x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Maryland | 27-2614444 | |||||||
(State or Other Jurisdiction of
Incorporation or Organization) |
(I.R.S. Employer
Identification No.) |
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9 West 57th Street, 49th Floor, Suite 4920
New York, New York |
10019 | |||||||
(Address of Principal Executive Office) | (Zip Code) |
Large accelerated filer o
|
Accelerated filer o
|
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Non-accelerated filer x
|
Smaller reporting company o
|
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Emerging growth company o
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Page | |||||
PART I | |||||
PART II | |||||
PART III | |||||
PART IV | |||||
Loan Rating | Summary Description | |||||||
1 | Debt investment exceeding fundamental performance expectations and/or capital gain expected. Trends and risk factors since the time of investment are favorable. | |||||||
2 | Performing consistent with expectations and a full return of principal and interest expected. Trends and risk factors are neutral to favorable. All investments are initially rated a “2”. | |||||||
3 | Performing debt investment requiring closer monitoring. Trends and risk factors show some deterioration. | |||||||
4 | Underperforming debt investment. Some loss of interest or dividend expected, but still expecting a positive return on investment. Trends and risk factors are negative. | |||||||
5 | Underperforming debt investment with expected loss of interest and some principal. |
December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||
Internal Performance Rating |
Investments at Fair Value
(in thousands) |
Percentage of Total Investments |
Investments at Fair Value
(in thousands) |
Percentage of Total Investments | ||||||||||||||||||||||
1 | $ | 96,513 | 3.7 | % | $ | 79,597 | 3.1 | % | ||||||||||||||||||
2 | 1,523,518 | 58.1 | % | 1,420,445 | 55.8 | % | ||||||||||||||||||||
3 | 703,487 | 26.8 | % | 697,714 | 27.4 | % | ||||||||||||||||||||
4 | 23,360 | 0.9 | % | 49,804 | 2.0 | % | ||||||||||||||||||||
5 | 46,595 | 1.8 | % | 40,288 | 1.6 | % | ||||||||||||||||||||
Not rated | 230,043 | 8.7 | % | 258,336 | 10.1 | % | ||||||||||||||||||||
Total | $ | 2,623,516 | 100.0 | % | $ | 2,546,184 | 100.0 | % |
Assumed Return on Our Portfolio (net of expenses) | (10)% | (5)% | —% | 5% | 10% | |||||||||||||||||||||||||||
Corresponding return to stockholders (1)
|
(24.89)% | (14.28)% | (3.68)% | 6.93% | 17.53% |
Title of Class | Amount Authorized | Amount Issued | ||||||||||||
Common Stock, par value $0.001 per share | 450,000,000 | 229,288,951 |
Period | Total Number of Shares Purchased | Average Price Paid per Share |
Total Number of Shares Purchased as
Part of Publicly Announced Plans or Programs |
Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs. (in millions) | ||||||||||||||||||||||
January 1, 2020 to March 31, 2020 | 2,115,276 | $ | 7.75 | 2,115,276 | — | |||||||||||||||||||||
April 1, 2020 to June 30, 2020 | — | — | — | — | ||||||||||||||||||||||
July 1, 2020 to September 30, 2020 | — | — | — | — | ||||||||||||||||||||||
October 1, 2020 to December 31, 2020 | — | — | — | — | ||||||||||||||||||||||
Total | 2,115,276 | 2,115,276 |
As of and For the Year Ended December 31, | |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||||||||||||
Consolidated Statements of Operations Data: | |||||||||||||||||||||||||||||
Total investment income | $ | 196,685 | $ | 244,505 | $ | 237,012 | $ | 223,820 | $ | 229,658 | |||||||||||||||||||
Total expenses | 102,919 | 134,477 | 131,997 | 116,161 | 108,521 | ||||||||||||||||||||||||
Income tax expense, including excise tax | 2,566 | 1,771 | 1,605 | 1,619 | 1,140 | ||||||||||||||||||||||||
Net investment gain attributable to non-controlling interests | — | 9 | 25 | 29 | 19 | ||||||||||||||||||||||||
Net investment income | 91,200 | 108,248 | 103,385 | 106,011 | 119,978 | ||||||||||||||||||||||||
Net realized and unrealized loss on investments, net of deferred taxes | (126,913) | (11,378) | (75,292) | (27,651) | (26,892) | ||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) attributable to non-controlling interests | — | (3,017) | (840) | 29 | 1,316 | ||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) from forward currency exchange contracts | (89) | (1,381) | 993 | — | — | ||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | (35,802) | $ | 92,472 | $ | 28,246 | $ | 78,389 | $ | 94,402 | |||||||||||||||||||
Consolidated Per Share Data: | |||||||||||||||||||||||||||||
Net investment income | $ | 0.46 | $ | 0.57 | $ | 0.57 | $ | 0.59 | $ | 0.67 | |||||||||||||||||||
Net realized and unrealized loss on investments, net of deferred taxes | $ | (0.64) | $ | (0.07) | $ | (0.41) | $ | (0.15) | $ | (0.14) | |||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | (0.18) | $ | 0.49 | $ | 0.16 | $ | 0.44 | $ | 0.52 | |||||||||||||||||||
Distributions declared | $ | 0.46 | $ | 0.65 | $ | 0.65 | $ | 0.76 | $ | 0.87 | |||||||||||||||||||
Consolidated Statements of Assets and Liabilities Data: | |||||||||||||||||||||||||||||
Total assets | $ | 2,742,598 | $ | 2,640,530 | $ | 2,463,324 | $ | 2,652,514 | $ | 2,616,306 | |||||||||||||||||||
Borrowings outstanding | $ | 1,117,821 | $ | 1,095,042 | $ | 896,678 | $ | 1,041,149 | $ | 915,497 | |||||||||||||||||||
Total net assets | $ | 1,399,755 | $ | 1,462,683 | $ | 1,492,719 | $ | 1,494,516 | $ | 1,529,734 | |||||||||||||||||||
Other Data: | |||||||||||||||||||||||||||||
Total return (1)
|
(3.44) | % | 6.60 | % | 1.96 | % | 5.24 | % | 6.02 | % | |||||||||||||||||||
Number of portfolio company investments at year end | 268 | 227 | 204 | 157 | 135 | ||||||||||||||||||||||||
Value of investments at year end | $ | 2,623,516 | $ | 2,546,184 | $ | 2,334,714 | $ | 2,503,523 | $ | 2,394,083 | |||||||||||||||||||
Weighted average yield on investments at year end | 8.3 | % | 8.9 | % | 9.8 | % | 8.5 | % | 9.7 | % |
(Dollars in millions, except per share amounts) | ||||||||
At December 31, 2020: | ||||||||
Investment Portfolio | $ | 2,623.5 | ||||||
Net assets | 1,399.8 | |||||||
Debt (net of deferred financing costs) | 1,104.7 | |||||||
Net asset value per share | 6.95 | |||||||
Portfolio Activity for the Year Ended December 31, 2020: | ||||||||
Purchases during the period | 1,082.5 | |||||||
Sales, repayments, and other exits during the period | 891.7 | |||||||
Number of portfolio companies at end of period | 268 | |||||||
Operating results for the Year Ended December 31, 2020: | ||||||||
Net investment income per share | 0.46 | |||||||
Distributions declared per share | 0.46 | |||||||
Net decrease in net assets resulting from operations per share | (0.18) | |||||||
Net investment income | 91.2 | |||||||
Net realized and unrealized loss, net of change in deferred taxes | (127.0) | |||||||
Net decrease in net assets resulting from operations | (35.8) |
December 31, 2020 | |||||||||||
Percentage of
Total Portfolio |
Weighted Average Current Yield for Total Portfolio (1)
|
||||||||||
Senior Secured First Lien Debt | 73.5 | % | 7.1 | % | |||||||
Senior Secured Second Lien Debt | 9.1 | 9.4 | |||||||||
Subordinated Debt | 4.5 | 12.3 | |||||||||
Collateralized Securities (2)
|
4.1 | 9.6 | |||||||||
Equity/Other (3)
|
8.8 | 14.8 | |||||||||
Total | 100.0 | % | 8.3 | % |
December 31, 2019 | |||||||||||
Percentage of
Total Portfolio |
Weighted Average Current Yield for Total Portfolio (1)
|
||||||||||
Senior Secured First Lien Debt | 69.3 | % | 8.5 | % | |||||||
Senior Secured Second Lien Debt | 12.0 | 12.3 | |||||||||
Subordinated Debt | 4.2 | 11.3 | |||||||||
Collateralized Securities (2)
|
4.3 | 10.1 | |||||||||
Equity/Other (3)
|
10.2 | 6.3 | |||||||||
Total | 100.0 | % | 8.9 | % |
Loan Rating | Summary Description | |||||||
1 | Debt investment exceeding fundamental performance expectations and/or capital gain expected. Trends and risk factors since the time of investment are favorable. | |||||||
2 | Performing consistent with expectations and a full return of principal and interest expected. Trends and risk factors are neutral to favorable. All investments are initially rated a “2”. | |||||||
3 | Performing debt investment requiring closer monitoring. Trends and risk factors show some deterioration. | |||||||
4 | Underperforming debt investment. Some loss of interest or dividend expected, but still expecting a positive return on investment. Trends and risk factors are negative. | |||||||
5 | Underperforming debt investment with expected loss of interest and some principal. |
For the years ended December 31, | |||||||||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||||||||
Total investment income | $ | 196,685 | $ | 244,505 | $ | 237,012 | |||||||||||||||||
Total expenses | 102,919 | 134,477 | 131,997 | ||||||||||||||||||||
Income tax expense, including excise tax | 2,566 | 1,771 | 1,605 | ||||||||||||||||||||
Net investment gain attributable to non-controlling interests | — | 9 | 25 | ||||||||||||||||||||
Net investment income | $ | 91,200 | $ | 108,248 | $ | 103,385 |
For the years ended December 31, | |||||||||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||||||||
Management fees | $ | 37,764 | $ | 39,837 | $ | 39,828 | |||||||||||||||||
Incentive fee on income | 6,223 | 27,062 | 21,681 | ||||||||||||||||||||
Interest and debt fees | 46,971 | 55,312 | 55,270 | ||||||||||||||||||||
Professional fees | 5,397 | 3,553 | 6,048 | ||||||||||||||||||||
Other general and administrative | 4,877 | 7,016 | 7,364 | ||||||||||||||||||||
Administrative services | 702 | 788 | 789 | ||||||||||||||||||||
Directors' fees | 985 | 909 | 1,017 | ||||||||||||||||||||
Total operating expenses | $ | 102,919 | $ | 134,477 | $ | 131,997 |
For the years ended December 31, | |||||||||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||||||||
Net realized gain (loss) | |||||||||||||||||||||||
Control investments | $ | (18,650) | $ | (41,367) | $ | 460 | |||||||||||||||||
Affiliate investments | 2,448 | (21,341) | (39,852) | ||||||||||||||||||||
Non-affiliate investments | (115,614) | (2,534) | 15,458 | ||||||||||||||||||||
Net realized gain (loss) on foreign currency transactions | (333) | 717 | (376) | ||||||||||||||||||||
Total net realized loss | (132,149) | (64,525) | (24,310) | ||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | |||||||||||||||||||||||
Control investments | (13,747) | 68,265 | 8,897 | ||||||||||||||||||||
Affiliate investments | (19,275) | 7,652 | 5,538 | ||||||||||||||||||||
Non-affiliate investments | 35,995 | (23,757) | (64,948) | ||||||||||||||||||||
Net change in deferred taxes | 2,263 | 987 | (469) | ||||||||||||||||||||
Total net change in unrealized appreciation (depreciation) on investments, net of change in deferred taxes | 5,236 | 53,147 | (50,982) | ||||||||||||||||||||
Net change in unrealized depreciation attributable to non-controlling interests | — | (3,017) | (840) | ||||||||||||||||||||
Net change in unrealized appreciation (depreciation) from forward currency exchange contracts | (89) | (1,381) | 993 | ||||||||||||||||||||
Net realized and unrealized loss | $ | (127,002) | $ | (15,776) | $ | (75,139) |
For the years ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Distributions declared | $ | 90,981 | $ | 123,465 | $ | 117,578 | |||||||||||
Distributions paid | $ | 85,990 | $ | 123,468 | $ | 116,995 | |||||||||||
Portion of distributions paid in cash | $ | 63,658 | $ | 88,563 | $ | 78,012 | |||||||||||
Portion of distributions paid in DRIP shares | $ | 22,332 | $ | 34,905 | $ | 38,983 |
For the years ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Distributions | $ | 90,981 | $ | 123,465 | $ | 117,578 | |||||||||||
Total distributions | $ | 90,981 | $ | 123,465 | $ | 117,578 |
Payment Due by Period | |||||||||||||||||||||||||||||
Total | Less than 1 year | 1 - 3 years | 3- 5 years | More than 5 years | |||||||||||||||||||||||||
Wells Fargo Credit Facility (1)
|
$ | 253,000 | $ | — | $ | — | $ | 253,000 | $ | — | |||||||||||||||||||
JPM Credit Facility (2)
|
289,000 | — | 289,000 | — | — | ||||||||||||||||||||||||
Citi Credit Facility (3)
|
267,250 | — | 267,250 | — | — | ||||||||||||||||||||||||
MassMutual Credit Facility (4)
|
— | — | — | — | — | ||||||||||||||||||||||||
2024 Notes (5)
|
99,057 | — | — | 99,057 | — | ||||||||||||||||||||||||
2023 Notes (6)
|
59,843 | — | 59,843 | — | — | ||||||||||||||||||||||||
2022 Notes (7)
|
149,671 | — | 149,671 | — | — | ||||||||||||||||||||||||
Total contractual obligations | $ | 1,117,821 | $ | — | $ | 765,764 | $ | 352,057 | $ | — |
Change in Base Interest Rates | Estimated Change in Interest Income net of Interest Expense (in thousands) | |||||||
(-) 24 Basis Points | $ | (6,271) | ||||||
(+) 50 Basis Points | $ | 9,422 | ||||||
(+) 100 Basis Points | $ | 20,049 | ||||||
(+) 200 Basis Points | $ | 41,303 |
Exhibit No. | Description | ||||
Exhibit No. | Description | ||||
Exhibit No. | Description | ||||
Exhibit No. | Description | ||||
BUSINESS DEVELOPMENT CORPORATION OF AMERICA | ||||||||||||||
By: | ||||||||||||||
/s/ Richard J. Byrne
Name: Richard J. Byrne
Title: Chief Executive Officer, President, and Chairman of the Board of Directors
|
||||||||||||||
* * * * * |
Signature | Title | Date | ||||||||||||
/s/ Richard J. Byrne
Richard J. Byrne
|
Chief Executive Officer, President, and Chairman of the Board of Directors
(Principal Executive Officer)
|
March 15, 2021 | ||||||||||||
/s/ Nina Kang Baryski
Nina Kang Baryski
|
Chief Financial Officer and Treasurer
(Principal Financial and Accounting Officer)
|
March 15, 2021 | ||||||||||||
/s/ Lee S. Hillman
Lee S. Hillman
|
Independent Director
|
March 15, 2021 | ||||||||||||
/s/ Ronald J. Kramer
Ronald J. Kramer
|
Independent Director
|
March 15, 2021 | ||||||||||||
/s/ Leslie D. Michelson
Leslie D. Michelson
|
Independent Director
|
March 15, 2021 | ||||||||||||
/s/ Edward G. Rendell
Edward G. Rendell
|
Independent Director
|
March 15, 2021 | ||||||||||||
/s/ Dennis M. Schaney
Dennis M. Schaney
|
Independent Director
|
March 15, 2021 |
Page | |||||
Audited Consolidated Financial Statements: | |||||
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the account or disclosures to which it relates.
|
For the years ended December 31, | |||||||||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||||||||
Investment income: | |||||||||||||||||||||||
From control investments | |||||||||||||||||||||||
Interest income
|
$ | 19,504 | $ | 22,817 | $ | 22,349 | |||||||||||||||||
Dividend income
|
18,452 | 14,850 | 10,263 | ||||||||||||||||||||
Fee and other income
|
19 | 5 | 20 | ||||||||||||||||||||
Total investment income from control investments | 37,975 | 37,672 | 32,632 | ||||||||||||||||||||
From affiliate investments | |||||||||||||||||||||||
Interest income
|
4,593 | 12,765 | 18,714 | ||||||||||||||||||||
Dividend income
|
3,476 | 4,482 | 3,566 | ||||||||||||||||||||
Fee and other income
|
150 | 35 | 10 | ||||||||||||||||||||
Total investment income from affiliate investments | 8,219 | 17,282 | 22,290 | ||||||||||||||||||||
From non-affiliate investments | |||||||||||||||||||||||
Interest income
|
144,194 | 182,885 | 175,196 | ||||||||||||||||||||
Dividend income
|
81 | 1,773 | 1,161 | ||||||||||||||||||||
Fee and other income
|
5,939 | 3,602 | 4,772 | ||||||||||||||||||||
Total investment income from non-affiliate investments | 150,214 | 188,260 | 181,129 | ||||||||||||||||||||
Interest from cash and cash equivalents | 277 | 1,291 | 961 | ||||||||||||||||||||
Total investment income
|
196,685 | 244,505 | 237,012 | ||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Management fees | 37,764 | 39,837 | 39,828 | ||||||||||||||||||||
Incentive fee on income | 6,223 | 27,062 | 21,681 | ||||||||||||||||||||
Interest and debt fees | 46,971 | 55,312 | 55,270 | ||||||||||||||||||||
Professional fees | 5,397 | 3,553 | 6,048 | ||||||||||||||||||||
Other general and administrative | 4,877 | 7,016 | 7,364 | ||||||||||||||||||||
Administrative services | 702 | 788 | 789 | ||||||||||||||||||||
Directors' fees | 985 | 909 | 1,017 | ||||||||||||||||||||
Total expenses | 102,919 | 134,477 | 131,997 | ||||||||||||||||||||
Income tax expense, including excise tax | 2,566 | 1,771 | 1,605 | ||||||||||||||||||||
Net investment gain attributable to non-controlling interests | — | 9 | 25 | ||||||||||||||||||||
Net investment income | 91,200 | 108,248 | 103,385 | ||||||||||||||||||||
Realized and unrealized gain (loss): | |||||||||||||||||||||||
Net realized gain (loss) | |||||||||||||||||||||||
Control investments | (18,650) | (41,367) | 460 | ||||||||||||||||||||
Affiliate investments | 2,448 | (21,341) | (39,852) | ||||||||||||||||||||
Non-affiliate investments | (115,614) | (2,534) | 15,458 | ||||||||||||||||||||
Net realized gain (loss) on foreign currency transactions | (333) | 717 | (376) | ||||||||||||||||||||
Total net realized loss | (132,149) | (64,525) | (24,310) | ||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | |||||||||||||||||||||||
Control investments | (13,747) | 68,265 | 8,897 | ||||||||||||||||||||
Affiliate investments | (19,275) | 7,652 | 5,538 |
For the years ended December 31, | |||||||||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||||||||
Non-affiliate investments | 35,995 | (23,757) | (64,948) | ||||||||||||||||||||
Net change in deferred taxes | 2,263 | 987 | (469) | ||||||||||||||||||||
Total net change in unrealized appreciation (depreciation) on investments, net of change in deferred taxes | 5,236 | 53,147 | (50,982) | ||||||||||||||||||||
Net change in unrealized depreciation attributable to non-controlling interests | — | (3,017) | (840) | ||||||||||||||||||||
Net change in unrealized appreciation (depreciation) from forward currency exchange contracts | (89) | (1,381) | 993 | ||||||||||||||||||||
Net realized and unrealized gain (loss) | (127,002) | (15,776) | (75,139) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | (35,802) | $ | 92,472 | $ | 28,246 | |||||||||||||||||
Per share information - basic and diluted | |||||||||||||||||||||||
Net investment income | $ | 0.46 | $ | 0.57 | $ | 0.57 | |||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | (0.18) | $ | 0.49 | $ | 0.16 | |||||||||||||||||
Weighted average shares outstanding | 197,482,855 | 189,940,267 | 180,861,382 |
For the years ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Operations: | |||||||||||||||||
Net investment income | $ | 91,200 | $ | 108,248 | $ | 103,385 | |||||||||||
Net realized loss from investments | (131,816) | (65,242) | (23,934) | ||||||||||||||
Net realized gain (loss) on foreign currency transactions | (333) | 717 | (376) | ||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | 2,973 | 52,160 | (50,513) | ||||||||||||||
Net change in deferred taxes | 2,263 | 987 | (469) | ||||||||||||||
Net change in unrealized depreciation attributable to non-controlling interests | — | (3,017) | (840) | ||||||||||||||
Net change in unrealized appreciation (depreciation) from forward currency exchange contracts | (89) | (1,381) | 993 | ||||||||||||||
Net increase (decrease) in net assets resulting from operations | (35,802) | 92,472 | 28,246 | ||||||||||||||
Stockholder distributions: | |||||||||||||||||
Distributions | (90,981) | (123,465) | (117,578) | ||||||||||||||
Net decrease in net assets from stockholder distributions | (90,981) | (123,465) | (117,578) | ||||||||||||||
Capital share transactions: | |||||||||||||||||
Acquisition of non-controlling interest | — | 6,024 | — | ||||||||||||||
Issuance of common stock, net of issuance costs | 59,000 | — | 90,000 | ||||||||||||||
Reinvestment of stockholder distributions | 22,332 | 34,905 | 38,983 | ||||||||||||||
Repurchases of common stock | (17,477) | (36,286) | (42,313) | ||||||||||||||
Net increase in net assets from capital share transactions | 63,855 | 4,643 | 86,670 | ||||||||||||||
Total decrease in net assets, before non-controlling interest | (62,928) | (26,350) | (2,662) | ||||||||||||||
Increase (decrease) in non-controlling interest | — | (3,686) | 865 | ||||||||||||||
Total decrease in net assets | (62,928) | (30,036) | (1,797) | ||||||||||||||
Net assets at beginning of year | 1,462,683 | 1,492,719 | 1,494,516 | ||||||||||||||
Net assets at end of year | $ | 1,399,755 | $ | 1,462,683 | $ | 1,492,719 | |||||||||||
Net asset value per common share attributable to Business Development Corporation of America | $ | 6.95 | $ | 7.69 | $ | 7.82 | |||||||||||
Common shares outstanding at end of year | 201,390,728 | 190,207,517 | 190,324,059 |
For the years ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Operating activities: | |||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | (35,802) | $ | 92,472 | $ | 28,246 | |||||||||||
Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by (used in) operating activities: | |||||||||||||||||
Payment-in-kind interest income | (7,608) | (5,209) | (5,516) | ||||||||||||||
Net accretion of discount on investments | (7,748) | (9,210) | (8,685) | ||||||||||||||
Amortization of deferred financing costs | 4,050 | 3,586 | 3,265 | ||||||||||||||
Amortization of discount on unsecured notes | 665 | 563 | 522 | ||||||||||||||
Sales and repayments of investments | 847,245 | 786,830 | 1,211,102 | ||||||||||||||
Purchases of investments | (1,038,064) | (996,963) | (1,102,539) | ||||||||||||||
Net realized loss from investments | 131,816 | 65,242 | 23,934 | ||||||||||||||
Net realized (gain) loss on foreign currency transactions | 333 | (717) | 376 | ||||||||||||||
Net change in unrealized (appreciation) depreciation on investments | (2,973) | (52,160) | 50,513 | ||||||||||||||
Net change in unrealized (appreciation) depreciation from forward currency exchange contracts | 89 | 1,381 | (993) | ||||||||||||||
(Increase) decrease in operating assets:
|
|||||||||||||||||
Interest and dividends receivable
|
2,172 | 5,156 | (661) | ||||||||||||||
Receivable for unsettled trades
|
(20,455) | (21,687) | 15,201 | ||||||||||||||
Prepaid expenses and other assets
|
259 | (420) | 3,704 | ||||||||||||||
Increase (decrease) in operating liabilities:
|
|||||||||||||||||
Management fees payable
|
(540) | 387 | (221) | ||||||||||||||
Incentive fee on income payable
|
(290) | 823 | 1,132 | ||||||||||||||
Accounts payable and accrued expenses | (6,876) | (388) | 4,016 | ||||||||||||||
Payable for unsettled trades
|
151,661 | 7,426 | (47,626) | ||||||||||||||
Interest and debt fees payable
|
(5,494) | (583) | 397 | ||||||||||||||
Directors' fees payable
|
32 | (35) | 22 | ||||||||||||||
Net cash provided by (used in) operating activities | 12,472 | (123,506) | 176,189 | ||||||||||||||
Financing activities: | |||||||||||||||||
Acquisition of non-controlling interest
|
— | 6,024 | — | ||||||||||||||
Proceeds from issuance of shares of common stock, net
|
59,000 | — | 90,000 | ||||||||||||||
Repurchases of common stock
|
(17,477) | (36,291) | (42,308) | ||||||||||||||
Proceeds from debt
|
1,057,100 | 408,800 | 634,298 | ||||||||||||||
Payments on debt
|
(1,035,002) | (211,000) | (779,291) | ||||||||||||||
Payments of financing costs
|
(5,406) | (2,717) | (4,495) | ||||||||||||||
Stockholder distributions
|
(63,658) | (88,563) | (78,012) | ||||||||||||||
Decrease in non-controlling interest
|
— | (3,686) | 865 | ||||||||||||||
Net cash provided by (used in) financing activities | (5,443) | 72,567 | (178,943) | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | 7,029 | (50,939) | (2,754) | ||||||||||||||
Effect of foreign currency exchange rates
|
(317) | 717 | (376) | ||||||||||||||
Cash and cash equivalents, beginning of year | 46,470 | 96,692 | 99,822 | ||||||||||||||
Cash and cash equivalents, end of year | $ | 53,182 | $ | 46,470 | $ | 96,692 | |||||||||||
Supplemental information: | |||||||||||||||||
Interest paid during the year | $ | 41,786 | $ | 51,506 | $ | 50,983 | |||||||||||
Taxes, including excise tax, paid during the year | $ | 2,600 | $ | 1,533 | $ | 956 | |||||||||||
Distributions reinvested | $ | 22,332 | $ | 34,905 | $ | 38,983 | |||||||||||
Securities received from in-kind distribution | $ | 44,411 | $ | — | $ | — | |||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Portfolio Company (f) (q) | Industry | Investment Coupon Rate / Maturity (l) | Principal / Number of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | ||||||||||||||||||||||||||||||||
Senior Secured First Lien Debt - 137.8% (b) | ||||||||||||||||||||||||||||||||||||||
1236904 BC, Ltd. (c) (h) (i) | Software/Services | L+5.50% (5.65%), 3/4/2027 | $ | 18,828 | $ | 18,153 | $ | 17,680 | 1.3 | % | ||||||||||||||||||||||||||||
Abaco Systems Holding Corp. (c) (h) (i) | Industrials | L+6.00% (7.00%), 12/7/2021 | 22,973 | 22,886 | 22,973 | 1.6 | % | |||||||||||||||||||||||||||||||
ABC Financial Intermediate, LLC (c) (j) | Technology | L+4.25% (5.25%), 1/2/2025 | 19,308 | 18,829 | 17,667 | 1.3 | % | |||||||||||||||||||||||||||||||
Abercrombie & Fitch, Co. (a) | Consumer | 8.75%, 7/15/2025 | 3,182 | 3,182 | 3,522 | 0.3 | % | |||||||||||||||||||||||||||||||
Accentcare, Inc. (c) (j) | Healthcare | L+5.00% (5.15%), 6/22/2026 | 13,337 | 13,232 | 13,337 | 1.0 | % | |||||||||||||||||||||||||||||||
Accentcare, Inc. (j) | Healthcare | L+5.00% (5.50%), 6/22/2026 | 2,765 | 2,751 | 2,765 | 0.2 | % | |||||||||||||||||||||||||||||||
Access Cig, LLC (j) | Business Services | L+3.75% (3.98%), 2/27/2025 | 4,277 | 4,236 | 4,228 | 0.3 | % | |||||||||||||||||||||||||||||||
Achilles Acquisition, LLC (j) | Financials | L+4.50% (5.25%), 11/16/2027 | 4,508 | 4,405 | 4,508 | 0.3 | % | |||||||||||||||||||||||||||||||
Acrisure, LLC (i) (j) | Financials | L+3.50% (3.65%), 2/16/2027 | 24,649 | 24,632 | 24,130 | 1.7 | % | |||||||||||||||||||||||||||||||
Advisor Group, Inc. (j) | Financials | L+5.00% (5.15%), 7/31/2026 | 7,984 | 7,879 | 7,897 | 0.6 | % | |||||||||||||||||||||||||||||||
Affordable Care Holding Corp. (c) (j) | Healthcare | L+4.75% (5.75%), 10/24/2022 | 7,690 | 7,286 | 7,460 | 0.5 | % | |||||||||||||||||||||||||||||||
AHP Health Partners, Inc. (i) (j) | Healthcare | L+4.50% (5.50%), 6/30/2025 | 13,558 | 13,502 | 13,592 | 1.0 | % | |||||||||||||||||||||||||||||||
Alchemy US Holdco 1, LLC (c) (h) (i) (j) | Industrials | L+5.50% (5.65%), 10/10/2025 | 7,203 | 6,922 | 6,878 | 0.5 | % | |||||||||||||||||||||||||||||||
Aldevron, LLC (h) (i) (j) | Healthcare | L+4.25% (5.25%), 10/13/2026 | 10,689 | 10,609 | 10,711 | 0.8 | % | |||||||||||||||||||||||||||||||
Alvogen Pharma US, Inc. (j) | Healthcare | L+5.25% (6.25%), 12/29/2023 | 12,818 | 12,781 | 12,241 | 0.9 | % | |||||||||||||||||||||||||||||||
AMI Entertainment Network, LLC (c) | Media/Entertainment | P+5.00% (10.25%), 7/21/2022 | 1,234 | 1,234 | 1,138 | 0.1 | % | |||||||||||||||||||||||||||||||
AMI Entertainment Network, LLC (c) (i) | Media/Entertainment | L+8.00% (9.00%), 7/21/2022 | 12,161 | 12,086 | 11,227 | 0.8 | % | |||||||||||||||||||||||||||||||
AMI Entertainment Network, LLC (c) (i) | Media/Entertainment | L+8.00% (9.00%), 7/21/2022 | 3,667 | 3,635 | 3,385 | 0.2 | % | |||||||||||||||||||||||||||||||
Anchor Glass Container Corp. (c) (k) | Paper & Packaging | L+5.00% (6.00%), 12/7/2023 | 9,600 | 9,600 | 8,093 | 0.6 | % | |||||||||||||||||||||||||||||||
AP Gaming I, LLC (a) (j) | Gaming/Lodging | L+3.50% (4.50%), 2/15/2024 | 7,544 | 7,540 | 7,191 | 0.5 | % | |||||||||||||||||||||||||||||||
Aq Carver Buyer, Inc. (h) (i) | Business Services | L+5.00% (6.00%), 9/23/2025 | 9,297 | 8,696 | 9,158 | 0.7 | % | |||||||||||||||||||||||||||||||
AqGen Ascensus, Inc. (j) | Business Services | L+4.00% (5.00%), 12/3/2026 | 18,206 | 18,148 | 18,233 | 1.3 | % | |||||||||||||||||||||||||||||||
Arch Global Precision, LLC (c) (h) (i) | Industrials | L+4.75% (5.00%), 4/1/2026 | 11,643 | 11,577 | 11,643 | 0.8 | % | |||||||||||||||||||||||||||||||
Arctic Holdco, LLC (c) | Paper & Packaging | L+6.00% (7.00%), 12/23/2026 | 387 | 377 | 377 | 0.0 | % | |||||||||||||||||||||||||||||||
Arctic Holdco, LLC (c) (i) | Paper & Packaging | L+6.00% (7.00%), 12/23/2026 | 16,492 | 16,080 | 16,080 | 1.1 | % | |||||||||||||||||||||||||||||||
ASG Technologies Group, Inc. (c) (j) | Software/Services | L+3.50% (4.50%), 7/31/2024 | 759 | 740 | 744 | 0.1 | % | |||||||||||||||||||||||||||||||
Asp Navigate Acquisition Corp. (j) | Healthcare | L+4.50% (5.50%), 10/6/2027 | 3,309 | 3,261 | 3,301 | 0.2 | % | |||||||||||||||||||||||||||||||
Athenahealth, Inc. (j) | Healthcare | L+4.50% (4.65%), 2/11/2026 | 12,663 | 12,531 | 12,629 | 0.9 | % | |||||||||||||||||||||||||||||||
Avaya Holdings Corp. (a) (j) | Technology | L+4.25% (4.41%), 12/16/2024 | 20,145 | 20,035 | 20,180 | 1.4 | % | |||||||||||||||||||||||||||||||
Aveanna Healthcare, LLC (h) | Healthcare | L+4.25% (5.25%), 3/18/2024 | 776 | 748 | 754 | 0.1 | % |
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Portfolio Company (f) (q) | Industry | Investment Coupon Rate / Maturity (l) | Principal / Number of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | ||||||||||||||||||||||||||||||||
Aveanna Healthcare, LLC (h) | Healthcare | L+5.50% (6.50%), 3/18/2024 | $ | 5,961 | $ | 5,799 | $ | 5,819 | 0.4 | % | ||||||||||||||||||||||||||||
Aveanna Healthcare, LLC (j) | Healthcare | L+6.25% (7.25%), 3/18/2024 | 3,629 | 3,562 | 3,574 | 0.3 | % | |||||||||||||||||||||||||||||||
Axiom Global, Inc. (c) (i) | Business Services | L+4.75% (4.90%), 10/1/2026 | 11,378 | 11,289 | 11,276 | 0.8 | % | |||||||||||||||||||||||||||||||
Barbri, Inc. (c) (j) | Education | L+4.00% (5.00%), 12/1/2023 | 6,953 | 6,675 | 6,849 | 0.5 | % | |||||||||||||||||||||||||||||||
BBB Industries, LLC (h) | Transportation | L+4.50% (4.65%), 8/1/2025 | 12,988 | 12,914 | 12,533 | 0.9 | % | |||||||||||||||||||||||||||||||
BCP Raptor, LLC (j) | Energy | L+4.25% (5.25%), 6/24/2024 | 13,748 | 13,673 | 12,554 | 0.9 | % | |||||||||||||||||||||||||||||||
BCP Renaissance, LLC (j) | Energy | L+3.50% (4.50%), 10/31/2024 | 3,384 | 3,375 | 3,263 | 0.2 | % | |||||||||||||||||||||||||||||||
Bearcat Buyer, Inc. (c) (i) | Healthcare | L+4.25% (5.25%), 7/9/2026 | 152 | 152 | 148 | 0.0 | % | |||||||||||||||||||||||||||||||
Bearcat Buyer, Inc. (c) (i) | Healthcare | L+4.25% (5.25%), 7/9/2026 | 734 | 734 | 712 | 0.1 | % | |||||||||||||||||||||||||||||||
Black Mountain Sand, LLC (c) | Energy | L+9.00% (10.50%), 6/28/2024 | 23,000 | 22,861 | 21,850 | 1.6 | % | |||||||||||||||||||||||||||||||
BMC Software Finance, Inc. (j) | Technology | L+4.25% (4.40%), 10/2/2025 | 14,461 | 14,362 | 14,384 | 1.0 | % | |||||||||||||||||||||||||||||||
Bomgar Corp. (j) | Technology | L+4.00% (4.15%), 4/18/2025 | 1,942 | 1,937 | 1,930 | 0.1 | % | |||||||||||||||||||||||||||||||
Boston Market Corp. (c) (t) | Food & Beverage | 5.00% PIK, 4/1/2022 | 2,477 | — | — | — | % | |||||||||||||||||||||||||||||||
Bracket Intermediate Holding Corp. (c) (j) | Healthcare | L+4.25% (4.48%), 9/5/2025 | 5,255 | 5,193 | 5,177 | 0.4 | % | |||||||||||||||||||||||||||||||
Capstone Logistics (c) | Transportation | L+4.75% (5.75%), 11/12/2025 | 139 | 137 | 137 | 0.0 | % | |||||||||||||||||||||||||||||||
Capstone Logistics (c) (h) | Transportation | L+4.75% (5.75%), 11/12/2027 | 16,447 | 16,284 | 16,284 | 1.2 | % | |||||||||||||||||||||||||||||||
CareCentrix, Inc. (i) (j) | Healthcare | L+4.50% (4.72%), 4/3/2025 | 20,095 | 19,991 | 19,618 | 1.4 | % | |||||||||||||||||||||||||||||||
CCW, LLC (c) (h) (i) (t) | Food & Beverage | L+8.00% (9.00%), 3/22/2021 | 28,799 | 26,608 | 16,387 | 1.2 | % | |||||||||||||||||||||||||||||||
CCW, LLC (c) (t) | Food & Beverage | L+8.00% (9.00%), 3/22/2021 | 1,005 | 925 | 572 | 0.0 | % | |||||||||||||||||||||||||||||||
CDHA Holdings, LLC (c) (h) (i) (k) | Healthcare | L+7.25% (8.25%) 1.00% PIK, 8/24/2023 | 16,082 | 15,955 | 15,568 | 1.1 | % | |||||||||||||||||||||||||||||||
CDS U.S. Intermediate Holdings, Inc. (a) (c) (h) (p) | Media/Entertainment | L+6.00% (7.00%), 11/24/2025 | 2,041 | 1,941 | 1,940 | 0.1 | % | |||||||||||||||||||||||||||||||
Certara Holdco, Inc. (c) (j) | Healthcare | L+3.50% (3.75%), 8/15/2024 | 5,975 | 5,952 | 5,975 | 0.4 | % | |||||||||||||||||||||||||||||||
CHA Holdings, Inc. (c) (i) | Business Services | L+4.50% (5.50%), 4/10/2025 | 526 | 491 | 512 | 0.0 | % | |||||||||||||||||||||||||||||||
Chloe Ox Parent, LLC (c) (i) | Healthcare | L+5.25% (6.25%), 12/23/2024 | 22,535 | 21,866 | 21,866 | 1.6 | % | |||||||||||||||||||||||||||||||
Chloe Ox Parent, LLC (i) (j) | Healthcare | L+4.50% (5.50%), 12/23/2024 | 13,287 | 13,151 | 12,756 | 0.9 | % | |||||||||||||||||||||||||||||||
Clarion Events, Ltd. (a) (j) | Business Services | L+5.00% (6.00%), 9/30/2024 | 6,038 | 5,965 | 5,369 | 0.4 | % | |||||||||||||||||||||||||||||||
Claros Mortgage Trust, Inc. (j) | Financials | L+5.00% (6.00%), 8/10/2026 | 6,384 | 6,218 | 6,400 | 0.5 | % | |||||||||||||||||||||||||||||||
Clover Technologies Group, LLC (c) (j) | Industrials | L+7.50% (8.50%), 2/3/2024 | 1,471 | 1,471 | 1,301 | 0.1 | % | |||||||||||||||||||||||||||||||
CLP Health Services, Inc. (i) | Healthcare | L+5.00% (6.00%), 12/31/2026 | 10,009 | 9,844 | 9,934 | 0.7 | % | |||||||||||||||||||||||||||||||
Cold Spring Brewing, Co. (c) (h) (i) | Food & Beverage | L+4.75% (5.75%), 12/19/2025 | 8,774 | 8,700 | 8,774 | 0.6 | % |
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Portfolio Company (f) (q) | Industry | Investment Coupon Rate / Maturity (l) | Principal / Number of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | ||||||||||||||||||||||||||||||||
CommerceHub, Inc. (i) | Technology | L+4.00% (4.75%), 12/29/2027 | $ | 7,716 | $ | 7,677 | $ | 7,706 | 0.6 | % | ||||||||||||||||||||||||||||
Community Care Health Network, LLC (h) (j) | Healthcare | L+4.50% (4.65%), 2/17/2025 | 9,863 | 9,616 | 9,802 | 0.7 | % | |||||||||||||||||||||||||||||||
Connect Finco SARL (a) (j) | Telecom | L+4.50% (5.50%), 12/11/2026 | 4,607 | 4,487 | 4,618 | 0.3 | % | |||||||||||||||||||||||||||||||
Conservice Midco, LLC (j) | Business Services | L+4.25% (4.50%), 5/13/2027 | 3,101 | 2,974 | 3,101 | 0.2 | % | |||||||||||||||||||||||||||||||
CONSOL Energy, Inc. (j) | Energy | L+4.50% (4.65%), 9/27/2024 | 4,078 | 4,064 | 3,366 | 0.2 | % | |||||||||||||||||||||||||||||||
Conterra Ultra Broadband, LLC (c) (j) | Telecom | L+4.50% (4.65%), 4/30/2026 | 5,984 | 5,962 | 5,984 | 0.5 | % | |||||||||||||||||||||||||||||||
Corfin Industries, LLC (c) (h) (i) | Industrials | L+6.00% (7.00%), 2/5/2026 | 12,205 | 11,998 | 11,987 | 0.9 | % | |||||||||||||||||||||||||||||||
CRGT, Inc. (c) (j) | Software/Services | L+6.50% (7.50%), 2/28/2022 | 7,827 | 7,715 | 7,513 | 0.5 | % | |||||||||||||||||||||||||||||||
CRS-SPV, Inc. (c) (k) (o) (x) | Industrials | L+4.50% (5.50%), 3/8/2021 | 62 | 62 | 62 | 0.0 | % | |||||||||||||||||||||||||||||||
CVENT, Inc. (j) | Technology | L+3.75% (3.90%), 11/29/2024 | 7,843 | 7,492 | 7,529 | 0.5 | % | |||||||||||||||||||||||||||||||
Dealer Tire, LLC (j) | Retail | L+4.25% (4.40%), 12/12/2025 | 3,992 | 3,977 | 3,955 | 0.3 | % | |||||||||||||||||||||||||||||||
Drilling Info Holdings, Inc. (c) (i) | Business Services | L+4.25% (4.40%), 7/30/2025 | 7,097 | 6,851 | 6,884 | 0.5 | % | |||||||||||||||||||||||||||||||
Dunn Paper, Inc. (c) (j) | Paper & Packaging | L+4.75% (5.75%), 8/26/2022 | 581 | 548 | 542 | 0.0 | % | |||||||||||||||||||||||||||||||
Dynagrid Holdings, LLC (c) | Utilities | L+6.00% (7.00%), 12/18/2025 | 113 | 113 | 111 | 0.0 | % | |||||||||||||||||||||||||||||||
Dynagrid Holdings, LLC (c) (i) | Utilities | L+6.00% (7.00%), 12/18/2025 | 14,481 | 14,193 | 14,193 | 1.0 | % | |||||||||||||||||||||||||||||||
Dynasty Acqusition Co., Inc. (i) (j) | Industrials | L+3.50% (3.75%), 4/6/2026 | 3,038 | 2,866 | 2,886 | 0.2 | % | |||||||||||||||||||||||||||||||
Dynasty Acqusition Co., Inc. (i) (j) | Industrials | L+3.50% (3.75%), 4/6/2026 | 5,651 | 5,328 | 5,368 | 0.4 | % | |||||||||||||||||||||||||||||||
Emerald 2, Ltd. (a) (j) | Industrials | L+3.25% (3.50%), 7/10/2026 | 522 | 517 | 515 | 0.0 | % | |||||||||||||||||||||||||||||||
eResearchTechnology, Inc. (j) | Healthcare | L+4.50% (5.50%), 2/4/2027 | 1,564 | 1,563 | 1,547 | 0.1 | % | |||||||||||||||||||||||||||||||
Fastlane Parent Co, Inc. (j) | Transportation | L+4.50% (4.65%), 2/4/2026 | 1,585 | 1,559 | 1,577 | 0.1 | % | |||||||||||||||||||||||||||||||
Florida Food Products, LLC (c) (h) | Food & Beverage | L+6.50% (7.50%), 9/6/2025 | 21,890 | 21,525 | 21,890 | 1.6 | % | |||||||||||||||||||||||||||||||
Florida Food Products, LLC (c) (i) | Food & Beverage | L+7.25% (8.25%), 9/8/2025 | 1,324 | 1,244 | 1,324 | 0.1 | % | |||||||||||||||||||||||||||||||
Florida Food Products, LLC (c) (k) | Food & Beverage | L+6.50% (7.50%), 9/6/2023 | 461 | 461 | 461 | 0.0 | % | |||||||||||||||||||||||||||||||
Foresight Energy Operating, LLC (c) (p) | Energy | L+8.00% (9.50%), 6/30/2027 | 1,326 | 1,326 | 1,354 | 0.1 | % | |||||||||||||||||||||||||||||||
Frontier Communications Corp. | Telecom | 5.00%, 5/1/2028 | 1,240 | 1,240 | 1,290 | 0.1 | % | |||||||||||||||||||||||||||||||
Frontier Communications Corp. (h) | Telecom | L+4.75% (5.75%), 10/8/2021 | 18,988 | 18,867 | 19,047 | 1.4 | % | |||||||||||||||||||||||||||||||
Gold Standard Baking, Inc. (c) | Food & Beverage | L+6.50% (7.50%) 2.00% PIK, 7/25/2022 | 3,131 | 2,660 | 1,252 | 0.1 | % | |||||||||||||||||||||||||||||||
Green Energy Partners/Stonewall, LLC | Utilities | L+5.50% (6.50%), 11/15/2021 | 1,310 | 1,310 | 1,201 | 0.1 | % | |||||||||||||||||||||||||||||||
Green Energy Partners/Stonewall, LLC | Utilities | L+5.50% (6.50%), 11/15/2021 | 989 | 989 | 907 | 0.1 | % | |||||||||||||||||||||||||||||||
Greenway Health, LLC (c) (j) | Healthcare | L+3.75% (4.75%), 2/16/2024 | 7,782 | 6,965 | 7,160 | 0.5 | % | |||||||||||||||||||||||||||||||
HAH Group Holding Company, LLC (c) (j) | Healthcare | L+5.00% (6.00%), 10/29/2027 | 5,871 | 5,785 | 5,785 | 0.4 | % |
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Portfolio Company (f) (q) | Industry | Investment Coupon Rate / Maturity (l) | Principal / Number of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | ||||||||||||||||||||||||||||||||
HC2 Holdings, Inc. (c) (k) | Industrials | 11.50%, 12/1/2021 | $ | 7,818 | $ | 7,792 | $ | 7,685 | 0.5 | % | ||||||||||||||||||||||||||||
Health Plan One, Inc. (c) (k) | Financials | L+7.50% (8.50%), 7/15/2025 | 10,695 | 10,210 | 10,485 | 0.7 | % | |||||||||||||||||||||||||||||||
Heartland Dental, LLC (j) | Healthcare | L+3.50% (3.65%), 4/30/2025 | 4,197 | 4,033 | 4,088 | 0.3 | % | |||||||||||||||||||||||||||||||
Higginbotham Insurance Agency, Inc. (c) (h) | Financials | L+5.75% (6.50%), 11/25/2026 | 11,579 | 11,408 | 11,408 | 0.8 | % | |||||||||||||||||||||||||||||||
HireRight, Inc. (i) | Business Services | L+3.75% (3.90%), 7/11/2025 | 2,885 | 2,868 | 2,790 | 0.2 | % | |||||||||||||||||||||||||||||||
Hospice Care Buyer, Inc. (c) | Healthcare | L+6.50% (7.50%), 12/9/2026 | 396 | 396 | 396 | 0.0 | % | |||||||||||||||||||||||||||||||
Hospice Care Buyer, Inc. (c) (h) | Healthcare | L+6.50% (7.50%), 12/9/2026 | 21,876 | 21,183 | 21,226 | 1.5 | % | |||||||||||||||||||||||||||||||
HS Purchaser, LLC (c) (j) | Software/Services | L+4.75% (5.75%), 11/19/2026 | 160 | 160 | 160 | 0.0 | % | |||||||||||||||||||||||||||||||
ICR Operations, LLC (c) (h) (i) | Business Services | L+5.00% (6.00%), 3/26/2025 | 17,145 | 16,932 | 16,728 | 1.2 | % | |||||||||||||||||||||||||||||||
ICR Operations, LLC (c) (i) | Business Services | L+5.00% (6.00%), 3/26/2025 | 6,650 | 6,488 | 6,488 | 0.5 | % | |||||||||||||||||||||||||||||||
ICR Operations, LLC (c) (k) | Business Services | L+5.00% (6.00%), 3/26/2024 | 907 | 907 | 885 | 0.1 | % | |||||||||||||||||||||||||||||||
Ideal Tridon Holdings, Inc. (c) | Industrials | L+5.75% (6.75%), 7/31/2024 | 46 | 45 | 46 | 0.0 | % | |||||||||||||||||||||||||||||||
Ideal Tridon Holdings, Inc. (c) (h) (i) | Industrials | L+5.75% (6.75%), 7/31/2024 | 26,837 | 26,612 | 26,837 | 1.9 | % | |||||||||||||||||||||||||||||||
Ideal Tridon Holdings, Inc. (c) (h) (i) | Industrials | L+5.75% (6.75%), 7/31/2024 | 828 | 817 | 828 | 0.1 | % | |||||||||||||||||||||||||||||||
Ideal Tridon Holdings, Inc. (c) (k) | Industrials | L+5.75% (6.75%), 7/31/2023 | 442 | 442 | 442 | 0.0 | % | |||||||||||||||||||||||||||||||
IDERA, Inc. (j) | Technology | L+4.00% (5.00%), 6/28/2024 | 5,475 | 5,458 | 5,458 | 0.4 | % | |||||||||||||||||||||||||||||||
Integral Ad Science, Inc. (c) (k) | Software/Services | L+7.25% (8.25%) 1.25% PIK, 7/19/2024 | 15,464 | 15,283 | 15,464 | 1.1 | % | |||||||||||||||||||||||||||||||
Integrated Efficiency Solutions, Inc. (c) (x) | Industrials | L+2.50% (3.50%) 1.50% PIK, 6/30/2022 | 3,833 | 3,833 | 2,990 | 0.2 | % | |||||||||||||||||||||||||||||||
Integrated Global Services, Inc. (c) (i) | Industrials | L+6.00% (7.00%), 2/4/2026 | 11,414 | 11,221 | 11,018 | 0.8 | % | |||||||||||||||||||||||||||||||
Integrated Global Services, Inc. (c) (k) | Industrials | L+6.00% (7.00%), 2/4/2026 | 1,622 | 1,622 | 1,565 | 0.1 | % | |||||||||||||||||||||||||||||||
Intelsat Jackson Holdings, SA (a) | Telecom | 8.63%, 1/2/2024 | 2,367 | 2,375 | 2,403 | 0.2 | % | |||||||||||||||||||||||||||||||
Intelsat Jackson Holdings, SA (a) | Telecom | P+4.75% (8.00%), 11/27/2023 | 1,124 | 1,121 | 1,138 | 0.1 | % | |||||||||||||||||||||||||||||||
Internap Corp. (c) (h) (p) | Business Services | L+6.50% (7.50%) 5.50% PIK, 5/8/2025 | 5,955 | 5,955 | 5,181 | 0.4 | % | |||||||||||||||||||||||||||||||
International Cruise & Excursions, Inc. (c) (i) | Business Services | L+5.25% (6.25%), 6/6/2025 | 4,951 | 4,916 | 4,159 | 0.3 | % | |||||||||||||||||||||||||||||||
Iri Holdings, Inc. (j) | Business Services | L+4.25% (4.40%), 12/1/2025 | 7,900 | 7,822 | 7,801 | 0.6 | % | |||||||||||||||||||||||||||||||
Jakks Pacific, Inc. (c) (p) | Consumer | 10.50%, 2.50% PIK, 2/9/2023 | 17,104 | 16,097 | 17,104 | 1.2 | % | |||||||||||||||||||||||||||||||
K2 Intelligence Holdings, Inc. (c) (h) (i) | Business Services | L+4.75% (5.75%), 9/23/2024 | 10,251 | 10,099 | 10,082 | 0.7 | % | |||||||||||||||||||||||||||||||
Kahala Ireland OpCo Designated Activity Company (a) (c) (k) (o) | Transportation | L+8.00% (13.00%), 12/22/2028 | 18,549 | 18,549 | 18,549 | 1.3 | % | |||||||||||||||||||||||||||||||
Kaman Distribution Corp. (c) (h) (i) | Industrials | L+5.00% (5.25%), 8/26/2026 | 21,283 | 19,729 | 19,793 | 1.4 | % | |||||||||||||||||||||||||||||||
KidKraft, Inc. (c) (t) (x) | Consumer | L+5.50% (6.50%) PIK, 8/15/2022 | 1,043 | 50 | 335 | 0.0 | % | |||||||||||||||||||||||||||||||
KMTEX, LLC (c) (g) (o) | Chemicals | P+3.00% (6.25%) PIK, 6/16/2025 | 829 | 829 | 829 | 0.1 | % |
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Portfolio Company (f) (q) | Industry | Investment Coupon Rate / Maturity (l) | Principal / Number of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | ||||||||||||||||||||||||||||||||
KMTEX, LLC (c) (g) (o) | Chemicals | P+3.00% (6.25%) PIK, 6/16/2025 | $ | 218 | $ | 218 | $ | 218 | 0.0 | % | ||||||||||||||||||||||||||||
KMTEX, LLC (c) (o) | Chemicals | P+3.00% (6.25%) PIK, 6/16/2025 | 3,230 | 3,230 | 3,230 | 0.2 | % | |||||||||||||||||||||||||||||||
Labrie Environmental Group, LLC (a) (c) (h) | Industrials | L+5.50% (6.50%), 9/1/2026 | 22,809 | 22,378 | 22,353 | 1.6 | % | |||||||||||||||||||||||||||||||
Lakeland Tours, LLC (c) (h) | Education | 13.25% PIK, 9/27/2027 | 4,101 | 2,129 | 2,051 | 0.2 | % | |||||||||||||||||||||||||||||||
Lakeland Tours, LLC (c) (h) | Education | L+12.00% (13.25%) 6.00% PIK, 9/25/2023 | 1,783 | 1,783 | 1,783 | 0.1 | % | |||||||||||||||||||||||||||||||
Lakeland Tours, LLC (c) (h) | Education | L+7.50% (8.75%) 6.00% PIK, 9/25/2025 | 3,369 | 3,352 | 3,369 | 0.2 | % | |||||||||||||||||||||||||||||||
Lakeland Tours, LLC (c) (h) | Education | L+7.50% (8.75%) 6.00% PIK, 9/25/2025 | 4,083 | 3,622 | 3,593 | 0.3 | % | |||||||||||||||||||||||||||||||
Lakeview Health Holdings, Inc. (c) (t) (x) | Healthcare | 9.75% PIK, 12/15/2021 | 142 | 124 | 36 | 0.0 | % | |||||||||||||||||||||||||||||||
Lakeview Health Holdings, Inc. (c) (t) (x) | Healthcare | 9.75% PIK, 12/15/2021 | 4,136 | 2,671 | 1,034 | 0.1 | % | |||||||||||||||||||||||||||||||
LightSquared, LP | Telecom | 15.50%, 11/1/2023 | 1,540 | 1,540 | 1,494 | 0.1 | % | |||||||||||||||||||||||||||||||
LSCS Holdings, Inc. (c) (j) | Healthcare | L+4.25% (4.51%), 3/17/2025 | 1,595 | 1,555 | 1,547 | 0.1 | % | |||||||||||||||||||||||||||||||
LSCS Holdings, Inc. (c) (j) | Healthcare | L+4.25% (4.50%), 3/17/2025 | 6,180 | 6,025 | 5,994 | 0.4 | % | |||||||||||||||||||||||||||||||
Manna Pro Products, LLC (c) (i) | Consumer | L+6.00% (7.00%), 12/10/2026 | 24,659 | 24,050 | 24,050 | 1.7 | % | |||||||||||||||||||||||||||||||
McDonald Worley, P.C. (c) | Business Services | 21.00% PIK, 12/31/2024 | 10,047 | 10,047 | 10,047 | 0.7 | % | |||||||||||||||||||||||||||||||
MCS Acquisition Corp. (c) | Business Services | L+6.00% (7.00%), 10/2/2025 | 788 | 788 | 788 | 0.1 | % | |||||||||||||||||||||||||||||||
MED Parentco, LP (j) | Healthcare | L+4.25% (4.40%), 8/31/2026 | 1,426 | 1,426 | 1,402 | 0.1 | % | |||||||||||||||||||||||||||||||
MED Parentco, LP (j) | Healthcare | L+4.25% (4.40%), 8/31/2026 | 5,688 | 5,642 | 5,590 | 0.4 | % | |||||||||||||||||||||||||||||||
Medallion Midland Acquisition, LP (j) | Energy | L+3.25% (4.25%), 10/30/2024 | 3,651 | 3,646 | 3,578 | 0.3 | % | |||||||||||||||||||||||||||||||
Medical Depot Holdings, Inc. (c) (h) (i) | Healthcare | L+7.50% (8.50%) 2.00% PIK, 1/3/2023 | 19,236 | 18,652 | 16,158 | 1.2 | % | |||||||||||||||||||||||||||||||
Medical Solutions Holdings, Inc. (c) (j) | Healthcare | L+4.50% (5.50%), 6/14/2024 | 2,615 | 2,611 | 2,602 | 0.2 | % | |||||||||||||||||||||||||||||||
MGTF Radio Company, LLC (c) (k) (o) | Media/Entertainment | L+6.00% (7.00%), 4/1/2024 | 55,146 | 55,042 | 43,400 | 3.1 | % | |||||||||||||||||||||||||||||||
Midwest Can Company, LLC (c) (h) (i) | Paper & Packaging | L+6.00% (7.00%), 3/2/2026 | 29,983 | 29,438 | 29,383 | 2.1 | % | |||||||||||||||||||||||||||||||
Millennium Park HoldCo, Inc. (c) (j) | Business Services | L+4.25% (5.25%), 6/5/2024 | 908 | 894 | 881 | 0.1 | % | |||||||||||||||||||||||||||||||
Miller Environmental Group, Inc. (c) (h) (i) | Business Services | L+6.50% (7.50%), 3/15/2024 | 10,483 | 10,324 | 10,483 | 0.7 | % | |||||||||||||||||||||||||||||||
Miller Environmental Group, Inc. (c) (h) (i) | Business Services | L+6.50% (7.50%), 3/15/2024 | 11,463 | 11,316 | 11,463 | 0.8 | % | |||||||||||||||||||||||||||||||
Ministry Brands, LLC (c) (i) | Software/Services | L+4.00% (5.00%), 12/2/2022 | 5,670 | 5,617 | 5,599 | 0.4 | % | |||||||||||||||||||||||||||||||
Mintz Group, LLC (c) (i) | Business Services | L+4.75% (5.75%), 3/18/2026 | 4,711 | 4,670 | 4,670 | 0.3 | % | |||||||||||||||||||||||||||||||
Monitronics International, Inc. (a) (k) | Business Services | L+6.50% (7.75%), 3/29/2024 | 5,565 | 5,572 | 4,908 | 0.4 | % | |||||||||||||||||||||||||||||||
Montreign Operating Company, LLC (c) | Gaming/Lodging | L+3.25% (3.40%), 3/22/2021 | 7,896 | 7,880 | 7,896 | 0.6 | % | |||||||||||||||||||||||||||||||
MSG National Properties, LLC (a) (c) (h) | Media/Entertainment | L+6.25% (7.00%), 11/12/2025 | 12,311 | 11,950 | 11,950 | 0.9 | % | |||||||||||||||||||||||||||||||
Muth Mirror Systems, LLC (c) (h) (i) | Technology | L+5.25% (6.25%), 4/23/2025 | 15,459 | 15,237 | 13,836 | 1.0 | % |
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Portfolio Company (f) (q) | Industry | Investment Coupon Rate / Maturity (l) | Principal / Number of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | ||||||||||||||||||||||||||||||||
National Intergovernmental Purchasing Alliance Co. (j) | Business Services | L+3.75% (4.00%), 5/23/2025 | $ | 1,573 | $ | 1,559 | $ | 1,553 | 0.1 | % | ||||||||||||||||||||||||||||
Navitas Midstream Midland Basin, LLC (j) | Energy | L+4.50% (5.50%), 12/13/2024 | 21,563 | 18,958 | 21,199 | 1.5 | % | |||||||||||||||||||||||||||||||
New Amsterdam Software Bidco, LLC (c) (h) (i) | Technology | L+5.00% (6.00%), 5/1/2026 | 6,073 | 5,980 | 6,073 | 0.4 | % | |||||||||||||||||||||||||||||||
New Star Metals, Inc. (c) (h) (i) | Industrials | L+6.00% (7.50%), 7/10/2023 | 21,864 | 21,500 | 21,024 | 1.5 | % | |||||||||||||||||||||||||||||||
NN, Inc. (a) (h) | Industrials | L+5.75% (5.90%), 10/19/2022 | 1,011 | 978 | 1,005 | 0.1 | % | |||||||||||||||||||||||||||||||
NN, Inc. (a) (h) | Industrials | L+5.75% (6.50%), 10/19/2022 | 918 | 877 | 913 | 0.1 | % | |||||||||||||||||||||||||||||||
Norvax, LLC (c) (k) | Business Services | L+6.50% (7.50%), 9/12/2025 | 11,374 | 11,139 | 11,374 | 0.8 | % | |||||||||||||||||||||||||||||||
NTM Acquisition Corp. (c) (h) (i) | Media/Entertainment | L+7.25% (8.25%) 1.00% PIK, 6/7/2024 | 22,129 | 22,050 | 19,916 | 1.4 | % | |||||||||||||||||||||||||||||||
Olaplex, Inc. (c) (h) (i) | Consumer | L+6.50% (7.50%), 1/8/2026 | 17,231 | 16,943 | 17,231 | 1.2 | % | |||||||||||||||||||||||||||||||
ORG GC Holdings, LLC (c) (h) (t) | Business Services | L+6.75% (7.75%), 7/31/2022 | 21,624 | 21,457 | 14,306 | 1.0 | % | |||||||||||||||||||||||||||||||
Pelican Products, Inc. (c) (j) | Consumer | L+3.50% (4.50%), 5/1/2025 | 2,621 | 2,578 | 2,529 | 0.2 | % | |||||||||||||||||||||||||||||||
Perstorp Holding Ab (a) (j) | Chemicals | L+4.75% (5.02%), 2/27/2026 | 8,868 | 8,774 | 8,010 | 0.6 | % | |||||||||||||||||||||||||||||||
Petrochoice Holdings, Inc. (c) (j) | Industrials | L+5.00% (6.00%), 8/19/2022 | 2,038 | 1,882 | 1,900 | 0.1 | % | |||||||||||||||||||||||||||||||
PG&E Corp. (a) (j) | Utilities | L+4.50% (5.50%), 6/23/2025 | 2,888 | 2,865 | 2,918 | 0.2 | % | |||||||||||||||||||||||||||||||
Planet Equity Group, LLC (c) (h) | Business Services | L+5.25% (6.25%), 11/18/2025 | 1,089 | 1,070 | 1,070 | 0.1 | % | |||||||||||||||||||||||||||||||
Planet Equity Group, LLC (c) (h) | Business Services | L+5.25% (6.25%), 11/18/2025 | 14,792 | 14,611 | 14,792 | 1.1 | % | |||||||||||||||||||||||||||||||
PlayPower, Inc. (c) (h) (i) | Industrials | L+5.50% (5.74%), 5/8/2026 | 25,350 | 25,059 | 24,083 | 1.7 | % | |||||||||||||||||||||||||||||||
Premier Dental Services, Inc. (c) (h) (i) (j) | Healthcare | L+5.25% (6.25%), 6/30/2023 | 32,590 | 32,448 | 31,873 | 2.3 | % | |||||||||||||||||||||||||||||||
Premier Global Services, Inc. (c) (j) | Telecom | L+6.50% (7.50%), 6/8/2023 | 6,069 | 5,929 | 3,077 | 0.2 | % | |||||||||||||||||||||||||||||||
Premise Health Holding Corp. (c) (j) | Healthcare | L+3.50% (3.75%), 7/10/2025 | 730 | 712 | 721 | 0.1 | % | |||||||||||||||||||||||||||||||
Prototek, LLC (c) | Industrials | L+5.75% (6.75%), 10/20/2026 | 677 | 677 | 663 | 0.0 | % | |||||||||||||||||||||||||||||||
Prototek, LLC (c) (h) | Industrials | L+5.75% (6.75%), 10/20/2026 | 11,285 | 11,040 | 11,040 | 0.8 | % | |||||||||||||||||||||||||||||||
PSC Industrial Holdings Corp. (j) | Industrials | L+3.75% (4.75%), 10/11/2024 | 4,542 | 4,417 | 4,383 | 0.3 | % | |||||||||||||||||||||||||||||||
PSKW, LLC (c) (h) (i) | Healthcare | L+6.25% (7.25%), 3/9/2026 | 29,775 | 29,132 | 29,477 | 2.1 | % | |||||||||||||||||||||||||||||||
PT Network, LLC (c) (h) | Healthcare | L+7.50% (8.50%) 2.00% PIK, 11/30/2023 | 16,999 | 16,941 | 15,418 | 1.1 | % | |||||||||||||||||||||||||||||||
Questex, Inc. (c) (h) (i) | Media/Entertainment | L+5.75% (6.75%), 9/9/2024 | 15,827 | 15,633 | 14,529 | 1.0 | % | |||||||||||||||||||||||||||||||
Questex, Inc. (c) (k) | Media/Entertainment | L+5.75% (6.75%), 9/9/2024 | 1,895 | 1,895 | 1,738 | 0.1 | % | |||||||||||||||||||||||||||||||
RE Investment Company, LLC (c) | Industrials | L+8.00% (9.00%), 9/25/2025 | 5,674 | 5,674 | 5,539 | 0.4 | % | |||||||||||||||||||||||||||||||
RE Investment Company, LLC (c) (h) | Industrials | L+8.00% (9.00%), 9/25/2025 | 13,616 | 13,294 | 13,293 | 0.9 | % | |||||||||||||||||||||||||||||||
Red River Technology, LLC (c) (h) (i) | Business Services | L+5.00% (6.00%), 8/30/2024 | 23,431 | 23,168 | 23,431 | 1.7 | % |
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Portfolio Company (f) (q) | Industry | Investment Coupon Rate / Maturity (l) | Principal / Number of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | ||||||||||||||||||||||||||||||||
Reddy Ice Corp. (c) (h) (i) | Food & Beverage | L+6.50% (7.50%), 7/1/2025 | $ | 19,343 | $ | 18,909 | $ | 18,811 | 1.3 | % | ||||||||||||||||||||||||||||
Reddy Ice Corp. (c) (k) | Food & Beverage | L+6.50% (7.50%), 7/1/2025 | 1,271 | 1,255 | 1,233 | 0.1 | % | |||||||||||||||||||||||||||||||
Refresh Parent Holdings, Inc. (c) | Healthcare | L+6.50% (7.50%), 12/9/2026 | 320 | 320 | 312 | 0.0 | % | |||||||||||||||||||||||||||||||
Refresh Parent Holdings, Inc. (c) (h) | Healthcare | L+6.50% (7.50%), 12/9/2026 | 9,583 | 9,346 | 9,345 | 0.7 | % | |||||||||||||||||||||||||||||||
Regionalcare Hospital Partners Holdings, Inc. (j) | Healthcare | L+3.75% (3.90%), 11/14/2025 | 18,195 | 17,993 | 18,125 | 1.3 | % | |||||||||||||||||||||||||||||||
REP TEC Intermediate Holdings, Inc. (c) (h) (i) | Software/Services | L+6.50% (7.50%), 6/19/2025 | 6,980 | 6,793 | 6,823 | 0.5 | % | |||||||||||||||||||||||||||||||
Resco Products, Inc. (c) | Industrials | L+7.00% (9.00%) 2.00% PIK, 6/5/2022 | 9,700 | 9,700 | 8,924 | 0.6 | % | |||||||||||||||||||||||||||||||
RXB Holdings, Inc. (h) | Healthcare | L+5.25% (6.00%), 12/20/2027 | 8,095 | 7,933 | 8,014 | 0.6 | % | |||||||||||||||||||||||||||||||
Safety Products/JHC Acquisition Corp. (j) | Industrials | L+4.50% (4.65%), 6/28/2026 | 17,539 | 17,411 | 16,442 | 1.2 | % | |||||||||||||||||||||||||||||||
Safety Products/JHC Acquisition Corp. (j) | Industrials | L+4.50% (4.65%), 6/28/2026 | 948 | 948 | 889 | 0.1 | % | |||||||||||||||||||||||||||||||
Schenectady International Group, Inc. (j) | Chemicals | L+4.75% (4.90%), 10/15/2025 | 21,509 | 21,161 | 21,105 | 1.5 | % | |||||||||||||||||||||||||||||||
SCIH Salt Holdings, Inc. (c) | Industrials | L+4.00% (5.00%), 3/17/2025 | 1,153 | 1,153 | 1,147 | 0.1 | % | |||||||||||||||||||||||||||||||
SCIH Salt Holdings, Inc. (h) (i) | Industrials | L+4.50% (5.50%), 3/16/2027 | 24,850 | 24,627 | 24,819 | 1.8 | % | |||||||||||||||||||||||||||||||
SFR Group, SA (a) (i) (j) | Telecom | L+4.00% (4.24%), 8/14/2026 | 12,836 | 12,748 | 12,761 | 0.9 | % | |||||||||||||||||||||||||||||||
Shields Health Solutions Holdings, LLC (h) (i) | Healthcare | L+5.00% (5.15%), 8/19/2026 | 6,893 | 6,837 | 6,755 | 0.5 | % | |||||||||||||||||||||||||||||||
Sierra Acquisition, Inc. (c) (j) | Food & Beverage | L+4.00% (5.00%), 11/11/2024 | 4,953 | 4,705 | 4,879 | 0.4 | % | |||||||||||||||||||||||||||||||
SitusAMC Holdings Corp. (c) (h) | Financials | L+4.75% (5.75%), 6/28/2025 | 1,473 | 1,452 | 1,454 | 0.1 | % | |||||||||||||||||||||||||||||||
SitusAMC Holdings Corp. (c) (h) (i) | Financials | L+4.75% (5.75%), 6/30/2025 | 8,394 | 8,298 | 8,283 | 0.6 | % | |||||||||||||||||||||||||||||||
SitusAMC Holdings Corp. (c) (k) | Financials | L+4.75% (5.75%), 6/30/2025 | 752 | 742 | 742 | 0.1 | % | |||||||||||||||||||||||||||||||
Skillsoft Corp. (c) | Technology | L+7.50% (8.50%), 12/27/2024 | 725 | 685 | 725 | 0.1 | % | |||||||||||||||||||||||||||||||
Skillsoft Corp. (c) | Technology | L+7.50% (8.50%), 12/27/2024 | 638 | 606 | 638 | 0.0 | % | |||||||||||||||||||||||||||||||
Skillsoft Corp. (c) (h) | Technology | L+7.50% (8.50%), 4/28/2025 | 12,918 | 12,857 | 12,918 | 0.9 | % | |||||||||||||||||||||||||||||||
Sotera Health Holdings, LLC (j) | Healthcare | L+4.50% (5.50%), 12/11/2026 | 3,187 | 3,110 | 3,196 | 0.2 | % | |||||||||||||||||||||||||||||||
Spirit Aerosystems, Inc. (a) (j) | Industrials | L+5.25% (6.00%), 1/15/2025 | 2,581 | 2,573 | 2,600 | 0.2 | % | |||||||||||||||||||||||||||||||
SSH Group Holdings, Inc. (j) | Education | L+4.25% (4.50%), 7/30/2025 | 10,627 | 10,601 | 10,096 | 0.7 | % | |||||||||||||||||||||||||||||||
St. Croix Hospice Acquisition Corp. (c) (i) | Healthcare | L+6.25% (7.25%), 10/30/2026 | 25,939 | 25,435 | 25,436 | 1.8 | % | |||||||||||||||||||||||||||||||
Subsea Global Solutions, LLC (c) (i) | Business Services | L+7.00% (8.00%), 3/29/2023 | 4,744 | 4,682 | 4,611 | 0.3 | % | |||||||||||||||||||||||||||||||
Subsea Global Solutions, LLC (c) (i) | Business Services | L+7.00% (8.00%), 3/29/2023 | 8,001 | 7,930 | 7,776 | 0.6 | % | |||||||||||||||||||||||||||||||
Subsea Global Solutions, LLC (c) (k) | Business Services | L+7.00% (8.00%), 3/29/2023 | 385 | 385 | 376 | 0.0 | % | |||||||||||||||||||||||||||||||
Tax Defense Network, LLC (c) (p) (t) | Consumer | 10.00% PIK, 9/30/2021 | 3,311 | 2,986 | 3,311 | 0.2 | % |
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Portfolio Company (f) (q) | Industry | Investment Coupon Rate / Maturity (l) | Principal / Number of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | ||||||||||||||||||||||||||||||||
Tax Defense Network, LLC (c) (p) (t) | Consumer | L+6.00% (10.00%) PIK, 9/30/2021 | $ | 33,829 | $ | 21,646 | $ | 2,368 | 0.2 | % | ||||||||||||||||||||||||||||
Tax Defense Network, LLC (c) (p) (t) | Consumer | L+6.00% (10.00%) PIK, 9/30/2021 | 6,005 | 3,833 | 420 | 0.0 | % | |||||||||||||||||||||||||||||||
The Dun & Bradstreet Corp. (j) | Business Services | L+3.75% (3.90%), 2/6/2026 | 9,925 | 9,780 | 9,921 | 0.7 | % | |||||||||||||||||||||||||||||||
Tillamook Country Smoker, LLC (c) (h) | Food & Beverage | L+7.75% (8.75%), 5/19/2022 | 9,834 | 9,794 | 9,547 | 0.7 | % | |||||||||||||||||||||||||||||||
Tillamook Country Smoker, LLC (c) (k) | Food & Beverage | L+7.75% (8.75%), 5/19/2022 | 2,561 | 2,561 | 2,486 | 0.2 | % | |||||||||||||||||||||||||||||||
Tivity Health, Inc. (a) (j) | Healthcare | L+4.25% (4.40%), 3/8/2024 | 420 | 417 | 415 | 0.0 | % | |||||||||||||||||||||||||||||||
Tivity Health, Inc. (a) (j) | Healthcare | L+5.25% (5.40%), 3/6/2026 | 1,761 | 1,728 | 1,742 | 0.1 | % | |||||||||||||||||||||||||||||||
Trademark Global, LLC (c) (k) (x) | Consumer | L+6.00% (7.00%), 10/31/2022 | 1,943 | 1,943 | 1,904 | 0.1 | % | |||||||||||||||||||||||||||||||
Traverse Midstream Partners, LLC (j) | Energy | L+5.50% (6.50%), 9/27/2024 | 15,445 | 15,164 | 15,117 | 1.1 | % | |||||||||||||||||||||||||||||||
Trilogy International Partners, LLC (a) | Telecom | 8.88%, 5/1/2022 | 14,875 | 14,852 | 14,317 | 1.0 | % | |||||||||||||||||||||||||||||||
Trilogy International Partners, LLC (a) (c) (h) | Telecom | 10.00%, 5/1/2022 | 6,298 | 6,044 | 6,044 | 0.4 | % | |||||||||||||||||||||||||||||||
University of St. Augustine Acquisition Corp. (c) (h) (i) | Education | L+4.25% (5.25%), 2/2/2026 | 23,762 | 23,330 | 23,999 | 1.7 | % | |||||||||||||||||||||||||||||||
Urban One, Inc. (j) | Media/Entertainment | L+4.00% (5.00%), 4/18/2023 | 539 | 510 | 498 | 0.0 | % | |||||||||||||||||||||||||||||||
Veritext Corp. (h) (i) | Business Services | L+3.50% (3.65%), 8/1/2025 | 4,924 | 4,924 | 4,851 | 0.4 | % | |||||||||||||||||||||||||||||||
Verscend Holding Corp. (j) | Healthcare | L+4.50% (4.65%), 8/27/2025 | 1,733 | 1,702 | 1,729 | 0.1 | % | |||||||||||||||||||||||||||||||
Vertex Aerospace Services Corp. (h) (i) | Industrials | L+4.50% (4.65%), 6/30/2025 | 8,133 | 8,107 | 8,092 | 0.6 | % | |||||||||||||||||||||||||||||||
Vyaire Medical, Inc. (c) (j) | Healthcare | L+4.75% (5.75%), 4/16/2025 | 7,912 | 7,716 | 6,330 | 0.5 | % | |||||||||||||||||||||||||||||||
WaterBridge Midstream Operating, LLC (j) | Energy | L+5.75% (6.75%), 6/22/2026 | 13,769 | 13,539 | 11,781 | 0.9 | % | |||||||||||||||||||||||||||||||
Wirepath, LLC (c) (j) | Consumer | L+4.00% (4.26%), 8/5/2024 | 7,883 | 7,627 | 7,627 | 0.5 | % | |||||||||||||||||||||||||||||||
WMK, LLC (c) | Business Services | L+6.25% (7.25%), 9/5/2025 | 356 | 353 | 339 | 0.0 | % | |||||||||||||||||||||||||||||||
WMK, LLC (c) (h) (i) | Business Services | L+5.75% (6.75%), 9/5/2025 | 19,108 | 18,853 | 18,176 | 1.3 | % | |||||||||||||||||||||||||||||||
WMK, LLC (c) (k) | Business Services | L+6.25% (7.25%), 9/5/2024 | 2,182 | 2,182 | 2,074 | 0.1 | % | |||||||||||||||||||||||||||||||
WMK, LLC (c) (k) | Business Services | L+6.25% (7.25%), 9/5/2025 | 2,584 | 2,576 | 2,458 | 0.2 | % | |||||||||||||||||||||||||||||||
WP CityMD Bidco, LLC (j) | Healthcare | L+4.50% (5.50%), 8/13/2026 | 7,149 | 7,152 | 7,134 | 0.5 | % | |||||||||||||||||||||||||||||||
Wrench Group, LLC (c) (j) | Consumer | L+4.00% (4.25%), 4/30/2026 | 3,185 | 3,145 | 3,121 | 0.2 | % | |||||||||||||||||||||||||||||||
YI, LLC (c) (j) | Healthcare | L+4.00% (5.00%), 11/7/2024 | 9,068 | 8,342 | 8,614 | 0.6 | % | |||||||||||||||||||||||||||||||
Zelis Payments Buyer, Inc. (j) | Healthcare | L+4.75% (4.90%), 9/30/2026 | 2,044 | 2,049 | 2,047 | 0.1 | % | |||||||||||||||||||||||||||||||
Subtotal Senior Secured First Lien Debt | $ | 2,009,503 | $ | 1,928,623 | 137.8 | % | ||||||||||||||||||||||||||||||||
Senior Secured Second Lien Debt - 17.1% (b) | ||||||||||||||||||||||||||||||||||||||
Accentcare, Inc. (c) (h) | Healthcare | L+8.75% (9.50%), 6/21/2027 | $ | 30,152 | $ | 29,485 | $ | 30,152 | 2.2 | % | ||||||||||||||||||||||||||||
Anchor Glass Container Corp. (c) (k) | Paper & Packaging | L+7.75% (8.75%), 12/6/2024 | 6,667 | 6,615 | 2,553 | 0.2 | % |
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Portfolio Company (f) (q) | Industry | Investment Coupon Rate / Maturity (l) | Principal / Number of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | ||||||||||||||||||||||||||||||||
Aruba Investments Holdings, LLC (c) (i) | Chemicals | L+7.75% (8.50%), 11/24/2028 | $ | 3,759 | $ | 3,703 | $ | 3,703 | 0.3 | % | ||||||||||||||||||||||||||||
Astro AB Merger Sub, Inc. (a) (c) (h) | Financials | L+8.00% (9.00%), 4/30/2025 | 9,638 | 9,602 | 9,638 | 0.7 | % | |||||||||||||||||||||||||||||||
Avatar Purchaser, Inc. (c) (j) | Software/Services | L+7.50% (8.50%), 11/17/2025 | 11,716 | 11,502 | 11,517 | 0.8 | % | |||||||||||||||||||||||||||||||
Aveanna Healthcare, LLC (h) | Healthcare | L+8.00% (9.00%), 3/17/2025 | 5,883 | 5,836 | 5,854 | 0.4 | % | |||||||||||||||||||||||||||||||
Barracuda Networks, Inc. (h) | Software/Services | L+6.75% (7.50%), 10/30/2028 | 4,698 | 4,652 | 4,733 | 0.3 | % | |||||||||||||||||||||||||||||||
BrandMuscle Holdings, Inc. (c) (k) | Business Services | L+8.50% (9.50%), 6/1/2022 | 24,500 | 24,393 | 23,398 | 1.7 | % | |||||||||||||||||||||||||||||||
Carlisle FoodService Products, Inc. (c) (h) | Consumer | L+7.75% (8.75%), 3/20/2026 | 10,719 | 10,579 | 10,001 | 0.7 | % | |||||||||||||||||||||||||||||||
CDS U.S. Intermediate Holdings, Inc. (a) (c) (p) (t) | Media/Entertainment | L+8.00% (9.00%) 7.00% PIK, 11/24/2027 | 1,339 | 1,104 | 1,104 | 0.1 | % | |||||||||||||||||||||||||||||||
CommerceHub, Inc. (h) | Technology | L+7.00% (7.75%), 12/2/2028 | 12,360 | 12,298 | 12,391 | 0.9 | % | |||||||||||||||||||||||||||||||
Dentalcorp Perfect Smile, ULC (a) (c) (k) | Healthcare | L+7.50% (8.50%), 6/8/2026 | 10,139 | 10,069 | 10,098 | 0.7 | % | |||||||||||||||||||||||||||||||
Edelman Financial Services, LLC (a) (j) | Financials | L+6.75% (6.90%), 7/20/2026 | 8,852 | 8,837 | 8,852 | 0.6 | % | |||||||||||||||||||||||||||||||
HAH Group Holding Company, LLC (c) (h) | Healthcare | L+8.50% (9.50%), 10/20/2028 | 12,445 | 12,140 | 12,140 | 0.9 | % | |||||||||||||||||||||||||||||||
Hyland Software, Inc. (h) | Technology | L+7.00% (7.75%), 7/7/2025 | 6,075 | 6,094 | 6,111 | 0.4 | % | |||||||||||||||||||||||||||||||
MLN US Holdco, LLC (a) (c) (h) (i) | Technology | L+8.75% (8.90%), 11/30/2026 | 3,000 | 2,956 | 1,941 | 0.1 | % | |||||||||||||||||||||||||||||||
PetVet Care Centers, LLC (c) (h) | Healthcare | L+6.25% (6.40%), 2/13/2026 | 3,539 | 3,528 | 3,486 | 0.3 | % | |||||||||||||||||||||||||||||||
PI US Holdco III, Ltd. (a) (c) (k) | Financials | L+7.25% (8.25%), 12/22/2025 | 7,865 | 7,810 | 7,802 | 0.6 | % | |||||||||||||||||||||||||||||||
Project Boost Purchaser, LLC (k) | Business Services | L+8.00% (8.15%), 5/31/2027 | 1,848 | 1,848 | 1,783 | 0.1 | % | |||||||||||||||||||||||||||||||
QuickBase, Inc. (c) | Technology | L+8.00% (8.15%), 4/2/2027 | 7,484 | 7,367 | 7,353 | 0.5 | % | |||||||||||||||||||||||||||||||
Recess Holdings, Inc. (c) (h) | Industrials | L+7.75% (8.75%), 9/29/2025 | 16,134 | 15,968 | 14,843 | 1.1 | % | |||||||||||||||||||||||||||||||
Renaissance Holding Corp. (c) | Software/Services | L+7.00% (7.15%), 5/29/2026 | 8,456 | 8,341 | 8,287 | 0.6 | % | |||||||||||||||||||||||||||||||
River Cree Enterprises, LP (a) (c) (m) | Gaming/Lodging | 10.00%, 5/17/2025 | CAD | 21,275 | 16,459 | 14,245 | 1.0 | % | ||||||||||||||||||||||||||||||
SSH Group Holdings, Inc. (c) (h) | Education | L+8.25% (8.50%), 7/30/2026 | 10,122 | 10,051 | 9,717 | 0.7 | % | |||||||||||||||||||||||||||||||
TIBCO Software, Inc. (k) | Technology | L+7.25% (7.40%), 3/3/2028 | 13,020 | 12,961 | 13,129 | 0.9 | % | |||||||||||||||||||||||||||||||
Travelpro Products, Inc. (a) (c) (m) (x) | Consumer | 13.00%, 2.00% PIK, 11/21/2022 | CAD | 2,966 | 2,282 | 1,894 | 0.1 | % | ||||||||||||||||||||||||||||||
Travelpro Products, Inc. (a) (c) (x) | Consumer | 14.50%, 11.25% PIK, 11/21/2022 | 2,563 | 2,563 | 2,083 | 0.1 | % | |||||||||||||||||||||||||||||||
Vantage Mobility International, LLC (c) (p) (t) (x) | Transportation | L+6.00% (7.00%) PIK, 9/9/2021 | 3,341 | 2,914 | 944 | 0.1 | % | |||||||||||||||||||||||||||||||
Subtotal Senior Secured Second Lien Debt | $ | 251,957 | $ | 239,752 | 17.1 | % | ||||||||||||||||||||||||||||||||
Subordinated Debt - 8.5% (b) | ||||||||||||||||||||||||||||||||||||||
Captek Softgel International, Inc. (c) (t) (x) | Health/Fitness | 11.50%, 1.50% PIK, 1/30/2023 | $ | 7,208 | $ | 7,071 | $ | 6,012 | 0.4 | % | ||||||||||||||||||||||||||||
Del Real, LLC (c) (t) (x) | Food & Beverage | 14.50%, 2.00% PIK, 4/1/2023 | 3,639 | 3,131 | 3,071 | 0.2 | % |
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Portfolio Company (f) (q) | Industry | Investment Coupon Rate / Maturity (l) | Principal / Number of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | ||||||||||||||||||||||||||||||||
Sound Point CLO, Ltd. 17-1A E (a) (c) (k) | Diversified Investment Vehicles | L+5.96% (6.17%), 1/23/2029 | $ | 4,000 | $ | 3,788 | $ | 3,550 | 0.2 | % | ||||||||||||||||||||||||||||
Sound Point CLO, Ltd. 17-2A E (a) (c) | Diversified Investment Vehicles | L+6.10% (6.31%), 7/25/2030 | 2,400 | 1,999 | 2,040 | 0.1 | % | |||||||||||||||||||||||||||||||
Sound Point CLO, Ltd. 18-3A D (a) (c) (k) | Diversified Investment Vehicles | L+5.79% (6.00%), 10/26/2031 | 1,000 | 917 | 892 | 0.1 | % | |||||||||||||||||||||||||||||||
Sound Point CLO, Ltd. 2015-3A ER (a) (c) (k) | Diversified Investment Vehicles | L+5.25% (5.47%), 1/20/2028 | 2,000 | 1,896 | 1,902 | 0.1 | % | |||||||||||||||||||||||||||||||
Symphony CLO, Ltd. 2012-9A ER2 (a) (c) (k) | Diversified Investment Vehicles | L+6.95% (7.18%), 7/16/2032 | 3,000 | 2,947 | 2,757 | 0.2 | % | |||||||||||||||||||||||||||||||
TCW CLO 2019-1 AMR, Ltd. 19-1A F (a) (c) (k) | Diversified Investment Vehicles | L+8.67% (8.89%), 2/15/2029 | 2,500 | 2,407 | 2,277 | 0.2 | % | |||||||||||||||||||||||||||||||
Tralee CLO, Ltd. 13-1A DR (a) (c) | Diversified Investment Vehicles | L+4.18% (4.40%), 7/20/2029 | 2,500 | 2,306 | 2,356 | 0.2 | % | |||||||||||||||||||||||||||||||
Whitehorse, Ltd. 2014-1A E (a) (c) (p) | Diversified Investment Vehicles | L+4.55% (4.76%), 5/1/2026 | 8,000 | 7,854 | 5,592 | 0.4 | % | |||||||||||||||||||||||||||||||
Zais CLO 13, Ltd. 19-13A D1 (a) (c) (k) | Diversified Investment Vehicles | L+4.52% (4.76%), 7/15/2032 | 3,000 | 2,866 | 2,704 | 0.2 | % | |||||||||||||||||||||||||||||||
Collateralized Securities - Equity Investments (n) | ||||||||||||||||||||||||||||||||||||||
Figueroa CLO, Ltd. 2014-1A Side Letter (a) (c) | Diversified Investment Vehicles | 25.44%, 1/15/2027 | $ | 2,986 | $ | 132 | $ | — | — | % | ||||||||||||||||||||||||||||
MidOcean Credit CLO 2013-2A INC (a) (c) (p) (v) | Diversified Investment Vehicles | 0.00%, 1/29/2030 | 37,600 | 15,829 | 6,313 | 0.4 | % | |||||||||||||||||||||||||||||||
NewStar Arlington Senior Loan Program, LLC 14-1A SUB (a) (c) (k) (p) (v) | Diversified Investment Vehicles | 18.63%, 4/25/2031 | 31,603 | 19,045 | 15,631 | 1.1 | % | |||||||||||||||||||||||||||||||
Newstar Fairfield Fund CLO, Ltd. 2015-1RA SUB (a) (c) (p) (v) | Diversified Investment Vehicles | 0.00%, 1/20/2027 | 31,575 | 6,285 | — | — | % | |||||||||||||||||||||||||||||||
OFSI Fund, Ltd. 2014-6A Side Letter (a) (c) | Diversified Investment Vehicles | 0.00%, 3/20/2025 | 1,970 | 263 | — | — | % | |||||||||||||||||||||||||||||||
Whitehorse, Ltd. 2014-1A Side Letter (a) (c) (p) | Diversified Investment Vehicles | 0.00%, 5/1/2026 | 1,886 | 134 | — | — | % | |||||||||||||||||||||||||||||||
Whitehorse, Ltd. 2014-1A SUB (a) (c) (p) (v) | Diversified Investment Vehicles | 0.00%, 5/1/2026 | 36,000 | 6,965 | — | — | % | |||||||||||||||||||||||||||||||
Subtotal Collateralized Securities | $ | 139,592 | $ | 106,525 | 7.6 | % | ||||||||||||||||||||||||||||||||
Equity/Other - 16.4% (b) (d) | ||||||||||||||||||||||||||||||||||||||
Aden & Anais Holdings, Inc. (c) (e) (x) | Retail | 4,470 | $ | — | $ | — | — | % | ||||||||||||||||||||||||||||||
Answers Corp. (c) (e) (p) | Media/Entertainment | 908,911 | 11,361 | 727 | 0.1 | % | ||||||||||||||||||||||||||||||||
Baker Hill Acquisition, LLC (c) (e) (x) | Financials | 22,653 | — | — | — | % | ||||||||||||||||||||||||||||||||
Black Mountain Sand, LLC (c) (e) (u) | Energy | 55,463 | — | 3 | 0.0 | % | ||||||||||||||||||||||||||||||||
Capstone Nutrition Development, LLC (c) (e) (p) (u) | Consumer | 47,883 | 4,468 | 5,928 | 0.4 | % | ||||||||||||||||||||||||||||||||
Captek Softgel International, Inc. (c) (e) (x) | Health/Fitness | 8,498 | 942 | — | — | % | ||||||||||||||||||||||||||||||||
CDS U.S. Intermediate Holdings, Inc. (a) (c) (e) (p) | Media/Entertainment | 539,708 | 1,224 | 1,224 | 0.1 | % | ||||||||||||||||||||||||||||||||
CDS U.S. Intermediate Holdings, Inc. (a) (c) (e) (p) | Media/Entertainment | 874,000 | 437 | 437 | 0.0 | % | ||||||||||||||||||||||||||||||||
Clover Technologies Group, LLC (c) (e) | Industrials | 2,753 | 275 | 423 | 0.0 | % | ||||||||||||||||||||||||||||||||
Clover Technologies Group, LLC (c) (e) | Industrials | 180,274 | 1,153 | 20 | 0.0 | % | ||||||||||||||||||||||||||||||||
CRD Holdings, LLC (a) (c) (o) (u) | Energy | 9.00% | 52,285,603 | 13,770 | 14,557 | 1.0 | % | |||||||||||||||||||||||||||||||
CRS-SPV, Inc. (c) (e) (k) (o) (x) | Industrials | 246 | 2,219 | 1,393 | 0.1 | % | ||||||||||||||||||||||||||||||||
Danish CRJ, Ltd. (a) (c) (e) (p) (r) | Transportation | 5,002 | — | — | — | % |
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Portfolio Company (f) (q) | Industry | Investment Coupon Rate / Maturity (l) | Principal / Number of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | ||||||||||||||||||||||||||||||||
Data Source Holdings, LLC (c) (e) (x) | Business Services | 10,617 | $ | 140 | $ | 203 | 0.0 | % | ||||||||||||||||||||||||||||||
Del Real, LLC (c) (e) (u) (x) | Food & Beverage | 670,510 | 382 | — | — | % | ||||||||||||||||||||||||||||||||
Dyno Acquiror, Inc. (c) (e) (x) | Consumer | 134,102 | 58 | 80 | 0.0 | % | ||||||||||||||||||||||||||||||||
First Eagle Greenway Fund II, LLC (a) (k) (p) | Diversified Investment Vehicles | 5,329 | 5,329 | 1,759 | 0.1 | % | ||||||||||||||||||||||||||||||||
Foresight Energy Operating, LLC (c) (e) (p) (u) | Energy | 158,093 | 2,087 | 2,520 | 0.2 | % | ||||||||||||||||||||||||||||||||
HemaSource, Inc. (c) (e) (x) | Healthcare | 223,503 | 168 | 246 | 0.0 | % | ||||||||||||||||||||||||||||||||
Integrated Efficiency Solutions, Inc. (c) (e) (x) | Industrials | 53,215 | 56 | — | — | % | ||||||||||||||||||||||||||||||||
Integrated Efficiency Solutions, Inc. (c) (e) (x) | Industrials | 2,975 | 3 | — | — | % | ||||||||||||||||||||||||||||||||
Internap Corp (c) (e) (p) | Business Services | 1,293,189 | 543 | 2,231 | 0.2 | % | ||||||||||||||||||||||||||||||||
Jakks Pacific, Inc. (c) (e) (p) | Consumer | 3,389 | 102 | 402 | 0.0 | % | ||||||||||||||||||||||||||||||||
Jakks Pacific, Inc. (e) (p) (s) | Consumer | 9,884 | 41 | 49 | 0.0 | % | ||||||||||||||||||||||||||||||||
Kahala Ireland OpCo Designated Activity Company (a) (c) (e) (o) (z) | Transportation | 1 | — | 42,952 | 3.1 | % | ||||||||||||||||||||||||||||||||
Kahala Ireland OpCo Designated Activity Company (a) (c) (o) (z) | Transportation | 3,250,000 | — | 3,250 | 0.2 | % | ||||||||||||||||||||||||||||||||
Kahala US OpCo, LLC (a) (c) (e) (o) (y) | Transportation | 13.00% | 4,413,472 | — | — | — | % | |||||||||||||||||||||||||||||||
KidKraft, Inc. (c) (e) (u) (x) | Consumer | 2,682,257 | — | — | — | % | ||||||||||||||||||||||||||||||||
KMTEX, LLC (c) (e) (o) (u) | Chemicals | 4,162,000 | 2,793 | 2,289 | 0.2 | % | ||||||||||||||||||||||||||||||||
KMTEX, LLC (c) (e) (o) (u) | Chemicals | 442,000 | — | — | — | % | ||||||||||||||||||||||||||||||||
Lakeview Health Holdings, Inc. (c) (e) (x) | Healthcare | 447 | — | — | — | % | ||||||||||||||||||||||||||||||||
LendingHome Corp. (c) (p) | Financials | 8.00% | 13,986,239 | 59,823 | 59,823 | 4.3 | % | |||||||||||||||||||||||||||||||
MCS Acquisition Corp. (c) (e) | Business Services | 31,521 | 4,103 | 3,089 | 0.2 | % | ||||||||||||||||||||||||||||||||
MGTF Holdco, LLC (c) (e) (o) (u) | Media/Entertainment | 402,000 | — | — | — | % | ||||||||||||||||||||||||||||||||
Motor Vehicle Software Corp. (c) (x) | Business Services | 223,503 | 318 | 279 | 0.0 | % | ||||||||||||||||||||||||||||||||
New Constellis Holdings Inc. (c) (e) (x) | Business Services | 2,316 | 67 | 67 | 0.0 | % | ||||||||||||||||||||||||||||||||
Nomacorc, LLC (c) (e) (u) (x) | Industrials | 356,816 | 56 | 111 | 0.0 | % | ||||||||||||||||||||||||||||||||
Park Ave RE Holdings, LLC (c) (e) (k) (o) (w) | Financials | 719 | 2,415 | 3,300 | 0.3 | % | ||||||||||||||||||||||||||||||||
PCX Aerostructures, LLC (c) (e) (p) (x) | Industrials | 27,250 | — | — | — | % | ||||||||||||||||||||||||||||||||
PCX Aerostructures, LLC (c) (e) (p) (x) | Industrials | 1,356 | — | 76 | 0.0 | % | ||||||||||||||||||||||||||||||||
PCX Aerostructures, LLC (c) (e) (p) (x) | Industrials | 315 | — | 535 | 0.0 | % | ||||||||||||||||||||||||||||||||
PennantPark Credit Opportunities Fund II, LP (a) (p) | Diversified Investment Vehicles | 8,739 | 8,132 | 9,274 | 0.7 | % | ||||||||||||||||||||||||||||||||
PT Network, LLC (c) (e) (u) | Healthcare | 3 | — | — | — | % | ||||||||||||||||||||||||||||||||
RMP Group, Inc. (c) (u) (x) | Financials | 223 | 164 | 299 | 0.0 | % | ||||||||||||||||||||||||||||||||
Schweiger Dermatology Group, LLC (c) (e) (u) (x) | Healthcare | 265,024 | — | — | — | % | ||||||||||||||||||||||||||||||||
Siena Capital Finance, LLC (c) (k) (o) | Financials | 35,839,400 | 36,548 | 35,839 | 2.6 | % | ||||||||||||||||||||||||||||||||
Skillsoft Corp. (c) (e) | Technology | 39,794 | 4,993 | 7,163 | 0.5 | % | ||||||||||||||||||||||||||||||||
Smile Brands, Inc. (c) (e) (x) | Healthcare | 712 | 815 | 1,141 | 0.1 | % | ||||||||||||||||||||||||||||||||
Squan Holding Corp. (c) (e) | Telecom | 180,835 | — | — | — | % | ||||||||||||||||||||||||||||||||
SYNACOR, Inc. (e) (s) | Technology | 59,785 | — | 81 | 0.0 | % | ||||||||||||||||||||||||||||||||
Tap Rock Resources, LLC (c) (g) (p) (u) | Energy | 18,356,442 | 9,973 | 11,405 | 0.8 | % |
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Portfolio Company (f) (q) | Industry | Investment Coupon Rate / Maturity (l) | Principal / Number of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | ||||||||||||||||||||||||||||||||
Tax Advisors Group, LLC (c) (u) (x) | Financials | 86 | $ | 609 | $ | 963 | 0.1 | % | ||||||||||||||||||||||||||||||
Tax Defense Network, LLC (c) (e) (p) | Consumer | 147,099 | 425 | — | — | % | ||||||||||||||||||||||||||||||||
Tax Defense Network, LLC (c) (e) (p) | Consumer | 633,382 | — | — | — | % | ||||||||||||||||||||||||||||||||
Team Waste, LLC (c) (p) (u) (x) | Industrials | 128,483 | 2,569 | 2,570 | 0.2 | % | ||||||||||||||||||||||||||||||||
Tennenbaum Waterman Fund, LP (a) (k) (p) | Diversified Investment Vehicles | 10,000 | 10,000 | 10,087 | 0.7 | % | ||||||||||||||||||||||||||||||||
Travelpro Products, Inc. (a) (c) (e) (x) | Consumer | 447,007 | 506 | — | — | % | ||||||||||||||||||||||||||||||||
United Biologics, LLC (c) (e) (u) (x) | Healthcare | 4,206 | 31 | 15 | 0.0 | % | ||||||||||||||||||||||||||||||||
United Biologics, LLC (c) (e) (u) (x) | Healthcare | 3,155 | — | — | — | % | ||||||||||||||||||||||||||||||||
United Biologics, LLC (c) (e) (u) (x) | Healthcare | 99,236 | — | — | — | % | ||||||||||||||||||||||||||||||||
United Biologics, LLC (c) (e) (u) (x) | Healthcare | 39,769 | 132 | 21 | 0.0 | % | ||||||||||||||||||||||||||||||||
United Biologics, LLC (c) (e) (u) (x) | Healthcare | 223 | 35 | 9 | 0.0 | % | ||||||||||||||||||||||||||||||||
USASF Holdco, LLC (c) (e) (u) | Financials | 10,000 | 10 | — | — | % | ||||||||||||||||||||||||||||||||
USASF Holdco, LLC (c) (e) (u) | Financials | 490 | 490 | 228 | 0.0 | % | ||||||||||||||||||||||||||||||||
USASF Holdco, LLC (c) (e) (u) | Financials | 139 | 139 | 278 | 0.0 | % | ||||||||||||||||||||||||||||||||
Vantage Mobility International, LLC (c) (e) (p) (x) | Transportation | 1,468,221 | — | — | — | % | ||||||||||||||||||||||||||||||||
Vantage Mobility International, LLC (c) (e) (p) (x) | Transportation | 391,131 | — | — | — | % | ||||||||||||||||||||||||||||||||
Vantage Mobility International, LLC (c) (e) (p) (x) | Transportation | 3,280,908 | 3,140 | — | — | % | ||||||||||||||||||||||||||||||||
World Business Lenders, LLC (c) (e) | Financials | 922,669 | 3,750 | 2,168 | 0.2 | % | ||||||||||||||||||||||||||||||||
WPNT, LLC (c) (e) (o) (u) | Media/Entertainment | 402,000 | — | — | — | % | ||||||||||||||||||||||||||||||||
WSO Holdings, LP (c) (e) (x) | Food & Beverage | 698 | 279 | 529 | 0.0 | % | ||||||||||||||||||||||||||||||||
Wythe Will Tzetzo, LLC (c) (e) (u) (x) | Food & Beverage | 22,312 | 302 | — | — | % | ||||||||||||||||||||||||||||||||
YummyEarth, Inc. (c) (e) (x) | Food & Beverage | 223 | — | — | — | % | ||||||||||||||||||||||||||||||||
Subtotal Equity/Other | $ | 197,375 | $ | 230,043 | 16.4 | % | ||||||||||||||||||||||||||||||||
TOTAL INVESTMENTS - 187.4% (b) | $ | 2,714,001 | $ | 2,623,516 | 187.4 | % |
Counterparty | Contract to Deliver | In Exchange For | Maturity Date | Unrealized Depreciation | ||||||||||||||||||||||
Goldman Sachs International | CAD 21,807 | $ | 16,643 | 2/17/2021 | $ | 477 |
At December 31, 2020 | |||||||||||
Investments at
Fair Value |
Percentage of
Total Portfolio |
||||||||||
Healthcare | $ | 504,384 | 19.2 | % | |||||||
Industrials | 333,756 | 12.7 | % | ||||||||
Business Services | 304,273 | 11.6 | % | ||||||||
Financials | 277,197 | 10.5 | % | ||||||||
Technology | 181,909 | 6.9 | % | ||||||||
Diversified Investment Vehicles | 127,645 | 4.9 | % | ||||||||
Energy | 122,547 | 4.7 | % | ||||||||
Media/Entertainment | 113,213 | 4.3 | % | ||||||||
Consumer | 103,959 | 4.0 | % | ||||||||
Transportation | 96,226 | 3.7 | % | ||||||||
Food & Beverage | 91,216 | 3.5 | % | ||||||||
Software/Services | 78,520 | 3.0 | % | ||||||||
Telecom | 72,173 | 2.8 | % | ||||||||
Education | 61,457 | 2.3 | % | ||||||||
Paper & Packaging | 57,028 | 2.2 | % | ||||||||
Chemicals | 39,384 | 1.5 | % | ||||||||
Gaming/Lodging | 29,332 | 1.1 | % | ||||||||
Utilities | 19,330 | 0.7 | % | ||||||||
Health/Fitness | 6,012 | 0.2 | % | ||||||||
Retail | 3,955 | 0.2 | % | ||||||||
Total | $ | 2,623,516 | 100.0 | % |
December 31, 2019 | ||||||||||||||||||||||||||||||||||||||
Portfolio Company (f) (q) | Industry | Investment Coupon Rate / Maturity (y) | Principal / Number of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | ||||||||||||||||||||||||||||||||
Senior Secured First Lien Debt - 120.6% (b) | ||||||||||||||||||||||||||||||||||||||
Abaco Systems Holding Corp. (c) (i) | Industrials | L+6.00% (8.01%), 12/7/2021 | $ | 23,215 | $ | 23,032 | $ | 23,215 | 1.6 | % | ||||||||||||||||||||||||||||
ABC Financial Intermediate, LLC (j) | Technology | L+4.25% (5.99%), 1/2/2025 | 14,603 | 14,550 | 14,493 | 1.0 | % | |||||||||||||||||||||||||||||||
Accentcare, Inc. (c) (j) | Healthcare | L+5.00% (6.95%), 6/22/2026 | 13,472 | 13,347 | 13,346 | 0.9 | % | |||||||||||||||||||||||||||||||
Acrisure, LLC (i) (j) | Financials | L+4.25% (6.19%), 11/22/2023 | 20,263 | 20,255 | 20,288 | 1.4 | % | |||||||||||||||||||||||||||||||
AHP Health Partners, Inc. (i) | Healthcare | L+4.50% (6.30%), 6/30/2025 | 19,886 | 19,739 | 20,016 | 1.4 | % | |||||||||||||||||||||||||||||||
Aldevron, LLC (i) | Healthcare | L+4.25% (6.19%), 10/13/2026 | 11,370 | 11,260 | 11,484 | 0.8 | % | |||||||||||||||||||||||||||||||
Aleris International, Inc. (j) | Industrials | L+4.75% (6.55%), 2/27/2023 | 21,095 | 20,987 | 21,085 | 1.4 | % | |||||||||||||||||||||||||||||||
Allied Universal Security Services, LLC (j) | Business Services | L+4.25% (6.05%), 7/10/2026 | 6,066 | 6,010 | 6,097 | 0.4 | % | |||||||||||||||||||||||||||||||
Allied Universal Security Services, LLC (j) | Business Services | L+4.25% (6.05%), 7/10/2026 | 601 | 601 | 604 | 0.0 | % | |||||||||||||||||||||||||||||||
Alvogen Pharma US, Inc. (j) | Healthcare | L+4.75% (6.55%), 12/31/2023 | 12,818 | 12,767 | 10,871 | 0.7 | % | |||||||||||||||||||||||||||||||
AM General, LLC (c) (i) | Industrials | L+7.25% (9.31%), 12/28/2021 | 1,626 | 1,626 | 1,626 | 0.1 | % | |||||||||||||||||||||||||||||||
American Greetings Corp. (j) | Consumer | L+4.50% (6.30%), 4/5/2024 | 1,723 | 1,698 | 1,690 | 0.1 | % | |||||||||||||||||||||||||||||||
AMI Entertainment Network, LLC (c) (i) | Media/Entertainment | L+6.00% (7.94%), 7/21/2022 | 3,667 | 3,618 | 3,618 | 0.3 | % | |||||||||||||||||||||||||||||||
AMI Entertainment Network, LLC (c) (i) | Media/Entertainment | L+6.00% (7.94%), 7/21/2022 | 12,983 | 12,851 | 12,809 | 0.9 | % | |||||||||||||||||||||||||||||||
AP Gaming I, LLC (a) (j) | Gaming/Lodging | L+3.50% (5.30%), 2/15/2024 | 7,621 | 7,616 | 7,640 | 0.5 | % | |||||||||||||||||||||||||||||||
AP NMT Acquisition B.V. (a) (j) | Media/Entertainment | L+5.75% (7.84%), 8/13/2021 | 5,831 | 5,839 | 5,842 | 0.4 | % | |||||||||||||||||||||||||||||||
Aq Carver Buyer, Inc. (c) (i) | Business Services | L+5.00% (6.94%), 9/23/2025 | 9,391 | 8,656 | 9,298 | 0.6 | % | |||||||||||||||||||||||||||||||
AqGen Ascensus, Inc. (j) | Business Services | L+4.00% (5.94%), 12/5/2022 | 9,392 | 9,383 | 9,398 | 0.6 | % | |||||||||||||||||||||||||||||||
AqGen Ascensus, Inc. (j) | Business Services | L+4.25% (6.05%), 12/5/2022 | 7,980 | 7,923 | 8,020 | 0.6 | % | |||||||||||||||||||||||||||||||
Arch Global Precision, LLC (c) (i) | Industrials | L+4.75% (6.55%), 4/1/2026 | 8,660 | 8,591 | 8,626 | 0.6 | % | |||||||||||||||||||||||||||||||
Athenahealth, Inc. (j) | Healthcare | L+4.50% (6.40%), 2/11/2026 | 12,792 | 12,632 | 12,840 | 0.9 | % | |||||||||||||||||||||||||||||||
Avaya Holdings Corp. (a) (j) | Technology | L+4.25% (5.99%), 12/16/2024 | 20,906 | 20,763 | 20,477 | 1.4 | % | |||||||||||||||||||||||||||||||
Aveanna Healthcare, LLC (c) (j) | Healthcare | L+5.50% (7.30%), 3/18/2024 | 6,021 | 5,807 | 5,648 | 0.4 | % | |||||||||||||||||||||||||||||||
Aveanna Healthcare, LLC (c) (j) | Healthcare | L+4.25% (6.05%), 3/18/2024 | 784 | 746 | 721 | 0.0 | % | |||||||||||||||||||||||||||||||
Axiom Global, Inc. (c) (i) | Business Services | L+4.75% (6.85%), 10/1/2026 | 10,974 | 10,868 | 10,869 | 0.7 | % | |||||||||||||||||||||||||||||||
BBB Industries, LLC (j) | Transportation | L+4.50% (6.30%), 8/1/2025 | 11,142 | 11,100 | 10,826 | 0.7 | % | |||||||||||||||||||||||||||||||
BCP Raptor, LLC (j) | Energy | L+4.25% (6.05%), 6/24/2024 | 19,033 | 18,903 | 17,511 | 1.2 | % | |||||||||||||||||||||||||||||||
BCP Renaissance, LLC (j) | Energy | L+3.50% (5.44%), 10/31/2024 | 3,420 | 3,408 | 3,022 | 0.2 | % |
December 31, 2019 | ||||||||||||||||||||||||||||||||||||||
Portfolio Company (f) (q) | Industry | Investment Coupon Rate / Maturity (y) | Principal / Number of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | ||||||||||||||||||||||||||||||||
Black Mountain Sand, LLC (c) | Energy | L+9.00% (10.91%), 11/30/2021 | $ | 13,050 | $ | 12,946 | $ | 12,854 | 0.9 | % | ||||||||||||||||||||||||||||
Black Mountain Sand, LLC (c) | Energy | L+9.00% (11.10%), 11/30/2021 | 12,606 | 12,516 | 12,417 | 0.9 | % | |||||||||||||||||||||||||||||||
BMC Software Finance, Inc. (j) | Technology | L+4.25% (6.05%), 10/2/2025 | 22,013 | 21,831 | 21,741 | 1.5 | % | |||||||||||||||||||||||||||||||
Bomgar Corp. (j) | Technology | L+4.00% (5.93%), 4/18/2025 | 1,962 | 1,955 | 1,911 | 0.1 | % | |||||||||||||||||||||||||||||||
BrightSpring Health Holdings Corp. (j) | Healthcare | L+4.50% (6.21%), 3/5/2026 | 4,975 | 4,939 | 4,997 | 0.3 | % | |||||||||||||||||||||||||||||||
California Resources Corp. (a) (j) | Energy | L+4.75% (6.55%), 12/30/2022 | 12,259 | 12,110 | 10,926 | 0.7 | % | |||||||||||||||||||||||||||||||
CareCentrix, Inc. (i) (j) | Healthcare | L+4.50% (6.44%), 4/3/2025 | 19,856 | 19,783 | 19,807 | 1.4 | % | |||||||||||||||||||||||||||||||
CCW, LLC (c) | Food & Beverage | L+7.00% (8.81%), 3/22/2021 | 1,300 | 1,300 | 1,235 | 0.1 | % | |||||||||||||||||||||||||||||||
CCW, LLC (c) (i) | Food & Beverage | L+7.00% (8.81%), 3/22/2021 | 26,725 | 26,608 | 25,389 | 1.7 | % | |||||||||||||||||||||||||||||||
CDHA Holdings, LLC (c) | Healthcare | L+6.00% (7.95%), 8/24/2023 | 430 | 430 | 430 | 0.0 | % | |||||||||||||||||||||||||||||||
CDHA Holdings, LLC (c) | Healthcare | L+6.00% (7.95%), 8/24/2023 | 553 | 546 | 553 | 0.0 | % | |||||||||||||||||||||||||||||||
CDHA Holdings, LLC (c) (i) | Healthcare | L+6.00% (7.95%), 8/24/2023 | 15,601 | 15,430 | 15,601 | 1.1 | % | |||||||||||||||||||||||||||||||
CDS U.S. Intermediate Holdings, Inc. (a) (i) (j) | Media/Entertainment | L+3.75% (5.69%), 7/8/2022 | 3,980 | 3,905 | 3,775 | 0.3 | % | |||||||||||||||||||||||||||||||
Chloe Ox Parent, LLC (i) | Healthcare | L+4.50% (6.44%), 12/23/2024 | 11,478 | 11,394 | 11,406 | 0.8 | % | |||||||||||||||||||||||||||||||
Clarion Events, Ltd. (a) (j) | Business Services | L+5.00% (6.91%), 9/30/2024 | 10,393 | 10,233 | 10,172 | 0.7 | % | |||||||||||||||||||||||||||||||
Clover Technologies Group, LLC (c) (j) | Industrials | L+6.50% (8.30%), 5/8/2020 | 8,603 | 8,598 | 2,882 | 0.2 | % | |||||||||||||||||||||||||||||||
CLP Health Services, Inc. (i) | Healthcare | L+5.00% (6.80%), 12/31/2026 | 9,480 | 9,338 | 9,409 | 0.6 | % | |||||||||||||||||||||||||||||||
Cold Spring Brewing, Co. (c) (i) | Food & Beverage | L+4.75% (6.55%), 12/19/2025 | 9,888 | 9,789 | 9,789 | 0.7 | % | |||||||||||||||||||||||||||||||
Community Care Health Network, LLC (j) | Healthcare | L+4.75% (6.55%), 2/17/2025 | 5,076 | 5,062 | 4,999 | 0.3 | % | |||||||||||||||||||||||||||||||
CONSOL Energy, Inc. (a) (c) (j) | Industrials | L+4.50% (6.30%), 9/27/2024 | 4,120 | 4,102 | 3,794 | 0.3 | % | |||||||||||||||||||||||||||||||
Conterra Ultra Broadband, LLC (c) (j) | Telecom | L+4.50% (6.30%), 4/30/2026 | 5,009 | 4,987 | 5,009 | 0.3 | % | |||||||||||||||||||||||||||||||
Corfin Industries, LLC (c) (i) | Industrials | L+5.50% (7.43%), 2/15/2024 | 8,486 | 8,369 | 8,486 | 0.6 | % | |||||||||||||||||||||||||||||||
Crown Subsea Communications Holding, Inc. (c) (j) | Industrials | L+6.00% (7.69%), 11/3/2025 | 3,328 | 3,300 | 3,328 | 0.2 | % | |||||||||||||||||||||||||||||||
CRS-SPV, Inc. (c) (o) | Industrials | L+4.50% (6.30%), 3/8/2020 | 62 | 62 | 62 | 0.0 | % | |||||||||||||||||||||||||||||||
Digicel Group, Ltd. (a) | Telecom | 8.75%, 5/25/2024 | 10,607 | 10,556 | 10,342 | 0.7 | % | |||||||||||||||||||||||||||||||
Dynasty Acquisition Co., Inc. (j) | Industrials | L+4.00% (5.94%), 4/6/2026 | 3,871 | 3,857 | 3,895 | 0.3 | % | |||||||||||||||||||||||||||||||
Dynasty Acquisition Co., Inc. (j) | Industrials | L+4.00% (5.94%), 4/6/2026 | 2,081 | 2,074 | 2,094 | 0.1 | % | |||||||||||||||||||||||||||||||
Eagle Rx, LLC (c) (i) | Healthcare | L+4.75% (6.44%), 12/31/2021 | 26,438 | 26,435 | 26,438 | 1.8 | % | |||||||||||||||||||||||||||||||
Envision Healthcare Corp. (j) | Healthcare | L+3.75% (5.55%), 10/10/2025 | 3,970 | 3,806 | 3,376 | 0.2 | % |
December 31, 2019 | ||||||||||||||||||||||||||||||||||||||
Portfolio Company (f) (q) | Industry | Investment Coupon Rate / Maturity (y) | Principal / Number of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | ||||||||||||||||||||||||||||||||
Florida Food Products, LLC (c) | Food & Beverage | L+6.75% (8.55%), 9/6/2023 | $ | 1,416 | $ | 1,416 | $ | 1,399 | 0.1 | % | ||||||||||||||||||||||||||||
Florida Food Products, LLC (c) (i) | Food & Beverage | L+6.75% (8.55%), 9/6/2025 | 22,114 | 21,666 | 21,849 | 1.5 | % | |||||||||||||||||||||||||||||||
Foresight Energy, LLC (c) (j) | Industrials | L+5.75% (7.66%), 3/28/2022 | 5,919 | 5,888 | 2,721 | 0.2 | % | |||||||||||||||||||||||||||||||
Frontier Communications Corp. | Telecom | 8.00%, 4/1/2027 | 15,332 | 15,341 | 16,054 | 1.1 | % | |||||||||||||||||||||||||||||||
Frontier Communications Corp. (j) | Telecom | L+3.75% (5.55%), 6/17/2024 | 9,819 | 9,643 | 9,853 | 0.7 | % | |||||||||||||||||||||||||||||||
Gold Standard Baking, Inc. (c) (l) | Food & Beverage | L+6.50% (8.50%), 7/25/2022 | 3,049 | 2,273 | 1,220 | 0.1 | % | |||||||||||||||||||||||||||||||
Green Energy Partners/Stonewall, LLC (c) (j) | Energy | L+5.50% (7.44%), 11/15/2021 | 1,000 | 998 | 922 | 0.1 | % | |||||||||||||||||||||||||||||||
Green Energy Partners/Stonewall, LLC (j) | Energy | L+5.50% (7.44%), 11/15/2021 | 1,324 | 1,322 | 1,221 | 0.1 | % | |||||||||||||||||||||||||||||||
HC2 Holdings, Inc. (c) | Industrials | 11.50%, 12/1/2021 | 10,796 | 10,706 | 10,353 | 0.7 | % | |||||||||||||||||||||||||||||||
HireRight, Inc. (i) | Business Services | L+3.75% (5.55%), 7/11/2025 | 2,955 | 2,933 | 2,927 | 0.2 | % | |||||||||||||||||||||||||||||||
ICR Operations, LLC (c) | Business Services | L+5.00% (6.94%), 3/26/2024 | 98 | 96 | 98 | 0.0 | % | |||||||||||||||||||||||||||||||
ICR Operations, LLC (c) (i) | Business Services | L+5.00% (6.94%), 3/26/2025 | 17,321 | 17,055 | 17,321 | 1.2 | % | |||||||||||||||||||||||||||||||
Ideal Tridon Holdings, Inc. (c) | Industrials | L+5.75% (7.68%), 7/31/2024 | 46 | 46 | 45 | 0.0 | % | |||||||||||||||||||||||||||||||
Ideal Tridon Holdings, Inc. (c) | Industrials | L+5.75% (7.54%), 7/31/2023 | 161 | 161 | 158 | 0.0 | % | |||||||||||||||||||||||||||||||
Ideal Tridon Holdings, Inc. (c) (i) | Industrials | L+5.75% (7.70%), 7/31/2024 | 837 | 822 | 822 | 0.1 | % | |||||||||||||||||||||||||||||||
Ideal Tridon Holdings, Inc. (c) (i) | Industrials | L+5.75% (7.68%), 7/31/2023 | 28,549 | 28,216 | 28,036 | 1.9 | % | |||||||||||||||||||||||||||||||
IDERA, Inc. (j) | Technology | L+4.50% (6.30%), 6/28/2024 | 2,095 | 2,089 | 2,099 | 0.1 | % | |||||||||||||||||||||||||||||||
Integral Ad Science, Inc. (c) (l) | Software/Services | L+7.25% (9.05%), 7/19/2024 | 15,302 | 15,070 | 15,302 | 1.1 | % | |||||||||||||||||||||||||||||||
Integrated Efficiency Solutions, Inc. (c) | Industrials | L+10.25% (12.19%), 6/30/2022 | 3,658 | 3,658 | 3,344 | 0.2 | % | |||||||||||||||||||||||||||||||
Intelsat Jackson Holdings, SA (a) (j) | Telecom | L+4.50% (6.43%), 1/2/2024 | 10,000 | 10,178 | 10,070 | 0.7 | % | |||||||||||||||||||||||||||||||
Internap Corp. (c) (i) (l) | Business Services | L+7.00% (8.79%), 4/6/2022 | 11,789 | 11,779 | 7,533 | 0.5 | % | |||||||||||||||||||||||||||||||
International Cruise & Excursions, Inc. (c) (i) | Business Services | L+5.25% (7.05%), 6/6/2025 | 5,001 | 4,958 | 5,002 | 0.3 | % | |||||||||||||||||||||||||||||||
IPC Corp. (c) (j) | Software/Services | L+4.50% (6.43%), 8/6/2021 | 3,784 | 3,757 | 3,126 | 0.2 | % | |||||||||||||||||||||||||||||||
Iri Holdings, Inc. (c) (j) | Business Services | L+4.50% (6.30%), 12/1/2025 | 4,950 | 4,908 | 4,826 | 0.3 | % | |||||||||||||||||||||||||||||||
K2 Intelligence Holdings, Inc. (c) (i) | Business Services | L+4.75% (6.69%), 9/23/2024 | 11,667 | 11,446 | 11,445 | 0.8 | % | |||||||||||||||||||||||||||||||
Kahala Ireland OpCo Designated Activity Company (a) (c) (l) (o) | Transportation | L+8.00% (13.00%), 12/22/2028 | 105,549 | 105,549 | 105,549 | 7.2 | % | |||||||||||||||||||||||||||||||
Kaman Distribution Corp. (c) (i) | Industrials | L+5.00% (6.94%), 8/26/2026 | 21,498 | 19,650 | 20,853 | 1.4 | % | |||||||||||||||||||||||||||||||
Kissner Milling Co., Ltd. (a) | Industrials | 8.38%, 12/1/2022 | 11,294 | 11,514 | 11,802 | 0.8 | % | |||||||||||||||||||||||||||||||
Lakeland Tours, LLC (i) (j) | Education | L+4.25% (6.15%), 12/16/2024 | 10,210 | 10,148 | 10,171 | 0.7 | % | |||||||||||||||||||||||||||||||
Lakeview Health Holdings, Inc. (c) (l) (t) | Healthcare | 9.75%, 12/15/2021 | 129 | 124 | 54 | 0.0 | % |
December 31, 2019 | ||||||||||||||||||||||||||||||||||||||
Portfolio Company (f) (q) | Industry | Investment Coupon Rate / Maturity (y) | Principal / Number of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | ||||||||||||||||||||||||||||||||
Lakeview Health Holdings, Inc. (c) (l) (t) | Healthcare | 9.75%, 12/15/2021 | $ | 3,756 | $ | 2,671 | $ | 1,582 | 0.1 | % | ||||||||||||||||||||||||||||
LightSquared, LP (l) | Telecom | L+8.75% (10.85%), 12/7/2020 | 12,376 | 11,812 | 7,921 | 0.5 | % | |||||||||||||||||||||||||||||||
Lionbridge Technologies, Inc. (c) (i) | Business Services | L+6.25% (8.04%), 12/20/2025 | 10,344 | 10,241 | 10,241 | 0.7 | % | |||||||||||||||||||||||||||||||
MCS Acquisition Corp. (c) | Business Services | L+4.75% (6.64%), 5/20/2024 | 14,009 | 13,971 | 6,024 | 0.4 | % | |||||||||||||||||||||||||||||||
MED Parentco, LP (j) | Healthcare | L+4.25% (6.05%), 8/31/2026 | 306 | 306 | 305 | 0.0 | % | |||||||||||||||||||||||||||||||
MED Parentco, LP (j) | Healthcare | L+4.25% (6.05%), 8/31/2026 | 5,745 | 5,690 | 5,736 | 0.4 | % | |||||||||||||||||||||||||||||||
Medallion Midland Acquisition, LP (j) | Energy | L+3.25% (5.05%), 10/30/2024 | 4,361 | 4,353 | 4,306 | 0.3 | % | |||||||||||||||||||||||||||||||
Medical Depot Holdings, Inc. (c) (i) (l) | Healthcare | L+7.50% (9.44%), 1/3/2023 | 18,850 | 17,981 | 14,175 | 1.0 | % | |||||||||||||||||||||||||||||||
MGTF Radio Company, LLC (c) (o) | Media/Entertainment | L+6.00% (7.80%), 4/1/2024 | 57,974 | 57,831 | 54,171 | 3.7 | % | |||||||||||||||||||||||||||||||
Micross Solutions, LLC (c) | Software/Services | L+5.00% (6.72%), 8/7/2023 | 3,065 | 2,955 | 3,065 | 0.2 | % | |||||||||||||||||||||||||||||||
Midwest Can Company, LLC (c) (i) | Paper & Packaging | L+5.00% (6.81%), 4/11/2024 | 4,622 | 4,589 | 4,622 | 0.3 | % | |||||||||||||||||||||||||||||||
Miller Environmental Group, Inc. (c) (i) | Business Services | P+5.50% (10.25%), 3/15/2024 | 10,589 | 10,378 | 10,377 | 0.7 | % | |||||||||||||||||||||||||||||||
Miller Environmental Group, Inc. (c) (i) | Business Services | L+6.50% (8.63%), 3/15/2024 | 11,579 | 11,385 | 11,371 | 0.8 | % | |||||||||||||||||||||||||||||||
MLN US Holdco, LLC (a) (j) | Technology | L+4.50% (6.19%), 11/28/2025 | 10,675 | 10,645 | 10,061 | 0.7 | % | |||||||||||||||||||||||||||||||
Monitronics International, Inc. (c) | Business Services | L+6.50% (8.30%), 3/29/2024 | 7,575 | 7,589 | 6,541 | 0.5 | % | |||||||||||||||||||||||||||||||
Montreign Operating Company, LLC (c) | Gaming/Lodging | L+8.25% (10.16%), 1/24/2023 | 26,681 | 26,425 | 23,559 | 1.6 | % | |||||||||||||||||||||||||||||||
Mood Media Corp. (c) | Media/Entertainment | L+7.25% (9.19%), 6/28/2022 | 704 | 691 | 662 | 0.0 | % | |||||||||||||||||||||||||||||||
Mood Media Corp. (c) (i) | Media/Entertainment | L+7.25% (9.19%), 6/28/2022 | 13,168 | 13,025 | 12,378 | 0.9 | % | |||||||||||||||||||||||||||||||
Murray Energy Holdings, Co. (c) | Industrials | L+11.00% (13.00%), 7/31/2020 | 1,671 | 1,631 | 1,667 | 0.1 | % | |||||||||||||||||||||||||||||||
Murray Energy Holdings, Co. (j) (t) | Industrials | L+7.25% (9.19%), 10/17/2022 | 9,184 | 9,071 | 1,870 | 0.1 | % | |||||||||||||||||||||||||||||||
Muth Mirror Systems, LLC (c) (i) | Technology | L+5.25% (7.39%), 4/23/2025 | 15,778 | 15,498 | 15,509 | 1.1 | % | |||||||||||||||||||||||||||||||
National Technical Systems, Inc. (c) (i) | Business Services | L+6.25% (7.94%), 6/14/2021 | 17,469 | 17,422 | 16,770 | 1.1 | % | |||||||||||||||||||||||||||||||
Navitas Midstream Midland Basin, LLC (c) (j) | Energy | L+4.50% (6.30%), 12/13/2024 | 13,326 | 13,305 | 12,977 | 0.9 | % | |||||||||||||||||||||||||||||||
New Amsterdam Software Bidco, LLC (c) (i) | Technology | L+5.00% (6.80%), 5/1/2026 | 6,134 | 6,023 | 6,023 | 0.4 | % | |||||||||||||||||||||||||||||||
New Star Metals, Inc. (c) (i) | Industrials | L+6.00% (7.95%), 6/29/2023 | 22,692 | 22,284 | 22,692 | 1.6 | % | |||||||||||||||||||||||||||||||
NexSteppe, Inc. (c) (l) (o) (t) | Chemicals | 12.00%, 3/31/2020 | 15,285 | 10,453 | — | — | % | |||||||||||||||||||||||||||||||
NexSteppe, Inc. (c) (l) (o) (t) | Chemicals | 12.00%, 3/31/2020 | 2,269 | 1,750 | — | — | % | |||||||||||||||||||||||||||||||
NN, Inc. (a) (j) | Industrials | L+5.25% (7.05%), 10/19/2022 | 9,889 | 9,394 | 9,691 | 0.7 | % | |||||||||||||||||||||||||||||||
Norvax, LLC (c) | Business Services | L+6.50% (8.41%), 9/12/2025 | 11,489 | 11,212 | 11,214 | 0.8 | % | |||||||||||||||||||||||||||||||
NTM Acquisition Corp. (c) (i) | Media/Entertainment | L+6.25% (8.05%), 6/7/2022 | 22,999 | 22,861 | 22,999 | 1.6 | % |
December 31, 2019 | ||||||||||||||||||||||||||||||||||||||
Portfolio Company (f) (q) | Industry | Investment Coupon Rate / Maturity (y) | Principal / Number of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | ||||||||||||||||||||||||||||||||
Office Depot, Inc. (a) (j) | Retail | L+5.25% (7.04%), 11/8/2022 | $ | 4,947 | $ | 4,889 | $ | 4,984 | 0.3 | % | ||||||||||||||||||||||||||||
ORG Chemical Holdings, LLC (c) (g) (l) | Chemicals | L+7.75% (9.70%), 6/30/2022 | 3,420 | 3,420 | 3,420 | 0.2 | % | |||||||||||||||||||||||||||||||
ORG Chemical Holdings, LLC (c) (i) (l) | Chemicals | L+7.75% (9.70%), 6/30/2022 | 3,730 | 3,695 | 3,730 | 0.3 | % | |||||||||||||||||||||||||||||||
ORG GC Holdings, LLC (c) (i) | Business Services | L+6.75% (8.70%), 7/31/2022 | 21,624 | 21,457 | 20,932 | 1.4 | % | |||||||||||||||||||||||||||||||
PeopLease Holdings, LLC (c) (i) | Business Services | L+9.62% (11.57%), 2/26/2021 | 20,000 | 19,953 | 19,800 | 1.4 | % | |||||||||||||||||||||||||||||||
PGX Holdings, Inc. (c) (j) | Consumer | L+5.25% (7.05%), 9/29/2020 | 11,820 | 11,807 | 8,416 | 0.6 | % | |||||||||||||||||||||||||||||||
Planet Equity Group, LLC (c) (i) | Business Services | L+5.25% (7.18%), 11/18/2025 | 14,941 | 14,721 | 14,717 | 1.0 | % | |||||||||||||||||||||||||||||||
PlayPower, Inc. (c) (i) | Industrials | L+5.50% (7.46%), 5/8/2026 | 26,385 | 26,025 | 26,385 | 1.8 | % | |||||||||||||||||||||||||||||||
Premier Dental Services, Inc. (i) (j) | Healthcare | L+5.25% (7.05%), 6/30/2023 | 32,354 | 32,196 | 32,313 | 2.2 | % | |||||||||||||||||||||||||||||||
Premier Global Services, Inc. (c) (j) | Telecom | L+6.50% (8.40%), 6/8/2023 | 8,578 | 8,382 | 5,284 | 0.4 | % | |||||||||||||||||||||||||||||||
PSKW, LLC (c) | Healthcare | L+7.68% (9.63%), 11/26/2021 | 17,750 | 17,637 | 17,750 | 1.2 | % | |||||||||||||||||||||||||||||||
PSKW, LLC (c) | Healthcare | L+7.68% (9.63%), 11/25/2021 | 1,972 | 1,954 | 1,972 | 0.1 | % | |||||||||||||||||||||||||||||||
PSKW, LLC (c) | Healthcare | L+7.68% (9.63%), 11/25/2021 | 1,930 | 1,919 | 1,930 | 0.1 | % | |||||||||||||||||||||||||||||||
PSKW, LLC (c) (i) | Healthcare | L+4.25% (6.19%), 11/26/2021 | 1,162 | 1,159 | 1,162 | 0.1 | % | |||||||||||||||||||||||||||||||
PT Network, LLC (c) (i) (l) | Healthcare | L+7.50% (9.44%), 11/30/2023 | 16,780 | 16,702 | 15,052 | 1.0 | % | |||||||||||||||||||||||||||||||
Questex, Inc. (c) | Media/Entertainment | L+5.00% (6.91%), 9/9/2024 | 689 | 689 | 689 | 0.0 | % | |||||||||||||||||||||||||||||||
Questex, Inc. (c) (i) | Media/Entertainment | L+5.00% (6.89%), 9/9/2024 | 15,989 | 15,739 | 15,989 | 1.1 | % | |||||||||||||||||||||||||||||||
Red River Technology, LLC (c) (i) | Business Services | L+5.00% (6.94%), 8/30/2024 | 23,669 | 23,340 | 23,337 | 1.6 | % | |||||||||||||||||||||||||||||||
Reddy Ice Corp. (c) (i) | Food & Beverage | L+5.50% (7.60%), 7/1/2025 | 19,540 | 19,003 | 19,003 | 1.3 | % | |||||||||||||||||||||||||||||||
Regionalcare Hospital Partners Holdings, Inc. (j) | Healthcare | L+4.50% (6.30%), 11/14/2025 | 19,850 | 19,521 | 19,994 | 1.4 | % | |||||||||||||||||||||||||||||||
Resco Products, Inc. (c) | Industrials | L+6.25% (8.05%), 3/7/2020 | 10,000 | 10,000 | 9,200 | 0.6 | % | |||||||||||||||||||||||||||||||
Safety Products/JHC Acquisition Corp. (c) (j) | Industrials | L+4.50% (6.30%), 6/28/2026 | 958 | 958 | 937 | 0.1 | % | |||||||||||||||||||||||||||||||
Safety Products/JHC Acquisition Corp. (c) (j) | Industrials | L+4.50% (6.30%), 6/28/2026 | 17,717 | 17,564 | 17,341 | 1.2 | % | |||||||||||||||||||||||||||||||
Schenectady International Group, Inc. (j) | Chemicals | L+4.75% (6.79%), 10/15/2025 | 19,593 | 19,164 | 19,446 | 1.3 | % | |||||||||||||||||||||||||||||||
SFR Group, SA (a) (i) | Telecom | L+3.69% (5.43%), 2/2/2026 | 14,962 | 14,926 | 14,962 | 1.0 | % | |||||||||||||||||||||||||||||||
SFR Group, SA (a) (i) (j) | Telecom | L+4.00% (5.74%), 8/14/2026 | 12,967 | 12,862 | 12,978 | 0.9 | % | |||||||||||||||||||||||||||||||
Shields Health Solutions Holdings, LLC (c) (i) | Healthcare | L+5.00% (6.80%), 8/19/2026 | 6,963 | 6,896 | 6,897 | 0.5 | % | |||||||||||||||||||||||||||||||
SitusAMC Holdings Corp. (c) (i) | Financials | L+4.75% (6.55%), 6/30/2025 | 8,486 | 8,369 | 8,371 | 0.6 | % | |||||||||||||||||||||||||||||||
Skillsoft Corp. (j) | Technology | L+4.75% (6.95%), 4/28/2021 | 15,001 | 14,378 | 11,469 | 0.8 | % |
December 31, 2019 | ||||||||||||||||||||||||||||||||||||||
Portfolio Company (f) (q) | Industry | Investment Coupon Rate / Maturity (y) | Principal / Number of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | ||||||||||||||||||||||||||||||||
Squan Holding Corp. (c) (l) | Telecom | L+7.00% (8.95%), 6/30/2020 | $ | 16,276 | $ | 16,123 | $ | 13,835 | 1.0 | % | ||||||||||||||||||||||||||||
SSH Group Holdings, Inc. (j) | Education | L+4.25% (6.19%), 7/30/2025 | 10,736 | 10,704 | 10,776 | 0.7 | % | |||||||||||||||||||||||||||||||
Subsea Global Solutions, LLC (c) | Business Services | L+7.00% (9.06%), 3/29/2023 | 388 | 388 | 381 | 0.0 | % | |||||||||||||||||||||||||||||||
Subsea Global Solutions, LLC (c) (i) | Business Services | L+7.00% (9.00%), 3/29/2023 | 2,392 | 2,302 | 2,344 | 0.2 | % | |||||||||||||||||||||||||||||||
Subsea Global Solutions, LLC (c) (i) | Business Services | L+7.00% (9.00%), 3/29/2023 | 8,327 | 8,219 | 8,168 | 0.6 | % | |||||||||||||||||||||||||||||||
Tax Defense Network, LLC (c) (l) (p) (t) | Consumer | L+6.00% (10.00%), 4/30/2020 | 5,257 | 3,833 | 1,262 | 0.1 | % | |||||||||||||||||||||||||||||||
Tax Defense Network, LLC (c) (l) (p) (t) | Consumer | L+6.00% (10.00%), 4/30/2020 | 29,616 | 21,646 | 7,108 | 0.5 | % | |||||||||||||||||||||||||||||||
Tax Defense Network, LLC (c) (l) (p) (t) | Consumer | L+10.00% (10.00%), 4/30/2020 | 2,357 | 2,357 | 2,357 | 0.2 | % | |||||||||||||||||||||||||||||||
The Dun & Bradstreet Corp. (j) | Business Services | L+5.00% (6.79%), 2/6/2026 | 10,000 | 9,825 | 10,079 | 0.7 | % | |||||||||||||||||||||||||||||||
TIBCO Software, Inc. (j) | Technology | L+4.00% (5.71%), 6/30/2026 | 4,988 | 4,988 | 5,005 | 0.3 | % | |||||||||||||||||||||||||||||||
Tillamook Country Smoker, LLC (c) | Food & Beverage | L+5.75% (7.85%), 5/19/2022 | 1,078 | 1,078 | 1,054 | 0.1 | % | |||||||||||||||||||||||||||||||
Tillamook Country Smoker, LLC (c) (i) | Food & Beverage | L+5.75% (7.65%), 5/19/2022 | 10,090 | 10,018 | 9,858 | 0.7 | % | |||||||||||||||||||||||||||||||
Tivity Health, Inc. (a) (j) | Healthcare | L+5.25% (7.05%), 3/6/2026 | 4,396 | 4,299 | 4,396 | 0.3 | % | |||||||||||||||||||||||||||||||
Tivity Health, Inc. (a) (j) | Healthcare | L+4.25% (6.05%), 3/8/2024 | 1,641 | 1,627 | 1,641 | 0.1 | % | |||||||||||||||||||||||||||||||
Trademark Global, LLC (c) | Consumer | L+6.00% (7.80%), 4/28/2023 | 2,067 | 2,067 | 2,067 | 0.1 | % | |||||||||||||||||||||||||||||||
Traverse Midstream Partners, LLC (j) | Energy | L+4.00% (5.80%), 9/27/2024 | 16,222 | 15,847 | 14,568 | 1.0 | % | |||||||||||||||||||||||||||||||
Trilogy International Partners, LLC (a) | Telecom | 8.88%, 5/1/2022 | 14,875 | 14,837 | 13,983 | 1.0 | % | |||||||||||||||||||||||||||||||
University of St. Augustine Acquisition Corp. (c) (i) | Education | L+4.25% (6.05%), 2/2/2026 | 24,004 | 23,482 | 23,524 | 1.6 | % | |||||||||||||||||||||||||||||||
Veritext Corp. (i) | Business Services | L+3.75% (5.69%), 8/1/2025 | 4,975 | 4,975 | 4,955 | 0.3 | % | |||||||||||||||||||||||||||||||
Vertex Aerospace Services Corp. (i) | Industrials | L+4.50% (6.30%), 6/30/2025 | 8,726 | 8,692 | 8,753 | 0.6 | % | |||||||||||||||||||||||||||||||
Von Drehle Corp. (c) (i) (l) | Paper & Packaging | L+11.50% (13.44%), 3/6/2023 | 26,856 | 26,595 | 25,164 | 1.7 | % | |||||||||||||||||||||||||||||||
Vyaire Medical, Inc. (c) (j) | Healthcare | L+4.75% (6.84%), 4/16/2025 | 8,850 | 8,580 | 7,611 | 0.5 | % | |||||||||||||||||||||||||||||||
WaterBridge Midstream Operating, LLC (j) | Energy | L+5.75% (7.83%), 6/22/2026 | 11,834 | 11,572 | 11,613 | 0.8 | % | |||||||||||||||||||||||||||||||
WMK, LLC (c) | Business Services | L+5.75% (7.49%), 9/5/2025 | 1,910 | 1,903 | 1,910 | 0.1 | % | |||||||||||||||||||||||||||||||
WMK, LLC (c) | Business Services | L+5.75% (7.44%), 9/5/2024 | 1,134 | 1,134 | 1,134 | 0.1 | % | |||||||||||||||||||||||||||||||
WMK, LLC (c) (i) | Business Services | L+5.75% (7.49%), 9/5/2025 | 20,180 | 19,853 | 20,180 | 1.4 | % | |||||||||||||||||||||||||||||||
Xplornet Communications, Inc. (a) (i) (j) | Telecom | L+4.00% (5.94%), 9/9/2021 | 15,679 | 15,645 | 15,699 | 1.1 | % | |||||||||||||||||||||||||||||||
YummyEarth, Inc. (c) | Food & Beverage | L+7.00% (8.91%), 8/1/2025 | 2,626 | 2,625 | 2,626 | 0.2 | % | |||||||||||||||||||||||||||||||
Subtotal Senior Secured First Lien Debt | $ | 1,862,228 | $ | 1,764,292 | 120.6 | % | ||||||||||||||||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||||||||||||||||
Portfolio Company (f) (q) | Industry | Investment Coupon Rate / Maturity (y) | Principal / Number of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | ||||||||||||||||||||||||||||||||
Senior Secured Second Lien Debt - 21.0% (b) | ||||||||||||||||||||||||||||||||||||||
Accentcare, Inc. (c) (i) | Healthcare | L+8.75% (10.70%), 6/21/2027 | $ | 17,795 | $ | 17,380 | $ | 17,366 | 1.2 | % | ||||||||||||||||||||||||||||
Anchor Glass Container Corp. (c) | Paper & Packaging | L+7.75% (9.46%), 12/6/2024 | 20,000 | 19,845 | 10,400 | 0.7 | % | |||||||||||||||||||||||||||||||
Astro AB Merger Sub, Inc. (a) (i) | Financials | L+7.50% (9.43%), 4/28/2023 | 7,758 | 7,758 | 7,719 | 0.5 | % | |||||||||||||||||||||||||||||||
Asurion Corp. (i) (j) | Business Services | L+6.50% (8.30%), 8/4/2025 | 18,734 | 18,866 | 18,949 | 1.3 | % | |||||||||||||||||||||||||||||||
Avatar Purchaser, Inc. (c) (j) | Software/Services | L+7.50% (9.49%), 11/17/2025 | 11,716 | 11,458 | 11,716 | 0.8 | % | |||||||||||||||||||||||||||||||
Aveanna Healthcare, LLC (c) | Healthcare | L+8.00% (9.80%), 3/17/2025 | 15,000 | 14,852 | 13,650 | 0.9 | % | |||||||||||||||||||||||||||||||
Baker Hill Acquisition, LLC (c) | Financials | L+11.00% (13.09%), 3/22/2021 | 3,017 | 1,508 | 1,584 | 0.1 | % | |||||||||||||||||||||||||||||||
Baker Hill Acquisition, LLC (c) | Financials | L+11.00% (13.09%), 3/22/2021 | 447 | 416 | 447 | 0.0 | % | |||||||||||||||||||||||||||||||
Boston Market Corp. (c) | Food & Beverage | L+4.50% (6.51%), 1/9/2021 | 3,691 | 3,691 | 3,691 | 0.3 | % | |||||||||||||||||||||||||||||||
Boston Market Corp. (c) | Food & Beverage | L+8.25% (10.19%), 1/18/2021 | 26,259 | 24,260 | 8,534 | 0.6 | % | |||||||||||||||||||||||||||||||
Boston Market Corp. (c) | Food & Beverage | L+4.50% (6.59%), 1/9/2021 | 923 | 923 | 923 | 0.1 | % | |||||||||||||||||||||||||||||||
BrandMuscle Holdings, Inc. (c) | Business Services | L+8.50% (10.60%), 6/1/2022 | 24,500 | 24,317 | 24,500 | 1.7 | % | |||||||||||||||||||||||||||||||
Carlisle FoodService Products, Inc. (c) (i) | Consumer | L+7.75% (9.55%), 3/20/2026 | 10,719 | 10,552 | 10,719 | 0.7 | % | |||||||||||||||||||||||||||||||
CDS U.S. Intermediate Holdings, Inc. (a) (c) | Media/Entertainment | L+8.25% (10.19%), 7/10/2023 | 9,177 | 8,946 | 7,846 | 0.5 | % | |||||||||||||||||||||||||||||||
Constellis Holdings, LLC (c) (t) | Business Services | L+9.00% (10.93%), 4/21/2025 | 1,117 | 1,117 | 56 | 0.0 | % | |||||||||||||||||||||||||||||||
Dentalcorp Perfect Smile, ULC (a) (c) | Healthcare | L+7.50% (9.30%), 6/8/2026 | 10,139 | 10,056 | 10,139 | 0.7 | % | |||||||||||||||||||||||||||||||
Dimora Brands, Inc. (c) | Consumer | L+8.50% (10.30%), 8/25/2025 | 4,464 | 4,463 | 4,464 | 0.3 | % | |||||||||||||||||||||||||||||||
Edelman Financial Services, LLC (a) (j) | Financials | L+6.75% (8.54%), 7/20/2026 | 6,764 | 6,736 | 6,730 | 0.5 | % | |||||||||||||||||||||||||||||||
Hyland Software, Inc. (c) (i) | Technology | L+7.00% (8.80%), 7/7/2025 | 6,904 | 6,930 | 6,904 | 0.5 | % | |||||||||||||||||||||||||||||||
ICP Industrial, Inc. (c) | Chemicals | L+8.25% (10.04%), 5/3/2024 | 5,588 | 5,587 | 5,588 | 0.4 | % | |||||||||||||||||||||||||||||||
KidKraft, Inc. (c) (l) | Consumer | 12.00%, 3/31/2022 | 6,373 | 6,316 | 5,149 | 0.4 | % | |||||||||||||||||||||||||||||||
MLN US Holdco, LLC (a) (c) (i) | Technology | L+8.75% (10.44%), 11/30/2026 | 3,000 | 2,948 | 2,452 | 0.2 | % | |||||||||||||||||||||||||||||||
Northstar Financial Services Group, LLC (c) | Financials | L+7.50% (9.30%), 5/25/2026 | 2,666 | 2,656 | 2,666 | 0.2 | % | |||||||||||||||||||||||||||||||
PetVet Care Centers, LLC (c) | Healthcare | L+6.25% (8.05%), 2/13/2026 | 3,539 | 3,525 | 3,539 | 0.2 | % | |||||||||||||||||||||||||||||||
PI US Holdco III, Ltd. (a) (c) | Financials | L+7.25% (9.05%), 12/22/2025 | 6,696 | 6,645 | 6,562 | 0.5 | % | |||||||||||||||||||||||||||||||
ProAmpac, LLC (c) | Paper & Packaging | L+8.50% (10.40%), 11/18/2024 | 3,352 | 3,351 | 3,352 | 0.2 | % | |||||||||||||||||||||||||||||||
Project Boost Purchaser, LLC | Business Services | L+8.00% (9.80%), 5/31/2027 | 1,848 | 1,848 | 1,848 | 0.1 | % | |||||||||||||||||||||||||||||||
QuickBase, Inc. (c) | Technology | L+8.00% (9.71%), 4/2/2027 | 7,484 | 7,348 | 7,349 | 0.5 | % | |||||||||||||||||||||||||||||||
Recess Holdings, Inc. (c) (i) | Industrials | L+7.75% (9.55%), 9/29/2025 | 15,008 | 14,841 | 15,008 | 1.0 | % |
December 31, 2019 | ||||||||||||||||||||||||||||||||||||||
Portfolio Company (f) (q) | Industry | Investment Coupon Rate / Maturity (y) | Principal / Number of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | ||||||||||||||||||||||||||||||||
Dryden Senior Loan Fund 2014-36A ER2 (a) (c) | Diversified Investment Vehicles | L+6.88% (8.87%), 4/15/2029 | $ | 2,000 | $ | 1,947 | $ | 1,975 | 0.1 | % | ||||||||||||||||||||||||||||
KKR Financial CLO, Ltd. 27A E (a) (c) | Diversified Investment Vehicles | L+6.90% (8.82%), 10/15/2032 | 1,250 | 1,189 | 1,211 | 0.1 | % | |||||||||||||||||||||||||||||||
LCM, Ltd. Partnership 16A ER2 (a) (c) | Diversified Investment Vehicles | L+6.38% (8.38%), 10/15/2031 | 2,500 | 2,307 | 2,307 | 0.2 | % | |||||||||||||||||||||||||||||||
Madison Park Funding, Ltd. 16-21A DR (a) (c) | Diversified Investment Vehicles | L+7.56% (9.39%), 10/15/2032 | 2,000 | 1,881 | 1,881 | 0.1 | % | |||||||||||||||||||||||||||||||
Madison Park Funding, Ltd. 19-35A E (a) (c) | Diversified Investment Vehicles | L+6.75% (8.72%), 4/20/2031 | 2,000 | 1,945 | 1,945 | 0.1 | % | |||||||||||||||||||||||||||||||
NewStar Arlington Senior Loan Program, LLC 14-1A FR (a) (c) (p) | Diversified Investment Vehicles | L+11.00% (12.94%), 4/25/2031 | 4,750 | 4,550 | 4,612 | 0.3 | % | |||||||||||||||||||||||||||||||
Newstar Fairfield Fund CLO, Ltd. 2015-1RA F (a) (c) (p) | Diversified Investment Vehicles | L+7.50% (9.47%), 1/20/2027 | 10,728 | 9,586 | 9,209 | 0.6 | % | |||||||||||||||||||||||||||||||
OCP CLO, Ltd. 14-5A DR (a) (c) | Diversified Investment Vehicles | L+5.70% (7.64%), 4/26/2031 | 2,200 | 2,060 | 2,060 | 0.1 | % | |||||||||||||||||||||||||||||||
OCP CLO, Ltd. 2019-17A E (a) (c) | Diversified Investment Vehicles | L+6.66% (8.79%), 7/20/2032 | 3,000 | 2,913 | 2,946 | 0.2 | % | |||||||||||||||||||||||||||||||
Pikes Peak CLO 19-3A E (a) (c) | Diversified Investment Vehicles | L+6.86% (8.80%), 4/25/2030 | 3,000 | 2,849 | 2,849 | 0.2 | % | |||||||||||||||||||||||||||||||
Sound Point CLO, Ltd. 19-3A E (a) (c) | Diversified Investment Vehicles | L+7.31% (9.41%), 10/25/2032 | 3,000 | 2,912 | 2,972 | 0.2 | % | |||||||||||||||||||||||||||||||
Sound Point CLO, Ltd. 2015-3A ER (a) (c) | Diversified Investment Vehicles | L+5.25% (7.22%), 1/20/2028 | 2,000 | 1,881 | 1,915 | 0.1 | % | |||||||||||||||||||||||||||||||
Symphony CLO, Ltd. 2012-9A ER2 (a) (c) | Diversified Investment Vehicles | L+6.95% (8.95%), 7/16/2032 | 3,000 | 2,942 | 2,972 | 0.2 | % | |||||||||||||||||||||||||||||||
TCW CLO 2019-1 AMR, Ltd. 19-1A F (a) (c) | Diversified Investment Vehicles | L+8.67% (10.58%), 2/15/2029 | 2,500 | 2,396 | 2,396 | 0.2 | % | |||||||||||||||||||||||||||||||
Vibrant CLO, Ltd. 2016-4A DR (a) (c) | Diversified Investment Vehicles | L+4.33% (6.30%), 7/20/2032 | 3,000 | 2,913 | 2,947 | 0.2 | % | |||||||||||||||||||||||||||||||
Whitehorse, Ltd. 2014-1A E (a) (c) (p) | Diversified Investment Vehicles | L+4.55% (6.46%), 5/1/2026 | 8,000 | 7,717 | 7,054 | 0.5 | % | |||||||||||||||||||||||||||||||
Zais CLO 13, Ltd. 19-13A D1 (a) (c) | Diversified Investment Vehicles | L+4.52% (6.60%), 7/15/2032 | 3,000 | 2,854 | 2,908 | 0.2 | % | |||||||||||||||||||||||||||||||
Collateralized Securities - Equity Investments (n) | ||||||||||||||||||||||||||||||||||||||
CVP Cascade CLO, Ltd. 2013-CLO1 Side Letter (a) (c) | Diversified Investment Vehicles | 0.00%, 1/16/2026 | $ | 3,243 | $ | 106 | $ | 24 | 0.0 | % | ||||||||||||||||||||||||||||
CVP Cascade CLO, Ltd. 2014-2A Side Letter (a) (c) | Diversified Investment Vehicles | 0.00%, 7/18/2026 | 3,755 | 463 | 38 | 0.0 | % | |||||||||||||||||||||||||||||||
Figueroa CLO, Ltd. 2014-1A Side Letter (a) (c) | Diversified Investment Vehicles | 0.00%, 1/15/2027 | 2,986 | 597 | 67 | 0.0 | % | |||||||||||||||||||||||||||||||
MidOcean Credit CLO 2013-2A INC (a) (c) (p) (v) | Diversified Investment Vehicles | 0.76%, 1/29/2025 | 37,600 | 16,815 | 11,835 | 0.8 | % | |||||||||||||||||||||||||||||||
NewStar Arlington Senior Loan Program, LLC 14-1A SUB (a) (c) (p) (v) | Diversified Investment Vehicles | 16.56%, 7/25/2025 | 31,603 | 19,353 | 19,697 | 1.4 | % | |||||||||||||||||||||||||||||||
Newstar Fairfield Fund CLO, Ltd. 2015-1RA SUB (a) (c) (p) (v) | Diversified Investment Vehicles | 21.81%, 1/20/2027 | 31,575 | 7,298 | 6,607 | 0.5 | % | |||||||||||||||||||||||||||||||
OFSI Fund, Ltd. 2014-6A Side Letter (a) (c) | Diversified Investment Vehicles | 0.00%, 3/20/2025 | 1,970 | 263 | — | — | % | |||||||||||||||||||||||||||||||
Whitehorse, Ltd. 2014-1A Side Letter (a) (c) (p) | Diversified Investment Vehicles | 10.44%, 5/1/2026 | 1,886 | 134 | 35 | 0.0 | % | |||||||||||||||||||||||||||||||
Whitehorse, Ltd. 2014-1A SUB (a) (c) (p) (v) | Diversified Investment Vehicles | 0.00%, 5/1/2026 | 36,000 | 6,965 | 286 | 0.0 | % | |||||||||||||||||||||||||||||||
Subtotal Collateralized Securities | $ | 122,870 | $ | 108,927 | 7.4 | % | ||||||||||||||||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||||||||||||||||
Portfolio Company (f) (q) | Industry | Investment Coupon Rate / Maturity (y) | Principal / Number of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | ||||||||||||||||||||||||||||||||
Equity/Other - 17.7% (b) (d) | ||||||||||||||||||||||||||||||||||||||
Aden & Anais Holdings, Inc. (c) (e) (x) | Retail | 4,470 | $ | — | $ | — | — | % | ||||||||||||||||||||||||||||||
Answers Corp. (c) (p) | Media/Entertainment | 908,911 | 11,361 | 727 | 0.0 | % | ||||||||||||||||||||||||||||||||
Avaya Holdings Corp. (a) (e) (s) | Technology | 187,660 | 2,979 | 2,533 | 0.2 | % | ||||||||||||||||||||||||||||||||
Baker Hill Acquisition, LLC (c) (e) | Financials | 22,653 | — | — | — | % | ||||||||||||||||||||||||||||||||
Boston Market Corp. (c) (e) (u) | Food & Beverage | 160,327 | — | — | — | % | ||||||||||||||||||||||||||||||||
Capstone Nutrition Development, LLC (c) (e) (p) (u) | Consumer | 47,883 | 4,788 | 4,788 | 0.3 | % | ||||||||||||||||||||||||||||||||
Captek Softgel International, Inc. (c) (e) (x) | Health/Fitness | 8,498 | 942 | — | — | % | ||||||||||||||||||||||||||||||||
CRD Holdings, LLC (a) (c) (o) (u) | Energy | 9.00% | 52,285,603 | 28,066 | 28,943 | 2.0 | % | |||||||||||||||||||||||||||||||
CRS-SPV, Inc. (c) (e) (o) | Industrials | 246 | 2,219 | 2,221 | 0.2 | % | ||||||||||||||||||||||||||||||||
Danish CRJ, Ltd. (a) (c) (e) (p) (r) | Transportation | 5,002 | — | — | — | % | ||||||||||||||||||||||||||||||||
Data Source Holdings, LLC (c) (e) | Business Services | 10,617 | 140 | 93 | 0.0 | % | ||||||||||||||||||||||||||||||||
Del Real, LLC (c) (e) (u) | Food & Beverage | 670,510 | 382 | — | — | % | ||||||||||||||||||||||||||||||||
Dyno Acquiror, Inc. (c) (e) | Consumer | 134,102 | 58 | 80 | 0.0 | % | ||||||||||||||||||||||||||||||||
HemaSource, Inc. (c) (e) (x) | Healthcare | 223,503 | 168 | 101 | 0.0 | % | ||||||||||||||||||||||||||||||||
ICP Industrial, Inc. (c) (e) | Chemicals | 288 | 279 | 380 | 0.0 | % | ||||||||||||||||||||||||||||||||
Integrated Efficiency Solutions, Inc. (c) (e) | Industrials | 53,215 | 56 | — | — | % | ||||||||||||||||||||||||||||||||
Integrated Efficiency Solutions, Inc. (c) (e) | Industrials | 2,975 | 3 | — | — | % | ||||||||||||||||||||||||||||||||
Kahala Ireland OpCo Designated Activity Company (a) (c) (e) (h) (o) | Transportation | 1 | — | 57,226 | 3.9 | % | ||||||||||||||||||||||||||||||||
Kahala Ireland OpCo Designated Activity Company (a) (c) (e) (h) (o) | Transportation | 3,250,000 | 2,795 | 3,250 | 0.2 | % | ||||||||||||||||||||||||||||||||
Kahala US OpCo, LLC (a) (c) (e) (k) (o) | Transportation | 13.00% | 4,413,472 | — | — | — | % | |||||||||||||||||||||||||||||||
K-Square Restaurant Partners, LP (c) (e) (x) | Food & Beverage | 447 | 175 | — | — | % | ||||||||||||||||||||||||||||||||
Lakeview Health Holdings, Inc. (c) (e) | Healthcare | 447 | — | — | — | % | ||||||||||||||||||||||||||||||||
MGTF Holdco, LLC (c) (e) (o) (u) | Media/Entertainment | 330,000 | — | — | — | % | ||||||||||||||||||||||||||||||||
MIC Holding, LLC (c) (e) | Consumer | 30,000 | 3,750 | 3,822 | 0.3 | % | ||||||||||||||||||||||||||||||||
MIC Holding, LLC (c) (e) | Consumer | 1,470 | 3,687 | 4,520 | 0.3 | % | ||||||||||||||||||||||||||||||||
Micross Solutions, LLC (c) (e) | Software/Services | 442,430 | 223 | 1,040 | 0.1 | % | ||||||||||||||||||||||||||||||||
Mood Media Corp. (c) (e) | Media/Entertainment | 121,021 | 27 | — | — | % | ||||||||||||||||||||||||||||||||
Motor Vehicle Software Corp. (c) (e) (x) | Business Services | 223,503 | 318 | 268 | 0.0 | % | ||||||||||||||||||||||||||||||||
NexSteppe, Inc. (c) (e) (o) | Chemicals | 237,239,694 | 737 | — | — | % | ||||||||||||||||||||||||||||||||
NMFC Senior Loan Program I, LLC (a) (o) | Diversified Investment Vehicles | 50,000 | 50,000 | 47,310 | 3.2 | % | ||||||||||||||||||||||||||||||||
Nomacorc, LLC (c) (e) (u) | Industrials | 356,816 | 56 | 143 | 0.0 | % | ||||||||||||||||||||||||||||||||
Park Ave RE Holdings, LLC (c) (e) (o) (w) | Financials | 719 | 2,842 | 11,133 | 0.8 | % | ||||||||||||||||||||||||||||||||
PCX Aerostructures, LLC (c) (e) (p) | Industrials | 27,250 | — | — | — | % | ||||||||||||||||||||||||||||||||
PCX Aerostructures, LLC (c) (e) (p) | Industrials | 315 | — | — | — | % | ||||||||||||||||||||||||||||||||
PCX Aerostructures, LLC (c) (e) (p) | Industrials | 1,356 | — | — | — | % |
December 31, 2019 | ||||||||||||||||||||||||||||||||||||||
Portfolio Company (f) (q) | Industry | Investment Coupon Rate / Maturity (y) | Principal / Number of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | ||||||||||||||||||||||||||||||||
PennantPark Credit Opportunities Fund II, LP (a) (p) | Diversified Investment Vehicles | 8,739 | $ | 8,739 | $ | 8,707 | 0.6 | % | ||||||||||||||||||||||||||||||
PT Network, LLC (c) (e) (u) | Healthcare | 3 | — | — | — | % | ||||||||||||||||||||||||||||||||
RMP Group, Inc. (c) (e) (u) | Financials | 223 | 164 | 274 | 0.0 | % | ||||||||||||||||||||||||||||||||
RockYou, Inc. (c) (e) | Media/Entertainment | 15,105 | — | — | — | % | ||||||||||||||||||||||||||||||||
Schweiger Dermatology Group, LLC (c) (e) (u) | Healthcare | 265,024 | — | — | — | % | ||||||||||||||||||||||||||||||||
Siena Capital Finance, LLC (c) (o) | Financials | 35,839,400 | 36,537 | 36,915 | 2.5 | % | ||||||||||||||||||||||||||||||||
Smile Brands, Inc. (c) (e) | Healthcare | 712 | 815 | 1,101 | 0.1 | % | ||||||||||||||||||||||||||||||||
Squan Holding Corp. (c) (e) | Telecom | 180,835 | — | — | — | % | ||||||||||||||||||||||||||||||||
Squan Holding Corp. (c) (e) | Telecom | 8,962 | — | — | — | % | ||||||||||||||||||||||||||||||||
St. Croix Hospice Acquisition Corp. (c) (e) | Healthcare | 112 | — | 31 | 0.0 | % | ||||||||||||||||||||||||||||||||
St. Croix Hospice Acquisition Corp. (c) (e) | Healthcare | 112 | 64 | 134 | 0.0 | % | ||||||||||||||||||||||||||||||||
SYNACOR, Inc. (e) (s) | Technology | 59,785 | — | 91 | 0.0 | % | ||||||||||||||||||||||||||||||||
Tap Rock Resources, LLC (c) (e) (g) (p) (u) | Energy | 20,672,210 | 20,672 | 20,879 | 1.4 | % | ||||||||||||||||||||||||||||||||
Tax Advisors Group, LLC (c) (e) (u) | Financials | 86 | 609 | 755 | 0.1 | % | ||||||||||||||||||||||||||||||||
Tax Defense Network, LLC (c) (e) (p) | Consumer | 633,382 | — | — | — | % | ||||||||||||||||||||||||||||||||
Tax Defense Network, LLC (c) (e) (p) | Consumer | 147,099 | 425 | — | — | % | ||||||||||||||||||||||||||||||||
Team Waste, LLC (c) (e) (p) (u) | Industrials | 111,752 | 2,235 | 2,235 | 0.2 | % | ||||||||||||||||||||||||||||||||
Tennenbaum Waterman Fund, LP (a) (p) | Diversified Investment Vehicles | 10,000 | 10,000 | 9,841 | 0.7 | % | ||||||||||||||||||||||||||||||||
THL Credit Greenway Fund II, LLC (a) (p) | Diversified Investment Vehicles | 5,048 | 5,048 | 2,554 | 0.2 | % | ||||||||||||||||||||||||||||||||
Travelpro Products, Inc. (a) (c) (e) | Consumer | 447,007 | 506 | 581 | 0.0 | % | ||||||||||||||||||||||||||||||||
United Biologics, LLC (c) (e) (u) | Healthcare | 39,769 | 132 | 21 | 0.0 | % | ||||||||||||||||||||||||||||||||
United Biologics, LLC (c) (e) (u) | Healthcare | 99,236 | — | — | — | % | ||||||||||||||||||||||||||||||||
United Biologics, LLC (c) (e) (u) | Healthcare | 3,155 | — | — | — | % | ||||||||||||||||||||||||||||||||
United Biologics, LLC (c) (e) (u) | Healthcare | 223 | 35 | 9 | 0.0 | % | ||||||||||||||||||||||||||||||||
United Biologics, LLC (c) (e) (u) | Healthcare | 4,206 | 31 | 15 | 0.0 | % | ||||||||||||||||||||||||||||||||
USASF Holdco, LLC (c) (e) (u) | Financials | 10,000 | 10 | — | — | % | ||||||||||||||||||||||||||||||||
USASF Holdco, LLC (c) (e) (u) | Financials | 490 | 490 | 640 | 0.0 | % | ||||||||||||||||||||||||||||||||
USASF Holdco, LLC (c) (e) (u) | Financials | 139 | 139 | 278 | 0.0 | % | ||||||||||||||||||||||||||||||||
Vantage Mobility International, LLC (c) (e) (p) | Transportation | 1,468,221 | — | — | — | % | ||||||||||||||||||||||||||||||||
Vantage Mobility International, LLC (c) (e) (p) | Transportation | 391,131 | — | — | — | % | ||||||||||||||||||||||||||||||||
Vantage Mobility International, LLC (c) (e) (p) | Transportation | 3,139,625 | 3,140 | 942 | 0.1 | % | ||||||||||||||||||||||||||||||||
Women's Marketing, Inc. (c) (e) | Media/Entertainment | 3,643 | — | — | — | % | ||||||||||||||||||||||||||||||||
World Business Lenders, LLC (c) (e) | Financials | 922,669 | 3,750 | 3,755 | 0.3 | % | ||||||||||||||||||||||||||||||||
WPNT, LLC (c) (e) (o) (u) | Media/Entertainment | 330,000 | — | — | — | % | ||||||||||||||||||||||||||||||||
WSO Holdings, LP (c) (e) | Food & Beverage | 698 | 279 | — | — | % | ||||||||||||||||||||||||||||||||
Wythe Will Tzetzo, LLC (c) (e) (u) | Food & Beverage | 22,312 | 301 | — | — | % | ||||||||||||||||||||||||||||||||
YummyEarth, Inc. (c) (e) | Food & Beverage | 223 | — | — | — | % | ||||||||||||||||||||||||||||||||
Subtotal Equity/Other | $ | 210,172 | $ | 258,336 | 17.7 | % |
December 31, 2019 | ||||||||||||||||||||||||||||||||||||||
Portfolio Company (f) (q) | Industry | Investment Coupon Rate / Maturity (y) | Principal / Number of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | ||||||||||||||||||||||||||||||||
TOTAL INVESTMENTS - 174.1% (b) | $ | 2,639,642 | $ | 2,546,184 | 174.1 | % |
Counterparty | Contract to Deliver | In Exchange For | Maturity Date | Unrealized Depreciation | ||||||||||||||||||||||
Goldman Sachs International | CAD 21,807 | $ | 16,359 | 1/10/2020 | $ | (388) |
December 31, 2019 | ||||||||||||||||||||||||||||||||
Portfolio Company | Investment Type | Cash | PIK | All-in Rate | PIK earned for the year ended December 31, 2019 | |||||||||||||||||||||||||||
Gold Standard Baking, Inc. | Senior Secured First Lien Debt | 6.50 | % | 2.00 | % | 8.50 | % | $ | 81 | |||||||||||||||||||||||
Integral Ad Science, Inc. | Senior Secured First Lien Debt | 7.80 | % | 1.25 | % | 9.05 | % | 182 | ||||||||||||||||||||||||
Internap Corp. | Senior Secured First Lien Debt | 8.04 | % | 0.75 | % | 8.79 | % | 56 | ||||||||||||||||||||||||
Kahala Ireland OpCo Designated Activity Company | Senior Secured First Lien Debt | 13.00 | % | — | % | 13.00 | % | — | ||||||||||||||||||||||||
Lakeview Health Holdings, Inc. | Senior Secured First Lien Debt | — | % | 9.75 | % | 9.75 | % | — | ||||||||||||||||||||||||
Lakeview Health Holdings, Inc. | Senior Secured First Lien Debt | — | % | 9.75 | % | 9.75 | % | — | ||||||||||||||||||||||||
LightSquared, LP | Senior Secured First Lien Debt | — | % | 10.85 | % | 10.85 | % | 1,478 | ||||||||||||||||||||||||
Medical Depot Holdings, Inc. | Senior Secured First Lien Debt | 7.44 | % | 2.00 | % | 9.44 | % | 93 | ||||||||||||||||||||||||
NexSteppe, Inc. | Senior Secured First Lien Debt | — | % | 12.00 | % | 12.00 | % | — | ||||||||||||||||||||||||
NexSteppe, Inc. | Senior Secured First Lien Debt | — | % | 12.00 | % | 12.00 | % | — | ||||||||||||||||||||||||
ORG Chemical Holdings, LLC | Senior Secured First Lien Debt | 9.70 | % | — | % | 9.70 | % | 14 | ||||||||||||||||||||||||
ORG Chemical Holdings, LLC | Senior Secured First Lien Debt | 9.70 | % | — | % | 9.70 | % | 269 | ||||||||||||||||||||||||
PT Network, LLC | Senior Secured First Lien Debt | 7.44 | % | 2.00 | % | 9.44 | % | 101 | ||||||||||||||||||||||||
Squan Holding Corp. | Senior Secured First Lien Debt | 7.95 | % | 1.00 | % | 8.95 | % | 169 | ||||||||||||||||||||||||
Tax Defense Network, LLC | Senior Secured First Lien Debt | — | % | 10.00 | % | 10.00 | % | — | ||||||||||||||||||||||||
Tax Defense Network, LLC | Senior Secured First Lien Debt | 4.47 | % | 5.53 | % | 10.00 | % | — | ||||||||||||||||||||||||
Tax Defense Network, LLC | Senior Secured First Lien Debt | 4.47 | % | 5.53 | % | 10.00 | % | — | ||||||||||||||||||||||||
TwentyEighty, Inc. | Senior Secured First Lien Debt | 4.00 | % | 4.00 | % | 8.00 | % | 201 | ||||||||||||||||||||||||
TwentyEighty, Inc. | Senior Secured First Lien Debt | 0.25 | % | 8.75 | % | 9.00 | % | 426 | ||||||||||||||||||||||||
Von Drehle Corp. | Senior Secured First Lien Debt | 9.44 | % | 4.00 | % | 13.44 | % | 1,068 | ||||||||||||||||||||||||
KidKraft, Inc. | Senior Secured Second Lien Debt | 11.00 | % | 1.00 | % | 12.00 | % | 63 | ||||||||||||||||||||||||
Travelpro Products, Inc. | Senior Secured Second Lien Debt | 11.00 | % | 2.00 | % | 13.00 | % | 48 | ||||||||||||||||||||||||
Travelpro Products, Inc. | Senior Secured Second Lien Debt | 11.00 | % | 2.00 | % | 13.00 | % | 42 | ||||||||||||||||||||||||
Vantage Mobility International, LLC | Senior Secured Second Lien Debt | — | % | 7.80 | % | 7.80 | % | — | ||||||||||||||||||||||||
Vital Proteins, LLC | Senior Secured Second Lien Debt | 7.50 | % | 4.50 | % | 12.00 | % | 168 | ||||||||||||||||||||||||
Captek Softgel International, Inc. | Subordinated Debt | 10.00 | % | 1.50 | % | 11.50 | % | 80 | ||||||||||||||||||||||||
Community Intervention Services, Inc. | Subordinated Debt | — | % | 13.00 | % | 13.00 | % | — | ||||||||||||||||||||||||
Dyno Acquiror, Inc. | Subordinated Debt | 10.50 | % | 1.50 | % | 12.00 | % | 16 | ||||||||||||||||||||||||
HTC Borrower, LLC | Subordinated Debt | 10.00 | % | 3.00 | % | 13.00 | % | 169 | ||||||||||||||||||||||||
Park Ave RE Holdings, LLC | Subordinated Debt | 13.00 | % | — | % | 13.00 | % | — | ||||||||||||||||||||||||
PCX Aerostructures, LLC | Subordinated Debt | — | % | 6.00 | % | 6.00 | % | 462 | ||||||||||||||||||||||||
RMP Group, Inc. | Subordinated Debt | 10.50 | % | 1.00 | % | 11.50 | % | 23 | ||||||||||||||||||||||||
Total | $ | 5,209 |
At December 31, 2019 | |||||||||||
Investments at
Fair Value |
Percentage of
Total Portfolio |
||||||||||
Healthcare | $ | 364,143 | 14.3 | % | |||||||
Business Services | 354,813 | 13.9 | % | ||||||||
Industrials | 308,246 | 12.1 | % | ||||||||
Transportation | 180,676 | 7.1 | % | ||||||||
Diversified Investment Vehicles | 177,339 | 7.0 | % | ||||||||
Financials | 170,154 | 6.7 | % | ||||||||
Telecom | 152,334 | 6.0 | % | ||||||||
Energy | 152,159 | 6.0 | % | ||||||||
Media/Entertainment | 141,505 | 5.5 | % | ||||||||
Technology | 128,117 | 5.0 | % | ||||||||
Food & Beverage | 109,211 | 4.3 | % | ||||||||
Consumer | 76,535 | 3.0 | % | ||||||||
Education | 54,593 | 2.1 | % | ||||||||
Gaming/Lodging | 47,577 | 1.9 | % | ||||||||
Paper & Packaging | 43,538 | 1.7 | % | ||||||||
Software/Services | 42,372 | 1.7 | % | ||||||||
Chemicals | 32,564 | 1.3 | % | ||||||||
Health/Fitness | 5,324 | 0.2 | % | ||||||||
Retail | 4,984 | 0.2 | % | ||||||||
Total | $ | 2,546,184 | 100.0 | % |
Fair Value Measurements | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 |
Measured at Net Asset Value (1)
|
Total | |||||||||||||||||||||||||
Senior Secured First Lien Debt | $ | — | $ | 620,666 | $ | 1,307,957 | $ | — | $ | 1,928,623 | |||||||||||||||||||
Senior Secured Second Lien Debt | — | 52,853 | 186,899 | — | 239,752 | ||||||||||||||||||||||||
Subordinated Debt | — | 9,963 | 108,610 | — | 118,573 | ||||||||||||||||||||||||
Collateralized Securities | — | — | 106,525 | — | 106,525 | ||||||||||||||||||||||||
Equity/Other | 130 | — | 208,793 | 21,120 | 230,043 | ||||||||||||||||||||||||
Total | $ | 130 | $ | 683,482 | $ | 1,918,784 | $ | 21,120 | $ | 2,623,516 |
Fair Value Measurements | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 |
Measured at Net Asset Value (1)
|
Total | |||||||||||||||||||||||||
Senior Secured First Lien Debt | $ | — | $ | 642,755 | $ | 1,121,537 | $ | — | $ | 1,764,292 | |||||||||||||||||||
Senior Secured Second Lien Debt | — | 35,246 | 271,232 | — | 306,478 | ||||||||||||||||||||||||
Subordinated Debt | — | 11,051 | 97,100 | — | 108,151 | ||||||||||||||||||||||||
Collateralized Securities | — | — | 108,927 | — | 108,927 | ||||||||||||||||||||||||
Equity/Other | 2,624 | — | 187,300 | 68,412 | 258,336 | ||||||||||||||||||||||||
Total | $ | 2,624 | $ | 689,052 | $ | 1,786,096 | $ | 68,412 | $ | 2,546,184 |
Senior Secured First Lien Debt | Senior Secured Second Lien Debt | Subordinated Debt | Collateralized Securities | Equity/Other | Total | ||||||||||||||||||||||||||||||
Balance as of December 31, 2019 | $ | 1,121,537 | $ | 271,232 | $ | 97,100 | $ | 108,927 | $ | 187,300 | $ | 1,786,096 | |||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | 8,734 | 15,208 | 4,597 | (19,126) | (18,973) | (9,560) | |||||||||||||||||||||||||||||
Purchases and other adjustments to cost | 597,910 | 35,666 | 29,266 | 58,242 | 65,574 | 786,658 | |||||||||||||||||||||||||||||
Sales and repayments | (414,661) | (80,738) | (21,151) | (39,837) | (33,144) | (589,531) | |||||||||||||||||||||||||||||
Net realized gain (loss) | (62,465) | (41,634) | (1,202) | (1,681) | 8,036 | (98,946) | |||||||||||||||||||||||||||||
Transfers in | 126,805 | 7,719 | — | — | — | 134,524 | |||||||||||||||||||||||||||||
Transfers out | (69,903) | (20,554) | — | — | — | (90,457) | |||||||||||||||||||||||||||||
Balance as of December 31, 2020 | $ | 1,307,957 | $ | 186,899 | $ | 108,610 | $ | 106,525 | $ | 208,793 | $ | 1,918,784 | |||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) for the period relating to those Level 3 assets that were still held by the Company at the end of the period: | $ | (43,203) | $ | (3,352) | $ | 4,985 | $ | (19,337) | $ | (17,988) | $ | (78,895) |
Senior Secured First Lien Debt | Senior Secured Second Lien Debt | Subordinated Debt | Collateralized Securities | Equity/Other | Total | ||||||||||||||||||||||||||||||
Balance as of December 31, 2018 | $ | 1,039,223 | $ | 252,651 | $ | 92,595 | $ | 127,212 | $ | 117,107 | $ | 1,628,788 | |||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | 11,310 | (13,032) | 2,896 | 13,773 | 29,402 | 44,349 | |||||||||||||||||||||||||||||
Purchases and other adjustments to cost | 399,096 | 95,904 | 25,976 | 54,094 | 76,674 | 651,744 | |||||||||||||||||||||||||||||
Sales and repayments | (287,445) | (73,393) | (35,326) | (60,418) | (48,014) | (504,596) | |||||||||||||||||||||||||||||
Net realized gain (loss) | (45,639) | 464 | (607) | (25,734) | 12,131 | (59,385) | |||||||||||||||||||||||||||||
Transfers in | 55,783 | 16,396 | 11,566 | — | — | 83,745 | |||||||||||||||||||||||||||||
Transfers out | (50,791) | (7,758) | — | — | — | (58,549) | |||||||||||||||||||||||||||||
Balance as of December 31, 2019 | $ | 1,121,537 | $ | 271,232 | $ | 97,100 | $ | 108,927 | $ | 187,300 | $ | 1,786,096 | |||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) for the period relating to those Level 3 assets that were still held by the Company at the end of the period: | $ | (29,473) | $ | (12,908) | $ | (1,595) | $ | (7,891) | $ | 29,109 | $ | (22,758) |
Investments at
Amortized Cost |
Investments at
Fair Value |
Fair Value
Percentage of Total Portfolio |
|||||||||||||||
Senior Secured First Lien Debt | $ | 2,009,503 | $ | 1,928,623 | 73.5 | % | |||||||||||
Senior Secured Second Lien Debt | 251,957 | 239,752 | 9.1 | ||||||||||||||
Subordinated Debt | 115,574 | 118,573 | 4.5 | ||||||||||||||
Collateralized Securities | 139,592 | 106,525 | 4.1 | ||||||||||||||
Equity/Other | 197,375 | 230,043 | 8.8 | ||||||||||||||
Total | $ | 2,714,001 | $ | 2,623,516 | 100.0 | % |
Investments at
Amortized Cost |
Investments at
Fair Value |
Fair Value
Percentage of Total Portfolio |
|||||||||||||||
Senior Secured First Lien Debt | $ | 1,862,228 | $ | 1,764,292 | 69.3 | % | |||||||||||
Senior Secured Second Lien Debt | 335,366 | 306,478 | 12.0 | ||||||||||||||
Subordinated Debt | 109,006 | 108,151 | 4.2 | ||||||||||||||
Collateralized Securities | 122,870 | 108,927 | 4.3 | ||||||||||||||
Equity/Other | 210,172 | 258,336 | 10.2 | ||||||||||||||
Total | $ | 2,639,642 | $ | 2,546,184 | 100.0 | % |
Range | ||||||||||||||||||||||||||||||||||||||
Asset Category | Fair Value | Primary Valuation Technique | Unobservable Inputs | Minimum | Maximum |
Weighted Average (a)
|
||||||||||||||||||||||||||||||||
Senior Secured First Lien Debt | $ | 851,279 | Discounted Cash Flow | Market Yield | 4.38% | 38.50% | 8.88% | |||||||||||||||||||||||||||||||
Senior Secured First Lien Debt (c) | 179,109 | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Senior Secured First Lien Debt | 161,126 | Yield Analysis | Market Yield | 2.87% | 14.13% | 7.17% | ||||||||||||||||||||||||||||||||
Senior Secured First Lien Debt | 78,988 | Waterfall Analysis | EBITDA Multiple | 4.50x | 8.39x | 6.62x | ||||||||||||||||||||||||||||||||
Senior Secured First Lien Debt (b) | 18,549 | Waterfall Analysis | Discount Rate | 15.00% | 15.00% | 15.00% | ||||||||||||||||||||||||||||||||
Senior Secured First Lien Debt (b) | 10,485 | Discounted Cash Flow | Discount Rate | 9.47% | 9.47% | 9.47% | ||||||||||||||||||||||||||||||||
Senior Secured First Lien Debt | 8,421 | Waterfall Analysis | Revenue Multiple | 0.20x | 0.75x | 0.30x | ||||||||||||||||||||||||||||||||
Senior Secured Second Lien Debt | 141,633 | Discounted Cash Flow | Market Yield | 7.30% | 29.00% | 11.21% | ||||||||||||||||||||||||||||||||
Senior Secured Second Lien Debt | 28,479 | Yield Analysis | Market Yield | 12.82% | 23.96% | 15.20% | ||||||||||||||||||||||||||||||||
Senior Secured Second Lien Debt (c) | 15,843 | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Senior Secured Second Lien Debt (b) | 944 | Waterfall Analysis | Revenue Multiple | 0.55x | 0.55x | 0.55x | ||||||||||||||||||||||||||||||||
Subordinated Debt (b) | 37,237 | Discounted Cash Flow | Discount Rate | 10.25% | 10.25% | 10.25% | ||||||||||||||||||||||||||||||||
Subordinated Debt (b) | 25,500 | Waterfall Analysis | Tangible Net Asset Value Multiple | 1.50x | 1.50x | 1.50x | ||||||||||||||||||||||||||||||||
Subordinated Debt (b) | 24,696 | Discounted Cash Flow | Market Yield | 8.79% | 8.79% | 8.79% | ||||||||||||||||||||||||||||||||
Subordinated Debt | 18,942 | Waterfall Analysis | EBITDA Multiple | 4.50x | 10.91x | 6.41x | ||||||||||||||||||||||||||||||||
Subordinated Debt (b) | 2,235 | Yield Analysis | Market Yield | 11.63% | 11.63% | 11.63% | ||||||||||||||||||||||||||||||||
Collateralized Securities | 106,525 | Discounted Cash Flow | Discount Rate | 5.50% | 35.00% | 14.24% | ||||||||||||||||||||||||||||||||
Equity/Other (b) (c) | 59,823 | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Equity/Other | 46,202 | Waterfall Analysis | Discount Rate | 15.00% | 15.00% | 15.00% | ||||||||||||||||||||||||||||||||
Equity/Other (b) | 35,839 | Waterfall Analysis | Tangible Net Asset Value Multiple | 1.50x | 1.50x | 1.50x | ||||||||||||||||||||||||||||||||
Equity/Other | 22,425 | Waterfall Analysis | EBITDA Multiple | 1.53x | 11.74x | 6.24x | ||||||||||||||||||||||||||||||||
Equity/Other | 14,959 | Discounted Cash Flow | Market Yield | 0.06% | 13.00% | 0.61% | ||||||||||||||||||||||||||||||||
Equity/Other | 14,705 | Discounted Cash Flow | Discount Rate | 10.25% | 16.50% | 15.10% | ||||||||||||||||||||||||||||||||
Equity/Other | 12,166 | Waterfall Analysis | Revenue Multiple | 0.11x | 2.86x | 2.43x | ||||||||||||||||||||||||||||||||
Equity/Other | 2,674 | Waterfall Analysis | TBV Multiple | 1.37x | 3.20x | 2.85x | ||||||||||||||||||||||||||||||||
Total | $ | 1,918,784 |
Range | ||||||||||||||||||||||||||||||||||||||
Asset Category | Fair Value | Primary Valuation Technique | Unobservable Inputs | Minimum | Maximum |
Weighted Average (a)
|
||||||||||||||||||||||||||||||||
Senior Secured First Lien Debt | $ | 858,510 | Discounted Cash Flow | Market Yield | 6.50% | 57.85% | 10.00% | |||||||||||||||||||||||||||||||
Senior Secured First Lien Debt | 119,724 | Waterfall Analysis | Discount Rate | 13.00% | 19.39% | 13.76% | ||||||||||||||||||||||||||||||||
Senior Secured First Lien Debt (c)
|
51,492 | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Senior Secured First Lien Debt | 48,582 | Yield Analysis | Market Yield | 6.15% | 15.65% | 10.72% | ||||||||||||||||||||||||||||||||
Senior Secured First Lien Debt | 40,373 | Waterfall Analysis | EBITDA Multiple | 3.00x | 5.50x | 3.86x | ||||||||||||||||||||||||||||||||
Senior Secured First Lien Debt | 2,856 | Waterfall Analysis | Revenue Multiple | 0.42x | 0.92x | 0.71x | ||||||||||||||||||||||||||||||||
Senior Secured Second Lien Debt | 201,399 | Discounted Cash Flow | Market Yield | 6.17% | 28.00% | 11.40% | ||||||||||||||||||||||||||||||||
Senior Secured Second Lien Debt | 46,566 | Yield Analysis | Market Yield | 10.43% | 19.73% | 11.38% | ||||||||||||||||||||||||||||||||
Senior Secured Second Lien Debt | 18,353 | Waterfall Analysis | EBITDA Multiple | 4.85x | 7.86x | 5.16x | ||||||||||||||||||||||||||||||||
Senior Secured Second Lien Debt | 4,914 | Waterfall Analysis | Revenue Multiple | 0.48x | 1.59x | 0.94x | ||||||||||||||||||||||||||||||||
Subordinated Debt (b)
|
37,237 | Discounted Cash Flow | Discount Rate | 8.50% | 8.50% | 8.50% | ||||||||||||||||||||||||||||||||
Subordinated Debt (b)
|
22,500 | Waterfall Analysis | Tangible Net Asset Value Multiple | 1.70x | 1.70x | 1.70x | ||||||||||||||||||||||||||||||||
Subordinated Debt | 13,581 | Yield Analysis | Market Yield | 12.18% | 19.59% | 14.45% | ||||||||||||||||||||||||||||||||
Subordinated Debt (b)
|
12,550 | Discounted Cash Flow | Market Yield | 9.00% | 9.00% | 9.00% | ||||||||||||||||||||||||||||||||
Subordinated Debt | 11,232 | Waterfall Analysis | EBITDA Multiple | 5.69x | 7.94x | 6.76x | ||||||||||||||||||||||||||||||||
Collateralized Securities | 85,163 | Discounted Cash Flow | Discount Rate | 4.60% | 22.50% | 12.51% | ||||||||||||||||||||||||||||||||
Collateralized Securities (c)
|
23,764 | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Equity/Other | 81,355 | Waterfall Analysis | Discount Rate | 12.50% | 13.00% | 12.87% | ||||||||||||||||||||||||||||||||
Equity/Other | 37,833 | Waterfall Analysis | Tangible Net Asset Value Multiple | 1.70x | 1.94x | 1.71x | ||||||||||||||||||||||||||||||||
Equity/Other | 28,943 | Discounted Cash Flow | Market Yield | 6.66% | 13.75% | 10.11% | ||||||||||||||||||||||||||||||||
Equity/Other | 20,332 | Waterfall Analysis | EBITDA Multiple | 3.30x | 12.06x | 7.62x | ||||||||||||||||||||||||||||||||
Equity/Other (b)
|
11,133 | Discounted Cash Flow | Discount Rate | 8.50% | 8.50% | 8.50% | ||||||||||||||||||||||||||||||||
Equity/Other | 3,949 | Waterfall Analysis | Revenue Multiple | 0.16x | 2.50x | 1.56x | ||||||||||||||||||||||||||||||||
Equity/Other (b)
|
3,755 | Waterfall Analysis | TBV Multiple | 4.30x | 4.30x | 4.30x | ||||||||||||||||||||||||||||||||
Total | $ | 1,786,096 |
Maturity Date | Total Aggregate Borrowing Capacity | Total Principal Outstanding | Less Deferred Financing Costs | Amount per Consolidated Statements of Assets and Liabilities | ||||||||||||||||||||||||||||
Wells Fargo Credit Facility | 8/28/2025 | $ | 300,000 | $ | 253,000 | $ | (7,099) | $ | 245,901 | |||||||||||||||||||||||
JPM Credit Facility | 8/28/2023 | 300,000 | 289,000 | (894) | 288,106 | |||||||||||||||||||||||||||
Citi Credit Facility | 5/31/2022 | 400,000 | 267,250 | (1,335) | 265,915 | |||||||||||||||||||||||||||
MassMutual Credit Facility | 12/31/2025 | 100,000 | — | (2,258) | (2,258) | |||||||||||||||||||||||||||
2024 Notes | 12/15/2024 | 100,000 | 99,057 | (147) | 98,910 | |||||||||||||||||||||||||||
2023 Notes | 5/30/2023 | 60,000 | 59,843 | (455) | 59,388 | |||||||||||||||||||||||||||
2022 Notes | 12/30/2022 | 150,000 | 149,671 | (910) | 148,761 | |||||||||||||||||||||||||||
Totals | $ | 1,410,000 | $ | 1,117,821 | $ | (13,098) | $ | 1,104,723 |
Maturity Date | Total Aggregate Borrowing Capacity | Total Principal Outstanding | Less Deferred Financing Costs | Amount per Consolidated Statements of Assets and Liabilities | ||||||||||||||||||||||||||||
Wells Fargo Credit Facility | 5/9/2023 | $ | 600,000 | $ | 436,652 | $ | (6,738) | $ | 429,914 | |||||||||||||||||||||||
Citi Credit Facility | 5/31/2022 | 400,000 | 250,500 | (2,271) | 248,229 | |||||||||||||||||||||||||||
2024 Notes | 12/15/2024 | 100,000 | 98,818 | (184) | 98,634 | |||||||||||||||||||||||||||
2023 Notes | 5/30/2023 | 60,000 | 59,778 | (644) | 59,134 | |||||||||||||||||||||||||||
2022 Notes | 12/30/2022 | 150,000 | 149,505 | (1,367) | 148,138 | |||||||||||||||||||||||||||
2020 Notes | 9/1/2020 | 100,000 | 99,789 | (84) | 99,705 | |||||||||||||||||||||||||||
Totals | $ | 1,410,000 | $ | 1,095,042 | $ | (11,288) | $ | 1,083,754 |
Year ended December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate | Non-Usage Rate | Interest Expense |
Deferred Financing Costs (6)
|
Other Fees (7)
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wells Fargo Credit Facility |
(1)
|
(2)
|
$ | 12,580 | $ | 2,018 | $ | 494 | |||||||||||||||||||||||||||||||||||||||||||||||||||
JPM Credit Facility |
(3)
|
(4)
|
2,659 | 112 | 79 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Citi Credit Facility | L+1.60% | 0.50% | 6,230 | 938 | 955 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
MassMutual Credit Facility |
(5)
|
0.50% | — | 214 | 299 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2024 Notes | 4.85% | n/a | 5,089 | 37 | 34 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 Notes | 5.38% | n/a | 3,290 | 189 | 10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 Notes | 4.75% | n/a | 7,291 | 458 | 8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 Notes | 6.00% | n/a | 3,895 | 84 | 8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Totals | $ | 41,034 | $ | 4,050 | $ | 1,887 |
Year ended December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate | Non-Usage Rate | Interest Expense |
Deferred Financing Costs (3)
|
Other Fees (4)
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wells Fargo Credit Facility |
(1)
|
(2)
|
$ | 19,628 | $ | 1,955 | $ | 1,142 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Citi Credit Facility | L+1.60% | 0.50% | 13,163 | 858 | 487 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2024 Notes | 4.85% | n/a | 368 | 3 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 Notes | 5.38% | n/a | 3,290 | 189 | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 Notes | 4.75% | n/a | 7,290 | 456 | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 Notes | 6.00% | n/a | 6,332 | 125 | 8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Totals | $ | 50,071 | $ | 3,586 | $ | 1,655 |
Year ended December 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate | Non-Usage Rate | Interest Expense |
Deferred Financing Costs (3)
|
Other Fees (4)
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wells Fargo Credit Facility |
(1)
|
(2)
|
$ | 17,106 | $ | 1,659 | $ | 912 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Citi Credit Facility | L+1.60% | 0.50% | 13,690 | 799 | 299 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
UBS Credit Facility | L+4.05% | n/a | 3,696 | 110 | 57 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 Notes | 5.38% | n/a | 2,057 | 115 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 Notes | 4.75% | n/a | 7,290 | 456 | 12 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 Notes | 6.00% | n/a | 6,316 | 126 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
JPMC PB Account | L+0.90% | n/a | 570 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Totals | $ | 50,725 | $ | 3,265 | $ | 1,280 |
Level | Carrying Amount at December 31, 2020 | Fair Value at December 31, 2020 | |||||||||||||||
Wells Fargo Credit Facility | 3 | $ | 253,000 | $ | 253,000 | ||||||||||||
JPM Credit Facility | 3 | 289,000 | 289,000 | ||||||||||||||
Citi Credit Facility | 3 | 267,250 | 267,250 | ||||||||||||||
MassMutual Credit Facility | 3 | — | — | ||||||||||||||
2024 Notes | 3 | 99,057 | 100,216 | ||||||||||||||
2023 Notes | 3 | 59,843 | 61,388 | ||||||||||||||
2022 Notes | 3 | 149,671 | 153,440 | ||||||||||||||
$ | 1,117,821 | $ | 1,124,294 |
Level | Carrying Amount at December 31, 2019 | Fair Value at December 31, 2019 | |||||||||||||||
Wells Fargo Credit Facility | 3 | $ | 436,652 | $ | 436,652 | ||||||||||||
Citi Credit Facility | 3 | 250,500 | 250,500 | ||||||||||||||
2024 Notes | 3 | 98,818 | 99,722 | ||||||||||||||
2023 Notes | 3 | 59,778 | 60,721 | ||||||||||||||
2022 Notes | 3 | 149,505 | 151,937 | ||||||||||||||
2020 Notes | 3 | 99,789 | 101,389 | ||||||||||||||
$ | 1,095,042 | $ | 1,100,921 |
Portfolio Company Name | Investment Type | Commitment Type | Total Commitment | Remaining Commitment | ||||||||||||||||||||||
Achilles Acquisition, LLC | Senior Secured First Lien Debt | Delayed draw term loan | $ | 445 | $ | 445 | ||||||||||||||||||||
Arch Global Precision, LLC | Senior Secured First Lien Debt | Delayed draw term loan | 1,129 | 1,129 | ||||||||||||||||||||||
Arch Global Precision, LLC | Senior Secured First Lien Debt | Revolver term loan | 1,008 | 1,008 | ||||||||||||||||||||||
Arctic Holdco, LLC | Senior Secured First Lien Debt | Revolver term loan | 2,844 | 2,457 | ||||||||||||||||||||||
Capstone Logistics | Senior Secured First Lien Debt | Delayed draw term loan | 2,948 | 2,948 | ||||||||||||||||||||||
Capstone Logistics | Senior Secured First Lien Debt | Revolver term loan | 1,804 | 1,665 | ||||||||||||||||||||||
CCW, LLC | Senior Secured First Lien Debt | Revolver term loan | 1,605 | 600 | ||||||||||||||||||||||
CDHA Holdings, LLC | Senior Secured First Lien Debt | Revolver term loan | 1,264 | 1,264 | ||||||||||||||||||||||
CRS-SPV, Inc. | Senior Secured First Lien Debt | Revolver term loan | 224 | 162 | ||||||||||||||||||||||
Dynagrid Holdings, LLC | Senior Secured First Lien Debt | Revolver term loan | 2,262 | 2,149 | ||||||||||||||||||||||
Florida Food Products, LLC | Senior Secured First Lien Debt | Revolver term loan | 1,647 | 1,186 | ||||||||||||||||||||||
HAH Group Holding Company, LLC | Senior Secured First Lien Debt | Delayed draw term loan | 741 | 741 | ||||||||||||||||||||||
Health Plan One, Inc. | Senior Secured First Lien Debt | Revolver term loan | 1,458 | 1,458 | ||||||||||||||||||||||
Higginbotham Insurance Agency, Inc. | Senior Secured First Lien Debt | Delayed draw term loan | 3,259 | 3,259 | ||||||||||||||||||||||
Hospice Care Buyer, Inc. | Senior Secured First Lien Debt | Delayed draw term loan | 4,599 | 4,599 | ||||||||||||||||||||||
Hospice Care Buyer, Inc. | Senior Secured First Lien Debt | Term Loan | 24,739 | 2,863 | ||||||||||||||||||||||
Hospice Care Buyer, Inc. | Senior Secured First Lien Debt | Revolver term loan | 2,775 | 2,379 | ||||||||||||||||||||||
ICR Operations, LLC | Senior Secured First Lien Debt | Revolver term loan | 2,753 | 1,846 | ||||||||||||||||||||||
Ideal Tridon Holdings, Inc. | Senior Secured First Lien Debt | Delayed draw term loan | 79 | 33 | ||||||||||||||||||||||
Ideal Tridon Holdings, Inc. | Senior Secured First Lien Debt | Revolver term loan | 2,810 | 2,368 | ||||||||||||||||||||||
Integral Ad Science, Inc. | Senior Secured First Lien Debt | Revolver term loan | 1,085 | 1,085 | ||||||||||||||||||||||
Integrated Global Services, Inc. | Senior Secured First Lien Debt | Revolver term loan | 2,028 | 406 | ||||||||||||||||||||||
KMTEX, LLC (1)
|
Senior Secured First Lien Debt | Delayed draw term loan | 2,682 | 2,464 | ||||||||||||||||||||||
Lakeview Health Holdings, Inc. | Senior Secured First Lien Debt | Revolver term loan | 328 | 186 | ||||||||||||||||||||||
Manna Pro Products, LLC | Senior Secured First Lien Debt | Delayed draw term loan | 4,059 | 4,059 | ||||||||||||||||||||||
Manna Pro Products, LLC | Senior Secured First Lien Debt | Revolver term loan | 2,706 | 2,706 | ||||||||||||||||||||||
McDonald Worley, P.C. | Senior Secured First Lien Debt | Term loan | 11,000 | 953 | ||||||||||||||||||||||
Midwest Can Company, LLC | Senior Secured First Lien Debt | Revolver term loan | 2,019 | 2,019 | ||||||||||||||||||||||
Miller Environmental Group, Inc. | Senior Secured First Lien Debt | Delayed draw term loan | 1,131 | 1,131 | ||||||||||||||||||||||
Miller Environmental Group, Inc. | Senior Secured First Lien Debt | Revolver term loan | 1,324 | 1,324 | ||||||||||||||||||||||
Mintz Group, LLC | Senior Secured First Lien Debt | Delayed draw term loan | 1,344 | 1,344 | ||||||||||||||||||||||
Mintz Group, LLC | Senior Secured First Lien Debt | Revolver term loan | 630 | 630 | ||||||||||||||||||||||
Muth Mirror Systems, LLC | Senior Secured First Lien Debt | Revolver term loan | 1,299 | 1,299 | ||||||||||||||||||||||
New Amsterdam Software Bidco, LLC | Senior Secured First Lien Debt | Delayed draw term loan | 1,790 | 1,790 | ||||||||||||||||||||||
Norvax, LLC | Senior Secured First Lien Debt | Revolver term loan | 1,152 | 1,152 | ||||||||||||||||||||||
Olaplex, Inc. | Senior Secured First Lien Debt | Revolver term loan | 1,908 | 1,908 | ||||||||||||||||||||||
Planet Equity Group, LLC | Senior Secured First Lien Debt | Revolver term loan | 2,325 | 2,325 | ||||||||||||||||||||||
Prototek, LLC | Senior Secured First Lien Debt | Delayed draw term loan | 2,257 | 2,257 | ||||||||||||||||||||||
Prototek, LLC | Senior Secured First Lien Debt | Revolver term loan | 1,693 | 1,016 | ||||||||||||||||||||||
PT Network, LLC | Senior Secured First Lien Debt | Revolver term loan | 1,316 | 1,316 | ||||||||||||||||||||||
Questex, Inc. | Senior Secured First Lien Debt | Revolver term loan | 2,584 | 689 | ||||||||||||||||||||||
Reddy Ice Corp. | Senior Secured First Lien Debt | Delayed draw term loan | 2,505 | 1,234 | ||||||||||||||||||||||
Reddy Ice Corp. | Senior Secured First Lien Debt | Delayed draw term loan | 1,477 | 1,477 | ||||||||||||||||||||||
Reddy Ice Corp. | Senior Secured First Lien Debt | Revolver term loan | 1,762 | 1,762 | ||||||||||||||||||||||
Refresh Parent Holdings, Inc. | Senior Secured First Lien Debt | Delayed draw term loan | 3,144 | 3,144 | ||||||||||||||||||||||
Refresh Parent Holdings, Inc. | Senior Secured First Lien Debt | Revolver term loan | 1,127 | 807 | ||||||||||||||||||||||
REP TEC Intermediate Holdings, Inc. | Senior Secured First Lien Debt | Delayed draw term loan | 2,223 | 2,223 |
Portfolio Company Name | Investment Type | Commitment Type | Total Commitment | Remaining Commitment | ||||||||||||||||||||||
REP TEC Intermediate Holdings, Inc. | Senior Secured First Lien Debt | Revolver term loan | $ | 741 | $ | 741 | ||||||||||||||||||||
Safety Products/JHC Acquisition Corp. | Senior Secured First Lien Debt | Delayed draw term loan | 2,162 | 1,214 | ||||||||||||||||||||||
SCIH Salt Holdings, Inc. | Senior Secured First Lien Debt | Revolver term loan | 3,746 | 2,593 | ||||||||||||||||||||||
St. Croix Hospice Acquisition Corp. | Senior Secured First Lien Debt | Delayed draw term loan | 5,639 | 5,639 | ||||||||||||||||||||||
St. Croix Hospice Acquisition Corp. | Senior Secured First Lien Debt | Revolver term loan | 2,256 | 2,256 | ||||||||||||||||||||||
Subsea Global Solutions, LLC | Senior Secured First Lien Debt | Revolver term loan | 963 | 578 | ||||||||||||||||||||||
Tap Rock Resources, LLC (1)
|
Equity/Other | Equity | 29,470 | 11,114 | ||||||||||||||||||||||
Tillamook Country Smoker, LLC | Senior Secured First Lien Debt | Revolver term loan | 2,696 | 135 | ||||||||||||||||||||||
University of St. Augustine Acquisition Corp. | Senior Secured First Lien Debt | Revolver term loan | 2,615 | 2,615 | ||||||||||||||||||||||
WMK, LLC | Senior Secured First Lien Debt | Delayed draw term loan | 1,918 | 1,562 | ||||||||||||||||||||||
WMK, LLC | Senior Secured First Lien Debt | Revolver term loan | 2,618 | 436 | ||||||||||||||||||||||
Total | $ | 174,115 | $ | 106,148 |
December 31, 2019 | ||||||||||||||||||||||||||
Portfolio Company Name | Investment Type | Commitment Type | Total Commitment | Remaining Commitment | ||||||||||||||||||||||
AMI Entertainment Network, LLC | Senior Secured First Lien Debt | Revolver term loan | $ | 1,234 | $ | 1,234 | ||||||||||||||||||||
Arch Global Precision, LLC | Senior Secured First Lien Debt | Delayed draw term loan | 1,071 | 1,071 | ||||||||||||||||||||||
Arch Global Precision, LLC | Senior Secured First Lien Debt | Revolver term loan | 1,008 | 1,008 | ||||||||||||||||||||||
CCW, LLC | Senior Secured First Lien Debt | Revolver term loan | 1,500 | 200 | ||||||||||||||||||||||
CDHA Holdings, LLC | Senior Secured First Lien Debt | Delayed draw term loan | 7,580 | 7,027 | ||||||||||||||||||||||
CDHA Holdings, LLC | Senior Secured First Lien Debt | Revolver term loan | 1,264 | 834 | ||||||||||||||||||||||
Corfin Industries, LLC | Senior Secured First Lien Debt | Revolver term loan | 956 | 956 | ||||||||||||||||||||||
CRS-SPV, Inc. | Senior Secured First Lien Debt | Revolver term loan | 224 | 162 | ||||||||||||||||||||||
Florida Food Products, LLC | Senior Secured First Lien Debt | Revolver term loan | 1,647 | 231 | ||||||||||||||||||||||
ICR Operations, LLC | Senior Secured First Lien Debt | Revolver term loan | 2,753 | 2,655 | ||||||||||||||||||||||
Ideal Tridon Holdings, Inc. | Senior Secured First Lien Debt | Delayed draw term loan | 80 | 34 | ||||||||||||||||||||||
Ideal Tridon Holdings, Inc. | Senior Secured First Lien Debt | Revolver term loan | 2,810 | 2,649 | ||||||||||||||||||||||
Integral Ad Science, Inc. | Senior Secured First Lien Debt | Revolver term loan | 1,085 | 1,085 | ||||||||||||||||||||||
Lakeview Health Holdings, Inc. | Senior Secured First Lien Debt | Revolver term loan | 315 | 186 | ||||||||||||||||||||||
MED Parentco, LP | Senior Secured First Lien Debt | Delayed draw term loan | 1,437 | 1,131 | ||||||||||||||||||||||
Midwest Can Company, LLC | Senior Secured First Lien Debt | Revolver term loan | 547 | 547 | ||||||||||||||||||||||
Miller Environmental Group, Inc. | Senior Secured First Lien Debt | Delayed draw term loan | 1,131 | 1,131 | ||||||||||||||||||||||
Miller Environmental Group, Inc. | Senior Secured First Lien Debt | Revolver term loan | 1,324 | 1,324 | ||||||||||||||||||||||
Muth Mirror Systems, LLC | Senior Secured First Lien Debt | Revolver term loan | 1,299 | 1,299 | ||||||||||||||||||||||
New Amsterdam Software Bidco, LLC | Senior Secured First Lien Debt | Delayed draw term loan | 1,790 | 1,790 | ||||||||||||||||||||||
Norvax, LLC | Senior Secured First Lien Debt | Revolver term loan | 1,152 | 1,152 | ||||||||||||||||||||||
ORG Chemical Holdings, LLC (1)
|
Senior Secured First Lien Debt | Delayed draw term loan | 6,503 | 3,083 | ||||||||||||||||||||||
Planet Equity Group, LLC | Senior Secured First Lien Debt | Revolver term loan | 2,325 | 2,325 | ||||||||||||||||||||||
PT Network, LLC | Senior Secured First Lien Debt | Revolver term loan | 1,316 | 1,316 | ||||||||||||||||||||||
Questex, Inc. | Senior Secured First Lien Debt | Revolver term loan | 2,584 | 1,895 | ||||||||||||||||||||||
Reddy Ice Corp. | Senior Secured First Lien Debt | Delayed draw term loan | 2,518 | 2,518 | ||||||||||||||||||||||
Reddy Ice Corp. | Senior Secured First Lien Debt | Revolver term loan | 1,762 | 1,762 | ||||||||||||||||||||||
Safety Products/JHC Acquisition Corp. | Senior Secured First Lien Debt | Delayed draw term loan | 2,171 | 1,214 | ||||||||||||||||||||||
SitusAMC Holdings Corp. | Senior Secured First Lien Debt | Delayed draw term loan | 752 | 752 | ||||||||||||||||||||||
Subsea Global Solutions, LLC | Senior Secured First Lien Debt | Delayed draw term loan | 4,744 | 2,352 | ||||||||||||||||||||||
Subsea Global Solutions, LLC | Senior Secured First Lien Debt | Revolver term loan | 963 | 575 | ||||||||||||||||||||||
Tap Rock Resources, LLC (1)
|
Equity/Other | Equity | 42,100 | 21,428 | ||||||||||||||||||||||
Tillamook Country Smoker, LLC | Senior Secured First Lien Debt | Revolver term loan | 1,618 | 539 | ||||||||||||||||||||||
University of St. Augustine Acquisition Corp. | Senior Secured First Lien Debt | Revolver term loan | 2,615 | 2,615 | ||||||||||||||||||||||
Vantage Mobility International, LLC | Senior Secured First Lien Debt | Delayed draw term loan | 196 | 196 | ||||||||||||||||||||||
WMK, LLC | Senior Secured First Lien Debt | Delayed draw term loan | 4,528 | 2,618 | ||||||||||||||||||||||
WMK, LLC | Senior Secured First Lien Debt | Revolver term loan | 2,618 | 1,484 | ||||||||||||||||||||||
Total | $ | 111,520 | $ | 74,378 |
Shares | Value | |||||||||||||
Shares Sold | 10,225,302 | $ | 59,000 | |||||||||||
Shares Issued through DRIP | 3,213,102 | 22,332 | ||||||||||||
Share Repurchases | (2,255,193) | (17,477) | ||||||||||||
11,183,211 | $ | 63,855 |
Shares | Value | |||||||||||||
Shares Sold | — | $ | — | |||||||||||
Shares Issued through DRIP | 4,373,786 | 34,905 | ||||||||||||
Share Repurchases | (4,490,328) | (36,286) | ||||||||||||
(116,542) | $ | (1,381) |
Shares | Value | |||||||||||||
Shares Sold | 10,975,610 | $ | 90,000 | |||||||||||
Shares Issued through DRIP | 4,720,005 | 38,983 | ||||||||||||
Share Repurchases | (5,105,554) | (42,313) | ||||||||||||
10,590,061 | $ | 86,670 |
Common stock - shares | Common stock - par | Additional paid in capital | Total distributable earnings (loss) | Net assets attributable to non-controlling interest | Total Stockholders' Equity | ||||||||||||||||||||||||||||||
Balance as of December 31, 2017 | 179,733,998 | $ | 180 | $ | 1,752,793 | $ | (261,278) | $ | 2,821 | $ | 1,494,516 | ||||||||||||||||||||||||
Net investment income | — | — | — | 103,385 | 25 | 103,410 | |||||||||||||||||||||||||||||
Net realized loss from investment transactions | — | — | — | (24,310) | — | (24,310) | |||||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign exchange currency contracts, net of change in deferred taxes | — | — | — | (50,829) | 840 | (49,989) | |||||||||||||||||||||||||||||
Issuance of common stock, net of issuance costs | 10,975,610 | 11 | 89,989 | — | — | 90,000 | |||||||||||||||||||||||||||||
Repurchases | (5,105,554) | (5) | (42,308) | — | — | (42,313) | |||||||||||||||||||||||||||||
Distributions to stockholders | — | — | — | (117,578) | — | (117,578) | |||||||||||||||||||||||||||||
Reinvested dividends | 4,720,005 | 4 | 38,979 | — | — | 38,983 | |||||||||||||||||||||||||||||
Tax adjustment | — | — | (27,483) | 27,483 | — | — | |||||||||||||||||||||||||||||
Balance as of December 31, 2018 | 190,324,059 | $ | 190 | $ | 1,811,970 | $ | (323,127) | $ | 3,686 | $ | 1,492,719 | ||||||||||||||||||||||||
Net investment income | — | — | — | 108,248 | 9 | 108,257 | |||||||||||||||||||||||||||||
Net realized loss from investment transactions | — | — | — | (64,525) | — | (64,525) | |||||||||||||||||||||||||||||
Net change in unrealized appreciation on investments and foreign exchange currency contracts, net of change in deferred taxes | — | — | — | 48,749 | 3,017 | 51,766 | |||||||||||||||||||||||||||||
Acquisition of non-controlling interest | — | — | 6,024 | — | (6,712) | (688) | |||||||||||||||||||||||||||||
Repurchases | (4,490,328) | (4) | (36,282) | — | — | (36,286) | |||||||||||||||||||||||||||||
Distributions to stockholders | — | — | — | (123,465) | — | (123,465) | |||||||||||||||||||||||||||||
Reinvested dividends | 4,373,786 | 4 | 34,901 | — | — | 34,905 | |||||||||||||||||||||||||||||
Tax adjustment | — | — | 30,699 | (30,699) | — | — | |||||||||||||||||||||||||||||
Balance as of December 31, 2019 | 190,207,517 | $ | 190 | $ | 1,847,312 | $ | (384,819) | $ | — | $ | 1,462,683 | ||||||||||||||||||||||||
Net investment income | — | — | — | 91,200 | — | 91,200 | |||||||||||||||||||||||||||||
Net realized loss from investment transactions | — | — | — | (132,149) | — | (132,149) | |||||||||||||||||||||||||||||
Net change in unrealized appreciation on investments and foreign exchange currency contracts, net of change in deferred taxes | — | — | — | 5,147 | — | 5,147 | |||||||||||||||||||||||||||||
Issuance of common stock, net of issuance costs | 10,225,302 | 10 | 58,990 | — | — | 59,000 | |||||||||||||||||||||||||||||
Repurchases | (2,255,193) | (2) | (17,475) | — | — | (17,477) | |||||||||||||||||||||||||||||
Distributions to stockholders | — | — | — | (90,981) | — | (90,981) | |||||||||||||||||||||||||||||
Reinvested dividends | 3,213,102 | 3 | 22,329 | — | — | 22,332 | |||||||||||||||||||||||||||||
Tax adjustment | — | — | (3,040) | 3,040 | — | — | |||||||||||||||||||||||||||||
Balance as of December 31, 2020 | 201,390,728 | $ | 201 | $ | 1,908,116 | $ | (508,562) | $ | — | $ | 1,399,755 |
Offer Date | Repurchase Date | Shares Tendered | Shares Repurchased | Repurchase Price Per Share | Aggregate Consideration for Repurchased Shares (in thousands) | |||||||||||||||||||||||||||
December 19, 2017 | January 19, 2018 | 21,521,235 | 2,547,524 | $ | 8.31 | $ | 21,350.21 | |||||||||||||||||||||||||
June 15, 2018 | July 16, 2018 | 20,864,620 | 2,348,835 | $ | 8.26 | $ | 19,401.38 | |||||||||||||||||||||||||
December 14, 2018 | January 18, 2019 | 21,586,074 | 2,241,000 | $ | 8.20 | $ | 18,376.18 | |||||||||||||||||||||||||
June 18, 2019 | July 23, 2019 | 31,263,410 | 2,199,337 | $ | 7.96 | $ | 17,506.70 | |||||||||||||||||||||||||
December 17, 2019 | January 27, 2020 | 37,389,681 | 2,115,276 | $ | 7.75 | $ | 16,698.90 |
For the years ended December 31, | |||||||||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||||||||
Basic and diluted | |||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | (35,802) | $ | 92,472 | $ | 28,246 | |||||||||||||||||
Weighted average common shares outstanding | 197,482,855 | 189,940,267 | 180,861,382 | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations per share | $ | (0.18) | $ | 0.49 | $ | 0.16 |
For the years ended December 31, | ||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||
Ordinary income distributions | $ | 90,981 | 100.0 | % | $ | 123,465 | 100.0 | % | $ | 117,578 | 100.0 | % | ||||||||||||||||||||||||||
Capital gains distributions | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Return of capital | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Total distributions | $ | 90,981 | 100.0 | % | $ | 123,465 | 100.0 | % | $ | 117,578 | 100.0 | % |
For the years ended December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Book income (loss) from operating activities | $ | (35,802) | $ | 92,472 | $ | 28,246 | ||||||||||||||
Net unrealized (gain) loss on investments | (295) | 517 | 135 | |||||||||||||||||
Nondeductible expenses | 2,566 | 1,771 | 1,605 | |||||||||||||||||
Temporary differences | 139,652 | 36,875 | 91,232 | |||||||||||||||||
Taxable income before deductions for distributions paid | $ | 106,121 | $ | 131,635 | $ | 121,218 |
For the years ended December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Undistributed ordinary income | $ | 56,493 | $ | 31,010 | $ | 19,831 | ||||||||||||||
Undistributed capital loss carryforward | (329,587) | (206,292) | (82,139) | |||||||||||||||||
Total undistributed net earnings (loss carryforward) | (273,094) | (175,282) | (62,308) | |||||||||||||||||
Net unrealized loss on investments | (231,926) | (204,294) | (287,449) | |||||||||||||||||
Total undistributed taxable income | $ | (505,020) | $ | (379,576) | $ | (349,757) |
December 31, 2020 | ||||||||
Tax cost | $ | 2,852,188 | ||||||
Gross unrealized appreciation | 82,042 | |||||||
Gross unrealized depreciation | (313,968) |
Total distributable earnings | Paid in capital | |||||||||||||
2020 | $ | 3,040 | $ | (3,040) |
For the years ended December 31, | |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 |
2016 (7)
|
|||||||||||||||||||||||||
Per share data: | |||||||||||||||||||||||||||||
Net asset value, beginning of year | $ | 7.69 | $ | 7.82 | $ | 8.30 | $ | 8.62 | $ | 8.97 | |||||||||||||||||||
Results of operations (1)
|
|||||||||||||||||||||||||||||
Net investment income | 0.46 | 0.57 | 0.57 | 0.59 | 0.67 | ||||||||||||||||||||||||
Net realized and unrealized loss, net of deferred taxes | (0.64) | (0.07) | (0.41) | (0.15) | (0.14) | ||||||||||||||||||||||||
Net change in unrealized depreciation attributable to non-controlling interests | — | (0.01) | — | — | (0.01) | ||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (0.18) | 0.49 | 0.16 | 0.44 | 0.52 | ||||||||||||||||||||||||
Stockholder distributions (2)
|
|||||||||||||||||||||||||||||
Distributions from net investment income | (0.46) | (0.65) | (0.65) | (0.76) | (0.87) | ||||||||||||||||||||||||
Distributions from net realized gain on investments | — | — | — | — | — | ||||||||||||||||||||||||
Return of capital
|
— | — | — | — | — | ||||||||||||||||||||||||
Net decrease in net assets resulting from stockholder distributions | (0.46) | (0.65) | (0.65) | (0.76) | (0.87) | ||||||||||||||||||||||||
Capital share transactions | |||||||||||||||||||||||||||||
Issuance of common stock (3)
|
(0.06) | — | 0.01 | — | — | ||||||||||||||||||||||||
Acquisition of non-controlling interest
|
— | 0.03 | — | — | — | ||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions | (0.06) | 0.03 | 0.01 | — | — | ||||||||||||||||||||||||
Other (8)
|
(0.04) | — | — | — | — | ||||||||||||||||||||||||
Net asset value, end of year | $ | 6.95 | $ | 7.69 | $ | 7.82 | $ | 8.30 | $ | 8.62 | |||||||||||||||||||
Shares outstanding at end of year | 201,390,728 | 190,207,517 | 190,324,059 | 179,733,998 | 177,120,791 | ||||||||||||||||||||||||
Total return (4)
|
(3.44) | % | 6.60 | % | 1.96 | % | 5.24 | % | 6.02 | % | |||||||||||||||||||
Ratio/Supplemental data: | |||||||||||||||||||||||||||||
Net assets attributable to BDCA, end of year | $ | 1,399,755 | $ | 1,462,683 | $ | 1,489,033 | $ | 1,491,695 | $ | 1,526,913 | |||||||||||||||||||
Total net assets, end of year | $ | 1,399,755 | $ | 1,462,683 | $ | 1,492,719 | $ | 1,494,516 | $ | 1,529,734 | |||||||||||||||||||
Ratio of net investment income to average net assets | 6.71 | % | 7.26 | % | 6.92 | % | 7.01 | % | 7.64 | % | |||||||||||||||||||
Ratio of total expenses to average net assets (6)
|
7.76 | % | 9.14 | % | 8.94 | % | 7.79 | % | 6.98 | % | |||||||||||||||||||
Ratio of incentive fees to average net assets | 0.46 | % | 1.82 | % | 1.45 | % | 1.30 | % | 1.14 | % | |||||||||||||||||||
Ratio of debt related expenses to average net assets | 3.45 | % | 3.71 | % | 3.70 | % | 2.90 | % | 2.38 | % | |||||||||||||||||||
Portfolio turnover rate (5)
|
37.22 | % | 32.24 | % | 45.58 | % | 40.06 | % | 24.99 | % |
Quarter Ended | Total Investment Income | Net Investment Income | Net Realized and Unrealized Gain (Loss) | Net Increase (Decrease) In Net Assets Resulting from Operations | Net Investment Income per Share | Net Increase (Decrease) in Net Assets Resulting from Operations per Share | Net Asset Value per Common Share at End of Quarter | |||||||||||||||||||||||||||||||||||||
December 31, 2020 | $ | 54,157 | $ | 24,889 | $ | 44,162 | $ | 69,051 | $ | 0.12 | $ | 0.34 | $ | 6.95 | ||||||||||||||||||||||||||||||
September 30, 2020 | 44,166 | 20,320 | 37,654 | 57,974 | 0.10 | 0.29 | 6.71 | |||||||||||||||||||||||||||||||||||||
June 30, 2020 | 45,081 | 20,433 | 10,459 | 30,892 | 0.10 | 0.16 | 6.52 | |||||||||||||||||||||||||||||||||||||
March 31, 2020 | 53,281 | 25,558 | (219,277) | (193,719) | 0.13 | (1.02) | 6.47 | |||||||||||||||||||||||||||||||||||||
December 31, 2019 | 58,160 | 26,052 | (10,526) | 15,526 | 0.14 | 0.08 | 7.69 | |||||||||||||||||||||||||||||||||||||
September 30, 2019 | 63,192 | 27,940 | (39,990) | (12,050) | 0.15 | (0.06) | 7.75 | |||||||||||||||||||||||||||||||||||||
June 30, 2019 | 62,052 | 27,092 | 6,072 | 33,164 | 0.14 | 0.17 | 7.97 | |||||||||||||||||||||||||||||||||||||
March 31, 2019 | 61,101 | 27,164 | 28,668 | 55,832 | 0.14 | 0.29 | 7.96 |
Total Amount Outstanding Exclusive of Treasury Securities |
Asset Coverage Ratio Per Unit (1)
|
Involuntary Liquidation Preference Per Unit (2)
|
Asset Market Value Per Unit (3)
|
|||||||||||||||||||||||
Wells Fargo Credit Facility | $ | 253,000 | $ | — | $ | — | N/A | |||||||||||||||||||
JPM Credit Facilty | 289,000 | — | — | N/A | ||||||||||||||||||||||
Citi Credit Facility | 267,250 | — | — | N/A | ||||||||||||||||||||||
MassMutual Credit Facility | — | — | — | N/A | ||||||||||||||||||||||
2024 Notes | 99,057 | — | — | N/A | ||||||||||||||||||||||
2023 Notes | 59,843 | — | — | N/A | ||||||||||||||||||||||
2022 Notes | 149,671 | — | — | N/A | ||||||||||||||||||||||
$ | 1,117,821 | $ | 2,252 | $ | — | N/A |
Total Amount Outstanding Exclusive of Treasury Securities |
Asset Coverage Ratio Per Unit (1)
|
Involuntary Liquidation Preference Per Unit (2)
|
Asset Market Value Per Unit (3)
|
|||||||||||||||||||||||
Wells Fargo Credit Facility | $ | 436,652 | $ | — | $ | — | N/A | |||||||||||||||||||
Citi Credit Facility | 250,500 | — | — | N/A | ||||||||||||||||||||||
2024 Notes | 98,818 | — | — | N/A | ||||||||||||||||||||||
2023 Notes | 59,778 | — | — | N/A | ||||||||||||||||||||||
2022 Notes | 149,505 | — | — | N/A | ||||||||||||||||||||||
2020 Notes | 99,789 | — | — | N/A | ||||||||||||||||||||||
$ | 1,095,042 | $ | 2,336 | $ | — | N/A |
Total Amount Outstanding Exclusive of Treasury Securities |
Asset Coverage Ratio Per Unit (1)
|
Involuntary Liquidation Preference Per Unit (2)
|
Asset Market Value Per Unit (3)
|
|||||||||||||||||||||||
Wells Fargo Credit Facility | $ | 294,651 | $ | — | $ | — | N/A | |||||||||||||||||||
Citi Credit Facility | 293,500 | — | — | N/A | ||||||||||||||||||||||
2023 Notes | 59,713 | — | — | N/A | ||||||||||||||||||||||
2022 Notes | 149,340 | — | — | N/A | ||||||||||||||||||||||
2020 Notes | 99,474 | — | — | N/A | ||||||||||||||||||||||
$ | 896,678 | $ | 2,688 | $ | — | N/A |
Total Amount Outstanding Exclusive of Treasury Securities |
Asset Coverage Ratio Per Unit (1)
|
Involuntary Liquidation Preference Per Unit (2)
|
Asset Market Value Per Unit (3)
|
|||||||||||||||||||||||
Wells Fargo Credit Facility | $ | 188,051 | $ | — | $ | — | N/A | |||||||||||||||||||
Citi Credit Facility | 336,003 | — | — | N/A | ||||||||||||||||||||||
UBS Credit Facility | 232,500 | — | — | N/A | ||||||||||||||||||||||
2022 Notes | 149,175 | — | — | N/A | ||||||||||||||||||||||
2020 Notes | 99,158 | — | — | N/A | ||||||||||||||||||||||
JPMC PB Account | 36,262 | — | — | N/A | ||||||||||||||||||||||
$ | 1,041,149 | $ | 2,435 | $ | — | N/A |
Total Amount Outstanding Exclusive of Treasury Securities |
Asset Coverage Ratio Per Unit (1)
|
Involuntary Liquidation Preference Per Unit (2)
|
Asset Market Value Per Unit (3)
|
|||||||||||||||||||||||
Wells Fargo Credit Facility | $ | 298,152 | $ | — | $ | — | N/A | |||||||||||||||||||
Citi Credit Facility | 286,003 | — | — | N/A | ||||||||||||||||||||||
UBS Credit Facility | 232,500 | — | — | N/A | ||||||||||||||||||||||
2020 Notes | 98,842 | — | — | N/A | ||||||||||||||||||||||
$ | 915,497 | $ | 2,671 | $ | — | N/A |
Portfolio Company (1)
|
Type of Asset | Industry | Amount of dividends and interest included in income | Beginning Fair Value at December 31, 2019 |
Gross additions*
|
Gross reductions**
|
Realized Gain/(Loss) |
Change in Unrealized Gain (Loss) (4)
|
Fair Value at December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Control Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capstone Nutrition (fka Integrity Nutraceuticals) - L+12.50% (15.08%), 9/25/2020 (2) (5) (6)
|
Senior Secured First Lien Debt | Consumer | $ | — | $ | — | $ | 504 | $ | — | $ | (504) | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||
CRD Holdings, LLC - 9.00% (2) (6)
|
Equity/Other | Energy | 2,071 | 28,943 | — | (14,295) | — | (91) | 14,557 | |||||||||||||||||||||||||||||||||||||||||||||||
CRS-SPV, Inc. (2) (3) (6)
|
Equity/Other | Industrials | — | 2,221 | — | — | — | (828) | 1,393 | |||||||||||||||||||||||||||||||||||||||||||||||
CRS-SPV, Inc. - L+4.50% (5.50%), 3/8/2021 (2) (6)
|
Senior Secured First Lien Debt | Industrials | 4 | 62 | — | — | — | — | 62 | |||||||||||||||||||||||||||||||||||||||||||||||
Kahala Ireland OpCo Designated Activity Company - L+8.00% (13.00%), 12/22/2028 (2) (6)
|
Senior Secured First Lien Debt | Transportation | 7,061 | 105,549 | — | (87,000) | — | — | 18,549 | |||||||||||||||||||||||||||||||||||||||||||||||
Kahala Ireland OpCo Designated Activity Company (2) (3) (6)
|
Equity/Other | Transportation | — | 57,226 | — | — | — | (14,274) | 42,952 | |||||||||||||||||||||||||||||||||||||||||||||||
Kahala Ireland OpCo Designated Activity Company (2) (6)
|
Equity/Other | Transportation | 5,945 | 3,250 | 2 | (2,797) | — | 2,795 | 3,250 | |||||||||||||||||||||||||||||||||||||||||||||||
Kahala US OpCo, LLC - 13.00% (2) (3) (6)
|
Equity/Other | Transportation | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
KMTEX, LLC - P+3.00% (6.25%) PIK, 6/16/2025 (2) (6)
|
Senior Secured First Lien Debt | Chemicals | 26 | — | 829 | — | — | — | 829 | |||||||||||||||||||||||||||||||||||||||||||||||
KMTEX, LLC - P+3.00% (6.25%) PIK, 6/16/2025 (2) (6)
|
Senior Secured First Lien Debt | Chemicals | 119 | — | 3,230 | — | — | — | 3,230 | |||||||||||||||||||||||||||||||||||||||||||||||
KMTEX, LLC - P+3.00% (6.25%) PIK, 6/16/2025 (2) (6)
|
Senior Secured First Lien Debt | Chemicals | 4 | — | 218 | — | — | — | 218 | |||||||||||||||||||||||||||||||||||||||||||||||
KMTEX, LLC (2) (3) (6)
|
Equity/Other | Chemicals | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
KMTEX, LLC (2) (3) (6)
|
Equity/Other | Chemicals | — | — | 2,793 | — | — | (504) | 2,289 | |||||||||||||||||||||||||||||||||||||||||||||||
MGTF Holdco, LLC (2) (3) (6)
|
Equity/Other | Media/Entertainment | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
MGTF Radio Company, LLC - L+6.00% (7.00%), 4/1/2024 (2) (6)
|
Senior Secured First Lien Debt | Media/Entertainment | 4,115 | 54,171 | 33 | (2,827) | 5 | (7,982) | 43,400 | |||||||||||||||||||||||||||||||||||||||||||||||
NexSteppe, Inc. (2) (3) (5) (6)
|
Equity/Other | Chemicals | — | — | — | — | (737) | 737 | — | |||||||||||||||||||||||||||||||||||||||||||||||
NexSteppe, Inc. - 12.00%, 9/30/2020 (2) (5) (6)
|
Senior Secured First Lien Debt | Chemicals | — | — | — | — | (1,750) | 1,750 | — | |||||||||||||||||||||||||||||||||||||||||||||||
NexSteppe, Inc. - 12.00%, 9/30/2020 (2) (5) (6)
|
Senior Secured First Lien Debt | Chemicals | — | — | — | (378) | (10,075) | 10,453 | — | |||||||||||||||||||||||||||||||||||||||||||||||
NMFC Senior Loan Program I, LLC (2) (5)
|
Equity/Other | Diversified Investment Vehicles | 5,344 | 47,310 | — | (44,411) | (5,589) | 2,690 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Park Ave RE Holdings, LLC - 13.00%, 12/31/2021 (2) (6)
|
Subordinated Debt | Financials | 4,963 | 37,237 | 1,237 | (1,237) | — | — | 37,237 | |||||||||||||||||||||||||||||||||||||||||||||||
Park Ave RE Holdings, LLC (2) (3) (6)
|
Equity/Other | Financials | — | 11,133 | — | (427) | — | (7,406) | 3,300 | |||||||||||||||||||||||||||||||||||||||||||||||
Siena Capital Finance, LLC - 12.50%, 5/15/2024 (2) (6)
|
Subordinated Debt | Financials | 3,232 | 22,500 | 3,001 | — | — | (1) | 25,500 | |||||||||||||||||||||||||||||||||||||||||||||||
Siena Capital Finance, LLC (2) (6)
|
Equity/Other | Financials | 5,091 | 36,915 | 10 | — | — | (1,086) | 35,839 | |||||||||||||||||||||||||||||||||||||||||||||||
WPNT, LLC (2) (3) (6)
|
Equity/Other | Media/Entertainment | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Total Control Investments | $ | 37,975 | $ | 406,517 | $ | 11,857 | $ | (153,372) | $ | (18,650) | $ | (13,747) | $ | 232,605 | ||||||||||||||||||||||||||||||||||||||||||
Portfolio Company (1)
|
Type of Asset | Industry | Amount of dividends and interest included in income | Beginning Fair Value at December 31, 2019 |
Gross additions*
|
Gross reductions**
|
Realized Gain/(Loss) |
Change in Unrealized Gain (Loss) (4)
|
Fair Value at December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Affiliate Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Answers Corp. (3) (6)
|
Equity/Other | Media/Entertainment | $ | — | $ | 727 | $ | — | $ | — | $ | — | $ | — | $ | 727 | ||||||||||||||||||||||||||||||||||||||||
Capstone Nutrition Development, LLC (3) (6)
|
Equity/Other | Consumer | — | 4,788 | — | (320) | — | 1,460 | 5,928 | |||||||||||||||||||||||||||||||||||||||||||||||
CDS U.S. Intermediate Holdings, Inc. - L+6.00% (7.00%), 11/24/2025 (6)
|
Senior Secured First Lien Debt | Media/Entertainment | 18 | — | 1,941 | — | — | (1) | 1,940 | |||||||||||||||||||||||||||||||||||||||||||||||
CDS U.S. Intermediate Holdings, Inc. - L+8.00% (9.00%) 7.00% PIK, 11/24/2027 (6)
|
Senior Secured Second Lien Debt | Media/Entertainment | — | — | 1,104 | — | — | — | 1,104 | |||||||||||||||||||||||||||||||||||||||||||||||
CDS U.S. Intermediate Holdings, Inc. (3) (6)
|
Equity/Other | Media/Entertainment | — | — | 1,224 | — | — | — | 1,224 | |||||||||||||||||||||||||||||||||||||||||||||||
CDS U.S. Intermediate Holdings, Inc. (3) (6)
|
Equity/Other | Media/Entertainment | — | — | 437 | — | — | — | 437 | |||||||||||||||||||||||||||||||||||||||||||||||
Danish CRJ, Ltd. (3) (6)
|
Equity/Other | Transportation | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
First Eagle Greenway Fund II, LLC | Equity/Other | Diversified Investment Vehicles | (8) | 2,554 | 326 | (46) | — | (1,075) | 1,759 | |||||||||||||||||||||||||||||||||||||||||||||||
Foresight Energy Operating, LLC - L+8.00% (9.50%), 6/30/2027 (6)
|
Senior Secured First Lien Debt | Energy | 65 | — | 1,333 | (7) | — | 28 | 1,354 | |||||||||||||||||||||||||||||||||||||||||||||||
Foresight Energy Operating, LLC - L+8.00% (9.50%), 6/30/2027 (5) (6)
|
Senior Secured First Lien Debt | Energy | 4 | — | 977 | (989) | 12 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Foresight Energy Operating, LLC (3) (6)
|
Equity/Other | Energy | — | — | 2,087 | — | — | 433 | 2,520 | |||||||||||||||||||||||||||||||||||||||||||||||
Internap Corp. - L+10.00% (11.00%), 5/8/2023 (5)
|
Senior Secured First Lien Debt | Business Services | 175 | — | 2,569 | (2,719) | 150 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Internap Corp. - L+6.50% (7.50%) 5.50% PIK, 5/8/2025 (6)
|
Senior Secured First Lien Debt | Business Services | 291 | — | 5,956 | — | — | (775) | 5,181 | |||||||||||||||||||||||||||||||||||||||||||||||
Internap Corp (3) (6)
|
Equity/Other | Business Services | — | — | 544 | — | — | 1,687 | 2,231 | |||||||||||||||||||||||||||||||||||||||||||||||
Jakks Pacific, Inc. - 10.50%, 2.50% PIK, 2/9/2023 (6)
|
Senior Secured First Lien Debt | Consumer | 80 | — | 16,329 | (256) | 24 | 1,007 | 17,104 | |||||||||||||||||||||||||||||||||||||||||||||||
Jakks Pacific, Inc. (3) (6)
|
Equity/Other | Consumer | — | — | 101 | — | — | 301 | 402 | |||||||||||||||||||||||||||||||||||||||||||||||
Jakks Pacific, Inc. (3)
|
Equity/Other | Consumer | — | — | 40 | — | — | 9 | 49 | |||||||||||||||||||||||||||||||||||||||||||||||
LendingHome Corp. - 8.00% (6)
|
Equity/Other | Financials | 346 | — | 59,823 | — | — | — | 59,823 | |||||||||||||||||||||||||||||||||||||||||||||||
MidOcean Credit CLO 2013-2A INC - 0.00%, 1/29/2030 (6)
|
Collateralized Securities | Diversified Investment Vehicles | (22) | 11,835 | — | (986) | — | (4,536) | 6,313 | |||||||||||||||||||||||||||||||||||||||||||||||
Mood Media Corp. - L+9.25% (10.25%), 7/31/2025 (5) (6)
|
Senior Secured First Lien Debt | Media/Entertainment | 463 | — | 9,242 | (9,519) | 277 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Mood Media Corp. - L+9.25% (10.25%), 7/31/2025 (5) (6)
|
Senior Secured First Lien Debt | Media/Entertainment | 26 | — | 1,881 | (1,962) | 81 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Mood Media Corp. (5) (6)
|
Equity/Other | Media/Entertainment | — | — | 2,713 | (4,085) | 1,372 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
NewStar Arlington Senior Loan Program, LLC 14-1A SUB - 18.63%, 4/25/2031 (6)
|
Collateralized Securities | Diversified Investment Vehicles | 1,637 | 19,697 | — | (309) | — | (3,757) | 15,631 | |||||||||||||||||||||||||||||||||||||||||||||||
NewStar Arlington Senior Loan Program, LLC 14-1A FR - L+11.00% (11.21%), 4/25/2031 (6)
|
Collateralized Securities | Diversified Investment Vehicles | 607 | 4,612 | 17 | — | — | (997) | 3,632 | |||||||||||||||||||||||||||||||||||||||||||||||
Newstar Fairfield Fund CLO, Ltd. 2015-1RA F - L+7.50% (7.72%), 1/20/2027 (6)
|
Collateralized Securities | Diversified Investment Vehicles | 97 | 9,209 | 41 | — | — | (3,791) | 5,459 | |||||||||||||||||||||||||||||||||||||||||||||||
Newstar Fairfield Fund CLO, Ltd. 2015-1RA SUB - 0.00%, 1/20/2027 (6)
|
Collateralized Securities | Diversified Investment Vehicles | (318) | 6,607 | — | (1,012) | — | (5,595) | — |
Portfolio Company (1)
|
Type of Asset | Industry | Amount of dividends and interest included in income | Beginning Fair Value at December 31, 2019 |
Gross additions*
|
Gross reductions**
|
Realized Gain/(Loss) |
Change in Unrealized Gain (Loss) (4)
|
Fair Value at December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
PCX Aerostructures, LLC - 6.00%, 8/9/2021 (6)
|
Subordinated Debt | Industrials | $ | 1,018 | $ | 5,908 | $ | 653 | $ | (2) | $ | — | $ | 3,300 | $ | 9,859 | ||||||||||||||||||||||||||||||||||||||||
PCX Aerostructures, LLC (3) (6)
|
Equity/Other | Industrials | — | — | — | — | — | 76 | 76 | |||||||||||||||||||||||||||||||||||||||||||||||
PCX Aerostructures, LLC (3) (6)
|
Equity/Other | Industrials | — | — | — | — | — | 535 | 535 | |||||||||||||||||||||||||||||||||||||||||||||||
PCX Aerostructures, LLC (3) (6)
|
Equity/Other | Industrials | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
PennantPark Credit Opportunities Fund II, LP | Equity/Other | Diversified Investment Vehicles | 645 | 8,707 | — | (606) | — | 1,173 | 9,274 | |||||||||||||||||||||||||||||||||||||||||||||||
Tap Rock Resources, LLC (6)
|
Equity/Other | Energy | 1,231 | 20,879 | 3,886 | (14,773) | 187 | 1,226 | 11,405 | |||||||||||||||||||||||||||||||||||||||||||||||
Tax Defense Network, LLC - L+6.00% (10.00%) PIK, 9/30/2021 (6)
|
Senior Secured First Lien Debt | Consumer | — | 1,262 | — | — | — | (842) | 420 | |||||||||||||||||||||||||||||||||||||||||||||||
Tax Defense Network, LLC - L+6.00% (10.00%) PIK, 9/30/2021 (6)
|
Senior Secured First Lien Debt | Consumer | — | 7,108 | — | — | — | (4,740) | 2,368 | |||||||||||||||||||||||||||||||||||||||||||||||
Tax Defense Network, LLC - 10.00% PIK, 9/30/2021 (6)
|
Senior Secured First Lien Debt | Consumer | — | 2,357 | 628 | — | — | 326 | 3,311 | |||||||||||||||||||||||||||||||||||||||||||||||
Tax Defense Network, LLC (3) (6)
|
Equity/Other | Consumer | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Tax Defense Network, LLC (3) (6)
|
Equity/Other | Consumer | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Team Waste, LLC (6)
|
Equity/Other | Industrials | 84 | 2,235 | 335 | — | — | — | 2,570 | |||||||||||||||||||||||||||||||||||||||||||||||
Tennenbaum Waterman Fund, LP | Equity/Other | Diversified Investment Vehicles | 1,178 | 9,841 | — | — | — | 246 | 10,087 | |||||||||||||||||||||||||||||||||||||||||||||||
TwentyEighty, Inc. (3) (5) (6)
|
Equity/Other | Business Services | — | — | — | (369) | 369 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Vantage Mobility International, LLC - L+6.00% (7.00%), 6/30/2023 (5) (6)
|
Senior Secured First Lien Debt | Transportation | — | — | 196 | (172) | (24) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Vantage Mobility International, LLC - L+6.00% (7.00%) PIK, 9/9/2021 (6)
|
Senior Secured Second Lien Debt | Transportation | — | 2,883 | 172 | — | — | (2,111) | 944 | |||||||||||||||||||||||||||||||||||||||||||||||
Vantage Mobility International, LLC - L+7.75% (10.26%), 9/1/2021 (5) (6)
|
Subordinated Debt | Transportation | 26 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Vantage Mobility International, LLC (3) (6)
|
Equity/Other | Transportation | — | 942 | — | — | — | (942) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Vantage Mobility International, LLC (3) (6)
|
Equity/Other | Transportation | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Vantage Mobility International, LLC (3) (6)
|
Equity/Other | Transportation | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Whitehorse, Ltd. 2014-1A SUB - 0.00%, 5/1/2026 (6)
|
Collateralized Securities | Diversified Investment Vehicles | — | 286 | — | — | — | (286) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Whitehorse, Ltd. 2014-1A Side Letter - 0.00%, 5/1/2026 (6)
|
Collateralized Securities | Diversified Investment Vehicles | (2) | 35 | — | — | — | (35) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Whitehorse, Ltd. 2014-1A E - L+4.55% (4.76%), 5/1/2026 (6)
|
Collateralized Securities | Diversified Investment Vehicles | 578 | 7,054 | 137 | — | — | (1,599) | 5,592 | |||||||||||||||||||||||||||||||||||||||||||||||
Total Affiliate Investments | $ | 8,219 | $ | 129,526 | $ | 114,692 | $ | (38,132) | $ | 2,448 | $ | (19,275) | $ | 189,259 | ||||||||||||||||||||||||||||||||||||||||||
Total Control & Affiliate Investments | $ | 46,194 | $ | 536,043 | $ | 126,549 | $ | (191,504) | $ | (16,202) | $ | (33,022) | $ | 421,864 |
Portfolio Company (1)
|
Type of Asset | Industry | Amount of dividends and interest included in income | Beginning Fair Value at December 31, 2018 |
Gross additions*
|
Gross reductions**
|
Realized Gain/(Loss) |
Change in Unrealized Gain (Loss) (4)
|
Fair Value at December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
Control Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
California Resources Development JV, LLC (2) (5) (7)
|
Equity/Other | Energy | $ | 887 | $ | 28,973 | $ | — | $ | (28,402) | $ | — | $ | (571) | $ | — | ||||||||||||||||||||||||||||||||||||||||
Capstone Nutrition Common Stock (fka Integrity Nutraceuticals, Inc.) (2) (5) (7) (8)
|
Equity/Other | Consumer | — | — | — | (159) | (1,471) | 1,630 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Capstone Nutrition (fka Integrity Nutraceuticals, Inc.) - L+12.50% (15.08%), 9/25/2020 (2) (5) (6) (7)
|
Senior Secured First Lien Debt | Consumer | — | 3,219 | 1,804 | (5,471) | 838 | (390) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Capstone Nutrition (fka Integrity Nutraceuticals, Inc.) - L+12.50% (15.08%), 9/19/2020 (2) (5) (6) (7)
|
Senior Secured First Lien Debt | Consumer | (12) | 3,459 | — | (1,612) | (14,794) | 12,947 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Capstone Nutrition (fka Integrity Nutraceuticals, Inc.) - L+12.50% (15.08%), 9/25/2020 (2) (5) (6) (7)
|
Senior Secured First Lien Debt | Consumer | — | 7,692 | — | (3,282) | (30,365) | 25,955 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Capstone Nutrition Class B and C Common Stock (fka Integrity Nutraceuticals, Inc.) (2) (5) (7) (8)
|
Equity/Other | Consumer | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
CRD Holdings, LLC - 9.00% (2) (7)
|
Equity/Other | Energy | 3,341 | — | 41,560 | (13,494) | — | 877 | 28,943 | |||||||||||||||||||||||||||||||||||||||||||||||
CRS-SPV, Inc. (2) (7) (8)
|
Equity/Other | Industrials | 26 | 2,221 | — | — | — | — | 2,221 | |||||||||||||||||||||||||||||||||||||||||||||||
CRS-SPV, Inc. - L+4.50% (6.30%), 3/8/2020 (2) (7)
|
Senior Secured First Lien Debt | Industrials | 2 | — | 67 | (5) | — | — | 62 | |||||||||||||||||||||||||||||||||||||||||||||||
Kahala Ireland OpCo Designated Activity Company - L+8.00% (13.00%), 12/22/2028 (2) (3) (6) (7)
|
Senior Secured First Lien Debt | Transportation | 11,695 | 111,549 | 38,000 | (44,000) | — | — | 105,549 | |||||||||||||||||||||||||||||||||||||||||||||||
Kahala Ireland OpCo Designated Activity Company (2) (3) (7) (8)
|
Equity/Other | Transportation | — | 20,329 | — | — | — | 36,897 | 57,226 |
Portfolio Company (1)
|
Type of Asset | Industry | Amount of dividends and interest included in income | Beginning Fair Value at December 31, 2018 |
Gross additions*
|
Gross reductions**
|
Realized Gain/(Loss) |
Change in Unrealized Gain (Loss) (4)
|
Fair Value at December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
Kahala Ireland OpCo Designated Activity Company (2) (3) (7) (8)
|
Equity/Other | Transportation | $ | — | $ | 3,250 | $ | — | $ | (36) | $ | — | $ | 36 | $ | 3,250 | ||||||||||||||||||||||||||||||||||||||||
Kahala US OpCo, LLC - 13.00% (2) (3) (7) (8)
|
Equity/Other | Transportation | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
MGTF Holdco, LLC (2) (7) (8)
|
Equity/Other | Media/Entertainment | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
MGTF Radio Company, LLC - L+6.00% (7.80%), 4/1/2024 (2) (7)
|
Senior Secured First Lien Debt | Media/Entertainment | 3,754 | — | 62,291 | (4,472) | 12 | (3,660) | 54,171 | |||||||||||||||||||||||||||||||||||||||||||||||
MGTF Radio Company, LLC - P+3.50% (9.00%), 3/29/2020 (2) (5) (7)
|
Senior Secured First Lien Debt | Media/Entertainment | (9) | — | 37,577 | (37,977) | 21 | 379 | — | |||||||||||||||||||||||||||||||||||||||||||||||
MGTF Radio Company, LLC - 16.00%, 3/30/2020 (2) (5) (7)
|
Subordinated Debt | Media/Entertainment | 188 | — | 20,082 | (24,309) | — | 4,227 | — | |||||||||||||||||||||||||||||||||||||||||||||||
NexSteppe, Inc. (2) (7) (8)
|
Equity/Other | Chemicals | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
NexSteppe, Inc. - 12.00% 3/31/2020 (2) (6) (7)
|
Senior Secured First Lien Debt | Chemicals | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
NexSteppe, Inc. - 12.00% 3/31/2020 (2) (6) (7)
|
Senior Secured First Lien Debt | Chemicals | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
NMFC Senior Loan Program I, LLC (2)
|
Equity/Other | Diversified Investment Vehicles | 5,864 | 50,573 | — | — | — | (3,263) | 47,310 | |||||||||||||||||||||||||||||||||||||||||||||||
Park Ave RE Holdings, LLC - 13.00% 12/31/2021 (2) (6) (7)
|
Subordinated Debt | Financials | 4,858 | 37,192 | 1,750 | (1,705) | — | — | 37,237 | |||||||||||||||||||||||||||||||||||||||||||||||
Park Ave RE Holdings, LLC (2) (7) (8)
|
Equity/Other | Financials | — | 15,578 | 2,500 | (4,246) | 4,486 | (7,185) | 11,133 | |||||||||||||||||||||||||||||||||||||||||||||||
Park Ave RE Holdings, LLC (2) (5) (7) (8)
|
Equity/Other | Financials | — | 23,645 | — | (23,645) | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Siena Capital Finance, LLC - 12.50% 8/16/2021 (2) (7)
|
Subordinated Debt | Financials | 2,346 | — | 22,492 | — | — | 8 | 22,500 | |||||||||||||||||||||||||||||||||||||||||||||||
Siena Capital Finance, LLC (2) (7)
|
Equity/Other | Financials | 4,732 | — | 36,631 | — | (94) | 378 | 36,915 | |||||||||||||||||||||||||||||||||||||||||||||||
WPNT, LLC (2) (7) (8)
|
Equity/Other | Media/Entertainment | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Total Control Investments | $ | 37,672 | $ | 307,680 | $ | 264,754 | $ | (192,815) | $ | (41,367) | $ | 68,265 | $ | 406,517 | ||||||||||||||||||||||||||||||||||||||||||
Affiliate Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Answers Corp. (7)
|
Equity/Other | Media/Entertainment | $ | 818 | $ | 1,909 | $ | — | $ | — | $ | — | $ | (1,182) | $ | 727 | ||||||||||||||||||||||||||||||||||||||||
B&M CLO, Ltd. 2014-1A SUB - 0.00%, 4/16/2026 (5) (7)
|
Collateralized Securities | Diversified Investment Vehicles | 46 | 6,029 | — | (5,839) | (4,685) | 4,495 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Capstone Nutrition Development, LLC (7) (8)
|
Equity/Other | Consumer | — | — | 4,788 | — | — | — | 4,788 | |||||||||||||||||||||||||||||||||||||||||||||||
CVP Cascade CLO, Ltd. 2013-CLO1 SUB - 0.00%, 1/16/2026 (5) (7)
|
Collateralized Securities | Diversified Investment Vehicles | 221 | 1,166 | — | (539) | (435) | (192) | — | |||||||||||||||||||||||||||||||||||||||||||||||
CVP Cascade CLO, Ltd. 2013-CLO1 Side Letter - 0.00%, 1/16/2026 (7)
|
Collateralized Securities | Diversified Investment Vehicles | 12 | 68 | — | (405) | — | 337 | — | |||||||||||||||||||||||||||||||||||||||||||||||
CVP Cascade CLO, Ltd. 2014-2A Side Letter - 0.00%, 7/18/2026 (7)
|
Collateralized Securities | Diversified Investment Vehicles | 43 | 274 | — | (550) | — | 276 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Danish CRJ, Ltd. (7) (8)
|
Equity/Other | Transportation | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Figueroa CLO, Ltd. 2014-1A FR - L+10.00% (12.30%), 1/15/2027 (5) (7)
|
Collateralized Securities | Diversified Investment Vehicles | 857 | 7,508 | — | (5,730) | (2,270) | 492 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Figueroa CLO, Ltd. 2014-1A SUB - 0.00%, 1/15/2027 (5) (7)
|
Collateralized Securities | Diversified Investment Vehicles | 324 | 7,468 | — | (6,289) | (5,280) | 4,101 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Figueroa CLO, Ltd. 2014-1A Side Letter - 0.00%, 1/15/2027 (7)
|
Collateralized Securities | Diversified Investment Vehicles | 37 | 483 | — | (550) | — | 67 | — |
Portfolio Company (1)
|
Type of Asset | Industry | Amount of dividends and interest included in income | Beginning Fair Value at December 31, 2018 |
Gross additions*
|
Gross reductions**
|
Realized Gain/(Loss) |
Change in Unrealized Gain (Loss) (4)
|
Fair Value at December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
Frank Entertainment Group, LLC - 6.00% 12/31/2019 (5) (7)
|
Senior Secured First Lien Debt | Media/Entertainment | $ | — | $ | 1,441 | $ | — | $ | (347) | $ | (1,489) | $ | 395 | $ | — | ||||||||||||||||||||||||||||||||||||||||
Frank Entertainment Group, LLC - L+9.00% (11.03%), 12/31/2019 (5) (6) (7)
|
Senior Secured First Lien Debt | Media/Entertainment | — | — | 867 | — | (867) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Frank Entertainment Group, LLC - 12.00% 12/31/2019 (5) (6) (7)
|
Senior Secured Second Lien Debt | Media/Entertainment | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Frank Entertainment Group, LLC (5) (7) (8)
|
Equity/Other | Media/Entertainment | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Frank Entertainment Group, LLC (5) (7) (8)
|
Equity/Other | Media/Entertainment | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Frank Entertainment Group, LLC (5) (7) (8)
|
Equity/Other | Media/Entertainment | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Frontstreet Facility Solutions, Inc. - 13.00%, 3/1/2021 (5) (7)
|
Subordinated Debt | Telcom | 26 | 189 | — | (123) | (104) | 38 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Frontstreet Facility Solutions, Inc. (5) (7) (8)
|
Equity/Other | Telcom | — | — | — | (128) | 128 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
MidOcean Credit CLO 2013-2A INC - 0.76%, 1/29/2025 (7)
|
Collateralized Securities | Diversified Investment Vehicles | 432 | 16,534 | — | (3,630) | — | (1,069) | 11,835 | |||||||||||||||||||||||||||||||||||||||||||||||
MidOcean Credit CLO III, LLC - 13.99%, 7/21/2026 (5) (7)
|
Collateralized Securities | Diversified Investment Vehicles | 431 | 14,651 | — | (17,458) | 544 | 2,263 | — | |||||||||||||||||||||||||||||||||||||||||||||||
MidOcean Credit CLO 2015-4A INC - 0.00%, 4/15/2027 (5) (7)
|
Collateralized Securities | Diversified Investment Vehicles | — | 8,595 | — | (6,795) | (5,310) | 3,510 | — | |||||||||||||||||||||||||||||||||||||||||||||||
NewStar Arlington Senior Loan Program, LLC 14-1A SUB - 16.56%, 7/25/2025 (7)
|
Collateralized Securities | Diversified Investment Vehicles | 3,546 | 24,788 | — | (447) | — | (4,644) | 19,697 | |||||||||||||||||||||||||||||||||||||||||||||||
NewStar Arlington Senior Loan Program, LLC 14-1A FR - L+11.00% (12.94%), 4/25/2031 (7)
|
Collateralized Securities | Diversified Investment Vehicles | 664 | 4,425 | 18 | — | — | 169 | 4,612 | |||||||||||||||||||||||||||||||||||||||||||||||
Newstar Fairfield Fund CLO, Ltd. 2015-1RA F - L+7.50% (9.47%), 1/20/2027 (7)
|
Collateralized Securities | Diversified Investment Vehicles | 1,244 | 8,580 | 162 | — | — | 467 | 9,209 | |||||||||||||||||||||||||||||||||||||||||||||||
Newstar Fairfield Fund CLO, Ltd. 2015-1RA SUB - 21.81%, 1/20/2027 (7)
|
Collateralized Securities | Diversified Investment Vehicles | 1,639 | 11,895 | — | (3,032) | — | (2,256) | 6,607 | |||||||||||||||||||||||||||||||||||||||||||||||
OFSI Fund, Ltd. 2014-6A SUB - 0.00%, 3/20/2025 (5) (7)
|
Collateralized Securities | Diversified Investment Vehicles | — | 3,008 | — | (1,535) | (8,468) | 6,995 | — | |||||||||||||||||||||||||||||||||||||||||||||||
OFSI Fund, Ltd. 2014-6A Side Letter - 0.00%, 3/20/2025 (7)
|
Collateralized Securities | Diversified Investment Vehicles | — | 199 | — | (238) | — | 39 | — | |||||||||||||||||||||||||||||||||||||||||||||||
PCX Aerostructures, LLC - 6.00%, 8/9/2021 (6) (7)
|
Subordinated Debt | Industrials | 464 | — | 6,023 | — | — | (115) | 5,908 | |||||||||||||||||||||||||||||||||||||||||||||||
PCX Aerostructures, LLC (7) (8)
|
Equity/Other | Industrials | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
PCX Aerostructures, LLC (7) (8)
|
Equity/Other | Industrials | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
PCX Aerostructures, LLC (7) (8)
|
Equity/Other | Industrials | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
PennantPark Credit Opportunities Fund II, LP | Equity/Other | Diversified Investment Vehicles | 647 | 8,705 | 304 | — | — | (302) | 8,707 | |||||||||||||||||||||||||||||||||||||||||||||||
Tap Rock Resources, LLC (7) (8)
|
Equity/Other | Energy | — | — | 20,672 | — | — | 207 | 20,879 | |||||||||||||||||||||||||||||||||||||||||||||||
Tax Defense Network, LLC - L+6.00% (10.00%), 4/30/2020 (6) (7)
|
Senior Secured First Lien Debt | Consumer | (4) | 1,195 | — | (111) | — | 178 | 1,262 | |||||||||||||||||||||||||||||||||||||||||||||||
Tax Defense Network, LLC - L+6.00% (10.00%), 4/30/2020 (6) (7)
|
Senior Secured First Lien Debt | Consumer | (30) | 6,732 | — | (631) | 3 | 1,004 | 7,108 | |||||||||||||||||||||||||||||||||||||||||||||||
Tax Defense Network, LLC - L+10.00% (10.00%), 4/30/2020 (6) (7)
|
Senior Secured First Lien Debt | Consumer | — | — | 2,357 | — | — | — | 2,357 |
Portfolio Company (1)
|
Type of Asset | Industry | Amount of dividends and interest included in income | Beginning Fair Value at December 31, 2018 |
Gross additions*
|
Gross reductions**
|
Realized Gain/(Loss) |
Change in Unrealized Gain (Loss) (4)
|
Fair Value at December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
Tax Defense Network, LLC (7) (8)
|
Equity/Other | Consumer | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||
Tax Defense Network, LLC (7) (8)
|
Equity/Other | Consumer | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Team Waste, LLC (7) (8)
|
Equity/Other | Industrials | — | 2,235 | — | — | — | — | 2,235 | |||||||||||||||||||||||||||||||||||||||||||||||
Tennenbaum Waterman Fund, LP | Equity/Other | Diversified Investment Vehicles | 1,381 | 10,137 | — | — | — | (296) | 9,841 | |||||||||||||||||||||||||||||||||||||||||||||||
THL Credit Greenway Fund II, LLC | Equity/Other | Diversified Investment Vehicles | 1,636 | 7,435 | — | (3,290) | — | (1,591) | 2,554 | |||||||||||||||||||||||||||||||||||||||||||||||
TwentyEighty, Inc. (5) (7) (8)
|
Equity/Other | Business Services | — | — | — | (6,465) | 6,465 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
TwentyEighty, Inc. - L+8.00% (10.33%), 3/31/2020 (5) (6) (7)
|
Senior Secured First Lien Debt | Business Services | 40 | 300 | 13 | (304) | 17 | (26) | — | |||||||||||||||||||||||||||||||||||||||||||||||
TwentyEighty, Inc. - 8.00%, 3/31/2020 (5) (6) (7)
|
Senior Secured First Lien Debt | Business Services | 1,013 | 6,422 | 813 | (6,754) | 481 | (962) | — | |||||||||||||||||||||||||||||||||||||||||||||||
TwentyEighty, Inc. - 9.00%, 3/31/2020 (5) (6) (7)
|
Senior Secured First Lien Debt | Business Services | 992 | 6,158 | 981 | (6,709) | 438 | (868) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Vantage Mobility International, LLC - L+6.00% (7.80%), 6/30/2023 (6) (7)
|
Senior Secured Second Lien Debt | Transportation | — | — | 2,742 | — | — | 141 | 2,883 | |||||||||||||||||||||||||||||||||||||||||||||||
Vantage Mobility International, LLC - L+6.00% (8.44%), 6/30/2023 (5)
|
Senior Secured First Lien Debt | Transportation | — | — | 2,351 | (2,351) | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Vantage Mobility International, LLC - L+7.75% (10.26%), 9/1/2021 (5) (7)
|
Subordinated Debt | Transportation | 480 | — | 5,842 | (5,490) | (509) | 157 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Vantage Mobility International, LLC (7) (8)
|
Equity/Other | Transportation | — | — | 3,140 | — | — | (2,198) | 942 | |||||||||||||||||||||||||||||||||||||||||||||||
Vantage Mobility International, LLC (7) (8)
|
Equity/Other | Transportation | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Vantage Mobility International, LLC (7) (8)
|
Equity/Other | Transportation | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Whitehorse, Ltd. 2014-1A SUB - 0.00%, 5/1/2026 (7)
|
Collateralized Securities | Diversified Investment Vehicles | 18 | 3,975 | — | (1,895) | — | (1,794) | 286 | |||||||||||||||||||||||||||||||||||||||||||||||
Whitehorse, Ltd. 2014-1A Side Letter - 10.44%, 5/1/2026 (7)
|
Collateralized Securities | Diversified Investment Vehicles | 8 | 297 | — | (342) | — | 80 | 35 | |||||||||||||||||||||||||||||||||||||||||||||||
Whitehorse, Ltd. 2014-1A E - L+4.55% (6.46%), 5/1/2026 (7)
|
Collateralized Securities | Diversified Investment Vehicles | 297 | — | 7,314 | — | — | (260) | 7,054 | |||||||||||||||||||||||||||||||||||||||||||||||
World Business Lenders, LLC (7) (8)
|
Equity/Other | Financials | — | 3,759 | — | (3,755) | — | (4) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Total Affiliate Investments | $ | 17,282 | $ | 176,560 | $ | 58,387 | $ | (91,732) | $ | (21,341) | $ | 7,652 | $ | 129,526 | ||||||||||||||||||||||||||||||||||||||||||
Total Control & Affiliate Investments | $ | 54,954 | $ | 484,240 | $ | 323,141 | $ | (284,547) | $ | (62,708) | $ | 75,917 | $ | 536,043 |
Name | Domicile | |||||||||||||
BDCA Funding I, LLC | Delaware | |||||||||||||
54th Street Equity Holdings, Inc.
|
Delaware | |||||||||||||
Park Ave RE, Inc. | Delaware | |||||||||||||
Kahala Aviation Holdings, LLC | Delaware | |||||||||||||
Kahala Aviation US, Inc. | Delaware | |||||||||||||
BDCA-CB Funding, LLC | Delaware | |||||||||||||
BDCA Asset Financing, LLC | Delaware | |||||||||||||
BDCA 57th Street Funding, LLC | Delaware |
Date: | March 15, 2021 | /s/ Richard J. Byrne | ||||||
Richard J. Byrne | ||||||||
Chief Executive Officer, President, and
Chairman of the Board of Directors (Principal Executive Officer) |
Date: | March 15, 2021 | /s/ Nina Kang Baryski | ||||||
Nina Kang Baryski
Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer) |
/s/ Richard J. Byrne | ||
Richard J. Byrne
Chief Executive Officer, President, and Chairman of the Board of Directors (Principal Executive Officer) |
||
/s/ Nina Kang Baryski | ||
Nina Kang Baryski
Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer) |
Page
|
|||||
Financial Statements
|
|||||
Independent Auditors' Report
|
1 - 2
|
||||
Consolidated Balance Sheet as of December 31, 2019
|
3 - 4
|
||||
Consolidated Statement of Income for the year ended December 31, 2019
|
5 | ||||
Consolidated Statement of Changes in Members' Equity for the year ended December 31, 2019
|
6 | ||||
Consolidated Statement of Cash Flows for the year ended December 31, 2019
|
7 - 8
|
||||
Notes to Consolidated Financial Statements
|
9 - 36
|
Note
|
2019
US$
|
2018
US$
|
||||||||||||
Assets
|
||||||||||||||
Current assets
|
||||||||||||||
Cash and cash equivalents (including US$19 million as of December 31, 2019 representing
share in VIE entities) |
3 | 32,518,559 | 20,113,924 | |||||||||||
Net trade receivables
|
1,986,149 | 2,056,254 | ||||||||||||
Other receivables
|
154,949 | 254,634 | ||||||||||||
Due from related parties
|
19 | 446,971 | 320,238 | |||||||||||
Prepayments
|
111,250 | 111,250 | ||||||||||||
Assets held for sale
|
8 | 52,069,591 | 19,554,330 | |||||||||||
87,287,469 | 42,410,630 | |||||||||||||
Non‑current assets
|
||||||||||||||
Property and equipment, net (including US$Nil million as of December 31, 2019 and
US$152 million as of December 31, 2018 representing collateral of VIE entities)
|
6 | 126,244,516 | 217,146,197 | |||||||||||
Intangible assets (including US$Nil as of December 31, 2019 and
US$8.7 million as of December 31, 2018 representing collateral of VIE entities)
|
7 | 6,228,990 | 8,728,572 | |||||||||||
Restricted cash (including US$Nil as of December 31, 2019 and
US$56 million as of December 31, 2018 representing collateral of VIE entities)
|
4 |
-
|
56,660,051 | |||||||||||
Lessor contributions
|
5 |
-
|
1,245,466 | |||||||||||
Deferred tax assets
|
18 |
-
|
893,613 | |||||||||||
132,473,506 | 284,673,899 | |||||||||||||
Total assets
|
219,760,975 | 327,084,529 | ||||||||||||
Liabilities and Members' Equity
|
||||||||||||||
Current liabilities
|
||||||||||||||
Other liabilities (US$8,783,072 as of December 31, 2019 (2018: US$5,913,942) is a related party liability)
|
10 | 10,473,312 | 8,641,258 | |||||||||||
Accrued interest
|
9 | 21,754,926 | 22,030,925 | |||||||||||
Due to related parties
|
19 | 57,093 | 67,798 | |||||||||||
Deferred revenue
|
1,351,616 | 1,187,653 | ||||||||||||
Liabilities directly associated with assets held for sale
|
8 | 8,774,233 | 3,290,000 | |||||||||||
Aircraft maintenance reserve
|
11 | 8,210,523 | 19,913,685 | |||||||||||
Lease security deposits
|
440,000 |
-
|
||||||||||||
Current maturing long-term debt (debt financing of VIE’s as of December 31, 2019 and 2018 that do not have recourse of the general credit of the Company)
|
9 |
-
|
51,088,700 | |||||||||||
51,061,703 | 106,220,019 | |||||||||||||
Non‑current liabilities
|
||||||||||||||
Lease security deposits
|
2,088,000 | 8,763,000 | ||||||||||||
Aircraft maintenance reserve
|
11 | 204,649 | 5,616,958 | |||||||||||
Loans from BDCA – related party
|
9,18
|
83,223,818 | 89,223,818 | |||||||||||
Loans from KLS – related party
|
9,18
|
4,556,272 | 4,556,272 | |||||||||||
Intangible liabilities (including US$Nil million as of December 31, 2019 and
US$23.2 million as of December 31, 2018 representing collateral of VIE entities)
|
7 | 8,950,434 | 23,231,453 | |||||||||||
Long-term debt (including debt financing of VIE’s of US$Nil million as of December 31, 2019
and US$51 million as of December 31, 2018 that do not have recourse of the general credit
of the Company)
|
9 |
-
|
58,132,126 |
Note
|
2019
US$
|
2018
US$
|
||||||||||||
Non‑current liabilities (continued)
|
||||||||||||||
Other liabilities – related party
|
10 | 11,905,809 | 8,321,370 | |||||||||||
Deferred tax liabilities
|
18 | 17,967,596 | 7,953,850 | |||||||||||
128,896,578 | 205,798,847 | |||||||||||||
Total liabilities
|
179,958,281 | 312,018,866 | ||||||||||||
Commitments and contingencies | 20 |
-
|
- | |||||||||||
Members' equity
|
||||||||||||||
Share capital
|
||||||||||||||
Common shares Eur 1 par value
|
||||||||||||||
Authorised: 1,000,000 shares
|
||||||||||||||
Issued and outstanding: 100 shares | 17 | 137 | 137 | |||||||||||
Retained earnings
|
39,802,557 | 15,065,526 | ||||||||||||
Total members' equity
|
39,802,694 | 15,065,663 | ||||||||||||
Total liabilities and members' equity
|
219,760,975 | 327,084,529 |
Note
|
2019
US$
|
2018
US$
|
|||||||||
Revenues
|
|||||||||||
Lease rental income
|
16 | 44,560,333 | 63,846,081 | ||||||||
Maintenance reserve income
|
11, 13
|
28,596,569 | 55,014,619 | ||||||||
Gain/(loss) on sale of aircraft
|
6 | 16,831,071 | (3,954,908) | ||||||||
Other income
|
521,473 | 430,243 | |||||||||
Total revenues
|
90,509,446 | 115,336,035 | |||||||||
Expenses
|
|||||||||||
Interest expense
|
|||||||||||
Loans from third parties
|
9 | 3,200,811 | 6,340,446 | ||||||||
Loans from BDCA – related party
|
9, 19
|
11,696,930 | 17,458,097 | ||||||||
Loans from KLS – related party
|
9, 19
|
330,688 | 290,060 | ||||||||
Depreciation and amortization
|
6 , 7
|
18,187,266 | 56,214,630 | ||||||||
Selling, general and administrative expenses (including US$13.8 million as of December 31, 2019
and US$10.7 million as of December 31, 2018 which is related party)
|
14, 19
|
19,226,497 | 15,646,202 | ||||||||
Total expenses
|
52,642,192 | 95,949,435 | |||||||||
Net profit before income tax expense
|
37,867,254 | 19,386,600 | |||||||||
Income tax expense
|
18 | (13,130,223) | (5,862,516) | ||||||||
Net profit after taxes and total comprehensive income
|
24,737,031 | 13,524,084 |
Share Capital
Number of shares
|
Share Capital
Par value
US$
|
Retained
earnings
US$
|
Total
US$
|
|||||||||||
2018 | ||||||||||||||
Balance at January 1, 2018
|
100 | 137 | 1,541,442 | 1,541,579 | ||||||||||
Net profit and total comprehensive income for the year
|
-
|
-
|
13,524,084 | 13,524,084 | ||||||||||
Balance at December 31, 2018
|
100 | 137 | 15,065,526 | 15,065,663 | ||||||||||
2019 | ||||||||||||||
Balance at January 1, 2019
|
100 | 137 | 15,065,526 | 15,065,663 | ||||||||||
Net profit and total comprehensive income for the year
|
-
|
-
|
24,737,031 | 24,737,031 | ||||||||||
Balance at December 31, 2019
|
100 | 137 | 39,802,557 | 39,802,694 |
2019
US$
|
2018
US$
|
||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|||||||||||
Net profit for the year
|
24,737,031 | 13,524,084 | |||||||||
Adjustments to reconcile net profit to net cash provided by operating activities:
|
|||||||||||
Depreciation and amortization
|
18,187,266 | 56,214,630 | |||||||||
Loss on transfer to assets held for sale
|
233,477 |
-
|
|||||||||
Amortization of deferred financing costs and discounts
|
148,142 | 125,731 | |||||||||
Net (gain)/loss on sale of aircraft and assets held for sale
|
(16,831,071) | 3,954,908 | |||||||||
Deferred tax expense
|
10,907,360 | 4,230,031 | |||||||||
Changes in operating assets and liabilities:
|
|||||||||||
Lessor contributions
|
1,245,466 | 1,671,411 | |||||||||
Other receivables
|
169,790 | 197,965 | |||||||||
Due from related parties
|
(126,733) | (103,432) | |||||||||
Other liabilities
|
5,416,493 | 7,468,178 | |||||||||
Liabilities directly associated with assets held for sale
|
5,484,233 | 3,290,000 | |||||||||
Accrued interest
|
(275,999) | 310,644 | |||||||||
Due to related parties
|
(10,705) | (22,197) | |||||||||
Deferred revenue
|
163,963 | (1,049,442) | |||||||||
Net cash provided by operating activities
|
49,448,713 | 89,812,511 | |||||||||
Cash flows from investing activities
|
|||||||||||
Payments for purchase of aircraft
|
-
|
(536,652) | |||||||||
Proceeds from disposal of aircraft
|
45,015,311 | 46,068,187 | |||||||||
Net cash provided by investing activities
|
45,015,311 | 45,531,535 | |||||||||
Cash flows from financing activities
|
|||||||||||
Decrease/(increase) in restricted cash
|
56,660,051 | (20,196,653) | |||||||||
Deferred financing costs incurred
|
524,689 | 61,727 | |||||||||
Receipts of maintenance reserve
|
23,511,346 | 24,928,293 | |||||||||
Repayments of maintenance reserve
|
(40,626,818) | (67,694,063) | |||||||||
Payments of lease security deposits
|
(6,235,000) | (4,256,000) | |||||||||
Repayment of BDCA loans – related party
|
(44,000,000) | (30,000,000) | |||||||||
Receipts from BDCA loans – related party
|
38,000,000 |
-
|
|||||||||
Repayment of third party debt financing
|
(109,893,657) | (49,722,093) |
2019
US$ |
2018
US$ |
||||||||||
Net cash used in financing activities
|
(82,059,389) | (146,878,789) | |||||||||
Increase/(decrease) in cash and cash equivalents
|
12,404,635 | (11,534,743) | |||||||||
Cash and cash equivalents at beginning of year
|
20,113,924 | 31,648,667 | |||||||||
Cash and cash equivalents at end of year
|
32,518,559 | 20,113,924 |
Supplemental disclosures of non-cash investing and financing activities:
|
|||||||||||
Transfer of Aircraft to Assets Held for Sale
|
52,069,591 | 19,554,330 | |||||||||
Income taxes paid
|
1,073,165 | 575,387 | |||||||||
Interest paid
|
15,356,286 | 23,590,500 |
1. Organization
|
Flight equipment
|
2019
US$
|
2018
US$
|
||||||
Cost
|
192,376,346 | 340,400,379 | ||||||
Accumulated depreciation
|
(66,131,830) | (123,254,182) | ||||||
Total property and equipment
|
126,244,516 | 217,146,197 |
2019
US$
|
2018
US$
|
|||||||
Intangible assets
|
6,228,990 | 8,728,572 | ||||||
Intangible liabilities
|
(8,950,434) | (23,231,453) | ||||||
Net intangible
|
(2,721,444) | (14,502,881) |
Lease intangible assets
US$
|
Maintenance intangible assets
US$
|
Lease intangible liabilities
US$
|
Maintenance intangible liabilities
US$
|
Total
US$
|
|||||||||||||
Cost
|
15,290,238 | 3,264,181 | (19,868,122) | (8,079,298) | (9,393,001) | ||||||||||||
Accumulated amortization
|
(10,164,012) | (2,161,417) | 13,078,439 | 5,918,547 | 6,671,557 | ||||||||||||
Net book value
|
5,126,226 | 1,102,764 | (6,789,683) | (2,160,751) | (2,721,444) |
Lease intangible assets
US$
|
Maintenance intangible assets
US$
|
Lease intangible liabilities
US$
|
Maintenance intangible liabilities
US$
|
Total
US$
|
|||||||||||||
Cost
|
17,758,755 | 3,264,181 | (19,868,122) | (40,897,190) | (39,742,376) | ||||||||||||
Accumulated amortization
|
(10,700,083) | (1,594,281) | 9,766,009 | 27,767,850 | 25,239,495 | ||||||||||||
Net book value
|
7,058,672 | 1,669,900 | (10,102,113) | (13,129,340) | (14,502,881) |
2019 | 2018 | |||||||
US$
|
US$ | |||||||
Assets held for sale: | ||||||||
Aircraft | 98,977,981 | 37,069,642 | ||||||
Net accumulated depreciation and amortization | (46,908,390) | (17,515,312) | ||||||
Total | 52,069,591 | 19,554,330 | ||||||
Liabilities directly associated with assets held-for-sale: | ||||||||
Acceptance deposit | 2,980,700 | 2,000,000 | ||||||
Cash security deposit | 5,020,000 | 1,290,000 | ||||||
Maintenance reserve | 773,533 | - | ||||||
Total | 8,774,233 | 3,290,000 |
Maturity
|
Interest rate
|
Loan balance 2019
US$
|
Accrued interest 2019
US$
|
|||||||||||
Loans payable to BDCA
|
||||||||||||||
Long-term debt
|
Dec 23, 2028
|
13.00% | 83,223,818 | 20,369,573 | ||||||||||
Loans payable to KLS
|
||||||||||||||
Long-term debt
|
Jun 27, 2021
|
13.00% | 1,306,272 | 1,385,353 | ||||||||||
PPN
|
Dec 23, 2043
|
-
|
3,250,000 |
-
|
||||||||||
Total loans payable to KLS
|
4,556,272 | 1,385,353 | ||||||||||||
Loans payable to PK Airfinance
|
||||||||||||||
MSN 28574
|
Feb 20, 2020
|
4.27% |
-
|
-
|
||||||||||
MSN 28576
|
Mar 21, 2020
|
4.28% |
-
|
-
|
||||||||||
Deferred financing costs
|
-
|
-
|
||||||||||||
Total loans payable to PK Airfinance
|
-
|
-
|
||||||||||||
Notes in issue – Diamond Head
|
||||||||||||||
Class A
|
July 14, 2028
|
3.81% |
-
|
-
|
||||||||||
Class B
|
July 14, 2028
|
5.92% |
-
|
-
|
||||||||||
Deferred financing costs
|
-
|
-
|
||||||||||||
Total debt in issue ‑ Diamond Head
|
-
|
-
|
||||||||||||
87,780,090 | 21,754,926 |
2019
US$
|
2018
US$
|
|||||||
Current
|
-
|
51,088,700 | ||||||
Non-current
|
87,780,090 | 151,912,216 | ||||||
Total
|
87,780,090 | 203,000,916 |
Maturity
|
Interest rate
|
Loan balance 2018
US$
|
Accrued interest 2018
US$
|
|||||||||||
Loans payable to BDCA
|
||||||||||||||
Long-term debt
|
Dec 23, 2028
|
13.00% | 89,223,818 | 20,369,573 | ||||||||||
Loans payable to KLS
|
||||||||||||||
Long-term debt
|
Jun 27, 2021
|
13.00% | 1,306,272 | 1,054,665 | ||||||||||
PPN
|
Dec 23, 2043
|
-
|
3,250,000 |
-
|
||||||||||
Total loans payable to KLS
|
4,556,272 | 1,054,665 | ||||||||||||
Loans payable to PK Airfinance
|
||||||||||||||
MSN 28574
|
Feb 20, 2020
|
4.27% | 3,603,954 |
-
|
||||||||||
MSN 28576
|
Mar 21, 2020
|
4.28% | 3,722,502 |
-
|
||||||||||
Deferred financing costs
|
(148,142) |
-
|
||||||||||||
Total loans payable to PK Airfinance
|
7,178,314 |
-
|
||||||||||||
Notes in issue – Diamond Head
|
||||||||||||||
Class A
|
July 14, 2028
|
3.81% | 78,372,967 | 357,300 | ||||||||||
Class B
|
July 14, 2028
|
5.92% | 24,194,234 | 249,387 | ||||||||||
Deferred financing costs
|
(524,689) |
-
|
||||||||||||
Total debt in issue ‑ Diamond Head
|
102,042,512 | 606,687 | ||||||||||||
203,000,916 | 22,030,925 |
2019
US$
|
2018
US$
|
|||||||
Beginning of the year
|
203,000,916 | 282,535,550 | ||||||
Additions
|
38,000,000 |
-
|
||||||
Repayments
|
(153,220,826) | (79,534,634) | ||||||
End of the year
|
87,780,090 | 203,000,916 |
Principal
US$
|
Interest
US$
|
Total
US$
|
|||||||||
Year ended 31 December
|
|||||||||||
2020 |
-
|
11,768,912 | 11,768,912 | ||||||||
2021 | 1,306,272 | 11,684,004 | 12,990,276 | ||||||||
2022 |
-
|
11,599,096 | 11,599,096 | ||||||||
2023 |
-
|
11,599,096 | 11,599,096 | ||||||||
Thereafter
|
86,473,818 | 57,995,482 | 144,469,300 | ||||||||
Total
|
87,780,090 | 104,646,590 | 192,426,680 |
2019
US$
|
2018
US$
|
|||||||
Interest expense on:
|
||||||||
BDCA loans
|
11,696,930 | 17,458,097 | ||||||
KLS loans
|
330,688 | 290,060 | ||||||
PK Airfinance
|
123,032 | 413,466 | ||||||
Class A and B Notes
|
2,404,948 | 5,739,521 | ||||||
Amortization of deferred financing costs and discounts
|
148,142 | 125,731 | ||||||
Amortization of issue costs
|
524,689 | 61,728 | ||||||
15,228,429 | 24,088,603 |
Current
|
2019
US$
|
2018
US$
|
||||||
Accounts payable
|
718,975 | 1,236,862 | ||||||
Accrued bonus – related party (Notes 13, 18)
|
8,783,072 | 5,913,942 | ||||||
Income tax payable
|
971,265 | 1,490,454 | ||||||
Total current
|
10,473,312 | 8,641,258 |
Non-current
|
||||||||
Accrued bonus – related party (Notes 13, 18)
|
11,905,809 | 8,321,370 | ||||||
Total non-current
|
11,905,809 | 8,321,370 | ||||||
Total
|
22,379,121 | 16,962,628 |
2019 | 2018 | |||||||
US$ | US$ | |||||||
At beginning of the year | 25,530,643 | 68,296,414 | ||||||
Billed | 23,511,347 | 24,928,293 | ||||||
Released | (28,596,569) | (55,014,619) | ||||||
Claims | (11,256,716) | (12,679,445) | ||||||
Transfer to assets held for sale | (773,533) | - | ||||||
At end of the year | 8,415,172 | 25,530,643 | ||||||
Current | 8,210,523 | 19,913,685 | ||||||
Non-current | 204,649 | 5,616,958 | ||||||
Total | 8,415,172 | 25,530,643 |
Total
US$
|
Available
to the Group
US$
|
Not available to the Group
US$
|
|||||||||
Cash and cash equivalents
|
32,518,559 | 32,518,559 | - | ||||||||
Property and equipment, net
|
126,244,516 | 126,244,516 | - | ||||||||
Intangible assets
|
6,228,990 | 6,228,990 | - | ||||||||
Assets held for sale
|
52,069,591 | 52,069,591 | - | ||||||||
Other assets
|
3,638,848 | 3,638,848 | - | ||||||||
220,700,504 | 220,700,504 | - |
Total
US$
|
Available
to the Group
US$
|
Not available to the Group
US$
|
|||||||||
Cash and cash equivalents
|
20,113,924 | 20,113,613 | 311 | ||||||||
Restricted cash
|
56,660,051 | 882,656 | 55,777,395 | ||||||||
Property and equipment, net
|
217,146,197 | 65,056,646 | 152,089,551 | ||||||||
Intangible assets
|
8,728,572 | - | 8,728,572 | ||||||||
Assets held for sale
|
19,554,330 | - | 19,554,330 | ||||||||
Other assets
|
3,987,842 | 2,352,137 | 1,635,705 | ||||||||
326,190,916 | 88,405,052 | 237,785,864 |
Year ended December 31
|
2019
US$
|
||||
2020 | 28,843,950 | ||||
2021 | 13,724,200 | ||||
2022 | 2,880,000 | ||||
2023 | 2,880,000 | ||||
2024 | 2,880,000 | ||||
Thereafter
|
3,000,000 | ||||
54,208,150 |
December 31, 2019
|
Carrying Value
US$
|
Fair Value
US$
|
Quoted Prices
(Level 1)
US$
|
Significant Other Observable Inputs
(Level 2)
US$
|
Significant Unobservable Inputs
(Level 3)
US$
|
||||||||||||
Assets
|
|||||||||||||||||
Cash and cash equivalents
|
32,518,559 | 32,518,559 | 32,518,559 |
-
|
-
|
||||||||||||
Other receivables
|
1,986,287 | 1,986,287 |
-
|
1,986,287 |
-
|
||||||||||||
Due from related parties
|
446,971 | 446,971 |
-
|
446,971 |
-
|
||||||||||||
Liabilities
|
|||||||||||||||||
Other liabilities
|
21,407,856 | 21,407,856 |
-
|
21,407,856 |
-
|
||||||||||||
Liabilities directly associated with assets held for sale
|
8,774,233 | 8,774,233 |
-
|
8,774,233 |
-
|
||||||||||||
Accrued interest
|
21,754,926 | 21,754,926 |
-
|
21,754,926 |
-
|
||||||||||||
Lease security deposits
|
2,528,000 | 2,528,000 | 2,528,000 |
-
|
-
|
||||||||||||
Due to related parties
|
57,093 | 57,093 |
-
|
57,093 |
-
|
||||||||||||
Loans from BDCA – related party
|
83,223,818 | 83,223,818 |
-
|
83,223,818 |
-
|
||||||||||||
Loans from KLS – related party
|
4,556,272 | 4,556,272 |
-
|
- | 4,556,272 |
December 31, 2018
|
Carrying Value US$
|
Fair Value
US$
|
Quoted prices
(Level 1)
US$
|
Significant Other Observable Inputs (level 2)
US$
|
Significant unobservable Inputs (Level 3) US$ | ||||||||||||
Assets
|
|||||||||||||||||
Cash and cash equivalents
|
20,113,924 | 20,113,924 | 20,113,924 |
-
|
-
|
||||||||||||
Other receivables
|
2,056,392 | 2,056,392 |
-
|
2,056,392 |
-
|
||||||||||||
Restricted cash
|
56,660,051 | 56,660,051 | 56,660,051 |
-
|
-
|
||||||||||||
Due from related parties
|
320,238 | 320,238 |
-
|
320,238 |
-
|
||||||||||||
Liabilities
|
|||||||||||||||||
Other liabilities
|
15,472,174 | 15,472,174 |
-
|
15,472,174 |
-
|
||||||||||||
Liabilities directly associated with assets held for sale
|
3,290,000 | 3,290,000 |
-
|
3,290,000 | |||||||||||||
Accrued interest
|
22,030,925 | 22,030,925 |
-
|
22,030,925 |
-
|
||||||||||||
Lease security deposits
|
8,763,000 | 8,763,000 | 8,763,000 |
-
|
-
|
||||||||||||
Due to related parties
|
67,798 | 67,798 |
-
|
67,798 |
-
|
||||||||||||
Loans from BDCA – related party
|
89,223,818 | 89,223,818 |
-
|
89,223,818 |
-
|
||||||||||||
Loans from KLS – related party
|
4,556,272 | 4,556,272 |
-
|
- | 4,556,272 | ||||||||||||
Long-term debt
|
109,220,826 | 103,216,069 |
-
|
103,216,069 |
-
|
2019
US$
|
2018
US$
|
|||||||
Cash and cash equivalents
|
32,518,559 | 20,113,924 | ||||||
Other receivables
|
1,986,287 | 2,056,392 | ||||||
Restricted cash
|
-
|
56,660,051 | ||||||
Due from related parties
|
446,971 | 320,238 | ||||||
34,951,817 | 79,150,605 |
December 31, 2019
|
December 31, 2018
|
|||||||||||||
Region
|
Net Book Value
US$
|
% of Total |
Net Book
Value US$ |
% of Total | ||||||||||
Europe
|
46,871,530 | 37.13% | 89,152,891 | 41.06% | ||||||||||
South America
|
-
|
-
|
4,737,617 | 2.18% | ||||||||||
North America
|
70,663,306 | 55.97% | 95,323,529 | 43.90% | ||||||||||
Asia
|
8,709,680 | 6.90% | 27,932,160 | 12.86% | ||||||||||
126,244,516 | 100.00% | 217,146,197 | 100.00% |
December 31, 2019
|
December 31, 2018
|
|||||||||||||
Region
|
Number of Customers
|
% of Total | Number of Customers | % of Total | ||||||||||
Europe
|
8 | 57.14% | 9 | 50.00% | ||||||||||
South America
|
1 | 7.14% | 2 | 11.11% | ||||||||||
North America
|
2 | 14.29% | 2 | 11.11% | ||||||||||
Asia
|
3 | 21.43% | 5 | 27.78% | ||||||||||
14 | 100.00% | 18 | 100.00% |
December 31, 2019
|
December 31, 2018
|
|||||||||||||
Region
|
Amount of Lease
Rental Income
US$
|
% of Total
|
Amount of Lease Rental Income
US$
|
% of Total
|
||||||||||
Europe
|
20,034,596 | 44.96% | 22,190,705 | 34.76% | ||||||||||
South America
|
1,701,913 | 3.82% | 8,992,544 | 14.08% | ||||||||||
North America
|
11,748,000 | 26.36% | 11,748,000 | 18.40% | ||||||||||
Asia
|
11,075,824 | 24.86% | 20,914,832 | 32.76% | ||||||||||
44,560,333 | 100.00% | 63,846,081 | 100.00% |
Number of
shares
|
Par value
2019
EUR
|
Par value
2019
EUR
|
|||||||||
Authorised
|
|||||||||||
1,000,000 ordinary shares of EUR 1 each
|
1,000,000 | 1,000,000 | 1,000,000 | ||||||||
Allotted and called up
|
|||||||||||
100 ordinary shares of EUR 1 each
|
100 | 100 | 100 | ||||||||
Number of
shares
|
Par value
2019
USD
|
Par value
2018
USD
|
|||||||||
Allotted and called up
|
|||||||||||
100 ordinary shares of EUR 1 each
|
100 | 137 | 137 |
2019
US$
|
2018
US$
|
|||||||
(a) Income tax expense
|
||||||||
Current tax expense
|
|
|
||||||
Ireland
|
1,955,793 | 1,632,486 | ||||||
Non Ireland
|
267,070 |
-
|
||||||
2,222,863 | 1,632,486 | |||||||
Deferred tax expense
|
||||||||
Ireland
|
10,907,360 | 4,230,030 | ||||||
Non Ireland
|
-
|
-
|
||||||
10,907,360 | 4,230,030 | |||||||
Total income tax expense
|
13,130,223 | 5,862,516 |
2019
US$
|
2018
US$
|
|||||||
(b) Reconciliation of effective tax rate
|
||||||||
Net profit before income tax expense
|
37,867,254 | 19,386,600 | ||||||
Effects of:
|
||||||||
Income tax expense at 25 percent
|
9,466,814 | 4,846,650 | ||||||
Income taxed at different rates
|
(4,136,634) | (1,313,617) | ||||||
Prior period over/under provision
|
(741,300) | (1,043,825) | ||||||
Valuation allowance
|
8,541,343 | 3,373,308 | ||||||
Reported amount of income tax expense
|
13,130,223 | 5,862,516 |
2019
US$
|
2018
US$
|
|||||||
Deferred tax assets | ||||||||
Operating loss carry-forwards | 29,688,857 | 8,417,618 | ||||||
Property and equipment | 128,035 | 1,409,447 | ||||||
Intercompany financing arrangements | 1,479,340 | 953,170 | ||||||
Total deferred tax assets | 31,296,232 | 10,780,235 | ||||||
Valuation allowance | (15,258,379) | (6,652,819) | ||||||
Total deferred tax assets net of valuation allowance | 16,037,853 | 4,127,416 |
2019
US$
|
2018
US$
|
|||||||
Deferred tax liabilities | ||||||||
Property and equipment | (4,013,192) | (1,776,899) | ||||||
Intercompany financing arrangements | (29,992,257) | (9,410,754) | ||||||
Total deferred tax liabilities | (34,005,449) | (11,187,653) | ||||||
Net deferred tax liabilities | (17,967,596) | (7,060,237) |
2019
US$
|
2018
US$
|
|||||||
Deferred tax assets | 0 | 893,613 | ||||||
Deferred tax liabilities | (17,967,596) | (7,953,850) | ||||||
Net deferred tax liabilities | (17,967,596) | (7,060,237) |
Nature of Relationship |
2019
US$
|
2018
US$
|
|||||||||
Assets | |||||||||||
Due from related parties: | |||||||||||
KAH | Ultimate parent | 180,068 | 89,335 | ||||||||
KLS | Immediate parent | 261,000 | 225,000 | ||||||||
KAU | Group company | 5,903 | 5,903 | ||||||||
Total | 446,971 | 320,238 | |||||||||
Liabilities | |||||||||||
Due to related parties: | |||||||||||
KAGL | Manager | 57,093 | 67,798 | ||||||||
Subtotal | 57,093 | 67,798 | |||||||||
Other liabilities - KAGL (Note 10) | Manager | 20,688,881 | 14,235,312 | ||||||||
PPN | Immediate parent | 3,250,000 | 3,250,000 | ||||||||
Loans payable to KLS | Immediate parent | 1,306,272 | 1,306,272 | ||||||||
Loans payable to BDCA | Ultimate shareholder | 83,223,818 | 89,223,818 |
Account
|
Related Party
|
2019
US$
|
2018
US$
|
|||||||||||
Related party transactions
|
||||||||||||||
Loan interest expense
|
Interest expense
|
BDCA
|
11,696,930 | 17,458,097 | ||||||||||
Management fees – fixed (Note 14)
|
Administrative expenses
|
KAGL
|
1,250,004 | 1,250,004 | ||||||||||
Management fees – performance-based (Note 14)
|
Administrative expenses
|
Manager
|
12,512,874 | 9,420,458 | ||||||||||
Directors' fees
|
Administrative expenses
|
Directors
|
120,449 | 132,065 |