Commission File Number | Exact name of registrant as specified in its charter, address of principal executive offices, telephone numbers and states or other jurisdictions of incorporation or organization | I.R.S. Employer Identification Number | ||
814-00832 | New Mountain Finance Corporation | 27-2978010 | ||
787 Seventh Avenue, 48th Floor New York, New York 10019 Telephone: (212) 720-0300 State of Incorporation: Delaware |
Large accelerated filer ý | Accelerated filer o | ||
Non-accelerated filer o | Smaller reporting company o |
Description | Shares as of May 4, 2016 | |
Common stock, par value $0.01 per share | 63,880,437 |
PAGE | ||
Item 1. | Financial Statements |
March 31, 2016 | December 31, 2015 | ||||||
Assets | |||||||
Investments at fair value | |||||||
Non-controlled/non-affiliated investments (cost of $1,427,717 and $1,438,415, respectively) | $ | 1,352,403 | $ | 1,377,515 | |||
Non-controlled/affiliated investments (cost of $91,282 and $89,047, respectively) | 88,371 | 87,287 | |||||
Controlled investments (cost of $42,082 and $41,254, respectively) | 49,429 | 47,422 | |||||
Total investments at fair value (cost of $1,561,081 and $1,568,716, respectively) | 1,490,203 | 1,512,224 | |||||
Securities purchased under collateralized agreements to resell (cost of $30,000 and $30,000, respectively) | 29,674 | 29,704 | |||||
Cash and cash equivalents | 32,683 | 30,102 | |||||
Interest and dividend receivable | 16,034 | 13,832 | |||||
Receivable from affiliates | 707 | 360 | |||||
Other assets | 2,965 | 1,924 | |||||
Total assets | $ | 1,572,266 | $ | 1,588,146 | |||
Liabilities | |||||||
Borrowings | |||||||
Holdings Credit Facility | $ | 397,513 | $ | 419,313 | |||
SBA-guaranteed debentures | 117,745 | 117,745 | |||||
Convertible Notes | 115,000 | 115,000 | |||||
NMFC Credit Facility | 96,500 | 90,000 | |||||
Deferred financing costs (net of accumulated amortization of $9,596 and $8,822, respectively) | (13,264 | ) | (13,992 | ) | |||
Net borrowings | 713,494 | 728,066 | |||||
Incentive fee payable | 11,007 | 5,622 | |||||
Management fee payable | 10,983 | 5,466 | |||||
Payable for unsettled securities purchased | 7,549 | 5,441 | |||||
Interest payable | 2,946 | 2,343 | |||||
Payable to affiliates | 959 | 564 | |||||
Deferred tax liability | 952 | 1,676 | |||||
Other liabilities | 2,531 | 2,060 | |||||
Total liabilities | 750,421 | 751,238 | |||||
Commitments and contingencies (See Note 9) | |||||||
Net assets | |||||||
Preferred stock, par value $0.01 per share, 2,000,000 shares authorized, none issued | — | — | |||||
Common stock, par value $0.01 per share, 100,000,000 shares authorized, 64,005,387 and 64,005,387 shares issued, respectively, and 63,880,437 and 64,005,387 shares outstanding, respectively | 640 | 640 | |||||
Paid in capital in excess of par | 899,751 | 899,713 | |||||
Treasury stock at cost, 124,950 and 0 shares held, respectively | (1,433 | ) | — | ||||
Accumulated undistributed net investment income | 4,012 | 4,164 | |||||
Accumulated undistributed net realized gains on investments | 1,518 | 1,342 | |||||
Net unrealized (depreciation) appreciation (net of provision for taxes of $952 and $1,676, respectively) | (82,643 | ) | (68,951 | ) | |||
Total net assets | $ | 821,845 | $ | 836,908 | |||
Total liabilities and net assets | $ | 1,572,266 | $ | 1,588,146 | |||
Number of shares outstanding | 63,880,437 | 64,005,387 | |||||
Net asset value per share | $ | 12.87 | $ | 13.08 |
Three Months Ended | ||||||||
March 31, 2016 | March 31, 2015 | |||||||
Investment income | ||||||||
From non-controlled/non-affiliated investments: | ||||||||
Interest income | $ | 35,706 | $ | 31,854 | ||||
Dividend income | — | (99 | ) | |||||
Other income | 1,222 | 1,557 | ||||||
From non-controlled/affiliated investments: | ||||||||
Interest income | 1,582 | 1,043 | ||||||
Dividend income | 920 | 858 | ||||||
Other income | 313 | 314 | ||||||
From controlled investments: | ||||||||
Interest income | 502 | 450 | ||||||
Dividend income | 719 | 548 | ||||||
Other income | 12 | 11 | ||||||
Total investment income | 40,976 | 36,536 | ||||||
Expenses | ||||||||
Incentive fee | 5,385 | 4,878 | ||||||
Capital gains incentive fee | — | 481 | ||||||
Total incentive fees | 5,385 | 5,359 | ||||||
Management fee | 6,836 | 6,468 | ||||||
Interest and other financing expenses | 6,602 | 5,477 | ||||||
Professional fees | 877 | 739 | ||||||
Administrative expenses | 839 | 635 | ||||||
Other general and administrative expenses | 432 | 429 | ||||||
Total expenses | 20,971 | 19,107 | ||||||
Less: management fee waived (See Note 5) | (1,319 | ) | (1,382 | ) | ||||
Less: expenses waived and reimbursed (See Note 5) | (284 | ) | (400 | ) | ||||
Net expenses | 19,368 | 17,325 | ||||||
Net investment income before income taxes | 21,608 | 19,211 | ||||||
Income tax expense | 41 | 149 | ||||||
Net investment income | 21,567 | 19,062 | ||||||
Net realized gains (losses): | ||||||||
Non-controlled/non-affiliated investments | 176 | (133 | ) | |||||
Net change in unrealized (depreciation) appreciation: | ||||||||
Non-controlled/non-affiliated investments | (14,414 | ) | (1,462 | ) | ||||
Non-controlled/affiliated investments | (1,151 | ) | (872 | ) | ||||
Controlled investments | 1,179 | 6,820 | ||||||
Securities purchased under collateralized agreements to resell | (30 | ) | — | |||||
Benefit (provision) for taxes | 724 | (501 | ) | |||||
Net realized and unrealized (losses) gains | (13,516 | ) | 3,852 | |||||
Net increase in net assets resulting from operations | $ | 8,051 | $ | 22,914 | ||||
Basic earnings per share | $ | 0.13 | $ | 0.40 | ||||
Weighted average shares of common stock outstanding - basic (See Note 11) | 63,934,151 | 57,998,754 | ||||||
Diluted earnings per share | $ | 0.13 | $ | 0.37 | ||||
Weighted average shares of common stock outstanding - diluted (See Note 11) | 71,211,282 | 65,217,837 | ||||||
Dividends declared and paid per share | $ | 0.34 | $ | 0.34 |
Three Months Ended | |||||||
March 31, 2016 | March 31, 2015 | ||||||
Increase (decrease) in net assets resulting from operations: | |||||||
Net investment income | $ | 21,567 | $ | 19,062 | |||
Net realized gains (losses) on investments | 176 | (133 | ) | ||||
Net change in unrealized (depreciation) appreciation of investments | (14,386 | ) | 4,486 | ||||
Net change in unrealized (depreciation) appreciation of securities purchased under collateralized agreements to resell | (30 | ) | — | ||||
Benefit (provision) for taxes | 724 | (501 | ) | ||||
Net increase in net assets resulting from operations | 8,051 | 22,914 | |||||
Capital transactions | |||||||
Deferred offering costs | 38 | — | |||||
Dividends declared to stockholders from net investment income | (21,719 | ) | (19,719 | ) | |||
Reinvestment of dividends | — | 1,134 | |||||
Repurchase of shares under repurchase program | (1,433 | ) | — | ||||
Total net decrease in net assets resulting from capital transactions | (23,114 | ) | (18,585 | ) | |||
Net (decrease) increase in net assets | (15,063 | ) | 4,329 | ||||
Net assets at the beginning of the period | 836,908 | 802,170 | |||||
Net assets at the end of the period | $ | 821,845 | $ | 806,499 | |||
Capital share activity | |||||||
Shares issued from reinvestment of dividends | — | 77,715 | |||||
Shares repurchased under repurchase program | (124,950 | ) | — | ||||
Net (decrease) increase in shares outstanding | (124,950 | ) | 77,715 |
Three Months Ended | |||||||
March 31, 2016 | March 31, 2015 | ||||||
Cash flows from operating activities | |||||||
Net increase in net assets resulting from operations | $ | 8,051 | $ | 22,914 | |||
Adjustments to reconcile net (increase) decrease in net assets resulting from operations to net cash (used in) provided by operating activities: | |||||||
Net realized (gains) losses on investments | (176 | ) | 133 | ||||
Net change in unrealized depreciation (appreciation) of investments | 14,386 | (4,486 | ) | ||||
Net change in unrealized depreciation (appreciation) of securities purchased under collateralized agreements to resell | 30 | — | |||||
Amortization of purchase discount | (769 | ) | (596 | ) | |||
Amortization of deferred financing costs | 774 | 672 | |||||
Non-cash investment income | (1,664 | ) | (1,178 | ) | |||
(Increase) decrease in operating assets: | |||||||
Purchase of investments and delayed draw facilities | (27,591 | ) | (67,236 | ) | |||
Proceeds from sales and paydowns of investments | 40,188 | 93,280 | |||||
Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities | 10 | — | |||||
Cash paid on drawn revolvers | (3,806 | ) | (190 | ) | |||
Cash repayments on drawn revolvers | 1,443 | 190 | |||||
Interest and dividend receivable | (2,202 | ) | (2,745 | ) | |||
Receivable from affiliates | (347 | ) | (141 | ) | |||
Receivable from unsettled securities sold | — | 8,912 | |||||
Other assets | (770 | ) | (560 | ) | |||
Increase (decrease) in operating liabilities: | |||||||
Incentive fee payable | 5,385 | 75 | |||||
Management fee payable | 5,517 | (58 | ) | ||||
Payable for unsettled securities purchased | 2,108 | (26,460 | ) | ||||
Interest payable | 603 | 1,355 | |||||
Payable to affiliates | 395 | (581 | ) | ||||
Deferred tax liability | (724 | ) | 501 | ||||
Capital gains incentive fee payable | — | 481 | |||||
Other liabilities | 283 | (11 | ) | ||||
Net cash flows provided by operating activities | 41,124 | 24,271 | |||||
Cash flows from financing activities | |||||||
Dividends paid | (21,719 | ) | (18,585 | ) | |||
Offering costs paid | (53 | ) | (20 | ) | |||
Proceeds from Holdings Credit Facility | 17,500 | 49,100 | |||||
Repayment of Holdings Credit Facility | (39,300 | ) | (74,600 | ) | |||
Proceeds from NMFC Credit Facility | 10,500 | 51,300 | |||||
Repayment of NMFC Credit Facility | (4,000 | ) | (32,500 | ) | |||
Deferred financing costs paid | (38 | ) | (259 | ) | |||
Repurchase of shares under repurchase program | (1,433 | ) | — | ||||
Net cash flows used in financing activities | (38,543 | ) | (25,564 | ) | |||
Net increase (decrease) in cash and cash equivalents | 2,581 | (1,293 | ) | ||||
Cash and cash equivalents at the beginning of the period | 30,102 | 23,445 | |||||
Cash and cash equivalents at the end of the period | $ | 32,683 | $ | 22,152 | |||
Supplemental disclosure of cash flow information | |||||||
Cash interest paid | $ | 5,031 | $ | 3,308 | |||
Income taxes paid | 2 | 3 | |||||
Non-cash operating activities: | |||||||
Non-cash activity on investments | $ | — | $ | 41,275 | |||
Non-cash financing activities: | |||||||
Value of shares issued in connection with dividend reinvestment plan | $ | — | $ | 1,134 | |||
Accrual for offering costs | 817 | 496 | |||||
Accrual for deferred financing costs | 90 | 126 |
Portfolio Company, Location and Industry (1) | Type of Investment | Interest Rate(10) | Maturity / Expiration Date | Principal Amount, Par Value or Shares | Cost | Fair Value | Percent of Net Assets | ||||||||||||||
Non-Controlled/Non-Affiliated Investments | |||||||||||||||||||||
Funded Debt Investments - Australia | |||||||||||||||||||||
Project Sunshine IV Pty Ltd** | |||||||||||||||||||||
Media | First lien (2) | 8.00% (L + 7.00%/M) | 9/23/2019 | $ | 8,944 | $ | 8,907 | $ | 8,475 | 1.03 | % | ||||||||||
Total Funded Debt Investments - Australia | $ | 8,944 | $ | 8,907 | $ | 8,475 | 1.03 | % | |||||||||||||
Funded Debt Investments - Luxembourg | |||||||||||||||||||||
Pinnacle Holdco S.à.r.l. / Pinnacle (US) Acquisition Co Limited** | |||||||||||||||||||||
Software | Second lien (2) | 10.50% (L + 9.25%/Q) | 7/30/2020 | $ | 24,630 | $ | 24,345 | $ | 17,855 | ||||||||||||
Second lien (3) | 10.50% (L + 9.25%/Q) | 7/30/2020 | 8,204 | 8,326 | 5,949 | ||||||||||||||||
32,834 | 32,671 | 23,804 | 2.90 | % | |||||||||||||||||
Total Funded Debt Investments - Luxembourg | $ | 32,834 | $ | 32,671 | $ | 23,804 | 2.90 | % | |||||||||||||
Funded Debt Investments - Netherlands | |||||||||||||||||||||
Eiger Acquisition B.V. (Eiger Co-Borrower, LLC)** | |||||||||||||||||||||
Software | Second lien (3) | 10.13% (L + 9.13%/Q) | 2/17/2023 | $ | 10,000 | $ | 9,318 | $ | 9,050 | 1.10 | % | ||||||||||
Total Funded Debt Investments - Netherlands | $ | 10,000 | $ | 9,318 | $ | 9,050 | 1.10 | % | |||||||||||||
Funded Debt Investments - United Kingdom | |||||||||||||||||||||
Air Newco LLC** | |||||||||||||||||||||
Software | Second lien (3) | 10.50% (L + 9.50%/Q) | 1/31/2023 | $ | 32,500 | $ | 31,755 | $ | 30,063 | 3.66 | % | ||||||||||
Total Funded Debt Investments - United Kingdom | $ | 32,500 | $ | 31,755 | $ | 30,063 | 3.66 | % | |||||||||||||
Funded Debt Investments - United States | |||||||||||||||||||||
TIBCO Software Inc. | |||||||||||||||||||||
Software | First lien (2) | 6.50% (L + 5.50%/M) | 12/4/2020 | $ | 29,700 | $ | 28,491 | $ | 27,138 | ||||||||||||
Subordinated (3) | 11.38%/S | 12/1/2021 | 15,000 | 14,623 | 13,200 | ||||||||||||||||
44,700 | 43,114 | 40,338 | 4.91 | % | |||||||||||||||||
Deltek, Inc. | |||||||||||||||||||||
Software | Second lien (3) | 9.50% (L + 8.50%/Q) | 6/26/2023 | 21,000 | 20,977 | 20,370 | |||||||||||||||
Second lien (2) | 9.50% (L + 8.50%/Q) | 6/26/2023 | 20,000 | 19,624 | 19,400 | ||||||||||||||||
41,000 | 40,601 | 39,770 | 4.84 | % | |||||||||||||||||
AssuredPartners, Inc. | |||||||||||||||||||||
Business Services | Second lien (2) | 10.00% (L + 9.00%/M) | 10/20/2023 | 20,000 | 19,229 | 19,200 | |||||||||||||||
Second lien (3) | 10.00% (L + 9.00%/M) | 10/20/2023 | 20,000 | 19,229 | 19,200 | ||||||||||||||||
40,000 | 38,458 | 38,400 | 4.67 | % | |||||||||||||||||
Kronos Incorporated | |||||||||||||||||||||
Software | Second lien (2) | 9.75% (L + 8.50%/Q) | 4/30/2020 | 32,632 | 32,444 | 32,560 | |||||||||||||||
Second lien (3) | 9.75% (L + 8.50%/Q) | 4/30/2020 | 4,998 | 4,961 | 4,988 | ||||||||||||||||
37,630 | 37,405 | 37,548 | 4.57 | % | |||||||||||||||||
Hill International, Inc. | |||||||||||||||||||||
Business Services | First lien (2) | 7.75% (L + 6.75%/Q) | 9/28/2020 | 36,962 | 36,673 | 36,685 | 4.46 | % | |||||||||||||
Engility Corporation (fka TASC, Inc.) | |||||||||||||||||||||
Federal Services | First lien (2) | 7.00% (L + 6.00%/Q) | 5/22/2020 | 28,236 | 27,940 | 28,118 | |||||||||||||||
Second lien (3) | 12.00%/Q | 5/21/2021 | 5,000 | 4,775 | 4,775 | ||||||||||||||||
Second lien (3) | 12.00%/Q | 5/21/2021 | 2,000 | 1,965 | 1,910 | ||||||||||||||||
35,236 | 34,680 | 34,803 | 4.24 | % |
Portfolio Company, Location and Industry (1) | Type of Investment | Interest Rate(10) | Maturity / Expiration Date | Principal Amount, Par Value or Shares | Cost | Fair Value | Percent of Net Assets | ||||||||||||||
Physio-Control International, Inc. | |||||||||||||||||||||
Healthcare Products | Second lien (2) | 10.00% (L + 9.00%/Q) | 6/5/2023 | $ | 30,000 | $ | 29,444 | $ | 30,000 | ||||||||||||
Second lien (3) | 10.00% (L + 9.00%/Q) | 6/5/2023 | 4,000 | 3,706 | 4,000 | ||||||||||||||||
34,000 | 33,150 | 34,000 | 4.14 | % | |||||||||||||||||
ProQuest LLC | |||||||||||||||||||||
Business Services | Second lien (3) | 10.00% (L + 9.00%/M) | 12/15/2022 | 35,000 | 34,320 | 33,950 | 4.13 | % | |||||||||||||
Ascend Learning, LLC | |||||||||||||||||||||
Education | Second lien (3) | 9.50% (L + 8.50%/Q) | 11/30/2020 | 34,727 | 34,362 | 32,644 | 3.97 | % | |||||||||||||
Navex Global, Inc. | |||||||||||||||||||||
Software | First lien (4) | 5.75% (L + 4.75%/Q) | 11/19/2021 | 4,598 | 4,559 | 4,460 | |||||||||||||||
First lien (2) | 5.75% (L + 4.75%/Q) | 11/19/2021 | 2,603 | 2,582 | 2,525 | ||||||||||||||||
Second lien (4) | 9.75% (L + 8.75%/Q) | 11/18/2022 | 17,879 | 17,688 | 16,359 | ||||||||||||||||
Second lien (3) | 9.75% (L + 8.75%/Q) | 11/18/2022 | 10,121 | 10,004 | 9,261 | ||||||||||||||||
35,201 | 34,833 | 32,605 | 3.97 | % | |||||||||||||||||
CRGT Inc. | |||||||||||||||||||||
Federal Services | First lien (2) | 7.50% (L + 6.50%/Q) | 12/19/2020 | 32,835 | 32,616 | 32,547 | 3.96 | % | |||||||||||||
Valet Waste Holdings, Inc. | |||||||||||||||||||||
Business Services | First lien (2) | 8.00% (L + 7.00%/Q) | 9/24/2021 | 29,850 | 29,503 | 29,477 | |||||||||||||||
First lien (3)(11) - Drawn | 8.00% (L + 7.00%/Q) | 9/24/2021 | 1,500 | 1,481 | 1,481 | ||||||||||||||||
31,350 | 30,984 | 30,958 | 3.77 | % | |||||||||||||||||
Rocket Software, Inc. | |||||||||||||||||||||
Software | Second lien (2) | 10.25% (L + 8.75%/Q) | 2/8/2019 | 30,875 | 30,787 | 30,746 | 3.74 | % | |||||||||||||
PetVet Care Centers LLC | |||||||||||||||||||||
Consumer Services | Second lien (3) | 10.25% (L + 9.25%/Q) | 6/17/2021 | 24,000 | 23,797 | 23,679 | |||||||||||||||
Second lien (3) | 10.50% (L + 9.50%/Q) | 6/17/2021 | 6,500 | 6,436 | 6,477 | ||||||||||||||||
30,500 | 30,233 | 30,156 | 3.67 | % | |||||||||||||||||
Pittsburgh Glass Works, LLC (24) | |||||||||||||||||||||
Manufacturing | First lien (2) | 10.11% (L + 9.11%/M) | 11/25/2021 | 30,000 | 29,857 | 30,000 | 3.65 | % | |||||||||||||
Integro Parent Inc. | |||||||||||||||||||||
Business Services | First lien (2) | 6.75% (L + 5.75%/Q) | 10/31/2022 | 18,694 | 18,337 | 18,040 | |||||||||||||||
First lien (2) | 6.75% (L + 5.75%/Q) | 10/31/2022 | 1,259 | 1,235 | 1,215 | ||||||||||||||||
Second lien (3) | 10.25% (L + 9.25%/Q) | 10/30/2023 | 10,000 | 9,903 | 9,550 | ||||||||||||||||
29,953 | 29,475 | 28,805 | 3.50 | % | |||||||||||||||||
CompassLearning, Inc. (15) | |||||||||||||||||||||
Education | First lien (2) | 8.00% (L + 6.75%/Q) | 11/26/2018 | 30,000 | 29,567 | 27,721 | 3.37 | % | |||||||||||||
McGraw-Hill Global Education Holdings, LLC | |||||||||||||||||||||
Education | First lien (2)(9) | 9.75%/S | 4/1/2021 | 24,500 | 24,382 | 26,705 | 3.25 | % | |||||||||||||
Ryan, LLC | |||||||||||||||||||||
Business Services | First lien (2) | 6.75% (L + 5.75%/M) | 8/7/2020 | 26,950 | 26,590 | 26,243 | 3.19 | % | |||||||||||||
KeyPoint Government Solutions, Inc. | |||||||||||||||||||||
Federal Services | First lien (2) | 7.75% (L + 6.50%/Q) | 11/13/2017 | 25,010 | 24,807 | 24,885 | 3.03 | % | |||||||||||||
AAC Holding Corp. | |||||||||||||||||||||
Education | First lien (2) | 8.25% (L + 7.25%/M) | 9/30/2020 | 24,811 | 24,470 | 24,438 | 2.97 | % | |||||||||||||
DigiCert Holdings, Inc. | |||||||||||||||||||||
Software | First lien (2) | 6.00% (L + 5.00%/Q) | 10/21/2021 | 24,937 | 24,234 | 24,314 | 2.96 | % |
Portfolio Company, Location and Industry (1) | Type of Investment | Interest Rate(10) | Maturity / Expiration Date | Principal Amount, Par Value or Shares | Cost | Fair Value | Percent of Net Assets | ||||||||||||||
Confie Seguros Holding II Co. | |||||||||||||||||||||
Consumer Services | Second lien (2) | 10.25% (L + 9.00%/M) | 5/8/2019 | $ | 18,886 | $ | 18,790 | $ | 17,328 | ||||||||||||
Second lien (3) | 10.25% (L + 9.00%/M) | 5/8/2019 | 5,571 | 5,648 | 5,111 | ||||||||||||||||
24,457 | 24,438 | 22,439 | 2.73 | % | |||||||||||||||||
Severin Acquisition, LLC | |||||||||||||||||||||
Software | Second lien (4) | 9.75% (L + 8.75%/Q) | 7/29/2022 | 15,000 | 14,861 | 14,850 | |||||||||||||||
Second lien (4) | 9.75% (L + 8.75%/Q) | 7/29/2022 | 4,154 | 4,114 | 4,112 | ||||||||||||||||
Second lien (4) | 10.25% (L + 9.25%/Q) | 7/29/2022 | 3,273 | 3,241 | 3,313 | ||||||||||||||||
22,427 | 22,216 | 22,275 | 2.71 | % | |||||||||||||||||
EN Engineering, LLC | |||||||||||||||||||||
Business Services | First lien (2) | 7.00% (L + 6.00%/Q) | 6/30/2021 | 21,268 | 21,075 | 21,055 | |||||||||||||||
First lien (2)(11) - Drawn | 8.50% (P + 5.00%/Q) | 6/30/2021 | 1,220 | 1,208 | 1,208 | ||||||||||||||||
22,488 | 22,283 | 22,263 | 2.71 | % | |||||||||||||||||
Pelican Products, Inc. | |||||||||||||||||||||
Business Products | Second lien (3) | 9.25% (L + 8.25%/Q) | 4/9/2021 | 15,500 | 15,516 | 13,098 | |||||||||||||||
Second lien (2) | 9.25% (L + 8.25%/Q) | 4/9/2021 | 10,000 | 10,113 | 8,450 | ||||||||||||||||
25,500 | 25,629 | 21,548 | 2.62 | % | |||||||||||||||||
VetCor Professional Practices LLC | |||||||||||||||||||||
Consumer Services | First lien (4) | 7.00% (L + 6.00%/Q) | 4/20/2021 | 19,453 | 19,282 | 19,259 | |||||||||||||||
First lien (4)(11) - Drawn | 7.00% (L + 6.00%/Q) | 4/20/2021 | 2,271 | 2,249 | 2,248 | ||||||||||||||||
21,724 | 21,531 | 21,507 | 2.62 | % | |||||||||||||||||
McGraw-Hill School Education Holdings, LLC | |||||||||||||||||||||
Education | First lien (2) | 6.25% (L + 5.00%/M) | 12/18/2019 | 21,505 | 21,362 | 21,452 | 2.61 | % | |||||||||||||
IT'SUGAR LLC | |||||||||||||||||||||
Retail | First lien (4) | 10.50% (L + 9.50%/Q) | 10/23/2019 | 20,947 | 20,207 | 20,133 | 2.45 | % | |||||||||||||
Weston Solutions, Inc. | |||||||||||||||||||||
Business Services | Subordinated (4) | 16.00%/Q | 7/3/2019 | 20,000 | 20,000 | 20,111 | 2.45 | % | |||||||||||||
TWDiamondback Holdings Corp. (18): | |||||||||||||||||||||
Diamondback Drugs of Delaware, L.L.C. (TWDiamondback II Holdings LLC) | |||||||||||||||||||||
Distribution & Logistics | First lien (4) | 9.75% (L + 8.75%/Q) | 11/19/2019 | 19,895 | 19,895 | 19,729 | 2.40 | % | |||||||||||||
Aricent Technologies | |||||||||||||||||||||
Business Services | Second lien (2) | 9.50% (L + 8.50%/Q) | 4/14/2022 | 20,000 | 19,884 | 17,350 | |||||||||||||||
Second lien (3) | 9.50% (L + 8.50%/Q) | 4/14/2022 | 2,550 | 2,558 | 2,212 | ||||||||||||||||
22,550 | 22,442 | 19,562 | 2.38 | % | |||||||||||||||||
TW-NHME Holdings Corp. (23) | |||||||||||||||||||||
National HME, Inc. | |||||||||||||||||||||
Healthcare Services | Second lien (4) | 10.25% (L + 9.25%/Q) | 7/14/2022 | 19,000 | 18,777 | 18,762 | 2.28 | % | |||||||||||||
DCA Investment Holding, LLC | |||||||||||||||||||||
Healthcare Services | First lien (2) | 6.25% (L + 5.25%/Q) | 7/2/2021 | 17,766 | 17,607 | 17,588 | |||||||||||||||
First lien (3)(11) - Drawn | 7.75% (P + 4.25%/Q) | 7/2/2021 | 581 | 575 | 575 | ||||||||||||||||
18,347 | 18,182 | 18,163 | 2.21 | % | |||||||||||||||||
First American Payment Systems, L.P. | |||||||||||||||||||||
Business Services | Second lien (2) | 10.75% (L + 9.50%/M) | 4/12/2019 | 18,643 | 18,438 | 17,990 | 2.19 | % |
Portfolio Company, Location and Industry (1) | Type of Investment | Interest Rate(10) | Maturity / Expiration Date | Principal Amount, Par Value or Shares | Cost | Fair Value | Percent of Net Assets | ||||||||||||||
iPipeline, Inc. (Internet Pipeline, Inc.) | |||||||||||||||||||||
Software | First lien (4) | 8.25% (L + 7.25%/Q) | 8/4/2022 | $ | 17,910 | $ | 17,744 | $ | 17,731 | 2.16 | % | ||||||||||
YP Holdings LLC / Print Media Holdings LLC (12) | |||||||||||||||||||||
YP LLC / Print Media LLC | |||||||||||||||||||||
Media | First lien (2) | 8.00% (L + 6.75%/M) | 6/4/2018 | 18,320 | 18,195 | 17,129 | 2.08 | % | |||||||||||||
AgKnowledge Holdings Company, Inc. | |||||||||||||||||||||
Business Services | Second lien (2) | 9.25% (L + 8.25%/M) | 7/23/2020 | 18,500 | 18,358 | 17,112 | 2.08 | % | |||||||||||||
Sierra Hamilton LLC / Sierra Hamilton Finance, Inc. | |||||||||||||||||||||
Energy | First lien (2) | 12.25%/S | 12/15/2018 | 25,000 | 25,000 | 15,000 | |||||||||||||||
First lien (3) | 12.25%/S | 12/15/2018 | 2,660 | 2,103 | 1,596 | ||||||||||||||||
27,660 | 27,103 | 16,596 | 2.02 | % | |||||||||||||||||
Transtar Holding Company | |||||||||||||||||||||
Distribution & Logistics | Second lien (2) | 10.00% (L + 8.75%/Q) | 10/9/2019 | 28,300 | 27,992 | 11,745 | |||||||||||||||
Second lien (3) | 10.00% (L + 8.75%/Q) | 10/9/2019 | 9,564 | 2,774 | 3,969 | ||||||||||||||||
37,864 | 30,766 | 15,714 | 1.91 | % | |||||||||||||||||
MailSouth, Inc. (d/b/a Mspark) | |||||||||||||||||||||
Media | First lien (2) | 6.75% (L + 5.00%/Q) | 12/14/2016 | 14,998 | 14,803 | 14,998 | |||||||||||||||
First lien (3)(11) - Drawn | 7.25% (P + 3.75%/M) | 12/14/2016 | 127 | 115 | 127 | ||||||||||||||||
15,125 | 14,918 | 15,125 | 1.84 | % | |||||||||||||||||
SW Holdings, LLC | |||||||||||||||||||||
Business Services | Second lien (4) | 9.75% (L + 8.75%/Q) | 12/30/2021 | 13,500 | 13,377 | 13,365 | 1.63 | % | |||||||||||||
Vision Solutions, Inc. | |||||||||||||||||||||
Software | Second lien (2) | 9.50% (L + 8.00%/M) | 7/23/2017 | 14,000 | 13,981 | 12,950 | 1.58 | % | |||||||||||||
Poseidon Intermediate, LLC | |||||||||||||||||||||
Software | Second lien (2) | 9.50% (L + 8.50%/Q) | 8/15/2023 | 13,000 | 12,815 | 12,805 | 1.56 | % | |||||||||||||
American Tire Distributors, Inc. | |||||||||||||||||||||
Distribution & Logistics | Subordinated (3) | 10.25%/S | 3/1/2022 | 13,000 | 12,804 | 11,765 | 1.43 | % | |||||||||||||
Smile Brands Group Inc. | |||||||||||||||||||||
Healthcare Services | First lien (2) | 9.00% (L + 6.25% + 1.50% PIK/Q)* | 8/16/2019 | 12,224 | 12,117 | 10,146 | 1.23 | % | |||||||||||||
PowerPlan Holdings, Inc. | |||||||||||||||||||||
Software | Second lien (2) | 10.75% (L + 9.75%/M) | 2/23/2023 | 10,000 | 9,909 | 9,900 | 1.20 | % | |||||||||||||
QC McKissock Investment, LLC (17) | |||||||||||||||||||||
McKissock, LLC | |||||||||||||||||||||
Education | First lien (2) | 7.50% (L + 6.50%/Q) | 8/5/2019 | 4,863 | 4,829 | 4,812 | |||||||||||||||
First lien (2) | 7.50% (L + 6.50%/Q) | 8/5/2019 | 3,140 | 3,118 | 3,107 | ||||||||||||||||
First lien (2) | 8.15% (Base + 6.07%/Q) | 8/5/2019 | 1,013 | 1,005 | 1,003 | ||||||||||||||||
9,016 | 8,952 | 8,922 | 1.09 | % | |||||||||||||||||
Harley Marine Services, Inc. | |||||||||||||||||||||
Distribution & Logistics | Second lien (2) | 10.50% (L + 9.25%/Q) | 12/20/2019 | 9,000 | 8,876 | 8,865 | 1.08 | % | |||||||||||||
TTM Technologies, Inc.** | |||||||||||||||||||||
Business Products | First lien (2) | 6.00% (L + 5.00%/Q) | 5/31/2021 | 9,175 | 8,798 | 8,738 | 1.06 | % | |||||||||||||
Permian Tank & Manufacturing, Inc. | |||||||||||||||||||||
Energy | First lien (2) | 10.50%/S | 1/15/2018 | 24,357 | 24,478 | 8,647 | 1.05 | % |
Portfolio Company, Location and Industry (1) | Type of Investment | Interest Rate(10) | Maturity / Expiration Date | Principal Amount, Par Value or Shares | Cost | Fair Value | Percent of Net Assets | ||||||||||||||
Greenway Health, LLC (fka Vitera Healthcare Solutions, LLC) | |||||||||||||||||||||
Software | First lien (2) | 6.00% (L + 5.00%/Q) | 11/4/2020 | $ | 1,955 | $ | 1,941 | $ | 1,789 | ||||||||||||
Second lien (2) | 9.25% (L + 8.25%/Q) | 11/4/2021 | 7,000 | 6,919 | 5,775 | ||||||||||||||||