(Mark One)
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the fiscal year ended September 30, 2017
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or
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from to
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Maryland
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47-1893276
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(State or Other Jurisdiction of Incorporation
or Organization)
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(I.R.S. Employer Identification No.)
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666 Fifth Avenue, 18th Floor, New York, NY
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10103
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(Address of Principal Executive Offices)
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(Zip Code)
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Title of Each Class
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Name of Each Exchange on Which Registered
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None
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Not applicable
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Title of Each Class
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Common Stock, par value $0.001 per share
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Large accelerated filer
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Accelerated filer
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Non-accelerated filer
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(Do not check if a smaller reporting company)
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Smaller reporting company
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Emerging growth company
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Part I.
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Part II.
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Part III.
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Part IV.
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“we,” “us,” “our” and “GCIC” refer to Golub Capital Investment Corporation, a Maryland corporation, and its consolidated subsidiaries;
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“GCIC Holdings” refers to GCIC Holdings LLC, a Delaware limited liability company, or LLC, our direct subsidiary;
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“GCIC Funding” refers to GCIC Funding LLC, a Delaware LLC, our direct subsidiary;
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“GCIC 2016 Issuer” refers to Golub Capital Investment Corporation CLO 2016(M) LLC, a Delaware LLC, our direct subsidiary;
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“GCIC 2016 Debt Securitization” refers to the $410.1 million term debt securitization that we completed on August 16, 2016, in which the GCIC 2016 Issuer issued notes, or the “GCIC 2016 Notes”, consisting of $220.0 million of Aaa/AAA Class A GCIC 2016 Notes, which bear interest at a rate of three-month London Interbank Offered Rate, or LIBOR, plus 2.15%, $32.5 million of Aa1 Class B GCIC 2016 Notes which bear interest at a rate of three-month LIBOR plus 3.00%, $42.3 million Class C GCIC 2016 Notes, which bear interest at a rate of three-month LIBOR plus 3.10%, and $28.6 million Class D GCIC 2016 Notes, which bear interest at a rate of three-month LIBOR plus 3.25%, and $86.7 million of LLC equity interests that do not bear interest;
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“GCIC SLF” refers to GCIC Senior Loan Fund LLC, an unconsolidated Delaware LLC, in which we co-invest with an unaffiliated third party, currently Aurora National Life Assurance Company, or Aurora, primarily in senior secured loans of middle-market companies. GCIC SLF is capitalized as transactions are completed and all portfolio and investment decisions in respect of GCIC SLF must be approved by the GCIC SLF investment committee, which presently consists of two representatives of each of the members (with unanimous approval required from either (i) one representative of each of us and Aurora or (ii) both representatives of each of us and Aurora). As of
September 30, 2017
we owned 87.5% of the LLC equity interests of GCIC SLF. As of
September 30, 2017
, GCIC SLF had LLC equity interest subscriptions from its members totaling $125.0 million, of which we have committed to fund $109.4 million;
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“Credit Facility” refers to the senior secured revolving credit facility that GCIC Funding originally entered into on October 10, 2014 with Wells Fargo Securities, LLC as administrative agent, and Wells Fargo Bank, N.A., as lender, as most recently amended on August 30, 2017, that currently allows for borrowing up to $420.0 million and that bears interest at a rate of one-month LIBOR plus 2.25% per annum through the reinvestment period, which ends August 29, 2018, and bears interest at a rate of one-month LIBOR plus 2.75% for the period following the reinvestment period through the stated maturity date of May 13, 2020;
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“Revolver” refers to the $40.0 million revolving line of credit with GC Advisors;
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“SMBC Revolver” refers to the $75.0 million revolving credit facility that GCIC entered into on May 17, 2016 with Sumitomo Mitsui Banking Corporation as administrative agent, sole lead arranger and sole manager;
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“GC Advisors” refers to GC Advisors LLC, a Delaware LLC, our investment adviser;
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“Administrator” refers to Golub Capital LLC, a Delaware LLC, an affiliate of GC Advisors and our administrator; and
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“Golub Capital” refers, collectively, to the activities and operations of Golub Capital Incorporated, Golub Capital LLC (formerly Golub Capital Management LLC), which entity employs all of Golub Capital’s investment professionals, GC Advisors and associated investment funds and their respective affiliates.
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annual EBITDA of less than $100.0 million;
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sustainable leading positions in their respective markets;
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scalable revenues and operating cash flow;
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experienced management teams with successful track records;
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stable, predictable cash flows with low technology and market risks;
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a substantial equity cushion in the form of capital ranking junior to our investment;
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low capital expenditures requirements;
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a North American base of operations;
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strong customer relationships;
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products, services or distribution channels having distinctive competitive advantages;
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defensible niche strategy or other barriers to entry; and
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demonstrated growth strategies.
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a thorough review of historical and pro forma financial information;
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on-site visits;
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interviews with management and employees;
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a review of loan documents and material contracts;
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third-party “quality of earnings” accounting due diligence;
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when appropriate, background checks on key managers and research relating to the company’s business, industry, markets, customers, suppliers, products and services and competitors; and
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the commission of third-party market studies when appropriate.
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September 30, 2017
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September 30, 2016
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Internal
Performance
Rating
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Investments
at Fair Value
(In thousands)
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Percentage of
Total
Investments
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Investments
at Fair Value
(In thousands)
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Percentage of
Total
Investments
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5
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$
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22,656
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1.6
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%
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$
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5,889
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0.6
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%
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4
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1,246,641
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89.2
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995,410
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93.0
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3
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127,947
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9.2
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64,783
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6.1
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2
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155
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0.0
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*
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3,628
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0.3
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1
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302
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0.0
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*
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—
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—
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Total
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$
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1,397,701
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100.0
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%
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$
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1,069,710
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100.0
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%
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*
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Represents an amount less than 0.1%.
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selecting investments that we believe have a very low probability of loss;
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requiring a total return on our investments that we believe will compensate us appropriately for credit risk; and
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negotiating covenants in connection with our investments that afford our portfolio companies as much flexibility in managing their businesses as possible, consistent with the preservation of our capital. Such restrictions may include affirmative and negative covenants, default penalties, lien protection, change of control provisions and board rights.
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Portfolio Company
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Fair Value of
Investments
(In thousands)
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Percentage of
Total
Investments
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Diligent Corporation
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$
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49,233
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3.5
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%
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MRI Software LLC
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38,905
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2.8
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Sovos Compliance Formerly Taxware, LLC
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37,469
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2.7
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Vetcor Professional Practices LLC
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36,186
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2.6
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DCA Investment Holding, LLC
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35,607
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2.5
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T5 Merger Corporation
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34,666
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2.5
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Pet Holdings ULC
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32,632
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2.3
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Clarkson Eyecare LLC
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32,398
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2.3
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Bomgar Corporation
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29,081
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2.1
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Saba Software, Inc.
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26,505
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1.9
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$
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352,682
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25.2
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%
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Industry
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Fair Value of Investments
(In thousands)
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Percentage of
Total
Investments
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Diversified/Conglomerate Service
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$
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289,884
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20.7
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%
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Healthcare, Education and Childcare
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271,283
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19.4
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Electronics
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125,426
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9.0
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Retail Stores
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107,958
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7.7
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Personal, Food and Miscellaneous Services
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98,359
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7.0
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Beverage, Food and Tobacco
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69,322
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5.0
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Automobile
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58,724
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4.2
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Leisure, Amusement, Motion Pictures, Entertainment
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52,466
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3.8
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Investment Funds and Vehicles
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50,104
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3.6
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Buildings and Real Estate
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49,333
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3.5
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$
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1,172,859
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83.9
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%
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•
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determines the composition of our portfolio, the nature and timing of the changes to our portfolio and the manner of implementing such changes;
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identifies, evaluates and negotiates the structure of the investments we make;
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executes, closes, services and monitors the investments we make;
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determines the securities and other assets that we purchase, retain or sell;
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performs due diligence on prospective portfolio companies; and
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provides us with such other investment advisory, research and related services as we may, from time to time, reasonably require for the investment of our funds.
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zero in any calendar quarter in which the Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate;
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50.0% of our Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than the percentage at which amounts payable to GC Advisors pursuant to the Income Incentive Fee equals 20.0% of our Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply. We refer to this portion of our Pre-Incentive Fee Net Investment Income as the “catch-up” provision; and
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20.0% of the amount of our Pre-Incentive Fee Net Investment Income, if any, that exceeds the catch-up provision in any calendar quarter.
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zero in any calendar quarter in which the Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate;
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50.0% of our Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than the percentage at which amounts payable to GC Advisors pursuant to the Income Incentive Fee equals 15.0% of our Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply. We refer to this portion of our Pre-Incentive Fee Net Investment Income as the “catch-up” provision; and
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15.0% of the amount of our Pre-Incentive Fee Net Investment Income, if any, that exceeds the catch-up provision in any calendar quarter.
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The cumulative aggregate realized capital losses are calculated as the sum of the amounts by which (a) the net sales price of each investment in our portfolio when sold is less than (b) the accreted or amortized cost basis of such investment.
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The cumulative aggregate realized capital gains are calculated as the sum of the differences, if positive, between (a) the net sales price of each investment in our portfolio when sold and (b) the accreted or amortized cost basis of such investment.
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The aggregate unrealized capital depreciation is calculated as the sum of the differences, if negative, between (a) the valuation of each investment in our portfolio as of the applicable Capital Gain Incentive Fee calculation date and (b) the accreted or amortized cost basis of such investment.
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(1)
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The hypothetical amount of Pre-Incentive Fee Net Investment Income shown is based on a percentage of total net assets. In addition, the example assumes that during the most recent four full calendar quarter period ending on or prior to the date the payment set forth in the example is to be made, the sum of (a) our aggregate distributions to our stockholders and (b) our change in net assets (defined as total assets less indebtedness and before taking into account any incentive fees payable during the period) is at least 6.0% of our net assets at the beginning of such period (as adjusted for any share issuances or repurchases).
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(2)
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Represents a quarter of the 6.0% annualized hurdle rate.
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(3)
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Excludes offering expenses.
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Incentive Fee
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= 50% × "catch-up" + the greater of 0% AND (15% × (Pre-Incentive Fee Net Investment Income - 2.143%))
= (50% × (2.00% - 1.50%)) + 0% = 50% × 0.50% = 0.25% |
Incentive Fee
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= 50% × "catch-up" + the greater of 0% AND (20% × (Pre-Incentive Fee Net Investment Income - 2.50%))
= (50% × (1.906% - 1.50%)) + 0% = 50% × 0.406% = 0.203% |
Incentive Fee
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= 50% × "catch-up" + the greater of 0% AND (15% × (Pre-Incentive Fee Net Investment Income - 2.50%))
= (50% × (2.143% - 1.50%)) + (15% × (2.9% - 2.143%)) = 50% × 0.643% + 15% × 0.757% = 0.322% + 0.114% = 0.435% |
Incentive Fee
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= 50% × "catch-up" + the greater of 0% AND (20% × (Pre-Incentive Fee Net Investment Income - 2.50%))
= (50% × (2.50% - 1.50%)) + (20% × (2.806% - 2.50%)) = 50% × 1.00% + 20% × 0.306% = 0.50% + 0.061% = 0.561% |
Year 1:
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$20 million investment made in Company A (“Investment A”) and $30 million investment made in Company B (“Investment B”)
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Year 2:
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Investment A is sold for $15 million and fair market value (“FMV”) of Investment B determined to be $29 million
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Year 3:
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FMV of Investment B determined to be $27 million
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Year 4:
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Investment B sold for $25 million
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Year 1:
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None (No sales transactions)
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Year 2:
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None (Sales transaction resulted in a realized capital loss on Investment A)
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Year 3:
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None (No sales transactions)
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Year 4:
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None (Sales transaction resulted in a realized capital loss on Investment B)
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Year 1:
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No adjustment; no realized capital losses or unrealized capital depreciation.
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Year 2:
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Investment A sold at a $5 million loss. Investment B has unrealized capital depreciation of $1 million. Therefore, GC Advisors would not be paid on the $6 million realized/unrealized loss, which would result in a lower Incentive Fee by $0.9 million prior to a Liquidity Event, or $1.2 million following a Liquidity Event.
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Year 3:
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Investment B has unrealized capital depreciation of $2 million. Therefore, GC Advisors would not be paid on the $2 million unrealized capital depreciation, which would result in a lower Incentive Fee by $300,000 prior to a Liquidity Event, or $400,000 following a Liquidity Event.
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Year 4:
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Investment B sold at a $5 million loss. Investment B was previously marked down by $3 million; therefore, we would realize a $5 million loss on Investment B and reverse the previous $3 million in unrealized capital depreciation. The net effect would be a loss of $2 million. GC Advisors would not be paid on the $2 million loss, which would result in a lower Incentive Fee by $300,000 prior to a Liquidity Event, or $400,000 following a Liquidity Event.
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Year 1:
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$20 million investment made in Company A (“Investment A”), $30 million investment made in Company B (“Investment B”) and $25 million investment made in Company C (“Investment C”)
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Year 2:
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FMV of Investment A determined to be $18 million, FMV of Investment B determined to be $25 million and FMV of Investment C determined to be $25 million.
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Year 3:
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Investment A sold for $18 million. FMV of Investment B determined to be $24 million and FMV of Investment C determined to be $25 million
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Year 4:
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FMV of Investment B determined to be $22 million. Investment C sold for $24 million
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Year 5:
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Investment B sold for $20 million
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Year 1:
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None (No sales transactions)
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Year 2:
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None (No sales transactions)
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Year 3:
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None (Sales transaction resulted in a realized capital loss on Investment A)
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Year 4:
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None (Sales transaction resulted in a realized capital loss on Investment C)
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Year 5:
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None (Sales transaction resulted in a realized capital loss on Investment B)
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Year 1:
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No adjustment; no realized capital losses or unrealized capital depreciation.
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Year 2:
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Investment A has unrealized capital depreciation of $2 million. Investment B has unrealized capital depreciation of $5 million. Therefore, GC Advisors would not be paid on the $7 million unrealized capital depreciation which would result in a lower Incentive Fee by $1.05 million prior to a Liquidity Event, or $1.4 million following a Liquidity Event.
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Year 3:
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Investment A sold at a $2 million loss. Investment A was previously marked down by $2 million; therefore, we would realize a $2 million loss on Investment A and reverse the previous $2 million in unrealized capital depreciation. Investment B has additional unrealized capital depreciation of $1 million. The net effect would be a loss of $1 million. GC Advisors would not be paid on the $1 million loss, which would result in a lower Incentive Fee by $150,000 prior to a Liquidity Event, or $200,000 following a Liquidity Event.
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Year 4:
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Investment B has additional unrealized capital depreciation of $2 million. Investment C sold at a $1 million realized loss. Therefore, GC Advisors would not be paid on the $3 million realized/unrealized loss, which would result in a lower Incentive Fee by $450,000 prior to a Liquidity Event, or $600,000 following a Liquidity Event.
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Year 5:
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Investment B sold at a $10 million loss. Investment B was previously marked down by $8 million; therefore, we would realize a $10 million loss on Investment B and reverse the previous $8 million in unrealized capital depreciation. The net effect would be a loss of $2 million. GC Advisors would not be paid on the $2 million loss, which would result in a lower Incentive Fee by $300,000 prior to a Liquidity Event, or $400,000 following a Liquidity Event.
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Year 1:
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$25 million investment made in Company A (“Investment A”) and $20 million investment made in Company B (“Investment B”)
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Year 2:
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Investment A is sold for $30 million and FMV of Investment B determined to be $21 million and $2 million of unamortized deferred debt issuance costs
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Year 3:
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FMV of Investment B determined to be $23 million and $1 million of unamortized deferred debt issuance costs
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Year 4:
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Investment B sold for $23 million and $0 of unamortized deferred debt issuance costs
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Year 1:
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None (No sales transactions)
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Year 2:
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$600,000 (15% multiplied by (i) $5 million realized capital gains on sale of Investment A less (ii) $1 million ($2 million of unamortized deferred debt issuance costs less $1 million of unrealized gain))
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Year 3:
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$150,000 (15% multiplied by $5 million realized capital gains on sale of Investment A less $600,000 (Capital Gain Incentive Fee paid in year 2))
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Year 4:
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$450,000 (15% multiplied by $8 million realized capital gains on sale of Investment A and Investment B less Capital Gain Incentive Fee paid in years 2 and 3)
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Year 1:
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None (No sales transactions)
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Year 2:
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$800,000 (20% multiplied by (i) $5 million realized capital gains on sale of Investment A less (ii) $1 million ($2 million of unamortized deferred debt issuance costs less $1 million of unrealized gain))
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Year 3:
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$200,000 (20% multiplied by $5 million realized capital gains on sale of Investment A less $800,000 (Capital Gain Incentive Fee paid in year 2))
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Year 4:
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$600,000 (20% multiplied by $8 million realized capital gains on sale of Investment A and Investment B less Capital Gain Incentive Fee paid in years 2 and 3)
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Year 1:
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No adjustment necessary
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Year 2:
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No adjustment necessary. GC Advisors would not be paid on the $1 million unrealized gain on Investment B.
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Year 3:
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No adjustment necessary. GC Advisors would not be paid on the $3 million unrealized gain on Investment B.
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Year 4:
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No adjustment necessary
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Year 1:
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$20 million investment made in Company A (“Investment A”), $30 million investment made in Company B (“Investment B”) and $25 million investment made in Company C (“Investment C”). Investment A, Investment B, and Investment C disposed of in a liquidation (as defined in the Investment Advisory Agreement) for total proceeds of $55 million within six months of a Liquidity Event.
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Year 1:
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No Subordinated Liquidation Incentive Fee payable as liquidation proceeds of $55 million are less than adjusted capital immediately prior to liquidation (Net asset value of $75 million with no unrealized capital appreciation)
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Year 1:
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$20 million investment made in Company A (“Investment A”), $30 million investment made in Company B (“Investment B”) and $25 million investment made in Company C (“Investment C”). Investment A, Investment B, and Investment C disposed of in a liquidation (as defined in the Investment Advisory Agreement) for total proceeds of $80 million within six months of a Liquidity Event.
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Year 1:
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$500,000 Subordinated Liquidation Incentive Fee (10% multiplied by $80 million liquidation proceeds less adjusted capital immediately prior to liquidation (Net asset value of $75 million and no unrealized capital appreciation))
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Year 1:
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$1 million Subordinated Liquidation Incentive Fee (20% multiplied by $80 million liquidation proceeds less adjusted capital immediately prior to liquidation (Net asset value of $75 million and no unrealized capital appreciation))
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Year 1:
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$20 million investment made in Company A (“Investment A”), $30 million investment made in Company B (“Investment B”) and $25 million investment made in Company C (“Investment C”) and we complete an initial public offering of our common stock or listing of our common stock on a national securities exchange.
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Year 2:
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Investment A, Investment B, and Investment C disposed of in a liquidation (as defined in the Investment Advisory Agreement) for total proceeds of $80 million.
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Year 1:
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None (no sales transactions)
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Year 2:
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No Subordinated Liquidation Incentive Fee is payable on any liquidation occurring more than six months after the closing of a Liquidity Event.
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the nature, extent and quality of services provided to us by GC Advisors;
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the relative investment performance of us since inception;
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the fees paid by other comparable business development companies; and
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various other matters.
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(1)
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Securities purchased in transactions not involving any public offering from the issuer of such securities, which issuer (subject to certain limited exceptions) is an eligible portfolio company, or from any person who is, or has been during the preceding 13 months, an affiliated person of an eligible portfolio company, or from any other person, subject to such rules as may be prescribed by the SEC. An eligible portfolio company is defined in the 1940 Act as any issuer that:
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is organized under the laws of, and has its principal place of business in, the United States;
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is not an investment company (other than a small business investment company, or SBIC, wholly owned by the business development company) or a company that would be an investment company but for certain exclusions under the 1940 Act; and
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satisfies either of the following:
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does not have any class of securities listed on a national securities exchange or has any class of securities listed on a national securities exchange subject to a $250.0 million market capitalization maximum; or
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is controlled by a business development company or a group of companies including a business development company, the business development company actually exercises a controlling influence over the management or policies of the eligible portfolio company, and, as a result, the business development company has an affiliated person who is a director of the eligible portfolio company.
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(2)
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Securities of any eligible portfolio company which we control.
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(3)
|
Securities purchased in a private transaction from a U.S. issuer that is not an investment company or from an affiliated person of the issuer, or in transactions incident to such a private transaction, if the issuer is in bankruptcy and subject to reorganization or if the issuer, immediately prior to the purchase of its securities, was unable to meet its obligations as they came due without material assistance other than conventional lending or financing arrangements.
|
(4)
|
Securities of an eligible portfolio company purchased from any person in a private transaction if there is no ready market for such securities and we already own 60% of the outstanding equity of the eligible portfolio company.
|
(5)
|
Securities received in exchange for or distributed on or with respect to securities described above, or pursuant to the exercise of warrants or rights relating to such securities.
|
(6)
|
Cash, cash equivalents, U.S. government securities or high-quality debt securities that mature in one year or less from the date of investment.
|
•
|
our principal executive officer and principal financial officer must certify the accuracy of the financial statements contained in our periodic reports;
|
•
|
our periodic reports must disclose our conclusions about the effectiveness of our disclosure controls and procedures;
|
•
|
beginning with our fiscal year ending September 30, 2017, our management must prepare an annual report regarding its assessment of our internal control over financial reporting and, without an exemption under the JOBS Act as described below, must be audited by our independent registered public accounting firm; and
|
•
|
beginning with our fiscal year ending September 30, 2017, our periodic reports must disclose whether there were significant changes in our internal controls over financial reporting or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
|
•
|
the last day of our fiscal year in which the fifth anniversary of an initial public offering of shares of our common stock occurs;
|
•
|
The end of the fiscal year in which our total annual gross revenues first exceed $1.0 billion;
|
•
|
The date on which we have, during the prior three-year period, issued more than $1.0 billion in non-convertible debt; and
|
•
|
The last day of a fiscal year in which we (1) have an aggregate worldwide market value of our common stock held by non-affiliates of $700 million or more, computed at the end of each fiscal year as of the last business day of our most recently completed second fiscal quarter and (2) have been an Exchange Act reporting company for at least one year (and filed at least one annual report under the Exchange Act).
|
•
|
qualify as a RIC; and
|
•
|
satisfy the Annual Distribution Requirement;
|
•
|
qualify to be treated as a business development company under the 1940 Act at all times during each taxable year;
|
•
|
derive in each taxable year at least 90% of our gross income from dividends, interest, payments with respect to certain securities loans, gains from the sale of stock or other securities, or other income derived with respect to our business of investing in such stock or securities, and net income derived from interests in “qualified publicly traded partnerships” (partnerships that are traded on an established securities market or tradable on a secondary market, other than partnerships that derive 90% of their income from interest, dividends and other permitted RIC income), or the 90% Income Test; and
|
•
|
diversify our holdings, or the Diversification Tests, so that at the end of each quarter of the taxable year:
|
•
|
at least 50% of the value of our assets consists of cash, cash equivalents, U.S. government securities, securities of other RICs, and other securities if such other securities of any one issuer do not represent more than 5% of the value of our assets or more than 10% of the outstanding voting securities of the issuer; and
|
•
|
no more than 25% of the value of our assets is invested in the securities, other than U.S. government securities or securities of other RICs, of one issuer or of two or more issuers that are controlled, as determined under applicable tax rules, by us and that are engaged in the same or similar or related trades or businesses or in the securities of one or more qualified publicly traded partnerships.
|
|
Assumed Return on Our Portfolio (Net of Expenses)
|
||||||||
|
-10%
|
|
-5%
|
|
0%
|
|
5%
|
|
10%
|
Corresponding return to common stockholder
(1)
|
-21.80%
|
|
-12.33%
|
|
-2.86%
|
|
6.61%
|
|
16.08%
|
|
(1)
|
Assumes $
1,455.1 million
in total assets, $
670.2 million
in debt outstanding and $
768.2 million
in net assets as of
September 30, 2017
and an effective annual interest rate of
3.28%
as of
September 30, 2017
.
|
•
|
the last day of the fiscal year ending after the fifth anniversary of any initial public offering of shares of our common stock;
|
•
|
the year in which our total annual gross revenues first exceed $1.0 billion;
|
•
|
the date on which we have, during the prior three-year period, issued more than $1.0 billion in non-convertible debt; and
|
•
|
the last day of a fiscal year in which we (1) have an aggregate worldwide market value of our common stock held by non-affiliates of $700 million or more, computed at the end of each fiscal year as of the last business day of our most recently completed second fiscal quarter, and (2) have been a reporting company under the Exchange Act for at least one year (and filed at least one annual report under the Exchange Act).
|
•
|
a comparison of the portfolio company’s securities to publicly traded securities;
|
•
|
the enterprise value of the portfolio company;
|
•
|
the nature and realizable value of any collateral;
|
•
|
the portfolio company’s ability to make payments and its earnings and discounted cash flow;
|
•
|
the markets in which the portfolio company does business; and
|
•
|
changes in the interest rate environment and the credit markets generally that may affect the price at which similar investments may be made in the future and other relevant factors.
|
•
|
increase or maintain in whole or in part our position as a creditor or equity ownership percentage in a portfolio company;
|
•
|
exercise warrants, options or convertible securities that were acquired in the original or subsequent financing; or
|
•
|
preserve or enhance the value of our investment.
|
•
|
the ability to cause the commencement of enforcement proceedings against the collateral;
|
•
|
the ability to control the conduct of such proceedings;
|
•
|
the approval of amendments to collateral documents;
|
•
|
releases of liens on the collateral; and
|
•
|
waivers of past defaults under collateral documents.
|
|
|
|
|
Distributions Declared
|
||||||
Record Dates
|
|
Payment Dates
|
|
Per Share
|
|
Dollar amount
|
||||
|
|
|
|
(In thousands, except per share data)
|
||||||
Fiscal year ending September 30, 2016
|
|
|
|
|
|
|
|
|
||
October 27, 2015
|
|
December 30, 2015
|
|
$
|
0.0818
|
|
|
$
|
1,705
|
|
November 19, 2015
|
|
December 30, 2015
|
|
0.1252
|
|
|
2,776
|
|
||
December 17, 2015
|
|
February 26, 2016
|
|
0.0891
|
|
|
2,178
|
|
||
January 22, 2016
|
|
February 26, 2016
|
|
0.0957
|
|
|
2,354
|
|
||
February 22, 2016
|
|
May 20, 2016
|
|
0.0705
|
|
|
1,734
|
|
||
March 24, 2016
|
|
May 20, 2016
|
|
0.1176
|
|
|
3,205
|
|
||
April 30, 2016
|
|
July 28, 2016
|
|
0.1046
|
|
|
2,852
|
|
||
May 19, 2016
|
|
July 28, 2016
|
|
0.1331
|
|
|
3,893
|
|
||
June 20, 2016
|
|
July 28, 2016
|
|
0.1047
|
|
|
3,288
|
|
||
July 22, 2016
|
|
September 26, 2016
|
|
0.0942
|
|
|
3,213
|
|
||
August 29, 2016
|
|
November 21, 2016
|
|
0.1369
|
|
|
5,402
|
|
||
September 23, 2016
|
|
November 21, 2016
|
|
0.1090
|
|
|
4,467
|
|
||
Fiscal year ending September 30, 2017
|
|
|
|
|
|
|
|
|
||
October 24, 2016
|
|
December 30, 2016
|
|
0.0729
|
|
|
2,993
|
|
||
November 18, 2016
|
|
December 30, 2016
|
|
0.1469
|
|
|
6,034
|
|
||
December 26, 2016
|
|
February 27, 2017
|
|
0.1340
|
|
|
5,553
|
|
||
January 23, 2017
|
|
February 27, 2017
|
|
0.0902
|
|
|
3,768
|
|
||
February 20, 2017
|
|
May 19, 2017
|
|
0.1050
|
|
|
4,386
|
|
||
March 24, 2017
|
|
May 19, 2017
|
|
0.1078
|
|
|
4,540
|
|
||
April 30, 2017
|
|
July 28, 2017
|
|
0.1067
|
|
|
4,727
|
|
||
May 18, 2017
|
|
July 28, 2017
|
|
0.0982
|
|
|
4,566
|
|
||
June 16, 2017
|
|
July 28, 2017
|
|
0.1050
|
|
|
4,917
|
|
||
July 21, 2017
|
|
September 25, 2017
|
|
0.1102
|
|
|
5,159
|
|
||
August 31, 2017
|
|
November 27, 2017
|
|
0.0600
|
|
|
2,975
|
|
||
September 22, 2017
|
|
November 27, 2017
|
|
0.1062
|
|
|
5,263
|
|
||
Total
|
|
|
|
$
|
2.5055
|
|
|
$
|
91,948
|
|
|
Golub Capital Investment Corporation
|
||||||||||||||
|
As of and for the year ended September 30,
|
|
Period from September 22, 2014 (Inception) to September 30, 2014
|
||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
|||||||||
|
(In thousands, except per share data)
|
||||||||||||||
Statement of Operations Data:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total investment income
|
$
|
98,478
|
|
|
$
|
57,379
|
|
|
$
|
19,401
|
|
|
$
|
—
|
|
Base management fee
|
16,674
|
|
|
10,195
|
|
|
3,820
|
|
|
—
|
|
||||
Incentive fee
|
11,057
|
|
|
5,715
|
|
|
1,239
|
|
|
—
|
|
||||
Interest and other debt financing
expenses
|
22,535
|
|
|
11,932
|
|
|
3,731
|
|
|
—
|
|
||||
All other expenses
|
3,574
|
|
|
2,140
|
|
|
1,147
|
|
|
—
|
|
||||
Base management fee waiver
|
(4,547
|
)
|
|
(2,780
|
)
|
|
(1,042
|
)
|
|
—
|
|
||||
Incentive fee waiver
|
(1,119
|
)
|
|
(179
|
)
|
|
—
|
|
|
—
|
|
||||
Net investment income
|
50,304
|
|
|
30,356
|
|
|
10,506
|
|
|
—
|
|
||||
Net realized gain (loss) on investments
|
1,419
|
|
|
856
|
|
|
42
|
|
|
—
|
|
||||
Net change in unrealized appreciation
(depreciation) on investments
|
3,158
|
|
|
5,855
|
|
|
2,479
|
|
|
—
|
|
||||
Net increase/(decrease) in net assets
resulting from operations
|
54,881
|
|
|
37,067
|
|
|
13,027
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Per share data:
|
|
|
|
|
|
|
|
||||||||
Net asset value
|
$
|
15.00
|
|
|
$
|
15.00
|
|
|
$
|
15.00
|
|
|
$
|
15.00
|
|
Net investment income
|
1.13
|
|
|
1.06
|
|
|
0.76
|
|
|
—
|
|
||||
Net realized gain (loss) on investments
|
0.03
|
|
|
0.03
|
|
|
—
|
|
|
—
|
|
||||
Net change in unrealized appreciation
(depreciation) on investments |
0.08
|
|
|
0.20
|
|
|
0.18
|
|
|
—
|
|
||||
Net increase/(decrease) in net assets
resulting from operations |
1.24
|
|
|
1.29
|
|
|
0.94
|
|
|
—
|
|
||||
Per share distributions declared
(1)
|
1.24
|
|
|
1.26
|
|
|
0.89
|
|
|
—
|
|
||||
From net investment income
|
(1.24
|
)
|
|
(1.26
|
)
|
|
(0.89
|
)
|
|
—
|
|
||||
From capital gains
|
(0.00
|
)*
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Other
(2)
|
—
|
|
|
(0.03
|
)
|
|
(0.05
|
)
|
|
—
|
|
||||
Dollar amount of distributions declared
(1)
|
54,881
|
|
|
37,067
|
|
|
13,027
|
|
|
—
|
|
||||
From net investment income
|
46,642
|
|
|
27,198
|
|
|
8,155
|
|
|
—
|
|
||||
Distributions declared and payable
|
8,239
|
|
|
9,869
|
|
|
4,872
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
Golub Capital Investment Corporation
|
||||||||||||||
|
As of and for the year ended September 30,
|
|
Period from September 22, 2014 (Inception) to September 30, 2014
|
||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
|||||||||
Balance Sheet data at period end:
|
|
|
|
|
|
|
|
||||||||
Investments, at fair value
|
$
|
1,397,701
|
|
|
$
|
1,069,710
|
|
|
$
|
551,878
|
|
|
$
|
—
|
|
Cash, restricted cash and cash
equivalents
|
22,859
|
|
|
4,675
|
|
|
2,747
|
|
|
|
|||||
Other assets
|
178
|
|
|
249
|
|
|
426
|
|
(3)
|
|
|||||
Total assets
|
1,455,095
|
|
|
1,148,998
|
|
|
567,239
|
|
(3)
|
10
|
|
||||
Total debt
|
670,200
|
|
|
520,600
|
|
|
249,700
|
|
|
|
|||||
Total liabilities
|
686,875
|
|
|
532,691
|
|
|
254,592
|
|
(3)
|
—
|
|
||||
Total net assets
|
768,220
|
|
|
616,307
|
|
|
312,647
|
|
|
10
|
|
||||
Other data:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average yield on
income producing investments at fair value (4)(5) |
7.7
|
%
|
|
7.4
|
%
|
|
6.9
|
%
|
|
N/A
|
|
||||
Number of portfolio companies at
period end |
167
|
|
|
158
|
|
|
141
|
|
|
N/A
|
|
|
*
|
Represents an amount less than $0.01 per share.
|
(1)
|
The per share data and dollar amount for distributions declared reflect the amount of distributions paid or payable with a record date during the applicable period.
|
(2)
|
Includes the impact of different share amounts as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on the shares outstanding as of the period end.
|
(3)
|
On October 1, 2015, we adopted Accounting Standards Update, or ASU, 2015-03 which requires that debt issuance costs related to a recognized debt liability be presented on the balance sheet as a direct deduction from the carrying amount of the debt liability rather than as an asset. Adoption of ASU 2015-03 requires the changes to be applied retrospectively.
|
(4)
|
Weighted average yield on income producing investments is computed by dividing (a) income from interest, including subordinated notes in GCIC SLF, and fees excluding amortization of capitalized fees and discounts on accruing loans and debt securities by (b) total income producing investments at fair value.
|
(5)
|
For the year ended September 30, 2015, the averages are annualized for the period from December 31, 2014, the date of the commencement of operations, through September 30, 2015.
|
•
|
our future operating results;
|
•
|
our business prospects and the prospects of our portfolio companies;
|
•
|
the effect of investments that we expect to make and the competition for those investments;
|
•
|
our contractual arrangements and relationships with third parties;
|
•
|
completion of a public offering of our securities or other liquidity event;
|
•
|
actual and potential conflicts of interest with GC Advisors and other affiliates of Golub Capital;
|
•
|
the dependence of our future success on the general economy and its effect on the industries in which we invest;
|
•
|
the ability of our portfolio companies to achieve their objectives;
|
•
|
the use of borrowed money to finance a portion of our investments;
|
•
|
the adequacy of our financing sources and working capital;
|
•
|
the timing of cash flows, if any, from the operations of our portfolio companies;
|
•
|
general economic and political trends and other external factors;
|
•
|
the ability of GC Advisors to locate suitable investments for us and to monitor and administer our investments;
|
•
|
the ability of GC Advisors or its affiliates to attract and retain highly talented professionals;
|
•
|
our ability to qualify and maintain our qualification as a RIC and as a business development company;
|
•
|
general price and volume fluctuations in the stock markets;
|
•
|
the impact on our business of Dodd-Frank and the rules and regulations issued thereunder and any actions toward repeal therehof; and
|
•
|
the effect of changes to tax legislation and our tax position.
|
|
|
As of September 30, 2017
|
|
As of September 30, 2016
|
||||||||||
Investment Type
|
|
Investments at
Fair Value
(In thousands)
|
|
Percentage of
Total Investments |
|
Investments at
Fair Value
(In thousands)
|
|
Percentage of
Total
Investments
|
||||||
Senior secured
|
|
$
|
165,620
|
|
|
11.8
|
%
|
|
$
|
112,994
|
|
|
10.6
|
%
|
One stop
|
|
1,161,275
|
|
|
83.1
|
|
|
894,649
|
|
|
83.6
|
|
||
Subordinated debt
|
|
55
|
|
|
0.0
|
*
|
|
40
|
|
|
0.0
|
*
|
||
Subordinated notes in GCIC SLF
(1)(2)
|
|
—
|
|
|
—
|
|
|
34,917
|
|
|
3.3
|
|
||
LLC equity interests in GCIC SLF
(2)
|
|
50,104
|
|
|
3.6
|
|
|
13,039
|
|
|
1.2
|
|
||
Equity
|
|
20,647
|
|
|
1.5
|
|
|
14,071
|
|
|
1.3
|
|
||
Total
|
|
$
|
1,397,701
|
|
|
100.0
|
%
|
|
$
|
1,069,710
|
|
|
100.0
|
%
|
|
(1)
|
On December 30, 2016, GCIC SLF issued a capital call in an aggregate amount of $39.9 million the proceeds of which were used to redeem in full the outstanding balance on the subordinated notes previously issued by GCIC SLF and terminate all remaining subordinated note commitments.
|
(2)
|
Proceeds from the subordinated notes and LLC equity interests invested in GCIC SLF were utilized by GCIC SLF to invest in senior secured loans.
|
|
For the years ended September 30,
|
||||
|
2017
|
|
2016
|
|
2015
|
Weighted average income yield
(1)(2)
|
7.7%
|
|
7.4%
|
|
6.9%
|
Weighted average investment income yield
(2)(3)
|
8.2%
|
|
7.8%
|
|
7.2%
|
|
(1)
|
Represents income from interest, including subordinated notes in GCIC SLF, and fees excluding amortization of capitalized fees and discounts divided by the average fair value of earning portfolio company investments, and does not represent a return to any investor in us.
|
(2)
|
For the year ended September 30, 2015, the averages are annualized for the period from December 31, 2014, the date of the commencement of operations, through September 30, 2015.
|
(3)
|
Represents income from interest, including subordinated notes in GCIC SLF, fees and amortization of capitalized fees and discounts divided by the average fair value of earning portfolio company investments, and does not represent a return to any investor in us.
|
•
|
reimbursement to GC Advisors of organizational and offering expenses up to an aggregate amount of $0.7 million;
|
•
|
calculating our NAV (including the cost and expenses of any independent valuation firm);
|
•
|
fees and expenses incurred by GC Advisors payable to third parties, including agents, consultants or other advisors, in monitoring financial and legal affairs for us and in monitoring our investments and performing due diligence on our prospective portfolio companies or otherwise relating to, or associated with, evaluating and making investments, which fees and expenses may include, among other items, due diligence reports, appraisal reports, any studies that may be commissioned by GC Advisors and travel and lodging expenses;
|
•
|
expenses related to unsuccessful portfolio acquisition efforts;
|
•
|
administration fees and expenses, if any, payable under the Administration Agreement (including payments based upon our allocable portion of the Administrator’s overhead in performing its obligations under the Administration Agreement, including rent and the allocable portion of the cost of our chief compliance officer, chief financial officer and their respective staffs);
|
•
|
fees payable to third parties, including agents, consultants or other advisors, relating to, or associated with, evaluating and making investments in portfolio companies, including costs associated with meeting financial sponsors;
|
•
|
transfer agent, dividend agent and custodial fees and expenses;
|
•
|
U.S. federal and state registration and franchise fees;
|
•
|
U.S. federal, state and local taxes;
|
•
|
independent directors’ fees and expenses;
|
•
|
costs of preparing and filing reports or other documents required by the SEC or other regulators;
|
•
|
costs of any reports, proxy statements or other notices to stockholders, including printing costs;
|
•
|
costs associated with individual or group stockholders;
|
•
|
costs associated with compliance under the Sarbanes-Oxley Act;
|
•
|
our allocable portion of any fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums;
|
•
|
direct costs and expenses of administration, including printing, mailing, long distance telephone, copying, secretarial and other staff, independent auditors and outside legal costs;
|
•
|
proxy voting expenses; and
|
•
|
all other expenses incurred by us or the Administrator in connection with administering our business.
|
Record Date
|
|
Payment Date
|
|
Amount Per Share
|
October 23, 2017
|
|
December 28, 2017
|
|
Net increase in net assets resulting from operations earned by the us (if positive) as determined in accordance with GAAP for the period October 1, 2017 through October 31, 2017 per share
|
November 24, 2017
|
|
December 28, 2017
|
|
Net increase in net assets resulting from operations earned by the us (if positive) as determined in accordance with GAAP for the period November 1, 2017 through November 30, 2017 per share
|
December 26, 2017
|
|
February 26, 2018
|
|
Net increase in net assets resulting from operations earned by the us (if positive) as determined in accordance with GAAP for the period December 1, 2017 through December 31, 2017 per share
|
January 23, 2018
|
|
February 26, 2018
|
|
Net increase in net assets resulting from operations earned by the us (if positive) as determined in accordance with GAAP for the period January 1, 2018 through January 31, 2018 per share
|
|
|
Date
|
|
Shares Issued
|
|
NAV ($) per share
|
|
Proceeds
(In thousands)
|
||||
Issuance of shares
|
|
12/1/2017
|
|
2,223,285.533
|
|
$
|
15.00
|
|
|
$
|
33,349
|
|
|
For the years ended September 30,
|
|
Variances
|
||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2017 vs. 2016
|
|
2016 vs. 2015
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Interest income
|
$
|
86,697
|
|
|
$
|
50,432
|
|
|
$
|
18,546
|
|
|
$
|
36,265
|
|
|
$
|
31,886
|
|
Income from accretion of discounts and origination fees
|
5,895
|
|
|
3,303
|
|
|
800
|
|
|
2,592
|
|
|
2,503
|
|
|||||
Interest and dividend income from investments in
GCIC SLF
(1)
|
4,682
|
|
|
3,023
|
|
|
—
|
|
|
1,659
|
|
|
3,023
|
|
|||||
Dividend income
|
158
|
|
|
67
|
|
|
—
|
|
|
91
|
|
|
67
|
|
|||||
Fee income
|
1,046
|
|
|
554
|
|
|
55
|
|
|
492
|
|
|
499
|
|
|||||
Total investment income
|
98,478
|
|
|
57,379
|
|
|
19,401
|
|
|
41,099
|
|
|
37,978
|
|
|||||
Net expenses
|
48,174
|
|
|
27,023
|
|
|
8,895
|
|
|
21,151
|
|
|
18,128
|
|
|||||
Net investment income
|
50,304
|
|
|
30,356
|
|
|
10,506
|
|
|
19,948
|
|
|
19,850
|
|
|||||
Net realized gain (loss) on investments
|
1,419
|
|
|
856
|
|
|
42
|
|
|
563
|
|
|
814
|
|
|||||
Net change in unrealized appreciation
(depreciation) on investments
|
3,158
|
|
|
5,855
|
|
|
2,479
|
|
|
(2,697
|
)
|
|
3,376
|
|
|||||
Net increase in net assets resulting from operations
|
$
|
54,881
|
|
|
$
|
37,067
|
|
|
$
|
13,027
|
|
|
$
|
17,814
|
|
|
$
|
24,040
|
|
Average earning debt investments, at fair value
(2)
|
$
|
1,136,286
|
|
|
$
|
695,078
|
|
|
$
|
358,092
|
|
|
$
|
441,208
|
|
|
$
|
336,986
|
|
Average investments in subordinated notes of GCIC SLF,
at fair value
|
8,609
|
|
|
32,022
|
|
|
—
|
|
|
(23,413
|
)
|
|
32,022
|
|
|||||
Average earning portfolio company investments,
at fair value
(3)
|
$
|
1,144,895
|
|
|
$
|
727,100
|
|
|
$
|
358,092
|
|
|
$
|
417,795
|
|
|
$
|
369,008
|
|
|
(1)
|
For the years ended
September 30, 2017
and 2016, the investments in GCIC SLF include our investments in both subordinated notes (prior to their redemption by GCIC SLF on December 30, 2016) and LLC equity interests in GCIC SLF.
|
(2)
|
For the year ended September 30, 2015, the averages are calculated from December 31, 2014, the date of the commencement of operations, through September 30, 2015.
|
(3)
|
Does not include our investment in LLC equity interests in GCIC SLF.
|
|
|
For the years ended September 30,
|
||||
|
|
2017
|
|
2016
|
|
2015
|
Senior secured
|
|
6.4%
|
|
6.2%
|
|
6.2%
|
One stop
|
|
7.9%
|
|
7.5%
|
|
7.5%
|
Subordinated debt
(1)
|
|
19.8%
|
|
19.8%
|
|
N/A
|
Subordinated notes in GCIC SLF
(2)
|
|
8.5%
|
|
8.4%
|
|
N/A
|
|
(1)
|
Represents one portfolio company investment.
|
(2)
|
GCIC SLF’s proceeds from the subordinated notes were utilized by GCIC SLF to invest in senior secured loans. GCIC SLF redeemed the outstanding balance on the subordinated notes on December 30, 2016.
|
|
|
For the years ended September 30,
|
|
Variances
|
||||||||||||||||
|
|
2017
|
|
2016
|
|
2015
|
|
2017 vs. 2016
|
|
2016 vs. 2015
|
||||||||||
|
|
(In thousands)
|
||||||||||||||||||
Interest and other debt financing expenses
|
|
$
|
19,389
|
|
|
$
|
9,642
|
|
|
$
|
3,211
|
|
|
$
|
9,747
|
|
|
$
|
6,431
|
|
Amortization of debt issuance costs
|
|
3,146
|
|
|
2,290
|
|
|
520
|
|
|
856
|
|
|
1,770
|
|
|||||
Base management fee, net waiver
|
|
12,127
|
|
|
7,415
|
|
|
2,778
|
|
|
4,712
|
|
|
4,637
|
|
|||||
Income Incentive Fee, net of waiver
|
|
8,891
|
|
|
4,912
|
|
|
1,239
|
|
|
3,979
|
|
|
3,673
|
|
|||||
Capital gain incentive fee accrued under GAAP
|
|
1,047
|
|
|
624
|
|
|
—
|
|
|
423
|
|
|
624
|
|
|||||
Professional fees
|
|
1,919
|
|
|
1,122
|
|
|
576
|
|
|
797
|
|
|
546
|
|
|||||
Administrative service fee
|
|
1,554
|
|
|
941
|
|
|
555
|
|
|
613
|
|
|
386
|
|
|||||
General and administrative expenses
|
|
101
|
|
|
77
|
|
|
16
|
|
|
24
|
|
|
61
|
|
|||||
Net expenses
|
|
$
|
48,174
|
|
|
$
|
27,023
|
|
|
$
|
8,895
|
|
|
$
|
21,151
|
|
|
$
|
18,128
|
|
Average debt outstanding
(1)
|
|
$
|
574,927
|
|
|
$
|
339,487
|
|
|
$
|
160,079
|
|
|
$
|
235,440
|
|
|
$
|
179,408
|
|
|
(1)
|
For the year ended September 30, 2015, the average debt outstanding is calculated from December 31, 2014, the date of the commencement of operations, through September 30, 2015.
|
|
|
For the years ended September 30,
|
|
Variances
|
||||||||||||||||
|
|
2017
|
|
2016
|
|
2015
|
|
2017 vs. 2016
|
|
2016 vs. 2015
|
||||||||||
|
|
(In thousands)
|
||||||||||||||||||
Net realized gain (loss) on investments
|
|
$
|
1,419
|
|
|
$
|
856
|
|
|
$
|
42
|
|
|
$
|
563
|
|
|
$
|
814
|
|
Net realized gain (loss)
|
|
1,419
|
|
|
856
|
|
|
42
|
|
|
563
|
|
|
814
|
|
|||||
Unrealized appreciation on investments
|
|
12,960
|
|
|
11,769
|
|
|
3,732
|
|
|
1,191
|
|
|
8,037
|
|
|||||
Unrealized (depreciation) on investments
|
|
(9,325
|
)
|
|
(6,695
|
)
|
|
(1,253
|
)
|
|
(2,630
|
)
|
|
(5,442
|
)
|
|||||
Unrealized appreciation on investments in GCIC SLF
(1)
|
|
—
|
|
|
781
|
|
|
—
|
|
|
(781
|
)
|
|
781
|
|
|||||
Unrealized (depreciation) on investments in GCIC SLF
(1)(2)
|
|
(477
|
)
|
|
—
|
|
|
—
|
|
|
(477
|
)
|
|
—
|
|
|||||
Net change in unrealized appreciation (depreciation) on
investments, investments in GCIC SLF
|
|
$
|
3,158
|
|
|
$
|
5,855
|
|
|
$
|
2,479
|
|
|
$
|
(2,697
|
)
|
|
$
|
3,376
|
|
|
(1)
|
Unrealized appreciation on investments in GCIC SLF includes our investment in LLC equity interests in GCIC SLF.
|
(2)
|
Unrealized (depreciation) on investments in GCIC SLF for the year ended September 30, 2016 includes our investment in subordinated notes and LLC equity interests in GCIC SLF.
|
|
For the years ended September 30,
|
|||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|||||||||||||||
|
(In thousands)
|
|
Percentage of
Commitments
|
|
(In thousands)
|
|
Percentage of
Commitments |
|
(In thousands)
|
|
Percentage of
Commitments
|
|||||||||
Senior secured
|
$
|
124,608
|
|
|
17.7
|
%
|
|
$
|
129,602
|
|
|
15.7
|
%
|
|
$
|
83,084
|
|
|
20.2
|
%
|
One stop
|
566,938
|
|
|
80.3
|
|
|
642,852
|
|
|
77.6
|
|
|
324,117
|
|
|
78.6
|
|
|||
Subordinated debt
|
11
|
|
|
0.0
|
*
|
|
39
|
|
|
0.0*
|
|
|
—
|
|
|
—
|
|
|||
Subordinated notes in GCIC SLF
(1)
|
—
|
|
|
—
|
|
|
34,917
|
|
|
4.2
|
|
|
—
|
|
|
—
|
|
|||
LLC equity interests in GCIC SLF
(1)
|
8,803
|
|
|
1.2
|
|
|
12,258
|
|
|
1.5
|
|
|
—
|
|
|
—
|
|
|||
Equity
|
5,665
|
|
|
0.8
|
|
|
8,478
|
|
|
1.0
|
|
|
5,007
|
|
|
1.2
|
|
|||
Total new investment commitments
|
$
|
706,025
|
|
|
100.0
|
%
|
|
$
|
828,146
|
|
|
100.0
|
%
|
|
$
|
412,208
|
|
|
100.0
|
%
|
|
(1)
|
GCIC SLF’s proceeds from the subordinated notes and LLC equity interests were utilized by GCIC SLF to invest in senior secured loans. As of
September 30, 2017
, GCIC SLF had investments in senior secured loans to
40
different borrowers.
|
|
As of and for the years ended September 30,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(Dollars in thousands)
|
||||||||||
Investments, at fair value
|
$
|
1,347,597
|
|
|
$
|
1,021,754
|
|
|
$
|
551,878
|
|
Number of portfolio companies (at period end)
(1)
|
167
|
|
|
158
|
|
|
141
|
|
|||
Investment in GCIC SLF, at fair value
(2)
|
$
|
50,104
|
|
|
$
|
47,956
|
|
|
$
|
—
|
|
New investment fundings
|
$
|
592,847
|
|
|
$
|
803,373
|
|
|
$
|
499,633
|
|
Principal payments and sales of portfolio investments
|
$
|
276,853
|
|
|
$
|
298,850
|
|
|
$
|
68,778
|
|
|
(1)
|
Excludes our investments in GCIC SLF.
|
(2)
|
As of September 30, 2016, the investment in GCIC SLF includes our investments in both subordinated notes and LLC equity interests in GCIC SLF.
|
|
As of September 30, 2017
(1)
|
|
As of September 30, 2016
(1)
|
||||||||||||||||||||
|
Principal
|
|
Amortized
Cost
|
|
Fair
Value
|
|
Principal
|
|
Amortized
Cost
|
|
Fair
Value
|
||||||||||||
|
(In thousands)
|
|
(In thousands)
|
||||||||||||||||||||
Senior secured:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Performing
|
$
|
167,646
|
|
|
$
|
165,642
|
|
|
$
|
165,620
|
|
|
$
|
113,576
|
|
|
$
|
112,122
|
|
|
$
|
112,994
|
|
One stop:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Performing
|
1,167,906
|
|
|
1,151,903
|
|
|
1,160,964
|
|
|
902,025
|
|
|
888,864
|
|
|
894,633
|
|
||||||
Non-accrual
(2)
|
1,101
|
|
|
1,076
|
|
|
311
|
|
|
53
|
|
|
28
|
|
|
16
|
|
||||||
Subordinated debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Performing
|
55
|
|
|
55
|
|
|
55
|
|
|
40
|
|
|
40
|
|
|
40
|
|
||||||
Subordinated notes in GCIC SLF
(3)(4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Performing
|
—
|
|
|
—
|
|
|
—
|
|
|
34,917
|
|
|
34,917
|
|
|
34,917
|
|
||||||
LLC equity interests in GCIC SLF
(3)(4)
|
N/A
|
|
|
49,800
|
|
|
50,104
|
|
|
N/A
|
|
|
12,258
|
|
|
13,039
|
|
||||||
Equity
|
N/A
|
|
|
17,733
|
|
|
20,647
|
|
|
N/A
|
|
|
13,147
|
|
|
14,071
|
|
||||||
Total
|
$
|
1,336,708
|
|
|
$
|
1,386,209
|
|
|
$
|
1,397,701
|
|
|
$
|
1,050,611
|
|
|
$
|
1,061,376
|
|
|
$
|
1,069,710
|
|
|
(1)
|
15 and 12 of our loans included a feature permitting a portion of the interest due on such loan to be PIK interest as of
September 30, 2017
and
September 30, 2016
, respectively.
|
(2)
|
We refer to a loan as non-accrual when we cease recognizing interest income on the loan because we have stopped pursuing repayment of the loan or, in certain circumstances, it is past due 90 days or more on principal and interest or our management has reasonable doubt that principal or interest will be collected. See “— Critical Accounting Policies — Revenue Recognition.”
|
(3)
|
On December 30, 2016, GCIC SLF issued a capital call in an aggregate amount of $39.9 million the proceeds of which were used to redeem in full the outstanding balance on the subordinated notes previously issued by GCIC SLF and terminate all remaining subordinated note commitments.
|
(4)
|
GCIC SLF's proceeds from the subordinated notes and LLC equity interests in GCIC SLF were utilized by GCIC SLF to invest in senior secured loans.
|
|
For the years ended September 30,
|
||||
|
2017
|
|
2016
|
|
2015
|
Weighted average rate of new investment fundings
(1)
|
7.2%
|
|
7.3%
|
|
6.8%
|
Weighted average spread over LIBOR of new floating rate investment fundings
(1)
|
6.0%
|
|
6.3%
|
|
5.8%
|
Weighted average rate of new fixed rate investment fundings
|
7.5%
|
|
10.7%
|
|
10.8%
|
Weighted average fees of new investment fundings
|
1.4%
|
|
1.7%
|
|
1.3%
|
Weighted average rate of sales and payoffs of portfolio investments
(1)
|
7.1%
|
|
6.4%
|
|
6.5%
|
Weighted average income yield
(2)(3)
|
7.7%
|
|
7.4%
|
|
6.9%
|
|
(1)
|
Excludes our subordinated note investment in GCIC SLF.
|
(2)
|
Represents income from interest, including our subordinated note investment in GCIC SLF, and fees excluding amortization of capitalized fees and discounts divided by the average fair value of earning debt investments and does not represent a return to any investor in us.
|
(3)
|
For the year ended
September 30, 2017
, weighted average annualized income yield does not reflect interest income from subordinated notes in GCIC SLF, which were redeemed on December 30, 2016.
|
|
As of September 30, 2017
|
|
As of September 30, 2016
|
||||||||||||
|
Committed
|
|
Funded
(1)
|
|
Committed
|
|
Funded
|
||||||||
|
(In thousands)
|
||||||||||||||
Subordinated note commitments
(2)(3)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
100,000
|
|
|
$
|
39,905
|
|
LLC equity commitments
(3)
|
125,000
|
|
|
56,914
|
|
|
25,000
|
|
|
14,009
|
|
||||
Total
|
$
|
125,000
|
|
|
$
|
56,914
|
|
|
$
|
125,000
|
|
|
$
|
53,914
|
|
|
(1)
|
Funded LLC equity commitments are presented net of return of capital distributions subject to recall.
|
(2)
|
The subordinated note commitments were terminated as of December 30, 2016.
|
(3)
|
Commitments presented are combined for us and Aurora.
|
|
As of September 30, 2017
|
|
As of September 30, 2016
|
||||
|
(Dollars in thousands)
|
||||||
Senior secured loans
(1)
|
$
|
162,815
|
|
|
$
|
146,481
|
|
Weighted average current interest rate on senior secured loans
(2)
|
6.4
|
%
|
|
6.0
|
%
|
||
Number of borrowers in GCIC SLF
|
40
|
|
|
41
|
|
||
Largest portfolio company investments
(1)
|
$
|
8,928
|
|
|
$
|
8,346
|
|
Total of five largest portfolio company investments
(1)
|
$
|
39,540
|
|
|
$
|
39,053
|
|
|
(1)
|
At principal amount.
|
(2)
|
Computed as the (a) annual stated interest rate on accruing senior secured loans divided by (b) total senior secured loans at principal amount.
|
GCIC SLF Investment Portfolio as of September 30, 2017
|
|||||||||||||||||
Portfolio Company
|
|
Business Description
|
|
Security Type
|
|
Maturity
Date
|
|
Current
Interest
Rate
(1)
|
|
Principal ($)
|
|
Fair
Value
(2)
|
|||||
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
|||||||
1A Smart Start LLC
|
|
Home and Office Furnishings, Housewares, and Durable Consumer
|
|
Senior loan
|
|
02/2022
|
|
6.1
|
%
|
|
$
|
1,351
|
|
|
$
|
1,358
|
|
1A Smart Start LLC
|
|
Home and Office Furnishings, Housewares, and Durable Consumer
|
|
Senior loan
|
|
02/2022
|
|
5.8
|
|
|
599
|
|
|
599
|
|
||
Argon Medical Devices, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
12/2021
|
|
6.0
|
|
|
2,816
|
|
|
2,816
|
|
||
Boot Barn, Inc.
|
|
Retail Stores
|
|
Senior loan
|
|
06/2021
|
|
5.8
|
|
|
5,285
|
|
|
5,285
|
|
||
Brandmuscle, Inc.
|
|
Printing and Publishing
|
|
Senior loan
|
|
12/2021
|
|
6.1
|
|
|
4,172
|
|
|
4,167
|
|
||
CLP Healthcare Services, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
12/2020
|
|
6.6
|
|
|
2,049
|
|
|
2,008
|
|
||
CLP Healthcare Services, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
12/2020
|
|
6.6
|
|
|
1,033
|
|
|
1,012
|
|
||
Community Veterinary Partners, LLC
|
|
Personal, Food and Miscellaneous Services
|
|
Senior loan
|
|
10/2021
|
|
6.8
|
|
|
2,095
|
|
|
2,095
|
|
||
Community Veterinary Partners, LLC
|
|
Personal, Food and Miscellaneous Services
|
|
Senior loan
|
|
10/2021
|
|
6.8
|
|
|
1,053
|
|
|
1,053
|
|
||
Community Veterinary Partners, LLC
|
|
Personal, Food and Miscellaneous Services
|
|
Senior loan
|
|
10/2021
|
|
6.8
|
|
|
59
|
|
|
59
|
|
||
Community Veterinary Partners, LLC
|
|
Personal, Food and Miscellaneous Services
|
|
Senior loan
|
|
10/2021
|
|
6.8
|
|
|
41
|
|
|
41
|
|
||
Curo Health Services LLC
(3)
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
02/2022
|
|
5.3
|
|
|
4,875
|
|
|
4,890
|
|
||
Elite Sportswear, L.P.
|
|
Retail Stores
|
|
Senior loan
|
|
03/2020
|
|
6.6
|
|
|
3,093
|
|
|
3,100
|
|
||
Elite Sportswear, L.P.
|
|
Retail Stores
|
|
Senior loan
|
|
03/2020
|
|
6.3
|
|
|
1,244
|
|
|
1,239
|
|
||
Elite Sportswear, L.P.
|
|
Retail Stores
|
|
Senior loan
|
|
03/2020
|
|
6.6
|
|
|
640
|
|
|
641
|
|
||
Elite Sportswear, L.P.
|
|
Retail Stores
|
|
Senior loan
|
|
03/2020
|
|
6.6
|
|
|
218
|
|
|
218
|
|
||
Elite Sportswear, L.P.
|
|
Retail Stores
|
|
Senior loan
|
|
03/2020
|
|
6.6
|
|
|
97
|
|
|
97
|
|
||
Elite Sportswear, L.P.
|
|
Retail Stores
|
|
Senior loan
|
|
03/2020
|
|
6.5
|
|
|
93
|
|
|
93
|
|
||
Elite Sportswear, L.P.
(4)
|
|
Retail Stores
|
|
Senior loan
|
|
03/2020
|
|
N/A
(5)
|
|
|
—
|
|
|
(2
|
)
|
||
Encore GC Acquisition, LLC
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
01/2020
|
|
6.8
|
|
|
2,108
|
|
|
2,108
|
|
||
Flexan, LLC
|
|
Chemicals, Plastics and Rubber
|
|
Senior loan
|
|
02/2020
|
|
7.1
|
|
|
2,690
|
|
|
2,690
|
|
||
Flexan, LLC
|
|
Chemicals, Plastics and Rubber
|
|
Senior loan
|
|
02/2020
|
|
7.1
|
|
|
752
|
|
|
752
|
|
||
Flexan, LLC
(3)
|
|
Chemicals, Plastics and Rubber
|
|
Senior loan
|
|
02/2020
|
|
8.8
|
|
|
21
|
|
|
21
|
|
||
Gamma Technologies, LLC
(3)
|
|
Electronics
|
|
Senior loan
|
|
06/2021
|
|
6.0
|
|
|
4,411
|
|
|
4,411
|
|
||
Harvey Tool Company, LLC
|
|
Diversified/Conglomerate Manufacturing
|
|
Senior loan
|
|
03/2020
|
|
6.1
|
|
|
1,976
|
|
|
1,976
|
|
||
III US Holdings, LLC
|
|
Diversified/Conglomerate Service
|
|
Senior loan
|
|
09/2022
|
|
7.9
|
|
|
5,002
|
|
|
5,002
|
|
||
Jensen Hughes, Inc.
|
|
Buildings and Real Estate
|
|
Senior loan
|
|
12/2021
|
|
6.3
|
|
|
1,973
|
|
|
1,973
|
|
||
Jensen Hughes, Inc.
|
|
Buildings and Real Estate
|
|
Senior loan
|
|
12/2021
|
|
6.4
|
|
|
87
|
|
|
87
|
|
||
Jensen Hughes, Inc.
|
|
Buildings and Real Estate
|
|
Senior loan
|
|
12/2021
|
|
6.4
|
|
|
55
|
|
|
55
|
|
||
Loar Group Inc.
|
|
Aerospace and Defense
|
|
Senior loan
|
|
01/2022
|
|
6.0
|
|
|
1,939
|
|
|
1,939
|
|
||
Loar Group Inc.
|
|
Aerospace and Defense
|
|
Senior loan
|
|
01/2022
|
|
6.0
|
|
|
1,337
|
|
|
1,337
|
|
||
Mills Fleet Farm Group LLC
(3)
|
|
Retail Stores
|
|
Senior loan
|
|
02/2022
|
|
6.7
|
|
|
6,000
|
|
|
6,000
|
|
||
Park Place Technologies LLC
(3)
|
|
Electronics
|
|
Senior loan
|
|
06/2022
|
|
6.3
|
|
|
5,996
|
|
|
5,936
|
|
||
Pasternack Enterprises, Inc. and Fairview Microwave, Inc
|
|
Diversified/Conglomerate Manufacturing
|
|
Senior loan
|
|
05/2022
|
|
6.2
|
|
|
5,013
|
|
|
5,013
|
|
||
Polk Acquisition Corp.
(3)
|
|
Automobile
|
|
Senior loan
|
|
06/2022
|
|
6.2
|
|
|
8,297
|
|
|
8,131
|
|
||
Polk Acquisition Corp.
|
|
Automobile
|
|
Senior loan
|
|
06/2022
|
|
6.7
|
|
|
83
|
|
|
81
|
|
||
Polk Acquisition Corp.
|
|
Automobile
|
|
Senior loan
|
|
06/2022
|
|
6.2
|
|
|
53
|
|
|
52
|
|
||
PowerPlan Holdings, Inc.
(3)
|
|
Utilities
|
|
Senior loan
|
|
02/2022
|
|
6.5
|
|
|
7,126
|
|
|
7,126
|
|
||
Premise Health Holding Corp.
(3)
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
06/2020
|
|
5.8
|
|
|
5,925
|
|
|
5,925
|
|
||
Pyramid Healthcare, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
08/2019
|
|
7.7
|
|
|
2,346
|
|
|
2,346
|
|
||
Pyramid Healthcare, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
08/2019
|
|
7.9
|
|
|
144
|
|
|
144
|
|
||
Radiology Partners, Inc.
(3)
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
09/2020
|
|
7.1
|
|
|
7,095
|
|
|
7,095
|
|
||
Radiology Partners, Inc.
(3)
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
09/2020
|
|
7.1
|
|
|
542
|
|
|
542
|
|
||
Radiology Partners, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
09/2020
|
|
7.1
|
|
|
460
|
|
|
460
|
|
||
RSC Acquisition, Inc.
(3)
|
|
Insurance
|
|
Senior loan
|
|
11/2022
|
|
6.6
|
|
|
3,323
|
|
|
3,323
|
|
||
RSC Acquisition, Inc.
|
|
Insurance
|
|
|
|
11/2020
|
|
6.1
|
|
|
15
|
|
|
15
|
|
||
Rubio's Restaurants, Inc (MRCC)
|
|
Beverage, Food and Tobacco
|
|
Senior loan
|
|
11/2018
|
|
6.1
|
|
|
1,676
|
|
|
1,676
|
|
||
Rug Doctor LLC
|
|
Personal and Non Durable Consumer Products (Mfg. Only)
|
|
Senior loan
|
|
06/2018
|
|
6.6
|
|
|
1,501
|
|
|
1,501
|
|
GCIC SLF Investment Portfolio as of September 30, 2017 - (continued)
|
|||||||||||||||||
Portfolio Company
|
|
Business Description
|
|
Security Type
|
|
Maturity
Date
|
|
Current
Interest
Rate
(1)
|
|
Principal ($)
|
|
Fair
Value
(2)
|
|||||
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
|||||||
Saldon Holdings, Inc.
(3)
|
|
Diversified/Conglomerate Service
|
|
Senior loan
|
|
09/2022
|
|
5.8
|
%
|
|
2,028
|
|
|
2,003
|
|
||
Sarnova HC, LLC
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
01/2022
|
|
6.0
|
|
|
3,301
|
|
|
3,301
|
|
||
SEI, Inc.
(3)
|
|
Electronics
|
|
Senior loan
|
|
07/2021
|
|
6.0
|
|
|
5,217
|
|
|
5,217
|
|
||
Self Esteem Brands, LLC
(3)
|
|
Leisure, Amusement, Motion Pictures, Entertainment
|
|
Senior loan
|
|
02/2020
|
|
6.0
|
|
|
6,443
|
|
|
6,443
|
|
||
Severin Acquisition, LLC
(3)
|
|
Diversified/Conglomerate Service
|
|
Senior loan
|
|
07/2021
|
|
6.1
|
|
|
7,848
|
|
|
7,844
|
|
||
Severin Acquisition, LLC
|
|
Diversified/Conglomerate Service
|
|
Senior loan
|
|
07/2021
|
|
6.2
|
|
|
1,079
|
|
|
1,083
|
|
||
Smashburger Finance LLC
|
|
Beverage, Food and Tobacco
|
|
Senior loan
|
|
05/2018
|
|
6.8
|
|
|
5,291
|
|
|
4,603
|
|
||
Smashburger Finance LLC
|
|
Beverage, Food and Tobacco
|
|
Senior loan
|
|
05/2018
|
|
6.8
|
|
|
418
|
|
|
364
|
|
||
Smashburger Finance LLC
|
|
Beverage, Food and Tobacco
|
|
Senior loan
|
|
05/2018
|
|
6.8
|
|
|
417
|
|
|
363
|
|
||
Smashburger Finance LLC
|
|
Beverage, Food and Tobacco
|
|
Senior loan
|
|
05/2018
|
|
6.8
|
|
|
416
|
|
|
362
|
|
||
Smashburger Finance LLC
|
|
Beverage, Food and Tobacco
|
|
Senior loan
|
|
05/2018
|
|
6.8
|
|
|
415
|
|
|
361
|
|
||
Smashburger Finance LLC
(4)
|
|
Beverage, Food and Tobacco
|
|
Senior loan
|
|
05/2018
|
|
N/A
(5)
|
|
|
—
|
|
|
(90
|
)
|
||
Tate's Bake Shop, Inc.
(3)
|
|
Beverage, Food and Tobacco
|
|
Senior loan
|
|
08/2019
|
|
6.3
|
|
|
705
|
|
|
705
|
|
||
Teasdale Quality Foods, Inc.
|
|
Grocery
|
|
Senior loan
|
|
10/2020
|
|
5.5
|
|
|
1,097
|
|
|
1,097
|
|
||
Teasdale Quality Foods, Inc.
|
|
Grocery
|
|
Senior loan
|
|
10/2020
|
|
6.1
|
|
|
859
|
|
|
859
|
|
||
Teasdale Quality Foods, Inc.
|
|
Grocery
|
|
Senior loan
|
|
10/2020
|
|
6.1
|
|
|
165
|
|
|
165
|
|
||
Teasdale Quality Foods, Inc.
|
|
Grocery
|
|
Senior loan
|
|
10/2020
|
|
6.1
|
|
|
61
|
|
|
61
|
|
||
Transaction Data Systems, Inc.
|
|
Diversified/Conglomerate Service
|
|
Senior loan
|
|
06/2021
|
|
6.6
|
|
|
3,892
|
|
|
3,892
|
|
||
Transaction Data Systems, Inc.
|
|
Diversified/Conglomerate Service
|
|
Senior loan
|
|
06/2020
|
|
5.8
|
|
|
22
|
|
|
21
|
|
||
Vendor Credentialing Service LLC
(3)
|
|
Diversified/Conglomerate Service
|
|
Senior loan
|
|
11/2021
|
|
7.2
|
|
|
5,985
|
|
|
5,985
|
|
||
WHCG Management, LLC (Women's Health)
(3)
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
03/2023
|
|
6.1
|
|
|
2,202
|
|
|
2,202
|
|
||
WIRB-Copernicus Group, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
08/2022
|
|
6.3
|
|
|
5,421
|
|
|
5,421
|
|
||
Young Innovations, Inc.
(3)
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
01/2019
|
|
6.3
|
|
|
751
|
|
|
751
|
|
||
Young Innovations, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
01/2019
|
|
6.3
|
|
|
23
|
|
|
23
|
|
||
|
|
|
|
|
|
|
|
|
|
$
|
162,815
|
|
|
$
|
161,522
|
|
|
(1)
|
Represents the weighted average annual current interest rate as of
September 30, 2017
. All interest rates are payable in cash.
|
(2)
|
Represents the fair value in accordance with ASC Topic 820. The determination of such fair value is not included in our board of directors' valuation process described elsewhere herein.
|
(3)
|
We also hold a portion of the first lien senior secured loan in this portfolio company.
|
(4)
|
The negative fair value is the result of the unfunded commitment being valued below par.
|
(5)
|
The entire commitment was unfunded as of
September 30, 2017
. As such, no interest is being earned on this investment.
|
GCIC SLF Loan Portfolio as of September 30, 2016
|
|||||||||||||||||
Portfolio Company
|
|
Business Description
|
|
Security Type
|
|
Maturity
Date
|
|
Current
Interest
Rate
(1)
|
|
Principal ($)
|
|
Fair
Value
(2)
|
|||||
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
|||||||
1A Smart Start LLC
|
|
Home and Office Furnishings, Housewares, and Durable Consumer
|
|
Senior loan
|
|
02/2022
|
|
5.8
|
%
|
|
$
|
1,365
|
|
|
$
|
1,361
|
|
Aimbridge Hospitality, LLC
|
|
Hotels, Motels, Inns, and Gaming
|
|
Senior loan
|
|
10/2018
|
|
5.8
|
|
|
2,431
|
|
|
2,431
|
|
||
American Seafoods Group LLC
|
|
Beverage, Food and Tobacco
|
|
Senior loan
|
|
08/2021
|
|
6.0
|
|
|
3,108
|
|
|
3,100
|
|
||
Argon Medical Devices, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
12/2021
|
|
5.8
|
|
|
3,444
|
|
|
3,444
|
|
||
Boot Barn, Inc.
|
|
Retail Stores
|
|
Senior loan
|
|
06/2021
|
|
5.5
|
|
|
5,596
|
|
|
5,596
|
|
||
Brandmuscle, Inc.
|
|
Printing and Publishing
|
|
Senior loan
|
|
12/2021
|
|
5.8
|
|
|
4,255
|
|
|
4,246
|
|
||
C.B. Fleet Company, Incorporated
|
|
Personal and Non Durable Consumer Products
|
|
Senior loan
|
|
12/2021
|
|
5.8
|
|
|
8,346
|
|
|
8,346
|
|
||
Checkers Drive-In Restaurants, Inc.
|
|
Beverage, Food and Tobacco
|
|
Senior loan
|
|
01/2022
|
|
6.5
|
|
|
3,945
|
|
|
3,915
|
|
||
CLP Healthcare Services, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
12/2020
|
|
6.3
|
|
|
1,043
|
|
|
1,043
|
|
||
CLP Healthcare Services, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
12/2020
|
|
6.3
|
|
|
2,070
|
|
|
2,070
|
|
||
Community Veterinary Partners, LLC
|
|
Personal, Food and Miscellaneous Services
|
|
Senior loan
|
|
10/2021
|
|
6.5
|
|
|
1,064
|
|
|
1,059
|
|
||
Community Veterinary Partners, LLC
|
|
Personal, Food and Miscellaneous Services
|
|
Senior loan
|
|
10/2021
|
|
6.5
|
|
|
2,117
|
|
|
2,106
|
|
||
Curo Health Services LLC
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
02/2022
|
|
6.5
|
|
|
4,925
|
|
|
4,940
|
|
||
Encore GC Acquisition, LLC
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
01/2020
|
|
7.8
|
|
|
73
|
|
|
73
|
|
||
Encore GC Acquisition, LLC
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
01/2020
|
|
6.3
|
|
|
2,130
|
|
|
2,130
|
|
||
Express Oil Change, LLC
|
|
Retail Stores
|
|
Senior loan
|
|
12/2017
|
|
6.0
|
|
|
340
|
|
|
340
|
|
||
Flexan, LLC
|
|
Chemicals, Plastics and Rubber
|
|
Senior loan
|
|
02/2020
|
|
6.3
|
|
|
2,718
|
|
|
2,718
|
|
||
Harvey Tool Company, LLC
|
|
Diversified/Conglomerate Manufacturing
|
|
Senior loan
|
|
03/2020
|
|
6.0
|
|
|
2,005
|
|
|
2,005
|
|
||
Jensen Hughes, Inc.
|
|
Diversified/Conglomerate Service
|
|
Senior loan
|
|
12/2021
|
|
6.2
|
|
|
56
|
|
|
56
|
|
||
Jensen Hughes, Inc.
|
|
Diversified/Conglomerate Service
|
|
Senior loan
|
|
12/2021
|
|
6.0
|
|
|
89
|
|
|
89
|
|
||
Jensen Hughes, Inc.
|
|
Diversified/Conglomerate Service
|
|
Senior loan
|
|
12/2021
|
|
6.3
|
|
|
2,014
|
|
|
2,014
|
|
||
Loar Group Inc.
|
|
Aerospace and Defense
|
|
Senior loan
|
|
01/2022
|
|
5.8
|
|
|
2,000
|
|
|
2,000
|
|
||
Mediaocean LLC
|
|
Diversified/Conglomerate Service
|
|
Senior loan
|
|
08/2022
|
|
5.8
|
|
|
2,025
|
|
|
2,025
|
|
||
Pasternack Enterprises, Inc. and Fairview Microwave, Inc
(3)
|
|
Diversified/Conglomerate Manufacturing
|
|
Senior loan
|
|
05/2022
|
|
6.0
|
|
|
1,530
|
|
|
1,515
|
|
||
Pentec Acquisition Sub, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
05/2018
|
|
6.3
|
|
|
438
|
|
|
438
|
|
||
PetVet Care Centers LLC
|
|
Personal, Food and Miscellaneous Services
|
|
Senior loan
|
|
12/2020
|
|
5.8
|
|
|
605
|
|
|
605
|
|
||
PetVet Care Centers LLC
|
|
Personal, Food and Miscellaneous Services
|
|
Senior loan
|
|
12/2020
|
|
5.8
|
|
|
2,911
|
|
|
2,911
|
|
||
PowerPlan Holdings, Inc.
(3)
|
|
Utilities
|
|
Senior loan
|
|
02/2022
|
|
5.8
|
|
|
7,521
|
|
|
7,521
|
|
||
PPT Management, LLC
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
04/2020
|
|
6.0
|
|
|
10
|
|
|
10
|
|
||
PPT Management, LLC
(3)
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
04/2020
|
|
6.0
|
|
|
6,293
|
|
|
6,293
|
|
||
Premise Health Holding Corp.
(3)
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
06/2020
|
|
5.5
|
|
|
5,985
|
|
|
5,985
|
|
||
Pyramid Healthcare, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
08/2019
|
|
7.8
|
|
|
90
|
|
|
90
|
|
||
Pyramid Healthcare, Inc.
(3)
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
08/2019
|
|
6.8
|
|
|
2,012
|
|
|
2,012
|
|
||
Radiology Partners, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
09/2020
|
|
6.5
|
|
|
465
|
|
|
460
|
|
||
Radiology Partners, Inc.
(3)
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
09/2020
|
|
6.5
|
|
|
728
|
|
|
722
|
|
||
Radiology Partners, Inc.
(3)
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
09/2020
|
|
6.5
|
|
|
6,438
|
|
|
6,373
|
|
||
Radiology Partners, Inc.
(4)
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
09/2020
|
|
N/A
(5)
|
|
|
—
|
|
|
(5
|
)
|
||
Radiology Partners, Inc.
(4)
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
09/2020
|
|
N/A
(5)
|
|
|
—
|
|
|
(3
|
)
|
||
RSC Acquisition, Inc.
|
|
Insurance
|
|
Senior loan
|
|
11/2020
|
|
6.8
|
|
|
33
|
|
|
33
|
|
||
RSC Acquisition, Inc.
(3)
|
|
Insurance
|
|
Senior loan
|
|
11/2022
|
|
6.3
|
|
|
148
|
|
|
148
|
|
||
RSC Acquisition, Inc.
(3)
|
|
Insurance
|
|
Senior loan
|
|
11/2022
|
|
6.3
|
|
|
3,209
|
|
|
3,209
|
|
||
Rubio's Restaurants, Inc
|
|
Beverage, Food and Tobacco
|
|
Senior loan
|
|
11/2018
|
|
6.0
|
|
|
1,693
|
|
|
1,693
|
|
||
Rug Doctor LLC
|
|
Personal and Non Durable Consumer Products
|
|
Senior loan
|
|
06/2018
|
|
6.3
|
|
|
2,016
|
|
|
2,016
|
|
||
Saldon Holdings, Inc.
|
|
Diversified/Conglomerate Service
|
|
Senior loan
|
|
09/2021
|
|
5.5
|
|
|
2,186
|
|
|
2,186
|
|
GCIC SLF Loan Portfolio as of September 30, 2016 - (continued)
|
|||||||||||||||||
Portfolio Company
|
|
Business Description
|
|
Security Type
|
|
Maturity
Date
|
|
Current
Interest
Rate
(1)
|
|
Principal ($)
|
|
Fair
Value
(2)
|
|||||
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
|||||||
Sarnova HC, LLC
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
01/2022
|
|
5.8
|
%
|
|
$
|
3,334
|
|
|
$
|
3,334
|
|
SEI, Inc.
|
|
Electronics
|
|
Senior loan
|
|
07/2021
|
|
5.8
|
|
|
5,270
|
|
|
5,270
|
|
||
Self Esteem Brands, LLC
|
|
Leisure, Amusement, Motion Pictures and Entertainment
|
|
Senior loan
|
|
02/2020
|
|
5.0
|
|
|
5,106
|
|
|
5,106
|
|
||
Severin Acquisition, LLC
(3)
|
|
Diversified/Conglomerate Service
|
|
Senior loan
|
|
07/2021
|
|
5.9
|
|
|
7,928
|
|
|
7,890
|
|
||
Smashburger Finance LLC
|
|
Beverage, Food and Tobacco
|
|
Senior loan
|
|
05/2018
|
|
6.8
|
|
|
455
|
|
|
445
|
|
||
Smashburger Finance LLC
|
|
Beverage, Food and Tobacco
|
|
Senior loan
|
|
05/2018
|
|
6.8
|
|
|
456
|
|
|
447
|
|
||
Smashburger Finance LLC
|
|
Beverage, Food and Tobacco
|
|
Senior loan
|
|
05/2018
|
|
6.8
|
|
|
457
|
|
|
448
|
|
||
Smashburger Finance LLC
|
|
Beverage, Food and Tobacco
|
|
Senior loan
|
|
05/2018
|
|
6.8
|
|
|
458
|
|
|
449
|
|
||
Smashburger Finance LLC
|
|
Beverage, Food and Tobacco
|
|
Senior loan
|
|
05/2018
|
|
6.8
|
|
|
5,800
|
|
|
5,685
|
|
||
Smashburger Finance LLC
(4)
|
|
Beverage, Food and Tobacco
|
|
Senior loan
|
|
05/2018
|
|
N/A
(5)
|
|
|
—
|
|
|
(14
|
)
|
||
Tate's Bake Shop, Inc.
(3)
|
|
Beverage, Food and Tobacco
|
|
Senior loan
|
|
08/2019
|
|
6.0
|
|
|
712
|
|
|
712
|
|
||
Teasdale Quality Foods, Inc.
|
|
Grocery
|
|
Senior loan
|
|
10/2020
|
|
5.3
|
|
|
1,104
|
|
|
1,100
|
|
||
Transaction Data Systems, Inc.
|
|
Diversified/Conglomerate Service
|
|
Senior loan
|
|
06/2020
|
|
5.5
|
|
|
9
|
|
|
8
|
|
||
Transaction Data Systems, Inc.
|
|
Diversified/Conglomerate Service
|
|
Senior loan
|
|
06/2021
|
|
6.3
|
|
|
2,763
|
|
|
2,763
|
|
||
Worldwide Express Operations, LLC
|
|
Cargo Transport
|
|
Senior loan
|
|
07/2019
|
|
6.0
|
|
|
100
|
|
|
100
|
|
||
Worldwide Express Operations, LLC
(3)
|
|
Cargo Transport
|
|
Senior loan
|
|
07/2019
|
|
6.0
|
|
|
5,963
|
|
|
5,963
|
|
||
Young Innovations, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
01/2018
|
|
6.8
|
|
|
10
|
|
|
10
|
|
||
Young Innovations, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
01/2019
|
|
5.3
|
|
|
354
|
|
|
356
|
|
||
Zest Holdings, LLC
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
08/2020
|
|
5.8
|
|
|
4,732
|
|
|
4,732
|
|
||
|
|
|
|
|
|
|
|
|
|
$
|
146,481
|
|
|
$
|
146,123
|
|
|
(1)
|
Represents the weighted average annual current interest rate as of September 30, 2016. All interest rates are payable in cash.
|
(2)
|
Represents the fair value in accordance with ASC Topic 820. The determination of such fair value is not included in our board of directors' valuation process described elsewhere herein.
|
(3)
|
We also hold a portion of the first lien senior secured loan in this portfolio company.
|
(4)
|
The negative fair value is the result of the unfunded commitment being valued below par.
|
(5)
|
The entire commitment was unfunded as of September 30, 2016. As such, no interest is being earned on this investment.
|
|
As of September 30, 2017
|
|
As of September 30, 2016
|
||||
|
(In thousands)
|
||||||
Selected Balance Sheet Information:
|
|
|
|
|
|
||
Investments, at fair value
|
$
|
161,522
|
|
|
$
|
146,123
|
|
Cash and other assets
|
3,029
|
|
|
3,344
|
|
||
Total assets
|
$
|
164,551
|
|
|
$
|
149,467
|
|
Senior credit facility
|
$
|
108,150
|
|
|
$
|
95,500
|
|
Unamortized debt issuance costs
|
(1,199
|
)
|
|
(1,122
|
)
|
||
Other liabilities
|
338
|
|
|
282
|
|
||
Total liabilities
|
107,289
|
|
|
94,660
|
|
||
Subordinated notes and members’ equity
|
57,262
|
|
|
54,807
|
|
||
Total liabilities and members' equity
|
$
|
164,551
|
|
|
$
|
149,467
|
|
|
For the years ended September 30,
|
||||||
|
2017
|
|
2016
|
||||
|
(In thousands)
|
||||||
Selected Statement of Operations Information:
|
|
|
|
|
|
||
Interest income
|
$
|
9,905
|
|
|
$
|
6,764
|
|
Fee income
|
—
|
|
|
50
|
|
||
Total investment income
|
9,905
|
|
|
6,814
|
|
||
Interest expense
|
4,580
|
|
|
5,555
|
|
||
Administrative service fee
|
218
|
|
|
162
|
|
||
Other expenses
|
97
|
|
|
84
|
|
||
Total expenses
|
4,895
|
|
|
5,801
|
|
||
Net investment income (loss)
|
5,010
|
|
|
1,013
|
|
||
Net change in unrealized appreciation (depreciation) on investments and subordinated notes
|
(1,042
|
)
|
|
260
|
|
||
Net increase (decrease) in members' equity
|
$
|
3,968
|
|
|
$
|
1,273
|
|
|
Payments Due by Period (In millions)
|
||||||||||||||||||
|
Total
|
|
Less Than
1 Year
|
|
1 – 3 Years
|
|
3 – 5 Years
|
|
More Than
5 Years
|
||||||||||
GCIC 2016 Debt Securitization
|
$
|
252.5
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
252.5
|
|
Credit Facility
|
342.7
|
|
|
—
|
|
|
342.7
|
|
|
—
|
|
|
—
|
|
|||||
SMBC Revolver
|
75.0
|
|
|
75.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Revolver
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Unfunded commitments
(1)
|
133.6
|
|
|
133.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total contractual obligations
|
$
|
803.8
|
|
|
$
|
208.6
|
|
|
$
|
342.7
|
|
|
$
|
—
|
|
|
$
|
252.5
|
|
|
(1)
|
Unfunded commitments represent unfunded commitments to fund investments, excluding our investments in GCIC SLF, as of
September 30, 2017
. These amounts may or may not be funded to the borrowing party now or in the future. The unfunded commitments relate to loans with various maturity dates, but we are showing this amount in the less than one year category as this entire amount was eligible for funding to the borrowers as of
September 30, 2017
, subject to the terms of each loan’s respective credit agreement.
|
•
|
We entered into the Investment Advisory Agreement with GC Advisors. Each of Mr. Lawrence Golub, our chairman, and Mr. David Golub, our president and chief executive officer, is a manager of GC Advisors, and each of Messrs. Lawrence Golub and David Golub owns an indirect pecuniary interest in GC Advisors.
|
•
|
Golub Capital LLC provides us with the office facilities and administrative services necessary to conduct day-to-day operations pursuant to our Administration Agreement.
|
•
|
We have entered into a license agreement with Golub Capital LLC, pursuant to which Golub Capital LLC has granted us a non-exclusive, royalty-free license to use the name “Golub Capital.”
|
•
|
GC Advisors serves as collateral manager to the GCIC 2016 Issuer under the 2016 GCIC Collateral Management Agreement and receives a fee for providing these services that is offset against the base management fee payable by us under the Investment Advisory Agreement.
|
•
|
Under the Staffing Agreement, Golub Capital LLC has agreed to provide GC Advisors with the resources necessary to fulfill its obligations under the Investment Advisory Agreement. The Staffing Agreement provides that Golub Capital LLC will make available to GC Advisors experienced investment professionals and provide access to the senior investment personnel of Golub Capital LLC for purposes of evaluating, negotiating, structuring, closing and monitoring our investments. The Staffing Agreement also includes a commitment that the members of GC Advisors’ investment committee will serve in such capacity. Services under the Staffing Agreement are provided on a direct cost reimbursement basis.
|
•
|
We have entered into the Revolver with GC Advisors in order to have the ability to borrow funds on a short-term basis.
|
•
|
Immediately prior to our election to be regulated as a business development company, we acquired our initial portfolio of investments by purchasing (1) all of the outstanding equity interests of GCIC Holdings LLC, or GCIC Holdings, and GCIC Funding, from GEMS Fund, L.P., a Delaware limited partnership whose general partner is controlled by GC Advisors, and (2) loans from certain unaffiliated third-party investors. At the time of our acquisition of their respective equity interests, the only assets (other than certain cash and cash equivalents) of GCIC Funding and GCIC Holdings were senior secured and one stop loans to U.S. middle-market companies consistent with our investment objectives and strategies. Each of the loans acquired in our formation transactions had been underwritten by GC Advisors at the time of origination or acquisition using the same criteria and standards as GC Advisors uses in connection with the origination or acquisition of loans for us.
|
•
|
Our quarterly valuation process begins with each portfolio company investment being initially valued by the investment professionals of GC Advisors responsible for credit monitoring.
|
•
|
Preliminary valuation conclusions are then documented and discussed with our senior management and GC Advisors.
|
•
|
The audit committee of our board of directors reviews these preliminary valuations.
|
•
|
At least once annually, the valuation for each portfolio investment is reviewed by an independent valuation firm.
|
•
|
The board of directors discusses valuations and determines the fair value of each investment in our portfolio in good faith.
|
•
|
The net asset value of our common stock disclosed in the most recent periodic report filed with the SEC;
|
•
|
Its assessment of whether any change in the net asset value per share of our common stock has occurred (including through the realization of gains on the sale of portfolio securities) during the period beginning on the date of the most recently disclosed net asset value per share of our common stock and ending two days prior to the date of the sale; and
|
•
|
The magnitude of the difference between the sale price of the shares of common stock and management’s assessment of any change in the net asset value per share of our common stock during the period discussed above.
|
Change in interest rates
|
|
Increase (decrease) in
interest income
|
|
Increase (decrease) in
interest expense
|
|
Net increase
(decrease) in
investment income
|
||||||
|
|
(In thousands)
|
||||||||||
Down 25 basis points
|
|
$
|
(3,290
|
)
|
|
$
|
(1,676
|
)
|
|
$
|
(1,614
|
)
|
Up 50 basis points
|
|
6,658
|
|
|
3,351
|
|
|
3,307
|
|
|||
Up 100 basis points
|
|
13,316
|
|
|
6,702
|
|
|
6,614
|
|
|||
Up 150 basis points
|
|
19,974
|
|
|
10,053
|
|
|
9,921
|
|
|||
Up 200 basis points
|
|
26,633
|
|
|
13,404
|
|
|
13,229
|
|
|
|
|
September 30, 2017
|
|
September 30, 2016
|
||||
Assets
|
|
|
|
|
|
||
Investments, at fair value
|
|
|
|
|
|
||
Non-controlled/non-affiliate company investments
|
$
|
1,347,597
|
|
|
$
|
1,021,754
|
|
Controlled affiliate company investments
|
50,104
|
|
|
47,956
|
|
||
Total investments at fair value (amortized cost of $1,386,209 and $1,061,376, respectively)
|
1,397,701
|
|
|
1,069,710
|
|
||
Cash and cash equivalents
|
22,859
|
|
|
4,675
|
|
||
Restricted cash and cash equivalents
|
28,272
|
|
|
71,056
|
|
||
Interest receivable
|
5,027
|
|
|
3,308
|
|
||
Capital calls receivable
|
1,058
|
|
|
—
|
|
||
Other assets
|
178
|
|
|
249
|
|
||
Total Assets
|
$
|
1,455,095
|
|
|
$
|
1,148,998
|
|
Liabilities
|
|
|
|
|
|
||
Debt
|
$
|
670,200
|
|
|
$
|
520,600
|
|
Less unamortized debt issuance costs
|
2,671
|
|
|
5,073
|
|
||
Debt less unamortized debt issuance costs
|
667,529
|
|
|
515,527
|
|
||
Interest payable
|
2,141
|
|
|
1,414
|
|
||
Distributions payable
|
8,239
|
|
|
9,869
|
|
||
Management and incentive fees payable
|
7,536
|
|
|
4,960
|
|
||
Accounts payable and accrued expenses
|
1,404
|
|
|
902
|
|
||
Accrued trustee fees
|
26
|
|
|
19
|
|
||
Total Liabilities
|
686,875
|
|
|
532,691
|
|
||
Commitments and Contingencies (Note 9)
|
|
|
|
|
|
||
Net Assets
|
|
|
|
|
|
||
Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of September 30, 2017 and September 30, 2016
|
—
|
|
|
—
|
|
||
Common stock, par value $0.001 per share, 100,000,000 shares authorized, 51,214,683.496 and 41,087,178.250 shares issued and outstanding as of September 30, 2017 and September 30, 2016, respectively
|
51
|
|
|
41
|
|
||
Paid in capital in excess of par
|
767,908
|
|
|
616,018
|
|
||
Capital distributions in excess of net investment income
|
(11,366
|
)
|
|
(7,158
|
)
|
||
Net unrealized appreciation (depreciation) on investments
|
11,492
|
|
|
8,334
|
|
||
Net realized gain (loss) on investments
|
135
|
|
|
(928
|
)
|
||
Total Net Assets
|
768,220
|
|
|
616,307
|
|
||
Total Liabilities and Total Net Assets
|
$
|
1,455,095
|
|
|
$
|
1,148,998
|
|
Number of common shares outstanding
|
51,214,683.496
|
|
|
41,087,178.250
|
|
||
Net asset value per common share
|
$
|
15.00
|
|
|
$
|
15.00
|
|
|
Years ended September 30,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Investment income
|
|
|
|
|
|
||||||
From non-controlled/non-affiliate company investments:
|
|
|
|
|
|
||||||
Interest income
|
$
|
92,592
|
|
|
$
|
53,735
|
|
|
$
|
19,346
|
|
Dividend income
|
158
|
|
|
67
|
|
|
—
|
|
|||
Fee income
|
1,046
|
|
|
554
|
|
|
55
|
|
|||
Total investment income from non-controlled/non-affiliate company investments
|
93,796
|
|
|
54,356
|
|
|
19,401
|
|
|||
From controlled affiliate company investments:
|
|
|
|
|
|
|
|
||||
Interest income
|
732
|
|
|
2,691
|
|
|
—
|
|
|||
Dividend income
|
3,950
|
|
|
332
|
|
|
—
|
|
|||
Total investment income from controlled affiliate company investments
|
4,682
|
|
|
3,023
|
|
|
—
|
|
|||
Total investment income
|
98,478
|
|
|
57,379
|
|
|
19,401
|
|
|||
Expenses
|
|
|
|
|
|
|
|
||||
Interest and other debt financing expenses
|
22,535
|
|
|
11,932
|
|
|
3,731
|
|
|||
Base management fee
|
16,674
|
|
|
10,195
|
|
|
3,820
|
|
|||
Incentive fee
|
11,057
|
|
|
5,715
|
|
|
1,239
|
|
|||
Professional fees
|
1,919
|
|
|
1,122
|
|
|
576
|
|
|||
Administrative service fee
|
1,554
|
|
|
941
|
|
|
555
|
|
|||
General and administrative expenses
|
101
|
|
|
77
|
|
|
16
|
|
|||
Total expenses
|
53,840
|
|
|
29,982
|
|
|
9,937
|
|
|||
Base management fee waived (Note 4)
|
(4,547
|
)
|
|
(2,780
|
)
|
|
(1,042
|
)
|
|||
Incentive fee waived (Note 4)
|
(1,119
|
)
|
|
(179
|
)
|
|
—
|
|
|||
Net expenses
|
48,174
|
|
|
27,023
|
|
|
8,895
|
|
|||
Net investment income
|
50,304
|
|
|
30,356
|
|
|
10,506
|
|
|||
|
|
|
|
|
|
||||||
Net gain (loss) on investments
|
|
|
|
|
|
|
|
||||
Net realized gain (loss) on investments:
|
|
|
|
|
|
|
|
||||
Non-controlled/non-affiliate company investments
|
1,419
|
|
|
856
|
|
|
42
|
|
|||
Net realized gain (loss) on investments
|
1,419
|
|
|
856
|
|
|
42
|
|
|||
Net change in unrealized appreciation (depreciation) on investments:
|
|
|
|
|
|
|
|
||||
Non-controlled/non-affiliate company investments
|
3,635
|
|
|
5,074
|
|
|
2,479
|
|
|||
Controlled affiliate company investments
|
(477
|
)
|
|
781
|
|
|
—
|
|
|||
Net change in unrealized appreciation (depreciation) on investments
|
3,158
|
|
|
5,855
|
|
|
2,479
|
|
|||
Net gain (loss) on investments
|
4,577
|
|
|
6,711
|
|
|
2,521
|
|
|||
Net increase in net assets resulting from operations
|
$
|
54,881
|
|
|
$
|
37,067
|
|
|
$
|
13,027
|
|
Per Common Share Data
|
|
|
|
|
|
|
|
||||
Basic and diluted earnings per common share
|
$
|
1.24
|
|
|
$
|
1.29
|
|
|
$
|
0.94
|
|
Basic and diluted weighted average common shares outstanding
(1)
|
44,447,925
|
|
|
28,598,358
|
|
|
13,767,847
|
|
|
|
|
|
|
|
|
Capital Distributions in Excess of Net Investment Income
|
|
|
|
|
|
|
|||||||||||||
|
Common Stock
|
|
Paid in Capital in Excess of Par
|
|
|
Net Unrealized Appreciation (Depreciation) on Investments
|
|
Net Realized Gain (loss) on Investments
|
|
Total Net Assets
|
||||||||||||||||
|
Shares
|
|
Par Amount
|
|
|
|
|
|
||||||||||||||||||
Balance at September 30, 2014
|
666.670
|
|
|
$
|
—
|
|
|
$
|
10
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
10
|
|
Issuance of common stock
(1)
|
20,509,484.472
|
|
|
21
|
|
|
307,621
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
307,642
|
|
||||||
Net increase in net assets resulting from operations
|
—
|
|
|
—
|
|
|
—
|
|
|
10,506
|
|
|
2,479
|
|
|
42
|
|
|
13,027
|
|
||||||
Distributions to stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Stock issued in connection with dividend reinvestment plan
|
333,004.077
|
|
|
—
|
|
|
4,995
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,995
|
|
||||||
Distributions from net investment income
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,155
|
)
|
|
—
|
|
|
—
|
|
|
(8,155
|
)
|
||||||
Distributions declared and payable
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,872
|
)
|
|
—
|
|
|
—
|
|
|
(4,872
|
)
|
||||||
Total increase (decrease) for the period ended
September 30, 2015
|
20,842,488.549
|
|
|
21
|
|
|
312,616
|
|
|
(2,521
|
)
|
|
2,479
|
|
|
42
|
|
|
312,637
|
|
||||||
Balance at September 30, 2015
|
20,843,155.219
|
|
|
$
|
21
|
|
|
$
|
312,626
|
|
|
$
|
(2,521
|
)
|
|
$
|
2,479
|
|
|
$
|
42
|
|
|
$
|
312,647
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Issuance of common stock
(2)
|
19,107,423.658
|
|
|
19
|
|
|
286,592
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
286,611
|
|
||||||
Net increase in net assets resulting from operations
|
—
|
|
|
—
|
|
|
—
|
|
|
30,356
|
|
|
5,855
|
|
|
856
|
|
|
37,067
|
|
||||||
Distributions to stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Stock issued in connection with dividend reinvestment plan
|
1,136,599.373
|
|
|
1
|
|
|
17,048
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17,049
|
|
||||||
Distributions from net investment income
|
—
|
|
|
—
|
|
|
—
|
|
|
(27,198
|
)
|
|
—
|
|
|
—
|
|
|
(27,198
|
)
|
||||||
Distributions declared and payable
|
—
|
|
|
—
|
|
|
—
|
|
|
(9,869
|
)
|
|
—
|
|
|
—
|
|
|
(9,869
|
)
|
||||||
Tax reclassification of stockholders' equity in accordance with generally accepted accounting principles
|
—
|
|
|
—
|
|
|
(248
|
)
|
|
2,074
|
|
|
—
|
|
|
(1,826
|
)
|
|
—
|
|
||||||
Total increase (decrease) for the period ended
September 30, 2016 |
20,244,023.031
|
|
|
20
|
|
|
303,392
|
|
|
(4,637
|
)
|
|
5,855
|
|
|
(970
|
)
|
|
303,660
|
|
||||||
Balance at September 30, 2016
|
41,087,178.250
|
|
|
$
|
41
|
|
|
$
|
616,018
|
|
|
$
|
(7,158
|
)
|
|
$
|
8,334
|
|
|
$
|
(928
|
)
|
|
$
|
616,307
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Issuance of common stock
(3)
|
8,116,046.911
|
|
|
8
|
|
|
121,733
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
121,741
|
|
||||||
Net increase in net assets resulting from operations
|
—
|
|
|
—
|
|
|
—
|
|
|
50,304
|
|
|
3,158
|
|
|
1,419
|
|
|
54,881
|
|
||||||
Distributions to stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Stock issued in connection with dividend reinvestment plan
|
2,011,458.335
|
|
|
2
|
|
|
30,170
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
30,172
|
|
||||||
Distributions from net investment income
|
—
|
|
|
—
|
|
|
—
|
|
|
(46,490
|
)
|
|
—
|
|
|
—
|
|
|
(46,490
|
)
|
||||||
Distributions from realized gain
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(152
|
)
|
|
(152
|
)
|
||||||
Distributions declared and payable
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,239
|
)
|
|
—
|
|
|
—
|
|
|
(8,239
|
)
|
||||||
Tax reclassification of stockholders' equity in accordance with generally accepted accounting principles
|
—
|
|
|
—
|
|
|
(13
|
)
|
|
217
|
|
|
—
|
|
|
(204
|
)
|
|
—
|
|
||||||
Total increase (decrease) for the period ended
September 30, 2017 |
10,127,505.246
|
|
|
10
|
|
|
151,890
|
|
|
(4,208
|
)
|
|
3,158
|
|
|
1,063
|
|
|
151,913
|
|
||||||
Balance at September 30, 2017
|
51,214,683.496
|
|
|
$
|
51
|
|
|
$
|
767,908
|
|
|
$
|
(11,366
|
)
|
|
$
|
11,492
|
|
|
$
|
135
|
|
|
$
|
768,220
|
|
|
(1)
|
Refer to Note
3
for a detailed listing of the common stock share issuances for the period from December 31, 2014, the commencement of operations, through September 30, 2015.
|
(2)
|
Refer to Note
3
for a detailed listing of the common stock share issuances
for the year ended September 30, 2016
.
|
(3)
|
Refer to Note
3
for a detailed listing of the common stock share issuances
for the year ended September 30, 2017
.
|
|
Years ended September 30,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Cash flows from operating activities
|
|
|
|
|
|
|
|||||
Net increase in net assets resulting from operations
|
$
|
54,881
|
|
|
$
|
37,067
|
|
|
$
|
13,027
|
|
Adjustments to reconcile net increase in net assets resulting from operations
to net cash (used in) provided by operating activities |
|
|
|
|
|
|
|||||
Amortization of deferred debt issuance costs
|
3,146
|
|
|
2,290
|
|
|
520
|
|
|||
Accretion of discounts and amortization of premiums
|
(5,895
|
)
|
|
(3,303
|
)
|
|
(800
|
)
|
|||
Net realized (gain) loss on investments
|
(1,419
|
)
|
|
(856
|
)
|
|
(42
|
)
|
|||
Net change in unrealized (appreciation) depreciation on investments
|
(3,158
|
)
|
|
(5,855
|
)
|
|
(2,479
|
)
|
|||
Proceeds from (fundings of) revolving loans, net
|
(57
|
)
|
|
(2,803
|
)
|
|
(1,038
|
)
|
|||
Fundings of investments
|
(592,847
|
)
|
|
(803,373
|
)
|
|
(499,633
|
)
|
|||
Proceeds from principal payments and sales of portfolio investments
|
276,853
|
|
|
298,850
|
|
|
68,778
|
|
|||
PIK interest
|
(1,468
|
)
|
|
(492
|
)
|
|
(35
|
)
|
|||
Changes in operating assets and liabilities:
|
|
|
|
|
|
||||||
Interest receivable
|
(1,719
|
)
|
|
(1,265
|
)
|
|
(1,553
|
)
|
|||
Receivable for investments sold
|
—
|
|
|
—
|
|
|
740
|
|
|||
Other assets
|
(987
|
)
|
|
177
|
|
|
(426
|
)
|
|||
Interest payable
|
727
|
|
|
1,016
|
|
|
169
|
|
|||
Management and incentive fees payable
|
2,576
|
|
|
3,088
|
|
|
1,872
|
|
|||
Accounts payable and accrued expenses
|
502
|
|
|
(51
|
)
|
|
881
|
|
|||
Accrued trustee fees
|
7
|
|
|
9
|
|
|
2
|
|
|||
Net cash (used in) provided by operating activities
|
(268,858
|
)
|
|
(475,501
|
)
|
|
(420,017
|
)
|
|||
Cash flows from financing activities
|
|
|
|
|
|
|
|||||
Borrowings on debt
|
562,750
|
|
|
1,005,000
|
|
|
435,395
|
|
|||
Repayments of debt
|
(413,150
|
)
|
|
(734,100
|
)
|
|
(230,495
|
)
|
|||
Capitalized debt issuance costs
|
(744
|
)
|
|
(4,150
|
)
|
|
(3,212
|
)
|
|||
Proceeds from issuance of common shares
|
121,741
|
|
|
286,611
|
|
|
234,371
|
|
|||
Distributions paid
|
(26,339
|
)
|
|
(15,021
|
)
|
|
(3,160
|
)
|
|||
Net cash provided by (used in) financing activities
|
244,258
|
|
|
538,340
|
|
|
432,899
|
|
|||
Net change in cash, cash equivalents, and restricted cash and cash equivalents
|
(24,600
|
)
|
|
62,839
|
|
|
12,882
|
|
|||
Cash, cash equivalents and restricted cash and cash equivalents, beginning of period
|
75,731
|
|
|
12,892
|
|
|
10
|
|
|||
Cash, cash equivalents and restricted cash and cash equivalents, end of period
|
$
|
51,131
|
|
|
$
|
75,731
|
|
|
$
|
12,892
|
|
Supplemental information:
|
|
|
|
|
|
|
|||||
Cash paid during the period for interest
|
$
|
18,661
|
|
|
$
|
8,627
|
|
|
$
|
3,042
|
|
Distributions declared during the period
|
54,881
|
|
|
37,067
|
|
|
13,027
|
|
|||
Supplemental disclosure of noncash operating activity:
|
|
|
|
|
|
||||||
Funding of LLC equity interests in GCIC SLF
|
$
|
(34,917
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Proceeds from principal payments on subordinated note investments in GCIC SLF
|
34,917
|
|
|
—
|
|
|
—
|
|
|||
See Notes to Consolidated Financial Statements.
|
|
Years ended September 30,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Supplemental disclosure of noncash financing activity:
|
|
|
|
|
|
||||||
Distributions payable
|
$
|
8,239
|
|
|
$
|
9,869
|
|
|
$
|
4,672
|
|
|
|
|
|
|
|
||||||
Acquisition of subsidiaries:
|
|
|
|
|
|
||||||
Noncash assets purchased:
|
|
|
|
|
|
||||||
Investments, at fair value
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(116,629
|
)
|
Receivable from investment sold
|
—
|
|
|
—
|
|
|
(740
|
)
|
|||
Interest receivable
|
—
|
|
|
—
|
|
|
(490
|
)
|
|||
Total noncash assets purchased
|
—
|
|
|
—
|
|
|
(117,859
|
)
|
|||
|
|
|
|
|
|
||||||
Liabilities assumed:
|
|
|
|
|
|
||||||
Debt
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
44,800
|
|
Less unamortized debt issuance costs
|
—
|
|
|
—
|
|
|
521
|
|
|||
Debt less unamortized debt issuance costs
|
—
|
|
|
—
|
|
|
44,279
|
|
|||
Interest payable
|
—
|
|
|
—
|
|
|
229
|
|
|||
Accounts payable and accrued expenses
|
—
|
|
|
—
|
|
|
72
|
|
|||
Accrued trustee fees
|
—
|
|
|
—
|
|
|
8
|
|
|||
Total liabilities assumed
|
—
|
|
|
—
|
|
|
44,588
|
|
|||
|
|
|
|
|
|
||||||
Issuance of common shares
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
73,271
|
|
|
Years ended September 30,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Cash and cash equivalents
|
$
|
22,859
|
|
|
$
|
4,675
|
|
|
$
|
2,747
|
|
Restricted cash and cash equivalents
|
28,272
|
|
|
71,056
|
|
|
10,145
|
|
|||
Total cash, cash equivalents and restricted cash and cash equivalents shown in the Consolidated Statements of Cash Flows
|
$
|
51,131
|
|
|
$
|
75,731
|
|
|
$
|
12,892
|
|
|
Investment
Type
|
|
Spread
Above
Index
(1)
|
|
Interest
Rate
(2)
|
|
Maturity
Date
|
|
Principal ($) /
Shares (3) |
|
Amortized Cost
|
|
Percentage
of Net
Assets
|
|
Fair
Value
(15)
|
|||||||||
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-controlled/non-affiliate company investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Debt investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Aerospace and Defense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
ILC Dover, LP
|
One stop
|
|
L + 9.00%
|
(a)
|
|
8.24% cash/2.00% PIK
|
|
03/2020
|
|
$
|
2,355
|
|
|
$
|
2,316
|
|
|
0.3
|
|
%
|
$
|
2,355
|
|
|
ILC Dover, LP
|
One stop
|
|
L + 9.00%
|
(a)(c)
|
|
8.24% cash/2.00% PIK
|
|
03/2019
|
|
107
|
|
|
105
|
|
|
—
|
|
|
107
|
|
||||
NTS Technical Systems
*
|
One stop
|
|
L + 6.25%
|
(a)
|
|
7.49%
|
|
06/2021
|
|
3,250
|
|
|
3,205
|
|
|
0.5
|
|
|
3,250
|
|
||||
NTS Technical Systems
(4)
|
One stop
|
|
L + 6.25%
|
|
|
N/A
(5)
|
|
06/2021
|
|
—
|
|
|
(11
|
)
|
|
—
|
|
|
—
|
|
||||
NTS Technical Systems
(4)
|
One stop
|
|
L + 6.25%
|
|
|
N/A
(5)
|
|
06/2021
|
|
—
|
|
|
(15
|
)
|
|
—
|
|
|
—
|
|
||||
Tresys Technology Holdings, Inc.
(6)
|
One stop
|
|
L + 6.75%
|
(c)
|
|
8.08%
|
|
12/2017
|
|
53
|
|
|
28
|
|
|
—
|
|
|
16
|
|
||||
Tresys Technology Holdings, Inc.
(6)
|
One stop
|
|
L + 6.75%
|
(c)
|
|
8.06%
|
|
12/2017
|
|
9
|
|
|
9
|
|
|
—
|
|
|
9
|
|
||||
Tronair Parent, Inc.
#
|
Senior loan
|
|
L + 4.75%
|
(c)(e)
|
|
6.06%
|
|
09/2023
|
|
191
|
|
|
189
|
|
|
—
|
|
|
191
|
|
||||
Tronair Parent, Inc.
|
Senior loan
|
|
L + 4.50%
|
(c)
|
|
5.81%
|
|
09/2021
|
|
32
|
|
|
31
|
|
|
—
|
|
|
31
|
|
||||
Whitcraft LLC
#
|
One stop
|
|
L + 6.25%
|
(c)
|
|
7.58%
|
|
04/2023
|
|
16,306
|
|
|
16,081
|
|
|
2.1
|
|
|
16,306
|
|
||||
Whitcraft LLC
|
One stop
|
|
P + 5.25%
|
(e)
|
|
9.50%
|
|
04/2023
|
|
17
|
|
|
16
|
|
|
—
|
|
|
17
|
|
||||
Whitcraft LLC
(4)
|
One stop
|
|
L + 6.25%
|
|
|
N/A
(5)
|
|
04/2023
|
|
—
|
|
|
(103
|
)
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
|
22,320
|
|
|
21,851
|
|
|
2.9
|
|
|
22,282
|
|
||||
Automobile
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Dent Wizard International Corporation
*
|
Senior loan
|
|
L + 4.75%
|
(a)
|
|
5.98%
|
|
04/2020
|
|
2,183
|
|
|
2,171
|
|
|
0.3
|
|
|
2,183
|
|
||||
OEConnection LLC
#*
|
Senior loan
|
|
L + 5.00%
|
(c)
|
|
6.33%
|
|
06/2022
|
|
11,055
|
|
|
10,829
|
|
|
1.4
|
|
|
11,097
|
|
||||
OEConnection LLC
#*
|
Senior loan
|
|
L + 4.75%
|
(c)
|
|
6.08%
|
|
06/2023
|
|
5,853
|
|
|
5,797
|
|
|
0.8
|
|
|
5,815
|
|
||||
OEConnection LLC
(4)
|
Senior loan
|
|
L + 5.00%
|
|
|
N/A
(5)
|
|
06/2021
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
Polk Acquisition Corp.
*
|
Senior loan
|
|
L + 5.00%
|
(a)
|
|
6.24%
|
|
06/2022
|
|
4,805
|
|
|
4,786
|
|
|
0.6
|
|
|
4,708
|
|
||||
T5 Merger Corporation
#*
|
One stop
|
|
L + 6.25%
|
(a)
|
|
7.49%
|
|
03/2022
|
|
30,058
|
|
|
29,590
|
|
|
3.9
|
|
|
30,058
|
|
||||
T5 Merger Corporation
|
One stop
|
|
L + 6.25%
|
(a)
|
|
7.48%
|
|
03/2022
|
|
3,496
|
|
|
3,465
|
|
|
0.5
|
|
|
3,496
|
|
||||
T5 Merger Corporation
|
One stop
|
|
L + 6.25%
|
(a)
|
|
7.48%
|
|
03/2022
|
|
1,104
|
|
|
1,094
|
|
|
0.1
|
|
|
1,104
|
|
||||
T5 Merger Corporation
|
One stop
|
|
L + 6.50%
|
(a)
|
|
7.74%
|
|
03/2022
|
|
8
|
|
|
6
|
|
|
—
|
|
|
8
|
|
||||
|
|
|
|
|
|
|
|
|
|
58,562
|
|
|
57,737
|
|
|
7.6
|
|
|
58,469
|
|
||||
Beverage, Food and Tobacco
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Abita Brewing Co., L.L.C.
#
|
One stop
|
|
L + 5.75%
|
(a)
|
|
6.99%
|
|
04/2021
|
|
3,747
|
|
|
3,717
|
|
|
0.5
|
|
|
3,634
|
|
||||
Abita Brewing Co., L.L.C.
(4)
|
One stop
|
|
L + 5.75%
|
(c)
|
|
N/A
(5)
|
|
04/2021
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(2
|
)
|
||||
ABP Corporation
*
|
Senior loan
|
|
L + 4.75%
|
(c)
|
|
6.07%
|
|
09/2018
|
|
598
|
|
|
598
|
|
|
0.1
|
|
|
598
|
|
||||
ABP Corporation
|
Senior loan
|
|
P + 3.50%
|
(e)
|
|
7.75%
|
|
09/2018
|
|
43
|
|
|
43
|
|
|
—
|
|
|
43
|
|
||||
Benihana, Inc.
#*
|
One stop
|
|
L + 7.00%
|
(a)(c)
|
|
8.32%
|
|
01/2019
|
|
319
|
|
|
319
|
|
|
0.1
|
|
|
316
|
|
||||
Benihana, Inc.
|
One stop
|
|
L + 7.00%
|
(c)(e)
|
|
9.16%
|
|
07/2018
|
|
34
|
|
|
34
|
|
|
—
|
|
|
34
|
|
||||
C. J. Foods, Inc.
#*
|
One stop
|
|
L + 6.25%
|
(c)
|
|
7.58%
|
|
05/2019
|
|
12,670
|
|
|
12,610
|
|
|
1.7
|
|
|
12,670
|
|
||||
C. J. Foods, Inc.
|
One stop
|
|
L + 6.25%
|
(c)
|
|
7.58%
|
|
05/2019
|
|
1,597
|
|
|
1,594
|
|
|
0.2
|
|
|
1,597
|
|
||||
C. J. Foods, Inc.
|
One stop
|
|
L + 6.25%
|
(c)
|
|
7.56%
|
|
05/2019
|
|
315
|
|
|
312
|
|
|
0.1
|
|
|
315
|
|
||||
Cafe Rio Holding, Inc.
#
|
One stop
|
|
L + 5.75%
|
(c)
|
|
7.08%
|
|
09/2023
|
|
8,711
|
|
|
8,560
|
|
|
1.1
|
|
|
8,624
|
|
||||
Cafe Rio Holding, Inc.
(4)
|
One stop
|
|
L + 5.75%
|
|
|
N/A
(5)
|
|
09/2023
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(1
|
)
|
||||
Cafe Rio Holding, Inc.
(4)
|
One stop
|
|
L + 5.75%
|
|
|
N/A
(5)
|
|
09/2023
|
|
—
|
|
|
(85
|
)
|
|
—
|
|
|
(49
|
)
|
||||
Firebirds International, LLC
*
|
One stop
|
|
L + 5.75%
|
(c)
|
|
7.06%
|
|
05/2018
|
|
3,296
|
|
|
3,289
|
|
|
0.4
|
|
|
3,296
|
|
||||
Firebirds International, LLC
*
|
One stop
|
|
L + 5.75%
|
(c)
|
|
7.06%
|
|
05/2018
|
|
926
|
|
|
924
|
|
|
0.1
|
|
|
926
|
|
||||
Firebirds International, LLC
*
|
One stop
|
|
L + 5.75%
|
(c)
|
|
7.06%
|
|
12/2018
|
|
298
|
|
|
297
|
|
|
—
|
|
|
298
|
|
||||
Firebirds International, LLC
(4)
|
One stop
|
|
L + 5.75%
|
|
|
N/A
(5)
|
|
05/2018
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
Firebirds International, LLC
(4)
|
One stop
|
|
L + 5.75%
|
|
|
N/A
(5)
|
|
12/2018
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
||||
FWR Holding Corporation
*
|
One stop
|
|
L + 6.00%
|
(c)
|
|
7.40%
|
|
08/2023
|
|
4,079
|
|
|
4,019
|
|
|
0.5
|
|
|
4,038
|
|
||||
FWR Holding Corporation
|
One stop
|
|
L + 6.00%
|
(a)(c)
|
|
7.28%
|
|
08/2023
|
|
18
|
|
|
17
|
|
|
—
|
|
|
18
|
|
||||
FWR Holding Corporation
(4)
|
One stop
|
|
L + 6.00%
|
|
|
N/A
(5)
|
|
08/2023
|
|
—
|
|
|
(42
|
)
|
|
—
|
|
|
(29
|
)
|
||||
Global Franchise Group, LLC
*
|
Senior loan
|
|
L + 5.75%
|
(c)
|
|
7.07%
|
|
12/2019
|
|
4,473
|
|
|
4,429
|
|
|
0.6
|
|
|
4,428
|
|
||||
Global Franchise Group, LLC
|
Senior loan
|
|
L + 5.75%
|
|
|
N/A
(5)
|
|
12/2019
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Hopdoddy Holdings, LLC
|
One stop
|
|
L + 8.00%
|
(a)
|
|
9.24%
|
|
08/2020
|
|
421
|
|
|
419
|
|
|
0.1
|
|
|
421
|
|
||||
Hopdoddy Holdings, LLC
|
One stop
|
|
L + 8.00%
|
(a)
|
|
9.24%
|
|
08/2020
|
|
172
|
|
|
171
|
|
|
—
|
|
|
172
|
|
|
Investment
Type
|
|
Spread
Above
Index
(1)
|
|
Interest
Rate
(2)
|
|
Maturity
Date
|
|
Principal ($) /
Shares (3) |
|
Amortized Cost
|
|
Percentage
of Net
Assets
|
|
Fair
Value
(15)
|
|||||||||
Beverage, Food and Tobacco - (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Hopdoddy Holdings, LLC
|
One stop
|
|
L + 8.00%
|
|
|
N/A
(5)
|
|
08/2020
|
|
$
|
—
|
|
|
$
|
—
|
|
|
—
|
|
%
|
$
|
—
|
|
|
Julio & Sons Company
*
|
One stop
|
|
L + 5.50%
|
(a)(e)
|
|
6.74%
|
|
12/2018
|
|
936
|
|
|
933
|
|
|
0.1
|
|
|
936
|
|
||||
Julio & Sons Company
|
One stop
|
|
L + 5.50%
|
(a)(e)
|
|
6.74%
|
|
12/2018
|
|
308
|
|
|
308
|
|
|
0.1
|
|
|
308
|
|
||||
Julio & Sons Company
|
One stop
|
|
L + 5.50%
|
(a)(e)
|
|
6.74%
|
|
12/2018
|
|
114
|
|
|
113
|
|
|
—
|
|
|
114
|
|
||||
Julio & Sons Company
(4)
|
One stop
|
|
L + 5.50%
|
|
|
N/A
(5)
|
|
12/2018
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
||||
Mid-America Pet Food, L.L.C.
#
|
One stop
|
|
L + 5.50%
|
(c)
|
|
6.83%
|
|
12/2021
|
|
6,395
|
|
|
6,314
|
|
|
0.8
|
|
|
6,395
|
|
||||
Mid-America Pet Food, L.L.C.
(4)
|
One stop
|
|
L + 5.50%
|
|
|
N/A
(5)
|
|
12/2021
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
NBC Intermediate, LLC
#
|
Senior loan
|
|
L + 4.50%
|
(a)
|
|
5.74%
|
|
09/2023
|
|
2,899
|
|
|
2,870
|
|
|
0.4
|
|
|
2,870
|
|
||||
NBC Intermediate, LLC
|
Senior loan
|
|
L + 4.50%
|
|
|
N/A
(5)
|
|
09/2023
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
P&P Food Safety US Acquisition, Inc.
#
|
One stop
|
|
L + 6.50%
|
(c)
|
|
7.82%
|
|
11/2021
|
|
4,092
|
|
|
4,050
|
|
|
0.5
|
|
|
4,092
|
|
||||
P&P Food Safety US Acquisition, Inc.
|
One stop
|
|
P + 5.25%
|
(e)
|
|
9.50%
|
|
11/2021
|
|
13
|
|
|
13
|
|
|
—
|
|
|
13
|
|
||||
Purfoods, LLC
#*
|
One stop
|
|
L + 6.25%
|
(c)
|
|
7.57%
|
|
05/2021
|
|
7,967
|
|
|
7,880
|
|
|
1.0
|
|
|
7,967
|
|
||||
Purfoods, LLC
|
One stop
|
|
N/A
|
|
|
7.00% PIK
|
|
05/2026
|
|
101
|
|
|
101
|
|
|
—
|
|
|
104
|
|
||||
Purfoods, LLC
|
One stop
|
|
L + 6.25%
|
(a)(c)
|
|
7.55%
|
|
05/2021
|
|
70
|
|
|
69
|
|
|
—
|
|
|
70
|
|
||||
Purfoods, LLC
|
One stop
|
|
L + 6.25%
|
(c)
|
|
7.58%
|
|
05/2021
|
|
15
|
|
|
15
|
|
|
—
|
|
|
15
|
|
||||
Purfoods, LLC
|
One stop
|
|
L + 6.25%
|
(a)
|
|
7.49%
|
|
05/2021
|
|
15
|
|
|
15
|
|
|
—
|
|
|
15
|
|
||||
Purfoods, LLC
|
One stop
|
|
L + 6.25%
|
(c)
|
|
7.58%
|
|
05/2021
|
|
14
|
|
|
14
|
|
|
—
|
|
|
14
|
|
||||
Purfoods, LLC
|
One stop
|
|
L + 6.25%
|
(c)
|
|
7.58%
|
|
05/2021
|
|
11
|
|
|
10
|
|
|
—
|
|
|
11
|
|
||||
Purfoods, LLC
|
One stop
|
|
L + 6.25%
|
(c)
|
|
7.58%
|
|
05/2021
|
|
10
|
|
|
10
|
|
|
—
|
|
|
10
|
|
||||
Smashburger Finance LLC
*
|
Senior loan
|
|
L + 5.50%
|
(c)
|
|
6.83%
|
|
05/2018
|
|
482
|
|
|
482
|
|
|
0.1
|
|
|
420
|
|
||||
Smashburger Finance LLC
(4)
|
Senior loan
|
|
L + 5.50%
|
|
|
N/A
(5)
|
|
05/2018
|
|
—
|
|
|
(5
|
)
|
|
—
|
|
|
—
|
|
||||
Surfside Coffee Company LLC
*
|
One stop
|
|
L + 5.25%
|
(c)
|
|
6.58%
|
|
06/2020
|
|
2,327
|
|
|
2,314
|
|
|
0.3
|
|
|
2,327
|
|
||||
Surfside Coffee Company LLC
|
One stop
|
|
L + 5.25%
|
(c)
|
|
6.58%
|
|
06/2020
|
|
176
|
|
|
175
|
|
|
—
|
|
|
176
|
|
||||
Surfside Coffee Company LLC
|
One stop
|
|
L + 5.25%
|
(c)
|
|
6.57%
|
|
06/2020
|
|
30
|
|
|
30
|
|
|
—
|
|
|
30
|
|
||||
Tate's Bake Shop, Inc.
*
|
Senior loan
|
|
L + 5.00%
|
(c)
|
|
6.33%
|
|
08/2019
|
|
142
|
|
|
142
|
|
|
—
|
|
|
142
|
|
||||
Uinta Brewing Company
#
|
One stop
|
|
L + 8.50%
|
(a)
|
|
9.74%
|
|
08/2019
|
|
900
|
|
|
900
|
|
|
0.1
|
|
|
873
|
|
||||
Uinta Brewing Company
|
One stop
|
|
L + 8.50%
|
(a)
|
|
9.74%
|
|
08/2019
|
|
130
|
|
|
129
|
|
|
—
|
|
|
125
|
|
||||
|
|
|
|
|
|
|
|
|
|
68,864
|
|
|
68,096
|
|
|
8.9
|
|
|
68,374
|
|
||||
Broadcasting and Entertainment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
TouchTunes Interactive Networks, Inc.
*
|
Senior loan
|
|
L + 4.75%
|
(a)
|
|
5.99%
|
|
05/2021
|
|
690
|
|
|
688
|
|
|
0.1
|
|
|
694
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Building and Real Estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Brooks Equipment Company, LLC
*
|
One stop
|
|
L + 5.00%
|
(b)(c)
|
|
6.32%
|
|
08/2020
|
|
5,835
|
|
|
5,835
|
|
|
0.8
|
|
|
5,835
|
|
||||
Brooks Equipment Company, LLC
*
|
One stop
|
|
L + 5.00%
|
(c)
|
|
6.32%
|
|
08/2020
|
|
1,442
|
|
|
1,433
|
|
|
0.2
|
|
|
1,442
|
|
||||
Brooks Equipment Company, LLC
|
One stop
|
|
L + 5.00%
|
(a)
|
|
6.24%
|
|
08/2020
|
|
238
|
|
|
238
|
|
|
—
|
|
|
238
|
|
||||
Jensen Hughes, Inc.
#
|
Senior loan
|
|
L + 5.00%
|
|
|
6.45%
|
|
12/2021
|
|
132
|
|
|
131
|
|
|
—
|
|
|
132
|
|
||||
MRI Software LLC
#*
|
One stop
|
|
L + 6.00%
|
(c)
|
|
7.33%
|
|
06/2023
|
|
18,829
|
|
|
18,513
|
|
|
2.4
|
|
|
18,641
|
|
||||
MRI Software LLC
#
|
One stop
|
|
L + 6.00%
|
(c)
|
|
7.33%
|
|
06/2023
|
|
17,435
|
|
|
17,261
|
|
|
2.2
|
|
|
17,261
|
|
||||
MRI Software LLC
|
One stop
|
|
L + 6.00%
|
(c)
|
|
7.32%
|
|
06/2023
|
|
3,130
|
|
|
3,115
|
|
|
0.4
|
|
|
3,099
|
|
||||
MRI Software LLC
(4)
|
One stop
|
|
L + 6.00%
|
|
|
N/A
(5)
|
|
06/2023
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
(2
|
)
|
||||
MRI Software LLC
(4)
|
One stop
|
|
L + 6.00%
|
(c)
|
|
N/A
(5)
|
|
06/2023
|
|
—
|
|
|
(150
|
)
|
|
—
|
|
|
(94
|
)
|
||||
Paradigm DKD Group, LLC
#
|
Senior loan
|
|
L + 4.75%
|
(c)
|
|
6.20%
|
|
11/2018
|
|
2,137
|
|
|
2,123
|
|
|
0.3
|
|
|
2,137
|
|
||||
Paradigm DKD Group, LLC
|
Senior loan
|
|
L + 4.75%
|
(c)(e)
|
|
6.18%
|
|
11/2018
|
|
644
|
|
|
639
|
|
|
0.1
|
|
|
644
|
|
||||
|
|
|
|
|
|
|
|
|
|
49,822
|
|
|
49,135
|
|
|
6.4
|
|
|
49,333
|
|
||||
Chemicals, Plastics and Rubber
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Flexan, LLC
*
|
One stop
|
|
L + 5.75%
|
(c)
|
|
7.08%
|
|
02/2020
|
|
1,041
|
|
|
1,034
|
|
|
0.1
|
|
|
1,041
|
|
||||
Flexan, LLC
|
One stop
|
|
P + 4.50%
|
(e)
|
|
8.75%
|
|
02/2020
|
|
2
|
|
|
1
|
|
|
—
|
|
|
2
|
|
||||
|
|
|
|
|
|
|
|
|
|
1,043
|
|
|
1,035
|
|
|
0.1
|
|
|
1,043
|
|
||||
Diversified/Conglomerate Manufacturing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Chase Industries, Inc.
#*
|
One stop
|
|
L + 5.75%
|
(c)
|
|
7.05%
|
|
09/2020
|
|
13,409
|
|
|
13,341
|
|
|
1.8
|
|
|
13,409
|
|
||||
Chase Industries, Inc.
*
|
One stop
|
|
L + 5.75%
|
(c)
|
|
7.05%
|
|
09/2020
|
|
1,541
|
|
|
1,541
|
|
|
0.2
|
|
|
1,541
|
|
||||
Chase Industries, Inc.
|
One stop
|
|
L + 5.75%
|
(a)
|
|
6.99%
|
|
09/2020
|
|
105
|
|
|
105
|
|
|
—
|
|
|
105
|
|
||||
Inventus Power, Inc.
#
|
One stop
|
|
L + 6.50%
|
(a)
|
|
7.74%
|
|
04/2020
|
|
10,147
|
|
|
10,088
|
|
|
1.2
|
|
|
9,132
|
|
|
Investment
Type
|
|
Spread
Above
Index
(1)
|
|
Interest
Rate
(2)
|
|
Maturity
Date
|
|
Principal ($) /
Shares (3) |
|
Amortized Cost
|
|
Percentage
of Net
Assets
|
|
Fair
Value
(15)
|
|||||||||
Diversified/Conglomerate Manufacturing - (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Inventus Power, Inc.
|
One stop
|
|
L + 6.50%
|
(a)
|
|
7.74%
|
|
04/2020
|
|
$
|
312
|
|
|
$
|
309
|
|
|
—
|
|
%
|
$
|
247
|
|
|
Onicon Incorporated
*
|
One stop
|
|
L + 6.00%
|
(c)
|
|
7.33%
|
|
04/2020
|
|
176
|
|
|
175
|
|
|
—
|
|
|
176
|
|
||||
Onicon Incorporated
|
One stop
|
|
L + 6.00%
|
|
|
N/A
(5)
|
|
04/2020
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
PetroChoice Holdings, Inc.
*
|
Senior loan
|
|
L + 5.00%
|
(b)
|
|
6.28%
|
|
08/2022
|
|
1,628
|
|
|
1,590
|
|
|
0.2
|
|
|
1,628
|
|
||||
Reladyne, Inc.
#*
|
Senior loan
|
|
L + 5.00%
|
(a)
|
|
6.24%
|
|
07/2022
|
|
16,836
|
|
|
16,599
|
|
|
2.2
|
|
|
16,668
|
|
||||
Reladyne, Inc.
(4)
|
Senior loan
|
|
L + 5.00%
|
|
|
N/A
(5)
|
|
07/2022
|
|
—
|
|
|
(21
|
)
|
|
—
|
|
|
(17
|
)
|
||||
Reladyne, Inc.
(4)
|
Senior loan
|
|
L + 5.00%
|
|
|
N/A
(5)
|
|
07/2022
|
|
—
|
|
|
(52
|
)
|
|
—
|
|
|
(54
|
)
|
||||
Sunless Merger Sub, Inc.
#
|
Senior loan
|
|
L + 5.00%
|
(a)(e)
|
|
6.27%
|
|
07/2019
|
|
289
|
|
|
260
|
|
|
—
|
|
|
289
|
|
||||
Sunless Merger Sub, Inc.
|
Senior loan
|
|
P + 3.75%
|
(e)
|
|
8.00%
|
|
07/2019
|
|
65
|
|
|
63
|
|
|
—
|
|
|
65
|
|
||||
|
|
|
|
|
|
|
|
|
|
44,508
|
|
|
43,998
|
|
|
5.6
|
|
|
43,189
|
|
||||
Diversified/Conglomerate Service
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Accela, Inc.
#
|
One stop
|
|
L + 6.25%
|
(c)
|
|
7.58%
|
|
09/2023
|
|
7,401
|
|
|
7,291
|
|
|
0.9
|
|
|
7,327
|
|
||||
Accela, Inc.
|
One stop
|
|
P + 5.25%
|
(e)
|
|
9.50%
|
|
09/2023
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||
Actiance, Inc.
|
One stop
|
|
L + 9.00%
|
(a)
|
|
10.24%
|
|
10/2019
|
|
1,918
|
|
|
1,869
|
|
|
0.2
|
|
|
1,918
|
|
||||
Actiance, Inc.
|
One stop
|
|
L + 9.00%
|
(a)
|
|
10.24%
|
|
10/2019
|
|
20
|
|
|
20
|
|
|
—
|
|
|
20
|
|
||||
Agility Recovery Solutions Inc.
*
|
One stop
|
|
L + 6.50%
|
(c)
|
|
7.81%
|
|
03/2020
|
|
6,205
|
|
|
6,159
|
|
|
0.8
|
|
|
6,205
|
|
||||
Agility Recovery Solutions Inc.
(4)
|
One stop
|
|
L + 6.50%
|
|
|
N/A
(5)
|
|
03/2020
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
||||
Anaqua, Inc.
#
|
One stop
|
|
L + 6.50%
|
(c)
|
|
7.81%
|
|
07/2022
|
|
8,940
|
|
|
8,811
|
|
|
1.2
|
|
|
8,850
|
|
||||
Anaqua, Inc.
(4)
|
One stop
|
|
L + 6.50%
|
|
|
N/A
(5)
|
|
07/2022
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
||||
Bomgar Corporation
#*
|
One stop
|
|
L + 7.50%
|
(c)
|
|
8.83%
|
|
06/2022
|
|
28,354
|
|
|
27,904
|
|
|
3.7
|
|
|
28,354
|
|
||||
Bomgar Corporation
(4)
|
One stop
|
|
L + 7.50%
|
|
|
N/A
(5)
|
|
06/2022
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
||||
Clearwater Analytics, LLC
#*
|
One stop
|
|
L + 7.50%
|
(a)
|
|
8.74%
|
|
09/2022
|
|
8,913
|
|
|
8,784
|
|
|
1.2
|
|
|
8,913
|
|
||||
Clearwater Analytics, LLC
|
One stop
|
|
L + 7.50%
|
(a)
|
|
8.74%
|
|
09/2022
|
|
10
|
|
|
8
|
|
|
—
|
|
|
10
|
|
||||
Daxko Acquisition Corporation
#
|
One stop
|
|
L + 6.50%
|
(a)
|
|
7.74%
|
|
09/2022
|
|
8,403
|
|
|
8,298
|
|
|
1.1
|
|
|
8,403
|
|
||||
Daxko Acquisition Corporation
|
One stop
|
|
L + 6.50%
|
|
|
N/A
(5)
|
|
09/2022
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
DISA Holdings Acquisition Subsidiary Corp.
*
|
Senior loan
|
|
L + 4.25%
|
(c)
|
|
5.55%
|
|
12/2020
|
|
1,324
|
|
|
1,316
|
|
|
0.2
|
|
|
1,324
|
|
||||
DISA Holdings Acquisition Subsidiary Corp.
#
|
Senior loan
|
|
L + 4.25%
|
(c)
|
|
5.57%
|
|
12/2020
|
|
129
|
|
|
128
|
|
|
—
|
|
|
129
|
|
||||
DISA Holdings Acquisition Subsidiary Corp.
(4)
|
Senior loan
|
|
L + 4.25%
|
|
|
N/A
(5)
|
|
12/2020
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
||||
EGD Security Systems, LLC
#*
|
One stop
|
|
L + 6.25%
|
(c)
|
|
7.55%
|
|
06/2022
|
|
10,372
|
|
|
10,270
|
|
|
1.4
|
|
|
10,372
|
|
||||
EGD Security Systems, LLC
*
|
One stop
|
|
L + 6.25%
|
(a)
|
|
7.49%
|
|
06/2022
|
|
98
|
|
|
97
|
|
|
—
|
|
|
98
|
|
||||
EGD Security Systems, LLC
|
One stop
|
|
L + 6.25%
|
(c)
|
|
7.55%
|
|
06/2022
|
|
35
|
|
|
34
|
|
|
—
|
|
|
35
|
|
||||
EGD Security Systems, LLC
(4)
|
One stop
|
|
L + 6.25%
|
|
|
N/A
(5)
|
|
06/2022
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
HealthcareSource HR, Inc.
#*
|
One stop
|
|
L + 6.75%
|
(c)
|
|
8.08%
|
|
05/2020
|
|
9,790
|
|
|
9,685
|
|
|
1.3
|
|
|
9,790
|
|
||||
HealthcareSource HR, Inc.
(4)
|
One stop
|
|
L + 6.75%
|
|
|
N/A
(5)
|
|
05/2020
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
Host Analytics, Inc.
|
One stop
|
|
N/A
|
|
|
8.50% cash/2.25% PIK
|
|
08/2021
|
|
1,381
|
|
|
1,368
|
|
|
0.2
|
|
|
1,381
|
|
||||
Host Analytics, Inc.
|
One stop
|
|
N/A
|
|
|
8.50% cash/2.25% PIK
|
|
08/2021
|
|
1,157
|
|
|
1,101
|
|
|
0.2
|
|
|
1,157
|
|
||||
Host Analytics, Inc.
(4)
|
One stop
|
|
N/A
|
|
|
N/A
(5)
|
|
08/2021
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
||||
III US Holdings, LLC
(4)
|
One stop
|
|
L + 6.50%
|
|
|
N/A
(5)
|
|
09/2022
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
Integration Appliance, Inc.
|
One stop
|
|
L + 8.25%
|
(c)
|
|
9.57%
|
|
09/2020
|
|
1,550
|
|
|
1,540
|
|
|
0.2
|
|
|
1,550
|
|
||||
Integration Appliance, Inc.
|
One stop
|
|
L + 8.25%
|
(c)
|
|
9.57%
|
|
09/2020
|
|
124
|
|
|
123
|
|
|
—
|
|
|
124
|
|
||||
Integration Appliance, Inc.
|
One stop
|
|
L + 8.25%
|
(c)
|
|
9.57%
|
|
09/2020
|
|
25
|
|
|
25
|
|
|
—
|
|
|
25
|
|
||||
Maverick Bidco Inc.
#
|
One stop
|
|
L + 6.25%
|
(c)
|
|
7.56%
|
|
04/2023
|
|
23,041
|
|
|
22,606
|
|
|
3.0
|
|
|
23,041
|
|
||||
Maverick Bidco Inc.
|
One stop
|
|
L + 6.25%
|
(c)
|
|
7.57%
|
|
04/2023
|
|
27
|
|
|
25
|
|
|
—
|
|
|
27
|
|
||||
Maverick Bidco Inc.
(4)
|
One stop
|
|
L + 6.25%
|
|
|
N/A
(5)
|
|
04/2023
|
|
—
|
|
|
(31
|
)
|
|
—
|
|
|
—
|
|
||||
MMan Acquisition Co.
#
|
One stop
|
|
L + 6.00%
|
(b)
|
|
7.26%
|
|
08/2023
|
|
12,513
|
|
|
12,330
|
|
|
1.6
|
|
|
12,388
|
|
||||
MMan Acquisition Co.
|
One stop
|
|
L + 6.00%
|
(c)
|
|
7.33%
|
|
08/2023
|
|
10
|
|
|
9
|
|
|
—
|
|
|
9
|
|
||||
Netsmart Technologies, Inc.
#
|
Senior loan
|
|
L + 4.50%
|
(c)
|
|
5.83%
|
|
04/2023
|
|
1,633
|
|
|
1,620
|
|
|
0.2
|
|
|
1,655
|
|
||||
Netsmart Technologies, Inc.
(4)
|
Senior loan
|
|
L + 4.75%
|
|
|
N/A
(5)
|
|
04/2023
|
|
—
|
|
|
(8
|
)
|
|
—
|
|
|
—
|
|
||||
PT Intermediate Holdings III, LLC
#*
|
One stop
|
|
L + 6.50%
|
(a)
|
|
7.74%
|
|
06/2022
|
|
23,273
|
|
|
22,997
|
|
|
3.0
|
|
|
23,273
|
|
||||
PT Intermediate Holdings III, LLC
#
|
One stop
|
|
L + 6.50%
|
(a)
|
|
7.74%
|
|
06/2022
|
|
2,298
|
|
|
2,278
|
|
|
0.3
|
|
|
2,298
|
|
||||
PT Intermediate Holdings III, LLC
|
One stop
|
|
L + 6.50%
|
(a)(e)
|
|
7.90%
|
|
06/2022
|
|
200
|
|
|
197
|
|
|
—
|
|
|
200
|
|
||||
Quickbase, Inc.
#
|
One stop
|
|
L + 7.50%
|
(c)
|
|
8.83%
|
|
04/2022
|
|
20,977
|
|
|
20,646
|
|
|
2.7
|
|
|
20,977
|
|
||||
Quickbase, Inc.
(4)
|
One stop
|
|
L + 7.50%
|
|
|
N/A
(5)
|
|
04/2022
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
Investment
Type
|
|
Spread
Above
Index
(1)
|
|
Interest
Rate
(2)
|
|
Maturity
Date
|
|
Principal ($) /
Shares (3) |
|
Amortized Cost
|
|
Percentage
of Net
Assets
|
|
Fair
Value
(15)
|
|||||||||
Diversified/Conglomerate Service - (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Saba Software, Inc.
#
|
One stop
|
|
L + 5.50%
|
(a)
|
|
6.74%
|
|
05/2023
|
|
$
|
26,505
|
|
|
$
|
26,074
|
|
|
3.5
|
|
%
|
$
|
26,505
|
|
|
Saba Software, Inc.
(4)
|
One stop
|
|
L + 5.50%
|
|
|
N/A
(5)
|
|
05/2023
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
||||
Saldon Holdings, Inc.
*
|
Senior loan
|
|
L + 4.50%
|
(a)(b)
|
|
5.77%
|
|
09/2022
|
|
647
|
|
|
639
|
|
|
0.1
|
|
|
639
|
|
||||
Secure-24, LLC
*
|
One stop
|
|
L + 5.00%
|
(c)
|
|
6.33%
|
|
08/2019
|
|
1,792
|
|
|
1,783
|
|
|
0.2
|
|
|
1,792
|
|
||||
Secure-24, LLC
|
One stop
|
|
L + 5.00%
|
|
|
N/A
(5)
|
|
08/2019
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Severin Acquisition, LLC
#
|
Senior loan
|
|
L + 4.75%
|
(a)
|
|
5.99%
|
|
07/2021
|
|
8,546
|
|
|
8,437
|
|
|
1.1
|
|
|
8,505
|
|
||||
Severin Acquisition, LLC
#
|
Senior loan
|
|
L + 5.38%
|
(a)
|
|
6.62%
|
|
07/2021
|
|
1,427
|
|
|
1,411
|
|
|
0.2
|
|
|
1,450
|
|
||||
Severin Acquisition, LLC
#
|
Senior loan
|
|
L + 5.00%
|
(a)
|
|
6.24%
|
|
07/2021
|
|
1,271
|
|
|
1,256
|
|
|
0.2
|
|
|
1,275
|
|
||||
Severin Acquisition, LLC
#
|
Senior loan
|
|
L + 5.38%
|
(a)
|
|
6.62%
|
|
07/2021
|
|
971
|
|
|
960
|
|
|
0.1
|
|
|
987
|
|
||||
Severin Acquisition, LLC
*
|
Senior loan
|
|
L + 4.88%
|
(a)
|
|
6.12%
|
|
07/2021
|
|
313
|
|
|
310
|
|
|
—
|
|
|
313
|
|
||||
Severin Acquisition, LLC
(4)
|
Senior loan
|
|
L + 4.75%
|
|
|
N/A
(5)
|
|
07/2021
|
|
—
|
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
||||
Switchfly, Inc.
|
One stop
|
|
L + 10.00%
|
(c)
|
|
9.80% cash/1.50% PIK
|
|
04/2020
|
|
3,204
|
|
|
3,082
|
|
|
0.4
|
|
|
3,204
|
|
||||
Switchfly, Inc.
|
One stop
|
|
L + 10.00%
|
|
|
N/A
(5)
|
|
04/2020
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Telesoft, LLC#
|
One stop
|
|
L + 5.50%
|
(c)
|
|
6.81%
|
|
07/2022
|
|
5,339
|
|
|
5,288
|
|
|
0.7
|
|
|
5,286
|
|
||||
Telesoft, LLC
(4)
|
One stop
|
|
L + 5.50%
|
|
|
N/A
(5)
|
|
07/2022
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
||||
Trintech, Inc.
#*
|
One stop
|
|
L + 6.00%
|
(c)
|
|
7.31%
|
|
10/2021
|
|
9,736
|
|
|
9,648
|
|
|
1.3
|
|
|
9,736
|
|
||||
Trintech, Inc.
|
One stop
|
|
L + 6.00%
|
|
|
N/A
(5)
|
|
10/2021
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Vendavo, Inc.
|
One stop
|
|
L + 8.50%
|
(c)
|
|
9.80%
|
|
10/2019
|
|
4,331
|
|
|
4,307
|
|
|
0.6
|
|
|
4,331
|
|
||||
Vendavo, Inc.
(4)
|
One stop
|
|
L + 8.50%
|
|
|
N/A
(5)
|
|
10/2019
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
||||
Vendor Credentialing Service LLC
#*
|
One stop
|
|
L + 6.00%
|
(a)
|
|
7.24%
|
|
11/2021
|
|
7,631
|
|
|
7,546
|
|
|
1.0
|
|
|
7,631
|
|
||||
Vendor Credentialing Service LLC
(4)
|
One stop
|
|
L + 6.00%
|
|
|
N/A
(5)
|
|
11/2021
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
Verisys Corporation
#
|
One stop
|
|
L + 6.75%
|
(c)
|
|
8.08%
|
|
01/2023
|
|
4,805
|
|
|
4,741
|
|
|
0.6
|
|
|
4,805
|
|
||||
Verisys Corporation
(4)
|
One stop
|
|
L + 6.75%
|
|
|
N/A
(5)
|
|
01/2023
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
Workforce Software, LLC
|
One stop
|
|
L + 10.50%
|
(c)
|
|
4.80% cash/7.00% PIK
|
|
06/2021
|
|
22,905
|
|
|
22,788
|
|
|
3.0
|
|
|
22,905
|
|
||||
Workforce Software, LLC
|
One stop
|
|
L + 10.50%
|
(c)
|
|
4.80% cash/7.00% PIK
|
|
06/2021
|
|
50
|
|
|
50
|
|
|
—
|
|
|
50
|
|
||||
Xmatters, Inc. and Alarmpoint, Inc.
|
One stop
|
|
L + 9.25%
|
(a)
|
|
9.74% cash/0.75% PIK
|
|
08/2021
|
|
4,662
|
|
|
4,595
|
|
|
0.6
|
|
|
4,662
|
|
||||
Xmatters, Inc. and Alarmpoint, Inc.
|
One stop
|
|
L + 9.25%
|
(a)
|
|
9.74% cash/0.75% PIK
|
|
08/2021
|
|
20
|
|
|
20
|
|
|
—
|
|
|
20
|
|
||||
|
|
|
|
|
|
|
|
|
|
284,277
|
|
|
280,406
|
|
|
37.0
|
|
|
283,948
|
|
||||
Ecological
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Pace Analytical Services, LLC
#*
|
One stop
|
|
L + 6.00%
|
(a)
|
|
7.24%
|
|
09/2022
|
|
15,220
|
|
|
14,998
|
|
|
2.0
|
|
|
15,220
|
|
||||
Pace Analytical Services, LLC
#
|
One stop
|
|
L + 6.00%
|
(a)
|
|
7.24%
|
|
09/2022
|
|
1,415
|
|
|
1,395
|
|
|
0.2
|
|
|
1,415
|
|
||||
Pace Analytical Services, LLC
|
One stop
|
|
L + 6.00%
|
(a)
|
|
7.24%
|
|
09/2022
|
|
349
|
|
|
344
|
|
|
—
|
|
|
349
|
|
||||
Pace Analytical Services, LLC
|
One stop
|
|
L + 6.00%
|
(a)
|
|
7.24%
|
|
09/2022
|
|
25
|
|
|
24
|
|
|
—
|
|
|
25
|
|
||||
Pace Analytical Services, LLC
(4)
|
One stop
|
|
L + 6.00%
|
|
|
N/A
(5)
|
|
09/2022
|
|
—
|
|
|
(48
|
)
|
|
—
|
|
|
—
|
|
||||
WRE Holding Corp.
#
|
Senior loan
|
|
L + 4.75%
|
(a)
|
|
5.99%
|
|
01/2023
|
|
1,322
|
|
|
1,308
|
|
|
0.2
|
|
|
1,322
|
|
||||
WRE Holding Corp.
|
Senior loan
|
|
L + 4.75%
|
(a)(c)
|
|
6.00%
|
|
01/2023
|
|
7
|
|
|
7
|
|
|
—
|
|
|
7
|
|
||||
WRE Holding Corp.
(4)
|
Senior loan
|
|
L + 4.75%
|
|
|
N/A
(5)
|
|
01/2023
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
||||
WRE Holding Corp.
(4)
|
Senior loan
|
|
L + 4.75%
|
|
|
N/A
(5)
|
|
01/2023
|
|
—
|
|
|
(23
|
)
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
|
18,338
|
|
|
18,002
|
|
|
2.4
|
|
|
18,338
|
|
||||
Electronics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Appriss Holdings, Inc.
#*
|
Senior loan
|
|
L + 5.25%
|
(c)
|
|
6.58%
|
|
11/2020
|
|
10,219
|
|
|
10,145
|
|
|
1.3
|
|
|
10,219
|
|
||||
Appriss Holdings, Inc.
|
Senior loan
|
|
L + 5.25%
|
(b)
|
|
6.53%
|
|
11/2020
|
|
896
|
|
|
888
|
|
|
0.1
|
|
|
896
|
|
||||
Compusearch Software Holdings, Inc.
*
|
Senior loan
|
|
L + 4.25%
|
(c)
|
|
5.58%
|
|
05/2021
|
|
837
|
|
|
836
|
|
|
0.1
|
|
|
837
|
|
||||
Diligent Corporation
#*
|
One stop
|
|
L + 6.25%
|
(c)
|
|
7.58%
|
|
04/2022
|
|
31,699
|
|
|
31,017
|
|
|
4.1
|
|
|
31,699
|
|
||||
Diligent Corporation
#*
|
One stop
|
|
L + 6.25%
|
(c)
|
|
7.58%
|
|
04/2022
|
|
8,890
|
|
|
8,757
|
|
|
1.2
|
|
|
8,890
|
|
||||
Diligent Corporation
#
|
One stop
|
|
L + 6.25%
|
(c)
|
|
7.58%
|
|
04/2022
|
|
7,865
|
|
|
7,757
|
|
|
1.0
|
|
|
7,865
|
|
||||
Diligent Corporation
(4)
|
One stop
|
|
L + 6.25%
|
|
|
N/A
(5)
|
|
04/2022
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
||||
Gamma Technologies, LLC
*
|
One stop
|
|
L + 4.75%
|
(a)
|
|
5.99%
|
|
06/2021
|
|
4,937
|
|
|
4,906
|
|
|
0.6
|
|
|
4,937
|
|
||||
Gamma Technologies, LLC
(4)
|
One stop
|
|
L + 5.00%
|
|
|
N/A
(5)
|
|
06/2021
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
LD Intermediate Holdings, Inc.
*
|
Senior loan
|
|
L + 5.88%
|
(c)
|
|
7.19%
|
|
12/2022
|
|
2,879
|
|
|
2,678
|
|
|
0.4
|
|
|
2,710
|
|
||||
Park Place Technologies LLC.
|
Senior loan
|
|
L + 5.00%
|
(c)
|
|
6.33%
|
|
06/2022
|
|
12,159
|
|
|
12,045
|
|
|
1.6
|
|
|
12,037
|
|
||||
Park Place Technologies LLC
(4)
|
One stop
|
|
L + 5.00%
|
(c)
|
|
N/A
(5)
|
|
06/2022
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
||||
SEI, Inc.
#
|
Senior loan
|
|
L + 4.75%
|
(a)
|
|
5.99%
|
|
07/2021
|
|
3,156
|
|
|
3,128
|
|
|
0.4
|
|
|
3,156
|
|
|
Investment
Type
|
|
Spread
Above
Index
(1)
|
|
Interest
Rate
(2)
|
|
Maturity
Date
|
|
Principal ($) /
Shares (3) |
|
Amortized Cost
|
|
Percentage
of Net
Assets
|
|
Fair
Value
(15)
|
|||||||||
Electronics - (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Sloan Company, Inc., The
#
|
One stop
|
|
L + 7.25%
|
(c)
|
|
8.58%
|
|
04/2020
|
|
$
|
3,590
|
|
|
$
|
3,554
|
|
|
0.5
|
|
%
|
$
|
3,410
|
|
|
Sloan Company, Inc., The
|
One stop
|
|
L + 7.25%
|
(c)
|
|
8.57%
|
|
04/2020
|
|
32
|
|
|
32
|
|
|
—
|
|
|
30
|
|
||||
Sovos Compliance
#*
|
One stop
|
|
L + 6.00%
|
(a)
|
|
7.24%
|
|
03/2022
|
|
32,422
|
|
|
31,939
|
|
|
4.2
|
|
|
32,097
|
|
||||
Sovos Compliance Formerly Taxware, LLC
*
|
One stop
|
|
L + 6.00%
|
(a)
|
|
7.24%
|
|
03/2022
|
|
5,427
|
|
|
5,348
|
|
|
0.7
|
|
|
5,373
|
|
||||
Sovos Compliance Formerly Taxware, LLC
|
One stop
|
|
L + 6.00%
|
|
|
N/A
(5)
|
|
03/2022
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Sovos Compliance
(4)
|
One stop
|
|
L + 6.00%
|
|
|
N/A
(5)
|
|
03/2022
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(1
|
)
|
||||
|
|
|
|
|
|
|
|
|
|
125,008
|
|
|
123,023
|
|
|
16.2
|
|
|
124,153
|
|
||||
Grocery
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Teasdale Quality Foods, Inc.
*
|
Senior loan
|
|
L + 4.75%
|
(c)
|
|
6.05%
|
|
10/2020
|
|
124
|
|
|
123
|
|
|
—
|
|
|
124
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Healthcare, Education and Childcare
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Active Day, Inc.
#*
|
One stop
|
|
L + 6.00%
|
(a)
|
|
7.24%
|
|
12/2021
|
|
11,525
|
|
|
11,383
|
|
|
1.5
|
|
|
11,525
|
|
||||
Active Day, Inc.
*
|
One stop
|
|
L + 6.00%
|
(a)
|
|
7.24%
|
|
12/2021
|
|
889
|
|
|
883
|
|
|
0.1
|
|
|
889
|
|
||||
Active Day, Inc.
|
One stop
|
|
L + 6.00%
|
(a)
|
|
7.24%
|
|
12/2021
|
|
573
|
|
|
570
|
|
|
0.1
|
|
|
573
|
|
||||
Active Day, Inc.
|
One stop
|
|
L + 6.00%
|
(a)
|
|
7.24%
|
|
12/2021
|
|
396
|
|
|
393
|
|
|
0.1
|
|
|
396
|
|
||||
Active Day, Inc.
(4)
|
One stop
|
|
L + 6.00%
|
|
|
N/A
(5)
|
|
12/2021
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
Active Day, Inc.
(4)
|
One stop
|
|
L + 6.00%
|
(a)
|
|
N/A
(5)
|
|
12/2021
|
|
—
|
|
|
(12
|
)
|
|
—
|
|
|
—
|
|
||||
Acuity Eyecare Holdings, LLC
#
|
One stop
|
|
L + 6.75%
|
(b)(c)
|
|
8.04%
|
|
03/2022
|
|
4,829
|
|
|
4,764
|
|
|
0.6
|
|
|
4,829
|
|
||||
Acuity Eyecare Holdings, LLC
|
One stop
|
|
L + 6.75%
|
(c)
|
|
8.06%
|
|
03/2022
|
|
809
|
|
|
766
|
|
|
0.1
|
|
|
809
|
|
||||
Acuity Eyecare Holdings, LLC
(4)
|
One stop
|
|
L + 6.75%
|
|
|
N/A
(5)
|
|
03/2022
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
ADCS Clinics Intermediate Holdings, LLC
#
|
One stop
|
|
L + 5.75%
|
(c)
|
|
7.08%
|
|
05/2022
|
|
21,905
|
|
|
21,565
|
|
|
2.8
|
|
|
21,467
|
|
||||
ADCS Clinics Intermediate Holdings, LLC
#
|
One stop
|
|
L + 5.75%
|
(c)
|
|
7.08%
|
|
05/2022
|
|
108
|
|
|
107
|
|
|
—
|
|
|
106
|
|
||||
ADCS Clinics Intermediate Holdings, LLC
|
One stop
|
|
P + 4.75%
|
(e)
|
|
9.00%
|
|
05/2022
|
|
95
|
|
|
93
|
|
|
—
|
|
|
93
|
|
||||
ADCS Clinics Intermediate Holdings, LLC
#
|
One stop
|
|
L + 5.75%
|
(c)
|
|
7.08%
|
|
05/2022
|
|
32
|
|
|
32
|
|
|
—
|
|
|
31
|
|
||||
ADCS Clinics Intermediate Holdings, LLC
|
One stop
|
|
P + 4.75%
|
(e)
|
|
9.00%
|
|
05/2022
|
|
5
|
|
|
1
|
|
|
—
|
|
|
5
|
|
||||
Advanced Pain Management Holdings, Inc.
#
|
Senior loan
|
|
L + 5.00%
|
(a)
|
|
6.25%
|
|
02/2018
|
|
5,800
|
|
|
5,799
|
|
|
0.7
|
|
|
4,930
|
|
||||
Advanced Pain Management Holdings, Inc.
#
|
Senior loan
|
|
L + 5.00%
|
(a)
|
|
6.25%
|
|
02/2018
|
|
397
|
|
|
397
|
|
|
—
|
|
|
337
|
|
||||
Advanced Pain Management Holdings, Inc.
|
Senior loan
|
|
L + 5.00%
|
|
|
N/A
(5)
|
|
02/2018
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Agilitas USA, Inc.
#
|
One stop
|
|
L + 6.00%
|
(c)
|
|
7.30%
|
|
04/2022
|
|
1,976
|
|
|
1,958
|
|
|
0.3
|
|
|
1,976
|
|
||||
Agilitas USA, Inc.
|
One stop
|
|
L + 6.00%
|
(c)
|
|
7.30%
|
|
04/2022
|
|
10
|
|
|
9
|
|
|
—
|
|
|
10
|
|
||||
Agilitas USA, Inc.
(4)
|
One stop
|
|
L + 6.00%
|
|
|
N/A
(5)
|
|
04/2022
|
|
—
|
|
|
(15
|
)
|
|
—
|
|
|
—
|
|
||||
Apothecary Products, LLC
*
|
Senior loan
|
|
L + 4.00%
|
(c)
|
|
5.72%
|
|
02/2019
|
|
1,857
|
|
|
1,857
|
|
|
0.2
|
|
|
1,857
|
|
||||
Apothecary Products, LLC
|
Senior loan
|
|
L + 4.00%
|
(c)
|
|
5.74%
|
|
02/2019
|
|
263
|
|
|
263
|
|
|
—
|
|
|
263
|
|
||||
Aris Teleradiology Company, LLC
#*
|
Senior loan
|
|
L + 5.50%
|
(c)
|
|
6.83%
|
|
03/2021
|
|
2,507
|
|
|
2,488
|
|
|
0.3
|
|
|
2,156
|
|
||||
Aris Teleradiology Company, LLC
|
Senior loan
|
|
L + 5.50%
|
(c)
|
|
6.81%
|
|
03/2021
|
|
25
|
|
|
25
|
|
|
—
|
|
|
22
|
|
||||
Avalign Technologies, Inc.
*
|
Senior loan
|
|
L + 4.50%
|
(a)
|
|
5.74%
|
|
07/2021
|
|
960
|
|
|
957
|
|
|
0.1
|
|
|
957
|
|
||||
BIORECLAMATIONIVT, LLC
#*
|
One stop
|
|
L + 5.75%
|
(a)
|
|
6.99%
|
|
01/2021
|
|
13,943
|
|
|
13,783
|
|
|
1.8
|
|
|
13,943
|
|
||||
BIORECLAMATIONIVT, LLC
|
One stop
|
|
P + 4.75%
|
(e)
|
|
9.00%
|
|
01/2021
|
|
55
|
|
|
54
|
|
|
—
|
|
|
55
|
|
||||
California Cryobank, LLC
*
|
One stop
|
|
L + 5.50%
|
(c)
|
|
6.83%
|
|
08/2019
|
|
2,544
|
|
|
2,544
|
|
|
0.3
|
|
|
2,544
|
|
||||
California Cryobank, LLC
*
|
One stop
|
|
L + 5.50%
|
(c)
|
|
6.83%
|
|
08/2019
|
|
976
|
|
|
964
|
|
|
0.1
|
|
|
976
|
|
||||
California Cryobank, LLC
*
|
One stop
|
|
L + 5.50%
|
(c)
|
|
6.83%
|
|
08/2019
|
|
326
|
|
|
326
|
|
|
—
|
|
|
326
|
|
||||
California Cryobank, LLC
|
One stop
|
|
L + 5.50%
|
|
|
N/A
(5)
|
|
08/2019
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
CLP Healthcare Services, Inc.
*
|
Senior loan
|
|
L + 5.25%
|
(c)
|
|
6.58%
|
|
12/2020
|
|
936
|
|
|
930
|
|
|
0.1
|
|
|
918
|
|
||||
Curo Health Services LLC
#
|
Senior loan
|
|
L + 4.00%
|
(b)(c)
|
|
5.31%
|
|
02/2022
|
|
827
|
|
|
827
|
|
|
0.1
|
|
|
829
|
|
||||
DCA Investment Holding, LLC
#*
|
One stop
|
|
L + 5.25%
|
(c)
|
|
6.58%
|
|
07/2021
|
|
14,601
|
|
|
14,479
|
|
|
1.9
|
|
|
14,601
|
|
||||
DCA Investment Holding, LLC
#*
|
One stop
|
|
L + 5.25%
|
(c)
|
|
6.58%
|
|
07/2021
|
|
13,625
|
|
|
13,474
|
|
|
1.8
|
|
|
13,625
|
|
||||
DCA Investment Holding, LLC
#*
|
One stop
|
|
L + 5.25%
|
(c)
|
|
6.58%
|
|
07/2021
|
|
6,103
|
|
|
6,006
|
|
|
0.8
|
|
|
6,103
|
|
||||
DCA Investment Holding, LLC
|
One stop
|
|
P + 4.25%
|
(e)
|
|
8.50%
|
|
07/2021
|
|
707
|
|
|
695
|
|
|
0.1
|
|
|
707
|
|
||||
DCA Investment Holding, LLC
(4)
|
One stop
|
|
L + 5.25%
|
|
|
N/A
(5)
|
|
07/2021
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
||||
Deca Dental Management LLC
|
One stop
|
|
L + 6.25%
|
(c)
|
|
7.58%
|
|
07/2020
|
|
7,486
|
|
|
7,422
|
|
|
1.0
|
|
|
7,486
|
|
||||
Deca Dental Management LLC
*
|
One stop
|
|
L + 6.25%
|
(a)(c)
|
|
7.57%
|
|
07/2020
|
|
911
|
|
|
906
|
|
|
0.1
|
|
|
911
|
|
||||
Deca Dental Management LLC
|
One stop
|
|
L + 6.25%
|
(a)
|
|
7.49%
|
|
07/2020
|
|
50
|
|
|
50
|
|
|
—
|
|
|
50
|
|
||||
Deca Dental Management LLC
(4)
|
One stop
|
|
L + 6.25%
|
|
|
N/A
(5)
|
|
07/2020
|
|
—
|
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
|
Investment
Type
|
|
Spread
Above
Index
(1)
|
|
Interest
Rate
(2)
|
|
Maturity
Date
|
|
Principal ($) /
Shares (3) |
|
Amortized Cost
|
|
Percentage
of Net
Assets
|
|
Fair
Value
(15)
|
|||||||||
Healthcare, Education and Childcare - (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Dental Holdings Corporation
*
|
One stop
|
|
L + 5.50%
|
(c)
|
|
6.81%
|
|
02/2020
|
|
$
|
3,314
|
|
|
$
|
3,286
|
|
|
0.4
|
|
%
|
$
|
3,247
|
|
|
Dental Holdings Corporation
|
One stop
|
|
L + 5.50%
|
(b)
|
|
6.78%
|
|
02/2020
|
|
505
|
|
|
500
|
|
|
0.1
|
|
|
495
|
|
||||
Dental Holdings Corporation
|
One stop
|
|
L + 5.50%
|
(c)
|
|
6.82%
|
|
02/2020
|
|
98
|
|
|
94
|
|
|
—
|
|
|
88
|
|
||||
eSolutions, Inc.
#*
|
One stop
|
|
L + 6.50%
|
(a)
|
|
7.74%
|
|
03/2022
|
|
18,630
|
|
|
18,426
|
|
|
2.4
|
|
|
18,630
|
|
||||
eSolutions, Inc.
(4)
|
One stop
|
|
L + 6.50%
|
|
|
N/A
(5)
|
|
03/2022
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
Excelligence Learning Corporation
#
|
One stop
|
|
L + 6.00%
|
(a)
|
|
7.24%
|
|
04/2023
|
|
6,300
|
|
|
6,241
|
|
|
0.8
|
|
|
6,300
|
|
||||
Eyecare Services Partners Holdings LLC
#
|
One stop
|
|
L + 6.25%
|
(c)
|
|
7.58%
|
|
05/2023
|
|
10,493
|
|
|
10,321
|
|
|
1.4
|
|
|
10,493
|
|
||||
Eyecare Services Partners Holdings LLC
|
One stop
|
|
P + 5.25%
|
(e)
|
|
9.50%
|
|
05/2023
|
|
17
|
|
|
14
|
|
|
—
|
|
|
17
|
|
||||
Eyecare Services Partners Holdings LLC
(4)
|
One stop
|
|
L + 6.25%
|
|
|
N/A
(5)
|
|
05/2023
|
|
—
|
|
|
(61
|
)
|
|
—
|
|
|
—
|
|
||||
Eyecare Services Partners Holdings LLC
(4)
|
One stop
|
|
L + 6.25%
|
|
|
N/A
(5)
|
|
05/2023
|
|
—
|
|
|
(77
|
)
|
|
—
|
|
|
—
|
|
||||
G & H Wire Company, Inc
#
|
One stop
|
|
L + 5.50%
|
(c)
|
|
6.81%
|
|
09/2023
|
|
7,148
|
|
|
7,060
|
|
|
0.9
|
|
|
7,077
|
|
||||
G & H Wire Company, Inc
(4)
|
One stop
|
|
L + 5.50%
|
|
|
N/A
(5)
|
|
09/2023
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
||||
Immucor, Inc.
#
|
Senior loan
|
|
L + 5.00%
|
(a)
|
|
6.24%
|
|
06/2021
|
|
2,055
|
|
|
2,028
|
|
|
0.3
|
|
|
2,087
|
|
||||
Kareo, Inc.
|
One stop
|
|
L + 9.00%
|
(b)
|
|
10.27%
|
|
06/2022
|
|
5,755
|
|
|
5,508
|
|
|
0.8
|
|
|
5,755
|
|
||||
Kareo, Inc.
|
One stop
|
|
L + 9.00%
|
|
|
N/A
(5)
|
|
06/2022
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Katena Holdings, Inc.
*
|
One stop
|
|
L + 6.25%
|
(c)
|
|
7.58%
|
|
06/2021
|
|
4,521
|
|
|
4,491
|
|
|
0.6
|
|
|
4,430
|
|
||||
Katena Holdings, Inc.
*
|
One stop
|
|
L + 6.25%
|
(c)
|
|
7.58%
|
|
06/2021
|
|
441
|
|
|
438
|
|
|
0.1
|
|
|
432
|
|
||||
Katena Holdings, Inc.
|
One stop
|
|
P + 5.25%
|
(e)
|
|
9.50%
|
|
06/2021
|
|
64
|
|
|
63
|
|
|
—
|
|
|
62
|
|
||||
Lombart Brothers, Inc.
#
|
One stop
|
|
L + 6.75%
|
(c)
|
|
8.08%
|
|
04/2022
|
|
3,377
|
|
|
3,325
|
|
|
0.4
|
|
|
3,377
|
|
||||
Lombart Brothers, Inc.
#(7)
|
One stop
|
|
L + 6.75%
|
(c)
|
|
8.08%
|
|
04/2022
|
|
1,550
|
|
|
1,526
|
|
|
0.2
|
|
|
1,550
|
|
||||
Lombart Brothers, Inc.
|
One stop
|
|
P + 5.50%
|
(e)
|
|
9.75%
|
|
04/2022
|
|
36
|
|
|
35
|
|
|
—
|
|
|
36
|
|
||||
Lombart Brothers, Inc.
(7)
|
One stop
|
|
L + 6.75%
|
|
|
N/A
(5)
|
|
04/2022
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Maverick Healthcare Group, LLC
#
|
Senior loan
|
|
L + 7.50%
|
(a)
|
|
7.25% cash/2.00% PIK
|
|
12/2017
|
|
643
|
|
|
643
|
|
|
0.1
|
|
|
624
|
|
||||
Maverick Healthcare Group, LLC
|
Senior loan
|
|
P + 6.50%
|
(e)
|
|
5.25% cash/5.50% PIK
|
|
12/2017
|
|
27
|
|
|
27
|
|
|
—
|
|
|
27
|
|
||||
MWD Management, LLC & MWD Services, Inc.
#
|
One stop
|
|
L + 5.25%
|
(c)
|
|
6.58%
|
|
06/2023
|
|
1,308
|
|
|
1,293
|
|
|
0.2
|
|
|
1,308
|
|
||||
MWD Management, LLC & MWD Services, Inc.
(4)
|
One stop
|
|
L + 5.25%
|
|
|
N/A
(5)
|
|
06/2022
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
MWD Management, LLC & MWD Services, Inc.
(4)
|
One stop
|
|
L + 5.25%
|
|
|
N/A
(5)
|
|
06/2023
|
|
—
|
|
|
(40
|
)
|
|
—
|
|
|
—
|
|
||||
Oliver Street Dermatology Holdings, LLC
#*
|
One stop
|
|
L + 6.50%
|
(c)
|
|
7.83%
|
|
05/2022
|
|
8,806
|
|
|
8,681
|
|
|
1.2
|
|
|
8,806
|
|
||||
Oliver Street Dermatology Holdings, LLC
|
One stop
|
|
L + 6.50%
|
(a)(b)(c)
|
|
7.78%
|
|
05/2022
|
|
1,803
|
|
|
1,785
|
|
|
0.2
|
|
|
1,803
|
|
||||
Oliver Street Dermatology Holdings, LLC
#
|
One stop
|
|
L + 6.50%
|
(c)
|
|
7.83%
|
|
05/2022
|
|
1,054
|
|
|
1,044
|
|
|
0.1
|
|
|
1,054
|
|
||||
Oliver Street Dermatology Holdings, LLC
|
One stop
|
|
L + 6.50%
|
(c)
|
|
7.81%
|
|
05/2022
|
|
46
|
|
|
45
|
|
|
—
|
|
|
46
|
|
||||
Oliver Street Dermatology Holdings, LLC
*
|
One stop
|
|
L + 6.50%
|
(c)
|
|
7.83%
|
|
05/2022
|
|
42
|
|
|
41
|
|
|
—
|
|
|
42
|
|
||||
Oliver Street Dermatology Holdings, LLC
|
One stop
|
|
L + 6.50%
|
(c)
|
|
7.83%
|
|
05/2022
|
|
33
|
|
|
32
|
|
|
—
|
|
|
33
|
|
||||
Oliver Street Dermatology Holdings, LLC
|
One stop
|
|
L + 6.50%
|
(c)
|
|
7.83%
|
|
05/2022
|
|
30
|
|
|
30
|
|
|
—
|
|
|
30
|
|
||||
Oliver Street Dermatology Holdings, LLC
(4)
|
One stop
|
|
L + 6.50%
|
(c)(e)
|
|
N/A
(5)
|
|
05/2022
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
Oliver Street Dermatology Holdings, LLC
(4)
|
One stop
|
|
L + 6.50%
|
|
|
N/A
(5)
|
|
05/2022
|
|
—
|
|
|
(8
|
)
|
|
—
|
|
|
—
|
|
||||
Pinnacle Treatment Centers, Inc.
#
|
One stop
|
|
L + 6.25%
|
(b)
|
|
7.53%
|
|
08/2021
|
|
9,748
|
|
|
9,616
|
|
|
1.3
|
|
|
9,748
|
|
||||
Pinnacle Treatment Centers, Inc.
|
One stop
|
|
P + 5.00%
|
(e)
|
|
9.25%
|
|
08/2021
|
|
30
|
|
|
29
|
|
|
—
|
|
|
30
|
|
||||
Pinnacle Treatment Centers, Inc.
(4)
|
One stop
|
|
L + 6.25%
|
|
|
N/A
(5)
|
|
08/2021
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
||||
PPT Management Holdings, LLC
#*
|
One stop
|
|
L + 6.00%
|
(c)
|
|
7.33%
|
|
12/2022
|
|
11,711
|
|
|
11,482
|
|
|
1.5
|
|
|
11,477
|
|
||||
PPT Management Holdings, LLC
|
One stop
|
|
L + 6.00%
|
(c)
|
|
7.33%
|
|
12/2022
|
|
135
|
|
|
132
|
|
|
—
|
|
|
132
|
|
||||
PPT Management Holdings, LLC
|
One stop
|
|
L + 6.00%
|
(a)
|
|
7.24%
|
|
12/2022
|
|
50
|
|
|
46
|
|
|
—
|
|
|
46
|
|
||||
Premise Health Holding Corp.
*
|
One stop
|
|
L + 4.50%
|
(c)
|
|
5.83%
|
|
06/2020
|
|
1,987
|
|
|
1,987
|
|
|
0.3
|
|
|
1,987
|
|
||||
Premise Health Holding Corp.
|
One stop
|
|
L + 4.50%
|
|
|
N/A
(5)
|
|
06/2020
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Pyramid Healthcare, Inc.
|
One stop
|
|
L + 6.50%
|
(a)
|
|
7.74%
|
|
08/2019
|
|
150
|
|
|
148
|
|
|
—
|
|
|
150
|
|
||||
Radiology Partners, Inc.
#
|
One stop
|
|
L + 5.75%
|
(c)
|
|
7.08%
|
|
09/2020
|
|
4,399
|
|
|
4,361
|
|
|
0.6
|
|
|
4,399
|
|
||||
Radiology Partners, Inc.
|
One stop
|
|
L + 5.75%
|
(c)
|
|
7.08%
|
|
09/2020
|
|
99
|
|
|
98
|
|
|
—
|
|
|
99
|
|
||||
Reliant Pro ReHab, LLC
*
|
Senior loan
|
|
L + 5.00%
|
(c)
|
|
6.33%
|
|
12/2017
|
|
1,144
|
|
|
1,143
|
|
|
0.2
|
|
|
1,144
|
|
||||
Reliant Pro ReHab, LLC
|
Senior loan
|
|
P + 4.00%
|
(e)
|
|
8.25%
|
|
12/2017
|
|
83
|
|
|
83
|
|
|
—
|
|
|
83
|
|
||||
Riverchase MSO, LLC
#*
|
Senior loan
|
|
L + 5.25%
|
(c)
|
|
6.58%
|
|
10/2022
|
|
4,940
|
|
|
4,877
|
|
|
0.7
|
|
|
4,940
|
|
||||
Riverchase MSO, LLC
|
Senior loan
|
|
L + 5.25%
|
(c)
|
|
6.58%
|
|
10/2022
|
|
28
|
|
|
27
|
|
|
—
|
|
|
28
|
|
||||
RXH Buyer Corporation
#
|
One stop
|
|
L + 5.75%
|
(c)
|
|
7.08%
|
|
09/2021
|
|
11,134
|
|
|
10,987
|
|
|
1.4
|
|
|
10,912
|
|
||||
RXH Buyer Corporation
*
|
One stop
|
|
L + 5.75%
|
(c)
|
|
7.08%
|
|
09/2021
|
|
1,260
|
|
|
1,252
|
|
|
0.2
|
|
|
1,235
|
|
|
Investment
Type
|
|
Spread
Above
Index
(1)
|
|
Interest
Rate
(2)
|
|
Maturity
Date
|
|
Principal ($) /
Shares (3) |
|
Amortized Cost
|
|
Percentage
of Net
Assets
|
|
Fair
Value
(15)
|
|||||||||
Healthcare, Education and Childcare - (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
RXH Buyer Corporation
|
One stop
|
|
L + 5.75%
|
(c)(e)
|
|
7.61%
|
|
09/2021
|
|
$
|
55
|
|
|
$
|
52
|
|
|
—
|
|
%
|
$
|
51
|
|
|
SLMP, LLC
#
|
One stop
|
|
L + 6.00%
|
(a)
|
|
7.24%
|
|
05/2023
|
|
2,888
|
|
|
2,847
|
|
|
0.4
|
|
|
2,888
|
|
||||
SLMP, LLC
|
One stop
|
|
N/A
|
|
|
7.50% PIK
|
|
05/2027
|
|
109
|
|
|
109
|
|
|
—
|
|
|
109
|
|
||||
SLMP, LLC
(4)
|
One stop
|
|
L + 6.00%
|
|
|
N/A
(5)
|
|
05/2023
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
SLMP, LLC
(4)
|
|
|
L + 6.00%
|
|
|
N/A
(5)
|
|
05/2023
|
|
—
|
|
|
(27
|
)
|
|
—
|
|
|
—
|
|
||||
Spear Education, LLC
*
|
One stop
|
|
L + 6.00%
|
(c)
|
|
7.05%
|
|
08/2019
|
|
3,504
|
|
|
3,493
|
|
|
0.5
|
|
|
3,504
|
|
||||
Spear Education, LLC
|
One stop
|
|
L + 6.00%
|
(c)
|
|
7.30%
|
|
08/2019
|
|
180
|
|
|
179
|
|
|
—
|
|
|
180
|
|
||||
Spear Education, LLC
(4)
|
One stop
|
|
L + 6.00%
|
|
|
N/A
(5)
|
|
08/2019
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
||||
Summit Behavioral Holdings I, LLC
*
|
One stop
|
|
L + 5.00%
|
(a)
|
|
6.24%
|
|
06/2021
|
|
4,137
|
|
|
4,098
|
|
|
0.5
|
|
|
4,137
|
|
||||
Summit Behavioral Holdings I, LLC
|
One stop
|
|
L + 5.00%
|
(a)
|
|
6.24%
|
|
06/2021
|
|
113
|
|
|
112
|
|
|
—
|
|
|
113
|
|
||||
Summit Behavioral Holdings I, LLC
|
One stop
|
|
L + 5.00%
|
(a)
|
|
6.24%
|
|
06/2021
|
|
5
|
|
|
5
|
|
|
—
|
|
|
5
|
|
||||
WHCG Management, LLC
*
|
Senior loan
|
|
L + 4.75%
|
(c)
|
|
6.08%
|
|
03/2023
|
|
3,990
|
|
|
3,945
|
|
|
0.5
|
|
|
3,990
|
|
||||
WHCG Management, LLC
(4)
|
Senior loan
|
|
L + 4.75%
|
|
|
N/A
(5)
|
|
03/2023
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
WHCG Management, LLC
(4)
|
Senior loan
|
|
L + 4.75%
|
|
|
N/A
(5)
|
|
03/2023
|
|
—
|
|
|
(24
|
)
|
|
—
|
|
|
—
|
|
||||
WIRB-Copernicus Group, Inc.
#
|
Senior loan
|
|
L + 5.00%
|
(c)
|
|
6.33%
|
|
08/2022
|
|
9,387
|
|
|
9,310
|
|
|
1.2
|
|
|
9,387
|
|
||||
WIRB-Copernicus Group, Inc.
|
Senior loan
|
|
L + 5.00%
|
|
|
N/A
(5)
|
|
08/2022
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Young Innovations, Inc.
#
|
Senior loan
|
|
L + 5.00%
|
(c)
|
|
6.33%
|
|
01/2019
|
|
133
|
|
|
132
|
|
|
—
|
|
|
133
|
|
||||
|
|
|
|
|
|
|
|
|
|
267,546
|
|
|
264,013
|
|
|
34.5
|
|
|
265,058
|
|
||||
Home and Office Furnishings, Housewares, and Durable Consumer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
CST Buyer Company
*
|
Senior loan
|
|
L + 6.25%
|
(c)
|
|
7.58%
|
|
03/2023
|
|
3,351
|
|
|
3,268
|
|
|
0.4
|
|
|
3,351
|
|
||||
CST Buyer Company
(4)
|
Senior loan
|
|
L + 6.25%
|
|
|
N/A
(5)
|
|
03/2023
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
Plano Molding Company, LLC
#
|
One stop
|
|
L + 7.50%
|
(a)
|
|
8.74%
|
|
05/2021
|
|
6,991
|
|
|
6,920
|
|
|
0.8
|
|
|
5,942
|
|
||||
|
|
|
|
|
|
|
|
|
|
10,342
|
|
|
10,187
|
|
|
1.2
|
|
|
9,293
|
|
||||
Hotels, Motels, Inns, and Gaming
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Aimbridge Hospitality, LLC
#*
|
One stop
|
|
L + 5.50%
|
(a)
|
|
6.74%
|
|
06/2022
|
|
11,044
|
|
|
10,862
|
|
|
1.5
|
|
|
11,044
|
|
||||
Aimbridge Hospitality, LLC
|
One stop
|
|
L + 5.50%
|
(a)
|
|
6.74%
|
|
06/2022
|
|
301
|
|
|
277
|
|
|
—
|
|
|
301
|
|
||||
Aimbridge Hospitality, LLC
(4)
|
One stop
|
|
L + 5.50%
|
|
|
N/A
(5)
|
|
06/2022
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
|
11,345
|
|
|
11,138
|
|
|
1.5
|
|
|
11,345
|
|
||||
Insurance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Captive Resources Midco, LLC
#*
|
One stop
|
|
L + 5.75%
|
(a)
|
|
6.99%
|
|
06/2020
|
|
7,546
|
|
|
7,489
|
|
|
1.0
|
|
|
7,546
|
|
||||
Captive Resources Midco, LLC
(4)
|
One stop
|
|
L + 5.75%
|
|
|
N/A
(5)
|
|
06/2020
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
||||
Captive Resources Midco, LLC
(4)
|
One stop
|
|
L + 5.75%
|
|
|
N/A
(5)
|
|
06/2020
|
|
—
|
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
||||
Higginbotham Insurance Agency, Inc.
*
|
Senior loan
|
|
L + 5.00%
|
(a)
|
|
6.24%
|
|
11/2021
|
|
1,372
|
|
|
1,363
|
|
|
0.2
|
|
|
1,372
|
|
||||
Internet Pipeline, Inc.
#*
|
One stop
|
|
L + 7.25%
|
(a)
|
|
8.49%
|
|
08/2022
|
|
10,326
|
|
|
10,179
|
|
|
1.3
|
|
|
10,476
|
|
||||
Internet Pipeline, Inc.
#*
|
One stop
|
|
L + 6.25%
|
(a)
|
|
7.48%
|
|
08/2022
|
|
4,450
|
|
|
4,408
|
|
|
0.6
|
|
|
4,341
|
|
||||
Internet Pipeline, Inc.
*
|
One stop
|
|
L + 6.25%
|
(a)
|
|
7.48%
|
|
08/2022
|
|
1,685
|
|
|
1,668
|
|
|
0.2
|
|
|
1,643
|
|
||||
Internet Pipeline, Inc.
(4)
|
One stop
|
|
L + 7.25%
|
|
|
N/A
(5)
|
|
08/2021
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
1
|
|
||||
RSC Acquisition, Inc.
#*
|
Senior loan
|
|
L + 5.25%
|
(c)
|
|
6.58%
|
|
11/2022
|
|
6,838
|
|
|
6,819
|
|
|
0.9
|
|
|
6,838
|
|
||||
RSC Acquisition, Inc.
(4)
|
Senior loan
|
|
L + 5.25%
|
|
|
N/A
(5)
|
|
11/2022
|
|
—
|
|
|
(20
|
)
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
|
32,217
|
|
|
31,895
|
|
|
4.2
|
|
|
32,217
|
|
||||
Leisure, Amusement, Motion Pictures, Entertainment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
NFD Operating, LLC
*
|
One stop
|
|
L + 7.00%
|
(c)
|
|
8.30%
|
|
06/2021
|
|
2,170
|
|
|
2,145
|
|
|
0.3
|
|
|
2,170
|
|
||||
NFD Operating, LLC
|
One stop
|
|
L + 7.00%
|
|
|
N/A
(5)
|
|
06/2021
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
NFD Operating, LLC
(4)
|
One stop
|
|
L + 7.00%
|
|
|
N/A
(5)
|
|
06/2021
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
PADI Holdco, Inc.
#
|
One stop
|
|
L + 6.50%
|
(c)
|
|
7.84%
|
|
04/2023
|
|
25,529
|
|
|
25,174
|
|
|
3.3
|
|
|
25,529
|
|
||||
PADI Holdco, Inc.
|
One stop
|
|
L + 6.50%
|
(b)(c)
|
|
7.78%
|
|
04/2022
|
|
72
|
|
|
70
|
|
|
—
|
|
|
72
|
|
||||
Self Esteem Brands, LLC
#*
|
Senior loan
|
|
L + 4.75%
|
(a)
|
|
5.99%
|
|
02/2020
|
|
9,683
|
|
|
9,621
|
|
|
1.3
|
|
|
9,683
|
|
||||
Teaching Company, The
#*
|
One stop
|
|
L + 7.00%
|
(a)(c)
|
|
8.32%
|
|
08/2020
|
|
12,187
|
|
|
12,133
|
|
|
1.6
|
|
|
11,943
|
|
||||
Teaching Company, The
|
One stop
|
|
L + 7.00%
|
(a)(e)
|
|
8.24%
|
|
08/2020
|
|
25
|
|
|
24
|
|
|
—
|
|
|
23
|
|
||||
Titan Fitness, LLC
*
|
One stop
|
|
L + 7.00%
|
(a)
|
|
8.25%
|
|
09/2019
|
|
1,954
|
|
|
1,954
|
|
|
0.3
|
|
|
1,954
|
|
||||
Titan Fitness, LLC
|
One stop
|
|
L + 7.00%
|
(a)
|
|
8.25%
|
|
09/2019
|
|
294
|
|
|
293
|
|
|
—
|
|
|
294
|
|
||||
Titan Fitness, LLC
#
|
One stop
|
|
L + 7.00%
|
(a)
|
|
8.25%
|
|
09/2019
|
|
259
|
|
|
259
|
|
|
—
|
|
|
259
|
|
||||
Titan Fitness, LLC
|
One stop
|
|
L + 7.00%
|
|
|
N/A
(5)
|
|
09/2019
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Investment
Type
|
|
Spread
Above
Index
(1)
|
|
Interest
Rate
(2)
|
|
Maturity
Date
|
|
Principal ($) /
Shares (3) |
|
Amortized Cost
|
|
Percentage
of Net
Assets
|
|
Fair
Value
(15)
|
|||||||||
Leisure, Amusement, Motion Pictures, Entertainment - (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Titan Fitness, LLC
(4)
|
One stop
|
|
L + 7.00%
|
|
|
N/A
(5)
|
|
09/2019
|
|
$
|
—
|
|
|
$
|
(2
|
)
|
|
—
|
|
%
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
52,173
|
|
|
51,670
|
|
|
6.8
|
|
|
51,927
|
|
||||
Mining, Steel, Iron and Non-Precious Metals
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Benetech, Inc.
#
|
One stop
|
|
L + 11.00%
|
(a)
|
|
10.25% cash/2.00% PIK
|
|
08/2018
|
|
192
|
|
|
192
|
|
|
—
|
|
|
154
|
|
||||
Benetech, Inc.
|
One stop
|
|
P + 9.75%
|
(a)(e)
|
|
12.00% cash/2.00% PIK
|
|
08/2018
|
|
16
|
|
|
16
|
|
|
—
|
|
|
6
|
|
||||
|
|
|
|
|
|
|
|
|
|
208
|
|
|
208
|
|
|
—
|
|
|
160
|
|
||||
Oil and Gas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Drilling Info, Inc.
#*
|
One stop
|
|
L + 6.25%
|
(b)
|
|
7.52%
|
|
06/2020
|
|
17,048
|
|
|
16,948
|
|
|
2.2
|
|
|
16,919
|
|
||||
Drilling Info, Inc.
|
One stop
|
|
L + 6.25%
|
|
|
N/A
(5)
|
|
06/2020
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
|
17,048
|
|
|
16,948
|
|
|
2.2
|
|
|
16,919
|
|
||||
Personal and Non Durable Consumer Products (Mfg. Only)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Georgica Pine Clothiers, LLC
*
|
One stop
|
|
L + 5.50%
|
(c)
|
|
6.83%
|
|
11/2021
|
|
4,873
|
|
|
4,839
|
|
|
0.6
|
|
|
4,873
|
|
||||
Georgica Pine Clothiers, LLC
#
|
One stop
|
|
L + 5.50%
|
(c)
|
|
6.83%
|
|
11/2021
|
|
426
|
|
|
422
|
|
|
0.1
|
|
|
426
|
|
||||
Georgica Pine Clothiers, LLC
*
|
One stop
|
|
L + 5.50%
|
(c)
|
|
6.83%
|
|
11/2021
|
|
299
|
|
|
296
|
|
|
—
|
|
|
299
|
|
||||
Georgica Pine Clothiers, LLC
|
One stop
|
|
L + 5.50%
|
(c)
|
|
6.83%
|
|
11/2021
|
|
58
|
|
|
57
|
|
|
—
|
|
|
58
|
|
||||
IMPLUS Footwear, LLC
#
|
One stop
|
|
L + 6.75%
|
(c)
|
|
8.08%
|
|
04/2021
|
|
13,510
|
|
|
13,398
|
|
|
1.8
|
|
|
13,510
|
|
||||
IMPLUS Footwear, LLC
#
|
One stop
|
|
L + 6.75%
|
(c)
|
|
8.07%
|
|
04/2021
|
|
2,378
|
|
|
2,359
|
|
|
0.3
|
|
|
2,378
|
|
||||
Massage Envy, LLC
*
|
One stop
|
|
L + 6.75%
|
(c)(e)
|
|
8.09%
|
|
09/2020
|
|
3,152
|
|
|
3,132
|
|
|
0.4
|
|
|
3,152
|
|
||||
Massage Envy, LLC
|
One stop
|
|
L + 6.75%
|
(c)(e)
|
|
8.07%
|
|
09/2020
|
|
100
|
|
|
99
|
|
|
—
|
|
|
100
|
|
||||
Massage Envy, LLC
|
One stop
|
|
L + 6.75%
|
(c)
|
|
8.07%
|
|
09/2020
|
|
95
|
|
|
94
|
|
|
—
|
|
|
95
|
|
||||
Massage Envy, LLC
|
One stop
|
|
L + 6.75%
|
(c)(e)
|
|
8.08%
|
|
09/2020
|
|
71
|
|
|
71
|
|
|
—
|
|
|
71
|
|
||||
Massage Envy, LLC
|
One stop
|
|
L + 6.75%
|
(c)(e)
|
|
8.10%
|
|
09/2020
|
|
31
|
|
|
30
|
|
|
—
|
|
|
31
|
|
||||
Massage Envy, LLC
|
One stop
|
|
L + 6.75%
|
(a)
|
|
7.99%
|
|
09/2020
|
|
21
|
|
|
20
|
|
|
—
|
|
|
21
|
|
||||
Massage Envy, LLC
(4)
|
One stop
|
|
L + 6.75%
|
(c)
|
|
N/A
(5)
|
|
09/2020
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
||||
Orthotics Holdings, Inc.
#
|
One stop
|
|
L + 6.00%
|
(a)
|
|
7.24%
|
|
02/2020
|
|
3,694
|
|
|
3,664
|
|
|
0.5
|
|
|
3,620
|
|
||||
Orthotics Holdings, Inc.
#(7)(8)
|
One stop
|
|
L + 6.00%
|
(a)
|
|
7.24%
|
|
02/2020
|
|
606
|
|
|
601
|
|
|
0.1
|
|
|
594
|
|
||||
Orthotics Holdings, Inc.
(4)(7)(8)
|
One stop
|
|
L + 6.00%
|
|
|
N/A
(5)
|
|
02/2020
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
Orthotics Holdings, Inc.
(4)
|
One stop
|
|
L + 6.00%
|
|
|
N/A
(5)
|
|
02/2020
|
|
—
|
|
|
(5
|
)
|
|
—
|
|
|
(2
|
)
|
||||
Team Technologies Acquisition Company
*
|
Senior loan
|
|
L + 5.00%
|
(c)(e)
|
|
6.32%
|
|
12/2017
|
|
260
|
|
|
261
|
|
|
—
|
|
|
260
|
|
||||
Team Technologies Acquisition Company
#
|
Senior loan
|
|
L + 5.50%
|
(c)(e)
|
|
6.82%
|
|
12/2017
|
|
48
|
|
|
48
|
|
|
—
|
|
|
49
|
|
||||
Team Technologies Acquisition Company
|
Senior loan
|
|
L + 5.00%
|
|
|
N/A
(5)
|
|
12/2017
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
|
29,622
|
|
|
29,383
|
|
|
3.8
|
|
|
29,535
|
|
||||
Personal, Food and Miscellaneous Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Clarkson Eyecare LLC
#*
|
One stop
|
|
L + 6.25%
|
(c)
|
|
7.58%
|
|
04/2021
|
|
17,190
|
|
|
17,001
|
|
|
2.2
|
|
|
16,674
|
|
||||
Clarkson Eyecare LLC
|
One stop
|
|
L + 6.25%
|
(c)
|
|
7.58%
|
|
04/2021
|
|
8,529
|
|
|
8,468
|
|
|
1.1
|
|
|
8,273
|
|
||||
Clarkson Eyecare LLC
#
|
One stop
|
|
L + 6.25%
|
(c)
|
|
7.58%
|
|
04/2021
|
|
2,956
|
|
|
2,935
|
|
|
0.4
|
|
|
2,867
|
|
||||
Clarkson Eyecare LLC
#
|
One stop
|
|
L + 6.25%
|
(c)
|
|
7.58%
|
|
04/2021
|
|
2,517
|
|
|
2,500
|
|
|
0.3
|
|
|
2,441
|
|
||||
Clarkson Eyecare LLC
|
One stop
|
|
L + 6.25%
|
(c)
|
|
7.58%
|
|
04/2021
|
|
716
|
|
|
666
|
|
|
0.1
|
|
|
692
|
|
||||
Clarkson Eyecare LLC
#
|
One stop
|
|
L + 6.25%
|
(c)
|
|
7.58%
|
|
04/2021
|
|
663
|
|
|
663
|
|
|
0.1
|
|
|
643
|
|
||||
Clarkson Eyecare LLC
#
|
One stop
|
|
L + 6.25%
|
(c)
|
|
7.58%
|
|
04/2021
|
|
489
|
|
|
481
|
|
|
0.1
|
|
|
474
|
|
||||
Clarkson Eyecare LLC
|
One stop
|
|
L + 6.25%
|
(c)
|
|
7.58%
|
|
04/2021
|
|
277
|
|
|
273
|
|
|
—
|
|
|
259
|
|
||||
Community Veterinary Partners, LLC
|
One stop
|
|
L + 5.50%
|
(c)
|
|
6.83%
|
|
10/2021
|
|
42
|
|
|
41
|
|
|
—
|
|
|
42
|
|
||||
Ignite Restaurant Group, Inc (Joe's Crab Shack)
*(6)
|
One stop
|
|
P + 6.00%
|
(e)
|
|
10.25%
|
|
02/2019
|
|
1,039
|
|
|
1,039
|
|
|
—
|
|
|
286
|
|
||||
PetVet Care Centers LLC
#
|
One stop
|
|
L + 6.00%
|
(c)
|
|
7.33%
|
|
06/2023
|
|
10,983
|
|
|
10,879
|
|
|
1.4
|
|
|
10,983
|
|
||||
PetVet Care Centers LLC
|
One stop
|
|
L + 6.00%
|
(c)
|
|
7.32%
|
|
06/2023
|
|
2,665
|
|
|
2,608
|
|
|
0.3
|
|
|
2,665
|
|
||||
PetVet Care Centers LLC
|
One stop
|
|
L + 6.00%
|
(b)
|
|
7.27%
|
|
06/2023
|
|
69
|
|
|
66
|
|
|
—
|
|
|
69
|
|
||||
R.G. Barry Corporation
#
|
Senior loan
|
|
L + 5.00%
|
(a)
|
|
6.24%
|
|
09/2019
|
|
1,257
|
|
|
1,257
|
|
|
0.2
|
|
|
1,257
|
|
||||
Southern Veterinary Partners, LLC
|
One stop
|
|
L + 5.00%
|
(a)
|
|
6.23%
|
|
06/2020
|
|
2,493
|
|
|
2,456
|
|
|
0.3
|
|
|
2,493
|
|
||||
Southern Veterinary Partners, LLC
*
|
One stop
|
|
L + 5.00%
|
(a)
|
|
6.24%
|
|
06/2020
|
|
1,585
|
|
|
1,574
|
|
|
0.2
|
|
|
1,585
|
|
||||
Southern Veterinary Partners, LLC
|
One stop
|
|
L + 5.00%
|
(a)
|
|
6.23%
|
|
06/2020
|
|
17
|
|
|
17
|
|
|
—
|
|
|
17
|
|
||||
Vetcor Professional Practices LLC
#*
|
One stop
|
|
L + 6.00%
|
(c)
|
|
7.33%
|
|
04/2021
|
|
27,276
|
|
|
26,887
|
|
|
3.5
|
|
|
27,276
|
|
||||
Vetcor Professional Practices LLC
|
One stop
|
|
L + 6.00%
|
(c)
|
|
7.33%
|
|
04/2021
|
|
2,980
|
|
|
2,867
|
|
|
0.4
|
|
|
2,980
|
|
||||
Vetcor Professional Practices LLC
|
One stop
|
|
L + 6.00%
|
(c)
|
|
7.33%
|
|
04/2021
|
|
2,360
|
|
|
2,325
|
|
|
0.3
|
|
|
2,360
|
|
|
Investment
Type
|
|
Spread
Above
Index
(1)
|
|
Interest
Rate
(2)
|
|
Maturity
Date
|
|
Principal ($) /
Shares (3) |
|
Amortized Cost
|
|
Percentage
of Net
Assets
|
|
Fair
Value
(15)
|
|||||||||
Personal, Food and Miscellaneous Services - (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Vetcor Professional Practices LLC
#
|
One stop
|
|
L + 6.00%
|
(c)
|
|
7.33%
|
|
04/2021
|
|
$
|
628
|
|
|
$
|
623
|
|
|
0.1
|
|
%
|
$
|
628
|
|
|
Vetcor Professional Practices LLC
*
|
One stop
|
|
L + 6.00%
|
(c)
|
|
7.33%
|
|
04/2021
|
|
622
|
|
|
614
|
|
|
0.1
|
|
|
622
|
|
||||
Vetcor Professional Practices LLC
*
|
One stop
|
|
L + 6.00%
|
(c)
|
|
7.33%
|
|
04/2021
|
|
489
|
|
|
489
|
|
|
0.1
|
|
|
489
|
|
||||
Vetcor Professional Practices LLC
*
|
One stop
|
|
L + 6.00%
|
(c)
|
|
7.33%
|
|
04/2021
|
|
476
|
|
|
470
|
|
|
0.1
|
|
|
476
|
|
||||
Vetcor Professional Practices LLC
*
|
One stop
|
|
L + 6.00%
|
(c)
|
|
7.33%
|
|
04/2021
|
|
187
|
|
|
186
|
|
|
—
|
|
|
187
|
|
||||
Vetcor Professional Practices LLC
*
|
One stop
|
|
L + 6.00%
|
(c)
|
|
7.33%
|
|
04/2021
|
|
153
|
|
|
152
|
|
|
—
|
|
|
153
|
|
||||
Vetcor Professional Practices LLC
|
One stop
|
|
L + 6.00%
|
(c)
|
|
7.33%
|
|
04/2021
|
|
17
|
|
|
13
|
|
|
—
|
|
|
17
|
|
||||
Veterinary Specialists of North America, LLC
#*
|
One stop
|
|
L + 5.25%
|
(c)
|
|
6.56%
|
|
07/2021
|
|
3,853
|
|
|
3,813
|
|
|
0.5
|
|
|
3,853
|
|
||||
Veterinary Specialists of North America, LLC
|
One stop
|
|
L + 5.25%
|
(c)
|
|
6.58%
|
|
07/2021
|
|
49
|
|
|
41
|
|
|
—
|
|
|
49
|
|
||||
Veterinary Specialists of North America, LLC
#
|
One stop
|
|
L + 5.25%
|
(c)
|
|
6.56%
|
|
07/2021
|
|
33
|
|
|
33
|
|
|
—
|
|
|
33
|
|
||||
Veterinary Specialists of North America, LLC
(4)
|
One stop
|
|
L + 5.25%
|
|
|
N/A
(5)
|
|
07/2021
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
Wetzel's Pretzels, LLC
*
|
One stop
|
|
L + 6.75%
|
(a)
|
|
7.99%
|
|
09/2021
|
|
6,012
|
|
|
5,927
|
|
|
0.8
|
|
|
6,012
|
|
||||
Wetzel's Pretzels, LLC
(4)
|
One stop
|
|
L + 6.75%
|
|
|
N/A
(5)
|
|
09/2021
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
|
98,622
|
|
|
97,362
|
|
|
12.6
|
|
|
96,855
|
|
||||
Printing and Publishing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Brandmuscle, Inc.
*
|
Senior loan
|
|
L + 5.00%
|
(c)
|
|
6.33%
|
|
12/2021
|
|
538
|
|
|
533
|
|
|
0.1
|
|
|
542
|
|
||||
Marketo, Inc.
|
One stop
|
|
L + 9.50%
|
(c)
|
|
10.83%
|
|
08/2021
|
|
20,640
|
|
|
20,160
|
|
|
2.7
|
|
|
20,640
|
|
||||
Marketo, Inc.
(4)
|
One stop
|
|
L + 9.50%
|
|
|
N/A
(5)
|
|
08/2021
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
|
21,178
|
|
|
20,692
|
|
|
2.8
|
|
|
21,182
|
|
||||
Retail Stores
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Batteries Plus Holding Corporation
#*
|
One stop
|
|
L + 6.75%
|
(a)
|
|
7.99%
|
|
07/2022
|
|
13,086
|
|
|
12,919
|
|
|
1.7
|
|
|
13,086
|
|
||||
Batteries Plus Holding Corporation
(4)
|
One stop
|
|
L + 6.75%
|
|
|
N/A
(5)
|
|
07/2022
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
||||
CVS Holdings I, LP
#*
|
One stop
|
|
L + 6.25%
|
(a)
|
|
7.49%
|
|
08/2021
|
|
17,139
|
|
|
16,930
|
|
|
2.2
|
|
|
17,139
|
|
||||
CVS Holdings I, LP
#
|
One stop
|
|
L + 6.25%
|
(a)
|
|
7.49%
|
|
08/2021
|
|
248
|
|
|
244
|
|
|
—
|
|
|
248
|
|
||||
CVS Holdings I, LP
|
One stop
|
|
L + 6.25%
|
(a)
|
|
7.49%
|
|
08/2021
|
|
34
|
|
|
28
|
|
|
—
|
|
|
34
|
|
||||
CVS Holdings I, LP
(4)
|
One stop
|
|
L + 6.25%
|
|
|
N/A
(5)
|
|
08/2020
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
||||
Cycle Gear, Inc.
*
|
One stop
|
|
L + 6.50%
|
(c)
|
|
7.80%
|
|
01/2020
|
|
7,572
|
|
|
7,511
|
|
|
1.0
|
|
|
7,572
|
|
||||
Cycle Gear, Inc.
|
One stop
|
|
L + 6.50%
|
(c)
|
|
7.82%
|
|
01/2020
|
|
710
|
|
|
704
|
|
|
0.1
|
|
|
710
|
|
||||
Cycle Gear, Inc.
(4)
|
One stop
|
|
L + 6.50%
|
|
|
N/A
(5)
|
|
01/2020
|
|
—
|
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
||||
DTLR, Inc.
#*
|
One stop
|
|
L + 6.50%
|
(c)
|
|
7.81%
|
|
08/2022
|
|
19,705
|
|
|
19,417
|
|
|
2.6
|
|
|
19,408
|
|
||||
Feeders Supply Company, LLC
#*
|
One stop
|
|
L + 5.75%
|
(a)
|
|
6.99%
|
|
04/2021
|
|
4,699
|
|
|
4,656
|
|
|
0.6
|
|
|
4,699
|
|
||||
Feeders Supply Company, LLC
|
Subordinated Debt
|
|
N/A
|
|
|
12.50% cash/7.00% PIK
|
|
04/2021
|
|
55
|
|
|
55
|
|
|
—
|
|
|
55
|
|
||||
Feeders Supply Company, LLC
|
One stop
|
|
L + 5.75%
|
|
|
N/A
(5)
|
|
04/2021
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Marshall Retail Group, LLC, The
#
|
One stop
|
|
L + 6.00%
|
(c)
|
|
7.30%
|
|
08/2020
|
|
3,150
|
|
|
3,150
|
|
|
0.4
|
|
|
3,150
|
|
||||
Marshall Retail Group, LLC, The
|
One stop
|
|
P + 4.75%
|
(e)
|
|
9.00%
|
|
08/2019
|
|
77
|
|
|
77
|
|
|
—
|
|
|
77
|
|
||||
Mills Fleet Farm Group LLC
#*
|
One stop
|
|
L + 5.50%
|
(a)
|
|
6.74%
|
|
02/2022
|
|
5,650
|
|
|
5,419
|
|
|
0.8
|
|
|
5,650
|
|
||||
Pet Holdings ULC
#(7)(8)
|
One stop
|
|
L + 5.50%
|
(c)
|
|
6.80%
|
|
07/2022
|
|
32,348
|
|
|
31,832
|
|
|
4.2
|
|
|
32,348
|
|
||||
Pet Holdings ULC(7)
(8)
|
One stop
|
|
L + 5.50%
|
(c)
|
|
6.81%
|
|
07/2022
|
|
56
|
|
|
55
|
|
|
—
|
|
|
56
|
|
||||
Pet Holdings ULC
(4)(7)(8)
|
One stop
|
|
L + 5.50%
|
(e)
|
|
N/A
(5)
|
|
07/2022
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
||||
PetPeople Enterprises, LLC
*
|
One stop
|
|
L + 6.00%
|
(c)
|
|
7.32%
|
|
09/2023
|
|
2,373
|
|
|
2,343
|
|
|
0.3
|
|
|
2,349
|
|
||||
PetPeople Enterprises, LLC
(4)
|
One stop
|
|
L + 6.00%
|
|
|
N/A
(5)
|
|
09/2023
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
PetPeople Enterprises, LLC
(4)
|
One stop
|
|
L + 6.00%
|
|
|
N/A
(5)
|
|
09/2023
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(17
|
)
|
||||
|
|
|
|
|
|
|
|
|
|
106,902
|
|
|
105,324
|
|
|
13.9
|
|
|
106,564
|
|
||||
Telecommunications
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
NetMotion Wireless Holdings, Inc.
*
|
One stop
|
|
L + 6.25%
|
(c)
|
|
7.58%
|
|
10/2021
|
|
7,278
|
|
|
7,190
|
|
|
0.9
|
|
|
7,278
|
|
||||
NetMotion Wireless Holdings, Inc.
(4)
|
One stop
|
|
L + 6.25%
|
|
|
N/A
(5)
|
|
10/2021
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
|
7,278
|
|
|
7,189
|
|
|
0.9
|
|
|
7,278
|
|
||||
Textile and Leather
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
SHO Holding I Corporation
*
|
Senior loan
|
|
L + 5.00%
|
(a)
|
|
6.24%
|
|
10/2022
|
|
1,917
|
|
|
1,883
|
|
|
0.3
|
|
|
1,917
|
|
||||
SHO Holding I Corporation
|
Senior loan
|
|
L + 4.00%
|
(a)(b)
|
|
5.24%
|
|
10/2021
|
|
16
|
|
|
15
|
|
|
—
|
|
|
15
|
|
||||
|
|
|
|
|
|
|
|
|
|
1,933
|
|
|
1,898
|
|
|
0.3
|
|
|
1,932
|
|
||||
Utilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Arcos, LLC
*
|
One stop
|
|
L + 6.00%
|
(c)
|
|
7.33%
|
|
02/2021
|
|
3,411
|
|
|
3,386
|
|
|
0.5
|
|
|
3,411
|
|
|
Investment
Type
|
|
Spread
Above
Index
(1)
|
|
Interest
Rate
(2)
|
|
Maturity
Date
|
|
Principal ($) /
Shares (3) |
|
Amortized Cost
|
|
Percentage
of Net
Assets
|
|
Fair
Value
(15)
|
|||||||||
Utilities - (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Arcos, LLC
|
One stop
|
|
L + 6.00%
|
|
|
N/A
(5)
|
|
02/2021
|
|
$
|
—
|
|
|
$
|
—
|
|
|
—
|
|
%
|
$
|
—
|
|
|
PowerPlan Holdings, Inc.
*
|
Senior loan
|
|
L + 5.25%
|
(a)
|
|
6.49%
|
|
02/2022
|
|
2,522
|
|
|
2,498
|
|
|
0.3
|
|
|
2,522
|
|
||||
PowerPlan Holdings, Inc.
*
|
Senior loan
|
|
L + 5.25%
|
(a)
|
|
6.49%
|
|
02/2022
|
|
805
|
|
|
791
|
|
|
0.1
|
|
|
805
|
|
||||
|
|
|
|
|
|
|
|
|
|
6,738
|
|
|
6,675
|
|
|
0.9
|
|
|
6,738
|
|
||||
Total non-controlled/non-affiliate company debt investments
|
|
|
|
|
|
|
$
|
1,336,708
|
|
|
$
|
1,318,676
|
|
|
172.8
|
|
%
|
$
|
1,326,950
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Equity investments
(9)(10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Aerospace and Defense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Whitcraft LLC
|
Common stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
7
|
|
|
$
|
688
|
|
|
0.1
|
|
%
|
$
|
688
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Automobile
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Polk Acquisition Corp.
|
LP interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
4
|
|
|
401
|
|
|
—
|
|
|
255
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Beverage, Food and Tobacco
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cafe Rio Holding, Inc.
|
Common stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
3
|
|
|
283
|
|
|
—
|
|
|
283
|
|
||||
Hopdoddy Holdings, LLC
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
17
|
|
|
84
|
|
|
—
|
|
|
57
|
|
||||
Hopdoddy Holdings, LLC
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
8
|
|
|
24
|
|
|
—
|
|
|
16
|
|
||||
P&P Food Safety US Acquisition, Inc.
|
LLC interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
2
|
|
|
203
|
|
|
—
|
|
|
209
|
|
||||
Purfoods, LLC
|
LLC interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
355
|
|
|
355
|
|
|
0.1
|
|
|
383
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
949
|
|
|
0.1
|
|
|
948
|
|
|||||
Chemicals, Plastics and Rubber
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Flexan, LLC
|
Preferred stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
40
|
|
|
—
|
|
|
48
|
|
||||
Flexan, LLC
|
Common stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
40
|
|
|
—
|
|
|
56
|
|
|||||
Diversified/Conglomerate Manufacturing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Inventus Power, Inc.
|
Preferred stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
259
|
|
|
—
|
|
|
—
|
|
||||
Inventus Power, Inc.
|
Common stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Reladyne, Inc.
|
LP interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
242
|
|
|
0.1
|
|
|
450
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
501
|
|
|
0.1
|
|
|
450
|
|
|||||
Diversified/Conglomerate Service
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Accela, Inc.
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
374
|
|
|
374
|
|
|
0.1
|
|
|
374
|
|
||||
Actiance, Inc.
|
Warrant
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
248
|
|
|
59
|
|
|
—
|
|
|
86
|
|
||||
Agility Recovery Solutions Inc.
|
Preferred stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
30
|
|
|
152
|
|
|
—
|
|
|
191
|
|
||||
Bomgar Corporation
|
Common stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
1
|
|
|
620
|
|
|
0.1
|
|
|
694
|
|
||||
Bomgar Corporation
|
Common stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
415
|
|
|
6
|
|
|
—
|
|
|
33
|
|
||||
HealthcareSource HR, Inc.
|
LLC interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
165
|
|
|
—
|
|
|
176
|
|
||||
Host Analytics, Inc.
|
Warrant
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
154
|
|
|
58
|
|
|
—
|
|
|
123
|
|
||||
Maverick Bidco Inc.
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
1
|
|
|
597
|
|
|
0.1
|
|
|
597
|
|
||||
MMan Acquisition Co.
|
LP interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
334
|
|
|
334
|
|
|
—
|
|
|
334
|
|
||||
Project Alpha Intermediate Holding, Inc.
|
Common stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
399
|
|
|
0.1
|
|
|
440
|
|
||||
Project Alpha Intermediate Holding, Inc.
|
Common stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
99
|
|
|
4
|
|
|
—
|
|
|
4
|
|
||||
Quickbase, Inc.
|
Common stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
615
|
|
|
412
|
|
|
0.1
|
|
|
808
|
|
||||
Switchfly, Inc.
|
Warrant
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
79
|
|
|
114
|
|
|
—
|
|
|
181
|
|
||||
Verisys Corporation
|
LLC interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
318
|
|
|
318
|
|
|
0.1
|
|
|
346
|
|
||||
Workforce Software, LLC
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
1,309
|
|
|
1,309
|
|
|
0.2
|
|
|
1,519
|
|
||||
Xmatters, Inc. and Alarmpoint, Inc.
|
Warrant
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
41
|
|
|
33
|
|
|
—
|
|
|
30
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
4,954
|
|
|
0.8
|
|
|
5,936
|
|
|||||
Ecological
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Pace Analytical Services, LLC
|
Common stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
3
|
|
|
302
|
|
|
—
|
|
|
362
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Electronics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Diligent Corporation
|
Preferred stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
535
|
|
|
424
|
|
|
0.1
|
|
|
779
|
|
||||
Gamma Technologies, LLC
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
1
|
|
|
82
|
|
|
—
|
|
|
201
|
|
|
Investment
Type
|
|
Spread
Above
Index
(1)
|
|
Interest
Rate
(2)
|
|
Maturity
Date
|
|
Principal ($) /
Shares (3) |
|
Amortized Cost
|
|
Percentage
of Net
Assets
|
|
Fair
Value
(15)
|
|||||||||
Personal, Food and Miscellaneous Services - (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Wetzel's Pretzels, LLC
|
Common stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
$
|
—
|
|
|
$
|
149
|
|
|
$
|
—
|
|
|
$
|
173
|
|
|
|
|
|
|
|
|
|
|
|
|
|
799
|
|
|
0.2
|
|
%
|
1,504
|
|
|||||
Printing and Publishing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Brandmuscle, Inc.
|
LLC interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
207
|
|
|
—
|
|
|
203
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Retail Stores
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Batteries Plus Holding Corporation
|
LP interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
5
|
|
|
505
|
|
|
0.1
|
|
|
653
|
|
||||
Cycle Gear, Inc.
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
8
|
|
|
111
|
|
|
—
|
|
|
169
|
|
||||
Elite Sportswear, L.P.
|
LLC interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
70
|
|
|
—
|
|
|
43
|
|
||||
Feeders Supply Company, LLC
|
Preferred stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
2
|
|
|
179
|
|
|
—
|
|
|
204
|
|
||||
Feeders Supply Company, LLC
|
Common stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
—
|
|
|
—
|
|
|
97
|
|
||||
Pet Holdings ULC
(7)(8)
|
LP interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
222
|
|
|
188
|
|
|
0.1
|
|
|
228
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
1,053
|
|
|
0.2
|
|
|
1,394
|
|
|||||
Utilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
PowerPlan Holdings, Inc.
|
Common stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
116
|
|
|
—
|
|
|
116
|
|
||||
PowerPlan Holdings, Inc.
|
Common stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
68
|
|
|
1
|
|
|
—
|
|
|
120
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
117
|
|
|
—
|
|
|
236
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total non-controlled/non-affiliate company equity investments
|
|
|
|
|
|
|
|
|
$
|
17,733
|
|
|
2.7
|
|
%
|
$
|
20,647
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total non-controlled/non-affiliate company investments
|
|
|
|
|
|
|
$
|
1,336,708
|
|
|
$
|
1,336,409
|
|
|
175.5
|
|
%
|
$
|
1,347,597
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Controlled affiliate company investments
(12)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Equity investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Investment Funds and Vehicles
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
GCIC Senior Loan Fund LLC
(7)(13)
|
LLC interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
|
|
$
|
49,800
|
|
|
6.5
|
|
%
|
$
|
50,104
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total controlled affiliate company equity investments
|
|
|
|
|
|
|
|
|
$
|
49,800
|
|
|
6.5
|
|
%
|
$
|
50,104
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total controlled affiliate company investments
|
|
|
|
|
|
|
|
|
$
|
49,800
|
|
|
6.5
|
|
%
|
$
|
50,104
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total investments
|
|
|
|
|
|
|
$
|
1,336,708
|
|
|
$
|
1,386,209
|
|
|
182.0
|
|
%
|
$
|
1,397,701
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Cash and cash equivalents and restricted cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Cash and restricted cash
|
|
|
|
|
|
|
|
|
|
$
|
47,487
|
|
|
6.8
|
|
%
|
$
|
47,487
|
|
|||||
BlackRock Liquidity Funds T-Fund Institutional Shares (CUSIP 09248U718)
|
|
|
0.91%
(14)
|
|
|
|
|
|
|
3,644
|
|
|
0.1
|
|
|
3,644
|
|
|||||||
Total cash and cash equivalents and restricted cash and cash equivalents
|
|
|
|
|
|
|
$
|
51,131
|
|
|
6.9
|
|
%
|
$
|
51,131
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total investments and cash and cash equivalents and restricted cash and cash equivalents
|
|
|
|
|
|
|
|
$
|
1,437,340
|
|
|
188.9
|
|
%
|
$
|
1,448,832
|
|
|
#
|
|
Denotes that all or a portion of the investment collateralizes the Credit Facility (as defined in Note 7).
|
*
|
|
Denotes that all or a portion of the investment secures the notes offered in the GCIC 2016 Debt Securitization (as defined in Note 7).
|
(1)
|
The majority of the investments bear interest at a rate that may be determined by reference to London Interbank Offered Rate ("LIBOR" or "L") or Prime ("P") and which reset daily, monthly, quarterly or semiannually. For each, the Company has provided the spread over LIBOR or Prime and the weighted average current interest rate in effect at September 30, 2017. Certain investments are subject to a LIBOR or Prime interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. Listed below are the index rates as of September 29, 2017, which was the last business day of the period on which LIBOR was determined. The actual index rate for each loan listed may not be the applicable index rate outstanding as of September 30, 2017, as the loan may have priced or repriced based on an index rate prior to September 29, 2017.
|
(2)
|
For portfolio companies with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect at
September 30, 2017
.
|
(3)
|
The total principal amount is presented for debt investments while the number of shares or units owned is presented for equity investments.
|
(4)
|
The negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par. The negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.
|
(5)
|
The entire commitment was unfunded as of
September 30, 2017
. As such, no interest is being earned on this investment. The investment may be subject to an unused facility fee.
|
(6)
|
Loan was on non-accrual status as of
September 30, 2017
, meaning that the Company has ceased recognizing interest income on the loan.
|
(7)
|
The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the ‘‘1940 Act’’). Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of
September 30, 2017
, total non-qualifying assets at fair value represented
5.9%
of the Company’s assets calculated in accordance with the 1940 Act.
|
(8)
|
The headquarters of this portfolio company is located in Canada.
|
(9)
|
Equity investments are non-income producing securities unless otherwise noted.
|
(10)
|
Ownership of certain equity investments may occur through a holding company or partnership.
|
(11)
|
The Company holds an equity investment that entitles it to receive preferential dividends.
|
Portfolio
Company |
|
Fair value at September 30, 2016
|
|
Purchases
(cost) |
|
Redemptions
(cost) |
|
Discount
accretion |
|
Net change in unrealized
gain/(loss) |
|
Fair value at September 30, 2017
|
|
Net realized gain/(loss)
|
|
Interest and
fee income |
|
Dividend
income |
||||||||||||||||||
GCIC Senior Loan Fund LLC*
|
|
$
|
47,956
|
|
|
$
|
46,344
|
|
|
$
|
(43,719
|
)
|
|
$
|
—
|
|
|
$
|
(477
|
)
|
|
$
|
50,104
|
|
|
$
|
—
|
|
|
$
|
732
|
|
|
$
|
3,950
|
|
Total Controlled Affiliates
|
|
$
|
47,956
|
|
|
$
|
46,344
|
|
|
$
|
(43,719
|
)
|
|
$
|
—
|
|
|
$
|
(477
|
)
|
|
$
|
50,104
|
|
|
$
|
—
|
|
|
$
|
732
|
|
|
$
|
3,950
|
|
(13)
|
The Company receives quarterly profit distributions from its equity investment in GCIC Senior Loan Fund LLC. (See Note
5
in the accompanying notes to the consolidated financial statements).
|
(14)
|
The rate shown is the annualized seven-day yield as of
September 30, 2017
.
|
(15)
|
The fair value of the investment was valued using significant unobservable inputs. See Note
6
. Fair Value Measurements.
|
|
Investment
Type
|
|
Spread
Above
Index
(1)
|
|
Interest
Rate
(2)
|
|
Maturity
Date
|
|
Principal/Par
Amount
(3)
|
|
Amortized Cost
|
|
Percentage
of Net
Assets
|
|
Fair
Value
(12)
|
||||||||
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Non-controlled/non-affiliate company investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Debt investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Aerospace and Defense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
ILC Dover, LP
|
One stop
|
|
L + 9.00%
|
(a)
|
|
8.00% cash/2.00% PIK
|
|
03/2020
|
|
$
|
2,370
|
|
|
$
|
2,314
|
|
|
0.3
|
|
%
|
$
|
2,015
|
|
ILC Dover, LP
|
One stop
|
|
L + 9.00%
|
(a)
|
|
8.00% cash/2.00% PIK
|
|
03/2019
|
|
105
|
|
|
102
|
|
|
—
|
|
|
89
|
|
|||
NTS Technical Systems
*
|
One stop
|
|
L + 6.25%
|
(c)
|
|
7.25%
|
|
06/2021
|
|
3,893
|
|
|
3,839
|
|
|
0.6
|
|
|
3,815
|
|
|||
NTS Technical Systems
(4)
|
One stop
|
|
L + 6.25%
|
|
|
N/A
(5)
|
|
06/2021
|
|
—
|
|
|
(12
|
)
|
|
—
|
|
|
(11
|
)
|
|||
NTS Technical Systems
(4)
|
One stop
|
|
L + 6.25%
|
|
|
N/A
(5)
|
|
06/2021
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
|
(8
|
)
|
|||
Tresys Technology Holdings, Inc.
(6)
|
One stop
|
|
L + 6.75%
|
(c)
|
|
8.00%
|
|
12/2017
|
|
53
|
|
|
28
|
|
|
—
|
|
|
16
|
|
|||
Tresys Technology Holdings, Inc.
|
One stop
|
|
L + 6.75%
|
(c)
|
|
8.00%
|
|
12/2017
|
|
7
|
|
|
7
|
|
|
—
|
|
|
7
|
|
|||
Tronair Parent, Inc.
|
Senior loan
|
|
L + 4.50%
|
|
|
N/A
(5)
|
|
09/2021
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Whitcraft LLC
*
|
One stop
|
|
L + 6.50%
|
(c)
|
|
7.50%
|
|
05/2020
|
|
6,745
|
|
|
6,695
|
|
|
1.1
|
|
|
6,745
|
|
|||
Whitcraft LLC
(4)
|
One stop
|
|
L + 6.50%
|
|
|
N/A
(5)
|
|
05/2020
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
13,173
|
|
|
12,966
|
|
|
2.0
|
|
|
12,668
|
|
|||
Automobile
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
American Driveline Systems, Inc.
|
Senior loan
|
|
L + 5.75%
|
(a)
|
|
6.75%
|
|
03/2020
|
|
378
|
|
|
347
|
|
|
0.1
|
|
|
378
|
|
|||
American Driveline Systems, Inc.
|
Senior loan
|
|
L + 5.75%
|
(a)
|
|
6.75%
|
|
03/2020
|
|
49
|
|
|
48
|
|
|
—
|
|
|
49
|
|
|||
American Driveline Systems, Inc.
|
Senior loan
|
|
P + 4.75%
|
(e)
|
|
8.25%
|
|
03/2020
|
|
10
|
|
|
5
|
|
|
—
|
|
|
10
|
|
|||
CH Hold Corp.
*
|
Senior loan
|
|
L + 5.25%
|
(c)(e)
|
|
6.25%
|
|
11/2019
|
|
2,295
|
|
|
2,279
|
|
|
0.4
|
|
|
2,295
|
|
|||
Dent Wizard International Corporation
*
|
Senior loan
|
|
L + 4.75%
|
(c)
|
|
5.75%
|
|
04/2020
|
|
1,192
|
|
|
1,187
|
|
|
0.2
|
|
|
1,192
|
|
|||
K&N Engineering, Inc.
*
|
Senior loan
|
|
P + 3.25%
|
(e)
|
|
6.75%
|
|
07/2019
|
|
1,139
|
|
|
1,139
|
|
|
0.2
|
|
|
1,139
|
|
|||
K&N Engineering, Inc.
*#
|
Senior loan
|
|
L + 4.25%
|
(a)(e)
|
|
5.25%
|
|
07/2019
|
|
55
|
|
|
55
|
|
|
—
|
|
|
55
|
|
|||
K&N Engineering, Inc.
|
Senior loan
|
|
L + 4.25%
|
|
|
N/A
(5)
|
|
07/2019
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
OEConnection LLC
#
|
Senior loan
|
|
L + 5.00%
|
(c)
|
|
6.00%
|
|
06/2022
|
|
11,167
|
|
|
10,892
|
|
|
1.8
|
|
|
11,167
|
|
|||
OEConnection LLC
(4)
|
Senior loan
|
|
L + 5.00%
|
|
|
N/A
(5)
|
|
06/2021
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
Polk Acquisition Corp.
*#
|
Senior loan
|
|
L + 5.00%
|
(c)
|
|
6.00%
|
|
06/2022
|
|
13,601
|
|
|
13,395
|
|
|
2.2
|
|
|
13,601
|
|
|||
Polk Acquisition Corp.
|
Senior loan
|
|
L + 5.00%
|
(c)
|
|
6.00%
|
|
06/2022
|
|
54
|
|
|
53
|
|
|
—
|
|
|
54
|
|
|||
Polk Acquisition Corp.
|
Senior loan
|
|
L + 5.00%
|
(a)(e)
|
|
6.64%
|
|
06/2022
|
|
18
|
|
|
16
|
|
|
—
|
|
|
18
|
|
|||
Polk Acquisition Corp.
(4)
|
Senior loan
|
|
L + 5.00%
|
|
|
N/A
(5)
|
|
06/2022
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|||
T5 Merger Corporation
*#
|
One stop
|
|
L + 6.25%
|
(c)
|
|
7.25%
|
|
03/2022
|
|
22,118
|
|
|
21,756
|
|
|
3.6
|
|
|
21,897
|
|
|||
T5 Merger Corporation
(4)
|
One stop
|
|
L + 6.25%
|
|
|
N/A
(5)
|
|
03/2022
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(1
|
)
|
|||
|
|
|
|
|
|
|
|
|
|
52,076
|
|
|
51,167
|
|
|
8.5
|
|
|
51,854
|
|
|||
Beverage, Food and Tobacco
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Abita Brewing Co., L.L.C.
#
|
One stop
|
|
L + 5.75%
|
(c)
|
|
6.75%
|
|
04/2021
|
|
3,858
|
|
|
3,828
|
|
|
0.6
|
|
|
3,472
|
|
|||
Abita Brewing Co., L.L.C.
(4)
|
One stop
|
|
L + 5.75%
|
(c)
|
|
6.75%
|
|
04/2021
|
|
4
|
|
|
3
|
|
|
—
|
|
|
(11
|
)
|
|||
ABP Corporation
*
|
Senior loan
|
|
L + 4.75%
|
(c)
|
|
6.00%
|
|
09/2018
|
|
604
|
|
|
604
|
|
|
0.1
|
|
|
574
|
|
|||
ABP Corporation
|
Senior loan
|
|
P + 3.50%
|
(e)
|
|
7.25%
|
|
09/2018
|
|
32
|
|
|
32
|
|
|
—
|
|
|
29
|
|
|||
Benihana, Inc.
#
|
One stop
|
|
L + 6.00%
|
(a)(c)
|
|
7.25%
|
|
01/2019
|
|
303
|
|
|
303
|
|
|
—
|
|
|
297
|
|
|||
Benihana, Inc.
|
One stop
|
|
P + 4.75%
|
(a)(e)
|
|
7.92%
|
|
07/2018
|
|
32
|
|
|
32
|
|
|
—
|
|
|
31
|
|
|||
C. J. Foods, Inc.
*
|
One stop
|
|
L + 5.00%
|
(c)
|
|
6.00%
|
|
05/2019
|
|
7,648
|
|
|
7,648
|
|
|
1.2
|
|
|
7,648
|
|
|||
C. J. Foods, Inc.
|
One stop
|
|
L + 5.00%
|
(c)
|
|
6.00%
|
|
05/2019
|
|
1,613
|
|
|
1,613
|
|
|
0.3
|
|
|
1,613
|
|
|||
C. J. Foods, Inc.
|
One stop
|
|
L + 5.00%
|
|
|
N/A
(5)
|
|
05/2019
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Firebirds International, LLC
*
|
One stop
|
|
L + 5.75%
|
(c)
|
|
7.00%
|
|
05/2018
|
|
3,331
|
|
|
3,331
|
|
|
0.5
|
|
|
3,331
|
|
|||
Firebirds International, LLC
*
|
One stop
|
|
L + 5.75%
|
(c)
|
|
7.00%
|
|
05/2018
|
|
938
|
|
|
938
|
|
|
0.2
|
|
|
938
|
|
|||
Firebirds International, LLC
|
One stop
|
|
L + 5.75%
|
(c)
|
|
7.00%
|
|
05/2018
|
|
171
|
|
|
171
|
|
|
—
|
|
|
171
|
|
|||
Firebirds International, LLC
|
One stop
|
|
L + 5.75%
|
|
|
N/A
(5)
|
|
05/2018
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
First Watch Restaurants, Inc.
*
|
One stop
|
|
L + 6.00%
|
(c)
|
|
7.15%
|
|
12/2020
|
|
3,569
|
|
|
3,540
|
|
|
0.6
|
|
|
3,569
|
|
|||
First Watch Restaurants, Inc.
|
One stop
|
|
P + 5.00%
|
(c)(e)
|
|
8.05%
|
|
12/2020
|
|
224
|
|
|
223
|
|
|
—
|
|
|
224
|
|
|||
First Watch Restaurants, Inc.
|
One stop
|
|
L + 6.00%
|
(c)
|
|
7.00%
|
|
12/2020
|
|
175
|
|
|
174
|
|
|
—
|
|
|
175
|
|
|
Investment
Type
|
|
Spread
Above
Index
(1)
|
|
Interest
Rate
(2)
|
|
Maturity
Date
|
|
Principal/Par
Amount
(3)
|
|
Amortized Cost
|
|
Percentage
of Net
Assets
|
|
Fair
Value
(12)
|
||||||||
Beverage, Food and Tobacco - (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
First Watch Restaurants, Inc.
|
One stop
|
|
L + 6.00%
|
(c)
|
|
7.00%
|
|
12/2020
|
|
$
|
175
|
|
|
$
|
174
|
|
|
—
|
|
%
|
$
|
175
|
|
First Watch Restaurants, Inc.
(4)
|
One stop
|
|
L + 6.00%
|
|
|
N/A
(5)
|
|
12/2020
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
Hopdoddy Holdings, LLC
|
One stop
|
|
L + 8.00%
|
(c)
|
|
9.00%
|
|
08/2020
|
|
426
|
|
|
422
|
|
|
0.1
|
|
|
426
|
|
|||
Hopdoddy Holdings, LLC
|
One stop
|
|
L + 8.00%
|
|
|
N/A
(5)
|
|
08/2020
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Hopdoddy Holdings, LLC
(4)
|
One stop
|
|
L + 8.00%
|
|
|
N/A
(5)
|
|
08/2020
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|||
Julio & Sons Company
*
|
One stop
|
|
L + 5.50%
|
(c)
|
|
6.50%
|
|
12/2018
|
|
945
|
|
|
941
|
|
|
0.2
|
|
|
945
|
|
|||
Julio & Sons Company
|
One stop
|
|
L + 5.50%
|
(a)(b)
|
|
6.50%
|
|
12/2018
|
|
147
|
|
|
146
|
|
|
—
|
|
|
147
|
|
|||
Julio & Sons Company
|
One stop
|
|
L + 5.50%
|
(c)
|
|
6.50%
|
|
12/2018
|
|
83
|
|
|
81
|
|
|
—
|
|
|
83
|
|
|||
Purfoods, LLC
*#
|
One stop
|
|
L + 6.25%
|
(c)
|
|
7.25%
|
|
05/2021
|
|
8,047
|
|
|
7,936
|
|
|
1.3
|
|
|
8,047
|
|
|||
Purfoods, LLC
|
One stop
|
|
N/A
|
|
|
7.00% PIK
|
|
05/2026
|
|
95
|
|
|
95
|
|
|
—
|
|
|
95
|
|
|||
Purfoods, LLC
|
One stop
|
|
L + 6.25%
|
(a)
|
|
7.25%
|
|
05/2021
|
|
25
|
|
|
24
|
|
|
—
|
|
|
25
|
|
|||
Purfoods, LLC
(4)
|
One stop
|
|
L + 6.25%
|
|
|
N/A
(5)
|
|
05/2021
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
Smashburger Finance LLC
*
|
Senior loan
|
|
L + 5.50%
|
(c)
|
|
6.75%
|
|
05/2018
|
|
529
|
|
|
527
|
|
|
0.1
|
|
|
518
|
|
|||
Smashburger Finance LLC
(4)
|
Senior loan
|
|
L + 5.50%
|
|
|
N/A
(5)
|
|
05/2018
|
|
—
|
|
|
(12
|
)
|
|
—
|
|
|
—
|
|
|||
Surfside Coffee Company LLC
*
|
One stop
|
|
L + 5.25%
|
(c)
|
|
6.25%
|
|
06/2020
|
|
2,345
|
|
|
2,327
|
|
|
0.4
|
|
|
2,345
|
|
|||
Surfside Coffee Company LLC
|
One stop
|
|
L + 5.25%
|
(c)
|
|
6.25%
|
|
06/2020
|
|
177
|
|
|
173
|
|
|
—
|
|
|
177
|
|
|||
Surfside Coffee Company LLC
|
One stop
|
|
L + 5.25%
|
(c)
|
|
6.25%
|
|
06/2020
|
|
26
|
|
|
25
|
|
|
—
|
|
|
26
|
|
|||
Tate's Bake Shop, Inc.
#
|
Senior loan
|
|
L + 5.00%
|
(c)
|
|
6.00%
|
|
08/2019
|
|
144
|
|
|
143
|
|
|
—
|
|
|
144
|
|
|||
Uinta Brewing Company
#
|
One stop
|
|
L + 8.50%
|
(c)
|
|
9.50%
|
|
08/2019
|
|
900
|
|
|
900
|
|
|
0.1
|
|
|
873
|
|
|||
Uinta Brewing Company
|
One stop
|
|
L + 8.50%
|
(a)(c)
|
|
9.50%
|
|
08/2019
|
|
74
|
|
|
74
|
|
|
—
|
|
|
71
|
|
|||
|
|
|
|
|
|
|
|
|
|
36,640
|
|
|
36,412
|
|
|
5.7
|
|
|
36,158
|
|
|||
Broadcasting and Entertainment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Extreme Reach Inc.
*
|
Senior loan
|
|
L + 6.25%
|
(c)
|
|
7.25%
|
|
02/2020
|
|
933
|
|
|
907
|
|
|
0.2
|
|
|
943
|
|
|||
TouchTunes Interactive Networks, Inc.
*
|
Senior loan
|
|
L + 4.75%
|
(c)
|
|
5.75%
|
|
05/2021
|
|
697
|
|
|
695
|
|
|
0.1
|
|
|
700
|
|
|||
|
|
|
|
|
|
|
|
|
|
1,630
|
|
|
1,602
|
|
|
0.3
|
|
|
1,643
|
|
|||
Building and Real Estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Brooks Equipment Company, LLC
*
|
One stop
|
|
L + 5.00%
|
(b)(c)
|
|
6.00%
|
|
08/2020
|
|
6,135
|
|
|
6,135
|
|
|
1.0
|
|
|
6,135
|
|
|||
Brooks Equipment Company, LLC
|
One stop
|
|
L + 5.00%
|
|
|
N/A
(5)
|
|
08/2020
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Paradigm DKD Group, LLC
#
|
Senior loan
|
|
L + 5.25%
|
(c)
|
|
6.50%
|
|
11/2018
|
|
2,160
|
|
|
2,132
|
|
|
0.4
|
|
|
2,116
|
|
|||
Paradigm DKD Group, LLC
|
Senior loan
|
|
L + 5.25%
|
(c)(e)
|
|
6.70%
|
|
11/2018
|
|
195
|
|
|
185
|
|
|
—
|
|
|
179
|
|
|||
|
|
|
|
|
|
|
|
|
|
8,490
|
|
|
8,452
|
|
|
1.4
|
|
|
8,430
|
|
|||
Cargo Transport
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Worldwide Express Operations, LLC
*
|
Senior loan
|
|
L + 5.00%
|
(c)
|
|
6.00
|
|
07/2019
|
|
1,767
|
|
|
1,752
|
|
|
0.3
|
|
|
1,767
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Containers, Packaging and Glass
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Fort Dearborn Company
*
|
Senior loan
|
|
L + 4.75%
|
(c)(e)
|
|
5.75%
|
|
10/2018
|
|
960
|
|
|
959
|
|
|
0.2
|
|
|
960
|
|
|||
Fort Dearborn Company
*
|
Senior loan
|
|
L + 4.25%
|
(c)
|
|
5.25%
|
|
10/2017
|
|
164
|
|
|
164
|
|
|
—
|
|
|
164
|
|
|||
|
|
|
|
|
|
|
|
|
|
1,124
|
|
|
1,123
|
|
|
0.2
|
|
|
1,124
|
|
|||
Diversified Conglomerate Manufacturing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Chase Industries, Inc.
*#
|
One stop
|
|
L + 5.75%
|
(b)(c)(e)
|
|
6.81%
|
|
09/2020
|
|
7,009
|
|
|
7,006
|
|
|
1.1
|
|
|
7,009
|
|
|||
Chase Industries, Inc.
|
One stop
|
|
L + 5.75%
|
(c)(e)
|
|
7.13%
|
|
09/2020
|
|
1,555
|
|
|
1,555
|
|
|
0.3
|
|
|
1,555
|
|
|||
Chase Industries, Inc.
|
One stop
|
|
L + 5.75%
|
|
|
N/A
(5)
|
|
09/2020
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Inventus Power, Inc
#
|
One stop
|
|
L + 5.50%
|
(c)
|
|
6.50%
|
|
04/2020
|
|
10,481
|
|
|
10,428
|
|
|
1.6
|
|
|
9,643
|
|
|||
Inventus Power, Inc
(4)
|
One stop
|
|
L + 5.50%
|
|
|
N/A
(5)
|
|
04/2020
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
(52
|
)
|
|||
Onicon Incorporated
*#
|
One stop
|
|
L + 6.00%
|
(c)(e)
|
|
7.00%
|
|
04/2020
|
|
184
|
|
|
182
|
|
|
—
|
|
|
182
|
|
|||
Onicon Incorporated
|
One stop
|
|
L + 6.00%
|
|
|
N/A
(5)
|
|
04/2020
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Pasternack Enterprises, Inc. and Fairview Microwave, Inc.
#
|
Senior loan
|
|
L + 5.00%
|
(c)
|
|
6.00%
|
|
05/2022
|
|
2,296
|
|
|
2,273
|
|
|
0.4
|
|
|
2,273
|
|
|||
PetroChoice Holdings, Inc.
*
|
Senior loan
|
|
L + 5.00%
|
(c)
|
|
6.00%
|
|
08/2022
|
|
1,645
|
|
|
1,598
|
|
|
0.3
|
|
|
1,645
|
|
|
Investment
Type
|
|
Spread
Above
Index
(1)
|
|
Interest
Rate
(2)
|
|
Maturity
Date
|
|
Principal/Par
Amount
(3)
|
|
Amortized Cost
|
|
Percentage
of Net
Assets
|
|
Fair
Value
(12)
|
||||||||
Diversified Conglomerate Manufacturing - (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Reladyne, Inc.
#
|
Senior loan
|
|
L + 5.25%
|
(c)
|
|
6.25%
|
|
07/2022
|
|
$
|
9,850
|
|
|
$
|
9,697
|
|
|
1.6
|
|
%
|
$
|
9,751
|
|
Reladyne, Inc.
|
Senior loan
|
|
L + 5.25%
|
(a)
|
|
6.25%
|
|
07/2022
|
|
111
|
|
|
110
|
|
|
—
|
|
|
110
|
|
|||
Reladyne, Inc.
|
Senior loan
|
|
P + 4.25%
|
(e)
|
|
7.75%
|
|
07/2022
|
|
26
|
|
|
24
|
|
|
—
|
|
|
24
|
|
|||
Reladyne, Inc.
(4)
|
Senior loan
|
|
L + 5.25%
|
|
|
N/A
(5)
|
|
07/2022
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(1
|
)
|
|||
Sunless Merger Sub, Inc.
|
Senior loan
|
|
L + 5.00%
|
(a)(e)
|
|
6.25%
|
|
07/2019
|
|
298
|
|
|
252
|
|
|
—
|
|
|
298
|
|
|||
Sunless Merger Sub, Inc.
|
Senior loan
|
|
P + 3.75%
|
(e)
|
|
7.25%
|
|
07/2019
|
|
30
|
|
|
27
|
|
|
—
|
|
|
30
|
|
|||
|
|
|
|
|
|
|
|
|
|
33,485
|
|
|
33,147
|
|
|
5.3
|
|
|
32,467
|
|
|||
Diversified Conglomerate Service
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Accellos, Inc.
*
|
One stop
|
|
L + 5.75%
|
(c)
|
|
6.75%
|
|
07/2020
|
|
6,268
|
|
|
6,260
|
|
|
1.0
|
|
|
6,268
|
|
|||
Accellos, Inc.
|
One stop
|
|
L + 5.75%
|
|
|
N/A
(5)
|
|
07/2020
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Actiance, Inc.
|
One stop
|
|
L + 9.00%
|
(a)
|
|
10.00%
|
|
04/2018
|
|
1,401
|
|
|
1,367
|
|
|
0.2
|
|
|
1,401
|
|
|||
Actiance, Inc.
|
One stop
|
|
L + 9.00%
|
|
|
N/A
(5)
|
|
04/2018
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Agility Recovery Solutions Inc.
*
|
One stop
|
|
L + 6.50%
|
(c)
|
|
7.50%
|
|
03/2020
|
|
6,280
|
|
|
6,216
|
|
|
1.0
|
|
|
6,280
|
|
|||
Agility Recovery Solutions Inc.
(4)
|
One stop
|
|
L + 6.50%
|
|
|
N/A
(5)
|
|
03/2020
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|||
Bomgar Corporation
*#
|
One stop
|
|
L + 7.50%
|
(c)
|
|
8.50%
|
|
06/2022
|
|
28,641
|
|
|
28,094
|
|
|
4.6
|
|
|
28,641
|
|
|||
Bomgar Corporation
(4)
|
One stop
|
|
L + 7.50%
|
|
|
N/A
(5)
|
|
06/2022
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|||
CIBT Holdings, Inc
*
|
Senior loan
|
|
L + 5.25%
|
(c)
|
|
6.25%
|
|
06/2022
|
|
1,882
|
|
|
1,863
|
|
|
0.3
|
|
|
1,882
|
|
|||
CIBT Holdings, Inc.
|
Senior loan
|
|
L + 5.25%
|
|
|
N/A
(5)
|
|
06/2022
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Clearwater Analytics, LLC
*#
|
One stop
|
|
L + 7.50%
|
(c)
|
|
8.50%
|
|
09/2022
|
|
9,337
|
|
|
9,176
|
|
|
1.5
|
|
|
9,220
|
|
|||
Clearwater Analytics, LLC
(4)
|
One stop
|
|
L + 7.50%
|
|
|
N/A
(5)
|
|
09/2022
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(1
|
)
|
|||
Daxko Acquisition Corporation
#
|
One stop
|
|
L + 6.50%
|
(c)
|
|
7.50%
|
|
09/2022
|
|
8,488
|
|
|
8,361
|
|
|
1.4
|
|
|
8,403
|
|
|||
Daxko Acquisition Corporation
(4)
|
One stop
|
|
L + 6.50%
|
|
|
N/A
(5)
|
|
09/2022
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
DISA Holdings Acquisition Subsidiary Corp.
*
|
Senior loan
|
|
L + 4.50%
|
(c)
|
|
5.50%
|
|
12/2020
|
|
1,375
|
|
|
1,364
|
|
|
0.2
|
|
|
1,333
|
|
|||
DISA Holdings Acquisition Subsidiary Corp.
|
Senior loan
|
|
L + 4.50%
|
(c)
|
|
5.50%
|
|
12/2020
|
|
77
|
|
|
75
|
|
|
—
|
|
|
67
|
|
|||
EGD Security Systems, LLC
*#
|
One stop
|
|
L + 6.25%
|
(c)
|
|
7.25%
|
|
06/2022
|
|
10,372
|
|
|
10,248
|
|
|
1.7
|
|
|
10,372
|
|
|||
EGD Security Systems, LLC
|
One stop
|
|
L + 6.25%
|
(c)
|
|
7.25%
|
|
06/2022
|
|
98
|
|
|
96
|
|
|
—
|
|
|
98
|
|
|||
EGD Security Systems, LLC
(4)
|
One stop
|
|
L + 6.25%
|
|
|
N/A
(5)
|
|
06/2022
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|||
HealthcareSource HR, Inc.
*
|
One stop
|
|
L + 6.75%
|
(c)
|
|
7.75%
|
|
05/2020
|
|
8,367
|
|
|
8,259
|
|
|
1.4
|
|
|
8,367
|
|
|||
HealthcareSource HR, Inc.
(4)
|
One stop
|
|
L + 6.75%
|
|
|
N/A
(5)
|
|
05/2020
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
Host Analytics, Inc.
|
One stop
|
|
N/A
|
|
|
8.50% cash/2.25% PIK
|
|
02/2020
|
|
1,349
|
|
|
1,335
|
|
|
0.2
|
|
|
1,339
|
|
|||
Host Analytics, Inc.
|
One stop
|
|
N/A
|
|
|
8.50% cash/2.25% PIK
|
|
08/2021
|
|
1,137
|
|
|
1,127
|
|
|
0.2
|
|
|
1,129
|
|
|||
Host Analytics, Inc.
(4)
|
One stop
|
|
N/A
|
|
|
N/A
(5)
|
|
02/2020
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
(2
|
)
|
|||
III US Holdings, LLC
#
|
One stop
|
|
L + 6.00%
|
(c)
|
|
7.00%
|
|
09/2022
|
|
5,465
|
|
|
5,356
|
|
|
0.9
|
|
|
5,356
|
|
|||
III US Holdings, LLC
(4)
|
One stop
|
|
L + 6.00%
|
|
|
N/A
(5)
|
|
09/2022
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|||
Integration Appliance, Inc.
|
One stop
|
|
L + 8.25%
|
(c)
|
|
9.50%
|
|
09/2020
|
|
1,550
|
|
|
1,537
|
|
|
0.3
|
|
|
1,550
|
|
|||
Jensen Hughes, Inc.
#
|
Senior loan
|
|
L + 5.00%
|
(c)
|
|
6.00%
|
|
12/2021
|
|
134
|
|
|
133
|
|
|
—
|
|
|
134
|
|
|||
Netsmart Technologies, Inc.
#
|
Senior loan
|
|
L + 4.75%
|
(a)
|
|
5.75%
|
|
04/2023
|
|
1,649
|
|
|
1,634
|
|
|
0.3
|
|
|
1,659
|
|
|||
Netsmart Technologies, Inc.
(4)
|
Senior loan
|
|
L + 4.75%
|
|
|
N/A
(5)
|
|
04/2023
|
|
—
|
|
|
(9
|
)
|
|
—
|
|
|
—
|
|
|||
Project Alpha Intermediate Holding, Inc.
#
|
One stop
|
|
L + 8.25%
|
(c)
|
|
9.25%
|
|
08/2022
|
|
16,508
|
|
|
16,022
|
|
|
2.6
|
|
|
16,178
|
|
|||
PT Intermediate Holdings III, LLC
*#
|
One stop
|
|
L + 6.50%
|
(c)
|
|
7.50%
|
|
06/2022
|
|
23,508
|
|
|
23,171
|
|
|
3.8
|
|
|
23,508
|
|
|||
PT Intermediate Holdings III, LLC
|
One stop
|
|
P + 5.50%
|
(e)
|
|
9.00%
|
|
06/2022
|
|
25
|
|
|
21
|
|
|
—
|
|
|
25
|
|
|||
Quickbase, Inc.
#
|
One stop
|
|
L + 7.50%
|
(c)
|
|
8.50%
|
|
04/2022
|
|
11,468
|
|
|
11,257
|
|
|
1.9
|
|
|
11,468
|
|
|||
Quickbase, Inc.
(4)
|
One stop
|
|
L + 7.50%
|
|
|
N/A
(5)
|
|
04/2022
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|||
Secure-24, LLC
*
|
One stop
|
|
L + 6.00%
|
(c)
|
|
7.25%
|
|
08/2017
|
|
809
|
|
|
809
|
|
|
0.1
|
|
|
809
|
|
|||
Secure-24, LLC
*
|
One stop
|
|
L + 6.00%
|
(c)
|
|
7.25%
|
|
08/2017
|
|
118
|
|
|
118
|
|
|
—
|
|
|
118
|
|
|||
Secure-24, LLC
|
One stop
|
|
L + 6.00%
|
|
|
N/A
(5)
|
|
08/2017
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Severin Acquisition, LLC
*
|
Senior loan
|
|
L + 5.38%
|
(c)
|
|
6.38%
|
|
07/2021
|
|
1,441
|
|
|
1,429
|
|
|
0.2
|
|
|
1,462
|
|
|||
Severin Acquisition, LLC
*
|
Senior loan
|
|
L + 5.00%
|
(c)
|
|
6.00%
|
|
07/2021
|
|
1,284
|
|
|
1,273
|
|
|
0.2
|
|
|
1,284
|
|
|||
Severin Acquisition, LLC
#
|
Senior loan
|
|
L + 5.38%
|
(c)
|
|
6.38%
|
|
07/2021
|
|
981
|
|
|
972
|
|
|
0.2
|
|
|
995
|
|
|
Investment
Type
|
|
Spread
Above
Index
(1)
|
|
Interest
Rate
(2)
|
|
Maturity
Date
|
|
Principal/Par
Amount
(3)
|
|
Amortized Cost
|
|
Percentage
of Net
Assets
|
|
Fair
Value
(12)
|
||||||||
Diversified Conglomerate Service - (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Severin Acquisition, LLC
*
|
Senior loan
|
|
L + 4.88%
|
(c)
|
|
5.88%
|
|
07/2021
|
|
$
|
317
|
|
|
$
|
313
|
|
|
0.1
|
|
%
|
$
|
315
|
|
Steelwedge Software, Inc.
|
One stop
|
|
L + 10.00%
|
(c)
|
|
9.00% cash/2.00% PIK
|
|
09/2020
|
|
1,767
|
|
|
1,696
|
|
|
0.3
|
|
|
1,767
|
|
|||
Steelwedge Software, Inc.
|
One stop
|
|
L + 8.00%
|
|
|
N/A
(5)
|
|
09/2020
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
TA MHI Buyer, Inc.*
|
One stop
|
|
L + 6.50%
|
(c)
|
|
7.50%
|
|
09/2021
|
|
6,622
|
|
|
6,573
|
|
|
1.1
|
|
|
6,622
|
|
|||
TA MHI Buyer, Inc.
#
|
One stop
|
|
L + 6.50%
|
(c)
|
|
7.50%
|
|
09/2021
|
|
1,032
|
|
|
1,022
|
|
|
0.2
|
|
|
1,032
|
|
|||
TA MHI Buyer, Inc.
#
|
One stop
|
|
L + 6.50%
|
(c)
|
|
7.50%
|
|
09/2021
|
|
536
|
|
|
531
|
|
|
0.1
|
|
|
536
|
|
|||
TA MHI Buyer, Inc.
#
|
One stop
|
|
L + 6.50%
|
(c)
|
|
7.50%
|
|
09/2021
|
|
191
|
|
|
190
|
|
|
—
|
|
|
191
|
|
|||
TA MHI Buyer, Inc.
|
One stop
|
|
L + 6.50%
|
|
|
N/A
(5)
|
|
09/2021
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Trintech, Inc.
*
|
One stop
|
|
L + 6.00%
|
(c)
|
|
7.00%
|
|
10/2021
|
|
8,820
|
|
|
8,724
|
|
|
1.4
|
|
|
8,820
|
|
|||
Trintech, Inc.
(4)
|
One stop
|
|
L + 6.00%
|
|
|
N/A
(5)
|
|
10/2021
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
Vendavo, Inc.
|
One stop
|
|
L + 8.50%
|
(c)
|
|
9.50%
|
|
10/2019
|
|
4,331
|
|
|
4,295
|
|
|
0.7
|
|
|
4,257
|
|
|||
Vendavo, Inc.
(4)
|
One stop
|
|
L + 8.50%
|
|
|
N/A
(5)
|
|
10/2019
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(6
|
)
|
|||
Vendor Credentialing Service LLC
*#
|
One stop
|
|
L + 6.00%
|
(a)
|
|
7.00%
|
|
11/2021
|
|
11,342
|
|
|
11,191
|
|
|
1.8
|
|
|
11,342
|
|
|||
Vendor Credentialing Service LLC
(4)
|
One stop
|
|
L + 6.00%
|
|
|
N/A
(5)
|
|
11/2021
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
Vitalyst, LLC
#
|
Senior loan
|
|
L + 5.25%
|
(c)
|
|
6.50%
|
|
09/2017
|
|
95
|
|
|
95
|
|
|
—
|
|
|
95
|
|
|||
Vitalyst, LLC
|
Senior loan
|
|
L + 4.25%
|
|
|
N/A
(5)
|
|
09/2017
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Workforce Software, LLC
|
One stop
|
|
L + 10.50%
|
(c)
|
|
4.50% cash/7.00% PIK
|
|
06/2021
|
|
21,601
|
|
|
21,452
|
|
|
3.5
|
|
|
21,439
|
|
|||
Workforce Software, LLC
|
One stop
|
|
L + 3.50%
|
|
|
N/A
(5)
|
|
06/2021
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Xmatters, Inc. and Alarmpoint, Inc.
|
One stop
|
|
L + 8.50%
|
(a)
|
|
9.50%
|
|
08/2021
|
|
4,428
|
|
|
4,365
|
|
|
0.7
|
|
|
4,395
|
|
|||
Xmatters, Inc. and Alarmpoint, Inc.
|
One stop
|
|
L + 8.50%
|
|
|
N/A
(5)
|
|
08/2021
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
211,094
|
|
|
207,989
|
|
|
34.1
|
|
|
210,147
|
|
|||
Ecological
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Pace Analytical Services, LLC
*#
|
One stop
|
|
L + 6.25%
|
(c)
|
|
7.25%
|
|
09/2022
|
|
15,374
|
|
|
15,105
|
|
|
2.5
|
|
|
15,220
|
|
|||
Pace Analytical Services, LLC
(4)
|
One stop
|
|
L + 6.25%
|
|
|
N/A
(5)
|
|
09/2022
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(1
|
)
|
|||
Pace Analytical Services, LLC
(4)
|
One stop
|
|
L + 6.25%
|
|
|
N/A
(5)
|
|
09/2022
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
|
(3
|
)
|
|||
|
|
|
|
|
|
|
|
|
|
15,374
|
|
|
15,097
|
|
|
2.5
|
|
|
15,216
|
|
|||
Electronics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Appriss Holdings, Inc.
*#
|
Senior loan
|
|
L + 5.25%
|
(c)
|
|
6.25%
|
|
11/2020
|
|
10,322
|
|
|
10,225
|
|
|
1.7
|
|
|
10,322
|
|
|||
Appriss Holdings, Inc.
|
Senior loan
|
|
L + 5.25%
|
(c)
|
|
6.25%
|
|
11/2020
|
|
379
|
|
|
369
|
|
|
0.1
|
|
|
379
|
|
|||
Compusearch Software Holdings, Inc.
*
|
Senior loan
|
|
L + 4.25%
|
(c)
|
|
5.25%
|
|
05/2021
|
|
631
|
|
|
630
|
|
|
0.1
|
|
|
631
|
|
|||
Diligent Corporation
*#
|
One stop
|
|
L + 6.75%
|
(c)
|
|
7.75%
|
|
04/2022
|
|
32,020
|
|
|
31,354
|
|
|
5.2
|
|
|
32,020
|
|
|||
Diligent Corporation
(4)
|
One stop
|
|
L + 6.75%
|
|
|
N/A
(5)
|
|
04/2022
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|||
ECI Acquisition Holdings, Inc.
*
|
One stop
|
|
L + 6.25%
|
(c)
|
|
7.25%
|
|
03/2019
|
|
7,148
|
|
|
7,148
|
|
|
1.2
|
|
|
7,148
|
|
|||
ECI Acquisition Holdings, Inc.
#
|
One stop
|
|
L + 6.25%
|
(c)
|
|
7.25%
|
|
03/2019
|
|
463
|
|
|
463
|
|
|
0.1
|
|
|
463
|
|
|||
ECI Acquisition Holdings, Inc.
|
One stop
|
|
L + 6.25%
|
|
|
N/A
(5)
|
|
03/2019
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Gamma Technologies, LLC
*#
|
One stop
|
|
L + 5.00%
|
(c)
|
|
6.00%
|
|
06/2021
|
|
9,443
|
|
|
9,369
|
|
|
1.5
|
|
|
9,443
|
|
|||
Gamma Technologies, LLC
(4)
|
One stop
|
|
L + 5.00%
|
|
|
N/A
(5)
|
|
06/2021
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
Park Place Technologies LLC
*#
|
One stop
|
|
L + 5.25%
|
(c)
|
|
6.25%
|
|
06/2022
|
|
10,720
|
|
|
10,580
|
|
|
1.7
|
|
|
10,720
|
|
|||
Park Place Technologies LLC
|
One stop
|
|
L + 5.25%
|
(c)
|
|
6.25%
|
|
06/2022
|
|
100
|
|
|
98
|
|
|
—
|
|
|
100
|
|
|||
Sloan Company, Inc., The
#
|
One stop
|
|
L + 7.25%
|
(c)
|
|
8.25%
|
|
04/2020
|
|
3,626
|
|
|
3,577
|
|
|
0.6
|
|
|
3,445
|
|
|||
Sloan Company, Inc., The
|
One stop
|
|
L + 7.25%
|
(c)
|
|
8.25%
|
|
04/2020
|
|
6
|
|
|
5
|
|
|
—
|
|
|
4
|
|
|||
Sovos Compliance Formerly Taxware, LLC
*#
|
One stop
|
|
L + 7.25%
|
(c)
|
|
8.25%
|
|
03/2022
|
|
32,750
|
|
|
32,154
|
|
|
5.2
|
|
|
32,095
|
|
|||
Sovos Compliance Formerly Taxware, LLC
(4)
|
One stop
|
|
L + 7.25%
|
|
|
N/A
(5)
|
|
03/2022
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|||
Sparta Holding Corporation
*
|
One stop
|
|
L + 5.50%
|
(c)
|
|
6.50%
|
|
07/2020
|
|
695
|
|
|
695
|
|
|
0.1
|
|
|
695
|
|
|||
Sparta Holding Corporation
|
One stop
|
|
L + 5.50%
|
|
|
N/A
(5)
|
|
07/2020
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Syncsort Incorporated
*#
|
One stop
|
|
L + 5.50%
|
(c)
|
|
6.50%
|
|
11/2021
|
|
14,253
|
|
|
14,009
|
|
|
2.3
|
|
|
14,253
|
|
|||
Syncsort Incorporated
(4)
|
One stop
|
|
L + 5.50%
|
|
|
N/A
(5)
|
|
11/2021
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
122,556
|
|
|
120,670
|
|
|
19.8
|
|
|
121,717
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
Type
|
|
Spread
Above
Index
(1)
|
|
Interest
Rate
(2)
|
|
Maturity
Date
|
|
Principal/Par
Amount
(3)
|
|
Amortized Cost
|
|
Percentage
of Net
Assets
|
|
Fair
Value
(12)
|
||||||||
Grocery
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Teasdale Quality Foods, Inc.
#
|
Senior loan
|
|
L + 4.75%
|
(c)(e)
|
|
5.77%
|
|
10/2020
|
|
$
|
175
|
|
|
$
|
172
|
|
|
—
|
|
%
|
$
|
177
|
|
Teasdale Quality Foods, Inc.
*
|
Senior loan
|
|
L + 4.75%
|
(c)(e)
|
|
5.77%
|
|
10/2020
|
|
131
|
|
|
130
|
|
|
—
|
|
|
133
|
|
|||
|
|
|
|
|
|
|
|
|
|
306
|
|
|
302
|
|
|
—
|
|
|
310
|
|
|||
Healthcare, Education and Childcare
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Active Day, Inc.
*#
|
One stop
|
|
L + 6.00%
|
(c)
|
|
7.00%
|
|
12/2021
|
|
11,642
|
|
|
11,466
|
|
|
1.9
|
|
|
11,642
|
|
|||
Active Day, Inc.
(4)
|
One stop
|
|
L + 6.00%
|
|
|
N/A
(5)
|
|
12/2021
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|||
Active Day, Inc.
(4)
|
One stop
|
|
L + 6.00%
|
|
|
N/A
(5)
|
|
12/2021
|
|
—
|
|
|
(32
|
)
|
|
—
|
|
|
—
|
|
|||
ADCS Clinics Intermediate Holdings, LLC
#
|
One stop
|
|
L + 5.75%
|
(c)
|
|
6.75%
|
|
05/2022
|
|
22,127
|
|
|
21,711
|
|
|
3.6
|
|
|
22,127
|
|
|||
ADCS Clinics Intermediate Holdings, LLC
|
One stop
|
|
L + 5.75%
|
(c)
|
|
6.75%
|
|
05/2022
|
|
109
|
|
|
108
|
|
|
—
|
|
|
109
|
|
|||
ADCS Clinics Intermediate Holdings, LLC
|
One stop
|
|
L + 5.75%
|
(c)
|
|
6.75%
|
|
05/2022
|
|
32
|
|
|
32
|
|
|
—
|
|
|
32
|
|
|||
ADCS Clinics Intermediate Holdings, LLC
|
One stop
|
|
P + 4.75%
|
(e)
|
|
8.25%
|
|
05/2022
|
|
28
|
|
|
26
|
|
|
—
|
|
|
28
|
|
|||
ADCS Clinics Intermediate Holdings, LLC
(4)
|
One stop
|
|
L + 5.75%
|
|
|
N/A
(5)
|
|
05/2022
|
|
—
|
|
|
(5
|
)
|
|
—
|
|
|
—
|
|
|||
Advanced Pain Management Holdings, Inc.
#
|
Senior loan
|
|
L + 5.00%
|
(a)
|
|
6.25%
|
|
02/2018
|
|
5,800
|
|
|
5,797
|
|
|
0.9
|
|
|
5,626
|
|
|||
Advanced Pain Management Holdings, Inc.
#
|
Senior loan
|
|
L + 5.00%
|
(a)
|
|
6.25%
|
|
02/2018
|
|
397
|
|
|
396
|
|
|
0.1
|
|
|
385
|
|
|||
Advanced Pain Management Holdings, Inc.
(4)
|
Senior loan
|
|
L + 5.00%
|
|
|
N/A
(5)
|
|
02/2018
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(30
|
)
|
|||
Agilitas USA, Inc.
*
|
Senior loan
|
|
L + 4.00%
|
(c)
|
|
5.00%
|
|
10/2020
|
|
512
|
|
|
508
|
|
|
0.1
|
|
|
491
|
|
|||
Apothecary Products, LLC
*
|
Senior loan
|
|
L + 4.00%
|
(c)
|
|
5.00%
|
|
02/2019
|
|
1,857
|
|
|
1,857
|
|
|
0.3
|
|
|
1,857
|
|
|||
Apothecary Products, LLC
|
Senior loan
|
|
L + 4.00%
|
(c)
|
|
5.04%
|
|
02/2019
|
|
472
|
|
|
472
|
|
|
0.1
|
|
|
472
|
|
|||
Aris Teleradiology Company, LLC
*
|
Senior loan
|
|
L + 4.75%
|
(c)
|
|
5.75%
|
|
03/2021
|
|
872
|
|
|
865
|
|
|
0.1
|
|
|
872
|
|
|||
Aris Teleradiology Company, LLC
|
Senior loan
|
|
L + 4.75%
|
|
|
N/A
(5)
|
|
03/2021
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Avalign Technologies, Inc.
*
|
Senior loan
|
|
L + 4.50%
|
(a)
|
|
5.50%
|
|
07/2021
|
|
756
|
|
|
753
|
|
|
0.1
|
|
|
756
|
|
|||
BIORECLAMATIONIVT, LLC
*#
|
One stop
|
|
L + 6.25%
|
(c)
|
|
7.25%
|
|
01/2021
|
|
12,728
|
|
|
12,538
|
|
|
2.1
|
|
|
12,728
|
|
|||
BIORECLAMATIONIVT, LLC
(4)
|
One stop
|
|
L + 6.25%
|
|
|
N/A
(5)
|
|
01/2021
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
California Cryobank, LLC
*
|
One stop
|
|
L + 5.50%
|
(c)
|
|
6.50%
|
|
08/2019
|
|
2,667
|
|
|
2,667
|
|
|
0.4
|
|
|
2,667
|
|
|||
California Cryobank, LLC
|
One stop
|
|
L + 5.50%
|
(c)
|
|
6.50%
|
|
08/2019
|
|
403
|
|
|
403
|
|
|
0.1
|
|
|
403
|
|
|||
California Cryobank, LLC
|
One stop
|
|
L + 5.50%
|
|
|
N/A
(5)
|
|
08/2019
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Certara L.P.
*
|
One stop
|
|
L + 6.25%
|
(c)
|
|
7.25%
|
|
12/2018
|
|
3,718
|
|
|
3,714
|
|
|
0.6
|
|
|
3,718
|
|
|||
Certara L.P.
|
One stop
|
|
L + 6.25%
|
|
|
N/A
(5)
|
|
12/2018
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
CLP Healthcare Services, Inc.
*
|
Senior loan
|
|
L + 5.25%
|
(c)
|
|
6.25%
|
|
12/2020
|
|
946
|
|
|
937
|
|
|
0.2
|
|
|
946
|
|
|||
CPI Buyer, LLC
*
|
Senior loan
|
|
L + 4.50%
|
(c)
|
|
5.50%
|
|
08/2021
|
|
3,193
|
|
|
3,157
|
|
|
0.5
|
|
|
3,177
|
|
|||
DCA Investment Holding, LLC
*#
|
One stop
|
|
L + 5.25%
|
(c)
|
|
6.25%
|
|
07/2021
|
|
14,750
|
|
|
14,594
|
|
|
2.4
|
|
|
14,750
|
|
|||
DCA Investment Holding, LLC
*#
|
One stop
|
|
L + 5.25%
|
(c)
|
|
6.25%
|
|
07/2021
|
|
13,764
|
|
|
13,572
|
|
|
2.2
|
|
|
13,764
|
|
|||
DCA Investment Holding, LLC
|
One stop
|
|
P + 4.25%
|
(e)
|
|
7.75%
|
|
07/2021
|
|
1,442
|
|
|
1,426
|
|
|
0.2
|
|
|
1,442
|
|
|||
Deca Dental Management LLC
|
One stop
|
|
L + 6.25%
|
(c)
|
|
7.25%
|
|
07/2020
|
|
7,596
|
|
|
7,509
|
|
|
1.2
|
|
|
7,596
|
|
|||
Deca Dental Management LLC
|
One stop
|
|
L + 6.25%
|
(c)
|
|
7.25%
|
|
07/2020
|
|
924
|
|
|
908
|
|
|
0.1
|
|
|
924
|
|
|||
Deca Dental Management LLC
|
One stop
|
|
L + 6.25%
|
(a)
|
|
7.25%
|
|
07/2020
|
|
50
|
|
|
49
|
|
|
—
|
|
|
50
|
|
|||
Dental Holdings Corporation
*
|
One stop
|
|
L + 5.50%
|
(c)
|
|
6.50%
|
|
02/2020
|
|
3,386
|
|
|
3,357
|
|
|
0.5
|
|
|
3,386
|
|
|||
Dental Holdings Corporation
|
One stop
|
|
L + 5.50%
|
(c)
|
|
6.50%
|
|
02/2020
|
|
515
|
|
|
509
|
|
|
0.1
|
|
|
515
|
|
|||
Dental Holdings Corporation
|
One stop
|
|
P + 4.25%
|
(e)
|
|
7.75%
|
|
02/2020
|
|
95
|
|
|
91
|
|
|
—
|
|
|
95
|
|
|||
eSolutions, Inc.
*#
|
One stop
|
|
L + 6.50%
|
(a)
|
|
7.50%
|
|
03/2022
|
|
11,928
|
|
|
11,792
|
|
|
1.9
|
|
|
11,928
|
|
|||
eSolutions, Inc.
(4)
|
One stop
|
|
L + 6.50%
|
|
|
N/A
(5)
|
|
03/2022
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
Katena Holdings, Inc.
*
|
One stop
|
|
L + 6.25%
|
(c)
|
|
7.25%
|
|
06/2021
|
|
4,567
|
|
|
4,529
|
|
|
0.7
|
|
|
4,567
|
|
|||
Katena Holdings, Inc.
|
One stop
|
|
P + 5.25%
|
(e)
|
|
8.75%
|
|
06/2021
|
|
446
|
|
|
442
|
|
|
0.1
|
|
|
446
|
|
|||
Katena Holdings, Inc.
|
One stop
|
|
P + 5.25%
|
(e)
|
|
8.75%
|
|
06/2021
|
|
13
|
|
|
12
|
|
|
—
|
|
|
13
|
|
|||
Lombart Brothers, Inc.
#
|
One stop
|
|
L + 6.75%
|
(c)
|
|
7.75%
|
|
04/2022
|
|
3,263
|
|
|
3,207
|
|
|
0.5
|
|
|
3,263
|
|
|||
Lombart Brothers, Inc.
|
One stop
|
|
L + 6.75%
|
(a)
|
|
7.75%
|
|
04/2022
|
|
8
|
|
|
7
|
|
|
—
|
|
|
8
|
|
|||
Maverick Healthcare Group, LLC
#
|
Senior loan
|
|
L + 7.50%
|
(c)
|
|
7.25% cash/2.00% PIK
|
|
04/2017
|
|
631
|
|
|
628
|
|
|
0.1
|
|
|
631
|
|
|||
Oliver Street Dermatology Holdings, LLC
*#
|
One stop
|
|
L + 6.50%
|
(c)
|
|
7.50%
|
|
05/2022
|
|
8,030
|
|
|
7,886
|
|
|
1.3
|
|
|
8,030
|
|
|||
Oliver Street Dermatology Holdings, LLC
|
One stop
|
|
L + 6.50%
|
(c)
|
|
7.50%
|
|
05/2022
|
|
58
|
|
|
57
|
|
|
0.1
|
|
|
58
|
|
|
Investment
Type
|
|
Spread
Above
Index
(1)
|
|
Interest
Rate
(2)
|
|
Maturity
Date
|
|
Principal/Par
Amount
(3)
|
|
Amortized Cost
|
|
Percentage
of Net
Assets
|
|
Fair
Value
(12)
|
||||||||
Healthcare, Education and Childcare - (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Oliver Street Dermatology Holdings, LLC
(4)
|
One stop
|
|
L + 6.50%
|
|
|
N/A
(5)
|
|
05/2022
|
|
$
|
—
|
|
|
$
|
(3
|
)
|
|
—
|
|
%
|
$
|
—
|
|
Pinnacle Treatment Centers, Inc.
#
|
One stop
|
|
L + 6.25%
|
(c)
|
|
7.25%
|
|
08/2021
|
|
9,846
|
|
|
9,679
|
|
|
1.6
|
|
|
9,748
|
|
|||
Pinnacle Treatment Centers, Inc.
|
One stop
|
|
P + 5.00%
|
(e)
|
|
8.50%
|
|
08/2021
|
|
5
|
|
|
3
|
|
|
—
|
|
|
4
|
|
|||
Pinnacle Treatment Centers, Inc.
(4)
|
One stop
|
|
L + 6.25%
|
|
|
N/A
(5)
|
|
08/2021
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
(1
|
)
|
|||
PPT Management, LLC
*
|
One stop
|
|
L + 5.00%
|
(c)
|
|
6.00%
|
|
04/2020
|
|
2,036
|
|
|
2,018
|
|
|
0.3
|
|
|
2,036
|
|
|||
PPT Management, LLC
|
One stop
|
|
L + 5.00%
|
(c)
|
|
6.00%
|
|
04/2020
|
|
137
|
|
|
136
|
|
|
—
|
|
|
137
|
|
|||
PPT Management, LLC
(4)
|
One stop
|
|
L + 5.00%
|
|
|
N/A
(5)
|
|
04/2020
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
Premise Health Holding Corp.
*
|
One stop
|
|
L + 4.50%
|
(c)
|
|
5.50%
|
|
06/2020
|
|
2,007
|
|
|
2,007
|
|
|
0.3
|
|
|
2,007
|
|
|||
Premise Health Holding Corp.
|
One stop
|
|
L + 4.50%
|
|
|
N/A
(5)
|
|
06/2020
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Pyramid Healthcare, Inc.
*
|
One stop
|
|
L + 5.75%
|
(c)
|
|
6.75%
|
|
08/2019
|
|
358
|
|
|
354
|
|
|
0.1
|
|
|
358
|
|
|||
Radiology Partners, Inc.
#
|
One stop
|
|
L + 5.50%
|
(c)
|
|
6.50%
|
|
09/2020
|
|
4,443
|
|
|
4,400
|
|
|
0.7
|
|
|
4,399
|
|
|||
Reliant Pro ReHab, LLC
*
|
Senior loan
|
|
L + 5.00%
|
(c)
|
|
6.00%
|
|
12/2017
|
|
1,178
|
|
|
1,175
|
|
|
0.2
|
|
|
1,178
|
|
|||
Reliant Pro ReHab, LLC
|
Senior loan
|
|
P + 4.00%
|
(e)
|
|
7.50%
|
|
12/2017
|
|
14
|
|
|
13
|
|
|
—
|
|
|
14
|
|
|||
RXH Buyer Corporation
#
|
One stop
|
|
L + 5.75%
|
(c)
|
|
6.75%
|
|
09/2021
|
|
11,248
|
|
|
11,063
|
|
|
1.8
|
|
|
10,798
|
|
|||
RXH Buyer Corporation
|
One stop
|
|
L + 5.75%
|
(c)
|
|
6.75%
|
|
09/2021
|
|
1,273
|
|
|
1,262
|
|
|
0.2
|
|
|
1,222
|
|
|||
RXH Buyer Corporation
|
One stop
|
|
P + 4.75%
|
(e)
|
|
8.25%
|
|
09/2021
|
|
35
|
|
|
32
|
|
|
—
|
|
|
27
|
|
|||
RXH Buyer Corporation
(4)
|
One stop
|
|
L + 5.75%
|
|
|
N/A
(5)
|
|
09/2021
|
|
—
|
|
|
(19
|
)
|
|
—
|
|
|
(22
|
)
|
|||
Southern Anesthesia and Surgical
*
|
One stop
|
|
L + 5.50%
|
(c)
|
|
6.50%
|
|
11/2017
|
|
239
|
|
|
239
|
|
|
—
|
|
|
239
|
|
|||
Southern Anesthesia and Surgical
#
|
One stop
|
|
L + 5.50%
|
(c)
|
|
6.50%
|
|
11/2017
|
|
117
|
|
|
117
|
|
|
—
|
|
|
117
|
|
|||
Southern Anesthesia and Surgical
|
One stop
|
|
L + 5.50%
|
|
|
N/A
(5)
|
|
11/2017
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Spear Education, LLC
*
|
One stop
|
|
L + 6.00%
|
(c)
|
|
7.00%
|
|
08/2019
|
|
3,570
|
|
|
3,553
|
|
|
0.6
|
|
|
3,570
|
|
|||
Spear Education, LLC
|
One stop
|
|
L + 6.00%
|
(c)
|
|
7.00%
|
|
08/2019
|
|
183
|
|
|
182
|
|
|
—
|
|
|
183
|
|
|||
Spear Education, LLC
(4)
|
One stop
|
|
L + 6.00%
|
|
|
N/A
(5)
|
|
08/2019
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
Summit Behavioral Holdings I, LLC
*
|
One stop
|
|
L + 5.00%
|
(c)
|
|
6.00%
|
|
06/2021
|
|
4,179
|
|
|
4,129
|
|
|
0.7
|
|
|
4,179
|
|
|||
Summit Behavioral Holdings I, LLC
(4)
|
One stop
|
|
L + 5.00%
|
|
|
N/A
(5)
|
|
06/2021
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
Summit Behavioral Holdings I, LLC
(4)
|
One stop
|
|
L + 5.00%
|
|
|
N/A
(5)
|
|
06/2021
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|||
Surgical Information Systems, LLC
*
|
Senior loan
|
|
L + 3.00%
|
(c)(e)
|
|
4.50%
|
|
09/2018
|
|
176
|
|
|
176
|
|
|
—
|
|
|
176
|
|
|||
U.S. Anesthesia Partners, Inc.
*
|
One stop
|
|
L + 5.00%
|
(c)(e)
|
|
6.12%
|
|
12/2019
|
|
3,780
|
|
|
3,780
|
|
|
0.6
|
|
|
3,780
|
|
|||
WIRB-Copernicus Group, Inc.
#
|
Senior loan
|
|
L + 5.00%
|
(c)
|
|
6.00%
|
|
08/2022
|
|
9,482
|
|
|
9,389
|
|
|
1.5
|
|
|
9,387
|
|
|||
WIRB-Copernicus Group, Inc.
(4)
|
Senior loan
|
|
L + 5.00%
|
|
|
N/A
(5)
|
|
08/2022
|
|
—
|
|
|
(1
|
)
|
|
|
|
(1
|
)
|
||||
Young Innovations, Inc.
*
|
Senior loan
|
|
L + 4.75%
|
(a)
|
|
5.75%
|
|
01/2019
|
|
19
|
|
|
19
|
|
|
—
|
|
|
20
|
|
|||
|
|
|
|
|
|
|
|
|
|
194,050
|
|
|
191,636
|
|
|
31.1
|
|
|
193,027
|
|
|||
Home and Office Furnishings, Housewares, and Durable Consumer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Plano Molding Company, LLC
#
|
One stop
|
|
L + 6.50%
|
(c)
|
|
7.50%
|
|
05/2021
|
|
8,655
|
|
|
8,589
|
|
|
1.3
|
|
|
7,963
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Hotels, Motels, Inns, and Gaming
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Aimbridge Hospitality, LLC
*
|
Senior loan
|
|
L + 4.50%
|
(a)
|
|
5.75%
|
|
10/2018
|
|
394
|
|
|
388
|
|
|
0.1
|
|
|
394
|
|
|||
Insurance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Captive Resources Midco, LLC
*#
|
One stop
|
|
L + 5.75%
|
(c)
|
|
6.75%
|
|
06/2020
|
|
8,128
|
|
|
8,051
|
|
|
1.3
|
|
|
8,128
|
|
|||
Captive Resources Midco, LLC
(4)
|
One stop
|
|
L + 5.75%
|
|
|
N/A
(5)
|
|
06/2020
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|||
Captive Resources Midco, LLC
(4)
|
One stop
|
|
L + 5.75%
|
|
|
N/A
(5)
|
|
06/2020
|
|
—
|
|
|
(9
|
)
|
|
—
|
|
|
—
|
|
|||
Higginbotham Insurance Agency, Inc.
*
|
Senior loan
|
|
L + 5.25%
|
(a)
|
|
6.25%
|
|
11/2021
|
|
1,119
|
|
|
1,109
|
|
|
0.2
|
|
|
1,120
|
|
|||
Internet Pipeline, Inc.
*#
|
One stop
|
|
L + 7.25%
|
(c)
|
|
8.25%
|
|
08/2022
|
|
10,461
|
|
|
10,310
|
|
|
1.7
|
|
|
10,461
|
|
|||
Internet Pipeline, Inc.
(4)
|
One stop
|
|
L + 7.25%
|
|
|
N/A
(5)
|
|
08/2021
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
RSC Acquisition, Inc.
*
|
Senior loan
|
|
L + 5.25%
|
(c)
|
|
6.25%
|
|
11/2022
|
|
542
|
|
|
537
|
|
|
0.1
|
|
|
542
|
|
|||
|
|
|
|
|
|
|
|
|
|
20,250
|
|
|
19,994
|
|
|
3.3
|
|
|
20,251
|
|
|
Investment
Type
|
|
Spread
Above
Index
(1)
|
|
Interest
Rate
(2)
|
|
Maturity
Date
|
|
Principal/Par
Amount
(3)
|
|
Amortized Cost
|
|
Percentage
of Net
Assets
|
|
Fair
Value
(12)
|
||||||||
Leisure, Amusement, Motion Pictures and Entertainment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Competitor Group, Inc.
#
|
One stop
|
|
L + 9.25%
|
(c)
|
|
5.00% cash/5.50% PIK
|
|
11/2018
|
|
$
|
430
|
|
|
$
|
391
|
|
|
0.1
|
|
%
|
$
|
398
|
|
Competitor Group, Inc.
|
One stop
|
|
L + 9.25%
|
(c)
|
|
5.00% cash/5.50% PIK
|
|
11/2018
|
|
50
|
|
|
47
|
|
|
—
|
|
|
46
|
|
|||
Competitor Group, Inc.
|
One stop
|
|
L + 9.25%
|
(c)
|
|
5.00% cash/5.50% PIK
|
|
11/2018
|
|
6
|
|
|
6
|
|
|
—
|
|
|
6
|
|
|||
NFD Operating, LLC
*
|
One stop
|
|
L + 7.00%
|
(c)
|
|
8.25%
|
|
06/2021
|
|
2,192
|
|
|
2,160
|
|
|
0.4
|
|
|
2,192
|
|
|||
NFD Operating, LLC
|
One stop
|
|
L + 7.00%
|
|
|
N/A
(5)
|
|
06/2021
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
NFD Operating, LLC
(4)
|
One stop
|
|
L + 7.00%
|
|
|
N/A
(5)
|
|
06/2021
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
Teaching Company, The
*#
|
One stop
|
|
L + 6.25%
|
(c)
|
|
7.25%
|
|
08/2020
|
|
12,209
|
|
|
12,138
|
|
|
2.0
|
|
|
12,209
|
|
|||
Teaching Company, The
|
One stop
|
|
L + 6.25%
|
(c)(e)
|
|
7.25%
|
|
08/2020
|
|
40
|
|
|
39
|
|
|
—
|
|
|
40
|
|
|||
Titan Fitness, LLC
*
|
One stop
|
|
L + 6.50%
|
(a)
|
|
7.75%
|
|
09/2019
|
|
1,974
|
|
|
1,974
|
|
|
0.3
|
|
|
1,974
|
|
|||
Titan Fitness, LLC
|
One stop
|
|
L + 6.50%
|
(a)
|
|
7.75%
|
|
09/2019
|
|
261
|
|
|
261
|
|
|
—
|
|
|
261
|
|
|||
Titan Fitness, LLC
|
One stop
|
|
L + 6.50%
|
(a)
|
|
7.75%
|
|
09/2019
|
|
87
|
|
|
82
|
|
|
—
|
|
|
87
|
|
|||
Titan Fitness, LLC
|
One stop
|
|
P + 5.25%
|
(e)
|
|
8.75%
|
|
09/2019
|
|
63
|
|
|
63
|
|
|
—
|
|
|
63
|
|
|||
|
|
|
|
|
|
|
|
|
|
17,312
|
|
|
17,160
|
|
|
2.8
|
|
|
17,276
|
|
|||
Mining, Steel, Iron and Non-Precious Metals
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Benetech, Inc.
#
|
One stop
|
|
L + 9.00%
|
(a)
|
|
10.25%
|
|
10/2017
|
|
192
|
|
|
192
|
|
|
—
|
|
|
169
|
|
|||
Benetech, Inc.
|
One stop
|
|
P + 7.75%
|
(e)
|
|
11.25%
|
|
10/2017
|
|
7
|
|
|
7
|
|
|
—
|
|
|
1
|
|
|||
|
|
|
|
|
|
|
|
|
|
199
|
|
|
199
|
|
|
—
|
|
|
170
|
|
|||
Oil and Gas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Drilling Info, Inc.
*
|
One stop
|
|
L + 6.46%
|
(c)
|
|
7.46%
|
|
06/2020
|
|
3,960
|
|
|
3,909
|
|
|
0.6
|
|
|
3,920
|
|
|||
Drilling Info, Inc.
|
One stop
|
|
L + 6.55%
|
(c)
|
|
7.55%
|
|
06/2020
|
|
963
|
|
|
946
|
|
|
0.2
|
|
|
953
|
|
|||
|
|
|
|
|
|
|
|
|
|
4,923
|
|
|
4,855
|
|
|
0.8
|
|
|
4,873
|
|
|||
Personal and Non-Durable Consumer Products
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Georgica Pine Clothiers, LLC
*
|
One stop
|
|
L + 5.50%
|
(c)
|
|
6.50%
|
|
11/2021
|
|
4,922
|
|
|
4,880
|
|
|
0.7
|
|
|
4,922
|
|
|||
Georgica Pine Clothiers, LLC
#
|
One stop
|
|
L + 5.50%
|
(c)
|
|
6.50%
|
|
11/2021
|
|
430
|
|
|
426
|
|
|
0.1
|
|
|
430
|
|
|||
Georgica Pine Clothiers, LLC
(4)
|
One stop
|
|
L + 5.50%
|
|
|
N/A
(5)
|
|
11/2021
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
Massage Envy, LLC
*
|
One stop
|
|
L + 7.25%
|
(c)
|
|
8.50%
|
|
09/2018
|
|
986
|
|
|
986
|
|
|
0.2
|
|
|
986
|
|
|||
Massage Envy, LLC
|
One stop
|
|
L + 7.25%
|
|
|
N/A
(5)
|
|
09/2018
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Orthotics Holdings, Inc
#
|
One stop
|
|
L + 5.00%
|
(c)
|
|
6.00%
|
|
02/2020
|
|
3,732
|
|
|
3,700
|
|
|
0.6
|
|
|
3,545
|
|
|||
Orthotics Holdings, Inc
#(7)
|
One stop
|
|
L + 5.00%
|
(c)
|
|
6.00%
|
|
02/2020
|
|
612
|
|
|
607
|
|
|
0.1
|
|
|
581
|
|
|||
Orthotics Holdings, Inc
|
One stop
|
|
L + 5.00%
|
(c)
|
|
6.00%
|
|
02/2020
|
|
62
|
|
|
57
|
|
|
—
|
|
|
34
|
|
|||
Orthotics Holdings, Inc
(4)(7)
|
One stop
|
|
L + 5.00%
|
|
|
N/A
(5)
|
|
02/2020
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(3
|
)
|
|||
Orthotics Holdings, Inc
(4)
|
One stop
|
|
L + 5.00%
|
|
|
N/A
(5)
|
|
02/2020
|
|
—
|
|
|
(5
|
)
|
|
—
|
|
|
(31
|
)
|
|||
Team Technologies Acquisition Company
*
|
Senior loan
|
|
L + 5.00%
|
(c)(e)
|
|
6.25%
|
|
12/2017
|
|
283
|
|
|
283
|
|
|
—
|
|
|
280
|
|
|||
Team Technologies Acquisition Company
#
|
Senior loan
|
|
L + 5.50%
|
(c)(e)
|
|
6.75%
|
|
12/2017
|
|
52
|
|
|
52
|
|
|
—
|
|
|
52
|
|
|||
Team Technologies Acquisition Company
|
Senior loan
|
|
L + 5.00%
|
|
|
N/A
(5)
|
|
12/2017
|
|
$
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
11,079
|
|
|
10,984
|
|
|
1.7
|
|
|
10,796
|
|
|||
Personal, Food and Miscellaneous Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Clarkson Eyecare LLC
*#
|
One stop
|
|
L + 6.25%
|
(c)
|
|
7.25%
|
|
04/2021
|
|
17,365
|
|
|
17,120
|
|
|
2.8
|
|
|
17,191
|
|
|||
Clarkson Eyecare LLC
|
One stop
|
|
L + 6.25%
|
(c)
|
|
7.25%
|
|
04/2021
|
|
8,486
|
|
|
8,342
|
|
|
1.4
|
|
|
8,392
|
|
|||
Clarkson Eyecare LLC
|
One stop
|
|
L + 6.25%
|
(c)
|
|
7.25%
|
|
04/2021
|
|
2,986
|
|
|
2,958
|
|
|
0.5
|
|
|
2,956
|
|
|||
Clarkson Eyecare LLC
|
One stop
|
|
L + 6.25%
|
(c)
|
|
7.25%
|
|
04/2021
|
|
2,543
|
|
|
2,520
|
|
|
0.4
|
|
|
2,517
|
|
|||
Clarkson Eyecare LLC
|
One stop
|
|
L + 6.25%
|
(c)
|
|
7.25%
|
|
04/2021
|
|
670
|
|
|
670
|
|
|
0.1
|
|
|
663
|
|
|||
Clarkson Eyecare LLC
|
One stop
|
|
L + 6.25%
|
(c)
|
|
7.25%
|
|
04/2021
|
|
494
|
|
|
483
|
|
|
0.1
|
|
|
489
|
|
|||
Clarkson Eyecare LLC
|
One stop
|
|
P + 5.25%
|
(c)(e)
|
|
8.08%
|
|
04/2021
|
|
467
|
|
|
462
|
|
|
0.1
|
|
|
462
|
|
|||
Community Veterinary Partners, LLC
|
One stop
|
|
L + 5.50%
|
(c)
|
|
6.50%
|
|
10/2021
|
|
17
|
|
|
16
|
|
|
—
|
|
|
16
|
|
|||
Ignite Restaurant Group, Inc.
*
|
One stop
|
|
L + 7.00%
|
(b)
|
|
8.00%
|
|
02/2019
|
|
1,041
|
|
|
1,041
|
|
|
0.2
|
|
|
1,020
|
|
|||
PetVet Care Centers LLC
|
Senior loan
|
|
L + 4.75%
|
(c)
|
|
5.75%
|
|
12/2020
|
|
2,418
|
|
|
2,397
|
|
|
0.4
|
|
|
2,418
|
|
|
Investment
Type
|
|
Spread
Above
Index
(1)
|
|
Interest
Rate
(2)
|
|
Maturity
Date
|
|
Principal/Par
Amount
(3)
|
|
Amortized Cost
|
|
Percentage
of Net
Assets
|
|
Fair
Value
(12)
|
||||||||
Personal, Food and Miscellaneous Services - (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
PetVet Care Centers LLC
|
Senior loan
|
|
L + 4.75%
|
(c)
|
|
5.75%
|
|
12/2020
|
|
$
|
1,818
|
|
|
$
|
1,788
|
|
|
0.3
|
|
%
|
$
|
1,818
|
|
PetVet Care Centers LLC
(4)
|
Senior loan
|
|
L + 4.75%
|
|
|
N/A
(5)
|
|
12/2020
|
|
—
|
|
|
(14
|
)
|
|
—
|
|
|
—
|
|
|||
R.G. Barry Corporation#
|
Senior loan
|
|
L + 5.00%
|
(a)(e)
|
|
6.00%
|
|
09/2019
|
|
1,416
|
|
|
1,416
|
|
|
0.2
|
|
|
1,402
|
|
|||
Vetcor Professional Practices LLC
*#
|
One stop
|
|
L + 6.25%
|
(c)
|
|
7.25%
|
|
04/2021
|
|
27,554
|
|
|
27,053
|
|
|
4.5
|
|
|
27,554
|
|
|||
Vetcor Professional Practices LLC
#
|
One stop
|
|
L + 6.25%
|
(c)
|
|
7.25%
|
|
04/2021
|
|
634
|
|
|
628
|
|
|
0.1
|
|
|
634
|
|
|||
Vetcor Professional Practices LLC
|
One stop
|
|
L + 6.25%
|
(c)
|
|
7.25%
|
|
04/2021
|
|
361
|
|
|
329
|
|
|
0.1
|
|
|
361
|
|
|||
Vetcor Professional Practices LLC
*
|
One stop
|
|
L + 6.25%
|
(c)
|
|
7.25%
|
|
04/2021
|
|
189
|
|
|
187
|
|
|
—
|
|
|
189
|
|
|||
Vetcor Professional Practices LLC
|
One stop
|
|
L + 6.25%
|
(c)
|
|
7.25%
|
|
04/2021
|
|
155
|
|
|
153
|
|
|
—
|
|
|
155
|
|
|||
Vetcor Professional Practices LLC
(4)
|
One stop
|
|
L + 6.25%
|
|
|
N/A
(5)
|
|
04/2021
|
|
—
|
|
|
(5
|
)
|
|
—
|
|
|
—
|
|
|||
Vetcor Professional Practices LLC
(4)
|
One stop
|
|
L + 6.25%
|
|
|
N/A
(5)
|
|
04/2021
|
|
—
|
|
|
(45
|
)
|
|
—
|
|
|
—
|
|
|||
Veterinary Specialists of North America, LLC
#
|
One stop
|
|
L + 5.25%
|
(c)
|
|
6.25%
|
|
07/2021
|
|
3,170
|
|
|
3,130
|
|
|
0.5
|
|
|
3,138
|
|
|||
Veterinary Specialists of North America, LLC
|
One stop
|
|
L + 5.25%
|
(c)
|
|
6.25%
|
|
07/2021
|
|
33
|
|
|
33
|
|
|
—
|
|
|
33
|
|
|||
Veterinary Specialists of North America, LLC
(4)
|
One stop
|
|
L + 5.25%
|
|
|
N/A
(5)
|
|
07/2021
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
|||
Veterinary Specialists of North America, LLC
(4)
|
One stop
|
|
L + 5.25%
|
|
|
N/A
(5)
|
|
07/2021
|
|
—
|
|
|
(9
|
)
|
|
—
|
|
|
(7
|
)
|
|||
Wetzel's Pretzels, LLC
*
|
One stop
|
|
L + 6.75%
|
(c)
|
|
7.75%
|
|
09/2021
|
|
6,563
|
|
|
6,450
|
|
|
1.1
|
|
|
6,497
|
|
|||
Wetzel's Pretzels, LLC
(4)
|
One stop
|
|
L + 6.75%
|
|
|
N/A
(5)
|
|
09/2021
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
78,380
|
|
|
77,100
|
|
|
12.8
|
|
|
77,896
|
|
|||
Printing and Publishing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Brandmuscle, Inc.
#
|
Senior loan
|
|
L + 5.00%
|
(c)
|
|
6.00%
|
|
12/2021
|
|
543
|
|
|
538
|
|
|
0.1
|
|
|
548
|
|
|||
Market Track, LLC
*#
|
One stop
|
|
L + 7.00%
|
(c)
|
|
8.00%
|
|
10/2019
|
|
19,620
|
|
|
19,403
|
|
|
3.2
|
|
|
19,620
|
|
|||
Market Track, LLC
#
|
One stop
|
|
L + 7.00%
|
(c)
|
|
8.00%
|
|
10/2019
|
|
4,983
|
|
|
4,965
|
|
|
0.8
|
|
|
4,983
|
|
|||
Market Track, LLC
#
|
One stop
|
|
L + 7.00%
|
(c)
|
|
8.00%
|
|
10/2019
|
|
2,262
|
|
|
2,232
|
|
|
0.4
|
|
|
2,262
|
|
|||
Market Track, LLC
|
One stop
|
|
L + 7.00%
|
(c)
|
|
8.00%
|
|
10/2019
|
|
1,180
|
|
|
1,162
|
|
|
0.2
|
|
|
1,180
|
|
|||
Market Track, LLC
*
|
One stop
|
|
L + 7.00%
|
(c)
|
|
8.00%
|
|
10/2019
|
|
379
|
|
|
378
|
|
|
0.1
|
|
|
379
|
|
|||
Market Track, LLC
#
|
One stop
|
|
L + 7.00%
|
(c)
|
|
8.00%
|
|
10/2019
|
|
373
|
|
|
370
|
|
|
0.1
|
|
|
373
|
|
|||
Market Track, LLC
*
|
One stop
|
|
L + 7.00%
|
(c)
|
|
8.00%
|
|
10/2019
|
|
224
|
|
|
223
|
|
|
—
|
|
|
224
|
|
|||
Marketo, Inc.
|
One stop
|
|
L + 9.50%
|
(c)
|
|
10.50%
|
|
08/2021
|
|
20,640
|
|
|
20,036
|
|
|
3.3
|
|
|
20,330
|
|
|||
Marketo, Inc.
(4)
|
One stop
|
|
L + 9.50%
|
|
|
N/A
(5)
|
|
08/2021
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(1
|
)
|
|||
|
|
|
|
|
|
|
|
|
|
50,204
|
|
|
49,305
|
|
|
8.2
|
|
|
49,898
|
|
|||
Retail Stores
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Batteries Plus Holding Corporation
*#
|
One stop
|
|
L + 6.75%
|
(a)
|
|
7.75%
|
|
07/2022
|
|
13,218
|
|
|
13,016
|
|
|
2.1
|
|
|
13,152
|
|
|||
Batteries Plus Holding Corporation
(4)
|
One stop
|
|
L + 6.75%
|
|
|
N/A
(5)
|
|
07/2022
|
|
—
|
|
|
(2
|
)
|
|
(0.1
|
)
|
|
(1
|
)
|
|||
CVS Holdings I, LP
*#
|
One stop
|
|
L + 6.25%
|
(c)
|
|
7.25%
|
|
08/2021
|
|
17,313
|
|
|
17,048
|
|
|
2.8
|
|
|
17,055
|
|
|||
CVS Holdings I, LP
#
|
One stop
|
|
L + 6.25%
|
(c)
|
|
7.25%
|
|
08/2021
|
|
250
|
|
|
245
|
|
|
—
|
|
|
246
|
|
|||
CVS Holdings I, LP
(4)
|
One stop
|
|
L + 6.25%
|
|
|
N/A
(5)
|
|
08/2020
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
(3
|
)
|
|||
CVS Holdings I, LP
(4)
|
One stop
|
|
L + 6.25%
|
|
|
N/A
(5)
|
|
08/2021
|
|
—
|
|
|
(8
|
)
|
|
—
|
|
|
(6
|
)
|
|||
Cycle Gear, Inc.
*
|
One stop
|
|
L + 6.50%
|
(c)
|
|
7.50%
|
|
01/2020
|
|
7,648
|
|
|
7,561
|
|
|
1.2
|
|
|
7,648
|
|
|||
Cycle Gear, Inc.
(4)
|
One stop
|
|
L + 6.50%
|
|
|
N/A
(5)
|
|
01/2020
|
|
—
|
|
|
(10
|
)
|
|
—
|
|
|
—
|
|
|||
Cycle Gear, Inc.
(4)
|
One stop
|
|
L + 6.50%
|
|
|
N/A
(5)
|
|
01/2020
|
|
—
|
|
|
(10
|
)
|
|
—
|
|
|
—
|
|
|||
DTLR, Inc.
*#
|
One stop
|
|
L + 6.50%
|
(c)
|
|
7.50%
|
|
10/2020
|
|
9,778
|
|
|
9,700
|
|
|
1.6
|
|
|
9,778
|
|
|||
Elite Sportswear, L.P.
#
|
Senior loan
|
|
L + 5.00%
|
(c)
|
|
6.00%
|
|
03/2020
|
|
1,257
|
|
|
1,248
|
|
|
0.2
|
|
|
1,254
|
|
|||
Elite Sportswear, L.P.
#
|
Senior loan
|
|
L + 5.25%
|
(c)
|
|
6.25%
|
|
03/2020
|
|
647
|
|
|
641
|
|
|
0.1
|
|
|
650
|
|
|||
Elite Sportswear, L.P.
#
|
Senior loan
|
|
L + 5.25%
|
(c)
|
|
6.25%
|
|
03/2020
|
|
98
|
|
|
97
|
|
|
0.1
|
|
|
99
|
|
|||
Elite Sportswear, L.P.
|
Senior loan
|
|
P + 3.75%
|
(e)
|
|
7.25%
|
|
03/2020
|
|
52
|
|
|
50
|
|
|
—
|
|
|
52
|
|
|||
Express Oil Change, LLC
|
Senior loan
|
|
L + 5.00%
|
(c)(e)
|
|
6.01%
|
|
12/2017
|
|
78
|
|
|
77
|
|
|
—
|
|
|
78
|
|
|||
Feeders Supply Company, LLC
#
|
One stop
|
|
L + 5.75%
|
(a)
|
|
6.75%
|
|
04/2021
|
|
4,000
|
|
|
3,954
|
|
|
0.6
|
|
|
4,000
|
|
|||
Feeders Supply Company, LLC
|
Subordinated debt
|
|
N/A
|
|
|
12.50% cash/7.00% PIK
|
|
04/2021
|
|
40
|
|
|
40
|
|
|
—
|
|
|
40
|
|
|||
Feeders Supply Company, LLC
(4)
|
One stop
|
|
L + 5.75%
|
|
|
N/A
(5)
|
|
04/2021
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
Marshall Retail Group, LLC, The
#
|
One stop
|
|
L + 6.00%
|
(c)
|
|
7.00%
|
08/2020
|
|
3,198
|
|
|
3,198
|
|
|
0.5
|
|
|
3,006
|
|
|
Investment
Type
|
|
Spread
Above
Index
(1)
|
|
Interest
Rate
(2)
|
|
Maturity
Date
|
|
Principal/Par
Amount
(3)
|
|
Amortized Cost
|
|
Percentage
of Net
Assets
|
|
Fair
Value
(12)
|
||||||||
Retail Stores - (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Marshall Retail Group, LLC, The
|
One stop
|
|
L + 6.00%
|
(b)(c)(e)
|
|
7.00%
|
|
08/2019
|
|
$
|
107
|
|
|
$
|
107
|
|
|
—
|
|
%
|
$
|
73
|
|
Mills Fleet Farm Group LLC
*#
|
One stop
|
|
L + 5.50%
|
(a)
|
|
6.50%
|
|
02/2022
|
|
30,662
|
|
|
29,796
|
|
|
5.0
|
|
|
30,662
|
|
|||
Pet Holdings ULC
#(7)(8)
|
One stop
|
|
L + 5.50%
|
(c)
|
|
6.50%
|
|
07/2022
|
|
32,675
|
|
|
32,048
|
|
|
5.2
|
|
|
32,348
|
|
|||
Pet Holdings ULC
(7)(8)
|
One stop
|
|
P + 4.50%
|
(e)
|
|
8.00%
|
|
07/2022
|
|
38
|
|
|
35
|
|
|
—
|
|
|
36
|
|
|||
Pet Holdings ULC
(4)(7)(8)
|
One stop
|
|
L + 5.50%
|
|
|
N/A
(5)
|
|
07/2022
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|||
Sneaker Villa, Inc.#
|
One stop
|
|
L + 7.75%
|
(c)
|
|
8.75%
|
|
12/2020
|
|
173
|
|
|
171
|
|
|
—
|
|
|
173
|
|
|||
|
|
|
|
|
|
|
|
|
|
121,232
|
|
|
118,997
|
|
|
19.3
|
|
|
120,339
|
|
|||
Telecommunications
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Hosting.com Inc.
*
|
Senior loan
|
|
L + 4.50%
|
(c)
|
|
5.75%
|
|
12/2017
|
|
595
|
|
|
595
|
|
|
0.1
|
|
|
595
|
|
|||
Hosting.com Inc.
|
Senior loan
|
|
L + 4.50%
|
(a)
|
|
5.75%
|
|
12/2017
|
|
67
|
|
|
67
|
|
|
—
|
|
|
67
|
|
|||
Wilcon Operations LLC
*
|
One stop
|
|
L + 6.00%
|
(c)
|
|
7.00%
|
|
10/2018
|
|
2,718
|
|
|
2,705
|
|
|
0.4
|
|
|
2,718
|
|
|||
Wilcon Operations LLC
|
One stop
|
|
L + 6.00%
|
(c)
|
|
7.00%
|
|
10/2018
|
|
1,004
|
|
|
1,004
|
|
|
0.2
|
|
|
1,004
|
|
|||
Wilcon Operations LLC
*
|
One stop
|
|
L + 6.00%
|
(c)
|
|
7.00%
|
|
10/2018
|
|
414
|
|
|
410
|
|
|
0.1
|
|
|
414
|
|
|||
Wilcon Operations LLC
|
One stop
|
|
L + 6.00%
|
(c)
|
|
7.00%
|
|
10/2018
|
|
161
|
|
|
158
|
|
|
—
|
|
|
161
|
|
|||
Wilcon Operations LLC
(4)
|
One stop
|
|
L + 6.00%
|
|
|
N/A
(5)
|
|
10/2018
|
|
—
|
|
|
(24
|
)
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
4,959
|
|
|
4,915
|
|
|
0.8
|
|
|
4,959
|
|
|||
Textile and Leather
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
SHO Holding I Corporation
*
|
Senior loan
|
|
L + 5.00%
|
(a)
|
|
6.00%
|
|
10/2022
|
|
1,770
|
|
|
1,730
|
|
|
0.3
|
|
|
1,770
|
|
|||
SHO Holding I Corporation
(4)
|
Senior loan
|
|
L + 4.00%
|
|
|
N/A
(5)
|
|
10/2021
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(2
|
)
|
|||
|
|
|
|
|
|
|
|
|
|
1,770
|
|
|
1,729
|
|
|
0.3
|
|
|
1,768
|
|
|||
Utilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Arcos, LLC
*
|
One stop
|
|
L + 6.50%
|
(c)
|
|
7.50%
|
|
02/2021
|
|
3,722
|
|
|
3,689
|
|
|
0.6
|
|
|
3,722
|
|
|||
Arcos, LLC
|
One stop
|
|
L + 6.50%
|
|
|
N/A
(5)
|
|
02/2021
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
PowerPlan Holdings, Inc.
*
|
Senior loan
|
|
L + 4.75%
|
(a)
|
|
5.75%
|
|
02/2022
|
|
850
|
|
|
835
|
|
|
0.1
|
|
|
850
|
|
|||
|
|
|
|
|
|
|
|
|
|
4,572
|
|
|
4,524
|
|
|
0.7
|
|
|
4,572
|
|
|||
Total non-controlled/non-affiliate company debt investments
|
|
|
|
|
|
|
$
|
1,015,694
|
|
|
$
|
1,001,054
|
|
|
163.3
|
|
%
|
$
|
1,007,683
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Equity Investments
(9)(10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Automobile
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Polk Acquisition Corp.
|
LP interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
$
|
401
|
|
|
0.1
|
|
%
|
$
|
401
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Beverage, Food and Tobacco
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Hopdoddy Holdings, LLC
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
17
|
|
|
84
|
|
|
—
|
|
|
32
|
|
|||
Hopdoddy Holdings, LLC
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
8
|
|
|
24
|
|
|
—
|
|
|
9
|
|
|||
Purfoods, LLC
|
LLC interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
355
|
|
|
355
|
|
|
0.1
|
|
|
355
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
463
|
|
|
0.1
|
|
|
396
|
|
||||
Chemicals, Plastics and Rubber
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Flexan, LLC
|
Preferred stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
33
|
|
|
—
|
|
|
34
|
|
|||
Flexan, LLC
|
Common stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
33
|
|
|
—
|
|
|
34
|
|
||||
Diversified Conglomerate Manufacturing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
ICCN Acquisition Corp.
|
Preferred stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
259
|
|
|
—
|
|
|
96
|
|
|||
ICCN Acquisition Corp.
|
Common stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Reladyne, Inc.
|
LP interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
242
|
|
|
—
|
|
|
242
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
501
|
|
|
—
|
|
|
338
|
|
|
Investment
Type
|
|
Spread
Above
Index
(1)
|
|
Interest
Rate
(2)
|
|
Maturity
Date
|
|
Principal/Par
Amount
(3)
|
|
Amortized Cost
|
|
Percentage
of Net
Assets
|
|
Fair
Value
(12)
|
||||||||
Diversified Conglomerate Service
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Actiance, Inc.
|
Warrant
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
$
|
194
|
|
|
$
|
46
|
|
|
—
|
|
%
|
$
|
48
|
|
Agility Recovery Solutions Inc.
|
Preferred stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
30
|
|
|
152
|
|
|
—
|
|
|
272
|
|
|||
Bomgar Corporation
|
Common stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
1
|
|
|
620
|
|
|
0.1
|
|
|
620
|
|
|||
Bomgar Corporation
|
Common stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
415
|
|
|
6
|
|
|
—
|
|
|
6
|
|
|||
HealthcareSource HR, Inc.
|
LLC interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
165
|
|
|
—
|
|
|
153
|
|
|||
Host Analytics, Inc.
|
Warrant
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
80
|
|
|
—
|
|
|
—
|
|
|
69
|
|
|||
Project Alpha Intermediate Holding, Inc.
|
Common stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
399
|
|
|
0.1
|
|
|
399
|
|
|||
Project Alpha Intermediate Holding, Inc.
|
Common stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
99
|
|
|
4
|
|
|
—
|
|
|
4
|
|
|||
Quickbase, Inc.
|
Common stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
615
|
|
|
615
|
|
|
0.1
|
|
|
642
|
|
|||
Steelwedge Software, Inc.
|
Warrant
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
29,443
|
|
|
61
|
|
|
—
|
|
|
68
|
|
|||
TA MHI Buyer, Inc.
|
Preferred stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
163
|
|
|
—
|
|
|
210
|
|
|||
Workforce Software, LLC
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
1,309
|
|
|
1,309
|
|
|
0.2
|
|
|
1,309
|
|
|||
Xmatters, Inc. and Alarmpoint, Inc.
|
Warrant
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
39
|
|
|
31
|
|
|
—
|
|
|
31
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
3,571
|
|
|
0.5
|
|
|
3,831
|
|
||||
Ecological
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Pace Analytical Services, LLC
|
Common stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
3
|
|
|
274
|
|
|
—
|
|
|
274
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Electronics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Diligent Corporation
|
Preferred stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
535
|
|
|
535
|
|
|
0.1
|
|
|
535
|
|
|||
Gamma Technologies, LLC
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
1
|
|
|
82
|
|
|
—
|
|
|
114
|
|
|||
SEI, Inc.
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
207
|
|
|
207
|
|
|
0.1
|
|
|
192
|
|
|||
Sloan Company, Inc., The
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
59
|
|
|
—
|
|
|
11
|
|
|||
Sloan Company, Inc., The
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
1
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|||
Syncsort Incorporated
|
Preferred stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
78
|
|
|
194
|
|
|
0.1
|
|
|
269
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
1,084
|
|
|
0.3
|
|
|
1,121
|
|
||||
Healthcare, Education and Childcare
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Active Day, Inc.
|
LLC interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
1
|
|
|
529
|
|
|
0.1
|
|
|
608
|
|
|||
ADCS Clinics Intermediate Holdings, LLC
|
Preferred stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
1
|
|
|
596
|
|
|
0.1
|
|
|
596
|
|
|||
ADCS Clinics Intermediate Holdings, LLC
|
Common stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
6
|
|
|
—
|
|
|
6
|
|
|||
BIORECLAMATIONIVT, LLC
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
323
|
|
|
0.1
|
|
|
353
|
|
|||
DCA Investment Holding, LLC
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
5,253
|
|
|
525
|
|
|
0.1
|
|
|
572
|
|
|||
DCA Investment Holding, LLC
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
53
|
|
|
5
|
|
|
—
|
|
|
89
|
|
|||
Deca Dental Management LLC
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
651
|
|
|
651
|
|
|
0.1
|
|
|
716
|
|
|||
Dental Holdings Corporation
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
345
|
|
|
345
|
|
|
0.1
|
|
|
412
|
|
|||
Encore GC Acquisition, LLC
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
8
|
|
|
81
|
|
|
—
|
|
|
89
|
|
|||
Encore GC Acquisition, LLC
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
8
|
|
|
—
|
|
|
—
|
|
|
16
|
|
|||
Katena Holdings, Inc.
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
205
|
|
|
—
|
|
|
243
|
|
|||
Lombart Brothers, Inc.
|
Common stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
99
|
|
|
—
|
|
|
99
|
|
|||
Oliver Street Dermatology Holdings, LLC
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
218
|
|
|
0.1
|
|
|
218
|
|
|||
Pinnacle Treatment Centers, Inc.
|
Preferred stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
216
|
|
|
0.1
|
|
|
216
|
|
|||
Pinnacle Treatment Centers, Inc.
|
Common stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
2
|
|
|
2
|
|
|
0.1
|
|
|
2
|
|
|||
RXH Buyer Corporation
|
LP interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
4
|
|
|
443
|
|
|
—
|
|
|
244
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
4,244
|
|
|
0.9
|
|
|
4,479
|
|
||||
Insurance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Internet Pipeline, Inc.
|
Preferred stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
207
|
|
|
0.1
|
|
|
239
|
|
|||
Internet Pipeline, Inc.
|
Common stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
90
|
|
|
2
|
|
|
—
|
|
|
74
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
209
|
|
|
0.1
|
|
|
313
|
|
|
Investment
Type
|
|
Spread
Above
Index
(1)
|
|
Interest
Rate
(2)
|
|
Maturity
Date
|
|
Principal/Par
Amount
(3)
|
|
Amortized Cost
|
|
Percentage
of Net
Assets
|
|
Fair
Value
(12)
|
||||||||
Leisure, Amusement, Motion Pictures and Entertainment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Competitor Group, Inc.#
|
Preferred stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
$
|
—
|
|
|
$
|
184
|
|
|
—
|
|
%
|
$
|
3
|
|
Competitor Group, Inc.#
|
Common stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
184
|
|
|
—
|
|
|
3
|
|
||||
Personal and Non Durable Consumer Products
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Georgica Pine Clothiers, LLC
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
9
|
|
|
92
|
|
|
—
|
|
|
100
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Personal, Food and Miscellaneous Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Clarkson Eyecare LLC
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
63
|
|
|
—
|
|
|
139
|
|
|||
Community Veterinary Partners, LLC
|
Common stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
1
|
|
|
98
|
|
|
—
|
|
|
124
|
|
|||
Vetcor Professional Practices LLC
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
498
|
|
|
341
|
|
|
0.1
|
|
|
348
|
|
|||
Vetcor Professional Practices LLC
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
55
|
|
|
55
|
|
|
0.1
|
|
|
405
|
|
|||
Veterinary Specialists of North America, LLC
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
56
|
|
|
—
|
|
|
56
|
|
|||
Wetzel's Pretzels, LLC
|
Common stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
149
|
|
|
—
|
|
|
149
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
762
|
|
|
0.2
|
|
|
1,221
|
|
||||
Printing and Publishing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Brandmuscle, Inc.
|
LLC interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
$
|
207
|
|
|
0.1
|
|
%
|
$
|
235
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Retail Stores
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Batteries Plus Holding Corporation
|
LP interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
5
|
|
|
505
|
|
|
0.1
|
|
|
505
|
|
|||
Cycle Gear, Inc.
|
LLC units
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
8
|
|
|
111
|
|
|
—
|
|
|
177
|
|
|||
Elite Sportswear, L.P.
|
LLC interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
37
|
|
|
—
|
|
|
49
|
|
|||
Feeders Supply Company, LLC
|
Preferred stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
1
|
|
|
145
|
|
|
—
|
|
|
145
|
|
|||
Pet Holdings ULC(7)(8)
|
LP interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
222
|
|
|
188
|
|
|
—
|
|
|
171
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
986
|
|
|
0.1
|
|
|
1,047
|
|
||||
Utilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
PowerPlan Holdings, Inc.
|
Common stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
—
|
|
|
135
|
|
|
—
|
|
|
156
|
|
|||
PowerPlan Holdings, Inc.
|
Common stock
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
68
|
|
|
1
|
|
|
—
|
|
|
122
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
136
|
|
|
—
|
|
|
278
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total non-controlled/non-affiliate company equity investments
|
|
|
|
|
|
|
|
|
$
|
13,147
|
|
|
2.4
|
|
%
|
$
|
14,071
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total non-controlled/non-affiliate company investments
|
|
|
|
|
|
|
$
|
1,015,694
|
|
|
$
|
1,014,201
|
|
|
165.7
|
|
%
|
$
|
1,021,754
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Controlled affiliate company investments
(11)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Debt Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Investment Funds and Vehicles
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
GCIC Senior Loan Fund LLC
(7)
|
Subordinated debt
|
|
L + 8.00%
|
|
|
8.44%
|
|
12/2021
|
|
$
|
34,917
|
|
|
$
|
34,917
|
|
|
5.7
|
|
%
|
$
|
34,917
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total controlled affiliate company debt investments
|
|
|
|
|
|
|
|
|
$
|
34,917
|
|
|
5.7
|
|
%
|
$
|
34,917
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
Type
|
|
Spread
Above
Index
(1)
|
|
Interest
Rate
(2)
|
|
Maturity
Date
|
|
Principal/Par
Amount
(3)
|
|
Amortized Cost
|
|
Percentage
of Net
Assets
|
|
Fair
Value
(12)
|
||||||||
Equity Investments
(9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Investment Funds and Vehicles
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
GCIC Senior Loan Fund LLC
(7)
|
LLC interest
|
|
N/A
|
|
|
N/A
|
|
N/A
|
|
|
|
$
|
12,258
|
|
|
2.1
|
|
%
|
$
|
13,039
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total controlled affiliate company equity investments
|
|
|
|
|
|
|
|
|
$
|
12,258
|
|
|
2.1
|
|
%
|
$
|
13,039
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total controlled affiliate company investments
|
|
|
|
|
|
|
$
|
34,917
|
|
|
$
|
47,175
|
|
|
7.8
|
|
%
|
$
|
47,956
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total investments
|
|
|
|
|
|
|
$
|
1,050,611
|
|
|
$
|
1,061,376
|
|
|
173.5
|
|
%
|
$
|
1,069,710
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Cash, Restricted Cash and Cash Equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cash and Restricted Cash
|
|
|
|
|
|
|
|
|
|
$
|
75,731
|
|
|
12.3
|
|
%
|
$
|
75,731
|
|
||||
Total Cash, Restricted Cash and Cash Equivalents
|
|
|
|
|
$
|
75,731
|
|
|
12.3
|
|
%
|
$
|
75,731
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Investments and Cash, Restricted Cash and Cash Equivalents
|
|
|
|
|
|
|
|
|
$
|
1,137,107
|
|
|
185.8
|
|
%
|
$
|
1,145,441
|
|
|
#
|
|
Denotes that all or a portion of the loan collateralized the Credit Facility (as defined in Note 7).
|
*
|
|
Denotes that all or a portion of the loan secures the notes offered in the GCIC 2016 Debt Securitization (as defined in Note 7).
|
(1)
|
The majority of the investments bear interest at a rate that may be determined by reference to LIBOR or Prime and which reset daily, quarterly or semiannually. For each, the Company has provided the spread over LIBOR or Prime and the weighted average current interest rate in effect at September 30, 2016. Certain investments are subject to a LIBOR or Prime interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable.
|
(2)
|
For portfolio companies with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect at September 30, 2016.
|
(3)
|
The total principal amount is presented for debt investments while the number of shares or units owned is presented for equity investments.
|
(4)
|
The negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par.The negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.
|
(5)
|
The entire commitment was unfunded as of September 30, 2016. As such, no interest is being earned on this investment.
|
(6)
|
Loan was on non-accrual status as of September 30, 2016, meaning that the Company has ceased recognizing interest income on the loan.
|
(7)
|
The investment is treated as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of September 30, 2016, total non-qualifying assets at fair value represented 7.1% of the Company’s assets calculated in accordance with the 1940 Act.
|
(8)
|
The headquarters of this portfolio company is located in Canada.
|
(9)
|
Non-income producing securities.
|
(10)
|
Ownership of certain equity investments may occur through a holding company or partnership.
|
Portfolio
Company
|
|
Fair value at September 30, 2015
|
|
Purchases
(cost) |
|
Redemptions
(cost)
|
|
Discount
accretion
|
|
Net change in unrealized
gain/(loss)
|
|
Fair value at September 30, 2016
|
|
Net realized gain/(loss)
|
|
Interest and
fee income
|
|
Dividend
income
|
||||||||||||||||||
GCIC Senior Loan Fund LLC*
|
|
$
|
—
|
|
|
$
|
47,175
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
781
|
|
|
$
|
47,956
|
|
|
$
|
—
|
|
|
$
|
2,691
|
|
|
$
|
332
|
|
Total Controlled Affiliates
|
|
$
|
—
|
|
|
$
|
47,175
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
781
|
|
|
$
|
47,956
|
|
|
$
|
—
|
|
|
$
|
2,691
|
|
|
$
|
332
|
|
(12)
|
The fair value of the investment was valued using significant unobservable inputs. See Note
6
. Fair Value Measurements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30, 2017
|
|
As of September 30, 2016
|
||||||||||||
|
Subscriptions
|
|
Contributions
|
|
Subscriptions
|
|
Contributions
|
||||||||
GCIC Stockholders
|
$
|
1,301,643
|
|
|
$
|
716,004
|
|
|
$
|
942,904
|
|
|
$
|
594,263
|
|
Total
|
$
|
1,301,643
|
|
|
$
|
716,004
|
|
|
$
|
942,904
|
|
|
$
|
594,263
|
|
|
|
|
|
Date
|
|
Shares Issued
|
|
NAV ($) per share
|
|
Proceeds
|
|||||
Shares outstanding, September 30, 2015
|
|
|
20,843,155.219
|
|
|
$
|
15.00
|
|
|
$
|
312,647
|
|
Issuance of shares
|
11/06/2015
|
|
1,329,458.533
|
|
|
15.00
|
|
|
19,942
|
|
||
Issuance of shares
|
12/14/2015
|
|
2,078,187.800
|
|
|
15.00
|
|
|
31,173
|
|
||
Issuance of shares
|
02/23/2016
|
|
2,488,930.923
|
|
|
15.00
|
|
|
37,334
|
|
||
Issuance of shares
|
05/16/2016
|
|
1,994,478.077
|
|
|
15.00
|
|
|
29,917
|
|
||
Issuance of shares
|
06/02/2016
|
|
1,994,478.077
|
|
|
15.00
|
|
|
29,917
|
|
||
Issuance of shares
|
06/21/2016
|
|
2,707,383.731
|
|
|
15.00
|
|
|
40,611
|
|
||
Issuance of shares
|
08/12/2016
|
|
5,008,697.983
|
|
|
15.00
|
|
|
75,130
|
|
||
Issuance of shares
|
09/22/2016
|
|
1,505,808.534
|
|
|
15.00
|
|
|
22,587
|
|
||
Shares issued for capital drawdowns
|
|
|
19,107,423.658
|
|
|
$
|
15.00
|
|
|
$
|
286,611
|
|
Issuance of shares
(1)
|
11/20/2015
|
|
182,861.440
|
|
|
15.00
|
|
|
2,743
|
|
||
Issuance of shares
(1)
|
12/30/2015
|
|
168,295.009
|
|
|
15.00
|
|
|
2,524
|
|
||
Issuance of shares
(1)
|
02/26/2016
|
|
170,848.215
|
|
|
15.00
|
|
|
2,563
|
|
||
Issuance of shares
(1)
|
05/20/2016
|
|
164,469.664
|
|
|
15.00
|
|
|
2,467
|
|
||
Issuance of shares
(1)
|
07/28/2016
|
|
338,670.977
|
|
|
15.00
|
|
|
5,080
|
|
||
Issuance of shares
(1)
|
09/26/2016
|
|
111,454.068
|
|
|
15.00
|
|
|
1,672
|
|
||
Shares issued through DRIP
|
|
|
1,136,599.373
|
|
|
$
|
15.00
|
|
|
$
|
17,049
|
|
Shares outstanding, September 30, 2016
|
|
|
41,087,178.250
|
|
|
$
|
15.00
|
|
|
$
|
616,307
|
|
Issuance of shares
|
04/03/2017
|
|
2,187,285.533
|
|
|
$
|
15.00
|
|
|
$
|
32,809
|
|
Issuance of shares
|
05/01/2017
|
|
2,223,285.533
|
|
|
15.00
|
|
|
33,349
|
|
||
Issuance of shares
|
07/31/2017
|
|
2,223,285.533
|
|
|
15.00
|
|
|
33,350
|
|
||
Issuance of shares
|
09/29/2017
|
|
1,482,190.312
|
|
|
15.00
|
|
|
22,233
|
|
||
Shares issued for capital drawdowns
|
|
|
8,116,046.911
|
|
|
$
|
15.00
|
|
|
$
|
121,741
|
|
Issuance of shares
(1)
|
11/21/2016
|
|
355,195.794
|
|
|
15.00
|
|
|
5,329
|
|
||
Issuance of shares
(1)
|
12/30/2016
|
|
327,120.972
|
|
|
15.00
|
|
|
4,907
|
|
||
Issuance of shares
(1)
|
02/27/2017
|
|
335,502.470
|
|
|
15.00
|
|
|
5,032
|
|
||
Issuance of shares
(1)
|
05/19/2017
|
|
313,775.384
|
|
|
15.00
|
|
|
4,707
|
|
||
Issuance of shares
(1)
|
07/28/2017
|
|
498,407.238
|
|
|
15.00
|
|
|
7,475
|
|
||
Issuance of shares
(1)
|
09/25/2017
|
|
181,456.477
|
|
|
15.00
|
|
|
2,722
|
|
||
Shares issued through DRIP
|
|
|
2,011,458.335
|
|
|
$
|
15.00
|
|
|
$
|
30,172
|
|
Shares outstanding, September 30, 2017
|
|
|
51,214,683.496
|
|
|
$
|
15.00
|
|
|
$
|
768,220
|
|
|
(1)
|
Shares issued through the DRIP.
|
|
|
|
|
|
|
•
|
Zero in any calendar quarter in which the Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate;
|
•
|
50.0% of the Company’s Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than the percentage at which the amount payable to the Investment Adviser equals 20.0% of the Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply. This portion of the Company’s Pre-Incentive Fee Net Investment Income that exceeds the hurdle rate is referred to as the “catch-up” provision; and
|
•
|
20.0% of the amount of the Company’s Pre-Incentive Fee Net Investment Income, if any, that exceeds the catch-up provision in any calendar quarter.
|
•
|
zero in any calendar quarter in which the Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate;
|
•
|
50.0% of the Company’s Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than the percentage at which the amount payable to the Investment Adviser equals to 15.0% of the Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply. This portion of the Company’s Pre-Incentive Fee Net Investment Income that exceeds the hurdle rate is referred to as the “catch-up” provision; and
|
•
|
15.0% of the amount of the Company’s Pre-Incentive Fee Net Investment Income, if any, that exceeds the catch-up provision in any calendar quarter.
|
|
|
|
•
|
The cumulative aggregate realized capital losses are calculated as the sum of the amounts by which (a) the net sales price of each investment in the Company’s portfolio when sold is less than (b) the accreted or amortized cost basis of such investment.
|
•
|
The cumulative aggregate realized capital gains are calculated as the sum of the differences, if positive, between (a) the net sales price of each investment in the Company’s portfolio when sold and (b) the accreted or amortized cost basis of such investment.
|
•
|
The aggregate unrealized capital depreciation is calculated as the sum of the differences, if negative, between (a) the valuation of each investment in the Company’s portfolio as of the applicable Capital Gain Incentive Fee calculation date and (b) the accreted or amortized cost basis of such investment.
|
|
|
|
|
|
|
|
|
|
|
As of September 30, 2017
|
|
As of September 30, 2016
|
||||||||||||||||||||
|
Principal
|
|
Amortized
Cost
|
|
Fair
Value
|
|
Principal
|
|
Amortized
Cost
|
|
Fair
Value
|
||||||||||||
Senior secured
|
$
|
167,646
|
|
|
$
|
165,642
|
|
|
$
|
165,620
|
|
|
$
|
113,576
|
|
|
$
|
112,122
|
|
|
$
|
112,994
|
|
One stop
|
1,169,007
|
|
|
1,152,979
|
|
|
1,161,275
|
|
|
902,078
|
|
|
888,892
|
|
|
894,649
|
|
||||||
Subordinated debt
|
55
|
|
|
55
|
|
|
55
|
|
|
40
|
|
|
40
|
|
|
40
|
|
||||||
Subordinated notes in GCIC SLF
(1)(2)
|
—
|
|
|
—
|
|
|
—
|
|
|
34,917
|
|
|
34,917
|
|
|
34,917
|
|
||||||
LLC equity interests in GCIC SLF
(2)
|
N/A
|
|
|
49,800
|
|
|
50,104
|
|
|
N/A
|
|
|
12,258
|
|
|
13,039
|
|
||||||
Equity
|
N/A
|
|
|
17,733
|
|
|
20,647
|
|
|
N/A
|
|
|
13,147
|
|
|
14,071
|
|
||||||
Total
|
$
|
1,336,708
|
|
|
$
|
1,386,209
|
|
|
$
|
1,397,701
|
|
|
$
|
1,050,611
|
|
|
$
|
1,061,376
|
|
|
$
|
1,069,710
|
|
|
(1)
|
On December 30, 2016, GCIC SLF issued a capital call in an aggregate amount of $39,905 the proceeds of which were used to redeem in full the outstanding balance on the subordinated notes previously issued by GCIC SLF and terminate all remaining subordinated note commitments.
|
(2)
|
GCIC SLF’s proceeds from the subordinated notes and LLC equity interests invested in GCIC SLF were utilized by GCIC SLF to invest in senior secured loans.
|
|
As of September 30, 2017
|
|
As of September 30, 2016
|
||||||||||
Amortized Cost:
|
|
|
|
|
|
|
|
|
|
|
|
||
United States
|
|
|
|
|
|
|
|
|
|
|
|
||
Mid-Atlantic
|
$
|
248,290
|
|
|
17.9
|
%
|
|
$
|
248,384
|
|
|
23.4
|
%
|
Midwest
|
358,990
|
|
|
25.9
|
|
|
275,157
|
|
|
25.9
|
|
||
West
|
181,740
|
|
|
13.1
|
|
|
104,238
|
|
|
9.8
|
|
||
Southeast
|
286,057
|
|
|
20.6
|
|
|
234,214
|
|
|
22.1
|
|
||
Southwest
|
122,242
|
|
|
8.8
|
|
|
73,563
|
|
|
6.9
|
|
||
Northeast
|
156,817
|
|
|
11.3
|
|
|
93,550
|
|
|
8.8
|
|
||
Canada
|
32,073
|
|
|
2.4
|
|
|
32,270
|
|
|
3.1
|
|
||
Total
|
$
|
1,386,209
|
|
|
100.0
|
%
|
|
$
|
1,061,376
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
||||||
Fair Value:
|
|
|
|
|
|
|
|
|
|
|
|
||
United States
|
|
|
|
|
|
|
|
|
|
|
|
||
Mid-Atlantic
|
$
|
251,278
|
|
|
18.0
|
%
|
|
$
|
250,798
|
|
|
23.4
|
%
|
Midwest
|
358,219
|
|
|
25.6
|
|
|
276,075
|
|
|
25.8
|
|
||
West
|
184,438
|
|
|
13.2
|
|
|
104,527
|
|
|
9.8
|
|
||
Southeast
|
288,780
|
|
|
20.7
|
|
|
237,168
|
|
|
22.2
|
|
||
Southwest
|
122,670
|
|
|
8.8
|
|
|
73,691
|
|
|
6.9
|
|
||
Northeast
|
159,684
|
|
|
11.4
|
|
|
94,897
|
|
|
8.9
|
|
||
Canada
|
32,632
|
|
|
2.3
|
|
|
32,554
|
|
|
3.0
|
|
||
Total
|
$
|
1,397,701
|
|
|
100.0
|
%
|
|
$
|
1,069,710
|
|
|
100.0
|
%
|
|
|
|
|
As of September 30, 2017
|
|
As of September 30, 2016
|
||||||||||
Amortized Cost:
|
|
|
|
|
|
|
|
|
|
|
|
||
Aerospace and Defense
|
$
|
22,539
|
|
|
1.6
|
%
|
|
$
|
12,966
|
|
|
1.2
|
%
|
Automobile
|
58,138
|
|
|
4.2
|
|
|
51,568
|
|
|
4.9
|
|
||
Beverage, Food and Tobacco
|
69,045
|
|
|
5.0
|
|
|
36,875
|
|
|
3.5
|
|
||
Broadcasting and Entertainment
|
688
|
|
|
0.0
|
*
|
|
1,602
|
|
|
0.2
|
|
||
Buildings and Real Estate
|
49,135
|
|
|
3.6
|
|
|
8,452
|
|
|
0.8
|
|
||
Cargo Transport
|
—
|
|
|
—
|
|
|
1,752
|
|
|
0.2
|
|
||
Chemicals, Plastics and Rubber
|
1,075
|
|
|
0.1
|
|
|
33
|
|
|
0.0
|
*
|
||
Containers, Packaging and Glass
|
—
|
|
|
—
|
|
|
1,123
|
|
|
0.1
|
|
||
Diversified/Conglomerate Manufacturing
|
44,499
|
|
|
3.2
|
|
|
33,648
|
|
|
3.2
|
|
||
Diversified/Conglomerate Service
|
285,360
|
|
|
20.6
|
|
|
211,560
|
|
|
19.9
|
|
||
Ecological
|
18,304
|
|
|
1.3
|
|
|
15,371
|
|
|
1.4
|
|
||
Electronics
|
123,756
|
|
|
8.9
|
|
|
121,754
|
|
|
11.5
|
|
||
Grocery
|
123
|
|
|
0.0
|
*
|
|
302
|
|
|
0.0
|
*
|
||
Healthcare, Education and Childcare
|
270,217
|
|
|
19.5
|
|
|
195,880
|
|
|
18.5
|
|
||
Home and Office Furnishings, Housewares, and Durable Consumer
|
10,187
|
|
|
0.7
|
|
|
8,589
|
|
|
0.8
|
|
||
Hotels, Motels, Inns, and Gaming
|
11,138
|
|
|
0.8
|
|
|
388
|
|
|
0.0
|
*
|
||
Insurance
|
32,050
|
|
|
2.3
|
|
|
20,203
|
|
|
1.9
|
|
||
Investment Funds and Vehicles
|
49,800
|
|
|
3.6
|
|
|
47,175
|
|
|
4.4
|
|
||
Leisure, Amusement, Motion Pictures, Entertainment
|
52,209
|
|
|
3.8
|
|
|
17,344
|
|
|
1.6
|
|
||
Mining, Steel, Iron and Non-Precious Metals
|
208
|
|
|
0.0
|
*
|
|
199
|
|
|
0.0
|
*
|
||
Oil and Gas
|
16,948
|
|
|
1.2
|
|
|
4,855
|
|
|
0.5
|
|
||
Personal and Non Durable Consumer Products (Mfg. Only)
|
29,474
|
|
|
2.1
|
|
|
11,076
|
|
|
1.0
|
|
||
Personal, Food and Miscellaneous Services
|
98,161
|
|
|
7.1
|
|
|
77,862
|
|
|
7.3
|
|
||
Printing and Publishing
|
20,899
|
|
|
1.5
|
|
|
49,512
|
|
|
4.7
|
|
||
Retail Stores
|
106,377
|
|
|
7.7
|
|
|
119,983
|
|
|
11.3
|
|
||
Telecommunications
|
7,189
|
|
|
0.5
|
|
|
4,915
|
|
|
0.5
|
|
||
Textiles and Leather
|
1,898
|
|
|
0.2
|
|
|
1,729
|
|
|
0.2
|
|
||
Utilities
|
6,792
|
|
|
0.5
|
|
|
4,660
|
|
|
0.4
|
|
||
Total
|
$
|
1,386,209
|
|
|
100.0
|
%
|
%
|
$
|
1,061,376
|
|
|
100.0
|
%
|
|
|
|
|
As of September 30, 2017
|
|
As of September 30, 2016
|
||||||||||
Fair Value:
|
|
|
|
|
|
|
|
|
|
|
|
||
Aerospace and Defense
|
$
|
22,970
|
|
|
1.7
|
%
|
|
$
|
12,668
|
|
|
1.2
|
%
|
Automobile
|
58,724
|
|
|
4.2
|
|
|
52,255
|
|
|
4.9
|
|
||
Beverage, Food and Tobacco
|
69,322
|
|
|
5.0
|
|
|
36,554
|
|
|
3.4
|
|
||
Broadcasting and Entertainment
|
694
|
|
|
0.1
|
|
|
1,643
|
|
|
0.2
|
|
||
Buildings and Real Estate
|
49,333
|
|
|
3.5
|
|
|
8,430
|
|
|
0.8
|
|
||
Cargo Transport
|
—
|
|
|
—
|
|
|
1,767
|
|
|
0.2
|
|
||
Chemicals, Plastics and Rubber
|
1,099
|
|
|
0.1
|
|
|
34
|
|
|
0.0
|
*
|
||
Containers, Packaging and Glass
|
—
|
|
|
—
|
|
|
1,124
|
|
|
0.1
|
|
||
Diversified/Conglomerate Manufacturing
|
43,639
|
|
|
3.1
|
|
|
32,805
|
|
|
3.1
|
|
||
Diversified/Conglomerate Service
|
289,884
|
|
|
20.7
|
|
|
213,978
|
|
|
20.0
|
|
||
Ecological
|
18,700
|
|
|
1.3
|
|
|
15,490
|
|
|
1.4
|
|
||
Electronics
|
125,426
|
|
|
9.0
|
|
|
122,838
|
|
|
11.5
|
|
||
Grocery
|
124
|
|
|
0.0
|
*
|
|
310
|
|
|
0.0
|
*
|
||
Healthcare, Education and Childcare
|
271,283
|
|
|
19.4
|
|
|
197,506
|
|
|
18.5
|
|
||
Home and Office Furnishings, Housewares, and Durable Consumer
|
9,293
|
|
|
0.7
|
|
|
7,963
|
|
|
0.7
|
|
||
Hotels, Motels, Inns, and Gaming
|
11,345
|
|
|
0.8
|
|
|
394
|
|
|
0.0
|
*
|
||
Insurance
|
32,706
|
|
|
2.4
|
|
|
20,564
|
|
|
1.9
|
|
||
Investment Funds and Vehicles
|
50,104
|
|
|
3.6
|
|
|
47,956
|
|
|
4.5
|
|
||
Leisure, Amusement, Motion Pictures and Entertainment
|
52,466
|
|
|
3.8
|
|
|
17,279
|
|
|
1.6
|
|
||
Mining, Steel, Iron and Non-Precious Metals
|
160
|
|
|
0.0
|
*
|
|
170
|
|
|
0.0
|
*
|
||
Oil and Gas
|
16,919
|
|
|
1.2
|
|
|
4,873
|
|
|
0.5
|
|
||
Personal and Non-Durable Consumer Products (Mfg. Only)
|
29,624
|
|
|
2.1
|
|
|
10,896
|
|
|
1.0
|
|
||
Personal, Food and Miscellaneous Services
|
98,359
|
|
|
7.0
|
|
|
79,117
|
|
|
7.4
|
|
||
Printing and Publishing
|
21,385
|
|
|
1.5
|
|
|
50,133
|
|
|
4.7
|
|
||
Retail Stores
|
107,958
|
|
|
7.7
|
|
|
121,386
|
|
|
11.3
|
|
||
Telecommunications
|
7,278
|
|
|
0.5
|
|
|
4,959
|
|
|
0.5
|
|
||
Textiles and Leather
|
1,932
|
|
|
0.1
|
|
|
1,768
|
|
|
0.2
|
|
||
Utilities
|
6,974
|
|
|
0.5
|
|
|
4,850
|
|
|
0.4
|
|
||
Total
|
$
|
1,397,701
|
|
|
100.0
|
%
|
|
$
|
1,069,710
|
|
|
100.0
|
%
|
|
|
|
|
As of September 30, 2017
|
|
As of September 30, 2016
|
||||||||||||
|
Committed
|
|
Funded
(1)
|
|
Committed
|
|
Funded
(1)
|
||||||||
Subordinated note commitments
(2)(3)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
100,000
|
|
|
$
|
39,905
|
|
LLC equity commitments
(3)
|
125,000
|
|
|
56,914
|
|
|
25,000
|
|
|
14,009
|
|
||||
Total
|
$
|
125,000
|
|
|
$
|
56,914
|
|
|
$
|
125,000
|
|
|
$
|
53,914
|
|
|
(1)
|
Funded LLC equity commitments are presented net of return of capital distributions subject to recall.
|
(2)
|
The subordinated note commitments were terminated as of December 30, 2016.
|
(3)
|
Commitments presented are for the Company and Aurora.
|
|
As of September 30,
|
||||||
|
2017
|
|
2016
|
||||
Senior secured loans
(1)
|
$
|
162,815
|
|
|
$
|
146,481
|
|
Weighted average current interest rate on senior secured loans
(2)
|
6.4
|
%
|
|
6.0
|
%
|
||
Number of borrowers in GCIC SLF
|
40
|
|
|
41
|
|
||
Largest portfolio company investments
(1)
|
$
|
8,928
|
|
|
$
|
8,346
|
|
Total of five largest portfolio company investments
(1)
|
$
|
39,540
|
|
|
$
|
39,053
|
|
|
(1)
|
At principal amount.
|
(2)
|
Computed as the (a) annual stated interest rate on accruing senior secured loans divided by (b) total senior secured loans at principal amount.
|
|
|
|
GCIC SLF Investment Portfolio as of September 30, 2017
|
|||||||||||||||||
Portfolio Company
|
|
Business Description
|
|
Security Type
|
|
Maturity
Date
|
|
Current
Interest
Rate
(1)
|
|
Principal ($)
|
|
Fair
Value
(2)
|
|||||
1A Smart Start LLC
|
|
Home and Office Furnishings, Housewares, and Durable Consumer
|
|
Senior loan
|
|
02/2022
|
|
6.1
|
%
|
|
$
|
1,351
|
|
|
$
|
1,358
|
|
1A Smart Start LLC
|
|
Home and Office Furnishings, Housewares, and Durable Consumer
|
|
Senior loan
|
|
02/2022
|
|
5.8
|
|
|
599
|
|
|
599
|
|
||
Argon Medical Devices, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
12/2021
|
|
6.0
|
|
|
2,816
|
|
|
2,816
|
|
||
Boot Barn, Inc.
|
|
Retail Stores
|
|
Senior loan
|
|
06/2021
|
|
5.8
|
|
|
5,285
|
|
|
5,285
|
|
||
Brandmuscle, Inc.
|
|
Printing and Publishing
|
|
Senior loan
|
|
12/2021
|
|
6.1
|
|
|
4,172
|
|
|
4,167
|
|
||
CLP Healthcare Services, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
12/2020
|
|
6.6
|
|
|
2,049
|
|
|
2,008
|
|
||
CLP Healthcare Services, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
12/2020
|
|
6.6
|
|
|
1,033
|
|
|
1,012
|
|
||
Community Veterinary Partners, LLC
|
|
Personal, Food and Miscellaneous Services
|
|
Senior loan
|
|
10/2021
|
|
6.8
|
|
|
2,095
|
|
|
2,095
|
|
||
Community Veterinary Partners, LLC
|
|
Personal, Food and Miscellaneous Services
|
|
Senior loan
|
|
10/2021
|
|
6.8
|
|
|
1,053
|
|
|
1,053
|
|
||
Community Veterinary Partners, LLC
|
|
Personal, Food and Miscellaneous Services
|
|
Senior loan
|
|
10/2021
|
|
6.8
|
|
|
59
|
|
|
59
|
|
||
Community Veterinary Partners, LLC
|
|
Personal, Food and Miscellaneous Services
|
|
Senior loan
|
|
10/2021
|
|
6.8
|
|
|
41
|
|
|
41
|
|
||
Curo Health Services LLC
(3)
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
02/2022
|
|
5.3
|
|
|
4,875
|
|
|
4,890
|
|
||
Elite Sportswear, L.P.
|
|
Retail Stores
|
|
Senior loan
|
|
03/2020
|
|
6.6
|
|
|
3,093
|
|
|
3,100
|
|
||
Elite Sportswear, L.P.
|
|
Retail Stores
|
|
Senior loan
|
|
03/2020
|
|
6.3
|
|
|
1,244
|
|
|
1,239
|
|
||
Elite Sportswear, L.P.
|
|
Retail Stores
|
|
Senior loan
|
|
03/2020
|
|
6.6
|
|
|
640
|
|
|
641
|
|
||
Elite Sportswear, L.P.
|
|
Retail Stores
|
|
Senior loan
|
|
03/2020
|
|
6.6
|
|
|
218
|
|
|
218
|
|
||
Elite Sportswear, L.P.
|
|
Retail Stores
|
|
Senior loan
|
|
03/2020
|
|
6.6
|
|
|
97
|
|
|
97
|
|
||
Elite Sportswear, L.P.
|
|
Retail Stores
|
|
Senior loan
|
|
03/2020
|
|
6.5
|
|
|
93
|
|
|
93
|
|
||
Elite Sportswear, L.P.
(4)
|
|
Retail Stores
|
|
Senior loan
|
|
03/2020
|
|
N/A
(5)
|
|
|
—
|
|
|
(2
|
)
|
||
Encore GC Acquisition, LLC
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
01/2020
|
|
6.8
|
|
|
2,108
|
|
|
2,108
|
|
||
Flexan, LLC
|
|
Chemicals, Plastics and Rubber
|
|
Senior loan
|
|
02/2020
|
|
7.1
|
|
|
2,690
|
|
|
2,690
|
|
||
Flexan, LLC
|
|
Chemicals, Plastics and Rubber
|
|
Senior loan
|
|
02/2020
|
|
7.1
|
|
|
752
|
|
|
752
|
|
||
Flexan, LLC
(3)
|
|
Chemicals, Plastics and Rubber
|
|
Senior loan
|
|
02/2020
|
|
8.8
|
|
|
21
|
|
|
21
|
|
||
Gamma Technologies, LLC
(3)
|
|
Electronics
|
|
Senior loan
|
|
06/2021
|
|
6.0
|
|
|
4,411
|
|
|
4,411
|
|
||
Harvey Tool Company, LLC
|
|
Diversified/Conglomerate Manufacturing
|
|
Senior loan
|
|
03/2020
|
|
6.1
|
|
|
1,976
|
|
|
1,976
|
|
||
III US Holdings, LLC
|
|
Diversified/Conglomerate Service
|
|
Senior loan
|
|
09/2022
|
|
7.9
|
|
|
5,002
|
|
|
5,002
|
|
||
Jensen Hughes, Inc.
|
|
Buildings and Real Estate
|
|
Senior loan
|
|
12/2021
|
|
6.3
|
|
|
1,973
|
|
|
1,973
|
|
||
Jensen Hughes, Inc.
|
|
Buildings and Real Estate
|
|
Senior loan
|
|
12/2021
|
|
6.4
|
|
|
87
|
|
|
87
|
|
||
Jensen Hughes, Inc.
|
|
Buildings and Real Estate
|
|
Senior loan
|
|
12/2021
|
|
6.4
|
|
|
55
|
|
|
55
|
|
||
Loar Group Inc.
|
|
Aerospace and Defense
|
|
Senior loan
|
|
01/2022
|
|
6.0
|
|
|
1,939
|
|
|
1,939
|
|
||
Loar Group Inc.
|
|
Aerospace and Defense
|
|
Senior loan
|
|
01/2022
|
|
6.0
|
|
|
1,337
|
|
|
1,337
|
|
||
Mills Fleet Farm Group LLC
(3)
|
|
Retail Stores
|
|
Senior loan
|
|
02/2022
|
|
6.7
|
|
|
6,000
|
|
|
6,000
|
|
||
Park Place Technologies LLC
(3)
|
|
Electronics
|
|
Senior loan
|
|
06/2022
|
|
6.3
|
|
|
5,996
|
|
|
5,936
|
|
||
Pasternack Enterprises, Inc. and Fairview Microwave, Inc
|
|
Diversified/Conglomerate Manufacturing
|
|
Senior loan
|
|
05/2022
|
|
6.2
|
|
|
5,013
|
|
|
5,013
|
|
||
Polk Acquisition Corp.
(3)
|
|
Automobile
|
|
Senior loan
|
|
06/2022
|
|
6.2
|
|
|
8,297
|
|
|
8,131
|
|
||
Polk Acquisition Corp.
|
|
Automobile
|
|
Senior loan
|
|
06/2022
|
|
6.7
|
|
|
83
|
|
|
81
|
|
||
Polk Acquisition Corp.
|
|
Automobile
|
|
Senior loan
|
|
06/2022
|
|
6.2
|
|
|
53
|
|
|
52
|
|
||
PowerPlan Holdings, Inc.
(3)
|
|
Utilities
|
|
Senior loan
|
|
02/2022
|
|
6.5
|
|
|
7,126
|
|
|
7,126
|
|
||
Premise Health Holding Corp.
(3)
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
06/2020
|
|
5.8
|
|
|
5,925
|
|
|
5,925
|
|
||
Pyramid Healthcare, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
08/2019
|
|
7.7
|
|
|
2,346
|
|
|
2,346
|
|
||
Pyramid Healthcare, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
08/2019
|
|
7.9
|
|
|
144
|
|
|
144
|
|
||
Radiology Partners, Inc.
(3)
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
09/2020
|
|
7.1
|
|
|
7,095
|
|
|
7,095
|
|
||
Radiology Partners, Inc.
(3)
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
09/2020
|
|
7.1
|
|
|
542
|
|
|
542
|
|
||
Radiology Partners, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
09/2020
|
|
7.1
|
|
|
460
|
|
|
460
|
|
||
RSC Acquisition, Inc.
(3)
|
|
Insurance
|
|
Senior loan
|
|
11/2022
|
|
6.6
|
|
|
3,323
|
|
|
3,323
|
|
|
|
|
GCIC SLF Investment Portfolio as of September 30, 2017 - (continued)
|
|||||||||||||||||
Portfolio Company
|
|
Business Description
|
|
Security Type
|
|
Maturity
Date
|
|
Current
Interest
Rate
(1)
|
|
Principal ($)
|
|
Fair
Value
(2)
|
|||||
RSC Acquisition, Inc.
|
|
Insurance
|
|
Senior loan
|
|
11/2020
|
|
6.1
|
%
|
|
$
|
15
|
|
|
$
|
15
|
|
Rubio's Restaurants, Inc.
|
|
Beverage, Food and Tobacco
|
|
Senior loan
|
|
11/2018
|
|
6.1
|
|
|
1,676
|
|
|
1,676
|
|
||
Rug Doctor LLC
|
|
Personal and Non Durable Consumer Products (Mfg. Only)
|
|
Senior loan
|
|
06/2018
|
|
6.6
|
|
|
1,501
|
|
|
1,501
|
|
||
Saldon Holdings, Inc.
(3)
|
|
Diversified/Conglomerate Service
|
|
Senior loan
|
|
09/2022
|
|
5.8
|
|
|
2,028
|
|
|
2,003
|
|
||
Sarnova HC, LLC
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
01/2022
|
|
6.0
|
|
|
3,301
|
|
|
3,301
|
|
||
SEI, Inc.
(3)
|
|
Electronics
|
|
Senior loan
|
|
07/2021
|
|
6.0
|
|
|
5,217
|
|
|
5,217
|
|
||
Self Esteem Brands, LLC
(3)
|
|
Leisure, Amusement, Motion Pictures, Entertainment
|
|
Senior loan
|
|
02/2020
|
|
6.0
|
|
|
6,443
|
|
|
6,443
|
|
||
Severin Acquisition, LLC
(3)
|
|
Diversified/Conglomerate Service
|
|
Senior loan
|
|
07/2021
|
|
6.1
|
|
|
7,848
|
|
|
7,844
|
|
||
Severin Acquisition, LLC
|
|
Diversified/Conglomerate Service
|
|
Senior loan
|
|
07/2021
|
|
6.2
|
|
|
1,079
|
|
|
1,083
|
|
||
Smashburger Finance LLC
|
|
Beverage, Food and Tobacco
|
|
Senior loan
|
|
05/2018
|
|
6.8
|
|
|
5,291
|
|
|
4,603
|
|
||
Smashburger Finance LLC
|
|
Beverage, Food and Tobacco
|
|
Senior loan
|
|
05/2018
|
|
6.8
|
|
|
418
|
|
|
364
|
|
||
Smashburger Finance LLC
|
|
Beverage, Food and Tobacco
|
|
Senior loan
|
|
05/2018
|
|
6.8
|
|
|
417
|
|
|
363
|
|
||
Smashburger Finance LLC
|
|
Beverage, Food and Tobacco
|
|
Senior loan
|
|
05/2018
|
|
6.8
|
|
|
416
|
|
|
362
|
|
||
Smashburger Finance LLC
|
|
Beverage, Food and Tobacco
|
|
Senior loan
|
|
05/2018
|
|
6.8
|
|
|
415
|
|
|
361
|
|
||
Smashburger Finance LLC
(4)
|
|
Beverage, Food and Tobacco
|
|
Senior loan
|
|
05/2018
|
|
N/A
(5)
|
|
|
—
|
|
|
(90
|
)
|
||
Tate's Bake Shop, Inc. (3)
|
|
Beverage, Food and Tobacco
|
|
Senior loan
|
|
08/2019
|
|
6.3
|
|
|
705
|
|
|
705
|
|
||
Teasdale Quality Foods, Inc.
|
|
Grocery
|
|
Senior loan
|
|
10/2020
|
|
5.6
|
|
|
1,097
|
|
|
1,097
|
|
||
Teasdale Quality Foods, Inc.
|
|
Grocery
|
|
Senior loan
|
|
10/2020
|
|
6.1
|
|
|
859
|
|
|
859
|
|
||
Teasdale Quality Foods, Inc.
|
|
Grocery
|
|
Senior loan
|
|
10/2020
|
|
6.1
|
|
|
165
|
|
|
165
|
|
||
Teasdale Quality Foods, Inc.
|
|
Grocery
|
|
Senior loan
|
|
10/2020
|
|
6.1
|
|
|
61
|
|
|
61
|
|
||
Transaction Data Systems, Inc.
|
|
Diversified/Conglomerate Service
|
|
Senior loan
|
|
06/2021
|
|
6.6
|
|
|
3,892
|
|
|
3,892
|
|
||
Transaction Data Systems, Inc.
|
|
Diversified/Conglomerate Service
|
|
Senior loan
|
|
06/2020
|
|
5.8
|
|
|
22
|
|
|
21
|
|
||
Vendor Credentialing Service LLC
(3)
|
|
Diversified/Conglomerate Service
|
|
Senior loan
|
|
11/2021
|
|
7.2
|
|
|
5,985
|
|
|
5,985
|
|
||
WHCG Management, LLC
(3)
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
03/2023
|
|
6.1
|
|
|
2,202
|
|
|
2,202
|
|
||
WIRB-Copernicus Group, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
08/2022
|
|
6.3
|
|
|
5,421
|
|
|
5,421
|
|
||
Young Innovations, Inc.
(3)
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
01/2019
|
|
6.3
|
|
|
751
|
|
|
751
|
|
||
Young Innovations, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
01/2019
|
|
6.3
|
|
|
23
|
|
|
23
|
|
||
|
|
|
|
|
|
|
|
|
|
$
|
162,815
|
|
|
$
|
161,522
|
|
|
(1)
|
Represents the weighted average annual current interest rate as of
September 30, 2017
. All interest rates are payable in cash.
|
(2)
|
Represents the fair value in accordance with ASC Topic 820. The determination of such fair value is not included in the Board's valuation process described elsewhere herein.
|
(3)
|
The Company also holds a portion of the first lien senior secured loan in this portfolio company.
|
(4)
|
The negative fair value is the result of the unfunded commitment being valued below par.
|
(5)
|
The entire commitment was unfunded as of
September 30, 2017
. As such, no interest is being earned on this investment. The investment may be subject to an unused facility fee.
|
|
|
|
GCIC SLF Investment Portfolio as of September 30, 2016
|
||||||||||||||||||
Portfolio Company
|
|
Business Description
|
|
Security Type
|
|
Maturity
Date
|
|
Current
Interest
Rate
(1)
|
|
Principal ($)
|
|
Fair
Value
(2)
|
||||||
1A Smart Start LLC
|
|
Home and Office Furnishings, Housewares, and Durable Consumer
|
|
Senior loan
|
|
02/2022
|
|
5.8
|
|
%
|
|
$
|
1,365
|
|
|
$
|
1,361
|
|
Aimbridge Hospitality, LLC
|
|
Hotels, Motels, Inns, and Gaming
|
|
Senior loan
|
|
10/2018
|
|
5.8
|
|
|
|
2,431
|
|
|
2,431
|
|
||
American Seafoods Group LLC
|
|
Beverage, Food and Tobacco
|
|
Senior loan
|
|
08/2021
|
|
6.0
|
|
|
|
3,108
|
|
|
3,100
|
|
||
Argon Medical Devices, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
12/2021
|
|
5.8
|
|
|
|
3,444
|
|
|
3,444
|
|
||
Boot Barn, Inc.
|
|
Retail Stores
|
|
Senior loan
|
|
06/2021
|
|
5.5
|
|
|
|
5,596
|
|
|
5,596
|
|
||
Brandmuscle, Inc.
|
|
Printing and Publishing
|
|
Senior loan
|
|
12/2021
|
|
5.8
|
|
|
|
4,255
|
|
|
4,246
|
|
||
C.B. Fleet Company, Incorporated
|
|
Personal and Non Durable Consumer Products
|
|
Senior loan
|
|
12/2021
|
|
5.8
|
|
|
|
8,346
|
|
|
8,346
|
|
||
Checkers Drive-In Restaurants, Inc.
|
|
Beverage, Food and Tobacco
|
|
Senior loan
|
|
01/2022
|
|
6.5
|
|
|
|
3,945
|
|
|
3,915
|
|
||
CLP Healthcare Services, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
12/2020
|
|
6.3
|
|
|
|
1,043
|
|
|
1,043
|
|
||
CLP Healthcare Services, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
12/2020
|
|
6.3
|
|
|
|
2,070
|
|
|
2,070
|
|
||
Community Veterinary Partners, LLC
|
|
Personal, Food and Miscellaneous Services
|
|
Senior loan
|
|
10/2021
|
|
6.5
|
|
|
|
1,064
|
|
|
1,059
|
|
||
Community Veterinary Partners, LLC
|
|
Personal, Food and Miscellaneous Services
|
|
Senior loan
|
|
10/2021
|
|
6.5
|
|
|
|
2,117
|
|
|
2,106
|
|
||
Curo Health Services LLC
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
02/2022
|
|
6.5
|
|
|
|
4,925
|
|
|
4,940
|
|
||
Encore GC Acquisition, LLC
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
01/2020
|
|
7.8
|
|
|
|
73
|
|
|
73
|
|
||
Encore GC Acquisition, LLC
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
01/2020
|
|
6.3
|
|
|
|
2,130
|
|
|
2,130
|
|
||
Express Oil Change, LLC
|
|
Retail Stores
|
|
Senior loan
|
|
12/2017
|
|
6.0
|
|
|
|
340
|
|
|
340
|
|
||
Flexan, LLC
|
|
Chemicals, Plastics and Rubber
|
|
Senior loan
|
|
02/2020
|
|
6.3
|
|
|
|
2,718
|
|
|
2,718
|
|
||
Harvey Tool Company, LLC
|
|
Diversified/Conglomerate Manufacturing
|
|
Senior loan
|
|
03/2020
|
|
6.0
|
|
|
|
2,005
|
|
|
2,005
|
|
||
Jensen Hughes, Inc.
|
|
Diversified/Conglomerate Service
|
|
Senior loan
|
|
12/2021
|
|
6.2
|
|
|
|
56
|
|
|
56
|
|
||
Jensen Hughes, Inc.
|
|
Diversified/Conglomerate Service
|
|
Senior loan
|
|
12/2021
|
|
6.0
|
|
|
|
89
|
|
|
89
|
|
||
Jensen Hughes, Inc.
|
|
Diversified/Conglomerate Service
|
|
Senior loan
|
|
12/2021
|
|
6.3
|
|
|
|
2,014
|
|
|
2,014
|
|
||
Loar Group Inc.
|
|
Aerospace and Defense
|
|
Senior loan
|
|
01/2022
|
|
5.8
|
|
|
|
2,000
|
|
|
2,000
|
|
||
Mediaocean LLC
|
|
Diversified/Conglomerate Service
|
|
Senior loan
|
|
08/2022
|
|
5.8
|
|
|
|
2,025
|
|
|
2,025
|
|
||
Pasternack Enterprises, Inc. and Fairview Microwave, Inc
(3)
|
|
Diversified/Conglomerate Manufacturing
|
|
Senior loan
|
|
05/2022
|
|
6.0
|
|
|
|
1,530
|
|
|
1,515
|
|
||
Pentec Acquisition Sub, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
05/2018
|
|
6.3
|
|
|
|
438
|
|
|
438
|
|
||
PetVet Care Centers LLC
|
|
Personal, Food and Miscellaneous Services
|
|
Senior loan
|
|
12/2020
|
|
5.8
|
|
|
|
605
|
|
|
605
|
|
||
PetVet Care Centers LLC
|
|
Personal, Food and Miscellaneous Services
|
|
Senior loan
|
|
12/2020
|
|
5.8
|
|
|
|
2,911
|
|
|
2,911
|
|
||
PowerPlan Holdings, Inc.
(3)
|
|
Utilities
|
|
Senior loan
|
|
02/2022
|
|
5.8
|
|
|
|
7,521
|
|
|
7,521
|
|
||
PPT Management, LLC
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
04/2020
|
|
6.0
|
|
|
|
10
|
|
|
10
|
|
||
PPT Management, LLC
(3)
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
04/2020
|
|
6.0
|
|
|
|
6,293
|
|
|
6,293
|
|
||
Premise Health Holding Corp.
(3)
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
06/2020
|
|
5.5
|
|
|
|
5,985
|
|
|
5,985
|
|
||
Pyramid Healthcare, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
08/2019
|
|
7.8
|
|
|
|
90
|
|
|
90
|
|
||
Pyramid Healthcare, Inc.
(3)
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
08/2019
|
|
6.8
|
|
|
|
2,012
|
|
|
2,012
|
|
||
Radiology Partners, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
09/2020
|
|
6.5
|
|
|
|
465
|
|
|
460
|
|
||
Radiology Partners, Inc.
(3)
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
09/2020
|
|
6.5
|
|
|
|
728
|
|
|
722
|
|
||
Radiology Partners, Inc.
(3)
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
09/2020
|
|
6.5
|
|
|
|
6,438
|
|
|
6,373
|
|
||
Radiology Partners, Inc.
(4)
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
09/2020
|
|
N/A
|
|
(5)
|
|
—
|
|
|
(5
|
)
|
||
Radiology Partners, Inc.
(4)
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
09/2020
|
|
N/A
|
|
(5)
|
|
—
|
|
|
(3
|
)
|
||
RSC Acquisition, Inc.
|
|
Insurance
|
|
Senior loan
|
|
11/2020
|
|
6.8
|
|
|
|
33
|
|
|
33
|
|
||
RSC Acquisition, Inc.
(3)
|
|
Insurance
|
|
Senior loan
|
|
11/2022
|
|
6.3
|
|
|
|
148
|
|
|
148
|
|
||
RSC Acquisition, Inc.
(3)
|
|
Insurance
|
|
Senior loan
|
|
11/2022
|
|
6.3
|
|
|
|
3,209
|
|
|
3,209
|
|
||
Rubio's Restaurants, Inc
|
|
Beverage, Food and Tobacco
|
|
Senior loan
|
|
11/2018
|
|
6.0
|
|
|
|
1,693
|
|
|
1,693
|
|
||
Rug Doctor LLC
|
|
Personal and Non Durable Consumer Products
|
|
Senior loan
|
|
06/2018
|
|
6.3
|
|
|
|
2,016
|
|
|
2,016
|
|
||
Saldon Holdings, Inc.
|
|
Diversified/Conglomerate Service
|
|
Senior loan
|
|
09/2021
|
|
5.5
|
|
|
|
2,186
|
|
|
2,186
|
|
||
Sarnova HC, LLC
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
01/2022
|
|
5.8
|
|
|
|
3,334
|
|
|
3,334
|
|
|
|
|
GCIC SLF Investment Portfolio as of September 30, 2016 – (continued)
|
||||||||||||||||||
Portfolio Company
|
|
Business Description
|
|
Security Type
|
|
Maturity
Date
|
|
Current
Interest
Rate
(1)
|
|
Principal ($)
|
|
Fair
Value
(2)
|
||||||
SEI, Inc.
|
|
Electronics
|
|
Senior loan
|
|
07/2021
|
|
5.8
|
|
%
|
|
$
|
5,270
|
|
|
$
|
5,270
|
|
Self Esteem Brands, LLC
|
|
Leisure, Amusement, Motion Pictures and Entertainment
|
|
Senior loan
|
|
02/2020
|
|
5.0
|
|
|
|
5,106
|
|
|
5,106
|
|
||
Severin Acquisition, LLC
(3)
|
|
Diversified/Conglomerate Service
|
|
Senior loan
|
|
07/2021
|
|
5.9
|
|
|
|
7,928
|
|
|
7,890
|
|
||
Smashburger Finance LLC
|
|
Beverage, Food and Tobacco
|
|
Senior loan
|
|
05/2018
|
|
6.8
|
|
|
|
455
|
|
|
445
|
|
||
Smashburger Finance LLC
|
|
Beverage, Food and Tobacco
|
|
Senior loan
|
|
05/2018
|
|
6.8
|
|
|
|
456
|
|
|
447
|
|
||
Smashburger Finance LLC
|
|
Beverage, Food and Tobacco
|
|
Senior loan
|
|
05/2018
|
|
6.8
|
|
|
|
457
|
|
|
448
|
|
||
Smashburger Finance LLC
|
|
Beverage, Food and Tobacco
|
|
Senior loan
|
|
05/2018
|
|
6.8
|
|
|
|
458
|
|
|
449
|
|
||
Smashburger Finance LLC
|
|
Beverage, Food and Tobacco
|
|
Senior loan
|
|
05/2018
|
|
6.8
|
|
|
|
5,800
|
|
|
5,685
|
|
||
Smashburger Finance LLC
(4)
|
|
Beverage, Food and Tobacco
|
|
Senior loan
|
|
05/2018
|
|
N/A
|
|
(5)
|
|
—
|
|
|
(14
|
)
|
||
Tate's Bake Shop, Inc.
(3)
|
|
Beverage, Food and Tobacco
|
|
Senior loan
|
|
08/2019
|
|
6.0
|
|
|
|
712
|
|
|
712
|
|
||
Teasdale Quality Foods, Inc.
|
|
Grocery
|
|
Senior loan
|
|
10/2020
|
|
5.3
|
|
|
|
1,104
|
|
|
1,100
|
|
||
Transaction Data Systems, Inc.
|
|
Diversified/Conglomerate Service
|
|
Senior loan
|
|
06/2020
|
|
5.5
|
|
|
|
9
|
|
|
8
|
|
||
Transaction Data Systems, Inc.
|
|
Diversified/Conglomerate Service
|
|
Senior loan
|
|
06/2021
|
|
6.3
|
|
|
|
2,763
|
|
|
2,763
|
|
||
Worldwide Express Operations, LLC
|
|
Cargo Transport
|
|
Senior loan
|
|
07/2019
|
|
6.0
|
|
|
|
100
|
|
|
100
|
|
||
Worldwide Express Operations, LLC
(3)
|
|
Cargo Transport
|
|
Senior loan
|
|
07/2019
|
|
6.0
|
|
|
|
5,963
|
|
|
5,963
|
|
||
Young Innovations, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
01/2018
|
|
6.8
|
|
|
|
10
|
|
|
10
|
|
||
Young Innovations, Inc.
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
01/2019
|
|
5.3
|
|
|
|
354
|
|
|
356
|
|
||
Zest Holdings, LLC
|
|
Healthcare, Education and Childcare
|
|
Senior loan
|
|
08/2020
|
|
5.8
|
|
|
|
4,732
|
|
|
4,732
|
|
||
|
|
|
|
|
|
|
|
|
|
|
$
|
146,481
|
|
|
$
|
146,123
|
|
|
(1)
|
Represents the weighted average annual current interest rate as of
September 30, 2016
. All interest rates are payable in cash.
|
(2)
|
Represents the fair value in accordance with ASC Topic 820. The determination of such fair value is not included in the Board's valuation process described elsewhere herein.
|
(3)
|
The Company also holds a portion of the first lien senior secured loan in this portfolio company.
|
(4)
|
The negative fair value is the result of the unfunded commitment being valued below par.
|
(5)
|
The entire commitment was unfunded at
September 30, 2016
. As such, no interest is being earned on this investment.
|
|
|
|
|
As of September 30,
|
||||||
|
2017
|
|
2016
|
||||
Selected Balance Sheet Information:
|
|
|
|
|
|
||
Investments, at fair value
|
$
|
161,522
|
|
|
$
|
146,123
|
|
Cash and other assets
|
3,029
|
|
|
3,344
|
|
||
Total assets
|
$
|
164,551
|
|
|
$
|
149,467
|
|
Senior credit facility
|
$
|
108,150
|
|
|
$
|
95,500
|
|
Unamortized debt issuance costs
|
(1,199
|
)
|
|
(1,122
|
)
|
||
Other liabilities
|
338
|
|
|
282
|
|
||
Total liabilities
|
107,289
|
|
|
94,660
|
|
||
Subordinated notes and members’ equity
|
57,262
|
|
|
54,807
|
|
||
Total liabilities and members' equity
|
$
|
164,551
|
|
|
$
|
149,467
|
|
|
Years ended September 30,
|
||||||
|
2017
|
|
2016
|
||||
Selected Statement of Operations Information:
|
|
|
|
|
|
||
Interest income
|
$
|
9,905
|
|
|
$
|
6,764
|
|
Fee income
|
—
|
|
|
50
|
|
||
Total investment income
|
9,905
|
|
|
6,814
|
|
||
Interest expense
|
4,580
|
|
|
5,555
|
|
||
Administrative service fee
|
218
|
|
|
162
|
|
||
Other expenses
|
97
|
|
|
84
|
|
||
Total expenses
|
4,895
|
|
|
5,801
|
|
||
Net investment income (loss)
|
5,010
|
|
|
1,013
|
|
||
Net realized gain (loss) on investments
|
—
|
|
|
—
|
|
||
Net change in unrealized appreciation (depreciation) on investments and subordinated notes
|
(1,042
|
)
|
|
260
|
|
||
Net increase (decrease) in members' equity
|
$
|
3,968
|
|
|
$
|
1,273
|
|
|
|
|
|
|
|
|
|
|
As of September 30, 2017:
|
|
Fair Value Measurements Using
|
||||||||||||||
Description
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Debt investments
(1)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,326,950
|
|
|
$
|
1,326,950
|
|
Equity investments
(1)
|
|
—
|
|
|
—
|
|
|
20,647
|
|
|
20,647
|
|
||||
Money market funds
(1)(2)
|
|
3,644
|
|
|
—
|
|
|
—
|
|
|
3,644
|
|
||||
Investment measured at NAV
(3)(4)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
50,104
|
|
||||
Total assets:
|
|
$
|
3,644
|
|
|
$
|
—
|
|
|
$
|
1,347,597
|
|
|
$
|
1,401,345
|
|
As of September 30, 2016:
|
|
Fair Value Measurements Using
|
||||||||||||||
Description
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Debt investments
(1)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,042,600
|
|
|
$
|
1,042,600
|
|
Equity investments
(1)
|
|
—
|
|
|
—
|
|
|
14,071
|
|
|
14,071
|
|
||||
Investment measured at NAV
(3)(4)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13,039
|
|
||||
Total assets:
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,056,671
|
|
|
$
|
1,069,710
|
|
|
(1)
|
Refer to the Consolidated Schedules of Investments for further details.
|
(2)
|
Included in cash and cash equivalents and restricted cash and cash equivalents on the Consolidated Statements of Financial Condition.
|
(3)
|
Certain investments that are measured at fair value using the NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Financial Condition.
|
(4)
|
Represents the Company's investment in LLC equity interest in GCIC SLF. The fair value of this investment has been determined using the NAV of the Company’s ownership interest in members’ capital.
|
|
|
|
|
For the year ended September 30, 2017
|
||||||||||
|
Debt
Investments
|
|
Equity
Investments
|
|
Total
Investments
|
||||||
Fair value, beginning of period
|
$
|
1,042,600
|
|
|
$
|
14,071
|
|
|
$
|
1,056,671
|
|
Net change in unrealized appreciation (depreciation)
on investments
|
1,646
|
|
|
1,989
|
|
|
3,635
|
|
|||
Realized gain (loss) on investments
|
812
|
|
|
607
|
|
|
1,419
|
|
|||
Funding of (proceeds from) revolving loans, net
|
57
|
|
|
—
|
|
|
57
|
|
|||
Fundings of investments
|
575,755
|
|
|
5,665
|
|
|
581,420
|
|
|||
PIK interest
|
1,468
|
|
|
—
|
|
|
1,468
|
|
|||
Proceeds from principal payments and sales of portfolio
investments
|
(266,366
|
)
|
|
(1,685
|
)
|
|
(268,051
|
)
|
|||
Non-cash proceeds from principal payments on subordinated note investments in GCIC SLF
|
(34,917
|
)
|
|
—
|
|
|
(34,917
|
)
|
|||
Accretion of discounts and amortization of premiums
|
5,895
|
|
|
—
|
|
|
5,895
|
|
|||
Fair value, end of period
|
$
|
1,326,950
|
|
|
$
|
20,647
|
|
|
$
|
1,347,597
|
|
|
For the year ended September 30, 2016
|
||||||||||
|
Debt
Investments
|
|
Equity
Investments
|
|
Total
Investments
|
||||||
Fair value, beginning of period
|
$
|
546,757
|
|
|
$
|
5,121
|
|
|
$
|
551,878
|
|
Net change in unrealized appreciation (depreciation)
on investments
|
4,264
|
|
|
810
|
|
|
5,074
|
|
|||
Realized gain (loss) on investments
|
856
|
|
|
—
|
|
|
856
|
|
|||
Funding of (proceeds from) revolving loans, net
|
2,803
|
|
|
—
|
|
|
2,803
|
|
|||
Fundings of investments
|
782,453
|
|
|
8,662
|
|
|
791,115
|
|
|||
PIK interest
|
492
|
|
|
—
|
|
|
492
|
|
|||
Proceeds from principal payments and sales of portfolio
investments
|
(298,328
|
)
|
|
(522
|
)
|
|
(298,850
|
)
|
|||
Accretion of discounts and amortization of premiums
|
3,303
|
|
|
—
|
|
|
3,303
|
|
|||
Fair value, end of period
|
$
|
1,042,600
|
|
|
$
|
14,071
|
|
|
$
|
1,056,671
|
|
|
|
|
Quantitative information about Level 3 Fair Value Measurements
|
|||||||||
|
Fair value as of September 30, 2017
|
|
Valuation Techniques
|
|
Unobservable Input
|
|
Range (Weighted Average)
|
||
Assets:
|
|
|
|
|
|
|
|
|
|
Senior secured loans
(1)
|
$
|
157,645
|
|
|
Market rate approach
|
|
Market interest rate
|
|
5.3% - 12.8% (7.0%)
|
|
|
|
|
Market comparable companies
|
|
EBITDA multiples
|
|
5.0x - 17.5x (11.9x)
|
|
|
7,975
|
|
|
Market comparable
|
|
Broker/dealer bids or quotes
|
|
N/A
|
|
One stop loans
(1)(2)
|
$
|
1,160,964
|
|
|
Market rate approach
|
|
Market interest rate
|
|
2.3% - 39.5% (8.0%)
|
|
|
|
Market comparable companies
|
|
EBITDA multiples
(3)
|
|
4.0x - 35.0x (13.3x)
|
||
|
|
|
|
|
Revenue multiples
(3)
|
|
2.0x - 7.5x (5.1x)
|
||
Subordinated debt
(1)
|
$
|
55
|
|
|
Market rate approach
|
|
Market interest rate
|
|
19.5%
|
|
|
|
|
Market comparable companies
|
|
EBITDA multiples
|
|
11.0x
|
|
Equity
(4)
|
$
|
20,647
|
|
|
Market comparable companies
|
|
EBITDA multiples
(5)
|
|
4.0x - 28.7x (13.6x)
|
|
|
|
|
|
Revenue multiples
(5)
|
|
3.5x - 5.8x (4.2x)
|
|
(1)
|
The fair value of this asset class was determined using the market rate approach as the investments in this asset class were determined not to be credit impaired using the market comparable companies approach. The unobservable inputs for both valuation techniques have been presented, but the fair value as of
September 30, 2017
was determined using the market rate approach.
|
(2)
|
Excludes
$311
of non-accrual loans at fair value, which the Company valued on a liquidation basis.
|
(3)
|
The Company valued
$1,093,222
and
$67,742
of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach.
|
(4)
|
Excludes
$50,104
of LLC equity interests in GCIC SLF at fair value, which the Company valued using the NAV.
|
(5)
|
The Company valued
$18,505
and
$2,142
of equity investments using EBITDA and revenue multiples, respectively.
|
|
|
|
Quantitative information about Level 3 Fair Value Measurements
|
|||||||||
|
Fair value as of September 30, 2016
|
|
Valuation Techniques
|
|
Unobservable Input
|
|
Range
(Weighted Average)
|
||
Assets:
|
|
|
|
|
|
|
|
|
|
Senior secured loans
(1)
|
$
|
105,395
|
|
|
Market rate approach
|
|
Market interest rate
|
|
4.5% - 9.3% (6.4%)
|
|
|
|
|
Market comparable companies
|
|
EBITDA multiples
|
|
6.0x - 17.5x (11.8x)
|
|
|
7,599
|
|
|
Market comparable
|
|
Broker/dealer bids or quotes
|
|
N/A
|
|
Subordinated Notes of GCIC SLF
|
$
|
34,917
|
|
|
Discounted cash flow analysis
|
|
Discount rate
|
|
8.2%
|
One stop loans
(1)(2)
|
$
|
894,633
|
|
|
Market rate approach
|
|
Market interest rate
|
|
5.5% - 23.5% (7.8%)
|
|
|
|
Market comparable companies
|
|
EBITDA multiples
(3)
|
|
4.0x - 35.4x (12.8x)
|
||
|
|
|
|
|
Revenue multiples
(3)
|
|
2.0x - 7.5x (5.0x)
|
||
Subordinated debt
(1)
|
$
|
40
|
|
|
Market rate approach
|
|
Market interest rate
|
|
19.5%
|
|
|
|
|
Market comparable companies
|
|
EBITDA multiples
|
|
9.3x
|
|
Equity
(4)
|
$
|
14,071
|
|
|
Market comparable companies
|
|
EBITDA multiples
(5)
|
|
7.5x - 19.4x (12.9x)
|
|
|
|
|
|
Revenue multiples
(5)
|
|
2.0x - 5.5x (3.9x)
|
|
(1)
|
The fair value of this asset class was determined using the market rate approach as the investments in this asset class were determined not to be credit impaired using the market comparable companies approach. The unobservable inputs for both valuation techniques have been presented, but the fair value as of September 30, 2016 was determined using the market rate approach.
|
(2)
|
Excludes $16 of non-accrual loans at fair value, which the Company valued on a liquidation basis.
|
(3)
|
The Company valued $837,035 and $57,598 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach.
|
(4)
|
Excludes $13,039 of LLC equity interests in GCIC SLF at fair value, which the Company valued using the NAV.
|
(5)
|
The Company valued $12,546 and $1,525 of equity investments using EBITDA and revenue multiples, respectively.
|
|
|
|
|
As of September 30, 2017
|
|
As of September 30, 2016
|
||||||||||||
|
Carrying Value
|
|
Fair Value
|
|
Carrying Value
|
|
Fair Value
|
||||||||
Debt
|
$
|
670,200
|
|
|
$
|
670,200
|
|
|
$
|
520,600
|
|
|
$
|
520,371
|
|
|
For the years ended September 30,
|
||||||||
|
2017
|
|
2016
|
|
2015
|
||||
Stated interest expense
|
$
|
8,465
|
|
|
$
|
977
|
|
|
N/A
|
Amortization of debt issuance costs
|
762
|
|
|
95
|
|
|
N/A
|
||
Total interest and other debt financing expenses
|
$
|
9,227
|
|
|
$
|
1,072
|
|
|
N/A
|
Cash paid for interest expense
|
$
|
8,089
|
|
|
$
|
—
|
|
|
N/A
|
Average stated interest rate
|
3.4
|
%
|
|
3.1
|
%
|
|
N/A
|
||
Average outstanding balance
|
$
|
252,500
|
|
|
$
|
31,735
|
|
|
N/A
|
|
|
|
Description
|
|
Class A GCIC 2016 Notes
|
|
Class B GCIC 2016 Notes
|
Type
|
|
Senior Secured Floating Rate
|
|
Senior Secured Floating Rate
|
Amount Outstanding
|
|
$220,000
|
|
$32,500
|
Moody’s Rating
|
|
“Aaa”
|
|
“Aa1”
|
S&P Rating
|
|
“AAA”
|
|
N/A
|
Interest Rate
|
|
LIBOR + 2.15%
|
|
LIBOR + 3.00%
|
|
|
|
|
For the years ended September 30,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Stated interest expense
|
$
|
8,343
|
|
|
$
|
7,541
|
|
|
$
|
2,914
|
|
Facility fees
|
839
|
|
|
521
|
|
|
249
|
|
|||
Amortization of debt issuance costs
|
2,088
|
|
|
2,103
|
|
|
520
|
|
|||
Total interest and other debt financing expenses
|
$
|
11,270
|
|
|
$
|
10,165
|
|
|
$
|
3,683
|
|
Cash paid for interest expense and facility fees
|
$
|
8,825
|
|
|
$
|
8,064
|
|
|
$
|
2,994
|
|
Average stated interest rate
(1)
|
3.3
|
%
|
|
2.7
|
%
|
|
2.5
|
%
|
|||
Average outstanding balance
(2)
|
$
|
254,588
|
|
|
$
|
278,502
|
|
|
$
|
157,602
|
|
|
(1)
|
For the year ended September 30, 2015, the average is annualized for the period from December 31, 2014, the date of the commencement of operations, through September 30, 2015.
|
(2)
|
The average outstanding balance for the year ended September 30, 2015 is calculated from December 31, 2014, the date of the commencement of operations, through September 30, 2015.
|
|
For the years ended September 30,
|
||||||||
|
2017
|
|
2016
|
|
2015
|
||||
Stated interest expense
|
N/A
|
|
$
|
8
|
|
|
$
|
2
|
|
Cash paid for interest expense
|
N/A
|
|
$
|
8
|
|
|
$
|
2
|
|
Average stated interest rate
(1)
|
N/A
|
|
0.6
|
%
|
|
0.5
|
%
|
||
Average outstanding balance
(2)
|
N/A
|
|
$
|
1,381
|
|
|
$
|
583
|
|
|
(1)
|
For the year ended September 30, 2015, the average is annualized for the period from December 31, 2014, the date of the commencement of operations, through September 30, 2015.
|
(2)
|
The average outstanding balance for the year ended September 30, 2015 is calculated from December 31, 2014, the commencement of operations, through September 30, 2015.
|
|
|
|
|
For the years ended September 30,
|
||||||||
|
2017
|
|
2016
|
|
2015
|
||||
Stated interest expense
|
$
|
1,724
|
|
|
$
|
594
|
|
|
N/A
|
Facility fees
|
18
|
|
|
1
|
|
|
N/A
|
||
Amortization of debt issuance costs
|
296
|
|
|
92
|
|
|
N/A
|
||
Total interest and other debt financing expenses
|
$
|
2,038
|
|
|
$
|
687
|
|
|
N/A
|
Cash paid for interest expense
|
$
|
1,747
|
|
|
$
|
555
|
|
|
N/A
|
Average stated interest rate
|
2.5
|
%
|
|
2.1
|
%
|
|
N/A
|
||
Average outstanding balance
|
$
|
67,839
|
|
|
$
|
27,869
|
|
|
N/A
|
|
|
|
|
Payments Due by Period
|
||||||||||||||||||
|
Total
|
|
Less Than
1 Year
|
|
1 – 3 Years
|
|
3 – 5 Years
|
|
More Than
5 Years
|
||||||||||
GCIC 2016 Debt Securitization
|
$
|
252,500
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
252,500
|
|
Credit Facility
|
342,700
|
|
|
—
|
|
|
342,700
|
|
|
—
|
|
|
—
|
|
|||||
SMBC Revolver
|
75,000
|
|
|
75,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Revolver
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total borrowings
|
$
|
670,200
|
|
|
$
|
75,000
|
|
|
$
|
342,700
|
|
|
$
|
—
|
|
|
$
|
252,500
|
|
|
Years ended September 30,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Increase/(decrease) in Paid in Capital in Excess of Par
|
$
|
(13
|
)
|
|
$
|
(248
|
)
|
|
$
|
—
|
|
Increase/(decrease) in Capital Distributions in Excess of and
Undistributed Net Investment Income
|
217
|
|
|
2,074
|
|
|
—
|
|
|||
Increase/(decrease) in Net Realized Gain (Loss) on Investments
|
(204
|
)
|
|
(1,826
|
)
|
|
—
|
|
|
|
|
|
Years ended September 30,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Net increase in net assets resulting from operations
|
$
|
54,881
|
|
|
$
|
37,067
|
|
|
$
|
13,027
|
|
Net change in unrealized (appreciation) depreciation on investments
|
(3,158
|
)
|
|
(5,855
|
)
|
|
(2,479
|
)
|
|||
Net change in unrealized (appreciation) depreciation on secured borrowings
|
—
|
|
|
—
|
|
|
—
|
|
|||
Other income not currently taxable
|
(4,481
|
)
|
|
(971
|
)
|
|
(14
|
)
|
|||
Expenses not currently deductible
|
1,372
|
|
|
845
|
|
|
—
|
|
|||
Other income for tax but not book
|
4,350
|
|
|
904
|
|
|
7
|
|
|||
Other deductions/losses for tax not book
|
—
|
|
|
—
|
|
|
—
|
|
|||
Other realized gain/loss differences
|
831
|
|
|
949
|
|
|
539
|
|
|||
Capital loss carryforward
|
—
|
|
|
—
|
|
|
—
|
|
|||
Taxable income before deductions for distributions
|
$
|
53,795
|
|
|
$
|
32,939
|
|
|
$
|
11,080
|
|
|
Years ended September 30,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Ordinary Income
|
$
|
56,359
|
|
|
$
|
32,070
|
|
|
$
|
8,155
|
|
Long-Term Capital Gains
|
152
|
|
|
—
|
|
|
—
|
|
|
As of September 30,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Undistributed ordinary income – tax basis
|
$
|
—
|
|
|
$
|
3,470
|
|
|
$
|
2,925
|
|
Undistributed realized gains – tax basis
|
883
|
|
|
440
|
|
|
—
|
|
|||
Net unrealized appreciation (depreciation) on investments
|
9,866
|
|
|
7,084
|
|
|
2,027
|
|
|||
Other temporary differences
|
(10,488
|
)
|
|
(10,746
|
)
|
|
(4,952
|
)
|
|||
Total accumulated earnings (deficit) – book basis
|
$
|
261
|
|
|
$
|
248
|
|
|
$
|
—
|
|
|
|
|
Per share data
(1)(2)
:
|
Year ended September 30, 2017
|
|
Year ended September 30, 2016
|
|
Year ended September 30, 2015
|
|
Period from September 22, 2014 (inception) to September 30, 2014
|
||||||||
Net asset value at beginning of period
|
$
|
15.00
|
|
|
$
|
15.00
|
|
|
$
|
15.00
|
|
|
$
|
15.00
|
|
Net investment income
|
1.13
|
|
|
1.06
|
|
|
0.76
|
|
|
—
|
|
||||
Net realized gain (loss) on investments
|
0.03
|
|
|
0.03
|
|
|
—
|
|
|
—
|
|
||||
Net change in unrealized appreciation (depreciation) on investments
|
0.08
|
|
|
0.20
|
|
|
0.18
|
|
|
—
|
|
||||
Distributions declared
(3)
:
|
|
|
|
|
|
|
|
||||||||
From net investment income
|
(1.24
|
)
|
|
(1.26
|
)
|
|
(0.89
|
)
|
|
—
|
|
||||
From capital gains
|
(0.00
|
)*
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Other
(4)
|
—
|
|
|
(0.03
|
)
|
|
(0.05
|
)
|
|
—
|
|
||||
Net asset value at end of period
|
$
|
15.00
|
|
|
$
|
15.00
|
|
|
$
|
15.00
|
|
|
$
|
15.00
|
|
Per share net asset value at end of period
|
$
|
15.00
|
|
|
$
|
15.00
|
|
|
$
|
15.00
|
|
|
$
|
15.00
|
|
Total return based on net asset value per share
(5)
|
8.52
|
%
|
|
8.65
|
%
|
|
5.93
|
%
|
|
N/A
|
|
||||
Number of common shares outstanding at period end
|
51,214,683.496
|
|
|
41,087,178.250
|
|
|
20,843,155.219
|
|
|
666.670
|
|
Listed below are supplemental data and ratios to the financial highlights:
|
|
|
|
|
|
|
|
||||||||
Ratio of net investment income to average net assets
#
|
7.56
|
%
|
|
7.09
|
%
|
|
6.81
|
%
|
|
N/A
|
|
||||
Ratio of total expenses to average net assets
(6)#
|
8.09
|
%
|
|
7.00
|
%
|
|
6.24
|
%
|
|
N/A
|
|
||||
Ratio of management fee waiver to average net assets
#
|
(0.68
|
)%
|
|
(0.65
|
)%
|
|
(0.68
|
)%
|
|
N/A
|
|
||||
Ratio of incentive fee waiver to average net assets
|
(0.17
|
)%
|
|
(0.04
|
)%
|
|
N/A
|
|
|
N/A
|
|
||||
Ratio of net expenses to average net assets
(6)#
|
7.24
|
%
|
|
6.31
|
%
|
|
5.56
|
%
|
|
N/A
|
|
||||
Ratio of incentive fees to average net assets
|
1.66
|
%
|
|
1.34
|
%
|
|
0.60
|
%
|
|
N/A
|
|
||||
Ratio of total expenses (without incentive fees, incentive fee waiver and management fee waiver) to average net assets
#
|
6.43
|
%
|
|
5.66
|
%
|
|
5.64
|
%
|
|
N/A
|
|
||||
Net assets at end of period
|
$
|
768,220
|
|
|
$
|
616,307
|
|
|
$
|
312,647
|
|
|
$
|
10
|
|
Average debt outstanding
|
$
|
574,927
|
|
|
$
|
339,487
|
|
|
$
|
160,079
|
|
|
N/A
|
|
|
Average debt outstanding per share
|
$
|
11.23
|
|
|
$
|
8.26
|
|
|
$
|
7.68
|
|
|
N/A
|
|
|
Asset coverage ratio
(7)
|
214.26
|
%
|
|
218.06
|
%
|
|
225.01
|
%
|
|
N/A
|
|
||||
Portfolio turnover
#
|
22.92
|
%
|
|
39.84
|
%
|
|
18.52
|
%
|
|
N/A
|
|
||||
Asset coverage ratio per unit
(8)
|
$
|
2,143
|
|
|
$
|
2,181
|
|
|
$
|
2,250
|
|
|
N/A
|
|
|
Average market value per unit
(9)
:
|
|
|
|
|
|
|
|
||||||||
2016 Debt Securitization
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
||||
Credit Facility
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
||||
SMBC Revolver
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
||||
Revolver
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
||||
GEMS Note
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
(1)
|
Based on actual number of shares outstanding at the end of the corresponding period or the weighted average shares outstanding for the period, unless otherwise noted, as appropriate.
|
(2)
|
The weighted average shares outstanding for the year ended September 30, 2015 is calculated from December 31, 2014, the commencement of operations, through September 30, 2015.
|
|
|
|
(3)
|
The per share data for distributions reflect the amount of distributions paid or payable with a record date during the applicable period.
|
(4)
|
Includes the impact of different share amounts as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on the shares outstanding as of the period end.
|
(5)
|
Total return based on net asset value assumes distributions are reinvested.
|
(6)
|
For the year ended September 30, 2015, expenses, other than incentive fees, are annualized for the period from December 31, 2014, the date of the commencement of operations, through September 30, 2015.
|
(7)
|
In accordance with the 1940 Act, with certain limited exceptions, the Company is only allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 200% after such borrowing.
|
(8)
|
Asset coverage ratio per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage ratio per unit is expressed in terms of dollars amounts per $1,000 of indebtedness.
|
(9)
|
Not applicable because such senior securities are not registered for public trading.
|
|
|
|
|
Years ended September 30,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Earnings available to stockholders
|
$
|
54,881
|
|
|
$
|
37,067
|
|
|
$
|
13,027
|
|
Basic and diluted weighted average shares outstanding
|
44,447,925
|
|
|
28,598,358
|
|
|
13,767,847
|
|
|||
Basic and diluted earnings per share
(1)
|
$
|
1.24
|
|
|
$
|
1.29
|
|
|
$
|
0.94
|
|
|
(1)
|
For the year ended September 30, 2015, the basic and diluted weighted average common shares outstanding are calculated for the period from December 31, 2014, the date of the commencement of operations, through September 30, 2015.
|
|
|
|
Date Declared
|
|
Record Date
|
|
Payment Date
|
|
Shares Outstanding
|
|
Amount Per Share
|
|
Cash Distribution
|
|
DRIP Shares Value
|
|
DRIP Shares Issued
|
||||||||
05/03/2016
|
|
07/22/2016
|
|
09/26/2016
|
|
34,122,546.688
|
|
|
$
|
0.0942
|
|
|
$
|
1,541
|
|
|
$
|
1,672
|
|
|
111,454.068
|
|
08/03/2016
|
|
08/29/2016
|
|
11/21/2016
|
|
39,469,915.648
|
|
|
$
|
0.1369
|
|
|
$
|
2,496
|
|
|
$
|
2,906
|
|
|
N/A
(2)
|
|
08/03/2016
|
|
09/23/2016
|
|
11/21/2016
|
|
40,975,724.182
|
|
|
$
|
0.1090
|
|
|
$
|
2,044
|
|
|
$
|
2,423
|
|
|
N/A
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Year ended September 30, 2015
|
|
|
|
|
|
|
|
|
||||||||||||||
02/03/2015
|
|
02/04/2015
|
|
04/28/2015
|
|
8,404,848.973
|
|
|
$
|
0.0747
|
|
|
$
|
218
|
|
|
$
|
410
|
|
|
27,304.503
|
|
02/03/2015
|
|
02/27/2015
|
|
04/28/2015
|
|
9,234,461.744
|
|
|
$
|
0.0817
|
|
|
$
|
267
|
|
|
$
|
488
|
|
|
32,553.581
|
|
02/03/2015
|
|
03/31/2015
|
|
04/28/2015
|
|
10,508,461.744
|
|
|
$
|
0.0936
|
|
|
$
|
352
|
|
|
$
|
632
|
|
|
42,174.913
|
|
02/03/2015
|
|
04/30/2015
|
|
07/28/2015
|
|
12,758,875.599
|
|
|
$
|
0.1121
|
|
|
$
|
564
|
|
|
$
|
866
|
|
|
57,744.875
|
|
05/11/2015
|
|
05/27/2015
|
|
07/28/2015
|
|
13,870,595.594
|
|
|
$
|
0.0979
|
|
|
$
|
539
|
|
|
$
|
818
|
|
|
54,520.152
|
|
05/11/2015
|
|
06/26/2015
|
|
07/28/2015
|
|
15,205,543.534
|
|
|
$
|
0.0949
|
|
|
$
|
581
|
|
|
$
|
862
|
|
|
57,463.330
|
|
05/11/2015
|
|
07/24/2016
|
|
09/18/2015
|
|
17,690,469.195
|
|
|
$
|
0.0881
|
|
|
$
|
639
|
|
|
$
|
919
|
|
|
61,242.723
|
|
08/04/2015
|
|
08/26/2015
|
|
11/20/2015
|
|
19,013,506.086
|
|
|
$
|
0.1739
|
|
|
$
|
1,446
|
|
|
$
|
1,861
|
|
|
N/A
(3)
|
|
08/04/2015
|
|
09/24/2015
|
|
11/20/2015
|
|
20,843,155.219
|
|
|
$
|
0.0751
|
|
|
$
|
683
|
|
|
$
|
882
|
|
|
N/A
(3)
|
|
|
(1)
|
The DRIP shares were not issued as of
September 30, 2017
|
(2)
|
The DRIP shares were not issued as of
September 30, 2016
. On November 21, 2016, the Company issued 355,195.794 of shares through the DRIP.
|
(3)
|
The DRIP shares were not issued as of September 30, 2015. On November 20, 2015, the Company issued 182,861.440 of shares through the DRIP.
|
|
|
|
Record Date
|
|
Payment Date
|
|
Amount Per Share
|
October 23, 2017
|
|
December 28, 2017
|
|
Net increase in net assets resulting from operations earned by the us (if positive) as determined in accordance with GAAP for the period October 1, 2017 through October 31, 2017 per share
|
November 24, 2017
|
|
December 28, 2017
|
|
Net increase in net assets resulting from operations earned by the us (if positive) as determined in accordance with GAAP for the period November 1, 2017 through November 30, 2017 per share
|
December 26, 2017
|
|
February 26, 2018
|
|
Net increase in net assets resulting from operations earned by the us (if positive) as determined in accordance with GAAP for the period December 1, 2017 through December 31, 2017 per share
|
January 23, 2018
|
|
February 26, 2018
|
|
Net increase in net assets resulting from operations earned by the us (if positive) as determined in accordance with GAAP for the period January 1, 2018 through January 31, 2018 per share
|
|
|
Date
|
|
Shares Issued
|
|
NAV ($) per share
|
|
Proceeds
|
||||
Issuance of shares
|
|
12/1/2017
|
|
2,223,285.533
|
|
$
|
15.00
|
|
|
$
|
33,349
|
|
|
|
|
|
September 30, 2017
|
|
June 30,
2017
|
|
March 31, 2017
|
|
December 31, 2016
|
||||||||
Total investment income
|
$
|
27,611
|
|
|
$
|
26,698
|
|
|
$
|
22,120
|
|
|
$
|
22,049
|
|
Net investment income
|
14,309
|
|
|
14,247
|
|
|
10,944
|
|
|
10,804
|
|
||||
Net gain (loss) on investments
|
(912
|
)
|
|
(37
|
)
|
|
1,750
|
|
|
3,776
|
|
||||
Net increase in net assets resulting from operations
|
13,397
|
|
|
14,210
|
|
|
12,694
|
|
|
14,580
|
|
||||
Earnings per share
|
0.28
|
|
|
0.31
|
|
|
0.30
|
|
|
0.35
|
|
||||
Net asset value per common share at period end
|
$
|
15.00
|
|
|
$
|
15.00
|
|
|
$
|
15.00
|
|
|
$
|
15.00
|
|
|
September 30, 2016
|
|
June 30,
2016
|
|
March 31, 2016
|
|
December 31, 2015
|
||||||||
Total investment income
|
$
|
19,928
|
|
|
$
|
14,638
|
|
|
$
|
12,302
|
|
|
$
|
10,511
|
|
Net investment income
|
10,635
|
|
|
7,535
|
|
|
6,686
|
|
|
5,500
|
|
||||
Net gain (loss) on investments
|
2,447
|
|
|
2,498
|
|
|
608
|
|
|
1,158
|
|
||||
Net increase in net assets resulting from operations
|
13,082
|
|
|
10,033
|
|
|
7,294
|
|
|
6,658
|
|
||||
Earnings per share
|
0.36
|
|
|
0.35
|
|
|
0.28
|
|
|
0.30
|
|
||||
Net asset value per common share at period end
|
$
|
15.00
|
|
|
$
|
15.00
|
|
|
$
|
15.00
|
|
|
$
|
15.00
|
|
|
September 30, 2015
|
|
June 30,
2015
|
|
March 31, 2015
|
|
December 31, 2014
|
||||||||
Total investment income
|
$
|
8,973
|
|
|
$
|
6,339
|
|
|
$
|
4,089
|
|
|
N/A
|
|
|
Net investment income
|
4,852
|
|
|
3,436
|
|
|
2,218
|
|
|
N/A
|
|
||||
Net gain (loss) on investments
|
1,578
|
|
|
794
|
|
|
149
|
|
|
N/A
|
|
||||
Net increase in net assets resulting from operations
|
6,430
|
|
|
4,230
|
|
|
2,367
|
|
|
N/A
|
|
||||
Earnings per share
|
0.35
|
|
|
0.32
|
|
|
0.27
|
|
|
N/A
|
|
||||
Net asset value per common share at period end
|
$
|
15.00
|
|
|
$
|
15.00
|
|
|
$
|
15.00
|
|
|
$
|
15.00
|
|
|
|
|
|
September 30, 2017
|
|
September 30, 2016
|
||||
Assets
|
|
|
|
|
|
||
Investments, at fair value
|
$
|
161,522
|
|
|
$
|
146,123
|
|
Cash and cash equivalents
|
348
|
|
|
468
|
|
||
Restricted cash and cash equivalents
|
2,554
|
|
|
2,719
|
|
||
Interest receivable
|
127
|
|
|
157
|
|
||
Total Assets
|
$
|
164,551
|
|
|
$
|
149,467
|
|
|
|
|
|
||||
Liabilities
|
|
|
|
|
|
||
Senior credit facility
|
$
|
108,150
|
|
|
$
|
95,500
|
|
Less unamortized debt issuance costs
|
1,199
|
|
|
1,122
|
|
||
Senior credit facility less unamortized debt issuance costs
|
106,951
|
|
|
94,378
|
|
||
Subordinated notes, at fair value
|
—
|
|
|
39,905
|
|
||
Interest payable
|
231
|
|
|
188
|
|
||
Accounts payable and accrued expenses
|
107
|
|
|
94
|
|
||
Total Liabilities
|
107,289
|
|
|
134,565
|
|
||
Members' equity
|
57,262
|
|
|
14,902
|
|
||
Total Liabilities and Members' equity
|
$
|
164,551
|
|
|
$
|
149,467
|
|
|
|
|
|
Years ended September 30,
|
||||||
|
2017
|
|
2016
|
||||
Investment income
|
|
|
|
|
|
||
Interest income
|
$
|
9,905
|
|
|
$
|
6,764
|
|
Fee income
|
—
|
|
|
50
|
|
||
Total investment income
|
9,905
|
|
|
6,814
|
|
||
Expenses
|
|
|
|
|
|
||
Interest and other debt financing expenses
|
4,580
|
|
|
5,555
|
|
||
Administrative service fee
|
218
|
|
|
162
|
|
||
Professional fees
|
93
|
|
|
82
|
|
||
General and administrative expenses
|
4
|
|
|
2
|
|
||
Total expenses
|
4,895
|
|
|
5,801
|
|
||
Net investment income
|
5,010
|
|
|
1,013
|
|
||
Net gain (loss) on investments and subordinated notes
|
|
|
|
|
|
||
Net change in unrealized appreciation (depreciation) on investments
|
(1,042
|
)
|
|
260
|
|
||
Net gain (loss) on investments and subordinated notes
|
(1,042
|
)
|
|
260
|
|
||
Net increase (decrease) in members' equity
|
$
|
3,968
|
|
|
$
|
1,273
|
|
(1)
|
Financial Statements — Refer to Item 8 starting on page 95.
|
(2)
|
Financial Statement Schedules — None
|
(3)
|
Exhibits
|
Number
|
|
Description
|
|
|
|
|
|
|
Articles of Amendment and Restatement (Incorporated by reference to Exhibit 3.1 to Registrant’s Registration Statement on Form 10 (File No. 000-55696), filed on September 15, 2016).
|
|
|
|
Amended and Restated Bylaws (Incorporated by reference to Exhibit 3.2 to Registrant’s Registration Statement on Form 10 (File No. 000-55696), filed on September 15, 2016).
|
|
|
|
Form of Stock Certificate (Incorporated by reference to Exhibit 4.1 to Registrant’s Registration Statement on Form 10 (File No. 000-55696), filed on September 15, 2016).
|
|
|
|
Investment Advisory Agreement between Registrant and GC Advisors LLC (Incorporated by reference to Exhibit 10.1 to Registrant’s Registration Statement on Form 10 (File No. 000-55696), filed on September 15, 2016).
|
|
|
|
Administration Agreement between Registrant and Golub Capital LLC (Incorporated by reference to Exhibit 10.2 to Registrant’s Registration Statement on Form 10 (File No. 000-55696), filed on September 15, 2016).
|
|
|
|
Purchase and Sale Agreement, dated as of December 31, 2014, by and between Registrant and GCIC Funding LLC (Incorporated by reference to Exhibit 10.3 to Registrant’s Registration Statement on Form 10 (File No. 000-55696), filed on September 15, 2016).
|
|
|
|
Amended and Restated Loan and Servicing Agreement, dated as of May 13, 2015, by and among GCIC Funding LLC, as the borrower; GC Advisors LLC , as the servicer; the Registrant, as the transferor, the institutional lenders identified on the signature pages thereto, Wells Fargo Bank, N.A., as the swingline lender, collateral agent, account bank, collateral custodian and administrative agent (Incorporated by reference to Exhibit 10.4 to Registrant’s Registration Statement on Form 10 (File No. 000-55696), filed on September 15, 2016).
|
|
|
|
First Amendment to Amended and Restated Loan and Servicing Agreement, dated as of September 10, 2015, by and among GCIC Funding LLC, as the borrower; GC Advisors LLC , as the servicer; the Registrant, as the transferor; the institutional lenders identified on the signature pages thereto; and Wells Fargo Bank, N.A., as the swingline lender, collateral agent, account bank, collateral custodian and administrative agent (Incorporated by reference to Exhibit 10.5 to Registrant’s Registration Statement on Form 10 (File No. 000-55696), filed on September 15, 2016).
|
|
Number
|
|
Description
|
|
|
|
|
|
|
Second Amendment to Amended and Restated Loan and Servicing Agreement, dated as of March 9, 2016, by and among GCIC Funding LLC, as the borrower; GC Advisors LLC , as the servicer; the Registrant, as the transferor; the institutional lenders identified on the signature pages thereto; and Wells Fargo Bank, N.A., as the swingline lender, collateral agent, account bank, collateral custodian and administrative agent (Incorporated by reference to Exhibit 10.6 to Registrant’s Registration Statement on Form 10 (File No. 000-55696), filed on September 15, 2016).
|
|
|
|
Joinder Supplement, dated as of July 12, 2016, by and among GCIC Funding LLC, as the borrower; the lender and lender agent identified therein; and Wells Fargo Securities, LLC, as the administrative agent (Incorporated by reference to Exhibit 10.7 to Registrant’s Registration Statement on Form 10 (File No. 000-55696), filed on September 15, 2016).
|
|
|
|
Custody Agreement, dated as of December 31, 2014, by and between the Registrant and U.S. Bank National Association (Incorporated by reference to Exhibit 10.8 to Registrant’s Registration Statement on Form 10 (File No. 000-55696), filed on September 15, 2016).
|
|
|
|
Trademark License Agreement, dated as of December 31, 2014, by and between the Registrant and Golub Capital LLC (Incorporated by reference to Exhibit 10.9 to Registrant’s Registration Statement on Form 10 (File No. 000-55696), filed on September 15, 2016).
|
|
|
|
Dividend Reinvestment Plan (Incorporated by reference to Exhibit 10.10 to Registrant’s Registration Statement on Form 10 (File No. 000-55696), filed on September 15, 2016).
|
|
|
|
GCIC Senior Loan Fund LLC Limited Liability Company Agreement, dated as of December 31, 2014, by and between the Registrant and RGA Reinsurance Company (Incorporated by reference to Exhibit 10.11 to Registrant’s Registration Statement on Form 10 (File No. 000-55696), filed on September 15, 2016).
|
|
|
|
Amendment No. 2 to GCIC Senior Loan Fund LLC Limited Liability Company Agreement, dated as of December 30, 2015, by and between the Registrant and RGA Reinsurance Company (Incorporated by reference to Exhibit 10.12 to Registrant’s Registration Statement on Form 10 (File No. 000-55696), filed on September 15, 2016).
|
|
|
|
Revolving Loan Agreement, dated as of February 3, 2015, by and between the Registrant, as the borrower, and GC Advisors LLC, as the lender (Incorporated by reference to Exhibit 10.13 to Registrant’s Registration Statement on Form 10 (File No. 000-55696), filed on September 15, 2016).
|
|
|
|
Waiver Agreement Letter, dated as of December 31, 2014, by and between the Registrant and GC Advisors LLC (Incorporated by reference to Exhibit 10.14 to Registrant’s Registration Statement on Form 10 (File No. 000-55696), filed on September 15, 2016).
|
|
|
|
Form of Subscription Agreement (Incorporated by reference to Exhibit 10.15 to Registrant’s Registration Statement on Form 10 (File No. 000-55696), filed on September 15, 2016).
|
|
|
|
Revolving Credit Agreement, dated as of May 17, 2016, by and between the Registrant, as the borrower, and Sumitomo Mitsui Banking Corporation, as the administrative agent, sole lead arranger and sole manager (Incorporated by reference to Exhibit 10.16 to Registrant’s Registration Statement on Form 10 (File No. 000-55696), filed on September 15, 2016).
|
|
|
|
Note Purchase and Placement Agreement, dated as of August 16, 2016, by and among the Registrant, as the transferor; Golub Capital Investment Corporation CLO 2016(M) LLC, as the issuer; and Wells Fargo Securities, LLC, as the initial purchaser (Incorporated by reference to Exhibit 10.17 to Registrant’s Registration Statement on Form 10 (File No. 000-55696), filed on September 15, 2016).
|
|
Number
|
|
Description
|
|
|
|
|
|
|
Loan Sale Agreement, dated as of August 16, 2016, by and between the Registrant and Golub Capital Investment Corporation CLO 2016(M) LLC (Incorporated by reference to Exhibit 10.18 to Registrant’s Registration Statement on Form 10 (File No. 000-55696), filed on September 15, 2016).
|
|
|
|
Indenture, dated as of August 16, 2016, by and between Golub Capital Investment Corporation CLO 2016(M) LLC and Wells Fargo Bank, National Association (Incorporated by reference to Exhibit 10.19 to Registrant’s Registration Statement on Form 10 (File No. 000-55696), filed on September 15, 2016).
|
|
|
|
Collateral Management Agreement, dated as of August 16, 2016, by and between Golub Capital Investment Corporation CLO 2016(M) LLC and GC Advisors LLC (Incorporated by reference to Exhibit 10.20 to Registrant’s Registration Statement on Form 10 (File No. 000-55696), filed on September 15, 2016).
|
|
|
|
Third Amendment to Amended and Restated Loan and Servicing Agreement, dated as of May 11, 2017, by and among GCIC Funding LLC, as the borrower; GC Advisors LLC , as the servicer; the Company, as the transferor, the institutional lenders identified on the signature pages thereto, Wells Fargo Bank, N.A., as the swingline lender, collateral agent, account bank, collateral custodian and administrative agent.
|
|
|
|
Fourth Amendment to Amended and Restated Loan and Servicing Agreement, dated as of August 8, 2017, by and among GCIC Funding LLC, as the borrower; GC Advisors LLC , as the servicer; the Company, as the transferor, the institutional lenders identified on the signature pages thereto, Wells Fargo Bank, N.A., as the swingline lender, collateral agent, account bank, collateral custodian and administrative agent.*
|
|
|
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Fifth Amendment to Amended and Restated Loan and Servicing Agreement, dated as of August 30, 2017, by and among GCIC Funding LLC, as the borrower; GC Advisors LLC , as the servicer; the Company, as the transferor, the institutional lenders identified on the signature pages thereto, Wells Fargo Bank, N.A., as the swingline lender, collateral agent, account bank, collateral custodian and administrative agent.
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Computation of per share earnings (included in the notes to the audited financial statements included in this report).
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Joint Code of Ethics of the Registrant, Golub Capital BDC, Inc., Golub Capital BDC 3, Inc. and GC Advisors LLC.*
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Code of Ethics of GC Advisors LLC (Filed as Exhibit 14.2 to Golub Capital BDC Inc.’s Quarterly Report on Form 10-Q (File No. 814-00794), filed on February 5, 2016).
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List of Subsidiaries.*
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24
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Power of attorney (included on the signature page hereto).
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Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.*
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Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.*
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Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
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Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
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Privacy Policy of the Registrant.*
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Golub Capital Investment Corporation
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A Maryland Corporation
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Date: November 28, 2017
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By:
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/s/ David B. Golub
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Name: David B. Golub
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Title: President and Chief Executive Officer
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Signature
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Title
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Date
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/s/ David B. Golub
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President, Chief Executive Officer and Director
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November 28, 2017
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David B. Golub
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(Principal Executive Officer)
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/s/ Ross A. Teune
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Chief Financial Officer
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November 28, 2017
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Ross A. Teune
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(Principal Financial and Accounting Officer)
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/s/ Lawrence E. Golub
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Chairman of the Board of Directors
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November 28, 2017
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Lawrence E. Golub
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/s/ John T. Baily
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Director
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November 28, 2017
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John T. Baily
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/s/ Kenneth F. Bernstein
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Director
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November 28, 2017
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Kenneth F. Bernstein
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/s/ Anita R. Rosenberg
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Director
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November 28, 2017
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Anita R. Rosenberg
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/s/ William M. Webster IV
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Director
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November 28, 2017
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William M. Webster IV
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SECTION 1.
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Definitions
.
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SECTION 2.
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Amendments
.
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SECTION 3.
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Agreement in Full Force and Effect as Amended
.
|
SECTION 4.
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Representations and Warranties
.
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SECTION 6.
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Miscellaneous
.
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BORROWER:
|
GCIC FUNDING LLC
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By: Golub Capital Investment Corporation,
its designated manager
By:
/s/ Ross A. Teune
Name: Ross A. Teune
Title: Chief Financial Officer
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THE SERVICER:
|
GC ADVISORS LLC
|
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By:
/s/ Francis P. Straub
Name: Francis P. Straub
Title: Chief Financial and Administrative Officer
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THE TRANSFEROR:
|
GOLUB CAPITAL INVESTMENT CORPORATION
|
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By:
/s/ Ross A. Teune
Name: Ross A. Teune
Title: Chief Financial Officer
|
THE COLLATERAL AGENT, ACCOUNT BANK AND COLLATERAL CUSTODIAN:
|
WELLS FARGO BANK, N.A.
|
|
By:
/s/ Phillip Dean
Name: Phillip Dean
Title: Vice President
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ADMINISTRATIVE AGENT:
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WELLS FARGO BANK, N.A.
|
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By:
/s/ Beale Pope
Name: Beale Pope
Title: Vice President
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INSTITUTIONAL AND SWINGLINE LENDER:
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WELLS FARGO BANK, N.A.
|
|
|
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By:
/s/ Matt Jensen
Name: Matt Jensen
Title: Director
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INSTITUTIONAL LENDER:
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CAPITAL ONE, NATIONAL ASSOCIATION
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|
|
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By:
/s/ John Swain
Name: John H. Swain
Title: Director
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INSTITUTIONAL LENDER:
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STATE STREET BANK AND TRUST COMPANY
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|
By:
/s/ Janet B. Nolin
Name: Janet B. Nolin
Title: Vice President
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INSTITUTIONAL LENDER:
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CHEMICAL BANK
|
|
By:
/s/ John R. Hruska
Name: John R. Hruska
Title: Senior Vice President
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INSTITUTIONAL LENDER:
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ZB, N.A. D/B/A CALIFORNIA BANK & TRUST
|
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By:
/s/ Scott T. Monson
Name: Scott T. Monson
Title: Executive Vice President
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•
|
Place Client interests ahead of the Adviser’s
interests
- As a fiduciary, the Adviser must serve its Clients’ best interests. In other words, Adviser employees may not benefit at the expense of the Clients. This concept is particularly relevant when employees are making personal investments in securities traded by the Adviser’s Clients.
|
•
|
Engage in personal investing that is in full compliance with the Adviser’s Code of Ethics
- Employees must review and abide by the Adviser’s personal securities transaction and insider trading policies.
|
•
|
Avoid taking advantage of the employee’s position
- Employees must not accept investment opportunities, gifts or other gratuities from individuals seeking to conduct business with the Adviser, or on behalf of a Client, where such opportunities, gifts or gratuities could create the appearance of impropriety or might otherwise influence a decision to conduct business with such other party.
|
•
|
Maintain full compliance with the federal securities laws
- It is the Adviser’s policy that all
employees
must abide by the standards set forth in Rule 204A-1 (the “
Code of Ethics Rule
”) for registered investment advisers under the Advisers Act.
|
•
|
Act
with
integrity, competence, diligence, respect, and in an ethical manner with the public, Clients, prospective clients, employers, employees, colleagues in the investment profession, and other participants in the global capital markets;
|
•
|
Place the integrity of the investment profession, the interests of Clients, and the interests of the Adviser above one’s own personal interests;
|
•
|
Adhere to the fundamental standard that the employee or consultant should not take inappropriate advantage of his or her position;
|
•
|
Conduct all personal securities transactions in a manner consistent with this policy;
|
•
|
Use
reasonable
care and exercise independent professional judgment when conducting investment analysis, making investment recommendations, taking investment actions, and engaging in other professional activities;
|
•
|
Practice and encourage others to practice in a professional and ethical manner that will reflect credit on himself or herself and the profession;
|
•
|
Promote the integrity of, and uphold the rules governing, capital markets; and
|
•
|
Comply
with
applicable provisions of the federal securities laws.
|
I.
|
PERSONAL SECURITIES TRANSACTION POLICY
|
•
|
Securities held by members of employees’ immediate family sharing the same household. Immediate family means any relative, spouse or significant other, or relative of the spouse or significant other of an employee;
|
•
|
An employee’s interest as a general partner in securities held by a general or limited partnership; and
|
•
|
An employee’s interest as a manager/member in the securities held by a limited liability company.
|
•
|
Legal ownership of securities as a trustee by an employee or members of the employees’ immediate family;
|
•
|
Ownership of a vested beneficial interest in a trust by an employee or members of the employees’ immediate family; and
|
•
|
An employee’s status as a settlor of a trust, unless the consent of all of the beneficiaries is required in order for the employee to revoke the trust.
|
II.
|
POLICIES AND
PROCEDURES
TO DETECT AND PREVENT INSIDER TRADING
|
•
|
Trading by an insider while in possession of material non-public information;
|
•
|
Trading by a non-insider while in possession of material non-public information, where the information was disclosed to the non-insider in violation of an insider’s duty to keep it confidential; or
|
•
|
Communicating material non-public information to others in breach of a fiduciary duty.
|
•
|
Information relating to a company’s results and operations
|
•
|
Dividend or earnings announcements
|
•
|
Write-downs or write-offs of assets
|
•
|
Additions to reserves for bad debts or contingent liabilities
|
•
|
Expansion or curtailment of company or major division operations
|
•
|
Merger, joint venture announcements
|
•
|
New product/service announcements
|
•
|
Discovery or research developments
|
•
|
Criminal, civil and government investigations and indictments
|
•
|
Pending labor disputes
|
•
|
Debt service or liquidity problems
|
•
|
Bankruptcy or insolvency problems
|
•
|
Tender offers, stock repurchase plans, etc.
|
•
|
Recapitalization
|
•
|
shall not trade the securities of any company in which he or she is deemed an insider who may possess material, non-public information about the company;
|
•
|
shall not trade the securities of any company except in accordance with the Adviser’s Personal Securities Transaction Policy and the securities laws;
|
•
|
shall submit personal security trading reports in accordance with the Personal Security Transaction Policy;
|
•
|
shall not discuss any potentially material, non-public information with colleagues, except as specifically required by his or her position;
|
•
|
shall immediately report the potential receipt of non-public information to the Chief Compliance Officer and the Adviser’s members; and
|
•
|
shall not proceed with any research, trading or other investment advisory activities until the Chief Compliance Officer and the Adviser’s members inform the employee of the appropriate course of action.
|
III.
|
DIRECTORSHIPS; OUTSIDE BUSINESS ACTIVITIES
|
IV.
|
Rumors; Manipulative Trading Practices
|
A.
|
Rumors
|
B.
|
Manipulative Trading Practices
|
V.
|
POLITICAL CONTRIBUTION POLICY
|
VI.
|
PROVIDING INVESTMENT ADVICE TO PERSONS OTHER THAN ADVISER CLIENTS; DISCLOSURE OF PERSONAL INTEREST IN TRANSACTIONS
|
VII.
|
GIFTS
|
VIII.
|
DISCLOSURE OF CONFLICTS OF INTEREST
|
SUBSIDIARIES OF GOLUB CAPITAL INVESTMENT CORPORATION
|
||
|
|
|
Name
|
|
Jurisdiction
|
GCIC Holdings LLC
|
|
Delaware
|
GCIC Funding LLC
|
|
Delaware
|
Golub Capital Investment Corporation CLO 2016(M) LLC
|
|
Delaware
|
1.
|
I have reviewed this Annual Report on Form 10-K of Golub Capital Investment Corporation and Subsidiaries;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of and for the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; and
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; and
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
By: /s/
|
|
David B. Golub
|
|
|
David B. Golub
Chief Executive Officer
|
1.
|
I have reviewed this Annual Report on Form 10-K of Golub Capital Investment Corporation and Subsidiaries;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of and for the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; and
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; and
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
By: /s/
|
|
Ross A. Teune
|
|
|
Ross A. Teune
Chief Financial Officer
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
|
/s/ David B. Golub
|
Name: David B. Golub
|
Title: Chief Executive Officer
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
|
/s/ Ross A. Teune
|
Name: Ross A. Teune
|
Title: Chief Financial Officer
|
•
|
Information we may receive from you in subscription agreements or other related documents or forms; and
|
•
|
Information about your transactions with our affiliates and us.
|