þ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) | ||||||||||
OF THE SECURITIES EXCHANGE ACT OF 1934 |
o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) | ||||||||||
OF THE SECURITIES EXCHANGE ACT OF 1934 |
DELAWARE
(State or jurisdiction of
incorporation or organization) |
26-1219283
(I.R.S. Employer
Identification No.) |
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333 South Grand Avenue, 28th Floor
Los Angeles, CA
(Address of principal executive office)
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90071
(Zip Code)
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Title of Each Class | Trading Symbol(s) |
Name of Each Exchange
on Which Registered |
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Common Stock, par value $0.01 per share | OCSL | The Nasdaq Stock Market LLC |
Large accelerated filer ¨
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Accelerated filer þ
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Non-accelerated filer ¨
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Smaller reporting company ¨
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Emerging growth company ¨
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ¨
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PART I — FINANCIAL INFORMATION
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Item 1.
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Consolidated Financial Statements:
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PART II — OTHER INFORMATION
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Item 1. | Consolidated Financial Statements. |
Three months ended March 31, 2021 | Three months ended March 31, 2020 | Six months ended March 31, 2021 | Six months ended March 31, 2020 | |||||||||||||||||||||||
Interest income: | ||||||||||||||||||||||||||
Control investments | $ | 2,374 | $ | 2,393 | $ | 4,717 | $ | 4,944 | ||||||||||||||||||
Affiliate investments | 143 | 138 | 248 | 252 | ||||||||||||||||||||||
Non-control/Non-affiliate investments | 33,133 | 27,149 | 62,317 | 52,808 | ||||||||||||||||||||||
Interest on cash and cash equivalents | 5 | 218 | 6 | 299 | ||||||||||||||||||||||
Total interest income | 35,655 | 29,898 | 67,288 | 58,303 | ||||||||||||||||||||||
PIK interest income: | ||||||||||||||||||||||||||
Non-control/Non-affiliate investments | 3,801 | 1,946 | 6,890 | 3,107 | ||||||||||||||||||||||
Total PIK interest income | 3,801 | 1,946 | 6,890 | 3,107 | ||||||||||||||||||||||
Fee income: | ||||||||||||||||||||||||||
Control investments | 18 | 8 | 33 | 14 | ||||||||||||||||||||||
Affiliate investments | 5 | 5 | 10 | 10 | ||||||||||||||||||||||
Non-control/Non-affiliate investments | 2,255 | 2,037 | 5,587 | 3,097 | ||||||||||||||||||||||
Total fee income | 2,278 | 2,050 | 5,630 | 3,121 | ||||||||||||||||||||||
Dividend income: | ||||||||||||||||||||||||||
Control investments | 209 | 277 | 339 | 600 | ||||||||||||||||||||||
Total dividend income | 209 | 277 | 339 | 600 | ||||||||||||||||||||||
Total investment income | 41,943 | 34,171 | 80,147 | 65,131 | ||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||
Base management fee | 7,074 | 5,295 | 13,615 | 10,902 | ||||||||||||||||||||||
Part I incentive fee | 4,444 | 3,444 | 8,593 | 6,432 | ||||||||||||||||||||||
Part II incentive fee | 3,609 | (6,608) | 13,149 | (5,557) | ||||||||||||||||||||||
Professional fees | 1,017 | 669 | 1,884 | 1,309 | ||||||||||||||||||||||
Directors fees | 157 | 142 | 300 | 285 | ||||||||||||||||||||||
Interest expense | 6,568 | 7,215 | 12,663 | 13,750 | ||||||||||||||||||||||
Administrator expense | 293 | 393 | 626 | 821 | ||||||||||||||||||||||
General and administrative expenses | 775 | 780 | 1,293 | 1,312 | ||||||||||||||||||||||
Total expenses | 23,937 | 11,330 | 52,123 | 29,254 | ||||||||||||||||||||||
Reversal of fees waived (fees waived) | (108) | — | (108) | 5,200 | ||||||||||||||||||||||
Net expenses | 23,829 | 11,330 | 52,015 | 34,454 | ||||||||||||||||||||||
Net investment income | 18,114 | 22,841 | 28,132 | 30,677 | ||||||||||||||||||||||
Unrealized appreciation (depreciation): | ||||||||||||||||||||||||||
Control investments | 18,411 | (55,392) | 26,746 | (53,395) | ||||||||||||||||||||||
Affiliate investments | 394 | (1,730) | 104 | (1,794) | ||||||||||||||||||||||
Non-control/Non-affiliate investments | 42,803 | (108,651) | 84,740 | (106,243) | ||||||||||||||||||||||
Foreign currency forward contracts | 3,536 | 2,240 | 1,110 | 778 | ||||||||||||||||||||||
Net unrealized appreciation (depreciation) | 65,144 | (163,533) | 112,700 | (160,654) | ||||||||||||||||||||||
Realized gains (losses): | ||||||||||||||||||||||||||
Control investments | — | 777 | — | 777 | ||||||||||||||||||||||
Non-control/Non-affiliate investments | 8,179 | (24,777) | 16,917 | (20,938) | ||||||||||||||||||||||
Extinguishment of unsecured notes payable | — | (2,541) | — | (2,541) | ||||||||||||||||||||||
Foreign currency forward contracts | (2,323) | 61 | (2,846) | (490) | ||||||||||||||||||||||
Net realized gains (losses) | 5,856 | (26,480) | 14,071 | (23,192) | ||||||||||||||||||||||
Provision for income tax (expense) benefit | (997) | 1,705 | (1,242) | 1,545 | ||||||||||||||||||||||
Net realized and unrealized gains (losses), net of taxes | 70,003 | (188,308) | 125,529 | (182,301) | ||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 88,117 | $ | (165,467) | $ | 153,661 | $ | (151,624) | ||||||||||||||||||
Net investment income per common share — basic and diluted | $ | 0.12 | $ | 0.16 | $ | 0.20 | $ | 0.22 | ||||||||||||||||||
Earnings (loss) per common share — basic and diluted (Note 5) | $ | 0.60 | $ | (1.17) | $ | 1.07 | $ | (1.08) | ||||||||||||||||||
Weighted average common shares outstanding — basic and diluted | 146,652 | 140,961 | 143,775 | 140,961 |
Three months ended March 31, 2021 | Three months ended March 31, 2020 | Six months ended March 31, 2021 | Six months ended March 31, 2020 | |||||||||||||||||||||||
Operations: | ||||||||||||||||||||||||||
Net investment income | $ | 18,114 | $ | 22,841 | $ | 28,132 | $ | 30,677 | ||||||||||||||||||
Net unrealized appreciation (depreciation) | 65,144 | (163,533) | 112,700 | (160,654) | ||||||||||||||||||||||
Net realized gains (losses) | 5,856 | (26,480) | 14,071 | (23,192) | ||||||||||||||||||||||
Provision for income tax (expense) benefit | (997) | 1,705 | (1,242) | 1,545 | ||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 88,117 | (165,467) | 153,661 | (151,624) | ||||||||||||||||||||||
Stockholder transactions: | ||||||||||||||||||||||||||
Distributions to stockholders | (16,915) | (13,391) | (32,421) | (26,782) | ||||||||||||||||||||||
Net increase (decrease) in net assets from stockholder transactions | (16,915) | (13,391) | (32,421) | (26,782) | ||||||||||||||||||||||
Capital share transactions: | ||||||||||||||||||||||||||
Issuance of common stock in connection with the Mergers | 242,704 | — | 242,704 | — | ||||||||||||||||||||||
Issuance of common stock under dividend reinvestment plan | 511 | 506 | 1,039 | 987 | ||||||||||||||||||||||
Repurchases of common stock under dividend reinvestment plan | (511) | (506) | (1,039) | (987) | ||||||||||||||||||||||
Net increase (decrease) in net assets from capital share transactions | 242,704 | — | 242,704 | — | ||||||||||||||||||||||
Total increase (decrease) in net assets | 313,906 | (178,858) | 363,944 | (178,406) | ||||||||||||||||||||||
Net assets at beginning of period | 964,917 | 931,082 | 914,879 | 930,630 | ||||||||||||||||||||||
Net assets at end of period | $ | 1,278,823 | $ | 752,224 | $ | 1,278,823 | $ | 752,224 | ||||||||||||||||||
Net asset value per common share | $ | 7.09 | $ | 5.34 | $ | 7.09 | $ | 5.34 | ||||||||||||||||||
Common shares outstanding at end of period | 180,361 | 140,961 | 180,361 | 140,961 |
Six months ended
March 31, 2021 |
Six months ended
March 31, 2020 |
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Operating activities: | ||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 153,661 | $ | (151,624) | ||||||||||
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | ||||||||||||||
Net unrealized (appreciation) depreciation | (112,700) | 160,654 | ||||||||||||
Net realized (gains) losses | (14,071) | 23,192 | ||||||||||||
PIK interest income | (6,890) | (3,107) | ||||||||||||
Accretion of original issue discount on investments | (7,777) | (5,454) | ||||||||||||
Accretion of original issue discount on unsecured notes payable | 254 | 48 | ||||||||||||
Amortization of deferred financing costs | 1,323 | 968 | ||||||||||||
Deferred taxes | 320 | (1,525) | ||||||||||||
Purchases of investments | (541,491) | (379,169) | ||||||||||||
Proceeds from the sales and repayments of investments | 398,748 | 251,499 | ||||||||||||
Cash acquired in the Mergers | 20,945 | — | ||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||
(Increase) decrease in interest, dividends and fees receivable | 337 | 4,950 | ||||||||||||
(Increase) decrease in due from portfolio companies | 67 | 842 | ||||||||||||
(Increase) decrease in receivables from unsettled transactions | (25,804) | 2,718 | ||||||||||||
(Increase) decrease in other assets | (1,429) | 68 | ||||||||||||
Increase (decrease) in accounts payable, accrued expenses and other liabilities | (40) | 163 | ||||||||||||
Increase (decrease) in base management fee and incentive fee payable | 11,427 | (1,428) | ||||||||||||
Increase (decrease) in due to affiliate | 1,450 | (38) | ||||||||||||
Increase (decrease) in interest payable | (74) | (615) | ||||||||||||
Increase (decrease) in payables from unsettled transactions | 8,767 | (23,700) | ||||||||||||
Increase (decrease) in director fees payable | (90) | — | ||||||||||||
Net cash provided by (used in) operating activities | (113,067) | (121,558) | ||||||||||||
Financing activities: | ||||||||||||||
Distributions paid in cash | (31,382) | (25,795) | ||||||||||||
Borrowings under credit facilities | 175,000 | 224,000 | ||||||||||||
Repayments of borrowings under credit facilities | (14,800) | (134,000) | ||||||||||||
Repayments of unsecured notes | — | (161,250) | ||||||||||||
Issuance of unsecured notes | — | 297,459 | ||||||||||||
Repayments of secured borrowings | (9,341) | — | ||||||||||||
Repurchases of common stock under dividend reinvestment plan | (1,039) | (987) | ||||||||||||
Deferred financing costs paid | (360) | (3,715) | ||||||||||||
Deferred offering costs paid | — | (45) | ||||||||||||
Net cash provided by (used in) financing activities | 118,078 | 195,667 | ||||||||||||
Effect of exchange rate changes on foreign currency | (378) | (6) | ||||||||||||
Net increase (decrease) in cash and cash equivalents and restricted cash | 4,633 | 74,103 | ||||||||||||
Cash and cash equivalents and restricted cash, beginning of period | 39,096 | 15,406 | ||||||||||||
Cash and cash equivalents and restricted cash, end of period | $ | 43,729 | $ | 89,509 | ||||||||||
Supplemental information: | ||||||||||||||
Cash paid for interest | $ | 11,160 | $ | 13,349 | ||||||||||
Non-cash financing activities: | ||||||||||||||
Issuance of shares of common stock under dividend reinvestment plan | $ | 1,039 | $ | 987 | ||||||||||
Deferred financing costs | (57) | — | ||||||||||||
Issuance of shares in connection with the Mergers | 242,704 | — | ||||||||||||
Reconciliation to the Consolidated Statements of Assets and Liabilities | March 31, 2021 | September 30, 2020 | ||||||||||||
Cash and cash equivalents | $ | 39,872 | $ | 39,096 | ||||||||||
Restricted cash | 3,857 | — | ||||||||||||
Total cash and cash equivalents and restricted cash | $ | 43,729 | $ | 39,096 |
Portfolio Company/Type of Investment (1)(2)(3)(4)(5) | Cash Interest Rate (6) | Industry | Principal (7) | Cost | Fair Value | Notes | |||||||||||||||||||||||
Control Investments
|
(8)(9) | ||||||||||||||||||||||||||||
C5 Technology Holdings, LLC | Data Processing & Outsourced Services | ||||||||||||||||||||||||||||
829 Common Units | $ | — | $ | — | (15) | ||||||||||||||||||||||||
34,984,460.37 Preferred Units | 34,984 | 27,638 | (15) | ||||||||||||||||||||||||||
34,984 | 27,638 | ||||||||||||||||||||||||||||
Dominion Diagnostics, LLC | Health Care Services | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.00% cash due 2/28/2024 | 6.00 | % | $ | 27,520 | 27,520 | 27,520 | (6)(15) | ||||||||||||||||||||||
First Lien Revolver, LIBOR+5.00% cash due 2/28/2024 | 6.00 | % | 3,518 | 3,518 | 3,518 | (6)(15)(19) | |||||||||||||||||||||||
30,030.8 Common Units in DD Healthcare Services Holdings, LLC | 18,626 | 18,066 | (15) | ||||||||||||||||||||||||||
49,664 | 49,104 | ||||||||||||||||||||||||||||
First Star Speir Aviation Limited | Airlines | (10) | |||||||||||||||||||||||||||
First Lien Term Loan, 9.00% cash due 12/15/2025 | 7,500 | — | 7,500 | (11)(15) | |||||||||||||||||||||||||
100% equity interest | 6,347 | 482 | (11)(12)(15) | ||||||||||||||||||||||||||
6,347 | 7,982 | ||||||||||||||||||||||||||||
OCSI Glick JV LLC | Multi-Sector Holdings | (14) | |||||||||||||||||||||||||||
Subordinated Debt, LIBOR+4.50% cash due 10/20/2028 | 4.64 | % | 62,821 | 51,004 | 54,614 | (6)(11)(15) | |||||||||||||||||||||||
87.5% equity interest | — | — | (11)(16)(19) | ||||||||||||||||||||||||||
51,004 | 54,614 | ||||||||||||||||||||||||||||
Senior Loan Fund JV I, LLC | Multi-Sector Holdings | (14) | |||||||||||||||||||||||||||
Subordinated Debt, LIBOR+7.00% cash due 12/29/2028 | 7.14 | % | 96,250 | 96,250 | 96,250 | (6)(11)(15) | |||||||||||||||||||||||
87.5% LLC equity interest | 49,322 | 34,164 | (11)(16)(19) | ||||||||||||||||||||||||||
145,572 | 130,414 | ||||||||||||||||||||||||||||
Total Control Investments (21.1% of net assets) | $ | 287,571 | $ | 269,752 | |||||||||||||||||||||||||
Affiliate Investments | (17) | ||||||||||||||||||||||||||||
Assembled Brands Capital LLC | Specialized Finance | ||||||||||||||||||||||||||||
First Lien Revolver, LIBOR+6.00% cash due 10/17/2023 | 7.00 | % | $ | 9,274 | $ | 9,275 | $ | 8,948 | (6)(15)(19) | ||||||||||||||||||||
1,609,201 Class A Units | 764 | 628 | (15) | ||||||||||||||||||||||||||
1,019,168.80 Preferred Units, 6% | 1,019 | 1,121 | (15) | ||||||||||||||||||||||||||
70,424.5641 Class A Warrants (exercise price $3.3778) expiration date 9/9/2029 | — | — | (15) | ||||||||||||||||||||||||||
11,058 | 10,697 | ||||||||||||||||||||||||||||
Caregiver Services, Inc. | Health Care Services | ||||||||||||||||||||||||||||
1,080,399 shares of Series A Preferred Stock, 10% | 1,080 | 503 | (15) | ||||||||||||||||||||||||||
1,080 | 503 | ||||||||||||||||||||||||||||
Total Affiliate Investments (0.9% of net assets) | $ | 12,138 | $ | 11,200 | |||||||||||||||||||||||||
Non-Control/Non-Affiliate Investments | (18) | ||||||||||||||||||||||||||||
4 Over International, LLC | Commercial Printing | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.00% cash due 6/7/2022 | 7.00 | % | $ | 11,048 | $ | 10,342 | $ | 10,296 | (6)(15) | ||||||||||||||||||||
First Lien Revolver, LIBOR+6.00% cash due 6/7/2021 | 7.00 | % | 1,643 | 1,624 | 1,531 | (6)(15) | |||||||||||||||||||||||
11,966 | 11,827 | ||||||||||||||||||||||||||||
109 Montgomery Owner LLC | Real Estate Operating Companies | ||||||||||||||||||||||||||||
First Lien Delayed Draw Term Loan, LIBOR+7.00% cash due 2/2/2023 | 7.50 | % | 6,355 | 6,070 | 6,260 | (6)(15)(19) | |||||||||||||||||||||||
6,070 | 6,260 | ||||||||||||||||||||||||||||
A.T. Holdings II SÀRL | Biotechnology | ||||||||||||||||||||||||||||
First Lien Term Loan, 9.50% cash due 12/22/2022 | 37,158 | 36,837 | 37,158 | (11)(15) | |||||||||||||||||||||||||
36,837 | 37,158 | ||||||||||||||||||||||||||||
Access CIG, LLC | Diversified Support Services | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+3.75% cash due 2/27/2025 | 3.87 | % | 5,379 | 4,998 | 5,343 | (6) | |||||||||||||||||||||||
Second Lien Term Loan, LIBOR+7.75% cash due 2/27/2026 | 7.87 | % | 15,000 | 14,917 | 15,019 | (6) | |||||||||||||||||||||||
19,915 | 20,362 |
Portfolio Company/Type of Investment (1)(2)(3)(4)(5) | Cash Interest Rate (6) | Industry | Principal (7) | Cost | Fair Value | Notes | |||||||||||||||||||||||
Accupac, Inc. | Personal Products | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.00% cash due 1/17/2026 | 7.00 | % | $ | 16,222 | $ | 15,793 | $ | 16,222 | (6)(15) | ||||||||||||||||||||
First Lien Delayed Draw Term Loan, LIBOR+6.00% cash due 1/17/2026 | — | (33) | — | (6)(15)(19) | |||||||||||||||||||||||||
First Lien Revolver, LIBOR+6.00% cash due 1/17/2026 | 7.00 | % | 2,042 | 1,988 | 2,042 | (6)(15) | |||||||||||||||||||||||
17,748 | 18,264 | ||||||||||||||||||||||||||||
Acquia Inc. | Application Software | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+7.00% cash due 10/31/2025 | 8.00 | % | 20,950 | 20,629 | 20,719 | (6)(15) | |||||||||||||||||||||||
First Lien Revolver, LIBOR+7.00% cash due 10/31/2025 | 8.00 | % | 179 | 144 | 155 | (6)(15)(19) | |||||||||||||||||||||||
20,773 | 20,874 | ||||||||||||||||||||||||||||
ADB Companies, LLC | Construction & Engineering | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.25% cash due 12/18/2025 | 7.25 | % | 13,167 | 12,550 | 12,913 | (6)(15) | |||||||||||||||||||||||
First Lien Delayed Draw Term Loan, LIBOR+6.25% cash due 12/18/2025 | 7.25 | % | 2,667 | 2,542 | 2,615 | (6)(15) | |||||||||||||||||||||||
15,092 | 15,528 | ||||||||||||||||||||||||||||
Aden & Anais Merger Sub, Inc. | Apparel, Accessories & Luxury Goods | ||||||||||||||||||||||||||||
51,645 Common Units in Aden & Anais Holdings, Inc. | 5,165 | — | (15) | ||||||||||||||||||||||||||
5,165 | — | ||||||||||||||||||||||||||||
AI Ladder (Luxembourg) Subco S.a.r.l. | Electrical Components & Equipment | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.50% cash due 7/9/2025 | 4.61 | % | 14,620 | 14,159 | 14,656 | (6)(11) | |||||||||||||||||||||||
14,159 | 14,656 | ||||||||||||||||||||||||||||
AI Sirona (Luxembourg) Acquisition S.a.r.l. | Pharmaceuticals | ||||||||||||||||||||||||||||
Second Lien Term Loan, EURIBOR+7.25% cash due 9/28/2026 | 7.25 | % | € | 24,838 | 27,694 | 29,143 | (6)(11)(15) | ||||||||||||||||||||||
27,694 | 29,143 | ||||||||||||||||||||||||||||
AirStrip Technologies, Inc. | Application Software | ||||||||||||||||||||||||||||
5,715 Common Stock Warrants (exercise price $139.99) expiration date 5/11/2025 | 90 | — | (15) | ||||||||||||||||||||||||||
90 | — | ||||||||||||||||||||||||||||
All Web Leads, Inc. | Advertising | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.50% cash due 12/29/2023 | 7.50 | % | 24,416 | 21,432 | 22,944 | (6)(15) | |||||||||||||||||||||||
21,432 | 22,944 | ||||||||||||||||||||||||||||
Alvotech Holdings S.A. | Biotechnology | (13) | |||||||||||||||||||||||||||
Fixed Rate Bond 15% PIK Note A due 12/13/2023 | 14,800 | 20,286 | 21,394 | (11)(15) | |||||||||||||||||||||||||
Fixed Rate Bond 15% PIK Note B due 12/13/2023 | 14,800 | 20,286 | 20,802 | (11)(15) | |||||||||||||||||||||||||
40,572 | 42,196 | ||||||||||||||||||||||||||||
Amplify Finco Pty Ltd. | Movies & Entertainment | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.25% cash due 11/26/2026 | 5.00 | % | 15,454 | 13,731 | 15,222 | (6)(11)(15) | |||||||||||||||||||||||
Second Lien Term Loan, LIBOR+8.00% cash due 11/26/2027 | 8.75 | % | 12,500 | 12,188 | 10,562 | (6)(11)(15) | |||||||||||||||||||||||
25,919 | 25,784 | ||||||||||||||||||||||||||||
Ancile Solutions, Inc. | Application Software | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+7.00% cash due 6/30/2021 | 8.00 | % | 15,279 | 14,824 | 15,241 | (6)(15) | |||||||||||||||||||||||
14,824 | 15,241 | ||||||||||||||||||||||||||||
Ankura Consulting Group LLC | Research & Consulting Services | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+8.00% cash due 3/17/2029 | 8.75 | % | 7,466 | 7,354 | 7,503 | (6)(15) | |||||||||||||||||||||||
7,354 | 7,503 | ||||||||||||||||||||||||||||
Apptio, Inc. | Application Software | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+7.25% cash due 1/10/2025 | 8.25 | % | 34,458 | 33,262 | 33,842 | (6)(15) | |||||||||||||||||||||||
First Lien Revolver, LIBOR+7.25% cash due 1/10/2025 | 8.25 | % | 892 | 843 | 852 | (6)(15)(19) | |||||||||||||||||||||||
34,105 | 34,694 |
Portfolio Company/Type of Investment (1)(2)(3)(4)(5) | Cash Interest Rate (6) | Industry | Principal (7) | Cost | Fair Value | Notes | |||||||||||||||||||||||
Ardonagh Midco 3 PLC | Insurance Brokers | ||||||||||||||||||||||||||||
First Lien Term Loan, EURIBOR+5.4375% cash 2.26875% PIK due 7/14/2026 | 6.44 | % | € | 1,942 | $ | 2,155 | $ | 2,267 | (6)(11)(15) | ||||||||||||||||||||
First Lien Term Loan, UK LIBOR+5.4375% cash 2.26875% PIK due 7/14/2026 | 6.19 | % | £ | 15,243 | 18,918 | 20,988 | (6)(11)(15) | ||||||||||||||||||||||
First Lien Delayed Draw Term Loan, UK LIBOR+5.4375% cash 2.26875% PIK due 7/14/2026 | 6.19 | % | £ | 2,133 | 2,802 | 2,934 | (6)(11)(15)(19) | ||||||||||||||||||||||
Fixed Rate Bond, 11.50% cash due 1/15/2027 | $ | 1,182 | 1,171 | 1,271 | (11) | ||||||||||||||||||||||||
25,046 | 27,460 | ||||||||||||||||||||||||||||
Associated Asphalt Partners, LLC | Construction Materials | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.25% cash due 4/5/2024 | 6.25 | % | 2,539 | 2,194 | 2,377 | (6) | |||||||||||||||||||||||
2,194 | 2,377 | ||||||||||||||||||||||||||||
Athenex, Inc. | Pharmaceuticals | ||||||||||||||||||||||||||||
First Lien Term Loan, 11.00% cash due 6/19/2026 | 42,145 | 40,297 | 41,723 | (11)(15) | |||||||||||||||||||||||||
First Lien Delayed Draw Term Loan, 11.00% cash due 6/19/2026 | — | (274) | (211) | (11)(15)(19) | |||||||||||||||||||||||||
328,149 Common Stock Warrants (exercise price $12.63) expiration date 6/19/2027 | 973 | 302 | (11)(15) | ||||||||||||||||||||||||||
40,996 | 41,814 | ||||||||||||||||||||||||||||
Aurora Lux Finco S.À.R.L. | Airport Services | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.00% cash due 12/24/2026 | 7.00 | % | 22,770 | 22,304 | 21,510 | (6)(11)(15) | |||||||||||||||||||||||
22,304 | 21,510 | ||||||||||||||||||||||||||||
The Avery | Real Estate Operating Companies | ||||||||||||||||||||||||||||
First Lien Delayed Draw Term Loan in T8 Urban Condo Owner, LLC, LIBOR+7.30% cash due 2/17/2023 | 7.55 | % | 24,393 | 23,784 | 24,053 | (6)(15)(19) | |||||||||||||||||||||||
Subordinated Delayed Draw Debt in T8 Senior Mezz LLC, LIBOR+12.50% cash due 2/17/2023 | 12.75 | % | 5,472 | 5,337 | 5,404 | (6)(15)(19) | |||||||||||||||||||||||
29,121 | 29,457 | ||||||||||||||||||||||||||||
Blackhawk Network Holdings, Inc. | Data Processing & Outsourced Services | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+7.00% cash due 6/15/2026 | 7.13 | % | 30,625 | 30,134 | 30,523 | (6) | |||||||||||||||||||||||
30,134 | 30,523 | ||||||||||||||||||||||||||||
Blumenthal Temecula, LLC | Automotive Retail | ||||||||||||||||||||||||||||
First Lien Term Loan, 9.00% cash due 9/24/2023 | 3,979 | 3,979 | 3,979 | (15) | |||||||||||||||||||||||||
298,460 Preferred Units in Unstoppable Automotive VMV, LLC | 298 | 298 | (15) | ||||||||||||||||||||||||||
1,293,324 Preferred Units in Unstoppable Automotive AMV, LLC | 1,293 | 1,293 | (15) | ||||||||||||||||||||||||||
298,460 Common Units in Unstoppable Automotive AMV, LLC | 298 | 298 | (15) | ||||||||||||||||||||||||||
99,486 Common Units in Unstoppable Automotive VMV, LLC | 99 | 99 | (15) | ||||||||||||||||||||||||||
5,967 | 5,967 | ||||||||||||||||||||||||||||
BX Commercial Mortgage Trust 2020-VIVA | Diversified Real Estate Activities | ||||||||||||||||||||||||||||
Class E Variable Notes due 3/9/2044 | 3.67 | % | 1,785 | 1,384 | 1,686 | (6)(11)(15) | |||||||||||||||||||||||
1,384 | 1,686 | ||||||||||||||||||||||||||||
Cadence Aerospace, LLC | Aerospace & Defense | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+3.25% cash 5.25% PIK due 11/14/2023 | 4.25 | % | 13,954 | 11,976 | 12,815 | (6)(15) | |||||||||||||||||||||||
11,976 | 12,815 | ||||||||||||||||||||||||||||
Carrols Restaurant Group, Inc. | Restaurants | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.25% cash due 4/30/2026 | 7.25 | % | 3,559 | 3,324 | 3,564 | (6) | |||||||||||||||||||||||
3,324 | 3,564 | ||||||||||||||||||||||||||||
Chief Power Finance II, LLC | Independent Power Producers & Energy Traders | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.50% cash due 12/31/2022 | 7.50 | % | 24,513 | 23,948 | 24,050 | (6)(15) | |||||||||||||||||||||||
23,948 | 24,050 |
Portfolio Company/Type of Investment (1)(2)(3)(4)(5) | Cash Interest Rate (6) | Industry | Principal (7) | Cost | Fair Value | Notes | |||||||||||||||||||||||
CircusTrix Holdings, LLC | Leisure Facilities | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.50% cash 2.50% PIK due 7/16/2023 | 6.50 | % | $ | 10,316 | $ | 7,295 | $ | 7,634 | (6)(15) | ||||||||||||||||||||
7,295 | 7,634 | ||||||||||||||||||||||||||||
CITGO Holding, Inc. | Oil & Gas Refining & Marketing | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+7.00% cash due 8/1/2023 | 8.00 | % | 11,694 | 11,544 | 11,279 | (6) | |||||||||||||||||||||||
Fixed Rate Bond, 9.25% cash due 8/1/2024 | 10,672 | 10,672 | 10,612 | ||||||||||||||||||||||||||
22,216 | 21,891 | ||||||||||||||||||||||||||||
CITGO Petroleum Corp. | Oil & Gas Refining & Marketing | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.25% cash due 3/28/2024 | 7.25 | % | 14,294 | 13,870 | 14,342 | (6) | |||||||||||||||||||||||
13,870 | 14,342 | ||||||||||||||||||||||||||||
Continental Intermodal Group LP | Oil & Gas Storage & Transportation | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+9.50% PIK due 1/28/2025 | 36,864 | 34,324 | 30,044 | (6)(15) | |||||||||||||||||||||||||
Common Stock Warrants expiration date 7/28/2025 | 648 | 1,917 | (15) | ||||||||||||||||||||||||||
34,972 | 31,961 | ||||||||||||||||||||||||||||
Convergeone Holdings, Inc. | IT Consulting & Other Services | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.00% cash due 1/4/2026 | 5.11 | % | 9,560 | 9,292 | 9,260 | (6) | |||||||||||||||||||||||
9,292 | 9,260 | ||||||||||||||||||||||||||||
Conviva Inc. | Application Software | ||||||||||||||||||||||||||||
517,851 Shares of Series D Preferred Stock | 605 | 894 | (15) | ||||||||||||||||||||||||||
605 | 894 | ||||||||||||||||||||||||||||
Corrona, LLC | Health Care Services | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.50% cash due 12/13/2025 | 6.50 | % | 10,248 | 10,107 | 10,153 | (6)(15) | |||||||||||||||||||||||
First Lien Delayed Draw Term Loan, LIBOR+5.50% cash due 12/13/2025 | 6.50 | % | 1,218 | 1,175 | 1,184 | (6)(15)(19) | |||||||||||||||||||||||
First Lien Revolver, PRIME+4.50% cash due 12/13/2025 | 7.75 | % | 305 | 280 | 288 | (6)(15)(19) | |||||||||||||||||||||||
1,099 Class A2 Common Units in Corrona Group Holdings, L.P. | 1,038 | 1,177 | (15) | ||||||||||||||||||||||||||
12,600 | 12,802 | ||||||||||||||||||||||||||||
Coty Inc. | Personal Products | ||||||||||||||||||||||||||||
First Lien Revolver, LIBOR+1.75% cash due 4/5/2023 | — | (712) | (939) | (6)(11)(15)(19) | |||||||||||||||||||||||||
(712) | (939) | ||||||||||||||||||||||||||||
Coyote Buyer, LLC | Specialty Chemicals | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.00% cash due 2/6/2026 | 7.00 | % | 18,480 | 17,935 | 18,295 | (6)(15) | |||||||||||||||||||||||
First Lien Revolver, LIBOR+6.00% cash due 2/6/2025 | — | (13) | (13) | (6)(15)(19) | |||||||||||||||||||||||||
17,922 | 18,282 | ||||||||||||||||||||||||||||
CTOS, LLC | Trading Companies & Distributors | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.25% cash due 4/18/2025 | 4.36 | % | 8,101 | 7,561 | 8,101 | (6) | |||||||||||||||||||||||
7,561 | 8,101 | ||||||||||||||||||||||||||||
Curium Bidco S.à.r.l. | Biotechnology | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+7.75% cash due 10/27/2028 | 8.50 | % | 16,787 | 16,535 | 17,165 | (6)(11)(15) | |||||||||||||||||||||||
16,535 | 17,165 | ||||||||||||||||||||||||||||
Dealer Tire, LLC | Distributors | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.25% cash due 12/12/2025 | 4.36 | % | 8,807 | 8,242 | 8,833 | (6) | |||||||||||||||||||||||
8,242 | 8,833 |
Portfolio Company/Type of Investment (1)(2)(3)(4)(5) | Cash Interest Rate (6) | Industry | Principal (7) | Cost | Fair Value | Notes | |||||||||||||||||||||||
Delta Topco, Inc. | Systems Software | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+7.25% cash due 12/1/2028 | 8.00 | % | $ | 6,680 | $ | 6,647 | $ | 6,847 | (6) | ||||||||||||||||||||
6,647 | 6,847 | ||||||||||||||||||||||||||||
Digital.AI Software Holdings, Inc. | Application Software | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+7.00% cash due 2/10/2027 | 8.00 | % | 10,053 | 9,640 | 9,751 | (6)(15) | |||||||||||||||||||||||
First Lien Revolver, LIBOR+7.00% cash due 2/10/2027 | (31) | (32) | (6)(15)(19) | ||||||||||||||||||||||||||
9,609 | 9,719 | ||||||||||||||||||||||||||||
Eagleview Technology Corporation | Application Software | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+7.50% cash due 8/14/2026 | 8.50 | % | 8,974 | 8,884 | 8,884 | (6)(15) | |||||||||||||||||||||||
8,884 | 8,884 | ||||||||||||||||||||||||||||
EHR Canada, LLC | Food Retail | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+8.00% cash due 4/30/2021 | 9.00 | % | 6,861 | 6,857 | 6,841 | (6)(15) | |||||||||||||||||||||||
6,857 | 6,841 | ||||||||||||||||||||||||||||
EOS Fitness Opco Holdings, LLC | Leisure Facilities | ||||||||||||||||||||||||||||
487.5 Class A Preferred Units, 12% | 488 | 274 | (15) | ||||||||||||||||||||||||||
12,500 Class B Common Units | — | — | (15) | ||||||||||||||||||||||||||
488 | 274 | ||||||||||||||||||||||||||||
FFI Holdings I Corp | Industrial Machinery | ||||||||||||||||||||||||||||
First Lien Term Loan, PRIME+5.25% cash due 1/24/2025 | 8.50 | % | 5,050 | 4,603 | 5,050 | (6)(15) | |||||||||||||||||||||||
First Lien Delayed Draw Term Loan, LIBOR+6.25% cash due 1/24/2025 | 7.25 | % | 3,030 | 2,993 | 3,030 | (6)(15)(19) | |||||||||||||||||||||||
7,596 | 8,080 | ||||||||||||||||||||||||||||
Firstlight Holdco, Inc. | Alternative Carriers | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+3.50% cash due 7/23/2025 | 3.61 | % | 7,048 | 6,554 | 7,011 | (6) | |||||||||||||||||||||||
6,554 | 7,011 | ||||||||||||||||||||||||||||
Fortress Biotech, Inc. | Biotechnology | ||||||||||||||||||||||||||||
First Lien Term Loan, 11.00% cash due 8/27/2025 | 11,359 | 10,640 | 11,075 | (11)(15) | |||||||||||||||||||||||||
331,200 Common Stock Warrants (exercise price $3.20) expiration date 8/27/2030 | 405 | 434 | (11)(15) | ||||||||||||||||||||||||||
11,045 | 11,509 | ||||||||||||||||||||||||||||
GI Chill Acquisition LLC | Managed Health Care | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.00% cash due 8/6/2025 | 4.20 | % | 16,764 | 16,511 | 16,775 | (6)(15) | |||||||||||||||||||||||
Second Lien Term Loan, LIBOR+7.50% cash due 8/6/2026 | 7.70 | % | 6,250 | 6,208 | 6,109 | (6)(15) | |||||||||||||||||||||||
22,719 | 22,884 | ||||||||||||||||||||||||||||
GKD Index Partners, LLC | Specialized Finance | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+7.00% cash due 6/29/2023 | 8.00 | % | 26,976 | 26,286 | 26,574 | (6)(15) | |||||||||||||||||||||||
First Lien Revolver, LIBOR+7.00% cash due 6/29/2023 | 8.00 | % | 1,280 | 1,243 | 1,255 | (6)(15)(19) | |||||||||||||||||||||||
27,529 | 27,829 | ||||||||||||||||||||||||||||
Global Medical Response | Health Care Services | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.25% cash due 3/14/2025 | 5.25 | % | 8,675 | 8,409 | 8,635 | (6) | |||||||||||||||||||||||
8,409 | 8,635 | ||||||||||||||||||||||||||||
Gulf Operating, LLC | Oil & Gas Storage & Transportation | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.25% cash due 8/25/2023 | 6.25 | % | 2,846 | 1,926 | 2,369 | (6) | |||||||||||||||||||||||
First Lien Revolver, LIBOR+4.00% cash due 12/27/2021 | — | (704) | (503) | (6)(15)(19) | |||||||||||||||||||||||||
1,222 | 1,866 | ||||||||||||||||||||||||||||
Houghton Mifflin Harcourt Publishers Inc. | Education Services | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.25% cash due 11/22/2024 | 7.25 | % | 6,563 | 6,366 | 6,560 | (6)(11) | |||||||||||||||||||||||
6,366 | 6,560 | ||||||||||||||||||||||||||||
I Drive Safely, LLC | Education Services | ||||||||||||||||||||||||||||
125,079 Class A Common Units of IDS Investments, LLC | 1,000 | 225 | (15) | ||||||||||||||||||||||||||
1,000 | 225 | ||||||||||||||||||||||||||||
IBG Borrower LLC | Apparel, Accessories & Luxury Goods | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+7.00% cash due 8/2/2022 | 7.25 | % | 6,471 | 6,218 | 5,630 | (6)(15) | |||||||||||||||||||||||
6,218 | 5,630 |
Portfolio Company/Type of Investment (1)(2)(3)(4)(5) | Cash Interest Rate (6) | Industry | Principal (7) | Cost | Fair Value | Notes | |||||||||||||||||||||||
iCIMs, Inc. | Application Software | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.50% cash due 9/12/2024 | 7.50 | % | $ | 25,635 | $ | 24,920 | $ | 25,458 | (6)(15) | ||||||||||||||||||||
First Lien Revolver, LIBOR+6.50% cash due 9/12/2024 | 7.50 | % | 1,176 | 1,142 | 1,168 | (6)(15) | |||||||||||||||||||||||
26,062 | 26,626 | ||||||||||||||||||||||||||||
Immucor, Inc. | Health Care Supplies | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.75% cash due 7/2/2025 | 6.75 | % | 8,701 | 8,436 | 8,688 | (6)(15) | |||||||||||||||||||||||
First Lien Revolver, LIBOR+5.75% cash due 7/2/2025 | — | (9) | (1) | (6)(15)(19) | |||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+8.00% cash 3.50% PIK due 10/2/2025 | 9.00 | % | 21,450 | 20,765 | 21,241 | (6)(15) | |||||||||||||||||||||||
29,192 | 29,928 | ||||||||||||||||||||||||||||
Integral Development Corporation | Other Diversified Financial Services | ||||||||||||||||||||||||||||
1,078,284 Common Stock Warrants (exercise price $0.9274) expiration date 7/10/2024 | 113 | — | (15) | ||||||||||||||||||||||||||
113 | — | ||||||||||||||||||||||||||||
Inventus Power, Inc. | Electrical Components & Equipment | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.00% cash due 3/29/2024 | 6.00 | % | 18,944 | 18,756 | 18,755 | (6)(15) | |||||||||||||||||||||||
Second Lien Term Loan, LIBOR+8.50% cash due 9/29/2024 | 9.50 | % | 11,366 | 11,139 | 11,139 | (6)(15) | |||||||||||||||||||||||
29,895 | 29,894 | ||||||||||||||||||||||||||||
Ivanti Software, Inc. | Application Software | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+8.50% cash due 12/1/2028 | 9.50 | % | 17,346 | 16,830 | 17,476 | (6)(15) | |||||||||||||||||||||||
16,830 | 17,476 | ||||||||||||||||||||||||||||
Jazz Acquisition, Inc. | Aerospace & Defense | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+7.50% cash due 1/29/2027 | 8.50 | % | 22,928 | 21,688 | 22,034 | (6)(15) | |||||||||||||||||||||||
First Lien Delayed Draw Term Loan, LIBOR+7.50% cash due 1/29/2027 | — | — | — | (6)(15)(19) | |||||||||||||||||||||||||
21,688 | 22,034 | ||||||||||||||||||||||||||||
Keypath Education Holdings, LLC | Advertising | ||||||||||||||||||||||||||||
9,073 shares of Common Stock in AdVenture Interactive, Corp. | 13,611 | 17,198 | (15) | ||||||||||||||||||||||||||
3,042.55 Preferred Units in AVI Holdings, LP | — | 1,000 | (15) | ||||||||||||||||||||||||||
13,611 | 18,198 | ||||||||||||||||||||||||||||
Lanai Holdings III, Inc. | Health Care Distributors | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.75% cash due 8/29/2022 | 5.75 | % | 12,880 | 12,778 | 12,829 | (6) | |||||||||||||||||||||||
12,778 | 12,829 | ||||||||||||||||||||||||||||
Latam Airlines Group S.A. | Airlines | ||||||||||||||||||||||||||||
First Lien Delayed Draw Term Loan, LIBOR+11.00% PIK due 3/29/2022 | 11,455 | 11,157 | 11,580 | (6)(11)(15)(19) | |||||||||||||||||||||||||
11,157 | 11,580 | ||||||||||||||||||||||||||||
Lift Brands Holdings, Inc. | Leisure Facilities | ||||||||||||||||||||||||||||
2,000,000 Class A Common Units in Snap Investments, LLC | 1,399 | — | (15) | ||||||||||||||||||||||||||
1,399 | — | ||||||||||||||||||||||||||||
Lightbox Intermediate, L.P. | Real Estate Services | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.00% cash due 5/9/2026 | 5.20 | % | 41,644 | 40,543 | 41,228 | (6)(15) | |||||||||||||||||||||||
40,543 | 41,228 | ||||||||||||||||||||||||||||
LogMeIn, Inc. | Application Software | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.75% cash due 8/31/2027 | 4.85 | % | 3,990 | 3,718 | 3,984 | (6) | |||||||||||||||||||||||
3,718 | 3,984 | ||||||||||||||||||||||||||||
LTI Holdings, Inc. | Electronic Components | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+6.75% cash due 9/6/2026 | 6.86 | % | 10,140 | 10,074 | 10,102 | (6) | |||||||||||||||||||||||
10,074 | 10,102 | ||||||||||||||||||||||||||||
Maravai Intermediate Holdings, LLC | Biotechnology | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.25% cash due 10/19/2027 | 5.25 | % | 2,743 | 2,567 | 2,760 | (6) | |||||||||||||||||||||||
2,567 | 2,760 |
Portfolio Company/Type of Investment (1)(2)(3)(4)(5) | Cash Interest Rate (6) | Industry | Principal (7) | Cost | Fair Value | Notes | |||||||||||||||||||||||
Mayfield Agency Borrower Inc. | Property & Casualty Insurance | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.50% cash due 2/28/2025 | 4.61 | % | $ | 28,675 | $ | 27,989 | $ | 28,359 | (6) | ||||||||||||||||||||
27,989 | 28,359 | ||||||||||||||||||||||||||||
MedAssets Software Intermediate Holdings, Inc. | Health Care Technology | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+7.75% cash due 1/29/2029 | 8.50 | % | 14,137 | 13,859 | 13,854 | (6)(15) | |||||||||||||||||||||||
13,859 | 13,854 | ||||||||||||||||||||||||||||
MHE Intermediate Holdings, LLC | Diversified Support Services | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.00% cash due 3/8/2024 | 6.00 | % | 16,569 | 15,308 | 16,140 | (6)(15) | |||||||||||||||||||||||
First Lien Revolver, LIBOR+5.00% cash due 3/10/2023 | — | (126) | (136) | (6)(15)(19) | |||||||||||||||||||||||||
15,182 | 16,004 | ||||||||||||||||||||||||||||
Mindbody, Inc. | Internet Services & Infrastructure | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+7.00% cash 1.50% PIK due 2/14/2025 | 8.00 | % | 38,479 | 37,030 | 36,478 | (6)(15) | |||||||||||||||||||||||
First Lien Revolver, LIBOR+8.00% cash due 2/14/2025 | — | (88) | (208) | (6)(15)(19) | |||||||||||||||||||||||||
36,942 | 36,270 | ||||||||||||||||||||||||||||
Ministry Brands, LLC | Application Software | ||||||||||||||||||||||||||||
First Lien Revolver, LIBOR+5.00% cash due 12/2/2022 | — | (8) | (9) | (6)(15)(19) | |||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+9.25% cash due 6/2/2023 | 10.25 | % | 11,000 | 10,798 | 10,906 | (6)(15) | |||||||||||||||||||||||
10,790 | 10,897 | ||||||||||||||||||||||||||||
MRI Software LLC | Application Software | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.50% cash due 2/10/2026 | 6.50 | % | 23,685 | 23,097 | 23,685 | (6)(15) | |||||||||||||||||||||||
First Lien Delayed Draw Term Loan, LIBOR+5.50% cash due 2/10/2026 | — | (50) | — | (6)(15)(19) | |||||||||||||||||||||||||
First Lien Revolver, LIBOR+5.50% cash due 2/10/2026 | 6.50 | % | 90 | 77 | 90 | (6)(15)(19) | |||||||||||||||||||||||
23,124 | 23,775 | ||||||||||||||||||||||||||||
Navisite, LLC | Data Processing & Outsourced Services | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+8.50% cash due 12/30/2026 | 9.50 | % | 22,560 | 22,128 | 22,176 | (6)(15) | |||||||||||||||||||||||
22,128 | 22,176 | ||||||||||||||||||||||||||||
NeuAG, LLC | Fertilizers & Agricultural Chemicals | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.50% cash 7.00% PIK due 9/11/2024 | 7.00 | % | 45,401 | 43,351 | 43,948 | (6)(15) | |||||||||||||||||||||||
First Lien Delayed Draw Term Loan, LIBOR+5.50% cash 7.00% PIK due 9/11/2024 | — | (206) | (174) | (6)(15)(19) | |||||||||||||||||||||||||
43,145 | 43,774 | ||||||||||||||||||||||||||||
NN, Inc. | Industrial Machinery | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.88% cash due 9/19/2026 | 7.88 | % | 59,607 | 58,126 | 58,117 | (6)(11)(15) | |||||||||||||||||||||||
58,126 | 58,117 | ||||||||||||||||||||||||||||
OEConnection LLC | Application Software | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.00% cash due 9/25/2026 | 4.11 | % | 8,351 | 7,790 | 8,335 | (6) | |||||||||||||||||||||||
First Lien Delayed Draw Term Loan, LIBOR+4.00% cash due 9/25/2026 | — | — | — | (6)(19) | |||||||||||||||||||||||||
7,790 | 8,335 | ||||||||||||||||||||||||||||
Olaplex, Inc. | Personal Products | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.50% cash due 1/8/2026 | 7.50 | % | 52,799 | 51,431 | 52,799 | (6)(15) | |||||||||||||||||||||||
First Lien Revolver, LIBOR+6.50% cash due 1/8/2025 | — | (65) | (39) | (6)(15)(19) | |||||||||||||||||||||||||
51,366 | 52,760 | ||||||||||||||||||||||||||||
OmniSYS Acquisition Corporation | Diversified Support Services | ||||||||||||||||||||||||||||
100,000 Common Units in OSYS Holdings, LLC | 1,000 | 607 | (15) | ||||||||||||||||||||||||||
1,000 | 607 |
Portfolio Company/Type of Investment (1)(2)(3)(4)(5) | Cash Interest Rate (6) | Industry | Principal (7) | Cost | Fair Value | Notes | |||||||||||||||||||||||
Onvoy, LLC | Integrated Telecommunication Services | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.50% cash due 2/10/2024 | 5.50 | % | $ | 3,801 | $ | 3,556 | $ | 3,804 | (6) | ||||||||||||||||||||
Second Lien Term Loan, LIBOR+10.50% cash due 2/10/2025 | 11.50 | % | 16,750 | 16,750 | 16,721 | (6)(15) | |||||||||||||||||||||||
19,666.67 Class A Units in GTCR Onvoy Holdings, LLC | 1,967 | 1,606 | (15) | ||||||||||||||||||||||||||
13,664.73 Series 3 Class B Units in GTCR Onvoy Holdings, LLC | — | — | (15) | ||||||||||||||||||||||||||
22,273 | 22,131 | ||||||||||||||||||||||||||||
P & L Development, LLC | Pharmaceuticals | ||||||||||||||||||||||||||||
Fixed Rate Bond, 7.75% cash due 11/15/2025 | 9,123 | 9,123 | 9,784 | ||||||||||||||||||||||||||
9,123 | 9,784 | ||||||||||||||||||||||||||||
Park Place Technologies, LLC | Internet Services & Infrastructure | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.00% cash due 11/10/2027 | 6.00 | % | 10,000 | 9,488 | 10,000 | (6) | |||||||||||||||||||||||
9,488 | 10,000 | ||||||||||||||||||||||||||||
PaySimple, Inc. | Data Processing & Outsourced Services | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.50% cash due 8/23/2025 | 5.61 | % | 51,661 | 50,351 | 51,532 | (6)(15) | |||||||||||||||||||||||
50,351 | 51,532 | ||||||||||||||||||||||||||||
Pingora MSR Opportunity Fund I-A, LP | Thrifts & Mortgage Finance | ||||||||||||||||||||||||||||
1.86% limited partnership interest | 752 | 121 | (11)(16)(19) | ||||||||||||||||||||||||||
752 | 121 | ||||||||||||||||||||||||||||
Planview Parent, Inc. | Application Software | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+7.25% cash due 12/18/2028 | 8.00 | % | 28,627 | 28,198 | 28,663 | (6)(15) | |||||||||||||||||||||||
28,198 | 28,663 | ||||||||||||||||||||||||||||
PLNTF Holdings, LLC | Leisure Facilities | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+8.00% cash due 3/12/2026 | 9.00 | % | 13,798 | 13,522 | 13,729 | (6)(15) | |||||||||||||||||||||||
13,522 | 13,729 | ||||||||||||||||||||||||||||
PRGX Global, Inc. | Data Processing & Outsourced Services | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.75% cash due 3/3/2026 | 7.75 | % | 34,289 | 33,056 | 33,604 | (6)(15) | |||||||||||||||||||||||
First Lien Revolver, LIBOR+6.75% cash due 3/3/2026 | — | (48) | (50) | (6)(15)(19) | |||||||||||||||||||||||||
80,515 Class B Common Units | 79 | 81 | (15) | ||||||||||||||||||||||||||
33,087 | 33,635 | ||||||||||||||||||||||||||||
ProFrac Services, LLC | Industrial Machinery | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+8.50% cash due 9/15/2023 | 9.75 | % | 22,615 | 20,462 | 17,847 | (6)(15) | |||||||||||||||||||||||
20,462 | 17,847 | ||||||||||||||||||||||||||||
Project Boost Purchaser, LLC | Application Software | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+8.00% cash due 5/31/2027 | 8.11 | % | 5,250 | 5,142 | 5,224 | (6)(15) | |||||||||||||||||||||||
5,142 | 5,224 | ||||||||||||||||||||||||||||
Pug LLC | Internet & Direct Marketing Retail | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+8.00% cash due 2/12/2027 | 8.75 | % | 21,337 | 20,226 | 22,030 | (6) | |||||||||||||||||||||||
20,226 | 22,030 | ||||||||||||||||||||||||||||
Quantum Bidco Limited | Food Distributors | ||||||||||||||||||||||||||||
First Lien Term Loan, UK LIBOR+6.00% cash due 1/29/2028 | 6.04 | % | £ | 3,501 | 4,613 | 4,728 | (6)(11) | ||||||||||||||||||||||
4,613 | 4,728 | ||||||||||||||||||||||||||||
QuorumLabs, Inc. | Application Software | ||||||||||||||||||||||||||||
64,887,669 Junior-2 Preferred Stock | 375 | — | (15) | ||||||||||||||||||||||||||
375 | — |
Portfolio Company/Type of Investment (1)(2)(3)(4)(5) | Cash Interest Rate (6) | Industry | Principal (7) | Cost | Fair Value | Notes | |||||||||||||||||||||||
Refac Optical Group | Specialty Stores | ||||||||||||||||||||||||||||
1,550.9435 Shares of Common Stock in Refac Holdings, Inc. | $ | 1 | $ | — | (15) | ||||||||||||||||||||||||
550.9435 Series A-2 Preferred Stock in Refac Holdings, Inc., 10% | 305 | — | (15) | ||||||||||||||||||||||||||
1,000 Series A-1 Preferred Stock in Refac Holdings, Inc., 10% | 999 | — | (15) | ||||||||||||||||||||||||||
1,305 | — | ||||||||||||||||||||||||||||
Renaissance Holding Corp. | Diversified Banks | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+7.00% cash due 5/29/2026 | 7.11 | % | $ | 3,542 | 3,515 | 3,543 | (6) | ||||||||||||||||||||||
3,515 | 3,543 | ||||||||||||||||||||||||||||
RevSpring, Inc. | Commercial Printing | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.25% cash due 10/11/2025 | 4.36 | % | 9,775 | 9,165 | 9,755 | (6)(15) | |||||||||||||||||||||||
9,165 | 9,755 | ||||||||||||||||||||||||||||
RS Ivy Holdco, Inc. | Oil & Gas Exploration & Production | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.50% cash due 12/23/2027 | 6.50 | % | 2,494 | 2,335 | 2,503 | (6)(15) | |||||||||||||||||||||||
2,335 | 2,503 | ||||||||||||||||||||||||||||
Sabert Corporation | Metal & Glass Containers | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.50% cash due 12/10/2026 | 5.50 | % | 1,828 | 1,709 | 1,833 | (6) | |||||||||||||||||||||||
1,709 | 1,833 | ||||||||||||||||||||||||||||
Salient CRGT, Inc. | Aerospace & Defense | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.50% cash due 2/28/2022 | 7.50 | % | 8,318 | 7,892 | 8,211 | (6)(15) | |||||||||||||||||||||||
7,892 | 8,211 | ||||||||||||||||||||||||||||
Scilex Pharmaceuticals Inc. | Pharmaceuticals | ||||||||||||||||||||||||||||
Fixed Rate Zero Coupon Bond due 8/15/2026 | 9,329 | 7,560 | 8,014 | (15) | |||||||||||||||||||||||||
7,560 | 8,014 | ||||||||||||||||||||||||||||
ShareThis, Inc. | Application Software | ||||||||||||||||||||||||||||
345,452 Series C Preferred Stock Warrants (exercise price $3.0395) expiration date 3/4/2024 | 367 | — | (15) | ||||||||||||||||||||||||||
367 | — | ||||||||||||||||||||||||||||
Signify Health, LLC | Health Care Services | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.50% cash due 12/23/2024 | 5.50 | % | 10,670 | 9,994 | 10,711 | (6) | |||||||||||||||||||||||
9,994 | 10,711 | ||||||||||||||||||||||||||||
Sirva Worldwide, Inc. | Diversified Support Services | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.50% cash due 8/4/2025 | 5.61 | % | 7,550 | 6,642 | 6,984 | (6) | |||||||||||||||||||||||
6,642 | 6,984 | ||||||||||||||||||||||||||||
Sorrento Therapeutics, Inc. | Biotechnology | ||||||||||||||||||||||||||||
125,000 Common Stock Units | 315 | 662 | (11) | ||||||||||||||||||||||||||
315 | 662 | ||||||||||||||||||||||||||||
Star US Bidco LLC | Industrial Machinery | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.25% cash due 3/17/2027 | 5.25 | % | 5,798 | 5,370 | 5,759 | (6) | |||||||||||||||||||||||
5,370 | 5,759 | ||||||||||||||||||||||||||||
SumUp Holdings Luxembourg S.À.R.L. | Other Diversified Financial Services | ||||||||||||||||||||||||||||
First Lien Delayed Draw Term Loan, EURIBOR+8.50% cash due 3/10/2026 | 10.00 | % | € | 12,401 | 14,121 | 14,228 | (6)(11)(15)(19) | ||||||||||||||||||||||
14,121 | 14,228 | ||||||||||||||||||||||||||||
Sunland Asphalt & Construction, LLC | Construction & Engineering | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.00% cash due 1/13/2026 | 7.00 | % | $ | 32,381 | 31,314 | 31,766 | (6)(15) | ||||||||||||||||||||||
First Lien Delayed Draw Term Loan, LIBOR+6.00% cash due 1/13/2026 | 7.00 | % | 10,888 | 10,529 | 10,681 | (6)(15) | |||||||||||||||||||||||
First Lien Revolver, LIBOR+6.00% cash due 1/13/2022 | 7.00 | % | 2,962 | 2,815 | 2,842 | (6)(15)(19) | |||||||||||||||||||||||
44,658 | 45,289 |
Portfolio Company/Type of Investment (1)(2)(3)(4)(5) | Cash Interest Rate (6) | Industry | Principal (7) | Cost | Fair Value | Notes | |||||||||||||||||||||||
Supermoose Borrower, LLC | Application Software | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+3.75% cash due 8/29/2025 | 3.95 | % | $ | 11,620 | $ | 10,329 | $ | 11,163 | (6) | ||||||||||||||||||||
10,329 | 11,163 | ||||||||||||||||||||||||||||
Swordfish Merger Sub LLC | Auto Parts & Equipment | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+6.75% cash due 2/2/2026 | 7.75 | % | 12,500 | 12,462 | 12,133 | (6)(15) | |||||||||||||||||||||||
12,462 | 12,133 | ||||||||||||||||||||||||||||
Tacala, LLC | Restaurants | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+7.50% cash due 2/4/2028 | 8.25 | % | 9,448 | 9,307 | 9,452 | (6) | |||||||||||||||||||||||
9,307 | 9,452 | ||||||||||||||||||||||||||||
Telestream Holdings Corporation | Application Software | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+8.75% cash due 10/15/2025 | 9.75 | % | 18,603 | 18,046 | 18,268 | (6)(15) | |||||||||||||||||||||||
First Lien Revolver, LIBOR+8.75% cash due 10/15/2025 | — | (31) | (32) | (6)(15)(19) | |||||||||||||||||||||||||
18,015 | 18,236 | ||||||||||||||||||||||||||||
TerSera Therapeutics LLC | Pharmaceuticals | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+9.50% cash due 3/30/2024 | 10.50 | % | 29,663 | 29,297 | 29,371 | (6)(15) | |||||||||||||||||||||||
668,879 Common Units of TerSera Holdings LLC | 2,192 | 3,487 | (15) | ||||||||||||||||||||||||||
31,489 | 32,858 | ||||||||||||||||||||||||||||
Thermacell Repellents, Inc. | Leisure Products | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.25% cash due 12/4/2026 | 7.25 | % | 6,667 | 6,633 | 6,633 | (6)(15) | |||||||||||||||||||||||
First Lien Revolver, LIBOR+6.25% cash due 12/4/2026 | 7.25 | % | 542 | 538 | 538 | (6)(15)(19) | |||||||||||||||||||||||
7,171 | 7,171 | ||||||||||||||||||||||||||||
Thrasio, LLC | Specialized Finance | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+7.00% cash due 12/18/2026 | 8.00 | % | 22,889 | 22,036 | 22,660 | (6)(15) | |||||||||||||||||||||||
First Lien Delayed Draw Term Loan, LIBOR+7.00% cash due 12/18/2026 | — | (176) | (151) | (6)(15)(19) | |||||||||||||||||||||||||
8,434 Shares of Series C-3 Preferred Stock in Thrasio Holdings, Inc. | 101 | 103 | (15) | ||||||||||||||||||||||||||
284,650.32 Shares of Series C-2 Preferred Stock in Thrasio Holdings, Inc. | 2,409 | 3,478 | (15) | ||||||||||||||||||||||||||
15,468 Shares of Series X Preferred Stock in Thrasio Holdings, Inc. | 15,252 | 15,754 | (15)(19) | ||||||||||||||||||||||||||
39,622 | 41,844 | ||||||||||||||||||||||||||||
TIBCO Software Inc. | Application Software | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+7.25% cash due 3/3/2028 | 7.36 | % | 16,788 | 16,678 | 17,009 | (6) | |||||||||||||||||||||||
16,678 | 17,009 | ||||||||||||||||||||||||||||
TigerConnect, Inc. | Application Software | ||||||||||||||||||||||||||||
299,110 Series B Preferred Stock Warrants (exercise price $1.3373) expiration date 12/8/2024 | 60 | 525 | (15) | ||||||||||||||||||||||||||
60 | 525 | ||||||||||||||||||||||||||||
Transact Holdings Inc. | Application Software | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.75% cash due 4/30/2026 | 4.86 | % | 6,895 | 6,792 | 6,843 | (6)(15) | |||||||||||||||||||||||
6,792 | 6,843 | ||||||||||||||||||||||||||||
Velocity Commercial Capital, LLC | Thrifts & Mortgage Finance | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+8.00% cash due 2/5/2026 | 9.00 | % | 11,481 | 10,958 | 11,137 | (6)(15) | |||||||||||||||||||||||
First Lien Delayed Draw Term Loan, LIBOR+8.00% cash due 2/5/2026 | 9.00 | % | 1,383 | 1,249 | 1,244 | (6)(15)(19) | |||||||||||||||||||||||
12,207 | 12,381 | ||||||||||||||||||||||||||||
Veritas US Inc. | Application Software | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.00% cash due 9/1/2025 | 6.00 | % | 5,970 | 5,583 | 5,989 | (6) | |||||||||||||||||||||||
5,583 | 5,989 | ||||||||||||||||||||||||||||
Verscend Holding Corp. | Health Care Technology | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.50% cash due 8/27/2025 | 4.61 | % | 11,770 | 11,027 | 11,787 | (6) | |||||||||||||||||||||||
Fixed Rate Bond, 9.75% cash due 8/15/2026 | 7,000 | 7,019 | 7,519 | ||||||||||||||||||||||||||
18,046 | 19,306 |
Portfolio Company/Type of Investment (1)(2)(3)(4)(5) | Cash Interest Rate (6) | Industry | Principal (7) | Cost | Fair Value | Notes | |||||||||||||||||||||||
Vitalyst Holdings, Inc. | IT Consulting & Other Services | ||||||||||||||||||||||||||||
675 Series A Preferred Stock Units | $ | 675 | $ | 440 | (15) | ||||||||||||||||||||||||
7,500 Class A Common Stock Units | 75 | — | (15) | ||||||||||||||||||||||||||
750 | 440 | ||||||||||||||||||||||||||||
William Morris Endeavor Entertainment, LLC | Movies & Entertainment | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+8.50% cash due 5/18/2025 | 9.50 | % | $ | 41,460 | 39,870 | 44,051 | (6)(15) | ||||||||||||||||||||||
39,870 | 44,051 | ||||||||||||||||||||||||||||
Win Brands Group LLC | Housewares & Specialties | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+9.00% cash 5.00% PIK due 1/22/2026 | 10.00 | % | 1,862 | 1,844 | 1,843 | (6)(15) | |||||||||||||||||||||||
139 Class F Warrants in Brand Value Growth LLC (exercise price $0.01) expiration date 1/25/2027 | — | — | — | (15) | |||||||||||||||||||||||||
1,844 | 1,843 | ||||||||||||||||||||||||||||
Windstream Services II, LLC | Integrated Telecommunication Services | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.25% cash due 9/21/2027 | 7.25 | % | 31,760 | 30,396 | 31,819 | (6) | |||||||||||||||||||||||
18,032 Shares of Common Stock in Windstream Holdings II, LLC | 216 | 265 | (15) | ||||||||||||||||||||||||||
109,420 Warrants in Windstream Holdings II, LLC | 1,842 | 1,606 | (15) | ||||||||||||||||||||||||||
32,454 | 33,690 | ||||||||||||||||||||||||||||
WP CPP Holdings, LLC | Aerospace & Defense | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+3.75% cash due 4/30/2025 | 4.75 | % | 4,390 | 3,975 | 4,282 | (6) | |||||||||||||||||||||||
Second Lien Term Loan, LIBOR+7.75% cash due 4/30/2026 | 8.75 | % | 16,000 | 15,731 | 14,240 | (6)(15) | |||||||||||||||||||||||
19,706 | 18,522 | ||||||||||||||||||||||||||||
WPEngine, Inc. | Application Software | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.50% cash due 3/27/2026 | 7.50 | % | 14,188 | 13,893 | 13,979 | (6)(15) | |||||||||||||||||||||||
First Lien Delayed Draw Term Loan, LIBOR+6.50% cash due 3/27/2026 | — | (547) | (387) | (6)(15)(19) | |||||||||||||||||||||||||
13,346 | 13,592 | ||||||||||||||||||||||||||||
xMatters, Inc. | Application Software | ||||||||||||||||||||||||||||
600,000 Common Stock Warrants (exercise price $0.593333) expiration date 2/26/2025 | 709 | 336 | (15) | ||||||||||||||||||||||||||
709 | 336 | ||||||||||||||||||||||||||||
Zep Inc. | Specialty Chemicals | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.00% cash due 8/12/2024 | 5.00 | % | 6,528 | 6,139 | 6,476 | (6) | |||||||||||||||||||||||
Second Lien Term Loan, LIBOR+8.25% cash due 8/11/2025 | 9.25 | % | 23,807 | 23,741 | 22,997 | (6)(15) | |||||||||||||||||||||||
29,880 | 29,473 | ||||||||||||||||||||||||||||
Zephyr Bidco Limited | Specialized Finance | ||||||||||||||||||||||||||||
Second Lien Term Loan, UK LIBOR+7.50% cash due 7/23/2026 | 7.55 | % | £ | 18,000 | 23,751 | 24,384 | (6)(11) | ||||||||||||||||||||||
23,751 | 24,384 | ||||||||||||||||||||||||||||
Total Non-Control/Non-Affiliate Investments (160.0% of net assets) | $ | 2,011,349 | $ | 2,046,401 | |||||||||||||||||||||||||
Total Portfolio Investments (182.0% of net assets) | $ | 2,311,058 | $ | 2,327,353 | |||||||||||||||||||||||||
Cash and Cash Equivalents and Restricted Cash | |||||||||||||||||||||||||||||
JP Morgan Prime Money Market Fund, Institutional Shares
|
$ | 15,183 | $ | 15,183 | |||||||||||||||||||||||||
Other cash accounts
|
28,546 | 28,546 | |||||||||||||||||||||||||||
Total Cash and Cash Equivalents and Restricted Cash (3.4% of net assets) | $ | 43,729 | $ | 43,729 | |||||||||||||||||||||||||
Total Portfolio Investments and Cash and Cash Equivalents and Restricted Cash (185.4% of net assets) | $ | 2,354,787 | $ | 2,371,082 |
Derivative Instrument | Notional Amount to be Purchased | Notional Amount to be Sold | Maturity Date | Counterparty | Cumulative Unrealized Appreciation /(Depreciation) | |||||||||||||||||||||||||||
Foreign currency forward contract | $ | 46,001 | £ | 33,281 | 5/13/2021 | JPMorgan Chase Bank, N.A. | $ | 77 | ||||||||||||||||||||||||
Foreign currency forward contract | $ | 46,151 | € | 38,165 | 5/13/2021 | JPMorgan Chase Bank, N.A. | 1,256 | |||||||||||||||||||||||||
$ | 1,333 |
Portfolio Company/Type of Investment (1)(2)(3)(4)(5) | Cash Interest Rate (6) | Industry | Principal (7) | Cost | Fair Value | Notes | |||||||||||||||||||||||
Control Investments
|
(8)(9) | ||||||||||||||||||||||||||||
C5 Technology Holdings, LLC | Data Processing & Outsourced Services | ||||||||||||||||||||||||||||
829 Common Units | $ | — | $ | — | (20) | ||||||||||||||||||||||||
34,984,460.37 Preferred Units | 34,984 | 27,638 | (20) | ||||||||||||||||||||||||||
34,984 | 27,638 | ||||||||||||||||||||||||||||
Dominion Diagnostics, LLC | Health Care Services | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.00% cash due 2/28/2024 | 6.00 | % | $ | 27,660 | 27,660 | 27,660 | (6)(20) | ||||||||||||||||||||||
First Lien Revolver, LIBOR+5.00% cash due 2/28/2024 | 6.00 | % | 5,260 | 5,260 | 5,260 | (6)(19)(20) | |||||||||||||||||||||||
30,030.8 Common Units in DD Healthcare Services Holdings, LLC | 18,626 | 7,667 | (20) | ||||||||||||||||||||||||||
51,546 | 40,587 | ||||||||||||||||||||||||||||
First Star Speir Aviation Limited | Airlines | (10) | |||||||||||||||||||||||||||
First Lien Term Loan, 9.00% cash due 12/15/2020 | 11,510 | 2,035 | 11,510 | (11)(20) | |||||||||||||||||||||||||
100% equity interest | 8,500 | 1,622 | (11)(12)(20) | ||||||||||||||||||||||||||
10,535 | 13,132 | ||||||||||||||||||||||||||||
New IPT, Inc. | Oil & Gas Equipment & Services | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.00% cash due 3/17/2021 | 6.00 | % | 2,304 | 2,304 | 1,800 | (6)(20) | |||||||||||||||||||||||
First Lien Revolver, LIBOR+5.00% cash due 3/17/2021 | 6.00 | % | 1,009 | 1,009 | 788 | (6)(19)(20) | |||||||||||||||||||||||
50.087 Class A Common Units in New IPT Holdings, LLC | — | — | (20) | ||||||||||||||||||||||||||
3,313 | 2,588 | ||||||||||||||||||||||||||||
Senior Loan Fund JV I, LLC | Multi-Sector Holdings | (14) | |||||||||||||||||||||||||||
Subordinated Debt, LIBOR+7.00% cash due 12/29/2028 | 7.17 | % | 96,250 | 96,250 | 96,250 | (6)(11)(20) | |||||||||||||||||||||||
87.5% LLC equity interest | 49,322 | 21,190 | (11)(16)(19) | ||||||||||||||||||||||||||
145,572 | 117,440 | ||||||||||||||||||||||||||||
Total Control Investments (22.0% of net assets) | $ | 245,950 | $ | 201,385 | |||||||||||||||||||||||||
Affiliate Investments | (17) | ||||||||||||||||||||||||||||
Assembled Brands Capital LLC | Specialized Finance | ||||||||||||||||||||||||||||
First Lien Revolver, LIBOR+6.00% cash due 10/17/2023 | 7.00 | % | $ | 4,688 | $ | 4,688 | $ | 4,194 | (6)(19)(20) | ||||||||||||||||||||
1,609,201 Class A Units | 764 | 483 | (20) | ||||||||||||||||||||||||||
1,019,168.80 Preferred Units, 6% | 1,019 | 1,091 | (20) | ||||||||||||||||||||||||||
70,424.5641 Class A Warrants (exercise price $3.3778) expiration date 9/9/2029 | — | — | (20) | ||||||||||||||||||||||||||
6,471 | 5,768 | ||||||||||||||||||||||||||||
Caregiver Services, Inc. | Health Care Services | ||||||||||||||||||||||||||||
1,080,399 shares of Series A Preferred Stock, 10% | 1,080 | 741 | (20) | ||||||||||||||||||||||||||
1,080 | 741 | ||||||||||||||||||||||||||||
Total Affiliate Investments (0.7% of net assets) | $ | 7,551 | $ | 6,509 | |||||||||||||||||||||||||
Non-Control/Non-Affiliate Investments
|
(18) | ||||||||||||||||||||||||||||
4 Over International, LLC | Commercial Printing | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.00% cash due 6/7/2022 | 7.00 | % | $ | 5,676 | $ | 5,654 | $ | 5,264 | (6)(20) | ||||||||||||||||||||
First Lien Revolver, LIBOR+6.00% cash due 6/7/2021 | 7.00 | % | 2,232 | 2,214 | 2,070 | (6)(20) | |||||||||||||||||||||||
7,868 | 7,334 | ||||||||||||||||||||||||||||
99 Cents Only Stores LLC | General Merchandise Stores | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.00% cash 1.50% PIK due 1/13/2022 | 6.00 | % | 19,431 | 19,220 | 17,877 | (6) | |||||||||||||||||||||||
19,220 | 17,877 | ||||||||||||||||||||||||||||
A.T. Holdings II SÀRL | Biotechnology | ||||||||||||||||||||||||||||
First Lien Term Loan, 12.00% cash due 4/27/2023 | 22,619 | 22,619 | 26,464 | (11)(20) | |||||||||||||||||||||||||
First Lien Delayed Draw Term Loan, 12.00% cash due 4/27/2023 | 1,508 | 1,508 | 1,780 | (11)(19)(20) | |||||||||||||||||||||||||
24,127 | 28,244 |
Portfolio Company/Type of Investment (1)(2)(3)(4)(5) | Cash Interest Rate (6) | Industry | Principal (7) | Cost | Fair Value | Notes | |||||||||||||||||||||||
Access CIG, LLC | Diversified Support Services | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+7.75% cash due 2/27/2026 | 7.91 | % | $ | 15,000 | $ | 14,909 | $ | 14,250 | (6) | ||||||||||||||||||||
14,909 | 14,250 | ||||||||||||||||||||||||||||
Accupac, Inc. | Personal Products | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.00% cash due 1/17/2026 | 7.00 | % | 12,487 | 12,294 | 12,487 | (6)(20) | |||||||||||||||||||||||
First Lien Delayed Draw Term Loan, LIBOR+6.00% cash due 1/17/2026 | — | (36) | — | (6)(19)(20) | |||||||||||||||||||||||||
First Lien Revolver, LIBOR+6.00% cash due 1/17/2026 | 7.00 | % | 1,564 | 1,540 | 1,564 | (6)(20) | |||||||||||||||||||||||
13,798 | 14,051 | ||||||||||||||||||||||||||||
Acquia Inc. | Application Software | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+7.00% cash due 10/31/2025 | 8.00 | % | 20,950 | 20,594 | 20,499 | (6)(20) | |||||||||||||||||||||||
First Lien Revolver, LIBOR+7.00% cash due 10/31/2025 | — | (39) | (48) | (6)(19)(20) | |||||||||||||||||||||||||
20,555 | 20,451 | ||||||||||||||||||||||||||||
Aden & Anais Merger Sub, Inc. | Apparel, Accessories & Luxury Goods | ||||||||||||||||||||||||||||
51,645 Common Units in Aden & Anais Holdings, Inc. | 5,165 | — | (20) | ||||||||||||||||||||||||||
5,165 | — | ||||||||||||||||||||||||||||
AdVenture Interactive, Corp. | Advertising | ||||||||||||||||||||||||||||
9,073 shares of common stock | 13,611 | 13,440 | (20) | ||||||||||||||||||||||||||
13,611 | 13,440 | ||||||||||||||||||||||||||||
AI Ladder (Luxembourg) Subco S.a.r.l. | Electrical Components & Equipment | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.50% cash due 7/9/2025 | 4.65 | % | 21,374 | 20,934 | 20,465 | (6)(11) | |||||||||||||||||||||||
20,934 | 20,465 | ||||||||||||||||||||||||||||
AI Sirona (Luxembourg) Acquisition S.a.r.l. | Pharmaceuticals | ||||||||||||||||||||||||||||
Second Lien Term Loan, EURIBOR+7.25% cash due 9/28/2026 | 7.25 | % | € | 24,838 | 27,668 | 28,435 | (6)(11)(20) | ||||||||||||||||||||||
27,668 | 28,435 | ||||||||||||||||||||||||||||
Airbnb, Inc. | Hotels, Resorts & Cruise Lines | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+7.50% cash due 4/17/2025 | 8.50 | % | $ | 15,743 | 15,378 | 17,081 | (6) | ||||||||||||||||||||||
15,378 | 17,081 | ||||||||||||||||||||||||||||
AirStrip Technologies, Inc. | Application Software | ||||||||||||||||||||||||||||
5,715 Common Stock Warrants (exercise price $139.99) expiration date 5/11/2025 | 90 | — | (20) | ||||||||||||||||||||||||||
90 | — | ||||||||||||||||||||||||||||
Aldevron, L.L.C. | Biotechnology | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.25% cash due 10/12/2026 | 5.25 | % | 7,960 | 7,880 | 7,977 | (6) | |||||||||||||||||||||||
7,880 | 7,977 | ||||||||||||||||||||||||||||
Algeco Scotsman Global Finance Plc | Construction & Engineering | ||||||||||||||||||||||||||||
Fixed Rate Bond, 8.00% cash due 2/15/2023 | 13,524 | 13,277 | 13,465 | (11) | |||||||||||||||||||||||||
13,277 | 13,465 | ||||||||||||||||||||||||||||
Alvotech Holdings S.A. | Biotechnology | (13) | |||||||||||||||||||||||||||
Fixed Rate Bond 15% PIK Note A due 12/13/2023 | 14,800 | 18,849 | 19,968 | (11)(20) | |||||||||||||||||||||||||
Fixed Rate Bond 15% PIK Note B due 12/13/2023 | 14,800 | 18,849 | 19,196 | (11)(20) | |||||||||||||||||||||||||
37,698 | 39,164 | ||||||||||||||||||||||||||||
Amplify Finco Pty Ltd. | Movies & Entertainment | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.00% cash due 11/26/2026 | 4.75 | % | 995 | 909 | 856 | (6)(11)(20) | |||||||||||||||||||||||
Second Lien Term Loan, LIBOR+8.00% cash due 11/26/2027 | 8.75 | % | 12,500 | 12,188 | 9,438 | (6)(11)(20) | |||||||||||||||||||||||
13,097 | 10,294 |
Portfolio Company/Type of Investment (1)(2)(3)(4)(5) | Cash Interest Rate (6) | Industry | Principal (7) | Cost | Fair Value | Notes | |||||||||||||||||||||||
Ancile Solutions, Inc. | Application Software | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+7.00% cash due 6/30/2021 | 8.00 | % | $ | 8,181 | $ | 8,150 | $ | 8,124 | (6)(20) | ||||||||||||||||||||
8,150 | 8,124 | ||||||||||||||||||||||||||||
Apptio, Inc. | Application Software | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+7.25% cash due 1/10/2025 | 8.25 | % | 23,764 | 23,420 | 23,297 | (6)(20) | |||||||||||||||||||||||
First Lien Revolver, LIBOR+7.25% cash due 1/10/2025 | — | (22) | (30) | (6)(19)(20) | |||||||||||||||||||||||||
23,398 | 23,267 | ||||||||||||||||||||||||||||
Ardonagh Midco 3 PLC | Insurance Brokers | ||||||||||||||||||||||||||||
First Lien Term Loan, EURIBOR+7.50% cash due 7/14/2026 | 8.50 | % | € | 1,440 | 1,594 | 1,640 | (6)(11)(20) | ||||||||||||||||||||||
First Lien Term Loan, UK LIBOR+7.50% cash due 7/14/2026 | 8.25 | % | £ | 11,303 | 13,752 | 14,188 | (6)(11)(20) | ||||||||||||||||||||||
First Lien Delayed Draw Term Loan, UK LIBOR+7.50% cash due 7/14/2026 | £ | — | — | — | (6)(11)(19)(20) | ||||||||||||||||||||||||
Fixed Rate Bond, 11.50% cash due 1/15/2027 | $ | 2,222 | 2,200 | 2,255 | (11) | ||||||||||||||||||||||||
17,546 | 18,083 | ||||||||||||||||||||||||||||
Associated Asphalt Partners, LLC | Construction Materials | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.25% cash due 4/5/2024 | 6.25 | % | 2,554 | 2,150 | 2,073 | (6) | |||||||||||||||||||||||
2,150 | 2,073 | ||||||||||||||||||||||||||||
Asurion, LLC | Property & Casualty Insurance | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+6.50% cash due 8/4/2025 | 6.65 | % | 19,985 | 19,950 | 20,058 | (6) | |||||||||||||||||||||||
19,950 | 20,058 | ||||||||||||||||||||||||||||
Athenex, Inc. | Pharmaceuticals | ||||||||||||||||||||||||||||
First Lien Term Loan, 11.00% cash due 6/19/2026 | 28,475 | 27,252 | 28,261 | (11)(20) | |||||||||||||||||||||||||
First Lien Delayed Draw Term Loan, 11.00% cash due 6/19/2026 | — | (321) | (171) | (11)(19)(20) | |||||||||||||||||||||||||
266,052 Common Stock Warrants (exercise price $12.63) expiration date 6/19/2027 | 915 | 785 | (11)(20) | ||||||||||||||||||||||||||
27,846 | 28,875 | ||||||||||||||||||||||||||||
Aurora Lux Finco S.À.R.L. | Airport Services | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.00% cash due 12/24/2026 | 7.00 | % | 22,885 | 22,376 | 21,283 | (6)(11)(20) | |||||||||||||||||||||||
22,376 | 21,283 | ||||||||||||||||||||||||||||
Blackhawk Network Holdings, Inc. | Data Processing & Outsourced Services | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+7.00% cash due 6/15/2026 | 7.19 | % | 26,250 | 26,049 | 24,150 | (6) | |||||||||||||||||||||||
26,049 | 24,150 | ||||||||||||||||||||||||||||
Boxer Parent Company Inc. | Systems Software | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.25% cash due 10/2/2025 | 4.40 | % | 13,775 | 13,666 | 13,407 | (6) | |||||||||||||||||||||||
13,666 | 13,407 | ||||||||||||||||||||||||||||
BX Commercial Mortgage Trust 2020-VIVA | Diversified Real Estate Activities | ||||||||||||||||||||||||||||
Class D Variable Notes due 3/9/2044 | 3.67 | % | 12,556 | 10,482 | 11,451 | (6)(11)(20) | |||||||||||||||||||||||
Class E Variable Notes due 3/9/2044 | 3.67 | % | 6,221 | 4,806 | 5,395 | (6)(11)(20) | |||||||||||||||||||||||
15,288 | 16,846 | ||||||||||||||||||||||||||||
California Pizza Kitchen, Inc. | Restaurants | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+8.00% cash due 8/23/2022 | 3,222 | 3,081 | 983 | (6)(21) | |||||||||||||||||||||||||
3,081 | 983 | ||||||||||||||||||||||||||||
Chief Power Finance II, LLC | Independent Power Producers & Energy Traders | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.50% cash due 12/31/2022 | 7.50 | % | 21,850 | 21,462 | 20,812 | (6)(20) | |||||||||||||||||||||||
21,462 | 20,812 | ||||||||||||||||||||||||||||
CITGO Holding, Inc. | Oil & Gas Refining & Marketing | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+7.00% cash due 8/1/2023 | 8.00 | % | 11,753 | 11,570 | 11,081 | (6) | |||||||||||||||||||||||
Fixed Rate Bond, 9.25% cash due 8/1/2024 | 10,672 | 10,672 | 10,192 | ||||||||||||||||||||||||||
22,242 | 21,273 |
Portfolio Company/Type of Investment (1)(2)(3)(4)(5) | Cash Interest Rate (6) | Industry | Principal (7) | Cost | Fair Value | Notes | |||||||||||||||||||||||
CITGO Petroleum Corp. | Oil & Gas Refining & Marketing | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.00% cash due 3/28/2024 | 6.00 | % | $ | 8,979 | $ | 8,890 | $ | 8,553 | (6) | ||||||||||||||||||||
8,890 | 8,553 | ||||||||||||||||||||||||||||
Continental Intermodal Group LP | Oil & Gas Storage & Transportation | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+9.50% PIK due 1/28/2025 | 24,741 | 24,741 | 21,753 | (6)(20) | |||||||||||||||||||||||||
Common Stock Warrants expiration date 7/28/2025 | — | 1,672 | (20) | ||||||||||||||||||||||||||
24,741 | 23,425 | ||||||||||||||||||||||||||||
Convergeone Holdings, Inc. | IT Consulting & Other Services | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.00% cash due 1/4/2026 | 5.15 | % | 14,621 | 14,169 | 13,465 | (6) | |||||||||||||||||||||||
14,169 | 13,465 | ||||||||||||||||||||||||||||
Conviva Inc. | Application Software | ||||||||||||||||||||||||||||
417,851 Series D Preferred Stock Warrants (exercise price $1.1966) expiration date 2/28/2021 | 105 | 395 | (20) | ||||||||||||||||||||||||||
105 | 395 | ||||||||||||||||||||||||||||
Corrona, LLC | Health Care Services | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.50% cash due 12/13/2025 | 6.50 | % | 10,300 | 10,144 | 10,152 | (6)(20) | |||||||||||||||||||||||
First Lien Delayed Draw Term Loan, LIBOR+5.50% cash due 12/13/2025 | — | (32) | (52) | (6)(19)(20) | |||||||||||||||||||||||||
First Lien Revolver, PRIME+4.50% cash due 12/13/2025 | 7.75 | % | 305 | 277 | 279 | (6)(19)(20) | |||||||||||||||||||||||
1,099 Class A2 Common Units in Corrona Group Holdings, L.P. | 1,038 | 1,038 | (20) | ||||||||||||||||||||||||||
11,427 | 11,417 | ||||||||||||||||||||||||||||
Coyote Buyer, LLC | Specialty Chemicals | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.00% cash due 2/6/2026 | 7.00 | % | 13,123 | 12,992 | 12,992 | (6)(20) | |||||||||||||||||||||||
First Lien Revolver, LIBOR+6.00% cash due 2/6/2025 | — | (9) | (9) | (6)(19)(20) | |||||||||||||||||||||||||
12,983 | 12,983 | ||||||||||||||||||||||||||||
CTOS, LLC | Trading Companies & Distributors | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.25% cash due 4/18/2025 | 4.40 | % | 10,139 | 10,228 | 10,069 | (6) | |||||||||||||||||||||||
10,228 | 10,069 | ||||||||||||||||||||||||||||
Eagleview Technology Corporation | Application Software | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+7.50% cash due 8/14/2026 | 8.50 | % | 12,000 | 11,880 | 10,440 | (6)(20) | |||||||||||||||||||||||
11,880 | 10,440 | ||||||||||||||||||||||||||||
EHR Canada, LLC | Food Retail | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+8.00% cash due 12/4/2020 | 9.00 | % | 6,861 | 6,851 | 6,998 | (6)(20) | |||||||||||||||||||||||
6,851 | 6,998 | ||||||||||||||||||||||||||||
EOS Fitness Opco Holdings, LLC | Leisure Facilities | ||||||||||||||||||||||||||||
487.5 Class A Preferred Units, 12% | 488 | 49 | (20) | ||||||||||||||||||||||||||
12,500 Class B Common Units | — | — | (20) | ||||||||||||||||||||||||||
488 | 49 | ||||||||||||||||||||||||||||
ExamSoft Worldwide, Inc. | Application Software | ||||||||||||||||||||||||||||
180,707 Class C Units in ExamSoft Investor LLC | 181 | 500 | (20) | ||||||||||||||||||||||||||
181 | 500 | ||||||||||||||||||||||||||||
Fortress Biotech, Inc. | Biotechnology | ||||||||||||||||||||||||||||
First Lien Term Loan, 11.00% cash due 8/27/2025 | 8,346 | 7,842 | 7,908 | (11)(20) | |||||||||||||||||||||||||
243,348 Common Stock Warrants (exercise price $3.20) expiration date 8/27/2030 | 258 | 419 | (11)(20) | ||||||||||||||||||||||||||
8,100 | 8,327 | ||||||||||||||||||||||||||||
GI Chill Acquisition LLC | Managed Health Care | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.00% cash due 8/6/2025 | 4.22 | % | 17,640 | 17,552 | 17,331 | (6)(20) | |||||||||||||||||||||||
Second Lien Term Loan, LIBOR+7.50% cash due 8/6/2026 | 7.72 | % | 10,000 | 9,927 | 9,350 | (6)(20) | |||||||||||||||||||||||
27,479 | 26,681 |
Portfolio Company/Type of Investment (1)(2)(3)(4)(5) | Cash Interest Rate (6) | Industry | Principal (7) | Cost | Fair Value | Notes | |||||||||||||||||||||||
GKD Index Partners, LLC | Specialized Finance | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+7.00% cash due 6/29/2023 | 8.00 | % | $ | 20,933 | $ | 20,818 | $ | 20,577 | (6)(20) | ||||||||||||||||||||
First Lien Revolver, LIBOR+7.00% cash due 6/29/2023 | 8.00 | % | 924 | 915 | 904 | (6)(19)(20) | |||||||||||||||||||||||
21,733 | 21,481 | ||||||||||||||||||||||||||||
Global Medical Response | Health Care Services | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.25% cash due 3/14/2025 | 5.25 | % | 6,256 | 6,152 | 6,084 | (6) | |||||||||||||||||||||||
6,152 | 6,084 | ||||||||||||||||||||||||||||
Guidehouse LLP | Research & Consulting Services | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.50% cash due 5/1/2025 | 4.65 | % | 4,949 | 4,907 | 4,912 | (6) | |||||||||||||||||||||||
Second Lien Term Loan, LIBOR+8.00% cash due 5/1/2026 | 8.15 | % | 20,000 | 19,930 | 19,300 | (6)(20) | |||||||||||||||||||||||
24,837 | 24,212 | ||||||||||||||||||||||||||||
Gulf Operating, LLC | Oil & Gas Storage & Transportation | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.25% cash due 8/25/2023 | 6.25 | % | 3,275 | 1,874 | 2,324 | (6) | |||||||||||||||||||||||
1,874 | 2,324 | ||||||||||||||||||||||||||||
Houghton Mifflin Harcourt Publishers Inc. | Education Services | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.25% cash due 11/22/2024 | 7.25 | % | 6,738 | 6,508 | 6,300 | (6)(11) | |||||||||||||||||||||||
6,508 | 6,300 | ||||||||||||||||||||||||||||
I Drive Safely, LLC | Education Services | ||||||||||||||||||||||||||||
125,079 Class A Common Units of IDS Investments, LLC | 1,000 | 200 | (20) | ||||||||||||||||||||||||||
1,000 | 200 | ||||||||||||||||||||||||||||
IBG Borrower LLC | Apparel, Accessories & Luxury Goods | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+7.00% cash due 8/2/2022 | 7.25 | % | 9,056 | 8,569 | 7,856 | (6)(20) | |||||||||||||||||||||||
8,569 | 7,856 | ||||||||||||||||||||||||||||
iCIMs, Inc. | Application Software | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.50% cash due 9/12/2024 | 7.50 | % | 16,718 | 16,493 | 16,584 | (6)(20) | |||||||||||||||||||||||
First Lien Revolver, LIBOR+6.50% cash due 9/12/2024 | — | (15) | (7) | (6)(19)(20) | |||||||||||||||||||||||||
16,478 | 16,577 | ||||||||||||||||||||||||||||
Immucor, Inc. | Health Care Supplies | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.75% cash due 7/2/2025 | 6.75 | % | 6,477 | 6,354 | 6,347 | (6)(20) | |||||||||||||||||||||||
First Lien Revolver, LIBOR+5.75% cash due 7/2/2025 | — | (10) | (11) | (6)(19)(20) | |||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+8.00% cash 3.50% PIK due 10/2/2025 | 9.00 | % | 15,611 | 15,316 | 15,298 | (6)(20) | |||||||||||||||||||||||
21,660 | 21,634 | ||||||||||||||||||||||||||||
Integral Development Corporation | Other Diversified Financial Services | ||||||||||||||||||||||||||||
1,078,284 Common Stock Warrants (exercise price $0.9274) expiration date 7/10/2024 | 113 | — | (20) | ||||||||||||||||||||||||||
113 | — | ||||||||||||||||||||||||||||
L Squared Capital Partners LLC | Multi-Sector Holdings | ||||||||||||||||||||||||||||
2.00% limited partnership interest | 887 | 2,192 | (11)(16) | ||||||||||||||||||||||||||
887 | 2,192 | ||||||||||||||||||||||||||||
Lanai Holdings III, Inc. | Health Care Distributors | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.75% cash due 8/29/2022 | 5.75 | % | 12,948 | 12,810 | 12,260 | (6) | |||||||||||||||||||||||
12,810 | 12,260 | ||||||||||||||||||||||||||||
Lannett Company, Inc. | Pharmaceuticals | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.00% cash due 11/25/2020 | 6.00 | % | 460 | 460 | 456 | (6)(11) | |||||||||||||||||||||||
460 | 456 |
Portfolio Company/Type of Investment (1)(2)(3)(4)(5) | Cash Interest Rate (6) | Industry | Principal (7) | Cost | Fair Value | Notes | |||||||||||||||||||||||
Lift Brands Holdings, Inc. | Leisure Facilities | ||||||||||||||||||||||||||||
2,000,000 Class A Common Units in Snap Investments, LLC | $ | 1,399 | $ | — | (20) | ||||||||||||||||||||||||
1,399 | — | ||||||||||||||||||||||||||||
Lightbox Intermediate, L.P. | Real Estate Services | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.00% cash due 5/9/2026 | 5.15 | % | $ | 39,500 | 39,023 | 37,723 | (6)(20) | ||||||||||||||||||||||
39,023 | 37,723 | ||||||||||||||||||||||||||||
LogMeIn, Inc. | Application Software | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+9.00% cash due 8/31/2028 | 9.16 | % | 9,293 | 8,831 | 9,247 | (6) | |||||||||||||||||||||||
8,831 | 9,247 | ||||||||||||||||||||||||||||
LTI Holdings, Inc. | Electronic Components | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.75% cash due 7/24/2026 | 4.90 | % | 1,794 | 1,513 | 1,685 | (6) | |||||||||||||||||||||||
First Lien Term Loan, LIBOR+3.50% cash due 9/6/2025 | 3.65 | % | 18,082 | 15,087 | 16,884 | (6) | |||||||||||||||||||||||
Second Lien Term Loan, LIBOR+6.75% cash due 9/6/2026 | 6.90 | % | 9,000 | 9,000 | 7,983 | (6) | |||||||||||||||||||||||
25,600 | 26,552 | ||||||||||||||||||||||||||||
Maravai Intermediate Holdings, LLC | Biotechnology | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.25% cash due 8/1/2025 | 5.25 | % | 11,760 | 11,642 | 11,789 | (6)(20) | |||||||||||||||||||||||
11,642 | 11,789 | ||||||||||||||||||||||||||||
Mauser Packaging Solutions Holding Company | Metal & Glass Containers | ||||||||||||||||||||||||||||
Fixed Rate Bond, 8.50% cash due 4/15/2024 | 11,378 | 11,273 | 11,833 | ||||||||||||||||||||||||||
11,273 | 11,833 | ||||||||||||||||||||||||||||
Mayfield Agency Borrower Inc. | Property & Casualty Insurance | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.50% cash due 2/28/2025 | 4.65 | % | 28,823 | 28,045 | 26,679 | (6) | |||||||||||||||||||||||
28,045 | 26,679 | ||||||||||||||||||||||||||||
McAfee, LLC | Systems Software | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+8.50% cash due 9/29/2025 | 9.50 | % | 7,000 | 7,028 | 7,074 | (6) | |||||||||||||||||||||||
7,028 | 7,074 | ||||||||||||||||||||||||||||
MHE Intermediate Holdings, LLC | Diversified Support Services | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.00% cash due 3/8/2024 | 6.00 | % | 2,910 | 2,888 | 2,832 | (6)(20) | |||||||||||||||||||||||
2,888 | 2,832 | ||||||||||||||||||||||||||||
Mindbody, Inc. | Internet Services & Infrastructure | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+7.00% cash 1.5% PIK due 2/14/2025 | 8.00 | % | 29,097 | 28,675 | 26,828 | (6)(20) | |||||||||||||||||||||||
First Lien Revolver, LIBOR+8.00% cash due 2/14/2025 | — | (44) | (241) | (6)(19)(20) | |||||||||||||||||||||||||
28,631 | 26,587 | ||||||||||||||||||||||||||||
Ministry Brands, LLC | Application Software | ||||||||||||||||||||||||||||
First Lien Revolver, LIBOR+5.00% cash due 12/2/2022 | 6.00 | % | 575 | 566 | 566 | (6)(19)(20) | |||||||||||||||||||||||
Second Lien Term Loan, LIBOR+9.25% cash due 6/2/2023 | 10.25 | % | 9,000 | 8,934 | 8,923 | (6)(20) | |||||||||||||||||||||||
9,500 | 9,489 | ||||||||||||||||||||||||||||
MRI Software LLC | Application Software | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.50% cash due 2/10/2026 | 6.50 | % | 14,369 | 14,242 | 14,022 | (6)(20) | |||||||||||||||||||||||
First Lien Delayed Draw Term Loan, LIBOR+5.50% cash due 2/10/2026 | — | (59) | (144) | (6)(19)(20) | |||||||||||||||||||||||||
First Lien Revolver, LIBOR+5.50% cash due 2/10/2026 | — | (13) | (31) | (6)(19)(20) | |||||||||||||||||||||||||
14,170 | 13,847 |
Portfolio Company/Type of Investment (1)(2)(3)(4)(5) | Cash Interest Rate (6) | Industry | Principal (7) | Cost | Fair Value | Notes | |||||||||||||||||||||||
NeuAG, LLC | Fertilizers & Agricultural Chemicals | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.50% cash 7.00% PIK due 9/11/2024 | 7.00 | % | $ | 35,306 | $ | 33,918 | $ | 33,894 | (6)(20) | ||||||||||||||||||||
First Lien Delayed Draw Term Loan, LIBOR+5.50% cash 7.00% PIK due 9/11/2024 | — | (175) | (175) | (6)(19)(20) | |||||||||||||||||||||||||
33,743 | 33,719 | ||||||||||||||||||||||||||||
NuStar Logistics, L.P. | Oil & Gas Refining & Marketing | ||||||||||||||||||||||||||||
Unsecured Delayed Draw Term Loan, 12.00% cash due 4/19/2023 | — | — | — | (19)(20) | |||||||||||||||||||||||||
— | — | ||||||||||||||||||||||||||||
Olaplex, Inc. | Personal Products | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.50% cash due 1/8/2026 | 7.50 | % | 35,056 | 34,441 | 35,056 | (6)(20) | |||||||||||||||||||||||
First Lien Revolver, LIBOR+6.50% cash due 1/8/2025 | 7.50 | % | 1,917 | 1,852 | 1,917 | (6)(19)(20) | |||||||||||||||||||||||
36,293 | 36,973 | ||||||||||||||||||||||||||||
OmniSYS Acquisition Corporation | Diversified Support Services | ||||||||||||||||||||||||||||
100,000 Common Units in OSYS Holdings, LLC | 1,000 | 607 | (20) | ||||||||||||||||||||||||||
1,000 | 607 | ||||||||||||||||||||||||||||
Onvoy, LLC | Integrated Telecommunication Services | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+10.50% cash due 2/10/2025 | 11.50 | % | 16,750 | 16,750 | 15,142 | (6)(20) | |||||||||||||||||||||||
19,666.67 Class A Units in GTCR Onvoy Holdings, LLC | 1,967 | 268 | (20) | ||||||||||||||||||||||||||
13,664.73 Series 3 Class B Units in GTCR Onvoy Holdings, LLC | — | — | (20) | ||||||||||||||||||||||||||
18,717 | 15,410 | ||||||||||||||||||||||||||||
OZLM Funding III, Ltd. | Multi-Sector Holdings | ||||||||||||||||||||||||||||
Class DR Notes, LIBOR+7.77% cash due 1/22/2029 | 8.03 | % | 2,312 | 1,657 | 2,119 | (6)(11) | |||||||||||||||||||||||
1,657 | 2,119 | ||||||||||||||||||||||||||||
PaySimple, Inc. | Data Processing & Outsourced Services | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.50% cash due 8/23/2025 | 5.65 | % | 49,535 | 48,711 | 47,801 | (6)(20) | |||||||||||||||||||||||
48,711 | 47,801 | ||||||||||||||||||||||||||||
Pingora MSR Opportunity Fund I-A, LP | Thrifts & Mortgage Finance | ||||||||||||||||||||||||||||
1.86% limited partnership interest | 938 | 353 | (11)(16)(19) | ||||||||||||||||||||||||||
938 | 353 | ||||||||||||||||||||||||||||
PLATO Learning Inc. | Education Services | ||||||||||||||||||||||||||||
Unsecured Senior PIK Note, 8.50% PIK due 12/9/2021 | 3,099 | 2,434 | — | (15)(20) | |||||||||||||||||||||||||
Unsecured Junior PIK Note, 10.00% PIK due 12/9/2021 | 15,010 | 10,227 | — | (15)(20) | |||||||||||||||||||||||||
Unsecured Revolver, 5.00% cash due 12/9/2021 | 2,938 | 2,631 | 588 | (20)(21) | |||||||||||||||||||||||||
126,127.80 Class A Common Units of Edmentum | 126 | — | (20) | ||||||||||||||||||||||||||
15,418 | 588 | ||||||||||||||||||||||||||||
ProFrac Services, LLC | Industrial Machinery | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+7.50% cash due 9/15/2023 | 8.75 | % | 15,170 | 15,081 | 11,643 | (6)(20) | |||||||||||||||||||||||
15,081 | 11,643 | ||||||||||||||||||||||||||||
Project Boost Purchaser, LLC | Application Software | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+8.00% cash due 5/9/2027 | 8.15 | % | 3,750 | 3,750 | 3,375 | (6)(20) | |||||||||||||||||||||||
3,750 | 3,375 |
Portfolio Company/Type of Investment (1)(2)(3)(4)(5) | Cash Interest Rate (6) | Industry | Principal (7) | Cost | Fair Value | Notes | |||||||||||||||||||||||
Pug LLC | Internet & Direct Marketing Retail | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+8.00% cash due 2/12/2027 | 8.75 | % | $ | 15,740 | $ | 14,802 | $ | 15,307 | (6) | ||||||||||||||||||||
14,802 | 15,307 | ||||||||||||||||||||||||||||
QuorumLabs, Inc. | Application Software | ||||||||||||||||||||||||||||
64,887,669 Junior-2 Preferred Stock | 375 | — | (20) | ||||||||||||||||||||||||||
375 | — | ||||||||||||||||||||||||||||
Refac Optical Group | Specialty Stores | ||||||||||||||||||||||||||||
1,550.9435 Shares of Common Stock in Refac Holdings, Inc. | 1 | — | (20) | ||||||||||||||||||||||||||
550.9435 Series A-2 Preferred Stock in Refac Holdings, Inc., 10% | 305 | — | (20) | ||||||||||||||||||||||||||
1,000 Series A-1 Preferred Stock in Refac Holdings, Inc., 10% | 999 | — | (20) | ||||||||||||||||||||||||||
1,305 | — | ||||||||||||||||||||||||||||
Salient CRGT, Inc. | Aerospace & Defense | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.50% cash due 2/28/2022 | 7.50 | % | 2,955 | 2,938 | 2,748 | (6)(20) | |||||||||||||||||||||||
2,938 | 2,748 | ||||||||||||||||||||||||||||
Scilex Pharmaceuticals Inc. | Pharmaceuticals | ||||||||||||||||||||||||||||
Fixed Rate Zero Coupon Bond due 8/15/2026 | 15,585 | 12,069 | 12,468 | (20) | |||||||||||||||||||||||||
12,069 | 12,468 | ||||||||||||||||||||||||||||
ShareThis, Inc. | Application Software | ||||||||||||||||||||||||||||
345,452 Series C Preferred Stock Warrants (exercise price $3.0395) expiration date 3/4/2024 | 367 | — | (20) | ||||||||||||||||||||||||||
367 | — | ||||||||||||||||||||||||||||
Sorrento Therapeutics, Inc. | Biotechnology | ||||||||||||||||||||||||||||
125,000 Common Stock Warrants (exercise price $3.94) expiration date 11/3/2029 | — | 1,123 | (11)(20) | ||||||||||||||||||||||||||
— | 1,123 | ||||||||||||||||||||||||||||
Supermoose Borrower, LLC | Application Software | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+3.75% cash due 8/29/2025 | 3.90 | % | 10,196 | 8,925 | 9,193 | (6) | |||||||||||||||||||||||
8,925 | 9,193 | ||||||||||||||||||||||||||||
Surgery Center Holdings, Inc. | Health Care Facilities | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+3.25% cash due 9/3/2024 | 4.25 | % | 3,850 | 3,133 | 3,640 | (6)(11) | |||||||||||||||||||||||
3,133 | 3,640 | ||||||||||||||||||||||||||||
Swordfish Merger Sub LLC | Auto Parts & Equipment | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+6.75% cash due 2/2/2026 | 7.75 | % | 12,500 | 12,458 | 10,563 | (6)(20) | |||||||||||||||||||||||
12,458 | 10,563 | ||||||||||||||||||||||||||||
Tacala, LLC | Restaurants | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+7.50% cash due 2/4/2028 | 7.65 | % | 7,276 | 7,167 | 6,903 | (6) | |||||||||||||||||||||||
7,167 | 6,903 | ||||||||||||||||||||||||||||
TerSera Therapeutics LLC | Pharmaceuticals | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+9.50% cash due 3/30/2024 | 10.50 | % | 29,663 | 29,236 | 29,371 | (6)(20) | |||||||||||||||||||||||
668,879 Common Units of TerSera Holdings LLC | 2,192 | 3,487 | (20) | ||||||||||||||||||||||||||
31,428 | 32,858 | ||||||||||||||||||||||||||||
TIBCO Software Inc. | Application Software | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+7.25% cash due 3/3/2028 | 7.40 | % | 15,000 | 14,925 | 14,766 | (6) | |||||||||||||||||||||||
14,925 | 14,766 | ||||||||||||||||||||||||||||
TigerConnect, Inc. | Application Software | ||||||||||||||||||||||||||||
299,110 Series B Preferred Stock Warrants (exercise price $1.3373) expiration date 12/8/2024 | 60 | 525 | (20) | ||||||||||||||||||||||||||
60 | 525 | ||||||||||||||||||||||||||||
Transact Holdings Inc. | Application Software | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.75% cash due 4/30/2026 | 4.90 | % | 6,930 | 6,826 | 6,553 | (6)(20) | |||||||||||||||||||||||
6,826 | 6,553 |
Portfolio Company/Type of Investment (1)(2)(3)(4)(5) | Cash Interest Rate (6) | Industry | Principal (7) | Cost | Fair Value | Notes | |||||||||||||||||||||||
Truck Hero, Inc. | Auto Parts & Equipment | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+8.25% cash due 4/21/2025 | 9.25 | % | $ | 21,500 | $ | 21,191 | $ | 20,819 | (6)(20) | ||||||||||||||||||||
21,191 | 20,819 | ||||||||||||||||||||||||||||
U.S. Renal Care, Inc. | Health Care Services | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.00% cash due 6/26/2026 | 5.15 | % | 1,122 | 934 | 1,096 | (6) | |||||||||||||||||||||||
934 | 1,096 | ||||||||||||||||||||||||||||
Uniti Group Inc. | Specialized REITs | ||||||||||||||||||||||||||||
21,072 Common Units | — | 133 | 222 | (11)(12) | |||||||||||||||||||||||||
133 | 222 | ||||||||||||||||||||||||||||
Verscend Holding Corp. | Health Care Technology | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.50% cash due 8/27/2025 | 4.65 | % | 14,525 | 14,479 | 14,429 | (6) | |||||||||||||||||||||||
Fixed Rate Bond, 9.75% cash due 8/15/2026 | 7,000 | 7,020 | 7,629 | ||||||||||||||||||||||||||
21,499 | 22,058 | ||||||||||||||||||||||||||||
Vertex Aerospace Services Corp. | Aerospace & Defense | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.50% cash due 6/29/2025 | 4.65 | % | 10,168 | 10,133 | 10,073 | (6) | |||||||||||||||||||||||
10,133 | 10,073 | ||||||||||||||||||||||||||||
Vitalyst Holdings, Inc. | IT Consulting & Other Services | ||||||||||||||||||||||||||||
675 Series A Preferred Stock Units | 675 | 440 | (20) | ||||||||||||||||||||||||||
7,500 Class A Common Stock Units | 75 | — | (20) | ||||||||||||||||||||||||||
750 | 440 | ||||||||||||||||||||||||||||
William Morris Endeavor Entertainment, LLC | Movies & Entertainment | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+8.50% cash due 5/18/2025 | 9.50 | % | 33,298 | 31,594 | 33,298 | (6)(20) | |||||||||||||||||||||||
31,594 | 33,298 | ||||||||||||||||||||||||||||
Windstream Services II, LLC | Integrated Telecommunication Services | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.25% cash due 9/21/2027 | 7.25 | % | 25,935 | 24,900 | 25,168 | (6) | |||||||||||||||||||||||
6,129 Shares of Common Stock in Windstream Holdings II, LLC | 53 | 69 | (20) | ||||||||||||||||||||||||||
37,215 Warrants in Windstream Holdings II, LLC | 913 | 444 | (20) | ||||||||||||||||||||||||||
25,866 | 25,681 | ||||||||||||||||||||||||||||
WP CPP Holdings, LLC | Aerospace & Defense | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+7.75% cash due 4/30/2026 | 8.75 | % | 15,000 | 14,893 | 11,700 | (6)(20) | |||||||||||||||||||||||
14,893 | 11,700 | ||||||||||||||||||||||||||||
WPEngine, Inc. | Application Software | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.50% cash due 3/27/2026 | 7.50 | % | 14,188 | 13,863 | 13,949 | (6)(20) | |||||||||||||||||||||||
First Lien Delayed Draw Term Loan, LIBOR+6.50% cash due 3/27/2026 | — | (602) | (443) | (6)(19)(20) | |||||||||||||||||||||||||
13,261 | 13,506 | ||||||||||||||||||||||||||||
xMatters, Inc. | Application Software | ||||||||||||||||||||||||||||
600,000 Common Stock Warrants (exercise price $0.593333) expiration date 2/26/2025 | 709 | 336 | (20) | ||||||||||||||||||||||||||
709 | 336 | ||||||||||||||||||||||||||||
Zep Inc. | Specialty Chemicals | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.00% cash due 8/12/2024 | 5.00 | % | 1,955 | 1,895 | 1,845 | (6) | |||||||||||||||||||||||
Second Lien Term Loan, LIBOR+8.25% cash due 8/11/2025 | 9.25 | % | 30,000 | 29,908 | 24,180 | (6)(20) | |||||||||||||||||||||||
31,803 | 26,025 | ||||||||||||||||||||||||||||
Zephyr Bidco Limited | Specialized Finance | ||||||||||||||||||||||||||||
Second Lien Term Loan, UK LIBOR+7.50% cash due 7/23/2026 | 7.55 | % | £ | 18,000 | 23,705 | 21,176 | (6)(11) | ||||||||||||||||||||||
23,705 | 21,176 | ||||||||||||||||||||||||||||
Total Non-Control/Non-Affiliate Investments (149.3% of net assets) | $ | 1,415,669 | $ | 1,365,957 |
Portfolio Company/Type of Investment (1)(2)(3)(4)(5) | Cash Interest Rate (6) | Industry | Principal (7) | Cost | Fair Value | Notes | |||||||||||||||||||||||
Total Portfolio Investments (172.0% of net assets) | $ | 1,669,170 | $ | 1,573,851 | |||||||||||||||||||||||||
Cash and Cash Equivalents
|
|||||||||||||||||||||||||||||
JP Morgan Prime Money Market Fund, Institutional Shares
|
$ | 35,248 | $ | 35,248 | |||||||||||||||||||||||||
Other cash accounts
|
3,848 | 3,848 | |||||||||||||||||||||||||||
Total Cash and Cash Equivalents (4.3% of net assets) | $ | 39,096 | $ | 39,096 | |||||||||||||||||||||||||
Total Portfolio Investments and Cash and Cash Equivalents (176.3% of net assets) | $ | 1,708,266 | $ | 1,612,947 |
Derivative Instrument | Notional Amount to be Purchased | Notional Amount to be Sold | Maturity Date | Counterparty | Cumulative Unrealized Appreciation /(Depreciation) | |||||||||||||||||||||||||||
Foreign currency forward contract | $ | 35,577 | £ | 27,494 | 11/12/2020 | JPMorgan Chase Bank, N.A. | $ | 25 | ||||||||||||||||||||||||
Foreign currency forward contract | $ | 30,260 | € | 25,614 | 11/12/2020 | JPMorgan Chase Bank, N.A. | 198 | |||||||||||||||||||||||||
$ | 223 |
March 31, 2021 | September 30, 2020 | |||||||||||||||||||||||||
Cost | Fair Value | Cost | Fair Value | |||||||||||||||||||||||
Investments in debt securities | $ | 1,994,448 | $ | 2,039,407 | $ | 1,422,487 | $ | 1,388,605 | ||||||||||||||||||
Investments in equity securities | 120,034 | 102,918 | 101,111 | 67,806 | ||||||||||||||||||||||
Debt investments in the JVs | 147,254 | 150,864 | 96,250 | 96,250 | ||||||||||||||||||||||
Equity investments in the JVs | 49,322 | 34,164 | 49,322 | 21,190 | ||||||||||||||||||||||
Total | $ | 2,311,058 | $ | 2,327,353 | $ | 1,669,170 | $ | 1,573,851 |
March 31, 2021 | September 30, 2020 | |||||||||||||||||||||||||
Fair Value |
% of Debt
Portfolio |
Fair Value |
% of Debt
Portfolio |
|||||||||||||||||||||||
Floating rate debt securities, including the debt investments in the JVs | $ | 2,009,651 | 91.75 | % | $ | 1,311,509 | 88.33 | % | ||||||||||||||||||
Fixed rate debt securities | 180,620 | 8.25 | 173,346 | 11.67 | ||||||||||||||||||||||
Total | $ | 2,190,271 | 100.00 | % | $ | 1,484,855 | 100.00 | % |
Level 1 | Level 2 | Level 3 | Measured at Net Asset Value (a) | Total | ||||||||||||||||||||||||||||
Investments in debt securities (senior secured) | $ | — | $ | 422,625 | $ | 1,590,290 | $ | — | $ | 2,012,915 | ||||||||||||||||||||||
Investments in debt securities (subordinated, including the debt investments in the JVs) | — | 19,402 | 157,954 | — | 177,356 | |||||||||||||||||||||||||||
Investments in equity securities (preferred) | — | — | 51,796 | — | 51,796 | |||||||||||||||||||||||||||
Investments in equity securities (common and warrants, including LLC equity interests of the JVs) | 662 | — | 50,339 | 34,285 | 85,286 | |||||||||||||||||||||||||||
Total investments at fair value | 662 | 442,027 | 1,850,379 | 34,285 | 2,327,353 | |||||||||||||||||||||||||||
Cash equivalents
|
15,183 | — | — | — | 15,183 | |||||||||||||||||||||||||||
Derivative assets | — | 1,333 | — | — | 1,333 | |||||||||||||||||||||||||||
Total assets at fair value
|
$ | 15,845 | $ | 443,360 | $ | 1,850,379 | $ | 34,285 | $ | 2,343,869 |
Level 1 | Level 2 | Level 3 | Measured at Net Asset Value (a) | Total | ||||||||||||||||||||||||||||
Investments in debt securities (senior secured) | $ | — | $ | 418,806 | $ | 904,237 | $ | — | $ | 1,323,043 | ||||||||||||||||||||||
Investments in debt securities (subordinated, including the debt investment in SLF JV I) | — | 35,660 | 126,152 | — | 161,812 | |||||||||||||||||||||||||||
Investments in equity securities (preferred) | — | — | 29,959 | — | 29,959 | |||||||||||||||||||||||||||
Investments in equity securities (common and warrants, including LLC equity interests of SLF JV I) | 222 | — | 35,080 | 23,735 | 59,037 | |||||||||||||||||||||||||||
Total investments at fair value | 222 | 454,466 | 1,095,428 | 23,735 | 1,573,851 | |||||||||||||||||||||||||||
Cash equivalents
|
35,248 | — | — | — | 35,248 | |||||||||||||||||||||||||||
Derivative assets
|
— | 223 | — | — | 223 | |||||||||||||||||||||||||||
Total assets at fair value
|
$ | 35,470 | $ | 454,689 | $ | 1,095,428 | $ | 23,735 | $ | 1,609,322 |
Investments | ||||||||||||||||||||||||||||||||
Senior Secured Debt |
Subordinated
Debt (including debt investments in the JVs) |
Preferred
Equity |
Common
Equity and Warrants |
Total | ||||||||||||||||||||||||||||
Fair value as of December 31, 2020 | $ | 1,078,416 | $ | 114,172 | $ | 29,731 | $ | 35,472 | $ | 1,257,791 | ||||||||||||||||||||||
Purchases (a) | 560,749 | 46,286 | 19,958 | 2,377 | 629,370 | |||||||||||||||||||||||||||
Sales and repayments | (85,977) | (6,309) | — | (1,053) | (93,339) | |||||||||||||||||||||||||||
Capitalized PIK interest income | 3,875 | — | — | — | 3,875 | |||||||||||||||||||||||||||
Accretion of OID | 3,044 | 39 | — | — | 3,083 | |||||||||||||||||||||||||||
Net unrealized appreciation (depreciation) | 30,133 | 2,660 | 2,107 | 12,935 | 47,835 | |||||||||||||||||||||||||||
Net realized gains (losses) | 50 | 1,106 | — | 608 | 1,764 | |||||||||||||||||||||||||||
Fair value as of March 31, 2021 | $ | 1,590,290 | $ | 157,954 | $ | 51,796 | $ | 50,339 | $ | 1,850,379 | ||||||||||||||||||||||
Net unrealized appreciation (depreciation) relating to Level 3 investments still held as of March 31, 2021 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the three months ended March 31, 2021 | $ | 27,554 | $ | 3,172 | $ | 2,107 | $ | 15,956 | $ | 48,789 |
Investments | ||||||||||||||||||||||||||||||||
Senior Secured Debt |
Subordinated
Debt (including debt investments in SLF JV I) |
Preferred
Equity |
Common
Equity and Warrants |
Total | ||||||||||||||||||||||||||||
Fair value as of December 31, 2019 | $ | 697,632 | $ | 108,348 | $ | 38,909 | $ | 44,645 | $ | 889,534 | ||||||||||||||||||||||
Purchases | 142,790 | 106 | — | — | 142,896 | |||||||||||||||||||||||||||
Sales and repayments | (81,656) | (117) | — | (6,535) | (88,308) | |||||||||||||||||||||||||||
Transfers in (a)(b) | 34,522 | 1,405 | — | 18,625 | 54,552 | |||||||||||||||||||||||||||
Transfers out (a)(b) | (18,625) | — | — | — | (18,625) | |||||||||||||||||||||||||||
Capitalized PIK interest income | 1,841 | — | — | — | 1,841 | |||||||||||||||||||||||||||
Accretion of OID | 2,139 | 313 | — | — | 2,452 | |||||||||||||||||||||||||||
Net unrealized appreciation (depreciation) | (29,696) | 9,393 | (7,242) | (16,160) | (43,705) | |||||||||||||||||||||||||||
Net realized gains (losses) | (28,837) | (14,281) | (300) | 4,575 | (38,843) | |||||||||||||||||||||||||||
Fair value as of March 31, 2020 | $ | 720,110 | $ | 105,167 | $ | 31,367 | $ | 45,150 | $ | 901,794 | ||||||||||||||||||||||
Net unrealized appreciation (depreciation) relating to Level 3 investments still held as of March 31, 2020 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the three months ended March 31, 2020 | $ | (60,406) | $ | (4,888) | $ | (7,542) | $ | (14,708) | $ | (87,544) |
Investments | ||||||||||||||||||||||||||||||||
Senior Secured Debt |
Subordinated
Debt (including debt investment in the JVs) |
Preferred
Equity |
Common
Equity and Warrants |
Total | ||||||||||||||||||||||||||||
Fair value as of September 30, 2020 | $ | 904,237 | $ | 126,152 | $ | 29,959 | $ | 35,080 | $ | 1,095,428 | ||||||||||||||||||||||
Purchases (a) | 769,926 | 46,286 | 19,958 | 2,377 | 838,547 | |||||||||||||||||||||||||||
Sales and repayments | (154,872) | (41,214) | (31) | (6,200) | (202,317) | |||||||||||||||||||||||||||
Transfers in (b)(c) | 18,458 | — | — | 437 | 18,895 | |||||||||||||||||||||||||||
Capitalized PIK interest income | 6,748 | — | — | — | 6,748 | |||||||||||||||||||||||||||
Accretion of OID | 4,423 | 1,031 | — | — | 5,454 | |||||||||||||||||||||||||||
Net unrealized appreciation (depreciation) | 42,884 | 17,308 | 1,879 | 15,402 | 77,473 | |||||||||||||||||||||||||||
Net realized gains (losses) | (1,514) | 8,391 | 31 | 3,243 | 10,151 | |||||||||||||||||||||||||||
Fair value as of March 31, 2021 | $ | 1,590,290 | $ | 157,954 | $ | 51,796 | $ | 50,339 | $ | 1,850,379 | ||||||||||||||||||||||
Net unrealized appreciation (depreciation) relating to Level 3 investments still held as of March 31, 2021 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the six months ended March 31, 2021 | $ | 44,253 | $ | 3,398 | $ | 1,879 | $ | 16,556 | $ | 66,086 |
Investments | ||||||||||||||||||||||||||||||||
Senior Secured Debt |
Subordinated
Debt (including debt investments in SLF JV I) |
Preferred
Equity |
Common
Equity and Warrants |
Total | ||||||||||||||||||||||||||||
Fair value as of September 30, 2019 | $ | 653,334 | $ | 110,309 | $ | 40,578 | $ | 41,006 | $ | 845,227 | ||||||||||||||||||||||
Purchases | 239,185 | 1,065 | — | 1,328 | 241,578 | |||||||||||||||||||||||||||
Sales and repayments | (154,948) | (3,863) | (1,388) | (6,574) | (166,773) | |||||||||||||||||||||||||||
Transfers in (a)(b) | 67,939 | 5,113 | — | 18,625 | 91,677 | |||||||||||||||||||||||||||
Transfers out (a)(b) | (33,625) | — | — | — | (33,625) | |||||||||||||||||||||||||||
Capitalized PIK interest income | 2,960 | — | — | — | 2,960 | |||||||||||||||||||||||||||
Accretion of OID | 3,565 | 617 | — | — | 4,182 | |||||||||||||||||||||||||||
Net unrealized appreciation (depreciation) | (29,397) | 6,268 | (8,318) | (13,850) | (45,297) | |||||||||||||||||||||||||||
Net realized gains (losses) | (28,903) | (14,342) | 495 | 4,615 | (38,135) | |||||||||||||||||||||||||||
Fair value as of March 31, 2020 | $ | 720,110 | $ | 105,167 | $ | 31,367 | $ | 45,150 | $ | 901,794 | ||||||||||||||||||||||
Net unrealized appreciation (depreciation) relating to Level 3 investments still held as of March 31, 2020 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the six months ended March 31, 2020 | $ | (58,203) | $ | (5,123) | $ | (7,716) | $ | (12,397) | $ | (83,439) |
Asset | Fair Value | Valuation Technique | Unobservable Input | Range |
Weighted
Average (a) |
||||||||||||||||||||||||||||||||||||
Senior Secured Debt
|
$ | 952,550 | Market Yield | Market Yield | (b) | 7.0% | - | 28.0% | 11.2% | ||||||||||||||||||||||||||||||||
38,672 | Enterprise Value | EBITDA Multiple | (c) | 3.2x | - | 10.5x | 4.6x | ||||||||||||||||||||||||||||||||||
7,500 | Enterprise Value | Asset Multiple | (c) | 0.9x | - | 1.1x | 1.0x | ||||||||||||||||||||||||||||||||||
125,544 | Transactions Precedent | Transaction Price | (d) | N/A | - | N/A | N/A | ||||||||||||||||||||||||||||||||||
466,024 | Broker Quotations | Broker Quoted Price | (e) | N/A | - | N/A | N/A | ||||||||||||||||||||||||||||||||||
Subordinated Debt
|
7,090 | Market Yield | Market Yield | (b) | 3.4% | - | 16.0% | 12.5% | |||||||||||||||||||||||||||||||||
Debt Investments in the JVs | 150,864 | Enterprise Value | N/A | (f) | N/A | - | N/A | N/A | |||||||||||||||||||||||||||||||||
Preferred & Common Equity | 23,580 | Enterprise Value | Revenue Multiple | (c) | 0.9x | - | 6.1x | 2.8x | |||||||||||||||||||||||||||||||||
75,004 | Enterprise Value | EBITDA Multiple | (c) | 3.2x | - | 17.0x | 9.2x | ||||||||||||||||||||||||||||||||||
482 | Enterprise Value | Asset Multiple | (c) | 0.9x | - | 1.1x | 1.0x | ||||||||||||||||||||||||||||||||||
3,069 | Transactions Precedent | Transaction Price | (d) | N/A | - | N/A | N/A | ||||||||||||||||||||||||||||||||||
Total | $ | 1,850,379 |
Asset | Fair Value | Valuation Technique | Unobservable Input | Range |
Weighted
Average (a) |
||||||||||||||||||||||||||||||||||||
Senior Secured Debt
|
$ | 542,354 | Market Yield | Market Yield | (b) | 6.6% | - | 30.0% | 12.5% | ||||||||||||||||||||||||||||||||
35,508 | Enterprise Value | EBITDA Multiple | (c) | 0.6x | - | 6.3x | 5.9x | ||||||||||||||||||||||||||||||||||
11,510 | Enterprise Value | Asset Multiple | (c) | 0.9x | - | 1.1x | 1.0x | ||||||||||||||||||||||||||||||||||
314,865 | Broker Quotations | Broker Quoted Price | (e) | N/A | - | N/A | N/A | ||||||||||||||||||||||||||||||||||
Subordinated Debt
|
29,314 | Market Yield | Market Yield | (b) | 4.8% | - | 15.0% | 9.3% | |||||||||||||||||||||||||||||||||
588 | Enterprise Value | EBITDA Multiple | (c) | 7.6x | - | 8.6x | 8.1x | ||||||||||||||||||||||||||||||||||
SLF JV I Debt Investment
|
96,250 | Enterprise Value | N/A | (f) | N/A | - | N/A | N/A | |||||||||||||||||||||||||||||||||
Preferred & Common Equity | 16,470 | Enterprise Value | Revenue Multiple | (c) | 0.9x | - | 7.0x | 3.1x | |||||||||||||||||||||||||||||||||
45,934 | Enterprise Value | EBITDA Multiple | (c) | 0.6x | - | 15.0x | 7.6x | ||||||||||||||||||||||||||||||||||
1,622 | Enterprise Value | Asset Multiple | (c) | 0.9x | - | 1.1x | 1.0x | ||||||||||||||||||||||||||||||||||
1,013 | Transactions Precedent | Transaction Price | (d) | N/A | - | N/A | N/A | ||||||||||||||||||||||||||||||||||
Total | $ | 1,095,428 |
Carrying
Value |
Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||
Syndicated Facility payable | $ | 575,025 | $ | 575,025 | $ | — | $ | — | $ | 575,025 | ||||||||||||||||||||||
Citibank Facility payable
|
124,057 | 124,057 | — | — | 124,057 | |||||||||||||||||||||||||||
Deutsche Bank Facility payable
|
115,700 | 115,700 | — | — | 115,700 | |||||||||||||||||||||||||||
Unsecured notes payable (net of unamortized financing costs and unaccreted discount) | 295,115 | 309,831 | — | 309,831 | — | |||||||||||||||||||||||||||
Total | $ | 1,109,897 | $ | 1,124,613 | $ | — | $ | 309,831 | $ | 814,782 |
Carrying
Value |
Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||
Syndicated Facility payable | $ | 414,825 | $ | 414,825 | $ | — | $ | — | $ | 414,825 | ||||||||||||||||||||||
Unsecured notes payable (net of unamortized financing costs and unaccreted discount) | 294,490 | 301,431 | — | 301,431 | — | |||||||||||||||||||||||||||
Total | $ | 709,315 | $ | 716,256 | $ | — | $ | 301,431 | $ | 414,825 |
March 31, 2021 | September 30, 2020 | |||||||||||||||||||||||||
Cost: | % of Total Investments | % of Total Investments | ||||||||||||||||||||||||
Senior secured debt | $ | 1,968,865 | 85.20 | % | $ | 1,345,012 | 80.58 | % | ||||||||||||||||||
Debt investments in the JVs | 147,254 | 6.37 | % | 96,250 | 5.77 | % | ||||||||||||||||||||
Common equity and warrants | 60,526 | 2.62 | % | 61,561 | 3.69 | % | ||||||||||||||||||||
Preferred equity | 59,508 | 2.57 | % | 39,550 | 2.37 | % | ||||||||||||||||||||
LLC equity interests of the JVs | 49,322 | 2.13 | % | 49,322 | 2.95 | % | ||||||||||||||||||||
Subordinated debt | 25,583 | 1.11 | % | 77,475 | 4.64 | % | ||||||||||||||||||||
Total | $ | 2,311,058 | 100.00 | % | $ | 1,669,170 | 100.00 | % |
March 31, 2021 | September 30, 2020 | |||||||||||||||||||||||||||||||||||||
Fair Value: | % of Total Investments | % of Net Assets | % of Total Investments | % of Net Assets | ||||||||||||||||||||||||||||||||||
Senior secured debt | $ | 2,012,915 | 86.48 | % | 157.40 | % | $ | 1,323,043 | 84.06 | % | 144.61 | % | ||||||||||||||||||||||||||
Debt investments in the JVs | 150,864 | 6.48 | % | 11.80 | % | 96,250 | 6.12 | % | 10.52 | % | ||||||||||||||||||||||||||||
Preferred equity | 51,796 | 2.23 | % | 4.05 | % | 29,959 | 1.90 | % | 3.27 | % | ||||||||||||||||||||||||||||
Common equity and warrants | 51,122 | 2.20 | % | 4.00 | % | 37,847 | 2.40 | % | 4.14 | % | ||||||||||||||||||||||||||||
LLC equity interests of the JVs | 34,164 | 1.47 | % | 2.67 | % | 21,190 | 1.35 | % | 2.32 | % | ||||||||||||||||||||||||||||
Subordinated debt | 26,492 | 1.14 | % | 2.07 | % | 65,562 | 4.17 | % | 7.17 | % | ||||||||||||||||||||||||||||
Total | $ | 2,327,353 | 100.00 | % | 181.99 | % | $ | 1,573,851 | 100.00 | % | 172.03 | % |
March 31, 2021 | September 30, 2020 | |||||||||||||||||||||||||
Cost: | % of Total Investments | % of Total Investments | ||||||||||||||||||||||||
Northeast | $ | 674,540 | 29.19 | % | $ | 495,440 | 29.69 | % | ||||||||||||||||||
West | 447,028 | 19.34 | % | 330,468 | 19.80 | % | ||||||||||||||||||||
Midwest | 355,404 | 15.38 | % | 285,674 | 17.11 | % | ||||||||||||||||||||
International | 269,055 | 11.64 | % | 210,963 | 12.64 | % | ||||||||||||||||||||
Southeast | 222,514 | 9.63 | % | 171,330 | 10.26 | % | ||||||||||||||||||||
Southwest | 221,411 | 9.58 | % | 67,867 | 4.07 | % | ||||||||||||||||||||
South | 78,117 | 3.38 | % | 72,150 | 4.32 | % | ||||||||||||||||||||
Northwest | 42,989 | 1.86 | % | 35,278 | 2.11 | % | ||||||||||||||||||||
Total | $ | 2,311,058 | 100.00 | % | $ | 1,669,170 | 100.00 | % |
March 31, 2021 | September 30, 2020 | |||||||||||||||||||||||||||||||||||||
Fair Value: | % of Total Investments | % of Net Assets | % of Total Investments | % of Net Assets | ||||||||||||||||||||||||||||||||||
Northeast | $ | 663,170 | 28.51 | % | 51.86 | % | $ | 446,499 | 28.38 | % | 48.81 | % | ||||||||||||||||||||||||||
West | 457,827 | 19.67 | % | 35.80 | % | 325,708 | 20.69 | % | 35.60 | % | ||||||||||||||||||||||||||||
Midwest | 356,842 | 15.33 | % | 27.90 | % | 252,482 | 16.04 | % | 27.60 | % | ||||||||||||||||||||||||||||
International | 277,974 | 11.94 | % | 21.74 | % | 213,741 | 13.58 | % | 23.36 | % | ||||||||||||||||||||||||||||
Southeast | 227,385 | 9.77 | % | 17.78 | % | 165,516 | 10.52 | % | 18.09 | % | ||||||||||||||||||||||||||||
Southwest | 224,842 | 9.66 | % | 17.58 | % | 65,647 | 4.17 | % | 7.18 | % | ||||||||||||||||||||||||||||
South | 75,735 | 3.25 | % | 5.92 | % | 70,551 | 4.48 | % | 7.71 | % | ||||||||||||||||||||||||||||
Northwest | 43,578 | 1.87 | % | 3.41 | % | 33,707 | 2.14 | % | 3.68 | % | ||||||||||||||||||||||||||||
Total | $ | 2,327,353 | 100.00 | % | 181.99 | % | $ | 1,573,851 | 100.00 | % | 172.03 | % |
March 31, 2021 | September 30, 2020 | |||||||||||||||||||||||||
Cost:
|
% of Total Investments | % of Total Investments | ||||||||||||||||||||||||
Application Software | $ | 282,798 | 12.20 | % | $ | 162,536 | 9.71 | % | ||||||||||||||||||
Multi-Sector Holdings (1) | 196,576 | 8.51 | 148,116 | 8.87 | ||||||||||||||||||||||
Data Processing & Outsourced Services | 170,684 | 7.39 | 109,744 | 6.57 | ||||||||||||||||||||||
Pharmaceuticals | 116,862 | 5.06 | 99,471 | 5.96 | ||||||||||||||||||||||
Biotechnology | 107,871 | 4.67 | 89,447 | 5.36 | ||||||||||||||||||||||
Specialized Finance | 101,960 | 4.41 | 51,909 | 3.11 | ||||||||||||||||||||||
Industrial Machinery | 91,554 | 3.96 | 15,081 | 0.90 | ||||||||||||||||||||||
Health Care Services | 81,747 | 3.54 | 71,139 | 4.26 | ||||||||||||||||||||||
Personal Products | 68,402 | 2.96 | 50,091 | 3.00 | ||||||||||||||||||||||
Movies & Entertainment | 65,789 | 2.85 | 44,691 | 2.68 | ||||||||||||||||||||||
Aerospace & Defense | 61,262 | 2.65 | 27,964 | 1.68 | ||||||||||||||||||||||
Construction & Engineering | 59,750 | 2.59 | 13,277 | 0.80 | ||||||||||||||||||||||
Integrated Telecommunication Services | 54,727 | 2.37 | 44,583 | 2.67 | ||||||||||||||||||||||
Specialty Chemicals | 47,802 | 2.07 | 44,786 | 2.68 | ||||||||||||||||||||||
Internet Services & Infrastructure | 46,430 | 2.01 | 28,631 | 1.72 | ||||||||||||||||||||||
Electrical Components & Equipment | 44,054 | 1.91 | 20,934 | 1.25 | ||||||||||||||||||||||
Fertilizers & Agricultural Chemicals | 43,145 | 1.87 | 33,743 | 2.02 | ||||||||||||||||||||||
Diversified Support Services | 42,739 | 1.85 | 18,797 | 1.13 | ||||||||||||||||||||||
Real Estate Services | 40,543 | 1.75 | 39,023 | 2.34 | ||||||||||||||||||||||
Oil & Gas Storage & Transportation | 36,194 | 1.57 | 26,615 | 1.59 | ||||||||||||||||||||||
Oil & Gas Refining & Marketing | 36,086 | 1.56 | 31,132 | 1.87 | ||||||||||||||||||||||
Real Estate Operating Companies | 35,191 | 1.52 | — | — | ||||||||||||||||||||||
Advertising | 35,043 | 1.52 | 13,611 | 0.82 | ||||||||||||||||||||||
Health Care Technology | 31,905 | 1.38 | 21,499 | 1.29 | ||||||||||||||||||||||
Health Care Supplies | 29,192 | 1.26 | 21,660 | 1.30 | ||||||||||||||||||||||
Property & Casualty Insurance | 27,989 | 1.21 | 47,995 | 2.88 | ||||||||||||||||||||||
Insurance Brokers | 25,046 | 1.08 | 17,546 | 1.05 | ||||||||||||||||||||||
Independent Power Producers & Energy Traders | 23,948 | 1.04 | 21,462 | 1.29 | ||||||||||||||||||||||
Managed Health Care | 22,719 | 0.98 | 27,479 | 1.65 | ||||||||||||||||||||||
Leisure Facilities | 22,704 | 0.98 | 1,887 | 0.11 | ||||||||||||||||||||||
Airport Services | 22,304 | 0.97 | 22,376 | 1.34 | ||||||||||||||||||||||
Commercial Printing | 21,131 | 0.91 | 7,868 | 0.47 | ||||||||||||||||||||||
Internet & Direct Marketing Retail | 20,226 | 0.88 | 14,802 | 0.89 | ||||||||||||||||||||||
Airlines | 17,504 | 0.76 | 10,535 | 0.63 | ||||||||||||||||||||||
Other Diversified Financial Services | 14,234 | 0.62 | 113 | 0.01 | ||||||||||||||||||||||
Thrifts & Mortgage Finance | 12,959 | 0.56 | 938 | 0.06 | ||||||||||||||||||||||
Health Care Distributors | 12,778 | 0.55 | 12,810 | 0.77 | ||||||||||||||||||||||
Restaurants | 12,631 | 0.55 | 10,248 | 0.61 | ||||||||||||||||||||||
Auto Parts & Equipment | 12,462 | 0.54 | 33,649 | 2.02 | ||||||||||||||||||||||
Apparel, Accessories & Luxury Goods | 11,383 | 0.49 | 13,734 | 0.82 | ||||||||||||||||||||||
Electronic Components | 10,074 | 0.44 | 25,600 | 1.53 | ||||||||||||||||||||||
IT Consulting & Other Services | 10,042 | 0.43 | 14,919 | 0.89 | ||||||||||||||||||||||
Distributors | 8,242 | 0.36 | — | — | ||||||||||||||||||||||
Trading Companies & Distributors | 7,561 | 0.33 | 10,228 | 0.61 | ||||||||||||||||||||||
Education Services | 7,366 | 0.32 | 22,926 | 1.37 | ||||||||||||||||||||||
Research & Consulting Services | 7,354 | 0.32 | 24,837 | 1.49 | ||||||||||||||||||||||
Leisure Products | 7,171 | 0.31 | — | — | ||||||||||||||||||||||
Food Retail | 6,857 | 0.30 | 6,851 | 0.41 | ||||||||||||||||||||||
Systems Software | 6,647 | 0.29 | 20,694 | 1.24 | ||||||||||||||||||||||
Alternative Carriers | 6,554 | 0.28 | — | — | ||||||||||||||||||||||
Automotive Retail | 5,967 | 0.26 | — | — | ||||||||||||||||||||||
Food Distributors | 4,613 | 0.20 | — | — | ||||||||||||||||||||||
Diversified Banks | 3,515 | 0.15 | — | — | ||||||||||||||||||||||
Oil & Gas Exploration & Production | 2,335 | 0.10 | — | — | ||||||||||||||||||||||
Construction Materials | 2,194 | 0.09 | 2,150 | 0.13 | ||||||||||||||||||||||
Housewares & Specialties | 1,844 | 0.08 | — | — | ||||||||||||||||||||||
Metal & Glass Containers | 1,709 | 0.07 | 11,273 | 0.68 | ||||||||||||||||||||||
Diversified Real Estate Activities | 1,384 | 0.06 | 15,288 | 0.92 | ||||||||||||||||||||||
Specialty Stores | 1,305 | 0.06 | 1,305 | 0.08 | ||||||||||||||||||||||
General Merchandise Stores | — | — | 19,220 | 1.15 | ||||||||||||||||||||||
Hotels, Resorts & Cruise Lines | — | — | 15,378 | 0.92 | ||||||||||||||||||||||
Oil & Gas Equipment & Services | — | — | 3,313 | 0.20 | ||||||||||||||||||||||
Health Care Facilities | — | — | 3,133 | 0.19 | ||||||||||||||||||||||
Specialized REITs | — | — | 133 | 0.01 | ||||||||||||||||||||||
Total | $ | 2,311,058 | 100.00 | % | $ | 1,669,170 | 100.00 | % |
March 31, 2021 | September 30, 2020 | |||||||||||||||||||||||||||||||||||||
Fair Value:
|
% of Total Investments | % of Net Assets | % of Total Investments | % of Net Assets | ||||||||||||||||||||||||||||||||||
Application Software | $ | 288,979 | 12.44 | % | 22.59 | % | $ | 160,591 | 10.21 | % | 17.57 | % | ||||||||||||||||||||||||||
Multi-Sector Holdings (1) | 185,028 | 7.95 | 14.47 | 121,751 | 7.74 | 13.31 | ||||||||||||||||||||||||||||||||
Data Processing & Outsourced Services | 165,504 | 7.11 | 12.94 | 99,589 | 6.33 | 10.89 | ||||||||||||||||||||||||||||||||
Pharmaceuticals | 121,613 | 5.23 | 9.51 | 103,092 | 6.55 | 11.27 | ||||||||||||||||||||||||||||||||
Biotechnology | 111,450 | 4.79 | 8.72 | 96,624 | 6.14 | 10.56 | ||||||||||||||||||||||||||||||||
Specialized Finance | 104,754 | 4.50 | 8.19 | 48,425 | 3.08 | 5.29 | ||||||||||||||||||||||||||||||||
Industrial Machinery | 89,803 | 3.86 | 7.02 | 11,643 | 0.74 | 1.27 | ||||||||||||||||||||||||||||||||
Health Care Services | 81,755 | 3.51 | 6.39 | 59,925 | 3.81 | 6.55 | ||||||||||||||||||||||||||||||||
Personal Products | 70,085 | 3.01 | 5.48 | 51,024 | 3.24 | 5.58 | ||||||||||||||||||||||||||||||||
Movies & Entertainment | 69,835 | 3.00 | 5.46 | 43,592 | 2.77 | 4.76 | ||||||||||||||||||||||||||||||||
Aerospace & Defense | 61,582 | 2.65 | 4.82 | 24,521 | 1.56 | 2.68 | ||||||||||||||||||||||||||||||||
Construction & Engineering | 60,817 | 2.61 | 4.76 | 13,465 | 0.86 | 1.47 | ||||||||||||||||||||||||||||||||
Integrated Telecommunication Services | 55,821 | 2.40 | 4.37 | 41,091 | 2.61 | 4.49 | ||||||||||||||||||||||||||||||||
Specialty Chemicals | 47,755 | 2.05 | 3.73 | 39,008 | 2.48 | 4.26 | ||||||||||||||||||||||||||||||||
Internet Services & Infrastructure | 46,270 | 1.99 | 3.62 | 26,587 | 1.69 | 2.91 | ||||||||||||||||||||||||||||||||
Electrical Components & Equipment | 44,550 | 1.91 | 3.48 | 20,465 | 1.30 | 2.24 | ||||||||||||||||||||||||||||||||
Diversified Support Services | 43,957 | 1.89 | 3.44 | 17,689 | 1.12 | 1.93 | ||||||||||||||||||||||||||||||||
Fertilizers & Agricultural Chemicals | 43,774 | 1.88 | 3.42 | 33,719 | 2.14 | 3.69 | ||||||||||||||||||||||||||||||||
Real Estate Services | 41,228 | 1.77 | 3.22 | 37,723 | 2.40 | 4.12 | ||||||||||||||||||||||||||||||||
Advertising | 41,142 | 1.77 | 3.22 | 13,440 | 0.85 | 1.47 | ||||||||||||||||||||||||||||||||
Oil & Gas Refining & Marketing | 36,233 | 1.56 | 2.83 | 29,826 | 1.90 | 3.26 | ||||||||||||||||||||||||||||||||
Real Estate Operating Companies | 35,717 | 1.53 | 2.79 | — | — | — | ||||||||||||||||||||||||||||||||
Oil & Gas Storage & Transportation | 33,827 | 1.45 | 2.65 | 25,749 | 1.64 | 2.81 | ||||||||||||||||||||||||||||||||
Health Care Technology | 33,160 | 1.42 | 2.59 | 22,058 | 1.40 | 2.41 | ||||||||||||||||||||||||||||||||
Health Care Supplies | 29,928 | 1.29 | 2.34 | 21,634 | 1.37 | 2.36 | ||||||||||||||||||||||||||||||||
Property & Casualty Insurance | 28,359 | 1.22 | 2.22 | 46,737 | 2.97 | 5.11 | ||||||||||||||||||||||||||||||||
Insurance Brokers | 27,460 | 1.18 | 2.15 | 18,083 | 1.15 | 1.98 | ||||||||||||||||||||||||||||||||
Independent Power Producers & Energy Traders | 24,050 | 1.03 | 1.88 | 20,812 | 1.32 | 2.27 | ||||||||||||||||||||||||||||||||
Managed Health Care | 22,884 | 0.98 | 1.79 | 26,681 | 1.70 | 2.92 | ||||||||||||||||||||||||||||||||
Internet & Direct Marketing Retail | 22,030 | 0.95 | 1.72 | 15,307 | 0.97 | 1.67 | ||||||||||||||||||||||||||||||||
Leisure Facilities | 21,637 | 0.93 | 1.69 | — | — | — | ||||||||||||||||||||||||||||||||
Commercial Printing | 21,582 | 0.93 | 1.69 | 7,334 | 0.47 | 0.80 | ||||||||||||||||||||||||||||||||
Airport Services | 21,510 | 0.92 | 1.68 | 21,283 | 1.35 | 2.33 | ||||||||||||||||||||||||||||||||
Airlines | 19,562 | 0.84 | 1.53 | 13,132 | 0.83 | 1.44 | ||||||||||||||||||||||||||||||||
Other Diversified Financial Services | 14,228 | 0.61 | 1.11 | — | — | — | ||||||||||||||||||||||||||||||||
Restaurants | 13,016 | 0.56 | 1.02 | 7,886 | 0.50 | 0.86 | ||||||||||||||||||||||||||||||||
Health Care Distributors | 12,829 | 0.55 | 1.00 | 12,260 | 0.78 | 1.34 | ||||||||||||||||||||||||||||||||
Thrifts & Mortgage Finance | 12,502 | 0.54 | 0.98 | 353 | 0.02 | 0.04 | ||||||||||||||||||||||||||||||||
Auto Parts & Equipment | 12,133 | 0.52 | 0.95 | 31,382 | 1.99 | 3.43 | ||||||||||||||||||||||||||||||||
Electronic Components | 10,102 | 0.43 | 0.79 | 26,552 | 1.69 | 2.90 | ||||||||||||||||||||||||||||||||
IT Consulting & Other Services | 9,700 | 0.42 | 0.76 | 13,905 | 0.88 | 1.52 | ||||||||||||||||||||||||||||||||
Distributors | 8,833 | 0.38 | 0.69 | — | — | — | ||||||||||||||||||||||||||||||||
Trading Companies & Distributors | 8,101 | 0.35 | 0.63 | 10,069 | 0.64 | 1.10 | ||||||||||||||||||||||||||||||||
Research & Consulting Services | 7,503 | 0.32 | 0.59 | 24,212 | 1.54 | 2.65 | ||||||||||||||||||||||||||||||||
Leisure Products | 7,171 | 0.31 | 0.56 | 49 | — | 0.01 | ||||||||||||||||||||||||||||||||
Alternative Carriers | 7,011 | 0.30 | 0.55 | — | — | — | ||||||||||||||||||||||||||||||||
Systems Software | 6,847 | 0.29 | 0.54 | 20,481 | 1.30 | 2.24 | ||||||||||||||||||||||||||||||||
Food Retail | 6,841 | 0.29 | 0.53 | 6,998 | 0.44 | 0.76 | ||||||||||||||||||||||||||||||||
Education Services | 6,785 | 0.29 | 0.53 | 7,088 | 0.45 | 0.77 | ||||||||||||||||||||||||||||||||
Automotive Retail | 5,967 | 0.26 | 0.47 | — | — | — | ||||||||||||||||||||||||||||||||
Apparel, Accessories & Luxury Goods | 5,630 | 0.24 | 0.44 | 7,856 | 0.50 | 0.86 | ||||||||||||||||||||||||||||||||
Food Distributors | 4,728 | 0.20 | 0.37 | — | — | — | ||||||||||||||||||||||||||||||||
Diversified Banks | 3,543 | 0.15 | 0.28 | — | — | — | ||||||||||||||||||||||||||||||||
Oil & Gas Exploration & Production | 2,503 | 0.11 | 0.20 | — | — | — | ||||||||||||||||||||||||||||||||
Construction Materials | 2,377 | 0.10 | 0.19 | 2,073 | 0.13 | 0.23 | ||||||||||||||||||||||||||||||||
Housewares & Specialties | 1,843 | 0.08 | 0.14 | — | — | — | ||||||||||||||||||||||||||||||||
Metal & Glass Containers | 1,833 | 0.08 | 0.14 | 11,833 | 0.75 | 1.29 | ||||||||||||||||||||||||||||||||
Diversified Real Estate Activities | 1,686 | 0.07 | 0.13 | 16,846 | 1.07 | 1.84 | ||||||||||||||||||||||||||||||||
General Merchandise Stores | — | — | — | 17,877 | 1.14 | 1.95 | ||||||||||||||||||||||||||||||||
Hotels, Resorts & Cruise Lines | — | — | — | 17,081 | 1.09 | 1.87 | ||||||||||||||||||||||||||||||||
Health Care Facilities | — | — | — | 3,640 | 0.23 | 0.40 | ||||||||||||||||||||||||||||||||
Oil & Gas Equipment & Services | — | — | — | 2,588 | 0.16 | 0.28 | ||||||||||||||||||||||||||||||||
Specialized REITs | — | — | — | 222 | 0.01 | 0.02 | ||||||||||||||||||||||||||||||||
Total
|
$ | 2,327,353 | 100.00 | % | 181.99 | % | $ | 1,573,851 | 100.00 | % | 172.03 | % |
March 31, 2021 | September 30, 2020 | |||||||||||||
Senior secured loans (1) | $328,609 | $307,579 | ||||||||||||
Weighted average interest rate on senior secured loans (2) | 5.54% | 5.44% | ||||||||||||
Number of borrowers in SLF JV I | 55 | 56 | ||||||||||||
Largest exposure to a single borrower (1) | $9,879 | $10,487 | ||||||||||||
Total of five largest loan exposures to borrowers (1) | $46,932 | $49,097 |
Portfolio Company | Investment Type | Cash Interest Rate (1)(2) | Industry | Principal | Cost | Fair Value (3) | Notes | ||||||||||||||||||||||
Access CIG, LLC | First Lien Term Loan, LIBOR+3.75% cash due 2/27/2025 | 3.87 | % | Diversified Support Services | $ | 9,158 | $ | 9,127 | $ | 9,097 | (4) | ||||||||||||||||||
ADB Companies, LLC | First Lien Term Loan, LIBOR+6.25% cash due 12/18/2025 | 7.25 | % | Construction & Engineering | 6,583 | 6,426 | 6,456 | (4) | |||||||||||||||||||||
ADB Companies, LLC | First Lien Delayed Draw Term Loan, LIBOR+6.25% cash due 12/18/2025 | 7.25 | % | Construction & Engineering | 1,333 | 1,301 | 1,307 | (4) | |||||||||||||||||||||
Total ADB Companies, LLC | 7,916 | 7,727 | 7,763 | ||||||||||||||||||||||||||
Keypath Education Holdings, LLC | 927 shares of common stock | Advertising | 1,391 | 1,757 | (4) | ||||||||||||||||||||||||
AI Ladder (Luxembourg) Subco S.a.r.l. | First Lien Term Loan, LIBOR+4.50% cash due 7/9/2025 | 4.61 | % | Electrical Components & Equipment | 5,984 | 5,874 | 5,999 | (4) | |||||||||||||||||||||
Altice France S.A. | First Lien Term Loan, LIBOR+4.00% cash due 8/14/2026 | 4.20 | % | Integrated Telecommunication Services | 4,619 | 4,443 | 4,614 | ||||||||||||||||||||||
Alvogen Pharma US, Inc. | First Lien Term Loan, LIBOR+5.25% cash due 12/31/2023 | 6.25 | % | Pharmaceuticals | 9,879 | 9,662 | 9,869 | ||||||||||||||||||||||
Amplify Finco Pty Ltd. | First Lien Term Loan, LIBOR+4.25% cash due 11/26/2026 | 5.00 | % | Movies & Entertainment | 7,920 | 7,841 | 7,801 | (4) | |||||||||||||||||||||
Anastasia Parent, LLC | First Lien Term Loan, LIBOR+3.75% cash due 8/11/2025 | Personal Products | 2,813 | 2,213 | 1,936 | (6) | |||||||||||||||||||||||
Apptio, Inc. | First Lien Term Loan, LIBOR+7.25% cash due 1/10/2025 | 8.25 | % | Application Software | 4,615 | 4,557 | 4,532 | (4) | |||||||||||||||||||||
Apptio, Inc. | First Lien Revolver, LIBOR+7.25% cash due 1/10/2025 | 8.25 | % | Application Software | 154 | 149 | 147 | (4)(5) | |||||||||||||||||||||
Total Apptio, Inc. | 4,769 | 4,706 | 4,679 | ||||||||||||||||||||||||||
Aurora Lux Finco S.À.R.L. | First Lien Term Loan, LIBOR+6.00% cash due 12/24/2026 | 7.00 | % | Airport Services | 6,435 | 6,303 | 6,079 | (4) | |||||||||||||||||||||
Blackhawk Network Holdings, Inc. | First Lien Term Loan, LIBOR+3.00% cash due 6/15/2025 | 3.11 | % | Data Processing & Outsourced Services | 9,725 | 9,710 | 9,606 | ||||||||||||||||||||||
Boxer Parent Company Inc. | First Lien Term Loan, LIBOR+3.75% cash due 10/2/2025 | 3.86 | % | Systems Software | 6,681 | 6,608 | 6,661 | ||||||||||||||||||||||
Brazos Delaware II, LLC | First Lien Term Loan, LIBOR+4.00% cash due 5/21/2025 | 4.11 | % | Oil & Gas Equipment & Services | 7,292 | 7,270 | 6,832 | ||||||||||||||||||||||
C5 Technology Holdings, LLC | 171 Common Units | Data Processing & Outsourced Services | — | — | (4) | ||||||||||||||||||||||||
C5 Technology Holdings, LLC | 7,193,539.63 Preferred Units | Data Processing & Outsourced Services | 7,194 | 5,683 | (4) | ||||||||||||||||||||||||
Total C5 Technology Holdings, LLC | 7,194 | 5,683 | |||||||||||||||||||||||||||
Carrols Restaurant Group, Inc. | First Lien Term Loan, LIBOR+6.25% cash due 4/30/2026 | 7.25 | % | Restaurants | 3,970 | 3,791 | 3,975 | (4) | |||||||||||||||||||||
CITGO Petroleum Corp. | First Lien Term Loan, LIBOR+6.25% cash due 3/28/2024 | 7.25 | % | Oil & Gas Refining & Marketing | 7,147 | 7,076 | 7,171 | (4) | |||||||||||||||||||||
Connect U.S. Finco LLC | First Lien Term Loan, LIBOR+3.50% cash due 12/11/2026 | 4.50 | % | Alternative Carriers | 7,400 | 7,236 | 7,385 | ||||||||||||||||||||||
Convergeone Holdings, Inc. | First Lien Term Loan, LIBOR+5.00% cash due 1/4/2026 | 5.11 | % | IT Consulting & Other Services | 4,987 | 4,813 | 4,831 | (4) | |||||||||||||||||||||
Curium Bidco S.à.r.l. | First Lien Term Loan, LIBOR+3.75% cash due 7/9/2026 | 3.95 | % | Biotechnology | 5,910 | 5,866 | 5,880 | ||||||||||||||||||||||
Dcert Buyer, Inc. | First Lien Term Loan, LIBOR+4.00% cash due 10/16/2026 | 4.11 | % | Internet Services & Infrastructure | 7,920 | 7,900 | 7,916 | ||||||||||||||||||||||
Dealer Tire, LLC | First Lien Term Loan, LIBOR+4.25% cash due 12/12/2025 | 4.36 | % | Distributors | 938 | 902 | 941 | (4) | |||||||||||||||||||||
Enviva Holdings, LP | First Lien Term Loan, LIBOR+5.50% cash due 2/17/2026 | 6.50 | % | Coal & Consumable Fuels | 6,000 | 5,940 | 6,015 | ||||||||||||||||||||||
eResearch Technology, Inc. | First Lien Term Loan, LIBOR+4.50% cash due 2/4/2027 | 5.50 | % | Application Software | 7,444 | 7,369 | 7,462 | ||||||||||||||||||||||
GI Chill Acquisition LLC | First Lien Term Loan, LIBOR+4.00% cash due 8/6/2025 | 4.20 | % | Managed Health Care | 3,740 | 3,759 | 3,743 | (4) | |||||||||||||||||||||
GI Chill Acquisition LLC | Second Lien Term Loan, LIBOR+7.50% cash due 8/6/2026 | 7.70 | % | Managed Health Care | 3,750 | 3,667 | 3,666 | (4) | |||||||||||||||||||||
Total GI Chill Acquisition LLC | 7,490 | 7,426 | 7,409 |
Portfolio Company | Investment Type | Cash Interest Rate (1)(2) | Industry | Principal | Cost | Fair Value (3) | Notes | ||||||||||||||||||||||
Gigamon, Inc. | First Lien Term Loan, LIBOR+3.75% cash due 12/27/2024 | 4.50 | % | Systems Software | $ | 7,742 | $ | 7,700 | $ | 7,761 | |||||||||||||||||||
Global Medical Response, Inc. | First Lien Term Loan, LIBOR+4.75% cash due 10/2/2025 | 5.75 | % | Health Care Services | 2,226 | 2,184 | 2,222 | ||||||||||||||||||||||
Grab Holdings Inc. | First Lien Term Loan, LIBOR+4.50% cash due 1/29/2026 | 5.50 | % | Interactive Media & Services | 3,000 | 2,913 | 3,064 | ||||||||||||||||||||||
Intelsat Jackson Holdings S.A. | First Lien Term Loan, PRIME+4.75% cash due 11/27/2023 | 8.00 | % | Alternative Carriers | 3,568 | 3,545 | 3,635 | ||||||||||||||||||||||
Intelsat Jackson Holdings S.A. | First Lien Term Loan, LIBOR+5.50% cash due 7/13/2022 | 6.50 | % | Alternative Carriers | 1,943 | 1,765 | 1,971 | ||||||||||||||||||||||
Total Intelsat Jackson Holdings S.A. | 5,511 | 5,310 | 5,606 | ||||||||||||||||||||||||||
Lightbox Intermediate, L.P. | First Lien Term Loan, LIBOR+5.00% cash due 5/9/2026 | 5.20 | % | Real Estate Services | 7,481 | 7,407 | 7,406 | (4) | |||||||||||||||||||||
LogMeIn, Inc. | First Lien Term Loan, LIBOR+4.75% cash due 8/31/2027 | 4.85 | % | Application Software | 7,980 | 7,843 | 7,969 | (4) | |||||||||||||||||||||
LTI Holdings, Inc. | First Lien Term Loan, LIBOR+3.50% cash due 9/6/2025 | 3.61 | % | Electronic Components | 7,481 | 7,352 | 7,382 | ||||||||||||||||||||||
Maravai Intermediate Holdings, LLC | First Lien Term Loan, LIBOR+4.25% cash due 10/19/2027 | 5.25 | % | Biotechnology | 6,856 | 6,788 | 6,899 | (4) | |||||||||||||||||||||
Mindbody, Inc. | First Lien Term Loan, LIBOR+7.00% cash 1.5% PIK due 2/14/2025 | 8.00 | % | Internet Services & Infrastructure | 4,581 | 4,522 | 4,343 | (4) | |||||||||||||||||||||
Mindbody, Inc. | First Lien Revolver, LIBOR+8.00% cash due 2/14/2025 | Internet Services & Infrastructure | — | (6) | (25) | (4)(5) | |||||||||||||||||||||||
Total Mindbody, Inc. | 4,581 | 4,516 | 4,318 | ||||||||||||||||||||||||||
MRI Software LLC | First Lien Term Loan, LIBOR+5.50% cash due 2/10/2026 | 6.50 | % | Application Software | 3,854 | 3,819 | 3,854 | (4) | |||||||||||||||||||||
MRI Software LLC | First Lien Delayed Draw Term Loan, LIBOR+5.50% cash due 2/10/2026 | Application Software | — | (6) | — | (4)(5) | |||||||||||||||||||||||
MRI Software LLC | First Lien Revolver, LIBOR+5.50% cash due 2/10/2026 | 6.50 | % | Application Software | 17 | 14 | 17 | (4)(5) | |||||||||||||||||||||
Total MRI Software LLC | 3,871 | 3,827 | 3,871 | ||||||||||||||||||||||||||
Navicure, Inc. | First Lien Term Loan, LIBOR+4.00% cash due 10/22/2026 | 4.11 | % | Health Care Technology | 5,940 | 5,910 | 5,959 | ||||||||||||||||||||||
Northern Star Industries Inc. | First Lien Term Loan, LIBOR+4.50% cash due 3/31/2025 | 5.50 | % | Electrical Components & Equipment | 6,790 | 6,771 | 6,722 | ||||||||||||||||||||||
Novetta Solutions, LLC | First Lien Term Loan, LIBOR+5.00% cash due 10/17/2022 | 6.00 | % | Application Software | 5,900 | 5,884 | 5,889 | ||||||||||||||||||||||
OEConnection LLC | First Lien Term Loan, LIBOR+4.00% cash due 9/25/2026 | 4.11 | % | Application Software | 7,859 | 7,824 | 7,845 | (4) | |||||||||||||||||||||
OEConnection LLC | First Lien Delayed Draw Term Loan, LIBOR+4.00% cash due 9/25/2026 | Application Software | — | — | — | (4)(5) | |||||||||||||||||||||||
Total OEConnection LLC | 7,859 | 7,824 | 7,845 | ||||||||||||||||||||||||||
Olaplex, Inc. | First Lien Term Loan, LIBOR+6.50% cash due 1/8/2026 | 7.50 | % | Personal Products | 6,354 | 6,262 | 6,354 | (4) | |||||||||||||||||||||
Olaplex, Inc. | First Lien Revolver, LIBOR+6.50% cash due 1/8/2025 | Personal Products | — | (8) | (4) | (4)(5) | |||||||||||||||||||||||
Total Olaplex, Inc. | 6,354 | 6,254 | 6,350 | ||||||||||||||||||||||||||
Park Place Technologies, LLC | First Lien Term Loan, LIBOR+5.00% cash due 11/10/2027 | 6.00 | % | Internet Services & Infrastructure | 5,000 | 4,811 | 5,000 | (4) | |||||||||||||||||||||
PaySimple, Inc. | First Lien Term Loan, LIBOR+5.50% cash due 8/23/2025 | 5.61 | % | Data Processing & Outsourced Services | 7,481 | 7,444 | 7,462 | (4) | |||||||||||||||||||||
Planview Parent, Inc. | Second Lien Term Loan, LIBOR+7.25% cash due 12/18/2028 | 8.00 | % | Application Software | 4,503 | 4,435 | 4,509 | (4) | |||||||||||||||||||||
RS Ivy Holdco, Inc. | First Lien Term Loan, LIBOR+5.50% cash due 12/23/2027 | 6.50 | % | Oil & Gas Exploration & Production | 6,983 | 6,878 | 7,009 | (4) | |||||||||||||||||||||
Sabert Corporation | First Lien Term Loan, LIBOR+4.50% cash due 12/10/2026 | 5.50 | % | Metal & Glass Containers | 2,742 | 2,714 | 2,749 | (4) | |||||||||||||||||||||
Salient CRGT, Inc. | First Lien Term Loan, LIBOR+6.50% cash due 2/28/2022 | 7.50 | % | Aerospace & Defense | 2,080 | 2,072 | 2,053 | (4) | |||||||||||||||||||||
SHO Holding I Corporation | First Lien Term Loan, LIBOR+5.25% cash due 4/27/2024 | 6.25 | % | Footwear | 8,332 | 8,318 | 7,499 | ||||||||||||||||||||||
SHO Holding I Corporation | First Lien Term Loan, LIBOR+5.23% cash due 4/27/2024 | 6.23 | % | Footwear | 138 | 138 | 124 | ||||||||||||||||||||||
Total SHO Holding I Corporation | 8,470 | 8,456 | 7,623 | ||||||||||||||||||||||||||
Signify Health, LLC | First Lien Term Loan, LIBOR+4.50% cash due 12/23/2024 | 5.50 | % | Health Care Services | 9,700 | 9,647 | 9,738 | (4) |
Portfolio Company | Investment Type | Cash Interest Rate (1)(2) | Industry | Principal | Cost | Fair Value (3) | Notes | ||||||||||||||||||||||
Sirva Worldwide, Inc. | First Lien Term Loan, LIBOR+5.50% cash due 8/4/2025 | 5.61 | % | Diversified Support Services | $ | 4,719 | $ | 4,648 | $ | 4,365 | (4) | ||||||||||||||||||
Sorenson Communications, LLC | First Lien Term Loan, PRIME+4.25% cash due 3/17/2026 | 7.50 | % | Communications Equipment | 3,004 | 2,974 | 3,012 | ||||||||||||||||||||||
Star US Bidco LLC | First Lien Term Loan, LIBOR+4.25% cash due 3/17/2027 | 5.25 | % | Industrial Machinery | 3,700 | 3,526 | 3,675 | (4) | |||||||||||||||||||||
Supermoose Borrower, LLC | First Lien Term Loan, LIBOR+3.75% cash due 8/29/2025 | 3.95 | % | Application Software | 4,864 | 4,583 | 4,672 | (4) | |||||||||||||||||||||
Surgery Center Holdings, Inc. | First Lien Term Loan, LIBOR+3.25% cash due 9/3/2024 | 4.25 | % | Health Care Facilities | 4,936 | 4,920 | 4,897 | ||||||||||||||||||||||
Trench Plate Rental, Co. | First Lien Term Loan, LIBOR+4.75% cash due 12/3/2026 | 5.75 | % | Construction Materials | 3,961 | 3,901 | 3,901 | ||||||||||||||||||||||
Trench Plate Rental, Co. | First Lien Delayed Draw Term Loan, LIBOR+4.75% cash due 12/3/2026 | Construction Materials | — | (11) | (11) | (5) | |||||||||||||||||||||||
Trench Plate Rental, Co. | First Lien Revolver, LIBOR+4.75% cash due 12/3/2026 | Construction Materials | — | (9) | (9) | (5) | |||||||||||||||||||||||
Total Trench Plate Rental, Co. | 3,961 | 3,881 | 3,881 | ||||||||||||||||||||||||||
Veritas US Inc. | First Lien Term Loan, LIBOR+5.00% cash due 9/1/2025 | 6.00 | % | Application Software | 6,467 | 6,352 | 6,488 | (4) | |||||||||||||||||||||
Verscend Holding Corp. | First Lien Term Loan, LIBOR+4.50% cash due 8/27/2025 | 4.61 | % | Health Care Technology | 4,090 | 4,060 | 4,096 | (4) | |||||||||||||||||||||
Windstream Services II, LLC | First Lien Term Loan, LIBOR+6.25% cash due 9/21/2027 | 7.25 | % | Integrated Telecommunication Services | 7,940 | 7,646 | 7,955 | (4) | |||||||||||||||||||||
WP CPP Holdings, LLC | Second Lien Term Loan, LIBOR+7.75% cash due 4/30/2026 | 8.75 | % | Aerospace & Defense | 6,000 | 5,960 | 5,340 | (4) | |||||||||||||||||||||
Total Portfolio Investments | $ | 328,609 | $ | 331,878 | $ | 331,148 |
Portfolio Company | Investment Type | Cash Interest Rate (1)(2) | Industry | Principal | Cost | Fair Value (3) | Notes | ||||||||||||||||||||||
Access CIG, LLC | First Lien Term Loan, LIBOR+3.75% cash due 2/27/2025 | 3.91 | % | Diversified Support Services | $ | 9,206 | $ | 9,170 | $ | 9,029 | |||||||||||||||||||
AdVenture Interactive, Corp. | 927 shares of common stock | Advertising | 1,390 | 1,373 | (4) | ||||||||||||||||||||||||
AI Ladder (Luxembourg) Subco S.a.r.l. | First Lien Term Loan, LIBOR+4.50% cash due 7/9/2025 | 4.65 | % | Electrical Components & Equipment | 6,038 | 5,914 | 5,781 | (4) | |||||||||||||||||||||
Airbnb, Inc. | First Lien Term Loan, LIBOR+7.50% cash due 4/17/2025 | 8.50 | % | Hotels, Resorts & Cruise Lines | 3,051 | 2,981 | 3,311 | (4) | |||||||||||||||||||||
Altice France S.A. | First Lien Term Loan, LIBOR+4.00% cash due 8/14/2026 | 4.15 | % | Integrated Telecommunication Services | 4,643 | 4,450 | 4,527 | ||||||||||||||||||||||
Alvogen Pharma US, Inc. | First Lien Term Loan, LIBOR+5.25% cash due 12/31/2023 | 6.25 | % | Pharmaceuticals | 9,879 | 9,623 | 9,566 | ||||||||||||||||||||||
Amplify Finco Pty Ltd. | First Lien Term Loan, LIBOR+4.00% cash due 11/26/2026 | 4.75 | % | Movies & Entertainment | 7,960 | 7,880 | 6,846 | (4) | |||||||||||||||||||||
Anastasia Parent, LLC | First Lien Term Loan, LIBOR+3.75% cash due 8/11/2025 | Personal Products | 2,828 | 2,282 | 1,248 | (6) | |||||||||||||||||||||||
Apptio, Inc. | First Lien Term Loan, LIBOR+7.25% cash due 1/10/2025 | 8.25 | % | Application Software | 4,615 | 4,550 | 4,526 | (4) | |||||||||||||||||||||
Apptio, Inc. | First Lien Revolver, LIBOR+7.25% cash due 1/10/2025 | Application Software | — | (5) | (8) | (4)(5) | |||||||||||||||||||||||
Total Apptio, Inc. | 4,615 | 4,545 | 4,518 | ||||||||||||||||||||||||||
Aurora Lux Finco S.À.R.L. | First Lien Term Loan, LIBOR+6.00% cash due 12/24/2026 | 7.00 | % | Airport Services | 6,468 | 6,324 | 6,015 | (4) | |||||||||||||||||||||
Blackhawk Network Holdings, Inc. | First Lien Term Loan, LIBOR+3.00% cash due 6/15/2025 | 3.15 | % | Data Processing & Outsourced Services | 9,775 | 9,758 | 9,251 | ||||||||||||||||||||||
Boxer Parent Company Inc. | First Lien Term Loan, LIBOR+4.25% cash due 10/2/2025 | 4.40 | % | Systems Software | 7,532 | 7,448 | 7,331 | (4) | |||||||||||||||||||||
Brazos Delaware II, LLC | First Lien Term Loan, LIBOR+4.00% cash due 5/21/2025 | 4.16 | % | Oil & Gas Equipment & Services | 7,331 | 7,306 | 5,600 | ||||||||||||||||||||||
C5 Technology Holdings, LLC | 171 Common Units | Data Processing & Outsourced Services | — | — | (4) | ||||||||||||||||||||||||
C5 Technology Holdings, LLC | 7,193,539.63 Preferred Units | Data Processing & Outsourced Services | 7,194 | 5,683 | (4) | ||||||||||||||||||||||||
Total C5 Technology Holdings, LLC | 7,194 | 5,683 | |||||||||||||||||||||||||||
Carrols Restaurant Group, Inc. | First Lien Term Loan, LIBOR+6.25% cash due 4/30/2026 | 7.25 | % | Restaurants | 3,990 | 3,792 | 3,960 | ||||||||||||||||||||||
CITGO Petroleum Corp. | First Lien Term Loan, LIBOR+5.00% cash due 3/28/2024 | 6.00 | % | Oil & Gas Refining & Marketing | 7,184 | 7,112 | 6,842 | (4) | |||||||||||||||||||||
Clear Channel Outdoor Holdings, Inc. | First Lien Term Loan, LIBOR+3.50% cash due 8/21/2026 | 3.76 | % | Advertising | 331 | 290 | 302 | ||||||||||||||||||||||
Connect U.S. Finco LLC | First Lien Term Loan, LIBOR+4.50% cash due 12/11/2026 | 5.50 | % | Alternative Carriers | 7,437 | 7,262 | 7,228 | ||||||||||||||||||||||
Curium Bidco S.à.r.l. | First Lien Term Loan, LIBOR+3.75% cash due 7/9/2026 | 3.97 | % | Biotechnology | 5,940 | 5,895 | 5,895 | ||||||||||||||||||||||
Dcert Buyer, Inc. | First Lien Term Loan, LIBOR+4.00% cash due 10/16/2026 | 4.15 | % | Internet Services & Infrastructure | 7,960 | 7,940 | 7,879 | ||||||||||||||||||||||
Dealer Tire, LLC | First Lien Term Loan, LIBOR+4.25% cash due 12/12/2025 | 4.40 | % | Distributors | 943 | 902 | 924 | ||||||||||||||||||||||
eResearch Technology, Inc. | First Lien Term Loan, LIBOR+4.50% cash due 2/4/2027 | 5.50 | % | Application Software | 7,481 | 7,406 | 7,461 | ||||||||||||||||||||||
Frontier Communications Corporation | First Lien Term Loan, PRIME+2.75% cash due 6/15/2024 | 6.00 | % | Integrated Telecommunication Services | 3,939 | 3,901 | 3,887 | ||||||||||||||||||||||
Gigamon, Inc. | First Lien Term Loan, LIBOR+4.25% cash due 12/27/2024 | 5.25 | % | Systems Software | 7,781 | 7,734 | 7,684 | ||||||||||||||||||||||
Global Medical Response, Inc. | First Lien Term Loan, LIBOR+4.75% cash due 10/2/2025 | 5.75 | % | Health Care Services | 2,231 | 2,187 | 2,185 | ||||||||||||||||||||||
Guidehouse LLP | Second Lien Term Loan, LIBOR+8.00% cash due 5/1/2026 | 8.15 | % | Research & Consulting Services | 6,000 | 5,979 | 5,790 | (4) |
Portfolio Company | Investment Type | Cash Interest Rate (1)(2) | Industry | Principal | Cost | Fair Value (3) | Notes | ||||||||||||||||||||||
Helios Software Holdings, Inc. | First Lien Term Loan, LIBOR+4.25% cash due 10/24/2025 | 4.52 | % | Systems Software | $ | 3,970 | $ | 3,930 | $ | 3,923 | |||||||||||||||||||
Intelsat Jackson Holdings S.A. | First Lien Term Loan, PRIME+4.75% cash due 11/27/2023 | 8.00 | % | Alternative Carriers | 3,568 | 3,541 | 3,598 | ||||||||||||||||||||||
Intelsat Jackson Holdings S.A. | First Lien Delayed Draw Term Loan, LIBOR+5.50% cash due 7/13/2022 | 6.50 | % | Alternative Carriers | 971 | 801 | 1,011 | (5) | |||||||||||||||||||||
Total Intelsat Jackson Holdings S.A. | 4,539 | 4,342 | 4,609 | ||||||||||||||||||||||||||
KIK Custom Products Inc. | First Lien Term Loan, LIBOR+4.00% cash due 5/15/2023 | 5.00 | % | Household Products | 5,322 | 5,308 | 5,302 | ||||||||||||||||||||||
LogMeIn, Inc. | First Lien Term Loan, LIBOR+4.75% cash due 8/31/2027 | 4.91 | % | Application Software | 5,000 | 4,876 | 4,842 | ||||||||||||||||||||||
Mindbody, Inc. | First Lien Term Loan, LIBOR+7.00% cash 1.5% PIK due 2/14/2025 | 8.00 | % | Internet Services & Infrastructure | 4,546 | 4,481 | 4,192 | (4) | |||||||||||||||||||||
Mindbody, Inc. | First Lien Revolver, LIBOR+8.00% cash due 2/14/2025 | Internet Services & Infrastructure | — | (7) | (38) | (4)(5) | |||||||||||||||||||||||
Total Mindbody, Inc. | 4,546 | 4,474 | 4,154 | ||||||||||||||||||||||||||
MRI Software LLC | First Lien Term Loan, LIBOR+5.50% cash due 2/10/2026 | 6.50 | % | Application Software | 3,830 | 3,795 | 3,737 | (4) | |||||||||||||||||||||
MRI Software LLC | First Lien Delayed Draw Term Loan, LIBOR+5.50% cash due 2/10/2026 | Application Software | — | (1) | (4) | (4)(5) | |||||||||||||||||||||||
MRI Software LLC | First Lien Revolver, LIBOR+5.50% cash due 2/10/2026 | Application Software | — | (3) | (8) | (4)(5) | |||||||||||||||||||||||
Total MRI Software LLC | 3,830 | 3,791 | 3,725 | ||||||||||||||||||||||||||
Navicure, Inc. | First Lien Term Loan, LIBOR+4.00% cash due 10/22/2026 | 4.15 | % | Health Care Technology | 5,970 | 5,940 | 5,849 | ||||||||||||||||||||||
New IPT, Inc. | First Lien Term Loan, LIBOR+5.00% cash due 3/17/2021 | 6.00 | % | Oil & Gas Equipment & Services | 1,006 | 1,006 | 786 | (4) | |||||||||||||||||||||
New IPT, Inc. | 21.876 Class A Common Units in New IPT Holdings, LLC | Oil & Gas Equipment & Services | — | — | (4) | ||||||||||||||||||||||||
Total New IPT, Inc. | 1,006 | 1,006 | 786 | ||||||||||||||||||||||||||
Northern Star Industries Inc. | First Lien Term Loan, LIBOR+4.75% cash due 3/31/2025 | 5.75 | % | Electrical Components & Equipment | 6,825 | 6,803 | 6,518 | ||||||||||||||||||||||
Northwest Fiber, LLC | First Lien Term Loan, LIBOR+5.50% cash due 4/30/2027 | 5.66 | % | Integrated Telecommunication Services | 2,400 | 2,314 | 2,403 | ||||||||||||||||||||||
Novetta Solutions, LLC | First Lien Term Loan, LIBOR+5.00% cash due 10/17/2022 | 6.00 | % | Application Software | 5,931 | 5,909 | 5,827 | ||||||||||||||||||||||
OEConnection LLC | First Lien Term Loan, LIBOR+4.00% cash due 9/25/2026 | 4.15 | % | Application Software | 7,455 | 7,418 | 7,371 | ||||||||||||||||||||||
OEConnection LLC | First Lien Delayed Draw Term Loan, LIBOR+4.00% cash due 9/25/2026 | Application Software | — | (2) | (5) | (5) | |||||||||||||||||||||||
Total OEConnection LLC | 7,455 | 7,416 | 7,366 | ||||||||||||||||||||||||||
Olaplex, Inc. | First Lien Term Loan, LIBOR+6.50% cash due 1/8/2026 | 7.50 | % | Personal Products | 4,938 | 4,851 | 4,938 | (4) | |||||||||||||||||||||
Olaplex, Inc. | First Lien Revolver, LIBOR+6.50% cash due 1/8/2025 | 7.50 | % | Personal Products | 270 | 261 | 270 | (4)(5) | |||||||||||||||||||||
Total Olaplex, Inc. | 5,208 | 5,112 | 5,208 | ||||||||||||||||||||||||||
PetVet Care Centers, LLC | First Lien Term Loan, LIBOR+4.25% cash due 2/14/2025 | 5.25 | % | Specialized Consumer Services | 2,743 | 2,736 | 2,747 | ||||||||||||||||||||||
PG&E Corporation | First Lien Term Loan, LIBOR+4.50% cash due 6/23/2025 | 5.50 | % | Electric Utilities | 5,985 | 5,899 | 5,875 | ||||||||||||||||||||||
Recorded Books, Inc. | First Lien Term Loan, LIBOR+4.25% cash due 8/31/2025 | 4.75 | % | Publishing | 6,000 | 5,940 | 5,940 | ||||||||||||||||||||||
Sabert Corporation | First Lien Term Loan, LIBOR+4.50% cash due 12/10/2026 | 5.50 | % | Metal & Glass Containers | 2,828 | 2,800 | 2,791 | ||||||||||||||||||||||
Salient CRGT, Inc. | First Lien Term Loan, LIBOR+6.50% cash due 2/28/2022 | 7.50 | % | Aerospace & Defense | 2,111 | 2,099 | 1,963 | (4) | |||||||||||||||||||||
SHO Holding I Corporation | First Lien Term Loan, LIBOR+3.00% cash PIK 2.25% due 4/27/2024 | 4.00 | % | Footwear | 8,396 | 8,380 | 5,898 | ||||||||||||||||||||||
Signify Health, LLC | First Lien Term Loan, LIBOR+4.50% cash due 12/23/2024 | 5.50 | % | Health Care Services | 9,750 | 9,690 | 9,409 | ||||||||||||||||||||||
Sirva Worldwide, Inc. | First Lien Term Loan, LIBOR+5.50% cash due 8/4/2025 | 5.65 | % | Diversified Support Services | 4,781 | 4,709 | 3,992 |
Portfolio Company | Investment Type | Cash Interest Rate (1)(2) | Industry | Principal | Cost | Fair Value (3) | Notes | ||||||||||||||||||||||
Star US Bidco LLC | First Lien Term Loan, LIBOR+4.25% cash due 3/17/2027 | 5.25 | % | Industrial Machinery | $ | 3,718 | $ | 3,532 | $ | 3,551 | |||||||||||||||||||
Sunshine Luxembourg VII SARL | First Lien Term Loan, LIBOR+4.25% cash due 10/1/2026 | 5.25 | % | Personal Products | 7,940 | 7,900 | 7,911 | ||||||||||||||||||||||
Supermoose Borrower, LLC | First Lien Term Loan, LIBOR+3.75% cash due 8/29/2025 | 3.90 | % | Application Software | 4,888 | 4,575 | 4,407 | (4) | |||||||||||||||||||||
Surgery Center Holdings, Inc. | First Lien Term Loan, LIBOR+3.25% cash due 9/3/2024 | 4.25 | % | Health Care Facilities | 4,962 | 4,943 | 4,691 | (4) | |||||||||||||||||||||
Uber Technologies, Inc. | First Lien Term Loan, LIBOR+4.00% cash due 4/4/2025 | 5.00 | % | Application Software | 2,997 | 2,959 | 2,980 | ||||||||||||||||||||||
UFC Holdings, LLC | First Lien Term Loan, LIBOR+3.25% cash due 4/29/2026 | 4.25 | % | Movies & Entertainment | 2,856 | 2,816 | 2,814 | ||||||||||||||||||||||
Veritas US Inc. | First Lien Term Loan, LIBOR+5.50% cash due 9/1/2025 | 6.50 | % | Application Software | 6,500 | 6,371 | 6,375 | ||||||||||||||||||||||
Verscend Holding Corp. | First Lien Term Loan, LIBOR+4.50% cash due 8/27/2025 | 4.65 | % | Health Care Technology | 4,112 | 4,080 | 4,084 | (4) | |||||||||||||||||||||
VM Consolidated, Inc. | First Lien Term Loan, LIBOR+3.25% cash due 2/28/2025 | 3.40 | % | Data Processing & Outsourced Services | 10,487 | 10,495 | 10,291 | ||||||||||||||||||||||
Windstream Services II, LLC | First Lien Term Loan, LIBOR+6.25% cash due 9/21/2027 | 7.25 | % | Integrated Telecommunication Services | 7,980 | 7,662 | 7,744 | (4) | |||||||||||||||||||||
WP CPP Holdings, LLC | Second Lien Term Loan, LIBOR+7.75% cash due 4/30/2026 | 8.75 | % | Aerospace & Defense | 6,000 | 5,956 | 4,680 | (4) | |||||||||||||||||||||
Total Portfolio Investments | $ | 307,579 | $ | 311,428 | $ | 298,771 |
March 31, 2021 | September 30, 2020 | |||||||||||||
Selected Balance Sheet Information: | ||||||||||||||
Investments at fair value (cost March 31, 2021: $331,878; cost September 30, 2020: $311,428) | $ | 331,148 | $ | 298,771 | ||||||||||
Cash and cash equivalents | 11,730 | 5,389 | ||||||||||||
Restricted cash | 4,434 | 4,211 | ||||||||||||
Other assets | 5,111 | 5,093 | ||||||||||||
Total assets | $ | 352,423 | $ | 313,464 | ||||||||||
Senior credit facility payable | $ | 194,410 | $ | 167,910 | ||||||||||
Debt securities payable at fair value (proceeds March 31, 2021: $110,000; proceeds September 30, 2020: $110,000) | 110,000 | 110,000 | ||||||||||||
Other liabilities | 8,953 | 11,336 | ||||||||||||
Total liabilities | $ | 313,363 | $ | 289,246 | ||||||||||
Members' equity | 39,060 | 24,218 | ||||||||||||
Total liabilities and members' equity | $ | 352,423 | $ | 313,464 |
Three months ended March 31, 2021 | Three months ended March 31, 2020 | Six months ended March 31, 2021 | Six months ended March 31, 2020 | |||||||||||||||||||||||
Selected Statements of Operations Information: | ||||||||||||||||||||||||||
Interest income | $ | 4,813 | $ | 5,546 | $ | 9,288 | $ | 10,939 | ||||||||||||||||||
Other income | 473 | 291 | 527 | 297 | ||||||||||||||||||||||
Total investment income | 5,286 | 5,837 | 9,815 | 11,236 | ||||||||||||||||||||||
Interest expense | 3,182 | 4,493 | 6,763 | 9,134 | ||||||||||||||||||||||
Other expenses | 75 | 64 | 137 | 131 | ||||||||||||||||||||||
Total expenses (1) | 3,257 | 4,557 | 6,900 | 9,265 | ||||||||||||||||||||||
Net unrealized appreciation (depreciation) | 3,441 | (37,491) | 11,927 | (34,550) | ||||||||||||||||||||||
Net realized gains (losses) | 145 | (615) | 1 | (1,767) | ||||||||||||||||||||||
Net income (loss) | $ | 5,615 | $ | (36,826) | $ | 14,843 | $ | (34,346) |
March 31, 2021 | ||||||||
Senior secured loans (1) | $126,465 | |||||||
Weighted average current interest rate on senior secured loans (2) | 5.84% | |||||||
Number of borrowers in the Glick JV | 36 | |||||||
Largest loan exposure to a single borrower (1) | $6,995 | |||||||
Total of five largest loan exposures to borrowers (1) | $30,221 |
Portfolio Company | Investment Type | Cash Interest Rate (1)(2) | Industry | Principal | Cost | Fair Value (3) | Notes | ||||||||||||||||||||||
ADB Companies, LLC | First Lien Term Loan, LIBOR+6.25% cash due 12/18/2025 | 7.25% | Construction & Engineering | $ | 3,292 | $ | 3,213 | $ | 3,228 | (4) | |||||||||||||||||||
ADB Companies, LLC | First Lien Delayed Draw Term Loan, LIBOR+6.25% cash due 12/18/2025 | 7.25% | Construction & Engineering | 666 | 651 | 654 | (4) | ||||||||||||||||||||||
Total ADB Companies, LLC | 3,958 | 3,864 | 3,882 | ||||||||||||||||||||||||||
AI Ladder (Luxembourg) Subco S.a.r.l. | First Lien Term Loan, LIBOR+4.50% cash due 7/9/2025 | 4.61% | Electrical Components & Equipment | 2,648 | 2,599 | 2,655 | (4) | ||||||||||||||||||||||
Alvogen Pharma US, Inc. | First Lien Term Loan, LIBOR+5.25% cash due 12/31/2023 | 6.25% | Pharmaceuticals | 6,995 | 6,837 | 6,988 | |||||||||||||||||||||||
Amplify Finco Pty Ltd. | First Lien Term Loan, LIBOR+4.25% cash due 11/26/2026 | 5.00% | Movies & Entertainment | 2,970 | 2,940 | 2,925 | (4) | ||||||||||||||||||||||
Anastasia Parent, LLC | First Lien Term Loan, LIBOR+3.75% cash due 8/11/2025 | Personal Products | 1,676 | 1,312 | 1,153 | (6) | |||||||||||||||||||||||
Ancile Solutions, Inc. | First Lien Term Loan, LIBOR+7.00% cash due 6/30/2021 | 8.00% | Application Software | 3,056 | 3,054 | 3,048 | (4) | ||||||||||||||||||||||
Aurora Lux Finco S.À.R.L. | First Lien Term Loan, LIBOR+6.00% cash due 12/24/2026 | 7.00% | Airport Services | 3,713 | 3,637 | 3,507 | (4) | ||||||||||||||||||||||
Brazos Delaware II, LLC | First Lien Term Loan, LIBOR+4.00% cash due 5/21/2025 | 4.11% | Oil & Gas Equipment & Services | 4,861 | 4,847 | 4,554 | |||||||||||||||||||||||
Carrols Restaurant Group, Inc. | First Lien Term Loan, LIBOR+6.25% cash due 4/30/2026 | 7.25% | Restaurants | 1,113 | 1,062 | 1,114 | (4) | ||||||||||||||||||||||
CITGO Petroleum Corp. | First Lien Term Loan, LIBOR+6.25% cash due 3/28/2024 | 7.25% | Oil & Gas Refining & Marketing | 3,574 | 3,538 | 3,585 | (4) | ||||||||||||||||||||||
Curium Bidco S.à.r.l. | First Lien Term Loan, LIBOR+3.75% cash due 7/9/2026 | 3.95% | Biotechnology | 4,925 | 4,888 | 4,900 | |||||||||||||||||||||||
Enviva Holdings, LP | First Lien Term Loan, LIBOR+5.50% cash due 2/17/2026 | 6.50% | Coal & Consumable Fuels | 4,000 | 3,960 | 4,010 | |||||||||||||||||||||||
eResearch Technology, Inc. | First Lien Term Loan, LIBOR+4.50% cash due 2/4/2027 | 5.50% | Application Software | 2,481 | 2,456 | 2,488 | |||||||||||||||||||||||
Houghton Mifflin Harcourt Publishers Inc. | First Lien Term Loan, LIBOR+6.25% cash due 11/22/2024 | 7.25% | Education Services | 2,813 | 2,729 | 2,812 | (4) | ||||||||||||||||||||||
Integro Parent, Inc. | First Lien Term Loan, LIBOR+5.75% cash due 10/31/2022 | 6.75% | Insurance Brokers | 3,253 | 3,235 | 3,200 | |||||||||||||||||||||||
Intelsat Jackson Holdings S.A. | First Lien Term Loan, LIBOR+5.50% cash due 7/13/2022 | 6.50% | Alternative Carriers | 797 | 724 | 808 | |||||||||||||||||||||||
Lightstone Holdco LLC | First Lien Term Loan, LIBOR+3.75% cash due 1/30/2024 | 4.75% | Electric Utilities | 3,300 | 2,950 | 2,618 | |||||||||||||||||||||||
LTI Holdings, Inc. | First Lien Term Loan, LIBOR+3.50% cash due 9/6/2025 | 3.61% | Electronic Components | 1,379 | 1,124 | 1,361 | |||||||||||||||||||||||
MHE Intermediate Holdings, LLC | First Lien Term Loan, LIBOR+5.00% cash due 3/8/2024 | 6.00% | Diversified Support Services | 4,904 | 4,857 | 4,777 | (4) | ||||||||||||||||||||||
MRI Software LLC | First Lien Term Loan, LIBOR+5.50% cash due 2/10/2026 | 6.50% | Application Software | 1,625 | 1,611 | 1,625 | (4) | ||||||||||||||||||||||
MRI Software LLC | First Lien Delayed Draw Term Loan, LIBOR+5.50% cash due 2/10/2026 | Application Software | — | (1) | — | (4)(5) | |||||||||||||||||||||||
MRI Software LLC | First Lien Revolver, LIBOR+5.50% cash due 2/10/2026 | Application Software | 7 | 6 | 7 | (4)(5) | |||||||||||||||||||||||
Total MRI Software LLC | 1,632 | 1,616 | 1,632 | ||||||||||||||||||||||||||
Portfolio Company | Investment Type | Cash Interest Rate (1)(2) | Industry | Principal | Cost | Fair Value (3) | Notes | ||||||||||||||||||||||
Navicure, Inc. | First Lien Term Loan, LIBOR+4.00% cash due 10/22/2026 | 4.11% | Health Care Technology | $ | 3,960 | $ | 3,940 | $ | 3,972 | ||||||||||||||||||||
Northern Star Industries Inc. | First Lien Term Loan, LIBOR+4.50% cash due 3/31/2025 | 5.50% | Electrical Components & Equipment | 5,335 | 5,320 | 5,282 | |||||||||||||||||||||||
Novetta Solutions, LLC | First Lien Term Loan, LIBOR+5.00% cash due 10/17/2022 | 6.00% | Application Software | 5,777 | 5,744 | 5,766 | |||||||||||||||||||||||
OEConnection LLC | First Lien Term Loan, LIBOR+4.00% cash due 9/25/2026 | 4.11% | Application Software | 3,930 | 3,912 | 3,922 | (4) | ||||||||||||||||||||||
OEConnection LLC | First Lien Delayed Draw Term Loan, LIBOR+4.00% cash due 9/25/2026 | Application Software | — | — | 1 | (4)(5) | |||||||||||||||||||||||
Total OEConnection LLC | 3,930 | 3,912 | 3,923 | ||||||||||||||||||||||||||
Olaplex, Inc. | First Lien Term Loan, LIBOR+6.50% cash due 1/8/2026 | 7.50% | Personal Products | 3,547 | 3,494 | 3,547 | (4) | ||||||||||||||||||||||
Olaplex, Inc. | First Lien Revolver, LIBOR+6.50% cash due 1/8/2025 | Personal Products | — | (5) | (3) | (4)(5) | |||||||||||||||||||||||
Total Olaplex, Inc. | 3,547 | 3,489 | 3,544 | ||||||||||||||||||||||||||
Planview Parent, Inc. | Second Lien Term Loan, LIBOR+7.25% cash due 12/18/2028 | 8.00% | Application Software | 2,842 | 2,799 | 2,846 | (4) | ||||||||||||||||||||||
RS Ivy Holdco, Inc. | First Lien Term Loan, LIBOR+5.50% cash due 12/23/2027 | 6.50% | Oil & Gas Exploration & Production | 3,990 | 3,930 | 4,005 | (4) | ||||||||||||||||||||||
Sabert Corporation | First Lien Term Loan, LIBOR+4.50% cash due 12/10/2026 | 5.50% | Metal & Glass Containers | 1,828 | 1,810 | 1,833 | (4) | ||||||||||||||||||||||
SHO Holding I Corporation | First Lien Term Loan, LIBOR+5.25% cash due 4/27/2024 | 6.25% | Footwear | 6,191 | 6,168 | 5,572 | |||||||||||||||||||||||
SHO Holding I Corporation | First Lien Term Loan, LIBOR+5.23% cash due 4/27/2024 | 6.23% | Footwear | 102 | 102 | 92 | |||||||||||||||||||||||
Total SHO Holding I Corporation | 6,293 | 6,270 | 5,664 | ||||||||||||||||||||||||||
Signify Health, LLC | First Lien Term Loan, LIBOR+4.50% cash due 12/23/2024 | 5.50% | Health Care Services | 5,820 | 5,788 | 5,843 | (4) | ||||||||||||||||||||||
Supermoose Borrower, LLC | First Lien Term Loan, LIBOR+3.75% cash due 8/29/2025 | 3.95% | Application Software | 2,864 | 2,698 | 2,752 | (4) | ||||||||||||||||||||||
Surgery Center Holdings, Inc. | First Lien Term Loan, LIBOR+3.25% cash due 9/3/2024 | 4.25% | Health Care Facilities | 4,936 | 4,920 | 4,897 | |||||||||||||||||||||||
Tribe Buyer LLC | First Lien Term Loan, LIBOR+4.50% cash due 2/16/2024 | 5.50% | Human Resource & Employment Services | 1,608 | 1,606 | 1,419 | |||||||||||||||||||||||
Verscend Holding Corp. | First Lien Term Loan, LIBOR+4.50% cash due 8/27/2025 | 4.61% | Health Care Technology | 1,725 | 1,712 | 1,727 | (4) | ||||||||||||||||||||||
Windstream Services II, LLC | First Lien Term Loan, LIBOR+6.25% cash due 9/21/2027 | 7.25% | Integrated Telecommunication Services | 4,962 | 4,779 | 4,972 | (4) | ||||||||||||||||||||||
WP CPP Holdings, LLC | Second Lien Term Loan, LIBOR+7.75% cash due 4/30/2026 | 8.75% | Aerospace & Defense | 3,000 | 2,980 | 2,670 | (4) | ||||||||||||||||||||||
Total Portfolio Investments
|
$ | 126,465 | $ | 123,926 | $ | 123,132 | |||||||||||||||||||||||
March 31, 2021 | ||||||||
Selected Balance Sheet Information: | ||||||||
Investments at fair value (cost March 31, 2021: $123,926) | $ | 123,132 | ||||||
Cash and cash equivalents | 8,812 | |||||||
Restricted cash | 1,134 | |||||||
Other assets | 4,179 | |||||||
Total assets | $ | 137,257 | ||||||
Senior credit facility payable | $ | 73,382 | ||||||
Glick JV Notes payable at fair value (proceeds March 31, 2021: $71,795) | 62,416 | |||||||
Other liabilities | 1,459 | |||||||
Total liabilities | $ | 137,257 | ||||||
Members' equity | — | |||||||
Total liabilities and members' equity | $ | 137,257 |
For the period from March 19, 2021 to March 31, 2021 | ||||||||
Selected Statements of Operations Information: | ||||||||
Interest income | $ | 304 | ||||||
Fee income | 3 | |||||||
Total investment income | 307 | |||||||
Interest expense | 209 | |||||||
Other expenses | 6 | |||||||
Total expenses (1) | 215 | |||||||
Net unrealized appreciation (depreciation) | (124) | |||||||
Realized gain (loss) | 32 | |||||||
Net income (loss) | $ | — |
(Share amounts in thousands) |
Three months ended
March 31, 2021 |
Three months ended
March 31, 2020 |
Six months ended
March 31, 2021 |
Six months ended
March 31, 2020 |
||||||||||||||||||||||
Earnings (loss) per common share — basic and diluted: | ||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 88,117 | $ | (165,467) | $ | 153,661 | $ | (151,624) | ||||||||||||||||||
Weighted average common shares outstanding — basic and diluted | 146,652 | 140,961 | 143,775 | 140,961 | ||||||||||||||||||||||
Earnings (loss) per common share — basic and diluted | $ | 0.60 | $ | (1.17) | $ | 1.07 | $ | (1.08) |
Common Stock | ||||||||||||||||||||||||||||||||
Shares | Par Value | Additional paid-in-capital | Accumulated Overdistributed Earnings | Total Net Assets | ||||||||||||||||||||||||||||
Balance as of September 30, 2020 | 140,961 | $ | 1,409 | $ | 1,487,774 | $ | (574,304) | $ | 914,879 | |||||||||||||||||||||||
Net investment income | — | — | — | 10,018 | 10,018 | |||||||||||||||||||||||||||
Net unrealized appreciation (depreciation) | — | — | — | 47,556 | 47,556 | |||||||||||||||||||||||||||
Net realized gains (losses) | — | — | — | 8,215 | 8,215 | |||||||||||||||||||||||||||
Provision for income tax (expense) benefit | — | — | — | (245) | (245) | |||||||||||||||||||||||||||
Distributions to stockholders | — | — | — | (15,506) | (15,506) | |||||||||||||||||||||||||||
Issuance of common stock under dividend reinvestment plan | 94 | 1 | 527 | — | 528 | |||||||||||||||||||||||||||
Repurchases of common stock under dividend reinvestment plan | (94) | (1) | (527) | — | (528) | |||||||||||||||||||||||||||
Balance as of December 31, 2020 | 140,961 | $ | 1,409 | $ | 1,487,774 | $ | (524,266) | $ | 964,917 | |||||||||||||||||||||||
Net investment income | — | — | — | 18,114 | 18,114 | |||||||||||||||||||||||||||
Net unrealized appreciation (depreciation) | — | — | — | 65,144 | 65,144 | |||||||||||||||||||||||||||
Net realized gains (losses) | — | — | — | 5,856 | 5,856 | |||||||||||||||||||||||||||
Provision for income tax (expense) benefit | — | — | — | (997) | (997) | |||||||||||||||||||||||||||
Distributions to stockholders | — | — | — | (16,915) | (16,915) | |||||||||||||||||||||||||||
Issuance of common stock in connection with the Mergers | 39,400 | 395 | 242,309 | — | 242,704 | |||||||||||||||||||||||||||
Issuance of common stock under dividend reinvestment plan | 82 | 1 | 510 | — | 511 | |||||||||||||||||||||||||||
Repurchases of common stock under dividend reinvestment plan | (82) | (1) | (510) | — | (511) | |||||||||||||||||||||||||||
Balance as of March 31, 2021 | 180,361 | $ | 1,804 | $ | 1,730,083 | $ | (453,064) | $ | 1,278,823 |
Common Stock | ||||||||||||||||||||||||||||||||
Shares | Par Value | Additional paid-in-capital | Accumulated Overdistributed Earnings | Total Net Assets | ||||||||||||||||||||||||||||
Balance as of September 30, 2019 | 140,961 | $ | 1,409 | $ | 1,487,774 | $ | (558,553) | $ | 930,630 | |||||||||||||||||||||||
Net investment income | — | — | — | 7,836 | 7,836 | |||||||||||||||||||||||||||
Net unrealized appreciation (depreciation) | — | — | — | 2,879 | 2,879 | |||||||||||||||||||||||||||
Net realized gains (losses) | — | — | — | 3,288 | 3,288 | |||||||||||||||||||||||||||
Provision for income tax (expense) benefit | — | — | — | (160) | (160) | |||||||||||||||||||||||||||
Distributions to stockholders | — | — | — | (13,391) | (13,391) | |||||||||||||||||||||||||||
Issuance of common stock under dividend reinvestment plan | 88 | 1 | 480 | — | 481 | |||||||||||||||||||||||||||
Repurchases of common stock under dividend reinvestment plan | (88) | (1) | (480) | — | (481) | |||||||||||||||||||||||||||
Balance as of December 31, 2019 | 140,961 | $ | 1,409 | $ | 1,487,774 | $ | (558,101) | $ | 931,082 | |||||||||||||||||||||||
Net investment income | — | — | — | 22,841 | 22,841 | |||||||||||||||||||||||||||
Net unrealized appreciation (depreciation) | — | — | — | (163,533) | (163,533) | |||||||||||||||||||||||||||
Net realized gains (losses) | — | — | — | (26,480) | (26,480) | |||||||||||||||||||||||||||
Provision for income tax (expense) benefit | — | — | — | 1,705 | 1,705 | |||||||||||||||||||||||||||
Distributions to stockholders | — | — | — | (13,391) | (13,391) | |||||||||||||||||||||||||||
Issuance of common stock under dividend reinvestment plan | 158 | 2 | 504 | — | 506 | |||||||||||||||||||||||||||
Repurchases of common stock under dividend reinvestment plan | (158) | (2) | (504) | — | (506) | |||||||||||||||||||||||||||
Balance at March 31, 2020 | 140,961 | $ | 1,409 | $ | 1,487,774 | $ | (736,959) | $ | 752,224 |
Date Declared | Record Date | Payment Date |
Amount
per Share |
Cash
Distribution |
DRIP Shares
Issued (1) |
DRIP Shares
Value |
||||||||||||||||||||||||||||||||
November 13, 2020 | December 15, 2020 | December 31, 2020 | $ | 0.11 | $ 15.0 million | 93,964 | $ 0.5 million | |||||||||||||||||||||||||||||||
January 29, 2021 | March 15, 2021 | March 31, 2021 | 0.12 | 16.4 million | 81,702 | 0.5 million | ||||||||||||||||||||||||||||||||
Total for the six months ended March 31, 2021 | $ | 0.23 | $ 31.4 million | 175,666 | $ 1.0 million | |||||||||||||||||||||||||||||||||
Date Declared | Record Date | Payment Date |
Amount
per Share |
Cash
Distribution |
DRIP Shares
Issued (1) |
DRIP Shares
Value |
||||||||||||||||||||||||||||||||
November 12, 2019 | December 13, 2019 | December 31, 2019 | $ | 0.095 | $ 12.9 million | 87,747 | $ 0.5 million | |||||||||||||||||||||||||||||||
January 31, 2020 | March 13, 2020 | March 31, 2020 | 0.095 | 12.9 million | 157,523 | 0.5 million | ||||||||||||||||||||||||||||||||
Total for the six months ended March 31, 2020 | $ | 0.19 | $ 25.8 million | 245,270 | $ 1.0 million |
September 30, 2020 | ||||||||||||||||||||||||||
Cost |
% of Debt
Portfolio |
Fair Value |
% of Debt
Portfolio |
|||||||||||||||||||||||
Accrual | $ | 1,500,364 | 98.79 | % | $ | 1,483,284 | 99.89 | % | ||||||||||||||||||
PIK non-accrual (1) | 12,661 | 0.83 | — | — | ||||||||||||||||||||||
Cash non-accrual (2) | 5,712 | 0.38 | 1,571 | 0.11 | ||||||||||||||||||||||
Total | $ | 1,518,737 | 100.00 | % | $ | 1,484,855 | 100.00 | % |
Three months ended
March 31, 2021 |
Three months ended
March 31, 2020 |
Six months ended
March 31, 2021 |
Six months ended
March 31, 2020 |
|||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 88,117 | $ | (165,467) | $ | 153,661 | $ | (151,624) | ||||||||||||||||||
Net unrealized (appreciation) depreciation | (65,144) | 163,533 | (112,700) | 160,654 | ||||||||||||||||||||||
Book/tax difference due to organizational costs | — | (21) | (22) | (43) | ||||||||||||||||||||||
Book/tax difference due to interest income on certain loans | (469) | — | (339) | — | ||||||||||||||||||||||
Book/tax difference due to capital losses utilized | (11,954) | 23,958 | (21,897) | 19,981 | ||||||||||||||||||||||
Other book/tax differences | 12,018 | (8,002) | 17,632 | (2,858) | ||||||||||||||||||||||
Taxable/Distributable Income (1) | $ | 22,568 | $ | 14,001 | $ | 36,335 | $ | 26,110 |
Undistributed ordinary income, net | $ | 9,392 | |||
Net realized capital losses | 515,255 | ||||
Unrealized losses, net | 68,439 |
($ in millions) | |||||
Portfolio Company | Net Realized Gain (Loss) | ||||
LTI Holdings, Inc. | $ | 2.6 | |||
L Squared Capital Partners LLC | 2.0 | ||||
BX Commercial Mortgage Trust 2020-VIVA | 1.1 | ||||
Other, net | 0.2 | ||||
Total, net
|
$ | 5.9 |
($ in millions) | |||||
Portfolio Company | Net Realized Gain (Loss) | ||||
Cenegenics, LLC
|
$ | (29.2) | |||
Dominion Diagnostics, LLC
|
(15.6) | ||||
YETI Holdings, Inc.
|
14.2 | ||||
Lytx Holdings, LLC
|
5.2 | ||||
Other, net
|
(1.1) | ||||
Total, net
|
$ | (26.5) |
($ in millions) | September 30, 2019 (1) | ||||
Capital gains incentive fee payable under the Investment Advisory Agreement (prior to waivers) | $ | 4.6 | |||
Contractual fees waived | (3.9) | ||||
Capital gains incentive fee payable under the Investment Advisory Agreement (net of waivers) | $ | 0.8 |
(Share amounts in thousands) |
Three months ended
March 31, 2021 |
Three months ended
March 31, 2020 |
Six months ended
March 31, 2021 |
Six months ended
March 31, 2020 |
||||||||||||||||||||||
Net asset value per share at beginning of period | $6.85 | $6.61 | $6.49 | $6.60 | ||||||||||||||||||||||
Net investment income (1) | 0.12 | 0.16 | 0.20 | 0.22 | ||||||||||||||||||||||
Net unrealized appreciation (depreciation) (1)(2) | 0.40 | (1.15) | 0.73 | (1.14) | ||||||||||||||||||||||
Net realized gains (losses) (1) | 0.04 | (0.19) | 0.10 | (0.16) | ||||||||||||||||||||||
Provision for income tax (expense) benefit (1) | (0.01) | 0.01 | (0.01) | 0.01 | ||||||||||||||||||||||
Distributions of net investment income to stockholders | (0.12) | (0.10) | (0.23) | (0.19) | ||||||||||||||||||||||
Issuance of common stock | (0.19) | — | (0.19) | — | ||||||||||||||||||||||
Net asset value per share at end of period | $7.09 | $5.34 | $7.09 | $5.34 | ||||||||||||||||||||||
Per share market value at beginning of period | $5.57 | $5.46 | $4.84 | $5.18 | ||||||||||||||||||||||
Per share market value at end of period | $6.20 | $3.24 | $6.20 | $3.24 | ||||||||||||||||||||||
Total return (3) | 13.44% | (38.91)% | 33.11% | (34.49)% | ||||||||||||||||||||||
Common shares outstanding at beginning of period | 140,961 | 140,961 | 140,961 | 140,961 | ||||||||||||||||||||||
Common shares outstanding at end of period | 180,361 | 140,961 | 180,361 | 140,961 | ||||||||||||||||||||||
Net assets at beginning of period | $964,917 | $931,082 | $914,879 | $930,630 | ||||||||||||||||||||||
Net assets at end of period | $1,278,823 | $752,224 | $1,278,823 | $752,224 | ||||||||||||||||||||||
Average net assets (4) | $1,040,838 | $846,610 | $992,644 | $891,012 | ||||||||||||||||||||||
Ratio of net investment income to average net assets (5) | 7.06% | 10.82% | 5.68% | 6.87% | ||||||||||||||||||||||
Ratio of total expenses to average net assets (5) | 9.33% | 5.37% | 10.53% | 6.55% | ||||||||||||||||||||||
Ratio of net expenses to average net assets (5) | 9.28% | 5.37% | 10.51% | 7.71% | ||||||||||||||||||||||
Ratio of portfolio turnover to average investments at fair value | 12.69% | 10.80% | 22.91% | 17.56% | ||||||||||||||||||||||
Weighted average outstanding debt (6) | $810,738 | $623,696 | $756,399 | $556,264 | ||||||||||||||||||||||
Average debt per share (1) | $5.53 | $4.42 | $5.26 | $3.95 | ||||||||||||||||||||||
Asset coverage ratio at end of period (7) | 214.28% | 205.85% | 214.28% | 205.85% |
(1) | Calculated based upon weighted average shares outstanding for the period. | ||||
(2) | For the three and six months ended March 31, 2021, the amount shown for net unrealized appreciation (depreciation) includes the effect of the timing of common stock issuances in connection with the Mergers. | ||||
(3) | Total return equals the increase or decrease of ending market value over beginning market value, plus distributions, divided by the beginning market value, assuming dividend reinvestment prices obtained under the Company's DRIP. Total return does not include sales load. | ||||
(4) | Calculated based upon the weighted average net assets for the period. | ||||
(5) | Interim periods are annualized. | ||||
(6) | Calculated based upon the weighted average of principal debt outstanding for the period. | ||||
(7) |
Based on outstanding senior securities of $1,114.8 million and $704.8 million as of March 31, 2021 and 2020, respectively.
|
Description | Notional Amount to be Purchased | Notional Amount to be Sold | Maturity Date | Gross Amount of Recognized Assets | Gross Amount of Recognized Liabilities | Balance Sheet Location of Net Amounts | ||||||||||||||||||||||||||||||||
Foreign currency forward contract | $ | 46,001 | £ | 33,281 | 5/13/2021 | $ | 77 | $ | — | Derivative asset | ||||||||||||||||||||||||||||
Foreign currency forward contract | $ | 46,151 | € | 38,165 | 5/13/2021 | $ | 1,256 | $ | — | Derivative asset | ||||||||||||||||||||||||||||
$ | 1,333 | $ | — |
Description | Notional Amount to be Purchased | Notional Amount to be Sold | Maturity Date | Gross Amount of Recognized Assets | Gross Amount of Recognized Liabilities | Balance Sheet Location of Net Amounts | ||||||||||||||||||||||||||||||||
Foreign currency forward contract | $ | 35,577 | £ | 27,494 | 11/12/2020 | $ | 25 | $ | — | Derivative asset | ||||||||||||||||||||||||||||
Foreign currency forward contract | $ | 30,260 | € | 25,614 | 11/12/2020 | $ | 198 | $ | — | Derivative asset | ||||||||||||||||||||||||||||
$ | 223 | $ | — |
March 31, 2021 | September 30, 2020 | |||||||||||||
Assembled Brands Capital LLC | $ | 31,491 | $ | 36,079 | ||||||||||
WPEngine, Inc. | 26,348 | 26,348 | ||||||||||||
Thrasio, LLC | 25,452 | — | ||||||||||||
Athenex, Inc. | 21,072 | 22,780 | ||||||||||||
FFI Holdings I Corp | 17,170 | — | ||||||||||||
OCSI Glick JV LLC | 13,998 | — | ||||||||||||
Jazz Acquisition, Inc. | 13,825 | — | ||||||||||||
Latam Airlines Group S.A. | 11,128 | — | ||||||||||||
Gulf Operating, LLC | 10,064 | — | ||||||||||||
Coty Inc. | 9,886 | — | ||||||||||||
Dominion Diagnostics, LLC | 7,629 | 5,887 | ||||||||||||
MRI Software LLC | 6,410 | 7,239 | ||||||||||||
NeuAG, LLC | 5,441 | 4,382 | ||||||||||||
MHE Intermediate Holdings, LLC | 5,255 | — | ||||||||||||
SumUp Holdings Luxembourg S.À.R.L. | 5,154 | — | ||||||||||||
Olaplex, Inc. | 4,806 | 1,917 | ||||||||||||
Mindbody, Inc. | 4,000 | 3,048 | ||||||||||||
Corrona, LLC | 3,968 | 5,189 | ||||||||||||
Sunland Asphalt & Construction, LLC | 3,733 | — | ||||||||||||
Pingora MSR Opportunity Fund I-A, LP | 3,500 | 3,500 | ||||||||||||
T8 Urban Condo Owner, LLC | 3,316 | — | ||||||||||||
Velocity Commercial Capital, LLC | 3,247 | — | ||||||||||||
Accupac, Inc. | 3,063 | 2,346 | ||||||||||||
PRGX Global, Inc. | 2,518 | — | ||||||||||||
Acquia Inc. | 2,061 | 2,240 | ||||||||||||
Telestream Holdings Corporation | 1,759 | — | ||||||||||||
Apptio, Inc. | 1,338 | 1,538 | ||||||||||||
Coyote Buyer, LLC | 1,333 | 942 | ||||||||||||
Senior Loan Fund JV I, LLC | 1,328 | 1,328 | ||||||||||||
Ardonagh Midco 3 PLC | 1,269 | 3,007 | ||||||||||||
109 Montgomery Owner LLC | 1,253 | — | ||||||||||||
Ministry Brands, LLC | 1,100 | 425 | ||||||||||||
Digital.AI Software Holdings, Inc. | 1,077 | — | ||||||||||||
T8 Senior Mezz LLC | 744 | — | ||||||||||||
Immucor, Inc. | 731 | 541 | ||||||||||||
GKD Index Partners, LLC | 320 | 231 | ||||||||||||
Thermacell Repellents, Inc. | 292 | — | ||||||||||||
OEConnection LLC | 30 | — | ||||||||||||
NuStar Logistics, L.P. | — | 17,911 | ||||||||||||
A.T. Holdings II SÀRL | — | 7,541 | ||||||||||||
New IPT, Inc. | — | 2,229 | ||||||||||||
iCIMs, Inc. | — | 882 | ||||||||||||
Total
|
$ | 257,109 | $ | 157,530 |
Common stock issued by the Company | $ | 242,704 | ||||||
Transaction costs | 1,593 | |||||||
Consideration paid | $ | 244,297 | ||||||
Investments | $ | 470,155 | ||||||
Cash and cash equivalents | 20,945 | |||||||
Other assets | 8,995 | |||||||
Total assets acquired | 500,095 | |||||||
Debt | 249,098 | |||||||
Other liabilities | 6,700 | |||||||
Total liabilities assumed | 255,798 | |||||||
Net assets acquired | $ | 244,297 |
Portfolio Company/Type of Investment (1) | Cash Interest Rate | Industry | Principal | Net Realized Gain (Loss) |
Amount of
Interest, Fees or Dividends Credited in Income (2) |
Fair Value
as of October 1, 2020 |
Gross
Additions (3) |
Gross
Reductions (4) |
Fair Value
as of March 31, 2021 |
% of Total Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Control Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
C5 Technology Holdings, LLC | Data Processing & Outsourced Services | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
829 Common Units | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||
34,984,460.37 Preferred Units | — | — | 27,638 | — | — | 27,638 | 2.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dominion Diagnostics, LLC | Health Care Services | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.00% cash due 2/28/2024 | 6.00 | % | $ | 27,520 | — | 863 | 27,660 | — | (140) | 27,520 | 2.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Revolver, LIBOR+5.00% cash due 2/28/2024 | 6.00 | % | 3,518 | — | 224 | 5,260 | 2,439 | (4,181) | 3,518 | 0.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
30,030.8 Common Units in DD Healthcare Services Holdings, LLC | — | — | 7,667 | 10,399 | — | 18,066 | 1.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Star Speir Aviation Limited (5) | Airlines | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Term Loan, 9.00% cash due 12/15/2025 | 7,500 | — | 339 | 11,510 | — | (4,010) | 7,500 | 0.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
100% equity interest | — | — | 1,622 | 1,013 | (2,153) | 482 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
New IPT, Inc. | Oil & Gas Equipment & Services | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.00% cash due 3/17/2021 | — | — | 42 | 1,800 | 504 | (2,304) | — | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Revolver, LIBOR+5.00% cash due 3/17/2021 | — | — | 17 | 788 | 221 | (1,009) | — | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
50.087 Class A Common Units in New IPT Holdings, LLC | — | — | — | — | — | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
OCSI Glick JV LLC (6) | Multi-Sector Holdings | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Debt, LIBOR+4.50% cash due 10/20/2028 | 4.64 | % | 62,821 | — | 130 | — | 54,614 | — | 54,614 | 4.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
87.5% equity interest | — | — | — | — | — | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Loan Fund JV I, LLC (7) | Multi-Sector Holdings | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Debt, LIBOR+7.00% cash due 12/29/2028 | 7.14 | % | 96,250 | — | 3,474 | 96,250 | — | — | 96,250 | 7.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
87.5% LLC equity interest | — | — | 21,190 | 12,974 | — | 34,164 | 2.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Control Investments | $ | 197,609 | $ | — | $ | 5,089 | $ | 201,385 | $ | 82,164 | $ | (13,797) | $ | 269,752 | 21.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Affiliate Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assembled Brands Capital LLC | Specialized Finance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Revolver, LIBOR+6.00% cash due 10/17/2023 | 7.00 | % | $ | 9,274 | $ | — | $ | 258 | $ | 4,194 | $ | 5,264 | $ | (510) | $ | 8,948 | 0.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
1,609,201 Class A Units | — | — | 483 | 145 | — | 628 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
1,019,168.80 Preferred Units, 6% | — | — | 1,091 | 30 | — | 1,121 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
70,424.5641 Class A Warrants (exercise price $3.3778) expiration date 9/9/2029 | — | — | — | — | — | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Caregiver Services, Inc. | Health Care Services | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1,080,399 shares of Series A Preferred Stock, 10% | — | — | — | 741 | — | (238) | 503 | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Affiliate Investments | $ | 9,274 | $ | — | $ | 258 | $ | 6,509 | $ | 5,439 | $ | (748) | $ | 11,200 | 0.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total Control & Affiliate Investments | $ | 206,883 | $ | — | $ | 5,347 | $ | 207,894 | $ | 87,603 | $ | (14,545) | $ | 280,952 | 22.0 | % |
Portfolio Company/Type of Investment (1) | Cash Interest Rate | Industry | Principal | Net Realized Gain (Loss) |
Amount of
Interest, Fees or Dividends Credited in Income (2) |
Fair Value
at October 1, 2019 |
Gross
Additions (3) |
Gross
Reductions (4) |
Fair Value
at March 31, 2020 |
% of Total Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Control Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
C5 Technology Holdings, LLC | Data Processing & Outsourced Services | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
829 Common Units | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||
34,984,460.37 Preferred Units | — | — | 34,984 | — | (7,346) | 27,638 | 3.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dominion Diagnostics, LLC | Health Care Services | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.00% cash due 2/28/2024 | 6.46 | % | $ | 27,799 | — | 172 | — | 27,869 | (70) | 27,799 | 3.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Revolver, LIBOR+5.00% cash due 2/28/2024 | 6.46 | % | 5,260 | — | 35 | — | 5,260 | — | 5,260 | 0.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
30,030.8 Common Units in DD Healthcare Services Holdings, LLC | — | — | — | — | 18,626 | (8,511) | 10,115 | 1.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
First Star Speir Aviation Limited (5) | Airlines | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Term Loan, 9.00% cash due 12/15/2020 | 11,510 | — | 600 | 11,510 | 42 | (42) | 11,510 | 1.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
100% equity interest | — | — | — | 4,630 | — | (1,465) | 3,165 | 0.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
New IPT, Inc. | Oil & Gas Equipment & Services | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.00% cash due 3/17/2021 | 6.45 | % | 2,605 | — | 112 | 3,256 | — | (651) | 2,605 | 0.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Revolver, LIBOR+5.00% cash due 3/17/2021 | 6.45 | % | 1,009 | — | 40 | 1,009 | — | — | 1,009 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
50.087 Class A Common Units in New IPT Holdings, LLC | — | — | 2,903 | — | (1,307) | 1,596 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Loan Fund JV I, LLC (6) | Multi-Sector Holdings | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Debt, LIBOR+7.00% cash due 12/29/2028 | 8.73 | % | 96,250 | — | 4,341 | 96,250 | — | (4,079) | 92,171 | 12.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
87.5% LLC equity interest | — | — | 30,052 | — | (30,052) | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Thruline Marketing, Inc. | Advertising | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+7.00% cash due 4/3/2022 | — | — | 257 | 18,146 | — | (18,146) | — | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Revolver, LIBOR+7.75% cash due 4/3/2022 | — | — | 1 | — | — | — | — | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
9,073 Class A Units in FS AVI Holdco, LLC | — | — | 6,438 | — | (2,039) | 4,399 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Control Investments | $ | 144,433 | $ | — | $ | 5,558 | $ | 209,178 | $ | 51,797 | $ | (73,708) | $ | 187,267 | 24.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Affiliate Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assembled Brands Capital LLC | Specialized Finance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Delayed Draw Term Loan, LIBOR+6.00% cash due 10/17/2023 | 6.99 | % | $ | 7,623 | $ | — | $ | 262 | $ | 5,585 | $ | 2,038 | $ | (1,508) | $ | 6,115 | 0.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
1,609,201 Class A Units | — | — | 782 | 135 | — | 917 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
1,019,168.80 Preferred Units, 6% | — | — | 1,019 | 31 | — | 1,050 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
70,424.5641 Class A Warrants (exercise price $3.3778) expiration date 9/9/2029 | — | — | — | — | — | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Caregiver Services, Inc. | Health Care Services | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1,080,399 shares of Series A Preferred Stock, 10% | — | — | — | 1,784 | — | (452) | 1,332 | 0.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Affiliate Investments | $ | 7,623 | $ | — | $ | 262 | $ | 9,170 | $ | 2,204 | $ | (1,960) | $ | 9,414 | 1.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total Control & Affiliate Investments | $ | 152,056 | $ | — | $ | 5,820 | $ | 218,348 | $ | 54,001 | $ | (75,668) | $ | 196,681 | 26.1 | % |
March 31, 2021 | September 30, 2020 | |||||||||||||
Cost: | ||||||||||||||
Senior secured debt | 85.20 | % | 80.58 | % | ||||||||||
Debt investments in the JVs | 6.37 | 5.77 | ||||||||||||
Common equity and warrants | 2.62 | 3.69 | ||||||||||||
Preferred equity | 2.57 | 2.37 | ||||||||||||
LLC equity interests of the JVs | 2.13 | 2.95 | ||||||||||||
Subordinated debt | 1.11 | 4.64 | ||||||||||||
Total | 100.00 | % | 100.00 | % |
March 31, 2021 | September 30, 2020 | |||||||||||||
Fair value: | ||||||||||||||
Senior secured debt | 86.48 | % | 84.06 | % | ||||||||||
Debt investments in the JVs | 6.48 | 6.12 | ||||||||||||
Preferred equity | 2.23 | 1.90 | ||||||||||||
Common equity and warrants | 2.20 | 2.40 | ||||||||||||
LLC equity interests of the JVs | 1.47 | 1.35 | ||||||||||||
Subordinated debt | 1.14 | 4.17 | ||||||||||||
Total | 100.00 | % | 100.00 | % |
March 31, 2021 | September 30, 2020 | |||||||||||||
Cost: | ||||||||||||||
Application Software | 12.20 | % | 9.71 | % | ||||||||||
Multi-Sector Holdings (1) | 8.51 | 8.87 | ||||||||||||
Data Processing & Outsourced Services | 7.39 | 6.57 | ||||||||||||
Pharmaceuticals | 5.06 | 5.96 | ||||||||||||
Biotechnology | 4.67 | 5.36 | ||||||||||||
Specialized Finance | 4.41 | 3.11 | ||||||||||||
Industrial Machinery | 3.96 | 0.90 | ||||||||||||
Health Care Services | 3.54 | 4.26 | ||||||||||||
Personal Products | 2.96 | 3.00 | ||||||||||||
Movies & Entertainment | 2.85 | 2.68 | ||||||||||||
Aerospace & Defense | 2.65 | 1.68 | ||||||||||||
Construction & Engineering | 2.59 | 0.80 | ||||||||||||
Integrated Telecommunication Services | 2.37 | 2.67 | ||||||||||||
Specialty Chemicals | 2.07 | 2.68 | ||||||||||||
Internet Services & Infrastructure | 2.01 | 1.72 | ||||||||||||
Electrical Components & Equipment | 1.91 | 1.25 | ||||||||||||
Fertilizers & Agricultural Chemicals | 1.87 | 2.02 | ||||||||||||
Diversified Support Services | 1.85 | 1.13 | ||||||||||||
Real Estate Services | 1.75 | 2.34 | ||||||||||||
Oil & Gas Storage & Transportation | 1.57 | 1.59 | ||||||||||||
Oil & Gas Refining & Marketing | 1.56 | 1.87 | ||||||||||||
Real Estate Operating Companies | 1.52 | — | ||||||||||||
Advertising | 1.52 | 0.82 | ||||||||||||
Health Care Technology | 1.38 | 1.29 | ||||||||||||
Health Care Supplies | 1.26 | 1.30 | ||||||||||||
Property & Casualty Insurance | 1.21 | 2.88 | ||||||||||||
Insurance Brokers | 1.08 | 1.05 | ||||||||||||
Independent Power Producers & Energy Traders | 1.04 | 1.29 | ||||||||||||
Managed Health Care | 0.98 | 1.65 | ||||||||||||
Leisure Facilities | 0.98 | 0.11 | ||||||||||||
Airport Services | 0.97 | 1.34 | ||||||||||||
Commercial Printing | 0.91 | 0.47 | ||||||||||||
Internet & Direct Marketing Retail | 0.88 | 0.89 | ||||||||||||
Airlines | 0.76 | 0.63 | ||||||||||||
Other Diversified Financial Services | 0.62 | 0.01 | ||||||||||||
Thrifts & Mortgage Finance | 0.56 | 0.06 | ||||||||||||
Health Care Distributors | 0.55 | 0.77 | ||||||||||||
Restaurants | 0.55 | 0.61 | ||||||||||||
Auto Parts & Equipment | 0.54 | 2.02 | ||||||||||||
Apparel, Accessories & Luxury Goods | 0.49 | 0.82 | ||||||||||||
Electronic Components | 0.44 | 1.53 | ||||||||||||
IT Consulting & Other Services | 0.43 | 0.89 | ||||||||||||
Distributors | 0.36 | — | ||||||||||||
Trading Companies & Distributors | 0.33 | 0.61 | ||||||||||||
Education Services | 0.32 | 1.37 | ||||||||||||
Research & Consulting Services | 0.32 | 1.49 | ||||||||||||
Leisure Products | 0.31 | — | ||||||||||||
Food Retail | 0.30 | 0.41 | ||||||||||||
Systems Software | 0.29 | 1.24 | ||||||||||||
Alternative Carriers | 0.28 | — | ||||||||||||
Automotive Retail | 0.26 | — | ||||||||||||
Food Distributors | 0.20 | — | ||||||||||||
Diversified Banks | 0.15 | — | ||||||||||||
Oil & Gas Exploration & Production | 0.10 | — | ||||||||||||
Construction Materials | 0.09 | 0.13 | ||||||||||||
Housewares & Specialties | 0.08 | — | ||||||||||||
Metal & Glass Containers | 0.07 | 0.68 | ||||||||||||
Diversified Real Estate Activities | 0.06 | 0.92 | ||||||||||||
Specialty Stores | 0.06 | 0.08 | ||||||||||||
General Merchandise Stores | — | 1.15 | ||||||||||||
Hotels, Resorts & Cruise Lines | — | 0.92 | ||||||||||||
Oil & Gas Equipment & Services | — | 0.20 | ||||||||||||
Health Care Facilities | — | 0.19 | ||||||||||||
Specialized REITs | — | 0.01 | ||||||||||||
Total | 100.00 | % | 100.00 | % |
March 31, 2021 | September 30, 2020 | |||||||||||||
Fair value: | ||||||||||||||
Application Software | 12.44 | % | 10.21 | % | ||||||||||
Multi-Sector Holdings (1) | 7.95 | 7.74 | ||||||||||||
Data Processing & Outsourced Services | 7.11 | 6.33 | ||||||||||||
Pharmaceuticals | 5.23 | 6.55 | ||||||||||||
Biotechnology | 4.79 | 6.14 | ||||||||||||
Specialized Finance | 4.50 | 3.08 | ||||||||||||
Industrial Machinery | 3.86 | 0.74 | ||||||||||||
Health Care Services | 3.51 | 3.81 | ||||||||||||
Personal Products | 3.01 | 3.24 | ||||||||||||
Movies & Entertainment | 3.00 | 2.77 | ||||||||||||
Aerospace & Defense | 2.65 | 1.56 | ||||||||||||
Construction & Engineering | 2.61 | 0.86 | ||||||||||||
Integrated Telecommunication Services | 2.40 | 2.61 | ||||||||||||
Specialty Chemicals | 2.05 | 2.48 | ||||||||||||
Internet Services & Infrastructure | 1.99 | 1.69 | ||||||||||||
Electrical Components & Equipment | 1.91 | 1.30 | ||||||||||||
Diversified Support Services | 1.89 | 1.12 | ||||||||||||
Fertilizers & Agricultural Chemicals | 1.88 | 2.14 | ||||||||||||
Real Estate Services | 1.77 | 2.40 | ||||||||||||
Advertising | 1.77 | 0.85 | ||||||||||||
Oil & Gas Refining & Marketing | 1.56 | 1.90 | ||||||||||||
Real Estate Operating Companies | 1.53 | — | ||||||||||||
Oil & Gas Storage & Transportation | 1.45 | 1.64 | ||||||||||||
Health Care Technology | 1.42 | 1.40 | ||||||||||||
Health Care Supplies | 1.29 | 1.37 | ||||||||||||
Property & Casualty Insurance | 1.22 | 2.97 | ||||||||||||
Insurance Brokers | 1.18 | 1.15 | ||||||||||||
Independent Power Producers & Energy Traders | 1.03 | 1.32 | ||||||||||||
Managed Health Care | 0.98 | 1.70 | ||||||||||||
Internet & Direct Marketing Retail | 0.95 | 0.97 | ||||||||||||
Leisure Facilities | 0.93 | — | ||||||||||||
Commercial Printing | 0.93 | 0.47 | ||||||||||||
Airport Services | 0.92 | 1.35 | ||||||||||||
Airlines | 0.84 | 0.83 | ||||||||||||
Other Diversified Financial Services | 0.61 | — | ||||||||||||
Restaurants | 0.56 | 0.50 | ||||||||||||
Health Care Distributors | 0.55 | 0.78 | ||||||||||||
Thrifts & Mortgage Finance | 0.54 | 0.02 | ||||||||||||
Auto Parts & Equipment | 0.52 | 1.99 | ||||||||||||
Electronic Components | 0.43 | 1.69 | ||||||||||||
IT Consulting & Other Services | 0.42 | 0.88 | ||||||||||||
Distributors | 0.38 | — | ||||||||||||
Trading Companies & Distributors | 0.35 | 0.64 | ||||||||||||
Research & Consulting Services | 0.32 | 1.54 | ||||||||||||
Leisure Products | 0.31 | — | ||||||||||||
Alternative Carriers | 0.30 | — | ||||||||||||
Systems Software | 0.29 | 1.30 | ||||||||||||
Food Retail | 0.29 | 0.44 | ||||||||||||
Education Services | 0.29 | 0.45 | ||||||||||||
Automotive Retail | 0.26 | — | ||||||||||||
Apparel, Accessories & Luxury Goods | 0.24 | 0.50 | ||||||||||||
Food Distributors | 0.20 | — | ||||||||||||
Diversified Banks | 0.15 | — | ||||||||||||
Oil & Gas Exploration & Production | 0.11 | — | ||||||||||||
Construction Materials | 0.10 | 0.13 | ||||||||||||
Housewares & Specialties | 0.08 | — | ||||||||||||
Metal & Glass Containers | 0.08 | 0.75 | ||||||||||||
Diversified Real Estate Activities | 0.07 | 1.07 | ||||||||||||
General Merchandise Stores | — | 1.14 | ||||||||||||
Hotels, Resorts & Cruise Lines | — | 1.09 | ||||||||||||
Health Care Facilities | — | 0.23 | ||||||||||||
Oil & Gas Equipment & Services | — | 0.16 | ||||||||||||
Specialized REITs | — | 0.01 | ||||||||||||
Total | 100.00 | % | 100.00 | % |
September 30, 2020 | ||||||||||||||||||||||||||
Cost |
% of Debt
Portfolio |
Fair Value |
% of Debt
Portfolio |
|||||||||||||||||||||||
Accrual | $ | 1,500,364 | 98.79 | % | $ | 1,483,284 | 99.89 | % | ||||||||||||||||||
PIK non-accrual (1) | 12,661 | 0.83 | — | — | ||||||||||||||||||||||
Cash non-accrual (2) | 5,712 | 0.38 | 1,571 | 0.11 | ||||||||||||||||||||||
Total | $ | 1,518,737 | 100.00 | % | $ | 1,484,855 | 100.00 | % |
March 31, 2021 | September 30, 2020 | |||||||||||||
Senior secured loans (1) | $328,609 | $307,579 | ||||||||||||
Weighted average interest rate on senior secured loans (2) | 5.54% | 5.44% | ||||||||||||
Number of borrowers in SLF JV I | 55 | 56 | ||||||||||||
Largest exposure to a single borrower (1) | $9,879 | $10,487 | ||||||||||||
Total of five largest loan exposures to borrowers (1) | $46,932 | $49,097 |
Portfolio Company | Investment Type | Cash Interest Rate (1)(2) | Industry | Principal | Cost | Fair Value (3) | Notes | ||||||||||||||||||||||
Access CIG, LLC | First Lien Term Loan, LIBOR+3.75% cash due 2/27/2025 | 3.87 | % | Diversified Support Services | $ | 9,158 | $ | 9,127 | $ | 9,097 | (4) | ||||||||||||||||||
ADB Companies, LLC | First Lien Term Loan, LIBOR+6.25% cash due 12/18/2025 | 7.25 | % | Construction & Engineering | 6583 | 6,426 | 6,456 | (4) | |||||||||||||||||||||
ADB Companies, LLC | First Lien Delayed Draw Term Loan, LIBOR+6.25% cash due 12/18/2025 | 7.25 | % | Construction & Engineering | 1,333 | 1,301 | 1,307 | (4) | |||||||||||||||||||||
Total ADB Companies, LLC | 7,916 | 7,727 | 7,763 | ||||||||||||||||||||||||||
Keypath Education Holdings, LLC | 927 shares of common stock | Advertising | 1,391 | 1,757 | (4) | ||||||||||||||||||||||||
AI Ladder (Luxembourg) Subco S.a.r.l. | First Lien Term Loan, LIBOR+4.50% cash due 7/9/2025 | 4.61 | % | Electrical Components & Equipment | 5,984 | 5,874 | 5,999 | (4) | |||||||||||||||||||||
Altice France S.A. | First Lien Term Loan, LIBOR+4.00% cash due 8/14/2026 | 4.20 | % | Integrated Telecommunication Services | 4,619 | 4,443 | 4,614 | ||||||||||||||||||||||
Alvogen Pharma US, Inc. | First Lien Term Loan, LIBOR+5.25% cash due 12/31/2023 | 6.25 | % | Pharmaceuticals | 9,879 | 9,662 | 9,869 | ||||||||||||||||||||||
Amplify Finco Pty Ltd. | First Lien Term Loan, LIBOR+4.25% cash due 11/26/2026 | 5.00 | % | Movies & Entertainment | 7,920 | 7,841 | 7,801 | (4) | |||||||||||||||||||||
Anastasia Parent, LLC | First Lien Term Loan, LIBOR+3.75% cash due 8/11/2025 | Personal Products | 2,813 | 2,213 | 1,936 | (6) | |||||||||||||||||||||||
Apptio, Inc. | First Lien Term Loan, LIBOR+7.25% cash due 1/10/2025 | 8.25 | % | Application Software | 4,615 | 4,557 | 4,532 | (4) | |||||||||||||||||||||
Apptio, Inc. | First Lien Revolver, LIBOR+7.25% cash due 1/10/2025 | 8.25 | % | Application Software | 154 | 149 | 147 | (4)(5) | |||||||||||||||||||||
Total Apptio, Inc. | 4,769 | 4,706 | 4,679 | ||||||||||||||||||||||||||
Aurora Lux Finco S.À.R.L. | First Lien Term Loan, LIBOR+6.00% cash due 12/24/2026 | 7.00 | % | Airport Services | 6,435 | 6,303 | 6,079 | (4) | |||||||||||||||||||||
Blackhawk Network Holdings, Inc. | First Lien Term Loan, LIBOR+3.00% cash due 6/15/2025 | 3.11 | % | Data Processing & Outsourced Services | 9,725 | 9,710 | 9,606 | ||||||||||||||||||||||
Boxer Parent Company Inc. | First Lien Term Loan, LIBOR+3.75% cash due 10/2/2025 | 3.86 | % | Systems Software | 6,681 | 6,608 | 6,661 | ||||||||||||||||||||||
Brazos Delaware II, LLC | First Lien Term Loan, LIBOR+4.00% cash due 5/21/2025 | 4.11 | % | Oil & Gas Equipment & Services | 7,292 | 7,270 | 6,832 | ||||||||||||||||||||||
C5 Technology Holdings, LLC | 171 Common Units | Data Processing & Outsourced Services | — | — | (4) | ||||||||||||||||||||||||
C5 Technology Holdings, LLC | 7,193,539.63 Preferred Units | Data Processing & Outsourced Services | 7,194 | 5,683 | (4) | ||||||||||||||||||||||||
Total C5 Technology Holdings, LLC | 7,194 | 5,683 | |||||||||||||||||||||||||||
Carrols Restaurant Group, Inc. | First Lien Term Loan, LIBOR+6.25% cash due 4/30/2026 | 7.25 | % | Restaurants | 3,970 | 3,791 | 3,975 | (4) | |||||||||||||||||||||
CITGO Petroleum Corp. | First Lien Term Loan, LIBOR+6.25% cash due 3/28/2024 | 7.25 | % | Oil & Gas Refining & Marketing | 7,147 | 7,076 | 7,171 | (4) | |||||||||||||||||||||
Connect U.S. Finco LLC | First Lien Term Loan, LIBOR+3.50% cash due 12/11/2026 | 4.50 | % | Alternative Carriers | 7,400 | 7,236 | 7,385 | ||||||||||||||||||||||
Convergeone Holdings, Inc. | First Lien Term Loan, LIBOR+5.00% cash due 1/4/2026 | 5.11 | % | IT Consulting & Other Services | 4,987 | 4,813 | 4,831 | (4) | |||||||||||||||||||||
Curium Bidco S.à.r.l. | First Lien Term Loan, LIBOR+3.75% cash due 7/9/2026 | 3.95 | % | Biotechnology | 5,910 | 5,866 | 5,880 | ||||||||||||||||||||||
Dcert Buyer, Inc. | First Lien Term Loan, LIBOR+4.00% cash due 10/16/2026 | 4.11 | % | Internet Services & Infrastructure | 7,920 | 7,900 | 7,916 | ||||||||||||||||||||||
Dealer Tire, LLC | First Lien Term Loan, LIBOR+4.25% cash due 12/12/2025 | 4.36 | % | Distributors | 938 | 902 | 941 | (4) | |||||||||||||||||||||
Enviva Holdings, LP | First Lien Term Loan, LIBOR+5.50% cash due 2/17/2026 | 6.50 | % | Coal & Consumable Fuels | 6,000 | 5,940 | 6,015 | ||||||||||||||||||||||
eResearch Technology, Inc. | First Lien Term Loan, LIBOR+4.50% cash due 2/4/2027 | 5.50 | % | Application Software | 7,444 | 7,369 | 7,462 | ||||||||||||||||||||||
GI Chill Acquisition LLC | First Lien Term Loan, LIBOR+4.00% cash due 8/6/2025 | 4.20 | % | Managed Health Care | 3,740 | 3,759 | 3,743 | (4) | |||||||||||||||||||||
GI Chill Acquisition LLC | Second Lien Term Loan, LIBOR+7.50% cash due 8/6/2026 | 7.70 | % | Managed Health Care | 3,750 | 3,667 | 3,666 | (4) | |||||||||||||||||||||
Total GI Chill Acquisition LLC | 7,490 | 7,426 | 7,409 |
Portfolio Company | Investment Type | Cash Interest Rate (1)(2) | Industry | Principal | Cost | Fair Value (3) | Notes | ||||||||||||||||||||||
Gigamon, Inc. | First Lien Term Loan, LIBOR+3.75% cash due 12/27/2024 | 4.50 | % | Systems Software | $ | 7,742 | $ | 7,700 | $ | 7,761 | |||||||||||||||||||
Global Medical Response, Inc. | First Lien Term Loan, LIBOR+4.75% cash due 10/2/2025 | 5.75 | % | Health Care Services | 2,226 | 2,184 | 2,222 | ||||||||||||||||||||||
Grab Holdings Inc. | First Lien Term Loan, LIBOR+4.50% cash due 1/29/2026 | 5.50 | % | Interactive Media & Services | 3,000 | 2,913 | 3,064 | ||||||||||||||||||||||
Intelsat Jackson Holdings S.A. | First Lien Term Loan, PRIME+4.75% cash due 11/27/2023 | 8.00 | % | Alternative Carriers | 3,568 | 3,545 | 3,635 | ||||||||||||||||||||||
Intelsat Jackson Holdings S.A. | First Lien Term Loan, LIBOR+5.50% cash due 7/13/2022 | 6.50 | % | Alternative Carriers | 1,943 | 1,765 | 1,971 | ||||||||||||||||||||||
Total Intelsat Jackson Holdings S.A. | 5,511 | 5,310 | 5,606 | ||||||||||||||||||||||||||
Lightbox Intermediate, L.P. | First Lien Term Loan, LIBOR+5.00% cash due 5/9/2026 | 5.20 | % | Real Estate Services | 7,481 | 7,407 | 7,406 | (4) | |||||||||||||||||||||
LogMeIn, Inc. | First Lien Term Loan, LIBOR+4.75% cash due 8/31/2027 | 4.85 | % | Application Software | 7,980 | 7,843 | 7,969 | (4) | |||||||||||||||||||||
LTI Holdings, Inc. | First Lien Term Loan, LIBOR+3.50% cash due 9/6/2025 | 3.61 | % | Electronic Components | 7,481 | 7,352 | 7,382 | ||||||||||||||||||||||
Maravai Intermediate Holdings, LLC | First Lien Term Loan, LIBOR+4.25% cash due 10/19/2027 | 5.25 | % | Biotechnology | 6,856 | 6,788 | 6,899 | ||||||||||||||||||||||
Mindbody, Inc. | First Lien Term Loan, LIBOR+7.00% cash 1.5% PIK due 2/14/2025 | 8.00 | % | Internet Services & Infrastructure | 4,581 | 4,522 | 4,343 | (4) | |||||||||||||||||||||
Mindbody, Inc. | First Lien Revolver, LIBOR+8.00% cash due 2/14/2025 | Internet Services & Infrastructure | — | (6) | (25) | (4)(5) | |||||||||||||||||||||||
Total Mindbody, Inc. | 4,581 | 4,516 | 4,318 | ||||||||||||||||||||||||||
MRI Software LLC | First Lien Term Loan, LIBOR+5.50% cash due 2/10/2026 | 6.50 | % | Application Software | 3,854 | 3,819 | 3,854 | (4) | |||||||||||||||||||||
MRI Software LLC | First Lien Delayed Draw Term Loan, LIBOR+5.50% cash due 2/10/2026 | Application Software | — | (6) | — | (4)(5) | |||||||||||||||||||||||
MRI Software LLC | First Lien Revolver, LIBOR+5.50% cash due 2/10/2026 | 6.50 | % | Application Software | 17 | 14 | 17 | (4)(5) | |||||||||||||||||||||
Total MRI Software LLC | 3,871 | 3,827 | 3,871 | ||||||||||||||||||||||||||
Navicure, Inc. | First Lien Term Loan, LIBOR+4.00% cash due 10/22/2026 | 4.11 | % | Health Care Technology | 5,940 | 5,910 | 5,959 | ||||||||||||||||||||||
Northern Star Industries Inc. | First Lien Term Loan, LIBOR+4.50% cash due 3/31/2025 | 5.50 | % | Electrical Components & Equipment | 6,790 | 6,771 | 6,722 | ||||||||||||||||||||||
Novetta Solutions, LLC | First Lien Term Loan, LIBOR+5.00% cash due 10/17/2022 | 6.00 | % | Application Software | 5,900 | 5,884 | 5,889 | ||||||||||||||||||||||
OEConnection LLC | First Lien Term Loan, LIBOR+4.00% cash due 9/25/2026 | 4.11 | % | Application Software | 7,859 | 7,824 | 7,845 | (4) | |||||||||||||||||||||
OEConnection LLC | First Lien Delayed Draw Term Loan, LIBOR+4.00% cash due 9/25/2026 | Application Software | — | — | — | (4)(5) | |||||||||||||||||||||||
Total OEConnection LLC | 7,859 | 7,824 | 7,845 | ||||||||||||||||||||||||||
Olaplex, Inc. | First Lien Term Loan, LIBOR+6.50% cash due 1/8/2026 | 7.50 | % | Personal Products | 6,354 | 6,262 | 6,354 | (4) | |||||||||||||||||||||
Olaplex, Inc. | First Lien Revolver, LIBOR+6.50% cash due 1/8/2025 | Personal Products | — | (8) | (4) | (4)(5) | |||||||||||||||||||||||
Total Olaplex, Inc. | 6,354 | 6,254 | 6,350 | ||||||||||||||||||||||||||
Park Place Technologies, LLC | First Lien Term Loan, LIBOR+5.00% cash due 11/10/2027 | 6.00 | % | Internet Services & Infrastructure | 5,000 | 4,811 | 5,000 | (4) | |||||||||||||||||||||
PaySimple, Inc. | First Lien Term Loan, LIBOR+5.50% cash due 8/23/2025 | 5.61 | % | Data Processing & Outsourced Services | 7,481 | 7,444 | 7,462 | (4) | |||||||||||||||||||||
Planview Parent, Inc. | Second Lien Term Loan, LIBOR+7.25% cash due 12/18/2028 | 8.00 | % | Application Software | 4,503 | 4,435 | 4,509 | (4) | |||||||||||||||||||||
RS Ivy Holdco, Inc. | First Lien Term Loan, LIBOR+5.50% cash due 12/23/2027 | 6.50 | % | Oil & Gas Exploration & Production | 6,983 | 6,878 | 7,009 | (4) | |||||||||||||||||||||
Sabert Corporation | First Lien Term Loan, LIBOR+4.50% cash due 12/10/2026 | 5.50 | % | Metal & Glass Containers | 2,742 | 2,714 | 2,749 | (4) | |||||||||||||||||||||
Salient CRGT, Inc. | First Lien Term Loan, LIBOR+6.50% cash due 2/28/2022 | 7.50 | % | Aerospace & Defense | 2,080 | 2,072 | 2,053 | (4) | |||||||||||||||||||||
SHO Holding I Corporation | First Lien Term Loan, LIBOR+5.25% cash due 4/27/2024 | 6.25 | % | Footwear | 8,332 | 8,318 | 7,499 | ||||||||||||||||||||||
SHO Holding I Corporation | First Lien Term Loan, LIBOR+5.23% cash due 4/27/2024 | 6.23 | % | Footwear | 138 | 138 | 124 | ||||||||||||||||||||||
Total SHO Holding I Corporation | 8,470 | 8,456 | 7,623 | ||||||||||||||||||||||||||
Signify Health, LLC | First Lien Term Loan, LIBOR+4.50% cash due 12/23/2024 | 5.50 | % | Health Care Services | 9,700 | 9,647 | 9,738 | (4) |
Portfolio Company | Investment Type | Cash Interest Rate (1)(2) | Industry | Principal | Cost | Fair Value (3) | Notes | ||||||||||||||||||||||
Sirva Worldwide, Inc. | First Lien Term Loan, LIBOR+5.50% cash due 8/4/2025 | 5.61 | % | Diversified Support Services | $ | 4,719 | $ | 4,648 | $ | 4,365 | (4) | ||||||||||||||||||
Sorenson Communications, LLC | First Lien Term Loan, PRIME+4.25% cash due 3/17/2026 | 7.50 | % | Communications Equipment | 3,004 | 2,974 | 3,012 | ||||||||||||||||||||||
Star US Bidco LLC | First Lien Term Loan, LIBOR+4.25% cash due 3/17/2027 | 5.25 | % | Industrial Machinery | 3,700 | 3,526 | 3,675 | (4) | |||||||||||||||||||||
Supermoose Borrower, LLC | First Lien Term Loan, LIBOR+3.75% cash due 8/29/2025 | 3.95 | % | Application Software | 4,864 | 4,583 | 4,672 | (4) | |||||||||||||||||||||
Surgery Center Holdings, Inc. | First Lien Term Loan, LIBOR+3.25% cash due 9/3/2024 | 4.25 | % | Health Care Facilities | 4,936 | 4,920 | 4,897 | ||||||||||||||||||||||
Trench Plate Rental, Co. | First Lien Term Loan, LIBOR+4.75% cash due 12/3/2026 | 5.75 | % | Construction Materials | 3,961 | 3,901 | 3,901 | ||||||||||||||||||||||
Trench Plate Rental, Co. | First Lien Delayed Draw Term Loan, LIBOR+4.75% cash due 12/3/2026 | Construction Materials | — | (11) | (11) | (5) | |||||||||||||||||||||||
Trench Plate Rental, Co. | First Lien Revolver, LIBOR+4.75% cash due 12/3/2026 | Construction Materials | — | (9) | (9) | (5) | |||||||||||||||||||||||
Total Trench Plate Rental, Co. | 3,961 | 3,881 | 3,881 | ||||||||||||||||||||||||||
Veritas US Inc. | First Lien Term Loan, LIBOR+5.00% cash due 9/1/2025 | 6.00 | % | Application Software | 6,467 | 6,352 | 6,488 | (4) | |||||||||||||||||||||
Verscend Holding Corp. | First Lien Term Loan, LIBOR+4.50% cash due 8/27/2025 | 4.61 | % | Health Care Technology | 4,090 | 4,060 | 4,096 | (4) | |||||||||||||||||||||
Windstream Services II, LLC | First Lien Term Loan, LIBOR+6.25% cash due 9/21/2027 | 7.25 | % | Integrated Telecommunication Services | 7,940 | 7,646 | 7,955 | (4) | |||||||||||||||||||||
WP CPP Holdings, LLC | Second Lien Term Loan, LIBOR+7.75% cash due 4/30/2026 | 8.75 | % | Aerospace & Defense | 6,000 | 5,960 | 5,340 | (4) | |||||||||||||||||||||
Total Portfolio Investments | $ | 328,609 | $ | 331,878 | $ | 331,148 |
Portfolio Company | Investment Type | Cash Interest Rate (1)(2) | Industry | Principal | Cost | Fair Value (3) | Notes | ||||||||||||||||||||||
Access CIG, LLC | First Lien Term Loan, LIBOR+3.75% cash due 2/27/2025 | 3.91 | % | Diversified Support Services | $ | 9,206 | $ | 9,170 | $ | 9,029 | |||||||||||||||||||
AdVenture Interactive, Corp. | 927 shares of common stock | Advertising | 1,390 | 1,373 | (4) | ||||||||||||||||||||||||
AI Ladder (Luxembourg) Subco S.a.r.l. | First Lien Term Loan, LIBOR+4.50% cash due 7/9/2025 | 4.65 | % | Electrical Components & Equipment | 6,038 | 5,914 | 5,781 | (4) | |||||||||||||||||||||
Airbnb, Inc. | First Lien Term Loan, LIBOR+7.50% cash due 4/17/2025 | 8.50 | % | Hotels, Resorts & Cruise Lines | 3,051 | 2,981 | 3,311 | (4) | |||||||||||||||||||||
Altice France S.A. | First Lien Term Loan, LIBOR+4.00% cash due 8/14/2026 | 4.15 | % | Integrated Telecommunication Services | 4,643 | 4,450 | 4,527 | ||||||||||||||||||||||
Alvogen Pharma US, Inc. | First Lien Term Loan, LIBOR+5.25% cash due 12/31/2023 | 6.25 | % | Pharmaceuticals | 9,879 | 9,623 | 9,566 | ||||||||||||||||||||||
Amplify Finco Pty Ltd. | First Lien Term Loan, LIBOR+4.00% cash due 11/26/2026 | 4.75 | % | Movies & Entertainment | 7,960 | 7,880 | 6,846 | (4) | |||||||||||||||||||||
Anastasia Parent, LLC | First Lien Term Loan, LIBOR+3.75% cash due 8/11/2025 | Personal Products | 2,828 | 2,282 | 1,248 | (6) | |||||||||||||||||||||||
Apptio, Inc. | First Lien Term Loan, LIBOR+7.25% cash due 1/10/2025 | 8.25 | % | Application Software | 4,615 | 4,550 | 4,526 | (4) | |||||||||||||||||||||
Apptio, Inc. | First Lien Revolver, LIBOR+7.25% cash due 1/10/2025 | Application Software | — | (5) | (8) | (4)(5) | |||||||||||||||||||||||
Total Apptio, Inc. | 4,615 | 4,545 | 4,518 | ||||||||||||||||||||||||||
Aurora Lux Finco S.À.R.L. | First Lien Term Loan, LIBOR+6.00% cash due 12/24/2026 | 7.00 | % | Airport Services | 6,468 | 6,324 | 6,015 | (4) | |||||||||||||||||||||
Blackhawk Network Holdings, Inc. | First Lien Term Loan, LIBOR+3.00% cash due 6/15/2025 | 3.15 | % | Data Processing & Outsourced Services | 9,775 | 9,758 | 9,251 | ||||||||||||||||||||||
Boxer Parent Company Inc. | First Lien Term Loan, LIBOR+4.25% cash due 10/2/2025 | 4.40 | % | Systems Software | 7,532 | 7,448 | 7,331 | (4) | |||||||||||||||||||||
Brazos Delaware II, LLC | First Lien Term Loan, LIBOR+4.00% cash due 5/21/2025 | 4.16 | % | Oil & Gas Equipment & Services | 7,331 | 7,306 | 5,600 | ||||||||||||||||||||||
C5 Technology Holdings, LLC | 171 Common Units | Data Processing & Outsourced Services | — | — | (4) | ||||||||||||||||||||||||
C5 Technology Holdings, LLC | 7,193,539.63 Preferred Units | Data Processing & Outsourced Services | 7,194 | 5,683 | (4) | ||||||||||||||||||||||||
Total C5 Technology Holdings, LLC | 7,194 | 5,683 | |||||||||||||||||||||||||||
Carrols Restaurant Group, Inc. | First Lien Term Loan, LIBOR+6.25% cash due 4/30/2026 | 7.25 | % | Restaurants | 3,990 | 3,792 | 3,960 | ||||||||||||||||||||||
CITGO Petroleum Corp. | First Lien Term Loan, LIBOR+5.00% cash due 3/28/2024 | 6.00 | % | Oil & Gas Refining & Marketing | 7,184 | 7,112 | 6,842 | (4) | |||||||||||||||||||||
Clear Channel Outdoor Holdings, Inc. | First Lien Term Loan, LIBOR+3.50% cash due 8/21/2026 | 3.76 | % | Advertising | 331 | 290 | 302 | ||||||||||||||||||||||
Connect U.S. Finco LLC | First Lien Term Loan, LIBOR+4.50% cash due 12/11/2026 | 5.50 | % | Alternative Carriers | 7,437 | 7,262 | 7,228 | ||||||||||||||||||||||
Curium Bidco S.à.r.l. | First Lien Term Loan, LIBOR+3.75% cash due 7/9/2026 | 3.97 | % | Biotechnology | 5,940 | 5,895 | 5,895 | ||||||||||||||||||||||
Dcert Buyer, Inc. | First Lien Term Loan, LIBOR+4.00% cash due 10/16/2026 | 4.15 | % | Internet Services & Infrastructure | 7,960 | 7,940 | 7,879 | ||||||||||||||||||||||
Dealer Tire, LLC | First Lien Term Loan, LIBOR+4.25% cash due 12/12/2025 | 4.40 | % | Distributors | 943 | 902 | 924 | ||||||||||||||||||||||
eResearch Technology, Inc. | First Lien Term Loan, LIBOR+4.50% cash due 2/4/2027 | 5.50 | % | Application Software | 7,481 | 7,406 | 7,461 | ||||||||||||||||||||||
Frontier Communications Corporation | First Lien Term Loan, PRIME+2.75% cash due 6/15/2024 | 6.00 | % | Integrated Telecommunication Services | 3,939 | 3,901 | 3,887 | ||||||||||||||||||||||
Gigamon, Inc. | First Lien Term Loan, LIBOR+4.25% cash due 12/27/2024 | 5.25 | % | Systems Software | 7,781 | 7,734 | 7,684 |
Portfolio Company | Investment Type | Cash Interest Rate (1)(2) | Industry | Principal | Cost | Fair Value (3) | Notes | ||||||||||||||||||||||
Salient CRGT, Inc. | First Lien Term Loan, LIBOR+6.50% cash due 2/28/2022 | 7.50 | % | Aerospace & Defense | $ | 2,111 | $ | 2,099 | $ | 1,963 | (4) | ||||||||||||||||||
SHO Holding I Corporation | First Lien Term Loan, LIBOR+3.00% cash PIK 2.25% due 4/27/2024 | 4.00 | % | Footwear | 8,396 | 8,380 | 5,898 | ||||||||||||||||||||||
Signify Health, LLC | First Lien Term Loan, LIBOR+4.50% cash due 12/23/2024 | 5.50 | % | Health Care Services | 9,750 | 9,690 | 9,409 | ||||||||||||||||||||||
Sirva Worldwide, Inc. | First Lien Term Loan, LIBOR+5.50% cash due 8/4/2025 | 5.65 | % | Diversified Support Services | 4,781 | 4,709 | 3,992 | ||||||||||||||||||||||
Star US Bidco LLC | First Lien Term Loan, LIBOR+4.25% cash due 3/17/2027 | 5.25 | % | Industrial Machinery | 3,718 | 3,532 | 3,551 | ||||||||||||||||||||||
Sunshine Luxembourg VII SARL | First Lien Term Loan, LIBOR+4.25% cash due 10/1/2026 | 5.25 | % | Personal Products | 7,940 | 7,900 | 7,911 | ||||||||||||||||||||||
Supermoose Borrower, LLC | First Lien Term Loan, LIBOR+3.75% cash due 8/29/2025 | 3.90 | % | Application Software | 4,888 | 4,575 | 4,407 | (4) | |||||||||||||||||||||
Surgery Center Holdings, Inc. | First Lien Term Loan, LIBOR+3.25% cash due 9/3/2024 | 4.25 | % | Health Care Facilities | 4,962 | 4,943 | 4,691 | (4) | |||||||||||||||||||||
Uber Technologies, Inc. | First Lien Term Loan, LIBOR+4.00% cash due 4/4/2025 | 5.00 | % | Application Software | 2,997 | 2,959 | 2,980 | ||||||||||||||||||||||
UFC Holdings, LLC | First Lien Term Loan, LIBOR+3.25% cash due 4/29/2026 | 4.25 | % | Movies & Entertainment | 2,856 | 2,816 | 2,814 | ||||||||||||||||||||||
Veritas US Inc. | First Lien Term Loan, LIBOR+5.50% cash due 9/1/2025 | 6.50 | % | Application Software | 6,500 | 6,371 | 6,375 | ||||||||||||||||||||||
Verscend Holding Corp. | First Lien Term Loan, LIBOR+4.50% cash due 8/27/2025 | 4.65 | % | Health Care Technology | 4,112 | 4,080 | 4,084 | (4) | |||||||||||||||||||||
VM Consolidated, Inc. | First Lien Term Loan, LIBOR+3.25% cash due 2/28/2025 | 3.40 | % | Data Processing & Outsourced Services | 10,487 | 10,495 | 10,291 | ||||||||||||||||||||||
Windstream Services II, LLC | First Lien Term Loan, LIBOR+6.25% cash due 9/21/2027 | 7.25 | % | Integrated Telecommunication Services | 7,980 | 7,662 | 7,744 | (4) | |||||||||||||||||||||
WP CPP Holdings, LLC | Second Lien Term Loan, LIBOR+7.75% cash due 4/30/2026 | 8.75 | % | Aerospace & Defense | 6,000 | 5,956 | 4,680 | (4) | |||||||||||||||||||||
Total Portfolio Investments | $ | 307,579 | $ | 311,428 | $ | 298,771 |
March 31, 2021 | September 30, 2020 | |||||||||||||
Selected Balance Sheet Information: | ||||||||||||||
Investments at fair value (cost March 31, 2021: $331,878; cost September 30, 2020: $311,428) | $ | 331,148 | $ | 298,771 | ||||||||||
Cash and cash equivalents | 11,730 | 5,389 | ||||||||||||
Restricted cash | 4,434 | 4,211 | ||||||||||||
Other assets | 5,111 | 5,093 | ||||||||||||
Total assets | $ | 352,423 | $ | 313,464 | ||||||||||
Senior credit facility payable | $ | 194,410 | $ | 167,910 | ||||||||||
Debt securities payable at fair value (proceeds March 31, 2021: $110,000; proceeds September 30, 2020: $110,000) | 110,000 | 110,000 | ||||||||||||
Other liabilities | 8,953 | 11,336 | ||||||||||||
Total liabilities | 313,363 | 289,246 | ||||||||||||
Members' equity | 39,060 | 24,218 | ||||||||||||
Total liabilities and members' equity | $ | 352,423 | $ | 313,464 |
Three months ended March 31, 2021 | Three months ended March 31, 2020 | Six months ended March 31, 2021 | Six months ended March 31, 2020 | |||||||||||||||||||||||
Selected Statements of Operations Information: | ||||||||||||||||||||||||||
Interest income | $ | 4,813 | $ | 5,546 | $ | 9,288 | $ | 10,939 | ||||||||||||||||||
Other income | 473 | 291 | 527 | 297 | ||||||||||||||||||||||
Total investment income | 5,286 | 5,837 | 9,815 | 11,236 | ||||||||||||||||||||||
Interest expense | 3,182 | 4,493 | 6,763 | 9,134 | ||||||||||||||||||||||
Other expenses | 75 | 64 | 137 | 131 | ||||||||||||||||||||||
Total expenses (1) | 3,257 | 4,557 | 6,900 | 9,265 | ||||||||||||||||||||||
Net unrealized appreciation (depreciation) | 3,441 | (37,491) | 11,927 | (34,550) | ||||||||||||||||||||||
Net realized gains (losses) | 145 | (615) | 1 | (1,767) | ||||||||||||||||||||||
Net income (loss) | $ | 5,615 | $ | (36,826) | $ | 14,843 | $ | (34,346) |
March 31, 2021 | ||||||||
Senior secured loans (1) | $126,465 | |||||||
Weighted average current interest rate on senior secured loans (2) | 5.84% | |||||||
Number of borrowers in the Glick JV | 36 | |||||||
Largest loan exposure to a single borrower (1) | $6,995 | |||||||
Total of five largest loan exposures to borrowers (1) | $30,221 |
Portfolio Company | Investment Type | Cash Interest Rate (1)(2) | Industry | Principal | Cost | Fair Value (3) | Notes | ||||||||||||||||||||||
ADB Companies, LLC | First Lien Term Loan, LIBOR+6.25% cash due 12/18/2025 | 7.25% | Construction & Engineering | $ | 3,292 | $ | 3,213 | $ | 3,228 | (4) | |||||||||||||||||||
ADB Companies, LLC | First Lien Delayed Draw Term Loan, LIBOR+6.25% cash due 12/18/2025 | 7.25% | Construction & Engineering | 666 | 651 | 654 | (4) | ||||||||||||||||||||||
Total ADB Companies, LLC | 3,958 | 3,864 | 3,882 | ||||||||||||||||||||||||||
AI Ladder (Luxembourg) Subco S.a.r.l. | First Lien Term Loan, LIBOR+4.50% cash due 7/9/2025 | 4.61% | Electrical Components & Equipment | 2,648 | 2,599 | 2,655 | (4) | ||||||||||||||||||||||
Alvogen Pharma US, Inc. | First Lien Term Loan, LIBOR+5.25% cash due 12/31/2023 | 6.25% | Pharmaceuticals | 6,995 | 6,837 | 6,988 | |||||||||||||||||||||||
Amplify Finco Pty Ltd. | First Lien Term Loan, LIBOR+4.25% cash due 11/26/2026 | 5.00% | Movies & Entertainment | 2,970 | 2,940 | 2,925 | (4) | ||||||||||||||||||||||
Anastasia Parent, LLC | First Lien Term Loan, LIBOR+3.75% cash due 8/11/2025 | Personal Products | 1,676 | 1,312 | 1,153 | (6) | |||||||||||||||||||||||
Ancile Solutions, Inc. | First Lien Term Loan, LIBOR+7.00% cash due 6/30/2021 | 8.00% | Application Software | 3,056 | 3,054 | 3,048 | (4) | ||||||||||||||||||||||
Aurora Lux Finco S.À.R.L. | First Lien Term Loan, LIBOR+6.00% cash due 12/24/2026 | 7.00% | Airport Services | 3,713 | 3,637 | 3,507 | (4) | ||||||||||||||||||||||
Brazos Delaware II, LLC | First Lien Term Loan, LIBOR+4.00% cash due 5/21/2025 | 4.11% | Oil & Gas Equipment & Services | 4,861 | 4,847 | 4,554 | |||||||||||||||||||||||
Carrols Restaurant Group, Inc. | First Lien Term Loan, LIBOR+6.25% cash due 4/30/2026 | 7.25% | Restaurants | 1,113 | 1,062 | 1,114 | (4) | ||||||||||||||||||||||
CITGO Petroleum Corp. | First Lien Term Loan, LIBOR+6.25% cash due 3/28/2024 | 7.25% | Oil & Gas Refining & Marketing | 3,574 | 3,538 | 3,585 | (4) | ||||||||||||||||||||||
Curium Bidco S.à.r.l. | First Lien Term Loan, LIBOR+3.75% cash due 7/9/2026 | 3.95% | Biotechnology | 4,925 | 4,888 | 4,900 | |||||||||||||||||||||||
Enviva Holdings, LP | First Lien Term Loan, LIBOR+5.50% cash due 2/17/2026 | 6.50% | Coal & Consumable Fuels | 4,000 | 3,960 | 4,010 | |||||||||||||||||||||||
eResearch Technology, Inc. | First Lien Term Loan, LIBOR+4.50% cash due 2/4/2027 | 5.50% | Application Software | 2,481 | 2,456 | 2,488 | |||||||||||||||||||||||
Houghton Mifflin Harcourt Publishers Inc. | First Lien Term Loan, LIBOR+6.25% cash due 11/22/2024 | 7.25% | Education Services | 2,813 | 2,729 | 2,812 | (4) | ||||||||||||||||||||||
Integro Parent, Inc. | First Lien Term Loan, LIBOR+5.75% cash due 10/31/2022 | 6.75% | Insurance Brokers | 3,253 | 3,235 | 3,200 | |||||||||||||||||||||||
Intelsat Jackson Holdings S.A. | First Lien Term Loan, LIBOR+5.50% cash due 7/13/2022 | 6.50% | Alternative Carriers | 797 | 724 | 808 | |||||||||||||||||||||||
Lightstone Holdco LLC | First Lien Term Loan, LIBOR+3.75% cash due 1/30/2024 | 4.75% | Electric Utilities | 3,300 | 2,950 | 2,618 | |||||||||||||||||||||||
LTI Holdings, Inc. | First Lien Term Loan, LIBOR+3.50% cash due 9/6/2025 | 3.61% | Electronic Components | 1,379 | 1,124 | 1,361 | |||||||||||||||||||||||
MHE Intermediate Holdings, LLC | First Lien Term Loan, LIBOR+5.00% cash due 3/8/2024 | 6.00% | Diversified Support Services | 4,904 | 4,857 | 4,777 | (4) | ||||||||||||||||||||||
MRI Software LLC | First Lien Term Loan, LIBOR+5.50% cash due 2/10/2026 | 6.50% | Application Software | 1,625 | 1,611 | 1,625 | (4) | ||||||||||||||||||||||
MRI Software LLC | First Lien Delayed Draw Term Loan, LIBOR+5.50% cash due 2/10/2026 | Application Software | — | (1) | — | (4)(5) | |||||||||||||||||||||||
MRI Software LLC | First Lien Revolver, LIBOR+5.50% cash due 2/10/2026 | Application Software | 7 | 6 | 7 | (4)(5) | |||||||||||||||||||||||
Total MRI Software LLC | 1,632 | 1,616 | 1,632 | ||||||||||||||||||||||||||
Navicure, Inc. | First Lien Term Loan, LIBOR+4.00% cash due 10/22/2026 | 4.11% | Health Care Technology | 3,960 | 3,940 | 3,972 | |||||||||||||||||||||||
Northern Star Industries Inc. | First Lien Term Loan, LIBOR+4.50% cash due 3/31/2025 | 5.50% | Electrical Components & Equipment | 5,335 | 5,320 | 5,282 | |||||||||||||||||||||||
Novetta Solutions, LLC | First Lien Term Loan, LIBOR+5.00% cash due 10/17/2022 | 6.00% | Application Software | 5,777 | 5,744 | 5,766 | |||||||||||||||||||||||
OEConnection LLC | First Lien Term Loan, LIBOR+4.00% cash due 9/25/2026 | 4.11% | Application Software | 3,930 | 3,912 | 3,922 | (4) | ||||||||||||||||||||||
OEConnection LLC | First Lien Delayed Draw Term Loan, LIBOR+4.00% cash due 9/25/2026 | Application Software | — | — | 1 | (4)(5) | |||||||||||||||||||||||
Total OEConnection LLC | 3,930 | 3,912 | 3,923 | ||||||||||||||||||||||||||
Olaplex, Inc. | First Lien Term Loan, LIBOR+6.50% cash due 1/8/2026 | 7.50% | Personal Products | 3,547 | 3,494 | 3,547 | (4) | ||||||||||||||||||||||
Olaplex, Inc. | First Lien Revolver, LIBOR+6.50% cash due 1/8/2025 | Personal Products | — | (5) | (3) | (4)(5) | |||||||||||||||||||||||
Total Olaplex, Inc. | 3,547 | 3,489 | 3,544 |
Portfolio Company | Investment Type | Cash Interest Rate (1)(2) | Industry | Principal | Cost | Fair Value (3) | Notes | ||||||||||||||||||||||
Planview Parent, Inc. | Second Lien Term Loan, LIBOR+7.25% cash due 12/18/2028 | 8.00% | Application Software | $ | 2,842 | $ | 2,799 | $ | 2,846 | (4) | |||||||||||||||||||
RS Ivy Holdco, Inc. | First Lien Term Loan, LIBOR+5.50% cash due 12/23/2027 | 6.50% | Oil & Gas Exploration & Production | 3,990 | 3,930 | 4,005 | (4) | ||||||||||||||||||||||
Sabert Corporation | First Lien Term Loan, LIBOR+4.50% cash due 12/10/2026 | 5.50% | Metal & Glass Containers | 1,828 | 1,810 | 1,833 | (4) | ||||||||||||||||||||||
SHO Holding I Corporation | First Lien Term Loan, LIBOR+5.25% cash due 4/27/2024 | 6.25% | Footwear | 6,191 | 6,168 | 5,572 | |||||||||||||||||||||||
SHO Holding I Corporation | First Lien Term Loan, LIBOR+5.23% cash due 4/27/2024 | 6.23% | Footwear | 102 | 102 | 92 | |||||||||||||||||||||||
Total SHO Holding I Corporation | 6,293 | 6,270 | 5,664 | ||||||||||||||||||||||||||
Signify Health, LLC | First Lien Term Loan, LIBOR+4.50% cash due 12/23/2024 | 5.50% | Health Care Services | 5,820 | 5,788 | 5,843 | (4) | ||||||||||||||||||||||
Supermoose Borrower, LLC | First Lien Term Loan, LIBOR+3.75% cash due 8/29/2025 | 3.95% | Application Software | 2,864 | 2,698 | 2,752 | (4) | ||||||||||||||||||||||
Surgery Center Holdings, Inc. | First Lien Term Loan, LIBOR+3.25% cash due 9/3/2024 | 4.25% | Health Care Facilities | 4,936 | 4,920 | 4,897 | |||||||||||||||||||||||
Tribe Buyer LLC | First Lien Term Loan, LIBOR+4.50% cash due 2/16/2024 | 5.50% | Human Resource & Employment Services | 1,608 | 1,606 | 1,419 | |||||||||||||||||||||||
Verscend Holding Corp. | First Lien Term Loan, LIBOR+4.50% cash due 8/27/2025 | 4.61% | Health Care Technology | 1,725 | 1,712 | 1,727 | (4) | ||||||||||||||||||||||
Windstream Services II, LLC | First Lien Term Loan, LIBOR+6.25% cash due 9/21/2027 | 7.25% | Integrated Telecommunication Services | 4,962 | 4,779 | 4,972 | (4) | ||||||||||||||||||||||
WP CPP Holdings, LLC | Second Lien Term Loan, LIBOR+7.75% cash due 4/30/2026 | 8.75% | Aerospace & Defense | 3,000 | 2,980 | 2,670 | (4) | ||||||||||||||||||||||
Total Portfolio Investments | $ | 126,465 | $ | 123,926 | $ | 123,132 | |||||||||||||||||||||||
March 31, 2021 | ||||||||
Selected Balance Sheet Information: | ||||||||
Investments at fair value (cost March 31, 2021: $123,926) | $ | 123,132 | ||||||
Cash and cash equivalents | 8,812 | |||||||
Restricted cash | 1,134 | |||||||
Other assets | 4,179 | |||||||
Total assets | $ | 137,257 | ||||||
Senior credit facility payable | $ | 73,382 | ||||||
Glick JV Notes payable at fair value (proceeds March 31, 2021: $71,795) | 62,416 | |||||||
Other liabilities | 1,459 | |||||||
Total liabilities | $ | 137,257 | ||||||
Members' equity | — | |||||||
Total liabilities and members' equity | $ | 137,257 |
For the period from March 19, 2021 to March 31, 2021 | ||||||||
Selected Statements of Operations Information: | ||||||||
Interest income | $ | 304 | ||||||
Fee income | 3 | |||||||
Total investment income | 307 | |||||||
Interest expense | 209 | |||||||
Other expenses | 6 | |||||||
Total expenses (1) | 215 | |||||||
Net unrealized appreciation (depreciation) | (124) | |||||||
Realized gain (loss) | 32 | |||||||
Net income (loss) | $ | — |
Date Declared | Record Date | Payment Date |
Amount
per Share |
Cash
Distribution |
DRIP Shares
Issued (1) |
DRIP Shares
Value |
||||||||||||||||||||||||||||||||||||||
November 19, 2018 | December 17, 2018 | December 28, 2018 | $ | 0.095 | $ 13.0 million | 87,429 | $ 0.4 million | |||||||||||||||||||||||||||||||||||||
February 1, 2019 | March 15, 2019 | March 29, 2019 | 0.095 | 13.1 million | 59,603 | 0.3 million | ||||||||||||||||||||||||||||||||||||||
May 3, 2019 | June 14, 2019 | June 28, 2019 | 0.095 | 13.1 million | 61,093 | 0.3 million | ||||||||||||||||||||||||||||||||||||||
August 2, 2019 | September 13, 2019 | September 30, 2019 | 0.095 | 13.1 million | 61,205 | 0.3 million | ||||||||||||||||||||||||||||||||||||||
November 12, 2019 | December 13, 2019 | December 31, 2019 | 0.095 | 12.9 million | 87,747 | 0.5 million | ||||||||||||||||||||||||||||||||||||||
January 31, 2020 | March 13, 2020 | March 31, 2020 | 0.095 | 12.9 million | 157,523 | 0.5 million | ||||||||||||||||||||||||||||||||||||||
April 30, 2020 | June 15, 2020 | June 30, 2020 | 0.095 | 13.0 million | 87,351 | 0.4 million | ||||||||||||||||||||||||||||||||||||||
July 31, 2020 | September 15, 2020 | September 30, 2020 | 0.105 | 14.3 million | 102,404 | 0.5 million | ||||||||||||||||||||||||||||||||||||||
November 13, 2020 | December 15, 2020 | December 31, 2020 | 0.11 | 15.0 million | 93,964 | 0.5 million | ||||||||||||||||||||||||||||||||||||||
January 29, 2021 | March 15, 2021 | March 31, 2021 | 0.12 | 16.4 million | 81,702 | 0.5 million |
Financial Covenant | Description | Target Value | December 31, 2020 Reported Value (1) | |||||||||||||||||
Minimum shareholders' equity |
Net assets shall not be less than the sum of (x) $600 million, plus (y) 50% of the aggregate net proceeds of all sales of equity interests after May 6, 2020
|
$600 million (2)
|
$965 million | |||||||||||||||||
Asset coverage ratio | Asset coverage ratio shall not be less than the greater of 1.50:1 and the statutory test applicable to us | 1.50:1 | 2.37:1 | |||||||||||||||||
Interest coverage ratio | Interest coverage ratio shall not be less than 2.25:1 | 2.25:1 | 3.79:1 | |||||||||||||||||
Minimum net worth | Net worth shall not be less than $550 million |
$550 million(3)
|
$947 million |
March 31, 2021 | September 30, 2020 | |||||||||||||
Assembled Brands Capital LLC | $ | 31,491 | $ | 36,079 | ||||||||||
WPEngine, Inc. | 26,348 | 26,348 | ||||||||||||
Thrasio, LLC | 25,452 | — | ||||||||||||
Athenex, Inc. | 21,072 | 22,780 | ||||||||||||
FFI Holdings I Corp | 17,170 | — | ||||||||||||
OCSI Glick JV LLC | 13,998 | — | ||||||||||||
Jazz Acquisition, Inc. | 13,825 | — | ||||||||||||
Latam Airlines Group S.A. | 11,128 | — | ||||||||||||
Gulf Operating, LLC | 10,064 | — | ||||||||||||
Coty Inc. | 9,886 | — | ||||||||||||
Dominion Diagnostics, LLC | 7,629 | 5,887 | ||||||||||||
MRI Software LLC | 6,410 | 7,239 | ||||||||||||
NeuAG, LLC | 5,441 | 4,382 | ||||||||||||
MHE Intermediate Holdings, LLC | 5,255 | — | ||||||||||||
SumUp Holdings Luxembourg S.À.R.L. | 5,154 | — | ||||||||||||
Olaplex, Inc. | 4,806 | 1,917 | ||||||||||||
Mindbody, Inc. | 4,000 | 3,048 | ||||||||||||
Corrona, LLC | 3,968 | 5,189 | ||||||||||||
Sunland Asphalt & Construction, LLC | 3,733 | — | ||||||||||||
Pingora MSR Opportunity Fund I-A, LP | 3,500 | 3,500 | ||||||||||||
T8 Urban Condo Owner, LLC | 3,316 | — | ||||||||||||
Velocity Commercial Capital, LLC | 3,247 | — | ||||||||||||
Accupac, Inc. | 3,063 | 2,346 | ||||||||||||
PRGX Global, Inc. | 2,518 | — | ||||||||||||
Acquia Inc. | 2,061 | 2,240 | ||||||||||||
Telestream Holdings Corporation | 1,759 | — | ||||||||||||
Apptio, Inc. | 1,338 | 1,538 | ||||||||||||
Coyote Buyer, LLC | 1,333 | 942 | ||||||||||||
Senior Loan Fund JV I, LLC | 1,328 | 1,328 | ||||||||||||
Ardonagh Midco 3 PLC | 1,269 | 3,007 | ||||||||||||
109 Montgomery Owner LLC | 1,253 | — | ||||||||||||
Ministry Brands, LLC | 1,100 | 425 | ||||||||||||
Digital.AI Software Holdings, Inc. | 1,077 | — | ||||||||||||
T8 Senior Mezz LLC | 744 | — | ||||||||||||
Immucor, Inc. | 731 | 541 | ||||||||||||
GKD Index Partners, LLC | 320 | 231 | ||||||||||||
Thermacell Repellents, Inc. | 292 | — | ||||||||||||
OEConnection LLC | 30 | — | ||||||||||||
NuStar Logistics, L.P. | — | 17,911 | ||||||||||||
A.T. Holdings II SÀRL | — | 7,541 | ||||||||||||
New IPT, Inc. | — | 2,229 | ||||||||||||
iCIMs, Inc. | — | 882 | ||||||||||||
Total
|
$ | 257,109 | $ | 157,530 |
Debt Outstanding
as of September 30, 2020 |
Debt Outstanding
as of March 31, 2021 |
Weighted average debt
outstanding for the six months ended March 31, 2021 |
Maximum debt
outstanding for the six months ended March 31, 2021 |
|||||||||||||||||||||||
Syndicated Facility | $ | 414,825 | $ | 575,025 | $ | 439,069 | $ | 575,025 | ||||||||||||||||||
Citibank Facility
|
— | 124,057 | 8,861 | 124,057 | ||||||||||||||||||||||
Deutsche Bank Facility | — | 115,700 | 8,264 | 115,700 | ||||||||||||||||||||||
2025 Notes | 300,000 | 300,000 | 300,000 | 300,000 | ||||||||||||||||||||||
Secured borrowings | — | — | 205 | 9,341 | ||||||||||||||||||||||
Total debt | $ | 714,825 | $ | 1,114,782 | $ | 756,399 |
Payments due by period as of March 31, 2021 | ||||||||||||||||||||||||||||||||
Contractual Obligations | Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | |||||||||||||||||||||||||||
Syndicated Facility | $ | 575,025 | $ | — | $ | 575,025 | $ | — | $ | — | ||||||||||||||||||||||
Interest due on Syndicated Facility | 37,338 | 12,857 | 24,481 | — | — | |||||||||||||||||||||||||||
Citibank Facility | 124,057 | — | 124,057 | — | — | |||||||||||||||||||||||||||
Interest due on Citibank Facility | 6,309 | 2,745 | 3,564 | — | — | |||||||||||||||||||||||||||
Deutsche Bank Facility | 115,700 | 115,700 | — | — | — | |||||||||||||||||||||||||||
Interest due on Deutsche Bank Facility | 3,346 | 3,346 | — | — | — | |||||||||||||||||||||||||||
2025 Notes | 300,000 | — | — | 300,000 | — | |||||||||||||||||||||||||||
Interest due on 2025 Notes | 41,051 | 10,500 | 21,000 | 9,551 | — | |||||||||||||||||||||||||||
Total | $ | 1,202,826 | $ | 145,148 | $ | 748,127 | $ | 309,551 | $ | — |
Year Ended | Qualified Net Interest Income | Qualified Short-Term Capital Gains | |||||||||
September 30, 2020 | 83.4 | % | — |
March 31, 2021 | September 30, 2020 | |||||||||||||||||||||||||||||||||||||
($ in thousands) | Fair Value | % of Floating Rate Portfolio | Fair Value | % of Floating Rate Portfolio | ||||||||||||||||||||||||||||||||||
0% | $ | 552,974 | 27.5 | % | $ | 553,829 | 42.2 | % | ||||||||||||||||||||||||||||||
>0% and <1% | 202,518 | 10.1 | % | 39,789 | 3.0 | % | ||||||||||||||||||||||||||||||||
1% | 1,178,310 | 58.6 | % | 672,529 | 51.3 | % | ||||||||||||||||||||||||||||||||
>1% | 75,849 | 3.8 | % | 45,362 | 3.5 | % | ||||||||||||||||||||||||||||||||
Total Floating Rate Investments | $ | 2,009,651 | 100.0 | % | $ | 1,311,509 | 100.0 | % |
March 31, 2021 | September 30, 2020 | |||||||||||||||||||||||||
($ in thousands) |
Interest Bearing
Cash and Investments |
Borrowings |
Interest Bearing
Cash and Investments |
Borrowings | ||||||||||||||||||||||
Money market rate | $ | 15,183 | $ | — | $ | 35,248 | $ | — | ||||||||||||||||||
Prime rate | 5,355 | 15,000 | 305 | — | ||||||||||||||||||||||
LIBOR | ||||||||||||||||||||||||||
30 day | 865,332 | 560,025 | 717,576 | 414,825 | ||||||||||||||||||||||
60 day | 22,889 | — | 6,861 | — | ||||||||||||||||||||||
90 day | 752,690 | 239,757 | 362,141 | — | ||||||||||||||||||||||
180 day | 272,948 | — | 201,699 | — | ||||||||||||||||||||||
360 day | 42,008 | — | 23,351 | — | ||||||||||||||||||||||
EURIBOR | ||||||||||||||||||||||||||
30 day | 29,192 | — | 29,126 | — | ||||||||||||||||||||||
90 day | 19,876 | — | — | — | ||||||||||||||||||||||
180 day | 2,283 | — | 1,689 | — | ||||||||||||||||||||||
UK LIBOR | ||||||||||||||||||||||||||
30 day | 29,665 | — | 23,270 | — | ||||||||||||||||||||||
180 day | 23,975 | — | 14,612 | — | ||||||||||||||||||||||
Fixed rate | 161,547 | 300,000 | 171,976 | 300,000 | ||||||||||||||||||||||
Total | $ | 2,242,943 | $ | 1,114,782 | $ | 1,587,854 | $ | 714,825 |
Amended and Restated Investment Advisory Agreement, dated as of March 19, 2021, between the Registrant and Oaktree Fund Advisors, LLC (Incorporated by reference to Exhibit 10.1 filed with the Registrant’s Current Report on Form 8-K (File No. 814-00755) filed on March 19, 2021). | |||||||||||
Loan Sale Agreement by and between Registrant and FS Senior Funding II LLC, dated as of January 15, 2015 (Incorporated by reference to Exhibit 10.2 filed with the Registrant’s Current Report on Form 8-K (File No. 814-00755) filed on March 19, 2021). | |||||||||||
Amended and Restated Loan and Security Agreement, dated as of January 31, 2018, by and among Registrant, OCSI Senior Funding II LLC, the lenders referred to therein, Citibank, N.A., and Wells Fargo Bank, National Association (Incorporated by reference to Exhibit 10.3 filed with the Registrant’s Current Report on Form 8-K (File No. 814-00755) filed on March 19, 2021). | |||||||||||
First Amendment to the Amended and Restated Loan and Security Agreement by and among the Registrant, as collateral manager, OCSI Senior Funding II LLC, as borrower, and Citibank, N.A., as administrative agent and sole lender, dated as of May 14, 2018 (Incorporated by reference to Exhibit 10.4 filed with the Registrant’s Current Report on Form 8-K (File No. 814-00755) filed on March 19, 2021). | |||||||||||
Second Amendment to the Amended and Restated Loan and Security Agreement by and among Registrant, as collateral manager, OCSI Senior Funding II LLC, as borrower, and Citibank, N.A., as administrative agent and sole lender, dated as of July 18, 2018 (Incorporated by reference to Exhibit 10.5 filed with the Registrant’s Current Report on Form 8-K (File No. 814-00755) filed on March 19, 2021). |
Third Amendment to the Amended and Restated Loan and Security Agreement by and among Registrant, as collateral manager, OCSI Senior Funding II LLC, as borrower, and Citibank, N.A., as administrative agent and sole lender, dated as of September 17, 2018 (Incorporated by reference to Exhibit 10.6 filed with the Registrant’s Current Report on Form 8-K (File No. 814-00755) filed on March 19, 2021). | |||||||||||
Fourth Amendment to the Amended and Restated Loan and Security Agreement by and among Registrant, as collateral manager, OCSI Senior Funding II LLC, as borrower, and Citibank, N.A., as administrative agent and sole lender, dated as of September 20, 2019 (Incorporated by reference to Exhibit 10.7 filed with the Registrant’s Current Report on Form 8-K (File No. 814-00755) filed on March 19, 2021). | |||||||||||
Fifth Amendment to the Amended and Restated Loan and Security Agreement by and among the Registrant, as collateral manager, OCSI Senior Funding II LLC, as borrower, and Citibank, N.A., as administrative agent and sole lender, dated as of October 27, 2020 (Incorporated by reference to Exhibit 10.8 filed with the Registrant’s Current Report on Form 8-K (File No. 814-00755) filed on March 19, 2021). | |||||||||||
Loan Financing and Servicing Agreement, dated as of September 24, 2018, by and among OCSI Senior Funding Ltd., as borrower, Registrant, as equityholder and as servicer, the lenders from time to time party thereto, Deutsche Bank AG, New York Branch, as facility agent, the other agents parties thereto and Wells Fargo Bank, National Association, as collateral agent and as collateral custodian. (Incorporated by reference to Exhibit 10.9 filed with the Registrant’s Current Report on Form 8-K (File No. 814-00755) filed on March 19, 2021). | |||||||||||
Sale and Contribution Agreement, dated as of September 24, 2018, by and between Registrant, as seller, and OCSI Senior Funding Ltd., as purchaser (Incorporated by reference to Exhibit 10.10 filed with the Registrant’s Current Report on Form 8-K (File No. 814-00755) filed on March 19, 2021). | |||||||||||
Amendment No. 1 to Loan Financing and Servicing Agreement, dated as of March 13, 2019, among OCSI Senior Funding Ltd., as borrower, the Registrant, as servicer, and Deutsche Bank AG, New York Branch as facility agent and as committed lender (Incorporated by reference to Exhibit 10.11 filed with the Registrant’s Current Report on Form 8-K (File No. 814-00755) filed on March 19, 2021). | |||||||||||
Amendment No. 2 to Loan Financing and Servicing Agreement, dated as of June 27, 2019 among OCSI Senior Funding Ltd., as borrower, the Registrant, as servicer, and Deutsche Bank AG, New York Branch as facility agent and as a committed lender (Incorporated by reference to Exhibit 10.12 filed with the Registrant’s Current Report on Form 8-K (File No. 814-00755) filed on March 19, 2021). | |||||||||||
Amendment No. 3 to Loan Financing and Servicing Agreement, dated as of September 20, 2019, among OCSI Senior Funding Ltd., as borrower, the Registrant, as servicer, and Deutsche Bank AG, New York Branch as facility agent and as committed lender (Incorporated by reference to Exhibit 10.13 filed with the Registrant’s Current Report on Form 8-K (File No. 814-00755) filed on March 19, 2021). | |||||||||||
Amendment No. 4 to Loan Financing and Servicing Agreement, dated as of March 22, 2020, among OCSI Senior Funding Ltd., as borrower, the Registrant, as servicer, and Deutsche Bank AG, New York Branch as facility agent and as committed lender (Incorporated by reference to Exhibit 10.14 filed with the Registrant’s Current Report on Form 8-K (File No. 814-00755) filed on March 19, 2021). | |||||||||||
Amendment No. 5 to Loan Financing and Servicing Agreement, dated as of July 8, 2020, among OCSI Senior Funding Ltd., as borrower, the Registrant, as servicer, and Deutsche Bank AG, New York Branch as facility agent and as committed lender (Incorporated by reference to Exhibit 10.15 filed with the Registrant’s Current Report on Form 8-K (File No. 814-00755) filed on March 19, 2021). | |||||||||||
Amendment No. 6 to Loan Financing and Servicing Agreement, dated as of September 29, 2020, among OCSI Senior Funding Ltd., as borrower, the Registrant, as servicer, and Deutsche Bank AG, New York Branch as facility agent and as committed lender (Incorporated by reference to Exhibit 10.16 filed with the Registrant’s Current Report on Form 8-K (File No. 814-00755) filed on March 19, 2021). | |||||||||||
Amendment No. 7 to Loan Financing and Servicing Agreement, dated as of October 27, 2020, among OCSI Senior Funding Ltd., as borrower, the Registrant, as servicer, and Deutsche Bank AG, New York Branch, as facility agent and as a committed lender (Incorporated by reference to Exhibit 10.17 filed with the Registrant’s Current Report on Form 8-K (File No. 814-00755) filed on March 19, 2021). | |||||||||||
Omnibus Amendment to Warehouse Documents, dated as of March 19, 2021, among OCSI Senior Funding Ltd., as borrower, the Registrant, as servicer, and Deutsche Bank AG, New York Branch, as facility agent and as a committed lender. | |||||||||||
Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934. | |||||||||||
Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934. | |||||||||||
Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350). | |||||||||||
Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350). |
* | Filed herewith. |
OAKTREE SPECIALTY LENDING CORPORATION | ||||||||
By: | /s/ Armen Panossian | |||||||
Armen Panossian | ||||||||
Chief Executive Officer | ||||||||
By: | /s/ Mel Carlisle | |||||||
Mel Carlisle | ||||||||
Chief Financial Officer and Treasurer |
By: | /s/ Armen Panossian | |||||||
Armen Panossian
Chief Executive Officer |
By: | /s/ Mel Carlisle | |||||||
Mel Carlisle
Chief Financial Officer |
/s/ Armen Panossian | ||
Name: Armen Panossian | ||
Date: May 5, 2021 |
/s/ Mel Carlisle | ||
Name: Mel Carlisle | ||
Date: May 5, 2021 |