☒ | 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 ☐
|
TABLE OF CONTENTS | ||
Part I.
|
Financial Information
|
|
|
|
|
Item 1.
|
Financial Statements
|
|
|
2
|
|
|
3
|
|
|
13
|
|
|
14
|
|
|
15
|
|
|
16
|
|
|
44
|
|
|
45
|
|
|
47
|
|
|
49
|
|
|
|
|
51
|
||
|
|
|
66
|
||
|
|
|
66
|
||
|
|
|
Part II.
|
Other Information
|
|
|
|
|
67
|
||
|
|
|
67
|
||
|
|
|
67
|
||
|
|
|
67
|
||
|
|
|
67
|
||
|
|
|
67
|
||
|
|
|
67
|
June 30, 2016
|
December 31, 2015
|
|||||||
(unaudited)
|
||||||||
Assets
|
||||||||
Investments, at fair value:
|
||||||||
Companies less than 5% owned (cost of $1,151,564,537 and $1,123,682,687, respectively)
|
$
|
1,129,946,177
|
$
|
1,099,208,475
|
||||
Companies 5% to 25% owned (cost of $74,317,200 and $68,862,518, respectively)
|
72,159,305
|
69,008,931
|
||||||
Companies more than 25% owned (cost of $54,938,136 and $39,162,221 respectively)
|
29,395,925
|
14,702,319
|
||||||
Total investments (cost of $1,280,819,873 and $1,231,707,426, respectively)
|
1,231,501,407
|
1,182,919,725
|
||||||
Cash and cash equivalents
|
38,313,586
|
35,629,435
|
||||||
Receivable for investments sold
|
27,666,936
|
-
|
||||||
Accrued interest income:
|
||||||||
Companies less than 5% owned
|
7,992,011
|
8,842,528
|
||||||
Companies 5% to 25% owned
|
784,121
|
741,306
|
||||||
Companies more than 25% owned
|
529,885
|
29,230
|
||||||
Deferred debt issuance costs
|
4,603,529
|
5,390,241
|
||||||
Unrealized appreciation on swaps
|
2,981,525
|
3,229,442
|
||||||
Options (cost of $279,327 and $51,750, respectively)
|
417,504
|
-
|
||||||
Prepaid expenses and other assets
|
821,524
|
2,331,044
|
||||||
Total assets
|
1,315,612,028
|
1,239,112,951
|
||||||
Liabilities
|
||||||||
Debt, net of unamortized issuance costs
|
516,661,216
|
498,205,471
|
||||||
Payable for investments purchased
|
40,952,073
|
6,425,414
|
||||||
Incentive allocation payable
|
4,626,745
|
5,207,606
|
||||||
Interest payable
|
2,996,217
|
2,911,257
|
||||||
Payable to the Advisor
|
749,945
|
508,334
|
||||||
Accrued expenses and other liabilities
|
2,434,735
|
3,877,852
|
||||||
Total liabilities
|
568,420,931
|
517,135,934
|
||||||
Commitments and contingencies (Note 5)
|
||||||||
Net assets applicable to common shareholders
|
$
|
747,191,097
|
$
|
721,977,017
|
||||
Composition of net assets applicable to common shareholders
|
||||||||
Common stock, $0.001 par value; 200,000,000 shares authorized, 50,705,049 and 48,834,734 shares issued and outstanding as of June 30, 2016 and December 31, 2015, respectively
|
$
|
50,705
|
$
|
48,834
|
||||
Paid-in capital in excess of par
|
906,725,366
|
878,383,356
|
||||||
Accumulated net investment income
|
23,279,884
|
22,261,793
|
||||||
Accumulated net realized losses
|
(135,815,320
|
)
|
(132,483,593
|
)
|
||||
Accumulated net unrealized depreciation
|
(47,049,538
|
)
|
(46,233,373
|
)
|
||||
Net assets applicable to common shareholders
|
$
|
747,191,097
|
$
|
721,977,017
|
||||
Net assets per share
|
$
|
14.74
|
$
|
14.78
|
See accompanying notes to the consolidated financial statements.
|
% of Total
|
|||||||||||||||||||||||||||||||||||
Total |
Fair
|
Cash and
|
|||||||||||||||||||||||||||||||||
Issuer
|
Instrument
|
Ref
|
Floor
|
Spread
|
Coupon
|
Maturity
|
Principal
|
Cost
|
Value
|
Investments
|
Notes
|
||||||||||||||||||||||||
Debt Investments (A)
|
|||||||||||||||||||||||||||||||||||
Advertising, Public Relations Services
|
|||||||||||||||||||||||||||||||||||
Doubleplay III Limited
(Exterion Media) (United Kingdom)
|
First Lien Facility A1 Term Loan
|
EURIBOR (Q)
|
1.25
|
%
|
5.75
|
%
|
7.00
|
%
|
3/18/2018
|
€
|
12,249,157
|
$
|
16,157,454
|
$
|
13,603,914
|
1.07
|
%
|
D/H
|
|||||||||||||||||
InMobi, Inc. (Singapore)
|
First Lien Delayed Draw Tranche 1 Term Loan (1.25% Exit Fee)
|
LIBOR (M)
|
0.33
|
%
|
10.17
|
%
|
10.86
|
%
|
9/1/2018
|
$
|
15,000,000
|
14,663,929
|
14,727,750
|
1.16
|
%
|
H/L
|
|||||||||||||||||||
InMobi, Inc. (Singapore)
|
First Lien Delayed Draw Tranche 1 Term Loan
|
LIBOR (M)
|
0.33
|
%
|
10.17
|
%
|
N/A
|
9/1/2018
|
$
|
–
|
-
|
-
|
-
|
H
|
|||||||||||||||||||||
InMobi, Inc. (Singapore)
|
First Lien Delayed Draw Tranche 1 Term Loan
|
LIBOR (M)
|
0.33
|
%
|
10.17
|
%
|
N/A
|
9/1/2018
|
$
|
–
|
-
|
-
|
-
|
H
|
|||||||||||||||||||||
30,821,383
|
28,331,664
|
2.23
|
%
|
||||||||||||||||||||||||||||||||
Air Transportation
|
|||||||||||||||||||||||||||||||||||
Cargojet Airways LTD. (Canada)
|
Aircraft Acquisition Loan A
|
LIBOR (M)
|
-
|
8.50
|
%
|
9.00
|
%
|
1/31/2023
|
$
|
13,738,102
|
13,496,379
|
13,984,014
|
1.10
|
%
|
H
|
||||||||||||||||||||
Cargojet Airways LTD. (Canada)
|
Aircraft Acquisition Loan A1
|
LIBOR (M)
|
-
|
8.50
|
%
|
9.00
|
%
|
1/31/2023
|
$
|
14,058,316
|
13,794,314
|
14,300,119
|
1.13
|
%
|
H
|
||||||||||||||||||||
Mesa Air Group, Inc.
|
Acquisition Delayed Draw Loan
|
LIBOR (M)
|
-
|
7.25
|
%
|
N/A
|
6/17/2019
|
$
|
-
|
-
|
271,500
|
0.02
|
%
|
||||||||||||||||||||||
Mesa Air Group, Inc.
|
Acquisition Loan
|
LIBOR (M)
|
-
|
7.25
|
%
|
7.75
|
%
|
7/15/2022
|
$
|
15,038,207
|
14,799,825
|
15,338,971
|
1.21
|
%
|
|||||||||||||||||||||
42,090,518
|
43,894,604
|
3.46
|
%
|
||||||||||||||||||||||||||||||||
Apparel Manufacturing
|
|||||||||||||||||||||||||||||||||||
Broder Bros., Co.
|
First Lien Term Loan (First Out)
|
LIBOR (Q)
|
1.25
|
%
|
5.75
|
%
|
7.00
|
%
|
6/3/2021
|
$
|
9,840,000
|
9,663,099
|
9,692,400
|
0.76
|
%
|
||||||||||||||||||||
Broder Bros., Co.
|
First Lien Term Loan B (Last Out)
|
LIBOR (Q)
|
1.25
|
%
|
12.25
|
%
|
13.50
|
%
|
6/3/2021
|
$
|
9,860,000
|
9,687,471
|
9,712,100
|
0.76
|
%
|
||||||||||||||||||||
JH Apparel Holdings, LLC
|
First Lien FILO Term Loan
|
LIBOR (M)
|
1.00
|
%
|
9.60
|
%
|
10.60
|
%
|
4/8/2019
|
$
|
3,192,279
|
3,175,386
|
3,224,202
|
0.25
|
%
|
||||||||||||||||||||
22,525,956
|
22,628,702
|
1.77
|
%
|
||||||||||||||||||||||||||||||||
Business Support Services
|
|||||||||||||||||||||||||||||||||||
Enerwise Global Technologies, Inc.
|
Sr Secured Revolving Loan
|
LIBOR (Q)
|
0.23
|
%
|
8.52
|
%
|
8.75
|
%
|
11/30/2018
|
$
|
–
|
(27,602
|
)
|
11,600
|
-
|
K
|
|||||||||||||||||||
Enerwise Global Technologies, Inc.
|
Sr Secured Term Loan (1.0% Exit Fee)
|
LIBOR (Q)
|
0.23
|
%
|
9.27
|
%
|
9.92
|
%
|
11/30/2019
|
$
|
24,250,000
|
24,018,703
|
24,320,325
|
1.92
|
%
|
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
|
30,566,061
|
31,864,900
|
2.51
|
%
|
||||||||||||||||||||
54,557,162
|
56,196,825
|
4.43
|
%
|
||||||||||||||||||||||||||||||||
Chemicals
|
|||||||||||||||||||||||||||||||||||
Anuvia Plant Nutrients Holdings, LLC
|
Sr Secured Term Loan (8.0% Exit Fee)
|
LIBOR (Q)
|
-
|
10.63
|
%
|
11.96
|
%
|
2/1/2018
|
$
|
10,254,168
|
10,651,471
|
10,748,931
|
0.85
|
%
|
L
|
||||||||||||||||||||
BioAmber, Inc.
|
Sr Secured Term Loan (8.0% Exit Fee)
|
LIBOR (M)
|
0.23
|
%
|
9.27
|
%
|
9.96
|
%
|
12/1/2017
|
$
|
7,982,168
|
8,346,945
|
8,675,020
|
0.68
|
%
|
L
|
|||||||||||||||||||
Green Biologics, Inc.
|
Sr Secured Delayed Draw Term Loan (10.0% Exit Fee)
|
Prime Rate
|
-
|
7.75
|
%
|
11.25
|
%
|
5/1/2018
|
$
|
15,000,000
|
15,202,033
|
15,553,500
|
1.22
|
%
|
L
|
||||||||||||||||||||
34,200,449
|
34,977,451
|
2.75
|
%
|
||||||||||||||||||||||||||||||||
Communications Equipment Manufacturing
|
|||||||||||||||||||||||||||||||||||
Globecomm Systems, Inc.
|
First Lien Term Loan
|
LIBOR (Q)
|
1.25
|
%
|
7.63
|
%
|
10.13
|
%
|
12/11/2018
|
$
|
14,554,640
|
14,409,094
|
14,554,640
|
1.15
|
%
|
B
|
|||||||||||||||||||
Globecomm Systems, Inc.
|
First Lien Series A Term Loan
|
LIBOR (Q)
|
1.25
|
%
|
7.63
|
%
|
8.88
|
%
|
12/11/2018
|
$
|
–
|
-
|
-
|
-
|
|||||||||||||||||||||
14,409,094
|
14,554,640
|
1.15
|
%
|
||||||||||||||||||||||||||||||||
Computer Equipment Manufacturing
|
|||||||||||||||||||||||||||||||||||
Silicon Graphics International Corp.
|
First Lien Term Loan
|
LIBOR (Q)
|
1.00
|
%
|
9.00
|
%
|
10.00
|
%
|
7/27/2018
|
$
|
15,949,968
|
15,757,759
|
16,069,593
|
1.27
|
%
|
J
|
|||||||||||||||||||
Computer Systems Design and Related Services
|
|||||||||||||||||||||||||||||||||||
Dealersocket, Inc.
|
Senior Secured 1st Lien Term Loan
|
LIBOR (M)
|
1.00
|
%
|
10.00
|
%
|
11.00
|
%
|
2/10/2021
|
$
|
17,500,000
|
16,883,291
|
17,272,500
|
1.36
|
%
|
||||||||||||||||||||
MSC Software Corporation
|
Second Lien Term Loan
|
LIBOR (M)
|
1.00
|
%
|
7.50
|
%
|
8.50
|
%
|
5/29/2021
|
$
|
6,993,035
|
6,945,905
|
5,944,080
|
0.47
|
%
|
||||||||||||||||||||
OnX Enterprise Solutions, Ltd. (Canada)
|
First Lien Term Loan B
|
LIBOR (Q)
|
-
|
8.00
|
%
|
8.64
|
%
|
9/3/2018
|
$
|
2,325,867
|
2,325,867
|
2,325,867
|
0.18
|
%
|
H
|
||||||||||||||||||||
OnX Enterprise Solutions, Ltd. (Canada)
|
First Lien Term Loan
|
LIBOR (Q)
|
-
|
8.00
|
%
|
8.64
|
%
|
9/3/2018
|
$
|
10,373,333
|
10,306,412
|
10,373,333
|
0.82
|
%
|
H
|
||||||||||||||||||||
OnX USA, LLC
|
First Lien Term Loan B
|
LIBOR (Q)
|
-
|
8.00
|
%
|
8.64
|
%
|
9/3/2018
|
$
|
3,761,733
|
3,761,733
|
3,761,733
|
0.30
|
%
|
|||||||||||||||||||||
OnX USA, LLC
|
First Lien Term Loan
|
LIBOR (Q)
|
-
|
8.00
|
%
|
8.64
|
%
|
9/3/2018
|
$
|
3,186,667
|
3,169,864
|
3,186,667
|
0.25
|
%
|
|||||||||||||||||||||
Vistronix, LLC
|
First Lien Revolver
|
LIBOR (Q)
|
0.50
|
%
|
8.50
|
%
|
9.00
|
%
|
12/4/2018
|
$
|
570,996
|
567,735
|
570,996
|
0.04
|
%
|
||||||||||||||||||||
Vistronix, LLC
|
First Lien Term Loan
|
LIBOR (M)
|
0.50
|
%
|
8.50
|
%
|
9.00
|
%
|
12/4/2018
|
$
|
6,123,145
|
6,082,365
|
6,061,914
|
0.48
|
%
|
||||||||||||||||||||
Waterfall International, Inc.
|
First Lien Delayed Draw Term Loan
|
LIBOR (Q)
|
-
|
11.67
|
%
|
12.36
|
%
|
9/1/2018
|
$
|
4,800,000
|
4,772,537
|
4,818,960
|
0.38
|
%
|
|||||||||||||||||||||
54,815,709
|
54,316,050
|
4.28
|
%
|
||||||||||||||||||||||||||||||||
Data Processing and Hosting Services
|
|||||||||||||||||||||||||||||||||||
Asset International, Inc.
|
Delayed Draw Term Loan
|
LIBOR (M)
|
1.00
|
%
|
7.00
|
%
|
8.00
|
%
|
7/31/2020
|
$
|
3,430,383
|
3,399,154
|
3,383,558
|
0.27
|
%
|
||||||||||||||||||||
Asset International, Inc.
|
Revolver Loan
|
LIBOR (M)
|
1.00
|
%
|
7.00
|
%
|
8.00
|
%
|
7/31/2020
|
$
|
807,920
|
801,046
|
796,892
|
0.06
|
%
|
||||||||||||||||||||
Asset International, Inc.
|
First Lien Term Loan
|
LIBOR (M)
|
1.00
|
%
|
7.00
|
%
|
8.00
|
%
|
7/31/2020
|
$
|
8,088,844
|
7,971,339
|
7,978,431
|
0.63
|
%
|
||||||||||||||||||||
Rightside Group, Ltd.
|
Second Lien Term Loan
|
LIBOR (Q)
|
0.50
|
%
|
8.75
|
%
|
9.44
|
%
|
8/6/2019
|
$
|
4,625,000
|
3,972,348
|
4,643,500
|
0.37
|
%
|
||||||||||||||||||||
United TLD Holdco, Ltd. (Rightside) (Cayman Islands)
|
Second Lien Term Loan
|
LIBOR (Q)
|
0.50
|
%
|
8.75
|
%
|
9.44
|
%
|
8/6/2019
|
$
|
9,250,000
|
7,944,697
|
9,287,000
|
0.73
|
%
|
H
|
|||||||||||||||||||
24,088,584
|
26,089,381
|
2.06
|
%
|
% of Total
|
|||||||||||||||||||||||||||||||||||
Fair
|
Cash and
|
||||||||||||||||||||||||||||||||||
Issuer
|
Instrument
|
Ref
|
Floor
|
Spread
|
Total Coupon
|
Maturity
|
Principal
|
Cost
|
Value
|
Investments
|
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
|
%
|
9/10/2017
|
$
|
7,499,009
|
$
|
7,452,179
|
$
|
7,424,019
|
0.58
|
%
|
||||||||||||||||||||
CGY UK Portfolio I Borrower LLC, (Conergy)
|
Senior Secured 1st Lien Term Loan
|
LIBOR (Q)
|
-
|
9.00
|
%
|
9.65
|
%
|
3/3/2018
|
$
|
3,951,020
|
3,849,232
|
3,911,510
|
0.31
|
%
|
|||||||||||||||||||||
11,301,411
|
11,335,529
|
0.89
|
%
|
||||||||||||||||||||||||||||||||
Electronic Component Manufacturing
|
|||||||||||||||||||||||||||||||||||
Redaptive, Inc.
|
First Lien Delayed Draw Term Loan
|
LIBOR (Q)
|
-
|
10.72
|
%
|
N/A
|
7/1/2018
|
$
|
–
|
(96,963
|
)
|
-
|
-
|
K
|
|||||||||||||||||||||
Soraa, Inc.
|
Tranche A Term Loan (3.0% Exit Fee)
|
LIBOR (Q)
|
0.44
|
%
|
9.33
|
%
|
9.96
|
%
|
3/1/2018
|
$
|
21,383,721
|
20,745,834
|
20,858,751
|
1.64
|
%
|
L
|
|||||||||||||||||||
Soraa, Inc.
|
Tranche B Term Loan
|
LIBOR (Q)
|
0.44
|
%
|
9.33
|
%
|
9.96
|
%
|
9/1/2017
|
$
|
1,603,779
|
1,523,920
|
1,580,043
|
0.12
|
%
|
||||||||||||||||||||
22,172,791
|
22,438,794
|
1.76
|
%
|
||||||||||||||||||||||||||||||||
Equipment Leasing
|
|||||||||||||||||||||||||||||||||||
36th Street Capital Partners Holdings, LLC
|
Senior Note
|
Fixed
|
-
|
12.00
|
%
|
12.00
|
%
|
11/1/2020
|
$
|
16,870,302
|
16,870,302
|
16,870,302
|
1.33
|
%
|
E/F
|
||||||||||||||||||||
Essex Ocean, LLC (Solexel)
|
Sr Secured Term Loan
|
Fixed
|
-
|
8.00
|
%
|
8.00
|
%
|
8/15/2018
|
$
|
2,167,243
|
2,167,243
|
2,206,254
|
0.17
|
%
|
|||||||||||||||||||||
19,037,545
|
19,076,556
|
1.50
|
%
|
||||||||||||||||||||||||||||||||
Facilities Support Services
|
|||||||||||||||||||||||||||||||||||
NANA Development Corp.
|
First Lien Term Loan B
|
LIBOR (M)
|
1.25
|
%
|
6.75
|
%
|
8.00
|
%
|
3/15/2018
|
$
|
1,407,222
|
1,312,234
|
1,315,752
|
0.10
|
%
|
||||||||||||||||||||
Financial Investment Activities
|
|||||||||||||||||||||||||||||||||||
iPayment, Inc.
|
First Lien Term Loan B2
|
LIBOR (Q)
|
1.50
|
%
|
5.25
|
%
|
6.75
|
%
|
5/8/2017
|
$
|
12,304,553
|
11,922,380
|
11,781,610
|
0.93
|
%
|
||||||||||||||||||||
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
|
14,812,500
|
1.17
|
%
|
E/H
|
||||||||||||||||||||
26,922,380
|
26,594,110
|
2.10
|
%
|
||||||||||||||||||||||||||||||||
Gaming
|
|||||||||||||||||||||||||||||||||||
AP Gaming I, LLC
|
First Lien Revolver
|
LIBOR (M)
|
-
|
8.25
|
%
|
N/A
|
12/20/2018
|
$
|
–
|
(1,759,594
|
)
|
(1,562,500
|
)
|
(0.12
|
%)
|
K
|
|||||||||||||||||||
Grocery Stores
|
|||||||||||||||||||||||||||||||||||
Bashas, Inc.
|
First Lien FILO Term Loan
|
LIBOR (M)
|
1.50
|
%
|
8.80
|
%
|
10.30
|
%
|
10/8/2019
|
$
|
9,455,037
|
9,418,865
|
9,549,587
|
0.75
|
%
|
||||||||||||||||||||
Hospitals
|
|||||||||||||||||||||||||||||||||||
Evidera, Inc.
|
First Lien Term Loan
|
LIBOR (Q)
|
1.00
|
%
|
9.00
|
%
|
10.00
|
%
|
7/1/2018
|
$
|
3,611,649
|
3,593,591
|
3,665,824
|
0.29
|
%
|
||||||||||||||||||||
KPC Healthcare, Inc.
|
First Lien Term Loan
|
Prime Rate
|
-
|
8.25
|
%
|
11.75
|
%
|
8/28/2020
|
$
|
15,866,144
|
15,557,477
|
15,960,547
|
1.26
|
%
|
|||||||||||||||||||||
19,151,068
|
19,626,371
|
1.55
|
%
|
||||||||||||||||||||||||||||||||
Insurance Carriers
|
|||||||||||||||||||||||||||||||||||
JSS Holdings, Inc.
|
First Lien Term Loan
|
LIBOR (Q)
|
1.00
|
%
|
6.50
|
%
|
7.50
|
%
|
8/31/2021
|
$
|
3,850,000
|
3,781,810
|
3,657,500
|
0.29
|
%
|
||||||||||||||||||||
US Apple Holdco, LLC (Ventiv Technology)
|
First Lien Term Loan
|
LIBOR (Q)
|
0.50
|
%
|
11.50
|
%
|
12.19
|
%
|
8/29/2019
|
$
|
20,000,000
|
19,444,049
|
20,000,000
|
1.58
|
%
|
||||||||||||||||||||
23,225,859
|
23,657,500
|
1.87
|
%
|
||||||||||||||||||||||||||||||||
Insurance Related Activities
|
|||||||||||||||||||||||||||||||||||
Acrisure, LLC
|
Second Lien Notes
|
LIBOR (Q)
|
1.00
|
%
|
9.00
|
%
|
10.00
|
%
|
11/19/2022
|
$
|
28,999,999
|
28,612,141
|
28,999,999
|
2.28
|
%
|
||||||||||||||||||||
Acrisure, LLC
|
Second Lien Incremental Notes
|
LIBOR (Q)
|
1.00
|
%
|
9.00
|
%
|
10.00
|
%
|
11/19/2022
|
$
|
6,000,000
|
5,942,305
|
6,000,000
|
0.47
|
%
|
||||||||||||||||||||
34,554,446
|
34,999,999
|
2.75
|
%
|
||||||||||||||||||||||||||||||||
Lessors of Nonfinancial Licenses
|
|||||||||||||||||||||||||||||||||||
ABG Intermediate Holdings 2, LLC
|
Second Lien Term Loan
|
LIBOR (Q)
|
1.00
|
%
|
8.50
|
%
|
9.50
|
%
|
5/27/2022
|
$
|
15,768,424
|
15,640,895
|
15,255,950
|
1.20
|
%
|
||||||||||||||||||||
ABG Intermediate Holdings 2, LLC
|
Second Lien Incremental Term Loan
|
LIBOR (Q)
|
1.00
|
%
|
8.50
|
%
|
9.50
|
%
|
5/27/2022
|
$
|
3,426,412
|
3,395,672
|
3,315,054
|
0.26
|
%
|
||||||||||||||||||||
19,036,567
|
18,571,004
|
1.46
|
%
|
||||||||||||||||||||||||||||||||
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
|
$
|
24,344,549
|
23,884,767
|
23,735,935
|
1.87
|
%
|
||||||||||||||||||||
Medical Equipment and Supplies Manufacturing
|
|||||||||||||||||||||||||||||||||||
Bioventus, LLC
|
Second Lien Term Loan
|
LIBOR (Q)
|
1.00
|
%
|
10.00
|
%
|
11.00
|
%
|
4/10/2020
|
$
|
11,000,000
|
10,835,990
|
10,917,500
|
0.86
|
%
|
||||||||||||||||||||
Motion Picture and Video Industries
|
|||||||||||||||||||||||||||||||||||
CORE Entertainment, Inc.
|
First Lien Term Loan
|
Fixed
|
-
|
11.00
|
%
|
11.00
|
%
|
6/21/2017
|
$
|
9,462,231
|
9,497,311
|
4,314,304
|
0.34
|
%
|
C
|
||||||||||||||||||||
CORE Entertainment, Inc.
|
Second Lien Term Loan
|
Fixed
|
-
|
15.50
|
%
|
15.50
|
%
|
6/21/2018
|
$
|
7,569,785
|
7,700,187
|
298,250
|
0.02
|
%
|
C
|
||||||||||||||||||||
17,197,498
|
4,612,554
|
0.36
|
%
|
||||||||||||||||||||||||||||||||
Nondepository Credit Intermediation
|
|||||||||||||||||||||||||||||||||||
Caribbean Financial Group (Cayman Islands)
|
Sr Secured Notes
|
Fixed
|
-
|
11.50
|
%
|
11.50
|
%
|
11/15/2019
|
$
|
28,678,000
|
28,552,175
|
28,911,009
|
2.28
|
%
|
E/G/H
|
||||||||||||||||||||
Daymark Financial Acceptance, LLC
|
First Lien Delayed
Draw Term Loan |
LIBOR (M)
|
-
|
9.50
|
%
|
9.96
|
%
|
1/12/2020
|
$
|
17,500,000
|
17,267,540
|
17,017,000
|
1.34
|
%
|
|||||||||||||||||||||
Greystone Select Holdings, LLC
|
First Lien Term Loan
|
LIBOR (Q)
|
1.00
|
%
|
8.00
|
%
|
9.00
|
%
|
3/26/2021
|
$
|
16,183,908
|
16,018,277
|
15,913,637
|
1.25
|
%
|
||||||||||||||||||||
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
|
1.17
|
%
|
E/H
|
||||||||||||||||||||
76,921,992
|
76,699,386
|
6.04
|
%
|
||||||||||||||||||||||||||||||||
Oil and Gas Extraction
|
|||||||||||||||||||||||||||||||||||
MD America Energy, LLC
|
Second Lien Term Loan
|
LIBOR (Q)
|
1.00
|
%
|
8.50
|
%
|
9.50
|
%
|
8/4/2019
|
$
|
242,857
|
240,296
|
228,286
|
0.02
|
%
|
||||||||||||||||||||
Other Chemical Products and Mineral Manufacturing
|
|||||||||||||||||||||||||||||||||||
Nanosys, Inc.
|
Senior Secured 1st Lien Delayed Draw Term Loan (3.0% Exit Fee)
|
LIBOR (Q)
|
-
|
9.81
|
%
|
10.50
|
%
|
4/1/2019
|
$
|
7,000,000
|
6,371,874
|
6,654,050
|
0.52
|
%
|
L
|
||||||||||||||||||||
Other Information Services
|
|||||||||||||||||||||||||||||||||||
Simmons Research, LLC
|
First Lien Term Loan
|
LIBOR (Q)
|
0.50
|
%
|
10.50
|
%
|
11.19
|
%
|
12/11/2020
|
$
|
5,000,712
|
4,908,856
|
4,938,203
|
0.39
|
%
|
||||||||||||||||||||
SoundCloud Ltd. (United Kingdom)
|
Sr Secured Term Loan (2.0% Exit Fees)
|
LIBOR (M)
|
0.28
|
%
|
10.72
|
%
|
11.00
|
%
|
10/1/2018
|
$
|
31,550,000
|
31,494,139
|
31,944,398
|
2.52
|
%
|
H/L
|
|||||||||||||||||||
TCH-2 Holdings, LLC (TravelClick)
|
Second Lien Term Loan
|
LIBOR (M)
|
1.00
|
%
|
7.75
|
%
|
8.75
|
%
|
11/6/2021
|
$
|
19,988,392
|
19,752,366
|
18,789,089
|
1.48
|
%
|
G
|
|||||||||||||||||||
56,155,361
|
55,671,690
|
4.39
|
%
|
||||||||||||||||||||||||||||||||
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
|
0.38
|
%
|
B
|
||||||||||||||||||||
AGY Holding Corp.
|
Second Lien Notes
|
Fixed
|
-
|
11.00
|
%
|
11.00
|
%
|
11/15/2016
|
$
|
9,268,000
|
7,586,317
|
9,268,000
|
0.73
|
%
|
B/E
|
||||||||||||||||||||
Boomerang Tube, LLC
|
Subordinated Notes
|
LIBOR (M)
|
-
|
17.50
|
%
|
17.50
|
%
|
2/1/2021
|
$
|
1,030,741
|
1,030,741
|
146,365
|
0.01
|
%
|
C
|
||||||||||||||||||||
13,486,635
|
14,283,942
|
1.12
|
%
|
||||||||||||||||||||||||||||||||
Other Telecommunications
|
|||||||||||||||||||||||||||||||||||
Securus Technologies, Inc.
|
Second Lien Term Loan
|
LIBOR (Q)
|
1.25
|
%
|
7.75
|
%
|
9.00
|
%
|
4/30/2021
|
$
|
14,000,000
|
13,860,000
|
12,623,310
|
0.99
|
%
|
||||||||||||||||||||
% of Total
|
|||||||||||||||||||||||||||||||||||
Fair
|
Cash and
|
||||||||||||||||||||||||||||||||||
Issuer
|
Instrument
|
Ref
|
Floor
|
Spread
|
Total Coupon
|
Maturity
|
Principal
|
Cost
|
Value
|
Investments
|
Notes
|
||||||||||||||||||||||||
Debt Investments (continued)
|
|||||||||||||||||||||||||||||||||||
Other Publishing
|
|||||||||||||||||||||||||||||||||||
Bisnow, LLC
|
First Lien Revolver
|
LIBOR (Q)
|
-
|
9.00
|
%
|
N/A
|
4/29/2021
|
$
|
–
|
$
|
(24,000
|
)
|
$
|
(24,000
|
)
|
-
|
K
|
||||||||||||||||||
Bisnow, LLC
|
First Lien Term Loan
|
LIBOR (Q)
|
-
|
9.00
|
%
|
9.69
|
%
|
4/29/2021
|
$
|
8,800,000
|
8,629,495
|
8,624,000
|
0.68
|
%
|
|||||||||||||||||||||
MediMedia USA, Inc.
|
First Lien Revolver
|
Prime Rate
|
-
|
5.75
|
%
|
9.25
|
%
|
5/20/2018
|
$
|
3,952,500
|
3,501,508
|
3,952,500
|
0.31
|
%
|
|||||||||||||||||||||
MediMedia USA, Inc.
|
First Lien Term Loan
|
LIBOR (Q)
|
1.25
|
%
|
6.75
|
%
|
8.00
|
%
|
11/20/2018
|
$
|
5,681,239
|
5,598,879
|
5,681,239
|
0.45
|
%
|
G
|
|||||||||||||||||||
17,705,882
|
18,233,739
|
1.44
|
%
|
||||||||||||||||||||||||||||||||
Pharmaceuticals
|
|||||||||||||||||||||||||||||||||||
Lantheus Medical Imaging, Inc.
|
First Lien Term Loan
|
LIBOR (Q)
|
1.00
|
%
|
6.00
|
%
|
7.00
|
%
|
6/30/2022
|
$
|
10,976,206
|
10,380,535
|
9,823,704
|
0.77
|
%
|
||||||||||||||||||||
Plastics Manufacturing
|
|||||||||||||||||||||||||||||||||||
Iracore International, Inc.
|
Sr Secured Notes
|
Fixed
|
-
|
9.50
|
%
|
9.50
|
%
|
6/1/2018
|
$
|
13,600,000
|
13,600,000
|
7,378,000
|
0.58
|
%
|
E/G
|
||||||||||||||||||||
Radio and Television Broadcasting
|
|||||||||||||||||||||||||||||||||||
Fuse, LLC
|
Sr Secured Notes
|
Fixed
|
-
|
10.38
|
%
|
10.38
|
%
|
7/1/2019
|
$
|
7,312,000
|
7,312,000
|
5,739,920
|
0.45
|
%
|
E/G
|
||||||||||||||||||||
NEP/NCP Holdco, Inc.
|
Second Lien Term Loan
|
LIBOR (M)
|
1.25
|
%
|
8.75
|
%
|
10.00
|
%
|
7/22/2020
|
$
|
15,000,000
|
14,735,376
|
14,325,000
|
1.13
|
%
|
||||||||||||||||||||
22,047,376
|
20,064,920
|
1.58
|
%
|
||||||||||||||||||||||||||||||||
Restaurants
|
|||||||||||||||||||||||||||||||||||
RM OpCo, LLC (Real Mex)
|
Convertible Second Lien Term Loan Tranche B-1
|
Fixed
|
-
|
8.50
|
%
|
8.50
|
%
|
3/30/2018
|
$
|
1,861,478
|
1,861,478
|
1,861,478
|
0.15
|
%
|
B
|
||||||||||||||||||||
RM OpCo, LLC (Real Mex)
|
First Lien Term Loan Tranche A
|
Fixed
|
-
|
7.00
|
%
|
7.00
|
%
|
3/30/2018
|
$
|
4,857,987
|
4,574,601
|
4,857,987
|
0.38
|
%
|
B
|
||||||||||||||||||||
RM OpCo, LLC (Real Mex)
|
Second Lien Term Loan Tranche B
|
Fixed
|
-
|
8.50
|
%
|
8.50
|
%
|
3/30/2018
|
$
|
9,275,105
|
9,275,105
|
3,446,629
|
0.27
|
%
|
B
|
||||||||||||||||||||
RM OpCo, LLC (Real Mex)
|
Second Lien Term Loan Tranche B-1
|
Fixed
|
-
|
8.50
|
%
|
8.50
|
%
|
3/30/2018
|
$
|
2,921,047
|
2,905,624
|
2,921,047
|
0.23
|
%
|
B
|
||||||||||||||||||||
RM OpCo, LLC (Real Mex)
|
Sr Convertible Second Lien Term Loan B
|
Fixed
|
-
|
8.50
|
%
|
8.50
|
%
|
3/30/2018
|
$
|
2,729,864
|
2,729,864
|
2,729,864
|
0.21
|
%
|
B
|
||||||||||||||||||||
21,346,672
|
15,817,005
|
1.24
|
%
|
||||||||||||||||||||||||||||||||
Retail
|
|||||||||||||||||||||||||||||||||||
Connexity, Inc.
|
First Lien Term Loan
|
LIBOR (Q)
|
1.00
|
%
|
10.00
|
%
|
11.00
|
%
|
2/13/2020
|
$
|
6,193,688
|
6,193,688
|
6,076,317
|
0.48
|
%
|
||||||||||||||||||||
The Gymboree Corporation
|
First Lien Term Loan
|
LIBOR (Q)
|
-
|
10.25
|
%
|
10.92
|
%
|
9/24/2020
|
$
|
9,827,273
|
9,634,947
|
9,630,728
|
0.76
|
%
|
|||||||||||||||||||||
Kenneth Cole Productions, Inc.
|
First Lien FILO Term Loan
|
LIBOR (M)
|
1.00
|
%
|
8.50
|
%
|
9.50
|
%
|
9/25/2020
|
$
|
12,738,301
|
12,619,639
|
12,865,684
|
1.01
|
%
|
||||||||||||||||||||
28,448,274
|
28,572,729
|
2.25
|
%
|
||||||||||||||||||||||||||||||||
Satellite Telecommunications
|
|||||||||||||||||||||||||||||||||||
Avanti Communications Group, PLC (United Kingdom)
|
Sr Secured Notes
|
Fixed
|
-
|
10.00
|
%
|
10.00
|
%
|
10/1/2019
|
$
|
9,393,000
|
9,393,000
|
7,058,840
|
0.56
|
%
|
E/G/H
|
||||||||||||||||||||
Scientific Research and Development Services
|
|||||||||||||||||||||||||||||||||||
BPA Laboratories, Inc.
|
Senior Secured Notes
|
Fixed
|
-
|
12.25
|
%
|
12.25
|
%
|
4/1/2017
|
$
|
38,932,000
|
39,001,750
|
39,321,320
|
3.10
|
%
|
E/G
|
||||||||||||||||||||
Software Publishing
|
|||||||||||||||||||||||||||||||||||
Acronis International GmbH (Switzerland)
|
First Lien Term Loan
|
LIBOR (Q)
|
1.00
|
%
|
9.50
|
%
|
10.50
|
%
|
6/9/2017
|
$
|
28,719,439
|
28,660,063
|
28,170,897
|
2.22
|
%
|
H
|
|||||||||||||||||||
ArcServe (USA), LLC
|
Second Lien Term Loan
|
LIBOR (Q)
|
0.50
|
%
|
8.50
|
%
|
9.13
|
%
|
1/31/2020
|
$
|
30,028,125
|
29,605,659
|
28,016,241
|
2.21
|
%
|
||||||||||||||||||||
Autoalert, LLC
|
First Lien Term Loan
|
LIBOR (Q)
|
0.25
|
%
|
4.75% Cash
+ 4% PIK
|
9.44
|
%
|
3/31/2019
|
$
|
35,267,436
|
34,843,159
|
35,159,870
|
2.77
|
%
|
|||||||||||||||||||||
BlackLine Systems, Inc.
|
First Lien Term Loan
|
LIBOR (Q)
|
1.50
|
%
|
0.4% Cash
+ 7.6% PIK
|
9.50
|
%
|
9/25/2018
|
$
|
15,115,023
|
14,466,578
|
15,115,023
|
1.19
|
%
|
|||||||||||||||||||||
BlackLine Systems, Inc.
|
Senior Secured 1st Lien Incremental Term Loan
|
LIBOR (Q)
|
1.50
|
%
|
0.4% Cash
+ 7.6% PIK
|
9.50
|
%
|
9/25/2018
|
$
|
3,809,896
|
3,742,949
|
3,809,896
|
0.30
|
%
|
|||||||||||||||||||||
BlackLine Systems, Inc.
|
Senior Secured Revolver
|
LIBOR (Q)
|
0.50
|
%
|
6.00
|
%
|
6.50
|
%
|
9/25/2018
|
$
|
–
|
-
|
-
|
-
|
|||||||||||||||||||||
Bluehornet Networks, Inc.
|
First Lien Term Loan
|
LIBOR (Q)
|
-
|
9.50
|
%
|
10.15
|
%
|
12/3/2020
|
$
|
5,911,694
|
5,753,056
|
5,734,343
|
0.45
|
%
|
|||||||||||||||||||||
Edmentum, Inc.
|
Jr Revolving Facility
|
Fixed
|
-
|
5.00
|
%
|
5.00
|
%
|
6/9/2020
|
$
|
2,762,241
|
2,762,241
|
2,762,241
|
0.22
|
%
|
B
|
||||||||||||||||||||
Edmentum Ultimate Holdings, LLC
|
Sr PIK Notes
|
Fixed
|
-
|
8.50
|
%
|
8.50
|
%
|
6/9/2020
|
$
|
2,725,875
|
2,725,875
|
2,725,875
|
0.21
|
%
|
B
|
||||||||||||||||||||
Edmentum Ultimate Holdings, LLC
|
Jr PIK Notes
|
Fixed
|
-
|
10.00
|
%
|
10.00
|
%
|
6/9/2020
|
$
|
12,395,233
|
11,835,221
|
11,924,214
|
0.94
|
%
|
B
|
||||||||||||||||||||
Fidelis Acquisitionco, LLC
|
First Lien Term Loan
|
LIBOR (Q)
|
1.00
|
%
|
8.00
|
%
|
9.00
|
%
|
11/4/2019
|
$
|
42,349,121
|
41,693,444
|
42,200,899
|
3.32
|
%
|
||||||||||||||||||||
Fidelis Acquisitionco, LLC
|
Sr Secured Revolver
|
LIBOR (Q)
|
1.00
|
%
|
8.00
|
%
|
9.00
|
%
|
11/4/2019
|
$
|
3,182,143
|
3,182,143
|
3,171,005
|
0.25
|
%
|
||||||||||||||||||||
Newscycle Solutions, Inc.
|
Second Lien Term Loan
|
LIBOR (Q)
|
-
|
13.00
|
%
|
13.66
|
%
|
9/10/2021
|
$
|
11,513,362
|
11,170,722
|
11,167,962
|
0.88
|
%
|
|||||||||||||||||||||
Newscycle Solutions AB
|
Second Lien Term Loan B
|
LIBOR (Q)
|
-
|
13.00
|
%
|
13.66
|
%
|
9/10/2021
|
$
|
11,513,362
|
11,170,722
|
11,167,962
|
0.88
|
%
|
|||||||||||||||||||||
Soasta, Inc.
|
Senior Secured 1st Lien Term Loan (4.0% Exit Fees)
|
LIBOR (Q)
|
-
|
9.56
|
%
|
10.25
|
%
|
4/1/2019
|
$
|
17,880,435
|
17,617,584
|
17,650,671
|
1.39
|
%
|
L
|
||||||||||||||||||||
Utilidata, Inc.
|
First Lien Delayed Draw Term Loan (1.0% Exit Fee)
|
LIBOR (M)
|
0.62
|
%
|
9.88
|
%
|
10.50
|
%
|
1/1/2019
|
$
|
3,200,000
|
3,106,557
|
3,000,000
|
0.24
|
%
|
L
|
|||||||||||||||||||
Virgin Pulse Inc.
|
First Lien Term Loan
|
LIBOR (Q)
|
-
|
8.00
|
%
|
8.65
|
%
|
5/21/2020
|
$
|
7,500,000
|
7,411,126
|
7,500,000
|
0.59
|
%
|
|||||||||||||||||||||
229,747,099
|
229,277,099
|
18.06
|
%
|
||||||||||||||||||||||||||||||||
Specialty Hospitals
|
|||||||||||||||||||||||||||||||||||
Pacific Coast Holdings Investment, LLC
|
Senior Secured 1st Lien Delayed Draw Term Loan
|
LIBOR (M)
|
2.00
|
%
|
9.70
|
%
|
11.70
|
%
|
10/23/2019
|
$
|
10,828,233
|
10,722,349
|
10,828,233
|
0.85
|
%
|
||||||||||||||||||||
Sporting Goods, Hobby, and Musical Instrument Stores
|
|||||||||||||||||||||||||||||||||||
Gander Mountain Company
|
Second Lien Term Loan
|
LIBOR (Q)
|
-
|
9.50
|
%
|
10.15
|
%
|
6/15/2018
|
$
|
11,465,152
|
11,350,599
|
11,350,501
|
0.89
|
%
|
|||||||||||||||||||||
Textile Furnishings Mills
|
|||||||||||||||||||||||||||||||||||
Lexmark Carpet Mills, Inc.
|
First Lien Term Loan
|
LIBOR (Q)
|
1.00
|
%
|
10.00
|
%
|
11.00
|
%
|
12/19/2019
|
$
|
23,271,945
|
23,271,945
|
22,918,212
|
1.81
|
%
|
||||||||||||||||||||
Lexmark Carpet Mills, Inc.
|
First Lien Term Loan B
|
LIBOR (Q)
|
1.00
|
%
|
10.00
|
%
|
11.00
|
%
|
12/19/2019
|
$
|
7,982,818
|
7,819,332
|
7,861,479
|
0.62
|
%
|
||||||||||||||||||||
31,091,277
|
30,779,691
|
2.43
|
%
|
||||||||||||||||||||||||||||||||
Utility System Construction
|
|||||||||||||||||||||||||||||||||||
Kawa Solar Holdings Limited
|
Revolving Credit Facility
|
Fixed
|
-
|
8.20
|
%
|
8.20
|
%
|
7/2/2017
|
$
|
25,000,000
|
25,000,000
|
25,000,000
|
1.97
|
%
|
|||||||||||||||||||||
Wired Telecommunications Carriers
|
|||||||||||||||||||||||||||||||||||
Alpheus Communications, LLC
|
First Lien Delayed Draw FILO Term Loan
|
LIBOR (Q)
|
1.00
|
%
|
7.42
|
%
|
8.42
|
%
|
5/31/2018
|
$
|
1,701,070
|
1,685,793
|
1,693,885
|
0.13
|
%
|
||||||||||||||||||||
Alpheus Communications, LLC
|
First Lien FILO Term Loan
|
LIBOR (Q)
|
1.00
|
%
|
7.42
|
%
|
8.42
|
%
|
5/31/2018
|
$
|
7,352,464
|
7,279,371
|
7,197,695
|
0.57
|
%
|
||||||||||||||||||||
Integra Telecom Holdings, Inc.
|
Second Lien Term Loan
|
LIBOR (Q)
|
1.25
|
%
|
8.50
|
%
|
9.75
|
%
|
2/22/2020
|
$
|
13,231,193
|
13,060,960
|
12,238,854
|
0.97
|
%
|
||||||||||||||||||||
Oxford County Telephone and Telegraph Company
|
First Lien Term Loan
|
LIBOR (Q)
|
1.00
|
%
|
7.13
|
%
|
8.13
|
%
|
8/31/2020
|
$
|
3,970,000
|
3,918,827
|
3,944,195
|
0.31
|
%
|
||||||||||||||||||||
25,944,951
|
25,074,629
|
1.98
|
%
|
||||||||||||||||||||||||||||||||
Wireless Telecommunications Carriers
|
|||||||||||||||||||||||||||||||||||
Gogo, LLC
|
Sr Secured Notes
|
Fixed
|
-
|
12.50
|
%
|
12.50
|
%
|
7/1/2022
|
$
|
10,000,000
|
10,000,000
|
9,912,500
|
0.78
|
%
|
E
|
||||||||||||||||||||
Total Debt Investments
|
1,202,374,363
|
1,176,581,175
|
92.66
|
%
|
|||||||||||||||||||||||||||||||
% of Total
|
|||||||||||||||||||||||||||||||||||
Total |
Fair
|
Cash and
|
|||||||||||||||||||||||||||||||||
Issuer
|
Instrument
|
Ref
|
Floor
|
Spread
|
Coupon
|
Maturity
|
Shares
|
Cost
|
Value
|
Investments
|
Notes
|
||||||||||||||||||||||||
Equity Securities
|
|||||||||||||||||||||||||||||||||||
Advertising and Public Relations Services
|