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 7, 2018 | |
Common stock, par value $0.01 per share | 76,106,372 |
PAGE | ||
Item 1. | Financial Statements |
June 30, 2018 | December 31, 2017 | ||||||
Assets | |||||||
Investments at fair value | |||||||
Non-controlled/non-affiliated investments (cost of $1,579,140 and $1,438,889, respectively) | $ | 1,584,412 | $ | 1,462,182 | |||
Non-controlled/affiliated investments (cost of $172,898 and $180,380, respectively) | 184,376 | 178,076 | |||||
Controlled investments (cost of $308,628 and $171,958, respectively) | 329,230 | 185,402 | |||||
Total investments at fair value (cost of $2,060,666 and $1,791,227, respectively) | 2,098,018 | 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 | 33,948 | 34,936 | |||||
Interest and dividend receivable | 42,397 | 31,844 | |||||
Receivable from affiliates | 952 | 343 | |||||
Other assets | 5,426 | 10,023 | |||||
Total assets | $ | 2,205,941 | $ | 1,928,018 | |||
Liabilities | |||||||
Borrowings | |||||||
Holdings Credit Facility | $ | 390,463 | $ | 312,363 | |||
Unsecured Notes | 235,000 | 145,000 | |||||
SBA-guaranteed debentures | 163,000 | 150,000 | |||||
Convertible Notes | 155,357 | 155,412 | |||||
NMFC Credit Facility | 150,000 | 122,500 | |||||
Deferred financing costs (net of accumulated amortization of $19,229 and $16,578, respectively) | (15,109 | ) | (15,777 | ) | |||
Net borrowings | 1,078,711 | 869,498 | |||||
Payable for unsettled securities purchased | 29,903 | — | |||||
Management fee payable | 22,240 | 7,065 | |||||
Incentive fee payable | 19,535 | 6,671 | |||||
Interest payable | 7,099 | 5,107 | |||||
Payable to affiliates | 2,488 | 863 | |||||
Deferred tax liability | 1,878 | 894 | |||||
Other liabilities | 11,441 | 2,945 | |||||
Total liabilities | 1,173,295 | 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, 76,106,372 and 75,935,903 shares issued and outstanding, respectively | 761 | 759 | |||||
Paid in capital in excess of par | 1,055,796 | 1,053,468 | |||||
Accumulated undistributed net investment income | 38,986 | 39,165 | |||||
Accumulated undistributed net realized losses on investments | (83,084 | ) | (76,681 | ) | |||
Net unrealized appreciation (depreciation) (net of provision for taxes of $1,878 and $894, respectively) | 20,187 | 18,264 | |||||
Total net assets | $ | 1,032,646 | $ | 1,034,975 | |||
Total liabilities and net assets | $ | 2,205,941 | $ | 1,928,018 | |||
Number of shares outstanding | 76,106,372 | 75,935,093 | |||||
Net asset value per share | $ | 13.57 | $ | 13.63 |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, 2018 | June 30, 2017 | June 30, 2018 | June 30, 2017 | ||||||||||||
Investment income | |||||||||||||||
From non-controlled/non-affiliated investments: | |||||||||||||||
Interest income | $ | 38,510 | $ | 36,518 | $ | 73,946 | $ | 69,394 | |||||||
Dividend income | — | 120 | 486 | 159 | |||||||||||
Non-cash dividend income | 1,439 | 1 | 2,763 | 13 | |||||||||||
Other income | 1,013 | 2,084 | 3,881 | 4,349 | |||||||||||
From non-controlled/affiliated investments: | |||||||||||||||
Interest income | 210 | 712 | 312 | 1,359 | |||||||||||
Dividend income | 791 | 842 | 1,636 | 1,846 | |||||||||||
Non-cash dividend income | 4,017 | 3,987 | 8,026 | 4,631 | |||||||||||
Other income | 912 | 296 | 1,214 | 594 | |||||||||||
From controlled investments: | |||||||||||||||
Interest income | 1,370 | 409 | 2,571 | 884 | |||||||||||
Dividend income | 4,591 | 3,867 | 8,830 | 8,080 | |||||||||||
Non-cash dividend income | 1,508 | 853 | 2,962 | 1,674 | |||||||||||
Other income | 237 | 330 | 860 | 343 | |||||||||||
Total investment income | 54,598 | 50,019 | 107,487 | 93,326 | |||||||||||
Expenses | |||||||||||||||
Incentive fee | 6,430 | 6,449 | 12,864 | 11,857 | |||||||||||
Management fee | 9,301 | 8,275 | 17,993 | 15,889 | |||||||||||
Interest and other financing expenses | 12,824 | 9,045 | 24,114 | 17,421 | |||||||||||
Professional fees | 708 | 722 | 1,402 | 1,572 | |||||||||||
Administrative expenses | 822 | 662 | 1,761 | 1,370 | |||||||||||
Other general and administrative expenses | 518 | 402 | 928 | 868 | |||||||||||
Total expenses | 30,603 | 25,555 | 59,062 | 48,977 | |||||||||||
Less: management and incentive fees waived (See Note 5) | (1,495 | ) | (1,485 | ) | (2,817 | ) | (4,641 | ) | |||||||
Less: expenses waived and reimbursed (See Note 5) | (276 | ) | (4 | ) | (276 | ) | (474 | ) | |||||||
Net expenses | 28,832 | 24,066 | 55,969 | 43,862 | |||||||||||
Net investment income before income taxes | 25,766 | 25,953 | 51,518 | 49,464 | |||||||||||
Income tax expense | 45 | 155 | 61 | 235 | |||||||||||
Net investment income | 25,721 | 25,798 | 51,457 | 49,229 | |||||||||||
Net realized (losses) gains: | |||||||||||||||
Non-controlled/non-affiliated investments | (6,609 | ) | (26,453 | ) | (6,403 | ) | (25,627 | ) | |||||||
Net change in unrealized appreciation (depreciation): | |||||||||||||||
Non-controlled/non-affiliated investments | (14,500 | ) | 26,631 | (18,021 | ) | 34,610 | |||||||||
Non-controlled/affiliated investments | 8,270 | (298 | ) | 10,079 | (594 | ) | |||||||||
Controlled investments | 11,317 | 1,519 | 10,861 | 41 | |||||||||||
Securities purchased under collateralized agreements to resell | — | (33 | ) | (12 | ) | (833 | ) | ||||||||
(Provision) benefit for taxes | (1,066 | ) | 164 | (984 | ) | 919 | |||||||||
Net realized and unrealized gains (losses) | (2,588 | ) | 1,530 | (4,480 | ) | 8,516 | |||||||||
Net increase in net assets resulting from operations | $ | 23,133 | $ | 27,328 | $ | 46,977 | $ | 57,745 | |||||||
Basic earnings per share | $ | 0.30 | $ | 0.36 | $ | 0.62 | $ | 0.80 | |||||||
Weighted average shares of common stock outstanding - basic (See Note 11) | 75,938,857 | 75,383,387 | 75,936,986 | 72,566,825 | |||||||||||
Diluted earnings per share | $ | 0.29 | $ | 0.34 | $ | 0.58 | $ | 0.74 | |||||||
Weighted average shares of common stock outstanding - diluted (See Note 11) | 85,762,984 | 85,207,514 | 85,761,113 | 82,390,952 | |||||||||||
Distributions declared and paid per share | $ | 0.34 | $ | 0.34 | $ | 0.68 | $ | 0.68 |
Six Months Ended | |||||||
June 30, 2018 | June 30, 2017 | ||||||
Increase (decrease) in net assets resulting from operations: | |||||||
Net investment income | $ | 51,457 | $ | 49,229 | |||
Net realized losses on investments | (6,403 | ) | (25,627 | ) | |||
Net change in unrealized appreciation of investments | 2,919 | 34,057 | |||||
Net change in unrealized depreciation of securities purchased under collateralized agreements to resell | (12 | ) | (833 | ) | |||
(Provision) benefit for taxes | (984 | ) | 919 | ||||
Net increase in net assets resulting from operations | 46,977 | 57,745 | |||||
Capital transactions | |||||||
Net proceeds from shares sold | — | 81,478 | |||||
Deferred offering costs | — | (172 | ) | ||||
Distributions declared to stockholders from net investment income | (51,636 | ) | (49,398 | ) | |||
Reinvestment of distributions | 2,330 | 3,208 | |||||
Other | — | (81 | ) | ||||
Total net (decrease) increase in net assets resulting from capital transactions | (49,306 | ) | 35,035 | ||||
Net (decrease) increase in net assets | (2,329 | ) | 92,780 | ||||
Net assets at the beginning of the period | 1,034,975 | 938,562 | |||||
Net assets at the end of the period | $ | 1,032,646 | $ | 1,031,342 | |||
Capital share activity | |||||||
Shares sold | — | 5,750,000 | |||||
Shares issued from the reinvestment of distributions | 171,279 | 180,451 | |||||
Shares reissued from repurchase program in connection with the reinvestment of distributions | — | 37,573 | |||||
Net increase in shares outstanding | 171,279 | 5,968,024 |
Six Months Ended | |||||||
June 30, 2018 | June 30, 2017 | ||||||
Cash flows from operating activities | |||||||
Net increase in net assets resulting from operations | $ | 46,977 | $ | 57,745 | |||
Adjustments to reconcile net (increase) decrease in net assets resulting from operations to net cash provided by (used in) operating activities: | |||||||
Net realized losses on investments | 6,403 | 25,627 | |||||
Net change in unrealized appreciation of investments | (2,919 | ) | (34,057 | ) | |||
Net change in unrealized depreciation of securities purchased under collateralized agreements to resell | 12 | 833 | |||||
Amortization of purchase discount | (2,592 | ) | (2,495 | ) | |||
Amortization of deferred financing costs | 2,651 | 1,991 | |||||
Amortization of premium on Convertible Notes | (55 | ) | (55 | ) | |||
Non-cash investment income | (8,559 | ) | (3,864 | ) | |||
(Increase) decrease in operating assets: | |||||||
Purchase of investments and delayed draw facilities | (549,417 | ) | (607,755 | ) | |||
Proceeds from sales and paydowns of investments | 296,835 | 330,586 | |||||
Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities | 588 | 189 | |||||
Cash paid for purchase of drawn portion of revolving credit facilities | (11,631 | ) | — | ||||
Cash paid on drawn revolvers | (11,004 | ) | (7,344 | ) | |||
Cash repayments on drawn revolvers | 9,938 | 2,897 | |||||
Interest and dividend receivable | (10,553 | ) | (6,822 | ) | |||
Receivable from unsettled securities sold | — | 990 | |||||
Receivable from affiliates | (609 | ) | (32 | ) | |||
Other assets | 4,597 | (1,543 | ) | ||||
Increase (decrease) in operating liabilities: | |||||||
Payable for unsettled securities purchased | 29,903 | 21,411 | |||||
Management fee payable | 15,175 | 7,196 | |||||
Incentive fee payable | 12,864 | 4,312 | |||||
Interest payable | 1,992 | 229 | |||||
Payable to affiliates | 1,625 | 525 | |||||
Deferred tax liability | 984 | (919 | ) | ||||
Other liabilities | 8,469 | (845 | ) | ||||
Net cash flows used in operating activities | (158,326 | ) | (211,200 | ) | |||
Cash flows from financing activities | |||||||
Net proceeds from shares sold | — | 81,478 | |||||
Distributions paid | (49,306 | ) | (46,190 | ) | |||
Offering costs paid | (40 | ) | (289 | ) | |||
Proceeds from Holdings Credit Facility | 152,500 | 278,200 | |||||
Repayment of Holdings Credit Facility | (74,400 | ) | (283,000 | ) | |||
Proceeds from Unsecured Notes | 90,000 | 55,000 | |||||
Proceeds from SBA-guaranteed debentures | 13,000 | 5,000 | |||||
Proceeds from NMFC Credit Facility | 120,000 | 232,100 | |||||
Repayment of NMFC Credit Facility | (92,500 | ) | (119,600 | ) | |||
Deferred financing costs paid | (1,916 | ) | (1,009 | ) | |||
Other | — | (81 | ) | ||||
Net cash flows provided by financing activities | 157,338 | 201,609 | |||||
Net decrease in cash and cash equivalents | (988 | ) | (9,591 | ) | |||
Cash and cash equivalents at the beginning of the period | 34,936 | 45,928 | |||||
Cash and cash equivalents at the end of the period | $ | 33,948 | $ | 36,337 | |||
Supplemental disclosure of cash flow information | |||||||
Cash interest paid | $ | 18,871 | $ | 14,567 | |||
Income taxes paid | 216 | 175 | |||||
Non-cash operating activities: | |||||||
Non-cash activity on investments | $ | 1,346 | $ | — | |||
Non-cash financing activities: | |||||||
Value of shares issued in connection with the distribution reinvestment plan | $ | 2,330 | $ | 2,648 | |||
Value of shares reissued from repurchase program in connection with the distribution reinvestment plan | — | 560 | |||||
Accrual for offering costs | 904 | 1,095 | |||||
Accrual for deferred financing costs | 170 | 128 |
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 - Canada | |||||||||||||||||||||||
Dentalcorp Perfect Smile ULC** | |||||||||||||||||||||||
Healthcare Services | Second lien (3) | 9.59% (L+ 7.50%/M) | 6/1/2018 | 6/8/2026 | $ | 18,000 | $ | 17,820 | $ | 17,820 | 1.73 | % | |||||||||||
Total Funded Debt Investments - Canada | $ | 18,000 | $ | 17,820 | $ | 17,820 | 1.73 | % | |||||||||||||||
Funded Debt Investments - United Kingdom | |||||||||||||||||||||||
Shine Acquisition Co. S.à.r.l / Boing US Holdco Inc.** | |||||||||||||||||||||||
Consumer Services | Second lien (3) | 9.86% (L + 7.50%/Q) | 9/25/2017 | 10/3/2025 | $ | 43,853 | $ | 43,604 | $ | 43,990 | 4.26 | % | |||||||||||
Air Newco LLC** | |||||||||||||||||||||||
Software | First lien (2) | 6.78% (L + 4.75%/M) | 5/25/2018 | 5/31/2024 | 20,176 | 20,125 | 20,276 | 1.96 | % | ||||||||||||||
Total Funded Debt Investments - United Kingdom | $ | 64,029 | $ | 63,729 | $ | 64,266 | 6.22 | % | |||||||||||||||
Funded Debt Investments - United States | |||||||||||||||||||||||
Benevis Holding Corp. | |||||||||||||||||||||||
Healthcare Services | First lien (2)(10) | 8.66% (L + 6.32%/Q) | 3/15/2018 | 3/15/2024 | $ | 58,676 | $ | 58,676 | $ | 58,676 | |||||||||||||
First lien (3)(10) | 8.66% (L + 6.32%/Q) | 3/15/2018 | 3/15/2024 | 20,639 | 20,639 | 20,639 | |||||||||||||||||
79,315 | 79,315 | 79,315 | 7.68 | % | |||||||||||||||||||
Integro Parent Inc. | |||||||||||||||||||||||
Business Services | First lien (2) | 8.06% (L + 5.75%/Q) | 10/9/2015 | 10/31/2022 | 51,509 | 51,181 | 51,251 | ||||||||||||||||
Second lien (3) | 11.56% (L + 9.25%/Q) | 10/9/2015 | 10/30/2023 | 10,000 | 9,925 | 9,950 | |||||||||||||||||
61,509 | 61,106 | 61,201 | 5.93 | % | |||||||||||||||||||
AmWINS Group, Inc. | |||||||||||||||||||||||
Business Services | Second lien (3) | 8.84% (L + 6.75%/M) | 1/19/2017 | 1/25/2025 | 57,000 | 56,815 | 57,570 | 5.57 | % | ||||||||||||||
Alegeus Technologies, LLC | |||||||||||||||||||||||
Healthcare Services | Second lien (3)(10) | 10.83% (L + 8.50%/Q) | 4/28/2017 | 10/30/2023 | 23,500 | 23,500 | 23,500 | ||||||||||||||||
Second lien (4)(10) | 10.83% (L + 8.50%/Q) | 4/28/2017 | 10/30/2023 | 22,500 | 22,500 | 22,500 | |||||||||||||||||
46,000 | 46,000 | 46,000 | 4.45 | % | |||||||||||||||||||
Quest Software US Holdings Inc. | |||||||||||||||||||||||
Software | Second lien (2) | 10.58% (L + 8.25%/Q) | 5/17/2018 | 5/18/2026 | 43,697 | 43,263 | 43,806 | 4.24 | % | ||||||||||||||
VetCor Professional Practices LLC | |||||||||||||||||||||||
Consumer Services | First lien (4) | 10.25% (P + 5.25%/M) | 5/15/2015 | 4/20/2021 | 19,013 | 18,914 | 19,013 | ||||||||||||||||
First lien (2) | 10.25% (P + 5.25%/M) | 5/15/2015 | 4/20/2021 | 7,674 | 7,579 | 7,674 | |||||||||||||||||
First lien (3) | 10.25% (P + 5.25%/M) | 2/24/2017 | 4/20/2021 | 5,975 | 5,877 | 5,975 | |||||||||||||||||
First lien (4) | 10.25% (P + 5.25%/M) | 5/15/2015 | 4/20/2021 | 2,637 | 2,622 | 2,637 | |||||||||||||||||
First lien (3)(11) - Drawn | 10.25% (P + 5.25%/M) | 6/24/2016 | 4/20/2021 | 1,877 | 1,862 | 1,877 | |||||||||||||||||
First lien (2) | 10.25% (P + 5.25%/M) | 3/31/2016 | 4/20/2021 | 1,623 | 1,601 | 1,623 | |||||||||||||||||
First lien (3)(11) - Drawn | 10.25% (P + 5.25%/M) | 12/29/2017 | 4/20/2021 | 1,395 | 1,381 | 1,395 | |||||||||||||||||
First lien (4) | 10.25% (P + 5.25%/M) | 5/15/2015 | 4/20/2021 | 493 | 486 | 493 | |||||||||||||||||
40,687 | 40,322 | 40,687 | 3.94 | % | |||||||||||||||||||
Salient CRGT Inc. | |||||||||||||||||||||||
Federal Services | First lien (2) | 7.84% (L + 5.75%/M) | 1/6/2015 | 2/28/2022 | 39,616 | 39,206 | 40,210 | 3.89 | % |
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 | |||||||||||||||
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 | $ | 39,700 | $ | 39,639 | $ | 39,700 | 3.84 | % | |||||||||||
NM GRC Holdco, LLC | |||||||||||||||||||||||
Business Services | First lien (2)(10) | 7.83% (L + 5.50%/Q) | 2/9/2018 | 2/9/2024 | 38,930 | 38,746 | 38,735 | 3.75 | % | ||||||||||||||
Frontline Technologies Group Holdings, LLC | |||||||||||||||||||||||
Education | First lien (4)(10) | 8.59% (L + 6.50%/M) | 9/18/2017 | 9/18/2023 | 22,500 | 22,349 | 22,185 | ||||||||||||||||
First lien (2)(10) | 8.59% (L + 6.50%/M) | 9/18/2017 | 9/18/2023 | 16,666 | 16,555 | 16,433 | |||||||||||||||||
39,166 | 38,904 | 38,618 | 3.74 | % | |||||||||||||||||||
Kronos Incorporated | |||||||||||||||||||||||
Software | Second lien (2) | 10.61% (L + 8.25%/Q) | 10/26/2012 | 11/1/2024 | 36,000 | 35,533 | 37,305 | 3.61 | % | ||||||||||||||
Valet Waste Holdings, Inc. | |||||||||||||||||||||||
Business Services | First lien (2)(10) | 8.34% (L + 6.25%/M) | 9/24/2015 | 9/24/2021 | 29,175 | 28,958 | 29,175 | ||||||||||||||||
First lien (2)(10) | 8.34% (L + 6.25%/M) | 7/27/2017 | 9/24/2021 | 3,713 | 3,683 | 3,713 | |||||||||||||||||
First lien (3)(10)(11) - Drawn | 9.09% (L + 7.00%/M) | 9/24/2015 | 9/24/2021 | 1,350 | 1,333 | 1,350 | |||||||||||||||||
34,238 | 33,974 | 34,238 | 3.32 | % | |||||||||||||||||||
Navicure, Inc. | |||||||||||||||||||||||
Healthcare Services | Second lien (3) | 9.59% (L + 7.50%/M) | 10/23/2017 | 10/31/2025 | 31,470 | 31,386 | 31,627 | 3.06 | % | ||||||||||||||
Severin Acquisition, LLC | |||||||||||||||||||||||
Software | Second lien (3)(10) | 11.11% (L + 8.75%/Q) | 2/1/2017 | 7/29/2022 | 14,518 | 14,375 | 14,663 | ||||||||||||||||
Second lien (4)(10) | 11.11% (L + 8.75%/Q) | 7/31/2015 | 7/29/2022 | 5,000 | 4,967 | 5,000 | |||||||||||||||||
Second lien (4)(10) | 11.11% (L + 8.75%/Q) | 11/5/2015 | 7/29/2022 | 4,154 | 4,126 | 4,154 | |||||||||||||||||
Second lien (4)(10) | 11.61% (L + 9.25%/Q) | 2/1/2016 | 7/29/2022 | 3,273 | 3,250 | 3,273 | |||||||||||||||||
Second lien (3)(10) | 11.36% (L + 9.00%/Q) | 10/14/2016 | 7/29/2022 | 2,361 | 2,343 | 2,361 | |||||||||||||||||
Second lien (3)(10) | 11.61% (L + 9.25%/Q) | 8/8/2016 | 7/29/2022 | 1,825 | 1,811 | 1,825 | |||||||||||||||||
Second lien (4)(10) | 11.61% (L + 9.25%/Q) | 8/8/2016 | 7/29/2022 | 300 | 298 | 300 | |||||||||||||||||
31,431 | 31,170 | 31,576 | 3.06 | % | |||||||||||||||||||
TDG Group Holding Company | |||||||||||||||||||||||
Consumer Services | First lien (2)(10) | 7.83% (L + 5.50%/Q) | 5/22/2018 | 5/31/2024 | 30,263 | 30,114 | 30,112 | ||||||||||||||||
First lien (3)(10)(11) - Drawn | 7.59% (L + 5.50%/M) | 5/22/2018 | 5/31/2024 | 504 | 502 | 502 | |||||||||||||||||
30,767 | 30,616 | 30,614 | 2.96 | % | |||||||||||||||||||
Ansira Holdings, Inc. | |||||||||||||||||||||||
Business Services | First lien (2) | 7.86% (L + 5.75%/M) | 12/19/2016 | 12/20/2022 | 25,790 | 25,688 | 25,725 | ||||||||||||||||
First lien (3) | 7.86% (L + 5.75%/M) | 4/16/2018 | 12/20/2022 | 2,097 | 2,088 | 2,092 | |||||||||||||||||
First lien (3)(11) - Drawn | 7.73% (L + 5.75%/M) | 12/19/2016 | 12/20/2022 | 826 | 823 | 824 | |||||||||||||||||
28,713 | 28,599 | 28,641 | 2.77 | % | |||||||||||||||||||
Wirepath LLC | |||||||||||||||||||||||
Distribution & Logistics | First lien (2) | 6.83% (L + 4.50%/Q) | 7/31/2017 | 8/5/2024 | 27,592 | 27,468 | 27,747 | 2.69 | % | ||||||||||||||
Trader Interactive, LLC | |||||||||||||||||||||||
Business Services | First lien (2)(10) | 7.84% (L + 5.75%/M) | 6/15/2017 | 6/17/2024 | 27,054 | 26,875 | 27,054 | 2.62 | % |
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 | |||||||||||||||
SW Holdings, LLC | |||||||||||||||||||||||
Business Services | Second lien (4)(10) | 11.08% (L + 8.75%/Q) | 6/30/2015 | 12/30/2021 | $ | 18,161 | $ | 18,037 | $ | 18,210 | |||||||||||||
Second lien (3)(10) | 11.08% (L + 8.75%/Q) | 4/16/2018 | 12/30/2021 | 6,181 | 6,122 | 6,198 | |||||||||||||||||
24,342 | 24,159 | 24,408 | 2.36 | % | |||||||||||||||||||
Keystone Acquisition Corp. | |||||||||||||||||||||||
Healthcare Services | First lien (2) | 7.58% (L + 5.25%/Q) | 5/10/2017 | 5/1/2024 | 19,850 | 19,677 | 19,838 | ||||||||||||||||
Second lien (3) | 11.58% (L + 9.25%/Q) | 5/10/2017 | 5/1/2025 | 4,500 | 4,458 | 4,534 | |||||||||||||||||
24,350 | 24,135 | 24,372 | 2.36 | % | |||||||||||||||||||
iPipeline, Inc. (Internet Pipeline, Inc.) | |||||||||||||||||||||||
Software | First lien (4)(10) | 9.35% (L + 7.25%/M) | 8/4/2015 | 8/4/2022 | 17,451 | 17,337 | 17,451 | ||||||||||||||||
First lien (4)(10) | 8.34% (L + 6.25%/M) | 6/16/2017 | 8/4/2022 | 4,554 | 4,535 | 4,554 | |||||||||||||||||
First lien (2)(10) | 8.34% (L + 6.25%/M) | 9/25/2017 | 8/4/2022 | 1,155 | 1,150 | 1,155 | |||||||||||||||||
First lien (4)(10) | 8.34% (L + 6.25%/M) | 9/25/2017 | 8/4/2022 | 508 | 506 | 508 | |||||||||||||||||
23,668 | 23,528 | 23,668 | 2.29 | % | |||||||||||||||||||
AAC Holding Corp. | |||||||||||||||||||||||
Education | First lien (2)(10) | 10.24% (L + 8.25%/M) | 9/30/2015 | 9/30/2020 | 22,782 | 22,611 | 22,782 | 2.21 | % | ||||||||||||||
EN Engineering, LLC | |||||||||||||||||||||||
Business Services | First lien (2)(10) | 8.09% (L + 6.00%/M) | 7/30/2015 | 6/30/2021 | 20,786 | 20,670 | 20,786 | ||||||||||||||||
First lien (2)(10) | 8.09% (L + 6.00%/M) | 7/30/2015 | 6/30/2021 | 1,202 | 1,195 | 1,202 | |||||||||||||||||
21,988 | 21,865 | 21,988 | 2.13 | % | |||||||||||||||||||
Avatar Topco, Inc. (23) | |||||||||||||||||||||||
EAB Global, Inc. | |||||||||||||||||||||||
Education | Second lien (3) | 10.00% (L + 7.50%/Q) | 11/17/2017 | 11/17/2025 | 21,450 | 21,146 | 21,021 | 2.04 | % | ||||||||||||||
Brave Parent Holdings, Inc. | |||||||||||||||||||||||
Software | Second lien (5) | 9.83% (L + 7.50%/Q) | 4/17/2018 | 4/17/2026 | 20,231 | 20,132 | 20,332 | 1.97 | % | ||||||||||||||
Help/Systems Holdings, Inc. | |||||||||||||||||||||||
Software | Second lien (5) | 9.84% (L + 7.75%/M) | 3/23/2018 | 3/27/2026 | 20,231 | 20,132 | 20,244 | 1.96 | % | ||||||||||||||
TWDiamondback Holdings Corp. (15) | |||||||||||||||||||||||
Diamondback Drugs of Delaware, L.L.C. (TWDiamondback II Holdings LLC) | |||||||||||||||||||||||
Distribution & Logistics | First lien (4)(10) | 10.84% (L + 8.75%/M) | 11/19/2014 | 11/19/2019 | 17,891 | 17,891 | 17,891 | ||||||||||||||||
First lien (3)(10) | 10.84% (L + 8.75%/M) | 11/19/2014 | 11/19/2019 | 1,491 | 1,491 | 1,491 | |||||||||||||||||
First lien (4)(10) | 10.84% (L + 8.75%/M) | 11/19/2014 | 11/19/2019 | 418 | 418 | 418 | |||||||||||||||||
19,800 | 19,800 | 19,800 | 1.92 | % | |||||||||||||||||||
DiversiTech Holdings, Inc. | |||||||||||||||||||||||
Distribution & Logistics | Second lien (3) | 9.84% (L + 7.50%/Q) | 5/18/2017 | 6/2/2025 | 19,500 | 19,324 | 19,793 | 1.92 | % | ||||||||||||||
AgKnowledge Holdings Company, Inc. | |||||||||||||||||||||||
Business Services | Second lien (2)(10) | 10.35% (L + 8.25%/M) | 7/23/2014 | 7/23/2020 | 18,500 | 18,425 | 18,500 | 1.79 | % | ||||||||||||||
DCA Investment Holding, LLC | |||||||||||||||||||||||
Healthcare Services | First lien (2)(10) | 7.58% (L + 5.25%/Q) | 7/2/2015 | 7/2/2021 | 17,363 | 17,269 | 17,363 | ||||||||||||||||
First lien (3)(10)(11) - Drawn | 7.58% (L + 5.25%/Q) | 12/20/2017 | 7/2/2021 | 505 | 387 | 505 | |||||||||||||||||
17,868 | 17,656 | 17,868 | 1.73 | % | |||||||||||||||||||
BackOffice Associates Holdings, LLC | |||||||||||||||||||||||
Business Services | First lien (2)(10) | 9.60% (L + 7.50%/M) | 8/25/2017 | 8/25/2023 | 18,445 | 18,302 | 17,578 | 1.70 | % |
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 | |||||||||||||||
VF Holding Corp. | |||||||||||||||||||||||
Software | Second lien (3)(10) | 11.09% (L + 9.00%/M) | 7/7/2016 | 6/28/2024 | $ | 17,086 | $ | 17,377 | $ | 17,427 | 1.69 | % | |||||||||||
TIBCO Software Inc. | |||||||||||||||||||||||
Software | Subordinated (3) | 11.38%/S | 11/24/2014 | 12/1/2021 | 15,000 | 14,744 | 16,219 | 1.57 | % | ||||||||||||||
Hill International, Inc.** | |||||||||||||||||||||||
Business Services | First lien (2)(10) | 8.08% (L + 5.75%/Q) | 6/21/2017 | 6/21/2023 | 15,642 | 15,575 | 15,642 | 1.52 | % | ||||||||||||||
FR Arsenal Holdings II Corp. | |||||||||||||||||||||||
Business Services | First lien (2)(10) | 9.63% (L + 7.25%/Q) | 9/29/2016 | 9/8/2022 | 15,278 | 15,156 | 15,306 | 1.48 | % | ||||||||||||||
OEConnection LLC | |||||||||||||||||||||||
Business Services | Second lien (3) | 10.10% (L + 8.00%/M) | 11/22/2017 | 11/22/2025 | 15,160 | 14,962 | 15,160 | 1.47 | % | ||||||||||||||
Netsmart Inc. / Netsmart Technologies, Inc. | |||||||||||||||||||||||
Healthcare Information Technology | Second lien (2) | 11.57% (L + 9.50%/M) | 4/18/2016 | 10/19/2023 | 15,000 | 14,705 | 15,075 | 1.46 | % | ||||||||||||||
Xactly Corporation | |||||||||||||||||||||||
Software | First lien (4)(10) | 9.35% (L + 7.25%/M) | 7/31/2017 | 7/29/2022 | 14,690 | 14,563 | 14,543 | 1.41 | % | ||||||||||||||
Transcendia Holdings, Inc. | |||||||||||||||||||||||
Packaging | Second lien (3) | 10.09% (L + 8.00%/M) | 6/28/2017 | 5/30/2025 | 14,500 | 14,318 | 14,391 | 1.39 | % | ||||||||||||||
Peraton Holding Corp. (fka MHVC Acquisition Corp.) | |||||||||||||||||||||||
Federal Services | First lien (2) | 7.59% (L + 5.25%/Q) | 4/25/2017 | 4/29/2024 | 13,959 | 13,919 | 14,064 | 1.36 | % | ||||||||||||||
NorthStar Financial Services Group, LLC | |||||||||||||||||||||||
Software | Second lien (5) | 9.59% (L + 7.50%/M) | 5/23/2018 | 5/25/2026 | 13,450 | 13,417 | 13,652 | 1.32 | % | ||||||||||||||
TW-NHME Holdings Corp. (20) | |||||||||||||||||||||||
National HME, Inc. | |||||||||||||||||||||||
Healthcare Services | Second lien (3)(10) | 11.55% (L + 9.25%/Q)(24) | 7/14/2015 | 7/14/2022 | 27,300 | 27,061 | 13,650 | 1.32 | % | ||||||||||||||
Castle Management Borrower LLC | |||||||||||||||||||||||
Business Services |