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 May 7, 2018 | |
Common stock, par value $0.01 per share | 75,935,093 |
PAGE | ||
Item 1. | Financial Statements |
March 31, 2018 | December 31, 2017 | ||||||
Assets | |||||||
Investments at fair value | |||||||
Non-controlled/non-affiliated investments (cost of $1,563,275 and $1,438,889, respectively) | $ | 1,583,047 | $ | 1,462,182 | |||
Non-controlled/affiliated investments (cost of $152,521 and $180,380, respectively) | 155,729 | 178,076 | |||||
Controlled investments (cost of $229,862 and $171,958, respectively) | 239,147 | 185,402 | |||||
Total investments at fair value (cost of $1,945,658 and $1,791,227, respectively) | 1,977,923 | 1,825,660 | |||||
Securities purchased under collateralized agreements to resell (cost of $30,000 and $30,000 respectively) | 25,200 | 25,212 | |||||
Cash and cash equivalents | 29,636 | 34,936 | |||||
Interest and dividend receivable | 36,767 | 31,844 | |||||
Receivable from affiliates | 651 | 343 | |||||
Other assets | 8,242 | 10,023 | |||||
Total assets | $ | 2,078,419 | $ | 1,928,018 | |||
Liabilities | |||||||
Borrowings | |||||||
Holdings Credit Facility | $ | 355,663 | $ | 312,363 | |||
Unsecured Notes | 235,000 | 145,000 | |||||
Convertible Notes | 155,385 | 155,412 | |||||
SBA-guaranteed debentures | 150,000 | 150,000 | |||||
NMFC Credit Facility | 95,000 | 122,500 | |||||
Deferred financing costs (net of accumulated amortization of $17,885 and $16,578, respectively) | (16,012 | ) | (15,777 | ) | |||
Net borrowings | 975,036 | 869,498 | |||||
Payable for unsettled securities purchased | 29,841 | — | |||||
Management fee payable | 14,435 | 7,065 | |||||
Incentive fee payable | 13,105 | 6,671 | |||||
Interest payable | 7,201 | 5,107 | |||||
Payable to affiliates | 2,076 | 863 | |||||
Deferred tax liability | 812 | 894 | |||||
Other liabilities | 2,912 | 2,945 | |||||
Total liabilities | 1,045,418 | 893,043 | |||||
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, 75,935,093 and 75,935,903 shares issued and outstanding, respectively | 759 | 759 | |||||
Paid in capital in excess of par | 1,053,468 | 1,053,468 | |||||
Accumulated undistributed net investment income | 39,083 | 39,165 | |||||
Accumulated undistributed net realized losses on investments | (76,475 | ) | (76,681 | ) | |||
Net unrealized appreciation (depreciation) (net of provision for taxes of $812 and $894, respectively) | 16,166 | 18,264 | |||||
Total net assets | $ | 1,033,001 | $ | 1,034,975 | |||
Total liabilities and net assets | $ | 2,078,419 | $ | 1,928,018 | |||
Number of shares outstanding | 75,935,093 | 75,935,093 | |||||
Net asset value per share | $ | 13.60 | $ | 13.63 |
Three Months Ended | |||||||
March 31, 2018 | March 31, 2017 | ||||||
Investment income | |||||||
From non-controlled/non-affiliated investments: | |||||||
Interest income | $ | 35,436 | $ | 32,876 | |||
Dividend income | 486 | 39 | |||||
Non-cash dividend income | 1,324 | 12 | |||||
Other income | 2,868 | 2,265 | |||||
From non-controlled/affiliated investments: | |||||||
Interest income | 102 | 647 | |||||
Dividend income | 845 | 1,004 | |||||
Non-cash dividend income | 4,009 | 644 | |||||
Other income | 302 | 298 | |||||
From controlled investments: | |||||||
Interest income | 1,201 | 475 | |||||
Dividend income | 4,239 | 4,213 | |||||
Non-cash dividend income | 1,454 | 821 | |||||
Other income | 623 | 13 | |||||
Total investment income | 52,889 | 43,307 | |||||
Expenses | |||||||
Incentive fee | 6,434 | 5,408 | |||||
Management fee | 8,692 | 7,614 | |||||
Interest and other financing expenses | 11,290 | 8,376 | |||||
Professional fees | 694 | 850 | |||||
Administrative expenses | 939 | 708 | |||||
Other general and administrative expenses | 410 | 466 | |||||
Total expenses | 28,459 | 23,422 | |||||
Less: management and incentive fees waived (See Note 5) | (1,322 | ) | (3,156 | ) | |||
Less: expenses waived and reimbursed (See Note 5) | — | (470 | ) | ||||
Net expenses | 27,137 | 19,796 | |||||
Net investment income before income taxes | 25,752 | 23,511 | |||||
Income tax expense | 16 | 80 | |||||
Net investment income | 25,736 | 23,431 | |||||
Net realized gains (losses): | |||||||
Non-controlled/non-affiliated investments | 206 | 826 | |||||
Net change in unrealized appreciation (depreciation): | |||||||
Non-controlled/non-affiliated investments | (3,521 | ) | 7,979 | ||||
Non-controlled/affiliated investments | 1,809 | (296 | ) | ||||
Controlled investments | (456 | ) | (1,478 | ) | |||
Securities purchased under collateralized agreements to resell | (12 | ) | (800 | ) | |||
Benefit for taxes | 82 | 755 | |||||
Net realized and unrealized gains (losses) | (1,892 | ) | 6,986 | ||||
Net increase in net assets resulting from operations | $ | 23,844 | $ | 30,417 | |||
Basic earnings per share | $ | 0.31 | $ | 0.44 | |||
Weighted average shares of common stock outstanding - basic (See Note 11) | 75,935,093 | 69,718,968 | |||||
Diluted earnings per share | $ | 0.30 | $ | 0.40 | |||
Weighted average shares of common stock outstanding - diluted (See Note 11) | 85,759,220 | 79,543,095 | |||||
Distributions declared and paid per share | $ | 0.34 | $ | 0.34 |
Three Months Ended | |||||||
March 31, 2018 | March 31, 2017 | ||||||
Increase (decrease) in net assets resulting from operations: | |||||||
Net investment income | $ | 25,736 | $ | 23,431 | |||
Net realized gains on investments | 206 | 826 | |||||
Net change in unrealized (depreciation) appreciation of investments | (2,168 | ) | 6,205 | ||||
Net change in unrealized (depreciation) appreciation of securities purchased under collateralized agreements to resell | (12 | ) | (800 | ) | |||
Benefit for taxes | 82 | 755 | |||||
Net increase in net assets resulting from operations | 23,844 | 30,417 | |||||
Capital transactions | |||||||
Distributions declared to stockholders from net investment income | (25,818 | ) | (23,704 | ) | |||
Reinvestment of distributions | — | 1,548 | |||||
Other | — | (81 | ) | ||||
Total net decrease in net assets resulting from capital transactions | (25,818 | ) | (22,237 | ) | |||
Net (decrease) increase in net assets | (1,974 | ) | 8,180 | ||||
Net assets at the beginning of the period | 1,034,975 | 938,562 | |||||
Net assets at the end of the period | $ | 1,033,001 | $ | 946,742 | |||
Capital share activity | |||||||
Shares issued from the reinvestment of distributions | — | 66,306 | |||||
Shares reissued from repurchase program in connection with the reinvestment of distributions | — | 37,573 | |||||
Net increase in shares outstanding | — | 103,879 |
Three Months Ended | |||||||
March 31, 2018 | March 31, 2017 | ||||||
Cash flows from operating activities | |||||||
Net increase in net assets resulting from operations | $ | 23,844 | $ | 30,417 | |||
Adjustments to reconcile net (increase) decrease in net assets resulting from operations to net cash provided by (used in) operating activities: | |||||||
Net realized gains on investments | (206 | ) | (826 | ) | |||
Net change in unrealized depreciation (appreciation) of investments | 2,168 | (6,205 | ) | ||||
Net change in unrealized depreciation (appreciation) of securities purchased under collateralized agreements to resell | 12 | 800 | |||||
Amortization of purchase discount | (926 | ) | (747 | ) | |||
Amortization of deferred financing costs | 1,307 | 988 | |||||
Amortization of premium on Convertible Notes | (27 | ) | (27 | ) | |||
Non-cash investment income | (4,292 | ) | (1,933 | ) | |||
(Increase) decrease in operating assets: | |||||||
Purchase of investments and delayed draw facilities | (237,846 | ) | (349,477 | ) | |||
Proceeds from sales and paydowns of investments | 87,141 | 133,801 | |||||
Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities | 29 | 120 | |||||
Cash paid on drawn revolvers | (5,423 | ) | (3,970 | ) | |||
Cash repayments on drawn revolvers | 7,092 | 1,159 | |||||
Interest and dividend receivable | (4,923 | ) | (3,881 | ) | |||
Receivable from unsettled securities sold | — | (691 | ) | ||||
Receivable from affiliates | (308 | ) | (369 | ) | |||
Other assets | 1,781 | (967 | ) | ||||
Increase (decrease) in operating liabilities: | |||||||
Payable for unsettled securities purchased | 29,841 | 47,811 | |||||
Management fee payable | 7,370 | 6,258 | |||||
Incentive fee payable | 6,434 | 3,608 | |||||
Interest payable | 2,094 | 2,478 | |||||
Payable to affiliates | 1,213 | 276 | |||||
Deferred tax liability | (82 | ) | (755 | ) | |||
Other liabilities | (101 | ) | 298 | ||||
Net cash flows used in operating activities | (83,808 | ) | (141,834 | ) | |||
Cash flows from financing activities | |||||||
Distributions paid | (25,818 | ) | (22,156 | ) | |||
Offering costs paid | — | (58 | ) | ||||
Proceeds from Holdings Credit Facility | 94,500 | 165,600 | |||||
Repayment of Holdings Credit Facility | (51,200 | ) | (122,200 | ) | |||
Proceeds from Unsecured Notes | 90,000 | — | |||||
Proceeds from NMFC Credit Facility | 65,000 | 122,500 | |||||
Repayment of NMFC Credit Facility | (92,500 | ) | (10,000 | ) | |||
Other | — | (81 | ) | ||||
Deferred financing costs paid | (1,474 | ) | (36 | ) | |||
Net cash flows provided by financing activities | 78,508 | 133,569 | |||||
Net decrease in cash and cash equivalents | (5,300 | ) | (8,265 | ) | |||
Cash and cash equivalents at the beginning of the period | 34,936 | 45,928 | |||||
Cash and cash equivalents at the end of the period | $ | 29,636 | $ | 37,663 | |||
Supplemental disclosure of cash flow information | |||||||
Cash interest paid | $ | 7,577 | $ | 4,570 | |||
Income taxes paid | 3 | 12 | |||||
Non-cash financing activities: | |||||||
Value of shares issued in connection with the distribution reinvestment plan | $ | — | $ | 988 | |||
Value of shares reissued from repurchase program in connection with the distribution reinvestment plan | — | 560 | |||||
Accrual for offering costs | 944 | 540 | |||||
Accrual for deferred financing costs | 171 | 63 |
Portfolio Company, Location and Industry (1) | Type of Investment | Interest Rate(9) | Acquisition Date | Maturity / Expiration Date | Principal Amount, Par Value or Shares | Cost | Fair Value | Percent of Net Assets | |||||||||||||||
Non-Controlled/Non-Affiliated Investments | |||||||||||||||||||||||
Funded Debt Investments - United Kingdom | |||||||||||||||||||||||
Shine Acquisition Co. S.à.r.l. / Boing US Holdco Inc.** | |||||||||||||||||||||||
Consumer Services | Second lien (3) | 9.29% (L + 7.50%/Q) | 9/25/2017 | 10/3/2025 | $ | 40,353 | $ | 40,064 | $ | 40,480 | 3.92 | % | |||||||||||
Air Newco LLC** | |||||||||||||||||||||||
Software | Second lien (3) | 11.37% (L + 9.50%/Q) | 1/30/2015 | 1/31/2023 | 40,000 | 39,068 | 39,600 | 3.83 | % | ||||||||||||||
Total Funded Debt Investments - United Kingdom | $ | 80,353 | $ | 79,132 | $ | 80,080 | 7.75 | % | |||||||||||||||
Funded Debt Investments - United States | |||||||||||||||||||||||
Benevis Holding Corp. | |||||||||||||||||||||||
Healthcare Services | First lien (2) | 8.50% (L + 6.32%/Q) | 3/15/2018 | 3/15/2024 | $ | 58,824 | $ | 58,824 | $ | 58,824 | |||||||||||||
First lien (3) | 8.50% (L + 6.32%/Q) | 3/15/2018 | 3/15/2024 | 20,691 | 20,691 | 20,691 | |||||||||||||||||
79,515 | 79,515 | 79,515 | 7.70 | % | |||||||||||||||||||
AmWINS Group, Inc. | |||||||||||||||||||||||
Business Services | Second lien (3) | 8.63% (L + 6.75%/Q) | 1/19/2017 | 1/25/2025 | 57,000 | 56,810 | 57,570 | 5.57 | % | ||||||||||||||
Alegeus Technologies, LLC | |||||||||||||||||||||||
Healthcare Services | Second lien (3)(10) | 10.80% (L + 8.50%/Q) | 4/28/2017 | 10/30/2023 | 23,500 | 23,500 | 23,500 | ||||||||||||||||
Second lien (4)(10) | 10.80% (L + 8.50%/Q) | 4/28/2017 | 10/30/2023 | 22,500 | 22,500 | 22,500 | |||||||||||||||||
46,000 | 46,000 | 46,000 | 4.45 | % | |||||||||||||||||||
Integro Parent Inc. | |||||||||||||||||||||||
Business Services | First lien (2) | 7.56% (L + 5.75%/Q) | 10/9/2015 | 10/31/2022 | 34,784 | 34,525 | 34,784 | ||||||||||||||||
Second lien (3) | 11.02% (L + 9.25%/Q) | 10/9/2015 | 10/30/2023 | 10,000 | 9,922 | 9,800 | |||||||||||||||||
44,784 | 44,447 | 44,584 | 4.32 | % | |||||||||||||||||||
Severin Acquisition, LLC | |||||||||||||||||||||||
Software | Second lien (4)(10) | 10.63% (L + 8.75%/M) | 7/31/2015 | 7/29/2022 | 15,000 | 14,896 | 15,000 | ||||||||||||||||
Second lien (3)(10) | 10.63% (L + 8.75%/M) | 2/1/2017 | 7/29/2022 | 14,518 | 14,368 | 14,518 | |||||||||||||||||
Second lien (4)(10) | 10.63% (L + 8.75%/M) | 11/5/2015 | 7/29/2022 | 4,154 | 4,124 | 4,154 | |||||||||||||||||
Second lien (4)(10) | 11.13% (L + 9.25%/M) | 2/1/2016 | 7/29/2022 | 3,273 | 3,249 | 3,273 | |||||||||||||||||
Second lien (3)(10) | 10.88% (L + 9.00%/M) | 10/14/2016 | 7/29/2022 | 2,361 | 2,342 | 2,361 | |||||||||||||||||
Second lien (3)(10) | 11.13% (L + 9.25%/M) | 8/8/2016 | 7/29/2022 | 1,825 | 1,810 | 1,825 | |||||||||||||||||
Second lien (4)(10) | 11.13% (L + 9.25%/M) | 8/8/2016 | 7/29/2022 | 300 | 298 | 300 | |||||||||||||||||
41,431 | 41,087 | 41,431 | 4.01 | % | |||||||||||||||||||
Salient CRGT Inc. | |||||||||||||||||||||||
Federal Services | First lien (2) | 7.63% (L + 5.75%/M) | 1/6/2015 | 2/28/2022 | 39,882 | 39,445 | 40,380 | 3.91 | % | ||||||||||||||
Tenawa Resource Holdings LLC (13) | |||||||||||||||||||||||
Tenawa Resource Management LLC | |||||||||||||||||||||||
Energy | First lien (3)(10) | 10.50% (Base + 8.00%/Q) | 5/12/2014 | 10/30/2024 | 39,800 | 39,737 | 39,800 | 3.85 | % | ||||||||||||||
VetCor Professional Practices LLC | |||||||||||||||||||||||
Consumer Services | First lien (4) | 8.56% (L + 6.25%/Q) | 5/15/2015 | 4/20/2021 | 19,062 | 18,955 | 19,085 | ||||||||||||||||
First lien (2) | 8.56% (L + 6.25%/Q) | 5/15/2015 | 4/20/2021 | 7,694 | 7,591 | 7,704 | |||||||||||||||||
First lien (3)(11) - Drawn | 8.56% (L + 6.25%/Q) | 2/24/2017 | 4/20/2021 | 5,990 | 5,884 | 5,998 | |||||||||||||||||
First lien (4) | 8.56% (L + 6.25%/Q) | 5/15/2015 | 4/20/2021 | 2,644 | 2,627 | 2,647 | |||||||||||||||||
First lien (3)(11) - Drawn | 8.56% (L + 6.25%/Q) | 6/24/2016 | 4/20/2021 | 1,881 | 1,865 | 1,884 | |||||||||||||||||
First lien (2) | 8.56% (L + 6.25%/Q) | 3/31/2016 | 4/20/2021 | 1,628 | 1,603 | 1,630 | |||||||||||||||||
First lien (4) | 8.56% (L + 6.25%/Q) | 5/15/2015 | 4/20/2021 | 494 | 487 | 494 | |||||||||||||||||
39,393 | 39,012 | 39,442 | 3.82 | % |
Portfolio Company, Location and Industry (1) | Type of Investment | Interest Rate(9) | Acquisition Date | Maturity / Expiration Date | Principal Amount, Par Value or Shares | Cost | Fair Value | Percent of Net Assets | |||||||||||||||
Frontline Technologies Group Holdings, LLC | |||||||||||||||||||||||
Education | First lien (2)(10) | 8.38% (L + 6.50%/M) | 9/18/2017 | 9/18/2023 | $ | 16,708 | $ | 16,592 | $ | 16,583 | |||||||||||||
First lien (4)(10) | 8.38% (L + 6.50%/M) | 9/18/2017 | 9/18/2023 | 22,557 | 22,400 | 22,388 | |||||||||||||||||
39,265 | 38,992 | 38,971 | 3.77 | % | |||||||||||||||||||
NM GRC Holdco, LLC | |||||||||||||||||||||||
Business Services | First lien (2)(10) | 7.80% (L + 5.50%/Q) | 2/9/2018 | 2/9/2024 | 38,930 | 38,739 | 38,735 | 3.75 | % | ||||||||||||||
Kronos Incorporated | |||||||||||||||||||||||
Software | Second lien (2) | 10.02% (L + 8.25%/Q) | 10/26/2012 | 11/1/2024 | 36,000 | 35,520 | 37,425 | 3.62 | % | ||||||||||||||
Valet Waste Holdings, Inc. | |||||||||||||||||||||||
Business Services | First lien (2)(10) | 8.14% (L + 6.25%/M) | 9/24/2015 | 9/24/2021 | 29,250 | 29,018 | 29,250 | ||||||||||||||||
First lien (2)(10) | 8.14% (L + 6.25%/M) | 7/27/2017 | 9/24/2021 | 3,722 | 3,690 | 3,722 | |||||||||||||||||
First lien (3)(10)(11) - Drawn | 8.89% (L + 7.00%/M) | 9/24/2015 | 9/24/2021 | 600 | 593 | 600 | |||||||||||||||||
33,572 | 33,301 | 33,572 | 3.25 | % | |||||||||||||||||||
Navicure, Inc. | |||||||||||||||||||||||
Healthcare Services | Second lien (3) | 9.38% (L + 7.50%/M) | 10/23/2017 | 10/31/2025 | 31,470 | 31,385 | 31,627 | 3.06 | % | ||||||||||||||
Evo Payments International, LLC | |||||||||||||||||||||||
Business Services | Second lien (2) | 10.88% (L + 9.00%/M) | 12/8/2016 | 12/23/2024 | 25,000 | 24,827 | 25,250 | ||||||||||||||||
Second lien (3) | 10.88% (L + 9.00%/M) | 12/8/2016 | 12/23/2024 | 5,000 | 5,052 | 5,050 | |||||||||||||||||
30,000 | 29,879 | 30,300 | 2.93 | % | |||||||||||||||||||
Wirepath LLC | |||||||||||||||||||||||
Distribution & Logistics | First lien (2) | 6.80% (L + 4.50%/Q) | 7/31/2017 | 8/5/2024 | 27,661 | 27,533 | 27,895 | 2.70 | % | ||||||||||||||
Ansira Holdings, Inc. | |||||||||||||||||||||||
Business Services | First lien (2) | 8.80% (L + 6.50%/Q) | 12/19/2016 | 12/20/2022 | 25,855 | 25,748 | 25,790 | ||||||||||||||||
First lien (3)(11) - Drawn | 8.80% (L + 6.50%/Q) | 12/19/2016 | 12/20/2022 | 2,102 | 2,093 | 2,097 | |||||||||||||||||
27,957 | 27,841 | 27,887 | 2.70 | % | |||||||||||||||||||
Trader Interactive, LLC | |||||||||||||||||||||||
Business Services | First lien (2)(10) | 7.85% (L + 6.00%/M) | 6/15/2017 | 6/17/2024 | 27,122 | 26,937 | 26,919 | 2.61 | % | ||||||||||||||
TW-NHME Holdings Corp. (20) | |||||||||||||||||||||||
National HME, Inc. | |||||||||||||||||||||||
Healthcare Services | Second lien (4)(10) | 11.55% (L + 9.25%/Q) | 7/14/2015 | 7/14/2022 | 21,500 | 21,309 | 20,702 | ||||||||||||||||
Second lien (3)(10) | 11.55% (L + 9.25%/Q) | 7/14/2015 | 7/14/2022 | 5,800 | 5,740 | 5,585 | |||||||||||||||||
27,300 | 27,049 | 26,287 | 2.54 | % | |||||||||||||||||||
Keystone Acquisition Corp. | |||||||||||||||||||||||
Healthcare Services | First lien (2) | 7.55% (L + 5.25%/Q) | 5/10/2017 | 5/1/2024 | 19,900 | 19,720 | 20,024 | ||||||||||||||||
Second lien (3) | 11.55% (L + 9.25%/Q) | 5/10/2017 | 5/1/2025 | 4,500 | 4,458 | 4,556 | |||||||||||||||||
24,400 | 24,178 | 24,580 | 2.38 | % | |||||||||||||||||||
iPipeline, Inc. (Internet Pipeline, Inc.) | |||||||||||||||||||||||
Software | First lien (4)(10) | 9.14% (L + 7.25%/M) | 8/4/2015 | 8/4/2022 | 17,550 | 17,430 | 17,550 | ||||||||||||||||
First lien (4)(10) | 8.06% (L + 6.25%/M) | 6/16/2017 | 8/4/2022 | 4,566 | 4,546 | 4,543 | |||||||||||||||||
First lien (2)(10) | 8.04% (L + 6.25%/M) | 9/25/2017 | 8/4/2022 | 1,158 | 1,153 | 1,152 | |||||||||||||||||
First lien (4)(10) | 8.04% (L + 6.25%/M) | 9/25/2017 | 8/4/2022 | 509 | 507 | 507 | |||||||||||||||||
23,783 | 23,636 | 23,752 | 2.30 | % |
Portfolio Company, Location and Industry (1) | Type of Investment | Interest Rate(9) | Acquisition Date | Maturity / Expiration Date | Principal Amount, Par Value or Shares | Cost | Fair Value | Percent of Net Assets | |||||||||||||||
AAC Holding Corp. | |||||||||||||||||||||||
Education | First lien (2)(10) | 9.92% (L + 8.25%/M) | 9/30/2015 | 9/30/2020 | $ | 22,971 | $ | 22,781 | $ | 22,971 | 2.22 | % | |||||||||||
TWDiamondback Holdings Corp. (15) | |||||||||||||||||||||||
Diamondback Drugs of Delaware, L.L.C. (TWDiamondback II Holdings LLC) | |||||||||||||||||||||||
Distribution & Logistics | First lien (4)(10) | 11.22% (L + 8.75%/Q) | 11/19/2014 | 11/19/2019 | 19,895 | 19,895 | 19,895 | ||||||||||||||||
First lien (3)(10) | 10.79% (L + 8.75%/Q) | 11/19/2014 | 11/19/2019 | 2,158 | 2,158 | 2,158 | |||||||||||||||||
First lien (4)(10) | 10.79% (L + 8.75%/Q) | 11/19/2014 | 11/19/2019 | 605 | 605 | 605 | |||||||||||||||||
22,658 | 22,658 | 22,658 | 2.19 | % | |||||||||||||||||||
EN Engineering, LLC | |||||||||||||||||||||||
Business Services | First lien (2)(10) | 8.30% (L + 6.00%/Q) | 7/30/2015 | 6/30/2021 | 20,839 | 20,715 | 20,839 | ||||||||||||||||
First lien (2)(10) | 8.30% (L + 6.00%/Q) | 7/30/2015 | 6/30/2021 | 1,205 | 1,197 | 1,205 | |||||||||||||||||
22,044 | 21,912 | 22,044 | 2.13 | % | |||||||||||||||||||
Avatar Topco, Inc. (23) | |||||||||||||||||||||||
EAB Global, Inc. | |||||||||||||||||||||||
Education | Second lien (3) | 9.23% (L + 7.50%/Q) | 11/17/2017 | 11/17/2025 | 21,450 | 21,139 | 21,450 | 2.08 | % | ||||||||||||||
DigiCert Holdings, Inc. | |||||||||||||||||||||||
Business Services | Second lien (3) | 9.77% (L + 8.00%/M) | 9/20/2017 | 10/31/2025 | 20,176 | 20,079 | 20,378 | 1.97 | % | ||||||||||||||
OEConnection LLC | |||||||||||||||||||||||
Business Services | Second lien (3) | 10.46% (L + 8.00%/Q) | 11/22/2017 | 11/22/2025 | 20,213 | 19,943 | 20,213 | 1.96 | % | ||||||||||||||
Help/Systems Holdings, Inc. | |||||||||||||||||||||||
Software | Second lien (5) | 10.05% (L+ 7.75%/Q) | 3/23/2018 | 3/27/2026 | 20,231 | 20,130 | 20,130 | 1.95 | % | ||||||||||||||
DiversiTech Holdings, Inc. | |||||||||||||||||||||||
Distribution & Logistics | Second lien (3) | 9.81% (L + 7.50%/Q) | 5/18/2017 | 6/2/2025 | 19,500 | 19,319 | 19,744 | 1.91 | % | ||||||||||||||
ABILITY Network Inc. | |||||||||||||||||||||||
Healthcare Information Technology | Second lien (3) | 9.54% (L + 7.75%/M) | 12/11/2017 | 12/12/2025 | 18,851 | 18,839 | 18,933 | 1.83 | % | ||||||||||||||
AgKnowledge Holdings Company, Inc. | |||||||||||||||||||||||
Business Services | Second lien (2)(10) | 10.13% (L + 8.25%/M) | 7/23/2014 | 7/23/2020 | 18,500 | 18,417 | 18,500 | 1.79 | % | ||||||||||||||
KeyPoint Government Solutions, Inc. | |||||||||||||||||||||||
Federal Services | First lien (2)(10) | 7.73% (L + 6.00%/M) | 4/18/2017 | 4/18/2024 | 18,173 | 18,012 | 18,355 | 1.78 | % | ||||||||||||||
BackOffice Associates Holdings, L.L.C. | |||||||||||||||||||||||
Business Services | First lien (2)(10) | 9.38% (L + 7.50%/M) | 8/25/2017 | 8/25/2023 | 18,502 | 18,354 | 18,341 | 1.78 | % | ||||||||||||||
SW Holdings, LLC | |||||||||||||||||||||||
Business Services | Second lien (4)(10) | 11.05% (L + 8.75%/Q) | 6/30/2015 | 12/30/2021 | 18,161 | 18,030 | 18,260 | 1.77 | % | ||||||||||||||
VF Holding Corp. | |||||||||||||||||||||||
Software | Second lien (3)(10) | 10.88% (L + 9.00%/M) | 7/7/2016 | 6/28/2024 | 17,086 | 17,387 | 17,427 | 1.69 | % | ||||||||||||||
DCA Investment Holding, LLC | |||||||||||||||||||||||
Healthcare Services | First lien (2)(10) | 7.56% (L + 5.25%/Q) | 7/2/2015 | 7/2/2021 | 17,408 | 17,306 | 17,408 | 1.69 | % | ||||||||||||||
TIBCO Software Inc. | |||||||||||||||||||||||
Software | Subordinated (3) | 11.38%/S | 11/24/2014 | 12/1/2021 | 15,000 | 14,729 | 16,359 | 1.58 | % | ||||||||||||||
Hill International, Inc.** | |||||||||||||||||||||||
Business Services | First lien (2)(10) | 7.63% (L + 5.75%/M) | 6/21/2017 | 6/21/2023 | 15,682 | 15,611 | 15,603 | 1.51 | % | ||||||||||||||
FR Arsenal Holdings II Corp. | |||||||||||||||||||||||
Business Services | First lien (2)(10) | 9.31% (L + 7.25%/Q) | 9/29/2016 | 9/8/2022 | 15,317 | 15,189 | 15,348 | 1.49 | % | ||||||||||||||
Netsmart Inc. / Netsmart Technologies, Inc. | |||||||||||||||||||||||
Healthcare Information Technology | Second lien (2) | 11.38% (L + 9.50%/Q) | 4/18/2016 | 10/19/2023 | 15,000 | 14,695 | 15,075 | 1.46 | % | ||||||||||||||
Xactly Corporation | |||||||||||||||||||||||
Software | First lien (4)(10) | 9.14% (L + 7.25%/M) | 7/31/2017 | 7/29/2022 | 14,690 | 14,557 | 14,543 | 1.41 | % |
Portfolio Company, Location and Industry (1) | Type of Investment | Interest Rate(9) | Acquisition Date | Maturity / Expiration Date | Principal Amount, Par Value or Shares | Cost | Fair Value | Percent of Net Assets | |||||||||||||||
Transcendia Holdings, Inc. | |||||||||||||||||||||||
Packaging | Second lien (3) | 9.88% (L + 8.00%/M) | 6/28/2017 | 5/30/2025 | $ | 14,500 | $ | 14,313 | $ | 14,391 | 1.39 | % | |||||||||||
Peraton Holding Corp. (fka MHVC Acquisition Corp.) | |||||||||||||||||||||||
Federal Services | First lien (2) | 7.56% (L + 5.25%/Q) | 4/25/2017 | 4/29/2024 | 13,994 | 13,953 | 14,099 | 1.36 | % | ||||||||||||||
Ministry Brands, LLC | |||||||||||||||||||||||
Software | First lien (3) | 6.88% (L + 5.00%/M) | 12/7/2016 | 12/2/2022 | 2,985 | 2,973 | 2,985 | ||||||||||||||||
Second lien (3)(10) | 11.13% (L + 9.25%/M) | 12/7/2016 | 6/2/2023 | 7,840 | 7,790 | 7,840 | |||||||||||||||||
Second lien (3)(10) | 11.13% (L + 9.25%/M) | 12/7/2016 | 6/2/2023 | 2,160 | 2,146 | 2,160 | |||||||||||||||||
First lien (3)(10)(11) - Drawn | 6.78% (L + 5.00%/Q) | 12/7/2016 | 12/2/2022 | 600 | 597 | 600 | |||||||||||||||||
13,585 | 13,506 | 13,585 | 1.32 | % | |||||||||||||||||||
Project Accelerate Parent, LLC | |||||||||||||||||||||||
Business Services | Second lien (3)(10) | 10.19% (L + 8.50%/Q) | 1/2/2018 | 1/2/2026 | 13,473 | 13,308 | 13,305 | 1.29 | % | ||||||||||||||
American Tire Distributors, Inc. | |||||||||||||||||||||||
Distribution & Logistics | Subordinated (3) | 10.25%/S | 2/10/2015 | 3/1/2022 | 12,520 | 12,279 | 12,849 | 1.24 | % | ||||||||||||||
nThrive, Inc. (fka Precyse Acquisition Corp.) | |||||||||||||||||||||||
Healthcare Services | Second lien (2)(10) | 11.63% (L + 9.75%/M) | 4/19/2016 | 4/20/2023 | 13,000 | 12,820 | 12,574 | 1.22 | % | ||||||||||||||
SSH Group Holdings, Inc. | |||||||||||||||||||||||
Education | First lien (2)(10) | 7.45% (L + 5.00%/Q) | 10/13/2017 | 10/2/2024 | 8,386 | 8,346 | 8,344 | ||||||||||||||||
Second lien (3)(10) | 11.45% (L + 9.00%/Q) | 10/13/2017 | 10/2/2025 | 3,363 | 3,330 | 3,329 | |||||||||||||||||
11,749 | 11,676 | 11,673 | 1.13 | % | |||||||||||||||||||
ProQuest LLC | |||||||||||||||||||||||
Business Services | Second lien (3) | 10.88% (L + 9.00%/M) | 12/14/2015 | 12/15/2022 | 11,620 | 11,447 | 11,620 | 1.12 | % | ||||||||||||||
Zywave, Inc. | |||||||||||||||||||||||
Software | Second lien (4)(10) | 10.87% (L + 9.00%/Q) | 11/22/2016 | 11/17/2023 | 11,000 | 10,929 | 11,022 | ||||||||||||||||
First lien (3)(10)(11) - Drawn | 6.57% (L + 5.00%/Q) | 11/22/2016 | 11/17/2022 | 500 | 496 | 500 | |||||||||||||||||
11,500 | 11,425 | 11,522 | 1.12 | % | |||||||||||||||||||
Amerijet Holdings, Inc. | |||||||||||||||||||||||
Distribution & Logistics | First lien (4)(10) | 9.65% (L + 8.00%/M) | 7/15/2016 | 7/15/2021 | 9,455 | 9,405 | 9,494 | ||||||||||||||||
First lien (4)(10) | 9.65% (L + 8.00%/M) | 7/15/2016 | 7/15/2021 | 1,576 | 1,567 | 1,582 | |||||||||||||||||
11,031 | 10,972 | 11,076 | 1.07 | % | |||||||||||||||||||
Vectra Co. |