☒
|
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
☐
|
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 28 th 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 ☐
|
Accelerated filer ☒
|
Non-accelerated filer ☐
|
Smaller Reporting company ☐
|
Part I.
|
Financial Information
|
|
Item 1.
|
Financial Statements
|
|
2
|
||
3
|
||
13
|
||
14
|
||
15
|
||
16
|
||
40
|
||
42
|
||
44
|
||
46
|
||
Item 2.
|
48
|
|
Item 3.
|
62
|
|
Item 4.
|
62
|
|
Part II.
|
Other Information
|
|
Item 1.
|
63
|
|
Item 1A.
|
63
|
|
Item 2.
|
63
|
|
Item 3.
|
63
|
|
Item 4.
|
63
|
|
Item 5.
|
63
|
|
Item 6.
|
63
|
September 30, 2015
|
December 31, 2014
|
|||||||
(unaudited)
|
||||||||
Assets
|
||||||||
Investments, at fair value:
|
||||||||
Companies less than 5% owned (cost of $1,206,750,821 and $1,097,181,753, respectively)
|
$
|
1,187,883,822
|
$
|
1,081,901,384
|
||||
Companies 5% to 25% owned (cost of $67,502,341 and $52,103,511, respectively)
|
66,890,774
|
48,716,425
|
||||||
Companies more than 25% owned (cost of $38,631,089 and $40,213,258 respectively)
|
14,386,043
|
15,918,077
|
||||||
Total investments (cost of $1,312,884,251 and $1,189,498,522, respectively)
|
1,269,160,639
|
1,146,535,886
|
||||||
Cash and cash equivalents
|
34,582,869
|
27,268,792
|
||||||
Deferred debt issuance costs
|
9,844,273
|
7,700,988
|
||||||
Receivable for investments sold
|
1,969,722
|
10,961,369
|
||||||
Accrued interest income:
|
||||||||
Companies less than 5% owned
|
13,261,132
|
9,222,001
|
||||||
Companies 5% to 25% owned
|
750,685
|
253,987
|
||||||
Companies more than 25% owned
|
17,493
|
28,450
|
||||||
Unrealized appreciation on swaps
|
2,868,748
|
1,717,610
|
||||||
Options (cost of $51,750 and $51,750, respectively)
|
-
|
497
|
||||||
Prepaid expenses and other assets
|
1,381,556
|
2,177,217
|
||||||
Total assets
|
1,333,837,117
|
1,205,866,797
|
||||||
Liabilities
|
||||||||
Debt
|
575,305,233
|
328,696,830
|
||||||
Payable for investments purchased
|
7,847,520
|
2,049,518
|
||||||
Incentive allocation payable
|
4,838,534
|
4,303,040
|
||||||
Interest payable
|
3,580,028
|
1,510,981
|
||||||
Payable to the Advisor
|
731,172
|
459,827
|
||||||
Accrued expenses and other liabilities
|
2,635,000
|
3,219,783
|
||||||
Total liabilities
|
594,937,487
|
340,239,979
|
||||||
Commitments and contingencies (Note 5)
|
||||||||
Preferred equity facility
|
||||||||
Series A preferred limited partner interests in Special Value Continuation Partners, LP; $20,000/interest liquidation preference; 0 and 6,700 interests authorized, issued and outstanding as of September 30, 2015 and December 31, 2014, respectively
|
-
|
134,000,000
|
||||||
Accumulated dividends on Series A preferred equity facility
|
-
|
497,790
|
||||||
Total preferred limited partner interests
|
-
|
134,497,790
|
||||||
Non-controlling interest
|
||||||||
General Partner interest in Special Value Continuation Partners, LP
|
-
|
-
|
||||||
Net assets applicable to common shareholders
|
$
|
738,899,630
|
$
|
731,129,028
|
||||
Composition of net assets applicable to common shareholders
|
||||||||
Common stock, $0.001 par value; 200,000,000 shares authorized, 48,934,498 and 48,710,627 shares issued and outstanding as of September 30, 2015 and December 31, 2014, respectively
|
$
|
48,934
|
$
|
48,710
|
||||
Paid-in capital in excess of par
|
880,682,891
|
877,103,880
|
||||||
Accumulated net investment income
|
28,066,387
|
21,884,381
|
||||||
Accumulated net realized losses
|
(128,426,795
|
)
|
(126,408,033
|
)
|
||||
Accumulated net unrealized depreciation
|
(41,471,787
|
)
|
(41,499,910
|
)
|
||||
Net assets applicable to common shareholders
|
$
|
738,899,630
|
$
|
731,129,028
|
||||
Net assets per share
|
$
|
15.10
|
$
|
15.01
|
Issuer
|
Instrument
|
Ref
|
Floor
|
Spread
|
Total Coupon
|
Maturity
|
Principal
|
Cost
|
Value
|
% of
Portfolio |
Notes
|
||||||||||||||||||||||||||
Debt Investments (A)
|
|||||||||||||||||||||||||||||||||||||
Accounting, Tax and Payroll Services
|
|||||||||||||||||||||||||||||||||||||
EGS Holdings, Inc.
|
Holdco PIK Notes
|
LIBOR (A)
|
3.00%
|
|
10.00%
|
|
13.00%
|
|
10/3/2018
|
$
|
57,238
|
$
|
57,238
|
$
|
57,238
|
-
|
|||||||||||||||||||||
Expert Global Solutions, LLC
|
Second Lien Term Loan
|
LIBOR (Q)
|
1.50%
|
|
11.00%
|
|
12.50%
|
|
10/3/2018
|
$
|
15,249,675
|
15,031,105
|
15,402,171
|
1.18
|
%
|
||||||||||||||||||||||
15,088,343
|
15,459,409
|
1.18
|
%
|
||||||||||||||||||||||||||||||||||
Advertising, Public Relations Services
|
|||||||||||||||||||||||||||||||||||||
Doubleplay III Limited (Exterion Media) (United Kingdom)
|
First Lien Facility A1 Term Loan
|
EURIBOR (Q)
|
1.25%
|
|
6.25%
|
|
7.50%
|
|
3/18/2018
|
€
|
12,249,157
|
15,848,565
|
13,759,337
|
1.06
|
%
|
D/H
|
|
||||||||||||||||||||
InMobi, Inc. (Singapore)
|
First Lien Delayed Draw Tranche 1 Term Loan (1.25% Exit Fee)
|
LIBOR (M)
|
0.33%
|
|
10.17%
|
|
10.50%
|
|
9/1/2018
|
$
|
10,645,041
|
10,138,202
|
10,138,041
|
0.78
|
%
|
H/L
|
|
||||||||||||||||||||
InMobi, Inc. (Singapore)
|
First Lien Delayed Draw Tranche 1 Term Loan (1.25% Exit Fee)
|
LIBOR (M)
|
0.33%
|
|
10.17%
|
|
N/A
|
|
9/1/2018
|
$
|
-
|
-
|
5
|
-
|
H/L
|
|
|||||||||||||||||||||
InMobi, Inc. (Singapore)
|
First Lien Delayed Draw Tranche 1 Term Loan (1.25% Exit Fee)
|
LIBOR (M)
|
0.33%
|
|
10.17%
|
|
N/A
|
|
9/1/2018
|
$
|
-
|
-
|
3
|
-
|
H/L
|
|
|||||||||||||||||||||
25,986,767
|
23,897,386
|
1.84
|
%
|
||||||||||||||||||||||||||||||||||
Air Transportation
|
|||||||||||||||||||||||||||||||||||||
Aircraft Leased to Delta Air Lines, Inc.
|
|||||||||||||||||||||||||||||||||||||
N913DL
|
Aircraft Secured Mortgage
|
Fixed
|
-
|
8.00%
|
|
8.00%
|
|
3/15/2017
|
$
|
137,608
|
137,608
|
139,612
|
0.01
|
%
|
F |
|
|||||||||||||||||||||
N918DL
|
Aircraft Secured Mortgage
|
Fixed
|
-
|
8.00%
|
|
8.00%
|
|
8/15/2018
|
$
|
253,943
|
253,943
|
258,932
|
0.02
|
%
|
F |
|
|||||||||||||||||||||
N954DL
|
Aircraft Secured Mortgage
|
Fixed
|
-
|
8.00%
|
|
8.00%
|
|
3/20/2019
|
$
|
360,363
|
360,363
|
367,458
|
0.03
|
%
|
F |
|
|||||||||||||||||||||
N955DL
|
Aircraft Secured Mortgage
|
Fixed
|
-
|
8.00%
|
|
8.00%
|
|
6/20/2019
|
$
|
385,135
|
385,135
|
392,963
|
0.03
|
%
|
F |
|
|||||||||||||||||||||
N956DL
|
Aircraft Secured Mortgage
|
Fixed
|
-
|
8.00%
|
|
8.00%
|
|
5/20/2019
|
$
|
381,663
|
381,663
|
389,397
|
0.03
|
%
|
F
|
|
|||||||||||||||||||||
N957DL
|
Aircraft Secured Mortgage
|
Fixed
|
-
|
8.00%
|
|
8.00%
|
|
6/20/2019
|
$
|
388,503
|
388,503
|
396,402
|
0.03
|
%
|
F |
|
|||||||||||||||||||||
N959DL
|
Aircraft Secured Mortgage
|
Fixed
|
-
|
8.00%
|
|
8.00%
|
|
7/20/2019
|
$
|
395,285
|
395,285
|
403,338
|
0.03
|
%
|
F |
|
|||||||||||||||||||||
N960DL
|
Aircraft Secured Mortgage
|
Fixed
|
-
|
8.00%
|
|
8.00%
|
|
10/20/2019
|
$
|
418,755
|
418,755
|
427,312
|
0.03
|
%
|
F |
|
|||||||||||||||||||||
N961DL
|
Aircraft Secured Mortgage
|
Fixed
|
-
|
8.00%
|
|
8.00%
|
|
8/20/2019
|
$
|
408,799
|
408,799
|
417,143
|
0.03
|
%
|
F |
|
|||||||||||||||||||||
N976DL
|
Aircraft Secured Mortgage
|
Fixed
|
-
|
8.00%
|
|
8.00%
|
|
2/15/2018
|
$
|
238,743
|
238,743
|
243,132
|
0.02
|
%
|
F |
|
|||||||||||||||||||||
Aircraft Leased to United Airlines, Inc.
|
|||||||||||||||||||||||||||||||||||||
N659UA
|
Aircraft Secured Mortgage
|
Fixed
|
-
|
12.00%
|
|
12.00%
|
|
2/28/2016
|
$
|
644,862
|
644,862
|
659,259
|
0.05
|
%
|
F |
|
|||||||||||||||||||||
N661UA
|
Aircraft Secured Mortgage
|
Fixed
|
-
|
12.00%
|
|
12.00%
|
|
5/4/2016
|
$
|
879,217
|
879,217
|
907,623
|
0.07
|
%
|
F |
|
|||||||||||||||||||||
Cargojet Airways LTD. (Canada)
|
Aircraft Acquisition Loan A
|
LIBOR (M)
|
-
|
8.50%
|
|
8.75%
|
|
1/31/2023
|
$
|
14,457,306
|
14,181,056
|
14,470,317
|
1.11
|
%
|
H |
|
|||||||||||||||||||||
Cargojet Airways LTD. (Canada)
|
Aircraft Acquisition Loan A1
|
LIBOR (M)
|
-
|
8.50%
|
|
N/A
|
|
1/31/2023
|
$
|
-
|
-
|
14
|
-
|
H |
|
||||||||||||||||||||||
Mesa Air Group, Inc.
|
Acquisition Delayed Draw Loan
|
LIBOR (M)
|
-
|
7.25%
|
|
N/A
|
|
6/17/2019
|
$
|
-
|
-
|
312,225
|
0.02
|
%
|
|||||||||||||||||||||||
Mesa Air Group, Inc.
|
Acquisition Loan
|
LIBOR (M)
|
-
|
7.25%
|
|
7.50%
|
|
7/15/2022
|
$
|
16,463,185
|
16,173,182
|
16,841,839
|
1.29
|
%
|
|||||||||||||||||||||||
One Sky Flight, LLC
|
Second Lien Term Loan
|
Fixed
|
-
|
|
12% Cash+3% PIK |
15.00%
|
|
6/3/2019
|
$
|
32,904,104
|
32,115,500
|
33,891,227
|
2.60
|
%
|
|||||||||||||||||||||||
67,362,614
|
70,518,193
|
5.40
|
%
|
||||||||||||||||||||||||||||||||||
Apparel Manufacturing
|
|||||||||||||||||||||||||||||||||||||
Jones Apparel, LLC
|
First Lien FILO Term Loan
|
LIBOR (M)
|
1.00%
|
|
9.60%
|
|
10.60%
|
|
4/8/2019
|
$
|
4,697,022
|
4,662,802
|
4,697,022
|
0.36
|
%
|
||||||||||||||||||||||
Business Support Services
|
|||||||||||||||||||||||||||||||||||||
Enerwise Global Technologies, Inc.
|
Sr Secured Revolving Loan
|
LIBOR (Q)
|
0.23%
|
|
8.52%
|
|
8.75%
|
|
11/30/2017
|
$
|
-
|
(79,130
|
)
|
(50,625
|
)
|
-
|
K |
|
|||||||||||||||||||
Enerwise Global Technologies, Inc.
|
Sr Secured Term Loan (1.5% Exit Fee)
|
LIBOR (Q)
|
0.23%
|
|
9.27%
|
|
9.50%
|
|
11/30/2019
|
$
|
17,500,000
|
17,235,436
|
17,381,875
|
1.33
|
%
|
L
|
|
||||||||||||||||||||
STG-Fairway Acquisitions, Inc. (First Advantage)
|
Second Lien Term Loan
|
LIBOR (Q)
|
1.00%
|
|
9.25%
|
|
10.25%
|
|
6/30/2023
|
$
|
31,000,000
|
30,537,872
|
31,930,000
|
2.45
|
%
|
||||||||||||||||||||||
47,694,178
|
49,261,250
|
3.78
|
%
|
||||||||||||||||||||||||||||||||||
Chemicals
|
|||||||||||||||||||||||||||||||||||||
Anuvia Plant Nutrients Holdings, LLC
|
Sr Secured Term Loan (8.0 % Exit Fee)
|
LIBOR (M)
|
0.23%
|
|
10.27%
|
|
10.50%
|
|
2/1/2018
|
$
|
7,700,000
|
7,914,869
|
7,935,200
|
0.61
|
%
|
L
|
|
||||||||||||||||||||
BioAmber, Inc.
|
Sr Secured Term Loan
|
LIBOR (M)
|
0.23%
|
|
9.27%
|
|
9.50%
|
|
12/1/2017
|
$
|
25,000,000
|
25,167,961
|
25,662,500
|
1.97
|
%
|
||||||||||||||||||||||
Green Biologics, Inc.
|
Sr Secured Delayed Draw Term Loan (7.0% Exit Fee)
|
Prime Rate
|
3.25%
|
|
7.75%
|
|
11.00%
|
|
5/1/2018
|
$
|
15,000,000
|
14,814,099
|
15,000,000
|
1.15
|
%
|
L
|
|
||||||||||||||||||||
PeroxyChem, LLC
|
First Lien Term Loan
|
LIBOR (Q)
|
1.00%
|
|
6.50%
|
|
7.50%
|
|
2/28/2020
|
$
|
8,832,681
|
8,717,037
|
8,832,681
|
0.68
|
%
|
G |
|
||||||||||||||||||||
56,613,966
|
57,430,381
|
4.41
|
%
|
||||||||||||||||||||||||||||||||||
Communications Equipment Manufacturing
|
|||||||||||||||||||||||||||||||||||||
Globecomm Systems, Inc.
|
First Lien Term Loan
|
LIBOR (Q)
|
1.25%
|
|
7.63%
|
|
8.88%
|
|
12/11/2018
|
$
|
14,737,500
|
14,590,125
|
14,514,227
|
1.11
|
%
|
B |
|
||||||||||||||||||||
Computer Equipment Manufacturing
|
|||||||||||||||||||||||||||||||||||||
ELO Touch Solutions, Inc.
|
Second Lien Term Loan
|
LIBOR (Q)
|
1.50%
|
|
10.50%
|
|
12.00%
|
|
12/1/2018
|
$
|
12,000,000
|
11,681,018
|
11,692,200
|
0.90
|
%
|
||||||||||||||||||||||
Silicon Graphics International Corp.
|
First Lien Term Loan
|
LIBOR (Q)
|
1.00%
|
|
9.00%
|
|
10.00%
|
|
7/27/2018
|
$
|
18,550,882
|
18,247,955
|
18,690,013
|
1.43
|
%
|
J |
|
||||||||||||||||||||
29,928,973
|
30,382,213
|
2.33
|
%
|
||||||||||||||||||||||||||||||||||
Computer Systems Design and Related Services
|
|||||||||||||||||||||||||||||||||||||
Autoalert, LLC
|
First Lien Term Loan
|
LIBOR (Q)
|
0.25%
|
|
|
4.75% Cash+4% PIK
|
9.00%
|
|
3/31/2019
|
$
|
31,235,295
|
30,786,178
|
31,140,027
|
2.39
|
%
|
||||||||||||||||||||||
MSC Software Corporation
|
Second Lien Term Loan
|
LIBOR (M)
|
1.00%
|
|
7.50%
|
|
8.50%
|
|
5/29/2021
|
$
|
6,993,035
|
6,935,034
|
6,800,727
|
0.52
|
%
|
||||||||||||||||||||||
OnX Enterprise Solutions, Ltd. (Canada)
|
First Lien Term Loan B
|
LIBOR (Q)
|
-
|
8.00%
|
|
8.28%
|
|
9/3/2018
|
$
|
2,343,667
|
2,343,667
|
2,327,730
|
0.18
|
%
|
H |
|
|||||||||||||||||||||
OnX Enterprise Solutions, Ltd. (Canada)
|
First Lien Term Loan
|
LIBOR (Q)
|
-
|
7.00%
|
|
7.28%
|
|
9/3/2018
|
$
|
10,453,333
|
10,361,830
|
10,116,736
|
0.77
|
%
|
H |
|
|||||||||||||||||||||
OnX USA, LLC
|
First Lien Term Loan B
|
LIBOR (Q)
|
-
|
8.00%
|
|
8.28%
|
|
9/3/2018
|
$
|
4,687,333
|
4,687,333
|
4,655,460
|
0.36
|
%
|
|||||||||||||||||||||||
OnX USA, LLC
|
First Lien Term Loan
|
LIBOR (Q)
|
-
|
7.00%
|
|
7.28%
|
|
9/3/2018
|
$
|
5,226,667
|
5,184,603
|
5,058,368
|
0.39
|
%
|
|||||||||||||||||||||||
Vistronix, LLC
|
First Lien Revolver
|
LIBOR (Q)
|
0.50%
|
|
8.00%
|
|
8.50%
|
|
12/4/2018
|
$
|
228,398
|
223,861
|
228,398
|
0.02
|
%
|
||||||||||||||||||||||
Vistronix, LLC
|
First Lien Term Loan
|
LIBOR (M)
|
0.50%
|
|
8.00%
|
|
8.50%
|
|
12/4/2018
|
$
|
6,288,020
|
6,233,315
|
6,256,580
|
0.48
|
%
|
||||||||||||||||||||||
Waterfall International, Inc.
|
First Lien Delayed Draw Term Loan
|
LIBOR (Q)
|
-
|
11.67%
|
|
12.00%
|
|
9/1/2018
|
$
|
4,800,000
|
4,648,512
|
4,648,800
|
0.36
|
%
|
|||||||||||||||||||||||
71,404,333
|
71,232,826
|
5.47
|
%
|
||||||||||||||||||||||||||||||||||
Data Processing and Hosting Services
|
|||||||||||||||||||||||||||||||||||||
Asset International, Inc.
|
Delayed Draw Term Loan
|
LIBOR (M)
|
1.00%
|
|
7.00%
|
|
8.00%
|
|
7/31/2020
|
$
|
3,033,145
|
2,997,251
|
3,032,459
|
0.23
|
%
|
||||||||||||||||||||||
Asset International, Inc.
|
Revolver Loan
|
LIBOR (M)
|
1.00%
|
|
7.00%
|
|
8.00%
|
|
7/31/2020
|
$
|
24,238
|
16,101
|
24,238
|
-
|
|||||||||||||||||||||||
Asset International, Inc.
|
First Lien Term Loan
|
LIBOR (M)
|
1.00%
|
|
7.00%
|
|
8.00%
|
|
7/31/2020
|
$
|
8,130,008
|
7,993,988
|
8,169,032
|
0.63
|
%
|
||||||||||||||||||||||
Rightside Group, Ltd.
|
Second Lien Term Loan
|
LIBOR (Q)
|
0.50%
|
|
8.75%
|
|
9.25%
|
|
8/6/2019
|
$
|
4,812,500
|
4,002,763
|
4,767,744
|
0.36
|
%
|
||||||||||||||||||||||
The Telx Group, Inc.
|
Senior Notes
|
Fixed
|
-
|
13.5% PIK |
13.50%
|
|
7/9/2021
|
$
|
4,746,800
|
4,746,800
|
4,889,204
|
0.38
|
%
|
E |
|
||||||||||||||||||||||
United TLD Holdco, Ltd. (Rightside) (Cayman Islands)
|
Second Lien Term Loan
|
LIBOR (Q)
|
0.50%
|
|
8.75%
|
|
9.25%
|
|
8/6/2019
|
$
|
9,625,000
|
8,005,526
|
9,535,488
|
0.73
|
%
|
H
|
|
||||||||||||||||||||
27,762,429
|
30,418,165
|
2.33
|
%
|
Issuer
|
Instrument
|
Ref
|
Floor
|
Spread
|
Total Coupon
|
Maturity
|
Principal
|
Cost
|
Value
|
% of
Portfolio |
Notes
|
||||||||||||||||||||||||||
Debt Investments (continued)
|
|||||||||||||||||||||||||||||||||||||
Electric Power Generation, Transmission and Distribution
|
|||||||||||||||||||||||||||||||||||||
Holocene Renewable Energy Fund 3, LLC (Conergy)
|
First Lien Term Loan
|
Fixed
|
-
|
9% Cash+1% PIK
|
10.00%
|
|
9/9/2017
|
$
|
7,463,901
|
$
|
7,390,860
|
$
|
7,389,263
|
0.57
|
%
|
||||||||||||||||||||||
Electrical Equipment Manufacturing
|
|||||||||||||||||||||||||||||||||||||
API Technologies Corp.
|
First Lien Term Loan
|
LIBOR (Q)
|
1.50%
|
|
7.50%
|
|
9.00%
|
|
2/6/2018
|
$
|
6,296,253
|
6,255,677
|
6,202,754
|
0.47
|
%
|
||||||||||||||||||||||
API Technologies Corp.
|
First Lien Term Loan
|
LIBOR (Q)
|
1.50%
|
|
7.50%
|
|
9.00%
|
|
2/6/2018
|
$
|
4,081,961
|
4,001,969
|
4,021,344
|
0.31
|
%
|
||||||||||||||||||||||
10,257,646
|
10,224,098
|
0.78
|
%
|
||||||||||||||||||||||||||||||||||
Electronic Component Manufacturing
|
|||||||||||||||||||||||||||||||||||||
Central MN Renewables, LLC
|
Sr Secured Revolver
|
Fixed
|
-
|
8.25%
|
|
N/A
|
|
1/1/2016
|
$
|
-
|
-
|
2
|
-
|
||||||||||||||||||||||||
Redaptive, Inc.
|
Frist Lien Delayed Draw Term Loan
|
LIBOR (Q)
|
-
|
10.72%
|
|
N/A
|
|
7/1/2018
|
$
|
-
|
(133,163
|
)
|
15
|
-
|
|||||||||||||||||||||||
Soraa, Inc.
|
Sr Secured Term Loan (4.0% Exit Fee)
|
LIBOR (M)
|
0.23%
|
|
10.27%
|
|
10.50%
|
|
9/1/2017
|
$
|
22,500,000
|
22,392,029
|
21,696,750
|
1.66
|
%
|
L
|
|
||||||||||||||||||||
SunEdison, Inc.
|
Senior Secured Letters of Credit
|
Fixed
|
-
|
3.75%
|
|
N/A
|
|
2/28/2017
|
$
|
-
|
(604,759
|
)
|
(750,340
|
)
|
(0.06
|
%)
|
J/K
|
|
|||||||||||||||||||
21,654,107
|
20,946,427
|
1.60
|
%
|
||||||||||||||||||||||||||||||||||
Equipment Leasing
|
|||||||||||||||||||||||||||||||||||||
Essex Ocean, LLC
|
Sr Secured Term Loan
|
Fixed
|
-
|
8.00%
|
|
8.00%
|
|
3/25/2019
|
$
|
-
|
-
|
22
|
-
|
||||||||||||||||||||||||
Essex Ocean, LLC (Solexel)
|
Sr Secured Term Loan
|
Fixed
|
-
|
8.00%
|
|
8.00%
|
|
8/15/2018
|
$
|
2,855,401
|
2,855,401
|
2,855,401
|
0.22
|
%
|
|||||||||||||||||||||||
2,855,401
|
2,855,423
|
0.22
|
%
|
||||||||||||||||||||||||||||||||||
Financial Investment Activities
|
|||||||||||||||||||||||||||||||||||||
Magnolia Finance V plc (Cayman Islands)
|
Asset-Backed Credit Linked Notes
|
Fixed
|
-
|
13.13%
|
|
13.13%
|
|
8/2/2021
|
$
|
15,000,000
|
15,000,000
|
14,949,000
|
1.15
|
%
|
E/H
|
|
|||||||||||||||||||||
Institutional Shareholder Services, Inc.
|
Second Lien Term Loan
|
LIBOR (Q)
|
1.00%
|
|
7.50%
|
|
8.50%
|
|
4/30/2022
|
$
|
4,471,492
|
4,435,286
|
4,348,526
|
0.33
|
%
|
||||||||||||||||||||||
Marsico Capital Management
|
First Lien Term Loan
|
LIBOR (Q)
|
-
|
5.00%
|
|
5.31%
|
|
12/31/2022
|
$
|
10,583,316
|
13,304,224
|
1,455,206
|
0.11
|
%
|
I |
|
|||||||||||||||||||||
32,739,510
|
20,752,732
|
1.59
|
%
|
||||||||||||||||||||||||||||||||||
Gaming
|
|||||||||||||||||||||||||||||||||||||
AP Gaming I, LLC
|
First Lien Revolver
|
LIBOR (M)
|
-
|
8.25%
|
|
8.43%
|
|
12/20/2018
|
$
|
-
|
(1,914,221
|
)
|
(1,031,250
|
)
|
(0.08
|
%)
|
K |
|
|||||||||||||||||||
Grocery Stores
|
|||||||||||||||||||||||||||||||||||||
Bashas, Inc.
|
First Lien FILO Term Loan
|
LIBOR (M)
|
1.50%
|
|
7.00%
|
|
8.50%
|
|
10/8/2019
|
$
|
10,072,332
|
10,033,799
|
10,192,193
|
0.78
|
%
|
||||||||||||||||||||||
The Great Atlantic & Pacific Tea Company, Inc.
|
Term Loan Tranche B
|
LIBOR (M)
|
1.00%
|
|
8.85%
|
|
9.85%
|
|
9/17/2019
|
$
|
21,295,110
|
20,998,759
|
21,721,012
|
1.66
|
%
|
||||||||||||||||||||||
31,032,558
|
31,913,205
|
2.44
|
%
|
||||||||||||||||||||||||||||||||||
Hospitals
|
|||||||||||||||||||||||||||||||||||||
Bioventus, LLC
|
Second Lien Term Loan
|
LIBOR (Q)
|
1.00%
|
|
10.00%
|
|
11.00%
|
|
4/10/2020
|
$
|
11,000,000
|
10,811,136
|
10,890,000
|
0.84
|
%
|
||||||||||||||||||||||
KPC Healthcare, Inc.
|
First Lien Term Loan
|
LIBOR (Q)
|
1.00%
|
|
9.25%
|
|
10.25%
|
|
8/28/2020
|
$
|
17,201,857
|
16,819,818
|
17,201,857
|
1.32
|
%
|
||||||||||||||||||||||
RegionalCare Hospital Partners, Inc.
|
Second Lien Term Loan
|
LIBOR (M)
|
1.00%
|
|
9.50%
|
|
10.50%
|
|
10/23/2019
|
$
|
21,017,525
|
20,765,157
|
21,201,428
|
1.62
|
%
|
G |
|
||||||||||||||||||||
UBC Healthcare Analytics, Inc. (Evidera)
|
First Lien Term Loan
|
LIBOR (Q)
|
1.00%
|
|
9.00%
|
|
10.00%
|
|
7/1/2018
|
$
|
4,105,044
|
4,084,519
|
4,094,782
|
0.31
|
%
|
||||||||||||||||||||||
52,480,630
|
53,388,067
|
4.09
|
%
|
||||||||||||||||||||||||||||||||||
Insurance Carriers
|
|||||||||||||||||||||||||||||||||||||
Acrisure, LLC
|
Second Lien Incremental Notes
|
LIBOR (Q)
|
1.00%
|
|
8.25%
|
|
9.25%
|
|
11/19/2022
|
$
|
2,400,188
|
2,261,319
|
2,398,064
|
0.18
|
%
|
||||||||||||||||||||||
Acrisure, LLC
|
Second Lien Notes
|
LIBOR (Q)
|
1.00%
|
|
8.25%
|
|
9.25%
|
|
11/19/2022
|
$
|
12,720,998
|
12,540,755
|
12,717,182
|
0.98
|
%
|
||||||||||||||||||||||
JSS Holdings, Inc.
|
First Lien Term Loan
|
LIBOR (Q)
|
1.00%
|
|
6.25%
|
|
7.25%
|
|
8/31/2021
|
$
|
4,000,000
|
3,920,730
|
3,940,000
|
0.30
|
%
|
||||||||||||||||||||||
US Apple Holdco, LLC (Ventiv Technology)
|
First Lien Term Loan
|
LIBOR (Q)
|
0.50%
|
|
11.50%
|
|
12.00%
|
|
8/29/2019
|
$
|
20,000,000
|
19,339,345
|
19,870,000
|
1.52
|
%
|
||||||||||||||||||||||
38,062,149
|
38,925,246
|
2.98
|
%
|
||||||||||||||||||||||||||||||||||
Insurance Related Activities
|
|||||||||||||||||||||||||||||||||||||
Confie Seguros Holding II Co.
|
Second Lien Term Loan
|
LIBOR (M)
|
1.25%
|
|
9.00%
|
|
10.25%
|
|
5/8/2019
|
$
|
11,061,809
|
10,946,807
|
11,043,336
|
0.85
|
%
|
G |
|
||||||||||||||||||||
Lessors of Nonfinancial Licenses
|
|||||||||||||||||||||||||||||||||||||
ABG Intermediate Holdings 2, LLC
|
Second Lien Term Loan
|
LIBOR (Q)
|
1.00%
|
|
8.50%
|
|
9.50%
|
|
5/27/2022
|
$
|
15,990,714
|
15,849,370
|
16,150,621
|
1.24
|
%
|
||||||||||||||||||||||
ABG Intermediate Holdings 2, LLC
|
Second Lien Incremental Term Loan
|
LIBOR (Q)
|
1.00%
|
|
8.50%
|
|
9.50%
|
|
5/27/2022
|
$
|
3,474,715
|
3,440,443
|
3,509,462
|
0.27
|
%
|
||||||||||||||||||||||
ABG Intermediate Holdings 2, LLC
|
Second Lien Incremental Delayed Draw Term Loan
|
LIBOR (Q)
|
1.00%
|
|
8.50%
|
|
9.50%
|
|
5/27/2022
|
$
|
-
|
(5,199
|
)
|
5,346
|
-
|
||||||||||||||||||||||
19,284,614
|
19,665,429
|
1.51
|
%
|
||||||||||||||||||||||||||||||||||
Management, Scientific, and Technical Consulting Services
|
|||||||||||||||||||||||||||||||||||||
Dodge Data & Analytics, LLC
|
First Lien Term Loan
|
LIBOR (Q)
|
1.00%
|
|
8.75%
|
|
9.75%
|
|
10/31/2019
|
$
|
24,877,617
|
24,302,704
|
24,794,277
|
1.90
|
%
|
||||||||||||||||||||||
Motion Picture and Video Industries
|
|||||||||||||||||||||||||||||||||||||
CORE Entertainment, Inc.
|
First Lien Term Loan
|
Fixed
|
-
|
9.00%
|
|
9.00%
|
|
6/21/2017
|
$
|
9,462,231
|
9,419,032
|
4,917,049
|
0.38
|
%
|
|||||||||||||||||||||||
CORE Entertainment, Inc.
|
Second Lien Term Loan
|
Fixed
|
-
|
13.50%
|
|
13.50%
|
|
6/21/2018
|
$
|
7,569,785
|
7,700,187
|
518,530
|
0.04
|
%
|
C |
|
|||||||||||||||||||||
17,119,219
|
5,435,579
|
0.42
|
%
|
||||||||||||||||||||||||||||||||||
Nondepository Credit Intermediation
|
E/G/H
|
||||||||||||||||||||||||||||||||||||
Caribbean Financial Group (Cayman Islands)
|
Sr Secured Notes
|
Fixed
|
-
|
11.50%
|
|
11.50%
|
|
11/15/2019
|
$
|
26,975,000
|
26,821,462
|
26,570,375
|
2.04
|
%
|
|||||||||||||||||||||||
Trade Finance Funding I, Ltd. (Cayman Islands)
|
Secured Class B Notes
|
Fixed
|
-
|
10.75%
|
|
10.75%
|
|
11/13/2018
|
$
|
15,084,000
|
15,084,000
|
14,857,740
|
1.14
|
%
|
E/H
|
|
|||||||||||||||||||||
41,905,462
|
41,428,115
|
3.18
|
%
|
||||||||||||||||||||||||||||||||||
Oil and Gas Extraction
|
|||||||||||||||||||||||||||||||||||||
Jefferson Gulf Coast Energy Partners, LLC
|
First Lien Term Loan B
|
LIBOR (M)
|
1.00%
|
|
8.50%
|
|
9.50%
|
|
2/27/2018
|
$
|
14,850,000
|
14,741,697
|
13,810,500
|
1.06
|
%
|
||||||||||||||||||||||
MD America Energy, LLC
|
Second Lien Term Loan
|
LIBOR (Q)
|
1.00%
|
|
8.50%
|
|
9.50%
|
|
8/4/2019
|
$
|
10,000,000
|
9,594,734
|
9,075,000
|
0.70
|
%
|
||||||||||||||||||||||
24,336,431
|
22,885,500
|
1.76
|
%
|
||||||||||||||||||||||||||||||||||
Other Information Services
|
|||||||||||||||||||||||||||||||||||||
TCH-2 Holdings, LLC (TravelClick)
|
Second Lien Term Loan
|
LIBOR (M)
|
1.00%
|
|
7.75%
|
|
8.75%
|
|
11/6/2021
|
$
|
19,988,392
|
19,727,803
|
19,713,552
|
1.51
|
%
|
G |
|
||||||||||||||||||||
Other Manufacturing
|
|||||||||||||||||||||||||||||||||||||
AGY Holding Corp.
|
Sr Secured Term Loan
|
Fixed
|
-
|
12.00%
|
|
12.00%
|
|
9/15/2016
|
$
|
4,869,577
|
4,869,577
|
4,869,577
|
0.37
|
%
|
B |
|
|||||||||||||||||||||
AGY Holding Corp.
|
Second Lien Notes
|
Fixed
|
-
|
11.00%
|
|
11.00%
|
|
11/15/2016
|
$
|
9,268,000
|
7,586,317
|
9,268,000
|
0.71
|
%
|
B/E
|
|
|||||||||||||||||||||
Boomerang Tube, LLC
|
Second Lien Term Loan
|
LIBOR (Q)
|
1.50%
|
|
9.50%
|
|
11.00%
|
|
10/11/2017
|
$
|
3,825,453
|
4,010,758
|
1,950,981
|
0.15
|
%
|
C |
|
||||||||||||||||||||
Boomerang Tube, LLC
|
Super Priority Debtor-in-Possession
|
LIBOR (M)
|
-
|
11.00%
|
|
11.20%
|
|
10/7/2015
|
$
|
1,124,444
|
1,123,221
|
1,124,444
|
0.09
|
%
|
|||||||||||||||||||||||
17,589,873
|
17,213,002
|
1.32
|
%
|
||||||||||||||||||||||||||||||||||
Other Telecommunications
|