Commission File Number | Exact name of registrant as specified in its charter, address of principal executive offices, telephone numbers and states or other jurisdictions of incorporation or organization | I.R.S. Employer Identification Number | ||
814-00832 | New Mountain Finance Corporation | 27-2978010 | ||
787 Seventh Avenue, 48th Floor New York, New York 10019 Telephone: (212) 720-0300 State of Incorporation: Delaware |
Large accelerated filer ý | Accelerated filer o | |||
Non-accelerated filer o | Smaller reporting company o | |||
Emerging growth company o |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Common stock, par value $0.01 per share | NMFC | New York Stock Exchange | ||
5.75% Notes due 2023 | NMFX | New York Stock Exchange |
Description | Shares as of May 6, 2019 | |
Common stock, par value $0.01 per share | 80,519,430 |
PAGE | ||
Item 1. | Financial Statements |
March 31, 2019 | December 31, 2018 | ||||||
Assets | |||||||
Investments at fair value | |||||||
Non-controlled/non-affiliated investments (cost of $2,020,776 and $1,868,785, respectively) | $ | 2,023,077 | $ | 1,861,323 | |||
Non-controlled/affiliated investments (cost of $79,423 and $78,438, respectively) | 77,587 | 77,493 | |||||
Controlled investments (cost of $393,565 and $382,503, respectively) | 421,641 | 403,137 | |||||
Total investments at fair value (cost of $2,493,764 and $2,329,726, respectively) | 2,522,305 | 2,341,953 | |||||
Securities purchased under collateralized agreements to resell (cost of $30,000 and $30,000, respectively) | 23,508 | 23,508 | |||||
Cash and cash equivalents | 65,571 | 49,664 | |||||
Interest and dividend receivable | 34,370 | 30,081 | |||||
Receivable from affiliates | 575 | 288 | |||||
Other assets | 3,787 | 3,172 | |||||
Total assets | $ | 2,650,116 | $ | 2,448,666 | |||
Liabilities | |||||||
Borrowings | |||||||
Holdings Credit Facility | $ | 567,063 | $ | 512,563 | |||
Unsecured Notes | 336,750 | 336,750 | |||||
Convertible Notes | 270,273 | 270,301 | |||||
SBA-guaranteed debentures | 165,000 | 165,000 | |||||
NMFC Credit Facility | 135,000 | 60,000 | |||||
DB Credit Facility | 50,000 | 57,000 | |||||
Deferred financing costs (net of accumulated amortization of $23,885 and $22,234, respectively) | (16,186 | ) | (17,515 | ) | |||
Net borrowings | 1,507,900 | 1,384,099 | |||||
Payable for unsettled securities purchased | 20,442 | 20,147 | |||||
Interest payable | 10,513 | 12,397 | |||||
Management fee payable | 8,442 | 8,392 | |||||
Incentive fee payable | 6,863 | 6,864 | |||||
Deferred tax liability | 896 | 1,006 | |||||
Payable to affiliates | 798 | 1,021 | |||||
Other liabilities | 10,983 | 8,471 | |||||
Total liabilities | 1,566,837 | 1,442,397 | |||||
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, 80,519,430 and 76,106,372 shares issued and outstanding, respectively | 805 | 761 | |||||
Paid in capital in excess of par | 1,096,017 | 1,035,629 | |||||
Accumulated overdistributed earnings | (13,543 | ) | (30,121 | ) | |||
Total net assets | $ | 1,083,279 | $ | 1,006,269 | |||
Total liabilities and net assets | $ | 2,650,116 | $ | 2,448,666 | |||
Number of shares outstanding | 80,519,430 | 76,106,372 | |||||
Net asset value per share | $ | 13.45 | $ | 13.22 |
Three Months Ended | |||||||
March 31, 2019 | March 31, 2018 | ||||||
Investment income | |||||||
From non-controlled/non-affiliated investments: | |||||||
Interest income | $ | 44,457 | $ | 35,436 | |||
Dividend income | — | 486 | |||||
Non-cash dividend income | 1,974 | 1,324 | |||||
Other income | 2,254 | 2,868 | |||||
From non-controlled/affiliated investments: | |||||||
Interest income | 1,004 | 102 | |||||
Dividend income | 726 | 845 | |||||
Non-cash dividend income | 291 | 4,009 | |||||
Other income | 291 | 302 | |||||
From controlled investments: | |||||||
Interest income | 2,463 | 1,201 | |||||
Dividend income | 8,457 | 4,239 | |||||
Non-cash dividend income | 2,045 | 1,454 | |||||
Other income | 229 | 623 | |||||
Total investment income | 64,191 | 52,889 | |||||
Expenses | |||||||
Incentive fee | 6,863 | 6,434 | |||||
Management fee | 10,975 | 8,692 | |||||
Interest and other financing expenses | 19,146 | 11,290 | |||||
Professional fees | 766 | 694 | |||||
Administrative expenses | 1,095 | 939 | |||||
Other general and administrative expenses | 412 | 410 | |||||
Total expenses | 39,257 | 28,459 | |||||
Less: management fees waived (See Note 5) | (2,533 | ) | (1,322 | ) | |||
Net expenses | 36,724 | 27,137 | |||||
Net investment income before income taxes | 27,467 | 25,752 | |||||
Income tax expense | 17 | 16 | |||||
Net investment income | 27,450 | 25,736 | |||||
Net realized gains (losses): | |||||||
Non-controlled/non-affiliated investments | 43 | 206 | |||||
Controlled investments | 3 | — | |||||
Net change in unrealized appreciation (depreciation): | |||||||
Non-controlled/non-affiliated investments | 9,763 | (3,521 | ) | ||||
Non-controlled/affiliated investments | (891 | ) | 1,809 | ||||
Controlled investments | 7,442 | (456 | ) | ||||
Securities purchased under collateralized agreements to resell | — | (12 | ) | ||||
Benefit for taxes | 110 | 82 | |||||
Net realized and unrealized gains (losses) | 16,470 | (1,892 | ) | ||||
Net increase in net assets resulting from operations | $ | 43,920 | $ | 23,844 | |||
Basic earnings per share | $ | 0.56 | $ | 0.31 | |||
Weighted average shares of common stock outstanding - basic (See Note 11) | 78,457,641 | 75,935,093 | |||||
Diluted earnings per share | $ | 0.49 | $ | 0.30 | |||
Weighted average shares of common stock outstanding - diluted (See Note 11) | 95,857,530 | 85,759,220 | |||||
Distributions declared and paid per share | $ | 0.34 | $ | 0.34 |
Three Months Ended | |||||||
March 31, 2019 | March 31, 2018 | ||||||
Increase (decrease) in net assets resulting from operations: | |||||||
Net investment income | $ | 27,450 | $ | 25,736 | |||
Net realized gains on investments | 46 | 206 | |||||
Net change in unrealized appreciation (depreciation) of investments | 16,314 | (2,168 | ) | ||||
Net change in unrealized depreciation of securities purchased under collateralized agreements to resell | — | (12 | ) | ||||
Benefit for taxes | 110 | 82 | |||||
Net increase in net assets resulting from operations | 43,920 | 23,844 | |||||
Capital transactions | |||||||
Net proceeds from shares sold | 59,297 | — | |||||
Deferred offering costs | (229 | ) | — | ||||
Distributions declared to stockholders from net investment income | (27,342 | ) | (25,818 | ) | |||
Reinvestment of distributions | 1,364 | — | |||||
Total net increase (decrease) in net assets resulting from capital transactions | 33,090 | (25,818 | ) | ||||
Net increase (decrease) in net assets | 77,010 | (1,974 | ) | ||||
Net assets at the beginning of the period | 1,006,269 | 1,034,975 | |||||
Net assets at the end of the period | $ | 1,083,279 | $ | 1,033,001 | |||
Capital share activity | |||||||
Shares sold | 4,312,500 | — | |||||
Shares issued from the reinvestment of distributions | 100,558 | — | |||||
Net increase in shares outstanding | 4,413,058 | — |
Three Months Ended | |||||||
March 31, 2019 | March 31, 2018 | ||||||
Cash flows from operating activities | |||||||
Net increase in net assets resulting from operations | $ | 43,920 | $ | 23,844 | |||
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 | (46 | ) | (206 | ) | |||
Net change in unrealized (appreciation) depreciation of investments | (16,314 | ) | 2,168 | ||||
Net change in unrealized depreciation of securities purchased under collateralized agreements to resell | — | 12 | |||||
Amortization of purchase discount | (835 | ) | (926 | ) | |||
Amortization of deferred financing costs | 1,651 | 1,307 | |||||
Amortization of premium on Convertible Notes | (27 | ) | (27 | ) | |||
Non-cash investment income | (6,842 | ) | (4,292 | ) | |||
(Increase) decrease in operating assets: | |||||||
Purchase of investments and delayed draw facilities | (158,036 | ) | (237,846 | ) | |||
Proceeds from sales and paydowns of investments | 5,857 | 87,141 | |||||
Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities | 46 | 29 | |||||
Cash paid for purchase of drawn portion of revolving credit facilities | (338 | ) | — | ||||
Cash paid on drawn revolvers | (9,026 | ) | (5,423 | ) | |||
Cash repayments on drawn revolvers | 5,182 | 7,092 | |||||
Interest and dividend receivable | (4,289 | ) | (4,923 | ) | |||
Receivable from affiliates | (287 | ) | (308 | ) | |||
Other assets | (758 | ) | 1,781 | ||||
Increase (decrease) in operating liabilities: | |||||||
Payable for unsettled securities purchased | 295 | 29,841 | |||||
Interest payable | (1,884 | ) | 2,094 | ||||
Management fee payable | 50 | 7,370 | |||||
Incentive fee payable | (1 | ) | 6,434 | ||||
Deferred tax liability | (110 | ) | (82 | ) | |||
Payable to affiliates | (223 | ) | 1,213 | ||||
Other liabilities | 2,758 | (101 | ) | ||||
Net cash flows used in operating activities | (139,257 | ) | (83,808 | ) | |||
Cash flows from financing activities | |||||||
Net proceeds from shares sold | 59,297 | — | |||||
Distributions paid | (25,978 | ) | (25,818 | ) | |||
Offering costs paid | (265 | ) | — | ||||
Proceeds from Holdings Credit Facility | 69,500 | 94,500 | |||||
Repayment of Holdings Credit Facility | (15,000 | ) | (51,200 | ) | |||
Proceeds from Unsecured Notes | — | 90,000 | |||||
Proceeds from NMFC Credit Facility | 110,000 | 65,000 | |||||
Repayment of NMFC Credit Facility | (35,000 | ) | (92,500 | ) | |||
Proceeds from DB Credit Facility | 25,000 | — | |||||
Repayment of DB Credit Facility | (32,000 | ) | — | ||||
Deferred financing costs paid | (390 | ) | (1,474 | ) | |||
Net cash flows provided by financing activities | 155,164 | 78,508 | |||||
Net increase (decrease) in cash and cash equivalents | 15,907 | (5,300 | ) | ||||
Cash and cash equivalents at the beginning of the period | 49,664 | 34,936 | |||||
Cash and cash equivalents at the end of the period | $ | 65,571 | $ | 29,636 | |||
Supplemental disclosure of cash flow information | |||||||
Cash interest paid | $ | 19,085 | $ | 7,577 | |||
Income taxes paid | 3 | 3 | |||||
Non-cash financing activities: | |||||||
Value of shares issued in connection with the distribution reinvestment plan | $ | 1,364 | $ | — | |||
Accrual for offering costs | 92 | 944 | |||||
Accrual for deferred financing costs | 119 | 171 |
Portfolio Company, Location and Industry (1) | Type of Investment | Interest Rate (11) | 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 Health Services ULC (fka Dentalcorp Perfect Smile ULC)** | |||||||||||||||||||||||
Healthcare Services | Second lien (3) | 10.00% (L + 7.50%/M) | 6/1/2018 | 6/8/2026 | $ | 12,130 | $ | 12,034 | $ | 11,948 | |||||||||||||
Second lien (3) | 10.00% (L + 7.50%/M) | 3/8/2019 | 6/8/2026 | 11,575 | 11,474 | 11,401 | |||||||||||||||||
Second lien (8) | 10.00% (L + 7.50%/M) | 6/1/2018 | 6/8/2026 | 7,500 | 7,440 | 7,388 | |||||||||||||||||
Second lien (3)(10) - Drawn | 10.00% (L + 7.50%/M) | 6/1/2018 | 6/8/2026 | 3,641 | 3,608 | 3,587 | |||||||||||||||||
34,846 | 34,556 | 34,324 | 3.17 | % | |||||||||||||||||||
Total Funded Debt Investments - Canada | $ | 34,846 | $ | 34,556 | $ | 34,324 | 3.17 | % | |||||||||||||||
Funded Debt Investments - United Kingdom | |||||||||||||||||||||||
Shine Acquisition Co. S.à.r.l / Boing US Holdco Inc.** | |||||||||||||||||||||||
Consumer Services | Second lien (2) | 10.24% (L + 7.50%/Q) | 9/25/2017 | 10/3/2025 | $ | 37,853 | $ | 37,654 | $ | 36,717 | |||||||||||||
Second lien (8) | 10.24% (L + 7.50%/Q) | 9/25/2017 | 10/3/2025 | 6,000 | 5,968 | 5,820 | |||||||||||||||||
43,853 | 43,622 | 42,537 | 3.93 | % | |||||||||||||||||||
Air Newco LLC** | |||||||||||||||||||||||
Software | First lien (2) | 7.24% (L + 4.75%/M) | 5/25/2018 | 5/31/2024 | 20,075 | 20,030 | 20,087 | 1.85 | % | ||||||||||||||
Total Funded Debt Investments - United Kingdom | $ | 63,928 | $ | 63,652 | $ | 62,624 | 5.78 | % | |||||||||||||||
Funded Debt Investments - United States | |||||||||||||||||||||||
Benevis Holding Corp. | |||||||||||||||||||||||
Healthcare Services | First lien (2)(9) | 9.06% (L + 6.32%/Q) | 3/15/2018 | 3/15/2024 | $ | 63,210 | $ | 63,210 | $ | 63,210 | |||||||||||||
First lien (8)(9) | 9.06% (L + 6.32%/Q) | 3/15/2018 | 3/15/2024 | 8,557 | 8,557 | 8,557 | |||||||||||||||||
First lien (3)(9) | 9.06% (L + 6.32%/Q) | 3/15/2018 | 3/15/2024 | 6,952 | 6,952 | 6,952 | |||||||||||||||||
78,719 | 78,719 | 78,719 | 7.27 | % | |||||||||||||||||||
Integro Parent Inc. | |||||||||||||||||||||||
Business Services | First lien (2)(9) | 8.37% (L + 5.75%/Q) | 10/9/2015 | 10/31/2022 | 51,113 | 50,837 | 51,113 | ||||||||||||||||
Second lien (8)(9) | 11.87% (L + 9.25%/Q) | 10/9/2015 | 10/30/2023 | 10,000 | 9,933 | 10,000 | |||||||||||||||||
61,113 | 60,770 | 61,113 | 5.64 | % | |||||||||||||||||||
Kronos Incorporated | |||||||||||||||||||||||
Software | Second lien (2) | 10.99% (L + 8.25%/Q) | 10/26/2012 | 11/1/2024 | 36,000 | 35,574 | 36,624 | ||||||||||||||||
Second lien (3) | 10.99% (L + 8.25%/Q) | 10/26/2012 | 11/1/2024 | 21,147 | 21,145 | 21,513 | |||||||||||||||||
57,147 | 56,719 | 58,137 | 5.38 | % | |||||||||||||||||||
Nomad Buyer, Inc. | |||||||||||||||||||||||
Healthcare Services | First lien (2) | 7.48% (L + 5.00%/M) | 8/3/2018 | 8/1/2025 | 58,878 | 57,062 | 57,333 | 5.29 | % | ||||||||||||||
CentralSquare Technologies, LLC | |||||||||||||||||||||||
Software | Second lien (3) | 10.00% (L + 7.50%/M) | 8/15/2018 | 8/31/2026 | 47,839 | 47,254 | 47,359 | ||||||||||||||||
Second lien (8) | 10.00% (L + 7.50%/M) | 8/15/2018 | 8/31/2026 | 7,500 | 7,408 | 7,425 | |||||||||||||||||
55,339 | 54,662 | 54,784 | 5.07 | % | |||||||||||||||||||
Dealer Tire, LLC | |||||||||||||||||||||||
Distribution & Logistics | First lien (2) | 8.00% (L + 5.50%/M) | 12/4/2018 | 12/12/2025 | 53,784 | 52,480 | 53,885 | 4.97 | % | ||||||||||||||
PhyNet Dermatology LLC | |||||||||||||||||||||||
Healthcare Services | First lien (2)(9) | 8.00% (L + 5.50%/M) | 9/17/2018 | 8/16/2024 | 50,752 | 50,281 | 50,244 | ||||||||||||||||
First lien (3)(9)(10) - Drawn | 7.99% (L + 5.50%/M) | 9/17/2018 | 8/16/2024 | 3,485 | 3,468 | 3,468 | |||||||||||||||||
54,237 | 53,749 | 53,712 | 4.96 | % |
Portfolio Company, Location and Industry (1) | Type of Investment | Interest Rate (11) | Acquisition Date | Maturity / Expiration Date | Principal Amount, Par Value or Shares | Cost | Fair Value | Percent of Net Assets | |||||||||||||||
NM GRC Holdco, LLC | |||||||||||||||||||||||
Business Services | First lien (2)(9) | 8.60% (L + 6.00%/Q) | 2/9/2018 | 2/9/2024 | $ | 38,638 | $ | 38,475 | $ | 38,638 | |||||||||||||
First lien (2)(9)(10) - Drawn | 8.60% (L + 6.00%/Q) | 2/9/2018 | 2/9/2024 | 10,739 | 10,690 | 10,738 | |||||||||||||||||
49,377 | 49,165 | 49,376 | 4.56 | % | |||||||||||||||||||
Associations, Inc. | |||||||||||||||||||||||
Business Services | First lien (2)(9) | 9.80% (L + 4.00% + 3.00% PIK/Q)* | 7/30/2018 | 7/30/2024 | 36,168 | 35,963 | 35,942 | ||||||||||||||||
First lien (8)(9) | 9.80% (L + 4.00% + 3.00% PIK/Q)* | 7/30/2018 | 7/30/2024 | 5,000 | 4,972 | 4,969 | |||||||||||||||||
First lien (3)(9)(10) - Drawn | 9.75% (L + 4.00% + 3.00% PIK/Q)* | 7/30/2018 | 7/30/2024 | 4,964 | 4,935 | 4,933 | |||||||||||||||||
46,132 | 45,870 | 45,844 | 4.24 | % | |||||||||||||||||||
Brave Parent Holdings, Inc. | |||||||||||||||||||||||
Software | Second lien (5) | 10.00% (L + 7.50%/M) | 4/17/2018 | 4/17/2026 | 22,500 | 22,396 | 22,416 | ||||||||||||||||
Second lien (2) | 10.00% (L + 7.50%/M) | 7/18/2018 | 4/17/2026 | 16,624 | 16,467 | 16,562 | |||||||||||||||||
Second lien (8) | 10.00% (L + 7.50%/M) | 7/18/2018 | 4/17/2026 | 6,000 | 5,943 | 5,977 | |||||||||||||||||
45,124 | 44,806 | 44,955 | 4.15 | % | |||||||||||||||||||
Quest Software US Holdings Inc. | |||||||||||||||||||||||
Software | Second lien (2) | 10.99% (L + 8.25%/Q) | 5/17/2018 | 5/18/2026 | 43,697 | 43,290 | 43,260 | 3.99 | % | ||||||||||||||
Frontline Technologies Group Holdings, LLC | |||||||||||||||||||||||
Education | First lien (4)(9) | 9.10% (L + 6.50%/Q) | 9/18/2017 | 9/18/2023 | 22,330 | 22,198 | 22,329 | ||||||||||||||||
First lien (2)(9) | 9.10% (L + 6.50%/Q) | 9/18/2017 | 9/18/2023 | 16,540 | 16,442 | 16,540 | |||||||||||||||||
First lien (3)(9)(10) - Drawn | 9.10% (L + 6.50%/Q) | 9/18/2017 | 9/18/2023 | 1,722 | 1,709 | 1,722 | |||||||||||||||||
40,592 | 40,349 | 40,591 | 3.75 | % | |||||||||||||||||||
Symplr Software Intermediate Holdings, Inc. (23) | |||||||||||||||||||||||
Symplr Software, Inc. (fka Caliper Software, Inc.) | |||||||||||||||||||||||
Healthcare Information Technology | First lien (2)(9) | 8.00% (L + 5.50%/M) | 11/30/2018 | 11/28/2025 | 25,754 | 25,563 | 25,561 | ||||||||||||||||
First lien (4)(9) | 8.00% (L + 5.50%/M) | 11/30/2018 | 11/28/2025 | 14,963 | 14,854 | 14,850 | |||||||||||||||||
40,717 | 40,417 | 40,411 | 3.73 | % | |||||||||||||||||||
Salient CRGT Inc. | |||||||||||||||||||||||
Federal Services | First lien (2) | 8.25% (L + 5.75%/M) | 1/6/2015 | 2/28/2022 | 40,154 | 39,801 | 39,652 | 3.66 | % | ||||||||||||||
Tenawa Resource Holdings LLC (13) | |||||||||||||||||||||||
Tenawa Resource Management LLC | |||||||||||||||||||||||
Energy | First lien (3)(9) | 10.91% (Base + 8.50%/M) | 5/12/2014 | 10/30/2024 | 39,400 | 39,344 | 39,400 | 3.64 | % | ||||||||||||||
Trader Interactive, LLC | |||||||||||||||||||||||
Business Services | First lien (2)(9) | 9.00% (L + 6.50%/M) | 6/15/2017 | 6/17/2024 | 32,177 | 31,998 | 32,177 | ||||||||||||||||
First lien (8)(9) | 9.00% (L + 6.50%/M) | 6/15/2017 | 6/17/2024 | 4,987 | 4,960 | 4,987 | |||||||||||||||||
37,164 | 36,958 | 37,164 | 3.43 | % | |||||||||||||||||||
Peraton Holding Corp. (fka MHVC Acquisition Corp.) | |||||||||||||||||||||||
Federal Services | First lien (2) | 7.75% (L + 5.25%/M) | 4/25/2017 | 4/29/2024 | 37,191 | 37,046 | 35,889 | 3.31 | % | ||||||||||||||
TDG Group Holding Company | |||||||||||||||||||||||
Consumer Services | First lien (2)(9) | 8.10% (L + 5.50%/Q) | 5/22/2018 | 5/31/2024 | 25,049 | 24,938 | 24,924 | ||||||||||||||||
First lien (8)(9) | 8.10% (L + 5.50%/Q) | 5/22/2018 | 5/31/2024 | 4,987 | 4,965 | 4,963 | |||||||||||||||||
First lien (2)(9) | 8.10% (L + 5.50%/Q) | 5/22/2018 | 5/31/2024 | 3,346 | 3,331 | 3,329 | |||||||||||||||||
First lien (3)(9)(10) - Drawn | 8.03% (L + 5.50%/Q) | 5/22/2018 | 5/31/2024 | 1,261 | 1,255 | 1,255 | |||||||||||||||||
34,643 | 34,489 | 34,471 | 3.19 | % |
Portfolio Company, Location and Industry (1) | Type of Investment | Interest Rate (11) | Acquisition Date | Maturity / Expiration Date | Principal Amount, Par Value or Shares | Cost | Fair Value | Percent of Net Assets | |||||||||||||||
Geo Parent Corporation | |||||||||||||||||||||||
Business Services | First lien (2) | 8.06% (L + 5.50%/Q) | 12/13/2018 | 12/19/2025 | $ | 33,578 | $ | 33,414 | $ | 33,494 | 3.09 | % | |||||||||||
Finalsite Holdings, Inc. | |||||||||||||||||||||||
Software | First lien (4)(9) | 8.25% (L + 5.50%/Q) | 9/28/2018 | 9/25/2024 | 22,388 | 22,231 | 22,220 | ||||||||||||||||
First lien (2)(9) | 8.25% (L + 5.50%/Q) | 9/28/2018 | 9/25/2024 | 11,058 | 10,980 | 10,974 | |||||||||||||||||
33,446 | 33,211 | 33,194 | 3.06 | % | |||||||||||||||||||
Navicure, Inc. | |||||||||||||||||||||||
Healthcare Services | Second lien (2) | 10.00% (L + 7.50%/M) | 10/23/2017 | 10/31/2025 | 25,970 | 25,908 | 25,580 | ||||||||||||||||
Second lien (8) | 10.00% (L + 7.50%/M) | 10/23/2017 | 10/31/2025 | 6,000 | 5,986 | 5,910 | |||||||||||||||||
31,970 | 31,894 | 31,490 | 2.91 | % | |||||||||||||||||||
iCIMS, Inc. | |||||||||||||||||||||||
Software | First lien (8)(9) | 8.99% (L + 6.50%/M) | 9/12/2018 | 9/12/2024 | 31,636 | 31,342 | 31,320 | 2.89 | % | ||||||||||||||
Ansira Holdings, Inc. | |||||||||||||||||||||||
Business Services | First lien (8) | 8.25% (L + 5.75%/M) | 12/19/2016 | 12/20/2022 | 28,672 | 28,578 | 28,600 | ||||||||||||||||
First lien (3)(10) - Drawn | 8.25% (L + 5.75%/M) | 12/19/2016 | 12/20/2022 | 1,789 | 1,782 | 1,784 | |||||||||||||||||
30,461 | 30,360 | 30,384 | 2.80 | % | |||||||||||||||||||
Keystone Acquisition Corp. | |||||||||||||||||||||||
Healthcare Services | First lien (2) | 7.85% (L + 5.25%/Q) | 5/10/2017 | 5/1/2024 | 24,670 | 24,540 | 24,176 | ||||||||||||||||
Second lien (2) | 11.85% (L + 9.25%/Q) | 5/10/2017 | 5/1/2025 | 4,500 | 4,462 | 4,410 | |||||||||||||||||
29,170 | 29,002 | 28,586 | 2.64 | % | |||||||||||||||||||
Sovos Brands Intermediate, Inc. | |||||||||||||||||||||||
Food & Beverage | First lien (2) | 7.50% (L + 5.00%/M) | 11/16/2018 | 11/20/2025 | 28,169 | 28,033 | 27,887 | 2.57 | % | ||||||||||||||
Conservice, LLC | |||||||||||||||||||||||
Business Services | First lien (2)(9) | 7.75% (L + 5.25%/M) | 1/3/2019 | 11/29/2024 | 25,502 | 25,378 | 25,375 | 2.34 | % | ||||||||||||||
EN Engineering, LLC | |||||||||||||||||||||||
Business Services | First lien (2)(9) | 7.00% (L + 4.50%/M) | 7/30/2015 | 6/30/2021 | 23,286 | 23,177 | 23,286 | ||||||||||||||||
First lien (2)(9) | 7.00% (L + 4.50%/M) | 7/30/2015 | 6/30/2021 | 1,347 | 1,340 | 1,347 | |||||||||||||||||
24,633 | 24,517 | 24,633 | 2.27 | % | |||||||||||||||||||
DCA Investment Holding, LLC | |||||||||||||||||||||||
Healthcare Services | First lien (2)(9) | 7.85% (L + 5.25%/Q) | 7/2/2015 | 7/2/2021 | 17,229 | 17,157 | 17,229 | ||||||||||||||||
First lien (3)(9) | 7.85% (L + 5.25%/Q) | 12/20/2017 | 7/2/2021 | 4,216 | 4,184 | 4,216 | |||||||||||||||||
First lien (3)(9)(10) - Drawn | 7.85% (L + 5.25%/Q) | 12/20/2017 | 7/2/2021 | 2,886 | 2,865 | 2,886 | |||||||||||||||||
First lien (3)(9)(10) - Drawn | 9.75% (P + 4.25%/Q) | 7/2/2015 | 7/2/2021 | 41 | 41 | 41 | |||||||||||||||||
24,372 | 24,247 | 24,372 | 2.25 | % | |||||||||||||||||||
SW Holdings, LLC | |||||||||||||||||||||||
Business Services | Second lien (4)(9) | 11.35% (L + 8.75%/Q) | 6/30/2015 | 12/30/2021 | 18,161 | 18,060 | 18,161 | ||||||||||||||||
Second lien (3)(9) | 11.35% (L + 8.75%/Q) | 4/16/2018 | 12/30/2021 | 6,181 | 6,133 | 6,181 | |||||||||||||||||
24,342 | 24,193 | 24,342 | 2.25 | % | |||||||||||||||||||
Apptio, Inc. | |||||||||||||||||||||||
Software | First lien (8)(9) | 9.74% (L + 7.25%/M) | 1/10/2019 | 1/10/2025 | 24,796 | 24,314 | 24,300 | 2.24 | % | ||||||||||||||
iPipeline, Inc. (Internet Pipeline, Inc.) | |||||||||||||||||||||||
Software | First lien (4)(9) | 7.25% (L + 4.75%/M) | 8/4/2015 | 8/4/2022 | 17,370 | 17,275 | 17,370 | ||||||||||||||||
First lien (4)(9) | 7.25% (L + 4.75%/M) | 6/16/2017 | 8/4/2022 | 4,520 | 4,504 | 4,520 | |||||||||||||||||
First lien (2)(9) | 7.25% (L + 4.75%/M) | 9/25/2017 | 8/4/2022 | 1,146 | 1,142 | 1,146 | |||||||||||||||||
First lien (4)(9) | 7.25% (L + 4.75%/M) | 9/25/2017 | 8/4/2022 | 504 | 503 | 504 | |||||||||||||||||
23,540 | 23,424 | 23,540 | 2.17 | % |
Portfolio Company, Location and Industry (1) | Type of Investment | Interest Rate (11) | Acquisition Date | Maturity / Expiration Date | Principal Amount, Par Value or Shares | Cost | Fair Value | Percent of Net Assets | |||||||||||||||
Spring Education Group, Inc. (fka SSH Group Holdings, Inc.) | |||||||||||||||||||||||
Education | Second lien (2) | 10.75% (L + 8.25%/M) | 7/26/2018 | 7/30/2026 | $ | 22,533 | $ | 22,456 | $ | 22,589 | 2.09 | % | |||||||||||
CRCI Longhorn Holdings, Inc. | |||||||||||||||||||||||
Business Services | Second lien (3) | 9.75% (L + 7.25%/M) | 8/2/2018 | 8/10/2026 | 14,349 | 14,297 | 14,205 | ||||||||||||||||
Second lien (8) | 9.75% (L + 7.25%/M) | 8/2/2018 | 8/10/2026 | 7,500 | 7,473 | 7,425 | |||||||||||||||||
21,849 | 21,770 | 21,630 | 2.00 | % | |||||||||||||||||||
AAC Holding Corp. | |||||||||||||||||||||||
Education | First lien (2)(9) | 10.74% (L + 8.25%/M) | 9/30/2015 | 9/30/2020 | 22,214 | 22,099 | 21,412 | 1.98 | % | ||||||||||||||
Avatar Topco, Inc. (22) | |||||||||||||||||||||||
EAB Global, Inc. | |||||||||||||||||||||||
Education | Second lien (3) | 10.16% (L + 7.50%/S) | 11/17/2017 | 11/17/2025 | 13,950 | 13,766 | 13,811 | ||||||||||||||||
Second lien (8) | 10.16% (L + 7.50%/S) | 11/17/2017 | 11/17/2025 | 7,500 | 7,401 | 7,425 | |||||||||||||||||
21,450 | 21,167 | 21,236 | 1.96 | % | |||||||||||||||||||
National Mentor Holdings, Inc. (aka Civitas Solutions, Inc.) | |||||||||||||||||||||||
Healthcare Services | Second lien (2) | 11.00% (L + 8.50%/M) | 2/5/2019 | 3/8/2027 | 21,051 | 20,579 | 20,735 | 1.91 | % | ||||||||||||||
Help/Systems Holdings, Inc. | |||||||||||||||||||||||
Software | Second lien (5) | 10.25% (L + 7.75%/M) | 3/23/2018 | 3/27/2026 | 20,231 | 20,139 | 20,130 | 1.86 | % | ||||||||||||||
Institutional Shareholder Services, Inc. | |||||||||||||||||||||||
Business Services | Second lien (3) | 11.12% (L + 8.50%/Q) | 3/5/2019 | 3/5/2027 | 20,372 | 20,068 | 20,067 | 1.85 | % | ||||||||||||||
DiversiTech Holdings, Inc. | |||||||||||||||||||||||
Distribution & Logistics | Second lien (3) | 10.10% (L + 7.50%/Q) | 5/18/2017 | 6/2/2025 | 12,000 | 11,900 | 11,640 | ||||||||||||||||
Second lien (8) | 10.10% (L + 7.50%/Q) | 5/18/2017 | 6/2/2025 | 7,500 | 7,438 | 7,275 | |||||||||||||||||
19,500 | 19,338 | 18,915 | 1.75 | % | |||||||||||||||||||
Integral Ad Science, Inc. | |||||||||||||||||||||||
Software | First lien (8)(9) | 9.75% (L + 6.00% + 1.25% PIK/M)* | 7/19/2018 | 7/19/2024 | 18,735 | 18,566 | 18,548 | 1.71 | % | ||||||||||||||
FR Arsenal Holdings II Corp. | |||||||||||||||||||||||
Business Services | First lien (2)(9) | 9.88% (L + 7.25%/Q) | 9/29/2016 | 9/8/2022 | 18,497 | 18,365 | 18,497 | 1.71 | % | ||||||||||||||
The Kleinfelder Group, Inc. | |||||||||||||||||||||||
Business Services | First lien (4)(9) | 7.16% (L + 4.75%/W) | 12/18/2018 | 11/29/2024 | 17,456 | 17,372 | 17,369 | 1.60 | % | ||||||||||||||
Navex Topco, Inc. |