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 (Do not check if a smaller reporting company) | Smaller reporting company o | |||
Emerging growth company o |
Description | Shares as of August 8, 2017 | |
Common stock, par value $0.01 per share | 75,685,838 |
PAGE | ||
Item 1. | Financial Statements |
June 30, 2017 | December 31, 2016 | ||||||
Assets | |||||||
Investments at fair value | |||||||
Non-controlled/non-affiliated investments (cost of $1,514,133 and $1,379,603, respectively) | $ | 1,515,696 | $ | 1,346,556 | |||
Non-controlled/affiliated investments (cost of $166,764 and $54,996, respectively) | 168,614 | 57,440 | |||||
Controlled investments (cost of $156,440 and $140,579, respectively) | 170,723 | 154,821 | |||||
Total investments at fair value (cost of $1,837,337 and $1,575,178, respectively) | 1,855,033 | 1,558,817 | |||||
Securities purchased under collateralized agreements to resell (cost of $30,000 and $30,000, respectively) | 28,385 | 29,218 | |||||
Cash and cash equivalents | 36,337 | 45,928 | |||||
Interest and dividend receivable | 24,655 | 17,833 | |||||
Receivable from affiliates | 378 | 346 | |||||
Receivable from unsettled securities sold | — | 990 | |||||
Other assets | 5,043 | 2,886 | |||||
Total assets | $ | 1,949,831 | $ | 1,656,018 | |||
Liabilities | |||||||
Borrowings | |||||||
Holdings Credit Facility | $ | 328,713 | $ | 333,513 | |||
Convertible Notes | 155,468 | 155,523 | |||||
Unsecured Notes | 145,000 | 90,000 | |||||
SBA-guaranteed debentures | 126,745 | 121,745 | |||||
NMFC Credit Facility | 122,500 | 10,000 | |||||
Deferred financing costs (net of accumulated amortization of $14,270 and $12,279, respectively) | (13,088 | ) | (14,041 | ) | |||
Net borrowings | 865,338 | 696,740 | |||||
Payable for unsettled securities purchased | 24,151 | 2,740 | |||||
Management fee payable | 13,048 | 5,852 | |||||
Incentive fee payable | 10,057 | 5,745 | |||||
Interest payable | 3,401 | 3,172 | |||||
Payable to affiliates | 661 | 136 | |||||
Deferred tax liability | 115 | 1,034 | |||||
Other liabilities | 1,718 | 2,037 | |||||
Total liabilities | 918,489 | 717,456 | |||||
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, 75,685,838 and 69,755,387 shares issued, respectively, and 75,685,838 and 69,717,814 shares outstanding, respectively | 757 | 698 | |||||
Paid in capital in excess of par | 1,085,776 | 1,001,862 | |||||
Treasury stock at cost, 0 and 37,573 shares held, respectively | — | (460 | ) | ||||
Accumulated undistributed net investment income | 1,904 | 2,073 | |||||
Accumulated undistributed net realized losses on investments | (62,574 | ) | (36,947 | ) | |||
Net unrealized appreciation (depreciation) (net of provision for taxes of $115 and $1,034, respectively) | 5,479 | (28,664 | ) | ||||
Total net assets | $ | 1,031,342 | $ | 938,562 | |||
Total liabilities and net assets | $ | 1,949,831 | $ | 1,656,018 | |||
Number of shares outstanding | 75,685,838 | 69,717,814 | |||||
Net asset value per share | $ | 13.63 | $ | 13.46 |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, 2017 | June 30, 2016 | June 30, 2017 | June 30, 2016 | ||||||||||||
Investment income | |||||||||||||||
From non-controlled/non-affiliated investments: | |||||||||||||||
Interest income | $ | 36,518 | $ | 36,302 | $ | 69,394 | $ | 72,008 | |||||||
Dividend income | 121 | 92 | 172 | 92 | |||||||||||
Other income | 2,084 | 997 | 4,349 | 2,219 | |||||||||||
From non-controlled/affiliated investments: | |||||||||||||||
Interest income | 712 | 1,627 | 1,359 | 3,209 | |||||||||||
Dividend income | 4,829 | 887 | 6,477 | 1,807 | |||||||||||
Other income | 296 | 305 | 594 | 618 | |||||||||||
From controlled investments: | |||||||||||||||
Interest income | 409 | 483 | 884 | 985 | |||||||||||
Dividend income | 4,720 | 742 | 9,754 | 1,461 | |||||||||||
Other income | 330 | 55 | 343 | 67 | |||||||||||
Total investment income | 50,019 | 41,490 | 93,326 | 82,466 | |||||||||||
Expenses | |||||||||||||||
Incentive fee | 6,449 | 5,449 | 11,857 | 10,834 | |||||||||||
Management fee | 8,275 | 6,818 | 15,889 | 13,654 | |||||||||||
Interest and other financing expenses | 9,045 | 6,771 | 17,421 | 13,373 | |||||||||||
Professional fees | 722 | 861 | 1,572 | 1,738 | |||||||||||
Administrative expenses | 662 | 629 | 1,370 | 1,468 | |||||||||||
Other general and administrative expenses | 402 | 384 | 868 | 816 | |||||||||||
Total expenses | 25,555 | 20,912 | 48,977 | 41,883 | |||||||||||
Less: management and incentive fees waived (See Note 5) | (1,485 | ) | (1,241 | ) | (4,641 | ) | (2,560 | ) | |||||||
Less: expenses waived and reimbursed (See Note 5) | (4 | ) | (63 | ) | (474 | ) | (347 | ) | |||||||
Net expenses | 24,066 | 19,608 | 43,862 | 38,976 | |||||||||||
Net investment income before income taxes | 25,953 | 21,882 | 49,464 | 43,490 | |||||||||||
Income tax expense | 155 | 50 | 235 | 91 | |||||||||||
Net investment income | 25,798 | 21,832 | 49,229 | 43,399 | |||||||||||
Net realized (losses) gains: | |||||||||||||||
Non-controlled/non-affiliated investments | (26,453 | ) | 865 | (25,627 | ) | 1,041 | |||||||||
Net change in unrealized appreciation (depreciation): | |||||||||||||||
Non-controlled/non-affiliated investments | 26,631 | 13,532 | 34,610 | (882 | ) | ||||||||||
Non-controlled/affiliated investments | (298 | ) | 1,126 | (594 | ) | (25 | ) | ||||||||
Controlled investments | 1,519 | 7,298 | 41 | 8,477 | |||||||||||
Securities purchased under collateralized agreements to resell | (33 | ) | (44 | ) | (833 | ) | (74 | ) | |||||||
Benefit for taxes | 164 | 84 | 919 | 808 | |||||||||||
Net realized and unrealized gains (losses) | 1,530 | 22,861 | 8,516 | 9,345 | |||||||||||
Net increase in net assets resulting from operations | $ | 27,328 | $ | 44,693 | $ | 57,745 | $ | 52,744 | |||||||
Basic earnings per share | $ | 0.36 | $ | 0.70 | $ | 0.80 | $ | 0.83 | |||||||
Weighted average shares of common stock outstanding - basic (See Note 11) | 75,383,387 | 63,839,920 | 72,566,825 | 63,887,036 | |||||||||||
Diluted earnings per share | $ | 0.34 | $ | 0.64 | $ | 0.74 | $ | 0.77 | |||||||
Weighted average shares of common stock outstanding - diluted (See Note 11) | 85,207,514 | 71,117,051 | 82,390,952 | 71,164,167 | |||||||||||
Distributions declared and paid per share | $ | 0.34 | $ | 0.34 | $ | 0.68 | $ | 0.68 |
Six Months Ended | |||||||
June 30, 2017 | June 30, 2016 | ||||||
Increase (decrease) in net assets resulting from operations: | |||||||
Net investment income | $ | 49,229 | $ | 43,399 | |||
Net realized (losses) gains on investments | (25,627 | ) | 1,041 | ||||
Net change in unrealized appreciation (depreciation) of investments | 34,057 | 7,570 | |||||
Net change in unrealized (depreciation) appreciation of securities purchased under collateralized agreements to resell | (833 | ) | (74 | ) | |||
Benefit for taxes | 919 | 808 | |||||
Net increase in net assets resulting from operations | 57,745 | 52,744 | |||||
Capital transactions | |||||||
Net proceeds from shares sold | 81,478 | — | |||||
Deferred offering costs | (172 | ) | 38 | ||||
Distributions declared to stockholders from net investment income | (49,398 | ) | (43,417 | ) | |||
Reinvestment of distributions | 3,208 | — | |||||
Repurchase of shares under repurchase program | — | (2,948 | ) | ||||
Other | (81 | ) | — | ||||
Total net increase (decrease) in net assets resulting from capital transactions | 35,035 | (46,327 | ) | ||||
Net increase in net assets | 92,780 | 6,417 | |||||
Net assets at the beginning of the period | 938,562 | 836,908 | |||||
Net assets at the end of the period | $ | 1,031,342 | $ | 843,325 | |||
Capital share activity | |||||||
Shares sold | 5,750,000 | — | |||||
Shares issued from the reinvestment of distributions | 180,451 | — | |||||
Shares reissued from repurchase program in connection with the reinvestment of distributions | 37,573 | — | |||||
Shares repurchased under repurchase program | — | (248,499 | ) | ||||
Net increase (decrease) in shares outstanding | 5,968,024 | (248,499 | ) |
Six Months Ended | |||||||
June 30, 2017 | June 30, 2016 | ||||||
Cash flows from operating activities | |||||||
Net increase in net assets resulting from operations | $ | 57,745 | $ | 52,744 | |||
Adjustments to reconcile net (increase) decrease in net assets resulting from operations to net cash provided by (used in) operating activities: | |||||||
Net realized losses (gains) on investments | 25,627 | (1,041 | ) | ||||
Net change in unrealized (appreciation) depreciation of investments | (34,057 | ) | (7,570 | ) | |||
Net change in unrealized depreciation (appreciation) of securities purchased under collateralized agreements to resell | 833 | 74 | |||||
Amortization of purchase discount | (2,495 | ) | (1,617 | ) | |||
Amortization of deferred financing costs | 1,991 | 1,589 | |||||
Amortization of premium on Convertible Notes | (55 | ) | — | ||||
Non-cash investment income | (3,864 | ) | (3,356 | ) | |||
(Increase) decrease in operating assets: | |||||||
Purchase of investments and delayed draw facilities | (607,755 | ) | (163,888 | ) | |||
Proceeds from sales and paydowns of investments | 330,586 | 198,211 | |||||
Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities | 189 | 43 | |||||
Cash paid on drawn revolvers | (7,344 | ) | (8,851 | ) | |||
Cash repayments on drawn revolvers | 2,897 | 2,232 | |||||
Interest and dividend receivable | (6,822 | ) | (1,440 | ) | |||
Receivable from affiliates | (32 | ) | (593 | ) | |||
Receivable from unsettled securities sold | 990 | (3,600 | ) | ||||
Other assets | (1,543 | ) | (423 | ) | |||
Increase (decrease) in operating liabilities: | |||||||
Payable for unsettled securities purchased | 21,411 | 10,391 | |||||
Management fee payable | 7,196 | 111 | |||||
Incentive fee payable | 4,312 | (173 | ) | ||||
Interest payable | 229 | 406 | |||||
Payable to affiliates | 525 | (127 | ) | ||||
Deferred tax liability | (919 | ) | (808 | ) | |||
Other liabilities | (845 | ) | 257 | ||||
Net cash flows (used in) provided by operating activities | (211,200 | ) | 72,571 | ||||
Cash flows from financing activities | |||||||
Net proceeds from shares sold | 81,478 | — | |||||
Distributions paid | (46,190 | ) | (43,417 | ) | |||
Offering costs paid | (289 | ) | (53 | ) | |||
Proceeds from Holdings Credit Facility | 278,200 | 103,300 | |||||
Repayment of Holdings Credit Facility | (283,000 | ) | (174,600 | ) | |||
Proceeds from Unsecured Notes | 55,000 | 50,000 | |||||
Proceeds from SBA-guaranteed debentures | 5,000 | 4,000 | |||||
Proceeds from NMFC Credit Facility | 232,100 | 71,000 | |||||
Repayment of NMFC Credit Facility | (119,600 | ) | (74,000 | ) | |||
Other | (81 | ) | — | ||||
Deferred financing costs paid | (1,009 | ) | (1,488 | ) | |||
Repurchase of shares under repurchase program | — | (2,948 | ) | ||||
Net cash flows provided by (used in) financing activities | 201,609 | (68,206 | ) | ||||
Net (decrease) increase in cash and cash equivalents | (9,591 | ) | 4,365 | ||||
Cash and cash equivalents at the beginning of the period | 45,928 | 30,102 | |||||
Cash and cash equivalents at the end of the period | $ | 36,337 | $ | 34,467 | |||
Supplemental disclosure of cash flow information | |||||||
Cash interest paid | $ | 14,567 | $ | 10,960 | |||
Income taxes paid | 175 | 3 | |||||
Non-cash financing activities: | |||||||
Value of shares issued in connection with the distribution reinvestment plan | $ | 2,648 | $ | — | |||
Value of shares reissued from repurchase program in connection with the distribution reinvestment plan | 560 | — | |||||
Accrual for offering costs | 1,095 | 817 | |||||
Accrual for deferred financing costs | 128 | 106 |
Portfolio Company, Location and Industry (1) | Type of Investment | Interest Rate(9) | 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) | 8.23% (L + 7.00%/M) | 9/23/2019 | $ | 3,456 | $ | 3,447 | $ | 3,491 | 0.34 | % | ||||||||||
Total Funded Debt Investments - Australia | $ | 3,456 | $ | 3,447 | $ | 3,491 | 0.34 | % | |||||||||||||
Funded Debt Investments - Luxembourg | |||||||||||||||||||||
Pinnacle Holdco S.à.r.l. / Pinnacle (US) Acquisition Co Limited** | |||||||||||||||||||||
Software | First lien (2) | 4.80% (L + 3.50%/Q) | 7/30/2019 | $ | 2,984 | $ | 2,569 | $ | 2,656 | ||||||||||||
First lien (3) | 4.80% (L + 3.50%/Q) | 7/30/2019 | 1,719 | 1,489 | 1,530 | ||||||||||||||||
Second lien (2) | 10.55% (L + 9.25%/Q) | 7/30/2020 | 24,630 | 24,375 | 19,396 | ||||||||||||||||
Second lien (3) | 10.55% (L + 9.25%/Q) | 7/30/2020 | 8,204 | 8,336 | 6,460 | ||||||||||||||||
37,537 | 36,769 | 30,042 | 2.91 | % | |||||||||||||||||
Total Funded Debt Investments - Luxembourg | $ | 37,537 | $ | 36,769 | $ | 30,042 | 2.91 | % | |||||||||||||
Funded Debt Investments - Netherlands | |||||||||||||||||||||
Eiger Acquisition B.V. (Eiger Co-Borrower, LLC)** | |||||||||||||||||||||
Software | First lien (2) | 6.55% (L + 5.25%/Q) | 2/18/2022 | $ | 16,310 | $ | 16,320 | $ | 16,412 | ||||||||||||
Second lien (3) | 10.42% (L + 9.13%/Q) | 2/17/2023 | 29,227 | 28,670 | 29,080 | ||||||||||||||||
45,537 | 44,990 | 45,492 | 4.41 | % | |||||||||||||||||
Total Funded Debt Investments - Netherlands | $ | 45,537 | $ | 44,990 | $ | 45,492 | 4.41 | % | |||||||||||||
Funded Debt Investments - United Kingdom | |||||||||||||||||||||
Air Newco LLC** | |||||||||||||||||||||
Software | Second lien (3) | 10.67% (L + 9.50%/Q) | 1/31/2023 | $ | 37,500 | $ | 36,515 | $ | 34,688 | 3.36 | % | ||||||||||
Total Funded Debt Investments - United Kingdom | $ | 37,500 | $ | 36,515 | $ | 34,688 | 3.36 | % | |||||||||||||
Funded Debt Investments - United States | |||||||||||||||||||||
AmWINS Group, Inc. | |||||||||||||||||||||
Business Services | Second lien (3) | 7.98% (L + 6.75%/M) | 1/25/2025 | $ | 57,000 | $ | 56,794 | $ | 58,283 | 5.65 | % | ||||||||||
AssuredPartners, Inc. | |||||||||||||||||||||
Business Services | Second lien (3) | 10.23% (L + 9.00%/M) | 10/20/2023 | 30,200 | 29,429 | 30,842 | |||||||||||||||
Second lien (2) | 10.23% (L + 9.00%/M) | 10/20/2023 | 20,000 | 19,314 | 20,425 | ||||||||||||||||
50,200 | 48,743 | 51,267 | 4.97 | % | |||||||||||||||||
Alegeus Technologies, LLC | |||||||||||||||||||||
Healthcare Services | Second lien (3) | 9.67% (L + 8.50%/Q) | 10/30/2023 | 23,500 | 23,500 | 23,500 | |||||||||||||||
Second lien (4) | 9.67% (L + 8.50%/Q) | 10/30/2023 | 22,500 | 22,500 | 22,500 | ||||||||||||||||
46,000 | 46,000 | 46,000 | 4.46 | % | |||||||||||||||||
TIBCO Software Inc. | |||||||||||||||||||||
Software | First lien (2) | 5.73% (L + 4.50%/M) | 12/4/2020 | 26,326 | 25,511 | 26,499 | |||||||||||||||
Subordinated (3) | 11.38%/S | 12/1/2021 | 15,000 | 14,687 | 16,575 | ||||||||||||||||
41,326 | 40,198 | 43,074 | 4.18 | % | |||||||||||||||||
Salient CRGT Inc. | |||||||||||||||||||||
Federal Services | First lien (2) | 6.98% (L + 5.75%/M) | 2/28/2022 | 42,234 | 41,695 | 41,918 | 4.06 | % |
Portfolio Company, Location and Industry (1) | Type of Investment | Interest Rate(9) | Maturity / Expiration Date | Principal Amount, Par Value or Shares | Cost | Fair Value | Percent of Net Assets | ||||||||||||||
Severin Acquisition, LLC | |||||||||||||||||||||
Software | Second lien (4) | 10.05% (L + 8.75%/Q) | 7/29/2022 | $ | 15,000 | $ | 14,882 | $ | 15,000 | ||||||||||||
Second lien (3) | 10.05% (L + 8.75%/Q) | 7/29/2022 | 14,518 | 14,347 | 14,518 | ||||||||||||||||
Second lien (4) | 10.05% (L + 8.75%/Q) | 7/29/2022 | 4,154 | 4,120 | 4,154 | ||||||||||||||||
Second lien (4) | 10.55% (L + 9.25%/Q) | 7/29/2022 | 3,273 | 3,245 | 3,273 | ||||||||||||||||
Second lien (3) | 10.30% (L + 9.00%/Q) | 7/29/2022 | 2,361 | 2,339 | 2,361 | ||||||||||||||||
Second lien (3) | 10.55% (L + 9.25%/Q) | 7/29/2022 | 1,825 | 1,808 | 1,825 | ||||||||||||||||
Second lien (4) | 10.55% (L + 9.25%/Q) | 7/29/2022 | 300 | 297 | 300 | ||||||||||||||||
41,431 | 41,038 | 41,431 | 4.02 | % | |||||||||||||||||
Tenawa Resource Holdings LLC (13) | |||||||||||||||||||||
Tenawa Resource Management LLC | |||||||||||||||||||||
Energy | First lien (3) | 10.50% (Base + 8.00%/Q) | 5/12/2019 | 40,000 | 39,922 | 40,000 | 3.88 | % | |||||||||||||
Kronos Incorporated | |||||||||||||||||||||
Software | Second lien (2) | 9.42% (L + 8.25%/Q) | 11/1/2024 | 36,000 | 35,482 | 37,380 | 3.62 | % | |||||||||||||
PetVet Care Centers LLC | |||||||||||||||||||||
Consumer Services | First lien (2) | 7.22% (L + 6.00%/Q) | 6/8/2023 | 35,700 | 35,570 | 35,568 | |||||||||||||||
First lien (3)(11) - Drawn | 7.22% (L + 6.00%/M) | 6/8/2023 | 121 | 121 | 121 | ||||||||||||||||
35,821 | 35,691 | 35,689 | 3.46 | % | |||||||||||||||||
DigiCert Holdings, Inc. | |||||||||||||||||||||
Software | First lien (2) | 6.30% (L + 5.00%/Q) | 10/21/2021 | 34,462 | 33,933 | 34,548 | 3.35 | % | |||||||||||||
Ascend Learning, LLC | |||||||||||||||||||||
Education | Second lien (3) | 9.73% (L + 8.50%/M) | 11/30/2020 | 33,727 | 33,468 | 33,843 | 3.28 | % | |||||||||||||
Weston Solutions, Inc. | |||||||||||||||||||||
Business Services | First lien (2) | 10.58% (L + 9.50%/M) | 12/31/2020 | 33,750 | 33,750 | 33,750 | 3.27 | % | |||||||||||||
VetCor Professional Practices LLC | |||||||||||||||||||||
Consumer Services | First lien (4) | 7.55% (L + 6.25%/Q) | 4/20/2021 | 19,209 | 19,077 | 19,245 | |||||||||||||||
First lien (2) | 7.55% (L + 6.25%/Q) | 4/20/2021 | 7,753 | 7,626 | 7,768 | ||||||||||||||||
First lien (4) | 7.55% (L + 6.25%/Q) | 4/20/2021 | 2,664 | 2,643 | 2,669 | ||||||||||||||||
First lien (2) | 7.55% (L + 6.25%/Q) | 4/20/2021 | 1,640 | 1,610 | 1,643 | ||||||||||||||||
First lien (3)(11) - Drawn | 7.55% (L + 6.25%/Q) | 4/20/2021 | 1,481 | 1,453 | 1,484 | ||||||||||||||||
First lien (4) | 7.55% (L + 6.25%/Q) | 4/20/2021 | 498 | 489 | 498 | ||||||||||||||||
33,245 | 32,898 | 33,307 | 3.23 | % | |||||||||||||||||
Valet Waste Holdings, Inc. | |||||||||||||||||||||
Business Services | First lien (2) | 8.23% (L + 7.00%/M) | 9/24/2021 | 29,475 | 29,198 | 29,637 | |||||||||||||||
First lien (3)(11) - Drawn | 8.23% (L + 7.00%/M) | 9/24/2021 | 2,250 | 2,222 | 2,250 | ||||||||||||||||
31,725 | 31,420 | 31,887 | 3.09 | % | |||||||||||||||||
Redbox Automated Retail, LLC | |||||||||||||||||||||
Consumer Services | First lien (2) | 8.79% (L + 7.50%/Q) | 9/27/2021 | 31,087 | 30,757 | 31,268 | 3.03 | % | |||||||||||||
Evo Payments International, LLC | |||||||||||||||||||||
Business Services | Second lien (2) | 10.23% (L + 9.00%/M) | 12/23/2024 | 25,000 | 24,819 | 25,234 | |||||||||||||||
Second lien (3) | 10.23% (L + 9.00%/M) | 12/23/2024 | 5,000 | 5,051 | 5,047 | ||||||||||||||||
30,000 | 29,870 | 30,281 | 2.94 | % | |||||||||||||||||
Integro Parent Inc. | |||||||||||||||||||||
Business Services | First lien (2) | 6.93% (L + 5.75%/Q) | 10/31/2022 | 19,706 | 19,389 | 19,755 | |||||||||||||||
Second lien (3) | 10.42% (L + 9.25%/Q) | 10/30/2023 | 10,000 | 9,915 | 9,849 | ||||||||||||||||
29,706 | 29,304 | 29,604 | 2.87 | % |
Portfolio Company, Location and Industry (1) | Type of Investment | Interest Rate(9) | Maturity / Expiration Date | Principal Amount, Par Value or Shares | Cost | Fair Value | Percent of Net Assets | ||||||||||||||
TW-NHME Holdings Corp. (20) | |||||||||||||||||||||
National HME, Inc. | |||||||||||||||||||||
Healthcare Services | Second lien (4) | 10.55% (L + 9.25%/Q) | 7/14/2022 | $ | 21,500 | $ | 21,284 | $ | 21,500 | ||||||||||||
Second lien (3) | 10.55% (L + 9.25%/Q) | 7/14/2022 | 5,800 | 5,732 | 5,800 | ||||||||||||||||
27,300 | 27,016 | 27,300 | 2.65 | % | |||||||||||||||||
Trader Interactive, LLC | |||||||||||||||||||||
Software | First lien (2) | 7.41% (L + 6.25%/M) | 6/17/2024 | 27,327 | 27,124 | 27,122 | 2.63 | % | |||||||||||||
ProQuest LLC | |||||||||||||||||||||
Business Services | Second lien (3) | 10.22% (L + 9.00%/M) | 12/15/2022 | 27,020 | 26,568 | 27,020 | 2.62 | % | |||||||||||||
Marketo, Inc. | |||||||||||||||||||||
Software | First lien (3) | 10.80% (L + 9.50%/Q) | 8/16/2021 | 26,820 | 26,474 | 26,820 | 2.60 | % | |||||||||||||
Ansira Holdings, Inc. | |||||||||||||||||||||
Business Services | First lien (2) | 7.80% (L + 6.50%/Q) | 12/20/2022 | 26,051 | 25,930 | 25,856 | 2.51 | % | |||||||||||||
nThrive, Inc. (fka Precyse Acquisition Corp.) | |||||||||||||||||||||
Healthcare Services | Second lien (2) | 10.98% (L + 9.75%/M) | 4/20/2023 | 25,000 | 24,616 | 25,605 | 2.48 | % | |||||||||||||
Keystone Acquisition Corp. | |||||||||||||||||||||
Healthcare Services | First lien (2) | 6.55% (L + 5.25%/Q) | 5/1/2024 | 20,000 | 19,802 | 19,925 | |||||||||||||||
Second lien (3) | 10.55% (L + 9.25%/Q) | 5/1/2025 | 4,500 | 4,455 | 4,469 | ||||||||||||||||
24,500 | 24,257 | 24,394 | 2.37 | % | |||||||||||||||||
Navex Global, Inc. | |||||||||||||||||||||
Software | Second lien (3) | 10.31% (L + 8.75%/Q) | 11/18/2022 | 12,536 | 12,221 | 12,473 | |||||||||||||||
Second lien (4) | 10.31% (L + 8.75%/Q) | 11/18/2022 | 11,508 | 11,387 | 11,450 | ||||||||||||||||
24,044 | 23,608 | 23,923 | 2.32 | % | |||||||||||||||||
AAC Holding Corp. | |||||||||||||||||||||
Education | First lien (2) | 9.31% (L + 8.25%/M) | 9/30/2020 | 23,538 | 23,293 | 23,538 | 2.28 | % | |||||||||||||
EN Engineering, LLC | |||||||||||||||||||||
Business Services | First lien (2) | 7.30% (L + 6.00%/Q) | 6/30/2021 | 21,000 | 20,850 | 21,000 | |||||||||||||||
First lien (2) | 8.16% (Base + 5.56%/Q) | 6/30/2021 | 2,178 | 2,161 | 2,178 | ||||||||||||||||
23,178 | 23,011 | 23,178 | 2.25 | % | |||||||||||||||||
TWDiamondback Holdings Corp. (15) | |||||||||||||||||||||
Diamondback Drugs of Delaware, L.L.C. (TWDiamondback II Holdings LLC) | |||||||||||||||||||||
Distribution & Logistics | First lien (4) | 10.28% (L + 8.75%/Q) | 11/19/2019 | 19,895 | 19,895 | 19,895 | |||||||||||||||
First lien (3) | 10.05% (L + 8.75%/Q) | 11/19/2019 | 2,158 | 2,158 | 2,158 | ||||||||||||||||
First lien (4) | 10.05% (L + 8.75%/Q) | 11/19/2019 | 605 | 605 | 605 | ||||||||||||||||
22,658 | 22,658 | 22,658 | 2.20 | % | |||||||||||||||||
iPipeline, Inc. (Internet Pipeline, Inc.) | |||||||||||||||||||||
Software | First lien (4) | 8.48% (L + 7.25%/M) | 8/4/2022 | 17,589 | 17,452 | 17,765 | |||||||||||||||
First lien (4) | 7.42% (L + 6.25%/M) | 8/4/2022 | 4,600 | 4,577 | 4,577 | ||||||||||||||||
22,189 | 22,029 | 22,342 | 2.16 | % | |||||||||||||||||
Ryan, LLC | |||||||||||||||||||||
Business Services | First lien (2) | 6.98% (L + 5.75%/M) | 8/7/2020 | 20,532 | 20,330 | 20,442 | 1.98 | % | |||||||||||||
DiversiTech Holdings, Inc. | |||||||||||||||||||||
Distribution & Logistics | Second lien (3) | 8.70% (L + 7.50%/Q) | 6/2/2025 | 19,500 | 19,306 | 19,914 | 1.93 | % | |||||||||||||
KeyPoint Government Solutions, Inc. | |||||||||||||||||||||
Federal Services | First lien (2) | 7.16% (L + 6.00%/M) | 4/18/2024 | 19,891 | 19,696 | 19,692 | 1.91 | % |
Portfolio Company, Location and Industry (1) | Type of Investment | Interest Rate(9) | Maturity / Expiration Date | Principal Amount, Par Value or Shares | Cost | Fair Value | Percent of Net Assets | ||||||||||||||
Vision Solutions, Inc. | |||||||||||||||||||||
Software | First lien (2) | 7.75% (L + 6.50%/Q) | 6/16/2022 | $ | 19,491 | $ | 19,324 | $ | 19,516 | 1.89 | % | ||||||||||
AgKnowledge Holdings Company, Inc. | |||||||||||||||||||||
Business Services | Second lien (2) | 9.48% (L + 8.25%/M) | 7/23/2020 | 18,500 | 18,394 | 18,315 | 1.77 | % | |||||||||||||
DCA Investment Holding, LLC | |||||||||||||||||||||
Healthcare Services | First lien (2) | 6.48% (L + 5.25%/M) | 7/2/2021 | 17,542 | 17,419 | 17,542 | |||||||||||||||
First lien (3)(11) - Drawn | 8.50% (P + 4.25%/Q) | 7/2/2021 | 547 | 541 | 547 | ||||||||||||||||
18,089 | 17,960 | 18,089 | 1.75 | % | |||||||||||||||||
VF Holding Corp. | |||||||||||||||||||||
Software | Second lien (3) | 10.30% (L + 9.00%/Q) | 6/28/2024 | 17,086 | 17,413 | 17,598 | 1.71 | % | |||||||||||||
Hill International, Inc.** | |||||||||||||||||||||
Business Services | First lien (2) | 6.96% (L + 5.75%/M) | 6/21/2023 | 17,300 | 17,214 | 17,214 | 1.67 | % | |||||||||||||
American Tire Distributors, Inc. | |||||||||||||||||||||
Distribution & Logistics | Subordinated (3) | 10.25%/S | 3/1/2022 | 15,520 | 15,244 | 16,141 | 1.57 | % | |||||||||||||
Netsmart Inc. / Netsmart Technologies, Inc. | |||||||||||||||||||||
Healthcare Information Technology | Second lien (2) | 10.70% (L + 9.50%/Q) | 10/19/2023 | 15,000 | 14,666 | 14,963 | 1.45 | % | |||||||||||||
Sierra Hamilton LLC / Sierra Hamilton Finance, Inc. | |||||||||||||||||||||
Energy | First lien (2) | 12.25%/S (10) | 12/15/2018 | 25,000 | 25,000 | 11,501 | |||||||||||||||
First lien (3) | 12.25%/S (10) | 12/15/2018 | 2,660 | 2,231 | 1,224 | ||||||||||||||||
First lien (3) | 9.23% (L + 8.00%/M) | 8/15/2017 | 2,239 | 2,229 | 2,205 | ||||||||||||||||
29,899 | 29,460 | 14,930 | 1.45 | % | |||||||||||||||||
SW Holdings, LLC | |||||||||||||||||||||
Business Services | Second lien (4) | 10.05% (L + 8.75%/Q) | 12/30/2021 | 14,265 | 14,157 | 14,399 | 1.39 | % | |||||||||||||
Transcendia Holdings, Inc. | |||||||||||||||||||||
Packaging | Second lien (3) | 9.23% (L + 8.00%/M) | 5/30/2025 | 14,500 | 14,301 | 14,301 | 1.39 | % | |||||||||||||
MHVC Acquisition Corp. | |||||||||||||||||||||
Federal Services | First lien (2) | 6.48% (L + 5.25%/M) | 4/29/2024 | 14,100 | 14,031 | 14,206 | 1.38 | % | |||||||||||||
Amerijet Holdings, Inc. | |||||||||||||||||||||
Distribution & Logistics | First lien (4) | 9.23% (L + 8.00%/M) | 7/15/2021 | 12,214 | 12,138 | 12,124 | |||||||||||||||
First lien (4) | 9.23% (L + 8.00%/M) | 7/15/2021 | 2,036 | 2,023 | 2,020 | ||||||||||||||||
14,250 | 14,161 | 14,144 | 1.37 | % | |||||||||||||||||
Poseidon Intermediate, LLC | |||||||||||||||||||||
Software | Second lien (2) | 9.67% (L + 8.50%/Q) | 8/15/2023 | 13,000 | 12,839 | 13,260 | 1.28 | % | |||||||||||||
Ministry Brands, LLC | |||||||||||||||||||||
Software | First lien (3) |