UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 
FORM 10-Q
 
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Quarter Ended September 30, 2015
 
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Commission File Number: 814-00899
 
TCP CAPITAL CORP.
(Exact Name of Registrant as Specified in Charter)
 
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)

Registrant’s telephone number, including area code (310) 566-1000
 
Securities registered pursuant to Section 12(b) of the Act:
 
Common Stock, par value $0.001 per share
 
NASDAQ Global Select Market
(Title of each class)
 
(Name of each exchange where registered)

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days: Yes No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer
Accelerated filer    
   
Non-accelerated filer  
Smaller Reporting company

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes No

The number of shares of the Registrant’s common stock, $0.001 par value, outstanding as of November 5, 2015 was 48,872,263.
 



TCP CAPITAL CORP.

FORM 10-Q FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2015

TABLE OF CONTENTS

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
 

1

TCP Capital Corp.
Consolidated Statements of Assets and Liabilities

   
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
 
 
See accompanying notes to the consolidated financial statements.
 
2

TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited)

September 30, 2015

Showing Percentage of Total Cash and Investments of the Company

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
%
       
 
3

TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

September 30, 2015

Showing Percentage of Total Cash and Investments of the Company

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