdings, Inc.
|
| |
(f)(g)(h)
|
| | Capital Goods | | |
L+800, 0.0% PIK (2.5% Max PIK)
|
| | | | 1.0 % | | | |
3/31/23
|
| | | | 65,742 | | | | | | 65,147 | | | | | | 66,761 | | |
JSS Holdings, Inc.
|
| |
(l)
|
| | Capital Goods | | |
L+800, 0.0% PIK (2.5% Max PIK)
|
| | | | 1.0 % | | | |
3/31/23
|
| | | | 12,000 | | | | | | 12,000 | | | | | | 12,186 | | |
Kodiak BP, LLC
|
| |
(f)(g)(h)(i)
|
| | Capital Goods | | |
L+725
|
| | | | 1.0 % | | | |
12/1/24
|
| | | | 68,348 | | | | | | 68,348 | | | | | | 68,519 | | |
Kodiak BP, LLC
|
| |
(l)
|
| | Capital Goods | | |
L+725
|
| | | | 1.0 % | | | |
12/1/24
|
| | | | 19,697 | | | | | | 19,697 | | | | | | 19,746 | | |
Latham Pool Products, Inc.
|
| |
(g)(h)
|
| |
Commercial & Professional Services
|
| |
L+775
|
| | | | 1.0 % | | | |
6/29/21
|
| | | | 36,118 | | | | | | 36,118 | | | | | | 36,524 | | |
Logan’s Roadhouse, Inc.
|
| | | | | Consumer Services | | |
L+1100 PIK (L+1100 Max PIK)
|
| | | | 1.0 % | | | |
5/5/19
|
| | | | 1,256 | | | | | | 1,256 | | | | | | 1,256 | | |
Logan’s Roadhouse, Inc.
|
| |
(l)
|
| | Consumer Services | | |
L+1100 PIK (L+1100 Max PIK)
|
| | | | 1.0 % | | | |
5/5/19
|
| | | | 202 | | | | | | 204 | | | | | | 202 | | |
Nobel Learning Communities, Inc.
|
| | | | | Consumer Services | | |
L+450
|
| | | | 1.0 % | | | |
5/5/21
|
| | | | 3,075 | | | | | | 3,075 | | | | | | 3,075 | | |
Nobel Learning Communities, Inc.
|
| |
(l)
|
| | Consumer Services | | |
L+450
|
| | | | 1.0 % | | | |
5/5/21
|
| | | | 8,106 | | | | | | 8,106 | | | | | | 8,106 | | |
Nobel Learning Communities, Inc.
|
| |
(f)(g)(h)(i)
|
| | Consumer Services | | |
L+436
|
| | | | 4.5 % | | | |
5/5/23
|
| | | | 84,472 | | | | | | 84,472 | | | | | | 84,044 | | |
Nobel Learning Communities, Inc.
|
| |
(l)
|
| | Consumer Services | | |
L+375
|
| | | | 4.5 % | | | |
5/5/23
|
| | | | 49,689 | | | | | | 49,689 | | | | | | 49,439 | | |
North Haven Cadence Buyer, Inc.
|
| |
(l)
|
| | Consumer Services | | |
L+500
|
| | | | 1.0 % | | | |
9/2/21
|
| | | | 750 | | | | | | 750 | | | | | | 750 | | |
North Haven Cadence Buyer, Inc.
|
| |
(f)(g)
|
| | Consumer Services | | |
L+810
|
| | | | 1.0 % | | | |
9/2/22
|
| | | | 22,149 | | | | | | 22,149 | | | | | | 22,564 | | |
North Haven Cadence Buyer, Inc.
|
| |
(l)
|
| | Consumer Services | | |
L+750
|
| | | | 1.0 % | | | |
9/2/22
|
| | | | 2,833 | | | | | | 2,833 | | | | | | 2,886 | | |
Panda Temple Power, LLC
|
| |
(m)(n)
|
| | Energy | | |
L+625
|
| | | | 1.0 % | | | |
3/6/22
|
| | | | 24,808 | | | | | | 21,322 | | | | | | 18,048 | | |
Panda Temple Power, LLC
|
| | | | | Energy | | |
L+900
|
| | | | 1.0 % | | | |
4/28/18
|
| | | | 943 | | | | | | 943 | | | | | | 944 | | |
PHRC License, LLC
|
| |
(f)
|
| | Consumer Services | | |
L+850
|
| | | | 1.5 % | | | |
4/28/22
|
| | | | 16,875 | | | | | | 16,875 | | | | | | 17,297 | | |
Polymer Additives, Inc.
|
| |
(f)(i)
|
| | Materials | | |
L+888
|
| | | | 1.0 % | | | |
12/19/22
|
| | | | 18,920 | | | | | | 18,920 | | | | | | 19,583 | | |
Polymer Additives, Inc.
|
| |
(f)(h)
|
| | Materials | | |
L+834
|
| | | | 1.0 % | | | |
12/19/22
|
| | | | 21,623 | | | | | | 21,623 | | | | | | 22,056 | | |
Power Distribution, Inc.
|
| | | | | Capital Goods | | |
L+725
|
| | | | 1.3 % | | | |
1/25/23
|
| | | | 19,952 | | | | | | 19,952 | | | | | | 20,252 | | |
Production Resource Group, LLC
|
| |
(f)
|
| | Media | | |
L+750
|
| | | | 1.0 % | | | |
1/14/19
|
| | | | 65,208 | | | | | | 65,208 | | | | | | 68,958 | | |
Propulsion Acquisition, LLC
|
| |
(f)(h)(i)(k)
|
| |
Commercial & Professional Services
|
| |
L+600
|
| | | | 1.0 % | | | |
7/13/21
|
| | | | 60,966 | | | | | | 59,633 | | | | | | 60,356 | | |
Quest Software US Holdings Inc.
|
| |
(h)
|
| | Software & Services | | |
L+550
|
| | | | 1.0 % | | | |
10/31/22
|
| | | | 5,867 | | | | | | 5,838 | | | | | | 5,971 | | |
Roadrunner Intermediate Acquisition Co., LLC
|
| |
(f)(g)(h)(i)
|
| | Health Care Equipment & Services | | |
L+725
|
| | | | 1.0 % | | | |
3/15/23
|
| | | | 99,094 | | | | | | 99,094 | | | | | | 99,931 | | |
Rogue Wave Software, Inc.
|
| |
(f)(g)(h)(i)
|
| | Software & Services | | |
L+858
|
| | | | 1.0 % | | | |
9/25/21
|
| | | | 151,900 | | | | | | 151,900 | | | | | | 151,900 | | |
Safariland, LLC
|
| |
(f)(h)
|
| | Capital Goods | | |
L+768
|
| | | | 1.1 % | | | |
11/18/23
|
| | | | 42,893 | | | | | | 42,893 | | | | | | 43,483 | | |
Safariland, LLC
|
| |
(l)
|
| | Capital Goods | | |
L+725
|
| | | | 1.1 % | | | |
11/18/23
|
| | | | 11,566 | | | | | | 11,566 | | | | | | 11,725 | | |
Portfolio Company
(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate
(b)
|
| |
Floor
|
| |
Maturity
|
| |
Principal
Amount (c) |
| |
Amortized
Cost |
| |
Fair
Value (d) |
| ||||||||||||
Sequel Youth and Family Services, LLC
|
| |
(f)(g)
|
| | Health Care Equipment & Services | | |
L+778
|
| | | | 1.0 % | | | |
9/1/22
|
| | | $ | 15,294 | | | | | $ | 15,294 | | | | | $ | 15,435 | | |
Sequel Youth and Family Services, LLC
|
| |
(l)
|
| | Health Care Equipment & Services | | |
L+700
|
| | | | 1.0 % | | | |
9/1/22
|
| | | | 765 | | | | | | 765 | | | | | | 772 | | |
Sequential Brands Group, Inc.
|
| |
(f)(g)(h)(i)
|
| | Consumer Durables & Apparel | | |
L+900
|
| | | | | | | |
7/1/22
|
| | | | 128,439 | | | | | | 128,439 | | | | | | 127,154 | | |
Sorenson Communications, Inc.
|
| |
(f)
|
| | Telecommunication Services | | |
L+575
|
| | | | 2.3 % | | | |
4/30/20
|
| | | | 4,849 | | | | | | 4,838 | | | | | | 4,889 | | |
Specialty Building Products Holdings, LLC
|
| |
(h)
|
| | Capital Goods | | |
L+600
|
| | | | 1.0 % | | | |
10/26/23
|
| | | | 9,538 | | | | | | 9,213 | | | | | | 9,574 | | |
SSC (Lux) Limited S.Ã r.l.
|
| |
(f)(g)(j)
|
| | Health Care Equipment & Services | | |
L+750
|
| | | | 1.0 % | | | |
9/10/24
|
| | | | 45,455 | | | | | | 45,455 | | | | | | 46,364 | | |
Strike, LLC
|
| | | | | Energy | | |
L+800
|
| | | | 1.0 % | | | |
5/30/19
|
| | | | 3,734 | | | | | | 3,687 | | | | | | 3,752 | | |
Strike, LLC
|
| |
(h)
|
| | Energy | | |
L+800
|
| | | | 1.0 % | | | |
11/30/22
|
| | | | 3,015 | | | | | | 2,939 | | | | | | 3,060 | | |
SunGard Availability Services Capital, Inc.
|
| |
(l)
|
| | Software & Services | | |
L+450
|
| | | | | | | |
3/8/18
|
| | | | 7,000 | | | | | | 5,539 | | | | | | 6,685 | | |
SunGard Availability Services Capital, Inc.
|
| |
(f)(h)(i)
|
| | Software & Services | | |
L+700
|
| | | | 1.0 % | | | |
9/30/21
|
| | | | 24,822 | | | | | | 24,600 | | | | | | 23,022 | | |
SunGard Availability Services Capital, Inc.
|
| |
(k)
|
| | Software & Services | | |
L+1000
|
| | | | 1.0 % | | | |
10/1/22
|
| | | | 2,500 | | | | | | 2,375 | | | | | | 2,405 | | |
Swift Worldwide Resources US Holdings Corp.
|
| | | | | Energy | | |
L+1000, 1.0% PIK (1.0% Max PIK)
|
| | | | 1.0 % | | | |
7/20/21
|
| | | | 17,226 | | | | | | 17,226 | | | | | | 17,571 | | |
Trace3, LLC
|
| |
(f)
|
| | Software & Services | | |
L+775
|
| | | | 1.0 % | | | |
6/6/23
|
| | | | 12,438 | | | | | | 12,438 | | | | | | 12,733 | | |
U.S. Xpress Enterprises, Inc.
|
| |
(f)
|
| | Transportation | | |
L+1075, 0.0% PIK (1.8% Max PIK)
|
| | | | 1.5 % | | | |
5/30/20
|
| | | | 10,537 | | | | | | 10,537 | | | | | | 10,563 | | |
USI Senior Holdings, Inc.
|
| |
(f)
|
| | Capital Goods | | |
L+779
|
| | | | 1.0 % | | | |
1/5/22
|
| | | | 5,144 | | | | | | 5,144 | | | | | | 5,173 | | |
USI Senior Holdings, Inc.
|
| |
(l)
|
| | Capital Goods | | |
L+725
|
| | | | 1.0 % | | | |
1/5/22
|
| | | | 1,047 | | | | | | 1,047 | | | | | | 1,053 | | |
UTEX Industries, Inc.
|
| |
(f)
|
| | Energy | | |
L+400
|
| | | | 1.0 % | | | |
5/21/21
|
| | | | 742 | | | | | | 740 | | | | | | 730 | | |
Warren Resources, Inc.
|
| |
(g)(u)
|
| | Energy | | |
L+900, 1.0% PIK (1.0% Max PIK)
|
| | | | 1.0 % | | | |
5/22/20
|
| | | | 17,924 | | | | | | 17,924 | | | | | | 18,372 | | |
Waste Pro USA, Inc.
|
| |
(f)(g)
|
| |
Commercial & Professional Services
|
| |
L+750
|
| | | | 1.0 % | | | |
10/15/20
|
| | | | 33,032 | | | | | | 33,032 | | | | | | 33,651 | | |
York Risk Services Holding Corp.
|
| | | | | Insurance | | |
L+375
|
| | | | 1.0 % | | | |
10/1/21
|
| | | | 990 | | | | | | 983 | | | | | | 971 | | |
Zeta Interactive Holdings Corp.
|
| |
(g)(h)(i)
|
| | Software & Services | | |
L+750
|
| | | | 1.0 % | | | |
7/29/22
|
| | | | 57,358 | | | | | | 57,358 | | | | | | 58,218 | | |
Zeta Interactive Holdings Corp.
|
| |
(l)
|
| | Software & Services | | |
L+750
|
| | | | 1.0 % | | | |
7/29/22
|
| | | | 10,892 | | | | | | 10,892 | | | | | | 11,056 | | |
Total Senior Secured Loans—First Lien
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,413,551 | | | | | | 2,423,047 | | |
Unfunded Loan Commitments
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (200,603 ) | | | | | | (200,603 ) | | |
Net Senior Secured Loans—First Lien
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,212,948 | | | | | | 2,222,444 | | |
Senior Secured Loans—Second Lien—11.0% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Arena Energy, LP
|
| |
(f)(g)
|
| | Energy | | |
L+900, 4.0% PIK (4.0% Max PIK)
|
| | | | 1.0 % | | | |
1/24/21
|
| | | | 24,844 | | | | | | 24,844 | | | | | | 23,621 | | |
Byrider Finance, LLC
|
| | | | | Automobiles & Components | | |
L+1000, 0.5% PIK (4.0% Max PIK)
|
| | | | 1.3 % | | | |
8/22/20
|
| | | | 4,522 | | | | | | 4,522 | | | | | | 4,256 | | |
Casablanca US Holdings Inc.
|
| | | | | Consumer Services | | |
L+900
|
| | | | 1.0 % | | | |
3/31/25
|
| | | | 3,330 | | | | | | 3,220 | | | | | | 3,409 | | |
CDS U.S. Intermediate Holdings, Inc.
|
| |
(f)(j)
|
| | Media | | |
L+825
|
| | | | 1.0 % | | | |
7/10/23
|
| | | | 9,000 | | | | | | 8,905 | | | | | | 8,916 | | |
Chief Exploration & Development LLC
|
| | | | | Energy | | |
L+650
|
| | | | 1.0 % | | | |
5/16/21
|
| | | | 165 | | | | | | 154 | | | | | | 163 | | |
Chisholm Oil and Gas Operating, LLC
|
| | | | | Energy | | |
L+800
|
| | | | 1.0 % | | | |
3/21/24
|
| | | | 16,000 | | | | | | 16,000 | | | | | | 15,998 | | |
Compuware Corp.
|
| |
(f)(g)
|
| | Software & Services | | |
L+825
|
| | | | 1.0 % | | | |
12/15/22
|
| | | | 2,901 | | | | | | 2,709 | | | | | | 2,915 | | |
Crossmark Holdings, Inc.
|
| | | | | Media | | |
L+750
|
| | | | 1.3 % | | | |
12/21/20
|
| | | | 1,500 | | | | | | 1,331 | | | | | | 169 | | |
Fairway Group Acquisition Co.
|
| |
(m)(n)(u)
|
| | Food & Staples Retailing | | |
11.0% PIK (11.0% Max PIK)
|
| | | | | | | |
10/3/21
|
| | | | 3,531 | | | | | | 3,436 | | | | | | 795 | | |
Fieldwood Energy LLC
|
| |
(m)(n)
|
| | Energy | | |
L+713
|
| | | | 1.3 % | | | |
9/30/20
|
| | | | 5,011 | | | | | | 4,127 | | | | | | 1,679 | | |
Portfolio Company
(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate
(b)
|
| |
Floor
|
| |
Maturity
|
| |
Principal
Amount (c) |
| |
Amortized
Cost |
| |
Fair
Value (d) |
| ||||||||||||
Gruden Acquisition, Inc.
|
| |
(i)
|
| | Transportation | | |
L+850
|
| | | | 1.0 % | | | |
8/18/23
|
| | | $ | 10,000 | | | | | $ | 9,642 | | | | | $ | 9,988 | | |
Jazz Acquisition, Inc.
|
| | | | | Capital Goods | | |
L+675
|
| | | | 1.0 % | | | |
6/19/22
|
| | | | 1,998 | | | | | | 2,005 | | | | | | 1,890 | | |
JW Aluminum Co.
|
| | | | | Materials | | |
L+850
|
| | | | 0.8 % | | | |
11/17/20
|
| | | | 779 | | | | | | 779 | | | | | | 791 | | |
Logan’s Roadhouse, Inc.
|
| | | | | Consumer Services | | |
L+850 PIK (L+850 Max PIK)
|
| | | | 1.0 % | | | |
11/23/20
|
| | | | 3,953 | | | | | | 3,930 | | | | | | 1,817 | | |
LTI Holdings, Inc.
|
| |
(i)
|
| | Materials | | |
L+875
|
| | | | 1.0 % | | | |
5/16/25
|
| | | | 9,259 | | | | | | 9,087 | | | | | | 9,421 | | |
Production Resource Group, LLC
|
| |
(f)(g)(h)(i)
|
| | Media | | |
L+850
|
| | | | 1.0 % | | | |
7/23/19
|
| | | | 128,402 | | | | | | 128,329 | | | | | | 129,284 | | |
Spencer Gifts LLC
|
| |
(g)(i)
|
| | Retailing | | |
L+825
|
| | | | 1.0 % | | | |
6/29/22
|
| | | | 37,000 | | | | | | 36,951 | | | | | | 19,980 | | |
Talos Production LLC
|
| | | | | Energy | | |
11.0%
|
| | | | | | | |
4/3/22
|
| | | | 4,500 | | | | | | 4,211 | | | | | | 4,466 | | |
Titan Energy Operating, LLC
|
| |
(g)
|
| | Energy | | |
2.0%, L+1100 PIK (L+1100 Max PIK)
|
| | | | 1.0 % | | | |
2/23/20
|
| | | | 38,598 | | | | | | 33,110 | | | | | | 20,469 | | |
UTEX Industries, Inc.
|
| | | | | Energy | | |
L+725
|
| | | | 1.0 % | | | |
5/20/22
|
| | | | 1,273 | | | | | | 1,269 | | | | | | 1,212 | | |
Total Senior Secured Loans—Second Lien
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 298,561 | | | | | | 261,239 | | |
Senior Secured Bonds—2.5% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
Avantor, Inc.
|
| |
(e)
|
| | Materials | | |
6.0%
|
| | | | | | | |
10/1/24
|
| | | | 1,361 | | | | | | 1,361 | | | | | | 1,363 | | |
Black Swan Energy Ltd.
|
| |
(j)
|
| | Energy | | |
9.0%
|
| | | | | | | |
1/20/24
|
| | | | 1,333 | | | | | | 1,333 | | | | | | 1,343 | | |
CSVC Acquisition Corp.
|
| |
(e)
|
| | Diversified Financials | | |
7.8%
|
| | | | | | | |
6/15/25
|
| | | | 13,774 | | | | | | 13,774 | | | | | | 13,257 | | |
Diamond Resorts International, Inc.
|
| |
(e)(r)
|
| | Consumer Services | | |
7.8%
|
| | | | | | | |
9/1/23
|
| | | | 11,965 | | | | | | 11,965 | | | | | | 12,992 | | |
Global A&T Electronics Ltd.
|
| |
(e)(j)(m)(n)
|
| |
Semiconductors & Semiconductor Equipment
|
| |
10.0%
|
| | | | | | | |
2/1/19
|
| | | | 12,550 | | | | | | 12,179 | | | | | | 11,635 | | |
Ridgeback Resources Inc.
|
| |
(j)
|
| | Energy | | |
12.0%
|
| | | | | | | |
12/29/20
|
| | | | 335 | | | | | | 330 | | | | | | 335 | | |
Sorenson Communications, Inc.
|
| |
(e)
|
| | Telecommunication Services | | |
9.0%, 0.0% PIK (9.0% Max PIK)
|
| | | | | | | |
10/31/20
|
| | | | 11,820 | | | | | | 11,551 | | | | | | 11,820 | | |
Sunnova Energy Corp.
|
| | | | | Energy | | |
6.0%, 6.0% PIK (6.0% Max PIK)
|
| | | | | | | |
10/24/18
|
| | | | 3,175 | | | | | | 3,175 | | | | | | 3,175 | | |
Velvet Energy Ltd.
|
| |
(j)
|
| | Energy | | |
9.0%
|
| | | | | | | |
10/5/23
|
| | | | 4,500 | | | | | | 4,500 | | | | | | 4,558 | | |
Total Senior Secured Bonds
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 60,168 | | | | | | 60,478 | | |
Subordinated Debt—28.8% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
Ascent Resources Utica Holdings, LLC
|
| |
(e)(r)
|
| | Energy | | |
10.0%
|
| | | | | | | |
4/1/22
|
| | | | 30,000 | | | | | | 30,000 | | | | | | 32,420 | | |
Avantor, Inc.
|
| |
(e)(g)(i)
|
| | Materials | | |
9.0%
|
| | | | | | | |
10/1/25
|
| | | | 52,500 | | | | | | 52,502 | | | | | | 52,205 | | |
Bellatrix Exploration Ltd.
|
| |
(e)(j)
|
| | Energy | | |
8.5%
|
| | | | | | | |
5/15/20
|
| | | | 10,000 | | | | | | 9,894 | | | | | | 9,550 | | |
Calumet Specialty Products Partners, L.P.
|
| |
(e)(j)(r)
|
| | Energy | | |
7.8%
|
| | | | | | | |
4/15/23
|
| | | | 10,300 | | | | | | 10,243 | | | | | | 10,403 | | |
Canbriam Energy Inc.
|
| |
(e)(j)
|
| | Energy | | |
9.8%
|
| | | | | | | |
11/15/19
|
| | | | 20,300 | | | | | | 20,193 | | | | | | 20,731 | | |
CEC Entertainment, Inc.
|
| |
(e)(r)
|
| | Consumer Services | | |
8.0%
|
| | | | | | | |
2/15/22
|
| | | | 39,014 | | | | | | 37,733 | | | | | | 36,917 | | |
Ceridian HCM Holding, Inc.
|
| |
(e)(r)
|
| | Commercial & Professional Services | | |
11.0%
|
| | | | | | | |
3/15/21
|
| | | | 92,439 | | | | | | 92,417 | | | | | | 96,707 | | |
Coveris Holdings S.A.
|
| |
(e)(i)(j)
|
| | Materials | | |
7.9%
|
| | | | | | | |
11/1/19
|
| | | | 64,255 | | | | | | 63,530 | | | | | | 64,135 | | |
Eclipse Resources Corp.
|
| |
(e)(j)
|
| | Energy | | |
8.9%
|
| | | | | | | |
7/15/23
|
| | | | 9,175 | | | | | | 9,028 | | | | | | 9,439 | | |
EV Energy Partners, L.P.
|
| |
(n)
|
| | Energy | | |
8.0%
|
| | | | | | | |
4/15/19
|
| | | | 2,150 | | | | | | 2,028 | | | | | | 1,097 | | |
Exterran Energy Solutions, L.P.
|
| |
(e)(j)(r)
|
| | Capital Goods | | |
8.1%
|
| | | | | | | |
5/1/25
|
| | | | 7,714 | | | | | | 7,714 | | | | | | 8,331 | | |
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 | | |
Portfolio Company
(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate
(b)
|
| |
Floor
|
| |
Maturity
|
| |
Principal
Amount (c) |
| |
Amortized
Cost |
| |
Fair
Value (d) |
| ||||||||||||
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 | | | | | | 1,069 | | |
Global Jet Capital Inc.
|
| |
(j)
|
| |
Commercial & Professional Services
|
| |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
12/4/25
|
| | | | 69,760 | | | | | | 69,760 | | | | | | 70,980 | | |
Global Jet Capital Inc.
|
| |
(j)
|
| |
Commercial & Professional Services
|
| |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
12/9/25
|
| | | | 11,409 | | | | | | 11,409 | | | | | | 11,609 | | |
Global Jet Capital Inc.
|
| |
(j)
|
| |
Commercial & Professional Services
|
| |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
1/29/26
|
| | | | 5,975 | | | | | | 5,975 | | | | | | 6,079 | | |
Global Jet Capital Inc.
|
| | | | |
Commercial & Professional Services
|
| |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
2/17/26
|
| | | | 14,608 | | | | | | 14,608 | | | | | | 14,864 | | |
Global Jet Capital Inc.
|
| | | | |
Commercial & Professional Services
|
| |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
4/14/26
|
| | | | 9,047 | | | | | | 9,047 | | | | | | 9,205 | | |
Global Jet Capital Inc.
|
| | | | |
Commercial & Professional Services
|
| |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
12/2/26
|
| | | | 13,370 | | | | | | 13,371 | | | | | | 13,604 | | |
Great Lakes Dredge & Dock Corp.
|
| |
(e)(j)
|
| | Capital Goods | | |
8.0%
|
| | | | | | | |
5/15/22
|
| | | | 8,352 | | | | | | 8,366 | | | | | | 8,773 | | |
Greystone Mezzanine Equity Member Corp.
|
| |
(j)
|
| | Diversified Financials | | |
L+650
|
| | | | 4.5 % | | | |
9/15/25
|
| | | | 2,680 | | | | | | 2,680 | | | | | | 2,680 | | |
Greystone Mezzanine Equity Member Corp.
|
| |
(j)(l)
|
| | Diversified Financials | | |
L+650
|
| | | | 4.5 % | | | |
9/15/25
|
| | | | 50,320 | | | | | | 50,320 | | | | | | 50,320 | | |
Jupiter Resources Inc.
|
| |
(e)(j)
|
| | Energy | | |
8.5%
|
| | | | | | | |
10/1/22
|
| | | | 31,850 | | | | | | 29,228 | | | | | | 19,667 | | |
Northern Oil and Gas, Inc.
|
| |
(e)
|
| | Energy | | |
8.0%
|
| | | | | | | |
6/1/20
|
| | | | 3,150 | | | | | | 3,065 | | | | | | 2,461 | | |
P.F. Chang’s China Bistro, Inc.
|
| |
(e)(g)(i)(r)
|
| | Consumer Services | | |
10.3%
|
| | | | | | | |
6/30/20
|
| | | | 73,286 | | | | | | 73,162 | | | | | | 67,162 | | |
PriSo Acquisition Corp.
|
| |
(e)(r)
|
| | Capital Goods | | |
9.0%
|
| | | | | | | |
5/15/23
|
| | | | 47,859 | | | | | | 47,506 | | | | | | 50,760 | | |
S1 Blocker Buyer Inc.
|
| | | | |
Commercial & Professional Services
|
| |
10.0% PIK (10.0% Max PIK)
|
| | | | | | | |
10/31/22
|
| | | | 143 | | | | | | 143 | | | | | | 159 | | |
Sorenson Communications, Inc.
|
| |
(e)
|
| | Telecommunication Services | | |
13.9%, 0.0% PIK (13.9% Max PIK)
|
| | | | | | | |
10/31/21
|
| | | | 8,983 | | | | | | 9,312 | | | | | | 9,320 | | |
SunGard Availability Services Capital, Inc.
|
| |
(e)(r)
|
| | Software & Services | | |
8.8%
|
| | | | | | | |
4/1/22
|
| | | | 16,400 | | | | | | 12,157 | | | | | | 10,230 | | |
TI Group Automotive Systems, LLC
|
| |
(e)(j)
|
| | Automobiles & Components | | |
8.8%
|
| | | | | | | |
7/15/23
|
| | | | 3,408 | | | | | | 3,408 | | | | | | 3,664 | | |
York Risk Services Holding Corp.
|
| |
(e)(i)
|
| | Insurance | | |
8.5%
|
| | | | | | | |
10/1/22
|
| | | | 36,050 | | | | | | 33,775 | | | | | | 35,509 | | |
Total Subordinated Debt
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 740,986 | | | | | | 737,541 | | |
Unfunded Debt Commitments
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (50,320 ) | | | | | | (50,320 ) | | |
Net Subordinated Debt
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 690,666 | | | | | | 687,221 | | |
Collateralized Securities—0.3% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
NewStar Clarendon 2014-1A Class D
|
| |
(j)
|
| | Diversified Financials | | |
L+435
|
| | | | | | | |
1/25/27
|
| | | | 730 | | | | | | 695 | | | | | | 731 | | |
NewStar Clarendon 2014-1A Class Subord. B
|
| |
(j)
|
| | Diversified Financials | | |
15.8%
|
| | | | | | | |
1/25/27
|
| | | | 8,310 | | | | | | 6,002 | | | | | | 6,831 | | |
Total Collateralized Securities
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 6,697 | | | | | | 7,562 | | |
|
Portfolio Company
(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate
(b)
|
| |
Floor
|
| |
Maturity
|
| |
Number of
Shares |
| |
Cost
|
| |
Fair
Value (d) |
| |||||||||
Equity/Other—4.3% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
5 Arches, LLC, Common Equity
|
| |
(j)(o)
|
| | Diversified Financials | | | | | | | | | | | | | | 70,000 | | | | | $ | 1,750 | | | | | $ | 1,750 | | |
ACP FH Holdings GP, LLC, Common Equity
|
| |
(m)
|
| | Consumer Durables & Apparel | | | | | | | | | | | | | | 11,429 | | | | | | 11 | | | | | | 9 | | |
ACP FH Holdings, LP, Common Equity
|
| |
(m)
|
| | Consumer Durables & Apparel | | | | | | | | | | | | | | 1,131,428 | | | | | | 1,132 | | | | | | 860 | | |
Altus Power America Holdings, LLC, Common Equity
|
| |
(m)
|
| | Energy | | | | | | | | | | | | | | 462,008 | | | | | | 462 | | | | | | 69 | | |
Altus Power America Holdings, LLC, Preferred Equity
|
| |
(q)
|
| | Energy | | |
9.0%, 5.0% PIK
|
| | | | |
10/3/23
|
| | | | 955,284 | | | | | | 955 | | | | | | 955 | | |
ASG Everglades Holdings, Inc., Warrants, 6/27/2022
|
| |
(m)
|
| | Software & Services | | | | | | | | | | | | | | 48,325 | | | | | | 1,377 | | | | | | 1,324 | | |
Aspect Software Parent, Inc., Common Equity
|
| |
(m)(u)
|
| | Software & Services | | | | | | | | | | | | | | 1,142,735 | | | | | | 53,808 | | | | | | — | | |
ATX Holdings, LLC, Common Equity
|
| |
(j)(m)
|
| |
Technology Hardware & Equipment
|
| | | | | | | | | | | | | 83,488 | | | | | | 134 | | | | | | 96 | | |
Chisholm Oil and Gas, LLC, Series A Units
|
| |
(m)(o)
|
| | Energy | | | | | | | | | | | | | | 70,947 | | | | | | 71 | | | | | | 70 | | |
CSF Group Holdings, Inc., Common Equity
|
| |
(m)
|
| | Capital Goods | | | | | | | | | | | | | | 173,900 | | | | | | 174 | | | | | | 122 | | |
Escape Velocity Holdings, Inc., Common Equity
|
| |
(m)
|
| | Software & Services | | | | | | | | | | | | | | 7,725 | | | | | | 77 | | | | | | 182 | | |
Fairway Group Holdings Corp., Common Equity
|
| |
(m)(u)
|
| | Food & Staples Retailing | | | | | | | | | | | | | | 71,465 | | | | | | 2,296 | | | | | | — | | |
Global Jet Capital Holdings, LP, Preferred Equity
|
| |
(j)(m)
|
| |
Commercial & Professional Services
|
| | | | | | | | | | | | | 42,484,416 | | | | | | 42,484 | | | | | | 38,236 | | |
H.I.G. Empire Holdco, Inc., Common Equity
|
| |
(m)
|
| | Retailing | | | | | | | | | | | | | | 206 | | | | | | 614 | | | | | | 613 | | |
Harvey Holdings, LLC, Common Equity
|
| |
(m)
|
| | Capital Goods | | | | | | | | | | | | | | 2,000,000 | | | | | | 2,000 | | | | | | 5,100 | | |
Industrial Group Intermediate Holdings, LLC, Common Equity
|
| |
(m)(o)
|
| | Materials | | | | | | | | | | | | | | 220,619 | | | | | | 221 | | | | | | 331 | | |
JMC Acquisition Holdings, LLC, Common Equity
|
| |
(m)
|
| | Capital Goods | | | | | | | | | | | | | | 8,068 | | | | | | 8,068 | | | | | | 10,932 | | |
JSS Holdco, LLC, Net Profits Interest
|
| |
(m)
|
| | Capital Goods | | | | | | | | | | | | | | — | | | | | | — | | | | | | 452 | | |
JW Aluminum Co., Common Equity
|
| |
(m)
|
| | Materials | | | | | | | | | | | | | | 18 | | | | | | — | | | | | | — | | |
JW Aluminum Co., Preferred Equity
|
| |
(m)
|
| | Materials | | | | | | | | | | | | | | 83 | | | | | | 294 | | | | | | 827 | | |
North Haven Cadence TopCo, LLC, Common Equity
|
| |
(m)
|
| | Consumer Services | | | | | | | | | | | | | | 833,333 | | | | | | 833 | | | | | | 1,292 | | |
PDI Parent LLC, Common Equity
|
| |
(m)
|
| | Capital Goods | | | | | | | | | | | | | | 923,077 | | | | | | 923 | | | | | | 969 | | |
Ridgeback Resources Inc., Common Equity
|
| |
(j)(m)(s)
|
| | Energy | | | | | | | | | | | | | | 827,156 | | | | | | 5,082 | | | | | | 5,022 | | |
Roadhouse Holding Inc., Common Equity
|
| |
(m)
|
| | Consumer Services | | | | | | | | | | | | | | 1,202,991 | | | | | | 1,250 | | | | | | — | | |
S1 Blocker Buyer Inc., Common Equity
|
| | | | |
Commercial & Professional Services
|
| | | | | | | | | | | | | 60 | | | | | | 600 | | | | | | 913 | | |
SandRidge Energy, Inc., Common Equity
|
| |
(e)(j)(m)(t)
|
| | Energy | | | | | | | | | | | | | | 253,009 | | | | | | 5,647 | | | | | | 5,331 | | |
Sequential Brands Group, Inc., Common Equity
|
| |
(m)(t)
|
| | Consumer Durables & Apparel | | | | | | | | | | | | | | 125,391 | | | | | | 1,693 | | | | | | 223 | | |
SSC Holdco Limited, Common Equity
|
| |
(j)(m)
|
| | Health Care Equipment & Services | | | | | | | | | | | | | | 113,636 | | | | | | 2,273 | | | | | | 2,716 | | |
Sunnova Energy Corp., Common Equity
|
| |
(m)
|
| | Energy | | | | | | | | | | | | | | 577,086 | | | | | | 2,166 | | | | | | — | | |
Sunnova Energy Corp., Preferred Equity
|
| |
(m)
|
| | Energy | | | | | | | | | | | | | | 105,341 | | | | | | 561 | | | | | | 425 | | |
TE Holdings, LLC, Common Equity
|
| |
(m)(o)
|
| | Energy | | | | | | | | | | | | | | 129,829 | | | | | | 1,104 | | | | | | 211 | | |
TE Holdings, LLC, Preferred Equity
|
| |
(m)
|
| | Energy | | | | | | | | | | | | | | 86,061 | | | | | | 859 | | | | | | 818 | | |
Titan Energy, LLC, Common Equity
|
| |
(m)(t)
|
| | Energy | | | | | | | | | | | | | | 72,739 | | | | | | 2,299 | | | | | | 111 | | |
Portfolio Company
(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate
(b)
|
| |
Floor
|
| |
Maturity
|
| |
Number of
Shares |
| |
Cost
|
| |
Fair
Value (d) |
| |||||||||
Warren Resources, Inc., Common Equity
|
| |
(m)(u)
|
| | Energy | | | | | | | | | | | | | | 998,936 | | | | | $ | 4,695 | | | | | $ | 1,698 | | |
White Star Petroleum Holdings, LLC, Common Equity
|
| |
(m)(o)
|
| | Energy | | | | | | | | | | | | | | 1,738,244 | | | | | | 1,478 | | | | | | 1,304 | | |
Zeta Interactive Holdings Corp., Preferred Equity, Series E-1
|
| |
(m)
|
| | Software & Services | | | | | | | | | | | | | | 1,051,348 | | | | | | 8,357 | | | | | | 10,200 | | |
Zeta Interactive Holdings Corp., Preferred Equity, Series F
|
| |
(m)
|
| | Software & Services | | | | | | | | | | | | | | 956,233 | | | | | | 8,357 | | | | | | 8,922 | | |
Zeta Interactive Holdings Corp., Warrants, 4/20/2027
|
| |
(m)
|
| | Software & Services | | | | | | | | | | | | | | 143,435 | | | | | | — | | | | | | 499 | | |
Total Equity/Other
|
| | | | | | | | | | | | | | | | | | | | | | | | | 164,105 | | | | | | 102,582 | | |
TOTAL INVESTMENTS—139.9%
|
| | | | | | | | | | | | | | | | | | | | | | | | $ | 3,433,145 | | | | | | 3,341,526 | | |
LIABILITIES IN EXCESS OF OTHER ASSETS—(39.9%)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (952,802 ) | | |
NET ASSETS—100.0%
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 2,388,724 | | |
|
Total Return Swap
|
| | | | | | | | | | | | | | | | |
Notional
Amount |
| | | | |
Unrealized
Depreciation |
| ||||||
Citibank TRS Facility (Note 8)
|
| |
(j)
|
| | | | | | | | | | | | | | | $ | 340,523 | | | | | | | | $ | (3,756 ) | | |
|
Portfolio Company
|
| |
Fair Value at
December 31, 2016 |
| |
Purchases
and Paid- in-Kind Interest |
| |
Sales and
Repayments |
| |
Net Realized
Gain (Loss) |
| |
Net Change in
Unrealized Appreciation (Depreciation) |
| |
Fair Value at
December 31, 2017 |
| |
Interest
Income |
| |
PIK
Income |
| |
Fee
Income |
| |||||||||||||||||||||||||||
Senior Secured Loans—First Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Aspect Software, Inc.
(1)
|
| | | $ | 3,200 | | | | | $ | 2,703 | | | | | $ | (899 ) | | | | | $ | — | | | | | $ | — | | | | | $ | 5,004 | | | | | $ | 1,151 | | | | | $ | — | | | | | $ | 51 | | |
Aspect Software, Inc.
|
| | | | 10,270 | | | | | | — | | | | | | (257 ) | | | | | | — | | | | | | (857 ) | | | | | | 9,156 | | | | | | 453 | | | | | | — | | | | | | 90 | | |
Aspect Software, Inc.
(2)
|
| | | | — | | | | | | — | | | | | | | | | | | | | | | | | | (1,822 ) | | | | | | (1,822 ) | | | | | | 21 | | | | | | — | | | | | | 63 | | |
Fairway Group Acquisition Co.
|
| | | | 5,687 | | | | | | 528 | | | | | | — | | | | | | — | | | | | | (56 ) | | | | | | 6,159 | | | | | | 132 | | | | | | 528 | | | | | | — | | |
Fairway Group Acquisition Co.
|
| | | | 3,306 | | | | | | 283 | | | | | | — | | | | | | — | | | | | | (2,686 ) | | | | | | 903 | | | | | | — | | | | | | 283 | | | | | | — | | |
Warren Resources, Inc.
(2)
|
| | | | 17,744 | | | | | | 180 | | | | | | — | | | | | | — | | | | | | 448 | | | | | | 18,372 | | | | | | 1,845 | | | | | | 180 | | | | | | — | | |
Senior Secured Loans—Second Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fairway Group Acquisition Co.
|
| | | | 2,595 | | | | | | 272 | | | | | | — | | | | | | — | | | | | | (2,072 ) | | | | | | 795 | | | | | | — | | | | | | 272 | | | | | | — | | |
Equity/Other
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Aspect Software, Inc., Common Equity
|
| | | | 59,634 | | | | | | 270 | | | | | | — | | | | | | 811 | | | | | | (60,715 ) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Fairway Group Acquisition Co., Common Equity
|
| | | | 1,858 | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,858 ) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Warren Resources, Inc., Common Equity
|
| | | | 4,295 | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,597 ) | | | | | | 1,698 | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | $ | 108,589 | | | | | $ | 4,236 | | | | | $ | (1,156 ) | | | | | $ | 811 | | | | | $ | (72,215 ) | | | | | $ | 40,265 | | | | | $ | 3,602 | | | | | $ | 1,263 | | | | | $ | 204 | | |
|
| | |
Nine Months Ended September 30,
|
| |||||||||||||||||||||
| | |
2018
|
| |
2017
|
| ||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||
Gross Proceeds from Offering
|
| | | | — | | | | | $ | — | | | | | | 14,245,955 | | | | | $ | 122,948 | | |
Reinvestment of Distributions
|
| | | | 8,610,947 | | | | | | 70,953 | | | | | | 8,603,346 | | | | | | 74,284 | | |
Total Gross Proceeds
|
| | | | 8,610,947 | | | | | | 70,953 | | | | | | 22,849,301 | | | | | | 197,232 | | |
Share Repurchase Program
|
| | | | (8,816,922 ) | | | | | | (72,893 ) | | | | | | (7,938,999 ) | | | | | | (68,455 ) | | |
Net Proceeds from Share Transactions
|
| | | | (205,975 ) | | | | | $ | (1,940 ) | | | | | | 14,910,302 | | | | | $ | 128,777 | | |
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 4, 2017
|
| | | | 1,536,048 | | | | | | 100 % | | | | | | 0.56 % | | | | | $ | 8.55 | | | | | $ | 13,133 | | |
March 31, 2017
|
| |
April 5, 2017
|
| | | | 2,470,559 | | | | | | 100 % | | | | | | 0.88 % | | | | | $ | 8.64 | | | | | | 21,346 | | |
June 30, 2017
|
| |
July 5, 2017
|
| | | | 3,932,392 | | | | | | 100 % | | | | | | 1.38 % | | | | | $ | 8.64 | | | | | | 33,976 | | |
Total
|
| | | | | | | 7,938,999 | | | | | | | | | | | | | | | | | | | | | | | $ | 68,455 | | |
Fiscal 2018 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
December 31, 2017
|
| |
January 10, 2018
|
| | | | 2,986,249 | | | | | | 40 % | | | | | | 1.03 % | | | | | $ | 8.35 | | | | | $ | 24,935 | | |
March 31, 2018
|
| |
April 2, 2018
|
| | | | 2,943,198 | | | | | | 28 % | | | | | | 1.01 % | | | | | $ | 8.25 | | | | | | 24,281 | | |
June 30, 2018
|
| |
July 2, 2018
|
| | | | 2,887,475 | | | | | | 19 % | | | | | | 0.99 % | | | | | $ | 8.20 | | | | | | 23,677 | | |
Total
|
| | | | | | | 8,816,922 | | | | | | | | | | | | | | | | | | | | | | | $ | 72,893 | | |
|
Related Party
|
| |
Source Agreement
|
| |
Description
|
| |
Three Months Ended
September 30, |
| |
Nine Months Ended
September 30, |
|||||||||||||||||
|
2018
|
| |
2017
|
| |
2018
|
| |
2017
|
|||||||||||||||||||
FSIC III Advisor and FS/KKR Advisor
|
| |
FSIC III Advisor Investment
Advisory and Administrative Services Agreement and FS/KKR Advisor Investment Advisory and Administrative Services Agreement |
| |
Base Management
Fee (1) |
| | | $ | 13,724 | | | | | $ | 16,959 | | | | | $ | 44,654 | | | | | $ | 50,847 |
FSIC III Advisor and FS/KKR Advisor
|
| |
FSIC III Advisor Investment
Advisory and Administrative Services Agreement and FS/KKR Advisor Investment Advisory and Administrative Services Agreement |
| | Subordinated Incentive Fee on Income (2) | | | | $ | 12,827 | | | | | $ | 5,166 | | | | | $ | 25,631 | | | | | $ | 26,278 |
FSIC III Advisor and FS/KKR Advisor
|
| |
FSIC III Advisor Investment
Advisory and Administrative Services Agreement and FS/KKR Advisor Investment Advisory and Administrative Services Agreement |
| |
Administrative
Services Expenses (3) |
| | | $ | 919 | | | | | $ | 569 | | | | | $ | 2,435 | | | | | $ | 2,098 |
FSIC III Advisor
|
| |
FSIC III Advisor Investment
Advisory and Administrative Services Agreement |
| | Offering Costs (4) | | | | | — | | | | | $ | 474 | | | | | | — | | | | | $ | 1,227 |
| | |
Distribution
|
| |||||||||
For the Three Months Ended
|
| |
Per Share
|
| |
Amount
|
| ||||||
Fiscal 2017 | | | | | | | | | | | | | |
March 31, 2017
|
| | | $ | 0.17499 | | | | | $ | 48,011 | | |
June 30, 2017
|
| | | | 0.17499 | | | | | | 48,942 | | |
September 30, 2017
|
| | | | 0.17499 | | | | | | 49,656 | | |
Total
|
| | | $ | 0.52497 | | | | | $ | 146,609 | | |
Fiscal 2018 | | | | | | | | | | | | | |
March 31, 2018
|
| | | $ | 0.17499 | | | | | $ | 50,490 | | |
June 30, 2018
|
| | | | 0.17499 | | | | | | 50,489 | | |
September 30, 2018
|
| | | | 0.17499 | | | | | | 50,481 | | |
Total
|
| | | $ | 0.52497 | | | | | $ | 151,460 | | |
| | |
Nine Months Ended September 30,
|
| |||||||||||||||||||||
| | |
2018
|
| |
2017
|
| ||||||||||||||||||
Source of Distribution
|
| |
Distribution
Amount |
| |
Percentage
|
| |
Distribution
Amount |
| |
Percentage
|
| ||||||||||||
Offering proceeds
|
| | | $ | — | | | | | | — | | | | | $ | — | | | | | | — | | |
Borrowings
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net investment income
(1)
|
| | | | 151,460 | | | | | | 100 % | | | | | | 146,609 | | | | | | 100 % | | |
Short-term capital gains proceeds from the sale of assets
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Long-term capital gains proceeds from the sale of assets
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Non-capital gains proceeds from the sale of assets
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Distributions on account of preferred and common equity
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | $ | 151,460 | | | | | | 100 % | | | | | $ | 146,609 | | | | | | 100 % | | |
| | |
Nine Months Ended
September 30, |
| |||||||||
| | |
2018
|
| |
2017
|
| ||||||
GAAP-basis net investment income
|
| | | $ | 138,817 | | | | | $ | 140,262 | | |
Reclassification of unamortized original issue discount and prepayment fees
|
| | | | (7,315 ) | | | | | | (11,354 ) | | |
Tax-basis net investment income portion of total return swap payments
|
| | | | 12,615 | | | | | | 13,351 | | |
Accretion of discount on total return swap
|
| | | | 1,124 | | | | | | 1,552 | | |
Non-deductible offering costs
|
| | | | — | | | | | | 3,054 | | |
Other miscellaneous differences
|
| | | | 1,886 | | | | | | 517 | | |
Tax-basis net investment income
|
| | | $ | 147,127 | | | | | $ | 147,382 | | |
|
| | |
September 30, 2018
(Unaudited) |
| |
December 31, 2017
|
| ||||||
Distributable ordinary income
|
| | | $ | 13,859 | | | | | $ | 18,192 | | |
Accumulated capital losses
(1)
|
| | | | (94,811 ) | | | | | | (54,075 ) | | |
Other temporary differences
|
| | | | (176 ) | | | | | | (199 ) | | |
Net unrealized appreciation (depreciation) on investments,
secured borrowing and total return swap and gain/loss on foreign currency (2) |
| | | | (138,966 ) | | | | | | (104,583 ) | | |
Total
|
| | | $ | (220,094 ) | | | | | $ | (140,665 ) | | |
| | |
September 30, 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
|
| | | $ | 2,366,680 | | | | | $ | 2,350,696 | | | | | | 72 % | | | | | $ | 2,212,948 | | | | | $ | 2,222,444 | | | | | | 66 % | | |
Senior Secured Loans—Second Lien
|
| | | | 219,566 | | | | | | 176,508 | | | | | | 5 % | | | | | | 298,561 | | | | | | 261,239 | | | | | | 8 % | | |
Senior Secured Bonds
|
| | | | 91,170 | | | | | | 90,204 | | | | | | 3 % | | | | | | 60,168 | | | | | | 60,478 | | | | | | 2 % | | |
Subordinated Debt
|
| | | | 545,565 | | | | | | 542,923 | | | | | | 17 % | | | | | | 690,666 | | | | | | 687,221 | | | | | | 21 % | | |
Collateralized Securities
|
| | | | 6,070 | | | | | | 6,391 | | | | | | 0 % | | | | | | 6,697 | | | | | | 7,562 | | | | | | 0 % | | |
Equity/Other
|
| | | | 137,947 | | | | | | 84,360 | | | | | | 3 % | | | | | | 164,105 | | | | | | 102,582 | | | | | | 3 % | | |
Total
|
| | | $ | 3,366,998 | | | | | $ | 3,251,082 | | | | | | 100 % | | | | | $ | 3,433,145 | | | | | $ | 3,341,526 | | | | | | 100 % | | |
| | |
September 30, 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
|
| | | $ | 2,760,667 | | | | | $ | 2,739,359 | | | | | | 74 % | | | | | $ | 2,489,749 | | | | | $ | 2,493,086 | | | | | | 68 % | | |
Senior Secured Loans—Second Lien
|
| | | | 309,957 | | | | | | 265,225 | | | | | | 7 % | | | | | | 362,283 | | | | | | 325,244 | | | | | | 9 % | | |
Senior Secured Bonds
|
| | | | 91,170 | | | | | | 90,204 | | | | | | 2 % | | | | | | 60,168 | | | | | | 60,478 | | | | | | 1 % | | |
Subordinated Debt
|
| | | | 545,565 | | | | | | 542,923 | | | | | | 15 % | | | | | | 690,666 | | | | | | 687,221 | | | | | | 19 % | | |
Collateralized Securities
|
| | | | 6,070 | | | | | | 6,391 | | | | | | 0 % | | | | | | 6,697 | | | | | | 7,562 | | | | | | 0 % | | |
Equity/Other
|
| | | | 137,947 | | | | | | 84,360 | | | | | | 2 % | | | | | | 164,105 | | | | | | 102,582 | | | | | | 3 % | | |
Total
|
| | | $ | 3,851,376 | | | | | $ | 3,728,462 | | | | | | 100 % | | | | | $ | 3,773,668 | | | | | $ | 3,676,173 | | | | | | 100 % | | |
| | |
September 30, 2018
(Unaudited) |
| |
December 31, 2017
|
| ||||||||||||||||||
Industry Classification
|
| |
Fair Value
|
| |
Percentage
of Portfolio |
| |
Fair Value
|
| |
Percentage
of Portfolio |
| ||||||||||||
Automobiles & Components
|
| | | $ | 10,304 | | | | | | 0 % | | | | | $ | 7,920 | | | | | | 0 % | | |
Capital Goods
|
| | | | 742,830 | | | | | | 23 % | | | | | | 537,439 | | | | | | 16 % | | |
Commercial & Professional Services
|
| | | | 256,264 | | | | | | 8 % | | | | | | 478,578 | | | | | | 14 % | | |
Consumer Durables & Apparel
|
| | | | 149,155 | | | | | | 5 % | | | | | | 148,917 | | | | | | 4 % | | |
Consumer Services
|
| | | | 172,697 | | | | | | 5 % | | | | | | 251,626 | | | | | | 8 % | | |
Diversified Financials
|
| | | | 260,853 | | | | | | 8 % | | | | | | 229,010 | | | | | | 7 % | | |
Energy
|
| | | | 202,247 | | | | | | 6 % | | | | | | 279,844 | | | | | | 8 % | | |
Food & Staples Retailing
|
| | | | 25,314 | | | | | | 1 % | | | | | | 7,857 | | | | | | 0 % | | |
Food, Beverage & Tobacco
|
| | | | 69,548 | | | | | | 2 % | | | | | | 48,111 | | | | | | 1 % | | |
Health Care Equipment & Services
|
| | | | 391,188 | | | | | | 12 % | | | | | | 321,520 | | | | | | 10 % | | |
Insurance
|
| | | | 32,798 | | | | | | 1 % | | | | | | 36,480 | | | | | | 1 % | | |
Materials
|
| | | | 169,865 | | | | | | 5 % | | | | | | 258,634 | | | | | | 8 % | | |
Media
|
| | | | 181,860 | | | | | | 6 % | | | | | | 207,327 | | | | | | 6 % | | |
Retailing
|
| | | | 116,522 | | | | | | 4 % | | | | | | 96,411 | | | | | | 3 % | | |
Semiconductors & Semiconductor Equipment
|
| | | | 6,924 | | | | | | 0 % | | | | | | 11,635 | | | | | | 0 % | | |
Software & Services
|
| | | | 385,613 | | | | | | 12 % | | | | | | 322,869 | | | | | | 10 % | | |
Technology Hardware & Equipment
|
| | | | 39,282 | | | | | | 1 % | | | | | | 51,056 | | | | | | 2 % | | |
Telecommunication Services
|
| | | | 27,818 | | | | | | 1 % | | | | | | 26,029 | | | | | | 1 % | | |
Transportation
|
| | | | 10,000 | | | | | | 0 % | | | | | | 20,263 | | | | | | 1 % | | |
Total
|
| | | $ | 3,251,082 | | | | | | 100 % | | | | | $ | 3,341,526 | | | | | | 100 % | | |
|
Valuation Inputs
|
| |
September 30, 2018
(Unaudited) |
| |
December 31, 2017
|
| ||||||||||||||||||
|
Investments
|
| |
Total Return
Swap |
| |
Investments
|
| |
Total Return
Swap |
| ||||||||||||||
Level 1—Price quotations in active markets
|
| | | $ | 1,429 | | | | | $ | — | | | | | $ | 5,665 | | | | | $ | — | | |
Level 2—Significant other observable inputs
|
| | | | 680,055 | | | | | | — | | | | | | — | | | | | | — | | |
Level 3—Significant unobservable inputs
|
| | | | 2,569,598 | | | | | | (10,002 ) | | | | | | 3,335,861 | | | | | | (3,756 ) | | |
Total
|
| | | $ | 3,251,082 | | | | | $ | (10,002 ) | | | | | $ | 3,341,526 | | | | | $ | (3,756 ) | | |
|
| | |
For the Nine Months Ended September 30, 2018
|
| |||||||||||||||||||||||||||||||||||||||
|
Senior Secured
Loans— First Lien |
| |
Senior Secured
Loans— Second Lien |
| |
Senior
Secured Bonds |
| |
Subordinated
Debt |
| |
Collateralized
Securities |
| |
Equity/
Other |
| |
Total
|
| |||||||||||||||||||||||
Fair value at beginning of period
|
| | | $ | 2,222,444 | | | | | $ | 261,239 | | | | | $ | 60,478 | | | | | $ | 687,221 | | | | | $ | 7,562 | | | | | $ | 96,917 | | | | | $ | 3,335,861 | | |
Accretion of discount (amortization of premium)
|
| | | | 1,195 | | | | | | 91 | | | | | | 1 | | | | | | — | | | | | | (627 ) | | | | | | 8 | | | | | | 668 | | |
Net realized gain (loss)
|
| | | | (3,879 ) | | | | | | 649 | | | | | | (1,059 ) | | | | | | 121 | | | | | | — | | | | | | (25,406 ) | | | | | | (29,574 ) | | |
Net change in unrealized appreciation (depreciation)
|
| | | | (25,501 ) | | | | | | (14,694 ) | | | | | | 671 | | | | | | (4,498 ) | | | | | | (544 ) | | | | | | 8,173 | | | | | | (36,393 ) | | |
Purchases
|
| | | | 782,150 | | | | | | 72,583 | | | | | | — | | | | | | 48,930 | | | | | | — | | | | | | 3,581 | | | | | | 907,244 | | |
Paid-in-kind interest
|
| | | | 5,410 | | | | | | 896 | | | | | | 133 | | | | | | 15,674 | | | | | | — | | | | | | 839 | | | | | | 22,952 | | |
Sales and repayments
|
| | | | (581,698 ) | | | | | | (134,018 ) | | | | | | (12,269 ) | | | | | | (51,481 ) | | | | | | — | | | | | | (841 ) | | | | | | (780,307 ) | | |
Net transfers in or out of Level 3
(1)
|
| | | | (200,374 ) | | | | | | (60,537 ) | | | | | | (39,432 ) | | | | | | (549,481 ) | | | | | | — | | | | | | (1,029 ) | | | | | | (850,853 ) | | |
Fair value at end of period
|
| | | $ | 2,199,747 | | | | | $ | 126,209 | | | | | $ | 8,523 | | | | | $ | 146,486 | | | | | $ | 6,391 | | | | | $ | 82,242 | | | | | $ | 2,569,598 | | |
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 |
| | | $ | (544 ) | | | | | $ | (17,205 ) | | | | | $ | 132 | | | | | $ | (21,082 ) | | | | | $ | (13,460 ) | | | | | $ | (4,500 ) | | | | | $ | (56,659 ) | | |
|
| | |
For the Nine Months Ended September 30, 2017
|
| |||||||||||||||||||||||||||||||||||||||
|
Senior Secured
Loans— First Lien |
| |
Senior Secured
Loans— Second Lien |
| |
Senior
Secured Bonds |
| |
Subordinated
Debt |
| |
Collateralized
Securities |
| |
Equity/
Other |
| |
Total
|
| |||||||||||||||||||||||
Fair value at beginning of period
|
| | | $ | 2,135,929 | | | | | $ | 235,293 | | | | | $ | 84,664 | | | | | $ | 614,442 | | | | | $ | 7,327 | | | | | $ | 160,682 | | | | | $ | 3,238,337 | | |
Accretion of discount (amortization of premium)
|
| | | | 2,308 | | | | | | 5,337 | | | | | | 237 | | | | | | 2,362 | | | | | | (400 ) | | | | | | — | | | | | | 9,844 | | |
Net realized gain (loss)
|
| | | | 932 | | | | | | 1,485 | | | | | | 2,905 | | | | | | 1,377 | | | | | | — | | | | | | 811 | | | | | | 7,510 | | |
Net change in unrealized appreciation (depreciation)
|
| | | | 9,779 | | | | | | (22,397 ) | | | | | | 3,714 | | | | | | 19,031 | | | | | | 692 | | | | | | (28,756 ) | | | | | | (17,937 ) | | |
Purchases
|
| | | | 570,800 | | | | | | 157,857 | | | | | | 90,258 | | | | | | 173,961 | | | | | | — | | | | | | 12,901 | | | | | | 1,005,777 | | |
Paid-in-kind interest
|
| | | | 1,145 | | | | | | 4,299 | | | | | | 34 | | | | | | 13,489 | | | | | | — | | | | | | — | | | | | | 18,967 | | |
Sales and repayments
|
| | | | (579,785 ) | | | | | | (125,745 ) | | | | | | (68,531 ) | | | | | | (63,742 ) | | | | | | — | | | | | | — | | | | | | (837,803 ) | | |
Net transfers in or out of Level 3
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Fair value at end of period
|
| | | $ | 2,141,108 | | | | | $ | 256,129 | | | | | $ | 113,281 | | | | | $ | 760,920 | | | | | $ | 7,619 | | | | | $ | 145,638 | | | | | $ | 3,424,695 | | |
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
|
| | | $ | 10,061 | | | | | $ | (20,900 ) | | | | | $ | 5,487 | | | | | $ | 18,262 | | | | | $ | 692 | | | | | $ | (17,412 ) | | | | | $ | (3,810 ) | | |
|
| | |
Secured Borrowing
|
| |
Total Return Swap
|
| ||||||||||||||||||
| | |
For the Nine Months Ended
September 30, |
| |
For the Nine Months Ended
September 30, |
| ||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
2018
|
| |
2017
|
| ||||||||||||
Fair value at beginning of period
|
| | | $ | — | | | | | $ | (14,040 ) | | | | | $ | (3,756 ) | | | | | $ | 11,403 | | |
Amortization of premium (accretion of discount)
|
| | | | — | | | | | | (21 ) | | | | | | — | | | | | | — | | |
Net realized gain (loss)
|
| | | | — | | | | | | — | | | | | | 14,258 | | | | | | 18,434 | | |
Net change in unrealized appreciation (depreciation)
|
| | | | — | | | | | | (33 ) | | | | | | (6,246 ) | | | | | | (11,672 ) | | |
Proceeds
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Sales and repayments
|
| | | | — | | | | | | — | | | | | | (14,258 ) | | | | | | (18,434 ) | | |
Net transfers in or out of Level 3
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Fair value at end of period
|
| | | $ | — | | | | | $ | (14,094 ) | | | | | $ | (10,002 ) | | | | | $ | (269 ) | | |
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 and the total return swap still held at the reporting date |
| | | $ | — | | | | | $ | (33 ) | | | | | $ | (6,246 ) | | | | | $ | (11,672 ) | | |
|
Type of Investment
|
| |
Fair Value at
September 30, 2018 (Unaudited) |
| |
Valuation
Technique (1) |
| |
Unobservable Input
|
| |
Range
|
| |
Weighted
Average |
| |||
Senior Secured Loans—First Lien
|
| | |
$
|
1,984,578
|
| | |
Market Comparables
|
| | Market Yield (%) | | |
6.5% – 21.8%
|
| |
10.5%
|
|
| | | | | | | | | | | | EBITDA Multiples (x) | | |
4.8x – 9.0x
|
| |
7.1x
|
|
| | | |
|
215,169
|
| | | Other (2) | | | Other | | |
N/A
|
| |
N/A
|
|
Senior Secured Loans—Second Lien
|
| | |
|
76,042
|
| | |
Market Comparables
|
| | Market Yield (%) | | |
8.6% – 15.0%
|
| |
12.2%
|
|
| | | | | | | | | | | | EBITDA Multiples (x) | | |
4.8x – 5.3x
|
| |
5.0x
|
|
| | | |
|
6,594
|
| | | Other (2) | | | Other | | |
N/A
|
| |
N/A
|
|
| | | |
|
43,573
|
| | | Cost | | | Cost | | |
100.0% – 100.0%
|
| |
100.0%
|
|
Senior Secured Bonds
|
| | |
|
8,523
|
| | |
Market Comparables
|
| | Market Yield (%) | | |
6.6% – 12.8%
|
| |
8.8%
|
|
Subordinated Debt
|
| | |
|
146,486
|
| | |
Market Comparables
|
| | Market Yield (%) | | |
14.8% – 20.3%
|
| |
15.1%
|
|
| | | | | | | | | | | | EBITDA Multiples (x) | | |
12.5x – 13.0x
|
| |
12.8x
|
|
| | | | | | | | | Cost | | | Cost | | |
100.0% – 100.0%
|
| |
100.0%
|
|
Collateralized Securities
|
| | |
|
6,391
|
| | | Market Quotes | | | Indicative Dealer Quotes | | |
68.1% – 100.3%
|
| |
71.8%
|
|
Equity/Other
|
| | |
|
54,147
|
| | |
Market Comparables
|
| | Market Yield (%) | | |
17.5% – 18.7%
|
| |
18.1%
|
|
| | | | | | | | | | | | Capacity Multiple ($/kW) | | |
$1,875.0 – $2,125.0
|
| |
$2,000.0
|
|
| | | | | | | | | | | | EBITDA Multiples (x) | | |
5.0x – 14.2x
|
| |
9.9x
|
|
| | | | | | | | | | | | Production Multiples (Mboe/d) | | |
$36,250.0 – $53,750.0
|
| |
$49,675.4
|
|
| | | | | | | | | | | |
Proved Reserves Multiples (Mmboe)
|
| |
$8.3 – $18.0
|
| |
$16.2
|
|
| | | | | | | | | | | | PV-10 Multiples (x) | | |
1.1x – 1.4x
|
| |
1.1x
|
|
| | | | | | | | |
Option Valuation
Model |
| | Volatility (%) | | |
25.0% – 25.0%
|
| |
25.0%
|
|
| | | |
|
28,095
|
| | | Other (2) | | | Other | | |
N/A
|
| |
N/A
|
|
Total
|
| | |
$
|
2,569,598
|
| | | | | | | | | | | | | |
Total Return Swap
|
| | |
$
|
(10,002
)
|
| | | Market Quotes | | | Indicative Dealer Quotes | | |
75.4% – 102.0%
|
| |
97.0%
|
|
Type of Investment
|
| |
Fair Value at
December 31, 2017 |
| |
Valuation
Technique (1) |
| |
Unobservable Input
|
| |
Range
|
| |
Weighted
Average |
| |||
Senior Secured Loans—First Lien
|
| | |
$
|
1,893,151
|
| | |
Market Comparables
|
| | Market Yield (%) | | |
4.8% – 14.0%
|
| |
9.6%
|
|
| | | | | | | | | | | | EBITDA Multiples (x) | | |
5.0x – 7.5x
|
| |
7.2x
|
|
| | | |
|
128,916
|
| | | Other (2) | | | Other | | |
N/A
|
| |
N/A
|
|
| | | |
|
200,377
|
| | | Market Quotes | | | Indicative Dealer Quotes | | |
20.0% – 102.1%
|
| |
95.8%
|
|
Senior Secured Loans—Second Lien
|
| | |
|
200,702
|
| | |
Market Comparables
|
| | Market Yield (%) | | |
8.3% – 20.7%
|
| |
15.4%
|
|
| | | | | | | | | | | | EBITDA Multiples (x) | | |
5.0x – 6.5x
|
| |
6.2x
|
|
| | | |
|
60,537
|
| | | Market Quotes | | | Indicative Dealer Quotes | | |
9.4% – 103.3%
|
| |
81.7%
|
|
Senior Secured Bonds
|
| | |
|
9,411
|
| | |
Market Comparables
|
| | Market Yield (%) | | |
7.7% – 12.3%
|
| |
10.0%
|
|
| | | | | | | | | | | | EBITDA Multiples (x) | | |
4.8x – 5.3x
|
| |
5.0x
|
|
| | | | | | | | | | | | Production Multiples (Mboe/d) | | |
$42,250.0 – $44,750.0
|
| |
$43,500.0
|
|
| | | | | | | | | | | |
Proved Reserves Multiples (Mmboe)
|
| |
$10.3 – $11.3
|
| |
$10.8
|
|
| | | | | | | | | | | | PV-10 Multiples (x) | | |
0.8x – 0.8x
|
| |
0.8x
|
|
| | | |
|
11,635
|
| | | Other (2) | | | Other | | |
N/A
|
| |
N/A
|
|
| | | |
|
39,432
|
| | | Market Quotes | | | Indicative Dealer Quotes | | |
95.5% – 109.0%
|
| |
101.6%
|
|
Subordinated Debt
|
| | |
|
137,741
|
| | |
Market Comparables
|
| | Market Yield (%) | | |
11.6% – 14.8%
|
| |
14.4%
|
|
| | | | | | | | | | | | EBITDA Multiples (x) | | |
10.5x – 11.0x
|
| |
10.8x
|
|
| | | |
|
549,480
|
| | | Market Quotes | | | Indicative Dealer Quotes | | |
50.0% – 108.5%
|
| |
98.4%
|
|
Collateralized Securities
|
| | |
|
7,562
|
| | | Market Quotes | | | Indicative Dealer Quotes | | |
82.2% – 100.2%
|
| |
83.9%
|
|
Equity/Other
|
| | |
|
72,394
|
| | |
Market Comparables
|
| | Market Yield (%) | | |
15.3% – 15.8%
|
| |
15.5%
|
|
| | | | | | | | | | | | Capacity Multiple ($/kW) | | |
$2,000.0 – $2,250.0
|
| |
$2,125.0
|
|
| | | | | | | | | | | | EBITDA Multiples (x) | | |
4.8x – 23.5x
|
| |
11.4x
|
|
| | | | | | | | | | | | Production Multiples (Mboe/d) | | |
$42,250.0 – $51,250.0
|
| |
$44,839.6
|
|
| | | | | | | | | | | |
Proved Reserves Multiples (Mmboe)
|
| |
$10.0 – $11.3
|
| |
$10.6
|
|
| | | | | | | | | | | | PV-10 Multiples (x) | | |
0.8x – 2.4x
|
| |
1.1x
|
|
| | | | | | | | |
Option Valuation
Model |
| | Volatility (%) | | |
30.0%
|
| |
30.0%
|
|
| | | |
|
23,494
|
| | | Other (2) | | | Other | | |
N/A
|
| |
N/A
|
|
| | | |
|
1,029
|
| | | Market Quotes | | | Indicative Dealer Quotes | | |
1.6% – 9.5%
|
| |
7.9%
|
|
Total
|
| | |
$
|
3,335,861
|
| | | | | | | | | | | | | |
Total Return Swap
|
| | |
$
|
(3,756
)
|
| | | Market Quotes | | | Indicative Dealer Quotes | | |
58.3% – 101.5%
|
| |
96.7%
|
|
| | |
As of September 30, 2018
(Unaudited) |
| ||||||||||||||||||
Arrangement
|
| |
Type of
Arrangement |
| |
Rate
|
| |
Amount
Outstanding |
| |
Amount
Available |
| |
Maturity Date
|
| ||||||
BNP Facility
(1)
|
| |
Prime Brokerage Facility
|
| |
L+1.25%
|
| | | $ | — | | | | | $ | 250,000 | | | |
March 27, 2019
(2)
|
|
Deutsche Bank Credit Facility
(1)
|
| |
Revolving Credit Facility
|
| |
L+2.25%
|
| | | | 289,000 | | | | | | 61,000 | | | |
September 22, 2019
|
|
JPM Credit Facility
(1)
|
| |
Term Loan Credit Facility
|
| |
L+2.50%
|
| | | | 340,000 | | | | | | 60,000 | | | |
July 16, 2022
|
|
Goldman Facility
(1)
|
| |
Repurchase Agreement
|
| |
L+2.50%
|
| | | | 300,000 | | | | | | — | | | |
July 15, 2019
|
|
Senior Secured Revolving Credit Facility
(1)
|
| |
Revolving Credit Facility
|
| |
L+ 2.00% –
2.25% (3) |
| | | | 305,718 (4) | | | | | | 344,282 | | | |
August 9, 2023
|
|
Total
|
| | | | | | | | | $ | 1,234,718 | | | | | $ | 715,282 | | | | | |
Citibank Total Return Swap
|
| |
Total Return Swap
|
| |
L+1.55%
|
| | | $ | 484,378 | | | | | $ | 15,622 | | | |
N/A
(5)
|
|
| | |
As of December 31, 2017
|
| ||||||||||||||||||
Arrangement
|
| |
Type of Arrangement
|
| |
Rate
|
| |
Amount
Outstanding |
| |
Amount
Available |
| |
Maturity Date
|
| ||||||
BNP Facility
(1)
|
| |
Prime Brokerage Facility
|
| |
L+1.25%
|
| | | $ | 187,700 | | | | | $ | 62,300 | | | |
September 27, 2018
(2)
|
|
Deutsche Bank Credit Facility
(1)
|
| |
Revolving Credit Facility
|
| |
L+2.25%
|
| | | | 350,000 | | | | | | — | | | |
September 22, 2019
|
|
JPM Credit Facility
(1)
|
| |
Term Loan Credit Facility
|
| |
L+2.69%
|
| | | | 400,000 | | | | | | — | | | |
May 8, 2019
|
|
Goldman Facility
(1)
|
| |
Repurchase Agreement
|
| |
L+2.50%
|
| | | | 300,000 | | | | | | — | | | |
July 15, 2019
|
|
Capital One Credit Facility
(1)
|
| |
Revolving Credit Facility
|
| |
L+1.75% to
L+2.50% |
| | | | 150,000 | | | | | | — | | | |
August 13, 2020
|
|
Total
|
| | | | | | | | | $ | 1,387,700 | | | | | $ | 62,300 | | | | | |
Citibank Total Return Swap
|
| |
Total Return Swap
|
| |
L+1.55%
|
| | | $ | 340,523 | | | | | $ | 159,477 | | | |
N/A
(6)
|
|
| | |
Three Months Ended September 30,
|
| |||||||||||||||||||||||||||||||||
| | |
2018
|
| |
2017
|
| ||||||||||||||||||||||||||||||
Arrangement
(1)
|
| |
Interest
Expense (2) |
| |
Amortization of
Deferred Financing Costs |
| |
Total
Interest Expense |
| |
Interest
Expense (2) |
| |
Amortization of
Deferred Financing Costs |
| |
Total
Interest Expense |
| ||||||||||||||||||
BNP Facility
|
| | | $ | 775 | | | | | $ | — | | | | | $ | 775 | | | | | $ | 1,334 | | | | | $ | 12 | | | | | $ | 1,346 | | |
Deutsche Bank Credit Facility
|
| | | | 3,899 | | | | | | 235 | | | | | | 4,134 | | | | | | 3,369 | | | | | | 235 | | | | | | 3,604 | | |
JPM Credit Facility
|
| | | | 5,878 | | | | | | 144 | | | | | | 6,022 | | | | | | 4,044 | | | | | | 36 | | | | | | 4,080 | | |
Goldman Facility
|
| | | | 3,711 | | | | | | 100 | | | | | | 3,811 | | | | | | 2,896 | | | | | | 100 | | | | | | 2,996 | | |
Capital One Credit Facility
|
| | | | 341 | | | | | | 587 | | | | | | 928 | | | | | | 1,467 | | | | | | 70 | | | | | | 1,537 | | |
Senior Secured Revolving Credit Facility
|
| | | | 1,911 | | | | | | 128 | | | | | | 2,039 | | | | | | — | | | | | | — | | | | | | — | | |
Partial Loan Sale
(3)
|
| | | | — | | | | | | — | | | | | | — | | | | | | 205 | | | | | | 7 | | | | | | 212 | | |
Total
|
| | | $ | 16,515 | | | | | $ | 1,194 | | | | | $ | 17,709 | | | | | $ | 13,315 | | | | | $ | 460 | | | | | $ | 13,775 | | |
|
| | |
Nine Months Ended September 30,
|
| |||||||||||||||||||||||||||||||||
| | |
2018
|
| |
2017
|
| ||||||||||||||||||||||||||||||
Arrangement
(1)
|
| |
Interest
Expense (2) |
| |
Amortization of
Deferred Financing Costs |
| |
Total
Interest Expense |
| |
Interest
Expense (2) |
| |
Amortization of
Deferred Financing Costs |
| |
Total
Interest Expense |
| ||||||||||||||||||
BNP Facility
|
| | | $ | 4,094 | | | | | $ | — | | | | | $ | 4,094 | | | | | $ | 3,789 | | | | | $ | 62 | | | | | $ | 3,851 | | |
Deutsche Bank Credit Facility
|
| | | | 11,694 | | | | | | 698 | | | | | | 12,392 | | | | | | 8,827 | | | | | | 693 | | | | | | 9,520 | | |
JPM Credit Facility
|
| | | | 15,232 | | | | | | 216 | | | | | | 15,448 | | | | | | 11,486 | | | | | | 108 | | | | | | 11,594 | | |
Goldman Facility
|
| | | | 10,430 | | | | | | 297 | | | | | | 10,727 | | | | | | 8,275 | | | | | | 297 | | | | | | 8,572 | | |
Capital One Credit Facility
|
| | | | 3,537 | | | | | | 724 | | | | | | 4,261 | | | | | | 4,201 | | | | | | 207 | | | | | | 4,408 | | |
Senior Secured Revolving Credit Facility
|
| | | | 1,911 | | | | | | 128 | | | | | | 2,039 | | | | | | — | | | | | | — | | | | | | — | | |
Partial Loan Sale
(3)
|
| | | | — | | | | | | — | | | | | | — | | | | | | 595 | | | | | | 21 | | | | | | 616 | | |
Total
|
| | | $ | 46,898 | | | | | $ | 2,063 | | | | | $ | 48,961 | | | | | $ | 37,173 | | | | | $ | 1,388 | | | | | $ | 38,561 | | |
|
Counterparty
|
| |
Description
|
| |
Termination Date
|
| |
Value as of
September 30, 2018 |
|
Citibank | | | A TRS is a contract in which one party agrees to make periodic payments to another party based on the change in the market value of the assets underlying the TRS, which may include a specified security, basket of securities or securities indices during a specified period, in return for periodic payments based on a fixed or variable interest rate. | | | Citibank may terminate the TRS on or after December 31, 2018, unless certain specified events permit Citibank to terminate the TRS on an earlier date. Center City Funding may terminate the TRS at any time upon providing no more than 30 days, and no less than 10 days, prior notice to Citibank. | | |
$(10,002)
|
|
Underlying Loan
(1)
|
| |
Industry
|
| |
Rate
(2)
|
| |
Floor
|
| |
Maturity
|
| |
Notional
Amount |
| |
Market
Value |
| |
Unrealized
Appreciation/ (Depreciation) |
| |||||||||
Acosta, Inc.
|
| | Media | | |
L+325
|
| |
1.0%
|
| |
9/26/21
|
| | |
$
|
11,508
|
| | | |
$
|
10,638
|
| | | |
$
|
(870
)
|
| |
Advantage Sales & Marketing Inc.
|
| | Media | | |
L+325
|
| |
1.0%
|
| |
7/23/21
|
| | |
|
15,127
|
| | | |
|
14,731
|
| | | |
|
(396
)
|
| |
Advantage Sales & Marketing Inc.
|
| | Media | | |
L+650
|
| |
1.0%
|
| |
7/25/22
|
| | |
|
3,923
|
| | | |
|
3,696
|
| | | |
|
(227
)
|
| |
Aleris International, Inc.
|
| | Materials | | |
L+475
|
| | | | |
2/27/23
|
| | |
|
2,612
|
| | | |
|
2,684
|
| | | |
|
72
|
| |
Alison US LLC
(3)
|
| | Capital Goods | | |
L+450
|
| |
1.0%
|
| |
8/29/21
|
| | |
|
7,134
|
| | | |
|
7,020
|
| | | |
|
(114
)
|
| |
American Bath Group, LLC
|
| | Capital Goods | | |
L+975
|
| |
1.0%
|
| |
9/30/24
|
| | |
|
2,760
|
| | | |
|
3,015
|
| | | |
|
255
|
| |
American Tire Distributors, Inc.
|
| | Retailing | | |
L+425
|
| |
1.0%
|
| |
9/1/21
|
| | |
|
7,168
|
| | | |
|
7,071
|
| | | |
|
(97
)
|
| |
APX Group, Inc.
|
| | Consumer Services | | |
L+500
|
| | | | |
4/1/24
|
| | |
|
16,582
|
| | | |
|
16,553
|
| | | |
|
(29
)
|
| |
ATX Networks Corp.
(3)(4)
|
| |
Technology Hardware & Equipment
|
| |
L+600, 1.0% PIK
(1.0% Max PIK) |
| |
1.0%
|
| |
6/11/21
|
| | |
|
4,593
|
| | | |
|
4,432
|
| | | |
|
(161
)
|
| |
ATX Networks Corp.
(3)
|
| |
Technology Hardware & Equipment
|
| |
L+600, 1.0% PIK
(1.0% Max PIK) |
| |
1.0%
|
| |
6/11/21
|
| | |
|
7,329
|
| | | |
|
7,182
|
| | | |
|
(147
)
|
| |
Avantor, Inc.
|
| | Materials | | |
L+400
|
| |
1.0%
|
| |
11/21/24
|
| | |
|
19,528
|
| | | |
|
19,543
|
| | | |
|
15
|
| |
BCP Raptor, LLC
|
| | Energy | | |
L+425
|
| |
1.0%
|
| |
6/24/24
|
| | |
|
5,354
|
| | | |
|
5,447
|
| | | |
|
93
|
| |
Belk, Inc.
|
| | Retailing | | |
L+475
|
| |
1.0%
|
| |
12/12/22
|
| | |
|
2,518
|
| | | |
|
2,598
|
| | | |
|
80
|
| |
Brand Energy & Infrastructure Services, Inc.
|
| | Capital Goods | | |
L+425
|
| |
1.0%
|
| |
6/21/24
|
| | |
|
10,011
|
| | | |
|
9,984
|
| | | |
|
(27
)
|
| |
CDS U.S. Intermediate Holdings, Inc.
(3)(4)
|
| | Media | | |
L+825
|
| |
1.0%
|
| |
7/10/23
|
| | |
|
8,865
|
| | | |
|
8,625
|
| | | |
|
(240
)
|
| |
Confie Seguros Holding II Co.
(3)
|
| | Insurance | | |
L+525
|
| |
1.0%
|
| |
4/19/22
|
| | |
|
6,809
|
| | | |
|
6,706
|
| | | |
|
(103
)
|
| |
CSM Bakery Solutions LLC
|
| | Food, Beverage & Tobacco | | |
L+400
|
| |
1.0%
|
| |
7/3/20
|
| | |
|
3,652
|
| | | |
|
3,646
|
| | | |
|
(6
)
|
| |
Dayton Superior Corp.
|
| | Materials | | |
L+800, 6.0% PIK
(6.0% Max PIK) |
| |
1.0%
|
| |
11/15/21
|
| | |
|
11,119
|
| | | |
|
9,891
|
| | | |
|
(1,228
)
|
| |
Diamond Resorts International, Inc.
|
| | Consumer Services | | |
L+375
|
| |
1.0%
|
| |
9/2/23
|
| | |
|
37,481
|
| | | |
|
36,976
|
| | | |
|
(505
)
|
| |
Distribution International, Inc.
|
| | Capital Goods | | |
L+500
|
| |
1.0%
|
| |
12/15/21
|
| | |
|
354
|
| | | |
|
347
|
| | | |
|
(7
)
|
| |
Elo Touch Solutions, Inc.
(4)
|
| |
Technology Hardware & Equipment
|
| |
L+600
|
| |
1.0%
|
| |
10/31/23
|
| | |
|
5,773
|
| | | |
|
5,868
|
| | | |
|
95
|
| |
EmployBridge, LLC
(4)
|
| |
Commercial & Professional Services
|
| |
L+500
|
| |
1.0%
|
| |
4/18/25
|
| | |
|
1,186
|
| | | |
|
1,179
|
| | | |
|
(7
)
|
| |
Evergreen AcqCo 1 LP
|
| | Retailing | | |
L+375
|
| |
1.3%
|
| |
7/9/19
|
| | |
|
2,943
|
| | | |
|
2,873
|
| | | |
|
(70
)
|
| |
FHC Health Systems, Inc.
|
| | Health Care Equipment & Services | | |
L+400
|
| |
1.0%
|
| |
12/23/21
|
| | |
|
8,771
|
| | | |
|
7,593
|
| | | |
|
(1,178
)
|
| |
Foresight Energy LLC
(3)
|
| | Energy | | |
L+575
|
| |
1.0%
|
| |
3/28/22
|
| | |
|
12,386
|
| | | |
|
12,425
|
| | | |
|
39
|
| |
FPC Holdings, Inc.
|
| | Capital Goods | | |
L+450
|
| |
1.3%
|
| |
11/18/22
|
| | |
|
2,795
|
| | | |
|
2,792
|
| | | |
|
(3
)
|
| |
Gulf Finance, LLC
(4)
|
| | Energy | | |
L+525
|
| |
1.0%
|
| |
8/25/23
|
| | |
|
9,116
|
| | | |
|
7,857
|
| | | |
|
(1,259
)
|
| |
Inmar, Inc.
|
| | Software & Services | | |
L+800
|
| |
1.0%
|
| |
5/1/25
|
| | |
|
14,775
|
| | | |
|
15,000
|
| | | |
|
225
|
| |
Intelsat Jackson Holdings S.A.
(3)
|
| | Diversified Financials | | |
L+375
|
| |
1.0%
|
| |
11/27/23
|
| | |
|
20,024
|
| | | |
|
20,069
|
| | | |
|
45
|
| |
Ivanti Software, Inc.
|
| | Software & Services | | |
L+425
|
| |
1.0%
|
| |
1/20/24
|
| | |
|
7,404
|
| | | |
|
7,494
|
| | | |
|
90
|
| |
J.C. Penney Corp., Inc.
(3)
|
| | Retailing | | |
L+425
|
| |
1.0%
|
| |
6/23/23
|
| | |
|
2,219
|
| | | |
|
2,142
|
| | | |
|
(77
)
|
| |
Jazz Acquisition, Inc.
(4)
|
| | Capital Goods | | |
L+675
|
| |
1.0%
|
| |
6/19/22
|
| | |
|
2,512
|
| | | |
|
2,375
|
| | | |
|
(137
)
|
| |
Jo-Ann Stores, LLC
|
| | Retailing | | |
L+500
|
| |
1.0%
|
| |
10/16/23
|
| | |
|
3,128
|
| | | |
|
3,123
|
| | | |
|
(5
)
|
| |
LBM Borrower, LLC
|
| | Capital Goods | | |
L+375
|
| |
1.0%
|
| |
8/20/22
|
| | |
|
5,303
|
| | | |
|
5,356
|
| | | |
|
53
|
| |
LBM Borrower, LLC
|
| | Capital Goods | | |
L+925
|
| |
1.0%
|
| |
8/20/23
|
| | |
|
19,733
|
| | | |
|
19,832
|
| | | |
|
99
|
| |
LD Intermediate Holdings, Inc.
|
| | Software & Services | | |
L+588
|
| |
1.0%
|
| |
12/9/22
|
| | |
|
8,606
|
| | | |
|
9,180
|
| | | |
|
574
|
| |
Mitel US Holdings, Inc.
|
| | Software & Services | | |
L+450
|
| | | | |
7/11/25
|
| | |
|
8,759
|
| | | |
|
8,857
|
| | | |
|
98
|
| |
naviHealth, Inc.
|
| | Health Care Equipment & Services | | |
L+500
|
| | | | |
8/1/25
|
| | |
|
8,517
|
| | | |
|
8,698
|
| | | |
|
181
|
| |
Navistar, Inc.
(3)
|
| | Capital Goods | | |
L+350
|
| | | | |
11/6/24
|
| | |
|
9,653
|
| | | |
|
9,750
|
| | | |
|
97
|
| |
P.F. Chang’s China Bistro, Inc.
|
| | Consumer Services | | |
L+500
|
| |
1.0%
|
| |
9/1/22
|
| | |
|
3,342
|
| | | |
|
3,436
|
| | | |
|
94
|
| |
P2 Upstream Acquisition Co.
|
| | Energy | | |
L+400
|
| |
1.3%
|
| |
10/30/20
|
| | |
|
2,255
|
| | | |
|
2,394
|
| | | |
|
139
|
| |
Peak 10 Holding Corp.
|
| | Software & Services | | |
L+725
|
| |
1.0%
|
| |
8/1/25
|
| | |
|
6,899
|
| | | |
|
6,756
|
| | | |
|
(143
)
|
| |
Underlying Loan
(1)
|
| |
Industry
|
| |
Rate
(2)
|
| |
Floor
|
| |
Maturity
|
| |
Notional
Amount |
| |
Market
Value |
| |
Unrealized
Appreciation/ (Depreciation) |
| |||||||||
Schenectady International Group, Inc.
|
| | Materials | | |
L+475
|
| |
1.0%
|
| |
8/17/25
|
| | |
$
|
1,476
|
| | | |
$
|
1,541
|
| | | |
$
|
65
|
| |
Sequa Mezzanine Holdings L.L.C.
|
| | Capital Goods | | |
L+500
|
| |
1.0%
|
| |
11/28/21
|
| | |
|
5,018
|
| | | |
|
5,000
|
| | | |
|
(18
)
|
| |
Sequa Mezzanine Holdings L.L.C.
|
| | Capital Goods | | |
L+900
|
| |
1.0%
|
| |
4/28/22
|
| | |
|
5,195
|
| | | |
|
5,113
|
| | | |
|
(82
)
|
| |
SGS Cayman, L.P.
(3)
|
| |
Commercial & Professional Services
|
| |
L+538
|
| |
1.0%
|
| |
4/23/21
|
| | |
|
1,962
|
| | | |
|
1,943
|
| | | |
|
(19
)
|
| |
SIRVA Worldwide Inc
|
| | Transportation | | |
L+550
|
| | | | |
7/31/25
|
| | |
|
3,099
|
| | | |
|
3,147
|
| | | |
|
48
|
| |
SIRVA Worldwide Inc
|
| | Transportation | | |
L+950
|
| | | | |
7/31/26
|
| | |
|
2,614
|
| | | |
|
2,614
|
| | | |
|
—
|
| |
SMG US Midco 2, Inc.
|
| | Consumer Services | | |
L+700
|
| | | | |
1/23/26
|
| | |
|
954
|
| | | |
|
947
|
| | | |
|
(7
)
|
| |
Specialty Building Products Holdings,
LLC (4) |
| | Capital Goods | | |
L+600
|
| |
1.0%
|
| |
10/26/23
|
| | |
|
7,308
|
| | | |
|
7,597
|
| | | |
|
289
|
| |
Spencer Gifts LLC
|
| | Retailing | | |
L+425
|
| |
1.0%
|
| |
7/16/21
|
| | |
|
15,196
|
| | | |
|
14,273
|
| | | |
|
(923
)
|
| |
Strike, LLC
(4)
|
| | Energy | | |
L+800
|
| |
1.0%
|
| |
11/30/22
|
| | |
|
2,809
|
| | | |
|
2,925
|
| | | |
|
116
|
| |
SunGard Availability Services Capital,
Inc. (4) |
| | Software & Services | | |
L+700
|
| |
1.0%
|
| |
9/30/21
|
| | |
|
4,675
|
| | | |
|
4,922
|
| | | |
|
247
|
| |
Sutherland Global Services Inc.
|
| |
Commercial & Professional Services
|
| |
L+538
|
| |
1.0%
|
| |
4/23/21
|
| | |
|
8,430
|
| | | |
|
8,348
|
| | | |
|
(82
)
|
| |
TierPoint, LLC
|
| | Software & Services | | |
L+725
|
| |
1.0%
|
| |
5/5/25
|
| | |
|
6,930
|
| | | |
|
6,869
|
| | | |
|
(61
)
|
| |
TKC Holdings, Inc.
|
| | Retailing | | |
L+800
|
| |
1.0%
|
| |
2/1/24
|
| | |
|
4,020
|
| | | |
|
4,037
|
| | | |
|
17
|
| |
TravelCLICK, Inc.
|
| | Software & Services | | |
L+775
|
| |
1.0%
|
| |
11/6/21
|
| | |
|
4,023
|
| | | |
|
4,007
|
| | | |
|
(16
)
|
| |
Westbridge Technologies, Inc.
|
| |
Technology Hardware & Equipment
|
| |
L+850
|
| |
1.0%
|
| |
4/28/23
|
| | |
|
21,293
|
| | | |
|
21,281
|
| | | |
|
(12
)
|
| |
West Corp.
|
| |
Commercial & Professional Services
|
| |
L+400
|
| |
1.0%
|
| |
10/10/24
|
| | |
|
20,084
|
| | | |
|
19,778
|
| | | |
|
(306
)
|
| |
West Corp.
|
| |
Commercial & Professional Services
|
| |
L+350
|
| |
1.0%
|
| |
10/10/24
|
| | |
|
4,981
|
| | | |
|
4,940
|
| | | |
|
(41
)
|
| |
Winebow Holdings, Inc.
|
| | Retailing | | |
L+750
|
| |
1.0%
|
| |
1/2/22
|
| | |
|
4,877
|
| | | |
|
3,537
|
| | | |
|
(1,340
)
|
| |
WireCo WorldGroup, Inc.
|
| | Materials | | |
L+900
|
| |
1.0%
|
| |
9/30/24
|
| | |
|
2,311
|
| | | |
|
2,294
|
| | | |
|
(17
)
|
| |
York Risk Services Holding Corp.
(4)
|
| | Insurance | | |
L+375
|
| |
1.0%
|
| |
10/1/21
|
| | |
|
6,597
|
| | | |
|
6,433
|
| | | |
|
(164
)
|
| |
Total
|
| | | | | | | | | | | | | | |
$
|
484,378
|
| | | |
$
|
477,380
|
| | | |
|
(6,998
)
|
| |
Total TRS Accrued Income and Liabilities:
|
| | |
|
(3,004
)
|
| | ||||||||||||||||||||||||
Total TRS Fair Value:
|
| | |
$
|
(10,002
)
|
| | ||||||||||||||||||||||||
|
Underlying Loan
(1)
|
| |
Industry
|
| |
Rate
(2)
|
| |
Floor
|
| |
Maturity
|
| |
Notional
Amount |
| |
Market
Value |
| |
Unrealized
Appreciation/ (Depreciation) |
| |||||||||
Alison US LLC
(3)
|
| | Capital Goods | | |
L+450
|
| |
1.0%
|
| |
8/29/21
|
| | |
$
|
7,190
|
| | | |
$
|
6,930
|
| | | |
$
|
(260
)
|
| |
American Bath Group, LLC
|
| | Capital Goods | | |
L+525
|
| |
1.0%
|
| |
9/30/23
|
| | |
|
3,318
|
| | | |
|
3,481
|
| | | |
|
163
|
| |
American Bath Group, LLC
|
| | Capital Goods | | |
L+975
|
| |
1.0%
|
| |
9/30/24
|
| | |
|
2,760
|
| | | |
|
2,992
|
| | | |
|
232
|
| |
AqGen Ascensus, Inc.
|
| | Diversified Financials | | |
L+400
|
| |
1.0%
|
| |
12/5/22
|
| | |
|
13,828
|
| | | |
|
14,753
|
| | | |
|
925
|
| |
ATX Networks Corp.
(3)(4)
|
| |
Technology Hardware & Equipment
|
| |
L+600, 1.0% PIK
(1.0% Max PIK) |
| |
1.0%
|
| |
6/11/21
|
| | |
|
4,740
|
| | | |
|
4,752
|
| | | |
|
12
|
| |
ATX Networks Corp.
(3)
|
| |
Technology Hardware & Equipment
|
| |
L+600, 1.0% PIK
(1.0% Max PIK) |
| |
1.0%
|
| |
6/11/21
|
| | |
|
7,563
|
| | | |
|
7,699
|
| | | |
|
136
|
| |
Avaya Inc.
(4)
|
| |
Technology Hardware & Equipment
|
| |
L+475
|
| |
1.0%
|
| |
12/15/24
|
| | |
|
14,850
|
| | | |
|
14,744
|
| | | |
|
(106
)
|
| |
BBB Industries US Holdings, Inc.
|
| | Automobiles & Components | | |
L+450
|
| |
1.0%
|
| |
11/3/21
|
| | |
|
7,314
|
| | | |
|
7,542
|
| | | |
|
228
|
| |
Casablanca US Holdings Inc.
(4)
|
| | Consumer Services | | |
L+900
|
| |
1.0%
|
| |
3/31/25
|
| | |
|
4,925
|
| | | |
|
5,075
|
| | | |
|
150
|
| |
CDS U.S. Intermediate Holdings, Inc.
(3)(4)
|
| | Media | | |
L+825
|
| |
1.0%
|
| |
7/10/23
|
| | |
|
8,865
|
| | | |
|
8,854
|
| | | |
|
(11
)
|
| |
Confie Seguros Holding II Co.
(3)
|
| | Insurance | | |
L+525
|
| |
1.0%
|
| |
4/19/22
|
| | |
|
6,861
|
| | | |
|
6,909
|
| | | |
|
48
|
| |
Dayton Superior Corp.
|
| | Materials | | |
L+800
|
| |
1.0%
|
| |
11/15/21
|
| | |
|
11,203
|
| | | |
|
9,702
|
| | | |
|
(1,501
)
|
| |
Diamond Resorts International, Inc.
|
| | Consumer Services | | |
L+450
|
| |
1.0%
|
| |
9/2/23
|
| | |
|
26,959
|
| | | |
|
27,831
|
| | | |
|
872
|
| |
Elo Touch Solutions, Inc.
(4)
|
| |
Technology Hardware & Equipment
|
| |
L+600
|
| |
1.0%
|
| |
10/25/23
|
| | |
|
8,448
|
| | | |
|
8,512
|
| | | |
|
64
|
| |
FHC Health Systems, Inc.
|
| | Health Care Equipment & Services | | |
L+400
|
| |
1.0%
|
| |
12/23/21
|
| | |
|
8,839
|
| | | |
|
8,683
|
| | | |
|
(156
)
|
| |
FullBeauty Brands Holdings Corp.
|
| | Consumer Durables & Apparel | | |
L+475
|
| |
1.0%
|
| |
10/14/22
|
| | |
|
7,201
|
| | | |
|
4,765
|
| | | |
|
(2,436
)
|
| |
Gulf Finance, LLC
(4)
|
| | Energy | | |
L+525
|
| |
1.0%
|
| |
8/25/23
|
| | |
|
9,437
|
| | | |
|
8,712
|
| | | |
|
(725
)
|
| |
Inmar, Inc.
|
| | Software & Services | | |
L+800
|
| |
1.0%
|
| |
5/1/25
|
| | |
|
14,775
|
| | | |
|
15,000
|
| | | |
|
225
|
| |
Ivanti Software, Inc.
|
| | Software & Services | | |
L+425
|
| |
1.0%
|
| |
1/20/24
|
| | |
|
7,457
|
| | | |
|
7,113
|
| | | |
|
(344
)
|
| |
Jazz Acquisition, Inc.
(4)
|
| | Capital Goods | | |
L+675
|
| |
1.0%
|
| |
6/19/22
|
| | |
|
2,513
|
| | | |
|
2,345
|
| | | |
|
(168
)
|
| |
LBM Borrower, LLC
|
| | Capital Goods | | |
L+450
|
| |
1.0%
|
| |
8/20/22
|
| | |
|
5,359
|
| | | |
|
5,439
|
| | | |
|
80
|
| |
LD Intermediate Holdings, Inc.
|
| | Software & Services | | |
L+588
|
| |
1.0%
|
| |
12/9/22
|
| | |
|
8,775
|
| | | |
|
8,686
|
| | | |
|
(89
)
|
| |
LTI Holdings, Inc.
|
| | Materials | | |
L+475
|
| |
1.0%
|
| |
5/16/24
|
| | |
|
9,851
|
| | | |
|
9,987
|
| | | |
|
136
|
| |
MORSCO, Inc.
|
| | Capital Goods | | |
L+700
|
| |
1.0%
|
| |
10/31/23
|
| | |
|
9,360
|
| | | |
|
9,872
|
| | | |
|
512
|
| |
Navistar, Inc.
(3)
|
| | Capital Goods | | |
L+350
|
| | | | |
11/6/24
|
| | |
|
9,701
|
| | | |
|
9,777
|
| | | |
|
76
|
| |
P.F. Chang’s China Bistro, Inc.
|
| | Consumer Services | | |
L+500
|
| |
1.0%
|
| |
9/1/22
|
| | |
|
7,257
|
| | | |
|
7,026
|
| | | |
|
(231
)
|
| |
P2 Upstream Acquisition Co.
|
| | Energy | | |
L+400
|
| |
1.3%
|
| |
10/30/20
|
| | |
|
2,283
|
| | | |
|
2,398
|
| | | |
|
115
|
| |
Peak 10 Holding Corp.
|
| | Software & Services | | |
L+725
|
| |
1.0%
|
| |
8/1/25
|
| | |
|
6,873
|
| | | |
|
6,969
|
| | | |
|
96
|
| |
Quest Software US Holdings Inc.
(4)
|
| | Software & Services | | |
L+550
|
| |
1.0%
|
| |
10/31/22
|
| | |
|
17,877
|
| | | |
|
18,233
|
| | | |
|
356
|
| |
Specialty Building Products Holdings,
LLC (4) |
| | Capital Goods | | |
L+600
|
| |
1.0%
|
| |
10/26/23
|
| | |
|
7,364
|
| | | |
|
7,631
|
| | | |
|
267
|
| |
Spencer Gifts LLC
|
| | Retailing | | |
L+425
|
| |
1.0%
|
| |
7/16/21
|
| | |
|
15,939
|
| | | |
|
11,464
|
| | | |
|
(4,475
)
|
| |
SRS Distribution Inc.
|
| | Capital Goods | | |
L+325
|
| |
1.0%
|
| |
8/25/22
|
| | |
|
10,098
|
| | | |
|
10,099
|
| | | |
|
1
|
| |
Strike, LLC
(4)
|
| | Energy | | |
L+800
|
| |
1.0%
|
| |
11/30/22
|
| | |
|
2,925
|
| | | |
|
3,045
|
| | | |
|
120
|
| |
SunGard Availability Services Capital,
Inc. (4) |
| | Software & Services | | |
L+700
|
| |
1.0%
|
| |
9/30/21
|
| | |
|
4,770
|
| | | |
|
4,986
|
| | | |
|
216
|
| |
ThermaSys Corp.
|
| | Capital Goods | | |
L+400
|
| |
1.3%
|
| |
5/3/19
|
| | |
|
6,612
|
| | | |
|
6,489
|
| | | |
|
(123
)
|
| |
TierPoint, LLC
|
| | Software & Services | | |
L+725
|
| |
1.0%
|
| |
5/5/25
|
| | |
|
6,930
|
| | | |
|
7,009
|
| | | |
|
79
|
| |
TKC Holdings, Inc.
|
| | Retailing | | |
L+800
|
| |
1.0%
|
| |
2/1/24
|
| | |
|
4,020
|
| | | |
|
4,020
|
| | | |
|
—
|
| |
| | | | | | | | | |||||||||||||||||||||||
TravelCLICK, Inc.
|
| | Software & Services | | |
L+775
|
| |
1.0%
|
| |
11/6/21
|
| | |
|
7,183
|
| | | |
|
7,173
|
| | | |
|
(10
)
|
| |
Westbridge Technologies, Inc.
|
| | Software & Services | | |
L+850
|
| |
1.0%
|
| |
4/28/23
|
| | |
|
6,774
|
| | | |
|
6,826
|
| | | |
|
52
|
| |
Winebow Holdings, Inc.
|
| | Retailing | | |
L+750
|
| |
1.0%
|
| |
1/2/22
|
| | |
|
4,878
|
| | | |
|
4,568
|
| | | |
|
(310
)
|
| |
York Risk Services Holding Corp.
(4)
|
| | Insurance | | |
L+375
|
| |
1.0%
|
| |
10/1/21
|
| | |
|
6,648
|
| | | |
|
6,556
|
| | | |
|
(92
)
|
| |
Total
|
| | | | | | | | | | | | | | |
$
|
340,523
|
| | | |
$
|
334,647
|
| | | |
|
(5,876
)
|
| |
Total TRS Accrued Income and Liabilities:
|
| | |
|
2,120
|
| | ||||||||||||||||||||||||
Total TRS Fair Value:
|
| | |
$
|
(3,756
)
|
| | ||||||||||||||||||||||||
|
| | |
Nine Months Ended
September 30, 2018 (Unaudited) |
| |
Year Ended
December 31, 2017 |
| ||||||
Per Share Data: (1) | | | | | | | | | | | | | |
Net asset value, beginning of period
|
| | | $ | 8.22 | | | | | $ | 8.53 | | |
Results of operations (2) | | | | | | | | | | | | | |
Net investment income
|
| | | | 0.48 | | | | | | 0.69 | | |
Net realized gain (loss) and unrealized appreciation (depreciation)
|
| | | | (0.23 ) | | | | | | (0.32 ) | | |
Net increase (decrease) in net assets resulting from operations
|
| | | | 0.25 | | | | | | 0.37 | | |
Stockholder distributions (3) | | | | | | | | | | | | | |
Distributions from net investment income
|
| | | | (0.52 ) | | | | | | (0.70 ) | | |
Net decrease in net assets resulting from stockholder distributions
|
| | | | (0.52 ) | | | | | | (0.70 ) | | |
Capital share transactions | | | | | | | | | | | | | |
Issuance of common stock
(4)
|
| | | | — | | | | | | 0.02 | | |
Repurchases of common stock
(5)
|
| | | | — | | | | | | — | | |
Net increase in net assets resulting from capital share transactions
|
| | | | — | | | | | | 0.02 | | |
Net asset value, end of period
|
| | | $ | 7.95 | | | | | $ | 8.22 | | |
Shares outstanding, end of period
|
| | | | 290,360,066 | | | | | | 290,566,041 | | |
Total return
(6)
|
| | | | 3.06 % | | | | | | 4.50 % | | |
Total return (without assuming reinvestment of distributions)
(6)
|
| | | | 3.04 % | | | | | | 4.57 % | | |
| | |
Nine Months Ended
September 30, 2018 (Unaudited) |
| |
Year Ended
December 31, 2017 |
| ||||||
Ratio/Supplemental Data: | | | | | | | | | | | | | |
Net assets, end of period
|
| | | $ | 2,307,593 | | | | | $ | 2,388,724 | | |
Ratio of net investment income to average net assets
(7)
|
| | | | 7.91 % | | | | | | 8.08 % | | |
Ratio of operating expenses to average net assets
(7)
|
| | | | 7.38 % | | | | | | 7.64 % | | |
Ratio of net operating expenses to average net assets
(7)
|
| | | | 7.23 % | | | | | | 7.27 % | | |
Portfolio turnover
(8)
|
| | | | 32.08 % | | | | | | 36.76 % | | |
Total amount of senior securities outstanding, exclusive of treasury securities
|
| | | $ | 1,609,269 | | | | | $ | 1,647,355 | | |
Asset coverage per unit
(9)
|
| | | | 2.43 | | | | | | 2.45 | | |
| | |
Nine Months Ended
September 30, 2018 (Unaudited) |
| |
Year Ended
December 31, 2017 |
| ||||||
Ratio of subordinated income incentive fees to average net assets
|
| | | | 1.46 % | | | | | | 1.70 % | | |
Ratio of interest expense to average net assets
|
| | | | 2.79 % | | | | | | 2.20 % | | |
Ratio of offering costs to average net assets
|
| | | | — | | | | | | 0.14 % | | |
Net Investment Activity
|
| |
For the Three Months Ended
September 30, 2018 |
| |
For the Nine Months Ended
September 30, 2018 |
| ||||||
Purchases
|
| | | $ | 463,529 | | | | | $ | 1,089,493 | | |
Sales and Repayments
|
| | | | (558,110 ) | | | | | | (1,133,149 ) | | |
Net Portfolio Activity
|
| | | $ | (94,581 ) | | | | | $ | (43,656 ) | | |
|
| | |
For the Three Months Ended
September 30, 2018 |
| |
For the Nine Months Ended
September 30, 2018 |
| ||||||||||||||||||
New Investment Activity by Asset Class
|
| |
Purchases
|
| |
Percentage
|
| |
Purchases
|
| |
Percentage
|
| ||||||||||||
Senior Secured Loans—First Lien
|
| | | $ | 368,518 | | | | | | 78 % | | | | | $ | 827,746 | | | | | | 76 % | | |
Senior Secured Loans—Second Lien
|
| | | | 68,526 | | | | | | 15 % | | | | | | 81,036 | | | | | | 7 % | | |
Senior Secured Bonds
|
| | | | 10,357 | | | | | | 2 % | | | | | | 48,509 | | | | | | 5 % | | |
Subordinated Debt
|
| | | | 16,086 | | | | | | 3 % | | | | | | 117,916 | | | | | | 11 % | | |
Collateralized Securities
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Equity/Other
|
| | | | 9,437 | | | | | | 2 % | | | | | | 14,286 | | | | | | 1 % | | |
Total
|
| | | $ | 472,924 | | | | | | 100 % | | | | | $ | 1,089,493 | | | | | | 100 % | | |
|
| | |
September 30, 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
|
| | | $ | 2,366,680 | | | | | $ | 2,350,696 | | | | | | 72 % | | | | | $ | 2,212,948 | | | | | $ | 2,222,444 | | | | | | 66 % | | |
Senior Secured Loans—Second Lien
|
| | | | 219,566 | | | | | | 176,508 | | | | | | 5 % | | | | | | 298,561 | | | | | | 261,239 | | | | | | 8 % | | |
Senior Secured Bonds
|
| | | | 91,170 | | | | | | 90,204 | | | | | | 3 % | | | | | | 60,168 | | | | | | 60,478 | | | | | | 2 % | | |
Subordinated Debt
|
| | | | 545,565 | | | | | | 542,923 | | | | | | 17 % | | | | | | 690,666 | | | | | | 687,221 | | | | | | 21 % | | |
Collateralized Securities
|
| | | | 6,070 | | | | | | 6,391 | | | | | | 0 % | | | | | | 6,697 | | | | | | 7,562 | | | | | | 0 % | | |
Equity/Other
|
| | | | 137,947 | | | | | | 84,360 | | | | | | 3 % | | | | | | 164,105 | | | | | | 102,582 | | | | | | 3 % | | |
Total
|
| | | $ | 3,366,998 | | | | | $ | 3,251,082 | | | | | | 100 % | | | | | $ | 3,433,145 | | | | | $ | 3,341,526 | | | | | | 100 % | | |
|
| | |
September 30, 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
|
| | | $ | 2,760,667 | | | | | $ | 2,739,359 | | | | | | 74 % | | | | | $ | 2,489,749 | | | | | $ | 2,493,086 | | | | | | 68 % | | |
Senior Secured Loans—Second Lien
|
| | | | 309,957 | | | | | | 265,225 | | | | | | 7 % | | | | | | 362,283 | | | | | | 325,244 | | | | | | 9 % | | |
Senior Secured Bonds
|
| | | | 91,170 | | | | | | 90,204 | | | | | | 2 % | | | | | | 60,168 | | | | | | 60,478 | | | | | | 1 % | | |
Subordinated Debt
|
| | | | 545,565 | | | | | | 542,923 | | | | | | 15 % | | | | | | 690,666 | | | | | | 687,221 | | | | | | 19 % | | |
Collateralized Securities
|
| | | | 6,070 | | | | | | 6,391 | | | | | | 0 % | | | | | | 6,697 | | | | | | 7,562 | | | | | | 0 % | | |
Equity/Other
|
| | | | 137,947 | | | | | | 84,360 | | | | | | 2 % | | | | | | 164,105 | | | | | | 102,582 | | | | | | 3 % | | |
Total
|
| | | $ | 3,851,376 | | | | | $ | 3,728,462 | | | | | | 100 % | | | | | $ | 3,773,668 | | | | | $ | 3,676,173 | | | | | | 100 % | | |
|
| | |
September 30, 2018
|
| |
December 31, 2017
|
|
Number of Portfolio Companies
|
| |
116
|
| |
109
|
|
% Variable Rate (based on fair value)
|
| |
72.8%
|
| |
70.9%
|
|
% Fixed Rate (based on fair value)
|
| |
24.7%
|
| |
26.0%
|
|
% Income Producing Equity/Other Investments (based on fair value)
|
| |
0.3%
|
| |
0.1%
|
|
% Non-Income Producing Equity/Other Investments (based on fair value)
|
| |
2.2%
|
| |
3.0%
|
|
Average Annual EBITDA of Portfolio Companies
|
| |
$180,600
|
| |
$124,000
|
|
Weighted Average Purchase Price of Debt Investments (as a % of par)
|
| |
98.8%
|
| |
98.9%
|
|
% of Investments on Non-Accrual (based on fair value)
|
| |
0.3%
|
| |
1.0%
|
|
Gross Portfolio Yield Prior to Leverage (based on amortized cost)
|
| |
9.8%
|
| |
9.4%
|
|
Gross Portfolio Yield Prior to Leverage (based on amortized cost)—Excluding Non-Income Producing Assets
|
| |
10.4%
|
| |
10.0%
|
|
New Direct Originations
|
| |
For the Three Months Ended
September 30, 2018 |
| |
For the Nine Months Ended
September 30, 2018 |
| ||||||
Total Commitments (including unfunded commitments)
|
| | | $ | 340,360 | | | | | $ | 620,554 | | |
Exited Investments (including partial paydowns)
|
| | | | (418,580 ) | | | | | | (545,306 ) | | |
Net Direct Originations
|
| | | $ | (78,220 ) | | | | | $ | 75,248 | | |
|
| | |
For the Three Months Ended
September 30, 2018 |
| |
For the Nine Months Ended
September 30, 2018 |
| ||||||||||||||||||
New Direct Originations by Asset Class (including unfunded commitments)
|
| |
Commitment
Amount |
| |
Percentage
|
| |
Commitment
Amount |
| |
Percentage
|
| ||||||||||||
Senior Secured Loans—First Lien
|
| | | $ | 266,613 | | | | | | 78 % | | | | | $ | 539,126 | | | | | | 87 % | | |
Senior Secured Loans—Second Lien
|
| | | | 73,747 | | | | | | 22 % | | | | | | 77,802 | | | | | | 12 % | | |
Senior Secured Bonds
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Subordinated Debt
|
| | | | — | | | | | | — | | | | | | 278 | | | | | | 0 % | | |
Collateralized Securities
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Equity/Other
|
| | | | — | | | | | | — | | | | | | 3,348 | | | | | | 1 % | | |
Total
|
| | | $ | 340,360 | | | | | | 100 % | | | | | $ | 620,554 | | | | | | 100 % | | |
|
| | |
For the Three Months Ended
September 30, 2018 |
| |
For the Nine Months Ended
September 30, 2018 |
|
Average New Direct Origination Commitment Amount
|
| |
$37,818
|
| |
$16,482
|
|
Weighted Average Maturity for New Direct Originations
|
| |
11/2/24
|
| |
2/14/24
|
|
Gross Portfolio Yield Prior to Leverage (based on amortized cost) of New Direct Originations Funded during Period
|
| |
9.7%
|
| |
10.3%
|
|
Gross Portfolio Yield Prior to Leverage (based on amortized cost) of New Direct Originations Funded during Period—Excluding Non-Income Producing Assets
|
| |
9.7%
|
| |
10.3%
|
|
Gross Portfolio Yield Prior to Leverage (based on amortized cost) of Direct Originations Exited during Period
|
| |
10.0%
|
| |
10.4%
|
|
Characteristics of All Direct Originations Held in Portfolio
|
| |
September 30, 2018
|
| |
December 31, 2017
|
|
Number of Portfolio Companies
|
| |
64
|
| |
59
|
|
Average Annual EBITDA of Portfolio Companies
|
| |
$80,400
|
| |
$65,900
|
|
Average Leverage Through Tranche of Portfolio Companies—Excluding Equity/Other and Collateralized Securities
|
| |
5.4x
|
| |
4.7x
|
|
% of Investments on Non-Accrual (based on fair value)
|
| |
0.4%
|
| |
—
|
|
Gross Portfolio Yield Prior to Leverage (based on amortized cost) of Funded Direct Originations
|
| |
9.9%
|
| |
9.7%
|
|
Gross Portfolio Yield Prior to Leverage (based on amortized cost) of Funded Direct Originations—Excluding Non-Income Producing Assets
|
| |
10.5%
|
| |
10.1%
|
|
| | |
September 30, 2018
|
| |
December 31, 2017
|
| ||||||||||||||||||
Portfolio Composition by Strategy
|
| |
Fair
Value |
| |
Percentage
of Portfolio |
| |
Fair
Value |
| |
Percentage
of Portfolio |
| ||||||||||||
Direct Originations
|
| | | $ | 2,549,158 | | | | | | 79 % | | | | | $ | 2,427,744 | | | | | | 73 % | | |
Opportunistic
|
| | | | 465,113 | | | | | | 14 % | | | | | | 702,066 | | | | | | 21 % | | |
Broadly Syndicated/Other
|
| | | | 236,811 | | | | | | 7 % | | | | | | 211,716 | | | | | | 6 % | | |
Total
|
| | | $ | 3,251,082 | | | | | | 100 % | | | | | $ | 3,341,526 | | | | | | 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. | |
| | |
September 30, 2018
|
| |
December 31, 2017
|
| ||||||||||||||||||
Investment Rating
|
| |
Fair
Value |
| |
Percentage
of Portfolio |
| |
Fair
Value |
| |
Percentage
of Portfolio |
| ||||||||||||
1
|
| | | $ | 6,921 | | | | | | 0 % | | | | | $ | 66,286 | | | | | | 2 % | | |
2
|
| | | | 2,573,626 | | | | | | 79 % | | | | | | 3,006,809 | | | | | | 90 % | | |
3
|
| | | | 609,297 | | | | | | 19 % | | | | | | 211,214 | | | | | | 6 % | | |
4
|
| | | | 7,927 | | | | | | 0 % | | | | | | 1,817 | | | | | | 0 % | | |
5
|
| | | | 53,311 | | | | | | 2 % | | | | | | 55,400 | | | | | | 2 % | | |
Total
|
| | | $ | 3,251,082 | | | | | | 100 % | | | | | $ | 3,341,526 | | | | | | 100 % | | |
|
| | |
Three Months Ended September 30,
|
| |
Nine Months Ended September 30,
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
2018
|
| |
2017
|
| ||||||||||||||||||||||||||||||||||||
| | |
Amount
|
| |
Percentage of
Total Income |
| |
Amount
|
| |
Percentage of
Total Income |
| |
Amount
|
| |
Percentage of
Total Income |
| |
Amount
|
| |
Percentage of
Total Income |
| ||||||||||||||||||||||||
Interest income
|
| | | $ | 72,761 | | | | | | 78 % | | | | | $ | 77,536 | | | | | | 89 % | | | | | $ | 224,573 | | | | | | 85 % | | | | | $ | 225,235 | | | | | | 85 % | | |
Paid-in-kind interest income
|
| | | | 10,983 | | | | | | 12 % | | | | | | 6,685 | | | | | | 8 % | | | | | | 23,921 | | | | | | 9 % | | | | | | 18,967 | | | | | | 7 % | | |
Fee income
|
| | | | 9,047 | | | | | | 10 % | | | | | | 3,039 | | | | | | 3 % | | | | | | 16,694 | | | | | | 6 % | | | | | | 21,934 | | | | | | 8 % | | |
Dividend income
|
| | | | 353 | | | | | | 0 % | | | | | | — | | | | | | — | | | | | | 430 | | | | | | 0 % | | | | | | 74 | | | | | | 0 % | | |
Total investment income
(1)
|
| | | $ | 93,144 | | | | | | 100 % | | | | | $ | 87,260 | | | | | | 100 % | | | | | $ | 265,618 | | | | | | 100 % | | | | | $ | 266,210 | | | | | | 100 % | | |
|
| | |
Three Months Ended
September 30, |
| |
Nine Months Ended
September 30, |
| ||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
2018
|
| |
2017
|
| ||||||||||||
Management fees
|
| | | $ | 13,724 | | | | | $ | 19,382 | | | | | $ | 47,248 | | | | | $ | 57,171 | | |
Subordinated income incentive fees
|
| | | | 12,827 | | | | | | 5,166 | | | | | | 25,631 | | | | | | 26,278 | | |
Administrative services expenses
|
| | | | 919 | | | | | | 569 | | | | | | 2,435 | | | | | | 2,098 | | |
Stock transfer agent fees
|
| | | | 346 | | | | | | 396 | | | | | | 1,124 | | | | | | 1,174 | | |
Accounting and administrative fees
|
| | | | 274 | | | | | | 282 | | | | | | 834 | | | | | | 837 | | |
Interest expense
|
| | | | 17,709 | | | | | | 13,775 | | | | | | 48,961 | | | | | | 38,561 | | |
Directors’ fees
|
| | | | 200 | | | | | | 284 | | | | | | 913 | | | | | | 809 | | |
Offering costs
|
| | | | — | | | | | | 2,118 | | | | | | — | | | | | | 3,054 | | |
Expenses associated with our independent audit and related fees
|
| | | | 101 | | | | | | 191 | | | | | | 300 | | | | | | 395 | | |
Legal fees
|
| | | | 157 | | | | | | 13 | | | | | | 226 | | | | | | 91 | | |
Printing fees
|
| | | | 22 | | | | | | 122 | | | | | | 591 | | | | | | 756 | | |
Other
|
| | | | 463 | | | | | | 450 | | | | | | 1,132 | | | | | | 1,048 | | |
Operating expenses
|
| | | | 46,742 | | | | | | 42,748 | | | | | | 129,395 | | | | | | 132,272 | | |
Management fee waiver
|
| | | | — | | | | | | (2,423 ) | | | | | | (2,594 ) | | | | | | (6,324 ) | | |
Net expenses
|
| | | $ | 46,742 | | | | | $ | 40,325 | | | | | $ | 126,801 | | | | | $ | 125,948 | | |
|
| | |
Three Months Ended
September 30, |
| |
Nine Months Ended
September 30, |
| ||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
2018
|
| |
2017
|
| ||||||||||||
Ratio of operating expenses to average net assets
|
| | | | 2.02 % | | | | | | 1.77 % | | | | | | 5.53 % | | | | | | 5.53 % | | |
Ratio of management fee waiver to average net assets
(1)
|
| | | | — | | | | | | (0.10 )% | | | | | | (0.11 )% | | | | | | (0.26 )% | | |
Ratio of net operating expenses to average net assets
|
| | | | 2.02 % | | | | | | 1.67 % | | | | | | 5.42 % | | | | | | 5.27 % | | |
Ratio of incentive fees, interest expense and offering costs to average net assets
(1)
|
| | | | (1.32 )% | | | | | | (0.87 )% | | | | | | (3.19 )% | | | | | | (2.84 )% | | |
Ratio of net operating expenses to average net assets, excluding certain expenses
|
| | | | 0.70 % | | | | | | 0.80 % | | | | | | 2.23 % | | | | | | 2.43 % | | |
|
| | |
Three Months Ended
September 30, |
| |
Nine Months Ended
September 30, |
| ||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
2018
|
| |
2017
|
| ||||||||||||
Net realized gain (loss) on investments
(1)
|
| | | $ | 2,882 | | | | | $ | 2,902 | | | | | $ | (49,720 ) | | | | | $ | 7,510 | | |
Net realized gain (loss) on total return swap
|
| | | | 4,021 | | | | | | 11,255 | | | | | | 14,258 | | | | | | 18,434 | | |
Net realized gain (loss) on foreign currency
|
| | | | (516 ) | | | | | | 893 | | | | | | (290 ) | | | | | | 1,030 | | |
Total net realized gain (loss)
|
| | | $ | 6,387 | | | | | $ | 15,050 | | | | | $ | (35,752 ) | | | | | $ | 26,974 | | |
|
| | |
Three Months Ended
September 30, |
| |
Nine Months Ended
September 30, |
| ||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
2018
|
| |
2017
|
| ||||||||||||
Net change in unrealized appreciation (depreciation) on investments
|
| | | $ | (25,723 ) | | | | | $ | (14,619 ) | | | | | $ | (24,297 ) | | | | | $ | (19,969 ) | | |
Net change in unrealized appreciation (depreciation) on total return swap
|
| | | | 939 | | | | | | (9,274 ) | | | | | | (6,246 ) | | | | | | (11,672 ) | | |
Net change in unrealized appreciation (depreciation) on secured borrowing
|
| | | | — | | | | | | 16 | | | | | | — | | | | | | (33 ) | | |
Net change in unrealized gain (loss) on foreign currency
|
| | | | 216 | | | | | | (448 ) | | | | | | (253 ) | | | | | | 162 | | |
Total net change in unrealized appreciation (depreciation)
|
| | | $ | (24,568 ) | | | | | $ | (24,325 ) | | | | | $ | (30,796 ) | | | | | $ | (31,512 ) | | |
|
Arrangement
|
| |
Type of Arrangement
|
| |
Rate
|
| |
Amount
Outstanding |
| |
Amount
Available |
| |
Maturity Date
|
| ||||||
BNP Facility
(1)
|
| |
Prime Brokerage Facility
|
| |
L+1.25%
|
| | |
$
|
—
|
| | | |
$
|
250,000
|
| | |
March 27, 2019
(2)
|
|
Deutsche Bank Credit Facility
(1)
|
| |
Revolving Credit Facility
|
| |
L+2.25%
|
| | |
|
289,000
|
| | | |
|
61,000
|
| | |
September 22, 2019
|
|
JPM Credit Facility
(1)
|
| |
Term Loan Credit Facility
|
| |
L+2.50%
|
| | |
|
340,000
|
| | | |
|
60,000
|
| | |
July 16, 2022
|
|
Goldman Facility
(1)
|
| |
Repurchase Agreement
|
| |
L+2.50%
|
| | |
|
300,000
|
| | | |
|
—
|
| | |
July 15, 2019
|
|
Senior Secured Revolving Credit Facility
(1)
|
| |
Revolving Credit Facility
|
| |
L+ 2.00% – 2.25%
(3)
|
| | |
|
305,718
(4)
|
| | | |
|
344,282
|
| | |
August 9, 2023
|
|
Total
|
| | | | | | | | |
$
|
1,234,718
|
| | | |
$
|
715,282
|
| | | | |
Citibank Total Return Swap
|
| |
Total Return Swap
|
| |
L+1.55%
|
| | |
$
|
484,378
|
| | | |
$
|
15,622
|
| | |
N/A
(5)
|
|
| | |
Distribution
|
| |||||||||
For the Three Months Ended
|
| |
Per Share
|
| |
Amount
|
| ||||||
Fiscal 2017 | | | | | | | | | | | | | |
March 31, 2017
|
| | | $ | 0.17499 | | | | | $ | 48,011 | | |
June 30, 2017
|
| | | | 0.17499 | | | | | | 48,942 | | |
September 30, 2017
|
| | | | 0.17499 | | | | | | 49,656 | | |
Total
|
| | | $ | 0.52497 | | | | | $ | 146,609 | | |
Fiscal 2018 | | | | | | | | | | | | | |
March 31, 2018
|
| | | $ | 0.17499 | | | | | $ | 50,490 | | |
June 30, 2018
|
| | | | 0.17499 | | | | | | 50,489 | | |
September 30, 2018
|
| | | | 0.17499 | | | | | | 50,481 | | |
Total
|
| | | $ | 0.52497 | | | | | $ | 151,460 | | |
|
| | | | | |
Payments Due By Period
|
| |||||||||||||||||||||
| | |
Maturity Date
(1)
|
| |
Total
|
| |
Less than
1 year |
| |
1-3 years
|
| |
3-5 years
|
| |
More than
5 years |
| |||||||||
BNP Facility
(2)
|
| |
March 27, 2019
|
| | | | — | | | | | | — | | | |
—
|
| | | | — | | | |
—
|
|
Deutsche Bank Credit Facility
(3)
|
| |
September 22, 2019
|
| | | $ | 289,000 | | | | | $ | 289,000 | | | |
—
|
| | | | — | | | |
—
|
|
JPM Credit Facility
(4)
|
| |
July 16, 2022
|
| | | $ | 340,000 | | | | | | — | | | |
—
|
| | | $ | 340,000 | | | |
—
|
|
Goldman Facility
(5)
|
| |
July 15, 2019
|
| | | $ | 300,000 | | | | | $ | 300,000 | | | |
—
|
| | | | — | | | |
—
|
|
Senior Secured Revolving Credit Facility
(6)
|
| |
August 9, 2023
|
| | | $ | 305,718 | | | | | | — | | | |
—
|
| | | $ | 305,718 | | | |
—
|
|
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
|
| | | $ | (22,960 ) | | | | | $ | (11,174 ) | | | | | $ | (11,786 ) | | | | | | (4.0 )% | | |
No change
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Up 100 basis points
|
| | | $ | 23,023 | | | | | $ | 11,174 | | | | | $ | 11,849 | | | | | | 4.0 % | | |
Up 300 basis points
|
| | | $ | 70,665 | | | | | $ | 33,521 | | | | | $ | 37,144 | | | | | | 12.7 % | | |
Up 500 basis points
|
| | | $ | 118,647 | | | | | $ | 55,869 | | | | | $ | 62,778 | | | | | | 21.4 % | | |
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 |
| ||||||||||||
July 1, 2018 to July 31, 2018
|
| | | | 2,887,475 | | | | | $ | 8.20 | | | | | | 2,887,475 | | | | | | (1 ) | | |
August 1, 2018 to August 31, 2018
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
September 1, 2018 to September 30, 2018
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | | 2,887,475 | | | | | $ | 8.20 | | | | | | 2,887,475 | | | | | | (1 ) | | |
|
| | | | FS INVESTMENT CORPORATION III | | |||
| | | |
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 10.46
WAIVER, ASSIGNMENT AND AMENDMENT NO. 11 TO LOAN FINANCING AND SERVICING AGREEMENT, dated as of September 17, 2018 (this “ Amendment ”), among Dunlap Funding LLC, a Delaware limited liability company (the “ Borrower ”), Deutsche Bank AG, New York Branch, as facility agent (the “ Facility Agent ”), each Lender party hereto (each, a “ Lender ” and collectively, the “ Lenders ”), each Agent party hereto (each, an “ Agent ” and collectively, the “ Agents ”) and Wells Fargo Bank, National Association, as collateral agent and collateral custodian (the “ Collateral Agent ”).
WHEREAS, the Borrower, the Collateral Agent, each Lender party thereto, each Agent party thereto and the Facility Agent are party to the Loan Financing and Servicing Agreement, dated as of December 2, 2014 (as amended, supplemented, amended and restated and otherwise modified from time to time, the “ Loan Agreement ”);
WHEREAS, the Borrower, the Facility Agent, the Lenders, the Agents and the Collateral Agent have agreed to amend the Loan Agreement in accordance with Section 17.2 of the Loan Agreement and the terms and conditions set forth herein; and
WHEREAS, Pioneers Gate LLC is assigning its total Commitment to Deutsche Bank AG, New York Branch;
NOW THEREFORE, in consideration of the foregoing premises and the mutual agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:
ARTICLE I
Definitions
SECTION 1.1. Defined Terms . Terms used but not defined herein have the respective meanings given to such terms in the Loan Agreement.
ARTICLE II
Amendments
SECTION 2.1. As of the date of this Amendment, the Loan Agreement is hereby amended by deleting the definition of “Revolving Period” in its entirety and inserting the following in lieu thereof:
“ Revolving Period ” means the period of time starting on the Effective Date and ending on the earliest to occur of (i) December 31, 2018 or, if such date is extended pursuant to Section 2.6 , the date mutually agreed upon by the Borrower and each Agent, (ii) the date on which the Facility Amount is terminated in full pursuant to Section 2.5 or (iii) the occurrence of a Facility Termination Event.
SECTION 2.2. As of the date of this Amendment, Annex A of the Loan Agreement shall be amended by deleting the following:
PIONEERS
GATE LLC
,
as an Agent and as a Committed Lender
c/o 20 Gates Management LLC as Pioneers Manager
30 Irving Place, 2nd Floor
New York, New York 10003
Phone: (212) 295-3790
Attention: Mark Golombeck
Email: pioneers@20gates.com
SECTION 2.3. As of the date of this Amendment, Annex B of the Loan Agreement shall be amended by deleting the grid set forth thereon in its entirety and inserting the following grid in lieu thereof:
Annex B
Lender | Class A-1 Commitment | Class A-2 Commitment |
Deutsche Bank AG, New York Branch | $350,000,000 | $0 |
ARTICLE III
Waivers
SECTION 3.1. Each of the parties hereto waive and terminate all provisions with regard to the Class A-2 Advances, the Class A-2 Commitments, the Class A-2 Lenders and the requirements of the rating provided by Morningstar. The Facility Agent shall notify Morningstar of the execution of this agreement.
ARTICLE IV
Assignment
SECTION 4.1. Deutsche Bank AG, New York Branch, as a Committed Lender under the Loan Agreement and Pioneers Gate LLC, as a Committed Lender under the Loan Agreement hereby agree to the terms and conditions set forth in Annex A to this Amendment.
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ARTICLE V
Conditions to Effectiveness
SECTION 5.1. This Amendment shall become effective as of the date first written above upon:
(a) the execution and delivery of this Amendment by each party hereto;
(b) the Facility Agent’s receipt of a good standing certificate for the Borrower issued by the applicable Official Body of its jurisdiction of organization and a certified copy of the resolutions of the board of directors of the Borrower approving this Amendment and the transactions contemplated hereby, certified by its secretary, assistant secretary or an Executive Officer; and
(c) the payment in full of all fees (including reasonable fees and out-of-pocket, documented expenses of counsel) due to the Lenders on or prior to the effective date of this Amendment; provided that from and after the date hereto, the Collateral Agent shall make all payments of principal, interest, fees and other amounts (i) to Pioneer Gates LLC which have accrued to but excluding the date hereof on the next Distribution Date and (ii) to Deutsche Bank AG, New York Branch which have accrued from and after the date hereof on each succeeding Distribution Date.
ARTICLE VI
Representations and Warranties
SECTION 6.1. The Borrower hereby represents and warrants to the Facility Agent that, as of the date first written above, (i) no Facility Termination Event or Unmatured Facility Termination Event has occurred and is continuing and (ii) the representations and warranties of the Borrower contained in the Loan Agreement are true and correct in all material respects on and as of such day (other than any representation and warranty that is made as of a specific date).
ARTICLE VII
Miscellaneous
SECTION 7.1. Governing Law . THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
SECTION 7.2. Severability Clause . In case any provision in this Amendment shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.
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SECTION 7.3. Ratification . Except as expressly amended and waived hereby, the Loan Agreement is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect.
SECTION 7.4. Counterparts . The parties hereto may sign one or more copies of this Amendment in counterparts, all of which together shall constitute one and the same agreement. Delivery of an executed signature page of this Amendment by facsimile or email transmission shall be effective as delivery of a manually executed counterpart hereof.
SECTION 7.5. Headings . The headings of the Articles and Sections in this Amendment are for convenience of reference only and shall not be deemed to alter or affect the meaning or interpretation of any provisions hereof.
[Signature pages follow]
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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first written above.
DUNLAP FUNDING LLC, as Borrower | ||||
By: | /s/ William Goebel | |||
Name: | William Goebel | |||
Title: | Chief Financial |
[Eleventh Amendment to LFSA] |
DEUTSCHE BANK AG, NEW YORK BRANCH , as Facility Agent | ||||
By: | /s/ Brendon Girardi | |||
Name: | Brendon Girardi | |||
Title: | Director | |||
By: | /s/ Steven Flowers | |||
Name: | Steven Flowers | |||
Title: | Vice President | |||
[Eleventh Amendment to LFSA] |
WELLS FARGO BANK, NATIONAL ASSOCIATION , as Collateral Agent and as Collateral Custodian | ||||
By: | /s/ Philip Dean | |||
Name: | Philip Dean | |||
Title: | Vice President | |||
[Eleventh Amendment to LFSA] |
DEUTSCHE BANK AG, NEW YORK BRANCH , as an Agent and as a Committed Lender |
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By: | /s/ Brendon Girardi | |||
Name: | Brendon Girardi | |||
Title: | Director | |||
By: | /s/ Steven Flowers | |||
Name: | Steven Flowers | |||
Title: | Vice President |
[Eleventh Amendment to LFSA] |
PIONEERS GATE LLC , as an Agent | ||||
By: 20 Gates Management LLC, its Managing Agent | ||||
By: | /s/ Mark Golombeck | |||
Name: | Mark Golombeck | |||
Title: | Managing Director |
[Eleventh Amendment to LFSA] |
Annex A
Assignment and Assumption
For an agreed consideration, the Assignor (as defined below) hereby irrevocably sells and assigns to the Assignee (as defined below), and the Assignee hereby irrevocably purchases and assumes from the Assignor, subject to and in accordance with the Loan Agreement, as of the date hereof (i) all of the Assignor’s rights and obligations in its capacity as a Lender under the Loan Agreement and any other documents or instruments delivered pursuant thereto, and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection with the Loan Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above. Such sale and assignment is without recourse to the Assignor and without representation or warranty by the Assignor.
1. | Assignor: | Pioneers Gate LLC |
2. | Assignee: | Deutsche Bank AG, New York Branch |
3. | Borrower(s): | Dunlap Funding LLC |
4. | Facility Agent: | Deutsche Bank AG, New York Branch, as the Facility Agent under the Loan Agreement |
5. | Loan Agreement: | The Loan Financing and Servicing Agreement dated as of December 2, 2014 by and among Dunlap Funding LLC, as the borrower, Deutsche Bank AG, New York Branch, as the Facility Agent, each of the lenders from time to time party thereto, each of the agents from time to time party thereto and Wells Fargo Bank, National Association, as the collateral agent and as the collateral custodian (as amended, modified, waived, supplemented or restated from time to time). |
[Eleventh Amendment to LFSA] |
6. | Assigned Interest: |
* | Accrued Interest and Fees in the amount of $ 541,472.52 will be paid to the Assignor by the Collateral Agent (pursuant to Section 8.3 of the Loan Agreement) the October 2018 Distribution Date. |
7. | Wire Instructions : |
Bank: Citibank, N.A.
ABA: 021000089
Account #: 30980425
Account Name: Pioneers Gate LLC
[Eleventh Amendment to LFSA] |
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/s/ Michael C. Forman
Michael C. Forman
Chief Executive Officer |
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/s/ William Goebel
William Goebel
Chief Financial Officer |
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| | | | Dated: November 14, 2018 | | | ||
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/s/ Michael C. Forman
Michael C. Forman
Chief Executive Officer |
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/s/ William Goebel
William Goebel
Chief Financial Officer |
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