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
%
        
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