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 November 6, 2019 | |
Common stock, par value $0.01 per share | 96,768,695 |
PAGE | ||
Item 1. | Financial Statements |
September 30, 2019 | December 31, 2018 | ||||||
Assets | |||||||
Investments at fair value | |||||||
Non-controlled/non-affiliated investments (cost of $2,456,149 and $1,868,785, respectively) | $ | 2,452,793 | $ | 1,861,323 | |||
Non-controlled/affiliated investments (cost of $82,085 and $78,438, respectively) | 78,469 | 77,493 | |||||
Controlled investments (cost of $442,414 and $382,503, respectively) | 466,918 | 403,137 | |||||
Total investments at fair value (cost of $2,980,648 and $2,329,726, respectively) | 2,998,180 | 2,341,953 | |||||
Securities purchased under collateralized agreements to resell (cost of $30,000 and $30,000, respectively) | 22,176 | 23,508 | |||||
Cash and cash equivalents | 69,815 | 49,664 | |||||
Interest and dividend receivable | 37,330 | 30,081 | |||||
Receivable from affiliates | 586 | 288 | |||||
Other assets | 4,041 | 3,172 | |||||
Total assets | $ | 3,132,128 | $ | 2,448,666 | |||
Liabilities | |||||||
Borrowings | |||||||
Holdings Credit Facility | $ | 637,563 | $ | 512,563 | |||
Unsecured Notes | 453,250 | 336,750 | |||||
DB Credit Facility | 202,000 | 57,000 | |||||
Convertible Notes | 201,649 | 270,301 | |||||
SBA-guaranteed debentures | 184,000 | 165,000 | |||||
NMFC Credit Facility | 138,500 | 60,000 | |||||
NMNLC Credit Facility | 10,600 | — | |||||
Deferred financing costs (net of accumulated amortization of $26,933 and $22,234, respectively) | (16,785 | ) | (17,515 | ) | |||
Net borrowings | 1,810,777 | 1,384,099 | |||||
Payable for unsettled securities purchased | 99,667 | 20,147 | |||||
Management fee payable | 18,363 | 8,392 | |||||
Incentive fee payable | 14,779 | 6,864 | |||||
Interest payable | 11,972 | 12,397 | |||||
Payable to affiliates | 1,210 | 1,021 | |||||
Deferred tax liability | 885 | 1,006 | |||||
Other liabilities | 5,196 | 8,471 | |||||
Total liabilities | 1,962,849 | 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 87,568,695 and 76,106,372 shares issued and outstanding, respectively | 876 | 761 | |||||
Paid in capital in excess of par | 1,191,881 | 1,035,629 | |||||
Accumulated overdistributed earnings | (23,478 | ) | (30,121 | ) | |||
Total net assets | $ | 1,169,279 | $ | 1,006,269 | |||
Total liabilities and net assets | $ | 3,132,128 | $ | 2,448,666 | |||
Number of shares outstanding | 87,568,695 | 76,106,372 | |||||
Net asset value per share | $ | 13.35 | $ | 13.22 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, 2019 | September 30, 2018 | September 30, 2019 | September 30, 2018 | ||||||||||||
Investment income | |||||||||||||||
From non-controlled/non-affiliated investments: | |||||||||||||||
Interest income | $ | 51,452 | $ | 38,332 | $ | 143,927 | $ | 112,278 | |||||||
Dividend income | — | — | — | 486 | |||||||||||
Non-cash dividend income | 2,239 | 1,491 | 6,282 | 4,254 | |||||||||||
Other income | 3,599 | 4,669 | 7,694 | 8,550 | |||||||||||
From non-controlled/affiliated investments: | |||||||||||||||
Interest income | 1,051 | 817 | 3,088 | 1,129 | |||||||||||
Dividend income | 788 | 787 | 2,326 | 2,423 | |||||||||||
Non-cash dividend income | 309 | 4,024 | 901 | 12,050 | |||||||||||
Other income | 342 | 315 | 934 | 1,529 | |||||||||||
From controlled investments: | |||||||||||||||
Interest income | 2,717 | 1,771 | 7,764 | 4,342 | |||||||||||
Dividend income | 7,661 | 5,925 | 23,383 | 14,755 | |||||||||||
Non-cash dividend income | 2,273 | 1,721 | 6,446 | 4,683 | |||||||||||
Other income | 163 | 617 | 505 | 1,477 | |||||||||||
Total investment income | 72,594 | 60,469 | 203,250 | 167,956 | |||||||||||
Expenses | |||||||||||||||
Incentive fee | 7,792 | 6,780 | 21,642 | 19,644 | |||||||||||
Management fee | 12,687 | 10,018 | 35,302 | 28,011 | |||||||||||
Interest and other financing expenses | 21,830 | 14,759 | 61,695 | 38,873 | |||||||||||
Professional fees | 834 | 2,053 | 2,486 | 3,455 | |||||||||||
Administrative expenses | 930 | 846 | 3,074 | 2,607 | |||||||||||
Other general and administrative expenses | 492 | 437 | 1,302 | 1,365 | |||||||||||
Total expenses | 44,565 | 34,893 | 125,501 | 93,955 | |||||||||||
Less: management fees waived (See Note 5) | (3,141 | ) | (1,766 | ) | (8,497 | ) | (4,583 | ) | |||||||
Less: expenses waived and reimbursed (See Note 5) | — | — | (335 | ) | (276 | ) | |||||||||
Net expenses | 41,424 | 33,127 | 116,669 | 89,096 | |||||||||||
Net investment income before income taxes | 31,170 | 27,342 | 86,581 | 78,860 | |||||||||||
Income tax expense | — | 225 | 13 | 286 | |||||||||||
Net investment income | 31,170 | 27,117 | 86,568 | 78,574 | |||||||||||
Net realized gains (losses): | |||||||||||||||
Non-controlled/non-affiliated investments | 349 | 3,254 | 439 | (3,149 | ) | ||||||||||
Controlled investments | 6 | — | 14 | — | |||||||||||
Net change in unrealized appreciation (depreciation): | |||||||||||||||
Non-controlled/non-affiliated investments | (8,334 | ) | (4,048 | ) | 4,106 | (22,069 | ) | ||||||||
Non-controlled/affiliated investments | (143 | ) | 829 | (2,671 | ) | 10,908 | |||||||||
Controlled investments | 1,453 | (390 | ) | 3,870 | 10,471 | ||||||||||
Securities purchased under collateralized agreements to resell | (1,332 | ) | — | (1,332 | ) | (12 | ) | ||||||||
Benefit (provision) for taxes | 281 | (2 | ) | 121 | (986 | ) | |||||||||
Net realized and unrealized gains (losses) | (7,720 | ) | (357 | ) | 4,547 | (4,837 | ) | ||||||||
Net increase in net assets resulting from operations | $ | 23,450 | $ | 26,760 | $ | 91,115 | $ | 73,737 | |||||||
Basic earnings per share | $ | 0.27 | $ | 0.35 | $ | 1.11 | $ | 0.97 | |||||||
Weighted average shares of common stock outstanding - basic (See Note 11) | 86,987,841 | 76,106,372 | 82,020,549 | 75,994,068 | |||||||||||
Diluted earnings per share | $ | 0.26 | $ | 0.32 | $ | 1.01 | $ | 0.91 | |||||||
Weighted average shares of common stock outstanding - diluted (See Note 11) | 100,245,426 | 89,388,999 | 97,948,225 | 86,983,697 | |||||||||||
Distributions declared and paid per share | $ | 0.34 | $ | 0.34 | $ | 1.02 | $ | 1.02 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, 2019 | September 30, 2018 | September 30, 2019 | September 30, 2018 | ||||||||||||
Increase (decrease) in net assets resulting from operations: | |||||||||||||||
Net investment income | $ | 31,170 | $ | 27,117 | $ | 86,568 | $ | 78,574 | |||||||
Net realized gains (losses) on investments | 355 | 3,254 | 453 | (3,149 | ) | ||||||||||
Net change in unrealized (depreciation) appreciation of investments | (7,024 | ) | (3,609 | ) | 5,305 | (690 | ) | ||||||||
Net change in unrealized depreciation of securities purchased under collateralized agreements to resell | (1,332 | ) | — | (1,332 | ) | (12 | ) | ||||||||
Benefit (provision) for taxes | 281 | (2 | ) | 121 | (986 | ) | |||||||||
Net increase in net assets resulting from operations | 23,450 | 26,760 | 91,115 | 73,737 | |||||||||||
Capital transactions | |||||||||||||||
Net proceeds from shares sold | 94,185 | — | 153,482 | — | |||||||||||
Deferred offering costs | (315 | ) | — | (544 | ) | — | |||||||||
Distributions declared to stockholders from net investment income | (29,753 | ) | (25,876 | ) | (84,472 | ) | (77,512 | ) | |||||||
Reinvestment of distributions | 795 | — | 3,429 | 2,330 | |||||||||||
Total net increase (decrease) in net assets resulting from capital transactions | 64,912 | (25,876 | ) | 71,895 | (75,182 | ) | |||||||||
Net increase (decrease) in net assets | 88,362 | 884 | 163,010 | (1,445 | ) | ||||||||||
Net assets at the beginning of the period | 1,080,917 | 1,032,646 | 1,006,269 | 1,034,975 | |||||||||||
Net assets at the end of the period | $ | 1,169,279 | $ | 1,033,530 | $ | 1,169,279 | $ | 1,033,530 | |||||||
Capital share activity | |||||||||||||||
Shares sold | 6,900,000 | — | 11,212,500 | — | |||||||||||
Shares issued from the reinvestment of distributions | 58,393 | — | 249,823 | 171,279 | |||||||||||
Net increase in shares outstanding | 6,958,393 | — | 11,462,323 | 171,279 |
Nine Months Ended | |||||||
September 30, 2019 | September 30, 2018 | ||||||
Cash flows from operating activities | |||||||
Net increase in net assets resulting from operations | $ | 91,115 | $ | 73,737 | |||
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 | (453 | ) | 3,149 | ||||
Net change in unrealized (appreciation) depreciation of investments | (5,305 | ) | 690 | ||||
Net change in unrealized depreciation of securities purchased under collateralized agreements to resell | 1,332 | 12 | |||||
Amortization of purchase discount | (3,684 | ) | (3,924 | ) | |||
Amortization of deferred financing costs | 4,699 | 4,068 | |||||
Amortization of premium on Convertible Notes | (83 | ) | (83 | ) | |||
Non-cash investment income | (22,075 | ) | (13,469 | ) | |||
(Increase) decrease in operating assets: | |||||||
Purchase of investments and delayed draw facilities | (827,462 | ) | (1,046,015 | ) | |||
Proceeds from sales and paydowns of investments | 207,785 | 599,218 | |||||
Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities | 195 | 978 | |||||
Cash paid for purchase of drawn portion of revolving credit facilities | (338 | ) | (11,631 | ) | |||
Cash paid on drawn revolvers | (18,574 | ) | (19,609 | ) | |||
Cash repayments on drawn revolvers | 13,684 | 21,514 | |||||
Interest and dividend receivable | (7,249 | ) | (18,120 | ) | |||
Receivable from unsettled securities sold | — | (1,283 | ) | ||||
Receivable from affiliates | (298 | ) | 48 | ||||
Other assets | (1,054 | ) | 5,350 | ||||
Increase (decrease) in operating liabilities: | |||||||
Payable for unsettled securities purchased | 79,520 | 80,781 | |||||
Management fee payable | 9,971 | 8,993 | |||||
Incentive fee payable | 7,915 | 6,539 | |||||
Interest payable | (425 | ) | 3,812 | ||||
Payable to affiliates | 189 | 125 | |||||
Deferred tax liability | (121 | ) | 986 | ||||
Other liabilities | (2,885 | ) | 9,416 | ||||
Net cash flows used in operating activities | (473,601 | ) | (294,718 | ) | |||
Cash flows from financing activities | |||||||
Net proceeds from shares sold | 153,482 | — | |||||
Distributions paid | (81,043 | ) | (75,182 | ) | |||
Offering costs paid | (606 | ) | — | ||||
Proceeds from Holdings Credit Facility | 222,500 | 382,500 | |||||
Repayment of Holdings Credit Facility | (97,500 | ) | (228,900 | ) | |||
Proceeds from Convertible Notes | 86,681 | 115,000 | |||||
Repayment of Convertible Notes | (155,250 | ) | — | ||||
Proceeds from Unsecured Notes | 116,500 | 190,000 | |||||
Proceeds from SBA-guaranteed debentures | 19,000 | 15,000 | |||||
Proceeds from NMFC Credit Facility | 268,500 | 255,000 | |||||
Repayment of NMFC Credit Facility | (190,000 | ) | (242,500 | ) | |||
Proceeds from DB Credit Facility | 232,000 | — | |||||
Repayment of DB Credit Facility | (87,000 | ) | — | ||||
Proceeds from NMNLC Credit Facility | 10,600 | — | |||||
Deferred financing costs paid | (4,112 | ) | (4,791 | ) | |||
Net cash flows provided by financing activities | 493,752 | 406,127 | |||||
Net increase in cash and cash equivalents | 20,151 | 111,409 | |||||
Cash and cash equivalents at the beginning of the period | 49,664 | 34,936 | |||||
Cash and cash equivalents at the end of the period | $ | 69,815 | $ | 146,345 | |||
Supplemental disclosure of cash flow information | |||||||
Cash interest paid | $ | 58,037 | $ | 30,162 | |||
Income taxes paid | 10 | 213 | |||||
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 | $ | 3,429 | $ | 2,330 | |||
Accrual for offering costs | 49 | 335 | |||||
Accrual for deferred financing costs | 19 | 373 |
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) | 9.54% (L + 7.50%/M) | 6/1/2018 | 6/8/2026 | $ | 28,613 | $ | 28,384 | $ | 28,148 | |||||||||||||
Second lien (8) | 9.54% (L + 7.50%/M) | 6/1/2018 | 6/8/2026 | 7,500 | 7,443 | 7,378 | |||||||||||||||||
36,113 | 35,827 | 35,526 | 3.04 | % | |||||||||||||||||||
Wolfpack IP Co.** | |||||||||||||||||||||||
Software | First lien (2)(9) | 8.56% (L + 6.50%/M) | 6/14/2019 | 6/13/2025 | 9,091 | 9,004 | 9,000 | 0.77 | % | ||||||||||||||
Total Funded Debt Investments - Canada | $ | 45,204 | $ | 44,831 | $ | 44,526 | 3.81 | % | |||||||||||||||
Funded Debt Investments - United Arab Emirates | |||||||||||||||||||||||
GEMS Menasa (Cayman) Limited** | |||||||||||||||||||||||
Education | First lien (8) | 7.04% (L + 5.00%/M) | 7/30/2019 | 7/30/2026 | $ | 33,489 | $ | 33,321 | $ | 33,572 | 2.87 | % | |||||||||||
Total Funded Debt Investments - United Arab Emirates | $ | 33,489 | $ | 33,321 | $ | 33,572 | 2.87 | % | |||||||||||||||
Funded Debt Investments - United Kingdom | |||||||||||||||||||||||
Shine Acquisition Co. S.à.r.l / Boing US Holdco Inc.** | |||||||||||||||||||||||
Consumer Services | Second lien (2) | 9.54% (L + 7.50%/M) | 9/25/2017 | 10/3/2025 | $ | 37,853 | $ | 37,665 | $ | 36,623 | |||||||||||||
Second lien (8) | 9.54% (L + 7.50%/M) | 9/25/2017 | 10/3/2025 | 6,000 | 5,970 | 5,805 | |||||||||||||||||
43,853 | 43,635 | 42,428 | 3.63 | % | |||||||||||||||||||
Air Newco LLC** | |||||||||||||||||||||||
Software | First lien (2) | 6.79% (L + 4.75%/M) | 5/25/2018 | 5/31/2024 | 19,974 | 19,933 | 20,007 | 1.71 | % | ||||||||||||||
Total Funded Debt Investments - United Kingdom | $ | 63,827 | $ | 63,568 | $ | 62,435 | 5.34 | % | |||||||||||||||
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 | $ | 62,891 | $ | 62,891 | $ | 62,890 | |||||||||||||
First lien (8)(9) | 8.90% (L + 6.32%/Q) | 3/15/2018 | 3/15/2024 | 15,431 | 15,431 | 15,431 | |||||||||||||||||
First lien (3)(9) | 8.91% (L + 6.32%/Q) | 3/29/2019 | 3/15/2024 | 7,821 | 7,821 | 7,821 | |||||||||||||||||
86,143 | 86,143 | 86,142 | 7.38 | % | |||||||||||||||||||
PhyNet Dermatology LLC | |||||||||||||||||||||||
Healthcare Services | First lien (2)(9) | 7.54% (L + 5.50%/M) | 9/17/2018 | 8/16/2024 | 50,496 | 50,064 | 50,496 | ||||||||||||||||
First lien (3)(9)(10) - Drawn | 7.55% (L + 5.50%/M) | 9/17/2018 | 8/16/2024 | 25,441 | 25,318 | 25,441 | |||||||||||||||||
75,937 | 75,382 | 75,937 | 6.49 | % | |||||||||||||||||||
Integro Parent Inc. | |||||||||||||||||||||||
Business Services | First lien (2)(9) | 7.84% (L + 5.75%/Q) | 10/9/2015 | 10/31/2022 | 50,848 | 50,609 | 50,848 | ||||||||||||||||
Second lien (8)(9) | 11.36% (L + 9.25%/Q) | 10/9/2015 | 10/30/2023 | 10,000 | 9,938 | 10,000 | |||||||||||||||||
60,848 | 60,547 | 60,848 | 5.20 | % | |||||||||||||||||||
Nomad Buyer, Inc. | |||||||||||||||||||||||
Healthcare Services | First lien (2) | 7.04% (L + 5.00%/M) | 8/3/2018 | 8/1/2025 | 58,582 | 56,889 | 58,436 | 5.00 | % |
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 | |||||||||||||||
Associations, Inc. | |||||||||||||||||||||||
Business Services | First lien (2)(9) | 9.32% (L + 4.00% + 3.00% PIK/Q)* | 7/30/2018 | 7/30/2024 | $ | 44,215 | $ | 43,981 | $ | 43,928 | |||||||||||||
First lien (8)(9) | 9.32% (L + 4.00% + 3.00% PIK/Q)* | 7/30/2018 | 7/30/2024 | 5,076 | 5,050 | 5,043 | |||||||||||||||||
First lien (3)(9)(10) - Drawn | 9.32% (L + 4.00% + 3.00% PIK/Q)* | 7/30/2018 | 7/30/2024 | 5,986 | 5,953 | 5,947 | |||||||||||||||||
55,277 | 54,984 | 54,918 | 4.70 | % | |||||||||||||||||||
GS Acquisitionco, Inc. | |||||||||||||||||||||||
Software | First lien (2)(9) | 7.80% (L + 5.75%/M) | 8/7/2019 | 5/24/2024 | 26,962 | 26,797 | 26,793 | ||||||||||||||||
First lien (5)(9) | 7.80% (L + 5.75%/M) | 8/7/2019 | 5/24/2024 | 22,462 | 22,326 | 22,322 | |||||||||||||||||
First lien (3)(9)(10) - Drawn | 7.80% (L + 5.75%/M) | 8/7/2019 | 5/24/2024 | 3,730 | 3,706 | 3,706 | |||||||||||||||||
First lien (3)(9)(10) - Drawn | 7.80% (L + 5.75%/M) | 8/7/2019 | 5/24/2024 | 1,097 | 1,090 | 1,090 | |||||||||||||||||
54,251 | 53,919 | 53,911 | 4.61 | % | |||||||||||||||||||
Dealer Tire, LLC | |||||||||||||||||||||||
Distribution & Logistics | First lien (2) | 7.54% (L + 5.50%/M) | 12/4/2018 | 12/12/2025 | 53,515 | 52,293 | 53,682 | 4.59 | % | ||||||||||||||
Frontline Technologies Group Holdings, LLC | |||||||||||||||||||||||
Education | First lien (2)(9) | 8.60% (L + 6.50%/Q) | 9/18/2017 | 9/18/2023 | 23,724 | 23,636 | 23,724 | ||||||||||||||||
First lien (4)(9) | 8.60% (L + 6.50%/Q) | 9/18/2017 | 9/18/2023 | 22,218 | 22,099 | 22,218 | |||||||||||||||||
First lien (2)(9) | 8.60% (L + 6.50%/Q) | 9/18/2017 | 9/18/2023 | 7,729 | 7,674 | 7,729 | |||||||||||||||||
53,671 | 53,409 | 53,671 | 4.59 | % | |||||||||||||||||||
Salient CRGT Inc. | |||||||||||||||||||||||
Federal Services | First lien (2) | 8.05% (L + 6.00%/M) | 1/6/2015 | 2/28/2022 | 39,593 | 39,299 | 38,405 | ||||||||||||||||
First lien (8) | 8.05% (L + 6.00%/M) | 6/6/2019 | 2/28/2022 | 13,529 | 13,033 | 13,123 | |||||||||||||||||
First lien (3)(10) - Drawn | 9.75% (P + 4.75%/Q) | 6/26/2018 | 11/29/2021 | 2,100 | 1,932 | 2,037 | |||||||||||||||||
55,222 | 54,264 | 53,565 | 4.58 | % | |||||||||||||||||||
Kronos Incorporated | |||||||||||||||||||||||
Software | Second lien (2) | 10.50% (L + 8.25%/Q) | 10/26/2012 | 11/1/2024 | 41,000 | 40,655 | 41,768 | ||||||||||||||||
Second lien (8) | 10.50% (L + 8.25%/Q) | 10/26/2012 | 11/1/2024 | 11,147 | 11,147 | 11,356 | |||||||||||||||||
52,147 | 51,802 | 53,124 | 4.54 | % | |||||||||||||||||||
CentralSquare Technologies, LLC | |||||||||||||||||||||||
Software | Second lien (3) | 9.54% (L + 7.50%/M) | 8/15/2018 | 8/31/2026 | 47,838 | 47,282 | 45,327 | ||||||||||||||||
Second lien (8) | 9.54% (L + 7.50%/M) | 8/15/2018 | 8/31/2026 | 7,500 | 7,413 | 7,106 | |||||||||||||||||
55,338 | 54,695 | 52,433 | 4.48 | % | |||||||||||||||||||
NM GRC Holdco, LLC | |||||||||||||||||||||||
Business Services | First lien (2)(9) | 8.10% (L + 6.00%/Q) | 2/9/2018 | 2/9/2024 | 38,443 | 38,295 | 38,443 | ||||||||||||||||
First lien (2)(9)(10) - Drawn | 8.10% (L + 6.00%/Q) | 2/9/2018 | 2/9/2024 | 10,685 | 10,640 | 10,685 | |||||||||||||||||
49,128 | 48,935 | 49,128 | 4.20 | % | |||||||||||||||||||
Quest Software US Holdings Inc. | |||||||||||||||||||||||
Software | Second lien (2) | 10.51% (L + 8.25%/Q) | 5/17/2018 | 5/18/2026 | 43,697 | 43,310 | 43,042 | 3.68 | % | ||||||||||||||
Brave Parent Holdings, Inc. | |||||||||||||||||||||||
Software | Second lien (5) | 9.76% (L + 7.50%/Q) | 4/17/2018 | 4/17/2026 | 22,500 | 22,402 | 21,206 | ||||||||||||||||
Second lien (2) | 9.76% (L + 7.50%/Q) | 4/17/2018 | 4/17/2026 | 16,624 | 16,475 | 15,668 | |||||||||||||||||
Second lien (8) | 9.76% (L + 7.50%/Q) | 4/17/2018 | 4/17/2026 | 6,000 | 5,946 | 5,655 | |||||||||||||||||
45,124 | 44,823 | 42,529 | 3.64 | % |
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 | |||||||||||||||
Symplr Software Intermediate Holdings, Inc. (23) | |||||||||||||||||||||||
Symplr Software, Inc. (fka Caliper Software, Inc.) | |||||||||||||||||||||||
Healthcare Information Technology | First lien (2)(9) | 8.10% (L + 6.00%/Q) | 11/30/2018 | 11/28/2025 | $ | 25,625 | $ | 25,445 | $ | 25,433 | |||||||||||||
First lien (4)(9) | 8.10% (L + 6.00%/Q) | 11/30/2018 | 11/28/2025 | 14,888 | 14,786 | 14,776 | |||||||||||||||||
40,513 | 40,231 | 40,209 | 3.44 | % | |||||||||||||||||||
iCIMS, Inc. | |||||||||||||||||||||||
Software | First lien (8)(9) | 8.56% (L + 6.50%/M) | 9/12/2018 | 9/12/2024 | 31,636 | 31,364 | 31,320 | ||||||||||||||||
First lien (8)(9) | 8.56% (L + 6.50%/M) | 6/14/2019 | 9/12/2024 | 8,667 | 8,584 | 8,580 | |||||||||||||||||
40,303 | 39,948 | 39,900 | 3.41 | % | |||||||||||||||||||
Tenawa Resource Holdings LLC (13) | |||||||||||||||||||||||
Tenawa Resource Management LLC | |||||||||||||||||||||||
Energy | First lien (3)(9) | 10.50% (Base + 8.50%/Q) | 5/12/2014 | 10/30/2024 | 39,100 | 39,048 | 39,100 | 3.34 | % | ||||||||||||||
KAMC Holdings, Inc | |||||||||||||||||||||||
Business Services | Second lien (2)(9) | 10.18% (L + 8.00%/Q) | 8/14/2019 | 8/13/2027 | 18,750 | 18,611 | 18,609 | ||||||||||||||||
Second lien (8)(9) | 10.18% (L + 8.00%/Q) | 8/14/2019 | 8/13/2027 | 18,750 | 18,611 | 18,609 | |||||||||||||||||
37,500 | 37,222 | 37,218 | 3.18 | % | |||||||||||||||||||
Trader Interactive, LLC | |||||||||||||||||||||||
Business Services | First lien (2)(9) | 8.54% (L + 6.50%/M) | 6/15/2017 | 6/17/2024 | 32,014 | 31,850 | 32,014 | ||||||||||||||||
First lien (8)(9) | 8.54% (L + 6.50%/M) | 6/15/2017 | 6/17/2024 | 4,962 | 4,937 | 4,962 | |||||||||||||||||
36,976 | 36,787 | 36,976 | 3.16 | % | |||||||||||||||||||
Peraton Holding Corp. (fka MHVC Acquisition Corp.) | |||||||||||||||||||||||
Federal Services | First lien (2) | 7.30% (L + 5.25%/M) | 4/25/2017 | 4/29/2024 | 37,001 | 36,869 | 36,909 | 3.16 | % | ||||||||||||||
Apptio, Inc. | |||||||||||||||||||||||
Software | First lien (8)(9) | 9.56% (L + 7.25%/Q) | 1/10/2019 | 1/10/2025 | 34,076 | 33,449 | 33,394 | 2.86 | % | ||||||||||||||
Geo Parent Corporation | |||||||||||||||||||||||
Business Services | First lien (2) | 7.54% (L + 5.50%/M) | 12/13/2018 | 12/19/2025 | 33,410 | 33,257 | 33,326 | 2.85 | % | ||||||||||||||
Finalsite Holdings, Inc. | |||||||||||||||||||||||
Software | First lien (4)(9) | 7.76% (L + 5.50%/Q) | 9/28/2018 | 9/25/2024 | 22,275 | 22,131 | 22,275 | ||||||||||||||||
First lien (2)(9) | 7.76% (L + 5.50%/Q) | 9/28/2018 | 9/25/2024 | 11,002 | 10,931 | 11,002 | |||||||||||||||||
33,277 | 33,062 | 33,277 | 2.85 | % | |||||||||||||||||||
TDG Group Holding Company | |||||||||||||||||||||||
Consumer Services | First lien (2)(9) | 7.60% (L + 5.50%/Q) | 5/22/2018 | 5/31/2024 | 24,923 | 24,821 | 24,923 | ||||||||||||||||
First lien (8)(9) | 7.60% (L + 5.50%/Q) | 5/22/2018 | 5/31/2024 | 4,962 | 4,942 | 4,962 | |||||||||||||||||
First lien (2)(9) | 7.60% (L + 5.50%/Q) | 5/22/2018 | 5/31/2024 | 3,329 | 3,315 | 3,329 | |||||||||||||||||
33,214 | 33,078 | 33,214 | 2.84 | % | |||||||||||||||||||
Definitive Healthcare Holdings, LLC | |||||||||||||||||||||||
Healthcare Information Technology | First lien (8)(9) | 8.67% (L + 5.50% + 1.00% PIK/Q)* | 8/7/2019 | 7/16/2026 | 33,317 | 33,153 | 33,150 | 2.84 | % | ||||||||||||||
Idera, Inc. | |||||||||||||||||||||||
Software | Second lien (4) | 11.05% (L + 9.00%/M) | 6/27/2019 | 6/28/2027 | 22,500 | 22,334 | 22,500 | ||||||||||||||||
Second lien (2) | 11.05% (L + 9.00%/M) | 6/27/2019 | 6/28/2027 | 9,500 | 9,430 | 9,500 | |||||||||||||||||
32,000 | 31,764 | 32,000 | 2.74 | % |
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 | |||||||||||||||
Ansira Holdings, Inc. | |||||||||||||||||||||||
Business Services | First lien (8) | 7.79% (L + 5.75%/M) | 12/19/2016 | 12/20/2022 | $ | 28,527 | $ | 28,445 | $ | 27,101 | |||||||||||||
First lien (3)(10) - Drawn | 7.79% (L + 5.75%/M) | 12/19/2016 | 12/20/2022 | 4,755 | 4,746 | 4,517 | |||||||||||||||||
33,282 | 33,191 | 31,618 | 2.70 | % | |||||||||||||||||||
DCA Investment Holding, LLC | |||||||||||||||||||||||
Healthcare Services | First lien (2)(9) | 7.35% (L + 5.25%/Q) | 7/2/2015 | 7/2/2021 | 17,140 | 17,083 | 17,140 | ||||||||||||||||
First lien (3)(9)(10) - Drawn | 7.35% (L + 5.25%/Q) | 12/20/2017 | 7/2/2021 | 8,251 | 8,192 | 8,251 | |||||||||||||||||
First lien (2)(9) | 7.35% (L + 5.25%/Q) | 12/20/2017 | 7/2/2021 | 4,195 | 4,170 | 4,195 | |||||||||||||||||
First lien (3)(9)(10) - Drawn | 9.25% (P + 4.25%/Q) | 7/2/2015 | 7/2/2021 | 232 | 230 | 232 | |||||||||||||||||
29,818 | 29,675 | 29,818 | 2.55 | % | |||||||||||||||||||
Conservice, LLC | |||||||||||||||||||||||
Business Services | First lien (2)(9) | 7.29% (L + 5.25%/M) | 1/3/2019 | 11/29/2024 | 25,375 | 25,260 | 25,248 | ||||||||||||||||
First lien (3)(9)(10) - Drawn | 7.29% (L + 5.25%/M) | 1/3/2019 | 11/29/2024 | 4,430 | 4,408 | 4,407 | |||||||||||||||||
29,805 | 29,668 | 29,655 | 2.54 | % | |||||||||||||||||||
Clarkson Eyecare, LLC | |||||||||||||||||||||||
Healthcare Services | First lien (2)(9) | 8.37% (L + 6.25%/Q) | 8/21/2019 | 4/2/2021 | 17,343 | 17,170 | 17,170 | ||||||||||||||||
First lien (2) | 8.39% (L + 6.25%/Q) | 9/11/2019 | 4/2/2021 | 11,562 |