(Mark One)
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ý
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the fiscal year ended September 30, 2018
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or
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from to
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Delaware
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27-2326940
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(State or Other Jurisdiction of Incorporation
or Organization)
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(I.R.S. Employer Identification No.)
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666 Fifth Avenue, 18th Floor, New York, NY
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10103
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(Address of Principal Executive Offices)
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(Zip Code)
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Title of Each Class
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Name of Each Exchange on Which Registered
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Common Stock, par value $0.001 per share
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The NASDAQ Stock Market LLC
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Large accelerated filer
þ
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Accelerated filer
o
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Non-accelerated filer
o
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Smaller reporting company
o
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Emerging growth company
o
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•
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“we,” “us,” “our” and “Golub Capital BDC” refer to Golub Capital BDC, Inc., a Delaware corporation, and its consolidated subsidiaries;
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“Holdings” refers to Golub Capital BDC 2010-1 Holdings LLC, a Delaware limited liability company, or LLC, our direct subsidiary;
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“2010 Issuer” refers to Golub Capital BDC 2010-1 LLC, a Delaware LLC, our indirect subsidiary;
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“2014 Issuer” refers to Golub Capital BDC CLO 2014 LLC, a Delaware LLC, our direct subsidiary;
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"2018 Issuer" refers to Golub Capital BDC CLO III LLC, a Delaware LLC, our indirect subsidiary;
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“CLO Depositor” refers to Golub Capital BDC CLO III Depositor LLC, a Delaware LLC, our direct subsidiary.
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“Controlling Class” refers to the most senior class of notes then outstanding of the 2014 Issuer or the 2018 Issuer, as applicable;
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"2010 Debt Securitization" refers to the $350.0 million term debt securitization that we completed on July 16, 2010, amended on October 20, 2016 and redeemed on July 20, 2018, in which the 2010 Issuer issued an aggregate of $350.0 million of notes, or the “2010 Notes,” including $205.0 million of Class A-Refi 2010 Notes, which bore interest at a rate of three-month London Interbank Offered Rate, or LIBOR, plus 1.90%, $10.0 million of Class B-Refi 2010 Notes, which bore interest at a rate of three-month LIBOR plus 2.40% and $135.0 million face amount of Subordinated 2010 Notes that did not bear interest;
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“2014 Debt Securitization” refers to the $402.6 million term debt securitization that we completed on June 5, 2014, as most recently amended on March 23, 2018, in which the 2014 Issuer issued an aggregate of $402.6 million of notes, or the “2014 Notes,” including $191.0 million of Class A-1-R 2014 Notes, which bear interest at a rate of three-month LIBOR, plus 0.95%, $20.0 million of Class A-2-R 2014 Notes, which bear interest at a rate of three-month LIBOR plus 0.95%, $35.0 million of Class B-R 2014 Notes, which bear interest at a rate of three-month LIBOR plus 1.40%, $37.5 million of Class C-R 2014 Notes, which bear interest at a rate of three-month LIBOR plus 1.55%, and $119.1 million of membership interests that do not bear interest;
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"2018 Debt Securitization" refers to the $602.4 million term debt securitization that we completed on November 16, 2018, in which the 2018 Issuer issued an aggregate of $602.4 million of notes, or the “2018 Notes,” including $327.0 million of Class A 2018 Notes, which bear interest at a rate of three-month LIBOR, plus 1.48%, $61.2 million of Class B 2018 Notes, which bear interest at a rate of three-month LIBOR plus 2.10%, $20.0 million of Class C-1 2018 Notes, which bear interest at a rate of three-month LIBOR plus 2.80%, $38.8 million of Class C-2 2018 Notes, which bear interest at a rate of three-month LIBOR plus 2.65%, $42.0 million of Class D 2018 Notes, which bear interest at a rate of three-month LIBOR plus 2.95%, and $113.4 million of Subordinated 2018 Notes that do not bear interest;
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“Funding” refers to Golub Capital BDC Funding, LLC, a Delaware LLC, our direct subsidiary;
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“Credit Facility” refers to the amended and restated senior secured revolving credit facility that Funding originally entered into on July 21, 2011, as most recently amended on September 21, 2018, with Wells Fargo Securities, LLC, as administrative agent, and Wells Fargo Bank, N.A., as lender and collateral agent, that currently allows for borrowing up to $170 million and that bears interest at a rate of one-month LIBOR plus 2.15% per annum through the reinvestment period, which ends September 20, 2019, and through the stated maturity date of September 21, 2023;
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"MS Credit Facility" refers to the amended senior secured credit facility that the 2010 Issuer originally entered into on July 20, 2018 and recently amended on November 1, 2018, with Morgan Stanley Bank, N.A., as lender, Morgan Stanley Senior Secured Funding, Inc. as administrative agent, and U.S. Bank National Association, as collateral agent for the administrative agent and the lenders, that currently allows for borrowing up to $450 million and that bears interest at a rate of one-month LIBOR plus 1.90% per annum through the reinvestment period, which ends on January 18, 2019, and bears interest at a rate of
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"Revolving Credit Facilities" refers collectively to the Credit Facility and the MS Credit Facility, and each a "Revolving Credit Facility";
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“Adviser Revolver” refers to the $20.0 million line of credit with GC Advisors;
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“SBIC Funds” refers collectively to our consolidated subsidiaries, GC SBIC IV, L.P.,GC SBIC V, L.P. and GC SBIC VI, L.P.;
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“SLF” refers to Senior Loan Fund LLC, an unconsolidated Delaware LLC, in which we co-invest with RGA Reinsurance Company, or RGA, primarily in senior secured loans. SLF is capitalized as transactions are completed and all portfolio and investment decisions in respect of SLF must be approved by representatives of each of the members (with unanimous approval required from either (i) one representative of each of us and RGA or (ii) both representatives of each of us and RGA). As of
September 30, 2018
, we owned 87.5% of the LLC equity interests of SLF. As of
September 30, 2018
, SLF had LLC equity interest subscriptions from its members totaling $200.0 million of which we have committed to fund $175.0 million;
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“GC Advisors” refers to GC Advisors LLC, a Delaware LLC, our investment adviser;
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“Administrator” refers to Golub Capital LLC, a Delaware LLC, an affiliate of GC Advisors and our administrator; and
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“Golub Capital” refers, collectively, to the activities and operations of Golub Capital LLC (formerly Golub Capital Management LLC), which entity employs all of Golub Capital’s investment professionals, GC Advisors and associated investment funds and their respective affiliates.
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annual EBITDA of less than $100.0 million annually;
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sustainable leading positions in their respective markets;
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scalable revenues and operating cash flow;
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experienced management teams with successful track records;
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stable, predictable cash flows with low technology and market risks;
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a substantial equity cushion in the form of capital ranking junior to our investment;
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low capital expenditures requirements;
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a North American base of operations;
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strong customer relationships;
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products, services or distribution channels having distinctive competitive advantages;
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defensible niche strategy or other barriers to entry; and
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demonstrated growth strategies.
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a thorough review of historical and pro forma financial information;
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on-site visits;
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interviews with management and employees;
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a review of loan documents and material contracts;
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third-party “quality of earnings” accounting due diligence;
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when appropriate, background checks on key managers and research relating to the company’s business, industry, markets, customers, suppliers, products and services and competitors; and
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the commission of third-party market studies when appropriate.
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September 30, 2018
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September 30, 2017
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Internal
Performance
Rating
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Investments
at Fair Value
(In thousands)
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Percentage of
Total
Investments
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Investments
at Fair Value
(In thousands)
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Percentage of
Total
Investments
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5
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$
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113,873
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6.4
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%
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$
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91,525
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5.5
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%
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4
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1,455,754
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81.6
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1,378,316
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81.8
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3
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195,414
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11.0
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212,629
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12.6
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2
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17,250
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1.0
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249
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0.0*
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1
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550
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0.0*
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2,296
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0.1
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Total
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$
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1,782,841
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100.0
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%
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$
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1,685,015
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100.0
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%
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*
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Represents an amount less than 0.1%.
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•
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selecting investments that we believe have a very low probability of loss;
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requiring a total return on our investments that we believe will compensate us appropriately for credit risk; and
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negotiating covenants in connection with our investments that afford our portfolio companies as much flexibility in managing their businesses as possible, consistent with the preservation of our capital. Such restrictions may include affirmative and negative covenants, default penalties, lien protection, change of control provisions and board rights.
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Portfolio Company
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Investments at
Fair Value (In thousands) |
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Percentage of
Total
Investments
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Transaction Data Systems, Inc.
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$
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39,066
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2.2
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%
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Diligent Corporation
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38,848
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2.2
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MRI Software LLC
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38,474
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2.2
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Massage Envy, LLC
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36,735
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2.1
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Appriss Holdings, Inc.
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36,005
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2.0
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DCA Investment Holding, LLC
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35,783
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2.0
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Captive Resources Midco, LLC
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34,706
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1.9
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Integration Appliance, Inc.
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34,406
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1.9
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eSolutions, Inc.
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31,483
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1.8
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Vendavo, Inc.
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30,268
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1.7
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$
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355,774
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20.0
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%
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Industry
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Investments at
Fair Value (In thousands) |
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Percentage of
Total Investments
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Diversified/Conglomerate Service
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$
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466,037
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26.1
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%
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Healthcare, Education and Childcare
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333,736
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18.7
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Electronics
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130,472
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7.3
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Retail Stores
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112,738
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6.3
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Beverage, Food and Tobacco
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99,608
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5.6
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Diversified/Conglomerate Manufacturing
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96,663
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5.4
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Leisure, Amusement, Motion Pictures, Entertainment
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81,907
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4.6
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Personal and Non Durable Consumer Products (Mfg. Only)
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69,912
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3.9
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Buildings and Real Estate
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65,255
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3.7
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Aerospace and Defense
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47,891
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2.7
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$
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1,504,219
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84.3
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%
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•
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determines the composition of our portfolio, the nature and timing of the changes to our portfolio and the manner of implementing such changes;
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identifies, evaluates and negotiates the structure of the investments we make;
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executes, closes, services and monitors the investments we make;
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determines the securities and other assets that we purchase, retain or sell;
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performs due diligence on prospective portfolio companies; and
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provides us with such other investment advisory, research and related services as we may, from time to time, reasonably require for the investment of our funds.
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zero in any calendar quarter in which the Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate;
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100.0% of our Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than 2.5% in any calendar quarter. We refer to this portion of our Pre-Incentive Fee Net Investment Income (which exceeds the hurdle rate but is less than 2.5%) as the “catch-up” provision. The catch-up is meant to provide GC Advisors with 20.0% of the Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply if this net investment income exceeds 2.5% in any calendar quarter; and
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20.0% of the amount of our Pre-Incentive Fee Net Investment Income, if any, that exceeds 2.5% in any calendar quarter.
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The cumulative aggregate realized capital losses are calculated as the sum of the amounts by which (a) the net sales price of each investment in our portfolio when sold is less than (b) the accreted or amortized cost basis of such investment.
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The cumulative aggregate realized capital gains are calculated as the sum of the differences, if positive, between (a) the net sales price of each investment in our portfolio when sold and (b) the accreted or amortized cost basis of such investment.
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The aggregate unrealized capital depreciation is calculated as the sum of the differences, if negative, between (a) the valuation of each investment in our portfolio as of the applicable Capital Gain Incentive Fee calculation date and (b) the accreted or amortized cost basis of such investment.
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(1)
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The hypothetical amount of Pre-Incentive Fee Net Investment Income shown is based on a percentage of total net assets. In addition, the example assumes that during the most recent four full calendar quarter period ending on or prior to the date the payment set forth in the example is to be made, the sum of (a) our aggregate distributions to our stockholders and (b) our change in net assets (defined as total assets less indebtedness and before taking into account any incentive fees payable during the period) is at least 8.0% of our net assets at the beginning of such period (as adjusted for any share issuances or repurchases).
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(2)
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Represents a quarter of the 8.0% annualized hurdle rate.
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(3)
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Represents a quarter of the 1.375% annualized management fee.
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(4)
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Excludes offering expenses.
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Incentive Fee
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=
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100% × “catch-up” + the greater of 0% AND (20% × (Pre-Incentive Fee Net Investment Income – 2.50%))
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=
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(100% × (2.106% – 2.00%)) + 0%
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=
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100% × 0.106%
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=
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0.106%
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Incentive Fee
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=
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100% × “catch-up” + the greater of 0% AND (20% × (Pre-Incentive Fee Net Investment Income – 2.50%))
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=
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(100% × (2.50% – 2.00%)) + (20% × (2.806% – 2.50%))
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=
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0.50% + (20% × 0.306%)
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=
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0.50% + 0.061%
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=
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0.561%
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Year 1:
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$20 million investment made in Company A (“Investment A”) and $30 million investment made in Company B (“Investment B”)
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Year 2:
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Investment A is sold for $15 million and fair market value (“FMV”) of Investment B determined to be $29 million
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Year 3:
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FMV of Investment B determined to be $27 million
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Year 4:
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Investment B sold for $25 million
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Year 1:
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None (No sales transactions)
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Year 2:
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None (Sales transaction resulted in a realized capital loss on Investment A)
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Year 3:
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None (No sales transactions)
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Year 4:
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None (Sales transaction resulted in a realized capital loss on Investment B)
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Year 1:
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No adjustment; no realized capital losses or unrealized capital depreciation
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Year 2:
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Investment A sold at a $5 million loss. Investment B has unrealized capital depreciation of $1 million. Therefore, GC Advisors would not be paid on the $6 million realized/unrealized loss which would result in a lower Incentive Fee by $1.2 million.
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Year 3:
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Investment B has unrealized capital depreciation of $2 million. Therefore, GC Advisors would not be paid on the $2 million unrealized capital depreciation, which would result in a lower Incentive Fee by $400,000.
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Year 4:
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Investment B sold at a $5 million loss. Investment B was previously marked down by $3 million; therefore, we would realize a $5 million loss on Investment B and reverse the previous $3 million in unrealized capital depreciation. The net effect would be a loss of $2 million. GC Advisors would not be paid on the $2 million loss which would result in a lower Incentive Fee by $400,000.
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Year 1:
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$20 million investment made in Company A (“Investment A”), $30 million investment made in Company B (“Investment B”) and $25 million investment made in Company C (“Investment C”)
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Year 2:
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FMV of Investment A determined to be $18 million, FMV of Investment B determined to be $25 million and FMV of Investment C determined to be $25 million
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Year 3:
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Investment A sold for $18 million. FMV of Investment B determined to be $24 million and FMV of Investment C determined to be $25 million.
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Year 4:
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FMV of Investment B determined to be $22 million. Investment C sold for $24 million.
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Year 5:
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Investment B sold for $20 million
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Year 1:
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None (No sales transactions)
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Year 2:
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None (No sales transactions)
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Year 3:
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None (Sales transaction resulted in a realized capital loss on Investment A)
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Year 4:
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None (Sales transaction resulted in a realized capital loss on Investment C)
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Year 5:
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None (Sales transaction resulted in a realized capital loss on Investment B)
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Year 1:
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No adjustment; no realized capital losses or unrealized capital depreciation.
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Year 2:
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Investment A has unrealized capital depreciation of $2 million. Investment B has unrealized capital depreciation of $5 million. Therefore, GC Advisors would not be paid on the $7 million unrealized capital depreciation which would result in a lower Incentive Fee by $1.4 million.
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Year 3:
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Investment A sold at a $2 million loss. Investment A was previously marked down by $2 million; therefore, we would realize a $2 million loss on Investment A and reverse the previous $2 million in unrealized capital depreciation. Investment B has additional unrealized capital depreciation of $1 million. The net effect would be a loss of $1 million. GC Advisors would not be paid on the $1 million loss, which would result in a lower Incentive Fee by $200,000.
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Year 4:
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Investment B has additional unrealized capital depreciation of $2 million. Investment C sold at a $1 million realized loss. Therefore, GC Advisors would not be paid on the $3 million realized/unrealized loss which would result in a lower Incentive Fee by $600,000.
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Year 5:
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Investment B sold at a $10 million loss. Investment B was previously marked down by $8 million; therefore, we would realize a $10 million loss on Investment B and reverse the previous $8 million in unrealized capital depreciation. The net effect would be a loss of $2 million. GC Advisors would not be paid on the $2 million loss, which would result in a lower Incentive Fee by $400,000.
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Year 1:
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$25 million investment made in Company A (“Investment A”) and $20 million investment made in Company B (“Investment B”)
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Year 2:
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Investment A is sold for $30 million, FMV of Investment B determined to be $21 million and $2 million of unamortized deferred financing costs
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Year 3:
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FMV of Investment B determined to be $23 million and $1 million of unamortized deferred financing costs
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Year 4:
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Investment B sold for $23 million and $0 of unamortized deferred financing costs
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Year 1:
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None (No sales transactions)
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Year 2:
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$800,000 (20% multiplied by (i) $5 million realized capital gains on sale of Investment A less (ii) $1 million unamortized deferred financing costs ($2 million of unamortized deferred financing costs less $1 million of unrealized gain))
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Year 3:
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$200,000 (20% multiplied by $5 million realized capital gains on sale of Investment A) less $800,000 (Capital Gain Incentive Fee paid in year 2)
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Year 4:
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$600,000 (20% multiplied by $8 million realized capital gains on sale of Investment A and Investment B less Capital Gain Incentive Fee paid in years 2 and 3).
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Year 1:
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No adjustment necessary
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Year 2:
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No adjustment necessary. GC Advisors would not be paid on the $1 million unrealized gain on Investment B.
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Year 3:
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No adjustment necessary. GC Advisors would not be paid on the $3 million unrealized gain on Investment B.
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Year 4:
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No adjustment necessary
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•
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the nature, extent and quality of services provided to us by GC Advisors;
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•
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the relative investment performance of us since April 1, 2016 and since our inception;
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the fees paid by other comparable business development companies; and
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various other matters.
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(1)
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Securities purchased in transactions not involving any public offering from the issuer of such securities, which issuer (subject to certain limited exceptions) is an eligible portfolio company, or from any person who is, or has been during the preceding 13 months, an affiliated person of an eligible portfolio company, or from any other person, subject to such rules as may be prescribed by the SEC. An eligible portfolio company is defined in the 1940 Act as any issuer that:
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◦
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is organized under the laws of, and has its principal place of business in, the United States;
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◦
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is not an investment company (other than a small business investment company, or SBIC, wholly owned by the business development company) or a company that would be an investment company but for certain exclusions under the 1940 Act; and
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◦
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satisfies either of the following:
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▪
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does not have any class of securities listed on a national securities exchange or has any class of securities listed on a national securities exchange subject to a $250.0 million market capitalization maximum; or
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▪
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is controlled by a business development company or a group of companies including a business development company, the business development company actually exercises a controlling influence over the management or policies of the eligible portfolio company, and, as a result, the business development company has an affiliated person who is a director of the eligible portfolio company.
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(2)
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Securities of any eligible portfolio company which we control.
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(3)
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Securities purchased in a private transaction from a U.S. issuer that is not an investment company or from an affiliated person of the issuer, or in transactions incident to such a private transaction, if the issuer is in bankruptcy and subject to reorganization or if the issuer, immediately prior to the purchase of its securities, was unable to meet its obligations as they came due without material assistance other than conventional lending or financing arrangements.
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(4)
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Securities of an eligible portfolio company purchased from any person in a private transaction if there is no ready market for such securities and we already own 60% of the outstanding equity of the eligible portfolio company.
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(5)
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Securities received in exchange for or distributed on or with respect to securities described above, or pursuant to the exercise of warrants or rights relating to such securities.
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(6)
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Cash, cash equivalents, U.S. government securities or high-quality debt securities that mature in one year or less from the date of investment.
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•
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our principal executive officer and principal financial officer must certify the accuracy of the financial statements contained in our periodic reports;
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•
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our periodic reports must disclose our conclusions about the effectiveness of our disclosure controls and procedures;
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•
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our management must prepare an annual report regarding its assessment of our internal control over financial reporting, which must be audited by our independent registered public accounting firm; and
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•
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our periodic reports must disclose whether there were significant changes in our internal controls over financial reporting or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
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•
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qualify as a RIC; and
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•
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satisfy the Annual Distribution Requirement;
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•
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qualify to be treated as a business development company under the 1940 Act at all times during each taxable year;
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•
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derive in each taxable year at least 90% of our gross income from dividends, interest, payments with respect to certain securities loans, gains from the sale of stock or other securities, or other income derived with respect to our business of investing in such stock or securities, and net income derived from interests in “qualified publicly traded partnerships” (partnerships that are traded on an established securities market or tradable on a secondary market, other than partnerships that derive 90% of their income from interest, dividends and other permitted RIC income), or the 90% Income Test; and
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•
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diversify our holdings, or the Diversification Tests, so that at the end of each quarter of the taxable year:
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•
|
at least 50% of the value of our assets consists of cash, cash equivalents, U.S. government securities, securities of other RICs, and other securities if such other securities of any one issuer do not represent more than 5% of the value of our assets or more than 10% of the outstanding voting securities of the issuer; and
|
•
|
no more than 25% of the value of our assets is invested in the securities, other than U.S. government securities or securities of other RICs, of one issuer or of two or more issuers that are controlled, as determined under applicable tax rules, by us and that are engaged in the same or similar or related trades or businesses or in the securities of one or more qualified publicly traded partnerships.
|
|
Assumed Return on Our Portfolio (Net of Expenses)
|
||||||||
|
-10%
|
|
-5%
|
|
0%
|
|
5%
|
|
10%
|
Corresponding return to common stockholder
(1)
|
-22.24%
|
|
-12.77%
|
|
-3.30%
|
|
6.17%
|
|
15.65%
|
|
(1)
|
Assumes
$1,835.6 million
in total assets,
$845.7 million
in debt and secured borrowings outstanding and
$968.9 million
in net assets as of
September 30, 2018
and an effective annual interest rate of 3.78% as of
September 30, 2018
.
|
•
|
a comparison of the portfolio company’s securities to publicly traded securities;
|
•
|
the enterprise value of the portfolio company;
|
•
|
the nature and realizable value of any collateral;
|
•
|
the portfolio company’s ability to make payments and its earnings and discounted cash flow;
|
•
|
the markets in which the portfolio company does business; and
|
•
|
changes in the interest rate environment and the credit markets generally that may affect the price at which similar investments may be made in the future and other relevant factors.
|
•
|
increase or maintain in whole or in part our position as a creditor or equity ownership percentage in a portfolio company;
|
•
|
exercise warrants, options or convertible securities that were acquired in the original or subsequent financing; or
|
•
|
preserve or enhance the value of our investment.
|
•
|
the ability to cause the commencement of enforcement proceedings against the collateral;
|
•
|
the ability to control the conduct of such proceedings;
|
•
|
the approval of amendments to collateral documents;
|
•
|
releases of liens on the collateral; and
|
•
|
waivers of past defaults under collateral documents.
|
•
|
significant volatility in the market price and trading volume of securities of business development companies or other companies in our sector, which are not necessarily related to the operating performance of the companies;
|
•
|
changes in regulatory policies, accounting pronouncements or tax guidelines, particularly with respect to RICs and business development companies;
|
•
|
loss of our qualification as a RIC or business development company;
|
•
|
changes in market interest rates and decline in the prices of debt,
|
•
|
changes in earnings or variations in operating results;
|
•
|
changes in the value of our portfolio investments;
|
•
|
changes in accounting guidelines governing valuation of our investments;
|
•
|
any shortfall in revenue or net income or any increase in losses from levels expected by investors or securities analysts;
|
•
|
departure of GC Advisors’ or any of its affiliates’ key personnel;
|
•
|
operating performance of companies comparable to us;
|
•
|
general economic trends and other external factors; and
|
•
|
loss of a major funding source.
|
Period
|
|
NAV
(1)
|
|
Closing Sales Price
|
|
Premium of
High Sales
Price to
NAV
(2)
|
|
Premium
(Discount) of
Low Sales
Price to
NAV
(2)
|
|
Distributions
Declared
|
|
||||||||||||
High
|
|
Low
|
|
|
|||||||||||||||||||
Fiscal year ended September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Fourth quarter
|
|
$
|
16.10
|
|
|
$
|
19.14
|
|
|
$
|
18.40
|
|
|
18.9
|
%
|
|
14.3
|
%
|
|
$
|
0.32
|
|
|
Third quarter
|
|
16.15
|
|
|
18.67
|
|
|
17.83
|
|
|
15.6
|
|
|
10.4
|
|
|
0.32
|
|
|
||||
Second Quarter
|
|
16.11
|
|
|
18.44
|
|
|
17.62
|
|
|
14.5
|
|
|
9.4
|
|
|
0.32
|
|
|
||||
First Quarter
|
|
16.04
|
|
|
19.41
|
|
|
18.20
|
|
|
21.0
|
|
|
13.5
|
|
|
0.40
|
|
(3)
|
||||
Fiscal year ended September 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Fourth quarter
|
|
$
|
16.08
|
|
|
$
|
19.71
|
|
|
$
|
18.24
|
|
|
22.6
|
%
|
|
13.4
|
%
|
|
$
|
0.32
|
|
|
Third quarter
|
|
16.01
|
|
|
20.44
|
|
|
19.10
|
|
|
27.7
|
|
|
19.3
|
|
|
0.32
|
|
|
||||
Second Quarter
|
|
15.88
|
|
|
19.88
|
|
|
18.38
|
|
|
25.2
|
|
|
15.7
|
|
|
0.32
|
|
|
||||
First Quarter
(40
|
|
15.74
|
|
|
18.76
|
|
|
17.55
|
|
|
19.2
|
|
|
11.5
|
|
|
0.57
|
|
(4)
|
|
(1)
|
NAV per share is determined as of the last day in the relevant quarter and therefore may not reflect the NAV per share on the date of the high and low closing sales prices. The NAVs shown are based on outstanding shares at the end of the each period.
|
(2)
|
Calculated as of the respective high or low closing sales price divided by the quarter-end NAV.
|
(3)
|
Includes a special distribution of $0.08 per share.
|
(4)
|
Includes a special distribution of $0.25 per share.
|
Record Dates
|
|
Payment Date
|
|
Distributions
Declared
|
||
Fiscal year ended September 30, 2018
|
|
|
|
|
|
|
September 6, 2018
|
|
September 28, 2018
|
|
$
|
0.32
|
|
June 8, 2018
|
|
June 28, 2018
|
|
0.32
|
|
|
March 8, 2018
|
|
March 30, 2018
|
|
0.32
|
|
|
December 12, 2017
(1)
|
|
December 28, 2017
|
|
0.40
|
|
|
Total
|
|
|
|
$
|
1.36
|
|
Fiscal year ended September 30, 2017
|
|
|
|
|
|
|
September 6, 2017
|
|
September 29, 2017
|
|
$
|
0.32
|
|
June 6, 2017
|
|
June 29, 2017
|
|
0.32
|
|
|
March 7, 2017
|
|
March 30, 2017
|
|
0.32
|
|
|
December 12, 2016
(2)
|
|
December 29, 2016
|
|
0.57
|
|
|
Total
|
|
|
|
$
|
1.53
|
|
|
Golub Capital BDC, Inc.
|
||||||||||||||||||
|
As of and for the years ended September 30,
|
||||||||||||||||||
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
|
(In thousands, except per share data)
|
||||||||||||||||||
Statement of Operations Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total investment income
|
$
|
152,171
|
|
|
$
|
137,764
|
|
|
$
|
127,871
|
|
|
$
|
119,968
|
|
|
$
|
109,526
|
|
Base management fee
|
24,214
|
|
|
23,815
|
|
|
22,020
|
|
|
20,330
|
|
|
17,053
|
|
|||||
Incentive fee
|
13,110
|
|
|
7,560
|
|
|
7,266
|
|
|
10,226
|
|
|
10,128
|
|
|||||
Interest and other debt financing expenses
|
33,174
|
|
|
31,534
|
|
|
27,724
|
|
|
24,510
|
|
|
20,227
|
|
|||||
All other expenses
|
5,652
|
|
|
5,309
|
|
|
5,881
|
|
|
5,905
|
|
|
5,583
|
|
|||||
Net investment income
(1)
|
76,021
|
|
|
69,546
|
|
|
64,980
|
|
|
58,997
|
|
|
56,535
|
|
|||||
Net realized gain (loss) on investments, secured borrowings, and foreign currency transactions
|
17,536
|
|
|
9,402
|
|
|
6,254
|
|
|
9,354
|
|
|
5,384
|
|
|||||
Net change in unrealized appreciation (depreciation) on investments, secured borrowings and foreign currency translation
|
(11,587
|
)
|
|
3,340
|
|
|
(2,030
|
)
|
|
2,440
|
|
|
3,469
|
|
|||||
Net increase/(decrease) in net assets
resulting from operations
|
81,970
|
|
|
82,288
|
|
|
69,204
|
|
|
70,791
|
|
|
65,388
|
|
|||||
Per share data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net asset value
|
$
|
16.10
|
|
|
$
|
16.08
|
|
|
$
|
15.96
|
|
|
$
|
15.80
|
|
|
$
|
15.55
|
|
Net investment income
(1)
|
1.27
|
|
|
1.23
|
|
|
1.25
|
|
|
1.20
|
|
|
1.26
|
|
|||||
Net realized gain (loss) on investments, secured borrowings and foreign currency transactions
|
0.29
|
|
|
0.16
|
|
|
0.12
|
|
|
0.19
|
|
|
0.11
|
|
|||||
Net change in unrealized appreciation (depreciation) on investments, secured borrowings, and foreign currency translation
|
(0.19
|
)
|
|
0.06
|
|
|
(0.04
|
)
|
|
0.05
|
|
|
0.07
|
|
|||||
Net increase in net assets resulting from operations
|
1.37
|
|
|
1.45
|
|
|
1.33
|
|
|
1.44
|
|
|
1.44
|
|
|||||
Per share distributions declared
|
1.36
|
|
|
1.53
|
|
|
1.28
|
|
|
1.28
|
|
|
1.28
|
|
|||||
From net investment income
|
1.31
|
|
|
1.51
|
|
|
1.04
|
|
|
1.18
|
|
|
1.28
|
|
|||||
From capital gains
|
0.05
|
|
|
0.02
|
|
|
0.24
|
|
|
0.10
|
|
|
—
|
|
|||||
From return of capital
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Dollar amount of distributions declared
|
81,307
|
|
|
86,443
|
|
|
66,879
|
|
|
62,969
|
|
|
57,823
|
|
|||||
From net investment income
|
78,328
|
|
|
85,304
|
|
|
54,461
|
|
|
58,152
|
|
|
57,823
|
|
|||||
From capital gains
|
2,979
|
|
|
1,139
|
|
|
12,418
|
|
|
4,817
|
|
|
—
|
|
|||||
From return of capital
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Golub Capital BDC, Inc.
|
||||||||||||||||||
|
As of and for the years ended September 30,
|
||||||||||||||||||
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
|
(In thousands, except per share data)
|
||||||||||||||||||
Balance Sheet data at period end:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investments, at fair value
|
$
|
1,782,841
|
|
|
$
|
1,685,015
|
|
|
$
|
1,660,612
|
|
|
$
|
1,529,784
|
|
|
$
|
1,347,612
|
|
Cash, cash equivalents, foreign currencies and restricted cash and cash equivalents
|
45,705
|
|
|
62,558
|
|
|
89,540
|
|
|
97,484
|
|
|
79,943
|
|
|||||
Interest receivable and other assets
(2)
|
7,006
|
|
|
6,603
|
|
|
6,357
|
|
|
6,158
|
|
|
6,318
|
|
|||||
Total assets
(2)
|
1,835,552
|
|
|
1,754,176
|
|
|
1,756,509
|
|
|
1,633,426
|
|
|
1,433,873
|
|
|||||
Total debt
|
845,683
|
|
|
781,100
|
|
|
865,175
|
|
|
813,605
|
|
|
697,539
|
|
|||||
Total liabilities
(2)
|
866,698
|
|
|
796,230
|
|
|
877,684
|
|
|
822,556
|
|
|
701,134
|
|
|||||
Total net assets
|
968,854
|
|
|
957,946
|
|
|
878,825
|
|
|
810,870
|
|
|
732,739
|
|
|||||
Other data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Weighted average yield on income
producing investments at fair value
(3)
|
8.3%
|
|
7.8%
|
|
7.6%
|
|
7.8%
|
|
8.3%
|
||||||||||
Number of portfolio companies at
period end |
199
|
|
185
|
|
183
|
|
164
|
|
145
|
|
(1)
|
Net investment income for the years ended
September 30, 2017
and
2016
is shown after a net expense of $17,000 and $333,000, respectively, for U.S. federal excise tax.
|
(2)
|
On October 1, 2015, we adopted Accounting Standards Update, or ASU, 2015-03 which requires that debt issuance costs related to a recognized debt liability to be presented on the balance sheet as a direct deduction from the carrying amount of the debt liability rather than as an asset. Adoption of ASU 2015-03 requires the changes to be applied retrospectively.
|
(3)
|
Weighted average yield on income producing investments is computed by dividing (a) income from interest, including subordinated notes in SLF, and fees excluding amortization of capitalized fees and discounts on accruing loans and debt securities by (b) total income producing investments at fair value.
|
•
|
our future operating results;
|
•
|
our business prospects and the prospects of our portfolio companies;
|
•
|
the effect of investments that we expect to make and the competition for those investments;
|
•
|
our contractual arrangements and relationships with third parties;
|
•
|
actual and potential conflicts of interest with GC Advisors LLC, or GC Advisors, and other affiliates of Golub Capital LLC, collectively, Golub Capital;
|
•
|
the dependence of our future success on the general economy and its effect on the industries in which we invest;
|
•
|
the ability of our portfolio companies to achieve their objectives;
|
•
|
the use of borrowed money to finance a portion of our investments;
|
•
|
the adequacy of our financing sources and working capital;
|
•
|
the timing of cash flows, if any, from the operations of our portfolio companies;
|
•
|
general economic and political trends and other external factors;
|
•
|
the ability of GC Advisors to locate suitable investments for us and to monitor and administer our investments;
|
•
|
the ability of GC Advisors or its affiliates to attract and retain highly talented professionals;
|
•
|
our ability to qualify and maintain our qualification as a regulated investment company, or RIC,
|
•
|
general price and volume fluctuations in the stock markets;
|
•
|
the impact on our business of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the rules and regulations issued thereunder and any actions toward repeal thereof; and
|
•
|
the effect of changes to tax legislation and our tax position.
|
|
|
As of September 30, 2018
|
|
As of September 30, 2017
|
||||||||||
Investment Type
|
|
Investments at
Fair Value
(In thousands)
|
|
Percentage of
Total Investments |
|
Investments at
Fair Value
(In thousands)
|
|
Percentage of
Total
Investments
|
||||||
Senior secured
|
|
$
|
231,169
|
|
|
13.0
|
%
|
|
$
|
195,029
|
|
|
11.6
|
%
|
One stop
|
|
1,430,196
|
|
|
80.2
|
|
|
1,334,084
|
|
|
79.2
|
|
||
Second lien
|
|
9,435
|
|
|
0.5
|
|
|
9,434
|
|
|
0.6
|
|
||
Subordinated debt
|
|
251
|
|
|
0.0
|
*
|
|
59
|
|
|
0.0
|
*
|
||
LLC equity interests in SLF
(1)
|
|
71,084
|
|
|
4.0
|
|
|
95,015
|
|
|
5.6
|
|
||
Equity
|
|
40,706
|
|
|
2.3
|
|
|
51,394
|
|
|
3.0
|
|
||
Total
|
|
$
|
1,782,841
|
|
|
100.0
|
%
|
|
$
|
1,685,015
|
|
|
100.0
|
%
|
|
*
|
Represents an amount less than 0.1%.
|
(1)
|
Proceeds from the LLC equity interests invested in SLF were utilized by SLF to invest in senior secured loans.
|
|
For the years ended September 30,
|
||||
|
2018
|
|
2017
|
|
2016
|
Weighted average income yield
(1)(2)
|
8.3%
|
|
7.8%
|
|
7.6%
|
Weighted average investment income yield
(1)(3)
|
8.9%
|
|
8.4%
|
|
8.2%
|
Total return based on average net asset value
(4)
|
8.5%
|
|
9.1%
|
|
8.4%
|
Total return based on market value
(5)
|
7.7%
|
|
10.2%
|
|
25.4%
|
|
(1)
|
For the years ended
September 30, 2018
and
2017
, the weighted average income yield and weighted average investment income yield do not reflect interest income from subordinated notes in SLF, which were redeemed on December 30, 2016.
|
(2)
|
Represents income from interest, including subordinated notes in SLF, and fees, excluding amortization of capitalized fees and discounts, divided by the average fair value of earning portfolio company investments, and does not represent a return to any investor in us.
|
(3)
|
Represents income from interest, including subordinated notes in SLF, fees and amortization of capitalized fees and discounts divided by the average fair value of earning portfolio investments, and does not represent a return to any investor in us.
|
(4)
|
Total return based on average net asset value is calculated as (a) the net increase in net assets resulting from operations divided by (b) the daily average of total net assets. Total return does not include sales load.
|
(5)
|
Total return based on market value assumes distributions are reinvested in accordance with the DRIP. Total return does not include sales load.
|
•
|
calculating our NAV (including the cost and expenses of any independent valuation firm);
|
•
|
fees and expenses incurred by GC Advisors payable to third parties, including agents, consultants or other advisors, in monitoring financial and legal affairs for us and in monitoring our investments and performing due diligence on our prospective portfolio companies or otherwise relating to, or associated with, evaluating and making
investments,
which fees and expenses may include, among other items, due diligence reports, appraisal reports, any studies that may be commissioned by GC Advisors and travel and lodging expenses;
|
•
|
expenses related to unsuccessful portfolio acquisition efforts;
|
•
|
offerings of our common stock and other securities;
|
•
|
administration fees and expenses, if any, payable under the Administration Agreement (including payments based upon our allocable portion of the Administrator’s overhead in performing its obligations under the Administration Agreement, including rent and the allocable portion of the cost of our chief compliance officer, chief financial officer and their respective staffs);
|
•
|
fees payable to third parties, including agents, consultants or other advisors, relating to, or associated with, evaluating and making investments in portfolio companies, including costs associated with meeting financial sponsors;
|
•
|
transfer agent, dividend agent and custodial fees and expenses;
|
•
|
U.S. federal and state registration and franchise fees;
|
•
|
all costs of registration and listing our shares on any securities exchange;
|
•
|
U.S. federal, state and local taxes;
|
•
|
independent directors’ fees and expenses;
|
•
|
costs of preparing and filing reports or other documents required by the SEC or other regulators;
|
•
|
costs of any reports, proxy statements or other notices to stockholders, including printing costs;
|
•
|
costs associated with individual or group stockholders;
|
•
|
costs associated with compliance under the Sarbanes-Oxley Act;
|
•
|
our allocable portion of any fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums;
|
•
|
direct costs and expenses of administration, including printing, mailing, long distance telephone, copying, secretarial and other staff, independent auditors and outside legal costs;
|
•
|
proxy voting expenses; and
|
•
|
all other expenses incurred by us or the Administrator in connection with administering our business.
|
|
For the years ended September 30,
|
|
Variances
|
||||||||||||||||
|
2018
|
|
2017
|
|
2016
|
|
2018 vs. 2017
|
|
2017 vs. 2016
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Interest income
|
$
|
131,274
|
|
|
$
|
119,313
|
|
|
$
|
106,184
|
|
|
$
|
11,961
|
|
|
$
|
13,129
|
|
Income from accretion of discounts and origination fees
|
9,660
|
|
|
9,497
|
|
|
8,662
|
|
|
163
|
|
|
835
|
|
|||||
Interest and dividend income from investments in SLF
(1)
|
8,099
|
|
|
6,568
|
|
|
11,038
|
|
|
1,531
|
|
|
(4,470
|
)
|
|||||
Dividend income
|
624
|
|
|
629
|
|
|
539
|
|
|
(5
|
)
|
|
90
|
|
|||||
Fee income
|
2,514
|
|
|
1,757
|
|
|
1,448
|
|
|
757
|
|
|
309
|
|
|||||
Total investment income
|
152,171
|
|
|
137,764
|
|
|
127,871
|
|
|
14,407
|
|
|
9,893
|
|
|||||
Total expenses
|
76,150
|
|
|
68,201
|
|
|
62,558
|
|
|
7,949
|
|
|
5,643
|
|
|||||
Net investment income - before excise tax
|
76,021
|
|
|
69,563
|
|
|
65,313
|
|
|
6,458
|
|
|
4,250
|
|
|||||
Excise tax
|
—
|
|
|
17
|
|
|
333
|
|
|
(17
|
)
|
|
(316
|
)
|
|||||
Net investment income - after excise tax
|
76,021
|
|
|
69,546
|
|
|
64,980
|
|
|
6,475
|
|
|
4,566
|
|
|||||
Net realized gain (loss) on investments and foreign currency transactions
|
17,536
|
|
|
9,402
|
|
|
6,254
|
|
|
8,134
|
|
|
3,148
|
|
|||||
Net change in unrealized appreciation (depreciation) on investments, foreign currency translation and secured borrowings
|
(11,587
|
)
|
|
3,340
|
|
|
(2,030
|
)
|
|
(14,927
|
)
|
|
5,370
|
|
|||||
Net increase in net assets resulting from
operations
|
$
|
81,970
|
|
|
$
|
82,288
|
|
|
$
|
69,204
|
|
|
$
|
(318
|
)
|
|
$
|
13,084
|
|
Average earning debt investments, at fair value
(2)
|
$
|
1,602,119
|
|
|
$
|
1,554,527
|
|
|
$
|
1,417,547
|
|
|
$
|
47,592
|
|
|
$
|
136,980
|
|
Average investments in subordinated notes of SLF, at fair value
|
—
|
|
|
19,267
|
|
|
82,703
|
|
|
(19,267
|
)
|
|
(63,436
|
)
|
|||||
Average earning portfolio company investments, at fair value
(2)
|
$
|
1,602,119
|
|
|
$
|
1,573,794
|
|
|
$
|
1,500,250
|
|
|
$
|
28,325
|
|
|
$
|
73,544
|
|
|
(1)
|
For the year ended
September 30, 2018
, the investment in SLF represents the investment in LLC equity interests in SLF. For the years ended
September 30, 2017
and
2016
, the investments in SLF include our investments in both subordinated notes (prior to their redemption by SLF on December 30, 2016) and LLC equity interests in SLF.
|
(2)
|
Does not include our investment in LLC equity interests in SLF.
|
|
For the years ended September 30,
|
||||
|
2018
|
|
2017
|
|
2016
|
Senior secured
|
7.1%
|
|
6.4%
|
|
6.3%
|
One stop
|
8.5%
|
|
7.9%
|
|
7.7%
|
Second lien
|
10.1%
|
|
10.3%
|
|
9.9%
|
Subordinated debt
|
15.0%
|
|
8.8%
|
|
5.2%
|
Subordinated notes in SLF
(1)
|
N/A
|
|
8.5%
|
|
8.4%
|
|
(1)
|
SLF’s proceeds from the subordinated notes were utilized by SLF to invest in senior secured loans. SLF redeemed the outstanding balance on the subordinated notes on December 30, 2016
.
|
|
For the years ended September 30,
|
|
Variances
|
||||||||||||||||
|
2018
|
|
2017
|
|
2016
|
|
2018 vs. 2017
|
|
2017 vs. 2016
|
||||||||||
|
(In thousands)
|
|
|
||||||||||||||||
Interest and other debt financing expenses
|
$
|
29,859
|
|
|
$
|
28,245
|
|
|
$
|
23,540
|
|
|
$
|
1,614
|
|
|
$
|
4,705
|
|
Amortization of debt issuance costs
|
3,315
|
|
|
3,289
|
|
|
4,184
|
|
|
26
|
|
|
(895
|
)
|
|||||
Base management fee
|
24,214
|
|
|
23,815
|
|
|
22,020
|
|
|
399
|
|
|
1,795
|
|
|||||
Income incentive fee
|
11,652
|
|
|
4,741
|
|
|
6,022
|
|
|
6,911
|
|
|
(1,281
|
)
|
|||||
Capital gain incentive fee
|
1,458
|
|
|
2,819
|
|
|
1,244
|
|
|
(1,361
|
)
|
|
1,575
|
|
|||||
Professional fees
|
2,721
|
|
|
2,396
|
|
|
2,814
|
|
|
325
|
|
|
(418
|
)
|
|||||
Administrative service fee
|
2,456
|
|
|
2,340
|
|
|
2,209
|
|
|
116
|
|
|
131
|
|
|||||
General and administrative expenses
|
475
|
|
|
556
|
|
|
525
|
|
|
(81
|
)
|
|
31
|
|
|||||
Total expenses
|
$
|
76,150
|
|
|
$
|
68,201
|
|
|
$
|
62,558
|
|
|
$
|
7,949
|
|
|
$
|
5,643
|
|
Average debt outstanding
(1)
|
$
|
822,823
|
|
|
$
|
872,980
|
|
|
$
|
826,366
|
|
|
$
|
(50,157
|
)
|
|
$
|
46,614
|
|
|
(1)
|
As of
September 30, 2018
and
2017
, there were no secured borrowings outstanding. For the year ended
September 30, 2016
, we have excluded $0.5 million of secured borrowings, at fair value, which were the result of participations and partial loan sales that did not meet the definition of a “participating interest”, as defined in the guidance to Accounting Standards Codification, or ASC, Topic 860 — Transfers and Servicing, or ASC Topic 860.
|
|
For the years ended September 30,
|
|
Variances
|
||||||||||||||||
|
2018
|
|
2017
|
|
2016
|
|
2018 vs. 2017
|
|
2017 vs. 2016
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Net realized gain (loss) on investments
|
$
|
17,454
|
|
|
$
|
9,402
|
|
|
$
|
6,254
|
|
|
$
|
8,052
|
|
|
$
|
3,148
|
|
Foreign currency transactions
|
82
|
|
|
—
|
|
|
—
|
|
|
82
|
|
|
—
|
|
|||||
Net realized gain (loss) on investments and foreign currency transactions
|
$
|
17,536
|
|
|
$
|
9,402
|
|
|
$
|
6,254
|
|
|
$
|
8,134
|
|
|
$
|
3,148
|
|
Unrealized appreciation on investments
|
25,126
|
|
|
28,008
|
|
|
32,943
|
|
|
(2,882
|
)
|
|
(4,935
|
)
|
|||||
Unrealized (depreciation) on investments
|
(34,832
|
)
|
|
(26,640
|
)
|
|
(31,411
|
)
|
|
(8,192
|
)
|
|
4,771
|
|
|||||
Unrealized appreciation on investments in SLF
(1)
|
—
|
|
|
1,969
|
|
|
—
|
|
|
(1,969
|
)
|
|
1,969
|
|
|||||
Unrealized (depreciation) on investments in SLF
(1)
|
(1,881
|
)
|
|
—
|
|
|
(3,562
|
)
|
|
(1,881
|
)
|
|
3,562
|
|
|||||
Unrealized appreciation on secured borrowings
|
—
|
|
|
3
|
|
|
—
|
|
|
(3
|
)
|
|
3
|
|
|||||
Net change in unrealized appreciation (depreciation) on investments, investments in SLF, secured borrowings and foreign currency
|
$
|
(11,587
|
)
|
|
$
|
3,340
|
|
|
$
|
(2,030
|
)
|
|
$
|
(14,927
|
)
|
|
$
|
5,370
|
|
|
(1)
|
Unrealized appreciation (depreciation) on investments in SLF includes our investment in subordinated notes and LLC equity interests in SLF.
|
|
Years ended September 30,
|
|||||||||||||||||||
|
2018
|
|
2017
|
|
2016
|
|||||||||||||||
|
(In thousands)
|
|
Percentage of
Commitments
|
|
(In thousands)
|
|
Percentage of
Commitments
|
|
(In thousands)
|
|
Percentage of
Commitments |
|||||||||
Senior secured
|
$
|
114,840
|
|
|
17.2
|
%
|
|
$
|
129,134
|
|
|
21.5
|
%
|
|
$
|
124,392
|
|
|
19.0
|
%
|
One stop
|
534,906
|
|
|
80.1
|
|
|
447,691
|
|
|
74.7
|
|
|
505,058
|
|
|
76.9
|
|
|||
Subordinated debt
|
184
|
|
|
0.0
|
*
|
|
12
|
|
|
0.0
|
*
|
|
42
|
|
|
0.0
|
*
|
|||
Subordinated notes in SLF
(1)
|
—
|
|
|
—
|
|
|
5,457
|
|
|
0.9
|
|
|
9,620
|
|
|
1.5
|
|
|||
LLC equity interests in SLF
(1)
|
12,162
|
|
|
1.8
|
|
|
12,542
|
|
|
2.1
|
|
|
10,820
|
|
|
1.6
|
|
|||
Equity
|
5,824
|
|
|
0.9
|
|
|
4,677
|
|
|
0.8
|
|
|
6,528
|
|
|
1.0
|
|
|||
Total new investment commitments
|
$
|
667,916
|
|
|
100.0
|
%
|
|
$
|
599,513
|
|
|
100.0
|
%
|
|
$
|
656,460
|
|
|
100.0
|
%
|
|
(1)
|
SLF’s proceeds from the subordinated notes and LLC equity interests were utilized by SLF to invest in senior secured loans. As of
September 30, 2018
, SLF had investments in senior secured loans to
32
different borrowers.
|
|
As of and for the years ended September 30,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
|
(Dollars in thousands)
|
||||||||||
Investments, at fair value
|
$
|
1,711,757
|
|
|
$
|
1,590,000
|
|
|
$
|
1,556,384
|
|
Number of portfolio companies (at period end)
(1)
|
199
|
|
|
185
|
|
|
183
|
|
|||
Investment in SLF, at fair value
(2)
|
$
|
71,084
|
|
|
$
|
95,015
|
|
|
$
|
104,228
|
|
New investment fundings
|
$
|
646,595
|
|
|
$
|
588,169
|
|
|
$
|
654,763
|
|
Principal payments and sales of portfolio investments
|
$
|
558,664
|
|
|
$
|
588,173
|
|
|
$
|
538,609
|
|
|
(1)
|
Excludes our investments in SLF.
|
(2)
|
As of September 30, 2016, the investment in SLF includes our investments in both subordinated notes and LLC equity interests in SLF.
|
|
As of September 30, 2018
(1)
|
|
As of September 30, 2017
(1)
|
||||||||||||||||||||
|
Principal
|
|
Amortized
Cost
|
|
Fair
Value
|
|
Principal
|
|
Amortized
Cost
|
|
Fair
Value
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
Senior secured:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Performing
|
$
|
230,230
|
|
|
$
|
228,028
|
|
|
$
|
229,886
|
|
|
$
|
196,296
|
|
|
$
|
194,357
|
|
|
$
|
195,089
|
|
Non-accrual
(2)(3)
|
2,834
|
|
|
2,818
|
|
|
1,283
|
|
|
1,438
|
|
|
1,433
|
|
|
(60
|
)
|
||||||
One stop:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Performing
|
1,435,004
|
|
|
1,417,730
|
|
|
1,425,854
|
|
|
1,339,755
|
|
|
1,322,220
|
|
|
1,331,069
|
|
||||||
Non-accrual
(2)
|
8,976
|
|
|
8,910
|
|
|
4,342
|
|
|
8,870
|
|
|
8,788
|
|
|
3,015
|
|
||||||
Second lien:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Performing
|
9,435
|
|
|
9,338
|
|
|
9,435
|
|
|
9,434
|
|
|
9,306
|
|
|
9,434
|
|
||||||
Non-accrual
(2)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Subordinated debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Performing
|
251
|
|
|
251
|
|
|
251
|
|
|
59
|
|
|
59
|
|
|
59
|
|
||||||
Non-accrual
(2)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
LLC equity interests in SLF
(4)
|
N/A
|
|
|
75,407
|
|
|
71,084
|
|
|
N/A
|
|
|
97,457
|
|
|
95,015
|
|
||||||
Equity
|
N/A
|
|
|
38,170
|
|
|
40,706
|
|
|
N/A
|
|
|
37,619
|
|
|
51,394
|
|
||||||
Total
|
$
|
1,686,730
|
|
|
$
|
1,780,652
|
|
|
$
|
1,782,841
|
|
|
$
|
1,555,852
|
|
|
$
|
1,671,239
|
|
|
$
|
1,685,015
|
|
|
(1)
|
27 and 19 of our loans included a feature permitting a portion of the interest due on such loan to be PIK interest as of
September 30, 2018
and
2017
, respectively.
|
(2)
|
We refer to a loan as non-accrual when we cease recognizing interest income on the loan because we have stopped pursuing repayment of the loan or, in certain circumstances, it is past due 90 days or more on principal and interest or our management has reasonable doubt that principal or interest will be collected. See “— Critical Accounting Policies — Revenue Recognition.”
|
(3)
|
The negative fair value is the result of the unfunded commitment being valued below par.
|
(4)
|
Proceeds from the LLC equity interests invested in SLF were utilized by SLF to invest in senior secured loans.
|
|
For the years ended September 30,
|
||||
|
2018
|
|
2017
|
|
2016
|
Weighted average rate of new investment fundings
(1)
|
8.0%
|
|
7.1%
|
|
7.2%
|
Weighted average spread over LIBOR of new floating rate investment fundings
(1)
|
6.0%
|
|
5.9%
|
|
6.2%
|
Weighted average rate of new fixed rate investment fundings
|
9.6%
|
|
8.0%
|
|
10.7%
|
Weighted average fees of new investment fundings
|
1.3%
|
|
1.5%
|
|
1.9%
|
Weighted average rate of sales and payoffs of portfolio investments
(1)(2)
|
8.3%
|
|
7.3%
|
|
7.0%
|
Weighted average income yield
(3)(4)
|
8.3%
|
|
7.8%
|
|
7.6%
|
|
(1)
|
Excludes our subordinated note investments in SLF, which were redeemed on December 30, 2016.
|
(2)
|
Excludes exits on investments on non-accrual status.
|
(3)
|
Represents income from interest, including subordinated notes in SLF, and fees, excluding amortization of capitalized fees and discounts, divided by the average fair value of earning debt investments, and does not represent a return to any investor in us.
|
(4)
|
For the years ended
September 30, 2018
and
2017
, weighted average income yield does not reflect interest income from subordinated notes in SLF, which were redeemed on December 30, 2016.
|
|
|
As of September 30, 2018
|
|
As of September 30, 2017
|
||||||||||
Internal
Performance
Rating
|
|
Investments
at Fair Value
(In thousands)
|
|
Percentage of
Total
Investments
|
|
Investments
at Fair Value
(In thousands)
|
|
Percentage of
Total
Investments
|
||||||
5
|
|
$
|
113,873
|
|
|
6.4
|
%
|
|
$
|
91,525
|
|
|
5.5
|
%
|
4
|
|
1,455,754
|
|
|
81.6
|
|
|
1,378,316
|
|
|
81.8
|
|
||
3
|
|
195,414
|
|
|
11.0
|
|
|
212,629
|
|
|
12.6
|
|
||
2
|
|
17,250
|
|
|
1.0
|
|
|
249
|
|
|
0.0*
|
|
||
1
|
|
550
|
|
|
0.0*
|
|
|
2,296
|
|
|
0.1
|
|
||
Total
|
|
$
|
1,782,841
|
|
|
100.0
|
%
|
|
$
|
1,685,015
|
|
|
100.0
|
%
|
|
*
|
Represents an amount less than 0.1%.
|
|
As of September 30, 2018
|
|
As of September 30, 2017
|
||||||||||||
|
Committed
|
|
Funded
(1)
|
|
Committed
|
|
Funded
(1)
|
||||||||
|
(In thousands)
|
||||||||||||||
LLC equity commitments
|
$
|
200,000
|
|
|
$
|
86,180
|
|
|
$
|
200,000
|
|
|
$
|
111,380
|
|
Total
|
$
|
200,000
|
|
|
$
|
86,180
|
|
|
$
|
200,000
|
|
|
$
|
111,380
|
|
|
(1)
|
Funded LLC equity commitments are presented net of return of capital distributions subject to recall.
|
|
As of September 30, 2018
|
|
As of September 30, 2017
|
||||
|
(Dollars in thousands)
|
||||||
Senior secured loans
(1)
|
$
|
183,668
|
|
|
$
|
301,583
|
|
Weighted average current interest rate on senior secured loans
(2)
|
7.5
|
%
|
|
6.4
|
%
|
||
Number of borrowers in SLF
|
32
|
|
|
50
|
|
||
Largest portfolio company investment
(1)
|
$
|
13,716
|
|
|
$
|
13,820
|
|
Total of five largest portfolio company investments
(1)
|
$
|
57,330
|
|
|
$
|
61,187
|
|
|
(1)
|
At principal amount.
|
(2)
|
Computed as the (a) annual stated interest rate on accruing senior secured loans divided by (b) total senior secured loans at principal amount.
|
SLF Investment Portfolio as of September 30, 2018
|
||||||||||||||||||
Portfolio Company
|
|
Business Description
|
|
Investment
Type
|
|
Maturity
Date
|
|
Current
Interest
Rate
(1)
|
|
Principal ($) /
Shares
(2)
|
|
Fair
Value
(3)
|
||||||
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
||||||||
1A Smart Start LLC
|
|
Home and Office Furnishings, Housewares, and Durable Consumer
|
|
Senior Loan
|
|
02/2022
|
|
7.0
|
|
%
|
|
$
|
2,073
|
|
|
$
|
2,084
|
|
1A Smart Start LLC
(4)
|
|
Home and Office Furnishings, Housewares, and Durable Consumer
|
|
Senior Loan
|
|
02/2022
|
|
6.7
|
|
|
|
922
|
|
|
924
|
|
||
Advanced Pain Management Holdings, Inc.
(5)
|
|
Healthcare, Education and Childcare
|
|
Senior Loan
|
|
11/2018
|
|
7.2
|
|
|
|
6,561
|
|
|
3,609
|
|
||
Advanced Pain Management Holdings, Inc.
(5)
|
|
Healthcare, Education and Childcare
|
|
Senior Loan
|
|
11/2018
|
|
7.2
|
|
|
|
449
|
|
|
247
|
|
||
Boot Barn, Inc.
|
|
Retail Stores
|
|
Senior Loan
|
|
06/2021
|
|
6.9
|
|
|
|
9,533
|
|
|
9,533
|
|
||
Brandmuscle, Inc.
|
|
Printing and Publishing
|
|
Senior Loan
|
|
12/2021
|
|
7.1
|
|
|
|
4,678
|
|
|
4,674
|
|
||
Captain D's, LLC
(4)
|
|
Personal, Food and Miscellaneous Services
|
|
Senior Loan
|
|
12/2023
|
|
7.9
|
|
|
|
13
|
|
|
13
|
|
||
Captain D's, LLC
(4)
|
|
Personal, Food and Miscellaneous Services
|
|
Senior Loan
|
|
12/2023
|
|
6.7
|
|
|
|
2,499
|
|
|
2,499
|
|
||
CLP Healthcare Services, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior Loan
|
|
12/2020
|
|
7.9
|
|
|
|
8,502
|
|
|
8,332
|
|
||
CLP Healthcare Services, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior Loan
|
|
12/2020
|
|
7.9
|
|
|
|
4,284
|
|
|
4,198
|
|
||
Community Veterinary Partners, LLC
|
|
Personal, Food and Miscellaneous Services
|
|
Senior Loan
|
|
10/2021
|
|
7.9
|
|
|
|
2,417
|
|
|
2,417
|
|
||
Community Veterinary Partners, LLC
|
|
Personal, Food and Miscellaneous Services
|
|
Senior Loan
|
|
10/2021
|
|
7.9
|
|
|
|
1,215
|
|
|
1,215
|
|
||
Community Veterinary Partners, LLC
|
|
Personal, Food and Miscellaneous Services
|
|
Senior Loan
|
|
10/2021
|
|
7.9
|
|
|
|
40
|
|
|
40
|
|
||
Community Veterinary Partners, LLC
|
|
Personal, Food and Miscellaneous Services
|
|
Senior Loan
|
|
10/2021
|
|
7.9
|
|
|
|
58
|
|
|
58
|
|
||
DISA Holdings Acquisition Subsidiary Corp.
(4)
|
|
Diversified/Conglomerate Service
|
|
Senior Loan
|
|
06/2022
|
|
6.1
|
|
|
|
71
|
|
|
71
|
|
||
DISA Holdings Acquisition Subsidiary Corp.
(4)
|
|
Diversified/Conglomerate Service
|
|
Senior Loan
|
|
06/2022
|
|
6.1
|
|
|
|
4,821
|
|
|
4,821
|
|
||
Encore GC Acquisition, LLC
|
|
Healthcare, Education and Childcare
|
|
Senior Loan
|
|
01/2020
|
|
7.5
|
|
|
|
4,540
|
|
|
4,540
|
|
||
Flexan, LLC
(4)
|
|
Chemicals, Plastics and Rubber
|
|
Senior Loan
|
|
02/2020
|
|
9.8
|
|
|
|
304
|
|
|
304
|
|
||
Flexan, LLC
|
|
Chemicals, Plastics and Rubber
|
|
Senior Loan
|
|
02/2020
|
|
8.1
|
|
|
|
5,967
|
|
|
5,967
|
|
||
Flexan, LLC
|
|
Chemicals, Plastics and Rubber
|
|
Senior Loan
|
|
02/2020
|
|
8.1
|
|
|
|
1,657
|
|
|
1,657
|
|
||
Gamma Technologies, LLC
(4)
|
|
Electronics
|
|
Senior Loan
|
|
06/2024
|
|
7.7
|
|
|
|
10,186
|
|
|
10,186
|
|
||
III US Holdings, LLC
|
|
Diversified/Conglomerate Service
|
|
Senior Loan
|
|
09/2022
|
|
9.0
|
|
|
|
4,927
|
|
|
4,927
|
|
||
Mediaocean LLC
|
|
Senior loan
|
|
Senior Loan
|
|
08/2020
|
|
N/A
(8)
|
|
—
|
|
|
—
|
|
||||
Jensen Hughes, Inc.
|
|
Buildings and Real Estate
|
|
Senior Loan
|
|
03/2024
|
|
6.7
|
|
|
|
2,293
|
|
|
2,293
|
|
||
Jensen Hughes, Inc.
|
|
Buildings and Real Estate
|
|
Senior Loan
|
|
03/2024
|
|
6.7
|
|
|
|
119
|
|
|
119
|
|
||
Jensen Hughes, Inc.
|
|
Buildings and Real Estate
|
|
Senior Loan
|
|
03/2024
|
|
6.7
|
|
|
|
64
|
|
|
64
|
|
||
Joerns Healthcare, LLC
(4)
|
|
Healthcare, Education and Childcare
|
|
Senior Loan
|
|
05/2020
|
|
8.3
|
|
|
|
8,745
|
|
|
8,133
|
|
||
Paradigm DKD Group, LLC
|
|
Buildings and Real Estate
|
|
Senior Loan
|
|
05/2020
|
|
8.5
|
|
|
|
702
|
|
|
524
|
|
||
Paradigm DKD Group, LLC
|
|
Buildings and Real Estate
|
|
Senior Loan
|
|
05/2020
|
|
8.5
|
|
|
|
1,957
|
|
|
1,369
|
|
||
Pasternack Enterprises, Inc. and Fairview Microwave, Inc
(4)
|
|
Diversified/Conglomerate Manufacturing
|
|
Senior Loan
|
|
07/2025
|
|
6.2
|
|
|
|
5,318
|
|
|
5,291
|
|
||
Payless ShoeSource, Inc.
|
|
Retail Stores
|
|
Senior Loan
|
|
08/2022
|
|
11.3
|
|
|
|
762
|
|
|
528
|
|
||
Polk Acquisition Corp.
|
|
Automobile
|
|
Senior Loan
|
|
06/2022
|
|
7.5
|
|
|
|
93
|
|
|
93
|
|
||
Polk Acquisition Corp.
|
|
Automobile
|
|
Senior Loan
|
|
06/2022
|
|
7.2
|
|
|
|
4,513
|
|
|
4,513
|
|
||
Polk Acquisition Corp.
|
|
Automobile
|
|
Senior Loan
|
|
06/2022
|
|
7.2
|
|
|
|
53
|
|
|
53
|
|
||
Pyramid Healthcare, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior Loan
|
|
08/2019
|
|
8.8
|
|
|
|
411
|
|
|
411
|
|
||
Pyramid Healthcare, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior Loan
|
|
08/2019
|
|
8.8
|
|
|
|
10,152
|
|
|
10,152
|
|
||
Pyramid Healthcare, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior Loan
|
|
08/2019
|
|
8.8
|
|
|
|
45
|
|
|
45
|
|
||
Pyramid Healthcare, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior Loan
|
|
08/2019
|
|
8.8
|
|
|
|
148
|
|
|
148
|
|
SLF Investment Portfolio as of September 30, 2018 - (continued)
|
||||||||||||||||||
Portfolio Company
|
|
Business Description
|
|
Investment
Type
|
|
Maturity
Date
|
|
Current
Interest
Rate
(1)
|
|
Principal ($) /
Shares
(2)
|
|
Fair
Value
(3)
|
||||||
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
||||||||
RSC Acquisition, Inc.
(4)
|
|
Insurance
|
|
Senior Loan
|
|
11/2021
|
|
6.8
|
|
%
|
|
$
|
17
|
|
|
$
|
17
|
|
RSC Acquisition, Inc.
(4)
|
|
Insurance
|
|
Senior Loan
|
|
11/2022
|
|
6.7
|
|
|
|
3,824
|
|
|
3,815
|
|
||
Rubio's Restaurants, Inc.
(4)
|
|
Beverage, Food and Tobacco
|
|
Senior Loan
|
|
10/2019
|
|
7.6
|
|
|
|
4,941
|
|
|
4,941
|
|
||
Rug Doctor LLC
|
|
Personal and Non Durable Consumer Products (Mfg. Only)
|
|
Senior Loan
|
|
04/2019
|
|
7.6
|
|
|
|
991
|
|
|
991
|
|
||
Rug Doctor LLC
|
|
Personal and Non Durable Consumer Products (Mfg. Only)
|
|
Senior Loan
|
|
04/2019
|
|
7.6
|
|
|
|
5,061
|
|
|
5,061
|
|
||
Sage Dental Management, LLC
|
|
Healthcare, Education and Childcare
|
|
Senior Loan
|
|
12/2020
|
|
8.4
|
|
|
|
70
|
|
|
64
|
|
||
Sage Dental Management, LLC
|
|
Healthcare, Education and Childcare
|
|
Senior Loan
|
|
12/2020
|
|
8.4
|
|
|
|
4,345
|
|
|
3,997
|
|
||
Sage Dental Management, LLC
|
|
Healthcare, Education and Childcare
|
|
Senior Loan
|
|
12/2020
|
|
8.4
|
|
|
|
45
|
|
|
42
|
|
||
Sage Dental Management, LLC
|
|
Healthcare, Education and Childcare
|
|
Senior Loan
|
|
12/2020
|
|
8.4
|
|
|
|
64
|
|
|
59
|
|
||
Saldon Holdings, Inc.
(4)
|
|
Diversified/Conglomerate Service
|
|
Senior Loan
|
|
09/2022
|
|
6.4
|
|
|
|
2,354
|
|
|
2,342
|
|
||
SEI, Inc.
(4)
|
|
Electronics
|
|
Senior Loan
|
|
07/2023
|
|
7.5
|
|
|
|
13,716
|
|
|
13,716
|
|
||
Self Esteem Brands, LLC
(4)
|
|
Leisure, Amusement, Motion Pictures, Entertainment
|
|
Senior Loan
|
|
02/2020
|
|
7.0
|
|
|
|
10,142
|
|
|
10,142
|
|
||
Teasdale Quality Foods, Inc.
|
|
Grocery
|
|
Senior Loan
|
|
10/2020
|
|
6.9
|
|
|
|
4,507
|
|
|
4,416
|
|
||
Teasdale Quality Foods, Inc.
|
|
Grocery
|
|
Senior Loan
|
|
10/2020
|
|
6.9
|
|
|
|
486
|
|
|
476
|
|
||
Teasdale Quality Foods, Inc.
|
|
Grocery
|
|
Senior Loan
|
|
10/2020
|
|
7.1
|
|
|
|
650
|
|
|
637
|
|
||
Teasdale Quality Foods, Inc.
|
|
Grocery
|
|
Senior Loan
|
|
10/2020
|
|
7.1
|
|
|
|
239
|
|
|
235
|
|
||
Teasdale Quality Foods, Inc.
|
|
Grocery
|
|
Senior Loan
|
|
10/2020
|
|
6.9
|
|
|
|
3,532
|
|
|
3,460
|
|
||
Upstream Intermediate, LLC
|
|
Healthcare, Education and Childcare
|
|
Senior Loan
|
|
01/2024
|
|
6.6
|
|
|
|
2,830
|
|
|
2,830
|
|
||
W3 Co.
|
|
Oil and Gas
|
|
Senior Loan
|
|
03/2022
|
|
8.2
|
|
|
|
1,253
|
|
|
1,251
|
|
||
WHCG Management, LLC
(4)
|
|
Healthcare, Education and Childcare
|
|
Senior Loan
|
|
03/2023
|
|
7.4
|
|
|
|
7,900
|
|
|
7,900
|
|
||
WIRB-Copernicus Group, Inc.
(4)
|
|
Healthcare, Education and Childcare
|
|
Senior Loan
|
|
08/2022
|
|
6.5
|
|
|
|
5,609
|
|
|
5,609
|
|
||
Total senior loan investments
|
|
|
|
|
|
|
|
|
|
|
$
|
183,668
|
|
|
$
|
178,053
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Payless ShoeSource, Inc.
(6)(7)
|
|
Retail Stores
|
|
LLC interest
|
|
N/A
|
|
N/A
|
|
|
|
35
|
|
|
$
|
54
|
|
|
W3 Co.
(6)(7)
|
|
Oil and Gas
|
|
LLC units
|
|
N/A
|
|
N/A
|
|
|
|
3
|
|
|
1,073
|
|
||
Total equity investments
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,127
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total investments
|
|
|
|
|
|
|
|
|
|
|
$
|
183,668
|
|
|
$
|
179,180
|
|
|
(1)
|
Represents the weighted average annual current interest rate as of
September 30, 2018
.
|
(2)
|
The total principal amount is presented for debt investments while the number of shares or units owned is presented for equity investments.
|
(3)
|
Represents the fair value in accordance with ASC Topic 820 -
Fair Value Measurement
, or ASC Topic 820. The determination of such fair value is not included in our board of directors’ valuation process described elsewhere herein.
|
(4)
|
We also hold a portion of the senior secured loan in this portfolio company.
|
(5)
|
Loan was on non-accrual status as of
September 30, 2018
, meaning that SLF has ceased recognizing interest income on the loan.
|
(6)
|
Equity investment received as a result of the portfolio company's debt restructuring.
|
(7)
|
Non-income producing securities.
|
(8)
|
The entire commitment was unfunded as of
September 30, 2018
. As such, no interest is being earned on this investment.
|
SLF Investment Portfolio as of September 30, 2017
|
||||||||||||||||||
Portfolio Company
|
|
Business Description
|
|
Investment
Type
|
|
Maturity
Date
|
|
Current
Interest
Rate
(1)
|
|
Principal ($) /
Shares
(2)
|
|
Fair
Value
(3)
|
||||||
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
||||||||
1A Smart Start LLC
|
|
Home and Office Furnishings, Housewares, and Durable Consumer
|
|
Senior loan
|
|
02/2022
|
|
6.1
|
|
%
|
|
$
|
2,094
|
|
|
$
|
2,105
|
|
1A Smart Start LLC
|
|
Home and Office Furnishings, Housewares, and Durable Consumer
|
|
Senior loan
|
|
02/2022
|
|
5.8
|
|
|
|
928
|
|
|
928
|
|
||
Advanced Pain Management Holdings, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
02/2018
|
|
6.3
|
|
|
|
6,805
|
|
|
5,784
|
|
||
Advanced Pain Management Holdings, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
02/2018
|
|
6.3
|
|
|
|
466
|
|
|
396
|
|
||
Argon Medical Devices, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
12/2021
|
|
6.0
|
|
|
|
3,184
|
|
|
3,184
|
|
||
Arise Virtual Solutions, Inc.
(4)
|
|
Telecommunications
|
|
Senior loan
|
|
12/2018
|
|
7.3
|
|
|
|
9,856
|
|
|
9,856
|
|
||
Boot Barn, Inc.
|
|
Retail Stores
|
|
Senior loan
|
|
06/2021
|
|
5.8
|
|
|
|
10,073
|
|
|
10,073
|
|
||
Brandmuscle, Inc.
|
|
Printing and Publishing
|
|
Senior loan
|
|
12/2021
|
|
6.1
|
|
|
|
4,851
|
|
|
4,845
|
|
||
CLP Healthcare Services, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
12/2020
|
|
6.6
|
|
|
|
8,590
|
|
|
8,418
|
|
||
CLP Healthcare Services, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
12/2020
|
|
6.6
|
|
|
|
4,328
|
|
|
4,242
|
|
||
Community Veterinary Partners, LLC
|
|
Personal, Food and Miscellaneous Services
|
|
Senior loan
|
|
10/2021
|
|
6.8
|
|
|
|
2,442
|
|
|
2,442
|
|
||
Community Veterinary Partners, LLC
|
|
Personal, Food and Miscellaneous Services
|
|
Senior loan
|
|
10/2021
|
|
6.8
|
|
|
|
1,227
|
|
|
1,227
|
|
||
Community Veterinary Partners, LLC
|
|
Personal, Food and Miscellaneous Services
|
|
Senior loan
|
|
10/2021
|
|
6.8
|
|
|
|
59
|
|
|
59
|
|
||
Community Veterinary Partners, LLC
|
|
Personal, Food and Miscellaneous Services
|
|
Senior loan
|
|
10/2021
|
|
6.8
|
|
|
|
41
|
|
|
41
|
|
||
Curo Health Services LLC
(4)
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
02/2022
|
|
5.3
|
|
|
|
5,850
|
|
|
5,867
|
|
||
DISA Holdings Acquisition Subsidiary Corp.
|
|
Diversified/Conglomerate Service
|
|
Senior loan
|
|
12/2020
|
|
5.5
|
|
|
|
4,401
|
|
|
4,401
|
|
||
DISA Holdings Acquisition Subsidiary Corp.
|
|
Diversified/Conglomerate Service
|
|
Senior loan
|
|
12/2020
|
|
5.6
|
|
|
|
428
|
|
|
428
|
|
||
EAG, INC.
|
|
Diversified/Conglomerate Service
|
|
Senior loan
|
|
07/2018
|
|
5.5
|
|
|
|
1,964
|
|
|
1,964
|
|
||
Encore GC Acquisition, LLC
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
01/2020
|
|
6.8
|
|
|
|
4,725
|
|
|
4,725
|
|
||
Flexan, LLC
|
|
Chemicals, Plastics and Rubber
|
|
Senior loan
|
|
02/2020
|
|
7.1
|
|
|
|
6,029
|
|
|
6,029
|
|
||
Flexan, LLC
|
|
Chemicals, Plastics and Rubber
|
|
Senior loan
|
|
02/2020
|
|
7.1
|
|
|
|
1,686
|
|
|
1,686
|
|
||
Flexan, LLC
(4)
|
|
Chemicals, Plastics and Rubber
|
|
Senior loan
|
|
02/2020
|
|
8.8
|
|
|
|
47
|
|
|
47
|
|
||
Gamma Technologies, LLC
(4)
|
|
Electronics
|
|
Senior loan
|
|
06/2021
|
|
6.0
|
|
|
|
10,264
|
|
|
10,264
|
|
||
Harvey Tool Company, LLC
|
|
Diversified/Conglomerate Manufacturing
|
|
Senior loan
|
|
03/2020
|
|
6.1
|
|
|
|
3,064
|
|
|
3,064
|
|
||
III US Holdings, LLC
|
|
Diversified/Conglomerate Service
|
|
Senior loan
|
|
09/2022
|
|
7.9
|
|
|
|
5,044
|
|
|
5,044
|
|
||
Mediaocean LLC
|
|
Senior loan
|
|
Senior Loan
|
|
08/2020
|
|
N/A
(10)
|
|
—
|
|
|
—
|
|
||||
Jensen Hughes, Inc.
|
|
Buildings and Real Estate
|
|
Senior loan
|
|
12/2021
|
|
6.3
|
|
|
|
2,293
|
|
|
2,293
|
|
||
Jensen Hughes, Inc.
|
|
Buildings and Real Estate
|
|
Senior loan
|
|
12/2021
|
|
6.4
|
|
|
|
102
|
|
|
102
|
|
||
Jensen Hughes, Inc.
|
|
Buildings and Real Estate
|
|
Senior loan
|
|
12/2021
|
|
6.4
|
|
|
|
64
|
|
|
64
|
|
||
Joerns Healthcare, LLC
(4)
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
05/2020
|
|
7.8
|
|
|
|
8,745
|
|
|
8,202
|
|
||
Julio & Sons Company
|
|
Beverage, Food and Tobacco
|
|
Senior loan
|
|
12/2018
|
|
6.7
|
|
|
|
6,762
|
|
|
6,762
|
|
||
Julio & Sons Company
|
|
Beverage, Food and Tobacco
|
|
Senior loan
|
|
12/2018
|
|
6.7
|
|
|
|
2,226
|
|
|
2,226
|
|
||
Julio & Sons Company
|
|
Beverage, Food and Tobacco
|
|
Senior loan
|
|
12/2018
|
|
6.7
|
|
|
|
822
|
|
|
822
|
|
||
Loar Group Inc.
|
|
Aerospace and Defense
|
|
Senior loan
|
|
01/2022
|
|
6.0
|
|
|
|
2,164
|
|
|
2,164
|
|
||
Loar Group Inc.
|
|
Aerospace and Defense
|
|
Senior loan
|
|
01/2022
|
|
6.0
|
|
|
|
1,492
|
|
|
1,492
|
|
||
Paradigm DKD Group, LLC
|
|
Buildings and Real Estate
|
|
Senior loan
|
|
11/2018
|
|
6.2
|
|
|
|
1,977
|
|
|
1,977
|
|
||
Paradigm DKD Group, LLC
|
|
Buildings and Real Estate
|
|
Senior loan
|
|
11/2018
|
|
6.2
|
|
|
|
596
|
|
|
596
|
|
||
Park Place Technologies LLC
(4)
|
|
Electronics
|
|
Senior loan
|
|
06/2022
|
|
6.3
|
|
|
|
5,341
|
|
|
5,287
|
|
SLF Investment Portfolio as of September 30, 2017 - (continued)
|
||||||||||||||||||
Portfolio Company
|
|
Business Description
|
|
Investment
Type |
|
Maturity
Date |
|
Current
Interest
Rate
(1)
|
|
Principal ($) /
Shares
(2)
|
|
Fair
Value
(3)
|
||||||
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
||||||||
Pasternack Enterprises, Inc. and Fairview Microwave, Inc.
|
|
Diversified/Conglomerate Manufacturing
|
|
Senior loan
|
|
05/2022
|
|
6.2
|
|
%
|
|
$
|
5,372
|
|
|
$
|
5,372
|
|
Payless ShoeSource, Inc.
|
|
Retail Stores
|
|
Senior loan
|
|
08/2022
|
|
10.3
|
|
|
|
768
|
|
|
757
|
|
||
Polk Acquisition Corp.
|
|
Automobile
|
|
Senior loan
|
|
06/2022
|
|
6.2
|
|
|
|
4,560
|
|
|
4,469
|
|
||
Polk Acquisition Corp.
|
|
Automobile
|
|
Senior loan
|
|
06/2022
|
|
6.7
|
|
|
|
83
|
|
|
81
|
|
||
Polk Acquisition Corp.
|
|
Automobile
|
|
Senior loan
|
|
06/2022
|
|
6.2
|
|
|
|
53
|
|
|
52
|
|
||
PowerPlan Holdings, Inc.
(4)
|
|
Utilities
|
|
Senior loan
|
|
02/2022
|
|
6.5
|
|
|
|
11,365
|
|
|
11,365
|
|
||
Premise Health Holding Corp.
(4)
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
06/2020
|
|
5.8
|
|
|
|
11,772
|
|
|
11,772
|
|
||
Pyramid Healthcare, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
08/2019
|
|
7.7
|
|
|
|
9,738
|
|
|
9,738
|
|
||
Pyramid Healthcare, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
08/2019
|
|
7.9
|
|
|
|
597
|
|
|
597
|
|
||
R.G. Barry Corporation
|
|
Personal, Food and Miscellaneous Services
|
|
Senior loan
|
|
09/2019
|
|
6.2
|
|
|
|
5,217
|
|
|
5,217
|
|
||
Radiology Partners, Inc.
(4)
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
09/2020
|
|
7.1
|
|
|
|
7,793
|
|
|
7,793
|
|
||
Radiology Partners, Inc.
(4)
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
09/2020
|
|
7.1
|
|
|
|
595
|
|
|
595
|
|
||
Radiology Partners, Inc.
(4)
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
09/2020
|
|
7.1
|
|
|
|
505
|
|
|
505
|
|
||
Reliant Pro ReHab, LLC
(4)
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
12/2017
|
|
6.3
|
|
|
|
3,240
|
|
|
3,240
|
|
||
RSC Acquisition, Inc.
(4)
|
|
Insurance
|
|
Senior loan
|
|
11/2022
|
|
6.6
|
|
|
|
3,864
|
|
|
3,864
|
|
||
RSC Acquisition, Inc.
|
|
Insurance
|
|
Senior loan
|
|
11/2020
|
|
6.1
|
|
|
|
15
|
|
|
15
|
|
||
Rubio's Restaurants, Inc.
(4)
|
|
Beverage, Food and Tobacco
|
|
Senior loan
|
|
11/2018
|
|
6.1
|
|
|
|
4,992
|
|
|
4,992
|
|
||
Rug Doctor LLC
|
|
Personal and Non Durable Consumer Products (Mfg. Only)
|
|
Senior loan
|
|
06/2018
|
|
6.6
|
|
|
|
5,792
|
|
|
5,792
|
|
||
Sage Dental Management, LLC
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
10/2019
|
|
7.0
|
|
|
|
4,782
|
|
|
4,686
|
|
||
Sage Dental Management, LLC
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
10/2019
|
|
7.8
|
|
|
|
70
|
|
|
69
|
|
||
Sage Dental Management, LLC
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
10/2019
|
|
7.0
|
|
|
|
50
|
|
|
49
|
|
||
Sage Dental Management, LLC
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
10/2019
|
|
8.8
|
|
|
|
34
|
|
|
33
|
|
||
Saldon Holdings, Inc.
(4)
|
|
Diversified/Conglomerate Service
|
|
Senior loan
|
|
09/2022
|
|
5.8
|
|
|
|
2,521
|
|
|
2,490
|
|
||
Sarnova HC, LLC
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
01/2022
|
|
6.0
|
|
|
|
3,684
|
|
|
3,684
|
|
||
SEI, Inc.
|
|
Electronics
|
|
Senior loan
|
|
07/2021
|
|
6.0
|
|
|
|
13,820
|
|
|
13,820
|
|
||
Self Esteem Brands, LLC
(4)
|
|
Leisure, Amusement, Motion Pictures, Entertainment
|
|
Senior loan
|
|
02/2020
|
|
6.0
|
|
|
|
11,313
|
|
|
11,313
|
|
||
Severin Acquisition, LLC
(4)
|
|
Diversified/Conglomerate Service
|
|
Senior loan
|
|
07/2021
|
|
6.1
|
|
|
|
4,832
|
|
|
4,830
|
|
||
Severin Acquisition, LLC
|
|
Diversified/Conglomerate Service
|
|
Senior loan
|
|
07/2021
|
|
6.0
|
|
|
|
5,290
|
|
|
5,265
|
|
||
Severin Acquisition, LLC
|
|
Diversified/Conglomerate Service
|
|
Senior loan
|
|
07/2021
|
|
6.2
|
|
|
|
668
|
|
|
670
|
|
||
Severin Acquisition, LLC
(5)
|
|
Diversified/Conglomerate Service
|
|
Senior loan
|
|
07/2021
|
|
N/A
|
|
(6)
|
|
—
|
|
|
(1
|
)
|
||
Smashburger Finance LLC
|
|
Beverage, Food and Tobacco
|
|
Senior loan
|
|
05/2018
|
|
6.8
|
|
|
|
867
|
|
|
754
|
|
||
Smashburger Finance LLC
|
|
Beverage, Food and Tobacco
|
|
Senior loan
|
|
05/2018
|
|
6.8
|
|
|
|
68
|
|
|
60
|
|
||
Smashburger Finance LLC
|
|
Beverage, Food and Tobacco
|
|
Senior loan
|
|
05/2018
|
|
6.8
|
|
|
|
68
|
|
|
59
|
|
||
Smashburger Finance LLC
|
|
Beverage, Food and Tobacco
|
|
Senior loan
|
|
05/2018
|
|
6.8
|
|
|
|
68
|
|
|
59
|
|
||
Smashburger Finance LLC
|
|
Beverage, Food and Tobacco
|
|
Senior loan
|
|
05/2018
|
|
6.8
|
|
|
|
68
|
|
|
59
|
|
||
Smashburger Finance LLC
(5)
|
|
Beverage, Food and Tobacco
|
|
Senior loan
|
|
05/2018
|
|
N/A
|
|
(6)
|
|
—
|
|
|
(15
|
)
|
||
Stomatcare DSO, LLC
(7)
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
05/2022
|
|
6.2% PIK
|
|
625
|
|
|
329
|
|
||||
Tate's Bake Shop, Inc.
(4)
|
|
Beverage, Food and Tobacco
|
|
Senior loan
|
|
08/2019
|
|
6.3
|
|
|
|
2,926
|
|
|
2,926
|
|
||
Teasdale Quality Foods, Inc.
|
|
Grocery
|
|
Senior loan
|
|
10/2020
|
|
5.5
|
|
|
|
4,553
|
|
|
4,553
|
|
SLF Investment Portfolio as of September 30, 2017 - (continued)
|
||||||||||||||||||
Portfolio Company
|
|
Business Description
|
|
Investment
Type |
|
Maturity
Date |
|
Current
Interest
Rate
(1)
|
|
Principal ($) /
Shares
(2)
|
|
Fair
Value
(3)
|
||||||
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
||||||||
Teasdale Quality Foods, Inc.
|
|
Grocery
|
|
Senior loan
|
|
10/2020
|
|
6.1
|
|
%
|
|
$
|
3,567
|
|
|
$
|
3,567
|
|
Teasdale Quality Foods, Inc.
|
|
Grocery
|
|
Senior loan
|
|
10/2020
|
|
6.1
|
|
|
|
687
|
|
|
687
|
|
||
Teasdale Quality Foods, Inc.
|
|
Grocery
|
|
Senior loan
|
|
10/2020
|
|
6.0
|
|
|
|
514
|
|
|
514
|
|
||
Teasdale Quality Foods, Inc.
|
|
Grocery
|
|
Senior loan
|
|
10/2020
|
|
6.1
|
|
|
|
252
|
|
|
252
|
|
||
Transaction Data Systems, Inc.
|
|
Diversified/Conglomerate Service
|
|
Senior loan
|
|
06/2021
|
|
6.6
|
|
|
|
7,393
|
|
|
7,393
|
|
||
Transaction Data Systems, Inc.
|
|
Diversified/Conglomerate Service
|
|
Senior loan
|
|
06/2020
|
|
5.8
|
|
|
|
22
|
|
|
21
|
|
||
W3 Co.
|
|
Oil and Gas
|
|
Senior loan
|
|
03/2022
|
|
7.3
|
|
|
|
1,266
|
|
|
1,269
|
|
||
WHCG Management, LLC
(4)
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
03/2023
|
|
6.1
|
|
|
|
7,980
|
|
|
7,980
|
|
||
WIRB-Copernicus Group, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
08/2022
|
|
6.3
|
|
|
|
5,666
|
|
|
5,666
|
|
||
Young Innovations, Inc.
(4)
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
01/2019
|
|
6.3
|
|
|
|
10,369
|
|
|
10,369
|
|
||
Young Innovations, Inc.
(4)
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
01/2019
|
|
6.3
|
|
|
|
209
|
|
|
209
|
|
||
Total senior loan investments
|
|
|
|
|
|
|
|
|
|
|
$
|
301,583
|
|
|
$
|
298,941
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Payless ShoeSource, Inc.
(8)(9)
|
|
Retail Stores
|
|
LLC interest
|
|
N/A
|
|
N/A
|
|
|
|
35
|
|
|
$
|
843
|
|
|
W3 Co.
(8)(9)
|
|
Oil and Gas
|
|
LLC units
|
|
N/A
|
|
N/A
|
|
|
|
3
|
|
|
1,146
|
|
||
Total equity investments
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,989
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total investments
|
|
|
|
|
|
|
|
|
|
|
$
|
301,583
|
|
|
$
|
300,930
|
|
|
(1)
|
Represents the weighted average annual current interest rate as of
September 30, 2017
.
|
(2)
|
The total principal amount is presented for debt investments while the number of shares or units owned is presented for equity investments.
|
(3)
|
Represents the fair value in accordance with ASC Topic 820. The determination of such fair value is not included in our board of directors’ valuation process described elsewhere herein.
|
(4)
|
We also hold a portion of the senior secured loan in this portfolio company.
|
(5)
|
The negative fair value is the result of the unfunded commitment being valued below par.
|
(6)
|
The entire commitment was unfunded as of
September 30, 2017
. As such, no interest is being earned on this investment.
|
(7)
|
Loan was on non-accrual status as of
September 30, 2017
, meaning that SLF has ceased recognizing interest income on the loan.
|
(8)
|
Equity investment received as a result of the portfolio company's debt restructuring.
|
(9)
|
Non-income producing.
|
(10)
|
The entire commitment was unfunded as of
September 30, 2017
. As such, no interest is being earned on this investment.
|
|
September 30, 2018
|
|
September 30, 2017
|
||||
|
(In thousands)
|
||||||
Selected Balance Sheet Information, at fair value
|
|
|
|
|
|
||
Investments, at fair value
|
$
|
179,180
|
|
|
$
|
300,930
|
|
Cash and other assets
|
7,127
|
|
|
5,305
|
|
||
Other assets
|
19
|
|
|
—
|
|
||
Total assets
|
$
|
186,326
|
|
|
$
|
306,235
|
|
Senior credit facility
|
$
|
104,622
|
|
|
$
|
197,700
|
|
Unamortized debt issuance costs
|
(18
|
)
|
|
(712
|
)
|
||
Other liabilities
|
484
|
|
|
658
|
|
||
Total liabilities
|
105,088
|
|
|
197,646
|
|
||
Members’ equity
|
81,238
|
|
|
108,589
|
|
||
Total liabilities and members' equity
|
$
|
186,326
|
|
|
$
|
306,235
|
|
|
Years ended September 30,
|
||||||
|
2018
|
|
2017
|
||||
|
(In thousands)
|
||||||
Selected Statement of Operations Information:
|
|
|
|
||||
Interest income
|
$
|
18,285
|
|
|
$
|
21,455
|
|
Fee income
|
202
|
|
|
5
|
|
||
Total investment income
|
18,487
|
|
|
21,460
|
|
||
Interest and other debt financing expenses
|
6,687
|
|
|
10,236
|
|
||
Administrative service fee
|
404
|
|
|
477
|
|
||
Other expenses
|
93
|
|
|
131
|
|
||
Total expenses
|
7,184
|
|
|
10,844
|
|
||
Net investment income
|
11,303
|
|
|
10,616
|
|
||
Net realized gains (losses) on investments
|
—
|
|
|
(7,379
|
)
|
||
Net change in unrealized appreciation (depreciation) on investments
|
(4,197
|
)
|
|
4,647
|
|
||
Net increase (decrease) in members' equity
|
$
|
7,106
|
|
|
$
|
7,884
|
|
|
Payments Due by Period (In millions)
|
||||||||||||||||||
|
Total
|
|
Less Than
1 Year
|
|
1 – 3 Years
|
|
3 – 5 Years
|
|
More Than
5 Years
|
||||||||||
2014 Debt Securitization
|
$
|
197.5
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
197.5
|
|
SBA debentures
|
277.6
|
|
|
—
|
|
|
35.3
|
|
|
103.0
|
|
|
139.3
|
|
|||||
Credit Facility
|
136.0
|
|
|
—
|
|
|
—
|
|
|
136.0
|
|
|
—
|
|
|||||
MS Credit Facility
|
234.7
|
|
|
234.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Unfunded commitments
(1)
|
57.7
|
|
|
57.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total contractual obligations
|
$
|
903.5
|
|
|
$
|
292.4
|
|
|
$
|
35.3
|
|
|
$
|
239.0
|
|
|
$
|
336.8
|
|
|
(1)
|
Unfunded commitments represent unfunded commitments to fund investments, excluding our investments in SLF, as of
September 30, 2018
. These amounts may or may not be funded to the borrowing party now or in the future. The unfunded commitments relate to loans with various maturity dates, but we are showing this amount in the less than one year category as this entire amount was eligible for funding to the borrowers as of
September 30, 2018
, subject to the terms of each loan’s respective credit agreement.
|
•
|
We entered into the Investment Advisory Agreement with GC Advisors. Mr. Lawrence Golub, our chairman, is a manager of GC Advisors, and Mr. David Golub, our chief executive officer, is a manager of GC Advisors, and each of Messrs. Lawrence Golub and David Golub owns an indirect pecuniary interest in GC Advisors.
|
•
|
Golub Capital LLC provides, and other affiliates of Golub Capital have historically provided, us with the office facilities and administrative services necessary to conduct day-to-day operations pursuant to our Administration Agreement.
|
•
|
We have entered into a license agreement with Golub Capital LLC, pursuant to which Golub Capital LLC has granted us a non-exclusive, royalty-free license to use the name “Golub Capital.”
|
•
|
Under the Staffing Agreement, Golub Capital LLC has agreed to provide GC Advisors with the resources necessary to fulfill its obligations under the Investment Advisory Agreement. The Staffing Agreement provides that Golub Capital LLC will make available to GC Advisors experienced investment professionals and provide access to the senior investment personnel of Golub Capital LLC for purposes of evaluating, negotiating, structuring, closing and monitoring our investments. The Staffing Agreement also includes a commitment that the members of GC Advisors’ investment committee will serve in such capacity. Services under the Staffing Agreement are provided on a direct cost reimbursement basis. We are not a party to the Staffing Agreement.
|
•
|
GC Advisors serves as collateral manager to the 2014 Issuer and the 2018 Issuer under the 2014 Collateral Management Agreement and the 2018 Collateral Management Agreement, respectively, and prior to the redemption of the 2010 Notes on July 20, 2018, served as the collateral manager to the 2010 Issuer under the 2010 Collateral Management Agreement. Fees payable to GC Advisors for providing these services offset against the base management fee payable by us under the Investment Advisory Agreement.
|
•
|
We have entered into the Adviser Revolver with GC Advisors in order to have the ability to borrow funds on a short-term basis.
|
•
|
During the first nine months of the calendar year
2018
, the Golub Capital Employee Grant Program Rabbi Trust, or the Trust, purchased approximately $7.2 million of shares, or 396,099 shares, of our common stock for the purpose of awarding incentive compensation to employees of Golub Capital. During calendar year
2017
, the Trust purchased approximately $17.7 million of shares, or 955,896 shares, of our common stock, for the purpose of awarding incentive compensation to employees of Golub Capital.
|
Change in interest rates
|
|
Increase (decrease) in
interest income
|
|
Increase (decrease) in
interest expense
|
|
Net increase
(decrease) in
investment income
|
||||||
|
|
(In thousands)
|
||||||||||
Down 25 basis points
|
|
$
|
(4,164
|
)
|
|
$
|
(1,420
|
)
|
|
$
|
(2,744
|
)
|
Up 50 basis points
|
|
8,327
|
|
|
2,841
|
|
|
5,486
|
|
|||
Up 100 basis points
|
|
16,654
|
|
|
5,682
|
|
|
10,972
|
|
|||
Up 150 basis points
|
|
24,981
|
|
|
8,523
|
|
|
16,458
|
|
|||
Up 200 basis points
|
|
33,308
|
|
|
11,364
|
|
|
21,944
|
|
|
September 30, 2018
|
|
September 30, 2017
|
||||
Assets
|
|
|
|
|
|
||
Investments, at fair value
|
|
|
|
|
|
||
Non-controlled/non-affiliate company investments
|
$
|
1,704,473
|
|
|
$
|
1,586,293
|
|
Non-controlled affiliate company investments
|
7,284
|
|
|
3,707
|
|
||
Controlled affiliate company investments
|
71,084
|
|
|
95,015
|
|
||
Total investments at fair value (amortized cost of $1,780,652 and $1,671,239, respectively)
|
1,782,841
|
|
|
1,685,015
|
|
||
Cash and cash equivalents
|
5,878
|
|
|
3,988
|
|
||
Foreign currencies (cost of $159 and $0, respectively)
|
159
|
|
|
—
|
|
||
Restricted cash and cash equivalents
|
39,668
|
|
|
58,570
|
|
||
Interest receivable
|
6,664
|
|
|
6,271
|
|
||
Other assets
|
342
|
|
|
332
|
|
||
Total Assets
|
$
|
1,835,552
|
|
|
$
|
1,754,176
|
|
Liabilities
|
|
|
|
|
|
||
Debt
|
$
|
845,683
|
|
|
$
|
781,100
|
|
Less unamortized debt issuance costs
|
2,934
|
|
|
4,273
|
|
||
Debt less unamortized debt issuance costs
|
842,749
|
|
|
776,827
|
|
||
Interest payable
|
4,135
|
|
|
3,800
|
|
||
Management and incentive fees payable
|
17,671
|
|
|
13,215
|
|
||
Accounts payable and accrued expenses
|
2,069
|
|
|
2,312
|
|
||
Accrued trustee fees
|
74
|
|
|
76
|
|
||
Total Liabilities
|
866,698
|
|
|
796,230
|
|
||
Commitments and Contingencies (Note 8)
|
|
|
|
|
|
||
Net Assets
|
|
|
|
|
|
||
Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of September 30, 2018 and September 30, 2017
|
—
|
|
|
—
|
|
||
Common stock, par value $0.001 per share, 100,000,000 shares authorized, 60,165,454 and 59,577,293 shares issued and outstanding as of September 30, 2018 and September 30, 2017, respectively
|
60
|
|
|
60
|
|
||
Paid in capital in excess of par
|
949,547
|
|
|
939,307
|
|
||
Distributable earnings
(1)
|
19,247
|
|
|
18,579
|
|
||
Total Net Assets
|
968,854
|
|
|
957,946
|
|
||
Total Liabilities and Total Net Assets
|
$
|
1,835,552
|
|
|
$
|
1,754,176
|
|
Number of common shares outstanding
|
60,165,454
|
|
|
59,577,293
|
|
||
Net asset value per common share
|
$
|
16.10
|
|
|
$
|
16.08
|
|
|
Years ended September 30,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Investment income
|
|
|
|
|
|
||||||
From non-controlled/non-affiliate company investments:
|
|
|
|
|
|
||||||
Interest income
|
$
|
140,267
|
|
|
$
|
127,674
|
|
|
$
|
114,186
|
|
Dividend income
|
624
|
|
|
629
|
|
|
539
|
|
|||
Fee income
|
2,514
|
|
|
1,757
|
|
|
1,448
|
|
|||
Total investment income from non-controlled/non-affiliate company investments
|
143,405
|
|
|
130,060
|
|
|
116,173
|
|
|||
From non-controlled affiliate company investments:
|
|
|
|
|
|
||||||
Interest income
|
667
|
|
|
1,136
|
|
|
660
|
|
|||
Total investment income from non-controlled affiliate company investments
|
667
|
|
|
1,136
|
|
|
660
|
|
|||
From controlled affiliate company investments:
|
|
|
|
|
|
||||||
Interest income
|
—
|
|
|
1,639
|
|
|
6,939
|
|
|||
Dividend income
|
8,099
|
|
|
4,929
|
|
|
4,099
|
|
|||
Total investment income from controlled affiliate company investments
|
8,099
|
|
|
6,568
|
|
|
11,038
|
|
|||
Total investment income
|
152,171
|
|
|
137,764
|
|
|
127,871
|
|
|||
Expenses
|
|
|
|
|
|
||||||
Interest and other debt financing expenses
|
33,174
|
|
|
31,534
|
|
|
27,724
|
|
|||
Base management fee
|
24,214
|
|
|
23,815
|
|
|
22,020
|
|
|||
Incentive fee
|
13,110
|
|
|
7,560
|
|
|
7,266
|
|
|||
Professional fees
|
2,721
|
|
|
2,396
|
|
|
2,814
|
|
|||
Administrative service fee
|
2,456
|
|
|
2,340
|
|
|
2,209
|
|
|||
General and administrative expenses
|
475
|
|
|
556
|
|
|
525
|
|
|||
Total expenses
|
76,150
|
|
|
68,201
|
|
|
62,558
|
|
|||
Net investment income - before excise tax
|
76,021
|
|
|
69,563
|
|
|
65,313
|
|
|||
Excise tax
|
—
|
|
|
17
|
|
|
333
|
|
|||
Net investment income - after excise tax
|
76,021
|
|
|
69,546
|
|
|
64,980
|
|
|||
Net gain (loss) on investments and foreign currency
|
|
|
|
|
|
||||||
Net realized gain (loss) on investments and foreign currency transactions:
|
|
|
|
|
|
||||||
Non-controlled/non-affiliate company investments
|
17,454
|
|
|
15,844
|
|
|
3,532
|
|
|||
Non-controlled affiliate company investments
|
—
|
|
|
(6,442
|
)
|
|
2,722
|
|
|||
Foreign currency transactions
|
82
|
|
|
—
|
|
|
—
|
|
|||
Net realized gain (loss) on investments and foreign currency transactions
|
17,536
|
|
|
9,402
|
|
|
6,254
|
|
|||
Net change in unrealized appreciation (depreciation) on investments and foreign currency translation:
|
|
|
|
|
|
||||||
Non-controlled/non-affiliate company investments
|
(11,212
|
)
|
|
(3,878
|
)
|
|
4,702
|
|
|||
Non-controlled affiliate company investments
|
1,506
|
|
|
5,246
|
|
|
(3,170
|
)
|
|||
Controlled affiliate company investments
|
(1,881
|
)
|
|
1,969
|
|
|
(3,562
|
)
|
|||
Net change in unrealized appreciation (depreciation) on investments and foreign currency translation
|
(11,587
|
)
|
|
3,337
|
|
|
(2,030
|
)
|
|||
Net change in unrealized appreciation (depreciation) on secured borrowings
|
—
|
|
|
3
|
|
|
—
|
|
|||
Net gain (loss) on investments, secured borrowings and foreign currency
|
5,949
|
|
|
12,742
|
|
|
4,224
|
|
|||
Net increase in net assets resulting from operations
|
81,970
|
|
|
82,288
|
|
|
69,204
|
|
|||
Per Common Share Data
|
|
|
|
|
|
||||||
Basic and diluted earnings per common share
|
$
|
1.37
|
|
|
$
|
1.45
|
|
|
$
|
1.33
|
|
Dividends and distributions declared per common share
|
$
|
1.36
|
|
|
$
|
1.53
|
|
|
$
|
1.28
|
|
Basic and diluted weighted average common shares outstanding
|
59,803,208
|
|
|
56,913,064
|
|
|
51,948,378
|
|
|
Common Stock
|
|
Paid in Capital in Excess of Par
|
|
Distributable Earnings
(1)
|
|
Total Net Assets
|
|||||||||||
|
Shares
|
|
Par Amount
|
|
|
|
||||||||||||
Balance at September 30, 2015
|
51,300,193
|
|
|
$
|
51
|
|
|
$
|
790,713
|
|
|
$
|
20,106
|
|
|
$
|
810,870
|
|
Issuance of common stock, net of offering and underwriting costs
(2)
|
3,320,456
|
|
|
3
|
|
|
58,257
|
|
|
—
|
|
|
58,260
|
|
||||
Net increase in net assets resulting from operations:
|
|
|
|
|
|
|
|
|
|
|||||||||
Net investment income - after excise tax
|
—
|
|
|
—
|
|
|
—
|
|
|
64,980
|
|
|
64,980
|
|
||||
Net realized gain (loss) on investments and foreign currency transactions
|
—
|
|
|
—
|
|
|
—
|
|
|
6,254
|
|
|
6,254
|
|
||||
Net change in unrealized appreciation (depreciation) on investments, secured borrowings and foreign currency translation
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,030
|
)
|
|
(2,030
|
)
|
||||
Distributions to stockholders:
|
|
|
|
|
|
|
|
|
|
|||||||||
Stock issued in connection with dividend reinvestment plan
|
438,418
|
|
|
1
|
|
|
7,369
|
|
|
—
|
|
|
7,370
|
|
||||
Distributions from distributable earnings
|
—
|
|
|
—
|
|
|
—
|
|
|
(66,879
|
)
|
|
(66,879
|
)
|
||||
Tax reclassification of stockholders' equity in accordance with generally accepted accounting principles
|
—
|
|
|
—
|
|
|
(341
|
)
|
|
341
|
|
|
—
|
|
||||
Total increase (decrease) for the period ended September 30, 2016
|
3,758,874
|
|
|
4
|
|
|
65,285
|
|
|
2,666
|
|
|
67,955
|
|
||||
Balance at September 30, 2016
|
55,059,067
|
|
|
$
|
55
|
|
|
$
|
855,998
|
|
|
$
|
22,772
|
|
|
$
|
878,825
|
|
Issuance of common stock, net of offering and underwriting costs
(3)
|
3,982,721
|
|
|
$
|
4
|
|
|
$
|
73,610
|
|
|
$
|
—
|
|
|
$
|
73,614
|
|
Net increase in net assets resulting from operations:
|
|
|
|
|
|
|
|
|
|
|||||||||
Net investment income - after excise tax
|
—
|
|
|
—
|
|
|
—
|
|
|
69,546
|
|
|
69,546
|
|
||||
Net realized gain (loss) on investments and foreign currency transactions
|
—
|
|
|
—
|
|
|
—
|
|
|
9,402
|
|
|
9,402
|
|
||||
Net change in unrealized appreciation (depreciation) on investments, secured borrowings and foreign currency translation
|
—
|
|
|
—
|
|
|
—
|
|
|
3,340
|
|
|
3,340
|
|
||||
Distributions to stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Stock issued in connection with dividend reinvestment plan
|
535,505
|
|
|
1
|
|
|
9,661
|
|
|
—
|
|
|
9,662
|
|
||||
Distributions from distributable earnings
|
—
|
|
|
—
|
|
|
—
|
|
|
(86,443
|
)
|
|
(86,443
|
)
|
||||
Tax reclassification of stockholders' equity in accordance with generally accepted accounting principles
|
—
|
|
|
—
|
|
|
38
|
|
|
(38
|
)
|
|
—
|
|
||||
Total increase (decrease) for the period ended September 30, 2017
|
4,518,226
|
|
|
5
|
|
|
83,309
|
|
|
(4,193
|
)
|
|
79,121
|
|
||||
Balance at September 30, 2017
|
59,577,293
|
|
|
$
|
60
|
|
|
$
|
939,307
|
|
|
$
|
18,579
|
|
|
$
|
957,946
|
|
Net increase in net assets resulting from operations:
|
|
|
|
|
|
|
|
|
|
|||||||||
Net investment income - after excise tax
|
—
|
|
|
—
|
|
|
—
|
|
|
76,021
|
|
|
76,021
|
|
||||
Net realized gain (loss) on investments and foreign currency transactions
|
—
|
|
|
—
|
|
|
—
|
|
|
17,536
|
|
|
17,536
|
|
||||
Net change in unrealized appreciation (depreciation) on investments, secured borrowings and foreign currency translation
|
—
|
|
|
—
|
|
|
—
|
|
|
(11,587
|
)
|
|
(11,587
|
)
|
||||
Distributions to stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Stock issued in connection with dividend reinvestment plan
|
588,161
|
|
|
—
|
|
|
10,245
|
|
|
—
|
|
|
10,245
|
|
||||
Distributions from distributable earnings
|
—
|
|
|
—
|
|
|
—
|
|
|
(81,307
|
)
|
|
(81,307
|
)
|
||||
Tax reclassification of stockholders' equity in accordance with generally accepted accounting principles
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
5
|
|
|
—
|
|
||||
Total increase (decrease) for the period ended September 30, 2018
|
588,161
|
|
|
—
|
|
|
10,240
|
|
|
668
|
|
|
10,908
|
|
||||
Balance at September 30, 2018
|
60,165,454
|
|
|
$
|
60
|
|
|
$
|
949,547
|
|
|
$
|
19,247
|
|
|
$
|
968,854
|
|
(1)
|
See Note 2. Significant Accounting Policies and Recent Accounting Updates
|
(2)
|
On July 18, 2016, Golub Capital BDC, Inc. entered into a Securities Purchase Agreement between the Company and a third party institutional investor for the sale of 1,433,486 shares of Company's common stock at a price per share of $17.44 per share. On August 15, 2016, Golub Capital BDC, Inc. priced a public offering of 1,750,000 shares of its common stock at a public offering price of $18.35 per share. On September 19, 2016, Golub Capital BDC, Inc. sold an additional 136,970 shares of its common stock at a public offering price of $18.35 per share pursuant to the underwriters’ partial exercise of the option to purchase additional shares granted in connection with the public offering in August 2016.
|
(3)
|
On March 21, 2017, Golub Capital BDC, Inc. priced a public offering of 1,750,000 shares of its common stock at a public offering price of $19.03 per share. On April 6, 2017, Golub Capital BDC, Inc. sold an additional 262,500 shares of its common stock at a public offering price of $19.03 per share pursuant to the underwriter's exercise of the option to purchase additional shares granted in connection with the public offering in March 2017. On June 6, 2017, Golub Capital BDC, Inc. entered into an agreement to sell 1,750,000 shares of its common stock pursuant to an underwritten, public offering at a price to the Company of $18.71 per share. On July 5, 2017, Golub Capital BDC, Inc. sold an additional 220,221 shares of its common stock at a public offering price of $18.71 per share pursuant to the underwriters’ partial exercise of the option to purchase additional shares granted in connection with the public offering in June 2017.
|
|
Years ended September 30,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Cash flows from operating activities
|
|
|
|
|
|
|
|
||||
Net increase in net assets resulting from operations
|
$
|
81,970
|
|
|
$
|
82,288
|
|
|
$
|
69,204
|
|
Adjustments to reconcile net increase in net assets resulting from operations
to net cash (used in) provided by operating activities |
|
|
|
|
|
||||||
Amortization of deferred debt issuance costs
|
3,315
|
|
|
3,289
|
|
|
4,184
|
|
|||
Accretion of discounts and amortization of premiums
|
(9,641
|
)
|
|
(9,495
|
)
|
|
(8,662
|
)
|
|||
Net realized (gain) loss on investments
|
(17,454
|
)
|
|
(9,402
|
)
|
|
(6,254
|
)
|
|||
Net realized (gain) loss on other short-term borrowings
|
(152
|
)
|
|
—
|
|
|
—
|
|
|||
Net change in unrealized (appreciation) depreciation on investments
|
11,587
|
|
|
(3,337
|
)
|
|
2,030
|
|
|||
Net change in unrealized appreciation (depreciation) on secured borrowings
|
—
|
|
|
(3
|
)
|
|
—
|
|
|||
Proceeds from (fundings of) revolving loans, net
|
7,235
|
|
|
(331
|
)
|
|
(587
|
)
|
|||
Fundings of investments
|
(646,595
|
)
|
|
(588,169
|
)
|
|
(654,763
|
)
|
|||
Proceeds from principal payments and sales of portfolio investments
|
558,664
|
|
|
588,173
|
|
|
538,609
|
|
|||
PIK interest
|
(1,622
|
)
|
|
(1,839
|
)
|
|
(1,201
|
)
|
|||
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|||
Interest receivable
|
(393
|
)
|
|
(336
|
)
|
|
(235
|
)
|
|||
Other assets
|
(10
|
)
|
|
90
|
|
|
36
|
|
|||
Interest payable
|
335
|
|
|
571
|
|
|
507
|
|
|||
Management and incentive fees payable
|
4,456
|
|
|
452
|
|
|
1,009
|
|
|||
Accounts payable and accrued expenses
|
(243
|
)
|
|
240
|
|
|
30
|
|
|||
Accrued trustee fees
|
(2
|
)
|
|
4
|
|
|
15
|
|
|||
Net cash (used in) provided by operating activities
|
(8,550
|
)
|
|
62,195
|
|
|
(56,078
|
)
|
|||
Cash flows from financing activities
|
|
|
|
|
|
|
|
||||
Borrowings on debt
|
760,450
|
|
|
545,000
|
|
|
440,650
|
|
|||
Repayments of debt
|
(695,867
|
)
|
|
(628,600
|
)
|
|
(389,200
|
)
|
|||
Capitalized debt issuance costs
|
(1,976
|
)
|
|
(1,935
|
)
|
|
(2,187
|
)
|
|||
Proceeds from other short-term borrowings
|
9,511
|
|
|
—
|
|
|
—
|
|
|||
Repayments on other short-term borrowings
|
(9,359
|
)
|
|
—
|
|
|
—
|
|
|||
Proceeds from secured borrowings
|
—
|
|
|
—
|
|
|
155
|
|
|||
Repayments on secured borrowings
|
—
|
|
|
(475
|
)
|
|
(35
|
)
|
|||
Proceeds from shares sold, net of underwriting costs
|
—
|
|
|
74,014
|
|
|
58,555
|
|
|||
Offering costs paid
|
—
|
|
|
(400
|
)
|
|
(295
|
)
|
|||
Distributions paid
|
(71,062
|
)
|
|
(76,781
|
)
|
|
(59,509
|
)
|
|||
Net cash (used in) provided by financing activities
|
(8,303
|
)
|
|
(89,177
|
)
|
|
48,134
|
|
|||
Net change in cash, cash equivalents, foreign currencies and restricted cash and cash equivalents
|
(16,853
|
)
|
|
(26,982
|
)
|
|
(7,944
|
)
|
|||
Cash, cash equivalents, foreign currencies and restricted cash and cash equivalents, beginning of period
|
62,558
|
|
|
89,540
|
|
|
97,484
|
|
|||
Cash, cash equivalents, foreign currencies and restricted cash and cash equivalents, end of period
|
$
|
45,705
|
|
|
$
|
62,558
|
|
|
$
|
89,540
|
|
Supplemental disclosure of cash flow information:
|
|
|
|
|
|
|
|
||||
Cash paid during the period for interest
|
$
|
29,523
|
|
|
$
|
27,662
|
|
|
$
|
23,019
|
|
Taxes, including excise tax, paid during the period
|
—
|
|
|
17
|
|
|
333
|
|
|||
Distributions declared during the period
|
81,307
|
|
|
86,443
|
|
|
66,879
|
|
|
Years ended September 30,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Supplemental disclosure of noncash operating activity:
|
|
|
|
|
|
||||||
Funding of LLC equity interests in SLF
|
$
|
—
|
|
|
$
|
(78,689
|
)
|
|
$
|
—
|
|
Proceeds from subordinated notes in SLF principal payment
|
—
|
|
|
78,869
|
|
|
—
|
|
|||
Supplemental disclosure of noncash financing activity:
|
|
|
|
|
|
|
|
|
|||
Proceeds from issuance of Class A-1-R, Class A-2-R, and Class B-R 2014 Notes
|
$
|
246,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Redemptions of Class A-1, Class A-2, and Class B 2014 Notes
|
(246,000
|
)
|
|
—
|
|
|
—
|
|
|||
Proceeds from issuance of Class A-Refi 2010 Notes
|
—
|
|
|
205,000
|
|
|
—
|
|
|||
Redemptions of Class A and Class B 2010 Notes
|
—
|
|
|
(205,000
|
)
|
|
—
|
|
|||
Stock issued in connection with dividend reinvestment plan
|
10,245
|
|
|
9,662
|
|
|
7,370
|
|
|
As of September 30,
|
||||||
|
2018
|
|
2017
|
||||
Cash and cash equivalents
|
$
|
5,878
|
|
|
$
|
3,988
|
|
Foreign currencies
|
159
|
|
|
—
|
|
||
Restricted cash and cash equivalents
|
39,668
|
|
|
58,570
|
|
||
Total cash, cash equivalents, foreign currencies and restricted cash and cash equivalents shown in the Consolidated Statements of Cash Flows
|
$
|
45,705
|
|
|
$
|
62,558
|
|
|
Investment
Type
|
|
Spread
Above
Index
(1)
|
|
Interest
Rate
(2)
|
|
Maturity
Date
|
|
Principal ($) /
Shares
(3)
|
|
Amortized Cost
|
|
Percentage
of Net
Assets
|
|
Fair
Value (4) |
||||||||
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Non-controlled/non-affiliate company investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Debt investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Aerospace and Defense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
ILC Dover, LP
|
Senior loan
|
|
L + 4.75%
|
(c)
|
|
7.14%
|
|
12/2023
|
|
$
|
9,928
|
|
|
$
|
9,841
|
|
|
1.0
|
|
%
|
$
|
9,928
|
|
NTS Technical Systems*^
|
One stop
|
|
L + 6.25%
|
(a)
|
|
8.36%
|
|
06/2021
|
|
21,718
|
|
|
21,508
|
|
|
2.2
|
|
|
21,718
|
|
|||
NTS Technical Systems
(5)
|
One stop
|
|
L + 6.25%
|
|
|
N/A
(6)
|
|
06/2021
|
|
—
|
|
|
(53
|
)
|
|
—
|
|
|
—
|
|
|||
Tresys Technology Holdings, Inc
.(7)
|
One stop
|
|
L + 6.75%
|
(a)
|
|
8.99%
|
|
12/2018
|
|
3,899
|
|
|
3,845
|
|
|
0.1
|
|
|
780
|
|
|||
Tresys Technology Holdings, Inc.
(7)
|
One stop
|
|
L + 6.75%
|
(a)
|
|
8.99%
|
|
12/2018
|
|
659
|
|
|
658
|
|
|
0.1
|
|
|
659
|
|
|||
Tronair Parent, Inc.^
|
Senior loan
|
|
L + 4.75%
|
(c)
|
|
7.56%
|
|
09/2023
|
|
366
|
|
|
363
|
|
|
0.1
|
|
|
366
|
|
|||
Tronair Parent, Inc.
|
Senior loan
|
|
L + 4.50%
|
(a)(b)(c)(f)
|
|
7.03%
|
|
09/2021
|
|
80
|
|
|
79
|
|
|
—
|
|
|
80
|
|
|||
Whitcraft LLC*^
|
One stop
|
|
L + 6.25%
|
(c)
|
|
8.64%
|
|
04/2023
|
|
12,439
|
|
|
12,298
|
|
|
1.3
|
|
|
12,439
|
|
|||
Whitcraft LLC^
|
One stop
|
|
L + 6.25%
|
(c)
|
|
8.64%
|
|
04/2023
|
|
194
|
|
|
192
|
|
|
—
|
|
|
194
|
|
|||
Whitcraft LLC
(5)
|
One stop
|
|
L + 6.25%
|
|
|
N/A
(6)
|
|
04/2023
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
Whitcraft LLC
(5)
|
One stop
|
|
L + 6.25%
|
|
|
N/A
(6)
|
|
04/2023
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
49,283
|
|
|
48,728
|
|
|
4.8
|
|
|
46,164
|
|
|||
Automobile
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Dent Wizard International Corporation*
|
Senior loan
|
|
L + 4.00%
|
(a)
|
|
6.23%
|
|
04/2020
|
|
4,477
|
|
|
4,463
|
|
|
0.5
|
|
|
4,477
|
|
|||
Grease Monkey International, LLC*^
|
Senior loan
|
|
L + 5.00%
|
(a)
|
|
7.24%
|
|
11/2022
|
|
4,863
|
|
|
4,813
|
|
|
0.5
|
|
|
4,808
|
|
|||
Grease Monkey International, LLC
|
Senior loan
|
|
L + 5.00%
|
(a)
|
|
7.24%
|
|
11/2022
|
|
76
|
|
|
75
|
|
|
—
|
|
|
75
|
|
|||
Grease Monkey International, LLC
|
Senior loan
|
|
L + 5.00%
|
(a)
|
|
7.24%
|
|
11/2022
|
|
27
|
|
|
25
|
|
|
—
|
|
|
25
|
|
|||
Grease Monkey International, LLC
|
Senior loan
|
|
L + 5.00%
|
(a)
|
|
7.24%
|
|
11/2022
|
|
21
|
|
|
20
|
|
|
—
|
|
|
20
|
|
|||
Grease Monkey International, LLC
(5)
|
Senior loan
|
|
L + 5.00%
|
|
|
N/A
(6)
|
|
11/2022
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
|||
Quick Quack Car Wash Holdings, LLC
|
One stop
|
|
L + 6.50%
|
(a)
|
|
8.74%
|
|
04/2023
|
|
8,751
|
|
|
8,652
|
|
|
0.9
|
|
|
8,751
|
|
|||
Quick Quack Car Wash Holdings, LLC
|
One stop
|
|
L + 6.50%
|
(a)
|
|
8.67%
|
|
04/2023
|
|
150
|
|
|
148
|
|
|
—
|
|
|
150
|
|
|||
Quick Quack Car Wash Holdings, LLC
|
One stop
|
|
L + 6.50%
|
(a)
|
|
8.70%
|
|
04/2023
|
|
40
|
|
|
39
|
|
|
—
|
|
|
40
|
|
|||
Quick Quack Car Wash Holdings, LLC
(5)
|
One stop
|
|
L + 6.50%
|
|
|
N/A
(6)
|
|
04/2023
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
18,405
|
|
|
18,229
|
|
|
1.9
|
|
|
18,344
|
|
|||
Beverage, Food and Tobacco
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Abita Brewing Co., L.L.C.
|
One stop
|
|
L + 5.75%
|
(a)
|
|
7.99%
|
|
04/2021
|
|
6,998
|
|
|
6,926
|
|
|
0.7
|
|
|
6,998
|
|
|||
Abita Brewing Co., L.L.C.
|
One stop
|
|
L + 5.75%
|
|
|
N/A
(6)
|
|
04/2021
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
C. J. Foods, Inc.*^
|
One stop
|
|
L + 6.25%
|
(c)
|
|
8.64%
|
|
05/2020
|
|
8,582
|
|
|
8,528
|
|
|
0.9
|
|
|
8,582
|
|
|||
C. J. Foods, Inc.^
|
One stop
|
|
L + 6.25%
|
(c)
|
|
8.64%
|
|
05/2020
|
|
649
|
|
|
647
|
|
|
0.1
|
|
|
649
|
|
|||
C. J. Foods, Inc.
|
One stop
|
|
L + 6.25%
|
(c)
|
|
8.58%
|
|
05/2020
|
|
517
|
|
|
514
|
|
|
0.1
|
|
|
517
|
|
|||
Cafe Rio Holding, Inc.*^
|
One stop
|
|
L + 5.75%
|
(a)
|
|
7.99%
|
|
09/2023
|
|
10,370
|
|
|
10,220
|
|
|
1.1
|
|
|
10,370
|
|
|||
Cafe Rio Holding, Inc.
|
One stop
|
|
L + 5.75%
|
(a)
|
|
7.99%
|
|
09/2023
|
|
80
|
|
|
79
|
|
|
—
|
|
|
80
|
|
|||
Cafe Rio Holding, Inc.
|
One stop
|
|
L + 5.75%
|
(a)
|
|
7.99%
|
|
09/2023
|
|
40
|
|
|
37
|
|
|
—
|
|
|
40
|
|
|||
Cafe Rio Holding, Inc.
|
One stop
|
|
P + 4.75%
|
(f)
|
|
10.00%
|
|
09/2023
|
|
10
|
|
|
8
|
|
|
—
|
|
|
10
|
|
|||
Fintech Midco, LLC
|
One stop
|
|
L + 6.00%
|
(a)
|
|
8.25%
|
|
08/2024
|
|
12,995
|
|
|
12,868
|
|
|
1.3
|
|
|
12,865
|
|
|||
Fintech Midco, LLC
(5)
|
One stop
|
|
L + 6.00%
|
|
|
N/A
(6)
|
|
08/2024
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|||
Fintech Midco, LLC
(5)
|
One stop
|
|
L + 6.00%
|
|
|
N/A
(6)
|
|
08/2024
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(3
|
)
|
|||
Firebirds International, LLC*
|
One stop
|
|
L + 5.75%
|
(a)
|
|
7.89%
|
|
12/2018
|
|
1,049
|
|
|
1,048
|
|
|
0.1
|
|
|
1,049
|
|
|||
Firebirds International, LLC*
|
One stop
|
|
L + 5.75%
|
(a)
|
|
7.89%
|
|
12/2018
|
|
295
|
|
|
295
|
|
|
—
|
|
|
295
|
|
|||
Firebirds International, LLC^
|
One stop
|
|
L + 5.75%
|
(a)
|
|
7.89%
|
|
12/2018
|
|
95
|
|
|
95
|
|
|
—
|
|
|
95
|
|
|||
Firebirds International, LLC
|
One stop
|
|
L + 5.75%
|
(c)
|
|
7.99%
|
|
12/2018
|
|
41
|
|
|
41
|
|
|
—
|
|
|
41
|
|
|||
Firebirds International, LLC
|
One stop
|
|
L + 5.75%
|
|
|
N/A
(6)
|
|
12/2018
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Flavor Producers, LLC
|
Senior loan
|
|
L + 4.75%
|
(c)
|
|
7.13%
|
|
12/2023
|
|
2,155
|
|
|
2,127
|
|
|
0.2
|
|
|
2,155
|
|
|||
Flavor Producers, LLC
(5)
|
Senior loan
|
|
L + 4.75%
|
|
|
N/A
(6)
|
|
12/2022
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
Investment
Type
|
|
Spread
Above
Index
(1)
|
|
Interest
Rate
(2)
|
|
Maturity
Date
|
|
Principal ($) /
Shares
(3)
|
|
Amortized Cost
|
|
Percentage
of Net
Assets
|
|
Fair
Value (4) |
||||||||
Beverage, Food and Tobacco - (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
FWR Holding Corporation^
|
One stop
|
|
L + 5.75%
|
(a)
|
|
7.99%
|
|
08/2023
|
|
$
|
5,259
|
|
|
$
|
5,194
|
|
|
0.6
|
|
%
|
$
|
5,259
|
|
FWR Holding Corporation
|
One stop
|
|
L + 5.75%
|
(a)
|
|
7.99%
|
|
08/2023
|
|
65
|
|
|
64
|
|
|
—
|
|
|
65
|
|
|||
FWR Holding Corporation
|
One stop
|
|
L + 5.75%
|
(a)(f)
|
|
8.80%
|
|
08/2023
|
|
42
|
|
|
41
|
|
|
—
|
|
|
42
|
|
|||
FWR Holding Corporation
(5)
|
One stop
|
|
L + 5.75%
|
|
|
N/A
(6)
|
|
08/2023
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
Global Franchise Group, LLC*
|
Senior loan
|
|
L + 5.75%
|
(a)
|
|
7.99%
|
|
12/2019
|
|
3,220
|
|
|
3,203
|
|
|
0.3
|
|
|
3,220
|
|
|||
Global Franchise Group, LLC
|
Senior loan
|
|
L + 5.75%
|
|
|
N/A
(6)
|
|
12/2019
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Global ID Corporation*
|
One stop
|
|
L + 6.50%
|
(c)
|
|
8.84%
|
|
11/2021
|
|
5,144
|
|
|
5,104
|
|
|
0.5
|
|
|
5,144
|
|
|||
Global ID Corporation
|
One stop
|
|
L + 6.50%
|
(c)
|
|
8.84%
|
|
11/2021
|
|
72
|
|
|
71
|
|
|
—
|
|
|
72
|
|
|||
Global ID Corporation
|
One stop
|
|
L + 6.50%
|
|
|
N/A
(6)
|
|
11/2021
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Global ID Corporation
(5)
|
One stop
|
|
L + 6.50%
|
|
|
N/A
(6)
|
|
11/2021
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
Hopdoddy Holdings, LLC
|
One stop
|
|
L + 9.50%
|
(c)
|
|
10.31% cash/1.50% PIK
|
|
08/2020
|
|
1,307
|
|
|
1,301
|
|
|
0.1
|
|
|
1,307
|
|
|||
Hopdoddy Holdings, LLC
|
One stop
|
|
L + 9.50%
|
(c)
|
|
10.34% cash/1.50% PIK
|
|
08/2020
|
|
47
|
|
|
47
|
|
|
—
|
|
|
47
|
|
|||
Hopdoddy Holdings, LLC
|
One stop
|
|
L + 9.50%
|
(c)
|
|
10.32% cash/1.50% PIK
|
|
08/2020
|
|
3
|
|
|
2
|
|
|
—
|
|
|
3
|
|
|||
Mendocino Farms, LLC
(5)
|
One stop
|
|
L + 8.50%
|
|
|
N/A
(6)
|
|
06/2023
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|||
Mid-America Pet Food, L.L.C.*^
|
One stop
|
|
L + 6.00%
|
(c)
|
|
8.39%
|
|
12/2021
|
|
10,752
|
|
|
10,664
|
|
|
1.1
|
|
|
10,752
|
|
|||
Mid-America Pet Food, L.L.C.
(5)
|
One stop
|
|
L + 6.00%
|
|
|
N/A
(6)
|
|
12/2021
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
NBC Intermediate, LLC^
|
Senior loan
|
|
L + 4.25%
|
(a)
|
|
6.50%
|
|
09/2023
|
|
2,079
|
|
|
2,061
|
|
|
0.2
|
|
|
2,058
|
|
|||
NBC Intermediate, LLC *
|
Senior loan
|
|
L + 4.25%
|
(a)
|
|
6.50%
|
|
09/2023
|
|
1,097
|
|
|
1,086
|
|
|
0.1
|
|
|
1,086
|
|
|||
NBC Intermediate, LLC
|
Senior loan
|
|
P + 3.25%
|
(f)
|
|
8.50%
|
|
09/2023
|
|
5
|
|
|
4
|
|
|
—
|
|
|
4
|
|
|||
Purfoods, LLC
|
One stop
|
|
L + 6.00%
|
(c)
|
|
8.31%
|
|
05/2021
|
|
8,379
|
|
|
8,270
|
|
|
0.9
|
|
|
8,379
|
|
|||
Purfoods, LLC
|
One stop
|
|
N/A
|
|
|
7.00% PIK
|
|
05/2026
|
|
116
|
|
|
116
|
|
|
—
|
|
|
116
|
|
|||
Purfoods, LLC
|
One stop
|
|
L + 6.00%
|
(a)
|
|
8.15%
|
|
05/2021
|
|
65
|
|
|
64
|
|
|
—
|
|
|
65
|
|
|||
Purfoods, LLC^
|
One stop
|
|
L + 6.00%
|
(c)
|
|
8.39%
|
|
05/2021
|
|
39
|
|
|
39
|
|
|
—
|
|
|
39
|
|
|||
Purfoods, LLC
|
One stop
|
|
L + 6.00%
|
(c)
|
|
8.39%
|
|
05/2021
|
|
30
|
|
|
30
|
|
|
—
|
|
|
30
|
|
|||
Purfoods, LLC
|
One stop
|
|
L + 6.00%
|
(c)
|
|
8.39%
|
|
05/2021
|
|
30
|
|
|
30
|
|
|
—
|
|
|
30
|
|
|||
Purfoods, LLC
|
One stop
|
|
L + 6.00%
|
(c)
|
|
8.33%
|
|
05/2021
|
|
30
|
|
|
30
|
|
|
—
|
|
|
30
|
|
|||
Purfoods, LLC^
|
One stop
|
|
L + 6.00%
|
(c)
|
|
8.39%
|
|
05/2021
|
|
24
|
|
|
23
|
|
|
—
|
|
|
24
|
|
|||
Purfoods, LLC^
|
One stop
|
|
L + 6.00%
|
(c)
|
|
8.39%
|
|
05/2021
|
|
15
|
|
|
15
|
|
|
—
|
|
|
15
|
|
|||
Purfoods, LLC^
|
One stop
|
|
L + 6.00%
|
(c)
|
|
8.39%
|
|
05/2021
|
|
15
|
|
|
15
|
|
|
—
|
|
|
15
|
|
|||
Purfoods, LLC^
|
One stop
|
|
L + 6.00%
|
(c)
|
|
8.39%
|
|
05/2021
|
|
14
|
|
|
14
|
|
|
—
|
|
|
14
|
|
|||
Purfoods, LLC^
|
One stop
|
|
L + 6.00%
|
(c)
|
|
8.39%
|
|
05/2021
|
|
11
|
|
|
11
|
|
|
—
|
|
|
11
|
|
|||
Purfoods, LLC^
|
One stop
|
|
L + 6.00%
|
(c)
|
|
8.39%
|
|
05/2021
|
|
11
|
|
|
11
|
|
|
—
|
|
|
11
|
|
|||
Purfoods, LLC^
|
One stop
|
|
L + 6.00%
|
(c)
|
|
8.39%
|
|
05/2021
|
|
10
|
|
|
10
|
|
|
—
|
|
|
10
|
|
|||
Purfoods, LLC
(5)
|
One stop
|
|
L + 6.00%
|
|
|
N/A
(6)
|
|
05/2021
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
Rubio's Restaurants, Inc.*^
|
Senior loan
|
|
L + 5.25%
|
(c)
|
|
7.64%
|
|
10/2019
|
|
11,173
|
|
|
11,000
|
|
|
1.2
|
|
|
11,173
|
|
|||
Uinta Brewing Company^
(7)
|
One stop
|
|
L + 8.50%
|
(a)
|
|
10.74%
|
|
08/2019
|
|
3,725
|
|
|
3,716
|
|
|
0.3
|
|
|
2,459
|
|
|||
Uinta Brewing Company
(7)
|
One stop
|
|
L + 8.50%
|
(a)
|
|
10.74%
|
|
08/2019
|
|
693
|
|
|
691
|
|
|
0.1
|
|
|
444
|
|
|||
|
|
|
|
|
|
|
|
|
|
97,348
|
|
|
96,350
|
|
|
9.9
|
|
|
95,666
|
|
|||
Broadcasting and Entertainment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
TouchTunes Interactive Networks, Inc.^
|
Senior loan
|
|
L + 4.75%
|
(a)
|
|
6.99%
|
|
05/2021
|
|
1,447
|
|
|
1,444
|
|
|
0.1
|
|
|
1,447
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Buildings and Real Estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Brooks Equipment Company, LLC*^
|
One stop
|
|
L + 5.00%
|
(c)
|
|
7.31%
|
|
08/2020
|
|
21,096
|
|
|
20,996
|
|
|
2.2
|
|
|
21,096
|
|
|||
Brooks Equipment Company, LLC*
|
One stop
|
|
L + 5.00%
|
(b)(c)
|
|
7.28%
|
|
08/2020
|
|
2,634
|
|
|
2,623
|
|
|
0.3
|
|
|
2,634
|
|
|||
Brooks Equipment Company, LLC
(5)
|
One stop
|
|
L + 5.00%
|
|
|
N/A
(6)
|
|
08/2020
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
|
—
|
|
|||
Jensen Hughes, Inc.
|
Senior loan
|
|
L + 4.50%
|
(a)
|
|
6.71%
|
|
03/2024
|
|
500
|
|
|
498
|
|
|
0.1
|
|
|
500
|
|
|||
Jensen Hughes, Inc.
|
Senior loan
|
|
L + 4.50%
|
(a)
|
|
6.74%
|
|
03/2024
|
|
153
|
|
|
151
|
|
|
—
|
|
|
153
|
|
|
Investment
Type
|
|
Spread
Above
Index
(1)
|
|
Interest
Rate
(2)
|
|
Maturity
Date
|
|
Principal ($) /
Shares
(3)
|
|
Amortized Cost
|
|
Percentage
of Net
Assets
|
|
Fair
Value (4) |
||||||||
Buildings and Real Estate - (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Jensen Hughes, Inc.
|
Senior loan
|
|
L + 4.50%
|
(a)
|
|
6.65%
|
|
03/2024
|
|
$
|
29
|
|
|
$
|
29
|
|
|
—
|
|
%
|
$
|
29
|
|
MRI Software LLC^
|
One stop
|
|
L + 5.50%
|
(c)
|
|
7.89%
|
|
06/2023
|
|
23,684
|
|
|
23,156
|
|
|
2.4
|
|
|
23,684
|
|
|||
MRI Software LLC*^
|
One stop
|
|
L + 5.50%
|
(c)
|
|
7.89%
|
|
06/2023
|
|
13,744
|
|
|
13,614
|
|
|
1.4
|
|
|
13,744
|
|
|||
MRI Software LLC^
|
One stop
|
|
L + 5.50%
|
(c)
|
|
7.89%
|
|
06/2023
|
|
357
|
|
|
354
|
|
|
0.1
|
|
|
357
|
|
|||
MRI Software LLC
|
One stop
|
|
L + 5.50%
|
(c)
|
|
7.89%
|
|
06/2023
|
|
295
|
|
|
292
|
|
|
—
|
|
|
295
|
|
|||
MRI Software LLC
|
One stop
|
|
L + 5.50%
|
(c)
|
|
7.89%
|
|
06/2023
|
|
194
|
|
|
192
|
|
|
—
|
|
|
194
|
|
|||
MRI Software LLC^
|
One stop
|
|
L + 5.50%
|
(a)
|
|
7.65%
|
|
06/2023
|
|
165
|
|
|
163
|
|
|
—
|
|
|
165
|
|
|||
MRI Software LLC
|
One stop
|
|
L + 5.50%
|
(a)
|
|
7.67%
|
|
06/2023
|
|
35
|
|
|
32
|
|
|
—
|
|
|
35
|
|
|||
MRI Software LLC
(5)
|
One stop
|
|
L + 5.50%
|
|
|
N/A
(6)
|
|
06/2023
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
62,886
|
|
|
62,088
|
|
|
6.5
|
|
|
62,886
|
|
|||
Chemicals, Plastics and Rubber
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Flexan, LLC*
|
One stop
|
|
L + 5.75%
|
(c)
|
|
8.14%
|
|
02/2020
|
|
2,310
|
|
|
2,296
|
|
|
0.3
|
|
|
2,310
|
|
|||
Flexan, LLC^
|
One stop
|
|
L + 5.75%
|
(c)
|
|
8.14%
|
|
02/2020
|
|
1,086
|
|
|
1,081
|
|
|
0.1
|
|
|
1,086
|
|
|||
Flexan, LLC
|
One stop
|
|
P + 4.50%
|
(f)
|
|
9.75%
|
|
02/2020
|
|
11
|
|
|
11
|
|
|
—
|
|
|
11
|
|
|||
Inhance Technologies Holdings LLC
|
One stop
|
|
L + 5.25%
|
(b)
|
|
7.43%
|
|
07/2024
|
|
6,880
|
|
|
6,731
|
|
|
0.7
|
|
|
6,811
|
|
|||
Inhance Technologies Holdings LLC
(5)
|
One stop
|
|
L + 5.25%
|
|
|
N/A
(6)
|
|
07/2024
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|||
Inhance Technologies Holdings LLC
(5)
|
One stop
|
|
L + 5.25%
|
|
|
N/A
(6)
|
|
07/2024
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(2
|
)
|
|||
|
|
|
|
|
|
|
|
|
|
10,287
|
|
|
10,117
|
|
|
1.1
|
|
|
10,215
|
|
|||
Diversified/Conglomerate Manufacturing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Chase Industries, Inc.
|
Senior loan
|
|
L + 4.00%
|
(c)
|
|
6.34%
|
|
05/2025
|
|
6,870
|
|
|
6,756
|
|
|
0.7
|
|
|
6,870
|
|
|||
Chase Industries, Inc.
|
Senior loan
|
|
L + 4.00%
|
(c)
|
|
6.34%
|
|
05/2023
|
|
16
|
|
|
14
|
|
|
—
|
|
|
16
|
|
|||
Chase Industries, Inc.
|
Senior loan
|
|
L + 4.00%
|
(c)
|
|
6.38%
|
|
05/2025
|
|
12
|
|
|
8
|
|
|
—
|
|
|
12
|
|
|||
Inventus Power, Inc.*^
|
One stop
|
|
L + 6.50%
|
(a)
|
|
8.74%
|
|
04/2020
|
|
7,285
|
|
|
7,266
|
|
|
0.7
|
|
|
6,557
|
|
|||
Inventus Power, Inc.
|
One stop
|
|
L + 6.50%
|
(a)(c)
|
|
8.78%
|
|
04/2020
|
|
271
|
|
|
270
|
|
|
—
|
|
|
236
|
|
|||
Onicon Incorporated*^
|
One stop
|
|
L + 5.50%
|
(a)(c)
|
|
7.88%
|
|
04/2022
|
|
17,916
|
|
|
17,784
|
|
|
1.9
|
|
|
17,916
|
|
|||
Onicon Incorporated
(5)
|
One stop
|
|
L + 5.50%
|
|
|
N/A
(6)
|
|
04/2022
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|||
Pasternack Enterprises, Inc. and Fairview Microwave, Inc
|
Senior loan
|
|
L + 4.00%
|
(a)(f)
|
|
6.24%
|
|
07/2025
|
|
5,634
|
|
|
5,607
|
|
|
0.6
|
|
|
5,606
|
|
|||
Pasternack Enterprises, Inc. and Fairview Microwave, Inc
|
Senior loan
|
|
L + 4.00%
|
|
|
N/A
(6)
|
|
07/2023
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
PetroChoice Holdings, Inc.^
|
Senior loan
|
|
L + 5.00%
|
(b)
|
|
7.20%
|
|
08/2022
|
|
1,732
|
|
|
1,700
|
|
|
0.2
|
|
|
1,732
|
|
|||
Plex Systems, Inc.*^
|
One stop
|
|
L + 7.50%
|
(a)
|
|
9.82%
|
|
06/2020
|
|
18,797
|
|
|
18,635
|
|
|
1.9
|
|
|
18,797
|
|
|||
Plex Systems, Inc.
(5)
|
One stop
|
|
L + 7.50%
|
|
|
N/A
(6)
|
|
06/2020
|
|
—
|
|
|
(14
|
)
|
|
—
|
|
|
—
|
|
|||
Reladyne, Inc.*^
|
Senior loan
|
|
L + 5.00%
|
(c)
|
|
7.34%
|
|
07/2022
|
|
16,878
|
|
|
16,691
|
|
|
1.7
|
|
|
16,878
|
|
|||
Reladyne, Inc.^
|
Senior loan
|
|
L + 5.00%
|
(c)
|
|
7.34%
|
|
07/2022
|
|
173
|
|
|
171
|
|
|
—
|
|
|
173
|
|
|||
Reladyne, Inc.
|
Senior loan
|
|
L + 5.00%
|
(c)
|
|
7.34%
|
|
07/2022
|
|
142
|
|
|
141
|
|
|
—
|
|
|
142
|
|
|||
Reladyne, Inc.
(5)
|
Senior loan
|
|
L + 5.00%
|
|
|
N/A
(6)
|
|
07/2022
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|||
Source Refrigeration & HVAC, Inc.*
|
Senior loan
|
|
L + 4.75%
|
(c)
|
|
7.14%
|
|
04/2023
|
|
9,453
|
|
|
9,352
|
|
|
1.0
|
|
|
9,453
|
|
|||
Source Refrigeration & HVAC, Inc.
|
Senior loan
|
|
L + 4.75%
|
(c)
|
|
7.10%
|
|
04/2023
|
|
111
|
|
|
110
|
|
|
—
|
|
|
111
|
|
|||
Source Refrigeration & HVAC, Inc.
|
Senior loan
|
|
P + 3.75%
|
(f)
|
|
9.00%
|
|
04/2023
|
|
89
|
|
|
86
|
|
|
—
|
|
|
89
|
|
|||
Source Refrigeration & HVAC, Inc.
|
Senior loan
|
|
L + 4.75%
|
(c)
|
|
7.09%
|
|
04/2023
|
|
57
|
|
|
56
|
|
|
—
|
|
|
57
|
|
|||
Source Refrigeration & HVAC, Inc.
(5)
|
Senior loan
|
|
L + 4.75%
|
|
|
N/A
(6)
|
|
04/2023
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|||
Sunless Merger Sub, Inc.
|
Senior loan
|
|
L + 5.00%
|
(a)(f)
|
|
7.28%
|
|
07/2019
|
|
1,381
|
|
|
1,384
|
|
|
0.2
|
|
|
1,381
|
|
|||
Sunless Merger Sub, Inc.
|
Senior loan
|
|
P + 3.75%
|
(f)
|
|
8.75%
|
|
07/2019
|
|
256
|
|
|
256
|
|
|
—
|
|
|
256
|
|
|||
Togetherwork Holdings, LLC
|
One stop
|
|
L + 6.50%
|
(a)
|
|
8.74%
|
|
03/2025
|
|
9,158
|
|
|
9,031
|
|
|
0.9
|
|
|
9,066
|
|
|||
Togetherwork Holdings, LLC
|
One stop
|
|
L + 6.50%
|
(a)
|
|
8.74%
|
|
03/2025
|
|
557
|
|
|
549
|
|
|
0.1
|
|
|
552
|
|
|||
Togetherwork Holdings, LLC
|
One stop
|
|
L + 6.50%
|
(a)
|
|
8.74%
|
|
03/2025
|
|
116
|
|
|
114
|
|
|
—
|
|
|
114
|
|
|||
Togetherwork Holdings, LLC
|
One stop
|
|
L + 6.50%
|
(a)
|
|
8.74%
|
|
03/2025
|
|
108
|
|
|
106
|
|
|
—
|
|
|
107
|
|
|
Investment
Type
|
|
Spread
Above
Index
(1)
|
|
Interest
Rate
(2)
|
|
Maturity
Date
|
|
Principal ($) /
Shares
(3)
|
|
Amortized Cost
|
|
Percentage
of Net
Assets
|
|
Fair
Value (4) |
||||||||
Diversified/Conglomerate Manufacturing - (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Togetherwork Holdings, LLC
(5)
|
One stop
|
|
L + 6.50%
|
|
|
N/A
(6)
|
|
03/2024
|
|
$
|
—
|
|
|
$
|
(1
|
)
|
|
—
|
|
%
|
$
|
(1
|
)
|
Togetherwork Holdings, LLC
(5)
|
One stop
|
|
L + 6.50%
|
|
|
N/A
(6)
|
|
03/2025
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(1
|
)
|
|||
Togetherwork Holdings, LLC
(5)
|
One stop
|
|
L + 6.50%
|
|
|
N/A
(6)
|
|
03/2025
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
(2
|
)
|
|||
|
|
|
|
|
|
|
|
|
|
97,012
|
|
|
96,059
|
|
|
9.9
|
|
|
96,117
|
|
|||
Diversified/Conglomerate Service
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Accela, Inc.
|
One stop
|
|
L + 6.00%
|
(c)
|
|
8.39%
|
|
09/2023
|
|
5,261
|
|
|
5,193
|
|
|
0.5
|
|
|
5,261
|
|
|||
Accela, Inc.
(5)
|
One stop
|
|
L + 6.00%
|
|
|
N/A
(6)
|
|
09/2023
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
Agility Recovery Solutions Inc.*^
|
One stop
|
|
L + 6.50%
|
(a)
|
|
8.74%
|
|
03/2020
|
|
13,809
|
|
|
13,750
|
|
|
1.4
|
|
|
13,809
|
|
|||
Agility Recovery Solutions Inc.
(5)
|
One stop
|
|
L + 6.50%
|
|
|
N/A
(6)
|
|
03/2020
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|||
Anaqua, Inc.*^
|
One stop
|
|
L + 6.50%
|
(c)
|
|
8.85%
|
|
07/2022
|
|
6,948
|
|
|
6,867
|
|
|
0.7
|
|
|
6,948
|
|
|||
Anaqua, Inc.
(5)
|
One stop
|
|
L + 6.50%
|
|
|
N/A
(6)
|
|
07/2022
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
Apttus Corporation
|
One stop
|
|
L + 7.85%
|
(e)
|
|
10.06%
|
|
01/2023
|
|
4,127
|
|
|
3,969
|
|
|
0.4
|
|
|
4,312
|
|
|||
Bazaarvoice, Inc.
|
One stop
|
|
L + 8.00%
|
(a)
|
|
10.24%
|
|
02/2024
|
|
8,958
|
|
|
8,799
|
|
|
0.9
|
|
|
8,958
|
|
|||
Bazaarvoice, Inc.
|
One stop
|
|
P + 7.00%
|
(f)
|
|
12.25%
|
|
02/2024
|
|
30
|
|
|
28
|
|
|
—
|
|
|
30
|
|
|||
Browz LLC
|
One stop
|
|
L + 9.50%
|
(b)
|
|
10.17% cash/1.50% PIK
|
|
03/2023
|
|
1,503
|
|
|
1,473
|
|
|
0.2
|
|
|
1,503
|
|
|||
Browz LLC
|
One stop
|
|
L + 9.50%
|
|
|
N/A
(6)
|
|
03/2023
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Centrify Corporation*
|
One stop
|
|
L + 6.25%
|
(c)
|
|
8.59%
|
|
08/2024
|
|
10,974
|
|
|
10,813
|
|
|
1.1
|
|
|
10,864
|
|
|||
Centrify Corporation
(5)
|
One stop
|
|
L + 6.25%
|
|
|
N/A
(6)
|
|
08/2024
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
|||
Clearwater Analytics, LLC*^
|
One stop
|
|
L + 5.00%
|
(a)
|
|
7.24%
|
|
09/2022
|
|
8,532
|
|
|
8,319
|
|
|
0.9
|
|
|
8,532
|
|
|||
Clearwater Analytics, LLC
(5)
|
One stop
|
|
L + 5.00%
|
|
|
N/A
(6)
|
|
09/2022
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|||
Cloudbees, Inc.
|
One stop
|
|
L + 9.00%
|
(a)
|
|
10.61% cash/0.50% PIK
|
|
05/2023
|
|
1,898
|
|
|
1,841
|
|
|
0.2
|
|
|
1,870
|
|
|||
Cloudbees, Inc.
|
One stop
|
|
L + 9.00%
|
|
|
N/A
(6)
|
|
05/2023
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Confluence Technologies, Inc.
|
One stop
|
|
L + 7.50%
|
(a)
|
|
9.65%
|
|
03/2024
|
|
7,033
|
|
|
6,889
|
|
|
0.7
|
|
|
7,033
|
|
|||
Confluence Technologies, Inc.
|
One stop
|
|
P + 6.50%
|
(a)(f)
|
|
10.96%
|
|
03/2024
|
|
16
|
|
|
15
|
|
|
—
|
|
|
16
|
|
|||
Connexin Software, Inc.
|
One stop
|
|
L + 8.50%
|
(a)
|
|
10.74%
|
|
02/2024
|
|
2,401
|
|
|
2,348
|
|
|
0.3
|
|
|
2,401
|
|
|||
Connexin Software, Inc.
|
One stop
|
|
L + 8.50%
|
|
|
N/A
(6)
|
|
02/2024
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Datto, Inc.*
|
One stop
|
|
L + 8.00%
|
(a)
|
|
10.15%
|
|
12/2022
|
|
11,156
|
|
|
10,969
|
|
|
1.2
|
|
|
11,156
|
|
|||
Datto, Inc.
(5)
|
One stop
|
|
L + 8.00%
|
|
|
N/A
(6)
|
|
12/2022
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
Daxko Acquisition Corporation*^
|
One stop
|
|
L + 5.25%
|
(b)
|
|
7.54%
|
|
09/2023
|
|
11,246
|
|
|
11,014
|
|
|
1.2
|
|
|
11,246
|
|
|||
Daxko Acquisition Corporation
(5)
|
One stop
|
|
L + 5.25%
|
|
|
N/A
(6)
|
|
09/2023
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
Digital Guardian, Inc.
|
One stop
|
|
L + 9.00%
|
(c)
|
|
10.33% cash/1.00% PIK
|
|
06/2023
|
|
3,999
|
|
|
3,952
|
|
|
0.4
|
|
|
3,999
|
|
|||
Digital Guardian, Inc.
|
Subordinated debt
|
|
N/A
|
|
|
8.00% PIK
|
|
01/2019
|
|
184
|
|
|
184
|
|
|
—
|
|
|
184
|
|
|||
Digital Guardian, Inc.
(5)
|
One stop
|
|
L + 6.00%
|
|
|
N/A
(6)
|
|
06/2023
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|||
Digital Guardian, Inc.
|
One stop
|
|
L + 9.00%
|
|
|
N/A
(6)
|
|
06/2023
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
DISA Holdings Acquisition Subsidiary Corp.*
|
Senior loan
|
|
L + 4.00%
|
(a)(f)
|
|
6.10%
|
|
06/2022
|
|
2,006
|
|
|
1,997
|
|
|
0.2
|
|
|
2,006
|
|
|||
DISA Holdings Acquisition Subsidiary Corp.
|
Senior loan
|
|
L + 4.00%
|
(a)
|
|
6.10%
|
|
06/2022
|
|
2
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|||
DISA Holdings Acquisition Subsidiary Corp.
(5)
|
Senior loan
|
|
L + 4.00%
|
|
|
N/A
(6)
|
|
06/2022
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
EGD Security Systems, LLC
|
One stop
|
|
L + 6.25%
|
(c)
|
|
8.58%
|
|
06/2022
|
|
11,114
|
|
|
10,960
|
|
|
1.1
|
|
|
11,114
|
|
|||
EGD Security Systems, LLC^
|
One stop
|
|
L + 6.25%
|
(c)
|
|
8.56%
|
|
06/2022
|
|
98
|
|
|
97
|
|
|
—
|
|
|
98
|
|
|||
EGD Security Systems, LLC
|
One stop
|
|
L + 6.25%
|
(c)
|
|
8.58%
|
|
06/2022
|
|
75
|
|
|
74
|
|
|
—
|
|
|
75
|
|
|||
EGD Security Systems, LLC^
|
One stop
|
|
L + 6.25%
|
(c)
|
|
8.59%
|
|
06/2022
|
|
52
|
|
|
52
|
|
|
—
|
|
|
52
|
|
|||
GS Acquisitionco, Inc.
|
One stop
|
|
L + 5.00%
|
(a)
|
|
7.25%
|
|
05/2024
|
|
22,840
|
|
|
22,620
|
|
|
2.3
|
|
|
22,611
|
|
|||
GS Acquisitionco, Inc.
|
One stop
|
|
L + 5.00%
|
(a)
|
|
7.25%
|
|
05/2024
|
|
878
|
|
|
870
|
|
|
0.1
|
|
|
869
|
|
|||
GS Acquisitionco, Inc.
(5)
|
One stop
|
|
L + 4.75%
|
|
|
N/A
(6)
|
|
05/2024
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|||
GS Acquisitionco, Inc.
(5)
|
One stop
|
|
L + 4.75%
|
|
|
N/A
(6)
|
|
05/2024
|
|
—
|
|
|
(5
|
)
|
|
—
|
|
|
(5
|
)
|
|||
HealthcareSource HR, Inc.*
|
One stop
|
|
L + 6.75%
|
(c)
|
|
9.14%
|
|
05/2020
|
|
23,389
|
|
|
23,203
|
|
|
2.4
|
|
|
23,389
|
|
|||
HealthcareSource HR, Inc.
(5)
|
One stop
|
|
L + 6.75%
|
|
|
N/A
(6)
|
|
05/2020
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
Investment
Type
|
|
Spread
Above
Index
(1)
|
|
Interest
Rate
(2)
|
|
Maturity
Date
|
|
Principal ($) /
Shares
(3)
|
|
Amortized Cost
|
|
Percentage
of Net
Assets
|
|
Fair
Value (4) |
||||||||
Diversified/Conglomerate Service - (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Host Analytics, Inc.
|
One stop
|
|
N/A
|
|
|
8.50% cash/2.25% PIK
|
|
08/2021
|
|
$
|
3,169
|
|
|
$
|
3,131
|
|
|
0.3
|
|
%
|
$
|
3,169
|
|
Host Analytics, Inc.
|
One stop
|
|
N/A
|
|
|
8.50% cash/2.25% PIK
|
|
08/2021
|
|
2,656
|
|
|
2,557
|
|
|
0.3
|
|
|
2,656
|
|
|||
Host Analytics, Inc.
|
One stop
|
|
N/A
|
|
|
8.50% cash/2.25% PIK
|
|
08/2021
|
|
741
|
|
|
733
|
|
|
0.1
|
|
|
741
|
|
|||
Host Analytics, Inc.
(5)
|
One stop
|
|
N/A
|
|
|
N/A
(6)
|
|
08/2021
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
|
—
|
|
|||
ICIMS, Inc.
|
One stop
|
|
L + 6.50%
|
(c)
|
|
8.64%
|
|
09/2024
|
|
5,412
|
|
|
5,305
|
|
|
0.5
|
|
|
5,304
|
|
|||
ICIMS, Inc.
(5)
|
One stop
|
|
L + 6.50%
|
|
|
N/A
(6)
|
|
09/2024
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|||
III US Holdings, LLC
|
One stop
|
|
L + 6.50%
|
|
|
N/A
(6)
|
|
09/2022
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Imprivata, Inc.
|
Senior loan
|
|
L + 4.00%
|
(c)
|
|
6.39%
|
|
10/2023
|
|
13,045
|
|
|
12,907
|
|
|
1.3
|
|
|
13,045
|
|
|||
Imprivata, Inc.
(5)
|
Senior loan
|
|
L + 4.00%
|
|
|
N/A
(6)
|
|
10/2023
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|||
Infogix, Inc.
|
One stop
|
|
L + 6.00%
|
(c)
|
|
8.39%
|
|
04/2024
|
|
3,330
|
|
|
3,315
|
|
|
0.3
|
|
|
3,330
|
|
|||
Infogix, Inc.
|
One stop
|
|
P + 5.00%
|
(f)
|
|
10.25%
|
|
04/2024
|
|
9
|
|
|
9
|
|
|
—
|
|
|
9
|
|
|||
Integral Ad Science, Inc.
|
One stop
|
|
L + 7.25%
|
(a)
|
|
8.25% cash/1.25% PIK
|
|
07/2024
|
|
5,000
|
|
|
4,904
|
|
|
0.5
|
|
|
4,900
|
|
|||
Integral Ad Science, Inc.
(5)
|
One stop
|
|
L + 6.00%
|
|
|
N/A
(6)
|
|
07/2023
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|||
Integration Appliance, Inc.*^
|
One stop
|
|
L + 7.25%
|
(a)
|
|
9.36%
|
|
08/2023
|
|
34,762
|
|
|
34,381
|
|
|
3.6
|
|
|
34,415
|
|
|||
Integration Appliance, Inc.
(5)
|
One stop
|
|
L + 7.25%
|
|
|
N/A
(6)
|
|
08/2023
|
|
—
|
|
|
(7
|
)
|
|
—
|
|
|
(9
|
)
|
|||
JAMF Holdings, Inc.
|
One stop
|
|
L + 8.00%
|
(c)
|
|
10.32%
|
|
11/2022
|
|
4,550
|
|
|
4,475
|
|
|
0.5
|
|
|
4,550
|
|
|||
JAMF Holdings, Inc.
(5)
|
One stop
|
|
L + 8.00%
|
|
|
N/A
(6)
|
|
11/2022
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
Jobvite, Inc.
|
One stop
|
|
L + 8.00%
|
(a)
|
|
10.15%
|
|
07/2023
|
|
2,048
|
|
|
1,979
|
|
|
0.2
|
|
|
1,968
|
|
|||
Jobvite, Inc.
|
One stop
|
|
L + 8.00%
|
|
|
N/A
(6)
|
|
07/2023
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Jobvite, Inc.
(5)
|
One stop
|
|
L + 8.00%
|
|
|
N/A
(6)
|
|
07/2023
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|||
Kareo, Inc.
|
One stop
|
|
L + 9.00%
|
(a)
|
|
11.24%
|
|
06/2022
|
|
4,518
|
|
|
4,348
|
|
|
0.5
|
|
|
4,518
|
|
|||
Kareo, Inc.
|
One stop
|
|
L + 9.00%
|
(a)
|
|
11.24%
|
|
06/2022
|
|
332
|
|
|
327
|
|
|
—
|
|
|
332
|
|
|||
Kareo, Inc.
|
One stop
|
|
L + 9.00%
|
|
|
N/A
(6)
|
|
06/2022
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Maverick Bidco Inc.*
|
One stop
|
|
L + 6.25%
|
(c)
|
|
8.64%
|
|
04/2023
|
|
17,468
|
|
|
17,195
|
|
|
1.8
|
|
|
17,468
|
|
|||
Maverick Bidco Inc.
|
One stop
|
|
L + 6.25%
|
(c)
|
|
8.59%
|
|
04/2023
|
|
167
|
|
|
166
|
|
|
—
|
|
|
167
|
|
|||
Maverick Bidco Inc.
|
One stop
|
|
L + 6.25%
|
(c)
|
|
8.60%
|
|
04/2023
|
|
34
|
|
|
32
|
|
|
—
|
|
|
34
|
|
|||
Maverick Bidco Inc.
(5)
|
One stop
|
|
L + 6.25%
|
|
|
N/A
(6)
|
|
04/2023
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|||
Ministry Brands, LLC
|
Senior loan
|
|
L + 4.00%
|
(a)
|
|
6.24%
|
|
12/2022
|
|
866
|
|
|
862
|
|
|
0.1
|
|
|
866
|
|
|||
Ministry Brands, LLC
|
Senior loan
|
|
L + 4.00%
|
(a)
|
|
6.24%
|
|
12/2022
|
|
496
|
|
|
493
|
|
|
0.1
|
|
|
496
|
|
|||
Ministry Brands, LLC
|
Senior loan
|
|
L + 4.00%
|
(a)
|
|
6.24%
|
|
12/2022
|
|
9
|
|
|
9
|
|
|
—
|
|
|
9
|
|
|||
MMan Acquisition Co.^
|
One stop
|
|
L + 6.00%
|
(c)
|
|
8.34%
|
|
08/2023
|
|
9,726
|
|
|
9,608
|
|
|
1.0
|
|
|
9,531
|
|
|||
MMan Acquisition Co.
|
One stop
|
|
L + 6.00%
|
(c)
|
|
8.34%
|
|
08/2023
|
|
100
|
|
|
99
|
|
|
—
|
|
|
98
|
|
|||
Net Health Acquisition Corp.
|
One stop
|
|
L + 5.50%
|
(a)
|
|
7.74%
|
|
12/2023
|
|
3,857
|
|
|
3,823
|
|
|
0.4
|
|
|
3,857
|
|
|||
Net Health Acquisition Corp.
|
One stop
|
|
L + 5.50%
|
(a)
|
|
7.74%
|
|
12/2023
|
|
540
|
|
|
536
|
|
|
0.1
|
|
|
540
|
|
|||
Net Health Acquisition Corp.
(5)
|
One stop
|
|
L + 5.50%
|
|
|
N/A
(6)
|
|
12/2023
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
Netsmart Technologies, Inc.
|
Senior loan
|
|
L + 3.75%
|
(a)
|
|
5.99%
|
|
06/2025
|
|
1,737
|
|
|
1,725
|
|
|
0.2
|
|
|
1,750
|
|
|||
Netsmart Technologies, Inc.
(5)
|
Senior loan
|
|
L + 4.75%
|
|
|
N/A
(6)
|
|
04/2023
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
|
—
|
|
|||
Nextech Systems, LLC
|
One stop
|
|
L + 6.00%
|
(a)
|
|
8.24%
|
|
03/2024
|
|
10,357
|
|
|
10,322
|
|
|
1.1
|
|
|
10,357
|
|
|||
Nextech Systems, LLC
|
One stop
|
|
L + 6.00%
|
|
|
N/A
(6)
|
|
03/2024
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Nexus Brands Group, Inc.
|
One stop
|
|
L + 6.00%
|
(c)
|
|
8.33%
|
|
11/2023
|
|
5,750
|
|
|
5,689
|
|
|
0.6
|
|
|
5,750
|
|
|||
Nexus Brands Group, Inc.
|
One stop
|
|
L + 6.00%
|
(c)
|
|
8.39%
|
|
11/2023
|
|
91
|
|
|
90
|
|
|
—
|
|
|
91
|
|
|||
Nexus Brands Group, Inc.
(5)
|
One stop
|
|
L + 6.00%
|
|
|
N/A
(6)
|
|
11/2023
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
Nexus Brands Group, Inc.
(5)
|
One stop
|
|
L + 6.00%
|
|
|
N/A
(6)
|
|
11/2023
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
Personify, Inc.
|
One stop
|
|
L + 5.75%
|
(c)
|
|
8.14%
|
|
09/2024
|
|
5,349
|
|
|
5,296
|
|
|
0.5
|
|
|
5,295
|
|
|||
Personify, Inc.
(5)
|
One stop
|
|
L + 5.75%
|
|
|
N/A
(6)
|
|
09/2024
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|||
Property Brands, Inc.
|
One stop
|
|
L + 6.00%
|
(a)
|
|
8.24%
|
|
01/2024
|
|
10,872
|
|
|
10,655
|
|
|
1.1
|
|
|
10,872
|
|
|||
Property Brands, Inc.^
|
One stop
|
|
L + 6.00%
|
(a)
|
|
8.24%
|
|
01/2024
|
|
219
|
|
|
216
|
|
|
—
|
|
|
219
|
|
|
Investment
Type
|
|
Spread
Above
Index
(1)
|
|
Interest
Rate
(2)
|
|
Maturity
Date
|
|
Principal ($) /
Shares
(3)
|
|
Amortized Cost
|
|
Percentage
of Net
Assets
|
|
Fair
Value (4) |
||||||||
Diversified/Conglomerate Service - (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Property Brands, Inc.
(5)
|
One stop
|
|
L + 6.00%
|
|
|
N/A
(6)
|
|
01/2024
|
|
$
|
—
|
|
|
$
|
(1
|
)
|
|
—
|
|
%
|
$
|
—
|
|
Property Brands, Inc.
(5)
|
One stop
|
|
L + 6.00%
|
|
|
N/A
(6)
|
|
01/2024
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
Saba Software, Inc.*^
|
Senior loan
|
|
L + 4.50%
|
(a)
|
|
6.74%
|
|
05/2023
|
|
22,515
|
|
|
22,217
|
|
|
2.3
|
|
|
22,515
|
|
|||
Saba Software, Inc.
(5)
|
Senior loan
|
|
L + 4.50%
|
|
|
N/A
(6)
|
|
05/2023
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|||
Saldon Holdings, Inc.*
|
Senior loan
|
|
L + 4.25%
|
(a)
|
|
6.41%
|
|
09/2022
|
|
750
|
|
|
741
|
|
|
0.1
|
|
|
746
|
|
|||
Saldon Holdings, Inc. *
|
Senior loan
|
|
L + 4.25%
|
(a)
|
|
6.41%
|
|
09/2022
|
|
716
|
|
|
713
|
|
|
0.1
|
|
|
713
|
|
|||
Telesoft, LLC*
|
One stop
|
|
L + 5.00%
|
(c)
|
|
7.34%
|
|
07/2022
|
|
4,160
|
|
|
4,129
|
|
|
0.4
|
|
|
4,160
|
|
|||
Telesoft, LLC
(5)
|
One stop
|
|
L + 5.00%
|
|
|
N/A
(6)
|
|
07/2022
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
Transaction Data Systems, Inc.*
|
One stop
|
|
L + 5.25%
|
(a)
|
|
7.50%
|
|
06/2021
|
|
39,051
|
|
|
38,889
|
|
|
4.0
|
|
|
39,051
|
|
|||
Transaction Data Systems, Inc.
|
One stop
|
|
L + 5.25%
|
(c)
|
|
7.64%
|
|
06/2021
|
|
15
|
|
|
14
|
|
|
—
|
|
|
15
|
|
|||
Trintech, Inc.*^
|
One stop
|
|
L + 6.00%
|
(b)
|
|
8.20%
|
|
12/2023
|
|
10,875
|
|
|
10,756
|
|
|
1.1
|
|
|
10,875
|
|
|||
Trintech, Inc.^
|
One stop
|
|
L + 6.00%
|
(b)
|
|
8.20%
|
|
12/2023
|
|
3,412
|
|
|
3,375
|
|
|
0.4
|
|
|
3,412
|
|
|||
Trintech, Inc.
|
One stop
|
|
L + 6.00%
|
(b)
|
|
8.20%
|
|
12/2023
|
|
30
|
|
|
28
|
|
|
—
|
|
|
30
|
|
|||
True Commerce, Inc.^
|
One stop
|
|
L + 5.75%
|
(c)
|
|
8.14%
|
|
11/2023
|
|
5,610
|
|
|
5,550
|
|
|
0.6
|
|
|
5,610
|
|
|||
True Commerce, Inc.
(5)
|
One stop
|
|
L + 5.75%
|
|
|
N/A
(6)
|
|
11/2023
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
Upserve, Inc.
|
One stop
|
|
L + 5.50%
|
(a)
|
|
7.65%
|
|
07/2023
|
|
2,969
|
|
|
2,948
|
|
|
0.3
|
|
|
2,947
|
|
|||
Upserve, Inc.
|
One stop
|
|
L + 5.50%
|
|
|
N/A
(6)
|
|
07/2023
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Upserve, Inc.
(5)
|
One stop
|
|
L + 5.50%
|
|
|
N/A
(6)
|
|
07/2023
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|||
Valant Medical Solutions, Inc.
|
One stop
|
|
L + 11.00%
|
(a)
|
|
10.88% cash/2.25% PIK
|
|
10/2020
|
|
828
|
|
|
775
|
|
|
0.1
|
|
|
828
|
|
|||
Valant Medical Solutions, Inc.
|
One stop
|
|
N/A
|
|
|
6.00% PIK
|
|
02/2020
|
|
149
|
|
|
149
|
|
|
—
|
|
|
184
|
|
|||
Valant Medical Solutions, Inc.
|
One stop
|
|
L + 11.00%
|
(a)
|
|
10.88% cash/2.25% PIK
|
|
10/2020
|
|
10
|
|
|
10
|
|
|
—
|
|
|
10
|
|
|||
Velocity Technology Solutions, Inc.
|
One stop
|
|
L + 6.00%
|
(c)
|
|
8.39%
|
|
12/2023
|
|
8,228
|
|
|
8,103
|
|
|
0.9
|
|
|
8,228
|
|
|||
Velocity Technology Solutions, Inc.
(5)
|
One stop
|
|
L + 6.00%
|
|
|
N/A
(6)
|
|
12/2023
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
Vendavo, Inc.*
|
One stop
|
|
L + 8.50%
|
(c)
|
|
10.81%
|
|
10/2022
|
|
28,936
|
|
|
28,441
|
|
|
3.0
|
|
|
28,936
|
|
|||
Vendavo, Inc.
(5)
|
One stop
|
|
L + 8.50%
|
|
|
N/A
(6)
|
|
10/2022
|
|
—
|
|
|
(9
|
)
|
|
—
|
|
|
—
|
|
|||
Vendor Credentialing Service LLC^
|
One stop
|
|
L + 5.75%
|
(a)
|
|
7.99%
|
|
11/2021
|
|
12,115
|
|
|
11,949
|
|
|
1.3
|
|
|
12,115
|
|
|||
Vendor Credentialing Service LLC
|
One stop
|
|
L + 5.75%
|
|
|
N/A
(6)
|
|
11/2021
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Verisys Corporation*
|
One stop
|
|
L + 7.75%
|
(c)
|
|
10.14%
|
|
01/2023
|
|
3,886
|
|
|
3,844
|
|
|
0.4
|
|
|
3,886
|
|
|||
Verisys Corporation
(5)
|
One stop
|
|
L + 7.75%
|
|
|
N/A
(6)
|
|
01/2023
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
Workforce Software, LLC^
|
One stop
|
|
L + 6.50%
|
(c)
|
|
8.83%
|
|
06/2021
|
|
5,790
|
|
|
5,756
|
|
|
0.6
|
|
|
5,790
|
|
|||
Workforce Software, LLC
|
One stop
|
|
L + 6.50%
|
(c)
|
|
8.81%
|
|
06/2021
|
|
577
|
|
|
571
|
|
|
0.1
|
|
|
577
|
|
|||
Workforce Software, LLC
(5)
|
One stop
|
|
L + 6.50%
|
|
|
N/A
(6)
|
|
06/2021
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
456,361
|
|
|
450,374
|
|
|
47.0
|
|
|
455,279
|
|
|||
Ecological
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Pace Analytical Services, LLC
|
One stop
|
|
L + 6.25%
|
(a)
|
|
8.49%
|
|
09/2022
|
|
15,190
|
|
|
14,912
|
|
|
1.6
|
|
|
15,190
|
|
|||
Pace Analytical Services, LLC^
|
One stop
|
|
L + 6.25%
|
(a)
|
|
8.49%
|
|
09/2022
|
|
1,412
|
|
|
1,396
|
|
|
0.1
|
|
|
1,412
|
|
|||
Pace Analytical Services, LLC
|
One stop
|
|
L + 6.25%
|
(a)
|
|
8.48%
|
|
09/2022
|
|
716
|
|
|
709
|
|
|
0.1
|
|
|
716
|
|
|||
Pace Analytical Services, LLC*
|
One stop
|
|
L + 6.25%
|
(a)
|
|
8.49%
|
|
09/2022
|
|
346
|
|
|
342
|
|
|
—
|
|
|
346
|
|
|||
Pace Analytical Services, LLC^
|
One stop
|
|
L + 6.25%
|
(a)
|
|
8.47%
|
|
09/2022
|
|
118
|
|
|
117
|
|
|
—
|
|
|
118
|
|
|||
Pace Analytical Services, LLC
|
One stop
|
|
L + 6.25%
|
(a)
|
|
8.49%
|
|
09/2022
|
|
10
|
|
|
8
|
|
|
—
|
|
|
10
|
|
|||
Pace Analytical Services, LLC
(5)
|
One stop
|
|
L + 6.25%
|
|
|
N/A
(6)
|
|
09/2022
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|||
WRE Holding Corp.*
|
Senior loan
|
|
L + 4.75%
|
(a)
|
|
6.99%
|
|
01/2023
|
|
1,008
|
|
|
999
|
|
|
0.1
|
|
|
1,008
|
|
|||
WRE Holding Corp.
|
Senior loan
|
|
L + 4.75%
|
(a)
|
|
6.99%
|
|
01/2023
|
|
42
|
|
|
42
|
|
|
—
|
|
|
42
|
|
|||
WRE Holding Corp.
|
Senior loan
|
|
L + 4.75%
|
(a)
|
|
6.99%
|
|
01/2023
|
|
21
|
|
|
21
|
|
|
—
|
|
|
21
|
|
|||
WRE Holding Corp.
|
Senior loan
|
|
L + 4.75%
|
(a)
|
|
6.99%
|
|
01/2023
|
|
5
|
|
|
5
|
|
|
—
|
|
|
5
|
|
|||
|
|
|
|
|
|
|
|
|
|
18,868
|
|
|
18,548
|
|
|
1.9
|
|
|
18,868
|
|
|
Investment
Type
|
|
Spread
Above
Index
(1)
|
|
Interest
Rate
(2)
|
|
Maturity
Date
|
|
Principal ($) /
Shares
(3)
|
|
Amortized Cost
|
|
Percentage
of Net
Assets
|
|
Fair
Value (4) |
||||||||
Electronics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Appriss Holdings, Inc.*^
|
One stop
|
|
L + 6.25%
|
(c)
|
|
8.64%
|
|
05/2022
|
|
$
|
36,397
|
|
|
$
|
36,016
|
|
|
3.7
|
|
%
|
$
|
36,034
|
|
Appriss Holdings, Inc.
(5)
|
One stop
|
|
L + 6.25%
|
|
|
N/A
(6)
|
|
05/2022
|
|
—
|
|
|
(33
|
)
|
|
—
|
|
|
(29
|
)
|
|||
Compusearch Software Holdings, Inc.*^
|
Senior loan
|
|
L + 4.25%
|
(c)
|
|
6.64%
|
|
05/2021
|
|
2,067
|
|
|
2,065
|
|
|
0.2
|
|
|
2,067
|
|
|||
Diligent Corporation*
|
One stop
|
|
L + 5.50%
|
(d)
|
|
8.09%
|
|
04/2022
|
|
26,132
|
|
|
25,856
|
|
|
2.7
|
|
|
26,132
|
|
|||
Diligent Corporation
|
One stop
|
|
L + 5.50%
|
(d)
|
|
8.09%
|
|
04/2022
|
|
4,879
|
|
|
4,816
|
|
|
0.5
|
|
|
4,879
|
|
|||
Diligent Corporation*
|
One stop
|
|
L + 5.50%
|
(d)
|
|
8.09%
|
|
04/2022
|
|
4,790
|
|
|
4,700
|
|
|
0.5
|
|
|
4,790
|
|
|||
Diligent Corporation*^
|
One stop
|
|
L + 5.50%
|
(d)
|
|
8.09%
|
|
04/2022
|
|
2,622
|
|
|
2,586
|
|
|
0.3
|
|
|
2,622
|
|
|||
Diligent Corporation
|
One stop
|
|
L + 5.50%
|
(c)
|
|
7.98%
|
|
04/2022
|
|
102
|
|
|
101
|
|
|
—
|
|
|
102
|
|
|||
Diligent Corporation
|
One stop
|
|
L + 5.50%
|
(c)
|
|
8.03%
|
|
04/2022
|
|
81
|
|
|
80
|
|
|
—
|
|
|
81
|
|
|||
Diligent Corporation
|
One stop
|
|
L + 5.50%
|
(c)(d)
|
|
8.03%
|
|
04/2022
|
|
36
|
|
|
35
|
|
|
—
|
|
|
36
|
|
|||
Diligent Corporation
(5)
|
One stop
|
|
L + 5.50%
|
|
|
N/A
(6)
|
|
04/2022
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
Diligent Corporation
(5)
|
One stop
|
|
L + 5.50%
|
|
|
N/A
(6)
|
|
04/2022
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|||
Gamma Technologies, LLC*^
|
One stop
|
|
L + 5.50%
|
(a)
|
|
7.74%
|
|
06/2024
|
|
21,478
|
|
|
21,297
|
|
|
2.2
|
|
|
21,478
|
|
|||
Gamma Technologies, LLC
(5)
|
One stop
|
|
L + 5.50%
|
|
|
N/A
(6)
|
|
06/2024
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
SEI, Inc.*
|
Senior loan
|
|
L + 5.25%
|
(a)
|
|
7.49%
|
|
07/2023
|
|
5,477
|
|
|
5,428
|
|
|
0.6
|
|
|
5,477
|
|
|||
Sloan Company, Inc., The
|
One stop
|
|
L + 13.00%
|
(c)
|
|
10.89% cash/4.50% PIK
|
|
04/2020
|
|
6,467
|
|
|
6,426
|
|
|
0.5
|
|
|
5,173
|
|
|||
Sloan Company, Inc., The
|
One stop
|
|
L + 13.00%
|
(c)
|
|
10.89% cash/4.50% PIK
|
|
04/2020
|
|
432
|
|
|
432
|
|
|
—
|
|
|
346
|
|
|||
Sloan Company, Inc., The
|
One stop
|
|
L + 13.00%
|
(c)
|
|
10.89% cash/4.50% PIK
|
|
04/2020
|
|
50
|
|
|
50
|
|
|
—
|
|
|
40
|
|
|||
Sovos Compliance*^
|
One stop
|
|
L + 6.00%
|
(a)
|
|
8.24%
|
|
03/2022
|
|
9,234
|
|
|
9,125
|
|
|
1.0
|
|
|
9,234
|
|
|||
Sovos Compliance^
|
One stop
|
|
L + 6.00%
|
(a)
|
|
8.24%
|
|
03/2022
|
|
1,553
|
|
|
1,536
|
|
|
0.2
|
|
|
1,553
|
|
|||
Sovos Compliance
|
One stop
|
|
L + 6.00%
|
(a)
|
|
8.24%
|
|
03/2022
|
|
173
|
|
|
172
|
|
|
—
|
|
|
173
|
|
|||
Sovos Compliance
(5)
|
One stop
|
|
L + 6.00%
|
|
|
N/A
(6)
|
|
03/2022
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
Sovos Compliance
(5)
|
One stop
|
|
L + 6.00%
|
|
|
N/A
(6)
|
|
03/2022
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|||
Watchfire Enterprises, Inc.
|
Second lien
|
|
L + 8.00%
|
(c)
|
|
10.39%
|
|
10/2021
|
|
9,435
|
|
|
9,338
|
|
|
1.0
|
|
|
9,435
|
|
|||
|
|
|
|
|
|
|
|
|
|
131,405
|
|
|
130,019
|
|
|
13.4
|
|
|
129,623
|
|
|||
Grocery
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
MyWebGrocer, Inc.*
|
One stop
|
|
L + 5.00%
|
(d)
|
|
7.52%
|
|
09/2018
|
|
14,271
|
|
|
14,271
|
|
|
1.5
|
|
|
14,271
|
|
|||
Teasdale Quality Foods, Inc.
|
Senior loan
|
|
L + 4.75%
|
(c)
|
|
6.92%
|
|
10/2020
|
|
324
|
|
|
321
|
|
|
—
|
|
|
317
|
|
|||
|
|
|
|
|
|
|
|
|
|
14,595
|
|
|
14,592
|
|
|
1.5
|
|
|
14,588
|
|
|||
Healthcare, Education and Childcare
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Active Day, Inc.
|
One stop
|
|
L + 6.00%
|
(a)
|
|
8.24%
|
|
12/2021
|
|
13,265
|
|
|
13,071
|
|
|
1.3
|
|
|
13,000
|
|
|||
Active Day, Inc.^
|
One stop
|
|
L + 6.00%
|
(a)
|
|
8.24%
|
|
12/2021
|
|
1,024
|
|
|
1,014
|
|
|
0.1
|
|
|
1,003
|
|
|||
Active Day, Inc.*
|
One stop
|
|
L + 6.00%
|
(a)
|
|
8.24%
|
|
12/2021
|
|
660
|
|
|
655
|
|
|
0.1
|
|
|
646
|
|
|||
Active Day, Inc.*
|
One stop
|
|
L + 6.00%
|
(a)
|
|
8.24%
|
|
12/2021
|
|
456
|
|
|
451
|
|
|
0.1
|
|
|
447
|
|
|||
Active Day, Inc.
|
One stop
|
|
P + 5.00%
|
(f)
|
|
10.25%
|
|
12/2021
|
|
22
|
|
|
21
|
|
|
—
|
|
|
20
|
|
|||
Acuity Eyecare Holdings, LLC
|
One stop
|
|
L + 6.75%
|
(b)
|
|
9.01%
|
|
03/2022
|
|
2,564
|
|
|
2,519
|
|
|
0.3
|
|
|
2,538
|
|
|||
Acuity Eyecare Holdings, LLC
|
One stop
|
|
L + 6.75%
|
(b)
|
|
9.04%
|
|
03/2022
|
|
203
|
|
|
180
|
|
|
—
|
|
|
185
|
|
|||
Acuity Eyecare Holdings, LLC^
|
One stop
|
|
L + 6.75%
|
(b)
|
|
9.02%
|
|
03/2022
|
|
149
|
|
|
148
|
|
|
—
|
|
|
148
|
|
|||
Acuity Eyecare Holdings, LLC
|
One stop
|
|
P + 5.75%
|
(f)
|
|
11.00%
|
|
03/2022
|
|
10
|
|
|
10
|
|
|
—
|
|
|
9
|
|
|||
ADCS Clinics Intermediate Holdings, LLC
|
One stop
|
|
L + 5.75%
|
(b)
|
|
8.04%
|
|
05/2022
|
|
21,065
|
|
|
20,641
|
|
|
2.1
|
|
|
20,644
|
|
|||
ADCS Clinics Intermediate Holdings, LLC*
|
One stop
|
|
L + 5.75%
|
(b)
|
|
8.04%
|
|
05/2022
|
|
107
|
|
|
106
|
|
|
—
|
|
|
105
|
|
|||
ADCS Clinics Intermediate Holdings, LLC
|
One stop
|
|
L + 5.75%
|
(b)
|
|
8.04%
|
|
05/2022
|
|
83
|
|
|
82
|
|
|
—
|
|
|
81
|
|
|||
ADCS Clinics Intermediate Holdings, LLC
|
One stop
|
|
L + 5.75%
|
(b)
|
|
8.04%
|
|
05/2022
|
|
50
|
|
|
49
|
|
|
—
|
|
|
48
|
|
|||
ADCS Clinics Intermediate Holdings, LLC*
|
One stop
|
|
L + 5.75%
|
(b)
|
|
8.04%
|
|
05/2022
|
|
31
|
|
|
31
|
|
|
—
|
|
|
31
|
|
|||
Agilitas USA, Inc.
|
One stop
|
|
L + 6.00%
|
(c)
|
|
8.34%
|
|
04/2022
|
|
8,354
|
|
|
8,295
|
|
|
0.9
|
|
|
8,187
|
|
|||
Agilitas USA, Inc.
|
One stop
|
|
L + 6.00%
|
(c)
|
|
8.34%
|
|
04/2022
|
|
10
|
|
|
9
|
|
|
—
|
|
|
8
|
|
|||
Agilitas USA, Inc.
(5)
|
One stop
|
|
L + 6.00%
|
|
|
N/A
(6)
|
|
04/2022
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
Investment
Type
|
|
Spread
Above
Index
(1)
|
|
Interest
Rate
(2)
|
|
Maturity
Date
|
|
Principal ($) /
Shares
(3)
|
|
Amortized Cost
|
|
Percentage
of Net
Assets
|
|
Fair
Value (4) |
||||||||
Healthcare, Education and Childcare - (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Aris Teleradiology Company, LLC*
(7)
|
Senior loan
|
|
L + 5.50%
|
(c)
|
|
8.00%
|
|
03/2021
|
|
$
|
2,693
|
|
|
$
|
2,678
|
|
|
0.1
|
|
%
|
$
|
1,236
|
|
Aris Teleradiology Company, LLC
(7)
|
Senior loan
|
|
L + 5.50%
|
(c)(d)
|
|
8.01%
|
|
03/2021
|
|
141
|
|
|
140
|
|
|
—
|
|
|
47
|
|
|||
Avalign Technologies, Inc.^
|
Senior loan
|
|
L + 4.50%
|
(a)
|
|
6.75%
|
|
07/2021
|
|
1,343
|
|
|
1,340
|
|
|
0.1
|
|
|
1,343
|
|
|||
BIORECLAMATIONIVT, LLC*^
|
One stop
|
|
L + 6.25%
|
(a)
|
|
8.49%
|
|
01/2021
|
|
16,852
|
|
|
16,718
|
|
|
1.7
|
|
|
16,852
|
|
|||
BIORECLAMATIONIVT, LLC
|
One stop
|
|
P + 5.25%
|
(f)
|
|
10.50%
|
|
01/2021
|
|
100
|
|
|
99
|
|
|
—
|
|
|
100
|
|
|||
CLP Healthcare Services, Inc.^
|
Senior loan
|
|
L + 5.50%
|
(c)
|
|
7.89%
|
|
12/2020
|
|
3,884
|
|
|
3,858
|
|
|
0.4
|
|
|
3,807
|
|
|||
DCA Investment Holding, LLC*^
|
One stop
|
|
L + 5.25%
|
(c)
|
|
7.64%
|
|
07/2021
|
|
18,584
|
|
|
18,393
|
|
|
1.9
|
|
|
18,584
|
|
|||
DCA Investment Holding, LLC*^
|
One stop
|
|
L + 5.25%
|
(c)
|
|
7.64%
|
|
07/2021
|
|
13,329
|
|
|
13,249
|
|
|
1.4
|
|
|
13,329
|
|
|||
DCA Investment Holding, LLC
|
One stop
|
|
L + 5.25%
|
(c)
|
|
7.64%
|
|
07/2021
|
|
2,450
|
|
|
2,422
|
|
|
0.3
|
|
|
2,450
|
|
|||
DCA Investment Holding, LLC
|
One stop
|
|
L + 5.25%
|
(c)
|
|
7.64%
|
|
07/2021
|
|
151
|
|
|
150
|
|
|
—
|
|
|
151
|
|
|||
DCA Investment Holding, LLC
|
One stop
|
|
L + 5.25%
|
(c)
|
|
7.64%
|
|
07/2021
|
|
149
|
|
|
147
|
|
|
—
|
|
|
149
|
|
|||
DCA Investment Holding, LLC
|
One stop
|
|
L + 5.25%
|
(c)
|
|
7.64%
|
|
07/2021
|
|
47
|
|
|
47
|
|
|
—
|
|
|
47
|
|
|||
DCA Investment Holding, LLC
(5)
|
One stop
|
|
L + 5.25%
|
|
|
N/A
(6)
|
|
07/2021
|
|
—
|
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
|||
DCA Investment Holding, LLC
(5)
|
One stop
|
|
L + 5.25%
|
|
|
N/A
(6)
|
|
07/2021
|
|
—
|
|
|
(9
|
)
|
|
—
|
|
|
—
|
|
|||
Deca Dental Management LLC*^
|
One stop
|
|
L + 6.25%
|
(c)
|
|
8.64%
|
|
07/2020
|
|
4,062
|
|
|
4,040
|
|
|
0.4
|
|
|
4,062
|
|
|||
Deca Dental Management LLC
|
One stop
|
|
L + 6.25%
|
(a)(c)
|
|
8.57%
|
|
07/2020
|
|
494
|
|
|
492
|
|
|
0.1
|
|
|
494
|
|
|||
Deca Dental Management LLC
|
One stop
|
|
L + 6.25%
|
(a)
|
|
8.49%
|
|
07/2020
|
|
50
|
|
|
50
|
|
|
—
|
|
|
50
|
|
|||
Deca Dental Management LLC
(5)
|
One stop
|
|
L + 6.25%
|
|
|
N/A
(6)
|
|
07/2020
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
Dental Holdings Corporation
|
One stop
|
|
L + 5.50%
|
(d)
|
|
8.02%
|
|
02/2020
|
|
7,142
|
|
|
7,081
|
|
|
0.7
|
|
|
7,142
|
|
|||
Dental Holdings Corporation
|
One stop
|
|
L + 5.50%
|
(d)
|
|
8.02%
|
|
02/2020
|
|
1,133
|
|
|
1,126
|
|
|
0.1
|
|
|
1,133
|
|
|||
Dental Holdings Corporation
|
One stop
|
|
L + 5.50%
|
(b)
|
|
7.67%
|
|
02/2020
|
|
220
|
|
|
214
|
|
|
—
|
|
|
220
|
|
|||
Elite Dental Partners LLC*
|
One stop
|
|
L + 5.25%
|
(a)
|
|
7.49%
|
|
06/2023
|
|
12,274
|
|
|
12,101
|
|
|
1.3
|
|
|
12,274
|
|
|||
Elite Dental Partners LLC
|
One stop
|
|
L + 5.25%
|
(a)
|
|
7.49%
|
|
06/2023
|
|
115
|
|
|
101
|
|
|
—
|
|
|
115
|
|
|||
Elite Dental Partners LLC
(5)
|
One stop
|
|
L + 5.25%
|
|
|
N/A
(6)
|
|
06/2023
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
ERG Buyer, LLC
|
One stop
|
|
L + 5.50%
|
(c)
|
|
7.89%
|
|
05/2024
|
|
13,183
|
|
|
12,996
|
|
|
1.4
|
|
|
13,183
|
|
|||
ERG Buyer, LLC
(5)
|
One stop
|
|
L + 5.50%
|
|
|
N/A
(6)
|
|
05/2024
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|||
ERG Buyer, LLC
(5)
|
One stop
|
|
L + 5.50%
|
|
|
N/A
(6)
|
|
05/2024
|
|
—
|
|
|
(11
|
)
|
|
—
|
|
|
—
|
|
|||
eSolutions, Inc.*^
|
One stop
|
|
L + 6.50%
|
(a)
|
|
8.74%
|
|
03/2022
|
|
31,722
|
|
|
31,340
|
|
|
3.3
|
|
|
31,484
|
|
|||
eSolutions, Inc.
(5)
|
One stop
|
|
L + 6.50%
|
|
|
N/A
(6)
|
|
03/2022
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|||
Excelligence Learning Corporation^
|
One stop
|
|
L + 6.00%
|
(a)
|
|
8.24%
|
|
04/2023
|
|
4,805
|
|
|
4,768
|
|
|
0.5
|
|
|
4,517
|
|
|||
Eyecare Services Partners Holdings LLC
|
One stop
|
|
L + 6.25%
|
(c)
|
|
8.64%
|
|
05/2023
|
|
7,926
|
|
|
7,758
|
|
|
0.8
|
|
|
7,926
|
|
|||
Eyecare Services Partners Holdings LLC
|
One stop
|
|
L + 6.25%
|
(c)
|
|
8.64%
|
|
05/2023
|
|
576
|
|
|
566
|
|
|
0.1
|
|
|
576
|
|
|||
Eyecare Services Partners Holdings LLC
|
One stop
|
|
L + 6.25%
|
(c)
|
|
8.64%
|
|
05/2023
|
|
355
|
|
|
353
|
|
|
0.1
|
|
|
355
|
|
|||
Eyecare Services Partners Holdings LLC
|
One stop
|
|
L + 6.25%
|
(c)
|
|
8.64%
|
|
05/2023
|
|
172
|
|
|
171
|
|
|
—
|
|
|
172
|
|
|||
Eyecare Services Partners Holdings LLC
|
One stop
|
|
L + 6.25%
|
(c)
|
|
8.59%
|
|
05/2023
|
|
100
|
|
|
100
|
|
|
—
|
|
|
100
|
|
|||
Eyecare Services Partners Holdings LLC
|
One stop
|
|
L + 6.25%
|
(c)
|
|
8.64%
|
|
05/2023
|
|
58
|
|
|
57
|
|
|
—
|
|
|
58
|
|
|||
Eyecare Services Partners Holdings LLC
|
One stop
|
|
L + 6.25%
|
(c)
|
|
8.64%
|
|
05/2023
|
|
51
|
|
|
50
|
|
|
—
|
|
|
51
|
|
|||
Eyecare Services Partners Holdings LLC
|
One stop
|
|
L + 6.25%
|
(c)
|
|
8.64%
|
|
05/2023
|
|
33
|
|
|
28
|
|
|
—
|
|
|
33
|
|
|||
Eyecare Services Partners Holdings LLC
|
One stop
|
|
L + 6.25%
|
(c)
|
|
8.64%
|
|
05/2023
|
|
32
|
|
|
25
|
|
|
—
|
|
|
32
|
|
|||
Eyecare Services Partners Holdings LLC
|
One stop
|
|
L + 6.25%
|
(c)
|
|
8.63%
|
|
05/2023
|
|
25
|
|
|
22
|
|
|
—
|
|
|
25
|
|
|||
G & H Wire Company, Inc.^
|
One stop
|
|
L + 5.75%
|
(a)
|
|
7.99%
|
|
09/2023
|
|
5,425
|
|
|
5,367
|
|
|
0.6
|
|
|
5,425
|
|
|||
G & H Wire Company, Inc.
(5)
|
One stop
|
|
L + 5.75%
|
|
|
N/A
(6)
|
|
09/2022
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
Immucor, Inc.
|
Senior loan
|
|
L + 5.00%
|
(c)
|
|
7.39%
|
|
06/2021
|
|
1,597
|
|
|
1,597
|
|
|
0.2
|
|
|
1,626
|
|
|||
Joerns Healthcare, LLC*^
|
One stop
|
|
L + 6.00%
|
(c)
|
|
8.31%
|
|
05/2020
|
|
3,497
|
|
|
3,476
|
|
|
0.3
|
|
|
3,253
|
|
|||
Katena Holdings, Inc.^
|
One stop
|
|
L + 6.00%
|
(c)
|
|
8.39%
|
|
06/2021
|
|
8,523
|
|
|
8,466
|
|
|
0.9
|
|
|
8,352
|
|
|||
Katena Holdings, Inc.^
|
One stop
|
|
L + 6.00%
|
(c)
|
|
8.39%
|
|
06/2021
|
|
833
|
|
|
827
|
|
|
0.1
|
|
|
816
|
|
|||
Katena Holdings, Inc.
|
One stop
|
|
L + 6.00%
|
(c)
|
|
8.39%
|
|
06/2021
|
|
568
|
|
|
562
|
|
|
0.1
|
|
|
557
|
|
|
Investment
Type
|
|
Spread
Above
Index
(1)
|
|
Interest
Rate
(2)
|
|
Maturity
Date
|
|
Principal ($) /
Shares
(3)
|
|
Amortized Cost
|
|
Percentage
of Net
Assets
|
|
Fair
Value (4) |
||||||||
Healthcare, Education and Childcare - (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Katena Holdings, Inc.
(5)
|
One stop
|
|
L + 6.00%
|
|
|
N/A
(6)
|
|
06/2021
|
|
$
|
—
|
|
|
$
|
(1
|
)
|
|
—
|
|
%
|
$
|
(2
|
)
|
Lombart Brothers, Inc.^
|
One stop
|
|
L + 6.75%
|
(c)
|
|
9.14%
|
|
04/2022
|
|
5,041
|
|
|
4,938
|
|
|
0.5
|
|
|
4,966
|
|
|||
Lombart Brothers, Inc.^
(8)
|
One stop
|
|
L + 6.75%
|
(c)
|
|
9.14%
|
|
04/2022
|
|
1,648
|
|
|
1,620
|
|
|
0.2
|
|
|
1,623
|
|
|||
Lombart Brothers, Inc.
|
One stop
|
|
P + 5.50%
|
(f)
|
|
10.75%
|
|
04/2022
|
|
29
|
|
|
28
|
|
|
—
|
|
|
28
|
|
|||
Lombart Brothers, Inc.
(8)
|
One stop
|
|
P + 5.50%
|
(f)
|
|
10.75%
|
|
04/2022
|
|
8
|
|
|
8
|
|
|
—
|
|
|
8
|
|
|||
Maverick Healthcare Group, LLC*
|
Senior loan
|
|
L + 7.50%
|
(a)
|
|
7.89% cash/2.00% PIK
|
|
04/2017
|
|
1,316
|
|
|
1,316
|
|
|
0.1
|
|
|
1,316
|
|
|||
MD Now Holdings, Inc.
|
One stop
|
|
L + 5.25%
|
(c)
|
|
7.64%
|
|
08/2024
|
|
7,770
|
|
|
7,619
|
|
|
0.8
|
|
|
7,692
|
|
|||
MD Now Holdings, Inc.
(5)
|
One stop
|
|
L + 5.25%
|
|
|
N/A
(6)
|
|
08/2024
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(2
|
)
|
|||
MD Now Holdings, Inc.
(5)
|
One stop
|
|
L + 5.25%
|
|
|
N/A
(6)
|
|
08/2024
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(2
|
)
|
|||
MWD Management, LLC & MWD Services, Inc.
|
One stop
|
|
L + 5.25%
|
(c)
|
|
7.64%
|
|
06/2023
|
|
5,866
|
|
|
5,808
|
|
|
0.6
|
|
|
5,866
|
|
|||
MWD Management, LLC & MWD Services, Inc.^
|
One stop
|
|
L + 5.25%
|
(c)
|
|
7.64%
|
|
06/2023
|
|
229
|
|
|
228
|
|
|
—
|
|
|
229
|
|
|||
MWD Management, LLC & MWD Services, Inc.
(5)
|
One stop
|
|
L + 5.25%
|
|
|
N/A
(6)
|
|
06/2022
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
MWD Management, LLC & MWD Services, Inc.
(5)
|
One stop
|
|
L + 5.25%
|
|
|
N/A
(6)
|
|
06/2023
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|||
Oliver Street Dermatology Holdings, LLC
|
One stop
|
|
L + 6.00%
|
(c)
|
|
8.39%
|
|
05/2022
|
|
9,338
|
|
|
9,156
|
|
|
1.0
|
|
|
9,338
|
|
|||
Oliver Street Dermatology Holdings, LLC
|
One stop
|
|
L + 6.00%
|
(c)
|
|
8.39%
|
|
05/2022
|
|
942
|
|
|
929
|
|
|
0.1
|
|
|
942
|
|
|||
Oliver Street Dermatology Holdings, LLC*
|
One stop
|
|
L + 6.00%
|
(c)
|
|
8.39%
|
|
05/2022
|
|
210
|
|
|
208
|
|
|
—
|
|
|
210
|
|
|||
Oliver Street Dermatology Holdings, LLC^
|
One stop
|
|
L + 6.00%
|
(c)
|
|
8.39%
|
|
05/2022
|
|
151
|
|
|
149
|
|
|
—
|
|
|
151
|
|
|||
Oliver Street Dermatology Holdings, LLC
|
One stop
|
|
L + 6.00%
|
(c)
|
|
8.39%
|
|
05/2022
|
|
133
|
|
|
132
|
|
|
—
|
|
|
133
|
|
|||
Oliver Street Dermatology Holdings, LLC
|
One stop
|
|
L + 6.00%
|
(c)
|
|
8.39%
|
|
05/2022
|
|
116
|
|
|
115
|
|
|
—
|
|
|
116
|
|
|||
Oliver Street Dermatology Holdings, LLC^
|
One stop
|
|
L + 6.00%
|
(c)
|
|
8.39%
|
|
05/2022
|
|
90
|
|
|
89
|
|
|
—
|
|
|
90
|
|
|||
Oliver Street Dermatology Holdings, LLC
|
One stop
|
|
L + 6.00%
|
(c)(f)
|
|
8.85%
|
|
05/2022
|
|
81
|
|
|
80
|
|
|
—
|
|
|
81
|
|
|||
Oliver Street Dermatology Holdings, LLC
|
One stop
|
|
L + 6.00%
|
(c)
|
|
8.39%
|
|
05/2022
|
|
78
|
|
|
78
|
|
|
—
|
|
|
78
|
|
|||
Oliver Street Dermatology Holdings, LLC^
|
One stop
|
|
L + 6.00%
|
(c)
|
|
8.39%
|
|
05/2022
|
|
46
|
|
|
45
|
|
|
—
|
|
|
46
|
|
|||
Oliver Street Dermatology Holdings, LLC*
|
One stop
|
|
L + 6.00%
|
(c)
|
|
8.39%
|
|
05/2022
|
|
41
|
|
|
41
|
|
|
—
|
|
|
41
|
|
|||
Oliver Street Dermatology Holdings, LLC^
|
One stop
|
|
L + 6.00%
|
(c)
|
|
8.39%
|
|
05/2022
|
|
32
|
|
|
32
|
|
|
—
|
|
|
32
|
|
|||
Oliver Street Dermatology Holdings, LLC^
|
One stop
|
|
L + 6.00%
|
(c)
|
|
8.39%
|
|
05/2022
|
|
30
|
|
|
29
|
|
|
—
|
|
|
30
|
|
|||
Oliver Street Dermatology Holdings, LLC
(5)
|
One stop
|
|
L + 6.00%
|
|
|
N/A
(6)
|
|
05/2022
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
ONsite Mammography, LLC
|
One stop
|
|
L + 6.75%
|
(a)
|
|
8.99%
|
|
11/2023
|
|
3,064
|
|
|
3,005
|
|
|
0.3
|
|
|
3,064
|
|
|||
ONsite Mammography, LLC
|
One stop
|
|
L + 6.75%
|
(c)(d)
|
|
9.15%
|
|
11/2023
|
|
22
|
|
|
21
|
|
|
—
|
|
|
22
|
|
|||
ONsite Mammography, LLC
(5)
|
One stop
|
|
L + 6.75%
|
|
|
N/A
(6)
|
|
11/2023
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
Pinnacle Treatment Centers, Inc.
|
One stop
|
|
L + 6.25%
|
(c)
|
|
8.59%
|
|
08/2021
|
|
9,879
|
|
|
9,724
|
|
|
1.0
|
|
|
9,879
|
|
|||
Pinnacle Treatment Centers, Inc.
|
One stop
|
|
L + 6.25%
|
(b)(c)
|
|
8.52%
|
|
08/2021
|
|
58
|
|
|
57
|
|
|
—
|
|
|
58
|
|
|||
Pinnacle Treatment Centers, Inc.^
|
One stop
|
|
L + 6.25%
|
(c)
|
|
8.59%
|
|
08/2021
|
|
55
|
|
|
54
|
|
|
—
|
|
|
55
|
|
|||
Pinnacle Treatment Centers, Inc.
|
One stop
|
|
L + 6.25%
|
(a)
|
|
8.46%
|
|
08/2021
|
|
43
|
|
|
42
|
|
|
—
|
|
|
43
|
|
|||
PPT Management Holdings, LLC^
|
One stop
|
|
L + 7.50%
|
(b)(f)
|
|
9.69%
|
|
12/2022
|
|
10,713
|
|
|
10,443
|
|
|
0.9
|
|
|
8,758
|
|
|||
PPT Management Holdings, LLC*
|
One stop
|
|
L + 7.50%
|
(b)(c)(f)
|
|
9.69%
|
|
12/2022
|
|
139
|
|
|
140
|
|
|
—
|
|
|
114
|
|
|||
PPT Management Holdings, LLC
|
One stop
|
|
L + 7.50%
|
(b)(f)
|
|
9.69%
|
|
12/2022
|
|
84
|
|
|
84
|
|
|
—
|
|
|
68
|
|
|||
PPT Management Holdings, LLC
|
One stop
|
|
L + 7.50%
|
(b)(f)
|
|
9.69%
|
|
12/2022
|
|
40
|
|
|
31
|
|
|
—
|
|
|
32
|
|
|||
PPT Management Holdings, LLC
(5)
|
One stop
|
|
L + 7.50%
|
(b)(f)
|
|
9.69%
|
|
12/2022
|
|
7
|
|
|
4
|
|
|
—
|
|
|
(30
|
)
|
|||
Riverchase MSO, LLC
|
Senior loan
|
|
L + 5.25%
|
(c)
|
|
7.64%
|
|
10/2022
|
|
4,930
|
|
|
4,880
|
|
|
0.5
|
|
|
4,930
|
|
|||
Riverchase MSO, LLC
|
Senior loan
|
|
L + 5.25%
|
(c)
|
|
7.63%
|
|
10/2022
|
|
54
|
|
|
53
|
|
|
—
|
|
|
54
|
|
|||
RXH Buyer Corporation*^
|
One stop
|
|
L + 5.75%
|
(c)
|
|
8.14%
|
|
09/2021
|
|
17,083
|
|
|
16,914
|
|
|
1.8
|
|
|
17,083
|
|
|||
RXH Buyer Corporation*
|
One stop
|
|
L + 5.75%
|
(c)
|
|
8.14%
|
|
09/2021
|
|
1,933
|
|
|
1,915
|
|
|
0.2
|
|
|
1,933
|
|
|||
RXH Buyer Corporation
|
One stop
|
|
P + 4.75%
|
(c)(f)
|
|
9.19%
|
|
09/2021
|
|
92
|
|
|
90
|
|
|
—
|
|
|
92
|
|
|||
SLMP, LLC^
|
One stop
|
|
L + 6.00%
|
(a)
|
|
8.24%
|
|
05/2023
|
|
7,544
|
|
|
7,406
|
|
|
0.8
|
|
|
7,544
|
|
|||
SLMP, LLC^
|
One stop
|
|
L + 6.00%
|
(a)
|
|
8.24%
|
|
05/2023
|
|
298
|
|
|
294
|
|
|
—
|
|
|
298
|
|
|||
SLMP, LLC
|
One stop
|
|
N/A
|
|
|
7.50% PIK
|
|
05/2027
|
|
90
|
|
|
90
|
|
|
—
|
|
|
90
|
|
|
Investment
Type
|
|
Spread
Above
Index
(1)
|
|
Interest
Rate
(2)
|
|
Maturity
Date
|
|
Principal ($) /
Shares
(3)
|
|
Amortized Cost
|
|
Percentage
of Net
Assets
|
|
Fair
Value (4) |
||||||||
Healthcare, Education and Childcare - (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
SLMP, LLC
(5)
|
One stop
|
|
L + 6.00%
|
|
|
N/A
(6)
|
|
05/2023
|
|
$
|
—
|
|
|
$
|
(1
|
)
|
|
—
|
|
%
|
$
|
—
|
|
SLMP, LLC
(5)
|
One stop
|
|
L + 6.00%
|
|
|
N/A
(6)
|
|
05/2023
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
Spear Education, LLC^
|
One stop
|
|
L + 6.25%
|
(c)
|
|
8.75%
|
|
08/2019
|
|
4,597
|
|
|
4,586
|
|
|
0.5
|
|
|
4,597
|
|
|||
Spear Education, LLC
|
One stop
|
|
L + 6.25%
|
(c)
|
|
8.59%
|
|
08/2019
|
|
74
|
|
|
74
|
|
|
—
|
|
|
74
|
|
|||
Spear Education, LLC
|
One stop
|
|
L + 6.25%
|
(c)
|
|
8.56%
|
|
08/2019
|
|
26
|
|
|
26
|
|
|
—
|
|
|
26
|
|
|||
Summit Behavioral Healthcare, LLC^
|
Senior loan
|
|
L + 4.75%
|
(c)
|
|
7.06%
|
|
10/2023
|
|
8,777
|
|
|
8,666
|
|
|
0.9
|
|
|
8,777
|
|
|||
Summit Behavioral Healthcare, LLC
|
Senior loan
|
|
L + 4.75%
|
(c)
|
|
7.07%
|
|
10/2023
|
|
65
|
|
|
63
|
|
|
—
|
|
|
65
|
|
|||
Summit Behavioral Healthcare, LLC
|
Senior loan
|
|
L + 4.75%
|
(c)
|
|
7.07%
|
|
10/2023
|
|
27
|
|
|
24
|
|
|
—
|
|
|
27
|
|
|||
WHCG Management, LLC*
|
Senior loan
|
|
L + 5.00%
|
(c)
|
|
7.39%
|
|
03/2023
|
|
2,370
|
|
|
2,348
|
|
|
0.3
|
|
|
2,370
|
|
|||
WHCG Management, LLC
|
Senior loan
|
|
L + 5.00%
|
(c)
|
|
7.35%
|
|
03/2023
|
|
100
|
|
|
99
|
|
|
—
|
|
|
100
|
|
|||
WHCG Management, LLC
(5)
|
Senior loan
|
|
L + 5.00%
|
|
|
N/A
(6)
|
|
03/2023
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|||
WIRB-Copernicus Group, Inc.*^
|
Senior loan
|
|
L + 4.25%
|
(a)
|
|
6.49%
|
|
08/2022
|
|
10,901
|
|
|
10,834
|
|
|
1.1
|
|
|
10,901
|
|
|||
WIRB-Copernicus Group, Inc.
(5)
|
Senior loan
|
|
L + 4.25%
|
|
|
N/A
(6)
|
|
08/2022
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
WIRB-Copernicus Group, Inc.
(5)
|
Senior loan
|
|
L + 4.25%
|
|
|
N/A
(6)
|
|
08/2022
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
329,007
|
|
|
324,822
|
|
|
33.4
|
|
|
323,259
|
|
|||
Home and Office Furnishings, Housewares, and Durable Consumer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
1A Smart Start LLC*
|
Senior loan
|
|
L + 4.50%
|
(a)
|
|
6.74%
|
|
02/2022
|
|
548
|
|
|
547
|
|
|
0.1
|
|
|
550
|
|
|||
CST Buyer Company^
|
One stop
|
|
L + 5.00%
|
(a)
|
|
7.24%
|
|
03/2023
|
|
2,433
|
|
|
2,378
|
|
|
0.2
|
|
|
2,433
|
|
|||
CST Buyer Company
(5)
|
One stop
|
|
L + 5.00%
|
|
|
N/A
(6)
|
|
03/2023
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
Plano Molding Company, LLC*^
|
One stop
|
|
L + 7.50%
|
(a)
|
|
9.67%
|
|
05/2021
|
|
10,048
|
|
|
9,937
|
|
|
1.0
|
|
|
9,848
|
|
|||
|
|
|
|
|
|
|
|
|
|
13,029
|
|
|
12,861
|
|
|
1.3
|
|
|
12,831
|
|
|||
Hotels, Motels, Inns, and Gaming
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Aimbridge Hospitality, LLC*^
|
One stop
|
|
L + 5.00%
|
(a)
|
|
7.24%
|
|
06/2022
|
|
9,941
|
|
|
9,811
|
|
|
1.0
|
|
|
9,941
|
|
|||
Aimbridge Hospitality, LLC*
|
One stop
|
|
L + 5.00%
|
(a)
|
|
7.24%
|
|
06/2022
|
|
4,830
|
|
|
4,764
|
|
|
0.5
|
|
|
4,830
|
|
|||
Aimbridge Hospitality, LLC
|
One stop
|
|
L + 5.00%
|
(a)
|
|
7.24%
|
|
06/2022
|
|
805
|
|
|
794
|
|
|
0.1
|
|
|
805
|
|
|||
Aimbridge Hospitality, LLC
|
One stop
|
|
L + 5.00%
|
(a)
|
|
7.24%
|
|
06/2022
|
|
16
|
|
|
15
|
|
|
—
|
|
|
16
|
|
|||
Aimbridge Hospitality, LLC
(5)
|
One stop
|
|
L + 5.00%
|
|
|
N/A
(6)
|
|
06/2022
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
15,592
|
|
|
15,383
|
|
|
1.6
|
|
|
15,592
|
|
|||
Insurance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Captive Resources Midco, LLC*^
|
One stop
|
|
L + 5.75%
|
(a)
|
|
7.99%
|
|
12/2021
|
|
34,313
|
|
|
33,908
|
|
|
3.5
|
|
|
34,313
|
|
|||
Captive Resources Midco, LLC
(5)
|
One stop
|
|
L + 5.75%
|
|
|
N/A
(6)
|
|
12/2021
|
|
—
|
|
|
(18
|
)
|
|
—
|
|
|
—
|
|
|||
Captive Resources Midco, LLC
(5)
|
One stop
|
|
L + 5.75%
|
|
|
N/A
(6)
|
|
12/2021
|
|
—
|
|
|
(23
|
)
|
|
—
|
|
|
—
|
|
|||
Internet Pipeline, Inc.
|
One stop
|
|
L + 4.75%
|
(a)
|
|
7.00%
|
|
08/2022
|
|
4,809
|
|
|
4,715
|
|
|
0.5
|
|
|
4,809
|
|
|||
Internet Pipeline, Inc.*
|
One stop
|
|
L + 4.75%
|
(a)
|
|
7.00%
|
|
08/2022
|
|
2,077
|
|
|
2,056
|
|
|
0.2
|
|
|
2,077
|
|
|||
Internet Pipeline, Inc.*
|
One stop
|
|
L + 4.75%
|
(a)
|
|
7.00%
|
|
08/2022
|
|
786
|
|
|
778
|
|
|
0.1
|
|
|
786
|
|
|||
Internet Pipeline, Inc.
(5)
|
One stop
|
|
L + 4.75%
|
|
|
N/A
(6)
|
|
08/2021
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
RSC Acquisition, Inc.
|
Senior loan
|
|
L + 4.25%
|
(c)(d)(f)
|
|
6.72%
|
|
11/2022
|
|
4,380
|
|
|
4,358
|
|
|
0.5
|
|
|
4,369
|
|
|||
RSC Acquisition, Inc.
|
Senior loan
|
|
L + 4.25%
|
(d)(e)
|
|
6.76%
|
|
11/2021
|
|
21
|
|
|
21
|
|
|
—
|
|
|
21
|
|
|||
RSC Acquisition, Inc.
(5)
|
Senior loan
|
|
L + 4.25%
|
|
|
N/A
(6)
|
|
11/2022
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(1
|
)
|
|||
|
|
|
|
|
|
|
|
|
|
46,386
|
|
|
45,792
|
|
|
4.8
|
|
|
46,374
|
|
|||
Leisure, Amusement, Motion Pictures, Entertainment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
NFD Operating, LLC
|
One stop
|
|
L + 7.00%
|
(a)
|
|
9.11%
|
|
06/2021
|
|
2,302
|
|
|
2,283
|
|
|
0.2
|
|
|
2,302
|
|
|||
NFD Operating, LLC
|
One stop
|
|
L + 7.00%
|
|
|
N/A
(6)
|
|
06/2021
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
PADI Holdco, Inc.
(8)(9)
|
One stop
|
|
E + 5.75%
|
(g)
|
|
5.75%
|
|
04/2023
|
|
9,591
|
|
|
9,591
|
|
|
1.0
|
|
|
9,313
|
|
|||
PADI Holdco, Inc.*^
|
One stop
|
|
L + 5.75%
|
(c)
|
|
8.14%
|
|
04/2023
|
|
9,677
|
|
|
9,465
|
|
|
1.0
|
|
|
9,677
|
|
|||
PADI Holdco, Inc.
|
One stop
|
|
L + 5.75%
|
(c)
|
|
8.14%
|
|
04/2022
|
|
125
|
|
|
123
|
|
|
—
|
|
|
125
|
|
|||
Self Esteem Brands, LLC*^
|
Senior loan
|
|
L + 4.75%
|
(a)
|
|
6.99%
|
|
02/2020
|
|
16,120
|
|
|
16,069
|
|
|
1.7
|
|
|
16,120
|
|
|
Investment
Type
|
|
Spread
Above
Index
(1)
|
|
Interest
Rate
(2)
|
|
Maturity
Date
|
|
Principal ($) /
Shares
(3)
|
|
Amortized Cost
|
|
Percentage
of Net
Assets
|
|
Fair
Value (4) |
||||||||
Leisure, Amusement, Motion Pictures, Entertainment - (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Self Esteem Brands, LLC
(5)
|
Senior loan
|
|
L + 4.75%
|
|
|
N/A
(6)
|
|
02/2020
|
|
$
|
—
|
|
|
$
|
(3
|
)
|
|
—
|
|
%
|
$
|
—
|
|
Sunshine Sub, LLC
|
One stop
|
|
L + 4.75%
|
(a)
|
|
6.99%
|
|
05/2024
|
|
7,720
|
|
|
7,575
|
|
|
0.8
|
|
|
7,720
|
|
|||
Sunshine Sub, LLC
(5)
|
One stop
|
|
L + 4.75%
|
|
|
N/A
(6)
|
|
05/2024
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
Sunshine Sub, LLC
(5)
|
One stop
|
|
L + 4.75%
|
|
|
N/A
(6)
|
|
05/2024
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|||
Teaching Company, The
|
One stop
|
|
L + 4.75%
|
(c)
|
|
7.09%
|
|
07/2023
|
|
10,855
|
|
|
10,757
|
|
|
1.1
|
|
|
10,855
|
|
|||
Teaching Company, The
(5)
|
One stop
|
|
L + 4.75%
|
|
|
N/A
(6)
|
|
07/2023
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
Titan Fitness, LLC*
|
One stop
|
|
L + 6.50%
|
(a)
|
|
8.61%
|
|
06/2021
|
|
12,952
|
|
|
12,846
|
|
|
1.3
|
|
|
12,952
|
|
|||
Titan Fitness, LLC*
|
One stop
|
|
L + 6.50%
|
(a)
|
|
8.61%
|
|
06/2021
|
|
1,954
|
|
|
1,949
|
|
|
0.2
|
|
|
1,954
|
|
|||
Titan Fitness, LLC*
|
One stop
|
|
L + 6.50%
|
(a)
|
|
8.61%
|
|
06/2021
|
|
1,716
|
|
|
1,712
|
|
|
0.2
|
|
|
1,716
|
|
|||
Titan Fitness, LLC^
|
One stop
|
|
L + 6.50%
|
(a)
|
|
8.61%
|
|
06/2021
|
|
927
|
|
|
920
|
|
|
0.1
|
|
|
927
|
|
|||
Titan Fitness, LLC
(5)
|
One stop
|
|
L + 6.50%
|
|
|
N/A
(6)
|
|
06/2021
|
|
—
|
|
|
(9
|
)
|
|
—
|
|
|
—
|
|
|||
WBZ Investment LLC
|
One stop
|
|
L + 5.50%
|
(a)
|
|
7.64%
|
|
09/2020
|
|
5,149
|
|
|
5,049
|
|
|
0.5
|
|
|
5,097
|
|
|||
WBZ Investment LLC
(5)
|
One stop
|
|
L + 5.50%
|
|
|
N/A
(6)
|
|
09/2024
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|||
WBZ Investment LLC(5)
|
One stop
|
|
L + 5.50%
|
|
|
N/A
(6)
|
|
09/2024
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
|||
|
|
|
|
|
|
|
|
|
|
79,088
|
|
|
78,320
|
|
|
8.1
|
|
|
78,755
|
|
|||
Oil and Gas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Drilling Info Holdings, Inc.
|
Senior loan
|
|
L + 4.25%
|
(b)
|
|
6.54%
|
|
07/2025
|
|
14,413
|
|
|
14,217
|
|
|
1.5
|
|
|
14,341
|
|
|||
Drilling Info Holdings, Inc.
(5)
|
Senior loan
|
|
L + 4.25%
|
|
|
N/A
(6)
|
|
07/2023
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|||
Drilling Info Holdings, Inc
.(5)
|
Senior loan
|
|
L + 4.25%
|
|
|
N/A
(6)
|
|
07/2025
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
(1
|
)
|
|||
|
|
|
|
|
|
|
|
|
|
14,413
|
|
|
14,211
|
|
|
1.5
|
|
|
14,340
|
|
|||
Personal and Non Durable Consumer Products (Mfg. Only)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Georgica Pine Clothiers, LLC
|
One stop
|
|
L + 5.50%
|
(c)
|
|
7.89%
|
|
11/2021
|
|
5,620
|
|
|
5,562
|
|
|
0.6
|
|
|
5,620
|
|
|||
Georgica Pine Clothiers, LLC^
|
One stop
|
|
L + 5.50%
|
(c)
|
|
7.89%
|
|
11/2021
|
|
490
|
|
|
487
|
|
|
0.1
|
|
|
490
|
|
|||
Georgica Pine Clothiers, LLC*
|
One stop
|
|
L + 5.50%
|
(c)
|
|
7.89%
|
|
11/2021
|
|
344
|
|
|
341
|
|
|
—
|
|
|
344
|
|
|||
Georgica Pine Clothiers, LLC
|
One stop
|
|
L + 5.50%
|
(c)(f)
|
|
8.42%
|
|
11/2021
|
|
46
|
|
|
45
|
|
|
—
|
|
|
46
|
|
|||
IMPLUS Footwear, LLC
|
One stop
|
|
L + 6.75%
|
(c)
|
|
9.14%
|
|
04/2021
|
|
10,013
|
|
|
9,913
|
|
|
1.0
|
|
|
10,013
|
|
|||
IMPLUS Footwear, LLC
|
One stop
|
|
L + 6.75%
|
(c)
|
|
9.09%
|
|
04/2021
|
|
1,763
|
|
|
1,745
|
|
|
0.2
|
|
|
1,763
|
|
|||
IMPLUS Footcare, LLC
|
One stop
|
|
L + 6.75%
|
(c)
|
|
9.14%
|
|
04/2021
|
|
57
|
|
|
57
|
|
|
—
|
|
|
57
|
|
|||
Massage Envy, LLC*^
|
One stop
|
|
L + 6.75%
|
(c)(f)
|
|
9.06%
|
|
09/2020
|
|
34,835
|
|
|
34,631
|
|
|
3.6
|
|
|
34,835
|
|
|||
Massage Envy, LLC^
|
One stop
|
|
L + 6.75%
|
(c)
|
|
9.06%
|
|
09/2020
|
|
99
|
|
|
98
|
|
|
—
|
|
|
99
|
|
|||
Massage Envy, LLC
|
One stop
|
|
L + 6.75%
|
(c)
|
|
9.09%
|
|
09/2020
|
|
64
|
|
|
64
|
|
|
—
|
|
|
64
|
|
|||
Massage Envy, LLC^
|
One stop
|
|
L + 6.75%
|
(c)(f)
|
|
9.07%
|
|
09/2020
|
|
48
|
|
|
48
|
|
|
—
|
|
|
48
|
|
|||
Massage Envy, LLC
|
One stop
|
|
L + 6.75%
|
(c)(f)
|
|
9.09%
|
|
09/2020
|
|
42
|
|
|
41
|
|
|
—
|
|
|
42
|
|
|||
Massage Envy, LLC^
|
One stop
|
|
L + 6.75%
|
(c)(f)
|
|
9.08%
|
|
09/2020
|
|
40
|
|
|
40
|
|
|
—
|
|
|
40
|
|
|||
Massage Envy, LLC^
|
One stop
|
|
L + 6.75%
|
(c)(f)
|
|
9.12%
|
|
09/2020
|
|
38
|
|
|
38
|
|
|
—
|
|
|
38
|
|
|||
Massage Envy, LLC^
|
One stop
|
|
L + 6.75%
|
(c)(f)
|
|
9.07%
|
|
09/2020
|
|
35
|
|
|
34
|
|
|
—
|
|
|
35
|
|
|||
Massage Envy, LLC^
|
One stop
|
|
L + 6.75%
|
(c)(f)
|
|
9.08%
|
|
09/2020
|
|
19
|
|
|
19
|
|
|
—
|
|
|
19
|
|
|||
Massage Envy, LLC^
|
One stop
|
|
L + 6.75%
|
(c)(f)
|
|
9.13%
|
|
09/2020
|
|
15
|
|
|
15
|
|
|
—
|
|
|
15
|
|
|||
Massage Envy, LLC
|
One stop
|
|
L + 6.75%
|
(c)
|
|
9.09%
|
|
09/2020
|
|
10
|
|
|
9
|
|
|
—
|
|
|
10
|
|
|||
Massage Envy, LLC
(5)
|
One stop
|
|
L + 6.75%
|
|
|
N/A
(6)
|
|
09/2020
|
|
—
|
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
|||
Orthotics Holdings, Inc.*
|
One stop
|
|
L + 5.50%
|
(a)
|
|
7.74%
|
|
02/2020
|
|
8,204
|
|
|
8,166
|
|
|
0.8
|
|
|
8,040
|
|
|||
Orthotics Holdings, Inc.*
(8)
|
One stop
|
|
L + 5.50%
|
(a)
|
|
7.74%
|
|
02/2020
|
|
1,345
|
|
|
1,338
|
|
|
0.1
|
|
|
1,318
|
|
|||
Orthotics Holdings, Inc.
(5)(8)
|
One stop
|
|
L + 5.50%
|
|
|
N/A
(6)
|
|
02/2020
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
Orthotics Holdings, Inc.
(5)
|
One stop
|
|
L + 5.50%
|
|
|
N/A
(6)
|
|
02/2020
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
|
(4
|
)
|
|||
Team Technologies Acquisition Company^
|
Senior loan
|
|
L + 5.00%
|
(c)(f)
|
|
7.35%
|
|
12/2018
|
|
4,242
|
|
|
4,241
|
|
|
0.5
|
|
|
4,231
|
|
|||
Team Technologies Acquisition Company*
|
Senior loan
|
|
L + 5.50%
|
(c)(f)
|
|
7.85%
|
|
12/2018
|
|
782
|
|
|
781
|
|
|
0.1
|
|
|
792
|
|
|||
Team Technologies Acquisition Company
(5)
|
Senior loan
|
|
L + 5.00%
|
|
|
N/A
(6)
|
|
12/2018
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|||
|
|
|
|
|
|
|
|
|
|
68,151
|
|
|
67,699
|
|
|
7.0
|
|
|
67,954
|
|
|
Investment
Type
|
|
Spread
Above
Index
(1)
|
|
Interest
Rate
(2)
|
|
Maturity
Date
|
|
Principal ($) /
Shares
(3)
|
|
Amortized Cost
|
|
Percentage
of Net
Assets
|
|
Fair
Value (4) |
||||||||
Personal, Food and Miscellaneous Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Captain D's, LLC*^
|
Senior loan
|
|
L + 4.50%
|
(b)
|
|
6.71%
|
|
12/2023
|
|
$
|
3,965
|
|
|
$
|
3,913
|
|
|
0.4
|
|
%
|
$
|
3,965
|
|
Captain D's, LLC
|
Senior loan
|
|
P + 3.50%
|
(a)(f)
|
|
7.86%
|
|
12/2023
|
|
20
|
|
|
19
|
|
|
—
|
|
|
20
|
|
|||
Community Veterinary Partners, LLC^
|
One stop
|
|
L + 5.50%
|
(c)
|
|
7.89%
|
|
10/2021
|
|
282
|
|
|
280
|
|
|
—
|
|
|
282
|
|
|||
Community Veterinary Partners, LLC*
|
One stop
|
|
L + 5.50%
|
(c)
|
|
7.89%
|
|
10/2021
|
|
99
|
|
|
97
|
|
|
—
|
|
|
99
|
|
|||
Community Veterinary Partners, LLC
|
One stop
|
|
L + 5.50%
|
(c)
|
|
7.89%
|
|
10/2021
|
|
75
|
|
|
75
|
|
|
—
|
|
|
75
|
|
|||
Community Veterinary Partners, LLC
(5)
|
One stop
|
|
L + 5.50%
|
|
|
N/A
(6)
|
|
10/2021
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|||
Imperial Optical Midco Inc.
|
One stop
|
|
L + 4.75%
|
(b)
|
|
7.04%
|
|
08/2023
|
|
2,725
|
|
|
2,685
|
|
|
0.3
|
|
|
2,684
|
|
|||
Imperial Optical Midco Inc.
|
One stop
|
|
L + 4.75%
|
(b)
|
|
6.96%
|
|
08/2023
|
|
44
|
|
|
39
|
|
|
—
|
|
|
39
|
|
|||
Imperial Optical Midco Inc.
|
One stop
|
|
L + 4.75%
|
|
|
N/A
(6)
|
|
08/2023
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
PPV Intermediate Holdings II, LLC
|
One stop
|
|
N/A
|
|
|
7.90% PIK
|
|
05/2023
|
|
2
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|||
PPV Intermediate Holdings II, LLC
(5)
|
One stop
|
|
L + 5.00%
|
|
|
N/A
(6)
|
|
05/2023
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
PPV Intermediate Holdings II, LLC
(5)
|
One stop
|
|
L + 5.00%
|
|
|
N/A
(6)
|
|
05/2020
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
|
—
|
|
|||
Ruby Slipper Cafe LLC, The
|
One stop
|
|
L + 7.50%
|
(c)
|
|
9.85%
|
|
01/2023
|
|
1,035
|
|
|
1,026
|
|
|
0.1
|
|
|
1,035
|
|
|||
Ruby Slipper Cafe LLC, The
|
One stop
|
|
L + 7.50%
|
(c)
|
|
9.82%
|
|
01/2023
|
|
5
|
|
|
5
|
|
|
—
|
|
|
5
|
|
|||
Ruby Slipper Cafe LLC, The
|
One stop
|
|
L + 7.50%
|
(c)
|
|
9.84%
|
|
01/2023
|
|
5
|
|
|
4
|
|
|
—
|
|
|
5
|
|
|||
Southern Veterinary Partners, LLC
|
One stop
|
|
L + 5.50%
|
(a)
|
|
7.74%
|
|
05/2025
|
|
3,870
|
|
|
3,812
|
|
|
0.4
|
|
|
3,870
|
|
|||
Southern Veterinary Partners, LLC
|
One stop
|
|
L + 5.50%
|
(a)
|
|
7.74%
|
|
05/2025
|
|
231
|
|
|
228
|
|
|
—
|
|
|
231
|
|
|||
Southern Veterinary Partners, LLC
|
One stop
|
|
L + 5.50%
|
(a)
|
|
7.74%
|
|
05/2025
|
|
205
|
|
|
203
|
|
|
—
|
|
|
205
|
|
|||
Southern Veterinary Partners, LLC
|
One stop
|
|
L + 5.50%
|
(a)
|
|
7.74%
|
|
05/2025
|
|
173
|
|
|
170
|
|
|
—
|
|
|
173
|
|
|||
Southern Veterinary Partners, LLC
|
One stop
|
|
L + 5.50%
|
(a)
|
|
7.74%
|
|
05/2025
|
|
100
|
|
|
97
|
|
|
—
|
|
|
100
|
|
|||
Southern Veterinary Partners, LLC
|
One stop
|
|
L + 5.50%
|
(a)
|
|
7.74%
|
|
05/2025
|
|
77
|
|
|
76
|
|
|
—
|
|
|
77
|
|
|||
Southern Veterinary Partners, LLC
|
One stop
|
|
L + 5.50%
|
(a)
|
|
7.74%
|
|
05/2025
|
|
67
|
|
|
66
|
|
|
—
|
|
|
67
|
|
|||
Southern Veterinary Partners, LLC
|
One stop
|
|
L + 5.50%
|
(a)
|
|
7.74%
|
|
05/2025
|
|
50
|
|
|
48
|
|
|
—
|
|
|
50
|
|
|||
Southern Veterinary Partners, LLC
(5)
|
One stop
|
|
L + 5.50%
|
|
|
N/A
(6)
|
|
05/2023
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|||
Southern Veterinary Partners, LLC
(5)
|
One stop
|
|
L + 5.50%
|
|
|
N/A
(6)
|
|
05/2025
|
|
—
|
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
|||
Veterinary Specialists of North America, LLC^
|
One stop
|
|
L + 5.50%
|
(a)
|
|
7.69%
|
|
07/2021
|
|
7,331
|
|
|
7,278
|
|
|
0.8
|
|
|
7,331
|
|
|||
Veterinary Specialists of North America, LLC^
|
One stop
|
|
L + 5.50%
|
(a)
|
|
7.74%
|
|
07/2021
|
|
764
|
|
|
755
|
|
|
0.1
|
|
|
764
|
|
|||
Veterinary Specialists of North America, LLC*
|
One stop
|
|
L + 5.50%
|
(a)
|
|
7.74%
|
|
07/2021
|
|
415
|
|
|
413
|
|
|
0.1
|
|
|
415
|
|
|||
Veterinary Specialists of North America, LLC*
|
One stop
|
|
L + 5.50%
|
(a)
|
|
7.74%
|
|
07/2021
|
|
160
|
|
|
160
|
|
|
—
|
|
|
160
|
|
|||
Veterinary Specialists of North America, LLC^
|
One stop
|
|
L + 5.50%
|
(a)
|
|
7.74%
|
|
07/2021
|
|
123
|
|
|
122
|
|
|
—
|
|
|
123
|
|
|||
Veterinary Specialists of North America, LLC*
|
One stop
|
|
L + 5.50%
|
(a)
|
|
7.74%
|
|
07/2021
|
|
62
|
|
|
62
|
|
|
—
|
|
|
62
|
|
|||
Veterinary Specialists of North America, LLC
|
One stop
|
|
L + 5.50%
|
(a)
|
|
7.74%
|
|
07/2021
|
|
12
|
|
|
10
|
|
|
—
|
|
|
12
|
|
|||
Veterinary Specialists of North America, LLC
(5)
|
One stop
|
|
L + 5.50%
|
|
|
N/A
(6)
|
|
07/2021
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|||
Wetzel's Pretzels, LLC*
|
One stop
|
|
L + 6.75%
|
(a)
|
|
8.99%
|
|
09/2021
|
|
8,922
|
|
|
8,805
|
|
|
0.9
|
|
|
8,922
|
|
|||
Wetzel's Pretzels, LLC
|
One stop
|
|
L + 6.75%
|
(a)
|
|
8.86%
|
|
09/2021
|
|
3
|
|
|
2
|
|
|
—
|
|
|
3
|
|
|||
|
|
|
|
|
|
|
|
|
|
30,822
|
|
|
30,431
|
|
|
3.1
|
|
|
30,776
|
|
|||
Printing and Publishing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Brandmuscle, Inc.^
|
Senior loan
|
|
L + 5.00%
|
(c)
|
|
7.39%
|
|
12/2021
|
|
618
|
|
|
614
|
|
|
0.1
|
|
|
622
|
|
|||
Messenger, LLC
|
One stop
|
|
L + 6.00%
|
(a)(f)
|
|
8.23%
|
|
08/2023
|
|
3,410
|
|
|
3,343
|
|
|
0.3
|
|
|
3,376
|
|
|||
Messenger, LLC
|
One stop
|
|
P + 5.00%
|
(f)
|
|
10.25%
|
|
08/2023
|
|
3
|
|
|
3
|
|
|
—
|
|
|
3
|
|
|||
|
|
|
|
|
|
|
|
|
|
4,031
|
|
|
3,960
|
|
|
0.4
|
|
|
4,001
|
|
|||
Retail Stores
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Batteries Plus Holding Corporation
|
One stop
|
|
L + 6.75%
|
(a)
|
|
8.99%
|
|
07/2022
|
|
11,933
|
|
|
11,739
|
|
|
1.2
|
|
|
11,933
|
|
|||
Batteries Plus Holding Corporation
(5)
|
One stop
|
|
L + 6.75%
|
|
|
N/A
(6)
|
|
07/2022
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
Cycle Gear, Inc.^
|
One stop
|
|
L + 6.50%
|
(c)
|
|
8.84%
|
|
01/2020
|
|
10,321
|
|
|
10,263
|
|
|
1.1
|
|
|
10,321
|
|
|||
Cycle Gear, Inc.^
|
One stop
|
|
L + 6.50%
|
(c)
|
|
8.84%
|
|
01/2020
|
|
603
|
|
|
600
|
|
|
0.1
|
|
|
603
|
|
|||
Cycle Gear, Inc.
(5)
|
One stop
|
|
L + 6.50%
|
|
|
N/A
(6)
|
|
01/2020
|
|
—
|
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
|
Investment
Type
|
|
Spread
Above
Index
(1)
|
|
Interest
Rate
(2)
|
|
Maturity
Date
|
|
Principal ($) /
Shares
(3)
|
|
Amortized Cost
|
|
Percentage
of Net
Assets
|
|
Fair
Value (4) |
||||||||
Retail Stores - (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
DTLR, Inc.*^
|
One stop
|
|
L + 6.50%
|
(b)
|
|
8.68%
|
|
08/2022
|
|
$
|
22,732
|
|
|
$
|
22,466
|
|
|
2.3
|
|
%
|
$
|
22,732
|
|
Elite Sportswear, L.P.
|
Senior loan
|
|
L + 5.75%
|
(c)
|
|
8.14%
|
|
06/2020
|
|
6,872
|
|
|
6,815
|
|
|
0.7
|
|
|
6,872
|
|
|||
Elite Sportswear, L.P.
|
Senior loan
|
|
L + 5.75%
|
(c)
|
|
8.14%
|
|
06/2020
|
|
2,763
|
|
|
2,740
|
|
|
0.3
|
|
|
2,763
|
|
|||
Elite Sportswear, L.P.
|
Senior loan
|
|
L + 5.75%
|
(c)
|
|
8.14%
|
|
06/2020
|
|
1,422
|
|
|
1,413
|
|
|
0.2
|
|
|
1,422
|
|
|||
Elite Sportswear, L.P.*
|
Senior loan
|
|
L + 5.75%
|
(c)
|
|
8.14%
|
|
06/2020
|
|
466
|
|
|
464
|
|
|
0.1
|
|
|
466
|
|
|||
Elite Sportswear, L.P.
|
Senior loan
|
|
L + 5.75%
|
(c)
|
|
8.14%
|
|
06/2020
|
|
216
|
|
|
214
|
|
|
—
|
|
|
216
|
|
|||
Elite Sportswear, L.P.*
|
Senior loan
|
|
L + 5.75%
|
(c)
|
|
8.14%
|
|
06/2020
|
|
206
|
|
|
205
|
|
|
—
|
|
|
206
|
|
|||
Elite Sportswear, L.P.
|
Senior loan
|
|
L + 5.75%
|
|
|
N/A
(6)
|
|
06/2020
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Elite Sportswear, L.P.
(5)
|
Senior loan
|
|
L + 5.75%
|
|
|
N/A
(6)
|
|
06/2020
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|||
Feeders Supply Company, LLC
|
One stop
|
|
L + 5.75%
|
(a)
|
|
8.01%
|
|
04/2021
|
|
4,826
|
|
|
4,769
|
|
|
0.5
|
|
|
4,826
|
|
|||
Feeders Supply Company, LLC
|
Subordinated debt
|
|
N/A
|
|
|
12.50% cash/7.00% PIK
|
|
04/2021
|
|
67
|
|
|
67
|
|
|
—
|
|
|
67
|
|
|||
Feeders Supply Company, LLC
|
One stop
|
|
L + 5.75%
|
|
|
N/A
(6)
|
|
04/2021
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Marshall Retail Group LLC, The^
|
One stop
|
|
L + 6.00%
|
(c)
|
|
8.34%
|
|
08/2020
|
|
11,922
|
|
|
11,874
|
|
|
1.2
|
|
|
11,922
|
|
|||
Marshall Retail Group LLC, The
(5)
|
One stop
|
|
L + 6.00%
|
|
|
N/A
(6)
|
|
08/2019
|
|
—
|
|
|
(9
|
)
|
|
—
|
|
|
—
|
|
|||
Mills Fleet Farm Group LLC*^
|
One stop
|
|
L + 5.50%
|
(a)
|
|
7.74%
|
|
02/2022
|
|
1,815
|
|
|
1,743
|
|
|
0.2
|
|
|
1,815
|
|
|||
Paper Source, Inc.^
|
One stop
|
|
L + 6.25%
|
(c)
|
|
8.64%
|
|
09/2019
|
|
12,255
|
|
|
12,224
|
|
|
1.3
|
|
|
12,255
|
|
|||
Paper Source, Inc.*
|
One stop
|
|
L + 6.25%
|
(c)
|
|
8.64%
|
|
09/2019
|
|
1,628
|
|
|
1,621
|
|
|
0.2
|
|
|
1,628
|
|
|||
Paper Source, Inc.
|
One stop
|
|
P + 5.00%
|
(f)
|
|
10.25%
|
|
09/2019
|
|
965
|
|
|
960
|
|
|
0.1
|
|
|
965
|
|
|||
Pet Holdings ULC*^
(8)(10)
|
One stop
|
|
L + 5.50%
|
(c)
|
|
7.84%
|
|
07/2022
|
|
14,764
|
|
|
14,575
|
|
|
1.5
|
|
|
14,764
|
|
|||
Pet Holdings ULC*^
(8)(10)
|
One stop
|
|
L + 5.50%
|
(c)
|
|
7.84%
|
|
07/2022
|
|
100
|
|
|
99
|
|
|
—
|
|
|
100
|
|
|||
Pet Holdings ULC
(5)(8)(10)
|
One stop
|
|
L + 5.50%
|
|
|
N/A
(6)
|
|
07/2022
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|||
PetPeople Enterprises, LLC^
|
One stop
|
|
L + 5.00%
|
(a)
|
|
7.25%
|
|
09/2023
|
|
3,114
|
|
|
3,082
|
|
|
0.3
|
|
|
3,114
|
|
|||
PetPeople Enterprises, LLC
|
One stop
|
|
N/A
|
|
|
8.25% PIK
|
|
01/2019
|
|
168
|
|
|
168
|
|
|
—
|
|
|
168
|
|
|||
PetPeople Enterprises, LLC
|
One stop
|
|
L + 5.00%
|
|
|
N/A
(6)
|
|
09/2023
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
PetPeople Enterprises, LLC
(5)
|
One stop
|
|
L + 5.00%
|
|
|
N/A
(6)
|
|
09/2023
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
109,158
|
|
|
108,078
|
|
|
11.3
|
|
|
109,158
|
|
|||
Telecommunications
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
NetMotion Wireless Holdings, Inc.*^
|
One stop
|
|
L + 6.25%
|
(c)
|
|
8.64%
|
|
10/2021
|
|
6,393
|
|
|
6,311
|
|
|
0.7
|
|
|
6,393
|
|
|||
NetMotion Wireless Holdings, Inc.
(5)
|
One stop
|
|
L + 6.25%
|
|
|
N/A
(6)
|
|
10/2021
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
6,393
|
|
|
6,310
|
|
|
0.7
|
|
|
6,393
|
|
|||
Textiles and Leather
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
SHO Holding I Corporation*
|
Senior loan
|
|
L + 5.00%
|
(c)
|
|
7.34%
|
|
10/2022
|
|
2,211
|
|
|
2,181
|
|
|
0.2
|
|
|
2,122
|
|
|||
SHO Holding I Corporation
|
Senior loan
|
|
L + 4.00%
|
(a)(c)
|
|
6.14%
|
|
10/2021
|
|
15
|
|
|
15
|
|
|
—
|
|
|
12
|
|
|||
|
|
|
|
|
|
|
|
|
|
2,226
|
|
|
2,196
|
|
|
0.2
|
|
|
2,134
|
|
|||
Utilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Arcos, LLC
|
One stop
|
|
L + 6.00%
|
(c)
|
|
8.39%
|
|
02/2021
|
|
3,553
|
|
|
3,519
|
|
|
0.4
|
|
|
3,553
|
|
|||
Arcos, LLC
|
One stop
|
|
L + 6.00%
|
|
|
N/A
(6)
|
|
02/2021
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
3,553
|
|
|
3,519
|
|
|
0.4
|
|
|
3,553
|
|
|||
Total non-controlled/non-affiliate company debt investments
|
|
|
|
|
|
|
$
|
1,679,746
|
|
|
$
|
1,660,130
|
|
|
171.8
|
|
%
|
$
|
1,664,317
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Equity investments
(11)(12)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Aerospace and Defense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
NTS Technical Systems
|
Common stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
2
|
|
|
$
|
1,506
|
|
|
0.1
|
|
%
|
$
|
616
|
|
|
NTS Technical Systems
|
Preferred stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
256
|
|
|
—
|
|
|
323
|
|
|||
NTS Technical Systems
|
Preferred stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
128
|
|
|
—
|
|
|
177
|
|
|||
Tresys Technology Holdings, Inc.
|
Common stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
295
|
|
|
295
|
|
|
—
|
|
|
—
|
|
|
Investment
Type
|
|
Spread
Above
Index
(1)
|
|
Interest
Rate
(2)
|
|
Maturity
Date
|
|
Principal ($) /
Shares
(3)
|
|
Amortized Cost
|
|
Percentage
of Net
Assets
|
|
Fair
Value (4) |
||||||||
Aerospace and Defense - (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Whitcraft LLC
|
Common stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
4
|
|
|
$
|
375
|
|
|
0.1
|
|
%
|
$
|
611
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,560
|
|
|
0.2
|
|
|
1,727
|
|
||||
Automobile
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Grease Monkey International, LLC
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
354
|
|
|
354
|
|
|
0.1
|
|
|
512
|
|
|||
Polk Acquisition Corp.
|
LP interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
1
|
|
|
144
|
|
|
—
|
|
|
95
|
|
|||
Quick Quack Car Wash Holdings, LLC
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
207
|
|
|
—
|
|
|
207
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
705
|
|
|
0.1
|
|
|
814
|
|
||||
Beverage, Food and Tobacco
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Benihana, Inc.
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
43
|
|
|
699
|
|
|
0.1
|
|
|
856
|
|
|||
C. J. Foods, Inc.
|
Preferred stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
75
|
|
|
0.1
|
|
|
505
|
|
|||
Cafe Rio Holding, Inc.
|
Common stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
2
|
|
|
224
|
|
|
—
|
|
|
265
|
|
|||
Global ID Corporation
|
LLC interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
2
|
|
|
242
|
|
|
—
|
|
|
346
|
|
|||
Hopdoddy Holdings, LLC
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
27
|
|
|
130
|
|
|
—
|
|
|
122
|
|
|||
Hopdoddy Holdings, LLC
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
12
|
|
|
36
|
|
|
—
|
|
|
35
|
|
|||
Mendocino Farms, LLC
|
Common stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
11
|
|
|
50
|
|
|
—
|
|
|
50
|
|
|||
Purfoods, LLC
|
LLC interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
381
|
|
|
381
|
|
|
0.1
|
|
|
527
|
|
|||
Rubio's Restaurants, Inc.
|
Preferred stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
2
|
|
|
945
|
|
|
0.1
|
|
|
1,236
|
|
|||
Uinta Brewing Company
|
LP interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
462
|
|
|
462
|
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
3,244
|
|
|
0.4
|
|
|
3,942
|
|
||||
Buildings and Real Estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Brooks Equipment Company, LLC
|
Common stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
10
|
|
|
1,021
|
|
|
0.3
|
|
|
2,369
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Chemicals, Plastics and Rubber
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Flexan, LLC
|
Preferred stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
90
|
|
|
—
|
|
|
71
|
|
|||
Flexan, LLC
|
Common stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Inhance Technologies Holdings LLC
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
70
|
|
|
—
|
|
|
70
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
160
|
|
|
—
|
|
|
141
|
|
||||
Diversified/Conglomerate Manufacturing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Inventus Power, Inc.
|
Preferred stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
370
|
|
|
—
|
|
|
—
|
|
|||
Inventus Power, Inc.
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
54
|
|
|
—
|
|
|
48
|
|
|||
Inventus Power, Inc.
|
Common stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Reladyne, Inc.
|
LP interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
249
|
|
|
0.1
|
|
|
498
|
|
|||
Sunless Merger Sub, Inc.
|
LP interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
160
|
|
|
160
|
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
833
|
|
|
0.1
|
|
|
546
|
|
||||
Diversified/Conglomerate Service
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Accela, Inc.
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
296
|
|
|
296
|
|
|
—
|
|
|
325
|
|
|||
Agility Recovery Solutions Inc.
|
Preferred stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
67
|
|
|
341
|
|
|
0.1
|
|
|
424
|
|
|||
Apttus Corporation
|
Preferred stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
18
|
|
|
263
|
|
|
—
|
|
|
354
|
|
|||
Apttus Corporation
|
Warrant
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
34
|
|
|
194
|
|
|
—
|
|
|
185
|
|
|||
Centrify Corporation
|
LP interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
348
|
|
|
—
|
|
|
348
|
|
|||
Centrify Corporation
|
LP interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
123
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Cloudbees, Inc.
|
Preferred stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
33
|
|
|
207
|
|
|
—
|
|
|
207
|
|
|||
Cloudbees, Inc.
|
Warrant
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
29
|
|
|
39
|
|
|
—
|
|
|
39
|
|
|||
Confluence Technologies, Inc.
|
LLC interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
1
|
|
|
87
|
|
|
—
|
|
|
100
|
|
|||
Connexin Software, Inc.
|
LLC interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
69
|
|
|
69
|
|
|
—
|
|
|
91
|
|
|||
Digital Guardian, Inc.
|
Warrant
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
57
|
|
|
10
|
|
|
—
|
|
|
10
|
|
|||
DISA Holdings Acquisition Subsidiary Corp.
|
Common stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
154
|
|
|
—
|
|
|
248
|
|
|
Investment
Type
|
|
Spread
Above
Index
(1)
|
|
Interest
Rate
(2)
|
|
Maturity
Date
|
|
Principal ($) /
Shares
(3)
|
|
Amortized Cost
|
|
Percentage
of Net
Assets
|
|
Fair
Value (4) |
||||||||
Diversified/Conglomerate Service - (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
GS Acquisitionco, Inc.
|
LP interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
1
|
|
|
$
|
98
|
|
|
—
|
|
%
|
$
|
127
|
|
|
HealthcareSource HR, Inc.
|
LLC interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
348
|
|
|
0.1
|
|
|
413
|
|
|||
Host Analytics, Inc.
|
Warrant
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
368
|
|
|
134
|
|
|
0.1
|
|
|
384
|
|
|||
Jobvite, Inc.
|
Warrant
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
72
|
|
|
47
|
|
|
—
|
|
|
47
|
|
|||
Kareo, Inc.
|
Warrant
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
23
|
|
|
160
|
|
|
—
|
|
|
2
|
|
|||
Kareo, Inc.
|
Preferred stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
1
|
|
|
4
|
|
|
—
|
|
|
5
|
|
|||
Maverick Bidco Inc.
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
1
|
|
|
369
|
|
|
0.1
|
|
|
437
|
|
|||
MMan Acquisition Co.
|
LP interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
263
|
|
|
263
|
|
|
—
|
|
|
206
|
|
|||
Net Health Acquisition Corp.
|
LP interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
346
|
|
|
0.1
|
|
|
388
|
|
|||
Nexus Brands Group, Inc.
|
LP interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
136
|
|
|
—
|
|
|
155
|
|
|||
Personify, Inc.
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
297
|
|
|
297
|
|
|
—
|
|
|
297
|
|
|||
Project Alpha Intermediate Holding, Inc.
|
Common stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
417
|
|
|
0.1
|
|
|
500
|
|
|||
Project Alpha Intermediate Holding, Inc.
|
Common stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
103
|
|
|
4
|
|
|
—
|
|
|
51
|
|
|||
Property Brands, Inc.
|
Preferred stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
28
|
|
|
284
|
|
|
—
|
|
|
307
|
|
|||
Valant Medical Solutions, Inc.
|
Warrant
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
5
|
|
|
68
|
|
|
—
|
|
|
51
|
|
|||
Vendavo, Inc.
|
Preferred stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
1,017
|
|
|
1,017
|
|
|
0.1
|
|
|
1,332
|
|
|||
Verisys Corporation
|
LLC interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
261
|
|
|
261
|
|
|
—
|
|
|
239
|
|
|||
Vitalyst, LLC
|
Preferred stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
61
|
|
|
—
|
|
|
88
|
|
|||
Vitalyst, LLC
|
Common stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
1
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|||
Workforce Software, LLC
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
323
|
|
|
323
|
|
|
0.1
|
|
|
371
|
|
|||
Xmatters, Inc. and Alarmpoint, Inc.
|
Preferred stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
242
|
|
|
221
|
|
|
—
|
|
|
211
|
|
|||
Xmatters, Inc. and Alarmpoint, Inc.
|
Warrant
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
43
|
|
|
34
|
|
|
—
|
|
|
16
|
|
|||
Xmatters, Inc. and Alarmpoint, Inc.
|
Preferred stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
10
|
|
|
10
|
|
|
—
|
|
|
12
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
6,917
|
|
|
0.8
|
|
|
7,970
|
|
||||
Ecological
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Pace Analytical Services, LLC
|
Common stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
3
|
|
|
304
|
|
|
—
|
|
|
280
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Electronics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Diligent Corporation
(13)
|
Preferred stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
56
|
|
|
1
|
|
|
—
|
|
|
206
|
|
|||
Project Silverback Holdings Corp.
|
Preferred stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
3
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|||
SEI, Inc.
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
340
|
|
|
265
|
|
|
0.1
|
|
|
643
|
|
|||
Sloan Company, Inc., The
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
152
|
|
|
—
|
|
|
—
|
|
|||
Sloan Company, Inc., The
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
2
|
|
|
14
|
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
438
|
|
|
0.1
|
|
|
849
|
|
||||
Grocery
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
MyWebGrocer, Inc.
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
1,418
|
|
|
1,446
|
|
|
—
|
|
|
—
|
|
|||
MyWebGrocer, Inc.
|
Preferred stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
71
|
|
|
165
|
|
|
—
|
|
|
41
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
1,611
|
|
|
—
|
|
|
41
|
|
||||
Healthcare, Education and Childcare
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Active Day, Inc.
|
LLC interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
1
|
|
|
614
|
|
|
0.1
|
|
|
446
|
|
|||
Acuity Eyecare Holdings, LLC
|
LLC interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
198
|
|
|
198
|
|
|
—
|
|
|
196
|
|
|||
ADCS Clinics Intermediate Holdings, LLC
|
Preferred stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
1
|
|
|
579
|
|
|
0.1
|
|
|
363
|
|
|||
ADCS Clinics Intermediate Holdings, LLC
|
Common stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|||
Advanced Pain Management Holdings, Inc.
(7)
|
Preferred stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
8
|
|
|
829
|
|
|
—
|
|
|
—
|
|
|||
Advanced Pain Management Holdings, Inc.
(7)
|
Common stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
67
|
|
|
67
|
|
|
—
|
|
|
—
|
|
|||
Advanced Pain Management Holdings, Inc.
(7)
|
Preferred stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
1
|
|
|
64
|
|
|
—
|
|
|
—
|
|
|||
BIORECLAMATIONIVT, LLC
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
407
|
|
|
0.1
|
|
|
666
|
|
|
Investment
Type
|
|
Spread
Above
Index
(1)
|
|
Interest
Rate
(2)
|
|
Maturity
Date
|
|
Principal ($) /
Shares
(3)
|
|
Amortized Cost
|
|
Percentage
of Net
Assets
|
|
Fair
Value (4) |
||||||||
Healthcare, Education and Childcare - (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
DCA Investment Holding, LLC
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
8,637
|
|
|
$
|
864
|
|
|
0.1
|
|
%
|
$
|
1,073
|
|
|
DCA Investment Holding, LLC
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
87
|
|
|
9
|
|
|
—
|
|
|
—
|
|
|||
Deca Dental Management LLC
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
357
|
|
|
357
|
|
|
0.1
|
|
|
428
|
|
|||
Dental Holdings Corporation
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
883
|
|
|
831
|
|
|
0.1
|
|
|
733
|
|
|||
Elite Dental Partners LLC
|
Common stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
360
|
|
|
0.1
|
|
|
360
|
|
|||
Encore GC Acquisition, LLC
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
18
|
|
|
182
|
|
|
—
|
|
|
239
|
|
|||
Encore GC Acquisition, LLC
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
18
|
|
|
—
|
|
|
—
|
|
|
19
|
|
|||
ERG Buyer, LLC
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
349
|
|
|
0.1
|
|
|
349
|
|
|||
ERG Buyer, LLC
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
4
|
|
|
4
|
|
|
—
|
|
|
4
|
|
|||
Eyecare Services Partners Holdings LLC
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
133
|
|
|
—
|
|
|
147
|
|
|||
Eyecare Services Partners Holdings LLC
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
1
|
|
|
—
|
|
|
5
|
|
|||
G & H Wire Company, Inc.
|
LLC interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
148
|
|
|
148
|
|
|
—
|
|
|
122
|
|
|||
IntegraMed America, Inc.
|
LLC interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
417
|
|
|
—
|
|
|
172
|
|
|||
Katena Holdings, Inc.
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
387
|
|
|
—
|
|
|
293
|
|
|||
Lombart Brothers, Inc.
|
Common stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
1
|
|
|
157
|
|
|
—
|
|
|
177
|
|
|||
MD Now Holdings, Inc.
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
7
|
|
|
68
|
|
|
—
|
|
|
68
|
|
|||
MWD Management, LLC & MWD Services, Inc.
|
LLC interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
182
|
|
|
182
|
|
|
—
|
|
|
122
|
|
|||
Oliver Street Dermatology Holdings, LLC
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
234
|
|
|
234
|
|
|
—
|
|
|
346
|
|
|||
Pentec Acquisition Sub, Inc.
|
Preferred stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
1
|
|
|
116
|
|
|
—
|
|
|
178
|
|
|||
Pinnacle Treatment Centers, Inc.
|
Preferred stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
231
|
|
|
—
|
|
|
268
|
|
|||
Pinnacle Treatment Centers, Inc.
|
Common stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
2
|
|
|
2
|
|
|
—
|
|
|
6
|
|
|||
Radiology Partners, Inc.
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
43
|
|
|
85
|
|
|
—
|
|
|
191
|
|
|||
Radiology Partners, Inc.
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
11
|
|
|
76
|
|
|
—
|
|
|
48
|
|
|||
RXH Buyer Corporation
|
LP interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
7
|
|
|
683
|
|
|
—
|
|
|
290
|
|
|||
Sage Dental Management, LLC
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
249
|
|
|
—
|
|
|
28
|
|
|||
Sage Dental Management, LLC
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
3
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|||
SLMP, LLC
|
LLC interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
289
|
|
|
289
|
|
|
—
|
|
|
308
|
|
|||
Spear Education, LLC
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
62
|
|
|
—
|
|
|
75
|
|
|||
Spear Education, LLC
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
1
|
|
|
1
|
|
|
—
|
|
|
28
|
|
|||
SSH Corporation
|
Common stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
40
|
|
|
—
|
|
|
187
|
|
|||
Summit Behavioral Healthcare, LLC
|
LLC interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
1
|
|
|
68
|
|
|
—
|
|
|
73
|
|
|||
Summit Behavioral Healthcare, LLC
|
LLC interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
1
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|||
Surgical Information Systems, LLC
|
Common stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
4
|
|
|
414
|
|
|
0.1
|
|
|
535
|
|
|||
U.S. Renal Care, Inc.
|
LP interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
1
|
|
|
2,665
|
|
|
0.2
|
|
|
1,796
|
|
|||
WHCG Management, LLC
|
LLC interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
246
|
|
|
—
|
|
|
135
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
12,677
|
|
|
1.1
|
|
|
10,477
|
|
||||
Insurance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Captive Resources Midco, LLC
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
1
|
|
|
—
|
|
|
0.1
|
|
|
393
|
|
|||
Internet Pipeline, Inc.
|
Preferred stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
72
|
|
|
—
|
|
|
100
|
|
|||
Internet Pipeline, Inc.
|
Common stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
44
|
|
|
1
|
|
|
—
|
|
|
174
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
73
|
|
|
0.1
|
|
|
667
|
|
||||
Leisure, Amusement, Motion Pictures, Entertainment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
LMP TR Holdings, LLC
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
712
|
|
|
712
|
|
|
0.1
|
|
|
1,151
|
|
|||
PADI Holdco, Inc.
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
414
|
|
|
—
|
|
|
454
|
|
|||
Titan Fitness, LLC
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
7
|
|
|
712
|
|
|
0.2
|
|
|
1,403
|
|
|||
WBZ Investment LLC
|
LLC interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
31
|
|
|
49
|
|
|
—
|
|
|
49
|
|
|||
WBZ Investment LLC
|
LLC interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
21
|
|
|
33
|
|
|
—
|
|
|
33
|
|
|||
WBZ Investment LLC
|
LLC interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
18
|
|
|
27
|
|
|
—
|
|
|
27
|
|
|
Investment
Type
|
|
Spread
Above
Index
(1)
|
|
Interest
Rate
(2)
|
|
Maturity
Date
|
|
Principal ($) /
Shares
(3)
|
|
Amortized Cost
|
|
Percentage
of Net
Assets
|
|
Fair
Value (4) |
||||||||
Leisure, Amusement, Motion Pictures, Entertainment - (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
WBZ Investment LLC
|
LLC interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
15
|
|
|
$
|
24
|
|
|
—
|
|
%
|
$
|
24
|
|
|
WBZ Investment LLC
|
LLC interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
7
|
|
|
10
|
|
|
—
|
|
|
10
|
|
|||
WBZ Investment LLC
|
LLC interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
1
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
1,982
|
|
|
0.3
|
|
|
3,152
|
|
||||
Personal and Non Durable Consumer Products (Mfg. Only)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Georgica Pine Clothiers, LLC
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
11
|
|
|
106
|
|
|
—
|
|
|
176
|
|
|||
Massage Envy, LLC
|
LLC interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
749
|
|
|
210
|
|
|
0.2
|
|
|
1,490
|
|
|||
Team Technologies Acquisition Company
|
Common stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
114
|
|
|
—
|
|
|
292
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
430
|
|
|
0.2
|
|
|
1,958
|
|
||||
Personal, Food and Miscellaneous Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Captain D's, LLC
|
LLC interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
70
|
|
|
70
|
|
|
—
|
|
|
64
|
|
|||
Community Veterinary Partners, LLC
|
Common stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
2
|
|
|
244
|
|
|
—
|
|
|
310
|
|
|||
PPV Intermediate Holdings II, LLC
|
LLC interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
13
|
|
|
13
|
|
|
—
|
|
|
13
|
|
|||
R.G. Barry Corporation
|
Preferred stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
161
|
|
|
—
|
|
|
176
|
|
|||
Ruby Slipper Cafe LLC, The
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
12
|
|
|
123
|
|
|
—
|
|
|
151
|
|
|||
Southern Veterinary Partners, LLC
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
216
|
|
|
0.1
|
|
|
333
|
|
|||
Southern Veterinary Partners, LLC
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
64
|
|
|
2
|
|
|
—
|
|
|
24
|
|
|||
Veterinary Specialists of North America, LLC
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
106
|
|
|
—
|
|
|
185
|
|
|||
Wetzel's Pretzels, LLC
|
Common stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
160
|
|
|
—
|
|
|
221
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
1,095
|
|
|
0.1
|
|
|
1,477
|
|
||||
Printing and Publishing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Brandmuscle, Inc.
|
LLC interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
240
|
|
|
—
|
|
|
166
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Retail Stores
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Batteries Plus Holding Corporation
|
LP interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
5
|
|
|
529
|
|
|
0.1
|
|
|
816
|
|
|||
Cycle Gear, Inc.
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
19
|
|
|
248
|
|
|
—
|
|
|
463
|
|
|||
DTLR, Inc.
|
LLC interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
4
|
|
|
411
|
|
|
0.1
|
|
|
734
|
|
|||
Elite Sportswear, L.P.
|
LLC interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
165
|
|
|
—
|
|
|
36
|
|
|||
Feeders Supply Company, LLC
|
Preferred stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
2
|
|
|
192
|
|
|
—
|
|
|
241
|
|
|||
Feeders Supply Company, LLC
|
Common stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
—
|
|
|
—
|
|
|
52
|
|
|||
Marshall Retail Group LLC, The
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
15
|
|
|
154
|
|
|
—
|
|
|
95
|
|
|||
Paper Source, Inc.
|
Common stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
8
|
|
|
1,387
|
|
|
0.1
|
|
|
606
|
|
|||
Pet Holdings ULC
(8)(10)
|
LP interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
455
|
|
|
386
|
|
|
0.1
|
|
|
537
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
3,472
|
|
|
0.4
|
|
|
3,580
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total non-controlled/non-affiliate company equity investments
|
|
|
|
|
|
|
|
|
$
|
37,762
|
|
|
4.2
|
|
%
|
$
|
40,156
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total non-controlled/non-affiliate company investments
|
|
|
|
|
|
|
$
|
1,679,746
|
|
|
$
|
1,697,892
|
|
|
176.0
|
|
%
|
$
|
1,704,473
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Non-controlled affiliate company investments
(14)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Debt investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Diversified/Conglomerate Service
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Switchfly, LLC
(8)
|
One stop
|
|
P + 2.00%
|
(c)(f)
|
|
7.25%
|
|
04/2020
|
|
$
|
2,295
|
|
|
$
|
2,258
|
|
|
0.2
|
|
%
|
$
|
2,066
|
|
Switchfly, LLC
(8)
|
One stop
|
|
P + 2.00%
|
(f)
|
|
7.25%
|
|
06/2018
|
|
192
|
|
|
192
|
|
|
—
|
|
|
173
|
|
|||
Switchfly, LLC
(8)
|
One stop
|
|
P + 2.00%
|
(f)
|
|
7.25%
|
|
04/2020
|
|
17
|
|
|
17
|
|
|
—
|
|
|
15
|
|
|||
|
|
|
|
|
|
|
|
|
|
2,504
|
|
|
2,467
|
|
|
0.2
|
|
|
2,254
|
|
|
*
|
|
Denotes that all or a portion of the investment collateralizes the MS Credit Facility (as defined in Note 6).
|
^
|
|
Denotes that all or a portion of the investment secures the notes offered in the 2014 Debt Securitization (as defined in Note 6).
|
#
|
|
Denotes that all or a portion of the investment collateralizes the Credit Facility (as defined in Note 6).
|
(1)
|
The majority of the investments bear interest at a rate that may be determined by reference to London Interbank Offered Rate ("LIBOR" or "L"), Euro Interbank Offered Rate ("EURIBOR" or "E") or Prime ("P") and which reset daily, monthly, quarterly, semiannually, or annually. For each, the Company has provided the spread over LIBOR, EURIBOR or Prime and the weighted average current interest rate in effect as of
September 30, 2018
. Certain investments are subject to a LIBOR, EURIBOR or Prime interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. Listed below are the index rates as of September 28, 2018, which was the last business day of the period on which LIBOR or EURIBOR was determined. The actual index rate for each loan listed may not be the applicable index rate outstanding as of September 28, 2018, as the loan may have priced or repriced based on an index rate prior to September 28, 2018.
|
(2)
|
For portfolio companies with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of
September 30, 2018
.
|
(3)
|
The total principal amount is presented for debt investments while the number of shares or units owned is presented for equity investments.
|
(4)
|
The fair value of the investment was valued using significant unobservable inputs. See Note 5. Fair Value Measurements.
|
(5)
|
The negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par. The negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.
|
(6)
|
The entire commitment was unfunded as of
September 30, 2018
. As such, no interest is being earned on this investment. The investment may be subject to an unused facility fee.
|
(7)
|
Loan was on non-accrual status as of
September 30, 2018
, meaning that the Company has ceased recognizing interest income on the loan.
|
(8)
|
The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of
September 30, 2018
, total non-qualifying assets at fair value represented 5.8% of the Company's total assets calculated in accordance with the 1940 Act.
|
(9)
|
Loan is denominated in foreign currency and is translated into U.S. dollars as of the valuation date or the date of the transaction. See Note 2. Significant Accounting Policies and Recent Accounting Updates - Foreign Currency Transactions.
|
(10)
|
The headquarters of this portfolio company is located in Canada.
|
(11)
|
Equity investments are non-income producing securities unless otherwise noted.
|
(12)
|
Ownership of certain equity investments may occur through a holding company or partnership.
|
(13)
|
The Company holds an equity investment that entitles it to receive preferential dividends.
|
Portfolio Company
|
|
Fair value as of September 30, 2017
|
|
Purchases (cost)
(h)
|
|
Redemptions
(cost)
|
|
Transfer in (out)
|
|
Discount
accretion
|
|
Net change in unrealized
gain/(loss)
|
|
Fair value as of September 30, 2018
|
|
Net realized gain/(loss)
|
|
Interest and
fee income
|
|
Dividend
income
|
||||||||||||||||||||
Benetech, Inc.
|
|
$
|
3,707
|
|
|
$
|
222
|
|
|
$
|
(551
|
)
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
1,117
|
|
|
$
|
4,496
|
|
|
$
|
—
|
|
|
$
|
638
|
|
|
$
|
—
|
|
Switchfly LLC
(i)
|
|
—
|
|
|
254
|
|
|
—
|
|
|
2,120
|
|
|
25
|
|
|
389
|
|
|
2,788
|
|
|
—
|
|
|
29
|
|
|
—
|
|
||||||||||
Total Non-Controlled Affiliates
|
|
$
|
3,707
|
|
|
$
|
476
|
|
|
$
|
(551
|
)
|
|
$
|
2,120
|
|
|
$
|
26
|
|
|
$
|
1,506
|
|
|
$
|
7,284
|
|
|
$
|
—
|
|
|
$
|
667
|
|
|
$
|
—
|
|
(h)
|
Purchases at cost includes amounts related to payment-in-kind ("PIK") interest capitalized and added to the principal balance of the respective loans.
|
(i)
|
During the three months ended September 30, 2018, the Company's ownership increased to over five percent of the portfolio company's voting securities.
|
Portfolio Company
|
|
Fair value as of September 30, 2017
|
|
Purchases (cost)
|
|
Redemptions
(cost)
|
|
Transfer in (out)
|
|
Discount
accretion
|
|
Net change in unrealized
gain/(loss)
|
|
Fair value as of September 30, 2018
|
|
Net realized gain/(loss)
|
|
Interest and
fee income
|
|
Dividend
income
|
||||||||||||||||||||
Senior Loan Fund LLC
(j)
|
|
$
|
95,015
|
|
|
$
|
12,163
|
|
|
$
|
(34,213
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(1,881
|
)
|
|
$
|
71,084
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8,099
|
|
Total Controlled Affiliates
|
|
$
|
95,015
|
|
|
$
|
12,163
|
|
|
$
|
(34,213
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(1,881
|
)
|
|
$
|
71,084
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8,099
|
|
(j)
|
Together with RGA Reinsurance Company ("RGA"), the Company co-invests through Senior Loan Fund LLC ("SLF"). SLF is capitalized as transactions are completed and all portfolio and investment decisions in respect to SLF must be approved by the SLF investment committee consisting of two representatives of the Company and RGA (with unanimous approval required from (i) one representative of each of the Company and RGA or (ii) both representatives of each of the Company and RGA). Therefore, although the Company owns more than 25% of the voting securities of SLF, the Company does not believe that it has control over SLF for purposes of the 1940 Act or otherwise.
|
(16)
|
The Company receives quarterly profit distributions from its equity investment in SLF. See Note 4. Investments.
|
(17)
|
The rate shown is the annualized seven-day yield as of
September 30, 2018
.
|
|
Investment
|
|
Spread
Above
Index
(1)
|
Interest
Rate (2) |
|
Maturity
Date
|
|
Principal ($) /
Shares
(3)
|
|
Amortized Cost
|
|
Percentage
of Net
Assets
|
|
Fair
Value
(16)
|
|||||||||
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-controlled/non-affiliate company investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Debt investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Aerospace and Defense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
ILC Dover, LP
*^#
|
One stop
|
|
L + 9.00%
|
(a)
|
8.24% cash/2.00% PIK
|
|
03/2020
|
|
$
|
17,617
|
|
|
$
|
17,521
|
|
|
1.8
|
|
%
|
$
|
17,617
|
|
|
ILC Dover, LP
|
One stop
|
|
L + 9.00%
|
(a)(c)
|
8.24% cash/2.00% PIK
|
|
03/2019
|
|
801
|
|
|
797
|
|
|
0.1
|
|
|
801
|
|
||||
NTS Technical Systems
*^#
|
One stop
|
|
L + 6.25%
|
(a)
|
7.49%
|
|
06/2021
|
|
21,773
|
|
|
21,486
|
|
|
2.3
|
|
|
21,773
|
|
||||
NTS Technical Systems
(4)
|
One stop
|
|
L + 6.25%
|
|
N/A
(5)
|
|
06/2021
|
|
—
|
|
|
(72
|
)
|
|
—
|
|
|
—
|
|
||||
NTS Technical Systems
(4)
|
One stop
|
|
L + 6.25%
|
|
N/A
(5)
|
|
06/2021
|
|
—
|
|
|
(120
|
)
|
|
—
|
|
|
—
|
|
||||
Tresys Technology Holdings, Inc.
(6)
|
One stop
|
|
L + 6.75%
|
(c)
|
8.08%
|
|
12/2017
|
|
3,899
|
|
|
3,845
|
|
|
0.1
|
|
|
1,170
|
|
||||
Tresys Technology Holdings, Inc.
(6)
|
One stop
|
|
L + 6.75%
|
(c)
|
8.06%
|
|
12/2017
|
|
659
|
|
|
658
|
|
|
0.1
|
|
|
659
|
|
||||
Tronair Parent, Inc.
#
|
Senior loan
|
|
L + 4.75%
|
(c)(e)
|
6.06%
|
|
09/2023
|
|
191
|
|
|
189
|
|
|
—
|
|
|
191
|
|
||||
Tronair Parent, Inc.
|
Senior loan
|
|
L + 4.50%
|
(c)
|
5.81%
|
|
09/2021
|
|
32
|
|
|
31
|
|
|
—
|
|
|
31
|
|
||||
Whitcraft LLC
*^#
|
One stop
|
|
L + 6.25%
|
(c)
|
7.58%
|
|
04/2023
|
|
12,564
|
|
|
12,390
|
|
|
1.3
|
|
|
12,564
|
|
||||
Whitcraft LLC
|
One stop
|
|
P + 5.25%
|
(e)
|
9.50%
|
|
04/2023
|
|
17
|
|
|
16
|
|
|
—
|
|
|
17
|
|
||||
Whitcraft LLC
(4)
|
One stop
|
|
L + 6.25%
|
|
N/A
(5)
|
|
04/2023
|
|
—
|
|
|
(5
|
)
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
57,553
|
|
|
56,736
|
|
|
5.7
|
|
|
54,823
|
|
||||
Automobile
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Dent Wizard International Corporation
*
|
Senior loan
|
|
L + 4.75%
|
(a)
|
5.98%
|
|
04/2020
|
|
4,522
|
|
|
4,499
|
|
|
0.5
|
|
|
4,522
|
|
||||
OEConnection LLC
*
|
Senior loan
|
|
L + 5.00%
|
(c)
|
6.33%
|
|
06/2022
|
|
4,834
|
|
|
4,735
|
|
|
0.5
|
|
|
4,852
|
|
||||
OEConnection LLC
^
|
Senior loan
|
|
L + 4.75%
|
(c)
|
6.08%
|
|
06/2023
|
|
2,590
|
|
|
2,565
|
|
|
0.3
|
|
|
2,573
|
|
||||
OEConnection LLC
(4)
|
Senior loan
|
|
L + 5.00%
|
|
N/A
(5)
|
|
06/2021
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
T5 Merger Corporation
*^
|
One stop
|
|
L + 6.25%
|
(a)
|
7.49%
|
|
03/2022
|
|
4,380
|
|
|
4,312
|
|
|
0.4
|
|
|
4,380
|
|
||||
T5 Merger Corporation
*
|
One stop
|
|
L + 6.25%
|
(a)
|
7.48%
|
|
03/2022
|
|
190
|
|
|
188
|
|
|
—
|
|
|
190
|
|
||||
T5 Merger Corporation
*
|
One stop
|
|
L + 6.25%
|
(a)
|
7.48%
|
|
03/2022
|
|
60
|
|
|
59
|
|
|
—
|
|
|
60
|
|
||||
T5 Merger Corporation
|
One stop
|
|
L + 6.50%
|
(a)
|
7.74%
|
|
03/2022
|
|
8
|
|
|
6
|
|
|
—
|
|
|
8
|
|
||||
|
|
|
|
|
|
|
|
|
16,584
|
|
|
16,363
|
|
|
1.7
|
|
|
16,585
|
|
||||
Banking
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
HedgeServ Holding L.P.
*#
|
One stop
|
|
L + 8.00%
|
(c)
|
7.23% cash/2.00% PIK
|
02/2019
|
|
17,182
|
|
|
17,147
|
|
|
1.8
|
|
|
17,182
|
|
|||||
HedgeServ Holding L.P.
(4)
|
One stop
|
|
L + 6.00%
|
|
N/A
(5)
|
|
02/2019
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
17,182
|
|
|
17,144
|
|
|
1.8
|
|
|
17,182
|
|
||||
Beverage, Food and Tobacco
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Abita Brewing Co., L.L.C.
|
One stop
|
|
L + 5.75%
|
(a)
|
6.99%
|
|
04/2021
|
|
7,763
|
|
|
7,655
|
|
|
0.8
|
|
|
7,530
|
|
||||
Abita Brewing Co., L.L.C.
(4)
|
One stop
|
|
L + 5.75%
|
|
N/A
(5)
|
|
04/2021
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(2
|
)
|
||||
ABP Corporation
*
|
Senior loan
|
|
L + 4.75%
|
(c)
|
6.07%
|
|
09/2018
|
|
4,647
|
|
|
4,632
|
|
|
0.5
|
|
|
4,647
|
|
||||
ABP Corporation
|
Senior loan
|
|
P + 3.50%
|
(e)
|
7.75%
|
|
09/2018
|
|
334
|
|
|
332
|
|
|
—
|
|
|
334
|
|
||||
Benihana, Inc.
*^
|
One stop
|
|
L + 7.00%
|
(a)(c)
|
8.32%
|
|
01/2019
|
|
16,099
|
|
|
15,945
|
|
|
1.7
|
|
|
15,951
|
|
||||
Benihana, Inc.
|
One stop
|
|
L + 7.00%
|
(c)(e)
|
9.16%
|
|
07/2018
|
|
1,726
|
|
|
1,711
|
|
|
0.2
|
|
|
1,706
|
|
||||
C. J. Foods, Inc.
*^
|
One stop
|
|
L + 6.25%
|
(c)
|
7.58%
|
|
05/2019
|
|
5,205
|
|
|
5,164
|
|
|
0.5
|
|
|
5,205
|
|
||||
C. J. Foods, Inc.
|
One stop
|
|
L + 6.25%
|
(c)
|
7.58%
|
|
05/2019
|
|
656
|
|
|
651
|
|
|
0.1
|
|
|
656
|
|
||||
C. J. Foods, Inc.
|
One stop
|
|
L + 6.25%
|
(c)
|
7.56%
|
|
05/2019
|
|
129
|
|
|
125
|
|
|
—
|
|
|
129
|
|
||||
Cafe Rio Holding, Inc.
*^
|
One stop
|
|
L + 5.75%
|
(c)
|
7.08%
|
|
09/2023
|
|
10,475
|
|
|
10,294
|
|
|
1.1
|
|
|
10,371
|
|
||||
Cafe Rio Holding, Inc.
(4)
|
One stop
|
|
L + 5.75%
|
|
N/A
(5)
|
|
09/2023
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(1
|
)
|
||||
Cafe Rio Holding, Inc.
(4)
|
One stop
|
|
L + 5.75%
|
|
N/A
(5)
|
|
09/2023
|
|
—
|
|
|
(5
|
)
|
|
—
|
|
|
(3
|
)
|
||||
Firebirds International, LLC
*
|
One stop
|
|
L + 5.75%
|
(c)
|
7.06%
|
|
05/2018
|
|
1,063
|
|
|
1,058
|
|
|
0.1
|
|
|
1,063
|
|
||||
Firebirds International, LLC
*
|
One stop
|
|
L + 5.75%
|
(c)
|
7.06%
|
|
05/2018
|
|
299
|
|
|
297
|
|
|
—
|
|
|
299
|
|
||||
Firebirds International, LLC
^
|
One stop
|
|
L + 5.75%
|
(c)
|
7.06%
|
|
12/2018
|
|
96
|
|
|
95
|
|
|
—
|
|
|
96
|
|
||||
Firebirds International, LLC
|
One stop
|
|
L + 5.75%
|
|
N/A
(5)
|
|
12/2018
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Investment
|
|
Spread
Above
Index
(1)
|
Interest
Rate (2) |
|
Maturity
Date
|
|
Principal ($) /
Shares
(3)
|
|
Amortized Cost
|
|
Percentage
of Net
Assets
|
|
Fair
Value
(16)
|
|||||||||
Beverage, Food and Tobacco - (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Firebirds International, LLC
(4)
|
One stop
|
|
L + 5.75%
|
|
N/A
(5)
|
|
05/2018
|
|
$
|
—
|
|
|
$
|
(1
|
)
|
|
—
|
|
%
|
$
|
—
|
|
|
FWR Holding Corporation
^
|
One stop
|
|
L + 6.00%
|
(c)
|
7.40%
|
|
08/2023
|
|
5,312
|
|
|
5,234
|
|
|
0.6
|
|
|
5,259
|
|
||||
FWR Holding Corporation
|
One stop
|
|
L + 6.00%
|
(a)(c)
|
7.28%
|
|
08/2023
|
|
18
|
|
|
17
|
|
|
—
|
|
|
18
|
|
||||
FWR Holding Corporation
(4)
|
One stop
|
|
L + 6.00%
|
|
N/A
(5)
|
|
08/2023
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
||||
Global Franchise Group, LLC
*
|
Senior loan
|
|
L + 5.75%
|
(c)
|
7.07%
|
|
12/2019
|
|
3,530
|
|
|
3,496
|
|
|
0.4
|
|
|
3,495
|
|
||||
Global Franchise Group, LLC
|
Senior loan
|
|
L + 5.75%
|
|
N/A
(5)
|
|
12/2019
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Hopdoddy Holdings, LLC
|
One stop
|
|
L + 8.00%
|
(a)
|
9.24%
|
|
08/2020
|
|
653
|
|
|
645
|
|
|
0.1
|
|
|
653
|
|
||||
Hopdoddy Holdings, LLC
|
One stop
|
|
L + 8.00%
|
(a)
|
9.24%
|
|
08/2020
|
|
266
|
|
|
265
|
|
|
—
|
|
|
266
|
|
||||
Hopdoddy Holdings, LLC
|
One stop
|
|
L + 8.00%
|
|
N/A
(5)
|
|
08/2020
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Julio & Sons Company
|
One stop
|
|
L + 5.50%
|
|
N/A
(5)
|
|
12/2018
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Mid-America Pet Food, L.L.C.
^
|
One stop
|
|
L + 5.50%
|
(c)
|
6.83%
|
|
12/2021
|
|
5,640
|
|
|
5,568
|
|
|
0.6
|
|
|
5,640
|
|
||||
Mid-America Pet Food, L.L.C.
(4)
|
One stop
|
|
L + 5.50%
|
|
N/A
(5)
|
|
12/2021
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
NBC Intermediate, LLC
#
|
Senior loan
|
|
L + 4.50%
|
(a)
|
5.74%
|
|
09/2023
|
|
2,288
|
|
|
2,265
|
|
|
0.2
|
|
|
2,265
|
|
||||
NBC Intermediate, LLC
|
Senior loan
|
|
L + 4.50%
|
|
N/A
(5)
|
|
09/2023
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
P&P Food Safety US Acquisition, Inc.
*
|
One stop
|
|
L + 6.50%
|
(c)
|
7.82%
|
|
11/2021
|
|
4,126
|
|
|
4,083
|
|
|
0.4
|
|
|
4,126
|
|
||||
P&P Food Safety US Acquisition, Inc.
|
One stop
|
|
P + 5.25%
|
(e)
|
9.50%
|
|
11/2021
|
|
13
|
|
|
13
|
|
|
—
|
|
|
13
|
|
||||
Purfoods, LLC
|
One stop
|
|
L + 6.25%
|
(c)
|
7.57%
|
|
05/2021
|
|
8,561
|
|
|
8,407
|
|
|
0.9
|
|
|
8,561
|
|
||||
Purfoods, LLC
|
One stop
|
|
N/A
|
|
7.00% PIK
|
|
05/2026
|
|
109
|
|
|
109
|
|
|
—
|
|
|
112
|
|
||||
Purfoods, LLC
|
One stop
|
|
L + 6.25%
|
(a)(c)
|
7.55%
|
|
05/2021
|
|
70
|
|
|
69
|
|
|
—
|
|
|
70
|
|
||||
Purfoods, LLC
|
One stop
|
|
L + 6.25%
|
(c)
|
7.58%
|
|
05/2021
|
|
15
|
|
|
15
|
|
|
—
|
|
|
15
|
|
||||
Purfoods, LLC
|
One stop
|
|
L + 6.25%
|
(a)
|
7.49%
|
|
05/2021
|
|
15
|
|
|
15
|
|
|
—
|
|
|
15
|
|
||||
Purfoods, LLC
|
One stop
|
|
L + 6.25%
|
(c)
|
7.58%
|
|
05/2021
|
|
14
|
|
|
14
|
|
|
—
|
|
|
14
|
|
||||
Purfoods, LLC
|
One stop
|
|
L + 6.25%
|
(c)
|
7.58%
|
|
05/2021
|
|
11
|
|
|
11
|
|
|
—
|
|
|
11
|
|
||||
Purfoods, LLC
|
One stop
|
|
L + 6.25%
|
(c)
|
7.58%
|
|
05/2021
|
|
10
|
|
|
10
|
|
|
—
|
|
|
10
|
|
||||
Restaurant Holding Company, LLC
#
|
Senior loan
|
|
L + 7.75%
|
(a)
|
8.99%
|
|
02/2019
|
|
4,469
|
|
|
4,455
|
|
|
0.4
|
|
|
4,246
|
|
||||
Rubio's Restaurants, Inc.
*^
|
Senior loan
|
|
L + 4.75%
|
(c)
|
6.07%
|
|
11/2018
|
|
8,828
|
|
|
8,807
|
|
|
0.9
|
|
|
8,828
|
|
||||
Smashburger Finance LLC
|
Senior loan
|
|
L + 5.50%
|
(c)
|
6.83%
|
|
05/2018
|
|
79
|
|
|
79
|
|
|
—
|
|
|
69
|
|
||||
Smashburger Finance LLC
(4)
|
Senior loan
|
|
L + 5.50%
|
|
N/A
(5)
|
|
05/2018
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
Surfside Coffee Company LLC
#
|
One stop
|
|
L + 5.25%
|
(c)
|
6.58%
|
|
06/2020
|
|
4,436
|
|
|
4,411
|
|
|
0.5
|
|
|
4,436
|
|
||||
Surfside Coffee Company LLC
|
One stop
|
|
L + 5.25%
|
(c)
|
6.58%
|
|
06/2020
|
|
335
|
|
|
334
|
|
|
—
|
|
|
335
|
|
||||
Surfside Coffee Company LLC
|
One stop
|
|
L + 5.25%
|
(c)
|
6.57%
|
|
06/2020
|
|
30
|
|
|
30
|
|
|
—
|
|
|
30
|
|
||||
Tate's Bake Shop, Inc.
^
|
Senior loan
|
|
L + 5.00%
|
(c)
|
6.33%
|
|
08/2019
|
|
591
|
|
|
588
|
|
|
0.1
|
|
|
591
|
|
||||
Uinta Brewing Company
^
|
One stop
|
|
L + 8.50%
|
(a)
|
9.74%
|
|
08/2019
|
|
3,734
|
|
|
3,720
|
|
|
0.4
|
|
|
3,622
|
|
||||
Uinta Brewing Company
|
One stop
|
|
L + 8.50%
|
(a)
|
9.74%
|
|
08/2019
|
|
539
|
|
|
535
|
|
|
0.1
|
|
|
517
|
|
||||
|
|
|
|
|
|
|
|
|
102,184
|
|
|
101,141
|
|
|
10.6
|
|
|
101,196
|
|
||||
Broadcasting and Entertainment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
TouchTunes Interactive Networks, Inc.
^
|
Senior loan
|
|
L + 4.75%
|
(a)
|
5.99%
|
|
05/2021
|
|
1,462
|
|
|
1,458
|
|
|
0.2
|
|
|
1,469
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Building and Real Estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Brooks Equipment Company, LLC
*^
|
One stop
|
|
L + 5.00%
|
(b)(c)
|
6.32%
|
|
08/2020
|
|
21,846
|
|
|
21,687
|
|
|
2.3
|
|
|
21,846
|
|
||||
Brooks Equipment Company, LLC
*
|
One stop
|
|
L + 5.00%
|
(c)
|
6.32%
|
|
08/2020
|
|
5,400
|
|
|
5,366
|
|
|
0.6
|
|
|
5,400
|
|
||||
Brooks Equipment Company, LLC
|
One stop
|
|
L + 5.00%
|
(a)
|
6.24%
|
|
08/2020
|
|
890
|
|
|
880
|
|
|
0.1
|
|
|
890
|
|
||||
Jensen Hughes, Inc.
#
|
Senior loan
|
|
L + 5.00%
|
(d)
|
6.45%
|
|
12/2021
|
|
153
|
|
|
152
|
|
|
—
|
|
|
153
|
|
||||
MRI Software LLC
^
|
One stop
|
|
L + 6.00%
|
(c)
|
7.33%
|
|
06/2023
|
|
23,923
|
|
|
23,312
|
|
|
2.5
|
|
|
23,683
|
|
||||
MRI Software LLC
#
|
One stop
|
|
L + 6.00%
|
(c)
|
7.33%
|
|
06/2023
|
|
13,883
|
|
|
13,744
|
|
|
1.4
|
|
|
13,744
|
|
||||
MRI Software LLC
|
One stop
|
|
L + 6.00%
|
(c)
|
7.32%
|
|
06/2023
|
|
167
|
|
|
165
|
|
|
—
|
|
|
165
|
|
||||
MRI Software LLC
(4)
|
One stop
|
|
L + 6.00%
|
|
N/A
(5)
|
|
06/2023
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
(2
|
)
|
|
Investment
|
|
Spread
Above
Index
(1)
|
Interest
Rate (2) |
|
Maturity
Date
|
|
Principal ($) /
Shares
(3)
|
|
Amortized Cost
|
|
Percentage
of Net
Assets
|
|
Fair
Value
(16)
|
|||||||||
Building and Real Estate - (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
MRI Software LLC
(4)
|
One stop
|
|
L + 6.00%
|
(c)
|
N/A
(5)
|
|
06/2023
|
|
$
|
—
|
|
|
$
|
(7
|
)
|
|
$
|
—
|
|
%
|
$
|
(5
|
)
|
|
|
|
|
|
|
|
|
|
66,262
|
|
|
65,296
|
|
|
6.9
|
|
|
65,874
|
|
||||
Chemicals, Plastics and Rubber
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Flexan, LLC
*
|
One stop
|
|
L + 5.75%
|
(c)
|
7.08%
|
|
02/2020
|
|
2,333
|
|
|
2,316
|
|
|
0.2
|
|
|
2,333
|
|
||||
Flexan, LLC
|
One stop
|
|
P + 4.50%
|
(e)
|
8.75%
|
|
02/2020
|
|
2
|
|
|
1
|
|
|
—
|
|
|
2
|
|
||||
|
|
|
|
|
|
|
|
|
2,335
|
|
|
2,317
|
|
|
0.2
|
|
|
2,335
|
|
||||
Diversified/Conglomerate Manufacturing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Chase Industries, Inc.
*^#
|
One stop
|
|
L + 5.75%
|
(c)
|
7.05%
|
|
09/2020
|
|
31,371
|
|
|
31,164
|
|
|
3.3
|
|
|
31,371
|
|
||||
Chase Industries, Inc.
#
|
One stop
|
|
L + 5.75%
|
(c)
|
7.05%
|
|
09/2020
|
|
4,771
|
|
|
4,747
|
|
|
0.5
|
|
|
4,771
|
|
||||
Chase Industries, Inc.
|
One stop
|
|
L + 5.75%
|
(a)
|
6.99%
|
|
09/2020
|
|
324
|
|
|
313
|
|
|
—
|
|
|
324
|
|
||||
Inventus Power, Inc.
*^
|
One stop
|
|
L + 6.50%
|
(a)
|
7.74%
|
|
04/2020
|
|
8,140
|
|
|
8,098
|
|
|
0.7
|
|
|
7,326
|
|
||||
Inventus Power, Inc.
|
One stop
|
|
L + 6.50%
|
(a)
|
7.74%
|
|
04/2020
|
|
251
|
|
|
248
|
|
|
—
|
|
|
198
|
|
||||
Onicon Incorporated
*^#
|
One stop
|
|
L + 6.00%
|
(c)
|
7.33%
|
|
04/2020
|
|
12,878
|
|
|
12,782
|
|
|
1.3
|
|
|
12,878
|
|
||||
Onicon Incorporated
(4)
|
One stop
|
|
L + 6.00%
|
|
N/A
(5)
|
|
04/2020
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
||||
PetroChoice Holdings, Inc.
^
|
Senior loan
|
|
L + 5.00%
|
(b)
|
6.28%
|
|
08/2022
|
|
1,750
|
|
|
1,709
|
|
|
0.2
|
|
|
1,750
|
|
||||
Plex Systems, Inc.
*^
|
One stop
|
|
L + 7.50%
|
(d)
|
8.96%
|
|
06/2020
|
|
18,797
|
|
|
18,527
|
|
|
2.0
|
|
|
18,797
|
|
||||
Plex Systems, Inc.
(4)
|
One stop
|
|
L + 7.50%
|
|
N/A
(5)
|
|
06/2020
|
|
—
|
|
|
(22
|
)
|
|
—
|
|
|
—
|
|
||||
Reladyne, Inc.
*^#
|
Senior loan
|
|
L + 5.00%
|
(a)
|
6.24%
|
|
07/2022
|
|
17,049
|
|
|
16,812
|
|
|
1.8
|
|
|
16,879
|
|
||||
Reladyne, Inc.
(4)
|
Senior loan
|
|
L + 5.00%
|
|
N/A
(5)
|
|
07/2022
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
||||
Reladyne, Inc.
(4)
|
Senior loan
|
|
L + 5.00%
|
|
N/A
(5)
|
|
07/2022
|
|
—
|
|
|
(5
|
)
|
|
—
|
|
|
(5
|
)
|
||||
Sunless Merger Sub, Inc.
#
|
Senior loan
|
|
L + 5.00%
|
(a)(e)
|
6.27%
|
|
07/2019
|
|
1,457
|
|
|
1,463
|
|
|
0.2
|
|
|
1,457
|
|
||||
Sunless Merger Sub, Inc.
|
Senior loan
|
|
P + 3.75%
|
(e)
|
8.00%
|
|
07/2019
|
|
326
|
|
|
326
|
|
|
—
|
|
|
326
|
|
||||
|
|
|
|
|
|
|
|
|
97,114
|
|
|
96,156
|
|
|
10.0
|
|
|
96,070
|
|
||||
Diversified/Conglomerate Service
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Accela, Inc.
#
|
One stop
|
|
L + 6.25%
|
(c)
|
7.58%
|
|
09/2023
|
|
5,842
|
|
|
5,754
|
|
|
0.6
|
|
|
5,783
|
|
||||
Accela, Inc.
|
One stop
|
|
P + 5.25%
|
(e)
|
9.50%
|
|
09/2023
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||
Actiance, Inc.
*^
|
One stop
|
|
L + 9.00%
|
(a)
|
10.24%
|
|
10/2019
|
|
3,962
|
|
|
3,862
|
|
|
0.4
|
|
|
3,962
|
|
||||
Actiance, Inc.
|
One stop
|
|
L + 9.00%
|
(a)
|
10.24%
|
|
10/2019
|
|
20
|
|
|
20
|
|
|
—
|
|
|
20
|
|
||||
Agility Recovery Solutions Inc.
*^
|
One stop
|
|
L + 6.50%
|
(c)
|
7.81%
|
|
03/2020
|
|
13,924
|
|
|
13,823
|
|
|
1.4
|
|
|
13,924
|
|
||||
Agility Recovery Solutions Inc.
(4)
|
One stop
|
|
L + 6.50%
|
|
N/A
(5)
|
|
03/2020
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
||||
Anaqua, Inc.
#
|
One stop
|
|
L + 6.50%
|
(c)
|
7.81%
|
|
07/2022
|
|
7,018
|
|
|
6,917
|
|
|
0.7
|
|
|
6,948
|
|
||||
Anaqua, Inc.
(4)
|
One stop
|
|
L + 6.50%
|
|
N/A
(5)
|
|
07/2022
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
||||
Bomgar Corporation
^
|
One stop
|
|
L + 7.50%
|
(c)
|
8.83%
|
|
06/2022
|
|
4,839
|
|
|
4,762
|
|
|
0.5
|
|
|
4,839
|
|
||||
Bomgar Corporation
(4)
|
One stop
|
|
L + 7.50%
|
|
N/A
(5)
|
|
06/2022
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
||||
Clearwater Analytics, LLC
*^
|
One stop
|
|
L + 7.50%
|
(a)
|
8.74%
|
|
09/2022
|
|
9,594
|
|
|
9,451
|
|
|
1.0
|
|
|
9,594
|
|
||||
Clearwater Analytics, LLC
|
One stop
|
|
L + 7.50%
|
(a)
|
8.74%
|
|
09/2022
|
|
9
|
|
|
8
|
|
|
—
|
|
|
9
|
|
||||
Daxko Acquisition Corporation
*^
|
One stop
|
|
L + 6.50%
|
(a)
|
7.74%
|
|
09/2022
|
|
8,472
|
|
|
8,366
|
|
|
0.9
|
|
|
8,472
|
|
||||
Daxko Acquisition Corporation
|
One stop
|
|
L + 6.50%
|
|
N/A
(5)
|
|
09/2022
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
EGD Security Systems, LLC
|
One stop
|
|
L + 6.25%
|
(c)
|
7.55%
|
|
06/2022
|
|
11,114
|
|
|
10,918
|
|
|
1.1
|
|
|
11,114
|
|
||||
EGD Security Systems, LLC
^
|
One stop
|
|
L + 6.25%
|
(a)
|
7.49%
|
|
06/2022
|
|
98
|
|
|
97
|
|
|
—
|
|
|
98
|
|
||||
EGD Security Systems, LLC
|
One stop
|
|
L + 6.25%
|
(a)(c)
|
7.55%
|
|
06/2022
|
|
35
|
|
|
34
|
|
|
—
|
|
|
35
|
|
||||
EGD Security Systems, LLC
(4)
|
One stop
|
|
L + 6.25%
|
|
N/A
(5)
|
|
06/2022
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
HealthcareSource HR, Inc.
*
|
One stop
|
|
L + 6.75%
|
(c)
|
8.08%
|
|
05/2020
|
|
20,719
|
|
|
20,439
|
|
|
2.1
|
|
|
20,719
|
|
||||
HealthcareSource HR, Inc.
(4)
|
One stop
|
|
L + 6.75%
|
|
N/A
(5)
|
|
05/2020
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
Host Analytics, Inc.
|
One stop
|
|
N/A
|
|
8.50% cash/2.25% PIK
|
|
08/2021
|
|
3,098
|
|
|
3,055
|
|
|
0.3
|
|
|
3,098
|
|
||||
Host Analytics, Inc.
|
One stop
|
|
N/A
|
|
8.50% cash/2.25% PIK
|
|
08/2021
|
|
2,597
|
|
|
2,470
|
|
|
0.3
|
|
|
2,597
|
|
||||
Host Analytics, Inc.
(4)
|
One stop
|
|
N/A
|
|
N/A
(5)
|
|
08/2021
|
|
—
|
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
|
Investment
|
|
Spread
Above
Index
(1)
|
Interest
Rate (2) |
|
Maturity
Date
|
|
Principal ($) /
Shares
(3)
|
|
Amortized Cost
|
|
Percentage
of Net
Assets
|
|
Fair
Value
(16)
|
|||||||||
Diversified/Conglomerate Service - (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
III US Holdings, LLC
(4)
|
One stop
|
|
L + 6.50%
|
|
N/A
(5)
|
|
09/2022
|
|
$
|
—
|
|
|
$
|
(1
|
)
|
|
$
|
—
|
|
%
|
$
|
—
|
|
Integration Appliance, Inc.
*^
|
One stop
|
|
L + 8.25%
|
(c)
|
9.57%
|
|
09/2020
|
|
16,123
|
|
|
16,020
|
|
|
1.7
|
|
|
16,123
|
|
||||
Integration Appliance, Inc.
|
One stop
|
|
L + 8.25%
|
(c)
|
9.57%
|
|
09/2020
|
|
7,914
|
|
|
7,806
|
|
|
0.8
|
|
|
7,914
|
|
||||
Integration Appliance, Inc.
|
One stop
|
|
L + 8.25%
|
(c)
|
9.57%
|
|
09/2020
|
|
5,396
|
|
|
5,329
|
|
|
0.6
|
|
|
5,396
|
|
||||
Integration Appliance, Inc.
|
One stop
|
|
L + 8.25%
|
(c)
|
9.57%
|
|
09/2020
|
|
2,484
|
|
|
2,462
|
|
|
0.3
|
|
|
2,484
|
|
||||
Integration Appliance, Inc.
|
One stop
|
|
L + 8.25%
|
(c)
|
9.57%
|
|
09/2020
|
|
924
|
|
|
917
|
|
|
0.1
|
|
|
924
|
|
||||
Integration Appliance, Inc.
*
|
One stop
|
|
L + 8.25%
|
(c)
|
9.57%
|
|
09/2020
|
|
719
|
|
|
712
|
|
|
0.1
|
|
|
719
|
|
||||
Maverick Bidco Inc.
*#
|
One stop
|
|
L + 6.25%
|
(c)
|
7.56%
|
|
04/2023
|
|
17,645
|
|
|
17,311
|
|
|
1.8
|
|
|
17,645
|
|
||||
Maverick Bidco Inc.
|
One stop
|
|
L + 6.25%
|
(c)
|
7.57%
|
|
04/2023
|
|
27
|
|
|
25
|
|
|
—
|
|
|
27
|
|
||||
Maverick Bidco Inc.
(4)
|
One stop
|
|
L + 6.25%
|
|
N/A
(5)
|
|
04/2023
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
||||
MMan Acquisition Co.
#
|
One stop
|
|
L + 6.00%
|
(b)
|
7.26%
|
|
08/2023
|
|
9,824
|
|
|
9,680
|
|
|
1.0
|
|
|
9,726
|
|
||||
MMan Acquisition Co.
|
One stop
|
|
L + 6.00%
|
(c)
|
7.33%
|
|
08/2023
|
|
10
|
|
|
9
|
|
|
—
|
|
|
9
|
|
||||
Netsmart Technologies, Inc.
#
|
Senior loan
|
|
L + 4.50%
|
(c)
|
5.83%
|
|
04/2023
|
|
1,755
|
|
|
1,740
|
|
|
0.2
|
|
|
1,779
|
|
||||
Netsmart Technologies, Inc.
(4)
|
Senior loan
|
|
L + 4.75%
|
|
N/A
(5)
|
|
04/2023
|
|
—
|
|
|
(8
|
)
|
|
—
|
|
|
—
|
|
||||
PT Intermediate Holdings III, LLC
|
One stop
|
|
L + 6.50%
|
(a)
|
7.74%
|
|
06/2022
|
|
22,028
|
|
|
21,594
|
|
|
2.3
|
|
|
22,028
|
|
||||
PT Intermediate Holdings III, LLC
*
|
One stop
|
|
L + 6.50%
|
(a)
|
7.74%
|
|
06/2022
|
|
2,177
|
|
|
2,157
|
|
|
0.2
|
|
|
2,177
|
|
||||
PT Intermediate Holdings III, LLC
|
One stop
|
|
L + 6.50%
|
(a)(e)
|
7.90%
|
|
06/2022
|
|
200
|
|
|
197
|
|
|
—
|
|
|
200
|
|
||||
Saba Software, Inc.
#
|
One stop
|
|
L + 5.50%
|
(a)
|
6.74%
|
|
05/2023
|
|
20,297
|
|
|
19,967
|
|
|
2.1
|
|
|
20,297
|
|
||||
Saba Software, Inc.
(4)
|
One stop
|
|
L + 5.50%
|
|
N/A
(5)
|
|
05/2023
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
||||
Saldon Holdings, Inc.
*
|
Senior loan
|
|
L + 4.50%
|
(a)(b)
|
5.77%
|
|
09/2022
|
|
803
|
|
|
793
|
|
|
0.1
|
|
|
793
|
|
||||
Secure-24, LLC
*^
|
One stop
|
|
L + 5.00%
|
(c)
|
6.33%
|
|
08/2019
|
|
21,653
|
|
|
21,479
|
|
|
2.3
|
|
|
21,653
|
|
||||
Secure-24, LLC
(4)
|
One stop
|
|
L + 5.00%
|
|
N/A
(5)
|
|
08/2019
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
||||
Severin Acquisition, LLC
^
|
Senior loan
|
|
L + 5.38%
|
(a)
|
6.62%
|
|
07/2021
|
|
883
|
|
|
873
|
|
|
0.1
|
|
|
898
|
|
||||
Severin Acquisition, LLC
^
|
Senior loan
|
|
L + 5.00%
|
(a)
|
6.24%
|
|
07/2021
|
|
786
|
|
|
778
|
|
|
0.1
|
|
|
789
|
|
||||
Severin Acquisition, LLC
^
|
Senior loan
|
|
L + 5.38%
|
(a)
|
6.62%
|
|
07/2021
|
|
601
|
|
|
594
|
|
|
0.1
|
|
|
611
|
|
||||
Severin Acquisition, LLC
^
|
Senior loan
|
|
L + 4.88%
|
(a)
|
6.12%
|
|
07/2021
|
|
194
|
|
|
192
|
|
|
—
|
|
|
194
|
|
||||
Switchfly, Inc.
|
One stop
|
|
L + 10.00%
|
(c)
|
9.80% cash/1.50% PIK
|
|
04/2020
|
|
2,398
|
|
|
2,296
|
|
|
0.3
|
|
|
2,398
|
|
||||
Switchfly, Inc.
|
One stop
|
|
L + 10.00%
|
|
N/A
(5)
|
|
04/2020
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Telesoft, LLC
#
|
One stop
|
|
L + 5.50%
|
(c)
|
6.81%
|
|
07/2022
|
|
4,192
|
|
|
4,152
|
|
|
0.4
|
|
|
4,150
|
|
||||
Telesoft, LLC
(4)
|
One stop
|
|
L + 5.50%
|
|
N/A
(5)
|
|
07/2022
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
||||
Trintech, Inc.
*^#
|
One stop
|
|
L + 6.00%
|
(c)
|
7.31%
|
|
10/2021
|
|
12,096
|
|
|
11,987
|
|
|
1.3
|
|
|
12,096
|
|
||||
Trintech, Inc.
|
One stop
|
|
L + 6.00%
|
|
N/A
(5)
|
|
10/2021
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Vendavo, Inc.
|
One stop
|
|
L + 8.50%
|
(c)
|
9.80%
|
|
10/2019
|
|
17,982
|
|
|
17,804
|
|
|
1.9
|
|
|
17,982
|
|
||||
Vendavo, Inc.
(4)
|
One stop
|
|
L + 8.50%
|
|
N/A
(5)
|
|
10/2019
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
|
—
|
|
||||
Vendor Credentialing Service LLC
^
|
One stop
|
|
L + 6.00%
|
(a)
|
7.24%
|
|
11/2021
|
|
12,239
|
|
|
12,018
|
|
|
1.3
|
|
|
12,239
|
|
||||
Vendor Credentialing Service LLC
(4)
|
One stop
|
|
L + 6.00%
|
|
N/A
(5)
|
|
11/2021
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
Verisys Corporation
*
|
One stop
|
|
L + 6.75%
|
(c)
|
8.08%
|
|
01/2023
|
|
3,926
|
|
|
3,873
|
|
|
0.4
|
|
|
3,926
|
|
||||
Verisys Corporation
(4)
|
One stop
|
|
L + 6.75%
|
|
N/A
(5)
|
|
01/2023
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
Workforce Software, LLC
^
|
One stop
|
|
L + 10.50%
|
(c)
|
4.80% cash/7.00% PIK
|
|
06/2021
|
|
5,343
|
|
|
5,315
|
|
|
0.6
|
|
|
5,343
|
|
||||
Workforce Software, LLC
|
One stop
|
|
L + 10.50%
|
(c)
|
4.80% cash/7.00% PIK
|
|
06/2021
|
|
50
|
|
|
50
|
|
|
—
|
|
|
50
|
|
||||
Xmatters, Inc. and Alarmpoint, Inc.
|
One stop
|
|
L + 9.25%
|
(a)
|
9.74% cash/0.75% PIK
|
|
08/2021
|
|
4,874
|
|
|
4,803
|
|
|
0.5
|
|
|
4,874
|
|
||||
Xmatters, Inc. and Alarmpoint, Inc.
|
One stop
|
|
L + 9.25%
|
(a)
|
9.74% cash/0.75% PIK
|
|
08/2021
|
|
20
|
|
|
20
|
|
|
—
|
|
|
20
|
|
||||
|
|
|
|
|
|
|
|
|
286,905
|
|
|
282,887
|
|
|
29.9
|
|
|
286,675
|
|
||||
Ecological
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Pace Analytical Services, LLC
|
One stop
|
|
L + 6.00%
|
(a)
|
7.24%
|
|
09/2022
|
|
15,345
|
|
|
14,994
|
|
|
1.6
|
|
|
15,345
|
|
||||
Pace Analytical Services, LLC
^
|
One stop
|
|
L + 6.00%
|
(a)
|
7.24%
|
|
09/2022
|
|
1,427
|
|
|
1,406
|
|
|
0.2
|
|
|
1,427
|
|
||||
Pace Analytical Services, LLC
|
One stop
|
|
L + 6.00%
|
(a)
|
7.24%
|
|
09/2022
|
|
349
|
|
|
344
|
|
|
—
|
|
|
349
|
|
|
Investment
|
|
Spread
Above
Index
(1)
|
Interest
Rate (2) |
|
Maturity
Date
|
|
Principal ($) /
Shares
(3)
|
|
Amortized Cost
|
|
Percentage
of Net
Assets
|
|
Fair
Value
(16)
|
|||||||||
Ecological - (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Pace Analytical Services, LLC
|
One stop
|
|
L + 6.00%
|
(a)
|
7.24%
|
|
09/2022
|
|
$
|
25
|
|
|
$
|
24
|
|
|
$
|
—
|
|
%
|
$
|
25
|
|
Pace Analytical Services, LLC
(4)
|
One stop
|
|
L + 6.00%
|
|
N/A
(5)
|
|
09/2022
|
|
—
|
|
|
(5
|
)
|
|
—
|
|
|
—
|
|
||||
WRE Holding Corp.
#
|
Senior loan
|
|
L + 4.75%
|
(a)
|
5.99%
|
|
01/2023
|
|
1,019
|
|
|
1,008
|
|
|
0.1
|
|
|
1,019
|
|
||||
WRE Holding Corp.
|
Senior loan
|
|
L + 4.75%
|
(a)(c)
|
6.00%
|
|
01/2023
|
|
7
|
|
|
7
|
|
|
—
|
|
|
7
|
|
||||
WRE Holding Corp.
|
Senior loan
|
|
L + 4.75%
|
|
N/A
(5)
|
|
01/2023
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
WRE Holding Corp.
(4)
|
Senior loan
|
|
L + 4.75%
|
|
N/A
(5)
|
|
01/2023
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
18,172
|
|
|
17,777
|
|
|
1.9
|
|
|
18,172
|
|
||||
Electronics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Appriss Holdings, Inc.
*^
|
Senior loan
|
|
L + 5.25%
|
(c)
|
6.58%
|
|
11/2020
|
|
15,295
|
|
|
15,157
|
|
|
1.6
|
|
|
15,295
|
|
||||
Appriss Holdings, Inc.
|
Senior loan
|
|
L + 5.25%
|
(b)
|
6.53%
|
|
11/2020
|
|
1,892
|
|
|
1,869
|
|
|
0.2
|
|
|
1,892
|
|
||||
Compusearch Software Holdings, Inc.
^
|
Senior loan
|
|
L + 4.25%
|
(c)
|
5.58%
|
|
05/2021
|
|
1,735
|
|
|
1,733
|
|
|
0.2
|
|
|
1,735
|
|
||||
Diligent Corporation
#
|
One stop
|
|
L + 6.25%
|
(c)
|
7.58%
|
|
04/2022
|
|
4,928
|
|
|
4,860
|
|
|
0.5
|
|
|
4,928
|
|
||||
Diligent Corporation
*
|
One stop
|
|
L + 6.25%
|
(c)
|
7.58%
|
|
04/2022
|
|
4,839
|
|
|
4,735
|
|
|
0.5
|
|
|
4,839
|
|
||||
Diligent Corporation
*^
|
One stop
|
|
L + 6.25%
|
(c)
|
7.58%
|
|
04/2022
|
|
2,648
|
|
|
2,609
|
|
|
0.3
|
|
|
2,648
|
|
||||
Diligent Corporation
(4)
|
One stop
|
|
L + 6.25%
|
|
N/A
(5)
|
|
04/2022
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
||||
Gamma Technologies, LLC
^
|
One stop
|
|
L + 4.75%
|
(a)
|
5.99%
|
|
06/2021
|
|
7,555
|
|
|
7,508
|
|
|
0.8
|
|
|
7,555
|
|
||||
Gamma Technologies, LLC
(4)
|
One stop
|
|
L + 5.00%
|
|
N/A
(5)
|
|
06/2021
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
LD Intermediate Holdings, Inc.
*^
|
Senior loan
|
|
L + 5.88%
|
(c)
|
7.19%
|
|
12/2022
|
|
2,540
|
|
|
2,362
|
|
|
0.2
|
|
|
2,390
|
|
||||
Park Place Technologies LLC
*^
|
Senior loan
|
|
L + 5.00%
|
(c)
|
6.33%
|
|
06/2022
|
|
15,751
|
|
|
15,587
|
|
|
1.6
|
|
|
15,594
|
|
||||
Park Place Technologies LLC
(4)
|
One stop
|
|
L + 5.00%
|
|
N/A
(5)
|
|
06/2022
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
||||
Sloan Company, Inc., The
#
|
One stop
|
|
L + 7.25%
|
(c)
|
8.58%
|
|
04/2020
|
|
7,437
|
|
|
7,364
|
|
|
0.7
|
|
|
7,065
|
|
||||
Sloan Company, Inc., The
|
One stop
|
|
L + 7.25%
|
(c)
|
8.57%
|
|
04/2020
|
|
33
|
|
|
32
|
|
|
—
|
|
|
30
|
|
||||
Sovos Compliance
*^
|
One stop
|
|
L + 6.00%
|
(a)
|
7.24%
|
|
03/2022
|
|
9,328
|
|
|
9,186
|
|
|
1.0
|
|
|
9,235
|
|
||||
Sovos Compliance
(4)
|
One stop
|
|
L + 6.00%
|
|
N/A
(5)
|
|
03/2022
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(1
|
)
|
||||
Sovos Compliance Formerly Taxware, LLC
^
|
One stop
|
|
L + 6.00%
|
(a)
|
7.24%
|
|
03/2022
|
|
1,569
|
|
|
1,546
|
|
|
0.2
|
|
|
1,553
|
|
||||
Sovos Compliance Formerly Taxware, LLC
|
One stop
|
|
L + 6.00%
|
|
N/A
(5)
|
|
03/2022
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Watchfire Enterprises, Inc.
|
Second Lien
|
|
L + 8.00%
|
(c)
|
9.33%
|
|
10/2021
|
|
9,434
|
|
|
9,306
|
|
|
1.0
|
|
|
9,434
|
|
||||
|
|
|
|
|
|
|
|
|
84,984
|
|
|
83,847
|
|
|
8.8
|
|
|
84,190
|
|
||||
Grocery
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
MyWebGrocer, Inc.
*
|
One stop
|
|
L + 8.75%
|
(a)
|
10.00%
|
|
10/2017
|
|
14,271
|
|
|
14,265
|
|
|
1.5
|
|
|
14,271
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Healthcare, Education and Childcare
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Active Day, Inc.
|
One stop
|
|
L + 6.00%
|
(a)
|
7.24%
|
|
12/2021
|
|
13,401
|
|
|
13,145
|
|
|
1.4
|
|
|
13,401
|
|
||||
Active Day, Inc.
^
|
One stop
|
|
L + 6.00%
|
(a)
|
7.24%
|
|
12/2021
|
|
1,034
|
|
|
1,021
|
|
|
0.1
|
|
|
1,034
|
|
||||
Active Day, Inc.
|
One stop
|
|
L + 6.00%
|
(a)
|
7.24%
|
|
12/2021
|
|
666
|
|
|
660
|
|
|
0.1
|
|
|
666
|
|
||||
Active Day, Inc.
|
One stop
|
|
L + 6.00%
|
(a)
|
7.24%
|
|
12/2021
|
|
460
|
|
|
455
|
|
|
—
|
|
|
460
|
|
||||
Active Day, Inc.
(4)
|
One stop
|
|
L + 6.00%
|
|
N/A
(5)
|
|
12/2021
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
Active Day, Inc.
(4)
|
One stop
|
|
L + 6.00%
|
|
N/A
(5)
|
|
12/2021
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
||||
Acuity Eyecare Holdings, LLC
|
One stop
|
|
L + 6.75%
|
(b)(c)
|
8.04%
|
|
03/2022
|
|
3,614
|
|
|
3,533
|
|
|
0.4
|
|
|
3,614
|
|
||||
Acuity Eyecare Holdings, LLC
|
One stop
|
|
L + 6.75%
|
(c)
|
8.06%
|
|
03/2022
|
|
38
|
|
|
36
|
|
|
—
|
|
|
38
|
|
||||
Acuity Eyecare Holdings, LLC
(4)
|
One stop
|
|
L + 6.75%
|
|
N/A
(5)
|
|
03/2022
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
ADCS Clinics Intermediate Holdings, LLC
|
One stop
|
|
L + 5.75%
|
(c)
|
7.08%
|
|
05/2022
|
|
21,281
|
|
|
20,788
|
|
|
2.2
|
|
|
20,855
|
|
||||
ADCS Clinics Intermediate Holdings, LLC
*
|
One stop
|
|
L + 5.75%
|
(c)
|
7.08%
|
|
05/2022
|
|
108
|
|
|
107
|
|
|
—
|
|
|
106
|
|
||||
ADCS Clinics Intermediate Holdings, LLC
|
One stop
|
|
P + 4.75%
|
(e)
|
9.00%
|
|
05/2022
|
|
95
|
|
|
93
|
|
|
—
|
|
|
93
|
|
||||
ADCS Clinics Intermediate Holdings, LLC
*
|
One stop
|
|
L + 5.75%
|
(c)
|
7.08%
|
|
05/2022
|
|
32
|
|
|
31
|
|
|
—
|
|
|
31
|
|
||||
ADCS Clinics Intermediate Holdings, LLC
|
One stop
|
|
P + 4.75%
|
(e)
|
9.00%
|
|
05/2022
|
|
5
|
|
|
2
|
|
|
—
|
|
|
5
|
|
||||
Agilitas USA, Inc.
#
|
One stop
|
|
L + 6.00%
|
(c)
|
7.30%
|
|
04/2022
|
|
8,439
|
|
|
8,362
|
|
|
0.9
|
|
|
8,439
|
|
|
Investment
|
|
Spread
Above
Index
(1)
|
Interest
Rate (2) |
|
Maturity
Date
|
|
Principal ($) /
Shares
(3)
|
|
Amortized Cost
|
|
Percentage
of Net
Assets
|
|
Fair
Value
(16)
|
|||||||||
Healthcare, Education and Childcare - (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Agilitas USA, Inc.
|
One stop
|
|
L + 6.00%
|
(c)
|
7.30%
|
|
04/2022
|
|
$
|
10
|
|
|
$
|
9
|
|
|
$
|
—
|
|
%
|
$
|
10
|
|
Agilitas USA, Inc.
(4)
|
One stop
|
|
L + 6.00%
|
|
N/A
(5)
|
|
04/2022
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
Aris Teleradiology Company, LLC
*
|
Senior loan
|
|
L + 5.50%
|
(c)
|
6.83%
|
|
03/2021
|
|
2,699
|
|
|
2,679
|
|
|
0.2
|
|
|
2,322
|
|
||||
Aris Teleradiology Company, LLC
|
Senior loan
|
|
L + 5.50%
|
(c)
|
6.81%
|
|
03/2021
|
|
25
|
|
|
25
|
|
|
—
|
|
|
21
|
|
||||
Avalign Technologies, Inc.
^
|
Senior loan
|
|
L + 4.50%
|
(a)
|
5.74%
|
|
07/2021
|
|
1,442
|
|
|
1,437
|
|
|
0.2
|
|
|
1,438
|
|
||||
BIORECLAMATIONIVT, LLC
*^#
|
One stop
|
|
L + 5.75%
|
(a)
|
6.99%
|
|
01/2021
|
|
15,764
|
|
|
15,586
|
|
|
1.7
|
|
|
15,764
|
|
||||
BIORECLAMATIONIVT, LLC
|
One stop
|
|
P + 4.75%
|
(e)
|
9.00%
|
|
01/2021
|
|
55
|
|
|
54
|
|
|
—
|
|
|
55
|
|
||||
California Cryobank, LLC
^
|
One stop
|
|
L + 5.50%
|
(c)
|
6.83%
|
|
08/2019
|
|
1,479
|
|
|
1,473
|
|
|
0.2
|
|
|
1,479
|
|
||||
California Cryobank, LLC
^
|
One stop
|
|
L + 5.50%
|
(c)
|
6.83%
|
|
08/2019
|
|
567
|
|
|
561
|
|
|
0.1
|
|
|
567
|
|
||||
California Cryobank, LLC
^
|
One stop
|
|
L + 5.50%
|
(c)
|
6.83%
|
|
08/2019
|
|
189
|
|
|
189
|
|
|
—
|
|
|
189
|
|
||||
California Cryobank, LLC
(4)
|
One stop
|
|
L + 5.50%
|
|
N/A
(5)
|
|
08/2019
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
CLP Healthcare Services, Inc.
^
|
Senior loan
|
|
L + 5.25%
|
(c)
|
6.58%
|
|
12/2020
|
|
3,924
|
|
|
3,897
|
|
|
0.4
|
|
|
3,846
|
|
||||
Curo Health Services LLC
#
|
Senior loan
|
|
L + 4.00%
|
(b)(c)
|
5.31%
|
|
02/2022
|
|
3,273
|
|
|
3,261
|
|
|
0.3
|
|
|
3,283
|
|
||||
DCA Investment Holding, LLC
*^#
|
One stop
|
|
L + 5.25%
|
(c)
|
6.58%
|
|
07/2021
|
|
18,776
|
|
|
18,515
|
|
|
2.0
|
|
|
18,776
|
|
||||
DCA Investment Holding, LLC
*^#
|
One stop
|
|
L + 5.25%
|
(c)
|
6.58%
|
|
07/2021
|
|
13,467
|
|
|
13,355
|
|
|
1.4
|
|
|
13,467
|
|
||||
DCA Investment Holding, LLC
#
|
One stop
|
|
L + 5.25%
|
(c)
|
6.58%
|
|
07/2021
|
|
2,475
|
|
|
2,436
|
|
|
0.3
|
|
|
2,475
|
|
||||
DCA Investment Holding, LLC
|
One stop
|
|
P + 4.25%
|
(e)
|
8.50%
|
|
07/2021
|
|
657
|
|
|
645
|
|
|
0.1
|
|
|
657
|
|
||||
DCA Investment Holding, LLC
(4)
|
One stop
|
|
L + 5.25%
|
|
N/A
(5)
|
|
07/2021
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
||||
Deca Dental Management LLC
*^
|
One stop
|
|
L + 6.25%
|
(c)
|
7.58%
|
|
07/2020
|
|
4,086
|
|
|
4,052
|
|
|
0.4
|
|
|
4,086
|
|
||||
Deca Dental Management LLC
|
One stop
|
|
L + 6.25%
|
(a)(c)
|
7.57%
|
|
07/2020
|
|
497
|
|
|
493
|
|
|
0.1
|
|
|
497
|
|
||||
Deca Dental Management LLC
|
One stop
|
|
L + 6.25%
|
(a)
|
7.49%
|
|
07/2020
|
|
50
|
|
|
50
|
|
|
—
|
|
|
50
|
|
||||
Deca Dental Management LLC
(4)
|
One stop
|
|
L + 6.25%
|
|
N/A
(5)
|
|
07/2020
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
||||
Delta Educational Systems
*(6)
|
Senior loan
|
|
P + 6.75%
|
(e)
|
9.00% cash/2.00% PIK
|
|
12/2018
|
|
1,438
|
|
|
1,433
|
|
|
—
|
|
|
—
|
|
||||
Delta Educational Systems
(4)(6)
|
Senior loan
|
|
L + 6.00%
|
|
N/A
(5)
|
|
12/2018
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(60
|
)
|
||||
Dental Holdings Corporation
|
One stop
|
|
L + 5.50%
|
(c)
|
6.81%
|
|
02/2020
|
|
7,436
|
|
|
7,339
|
|
|
0.8
|
|
|
7,287
|
|
||||
Dental Holdings Corporation
|
One stop
|
|
L + 5.50%
|
(b)
|
6.78%
|
|
02/2020
|
|
1,133
|
|
|
1,121
|
|
|
0.1
|
|
|
1,110
|
|
||||
Dental Holdings Corporation
|
One stop
|
|
L + 5.50%
|
(c)
|
6.82%
|
|
02/2020
|
|
220
|
|
|
211
|
|
|
—
|
|
|
198
|
|
||||
eSolutions, Inc.
*^
|
One stop
|
|
L + 6.50%
|
(a)
|
7.74%
|
|
03/2022
|
|
20,091
|
|
|
19,787
|
|
|
2.1
|
|
|
20,091
|
|
||||
eSolutions, Inc.
(4)
|
One stop
|
|
L + 6.50%
|
|
N/A
(5)
|
|
03/2022
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
Excelligence Learning Corporation
^
|
One stop
|
|
L + 6.00%
|
(a)
|
7.24%
|
|
04/2023
|
|
4,854
|
|
|
4,809
|
|
|
0.5
|
|
|
4,854
|
|
||||
Eyecare Services Partners Holdings LLC
|
One stop
|
|
L + 6.25%
|
(c)
|
7.58%
|
|
05/2023
|
|
8,006
|
|
|
7,800
|
|
|
0.8
|
|
|
8,006
|
|
||||
Eyecare Services Partners Holdings LLC
|
One stop
|
|
P + 5.25%
|
(e)
|
9.50%
|
|
05/2023
|
|
17
|
|
|
14
|
|
|
—
|
|
|
17
|
|
||||
Eyecare Services Partners Holdings LLC
(4)
|
One stop
|
|
L + 6.25%
|
|
N/A
(5)
|
|
05/2023
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
||||
Eyecare Services Partners Holdings LLC
(4)
|
One stop
|
|
L + 6.25%
|
|
N/A
(5)
|
|
05/2023
|
|
—
|
|
|
(5
|
)
|
|
—
|
|
|
—
|
|
||||
G & H Wire Company, Inc.
#
|
One stop
|
|
L + 5.50%
|
(c)
|
6.81%
|
|
09/2023
|
|
5,642
|
|
|
5,572
|
|
|
0.6
|
|
|
5,585
|
|
||||
G & H Wire Company, Inc.
(4)
|
One stop
|
|
L + 5.50%
|
|
N/A
(5)
|
|
09/2023
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
||||
Immucor, Inc.
#
|
Senior loan
|
|
L + 5.00%
|
(a)
|
6.24%
|
|
06/2021
|
|
1,613
|
|
|
1,592
|
|
|
0.2
|
|
|
1,639
|
|
||||
Joerns Healthcare, LLC
*^
|
One stop
|
|
L + 6.50%
|
(c)
|
7.82%
|
|
05/2020
|
|
3,497
|
|
|
3,462
|
|
|
0.3
|
|
|
3,281
|
|
||||
Kareo, Inc.
|
One stop
|
|
L + 9.00%
|
(b)
|
10.27%
|
|
06/2022
|
|
4,518
|
|
|
4,303
|
|
|
0.5
|
|
|
4,518
|
|
||||
Kareo, Inc.
|
One stop
|
|
L + 9.00%
|
|
N/A
(5)
|
|
06/2022
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Katena Holdings, Inc.
^
|
One stop
|
|
L + 6.25%
|
(c)
|
7.58%
|
|
06/2021
|
|
8,611
|
|
|
8,555
|
|
|
0.9
|
|
|
8,439
|
|
||||
Katena Holdings, Inc.
^
|
One stop
|
|
L + 6.25%
|
(c)
|
7.58%
|
|
06/2021
|
|
841
|
|
|
836
|
|
|
0.1
|
|
|
824
|
|
||||
Katena Holdings, Inc.
|
One stop
|
|
P + 5.25%
|
(e)
|
9.50%
|
|
06/2021
|
|
64
|
|
|
63
|
|
|
—
|
|
|
62
|
|
||||
Lombart Brothers, Inc.
#
|
One stop
|
|
L + 6.75%
|
(c)
|
8.08%
|
|
04/2022
|
|
3,631
|
|
|
3,548
|
|
|
0.4
|
|
|
3,631
|
|
||||
Lombart Brothers, Inc.
#(7)
|
One stop
|
|
L + 6.75%
|
(c)
|
8.08%
|
|
04/2022
|
|
1,664
|
|
|
1,639
|
|
|
0.2
|
|
|
1,664
|
|
||||
Lombart Brothers, Inc.
|
One stop
|
|
P + 5.50%
|
(e)
|
9.75%
|
|
04/2022
|
|
36
|
|
|
35
|
|
|
—
|
|
|
36
|
|
||||
Lombart Brothers, Inc.
(7)
|
One stop
|
|
L + 6.75%
|
|
N/A
(5)
|
|
04/2022
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Investment
|
|
Spread
Above
Index
(1)
|
Interest
Rate (2) |
|
Maturity
Date
|
|
Principal ($) /
Shares
(3)
|
|
Amortized Cost
|
|
Percentage
of Net
Assets
|
|
Fair
Value
(16)
|
|||||||||
Healthcare, Education and Childcare - (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Maverick Healthcare Group, LLC
*
|
Senior loan
|
|
L + 7.50%
|
(a)
|
7.25% cash/2.00% PIK
|
|
12/2017
|
|
$
|
1,959
|
|
|
$
|
1,959
|
|
|
$
|
0.2
|
|
%
|
$
|
1,900
|
|
Maverick Healthcare Group, LLC
|
Senior loan
|
|
P + 6.50%
|
(e)
|
5.25% cash/5.50% PIK
|
|
12/2017
|
|
82
|
|
|
82
|
|
|
—
|
|
|
82
|
|
||||
MWD Management, LLC & MWD Services, Inc.
#
|
One stop
|
|
L + 5.25%
|
(c)
|
6.58%
|
|
06/2023
|
|
5,925
|
|
|
5,854
|
|
|
0.6
|
|
|
5,925
|
|
||||
MWD Management, LLC & MWD Services, Inc.
(4)
|
One stop
|
|
L + 5.25%
|
|
N/A
(5)
|
|
06/2022
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
MWD Management, LLC & MWD Services, Inc.
(4)
|
One stop
|
|
L + 5.25%
|
|
N/A
(5)
|
|
06/2023
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
||||
Oliver Street Dermatology Holdings, LLC
|
One stop
|
|
L + 6.50%
|
(c)
|
7.83%
|
|
05/2022
|
|
9,434
|
|
|
9,226
|
|
|
1.0
|
|
|
9,434
|
|
||||
Oliver Street Dermatology Holdings, LLC
|
One stop
|
|
L + 6.50%
|
(c)
|
7.83%
|
|
05/2022
|
|
952
|
|
|
938
|
|
|
0.1
|
|
|
952
|
|
||||
Oliver Street Dermatology Holdings, LLC
|
One stop
|
|
L + 6.50%
|
(a)(b)(c)
|
7.78%
|
|
05/2022
|
|
201
|
|
|
199
|
|
|
—
|
|
|
201
|
|
||||
Oliver Street Dermatology Holdings, LLC
|
One stop
|
|
L + 6.50%
|
(c)
|
7.81%
|
|
05/2022
|
|
46
|
|
|
45
|
|
|
—
|
|
|
46
|
|
||||
Oliver Street Dermatology Holdings, LLC
*
|
One stop
|
|
L + 6.50%
|
(c)
|
7.83%
|
|
05/2022
|
|
42
|
|
|
41
|
|
|
—
|
|
|
42
|
|
||||
Oliver Street Dermatology Holdings, LLC
|
One stop
|
|
L + 6.50%
|
(c)
|
7.83%
|
|
05/2022
|
|
33
|
|
|
32
|
|
|
—
|
|
|
33
|
|
||||
Oliver Street Dermatology Holdings, LLC
|
One stop
|
|
L + 6.50%
|
(c)
|
7.83%
|
|
05/2022
|
|
30
|
|
|
30
|
|
|
—
|
|
|
30
|
|
||||
Oliver Street Dermatology Holdings, LLC
(4)
|
One stop
|
|
L + 6.50%
|
|
N/A
(5)
|
|
05/2022
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
Oliver Street Dermatology Holdings, LLC
(4)
|
One stop
|
|
L + 6.50%
|
|
N/A
(5)
|
|
05/2022
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
Pinnacle Treatment Centers, Inc.
|
One stop
|
|
L + 6.25%
|
(b)
|
7.53%
|
|
08/2021
|
|
9,980
|
|
|
9,768
|
|
|
1.0
|
|
|
9,980
|
|
||||
Pinnacle Treatment Centers, Inc.
|
One stop
|
|
P + 5.00%
|
(e)
|
9.25%
|
|
08/2021
|
|
30
|
|
|
29
|
|
|
—
|
|
|
30
|
|
||||
Pinnacle Treatment Centers, Inc.
(4)
|
One stop
|
|
L + 6.25%
|
|
N/A
(5)
|
|
08/2021
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
||||
PPT Management Holdings, LLC
^
|
One stop
|
|
L + 6.00%
|
(c)
|
7.33%
|
|
12/2022
|
|
10,223
|
|
|
10,022
|
|
|
1.0
|
|
|
10,018
|
|
||||
PPT Management Holdings, LLC
|
One stop
|
|
L + 6.00%
|
(c)
|
7.33%
|
|
12/2022
|
|
135
|
|
|
132
|
|
|
—
|
|
|
132
|
|
||||
PPT Management Holdings, LLC
|
One stop
|
|
L + 6.00%
|
(a)
|
7.24%
|
|
12/2022
|
|
50
|
|
|
46
|
|
|
—
|
|
|
46
|
|
||||
Premise Health Holding Corp.
*^#
|
One stop
|
|
L + 4.50%
|
(c)
|
5.83%
|
|
06/2020
|
|
14,812
|
|
|
14,753
|
|
|
1.5
|
|
|
14,812
|
|
||||
Premise Health Holding Corp.
(4)
|
One stop
|
|
L + 4.50%
|
|
N/A
(5)
|
|
06/2020
|
|
—
|
|
|
(12
|
)
|
|
—
|
|
|
—
|
|
||||
Pyramid Healthcare, Inc.
|
One stop
|
|
L + 6.50%
|
(a)
|
7.74%
|
|
08/2019
|
|
150
|
|
|
148
|
|
|
—
|
|
|
150
|
|
||||
Radiology Partners, Inc.
^#
|
One stop
|
|
L + 5.75%
|
(c)
|
7.08%
|
|
09/2020
|
|
22,345
|
|
|
22,111
|
|
|
2.3
|
|
|
22,345
|
|
||||
Radiology Partners, Inc.
|
One stop
|
|
L + 5.75%
|
(c)
|
7.08%
|
|
09/2020
|
|
925
|
|
|
909
|
|
|
0.1
|
|
|
925
|
|
||||
Radiology Partners, Inc.
|
One stop
|
|
L + 5.75%
|
(c)
|
7.08%
|
|
09/2020
|
|
701
|
|
|
700
|
|
|
0.1
|
|
|
701
|
|
||||
Radiology Partners, Inc.
(4)
|
One stop
|
|
L + 5.75%
|
|
N/A
(5)
|
|
09/2020
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
||||
Reliant Pro ReHab, LLC
*
|
Senior loan
|
|
L + 5.00%
|
(c)
|
6.33%
|
|
12/2017
|
|
2,474
|
|
|
2,472
|
|
|
0.3
|
|
|
2,474
|
|
||||
Reliant Pro ReHab, LLC
|
Senior loan
|
|
P + 4.00%
|
(e)
|
8.25%
|
|
12/2017
|
|
352
|
|
|
351
|
|
|
—
|
|
|
352
|
|
||||
Riverchase MSO, LLC
#
|
Senior loan
|
|
L + 5.25%
|
(c)
|
6.58%
|
|
10/2022
|
|
4,981
|
|
|
4,917
|
|
|
0.5
|
|
|
4,981
|
|
||||
Riverchase MSO, LLC
|
Senior loan
|
|
L + 5.25%
|
(c)
|
6.58%
|
|
10/2022
|
|
28
|
|
|
27
|
|
|
—
|
|
|
28
|
|
||||
RXH Buyer Corporation
*^
|
One stop
|
|
L + 5.75%
|
(c)
|
7.08%
|
|
09/2021
|
|
17,259
|
|
|
17,032
|
|
|
1.8
|
|
|
16,914
|
|
||||
RXH Buyer Corporation
*
|
One stop
|
|
L + 5.75%
|
(c)
|
7.08%
|
|
09/2021
|
|
1,953
|
|
|
1,928
|
|
|
0.2
|
|
|
1,914
|
|
||||
RXH Buyer Corporation
|
One stop
|
|
L + 5.75%
|
(c)(e)
|
7.61%
|
|
09/2021
|
|
55
|
|
|
52
|
|
|
—
|
|
|
51
|
|
||||
SLMP, LLC
|
One stop
|
|
L + 6.00%
|
(a)
|
7.24%
|
|
05/2023
|
|
6,196
|
|
|
6,050
|
|
|
0.6
|
|
|
6,196
|
|
||||
SLMP, LLC
|
One stop
|
|
N/A
|
|
7.50% PIK
|
|
05/2027
|
|
83
|
|
|
83
|
|
|
—
|
|
|
83
|
|
||||
SLMP, LLC
(4)
|
One stop
|
|
L + 6.00%
|
|
N/A
(5)
|
|
05/2023
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
SLMP, LLC
(4)
|
One stop
|
|
L + 6.00%
|
|
N/A
(5)
|
|
05/2023
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
Spear Education, LLC
^
|
One stop
|
|
L + 6.00%
|
(c)
|
7.30%
|
|
08/2019
|
|
4,644
|
|
|
4,622
|
|
|
0.5
|
|
|
4,644
|
|
||||
Spear Education, LLC
|
One stop
|
|
L + 6.00%
|
(c)
|
7.30%
|
|
08/2019
|
|
75
|
|
|
75
|
|
|
—
|
|
|
75
|
|
||||
Spear Education, LLC
(4)
|
One stop
|
|
L + 6.00%
|
|
N/A
(5)
|
|
08/2019
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
||||
Summit Behavioral Holdings I, LLC
*
|
One stop
|
|
L + 5.00%
|
(a)
|
6.24%
|
|
06/2021
|
|
4,338
|
|
|
4,297
|
|
|
0.5
|
|
|
4,338
|
|
||||
Summit Behavioral Holdings I, LLC
|
One stop
|
|
L + 5.00%
|
(a)
|
6.24%
|
|
06/2021
|
|
113
|
|
|
112
|
|
|
—
|
|
|
113
|
|
||||
Summit Behavioral Holdings I, LLC
|
One stop
|
|
L + 5.00%
|
(a)
|
6.24%
|
|
06/2021
|
|
5
|
|
|
5
|
|
|
—
|
|
|
5
|
|
||||
WHCG Management, LLC
*
|
Senior loan
|
|
L + 4.75%
|
(c)
|
6.08%
|
|
03/2023
|
|
2,394
|
|
|
2,367
|
|
|
0.2
|
|
|
2,394
|
|
||||
WHCG Management, LLC
(4)
|
Senior loan
|
|
L + 4.75%
|
|
N/A
(5)
|
|
03/2023
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
Investment
|
|
Spread
Above
Index
(1)
|
Interest
Rate (2) |
|
Maturity
Date
|
|
Principal ($) /
Shares
(3)
|
|
Amortized Cost
|
|
Percentage
of Net
Assets
|
|
Fair
Value
(16)
|
|||||||||
Healthcare, Education and Childcare - (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
WHCG Management, LLC
(4)
|
Senior loan
|
|
L + 4.75%
|
|
N/A
(5)
|
|
03/2023
|
|
$
|
—
|
|
|
$
|
(3
|
)
|
|
$
|
—
|
|
%
|
$
|
—
|
|
WIRB-Copernicus Group, Inc.
*^
|
Senior loan
|
|
L + 5.00%
|
(c)
|
6.33%
|
|
08/2022
|
|
9,812
|
|
|
9,733
|
|
|
1.0
|
|
|
9,812
|
|
||||
WIRB-Copernicus Group, Inc.
|
Senior loan
|
|
L + 5.00%
|
|
N/A
(5)
|
|
08/2022
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Young Innovations, Inc.
*
|
Senior loan
|
|
L + 5.00%
|
(c)
|
6.33%
|
|
01/2019
|
|
3,587
|
|
|
3,566
|
|
|
0.4
|
|
|
3,587
|
|
||||
Young Innovations, Inc.
|
Senior loan
|
|
L + 5.00%
|
(c)
|
6.33%
|
|
01/2019
|
|
9
|
|
|
9
|
|
|
—
|
|
|
9
|
|
||||
|
|
|
|
|
|
|
|
|
328,333
|
|
|
323,739
|
|
|
33.9
|
|
|
324,658
|
|
||||
Home and Office Furnishings, Housewares, and Durable Consumer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
CST Buyer Company
^
|
Senior loan
|
|
L + 6.25%
|
(c)
|
7.58%
|
|
03/2023
|
|
2,642
|
|
|
2,576
|
|
|
0.3
|
|
|
2,642
|
|
||||
CST Buyer Company
(4)
|
Senior loan
|
|
L + 6.25%
|
|
N/A
(5)
|
|
03/2023
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
Plano Molding Company, LLC
*^#
|
One stop
|
|
L + 7.50%
|
(a)
|
8.74%
|
|
05/2021
|
|
14,485
|
|
|
14,331
|
|
|
1.3
|
|
|
12,312
|
|
||||
|
|
|
|
|
|
|
|
|
17,127
|
|
|
16,906
|
|
|
1.6
|
|
|
14,954
|
|
||||
Hotels, Motels, Inns, and Gaming
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Aimbridge Hospitality, LLC
*^
|
One stop
|
|
L + 5.50%
|
(a)
|
6.74%
|
|
06/2022
|
|
10,041
|
|
|
9,875
|
|
|
1.0
|
|
|
10,041
|
|
||||
Aimbridge Hospitality, LLC
|
One stop
|
|
L + 5.50%
|
(a)
|
6.74%
|
|
06/2022
|
|
16
|
|
|
15
|
|
|
—
|
|
|
16
|
|
||||
Aimbridge Hospitality, LLC
(4)
|
One stop
|
|
L + 5.50%
|
|
N/A
(5)
|
|
06/2022
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
10,057
|
|
|
9,889
|
|
|
1.0
|
|
|
10,057
|
|
||||
Insurance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Captive Resources Midco, LLC
*^#
|
One stop
|
|
L + 5.75%
|
(a)
|
6.99%
|
|
06/2020
|
|
24,253
|
|
|
24,075
|
|
|
2.5
|
|
|
24,253
|
|
||||
Captive Resources Midco, LLC
(4)
|
One stop
|
|
L + 5.75%
|
|
N/A
(5)
|
|
06/2020
|
|
—
|
|
|
(12
|
)
|
|
—
|
|
|
—
|
|
||||
Captive Resources Midco, LLC
(4)
|
One stop
|
|
L + 5.75%
|
|
N/A
(5)
|
|
06/2020
|
|
—
|
|
|
(13
|
)
|
|
—
|
|
|
—
|
|
||||
Higginbotham Insurance Agency, Inc.
*
|
Senior loan
|
|
L + 5.00%
|
(a)
|
6.24%
|
|
11/2021
|
|
1,595
|
|
|
1,584
|
|
|
0.2
|
|
|
1,595
|
|
||||
Internet Pipeline, Inc.
|
One stop
|
|
L + 7.25%
|
(a)
|
8.49%
|
|
08/2022
|
|
4,847
|
|
|
4,743
|
|
|
0.5
|
|
|
4,917
|
|
||||
Internet Pipeline, Inc.
*
|
One stop
|
|
L + 6.25%
|
(a)
|
7.48%
|
|
08/2022
|
|
2,098
|
|
|
2,078
|
|
|
0.2
|
|
|
2,046
|
|
||||
Internet Pipeline, Inc.
*
|
One stop
|
|
L + 6.25%
|
(a)
|
7.48%
|
|
08/2022
|
|
794
|
|
|
786
|
|
|
0.1
|
|
|
775
|
|
||||
Internet Pipeline, Inc.
(4)
|
One stop
|
|
L + 7.25%
|
|
N/A
(5)
|
|
08/2021
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
1
|
|
||||
RSC Acquisition, Inc.
#
|
Senior loan
|
|
L + 5.25%
|
(c)
|
6.58%
|
|
11/2022
|
|
919
|
|
|
913
|
|
|
0.1
|
|
|
919
|
|
||||
RSC Acquisition, Inc.
(4)
|
Senior loan
|
|
L + 5.25%
|
|
N/A
(5)
|
|
11/2022
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
34,506
|
|
|
34,152
|
|
|
3.6
|
|
|
34,506
|
|
||||
Leisure, Amusement, Motion Pictures, Entertainment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
NFD Operating, LLC
#
|
One stop
|
|
L + 7.00%
|
(c)
|
8.30%
|
|
06/2021
|
|
2,325
|
|
|
2,299
|
|
|
0.2
|
|
|
2,325
|
|
||||
NFD Operating, LLC
|
One stop
|
|
L + 7.00%
|
|
N/A
(5)
|
|
06/2021
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
NFD Operating, LLC
(4)
|
One stop
|
|
L + 7.00%
|
|
N/A
(5)
|
|
06/2021
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
PADI Holdco, Inc.
*^#
|
One stop
|
|
L + 6.50%
|
(c)
|
7.84%
|
|
04/2023
|
|
19,550
|
|
|
19,278
|
|
|
2.1
|
|
|
19,550
|
|
||||
PADI Holdco, Inc.
|
One stop
|
|
L + 6.50%
|
(b)(c)
|
7.78%
|
|
04/2022
|
|
72
|
|
|
70
|
|
|
—
|
|
|
72
|
|
||||
Self Esteem Brands, LLC
*^#
|
Senior loan
|
|
L + 4.75%
|
(a)
|
5.99%
|
|
02/2020
|
|
17,983
|
|
|
17,889
|
|
|
1.9
|
|
|
17,983
|
|
||||
Self Esteem Brands, LLC
(4)
|
Senior loan
|
|
L + 4.75%
|
|
N/A
(5)
|
|
02/2020
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
||||
Teaching Company, The
|
One stop
|
|
L + 7.00%
|
(a)(c)
|
8.32%
|
|
08/2020
|
|
18,835
|
|
|
18,673
|
|
|
1.9
|
|
|
18,459
|
|
||||
Teaching Company, The
|
One stop
|
|
L + 7.00%
|
(a)(e)
|
8.24%
|
|
08/2020
|
|
25
|
|
|
24
|
|
|
—
|
|
|
23
|
|
||||
Titan Fitness, LLC
*
|
One stop
|
|
L + 7.00%
|
(a)
|
8.25%
|
|
09/2019
|
|
13,088
|
|
|
12,987
|
|
|
1.4
|
|
|
13,088
|
|
||||
Titan Fitness, LLC
|
One stop
|
|
L + 7.00%
|
(a)
|
8.25%
|
|
09/2019
|
|
1,972
|
|
|
1,962
|
|
|
0.2
|
|
|
1,972
|
|
||||
Titan Fitness, LLC
*
|
One stop
|
|
L + 7.00%
|
(a)
|
8.25%
|
|
09/2019
|
|
1,733
|
|
|
1,725
|
|
|
0.2
|
|
|
1,733
|
|
||||
Titan Fitness, LLC
(4)
|
One stop
|
|
L + 7.00%
|
|
N/A
(5)
|
|
09/2019
|
|
—
|
|
|
(9
|
)
|
|
—
|
|
|
—
|
|
||||
Titan Fitness, LLC
(4)
|
One stop
|
|
L + 7.00%
|
|
N/A
(5)
|
|
09/2019
|
|
—
|
|
|
(14
|
)
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
75,583
|
|
|
74,879
|
|
|
7.9
|
|
|
75,205
|
|
|
Investment
|
|
Spread
Above
Index
(1)
|
Interest
Rate (2) |
|
Maturity
Date
|
|
Principal ($) /
Shares
(3)
|
|
Amortized Cost
|
|
Percentage
of Net
Assets
|
|
Fair
Value
(16)
|
|||||||||
Oil and Gas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Drilling Info, Inc.
*^#
|
One stop
|
|
L + 6.25%
|
(b)
|
7.52%
|
|
06/2020
|
|
$
|
6,399
|
|
|
$
|
6,362
|
|
|
0.7
|
|
%
|
$
|
6,351
|
|
|
Drilling Info, Inc.
|
One stop
|
|
L + 6.25%
|
|
N/A
(5)
|
|
06/2020
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
6,399
|
|
|
6,362
|
|
|
0.7
|
|
|
6,351
|
|
||||
Personal and Non Durable Consumer Products (Mfg. Only)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Georgica Pine Clothiers, LLC
|
One stop
|
|
L + 5.50%
|
(c)
|
6.83%
|
|
11/2021
|
|
5,678
|
|
|
5,600
|
|
|
0.6
|
|
|
5,678
|
|
||||
Georgica Pine Clothiers, LLC
^
|
One stop
|
|
L + 5.50%
|
(c)
|
6.83%
|
|
11/2021
|
|
495
|
|
|
491
|
|
|
0.1
|
|
|
495
|
|
||||
Georgica Pine Clothiers, LLC
*
|
One stop
|
|
L + 5.50%
|
(c)
|
6.83%
|
|
11/2021
|
|
347
|
|
|
344
|
|
|
0.1
|
|
|
347
|
|
||||
Georgica Pine Clothiers, LLC
|
One stop
|
|
L + 5.50%
|
(c)
|
6.83%
|
|
11/2021
|
|
58
|
|
|
57
|
|
|
—
|
|
|
58
|
|
||||
IMPLUS Footwear, LLC
|
One stop
|
|
L + 6.75%
|
(c)
|
8.08%
|
|
04/2021
|
|
10,307
|
|
|
10,165
|
|
|
1.1
|
|
|
10,307
|
|
||||
IMPLUS Footwear, LLC
|
One stop
|
|
L + 6.75%
|
(c)
|
8.07%
|
|
04/2021
|
|
1,815
|
|
|
1,790
|
|
|
0.2
|
|
|
1,815
|
|
||||
Massage Envy, LLC
*^#
|
One stop
|
|
L + 6.75%
|
(c)(e)
|
8.09%
|
|
09/2020
|
|
35,191
|
|
|
34,868
|
|
|
3.7
|
|
|
35,191
|
|
||||
Massage Envy, LLC
|
One stop
|
|
L + 6.75%
|
(a)
|
7.99%
|
|
09/2020
|
|
316
|
|
|
306
|
|
|
—
|
|
|
316
|
|
||||
Massage Envy, LLC
|
One stop
|
|
L + 6.75%
|
(c)(e)
|
8.07%
|
|
09/2020
|
|
100
|
|
|
99
|
|
|
—
|
|
|
100
|
|
||||
Massage Envy, LLC
|
One stop
|
|
L + 6.75%
|
(c)
|
8.07%
|
|
09/2020
|
|
40
|
|
|
40
|
|
|
—
|
|
|
40
|
|
||||
Massage Envy, LLC
|
One stop
|
|
L + 6.75%
|
(c)(e)
|
8.08%
|
|
09/2020
|
|
35
|
|
|
35
|
|
|
—
|
|
|
35
|
|
||||
Massage Envy, LLC
|
One stop
|
|
L + 6.75%
|
(c)(e)
|
8.10%
|
|
09/2020
|
|
15
|
|
|
15
|
|
|
—
|
|
|
15
|
|
||||
Massage Envy, LLC
(4)
|
One stop
|
|
L + 6.75%
|
|
N/A
(5)
|
|
09/2020
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
Orthotics Holdings, Inc.
*#
|
One stop
|
|
L + 6.00%
|
(a)
|
7.24%
|
|
02/2020
|
|
8,290
|
|
|
8,222
|
|
|
0.8
|
|
|
8,125
|
|
||||
Orthotics Holdings, Inc.
*#(7)
|
One stop
|
|
L + 6.00%
|
(a)
|
7.24%
|
|
02/2020
|
|
1,359
|
|
|
1,348
|
|
|
0.1
|
|
|
1,332
|
|
||||
Orthotics Holdings, Inc.
(4)(7)
|
One stop
|
|
L + 6.00%
|
|
N/A
(5)
|
|
02/2020
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
Orthotics Holdings, Inc.
(4)
|
One stop
|
|
L + 6.00%
|
|
N/A
(5)
|
|
02/2020
|
|
—
|
|
|
(10
|
)
|
|
—
|
|
|
(4
|
)
|
||||
Team Technologies Acquisition Company
^
|
Senior loan
|
|
L + 5.00%
|
(c)(e)
|
6.32%
|
|
12/2017
|
|
4,287
|
|
|
4,284
|
|
|
0.4
|
|
|
4,278
|
|
||||
Team Technologies Acquisition Company
#
|
Senior loan
|
|
L + 5.50%
|
(c)(e)
|
6.82%
|
|
12/2017
|
|
790
|
|
|
789
|
|
|
0.1
|
|
|
799
|
|
||||
Team Technologies Acquisition Company
(4)
|
Senior loan
|
|
L + 5.00%
|
|
N/A
(5)
|
|
12/2017
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
||||
|
|
|
|
|
|
|
|
|
69,123
|
|
|
68,441
|
|
|
7.2
|
|
|
68,926
|
|
||||
Personal, Food and Miscellaneous Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Community Veterinary Partners, LLC
|
One stop
|
|
L + 5.50%
|
(c)
|
6.83%
|
|
10/2021
|
|
42
|
|
|
41
|
|
|
—
|
|
|
42
|
|
||||
Ignite Restaurant Group, Inc.
^(6)
|
One stop
|
|
P + 6.00%
|
(e)
|
10.25%
|
|
02/2019
|
|
4,312
|
|
|
4,285
|
|
|
0.1
|
|
|
1,186
|
|
||||
PetVet Care Centers LLC
*^#
|
One stop
|
|
L + 6.00%
|
(c)
|
7.33%
|
|
06/2023
|
|
16,780
|
|
|
16,620
|
|
|
1.8
|
|
|
16,780
|
|
||||
PetVet Care Centers LLC
|
One stop
|
|
L + 6.00%
|
(c)
|
7.32%
|
|
06/2023
|
|
430
|
|
|
421
|
|
|
—
|
|
|
430
|
|
||||
PetVet Care Centers LLC
|
One stop
|
|
L + 6.00%
|
(b)
|
7.27%
|
|
06/2023
|
|
69
|
|
|
66
|
|
|
—
|
|
|
69
|
|
||||
Southern Veterinary Partners, LLC
#
|
One stop
|
|
L + 5.00%
|
(a)
|
6.24%
|
|
06/2020
|
|
3,900
|
|
|
3,873
|
|
|
0.4
|
|
|
3,900
|
|
||||
Southern Veterinary Partners, LLC
|
One stop
|
|
L + 5.00%
|
(a)
|
6.23%
|
|
06/2020
|
|
160
|
|
|
158
|
|
|
—
|
|
|
160
|
|
||||
Southern Veterinary Partners, LLC
|
One stop
|
|
L + 5.00%
|
(a)
|
6.23%
|
|
06/2020
|
|
17
|
|
|
17
|
|
|
—
|
|
|
17
|
|
||||
Vetcor Professional Practices LLC
*^#
|
One stop
|
|
L + 6.00%
|
(c)
|
7.33%
|
|
04/2021
|
|
28,750
|
|
|
28,348
|
|
|
3.0
|
|
|
28,750
|
|
||||
Vetcor Professional Practices LLC
*
|
One stop
|
|
L + 6.00%
|
(c)
|
7.33%
|
|
04/2021
|
|
956
|
|
|
949
|
|
|
0.1
|
|
|
956
|
|
||||
Vetcor Professional Practices LLC
#
|
One stop
|
|
L + 6.00%
|
(c)
|
7.33%
|
|
04/2021
|
|
948
|
|
|
934
|
|
|
0.1
|
|
|
948
|
|
||||
Vetcor Professional Practices LLC
|
One stop
|
|
L + 6.00%
|
(c)
|
7.33%
|
|
04/2021
|
|
861
|
|
|
849
|
|
|
0.1
|
|
|
861
|
|
||||
Vetcor Professional Practices LLC
#
|
One stop
|
|
L + 6.00%
|
(c)
|
7.33%
|
|
04/2021
|
|
745
|
|
|
745
|
|
|
0.1
|
|
|
745
|
|
||||
Vetcor Professional Practices LLC
^
|
One stop
|
|
L + 6.00%
|
(c)
|
7.33%
|
|
04/2021
|
|
725
|
|
|
715
|
|
|
0.1
|
|
|
725
|
|
||||
Vetcor Professional Practices LLC
#
|
One stop
|
|
L + 6.00%
|
(c)
|
7.33%
|
|
04/2021
|
|
285
|
|
|
283
|
|
|
—
|
|
|
285
|
|
||||
Vetcor Professional Practices LLC
#
|
One stop
|
|
L + 6.00%
|
(c)
|
7.33%
|
|
04/2021
|
|
233
|
|
|
232
|
|
|
—
|
|
|
233
|
|
||||
Vetcor Professional Practices LLC
|
One stop
|
|
L + 6.00%
|
(c)
|
7.33%
|
|
04/2021
|
|
219
|
|
|
211
|
|
|
—
|
|
|
219
|
|
||||
Vetcor Professional Practices LLC
|
One stop
|
|
L + 6.00%
|
(c)
|
7.33%
|
|
04/2021
|
|
17
|
|
|
13
|
|
|
—
|
|
|
17
|
|
||||
Veterinary Specialists of North America, LLC
^
|
One stop
|
|
L + 5.25%
|
(c)
|
6.56%
|
|
07/2021
|
|
7,406
|
|
|
7,334
|
|
|
0.8
|
|
|
7,406
|
|
||||
Veterinary Specialists of North America, LLC
|
One stop
|
|
L + 5.25%
|
(c)
|
6.58%
|
|
07/2021
|
|
89
|
|
|
74
|
|
|
—
|
|
|
89
|
|
|
Investment
|
|
Spread
Above
Index
(1)
|
Interest
Rate (2) |
|
Maturity
Date
|
|
Principal ($) /
Shares
(3)
|
|
Amortized Cost
|
|
Percentage
of Net
Assets
|
|
Fair
Value
(16)
|
|||||||||
Personal, Food and Miscellaneous Services - (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Veterinary Specialists of North America, LLC
#
|
One stop
|
|
L + 5.25%
|
(c)
|
6.56%
|
|
07/2021
|
|
$
|
63
|
|
|
$
|
63
|
|
|
—
|
|
%
|
$
|
63
|
|
|
Veterinary Specialists of North America, LLC
(4)
|
One stop
|
|
L + 5.25%
|
|
N/A
(5)
|
|
07/2021
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
||||
Wetzel's Pretzels, LLC
|
One stop
|
|
L + 6.75%
|
(a)
|
7.99%
|
|
09/2021
|
|
6,472
|
|
|
6,332
|
|
|
0.7
|
|
|
6,472
|
|
||||
Wetzel's Pretzels, LLC
(4)
|
One stop
|
|
L + 6.75%
|
|
N/A
(5)
|
|
09/2021
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
73,479
|
|
|
72,560
|
|
|
7.3
|
|
|
70,353
|
|
||||
Printing and Publishing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Brandmuscle, Inc.
^
|
Senior loan
|
|
L + 5.00%
|
(c)
|
6.33%
|
|
12/2021
|
|
624
|
|
|
619
|
|
|
0.1
|
|
|
629
|
|
||||
Marketo, Inc.
|
One stop
|
|
L + 9.50%
|
(c)
|
10.83%
|
|
08/2021
|
|
9,940
|
|
|
9,709
|
|
|
1.0
|
|
|
9,940
|
|
||||
Marketo, Inc.
(4)
|
One stop
|
|
L + 9.50%
|
|
N/A
(5)
|
|
08/2021
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
10,564
|
|
|
10,327
|
|
|
1.1
|
|
|
10,569
|
|
||||
Retail Stores
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Batteries Plus Holding Corporation
|
One stop
|
|
L + 6.75%
|
(a)
|
7.99%
|
|
07/2022
|
|
13,722
|
|
|
13,440
|
|
|
1.4
|
|
|
13,722
|
|
||||
Batteries Plus Holding Corporation
(4)
|
One stop
|
|
L + 6.75%
|
|
N/A
(5)
|
|
07/2022
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
||||
CVS Holdings I, LP
*^#
|
One stop
|
|
L + 6.25%
|
(a)
|
7.49%
|
|
08/2021
|
|
22,058
|
|
|
21,773
|
|
|
2.3
|
|
|
22,058
|
|
||||
CVS Holdings I, LP
*
|
One stop
|
|
L + 6.25%
|
(a)
|
7.49%
|
|
08/2021
|
|
318
|
|
|
313
|
|
|
—
|
|
|
318
|
|
||||
CVS Holdings I, LP
|
One stop
|
|
L + 6.25%
|
(a)
|
7.49%
|
|
08/2021
|
|
34
|
|
|
28
|
|
|
—
|
|
|
34
|
|
||||
CVS Holdings I, LP
(4)
|
One stop
|
|
L + 6.25%
|
|
N/A
(5)
|
|
08/2020
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
||||
Cycle Gear, Inc.
^
|
One stop
|
|
L + 6.50%
|
(c)
|
7.80%
|
|
01/2020
|
|
10,427
|
|
|
10,321
|
|
|
1.1
|
|
|
10,427
|
|
||||
Cycle Gear, Inc.
|
One stop
|
|
L + 6.50%
|
(c)
|
7.82%
|
|
01/2020
|
|
607
|
|
|
602
|
|
|
0.1
|
|
|
607
|
|
||||
Cycle Gear, Inc.
(4)
|
One stop
|
|
L + 6.50%
|
|
N/A
(5)
|
|
01/2020
|
|
—
|
|
|
(12
|
)
|
|
—
|
|
|
—
|
|
||||
DTLR, Inc.
*^#
|
One stop
|
|
L + 6.50%
|
(c)
|
7.81%
|
|
08/2022
|
|
22,962
|
|
|
22,626
|
|
|
2.4
|
|
|
22,617
|
|
||||
Elite Sportswear, L.P.
|
Senior loan
|
|
L + 5.25%
|
(c)
|
6.58%
|
|
03/2020
|
|
6,942
|
|
|
6,854
|
|
|
0.7
|
|
|
6,957
|
|
||||
Elite Sportswear, L.P.
|
Senior loan
|
|
L + 5.00%
|
(c)
|
6.33%
|
|
03/2020
|
|
2,792
|
|
|
2,756
|
|
|
0.3
|
|
|
2,779
|
|
||||
Elite Sportswear, L.P.
|
Senior loan
|
|
L + 5.25%
|
(c)
|
6.58%
|
|
03/2020
|
|
1,436
|
|
|
1,423
|
|
|
0.2
|
|
|
1,439
|
|
||||
Elite Sportswear, L.P.
*
|
Senior loan
|
|
L + 5.25%
|
(c)
|
6.55%
|
|
03/2020
|
|
471
|
|
|
467
|
|
|
0.1
|
|
|
472
|
|
||||
Elite Sportswear, L.P.
|
Senior loan
|
|
L + 5.25%
|
(c)
|
6.58%
|
|
03/2020
|
|
218
|
|
|
215
|
|
|
—
|
|
|
218
|
|
||||
Elite Sportswear, L.P.
*
|
Senior loan
|
|
L + 5.25%
|
(a)
|
6.49%
|
|
03/2020
|
|
208
|
|
|
206
|
|
|
—
|
|
|
209
|
|
||||
Elite Sportswear, L.P.
|
One stop
|
|
L + 5.00%
|
|
N/A
(5)
|
|
06/2018
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Elite Sportswear, L.P.
(4)
|
Senior loan
|
|
L + 5.00%
|
|
N/A
(5)
|
|
03/2020
|
|
—
|
|
|
(5
|
)
|
|
—
|
|
|
(4
|
)
|
||||
Feeders Supply Company, LLC
|
One stop
|
|
L + 5.75%
|
(a)
|
6.99%
|
|
04/2021
|
|
5,049
|
|
|
4,966
|
|
|
0.5
|
|
|
5,049
|
|
||||
Feeders Supply Company, LLC
|
Subordinated debt
|
|
N/A
|
|
12.50% cash/7.00% PIK
|
|
04/2021
|
|
59
|
|
|
59
|
|
|
—
|
|
|
59
|
|
||||
Feeders Supply Company, LLC
|
One stop
|
|
L + 5.75%
|
|
N/A
(5)
|
|
04/2021
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Marshall Retail Group LLC, The
^#
|
One stop
|
|
L + 6.00%
|
(c)
|
7.30%
|
|
08/2020
|
|
12,023
|
|
|
11,950
|
|
|
1.3
|
|
|
12,023
|
|
||||
Marshall Retail Group LLC, The
|
One stop
|
|
P + 4.75%
|
(e)
|
9.00%
|
|
08/2019
|
|
293
|
|
|
279
|
|
|
—
|
|
|
293
|
|
||||
Mills Fleet Farm Group LLC
*^
|
One stop
|
|
L + 5.50%
|
(a)
|
6.74%
|
|
02/2022
|
|
1,815
|
|
|
1,723
|
|
|
0.2
|
|
|
1,815
|
|
||||
Paper Source, Inc.
^#
|
One stop
|
|
L + 6.25%
|
(c)
|
7.58%
|
|
09/2019
|
|
12,626
|
|
|
12,558
|
|
|
1.3
|
|
|
12,626
|
|
||||
Paper Source, Inc.
*
|
One stop
|
|
L + 6.25%
|
(c)
|
7.58%
|
|
09/2019
|
|
1,677
|
|
|
1,666
|
|
|
0.2
|
|
|
1,677
|
|
||||
Paper Source, Inc.
|
One stop
|
|
P + 5.00%
|
(e)
|
9.25%
|
|
09/2019
|
|
525
|
|
|
515
|
|
|
0.1
|
|
|
525
|
|
||||
Pet Holdings ULC
*^(7)(8)
|
One stop
|
|
L + 5.50%
|
(c)
|
6.80%
|
|
07/2022
|
|
14,627
|
|
|
14,394
|
|
|
1.5
|
|
|
14,627
|
|
||||
Pet Holdings ULC
(7)(8)
|
One stop
|
|
L + 5.50%
|
(c)
|
6.81%
|
|
07/2022
|
|
56
|
|
|
55
|
|
|
—
|
|
|
56
|
|
||||
Pet Holdings ULC
(4)(7)(8)
|
One stop
|
|
L + 5.50%
|
|
N/A
(5)
|
|
07/2022
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
||||
PetPeople Enterprises, LLC
#
|
One stop
|
|
L + 6.00%
|
(c)
|
7.32%
|
|
09/2023
|
|
3,145
|
|
|
3,107
|
|
|
0.3
|
|
|
3,114
|
|
||||
PetPeople Enterprises, LLC
|
One stop
|
|
N/A
|
|
8.25% PIK
|
|
01/2019
|
|
155
|
|
|
155
|
|
|
—
|
|
|
155
|
|
||||
PetPeople Enterprises, LLC
(4)
|
One stop
|
|
L + 6.00%
|
|
N/A
(5)
|
|
09/2023
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
||||
PetPeople Enterprises, LLC
(4)
|
One stop
|
|
L + 6.00%
|
|
N/A
(5)
|
|
09/2023
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
134,245
|
|
|
132,427
|
|
|
14.0
|
|
|
133,871
|
|
|
Investment
|
|
Spread
Above
Index
(1)
|
Interest
Rate (2) |
|
Maturity
Date
|
|
Principal ($) /
Shares
(3)
|
|
Amortized Cost
|
|
Percentage
of Net
Assets
|
|
Fair
Value
(16)
|
|||||||||
Telecommunications
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Arise Virtual Solutions, Inc.
^
|
One stop
|
|
L + 6.00%
|
(c)
|
7.33%
|
|
12/2018
|
|
$
|
1,260
|
|
|
$
|
1,256
|
|
|
0.1
|
|
%
|
$
|
1,260
|
|
|
Arise Virtual Solutions, Inc.
|
One stop
|
|
L + 6.00%
|
|
N/A
(5)
|
|
12/2018
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
NetMotion Wireless Holdings, Inc.
*^#
|
One stop
|
|
L + 6.25%
|
(c)
|
7.58%
|
|
10/2021
|
|
7,338
|
|
|
7,249
|
|
|
0.8
|
|
|
7,338
|
|
||||
NetMotion Wireless Holdings, Inc.
(4)
|
One stop
|
|
L + 6.25%
|
|
N/A
(5)
|
|
10/2021
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
8,598
|
|
|
8,504
|
|
|
0.9
|
|
|
8,598
|
|
||||
Textile and Leather
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
SHO Holding I Corporation
*
|
Senior loan
|
|
L + 5.00%
|
(a)
|
6.24%
|
|
10/2022
|
|
2,233
|
|
|
2,194
|
|
|
0.2
|
|
|
2,233
|
|
||||
SHO Holding I Corporation
|
Senior loan
|
|
L + 4.00%
|
(a)(b)
|
5.24%
|
|
10/2021
|
|
16
|
|
|
15
|
|
|
—
|
|
|
14
|
|
||||
|
|
|
|
|
|
|
|
|
2,249
|
|
|
2,209
|
|
|
0.2
|
|
|
2,247
|
|
||||
Utilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Arcos, LLC
|
One stop
|
|
L + 6.00%
|
(c)
|
7.33%
|
|
02/2021
|
|
3,679
|
|
|
3,629
|
|
|
0.4
|
|
|
3,679
|
|
||||
Arcos, LLC
|
One stop
|
|
L + 6.00%
|
|
N/A
(5)
|
|
02/2021
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Power Plan Holdings, Inc.
*^
|
Senior loan
|
|
L + 5.25%
|
(a)
|
6.49%
|
|
02/2022
|
|
6,434
|
|
|
6,346
|
|
|
0.7
|
|
|
6,434
|
|
||||
PowerPlan Holdings, Inc.
*
|
Senior loan
|
|
L + 5.25%
|
(a)
|
6.49%
|
|
02/2022
|
|
5,659
|
|
|
5,606
|
|
|
0.5
|
|
|
5,659
|
|
||||
PowerPlan Holdings, Inc.
(4)
|
Senior loan
|
|
L + 5.25%
|
|
N/A
(5)
|
|
02/2021
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
15,772
|
|
|
15,575
|
|
|
1.6
|
|
|
15,772
|
|
||||
Total non-controlled/non-affiliate company debt investments
|
|
|
|
|
|
$
|
1,551,043
|
|
|
$
|
1,531,357
|
|
|
160.2
|
|
%
|
$
|
1,534,909
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Equity Investments
(9)(10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Aerospace and Defense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
NTS Technical Systems
|
Common stock
|
|
N/A
|
|
N/A
|
|
N/A
|
|
2
|
|
|
$
|
1,506
|
|
|
0.1
|
|
%
|
$
|
835
|
|
||
NTS Technical Systems
|
Preferred stock B
|
|
N/A
|
|
N/A
|
|
N/A
|
|
—
|
|
|
256
|
|
|
—
|
|
|
275
|
|
||||
NTS Technical Systems
|
Preferred stock A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
—
|
|
|
128
|
|
|
—
|
|
|
150
|
|
||||
Tresys Technology Holdings, Inc.
|
Common stock
|
|
N/A
|
|
N/A
|
|
N/A
|
|
295
|
|
|
295
|
|
|
—
|
|
|
—
|
|
||||
Whitcraft LLC
|
Common stock
|
|
N/A
|
|
N/A
|
|
N/A
|
|
4
|
|
|
375
|
|
|
0.1
|
|
|
375
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
2,560
|
|
|
0.2
|
|
|
1,635
|
|
|||||
Automobile
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Polk Acquisition Corp.
|
LP interest
|
|
N/A
|
|
N/A
|
|
N/A
|
|
1
|
|
|
144
|
|
|
—
|
|
|
92
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Beverage, Food and Tobacco
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Atkins Nutritionals, Inc
|
LLC interest
|
|
N/A
|
|
N/A
|
|
N/A
|
|
57
|
|
|
—
|
|
|
0.1
|
|
|
578
|
|
||||
Benihana, Inc.
|
LLC units
|
|
N/A
|
|
N/A
|
|
N/A
|
|
43
|
|
|
699
|
|
|
—
|
|
|
357
|
|
||||
C. J. Foods, Inc.
|
Preferred stock
|
|
N/A
|
|
N/A
|
|
N/A
|
|
—
|
|
|
75
|
|
|
—
|
|
|
302
|
|
||||
Cafe Rio Holding, Inc.
|
Common stock
|
|
N/A
|
|
N/A
|
|
N/A
|
|
2
|
|
|
224
|
|
|
—
|
|
|
224
|
|
||||
Hopdoddy Holdings, LLC
|
LLC interest
|
|
N/A
|
|
N/A
|
|
N/A
|
|
27
|
|
|
130
|
|
|
—
|
|
|
89
|
|
||||
Hopdoddy Holdings, LLC
|
LLC interest
|
|
N/A
|
|
N/A
|
|
N/A
|
|
12
|
|
|
36
|
|
|
—
|
|
|
25
|
|
||||
Julio & Sons Company
|
LLC interest
|
|
N/A
|
|
N/A
|
|
N/A
|
|
521
|
|
|
521
|
|
|
0.1
|
|
|
1,012
|
|
||||
P&P Food Safety US Acquisition, Inc.
|
LLC interest
|
|
N/A
|
|
N/A
|
|
N/A
|
|
2
|
|
|
204
|
|
|
—
|
|
|
210
|
|
||||
Purfoods, LLC
|
LLC interest
|
|
N/A
|
|
N/A
|
|
N/A
|
|
381
|
|
|
381
|
|
|
—
|
|
|
411
|
|
||||
Richelieu Foods, Inc.
|
LP interest
|
|
N/A
|
|
N/A
|
|
N/A
|
|
220
|
|
|
220
|
|
|
0.1
|
|
|
580
|
|
||||
Rubio's Restaurants, Inc.
|
Preferred stock
|
|
N/A
|
|
N/A
|
|
N/A
|
|
2
|
|
|
945
|
|
|
0.2
|
|
|
1,951
|
|
||||
Tate's Bake Shop, Inc.
|
LP interest
|
|
N/A
|
|
N/A
|
|
N/A
|
|
462
|
|
|
428
|
|
|
0.1
|
|
|
647
|
|
||||
Uinta Brewing Company
|
LP interest
|
|
N/A
|
|
N/A
|
|
N/A
|
|
462
|
|
|
462
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
4,325
|
|
|
0.6
|
|
|
6,386
|
|
|||||
Buildings and Real Estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Brooks Equipment Company, LLC
|
Common stock
|
|
N/A
|
|
N/A
|
|
N/A
|
|
10
|
|
|
1,021
|
|
|
0.1
|
|
|
1,502
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
|
|
Spread
Above
Index
(1)
|
Interest
Rate (2) |
|
Maturity
Date
|
|
Principal ($) /
Shares
(3)
|
|
Amortized Cost
|
|
Percentage
of Net
Assets
|
|
Fair
Value
(16)
|
|||||||||
Chemicals, Plastics and Rubber
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Flexan, LLC
|
Preferred stock A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
—
|
|
|
$
|
90
|
|
|
0.1
|
|
%
|
$
|
108
|
|
||
Flexan, LLC
|
Common stock
|
|
N/A
|
|
N/A
|
|
N/A
|
|
1
|
|
|
—
|
|
|
—
|
|
|
17
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
90
|
|
|
0.1
|
|
|
125
|
|
|||||
Diversified/Conglomerate Manufacturing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Chase Industries, Inc.
|
LLC units
|
|
N/A
|
|
N/A
|
|
N/A
|
|
1
|
|
|
1,186
|
|
|
0.2
|
|
|
2,131
|
|
||||
Inventus Power, Inc.
|
Preferred stock
|
|
N/A
|
|
N/A
|
|
N/A
|
|
—
|
|
|
370
|
|
|
—
|
|
|
—
|
|
||||
Inventus Power, Inc.
|
Common stock
|
|
N/A
|
|
N/A
|
|
N/A
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Reladyne, Inc.
|
LP interest
|
|
N/A
|
|
N/A
|
|
N/A
|
|
—
|
|
|
249
|
|
|
0.1
|
|
|
463
|
|
||||
Sunless Merger Sub, Inc.
|
LP interest
|
|
N/A
|
|
N/A
|
|
N/A
|
|
160
|
|
|
160
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
1,965
|
|
|
0.3
|
|
|
2,594
|
|
|||||
Diversified/Conglomerate Service
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Accela, Inc.
|
LLC units
|
|
N/A
|
|
N/A
|
|
N/A
|
|
296
|
|
|
296
|
|
|
—
|
|
|
296
|
|
||||
Actiance, Inc.
|
Warrant
|
|
N/A
|
|
N/A
|
|
N/A
|
|
510
|
|
|
122
|
|
|
—
|
|
|
178
|
|
||||
Agility Recovery Solutions Inc.
|
Preferred stock
|
|
N/A
|
|
N/A
|
|
N/A
|
|
67
|
|
|
341
|
|
|
0.1
|
|
|
429
|
|
||||
Bomgar Corporation
|
Common stock
|
|
N/A
|
|
N/A
|
|
N/A
|
|
—
|
|
|
107
|
|
|
—
|
|
|
120
|
|
||||
Bomgar Corporation
|
Common stock
|
|
N/A
|
|
N/A
|
|
N/A
|
|
72
|
|
|
1
|
|
|
—
|
|
|
6
|
|
||||
DISA Holdings Acquisition Subsidiary Corp.
|
Common stock
|
|
N/A
|
|
N/A
|
|
N/A
|
|
—
|
|
|
154
|
|
|
—
|
|
|
150
|
|
||||
HealthcareSource HR, Inc.
|
LLC interest
|
|
N/A
|
|
N/A
|
|
N/A
|
|
—
|
|
|
348
|
|
|
0.1
|
|
|
371
|
|
||||
Host Analytics, Inc.
|
Warrant
|
|
N/A
|
|
N/A
|
|
N/A
|
|
347
|
|
|
130
|
|
|
—
|
|
|
277
|
|
||||
Marathon Data Operating Co., LLC
|
LLC units
|
|
N/A
|
|
N/A
|
|
N/A
|
|
1
|
|
|
264
|
|
|
0.1
|
|
|
550
|
|
||||
Marathon Data Operating Co., LLC
|
LLC units
|
|
N/A
|
|
N/A
|
|
N/A
|
|
1
|
|
|
264
|
|
|
0.1
|
|
|
986
|
|
||||
Maverick Bidco Inc.
|
LLC units
|
|
N/A
|
|
N/A
|
|
N/A
|
|
1
|
|
|
369
|
|
|
0.1
|
|
|
369
|
|
||||
MMan Acquisition Co.
|
LP interest
|
|
N/A
|
|
N/A
|
|
N/A
|
|
263
|
|
|
263
|
|
|
—
|
|
|
263
|
|
||||
Project Alpha Intermediate Holding, Inc.
|
Common stock
|
|
N/A
|
|
N/A
|
|
N/A
|
|
—
|
|
|
417
|
|
|
0.1
|
|
|
459
|
|
||||
Project Alpha Intermediate Holding, Inc.
|
Common stock
|
|
N/A
|
|
N/A
|
|
N/A
|
|
103
|
|
|
4
|
|
|
—
|
|
|
4
|
|
||||
Secure-24, LLC
|
LLC units
|
|
N/A
|
|
N/A
|
|
N/A
|
|
263
|
|
|
148
|
|
|
0.1
|
|
|
802
|
|
||||
Switchfly, Inc.
|
Warrant
|
|
N/A
|
|
N/A
|
|
N/A
|
|
60
|
|
|
85
|
|
|
—
|
|
|
136
|
|
||||
Vendavo, Inc.
|
Preferred stock
|
|
N/A
|
|
N/A
|
|
N/A
|
|
894
|
|
|
894
|
|
|
0.1
|
|
|
831
|
|
||||
Verisys Corporation
|
LLC interest
|
|
N/A
|
|
N/A
|
|
N/A
|
|
261
|
|
|
261
|
|
|
—
|
|
|
284
|
|
||||
Vitalyst, LLC
|
Preferred stock A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
—
|
|
|
61
|
|
|
—
|
|
|
58
|
|
||||
Vitalyst, LLC
|
Common stock
|
|
N/A
|
|
N/A
|
|
N/A
|
|
1
|
|
|
7
|
|
|
—
|
|
|
—
|
|
||||
Workforce Software, LLC
|
LLC units
|
|
N/A
|
|
N/A
|
|
N/A
|
|
308
|
|
|
308
|
|
|
—
|
|
|
357
|
|
||||
Xmatters, Inc. and Alarmpoint, Inc.
|
Warrant
|
|
N/A
|
|
N/A
|
|
N/A
|
|
43
|
|
|
34
|
|
|
—
|
|
|
31
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
4,878
|
|
|
0.8
|
|
|
6,957
|
|
|||||
Ecological
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Pace Analytical Services, LLC
|
LLC units
|
|
N/A
|
|
N/A
|
|
N/A
|
|
3
|
|
|
304
|
|
|
—
|
|
|
364
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
304
|
|
|
—
|
|
|
364
|
|
|||||
Electronics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Diligent Corporation
(11)
|
Preferred stock
|
|
N/A
|
|
N/A
|
|
N/A
|
|
83
|
|
|
66
|
|
|
—
|
|
|
121
|
|
||||
Gamma Technologies, LLC
|
LLC units
|
|
N/A
|
|
N/A
|
|
N/A
|
|
1
|
|
|
134
|
|
|
—
|
|
|
331
|
|
||||
Project Silverback Holdings Corp.
|
Preferred stock
|
|
N/A
|
|
N/A
|
|
N/A
|
|
3
|
|
|
6
|
|
|
—
|
|
|
256
|
|
||||
SEI, Inc.
|
LLC units
|
|
N/A
|
|
N/A
|
|
N/A
|
|
340
|
|
|
265
|
|
|
0.1
|
|
|
482
|
|
||||
Sloan Company, Inc., The
|
LLC units
|
|
N/A
|
|
N/A
|
|
N/A
|
|
—
|
|
|
122
|
|
|
—
|
|
|
1
|
|
||||
Sloan Company, Inc., The
|
LLC units
|
|
N/A
|
|
N/A
|
|
N/A
|
|
1
|
|
|
14
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
607
|
|
|
0.1
|
|
|
1,191
|
|
|
Investment
|
|
Spread
Above
Index
(1)
|
Interest
Rate (2) |
|
Maturity
Date
|
|
Principal ($) /
Shares
(3)
|
|
Amortized Cost
|
|
Percentage
of Net
Assets
|
|
Fair
Value
(16)
|
|||||||||
Grocery
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
MyWebGrocer, Inc.
|
LLC units
|
|
N/A
|
|
N/A
|
|
N/A
|
|
1,418
|
|
|
$
|
1,446
|
|
|
0.2
|
|
%
|
$
|
2,064
|
|
||
MyWebGrocer, Inc.
|
Preferred stock
|
|
N/A
|
|
N/A
|
|
N/A
|
|
71
|
|
|
165
|
|
|
—
|
|
|
268
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
1,611
|
|
|
0.2
|
|
|
2,332
|
|
|||||
Healthcare, Education and Childcare
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Active Day, Inc.
|
LLC interest
|
|
N/A
|
|
N/A
|
|
N/A
|
|
1
|
|
|
614
|
|
|
0.1
|
|
|
718
|
|
||||
Acuity Eyecare Holdings, LLC
|
LLC interest
|
|
N/A
|
|
N/A
|
|
N/A
|
|
198
|
|
|
198
|
|
|
—
|
|
|
247
|
|
||||
ADCS Clinics Intermediate Holdings, LLC
|
Preferred stock
|
|
N/A
|
|
N/A
|
|
N/A
|
|
1
|
|
|
579
|
|
|
0.1
|
|
|
467
|
|
||||
ADCS Clinics Intermediate Holdings, LLC
|
Common stock
|
|
N/A
|
|
N/A
|
|
N/A
|
|
—
|
|
|
6
|
|
|
—
|
|
|
—
|
|
||||
Advanced Pain Management Holdings, Inc.
|
Preferred stock
|
|
N/A
|
|
N/A
|
|
N/A
|
|
8
|
|
|
829
|
|
|
—
|
|
|
—
|
|
||||
Advanced Pain Management Holdings, Inc.
|
Common stock
|
|
N/A
|
|
N/A
|
|
N/A
|
|
67
|
|
|
67
|
|
|
—
|
|
|
—
|
|
||||
Advanced Pain Management Holdings, Inc.
|
Preferred stock
|
|
N/A
|
|
N/A
|
|
N/A
|
|
1
|
|
|
64
|
|
|
—
|
|
|
—
|
|
||||
BIORECLAMATIONIVT, LLC
|
LLC interest
|
|
N/A
|
|
N/A
|
|
N/A
|
|
—
|
|
|
407
|
|
|
0.1
|
|
|
614
|
|
||||
California Cryobank, LLC
|
LLC units
|
|
N/A
|
|
N/A
|
|
N/A
|
|
—
|
|
|
28
|
|
|
—
|
|
|
36
|
|
||||
California Cryobank, LLC
|
LLC units
|
|
N/A
|
|
N/A
|
|
N/A
|
|
—
|
|
|
11
|
|
|
—
|
|
|
12
|
|
||||
California Cryobank, LLC
|
LLC units
|
|
N/A
|
|
N/A
|
|
N/A
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12
|
|
||||
DCA Investment Holding, LLC
|
LLC units
|
|
N/A
|
|
N/A
|
|
N/A
|
|
8,637
|
|
|
864
|
|
|
0.1
|
|
|
938
|
|
||||
DCA Investment Holding, LLC
|
LLC units
|
|
N/A
|
|
N/A
|
|
N/A
|
|
87
|
|
|
9
|
|
|
—
|
|
|
—
|
|
||||
Deca Dental Management LLC
|
LLC units
|
|
N/A
|
|
N/A
|
|
N/A
|
|
357
|
|
|
357
|
|
|
0.1
|
|
|
410
|
|
||||
Dental Holdings Corporation
|
LLC units
|
|
N/A
|
|
N/A
|
|
N/A
|
|
805
|
|
|
805
|
|
|
0.1
|
|
|
550
|
|
||||
Encore GC Acquisition, LLC
|
LLC units
|
|
N/A
|
|
N/A
|
|
N/A
|
|
18
|
|
|
182
|
|
|
—
|
|
|
149
|
|
||||
Encore GC Acquisition, LLC
|
LLC units
|
|
N/A
|
|
N/A
|
|
N/A
|
|
18
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Eyecare Services Partners Holdings LLC
|
LLC units
|
|
N/A
|
|
N/A
|
|
N/A
|
|
—
|
|
|
133
|
|
|
—
|
|
|
133
|
|
||||
Eyecare Services Partners Holdings LLC
|
LLC units
|
|
N/A
|
|
N/A
|
|
N/A
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||
G & H Wire Company, Inc.
|
LLC interest
|
|
N/A
|
|
N/A
|
|
N/A
|
|
148
|
|
|
148
|
|
|
—
|
|
|
148
|
|
||||
IntegraMed America, Inc.
|
LLC interest
|
|
N/A
|
|
N/A
|
|
N/A
|
|
1
|
|
|
458
|
|
|
0.1
|
|
|
358
|
|
||||
IntegraMed America, Inc.
|
LLC interest
|
|
N/A
|
|
N/A
|
|
N/A
|
|
—
|
|
|
417
|
|
|
—
|
|
|
328
|
|
||||
Kareo, Inc.
|
Warrant
|
|
N/A
|
|
N/A
|
|
N/A
|
|
22
|
|
|
160
|
|
|
—
|
|
|
160
|
|
||||
Katena Holdings, Inc.
|
LLC units
|
|
N/A
|
|
N/A
|
|
N/A
|
|
—
|
|
|
387
|
|
|
—
|
|
|
258
|
|
||||
Lombart Brothers, Inc.
|
Common stock
|
|
N/A
|
|
N/A
|
|
N/A
|
|
—
|
|
|
132
|
|
|
—
|
|
|
176
|
|
||||
MWD Management, LLC & MWD Services, Inc.
|
LLC interest
|
|
N/A
|
|
N/A
|
|
N/A
|
|
121
|
|
|
121
|
|
|
—
|
|
|
121
|
|
||||
Oliver Street Dermatology Holdings, LLC
|
LLC units
|
|
N/A
|
|
N/A
|
|
N/A
|
|
234
|
|
|
234
|
|
|
0.1
|
|
|
313
|
|
||||
Pentec Acquisition Sub, Inc.
|
Preferred stock
|
|
N/A
|
|
N/A
|
|
N/A
|
|
1
|
|
|
116
|
|
|
—
|
|
|
248
|
|
||||
Pinnacle Treatment Centers, Inc.
|
Preferred stock
|
|
N/A
|
|
N/A
|
|
N/A
|
|
—
|
|
|
221
|
|
|
—
|
|
|
227
|
|
||||
Pinnacle Treatment Centers, Inc.
|
Common stock
|
|
N/A
|
|
N/A
|
|
N/A
|
|
2
|
|
|
2
|
|
|
—
|
|
|
—
|
|
||||
Radiology Partners, Inc.
|
LLC units
|
|
N/A
|
|
N/A
|
|
N/A
|
|
43
|
|
|
85
|
|
|
—
|
|
|
100
|
|
||||
Reliant Pro ReHab, LLC
|
Preferred stock A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
2
|
|
|
183
|
|
|
0.1
|
|
|
869
|
|
||||
RXH Buyer Corporation
|
LP interest
|
|
N/A
|
|
N/A
|
|
N/A
|
|
7
|
|
|
683
|
|
|
—
|
|
|
239
|
|
||||
Sage Dental Management, LLC
|
LLC units
|
|
N/A
|
|
N/A
|
|
N/A
|
|
—
|
|
|
249
|
|
|
0.1
|
|
|
370
|
|
||||
Sage Dental Management, LLC
|
LLC units
|
|
N/A
|
|
N/A
|
|
N/A
|
|
3
|
|
|
3
|
|
|
—
|
|
|
134
|
|
||||
SLMP, LLC
|
LLC interest
|
|
N/A
|
|
N/A
|
|
N/A
|
|
256
|
|
|
256
|
|
|
—
|
|
|
256
|
|
||||
Spear Education, LLC
|
LLC units
|
|
N/A
|
|
N/A
|
|
N/A
|
|
—
|
|
|
62
|
|
|
—
|
|
|
71
|
|
||||
Spear Education, LLC
|
LLC units
|
|
N/A
|
|
N/A
|
|
N/A
|
|
1
|
|
|
1
|
|
|
—
|
|
|
23
|
|
||||
SSH Corporation
|
Common stock
|
|
N/A
|
|
N/A
|
|
N/A
|
|
—
|
|
|
40
|
|
|
—
|
|
|
61
|
|
||||
Surgical Information Systems, LLC
|
Common stock
|
|
N/A
|
|
N/A
|
|
N/A
|
|
4
|
|
|
414
|
|
|
0.1
|
|
|
688
|
|
||||
U.S. Renal Care, Inc.
|
LP interest
|
|
N/A
|
|
N/A
|
|
N/A
|
|
1
|
|
|
2,665
|
|
|
0.1
|
|
|
1,153
|
|
||||
WHCG Management, LLC
|
LLC interest
|
|
N/A
|
|
N/A
|
|
N/A
|
|
—
|
|
|
220
|
|
|
—
|
|
|
217
|
|
||||
Young Innovations, Inc.
|
LLC units
|
|
N/A
|
|
N/A
|
|
N/A
|
|
—
|
|
|
236
|
|
|
—
|
|
|
183
|
|
|
Investment
|
|
Spread
Above
Index
(1)
|
Interest
Rate (2) |
|
Maturity
Date
|
|
Principal ($) /
Shares
(3)
|
|
Amortized Cost
|
|
Percentage
of Net
Assets
|
|
Fair
Value
(16)
|
|||||||||
Healthcare, Education and Childcare - (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Young Innovations, Inc.
|
Common stock
|
|
N/A
|
|
N/A
|
|
N/A
|
|
2
|
|
|
$
|
—
|
|
|
—
|
|
%
|
$
|
234
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
12,647
|
|
|
1.2
|
|
|
11,222
|
|
||||
Insurance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Captive Resources Midco, LLC
|
LLC units
|
|
N/A
|
|
N/A
|
|
N/A
|
|
1
|
|
|
—
|
|
|
0.1
|
|
|
346
|
|
||||
Internet Pipeline, Inc.
(11)
|
Preferred stock
|
|
N/A
|
|
N/A
|
|
N/A
|
|
—
|
|
|
72
|
|
|
—
|
|
|
87
|
|
||||
Internet Pipeline, Inc.
|
Common stock
|
|
N/A
|
|
N/A
|
|
N/A
|
|
44
|
|
|
1
|
|
|
—
|
|
|
143
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
73
|
|
|
0.1
|
|
|
576
|
|
|||||
Leisure, Amusement, Motion Pictures, Entertainment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
LMP TR Holdings, LLC
|
LLC units
|
|
N/A
|
|
N/A
|
|
N/A
|
|
712
|
|
|
712
|
|
|
—
|
|
|
509
|
|
||||
PADI Holdco, Inc.
|
LLC units
|
|
N/A
|
|
N/A
|
|
N/A
|
|
—
|
|
|
414
|
|
|
—
|
|
|
414
|
|
||||
Titan Fitness, LLC
|
LLC units
|
|
N/A
|
|
N/A
|
|
N/A
|
|
7
|
|
|
712
|
|
|
0.1
|
|
|
826
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
1,838
|
|
|
0.1
|
|
|
1,749
|
|
|||||
Personal and Non Durable Consumer Products (Mfg. Only)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Georgica Pine Clothiers, LLC
|
LLC interest
|
|
N/A
|
|
N/A
|
|
N/A
|
|
11
|
|
|
106
|
|
|
—
|
|
|
103
|
|
||||
Massage Envy, LLC
|
LLC interest
|
|
N/A
|
|
N/A
|
|
N/A
|
|
749
|
|
|
210
|
|
|
0.1
|
|
|
866
|
|
||||
Team Technologies Acquisition Company
|
Common stock
|
|
N/A
|
|
N/A
|
|
N/A
|
|
—
|
|
|
114
|
|
|
—
|
|
|
297
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
430
|
|
|
0.1
|
|
|
1,266
|
|
|||||
Personal, Food and Miscellaneous Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Community Veterinary Partners, LLC
|
Common stock
|
|
N/A
|
|
N/A
|
|
N/A
|
|
1
|
|
|
147
|
|
|
0.1
|
|
|
153
|
|
||||
R.G. Barry Corporation
|
Preferred stock A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
—
|
|
|
161
|
|
|
—
|
|
|
108
|
|
||||
Southern Veterinary Partners, LLC
|
LLC units
|
|
N/A
|
|
N/A
|
|
N/A
|
|
—
|
|
|
38
|
|
|
—
|
|
|
37
|
|
||||
Southern Veterinary Partners, LLC
|
LLC units
|
|
N/A
|
|
N/A
|
|
N/A
|
|
40
|
|
|
2
|
|
|
—
|
|
|
2
|
|
||||
Vetcor Professional Practices LLC
|
LLC units
|
|
N/A
|
|
N/A
|
|
N/A
|
|
766
|
|
|
459
|
|
|
0.1
|
|
|
510
|
|
||||
Vetcor Professional Practices LLC
|
LLC units
|
|
N/A
|
|
N/A
|
|
N/A
|
|
85
|
|
|
85
|
|
|
0.1
|
|
|
1,027
|
|
||||
Veterinary Specialists of North America, LLC
|
LLC units
|
|
N/A
|
|
N/A
|
|
N/A
|
|
—
|
|
|
106
|
|
|
—
|
|
|
141
|
|
||||
Wetzel's Pretzels, LLC
|
Common stock
|
|
N/A
|
|
N/A
|
|
N/A
|
|
—
|
|
|
160
|
|
|
—
|
|
|
186
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
1,158
|
|
|
0.3
|
|
|
2,164
|
|
|||||
Printing and Publishing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Brandmuscle, Inc.
|
LLC interest
|
|
N/A
|
|
N/A
|
|
N/A
|
|
—
|
|
|
240
|
|
|
—
|
|
|
236
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Retail Stores
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Barcelona Restaurants, LLC
|
LP interest
|
|
N/A
|
|
N/A
|
|
N/A
|
|
1,996
|
|
|
—
|
|
|
0.7
|
|
|
6,945
|
|
||||
Batteries Plus Holding Corporation
|
LLC units
|
|
N/A
|
|
N/A
|
|
N/A
|
|
5
|
|
|
529
|
|
|
0.1
|
|
|
685
|
|
||||
Cycle Gear, Inc.
|
LLC interest
|
|
N/A
|
|
N/A
|
|
N/A
|
|
19
|
|
|
248
|
|
|
0.1
|
|
|
379
|
|
||||
DTLR, Inc.
|
LLC interest
|
|
N/A
|
|
N/A
|
|
N/A
|
|
4
|
|
|
411
|
|
|
0.1
|
|
|
573
|
|
||||
Elite Sportswear, L.P.
|
LLC interest
|
|
N/A
|
|
N/A
|
|
N/A
|
|
—
|
|
|
158
|
|
|
—
|
|
|
97
|
|
||||
Feeders Supply Company, LLC
|
Preferred stock
|
|
N/A
|
|
N/A
|
|
N/A
|
|
2
|
|
|
192
|
|
|
—
|
|
|
219
|
|
||||
Feeders Supply Company, LLC
|
Common stock
|
|
N/A
|
|
N/A
|
|
N/A
|
|
—
|
|
|
—
|
|
|
—
|
|
|
105
|
|
||||
Marshall Retail Group LLC, The
|
LLC units
|
|
N/A
|
|
N/A
|
|
N/A
|
|
15
|
|
|
154
|
|
|
—
|
|
|
82
|
|
||||
Paper Source, Inc.
|
Common stock
|
|
N/A
|
|
N/A
|
|
N/A
|
|
8
|
|
|
1,387
|
|
|
0.1
|
|
|
911
|
|
||||
Pet Holdings ULC
(7)(8)
|
LP interest
|
|
N/A
|
|
N/A
|
|
N/A
|
|
455
|
|
|
386
|
|
|
—
|
|
|
469
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
3,465
|
|
|
1.1
|
|
|
10,465
|
|
|
Investment
|
|
Spread
Above
Index
(1)
|
Interest
Rate (2) |
|
Maturity
Date
|
|
Principal ($) /
Shares
(3)
|
|
Amortized Cost
|
|
Percentage
of Net
Assets
|
|
Fair
Value
(16)
|
|||||||||
Utilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
PowerPlan Holdings, Inc.
|
Common stock
|
|
N/A
|
|
N/A
|
|
N/A
|
|
—
|
|
|
$
|
260
|
|
|
—
|
|
%
|
$
|
260
|
|
||
PowerPlan Holdings, Inc.
|
Common stock
|
|
N/A
|
|
N/A
|
|
N/A
|
|
152
|
|
|
3
|
|
|
0.1
|
|
|
268
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
263
|
|
|
0.1
|
|
|
528
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total non-controlled/non-affiliate company equity investments
|
|
|
|
|
|
|
|
$
|
37,619
|
|
|
5.4
|
|
%
|
$
|
51,384
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total non-controlled/non-affiliate company investments
|
|
|
|
|
|
$
|
1,551,043
|
|
|
$
|
1,568,976
|
|
|
165.6
|
|
%
|
$
|
1,586,293
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Non-controlled affiliate company investments
(12)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Debt investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Mining, Steel, Iron and Non-Precious Metals
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Benetech, Inc.
*(7)
|
One stop
|
|
L + 11.00%
|
(a)
|
10.25% cash/2.00% PIK
|
|
08/2018
|
|
$
|
4,438
|
|
|
$
|
4,435
|
|
|
0.4
|
|
%
|
$
|
3,551
|
|
|
Benetech, Inc.
(7)
|
One stop
|
|
P + 9.75%
|
(a)(e)
|
11.96% cash/2.00% PIK
|
|
08/2018
|
|
371
|
|
|
371
|
|
|
—
|
|
|
146
|
|
||||
|
|
|
|
|
|
|
|
|
4,809
|
|
|
4,806
|
|
|
0.4
|
|
|
3,697
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total non-controlled affiliate company debt investments
|
|
|
|
|
|
$
|
4,809
|
|
|
$
|
4,806
|
|
|
0.4
|
|
%
|
$
|
3,697
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Equity Investments
(9)(10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Mining, Steel, Iron and Non-Precious Metals
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Benetech, Inc.
(7)
|
LLC interest
|
|
N/A
|
|
N/A
|
|
N/A
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
%
|
$
|
10
|
|
||
Benetech, Inc.
(7)
|
LLC interest
|
|
N/A
|
|
N/A
|
|
N/A
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total non-controlled affiliate company equity investments
|
|
|
|
|
|
|
|
$
|
—
|
|
|
—
|
|
%
|
$
|
10
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total non-controlled affiliate company investments
|
|
|
|
|
|
$
|
4,809
|
|
|
$
|
4,806
|
|
|
0.4
|
|
%
|
$
|
3,707
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Controlled affiliate company investments
(13)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Equity Investments
(9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Investment Funds and Vehicles
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Senior Loan Fund LLC
(7)(14)
|
LLC interest
|
|
N/A
|
|
N/A
|
|
|
|
—
|
|
|
$
|
97,457
|
|
|
9.9
|
|
%
|
$
|
95,015
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total controlled affiliate company equity investments
|
|
|
|
|
|
|
|
$
|
97,457
|
|
|
9.9
|
|
%
|
$
|
95,015
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total investments
|
|
|
|
|
|
$
|
1,555,852
|
|
|
$
|
1,671,239
|
|
|
175.9
|
|
%
|
$
|
1,685,015
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Cash, cash equivalents and restricted cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Cash and restricted cash
|
|
|
|
|
|
|
|
|
$
|
48,733
|
|
|
5.1
|
|
%
|
$
|
48,733
|
|
|||||
BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718)
|
|
0.91%
(15)
|
|
|
|
|
|
|
13,825
|
|
|
1.4
|
|
|
13,825
|
|
|||||||
Total cash, cash equivalents and restricted cash and cash equivalents
|
|
|
|
|
$
|
62,558
|
|
|
6.5
|
|
%
|
$
|
62,558
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total investments and cash, cash equivalents and restricted cash and cash equivalents
|
|
|
|
|
|
|
$
|
1,733,797
|
|
|
182.4
|
|
%
|
$
|
1,747,573
|
|
|
*
|
|
Denotes that all or a portion of the loan secures the notes offered in the 2010 Debt Securitization (as defined in Note 6).
|
^
|
|
Denotes that all or a portion of the loan secures the notes offered in the 2014 Debt Securitization (as defined in Note 6).
|
#
|
|
Denotes that all or a portion of the loan collateralizes the Credit Facility (as defined in Note 6).
|
(1)
|
The majority of the investments bear interest at a rate that may be determined by reference to LIBOR or Prime and which reset daily, quarterly or semiannually. For each, the Company has provided the spread over LIBOR or Prime and the weighted average current interest rate in effect at September 30, 2017. Certain investments are subject to a LIBOR or Prime interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. Listed below are the index rates as of September 29, 2017, which was the last business day of the period on which LIBOR was determined. The actual index rate for each loan listed may not be the applicable index rate outstanding as of September 30, 2017, as the loan may have priced or repriced based on an index rate prior to September 29, 2017.
|
(2)
|
For portfolio companies with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of September 30, 2017.
|
(3)
|
The total principal amount is presented for debt investments while the number of shares or units owned is presented for equity investments.
|
(4)
|
The negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par. The negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.
|
(5)
|
The entire commitment was unfunded as of September 30, 2017. As such, no interest is being earned on this investment.
|
(6)
|
Loan was on non-accrual status as of September 30, 2017, meaning that the Company has ceased recognizing interest income on the loan.
|
(7)
|
The investment is treated as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of September 30, 2017, total non-qualifying assets at fair value represented 6.7% of the Company's total assets calculated in accordance with the 1940 Act.
|
(8)
|
The headquarters of this portfolio company is located in Canada.
|
(9)
|
Equity investments are non-income producing securities unless otherwise noted.
|
(10)
|
Ownership of certain equity investments may occur through a holding company or partnership.
|
(11)
|
The Company holds an equity investment that entitles it to receive preferential dividends
|
(12)
|
As defined in the 1940 Act, the Company is deemed to be an "affiliated person" of the company as the Company along with affiliated entities owns five percent or more of the portfolio company's securities. Transactions related to investments in non-controlled affiliates for the year ended September 30, 2017 were as follows:
|
Portfolio
Company
|
|
Fair value as of September 30, 2016
|
|
Purchases (cost)
(f)
|
|
Redemptions
(cost)
|
|
Transfer in (out)
|
|
Discount
accretion
|
|
Net change in unrealized
gain/(loss)
|
|
Fair value as of September 30, 2017
|
|
Net realized gain/(loss)
|
|
Interest and
fee income
|
|
Dividend
income
|
||||||||||||||||||||
Benetech, Inc.
(g)
|
|
$
|
—
|
|
|
$
|
17
|
|
|
$
|
(68
|
)
|
|
$
|
3,738
|
|
|
$
|
2
|
|
|
$
|
18
|
|
|
$
|
3,707
|
|
|
$
|
—
|
|
|
$
|
113
|
|
|
$
|
—
|
|
Competitor Group, Inc.
|
|
9,618
|
|
|
491
|
|
|
(15,615
|
)
|
|
—
|
|
|
278
|
|
|
5,228
|
|
|
—
|
|
|
(6,442
|
)
|
|
1,023
|
|
|
—
|
|
||||||||||
Total Non-Controlled Affiliates
|
|
$
|
9,618
|
|
|
$
|
508
|
|
|
$
|
(15,683
|
)
|
|
$
|
3,738
|
|
|
$
|
280
|
|
|
$
|
5,246
|
|
|
$
|
3,707
|
|
|
$
|
(6,442
|
)
|
|
$
|
1,136
|
|
|
$
|
—
|
|
(f)
|
Purchases at cost includes amounts related to PIK interest capitalized and added to the principal balance of the respective loans.
|
(g)
|
During the three months ended September 30, 2017, the Company's ownership increased to over five percent of the portfolio company's voting securities.
|
(13)
|
As defined in the 1940 Act, the Company is deemed to be both an "affiliated person" of and "control" this portfolio company as the Company owns more than 25% of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement). Transactions related to investments in controlled affiliates for the year ended September 30, 2017 were as follows:
|
Portfolio
Company
|
|
Fair value as of September 30, 2016
|
|
Purchases (cost)
(h)
|
|
Redemptions
(cost)
|
|
Transfer in (out)
|
|
Discount
accretion
|
|
Net change in unrealized
gain/(loss)
|
|
Fair value as of September 30, 2017
|
|
Net realized gain/(loss)
|
|
Interest and
fee income
|
|
Dividend
income
|
||||||||||||||||||||
Senior Loan Fund LLC
(i)
|
|
$
|
104,228
|
|
|
$
|
96,688
|
|
|
$
|
(107,870
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,969
|
|
|
$
|
95,015
|
|
|
$
|
—
|
|
|
$
|
1,639
|
|
|
$
|
4,929
|
|
Total Controlled Affiliates
|
|
$
|
104,228
|
|
|
$
|
96,688
|
|
|
$
|
(107,870
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,969
|
|
|
$
|
95,015
|
|
|
$
|
—
|
|
|
$
|
1,639
|
|
|
$
|
4,929
|
|
(h)
|
Purchases at cost includes amounts related to PIK interest capitalized and added to the principal balance of the respective loans.
|
(i)
|
Together with RGA, the Company co-invests through SLF. SLF is capitalized as transactions are completed and all portfolio and investment decisions in respect to SLF must be approved by the SLF investment committee consisting of two representatives of the Company and RGA (with unanimous approval required from (i) one representative of each of the Company and RGA or (ii) both representatives of each of the Company and RGA). Therefore, although the Company owns more than 25% of the voting securities of SLF, the Company does not believe that it has control over SLF for purposes of the 1940 Act or otherwise.
|
(14)
|
The Company receives quarterly profit distributions from its equity investment in SLF. See Note 4. Investments.
|
(15)
|
The rate shown is the annualized seven-day yield as of September 30, 2017.
|
(16)
|
The fair value of the investment was valued using significant unobservable inputs. See Note 5. Fair Value Measurements.
|
(1)
|
cash and cash equivalents, fair value of investments, interest receivable, and other assets—at the spot exchange rate on the last business day of the period; and
|
(2)
|
purchases and sales of investments, income and expenses—at the exchange rates prevailing on the respective dates of such transactions.
|
|
September 30, 2017
|
||
Undistributed net investment income
|
$
|
1,954
|
|
Net unrealized appreciation (depreciation) on investments and secured borrowings
|
16,444
|
|
|
Net realized gain (loss) on investments
|
181
|
|
|
Distributable earnings
|
$
|
18,579
|
|
|
Years ended September 30,
|
||||||
|
2017
|
|
2016
|
||||
Distributions to stockholders:
|
|
|
|
||||
Distributions from net investment income
|
$
|
(85,304
|
)
|
|
$
|
(54,461
|
)
|
Distributions from realized gain
|
(1,139
|
)
|
|
(12,418
|
)
|
||
Distributions from distributable earnings
|
$
|
(86,443
|
)
|
|
$
|
(66,879
|
)
|
|
Year ended September 30, 2017
|
|||||||||||
|
Undistributed Net Investment Income
|
Net Unrealized Appreciation (Depreciation) on Investments and Secured Borrowings
|
Net Realized Gain (Loss) on Investments
|
Distributable Earnings
|
||||||||
Net investment income - after excise tax
|
$
|
69,546
|
|
$
|
—
|
|
$
|
—
|
|
$
|
69,546
|
|
Net realized gain (loss) on investments and foreign currency transactions
|
—
|
|
—
|
|
9,402
|
|
9,402
|
|
||||
Net change in unrealized gain (loss) on investments, secured borrowings, and foreign currency translation
|
—
|
|
3,340
|
|
|
3,340
|
|
|||||
Net increase in net assets from operations
|
$
|
69,546
|
|
$
|
3,340
|
|
$
|
9,402
|
|
$
|
82,288
|
|
|
Year ended September 30, 2016
|
|||||||||||
|
Undistributed Net Investment Income
|
Net Unrealized Appreciation (Depreciation) on Investments and Secured Borrowings
|
Net Realized Gain (Loss) on Investments
|
Distributable earnings
|
||||||||
Net investment income - after excise tax
|
$
|
64,980
|
|
$
|
—
|
|
$
|
—
|
|
$
|
64,980
|
|
Net realized gain (loss) on investments and foreign currency transactions
|
—
|
|
—
|
|
6,254
|
|
6,254
|
|
||||
Net change in unrealized gain (loss) on investments, secured borrowings, and foreign currency translation
|
—
|
|
(2,030
|
)
|
|
(2,030
|
)
|
|||||
Net increase in net assets from operations
|
$
|
64,980
|
|
$
|
(2,030
|
)
|
$
|
6,254
|
|
$
|
69,204
|
|
•
|
Zero in any calendar quarter in which the Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate;
|
•
|
100% of the Company’s Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than 2.5% in any calendar quarter. This portion of the Company’s Pre-Incentive Fee Net Investment Income (which exceeds the hurdle rate but is less than 2.5%) is referred to as the “catch-up” provision. The catch-up is meant to provide the Investment Adviser with 20.0% of the Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply if the Company’s Pre-Incentive Fee Net Investment Income exceeds 2.5% in any calendar quarter; and
|
•
|
20.0% of the amount of the Company’s Pre-Incentive Fee Net Investment Income, if any, that exceeds 2.5% in any calendar quarter.
|
•
|
The cumulative aggregate realized capital losses are calculated as the sum of the amounts by which (a) the net sales price of each investment in the Company’s portfolio when sold is less than (b) the accreted or amortized cost basis of such investment.
|
•
|
The cumulative aggregate realized capital gains are calculated as the sum of the differences, if positive, between (a) the net sales price of each investment in the Company’s portfolio when sold and (b) the accreted or amortized cost basis of such investment.
|
•
|
The aggregate unrealized capital depreciation is calculated as the sum of the differences, if negative, between (a) the valuation of each investment in the Company’s portfolio as of the applicable Capital Gain Incentive Fee calculation date and (b) the accreted or amortized cost basis of such investment.
|
|
As of September 30, 2018
|
|
As of September 30, 2017
|
||||||||||||||||||||
|
Principal
|
|
Amortized
Cost
|
|
Fair
Value
|
|
Principal
|
|
Amortized
Cost
|
|
Fair
Value
|
||||||||||||
Senior secured
|
$
|
233,064
|
|
|
$
|
230,846
|
|
|
$
|
231,169
|
|
|
$
|
197,734
|
|
|
$
|
195,790
|
|
|
$
|
195,029
|
|
One stop
|
1,443,980
|
|
|
1,426,640
|
|
|
1,430,196
|
|
|
1,348,625
|
|
|
1,331,008
|
|
|
1,334,084
|
|
||||||
Second lien
|
9,435
|
|
|
9,338
|
|
|
9,435
|
|
|
9,434
|
|
|
9,306
|
|
|
9,434
|
|
||||||
Subordinated debt
|
251
|
|
|
251
|
|
|
251
|
|
|
59
|
|
|
59
|
|
|
59
|
|
||||||
LLC equity interests in SLF
(1)
|
N/A
|
|
|
75,407
|
|
|
71,084
|
|
|
N/A
|
|
|
97,457
|
|
|
95,015
|
|
||||||
Equity
|
N/A
|
|
|
38,170
|
|
|
40,706
|
|
|
N/A
|
|
|
37,619
|
|
|
51,394
|
|
||||||
Total
|
$
|
1,686,730
|
|
|
$
|
1,780,652
|
|
|
$
|
1,782,841
|
|
|
$
|
1,555,852
|
|
|
$
|
1,671,239
|
|
|
$
|
1,685,015
|
|
|
(1)
|
SLF’s proceeds from the LLC equity interests invested in SLF were utilized by SLF to invest in senior secured loans.
|
|
As of September 30, 2018
|
|
As of September 30, 2017
|
||||||||||
Amortized Cost:
|
|
|
|
|
|
|
|
|
|
|
|
||
United States
|
|
|
|
|
|
|
|
|
|
|
|
||
Mid-Atlantic
|
$
|
354,662
|
|
|
19.9
|
%
|
|
$
|
341,612
|
|
|
20.4
|
%
|
Midwest
|
370,239
|
|
|
20.8
|
|
|
405,901
|
|
|
24.3
|
|
||
West
|
306,052
|
|
|
17.2
|
|
|
266,546
|
|
|
16.0
|
|
||
Southeast
|
422,844
|
|
|
23.7
|
|
|
354,663
|
|
|
21.2
|
|
||
Southwest
|
186,468
|
|
|
10.5
|
|
|
153,520
|
|
|
9.2
|
|
||
Northeast
|
125,329
|
|
|
7.0
|
|
|
134,164
|
|
|
8.0
|
|
||
Canada
|
15,058
|
|
|
0.9
|
|
|
14,833
|
|
|
0.9
|
|
||
Total
|
$
|
1,780,652
|
|
|
100.0
|
%
|
|
$
|
1,671,239
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
||||||
Fair Value:
|
|
|
|
|
|
|
|
|
|
|
|
||
United States
|
|
|
|
|
|
|
|
|
|
|
|
||
Mid-Atlantic
|
$
|
347,560
|
|
|
19.5
|
%
|
|
$
|
339,358
|
|
|
20.1
|
%
|
Midwest
|
371,141
|
|
|
20.8
|
|
|
406,694
|
|
|
24.1
|
|
||
West
|
306,074
|
|
|
17.2
|
|
|
270,185
|
|
|
16.0
|
|
||
Southeast
|
428,235
|
|
|
24.0
|
|
|
356,846
|
|
|
21.2
|
|
||
Southwest
|
189,379
|
|
|
10.6
|
|
|
152,312
|
|
|
9.1
|
|
||
Northeast
|
125,051
|
|
|
7.0
|
|
|
144,468
|
|
|
8.6
|
|
||
Canada
|
15,401
|
|
|
0.9
|
|
|
15,152
|
|
|
0.9
|
|
||
Total
|
$
|
1,782,841
|
|
|
100.0
|
%
|
|
$
|
1,685,015
|
|
|
100.0
|
%
|
|
As of September 30, 2018
|
|
As of September 30, 2017
|
||||||||||
Amortized Cost:
|
|
|
|
|
|
|
|
|
|
|
|
||
Aerospace and Defense
|
$
|
51,288
|
|
|
2.9
|
%
|
|
$
|
59,296
|
|
|
3.6
|
%
|
Automobile
|
18,934
|
|
|
1.1
|
|
|
16,507
|
|
|
1.0
|
|
||
Banking
|
—
|
|
|
—
|
|
|
17,144
|
|
|
1.0
|
|
||
Beverage, Food and Tobacco
|
99,594
|
|
|
5.6
|
|
|
105,466
|
|
|
6.3
|
|
||
Broadcasting and Entertainment
|
1,444
|
|
|
0.1
|
|
|
1,458
|
|
|
0.1
|
|
||
Buildings and Real Estate
|
63,109
|
|
|
3.5
|
|
|
66,317
|
|
|
4.0
|
|
||
Chemicals, Plastics and Rubber
|
10,277
|
|
|
0.6
|
|
|
2,407
|
|
|
0.1
|
|
||
Diversified/Conglomerate Manufacturing
|
96,892
|
|
|
5.4
|
|
|
98,121
|
|
|
5.9
|
|
||
Diversified/Conglomerate Service
|
460,166
|
|
|
25.8
|
|
|
287,765
|
|
|
17.2
|
|
||
Ecological
|
18,852
|
|
|
1.1
|
|
|
18,081
|
|
|
1.1
|
|
||
Electronics
|
130,457
|
|
|
7.3
|
|
|
84,454
|
|
|
5.1
|
|
||
Grocery
|
16,203
|
|
|
0.9
|
|
|
15,876
|
|
|
0.9
|
|
||
Healthcare, Education and Childcare
|
337,499
|
|
|
19.0
|
|
|
336,386
|
|
|
20.1
|
|
||
Home and Office Furnishings, Housewares, and Durable Consumer
|
12,861
|
|
|
0.7
|
|
|
16,906
|
|
|
1.0
|
|
||
Hotels, Motels, Inns, and Gaming
|
15,383
|
|
|
0.9
|
|
|
9,889
|
|
|
0.6
|
|
||
Insurance
|
45,865
|
|
|
2.6
|
|
|
34,225
|
|
|
2.1
|
|
||
Investment Funds and Vehicles
|
75,407
|
|
|
4.2
|
|
|
97,457
|
|
|
5.8
|
|
||
Leisure, Amusement, Motion Pictures, Entertainment
|
80,302
|
|
|
4.5
|
|
|
76,717
|
|
|
4.6
|
|
||
Mining, Steel, Iron and Non-Precious Metals
|
4,478
|
|
|
0.3
|
|
|
4,806
|
|
|
0.3
|
|
||
Oil and Gas
|
14,211
|
|
|
0.8
|
|
|
6,362
|
|
|
0.4
|
|
||
Personal and Non Durable Consumer Products (Mfg. Only)
|
68,129
|
|
|
3.8
|
|
|
68,871
|
|
|
4.1
|
|
||
Personal, Food and Miscellaneous Services
|
31,526
|
|
|
1.8
|
|
|
73,718
|
|
|
4.4
|
|
||
Printing and Publishing
|
4,200
|
|
|
0.2
|
|
|
10,567
|
|
|
0.6
|
|
||
Retail Stores
|
111,550
|
|
|
6.3
|
|
|
135,892
|
|
|
8.1
|
|
||
Telecommunications
|
6,310
|
|
|
0.3
|
|
|
8,504
|
|
|
0.5
|
|
||
Textiles and Leather
|
2,196
|
|
|
0.1
|
|
|
2,209
|
|
|
0.1
|
|
||
Utilities
|
3,519
|
|
|
0.2
|
|
|
15,838
|
|
|
1.0
|
|
||
Total
|
$
|
1,780,652
|
|
|
100.0
|
%
|
|
$
|
1,671,239
|
|
|
100.0
|
%
|
|
As of September 30, 2018
|
|
As of September 30, 2017
|
||||||||||
Fair Value:
|
|
|
|
|
|
|
|
|
|
|
|
||
Aerospace and Defense
|
$
|
47,891
|
|
|
2.7
|
%
|
|
$
|
56,458
|
|
|
3.4
|
%
|
Automobile
|
19,158
|
|
|
1.1
|
|
|
16,677
|
|
|
1.0
|
|
||
Banking
|
—
|
|
|
—
|
|
|
17,182
|
|
|
1.0
|
|
||
Beverage, Food and Tobacco
|
99,608
|
|
|
5.6
|
|
|
107,582
|
|
|
6.4
|
|
||
Broadcasting and Entertainment
|
1,447
|
|
|
0.1
|
|
|
1,469
|
|
|
0.1
|
|
||
Buildings and Real Estate
|
65,255
|
|
|
3.7
|
|
|
67,376
|
|
|
4.0
|
|
||
Chemicals, Plastics and Rubber
|
10,356
|
|
|
0.6
|
|
|
2,460
|
|
|
0.1
|
|
||
Diversified/Conglomerate Manufacturing
|
96,663
|
|
|
5.4
|
|
|
98,664
|
|
|
5.9
|
|
||
Diversified/Conglomerate Service
|
466,037
|
|
|
26.1
|
|
|
293,632
|
|
|
17.4
|
|
||
Ecological
|
19,148
|
|
|
1.1
|
|
|
18,536
|
|
|
1.1
|
|
||
Electronics
|
130,472
|
|
|
7.3
|
|
|
85,381
|
|
|
5.1
|
|
||
Grocery
|
14,629
|
|
|
0.8
|
|
|
16,603
|
|
|
1.0
|
|
||
Healthcare, Education and Childcare
|
333,736
|
|
|
18.7
|
|
|
335,880
|
|
|
19.9
|
|
||
Home and Office Furnishings, Housewares, and Durable Consumer
|
12,831
|
|
|
0.7
|
|
|
14,954
|
|
|
0.9
|
|
||
Hotels, Motels, Inns, and Gaming
|
15,592
|
|
|
0.9
|
|
|
10,057
|
|
|
0.6
|
|
||
Insurance
|
47,041
|
|
|
2.6
|
|
|
35,082
|
|
|
2.1
|
|
||
Investment Funds and Vehicles
|
71,084
|
|
|
4.0
|
|
|
95,015
|
|
|
5.6
|
|
||
Leisure, Amusement, Motion Pictures, Entertainment
|
81,907
|
|
|
4.6
|
|
|
76,954
|
|
|
4.5
|
|
||
Mining, Steel, Iron and Non-Precious Metals
|
4,496
|
|
|
0.3
|
|
|
3,707
|
|
|
0.2
|
|
||
Oil and Gas
|
14,340
|
|
|
0.8
|
|
|
6,351
|
|
|
0.4
|
|
||
Personal and Non Durable Consumer Products (Mfg. Only)
|
69,912
|
|
|
3.9
|
|
|
70,192
|
|
|
4.2
|
|
||
Personal, Food and Miscellaneous Services
|
32,253
|
|
|
1.8
|
|
|
72,517
|
|
|
4.3
|
|
||
Printing and Publishing
|
4,167
|
|
|
0.2
|
|
|
10,805
|
|
|
0.6
|
|
||
Retail Stores
|
112,738
|
|
|
6.3
|
|
|
144,336
|
|
|
8.6
|
|
||
Telecommunications
|
6,393
|
|
|
0.4
|
|
|
8,598
|
|
|
0.5
|
|
||
Textiles and Leather
|
2,134
|
|
|
0.1
|
|
|
2,247
|
|
|
0.1
|
|
||
Utilities
|
3,553
|
|
|
0.2
|
|
|
16,300
|
|
|
1.0
|
|
||
Total
|
$
|
1,782,841
|
|
|
100.0
|
%
|
|
$
|
1,685,015
|
|
|
100.0
|
%
|
|
As of September 30, 2018
|
|
As of September 30, 2017
|
||||||||||||
|
Committed
|
|
Funded
(1)
|
|
Committed
|
|
Funded
(1)
|
||||||||
LLC equity commitments
|
$
|
200,000
|
|
|
$
|
86,180
|
|
|
$
|
200,000
|
|
|
$
|
111,380
|
|
Total
|
$
|
200,000
|
|
|
$
|
86,180
|
|
|
$
|
200,000
|
|
|
$
|
111,380
|
|
|
(1)
|
Funded LLC equity commitments are presented net of return of capital distributions subject to recall.
|
|
As of September 30,
|
||||||
|
2018
|
|
2017
|
||||
Senior secured loans
(1)
|
$
|
183,668
|
|
|
$
|
301,583
|
|
Weighted average current interest rate on senior secured loans
(2)
|
7.5
|
%
|
|
6.4
|
%
|
||
Number of borrowers in SLF
|
32
|
|
|
50
|
|
||
Largest portfolio company investments
(1)
|
$
|
13,716
|
|
|
$
|
13,820
|
|
Total of five largest portfolio company investments
(1)
|
$
|
57,330
|
|
|
$
|
61,187
|
|
|
(1)
|
At principal amount.
|
(2)
|
Computed as the (a) annual stated interest rate on accruing senior secured loans divided by (b) total senior secured loans at principal amount.
|
SLF Investment Portfolio as of September 30, 2018
|
|||||||||||||||||
Portfolio Company
|
|
Business Description
|
|
Security Type
|
|
Maturity
Date
|
|
Current
Interest
Rate
(1)
|
|
Principal ($) /
Shares
(2)
|
|
Fair
Value
(3)
|
|||||
1A Smart Start LLC
|
|
Home and Office Furnishings, Housewares, and Durable Consumer
|
|
Senior Loan
|
|
02/2022
|
|
7.0
|
%
|
|
$
|
2,073
|
|
|
$
|
2,084
|
|
1A Smart Start LLC
(4)
|
|
Home and Office Furnishings, Housewares, and Durable Consumer
|
|
Senior Loan
|
|
02/2022
|
|
6.7
|
|
|
922
|
|
|
924
|
|
||
Advanced Pain Management Holdings, Inc.
(5)
|
|
Healthcare, Education and Childcare
|
|
Senior Loan
|
|
11/2018
|
|
7.2
|
|
|
6,561
|
|
|
3,609
|
|
||
Advanced Pain Management Holdings, Inc.
(5)
|
|
Healthcare, Education and Childcare
|
|
Senior Loan
|
|
11/2018
|
|
7.2
|
|
|
449
|
|
|
247
|
|
||
Boot Barn, Inc.
|
|
Retail Stores
|
|
Senior Loan
|
|
06/2021
|
|
6.9
|
|
|
9,533
|
|
|
9,533
|
|
||
Brandmuscle, Inc.
|
|
Printing and Publishing
|
|
Senior Loan
|
|
12/2021
|
|
7.1
|
|
|
4,678
|
|
|
4,674
|
|
||
Captain D's, LLC
(4)
|
|
Personal, Food and Miscellaneous Services
|
|
Senior Loan
|
|
12/2023
|
|
7.9
|
|
|
13
|
|
|
13
|
|
||
Captain D's, LLC
(4)
|
|
Personal, Food and Miscellaneous Services
|
|
Senior Loan
|
|
12/2023
|
|
6.7
|
|
|
2,499
|
|
|
2,499
|
|
||
CLP Healthcare Services, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior Loan
|
|
12/2020
|
|
7.9
|
|
|
8,502
|
|
|
8,332
|
|
||
CLP Healthcare Services, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior Loan
|
|
12/2020
|
|
7.9
|
|
|
4,284
|
|
|
4,198
|
|
||
Community Veterinary Partners, LLC
|
|
Personal, Food and Miscellaneous Services
|
|
Senior Loan
|
|
10/2021
|
|
7.9
|
|
|
2,417
|
|
|
2,417
|
|
||
Community Veterinary Partners, LLC
|
|
Personal, Food and Miscellaneous Services
|
|
Senior Loan
|
|
10/2021
|
|
7.9
|
|
|
1,215
|
|
|
1,215
|
|
||
Community Veterinary Partners, LLC
|
|
Personal, Food and Miscellaneous Services
|
|
Senior Loan
|
|
10/2021
|
|
7.9
|
|
|
40
|
|
|
40
|
|
||
Community Veterinary Partners, LLC
|
|
Personal, Food and Miscellaneous Services
|
|
Senior Loan
|
|
10/2021
|
|
7.9
|
|
|
58
|
|
|
58
|
|
||
DISA Holdings Acquisition Subsidiary Corp.
(4)
|
|
Diversified/Conglomerate Service
|
|
Senior Loan
|
|
06/2022
|
|
6.1
|
|
|
71
|
|
|
71
|
|
||
DISA Holdings Acquisition Subsidiary Corp.
(4)
|
|
Diversified/Conglomerate Service
|
|
Senior Loan
|
|
06/2022
|
|
6.1
|
|
|
4,821
|
|
|
4,821
|
|
||
Encore GC Acquisition, LLC
|
|
Healthcare, Education and Childcare
|
|
Senior Loan
|
|
01/2020
|
|
7.5
|
|
|
4,540
|
|
|
4,540
|
|
||
Flexan, LLC
(4)
|
|
Chemicals, Plastics and Rubber
|
|
Senior Loan
|
|
02/2020
|
|
9.8
|
|
|
304
|
|
|
304
|
|
||
Flexan, LLC
|
|
Chemicals, Plastics and Rubber
|
|
Senior Loan
|
|
02/2020
|
|
8.1
|
|
|
5,967
|
|
|
5,967
|
|
||
Flexan, LLC
|
|
Chemicals, Plastics and Rubber
|
|
Senior Loan
|
|
02/2020
|
|
8.1
|
|
|
1,657
|
|
|
1,657
|
|
||
Gamma Technologies, LLC
(4)
|
|
Electronics
|
|
Senior Loan
|
|
06/2024
|
|
7.7
|
|
|
10,186
|
|
|
10,186
|
|
||
III US Holdings, LLC
|
|
Diversified/Conglomerate Service
|
|
Senior Loan
|
|
09/2022
|
|
9.0
|
|
|
4,927
|
|
|
4,927
|
|
||
Jensen Hughes, Inc.
|
|
Buildings and Real Estate
|
|
Senior Loan
|
|
03/2024
|
|
6.7
|
|
|
2,293
|
|
|
2,293
|
|
||
Jensen Hughes, Inc.
|
|
Buildings and Real Estate
|
|
Senior Loan
|
|
03/2024
|
|
6.7
|
|
|
119
|
|
|
119
|
|
||
Jensen Hughes, Inc.
|
|
Buildings and Real Estate
|
|
Senior Loan
|
|
03/2024
|
|
6.7
|
|
|
64
|
|
|
64
|
|
||
Joerns Healthcare, LLC
(4)
|
|
Healthcare, Education and Childcare
|
|
Senior Loan
|
|
05/2020
|
|
8.3
|
|
|
8,745
|
|
|
8,133
|
|
||
Paradigm DKD Group, LLC
|
|
Buildings and Real Estate
|
|
Senior Loan
|
|
05/2020
|
|
8.5
|
|
|
702
|
|
|
524
|
|
||
Paradigm DKD Group, LLC
|
|
Buildings and Real Estate
|
|
Senior Loan
|
|
05/2020
|
|
8.5
|
|
|
1,957
|
|
|
1,369
|
|
||
Pasternack Enterprises, Inc. and Fairview Microwave, Inc
(4)
|
|
Diversified/Conglomerate Manufacturing
|
|
Senior Loan
|
|
07/2025
|
|
6.2
|
|
|
5,318
|
|
|
5,291
|
|
||
Payless ShoeSource, Inc.
|
|
Retail Stores
|
|
Senior Loan
|
|
08/2022
|
|
11.3
|
|
|
762
|
|
|
528
|
|
||
Polk Acquisition Corp.
|
|
Automobile
|
|
Senior Loan
|
|
06/2022
|
|
7.5
|
|
|
93
|
|
|
93
|
|
||
Polk Acquisition Corp.
|
|
Automobile
|
|
Senior Loan
|
|
06/2022
|
|
7.2
|
|
|
4,513
|
|
|
4,513
|
|
||
Polk Acquisition Corp.
|
|
Automobile
|
|
Senior Loan
|
|
06/2022
|
|
7.2
|
|
|
53
|
|
|
53
|
|
||
Pyramid Healthcare, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior Loan
|
|
08/2019
|
|
8.8
|
|
|
411
|
|
|
411
|
|
||
Pyramid Healthcare, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior Loan
|
|
08/2019
|
|
8.8
|
|
|
10,152
|
|
|
10,152
|
|
||
Pyramid Healthcare, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior Loan
|
|
08/2019
|
|
8.8
|
|
|
45
|
|
|
45
|
|
||
Pyramid Healthcare, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior Loan
|
|
08/2019
|
|
8.8
|
|
|
148
|
|
|
148
|
|
SLF Investment Portfolio as of September 30, 2018 - (continued)
|
|||||||||||||||||
Portfolio Company
|
|
Business Description
|
|
Security Type
|
|
Maturity
Date
|
|
Current
Interest
Rate
(1)
|
|
Principal ($) /
Shares (2) |
|
Fair
Value
(3)
|
|||||
RSC Acquisition, Inc.
(4)
|
|
Insurance
|
|
Senior Loan
|
|
11/2021
|
|
6.8
|
%
|
|
$
|
17
|
|
|
$
|
17
|
|
RSC Acquisition, Inc.
(4)
|
|
Insurance
|
|
Senior Loan
|
|
11/2022
|
|
6.7
|
|
|
3,824
|
|
|
3,815
|
|
||
Rubio's Restaurants, Inc.
(4)
|
|
Beverage, Food and Tobacco
|
|
Senior Loan
|
|
10/2019
|
|
7.6
|
|
|
4,941
|
|
|
4,941
|
|
||
Rug Doctor LLC
|
|
Personal and Non Durable Consumer Products (Mfg. Only)
|
|
Senior Loan
|
|
04/2019
|
|
7.6
|
|
|
991
|
|
|
991
|
|
||
Rug Doctor LLC
|
|
Personal and Non Durable Consumer Products (Mfg. Only)
|
|
Senior Loan
|
|
04/2019
|
|
7.6
|
|
|
5,061
|
|
|
5,061
|
|
||
Sage Dental Management, LLC
|
|
Healthcare, Education and Childcare
|
|
Senior Loan
|
|
12/2020
|
|
8.4
|
|
|
70
|
|
|
64
|
|
||
Sage Dental Management, LLC
|
|
Healthcare, Education and Childcare
|
|
Senior Loan
|
|
12/2020
|
|
8.4
|
|
|
4,345
|
|
|
3,997
|
|
||
Sage Dental Management, LLC
|
|
Healthcare, Education and Childcare
|
|
Senior Loan
|
|
12/2020
|
|
8.4
|
|
|
45
|
|
|
42
|
|
||
Sage Dental Management, LLC
|
|
Healthcare, Education and Childcare
|
|
Senior Loan
|
|
12/2020
|
|
8.4
|
|
|
64
|
|
|
59
|
|
||
Saldon Holdings, Inc.
(4)
|
|
Diversified/Conglomerate Service
|
|
Senior Loan
|
|
09/2022
|
|
6.4
|
|
|
2,354
|
|
|
2,342
|
|
||
SEI, Inc.
(4)
|
|
Electronics
|
|
Senior Loan
|
|
07/2023
|
|
7.5
|
|
|
13,716
|
|
|
13,716
|
|
||
Self Esteem Brands, LLC
(4)
|
|
Leisure, Amusement, Motion Pictures, Entertainment
|
|
Senior Loan
|
|
02/2020
|
|
7.0
|
|
|
10,142
|
|
|
10,142
|
|
||
Teasdale Quality Foods, Inc.
|
|
Grocery
|
|
Senior Loan
|
|
10/2020
|
|
6.9
|
|
|
4,507
|
|
|
4,416
|
|
||
Teasdale Quality Foods, Inc.
|
|
Grocery
|
|
Senior Loan
|
|
10/2020
|
|
6.9
|
|
|
486
|
|
|
476
|
|
||
Teasdale Quality Foods, Inc.
|
|
Grocery
|
|
Senior Loan
|
|
10/2020
|
|
7.1
|
|
|
650
|
|
|
637
|
|
||
Teasdale Quality Foods, Inc.
|
|
Grocery
|
|
Senior Loan
|
|
10/2020
|
|
7.1
|
|
|
239
|
|
|
235
|
|
||
Teasdale Quality Foods, Inc.
|
|
Grocery
|
|
Senior Loan
|
|
10/2020
|
|
6.9
|
|
|
3,532
|
|
|
3,460
|
|
||
Upstream Intermediate, LLC
|
|
Healthcare, Education and Childcare
|
|
Senior Loan
|
|
01/2024
|
|
6.6
|
|
|
2,830
|
|
|
2,830
|
|
||
W3 Co.
|
|
Oil and Gas
|
|
Senior Loan
|
|
03/2022
|
|
8.2
|
|
|
1,253
|
|
|
1,251
|
|
||
WHCG Management, LLC
(4)
|
|
Healthcare, Education and Childcare
|
|
Senior Loan
|
|
03/2023
|
|
7.4
|
|
|
7,900
|
|
|
7,900
|
|
||
WIRB-Copernicus Group, Inc.
(4)
|
|
Healthcare, Education and Childcare
|
|
Senior Loan
|
|
08/2022
|
|
6.5
|
|
|
5,609
|
|
|
5,609
|
|
||
Total senior loan investments
|
|
|
|
|
|
|
|
|
|
|
$
|
183,668
|
|
|
$
|
178,053
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Payless ShoeSource, Inc.
(6)(7)
|
|
Retail Stores
|
|
LLC interest
|
|
N/A
|
|
N/A
|
|
|
35
|
|
|
$
|
54
|
|
|
W3 Co.
(6)(7)
|
|
Oil and Gas
|
|
LLC units
|
|
N/A
|
|
N/A
|
|
|
3
|
|
|
1,073
|
|
||
Total equity investments
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,127
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total investments
|
|
|
|
|
|
|
|
|
|
|
$
|
183,668
|
|
|
$
|
179,180
|
|
|
(1)
|
Represents the weighted average annual current interest rate as of
September 30, 2018
.
|
(2)
|
The total principal amount is presented for debt investments while the number of shares or units owned is presented for equity investments.
|
(3)
|
Represents the fair value in accordance with ASC Topic 820. The determination of such fair value is not included in the Board's valuation process described elsewhere herein.
|
(4)
|
The Company also holds a portion of the first lien senior secured loan in this portfolio company.
|
(5)
|
Loan was on non-accrual status as of September 30, 2018. As such, no interest is being earned on this investment.
|
(6)
|
Equity investment received as a result of the portfolio company's debt restructuring.
|
(7)
|
Non-income producing.
|
SLF Investment Portfolio as of September 30, 2017
|
||||||||||||||||||
Portfolio Company
|
|
Business Description
|
|
Security Type
|
|
Maturity
Date
|
|
Current
Interest
Rate
(1)
|
|
Principal ($) / Shares
(2)
|
|
Fair
Value
(3)
|
||||||
1A Smart Start LLC
|
|
Home and Office Furnishings, Housewares, and Durable Consumer
|
|
Senior loan
|
|
02/2022
|
|
6.1
|
|
%
|
|
$
|
2,094
|
|
|
$
|
2,105
|
|
1A Smart Start LLC
|
|
Home and Office Furnishings, Housewares, and Durable Consumer
|
|
Senior loan
|
|
02/2022
|
|
5.8
|
|
|
|
928
|
|
|
928
|
|
||
Advanced Pain Management Holdings, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
02/2018
|
|
6.3
|
|
|
|
6,805
|
|
|
5,784
|
|
||
Advanced Pain Management Holdings, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
02/2018
|
|
6.3
|
|
|
|
466
|
|
|
396
|
|
||
Argon Medical Devices, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
12/2021
|
|
6.0
|
|
|
|
3,184
|
|
|
3,184
|
|
||
Arise Virtual Solutions, Inc.
(4)
|
|
Telecommunications
|
|
Senior loan
|
|
12/2018
|
|
7.3
|
|
|
|
9,856
|
|
|
9,856
|
|
||
Boot Barn, Inc.
|
|
Retail Stores
|
|
Senior loan
|
|
06/2021
|
|
5.8
|
|
|
|
10,073
|
|
|
10,073
|
|
||
Brandmuscle, Inc.
|
|
Printing and Publishing
|
|
Senior loan
|
|
12/2021
|
|
6.1
|
|
|
|
4,851
|
|
|
4,845
|
|
||
CLP Healthcare Services, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
12/2020
|
|
6.6
|
|
|
|
8,590
|
|
|
8,418
|
|
||
CLP Healthcare Services, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
12/2020
|
|
6.6
|
|
|
|
4,328
|
|
|
4,242
|
|
||
Community Veterinary Partners, LLC
|
|
Personal, Food and Miscellaneous Services
|
|
Senior loan
|
|
10/2021
|
|
6.8
|
|
|
|
2,442
|
|
|
2,442
|
|
||
Community Veterinary Partners, LLC
|
|
Personal, Food and Miscellaneous Services
|
|
Senior loan
|
|
10/2021
|
|
6.8
|
|
|
|
1,227
|
|
|
1,227
|
|
||
Community Veterinary Partners, LLC
|
|
Personal, Food and Miscellaneous Services
|
|
Senior loan
|
|
10/2021
|
|
6.8
|
|
|
|
59
|
|
|
59
|
|
||
Community Veterinary Partners, LLC
|
|
Personal, Food and Miscellaneous Services
|
|
Senior loan
|
|
10/2021
|
|
6.8
|
|
|
|
41
|
|
|
41
|
|
||
Curo Health Services LLC
(4)
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
02/2022
|
|
5.3
|
|
|
|
5,850
|
|
|
5,867
|
|
||
DISA Holdings Acquisition Subsidiary Corp.
|
|
Diversified/Conglomerate Service
|
|
Senior loan
|
|
12/2020
|
|
5.5
|
|
|
|
4,401
|
|
|
4,401
|
|
||
DISA Holdings Acquisition Subsidiary Corp.
|
|
Diversified/Conglomerate Service
|
|
Senior loan
|
|
12/2020
|
|
5.6
|
|
|
|
428
|
|
|
428
|
|
||
EAG, INC.
|
|
Diversified/Conglomerate Service
|
|
Senior loan
|
|
07/2018
|
|
5.5
|
|
|
|
1,964
|
|
|
1,964
|
|
||
Encore GC Acquisition, LLC
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
01/2020
|
|
6.8
|
|
|
|
4,725
|
|
|
4,725
|
|
||
Flexan, LLC
|
|
Chemicals, Plastics and Rubber
|
|
Senior loan
|
|
02/2020
|
|
7.1
|
|
|
|
6,029
|
|
|
6,029
|
|
||
Flexan, LLC
|
|
Chemicals, Plastics and Rubber
|
|
Senior loan
|
|
02/2020
|
|
7.1
|
|
|
|
1,686
|
|
|
1,686
|
|
||
Flexan, LLC
(4)
|
|
Chemicals, Plastics and Rubber
|
|
Senior loan
|
|
02/2020
|
|
8.8
|
|
|
|
47
|
|
|
47
|
|
||
Gamma Technologies, LLC
(4)
|
|
Electronics
|
|
Senior loan
|
|
06/2021
|
|
6.0
|
|
|
|
10,264
|
|
|
10,264
|
|
||
Harvey Tool Company, LLC
|
|
Diversified/Conglomerate Manufacturing
|
|
Senior loan
|
|
03/2020
|
|
6.1
|
|
|
|
3,064
|
|
|
3,064
|
|
||
III US Holdings, LLC
|
|
Diversified/Conglomerate Service
|
|
Senior loan
|
|
09/2022
|
|
7.9
|
|
|
|
5,044
|
|
|
5,044
|
|
||
Jensen Hughes, Inc.
|
|
Buildings and Real Estate
|
|
Senior loan
|
|
12/2021
|
|
6.3
|
|
|
|
2,293
|
|
|
2,293
|
|
||
Jensen Hughes, Inc.
|
|
Buildings and Real Estate
|
|
Senior loan
|
|
12/2021
|
|
6.4
|
|
|
|
102
|
|
|
102
|
|
||
Jensen Hughes, Inc.
|
|
Buildings and Real Estate
|
|
Senior loan
|
|
12/2021
|
|
6.4
|
|
|
|
64
|
|
|
64
|
|
||
Joerns Healthcare, LLC
(4)
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
05/2020
|
|
7.8
|
|
|
|
8,745
|
|
|
8,202
|
|
||
Julio & Sons Company
|
|
Beverage, Food and Tobacco
|
|
Senior loan
|
|
12/2018
|
|
6.7
|
|
|
|
6,762
|
|
|
6,762
|
|
||
Julio & Sons Company
|
|
Beverage, Food and Tobacco
|
|
Senior loan
|
|
12/2018
|
|
6.7
|
|
|
|
2,226
|
|
|
2,226
|
|
||
Julio & Sons Company
|
|
Beverage, Food and Tobacco
|
|
Senior loan
|
|
12/2018
|
|
6.7
|
|
|
|
822
|
|
|
822
|
|
||
Loar Group Inc.
|
|
Aerospace and Defense
|
|
Senior loan
|
|
01/2022
|
|
6.0
|
|
|
|
2,164
|
|
|
2,164
|
|
||
Loar Group Inc.
|
|
Aerospace and Defense
|
|
Senior loan
|
|
01/2022
|
|
6.0
|
|
|
|
1,492
|
|
|
1,492
|
|
||
Paradigm DKD Group, LLC
|
|
Buildings and Real Estate
|
|
Senior loan
|
|
11/2018
|
|
6.2
|
|
|
|
1,977
|
|
|
1,977
|
|
||
Paradigm DKD Group, LLC
|
|
Buildings and Real Estate
|
|
Senior loan
|
|
11/2018
|
|
6.2
|
|
|
|
596
|
|
|
596
|
|
||
Park Place Technologies LLC
(4)
|
|
Electronics
|
|
Senior loan
|
|
06/2022
|
|
6.3
|
|
|
|
5,341
|
|
|
5,287
|
|
||
Pasternack Enterprises, Inc. and Fairview Microwave, Inc.
|
|
Diversified/Conglomerate Manufacturing
|
|
Senior loan
|
|
05/2022
|
|
6.2
|
|
|
|
5,372
|
|
|
5,372
|
|
||
Payless ShoeSource, Inc.
|
|
Retail Stores
|
|
Senior loan
|
|
08/2022
|
|
10.3
|
|
|
|
768
|
|
|
757
|
|
||
Polk Acquisition Corp.
|
|
Automobile
|
|
Senior loan
|
|
06/2022
|
|
6.2
|
|
|
|
4,560
|
|
|
4,469
|
|
SLF Investment Portfolio as of September 30, 2017 - (continued)
|
||||||||||||||||||
Portfolio Company
|
|
Business Description
|
|
Security Type
|
|
Maturity
Date
|
|
Current
Interest
Rate
(1)
|
|
Principal ($) / Shares
(2)
|
|
Fair
Value
(3)
|
||||||
Polk Acquisition Corp.
|
|
Automobile
|
|
Senior loan
|
|
06/2022
|
|
6.7
|
|
%
|
|
$
|
83
|
|
|
$
|
81
|
|
Polk Acquisition Corp.
|
|
Automobile
|
|
Senior loan
|
|
06/2022
|
|
6.2
|
|
|
|
53
|
|
|
52
|
|
||
PowerPlan Holdings, Inc.
(4)
|
|
Utilities
|
|
Senior loan
|
|
02/2022
|
|
6.5
|
|
|
|
11,365
|
|
|
11,365
|
|
||
Premise Health Holding Corp.
(4)
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
06/2020
|
|
5.8
|
|
|
|
11,772
|
|
|
11,772
|
|
||
Pyramid Healthcare, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
08/2019
|
|
7.7
|
|
|
|
9,738
|
|
|
9,738
|
|
||
Pyramid Healthcare, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
08/2019
|
|
7.9
|
|
|
|
597
|
|
|
597
|
|
||
R.G. Barry Corporation
|
|
Personal, Food and Miscellaneous Services
|
|
Senior loan
|
|
09/2019
|
|
6.2
|
|
|
|
5,217
|
|
|
5,217
|
|
||
Radiology Partners, Inc.
(4)
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
09/2020
|
|
7.1
|
|
|
|
7,793
|
|
|
7,793
|
|
||
Radiology Partners, Inc.
(4)
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
09/2020
|
|
7.1
|
|
|
|
595
|
|
|
595
|
|
||
Radiology Partners, Inc.
(4)
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
09/2020
|
|
7.1
|
|
|
|
505
|
|
|
505
|
|
||
Reliant Pro ReHab, LLC
(4)
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
12/2017
|
|
6.3
|
|
|
|
3,240
|
|
|
3,240
|
|
||
RSC Acquisition, Inc.
(4)
|
|
Insurance
|
|
Senior loan
|
|
11/2022
|
|
6.6
|
|
|
|
3,864
|
|
|
3,864
|
|
||
RSC Acquisition, Inc.
|
|
Insurance
|
|
Senior loan
|
|
11/2020
|
|
6.1
|
|
|
|
15
|
|
|
15
|
|
||
Rubio's Restaurants, Inc.
(4)
|
|
Beverage, Food and Tobacco
|
|
Senior loan
|
|
11/2018
|
|
6.1
|
|
|
|
4,992
|
|
|
4,992
|
|
||
Rug Doctor LLC
|
|
Personal and Non Durable Consumer Products (Mfg. Only)
|
|
Senior loan
|
|
06/2018
|
|
6.6
|
|
|
|
5,792
|
|
|
5,792
|
|
||
Sage Dental Management, LLC
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
10/2019
|
|
7.0
|
|
|
|
4,782
|
|
|
4,686
|
|
||
Sage Dental Management, LLC
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
10/2019
|
|
7.8
|
|
|
|
70
|
|
|
69
|
|
||
Sage Dental Management, LLC
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
10/2019
|
|
7.0
|
|
|
|
50
|
|
|
49
|
|
||
Sage Dental Management, LLC
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
10/2019
|
|
8.8
|
|
|
|
34
|
|
|
33
|
|
||
Saldon Holdings, Inc.
(4)
|
|
Diversified/Conglomerate Service
|
|
Senior loan
|
|
09/2022
|
|
5.8
|
|
|
|
2,521
|
|
|
2,490
|
|
||
Sarnova HC, LLC
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
01/2022
|
|
6.0
|
|
|
|
3,684
|
|
|
3,684
|
|
||
SEI, Inc.
|
|
Electronics
|
|
Senior loan
|
|
07/2021
|
|
6.0
|
|
|
|
13,820
|
|
|
13,820
|
|
||
Self Esteem Brands, LLC
(4)
|
|
Leisure, Amusement, Motion Pictures, Entertainment
|
|
Senior loan
|
|
02/2020
|
|
6.0
|
|
|
|
11,313
|
|
|
11,313
|
|
||
Severin Acquisition, LLC
(4)
|
|
Diversified/Conglomerate Service
|
|
Senior loan
|
|
07/2021
|
|
6.1
|
|
|
|
4,832
|
|
|
4,830
|
|
||
Severin Acquisition, LLC
|
|
Diversified/Conglomerate Service
|
|
Senior loan
|
|
07/2021
|
|
6.0
|
|
|
|
5,290
|
|
|
5,265
|
|
||
Severin Acquisition, LLC
|
|
Diversified/Conglomerate Service
|
|
Senior loan
|
|
07/2021
|
|
6.2
|
|
|
|
668
|
|
|
670
|
|
||
Severin Acquisition, LLC
(5)
|
|
Diversified/Conglomerate Service
|
|
Senior loan
|
|
07/2021
|
|
N/A
|
|
(6)
|
|
—
|
|
|
(1
|
)
|
||
Smashburger Finance LLC
|
|
Beverage, Food and Tobacco
|
|
Senior loan
|
|
05/2018
|
|
6.8
|
|
|
|
867
|
|
|
754
|
|
||
Smashburger Finance LLC
|
|
Beverage, Food and Tobacco
|
|
Senior loan
|
|
05/2018
|
|
6.8
|
|
|
|
68
|
|
|
60
|
|
||
Smashburger Finance LLC
|
|
Beverage, Food and Tobacco
|
|
Senior loan
|
|
05/2018
|
|
6.8
|
|
|
|
68
|
|
|
59
|
|
||
Smashburger Finance LLC
|
|
Beverage, Food and Tobacco
|
|
Senior loan
|
|
05/2018
|
|
6.8
|
|
|
|
68
|
|
|
59
|
|
||
Smashburger Finance LLC
|
|
Beverage, Food and Tobacco
|
|
Senior loan
|
|
05/2018
|
|
6.8
|
|
|
|
68
|
|
|
59
|
|
||
Smashburger Finance LLC
(5)
|
|
Beverage, Food and Tobacco
|
|
Senior loan
|
|
05/2018
|
|
N/A
|
|
(6)
|
|
—
|
|
|
(15
|
)
|
||
Stomatcare DSO, LLC
(7)
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
05/2022
|
|
6.2% PIK
|
|
625
|
|
|
329
|
|
||||
Tate's Bake Shop, Inc.
(4)
|
|
Beverage, Food and Tobacco
|
|
Senior loan
|
|
08/2019
|
|
6.3
|
|
|
|
2,926
|
|
|
2,926
|
|
||
Teasdale Quality Foods, Inc.
|
|
Grocery
|
|
Senior loan
|
|
10/2020
|
|
5.5
|
|
|
|
4,553
|
|
|
4,553
|
|
||
Teasdale Quality Foods, Inc.
|
|
Grocery
|
|
Senior loan
|
|
10/2020
|
|
6.1
|
|
|
|
3,567
|
|
|
3,567
|
|
||
Teasdale Quality Foods, Inc.
|
|
Grocery
|
|
Senior loan
|
|
10/2020
|
|
6.1
|
|
|
|
687
|
|
|
687
|
|
||
Teasdale Quality Foods, Inc.
|
|
Grocery
|
|
Senior loan
|
|
10/2020
|
|
6.0
|
|
|
|
514
|
|
|
514
|
|
||
Teasdale Quality Foods, Inc.
|
|
Grocery
|
|
Senior loan
|
|
10/2020
|
|
6.1
|
|
|
|
252
|
|
|
252
|
|
||
Transaction Data Systems, Inc.
|
|
Diversified/Conglomerate Service
|
|
Senior loan
|
|
06/2021
|
|
6.6
|
|
|
|
7,393
|
|
|
7,393
|
|
||
Transaction Data Systems, Inc.
|
|
Diversified/Conglomerate Service
|
|
Senior loan
|
|
06/2020
|
|
5.8
|
|
|
|
22
|
|
|
21
|
|
||
W3 Co.
|
|
Oil and Gas
|
|
Senior loan
|
|
03/2022
|
|
7.2
|
|
|
|
1,266
|
|
|
1,269
|
|
||
WHCG Management, LLC
(4)
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
03/2023
|
|
6.1
|
|
|
|
7,980
|
|
|
7,980
|
|
SLF Investment Portfolio as of September 30, 2017 - (continued)
|
||||||||||||||||||
Portfolio Company
|
|
Business Description
|
|
Security Type
|
|
Maturity
Date
|
|
Current
Interest
Rate
(1)
|
|
Principal ($) / Shares
(2)
|
|
Fair
Value
(3)
|
||||||
WIRB-Copernicus Group, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
08/2022
|
|
6.3
|
|
|
|
5,666
|
|
|
5,666
|
|
||
Young Innovations, Inc.
(4)
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
01/2019
|
|
6.3
|
|
|
|
10,369
|
|
|
10,369
|
|
||
Young Innovations, Inc.
(4)
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
01/2019
|
|
6.3
|
|
|
|
209
|
|
|
209
|
|
||
Total senior loan investments
|
|
|
|
|
|
|
|
|
|
|
$
|
301,583
|
|
|
$
|
298,941
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Payless ShoeSource, Inc.
(8)(9)
|
|
Retail Stores
|
|
LLC interest
|
|
N/A
|
|
N/A
|
|
|
|
35
|
|
|
$
|
843
|
|
|
W3 Co.
(8)(9)
|
|
Oil and Gas
|
|
LLC units
|
|
N/A
|
|
N/A
|
|
|
|
3
|
|
|
1,146
|
|
||
Total equity investments
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,989
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total investments
|
|
|
|
|
|
|
|
|
|
|
$
|
301,583
|
|
|
$
|
300,930
|
|
|
(1)
|
Represents the weighted average annual current interest rate as of
September 30, 2017
.
|
(2)
|
The total principal amount is presented for debt investments while the number of shares or units owned is presented for equity investments.
|
(3)
|
Represents the fair value in accordance with ASC Topic 820. The determination of such fair value is not included in the Board's valuation process described elsewhere herein.
|
(4)
|
The Company also hold a portion of the senior secured loan in this portfolio company.
|
(5)
|
The negative fair value is the result of the unfunded commitment being valued below par.
|
(6)
|
The entire commitment was unfunded as of
September 30, 2017
. As such, no interest is being earned on this investment.
|
(7)
|
Loan was on non-accrual status as of
September 30, 2017
, meaning that SLF has ceased recognizing interest income on the loan.
|
(8)
|
Equity investment received as a result of the portfolio company's debt restructuring.
|
(9)
|
Non-income producing.
|
|
As of
|
|
As of
|
||||
|
September 30, 2018
|
|
September 30, 2017
|
||||
Selected Balance Sheet Information:
|
|
|
|
|
|
||
Investments, at fair value
|
$
|
179,180
|
|
|
$
|
300,930
|
|
Cash and other assets
|
7,127
|
|
|
5,305
|
|
||
Receivable from investments sold
|
19
|
|
|
—
|
|
||
Total assets
|
$
|
186,326
|
|
|
$
|
306,235
|
|
Senior credit facility
|
$
|
104,622
|
|
|
$
|
197,700
|
|
Unamortized debt issuance costs
|
(18
|
)
|
|
(712
|
)
|
||
Other liabilities
|
484
|
|
|
658
|
|
||
Total liabilities
|
105,088
|
|
|
197,646
|
|
||
Members’ equity
|
81,238
|
|
|
108,589
|
|
||
Total liabilities and members' equity
|
$
|
186,326
|
|
|
$
|
306,235
|
|
|
Years ended September 30,
|
||||||
|
2018
|
|
2017
|
||||
Selected Statement of Operations Information:
|
|
|
|
|
|
||
Interest income
|
$
|
18,285
|
|
|
$
|
21,455
|
|
Fee income
|
202
|
|
|
5
|
|
||
Total investment income
|
18,487
|
|
|
21,460
|
|
||
Interest and other debt financing expense
|
6,687
|
|
|
10,236
|
|
||
Administrative service fee
|
404
|
|
|
477
|
|
||
Other expenses
|
93
|
|
|
131
|
|
||
Total expenses
|
7,184
|
|
|
10,844
|
|
||
Net investment income
|
11,303
|
|
|
10,616
|
|
||
Net realized gain (loss) on investments
|
—
|
|
|
(7,379
|
)
|
||
Net change in unrealized appreciation (depreciation) on investments
|
(4,197
|
)
|
|
4,647
|
|
||
Net increase (decrease) in members' equity
|
$
|
7,106
|
|
|
$
|
7,884
|
|
As of September 30, 2018
|
|
Fair Value Measurements Using
|
||||||||||||||
Description
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets, at fair value:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Debt investments
(1)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,671,051
|
|
|
$
|
1,671,051
|
|
Equity investments
(1)
|
|
—
|
|
|
—
|
|
|
40,706
|
|
|
40,706
|
|
||||
Money market funds
(1)(2)
|
|
10,532
|
|
|
—
|
|
|
—
|
|
|
10,532
|
|
||||
Investment measured at NAV
(3)(4)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
71,084
|
|
||||
Total assets, at fair value:
|
|
$
|
10,532
|
|
|
$
|
—
|
|
|
$
|
1,711,757
|
|
|
$
|
1,793,373
|
|
As of September 30, 2017
|
|
Fair Value Measurements Using
|
||||||||||||||
Description
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets, at fair value:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Debt investments
(1)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,538,606
|
|
|
$
|
1,538,606
|
|
Equity investments
(1)
|
|
—
|
|
|
—
|
|
|
51,394
|
|
|
51,394
|
|
||||
Money market funds
(1)(2)
|
|
13,825
|
|
|
—
|
|
|
—
|
|
|
13,825
|
|
||||
Investment measured at NAV
(3)(4)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
95,015
|
|
||||
Total assets, at fair value:
|
|
$
|
13,825
|
|
|
$
|
—
|
|
|
$
|
1,590,000
|
|
|
$
|
1,698,840
|
|
|
(1)
|
Refer to the Consolidated Schedules of Investments for further details.
|
(2)
|
Included in cash and cash equivalents and restricted cash and cash equivalents on the Consolidated Statements of Financial Condition.
|
(3)
|
Certain investments that are measured at fair value using the NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Financial Condition.
|
(4)
|
Represents the Company's investment in LLC equity interests in SLF. The fair value of this investment has been determined using the NAV of the Company’s ownership interest in members’ capital.
|
|
Year ended September 30, 2018
|
||||||||||
|
Debt
Investments
|
|
Equity
Investments
|
|
Total
Investments
|
||||||
Fair value, beginning of period
|
$
|
1,538,606
|
|
|
$
|
51,394
|
|
|
$
|
1,590,000
|
|
Net change in unrealized appreciation (depreciation) on investments
|
1,533
|
|
|
(11,239
|
)
|
|
(9,706
|
)
|
|||
Realized gain (loss) on investments
|
(4,516
|
)
|
|
21,970
|
|
|
17,454
|
|
|||
Funding of (proceeds from) revolving loans, net
|
(7,235
|
)
|
|
—
|
|
|
(7,235
|
)
|
|||
Fundings of investments
|
628,608
|
|
|
5,824
|
|
|
634,432
|
|
|||
PIK interest
|
1,622
|
|
|
—
|
|
|
1,622
|
|
|||
Proceeds from principal payments and sales of portfolio investments
|
(497,208
|
)
|
|
(27,243
|
)
|
|
(524,451
|
)
|
|||
Accretion of discounts and amortization of premiums
|
9,641
|
|
|
—
|
|
|
9,641
|
|
|||
Fair value, end of period
|
$
|
1,671,051
|
|
|
$
|
40,706
|
|
|
$
|
1,711,757
|
|
|
Year ended September 30, 2017
|
||||||||||||||
|
Debt
Investments
|
|
Equity
Investments
|
|
Total
Investments
|
|
Secured
Borrowings
|
||||||||
Fair value, beginning of period
|
$
|
1,573,953
|
|
|
$
|
59,732
|
|
|
$
|
1,633,685
|
|
|
$
|
475
|
|
Net change in unrealized appreciation (depreciation) on investments
|
1,146
|
|
|
222
|
|
|
1,368
|
|
|
—
|
|
||||
Net change in unrealized appreciation (depreciation) on secured borrowings
|
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
||||
Realized gain (loss) on investments
|
(372
|
)
|
|
9,774
|
|
|
9,402
|
|
|
—
|
|
||||
Funding of (proceeds from) revolving loans, net
|
331
|
|
|
—
|
|
|
331
|
|
|
—
|
|
||||
Fundings of investments
|
570,950
|
|
|
4,677
|
|
|
575,627
|
|
|
—
|
|
||||
PIK interest
|
1,839
|
|
|
—
|
|
|
1,839
|
|
|
—
|
|
||||
Proceeds from principal payments and sales of portfolio investments
|
(540,050
|
)
|
|
(23,011
|
)
|
|
(563,061
|
)
|
|
—
|
|
||||
Non-cash proceeds from subordinated notes in SLF principal payments
|
(78,689
|
)
|
|
—
|
|
|
(78,689
|
)
|
|
—
|
|
||||
Repayments on secured borrowings
|
—
|
|
|
—
|
|
|
—
|
|
|
(475
|
)
|
||||
Accretion of discounts and amortization of premiums
|
9,498
|
|
|
—
|
|
|
9,498
|
|
|
3
|
|
||||
Fair value, end of period
|
$
|
1,538,606
|
|
|
$
|
51,394
|
|
|
$
|
1,590,000
|
|
|
$
|
—
|
|
Quantitative information about Level 3 Fair Value Measurements
|
|||||||||
|
Fair value as of September 30, 2018
|
|
Valuation Techniques
|
|
Unobservable Input
|
|
Range (Weighted Average)
|
||
Assets:
|
|
|
|
|
|
|
|
|
|
Senior secured loans
(1)(2)
|
$
|
225,960
|
|
|
Market rate approach
|
|
Market interest rate
|
|
4.3% - 9.9% (7.2%)
|
|
|
|
|
Market comparable companies
|
|
EBITDA multiples
|
|
5.0x - 15.0x (11.1x)
|
|
|
3,926
|
|
|
Market comparable
|
|
Broker/dealer bids or quotes
|
|
N/A
|
|
One stop loans
(1)(3)(4)
|
$
|
1,422,601
|
|
|
Market rate approach
|
|
Market interest rate
|
|
2.0% - 13.8% (8.8%)
|
|
|
|
Market comparable companies
|
|
EBITDA multiples
|
|
4.5x - 35.0x (13.6x)
|
||
|
|
|
|
|
Revenue multiples
|
|
1.3x - 10.2x (4.1x)
|
||
|
3,253
|
|
|
Market comparable
|
|
Broker/dealer bids or quotes
|
|
N/A
|
|
Subordinated debt and second lien loans
(1)(5)
|
$
|
9,686
|
|
|
Market rate approach
|
|
Market interest rate
|
|
8.0% - 19.5% (10.4%)
|
|
|
|
Market comparable companies
|
|
EBITDA multiples
|
|
10.5x - 11.0x (10.5x)
|
||
|
|
|
|
|
|
Revenue multiples
|
|
5.1
|
|
Equity
(6)(7)
|
$
|
40,706
|
|
|
Market comparable companies
|
|
EBITDA multiples
|
|
4.5x - 28.5x (12.2x)
|
|
|
|
|
|
Revenue multiples
|
|
1.3x - 10.2x (4.0x)
|
|
(1)
|
The fair value of this asset class was determined using the market rate approach as the investments in this asset class were determined not to be credit impaired using the market comparable companies approach. The unobservable inputs for both valuation techniques have been presented, but the fair value as of
September 30, 2018
was determined using the market rate approach.
|
(2)
|
Excludes $
1,283
of non-accrual loans at fair value, which the Company valued using the market comparable companies approach.
|
(3)
|
Excludes $
4,342
of non-accrual loans at fair value, which the Company valued using the market comparable companies approach.
|
(4)
|
The Company valued
$1,253,179
and
$169,422
of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach.
|
(5)
|
The Company valued
$9,502
and
$184
of subordinated debt and second lien loans using EBITDA and revenue multiples, respectively. All subordinated debt and second lien loans were also valued using the market rate approach.
|
(6)
|
Excludes
$71,084
of LLC equity interests in SLF at fair value, which the Company valued using the NAV.
|
(7)
|
The Company valued
$36,714
and
$3,992
of equity investments using EBITDA and revenue multiples, respectively.
|
Quantitative information about Level 3 Fair Value Measurements
|
|||||||||
|
Fair value as of September 30, 2017
|
|
Valuation Techniques
|
|
Unobservable Input
|
|
Range (Weighted Average)
(7)
|
||
Assets:
|
|
|
|
|
|
|
|
|
|
Senior secured loans
(1)(2)
|
$
|
184,529
|
|
|
Market rate approach
|
|
Market interest rate
|
|
5.6% - 12.5% (6.9%)
|
|
|
|
|
Market comparable companies
|
|
EBITDA multiples
|
|
5.0x - 17.5x (11.6x)
|
|
|
10,560
|
|
|
Market comparable
|
|
Broker/dealer bids or quotes
|
|
N/A
|
|
One stop loans
(1)(3)(4)
|
$
|
1,327,788
|
|
|
Market rate approach
|
|
Market interest rate
|
|
2.3% - 39.5% (8.1%)
|
|
|
|
Market comparable companies
|
|
EBITDA multiples
|
|
4.0x - 35.0x (12.5x)
|
||
|
|
|
|
|
Revenue multiples
|
|
2.0x - 7.5x (3.9x)
|
||
|
3,281
|
|
|
Market comparable
|
|
Broker/dealer bids or quotes
|
|
N/A
|
|
Subordinated debt and second lien loans
(1)
|
$
|
9,493
|
|
|
Market rate approach
|
|
Market interest rate
|
|
9.3% - 19.5% (9.4%)
|
|
|
|
|
Market comparable companies
|
|
EBITDA multiples
|
|
10.5x - 11.0x (10.5x)
|
|
Equity
(5)(6)
|
$
|
51,394
|
|
|
Market comparable companies
|
|
EBITDA multiples
|
|
4.0x - 43.3x (12.5x)
|
|
|
|
|
|
Revenue multiples
|
|
2.0x - 5.8x (3.0x)
|
|
(1)
|
The fair value of this asset class was determined using the market rate approach as the investments in this asset class were determined not to be credit impaired using the market comparable companies approach. The unobservable inputs for both valuation techniques have been presented, but the fair value as of
September 30, 2017
was determined using the market rate approach.
|
(2)
|
Excludes
$(60)
of non-accrual loans at fair value, which the Company valued using the market comparable companies approach. The negative fair value is a result of the unfunded commitment being valued below par.
|
(3)
|
Excludes
$3,015
of non-accrual loans at fair value, which the Company valued using the market comparable companies approach.
|
(4)
|
The Company valued
$1,189,176
and
$138,612
of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach.
|
(5)
|
Excludes
$95,015
of LLC equity interests in SLF at fair value, which the Company valued using the NAV.
|
(6)
|
The Company valued
$47,092
and
$4,302
of equity investments using EBITDA and revenue multiples, respectively.
|
(7)
|
Unobservable inputs were weighted by the relative fair value of the instruments.
|
|
As of September 30, 2018
|
|
As of September 30, 2017
|
||||||||||||
|
Carrying Value
|
|
Fair Value
|
|
Carrying Value
|
|
Fair Value
|
||||||||
Debt
|
$
|
845,683
|
|
|
$
|
837,578
|
|
|
$
|
781,100
|
|
|
$
|
788,762
|
|
|
For the years ended September 30,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Stated interest expense
|
$
|
6,127
|
|
|
$
|
6,156
|
|
|
$
|
5,078
|
|
Amortization of debt issuance costs
|
189
|
|
|
256
|
|
|
390
|
|
|||
Total interest and other debt financing expenses
|
$
|
6,316
|
|
|
$
|
6,412
|
|
|
$
|
5,468
|
|
Cash paid for interest expense
|
$
|
7,460
|
|
|
$
|
5,901
|
|
|
$
|
4,900
|
|
Average stated interest rate
|
3.7
|
%
|
|
3.0
|
%
|
|
2.4
|
%
|
|||
Average outstanding balance
|
$
|
164,000
|
|
|
$
|
205,520
|
|
|
$
|
215,000
|
|
|
For the years ended September 30,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Stated interest expense
|
$
|
8,063
|
|
|
$
|
7,311
|
|
|
$
|
6,029
|
|
Amortization of debt issuance costs
|
1,085
|
|
|
639
|
|
|
641
|
|
|||
Total interest and other debt financing expenses
|
$
|
9,148
|
|
|
$
|
7,950
|
|
|
$
|
6,670
|
|
Cash paid for interest expense
|
$
|
8,289
|
|
|
$
|
7,032
|
|
|
$
|
5,786
|
|
Average stated interest rate
|
3.4
|
%
|
|
3.0
|
%
|
|
2.5
|
%
|
|||
Average outstanding balance
|
$
|
236,961
|
|
|
$
|
246,000
|
|
|
$
|
246,000
|
|
Description
|
|
Class A-1-R 2014 Notes
|
|
Class A-2-R 2014 Notes
|
|
Class B-R 2014 Notes
|
Type
|
|
Senior Secured Floating Rate
|
|
Senior Secured Floating Rate
|
|
Senior Secured Floating Rate
|
Amount Outstanding
|
|
$147,082
|
|
$15,401
|
|
$35,000
|
Moody’s Rating
|
|
"Aaa"
|
|
"Aaa"
|
|
"Aa1"
|
S&P Rating
|
|
"AAA"
|
|
"AAA"
|
|
"AA+"
|
Interest Rate
|
|
LIBOR + 0.95%
|
|
LIBOR + 0.95%
|
|
LIBOR + 1.40%
|
|
For the years ended September 30,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Stated interest expense
|
$
|
9,239
|
|
|
$
|
9,782
|
|
|
$
|
8,554
|
|
Amortization of debt issuance costs
|
1,072
|
|
|
1,357
|
|
|
1,815
|
|
|||
Total interest and other debt financing expenses
|
$
|
10,311
|
|
|
$
|
11,139
|
|
|
$
|
10,369
|
|
Cash paid for interest expense
|
$
|
9,196
|
|
|
$
|
9,777
|
|
|
$
|
8,475
|
|
Average stated interest rate
|
3.4
|
%
|
|
3.5
|
%
|
|
3.6
|
%
|
|||
Average outstanding balance
|
$
|
273,970
|
|
|
$
|
282,675
|
|
|
$
|
239,432
|
|
|
For the years ended September 30,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Stated interest expense
|
$
|
4,014
|
|
|
$
|
4,445
|
|
|
$
|
3,403
|
|
Facility fees
|
566
|
|
|
539
|
|
|
460
|
|
|||
Amortization of debt issuance costs
|
668
|
|
|
1,037
|
|
|
1,304
|
|
|||
Total interest and other debt financing expenses
|
$
|
5,248
|
|
|
$
|
6,021
|
|
|
$
|
5,167
|
|
Cash paid for interest expense and facility fees
|
$
|
4,450
|
|
|
$
|
4,952
|
|
|
$
|
3,856
|
|
Average stated interest rate
|
3.9
|
%
|
|
3.2
|
%
|
|
2.7
|
%
|
|||
Average outstanding balance
|
$
|
102,985
|
|
|
$
|
138,786
|
|
|
$
|
125,908
|
|
|
For the years ended September 30,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Stated interest expense
|
$
|
1,721
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Amortization of debt issuance costs
|
301
|
|
|
—
|
|
|
—
|
|
|||
Total interest and other debt financing expenses
|
$
|
2,022
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Cash paid for interest expense and facility fees
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Average stated interest rate
|
4.1
|
%
|
|
N/A
|
|
|
N/A
|
|
|||
Average outstanding balance
|
$
|
42,239
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Payments Due by Period
|
||||||||||||||||||
|
Total
|
|
Less Than
1 Year
|
|
1 – 3 Years
|
|
3 – 5 Years
|
|
More Than
5 Years
|
||||||||||
2014 Debt Securitization
|
$
|
197,483
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
197,483
|
|
SBA debentures
|
277,500
|
|
|
—
|
|
|
35,300
|
|
|
102,950
|
|
|
139,250
|
|
|||||
Credit Facility
|
136,000
|
|
|
—
|
|
|
—
|
|
|
136,000
|
|
|
—
|
|
|||||
MS Credit Facility
|
234,700
|
|
|
234,700
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Adviser Revolver
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total debt
|
$
|
845,683
|
|
|
$
|
234,700
|
|
|
$
|
35,300
|
|
|
$
|
238,950
|
|
|
$
|
336,733
|
|
|
Years ended September 30,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Increase/(decrease) in Paid in Capital in Excess of Par
|
$
|
(5
|
)
|
|
$
|
38
|
|
|
$
|
(341
|
)
|
Increase/(decrease) in Capital Distributions in Excess of and Undistributed Net Investment Income
|
10,325
|
|
|
(1,120
|
)
|
|
4,083
|
|
|||
Increase/(decrease) in Net Realized Gain (Loss) on Investments
|
(10,320
|
)
|
|
1,082
|
|
|
(3,742
|
)
|
|
Years ended September 30,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Net increase in net assets resulting from operations
|
$
|
81,970
|
|
|
$
|
82,288
|
|
|
$
|
69,204
|
|
Net change in unrealized (appreciation) depreciation on investments and foreign currency translation
|
11,587
|
|
|
(3,337
|
)
|
|
2,030
|
|
|||
Net change in unrealized (appreciation) depreciation on secured borrowings
|
—
|
|
|
(3
|
)
|
|
—
|
|
|||
Other income not currently taxable
|
(11,004
|
)
|
|
(7,509
|
)
|
|
(6,129
|
)
|
|||
Expenses not currently deductible
|
324
|
|
|
2,911
|
|
|
1,665
|
|
|||
Other income for tax but not book
|
9,730
|
|
|
9,346
|
|
|
5,774
|
|
|||
Other deductions/losses for tax not book
|
(2
|
)
|
|
(36
|
)
|
|
(279
|
)
|
|||
Other realized gain/loss differences
|
(6,249
|
)
|
|
(5,575
|
)
|
|
1,275
|
|
|||
Taxable income before deductions for distributions
|
$
|
86,356
|
|
|
$
|
78,085
|
|
|
$
|
73,540
|
|
|
Years ended September 30,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Ordinary Income
|
$
|
78,349
|
|
|
$
|
85,304
|
|
|
$
|
54,461
|
|
Long-Term Capital Gains
|
2,959
|
|
|
1,139
|
|
|
12,418
|
|
|
As of September 30,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Undistributed ordinary income – tax basis
|
$
|
1,844
|
|
|
$
|
4,374
|
|
|
$
|
14,792
|
|
Undistributed realized gains – tax basis
|
10,539
|
|
|
2,958
|
|
|
1,993
|
|
|||
Net unrealized appreciation (depreciation) on investments
|
14,468
|
|
|
18,532
|
|
|
10,416
|
|
|||
Other temporary differences
|
(7,604
|
)
|
|
(7,285
|
)
|
|
(4,429
|
)
|
|||
Total accumulated earnings (deficit) – book basis
|
$
|
19,247
|
|
|
$
|
18,579
|
|
|
$
|
22,772
|
|
|
|
Years ended September 30,
|
||||||||||||||||||
Per share data:
(1)
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
Net asset value at beginning of period
|
|
$
|
16.08
|
|
|
$
|
15.96
|
|
|
$
|
15.80
|
|
|
$
|
15.55
|
|
|
$
|
15.21
|
|
Net increase in net assets as a result of issuance of shares
(2)
|
|
0.01
|
|
|
0.01
|
|
|
0.06
|
|
|
—
|
|
|
—
|
|
|||||
Net increase in net assets as a result of public offering
|
|
—
|
|
|
0.19
|
|
|
0.05
|
|
|
0.09
|
|
|
0.18
|
|
|||||
Distributions declared:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
From net investment income
|
|
(1.31
|
)
|
|
(1.51
|
)
|
|
(1.04
|
)
|
|
(1.18
|
)
|
|
(1.28
|
)
|
|||||
From capital gains
|
|
(0.05
|
)
|
|
(0.02
|
)
|
|
(0.24
|
)
|
|
(0.10
|
)
|
|
—
|
|
|||||
From return of capital
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Net investment income
(3)
|
|
1.27
|
|
|
1.23
|
|
|
1.25
|
|
|
1.20
|
|
|
1.26
|
|
|||||
Net realized gain (loss) on investments and foreign currency transactions
|
|
0.29
|
|
|
0.16
|
|
|
0.12
|
|
|
0.19
|
|
|
0.11
|
|
|||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency translation
|
|
(0.19
|
)
|
|
0.06
|
|
|
(0.04
|
)
|
|
0.05
|
|
|
0.07
|
|
|||||
Net asset value at end of period
|
|
$
|
16.10
|
|
|
$
|
16.08
|
|
|
$
|
15.96
|
|
|
$
|
15.80
|
|
|
$
|
15.55
|
|
Per share market value at end of period
|
|
$
|
18.75
|
|
|
$
|
18.82
|
|
|
$
|
18.57
|
|
|
$
|
15.98
|
|
|
$
|
15.95
|
|
Total return based on market value
(4)
|
|
7.65
|
%
|
|
10.23
|
%
|
|
25.36
|
%
|
|
8.21
|
%
|
|
(0.52
|
)%
|
|||||
Number of common shares outstanding
|
|
60,165,454
|
|
|
59,577,293
|
|
|
55,059,067
|
|
|
51,300,193
|
|
|
47,119,498
|
|
|
|
Years ended September 30,
|
||||||||||||||||||
Listed below are supplemental data and ratios to the financial highlights:
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
Ratio of net investment income to average net assets
|
|
7.88
|
%
|
|
7.67
|
%
|
|
7.88
|
%
|
|
7.66
|
%
|
|
8.12
|
%
|
|||||
Ratio of total expenses to average net assets
|
|
7.89
|
%
|
|
7.52
|
%
|
|
7.58
|
%
|
|
7.92
|
%
|
|
7.61
|
%
|
|||||
Ratio of incentive fees to average net assets
|
|
1.36
|
%
|
|
0.83
|
%
|
|
0.88
|
%
|
|
1.33
|
%
|
|
1.46
|
%
|
|||||
Ratio of expenses (without incentive fees) to average net assets
|
|
6.53
|
%
|
|
6.69
|
%
|
|
6.70
|
%
|
|
6.59
|
%
|
|
6.16
|
%
|
|||||
Total return based on average net asset value
(5)
|
|
8.50
|
%
|
|
9.08
|
%
|
|
8.39
|
%
|
|
9.19
|
%
|
|
9.39
|
%
|
|||||
Net assets at end of period
|
|
$
|
968,854
|
|
|
$
|
957,946
|
|
|
$
|
878,825
|
|
|
$
|
810,870
|
|
|
$
|
732,739
|
|
Average debt outstanding
|
|
$
|
822,823
|
|
|
$
|
872,980
|
|
|
$
|
826,366
|
|
|
$
|
752,657
|
|
|
$
|
587,624
|
|
Average debt outstanding per share
|
|
$
|
13.68
|
|
|
$
|
14.65
|
|
|
$
|
15.01
|
|
|
$
|
14.67
|
|
|
$
|
12.47
|
|
Portfolio turnover
|
|
31.91
|
%
|
|
34.06
|
%
|
|
33.73
|
%
|
|
47.69
|
%
|
|
46.50
|
%
|
|||||
Asset coverage ratio
(6)
|
|
269.51
|
%
|
|
285.23
|
%
|
|
248.78
|
%
|
|
237.28
|
%
|
|
249.12
|
%
|
|||||
Asset coverage ratio per unit
(7)
|
|
$
|
2,695
|
|
|
$
|
2,852
|
|
|
$
|
2,488
|
|
|
$
|
2,373
|
|
|
$
|
2,491
|
|
Average market value per unit:
(8)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
2010 Debt Securitization
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|||||
2014 Debt Securitization
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|||||
SBA Debentures
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|||||
Credit Facility
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|||||
MS Credit Facility
|
|
N/A
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Revolver
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|||||
Adviser Revolver
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
—
|
|
|
—
|
|
|
(1)
|
Based on actual number of shares outstanding at the end of the corresponding period or the weighted average shares outstanding for the period, unless otherwise noted, as appropriate.
|
(2)
|
Net increase in net assets as a result of issuance of shares related to shares issued through the DRIP.
|
(3)
|
Net investment income per share for the years ended September 30, 2017 and 2016 ended is shown after a net expense of $17 and $333, respectively, for U.S. federal excise tax.
|
(4)
|
Total return based on market value assumes distributions are reinvested in accordance with the DRIP. Total return does not include sales load.
|
(5)
|
Total return based on average net asset value is calculated as (a) the net increase in net assets resulting from operations divided by (b) the daily average of total net assets. Total return does not include sales load.
|
(6)
|
In accordance with the 1940 Act, with certain limited exceptions, the Company currently is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 200% after such borrowing (excluding the Company's SBA debentures pursuant to exemptive relief received by the Company from the SEC).
|
(7)
|
Asset coverage ratio per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage ratio per unit is expressed in terms of dollar amounts per $1,000 of indebtedness. These amounts exclude the SBA debentures pursuant to exemptive relief the Company received from the SEC on September 13, 2011.
|
(8)
|
Not applicable because such senior securities are not registered for public trading.
|
|
Years ended September 30,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Earnings available to stockholders
|
$
|
81,970
|
|
|
$
|
82,288
|
|
|
$
|
69,204
|
|
Basic and diluted weighted average shares outstanding
|
59,803,208
|
|
|
56,913,064
|
|
|
51,948,378
|
|
|||
Basic and diluted earnings per share
|
$
|
1.37
|
|
|
$
|
1.45
|
|
|
$
|
1.33
|
|
|
Years ended September 30,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Shares issued
|
—
|
|
|
3,982,721
|
|
|
3,320,456
|
|
|||
Offering price per share
|
—
|
|
|
Various
|
|
|
Various
|
|
|||
Proceeds net of underwriting discounts and offering costs
|
$
|
—
|
|
|
$
|
73,614
|
|
|
$
|
58,260
|
|
Date Declared
|
|
Record Date
|
|
Payment Date
|
|
Amount
Per Share
|
|
Cash
Distribution
|
|
DRIP Shares
Issued
|
|
DRIP Shares
Value
|
|||||||
Year ended September 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|||||||||
11/17/2015
|
|
12/11/2015
|
|
12/29/2015
|
|
$
|
0.32
|
|
|
$
|
15,149
|
|
|
79,594
|
|
|
$
|
1,267
|
|
02/02/2016
|
|
03/07/2016
|
|
03/30/2016
|
|
$
|
0.32
|
|
|
$
|
14,287
|
|
|
131,434
|
|
|
$
|
2,155
|
|
05/03/2016
|
|
06/06/2016
|
|
06/29/2016
|
|
$
|
0.32
|
|
|
$
|
14,558
|
|
|
112,104
|
|
|
$
|
1,926
|
|
08/03/2016
|
|
09/05/2016
|
|
09/29/2016
|
|
$
|
0.32
|
|
|
$
|
15,515
|
|
|
115,286
|
|
|
$
|
2,022
|
|
Year ended September 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
11/14/2016
|
|
12/12/2016
|
|
12/29/2016
|
|
$
|
0.57
|
|
(1)
|
$
|
28,239
|
|
|
177,970
|
|
|
$
|
3,145
|
|
02/07/2017
|
|
03/07/2017
|
|
03/30/2017
|
|
$
|
0.32
|
|
|
$
|
15,509
|
|
|
116,386
|
|
|
$
|
2,167
|
|
05/04/2017
|
|
06/06/2017
|
|
06/29/2017
|
|
$
|
0.32
|
|
|
$
|
16,186
|
|
|
119,251
|
|
|
$
|
2,171
|
|
08/02/2017
|
|
09/06/2017
|
|
09/29/2017
|
|
$
|
0.32
|
|
|
$
|
16,847
|
|
|
121,898
|
|
|
$
|
2,179
|
|
Year ended September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
11/17/2017
|
|
12/12/2017
|
|
12/28/2017
|
|
$
|
0.40
|
|
(2)
|
$
|
20,959
|
|
|
163,955
|
|
|
$
|
2,872
|
|
02/06/2018
|
|
03/08/2018
|
|
03/30/2018
|
|
$
|
0.32
|
|
|
$
|
16,978
|
|
|
126,283
|
|
|
$
|
2,139
|
|
05/04/2018
|
|
06/08/2018
|
|
06/28/2018
|
|
$
|
0.32
|
|
|
$
|
16,754
|
|
|
138,993
|
|
|
$
|
2,404
|
|
08/07/2018
|
|
09/07/2018
|
|
09/28/2018
|
|
$
|
0.32
|
|
|
$
|
16,371
|
|
|
158,930
|
|
|
$
|
2,830
|
|
|
(1)
|
Includes a special distribution of $0.25 per share.
|
(2)
|
Includes a special distribution of $0.08 per share.
|
|
September 30, 2018
|
|
June 30, 2018
|
|
March 31, 2018
|
|
December 31, 2017
|
||||||||
Total investment income
|
$
|
40,428
|
|
|
$
|
38,396
|
|
|
$
|
36,897
|
|
|
$
|
36,450
|
|
Net investment income
|
20,266
|
|
|
18,716
|
|
|
18,528
|
|
|
18,511
|
|
||||
Net gain (loss) on investments, secured borrowings and foreign currency transactions
|
(4,363
|
)
|
|
3,004
|
|
|
4,504
|
|
|
2,804
|
|
||||
Net increase in net assets resulting from operations
|
15,903
|
|
|
21,720
|
|
|
23,032
|
|
|
21,315
|
|
||||
Earnings per share
|
0.26
|
|
|
0.36
|
|
|
0.39
|
|
|
0.36
|
|
||||
Net asset value per common share at period end
|
$
|
16.10
|
|
|
$
|
16.15
|
|
|
$
|
16.11
|
|
|
$
|
16.04
|
|
|
September 30, 2017
|
|
June 30, 2017
|
|
March 31, 2017
|
|
December 31, 2016
|
||||||||
Total investment income
|
$
|
34,950
|
|
|
$
|
35,408
|
|
|
$
|
33,557
|
|
|
$
|
33,849
|
|
Net investment income
(1)
|
18,238
|
|
|
17,808
|
|
|
16,547
|
|
|
16,953
|
|
||||
Net gain (loss) on investments, secured borrowings and foreign currency transactions
|
4,215
|
|
|
2,303
|
|
|
4,193
|
|
|
2,031
|
|
||||
Net increase in net assets resulting from operations
|
22,453
|
|
|
20,111
|
|
|
20,740
|
|
|
18,984
|
|
||||
Earnings per share
|
0.38
|
|
|
0.35
|
|
|
0.38
|
|
|
0.34
|
|
||||
Net asset value per common share at period end
|
$
|
16.08
|
|
|
$
|
16.01
|
|
|
$
|
15.88
|
|
|
$
|
15.74
|
|
|
September 30, 2016
|
|
June 30, 2016
|
|
March 31, 2016
|
|
December 31, 2015
|
||||||||
Total investment income
|
$
|
34,503
|
|
|
$
|
32,106
|
|
|
$
|
30,762
|
|
|
$
|
30,500
|
|
Net investment income
(2)
|
17,228
|
|
|
15,885
|
|
|
16,868
|
|
|
14,999
|
|
||||
Net gain (loss) on investments, secured borrowings and foreign currency transactions
|
(1,129
|
)
|
|
2,404
|
|
|
(2,691
|
)
|
|
5,640
|
|
||||
Net increase in net assets resulting from operations
|
16,099
|
|
|
18,289
|
|
|
14,177
|
|
|
20,639
|
|
||||
Earnings per share
|
0.30
|
|
|
0.35
|
|
|
0.28
|
|
|
0.40
|
|
||||
Net asset value per common share at period end
|
$
|
15.96
|
|
|
$
|
15.88
|
|
|
$
|
15.85
|
|
|
$
|
15.89
|
|
(1)
|
Net investment income for the three months ended March 31, 2017 and December 31, 2016 is shown after a net expense of $7 and $10, respectively, for U.S. federal excise tax.
|
(2)
|
Net investment income for the three months ended March 31, 2016 and December 31, 2015 is shown after a net expense of $31 and $302, respectively, for U.S. federal excise tax.
|
|
September 30, 2018
|
|
September 30, 2017
|
||||
Assets
|
|
|
|
|
|
||
Investments, at fair value
|
$
|
179,180
|
|
|
$
|
300,930
|
|
Cash and cash equivalents
|
4,719
|
|
|
823
|
|
||
Restricted cash and cash equivalents
|
1,910
|
|
|
3,966
|
|
||
Interest receivable
|
498
|
|
|
516
|
|
||
Other assets
|
19
|
|
|
—
|
|
||
Total Assets
|
$
|
186,326
|
|
|
$
|
306,235
|
|
Liabilities
|
|
|
|
||||
Senior credit facility
|
$
|
104,622
|
|
|
$
|
197,700
|
|
Less unamortized debt issuance costs
|
18
|
|
|
712
|
|
||
Senior credit facility less unamortized debt issuance costs
|
104,604
|
|
|
196,988
|
|
||
Interest payable
|
213
|
|
|
457
|
|
||
Accounts payable and accrued expenses
|
271
|
|
|
201
|
|
||
Total Liabilities
|
105,088
|
|
|
197,646
|
|
||
Members' equity
|
81,238
|
|
|
108,589
|
|
||
Total Liabilities and members' equity
|
$
|
186,326
|
|
|
$
|
306,235
|
|
|
Years ended September 30,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Investment income
|
|
|
|
|
|
|
|
|
|||
Interest income
|
$
|
18,285
|
|
|
$
|
21,455
|
|
|
$
|
22,016
|
|
Fee income
|
202
|
|
|
5
|
|
|
84
|
|
|||
Total investment income
|
18,487
|
|
|
21,460
|
|
|
22,100
|
|
|||
Expenses
|
|
|
|
|
|
|
|
|
|||
Interest and other debt financing expenses
|
6,687
|
|
|
10,236
|
|
|
15,715
|
|
|||
Administrative service fee
|
404
|
|
|
477
|
|
|
457
|
|
|||
Professional fees
|
92
|
|
|
128
|
|
|
150
|
|
|||
General and administrative expenses
|
1
|
|
|
3
|
|
|
1
|
|
|||
Total expenses
|
7,184
|
|
|
10,844
|
|
|
16,323
|
|
|||
Net investment income
|
11,303
|
|
|
10,616
|
|
|
5,777
|
|
|||
Net gain (loss) on investments
|
|
|
|
|
|
|
|
|
|||
Net realized gain (loss):
|
|
|
|
|
|
|
|
|
|||
Non-controlled/non-affiliate company investments
|
—
|
|
|
(7,379
|
)
|
|
(479
|
)
|
|||
Net realized gain (loss)
|
—
|
|
|
(7,379
|
)
|
|
(479
|
)
|
|||
Net unrealized appreciation (depreciation):
|
|
|
|
|
|
|
|
|
|||
Net change in unrealized appreciation (depreciation) on
investments
|
(4,197
|
)
|
|
4,647
|
|
|
(4,685
|
)
|
|||
Net change in unrealized appreciation (depreciation)
|
(4,197
|
)
|
|
4,647
|
|
|
(4,685
|
)
|
|||
Net gain (loss) on investments
|
(4,197
|
)
|
|
(2,732
|
)
|
|
(5,164
|
)
|
|||
Net increase (decrease) in members' equity
|
$
|
7,106
|
|
|
$
|
7,884
|
|
|
$
|
613
|
|
(1)
|
Financial Statements — Refer to Item 8 starting on page
96
|
(2)
|
Financial Statement Schedules — None
|
(3)
|
Exhibits
|
|
Form of Certificate of Incorporation (Incorporated by reference to Exhibit (a)(2) to the Registrant’s Pre-effective Amendment No. 3 to the Registration Statement on Form N-2 (File No. 333-163279), filed on March 25, 2010).
|
|
|
Form of Bylaws (Incorporated by reference to Exhibit (b)(2) to the Registrant’s Pre-effective Amendment No. 3 to the Registration Statement on Form N-2 (File No. 333-163279), filed on March 25, 2010).
|
|
|
Form of Stock Certificate (Incorporated by reference to Exhibit (d) to the Registrant’s Pre-effective Amendment No. 3 to the Registration Statement on Form N-2 (File No. 333-163279), filed on March 25, 2010).
|
|
|
Second Amended and Restated Investment Advisory Agreement, dated August 5, 2014, between Registrant and GC Advisors LLC (Incorporated by reference to Exhibit 10.6 to Registrant’s Quarterly Report on Form 10-Q (File No. 814-00794), filed on August 7, 2014).
|
|
|
Form of Custody Agreement (Incorporated by reference to Exhibit (j) to the Registrant’s Pre-effective Amendment No. 5 to the Registration Statement on Form N-2 (File No. 333-163279), filed on April 12, 2010).
|
|
|
Form of Administration Agreement between Registrant and GC Service Company LLC (Incorporated by reference to Exhibit (k)(2) to the Registrant’s Pre-effective Amendment No. 3 to the Registration Statement on Form N-2 (File No. 333-163279), filed on March 24, 2010).
|
|
|
Form of Trademark License Agreement between the Registrant and Golub Capital LLC (Incorporated by reference to Exhibit (k)(3) to the Registrant’s Pre-effective Amendment No. 3 to the Registration Statement on Form N-2 (File No. 333-163279), filed on March 24, 2010).
|
|
|
Amended and Restated Dividend Reinvestment Plan (Incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K (File No. 814-00794), filed on May 5, 2011).
|
|
|
Purchase Agreement, dated July 16, 2010, by and among the Registrant, Golub Capital BDC 2010-1 Holdings LLC, Golub Capital BDC 2010-1 LLC and Wells Fargo Securities, LLC (Incorporated by reference to Exhibit 10.1 to Registrant’s Report on Form 8-K (File No. 814-00794), filed on July 16, 2010).
|
|
|
Master Loan Sale Agreement, dated July 16, 2010, by and between the Registrant, Golub Capital BDC 2010-1 LLC and Golub Capital BDC 2010-1 Holdings LLC (Incorporated by reference to Exhibit 10.2 to Registrant’s Report on Form 8-K (File No. 814-00794), filed on July 16, 2010).
|
|
|
Indenture, dated July 16, 2010, by and between Golub Capital BDC 2010-1 LLC and U.S. Bank, National Association (Incorporated by reference to Exhibit 10.3 to Registrant’s Current Report on Form 8-K (File No. 814-00794), filed on July 16, 2010).
|
|
|
Collateral Management Agreement, dated July 16, 2010, by and between Golub Capital BDC 2010-1 LLC and GC Advisors LLC (Incorporated by reference to Exhibit 10.4 to Registrant’s Current Report on Form 8-K (File No. 814-00794), filed on July 16, 2010).
|
|
|
Purchase and Sale Agreement, dated July 21, 2011, by and between the Registrant and Golub Capital BDC Funding LLC (Incorporated by reference to Exhibit 10.2 to Registrant’s Current Report on Form 8-K (File No. 814-00794), filed on July 21, 2011).
|
|
Supplemental Indenture No. 1, dated as of February 15, 2013, by and between Golub Capital BDC 2010-1 LLC and U.S. Bank National Association, as trustee (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-00794), filed on February 19, 2013).
|
|
|
Senior Loan Fund LLC Limited Liability Company Agreement dated May 31, 2013, by and between the Registrant and United Insurance Company of America (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-00794), filed on June 7, 2013).
|
|
|
Purchase Agreement, dated June 5, 2014, by and among the Registrant, Golub Capital BDC CLO 2014 LLC and Wells Fargo Securities, LLC (Incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K (File No. 814-00794), filed on June 6, 2014).
|
|
|
Loan Sale Agreement, dated June 5, 2014, by and between the Registrant and Golub Capital BDC CLO 2014 LLC (Incorporated by reference to Exhibit 10.3 to the Registrant’s Current Report on Form 8-K (File No. 814-00794), filed on June 6, 2014).
|
|
|
Indenture, dated June 5, 2014, by and between Golub Capital BDC CLO 2014 LLC and Wells Fargo Bank, National Association (Incorporated by reference to Exhibit 10.4 to the Registrant’s Current Report on Form 8-K (File No. 814-00794), filed on June 6, 2014).
|
|
|
Collateral Management Agreement, dated June 5, 2014, by and between Golub Capital BDC CLO 2014 LLC and GC Advisors LLC (Incorporated by reference to Exhibit 10.5 to the Registrant’s Current Report on Form 8-K (File No. 814-00794), filed on June 6, 2014).
|
|
|
First Amendment to Senior Loan Fund LLC Limited Liability Company Agreement, dated July 31, 2014, by and between the Registrant and RGA Insurance Company (Incorporated by reference to Exhibit 10.25 to the Registrant’s Annual Report on Form 10-K (File No. 814-00794), filed on November 18, 2014).
|
|
|
Amendment No. 1 to Credit Agreement, dated as of November 24, 2014, by and among Golub Capital BDC Revolver Funding LLC, as the borrower; Golub Capital BDC, Inc., as servicer; and The PrivateBank and Trust Company as lender and administrative agent (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-00794), filed on November 26, 2014).
|
|
|
Amended and Restated Loan and Servicing Agreement, dated as of December 18, 2014, by and among Golub Capital BDC Funding LLC, as the Borrower; Golub Capital BDC, Inc., as Transferor and Servicer; Wells Fargo Securities, LLC, as the Administrative Agent; the lenders from time to time party thereto; the lender agents from time to time party thereto; and Wells Fargo Bank, N.A., as the Collateral Agent, the Account Bank, and the Collateral Custodian (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-00794), filed on January 2, 2015).
|
|
|
Supplemental Indenture No. 2, dated as of June 25, 2015, by and between Golub Capital BDC 2010-1 LLC and U.S. Bank National Association, as trustee (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-00794), filed on June 26, 2015).
|
|
|
First Amendment to Amended and Restated Loan and Servicing Agreement, dated as of July 30, 2015, by and among Golub Capital BDC Funding LLC, as the borrower; Golub Capital BDC, Inc., as the transferor and servicer; certain institutional lenders identified on the signature pages thereto; Wells Fargo Bank, N.A., as the swingline lender, Wells Fargo Bank, N.A., as the collateral agent, account bank and collateral custodian, and Wells Fargo Securities, LLC, as the administrative agent (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (file No. 814-00794), filed on August 4, 2015).
|
|
|
Credit Facility Termination Agreement, dated as of October 21, 2015, by and among Golub Capital BDC Revolver Funding LLC as the borrower, the Registrant, as the servicer, U.S. Bank National Association, as collateral custodian, and The PrivateBank and Trust Company, as the lender and administrative agent. (Incorporated by reference to Exhibit 10.22 to Registrant’s Annual Report on Form 10-5 (File No. 814-00794), filed on November 17, 2015).
|
|
|
Second Amendment to Amended and Restated Loan and Servicing Agreement, dated as of March 1, 2016, by and among Golub Capital BDC Funding LLC, as the borrower; Golub Capital BDC, Inc., as the transferor and servicer; certain institutional lenders identified on the signature pages thereto; Wells Fargo Bank, N.A., as the swingline lender, Wells Fargo Bank, N.A., as the collateral agent, account bank and collateral custodian, and Wells Fargo Securities, LLC, as the administrative agent. (Incorporated by reference to Exhibit 10.1 to Registrant’s Quarterly Report on Form 10-Q (File No. 814-00794), filed on May 5, 2016).
|
|
Unsecured revolving loan agreement, dated as of June 22, 2016, by Golub Capital BDC, Inc., as the borrower, and GC Advisors LLC, as the lender. (Incorporated by reference to Exhibit 10.1 to Registrant’s Quarterly Report on Form 10-Q (File No. 814-00794), filed on August 3, 2016).
|
|
|
Supplemental Indenture No. 3, dated as of October 20, 2016, by and between Golub Capital BDC 2010-1 LLC and U.S. Bank National Association, as trustee (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-00794), filed on October 20, 2016).
|
|
|
Joinder Supplement, dated as of May 2, 2017, by and among Golub Capital BDC Funding LLC, as the borrower; the lender identified therein, and Wells Fargo Securities, LLC, as the administrative agent. (Incorporated by reference to Exhibit 10.1 to Registrant’s Quarterly Report on Form 10-Q (File No. 814-00794), filed on August 7, 2017).
|
|
|
Third Amendment to Amended and Restated Loan and Servicing Agreement, dated as of July 28, 2017, by and among Golub Capital BDC Funding LLC, as the borrower; Golub Capital BDC, Inc., as the transferor and servicer; the institutional lenders identified on the signature pages thereto; Wells Fargo Bank, N.A., as the swingline lender, collateral agent, account bank, collateral custodian, and administrative agent. (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-00794), filed on July 28, 2017).
|
|
|
Fourth Amendment to Amended and Restated Loan and Servicing Agreement, dated as of September 28, 2017, by and among Golub Capital BDC Funding LLC, as the borrower; Golub Capital BDC, Inc., as the transferor and servicer; the institutional lenders identified on the signature pages thereto; Wells Fargo Bank, N.A., as the swingline lender, collateral agent, account bank, collateral custodian, and administrative agent. (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-00794), filed on September 28, 2017).
|
|
|
Fifth Amendment to Amended and Restated Loan and Servicing Agreement, dated as of November 22, 2017, by and among Golub Capital BDC Funding LLC, as the borrower; Golub Capital BDC, Inc., as the transferor and servicer; the institutional lenders identified on the signature pages thereto; Wells Fargo Bank, N.A., as the swingline lender, collateral agent, account bank, collateral custodian, and administrative agent (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-00794), filed on November 24, 2017).
|
|
|
Sixth Amendment to Amended and Restated Loan and Servicing Agreement, dated as of December 14, 2017, by and among Golub Capital BDC Funding LLC, as the borrower; Golub Capital BDC, Inc., as the transferor and servicer; the institutional lenders identified on the signature pages thereto; Wells Fargo Bank, N.A., as the swingline lender, collateral agent, account bank, collateral custodian, and administrative agent (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-00794), filed on December 18, 2017).
|
|
|
Supplemental Indenture No. 1, dated March 23, 2018, by and between Golub Capital BDC 2014 LLC and Wells Fargo Bank, National Association, as trustee. (Incorporated by reference to Exhibit (k)(28) to the Registrant’s Post-effective Amendment No. 4 to the Registration Statement on Form N-2 (File No. 333-215285), filed on April 27, 2018)
|
|
|
Credit Agreement, dated July 20, 2018, among Golub Capital BDC CLO 2010-1 LLC, as borrower; Morgan Stanley Bank, N.A., as lender; Morgan Stanley Senior Secured Funding, Inc., as administrative agent; and U.S. Bank National Association, as collateral agent for the administrative agent and the lenders. (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-00794), filed on July 23, 2018).
|
|
|
Security Agreement, dated July 20, 2018, by and among Golub Capital BDC CLO 2010-1 LLC, as the borrower; Morgan Stanley Senior Funding, Inc., as administrative agent; and U.S. Bank National Association, as collateral agent. (Incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K (File No. 814-00794), filed on July 23, 2018).
|
|
|
Warehouse Collateral Management Agreement, dated July 20, 2018, by and among Golub Capital BDC CLO 2010-1 LLC, as the issuer; Morgan Stanley Senior Secured Funding, Inc., as administrative agent; and GC Advisors LLC, as warehouse collateral manager. (Incorporated by reference to Exhibit 10.3 to the Registrant’s Current Report on Form 8-K (File No. 814-00794), filed on July 23, 2018).
|
|
Seventh Amendment to Amended and Restated Loan and Servicing Agreement, dated as of September 21, 2018, by and among Golub Capital BDC Funding LLC, as the borrower; Golub Capital BDC, Inc., as the transferor and servicer; the institutional lenders identified on the signature pages thereto; Wells Fargo Bank, N.A., as the swingline lender, collateral agent, account bank, collateral custodian, and administrative agent (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-00794), filed on September 26, 2018).
|
|
|
Purchase Agreement, dated as of November 1, 2018, by and among Golub Capital BDC CLO III LLC, Golub Capital BDC CLO III Depositor LLC and Morgan Stanley & Co. LLC. (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-00794), filed on November 2, 2018).
|
|
|
First Amendment to Credit Agreement, dated as of November 1, 2018, by and among Golub Capital BDC 2010-1 LLC, Morgan Stanley Bank, N.A., Morgan Stanley Senior Funding, Inc., and GC Advisors LLC. (Incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K (File No. 814-00794), filed on November 2, 2018).
|
|
|
Computation of per share earnings (included in the notes to the audited financial statements included in this report).
|
|
|
Code of Ethics of the Registrant and GC Advisors.*
|
|
|
Code of Ethics of GC Advisors LLC. (Filed as Exhibit 14.2 to the Registrant's Quarterly Report on Form 10-Q (File No. 814-00794), filed on February 5, 2016).
|
|
|
List of Subsidiaries.*
|
|
|
Power of attorney (included on the signature page hereto).
|
|
|
Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.*
|
|
|
Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.*
|
|
|
Certification of Chief Executive Officer pursuant to section 906 of the Sarbanes-Oxley Act of 2002.*
|
|
|
Certification of Chief Financial Officer pursuant to section 906 of the Sarbanes-Oxley Act of 2002.*
|
|
|
Privacy Policy of the Registrant.*
|
|
|
Golub Capital BDC, Inc.
|
|
|
A Delaware Corporation
|
|
|
|
Date: November 28, 2018
|
By:
|
/s/ David B. Golub
|
|
|
Name: David B. Golub
|
|
|
Title: Chief Executive Officer
|
Signature
|
|
Title
|
|
Date
|
/s/ David B. Golub
|
|
Chief Executive Officer and Director
|
|
November 28, 2018
|
David B. Golub
|
|
(Principal Executive Officer)
|
|
|
|
|
|
|
|
/s/ Ross A. Teune
|
|
Chief Financial Officer
|
|
November 28, 2018
|
Ross A. Teune
|
|
(Principal Accounting and Financial Officer)
|
|
|
|
|
|
|
|
/s/ Lawrence E. Golub
|
|
Chairman of the Board of Directors
|
|
November 28, 2018
|
Lawrence E. Golub
|
|
|
|
|
|
|
|
|
|
/s/ John T. Baily
|
|
Director
|
|
November 28, 2018
|
John T. Baily
|
|
|
|
|
|
|
|
|
|
/s/ Kenneth F. Bernstein
|
|
Director
|
|
November 28, 2018
|
Kenneth F. Bernstein
|
|
|
|
|
|
|
|
|
|
/s/ Anita R. Rosenberg
|
|
Director
|
|
November 28, 2018
|
Anita R. Rosenberg
|
|
|
|
|
|
|
|
|
|
/s/ William M. Webster IV
|
|
Director
|
|
November 28, 2018
|
William M. Webster IV
|
|
|
|
|
(A)
|
“Access Person” means any director, officer, general partner or Advisory Person (as defined below) of the Corporation or the Adviser.
|
(B)
|
An “Advisory Person” of the Corporation or the Adviser means: (i) any director, officer general partner or employee of the Corporation or the Adviser, or any company in a Control (as defined below) relationship to the Corporation or the Adviser, who in connection with his or her regular functions or duties makes, participates in, or obtains information regarding the purchase or sale of any Covered Security (as defined below) by the Corporation, or whose functions relate to the making of any recommendation with respect to such purchases or sales; (ii) any natural person in a Control relationship to the Corporation or the Adviser, who obtains information concerning recommendations made to the Corporation with regard to the purchase or sale of any
|
(C)
|
“Beneficial Ownership” is interpreted in the same manner as it would be under Rule 16a-1(a)(2) under the Securities Exchange Act of 1934 (the “1934 Act”) in determining whether a person is a beneficial owner of a security for purposes of Section 16 of the 1934 Act and the rules and regulations thereunder.
|
(D)
|
“Chief Compliance Officer” means the Chief Compliance Officer of the Corporation (who also may serve as the compliance officer of the Adviser and/or one or more affiliates of the Adviser).
|
(E)
|
“Control” shall have the same meaning as that set forth in Section 2(a)(9) of the Act.
|
(F)
|
“Covered Security” means a security as defined in Section 2(a)(36) of the Act, which includes: any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a “security,” or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing.
|
(G)
|
“Independent Director” means a director of the Corporation who is not an “interested person” of the Corporation within the meaning of Section 2(a)(19) of the Act.
|
(H)
|
“Initial Public Offering” means an offering of securities registered under the Securities Act of 1933 (the “1933 Act”), the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the 1934 Act.
|
(I)
|
“Investment Personnel” of the Corporation or the Adviser means: (i) any employee of the Corporation or the Adviser (or of any company in a Control relationship to the Corporation or the Adviser) who, in connection with his or her regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of securities by the Corporation; and (ii) any natural person who controls the Corporation or the Adviser and who obtains information concerning recommendations made to the Corporation regarding the purchase or sale of securities by the Corporation.
|
(J)
|
“Limited Offering” means an offering that is exempt from registration under the 1933 Act pursuant to Section 4(2) or Section 4(5) thereof or pursuant to Rule 504, Rule 505, or Rule 506 thereunder.
|
(K)
|
“Security Held or to be Acquired” by the Corporation means: (i) any Covered Security which, within the most recent 15 days: (A) is or has been held by the Corporation; or (B) is being or has been considered by the Corporation or the Adviser for purchase by the Corporation; and (ii) any option to purchase or sell, and any security convertible into or exchangeable for, a Covered Security described in Section II (K)(i).
|
(i)
|
employ any device, scheme or artifice to defraud the Corporation;
|
(ii)
|
make any untrue statement of a material fact to the Corporation or omit to state to the Corporation a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;
|
(iii)
|
engage in any act, practice or course of business that operates or would operate as a fraud or deceit upon the Corporation; or
|
(iv)
|
engage in any manipulative practice with respect to the Corporation.
|
(1)
|
instruct the brokers, dealers or banks with whom they maintain such an account to provide duplicate account statements to the Chief Compliance Officer.
|
(2)
|
on an annual basis, certify that they have complied with the requirements of (1) above.
|
(1)
|
All Quarterly Securities Transaction Reports and Personal Securities Holdings Reports, as well as Private Company Securities and IPO Request and Reporting Forms, must be filed with the Chief Compliance Officer.
|
(2)
|
The Chief Compliance Officer may, from time to time, adopt new methods to submit all Quarterly Securities Transaction Reports and Personal Securities Holdings Reports, as well as Private Company Securities and IPO Request and Reporting Forms. These new methods, which could include electronic submission of information equivalent to the information currently required under this Code, will be deemed to satisfy the reporting obligations under this Code.
|
(1)
|
Clearance of Transactions. The Corporation requires that all purchases and sales of Corporation securities by Access Persons (and their respective immediate family members) be cleared by the Chief Compliance Officer or his or her designee prior to placing any order related to such transactions. Currently, the only Corporation securities available for purchase is the common stock traded of Golub Capital BDC, Inc. on the NASDAQ under the ticker symbol GBDC (“Shares”).
|
(2)
|
Window Period. After receiving clearance from the Chief Compliance Officer of the Corporation, Access Persons may purchase or sell Shares only during a designated “window period.” Should the end of the “window period” fall on a weekend, such window will be extended through close of business on the following business day. Significantly, however, even during a “window period,” Access Persons may not engage in transactions involving Shares if he or she is in possession of material, nonpublic information on the trade date.
|
(3)
|
Avoidance of Speculative Transactions. Certain types of transactions as well as the timing of trading may raise an inference of the improper use of inside information. In order to avoid even the appearance of impropriety, the Corporation discourages trades by Access Persons that are of a short-term, speculative nature rather than for investment purposes.
|
(4)
|
Limited Disclosure. Access Persons who have access to material information regarding the Corporation or its operations should exercise the utmost caution in preserving the confidentiality of that information. If anyone becomes aware of a leak of material information, whether inadvertent or otherwise, he or she should report such leak immediately to the Chief Compliance Officer. Any insider who “leaks” inside information to a “tippee” may be equally liable with the tippee to third parties for any profit of the tippee. Of course, it will be necessary from time to time, for legitimate business reasons, to disclose material information to persons outside of the Corporation. Such persons might include commercial bankers, investment bankers or other companies with whom the Corporation may be pursuing a joint project. In such situations, material nonpublic information should not be conveyed until an express understanding, typically in the form of the Corporation’s standard nondisclosure agreement, or “NDA,” has been reached that such information may not be used for trading purposes and may not be further disclosed other than for legitimate business reasons. Please contact the Chief Compliance Officer before disclosing any material non-public information regarding the Corporation to a third party or entering into an NDA.
|
(1)
|
On an annual basis, providing all Access Persons a copy of this Code and informing such persons of their duties and obligations hereunder including any supplemental training that may be required from time to time;
|
(2)
|
Maintaining or supervising the maintenance of all records and reports required by this Code;
|
(3)
|
Reviewing all Personal Securities Holdings Reports and Quarterly Securities Transaction Reports;
|
(4)
|
Preparing listings of all transactions effected by Access Persons who are subject to the requirement to file Quarterly Securities Transaction Reports and reviewing such transactions against a listing of all transactions effected by the Corporation;
|
(5)
|
Issuance either personally or with the assistance of counsel as may be appropriate, of any interpretation of this Code that may appear consistent with the objectives of Rule 17j-1 and this Code;
|
(6)
|
Conduct such inspections or investigations as shall reasonably be required to detect and report, with recommendations, any apparent violations of this Code to the board of directors of the Corporation; and
|
(7)
|
Submission of a written report to the board of directors of the Corporation, no less frequently than annually, that describes any issues arising under the Code since the last such report, including but not limited to the information described in Section VII (B).
|
(1)
|
A copy of all codes of ethics adopted by the Corporation or the Adviser and its affiliates, as the case may be, pursuant to Rule 17j-1 that have been in effect at any time during the past five (5) years;
|
(2)
|
A record of each violation of such codes of ethics and of any action taken as a result of such violation for at least five (5) years after the end of the fiscal year in which the violation occurs;
|
(3)
|
A copy of each report made by an Access Person for at least two (2) years after the end of the fiscal year in which the report is made, and for an additional three (3) years in a place that need not be easily accessible;
|
(4)
|
A copy of each report made by the Chief Compliance Officer to the board of directors for two (2) years from the end of the fiscal year of the Corporation in which such report is made or issued and for an additional three (3) years in a place that need not be easily accessible;
|
(5)
|
A list of all persons who are, or within the past five (5) years have been, required to make reports pursuant to the Rule 17j-1 and this Code of Ethics, or who are or were responsible for reviewing such reports;
|
(6)
|
A copy of each report required by Section VII (B) for at least two (2) years after the end of the fiscal year in which it is made, and for an additional three (3) years in a place that need not be easily accessible; and
|
(7)
|
A record of any decision, and the reasons supporting the decision, to approve the acquisition by Investment Personnel of securities in an Initial Public Offering or Limited Offering for at least five (5) years after the end of the fiscal year in which the approval is granted.
|
SUBSIDIARIES OF GOLUB CAPITAL BDC, INC.
|
||
|
|
|
Name
|
|
Jurisdiction
|
Golub Capital BDC 2010-1 Holdings LLC
|
|
Delaware
|
Golub Capital BDC 2010-1 LLC
|
|
Delaware
|
Golub Capital BDC CLO 2014 LLC
|
|
Delaware
|
Golub Capital BDC CLO III LLC
|
|
Delaware
|
GBDC Quick Quack Coinvest LLC
|
|
Delaware
|
Golub Capital BDC Funding LLC
|
|
Delaware
|
Golub Capital BDC Holdings LLC
|
|
Delaware
|
GC SBIC IV-GP, LLC
|
|
Delaware
|
GC SBIC IV, L.P.
|
|
Delaware
|
GC SBIC V-GP, LLC
|
|
Delaware
|
GC SBIC V, L.P.
|
|
Delaware
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GC SBIC VI-GP, LLC
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Delaware
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GC SBIC VI, L.P.
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Delaware
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1.
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I have reviewed this Annual Report on Form 10-K of Golub Capital BDC, Inc. and Subsidiaries;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of and for the periods presented in this report;
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4.
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The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
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a)
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Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; and
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b)
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; and
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c)
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Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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d)
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Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
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5.
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The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
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a)
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
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b)
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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By: /s/
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David B. Golub
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David B. Golub
Chief Executive Officer
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1.
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I have reviewed this Annual Report on Form 10-K of Golub Capital BDC, Inc. and Subsidiaries;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of and for the periods presented in this report;
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4.
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The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
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a)
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Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; and
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b)
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; and
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c)
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Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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d)
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Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
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5.
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The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
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a)
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
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b)
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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By: /s/
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Ross A. Teune
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Ross A. Teune
Chief Financial Officer
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(1)
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The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange
Act of 1934; and
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(2)
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The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Company.
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/s/ David B. Golub
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Name: David B. Golub
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Title: Chief Executive Officer
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(1)
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The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
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(2)
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The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
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/s/ Ross A. Teune
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Name: Ross A. Teune
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Title: Chief Financial Officer
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•
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Information about your transactions with our affiliates and us.
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