x | QUARTERLY 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.) |
|||||||
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
|
|||||||
Non-accelerated filer x
|
Smaller reporting company o
|
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Emerging growth company o
|
Page | |||||
PART I - FINANCIAL INFORMATION | |||||
PART II - OTHER INFORMATION | |||||
For the three months ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Investment income: | |||||||||||||||||||||||
From control investments | |||||||||||||||||||||||
Interest income
|
$ | 3,480 | $ | 6,048 | |||||||||||||||||||
Dividend income
|
13,833 | 3,418 | |||||||||||||||||||||
Fee and other income
|
35 | 3 | |||||||||||||||||||||
Total investment income from control investments | 17,348 | 9,469 | |||||||||||||||||||||
From affiliate investments | |||||||||||||||||||||||
Interest income
|
3,180 | 948 | |||||||||||||||||||||
Dividend income
|
878 | 409 | |||||||||||||||||||||
Total investment income from affiliate investments | 4,058 | 1,357 | |||||||||||||||||||||
From non-affiliate investments | |||||||||||||||||||||||
Interest income
|
34,058 | 41,175 | |||||||||||||||||||||
Dividend income
|
— | 40 | |||||||||||||||||||||
Fee and other income
|
969 | 1,066 | |||||||||||||||||||||
Total investment income from non-affiliate investments | 35,027 | 42,281 | |||||||||||||||||||||
Interest from cash and cash equivalents | 1 | 174 | |||||||||||||||||||||
Total investment income
|
56,434 | 53,281 | |||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Management fees | 9,574 | 9,877 | |||||||||||||||||||||
Incentive fee on income | 6,655 | — | |||||||||||||||||||||
Interest and debt fees | 9,600 | 13,780 | |||||||||||||||||||||
Professional fees | 1,279 | 1,411 | |||||||||||||||||||||
Other general and administrative | 1,601 | 1,586 | |||||||||||||||||||||
Administrative services | 181 | 334 | |||||||||||||||||||||
Directors' fees | 226 | 261 | |||||||||||||||||||||
Total expenses | 29,116 | 27,249 | |||||||||||||||||||||
Income tax expense, including excise tax | 700 | 474 | |||||||||||||||||||||
Net investment income | 26,618 | 25,558 | |||||||||||||||||||||
Realized and unrealized gain (loss): | |||||||||||||||||||||||
Net realized gain (loss) | |||||||||||||||||||||||
Control investments | 1 | (500) | |||||||||||||||||||||
Affiliate investments | (307) | 189 | |||||||||||||||||||||
Non-affiliate investments | (443) | (13,342) | |||||||||||||||||||||
Net realized loss on foreign currency transactions | (528) | (332) | |||||||||||||||||||||
Net realized loss on extinguishment of debt | (1,286) | — | |||||||||||||||||||||
Total net realized loss | (2,563) | (13,985) | |||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | |||||||||||||||||||||||
Control investments | (8,125) | (17,605) | |||||||||||||||||||||
Affiliate investments | 21,111 | (28,639) | |||||||||||||||||||||
Non-affiliate investments | 29,645 | (161,453) | |||||||||||||||||||||
Net change in deferred taxes | — | 714 |
For the three months ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Total net change in unrealized appreciation (depreciation) on investments, net of change in deferred taxes | 42,631 | (206,983) | |||||||||||||||||||||
Net change in unrealized appreciation from forward currency exchange contracts | 293 | 1,691 | |||||||||||||||||||||
Net realized and unrealized gain (loss) | 40,361 | (219,277) | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 66,979 | $ | (193,719) | |||||||||||||||||||
Per share information - basic and diluted | |||||||||||||||||||||||
Net investment income | $ | 0.13 | $ | 0.13 | |||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 0.33 | $ | (1.02) | |||||||||||||||||||
Weighted average shares outstanding | 200,340,731 | 190,106,420 |
For the three months ended March 31, | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Operations: | |||||||||||||||||
Net investment income | $ | 26,618 | $ | 25,558 | |||||||||||||
Net realized loss from investments | (749) | (13,653) | |||||||||||||||
Net realized loss on foreign currency transactions | (528) | (332) | |||||||||||||||
Net realized loss on extinguishment of debt | (1,286) | — | |||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | 42,631 | (207,697) | |||||||||||||||
Net change in deferred taxes | — | 714 | |||||||||||||||
Net change in unrealized appreciation from forward currency exchange contracts | 293 | 1,691 | |||||||||||||||
Net increase (decrease) in net assets resulting from operations | 66,979 | (193,719) | |||||||||||||||
Stockholder distributions: | |||||||||||||||||
Distributions | (19,757) | (30,727) | |||||||||||||||
Net decrease in net assets from stockholder distributions | (19,757) | (30,727) | |||||||||||||||
Capital share transactions: | |||||||||||||||||
Issuance of common stock, net of issuance costs | — | 55,000 | |||||||||||||||
Reinvestment of stockholder distributions | 4,579 | 8,113 | |||||||||||||||
Repurchases of common stock | (18,799) | (16,541) | |||||||||||||||
Net increase (decrease) in net assets from capital share transactions | (14,220) | 46,572 | |||||||||||||||
Total increase (decrease) in net assets | 33,002 | (177,874) | |||||||||||||||
Net assets at beginning of period | 1,399,755 | 1,462,683 | |||||||||||||||
Net assets at end of period | $ | 1,432,757 | $ | 1,284,809 | |||||||||||||
Net asset value per common share | $ | 7.19 | $ | 6.47 | |||||||||||||
Common shares outstanding at end of period | 199,247,868 | 198,651,991 |
For the three months ended March 31, | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Operating activities: | |||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 66,979 | $ | (193,719) | |||||||||||||
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 | (1,264) | (1,836) | |||||||||||||||
Net accretion of discount on investments | (2,578) | (1,446) | |||||||||||||||
Amortization of deferred financing costs | 809 | 934 | |||||||||||||||
Amortization of discount on unsecured notes | 122 | 195 | |||||||||||||||
Sales and repayments of investments | 206,284 | 250,846 | |||||||||||||||
Purchases of investments | (221,050) | (301,533) | |||||||||||||||
Net realized loss from investments | 749 | 13,653 | |||||||||||||||
Net realized loss on foreign currency transactions | 528 | 332 | |||||||||||||||
Net realized loss on extinguishment of debt | 1,286 | — | |||||||||||||||
Net change in unrealized (appreciation) depreciation on investments | (42,631) | 207,697 | |||||||||||||||
Net change in unrealized (appreciation) from forward currency exchange contracts | (293) | (1,691) | |||||||||||||||
(Increase) decrease in operating assets:
|
|||||||||||||||||
Interest and dividends receivable
|
(174) | (835) | |||||||||||||||
Receivable for unsettled trades
|
30,858 | 3,651 | |||||||||||||||
Prepaid expenses and other assets
|
(375) | 793 | |||||||||||||||
Increase (decrease) in operating liabilities:
|
|||||||||||||||||
Management fees payable
|
53 | 781 | |||||||||||||||
Incentive fee on income payable
|
732 | (6,099) | |||||||||||||||
Accounts payable and accrued expenses | 1,996 | 1,737 | |||||||||||||||
Payable for unsettled trades
|
(126,499) | 10,868 | |||||||||||||||
Interest and debt fees payable
|
1,730 | 1,361 | |||||||||||||||
Directors' fees payable
|
(26) | 29 | |||||||||||||||
Net cash provided by (used in) operating activities | (82,764) | (14,282) | |||||||||||||||
Financing activities: | |||||||||||||||||
Repurchases of common stock
|
(18,799) | (16,541) | |||||||||||||||
Proceeds from debt
|
497,994 | 197,000 | |||||||||||||||
Payments on debt
|
(373,100) | (27,000) | |||||||||||||||
Payments of financing costs
|
(496) | — | |||||||||||||||
Stockholder distributions
|
(15,386) | (22,704) | |||||||||||||||
Net cash provided by (used in) financing activities | 90,213 | 130,755 | |||||||||||||||
Net increase in cash and cash equivalents | 7,449 | 116,473 | |||||||||||||||
Effect of foreign currency exchange rates
|
(528) | (332) | |||||||||||||||
Cash and cash equivalents, beginning of period | 53,182 | 46,470 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 60,103 | $ | 162,611 | |||||||||||||
Supplemental information: | |||||||||||||||||
Interest paid during the period | $ | 5,463 | $ | 11,232 | |||||||||||||
Taxes, including excise tax, paid during the period | $ | 700 | $ | — |
For the three months ended March 31, | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Distributions reinvested | $ | 4,579 | $ | 8,113 | |||||||||||||
Assets and liabilities exchanged for interest in BDCA Senior Loan Fund, LLC (Note 3) | $ | 262,544 | $ | — | |||||||||||||
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 - 103.5% (b) | ||||||||||||||||||||||||||||||||||||||
1236904 BC, Ltd. (c) (h) | Software/Services | L+7.50% (8.50%), 3/4/2027 | $ | 10,318 | $ | 10,116 | $ | 10,117 | 0.7 | % | ||||||||||||||||||||||||||||
1236904 BC, Ltd. (c) (h) (i) | Software/Services | L+5.50% (5.61%), 3/4/2027 | 18,781 | 18,135 | 18,781 | 1.3 | % | |||||||||||||||||||||||||||||||
Abaco Systems Holding Corp. (c) (h) (i) | Industrials | L+6.00% (7.00%), 12/7/2021 | 22,913 | 22,849 | 22,913 | 1.6 | % | |||||||||||||||||||||||||||||||
Abercrombie & Fitch, Co. (a) | Consumer | 8.75%, 7/15/2025 | 3,182 | 3,182 | 3,516 | 0.2 | % | |||||||||||||||||||||||||||||||
Acrisure, LLC (h) (i) | Financials | L+3.50% (3.70%), 2/16/2027 | 19,622 | 19,535 | 19,360 | 1.4 | % | |||||||||||||||||||||||||||||||
Alchemy US Holdco 1, LLC (c) (h) (i) | Industrials | L+5.50% (5.61%), 10/10/2025 | 3,690 | 3,659 | 3,561 | 0.2 | % | |||||||||||||||||||||||||||||||
American Airlines Inc/AAdvantage Loyalty IP, Ltd. (a) | Transportation | 5.50%, 4/20/2026 | 7,895 | 7,895 | 8,216 | 0.6 | % | |||||||||||||||||||||||||||||||
American Airlines Inc/AAdvantage Loyalty IP, Ltd. (a) | Transportation | 5.75%, 4/20/2029 | 7,895 | 7,895 | 8,394 | 0.6 | % | |||||||||||||||||||||||||||||||
Anchor Glass Container Corp. (c) (j) | Paper & Packaging | L+5.00% (6.00%), 12/7/2023 | 9,576 | 9,576 | 8,499 | 0.6 | % | |||||||||||||||||||||||||||||||
Aq Carver Buyer, Inc. (c) (h) (i) | Business Services | L+5.00% (6.00%), 9/23/2025 | 12,954 | 12,377 | 12,954 | 0.9 | % | |||||||||||||||||||||||||||||||
Arch Global Precision, LLC (c) (h) (i) | Industrials | L+4.75% (4.86%), 4/1/2026 | 11,764 | 11,701 | 11,764 | 0.8 | % | |||||||||||||||||||||||||||||||
Arctic Holdco, LLC (c) | Paper & Packaging | L+6.00% (7.00%), 12/23/2026 | 842 | 833 | 822 | 0.1 | % | |||||||||||||||||||||||||||||||
Arctic Holdco, LLC (c) (i) | Paper & Packaging | L+6.00% (7.00%), 12/23/2026 | 16,451 | 16,040 | 16,056 | 1.1 | % | |||||||||||||||||||||||||||||||
Aveanna Healthcare, LLC (h) | Healthcare | L+4.25% (5.25%), 3/18/2024 | 774 | 748 | 770 | 0.1 | % | |||||||||||||||||||||||||||||||
Aveanna Healthcare, LLC (h) (i) | Healthcare | L+5.50% (6.50%), 3/18/2024 | 8,089 | 7,940 | 8,069 | 0.6 | % | |||||||||||||||||||||||||||||||
Axiom Global, Inc. (c) (i) | Business Services | L+4.75% (5.50%), 10/1/2026 | 16,226 | 16,094 | 16,226 | 1.1 | % | |||||||||||||||||||||||||||||||
BBB Industries, LLC (h) | Transportation | L+4.50% (4.61%), 8/1/2025 | 12,955 | 12,885 | 12,767 | 0.9 | % | |||||||||||||||||||||||||||||||
Bearcat Buyer, Inc. (c) (i) | Healthcare | L+4.25% (5.25%), 7/9/2026 | 152 | 152 | 152 | 0.0 | % | |||||||||||||||||||||||||||||||
Bearcat Buyer, Inc. (c) (i) | Healthcare | L+4.25% (5.25%), 7/9/2026 | 732 | 732 | 730 | 0.1 | % | |||||||||||||||||||||||||||||||
Beasley Mezzanine Holdings, LLC | Broadcasting | 8.63%, 2/1/2026 | 2,174 | 2,174 | 2,185 | 0.2 | % | |||||||||||||||||||||||||||||||
Black Mountain Sand, LLC (c) | Energy | L+9.00% (10.50%), 6/28/2024 | 22,108 | 21,984 | 22,108 | 1.5 | % | |||||||||||||||||||||||||||||||
Capstone Logistics (h) | Transportation | L+4.75% (5.75%), 11/12/2027 | 16,406 | 16,251 | 16,396 | 1.1 | % | |||||||||||||||||||||||||||||||
CareCentrix, Inc. (i) | Healthcare | L+4.50% (4.70%), 4/3/2025 | 7,969 | 7,948 | 7,260 | 0.5 | % | |||||||||||||||||||||||||||||||
CCW, LLC (c) (h) (i) (t) | Food & Beverage | L+8.00% (9.00%), 12/31/2021 | 28,461 | 25,612 | 16,195 | 1.1 | % | |||||||||||||||||||||||||||||||
CDHA Holdings, LLC (c) (h) (i) (j) | Healthcare | L+7.25% (8.25%) 1.00% PIK, 8/24/2023 | 16,041 | 15,926 | 15,873 | 1.1 | % | |||||||||||||||||||||||||||||||
CDS U.S. Intermediate Holdings, Inc. (a) (c) (h) (i) (p) | Media/Entertainment | L+6.00% (7.00%), 11/24/2025 | 3,168 | 3,094 | 3,168 | 0.2 | % | |||||||||||||||||||||||||||||||
CHA Holdings, Inc. (c) (i) | Business Services | L+4.50% (5.50%), 4/10/2025 | 524 | 492 | 524 | 0.0 | % | |||||||||||||||||||||||||||||||
Chloe Ox Parent, LLC (c) (i) | Healthcare | L+4.50% (5.50%), 12/23/2024 | 11,332 | 11,270 | 11,332 | 0.8 | % | |||||||||||||||||||||||||||||||
Chloe Ox Parent, LLC (c) (i) | Healthcare | L+5.25% (6.25%), 12/23/2024 | 22,479 | 21,847 | 22,479 | 1.6 | % | |||||||||||||||||||||||||||||||
CLP Health Services, Inc. (i) | Healthcare | L+4.25% (5.00%), 12/31/2026 | 13,013 | 12,847 | 13,056 | 0.9 | % |
Portfolio Company (f) (q) | Industry | Investment Coupon Rate / Maturity (l) | Principal / Number of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | ||||||||||||||||||||||||||||||||
Cobblestone Intermediate Holdco, LLC (c) (i) | Consumer | L+5.50% (6.50%), 1/29/2026 | $ | 5,264 | $ | 5,160 | $ | 5,160 | 0.4 | % | ||||||||||||||||||||||||||||
Cold Spring Brewing, Co. (c) (h) (i) | Food & Beverage | L+4.75% (5.75%), 12/19/2025 | 8,412 | 8,345 | 8,412 | 0.6 | % | |||||||||||||||||||||||||||||||
CommerceHub, Inc. (i) | Technology | L+4.00% (4.75%), 12/29/2027 | 7,697 | 7,660 | 7,702 | 0.5 | % | |||||||||||||||||||||||||||||||
Community Care Health Network, LLC (h) | Healthcare | L+4.50% (4.61%), 2/17/2025 | 1,678 | 1,621 | 1,681 | 0.1 | % | |||||||||||||||||||||||||||||||
Corfin Industries, LLC (c) (h) (i) | Industrials | L+6.00% (7.00%), 2/5/2026 | 12,174 | 11,977 | 12,174 | 0.8 | % | |||||||||||||||||||||||||||||||
Cornerstone Chemical, Co. | Chemicals | 6.75%, 8/15/2024 | 4,850 | 4,621 | 4,628 | 0.3 | % | |||||||||||||||||||||||||||||||
CRS-SPV, Inc. (c) (j) (o) (w) | Industrials | L+4.50% (5.50%), 3/8/2022 | 62 | 62 | 62 | 0.0 | % | |||||||||||||||||||||||||||||||
Drilling Info Holdings, Inc. (c) (i) | Business Services | L+4.25% (4.36%), 7/30/2025 | 7,079 | 6,846 | 7,079 | 0.5 | % | |||||||||||||||||||||||||||||||
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 | 14,445 | 14,169 | 14,172 | 1.0 | % | |||||||||||||||||||||||||||||||
Dynasty Acqusition Co., Inc. (i) | Industrials | L+3.50% (3.70%), 4/6/2026 | 344 | 344 | 333 | 0.0 | % | |||||||||||||||||||||||||||||||
Dynasty Acqusition Co., Inc. (i) | Industrials | L+3.50% (3.70%), 4/6/2026 | 185 | 185 | 179 | 0.0 | % | |||||||||||||||||||||||||||||||
Enviva Holdings, LP (a) (c) (i) | Utilities | L+5.50% (6.50%), 2/17/2026 | 9,828 | 9,731 | 9,730 | 0.7 | % | |||||||||||||||||||||||||||||||
Florida Food Products, LLC (c) (h) | Food & Beverage | L+6.50% (7.50%), 9/6/2025 | 21,834 | 21,489 | 21,834 | 1.5 | % | |||||||||||||||||||||||||||||||
Florida Food Products, LLC (c) (i) | Food & Beverage | L+7.25% (8.25%), 9/8/2025 | 1,321 | 1,248 | 1,321 | 0.1 | % | |||||||||||||||||||||||||||||||
Florida Food Products, LLC (c) (j) | 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 | 1,323 | 1,323 | 1,351 | 0.1 | % | |||||||||||||||||||||||||||||||
Frontier Communications Corp. | Telecom | 5.00%, 5/1/2028 | 1,240 | 1,240 | 1,264 | 0.1 | % | |||||||||||||||||||||||||||||||
Frontier Communications Corp. (h) | Telecom | L+4.75% (5.75%), 10/8/2027 | 18,988 | 18,871 | 18,909 | 1.3 | % | |||||||||||||||||||||||||||||||
Gold Standard Baking, Inc. (c) | Food & Beverage | L+6.50% (7.50%) 2.00% PIK, 7/25/2022 | 3,147 | 2,750 | 1,259 | 0.1 | % | |||||||||||||||||||||||||||||||
Gordian Medical, Inc. (i) | Healthcare | L+6.25% (7.00%), 1/31/2027 | 10,447 | 10,134 | 10,290 | 0.7 | % | |||||||||||||||||||||||||||||||
Green Energy Partners/Stonewall, LLC | Utilities | L+5.50% (6.50%), 11/15/2021 | 987 | 987 | 919 | 0.1 | % | |||||||||||||||||||||||||||||||
Green Energy Partners/Stonewall, LLC | Utilities | L+5.50% (6.50%), 11/15/2021 | 1,307 | 1,306 | 1,218 | 0.1 | % | |||||||||||||||||||||||||||||||
Health Plan One, Inc. (c) (j) | Financials | L+7.50% (8.50%), 7/15/2025 | 10,695 | 10,236 | 10,695 | 0.7 | % | |||||||||||||||||||||||||||||||
Higginbotham Insurance Agency, Inc. (c) (h) | Financials | L+5.75% (6.50%), 11/25/2026 | 11,579 | 11,415 | 11,415 | 0.8 | % | |||||||||||||||||||||||||||||||
HireRight, Inc. (i) | Business Services | L+3.75% (3.86%), 7/11/2025 | 2,878 | 2,861 | 2,831 | 0.2 | % | |||||||||||||||||||||||||||||||
Hospice Care Buyer, Inc. (c) | Healthcare | L+6.50% (7.50%), 12/9/2026 | 278 | 278 | 270 | 0.0 | % | |||||||||||||||||||||||||||||||
Hospice Care Buyer, Inc. (c) (h) | Healthcare | L+6.50% (7.50%), 12/9/2026 | 21,876 | 21,219 | 21,253 | 1.5 | % | |||||||||||||||||||||||||||||||
Hospice Care Buyer, Inc. (c) (h) | Healthcare | L+6.50% (7.50%), 12/9/2026 | 6,423 | 6,235 | 6,235 | 0.4 | % | |||||||||||||||||||||||||||||||
Hospice Care Buyer, Inc. (c) | Healthcare | L+6.50% (7.50%), 12/9/2026 | 2,220 | 2,220 | 2,157 | 0.2 | % | |||||||||||||||||||||||||||||||
Houghton Mifflin Harcourt Publishers, Inc. (a) (i) | Education | L+6.25% (7.25%), 11/22/2024 | 1,438 | 1,427 | 1,432 | 0.1 | % |
Portfolio Company (f) (q) | Industry | Investment Coupon Rate / Maturity (l) | Principal / Number of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | ||||||||||||||||||||||||||||||||
ICR Operations, LLC (c) (h) (i) | Business Services | L+5.00% (6.00%), 3/26/2025 | $ | 17,101 | $ | 16,901 | $ | 17,101 | 1.2 | % | ||||||||||||||||||||||||||||
ICR Operations, LLC (c) (i) | Business Services | L+5.00% (6.00%), 3/26/2025 | 6,633 | 6,481 | 6,633 | 0.5 | % | |||||||||||||||||||||||||||||||
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 | 826 | 816 | 826 | 0.1 | % | |||||||||||||||||||||||||||||||
Ideal Tridon Holdings, Inc. (c) (h) (i) | Industrials | L+5.75% (6.75%), 7/31/2024 | 26,837 | 26,633 | 26,837 | 1.9 | % | |||||||||||||||||||||||||||||||
Ideal Tridon Holdings, Inc. (c) (j) | Industrials | L+5.75% (6.75%), 7/31/2023 | 442 | 442 | 442 | 0.0 | % | |||||||||||||||||||||||||||||||
Integral Ad Science, Inc. (c) (j) | Software/Services | L+6.00% (7.00%), 7/19/2024 | 15,515 | 15,346 | 15,515 | 1.1 | % | |||||||||||||||||||||||||||||||
Integrated Efficiency Solutions, Inc. (c) (w) | Industrials | L+2.50% (3.50%) 1.50% PIK, 6/30/2022 | 3,867 | 3,866 | 2,832 | 0.2 | % | |||||||||||||||||||||||||||||||
Integrated Global Services, Inc. (c) (i) | Industrials | L+6.00% (7.00%), 2/4/2026 | 11,414 | 11,230 | 10,955 | 0.8 | % | |||||||||||||||||||||||||||||||
Integrated Global Services, Inc. (c) (j) | Industrials | L+6.00% (7.00%), 2/4/2026 | 1,622 | 1,622 | 1,556 | 0.1 | % | |||||||||||||||||||||||||||||||
Intelsat Jackson Holdings, SA (a) | Telecom | P+4.75% (8.00%), 11/27/2023 | 1,124 | 1,121 | 1,141 | 0.1 | % | |||||||||||||||||||||||||||||||
Intelsat Jackson Holdings, SA (a) | Telecom | 8.63%, 1/2/2024 | 2,367 | 2,374 | 2,412 | 0.2 | % | |||||||||||||||||||||||||||||||
Internap Corp. (c) (h) (p) | Business Services | L+6.50% (7.50%) 5.50% PIK, 5/8/2025 | 6,039 | 6,039 | 5,253 | 0.4 | % | |||||||||||||||||||||||||||||||
International Cruise & Excursions, Inc. (c) (i) | Business Services | L+5.25% (6.25%), 6/6/2025 | 4,938 | 4,906 | 4,380 | 0.3 | % | |||||||||||||||||||||||||||||||
Jakks Pacific, Inc. (c) (p) | Consumer | 10.50%, 2.50% PIK, 2/9/2023 | 18,515 | 17,562 | 18,515 | 1.3 | % | |||||||||||||||||||||||||||||||
K2 Intelligence Holdings, Inc. (c) (h) (i) | Business Services | L+4.75% (5.75%), 9/23/2024 | 10,251 | 10,109 | 10,098 | 0.7 | % | |||||||||||||||||||||||||||||||
Kahala Ireland OpCo Designated Activity Company (a) (c) (j) (o) | Transportation | L+8.00% (13.00%), 12/22/2028 | 13,549 | 13,549 | 13,549 | 0.9 | % | |||||||||||||||||||||||||||||||
Kaman Distribution Corp. (c) (h) (i) | Industrials | L+5.00% (5.20%), 8/26/2026 | 21,229 | 19,746 | 21,229 | 1.5 | % | |||||||||||||||||||||||||||||||
KidKraft, Inc. (c) (w) | Consumer | L+5.00%, (6.00%) PIK, 8/15/2022 | 1,060 | 218 | 827 | 0.1 | % | |||||||||||||||||||||||||||||||
KMTEX, LLC (c) (g) (o) | Chemicals | P+3.00% (6.25%) PIK, 6/16/2025 | 477 | 477 | 477 | 0.0 | % | |||||||||||||||||||||||||||||||
KMTEX, LLC (c) (g) (o) | Chemicals | P+3.00% (6.25%) PIK, 6/16/2025 | 842 | 842 | 611 | 0.0 | % | |||||||||||||||||||||||||||||||
KMTEX, LLC (c) (o) | Chemicals | P+3.00% (6.25%) PIK, 6/16/2025 | 3,280 | 3,280 | 2,381 | 0.2 | % | |||||||||||||||||||||||||||||||
Labrie Environmental Group, LLC (a) (c) (h) | Industrials | L+5.50% (6.50%), 9/1/2026 | 22,752 | 22,341 | 22,752 | 1.6 | % | |||||||||||||||||||||||||||||||
Lakeland Tours, LLC (c) (h) | Education | L+7.50% (8.75%) 6.00% PIK, 9/25/2025 | 3,412 | 3,395 | 3,412 | 0.2 | % | |||||||||||||||||||||||||||||||
Lakeland Tours, LLC (c) (h) | Education | L+7.50% (8.75%) 6.00% PIK, 9/25/2025 | 4,135 | 3,699 | 3,639 | 0.3 | % | |||||||||||||||||||||||||||||||
Lakeland Tours, LLC (c) (h) | Education | L+12.00% (13.25%) 6.00% PIK, 9/25/2023 | 1,806 | 1,806 | 1,806 | 0.1 | % | |||||||||||||||||||||||||||||||
Lakeland Tours, LLC (c) (h) | Education | 13.25% PIK, 9/27/2027 | 4,375 | 2,475 | 2,187 | 0.2 | % | |||||||||||||||||||||||||||||||
Lakeview Health Holdings, Inc. (c) (t) (w) | Healthcare | 9.75% PIK, 12/15/2021 | 146 | 124 | 36 | 0.0 | % | |||||||||||||||||||||||||||||||
Lakeview Health Holdings, Inc. (c) (t) (w) | Healthcare | 9.75% PIK, 12/15/2021 | 4,235 | 2,672 | 1,058 | 0.1 | % | |||||||||||||||||||||||||||||||
LightSquared, LP | Telecom | 15.50%, 11/1/2023 | 1,540 | 1,540 | 1,548 | 0.1 | % | |||||||||||||||||||||||||||||||
Liquid Tech Solutions Holdings, LLC (h) | Industrials | L+4.75% (5.50%), 3/20/2028 | 10,267 | 10,216 | 10,216 | 0.7 | % |
Portfolio Company (f) (q) | Industry | Investment Coupon Rate / Maturity (l) | Principal / Number of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | ||||||||||||||||||||||||||||||||
Manna Pro Products, LLC (c) (i) | Consumer | L+6.00% (7.00%), 12/10/2026 | $ | 24,597 | $ | 24,020 | $ | 24,014 | 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 | 786 | 786 | 786 | 0.1 | % | |||||||||||||||||||||||||||||||
Medical Depot Holdings, Inc. (h) (i) | Healthcare | L+9.50% (10.50%) 4.00% PIK, 1/3/2023 | 19,332 | 18,820 | 17,705 | 1.2 | % | |||||||||||||||||||||||||||||||
MGTF Radio Company, LLC (c) (j) (o) | Media/Entertainment | L+6.00% (7.00%), 4/1/2024 | 54,771 | 54,675 | 43,105 | 3.0 | % | |||||||||||||||||||||||||||||||
Midwest Can Company, LLC (c) (h) (i) | Paper & Packaging | L+6.00% (7.00%), 3/2/2026 | 29,907 | 29,390 | 29,907 | 2.1 | % | |||||||||||||||||||||||||||||||
Midwest Can Company, LLC (c) (j) | Paper & Packaging | L+6.00% (7.00%), 3/2/2026 | 1,413 | 1,413 | 1,413 | 0.1 | % | |||||||||||||||||||||||||||||||
Miller Environmental Group, Inc. (c) (h) (i) | Business Services | L+6.50% (7.50%), 3/15/2024 | 11,434 | 11,299 | 11,434 | 0.8 | % | |||||||||||||||||||||||||||||||
Miller Environmental Group, Inc. (c) (h) (i) | Business Services | L+6.50% (7.50%), 3/15/2024 | 10,457 | 10,310 | 10,457 | 0.7 | % | |||||||||||||||||||||||||||||||
Ministry Brands, LLC (c) (i) | Software/Services | L+4.00% (5.00%), 12/2/2022 | 5,655 | 5,609 | 5,655 | 0.4 | % | |||||||||||||||||||||||||||||||
Mintz Group, LLC (c) (i) | Business Services | L+4.75% (5.75%), 3/18/2026 | 4,215 | 4,180 | 4,215 | 0.3 | % | |||||||||||||||||||||||||||||||
Monitronics International, Inc. (j) | Business Services | L+6.50% (7.75%), 3/29/2024 | 5,551 | 5,557 | 5,393 | 0.4 | % | |||||||||||||||||||||||||||||||
MSG National Properties, LLC (a) (c) (h) | Media/Entertainment | L+6.25% (7.00%), 11/12/2025 | 12,280 | 11,939 | 12,280 | 0.9 | % | |||||||||||||||||||||||||||||||
Muth Mirror Systems, LLC (c) (h) (i) | Technology | L+5.25% (6.25%), 4/23/2025 | 15,379 | 15,171 | 14,253 | 1.0 | % | |||||||||||||||||||||||||||||||
New Amsterdam Software Bidco, LLC (c) (h) (i) | Technology | L+5.00% (6.00%), 5/1/2026 | 6,057 | 5,969 | 6,057 | 0.4 | % | |||||||||||||||||||||||||||||||
New Star Metals, Inc. (c) (h) (i) | Industrials | L+6.00% (7.50%), 7/10/2023 | 21,803 | 21,450 | 21,803 | 1.5 | % | |||||||||||||||||||||||||||||||
Norvax, LLC (c) (j) | Business Services | L+6.50% (7.50%), 9/12/2025 | 11,345 | 11,124 | 11,345 | 0.8 | % | |||||||||||||||||||||||||||||||
NTM Acquisition Corp. (c) (h) (i) | Media/Entertainment | L+7.25% (8.25%) 1.00% PIK, 6/7/2024 | 22,016 | 21,951 | 19,814 | 1.4 | % | |||||||||||||||||||||||||||||||
Olaplex, Inc. (c) (h) (i) | Consumer | L+6.50% (7.50%), 1/8/2026 | 17,121 | 16,849 | 17,121 | 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 | % | |||||||||||||||||||||||||||||||
Pilot Air Freight, LLC (c) (i) | Transportation | L+4.75% (5.75%), 7/25/2024 | 7,933 | 7,814 | 7,814 | 0.5 | % | |||||||||||||||||||||||||||||||
Planet Equity Group, LLC (c) (h) | Business Services | P+5.25% (6.25%), 11/18/2025 | 1,087 | 1,069 | 1,087 | 0.1 | % | |||||||||||||||||||||||||||||||
Planet Equity Group, LLC (c) (h) | Business Services | L+5.25% (6.25%), 11/18/2025 | 14,754 | 14,583 | 14,754 | 1.0 | % | |||||||||||||||||||||||||||||||
Planet Equity Group, LLC (c) (j) | Business Services | L+4.25% (7.50%), 11/18/2024 | 581 | 581 | 581 | 0.0 | % | |||||||||||||||||||||||||||||||
PlayPower, Inc. (c) (h) (i) | Industrials | L+5.50% (5.70%), 5/8/2026 | 25,284 | 25,006 | 25,056 | 1.7 | % | |||||||||||||||||||||||||||||||
Premier Dental Services, Inc. (h) (i) | Healthcare | L+5.25% (6.25%), 6/30/2023 | 31,939 | 31,814 | 31,061 | 2.2 | % | |||||||||||||||||||||||||||||||
Premier Global Services, Inc. (c) | Telecom | L+6.50% (7.50%), 6/8/2023 | 6,066 | 5,926 | 2,960 | 0.2 | % | |||||||||||||||||||||||||||||||
Prototek, LLC (c) | Industrials | L+5.75% (6.75%), 10/20/2026 | 903 | 903 | 884 | 0.1 | % | |||||||||||||||||||||||||||||||
Prototek, LLC (c) (h) | Industrials | L+5.75% (6.75%), 10/20/2026 | 11,257 | 11,022 | 11,022 | 0.8 | % | |||||||||||||||||||||||||||||||
PSKW, LLC (c) (h) (i) | Healthcare | L+6.25% (7.25%), 3/9/2026 | 29,700 | 29,089 | 29,700 | 2.1 | % |
Portfolio Company (f) (q) | Industry | Investment Coupon Rate / Maturity (l) | Principal / Number of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | ||||||||||||||||||||||||||||||||
PT Network, LLC (c) (h) | Healthcare | L+7.50% (8.50%) 2.00% PIK, 11/30/2023 | $ | 17,044 | $ | 16,994 | $ | 15,919 | 1.1 | % | ||||||||||||||||||||||||||||
Questex, Inc. (c) (h) (i) | Media/Entertainment | L+5.75% (6.75%), 9/9/2024 | 15,786 | 15,606 | 14,492 | 1.0 | % | |||||||||||||||||||||||||||||||
Questex, Inc. (c) (j) | 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 | 5,652 | 5,652 | 5,526 | 0.4 | % | |||||||||||||||||||||||||||||||
RE Investment Company, LLC (c) (h) | Industrials | L+8.00% (9.00%), 9/25/2025 | 13,564 | 13,260 | 13,261 | 0.9 | % | |||||||||||||||||||||||||||||||
Red River Technology, LLC (c) (h) (i) | Business Services | L+5.00% (6.00%), 8/30/2024 | 23,372 | 23,130 | 23,372 | 1.6 | % | |||||||||||||||||||||||||||||||
Reddy Ice Corp. (c) (h) (i) | Food & Beverage | L+6.50% (7.50%), 7/1/2025 | 19,294 | 18,885 | 18,918 | 1.3 | % | |||||||||||||||||||||||||||||||
Reddy Ice Corp. (c) (j) | Food & Beverage | L+6.50% (7.50%), 7/1/2025 | 1,817 | 1,802 | 1,782 | 0.1 | % | |||||||||||||||||||||||||||||||
Refresh Parent Holdings, Inc. (c) | Healthcare | L+6.50% (7.50%), 12/9/2026 | 1,710 | 1,710 | 1,667 | 0.1 | % | |||||||||||||||||||||||||||||||
Refresh Parent Holdings, Inc. (c) (h) | Healthcare | L+6.50% (7.50%), 12/9/2026 | 9,559 | 9,328 | 9,318 | 0.7 | % | |||||||||||||||||||||||||||||||
REP TEC Intermediate Holdings, Inc. (c) | Software/Services | L+6.50% (7.50%), 6/19/2025 | 494 | 494 | 494 | 0.0 | % | |||||||||||||||||||||||||||||||
REP TEC Intermediate Holdings, Inc. (c) (h) | Software/Services | L+6.50% (7.50%), 6/19/2025 | 1,540 | 1,525 | 1,525 | 0.1 | % | |||||||||||||||||||||||||||||||
REP TEC Intermediate Holdings, Inc. (c) (h) (i) | Software/Services | L+6.50% (7.50%), 6/19/2025 | 6,962 | 6,786 | 6,962 | 0.5 | % | |||||||||||||||||||||||||||||||
Resco Products, Inc. (c) | Industrials | L+7.00% (9.00%) 2.00% PIK, 6/5/2022 | 9,550 | 9,550 | 8,786 | 0.6 | % | |||||||||||||||||||||||||||||||
RXB Holdings, Inc. (h) | Healthcare | L+5.25% (6.00%), 12/20/2027 | 8,075 | 7,919 | 8,034 | 0.6 | % | |||||||||||||||||||||||||||||||
SCIH Salt Holdings, Inc. (c) | Industrials | L+4.00% (5.00%), 3/17/2025 | — | — | — | — | % | |||||||||||||||||||||||||||||||
SCIH Salt Holdings, Inc. (h) (i) | Industrials | L+4.50% (5.50%), 3/16/2027 | 24,788 | 24,574 | 24,788 | 1.7 | % | |||||||||||||||||||||||||||||||
SFR Group, SA (a) (i) | Telecom | L+4.00% (4.20%), 8/14/2026 | 7,879 | 7,828 | 7,852 | 0.5 | % | |||||||||||||||||||||||||||||||
SitusAMC Holdings Corp. (c) (h) (i) | Financials | L+4.75% (5.75%), 6/30/2025 | 8,370 | 8,281 | 8,320 | 0.6 | % | |||||||||||||||||||||||||||||||
SitusAMC Holdings Corp. (c) (h) (i) | Financials | L+4.75% (5.75%), 6/28/2025 | 4,729 | 4,677 | 4,701 | 0.3 | % | |||||||||||||||||||||||||||||||
SitusAMC Holdings Corp. (c) (j) | Financials | L+4.75% (5.75%), 6/30/2025 | 752 | 743 | 747 | 0.1 | % | |||||||||||||||||||||||||||||||
Skillsoft Corp. | Technology | L+7.50% (8.50%), 12/27/2024 | 725 | 687 | 741 | 0.1 | % | |||||||||||||||||||||||||||||||
Skillsoft Corp. (c) | Technology | L+7.50% (8.50%), 12/27/2024 | 638 | 608 | 638 | 0.0 | % | |||||||||||||||||||||||||||||||
Skillsoft Corp. (h) | Technology | L+7.50% (8.50%), 4/28/2025 | 12,918 | 12,857 | 12,864 | 0.9 | % | |||||||||||||||||||||||||||||||
St. Croix Hospice Acquisition Corp. (c) (i) | Healthcare | L+6.25% (7.25%), 10/30/2026 | 25,874 | 25,393 | 25,393 | 1.8 | % | |||||||||||||||||||||||||||||||
Striper Buyer, LLC (c) (h) | Paper & Packaging | L+5.50% (6.25%), 12/30/2026 | 12,487 | 12,364 | 12,363 | 0.9 | % | |||||||||||||||||||||||||||||||
Subsea Global Solutions, LLC (c) (i) | Business Services | L+7.00% (8.00%), 3/29/2023 | 4,744 | 4,689 | 4,744 | 0.3 | % | |||||||||||||||||||||||||||||||
Subsea Global Solutions, LLC (c) (i) | Business Services | L+7.00% (8.00%), 3/29/2023 | 7,980 | 7,916 | 7,980 | 0.6 | % | |||||||||||||||||||||||||||||||
Subsea Global Solutions, LLC (c) (j) | Business Services | L+7.00% (8.00%), 3/29/2023 | 289 | 289 | 289 | 0.0 | % |
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 | $ | 6,152 | $ | 3,833 | $ | 431 | 0.0 | % | ||||||||||||||||||||||||||||
Tax Defense Network, LLC (c) (p) (t) | Consumer | 10.00% PIK, 9/30/2021 | 3,397 | 2,986 | 3,397 | 0.2 | % | |||||||||||||||||||||||||||||||
Tax Defense Network, LLC (c) (p) (t) | Consumer | L+6.00% (10.00%) PIK, 9/30/2021 | 34,658 | 21,646 | 2,426 | 0.2 | % | |||||||||||||||||||||||||||||||
Tillamook Country Smoker, LLC (c) (h) | Food & Beverage | L+7.75% (8.75%), 5/19/2022 | 9,783 | 9,750 | 9,497 | 0.7 | % | |||||||||||||||||||||||||||||||
Tillamook Country Smoker, LLC (c) (j) | Food & Beverage | L+7.75% (8.75%), 5/19/2022 | 2,561 | 2,561 | 2,486 | 0.2 | % | |||||||||||||||||||||||||||||||
Trademark Global, LLC (c) (j) (w) | Consumer | L+5.50% (6.50%), 10/31/2022 | 1,947 | 1,947 | 1,947 | 0.1 | % | |||||||||||||||||||||||||||||||
Travelport Finance (Luxembourg) S.A R. L. (a) (h) | Business Services | L+8.00% (9.00%) 6.50% PIK, 2/28/2025 | 6,776 | 6,725 | 6,892 | 0.5 | % | |||||||||||||||||||||||||||||||
Trilogy International Partners, LLC (a) | Telecom | 8.88%, 5/1/2022 | 14,875 | 14,856 | 14,467 | 1.0 | % | |||||||||||||||||||||||||||||||
Trilogy International Partners, LLC (a) (c) (h) | Telecom | 10.00%, 5/1/2022 | 6,298 | 6,091 | 6,172 | 0.4 | % | |||||||||||||||||||||||||||||||
University of St. Augustine Acquisition Corp. (c) (h) (i) | Education | L+4.25% (5.25%), 2/2/2026 | 23,701 | 23,292 | 23,701 | 1.7 | % | |||||||||||||||||||||||||||||||
Urban One, Inc. | Media/Entertainment | 7.38%, 2/1/2028 | 13,061 | 13,061 | 13,522 | 0.9 | % | |||||||||||||||||||||||||||||||
Veritext Corp. (h) (i) | Business Services | L+3.50% (3.61%), 8/1/2025 | 3,532 | 3,532 | 3,483 | 0.2 | % | |||||||||||||||||||||||||||||||
Vertex Aerospace Services Corp. (h) (i) | Industrials | L+4.00% (4.11%), 6/29/2027 | 10,169 | 10,139 | 10,163 | 0.7 | % | |||||||||||||||||||||||||||||||
WMK, LLC (c) | Business Services | L+7.50% (8.50%), 9/5/2025 | 356 | 353 | 356 | 0.0 | % | |||||||||||||||||||||||||||||||
WMK, LLC (c) (h) (i) | Business Services | L+7.50% (8.50%), 9/5/2025 | 19,082 | 18,841 | 19,082 | 1.3 | % | |||||||||||||||||||||||||||||||
WMK, LLC (c) (j) | Business Services | L+7.50% (8.50%), 9/5/2025 | 2,582 | 2,572 | 2,582 | 0.2 | % | |||||||||||||||||||||||||||||||
WMK, LLC (c) (j) | Business Services | L+7.50% (8.50%), 9/5/2024 | 2,184 | 2,184 | 2,184 | 0.2 | % | |||||||||||||||||||||||||||||||
Subtotal Senior Secured First Lien Debt | $ | 1,539,830 | $ | 1,483,081 | 103.5 | % | ||||||||||||||||||||||||||||||||
Senior Secured Second Lien Debt - 17.5% (b) | ||||||||||||||||||||||||||||||||||||||
Accentcare, Inc. (c) (h) | Healthcare | L+8.75% (9.50%), 6/21/2027 | $ | 30,152 | $ | 29,510 | $ | 30,152 | 2.1 | % | ||||||||||||||||||||||||||||
Anchor Glass Container Corp. (c) (j) | Paper & Packaging | L+7.75% (8.75%), 12/6/2024 | 6,667 | 6,615 | 2,553 | 0.2 | % | |||||||||||||||||||||||||||||||
Aruba Investments Holdings, LLC (c) (i) | Chemicals | L+7.75% (8.50%), 11/24/2028 | 3,759 | 3,705 | 3,759 | 0.3 | % | |||||||||||||||||||||||||||||||
Astro AB Merger Sub, Inc. (a) (c) (h) | Financials | L+8.00% (9.00%), 4/30/2025 | 9,638 | 9,604 | 9,638 | 0.7 | % | |||||||||||||||||||||||||||||||
Asurion, LLC (h) | Business Services | L+5.25% (5.36%), 1/31/2028 | 15,632 | 15,632 | 15,906 | 1.1 | % | |||||||||||||||||||||||||||||||
Avatar Purchaser, Inc. (c) | Software/Services | L+7.50% (8.50%), 11/17/2025 | 1,716 | 1,686 | 1,716 | 0.1 | % | |||||||||||||||||||||||||||||||
Aveanna Healthcare, LLC (h) | Healthcare | L+8.00% (9.00%), 3/17/2025 | 5,883 | 5,839 | 5,865 | 0.4 | % | |||||||||||||||||||||||||||||||
Barracuda Networks, Inc. (h) | Software/Services | L+6.75% (7.50%), 10/30/2028 | 4,698 | 4,653 | 4,774 | 0.3 | % | |||||||||||||||||||||||||||||||
BrandMuscle Holdings, Inc. (c) (j) | Business Services | L+8.50% (9.50%), 6/1/2022 | 24,500 | 24,411 | 24,500 | 1.7 | % | |||||||||||||||||||||||||||||||
Carlisle FoodService Products, Inc. (c) (h) | Consumer | L+7.75% (8.75%), 3/20/2026 | 10,719 | 10,586 | 10,001 | 0.7 | % | |||||||||||||||||||||||||||||||
CDS U.S. Intermediate Holdings, Inc. (a) (c) (p) | Media/Entertainment | L+8.00% (9.00%) 7.00% PIK, 11/24/2027 | 1,629 | 1,369 | 1,515 | 0.1 | % |
Portfolio Company (f) (q) | Industry | Investment Coupon Rate / Maturity (l) | Principal / Number of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | ||||||||||||||||||||||||||||||||
Kahala Ireland OpCo Designated Activity Company (a) (c) (o) (y) | Transportation | 1 | $ | — | $ | 35,952 | 2.6 | % | ||||||||||||||||||||||||||||||
Kahala Ireland OpCo Designated Activity Company (a) (c) (o) (y) | Transportation | 3,250,000 | — | 3,250 | 0.2 | % | ||||||||||||||||||||||||||||||||
Kahala US OpCo, LLC (a) (c) (e) (o) (x) | Transportation | 13.00% | 4,413,472 | — | — | — | % | |||||||||||||||||||||||||||||||
KidKraft, Inc. (c) (e) (u) (w) | Consumer | 2,682,257 | — | — | — | % | ||||||||||||||||||||||||||||||||
KMTEX, LLC (c) (e) (o) (u) | Chemicals | 442,000 | — | — | — | % | ||||||||||||||||||||||||||||||||
KMTEX, LLC (c) (e) (o) (u) | Chemicals | 4,162,000 | 2,793 | — | — | % | ||||||||||||||||||||||||||||||||
Lakeview Health Holdings, Inc. (c) (e) (w) | Healthcare | 447 | — | — | — | % | ||||||||||||||||||||||||||||||||
MCS Acquisition Corp. (c) (e) | Business Services | 31,521 | 4,103 | 2,779 | 0.2 | % | ||||||||||||||||||||||||||||||||
MGTF Holdco, LLC (c) (e) (o) (u) | Media/Entertainment | 402,000 | — | — | — | % | ||||||||||||||||||||||||||||||||
Motor Vehicle Software Corp. (c) (e) (w) | Business Services | 223,503 | 318 | 279 | 0.0 | % | ||||||||||||||||||||||||||||||||
New Constellis Holdings Inc. (c) (e) (w) | Business Services | 2,316 | 67 | 67 | 0.0 | % | ||||||||||||||||||||||||||||||||
Nomacorc, LLC (c) (e) (u) (w) | Industrials | 356,816 | 56 | 112 | 0.0 | % | ||||||||||||||||||||||||||||||||
Park Ave RE Holdings, LLC (c) (e) (j) (o) (v) | Financials | 719 | 2,818 | 3,300 | 0.2 | % | ||||||||||||||||||||||||||||||||
PCX Aerostructures, LLC (c) (e) (p) (w) | Industrials | 27,250 | — | — | — | % | ||||||||||||||||||||||||||||||||
PCX Aerostructures, LLC (c) (e) (p) (w) | Industrials | 1,356 | — | 2,305 | 0.2 | % | ||||||||||||||||||||||||||||||||
PCX Aerostructures, LLC (c) (e) (p) (w) | Industrials | 315 | — | 606 | 0.0 | % | ||||||||||||||||||||||||||||||||
PennantPark Credit Opportunities Fund II, LP (a) (p) | Diversified Investment Vehicles | 8,739 | 8,132 | 9,394 | 0.7 | % | ||||||||||||||||||||||||||||||||
PT Network, LLC (c) (e) (u) | Healthcare | 3 | — | — | — | % | ||||||||||||||||||||||||||||||||
RMP Group, Inc. (c) (e) (u) (w) | Financials | 223 | 164 | 340 | 0.0 | % | ||||||||||||||||||||||||||||||||
Schweiger Dermatology Group, LLC (c) (e) (u) (w) | Healthcare | 265,024 | — | — | — | % | ||||||||||||||||||||||||||||||||
Siena Capital Finance, LLC (c) (j) (o) | Financials | 35,839,400 | 36,549 | 39,423 | 2.8 | % | ||||||||||||||||||||||||||||||||
Skillsoft Corp. (c) (e) | Technology | 39,794 | 4,993 | 7,163 | 0.5 | % | ||||||||||||||||||||||||||||||||
Smile Brands, Inc. (c) (e) (w) | Healthcare | 712 | 815 | 1,409 | 0.1 | % | ||||||||||||||||||||||||||||||||
Squan Holding Corp. (c) (e) | Telecom | 180,835 | — | — | — | % | ||||||||||||||||||||||||||||||||
SYNACOR, Inc. (e) (s) | Technology | 59,785 | — | 131 | 0.0 | % | ||||||||||||||||||||||||||||||||
Tap Rock Resources, LLC (c) (g) (p) (u) | Energy | 18,356,442 | 9,067 | 10,463 | 0.7 | % | ||||||||||||||||||||||||||||||||
Tax Advisors Group, LLC (c) (u) (w) | Financials | 86 | 609 | 924 | 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) (w) | Industrials | 128,483 | 2,569 | 2,681 | 0.2 | % | ||||||||||||||||||||||||||||||||
Tennenbaum Waterman Fund, LP (a) (j) (p) | Diversified Investment Vehicles | 10,000 | 10,000 | 10,002 | 0.7 | % | ||||||||||||||||||||||||||||||||
Travelpro Products, Inc. (a) (c) (e) (w) | Consumer | 447,007 | 506 | — | — | % | ||||||||||||||||||||||||||||||||
United Biologics, LLC (c) (e) (u) (w) | Healthcare | 39,769 | 132 | 21 | 0.0 | % | ||||||||||||||||||||||||||||||||
United Biologics, LLC (c) (e) (u) (w) | Healthcare | 3,155 | — | — | — | % | ||||||||||||||||||||||||||||||||
United Biologics, LLC (c) (e) (u) (w) | Healthcare | 4,206 | 31 | 15 | 0.0 | % |
Portfolio Company (f) (q) | Industry | Investment Coupon Rate / Maturity (l) | Principal / Number of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | ||||||||||||||||||||||||||||||||
United Biologics, LLC (c) (e) (u) (w) | Healthcare | 99,236 | $ | — | $ | — | — | % | ||||||||||||||||||||||||||||||
United Biologics, LLC (c) (e) (u) (w) | 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) (w) | Transportation | 391,131 | — | — | — | % | ||||||||||||||||||||||||||||||||
Vantage Mobility International, LLC (c) (e) (p) (w) | Transportation | 3,280,908 | 3,140 | — | — | % | ||||||||||||||||||||||||||||||||
Vantage Mobility International, LLC (c) (e) (p) (w) | Transportation | 1,468,221 | — | — | — | % | ||||||||||||||||||||||||||||||||
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 | — | — | — | % | ||||||||||||||||||||||||||||||||
Wythe Will Tzetzo, LLC (c) (e) (u) (w) | Food & Beverage | 22,312 | 302 | — | — | % | ||||||||||||||||||||||||||||||||
YummyEarth, Inc. (c) (e) (w) | Food & Beverage | 223 | — | — | — | % | ||||||||||||||||||||||||||||||||
Subtotal Equity/Other | $ | 436,498 | $ | 479,417 | 33.5 | % | ||||||||||||||||||||||||||||||||
TOTAL INVESTMENTS - 163.3% (b) | $ | 2,387,511 | $ | 2,339,657 | 163.3 | % |
Counterparty | Contract to Deliver | In Exchange For | Maturity Date | Unrealized Depreciation | ||||||||||||||||||||||
Goldman Sachs International | CAD 21,807 | $ | 17,161 | 5/17/2021 | $ | 185 |
At March 31, 2021 | |||||||||||
Investments at
Fair Value |
Percentage of
Total Portfolio |
||||||||||
Diversified Investment Vehicles (1)
|
$ | 366,496 | 15.7 | % | |||||||
Healthcare | 325,353 | 13.9 | % | ||||||||
Industrials | 303,124 | 13.0 | % | ||||||||
Business Services | 286,248 | 12.2 | % | ||||||||
Financials | 183,176 | 7.8 | % | ||||||||
Media/Entertainment | 115,111 | 4.9 | % | ||||||||
Consumer | 108,310 | 4.6 | % | ||||||||
Transportation | 107,298 | 4.6 | % | ||||||||
Technology | 92,122 | 3.9 | % | ||||||||
Software/Services | 90,512 | 3.9 | % | ||||||||
Food & Beverage | 85,351 | 3.7 | % | ||||||||
Paper & Packaging | 71,613 | 3.1 | % | ||||||||
Telecom | 56,725 | 2.4 | % | ||||||||
Energy | 47,704 | 2.0 | % | ||||||||
Education | 45,894 | 2.0 | % | ||||||||
Utilities | 26,150 | 1.1 | % | ||||||||
Gaming/Lodging | 14,429 | 0.6 | % | ||||||||
Chemicals | 11,856 | 0.5 | % | ||||||||
Broadcasting | 2,185 | 0.1 | % | ||||||||
Total | $ | 2,339,657 | 100.0 | % |
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) | ||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||
CommerceHub, Inc. (i) | Technology | L+4.00% (4.75%), 12/29/2027 | 7,716 | 7,677 | 7,706 | 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) | ||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||
HC2 Holdings, Inc. (c) (k) | Industrials | 11.50%, 12/1/2021 | 7,818 | 7,792 | 7,685 | 0.5 | % |
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) | ||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||
KMTEX, LLC (c) (g) (o) | Chemicals | P+3.00% (6.25%) PIK, 6/16/2025 | 218 | 218 | 218 | 0.0 | % |
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) | ||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||
National Intergovernmental Purchasing Alliance Co. (j) | Business Services | L+3.75% (4.00%), 5/23/2025 | 1,573 | 1,559 | 1,553 | 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) | ||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||
Reddy Ice Corp. (c) (h) (i) | Food & Beverage | L+6.50% (7.50%), 7/1/2025 | 19,343 | 18,909 | 18,811 | 1.3 | % |
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) (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 | % | |||||||||||||||||||||||||||||||
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 | % |
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) | ||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||
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 | % |
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) | ||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||
DoorDash, Inc. (c) (k) | Technology | 10.00% PIK, 3/1/2025 | 24,331 | 24,052 | 24,696 | 1.8 | % | |||||||||||||||||||||||||||||||
Gdb Debt Recovery Authority Of Commonwealth Puerto Rico (a) | Financials | 7.50%, 8/20/2040 | 13,003 | 9,700 | 9,963 | 0.7 | % | |||||||||||||||||||||||||||||||
HemaSource, Inc. (c) (k) (x) | Healthcare | 11.00%, 1/1/2024 | 2,235 | 2,173 | 2,235 | 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. 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 | — | — | — | % | ||||||||||||||||||||||||||||||||
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 | % |
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) | ||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||
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 | — | — | — | % |
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) | ||||||||||||||||||||||||||||||||
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 | % |
Fair Value Measurements | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 |
Measured at Net Asset Value (1)
|
Total | |||||||||||||||||||||||||
Senior Secured First Lien Debt | $ | — | $ | 323,657 | $ | 1,159,424 | $ | — | $ | 1,483,081 | |||||||||||||||||||
Senior Secured Second Lien Debt | — | 68,196 | 182,315 | — | 250,511 | ||||||||||||||||||||||||
Subordinated Debt | — | 10,902 | 75,391 | — | 86,293 | ||||||||||||||||||||||||
Collateralized Securities | — | — | 40,355 | — | 40,355 | ||||||||||||||||||||||||
Equity/Other | 201 | — | 153,075 | 21,207 | 174,483 | ||||||||||||||||||||||||
BDCA Senior Loan Fund, LLC | — | — | 304,934 | — | 304,934 | ||||||||||||||||||||||||
Total | $ | 201 | $ | 402,755 | $ | 1,915,494 | $ | 21,207 | $ | 2,339,657 |
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 |
Senior Secured First Lien Debt | Senior Secured Second Lien Debt | Subordinated Debt | Collateralized Securities | Equity/Other | Total | ||||||||||||||||||||||||||||||||||||
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 on investments | 16,240 | 2,534 | 105 | 3,624 | 10,095 | 32,598 | |||||||||||||||||||||||||||||||||||
Purchases and other adjustments to cost | 115,699 | 2,002 | 6,205 | 135 | 304,936 | 428,977 | |||||||||||||||||||||||||||||||||||
Sales and repayments | (222,327) | (17,695) | (40,077) | (70,929) | (65,172) | (416,200) | |||||||||||||||||||||||||||||||||||
Net realized gain (loss) | (1,963) | 63 | 548 | 1,000 | (643) | (995) | |||||||||||||||||||||||||||||||||||
Transfers in | 21,913 | 20,285 | — | — | — | 42,198 | |||||||||||||||||||||||||||||||||||
Transfers out | (78,095) | (11,773) | — | — | — | (89,868) | |||||||||||||||||||||||||||||||||||
Balance as of March 31, 2021 | $ | 1,159,424 | $ | 182,315 | $ | 75,391 | $ | 40,355 | $ | 458,009 | $ | 1,915,494 | |||||||||||||||||||||||||||||
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: | $ | 12,672 | $ | 2,527 | $ | (248) | $ | 4,446 | $ | 10,347 | $ | 29,744 |
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) |
Investments at
Amortized Cost |
Investments at
Fair Value |
Fair Value
Percentage of Total Portfolio |
|||||||||||||||
Senior Secured First Lien Debt | $ | 1,539,830 | $ | 1,483,081 | 63.4 | % | |||||||||||
Senior Secured Second Lien Debt | 259,127 | 250,511 | 10.7 | ||||||||||||||
Subordinated Debt | 82,260 | 86,293 | 3.7 | ||||||||||||||
Collateralized Securities | 69,796 | 40,355 | 1.7 | ||||||||||||||
Equity/Other | 131,564 | 174,483 | 7.5 | ||||||||||||||
BDCA Senior Loan Fund, LLC | 304,934 | 304,934 | 13.0 | ||||||||||||||
Total | $ | 2,387,511 | $ | 2,339,657 | 100.0 | % |
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 | % |
March 31, 2021
(Unaudited) |
||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company (d) | Industry | Investment Coupon Rate (a) | Maturity | Principal Number of Shares | Amortized Cost | Fair Value | % of Members' Capital (c) | |||||||||||||||||||||||||||||||||||||
Senior Secured First Lien Debt | ||||||||||||||||||||||||||||||||||||||||||||
American Airlines Inc/AAdvantage Loyalty IP, Ltd. (b) | Transportation | L+4.75% (5.50%) | 4/20/2028 | 6,316 | $ | 6,253 | $ | 6,464 | 1.8 | % | ||||||||||||||||||||||||||||||||||
Accentcare, Inc. (b) | Healthcare | L+5.00% (5.50%) | 6/22/2026 | 2,758 | 2,779 | 2,758 | 0.8 | % | ||||||||||||||||||||||||||||||||||||
Access Cig, LLC (b) | Business Services | L+3.75% (3.87%) | 2/27/2025 | 4,266 | 4,250 | 4,221 | 1.2 | % | ||||||||||||||||||||||||||||||||||||
Achilles Acquisition, LLC (b) | Financials | L+4.50% (5.25%) | 11/16/2027 | 4,508 | 4,563 | 4,504 | 1.3 | % | ||||||||||||||||||||||||||||||||||||
Acrisure, LLC (b) | Financials | L+3.50% (3.70%) | 2/16/2027 | 18,964 | 18,873 | 18,711 | 5.3 | % | ||||||||||||||||||||||||||||||||||||
Adtalem Global Education, Inc. | Education | 5.50% | 3/1/2028 | 5,000 | 5,000 | 4,954 | 1.4 | % | ||||||||||||||||||||||||||||||||||||
Advisor Group, Inc. (b) | Financials | L+4.50% (4.61%) | 7/31/2026 | 7,964 | 7,964 | 7,954 | 2.3 | % | ||||||||||||||||||||||||||||||||||||
AHP Health Partners, Inc. (b) | Healthcare | L+3.75% (4.75%) | 6/30/2025 | 13,558 | 13,570 | 13,563 | 3.9 | % | ||||||||||||||||||||||||||||||||||||
Alchemy US Holdco 1, LLC (b) | Industrials | L+5.50% (5.61%) | 10/10/2025 | 3,465 | 3,316 | 3,344 | 1.0 | % | ||||||||||||||||||||||||||||||||||||
Aldevron, LLC (b) | Healthcare | L+3.25% (4.25%) | 10/12/2026 | 7,669 | 7,674 | 7,657 | 2.2 | % |
March 31, 2021
(Unaudited) |
||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company (d) | Industry | Investment Coupon Rate (a) | Maturity | Principal Number of Shares | Amortized Cost | Fair Value | % of Members' Capital (c) | |||||||||||||||||||||||||||||||||||||
Alvogen Pharma US, Inc. (b) | Healthcare | L+5.25% (6.25%) | 12/29/2023 | 12,818 | $ | 12,669 | $ | 12,751 | 3.6 | % | ||||||||||||||||||||||||||||||||||
AP Gaming I, LLC (b) | Gaming/Lodging | L+3.50% (4.50%) | 2/15/2024 | 7,525 | 7,335 | 7,356 | 2.1 | % | ||||||||||||||||||||||||||||||||||||
AqGen Ascensus, Inc. (b) | Business Services | L+4.00% (5.00%) | 12/3/2026 | 18,160 | 18,255 | 18,143 | 5.2 | % | ||||||||||||||||||||||||||||||||||||
ASG Technologies Group, Inc. (b) | Software/Services | L+3.50% (4.50%) | 7/31/2024 | 757 | 743 | 751 | 0.2 | % | ||||||||||||||||||||||||||||||||||||
Asp Navigate Acquisition Corp. (b) | Healthcare | L+4.50% (5.50%) | 10/6/2027 | 3,301 | 3,309 | 3,301 | 0.9 | % | ||||||||||||||||||||||||||||||||||||
Avaya Holdings Corp. (b) | Technology | L+4.00% (4.11%) | 12/15/2027 | 17,770 | 17,770 | 17,757 | 5.1 | % | ||||||||||||||||||||||||||||||||||||
Avis Budget Car Rental, LLC (b) | Transportation | L+2.25% (2.36%) | 8/6/2027 | 4,950 | 4,857 | 4,821 | 1.4 | % | ||||||||||||||||||||||||||||||||||||
BCP Raptor, LLC (b) | Energy | L+4.25% (5.25%) | 6/24/2024 | 13,712 | 12,717 | 13,171 | 3.7 | % | ||||||||||||||||||||||||||||||||||||
BCP Renaissance, LLC (b) | Energy | L+3.50% (4.50%) | 10/31/2024 | 3,375 | 3,320 | 3,297 | 0.9 | % | ||||||||||||||||||||||||||||||||||||
Bomgar Corp. (b) | Technology | L+4.00% (4.11%) | 4/18/2025 | 1,937 | 1,943 | 1,935 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
BMC Software Finance, Inc. (b) | Technology | L+3.75% (3.86%) | 10/2/2025 | 12,859 | 12,903 | 12,795 | 3.6 | % | ||||||||||||||||||||||||||||||||||||
Bracket Intermediate Holding Corp. (b) | Healthcare | L+4.25% (4.49%) | 9/5/2025 | 5,242 | 5,163 | 5,242 | 1.5 | % | ||||||||||||||||||||||||||||||||||||
BPR Nimbus, LLC (b) | Financials | L+2.50% (2.61%) | 8/27/2025 | 2,992 | 2,930 | 2,855 | 0.8 | % | ||||||||||||||||||||||||||||||||||||
CareCentrix, Inc. (b) | Healthcare | L+4.50% (4.70%) | 4/3/2025 | 13,307 | 13,053 | 12,122 | 3.4 | % | ||||||||||||||||||||||||||||||||||||
CCRR Parent, Inc. (b) | Healthcare | L+4.25% (5.00%) | 3/6/2028 | 5,000 | 4,975 | 5,006 | 1.4 | % | ||||||||||||||||||||||||||||||||||||
Chloe Ox Parent, LLC (b) | Healthcare | L+4.50% (5.50%) | 12/23/2024 | 1,921 | 1,912 | 1,921 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
Claros Mortgage Trust, Inc. (b) | Financials | L+5.00% (6.00%) | 8/10/2026 | 6,368 | 6,368 | 6,352 | 1.8 | % | ||||||||||||||||||||||||||||||||||||
Community Care Health Network, LLC (b) | Healthcare | L+4.50% (4.61%) | 2/17/2025 | 8,160 | 8,142 | 8,174 | 2.3 | % | ||||||||||||||||||||||||||||||||||||
Compass Power Generation, LLC (b) | Utilities | L+3.50% (4.50%) | 12/20/2024 | 2,992 | 2,983 | 2,970 | 0.8 | % | ||||||||||||||||||||||||||||||||||||
Connect Finco SARL (b) | Telecom | L+3.50% (4.50%) | 12/11/2026 | 4,596 | 4,626 | 4,577 | 1.3 | % | ||||||||||||||||||||||||||||||||||||
Conservice Midco, LLC (b) | Business Services | L+4.25% (4.45%) | 5/13/2027 | 3,093 | 3,103 | 3,089 | 0.9 | % | ||||||||||||||||||||||||||||||||||||
CONSOL Energy, Inc. (b) | Energy | L+4.50% (4.61%) | 9/27/2024 | 3,995 | 3,606 | 3,740 | 1.1 | % | ||||||||||||||||||||||||||||||||||||
Conterra Ultra Broadband, LLC (b) | Telecom | L+4.50% (4.61%) | 4/30/2026 | 6,762 | 6,762 | 6,762 | 1.9 | % | ||||||||||||||||||||||||||||||||||||
CRGT, Inc. (b) | Software/Services | L+6.50% (7.50%) | 2/28/2022 | 7,827 | 7,571 | 7,748 | 2.2 | % | ||||||||||||||||||||||||||||||||||||
Dunn Paper, Inc. (b) | Paper & Packaging | L+4.75% (5.75%) | 8/26/2022 | 581 | 546 | 581 | 0.2 | % | ||||||||||||||||||||||||||||||||||||
Edgewater Generation, LLC (b) | Utilities | L+3.75% (3.86%) | 12/12/2025 | 2,979 | 2,959 | 2,940 | 0.8 | % | ||||||||||||||||||||||||||||||||||||
Emerald 2, Ltd. (b) | Industrials | L+3.50% (3.61%) | 7/10/2026 | 520 | 517 | 516 | 0.1 | % |
March 31, 2021
(Unaudited) |
||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company (d) | Industry | Investment Coupon Rate (a) | Maturity | Principal Number of Shares | Amortized Cost | Fair Value | % of Members' Capital (c) | |||||||||||||||||||||||||||||||||||||
eResearchTechnology, Inc. (b) | Healthcare | L+4.50% (5.50%) | 2/4/2027 | 1,561 | $ | 1,569 | $ | 1,561 | 0.4 | % | ||||||||||||||||||||||||||||||||||
Fastlane Parent Co, Inc. (b) | Transportation | L+4.50% (4.61%) | 2/4/2026 | 1,581 | 1,581 | 1,577 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
First Advantage Holdings, LLC (b) | Business Services | L+3.00% (3.11%) | 1/29/2027 | 1,496 | 1,493 | 1,484 | 0.4 | % | ||||||||||||||||||||||||||||||||||||
Golden Nugget, LLC (b) | Gaming/Lodging | L+2.50% (3.25%) | 10/4/2023 | 2,992 | 2,956 | 2,941 | 0.8 | % | ||||||||||||||||||||||||||||||||||||
Greenway Health, LLC (b) | Healthcare | L+3.75% (4.75%) | 2/16/2024 | 4,770 | 4,411 | 4,531 | 1.3 | % | ||||||||||||||||||||||||||||||||||||
GTT Communications BV (b) | Telecom | L+7.50% (8.50%) 2.50% PIK | 12/28/2021 | 1,072 | 1,072 | 1,087 | 0.3 | % | ||||||||||||||||||||||||||||||||||||
HAH Group Holding Company, LLC (b) | Healthcare | L+5.00% (6.00%) | 10/29/2027 | 5,871 | 5,783 | 5,871 | 1.7 | % | ||||||||||||||||||||||||||||||||||||
HS Purchaser, LLC (b) | Software/Services | L+4.75% (5.75%) | 11/19/2026 | 160 | 160 | 160 | 0.0 | % | ||||||||||||||||||||||||||||||||||||
IDERA, Inc. (b) | Technology | L+3.75% (4.50%) | 3/2/2028 | 7,035 | 7,048 | 6,981 | 2.0 | % | ||||||||||||||||||||||||||||||||||||
Iri Holdings, Inc. (b) | Business Services | L+4.25% (4.36%) | 12/1/2025 | 7,879 | 7,858 | 7,879 | 2.2 | % | ||||||||||||||||||||||||||||||||||||
Jane Street Group, LLC (b) | Financials | L+2.75% (2.86%) | 1/26/2028 | 9,975 | 9,962 | 9,860 | 2.8 | % | ||||||||||||||||||||||||||||||||||||
LogMeIn, Inc. (b) | Software/Services | L+4.75% (4.85%) | 8/31/2027 | 5,985 | 5,941 | 5,964 | 1.7 | % | ||||||||||||||||||||||||||||||||||||
LSCS Holdings, Inc. (b) | Healthcare | L+4.25% (4.51%) | 3/17/2025 | 1,591 | 1,553 | 1,574 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
LSCS Holdings, Inc. (b) | Healthcare | L+4.25% (4.51%) | 3/17/2025 | 6,164 | 5,988 | 6,099 | 1.7 | % | ||||||||||||||||||||||||||||||||||||
McGraw Hill, LLC (b) | Publishing | L+4.75% (5.75%) | 11/1/2024 | 3,000 | 2,974 | 2,994 | 0.9 | % | ||||||||||||||||||||||||||||||||||||
MED Parentco, LP (b) | Healthcare | L+4.25% (4.36%) | 8/31/2026 | 1,423 | 1,410 | 1,410 | 0.4 | % | ||||||||||||||||||||||||||||||||||||
MED Parentco, LP (b) | Healthcare | L+4.25% (4.36%) | 8/31/2026 | 6,573 | 6,515 | 6,515 | 1.9 | % | ||||||||||||||||||||||||||||||||||||
Medallion Midland Acquisition, LP (b) | Energy | L+3.25% (4.25%) | 10/30/2024 | 3,642 | 3,599 | 3,604 | 1.0 | % | ||||||||||||||||||||||||||||||||||||
Medical Solutions Holdings, Inc. (b) | Healthcare | L+4.50% (5.50%) | 6/14/2024 | 2,608 | 2,565 | 2,605 | 0.7 | % | ||||||||||||||||||||||||||||||||||||
MH Sub I, LLC (b) | Business Services | L+3.75% (4.75%) | 9/13/2024 | 6,484 | 6,484 | 6,477 | 1.8 | % | ||||||||||||||||||||||||||||||||||||
Gainwell Acquisition Corp. (b) | Healthcare | L+4.00% (4.75%) | 10/1/2027 | 4,988 | 4,916 | 4,963 | 1.4 | % | ||||||||||||||||||||||||||||||||||||
Millennium Park HoldCo, Inc. (b) | Business Services | L+4.25% (5.25%) | 6/5/2024 | 906 | 880 | 887 | 0.3 | % | ||||||||||||||||||||||||||||||||||||
National Mentor Holdings, Inc. (b) | Healthcare | L+3.75% (4.50%) | 3/2/2028 | 6,997 | 6,962 | 6,950 | 2.0 | % | ||||||||||||||||||||||||||||||||||||
National Mentor Holdings, Inc. (b) | Healthcare | L+3.75% (4.50%) | 3/2/2028 | 233 | 232 | 232 | 0.1 | % | ||||||||||||||||||||||||||||||||||||
Navitas Midstream Midland Basin, LLC (b) | Energy | L+4.50% (5.50%) | 12/13/2024 | 21,507 | 21,309 | 21,480 | 6.1 | % | ||||||||||||||||||||||||||||||||||||
Onex TSG Intermediate Corp. (b) | Healthcare | L+4.75% (5.50%) | 2/23/2028 | 5,000 | 4,901 | 4,901 | 1.4 | % | ||||||||||||||||||||||||||||||||||||
Pelican Products, Inc. (b) | Consumer | L+3.50% (4.50%) | 5/1/2025 | 2,614 | 2,527 | 2,580 | 0.7 | % | ||||||||||||||||||||||||||||||||||||
Perstorp Holding Ab (b) | Chemicals | L+4.75% (4.95%) | 2/27/2026 | 8,845 | 8,317 | 8,447 | 2.4 | % |
March 31, 2021
(Unaudited) |
||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company (d) | Industry | Investment Coupon Rate (a) | Maturity | Principal Number of Shares | Amortized Cost | Fair Value | % of Members' Capital (c) | |||||||||||||||||||||||||||||||||||||
Petrochoice Holdings, Inc. (b) | Industrials | L+5.00% (6.00%) | 8/19/2022 | 2,032 | $ | 1,912 | $ | 1,931 | 0.6 | % | ||||||||||||||||||||||||||||||||||
PG&E Corp. (b) | Utilities | L+3.00% (3.50%) | 6/23/2025 | 10,779 | 10,824 | 10,756 | 3.1 | % | ||||||||||||||||||||||||||||||||||||
Accentcare, Inc. (b) | Healthcare | L+4.50% (4.61%) | 6/22/2026 | 13,337 | 13,337 | 13,304 | 3.8 | % | ||||||||||||||||||||||||||||||||||||
Premier Dental Services, Inc. (b) | Healthcare | L+5.25% (6.25%) | 6/30/2023 | 402 | 397 | 391 | 0.1 | % | ||||||||||||||||||||||||||||||||||||
Premise Health Holding Corp. (b) | Healthcare | L+3.50% (3.75%) | 7/10/2025 | 728 | 720 | 729 | 0.2 | % | ||||||||||||||||||||||||||||||||||||
Protective Industrial Products, Inc. (b) | Industrials | L+4.00% (4.75%) | 12/29/2027 | 7,000 | 6,967 | 6,984 | 2.0 | % | ||||||||||||||||||||||||||||||||||||
PSC Industrial Holdings Corp. (b) | Industrials | L+3.75% (4.75%) | 10/11/2024 | 4,530 | 4,413 | 4,422 | 1.3 | % | ||||||||||||||||||||||||||||||||||||
Regionalcare Hospital Partners Holdings, Inc. (b) | Healthcare | L+3.75% (3.86%) | 11/14/2025 | 13,195 | 13,252 | 13,153 | 3.7 | % | ||||||||||||||||||||||||||||||||||||
S&S Holdings, LLC (b) | Consumer | L+5.00% (5.50%) | 3/10/2028 | 7,000 | 6,791 | 6,799 | 1.9 | % | ||||||||||||||||||||||||||||||||||||
Safe Fleet Holdings, LLC (b) | Industrials | L+3.00% (4.00%) | 2/3/2025 | 2,392 | 2,375 | 2,343 | 0.7 | % | ||||||||||||||||||||||||||||||||||||
Safety Products/JHC Acquisition Corp. (b) | Industrials | L+4.50% (4.61%) | 6/28/2026 | 946 | 894 | 917 | 0.3 | % | ||||||||||||||||||||||||||||||||||||
Safety Products/JHC Acquisition Corp. (b) | Industrials | L+4.50% (4.61%) | 6/28/2026 | 17,494 | 16,563 | 16,969 | 4.8 | % | ||||||||||||||||||||||||||||||||||||
Schenectady International Group, Inc. (b) | Chemicals | L+4.75% (4.86%) | 10/15/2025 | 21,454 | 21,303 | 21,293 | 6.1 | % | ||||||||||||||||||||||||||||||||||||
Sierra Acquisition, Inc. (b) | Food & Beverage | L+4.00% (5.00%) | 11/11/2024 | 4,940 | 4,705 | 4,841 | 1.4 | % | ||||||||||||||||||||||||||||||||||||
Spirit Aerosystems, Inc. (b) | Industrials | L+5.25% (6.00%) | 1/15/2025 | 2,575 | 2,611 | 2,582 | 0.7 | % | ||||||||||||||||||||||||||||||||||||
SRS Distribution, Inc. (b) | Business Services | L+3.00% (3.11%) | 5/23/2025 | 2,992 | 2,979 | 2,950 | 0.8 | % | ||||||||||||||||||||||||||||||||||||
Staples, Inc. (b) | Business Services | L+5.00% (5.21%) | 4/16/2026 | 4,987 | 4,926 | 4,866 | 1.4 | % | ||||||||||||||||||||||||||||||||||||
Station Casinos, LLC (b) | Gaming/Lodging | L+2.25% (2.50%) | 2/8/2027 | 2,999 | 2,982 | 2,948 | 0.8 | % | ||||||||||||||||||||||||||||||||||||
Taseko Mines, Ltd. | Industrials | 7.00% | 2/15/2026 | 5,000 | 5,011 | 5,090 | 1.4 | % | ||||||||||||||||||||||||||||||||||||
Tenneco, Inc. | Transportation | 5.13% | 4/15/2029 | 3,846 | 3,846 | 3,793 | 1.1 | % | ||||||||||||||||||||||||||||||||||||
The Dun & Bradstreet Corp. (b) | Business Services | L+3.25% (3.36%) | 2/6/2026 | 9,900 | 9,946 | 9,838 | 2.8 | % | ||||||||||||||||||||||||||||||||||||
Tivity Health, Inc. (b) | Healthcare | L+5.25% (5.36%) | 3/6/2026 | 1,584 | 1,576 | 1,577 | 0.4 | % | ||||||||||||||||||||||||||||||||||||
TransDigm, Inc. (b) | Industrials | L+2.25% (2.36%) | 12/9/2025 | 2,992 | 2,973 | 2,928 | 0.8 | % | ||||||||||||||||||||||||||||||||||||
TSL Engineered Products, LLC (b) | Industrials | L+4.75% (5.50%) | 1/7/2028 | 8,074 | 7,993 | 7,994 | 2.3 | % | ||||||||||||||||||||||||||||||||||||
Vyaire Medical, Inc. (b) | Healthcare | L+4.75% (5.75%) | 4/16/2025 | 7,892 | 6,395 | 6,708 | 1.9 | % | ||||||||||||||||||||||||||||||||||||
WaterBridge Midstream Operating, LLC (b) | Energy | L+5.75% (6.75%) | 6/22/2026 | 13,734 | 12,040 | 12,996 | 3.7 | % | ||||||||||||||||||||||||||||||||||||
Watlow Electric Manufacturing Co. (b) | Industrials | L+4.00% (4.50%) | 3/2/2028 | 9,545 | 9,497 | 9,527 | 2.7 | % | ||||||||||||||||||||||||||||||||||||
Wirepath, LLC (b) | Consumer | L+4.00% (4.20%) | 8/5/2024 | 7,863 | 7,406 | 7,765 | 2.2 | % | ||||||||||||||||||||||||||||||||||||
Wrench Group, LLC (b) | Consumer | L+4.00% (4.20%) | 4/30/2026 | 3,179 | 3,118 | 3,179 | 0.9 | % |
March 31, 2021
(Unaudited) |
||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company (d) | Industry | Investment Coupon Rate (a) | Maturity | Principal Number of Shares | Amortized Cost | Fair Value | % of Members' Capital (c) | |||||||||||||||||||||||||||||||||||||
Subtotal Senior Secured First Lien Debt | $ | 563,997 | $ | 565,990 | 160.8 | % | ||||||||||||||||||||||||||||||||||||||
Senior Secured Second Lien Debt | ||||||||||||||||||||||||||||||||||||||||||||
Edelman Financial Services, LLC (b) | Financials | L+6.75% (6.86%) | 7/20/2026 | 1,120 | $ | 1,109 | $ | 1,118 | 0.3 | % | ||||||||||||||||||||||||||||||||||
Subtotal Senior Secured Second Lien Debt | $ | 1,109 | $ | 1,118 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||
Collateralized Securities | ||||||||||||||||||||||||||||||||||||||||||||
Collateralized Securities - Debt Investments | ||||||||||||||||||||||||||||||||||||||||||||
Avery Point CLO, Ltd. 15-6A E1 | Diversified Investment Vehicles | L+5.50% (5.70%) | 8/6/2027 | 3,500 | $ | 3,085 | $ | 3,258 | 0.9 | % | ||||||||||||||||||||||||||||||||||
Catamaran CLO, Ltd. 16-1A D | Diversified Investment Vehicles | L+6.65% (6.87%) | 1/18/2029 | 7,250 | 6,987 | 6,880 | 1.9 | % | ||||||||||||||||||||||||||||||||||||
Cedar Funding, Ltd. 14-4A ER | Diversified Investment Vehicles | L+6.36% (6.58%) | 7/23/2030 | 2,500 | 2,408 | 2,388 | 0.7 | % | ||||||||||||||||||||||||||||||||||||
CIFC Funding, Ltd. 15-5A DR | Diversified Investment Vehicles | L+5.55% (5.77%) | 10/25/2027 | 3,000 | 2,802 | 2,861 | 0.8 | % | ||||||||||||||||||||||||||||||||||||
Dryden Senior Loan Fund 17-49A E | Diversified Investment Vehicles | L+6.30% (6.53%) | 7/18/2030 | 3,000 | 2,857 | 2,891 | 0.8 | % | ||||||||||||||||||||||||||||||||||||
Dryden Senior Loan Fund 2014-36A ER2 | Diversified Investment Vehicles | L+6.88% (7.12%) | 4/15/2029 | 2,000 | 1,907 | 1,921 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
Eaton Vance CDO, Ltd. 15-1A FR | Diversified Investment Vehicles | L+7.97% (8.19%) | 1/20/2030 | 2,000 | 1,721 | 1,804 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
Greywolf CLO, Ltd. 20-3RA ER | Diversified Investment Vehicles | L+8.74% (8.96%) | 4/15/2033 | 1,000 | 869 | 929 | 0.3 | % | ||||||||||||||||||||||||||||||||||||
Highbridge Loan Management, Ltd. 11A-17 E | Diversified Investment Vehicles | L+6.10% (6.29%) | 5/6/2030 | 3,000 | 2,671 | 2,730 | 0.8 | % | ||||||||||||||||||||||||||||||||||||
ICG US CLO, Ltd. 15-2RA D | Diversified Investment Vehicles | L+6.99% (7.21%) | 1/17/2033 | 1,500 | 1,351 | 1,366 | 0.4 | % | ||||||||||||||||||||||||||||||||||||
Jamestown CLO, Ltd. 17-10A D | Diversified Investment Vehicles | L+6.70% (6.92%) | 7/17/2029 | 1,200 | 1,115 | 1,109 | 0.3 | % | ||||||||||||||||||||||||||||||||||||
LCM, Ltd. Partnership 16A ER2 | Diversified Investment Vehicles | L+6.38% (6.62%) | 10/15/2031 | 2,500 | 2,270 | 2,317 | 0.7 | % | ||||||||||||||||||||||||||||||||||||
Madison Park Funding, Ltd. 14-13A ER | Diversified Investment Vehicles | L+5.75% (5.97%) | 4/19/2030 | 2,500 | 2,285 | 2,333 | 0.7 | % | ||||||||||||||||||||||||||||||||||||
OCP CLO, Ltd. 14-5A DR | Diversified Investment Vehicles | L+5.70% (5.92%) | 4/26/2031 | 2,200 | 2,071 | 2,039 | 0.6 | % |
March 31, 2021
(Unaudited) |
||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company (d) | Industry | Investment Coupon Rate (a) | Maturity | Principal Number of Shares | Amortized Cost | Fair Value | % of Members' Capital (c) | |||||||||||||||||||||||||||||||||||||
OZLM, Ltd. 15-12A D | Diversified Investment Vehicles | L+5.40% (5.61%) | 4/30/2027 | 2,489 | $ | 2,230 | $ | 2,288 | 0.6 | % | ||||||||||||||||||||||||||||||||||
Regatta II Funding, LP 13-2A DR2 | Diversified Investment Vehicles | L+6.95% (7.19%) | 1/15/2029 | 2,000 | 1,917 | 1,907 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
Sound Point CLO, Ltd. 2015-3A ER | Diversified Investment Vehicles | L+5.25% (5.47%) | 1/20/2028 | 2,000 | 1,905 | 1,934 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
Sound Point CLO, Ltd. 18-3A D | Diversified Investment Vehicles | L+5.79% (6.01%) | 10/26/2031 | 1,000 | 894 | 885 | 0.3 | % | ||||||||||||||||||||||||||||||||||||
Sound Point CLO, Ltd. 16-1A ER | Diversified Investment Vehicles | L+5.25% (5.47%) | 7/20/2028 | 3,750 | 3,476 | 3,443 | 1.0 | % | ||||||||||||||||||||||||||||||||||||
Sound Point CLO, Ltd. 16-3A E | Diversified Investment Vehicles | L+6.65% (6.87%) | 1/23/2029 | 2,500 | 2,383 | 2,323 | 0.7 | % | ||||||||||||||||||||||||||||||||||||
Sound Point CLO, Ltd. 17-1A E | Diversified Investment Vehicles | L+5.96% (6.18%) | 1/23/2029 | 4,000 | 3,559 | 3,640 | 1.0 | % | ||||||||||||||||||||||||||||||||||||
Sound Point CLO, Ltd. 17-2A E | Diversified Investment Vehicles | L+6.10% (6.32%) | 7/25/2030 | 2,400 | 2,045 | 2,062 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
Symphony CLO, Ltd. 2012-9A ER2 | Diversified Investment Vehicles | L+6.95% (7.17%) | 7/16/2032 | 3,000 | 2,760 | 2,888 | 0.8 | % | ||||||||||||||||||||||||||||||||||||
TCW CLO 2019-1 AMR, Ltd. 19-1A F | Diversified Investment Vehicles | L+8.67% (8.87%) | 2/15/2029 | 2,500 | 2,282 | 2,327 | 0.7 | % | ||||||||||||||||||||||||||||||||||||
Tralee CLO, Ltd. 13-1A DR | Diversified Investment Vehicles | L+4.18% (4.40%) | 7/20/2029 | 2,500 | 2,359 | 2,379 | 0.7 | % | ||||||||||||||||||||||||||||||||||||
Zais CLO 13, Ltd. 19-13A D1 | Diversified Investment Vehicles | L+4.52% (4.76%) | 7/15/2032 | 3,000 | 2,708 | 2,745 | 0.8 | % | ||||||||||||||||||||||||||||||||||||
Subtotal Collateralized Securities | $ | 62,917 | $ | 63,647 | 18.1 | % | ||||||||||||||||||||||||||||||||||||||
TOTAL INVESTMENTS | $ | 628,023 | $ | 630,755 | 179.2 | % | ||||||||||||||||||||||||||||||||||||||
Unrealized
Appreciation |
% of Members' Capital (c) | |||||||||||||||||||||||||||||||||||||||||||
Unrealized gain on derivatives | ||||||||||||||||||||||||||||||||||||||||||||
Total Return Swap | ||||||||||||||||||||||||||||||||||||||||||||
JPMorgan Chase Bank, N.A. call date 2/15/2022 | $ | 143 | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||
TOTAL UNREALIZED GAIN ON DERIVATIVES | $ | 143 | 0.0 | % |
Selected Statements of Assets and Liabilities Information | March 31, | ||||||||||
2021 | |||||||||||
(Unaudited) | |||||||||||
ASSETS | |||||||||||
Investments, at fair value | $ | 630,755 | |||||||||
Cash and other assets | 167,107 | ||||||||||
Total assets | $ | 797,862 | |||||||||
LIABILITIES | |||||||||||
Revolving credit facilities | $ | 376,412 | |||||||||
Other liabilities | 69,477 | ||||||||||
Total liabilities | 445,889 | ||||||||||
MEMBERS' CAPITAL | |||||||||||
Total members' capital | $ | 351,973 | |||||||||
Total liabilities and members' capital | $ | 797,862 |
Selected Statements of Operations Information | For the period January 20, 2021 through March 31, | ||||||||||
2021 | |||||||||||
(Unaudited) | |||||||||||
Investment income: | |||||||||||
Total investment income | $ | 8,452 | |||||||||
Operating expenses: | |||||||||||
Interest and credit facility financing expenses | 1,594 | ||||||||||
Other expenses | 283 | ||||||||||
Total expenses | 1,877 | ||||||||||
Net investment income | 6,575 | ||||||||||
Realized and unrealized gain: | |||||||||||
Net realized and unrealized gain | 3,478 | ||||||||||
Net increase in net assets resulting from operations | $ | 10,053 |
Range | ||||||||||||||||||||||||||||||||||||||
Asset Category | Fair Value | Primary Valuation Technique | Unobservable Inputs | Minimum | Maximum |
Weighted Average (a)
|
||||||||||||||||||||||||||||||||
Senior Secured First Lien Debt | $ | 912,609 | Discounted Cash Flow | Market Yield | 5.00% | 41.00% | 8.70% | |||||||||||||||||||||||||||||||
Senior Secured First Lien Debt | 107,464 | Yield Analysis | Market Yield | 2.00% | 14.13% | 7.21% | ||||||||||||||||||||||||||||||||
Senior Secured First Lien Debt | 67,653 | Waterfall Analysis | EBITDA Multiple | 0.42x | 15.50x | 7.83x | ||||||||||||||||||||||||||||||||
Senior Secured First Lien Debt (c) | 46,709 | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Senior Secured First Lien Debt (b) | 13,549 | Waterfall Analysis | Discount Rate | 15.00% | 15.00% | 15.00% | ||||||||||||||||||||||||||||||||
Senior Secured First Lien Debt | 11,440 | Waterfall Analysis | Revenue Multiple | 0.20x | 0.77x | 0.35x | ||||||||||||||||||||||||||||||||
Senior Secured Second Lien Debt | 100,804 | Discounted Cash Flow | Market Yield | 7.25% | 23.75% | 10.77% | ||||||||||||||||||||||||||||||||
Senior Secured Second Lien Debt | 74,087 | Yield Analysis | Market Yield | 9.38% | 11.53% | 10.34% | ||||||||||||||||||||||||||||||||
Senior Secured Second Lien Debt | 4,871 | Waterfall Analysis | Revenue Multiple | 0.52x | 1.30x | 1.15x | ||||||||||||||||||||||||||||||||
Senior Secured Second Lien Debt (b) | 2,553 | Waterfall Analysis | EBITDA Multiple | 5.20x | 5.20x | 5.20x | ||||||||||||||||||||||||||||||||
Subordinated Debt (b) | 32,237 | Discounted Cash Flow | Discount Rate | 9.55% | 9.55% | 9.55% | ||||||||||||||||||||||||||||||||
Subordinated Debt (b) | 28,500 | Waterfall Analysis | Tangible Net Asset Value Multiple | 1.65x | 1.65x | 1.65x | ||||||||||||||||||||||||||||||||
Subordinated Debt (c) | 11,467 | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Subordinated Debt (b) | 3,187 | Yield Analysis | Market Yield | 23.92% | 23.92% | 23.92% | ||||||||||||||||||||||||||||||||
Collateralized Securities | 40,355 | Discounted Cash Flow | Discount Rate | 13.00% | 32.00% | 21.25% | ||||||||||||||||||||||||||||||||
Equity/Other (b) | 39,423 | Waterfall Analysis | Tangible Net Asset Value Multiple | 1.65x | 1.65x | 1.65x | ||||||||||||||||||||||||||||||||
Equity/Other | 39,202 | Waterfall Analysis | Discount Rate | 15.00% | 15.00% | 15.00% | ||||||||||||||||||||||||||||||||
Equity/Other | 29,020 | Waterfall Analysis | EBITDA Multiple | 3.25x | 11.74x | 6.77x | ||||||||||||||||||||||||||||||||
Equity/Other | 23,813 | Discounted Cash Flow | Discount Rate | 3.00% | 13.78% | 8.64% | ||||||||||||||||||||||||||||||||
Equity/Other | 15,366 | Waterfall Analysis | Revenue Multiple | 0.11x | 2.86x | 2.50x | ||||||||||||||||||||||||||||||||
Equity/Other (c) | 2,911 | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Equity/Other | 2,674 | Waterfall Analysis | TBV Multiple | 1.42x | 3.70x | 3.27x | ||||||||||||||||||||||||||||||||
Equity/Other (b) | 666 | Discounted Cash Flow | Market Yield | 12.50% | 12.50% | 12.50% | ||||||||||||||||||||||||||||||||
BDCA Senior Loan Fund, LLC (b) | 304,934 | Discounted Cash Flow | Discount Rate | 8.97% | 8.97% | 8.97% | ||||||||||||||||||||||||||||||||
Total | $ | 1,915,494 |
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 |
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 | $ | 173,700 | $ | (6,724) | $ | 166,976 | |||||||||||||||||||||||
JPM Credit Facility | 8/28/2023 | 400,000 | 120,000 | (1,052) | 118,948 | |||||||||||||||||||||||||||
MassMutual Credit Facility | 12/31/2025 | 100,000 | — | (2,147) | (2,147) | |||||||||||||||||||||||||||
2026 Notes | 3/30/2026 | 300,000 | 296,101 | (495) | 295,606 | |||||||||||||||||||||||||||
2024 Notes | 12/15/2024 | 100,000 | 99,116 | (138) | 98,978 | |||||||||||||||||||||||||||
2023 Notes | 5/30/2023 | 60,000 | 59,859 | (408) | 59,451 | |||||||||||||||||||||||||||
2022 Notes | 12/30/2022 | 150,000 | 149,711 | (797) | 148,914 | |||||||||||||||||||||||||||
Totals | $ | 1,410,000 | $ | 898,487 | $ | (11,761) | $ | 886,726 |
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 |
Three months ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate | Non-Usage Rate | Interest Expense |
Deferred Financing Costs (6)
|
Other Fees (7)
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wells Fargo Credit Facility |
(1)
|
(2)
|
$ | 1,938 | $ | 376 | $ | 60 | |||||||||||||||||||||||||||||||||||||||||||||||||||
JPM Credit Facility |
(3)
|
(4)
|
2,172 | 104 | 183 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Citi Credit Facility (8)
|
L+1.60% | 0.50% | 277 | 49 | 48 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
MassMutual Credit Facility |
(5)
|
0.50% | — | 111 | 138 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2026 Notes | 3.25% | n/a | 60 | 1 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2024 Notes | 4.85% | n/a | 1,271 | 9 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 Notes | 5.38% | n/a | 822 | 47 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 Notes | 4.75% | n/a | 1,822 | 112 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Totals | $ | 8,362 | $ | 809 | $ | 429 |
Three months ended March 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate | Non-Usage Rate | Interest Expense |
Deferred Financing Costs (3)
|
Other Fees (4)
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wells Fargo Credit Facility |
(1)
|
(2)
|
$ | 4,475 | $ | 500 | $ | 182 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Citi Credit Facility | L+1.60% | 0.50% | 2,557 | 233 | 139 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2024 Notes | 4.85% | n/a | 1,272 | 9 | 13 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 Notes | 5.38% | n/a | 823 | 47 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 Notes | 4.75% | n/a | 1,823 | 114 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 Notes | 6.00% | n/a | 1,562 | 31 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Totals | $ | 12,512 | $ | 934 | $ | 334 |
Level | Carrying Amount at March 31, 2021 | Fair Value at March 31, 2021 | |||||||||||||||
Wells Fargo Credit Facility | 3 | $ | 173,700 | $ | 173,700 | ||||||||||||
JPM Credit Facility | 3 | 120,000 | 120,000 | ||||||||||||||
MassMutual Credit Facility | 3 | — | — | ||||||||||||||
2026 Notes | 3 | 296,101 | 296,793 | ||||||||||||||
2024 Notes | 3 | 99,116 | 101,034 | ||||||||||||||
2023 Notes | 3 | 59,859 | 62,014 | ||||||||||||||
2022 Notes | 3 | 149,711 | 154,692 | ||||||||||||||
$ | 898,487 | $ | 908,233 |
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 |
Portfolio Company Name | Investment Type | Commitment Type | Total Commitment | Remaining Commitment | ||||||||||||||||||||||
Arch Global Precision, LLC | Senior Secured First Lien Debt | Delayed draw term loan | $ | 978 | $ | 978 | ||||||||||||||||||||
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 | 2,002 | ||||||||||||||||||||||
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 | 1,804 | ||||||||||||||||||||||
CCW, LLC | Senior Secured First Lien Debt | Revolver term loan | 1,500 | 1,500 | ||||||||||||||||||||||
CDHA Holdings, LLC | Senior Secured First Lien Debt | Revolver term loan | 1,264 | 1,264 | ||||||||||||||||||||||
Cobblestone Intermediate Holdco, LLC | Senior Secured First Lien Debt | Delayed draw term loan | 9,499 | 9,499 | ||||||||||||||||||||||
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 | ||||||||||||||||||||||
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 | Term loan | 24,739 | 2,863 | ||||||||||||||||||||||
Hospice Care Buyer, Inc. | Senior Secured First Lien Debt | Delayed draw term loan | 4,599 | 2,379 | ||||||||||||||||||||||
Hospice Care Buyer, Inc. | Senior Secured First Lien Debt | Revolver term loan | 2,775 | 2,498 | ||||||||||||||||||||||
ICR Operations, LLC | Senior Secured First Lien Debt | Revolver term loan | 2,753 | 2,753 | ||||||||||||||||||||||
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 | 2,686 | 2,209 | ||||||||||||||||||||||
Lakeview Health Holdings, Inc. | Senior Secured First Lien Debt | Revolver term loan | 332 | 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 | 606 | ||||||||||||||||||||||
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 | ||||||||||||||||||||||
Pilot Air Freight, LLC | Senior Secured First Lien Debt | Delayed draw term loan | 2,334 | 2,334 | ||||||||||||||||||||||
Planet Equity Group, LLC | Senior Secured First Lien Debt | Revolver term loan | 2,325 | 1,744 | ||||||||||||||||||||||
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 | 790 | ||||||||||||||||||||||
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 | 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 | 3,140 | 1,430 | ||||||||||||||||||||||
Refresh Parent Holdings, Inc. | Senior Secured First Lien Debt | Revolver term loan | 1,127 | 1,127 | ||||||||||||||||||||||
REP TEC Intermediate Holdings, Inc. | Senior Secured First Lien Debt | Revolver term loan | 741 | 741 | ||||||||||||||||||||||
SCIH Salt Holdings, Inc. | Senior Secured First Lien Debt | Revolver term loan | 3,746 | 3,746 |
Portfolio Company Name | Investment Type | Commitment Type | Total Commitment | Remaining Commitment | ||||||||||||||||||||||
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 | 674 | ||||||||||||||||||||||
Tap Rock Resources, LLC (1)
|
Equity/Other | Equity | 29,470 | 11,114 | ||||||||||||||||||||||
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 | 2,620 | 436 | ||||||||||||||||||||||
Total | $ | 174,926 | $ | 108,608 |
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 |
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 |
Shares | Value | |||||||||||||
Shares Sold | — | $ | — | |||||||||||
Shares Issued through DRIP | 658,852 | 4,579 | ||||||||||||
Share Repurchases | (2,801,712) | (18,799) | ||||||||||||
(2,142,860) | $ | (14,220) |
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 |
Common stock - shares | Common stock - par | Additional paid in capital | Total distributable earnings (loss) | Total Stockholders' Equity | |||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | 201,390,728 | $ | 201 | $ | 1,908,116 | $ | (508,562) | $ | 1,399,755 | ||||||||||||||||||||||||||
Net investment income | — | — | — | 26,618 | 26,618 | ||||||||||||||||||||||||||||||
Net realized loss from investment transactions | — | — | — | (2,563) | (2,563) | ||||||||||||||||||||||||||||||
Net change in unrealized appreciation on investments and foreign exchange currency contracts, net of change in deferred taxes | — | — | — | 42,924 | 42,924 | ||||||||||||||||||||||||||||||
Repurchases | (2,801,712) | (3) | (18,796) | — | (18,799) | ||||||||||||||||||||||||||||||
Distributions to stockholders | — | — | — | (19,757) | (19,757) | ||||||||||||||||||||||||||||||
Reinvested dividends | 658,852 | 1 | 4,578 | — | 4,579 | ||||||||||||||||||||||||||||||
Balance as of March 31, 2021 | 199,247,868 | $ | 199 | $ | 1,893,898 | $ | (461,340) | $ | 1,432,757 | ||||||||||||||||||||||||||
Common stock - shares | Common stock - par | Additional paid in capital | Total distributable earnings (loss) | Total Stockholders' Equity | |||||||||||||||||||||||||||||||
Balance as of December 31, 2019 | 190,207,517 | $ | 190 | $ | 1,847,312 | $ | (384,819) | $ | 1,462,683 | ||||||||||||||||||||||||||
Net investment income | — | — | — | 25,558 | 25,558 | ||||||||||||||||||||||||||||||
Net realized loss from investment transactions | — | — | — | (13,985) | (13,985) | ||||||||||||||||||||||||||||||
Net change in unrealized depreciation on investments and foreign exchange currency contracts, net of change in deferred taxes | — | — | — | (205,292) | (205,292) | ||||||||||||||||||||||||||||||
Issuance of common stock, net of issuance costs | 9,532,062 | 10 | 54,990 | — | 55,000 | ||||||||||||||||||||||||||||||
Repurchases | (2,134,416) | (2) | (16,539) | — | (16,541) | ||||||||||||||||||||||||||||||
Distributions to stockholders | — | — | — | (30,727) | (30,727) | ||||||||||||||||||||||||||||||
Reinvested dividends | 1,046,828 | 1 | 8,112 | — | 8,113 | ||||||||||||||||||||||||||||||
Balance as of March 31, 2020 | 198,651,991 | $ | 199 | $ | 1,893,875 | $ | (609,265) | $ | 1,284,809 | ||||||||||||||||||||||||||
Offer Date | Repurchase Date | Shares Tendered | Shares Repurchased | Repurchase Price Per Share | Aggregate Consideration for Repurchased Shares (in thousands) | |||||||||||||||||||||||||||
December 17, 2019 | January 27, 2020 | 37,389,681 | 2,115,276 | $ | 7.75 | $ | 16,698.90 | |||||||||||||||||||||||||
December 15, 2020 | January 26, 2021 | 39,794,155 | 2,776,140 | $ | 6.71 | $ | 18,627.86 |
For the three months ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Basic and diluted | |||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 66,979 | $ | (193,719) | |||||||||||||||||||
Weighted average common shares outstanding | 200,340,731 | 190,106,420 | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations per share | $ | 0.33 | $ | (1.02) |
For the three months ended March 31, | |||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||
Per share data: | |||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 6.95 | $ | 7.69 | |||||||||||||||||||||||||
Results of operations (1)
|
|||||||||||||||||||||||||||||
Net investment income | 0.13 | 0.13 | |||||||||||||||||||||||||||
Net realized and unrealized gain (loss), net of deferred taxes | 0.20 | (1.15) | |||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 0.33 | (1.02) | |||||||||||||||||||||||||||
Stockholder distributions (2)
|
|||||||||||||||||||||||||||||
Distributions from net investment income | (0.10) | (0.16) | |||||||||||||||||||||||||||
Net decrease in net assets resulting from stockholder distributions | (0.10) | (0.16) | |||||||||||||||||||||||||||
Capital share transactions | |||||||||||||||||||||||||||||
Issuance of common stock (3)
|
— | (0.04) | |||||||||||||||||||||||||||
Net decrease in net assets resulting from capital share transactions | — | (0.04) | |||||||||||||||||||||||||||
Other (7)
|
0.01 | — | |||||||||||||||||||||||||||
Net asset value, end of period | $ | 7.19 | $ | 6.47 | |||||||||||||||||||||||||
Shares outstanding at end of period | 199,247,868 | 198,651,991 | |||||||||||||||||||||||||||
Total return (4)
|
4.95 | % | (14.13) | % | |||||||||||||||||||||||||
Ratio/Supplemental data: | |||||||||||||||||||||||||||||
Total net assets, end of period | $ | 1,432,757 | $ | 1,284,809 | |||||||||||||||||||||||||
Ratio of net investment income to average net assets (8)
|
9.06 | % | 7.48 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets (6) (8)
|
7.10 | % | 8.12 | % | |||||||||||||||||||||||||
Portfolio turnover rate (5)
|
21.80 | % | 10.19 | % |
Portfolio Company (1)
|
Type of Asset | Industry | Amount of dividends and interest included in income | Beginning Fair Value at December 31, 2020 |
Gross additions*
|
Gross reductions**
|
Realized Gain/(Loss) | Change in Unrealized Gain (Loss) | Fair Value at March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Control Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BDCA Senior Loan Fund, LLC (2) (4) (6)
|
Equity/Other | Diversified Investment Vehicles | $ | 5,753 | $ | — | $ | 304,934 | $ | — | $ | — | $ | — | $ | 304,934 | ||||||||||||||||||||||||||||||||||||||||
CRD Holdings, LLC - 9.00% (2) (6)
|
Equity/Other | Energy | — | 14,557 | — | (3,550) | — | (957) | 10,050 | |||||||||||||||||||||||||||||||||||||||||||||||
CRS-SPV, Inc. (2) (3) (6)
|
Equity/Other | Industrials | — | 1,393 | — | — | — | — | 1,393 | |||||||||||||||||||||||||||||||||||||||||||||||
CRS-SPV, Inc. - L+4.50% (5.50%), 3/8/2022 (2) (6)
|
Senior Secured First Lien Debt | Industrials | 1 | 62 | — | — | — | — | 62 | |||||||||||||||||||||||||||||||||||||||||||||||
Kahala Ireland OpCo Designated Activity Company - L+8.00% (13.00%), 12/22/2028 (2) (6)
|
Senior Secured First Lien Debt | Transportation | 487 | 18,549 | — | (5,000) | — | — | 13,549 | |||||||||||||||||||||||||||||||||||||||||||||||
Kahala Ireland OpCo Designated Activity Company (2) (6)
|
Equity/Other | Transportation | 6,266 | 42,952 | — | — | — | (7,000) | 35,952 | |||||||||||||||||||||||||||||||||||||||||||||||
Kahala Ireland OpCo Designated Activity Company (2) (6)
|
Equity/Other | Transportation | — | 3,250 | — | — | — | — | 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 | 13 | 829 | 13 | — | — | (231) | 611 | |||||||||||||||||||||||||||||||||||||||||||||||
KMTEX, LLC - P+3.00% (6.25%) PIK, 6/16/2025 (2) (6)
|
Senior Secured First Lien Debt | Chemicals | 50 | 3,230 | 50 | — | — | (899) | 2,381 | |||||||||||||||||||||||||||||||||||||||||||||||
KMTEX, LLC - P+3.00% (6.25%) PIK, 6/16/2025 (2) (6)
|
Senior Secured First Lien Debt | Chemicals | 5 | 218 | 259 | — | — | — | 477 | |||||||||||||||||||||||||||||||||||||||||||||||
KMTEX, LLC (2) (3) (6)
|
Equity/Other | Chemicals | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
KMTEX, LLC (2) (3) (6)
|
Equity/Other | Chemicals | — | 2,289 | — | — | — | (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 | 971 | 43,400 | 8 | (375) | 1 | 71 | 43,105 | |||||||||||||||||||||||||||||||||||||||||||||||
NMFC Senior Loan Program I, LLC (2) (5)
|
Equity/Other | Diversified Investment Vehicles | 497 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Park Ave RE Holdings, LLC - 13.00%, 12/31/2021 (2) (6)
|
Subordinated Debt | Financials | 1,154 | 37,237 | — | (5,000) | — | — | 32,237 | |||||||||||||||||||||||||||||||||||||||||||||||
Park Ave RE Holdings, LLC (2) (3) (6)
|
Equity/Other | Financials | — | 3,300 | — | 404 | — | (404) | 3,300 | |||||||||||||||||||||||||||||||||||||||||||||||
Siena Capital Finance, LLC - 12.50%, 5/15/2024 (2) (6)
|
Subordinated Debt | Financials | 833 | 25,500 | 3,000 | — | — | — | 28,500 | |||||||||||||||||||||||||||||||||||||||||||||||
Siena Capital Finance, LLC (2) (6)
|
Equity/Other | Financials | 1,318 | 35,839 | — | — | — | 3,584 | 39,423 | |||||||||||||||||||||||||||||||||||||||||||||||
WPNT, LLC (2) (3) (6)
|
Equity/Other | Media/Entertainment | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Total Control Investments | $ | 17,348 | $ | 232,605 | $ | 308,264 | $ | (13,521) | $ | 1 | $ | (8,125) | $ | 519,224 | ||||||||||||||||||||||||||||||||||||||||||
Affiliate Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Answers Corp. (3) (6)
|
Equity/Other | Media/Entertainment | $ | — | $ | 727 | $ | — | $ | (718) | $ | — | $ | 136 | $ | 145 |
Portfolio Company (1)
|
Type of Asset | Industry | Amount of dividends and interest included in income | Beginning Fair Value at December 31, 2020 |
Gross additions*
|
Gross reductions**
|
Realized Gain/(Loss) | Change in Unrealized Gain (Loss) | Fair Value at March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Capstone Nutrition Development, LLC (3) (6)
|
Equity/Other | Consumer | $ | — | $ | 5,928 | $ | — | $ | — | $ | — | $ | 8,825 | $ | 14,753 | ||||||||||||||||||||||||||||||||||||||||
CDS U.S. Intermediate Holdings, Inc. - L+6.00% (7.00%), 11/24/2025 (6)
|
Senior Secured First Lien Debt | Media/Entertainment | 33 | 1,940 | 1,524 | (375) | 3 | 76 | 3,168 | |||||||||||||||||||||||||||||||||||||||||||||||
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 | 43 | 1,104 | 265 | — | — | 146 | 1,515 | |||||||||||||||||||||||||||||||||||||||||||||||
CDS U.S. Intermediate Holdings, Inc. (3) (6)
|
Equity/Other | Media/Entertainment | — | 1,224 | — | — | — | 2,797 | 4,021 | |||||||||||||||||||||||||||||||||||||||||||||||
CDS U.S. Intermediate Holdings, Inc. (3) (6)
|
Equity/Other | Media/Entertainment | — | 437 | — | — | — | 874 | 1,311 | |||||||||||||||||||||||||||||||||||||||||||||||
Danish CRJ, Ltd. (3) (6)
|
Equity/Other | Transportation | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
First Eagle Greenway Fund II, LLC | Equity/Other | Diversified Investment Vehicles | 52 | 1,759 | — | — | — | 52 | 1,811 | |||||||||||||||||||||||||||||||||||||||||||||||
Foresight Energy Operating, LLC - L+8.00% (9.50%), 6/30/2027 (6)
|
Senior Secured First Lien Debt | Energy | 31 | 1,354 | — | (3) | — | — | 1,351 | |||||||||||||||||||||||||||||||||||||||||||||||
Foresight Energy Operating, LLC (3) (6)
|
Equity/Other | Energy | — | 2,520 | — | — | — | 1,209 | 3,729 | |||||||||||||||||||||||||||||||||||||||||||||||
Internap Corp. - L+6.50% (7.50%) 5.50% PIK, 5/8/2025 (6)
|
Senior Secured First Lien Debt | Business Services | 113 | 5,181 | 83 | — | — | (11) | 5,253 | |||||||||||||||||||||||||||||||||||||||||||||||
Internap Corp (3) (6)
|
Equity/Other | Business Services | — | 2,231 | — | — | — | — | 2,231 | |||||||||||||||||||||||||||||||||||||||||||||||
Jakks Pacific, Inc. - 10.50%, 2.50% PIK, 2/9/2023 (6)
|
Senior Secured First Lien Debt | Consumer | 795 | 17,104 | 1,465 | — | — | (54) | 18,515 | |||||||||||||||||||||||||||||||||||||||||||||||
Jakks Pacific, Inc. - 6.00%, 2.75% PIK, 7/3/2023 (6)
|
Subordinated Debt | Consumer | 27 | — | 1,448 | — | — | — | 1,448 | |||||||||||||||||||||||||||||||||||||||||||||||
Jakks Pacific, Inc. (3) (6)
|
Equity/Other | Consumer | — | 402 | 3 | — | — | 261 | 666 | |||||||||||||||||||||||||||||||||||||||||||||||
Jakks Pacific, Inc. (3)
|
Equity/Other | Consumer | — | 49 | — | — | — | 21 | 70 | |||||||||||||||||||||||||||||||||||||||||||||||
LendingHome Corp. - 8.00% (5) (6)
|
Equity/Other | Financials | — | 59,823 | — | (59,477) | (346) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
MidOcean Credit CLO 2013-2A INC - 0.00%, 1/29/2030 (6)
|
Collateralized Securities | Diversified Investment Vehicles | — | 6,313 | — | — | — | 1,210 | 7,523 | |||||||||||||||||||||||||||||||||||||||||||||||
NewStar Arlington Senior Loan Program, LLC 14-1A SUB - 20.15%, 4/25/2031 (6)
|
Collateralized Securities | Diversified Investment Vehicles | 966 | 15,631 | — | (926) | — | 2,111 | 16,816 | |||||||||||||||||||||||||||||||||||||||||||||||
NewStar Arlington Senior Loan Program, LLC 14-1A FR - L+11.00% (11.22%), 4/25/2031 (6)
|
Collateralized Securities | Diversified Investment Vehicles | 138 | 3,632 | 5 | — | — | 198 | 3,835 | |||||||||||||||||||||||||||||||||||||||||||||||
Newstar Fairfield Fund CLO, Ltd. 2015-1RA F - L+7.50% (7.72%), 1/20/2027 (6)
|
Collateralized Securities | Diversified Investment Vehicles | 286 | 5,459 | 79 | — | — | 595 | 6,133 | |||||||||||||||||||||||||||||||||||||||||||||||
Newstar Fairfield Fund CLO, Ltd. 2015-1RA SUB - 0.00%, 1/20/2027 (6)
|
Collateralized Securities | Diversified Investment Vehicles | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
PCX Aerostructures, LLC - 6.00%, 8/9/2021 (6)
|
Subordinated Debt | Industrials | 642 | 9,859 | 523 | — | — | (362) | 10,020 | |||||||||||||||||||||||||||||||||||||||||||||||
PCX Aerostructures, LLC (3) (6)
|
Equity/Other | Industrials | — | 76 | — | — | — | 2,229 | 2,305 | |||||||||||||||||||||||||||||||||||||||||||||||
PCX Aerostructures, LLC (3) (6)
|
Equity/Other | Industrials | — | 535 | — | — | — | 71 | 606 | |||||||||||||||||||||||||||||||||||||||||||||||
PCX Aerostructures, LLC (3) (6)
|
Equity/Other | Industrials | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
PennantPark Credit Opportunities Fund II, LP | Equity/Other | Diversified Investment Vehicles | 153 | 9,274 | — | — | — | 120 | 9,394 | |||||||||||||||||||||||||||||||||||||||||||||||
Tap Rock Resources, LLC (6)
|
Equity/Other | Energy | 347 | 11,405 | — | (907) | — | (35) | 10,463 | |||||||||||||||||||||||||||||||||||||||||||||||
Tax Defense Network, LLC - L+6.00% (10.00%) PIK, 9/30/2021 (6)
|
Senior Secured First Lien Debt | Consumer | — | 420 | — | — | — | 11 | 431 |
Portfolio Company (1)
|
Type of Asset | Industry | Amount of dividends and interest included in income | Beginning Fair Value at December 31, 2020 |
Gross additions*
|
Gross reductions**
|
Realized Gain/(Loss) | Change in Unrealized Gain (Loss) | Fair Value at March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Tax Defense Network, LLC - L+6.00% (10.00%) PIK, 9/30/2021 (6)
|
Senior Secured First Lien Debt | Consumer | $ | — | $ | 2,368 | $ | — | $ | — | $ | — | $ | 58 | $ | 2,426 | ||||||||||||||||||||||||||||||||||||||||
Tax Defense Network, LLC - 10.00% PIK, 9/30/2021 (6)
|
Senior Secured First Lien Debt | Consumer | — | 3,311 | — | — | — | 86 | 3,397 | |||||||||||||||||||||||||||||||||||||||||||||||
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 | — | 2,570 | — | — | — | 111 | 2,681 | |||||||||||||||||||||||||||||||||||||||||||||||
Tennenbaum Waterman Fund, LP | Equity/Other | Diversified Investment Vehicles | 326 | 10,087 | — | — | — | (85) | 10,002 | |||||||||||||||||||||||||||||||||||||||||||||||
TwentyEighty, Inc. (3) (5) (6)
|
Equity/Other | Business Services | — | — | — | (36) | 36 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Vantage Mobility International, LLC- L+6.00% (7.00%) PIK, 9/9/2021 (6)
|
Senior Secured Second Lien Debt | Transportation | — | 944 | — | — | — | 16 | 960 | |||||||||||||||||||||||||||||||||||||||||||||||
Vantage Mobility International, LLC (3) (6)
|
Equity/Other | Transportation | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Whitehorse, Ltd. 2014-1A Side Letter - 0.00%, 5/1/2026 (6)
|
Collateralized Securities | Diversified Investment Vehicles | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Whitehorse, Ltd. 2014-1A E - L+4.55% (4.76%), 5/1/2026 (6)
|
Collateralized Securities | Diversified Investment Vehicles | 106 | 5,592 | 11 | — | — | 445 | 6,048 | |||||||||||||||||||||||||||||||||||||||||||||||
Total Affiliate Investments | $ | 4,058 | $ | 189,259 | $ | 5,406 | $ | (62,442) | $ | (307) | $ | 21,111 | $ | 153,027 | ||||||||||||||||||||||||||||||||||||||||||
Total Control & Affiliate Investments | $ | 21,406 | $ | 421,864 | $ | 313,670 | $ | (75,963) | $ | (306) | $ | 12,986 | $ | 672,251 |
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 | — |
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 | |||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||
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 | — | — |
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 | |||||||||||||||||||||||||||||||||||||||||||||||
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) | — | |||||||||||||||||||||||||||||||||||||||||||||||
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) | — |
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 | |||||||||||||||||||||||||||||||||||||||||||||||
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 |
(Dollars in millions, except per share amounts) | ||||||||
At March 31, 2021: | ||||||||
Investment Portfolio | $ | 2,339.7 | ||||||
Net assets | 1,432.8 | |||||||
Debt (net of deferred financing costs) | 886.7 | |||||||
Net asset value per share | 7.19 | |||||||
Portfolio Activity for the Three Months Ended March 31, 2021: | ||||||||
Purchases during the period | 540.9 | |||||||
Sales, repayments, and other exits during the period | 870.5 | |||||||
Number of portfolio companies at end of period | 179 | |||||||
Operating results for the Three Months Ended March 31, 2021: | ||||||||
Net investment income per share | 0.13 | |||||||
Distributions declared per share | 0.10 | |||||||
Net increase in net assets resulting from operations per share | 0.33 | |||||||
Net investment income | 26.6 | |||||||
Net realized and unrealized gain, net of change in deferred taxes | 40.4 | |||||||
Net increase in net assets resulting from operations | 67.0 |
March 31, 2021 | |||||||||||
Percentage of
Total Portfolio |
Weighted Average Current Yield for Total Portfolio (1)
|
||||||||||
Senior Secured First Lien Debt | 63.4 | % | 7.5 | % | |||||||
Senior Secured Second Lien Debt | 10.7 | 9.1 | |||||||||
Subordinated Debt | 3.7 | 13.5 | |||||||||
Collateralized Securities (2)
|
1.7 | 13.3 | |||||||||
Equity/Other (3)
|
7.5 | 16.8 | |||||||||
BDCA Senior Loan Fund, LLC (3)
|
13.0 | 8.0 | |||||||||
Total | 100.0 | % | 8.8 | % |
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 | % |
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 three months ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Total investment income | $ | 56,434 | $ | 53,281 | |||||||||||||||||||
Total expenses | 29,116 | 27,249 | |||||||||||||||||||||
Income tax expense, including excise tax | 700 | 474 | |||||||||||||||||||||
Net investment income | $ | 26,618 | $ | 25,558 |
For the three months ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Management fees | $ | 9,574 | $ | 9,877 | |||||||||||||||||||
Incentive fee on income | 6,655 | — | |||||||||||||||||||||
Interest and debt fees | 9,600 | 13,780 | |||||||||||||||||||||
Professional fees | 1,279 | 1,411 | |||||||||||||||||||||
Other general and administrative | 1,601 | 1,586 | |||||||||||||||||||||
Administrative services | 181 | 334 | |||||||||||||||||||||
Directors' fees | 226 | 261 | |||||||||||||||||||||
Total operating expenses | $ | 29,116 | $ | 27,249 |
For the three months ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Net realized gain (loss) | |||||||||||||||||||||||
Control investments | $ | 1 | $ | (500) | |||||||||||||||||||
Affiliate investments | (307) | 189 | |||||||||||||||||||||
Non-affiliate investments | (443) | (13,342) | |||||||||||||||||||||
Net realized loss on foreign currency transactions | (528) | (332) | |||||||||||||||||||||
Net realized loss on extinguishment of debt | (1,286) | — | |||||||||||||||||||||
Total net realized loss | (2,563) | (13,985) | |||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | |||||||||||||||||||||||
Control investments | (8,125) | (17,605) | |||||||||||||||||||||
Affiliate investments | 21,111 | (28,639) | |||||||||||||||||||||
Non-affiliate investments | 29,645 | (161,453) | |||||||||||||||||||||
Net change in deferred taxes | — | 714 | |||||||||||||||||||||
Total net change in unrealized appreciation (depreciation) on investments, net of change in deferred taxes | 42,631 | (206,983) | |||||||||||||||||||||
Net change in unrealized appreciation from forward currency exchange contracts | 293 | 1,691 | |||||||||||||||||||||
Net realized and unrealized gain (loss) | $ | 40,361 | $ | (219,277) |
March 31, 2021 | ||||||||||||||
Total assets | $ | 797,862 | ||||||||||||
Total investments (1)
|
$ | 630,755 | ||||||||||||
Weighted Average Current Yield for Total Portfolio (2)
|
5.60 | % | ||||||||||||
Number of Portfolio companies in SLF | 110 | |||||||||||||
Largest portfolio company investment (1)
|
$ | 21,480 | ||||||||||||
Total of five largest portfolio company investments (1)
|
$ | 97,513 |
Selected Statements of Assets and Liabilities Information | March 31, | ||||||||||
2021 | |||||||||||
(Unaudited) | |||||||||||
ASSETS | |||||||||||
Investments, at fair value | $ | 630,755 | |||||||||
Cash and other assets | 167,107 | ||||||||||
Total assets | $ | 797,862 | |||||||||
LIABILITIES | |||||||||||
Revolving credit facilities | $ | 376,412 | |||||||||
Other liabilities | 69,477 | ||||||||||
Total liabilities | $ | 445,889 | |||||||||
MEMBERS' CAPITAL | |||||||||||
Total members' capital | $ | 351,973 | |||||||||
Total liabilities and members' capital | $ | 797,862 |
Selected Statements of Operations Information | For the period January 20, 2021 through March 31, | ||||||||||
2021 | |||||||||||
(Unaudited) | |||||||||||
Investment income: | |||||||||||
Total investment income | $ | 8,452 | |||||||||
Operating expenses: | |||||||||||
Interest and credit facility financing expenses | 1,594 | ||||||||||
Other expenses | 283 | ||||||||||
Total expenses | 1,877 | ||||||||||
Net investment income | 6,575 | ||||||||||
Realized and unrealized gain: | |||||||||||
Net realized and unrealized gain | 3,478 | ||||||||||
Net increase in net assets resulting from operations | $ | 10,053 |
For the three months ended March 31, | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Distributions declared | $ | 19,757 | $ | 30,727 | |||||||||||||
Distributions paid | $ | 19,965 | $ | 30,817 | |||||||||||||
Portion of distributions paid in cash | $ | 15,386 | $ | 22,704 | |||||||||||||
Portion of distributions paid in DRIP shares | $ | 4,579 | $ | 8,113 |
For the three months ended March 31, | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Distributions | $ | 19,757 | $ | 30,727 | |||||||||||||
Total distributions | $ | 19,757 | $ | 30,727 |
Payment Due by Period | |||||||||||||||||||||||||||||
Total | Less than 1 year | 1 - 3 years | 3- 5 years | More than 5 years | |||||||||||||||||||||||||
Wells Fargo Credit Facility (1)
|
$ | 173,700 | $ | — | $ | — | $ | 173,700 | $ | — | |||||||||||||||||||
JPM Credit Facility (2)
|
120,000 | — | 120,000 | — | — | ||||||||||||||||||||||||
MassMutual Credit Facility (3)
|
— | — | — | — | — | ||||||||||||||||||||||||
2026 Notes (4)
|
296,101 | — | — | 296,101 | — | ||||||||||||||||||||||||
2024 Notes (5)
|
99,116 | — | — | 99,116 | — | ||||||||||||||||||||||||
2023 Notes (6)
|
59,859 | — | 59,859 | — | — | ||||||||||||||||||||||||
2022 Notes (7)
|
149,711 | — | 149,711 | — | — | ||||||||||||||||||||||||
Total contractual obligations | $ | 898,487 | $ | — | $ | 329,570 | $ | 568,917 | $ | — |
Change in Base Interest Rates | Estimated Change in Interest Income net of Interest Expense (in thousands) | |||||||
(-) 19 Basis Points | $ | (3,156) | ||||||
(+) 50 Basis Points | $ | 8,125 | ||||||
(+) 100 Basis Points | $ | 16,249 | ||||||
(+) 200 Basis Points | $ | 32,499 |
Assumed Return on Our Portfolio (net of expenses) | (10)% | (5)% | —% | 5% | 10% | |||||||||||||||||||||||||||
Corresponding return to stockholders (1)
|
(23.76)% | (13.60)% | (3.44)% | 6.72% | 16.87% |
Period | Total Number of Shares Purchased | Average Price per Share | Cumulative 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, 2021 through January 31, 2021 | 2,776,140 | $ | 6.71 | 2,776,140 | — | |||||||||||||||||||||
February 1, 2021 through February 28, 2021 | — | — | — | — | ||||||||||||||||||||||
March 1, 2021 through March 30, 2021 | — | — | — | — |
Signature | Title | Date | ||||||||||||
/s/ Richard J. Byrne
Richard J. Byrne
|
Chief Executive Officer, President, and Chairman of the Board of Directors
(Principal Executive Officer)
|
May 13, 2021 | ||||||||||||
/s/ Nina Kang Baryski
Nina Kang Baryski
|
Chief Financial Officer and Treasurer
(Principal Financial and Accounting Officer)
|
May 13, 2021 | ||||||||||||
Date: | May 13, 2021 | /s/ Richard J. Byrne | ||||||
Richard J. Byrne | ||||||||
Chief Executive Officer, President, and
Chairman of the Board of Directors (Principal Executive Officer) |
Date: | May 13, 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) |