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 June 30, | For the six months ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Investment income: | |||||||||||||||||||||||
From control investments | |||||||||||||||||||||||
Interest income
|
$ | 2,791 | $ | 5,173 | $ | 6,271 | $ | 11,221 | |||||||||||||||
Dividend income
|
13,666 | 3,154 | 27,499 | 6,572 | |||||||||||||||||||
Fee and other income
|
7 | 6 | 42 | 9 | |||||||||||||||||||
Total investment income from control investments | 16,464 | 8,333 | 33,812 | 17,802 | |||||||||||||||||||
From affiliate investments | |||||||||||||||||||||||
Interest income
|
2,517 | (152) | 4,875 | 796 | |||||||||||||||||||
Dividend income
|
1,179 | 672 | 2,057 | 1,081 | |||||||||||||||||||
Fee and other income
|
2,036 | (2) | 2,036 | (2) | |||||||||||||||||||
Total investment income from affiliate investments | 5,732 | 518 | 8,968 | 1,875 | |||||||||||||||||||
From non-affiliate investments | |||||||||||||||||||||||
Interest income
|
34,596 | 35,030 | 69,476 | 76,205 | |||||||||||||||||||
Dividend income
|
56 | — | 56 | 40 | |||||||||||||||||||
Fee and other income
|
1,401 | 1,125 | 2,370 | 2,191 | |||||||||||||||||||
Total investment income from non-affiliate investments | 36,053 | 36,155 | 71,902 | 78,436 | |||||||||||||||||||
Interest from cash and cash equivalents | 2 | 75 | 3 | 249 | |||||||||||||||||||
Total investment income
|
58,251 | 45,081 | 114,685 | 98,362 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Management fees | 9,462 | 9,445 | 19,036 | 19,322 | |||||||||||||||||||
Incentive fee on income | 6,876 | — | 13,531 | — | |||||||||||||||||||
Interest and debt fees | 11,032 | 12,297 | 20,632 | 26,077 | |||||||||||||||||||
Professional fees | 1,133 | 1,190 | 2,412 | 2,601 | |||||||||||||||||||
Other general and administrative | 1,429 | 994 | 3,030 | 2,606 | |||||||||||||||||||
Administrative services | 181 | 252 | 362 | 560 | |||||||||||||||||||
Directors' fees | 228 | 250 | 454 | 511 | |||||||||||||||||||
Total expenses | 30,341 | 24,428 | 59,457 | 51,677 | |||||||||||||||||||
Income tax expense, including excise tax | 403 | 220 | 1,103 | 694 | |||||||||||||||||||
Net investment income | 27,507 | 20,433 | 54,125 | 45,991 | |||||||||||||||||||
Realized and unrealized gain (loss): | |||||||||||||||||||||||
Net realized gain (loss) | |||||||||||||||||||||||
Control investments | 2 | 128 | 3 | (372) | |||||||||||||||||||
Affiliate investments | 20,364 | 413 | 20,057 | 602 | |||||||||||||||||||
Non-affiliate investments | 7,636 | (56,964) | 7,193 | (70,306) | |||||||||||||||||||
Net realized gain (loss) on foreign currency transactions | (853) | 1,105 | (1,381) | 773 | |||||||||||||||||||
Net realized loss on extinguishment of debt | — | — | (1,286) | — | |||||||||||||||||||
Total net realized gain (loss) | 27,149 | (55,318) | 24,586 | (69,303) |
For the three months ended June 30, | For the six months ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | |||||||||||||||||||||||
Control investments | (1,301) | (19,277) | (9,426) | (36,882) | |||||||||||||||||||
Affiliate investments | (1,470) | 2,961 | 19,412 | (25,678) | |||||||||||||||||||
Non-affiliate investments | 14,241 | 82,827 | 44,115 | (78,626) | |||||||||||||||||||
Net change in deferred taxes | — | 1,034 | — | 1,748 | |||||||||||||||||||
Total net change in unrealized appreciation (depreciation) on investments, net of change in deferred taxes | 11,470 | 67,545 | 54,101 | (139,438) | |||||||||||||||||||
Net change in unrealized appreciation (depreciation) from forward currency exchange contracts | 595 | (1,768) | 888 | (77) | |||||||||||||||||||
Net realized and unrealized gain (loss) | 39,214 | 10,459 | 79,575 | (208,818) | |||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 66,721 | $ | 30,892 | $ | 133,700 | $ | (162,827) | |||||||||||||||
Per share information - basic and diluted | |||||||||||||||||||||||
Net investment income | $ | 0.14 | $ | 0.10 | $ | 0.27 | $ | 0.24 | |||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 0.33 | $ | 0.16 | $ | 0.67 | $ | (0.84) | |||||||||||||||
Weighted average shares outstanding | 199,172,026 | 199,084,903 | 199,753,150 | 194,595,661 |
For the six months ended June 30, | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Operations: | |||||||||||||||||
Net investment income | $ | 54,125 | $ | 45,991 | |||||||||||||
Net realized gain (loss) from investments | 27,253 | (70,076) | |||||||||||||||
Net realized gain (loss) on foreign currency transactions | (1,381) | 773 | |||||||||||||||
Net realized loss on extinguishment of debt | (1,286) | — | |||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | 54,101 | (141,186) | |||||||||||||||
Net change in deferred taxes | — | 1,748 | |||||||||||||||
Net change in unrealized appreciation (depreciation) from forward currency exchange contracts | 888 | (77) | |||||||||||||||
Net increase (decrease) in net assets resulting from operations | 133,700 | (162,827) | |||||||||||||||
Stockholder distributions: | |||||||||||||||||
Distributions | (39,657) | (50,536) | |||||||||||||||
Net decrease in net assets from stockholder distributions | (39,657) | (50,536) | |||||||||||||||
Capital share transactions: | |||||||||||||||||
Issuance of common stock, net of issuance costs | — | 59,000 | |||||||||||||||
Reinvestment of stockholder distributions | 9,145 | 12,932 | |||||||||||||||
Repurchases of common stock | (19,532) | (17,280) | |||||||||||||||
Net increase (decrease) in net assets from capital share transactions | (10,387) | 54,652 | |||||||||||||||
Total increase (decrease) in net assets | 83,656 | (158,711) | |||||||||||||||
Net assets at beginning of period | 1,399,755 | 1,462,683 | |||||||||||||||
Net assets at end of period | $ | 1,483,411 | $ | 1,303,972 | |||||||||||||
Net asset value per common share | $ | 7.43 | $ | 6.52 | |||||||||||||
Common shares outstanding at end of period | 199,773,641 | 199,994,685 |
For the six months ended June 30, | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Operating activities: | |||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 133,700 | $ | (162,827) | |||||||||||||
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 | (2,555) | (3,271) | |||||||||||||||
Net accretion of discount on investments | (4,683) | (3,331) | |||||||||||||||
Amortization of deferred financing costs | 1,605 | 1,868 | |||||||||||||||
Amortization of discount on unsecured notes | 433 | 391 | |||||||||||||||
Sales and repayments of investments | 483,587 | 487,267 | |||||||||||||||
Purchases of investments | (623,054) | (363,282) | |||||||||||||||
Net realized (gain) loss from investments | (27,253) | 70,076 | |||||||||||||||
Net realized (gain) loss on foreign currency transactions | 1,381 | (773) | |||||||||||||||
Net realized loss on extinguishment of debt | 1,286 | — | |||||||||||||||
Net change in unrealized (appreciation) depreciation on investments | (54,101) | 141,186 | |||||||||||||||
Net change in unrealized (appreciation) depreciation from forward currency exchange contracts | (888) | 77 | |||||||||||||||
(Increase) decrease in operating assets:
|
|||||||||||||||||
Interest and dividends receivable
|
(10,994) | 3,299 | |||||||||||||||
Receivable for unsettled trades
|
(7,367) | 7,266 | |||||||||||||||
Prepaid expenses and other assets
|
429 | (757) | |||||||||||||||
Increase (decrease) in operating liabilities:
|
|||||||||||||||||
Management fees payable
|
14 | 9,224 | |||||||||||||||
Incentive fee on income payable
|
1,381 | (6,513) | |||||||||||||||
Accounts payable and accrued expenses | 8,003 | (788) | |||||||||||||||
Payable for unsettled trades
|
(144,905) | (20,616) | |||||||||||||||
Interest and debt fees payable
|
379 | (2,546) | |||||||||||||||
Directors' fees payable
|
(24) | 30 | |||||||||||||||
Net cash provided by (used in) operating activities | (243,626) | 155,980 | |||||||||||||||
Financing activities: | |||||||||||||||||
Proceeds from issuance of shares of common stock, net
|
— | 59,000 | |||||||||||||||
Repurchases of common stock
|
(19,532) | (17,280) | |||||||||||||||
Proceeds from debt
|
784,994 | 197,000 | |||||||||||||||
Payments on debt
|
(509,100) | (227,000) | |||||||||||||||
Payments of financing costs
|
(708) | — | |||||||||||||||
Stockholder distributions
|
(30,670) | (33,117) | |||||||||||||||
Net cash provided by (used in) financing activities | 224,984 | (21,397) | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | (18,642) | 134,583 | |||||||||||||||
Effect of foreign currency exchange rates
|
(1,381) | 773 | |||||||||||||||
Cash and cash equivalents, beginning of period | 53,182 | 46,470 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 33,159 | $ | 181,826 | |||||||||||||
Supplemental information: |
For the six months ended June 30, | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Interest paid during the period | $ | 9,022 | $ | 26,278 | |||||||||||||
Taxes, including excise tax, paid during the period | $ | — | $ | 55 | |||||||||||||
Tax refunds received during the period | $ | 297 | $ | — | |||||||||||||
Distributions reinvested | $ | 9,145 | $ | 12,932 | |||||||||||||
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 - 111.4% (b) | ||||||||||||||||||||||||||||||||||||||
1236904 BC, Ltd. (c) (h) | Software/Services | L+7.50% (8.50%), 3/4/2027 | $ | 10,441 | $ | 10,246 | $ | 10,238 | 0.7 | % | ||||||||||||||||||||||||||||
1236904 BC, Ltd. (c) (h) (i) | Software/Services | L+5.50% (5.60%), 3/4/2027 | 18,734 | 18,116 | 19,296 | 1.3 | % | |||||||||||||||||||||||||||||||
Acrisure, LLC (h) (i) | Financials | L+3.50% (3.60%), 2/16/2027 | 19,572 | 19,489 | 19,344 | 1.3 | % | |||||||||||||||||||||||||||||||
ADCS Clinics Intermediate Holdings, LLC (c) (h) | Healthcare | L+6.25% (7.25%), 5/7/2027 | 13,841 | 13,568 | 13,568 | 0.9 | % | |||||||||||||||||||||||||||||||
Alchemy US Holdco 1, LLC (c) (h) (i) | Industrials | L+5.50% (5.60%), 10/10/2025 | 4,562 | 4,525 | 4,562 | 0.3 | % | |||||||||||||||||||||||||||||||
American Airlines Inc/AAdvantage Loyalty IP, Ltd. (a) | Transportation | 5.50%, 4/20/2026 | 7,895 | 7,895 | 8,369 | 0.6 | % | |||||||||||||||||||||||||||||||
American Airlines Inc/AAdvantage Loyalty IP, Ltd. (a) | Transportation | 5.75%, 4/20/2029 | 7,895 | 7,895 | 8,536 | 0.6 | % | |||||||||||||||||||||||||||||||
American Rock Salt Company, LLC (h) | Chemicals | L+4.00% (4.75%), 6/9/2028 | 4,801 | 4,789 | 4,803 | 0.3 | % | |||||||||||||||||||||||||||||||
Anchor Glass Container Corp. (j) | Paper & Packaging | L+5.00% (6.00%), 12/7/2023 | 9,552 | 9,552 | 8,597 | 0.6 | % | |||||||||||||||||||||||||||||||
Aq Carver Buyer, Inc. (c) (h) (i) | Business Services | L+5.00% (6.00%), 9/23/2025 | 12,922 | 12,378 | 12,922 | 0.9 | % | |||||||||||||||||||||||||||||||
Arch Global Precision, LLC (c) (h) (i) | Industrials | L+4.75% (4.85%), 4/1/2026 | 6,616 | 6,583 | 6,616 | 0.4 | % | |||||||||||||||||||||||||||||||
Arctic Holdco, LLC (c) | Paper & Packaging | L+6.00% (7.00%), 12/23/2026 | 3,064 | 3,064 | 2,988 | 0.2 | % | |||||||||||||||||||||||||||||||
Arctic Holdco, LLC (c) (i) | Paper & Packaging | L+6.00% (7.00%), 12/23/2026 | 40,147 | 39,200 | 39,184 | 2.6 | % | |||||||||||||||||||||||||||||||
Aveanna Healthcare, LLC (a) (h) | Healthcare | L+3.75% (4.25%), 6/30/2028 | 13,108 | 13,043 | 13,042 | 0.9 | % | |||||||||||||||||||||||||||||||
Aveanna Healthcare, LLC (a) (h) (i) | Healthcare | L+5.50% (6.50%), 3/18/2024 | 8,069 | 7,932 | 8,058 | 0.5 | % | |||||||||||||||||||||||||||||||
Aveanna Healthcare, LLC (a) (h) | Healthcare | L+4.25% (5.25%), 3/18/2024 | 772 | 748 | 771 | 0.1 | % | |||||||||||||||||||||||||||||||
Axiom Global, Inc. (c) (i) | Business Services | L+4.75% (5.50%), 10/1/2026 | 16,185 | 16,059 | 16,185 | 1.1 | % | |||||||||||||||||||||||||||||||
BBB Industries, LLC (h) | Transportation | L+4.50% (4.60%), 8/1/2025 | 12,922 | 12,856 | 12,796 | 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 | 730 | 730 | 730 | 0.0 | % | |||||||||||||||||||||||||||||||
Beasley Mezzanine Holdings, LLC | Broadcasting | 8.63%, 2/1/2026 | 2,174 | 2,174 | 2,196 | 0.1 | % | |||||||||||||||||||||||||||||||
Black Mountain Sand, LLC (c) | Energy | L+9.00% (10.50%), 6/28/2024 | 20,323 | 20,218 | 20,323 | 1.4 | % | |||||||||||||||||||||||||||||||
Capstone Logistics (c) (h) | Transportation | L+4.75% (5.75%), 11/12/2027 | 19,305 | 19,143 | 19,306 | 1.3 | % | |||||||||||||||||||||||||||||||
Capstone Logistics (c) | Transportation | L+4.75% (5.75%), 11/12/2025 | 139 | 139 | 139 | 0.0 | % | |||||||||||||||||||||||||||||||
CareCentrix, Inc. (c) (i) | Healthcare | L+4.50% (4.70%), 4/3/2025 | 7,916 | 7,896 | 7,342 | 0.5 | % | |||||||||||||||||||||||||||||||
CCW, LLC (c) (h) (i) | Food & Beverage | L+8.00% (9.00%), 12/31/2021 | 23,786 | 21,748 | 17,531 | 1.2 | % | |||||||||||||||||||||||||||||||
CDHA Holdings, LLC (c) (h) (i) (j) | Healthcare | L+7.25% (8.25%) 1.00% PIK, 8/24/2023 | 16,001 | 15,897 | 16,001 | 1.1 | % | |||||||||||||||||||||||||||||||
CDS U.S. Intermediate Holdings, Inc. (a) (c) (h) (i) (p) | Media/Entertainment | L+6.00% (7.00%), 11/24/2025 | 5,570 | 5,506 | 5,570 | 0.4 | % | |||||||||||||||||||||||||||||||
CHA Holdings, Inc. (c) (i) | Business Services | L+4.50% (5.50%), 4/10/2025 | 523 | 492 | 517 | 0.0 | % | |||||||||||||||||||||||||||||||
Chudy Group, LLC (c) (h) | Healthcare | L+5.75% (6.75%), 6/30/2027 | 20,652 | 20,342 | 20,342 | 1.4 | % |
Portfolio Company (f) (q) | Industry | Investment Coupon Rate / Maturity (l) | Principal / Number of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | ||||||||||||||||||||||||||||||||
CLP Health Services, Inc. (i) | Healthcare | L+4.25% (5.00%), 12/31/2026 | $ | 12,980 | $ | 12,822 | $ | 13,037 | 0.9 | % | ||||||||||||||||||||||||||||
Cobblestone Intermediate Holdco, LLC (c) (i) | Consumer | L+5.50% (6.50%), 1/29/2026 | 5,250 | 5,152 | 5,151 | 0.3 | % | |||||||||||||||||||||||||||||||
Cobblestone Intermediate Holdco, LLC (c) | Consumer | L+4.75% (5.75%), 1/29/2026 | 1,520 | 1,520 | 1,491 | 0.1 | % | |||||||||||||||||||||||||||||||
Cold Spring Brewing, Co. (c) (h) (i) | Food & Beverage | L+4.75% (5.75%), 12/19/2025 | 7,886 | 7,827 | 7,887 | 0.5 | % | |||||||||||||||||||||||||||||||
CommerceHub, Inc. (i) | Technology | L+4.00% (4.75%), 12/29/2027 | 7,677 | 7,642 | 7,697 | 0.5 | % | |||||||||||||||||||||||||||||||
Communication Technology Intermediate, LLC (c) (h) | Business Services | L+5.75% (6.75%), 5/5/2027 | 18,117 | 17,764 | 17,764 | 1.2 | % | |||||||||||||||||||||||||||||||
Community Care Health Network, LLC (h) | Healthcare | L+4.50% (4.60%), 2/17/2025 | 1,674 | 1,620 | 1,673 | 0.1 | % | |||||||||||||||||||||||||||||||
Corfin Industries, LLC (c) (h) (i) | Industrials | L+6.00% (7.00%), 2/5/2026 | 16,592 | 16,319 | 16,592 | 1.1 | % | |||||||||||||||||||||||||||||||
Cornerstone Chemical, Co. | Chemicals | 6.75%, 8/15/2024 | 14,850 | 14,287 | 13,872 | 0.9 | % | |||||||||||||||||||||||||||||||
CRS-SPV, Inc. (c) (j) (o) (w) | Industrials | L+4.50% (5.50%), 3/8/2022 | 62 | 62 | 62 | 0.0 | % | |||||||||||||||||||||||||||||||
Division Holding Corp. (h) | Business Services | L+4.75% (5.50%), 5/26/2028 | 8,761 | 8,674 | 8,739 | 0.6 | % | |||||||||||||||||||||||||||||||
Drilling Info Holdings, Inc. (c) (i) | Business Services | L+4.25% (4.35%), 7/30/2025 | 7,061 | 6,841 | 7,061 | 0.5 | % | |||||||||||||||||||||||||||||||
Dynagrid Holdings, LLC (c) | Utilities | L+6.00% (7.00%), 12/18/2025 | 113 | 113 | 113 | 0.0 | % | |||||||||||||||||||||||||||||||
Dynagrid Holdings, LLC (c) (i) | Utilities | L+6.00% (7.00%), 12/18/2025 | 14,409 | 14,144 | 14,409 | 1.0 | % | |||||||||||||||||||||||||||||||
Dynasty Acqusition Co., Inc. (i) | Industrials | L+3.50% (3.65%), 4/6/2026 | 343 | 343 | 334 | 0.0 | % | |||||||||||||||||||||||||||||||
Dynasty Acqusition Co., Inc. (i) | Industrials | L+3.50% (3.65%), 4/6/2026 | 184 | 184 | 179 | 0.0 | % | |||||||||||||||||||||||||||||||
Enviva Holdings, LP (a) (i) | Utilities | L+5.50% (6.50%), 2/17/2026 | 9,653 | 9,563 | 9,701 | 0.7 | % | |||||||||||||||||||||||||||||||
Florida Food Products, LLC (c) (h) | Food & Beverage | L+6.50% (7.50%), 9/6/2025 | 21,778 | 21,453 | 21,778 | 1.5 | % | |||||||||||||||||||||||||||||||
Florida Food Products, LLC (c) (i) | Food & Beverage | L+7.25% (8.25%), 9/8/2025 | 1,318 | 1,252 | 1,318 | 0.1 | % | |||||||||||||||||||||||||||||||
Florida Food Products, LLC (c) (j) | Food & Beverage | L+6.50% (7.50%), 9/6/2023 | 329 | 329 | 329 | 0.0 | % | |||||||||||||||||||||||||||||||
Foresight Energy Operating, LLC (c) (p) | Energy | L+8.00% (9.50%), 6/30/2027 | 1,320 | 1,320 | 1,347 | 0.1 | % | |||||||||||||||||||||||||||||||
Frontier Communications Corp. (a) (h) (i) | Telecom | L+3.75% (4.50%), 5/1/2028 | 19,523 | 19,405 | 19,523 | 1.3 | % | |||||||||||||||||||||||||||||||
Frontier Communications Corp. (a) | Telecom | 5.00%, 5/1/2028 | 1,240 | 1,240 | 1,282 | 0.1 | % | |||||||||||||||||||||||||||||||
Gogo Intermediate Holdings, LLC (a) (i) | Telecom | L+3.75% (4.50%), 4/28/2028 | 8,423 | 8,233 | 8,402 | 0.6 | % | |||||||||||||||||||||||||||||||
Gold Standard Baking, Inc. (c) (t) | Food & Beverage | P+5.50% (8.75%) 2.00% PIK, 7/25/2022 | 3,163 | 2,750 | 949 | 0.1 | % | |||||||||||||||||||||||||||||||
Gordian Medical, Inc. (i) | Healthcare | L+6.25% (7.00%), 1/31/2027 | 10,660 | 10,358 | 10,571 | 0.7 | % | |||||||||||||||||||||||||||||||
Green Energy Partners/Stonewall, LLC | Utilities | L+5.50% (6.50%), 11/15/2021 | 984 | 984 | 916 | 0.1 | % | |||||||||||||||||||||||||||||||
Green Energy Partners/Stonewall, LLC | Utilities | L+5.50% (6.50%), 11/15/2021 | 1,304 | 1,303 | 1,213 | 0.1 | % | |||||||||||||||||||||||||||||||
Health Plan One, Inc. (c) (j) | Financials | L+7.50% (8.50%), 7/15/2025 | 10,695 | 10,263 | 10,695 | 0.7 | % | |||||||||||||||||||||||||||||||
Higginbotham Insurance Agency, Inc. (c) (h) | Financials | L+5.75% (6.50%), 11/25/2026 | 11,550 | 11,393 | 11,550 | 0.8 | % | |||||||||||||||||||||||||||||||
HireRight, Inc. (i) | Business Services | L+3.75% (3.85%), 7/11/2025 | 2,871 | 2,855 | 2,813 | 0.2 | % |
Portfolio Company (f) (q) | Industry | Investment Coupon Rate / Maturity (l) | Principal / Number of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | ||||||||||||||||||||||||||||||||
Hospice Care Buyer, Inc. (c) | Healthcare | L+6.50% (7.50%), 12/9/2026 | $ | 2,215 | $ | 2,215 | $ | 2,190 | 0.1 | % | ||||||||||||||||||||||||||||
Hospice Care Buyer, Inc. (c) (h) | Healthcare | L+6.50% (7.50%), 12/9/2026 | 24,684 | 24,018 | 24,406 | 1.6 | % | |||||||||||||||||||||||||||||||
Hospice Care Buyer, Inc. (c) (h) | Healthcare | L+6.50% (7.50%), 12/9/2026 | 6,407 | 6,227 | 6,335 | 0.4 | % | |||||||||||||||||||||||||||||||
Hospice Care Buyer, Inc. (c) | Healthcare | L+6.50% (7.50%), 12/9/2026 | 278 | 278 | 274 | 0.0 | % | |||||||||||||||||||||||||||||||
Houghton Mifflin Harcourt Publishers, Inc. (a) (i) | Education | L+6.25% (7.25%), 11/22/2024 | 19 | 19 | 19 | 0.0 | % | |||||||||||||||||||||||||||||||
ICR Operations, LLC (c) (h) (i) | Business Services | L+5.00% (6.00%), 3/26/2025 | 17,057 | 16,870 | 17,057 | 1.1 | % | |||||||||||||||||||||||||||||||
ICR Operations, LLC (c) (i) | Business Services | L+5.00% (6.00%), 3/26/2025 | 6,616 | 6,474 | 6,616 | 0.4 | % | |||||||||||||||||||||||||||||||
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 | 824 | 814 | 824 | 0.1 | % | |||||||||||||||||||||||||||||||
Ideal Tridon Holdings, Inc. (c) (h) (i) | Industrials | L+5.75% (6.75%), 7/31/2024 | 26,837 | 26,655 | 26,837 | 1.8 | % | |||||||||||||||||||||||||||||||
Integral Ad Science, Inc. (a) (c) (j) | Software/Services | L+5.00% (6.00%), 7/19/2024 | 15,515 | 15,359 | 15,515 | 1.0 | % | |||||||||||||||||||||||||||||||
Integrated Efficiency Solutions, Inc. (c) (w) | Industrials | L+3.50% (5.50%) 3.50% PIK, 6/30/2022 | 3,901 | 3,901 | 2,858 | 0.2 | % | |||||||||||||||||||||||||||||||
Integrated Global Services, Inc. (c) (i) | Industrials | L+6.00% (7.00%), 2/4/2026 | 11,414 | 11,239 | 10,955 | 0.7 | % | |||||||||||||||||||||||||||||||
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 | L+4.75% (8.00%), 11/27/2023 | 1,124 | 1,122 | 1,140 | 0.1 | % | |||||||||||||||||||||||||||||||
Intelsat Jackson Holdings, SA (a) | Telecom | 8.63%, 1/2/2024 | 2,367 | 2,374 | 2,405 | 0.2 | % | |||||||||||||||||||||||||||||||
Internap Corp. (c) (h) (p) | Business Services | L+6.50% (7.50%) 5.50% PIK, 5/8/2025 | 6,121 | 6,121 | 5,324 | 0.4 | % | |||||||||||||||||||||||||||||||
International Cruise & Excursions, Inc. (c) (i) | Business Services | L+5.25% (6.25%), 6/6/2025 | 4,926 | 4,895 | 4,370 | 0.3 | % | |||||||||||||||||||||||||||||||
K2 Intelligence Holdings, Inc. (c) (h) (i) | Business Services | L+4.75% (5.75%), 9/23/2024 | 10,251 | 10,119 | 10,251 | 0.7 | % | |||||||||||||||||||||||||||||||
Kahala Ireland OpCo Designated Activity Company (a) (c) (j) (o) | Transportation | L+8.00% (13.00%), 12/22/2028 | 2,593 | 2,593 | 2,593 | 0.2 | % | |||||||||||||||||||||||||||||||
Kaman Distribution Corp. (c) (h) (i) | Industrials | L+5.00% (5.15%), 8/26/2026 | 20,555 | 19,186 | 20,555 | 1.4 | % | |||||||||||||||||||||||||||||||
KidKraft, Inc. (c) (w) | Consumer | L+5.00% (6.00%) 5.00% PIK, 8/15/2022 | 1,060 | 371 | 925 | 0.1 | % | |||||||||||||||||||||||||||||||
Kissner Milling Co., Ltd. | Industrials | 4.88%, 5/1/2028 | 5,294 | 5,294 | 5,314 | 0.4 | % | |||||||||||||||||||||||||||||||
KMTEX, LLC (c) (g) (o) | Chemicals | P+3.00% (6.25%) PIK, 6/16/2025 | 687 | 687 | 687 | 0.0 | % | |||||||||||||||||||||||||||||||
KMTEX, LLC (c) (o) | Chemicals | P+3.00% (6.25%) PIK, 6/16/2025 | 3,332 | 3,332 | 1,137 | 0.1 | % | |||||||||||||||||||||||||||||||
KMTEX, LLC (c) (g) (o) | Chemicals | P+3.00% (6.25%) PIK, 6/16/2025 | 855 | 855 | 291 | 0.0 | % | |||||||||||||||||||||||||||||||
Labrie Environmental Group, LLC (a) (c) (h) | Industrials | L+5.50% (6.50%), 9/1/2026 | 22,695 | 22,303 | 22,695 | 1.5 | % | |||||||||||||||||||||||||||||||
Lakeland Tours, LLC (c) (h) (i) | Education | L+7.50% (8.75%) 6.00% PIK, 9/25/2025 | 3,493 | 3,475 | 3,493 | 0.2 | % | |||||||||||||||||||||||||||||||
Lakeland Tours, LLC (c) (h) (i) | Education | L+7.50% (8.75%) 6.00% PIK, 9/25/2025 | 4,235 | 3,816 | 3,812 | 0.3 | % | |||||||||||||||||||||||||||||||
Lakeland Tours, LLC (c) (h) | Education | L+12.00% (13.25%) 6.00% PIK, 9/25/2023 | 1,829 | 1,829 | 1,829 | 0.1 | % | |||||||||||||||||||||||||||||||
Lakeland Tours, LLC (c) (h) (i) | Education | 13.25% PIK, 9/27/2027 | 4,418 | 2,571 | 2,739 | 0.2 | % |
Portfolio Company (f) (q) | Industry | Investment Coupon Rate / Maturity (l) | Principal / Number of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | ||||||||||||||||||||||||||||||||
Lakeview Health Holdings, Inc. (c) (t) (w) | Healthcare | 9.75% PIK, 12/15/2021 | $ | 149 | $ | 124 | $ | 30 | 0.0 | % | ||||||||||||||||||||||||||||
Lakeview Health Holdings, Inc. (c) (t) (w) | Healthcare | 9.75% PIK, 12/15/2021 | 4,338 | 2,671 | 868 | 0.1 | % | |||||||||||||||||||||||||||||||
LightSquared, LP | Telecom | 15.50%, 11/1/2023 | 1,665 | 1,665 | 1,644 | 0.1 | % | |||||||||||||||||||||||||||||||
Liquid Tech Solutions Holdings, LLC (c) (h) | Industrials | L+4.75% (5.50%), 3/20/2028 | 10,267 | 10,218 | 10,267 | 0.7 | % | |||||||||||||||||||||||||||||||
Manna Pro Products, LLC (c) | Consumer | L+6.00% (7.00%), 12/10/2026 | 2,335 | 2,335 | 2,335 | 0.2 | % | |||||||||||||||||||||||||||||||
Manna Pro Products, LLC (c) (i) | Consumer | L+6.00% (7.00%), 12/10/2026 | 24,536 | 23,991 | 24,536 | 1.7 | % | |||||||||||||||||||||||||||||||
Manna Pro Products, LLC (c) | Consumer | L+6.00% (7.00%), 12/10/2026 | 237 | 237 | 237 | 0.0 | % | |||||||||||||||||||||||||||||||
McDonald Worley, P.C. (c) | Business Services | 21.00% PIK, 12/31/2024 | 10,047 | 10,047 | 10,364 | 0.7 | % | |||||||||||||||||||||||||||||||
MCS Acquisition Corp. (c) | Business Services | L+6.00% (7.00%), 10/2/2025 | 784 | 784 | 784 | 0.1 | % | |||||||||||||||||||||||||||||||
Medical Depot Holdings, Inc. (c) (h) (i) | Healthcare | L+9.50% (10.50%) 4.00% PIK, 6/2/2025 | 19,528 | 19,047 | 18,698 | 1.3 | % | |||||||||||||||||||||||||||||||
MGTF Radio Company, LLC (c) (j) (o) | Media/Entertainment | L+6.00% (7.00%), 4/1/2024 | 53,646 | 53,560 | 42,218 | 2.8 | % | |||||||||||||||||||||||||||||||
Midwest Can Company, LLC (c) (h) (i) | Paper & Packaging | L+6.00% (7.00%), 3/2/2026 | 29,832 | 29,342 | 29,832 | 2.0 | % | |||||||||||||||||||||||||||||||
Midwest Can Company, LLC (c) (j) | Paper & Packaging | L+6.00% (7.00%), 3/2/2026 | 1,010 | 1,010 | 1,010 | 0.1 | % | |||||||||||||||||||||||||||||||
Miller Environmental Group, Inc. (c) (h) (i) | Business Services | L+6.50% (7.50%), 3/15/2024 | 11,404 | 11,281 | 11,404 | 0.8 | % | |||||||||||||||||||||||||||||||
Miller Environmental Group, Inc. (c) (h) (i) | Business Services | L+6.50% (7.50%), 3/15/2024 | 10,430 | 10,296 | 10,430 | 0.7 | % | |||||||||||||||||||||||||||||||
Ministry Brands, LLC (c) (i) | Software/Services | L+4.00% (5.00%), 12/2/2022 | 5,640 | 5,601 | 5,640 | 0.4 | % | |||||||||||||||||||||||||||||||
Mintz Group, LLC (c) (i) | Business Services | L+4.75% (5.75%), 3/18/2026 | 4,203 | 4,170 | 4,203 | 0.3 | % | |||||||||||||||||||||||||||||||
Monitronics International, Inc. (j) | Business Services | L+6.50% (7.75%), 3/29/2024 | 5,537 | 5,543 | 5,365 | 0.4 | % | |||||||||||||||||||||||||||||||
MSG National Properties, LLC (a) (c) (h) | Media/Entertainment | L+6.25% (7.00%), 11/12/2025 | 12,249 | 11,927 | 12,249 | 0.8 | % | |||||||||||||||||||||||||||||||
Muth Mirror Systems, LLC (c) (h) (i) | Technology | L+5.25% (6.25%), 4/23/2025 | 15,300 | 15,105 | 14,180 | 1.0 | % | |||||||||||||||||||||||||||||||
New Amsterdam Software Bidco, LLC (c) (h) (i) | Technology | L+4.75% (5.75%), 5/1/2026 | 6,042 | 5,958 | 6,042 | 0.4 | % | |||||||||||||||||||||||||||||||
New Star Metals, Inc. (c) (h) (i) | Industrials | L+5.00% (5.75%), 7/10/2023 | 21,743 | 21,398 | 21,743 | 1.5 | % | |||||||||||||||||||||||||||||||
NTM Acquisition Corp. (c) (h) (i) | Media/Entertainment | L+7.25% (8.25%) 1.00% PIK, 6/7/2024 | 21,903 | 21,853 | 19,713 | 1.3 | % | |||||||||||||||||||||||||||||||
Olaplex, Inc. (c) (h) (i) | Consumer | L+6.50% (7.50%), 1/8/2026 | 17,011 | 16,755 | 17,011 | 1.1 | % | |||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||
Pie Buyer, Inc. (c) (i) | Food & Beverage | L+5.50% (6.50%), 4/5/2027 | 28,461 | 27,641 | 27,641 | 1.9 | % | |||||||||||||||||||||||||||||||
Pilot Air Freight, LLC (c) (i) | Transportation | L+5.00% (6.00%), 7/25/2024 | 7,913 | 7,803 | 7,803 | 0.5 | % | |||||||||||||||||||||||||||||||
Pilot Air Freight, LLC (c) | Transportation | L+5.00% (6.00%), 7/25/2024 | 373 | 373 | 367 | 0.0 | % | |||||||||||||||||||||||||||||||
PlayPower, Inc. (c) (h) (i) | Industrials | L+5.50% (5.65%), 5/8/2026 | 24,093 | 23,842 | 24,093 | 1.6 | % | |||||||||||||||||||||||||||||||
Pluralsight, LLC (c) (h) | Software/Services | L+8.00% (9.00%), 4/6/2027 | 18,826 | 18,464 | 18,465 | 1.2 | % |
Portfolio Company (f) (q) | Industry | Investment Coupon Rate / Maturity (l) | Principal / Number of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | ||||||||||||||||||||||||||||||||
Premier Dental Services, Inc. (h) (i) | Healthcare | L+5.25% (6.25%), 6/30/2023 | $ | 32,298 | $ | 32,184 | $ | 32,257 | 2.2 | % | ||||||||||||||||||||||||||||
Premier Global Services, Inc. (c) | Telecom | L+6.50% (7.50%), 6/8/2023 | 6,066 | 5,926 | 2,578 | 0.2 | % | |||||||||||||||||||||||||||||||
Prototek, LLC (c) (h) | Industrials | L+5.75% (6.75%), 10/20/2026 | 11,229 | 11,005 | 11,005 | 0.7 | % | |||||||||||||||||||||||||||||||
Prototek, LLC (c) | Industrials | L+5.75% (6.75%), 10/20/2026 | 1,129 | 1,129 | 1,106 | 0.1 | % | |||||||||||||||||||||||||||||||
PSKW, LLC (c) (h) (i) | Healthcare | L+6.25% (7.25%), 3/9/2026 | 29,625 | 29,046 | 29,625 | 2.0 | % | |||||||||||||||||||||||||||||||
PT Network, LLC (c) (h) | Healthcare | L+7.50% (8.50%) 2.00% PIK, 11/30/2023 | 17,088 | 17,043 | 16,250 | 1.1 | % | |||||||||||||||||||||||||||||||
Questex, Inc. (c) (h) (i) | Media/Entertainment | L+5.75% (6.75%), 9/9/2024 | 15,746 | 15,579 | 14,455 | 1.0 | % | |||||||||||||||||||||||||||||||
Questex, Inc. (c) (j) | Media/Entertainment | L+5.75% (6.75%), 9/9/2024 | 1,550 | 1,550 | 1,422 | 0.1 | % | |||||||||||||||||||||||||||||||
RE Investment Company, LLC (c) | Industrials | L+8.00% (9.00%), 9/25/2025 | 5,631 | 5,631 | 5,631 | 0.4 | % | |||||||||||||||||||||||||||||||
RE Investment Company, LLC (c) (h) | Industrials | L+8.00% (9.00%), 9/25/2025 | 13,513 | 13,227 | 13,513 | 0.9 | % | |||||||||||||||||||||||||||||||
Reddy Ice Corp. (c) (j) | Food & Beverage | L+6.50% (7.50%), 7/1/2025 | 1,814 | 1,799 | 1,778 | 0.1 | % | |||||||||||||||||||||||||||||||
Reddy Ice Corp. (c) | Food & Beverage | L+6.50% (7.50%), 7/1/2025 | 147 | 147 | 144 | 0.0 | % | |||||||||||||||||||||||||||||||
Reddy Ice Corp. (c) (h) (i) | Food & Beverage | L+6.50% (7.50%), 7/1/2025 | 19,245 | 18,860 | 18,870 | 1.3 | % | |||||||||||||||||||||||||||||||
Refresh Parent Holdings, Inc. (c) | Healthcare | L+6.50% (7.50%), 12/9/2026 | 2,256 | 2,256 | 2,256 | 0.2 | % | |||||||||||||||||||||||||||||||
Refresh Parent Holdings, Inc. (c) (h) | Healthcare | L+6.50% (7.50%), 12/9/2026 | 9,535 | 9,312 | 9,535 | 0.6 | % | |||||||||||||||||||||||||||||||
Relativity Oda, LLC (c) (i) | Software/Services | L+6.50% (8.50%) PIK, 5/12/2027 | 4,672 | 4,559 | 4,559 | 0.3 | % | |||||||||||||||||||||||||||||||
REP TEC Intermediate Holdings, Inc. (c) | Software/Services | L+6.50% (7.50%), 6/19/2025 | 493 | 493 | 493 | 0.0 | % | |||||||||||||||||||||||||||||||
REP TEC Intermediate Holdings, Inc. (c) (h) (i) | Software/Services | L+6.50% (7.50%), 6/19/2025 | 6,945 | 6,780 | 6,945 | 0.5 | % | |||||||||||||||||||||||||||||||
REP TEC Intermediate Holdings, Inc. (c) (h) | Software/Services | L+6.50% (7.50%), 6/19/2025 | 1,536 | 1,522 | 1,536 | 0.1 | % | |||||||||||||||||||||||||||||||
Resco Products, Inc. (c) | Industrials | L+7.00% (9.00%) 2.00% PIK, 6/5/2022 | 9,529 | 9,529 | 8,967 | 0.6 | % | |||||||||||||||||||||||||||||||
Roadsafe Holdings, Inc. (c) (i) | Industrials | L+5.75% (6.75%), 10/19/2027 | 7,871 | 7,718 | 7,718 | 0.5 | % | |||||||||||||||||||||||||||||||
RXB Holdings, Inc. (h) | Healthcare | L+5.25% (6.00%), 12/20/2027 | 8,055 | 7,905 | 8,064 | 0.5 | % | |||||||||||||||||||||||||||||||
SCIH Salt Holdings, Inc. (c) | Industrials | L+4.00% (5.00%), 3/17/2025 | 0 | 0 | 0 | 0.0 | % | |||||||||||||||||||||||||||||||
SCIH Salt Holdings, Inc. (h) (i) | Industrials | L+4.00% (4.75%), 3/16/2027 | 27,878 | 27,658 | 27,924 | 1.9 | % | |||||||||||||||||||||||||||||||
SFR Group, SA (a) (i) | Telecom | L+4.00% (4.15%), 8/14/2026 | 7,859 | 7,810 | 7,838 | 0.5 | % | |||||||||||||||||||||||||||||||
SitusAMC Holdings Corp. (c) (h) (i) | Financials | L+4.75% (5.75%), 6/30/2025 | 8,347 | 8,263 | 8,347 | 0.6 | % | |||||||||||||||||||||||||||||||
SitusAMC Holdings Corp. (c) (j) | Financials | L+4.75% (5.75%), 6/30/2025 | 752 | 743 | 752 | 0.1 | % | |||||||||||||||||||||||||||||||
SitusAMC Holdings Corp. (c) (h) (i) | Financials | L+4.75% (5.75%), 6/28/2025 | 4,718 | 4,669 | 4,718 | 0.3 | % | |||||||||||||||||||||||||||||||
Skillsoft Corp. (a) (h) | Technology | L+7.50% (8.50%), 4/28/2025 | 13,093 | 13,032 | 13,093 | 0.9 | % | |||||||||||||||||||||||||||||||
St. Croix Hospice Acquisition Corp. (c) (i) | Healthcare | L+6.00% (7.00%), 10/30/2026 | 25,809 | 25,351 | 25,809 | 1.7 | % |
Portfolio Company (f) (q) | Industry | Investment Coupon Rate / Maturity (l) | Principal / Number of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | ||||||||||||||||||||||||||||||||
Striper Buyer, LLC (c) (h) | Paper & Packaging | L+5.50% (6.25%), 12/30/2026 | $ | 12,455 | $ | 12,339 | $ | 12,455 | 0.8 | % | ||||||||||||||||||||||||||||
Subsea Global Solutions, LLC (c) (i) | Business Services | L+7.00% (8.00%), 3/29/2023 | 4,720 | 4,672 | 4,720 | 0.3 | % | |||||||||||||||||||||||||||||||
Subsea Global Solutions, LLC (c) (i) | Business Services | L+7.00% (8.00%), 3/29/2023 | 7,959 | 7,903 | 7,959 | 0.5 | % | |||||||||||||||||||||||||||||||
Subsea Global Solutions, LLC (c) (j) | Business Services | L+7.00% (8.00%), 3/29/2023 | 135 | 135 | 135 | 0.0 | % | |||||||||||||||||||||||||||||||
SunMed Group Holdings, LLC (c) (h) | Healthcare | L+5.75% (6.50%), 6/16/2028 | 9,077 | 8,919 | 8,918 | 0.6 | % | |||||||||||||||||||||||||||||||
Tax Defense Network, LLC (c) (p) (t) | Consumer | L+6.00% (10.00%) PIK, 9/30/2021 | 6,308 | 3,833 | 441 | 0.0 | % | |||||||||||||||||||||||||||||||
Tax Defense Network, LLC (c) (p) (t) | Consumer | 10.00% PIK, 9/30/2021 | 3,488 | 2,986 | 3,487 | 0.2 | % | |||||||||||||||||||||||||||||||
Tax Defense Network, LLC (c) (p) (t) | Consumer | L+6.00% (10.00%) PIK, 9/30/2021 | 35,538 | 21,646 | 2,488 | 0.2 | % | |||||||||||||||||||||||||||||||
Tecta America Corp. (i) | Industrials | L+4.25% (5.00%), 4/6/2028 | 9,090 | 9,002 | 9,101 | 0.6 | % | |||||||||||||||||||||||||||||||
Therapy Brands Holdings, LLC (h) | Healthcare | L+4.00% (4.75%), 5/18/2028 | 3,484 | 3,467 | 3,475 | 0.2 | % | |||||||||||||||||||||||||||||||
Tillamook Country Smoker, LLC (c) (h) | Food & Beverage | L+7.75% (8.75%), 5/19/2022 | 9,732 | 9,706 | 9,448 | 0.6 | % | |||||||||||||||||||||||||||||||
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+5.00% (6.00%), 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 | 6,913 | 6,755 | 7,243 | 0.5 | % | |||||||||||||||||||||||||||||||
Trilogy International Partners, LLC (a) (c) (h) | Telecom | 10.00%, 5/1/2022 | 6,298 | 6,139 | 6,298 | 0.4 | % | |||||||||||||||||||||||||||||||
Trilogy International South Pacific, LLC (a) (h) | Telecom | 8.88%, 5/15/2023 | 15,510 | 15,151 | 15,459 | 1.1 | % | |||||||||||||||||||||||||||||||
Trinity Air Consultants Holdings Corp. (c) (h) | Business Services | L+5.25% (6.00%), 6/29/2027 | 20,424 | 20,016 | 20,016 | 1.3 | % | |||||||||||||||||||||||||||||||
Trinity Air Consultants Holdings Corp. (c) | Business Services | L+5.25% (6.00%), 6/29/2027 | 179 | 179 | 176 | 0.0 | % | |||||||||||||||||||||||||||||||
Triple Lift, Inc. (c) (i) | Software/Services | L+5.75% (6.50%), 5/8/2028 | 23,098 | 22,646 | 22,646 | 1.5 | % | |||||||||||||||||||||||||||||||
University of St. Augustine Acquisition Corp. (c) (h) (i) | Education | L+4.25% (5.25%), 2/2/2026 | 23,641 | 23,253 | 23,641 | 1.6 | % | |||||||||||||||||||||||||||||||
Urban One, Inc. (a) | Media/Entertainment | 7.38%, 2/1/2028 | 13,061 | 13,061 | 14,099 | 1.0 | % | |||||||||||||||||||||||||||||||
Vensure Employer Services, Inc. (c) (i) | Business Services | L+4.75% (5.50%), 3/26/2027 | 5,973 | 5,887 | 5,887 | 0.4 | % | |||||||||||||||||||||||||||||||
Veritext Corp. (h) (i) | Business Services | L+3.25% (3.35%), 8/1/2025 | 3,523 | 3,523 | 3,492 | 0.2 | % | |||||||||||||||||||||||||||||||
Vertex Aerospace Services Corp. (h) (i) | Industrials | L+4.00% (4.10%), 6/29/2027 | 10,143 | 10,115 | 10,133 | 0.7 | % | |||||||||||||||||||||||||||||||
Westwood Professional Services, Inc. (c) (i) | Business Services | L+6.00% (7.00%), 5/26/2026 | 8,691 | 8,520 | 8,520 | 0.6 | % | |||||||||||||||||||||||||||||||
WHCG Purchaser III, Inc. (c) (h) | Healthcare | L+5.75% (6.50%), 6/22/2028 | 29,568 | 28,979 | 28,979 | 2.0 | % | |||||||||||||||||||||||||||||||
WMK, LLC (c) (j) | Business Services | L+7.50% (8.50%), 9/5/2025 | 2,577 | 2,568 | 2,577 | 0.2 | % | |||||||||||||||||||||||||||||||
WMK, LLC (c) | Business Services | L+7.50% (8.50%), 9/5/2025 | 355 | 352 | 355 | 0.0 | % | |||||||||||||||||||||||||||||||
WMK, LLC (c) (h) (i) | Business Services | L+7.50% (8.50%) 0.25% PIK, 9/5/2025 | 19,045 | 18,818 | 19,045 | 1.3 | % |
Portfolio Company (f) (q) | Industry | Investment Coupon Rate / Maturity (l) | Principal / Number of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | ||||||||||||||||||||||||||||||||
WMK, LLC (c) (j) | Business Services | L+7.50% (8.50%), 9/5/2024 | $ | 2,186 | $ | 2,186 | $ | 2,186 | 0.1 | % | ||||||||||||||||||||||||||||
Subtotal Senior Secured First Lien Debt | $ | 1,699,557 | $ | 1,651,998 | 111.4 | % | ||||||||||||||||||||||||||||||||
Senior Secured Second Lien Debt - 20.4% (b) | ||||||||||||||||||||||||||||||||||||||
Accentcare, Inc. (c) (h) | Healthcare | L+8.75% (9.50%), 6/21/2027 | $ | 30,152 | $ | 29,536 | $ | 30,152 | 2.0 | % | ||||||||||||||||||||||||||||
American Rock Salt Company, LLC (c) (h) | Chemicals | L+7.25% (8.00%), 6/11/2029 | 13,943 | 13,804 | 13,804 | 0.9 | % | |||||||||||||||||||||||||||||||
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 | 3,707 | 3,759 | 0.3 | % | |||||||||||||||||||||||||||||||
Astro AB Merger Sub, Inc. (a) (c) (h) | Financials | L+8.00% (9.00%), 4/30/2025 | 9,638 | 9,606 | 9,638 | 0.6 | % | |||||||||||||||||||||||||||||||
Asurion, LLC (h) | Business Services | L+5.25% (5.35%), 1/31/2028 | 15,632 | 15,632 | 15,743 | 1.1 | % | |||||||||||||||||||||||||||||||
Avatar Purchaser, Inc. (c) | Software/Services | L+7.50% (8.50%), 11/17/2025 | 1,716 | 1,688 | 1,716 | 0.1 | % | |||||||||||||||||||||||||||||||
Barracuda Networks, Inc. (c) (h) | Software/Services | L+6.75% (7.50%), 10/30/2028 | 4,698 | 4,655 | 4,775 | 0.3 | % | |||||||||||||||||||||||||||||||
BrandMuscle Holdings, Inc. (c) (j) | Business Services | L+8.50% (9.50%), 6/1/2022 | 24,500 | 24,430 | 24,500 | 1.7 | % | |||||||||||||||||||||||||||||||
Carlisle FoodService Products, Inc. (c) (h) | Consumer | L+7.75% (8.75%), 3/20/2026 | 10,719 | 10,593 | 10,000 | 0.7 | % | |||||||||||||||||||||||||||||||
CDS U.S. Intermediate Holdings, Inc. (a) (p) | Media/Entertainment | L+8.00% (9.00%) 7.00% PIK, 11/24/2027 | 9,968 | 9,625 | 9,908 | 0.7 | % | |||||||||||||||||||||||||||||||
CommerceHub, Inc. (c) (h) | Technology | L+7.00% (7.75%), 12/29/2028 | 12,360 | 12,302 | 12,391 | 0.8 | % | |||||||||||||||||||||||||||||||
Corelogic, Inc. (h) | Business Services | L+6.50% (7.00%), 6/4/2029 | 10,808 | 10,701 | 10,861 | 0.7 | % | |||||||||||||||||||||||||||||||
HAH Group Holding Company, LLC (c) (h) | Healthcare | L+8.50% (9.50%), 10/30/2028 | 12,445 | 12,160 | 12,445 | 0.9 | % | |||||||||||||||||||||||||||||||
Hyland Software, Inc. (h) | Technology | L+6.25% (7.00%), 7/7/2025 | 7,575 | 7,589 | 7,601 | 0.5 | % | |||||||||||||||||||||||||||||||
Mercury Merger Sub, Inc. (h) | Business Services | L+6.50% (6.68%), 5/18/2029 | 11,606 | 11,490 | 11,490 | 0.8 | % | |||||||||||||||||||||||||||||||
MLN US Holdco, LLC (a) (c) (h) (i) | Technology | L+8.75% (8.84%), 11/30/2026 | 3,000 | 2,960 | 1,941 | 0.1 | % | |||||||||||||||||||||||||||||||
PetVet Care Centers, LLC (c) (h) | Healthcare | L+6.25% (6.35%), 2/13/2026 | 3,539 | 3,529 | 3,539 | 0.2 | % | |||||||||||||||||||||||||||||||
Project Boost Purchaser, LLC (c) (j) | Business Services | L+8.00% (8.10%), 5/31/2027 | 1,848 | 1,848 | 1,848 | 0.2 | % | |||||||||||||||||||||||||||||||
Proofpoint, Inc. (c) (h) | Software/Services | L+6.25% (6.43%), 6/8/2029 | 8,541 | 8,498 | 8,498 | 0.6 | % | |||||||||||||||||||||||||||||||
QuickBase, Inc. (c) | Technology | L+8.00% (8.09%), 4/2/2027 | 7,484 | 7,376 | 7,484 | 0.5 | % | |||||||||||||||||||||||||||||||
RealPage, Inc. (c) (i) | Software/Services | L+6.50% (7.25%), 4/23/2029 | 13,647 | 13,447 | 13,988 | 0.9 | % | |||||||||||||||||||||||||||||||
Recess Holdings, Inc. (c) (h) | Industrials | L+7.75% (8.75%), 9/29/2025 | 16,134 | 15,985 | 16,134 | 1.1 | % | |||||||||||||||||||||||||||||||
Renaissance Holding Corp. (h) | Software/Services | L+7.00% (7.10%), 5/29/2026 | 11,029 | 10,906 | 11,018 | 0.7 | % | |||||||||||||||||||||||||||||||
River Cree Enterprises, LP (a) (c) (m) | Gaming/Lodging | 10.00%, 5/17/2025 | CAD | 21,275 | 16,478 | 16,354 | 1.1 | % | ||||||||||||||||||||||||||||||
SSH Group Holdings, Inc. (c) (h) | Education | L+8.25% (8.40%), 7/30/2026 | 10,122 | 10,058 | 9,717 | 0.7 | % | |||||||||||||||||||||||||||||||
Tecta America Corp. (i) | Industrials | L+8.50% (9.25%), 4/6/2029 | 4,998 | 4,876 | 4,973 | 0.3 | % |
Portfolio Company (f) (q) | Industry | Investment Coupon Rate / Maturity (l) | Principal / Number of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | ||||||||||||||||||||||||||||||||
Black Mountain Sand, LLC (c) (e) (u) | Energy | 55,463 | $ | — | $ | 209 | 0.0 | % | ||||||||||||||||||||||||||||||
CDS U.S. Intermediate Holdings, Inc. (a) (e) (p) | Media/Entertainment | 539,708 | 1,224 | 4,880 | 0.3 | % | ||||||||||||||||||||||||||||||||
CDS U.S. Intermediate Holdings, Inc. (a) (c) (e) (p) | Media/Entertainment | 874,000 | 437 | 2,185 | 0.1 | % | ||||||||||||||||||||||||||||||||
Clover Technologies Group, LLC (c) (e) | Industrials | 180,274 | 1,153 | 18 | 0.0 | % | ||||||||||||||||||||||||||||||||
Clover Technologies Group, LLC (c) (e) | Industrials | 2,753 | 275 | 405 | 0.0 | % | ||||||||||||||||||||||||||||||||
CRD Holdings, LLC (a) (c) (o) (u) | Energy | 9.00% | 52,285,603 | 5,522 | 5,508 | 0.4 | % | |||||||||||||||||||||||||||||||
CRS-SPV, Inc. (c) (e) (j) (o) (w) | Industrials | 246 | 2,219 | 1,265 | 0.1 | % | ||||||||||||||||||||||||||||||||
Danish CRJ, Ltd. (a) (c) (e) (o) (r) | Transportation | 5,002 | — | — | — | % | ||||||||||||||||||||||||||||||||
Data Source Holdings, LLC (c) (e) (w) | Business Services | 10,167 | 140 | 203 | 0.0 | % | ||||||||||||||||||||||||||||||||
Del Real, LLC (c) (e) (u) (w) | Food & Beverage | 670,510 | 382 | — | — | % | ||||||||||||||||||||||||||||||||
Dyno Acquiror, Inc. (c) (e) (w) | Consumer | 134,102 | 58 | 107 | 0.0 | % | ||||||||||||||||||||||||||||||||
First Eagle Greenway Fund II, LLC (a) (j) (p) | Diversified Investment Vehicles | 5,329 | 5,319 | 1,775 | 0.1 | % | ||||||||||||||||||||||||||||||||
Foresight Energy Operating, LLC (c) (e) (p) (u) | Energy | 158,093 | 2,087 | 3,729 | 0.3 | % | ||||||||||||||||||||||||||||||||
HemaSource, Inc. (c) (e) (w) | Healthcare | 223,503 | 168 | 268 | 0.0 | % | ||||||||||||||||||||||||||||||||
Integrated Efficiency Solutions, Inc. (c) (e) (w) | Industrials | 53,215 | 56 | — | — | % | ||||||||||||||||||||||||||||||||
Integrated Efficiency Solutions, Inc. (c) (e) (w) | Industrials | 2,975 | 3 | — | — | % | ||||||||||||||||||||||||||||||||
Internap Corp (c) (e) (p) | Business Services | 1,293,189 | 543 | 2,231 | 0.2 | % | ||||||||||||||||||||||||||||||||
Jakks Pacific, Inc. (e) (s) | Consumer | 9,885 | 41 | 109 | 0.0 | % | ||||||||||||||||||||||||||||||||
Jakks Pacific, Inc. (c) (e) | Consumer | 5,303 | 104 | 696 | 0.0 | % | ||||||||||||||||||||||||||||||||
Kahala Ireland OpCo Designated Activity Company (a) (c) (o) (y) | Transportation | 1 | — | 29,686 | 2.0 | % | ||||||||||||||||||||||||||||||||
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 | — | — | — | % | ||||||||||||||||||||||||||||||||
McDonald Worley, P.C. (c) (e) | Business Services | 248,600 | 249 | 1,212 | 0.1 | % | ||||||||||||||||||||||||||||||||
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 | 313 | 0.0 | % | ||||||||||||||||||||||||||||||||
New Constellis Holdings Inc. (c) (e) (w) | Business Services | 2,316 | 67 | 46 | 0.1 | % | ||||||||||||||||||||||||||||||||
Park Ave RE Holdings, LLC (c) (e) (j) (o) (v) | Financials | 719 | 1,623 | 3,300 | 0.2 | % | ||||||||||||||||||||||||||||||||
PennantPark Credit Opportunities Fund II, LP (a) (p) | Diversified Investment Vehicles | 8,739 | 5,706 | 6,914 | 0.5 | % | ||||||||||||||||||||||||||||||||
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 | 39,664,400 | 40,374 | 48,391 | 3.2 | % |
Portfolio Company (f) (q) | Industry | Investment Coupon Rate / Maturity (l) | Principal / Number of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | ||||||||||||||||||||||||||||||||
Skillsoft Corp (a) (e) (s) | Technology | 248,712 | $ | 2,636 | $ | 2,450 | 0.2 | % | ||||||||||||||||||||||||||||||
Smile Brands, Inc. (c) (e) (w) | Healthcare | 712 | 815 | 1,585 | 0.1 | % | ||||||||||||||||||||||||||||||||
Squan Holding Corp. (c) (e) | Telecom | 180,835 | — | — | — | % | ||||||||||||||||||||||||||||||||
Tap Rock Resources, LLC (c) (g) (p) (u) | Energy | 18,356,442 | 7,680 | 9,934 | 0.7 | % | ||||||||||||||||||||||||||||||||
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) (e) (p) (u) (w) | Industrials | 128,483 | 2,569 | 2,849 | 0.2 | % | ||||||||||||||||||||||||||||||||
Tennenbaum Waterman Fund, LP (a) (j) (p) | Diversified Investment Vehicles | 10,000 | 10,000 | 10,343 | 0.7 | % | ||||||||||||||||||||||||||||||||
Travelpro Products, Inc. (a) (c) (e) (w) | Consumer | 447,007 | 506 | — | — | % | ||||||||||||||||||||||||||||||||
United Biologics, LLC (c) (e) (u) (w) | Healthcare | 39,769 | 132 | — | — | % | ||||||||||||||||||||||||||||||||
United Biologics, LLC (c) (e) (u) (w) | Healthcare | 3,155 | — | — | — | % | ||||||||||||||||||||||||||||||||
United Biologics, LLC (c) (e) (u) (w) | Healthcare | 4,206 | 31 | — | — | % | ||||||||||||||||||||||||||||||||
United Biologics, LLC (c) (e) (u) (w) | Healthcare | 99,236 | — | — | — | % | ||||||||||||||||||||||||||||||||
United Biologics, LLC (c) (e) (u) (w) | Healthcare | 223 | 35 | — | — | % | ||||||||||||||||||||||||||||||||
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 | 3,428,549 | 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 | 2,676 | 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 | $ | 423,365 | $ | 455,241 | 30.7 | % | ||||||||||||||||||||||||||||||||
TOTAL INVESTMENTS - 169.0% (b) | $ | 2,543,609 | $ | 2,507,225 | 169.0 | % |
Counterparty | Contract to Deliver | In Exchange For | Maturity Date | Unrealized Appreciation | ||||||||||||||||||||||
Goldman Sachs International | CAD 21,807 | $ | 18,019 | 8/17/2021 | $ | 411 |
At June 30, 2021
|
|||||||||||
Investments at
Fair Value |
Percentage of
Total Portfolio |
||||||||||
Healthcare | $ | 374,503 | 14.9 | % | |||||||
Diversified Investment Vehicles (1)
|
359,409 | 14.3 | % | ||||||||
Business Services | 325,897 | 13.0 | % | ||||||||
Industrials | 296,830 | 11.8 | % | ||||||||
Financials | 175,279 | 7.0 | % | ||||||||
Software/Services | 145,328 | 5.8 | % | ||||||||
Media/Entertainment | 126,844 | 5.1 | % | ||||||||
Food & Beverage | 113,464 | 4.5 | % | ||||||||
Paper & Packaging | 96,619 | 3.9 | % | ||||||||
Transportation | 93,191 | 3.7 | % | ||||||||
Technology | 86,078 | 3.4 | % | ||||||||
Consumer | 77,659 | 3.1 | % | ||||||||
Telecom | 66,569 | 2.7 | % | ||||||||
Education | 45,250 | 1.8 | % | ||||||||
Energy | 41,050 | 1.6 | % | ||||||||
Chemicals | 38,353 | 1.5 | % | ||||||||
Utilities | 26,352 | 1.1 | % | ||||||||
Gaming/Lodging | 16,354 | 0.7 | % | ||||||||
Broadcasting | 2,196 | 0.1 | % | ||||||||
Total | $ | 2,507,225 | 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 | $ | — | $ | 354,529 | $ | 1,297,469 | $ | — | $ | 1,651,998 | |||||||||||||||||||
Senior Secured Second Lien Debt | — | 93,936 | 209,499 | — | 303,435 | ||||||||||||||||||||||||
Subordinated Debt | — | 8,535 | 52,573 | — | 61,108 | ||||||||||||||||||||||||
Collateralized Securities | — | — | 35,443 | — | 35,443 | ||||||||||||||||||||||||
Equity/Other | 2,559 | 4,880 | 123,836 | 19,032 | 150,307 | ||||||||||||||||||||||||
BDCA Senior Loan Fund, LLC | — | — | 304,934 | — | 304,934 | ||||||||||||||||||||||||
Total | $ | 2,559 | $ | 461,880 | $ | 2,023,754 | $ | 19,032 | $ | 2,507,225 |
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 | |||||||||||||||||||||||||||||
Purchases and other adjustments to cost | 373,799 | 37,735 | 15,121 | 230 | 309,010 | 735,895 | |||||||||||||||||||||||||||||||||||
Sales and repayments | (396,254) | (35,423) | (71,254) | (82,345) | (111,848) | (697,124) | |||||||||||||||||||||||||||||||||||
Net realized gain (loss) | 746 | 128 | 1,298 | (4,677) | 28,628 | 26,123 | |||||||||||||||||||||||||||||||||||
Transfers in | 41,531 | 25,018 | — | — | — | 66,549 | |||||||||||||||||||||||||||||||||||
Transfers out | (53,608) | (9,391) | — | — | (1,224) | (64,223) | |||||||||||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | 23,298 | 4,533 | (1,202) | 15,710 | (4,589) | 37,750 | |||||||||||||||||||||||||||||||||||
Balance as of June 30, 2021
|
$ | 1,297,469 | $ | 209,499 | $ | 52,573 | $ | 35,443 | $ | 428,770 | $ | 2,023,754 | |||||||||||||||||||||||||||||
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: | $ | 21,118 | $ | 4,571 | $ | 1,588 | $ | 7,069 | $ | (632) | $ | 33,714 |
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 | |||||||||||||||||||||||
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) | |||||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | 8,734 | 15,208 | 4,597 | (19,126) | (18,973) | (9,560) | |||||||||||||||||||||||||||||
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 | $ | 1,699,557 | $ | 1,651,998 | 65.9 | % | |||||||||||
Senior Secured Second Lien Debt | 310,086 | 303,435 | 12.1 | ||||||||||||||
Subordinated Debt | 57,805 | 61,108 | 2.4 | ||||||||||||||
Collateralized Securities | 52,796 | 35,443 | 1.4 | ||||||||||||||
Equity/Other | 118,431 | 150,307 | 6.0 | ||||||||||||||
BDCA Senior Loan Fund, LLC | 304,934 | 304,934 | 12.2 | ||||||||||||||
Total | $ | 2,543,609 | $ | 2,507,225 | 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 | % |
June 30, 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 | ||||||||||||||||||||||||||||||||||||||||||||
ABC Financial Intermediate, LLC (e) | Technology | L+4.25% (5.25%) | 1/2/2025 | $ | 19,209 | $ | 18,780 | $ | 18,872 | 5.2 | % | |||||||||||||||||||||||||||||||||
Accentcare, Inc. (b) | Healthcare | L+4.00% (4.14%) | 6/22/2026 | 16,095 | 16,095 | 16,095 | 4.5 | % | ||||||||||||||||||||||||||||||||||||
Access Cig, LLC (b) | Business Services | L+3.75% (3.84%) | 2/27/2025 | 4,255 | 4,241 | 4,223 | 1.2 | % | ||||||||||||||||||||||||||||||||||||
Achilles Acquisition, LLC (b) | Financials | L+4.50% (5.25%) | 11/16/2027 | 4,786 | 4,833 | 4,800 | 1.3 | % | ||||||||||||||||||||||||||||||||||||
Acrisure, LLC (b) | Financials | L+3.50% (3.60%) | 2/16/2027 | 18,916 | 18,830 | 18,696 | 5.2 | % | ||||||||||||||||||||||||||||||||||||
Adtalem Global Education, Inc. | Education | 5.50% | 3/1/2028 | 2,000 | 2,000 | 2,034 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
Adtalem Global Education, Inc. (b) | Education | L+4.50% (5.25%) | 2/12/2028 | 2,000 | 2,000 | 1,994 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
Advisor Group, Inc. (b) | Financials | L+4.50% (4.60%) | 7/31/2026 | 7,944 | 7,944 | 7,956 | 2.2 | % | ||||||||||||||||||||||||||||||||||||
Affordable Care Holding Corp. (e) | Healthcare | L+4.75% (5.75%) | 10/24/2022 | 7,650 | 7,507 | 7,650 | 2.1 | % | ||||||||||||||||||||||||||||||||||||
AHP Health Partners, Inc. (b) | Healthcare | L+3.75% (4.75%) | 6/30/2025 | 13,558 | 13,570 | 13,575 | 3.8 | % | ||||||||||||||||||||||||||||||||||||
Alchemy US Holdco 1, LLC (b) | Industrials | L+5.50% (5.60%) | 10/10/2025 | 3,038 | 2,914 | 3,038 | 0.8 | % | ||||||||||||||||||||||||||||||||||||
Aldevron, LLC (b) | Healthcare | L+3.25% (4.25%) | 10/12/2026 | 4,658 | 4,662 | 4,656 | 1.3 | % | ||||||||||||||||||||||||||||||||||||
Altice France, SA | Cable | 5.13% | 7/15/2029 | 600 | 600 | 604 | 0.2 | % | ||||||||||||||||||||||||||||||||||||
Alvogen Pharma US, Inc. (b) | Healthcare | L+5.25% (6.25%) | 12/29/2023 | 12,818 | 12,682 | 12,602 | 3.5 | % | ||||||||||||||||||||||||||||||||||||
American Airlines Inc/AAdvantage Loyalty IP, Ltd. (b) | Transportation | L+4.75% (5.50%) | 4/20/2028 | 6,316 | 6,255 | 6,580 | 1.8 | % | ||||||||||||||||||||||||||||||||||||
AP Gaming I, LLC (b) | Gaming/Lodging | L+3.50% (4.50%) | 2/15/2024 | 7,506 | 7,332 | 7,429 | 2.1 | % | ||||||||||||||||||||||||||||||||||||
APLP Holdings, LP (b) | Utilities | L+3.75% (4.75%) | 5/14/2027 | 3,864 | 3,826 | 3,864 | 1.1 | % | ||||||||||||||||||||||||||||||||||||
Apollo Commercial Real Estate Finance, Inc. | Financials | 4.63% | 6/15/2029 | 3,000 | 3,000 | 2,955 | 0.8 | % |
June 30, 2021
(Unaudited)
|
||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company (d) | Industry | Investment Coupon Rate (a) | Maturity | Principal/ Number of Shares | Amortized Cost | Fair Value | % of Members' Capital (c) | |||||||||||||||||||||||||||||||||||||
AqGen Ascensus, Inc. (b) | Business Services | L+4.00% (5.00%) | 12/3/2026 | $ | 18,114 | $ | 18,204 | $ | 18,126 | 5.0 | % | |||||||||||||||||||||||||||||||||
Asp Navigate Acquisition Corp. (b) | Healthcare | L+4.50% (5.50%) | 10/6/2027 | 3,292 | 3,300 | 3,292 | 0.9 | % | ||||||||||||||||||||||||||||||||||||
Athenahealth, Inc. (e) | Healthcare | L+4.25% (4.41%) | 2/11/2026 | 14,305 | 14,344 | 14,336 | 4.0 | % | ||||||||||||||||||||||||||||||||||||
Avaya Holdings Corp. (b) | Technology | L+4.00% (4.07%) | 12/15/2027 | 17,770 | 17,770 | 17,806 | 4.9 | % | ||||||||||||||||||||||||||||||||||||
Aveanna Healthcare, LLC | Healthcare | L+3.75% (4.25%) | 6/30/2028 | 1,335 | 1,328 | 1,328 | 0.4 | % | ||||||||||||||||||||||||||||||||||||
Aveanna Healthcare, LLC (e) | Healthcare | L+6.25% (7.25%) | 3/18/2024 | 1,653 | 1,646 | 1,666 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
Avis Budget Car Rental, LLC (b) | Transportation | L+2.25% (2.36%) | 8/6/2027 | 4,937 | 4,845 | 4,832 | 1.3 | % | ||||||||||||||||||||||||||||||||||||
BCP Raptor, LLC (b) | Energy | L+4.25% (5.25%) | 6/24/2024 | 13,676 | 12,736 | 13,536 | 3.7 | % | ||||||||||||||||||||||||||||||||||||
BCP Renaissance, LLC (b) | Energy | L+3.50% (4.50%) | 10/31/2024 | 3,365 | 3,314 | 3,301 | 0.9 | % | ||||||||||||||||||||||||||||||||||||
Bella Holding Company, LLC (b) | Healthcare | L+3.75% (4.50%) | 5/10/2028 | 7,500 | 7,427 | 7,497 | 2.1 | % | ||||||||||||||||||||||||||||||||||||
BMC Software Finance, Inc. (b) | Technology | L+3.75% (3.85%) | 10/2/2025 | 12,822 | 12,861 | 12,742 | 3.5 | % | ||||||||||||||||||||||||||||||||||||
Bomgar Corp. (b) | Technology | L+4.00% (4.10%) | 4/18/2025 | 1,932 | 1,937 | 1,928 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
BPR Nimbus, LLC (b) | Financials | L+2.50% (2.60%) | 8/27/2025 | 2,985 | 2,926 | 2,910 | 0.8 | % | ||||||||||||||||||||||||||||||||||||
CareCentrix, Inc. (b) | Healthcare | L+4.50% (4.70%) | 4/3/2025 | 13,217 | 12,980 | 12,259 | 3.4 | % | ||||||||||||||||||||||||||||||||||||
CCRR Parent, Inc. (b) | Healthcare | L+4.25% (5.00%) | 3/6/2028 | 4,988 | 4,963 | 5,012 | 1.4 | % | ||||||||||||||||||||||||||||||||||||
Cengage Learning, Inc. (b) | Publishing | L+4.25% (5.25%) | 6/7/2023 | 2,493 | 2,488 | 2,495 | 0.7 | % | ||||||||||||||||||||||||||||||||||||
Clarion Events, Ltd. (e) | Business Services | L+5.00% (6.00%) | 9/30/2024 | 5,694 | 5,372 | 5,376 | 1.5 | % | ||||||||||||||||||||||||||||||||||||
Claros Mortgage Trust, Inc. (b) | Financials | L+5.00% (6.00%) | 8/10/2026 | 6,352 | 6,352 | 6,367 | 1.8 | % | ||||||||||||||||||||||||||||||||||||
Clover Technologies Group, LLC (e) | Industrials | L+7.50% (8.50%) | 2/5/2024 | 1,460 | 1,366 | 1,325 | 0.4 | % | ||||||||||||||||||||||||||||||||||||
Cnt Holdings I Corp (b) | Consumer | L+3.75% (4.50%) | 11/8/2027 | 3,491 | 3,491 | 3,491 | 1.0 | % | ||||||||||||||||||||||||||||||||||||
Community Care Health Network, LLC (b) | Healthcare | L+4.50% (4.60%) | 2/17/2025 | 8,139 | 8,122 | 8,136 | 2.3 | % | ||||||||||||||||||||||||||||||||||||
Compass Power Generation, LLC (b) | Utilities | L+3.50% (4.50%) | 12/20/2024 | 2,946 | 2,938 | 2,911 | 0.8 | % | ||||||||||||||||||||||||||||||||||||
Connect Finco SARL (b) | Telecom | L+3.50% (4.50%) | 12/11/2026 | 7,577 | 7,602 | 7,581 | 2.1 | % | ||||||||||||||||||||||||||||||||||||
Conservice Midco, LLC (b) | Business Services | L+4.25% (4.35%) | 5/13/2027 | 5,081 | 5,092 | 5,070 | 1.4 | % | ||||||||||||||||||||||||||||||||||||
CONSOL Energy, Inc. (b) | Energy | L+4.50% (4.61%) | 9/27/2024 | 3,984 | 3,621 | 3,743 | 1.0 | % | ||||||||||||||||||||||||||||||||||||
Conterra Ultra Broadband, LLC (b) | Telecom | L+4.75% (4.86%) | 4/30/2026 | 6,745 | 6,745 | 6,745 | 1.9 | % | ||||||||||||||||||||||||||||||||||||
Corelogic, Inc. (b) | Business Services | L+3.50% (4.00%) | 6/2/2028 | 2,500 | 2,488 | 2,491 | 0.7 | % | ||||||||||||||||||||||||||||||||||||
CRGT, Inc. (b) | Software/Services | L+6.50% (7.50%) | 2/28/2022 | 7,709 | 7,524 | 7,709 | 2.1 | % | ||||||||||||||||||||||||||||||||||||
CVENT, Inc. (e) | Technology | L+3.75% (3.85%) | 11/29/2024 | 7,802 | 7,573 | 7,689 | 2.1 | % | ||||||||||||||||||||||||||||||||||||
CVR Partners, LP | Chemicals | 6.13% | 6/15/2028 | 160 | 160 | 164 | — | % | ||||||||||||||||||||||||||||||||||||
Dealer Tire, LLC (e) | Retail | L+4.25% (4.35%) | 12/12/2025 | 3,972 | 3,967 | 3,970 | 1.1 | % | ||||||||||||||||||||||||||||||||||||
Dunn Paper, Inc. (b) | Paper & Packaging | L+4.75% (5.75%) | 8/26/2022 | 578 | 550 | 571 | 0.2 | % | ||||||||||||||||||||||||||||||||||||
Dynasty Acqusition Co., Inc. (e) | Industrials | L+3.50% (3.65%) | 4/6/2026 | 2,838 | 2,748 | 2,763 | 0.8 | % | ||||||||||||||||||||||||||||||||||||
Dynasty Acqusition Co., Inc. (e) | Industrials | L+3.50% (3.65%) | 4/6/2026 | 5,279 | 5,110 | 5,138 | 1.4 | % | ||||||||||||||||||||||||||||||||||||
Edgewater Generation, LLC (b) | Utilities | L+3.75% (3.85%) | 12/12/2025 | 2,942 | 2,923 | 2,802 | 0.8 | % | ||||||||||||||||||||||||||||||||||||
Emerald 2, Ltd. (b) | Industrials | L+3.50% (3.65%) | 7/10/2026 | 519 | 516 | 518 | 0.1 | % | ||||||||||||||||||||||||||||||||||||
eResearchTechnology, Inc. (b) | Healthcare | L+4.50% (5.50%) | 2/4/2027 | 1,557 | 1,565 | 1,563 | 0.4 | % | ||||||||||||||||||||||||||||||||||||
Fastlane Parent Co, Inc. (b) | Transportation | L+4.50% (4.60%) | 2/4/2026 | 1,577 | 1,577 | 1,573 | 0.4 | % | ||||||||||||||||||||||||||||||||||||
Flex Acquisition Company, Inc. (b) | Paper & Packaging | L+3.50% (4.00%) | 3/2/2028 | 1,500 | 1,485 | 1,493 | 0.4 | % | ||||||||||||||||||||||||||||||||||||
Gainwell Acquisition Corp. (b) | Healthcare | L+4.00% (4.75%) | 10/1/2027 | 4,987 | 4,919 | 4,999 | 1.4 | % | ||||||||||||||||||||||||||||||||||||
Golden Nugget, LLC (b) | Gaming/Lodging | L+2.50% (3.25%) | 10/4/2023 | 2,983 | 2,952 | 2,959 | 0.8 | % | ||||||||||||||||||||||||||||||||||||
Greenway Health, LLC (b) | Healthcare | L+3.75% (4.75%) | 2/16/2024 | 4,757 | 4,428 | 4,472 | 1.2 | % | ||||||||||||||||||||||||||||||||||||
GTT Communications BV (b) | Telecom | L+7.50% (8.50%) 2.50% PIK | 12/28/2021 | 1,077 | 1,077 | 1,086 | 0.3 | % |
June 30, 2021
(Unaudited)
|
||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company (d) | Industry | Investment Coupon Rate (a) | Maturity | Principal/ Number of Shares | Amortized Cost | Fair Value | % of Members' Capital (c) | |||||||||||||||||||||||||||||||||||||
HAH Group Holding Company, LLC (b) | Healthcare | L+5.00% (6.00%) | 10/29/2027 | $ | 5,856 | $ | 5,771 | $ | 5,867 | 1.6 | % | |||||||||||||||||||||||||||||||||
Heartland Dental, LLC (b) | Healthcare | L+4.00% (4.07%) | 4/30/2025 | 2,000 | 1,990 | 1,995 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
Heartland Dental, LLC (e) | Healthcare | L+3.50% (3.60%) | 4/30/2025 | 4,175 | 4,117 | 4,123 | 1.1 | % | ||||||||||||||||||||||||||||||||||||
Huskies Parent, Inc. (b) | Technology | L+4.00% (4.10%) | 7/31/2026 | 5,988 | 5,959 | 5,988 | 1.7 | % | ||||||||||||||||||||||||||||||||||||
IDERA, Inc. (b) | Technology | L+3.75% (4.50%) | 3/2/2028 | 7,018 | 7,030 | 7,014 | 1.9 | % | ||||||||||||||||||||||||||||||||||||
Iri Holdings, Inc. (b) | Business Services | L+4.25% (4.35%) | 12/1/2025 | 7,859 | 7,839 | 7,845 | 2.2 | % | ||||||||||||||||||||||||||||||||||||
Jane Street Group, LLC (b) | Financials | L+2.75% (2.85%) | 1/26/2028 | 4,963 | 4,957 | 4,936 | 1.4 | % | ||||||||||||||||||||||||||||||||||||
Kissner Milling Co., Ltd. | Industrials | 4.88% | 5/1/2028 | 2,689 | 2,689 | 2,699 | 0.7 | % | ||||||||||||||||||||||||||||||||||||
LogMeIn, Inc. (b) | Software/Services | L+4.75% (4.83%) | 8/31/2027 | 3,857 | 3,830 | 3,850 | 1.1 | % | ||||||||||||||||||||||||||||||||||||
LSCS Holdings, Inc. (b) | Healthcare | L+4.25% (4.42%) | 3/17/2025 | 1,587 | 1,551 | 1,587 | 0.4 | % | ||||||||||||||||||||||||||||||||||||
LSCS Holdings, Inc. (b) | Healthcare | L+4.25% (4.42%) | 3/17/2025 | 6,148 | 5,982 | 6,148 | 1.7 | % | ||||||||||||||||||||||||||||||||||||
McGraw Hill, LLC (b) | Publishing | L+4.75% (5.75%) | 11/1/2024 | 2,993 | 2,968 | 2,995 | 0.8 | % | ||||||||||||||||||||||||||||||||||||
MED Parentco, LP (b) | Healthcare | L+4.25% (4.35%) | 8/31/2026 | 7,976 | 7,908 | 7,970 | 2.2 | % | ||||||||||||||||||||||||||||||||||||
Medallion Midland Acquisition, LP (b) | Energy | L+3.25% (4.25%) | 10/30/2024 | 3,633 | 3,593 | 3,604 | 1.0 | % | ||||||||||||||||||||||||||||||||||||
Medical Solutions Holdings, Inc. (b) | Healthcare | L+4.50% (5.50%) | 6/14/2024 | 2,602 | 2,561 | 2,605 | 0.7 | % | ||||||||||||||||||||||||||||||||||||
MH Sub I, LLC (b) | Business Services | L+3.75% (4.75%) | 9/13/2024 | 6,467 | 6,467 | 6,479 | 1.8 | % | ||||||||||||||||||||||||||||||||||||
MicroStrategy, Inc. | Software/Services | 6.13% | 6/15/2028 | 1,500 | 1,500 | 1,500 | 0.4 | % | ||||||||||||||||||||||||||||||||||||
Millennium Park HoldCo, Inc. (b) | Business Services | L+3.25% (6.50%) | 6/5/2024 | 903 | 879 | 903 | 0.2 | % | ||||||||||||||||||||||||||||||||||||
National Mentor Holdings, Inc. (b) | Healthcare | L+3.75% (4.50%) | 3/2/2028 | 7,405 | 7,371 | 7,414 | 2.1 | % | ||||||||||||||||||||||||||||||||||||
National Mentor Holdings, Inc. (b) | Healthcare | L+3.75% (4.50%) | 3/2/2028 | 233 | 232 | 233 | 0.1 | % | ||||||||||||||||||||||||||||||||||||
Navitas Midstream Midland Basin, LLC (b) | Energy | L+4.50% (5.50%) | 12/13/2024 | 21,452 | 21,267 | 21,505 | 6.0 | % | ||||||||||||||||||||||||||||||||||||
Nexus Buyer, LLC (b) | Business Services | L+3.75% (3.84%) | 11/9/2026 | 1,496 | 1,493 | 1,492 | 0.4 | % | ||||||||||||||||||||||||||||||||||||
Nouryon USA, LLC (e) | Chemicals | L+2.75% (2.84%) | 10/1/2025 | 2,890 | 2,864 | 2,867 | 0.8 | % | ||||||||||||||||||||||||||||||||||||
Onex TSG Intermediate Corp. (b) | Healthcare | L+4.75% (5.50%) | 2/28/2028 | 5,000 | 4,904 | 5,028 | 1.4 | % | ||||||||||||||||||||||||||||||||||||
Paysafe Finance, PLC | Software/Services | 4.00% | 6/15/2029 | 400 | 400 | 394 | 0.1 | % | ||||||||||||||||||||||||||||||||||||
Pelican Products, Inc. (b) | Consumer | L+3.50% (4.50%) | 5/1/2025 | 2,608 | 2,525 | 2,608 | 0.7 | % | ||||||||||||||||||||||||||||||||||||
Perstorp Holding Ab (b) | Chemicals | L+4.75% (4.95%) | 2/27/2026 | 8,823 | 8,319 | 8,823 | 2.4 | % | ||||||||||||||||||||||||||||||||||||
Petrochoice Holdings, Inc. (b) | Industrials | L+5.00% (6.00%) | 8/19/2022 | 2,027 | 1,927 | 1,951 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
PG&E Corp. (b) | Utilities | L+3.00% (3.50%) | 6/23/2025 | 10,752 | 10,795 | 10,598 | 2.9 | % | ||||||||||||||||||||||||||||||||||||
Premier Dental Services, Inc. (b) (e) | Healthcare | L+5.25% (6.25%) | 6/30/2023 | 966 | 960 | 965 | 0.3 | % | ||||||||||||||||||||||||||||||||||||
Protective Industrial Products, Inc. (b) | Industrials | L+4.00% (4.75%) | 12/29/2027 | 9,172 | 9,135 | 9,172 | 2.5 | % | ||||||||||||||||||||||||||||||||||||
PSC Industrial Holdings Corp. (b) | Industrials | L+3.75% (4.75%) | 10/11/2024 | 4,519 | 4,409 | 4,463 | 1.2 | % | ||||||||||||||||||||||||||||||||||||
Pug, LLC (b) | Technology | L+3.50% (3.59%) | 2/12/2027 | 4,987 | 4,858 | 4,866 | 1.3 | % | ||||||||||||||||||||||||||||||||||||
Regionalcare Hospital Partners Holdings, Inc. (b) | Healthcare | L+3.75% (3.85%) | 11/14/2025 | 10,195 | 10,237 | 10,166 | 2.8 | % | ||||||||||||||||||||||||||||||||||||
S&S Holdings, LLC (b) | Consumer | L+5.00% (5.50%) | 3/10/2028 | 6,983 | 6,780 | 6,982 | 1.9 | % | ||||||||||||||||||||||||||||||||||||
Safe Fleet Holdings, LLC (b) | Industrials | L+3.00% (4.00%) | 2/3/2025 | 2,386 | 2,370 | 2,368 | 0.7 | % | ||||||||||||||||||||||||||||||||||||
Safety Products/JHC Acquisition Corp. (b) | Industrials | L+4.50% (4.60%) | 6/28/2026 | 943 | 893 | 927 | 0.3 | % | ||||||||||||||||||||||||||||||||||||
Safety Products/JHC Acquisition Corp. (b) | Industrials | L+4.50% (4.60%) | 6/28/2026 | 17,449 | 16,556 | 17,144 | 4.7 | % | ||||||||||||||||||||||||||||||||||||
Schenectady International Group, Inc. (b) | Chemicals | L+4.75% (4.83%) | 10/15/2025 | 19,911 | 19,778 | 19,961 | 5.5 | % | ||||||||||||||||||||||||||||||||||||
SCIH Salt Holdings, Inc. (b) | Industrials | L+4.00% (4.75%) | 3/16/2027 | 998 | 995 | 999 | 0.3 | % |
June 30, 2021
(Unaudited)
|
||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company (d) | Industry | Investment Coupon Rate (a) | Maturity | Principal/ Number of Shares | Amortized Cost | Fair Value | % of Members' Capital (c) | |||||||||||||||||||||||||||||||||||||
SFR Group, SA (e) | Telecom | L+4.00% (4.15%) | 8/14/2026 | $ | 4,912 | $ | 4,903 | $ | 4,899 | 1.4 | % | |||||||||||||||||||||||||||||||||
Sierra Acquisition, Inc. (b) | Food & Beverage | L+4.00% (5.00%) | 11/11/2024 | 4,927 | 4,707 | 4,817 | 1.3 | % | ||||||||||||||||||||||||||||||||||||
Sophia, LP (b) | Software/Services | L+3.75% (4.50%) | 10/7/2027 | 3,019 | 3,023 | 3,019 | 0.8 | % | ||||||||||||||||||||||||||||||||||||
Spirit Aerosystems, Inc. (b) | Industrials | L+5.25% (6.00%) | 1/15/2025 | 2,568 | 2,602 | 2,582 | 0.7 | % | ||||||||||||||||||||||||||||||||||||
SSH Group Holdings, Inc. (e) | Education | L+4.25% (4.40%) | 7/30/2025 | 10,573 | 10,204 | 10,180 | 2.8 | % | ||||||||||||||||||||||||||||||||||||
Staples, Inc. (b) | Business Services | L+5.00% (5.18%) | 4/16/2026 | 4,975 | 4,915 | 4,843 | 1.3 | % | ||||||||||||||||||||||||||||||||||||
Station Casinos, LLC (b) | Gaming/Lodging | L+2.25% (2.50%) | 2/8/2027 | 2,992 | 2,976 | 2,953 | 0.8 | % | ||||||||||||||||||||||||||||||||||||
Taseko Mines, Ltd. | Industrials | 7.00% | 2/15/2026 | 2,000 | 2,006 | 2,087 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
Team Health Holdings, Inc. (e) | Healthcare | L+2.75% (3.75%) | 2/6/2024 | 2,984 | 2,873 | 2,891 | 0.8 | % | ||||||||||||||||||||||||||||||||||||
Tenneco, Inc. | Transportation | 5.13% | 4/15/2029 | 3,846 | 3,846 | 3,958 | 1.1 | % | ||||||||||||||||||||||||||||||||||||
Tenneco, Inc. (e) | Transportation | L+3.00% (3.10%) | 10/1/2025 | 2,985 | 2,936 | 2,949 | 0.8 | % | ||||||||||||||||||||||||||||||||||||
The Dun & Bradstreet Corp. (b) | Business Services | L+3.25% (3.35%) | 2/6/2026 | 4,888 | 4,910 | 4,861 | 1.3 | % | ||||||||||||||||||||||||||||||||||||
TransDigm, Inc. (b) | Industrials | L+2.25% (2.35%) | 12/9/2025 | 2,985 | 2,966 | 2,938 | 0.8 | % | ||||||||||||||||||||||||||||||||||||
Traverse Midstream Partners, LLC (e) | Energy | L+5.50% (6.50%) | 9/27/2024 | 15,044 | 15,003 | 15,091 | 4.2 | % | ||||||||||||||||||||||||||||||||||||
Triton Water Holdings, Inc. (b) | Food & Beverage | L+3.50% (4.00%) | 3/31/2028 | 7,500 | 7,482 | 7,490 | 2.1 | % | ||||||||||||||||||||||||||||||||||||
Truck Hero, Inc. (b) | Transportation | L+3.75% (4.50%) | 1/31/2028 | 1,496 | 1,493 | 1,495 | 0.4 | % | ||||||||||||||||||||||||||||||||||||
TSL Engineered Products, LLC (b) | Industrials | L+4.75% (5.50%) | 1/7/2028 | 8,054 | 7,975 | 8,054 | 2.2 | % | ||||||||||||||||||||||||||||||||||||
United Airlines, Inc. (b) | Transportation | L+3.75% (4.50%) | 4/21/2028 | 3,814 | 3,801 | 3,860 | 1.1 | % | ||||||||||||||||||||||||||||||||||||
Vyaire Medical, Inc. (b) | Healthcare | L+4.75% (5.75%) | 4/16/2025 | 7,871 | 6,452 | 6,730 | 1.9 | % | ||||||||||||||||||||||||||||||||||||
WaterBridge Midstream Operating, LLC (b) | Energy | L+5.75% (6.75%) | 6/22/2026 | 13,699 | 12,069 | 13,122 | 3.6 | % | ||||||||||||||||||||||||||||||||||||
Watlow Electric Manufacturing Co. (b) | Industrials | L+4.00% (4.50%) | 3/2/2028 | 9,521 | 9,475 | 9,541 | 2.6 | % | ||||||||||||||||||||||||||||||||||||
Wilsonart, LLC (b) | Consumer | L+3.50% (4.50%) | 12/31/2026 | 4,988 | 4,981 | 4,985 | 1.4 | % | ||||||||||||||||||||||||||||||||||||
Wirepath, LLC (b) | Consumer | L+4.00% (4.15%) | 8/5/2024 | 7,843 | 7,419 | 7,843 | 2.2 | % | ||||||||||||||||||||||||||||||||||||
Wrench Group, LLC (b) | Consumer | L+4.00% (4.15%) | 4/30/2026 | 3,167 | 3,109 | 3,167 | 0.9 | % | ||||||||||||||||||||||||||||||||||||
YI, LLC (e) | Healthcare | L+4.00% (5.00%) | 11/7/2024 | 9,021 | 8,842 | 9,021 | 2.5 | % | ||||||||||||||||||||||||||||||||||||
Subtotal Senior Secured First Lien Debt | $ | 720,030 | $ | 725,804 | 200.7 | % | ||||||||||||||||||||||||||||||||||||||
Senior Secured Second Lien Debt | ||||||||||||||||||||||||||||||||||||||||||||
Avatar Purchaser, Inc. (e) | Software/Services | L+7.50% (8.50%) | 11/17/2025 | $ | 10,000 | $ | 9,988 | $ | 10,000 | 2.7 | % | |||||||||||||||||||||||||||||||||
Edelman Financial Services, LLC (b) (e) | Financials | L+6.75% (6.84%) | 7/20/2026 | 9,972 | 9,983 | 10,001 | 2.8 | % | ||||||||||||||||||||||||||||||||||||
IDERA, Inc. (b) (e) | Technology | L+6.75% (7.50%) | 3/2/2029 | 1,545 | 1,531 | 1,545 | 0.4 | % | ||||||||||||||||||||||||||||||||||||
Subtotal Senior Secured Second Lien Debt | $ | 21,502 | $ | 21,546 | 5.9 | % | ||||||||||||||||||||||||||||||||||||||
Collateralized Securities | ||||||||||||||||||||||||||||||||||||||||||||
Collateralized Securities - Debt Investments | ||||||||||||||||||||||||||||||||||||||||||||
Avery Point CLO, Ltd. 15-6A E1 | Diversified Investment Vehicles | L+5.50% (5.68%) | 8/6/2027 | $ | 3,500 | $ | 3,098 | $ | 3,370 | 0.9 | % | |||||||||||||||||||||||||||||||||
Catamaran CLO, Ltd. 16-1A D | Diversified Investment Vehicles | L+6.65% (6.84%) | 1/18/2029 | 7,250 | 6,993 | 7,161 | 2.0 | % | ||||||||||||||||||||||||||||||||||||
Dryden Senior Loan Fund 2014-36A ER2 | Diversified Investment Vehicles | L+6.88% (7.06%) | 4/15/2029 | 2,000 | 1,909 | 1,999 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
Dryden Senior Loan Fund 17-49A E | Diversified Investment Vehicles | L+6.30% (6.49%) | 7/18/2030 | 3,000 | 2,859 | 2,993 | 0.8 | % | ||||||||||||||||||||||||||||||||||||
Eaton Vance CDO, Ltd. 15-1A FR | Diversified Investment Vehicles | L+7.97% (8.16%) | 1/20/2030 | 2,000 | 1,727 | 1,928 | 0.5 | % |
June 30, 2021
(Unaudited)
|
||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company (d) | Industry | Investment Coupon Rate (a) | Maturity | Principal/ Number of Shares | Amortized Cost | Fair Value | % of Members' Capital (c) | |||||||||||||||||||||||||||||||||||||
Greywolf CLO, Ltd. 20-3RA ER | Diversified Investment Vehicles | L+8.74% (8.92%) | 4/15/2033 | $ | 1,000 | $ | 871 | $ | 972 | 0.3 | % | |||||||||||||||||||||||||||||||||
Highbridge Loan Management, Ltd. 11A-17 E | Diversified Investment Vehicles | L+6.10% (6.28%) | 5/6/2030 | 3,000 | 2,677 | 2,819 | 0.8 | % | ||||||||||||||||||||||||||||||||||||
Jamestown CLO, Ltd. 17-10A D | Diversified Investment Vehicles | L+6.70% (6.89%) | 7/17/2029 | 1,200 | 1,117 | 1,159 | 0.3 | % | ||||||||||||||||||||||||||||||||||||
LCM, Ltd. Partnership 16A ER2 | Diversified Investment Vehicles | L+6.38% (6.56%) | 10/15/2031 | 2,500 | 2,273 | 2,391 | 0.7 | % | ||||||||||||||||||||||||||||||||||||
Madison Park Funding, Ltd. 14-13A ER | Diversified Investment Vehicles | L+5.75% (5.94%) | 4/19/2030 | 2,500 | 2,289 | 2,415 | 0.7 | % | ||||||||||||||||||||||||||||||||||||
Marble Point CLO, Ltd. 20-1A E | Diversified Investment Vehicles | L+6.82% (7.01%) | 4/20/2033 | 2,500 | 2,439 | 2,443 | 0.7 | % | ||||||||||||||||||||||||||||||||||||
OCP CLO, Ltd. 14-5A DR | Diversified Investment Vehicles | L+5.70% (5.88%) | 4/26/2031 | 2,200 | 2,073 | 2,090 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
OZLM, Ltd. 16-15A DR | Diversified Investment Vehicles | L+6.75% (6.94%) | 4/20/2033 | 2,000 | 1,901 | 1,982 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
Regatta II Funding, LP 13-2A DR2 | Diversified Investment Vehicles | L+6.95% (7.13%) | 1/15/2029 | 2,000 | 1,919 | 1,978 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
Romark CLO, Ltd. 21-4A | Diversified Investment Vehicles | L+6.95% (7.10%) | 7/10/2034 | 2,000 | 1,959 | 1,961 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
Sound Point CLO, Ltd. 16-3A E | Diversified Investment Vehicles | L+6.65% (6.82%) | 1/23/2029 | 2,500 | 2,386 | 2,444 | 0.7 | % | ||||||||||||||||||||||||||||||||||||
Sound Point CLO, Ltd. 17-1A E | Diversified Investment Vehicles | L+5.96% (6.13%) | 1/23/2029 | 4,000 | 3,569 | 3,762 | 1.0 | % | ||||||||||||||||||||||||||||||||||||
Sound Point CLO, Ltd. 17-2A E | Diversified Investment Vehicles | L+6.10% (6.28%) | 7/25/2030 | 2,400 | 2,051 | 2,187 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
Sound Point CLO, Ltd. 18-3A D | Diversified Investment Vehicles | L+5.79% (5.97%) | 10/26/2031 | 1,000 | 895 | 912 | 0.3 | % | ||||||||||||||||||||||||||||||||||||
Symphony CLO, Ltd. 2012-9A ER2 | Diversified Investment Vehicles | L+6.95% (7.13%) | 7/16/2032 | 3,000 | 2,763 | 2,992 | 0.8 | % | ||||||||||||||||||||||||||||||||||||
TCW CLO 2019-1 AMR, Ltd. 19-1A F | Diversified Investment Vehicles | L+8.67% (8.83%) | 2/15/2029 | 2,500 | 2,286 | 2,455 | 0.7 | % | ||||||||||||||||||||||||||||||||||||
Venture CLO 43, Ltd. 21-43A E | Diversified Investment Vehicles | L+7.15% (7.15%) | 4/15/2034 | 3,000 | 2,911 | 2,952 | 0.8 | % | ||||||||||||||||||||||||||||||||||||
Zais CLO 13, Ltd. 19-13A D1 | Diversified Investment Vehicles | L+4.52% (4.70%) | 7/15/2032 | 3,000 | 2,713 | 2,849 | 0.8 | % | ||||||||||||||||||||||||||||||||||||
Subtotal Collateralized Securities | $ | 55,678 | $ | 58,214 | 16.1 | % | ||||||||||||||||||||||||||||||||||||||
Subordinated Debt | ||||||||||||||||||||||||||||||||||||||||||||
Bidfair Holdings, Inc. | Business Services | 5.88% | 6/1/2029 | $ | 938 | $ | 938 | $ | 952 | 0.3 | % | |||||||||||||||||||||||||||||||||
Subtotal Subordinated Debt | $ | 938 | $ | 952 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||
TOTAL INVESTMENTS | $ | 798,148 | $ | 806,516 | 223.0 | % | ||||||||||||||||||||||||||||||||||||||
Selected Statements of Operations Information |
For the three months ended June 30,
|
For the period January 20, 2021 (inception) through June 30,
|
|||||||||||||||
2021 | 2021 | ||||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||
Investment income: | |||||||||||||||||
Total investment income | $ | 10,874 | $ | 19,326 | |||||||||||||
Operating expenses: | |||||||||||||||||
Interest and credit facility financing expenses | 2,381 | 3,975 | |||||||||||||||
Other expenses | 480 | 763 | |||||||||||||||
Total expenses | 2,861 | 4,738 | |||||||||||||||
Net investment income | 8,013 | 14,588 | |||||||||||||||
Realized and unrealized gain: | |||||||||||||||||
Net realized and unrealized gain | 8,581 | 12,058 | |||||||||||||||
Net increase in net assets resulting from operations
|
$ | 16,594 | $ | 26,646 |
Range | ||||||||||||||||||||||||||||||||||||||
Asset Category | Fair Value | Primary Valuation Technique | Unobservable Inputs | Minimum | Maximum |
Weighted Average (a)
|
||||||||||||||||||||||||||||||||
Senior Secured First Lien Debt | $ | 906,968 | Discounted Cash Flow | Market Yield | 4.75% | 16.00% | 8.32% | |||||||||||||||||||||||||||||||
Senior Secured First Lien Debt | 171,973 | Yield Analysis | Market Yield | 1.79% | 14.16% | 8.09% | ||||||||||||||||||||||||||||||||
Senior Secured First Lien Debt (c)
|
155,118 | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Senior Secured First Lien Debt | 37,490 | Waterfall Analysis | EBITDA Multiple | 0.66x | 8.44x | 5.87x | ||||||||||||||||||||||||||||||||
Senior Secured First Lien Debt | 12,963 | Waterfall Analysis | Revenue Multiple | 0.21x | 1.02x | 0.46x | ||||||||||||||||||||||||||||||||
Senior Secured First Lien Debt (b)
|
10,364 | Discounted Cash Flow | Discount Rate | 13.21% | 13.21% | 13.21% | ||||||||||||||||||||||||||||||||
Senior Secured First Lien Debt (b)
|
2,593 | Waterfall Analysis | Discount Rate | 14.00% | 14.00% | 14.00% | ||||||||||||||||||||||||||||||||
Senior Secured Second Lien Debt | 107,809 | Discounted Cash Flow | Market Yield | 7.00% | 25.25% | 9.83% | ||||||||||||||||||||||||||||||||
Senior Secured Second Lien Debt | 70,856 | Yield Analysis | Market Yield | 9.47% | 10.42% | 10.21% | ||||||||||||||||||||||||||||||||
Senior Secured Second Lien Debt (c)
|
24,019 | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Senior Secured Second Lien Debt | 4,262 | Waterfall Analysis | Revenue Multiple | 0.49x | 0.81x | 0.79x | ||||||||||||||||||||||||||||||||
Senior Secured Second Lien Debt (b)
|
2,553 | Waterfall Analysis | EBITDA Multiple | 6.20x | 6.20x | 6.20x | ||||||||||||||||||||||||||||||||
Subordinated Debt (b)
|
37,250 | Waterfall Analysis | Tangible Net Asset Value Multiple | 1.63x | 1.63x | 1.63x | ||||||||||||||||||||||||||||||||
Subordinated Debt (b)
|
9,237 | Discounted Cash Flow | Discount Rate | 7.53% | 7.53% | 7.53% | ||||||||||||||||||||||||||||||||
Subordinated Debt (b)
|
3,305 | Yield Analysis | Market Yield | 25.00% | 25.00% | 25.00% | ||||||||||||||||||||||||||||||||
Subordinated Debt (b)
|
2,781 | Discounted Cash Flow | Market Yield | 9.00% | 9.00% | 9.00% | ||||||||||||||||||||||||||||||||
Collateralized Securities | 35,443 | Discounted Cash Flow | Discount Rate | 9.85% | 21.00% | 16.11% | ||||||||||||||||||||||||||||||||
Equity/Other (b)
|
48,391 | Waterfall Analysis | Tangible Net Asset Value Multiple | 1.63x | 1.63x | 1.63x | ||||||||||||||||||||||||||||||||
Equity/Other | 32,935 | Waterfall Analysis | Discount Rate | 14.00% | 14.00% | 14.00% | ||||||||||||||||||||||||||||||||
Equity/Other | 18,741 | Discounted Cash Flow | Discount Rate | 7.53% | 17.03% | 14.28% | ||||||||||||||||||||||||||||||||
Equity/Other | 13,454 | Waterfall Analysis | EBITDA Multiple | 3.23x | 11.05x | 6.71x | ||||||||||||||||||||||||||||||||
Equity/Other | 5,225 | Waterfall Analysis | Revenue Multiple | 0.11x | 2.45x | 2.36x | ||||||||||||||||||||||||||||||||
Equity/Other | 3,181 | Waterfall Analysis | TBV Multiple | 1.42x | 4.30x | 3.84x | ||||||||||||||||||||||||||||||||
Equity/Other | 1,909 | Discounted Cash Flow | Market Yield | 10.00% | 22.69% | 18.06% | ||||||||||||||||||||||||||||||||
BDCA Senior Loan Fund, LLC (b)
|
304,934 | Discounted Cash Flow | Discount Rate | 9.72% | 9.72% | 9.72% | ||||||||||||||||||||||||||||||||
Total | $ | 2,023,754 |
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 | $ | 188,700 | $ | (6,344) | $ | 182,356 | |||||||||||||||||||||||
JPM Credit Facility | 8/28/2023 | 400,000 | 256,000 | (947) | 255,053 | |||||||||||||||||||||||||||
MassMutual Credit Facility | 12/31/2025 | 100,000 | — | (2,034) | (2,034) | |||||||||||||||||||||||||||
2026 Notes | 3/30/2026 | 300,000 | 296,295 | (679) | 295,616 | |||||||||||||||||||||||||||
2024 Notes | 12/15/2024 | 100,000 | 99,175 | (128) | 99,047 | |||||||||||||||||||||||||||
2023 Notes | 5/30/2023 | 60,000 | 59,875 | (361) | 59,514 | |||||||||||||||||||||||||||
2022 Notes | 12/30/2022 | 150,000 | 149,753 | (684) | 149,069 | |||||||||||||||||||||||||||
Totals | $ | 1,410,000 | $ | 1,049,798 | $ | (11,177) | $ | 1,038,621 |
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 June 30, 2021
|
Six months ended June 30, 2021
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate | Non-Usage Rate | Interest Expense |
Deferred Financing Costs (6)
|
Other Fees (7)
|
Interest Rate | Non-Usage Rate | Interest Expense |
Deferred Financing Costs (6)
|
Other Fees (7)
|
||||||||||||||||||||||||||||||||||||||||||||||||||
Wells Fargo Credit Facility |
(1)
|
(2)
|
$ | 1,184 | $ | 380 | $ | 194 |
(1)
|
(2)
|
$ | 3,122 | $ | 756 | $ | 254 | |||||||||||||||||||||||||||||||||||||||||||
JPM Credit Facility |
(3)
|
(4)
|
1,814 | 106 | 334 |
(3)
|
(4)
|
3,986 | 210 | 517 | |||||||||||||||||||||||||||||||||||||||||||||||||
Citi Credit Facility (8)
|
— | — | — | — | — | L+1.60% | 0.50% | 277 | 49 | 48 | |||||||||||||||||||||||||||||||||||||||||||||||||
MassMutual Credit Facility |
(5)
|
0.50% | — | 112 | 145 |
(5)
|
0.50% | — | 223 | 283 | |||||||||||||||||||||||||||||||||||||||||||||||||
2026 Notes | 3.25% | n/a | 2,633 | 28 | 15 | 3.25% | n/a | 2,693 | 29 | 15 | |||||||||||||||||||||||||||||||||||||||||||||||||
2024 Notes | 4.85% | n/a | 1,272 | 9 | — | 4.85% | n/a | 2,543 | 18 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
2023 Notes | 5.38% | n/a | 823 | 47 | — | 5.38% | n/a | 1,645 | 94 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
2022 Notes | 4.75% | n/a | 1,822 | 114 | — | 4.75% | n/a | 3,644 | 226 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Totals | $ | 9,548 | $ | 796 | $ | 688 | $ | 17,910 | $ | 1,605 | $ | 1,117 |
Three months ended June 30, 2020 | Six months ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate | Non-Usage Rate | Interest Expense |
Deferred Financing Costs (3)
|
Other Fees (4)
|
Interest Rate | Non-Usage Rate | Interest Expense |
Deferred Financing Costs (3)
|
Other Fees (4)
|
||||||||||||||||||||||||||||||||||||||||||||||||||
Wells Fargo Credit Facility |
(1)
|
(2)
|
$ | 3,457 | $ | 499 | $ | 86 |
(1)
|
(2)
|
$ | 7,932 | $ | 999 | $ | 268 | |||||||||||||||||||||||||||||||||||||||||||
Citi Credit Facility | L+1.60% | 0.50% | 2,142 | 233 | 153 | L+1.60% | 0.50% | 4,699 | 466 | 292 | |||||||||||||||||||||||||||||||||||||||||||||||||
2024 Notes | 4.85% | n/a | 1,272 | 10 | 13 | 4.85% | n/a | 2,544 | 19 | 26 | |||||||||||||||||||||||||||||||||||||||||||||||||
2023 Notes | 5.38% | n/a | 822 | 47 | — | 5.38% | n/a | 1,645 | 94 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
2022 Notes | 4.75% | n/a | 1,822 | 113 | 9 | 4.75% | n/a | 3,645 | 227 | 9 | |||||||||||||||||||||||||||||||||||||||||||||||||
2020 Notes | 6.00% | n/a | 1,579 | 32 | 8 | 6.00% | n/a | 3,141 | 63 | 8 | |||||||||||||||||||||||||||||||||||||||||||||||||
Totals | $ | 11,094 | $ | 934 | $ | 269 | $ | 23,606 | $ | 1,868 | $ | 603 |
Level |
Carrying Amount at June 30, 2021
|
Fair Value at June 30, 2021
|
|||||||||||||||
Wells Fargo Credit Facility | 3 | $ | 188,700 | $ | 188,700 | ||||||||||||
JPM Credit Facility | 3 | 256,000 | 256,000 | ||||||||||||||
MassMutual Credit Facility | 3 | — | — | ||||||||||||||
2026 Notes | 3 | 296,295 | 303,957 | ||||||||||||||
2024 Notes | 3 | 99,175 | 106,427 | ||||||||||||||
2023 Notes | 3 | 59,875 | 62,744 | ||||||||||||||
2022 Notes | 3 | 149,753 | 156,876 | ||||||||||||||
$ | 1,049,798 | $ | 1,074,704 |
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 | ||||||||||||||||||||||
ADCS Clinics Intermediate Holdings, LLC | Senior Secured First Lien Debt | Delayed draw term loan | $ | 3,604 | $ | 3,604 | ||||||||||||||||||||
ADCS Clinics Intermediate Holdings, LLC | Senior Secured First Lien Debt | Revolver term loan | 1,264 | 1,264 | ||||||||||||||||||||||
Arch Global Precision, LLC | Senior Secured First Lien Debt | Delayed draw term loan | 3,364 | 3,364 | ||||||||||||||||||||||
Arch Global Precision, LLC | Senior Secured First Lien Debt | Revolver term loan | 1,008 | 1,008 | ||||||||||||||||||||||
Arctic Holdco, LLC | Senior Secured First Lien Debt | Delayed draw term loan | 6,963 | 3,899 | ||||||||||||||||||||||
Arctic Holdco, LLC | Senior Secured First Lien Debt | Revolver term loan | 5,074 | 5,074 | ||||||||||||||||||||||
Aveanna Healthcare, LLC | Senior Secured First Lien Debt | Delayed draw term loan | 3,048 | 3,048 | ||||||||||||||||||||||
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 | 1,500 | 1,500 | ||||||||||||||||||||||
CDHA Holdings, LLC | Senior Secured First Lien Debt | Revolver term loan | 1,264 | 1,264 | ||||||||||||||||||||||
Chudy Group, LLC | Senior Secured First Lien Debt | Delayed draw term loan | 3,442 | 3,442 | ||||||||||||||||||||||
Chudy Group, LLC | Senior Secured First Lien Debt | Revolver term loan | 860 | 860 | ||||||||||||||||||||||
Cobblestone Intermediate Holdco, LLC | Senior Secured First Lien Debt | Delayed draw term loan | 9,499 | 7,979 | ||||||||||||||||||||||
Communication Technology Intermediate, LLC | Senior Secured First Lien Debt | Delayed draw term loan | 6,302 | 6,302 | ||||||||||||||||||||||
Communication Technology Intermediate, LLC | Senior Secured First Lien Debt | Revolver term loan | 2,363 | 2,363 | ||||||||||||||||||||||
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 | 1,318 | ||||||||||||||||||||||
Gogo Intermediate Holdings, LLC | Senior Secured First Lien Debt | Revolver term loan | 1,053 | 1,053 | ||||||||||||||||||||||
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 | 4,594 | 2,379 | ||||||||||||||||||||||
Hospice Care Buyer, Inc. | Senior Secured First Lien Debt | Revolver term loan | 2,775 | 2,497 | ||||||||||||||||||||||
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 | 2,810 | ||||||||||||||||||||||
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 | 2,695 | 2,008 | ||||||||||||||||||||||
Lakeview Health Holdings, Inc. | Senior Secured First Lien Debt | Revolver term loan | 335 | 186 | ||||||||||||||||||||||
Manna Pro Products, LLC | Senior Secured First Lien Debt | Delayed draw term loan | 4,053 | 1,718 | ||||||||||||||||||||||
Manna Pro Products, LLC | Senior Secured First Lien Debt | Revolver term loan | 2,706 | 2,469 | ||||||||||||||||||||||
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 | 1,009 | ||||||||||||||||||||||
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 | ||||||||||||||||||||||
Pie Buyer, Inc. | Senior Secured First Lien Debt | Delayed draw term loan | 6,129 | 6,129 | ||||||||||||||||||||||
Pie Buyer, Inc. | Senior Secured First Lien Debt | Revolver term loan | 1,840 | 1,840 | ||||||||||||||||||||||
Pilot Air Freight, LLC | Senior Secured First Lien Debt | Delayed draw term loan | 2,334 | 1,961 | ||||||||||||||||||||||
Pluralsight, LLC | Senior Secured First Lien Debt | Revolver term loan | 1,602 | 1,602 | ||||||||||||||||||||||
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 | 564 |
Portfolio Company Name | Investment Type | Commitment Type | Total Commitment | Remaining commitment | ||||||||||||||||||||||
PT Network, LLC | Senior Secured First Lien Debt | Revolver term loan | $ | 1,316 | $ | 1,316 | ||||||||||||||||||||
Questex, Inc. | Senior Secured First Lien Debt | Revolver term loan | 2,584 | 1,034 | ||||||||||||||||||||||
Reddy Ice Corp. | Senior Secured First Lien Debt | Delayed draw term loan | 1,477 | 1,330 | ||||||||||||||||||||||
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 | 3,134 | 878 | ||||||||||||||||||||||
Refresh Parent Holdings, Inc. | Senior Secured First Lien Debt | Revolver term loan | 1,127 | 1,127 | ||||||||||||||||||||||
Relativity Oda, LLC | Senior Secured First Lien Debt | Revolver term loan | 464 | 464 | ||||||||||||||||||||||
REP TEC Intermediate Holdings, Inc. | Senior Secured First Lien Debt | Revolver term loan | 741 | 741 | ||||||||||||||||||||||
Roadsafe Holdings, Inc. | Senior Secured First Lien Debt | Delayed draw term loan | 4,440 | 4,440 | ||||||||||||||||||||||
SCIH Salt Holdings, Inc. | Senior Secured First Lien Debt | Revolver term loan | 3,746 | 3,746 | ||||||||||||||||||||||
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 | 828 | ||||||||||||||||||||||
SunMed Group Holdings, LLC | Senior Secured First Lien Debt | Revolver term loan | 601 | 601 | ||||||||||||||||||||||
Tap Rock Resources, LLC (1)
|
Equity/Other | Equity | 29,470 | 11,114 | ||||||||||||||||||||||
Therapy Brands Holdings, LLC | Senior Secured First Lien Debt | Delayed draw term loan | 889 | 889 | ||||||||||||||||||||||
Therapy Brands Holdings, LLC | Senior Secured Second Lien Debt | Delayed draw term loan | 1,379 | 1,379 | ||||||||||||||||||||||
Trinity Air Consultants Holdings Corp. | Senior Secured First Lien Debt | Delayed draw term loan | 6,974 | 6,974 | ||||||||||||||||||||||
Trinity Air Consultants Holdings Corp. | Senior Secured First Lien Debt | Revolver term loan | 1,993 | 1,814 | ||||||||||||||||||||||
Triple Lift, Inc. | Senior Secured First Lien Debt | Revolver term loan | 3,300 | 3,300 | ||||||||||||||||||||||
University of St. Augustine Acquisition Corp. | Senior Secured First Lien Debt | Revolver term loan | 2,615 | 2,615 | ||||||||||||||||||||||
Vensure Employer Services, Inc. | Senior Secured First Lien Debt | Delayed draw term loan | 2,023 | 2,023 | ||||||||||||||||||||||
Westwood Professional Services, Inc. | Senior Secured First Lien Debt | Delayed draw term loan | 3,023 | 3,023 | ||||||||||||||||||||||
Westwood Professional Services, Inc. | Senior Secured First Lien Debt | Revolver term loan | 378 | 378 | ||||||||||||||||||||||
WHCG Purchaser III, Inc. | Senior Secured First Lien Debt | Delayed draw term loan | 13,728 | 13,728 | ||||||||||||||||||||||
WHCG Purchaser III, Inc. | Senior Secured First Lien Debt | Revolver term loan | 4,224 | 4,224 | ||||||||||||||||||||||
WMK, LLC | Senior Secured First Lien Debt | Delayed draw term loan | 1,917 | 1,562 | ||||||||||||||||||||||
WMK, LLC | Senior Secured First Lien Debt | Revolver term loan | 2,622 | 436 | ||||||||||||||||||||||
Total | $ | 234,360 | $ | 183,841 |
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 |
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 | 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 | 1,293,848 | 9,145 | ||||||||||||
Share Repurchases | (2,910,935) | (19,532) | ||||||||||||
(1,617,087) | $ | (10,387) |
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 | ||||||||||||||||||||||||||
Net investment income | — | — | — | 27,507 | 27,507 | ||||||||||||||||||||||||||||||
Net realized gain from investment transactions | — | — | — | 27,149 | 27,149 | ||||||||||||||||||||||||||||||
Net change in unrealized appreciation on investments and foreign exchange currency contracts, net of change in deferred taxes | — | — | — | 12,065 | 12,065 | ||||||||||||||||||||||||||||||
Repurchases | (109,223) | — | (733) | — | (733) | ||||||||||||||||||||||||||||||
Distributions to stockholders | — | — | — | (19,900) | (19,900) | ||||||||||||||||||||||||||||||
Reinvested dividends | 634,996 | 1 | 4,565 | — | 4,566 | ||||||||||||||||||||||||||||||
Balance as of June 30, 2021
|
199,773,641 | $ | 200 | $ | 1,897,730 | $ | (414,519) | $ | 1,483,411 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Net investment income | — | — | — | 20,433 | 20,433 | ||||||||||||||||||||||||||||||
Net realized loss from investment transactions | — | — | — | (55,318) | (55,318) | ||||||||||||||||||||||||||||||
Net change in unrealized appreciation on investments and foreign exchange currency contracts, net of change in deferred taxes | — | — | — | 65,777 | 65,777 | ||||||||||||||||||||||||||||||
Issuance of common stock, net of issuance costs | 693,240 | — | 4,000 | — | 4,000 | ||||||||||||||||||||||||||||||
Repurchases | (95,356) | — | (739) | — | (739) | ||||||||||||||||||||||||||||||
Distributions to stockholders | — | — | — | (19,809) | (19,809) | ||||||||||||||||||||||||||||||
Reinvested dividends | 744,810 | 1 | 4,818 | — | 4,819 | ||||||||||||||||||||||||||||||
Balance as of June 30, 2020 | 199,994,685 | $ | 200 | $ | 1,901,954 | $ | (598,182) | $ | 1,303,972 | ||||||||||||||||||||||||||
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 June 30, | For the six months ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Basic and diluted | |||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 66,721 | $ | 30,892 | $ | 133,700 | $ | (162,827) | |||||||||||||||
Weighted average common shares outstanding | 199,172,026 | 199,084,903 | 199,753,150 | 194,595,661 | |||||||||||||||||||
Net increase (decrease) in net assets resulting from operations per share | $ | 0.33 | $ | 0.16 | $ | 0.67 | $ | (0.84) |
For the six months ended June 30, | |||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||
Per share data: | |||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 6.95 | $ | 7.69 | |||||||||||||||||||||||||
Results of operations (1)
|
|||||||||||||||||||||||||||||
Net investment income | 0.27 | 0.24 | |||||||||||||||||||||||||||
Net realized and unrealized gain (loss), net of deferred taxes | 0.40 | (1.08) | |||||||||||||||||||||||||||
Net realized loss on foreign currency transactions | (0.01) | — | |||||||||||||||||||||||||||
Net unrealized appreciation on from forward currency exchange contracts | 0.01 | — | |||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 0.67 | (0.84) | |||||||||||||||||||||||||||
Stockholder distributions (2)
|
|||||||||||||||||||||||||||||
Distributions from net investment income | (0.20) | (0.26) | |||||||||||||||||||||||||||
Net decrease in net assets resulting from stockholder distributions | (0.20) | (0.26) | |||||||||||||||||||||||||||
Capital share transactions | |||||||||||||||||||||||||||||
Issuance of common stock (3)
|
— | (0.04) | |||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions | — | (0.04) | |||||||||||||||||||||||||||
Other (7)
|
0.01 | (0.03) | |||||||||||||||||||||||||||
Net asset value, end of period | $ | 7.43 | $ | 6.52 | |||||||||||||||||||||||||
Shares outstanding at end of period | 199,773,641 | 199,994,685 | |||||||||||||||||||||||||||
Total return (4)
|
9.88 | % | (12.10) | % | |||||||||||||||||||||||||
Ratio/Supplemental data: | |||||||||||||||||||||||||||||
Total net assets, end of period | $ | 1,483,411 | $ | 1,303,972 | |||||||||||||||||||||||||
Ratio of net investment income to average net assets (8)
|
8.54 | % | 6.85 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets (6) (8)
|
7.53 | % | 7.80 | % | |||||||||||||||||||||||||
Portfolio turnover rate (5)
|
37.87 | % | 15.26 | % |
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 June 30, 2021
|
|||||||||||||||||||||||||||||||||||||||||||||||
Control Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BDCA Senior Loan Fund, LLC (2) (4) (6)
|
Equity/Other | Diversified Investment Vehicles | $ | 11,835 | $ | — | $ | 304,934 | $ | — | $ | — | $ | — | $ | 304,934 | ||||||||||||||||||||||||||||||||||||||||
CRD Holdings, LLC - 9.00% (2) (6)
|
Equity/Other | Energy | — | 14,557 | — | (8,246) | — | (803) | 5,508 | |||||||||||||||||||||||||||||||||||||||||||||||
CRS-SPV, Inc. - L+4.50% (5.50%), 3/8/2022 (2) (6)
|
Senior Secured First Lien Debt | Industrials | 2 | 62 | — | — | — | — | 62 | |||||||||||||||||||||||||||||||||||||||||||||||
CRS-SPV, Inc. (2) (3) (6)
|
Equity/Other | Industrials | — | 1,393 | — | — | — | (128) | 1,265 | |||||||||||||||||||||||||||||||||||||||||||||||
Danish CRJ, Ltd. (2) (3) (6)
|
Equity/Other | Transportation | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Kahala Ireland OpCo Designated Activity Company - L+8.00% (13.00%), 12/22/2028 (2) (6)
|
Senior Secured First Lien Debt | Transportation | 865 | 18,549 | — | (15,956) | — | — | 2,593 | |||||||||||||||||||||||||||||||||||||||||||||||
Kahala Ireland OpCo Designated Activity Company (2) (6)
|
Equity/Other | Transportation | 12,533 | 42,952 | — | — | — | (13,266) | 29,686 | |||||||||||||||||||||||||||||||||||||||||||||||
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 | 14 | 218 | 469 | — | — | — | 687 | |||||||||||||||||||||||||||||||||||||||||||||||
KMTEX, LLC - P+3.00% (6.25%) PIK, 6/16/2025 (2) (6)
|
Senior Secured First Lien Debt | Chemicals | 93 | 3,230 | 102 | — | — | (2,195) | 1,137 | |||||||||||||||||||||||||||||||||||||||||||||||
KMTEX, LLC - P+3.00% (6.25%) PIK, 6/16/2025 (2) (6)
|
Senior Secured First Lien Debt | Chemicals | 26 | 829 | 25 | — | — | (563) | 291 | |||||||||||||||||||||||||||||||||||||||||||||||
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 | 1,941 | 43,400 | 15 | (1,501) | 3 | 301 | 42,218 | |||||||||||||||||||||||||||||||||||||||||||||||
NMFC Senior Loan Program I, LLC (2) (3) (5) (6)
|
Equity/Other | Diversified Investment Vehicles | 496 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Park Ave RE Holdings, LLC - 13.00%, 12/31/2021 (2) (6)
|
Subordinated Debt | Financials | 1,566 | 37,237 | — | (28,000) | — | — | 9,237 | |||||||||||||||||||||||||||||||||||||||||||||||
Park Ave RE Holdings, LLC (2) (3) (6)
|
Equity/Other | Financials | — | 3,300 | — | (792) | — | 792 | 3,300 | |||||||||||||||||||||||||||||||||||||||||||||||
Siena Capital Finance, LLC - 12.50%, 5/15/2024 (2) (6)
|
Subordinated Debt | Financials | 1,806 | 25,500 | 11,751 | — | — | (1) | 37,250 | |||||||||||||||||||||||||||||||||||||||||||||||
Siena Capital Finance, LLC (2) (6)
|
Equity/Other | Financials | 2,635 | 35,839 | 3,826 | — | — | 8,726 | 48,391 | |||||||||||||||||||||||||||||||||||||||||||||||
WPNT, LLC (2) (3) (6)
|
Equity/Other | Media/Entertainment | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Total Control Investments | $ | 33,812 | $ | 232,605 | $ | 321,122 | $ | (54,495) | $ | 3 | $ | (9,426) | $ | 489,809 | ||||||||||||||||||||||||||||||||||||||||||
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 June 30, 2021
|
|||||||||||||||||||||||||||||||||||||||||||||||
Capstone Nutrition Development, LLC (3) (5) (6)
|
Equity/Other | Consumer | $ | — | $ | 5,928 | $ | — | $ | (27,481) | $ | 23,013 | $ | (1,460) | $ | — | ||||||||||||||||||||||||||||||||||||||||
CDS U.S. Intermediate Holdings, Inc. - L+6.00% (7.00%), 11/24/2025 (6)
|
Senior Secured First Lien Debt | Media/Entertainment | 123 | 1,940 | 3,936 | (374) | 3 | 65 | 5,570 | |||||||||||||||||||||||||||||||||||||||||||||||
CDS U.S. Intermediate Holdings, Inc. - L+8.00% (9.00%) 7.00% PIK, 11/24/2027 | Senior Secured Second Lien Debt | Media/Entertainment | 266 | 1,104 | 8,521 | — | — | 283 | 9,908 | |||||||||||||||||||||||||||||||||||||||||||||||
CDS U.S. Intermediate Holdings, Inc. (3)
|
Equity/Other | Media/Entertainment | — | 1,224 | — | — | — | 3,656 | 4,880 | |||||||||||||||||||||||||||||||||||||||||||||||
CDS U.S. Intermediate Holdings, Inc. (3) (6)
|
Equity/Other | Media/Entertainment | — | 437 | — | — | — | 1,748 | 2,185 | |||||||||||||||||||||||||||||||||||||||||||||||
First Eagle Greenway Fund II, LLC | Equity/Other | Diversified Investment Vehicles | 80 | 1,759 | — | (10) | — | 26 | 1,775 | |||||||||||||||||||||||||||||||||||||||||||||||
Foresight Energy Operating, LLC - L+8.00% (9.50%), 6/30/2027 (6)
|
Senior Secured First Lien Debt | Energy | 63 | 1,354 | — | (7) | — | — | 1,347 | |||||||||||||||||||||||||||||||||||||||||||||||
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 | 228 | 5,181 | 165 | — | — | (22) | 5,324 | |||||||||||||||||||||||||||||||||||||||||||||||
Internap Corp (3) (6)
|
Equity/Other | Business Services | — | 2,231 | — | — | — | — | 2,231 | |||||||||||||||||||||||||||||||||||||||||||||||
Jakks Pacific, Inc. - 10.50%, 2.50% PIK, 2/9/2023 (5) (6)
|
Senior Secured First Lien Debt | Consumer | — | 17,104 | — | (17,104) | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Jakks Pacific, Inc. - 6.00%, 2.75% PIK, 8/31/2021 (6)
|
Subordinated Debt | Consumer | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Jakks Pacific, Inc. (3) (6)
|
Equity/Other | Consumer | — | 402 | — | (402) | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Jakks Pacific, Inc. (3)
|
Equity/Other | Consumer | — | 49 | — | (49) | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
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 (5) (6)
|
Collateralized Securities | Diversified Investment Vehicles | — | 6,313 | — | (10,152) | (5,677) | 9,516 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Mood Media - Common Equity (5) (6)
|
Equity/Other | Media/Entertainment | — | — | — | 645 | (645) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
NewStar Arlington Senior Loan Program, LLC 14-1A FR - L+11.00% (11.18%), 4/25/2031 (6)
|
Collateralized Securities | Diversified Investment Vehicles | 276 | 3,632 | 9 | — | — | 487 | 4,128 | |||||||||||||||||||||||||||||||||||||||||||||||
NewStar Arlington Senior Loan Program, LLC 14-1A SUB - 21.22%, 4/25/2031 (6)
|
Collateralized Securities | Diversified Investment Vehicles | 1,921 | 15,631 | — | (1,925) | — | 3,936 | 17,642 | |||||||||||||||||||||||||||||||||||||||||||||||
Newstar Fairfield Fund CLO, Ltd. 2015-1RA F - L+7.50% (7.69%), 1/20/2027 (6)
|
Collateralized Securities | Diversified Investment Vehicles | 992 | 5,459 | 158 | — | — | 1,260 | 6,877 | |||||||||||||||||||||||||||||||||||||||||||||||
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 (5) (6)
|
Subordinated Debt | Industrials | 2,828 | 9,859 | 645 | (7,995) | 634 | (3,143) | — | |||||||||||||||||||||||||||||||||||||||||||||||
PCX Aerostructures, LLC (5) (6)
|
Equity/Other | Industrials | — | 76 | — | (2,263) | 2,263 | (76) | — | |||||||||||||||||||||||||||||||||||||||||||||||
PCX Aerostructures, LLC (5) (6)
|
Equity/Other | Industrials | — | 535 | — | (609) | 609 | (535) | — | |||||||||||||||||||||||||||||||||||||||||||||||
PCX Aerostructures, LLC (5) (6)
|
Equity/Other | Industrials | — | — | — | (168) | 168 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
PennantPark Credit Opportunities Fund II, LP | Equity/Other | Diversified Investment Vehicles | 430 | 9,274 | — | (2,428) | — | 68 | 6,914 | |||||||||||||||||||||||||||||||||||||||||||||||
Tap Rock Resources, LLC (6)
|
Equity/Other | Energy | 904 | 11,405 | — | (2,293) | — | 822 | 9,934 | |||||||||||||||||||||||||||||||||||||||||||||||
Tax Defense Network, LLC - L+6.00% (10.00%) PIK, 9/30/2021 (6)
|
Senior Secured First Lien Debt | Consumer | — | 420 | — | — | — | 21 | 441 |
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 June 30, 2021
|
|||||||||||||||||||||||||||||||||||||||||||||||
Tax Defense Network, LLC - 10.00% PIK, 9/30/2021 (6)
|
Senior Secured First Lien Debt | Consumer | $ | — | $ | 3,311 | $ | — | $ | — | $ | — | $ | 176 | $ | 3,487 | ||||||||||||||||||||||||||||||||||||||||
Tax Defense Network, LLC - L+6.00% (10.00%) PIK, 9/30/2021 (6)
|
Senior Secured First Lien Debt | Consumer | — | 2,368 | — | — | — | 120 | 2,488 | |||||||||||||||||||||||||||||||||||||||||||||||
Tax Defense Network, LLC (3) (6)
|
Equity/Other | Consumer | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Tax Defense Network, LLC (3) (6)
|
Equity/Other | Consumer | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Team Waste, LLC (3) (6)
|
Equity/Other | Industrials | — | 2,570 | — | — | — | 279 | 2,849 | |||||||||||||||||||||||||||||||||||||||||||||||
Tennenbaum Waterman Fund, LP | Equity/Other | Diversified Investment Vehicles | 644 | 10,087 | — | — | — | 256 | 10,343 | |||||||||||||||||||||||||||||||||||||||||||||||
TwentyEighty, Inc. (3) (5) (6)
|
Equity/Other | Business Services | — | — | — | (35) | 35 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Vantage Mobility International, LLC - L+6.00% (7.00%) PIK, 9/9/2021 (6)
|
Senior Secured Second Lien Debt | Transportation | — | 944 | — | — | — | (598) | 346 | |||||||||||||||||||||||||||||||||||||||||||||||
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 E - L+4.55% (4.73%), 5/1/2026 (6)
|
Collateralized Securities | Diversified Investment Vehicles | 213 | 5,592 | 22 | — | — | 1,182 | 6,796 | |||||||||||||||||||||||||||||||||||||||||||||||
Whitehorse, Ltd. 2014-1A Side Letter - 0.00%, 5/1/2026 (6)
|
Collateralized Securities | Diversified Investment Vehicles | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Whitehorse, Ltd. 2014-1A SUB - 0.00%, 5/1/2026 (6)
|
Collateralized Securities | Diversified Investment Vehicles | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Total Affiliate Investments | $ | 8,968 | $ | 189,259 | $ | 13,456 | $ | (132,845) | $ | 20,057 | $ | 19,412 | $ | 109,339 | ||||||||||||||||||||||||||||||||||||||||||
Total Control & Affiliate Investments | $ | 42,780 | $ | 421,864 | $ | 334,578 | $ | (187,340) | $ | 20,060 | $ | 9,986 | $ | 599,148 |
Portfolio Company (1)
|
Type of Asset | Industry | Amount of dividends and interest included in income | Beginning Fair Value at December 31, 2019 |
Gross additions*
|
Gross reductions**
|
Realized Gain/(Loss) |
Change in Unrealized Gain (Loss) (4)
|
Fair Value at December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Control Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capstone Nutrition (fka Integrity Nutraceuticals) - L+12.50% (15.08%), 9/25/2020 (2) (5) (6)
|
Senior Secured First Lien Debt | Consumer | $ | — | $ | — | $ | 504 | $ | — | $ | (504) | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||
CRD Holdings, LLC - 9.00% (2) (6)
|
Equity/Other | Energy | 2,071 | 28,943 | — | (14,295) | — | (91) | 14,557 | |||||||||||||||||||||||||||||||||||||||||||||||
CRS-SPV, Inc. (2) (3) (6)
|
Equity/Other | Industrials | — | 2,221 | — | — | — | (828) | 1,393 | |||||||||||||||||||||||||||||||||||||||||||||||
CRS-SPV, Inc. - L+4.50% (5.50%), 3/8/2021 (2) (6)
|
Senior Secured First Lien Debt | Industrials | 4 | 62 | — | — | — | — | 62 | |||||||||||||||||||||||||||||||||||||||||||||||
Kahala Ireland OpCo Designated Activity Company - L+8.00% (13.00%), 12/22/2028 (2) (6)
|
Senior Secured First Lien Debt | Transportation | 7,061 | 105,549 | — | (87,000) | — | — | 18,549 | |||||||||||||||||||||||||||||||||||||||||||||||
Kahala Ireland OpCo Designated Activity Company (2) (3) (6)
|
Equity/Other | Transportation | — | 57,226 | — | — | — | (14,274) | 42,952 | |||||||||||||||||||||||||||||||||||||||||||||||
Kahala Ireland OpCo Designated Activity Company (2) (6)
|
Equity/Other | Transportation | 5,945 | 3,250 | 2 | (2,797) | — | 2,795 | 3,250 | |||||||||||||||||||||||||||||||||||||||||||||||
Kahala US OpCo, LLC - 13.00% (2) (3) (6)
|
Equity/Other | Transportation | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
KMTEX, LLC - P+3.00% (6.25%) PIK, 6/16/2025 (2) (6)
|
Senior Secured First Lien Debt | Chemicals | 26 | — | 829 | — | — | — | 829 | |||||||||||||||||||||||||||||||||||||||||||||||
KMTEX, LLC - P+3.00% (6.25%) PIK, 6/16/2025 (2) (6)
|
Senior Secured First Lien Debt | Chemicals | 119 | — | 3,230 | — | — | — | 3,230 | |||||||||||||||||||||||||||||||||||||||||||||||
KMTEX, LLC - P+3.00% (6.25%) PIK, 6/16/2025 (2) (6)
|
Senior Secured First Lien Debt | Chemicals | 4 | — | 218 | — | — | — | 218 | |||||||||||||||||||||||||||||||||||||||||||||||
KMTEX, LLC (2) (3) (6)
|
Equity/Other | Chemicals | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
KMTEX, LLC (2) (3) (6)
|
Equity/Other | Chemicals | — | — | 2,793 | — | — | (504) | 2,289 | |||||||||||||||||||||||||||||||||||||||||||||||
MGTF Holdco, LLC (2) (3) (6)
|
Equity/Other | Media/Entertainment | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
MGTF Radio Company, LLC - L+6.00% (7.00%), 4/1/2024 (2) (6)
|
Senior Secured First Lien Debt | Media/Entertainment | 4,115 | 54,171 | 33 | (2,827) | 5 | (7,982) | 43,400 | |||||||||||||||||||||||||||||||||||||||||||||||
NexSteppe, Inc. (2) (3) (5) (6)
|
Equity/Other | Chemicals | — | — | — | — | (737) | 737 | — | |||||||||||||||||||||||||||||||||||||||||||||||
NexSteppe, Inc. - 12.00%, 9/30/2020 (2) (5) (6)
|
Senior Secured First Lien Debt | Chemicals | — | — | — | — | (1,750) | 1,750 | — | |||||||||||||||||||||||||||||||||||||||||||||||
NexSteppe, Inc. - 12.00%, 9/30/2020 (2) (5) (6)
|
Senior Secured First Lien Debt | Chemicals | — | — | — | (378) | (10,075) | 10,453 | — | |||||||||||||||||||||||||||||||||||||||||||||||
NMFC Senior Loan Program I, LLC (2) (5)
|
Equity/Other | Diversified Investment Vehicles | 5,344 | 47,310 | — | (44,411) | (5,589) | 2,690 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Park Ave RE Holdings, LLC - 13.00%, 12/31/2021 (2) (6)
|
Subordinated Debt | Financials | 4,963 | 37,237 | 1,237 | (1,237) | — | — | 37,237 |
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 (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 June 30, 2021:
|
||||||||
Investment Portfolio | $ | 2,507.2 | ||||||
Net assets | 1,483.4 | |||||||
Debt (net of deferred financing costs) | 1,038.6 | |||||||
Net asset value per share | 7.43 | |||||||
Portfolio Activity for the Six Months Ended June 30, 2021:
|
||||||||
Purchases during the period | 943.0 | |||||||
Sales, repayments, and other exits during the period | 1,147.8 | |||||||
Number of portfolio companies at end of period | 187 | |||||||
Operating results for the Six Months Ended June 30, 2021:
|
||||||||
Net investment income per share | 0.27 | |||||||
Distributions declared per share | 0.20 | |||||||
Net increase in net assets resulting from operations per share | 0.67 | |||||||
Net investment income | 54.1 | |||||||
Net realized and unrealized gain, net of change in deferred taxes | 79.6 | |||||||
Net increase in net assets resulting from operations | 133.7 |
June 30, 2021 | |||||||||||
Percentage of
Total Portfolio |
Weighted Average Current Yield for Total Portfolio (1)
|
||||||||||
Senior Secured First Lien Debt | 65.9 | % | 7.6 | % | |||||||
Senior Secured Second Lien Debt | 12.1 | 8.8 | |||||||||
Subordinated Debt | 2.4 | 12.0 | |||||||||
Collateralized Securities (2)
|
1.4 | 15.7 | |||||||||
Equity/Other (3)
|
6.0 | 20.0 | |||||||||
BDCA Senior Loan Fund, LLC (3)
|
12.2 | 8.0 | |||||||||
Total | 100.0 | % | 8.7 | % |
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 June 30, | For the six months ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Total investment income | $ | 58,251 | $ | 45,081 | $ | 114,685 | $ | 98,362 | |||||||||||||||
Total expenses | 30,341 | 24,428 | 59,457 | 51,677 | |||||||||||||||||||
Income tax expense, including excise tax | 403 | 220 | 1,103 | 694 | |||||||||||||||||||
Net investment income | $ | 27,507 | $ | 20,433 | $ | 54,125 | $ | 45,991 |
For the three months ended June 30, | For the six months ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Management fees | $ | 9,462 | $ | 9,445 | $ | 19,036 | $ | 19,322 | |||||||||||||||
Incentive fee on income | 6,876 | — | 13,531 | — | |||||||||||||||||||
Interest and debt fees | 11,032 | 12,297 | 20,632 | 26,077 | |||||||||||||||||||
Professional fees | 1,133 | 1,190 | 2,412 | 2,601 | |||||||||||||||||||
Other general and administrative | 1,429 | 994 | 3,030 | 2,606 | |||||||||||||||||||
Administrative services | 181 | 252 | 362 | 560 | |||||||||||||||||||
Directors' fees | 228 | 250 | 454 | 511 | |||||||||||||||||||
Total operating expenses | $ | 30,341 | $ | 24,428 | $ | 59,457 | $ | 51,677 |
For the three months ended June 30, | For the six months ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net realized gain (loss) | |||||||||||||||||||||||
Control investments | $ | 2 | $ | 128 | $ | 3 | $ | (372) | |||||||||||||||
Affiliate investments | 20,364 | 413 | 20,057 | 602 | |||||||||||||||||||
Non-affiliate investments | 7,636 | (56,964) | 7,193 | (70,306) | |||||||||||||||||||
Net realized gain (loss) on foreign currency transactions | (853) | 1,105 | (1,381) | 773 | |||||||||||||||||||
Net realized loss on extinguishment of debt | — | — | (1,286) | — | |||||||||||||||||||
Total net realized gain (loss) | 27,149 | (55,318) | 24,586 | (69,303) | |||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | |||||||||||||||||||||||
Control investments | (1,301) | (19,277) | (9,426) | (36,882) | |||||||||||||||||||
Affiliate investments | (1,470) | 2,961 | 19,412 | (25,678) | |||||||||||||||||||
Non-affiliate investments | 14,241 | 82,827 | 44,115 | (78,626) | |||||||||||||||||||
Net change in deferred taxes | — | 1,034 | — | 1,748 | |||||||||||||||||||
Total net change in unrealized appreciation (depreciation) on investments, net of change in deferred taxes | 11,470 | 67,545 | 54,101 | (139,438) | |||||||||||||||||||
Net change in unrealized appreciation (depreciation) from forward currency exchange contracts | 595 | (1,768) | 888 | (77) | |||||||||||||||||||
Net realized and unrealized gain (loss) | $ | 39,214 | $ | 10,459 | $ | 79,575 | $ | (208,818) |
June 30, 2021 | ||||||||||||||
Total assets | $ | 900,718 | ||||||||||||
Total investments (1)
|
$ | 806,516 | ||||||||||||
Weighted Average Current Yield for Total Portfolio (2)
|
5.50 | % | ||||||||||||
Number of Portfolio companies in SLF | 139 | |||||||||||||
Largest portfolio company investment (1)
|
$ | 21,505 | ||||||||||||
Total of five largest portfolio company investments (1)
|
$ | 97,160 |
Selected Statements of Operations Information | For the three months ended June 30, | For the period January 20, 2021 (inception) through June 30, | |||||||||||||||
2021 | 2021 | ||||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||
Investment income: | |||||||||||||||||
Total investment income | $ | 10,874 | $ | 19,326 | |||||||||||||
Operating expenses: | |||||||||||||||||
Interest and credit facility financing expenses | 2,381 | 3,975 | |||||||||||||||
Other expenses | 480 | 763 | |||||||||||||||
Total expenses | 2,861 | 4,738 | |||||||||||||||
Net investment income | 8,013 | 14,588 | |||||||||||||||
Realized and unrealized gain: | |||||||||||||||||
Net realized and unrealized gain | 8,581 | 12,058 | |||||||||||||||
Net increase in net assets resulting from operations | $ | 16,594 | $ | 26,646 |
For the six months ended June 30, | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Distributions declared | $ | 39,657 | $ | 50,536 | |||||||||||||
Distributions paid | $ | 39,815 | $ | 46,049 | |||||||||||||
Portion of distributions paid in cash | $ | 30,670 | $ | 33,117 | |||||||||||||
Portion of distributions paid in DRIP shares | $ | 9,145 | $ | 12,932 |
For the six months ended June 30, | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Distributions | $ | 39,657 | $ | 50,536 | |||||||||||||
Total distributions | $ | 39,657 | $ | 50,536 |
Payment Due by Period | |||||||||||||||||||||||||||||
Total | Less than 1 year | 1 - 3 years | 3- 5 years | More than 5 years | |||||||||||||||||||||||||
Wells Fargo Credit Facility (1)
|
$ | 188,700 | $ | — | $ | — | $ | 188,700 | $ | — | |||||||||||||||||||
JPM Credit Facility (2)
|
256,000 | — | 256,000 | — | — | ||||||||||||||||||||||||
MassMutual Credit Facility (3)
|
— | — | — | — | — | ||||||||||||||||||||||||
2026 Notes (4)
|
296,295 | — | — | 296,295 | — | ||||||||||||||||||||||||
2024 Notes (5)
|
99,175 | — | — | 99,175 | — | ||||||||||||||||||||||||
2023 Notes (6)
|
59,875 | — | 59,875 | — | — | ||||||||||||||||||||||||
2022 Notes (7)
|
149,753 | — | 149,753 | — | — | ||||||||||||||||||||||||
Total contractual obligations | $ | 1,049,798 | $ | — | $ | 465,628 | $ | 584,170 | $ | — |
Change in Base Interest Rates | Estimated Change in Interest Income net of Interest Expense (in thousands) | |||||||
(-) 15 Basis Points | $ | (4,498) | ||||||
(+) 50 Basis Points | $ | 7,426 | ||||||
(+) 100 Basis Points | $ | 16,659 | ||||||
(+) 200 Basis Points | $ | 35,124 |
Assumed Return on Our Portfolio (net of expenses) | (10)% | (5)% | —% | 5% | 10% | |||||||||||||||||||||||||||
Corresponding return to stockholders (1)
|
(22.91)% | (13.14)% | (3.36)% | 6.42% | 16.19% |
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) | ||||||||||||||||||||||
April 1, 2021 through April 30, 2021 | — | — | — | — | ||||||||||||||||||||||
May 1, 2021 through May 31, 2021 | — | — | — | — | ||||||||||||||||||||||
June 1, 2021 through June 30, 2021 | — | — | — | — |
Exhibit No. | Description | ||||
Signature | Title | Date | ||||||||||||
/s/ Richard J. Byrne
Richard J. Byrne
|
Chief Executive Officer, President, and Chairman of the Board of Directors
(Principal Executive Officer)
|
August 12, 2021 | ||||||||||||
/s/ Nina Kang Baryski
Nina Kang Baryski
|
Chief Financial Officer and Treasurer
(Principal Financial and Accounting Officer)
|
August 12, 2021 | ||||||||||||
Date: | August 12, 2021 | /s/ Richard J. Byrne | ||||||
Richard J. Byrne | ||||||||
Chief Executive Officer, President, and
Chairman of the Board of Directors (Principal Executive Officer) |
Date: | August 12, 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) |