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x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
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OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
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OF THE SECURITIES EXCHANGE ACT OF 1934
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DELAWARE
(State or jurisdiction of
incorporation or organization) |
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83-0566439
(I.R.S. Employer
Identification No.) |
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333 South Grand Avenue, 28th Floor
Los Angeles, CA
(Address of principal executive office)
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90071
(Zip Code)
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Title of Each Class
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Trading Symbol(s)
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Name of Exchange on Which Registered
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N/A
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N/A
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N/A
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Class
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Outstanding at May 11, 2020
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Common stock, $0.001 par value
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17,407,857
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Item 3.
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Item 4.
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Item 5.
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Item 1.
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Consolidated Financial Statements.
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March 31, 2020
(unaudited)
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September 30,
2019 |
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ASSETS
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Assets:
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Investments – Non-control/Non-affiliate, at fair value (cost March 31, 2020: $390,195,496; cost September 30, 2019: $289,322,834)
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$
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354,696,821
|
|
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$
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291,147,011
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Cash and cash equivalents
|
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32,558,185
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|
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11,079,015
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|
||
Restricted cash
|
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2,247,126
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|
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269,111
|
|
||
Interest receivable
|
|
1,044,637
|
|
|
1,005,398
|
|
||
Receivables from unsettled transactions
|
|
4,345,100
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|
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5,326,435
|
|
||
Derivative assets at fair value
|
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55,258
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|
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77,558
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||
Deferred financing costs
|
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986,630
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1,314,732
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Receivable for shares sold
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2,412,000
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|
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347,500
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Other assets
|
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362,799
|
|
|
382,727
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Total assets
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$
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398,708,556
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$
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310,949,487
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LIABILITIES AND NET ASSETS
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||||||
Liabilities:
|
|
|
|
|
||||
Accounts payable, accrued expenses and other liabilities
|
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$
|
755,972
|
|
|
$
|
999,579
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Base management fee and incentive fee payable
|
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1,670,324
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|
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1,128,658
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Due to affiliates
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295,582
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|
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753,665
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Interest payable
|
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1,270,551
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|
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1,065,903
|
|
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Payables from unsettled transactions
|
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43,696,890
|
|
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52,374,932
|
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Deferred tax liability
|
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5,555
|
|
|
—
|
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Credit facilities payable
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150,000,000
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83,000,000
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Total liabilities
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197,694,874
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139,322,737
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Commitments and contingencies (Note 11)
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|
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Net assets:
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Common stock, $0.001 par value per share, 250,000,000 shares authorized; 11,575,664 shares issued and outstanding at March 31, 2020; 8,309,861 shares issued and outstanding at September 30, 2019
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11,576
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|
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8,310
|
|
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Preferred stock, $0.001 par value per share, 100,000,000 shares authorized; none issued and outstanding at March 31, 2020 and September 30, 2019
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—
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|
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—
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Additional paid-in-capital
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236,352,706
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168,819,173
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Accumulated distributable earnings (loss)
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(35,350,600
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)
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2,799,267
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Total net assets (equivalent to $17.37 and $20.65 per common share at March 31, 2020 and September 30, 2019, respectively) (Note 10)
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201,013,682
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171,626,750
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Total liabilities and net assets
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$
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398,708,556
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$
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310,949,487
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Three months ended March 31, 2020
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Three months ended March 31, 2019
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Six months ended March 31, 2020
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Six months ended March 31, 2019
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||||||||
Interest income:
|
|
|
|
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|
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|
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||||||||
Non-control/Non-affiliate investments
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$
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6,292,982
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$
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1,942,044
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$
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11,276,999
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$
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2,761,263
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Interest on cash and cash equivalents
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21,586
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|
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56,782
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50,968
|
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80,271
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|
||||
Total interest income
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6,314,568
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|
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1,998,826
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11,327,967
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2,841,534
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PIK interest income:
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Non-control/Non-affiliate investments
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374,393
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191,748
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525,625
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|
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259,694
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|
||||
Total PIK interest income
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374,393
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|
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191,748
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525,625
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|
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259,694
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Fee income:
|
|
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||||||||
Non-control/Non-affiliate investments
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447,367
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|
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9,114
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577,314
|
|
|
264,678
|
|
||||
Total fee income
|
|
447,367
|
|
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9,114
|
|
|
577,314
|
|
|
264,678
|
|
||||
Total investment income
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7,136,328
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|
|
2,199,688
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12,430,906
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3,365,906
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Expenses:
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|
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Base management fee
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866,511
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332,290
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1,652,645
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|
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453,219
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|
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Investment income incentive fee
|
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803,813
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|
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—
|
|
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853,728
|
|
|
—
|
|
||||
Capital gains incentive fee
|
|
(1,104,890
|
)
|
|
350,369
|
|
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(427,572
|
)
|
|
308,348
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|
||||
Offering costs
|
|
—
|
|
|
194,104
|
|
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—
|
|
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362,373
|
|
||||
Organization expenses
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—
|
|
|
710
|
|
|
—
|
|
|
56,921
|
|
||||
Professional fees
|
|
253,793
|
|
|
190,929
|
|
|
421,776
|
|
|
383,769
|
|
||||
Directors fees
|
|
38,750
|
|
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26,250
|
|
|
77,637
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|
|
52,500
|
|
||||
Interest expense
|
|
1,631,976
|
|
|
453,272
|
|
|
2,987,169
|
|
|
587,155
|
|
||||
Administrator expense
|
|
130,370
|
|
|
130,052
|
|
|
244,287
|
|
|
212,097
|
|
||||
General and administrative expenses
|
|
195,863
|
|
|
225,569
|
|
|
404,009
|
|
|
369,501
|
|
||||
Total expenses
|
|
2,816,186
|
|
|
1,903,545
|
|
|
6,213,679
|
|
|
2,785,883
|
|
||||
Net investment income before taxes
|
|
4,320,142
|
|
|
296,143
|
|
|
6,217,227
|
|
|
580,023
|
|
||||
Excise tax expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,357
|
|
||||
Net investment income
|
|
4,320,142
|
|
|
296,143
|
|
|
6,217,227
|
|
|
570,666
|
|
||||
Unrealized appreciation (depreciation):
|
|
|
|
|
|
|
|
|
||||||||
Non-control/Non-affiliate investments
|
|
(40,448,299
|
)
|
|
2,437,869
|
|
|
(37,326,082
|
)
|
|
1,440,249
|
|
||||
Foreign currency forward contracts
|
|
37,386
|
|
|
(25,295
|
)
|
|
(22,300
|
)
|
|
9,240
|
|
||||
Net unrealized appreciation (depreciation)
|
|
(40,410,913
|
)
|
|
2,412,574
|
|
|
(37,348,382
|
)
|
|
1,449,489
|
|
||||
Realized gains (losses):
|
|
|
|
|
|
|
|
|
||||||||
Non-control/Non-affiliate investments
|
|
266,897
|
|
|
(523
|
)
|
|
590,954
|
|
|
8,946
|
|
||||
Foreign currency forward contracts
|
|
40,961
|
|
|
83,308
|
|
|
40,961
|
|
|
83,308
|
|
||||
Net realized gains (losses)
|
|
307,858
|
|
|
82,785
|
|
|
631,915
|
|
|
92,254
|
|
||||
Provision for income tax (expense) benefit
|
|
(309
|
)
|
|
—
|
|
|
(5,555
|
)
|
|
—
|
|
||||
Net realized and unrealized gains (losses), net of taxes
|
|
(40,103,364
|
)
|
|
2,495,359
|
|
|
(36,722,022
|
)
|
|
1,541,743
|
|
||||
Net increase (decrease) in net assets resulting from operations
|
|
$
|
(35,783,222
|
)
|
|
$
|
2,791,502
|
|
|
$
|
(30,504,795
|
)
|
|
$
|
2,112,409
|
|
Net investment income (loss) per common share — basic and diluted
|
|
$
|
0.51
|
|
|
$
|
0.09
|
|
|
$
|
0.74
|
|
|
$
|
0.19
|
|
Earnings (loss) per common share — basic and diluted (Note 5)
|
|
$
|
(4.22
|
)
|
|
$
|
0.82
|
|
|
$
|
(3.63
|
)
|
|
$
|
0.70
|
|
Weighted average common shares outstanding — basic and diluted
|
|
8,489,301
|
|
|
3,391,900
|
|
|
8,399,091
|
|
|
3,033,543
|
|
|
|
Three months ended
March 31, 2020 |
|
Three months ended
March 31, 2019 |
|
Six months ended
March 31, 2020 |
|
Six months ended
March 31, 2019 |
||||||||
Operations:
|
|
|
|
|
|
|
|
|
||||||||
Net investment income
|
|
$
|
4,320,142
|
|
|
$
|
296,143
|
|
|
$
|
6,217,227
|
|
|
$
|
570,666
|
|
Net unrealized appreciation (depreciation)
|
|
(40,410,913
|
)
|
|
2,412,574
|
|
|
(37,348,382
|
)
|
|
1,449,489
|
|
||||
Net realized gains (losses)
|
|
307,858
|
|
|
82,785
|
|
|
631,915
|
|
|
92,254
|
|
||||
Provision for income tax (expense) benefit
|
|
(309
|
)
|
|
—
|
|
|
(5,555
|
)
|
|
—
|
|
||||
Net increase (decrease) in net assets resulting from operations
|
|
(35,783,222
|
)
|
|
2,791,502
|
|
|
(30,504,795
|
)
|
|
2,112,409
|
|
||||
Capital share transactions:
|
|
|
|
|
|
|
|
|
||||||||
Distributions to stockholders
|
|
(2,576,058
|
)
|
|
—
|
|
|
(7,645,072
|
)
|
|
—
|
|
||||
Issuance of common stock
|
|
67,536,799
|
|
|
—
|
|
|
67,536,799
|
|
|
36,702,030
|
|
||||
Net increase (decrease) in net assets from capital share transactions
|
|
64,960,741
|
|
|
—
|
|
|
59,891,727
|
|
|
36,702,030
|
|
||||
Total increase (decrease) in net assets
|
|
29,177,519
|
|
|
2,791,502
|
|
|
29,386,932
|
|
|
38,814,439
|
|
||||
Net assets at beginning of period
|
|
171,836,163
|
|
|
66,395,254
|
|
|
171,626,750
|
|
|
30,372,317
|
|
||||
Net assets at end of period
|
|
$
|
201,013,682
|
|
|
$
|
69,186,756
|
|
|
$
|
201,013,682
|
|
|
$
|
69,186,756
|
|
Net asset value per common share
|
|
$
|
17.37
|
|
|
$
|
20.40
|
|
|
$
|
17.37
|
|
|
$
|
20.40
|
|
Common shares outstanding at end of period
|
|
11,575,664
|
|
|
3,391,900
|
|
|
11,575,664
|
|
|
3,391,900
|
|
|
|
Six months ended March 31, 2020
|
|
Six months ended March 31, 2019
|
||||
Operating activities:
|
|
|
|
|
||||
Net increase (decrease) in net assets resulting from operations
|
|
$
|
(30,504,795
|
)
|
|
$
|
2,112,409
|
|
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:
|
|
|
|
|
||||
Net unrealized (appreciation) depreciation
|
|
37,348,382
|
|
|
(1,449,489
|
)
|
||
Net realized (gains) losses
|
|
(631,915
|
)
|
|
(92,254
|
)
|
||
PIK interest income
|
|
(525,625
|
)
|
|
(259,694
|
)
|
||
Accretion of original issue discount on investments
|
|
(1,119,252
|
)
|
|
(275,394
|
)
|
||
Amortization of deferred financing costs
|
|
330,347
|
|
|
120,581
|
|
||
Amortization of deferred offering costs
|
|
—
|
|
|
362,373
|
|
||
Deferred taxes
|
|
5,555
|
|
|
—
|
|
||
Purchases of investments
|
|
(188,883,931
|
)
|
|
(141,509,006
|
)
|
||
Proceeds from sales and repayments of investments
|
|
90,284,784
|
|
|
5,677,327
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
||||
(Increase) decrease in interest receivable
|
|
(39,239
|
)
|
|
(429,798
|
)
|
||
(Increase) decrease in receivables from unsettled transactions
|
|
981,335
|
|
|
—
|
|
||
(Increase) decrease in other assets
|
|
19,928
|
|
|
22,225
|
|
||
Increase (decrease) in accounts payable, accrued expenses and other liabilities
|
|
(243,607
|
)
|
|
172,466
|
|
||
Increase (decrease) in base management fee and incentive fee payable
|
|
541,666
|
|
|
600,915
|
|
||
Increase (decrease) in due to affiliates
|
|
(458,083
|
)
|
|
(546,342
|
)
|
||
Increase (decrease) in interest payable
|
|
204,648
|
|
|
387,846
|
|
||
Increase (decrease) in payables from unsettled transactions
|
|
(8,678,042
|
)
|
|
20,014,338
|
|
||
Net cash used in operating activities
|
|
(101,367,844
|
)
|
|
(115,091,497
|
)
|
||
Financing activities:
|
|
|
|
|
||||
Distributions paid in cash
|
|
(7,645,072
|
)
|
|
—
|
|
||
Borrowings under the credit facilities
|
|
130,000,000
|
|
|
76,000,000
|
|
||
Repayments of borrowings under the credit facilities
|
|
(63,000,000
|
)
|
|
—
|
|
||
Proceeds from the issuance of common stock
|
|
65,472,299
|
|
|
36,742,030
|
|
||
Deferred financing costs paid
|
|
(2,245
|
)
|
|
(530,405
|
)
|
||
Offering costs paid
|
|
—
|
|
|
(120,992
|
)
|
||
Net cash provided by financing activities
|
|
124,824,982
|
|
|
112,090,633
|
|
||
Effect of exchange rate changes on foreign currency
|
|
47
|
|
|
45,289
|
|
||
Net increase (decrease) in cash and cash equivalents and restricted cash
|
|
23,457,185
|
|
|
(2,955,575
|
)
|
||
Cash and cash equivalents and restricted cash, beginning of period
|
|
11,348,126
|
|
|
10,131,268
|
|
||
Cash and cash equivalents and restricted cash, end of period
|
|
$
|
34,805,311
|
|
|
$
|
7,175,693
|
|
Supplemental information:
|
|
|
|
|
||||
Cash paid for interest
|
|
$
|
2,452,174
|
|
|
$
|
78,728
|
|
Non-cash financing activities:
|
|
|
|
|
||||
Proceeds from the issuance of common stock
|
|
$
|
2,412,000
|
|
|
$
|
—
|
|
|
|
|
|
|
||||
Reconciliation to the Consolidated Statement of Assets and Liabilities
|
|
March 31, 2020
|
|
September 30, 2019
|
||||
Cash and cash equivalents
|
|
$
|
32,558,185
|
|
|
$
|
11,079,015
|
|
Restricted cash
|
|
2,247,126
|
|
|
269,111
|
|
||
Total cash and cash equivalents and restricted cash
|
|
$
|
34,805,311
|
|
|
$
|
11,348,126
|
|
Portfolio Company/Type of Investment (1)(2)(3)
|
|
Cash Interest Rate (4)
|
|
Industry
|
|
Principal (5)
|
|
|
Cost
|
|
Fair Value
|
|
Notes
|
||||||
Non-Control/Non-Affiliate Investments
|
|
|
|
|
|
|
|
|
|
|
|
(6)
|
|||||||
Access CIG, LLC
|
|
|
|
Diversified Support Services
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+3.75% cash due 2/27/2025
|
|
5.53
|
%
|
|
|
|
$
|
7,513,107
|
|
|
$
|
7,451,988
|
|
|
$
|
6,188,922
|
|
|
(4)
|
|
|
|
|
|
|
|
|
7,451,988
|
|
|
6,188,922
|
|
|
|
|||||
Accupac, Inc.
|
|
|
|
Personal Products
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+6.00% cash due 1/17/2026
|
|
7.84
|
%
|
|
|
|
4,582,336
|
|
|
4,504,889
|
|
|
4,502,145
|
|
|
(4)(7)(11)
|
|||
First Lien Delayed Draw Term Loan, LIBOR+6.00% cash due 1/17/2026
|
|
|
|
|
|
—
|
|
|
(14,476
|
)
|
|
(14,989
|
)
|
|
(4)(7)(8)
|
||||
First Lien Revolver, LIBOR+6.00% cash due 1/17/2026
|
|
7.05
|
%
|
|
|
|
571,008
|
|
|
561,357
|
|
|
561,015
|
|
|
(4)(7)
|
|||
|
|
|
|
|
|
|
|
5,051,770
|
|
|
5,048,171
|
|
|
|
|||||
Acquia Inc.
|
|
|
|
Application Software
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+7.00% cash due 10/31/2025
|
|
8.58
|
%
|
|
|
|
4,381,994
|
|
|
4,300,289
|
|
|
4,175,164
|
|
|
(4)(7)
|
|||
First Lien Revolver, LIBOR+7.00% cash due 10/31/2025
|
|
|
|
|
|
—
|
|
|
(8,967
|
)
|
|
(22,118
|
)
|
|
(4)(7)(8)
|
||||
|
|
|
|
|
|
|
|
4,291,322
|
|
|
4,153,046
|
|
|
|
|||||
Adient US LLC
|
|
|
|
Auto Parts & Equipment
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+4.00% cash due 5/6/2024
|
|
5.45
|
%
|
|
|
|
4,962,500
|
|
|
4,937,688
|
|
|
4,391,813
|
|
|
(4)(9)
|
|||
|
|
|
|
|
|
|
|
4,937,688
|
|
|
4,391,813
|
|
|
|
|||||
AI Sirona (Luxembourg) Acquisition S.a.r.l.
|
|
|
|
Pharmaceuticals
|
|
|
|
|
|
|
|
|
|||||||
Second Lien Term Loan, EURIBOR+7.25% cash due 9/28/2026
|
|
7.25
|
%
|
|
|
|
€
|
2,500,000
|
|
|
2,862,090
|
|
|
2,139,638
|
|
|
(4)(7)(9)
|
||
|
|
|
|
|
|
|
|
2,862,090
|
|
|
2,139,638
|
|
|
|
|||||
Aldevron, L.L.C.
|
|
|
|
Biotechnology
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+4.25% cash due 10/12/2026
|
|
5.70
|
%
|
|
|
|
$
|
4,000,000
|
|
|
3,960,000
|
|
|
3,780,000
|
|
|
(4)(11)
|
||
|
|
|
|
|
|
|
|
3,960,000
|
|
|
3,780,000
|
|
|
|
|||||
Algeco Scotsman Global Finance Plc
|
|
|
|
Construction & Engineering
|
|
|
|
|
|
|
|
|
|||||||
Fixed Rate Bond, 8.00% cash due 2/15/2023
|
|
|
|
|
|
566,000
|
|
|
575,947
|
|
|
437,218
|
|
|
(9)
|
||||
|
|
|
|
|
|
|
|
575,947
|
|
|
437,218
|
|
|
|
|||||
Altice France S.A.
|
|
|
|
Integrated Telecommunication Services
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+4.00% cash due 8/14/2026
|
|
4.70
|
%
|
|
|
|
6,887,000
|
|
|
6,517,765
|
|
|
6,594,303
|
|
|
(4)(9)(11)
|
|||
|
|
|
|
|
|
|
|
6,517,765
|
|
|
6,594,303
|
|
|
|
|||||
Alvogen Pharma US, Inc.
|
|
|
|
Pharmaceuticals
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+5.25% cash due 12/31/2023
|
|
6.32
|
%
|
|
|
|
2,646,943
|
|
|
2,322,132
|
|
|
2,302,840
|
|
|
(4)(7)(11)
|
|||
|
|
|
|
|
|
|
|
2,322,132
|
|
|
2,302,840
|
|
|
|
|||||
Alvotech Holdings S.A.
|
|
|
|
Biotechnology
|
|
|
|
|
|
|
|
|
|||||||
Fixed Rate Bond 15% PIK Note A due 12/13/2023
|
|
|
|
|
|
2,000,000
|
|
|
2,369,936
|
|
|
2,487,521
|
|
|
(7)(9)(10)
|
||||
Fixed Rate Bond 15% PIK Note B due 12/13/2023
|
|
|
|
|
|
2,000,000
|
|
|
2,369,936
|
|
|
2,429,671
|
|
|
(7)(9)(10)
|
||||
|
|
|
|
|
|
|
|
4,739,872
|
|
|
4,917,192
|
|
|
|
|||||
Anastasia Parent, LLC
|
|
|
|
Personal Products
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+3.75% cash due 8/11/2025
|
|
5.20
|
%
|
|
|
|
1,851,913
|
|
|
1,543,024
|
|
|
1,080,480
|
|
|
(4)
|
|||
|
|
|
|
|
|
|
|
1,543,024
|
|
|
1,080,480
|
|
|
|
|||||
Apptio, Inc.
|
|
|
|
Application Software
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+7.25% cash due 1/10/2025
|
|
8.25
|
%
|
|
|
|
7,129,297
|
|
|
7,014,046
|
|
|
6,794,219
|
|
|
(4)(7)
|
|||
First Lien Revolver, LIBOR+7.25% cash due 1/10/2025
|
|
|
|
|
|
—
|
|
|
(7,348
|
)
|
|
(21,692
|
)
|
|
(4)(7)(8)
|
||||
|
|
|
|
|
|
|
|
7,006,698
|
|
|
6,772,527
|
|
|
|
|||||
Assembled Brands Capital LLC
|
|
|
|
Specialized Finance
|
|
|
|
|
|
|
|
|
|||||||
First Lien Delayed Draw Term Loan, LIBOR+6.00% cash due 10/17/2023
|
|
6.99
|
%
|
|
|
|
824,928
|
|
|
824,928
|
|
|
661,707
|
|
|
(4)(7)(8)
|
|||
174,131 Class A Units
|
|
|
|
|
|
|
|
82,713
|
|
|
99,255
|
|
|
(7)
|
|||||
100,285 Preferred Units, 6%
|
|
|
|
|
|
|
|
110,285
|
|
|
113,593
|
|
|
(7)
|
|||||
7,621 Class A Warrants (exercise price $3.3778) expiration date 9/9/2029
|
|
|
|
|
|
|
|
—
|
|
|
—
|
|
|
(7)
|
|||||
|
|
|
|
|
|
|
|
1,017,926
|
|
|
874,555
|
|
|
|
Portfolio Company/Type of Investment (1)(2)(3)
|
|
Cash Interest Rate (4)
|
|
Industry
|
|
Principal (5)
|
|
|
Cost
|
|
Fair Value
|
|
Notes
|
||||||
Associated Asphalt Partners, LLC
|
|
|
|
Construction Materials
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+5.25% cash due 4/5/2024
|
|
6.25
|
%
|
|
|
|
$
|
926,739
|
|
|
$
|
762,243
|
|
|
$
|
671,886
|
|
|
(4)
|
|
|
|
|
|
|
|
|
762,243
|
|
|
671,886
|
|
|
|
|||||
Asurion, LLC
|
|
|
|
Property & Casualty Insurance
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+3.00% cash due 11/3/2024
|
|
3.99
|
%
|
|
|
|
261,335
|
|
|
234,548
|
|
|
252,188
|
|
|
(4)(11)
|
|||
Second Lien Term Loan, LIBOR+6.50% cash due 8/4/2025
|
|
7.49
|
%
|
|
|
|
1,141,000
|
|
|
1,143,698
|
|
|
1,057,564
|
|
|
(4)(11)
|
|||
|
|
|
|
|
|
|
|
1,378,246
|
|
|
1,309,752
|
|
|
|
|||||
Atlas Senior Loan Fund XV, Ltd.
|
|
|
|
Multi-Sector Holdings
|
|
|
|
|
|
|
|
|
|||||||
Class E Notes, LIBOR+7.54% cash due 10/23/2032
|
|
9.46
|
%
|
|
|
|
268,000
|
|
|
171,275
|
|
|
169,285
|
|
|
(4)(9)
|
|||
|
|
|
|
|
|
|
|
171,275
|
|
|
169,285
|
|
|
|
|||||
Aurora Lux Finco S.À.R.L.
|
|
|
|
Airport Services
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+6.00% cash due 12/24/2026
|
|
7.00
|
%
|
|
|
|
7,500,000
|
|
|
7,319,759
|
|
|
7,051,125
|
|
|
(4)(7)(9)
|
|||
|
|
|
|
|
|
|
|
7,319,759
|
|
|
7,051,125
|
|
|
|
|||||
Avoca Capital CLO X Designated Activity Company
|
|
|
|
Multi-Sector Holdings
|
|
|
|
|
|
|
|
|
|||||||
Class ER Notes, EURIBOR+6.05% cash due 1/15/2030
|
|
6.05
|
%
|
|
|
|
€
|
268,000
|
|
|
199,607
|
|
|
226,793
|
|
|
(4)(9)
|
||
|
|
|
|
|
|
|
|
199,607
|
|
|
226,793
|
|
|
|
|||||
Ball Metalpack Finco, LLC
|
|
|
|
Metal & Glass Containers
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+4.50% cash due 7/31/2025
|
|
6.11
|
%
|
|
|
|
$
|
1,473,750
|
|
|
1,468,088
|
|
|
1,136,261
|
|
|
(4)(7)(11)
|
||
|
|
|
|
|
|
|
|
1,468,088
|
|
|
1,136,261
|
|
|
|
|||||
BCP Renaissance Parent L.L.C.
|
|
|
|
Oil & Gas Storage & Transportation
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+3.50% cash due 10/31/2024
|
|
4.95
|
%
|
|
|
|
429,174
|
|
|
406,106
|
|
|
235,330
|
|
|
(4)(11)
|
|||
|
|
|
|
|
|
|
|
406,106
|
|
|
235,330
|
|
|
|
|||||
Boxer Parent Company Inc.
|
|
|
|
Systems Software
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+4.25% cash due 10/2/2025
|
|
5.24
|
%
|
|
|
|
8,530,178
|
|
|
8,372,830
|
|
|
7,172,813
|
|
|
(4)
|
|||
|
|
|
|
|
|
|
|
8,372,830
|
|
|
7,172,813
|
|
|
|
|||||
Buckeye Partners, L.P.
|
|
|
|
Oil & Gas Storage & Transportation
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+2.75% cash due 11/1/2026
|
|
4.27
|
%
|
|
|
|
1,380,988
|
|
|
1,229,079
|
|
|
1,278,105
|
|
|
(4)
|
|||
|
|
|
|
|
|
|
|
1,229,079
|
|
|
1,278,105
|
|
|
|
|||||
Cadence Aerospace, LLC
|
|
|
|
Aerospace & Defense
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+6.50% cash due 11/14/2023
|
|
8.28
|
%
|
|
|
|
2,999,215
|
|
|
2,969,222
|
|
|
2,840,601
|
|
|
(4)(7)
|
|||
|
|
|
|
|
|
|
|
2,969,222
|
|
|
2,840,601
|
|
|
|
|||||
Canyon Buyer, Inc.
|
|
|
|
Application Software
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+4.25% cash due 2/15/2025
|
|
5.71
|
%
|
|
|
|
3,949,622
|
|
|
3,910,488
|
|
|
3,554,660
|
|
|
(4)
|
|||
|
|
|
|
|
|
|
|
3,910,488
|
|
|
3,554,660
|
|
|
|
|||||
Carlyle US CLO 2019-3, Ltd.
|
|
|
|
Multi-Sector Holdings
|
|
|
|
|
|
|
|
|
|||||||
Class D Notes, LIBOR+7.03% cash due 10/20/2032
|
|
9.11
|
%
|
|
|
|
182,000
|
|
|
113,590
|
|
|
123,716
|
|
|
(4)(9)
|
|||
|
|
|
|
|
|
|
|
113,590
|
|
|
123,716
|
|
|
|
|||||
CGG Holding (U.S.) Inc.
|
|
|
|
Oil & Gas Equipment & Services
|
|
|
|
|
|
|
|
|
|||||||
Fixed Rate Bond, 9.00% cash due 5/1/2023
|
|
|
|
|
|
352,700
|
|
|
364,100
|
|
|
298,384
|
|
|
(9)
|
||||
|
|
|
|
|
|
|
|
364,100
|
|
|
298,384
|
|
|
|
|||||
Chief Power Finance II, LLC
|
|
|
|
Independent Power Producers & Energy Traders
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+6.50% cash due 12/31/2022
|
|
7.95
|
%
|
|
|
|
8,287,500
|
|
|
8,107,555
|
|
|
7,816,770
|
|
|
(4)(7)
|
|||
|
|
|
|
|
|
|
|
8,107,555
|
|
|
7,816,770
|
|
|
|
|||||
CITGO Petroleum Corp.
|
|
|
|
Oil & Gas Refining & Marketing
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+5.00% cash due 3/28/2024
|
|
6.00
|
%
|
|
|
|
7,920,000
|
|
|
7,840,800
|
|
|
7,009,200
|
|
|
(4)(11)
|
|||
|
|
|
|
|
|
|
|
7,840,800
|
|
|
7,009,200
|
|
|
|
|||||
Commscope, Inc.
|
|
|
|
Communications Equipment
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+3.25% cash due 4/6/2026
|
|
4.24
|
%
|
|
|
|
2,491,739
|
|
|
2,370,459
|
|
|
2,367,152
|
|
|
(4)(9)(11)
|
|||
|
|
|
|
|
|
|
|
2,370,459
|
|
|
2,367,152
|
|
|
|
Portfolio Company/Type of Investment (1)(2)(3)
|
|
Cash Interest Rate (4)
|
|
Industry
|
|
Principal (5)
|
|
|
Cost
|
|
Fair Value
|
|
Notes
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Connect U.S. Finco LLC
|
|
|
|
Alternative Carriers
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+4.50% cash due 12/11/2026
|
|
5.49
|
%
|
|
|
|
$
|
9,941,000
|
|
|
$
|
9,696,389
|
|
|
$
|
8,014,931
|
|
|
(4)(9)(11)
|
|
|
|
|
|
|
|
|
9,696,389
|
|
|
8,014,931
|
|
|
|
|||||
Continental Intermodal Group LP
|
|
|
|
Oil & Gas Storage & Transportation
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+8.50% PIK due 1/28/2025
|
|
|
|
|
|
11,375,321
|
|
|
11,375,321
|
|
|
10,635,925
|
|
|
(4)(7)(11)(12)
|
||||
|
|
|
|
|
|
|
|
11,375,321
|
|
|
10,635,925
|
|
|
|
|||||
Convergeone Holdings, Inc.
|
|
|
|
IT Consulting & Other Services
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+5.00% cash due 1/4/2026
|
|
5.99
|
%
|
|
|
|
5,878,610
|
|
|
5,679,277
|
|
|
4,629,405
|
|
|
(4)
|
|||
|
|
|
|
|
|
|
|
5,679,277
|
|
|
4,629,405
|
|
|
|
|||||
Corrona, LLC
|
|
|
|
Health Care Services
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+5.75% cash due 12/13/2025
|
|
6.75
|
%
|
|
|
|
3,779,703
|
|
|
3,716,878
|
|
|
3,666,312
|
|
|
(4)(7)(11)
|
|||
First Lien Delayed Draw Term Loan, LIBOR+5.75% cash due 12/13/2025
|
|
|
|
|
|
—
|
|
|
(11,699
|
)
|
|
(40,110
|
)
|
|
(4)(7)(8)(11)
|
||||
First Lien Revolver, PRIME + 4.75% cash due 12/13/2025
|
|
8.00
|
%
|
|
|
|
446,000
|
|
|
434,880
|
|
|
425,930
|
|
|
(4)(7)(8)
|
|||
401 Class A2 Common Units in Corrona Group Holdings, L.P.
|
|
|
|
|
|
|
|
401,000
|
|
|
401,000
|
|
|
(7)
|
|||||
|
|
|
|
|
|
|
|
4,541,059
|
|
|
4,453,132
|
|
|
|
|||||
CPI Holdco, LLC
|
|
|
|
Health Care Supplies
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+4.25% cash due 11/4/2026
|
|
5.70
|
%
|
|
|
|
5,803,000
|
|
|
5,778,000
|
|
|
5,106,640
|
|
|
(4)(11)
|
|||
|
|
|
|
|
|
|
|
5,778,000
|
|
|
5,106,640
|
|
|
|
|||||
Crown Point CLO 7 Ltd.
|
|
|
|
Multi-Sector Holdings
|
|
|
|
|
|
|
|
|
|||||||
Class E Notes, LIBOR+6.30% cash due 10/20/2031
|
|
8.12
|
%
|
|
|
|
989,000
|
|
|
709,581
|
|
|
562,539
|
|
|
(4)(9)
|
|||
|
|
|
|
|
|
|
|
709,581
|
|
|
562,539
|
|
|
|
|||||
CTOS, LLC
|
|
|
|
Trading Companies & Distributors
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+4.25% cash due 4/18/2025
|
|
5.00
|
%
|
|
|
|
2,954,620
|
|
|
2,973,132
|
|
|
2,548,360
|
|
|
(4)(11)
|
|||
|
|
|
|
|
|
|
|
2,973,132
|
|
|
2,548,360
|
|
|
|
|||||
Cypress Intermediate Holdings III, Inc.
|
|
|
|
Application Software
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+2.75% cash due 4/29/2024
|
|
3.75
|
%
|
|
|
|
855,800
|
|
|
748,825
|
|
|
790,695
|
|
|
(4)
|
|||
|
|
|
|
|
|
|
|
748,825
|
|
|
790,695
|
|
|
|
|||||
Dcert Buyer, Inc.
|
|
|
|
Internet Services & Infrastructure
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+4.00% cash due 10/16/2026
|
|
4.99
|
%
|
|
|
|
8,000,000
|
|
|
7,980,000
|
|
|
7,193,360
|
|
|
(4)(11)
|
|||
|
|
|
|
|
|
|
|
7,980,000
|
|
|
7,193,360
|
|
|
|
|||||
Dealer Tire, LLC
|
|
|
|
Distributors
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+4.25% cash due 12/12/2025
|
|
5.24
|
%
|
|
|
|
8,509,498
|
|
|
8,415,294
|
|
|
7,077,052
|
|
|
(4)(11)
|
|||
|
|
|
|
|
|
|
|
8,415,294
|
|
|
7,077,052
|
|
|
|
|||||
Delta 2 (Lux) S.à.r.l.
|
|
|
|
Movies & Entertainment
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+2.50% cash due 2/1/2024
|
|
3.50
|
%
|
|
|
|
809,000
|
|
|
688,150
|
|
|
730,414
|
|
|
(4)(9)(11)
|
|||
|
|
|
|
|
|
|
|
688,150
|
|
|
730,414
|
|
|
|
|||||
The Dun & Bradstreet Corporation
|
|
|
|
Research & Consulting Services
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+4.00% cash due 2/6/2026
|
|
4.96
|
%
|
|
|
|
2,500,000
|
|
|
2,508,632
|
|
|
2,271,875
|
|
|
(4)(11)
|
|||
|
|
|
|
|
|
|
|
2,508,632
|
|
|
2,271,875
|
|
|
|
|||||
EHR Canada, LLC
|
|
|
|
Food Retail
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+8.00% cash due 9/28/2020
|
|
9.45
|
%
|
|
|
|
457,407
|
|
|
455,270
|
|
|
460,608
|
|
|
(4)(7)
|
|||
|
|
|
|
|
|
|
|
455,270
|
|
|
460,608
|
|
|
|
|||||
Elevation CLO 2013-1, Ltd.
|
|
|
|
Multi-Sector Holdings
|
|
|
|
|
|
|
|
|
|||||||
Class D1R2 Notes, LIBOR+7.65% cash due 8/15/2032
|
|
9.34
|
%
|
|
|
|
512,000
|
|
|
395,520
|
|
|
342,669
|
|
|
(4)(9)
|
|||
|
|
|
|
|
|
|
|
395,520
|
|
|
342,669
|
|
|
|
|||||
Elevation CLO 2018-9, Ltd.
|
|
|
|
Multi-Sector Holdings
|
|
|
|
|
|
|
|
|
|||||||
Class E Notes, LIBOR+6.30% cash due 7/15/2031
|
|
8.13
|
%
|
|
|
|
460,000
|
|
|
285,704
|
|
|
271,112
|
|
|
(4)(9)
|
|||
|
|
|
|
|
|
|
|
285,704
|
|
|
271,112
|
|
|
|
Portfolio Company/Type of Investment (1)(2)(3)
|
|
Cash Interest Rate (4)
|
|
Industry
|
|
Principal (5)
|
|
|
Cost
|
|
Fair Value
|
|
Notes
|
||||||
Elevation CLO 2018-10, Ltd.
|
|
|
|
Multi-Sector Holdings
|
|
|
|
|
|
|
|
|
|||||||
Class E Notes, LIBOR+6.29% cash due 10/20/2031
|
|
8.12
|
%
|
|
|
|
$
|
509,000
|
|
|
$
|
385,584
|
|
|
$
|
294,473
|
|
|
(4)(9)
|
|
|
|
|
|
|
|
|
385,584
|
|
|
294,473
|
|
|
|
|||||
Ellie Mae, Inc.
|
|
|
|
Application Software
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+3.75% cash due 4/17/2026
|
|
5.20
|
%
|
|
|
|
5,970,000
|
|
|
5,925,225
|
|
|
5,246,138
|
|
|
(4)(11)
|
|||
|
|
|
|
|
|
|
|
5,925,225
|
|
|
5,246,138
|
|
|
|
|||||
eResearch Technology, Inc.
|
|
|
|
Application Software
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+4.50% cash due 2/4/2027
|
|
5.95
|
%
|
|
|
|
4,000,000
|
|
|
3,960,000
|
|
|
3,548,000
|
|
|
(4)(11)
|
|||
|
|
|
|
|
|
|
|
3,960,000
|
|
|
3,548,000
|
|
|
|
|||||
Frontier Communications Corporation
|
|
|
|
Integrated Telecommunication Services
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+3.75% cash due 6/15/2024
|
|
5.21
|
%
|
|
|
|
7,714,737
|
|
|
7,604,148
|
|
|
7,373,591
|
|
|
(4)(9)(11)
|
|||
Fixed Rate Bond, 8.50% cash due 4/1/2026
|
|
|
|
|
|
2,216,000
|
|
|
2,109,971
|
|
|
2,037,501
|
|
|
|
||||
|
|
|
|
|
|
|
|
9,714,119
|
|
|
9,411,092
|
|
|
|
|||||
GFL Environmental, Inc.
|
|
|
|
Environmental & Facilities Services
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+3.00% cash due 5/30/2025
|
|
4.00
|
%
|
|
|
|
861,000
|
|
|
794,519
|
|
|
839,118
|
|
|
(4)(9)(11)
|
|||
|
|
|
|
|
|
|
|
794,519
|
|
|
839,118
|
|
|
|
|||||
GI Chill Acquisition LLC
|
|
|
|
Managed Health Care
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+4.00% cash due 8/6/2025
|
|
5.45
|
%
|
|
|
|
1,970,000
|
|
|
1,960,150
|
|
|
1,704,050
|
|
|
(4)(7)
|
|||
Second Lien Term Loan, LIBOR+7.50% cash due 8/6/2026
|
|
8.95
|
%
|
|
|
|
2,000,000
|
|
|
1,984,091
|
|
|
1,740,000
|
|
|
(4)(7)
|
|||
|
|
|
|
|
|
|
|
3,944,241
|
|
|
3,444,050
|
|
|
|
|||||
Global Medical Response
|
|
|
|
Health Care Services
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+4.25% cash due 3/14/2025
|
|
5.86
|
%
|
|
|
|
1,084,360
|
|
|
1,064,246
|
|
|
978,635
|
|
|
(4)
|
|||
|
|
|
|
|
|
|
|
1,064,246
|
|
|
978,635
|
|
|
|
|||||
GoodRx, Inc.
|
|
|
|
Interactive Media & Services
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+2.75% cash due 10/10/2025
|
|
3.74
|
%
|
|
|
|
1,023,380
|
|
|
882,541
|
|
|
967,094
|
|
|
(4)(11)
|
|||
|
|
|
|
|
|
|
|
882,541
|
|
|
967,094
|
|
|
|
|||||
Guidehouse LLP
|
|
|
|
Research & Consulting Services
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+4.50% cash due 5/1/2025
|
|
5.49
|
%
|
|
|
|
4,477,215
|
|
|
4,434,425
|
|
|
3,671,316
|
|
|
(4)(11)
|
|||
|
|
|
|
|
|
|
|
4,434,425
|
|
|
3,671,316
|
|
|
|
|||||
Helios Software Holdings, Inc.
|
|
|
|
Systems Software
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+4.25% cash due 10/24/2025
|
|
5.32
|
%
|
|
|
|
2,992,500
|
|
|
2,962,575
|
|
|
2,578,533
|
|
|
(4)(11)
|
|||
|
|
|
|
|
|
|
|
2,962,575
|
|
|
2,578,533
|
|
|
|
|||||
HNC Holdings, Inc.
|
|
|
|
Building Products
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+4.00% cash due 10/5/2023
|
|
5.00
|
%
|
|
|
|
625,712
|
|
|
584,660
|
|
|
566,269
|
|
|
(4)
|
|||
|
|
|
|
|
|
|
|
584,660
|
|
|
566,269
|
|
|
|
|||||
Hyland Software, Inc.
|
|
|
|
Systems Software
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+3.25% cash due 7/1/2024
|
|
4.24
|
%
|
|
|
|
301,235
|
|
|
269,857
|
|
|
282,785
|
|
|
(4)
|
|||
|
|
|
|
|
|
|
|
269,857
|
|
|
282,785
|
|
|
|
|||||
iCIMs, Inc.
|
|
|
|
Application Software
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+6.50% cash due 9/12/2024
|
|
7.50
|
%
|
|
|
|
1,671,765
|
|
|
1,646,418
|
|
|
1,602,386
|
|
|
(4)(7)
|
|||
First Lien Revolver, LIBOR+6.50% cash due 9/12/2024
|
|
|
|
|
|
—
|
|
|
(1,670
|
)
|
|
(3,662
|
)
|
|
(4)(7)(8)
|
||||
|
|
|
|
|
|
|
|
1,644,748
|
|
|
1,598,724
|
|
|
|
|||||
Intelsat Jackson Holdings S.A.
|
|
|
|
Alternative Carriers
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+3.75% cash due 11/27/2023
|
|
5.68
|
%
|
|
|
|
2,953,778
|
|
|
2,859,164
|
|
|
2,737,783
|
|
|
(4)(9)(11)
|
|||
First Lien Term Loan, LIBOR+4.50% cash due 1/2/2024
|
|
6.43
|
%
|
|
|
|
246,000
|
|
|
222,630
|
|
|
229,272
|
|
|
(4)(9)
|
|||
|
|
|
|
|
|
|
|
3,081,794
|
|
|
2,967,055
|
|
|
|
|||||
Intrawest Resorts Holdings, Inc.
|
|
|
|
Leisure Facilities
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+2.75% cash due 7/31/2024
|
|
3.74
|
%
|
|
|
|
342,125
|
|
|
292,517
|
|
|
313,044
|
|
|
(4)(11)
|
|||
|
|
|
|
|
|
|
|
292,517
|
|
|
313,044
|
|
|
|
|||||
KIK Custom Products Inc.
|
|
|
|
Household Products
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+4.00% cash due 5/15/2023
|
|
5.00
|
%
|
|
|
|
2,000,000
|
|
|
1,922,892
|
|
|
1,809,170
|
|
|
(4)(9)
|
|||
|
|
|
|
|
|
|
|
1,922,892
|
|
|
1,809,170
|
|
|
|
Portfolio Company/Type of Investment (1)(2)(3)
|
|
Cash Interest Rate (4)
|
|
Industry
|
|
Principal (5)
|
|
|
Cost
|
|
Fair Value
|
|
Notes
|
||||||
Level 3 Financing, Inc.
|
|
|
|
Alternative Carriers
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+1.75% cash due 3/1/2027
|
|
2.74
|
%
|
|
|
|
$
|
2,254,000
|
|
|
$
|
2,034,235
|
|
|
$
|
2,125,804
|
|
|
(4)(9)
|
|
|
|
|
|
|
|
|
2,034,235
|
|
|
2,125,804
|
|
|
|
|||||
Lightbox Intermediate, L.P.
|
|
|
|
Real Estate Services
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+5.00% cash due 5/9/2026
|
|
5.80
|
%
|
|
|
|
8,932,500
|
|
|
8,814,976
|
|
|
7,815,938
|
|
|
(4)(7)
|
|||
|
|
|
|
|
|
|
|
8,814,976
|
|
|
7,815,938
|
|
|
|
|||||
LTI Holdings, Inc.
|
|
|
|
Auto Parts & Equipment
|
|
|
|
|
|
|
|
|
|||||||
Second Lien Term Loan, LIBOR+6.75% cash due 9/6/2026
|
|
7.74
|
%
|
|
|
|
1,000,000
|
|
|
1,000,000
|
|
|
542,000
|
|
|
(4)
|
|||
|
|
|
|
|
|
|
|
1,000,000
|
|
|
542,000
|
|
|
|
|||||
Maravai Intermediate Holdings, LLC
|
|
|
|
Biotechnology
|
|
|
|
|
|
|
|
|
|
|
|||||
First Lien Term Loan, LIBOR+4.25% cash due 8/1/2025
|
|
5.75
|
%
|
|
|
|
1,280,500
|
|
|
1,267,695
|
|
|
1,120,438
|
|
|
(4)(7)
|
|||
|
|
|
|
|
|
|
|
1,267,695
|
|
|
1,120,438
|
|
|
|
|||||
McAfee, LLC
|
|
|
|
Systems Software
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+3.75% cash due 9/30/2024
|
|
4.69
|
%
|
|
|
|
490,754
|
|
|
436,771
|
|
|
463,763
|
|
|
(4)
|
|||
|
|
|
|
|
|
|
|
436,771
|
|
|
463,763
|
|
|
|
|||||
Mindbody, Inc.
|
|
|
|
Internet Services & Infrastructure
|
|
|
|
|
|
|
|
|
|
|
|||||
First Lien Term Loan, LIBOR+7.00% cash due 2/14/2025
|
|
8.00
|
%
|
|
|
|
7,238,095
|
|
|
7,120,489
|
|
|
6,695,238
|
|
|
(4)(7)
|
|||
First Lien Revolver, LIBOR+7.00% cash due 2/14/2025
|
|
8.07
|
%
|
|
|
|
761,905
|
|
|
749,525
|
|
|
704,762
|
|
|
(4)(7)
|
|||
|
|
|
|
|
|
|
|
7,870,014
|
|
|
7,400,000
|
|
|
|
|||||
Mountain View CLO XIV Ltd.
|
|
|
|
Multi-Sector Holdings
|
|
|
|
|
|
|
|
|
|||||||
Class E Notes, LIBOR+6.71% cash due 4/15/2029
|
|
8.54
|
%
|
|
|
|
214,000
|
|
|
131,952
|
|
|
146,772
|
|
|
(4)(9)
|
|||
|
|
|
|
|
|
|
|
131,952
|
|
|
146,772
|
|
|
|
|||||
MRI Software LLC
|
|
|
|
Application Software
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+5.50% cash due 2/10/2026
|
|
6.57
|
%
|
|
|
|
4,641,397
|
|
|
4,597,033
|
|
|
4,107,636
|
|
|
(4)(7)
|
|||
First Lien Delayed Draw Term Loan, LIBOR+5.50% cash due 2/10/2026
|
|
|
|
|
|
—
|
|
|
(4,844
|
)
|
|
(92,617
|
)
|
|
(4)(7)(8)
|
||||
First Lien Revolver, LIBOR+5.50% cash due 2/10/2026
|
|
6.57
|
%
|
|
|
|
230,596
|
|
|
225,984
|
|
|
177,559
|
|
|
(4)(7)(8)
|
|||
|
|
|
|
|
|
|
|
4,818,173
|
|
|
4,192,578
|
|
|
|
|||||
Navicure, Inc.
|
|
|
|
Health Care Technology
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+4.00% cash due 10/22/2026
|
|
4.99
|
%
|
|
|
|
7,628,000
|
|
|
7,291,463
|
|
|
7,074,970
|
|
|
(4)(11)
|
|||
|
|
|
|
|
|
|
|
7,291,463
|
|
|
7,074,970
|
|
|
|
|||||
OEConnection LLC
|
|
|
|
Application Software
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+4.00% cash due 9/25/2026
|
|
5.45
|
%
|
|
|
|
8,634,102
|
|
|
8,590,931
|
|
|
6,972,037
|
|
|
(4)(11)
|
|||
First Lien Delayed Draw Term Loan, LIBOR+4.00% cash due 9/25/2026
|
|
|
|
|
|
—
|
|
|
(3,959
|
)
|
|
(158,333
|
)
|
|
(4)(8)(11)
|
||||
|
|
|
|
|
|
|
|
8,586,972
|
|
|
6,813,704
|
|
|
|
|||||
Olaplex, Inc.
|
|
|
|
Personal Products
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+6.50% cash due 1/8/2026
|
|
7.50
|
%
|
|
|
|
9,500,000
|
|
|
9,317,281
|
|
|
8,882,500
|
|
|
(4)(7)(11)
|
|||
First Lien Revolver, LIBOR+6.50% cash due 1/8/2025
|
|
7.50
|
%
|
|
|
|
1,026,000
|
|
|
1,006,423
|
|
|
959,310
|
|
|
(4)(7)
|
|||
|
|
|
|
|
|
|
|
10,323,704
|
|
|
9,841,810
|
|
|
|
|||||
OZLM Funding III, Ltd.
|
|
|
|
Multi-Sector Holdings
|
|
|
|
|
|
|
|
|
|||||||
Class DR Notes, LIBOR+7.77% cash due 1/22/2029
|
|
9.58
|
%
|
|
|
|
1,630,000
|
|
|
1,212,322
|
|
|
937,250
|
|
|
(4)(9)
|
|||
|
|
|
|
|
|
|
|
1,212,322
|
|
|
937,250
|
|
|
|
|||||
P & L Development, LLC
|
|
|
|
Pharmaceuticals
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+7.50% cash due 6/28/2024
|
|
9.50
|
%
|
|
|
|
4,089,450
|
|
|
4,001,811
|
|
|
3,578,269
|
|
|
(4)(7)
|
|||
|
|
|
|
|
|
|
|
4,001,811
|
|
|
3,578,269
|
|
|
|
|||||
PaySimple, Inc.
|
|
|
|
Data Processing & Outsourced Services
|
|
|
|
|
|
|
|
|
|||||||
First Lien Delayed Draw Term Loan, LIBOR+5.50% cash due 8/23/2025
|
|
6.48
|
%
|
|
|
|
1,816,385
|
|
|
1,764,927
|
|
|
1,574,011
|
|
|
(4)(7)(8)(11)
|
|||
First Lien Term Loan, LIBOR+5.50% cash due 8/23/2025
|
|
6.46
|
%
|
|
|
|
8,263,475
|
|
|
8,113,989
|
|
|
7,519,762
|
|
|
(4)(7)(11)
|
|||
|
|
|
|
|
|
|
|
9,878,916
|
|
|
9,093,773
|
|
|
|
Portfolio Company/Type of Investment (1)(2)(3)
|
|
Cash Interest Rate (4)
|
|
Industry
|
|
Principal (5)
|
|
|
Cost
|
|
Fair Value
|
|
Notes
|
||||||
Petsmart, Inc.
|
|
|
|
Specialty Stores
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+4.00% cash due 3/11/2022
|
|
5.00
|
%
|
|
|
|
$
|
588,000
|
|
|
$
|
529,200
|
|
|
$
|
565,438
|
|
|
(4)(11)
|
|
|
|
|
|
|
|
|
529,200
|
|
|
565,438
|
|
|
|
|||||
ProFrac Services, LLC
|
|
|
|
Industrial Machinery
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+6.25% cash due 9/15/2023
|
|
8.14
|
%
|
|
|
|
1,325,833
|
|
|
1,316,645
|
|
|
1,160,104
|
|
|
(4)(7)(11)
|
|||
|
|
|
|
|
|
|
|
1,316,645
|
|
|
1,160,104
|
|
|
|
|||||
Project Boost Purchaser, LLC
|
|
|
|
Application Software
|
|
|
|
|
|
|
|
|
|||||||
Second Lien Term Loan, LIBOR+8.00% cash due 5/9/2027
|
|
8.99
|
%
|
|
|
|
1,500,000
|
|
|
1,500,000
|
|
|
1,162,500
|
|
|
(4)(7)
|
|||
|
|
|
|
|
|
|
|
1,500,000
|
|
|
1,162,500
|
|
|
|
|||||
Quikrete Holdings, Inc.
|
|
|
|
Construction Materials
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+2.50% cash due 2/1/2027
|
|
3.49
|
%
|
|
|
|
3,088,260
|
|
|
2,852,780
|
|
|
2,856,641
|
|
|
(4)(11)
|
|||
|
|
|
|
|
|
|
|
2,852,780
|
|
|
2,856,641
|
|
|
|
|||||
Recorded Books Inc.
|
|
|
|
Publishing
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+4.25% cash due 8/29/2025
|
|
4.95
|
%
|
|
|
|
7,847,084
|
|
|
7,808,970
|
|
|
6,944,669
|
|
|
(4)(11)
|
|||
|
|
|
|
|
|
|
|
7,808,970
|
|
|
6,944,669
|
|
|
|
|||||
Rockies Express Pipeline LLC
|
|
|
|
Oil & Gas Storage & Transportation
|
|
|
|
|
|
|
|
|
|||||||
Fixed Rate Bond, 6.88% cash due 4/15/2040
|
|
|
|
|
|
1,359,000
|
|
|
883,056
|
|
|
822,278
|
|
|
|
||||
|
|
|
|
|
|
|
|
883,056
|
|
|
822,278
|
|
|
|
|||||
Sabert Corporation
|
|
|
|
Metal & Glass Containers
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+4.50% cash due 12/10/2026
|
|
5.50
|
%
|
|
|
|
4,350,000
|
|
|
4,306,500
|
|
|
4,045,500
|
|
|
(4)(11)
|
|||
|
|
|
|
|
|
|
|
4,306,500
|
|
|
4,045,500
|
|
|
|
|||||
Scientific Games International, Inc.
|
|
|
|
Casinos & Gaming
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+2.75% cash due 8/14/2024
|
|
3.74
|
%
|
|
|
|
353,099
|
|
|
284,245
|
|
|
286,598
|
|
|
(4)(9)(11)
|
|||
|
|
|
|
|
|
|
|
284,245
|
|
|
286,598
|
|
|
|
|||||
Scilex Pharmaceuticals Inc.
|
|
|
|
Pharmaceuticals
|
|
|
|
|
|
|
|
|
|||||||
Fixed Rate Zero Coupon Bond due 8/15/2026
|
|
|
|
|
|
2,357,448
|
|
|
1,740,251
|
|
|
1,709,150
|
|
|
(7)
|
||||
|
|
|
|
|
|
|
|
1,740,251
|
|
|
1,709,150
|
|
|
|
|||||
Shackleton 2018-XII CLO, Ltd.
|
|
|
|
Multi-Sector Holdings
|
|
|
|
|
|
|
|
|
|||||||
Class E Notes, LIBOR+5.90% cash due 7/20/2031
|
|
7.72
|
%
|
|
|
|
521,000
|
|
|
370,944
|
|
|
297,650
|
|
|
(4)(9)
|
|||
|
|
|
|
|
|
|
|
370,944
|
|
|
297,650
|
|
|
|
|||||
Shackleton 2019-XIV CLO, Ltd.
|
|
|
|
Multi-Sector Holdings
|
|
|
|
|
|
|
|
|
|||||||
Class D Notes, LIBOR+6.48% cash due 7/20/2030
|
|
8.30
|
%
|
|
|
|
396,000
|
|
|
240,228
|
|
|
208,890
|
|
|
(4)(9)
|
|||
|
|
|
|
|
|
|
|
240,228
|
|
|
208,890
|
|
|
|
|||||
Signify Health, LLC
|
|
|
|
Health Care Services
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+4.50% cash due 12/23/2024
|
|
5.95
|
%
|
|
|
|
6,929,293
|
|
|
6,870,747
|
|
|
5,820,606
|
|
|
(4)(11)
|
|||
|
|
|
|
|
|
|
|
6,870,747
|
|
|
5,820,606
|
|
|
|
|||||
Sirva Worldwide, Inc.
|
|
|
|
Diversified Support Services
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+5.50% cash due 8/4/2025
|
|
6.49
|
%
|
|
|
|
1,937,500
|
|
|
1,908,438
|
|
|
1,453,125
|
|
|
(4)
|
|||
|
|
|
|
|
|
|
|
1,908,438
|
|
|
1,453,125
|
|
|
|
|||||
Sorrento Therapeutics, Inc.
|
|
|
|
Biotechnology
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+7.00% cash due 11/7/2023
|
|
8.50
|
%
|
|
|
|
5,157,195
|
|
|
4,858,041
|
|
|
5,083,543
|
|
|
(4)(7)(9)
|
|||
503,119 Common Stock Warrants (exercise price $3.28) expiration date 5/7/2029
|
|
|
|
|
|
|
|
560,000
|
|
|
442,745
|
|
|
(7)(9)
|
|||||
106,664 Common Stock Warrants (exercise price $3.94) expiration date 11/3/2029
|
|
|
|
|
|
|
|
—
|
|
|
89,598
|
|
|
(7)(9)
|
|||||
160,000 Common Stock Warrants (exercise price $3.26) expiration date 6/6/2030
|
|
|
|
|
|
|
|
—
|
|
|
132,800
|
|
|
(7)(9)
|
|||||
|
|
|
|
|
|
|
|
5,418,041
|
|
|
5,748,686
|
|
|
|
|||||
Star US Bidco LLC
|
|
|
|
Industrial Machinery
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+4.25% cash due 3/17/2027
|
|
5.94
|
%
|
|
|
|
4,024,000
|
|
|
3,983,760
|
|
|
3,500,880
|
|
|
(4)(11)
|
|||
|
|
|
|
|
|
|
|
3,983,760
|
|
|
3,500,880
|
|
|
|
Portfolio Company/Type of Investment (1)(2)(3)
|
|
Cash Interest Rate (4)
|
|
Industry
|
|
Principal (5)
|
|
|
Cost
|
|
Fair Value
|
|
Notes
|
||||||
Sunshine Luxembourg VII SARL
|
|
|
|
Personal Products
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+4.25% cash due 10/1/2026
|
|
5.32
|
%
|
|
|
|
$
|
6,394,973
|
|
|
$
|
6,246,881
|
|
|
$
|
5,819,425
|
|
|
(4)(9)
|
|
|
|
|
|
|
|
|
6,246,881
|
|
|
5,819,425
|
|
|
|
|||||
Supermoose Borrower, LLC
|
|
|
|
Application Software
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+3.75% cash due 8/29/2025
|
|
5.20
|
%
|
|
|
|
1,792,017
|
|
|
1,668,660
|
|
|
1,444,365
|
|
|
(4)
|
|||
|
|
|
|
|
|
|
|
1,668,660
|
|
|
1,444,365
|
|
|
|
|||||
Surgery Center Holdings, Inc.
|
|
|
|
Health Care Facilities
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+3.25% cash due 9/2/2024
|
|
4.25
|
%
|
|
|
|
331,760
|
|
|
254,317
|
|
|
257,280
|
|
|
(4)(9)
|
|||
|
|
|
|
|
|
|
|
254,317
|
|
|
257,280
|
|
|
|
|||||
Tacala, LLC
|
|
|
|
Restaurants
|
|
|
|
|
|
|
|
|
|||||||
Second Lien Term Loan, LIBOR+7.50% cash due 2/4/2028
|
|
8.49
|
%
|
|
|
|
2,247,000
|
|
|
2,241,439
|
|
|
1,758,278
|
|
|
(4)
|
|||
|
|
|
|
|
|
|
|
2,241,439
|
|
|
1,758,278
|
|
|
|
|||||
Thunder Finco (US), LLC
|
|
|
|
Movies & Entertainment
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+4.25% cash due 11/26/2026
|
|
5.24
|
%
|
|
|
|
6,000,000
|
|
|
5,940,000
|
|
|
4,695,000
|
|
|
(4)(7)(9)(11)
|
|||
|
|
|
|
|
|
|
|
5,940,000
|
|
|
4,695,000
|
|
|
|
|||||
TIBCO Software Inc.
|
|
|
|
Application Software
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+3.75% cash due 6/30/2026
|
|
4.74
|
%
|
|
|
|
9,437,270
|
|
|
9,447,771
|
|
|
8,965,406
|
|
|
(4)(11)
|
|||
Second Lien Term Loan, LIBOR+7.25% cash due 3/3/2028
|
|
8.24
|
%
|
|
|
|
3,278,000
|
|
|
3,261,610
|
|
|
3,130,490
|
|
|
(4)
|
|||
|
|
|
|
|
|
|
|
12,709,381
|
|
|
12,095,896
|
|
|
|
|||||
Transact Holdings Inc.
|
|
|
|
Application Software
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+4.75% cash due 4/30/2026
|
|
5.74
|
%
|
|
|
|
7,960,000
|
|
|
7,840,600
|
|
|
6,169,000
|
|
|
(4)(7)
|
|||
|
|
|
|
|
|
|
|
7,840,600
|
|
|
6,169,000
|
|
|
|
|||||
Turbocombustor Technology, Inc.
|
|
|
|
Aerospace & Defense
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+4.50% cash due 12/2/2020
|
|
5.50
|
%
|
|
|
|
1,258,622
|
|
|
1,132,378
|
|
|
1,107,587
|
|
|
(4)(11)
|
|||
|
|
|
|
|
|
|
|
1,132,378
|
|
|
1,107,587
|
|
|
|
|||||
Uber Technologies, Inc.
|
|
|
|
Application Software
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+3.50% cash due 7/13/2023
|
|
4.49
|
%
|
|
|
|
3,948,849
|
|
|
3,935,994
|
|
|
3,731,662
|
|
|
(4)
|
|||
First Lien Term Loan, LIBOR+4.00% cash due 4/4/2025
|
|
5.00
|
%
|
|
|
|
1,902,740
|
|
|
1,850,508
|
|
|
1,790,155
|
|
|
(4)(9)(11)
|
|||
|
|
|
|
|
|
|
|
5,786,502
|
|
|
5,521,817
|
|
|
|
|||||
UFC Holdings, LLC
|
|
|
|
Movies & Entertainment
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+3.25% cash due 4/29/2026
|
|
4.25
|
%
|
|
|
|
439,860
|
|
|
387,077
|
|
|
392,026
|
|
|
(4)(11)
|
|||
|
|
|
|
|
|
|
|
387,077
|
|
|
392,026
|
|
|
|
|||||
Uniti Fiber Holdings Inc.
|
|
|
|
Specialized REITs
|
|
|
|
|
|
|
|
|
|||||||
Fixed Rate Bond, 7.88% cash due 2/15/2025
|
|
|
|
|
|
6,889,000
|
|
|
6,889,000
|
|
|
6,458,438
|
|
|
(9)
|
||||
Fixed Rate Bond, 8.25% cash due 10/15/2023
|
|
|
|
|
|
1,814,000
|
|
|
1,724,792
|
|
|
1,410,385
|
|
|
(9)
|
||||
|
|
|
|
|
|
|
|
8,613,792
|
|
|
7,868,823
|
|
|
|
|||||
U.S. Renal Care, Inc.
|
|
|
|
Health Care Services
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+5.00% cash due 6/26/2026
|
|
6.00
|
%
|
|
|
|
406,977
|
|
|
333,722
|
|
|
359,886
|
|
|
(4)(11)
|
|||
|
|
|
|
|
|
|
|
333,722
|
|
|
359,886
|
|
|
|
|||||
Veritas US Inc.
|
|
|
|
Application Software
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+4.50% cash due 1/27/2023
|
|
5.95
|
%
|
|
|
|
4,293,021
|
|
|
4,111,083
|
|
|
3,718,830
|
|
|
(4)(11)
|
|||
|
|
|
|
|
|
|
|
4,111,083
|
|
|
3,718,830
|
|
|
|
|||||
Verscend Holding Corp.
|
|
|
|
Health Care Technology
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+4.50% cash due 8/27/2025
|
|
5.49
|
%
|
|
|
|
9,172,331
|
|
|
9,154,196
|
|
|
8,713,714
|
|
|
(4)(11)
|
|||
|
|
|
|
|
|
|
|
9,154,196
|
|
|
8,713,714
|
|
|
|
|||||
WeddingWire, Inc.
|
|
|
|
Interactive Media & Services
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+4.50% cash due 12/19/2025
|
|
5.95
|
%
|
|
|
|
2,962,500
|
|
|
2,950,280
|
|
|
2,592,188
|
|
|
(4)(11)
|
|||
|
|
|
|
|
|
|
|
2,950,280
|
|
|
2,592,188
|
|
|
|
Portfolio Company/Type of Investment (1)(2)(3)
|
|
Cash Interest Rate (4)
|
|
Industry
|
|
Principal (5)
|
|
|
Cost
|
|
Fair Value
|
|
Notes
|
||||||
WideOpenWest Finance, LLC
|
|
|
|
Cable & Satellite
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+3.25% cash due 8/18/2023
|
|
4.25
|
%
|
|
|
|
$
|
1,223,862
|
|
|
$
|
1,104,782
|
|
|
$
|
1,141,251
|
|
|
(4)(9)(11)
|
|
|
|
|
|
|
|
|
1,104,782
|
|
|
1,141,251
|
|
|
|
|||||
WP CPP Holdings, LLC
|
|
|
|
Aerospace & Defense
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+3.75% cash due 4/30/2025
|
|
5.53
|
%
|
|
|
|
3,950,750
|
|
|
3,928,521
|
|
|
3,012,445
|
|
|
(4)(11)
|
|||
|
|
|
|
|
|
|
|
3,928,521
|
|
|
3,012,445
|
|
|
|
|||||
WPEngine, Inc.
|
|
|
|
Application Software
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+6.50% cash due 3/27/2026
|
|
7.77
|
%
|
|
|
|
5,118,050
|
|
|
4,990,391
|
|
|
4,990,099
|
|
|
(4)(7)
|
|||
First Lien Delayed Draw Term Loan, LIBOR+6.50% cash due 3/27/2026
|
|
|
|
|
|
—
|
|
|
(237,081
|
)
|
|
(237,624
|
)
|
|
(4)(7)(8)
|
||||
|
|
|
|
|
|
|
|
4,753,310
|
|
|
4,752,475
|
|
|
|
|||||
Total Non-Control/Non-Affiliate Investments (176.5% of net assets)
|
|
|
|
|
|
|
|
$
|
390,195,496
|
|
|
$
|
354,696,821
|
|
|
|
|||
Cash and Cash Equivalents and Restricted Cash (17.3% of net assets)
|
|
|
|
|
|
|
|
$
|
34,805,311
|
|
|
$
|
34,805,311
|
|
|
|
|||
Total Portfolio Investments, Cash and Cash Equivalents and Restricted Cash (193.8% of net assets)
|
|
|
|
|
|
|
|
$
|
425,000,807
|
|
|
$
|
389,502,132
|
|
|
|
Derivative Instrument
|
|
Notional Amount to be Purchased
|
|
Notional Amount to be Sold
|
|
Maturity Date
|
|
Counterparty
|
|
Cumulative Unrealized Appreciation (Depreciation)
|
||||||
Foreign currency forward contract
|
|
$
|
2,981,267
|
|
|
€
|
2,662,178
|
|
|
5/14/2020
|
|
Bank of New York Mellon
|
|
$
|
55,258
|
|
(1)
|
All debt investments are income producing unless otherwise noted. All equity investments are non-income producing unless otherwise noted.
|
(2)
|
See Note 3 in the accompanying notes to the Consolidated Financial Statements for portfolio composition by geographic region.
|
(3)
|
Interest rates may be adjusted from period to period on certain term loans and revolvers. These rate adjustments may be either temporary in nature due to tier pricing arrangements or financial or payment covenant violations in the original credit agreements or permanent in nature per loan amendment or waiver documents.
|
(4)
|
The interest rate on the principal balance outstanding for all floating rate loans is indexed to the London Interbank Offered Rate ("LIBOR") and/or an alternate base rate (e.g., prime rate), which typically resets semi-annually, quarterly, or monthly at the borrower's option. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the Company has provided the applicable margin over LIBOR or the alternate based rate based on each respective credit agreement and the cash interest rate as of period end. All LIBOR shown above is in U.S. dollars unless otherwise noted. As of March 31, 2020, the reference rates for the Company's variable rate loans were the 30-day LIBOR at 0.99%, the 60-day LIBOR at 1.26%, the 90-day LIBOR at 1.45%, the 180-day LIBOR at 1.07%, the PRIME at 3.25% and the 30-day Euro Interbank Offered Rate ("EURIBOR") at (0.40)%. Most loans include an interest floor, which generally ranges from 0% to 1%.
|
(5)
|
"€" signifies the investment is denominated in Euros. All other investments are denominated in U.S. dollars.
|
(6)
|
Non-Control/Non-Affiliate Investments are investments that are neither Control Investments nor Affiliate Investments. Control Investments generally are defined by the Investment Company Act of 1940, as amended (the "Investment Company Act"), as investments in companies in which the Company owns more than 25% of the voting securities and/or has the power to exercise control over the management or policies of the company. Affiliate Investments generally are defined by the Investment Company Act as investments in companies in which the Company owns between 5% and 25% of the voting securities.
|
(7)
|
As of March 31, 2020, these investments are categorized as Level 3 within the fair value hierarchy established by Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820, Fair Value Measurements and Disclosures ("ASC 820") and were valued using significant unobservable inputs.
|
(8)
|
Investment has undrawn commitments. Unamortized fees are classified as unearned income which reduces cost basis, which may result in a negative cost basis. A negative fair value may result from the unfunded commitment being valued below par.
|
(9)
|
Investment is not a qualifying asset as defined under Section 55(a) of the Investment Company Act. Under the Investment Company 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 March 31, 2020, qualifying assets represented 79.1% of the Company's total assets and non-qualifying assets represented 20.9% of the Company's total assets.
|
(10)
|
Payment-in-kind ("PIK") interest income for this investment accrues at an annualized rate of 15%, however, the PIK interest is not contractually capitalized on the investment. As a result, the principal amount of the investment does not increase over time for accumulated PIK interest. As of March 31, 2020, the accumulated PIK interest balance for each of the Alvotech A notes and the B notes was $0.4 million. The fair value of this investment is inclusive of PIK.
|
(11)
|
All or a portion of this investment is pledged as collateral under the Citibank Facility (as defined in Note 6 to the accompanying notes to the Consolidated Financial Statements).
|
(12)
|
During the quarter ended March 31, 2020, this portfolio company modified its scheduled interest payment to PIK.
|
Portfolio Company/Type of Investment (1)(2)(3)
|
|
Cash Interest Rate (4)
|
|
Industry
|
|
Principal (5)
|
|
|
Cost
|
|
Fair Value
|
|
Notes
|
||||||
Non-Control/Non-Affiliate Investments
|
|
|
|
|
|
|
|
|
|
|
|
(6)
|
|||||||
Access CIG, LLC
|
|
|
|
Diversified Support Services
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+3.75% cash due 2/27/2025
|
|
6.07
|
%
|
|
|
|
$
|
7,551,410
|
|
|
$
|
7,483,710
|
|
|
$
|
7,471,214
|
|
|
(4)
|
|
|
|
|
|
|
|
|
7,483,710
|
|
|
7,471,214
|
|
|
|
|||||
Adient US LLC
|
|
|
|
Auto Parts & Equipment
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+4.25% cash due 5/6/2024
|
|
6.46
|
%
|
|
|
|
4,987,500
|
|
|
4,962,563
|
|
|
4,918,922
|
|
|
(4)(9)
|
|||
|
|
|
|
|
|
|
|
4,962,563
|
|
|
4,918,922
|
|
|
|
|||||
AI Sirona (Luxembourg) Acquisition S.a.r.l.
|
|
|
|
Pharmaceuticals
|
|
|
|
|
|
|
|
|
|||||||
Second Lien Term Loan, EURIBOR+7.25% cash due 7/10/2026
|
|
7.25
|
%
|
|
|
|
€
|
2,500,000
|
|
|
2,862,090
|
|
|
2,667,597
|
|
|
(4)(9)
|
||
|
|
|
|
|
|
|
|
2,862,090
|
|
|
2,667,597
|
|
|
|
|||||
Air Medical Group Holdings, Inc.
|
|
|
|
Health Care Services
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+4.25% cash due 3/14/2025
|
|
6.29
|
%
|
|
|
|
$
|
1,089,907
|
|
|
1,067,643
|
|
|
1,023,602
|
|
|
(4)
|
||
|
|
|
|
|
|
|
|
1,067,643
|
|
|
1,023,602
|
|
|
|
|||||
Aldevron, L.L.C.
|
|
|
|
Biotechnology
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+4.25% cash due 9/20/2026
|
|
6.36
|
%
|
|
|
|
4,000,000
|
|
|
3,960,000
|
|
|
4,020,000
|
|
|
(4)(11)
|
|||
|
|
|
|
|
|
|
|
3,960,000
|
|
|
4,020,000
|
|
|
|
|||||
Algeco Scotsman Global Finance Plc
|
|
|
|
Construction & Engineering
|
|
|
|
|
|
|
|
|
|||||||
Fixed Rate Bond, 8.00% cash due 2/15/2023
|
|
|
|
|
|
1,000,000
|
|
|
1,020,274
|
|
|
1,002,800
|
|
|
(9)
|
||||
|
|
|
|
|
|
|
|
1,020,274
|
|
|
1,002,800
|
|
|
|
|||||
Altice France S.A.
|
|
|
|
Integrated Telecommunication Services
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+4.00% cash due 8/14/2026
|
|
6.03
|
%
|
|
|
|
4,000,000
|
|
|
4,000,000
|
|
|
3,997,500
|
|
|
(4)(9)
|
|||
|
|
|
|
|
|
|
|
4,000,000
|
|
|
3,997,500
|
|
|
|
|||||
Alvotech Holdings S.A.
|
|
|
|
Biotechnology
|
|
|
|
|
|
|
|
|
|||||||
Fixed Rate Bond, 15.00% PIK Note A due 12/13/2023
|
|
|
|
|
|
2,000,000
|
|
|
2,203,231
|
|
|
2,444,400
|
|
|
(7)(9)(10)
|
||||
Fixed Rate Bond, 15.00% PIK Note B due 12/13/2023
|
|
|
|
|
|
2,000,000
|
|
|
2,203,231
|
|
|
2,244,400
|
|
|
(7)(9)(10)
|
||||
|
|
|
|
|
|
|
|
4,406,462
|
|
|
4,688,800
|
|
|
|
|||||
Apptio, Inc.
|
|
|
|
Application Software
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+7.25% cash due 1/10/2025
|
|
9.56
|
%
|
|
|
|
7,129,297
|
|
|
7,001,960
|
|
|
6,997,404
|
|
|
(4)(7)
|
|||
First Lien Revolver, LIBOR+7.25% cash due 1/10/2025
|
|
|
|
|
|
—
|
|
|
(8,119
|
)
|
|
(8,538
|
)
|
|
(4)(7)(8)
|
||||
|
|
|
|
|
|
|
|
6,993,841
|
|
|
6,988,866
|
|
|
|
|||||
Assembled Brands Capital LLC
|
|
|
|
Specialized Finance
|
|
|
|
|
|
|
|
|
|||||||
First Lien Delayed Draw Term Loan, LIBOR+6.00% cash due 10/17/2023
|
|
8.10
|
%
|
|
|
|
—
|
|
|
604,359
|
|
|
604,359
|
|
|
(4)(7)(8)
|
|||
174,131 Class A Units
|
|
|
|
|
|
|
|
82,713
|
|
|
84,576
|
|
|
(7)
|
|||||
110,285 Preferred Units, 6%
|
|
|
|
|
|
|
|
110,285
|
|
|
110,285
|
|
|
(7)
|
|||||
7,621 Class A Warrants (exercise price $3.3778) expiration date 9/9/2029
|
|
|
|
|
|
|
|
—
|
|
|
—
|
|
|
(7)
|
|||||
|
|
|
|
|
|
|
|
797,357
|
|
|
799,220
|
|
|
|
|||||
Avantor Inc.
|
|
|
|
Health Care Distributors
|
|
|
|
|
|
|
|
|
|||||||
Fixed Rate Bond, 9.00% cash due 10/1/2025
|
|
|
|
|
|
1,000,000
|
|
|
1,015,805
|
|
|
1,126,250
|
|
|
|
||||
|
|
|
|
|
|
|
|
1,015,805
|
|
|
1,126,250
|
|
|
|
|||||
Ball Metalpack Finco, LLC
|
|
|
|
Metal & Glass Containers
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+4.50% cash due 7/31/2025
|
|
6.62
|
%
|
|
|
|
1,481,250
|
|
|
1,475,024
|
|
|
1,397,930
|
|
|
(4)(7)(11)
|
|||
|
|
|
|
|
|
|
|
1,475,024
|
|
|
1,397,930
|
|
|
|
|||||
Boxer Parent Company Inc.
|
|
|
|
Systems Software
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+4.25% cash due 10/2/2025
|
|
6.29
|
%
|
|
|
|
8,573,368
|
|
|
8,404,544
|
|
|
8,265,456
|
|
|
(4)
|
|||
|
|
|
|
|
|
|
|
8,404,544
|
|
|
8,265,456
|
|
|
|
|||||
Canyon Buyer, Inc.
|
|
|
|
Application Software
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+4.25% cash due 2/15/2025
|
|
6.36
|
%
|
|
|
|
3,969,773
|
|
|
3,926,398
|
|
|
3,949,924
|
|
|
(4)
|
|||
|
|
|
|
|
|
|
|
3,926,398
|
|
|
3,949,924
|
|
|
|
Portfolio Company/Type of Investment (1)(2)(3)
|
|
Cash Interest Rate (4)
|
|
Industry
|
|
Principal (5)
|
|
|
Cost
|
|
Fair Value
|
|
Notes
|
||||||
Cast & Crew Payroll, LLC
|
|
|
|
Application Software
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+4.00% cash due 2/9/2026
|
|
6.05
|
%
|
|
|
|
$
|
3,980,000
|
|
|
$
|
3,940,200
|
|
|
$
|
4,014,825
|
|
|
(4)
|
|
|
|
|
|
|
|
|
3,940,200
|
|
|
4,014,825
|
|
|
|
|||||
CGG Holding (U.S.) Inc.
|
|
|
|
Oil & Gas Equipment & Services
|
|
|
|
|
|
|
|
|
|||||||
Fixed Rate Bond, 9.00% cash due 5/1/2023
|
|
|
|
|
|
819,000
|
|
|
849,160
|
|
|
876,330
|
|
|
(9)
|
||||
|
|
|
|
|
|
|
|
849,160
|
|
|
876,330
|
|
|
|
|||||
Cincinnati Bell Inc.
|
|
|
|
Integrated Telecommunication Services
|
|
|
|
|
|
|
|
|
|||||||
29,443 Common Equity Shares
|
|
|
|
|
|
|
|
129,979
|
|
|
149,276
|
|
|
|
|||||
First Lien Term Loan, LIBOR+3.25% cash due 10/2/2024
|
|
5.29
|
%
|
|
|
|
4,987,406
|
|
|
4,944,677
|
|
|
4,982,543
|
|
|
(4)(11)
|
|||
|
|
|
|
|
|
|
|
5,074,656
|
|
|
5,131,819
|
|
|
|
|||||
CITGO Petroleum Corp.
|
|
|
|
Oil & Gas Refining & Marketing
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+5.00% cash due 3/28/2024
|
|
7.10
|
%
|
|
|
|
7,960,000
|
|
|
7,880,400
|
|
|
8,009,750
|
|
|
(4)(11)
|
|||
|
|
|
|
|
|
|
|
7,880,400
|
|
|
8,009,750
|
|
|
|
|||||
Connect U.S. Finco LLC
|
|
|
|
Alternative Carriers
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+4.50% cash due 9/23/2026
|
|
7.10
|
%
|
|
|
|
9,500,000
|
|
|
9,310,000
|
|
|
9,367,143
|
|
|
(4)(9)(11)
|
|||
|
|
|
|
|
|
|
|
9,310,000
|
|
|
9,367,143
|
|
|
|
|||||
Convergeone Holdings, Inc.
|
|
|
|
IT Consulting & Other Services
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+5.00% cash due 1/4/2026
|
|
7.04
|
%
|
|
|
|
5,908,300
|
|
|
5,690,535
|
|
|
5,341,103
|
|
|
(4)
|
|||
|
|
|
|
|
|
|
|
5,690,535
|
|
|
5,341,103
|
|
|
|
|||||
Dcert Buyer, Inc.
|
|
|
|
Internet Services & Infrastructure
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+4.00% cash due 8/8/2026
|
|
6.26
|
%
|
|
|
|
8,000,000
|
|
|
7,980,000
|
|
|
7,985,000
|
|
|
(4)(11)
|
|||
|
|
|
|
|
|
|
|
7,980,000
|
|
|
7,985,000
|
|
|
|
|||||
DigiCert, Inc.
|
|
|
|
Internet Services & Infrastructure
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+4.00% cash due 10/31/2024
|
|
6.04
|
%
|
|
|
|
3,922,038
|
|
|
3,887,944
|
|
|
3,921,214
|
|
|
(4)
|
|||
|
|
|
|
|
|
|
|
3,887,944
|
|
|
3,921,214
|
|
|
|
|||||
DKT Finance APS
|
|
|
|
Integrated Telecommunication Services
|
|
|
|
|
|
|
|
|
|||||||
Fixed Rate Bond, 9.38% cash due 6/17/2023
|
|
|
|
|
|
207,000
|
|
|
215,982
|
|
|
223,250
|
|
|
(9)
|
||||
|
|
|
|
|
|
|
|
215,982
|
|
|
223,250
|
|
|
|
|||||
The Dun & Bradstreet Corporation
|
|
|
|
Research & Consulting Services
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+5.00% cash due 2/6/2026
|
|
7.05
|
%
|
|
|
|
2,500,000
|
|
|
2,509,371
|
|
|
2,518,525
|
|
|
(4)(11)
|
|||
Fixed Rate Bond, 6.88% cash due 8/15/2026
|
|
|
|
|
|
5,000,000
|
|
|
5,000,000
|
|
|
5,459,375
|
|
|
|
||||
|
|
|
|
|
|
|
|
7,509,371
|
|
|
7,977,900
|
|
|
|
|||||
EHR Canada, LLC
|
|
|
|
Food Retail
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+8.00% cash due 9/28/2020
|
|
10.10
|
%
|
|
|
|
974,073
|
|
|
964,897
|
|
|
993,555
|
|
|
(4)(7)
|
|||
|
|
|
|
|
|
|
|
964,897
|
|
|
993,555
|
|
|
|
|||||
ExGen Renewables IV, LLC
|
|
|
|
Electric Utilities
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+3.00% cash due 11/28/2024
|
|
5.13
|
%
|
|
|
|
1,251,000
|
|
|
1,202,830
|
|
|
1,227,156
|
|
|
(4)
|
|||
|
|
|
|
|
|
|
|
1,202,830
|
|
|
1,227,156
|
|
|
|
|||||
Femur Buyer, Inc.
|
|
|
|
Health Care Equipment
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+4.25% cash due 3/5/2026
|
|
6.38
|
%
|
|
|
|
4,987,500
|
|
|
4,937,625
|
|
|
4,996,851
|
|
|
(4)
|
|||
|
|
|
|
|
|
|
|
4,937,625
|
|
|
4,996,851
|
|
|
|
|||||
Financial & Risk US Holdings, Inc.
|
|
|
|
Financial Exchanges & Data
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+3.75% cash due 10/1/2025
|
|
5.79
|
%
|
|
|
|
5,637,116
|
|
|
5,591,298
|
|
|
5,673,531
|
|
|
(4)(11)
|
|||
|
|
|
|
|
|
|
|
5,591,298
|
|
|
5,673,531
|
|
|
|
Portfolio Company/Type of Investment (1)(2)(3)
|
|
Cash Interest Rate (4)
|
|
Industry
|
|
Principal (5)
|
|
|
Cost
|
|
Fair Value
|
|
Notes
|
||||||
Frontier Communications Corporation
|
|
|
|
Integrated Telecommunication Services
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+3.75% cash due 6/15/2024
|
|
5.80
|
%
|
|
|
|
$
|
6,772,891
|
|
|
$
|
6,691,179
|
|
|
$
|
6,770,487
|
|
|
(4)(9)(11)
|
Fixed Rate Bond, 8.50% cash due 4/1/2026
|
|
|
|
|
|
2,035,000
|
|
|
1,980,283
|
|
|
2,039,884
|
|
|
|
||||
|
|
|
|
|
|
|
|
8,671,462
|
|
|
8,810,371
|
|
|
|
|||||
Gentiva Health Services, Inc.
|
|
|
|
Health Care Services
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+3.75% cash due 7/2/2025
|
|
5.81
|
%
|
|
|
|
2,992,443
|
|
|
2,988,796
|
|
|
3,013,016
|
|
|
(4)(11)
|
|||
|
|
|
|
|
|
|
|
2,988,796
|
|
|
3,013,016
|
|
|
|
|||||
GI Chill Acquisition LLC
|
|
|
|
Managed Health Care
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+4.00% cash due 8/6/2025
|
|
6.10
|
%
|
|
|
|
1,980,000
|
|
|
1,970,100
|
|
|
1,975,050
|
|
|
(4)(7)
|
|||
Second Lien Term Loan, LIBOR+7.50% cash due 8/6/2026
|
|
9.60
|
%
|
|
|
|
2,000,000
|
|
|
1,982,835
|
|
|
2,000,000
|
|
|
(4)(7)
|
|||
|
|
|
|
|
|
|
|
3,952,935
|
|
|
3,975,050
|
|
|
|
|||||
GoodRx, Inc.
|
|
|
|
Interactive Media & Services
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+2.75% cash due 10/10/2025
|
|
4.81
|
%
|
|
|
|
1,962,982
|
|
|
1,960,647
|
|
|
1,965,435
|
|
|
(4)
|
|||
Second Lien Term Loan, LIBOR+7.50% cash due 10/12/2026
|
|
9.54
|
%
|
|
|
|
1,333,333
|
|
|
1,308,330
|
|
|
1,350,000
|
|
|
(4)(7)
|
|||
|
|
|
|
|
|
|
|
3,268,977
|
|
|
3,315,435
|
|
|
|
|||||
HUB International Limited
|
|
|
|
Insurance Brokers
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+3.00% cash due 4/25/2025
|
|
5.27
|
%
|
|
|
|
3,969,849
|
|
|
3,903,391
|
|
|
3,930,369
|
|
|
(4)
|
|||
|
|
|
|
|
|
|
|
3,903,391
|
|
|
3,930,369
|
|
|
|
|||||
iCIMs, Inc.
|
|
|
|
Application Software
|
|
|
|
|
|
|
|
|
|||||||
First Lien Revolver, LIBOR+6.50% cash due 09/12/2024
|
|
|
|
|
|
—
|
|
|
(1,456
|
)
|
|
(1,478
|
)
|
|
(4)(7)(8)
|
||||
First Lien Term Loan, LIBOR+6.50% cash due 9/12/2024
|
|
8.56
|
%
|
|
|
|
1,671,765
|
|
|
1,643,564
|
|
|
1,643,761
|
|
|
(4)(7)
|
|||
|
|
|
|
|
|
|
|
1,642,108
|
|
|
1,642,283
|
|
|
|
|||||
Informatica, LLC
|
|
|
|
Application Software
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+3.25% cash due 8/5/2022
|
|
5.29
|
%
|
|
|
|
3,969,612
|
|
|
3,955,083
|
|
|
3,990,293
|
|
|
(4)
|
|||
|
|
|
|
|
|
|
|
3,955,083
|
|
|
3,990,293
|
|
|
|
|||||
KIK Custom Products Inc.
|
|
|
|
Household Products
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+4.00% cash due 5/15/2023
|
|
6.26
|
%
|
|
|
|
2,000,000
|
|
|
1,910,503
|
|
|
1,902,500
|
|
|
(4)(9)
|
|||
|
|
|
|
|
|
|
|
1,910,503
|
|
|
1,902,500
|
|
|
|
|||||
Ligand Pharmaceuticals Inc.
|
|
|
|
Biotechnology
|
|
|
|
|
|
|
|
|
|||||||
Fixed Rate Bond, 0.75% cash due 5/15/2023
|
|
|
|
|
|
1,001,000
|
|
|
884,224
|
|
|
836,788
|
|
|
(9)
|
||||
|
|
|
|
|
|
|
|
884,224
|
|
|
836,788
|
|
|
|
|||||
Lightbox Intermediate, L.P.
|
|
|
|
Real Estate Services
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+5.00% cash due 5/9/2026
|
|
7.05
|
%
|
|
|
|
8,977,500
|
|
|
8,849,687
|
|
|
8,887,725
|
|
|
(4)(7)
|
|||
|
|
|
|
|
|
|
|
8,849,687
|
|
|
8,887,725
|
|
|
|
|||||
LTI Holdings, Inc.
|
|
|
|
Auto Parts & Equipment
|
|
|
|
|
|
|
|
|
|||||||
Second Lien Term Loan, LIBOR+6.75% cash due 9/6/2026
|
|
8.79
|
%
|
|
|
|
1,000,000
|
|
|
1,000,000
|
|
|
916,250
|
|
|
(4)
|
|||
|
|
|
|
|
|
|
|
1,000,000
|
|
|
916,250
|
|
|
|
|||||
Maravai Intermediate Holdings, LLC
|
|
|
|
Biotechnology
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+4.25% cash due 8/2/2025
|
|
6.31
|
%
|
|
|
|
1,287,000
|
|
|
1,274,130
|
|
|
1,279,761
|
|
|
(4)(7)
|
|||
|
|
|
|
|
|
|
|
1,274,130
|
|
|
1,279,761
|
|
|
|
|||||
McAfee, LLC
|
|
|
|
Systems Software
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+3.75% cash due 9/30/2024
|
|
5.79
|
%
|
|
|
|
4,844,529
|
|
|
4,833,441
|
|
|
4,861,315
|
|
|
(4)
|
|||
|
|
|
|
|
|
|
|
4,833,441
|
|
|
4,861,315
|
|
|
|
|||||
Mindbody, Inc.
|
|
|
|
Internet Services & Infrastructure
|
|
|
|
|
|
|
|
|
|||||||
First Lien Revolver, LIBOR+7.00% cash due 2/15/2025
|
|
|
|
|
|
—
|
|
|
(13,652
|
)
|
|
(14,476
|
)
|
|
(4)(7)(8)
|
||||
First Lien Term Loan, LIBOR+7.00% cash due 2/14/2025
|
|
9.06
|
%
|
|
|
|
7,238,095
|
|
|
7,108,397
|
|
|
7,100,571
|
|
|
(4)(7)
|
|||
|
|
|
|
|
|
|
|
7,094,745
|
|
|
7,086,095
|
|
|
|
|||||
Navicure, Inc.
|
|
|
|
Health Care Technology
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+4.00% cash due 9/18/2026
|
|
6.13
|
%
|
|
|
|
4,000,000
|
|
|
3,980,000
|
|
|
4,005,000
|
|
|
(4)(11)
|
|||
|
|
|
|
|
|
|
|
3,980,000
|
|
|
4,005,000
|
|
|
|
Portfolio Company/Type of Investment (1)(2)(3)
|
|
Cash Interest Rate (4)
|
|
Industry
|
|
Principal (5)
|
|
|
Cost
|
|
Fair Value
|
|
Notes
|
||||||
Numericable SFR SA
|
|
|
|
Integrated Telecommunication Services
|
|
|
|
|
|
|
|
|
|||||||
Fixed Rate Bond, 7.38% cash due 5/1/2026
|
|
|
|
|
|
$
|
380,000
|
|
|
$
|
380,950
|
|
|
$
|
408,865
|
|
|
(9)
|
|
|
|
|
|
|
|
|
|
380,950
|
|
|
408,865
|
|
|
|
|||||
OEConnection LLC
|
|
|
|
Application Software
|
|
|
|
|
|
|
|
|
|||||||
First Lien Delayed Draw Term Loan, LIBOR+4.00% cash due 9/24/2026
|
|
|
|
|
|
—
|
|
|
(4,086
|
)
|
|
(1,532
|
)
|
|
(4)(8)(11)
|
||||
First Lien Term Loan, LIBOR+4.00% cash due 9/24/2026
|
|
6.13
|
%
|
|
|
|
8,682,796
|
|
|
8,639,382
|
|
|
8,666,515
|
|
|
(4)(11)
|
|||
|
|
|
|
|
|
|
|
8,635,296
|
|
|
8,664,983
|
|
|
|
|||||
P & L Development, LLC
|
|
|
|
Pharmaceuticals
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+7.50% cash due 6/28/2024
|
|
9.55
|
%
|
|
|
|
4,110,000
|
|
|
4,011,515
|
|
|
4,068,900
|
|
|
(4)(7)
|
|||
|
|
|
|
|
|
|
|
4,011,515
|
|
|
4,068,900
|
|
|
|
|||||
PaySimple, Inc.
|
|
|
|
Data Processing & Outsourced Services
|
|
|
|
|
|
|
|
|
|||||||
First Lien Delayed Draw Term Loan, LIBOR+5.50% cash due 8/23/2025
|
|
|
|
|
|
—
|
|
|
(53,281
|
)
|
|
(40,425
|
)
|
|
(4)(7)(8)(11)
|
||||
First Lien Term Loan, LIBOR+5.50% cash due 8/23/2025
|
|
7.55
|
%
|
|
|
|
8,305,000
|
|
|
8,140,807
|
|
|
8,180,425
|
|
|
(4)(7)(11)
|
|||
|
|
|
|
|
|
|
|
8,087,526
|
|
|
8,140,000
|
|
|
|
|||||
ProFrac Services, LLC
|
|
|
|
Industrial Machinery
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+6.25% cash due 9/15/2023
|
|
8.66
|
%
|
|
|
|
1,409,167
|
|
|
1,397,985
|
|
|
1,380,983
|
|
|
(4)(7)(11)
|
|||
|
|
|
|
|
|
|
|
1,397,985
|
|
|
1,380,983
|
|
|
|
|||||
Project Boost Purchaser, LLC
|
|
|
|
Application Software
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+3.50% cash due 6/1/2026
|
|
5.54
|
%
|
|
|
|
2,800,000
|
|
|
2,772,000
|
|
|
2,785,650
|
|
|
(4)
|
|||
Second Lien Term Loan, LIBOR+8.00% cash due 5/9/2027
|
|
10.14
|
%
|
|
|
|
1,500,000
|
|
|
1,500,000
|
|
|
1,500,000
|
|
|
(4)(7)
|
|||
|
|
|
|
|
|
|
|
4,272,000
|
|
|
4,285,650
|
|
|
|
|||||
Recorded Books Inc.
|
|
|
|
Publishing
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+4.50% cash due 8/29/2025
|
|
6.54
|
%
|
|
|
|
1,980,000
|
|
|
1,960,200
|
|
|
1,984,960
|
|
|
(4)(11)
|
|||
|
|
|
|
|
|
|
|
1,960,200
|
|
|
1,984,960
|
|
|
|
|||||
Scilex Pharmaceuticals Inc.
|
|
|
|
Pharmaceuticals
|
|
|
|
|
|
|
|
|
|||||||
Fixed Rate Zero Coupon Bond, cash due 8/15/2026
|
|
|
|
|
|
2,381,775
|
|
|
1,671,956
|
|
|
1,702,969
|
|
|
(7)
|
||||
|
|
|
|
|
|
|
|
1,671,956
|
|
|
1,702,969
|
|
|
|
|||||
Signify Health, LLC
|
|
|
|
Health Care Services
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+4.50% cash due 12/23/2024
|
|
6.60
|
%
|
|
|
|
6,964,646
|
|
|
6,899,566
|
|
|
6,955,941
|
|
|
(4)(11)
|
|||
|
|
|
|
|
|
|
|
6,899,566
|
|
|
6,955,941
|
|
|
|
|||||
Sirva Worldwide, Inc.
|
|
|
|
Diversified Support Services
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+5.50% cash due 8/4/2025
|
|
7.54
|
%
|
|
|
|
1,962,500
|
|
|
1,933,062
|
|
|
1,903,625
|
|
|
(4)
|
|||
|
|
|
|
|
|
|
|
1,933,062
|
|
|
1,903,625
|
|
|
|
|||||
Sorrento Therapeutics, Inc.
|
|
|
|
Biotechnology
|
|
|
|
|
|
|
|
|
|||||||
First Lien Delayed Draw Term Loan, LIBOR+7.00% cash due 11/7/2023
|
|
|
|
|
|
—
|
|
|
(19,689
|
)
|
|
(22,080
|
)
|
|
(4)(7)(8)(9)
|
||||
First Lien Term Loan, LIBOR+7.00% cash due 11/7/2023
|
|
9.13
|
%
|
|
|
|
9,600,000
|
|
|
9,002,287
|
|
|
9,360,000
|
|
|
(4)(7)(9)
|
|||
Stock Warrants (exercise price $3.28) expiration date 5/7/2029
|
|
|
|
|
|
|
|
560,000
|
|
|
533,306
|
|
|
(7)(9)
|
|||||
Stock Warrants (exercise price $3.94) expiration date 11/3/2029
|
|
|
|
|
|
|
|
—
|
|
|
102,397
|
|
|
(7)(9)
|
|||||
|
|
|
|
|
|
|
|
9,542,598
|
|
|
9,973,623
|
|
|
|
|||||
StandardAero Aviation Holdings Inc.
|
|
|
|
Aerospace & Defense
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+4.00% cash due 4/6/2026
|
|
6.10
|
%
|
|
|
|
3,000,000
|
|
|
2,996,318
|
|
|
3,017,805
|
|
|
(4)
|
|||
|
|
|
|
|
|
|
|
2,996,318
|
|
|
3,017,805
|
|
|
|
|||||
Sunshine Luxembourg VII SARL
|
|
|
|
Personal Products
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+4.25% cash due 9/25/2026
|
|
6.59
|
%
|
|
|
|
5,000,000
|
|
|
4,975,000
|
|
|
5,029,700
|
|
|
(4)(9)
|
|||
|
|
|
|
|
|
|
|
4,975,000
|
|
|
5,029,700
|
|
|
|
|||||
TIBCO Software Inc.
|
|
|
|
Application Software
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+4.00% cash due 6/30/2026
|
|
6.07
|
%
|
|
|
|
9,484,693
|
|
|
9,496,896
|
|
|
9,510,397
|
|
|
(4)(11)
|
|||
|
|
|
|
|
|
|
|
9,496,896
|
|
|
9,510,397
|
|
|
|
Portfolio Company/Type of Investment (1)(2)(3)
|
|
Cash Interest Rate (4)
|
|
Industry
|
|
Principal (5)
|
|
|
Cost
|
|
Fair Value
|
|
Notes
|
||||||
Transact Holdings Inc.
|
|
|
|
Application Software
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+4.75% cash due 4/30/2026
|
|
7.01
|
%
|
|
|
|
$
|
8,000,000
|
|
|
$
|
7,880,000
|
|
|
$
|
7,960,000
|
|
|
(4)
|
|
|
|
|
|
|
|
|
7,880,000
|
|
|
7,960,000
|
|
|
|
|||||
Tullow Oil PLC
|
|
|
|
Oil & Gas Exploration & Production
|
|
|
|
|
|
|
|
|
|||||||
Fixed Rate Callable Bond, 6.25% cash due 4/15/2022
|
|
|
|
|
|
700,000
|
|
|
691,321
|
|
|
709,800
|
|
|
(9)
|
||||
|
|
|
|
|
|
|
|
691,321
|
|
|
709,800
|
|
|
|
|||||
Uber Technologies, Inc.
|
|
|
|
Application Software
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+3.50% cash due 7/13/2023
|
|
5.55
|
%
|
|
|
|
3,969,309
|
|
|
3,954,413
|
|
|
3,948,649
|
|
|
(4)
|
|||
First Lien Term Loan, LIBOR+4.00% cash due 4/4/2025
|
|
6.03
|
%
|
|
|
|
981,065
|
|
|
974,542
|
|
|
977,185
|
|
|
(4)
|
|||
|
|
|
|
|
|
|
|
4,928,955
|
|
|
4,925,834
|
|
|
|
|||||
UFC Holdings, LLC
|
|
|
|
Movies & Entertainment
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+3.25% cash due 4/29/2026
|
|
5.30
|
%
|
|
|
|
3,491,003
|
|
|
3,491,003
|
|
|
3,504,338
|
|
|
(4)
|
|||
|
|
|
|
|
|
|
|
3,491,003
|
|
|
3,504,338
|
|
|
|
|||||
Uniti Group LP
|
|
|
|
Specialized REITs
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+5.00% cash due 10/24/2022
|
|
7.04
|
%
|
|
|
|
3,429,488
|
|
|
3,345,831
|
|
|
3,351,793
|
|
|
(4)(9)(11)
|
|||
|
|
|
|
|
|
|
|
3,345,831
|
|
|
3,351,793
|
|
|
|
|||||
UOS, LLC
|
|
|
|
Trading Companies & Distributors
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+5.50% cash due 4/18/2023
|
|
7.54
|
%
|
|
|
|
2,969,620
|
|
|
2,990,975
|
|
|
3,006,741
|
|
|
(4)(11)
|
|||
|
|
|
|
|
|
|
|
2,990,975
|
|
|
3,006,741
|
|
|
|
|||||
Veritas US Inc.
|
|
|
|
Application Software
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+4.50% cash due 1/27/2023
|
|
6.60
|
%
|
|
|
|
4,315,150
|
|
|
4,099,814
|
|
|
4,089,619
|
|
|
(4)(11)
|
|||
|
|
|
|
|
|
|
|
4,099,814
|
|
|
4,089,619
|
|
|
|
|||||
Verscend Holding Corp.
|
|
|
|
Health Care Technology
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+4.50% cash due 8/27/2025
|
|
6.54
|
%
|
|
|
|
8,369,747
|
|
|
8,374,824
|
|
|
8,413,353
|
|
|
(4)(11)
|
|||
|
|
|
|
|
|
|
|
8,374,824
|
|
|
8,413,353
|
|
|
|
|||||
WeddingWire, Inc.
|
|
|
|
Interactive Media & Services
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+4.50% cash due 12/19/2025
|
|
6.54
|
%
|
|
|
|
2,977,500
|
|
|
2,964,142
|
|
|
2,981,222
|
|
|
(4)(11)
|
|||
|
|
|
|
|
|
|
|
2,964,142
|
|
|
2,981,222
|
|
|
|
|||||
WideOpenWest Finance, LLC
|
|
|
|
Cable & Satellite
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+3.25% cash due 8/18/2023
|
|
5.29
|
%
|
|
|
|
4,383,110
|
|
|
4,258,195
|
|
|
4,246,138
|
|
|
(4)(9)
|
|||
|
|
|
|
|
|
|
|
4,258,195
|
|
|
4,246,138
|
|
|
|
|||||
WP CPP Holdings, LLC
|
|
|
|
Aerospace & Defense
|
|
|
|
|
|
|
|
|
|||||||
First Lien Term Loan, LIBOR+3.75% cash due 4/30/2025
|
|
6.01
|
%
|
|
|
|
3,969,925
|
|
|
3,945,385
|
|
|
3,981,100
|
|
|
(4)(11)
|
|||
|
|
|
|
|
|
|
|
3,945,385
|
|
|
3,981,100
|
|
|
|
|||||
Zillow Group, Inc.
|
|
|
|
Interactive Media & Services
|
|
|
|
|
|
|
|
|
|||||||
Fixed Rate Bond, 1.50% cash due 7/1/2023
|
|
|
|
|
|
497,000
|
|
|
471,430
|
|
|
438,913
|
|
|
(9)
|
||||
|
|
|
|
|
|
|
|
471,430
|
|
|
438,913
|
|
|
|
|||||
Total Non-Control/Non-Affiliate Investments (169.6% of net assets)
|
|
|
|
|
|
|
|
$
|
289,322,834
|
|
|
$
|
291,147,011
|
|
|
|
|||
Cash and Cash Equivalents and Restricted Cash (6.6% of net assets)
|
|
|
|
|
|
|
|
$
|
11,348,126
|
|
|
$
|
11,348,126
|
|
|
|
|||
Total Portfolio Investments, Cash and Cash Equivalents and Restricted Cash (176.3% of net assets)
|
|
|
|
|
|
|
|
$
|
300,670,960
|
|
|
$
|
302,495,137
|
|
|
|
Derivative Instrument
|
|
Notional Amount to be Purchased
|
|
Notional Amount to be Sold
|
|
Maturity Date
|
|
Counterparty
|
|
Cumulative Unrealized Appreciation (Depreciation)
|
||||||
Foreign currency forward contract
|
|
$
|
2,798,483
|
|
|
€
|
2,475,000
|
|
|
1/16/2020
|
|
Bank of New York Mellon
|
|
$
|
77,558
|
|
(1)
|
All debt investments are income producing unless otherwise noted. All equity investments are non-income producing unless otherwise noted.
|
(2)
|
See Note 3 in the accompanying notes to the Consolidated Financial Statements for portfolio composition by geographic region.
|
(3)
|
Interest rates may be adjusted from period to period on certain term loans and revolvers. These rate adjustments may be either temporary in nature due to tier pricing arrangements or financial or payment covenant violations in the original credit agreements or permanent in nature per loan amendment or waiver documents.
|
(4)
|
The interest rate on the principal balance outstanding for all floating rate loans is indexed to the LIBOR and/or an alternate base rate (e.g., prime rate), which typically resets semi-annually, quarterly, or monthly at the borrower's option. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the Company has provided the applicable margin over LIBOR or the alternate based rate based on each respective credit agreement and the cash interest rate as of period end. All LIBOR shown above is in U.S. dollars unless otherwise noted. As of September 30, 2019, the reference rates for the Company's variable rate loans were the 30-day LIBOR at 2.04%, the 60-day LIBOR at 2.09%, the 90-day LIBOR at 2.10% and the 30-day EURIBOR at (0.51)%. Most loans include an interest floor, which generally ranges from 0% to 1%.
|
(5)
|
"€" signifies the investment is denominated in Euros. All other investments are denominated in U.S. dollars.
|
(6)
|
Non-Control/Non-Affiliate Investments are investments that are neither Control Investments nor Affiliate Investments. Control Investments generally are defined by the Investment Company Act, as investments in companies in which the Company owns more than 25% of the voting securities and/or has the power to exercise control over the management or policies of the company. Affiliate Investments generally are defined by the Investment Company Act as investments in companies in which the Company owns between 5% and 25% of the voting securities.
|
(7)
|
As of September 30, 2019, these investments are categorized as Level 3 within the fair value hierarchy established by ASC 820 and were valued using significant unobservable inputs.
|
(8)
|
Investment has undrawn commitments. Unamortized fees are classified as unearned income which reduces cost basis, which may result in a negative cost basis. A negative fair value may result from the unfunded commitment being valued below par.
|
(9)
|
Investment is not a qualifying asset as defined under Section 55(a) of the Investment Company Act. Under the Investment Company 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, 2019, qualifying assets represented 80.1% of the Company's total assets and non-qualifying assets represented 19.9% of the Company's total assets.
|
(10)
|
PIK interest income for this investment accrues at an annualized rate of 15%, however, the PIK interest is not contractually capitalized on the investment. As a result, the principal amount of the investment does not increase over time for accumulated PIK interest. As of September 30, 2019, the accumulated PIK interest balance for each of the Alvotech A notes and the B notes was $0.2 million. The fair value of this investment is inclusive of PIK.
|
(11)
|
This investment is pledged as collateral under the Citibank Facility (as defined in Note 6 to the accompanying notes to the Consolidated Financial Statements).
|
•
|
Level I - Quoted unadjusted prices for identical instruments in active markets to which the Company has access at the date of measurement.
|
•
|
Level II - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are directly or indirectly observable.
|
•
|
Level III - Valuations for which one or more significant inputs are unobservable. These inputs reflect our assessment of the assumptions that market participants use to value the investment based on the best available information. Level III inputs include prices obtained from brokers in markets for which there are few transactions, less public information exists or prices vary among broker market makers.
|
|
|
March 31, 2020
|
|
September 30, 2019
|
||||||||||
Cost:
|
|
|
|
% of Total Investments
|
|
|
|
% of Total Investments
|
||||||
Senior secured debt
|
|
$
|
372,648,045
|
|
|
95.50
|
%
|
|
$
|
281,238,755
|
|
|
97.20
|
%
|
Subordinated debt
|
|
16,393,453
|
|
|
4.20
|
%
|
|
7,201,102
|
|
|
2.49
|
%
|
||
Common equity & warrants
|
|
1,043,713
|
|
|
0.27
|
%
|
|
772,692
|
|
|
0.27
|
%
|
||
Preferred equity
|
|
110,285
|
|
|
0.03
|
%
|
|
110,285
|
|
|
0.04
|
%
|
||
Total
|
|
$
|
390,195,496
|
|
|
100.00
|
%
|
|
$
|
289,322,834
|
|
|
100.00
|
%
|
|
|
March 31, 2020
|
|
September 30, 2019
|
||||||||||||||||
Fair Value:
|
|
|
|
% of Total Investments
|
|
% of Net Assets
|
|
|
|
% of Total Investments
|
|
% of Net Assets
|
||||||||
Senior secured debt
|
|
$
|
338,700,828
|
|
|
95.49
|
%
|
|
168.49
|
%
|
|
$
|
282,841,206
|
|
|
97.14
|
%
|
|
164.80
|
%
|
Subordinated debt
|
|
14,717,002
|
|
|
4.15
|
%
|
|
7.32
|
%
|
|
7,325,965
|
|
|
2.52
|
%
|
|
4.27
|
%
|
||
Common equity & warrants
|
|
1,165,398
|
|
|
0.33
|
%
|
|
0.58
|
%
|
|
869,555
|
|
|
0.30
|
%
|
|
0.51
|
%
|
||
Preferred equity
|
|
113,593
|
|
|
0.03
|
%
|
|
0.06
|
%
|
|
110,285
|
|
|
0.04
|
%
|
|
0.06
|
%
|
||
Total
|
|
$
|
354,696,821
|
|
|
100.00
|
%
|
|
176.45
|
%
|
|
$
|
291,147,011
|
|
|
100.00
|
%
|
|
169.64
|
%
|
|
|
March 31, 2020
|
|
September 30, 2019
|
||||||||||
|
|
Fair Value
|
|
% of Debt Investments
|
|
Fair Value
|
|
% of Debt Investments
|
||||||
Floating rate
|
|
$
|
335,327,284
|
|
|
94.88
|
%
|
|
$
|
270,653,147
|
|
|
93.27
|
%
|
Fixed rate
|
|
18,090,546
|
|
|
5.12
|
%
|
|
19,514,024
|
|
|
6.73
|
%
|
||
Total
|
|
$
|
353,417,830
|
|
|
100.00
|
%
|
|
$
|
290,167,171
|
|
|
100.00
|
%
|
|
March 31, 2020
|
|
September 30, 2019
|
||||||||||
Cost:
|
|
|
% of Total Investments
|
|
|
|
% of Total Investments
|
||||||
United States
|
$
|
341,849,232
|
|
|
87.62
|
%
|
|
$
|
257,736,195
|
|
|
89.08
|
%
|
United Kingdom
|
18,280,245
|
|
|
4.68
|
%
|
|
11,021,595
|
|
|
3.81
|
%
|
||
Luxembourg
|
9,331,601
|
|
|
2.39
|
%
|
|
7,837,090
|
|
|
2.71
|
%
|
||
France
|
6,881,865
|
|
|
1.76
|
%
|
|
5,230,110
|
|
|
1.81
|
%
|
||
Australia
|
5,940,000
|
|
|
1.52
|
%
|
|
—
|
|
|
—
|
%
|
||
Iceland
|
4,739,872
|
|
|
1.21
|
%
|
|
4,406,462
|
|
|
1.52
|
%
|
||
Canada
|
3,172,681
|
|
|
0.82
|
%
|
|
2,875,400
|
|
|
0.99
|
%
|
||
Denmark
|
—
|
|
|
—
|
%
|
|
215,982
|
|
|
0.08
|
%
|
||
Total
|
$
|
390,195,496
|
|
|
100.00
|
%
|
|
$
|
289,322,834
|
|
|
100.00
|
%
|
|
March 31, 2020
|
|
September 30, 2019
|
||||||||||||||||
Fair Value:
|
|
|
% of Total Investments
|
|
% of Net Assets
|
|
|
|
% of Total Investments
|
|
% of Net Assets
|
||||||||
United States
|
$
|
310,661,023
|
|
|
87.58
|
%
|
|
154.53
|
%
|
|
$
|
259,279,171
|
|
|
89.06
|
%
|
|
151.07
|
%
|
United Kingdom
|
16,233,688
|
|
|
4.58
|
%
|
|
8.08
|
%
|
|
11,079,743
|
|
|
3.81
|
%
|
|
6.46
|
%
|
||
Luxembourg
|
8,188,335
|
|
|
2.31
|
%
|
|
4.07
|
%
|
|
7,697,297
|
|
|
2.64
|
%
|
|
4.48
|
%
|
||
France
|
6,892,687
|
|
|
1.94
|
%
|
|
3.43
|
%
|
|
5,282,695
|
|
|
1.81
|
%
|
|
3.08
|
%
|
||
Iceland
|
4,917,192
|
|
|
1.39
|
%
|
|
2.45
|
%
|
|
4,688,800
|
|
|
1.61
|
%
|
|
2.73
|
%
|
||
Australia
|
4,695,000
|
|
|
1.32
|
%
|
|
2.34
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
%
|
||
Canada
|
3,108,896
|
|
|
0.88
|
%
|
|
1.55
|
%
|
|
2,896,055
|
|
|
0.99
|
%
|
|
1.69
|
%
|
||
Denmark
|
—
|
|
|
—
|
%
|
|
—
|
%
|
|
223,250
|
|
|
0.08
|
%
|
|
0.13
|
%
|
||
Total
|
$
|
354,696,821
|
|
|
100.00
|
%
|
|
176.45
|
%
|
|
$
|
291,147,011
|
|
|
100.00
|
%
|
|
169.64
|
%
|
|
March 31, 2020
|
|
September 30, 2019
|
||||||||||
Cost:
|
|
|
% of Total Investments
|
|
|
|
% of Total Investments
|
||||||
Application Software
|
$
|
79,261,987
|
|
|
20.31
|
%
|
|
$
|
59,770,591
|
|
|
20.64
|
%
|
Personal Products
|
23,165,379
|
|
|
5.94
|
%
|
|
4,975,000
|
|
|
1.72
|
%
|
||
Health Care Technology
|
16,445,659
|
|
|
4.21
|
%
|
|
12,354,824
|
|
|
4.27
|
%
|
||
Integrated Telecommunication Services
|
16,231,884
|
|
|
4.16
|
%
|
|
18,343,050
|
|
|
6.34
|
%
|
||
Internet Services & Infrastructure
|
15,850,014
|
|
|
4.06
|
%
|
|
18,962,689
|
|
|
6.55
|
%
|
||
Biotechnology
|
15,385,608
|
|
|
3.94
|
%
|
|
20,067,414
|
|
|
6.94
|
%
|
||
Alternative Carriers
|
14,812,418
|
|
|
3.80
|
%
|
|
9,310,000
|
|
|
3.22
|
%
|
||
Oil & Gas Storage & Transportation
|
13,893,562
|
|
|
3.56
|
%
|
|
—
|
|
|
—
|
%
|
||
Health Care Services
|
12,809,774
|
|
|
3.28
|
%
|
|
10,956,005
|
|
|
3.79
|
%
|
||
Systems Software
|
12,042,033
|
|
|
3.09
|
%
|
|
13,237,985
|
|
|
4.58
|
%
|
||
Pharmaceuticals
|
10,926,284
|
|
|
2.80
|
%
|
|
8,545,561
|
|
|
2.95
|
%
|
||
Data Processing & Outsourced Services
|
9,878,916
|
|
|
2.53
|
%
|
|
8,087,526
|
|
|
2.80
|
%
|
||
Diversified Support Services
|
9,360,426
|
|
|
2.40
|
%
|
|
9,416,772
|
|
|
3.25
|
%
|
||
Real Estate Services
|
8,814,976
|
|
|
2.26
|
%
|
|
8,849,687
|
|
|
3.06
|
%
|
||
Specialized REITs
|
8,613,792
|
|
|
2.21
|
%
|
|
3,345,831
|
|
|
1.16
|
%
|
||
Distributors
|
8,415,294
|
|
|
2.16
|
%
|
|
—
|
|
|
—
|
%
|
||
Independent Power Producers & Energy Traders
|
8,107,555
|
|
|
2.08
|
%
|
|
—
|
|
|
—
|
%
|
||
Aerospace & Defense
|
8,030,121
|
|
|
2.06
|
%
|
|
6,941,703
|
|
|
2.40
|
%
|
||
Oil & Gas Refining & Marketing
|
7,840,800
|
|
|
2.01
|
%
|
|
7,880,400
|
|
|
2.72
|
%
|
||
Publishing
|
7,808,970
|
|
|
2.00
|
%
|
|
1,960,200
|
|
|
0.68
|
%
|
||
Airport Services
|
7,319,759
|
|
|
1.88
|
%
|
|
—
|
|
|
—
|
%
|
||
Movies & Entertainment
|
7,015,227
|
|
|
1.80
|
%
|
|
3,491,003
|
|
|
1.21
|
%
|
||
Research & Consulting Services
|
6,943,057
|
|
|
1.78
|
%
|
|
7,509,371
|
|
|
2.60
|
%
|
||
Auto Parts & Equipment
|
5,937,688
|
|
|
1.52
|
%
|
|
5,962,563
|
|
|
2.06
|
%
|
||
Health Care Supplies
|
5,778,000
|
|
|
1.48
|
%
|
|
—
|
|
|
—
|
%
|
||
Metal & Glass Containers
|
5,774,588
|
|
|
1.48
|
%
|
|
1,475,024
|
|
|
0.51
|
%
|
||
IT Consulting & Other Services
|
5,679,277
|
|
|
1.46
|
%
|
|
5,690,535
|
|
|
1.97
|
%
|
||
Industrial Machinery
|
5,300,405
|
|
|
1.36
|
%
|
|
1,397,985
|
|
|
0.48
|
%
|
||
Multi-Sector Holdings
|
4,216,307
|
|
|
1.08
|
%
|
|
—
|
|
|
—
|
%
|
||
Managed Health Care
|
3,944,241
|
|
|
1.01
|
%
|
|
3,952,935
|
|
|
1.37
|
%
|
||
Interactive Media & Services
|
3,832,821
|
|
|
0.98
|
%
|
|
6,704,549
|
|
|
2.32
|
%
|
||
Construction Materials
|
3,615,023
|
|
|
0.93
|
%
|
|
—
|
|
|
—
|
%
|
||
Trading Companies & Distributors
|
2,973,132
|
|
|
0.76
|
%
|
|
2,990,975
|
|
|
1.03
|
%
|
||
Communications Equipment
|
2,370,459
|
|
|
0.61
|
%
|
|
—
|
|
|
—
|
%
|
||
Restaurants
|
2,241,439
|
|
|
0.57
|
%
|
|
—
|
|
|
—
|
%
|
||
Household Products
|
1,922,892
|
|
|
0.49
|
%
|
|
1,910,503
|
|
|
0.66
|
%
|
||
Property & Casualty Insurance
|
1,378,246
|
|
|
0.35
|
%
|
|
—
|
|
|
—
|
%
|
||
Cable & Satellite
|
1,104,782
|
|
|
0.28
|
%
|
|
4,258,195
|
|
|
1.47
|
%
|
||
Specialized Finance
|
1,017,926
|
|
|
0.26
|
%
|
|
797,357
|
|
|
0.28
|
%
|
||
Environmental & Facilities Services
|
794,519
|
|
|
0.20
|
%
|
|
—
|
|
|
—
|
%
|
||
Building Products
|
584,660
|
|
|
0.15
|
%
|
|
—
|
|
|
—
|
%
|
||
Construction & Engineering
|
575,947
|
|
|
0.15
|
%
|
|
1,020,274
|
|
|
0.35
|
%
|
||
Specialty Stores
|
529,200
|
|
|
0.14
|
%
|
|
—
|
|
|
—
|
%
|
||
Food Retail
|
455,270
|
|
|
0.12
|
%
|
|
964,897
|
|
|
0.33
|
%
|
||
Oil & Gas Equipment & Services
|
364,100
|
|
|
0.09
|
%
|
|
849,160
|
|
|
0.29
|
%
|
||
Leisure Facilities
|
292,517
|
|
|
0.07
|
%
|
|
—
|
|
|
—
|
%
|
||
Casinos & Gaming
|
284,245
|
|
|
0.07
|
%
|
|
—
|
|
|
—
|
%
|
||
Health Care Facilities
|
254,317
|
|
|
0.07
|
%
|
|
—
|
|
|
—
|
%
|
||
Financial Exchanges & Data
|
—
|
|
|
—
|
%
|
|
5,591,298
|
|
|
1.93
|
%
|
||
Health Care Equipment
|
—
|
|
|
—
|
%
|
|
4,937,625
|
|
|
1.71
|
%
|
||
Insurance Brokers
|
—
|
|
|
—
|
%
|
|
3,903,391
|
|
|
1.35
|
%
|
||
Electric Utilities
|
—
|
|
|
—
|
%
|
|
1,202,830
|
|
|
0.42
|
%
|
||
Health Care Distributors
|
—
|
|
|
—
|
%
|
|
1,015,805
|
|
|
0.35
|
%
|
||
Oil & Gas Exploration & Production
|
—
|
|
|
—
|
%
|
|
691,321
|
|
|
0.24
|
%
|
||
Total
|
$
|
390,195,496
|
|
|
100.00
|
%
|
|
$
|
289,322,834
|
|
|
100.00
|
%
|
|
March 31, 2020
|
|
September 30, 2019
|
||||||||||||||||
Fair Value:
|
|
|
% of Total Investments
|
|
% of Net Assets
|
|
|
|
% of Total Investments
|
|
% of Net Assets
|
||||||||
Application Software
|
$
|
71,534,955
|
|
|
20.18
|
%
|
|
35.60
|
%
|
|
$
|
60,022,674
|
|
|
20.64
|
%
|
|
34.97
|
%
|
Personal Products
|
21,789,886
|
|
|
6.14
|
%
|
|
10.84
|
%
|
|
5,029,700
|
|
|
1.73
|
%
|
|
2.93
|
%
|
||
Integrated Telecommunication Services
|
16,005,395
|
|
|
4.51
|
%
|
|
7.96
|
%
|
|
18,571,805
|
|
|
6.38
|
%
|
|
10.82
|
%
|
||
Health Care Technology
|
15,788,684
|
|
|
4.45
|
%
|
|
7.85
|
%
|
|
12,418,353
|
|
|
4.27
|
%
|
|
7.24
|
%
|
||
Biotechnology
|
15,566,316
|
|
|
4.39
|
%
|
|
7.74
|
%
|
|
20,798,972
|
|
|
7.14
|
%
|
|
12.12
|
%
|
||
Internet Services & Infrastructure
|
14,593,360
|
|
|
4.11
|
%
|
|
7.26
|
%
|
|
18,992,309
|
|
|
6.52
|
%
|
|
11.07
|
%
|
||
Alternative Carriers
|
13,107,790
|
|
|
3.70
|
%
|
|
6.52
|
%
|
|
9,367,143
|
|
|
3.22
|
%
|
|
5.46
|
%
|
||
Oil & Gas Storage & Transportation
|
12,971,638
|
|
|
3.66
|
%
|
|
6.45
|
%
|
|
—
|
|
|
—
|
%
|
|
0.00
|
%
|
||
Health Care Services
|
11,612,259
|
|
|
3.27
|
%
|
|
5.78
|
%
|
|
10,992,559
|
|
|
3.78
|
%
|
|
6.40
|
%
|
||
Systems Software
|
10,497,894
|
|
|
2.96
|
%
|
|
5.22
|
%
|
|
13,126,771
|
|
|
4.51
|
%
|
|
7.65
|
%
|
||
Pharmaceuticals
|
9,729,897
|
|
|
2.74
|
%
|
|
4.84
|
%
|
|
8,439,466
|
|
|
2.90
|
%
|
|
4.92
|
%
|
||
Data Processing & Outsourced Services
|
9,093,773
|
|
|
2.56
|
%
|
|
4.52
|
%
|
|
8,140,000
|
|
|
2.80
|
%
|
|
4.74
|
%
|
||
Specialized REITs
|
7,868,823
|
|
|
2.22
|
%
|
|
3.91
|
%
|
|
3,351,793
|
|
|
1.15
|
%
|
|
1.95
|
%
|
||
Independent Power Producers & Energy Traders
|
7,816,770
|
|
|
2.20
|
%
|
|
3.89
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
%
|
||
Real Estate Services
|
7,815,938
|
|
|
2.20
|
%
|
|
3.89
|
%
|
|
8,887,725
|
|
|
3.05
|
%
|
|
5.18
|
%
|
||
Diversified Support Services
|
7,642,047
|
|
|
2.15
|
%
|
|
3.80
|
%
|
|
9,374,839
|
|
|
3.22
|
%
|
|
5.46
|
%
|
||
Distributors
|
7,077,052
|
|
|
2.00
|
%
|
|
3.52
|
%
|
|
—
|
|
|
—
|
%
|
|
0.00
|
%
|
||
Airport Services
|
7,051,125
|
|
|
1.99
|
%
|
|
3.51
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
%
|
||
Oil & Gas Refining & Marketing
|
7,009,200
|
|
|
1.98
|
%
|
|
3.49
|
%
|
|
8,009,750
|
|
|
2.75
|
%
|
|
4.67
|
%
|
||
Aerospace & Defense
|
6,960,633
|
|
|
1.96
|
%
|
|
3.46
|
%
|
|
6,998,905
|
|
|
2.40
|
%
|
|
4.08
|
%
|
||
Publishing
|
6,944,669
|
|
|
1.96
|
%
|
|
3.45
|
%
|
|
1,984,960
|
|
|
0.68
|
%
|
|
1.16
|
%
|
||
Research & Consulting Services
|
5,943,191
|
|
|
1.68
|
%
|
|
2.96
|
%
|
|
7,977,900
|
|
|
2.74
|
%
|
|
4.65
|
%
|
||
Movies & Entertainment
|
5,817,440
|
|
|
1.64
|
%
|
|
2.89
|
%
|
|
3,504,338
|
|
|
1.20
|
%
|
|
2.04
|
%
|
||
Metal & Glass Containers
|
5,181,761
|
|
|
1.46
|
%
|
|
2.58
|
%
|
|
1,397,930
|
|
|
0.48
|
%
|
|
0.81
|
%
|
||
Health Care Supplies
|
5,106,640
|
|
|
1.44
|
%
|
|
2.54
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
%
|
||
Auto Parts & Equipment
|
4,933,813
|
|
|
1.39
|
%
|
|
2.45
|
%
|
|
5,835,172
|
|
|
2.00
|
%
|
|
3.40
|
%
|
||
Industrial Machinery
|
4,660,984
|
|
|
1.31
|
%
|
|
2.32
|
%
|
|
1,380,983
|
|
|
0.47
|
%
|
|
0.80
|
%
|
||
IT Consulting & Other Services
|
4,629,405
|
|
|
1.31
|
%
|
|
2.30
|
%
|
|
5,341,103
|
|
|
1.83
|
%
|
|
3.11
|
%
|
||
Multi-Sector Holdings
|
3,581,149
|
|
|
1.01
|
%
|
|
1.78
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
%
|
||
Interactive Media & Services
|
3,559,282
|
|
|
1.00
|
%
|
|
1.77
|
%
|
|
6,735,570
|
|
|
2.31
|
%
|
|
3.92
|
%
|
||
Construction Materials
|
3,528,527
|
|
|
0.99
|
%
|
|
1.76
|
%
|
|
—
|
|
|
—
|
%
|
|
0.00
|
%
|
||
Managed Health Care
|
3,444,050
|
|
|
0.97
|
%
|
|
1.71
|
%
|
|
3,975,050
|
|
|
1.37
|
%
|
|
2.32
|
%
|
||
Trading Companies & Distributors
|
2,548,360
|
|
|
0.72
|
%
|
|
1.27
|
%
|
|
3,006,741
|
|
|
1.03
|
%
|
|
1.75
|
%
|
||
Communications Equipment
|
2,367,152
|
|
|
0.67
|
%
|
|
1.18
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
%
|
||
Household Products
|
1,809,170
|
|
|
0.51
|
%
|
|
0.90
|
%
|
|
1,902,500
|
|
|
0.65
|
%
|
|
1.11
|
%
|
||
Restaurants
|
1,758,278
|
|
|
0.50
|
%
|
|
0.87
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
%
|
||
Property & Casualty Insurance
|
1,309,752
|
|
|
0.37
|
%
|
|
0.65
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
%
|
||
Cable & Satellite
|
1,141,251
|
|
|
0.32
|
%
|
|
0.57
|
%
|
|
4,246,138
|
|
|
1.46
|
%
|
|
2.47
|
%
|
||
Specialized Finance
|
874,555
|
|
|
0.25
|
%
|
|
0.44
|
%
|
|
799,220
|
|
|
0.27
|
%
|
|
0.47
|
%
|
||
Environmental & Facilities Services
|
839,118
|
|
|
0.24
|
%
|
|
0.42
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
%
|
||
Building Products
|
566,269
|
|
|
0.16
|
%
|
|
0.28
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
%
|
||
Specialty Stores
|
565,438
|
|
|
0.16
|
%
|
|
0.28
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
%
|
||
Food Retail
|
460,608
|
|
|
0.13
|
%
|
|
0.23
|
%
|
|
993,555
|
|
|
0.34
|
%
|
|
0.58
|
%
|
||
Construction & Engineering
|
437,218
|
|
|
0.12
|
%
|
|
0.22
|
%
|
|
1,002,800
|
|
|
0.34
|
%
|
|
0.58
|
%
|
||
Leisure Facilities
|
313,044
|
|
|
0.09
|
%
|
|
0.16
|
%
|
|
—
|
|
|
—
|
%
|
|
0.00
|
%
|
||
Oil & Gas Equipment & Services
|
298,384
|
|
|
0.08
|
%
|
|
0.15
|
%
|
|
876,330
|
|
|
0.30
|
%
|
|
0.51
|
%
|
||
Casinos & Gaming
|
286,598
|
|
|
0.08
|
%
|
|
0.14
|
%
|
|
—
|
|
|
—
|
%
|
|
0.00
|
%
|
||
Health Care Facilities
|
257,280
|
|
|
0.07
|
%
|
|
0.13
|
%
|
|
—
|
|
|
—
|
%
|
|
0.00
|
%
|
||
Financial Exchanges & Data
|
—
|
|
|
—
|
%
|
|
—
|
%
|
|
5,673,531
|
|
|
1.95
|
%
|
|
3.31
|
%
|
||
Health Care Equipment
|
—
|
|
|
—
|
%
|
|
—
|
%
|
|
4,996,851
|
|
|
1.72
|
%
|
|
2.91
|
%
|
||
Insurance Brokers
|
—
|
|
|
—
|
%
|
|
—
|
%
|
|
3,930,369
|
|
|
1.35
|
%
|
|
2.29
|
%
|
||
Electric Utilities
|
—
|
|
|
—
|
%
|
|
—
|
%
|
|
1,227,156
|
|
|
0.42
|
%
|
|
0.72
|
%
|
||
Health Care Distributors
|
—
|
|
|
—
|
%
|
|
—
|
%
|
|
1,126,250
|
|
|
0.39
|
%
|
|
0.66
|
%
|
||
Oil & Gas Exploration & Production
|
—
|
|
|
—
|
%
|
|
—
|
%
|
|
709,800
|
|
|
0.24
|
%
|
|
0.41
|
%
|
||
Total
|
$
|
354,696,821
|
|
|
100.00
|
%
|
|
176.45
|
%
|
|
$
|
291,147,011
|
|
|
100.00
|
%
|
|
169.64
|
%
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Senior secured debt
|
|
$
|
—
|
|
|
$
|
207,604,083
|
|
|
$
|
131,096,745
|
|
|
$
|
338,700,828
|
|
Subordinated debt
|
|
—
|
|
|
13,007,852
|
|
|
1,709,150
|
|
|
14,717,002
|
|
||||
Common equity & warrants
|
|
—
|
|
|
—
|
|
|
1,165,398
|
|
|
1,165,398
|
|
||||
Preferred equity
|
|
—
|
|
|
—
|
|
|
113,593
|
|
|
113,593
|
|
||||
Total investments at fair value
|
|
—
|
|
|
220,611,935
|
|
|
134,084,886
|
|
|
354,696,821
|
|
||||
Derivative assets
|
|
—
|
|
|
55,258
|
|
|
—
|
|
|
55,258
|
|
||||
Total assets at fair value
|
|
$
|
—
|
|
|
$
|
220,667,193
|
|
|
$
|
134,084,886
|
|
|
$
|
354,752,079
|
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Senior secured debt
|
|
$
|
—
|
|
|
$
|
219,518,979
|
|
|
$
|
63,322,227
|
|
|
$
|
282,841,206
|
|
Subordinated debt
|
|
—
|
|
|
5,622,996
|
|
|
1,702,969
|
|
|
7,325,965
|
|
||||
Common equity & warrants
|
|
149,276
|
|
|
—
|
|
|
720,279
|
|
|
869,555
|
|
||||
Preferred equity
|
|
—
|
|
|
—
|
|
|
110,285
|
|
|
110,285
|
|
||||
Total investments at fair value
|
|
149,276
|
|
|
225,141,975
|
|
|
65,855,760
|
|
|
291,147,011
|
|
||||
Derivative assets
|
|
—
|
|
|
77,558
|
|
|
—
|
|
|
77,558
|
|
||||
Total assets at fair value
|
|
$
|
149,276
|
|
|
$
|
225,219,533
|
|
|
$
|
65,855,760
|
|
|
$
|
291,224,569
|
|
|
|
Senior Secured Debt
|
|
Subordinated Debt
|
|
Preferred Equity
|
|
Common Equity & Warrants
|
|
Total
|
||||||||||
Fair value as of December 31, 2019
|
|
$
|
105,793,635
|
|
|
$
|
1,745,616
|
|
|
$
|
112,490
|
|
|
$
|
2,010,417
|
|
|
$
|
109,662,158
|
|
Purchases
|
|
40,892,372
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
40,892,372
|
|
|||||
Sales and repayments
|
|
(4,656,903
|
)
|
|
(17,540
|
)
|
|
—
|
|
|
—
|
|
|
(4,674,443
|
)
|
|||||
PIK interest income
|
|
374,393
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
374,393
|
|
|||||
Accretion of OID
|
|
370,941
|
|
|
46,891
|
|
|
—
|
|
|
—
|
|
|
417,832
|
|
|||||
Net unrealized appreciation (depreciation)
|
|
(11,677,693
|
)
|
|
(65,817
|
)
|
|
1,103
|
|
|
(845,019
|
)
|
|
(12,587,426
|
)
|
|||||
Fair value as of March 31, 2020
|
|
$
|
131,096,745
|
|
|
$
|
1,709,150
|
|
|
$
|
113,593
|
|
|
$
|
1,165,398
|
|
|
$
|
134,084,886
|
|
Net unrealized appreciation (depreciation) relating to Level 3 assets still held at March 31, 2020 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the three months ended March 31, 2020
|
|
$
|
(11,677,693
|
)
|
|
$
|
(65,817
|
)
|
|
$
|
1,103
|
|
|
$
|
(845,019
|
)
|
|
$
|
(12,587,426
|
)
|
|
|
Senior Secured Debt
|
|
Subordinated Debt
|
|
Common Equity & Warrants
|
|
Total
|
||||||||
Fair value as of December 31, 2018
|
|
$
|
26,757,663
|
|
|
$
|
1,560,000
|
|
|
$
|
530,489
|
|
|
$
|
28,848,152
|
|
Purchases
|
|
13,500,508
|
|
|
—
|
|
|
—
|
|
|
13,500,508
|
|
||||
Sales and repayments
|
|
(649,083
|
)
|
|
(4,691
|
)
|
|
—
|
|
|
(653,774
|
)
|
||||
Transfers in (a)
|
|
2,825,724
|
|
|
—
|
|
|
—
|
|
|
2,825,724
|
|
||||
Transfers out (a)
|
|
(1,972,556
|
)
|
|
—
|
|
|
—
|
|
|
(1,972,556
|
)
|
||||
PIK interest income
|
|
26,686
|
|
|
—
|
|
|
—
|
|
|
26,686
|
|
||||
Accretion of OID
|
|
75,228
|
|
|
43,837
|
|
|
—
|
|
|
119,065
|
|
||||
Net unrealized appreciation (depreciation)
|
|
418,948
|
|
|
5,711
|
|
|
976,051
|
|
|
1,400,710
|
|
||||
Fair value as of March 31, 2019
|
|
$
|
40,983,118
|
|
|
$
|
1,604,857
|
|
|
$
|
1,506,540
|
|
|
$
|
44,094,515
|
|
Net unrealized appreciation (depreciation) relating to Level 3 assets and liabilities still held at March 31, 2019 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the three months ended March 31, 2019
|
|
$
|
418,948
|
|
|
$
|
5,711
|
|
|
$
|
976,051
|
|
|
$
|
1,400,710
|
|
|
|
Senior Secured Debt
|
|
Subordinated Debt
|
|
Preferred Equity
|
|
Common Equity & Warrants
|
|
Total
|
||||||||||
Fair value as of September 30, 2019
|
|
$
|
63,322,227
|
|
|
$
|
1,702,969
|
|
|
$
|
110,285
|
|
|
$
|
720,279
|
|
|
$
|
65,855,760
|
|
Purchases
|
|
74,183,503
|
|
|
—
|
|
|
—
|
|
|
401,000
|
|
|
74,584,503
|
|
|||||
Sales and repayments
|
|
(6,791,516
|
)
|
|
(24,327
|
)
|
|
—
|
|
|
—
|
|
|
(6,815,843
|
)
|
|||||
Transfers in (a)
|
|
10,627,597
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,627,597
|
|
|||||
PIK interest income
|
|
525,625
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
525,625
|
|
|||||
Accretion of OID
|
|
501,115
|
|
|
92,622
|
|
|
—
|
|
|
—
|
|
|
593,737
|
|
|||||
Net unrealized appreciation (depreciation)
|
|
(11,271,806
|
)
|
|
(62,114
|
)
|
|
3,308
|
|
|
44,119
|
|
|
(11,286,493
|
)
|
|||||
Fair value as of March 31, 2020
|
|
$
|
131,096,745
|
|
|
$
|
1,709,150
|
|
|
$
|
113,593
|
|
|
$
|
1,165,398
|
|
|
$
|
134,084,886
|
|
Net unrealized appreciation (depreciation) relating to Level 3 assets still held at March 31, 2020 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the six months ended March 31, 2020
|
|
$
|
(11,230,136
|
)
|
|
$
|
(62,114
|
)
|
|
$
|
3,308
|
|
|
$
|
44,119
|
|
|
$
|
(11,244,823
|
)
|
|
|
Senior Secured Debt
|
|
Subordinated Debt
|
|
Common Equity & Warrants
|
|
Total
|
||||||||
Fair value as of September 30, 2018
|
|
$
|
11,655,202
|
|
|
$
|
1,500,000
|
|
|
$
|
—
|
|
|
$
|
13,155,202
|
|
Purchases
|
|
27,155,069
|
|
|
—
|
|
|
642,713
|
|
|
27,797,782
|
|
||||
Sales and repayments
|
|
(664,832
|
)
|
|
(4,691
|
)
|
|
—
|
|
|
(669,523
|
)
|
||||
Transfers in (a)
|
|
4,403,249
|
|
|
—
|
|
|
—
|
|
|
4,403,249
|
|
||||
Transfers out (a)
|
|
(2,022,500
|
)
|
|
—
|
|
|
—
|
|
|
(2,022,500
|
)
|
||||
PIK interest income
|
|
65,740
|
|
|
—
|
|
|
—
|
|
|
65,740
|
|
||||
Accretion of OID
|
|
105,759
|
|
|
99,404
|
|
|
—
|
|
|
205,163
|
|
||||
Net unrealized appreciation (depreciation)
|
|
285,431
|
|
|
10,144
|
|
|
863,827
|
|
|
1,159,402
|
|
||||
Fair value as of March 31, 2019
|
|
$
|
40,983,118
|
|
|
$
|
1,604,857
|
|
|
$
|
1,506,540
|
|
|
$
|
44,094,515
|
|
Net unrealized appreciation (depreciation) relating to Level 3 assets and liabilities still held at March 31, 2019 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the six months ended March 31, 2019
|
|
$
|
285,431
|
|
|
$
|
10,144
|
|
|
$
|
863,827
|
|
|
$
|
1,159,402
|
|
Asset
|
|
Fair Value
|
|
Valuation Technique
|
|
Unobservable Input
|
|
Range
|
|
Weighted
Average (a)
|
|||||
Senior secured debt
|
|
$
|
78,333,881
|
|
|
Market Yield
|
|
Market Yield
|
|
(b)
|
8.0%
|
-
|
21.0%
|
|
10.6%
|
|
|
4,752,475
|
|
|
Transactions Precedent
|
|
Transaction Price
|
|
(e)
|
N/A
|
-
|
N/A
|
|
N/A
|
|
|
|
48,010,389
|
|
|
Broker Quotations
|
|
Broker Quoted Price
|
|
(c)
|
N/A
|
-
|
N/A
|
|
N/A
|
|
Subordinated debt
|
|
1,709,150
|
|
|
Market Yield
|
|
Market Yield
|
|
(b)
|
15.0%
|
-
|
17.0%
|
|
16.0%
|
|
Common equity & warrants & preferred equity
|
|
212,848
|
|
|
Enterprise Value
|
|
Revenue multiple
|
|
(d)
|
0.7x
|
-
|
0.9x
|
|
0.8x
|
|
|
|
1,066,143
|
|
|
Enterprise Value
|
|
EBITDA multiple
|
|
(d)
|
18.0x
|
-
|
20.0x
|
|
19.0x
|
|
Total
|
|
$
|
134,084,886
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset
|
|
Fair Value
|
|
Valuation Technique
|
|
Unobservable Input
|
|
Range
|
|
Weighted
Average (a)
|
|||||
Senior secured debt
|
|
$
|
31,341,878
|
|
|
Market Yield
|
|
Market Yield
|
|
(b)
|
8.0%
|
-
|
18.0%
|
|
11.0%
|
|
|
30,480,349
|
|
|
Broker Quotations
|
|
Broker Quoted Price
|
|
(c)
|
N/A
|
-
|
N/A
|
|
N/A
|
|
|
|
1,500,000
|
|
|
Transactions Precedent
|
|
Transaction Price
|
|
(e)
|
N/A
|
-
|
N/A
|
|
N/A
|
|
Subordinated debt
|
|
1,702,969
|
|
|
Market Yield
|
|
Market Yield
|
|
(b)
|
13.0%
|
-
|
15.0%
|
|
14.0%
|
|
Common equity & warrants & preferred equity
|
|
830,564
|
|
|
Enterprise Value
|
|
Asset Multiple
|
|
(d)
|
0.7x
|
-
|
0.9x
|
|
0.8x
|
|
Total
|
|
$
|
65,855,760
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
March 31, 2020 |
|
Three months ended
March 31, 2019 |
|
Six months ended
March 31, 2020 |
|
Six months
ended March 31, 2019 |
||||||||
Earnings (loss) per common share — basic and diluted:
|
|
|
|
|
|
|
|
|
||||||||
Net increase (decrease) in net assets resulting from operations
|
|
$
|
(35,783,222
|
)
|
|
$
|
2,791,502
|
|
|
$
|
(30,504,795
|
)
|
|
$
|
2,112,409
|
|
Weighted average common shares outstanding
|
|
8,489,301
|
|
|
3,391,900
|
|
|
8,399,091
|
|
|
3,033,543
|
|
||||
Earnings (loss) per common share — basic and diluted
|
|
$
|
(4.22
|
)
|
|
$
|
0.82
|
|
|
$
|
(3.63
|
)
|
|
$
|
0.70
|
|
|
|
Common Stock
|
|
|
|
|
|
|
|||||||||||
|
|
Shares
|
|
Par Value
|
|
Additional Paid-in-Capital
|
|
Accumulated Distributable Earnings (Loss)
|
|
Total Net Assets
|
|||||||||
Balance at September 30, 2019
|
|
8,309,861
|
|
|
$
|
8,310
|
|
|
$
|
168,819,173
|
|
|
$
|
2,799,267
|
|
|
$
|
171,626,750
|
|
Net investment income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,897,085
|
|
|
1,897,085
|
|
||||
Net unrealized appreciation (depreciation)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,062,531
|
|
|
3,062,531
|
|
||||
Net realized gains (losses)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
324,057
|
|
|
324,057
|
|
||||
Provision for income tax (expense) benefit
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,246
|
)
|
|
(5,246
|
)
|
||||
Distributions to stockholders
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,069,014
|
)
|
|
(5,069,014
|
)
|
||||
Balance at December 31, 2019
|
|
8,309,861
|
|
|
$
|
8,310
|
|
|
$
|
168,819,173
|
|
|
$
|
3,008,680
|
|
|
$
|
171,836,163
|
|
Net investment income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,320,142
|
|
|
4,320,142
|
|
||||
Net unrealized appreciation (depreciation)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(40,410,913
|
)
|
|
(40,410,913
|
)
|
||||
Net realized gains (losses)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
307,858
|
|
|
307,858
|
|
||||
Provision for income tax (expense) benefit
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(309
|
)
|
|
(309
|
)
|
||||
Issuance of common stock
|
|
3,265,803
|
|
|
3,266
|
|
|
67,533,533
|
|
|
—
|
|
|
67,536,799
|
|
||||
Distributions to stockholders
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,576,058
|
)
|
|
(2,576,058
|
)
|
||||
Balance at March 31, 2020
|
|
11,575,664
|
|
|
$
|
11,576
|
|
|
$
|
236,352,706
|
|
|
$
|
(35,350,600
|
)
|
|
$
|
201,013,682
|
|
|
|
Common Stock
|
|
|
|
|
|
|
|||||||||||
|
|
Shares
|
|
Par Value
|
|
Additional Paid-in-Capital
|
|
Accumulated Distributable Earnings (Loss)
|
|
Total Net Assets
|
|||||||||
Balance at September 30, 2018
|
|
1,541,738
|
|
|
$
|
1,542
|
|
|
$
|
30,833,227
|
|
|
$
|
(462,452
|
)
|
|
$
|
30,372,317
|
|
Net investment income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
274,523
|
|
|
274,523
|
|
||||
Net unrealized appreciation (depreciation)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(963,085
|
)
|
|
(963,085
|
)
|
||||
Net realized gains (losses)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,469
|
|
|
9,469
|
|
||||
Issuance of common stock
|
|
1,850,162
|
|
|
1,850
|
|
|
36,700,180
|
|
|
—
|
|
|
36,702,030
|
|
||||
Balance at December 31, 2018
|
|
3,391,900
|
|
|
$
|
3,392
|
|
|
$
|
67,533,407
|
|
|
$
|
(1,141,545
|
)
|
|
$
|
66,395,254
|
|
Net investment income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
296,143
|
|
|
296,143
|
|
||||
Net unrealized appreciation (depreciation)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,412,574
|
|
|
2,412,574
|
|
||||
Net realized gains (losses)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
82,785
|
|
|
82,785
|
|
||||
Balance at March 31, 2019
|
|
3,391,900
|
|
|
$
|
3,392
|
|
|
$
|
67,533,407
|
|
|
$
|
1,649,957
|
|
|
$
|
69,186,756
|
|
|
|
Shares Issued
|
|
Price per Share
|
|
Proceeds
|
|||||
August 6, 2018 (1)
|
|
770,869
|
|
|
$
|
20.00
|
|
|
$
|
15,417,385
|
|
September 17, 2018
|
|
770,869
|
|
|
20.00
|
|
|
15,417,384
|
|
||
October 29, 2018
|
|
1,060,964
|
|
|
19.85
|
|
|
21,060,130
|
|
||
November 15, 2018
|
|
789,198
|
|
|
19.82
|
|
|
15,641,900
|
|
||
April 29, 2019
|
|
1,655,314
|
|
|
20.40
|
|
|
33,768,400
|
|
||
August 30, 2019
|
|
1,631,324
|
|
|
20.70
|
|
|
33,768,400
|
|
||
September 23, 2019
|
|
1,631,323
|
|
|
20.70
|
|
|
33,768,399
|
|
||
March 26, 2020
|
|
3,265,803
|
|
|
20.68
|
|
|
67,536,799
|
|
||
Total
|
|
11,575,664
|
|
|
|
|
$
|
236,378,797
|
|
(1)
|
Includes 50 shares issued to one or more affiliates of the Adviser on July 23, 2018.
|
Record Date
|
|
Payment Date
|
|
Amount
per Share |
|
Cash Distribution
|
||||
November 7, 2019
|
|
November 21, 2019
|
|
$
|
0.29
|
|
|
$
|
2,409,859
|
|
December 13, 2019
|
|
December 30, 2019
|
|
0.32
|
|
|
2,659,155
|
|
||
March 13, 2020
|
|
March 31, 2020
|
|
0.31
|
|
|
2,576,058
|
|
||
|
|
|
|
$
|
0.92
|
|
|
$
|
7,645,072
|
|
|
|
Three months
ended
March 31, 2020 |
|
Three months
ended March 31, 2019 |
|
Six months
ended
March 31, 2020 |
|
Six months
ended
March 31, 2019 |
||||||||
Net increase (decrease) in net assets resulting from operations
|
|
$
|
(35,783,222
|
)
|
|
$
|
2,791,502
|
|
|
$
|
(30,504,795
|
)
|
|
$
|
2,112,409
|
|
Net unrealized (appreciation) depreciation
|
|
40,410,913
|
|
|
(2,412,574
|
)
|
|
37,348,382
|
|
|
(1,449,489
|
)
|
||||
Book/tax differences due to capital gains incentive fee
|
|
(1,104,890
|
)
|
|
350,369
|
|
|
(427,572
|
)
|
|
308,348
|
|
||||
Book/tax difference due to organizational and deferred offering costs
|
|
(7,602
|
)
|
|
187,212
|
|
|
(15,204
|
)
|
|
404,090
|
|
||||
Other book/tax differences
|
|
(21,991
|
)
|
|
—
|
|
|
(16,745
|
)
|
|
9,357
|
|
||||
Taxable income (1)
|
|
$
|
3,493,208
|
|
|
$
|
916,509
|
|
|
$
|
6,384,066
|
|
|
$
|
1,384,715
|
|
(1)
|
The Company's taxable income for the three and six months ended March 31, 2020 is an estimate and will not be finally determined until the Company files its tax return for the fiscal year ending September 30, 2020. Therefore, the final taxable income may be different than the estimate.
|
Undistributed ordinary income, net
|
$
|
1,793,055
|
|
Net realized capital gains
|
$
|
642,220
|
|
Unrealized gains, net
|
$
|
363,992
|
|
(a)
|
Hurdle Rate Return: No Investment Income Incentive Fee in any calendar quarter in which the Pre-Incentive Fee Net Investment Income does not exceed the Hurdle Rate;
|
(b)
|
Catch-Up: 100% of the Pre-Incentive Fee Net Investment Income, if any, that exceeds the Hurdle Rate but is less than a 1.875% (7.5% annualized) rate of return on the value of the Company’s net assets in such calendar quarter (the “Catch-Up”), which is intended to provide the Adviser with 20% of the Pre-Incentive Fee Net Investment Income as if the Hurdle Rate did not apply, if the Pre-Incentive Fee Net Investment Income exceeds the Hurdle Rate in such calendar quarter; and
|
(c)
|
80/20 Split: 20% of the Pre-Incentive Fee Net Investment Income, if any, that exceeds a 1.875% (7.5% annualized) rate of return on the value of the Company’s net assets in such calendar quarter, so that once the Hurdle Rate is reached and the Catch-Up in (b) immediately above is achieved, 20% of the Pre-Incentive Fee Net Investment Income thereafter is allocated to the Adviser.
|
|
|
Three months ended
March 31, 2020 |
|
Three months ended
March 31, 2019 |
|
Six months ended
March 31, 2020 |
|
Six months ended
March 31, 2019 |
||||||||
Net asset value at beginning of period
|
|
$
|
20.68
|
|
|
$
|
19.57
|
|
|
$
|
20.65
|
|
|
$
|
19.70
|
|
Net investment income (1)
|
|
0.51
|
|
|
0.09
|
|
|
0.74
|
|
|
0.19
|
|
||||
Net unrealized appreciation (depreciation) (1)(2)
|
|
(3.55
|
)
|
|
0.72
|
|
|
(3.18
|
)
|
|
0.39
|
|
||||
Net realized gains (losses) (1)
|
|
0.04
|
|
|
0.02
|
|
|
0.08
|
|
|
0.03
|
|
||||
Distributions to stockholders
|
|
(0.31
|
)
|
|
—
|
|
|
(0.92
|
)
|
|
—
|
|
||||
Effect of sale price of drawdowns (3)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.09
|
|
||||
Net asset value at end of period
|
|
$
|
17.37
|
|
|
$
|
20.40
|
|
|
$
|
17.37
|
|
|
$
|
20.40
|
|
Total return (4)
|
|
(14.74
|
)%
|
|
4.24
|
%
|
|
(12.07
|
)%
|
|
3.55
|
%
|
||||
Common stock outstanding at beginning of period
|
|
8,309,861
|
|
|
3,391,900
|
|
|
8,309,861
|
|
|
1,541,738
|
|
||||
Common stock outstanding at end of period
|
|
11,575,664
|
|
|
3,391,900
|
|
|
11,575,664
|
|
|
3,391,900
|
|
||||
Net assets at beginning of period
|
|
$
|
171,836,163
|
|
|
$
|
66,395,254
|
|
|
$
|
171,626,750
|
|
|
$
|
30,372,317
|
|
Net assets at end of period
|
|
$
|
201,013,682
|
|
|
$
|
69,186,756
|
|
|
$
|
201,013,682
|
|
|
$
|
69,186,756
|
|
Average net assets (5)
|
|
$
|
157,342,426
|
|
|
$
|
67,791,005
|
|
|
$
|
164,877,772
|
|
|
$
|
60,145,845
|
|
Ratio of net investment income to average net assets (6)
|
|
2.75
|
%
|
|
0.44
|
%
|
|
3.77
|
%
|
|
0.95
|
%
|
||||
Ratio of total expenses to average net assets (6)
|
|
1.79
|
%
|
|
2.81
|
%
|
|
3.77
|
%
|
|
4.65
|
%
|
||||
Ratio of portfolio turnover to average investments at fair value (6)
|
|
15.21
|
%
|
|
3.44
|
%
|
|
27.93
|
%
|
|
6.55
|
%
|
||||
Weighted average outstanding debt
|
|
$
|
170,241,758
|
|
|
$
|
33,322,222
|
|
|
$
|
144,732,240
|
|
|
$
|
17,802,198
|
|
Average debt per share (1)
|
|
$
|
20.05
|
|
|
$
|
9.82
|
|
|
$
|
17.23
|
|
|
$
|
5.87
|
|
Asset coverage ratio (7)
|
|
234.01
|
%
|
|
191.04
|
%
|
|
234.01
|
%
|
|
191.04
|
%
|
(1)
|
Calculated based upon weighted average shares outstanding for the period.
|
(2)
|
For the three and six months ended March 31, 2020 and 2019, the amount shown does not correspond with net unrealized appreciation (depreciation) for the period as it includes the effect of the timing of equity issuances.
|
(3)
|
Increase is due to drawdowns during the period that were executed at a sale price at a premium to net asset value in order to effect a reallocation of organizational costs to subsequent investors.
|
(4)
|
Total return is calculated as the change in net asset value (“NAV”) per share during the period, plus distributions per share or capital activity, if any, divided by the beginning NAV per share, assuming a dividend reinvestment price equal to the NAV per share at the beginning of the period. The total return has not been annualized.
|
(5)
|
Calculated based upon the weighted average net assets for the period.
|
(6)
|
Financial results for the three and six months ended March 31, 2020 and 2019 have not been annualized for purposes of this ratio.
|
(7)
|
Based on outstanding senior securities of $150.0 million and $76.0 million as of March 31, 2020 and 2019, respectively.
|
|
|
March 31, 2020
|
|
September 30, 2019
|
||||
WPEngine, Inc.
|
|
$
|
9,504,950
|
|
|
$
|
—
|
|
Assembled Brands Capital LLC
|
|
3,586,452
|
|
|
3,807,021
|
|
||
Corrona, LLC
|
|
1,560,000
|
|
|
—
|
|
||
MRI Software LLC
|
|
1,035,963
|
|
|
—
|
|
||
PaySimple, Inc.
|
|
876,659
|
|
|
2,695,000
|
|
||
Accupac, Inc.
|
|
856,511
|
|
|
—
|
|
||
OEConnection LLC
|
|
822,511
|
|
|
817,204
|
|
||
Acquia Inc.
|
|
468,601
|
|
|
—
|
|
||
Apptio, Inc.
|
|
461,538
|
|
|
461,538
|
|
||
iCIMs, Inc.
|
|
88,235
|
|
|
88,235
|
|
||
Sorrento Therapeutics, Inc.
|
|
—
|
|
|
2,400,000
|
|
||
Mindbody, Inc.
|
|
—
|
|
|
761,905
|
|
||
|
|
$
|
19,261,420
|
|
|
$
|
11,030,903
|
|
Description
|
|
Notional Amount to be Purchased
|
|
Notional Amount to be Sold
|
|
Maturity Date
|
|
Gross Amount of Recognized Assets
|
|
Gross Amount of Recognized Liabilities
|
|
Balance Sheet Location of Net Amounts
|
||||||||
Foreign currency forward contract
|
|
$
|
2,981,267
|
|
|
€
|
2,662,178
|
|
|
5/14/2020
|
|
$
|
55,258
|
|
|
$
|
—
|
|
|
Derivative assets
|
Description
|
|
Notional Amount to be Purchased
|
|
Notional Amount to be Sold
|
|
Maturity Date
|
|
Gross Amount of Recognized Assets
|
|
Gross Amount of Recognized Liabilities
|
|
Balance Sheet Location of Net Amounts
|
||||||||
Foreign currency forward contract
|
|
$
|
2,798,483
|
|
|
€
|
2,475,000
|
|
|
1/16/2020
|
|
$
|
77,558
|
|
|
$
|
—
|
|
|
Derivative assets
|
•
|
our future operating results and distribution projections;
|
•
|
the ability of our Adviser to implement its future plans with respect to our business and to achieve our investment objective;
|
•
|
the ability of Oaktree to attract and retain highly talented professionals;
|
•
|
our business prospects and the prospects of our portfolio companies;
|
•
|
the impact of the investments that we expect to make;
|
•
|
the ability of our portfolio companies to achieve their objectives;
|
•
|
our expected financings and investments and additional leverage we may seek to incur in the future;
|
•
|
the adequacy of our cash resources and working capital;
|
•
|
the timing of cash flows, if any, from the operations of our portfolio companies; and
|
•
|
the impact of the COVID-19 pandemic on all of the foregoing.
|
•
|
changes or potential disruptions in our operations, the economy, financial markets or political environment;
|
•
|
risks associated with possible disruption in our operations, the operations of our portfolio companies or the economy generally due to terrorism, natural disasters or the COVID-19 pandemic;
|
•
|
future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities) and conditions in our operating areas, particularly with respect to Business Development Companies or regulated investment companies ("RICs");
|
•
|
general considerations associated with the COVID-19 pandemic; and
|
•
|
other considerations that may be disclosed from time to time in our publicly disseminated documents and filings.
|
•
|
Level I - Quoted unadjusted prices for identical instruments in active markets to which we have access at the date of measurement. The types of investments in Level I include exchange traded equities, debt and derivatives with quoted prices.
|
•
|
Level II - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are directly or indirectly observable. Level II inputs include interest rates, yield curves, volatilities, prepayment risks, loss severities, credit risks and default rates. The types of investments in Level II generally include corporate bonds and loans, government and agency securities, less liquid and restricted equity investments, over-the-counter traded derivatives and other investments where the fair value is based on observable inputs.
|
•
|
Level III - Valuations for which one or more significant inputs are unobservable. These inputs reflect our assessment of the assumptions that market participants use to value the investment based on the best available information. Level III inputs include prices obtained from brokers in markets for which there are few transactions, less public information exists or prices vary among broker market makers. The types of investments in Level III include non-publicly traded equity, debt, real estate and derivatives.
|
|
|
March 31, 2020
|
|
September 30, 2019
|
||||
Cost:
|
|
|
|
|
||||
Senior secured debt
|
|
$
|
372,648,045
|
|
|
$
|
281,238,755
|
|
Subordinated debt
|
|
16,393,453
|
|
|
7,201,102
|
|
||
Common equity & warrants
|
|
1,043,713
|
|
|
772,692
|
|
||
Preferred equity
|
|
110,285
|
|
|
110,285
|
|
||
Total
|
|
$
|
390,195,496
|
|
|
$
|
289,322,834
|
|
|
|
March 31, 2020
|
|
September 30, 2019
|
||||
Fair Value:
|
|
|
|
|
||||
Senior secured debt
|
|
$
|
338,700,828
|
|
|
$
|
282,841,206
|
|
Subordinated debt
|
|
14,717,002
|
|
|
7,325,965
|
|
||
Common equity & warrants
|
|
1,165,398
|
|
|
869,555
|
|
||
Preferred equity
|
|
113,593
|
|
|
110,285
|
|
||
Total
|
|
$
|
354,696,821
|
|
|
$
|
291,147,011
|
|
|
|
March 31, 2020
|
|
September 30, 2019
|
||
Fair Value:
|
|
|
|
|
||
Application Software
|
|
20.18
|
%
|
|
20.64
|
%
|
Personal Products
|
|
6.14
|
%
|
|
1.73
|
%
|
Integrated Telecommunication Services
|
|
4.51
|
%
|
|
6.38
|
%
|
Health Care Technology
|
|
4.45
|
%
|
|
4.27
|
%
|
Biotechnology
|
|
4.39
|
%
|
|
7.14
|
%
|
Internet Services & Infrastructure
|
|
4.11
|
%
|
|
6.52
|
%
|
Alternative Carriers
|
|
3.70
|
%
|
|
3.22
|
%
|
Oil & Gas Storage & Transportation
|
|
3.66
|
%
|
|
—
|
%
|
Health Care Services
|
|
3.27
|
%
|
|
3.78
|
%
|
Systems Software
|
|
2.96
|
%
|
|
4.51
|
%
|
Pharmaceuticals
|
|
2.74
|
%
|
|
2.90
|
%
|
Data Processing & Outsourced Services
|
|
2.56
|
%
|
|
2.80
|
%
|
Specialized REITs
|
|
2.22
|
%
|
|
1.15
|
%
|
Independent Power Producers & Energy Traders
|
|
2.20
|
%
|
|
—
|
%
|
Real Estate Services
|
|
2.20
|
%
|
|
3.05
|
%
|
Diversified Support Services
|
|
2.15
|
%
|
|
3.22
|
%
|
Distributors
|
|
2.00
|
%
|
|
—
|
%
|
Airport Services
|
|
1.99
|
%
|
|
—
|
%
|
Oil & Gas Refining & Marketing
|
|
1.98
|
%
|
|
2.75
|
%
|
Aerospace & Defense
|
|
1.96
|
%
|
|
2.40
|
%
|
Publishing
|
|
1.96
|
%
|
|
0.68
|
%
|
Research & Consulting Services
|
|
1.68
|
%
|
|
2.74
|
%
|
Movies & Entertainment
|
|
1.64
|
%
|
|
1.20
|
%
|
Metal & Glass Containers
|
|
1.46
|
%
|
|
0.48
|
%
|
Health Care Supplies
|
|
1.44
|
%
|
|
—
|
%
|
Auto Parts & Equipment
|
|
1.39
|
%
|
|
2.00
|
%
|
Industrial Machinery
|
|
1.31
|
%
|
|
0.47
|
%
|
IT Consulting & Other Services
|
|
1.31
|
%
|
|
1.83
|
%
|
Multi-Sector Holdings
|
|
1.01
|
%
|
|
—
|
%
|
Interactive Media & Services
|
|
1.00
|
%
|
|
2.31
|
%
|
Construction Materials
|
|
0.99
|
%
|
|
—
|
%
|
Managed Health Care
|
|
0.97
|
%
|
|
1.37
|
%
|
Trading Companies & Distributors
|
|
0.72
|
%
|
|
1.03
|
%
|
Communications Equipment
|
|
0.67
|
%
|
|
—
|
%
|
Household Products
|
|
0.51
|
%
|
|
0.65
|
%
|
Restaurants
|
|
0.50
|
%
|
|
—
|
%
|
Property & Casualty Insurance
|
|
0.37
|
%
|
|
—
|
%
|
Cable & Satellite
|
|
0.32
|
%
|
|
1.46
|
%
|
Specialized Finance
|
|
0.25
|
%
|
|
0.27
|
%
|
Environmental & Facilities Services
|
|
0.24
|
%
|
|
—
|
%
|
Building Products
|
|
0.16
|
%
|
|
—
|
%
|
Specialty Stores
|
|
0.16
|
%
|
|
—
|
%
|
Food Retail
|
|
0.13
|
%
|
|
0.34
|
%
|
Construction & Engineering
|
|
0.12
|
%
|
|
0.34
|
%
|
Leisure Facilities
|
|
0.09
|
%
|
|
—
|
%
|
Oil & Gas Equipment & Services
|
|
0.08
|
%
|
|
0.30
|
%
|
Casinos & Gaming
|
|
0.08
|
%
|
|
—
|
%
|
Health Care Facilities
|
|
0.07
|
%
|
|
—
|
%
|
Financial Exchanges & Data
|
|
—
|
%
|
|
1.95
|
%
|
Health Care Equipment
|
|
—
|
%
|
|
1.72
|
%
|
Insurance Brokers
|
|
—
|
%
|
|
1.35
|
%
|
Electric Utilities
|
|
—
|
%
|
|
0.42
|
%
|
Health Care Distributors
|
|
—
|
%
|
|
0.39
|
%
|
Oil & Gas Exploration & Production
|
|
—
|
%
|
|
0.24
|
%
|
Total
|
|
100.00
|
%
|
|
100.00
|
%
|
|
|
March 31, 2020
|
|
September 30, 2019
|
||
Fair Value:
|
|
|
|
|
||
United States
|
|
87.58
|
%
|
|
89.06
|
%
|
United Kingdom
|
|
4.58
|
%
|
|
3.81
|
%
|
Luxembourg
|
|
2.31
|
%
|
|
2.64
|
%
|
France
|
|
1.94
|
%
|
|
1.81
|
%
|
Iceland
|
|
1.39
|
%
|
|
1.61
|
%
|
Australia
|
|
1.32
|
%
|
|
—
|
%
|
Canada
|
|
0.88
|
%
|
|
0.99
|
%
|
Denmark
|
|
—
|
%
|
|
0.08
|
%
|
Total
|
|
100.00
|
%
|
|
100.00
|
%
|
|
|
Three months ended March 31, 2020
|
|
Three months ended March 31, 2019
|
|
Six months ended March 31, 2020
|
|
Six months ended March 31, 2019
|
||||||||
Expenses:
|
|
|
|
|
|
|
|
|
||||||||
Base management fee
|
|
866,511
|
|
|
$
|
332,290
|
|
|
$
|
1,652,645
|
|
|
$
|
453,219
|
|
|
Investment income incentive fee
|
|
803,813
|
|
|
—
|
|
|
853,728
|
|
|
—
|
|
||||
Capital gains incentive fee
|
|
(1,104,890
|
)
|
|
350,369
|
|
|
(427,572
|
)
|
|
308,348
|
|
||||
Offering costs
|
|
—
|
|
|
194,104
|
|
|
—
|
|
|
362,373
|
|
||||
Organization expenses
|
|
—
|
|
|
710
|
|
|
—
|
|
|
56,921
|
|
||||
Professional fees
|
|
253,793
|
|
|
190,929
|
|
|
421,776
|
|
|
383,769
|
|
||||
Directors fees
|
|
38,750
|
|
|
26,250
|
|
|
77,637
|
|
|
52,500
|
|
||||
Interest expense
|
|
1,631,976
|
|
|
453,272
|
|
|
2,987,169
|
|
|
587,155
|
|
||||
Administrator expense
|
|
130,370
|
|
|
130,052
|
|
|
244,287
|
|
|
212,097
|
|
||||
General and administrative expenses
|
|
195,863
|
|
|
225,569
|
|
|
404,009
|
|
|
369,501
|
|
||||
Total expenses
|
|
$
|
2,816,186
|
|
|
$
|
1,903,545
|
|
|
$
|
6,213,679
|
|
|
$
|
2,785,883
|
|
|
|
Shares Issued
|
|
Price per Share
|
|
Proceeds
|
|||||
August 6, 2018 (1)
|
|
770,869
|
|
|
$
|
20.00
|
|
|
$
|
15,417,385
|
|
September 17, 2018
|
|
770,869
|
|
|
20.00
|
|
|
15,417,384
|
|
||
October 29, 2018
|
|
1,060,964
|
|
|
19.85
|
|
|
21,060,130
|
|
||
November 15, 2018
|
|
789,198
|
|
|
19.82
|
|
|
15,641,900
|
|
||
April 29, 2019
|
|
1,655,314
|
|
|
20.40
|
|
|
33,768,400
|
|
||
August 30, 2019
|
|
1,631,324
|
|
|
20.70
|
|
|
33,768,400
|
|
||
September 23, 2019
|
|
1,631,323
|
|
|
20.70
|
|
|
33,768,399
|
|
||
March 26, 2020
|
|
3,265,803
|
|
|
20.68
|
|
|
67,536,799
|
|
||
Total
|
|
11,575,664
|
|
|
|
|
$
|
236,378,797
|
|
(1)
|
Includes 50 shares issued to one or more affiliates of the Adviser on July 23, 2018.
|
|
|
Payments due by period as of March 31, 2020
|
||||||||||||||||||
|
|
Total
|
|
< 1 year
|
|
1-3 years
|
|
3-5 years
|
|
> 5 years
|
||||||||||
CNB Facility
|
|
$
|
55,000,000
|
|
|
$
|
55,000,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest due on CNB Facility
|
|
886,009
|
|
|
886,009
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Citibank Facility
|
|
95,000,000
|
|
|
—
|
|
|
—
|
|
|
95,000,000
|
|
|
—
|
|
|||||
Interest due on Citibank Facility
|
|
13,555,560
|
|
|
3,135,475
|
|
|
6,270,950
|
|
|
4,149,135
|
|
|
—
|
|
|||||
Total
|
|
$
|
164,441,569
|
|
|
$
|
59,021,484
|
|
|
$
|
6,270,950
|
|
|
$
|
99,149,135
|
|
|
$
|
—
|
|
|
|
March 31, 2020
|
|
September 30, 2019
|
||||
WPEngine, Inc.
|
|
$
|
9,504,950
|
|
|
$
|
—
|
|
Assembled Brands Capital LLC
|
|
3,586,452
|
|
|
3,807,021
|
|
||
Corrona, LLC
|
|
1,560,000
|
|
|
—
|
|
||
MRI Software LLC
|
|
1,035,963
|
|
|
—
|
|
||
PaySimple, Inc.
|
|
876,659
|
|
|
2,695,000
|
|
||
Accupac, Inc.
|
|
856,511
|
|
|
—
|
|
||
OEConnection LLC
|
|
822,511
|
|
|
817,204
|
|
||
Acquia Inc.
|
|
468,601
|
|
|
—
|
|
||
Apptio, Inc.
|
|
461,538
|
|
|
461,538
|
|
||
iCIMs, Inc.
|
|
88,235
|
|
|
88,235
|
|
||
Sorrento Therapeutics, Inc.
|
|
—
|
|
|
2,400,000
|
|
||
Mindbody, Inc.
|
|
—
|
|
|
761,905
|
|
||
|
|
$
|
19,261,420
|
|
|
$
|
11,030,903
|
|
Year Ended
|
|
Qualified Net Interest Income
|
Qualified Short-Term Capital Gains
|
||
September 30, 2019
|
|
96.0
|
%
|
—
|
|
Record Date
|
|
Payment Date
|
|
Amount
per Share |
|
Cash Distribution
|
||||
November 7, 2019
|
|
November 21, 2019
|
|
$
|
0.29
|
|
|
$
|
2,409,859
|
|
December 13, 2019
|
|
December 30, 2019
|
|
0.32
|
|
|
2,659,155
|
|
||
March 13, 2020
|
|
March 31, 2020
|
|
0.31
|
|
|
2,576,058
|
|
||
|
|
|
|
$
|
0.92
|
|
|
$
|
7,645,072
|
|
|
|
March 31, 2020
|
|
September 30, 2019
|
||||||||||
($ in thousands)
|
|
Fair Value
|
|
% of Floating
Rate Portfolio
|
|
Fair Value
|
|
% of Floating
Rate Portfolio
|
||||||
0%
|
|
$
|
171,170,271
|
|
|
51.05
|
%
|
|
$
|
148,908,568
|
|
|
55.02
|
%
|
>0% and <1%
|
|
7,656,376
|
|
|
2.28
|
|
|
6,770,487
|
|
|
2.50
|
|
||
1%
|
|
152,922,368
|
|
|
45.60
|
|
|
110,905,192
|
|
|
40.98
|
|
||
>1%
|
|
3,578,269
|
|
|
1.07
|
|
|
4,068,900
|
|
|
1.50
|
|
||
Total
|
|
$
|
335,327,284
|
|
|
100.00
|
%
|
|
$
|
270,653,147
|
|
|
100.00
|
%
|
|
|
|
|
|
|
|
|
|
Basis point increase
|
|
Increase in Interest Income
|
|
(Increase) in Interest Expense
|
|
Net increase (decrease) in net assets resulting from operations
|
||||||
250
|
|
$
|
9,497,756
|
|
|
$
|
(3,750,000
|
)
|
|
$
|
5,747,756
|
|
200
|
|
7,582,113
|
|
|
(3,000,000
|
)
|
|
4,582,113
|
|
|||
150
|
|
5,698,653
|
|
|
(2,250,000
|
)
|
|
3,448,653
|
|
|||
100
|
|
3,783,011
|
|
|
(1,500,000
|
)
|
|
2,283,011
|
|
|||
50
|
|
1,899,551
|
|
|
(750,000
|
)
|
|
1,149,551
|
|
Basis point decrease (1)
|
|
(Decrease) in Interest Income
|
|
Decrease in Interest Expense
|
|
Net increase (decrease) in net assets resulting from operations
|
||||||
50
|
|
$
|
(1,332,303
|
)
|
|
$
|
750,000
|
|
|
$
|
(582,303
|
)
|
100
|
|
(2,315,380
|
)
|
|
1,500,000
|
|
|
(815,380
|
)
|
|||
150
|
|
(2,596,964
|
)
|
|
2,103,775
|
|
|
(493,189
|
)
|
|||
200
|
|
(2,599,194
|
)
|
|
2,103,775
|
|
|
(495,419
|
)
|
|
|
March 31, 2020
|
|
September 30, 2019
|
||||||||||||
|
|
Debt Investments
|
|
Borrowings
|
|
Debt Investments
|
|
Borrowings
|
||||||||
Prime rate
|
|
$
|
446,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
LIBOR:
|
|
|
|
|
|
|
|
|
||||||||
30 day
|
|
207,731,645
|
|
|
55,000,000
|
|
|
177,185,974
|
|
|
65,000,000
|
|
||||
60 day
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
90 day
|
|
133,330,511
|
|
|
95,000,000
|
|
|
92,053,874
|
|
|
18,000,000
|
|
||||
180 day
|
|
35,364,881
|
|
|
—
|
|
|
1,409,167
|
|
|
—
|
|
||||
EURIBOR:
|
|
|
|
|
|
|
|
|
||||||||
30 day
|
|
3,037,188
|
|
|
—
|
|
|
2,725,500
|
|
|
—
|
|
||||
Fixed rate
|
|
19,554,148
|
|
|
—
|
|
|
19,020,775
|
|
|
—
|
|
||||
Total
|
|
$
|
399,464,373
|
|
|
$
|
150,000,000
|
|
|
$
|
292,395,290
|
|
|
$
|
83,000,000
|
|
Exhibit
|
|
Description
|
|
Investment Advisory Agreement, dated as of May 11, 2020, by and between the Company and Oaktree Fund Advisors, LLC.*
|
|
|
Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.*
|
|
|
Certification of Chief Financial Officer (Principal Financial Officer) Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.*
|
|
|
Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
|
|
|
Certification of Chief Financial Officer (Principal Financial Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
|
*
|
Filed herewith.
|
|
|
|
OAKTREE STRATEGIC INCOME II, INC.
|
||
|
|
|
By:
|
|
/s/ Armen Panossian
|
|
|
Armen Panossian
|
|
|
Chairman, Chief Executive Officer and Chief Investment Officer
|
|
|
|
By:
|
|
/s/ Mel Carlisle
|
|
|
Mel Carlisle
|
|
|
Chief Financial Officer and Treasurer
|
(a)
|
No Investment Income Incentive Fee in any calendar quarter in which the Company’s Pre-Incentive Fee Net Investment Income does not exceed the Hurdle Rate;
|
(b)
|
100% of the amount of the Company’s Pre-Incentive Fee Net Investment Income, if any, that exceeds the Hurdle Rate but is less than or equal to a 1.875% (7.5% annualized) rate of return on the value of the Company’s net assets as of the end of such calendar quarter (the “Catch-Up”), which is intended to provide the Adviser with 20% of the Pre-Incentive Fee Net Investment Income as if the Hurdle Rate did not apply, if the Pre-Incentive Fee Net Investment Income exceeds the Hurdle Rate in such calendar quarter; and
|
(c)
|
20% of the amount of the Company’s Pre-Incentive Fee Net Investment Income, if any, that exceeds a 1.875% (7.5% annualized) rate of return on the value of the Company’s net assets as of the end of such calendar quarter, so that once the Hurdle Rate is reached and the Catch-Up in (b) immediately above is achieved, 20% of the Pre-Incentive Fee Net Investment Income thereafter is allocated to the Adviser.
|
•
|
Year 1: $20 million investment made in Company A (“Investment A”), and $30 million investment made in Company B (“Investment B”).
|
•
|
Year 2: Investment A sold for $50 million and fair market value (“FMV”) of Investment B determined to be $32 million.
|
•
|
Year 3: FMV of Investment B determined to be $25 million.
|
•
|
Year 4: Investment B sold for $31 million.
|
1.
|
Year 1: None.
|
2.
|
Year 2: $6.0 million Capital Gains Incentive Fee, calculated as follows: $30 million realized capital gains on sale of Investment A multiplied by 20%.
|
3.
|
Year 3: None; calculated as follows:(6) $5.0 million cumulative fee (20% multiplied by $25 million ($30 million cumulative capital gains less $5 million cumulative unrealized capital depreciation)) less $6.0 million (previous capital gains fee paid in Year 2).
|
4.
|
Year 4: $200,000 Capital Gains Incentive Fee, calculated as follows: $6.2 million cumulative fee (20% multiplied by $31 million cumulative realized capital gains ($30 million from Investment A and $1 million from Investment B)) less $6.0 million (previous capital gains fee paid in Year 2).
|
•
|
Year 1: $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”).
|
•
|
Year 2: Investment A sold for $50 million, FMV of Investment B determined to be $25 million and FMV of Investment C determined to be $25 million.
|
•
|
Year 3: FMV of Investment B determined to be $27 million and Investment C sold for $30 million.
|
•
|
Year 4: FMV of Investment B determined to be $35 million.
|
•
|
Year 5: Investment B sold for $20 million.
|
•
|
Year 1: None.
|
•
|
Year 2: $5.0 million Capital Gains Incentive Fee, calculated as follows: 20% multiplied by $25 million ($30 million realized capital gains on sale of Investment A less $5 million unrealized capital depreciation on Investment B).
|
•
|
Year 3: $1.4 million Capital Gains Incentive Fee, calculated as follows: $6.4 million cumulative fee (20% multiplied by $32 million ($35 million cumulative realized capital gains less $3 million cumulative unrealized capital depreciation)) less $5.0 million (previous capital gains fee paid in Year 2).
|
•
|
Year 4: $600,000 capital gains incentive fee, calculated as follows: $7.0 million cumulative fee (20% multiplied by $35 million cumulative realized capital gains) less $6.4 million (previous cumulative capital gains fee paid in Year 2 and Year 3).
|
•
|
Year 5: None. $5.0 million cumulative fee (20% multiplied by $25 million ($35 million cumulative realized capital gains less $10 million realized capital losses)) less $7.0 million (previous cumulative capital gains fee paid in Years 2, 3 and 4).
|
1.
|
The hypothetical amount of Pre-Incentive Fee Net Investment Income shown is expressed as a rate of return as of the beginning and the end of the immediately preceding calendar quarter. Solely for purposes of these illustrative examples, we have assumed that the Company has not incurred any leverage. However, we expect to use leverage to partially finance our investments.
|
2.
|
Represents 6.0% annualized Hurdle Rate.
|
3.
|
Represents 1.00% annualized Management Fee (as in effect prior to a Qualified Listing).
|
4.
|
Hypothetical other expenses. Excludes organizational and offering expenses.
|
5.
|
The “catch-up” provision is intended to provide the Adviser with an Incentive Fee of approximately 20% on all of the Pre-Incentive Fee Net Investment Income as if a Hurdle Rate did not apply when the net investment income exceeds 1.875% in any calendar quarter.
|
6.
|
If the Investment Advisory Agreement is terminated on a date other than December 31 of any year, the Company may pay aggregate Capital Gains Incentive Fees that are more than the amount of such fees that would have been payable if the Investment Advisory Agreement had been terminated on December 31 of such year. This would occur if the FMV of an investment declined between the time the Investment Advisory Agreement was terminated and December 31.
|
|
|
|
By:
|
|
/s/ Armen Panossian
|
|
|
Armen Panossian
Chief Executive Officer
|
|
|
|
By:
|
|
/s/ Mel Carlisle
|
|
|
Mel Carlisle
Chief Financial Officer
|
|
/s/ Armen Panossian
|
Name: Armen Panossian
|
|
Date: May 12, 2020
|
|
/s/ Mel Carlisle
|
Name: Mel Carlisle
|
|
Date: May 12, 2020
|