☒ | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
For the Quarter Ended June 30, 2017 | |
☐ | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Delaware | 56-2594706 |
(State or Other Jurisdiction of Incorporation) | (IRS Employer Identification No.) |
2951 28th Street, Suite 1000 | |
Santa Monica, California | 90405 |
(Address of Principal Executive Offices) | (Zip Code) |
Common Stock, par value $0.001 per share | NASDAQ Global Select Market |
(Title of each class) | (Name of each exchange where registered) |
Large accelerated filer x | Accelerated filer ¨ |
Non-accelerated filer ¨ | Smaller Reporting company ¨ |
Part I. | Financial Information | |
Item 1. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Part II. | Other Information | |
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 5. | ||
Item 6. |
June 30, 2017 | December 31, 2016 | ||||||
(unaudited) | |||||||
Assets | |||||||
Investments, at fair value: | |||||||
Companies less than 5% owned (cost of $1,279,331,045 and $1,174,421,611, respectively) | $ | 1,288,356,263 | $ | 1,175,097,468 | |||
Companies 5% to 25% owned (cost of $88,515,653 and $75,508,585, respectively) | 79,630,291 | 69,355,808 | |||||
Companies more than 25% owned (cost of $107,221,632 and $96,135,623, respectively) | 77,961,302 | 70,516,594 | |||||
Total investments (cost of $1,475,068,330 and $1,346,065,819, respectively) | 1,445,947,856 | 1,314,969,870 | |||||
Cash and cash equivalents | 41,573,835 | 53,579,868 | |||||
Accrued interest income: | |||||||
Companies less than 5% owned | 13,636,626 | 12,713,025 | |||||
Companies 5% to 25% owned | 1,504,322 | 953,561 | |||||
Companies more than 25% owned | 20,580 | 25,608 | |||||
Receivable for investments sold | 14,142,637 | — | |||||
Deferred debt issuance costs | 4,094,377 | 3,828,784 | |||||
Prepaid expenses and other assets | 4,788,185 | 1,527,745 | |||||
Total assets | 1,525,708,418 | 1,387,598,461 | |||||
Liabilities | |||||||
Debt, net of unamortized issuance costs | 586,724,110 | 571,658,862 | |||||
Payable for investments purchased | 40,429,682 | 12,348,925 | |||||
Incentive allocation payable | 6,207,263 | 4,716,834 | |||||
Interest payable | 5,401,642 | 5,013,713 | |||||
Payable to the Advisor | 718,716 | 325,790 | |||||
Unrealized depreciation on swaps | 171,006 | — | |||||
Accrued expenses and other liabilities | 2,114,459 | 2,598,346 | |||||
Total liabilities | 641,766,878 | 596,662,470 | |||||
Commitments and contingencies (Note 5) | |||||||
Net assets applicable to common shareholders | $ | 883,941,540 | $ | 790,935,991 | |||
Composition of net assets applicable to common shareholders | |||||||
Common stock, $0.001 par value; 200,000,000 shares authorized, 58,792,202 and 53,041,900 shares issued and outstanding as of June 30, 2017 and December 31, 2016, respectively | $ | 58,792 | $ | 53,042 | |||
Paid-in capital in excess of par | 1,038,023,581 | 944,426,650 | |||||
Accumulated net investment income | 17,007,637 | 12,533,289 | |||||
Accumulated net realized losses | (141,836,828 | ) | (134,960,267 | ) | |||
Accumulated net unrealized depreciation | (29,311,642 | ) | (31,116,723 | ) | |||
Net assets applicable to common shareholders | $ | 883,941,540 | $ | 790,935,991 | |||
Net assets per share | $ | 15.04 | $ | 14.91 |
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (A) | ||||||||||||||||||||||||||||||||
Advertising, Public Relations and Marketing | ||||||||||||||||||||||||||||||||
Foursquare Labs, Inc. | First Lien Delayed Draw Term Loan (5.0% Exit Fee) | LIBOR (M) | — | 8.81 | % | 10.06 | % | 6/1/2020 | $ | 18,750,000 | $ | 18,357,457 | $ | 18,525,000 | 1.25 | % | L | |||||||||||||||
InMobi, Inc. (Singapore) | First Lien Delayed Draw Tranche 1 Term Loan (2.25% Exit Fee) | LIBOR (M) | 0.33 | % | 10.17 | % | 11.36 | % | 12/31/2018 | $ | 15,000,000 | 14,780,901 | 15,153,750 | 1.02 | % | H/L | ||||||||||||||||
33,138,358 | 33,678,750 | 2.27 | % | |||||||||||||||||||||||||||||
Air Transportation | ||||||||||||||||||||||||||||||||
Mesa Air Group, Inc. | Acquisition Loan | LIBOR (M) | — | 7.25 | % | 8.44 | % | 7/15/2022 | $ | 13,009,929 | 12,840,544 | 13,270,127 | 0.89 | % | ||||||||||||||||||
Mesa Airlines, Inc. | Engine Acquisition Delayed Draw Term Loan A | LIBOR (M) | — | 7.25 | % | 8.50 | % | 12/14/2021 | $ | 15,441,370 | 15,201,748 | 15,392,739 | 1.03 | % | ||||||||||||||||||
Mesa Airlines, Inc. | Engine Acquisition Delayed Draw Term Loan B | LIBOR (M) | — | 7.25 | % | 8.50 | % | 2/28/2022 | $ | 8,931,637 | 8,789,436 | 8,854,379 | 0.60 | % | ||||||||||||||||||
Mesa Airlines, Inc. | Engine Acquisition Delayed Draw Term Loan C | LIBOR (M) | — | 7.25 | % | N/A | 12/31/2022 | $ | — | — | — | — | ||||||||||||||||||||
36,831,728 | 37,517,245 | 2.52 | % | |||||||||||||||||||||||||||||
Amusement and Recreation | ||||||||||||||||||||||||||||||||
VSS-Southern Holdings, LLC | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 6.50% Cash +2.00% PIK | 9.80 | % | 11/3/2020 | $ | 24,342,738 | 23,947,429 | 24,738,308 | 1.66 | % | ||||||||||||||||||
VSS-Southern Holdings, LLC | Sr Secured Revolver | LIBOR (Q) | 1.00 | % | 6.50% Cash +2.00% PIK | N/A | 11/3/2020 | $ | — | (14,296 | ) | 13,913 | — | K | ||||||||||||||||||
23,933,133 | 24,752,221 | 1.66 | % | |||||||||||||||||||||||||||||
Apparel Manufacturing | ||||||||||||||||||||||||||||||||
Broder Bros., Co. | First Lien Term Loan (First Out) | LIBOR (Q) | 1.25 | % | 5.75 | % | 7.00 | % | 6/3/2021 | $ | 9,017,976 | 8,889,066 | 9,108,155 | 0.61 | % | |||||||||||||||||
Broder Bros., Co. | First Lien Term Loan B (Last Out) | LIBOR (Q) | 1.25 | % | 12.25 | % | 13.50 | % | 6/3/2021 | $ | 9,345,317 | 9,223,363 | 9,504,187 | 0.64 | % | |||||||||||||||||
18,112,429 | 18,612,342 | 1.25 | % | |||||||||||||||||||||||||||||
Building Equipment Contractors | ||||||||||||||||||||||||||||||||
Hylan Datacom & Electrical, LLC | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 7.50 | % | 8.73 | % | 7/25/2021 | $ | 13,984,735 | 13,807,502 | 14,082,629 | 0.95 | % | |||||||||||||||||
Business Support Services | ||||||||||||||||||||||||||||||||
Enerwise Global Technologies, Inc. | Sr Secured Revolving Loan | LIBOR (Q) | 0.23 | % | 8.52 | % | N/A | 11/30/2018 | $ | — | (8,153 | ) | (10,600 | ) | — | K | ||||||||||||||||
Enerwise Global Technologies, Inc. | Sr Secured Term Loan (3.77% Exit Fee) | LIBOR (Q) | 0.23 | % | 9.27 | % | 10.58 | % | 11/30/2019 | $ | 23,000,000 | 22,761,767 | 22,939,050 | 1.54 | % | L | ||||||||||||||||
STG-Fairway Acquisitions, Inc. (First Advantage) | Second Lien Term Loan | LIBOR (Q) | 1.00 | % | 9.25 | % | 10.45 | % | 6/30/2023 | $ | 31,000,000 | 30,618,212 | 28,306,100 | 1.90 | % | |||||||||||||||||
53,371,826 | 51,234,550 | 3.44 | % | |||||||||||||||||||||||||||||
Chemicals | ||||||||||||||||||||||||||||||||
Anuvia Plant Nutrients Holdings, LLC | Sr Secured Term Loan (8.0% Exit Fee) | LIBOR (M) | — | 10.63 | % | 11.88 | % | 2/1/2018 | $ | 4,450,665 | 4,440,793 | 4,450,665 | 0.30 | % | L | |||||||||||||||||
Green Biologics, Inc. | Sr Secured Delayed Draw Term Loan (12.4% Exit Fee) | Prime Rate | — | 7.75 | % | 12.00 | % | 6/30/2019 | $ | 15,000,000 | 14,664,494 | 12,624,000 | 0.85 | % | L | |||||||||||||||||
iGM RFE1 B.V. (Netherlands) | First Lien Delayed Draw Term Loan | LIBOR (Q) | — | 8.00 | % | 9.30 | % | 10/12/2021 | $ | 883,020 | 877,540 | 924,522 | 0.06 | % | H | |||||||||||||||||
iGM RFE1 B.V. (Netherlands) | First Lien Term Loan | LIBOR (Q) | — | 8.00 | % | 9.30 | % | 10/12/2021 | $ | 3,816,276 | 3,791,996 | 3,995,641 | 0.27 | % | H | |||||||||||||||||
iGM RFE1 B.V. (Netherlands) | First Lien Term Loan | EURIBOR (Q) | — | 8.00 | % | 8.00 | % | 10/12/2021 | € | 6,459,119 | 7,055,942 | 7,727,059 | 0.52 | % | D/H | |||||||||||||||||
Nanosys, Inc. | First Lien Delayed Draw Term Loan (3.5% Exit Fee) | LIBOR (Q) | — | 9.81 | % | 11.06 | % | 4/1/2019 | $ | 10,000,000 | 9,551,633 | 9,759,000 | 0.66 | % | L | |||||||||||||||||
40,382,398 | 39,480,887 | 2.66 | % | |||||||||||||||||||||||||||||
Communications Equipment Manufacturing | ||||||||||||||||||||||||||||||||
Globecomm Systems, Inc. | First Lien Term Loan | LIBOR (Q) | 1.25 | % | 7.63 | % | 8.88 | % | 12/11/2018 | $ | 14,442,682 | 14,298,255 | 13,365,258 | 0.90 | % | B | ||||||||||||||||
Credit Related Activities | ||||||||||||||||||||||||||||||||
Pacific Union Financials, LLC | First Lien Term Loan | LIBOR (M) | 1.00 | % | 7.50 | % | 8.55 | % | 4/21/2022 | $ | 25,000,000 | 24,757,835 | 24,750,000 | 1.66 | % | |||||||||||||||||
Pegasus Business Intelligence, LP (Onyx Centersource) | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 6.75 | % | 8.05 | % | 12/20/2021 | $ | 14,695,972 | 14,565,255 | 14,654,823 | 0.99 | % | |||||||||||||||||
Pegasus Business Intelligence, LP (Onyx Centersource) | Revolver | LIBOR (Q) | 1.00 | % | 6.75 | % | 8.05 | % | 12/20/2021 | $ | 286,445 | 280,393 | 284,565 | 0.02 | % | |||||||||||||||||
39,603,483 | 39,689,388 | 2.67 | % |
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (continued) | ||||||||||||||||||||||||||||||||
Computer Systems Design and Related Services | ||||||||||||||||||||||||||||||||
Aptos Inc. (Canada) | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 6.75 | % | 8.05 | % | 9/1/2022 | $ | 9,925,000 | $ | 9,750,050 | $ | 9,825,750 | 0.66 | % | H | ||||||||||||||
Bracket Intermediate Holding Corp. | Second Lien Term Loan | LIBOR (Q) | 1.00 | % | 9.00 | % | 10.20 | % | 3/14/2024 | $ | 10,925,551 | 10,605,342 | 10,597,785 | 0.71 | % | |||||||||||||||||
Dealersocket, Inc. | First Lien Term Loan | LIBOR (M) | 1.00 | % | 10.00 | % | 11.13 | % | 2/10/2021 | $ | 16,625,000 | 16,109,136 | 16,593,413 | 1.12 | % | |||||||||||||||||
Fidelis Acquisitionco, LLC | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 6.00% Cash +2.00% PIK | 9.31 | % | 11/4/2019 | $ | 43,214,417 | 42,740,865 | 40,718,785 | 2.74 | % | ||||||||||||||||||
Fidelis Acquisitionco, LLC | Sr Secured Revolver | LIBOR (Q) | 1.00 | % | 8.00 | % | 9.31 | % | 11/4/2019 | $ | 3,182,143 | 3,182,143 | 2,998,374 | 0.20 | % | |||||||||||||||||
Marketo, Inc. | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 9.50 | % | 10.80 | % | 8/16/2021 | $ | 23,295,455 | 22,698,196 | 23,178,977 | 1.56 | % | |||||||||||||||||
Marketo, Inc. | Senior Secured Revolver | LIBOR (Q) | 1.00 | % | 9.50 | % | N/A | 8/16/2021 | $ | — | (42,300 | ) | (8,523 | ) | — | K | ||||||||||||||||
OnX Enterprise Solutions, Ltd. (Canada) | First Lien Term Loan B | LIBOR (Q) | — | 8.00 | % | 9.20 | % | 9/3/2018 | $ | 2,302,133 | 2,302,133 | 2,302,133 | 0.15 | % | H | |||||||||||||||||
OnX Enterprise Solutions, Ltd. (Canada) | First Lien Term Loan | LIBOR (Q) | — | 8.00 | % | 9.20 | % | 9/3/2018 | $ | 10,266,667 | 10,230,295 | 10,266,667 | 0.69 | % | H | |||||||||||||||||
OnX USA, LLC | First Lien Term Loan B | LIBOR (Q) | — | 8.00 | % | 9.20 | % | 9/3/2018 | $ | 3,714,267 | 3,714,267 | 3,714,267 | 0.25 | % | ||||||||||||||||||
OnX USA, LLC | First Lien Term Loan | LIBOR (Q) | — | 8.00 | % | 9.20 | % | 9/3/2018 | $ | 3,133,333 | 3,131,703 | 3,133,333 | 0.21 | % | ||||||||||||||||||
Waterfall International, Inc. | First Lien Delayed Draw Term Loan (3.0% Exit Fee) | LIBOR (Q) | — | 11.67 | % | 12.86 | % | 9/1/2018 | $ | 4,800,000 | 4,737,352 | 5,397,360 | 0.36 | % | L | |||||||||||||||||
129,159,182 | 128,718,321 | 8.65 | % | |||||||||||||||||||||||||||||
Credit (Nondepository) | ||||||||||||||||||||||||||||||||
Auto Trakk SPV, LLC | First Lien Delayed Draw Term Loan | LIBOR (M) | 0.50 | % | 9.50 | % | 10.66 | % | 12/21/2021 | $ | 32,392,942 | 31,940,424 | 32,483,492 | 2.18 | % | |||||||||||||||||
Caliber Home Loans, Inc. | First Lien Delayed Draw Term Loan | LIBOR (M) | 1.00 | % | 6.50 | % | 7.73 | % | 6/30/2020 | $ | 15,555,556 | 15,388,977 | 15,915,556 | 1.07 | % | |||||||||||||||||
Caribbean Financial Group (Cayman Islands) | Sr Secured Notes | Fixed | — | 11.50 | % | 11.50 | % | 11/15/2019 | $ | 28,678,000 | 28,584,707 | 29,251,558 | 1.97 | % | E/G/H | |||||||||||||||||
Trade Finance Funding I, Ltd. (Cayman Islands) | Secured Class B Notes | Fixed | — | 10.75 | % | 10.75 | % | 11/13/2018 | $ | 14,907,138 | 14,907,138 | 14,907,138 | 1.00 | E/H | ||||||||||||||||||
90,821,246 | 92,557,744 | 6.22 | % | |||||||||||||||||||||||||||||
Data Processing and Hosting Services | ||||||||||||||||||||||||||||||||
Internap Corporation | First Lien Term Loan | LIBOR (M) | 1.00 | % | 7.00 | % | 8.09 | % | 4/3/2022 | $ | 8,204,836 | 8,086,429 | 8,317,653 | 0.56 | % | J | ||||||||||||||||
IO Data Centers, USA, LLC | First Lien Term Loan | Fixed | — | 9.00 | % | 9.00 | % | 1/15/2020 | $ | 15,000,000 | 15,000,000 | 15,000,000 | 1.01 | % | ||||||||||||||||||
Pulse Secure, LLC | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 7.00 | % | 8.06 | % | 5/1/2022 | $ | 12,082,640 | 11,905,258 | 11,901,400 | 0.80 | % | |||||||||||||||||
Pulse Secure, LLC | Revolver | LIBOR (Q) | 1.00 | % | 7.00 | % | N/A | 5/1/2022 | $ | — | (19,492 | ) | (20,138 | ) | — | K | ||||||||||||||||
TierPoint, LLC | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 7.25 | % | 8.48 | % | 5/5/2025 | $ | 9,675,000 | 9,608,682 | 9,789,891 | 0.66 | % | |||||||||||||||||
44,580,877 | 44,988,806 | 3.03 | % | |||||||||||||||||||||||||||||
Educational Support Services | ||||||||||||||||||||||||||||||||
Edmentum, Inc. | Jr Revolving Facility | Fixed | — | 5.00 | % | 5.00 | % | 6/9/2020 | $ | 3,368,586 | 3,368,586 | 3,368,589 | 0.23 | % | B | |||||||||||||||||
Edmentum Ultimate Holdings, LLC | Sr PIK Notes | Fixed | — | 8.50 | % | 8.50 | % | 6/9/2020 | $ | 2,967,806 | 2,967,806 | 2,967,806 | 0.20 | % | B | |||||||||||||||||
Edmentum Ultimate Holdings, LLC | Jr PIK Notes | Fixed | — | 10.00 | % | 10.00 | % | 6/9/2020 | $ | 13,696,842 | 13,257,966 | 12,710,670 | 0.85 | % | B | |||||||||||||||||
19,594,358 | 19,047,065 | 1.28 | % | |||||||||||||||||||||||||||||
Electronic Component Manufacturing | ||||||||||||||||||||||||||||||||
Soraa, Inc. | Tranche A Term Loan (3.0% Exit Fee) | LIBOR (M) | 0.44 | % | 9.33 | % | 10.52 | % | 3/1/2018 | $ | 9,646,876 | 9,488,130 | 9,534,008 | 0.64 | % | L | ||||||||||||||||
Soraa, Inc. | Tranche B Term Loan | LIBOR (M) | 0.44 | % | 9.33 | % | 10.52 | % | 9/1/2017 | $ | 1,603,779 | 1,591,962 | 1,593,034 | 0.11 | % | |||||||||||||||||
11,080,092 | 11,127,042 | 0.75 | % | |||||||||||||||||||||||||||||
Equipment Leasing | ||||||||||||||||||||||||||||||||
36th Street Capital Partners Holdings, LLC | Senior Note | Fixed | — | 12.00 | % | 12.00 | % | 11/1/2020 | $ | 35,592,282 | 35,592,282 | 35,592,282 | 2.39 | % | E/F | |||||||||||||||||
Essex Ocean, LLC (Solexel) | Sr Secured Term Loan | Fixed | — | 8.00 | % | 8.00 | % | 8/15/2018 | $ | 1,696,898 | 1,696,898 | 1,148,121 | 0.08 | % | C | |||||||||||||||||
37,289,180 | 36,740,403 | 2.47 | % | |||||||||||||||||||||||||||||
Facilities Support Services | ||||||||||||||||||||||||||||||||
NANA Development Corp. | First Lien Term Loan B | LIBOR (Q) | 1.25 | % | 6.75 | % | 8.03 | % | 3/15/2018 | $ | 1,109,000 | 1,089,361 | 1,097,910 | 0.07 | % | |||||||||||||||||
Grocery Stores | ||||||||||||||||||||||||||||||||
Bashas, Inc. | First Lien FILO Term Loan | LIBOR (M) | 1.50 | % | 8.80 | % | 10.30 | % | 10/8/2019 | $ | 7,728,367 | 7,698,801 | 7,805,651 | 0.52 | % |
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (continued) | ||||||||||||||||||||||||||||||||
Hospitals | ||||||||||||||||||||||||||||||||
KPC Healthcare, Inc. | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 9.00 | % | 10.33 | % | 2/6/2020 | $ | 14,792,003 | $ | 14,701,305 | $ | 14,939,923 | 1.00 | % | |||||||||||||||
Pacific Coast Holdings Investment, LLC (KPC Healthcare) | First Lien Term Loan | LIBOR (M) | 1.00 | % | 7.50 | % | 8.73 | % | 2/14/2021 | $ | 29,288,064 | 28,892,367 | 29,539,941 | 1.99 | % | |||||||||||||||||
43,593,672 | 44,479,864 | 2.99 | % | |||||||||||||||||||||||||||||
Insurance | ||||||||||||||||||||||||||||||||
Alera Group Intermediate Holdings, Inc. | First Lien Delayed Draw Term Loan | LIBOR (Q) | 1.00 | % | 5.50 | % | 6.71 | % | 12/30/2022 | $ | 83,333 | 75,006 | 83,750 | 0.01 | % | |||||||||||||||||
Alera Group Intermediate Holdings, Inc. | First Lien Revolver | LIBOR (Q) | 1.00 | % | 5.50 | % | 6.58 | % | 12/30/2021 | $ | 123,103 | 115,541 | 123,103 | 0.01 | % | |||||||||||||||||
Alera Group Intermediate Holdings, Inc. | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 5.50 | % | 6.55 | % | 12/30/2022 | $ | 3,398,603 | 3,368,092 | 3,400,303 | 0.23 | % | |||||||||||||||||
Association Member Benefits Advisors, LLC | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 8.75 | % | 9.84 | % | 6/8/2023 | $ | 8,277,983 | 8,127,178 | 8,215,898 | 0.55 | % | |||||||||||||||||
US Apple Holdco, LLC (Ventiv Technology) | First Lien FILO Term Loan | LIBOR (Q) | 0.50 | % | 13.62 | % | 14.91 | % | 8/29/2019 | $ | 20,060,606 | 19,656,808 | 20,060,606 | 1.35 | % | |||||||||||||||||
31,342,625 | 31,883,660 | 2.15 | % | |||||||||||||||||||||||||||||
Lessors of Nonfinancial Licenses | ||||||||||||||||||||||||||||||||
ABG Intermediate Holdings 2, LLC | Second Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.50 | % | 9.80 | % | 5/27/2022 | $ | 16,416,144 | 16,287,047 | 16,621,346 | 1.12 | % | |||||||||||||||||
ABG Intermediate Holdings 2, LLC | Second Lien Incremental Term Loan | LIBOR (Q) | 1.00 | % | 8.50 | % | 9.80 | % | 5/27/2022 | $ | 3,393,862 | 3,368,190 | 3,436,285 | 0.23 | % | |||||||||||||||||
ABG Intermediate Holdings 2, LLC | Second Lien Incremental Term Loan | LIBOR (Q) | 1.00 | % | 8.50 | % | 9.80 | % | 5/27/2022 | $ | 2,057,154 | 2,052,311 | 2,082,868 | 0.14 | % | |||||||||||||||||
Kenneth Cole Productions, Inc. | First Lien FILO Term Loan | LIBOR (M) | 1.00 | % | 9.65 | % | 10.95 | % | 3/21/2022 | $ | 34,427,465 | 34,098,301 | 34,045,320 | 2.29 | % | |||||||||||||||||
55,805,849 | 56,185,819 | 3.78 | % | |||||||||||||||||||||||||||||
Management, Scientific, and Technical Consulting Services | ||||||||||||||||||||||||||||||||
Asentinel, LLC (Tangoe) | First Lien Last Out Term Loan | LIBOR (M) | 1.00 | % | 10.77%Cash +0.50%PIK | 12.45 | % | 6/16/2022 | $ | 24,262,102 | 23,313,021 | 23,315,880 | 1.57 | % | ||||||||||||||||||
Dodge Data & Analytics, LLC | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.75 | % | 10.06 | % | 10/31/2019 | $ | 23,297,434 | 22,998,815 | 23,297,434 | 1.57 | % | |||||||||||||||||
46,311,836 | 46,613,314 | 3.14 | % | |||||||||||||||||||||||||||||
Motion Picture and Video Industries | ||||||||||||||||||||||||||||||||
NEG Holdings, LLC (CORE Entertainment) | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.00% PIK | 9.30 | % | 10/17/2022 | $ | 1,512,664 | 1,512,664 | 1,512,664 | 0.10 | % | ||||||||||||||||||
Other Information Services | ||||||||||||||||||||||||||||||||
Asset International, Inc. | Delayed Draw Term Loan | LIBOR (Q) | 1.00 | % | 8.50 | % | 9.80 | % | 7/31/2020 | $ | 1,251,626 | 1,230,728 | 1,257,884 | 0.08 | % | |||||||||||||||||
Asset International, Inc. | Revolver Loan | LIBOR (Q) | 1.00 | % | 8.50 | % | 9.80 | % | 7/31/2020 | $ | 491,303 | 481,527 | 494,251 | 0.03 | % | |||||||||||||||||
Asset International, Inc. | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.50 | % | 9.80 | % | 7/31/2020 | $ | 15,213,518 | 15,036,366 | 15,259,158 | 1.03 | % | |||||||||||||||||
Simmons Research, LLC | First Lien Term Loan | LIBOR (Q) | 0.50 | % | 10.50 | % | 11.81 | % | 12/11/2020 | $ | 2,970,509 | 2,926,492 | 3,022,492 | 0.20 | % | |||||||||||||||||
19,675,113 | 20,033,785 | 1.34 | % | |||||||||||||||||||||||||||||
Other Manufacturing | ||||||||||||||||||||||||||||||||
AGY Holding Corp. | Sr Secured Term Loan | Fixed | — | 12.00 | % | 12.00 | % | 9/15/2018 | $ | 4,869,577 | 4,869,577 | 4,869,577 | 0.33 | % | B | |||||||||||||||||
AGY Holding Corp. | Second Lien Notes | Fixed | — | 11.00 | % | 11.00 | % | 11/15/2018 | $ | 9,268,000 | 7,586,317 | 9,268,000 | 0.62 | % | B/E | |||||||||||||||||
AGY Holding Corp. | Delayed Draw Term Loan | Fixed | — | 12.00 | % | 12.00 | % | 9/15/2018 | $ | 1,049,146 | 1,049,146 | 1,049,146 | 0.07 | % | B | |||||||||||||||||
13,505,040 | 15,186,723 | 1.02 | % | |||||||||||||||||||||||||||||
Other Publishing | ||||||||||||||||||||||||||||||||
Bisnow, LLC | First Lien Revolver | LIBOR (Q) | — | 9.00 | % | N/A | 4/29/2021 | $ | — | (24,000 | ) | — | — | K | ||||||||||||||||||
Bisnow, LLC | First Lien Term Loan | LIBOR (Q) | — | 9.00 | % | 10.31 | % | 4/29/2021 | $ | 8,247,890 | 8,115,773 | 8,301,503 | 0.56 | % | ||||||||||||||||||
Contextmedia Health, LLC | First Lien Term Loan B | LIBOR (M) | 1.00 | % | 6.50 | % | 7.75 | % | 12/23/2021 | $ | 13,295,455 | 12,060,867 | 13,428,409 | 0.90 | % | |||||||||||||||||
20,152,640 | 21,729,912 | 1.46 | % | |||||||||||||||||||||||||||||
Other Real Estate Activities | ||||||||||||||||||||||||||||||||
Associations, Inc. | First Lien FILO Term Loan | LIBOR (Q) | 0.01 | 8.96 | % | 10.26 | % | 12/23/2019 | $ | 12,827,062 | 12,729,000 | 12,955,332 | 0.87 | % | ||||||||||||||||||
Greystone Select Holdings, LLC | First Lien Term Loan | LIBOR (Q) | 0.01 | 8.00 | % | 9.24 | % | 4/17/2024 | $ | 25,202,549 | 24,953,154 | 24,950,523 | 1.68 | % | ||||||||||||||||||
37,682,154 | 37,905,855 | 2.55 | % | |||||||||||||||||||||||||||||
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (continued) | ||||||||||||||||||||||||||||||||
Other Telecommunications | ||||||||||||||||||||||||||||||||
Securus Technologies, Inc. | Second Lien Term Loan | LIBOR (Q) | 1.25 | % | 7.75 | % | 9.00 | % | 4/30/2021 | $ | 4,516,129 | $ | 4,470,968 | $ | 4,546,252 | 0.31 | % | |||||||||||||||
Securus Technologies, Inc. | Second Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.25 | % | 9.25 | % | 6/20/2025 | $ | 24,000,000 | 23,760,000 | 24,165,000 | 1.62 | % | |||||||||||||||||
28,230,968 | 28,711,252 | 1.93 | % | |||||||||||||||||||||||||||||
Plastics Manufacturing | ||||||||||||||||||||||||||||||||
Iracore International, Inc. | First Lien Term Loan | LIBOR (M) | 1.00 | % | 9.00 | % | 10.25 | % | 4/13/2021 | $ | 1,900,733 | 1,900,733 | 1,900,733 | 0.13 | % | B | ||||||||||||||||
Radio and Television Broadcasting | ||||||||||||||||||||||||||||||||
Fuse, LLC | Sr Secured Notes | Fixed | — | 10.38 | % | 10.38 | % | 7/1/2019 | $ | 5,740,000 | 5,740,000 | 4,061,050 | 0.27 | % | E/G | |||||||||||||||||
NEP/NCP Holdco, Inc. | Second Lien Term Loan | LIBOR (Q) | 1.25 | % | 8.75 | % | 10.04 | % | 7/22/2020 | $ | 15,981,496 | 15,760,804 | 16,091,368 | 1.08 | % | G | ||||||||||||||||
NEP/NCP Holdco, Inc. | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 7.00 | % | 8.22 | % | 1/23/2023 | $ | 11,536,391 | 11,507,550 | 11,615,704 | 0.78 | % | |||||||||||||||||
33,008,354 | 31,768,122 | 2.13 | % | |||||||||||||||||||||||||||||
Real Estate Leasing | ||||||||||||||||||||||||||||||||
Daymark Financial Acceptance, LLC | First Lien Delayed Draw Term Loan | LIBOR (Q) | — | 9.50 | % | 10.67 | % | 1/12/2020 | $ | 15,000,000 | 14,856,914 | 14,703,000 | 0.99 | % | ||||||||||||||||||
Home Partners of America, Inc. | First Lien Term Loan | LIBOR (M) | 1.00 | % | 7.00 | % | 8.16 | % | 10/13/2022 | $ | 5,000,000 | 4,910,899 | 5,050,000 | 0.34 | % | |||||||||||||||||
19,767,813 | 19,753,000 | 1.33 | % | |||||||||||||||||||||||||||||
Restaurants | ||||||||||||||||||||||||||||||||
RM OpCo, LLC (Real Mex) | Convertible Second Lien Term Loan Tranche B-1 | Fixed | — | 8.50 | % | 8.50 | % | 3/30/2018 | $ | 2,028,390 | 2,028,390 | 2,028,390 | 0.14 | % | B | |||||||||||||||||
RM OpCo, LLC (Real Mex) | First Lien Term Loan Tranche A | Fixed | — | 7.00 | % | 7.00 | % |