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 November 7, 2018 | |
Common stock, par value $0.01 per share | 76,106,372 |
PAGE | ||
Item 1. | Financial Statements |
September 30, 2018 | December 31, 2017 | ||||||
Assets | |||||||
Investments at fair value | |||||||
Non-controlled/non-affiliated investments (cost of $1,754,348 and $1,438,889, respectively) | $ | 1,755,572 | $ | 1,462,182 | |||
Non-controlled/affiliated investments (cost of $178,262 and $180,380, respectively) | 190,569 | 178,076 | |||||
Controlled investments (cost of $328,406 and $171,958, respectively) | 348,618 | 185,402 | |||||
Total investments at fair value (cost of $2,261,016 and $1,791,227, respectively) | 2,294,759 | 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 | 146,345 | 34,936 | |||||
Interest and dividend receivable | 49,964 | 31,844 | |||||
Receivable from unsettled securities sold | 1,283 | — | |||||
Receivable from affiliates | 295 | 343 | |||||
Other assets | 3,928 | 10,023 | |||||
Total assets | $ | 2,521,774 | $ | 1,928,018 | |||
Liabilities | |||||||
Borrowings | |||||||
Holdings Credit Facility | $ | 465,963 | $ | 312,363 | |||
Unsecured Notes | 335,000 | 145,000 | |||||
Convertible Notes | 270,329 | 155,412 | |||||
SBA-guaranteed debentures | 165,000 | 150,000 | |||||
NMFC Credit Facility | 135,000 | 122,500 | |||||
Deferred financing costs (net of accumulated amortization of $20,646 and $16,578, respectively) | (16,906 | ) | (15,777 | ) | |||
Net borrowings | 1,354,386 | 869,498 | |||||
Payable for unsettled securities purchased | 80,781 | — | |||||
Management fee payable | 16,058 | 7,065 | |||||
Incentive fee payable | 13,210 | 6,671 | |||||
Interest payable | 8,919 | 5,107 | |||||
Deferred tax liability | 1,880 | 894 | |||||
Payable to affiliates | 988 | 863 | |||||
Other liabilities | 12,022 | 2,945 | |||||
Total liabilities | 1,488,244 | 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 75,935,093 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 | 40,227 | 39,165 | |||||
Accumulated undistributed net realized losses on investments | (79,830 | ) | (76,681 | ) | |||
Net unrealized appreciation (depreciation) (net of provision for taxes of $1,880 and $894, respectively) | 16,576 | 18,264 | |||||
Total net assets | $ | 1,033,530 | $ | 1,034,975 | |||
Total liabilities and net assets | $ | 2,521,774 | $ | 1,928,018 | |||
Number of shares outstanding | 76,106,372 | 75,935,093 | |||||
Net asset value per share | $ | 13.58 | $ | 13.63 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, 2018 | September 30, 2017 | September 30, 2018 | September 30, 2017 | ||||||||||||
Investment income | |||||||||||||||
From non-controlled/non-affiliated investments: | |||||||||||||||
Interest income | $ | 38,332 | $ | 38,511 | $ | 112,278 | $ | 107,905 | |||||||
Dividend income | — | — | 486 | 159 | |||||||||||
Non-cash dividend income | 1,491 | 59 | 4,254 | 72 | |||||||||||
Other income | 4,669 | 1,196 | 8,550 | 5,545 | |||||||||||
From non-controlled/affiliated investments: | |||||||||||||||
Interest income | 817 | 718 | 1,129 | 2,077 | |||||||||||
Dividend income | 787 | 816 | 2,423 | 2,662 | |||||||||||
Non-cash dividend income | 4,024 | 3,994 | 12,050 | 8,625 | |||||||||||
Other income | 315 | 294 | 1,529 | 888 | |||||||||||
From controlled investments: | |||||||||||||||
Interest income | 1,771 | 409 | 4,342 | 1,293 | |||||||||||
Dividend income | 5,925 | 3,659 | 14,755 | 11,739 | |||||||||||
Non-cash dividend income | 1,721 | 1,342 | 4,683 | 3,016 | |||||||||||
Other income | 617 | 238 | 1,477 | 581 | |||||||||||
Total investment income | 60,469 | 51,236 | 167,956 | 144,562 | |||||||||||
Expenses | |||||||||||||||
Incentive fee | 6,780 | 6,573 | 19,644 | 18,430 | |||||||||||
Management fee | 10,018 | 8,422 | 28,011 | 24,311 | |||||||||||
Interest and other financing expenses | 14,759 | 9,509 | 38,873 | 26,930 | |||||||||||
Professional fees | 2,053 | 819 | 3,455 | 2,391 | |||||||||||
Administrative expenses | 846 | 652 | 2,607 | 2,022 | |||||||||||
Other general and administrative expenses | 437 | 346 | 1,365 | 1,214 | |||||||||||
Total expenses | 34,893 | 26,321 | 93,955 | 75,298 | |||||||||||
Less: management and incentive fees waived (See Note 5) | (1,766 | ) | (1,483 | ) | (4,583 | ) | (6,124 | ) | |||||||
Less: expenses waived and reimbursed (See Note 5) | — | — | (276 | ) | (474 | ) | |||||||||
Net expenses | 33,127 | 24,838 | 89,096 | 68,700 | |||||||||||
Net investment income before income taxes | 27,342 | 26,398 | 78,860 | 75,862 | |||||||||||
Income tax expense | 225 | 106 | 286 | 341 | |||||||||||
Net investment income | 27,117 | 26,292 | 78,574 | 75,521 | |||||||||||
Net realized gains (losses): | |||||||||||||||
Non-controlled/non-affiliated investments | 3,254 | (14,216 | ) | (3,149 | ) | (39,843 | ) | ||||||||
Net change in unrealized appreciation (depreciation): | |||||||||||||||
Non-controlled/non-affiliated investments | (4,048 | ) | 19,755 | (22,069 | ) | 54,365 | |||||||||
Non-controlled/affiliated investments | 829 | (3,807 | ) | 10,908 | (4,401 | ) | |||||||||
Controlled investments | (390 | ) | (1,305 | ) | 10,471 | (1,264 | ) | ||||||||
Securities purchased under collateralized agreements to resell | — | (1,549 | ) | (12 | ) | (2,382 | ) | ||||||||
(Provision) benefit for taxes | (2 | ) | (394 | ) | (986 | ) | 525 | ||||||||
Net realized and unrealized gains (losses) | (357 | ) | (1,516 | ) | (4,837 | ) | 7,000 | ||||||||
Net increase in net assets resulting from operations | $ | 26,760 | $ | 24,776 | $ | 73,737 | $ | 82,521 | |||||||
Basic earnings per share | $ | 0.35 | $ | 0.33 | $ | 0.97 | $ | 1.12 | |||||||
Weighted average shares of common stock outstanding - basic (See Note 11) | 76,106,372 | 75,688,429 | 75,994,068 | 73,618,794 | |||||||||||
Diluted earnings per share | $ | 0.32 | $ | 0.31 | $ | 0.91 | $ | 1.04 | |||||||
Weighted average shares of common stock outstanding - diluted (See Note 11) | 89,388,999 | 85,512,556 | 86,983,697 | 83,442,921 | |||||||||||
Distributions declared and paid per share | $ | 0.34 | $ | 0.34 | $ | 1.02 | $ | 1.02 |
Nine Months Ended | |||||||
September 30, 2018 | September 30, 2017 | ||||||
Increase (decrease) in net assets resulting from operations: | |||||||
Net investment income | $ | 78,574 | $ | 75,521 | |||
Net realized losses on investments | (3,149 | ) | (39,843 | ) | |||
Net change in unrealized (depreciation) appreciation of investments | (690 | ) | 48,700 | ||||
Net change in unrealized depreciation of securities purchased under collateralized agreements to resell | (12 | ) | (2,382 | ) | |||
(Provision) benefit for taxes | (986 | ) | 525 | ||||
Net increase in net assets resulting from operations | 73,737 | 82,521 | |||||
Capital transactions | |||||||
Net proceeds from shares sold | — | 81,478 | |||||
Deferred offering costs | — | (172 | ) | ||||
Distributions declared to stockholders from net investment income | (77,512 | ) | (75,132 | ) | |||
Reinvestment of distributions | 2,330 | 4,907 | |||||
Other | — | (81 | ) | ||||
Total net (decrease) increase in net assets resulting from capital transactions | (75,182 | ) | 11,000 | ||||
Net (decrease) increase in net assets | (1,445 | ) | 93,521 | ||||
Net assets at the beginning of the period | 1,034,975 | 938,562 | |||||
Net assets at the end of the period | $ | 1,033,530 | $ | 1,032,083 | |||
Capital share activity | |||||||
Shares sold | — | 5,750,000 | |||||
Shares issued from the reinvestment of distributions | 171,279 | 299,632 | |||||
Shares reissued from repurchase program in connection with the reinvestment of distributions | — | 37,573 | |||||
Net increase in shares outstanding | 171,279 | 6,087,205 |
Nine Months Ended | |||||||
September 30, 2018 | September 30, 2017 | ||||||
Cash flows from operating activities | |||||||
Net increase in net assets resulting from operations | $ | 73,737 | $ | 82,521 | |||
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 | 3,149 | 39,843 | |||||
Net change in unrealized (appreciation) depreciation of investments | 690 | (48,700 | ) | ||||
Net change in unrealized depreciation of securities purchased under collateralized agreements to resell | 12 | 2,382 | |||||
Amortization of purchase discount | (3,924 | ) | (6,458 | ) | |||
Amortization of deferred financing costs | 4,068 | 3,054 | |||||
Amortization of premium on Convertible Notes | (83 | ) | (83 | ) | |||
Non-cash investment income | (13,469 | ) | (6,236 | ) | |||
(Increase) decrease in operating assets: | |||||||
Purchase of investments and delayed draw facilities | (1,046,015 | ) | (810,119 | ) | |||
Proceeds from sales and paydowns of investments | 599,218 | 542,563 | |||||
Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities | 978 | 339 | |||||
Cash paid for purchase of drawn portion of revolving credit facilities | (11,631 | ) | — | ||||
Cash paid on drawn revolvers | (19,609 | ) | (11,387 | ) | |||
Cash repayments on drawn revolvers | 21,514 | 12,929 | |||||
Interest and dividend receivable | (18,120 | ) | (9,967 | ) | |||
Receivable from unsettled securities sold | (1,283 | ) | (2,506 | ) | |||
Receivable from affiliates | 48 | 7 | |||||
Other assets | 5,350 | (2,954 | ) | ||||
Increase (decrease) in operating liabilities: | |||||||
Payable for unsettled securities purchased | 80,781 | 64,759 | |||||
Management fee payable | 8,993 | 1,087 | |||||
Incentive fee payable | 6,539 | 828 | |||||
Interest payable | 3,812 | 2,926 | |||||
Deferred tax liability | 986 | (525 | ) | ||||
Payable to affiliates | 125 | 650 | |||||
Other liabilities | 9,416 | 585 | |||||
Net cash flows used in operating activities | (294,718 | ) | (144,462 | ) | |||
Cash flows from financing activities | |||||||
Net proceeds from shares sold | — | 81,478 | |||||
Distributions paid | (75,182 | ) | (70,225 | ) | |||
Offering costs paid | — | (441 | ) | ||||
Proceeds from Holdings Credit Facility | 382,500 | 435,750 | |||||
Repayment of Holdings Credit Facility | (228,900 | ) | (393,100 | ) | |||
Proceeds from Convertible Notes | 115,000 | — | |||||
Proceeds from Unsecured Notes | 190,000 | 55,000 | |||||
Proceeds from SBA-guaranteed debentures | 15,000 | 22,255 | |||||
Proceeds from NMFC Credit Facility | 255,000 | 251,100 | |||||
Repayment of NMFC Credit Facility | (242,500 | ) | (242,100 | ) | |||
Deferred financing costs paid | (4,791 | ) | (1,456 | ) | |||
Other | — | (81 | ) | ||||
Net cash flows provided by financing activities | 406,127 | 138,180 | |||||
Net increase (decrease) in cash and cash equivalents | 111,409 | (6,282 | ) | ||||
Cash and cash equivalents at the beginning of the period | 34,936 | 45,928 | |||||
Cash and cash equivalents at the end of the period | $ | 146,345 | $ | 39,646 | |||
Supplemental disclosure of cash flow information | |||||||
Cash interest paid | $ | 30,162 | $ | 20,064 | |||
Income taxes paid | 213 | 175 | |||||
Non-cash operating activities: | |||||||
Non-cash activity on investments | $ | 1,346 | $ | 12,858 | |||
Non-cash financing activities: | |||||||
Value of shares issued in connection with the distribution reinvestment plan | $ | 2,330 | $ | 4,347 | |||
Value of shares reissued from repurchase program in connection with the distribution reinvestment plan | — | 560 | |||||
Accrual for offering costs | 335 | 944 | |||||
Accrual for deferred financing costs | 373 | 158 |
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) | 9.74% (L + 7.50%/M) | 6/1/2018 | 6/8/2026 | $ | 19,630 | $ | 19,466 | $ | 19,753 | |||||||||||||
Second lien (3)(11) - Drawn | 9.74% (L + 7.50%/M) | 6/1/2018 | 6/8/2026 | 1,247 | 1,236 | 1,254 | |||||||||||||||||
20,877 | 20,702 | 21,007 | 2.03 | % | |||||||||||||||||||
Total Funded Debt Investments - Canada | $ | 20,877 | $ | 20,702 | $ | 21,007 | 2.03 | % | |||||||||||||||
Funded Debt Investments - United Kingdom | |||||||||||||||||||||||
Shine Acquisition Co. S.à.r.l / Boing US Holdco Inc.** | |||||||||||||||||||||||
Consumer Services | Second lien (3) | 9.84% (L + 7.50%/Q) | 9/25/2017 | 10/3/2025 | $ | 43,853 | $ | 43,610 | $ | 43,990 | 4.26 | % | |||||||||||
Air Newco LLC** | |||||||||||||||||||||||
Software | First lien (2) | 6.88% (L + 4.75%/M) | 5/25/2018 | 5/31/2024 | 20,176 | 20,127 | 20,377 | 1.97 | % | ||||||||||||||
Total Funded Debt Investments - United Kingdom | $ | 64,029 | $ | 63,737 | $ | 64,367 | 6.23 | % | |||||||||||||||
Funded Debt Investments - United States | |||||||||||||||||||||||
Benevis Holding Corp. | |||||||||||||||||||||||
Healthcare Services | First lien (2)(10) | 8.51% (L + 6.32%/M) | 3/15/2018 | 3/15/2024 | $ | 58,676 | $ | 58,676 | $ | 58,676 | |||||||||||||
First lien (3)(10) | 8.51% (L + 6.32%/M) | 3/15/2018 | 3/15/2024 | 20,639 | 20,639 | 20,639 | |||||||||||||||||
79,315 | 79,315 | 79,315 | 7.67 | % | |||||||||||||||||||
Integro Parent Inc. | |||||||||||||||||||||||
Business Services | First lien (2) | 8.07% (L + 5.75%/Q) | 10/9/2015 | 10/31/2022 | 51,377 | 51,066 | 51,377 | ||||||||||||||||
Second lien (3) | 11.57% (L + 9.25%/Q) | 10/9/2015 | 10/30/2023 | 10,000 | 9,927 | 9,950 | |||||||||||||||||
First lien (3)(11) - Drawn | 6.86% (L + 4.50%/Q) | 6/8/2018 | 10/30/2021 | 464 | 461 | 464 | |||||||||||||||||
$ | 61,841 | $ | 61,454 | $ | 61,791 | 5.98 | % | ||||||||||||||||
CentralSquare Technologies, LLC | |||||||||||||||||||||||
Software | Second lien (3) | 9.74% (L + 7.50%/M) | 8/15/2018 | 8/31/2026 | 55,338 | 54,632 | 55,891 | 5.41 | % | ||||||||||||||
PhyNet Dermatology LLC | |||||||||||||||||||||||
Healthcare Services | First lien (2) | 7.66% (L + 5.50%/M) | 9/17/2018 | 8/16/2024 | 51,007 | 50,500 | 50,497 | 4.89 | % | ||||||||||||||
NM GRC Holdco, LLC | |||||||||||||||||||||||
Business Services | First lien (2)(10) | 7.89% (L + 5.50%/Q) | 2/9/2018 | 2/9/2024 | 38,833 | 38,655 | 38,639 | ||||||||||||||||
First lien (3)(10)(11) - Drawn | 7.89% (L + 5.50%/Q) | 2/9/2018 | 2/9/2024 | 10,792 | 10,739 | 10,766 | |||||||||||||||||
49,625 | 49,394 | 49,405 | 4.78 | % | |||||||||||||||||||
Nomad Buyer, Inc. | |||||||||||||||||||||||
Healthcare Services | First lien (2) | 7.10% (L + 5.00%/M) | 8/3/2018 | 8/1/2025 | 49,075 | 47,615 | 47,358 | 4.58 | % | ||||||||||||||
Associations, Inc. | |||||||||||||||||||||||
Consumer Services | First lien (2)(10) | 11.25% (P + 3.00% + 3.00% PIK/Q)* | 7/30/2018 | 7/30/2024 | 40,828 | 40,579 | 40,573 | ||||||||||||||||
First lien (3)(10)(11) - Drawn | 11.25% (P + 3.00% + 3.00% PIK/Q)* | 7/30/2018 | 7/30/2024 | 3,624 | 3,601 | 3,601 | |||||||||||||||||
44,452 | 44,180 | 44,174 | 4.27 | % | |||||||||||||||||||
Quest Software US Holdings Inc. | |||||||||||||||||||||||
Software | Second lien (2) | 10.57% (L + 8.25%/Q) | 5/17/2018 | 5/18/2026 | 43,697 | 43,272 | 43,468 | 4.21 | % |
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 | $ | 39,600 | $ | 39,541 | $ | 39,600 | 3.83 | % | |||||||||||
Salient CRGT Inc. | |||||||||||||||||||||||
Federal Services | First lien (2) | 7.99% (L + 5.75%/M) | 1/6/2015 | 2/28/2022 | 38,541 | 38,166 | 39,119 | 3.78 | % | ||||||||||||||
Frontline Technologies Group Holdings, LLC | |||||||||||||||||||||||
Education | First lien (4)(10) | 8.74% (L + 6.50%/M) | 9/18/2017 | 9/18/2023 | 22,443 | 22,299 | 22,443 | ||||||||||||||||
First lien (2)(10) | 8.74% (L + 6.50%/M) | 9/18/2017 | 9/18/2023 | 16,624 | 16,517 | 16,624 | |||||||||||||||||
39,067 | 38,816 | 39,067 | 3.78 | % | |||||||||||||||||||
Peraton Holding Corp. (fka MHVC Acquisition Corp.) | |||||||||||||||||||||||
Federal Services | First lien (2) | 7.64% (L + 5.25%/Q) | 4/25/2017 | 4/29/2024 | 38,963 | 38,799 | 38,768 | 3.75 | % | ||||||||||||||
Trader Interactive, LLC | |||||||||||||||||||||||
Business Services | First lien (2)(10) | 8.74% (L + 6.50%/M) | 6/15/2017 | 6/17/2024 | 37,353 | 37,130 | 37,353 | 3.61 | % | ||||||||||||||
Kronos Incorporated | |||||||||||||||||||||||
Software | Second lien (2) | 10.59% (L + 8.25%/Q) | 10/26/2012 | 11/1/2024 | 36,000 | 35,547 | 36,939 | 3.57 | % | ||||||||||||||
TDG Group Holding Company | |||||||||||||||||||||||
Consumer Services | First lien (2)(10) | 7.89% (L + 5.50%/Q) | 5/22/2018 | 5/31/2024 | 30,188 | 30,044 | 30,037 | ||||||||||||||||
First lien (3)(10)(11) - Drawn | 7.89% (L + 5.50%/Q) | 5/22/2018 | 5/31/2024 | 3,363 | 3,346 | 3,346 | |||||||||||||||||
First lien (3)(10) | 7.74% (L + 5.50%/M) | 5/22/2018 | 5/31/2024 | 2,055 | 2,045 | 2,045 | |||||||||||||||||
35,606 | 35,435 | 35,428 | 3.43 | % | |||||||||||||||||||
Finalsite Holdings, Inc. | |||||||||||||||||||||||
Software | First lien (4) | 7.72% (L + 5.50%/M) | 9/28/2018 | 9/25/2024 | 22,500 | 22,331 | 22,331 | ||||||||||||||||
First lien (2) | 7.72% (L + 5.50%/M) | 9/28/2018 | 9/25/2024 | 11,113 | 11,030 | 11,030 | |||||||||||||||||
33,613 | 33,361 | 33,361 | 3.23 | % | |||||||||||||||||||
Navicure, Inc. | |||||||||||||||||||||||
Healthcare Services | Second lien (3) | 9.74% (L + 7.50%/M) | 10/23/2017 | 10/31/2025 | 31,970 | 31,890 | 31,970 | 3.09 | % | ||||||||||||||
iCIMS, Inc. | |||||||||||||||||||||||
Software | First lien (2) | 8.64% (L + 6.50%/M) | 9/12/2018 | 9/12/2024 | 31,636 | 31,322 | 31,320 | 3.03 | % | ||||||||||||||
Ansira Holdings, Inc. | |||||||||||||||||||||||
Business Services | First lien (2) | 7.99% (L + 5.75%/M) | 12/19/2016 | 12/20/2022 | 25,725 | 25,629 | 25,661 | ||||||||||||||||
First lien (3) | 7.99% (L + 5.75%/M) | 4/16/2018 | 12/20/2022 | 2,092 | 2,083 | 2,086 | |||||||||||||||||
First lien (3)(11) - Drawn | 7.99% (L + 5.75%/M) | 12/19/2016 | 12/20/2022 | 1,793 | 1,797 | 1,788 | |||||||||||||||||
29,610 | 29,509 | 29,535 | 2.86 | % | |||||||||||||||||||
Brave Parent Holdings, Inc. | |||||||||||||||||||||||
Software | Second lien (5) | 9.89% (L + 7.50%/Q) | 4/17/2018 | 4/17/2026 | 22,500 | 22,391 | 22,613 | ||||||||||||||||
Second lien (3) | 9.89% (L + 7.50%/Q) | 7/18/2018 | 4/17/2026 | 6,837 | 6,803 | 6,871 | |||||||||||||||||
29,337 | 29,194 | 29,484 | 2.85 | % | |||||||||||||||||||
Wirepath LLC | |||||||||||||||||||||||
Distribution & Logistics | First lien (2) | 6.74% (L + 4.50%/M) | 7/31/2017 | 8/5/2024 | 27,523 | 27,403 | 27,712 | 2.68 | % | ||||||||||||||
EN Engineering, LLC | |||||||||||||||||||||||
Business Services | First lien (2)(10) | 6.71% (L + 4.50%/M) | 7/30/2015 | 6/30/2021 | 23,407 | 23,275 | 23,407 | ||||||||||||||||
First lien (2)(10) | 6.71% (L + 4.50%/M) | 7/30/2015 | 6/30/2021 | 1,354 | 1,346 | 1,354 | |||||||||||||||||
24,761 | 24,621 | 24,761 | 2.40 | % |
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 | |||||||||||||||
Keystone Acquisition Corp. | |||||||||||||||||||||||
Healthcare Services | First lien (2) | 7.64% (L + 5.25%/Q) | 5/10/2017 | 5/1/2024 | $ | 19,800 | $ | 19,633 | $ | 19,936 | |||||||||||||
Second lien (3) | 11.64% (L + 9.25%/Q) | 5/10/2017 | 5/1/2025 | 4,500 | 4,460 | 4,539 | |||||||||||||||||
24,300 | 24,093 | 24,475 | 2.37 | % | |||||||||||||||||||
SW Holdings, LLC | |||||||||||||||||||||||
Business Services | Second lien (4)(10) | 11.14% (L + 8.75%/Q) | 6/30/2015 | 12/30/2021 | 18,161 | 18,044 | 18,161 | ||||||||||||||||
Second lien (3)(10) | 11.14% (L + 8.75%/Q) | 4/16/2018 | 12/30/2021 | 6,181 | 6,126 | 6,181 | |||||||||||||||||
24,342 | 24,170 | 24,342 | 2.36 | % | |||||||||||||||||||
iPipeline, Inc. (Internet Pipeline, Inc.) | |||||||||||||||||||||||
Software | First lien (4)(10) | 7.00% (L + 4.75%/M) | 8/4/2015 | 8/4/2022 | 17,451 | 17,344 | 17,451 | ||||||||||||||||
First lien (4)(10) | 7.00% (L + 4.75%/M) | 6/16/2017 | 8/4/2022 | 4,543 | 4,525 | 4,543 | |||||||||||||||||
First lien (2)(10) | 7.00% (L + 4.75%/M) | 9/25/2017 | 8/4/2022 | 1,152 | 1,148 | 1,152 | |||||||||||||||||
First lien (4)(10) | 7.00% (L + 4.75%/M) | 9/25/2017 | 8/4/2022 | 507 | 505 | 507 | |||||||||||||||||
23,653 | 23,522 | 23,653 | 2.29 | % | |||||||||||||||||||
AAC Holding Corp. | |||||||||||||||||||||||
Education | First lien (2)(10) | 10.36% (L + 8.25%/M) | 9/30/2015 | 9/30/2020 | 22,592 | 22,440 | 22,184 | 2.15 | % | ||||||||||||||
CRCI Longhorn Holdings, Inc. | |||||||||||||||||||||||
Business Services | Second lien (3) | 9.37% (L + 7.25%/M) | 8/2/2018 | 8/10/2026 | 21,849 | 21,767 | 21,958 | 2.12 | % | ||||||||||||||
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 | 21,153 | 21,236 | 2.05 | % | ||||||||||||||
Help/Systems Holdings, Inc. | |||||||||||||||||||||||
Software | Second lien (5) | 9.99% (L + 7.75%/M) | 3/23/2018 | 3/27/2026 | 20,231 | 20,134 | 20,332 | 1.97 | % | ||||||||||||||
DCA Investment Holding, LLC | |||||||||||||||||||||||
Healthcare Services | First lien (2)(10) | 7.64% (L + 5.25%/Q) | 7/2/2015 | 7/2/2021 | 17,319 | 17,232 | 17,319 | ||||||||||||||||
First lien (3)(10)(11) - Drawn | 7.64% (L + 5.25%/Q) | 12/20/2017 | 7/2/2021 | 2,901 | 2,784 | 2,901 | |||||||||||||||||
20,220 | 20,016 | 20,220 | 1.96 | % | |||||||||||||||||||
SSH Group Holdings, Inc. | |||||||||||||||||||||||
Education | Second lien (2) | 10.59% (L + 8.25%/Q) | 7/26/2018 | 7/30/2026 | 20,116 | 20,017 | 20,116 | 1.95 | % | ||||||||||||||
DiversiTech Holdings, Inc. | |||||||||||||||||||||||
Distribution & Logistics | Second lien (3) | 9.89% (L + 7.50%/Q) | 5/18/2017 | 6/2/2025 | 19,500 | 19,328 | 19,403 | 1.88 | % | ||||||||||||||
FR Arsenal Holdings II Corp. | |||||||||||||||||||||||
Business Services | First lien (2)(10) | 9.63% (L + 7.25%/Q) | 9/29/2016 | 9/8/2022 | 18,592 | 18,443 | 18,592 | 1.80 | % | ||||||||||||||
AgKnowledge Holdings Company, Inc. | |||||||||||||||||||||||
Business Services | Second lien (2)(10) | 10.50% (L + 8.25%/M) | 7/23/2014 | 7/23/2020 | 18,500 | 18,433 | 18,500 | 1.79 | % | ||||||||||||||
Integral Ad Science, Inc. | |||||||||||||||||||||||
Software | First lien (3)(10) | 9.50% (L + 6.00% + 1.25% PIK/Q)* | 7/19/2018 | 7/19/2024 | 18,617 | 18,436 | 18,431 | 1.78 | % | ||||||||||||||
BackOffice Associates Holdings, LLC | |||||||||||||||||||||||
Business Services | First lien (2)(10) | 9.75% (L + 7.50%/M) | 8/25/2017 | 8/25/2023 | 18,388 | 18,251 | 16,470 | 1.59 | % | ||||||||||||||
Navex Topco, Inc. | |||||||||||||||||||||||
Software | Second lien (2) | 9.12% (L + 7.00%/M) | 8/9/2018 | 9/4/2026 | 16,807 | 16,723 | 16,933 | 1.64 | % | ||||||||||||||
TIBCO Software Inc. | |||||||||||||||||||||||
Software | Subordinated (3) | 11.38%/S | 11/24/2014 | 12/1/2021 | 15,000 | 14,759 | 16,031 | 1.55 | % | ||||||||||||||
Hill International, Inc.** | |||||||||||||||||||||||
Business Services | First lien (2)(10) | 8.14% (L + 5.75%/Q) | 6/21/2017 | 6/21/2023 | 15,603 | 15,538 | 15,603 | 1.51 | % |
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 | |||||||||||||||
QC McKissock Investment, LLC (14) | |||||||||||||||||||||||
McKissock, LLC | |||||||||||||||||||||||
Education | First lien (2)(10) | 8.14% (L + 5.75%/Q) | 8/6/2014 | 8/5/2021 | $ | 6,367 | $ | 6,344 | $ | 6,367 | |||||||||||||
First lien (2)(10) | 8.14% (L + 5.75%/Q) | 8/24/2018 | 8/5/2021 | 3,658 | 3,623 | 3,658 | |||||||||||||||||
First lien (2)(10) | 8.14% (L + 5.75%/Q) | 8/6/2014 | 8/5/2021 | 3,035 | 3,026 | 3,035 | |||||||||||||||||
First lien (2)(10) | 8.14% (L + 5.75%/Q) | 8/6/2014 | 8/5/2021 | 980 | 976 | 980 | |||||||||||||||||
First lien (2)(10) | 8.14% (L + 5.75%/Q) | 8/3/2018 | 8/5/2021 | 844 | 836 | 844 | |||||||||||||||||
First lien (2)(10) | 8.14% (L + 5.75%/Q) | 5/23/2018 | 8/5/2021 | 574 | 565 | 574 | |||||||||||||||||
15,458 | 15,370 | 15,458 | 1.50 | % | |||||||||||||||||||
OEConnection LLC | |||||||||||||||||||||||
Business Services | Second lien (3) | 10.25% (L + 8.00%/M) | 11/22/2017 | 11/22/2025 | 15,160 | 14,966 | 15,160 | 1.47 | % | ||||||||||||||
Netsmart Inc. / Netsmart Technologies, Inc. | |||||||||||||||||||||||
Healthcare Information Technology | Second lien (2) | 9.84% (L + 7.50%/Q) | 4/18/2016 | 10/19/2023 | 15,000 | 14,716 | 14,925 | 1.44 | % | ||||||||||||||
Xactly Corporation | |||||||||||||||||||||||
Software | First lien (4)(10) | 9.50% (L + 7.25%/M) | 7/31/2017 | 7/29/2022 | 14,690 | 14,570 | 14,690 | 1.42 | % | ||||||||||||||
Transcendia Holdings, Inc. | |||||||||||||||||||||||
Packaging | Second lien (3) | 10.24% (L + 8.00%/M) | 6/28/2017 | 5/30/2025 | 14,500 | 14,324 | 14,391 | 1.39 | % | ||||||||||||||
NorthStar Financial Services Group, LLC | |||||||||||||||||||||||
Software | Second lien (5) | 9.56% (L + 7.50%/M) | 5/23/2018 | 5/25/2026 | 13,450 | 13,418 | 13,652 | 1.32 | % | ||||||||||||||
TW-NHME Holdings Corp. (20) |