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 |
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 |
Large accelerated filer ý | Accelerated filer o | |||
Non-accelerated filer o | Smaller reporting company o | |||
Emerging growth company o |
Description | Shares as of August 7, 2019 | |
Common stock, par value $0.01 per share | 87,510,302 |
PAGE | ||
Item 1. | Financial Statements |
June 30, 2019 | December 31, 2018 | ||||||
Assets | |||||||
Investments at fair value | |||||||
Non-controlled/non-affiliated investments (cost of $2,139,158 and $1,868,785, respectively) | $ | 2,144,134 | $ | 1,861,323 | |||
Non-controlled/affiliated investments (cost of $80,065 and $78,438, respectively) | 76,592 | 77,493 | |||||
Controlled investments (cost of $399,317 and $382,503, respectively) | 422,370 | 403,137 | |||||
Total investments at fair value (cost of $2,618,540 and $2,329,726, respectively) | 2,643,096 | 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 | 87,161 | 49,664 | |||||
Interest and dividend receivable | 33,385 | 30,081 | |||||
Receivable from affiliates | 297 | 288 | |||||
Other assets | 3,869 | 3,172 | |||||
Total assets | $ | 2,791,316 | $ | 2,448,666 | |||
Liabilities | |||||||
Borrowings | |||||||
Holdings Credit Facility | $ | 549,063 | $ | 512,563 | |||
Unsecured Notes | 453,250 | 336,750 | |||||
Convertible Notes | 201,674 | 270,301 | |||||
SBA-guaranteed debentures | 165,000 | 165,000 | |||||
NMFC Credit Facility | 135,000 | 60,000 | |||||
DB Credit Facility | 100,000 | 57,000 | |||||
Deferred financing costs (net of accumulated amortization of $25,481 and $22,234, respectively) | (16,469 | ) | (17,515 | ) | |||
Net borrowings | 1,587,518 | 1,384,099 | |||||
Payable for unsettled securities purchased | 84,930 | 20,147 | |||||
Interest payable | 15,501 | 12,397 | |||||
Management fee payable | 8,817 | 8,392 | |||||
Incentive fee payable | 6,987 | 6,864 | |||||
Deferred tax liability | 1,166 | 1,006 | |||||
Payable to affiliates | 451 | 1,021 | |||||
Other liabilities | 5,029 | 8,471 | |||||
Total liabilities | 1,710,399 | 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, 200,000,000 and 100,000,000 shares authorized, respectively, and 80,610,302 and 76,106,372 shares issued and outstanding, respectively | 806 | 761 | |||||
Paid in capital in excess of par | 1,097,286 | 1,035,629 | |||||
Accumulated overdistributed earnings | (17,175 | ) | (30,121 | ) | |||
Total net assets | $ | 1,080,917 | $ | 1,006,269 | |||
Total liabilities and net assets | $ | 2,791,316 | $ | 2,448,666 | |||
Number of shares outstanding | 80,610,302 | 76,106,372 | |||||
Net asset value per share | $ | 13.41 | $ | 13.22 |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, 2019 | June 30, 2018 | June 30, 2019 | June 30, 2018 | ||||||||||||
Investment income | |||||||||||||||
From non-controlled/non-affiliated investments: | |||||||||||||||
Interest income | $ | 48,018 | $ | 38,510 | $ | 92,475 | $ | 73,946 | |||||||
Dividend income | — | — | — | 486 | |||||||||||
Non-cash dividend income | 2,069 | 1,439 | 4,043 | 2,763 | |||||||||||
Other income | 1,841 | 1,013 | 4,095 | 3,881 | |||||||||||
From non-controlled/affiliated investments: | |||||||||||||||
Interest income | 1,033 | 210 | 2,037 | 312 | |||||||||||
Dividend income | 812 | 791 | 1,538 | 1,636 | |||||||||||
Non-cash dividend income | 301 | 4,017 | 592 | 8,026 | |||||||||||
Other income | 301 | 912 | 592 | 1,214 | |||||||||||
From controlled investments: | |||||||||||||||
Interest income | 2,584 | 1,370 | 5,047 | 2,571 | |||||||||||
Dividend income | 7,265 | 4,591 | 15,722 | 8,830 | |||||||||||
Non-cash dividend income | 2,128 | 1,508 | 4,173 | 2,962 | |||||||||||
Other income | 113 | 237 | 342 | 860 | |||||||||||
Total investment income | 66,465 | 54,598 | 130,656 | 107,487 | |||||||||||
Expenses | |||||||||||||||
Incentive fee | 6,987 | 6,430 | 13,850 | 12,864 | |||||||||||
Management fee | 11,640 | 9,301 | 22,615 | 17,993 | |||||||||||
Interest and other financing expenses | 20,719 | 12,824 | 39,865 | 24,114 | |||||||||||
Professional fees | 886 | 708 | 1,652 | 1,402 | |||||||||||
Administrative expenses | 1,049 | 822 | 2,144 | 1,761 | |||||||||||
Other general and administrative expenses | 398 | 518 | 810 | 928 | |||||||||||
Total expenses | 41,679 | 30,603 | 80,936 | 59,062 | |||||||||||
Less: management fees waived (See Note 5) | (2,823 | ) | (1,495 | ) | (5,356 | ) | (2,817 | ) | |||||||
Less: expenses waived and reimbursed (See Note 5) | (335 | ) | (276 | ) | (335 | ) | (276 | ) | |||||||
Net expenses | 38,521 | 28,832 | 75,245 | 55,969 | |||||||||||
Net investment income before income taxes | 27,944 | 25,766 | 55,411 | 51,518 | |||||||||||
Income tax expense | (4 | ) | 45 | 13 | 61 | ||||||||||
Net investment income | 27,948 | 25,721 | 55,398 | 51,457 | |||||||||||
Net realized gains (losses): | |||||||||||||||
Non-controlled/non-affiliated investments | 47 | (6,609 | ) | 90 | (6,403 | ) | |||||||||
Controlled investments | 5 | — | 8 | — | |||||||||||
Net change in unrealized appreciation (depreciation): | |||||||||||||||
Non-controlled/non-affiliated investments | 2,677 | (14,500 | ) | 12,440 | (18,021 | ) | |||||||||
Non-controlled/affiliated investments | (1,637 | ) | 8,270 | (2,528 | ) | 10,079 | |||||||||
Controlled investments | (5,025 | ) | 11,317 | 2,417 | 10,861 | ||||||||||
Securities purchased under collateralized agreements to resell | — | — | — | (12 | ) | ||||||||||
Provision for taxes | (270 | ) | (1,066 | ) | (160 | ) | (984 | ) | |||||||
Net realized and unrealized gains (losses) | (4,203 | ) | (2,588 | ) | 12,267 | (4,480 | ) | ||||||||
Net increase in net assets resulting from operations | $ | 23,745 | $ | 23,133 | $ | 67,665 | $ | 46,977 | |||||||
Basic earnings per share | $ | 0.29 | $ | 0.30 | $ | 0.85 | $ | 0.62 | |||||||
Weighted average shares of common stock outstanding - basic (See Note 11) | 80,522,426 | 75,938,857 | 79,495,737 | 75,936,986 | |||||||||||
Diluted earnings per share | $ | 0.27 | $ | 0.29 | $ | 0.76 | $ | 0.58 | |||||||
Weighted average shares of common stock outstanding - diluted (See Note 11) | 97,693,499 | 85,762,984 | 96,780,587 | 85,761,113 | |||||||||||
Distributions declared and paid per share | $ | 0.34 | $ | 0.34 | $ | 0.68 | $ | 0.68 |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, 2019 | June 30, 2018 | June 30, 2019 | June 30, 2018 | ||||||||||||
Increase (decrease) in net assets resulting from operations: | |||||||||||||||
Net investment income | $ | 27,948 | $ | 25,721 | $ | 55,398 | $ | 51,457 | |||||||
Net realized gains (losses) on investments | 52 | (6,609 | ) | 98 | (6,403 | ) | |||||||||
Net change in unrealized (depreciation) appreciation of investments | (3,985 | ) | 5,087 | 12,329 | 2,919 | ||||||||||
Net change in unrealized depreciation of securities purchased under collateralized agreements to resell | — | — | — | (12 | ) | ||||||||||
Provision for taxes | (270 | ) | (1,066 | ) | (160 | ) | (984 | ) | |||||||
Net increase in net assets resulting from operations | 23,745 | 23,133 | 67,665 | 46,977 | |||||||||||
Capital transactions | |||||||||||||||
Net proceeds from shares sold | — | — | 59,297 | — | |||||||||||
Deferred offering costs | — | — | (229 | ) | — | ||||||||||
Distributions declared to stockholders from net investment income | (27,377 | ) | (25,818 | ) | (54,719 | ) | (51,636 | ) | |||||||
Reinvestment of distributions | 1,270 | 2,330 | 2,634 | 2,330 | |||||||||||
Total net increase (decrease) in net assets resulting from capital transactions | (26,107 | ) | (23,488 | ) | 6,983 | (49,306 | ) | ||||||||
Net increase (decrease) in net assets | (2,362 | ) | (355 | ) | 74,648 | (2,329 | ) | ||||||||
Net assets at the beginning of the period | 1,083,279 | 1,033,001 | 1,006,269 | 1,034,975 | |||||||||||
Net assets at the end of the period | $ | 1,080,917 | $ | 1,032,646 | $ | 1,080,917 | $ | 1,032,646 | |||||||
Capital share activity | |||||||||||||||
Shares sold | — | — | 4,312,500 | — | |||||||||||
Shares issued from the reinvestment of distributions | 90,872 | 171,279 | 191,430 | 171,279 | |||||||||||
Net increase in shares outstanding | 90,872 | 171,279 | 4,503,930 | 171,279 |
Six Months Ended | |||||||
June 30, 2019 | June 30, 2018 | ||||||
Cash flows from operating activities | |||||||
Net increase in net assets resulting from operations | $ | 67,665 | $ | 46,977 | |||
Adjustments to reconcile net (increase) decrease in net assets resulting from operations to net cash provided by (used in) operating activities: | |||||||
Net realized (gains) losses on investments | (98 | ) | 6,403 | ||||
Net change in unrealized appreciation of investments | (12,329 | ) | (2,919 | ) | |||
Net change in unrealized depreciation of securities purchased under collateralized agreements to resell | — | 12 | |||||
Amortization of purchase discount | (2,205 | ) | (2,592 | ) | |||
Amortization of deferred financing costs | 3,247 | 2,651 | |||||
Amortization of premium on Convertible Notes | (57 | ) | (55 | ) | |||
Non-cash investment income | (14,274 | ) | (8,559 | ) | |||
(Increase) decrease in operating assets: | |||||||
Purchase of investments and delayed draw facilities | (341,402 | ) | (549,417 | ) | |||
Proceeds from sales and paydowns of investments | 74,268 | 296,835 | |||||
Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities | 88 | 588 | |||||
Cash paid for purchase of drawn portion of revolving credit facilities | (338 | ) | (11,631 | ) | |||
Cash paid on drawn revolvers | (13,181 | ) | (11,004 | ) | |||
Cash repayments on drawn revolvers | 8,328 | 9,938 | |||||
Interest and dividend receivable | (3,304 | ) | (10,553 | ) | |||
Receivable from affiliates | (9 | ) | (609 | ) | |||
Other assets | (802 | ) | 4,597 | ||||
Increase (decrease) in operating liabilities: | |||||||
Payable for unsettled securities purchased | 64,783 | 29,903 | |||||
Interest payable | 3,104 | 1,992 | |||||
Management fee payable | 425 | 15,175 | |||||
Incentive fee payable | 123 | 12,864 | |||||
Deferred tax liability | 160 | 984 | |||||
Payable to affiliates | (570 | ) | 1,625 | ||||
Other liabilities | (3,360 | ) | 8,469 | ||||
Net cash flows used in operating activities | (169,738 | ) | (158,326 | ) | |||
Cash flows from financing activities | |||||||
Net proceeds from shares sold | 59,297 | — | |||||
Distributions paid | (52,085 | ) | (49,306 | ) | |||
Offering costs paid | (380 | ) | (40 | ) | |||
Proceeds from Holdings Credit Facility | 119,500 | 152,500 | |||||
Repayment of Holdings Credit Facility | (83,000 | ) | (74,400 | ) | |||
Proceeds from Convertible Notes | 86,681 | — | |||||
Repayments from Convertible Notes | (155,250 | ) | — | ||||
Proceeds from Unsecured Notes | 116,500 | 90,000 | |||||
Proceeds from SBA-guaranteed debentures | — | 13,000 | |||||
Proceeds from NMFC Credit Facility | 245,000 | 120,000 | |||||
Repayment of NMFC Credit Facility | (170,000 | ) | (92,500 | ) | |||
Proceeds from DB Credit Facility | 95,000 | — | |||||
Repayment of DB Credit Facility | (52,000 | ) | — | ||||
Deferred financing costs paid | (2,028 | ) | (1,916 | ) | |||
Net cash flows provided by financing activities | 207,235 | 157,338 | |||||
Net increase (decrease) in cash and cash equivalents | 37,497 | (988 | ) | ||||
Cash and cash equivalents at the beginning of the period | 49,664 | 34,936 | |||||
Cash and cash equivalents at the end of the period | $ | 87,161 | $ | 33,948 | |||
Supplemental disclosure of cash flow information | |||||||
Cash interest paid | $ | 34,452 | $ | 18,871 | |||
Income taxes paid | 10 | 216 | |||||
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 | $ | 2,634 | $ | 2,330 | |||
Accrual for offering costs | 40 | 904 | |||||
Accrual for deferred financing costs | 336 | 170 |
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) | 9.90% (L + 7.50%/M) | 6/1/2018 | 6/8/2026 | $ | 28,613 | $ | 28,377 | $ | 28,040 | |||||||||||||
Second lien (8) | 9.90% (L + 7.50%/M) | 6/1/2018 | 6/8/2026 | 7,500 | 7,442 | 7,350 | |||||||||||||||||
36,113 | 35,819 | 35,390 | 3.27 | % | |||||||||||||||||||
Wolfpack IP Co.** | |||||||||||||||||||||||
Software | First lien (2) | 8.90% (L + 6.50%/M) | 6/14/2019 | 6/13/2025 | 9,091 | 9,001 | 9,000 | 0.83 | % | ||||||||||||||
Total Funded Debt Investments - Canada | $ | 45,204 | $ | 44,820 | $ | 44,390 | 4.10 | % | |||||||||||||||
Funded Debt Investments - United Kingdom | |||||||||||||||||||||||
Shine Acquisition Co. S.à.r.l / Boing US Holdco Inc.** | |||||||||||||||||||||||
Consumer Services | Second lien (2) | 9.92% (L + 7.50%/M) | 9/25/2017 | 10/3/2025 | $ | 37,853 | $ | 37,659 | $ | 37,664 | |||||||||||||
Second lien (8) | 9.92% (L + 7.50%/M) | 9/25/2017 | 10/3/2025 | 6,000 | 5,969 | 5,970 | |||||||||||||||||
43,853 | 43,628 | 43,634 | 4.04 | % | |||||||||||||||||||
Air Newco LLC** | |||||||||||||||||||||||
Software | First lien (2) | 7.16% (L + 4.75%/M) | 5/25/2018 | 5/31/2024 | 20,024 | 19,982 | 20,024 | 1.85 | % | ||||||||||||||
Total Funded Debt Investments - United Kingdom | $ | 63,877 | $ | 63,610 | $ | 63,658 | 5.89 | % | |||||||||||||||
Funded Debt Investments - United States | |||||||||||||||||||||||
Benevis Holding Corp. | |||||||||||||||||||||||
Healthcare Services | First lien (2)(9) | 8.90% (L + 6.32%/Q) | 3/15/2018 | 3/15/2024 | $ | 63,051 | $ | 63,051 | $ | 63,051 | |||||||||||||
First lien (8)(9) | 8.90% (L + 6.32%/Q) | 3/15/2018 | 3/15/2024 | 15,470 | 15,470 | 15,470 | |||||||||||||||||
First lien (3)(9)(10) - Drawn | 8.91% (L + 6.32%/Q) | 3/29/2019 | 3/15/2024 | 626 | 626 | 626 | |||||||||||||||||
79,147 | 79,147 | 79,147 | 7.32 | % | |||||||||||||||||||
Integro Parent Inc. | |||||||||||||||||||||||
Business Services | First lien (2)(9) | 8.24% (L + 5.75%/Q) | 10/9/2015 | 10/31/2022 | 50,981 | 50,723 | 50,980 | ||||||||||||||||
Second lien (8)(9) | 11.76% (L + 9.25%/Q) | 10/9/2015 | 10/30/2023 | 10,000 | 9,936 | 10,000 | |||||||||||||||||
60,981 | 60,659 | 60,980 | 5.64 | % | |||||||||||||||||||
Kronos Incorporated | |||||||||||||||||||||||
Software | Second lien (2) | 10.83% (L + 8.25%/Q) | 10/26/2012 | 11/1/2024 | 46,000 | 45,587 | 47,629 | ||||||||||||||||
Second lien (8) | 10.83% (L + 8.25%/Q) | 10/26/2012 | 11/1/2024 | 11,147 | 11,147 | 11,541 | |||||||||||||||||
57,147 | 56,734 | 59,170 | 5.47 | % | |||||||||||||||||||
Nomad Buyer, Inc. | |||||||||||||||||||||||
Healthcare Services | First lien (2) | 7.41% (L + 5.00%/M) | 8/3/2018 | 8/1/2025 | 58,730 | 56,975 | 58,436 | 5.41 | % | ||||||||||||||
PhyNet Dermatology LLC | |||||||||||||||||||||||
Healthcare Services | First lien (2)(9) | 7.90% (L + 5.50%/M) | 9/17/2018 | 8/16/2024 | 50,624 | 50,173 | 50,117 | ||||||||||||||||
First lien (3)(9)(10) - Drawn | 7.90% (L + 5.50%/M) | 9/17/2018 | 8/16/2024 | 6,970 | 6,937 | 6,935 | |||||||||||||||||
57,594 | 57,110 | 57,052 | 5.28 | % | |||||||||||||||||||
CentralSquare Technologies, LLC | |||||||||||||||||||||||
Software | Second lien (3) | 9.90% (L + 7.50%/M) | 8/15/2018 | 8/31/2026 | 47,839 | 47,268 | 47,360 | ||||||||||||||||
Second lien (8) | 9.90% (L + 7.50%/M) | 8/15/2018 | 8/31/2026 | 7,500 | 7,411 | 7,425 | |||||||||||||||||
55,339 | 54,679 | 54,785 | 5.07 | % | |||||||||||||||||||
Dealer Tire, LLC | |||||||||||||||||||||||
Distribution & Logistics | First lien (2) | 7.87% (L + 5.50%/M) | 12/4/2018 | 12/12/2025 | 53,649 | 52,386 | 53,716 | 4.97 | % |
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 | |||||||||||||||
Salient CRGT Inc. | |||||||||||||||||||||||
Federal Services | First lien (2) | 8.40% (L + 6.00%/M) | 1/6/2015 | 2/28/2022 | $ | 39,873 | $ | 39,550 | $ | 38,279 | |||||||||||||
First lien (8) | 8.40% (L + 6.00%/M) | 6/6/2019 | 2/28/2022 | 13,625 | 13,080 | 13,080 | |||||||||||||||||
53,498 | 52,630 | 51,359 | 4.75 | % | |||||||||||||||||||
NM GRC Holdco, LLC | |||||||||||||||||||||||
Business Services | First lien (2)(9) | 8.33% (L + 6.00%/Q) | 2/9/2018 | 2/9/2024 | 38,541 | 38,385 | 38,541 | ||||||||||||||||
First lien (2)(9)(10) - Drawn | 8.33% (L + 6.00%/Q) | 2/9/2018 | 2/9/2024 | 10,712 | 10,665 | 10,712 | |||||||||||||||||
49,253 | 49,050 | 49,253 | 4.56 | % | |||||||||||||||||||
Associations, Inc. | |||||||||||||||||||||||
Business Services | First lien (2)(9) | 9.60% (L + 4.00% + 3.00% PIK/Q)* | 7/30/2018 | 7/30/2024 | 36,439 | 36,243 | 36,211 | ||||||||||||||||
First lien (8)(9) | 9.60% (L + 4.00% + 3.00% PIK/Q)* | 7/30/2018 | 7/30/2024 | 5,038 | 5,010 | 5,006 | |||||||||||||||||
First lien (3)(9)(10) - Drawn | 9.59% (L + 4.00% + 3.00% PIK/Q)* | 7/30/2018 | 7/30/2024 | 5,943 | 5,910 | 5,906 | |||||||||||||||||
47,420 | 47,163 | 47,123 | 4.36 | % | |||||||||||||||||||
Brave Parent Holdings, Inc. | |||||||||||||||||||||||
Software | Second lien (5) | 10.08% (L + 7.50%/Q) | 4/17/2018 | 4/17/2026 | 22,500 | 22,399 | 22,416 | ||||||||||||||||
Second lien (2) | 10.08% (L + 7.50%/Q) | 4/17/2018 | 4/17/2026 | 16,624 | 16,471 | 16,562 | |||||||||||||||||
Second lien (8) | 10.08% (L + 7.50%/Q) | 4/17/2018 | 4/17/2026 | 6,000 | 5,945 | 5,978 | |||||||||||||||||
45,124 | 44,815 | 44,956 | 4.16 | % | |||||||||||||||||||
Quest Software US Holdings Inc. | |||||||||||||||||||||||
Software | Second lien (2) | 10.83% (L + 8.25%/Q) | 5/17/2018 | 5/18/2026 | 43,697 | 43,300 | 43,005 | 3.98 | % | ||||||||||||||
Frontline Technologies Group Holdings, LLC | |||||||||||||||||||||||
Education | First lien (4)(9) | 8.83% (L + 6.50%/Q) | 9/18/2017 | 9/18/2023 | 22,273 | 22,148 | 22,273 | ||||||||||||||||
First lien (2)(9) | 8.83% (L + 6.50%/Q) | 9/18/2017 | 9/18/2023 | 16,499 | 16,404 | 16,499 | |||||||||||||||||
First lien (3)(9)(10) - Drawn | 8.83% (L + 6.50%/Q) | 9/18/2017 | 9/18/2023 | 1,717 | 1,705 | 1,717 | |||||||||||||||||
40,489 | 40,257 | 40,489 | 3.75 | % | |||||||||||||||||||
Symplr Software Intermediate Holdings, Inc. (23) | |||||||||||||||||||||||
Symplr Software, Inc. (fka Caliper Software, Inc.) | |||||||||||||||||||||||
Healthcare Information Technology | First lien (2)(9) | 8.33% (L + 6.00%/Q) | 11/30/2018 | 11/28/2025 | 25,690 | 25,504 | 25,497 | ||||||||||||||||
First lien (4)(9) | 8.33% (L + 6.00%/Q) | 11/30/2018 | 11/28/2025 | 14,925 | 14,820 | 14,813 | |||||||||||||||||
40,615 | 40,324 | 40,310 | 3.73 | % | |||||||||||||||||||
iCIMS, Inc. | |||||||||||||||||||||||
Software | First lien (8)(9) | 8.90% (L + 6.50%/M) | 9/12/2018 | 9/12/2024 | 31,636 | 31,353 | 31,320 | ||||||||||||||||
First lien (8)(9) | 8.90% (L + 6.50%/M) | 6/14/2019 | 9/12/2024 | 8,667 | 8,580 | 8,580 | |||||||||||||||||
40,303 | 39,933 | 39,900 | 3.69 | % | |||||||||||||||||||
Tenawa Resource Holdings LLC (13) | |||||||||||||||||||||||
Tenawa Resource Management LLC | |||||||||||||||||||||||
Energy | First lien (3)(9) | 10.90% (Base + 8.50%/Q) | 5/12/2014 | 10/30/2024 | 39,300 | 39,246 | 39,300 | 3.64 | % | ||||||||||||||
Trader Interactive, LLC | |||||||||||||||||||||||
Business Services | First lien (2)(9) | 8.90% (L + 6.50%/M) | 6/15/2017 | 6/17/2024 | 32,095 | 31,924 | 32,095 | ||||||||||||||||
First lien (8)(9) | 8.90% (L + 6.50%/M) | 6/15/2017 | 6/17/2024 | 4,975 | 4,948 | 4,975 | |||||||||||||||||
37,070 | 36,872 | 37,070 | 3.43 | % | |||||||||||||||||||
Peraton Holding Corp. (fka MHVC Acquisition Corp.) | |||||||||||||||||||||||
Federal Services | First lien (2) | 7.66% (L + 5.25%/M) | 4/25/2017 | 4/29/2024 | 37,096 | 36,957 | 36,864 | 3.41 | % |
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 | |||||||||||||||
TDG Group Holding Company | |||||||||||||||||||||||
Consumer Services | First lien (2)(9) | 7.83% (L + 5.50%/Q) | 5/22/2018 | 5/31/2024 | $ | 24,986 | $ | 24,880 | $ | 24,986 | |||||||||||||
First lien (8)(9) | 7.83% (L + 5.50%/Q) | 5/22/2018 | 5/31/2024 | 4,975 | 4,954 | 4,975 | |||||||||||||||||
First lien (2)(9) | 7.83% (L + 5.50%/Q) | 5/22/2018 | 5/31/2024 | 3,337 | 3,323 | 3,337 | |||||||||||||||||
First lien (3)(9)(10) - Drawn | 7.94% (L + 5.50%/Q) | 5/22/2018 | 5/31/2024 | 1,387 | 1,380 | 1,387 | |||||||||||||||||
34,685 | 34,537 | 34,685 | 3.21 | % | |||||||||||||||||||
Geo Parent Corporation | |||||||||||||||||||||||
Business Services | First lien (2) | 7.83% (L + 5.50%/Q) | 12/13/2018 | 12/19/2025 | 33,494 | 33,336 | 33,452 | 3.09 | % | ||||||||||||||
Apptio, Inc. | |||||||||||||||||||||||
Software | First lien (8)(9) | 9.67% (L + 7.25%/M) | 1/10/2019 | 1/10/2025 | 34,076 | 33,426 | 33,394 | 3.09 | % | ||||||||||||||
Finalsite Holdings, Inc. | |||||||||||||||||||||||
Software | First lien (4)(9) | 8.09% (L + 5.50%/Q) | 9/28/2018 | 9/25/2024 | 22,331 | 22,181 | 22,164 | ||||||||||||||||
First lien (2)(9) | 8.09% (L + 5.50%/Q) | 9/28/2018 | 9/25/2024 | 11,030 | 10,955 | 10,947 | |||||||||||||||||
33,361 | 33,136 | 33,111 | 3.06 | % | |||||||||||||||||||
Idera, Inc. | |||||||||||||||||||||||
Software | Second lien (4) | 11.41% (L + 9.00%/M) | 6/27/2019 | 6/28/2027 | 22,500 | 22,331 | 22,331 | ||||||||||||||||
Second lien (2) | 11.41% (L + 9.00%/M) | 6/27/2019 | 6/28/2027 | 9,500 | 9,429 | 9,429 | |||||||||||||||||
32,000 | 31,760 | 31,760 | 2.94 | % | |||||||||||||||||||
Ansira Holdings, Inc. | |||||||||||||||||||||||
Business Services | First lien (8) | 8.15% (L + 5.75%/M) | 12/19/2016 | 12/20/2022 | 28,600 | 28,511 | 27,170 | ||||||||||||||||
First lien (3)(10) - Drawn | 8.16% (L + 5.75%/M) | 12/19/2016 | 12/20/2022 | 4,767 | 4,757 | 4,529 | |||||||||||||||||
33,367 | 33,268 | 31,699 | 2.93 | % | |||||||||||||||||||
Navicure, Inc. | |||||||||||||||||||||||
Healthcare Services | Second lien (2) | 9.90% (L + 7.50%/M) | 10/23/2017 | 10/31/2025 | 25,970 | 25,910 | 25,710 | ||||||||||||||||
Second lien (8) | 9.90% (L + 7.50%/M) | 10/23/2017 | 10/31/2025 | 6,000 | 5,986 | 5,940 | |||||||||||||||||
31,970 | 31,896 | 31,650 | 2.93 | % | |||||||||||||||||||
Keystone Acquisition Corp. | |||||||||||||||||||||||
Healthcare Services | First lien (2) | 7.58% (L + 5.25%/Q) | 5/10/2017 | 5/1/2024 | 24,607 | 24,483 | 24,084 | ||||||||||||||||
Second lien (2) | 11.58% (L + 9.25%/Q) | 5/10/2017 | 5/1/2025 | 4,500 | 4,463 | 4,399 | |||||||||||||||||
29,107 | 28,946 | 28,483 | 2.64 | % | |||||||||||||||||||
Sovos Brands Intermediate, Inc. | |||||||||||||||||||||||
Food & Beverage | First lien (2) | 7.20% (L + 5.00%/Q) | 11/16/2018 | 11/20/2025 | 28,098 | 27,966 | 27,817 | 2.57 | % | ||||||||||||||
Confluent Health, LLC | |||||||||||||||||||||||
Healthcare Services | First lien (2) | 7.40% (L + 5.00%/Q) | 6/21/2019 | 6/24/2026 | 27,500 | 27,363 | 27,363 | 2.53 | % | ||||||||||||||
DCA Investment Holding, LLC | |||||||||||||||||||||||
Healthcare Services | First lien (2)(9) | 7.58% (L + 5.25%/Q) | 7/2/2015 | 7/2/2021 | 17,185 | 17,120 | 17,185 | ||||||||||||||||
First lien (3)(9)(10) - Drawn | 7.58% (L + 5.25%/Q) | 12/20/2017 | 7/2/2021 | 5,572 | 5,530 | 5,572 | |||||||||||||||||
First lien (2)(9) | 7.58% (L + 5.25%/Q) | 12/20/2017 | 7/2/2021 | 4,205 | 4,177 | 4,205 | |||||||||||||||||
First lien (3)(9)(10) - Drawn | 9.75% (P + 4.25%/Q) | 7/2/2015 | 7/2/2021 | 342 | 338 | 342 | |||||||||||||||||
27,304 | 27,165 | 27,304 | 2.53 | % | |||||||||||||||||||
Kaseya Traverse Inc. | |||||||||||||||||||||||
Software | First lien (8)(9) | 8.94% (L + 5.50% + 1.00% PIK/M)* | 5/9/2019 | 5/2/2025 | 27,432 | 27,163 | 27,157 | 2.51 | % |
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 | |||||||||||||||
Conservice, LLC | |||||||||||||||||||||||
Business Services | First lien (2)(9) | 7.58% (L + 5.25%/Q) | 1/3/2019 | 11/29/2024 | $ | 25,438 | $ | 25,319 | $ | 25,311 | |||||||||||||
First lien (3)(9)(10) - Drawn | 7.58% (L + 5.25%/Q) | 1/3/2019 | 11/29/2024 | 1,074 | 1,069 | 1,069 | |||||||||||||||||
26,512 | 26,388 | 26,380 | 2.44 | % | |||||||||||||||||||
EN Engineering, LLC | |||||||||||||||||||||||
Business Services | First lien (2)(9) | 6.83% (L + 4.50%/Q) | 7/30/2015 | 6/30/2021 | 23,226 | 23,128 | 23,226 | ||||||||||||||||
First lien (2)(9) | 6.83% (L + 4.50%/Q) | 7/30/2015 | 6/30/2021 | 1,344 | 1,337 | 1,344 | |||||||||||||||||
24,570 | 24,465 | 24,570 | 2.27 | % | |||||||||||||||||||
AAC Holding Corp. | |||||||||||||||||||||||
Education | First lien (2)(9) | 10.69% (L + 8.25%/M) | 9/30/2015 | 9/30/2022 | 24,754 | 24,650 | 23,509 | 2.17 | % | ||||||||||||||
iPipeline, Inc. (Internet Pipeline, Inc.) |