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 May 6, 2020 | |
Common stock, par value $0.01 per share | 96,827,342 |
PAGE | ||
Item 1. | Financial Statements |
March 31, 2020 | December 31, 2019 | ||||||
Assets | |||||||
Investments at fair value | |||||||
Non-controlled/non-affiliated investments (cost of $2,627,761 and $2,619,408, respectively) | $ | 2,481,871 | $ | 2,613,801 | |||
Non-controlled/affiliated investments (cost of $79,794 and $82,825, respectively) | 59,660 | 73,527 | |||||
Controlled investments (cost of $478,950 and $449,308, respectively) | 449,786 | 472,952 | |||||
Total investments at fair value (cost of $3,186,505 and $3,151,541, respectively) | 2,991,317 | 3,160,280 | |||||
Securities purchased under collateralized agreements to resell (cost of $30,000 and $30,000, respectively) | 21,422 | 21,422 | |||||
Cash and cash equivalents | 22,108 | 48,574 | |||||
Interest and dividend receivable | 32,650 | 31,800 | |||||
Receivable from unsettled securities sold | 30,964 | — | |||||
Receivable from affiliates | 545 | 277 | |||||
Other assets | 4,526 | 3,702 | |||||
Total assets | $ | 3,103,532 | $ | 3,266,055 | |||
Liabilities | |||||||
Borrowings | |||||||
Holdings Credit Facility | $ | 569,163 | $ | 661,563 | |||
Unsecured Notes | 453,250 | 453,250 | |||||
SBA-guaranteed debentures | 300,000 | 225,000 | |||||
DB Credit Facility | 270,000 | 230,000 | |||||
Convertible Notes | 201,597 | 201,623 | |||||
NMFC Credit Facility | 188,500 | 188,500 | |||||
Deferred financing costs (net of accumulated amortization of $29,542 and $28,390, respectively) | (18,318 | ) | (17,640 | ) | |||
Net borrowings | 1,964,192 | 1,942,296 | |||||
Payable for unsettled securities purchased | — | 1,780 | |||||
Management fee payable | 20,613 | 10,298 | |||||
Incentive fee payable | 15,472 | 7,646 | |||||
Interest payable | 10,965 | 16,484 | |||||
Payable to affiliates | 1,025 | 673 | |||||
Deferred tax liability | 14 | 912 | |||||
Other liabilities | 1,811 | 2,498 | |||||
Total liabilities | 2,014,092 | 1,982,587 | |||||
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 200,000,000 shares authorized, respectively, and 96,827,342 and 96,827,342 shares issued and outstanding, respectively | 968 | 968 | |||||
Paid in capital in excess of par | 1,287,853 | 1,287,853 | |||||
Accumulated overdistributed earnings | (210,631 | ) | (5,353 | ) | |||
Total net assets of New Mountain Finance Corporation | 1,078,190 | 1,283,468 | |||||
Non-controlling interest in New Mountain Net Lease Corporation | 11,250 | $ | — | ||||
Total net assets | $ | 1,089,440 | $ | 1,283,468 | |||
Total liabilities and net assets | $ | 3,103,532 | $ | 3,266,055 | |||
Number of shares outstanding | 96,827,342 | 96,827,342 | |||||
Net asset value per share of New Mountain Finance Corporation | $ | 11.14 | $ | 13.26 |
Three Months Ended | |||||||
March 31, 2020 | March 31, 2019 | ||||||
Investment income | |||||||
From non-controlled/non-affiliated investments: | |||||||
Interest income | $ | 57,586 | $ | 44,457 | |||
Non-cash dividend income | 2,324 | 1,974 | |||||
Other income | 1,471 | 2,254 | |||||
From non-controlled/affiliated investments: | |||||||
Interest income | 1,069 | 1,004 | |||||
Dividend income | 720 | 726 | |||||
Non-cash dividend income | (3,418 | ) | 291 | ||||
Other income | 291 | 291 | |||||
From controlled investments: | |||||||
Interest income | 2,981 | 2,463 | |||||
Dividend income | 8,229 | 8,457 | |||||
Non-cash dividend income | 2,638 | 2,045 | |||||
Other income | 193 | 229 | |||||
Total investment income | 74,084 | 64,191 | |||||
Expenses | |||||||
Incentive fee | 7,826 | 6,863 | |||||
Management fee | 13,858 | 10,975 | |||||
Interest and other financing expenses | 22,194 | 19,146 | |||||
Administrative expenses | 1,040 | 1,095 | |||||
Professional fees | 905 | 766 | |||||
Other general and administrative expenses | 499 | 412 | |||||
Total expenses | 46,322 | 39,257 | |||||
Less: management fees waived (See Note 5) | (3,543 | ) | (2,533 | ) | |||
Net expenses | 42,779 | 36,724 | |||||
Net investment income before income taxes | 31,305 | 27,467 | |||||
Income tax expense | — | 17 | |||||
Net investment income | 31,305 | 27,450 | |||||
Net realized gains (losses): | |||||||
Non-controlled/non-affiliated investments | (702 | ) | 43 | ||||
Controlled investments | 4 | 3 | |||||
New Mountain Net Lease Corporation | 812 | — | |||||
Net change in unrealized (depreciation) appreciation: | |||||||
Non-controlled/non-affiliated investments | (140,283 | ) | 9,763 | ||||
Non-controlled/affiliated investments | (10,836 | ) | (891 | ) | |||
Controlled investments | (52,808 | ) | 7,442 | ||||
New Mountain Net Lease Corporation | (812 | ) | — | ||||
Benefit for taxes | 898 | 110 | |||||
Net realized and unrealized (losses) gains | (203,727 | ) | 16,470 | ||||
Net (decrease) increase in net assets resulting from operations | (172,422 | ) | 43,920 | ||||
Less: Net decrease in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation | (65 | ) | — | ||||
Net (decrease) increase in net assets resulting from operations related to New Mountain Finance Corporation | $ | (172,357 | ) | $ | 43,920 | ||
Basic earnings per share | $ | (1.78 | ) | $ | 0.56 | ||
Weighted average shares of common stock outstanding - basic (See Note 11) | 96,827,342 | 78,457,641 | |||||
Diluted earnings per share | $ | (1.78 | ) | $ | 0.49 | ||
Weighted average shares of common stock outstanding - diluted (See Note 11) | 110,084,927 | 95,857,530 | |||||
Distributions declared and paid per share | $ | 0.34 | $ | 0.34 |
Three Months Ended | |||||||
March 31, 2020 | March 31, 2019 | ||||||
Increase (decrease) in net assets resulting from operations: | |||||||
Net investment income | $ | 31,305 | $ | 27,450 | |||
Net realized gains on investments and New Mountain Net Lease Corporation | 114 | 46 | |||||
Net change in unrealized (depreciation) appreciation of investments and New Mountain Net Lease Corporation | (204,739 | ) | 16,314 | ||||
Benefit for taxes | 898 | 110 | |||||
Net (decrease) increase in net assets resulting from operations | (172,422 | ) | 43,920 | ||||
Less: Net decrease in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation | (65 | ) | — | ||||
Net (decrease) increase in net assets resulting from operations related to New Mountain Finance Corporation | (172,357 | ) | 43,920 | ||||
Capital transactions | |||||||
Net proceeds from shares sold | — | 59,297 | |||||
Deferred offering costs | — | (229 | ) | ||||
Distributions declared to stockholders from net investment income | (32,921 | ) | (27,342 | ) | |||
Reinvestment of distributions | — | 1,364 | |||||
Total net (decrease) increase in net assets resulting from capital transactions | (32,921 | ) | 33,090 | ||||
Net (decrease) increase in net assets | (205,278 | ) | 77,010 | ||||
New Mountain Finance Corporation net assets at the beginning of the period | 1,283,468 | 1,006,269 | |||||
New Mountain Finance Corporation net assets at the end of the period | 1,078,190 | 1,083,279 | |||||
Non-controlling interest in New Mountain Net Lease Corporation | 11,250 | — | |||||
Net assets at the end of the period | $ | 1,089,440 | $ | 1,083,279 | |||
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, 2020 | March 31, 2019 | ||||||
Cash flows from operating activities | |||||||
Net (decrease) increase in net assets resulting from operations | $ | (172,422 | ) | $ | 43,920 | ||
Adjustments to reconcile net decrease (increase) in net assets resulting from operations to net cash (used in) provided by operating activities: | |||||||
Net realized (gains) losses on investments and New Mountain Net Lease Corporation | (114 | ) | (46 | ) | |||
Net change in unrealized depreciation (appreciation) of investments and New Mountain Net Lease Corporation | 204,739 | (16,314 | ) | ||||
Amortization of purchase discount | (3,528 | ) | (835 | ) | |||
Amortization of deferred financing costs | 1,152 | 1,651 | |||||
Amortization of premium on Convertible Notes | (26 | ) | (27 | ) | |||
Non-cash investment income | (5,131 | ) | (6,842 | ) | |||
(Increase) decrease in operating assets: | |||||||
Proceeds from sale of non-controlling interest in New Mountain Net Lease Corporation | 11,315 | — | |||||
Purchase of investments and delayed draw facilities | (172,921 | ) | (158,036 | ) | |||
Proceeds from sales and paydowns of investments | 178,722 | 5,857 | |||||
Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities | 211 | 46 | |||||
Cash paid for purchase of drawn portion of revolving credit facilities | (8,996 | ) | (338 | ) | |||
Cash paid on drawn revolvers | (33,639 | ) | (9,026 | ) | |||
Cash repayments on drawn revolvers | 9,620 | 5,182 | |||||
Interest and dividend receivable | (850 | ) | (4,289 | ) | |||
Receivable from unsettled securities sold | (30,964 | ) | — | ||||
Receivable from affiliates | (268 | ) | (287 | ) | |||
Other assets | (802 | ) | (758 | ) | |||
Increase (decrease) in operating liabilities: | |||||||
Payable for unsettled securities purchased | (1,780 | ) | 295 | ||||
Management fee payable | 10,315 | 50 | |||||
Incentive fee payable | 7,826 | (1 | ) | ||||
Interest payable | (5,519 | ) | (1,884 | ) | |||
Payable to affiliates | 352 | (223 | ) | ||||
Deferred tax liability | (898 | ) | (110 | ) | |||
Other liabilities | 74 | 2,758 | |||||
Net cash flows used in operating activities | (13,532 | ) | (139,257 | ) | |||
Cash flows from financing activities | |||||||
Net proceeds from shares sold | — | 59,297 | |||||
Distributions paid | (32,921 | ) | (25,978 | ) | |||
Offering costs paid | — | (265 | ) | ||||
Proceeds from Holdings Credit Facility | 16,000 | 69,500 | |||||
Repayment of Holdings Credit Facility | (108,400 | ) | (15,000 | ) | |||
Proceeds from SBA-guaranteed debentures | 75,000 | — | |||||
Proceeds from NMFC Credit Facility | — | 110,000 | |||||
Repayment of NMFC Credit Facility | — | (35,000 | ) | ||||
Proceeds from DB Credit Facility | 40,000 | 25,000 | |||||
Repayment of DB Credit Facility | — | (32,000 | ) | ||||
Deferred financing costs paid | (2,613 | ) | (390 | ) | |||
Net cash flows (used) provided by financing activities | (12,934 | ) | 155,164 | ||||
Net (decrease) increase in cash and cash equivalents | (26,466 | ) | 15,907 | ||||
Cash and cash equivalents at the beginning of the period | 48,574 | 49,664 | |||||
Cash and cash equivalents at the end of the period | $ | 22,108 | $ | 65,571 | |||
Supplemental disclosure of cash flow information | |||||||
Cash interest paid | $ | 26,301 | $ | 19,085 | |||
Income taxes paid | — | 3 | |||||
Non-cash financing activities: | |||||||
Value of shares issued in connection with the distribution reinvestment plan | $ | — | $ | 1,364 | |||
Accrual for offering costs | 86 | 92 | |||||
Accrual for deferred financing costs | 4 | 119 |
Portfolio Company, Location and Industry (1) | Type of Investment | Interest Rate (12) | 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) | 8.50% (L + 7.50%/M) | 6/1/2018 | 6/8/2026 | $ | 28,613 | $ | 28,396 | $ | 26,301 | |||||||||||||
Second lien (8)(10) | 8.50% (L + 7.50%/M) | 6/1/2018 | 6/8/2026 | 7,500 | 7,446 | 6,894 | |||||||||||||||||
36,113 | 35,842 | 33,195 | 3.05 | % | |||||||||||||||||||
Wolfpack IP Co.** | |||||||||||||||||||||||
Software | First lien (2)(10) | 7.50% (L + 6.50%/M) | 6/14/2019 | 6/13/2025 | 9,091 | 9,010 | 8,997 | 0.83 | % | ||||||||||||||
Total Funded Debt Investments - Canada | $ | 45,204 | $ | 44,852 | $ | 42,192 | 3.88 | % | |||||||||||||||
Funded Debt Investments - United Arab Emirates | |||||||||||||||||||||||
GEMS Menasa (Cayman) Limited** | |||||||||||||||||||||||
Education | First lien (8) | 6.61% (L + 5.00%/Q) | 7/30/2019 | 7/31/2026 | $ | 33,321 | $ | 33,162 | $ | 29,656 | 2.72 | % | |||||||||||
Total Funded Debt Investments - United Arab Emirates | $ | 33,321 | $ | 33,162 | $ | 29,656 | 2.72 | % | |||||||||||||||
Funded Debt Investments - United Kingdom | |||||||||||||||||||||||
Shine Acquisition Co. S.à.r.l / Boing US Holdco Inc.** | |||||||||||||||||||||||
Consumer Services | Second lien (2)(10) | 8.50% (L + 7.50%/M) | 9/25/2017 | 10/3/2025 | $ | 37,853 | $ | 37,677 | $ | 36,433 | |||||||||||||
Second lien (8)(10) | 8.50% (L + 7.50%/M) | 9/25/2017 | 10/3/2025 | 6,000 | 5,972 | 5,775 | |||||||||||||||||
43,853 | 43,649 | 42,208 | 3.87 | % | |||||||||||||||||||
Aston FinCo S.a r.l. / Aston US Finco, LLC** | |||||||||||||||||||||||
Software | Second lien (8)(10) | 10.13% (L + 8.25%/Q) | 10/8/2019 | 10/8/2027 | 34,459 | 34,193 | 31,982 | 2.94 | % | ||||||||||||||
Total Funded Debt Investments - United Kingdom | $ | 78,312 | $ | 77,842 | $ | 74,190 | 6.81 | % | |||||||||||||||
Funded Debt Investments - United States | |||||||||||||||||||||||
PhyNet Dermatology LLC | |||||||||||||||||||||||
Healthcare Services | First lien (2)(10) | 6.50% (L + 5.50%/M) | 9/17/2018 | 8/16/2024 | $ | 50,240 | $ | 49,849 | $ | 46,487 | |||||||||||||
First lien (3)(10)(11) - Drawn | 6.50% (L + 5.50%/M) | 9/17/2018 | 8/16/2024 | 28,068 | 27,944 | 25,972 | |||||||||||||||||
78,308 | 77,793 | 72,459 | 6.65 | % | |||||||||||||||||||
GS Acquisitionco, Inc. | |||||||||||||||||||||||
Software | First lien (2)(10) | 6.83% (L + 5.75%/S) | 8/7/2019 | 5/24/2024 | 26,842 | 26,694 | 26,369 | ||||||||||||||||
First lien (5)(10) | 6.83% (L + 5.75%/S) | 8/7/2019 | 5/24/2024 | 22,363 | 22,239 | 21,969 | |||||||||||||||||
First lien (3)(10)(11) - Drawn | 6.83% (L + 5.75%/S) | 8/7/2019 | 5/24/2024 | 20,868 | 20,742 | 20,501 | |||||||||||||||||
First lien (3)(10)(11) - Drawn | 6.83% (L + 5.75%/S) | 8/7/2019 | 5/24/2024 | 3,134 | 3,115 | 3,079 | |||||||||||||||||
73,207 | 72,790 | 71,918 | 6.60 | % |
Portfolio Company, Location and Industry (1) | Type of Investment | Interest Rate (12) | Acquisition Date | Maturity / Expiration Date | Principal Amount, Par Value or Shares | Cost | Fair Value | Percent of Net Assets | |||||||||||||||
Benevis Holding Corp. | |||||||||||||||||||||||
Healthcare Services | First lien (2)(10) | 8.09% (L + 6.32%/Q) | 3/15/2018 | 3/15/2024 | $ | 62,572 | $ | 62,572 | $ | 46,528 | |||||||||||||
First lien (8)(10) | 8.09% (L + 6.32%/Q) | 3/15/2018 | 3/15/2024 | 15,352 | 15,352 | 11,416 | |||||||||||||||||
First lien (3)(10) | 7.96% (L + 6.32%/Q) | 3/29/2019 | 3/15/2024 | 7,665 | 7,665 | 5,699 | |||||||||||||||||
85,589 | 85,589 | 63,643 | 5.84 | % | |||||||||||||||||||
Associations, Inc. | |||||||||||||||||||||||
Business Services | First lien (2)(10) | 8.91% (L + 4.00% + 3.00% PIK/Q)* | 7/30/2018 | 7/30/2024 | 44,899 | 44,684 | 43,866 | ||||||||||||||||
First lien (8)(10) | 8.91% (L + 4.00% + 3.00% PIK/Q)* | 7/30/2018 | 7/30/2024 | 5,154 | 5,130 | 5,035 | |||||||||||||||||
First lien (3)(10)(11) - Drawn | 8.90% (L + 4.00% + 3.00% PIK/Q)* | 7/30/2018 | 7/30/2024 | 7,433 | 7,395 | 7,262 | |||||||||||||||||
First lien (3)(10)(11) - Drawn | 7.01% (L + 6.00%/M) | 7/30/2018 | 7/30/2024 | 2,033 | 2,020 | 1,986 | |||||||||||||||||
59,519 | 59,229 | 58,149 | 5.34 | % | |||||||||||||||||||
iCIMS, Inc. | |||||||||||||||||||||||
Software | First lien (8)(10) | 7.50% (L + 6.50%/M) | 9/12/2018 | 9/12/2024 | 46,636 | 46,247 | 46,636 | ||||||||||||||||
First lien (8)(10) | 7.50% (L + 6.50%/M) | 6/14/2019 | 9/12/2024 | 8,667 | 8,591 | 8,667 | |||||||||||||||||
55,303 | 54,838 | 55,303 | 5.08 | % | |||||||||||||||||||
Nomad Buyer, Inc. | |||||||||||||||||||||||
Healthcare Services | First lien (2)(10) | 5.61% (L + 5.00%/M) | 8/3/2018 | 8/1/2025 | 56,296 | 54,786 | 54,940 | 5.04 | % | ||||||||||||||
ConnectWise, LLC | |||||||||||||||||||||||
Software | First lien (2)(10) | 7.07% (L + 6.00%/S) | 11/26/2019 | 2/28/2025 | 55,473 | 55,145 | 54,031 | 4.96 | % | ||||||||||||||
Salient CRGT Inc. | |||||||||||||||||||||||
Federal Services | First lien (2)(10) | 7.57% (L + 6.50%/S) | 1/6/2015 | 2/28/2022 | 39,031 | 38,798 | 37,177 | ||||||||||||||||
First lien (8)(10) | 7.57% (L + 6.50%/S) | 6/6/2019 | 2/28/2022 | 13,338 | 12,942 | 12,704 | |||||||||||||||||
First lien (3)(10)(11) - Drawn | 8.00% (P + 4.75%/Q) | 6/26/2018 | 11/29/2021 | 2,100 | 1,932 | 2,000 | |||||||||||||||||
54,469 | 53,672 | 51,881 | 4.76 | % | |||||||||||||||||||
CentralSquare Technologies, LLC | |||||||||||||||||||||||
Software | Second lien (3)(10) | 8.95% (L + 7.50%/Q) | 8/15/2018 | 8/31/2026 | 47,838 | 47,312 | 43,762 | ||||||||||||||||
Second lien (8)(10) | 8.95% (L + 7.50%/Q) | 8/15/2018 | 8/31/2026 | 7,500 | 7,417 | 6,861 | |||||||||||||||||
55,338 | 54,729 | 50,623 | 4.65 | % | |||||||||||||||||||
Frontline Technologies Group Holdings, LLC | |||||||||||||||||||||||
Software | First lien (4)(10) | 6.75% (L + 5.75%/M) | 9/18/2017 | 9/18/2023 | 22,109 | 22,003 | 21,507 | ||||||||||||||||
First lien (2)(10) | 6.75% (L + 5.75%/M) | 9/18/2017 | 9/18/2023 | 18,632 | 18,578 | 18,125 | |||||||||||||||||
First lien (2)(10) | 6.75% (L + 5.75%/M) | 9/18/2017 | 9/18/2023 | 7,690 | 7,642 | 7,481 | |||||||||||||||||
48,431 | 48,223 | 47,113 | 4.31 | % |
Portfolio Company, Location and Industry (1) | Type of Investment | Interest Rate (12) | 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)(10) | 7.45% (L + 6.00%/Q) | 2/9/2018 | 2/9/2024 | $ | 38,249 | $ | 38,116 | $ | 36,826 | |||||||||||||
First lien (2)(10) | 7.45% (L + 6.00%/Q) | 2/9/2018 | 2/9/2024 | 10,631 | 10,591 | 10,235 | |||||||||||||||||
48,880 | 48,707 | 47,061 | 4.32 | % | |||||||||||||||||||
Symplr Software Intermediate Holdings, Inc. (24) | |||||||||||||||||||||||
Symplr Software, Inc. (fka Caliper Software, Inc.) | |||||||||||||||||||||||
Healthcare Information Technology | First lien (2)(10) | 6.57% (L + 5.50%/S) | 11/30/2018 | 11/28/2025 | 30,484 | 30,279 | 30,200 | ||||||||||||||||
First lien (4)(10) | 6.57% (L + 5.50%/S) | 11/30/2018 | 11/28/2025 | 14,813 | 14,718 | 14,675 | |||||||||||||||||
45,297 | 44,997 | 44,875 | 4.12 | % | |||||||||||||||||||
Integro Parent Inc. | |||||||||||||||||||||||
Business Services | First lien (2)(10) | 6.75% (L + 5.75%/M) | 10/9/2015 | 10/31/2022 | 34,869 | 34,749 | 34,615 | ||||||||||||||||
Second lien (8)(10) | 10.25% (L + 9.25%/M) | 10/9/2015 | 10/30/2023 | 10,000 | 9,945 | 10,000 | |||||||||||||||||
44,869 | 44,694 | 44,615 | 4.10 | % | |||||||||||||||||||
Brave Parent Holdings, Inc. | |||||||||||||||||||||||
Software | Second lien (5)(10) | 9.28% (L + 7.50%/Q) | 4/17/2018 | 4/17/2026 | 22,500 | 22,407 | 20,977 | ||||||||||||||||
Second lien (2)(10) | 9.28% (L + 7.50%/Q) | 4/17/2018 | 4/17/2026 | 16,624 | 16,484 | 15,498 | |||||||||||||||||
Second lien (8)(10) | 9.28% (L + 7.50%/Q) | 4/17/2018 | 4/17/2026 | 6,000 | 5,949 | 5,594 | |||||||||||||||||
45,124 | 44,840 | 42,069 | 3.86 | % | |||||||||||||||||||
Quest Software US Holdings Inc. | |||||||||||||||||||||||
Software | Second lien (2)(10) | 10.03% (L + 8.25%/Q) | 5/17/2018 | 5/18/2026 | 43,697 | 43,331 | 40,927 | 3.76 | % | ||||||||||||||
Tenawa Resource Holdings LLC (14) | |||||||||||||||||||||||
Tenawa Resource Management LLC | |||||||||||||||||||||||
Specialty Chemicals & Materials | First lien (3)(10) | 10.50% (Base + 8.00%/Q) | 5/12/2014 | 10/30/2024 | 38,900 | 38,852 | 38,900 | 3.57 | % | ||||||||||||||
Trader Interactive, LLC | |||||||||||||||||||||||
Business Services | First lien (2)(10) | 7.57% (L + 6.50%/S) | 6/15/2017 | 6/17/2024 | 31,850 | 31,702 | 30,943 | ||||||||||||||||
First lien (8)(10) | 7.57% (L + 6.50%/S) | 6/15/2017 | 6/17/2024 | 4,937 | 4,914 | 4,796 | |||||||||||||||||
First lien (3)(10)(11) - Drawn | 7.72% (L + 6.50%/Q) | 6/15/2017 | 6/15/2023 | 669 | 664 | 651 | |||||||||||||||||
37,456 | 37,280 | 36,390 | 3.34 | % | |||||||||||||||||||
TDG Group Holding Company | |||||||||||||||||||||||
Consumer Services | First lien (2)(10) | 6.57% (L + 5.50%/S) | 5/22/2018 | 5/31/2024 | 24,797 | 24,705 | 23,693 | ||||||||||||||||
First lien (8)(10) | 6.57% (L + 5.50%/S) | 5/22/2018 | 5/31/2024 | 4,937 | 4,919 | 4,717 | |||||||||||||||||
First lien (2)(10) | 6.57% (L + 5.50%/S) | 5/22/2018 | 5/31/2024 | 3,312 | 3,300 | 3,165 | |||||||||||||||||
First lien (3)(10)(11) - Drawn | 6.35% (L + 5.50%/Q) | 5/22/2018 | 5/31/2024 | 4,987 | 4,962 | 4,766 | |||||||||||||||||
38,033 | 37,886 | 36,341 | 3.34 | % |
Portfolio Company, Location and Industry (1) | Type of Investment | Interest Rate (12) | Acquisition Date | Maturity / Expiration Date | Principal Amount, Par Value or Shares | Cost | Fair Value | Percent of Net Assets | |||||||||||||||
Kronos Incorporated | |||||||||||||||||||||||
Software | Second lien (2) | 10.01% (L + 8.25%/Q) | 10/26/2012 | 11/1/2024 | $ | 26,148 | $ | 26,163 | $ | 24,658 | |||||||||||||
Second lien (8) | 10.01% (L + 8.25%/Q) | 10/26/2012 | 11/1/2024 | 11,147 | 11,147 | 10,511 | |||||||||||||||||
37,295 | 37,310 | 35,169 | 3.23 | % | |||||||||||||||||||
Definitive Healthcare Holdings, LLC | |||||||||||||||||||||||
Healthcare Information Technology | First lien (8)(10) | 8.19% (L + 5.50% + 1.00% PIK/Q)* | 8/7/2019 | 7/16/2026 | 33,483 | 33,329 | 33,034 | ||||||||||||||||
First lien (3)(10)(11) - Drawn | 6.70% (L + 5.50%/Q) | 8/7/2019 | 7/16/2024 | 1,848 | 1,839 | 1,823 | |||||||||||||||||
35,331 | 35,168 | 34,857 | 3.20 | % | |||||||||||||||||||
Peraton Holding Corp. (fka MHVC Acquisition Corp.) | |||||||||||||||||||||||
Federal Services | First lien (2) | 6.87% (L + 5.25%/Q) | 4/25/2017 | 4/29/2024 | 36,812 | 36,693 | 34,419 | 3.16 | % | ||||||||||||||
Apptio, Inc. | |||||||||||||||||||||||
Software | First lien (8)(10) | 8.25% (L + 7.25%/M) | 1/10/2019 | 1/10/2025 | 34,076 | 33,497 | 34,076 | 3.13 | % | ||||||||||||||
KAMC Holdings, Inc | |||||||||||||||||||||||
Business Services | Second lien (2)(10) | 9.70% (L + 8.00%/Q) | 8/14/2019 | 8/13/2027 | 18,750 | 18,617 | 16,910 | ||||||||||||||||
Second lien (8)(10) | 9.70% (L + 8.00%/Q) | 8/14/2019 | 8/13/2027 | 18,750 | 18,617 | 16,910 | |||||||||||||||||
37,500 | 37,234 | 33,820 | 3.10 | % | |||||||||||||||||||
Finalsite Holdings, Inc. | |||||||||||||||||||||||
Software | First lien (4)(10) | 7.28% (L + 5.50%/Q) | 9/28/2018 | 9/25/2024 | 22,163 | 22,031 | 21,834 | ||||||||||||||||
First lien (2)(10) | 7.28% (L + 5.50%/Q) | 9/28/2018 | 9/25/2024 | 10,947 | 10,882 | 10,785 | |||||||||||||||||
33,110 | 32,913 | 32,619 | 2.99 | % | |||||||||||||||||||
Affinity Dental Management, Inc. | |||||||||||||||||||||||
Healthcare Services | First lien (2)(10) | 7.41% (L + 6.00%/Q) | 9/15/2017 | 9/15/2023 | 27,028 | 26,974 | 22,158 | ||||||||||||||||
First lien (4)(10) | 7.41% (L + 6.00%/Q) | 9/17/2019 | 9/15/2023 | 10,917 | 10,917 | 8,950 | |||||||||||||||||
First lien (3)(10)(11) - Drawn | 7.00% (P + 5.00%/M) | 9/15/2017 | 3/15/2023 | 1,738 | 1,720 | 1,424 | |||||||||||||||||
39,683 | 39,611 | 32,532 | 2.99 | % | |||||||||||||||||||
CoolSys, Inc. | |||||||||||||||||||||||
Industrial Services | First lien (5)(10) | 7.00% (L + 6.00%/M) | 11/20/2019 | 11/20/2026 | 22,444 | 22,335 | 21,932 | ||||||||||||||||
First lien (2)(10) | 7.00% (L + 6.00%/M) | 11/20/2019 | 11/20/2026 | 10,374 | 10,324 | 10,138 | |||||||||||||||||
32,818 | 32,659 | 32,070 | 2.94 | % | |||||||||||||||||||
DCA Investment Holding, LLC | |||||||||||||||||||||||
Healthcare Services | First lien (2)(10) | 6.32% (L + 5.25%/S) | 7/2/2015 | 7/2/2021 | 17,051 | 17,010 | 15,511 | ||||||||||||||||
First lien (3)(10) | 6.32% (L + 5.25%/S) | 12/20/2017 | 7/2/2021 | 8,868 | 8,821 | 8,067 | |||||||||||||||||
First lien (2)(10) | 6.32% (L + 5.25%/S) | 12/20/2017 | 7/2/2021 | 4,174 | 4,156 | 3,797 | |||||||||||||||||
First lien (3)(10)(11) - Drawn | 6.32% (L + 5.25%/S) | 4/16/2019 | 7/2/2021 | 3,030 | 2,855 | 2,756 | |||||||||||||||||
First lien (3)(10)(11) - Drawn | 6.25% (L + 5.25%/M) | 7/2/2015 | 7/2/2021 | 2,050 | 2,030 | 1,865 | |||||||||||||||||
35,173 | 34,872 | 31,996 | 2.94 | % |
Portfolio Company, Location and Industry (1) | Type of Investment | Interest Rate (12) | Acquisition Date | Maturity / Expiration Date | Principal Amount, Par Value or Shares | Cost | Fair Value | Percent of Net Assets | |||||||||||||||
Kaseya Traverse Inc. | |||||||||||||||||||||||
Software | First lien (8)(10) | 8.91% (L + 4.00% + 3.00% PIK/S)* | 5/9/2019 | 5/2/2025 | $ | 27,595 | $ | 27,354 | $ | 27,220 | |||||||||||||
First lien (3)(10)(11) - Drawn | 7.50% (L + 6.50%/M) | 5/9/2019 | 5/2/2025 | 2,288 | 2,266 | 2,257 | |||||||||||||||||
First lien (3)(10)(11) - Drawn | 8.91% (L + 4.00% + 3.00% PIK/S)* | 5/9/2019 | 5/2/2025 | 431 | 427 | 425 | |||||||||||||||||
30,314 | 30,047 | 29,902 | 2.73 | % | |||||||||||||||||||
Integral Ad Science, Inc. | |||||||||||||||||||||||
Software | First lien (8)(10) | 8.25% (L + 6.00% + 1.25% PIK/M)* | 7/19/2018 | 7/19/2024 | 26,927 | 26,711 | 26,443 | ||||||||||||||||
First lien (3)(10) | 8.25% (L + 6.00% + 1.25% PIK/M)* | 8/27/2019 | 7/19/2024 | 3,518 | 3,486 | 3,454 | |||||||||||||||||
30,445 | 30,197 | 29,897 | 2.74 | % | |||||||||||||||||||
Conservice, LLC | |||||||||||||||||||||||
Business Services | First lien (2)(10) | 6.51% (L + 5.25%/Q) | 1/3/2019 | 11/29/2024 | 25,247 | 25,143 | 24,924 | ||||||||||||||||
First lien (3)(10)(11) - Drawn | 6.51% (L + 5.25%/Q) | 1/3/2019 | 11/29/2024 | 4,407 | 4,388 | 4,351 | |||||||||||||||||
First lien (3)(10)(11) - Drawn | 6.30% (L + 5.25%/Q) | 1/3/2019 | 11/29/2024 | 442 | 440 | 437 | |||||||||||||||||
30,096 | 29,971 | 29,712 | 2.73 | % | |||||||||||||||||||
GC Waves Holdings, Inc.** | |||||||||||||||||||||||
Business Services | First lien (5)(10) | 7.20% (L + 5.75%/Q) | 10/31/2019 | 10/31/2025 | 22,500 | 22,340 | 22,331 | ||||||||||||||||
First lien (2)(10) | 7.20% (L + 5.75%/Q) | 10/31/2019 | 10/31/2025 | 3,673 | 3,647 | 3,645 | |||||||||||||||||
First lien (3)(10)(11) - Drawn | 6.20% (L + 4.75%/Q) | 10/31/2019 | 10/31/2025 | 1,481 | 1,467 | 1,470 | |||||||||||||||||
27,654 | 27,454 | 27,446 | 2.52 | % | |||||||||||||||||||
Keystone Acquisition Corp. | |||||||||||||||||||||||
Healthcare Services | First lien (2)(10) | 6.70% (L + 5.25%/Q) | 5/10/2017 | 5/1/2024 | 24,419 | 24,312 | 23,040 | ||||||||||||||||
Second lien (2)(10) | 10.70% (L + 9.25%/Q) | 5/10/2017 | 5/1/2025 | 4,500 | 4,467 | 4,380 | |||||||||||||||||
28,919 | 28,779 | 27,420 | 2.52 | % | |||||||||||||||||||
Sovos Brands Intermediate, Inc. | |||||||||||||||||||||||
Food & Beverage | First lien (2)(10) | 6.59% (L + 5.00%/Q) | 11/16/2018 | 11/20/2025 | 27,887 | 27,768 | 26,548 | 2.44 | % | ||||||||||||||
MRI Software LLC | |||||||||||||||||||||||
Software | First lien (5)(10) | 6.57% (L + 5.50%/S) | 1/31/2020 | 2/10/2026 | 22,500 | 22,389 | 22,387 | ||||||||||||||||
First lien (2)(10) | 6.57% (L + 5.50%/S) | 1/31/2020 | 2/10/2026 | 1,627 | 1,619 | 1,619 | |||||||||||||||||
First lien (3)(10) | 6.57% (L + 5.50%/S) | 1/31/2020 | 2/10/2026 | 1,117 | 1,112 | 1,112 | |||||||||||||||||
First lien (3)(10)(11) - Drawn | 6.57% (L + 5.50%/S) | 1/31/2020 | 2/10/2026 | 1,001 | 996 | 996 | |||||||||||||||||
26,245 | 26,116 | 26,114 | 2.40 | % | |||||||||||||||||||
Instructure, Inc.** | |||||||||||||||||||||||
Software | First lien (8)(10) | 8.21% (L + 7.00%/Q) | 3/24/2020 | 3/24/2026 | 26,278 | 26,115 | 26,114 | 2.40 | % |
Portfolio Company, Location and Industry (1) | Type of Investment | Interest Rate (12) | Acquisition Date | Maturity / Expiration Date | Principal Amount, Par Value or Shares | Cost | Fair Value | Percent of Net Assets | |||||||||||||||
HS Purchaser, LLC / Help/Systems Holdings, Inc. | |||||||||||||||||||||||
Software | Second lien (5)(10) | 9.00% (L + 8.00%/M) | 11/14/2019 | 11/19/2027 | $ | 22,500 | $ | 22,383 | $ | 21,551 | |||||||||||||
Second lien (2)(10) | 9.00% (L + 8.00%/M) | 11/14/2019 | 11/19/2027 | 4,208 | 4,167 | 4,030 | |||||||||||||||||
26,708 | 26,550 | 25,581 | 2.35 | % | |||||||||||||||||||
Confluent Health, LLC | |||||||||||||||||||||||
Healthcare Services | First lien (2)(10) | 6.01% (L + 5.00%/M) | 6/21/2019 | 6/24/2026 | 27,294 | 27,168 | 24,600 | 2.26 | % | ||||||||||||||
Ansira Holdings, Inc. | |||||||||||||||||||||||
Business Services | First lien (8)(10) | 7.36% (L + 5.75%/Q) | 12/19/2016 | 12/20/2022 | 28,382 | 28,312 | 20,282 | ||||||||||||||||
First lien (3)(10)(11) - Drawn | 6.98% (L + 5.75%/Q) | 12/19/2016 | 12/20/2022 | 4,731 | 4,724 | 3,381 | |||||||||||||||||
33,113 | 33,036 | 23,663 | 2.17 | % | |||||||||||||||||||
Idera, Inc. | |||||||||||||||||||||||
Software | Second lien (4)(10) | 10.08% (L + 9.00%/S) | 6/27/2019 | 6/28/2027 | 22,500 | 22,341 | 22,415 | 2.06 | % | ||||||||||||||
Astra Acquisition Corp. | |||||||||||||||||||||||
Software | First lien (5)(10) | 6.50% (L + 5.50%/M) | 2/26/2020 | 3/1/2027 | 22,500 | 22,332 | 22,331 | 2.06 | % | ||||||||||||||
Convey Health Solutions, Inc. | |||||||||||||||||||||||
Healthcare Services | First lien (4)(10) | 7.01% (L + 5.25%/Q) | 9/9/2019 | 9/4/2026 | 22,388 | 22,152 | 21,805 | 2.00 | % | ||||||||||||||
Spring Education Group, Inc (fka SSH Group Holdings, Inc.) | |||||||||||||||||||||||
Education | Second lien (2)(10) | 9.70% (L + 8.25%/Q) | 7/26/2018 | 7/30/2026 | 24,533 | 24,478 | 21,626 | 1.99 | % | ||||||||||||||
YLG Holdings, Inc. | |||||||||||||||||||||||
Business Services | First lien (5)(10) | 7.51% (L + 5.75%/Q) | 11/1/2019 | 10/31/2025 | 18,367 | 18,280 | 17,884 | ||||||||||||||||
First lien (3)(10)(11) - Drawn | 6.75% (L + 5.75%/M) | 11/1/2019 | 10/31/2025 | 3,571 | 3,554 | 3,477 | |||||||||||||||||
21,938 | 21,834 | 21,361 | 1.96 | % | |||||||||||||||||||
TMK Hawk Parent, Corp. | |||||||||||||||||||||||
Distribution & Logistics | First lien (2) | 4.58% (L + 3.50%/S) | 6/24/2019 | 8/28/2024 | 16,865 | 14,554 | 10,710 | ||||||||||||||||
First lien (8) | 4.58% (L + 3.50%/S) | 10/23/2019 | 8/28/2024 | 16,266 | 13,474 | 10,329 | |||||||||||||||||
33,131 | 28,028 | 21,039 | 1.93 | % | |||||||||||||||||||
Avatar Topco, Inc. (23) | |||||||||||||||||||||||
EAB Global, Inc. | |||||||||||||||||||||||
Education | Second lien (3)(10) | 9.49% (L + 7.50%/S) | 11/17/2017 | 11/17/2025 | 13,950 | 13,787 | 13,345 | ||||||||||||||||
Second lien (8)(10) | 9.49% (L + 7.50%/S) | 11/17/2017 | 11/17/2025 | 7,500 | 7,412 | 7,174 | |||||||||||||||||
21,450 | 21,199 | 20,519 | 1.88 | % | |||||||||||||||||||
AAC Holding Corp. | |||||||||||||||||||||||
Education | First lien (2)(10) | 9.84% (L + 8.25%/M) | 9/30/2015 | 9/30/2022 | 25,079 | 24,996 | 19,794 | 1.82 | % | ||||||||||||||
Institutional Shareholder Services, Inc. | |||||||||||||||||||||||
Business Services | Second lien (3)(10) | 9.57% (L + 8.50%/S) | 3/5/2019 | 3/5/2027 | 20,372 | 20,094 | 19,521 | 1.79 | % | ||||||||||||||
MED Parentco, LP | |||||||||||||||||||||||
Healthcare Services | Second lien (8)(10) | 9.24% (L + 8.25%/M) | 8/2/2019 | 8/30/2027 | 20,857 | 20,707 | 19,337 | 1.76 | % |
Portfolio Company, Location and Industry (1) | Type of Investment | Interest Rate (12) | Acquisition Date | Maturity / Expiration Date | Principal Amount, Par Value or Shares | Cost | Fair Value | Percent of Net Assets | |||||||||||||||
Xactly Corporation | |||||||||||||||||||||||
Software | First lien (4)(10) | 8.25% (L + 7.25%/M) | 7/31/2017 | 7/29/2022 | $ | 19,047 | $ | 18,936 | $ | 18,944 | 1.74 | % | |||||||||||
CRCI Longhorn Holdings, Inc. | |||||||||||||||||||||||
Business Services | Second lien (3) | 8.05% (L + 7.25%/M) | 8/2/2018 | 8/10/2026 | 14,349 | 14,302 | 12,161 | ||||||||||||||||
Second lien (8) | 8.05% (L + 7.25%/M) | 8/2/2018 | 8/10/2026 | 7,500 | 7,476 | 6,356 | |||||||||||||||||
21,849 | 21,778 | 18,517 | 1.70 | % | |||||||||||||||||||
FR Arsenal Holdings II Corp. | |||||||||||||||||||||||
Business Services | First lien (2)(10) | 8.25% (L + 7.25%/Q) | 9/29/2016 | 9/8/2022 | 18,308 | 18,211 | 18,282 | 1.68 | % | ||||||||||||||
Bullhorn, Inc. | |||||||||||||||||||||||
Software | First lien (2)(10) | 6.57% (L + 5.50%/S) | 9/24/2019 | 10/1/2025 | 17,131 | 17,011 | 16,792 | ||||||||||||||||
First lien (3)(10) | 6.57% (L + 5.50%/S) | 9/24/2019 | 10/1/2025 | 283 | 281 | 278 | |||||||||||||||||
First lien (3)(10)(11) - Drawn | 6.50% (L + 5.50%/M) | 9/24/2019 | 10/1/2025 | 852 | 845 | 835 | |||||||||||||||||
First lien (3)(10)(11) - Drawn | 6.57% (L + 5.50%/S) | 9/24/2019 | 10/1/2025 | 213 | 211 | 208 | |||||||||||||||||
18,479 | 18,348 | 18,113 | 1.66 | % | |||||||||||||||||||
DiversiTech Holdings, Inc. | |||||||||||||||||||||||
Distribution & Logistics | Second lien (2)(10) | 8.95% (L + 7.50%/Q) | 5/18/2017 | 6/2/2025 | 12,000 | 11,913 | 11,038 | ||||||||||||||||
Second lien (8)(10) | 8.95% (L + 7.50%/Q) | 5/18/2017 | 6/2/2025 | 7,500 | 7,445 | 6,898 | |||||||||||||||||
19,500 | 19,358 | 17,936 | 1.65 | % | |||||||||||||||||||
Bluefin Holding, LLC | |||||||||||||||||||||||
Software | Second lien (8)(10) | 8.75% (L + 7.75%/Q) | 9/6/2019 | 9/6/2027 | 18,000 | 18,000 | 17,143 | 1.57 | % | ||||||||||||||
Kele Holdco, Inc. | |||||||||||||||||||||||
Distribution & Logistics | First lien (5)(10) | 7.12% (L + 6.00%/Q) | 2/20/2020 | 2/20/2026 | 16,192 | 16,112 | 16,111 | ||||||||||||||||
First lien (3)(10)(11) - Drawn | 7.00% (L + 6.00%/M) | 2/20/2020 | 2/20/2026 | 900 | 895 | 895 | |||||||||||||||||
17,092 | 17,007 | 17,006 | 1.56 | % | |||||||||||||||||||
The Kleinfelder Group, Inc. | |||||||||||||||||||||||
Business Services | First lien (4)(10) | 5.95% (L + 4.75%/Q) | 12/18/2018 | 11/29/2024 | 17,281 | 17,211 | 16,566 | 1.52 | % | ||||||||||||||
Hill International, Inc.** | |||||||||||||||||||||||
Business Services | First lien (2)(10) | 6.75% (L + 5.75%/M) | 6/21/2017 | 6/21/2023 | 15,366 | 15,320 | 15,046 | 1.38 | % | ||||||||||||||
Coyote Buyer, LLC | |||||||||||||||||||||||
Specialty Chemicals & Materials | First lien (5)(10) | 7.74% (L + 6.00%/M) | 3/13/2020 | 2/6/2026 | 14,185 | 14,114 | 14,114 | ||||||||||||||||
First lien (3)(10)(11) - Drawn | 7.74% (L + 6.00%/M) | 3/13/2020 | 2/6/2025 | 101 | 101 | 101 | |||||||||||||||||
14,286 | 14,215 | 14,215 | 1.30 | % | |||||||||||||||||||
Bleriot US Bidco Inc. | |||||||||||||||||||||||
Federal Services | Second lien (2)(10) | 9.95% (L + 8.50%/Q) | 10/24/2019 | 10/29/2027 | 15,000 | 14,855 | 14,175 | 1.30 | % |
Portfolio Company, Location and Industry (1) | Type of Investment | Interest Rate (12) | Acquisition Date | Maturity / Expiration Date | Principal Amount, Par Value or Shares | Cost | Fair Value | Percent of Net Assets | |||||||||||||||
Diligent Corporation | |||||||||||||||||||||||
Software | First lien (2)(10) | 6.95% (L + 5.50%/S) | 10/30/2019 | 4/14/2022 | $ | 6,825 | $ | 6,767 | $ | 6,683 | |||||||||||||
First lien (3)(10) | 6.93% (L + 5.50%/S) | 12/19/2018 | 4/14/2022 | 5,352 | 5,326 | 5,240 | |||||||||||||||||
First lien (3)(10) | 7.42% (L + 5.50%/S) | 12/19/2018 | 4/14/2022 | 2,061 | 2,051 | 2,018 | |||||||||||||||||
First lien (2)(10) | 6.95% (L + 5.50%/S) | 10/30/2019 | 4/14/2022 | 140 | 139 | 137 | |||||||||||||||||
14,378 | 14,283 | 14,078 | 1.29 | % | |||||||||||||||||||
Netsmart Inc. / Netsmart Technologies, Inc. | |||||||||||||||||||||||
Healthcare Information Technology | Second lien (2) | 8.95% (L + 7.50%/Q) | 4/18/2016 | 10/19/2023 | 15,000 | 14,787 | 13,856 | 1.27 | % | ||||||||||||||
JAMF Holdings, Inc. | |||||||||||||||||||||||
Software | First lien (8)(10) | 8.70% (L + 7.00%/Q) | 11/13/2017 | 11/11/2022 | 8,757 | 8,707 | 8,758 | ||||||||||||||||
First lien (2)(10) | 8.70% (L + 7.00%/Q) | 11/8/2019 | 11/11/2022 | 4,582 | 4,552 | 4,582 | |||||||||||||||||
13,339 | 13,259 | 13,340 | 1.22 | % | |||||||||||||||||||
BackOffice Associates Holdings, LLC | |||||||||||||||||||||||
Business Services | First lien (2)(10) | 12.28% (L + 7.50% + 3.00% PIK/Q)* | 8/25/2017 | 8/25/2023 | 13,090 | 13,020 | 12,437 | ||||||||||||||||
First lien (3)(10)(11) - Drawn | 12.28% (L + 7.50% + 3.00% PIK/Q)* | 8/25/2017 | 8/25/2023 | 900 | 893 | 855 | |||||||||||||||||
13,990 | 13,913 | 13,292 | 1.22 | % | |||||||||||||||||||
Ministry Brands, LLC | |||||||||||||||||||||||
Software | First lien (2)(10) | 5.62% (L + 4.00%/M) | 12/7/2016 | 12/2/2022 | 2,925 | 2,918 | 2,796 | ||||||||||||||||
Second lien (8)(10) | 10.51% (L + 9.25%/Q) | 12/7/2016 | 6/2/2023 | 7,840 | 7,806 | 7,598 | |||||||||||||||||
Second lien (3)(10) | 10.51% (L + 9.25%/Q) | 12/7/2016 | 6/2/2023 | 2,160 | 2,151 | 2,093 | |||||||||||||||||
First lien (3)(10)(11) - Drawn | 6.16% (L + 5.00%/M) | 12/7/2016 | 12/2/2022 | 575 | 572 | 550 | |||||||||||||||||
13,500 | 13,447 | 13,037 | 1.20 | % | |||||||||||||||||||
Alegeus Technologies Holding Corp. | |||||||||||||||||||||||
Healthcare Services | First lien (8)(10) | 8.13% (L + 6.25%/Q) | 9/5/2018 | 9/5/2024 | 13,444 | 13,390 | 13,013 | 1.19 | % | ||||||||||||||
Geo Parent Corporation | |||||||||||||||||||||||
Business Services | First lien (2)(10) | 6.24% (L + 5.25%/M) | 12/13/2018 | 12/19/2025 | 13,033 | 12,977 | 12,599 | 1.16 | % | ||||||||||||||
Transcendia Holdings, Inc. | |||||||||||||||||||||||
Packaging | Second lien (8)(10) | 9.07% (L + 8.00%/M) | 6/28/2017 | 5/30/2025 | 14,500 | 14,353 | 12,163 | 1.12 | % | ||||||||||||||
PaySimple, Inc. | |||||||||||||||||||||||
Software | First lien (2)(10) | 6.46% (L + 5.50%/M) | 8/19/2019 | 8/23/2025 | 9,833 | 9,742 | 9,597 | ||||||||||||||||
First lien (3)(10)(11) - Drawn | 6.56% (L + 5.50%/M) | 8/19/2019 | 8/23/2025 | 2,174 | 2,132 | 2,122 | |||||||||||||||||
12,007 | 11,874 | 11,719 | 1.08 | % | |||||||||||||||||||
Castle Management Borrower LLC | |||||||||||||||||||||||
Business Services | First lien (2)(10) | 7.95% (L + 6.25%/Q) | 5/31/2018 | 2/15/2024 | 13,217 | 13,168 | 11,299 | 1.04 | % |
Portfolio Company, Location and Industry (1) | Type of Investment | Interest Rate (12) | Acquisition Date | Maturity / Expiration Date | Principal Amount, Par Value or Shares | Cost | Fair Value | Percent of Net Assets | |||||||||||||||
Alert Holding Company, Inc. (15) | |||||||||||||||||||||||
Appriss Holdings, Inc. | |||||||||||||||||||||||
Business Services | First lien (8)(10) | 6.49% (L + 5.50%/M) | 5/24/2019 | 5/29/2026 | $ | 11,026 | $ | 10,940 | $ | 10,782 | |||||||||||||
First lien (3)(10)(11) - Drawn | 6.49% (L + 5.50%/M) | 5/24/2019 | 5/30/2025 | 460 | 455 | 449 | |||||||||||||||||
11,486 | 11,395 | 11,231 | 1.03 | % | |||||||||||||||||||
OEConnection LLC | |||||||||||||||||||||||
Business Services | Second lien (2)(10) | 9.32% (L + 8.25%/S) | 9/25/2019 | 9/25/2027 | 12,044 | 11,929 | 11,173 | 1.03 | % | ||||||||||||||
CHA Holdings, Inc. | |||||||||||||||||||||||
Business Services | Second lien (4)(10) | 9.82% (L + 8.75%/S) | 4/3/2018 | 4/10/2026 | 7,012 | 6,954 | 6,758 | ||||||||||||||||
Second lien (3)(10) | 9.82% (L + 8.75%/S) | 4/3/2018 | 4/10/2026 | 4,453 | 4,416 | 4,291 | |||||||||||||||||
11,465 | 11,370 | 11,049 | 1.01 | % | |||||||||||||||||||
PPVA Black Elk (Equity) LLC | |||||||||||||||||||||||
Business Services | Subordinated (3)(10) | — | 5/3/2013 | — | 14,500 | 14,500 | 10,354 | 0.95 | % | ||||||||||||||
CFS Management, LLC | |||||||||||||||||||||||
Healthcare Services | First lien (2)(10) | 7.34% (L + 5.75%/S) | 8/6/2019 | 7/1/2024 | 11,703 | 11,651 | 10,335 | 0.95 | % | ||||||||||||||
NorthStar Financial Services Group, LLC | |||||||||||||||||||||||
Software | Second lien (5)(10) | 8.49% (L + 7.50%/M) | 5/23/2018 | 5/25/2026 | 10,607 | 10,585 | 10,000 | 0.92 | % | ||||||||||||||
Vectra Co. | |||||||||||||||||||||||
Business Products | Second lien (8)(10) | 8.24% (L + 7.25%/M) | 2/23/2018 | 3/8/2026 | 10,788 | 10,755 | 9,955 | 0.91 | % | ||||||||||||||
Masergy Holdings, Inc. | |||||||||||||||||||||||
Business Services | Second lien (2)(10) | 8.56% (L + 7.50%/S) | 12/14/2016 | 12/16/2024 | 10,500 | 10,460 | 9,953 | 0.91 | % | ||||||||||||||
AG Parent Holdings, LLC | |||||||||||||||||||||||
Healthcare Services | First lien (2)(10) | 6.45% (L + 5.00%/Q) | 7/30/2019 | 7/31/2026 | 9,975 | 9,929 | 9,695 | 0.89 | % | ||||||||||||||
Teneo Holdings, LLC | |||||||||||||||||||||||
Business Services | First lien (2)(10) | 6.25% (L + 5.25%/Q) | 7/15/2019 | 7/11/2025 | 9,950 | 9,770 | 9,553 | 0.88 | % | ||||||||||||||
Quartz Holding Company | |||||||||||||||||||||||
Software | Second lien (3)(10) | 8.86% (L + 8.00%/M) | 4/2/2019 | 4/2/2027 | 10,000 | 9,817 | 9,369 | 0.86 | % | ||||||||||||||
Zywave, Inc. | |||||||||||||||||||||||
Software | Second lien (4)(10) | 10.80% (L + 9.00%/Q) | 11/22/2016 | 11/17/2023 | 6,980 | 6,948 | 6,793 | ||||||||||||||||
Second lien (4)(10) | 10.80% (L + 9.00%/Q) | 12/3/2019 | 11/17/2023 | 600 | 596 | 584 | |||||||||||||||||
First lien (3)(10)(11) - Drawn | 6.00% (L + 5.00%/M) | 11/22/2016 | 11/17/2022 | 2,000 | 1,985 | 1,960 | |||||||||||||||||
9,580 | 9,529 | 9,337 | 0.86 | % | |||||||||||||||||||
Stats Intermediate Holdings, LLC** | |||||||||||||||||||||||
Business Services | First lien (2)(10) | 6.96% (L + 5.25%/Q) | 5/22/2019 | 7/10/2026 | 9,975 | 9,860 | 9,329 | 0.86 | % | ||||||||||||||
VT Topco, Inc. | |||||||||||||||||||||||
Business Services | Second lien (4)(10) | 8.45% (L + 7.00%/Q) | 8/14/2018 | 7/31/2026 | 10,000 | 9,979 | 9,192 | 0.84 | % |
Portfolio Company, Location and Industry (1) | Type of Investment | Interest Rate (12) | Acquisition Date | Maturity / Expiration Date | Principal Amount, Par Value or Shares | Cost | Fair Value | Percent of Net Assets | |||||||||||||||
AgKnowledge Holdings Company, Inc. | |||||||||||||||||||||||
Business Services | First lien (4)(10) | 5.82% (L + 4.75%/S) | 11/30/2018 | 7/21/2023 | $ | 9,332 | $ | 9,297 | $ | 9,136 | 0.84 | % | |||||||||||
Wrike, Inc. | |||||||||||||||||||||||
Software | First lien (8)(10) | 7.83% (L + 6.75%/S) | 12/31/2018 | 12/31/2024 | 9,067 | 8,991 | 9,058 | 0.83 | % | ||||||||||||||
WD Wolverine Holdings, LLC | |||||||||||||||||||||||
Healthcare Services | First lien (2)(10) | 6.50% (L + 5.50%/M) | 2/22/2017 | 8/16/2022 | 8,901 | 8,762 | 8,795 | 0.81 | % | ||||||||||||||
Amerijet Holdings, Inc. | |||||||||||||||||||||||
Distribution & Logistics | First lien (4)(10) | 9.00% (L + 8.00%/M) | 7/15/2016 | 7/15/2021 | 7,513 | 7,496 | 7,449 | ||||||||||||||||
First lien (4)(10) | 9.00% (L + 8.00%/M) | 7/15/2016 | 7/15/2021 | 1,252 | 1,249 | 1,242 | |||||||||||||||||
8,765 | 8,745 | 8,691 | 0.80 | % | |||||||||||||||||||
Affordable Care Holding Corp. | |||||||||||||||||||||||
Healthcare Services | First lien (2)(10) | 6.20% (L + 4.75%/Q) | 3/18/2019 | 10/24/2022 | 9,871 | 9,726 | 8,602 | 0.79 | % | ||||||||||||||
Recorded Future, Inc. | |||||||||||||||||||||||
Software | First lien (8)(10) | 7.25% (L + 6.25%/M) | 8/26/2019 | 7/3/2025 | 6,250 | 6,221 | 6,219 | ||||||||||||||||
First lien (3)(10)(11) - Drawn | 7.25% (L + 6.25%/M) | 8/26/2019 | 7/3/2025 | 500 | 498 | 497 | |||||||||||||||||
6,750 | 6,719 | 6,716 | 0.62 | % | |||||||||||||||||||
DealerSocket, Inc. | |||||||||||||||||||||||
Software | First lien (2)(10) | 6.84% (L + 5.25%/S) | 4/16/2018 | 4/26/2023 | 6,593 | 6,561 | 6,345 | 0.58 | % | ||||||||||||||
DG Investment Intermediate Holdings 2, Inc. (aka Convergint Technologies Holdings, LLC) | |||||||||||||||||||||||
Business Services | Second lien (3)(10) | 7.74% (L + 6.75%/M) | 1/29/2018 | 2/2/2026 | 6,732 | 6,706 | 6,024 | 0.55 | % | ||||||||||||||
Restaurant Technologies, Inc. | |||||||||||||||||||||||
Business Services | Second lien (4)(10) | 7.95% (L + 6.50%/Q) | 9/24/2018 | 10/1/2026 | 6,722 | 6,707 | 6,005 | 0.55 | % | ||||||||||||||
CP VI Bella Midco, LLC | |||||||||||||||||||||||
Healthcare Services | Second lien (3)(10) | 7.74% (L + 6.75%/M) | 1/25/2018 | 12/29/2025 | 6,732 | 6,706 | 5,949 | 0.55 | % | ||||||||||||||
Solera LLC / Solera Finance, Inc. | |||||||||||||||||||||||
Software | Subordinated (3) | 10.50%/S | 2/29/2016 | 3/1/2024 | 5,000 | 4,852 | 4,931 | 0.45 | % | ||||||||||||||
ADG, LLC | |||||||||||||||||||||||
Healthcare Services | Second lien (3)(10) | 11.92% (L + 10.00% PIK/S)* | 10/3/2016 | 3/28/2024 | 5,422 | 5,375 | 2,753 | 0.25 | % | ||||||||||||||
Sphera Solutions, Inc. | |||||||||||||||||||||||
Software | First lien (2)(10) | 8.50% (L + 7.00%/Q) | 9/10/2019 | 6/14/2022 | 2,483 | 2,462 | 2,458 | 0.23 | % |
Portfolio Company, Location and Industry (1) | Type of Investment | Interest Rate (12) | Acquisition Date | Maturity / Expiration Date | Principal Amount, Par Value or Shares | Cost | Fair Value | Percent of Net Assets | |||||||||||||||
Education Management Corporation (13) | |||||||||||||||||||||||
Education Management II LLC | |||||||||||||||||||||||
Education | First lien (2) | 8.75% (P + 5.50%/S)(25) | 1/5/2015 | 7/2/2020 | $ | 208 | $ | 202 | $ | 2 | |||||||||||||
First lien (3) | 8.75% (P + 5.50%/S)(25) | 1/5/2015 | 7/2/2020 | 117 | 114 | 1 | |||||||||||||||||
First lien (2) | 14.00% (P + 8.50%/M)(25) | 1/5/2015 | 7/2/2020 | 300 | 292 | — | |||||||||||||||||
First lien (3) | 14.00% (P + 8.50%/M)(25) | 1/5/2015 | 7/2/2020 | 169 | 165 | — | |||||||||||||||||
First lien (2) | 11.75% (P + 8.50%/Q)(25) | 1/5/2015 | 7/2/2020 | 142 | 117 | — | |||||||||||||||||
First lien (2) | 11.75% (P + 8.50%/Q)(25) | 1/5/2015 | 7/2/2020 | 4 | 3 | — | |||||||||||||||||
First lien (3) | 11.75% (P + 8.50%/Q)(25) | 1/5/2015 | 7/2/2020 | 80 | 66 | — | |||||||||||||||||
First lien (3) | 11.75% (P + 8.50%/Q)(25) | 1/5/2015 | 7/2/2020 | 2 | 2 | — | |||||||||||||||||
1,022 | 961 | 3 | — | % | |||||||||||||||||||
PPVA Fund, L.P. | |||||||||||||||||||||||
Business Services | Collateralized Financing (25)(26) | — | 11/7/2014 | — | — | — | — | — | % | ||||||||||||||
Total Funded Debt Investments - United States | $ | 2,412,269 | $ | 2,391,489 | $ | 2,259,871 | 207.43 | % | |||||||||||||||
Total Funded Debt Investments | $ | 2,569,106 | $ | 2,547,345 | $ | 2,405,909 | 220.84 | % | |||||||||||||||
Equity - Hong Kong | |||||||||||||||||||||||
Bach Special Limited (Bach Preference Limited)** | |||||||||||||||||||||||
Education | Preferred shares (3)(10)(22) | — | 9/1/2017 | — | 77,537 | $ | 7,674 | $ | 7,722 | 0.71 | % | ||||||||||||
Total Shares - Hong Kong | $ | 7,674 | $ | 7,722 | 0.71 | % | |||||||||||||||||
Equity - United States | |||||||||||||||||||||||
Avatar Topco, Inc. (23) | |||||||||||||||||||||||
Education | Preferred shares (3)(10) | — | 11/17/2017 | — | 35,750 | $ | 47,619 | $ | 48,375 | 4.44 | % | ||||||||||||
Symplr Software Intermediate Holdings, Inc. (24) | |||||||||||||||||||||||
Healthcare Information Technology | Preferred shares (4)(10) | — | 11/30/2018 | — | 7,500 | 8,770 | 8,381 | ||||||||||||||||
Preferred shares (3)(10) | — | 11/30/2018 | — | 2,586 | 3,023 | 2,890 | |||||||||||||||||
11,793 | 11,271 | 1.02 | % | ||||||||||||||||||||
Tenawa Resource Holdings LLC (14) | |||||||||||||||||||||||
QID NGL LLC | Preferred shares (6)(10) | — | 10/30/2017 | — | 1,623,385 | 1,623 | 1,937 | ||||||||||||||||
Specialty Chemicals & Materials | Ordinary shares (6)(10) | — | 5/12/2014 | — | 5,290,997 | 5,291 | 4,732 | ||||||||||||||||
6,914 | 6,669 | 0.61 | % | ||||||||||||||||||||
Alert Holding Company, Inc. (15) | |||||||||||||||||||||||
Alert Intermediate Holdings I, Inc. | |||||||||||||||||||||||
Business Services | Preferred shares (3)(10) | — | 5/31/2019 | — | 6,111 | 6,657 | 6,647 | 0.61 | % |
Portfolio Company, Location and Industry (1) | Type of Investment | Interest Rate (12) | Acquisition Date | Maturity / Expiration Date | Principal Amount, Par Value or Shares | Cost | Fair Value | Percent of Net Assets | |||||||||||||||
Ancora Acquisition LLC | |||||||||||||||||||||||
Education | Preferred shares (9)(10) | — | 8/12/2013 | — | 372 | $ | 83 | $ | 158 | 0.01 | % | ||||||||||||
Education Management Corporation (13) | |||||||||||||||||||||||
Education | Preferred shares (2) | — | 1/5/2015 | — | 3,331 | 200 | — | ||||||||||||||||
Preferred shares (3) | — | 1/5/2015 | — | 1,879 | 113 | — | |||||||||||||||||
Ordinary shares (2) | — | 1/5/2015 | — | 2,994,065 | 100 | — | |||||||||||||||||
Ordinary shares (3) | — | 1/5/2015 | — | 1,688,976 | 56 | — | |||||||||||||||||
469 | — | — | % | ||||||||||||||||||||
Total Shares - United States | $ | 73,535 | $ | 73,120 | 6.70 | % | |||||||||||||||||
Total Shares | $ | 81,209 | $ | 80,842 | 7.41 | % | |||||||||||||||||
Warrants - United States | . | ||||||||||||||||||||||
ASP LCG Holdings, Inc. | |||||||||||||||||||||||
Education | Warrants (3)(10) | — | 5/5/2014 | 5/5/2026 | 622 | $ | 37 | $ | 781 | 0.06 | % | ||||||||||||
Ancora Acquisition LLC | |||||||||||||||||||||||
Education | Warrants (9)(10) | — | 8/12/2013 | 8/12/2020 | 20 | — | — | — | % | ||||||||||||||
Total Warrants - United States | $ | 37 | $ | 781 | 0.06 | % | |||||||||||||||||
Total Funded Investments | $ | 2,628,591 | $ | 2,487,532 | 228.31 | % | |||||||||||||||||
Unfunded Debt Investments - Canada | |||||||||||||||||||||||
Wolfpack IP Co.** | |||||||||||||||||||||||
Software | First lien (3)(10)(11) - Undrawn | — | 6/14/2019 | 6/13/2025 | $ | 909 | $ | (9 | ) | $ | (9 | ) | (0.00 | )% | |||||||||
Total Unfunded Debt Investments - Canada | $ | 909 | $ | (9 | ) | $ | (9 | ) | (0.00 | )% | |||||||||||||
Unfunded Debt Investments - United States | ` | ||||||||||||||||||||||
JAMF Holdings, Inc. | |||||||||||||||||||||||
Software | First lien (3)(10)(11) - Undrawn | — | 11/13/2017 | 11/11/2022 | $ | 1,086 | $ | (10 | ) | $ | — | — | % | ||||||||||
iCIMS, Inc. | |||||||||||||||||||||||
Software | First lien (3)(10)(11) - Undrawn | — | 9/12/2018 | 9/12/2024 | 2,915 | (29 | ) | — | — | % | |||||||||||||
Apptio, Inc. | |||||||||||||||||||||||
Software | First lien (3)(10)(11) - Undrawn | — | 1/10/2019 | 1/10/2025 | 2,066 | (41 | ) | — | — | % | |||||||||||||
Wrike, Inc. | |||||||||||||||||||||||
Software | First lien (3)(10)(11) - Undrawn | — | 12/31/2018 | 12/31/2024 | 933 | (9 | ) | (1 | ) | — | % | ||||||||||||
TDG Group Holding Company | |||||||||||||||||||||||
Consumer Services | First lien (3)(10)(11) - Undrawn | — | 5/22/2018 | 5/31/2024 | 57 | — | (3 | ) | — | % |
Portfolio Company, Location and Industry (1) | Type of Investment | Interest Rate (12) | Acquisition Date | Maturity / Expiration Date | Principal Amount, Par Value or Shares | Cost | Fair Value | Percent of Net Assets | |||||||||||||||
Recorded Future, Inc. | |||||||||||||||||||||||
Software | First lien (3)(10)(11) - Undrawn | — | 8/26/2019 | 1/3/2021 | $ | 500 | $ | (3 | ) | $ | (3 | ) | |||||||||||
First lien (3)(10)(11) - Undrawn | — | 8/26/2019 | 7/3/2025 | 250 | (1 | ) | (1 | ) | |||||||||||||||
750 | (4 | ) | (4 | ) | (0.00 | )% | |||||||||||||||||
Kele Holdco, Inc. | |||||||||||||||||||||||
Distribution & Logistics | First lien (3)(10)(11) - Undrawn | — | 2/20/2020 | 2/20/2026 | 900 | (4 | ) | (4 | ) | (0.00 | )% | ||||||||||||
Coyote Buyer, LLC | |||||||||||||||||||||||
Specialty Chemicals & Materials | First lien (3)(10)(11) - Undrawn | — | 3/13/2020 | 2/6/2025 | 912 | (5 | ) | (5 | ) | (0.00 | )% | ||||||||||||
Xactly Corporation | |||||||||||||||||||||||
Software | First lien (3)(10)(11) - Undrawn | — | 7/31/2017 | 7/29/2022 | 992 | (10 | ) | (5 | ) | (0.00 | )% | ||||||||||||
Alert Holding Company, Inc. (15) | |||||||||||||||||||||||
Appriss Holdings, Inc. | |||||||||||||||||||||||
Business Services | First lien (3)(10)(11) - Undrawn | — | 5/24/2019 | 5/30/2025 | 470 | (5 | ) | (10 | ) | (0.00 | )% | ||||||||||||
AgKnowledge Holdings Company, Inc. | |||||||||||||||||||||||
Business Services | First lien (3)(10)(11) - Undrawn | — | 11/30/2018 | 7/21/2023 | 526 | (3 | ) | (11 | ) | (0.00 | )% | ||||||||||||
Instructure, Inc.** | |||||||||||||||||||||||
Software | First lien (3)(10)(11) - Undrawn | — | 3/24/2020 | 3/24/2026 | 2,036 | (13 | ) | (13 | ) | (0.00 | )% | ||||||||||||
Bullhorn, Inc. | |||||||||||||||||||||||
Software | First lien (3)(10)(11) - Undrawn | — | 9/24/2019 | 10/1/2021 | 923 | (7 | ) | (18 | ) | (0.00 | )% | ||||||||||||
Ministry Brands, LLC | |||||||||||||||||||||||
Software | First lien (3)(10)(11) - Undrawn | — | 12/7/2016 | 12/2/2022 | 425 | (2 | ) | (19 | ) | (0.00 | )% | ||||||||||||
DealerSocket, Inc. | |||||||||||||||||||||||
Software | First lien (3)(10)(11) - Undrawn | — | 4/16/2018 | 4/26/2023 | 560 | (4 | ) | (21 | ) | (0.00 | )% | ||||||||||||
MRI Software LLC | |||||||||||||||||||||||
Software | First lien (3)(10)(11) - Undrawn | — | 1/31/2020 | 2/10/2026 | 1,001 | (5 | ) | (5 | ) | ||||||||||||||
First lien (3)(10)(11) - Undrawn | — | 1/31/2020 | 2/10/2022 | 4,389 | — | (22 | ) | ||||||||||||||||
5,390 | (5 | ) | (27 | ) | (0.00 | )% | |||||||||||||||||
PaySimple, Inc. | |||||||||||||||||||||||
Software | First lien (3)(10)(11) - Undrawn | — | 8/19/2019 | 8/24/2020 | 1,044 | — | (25 | ) | (0.00 | )% | |||||||||||||
Trader Interactive, LLC | |||||||||||||||||||||||
Business Services | First lien (3)(10)(11) - Undrawn | — | 6/15/2017 | 6/15/2023 | 1,004 | (8 | ) | (29 | ) | (0.00 | )% |
Portfolio Company, Location and Industry (1) | Type of Investment | Interest Rate (12) | Acquisition Date | Maturity / Expiration Date | Principal Amount, Par Value or Shares | Cost | Fair Value | Percent of Net Assets | |||||||||||||||
Integral Ad Science, Inc. | |||||||||||||||||||||||
Software | First lien (3)(10)(11) - Undrawn | — | 7/19/2018 | 7/19/2023 | $ | 1,807 | $ | (18 | ) | $ | (33 | ) | (0.00 | )% | |||||||||
Finalsite Holdings, Inc. | |||||||||||||||||||||||
Software | First lien (3)(10)(11) - Undrawn | — | 9/25/2018 | 9/25/2024 | 2,521 | (19 | ) | (37 | ) | (0.00 | )% | ||||||||||||
Kaseya Traverse Inc. | |||||||||||||||||||||||
Software | First lien (3)(10)(11) - Undrawn | — | 5/9/2019 | 5/3/2021 | 2,873 | — | (39 | ) | |||||||||||||||
First lien (3)(10)(11) - Undrawn | — | 5/9/2019 | 5/2/2025 | 23 | — | — | |||||||||||||||||
2,896 | — | (39 | ) | (0.00 | )% | ||||||||||||||||||
Conservice, LLC | |||||||||||||||||||||||
Business Services | First lien (3)(10)(11) - Undrawn | — | 1/3/2019 | 11/29/2024 | 918 | (5 | ) | (12 | ) | ||||||||||||||
First lien (3)(10)(11) - Undrawn | — | 1/3/2019 | 6/30/2020 | 2,283 | — | (29 | ) | ||||||||||||||||
3,201 | (5 | ) | (41 | ) | (0.00 | )% | |||||||||||||||||
Integro Parent Inc. | |||||||||||||||||||||||
Business Services | First lien (3)(10)(11) - Undrawn | — | 6/8/2018 | 4/30/2022 | 6,743 | (34 | ) | (49 | ) | (0.00 | )% | ||||||||||||
Bluefin Holding, LLC | |||||||||||||||||||||||
Software | First lien (3)(11) - Undrawn | — | 9/6/2019 | 9/6/2024 | 1,515 | (23 | ) | (63 | ) | (0.01 | )% | ||||||||||||
Associations, Inc. | |||||||||||||||||||||||
Business Services | First lien (3)(10)(11) - Undrawn | — | 7/30/2018 | 7/30/2021 | 2,948 | (18 | ) | (68 | ) | (0.01 | )% | ||||||||||||
YLG Holdings, Inc. | |||||||||||||||||||||||
Business Services | First lien (5)(10)(11) - Undrawn | — | 11/1/2019 | 4/30/2021 | 2,381 | — | (63 | ) | |||||||||||||||
First lien (3)(10)(11) - Undrawn | — | 11/1/2019 | 10/31/2025 | 397 | (2 | ) | (10 | ) | |||||||||||||||
2,778 | (2 | ) | (73 | ) | (0.01 | )% | |||||||||||||||||
GC Waves Holdings, Inc.** | |||||||||||||||||||||||
Business Services | First lien (3)(10)(11) - Undrawn | — | 10/31/2019 | 11/1/2021 | 8,395 | — | (63 | ) | |||||||||||||||
First lien (3)(10)(11) - Undrawn | — | 10/31/2019 | 10/31/2025 | 3,951 | (30 | ) | (30 | ) | |||||||||||||||
12,346 | (30 | ) | (93 | ) | (0.01 | )% | |||||||||||||||||
Definitive Healthcare Holdings, LLC | |||||||||||||||||||||||
Healthcare Information Technology | First lien (3)(10)(11) - Undrawn | — | 8/7/2019 | 7/16/2021 | 7,391 | — | (99 | ) | (0.01 | )% | |||||||||||||
ConnectWise, LLC | |||||||||||||||||||||||
Software | First lien (3)(10)(11) - Undrawn | — | 11/26/2019 | 2/28/2025 | 4,248 | (27 | ) | (110 | ) | (0.01 | )% |
Portfolio Company, Location and Industry (1) | Type of Investment | Interest Rate (12) | Acquisition Date | Maturity / Expiration Date | Principal Amount, Par Value or Shares | Cost | Fair Value | Percent of Net Assets | |||||||||||||||
Diligent Corporation | |||||||||||||||||||||||
Software | First lien (3)(10)(11) - Undrawn | — | 12/19/2018 | 12/19/2020 | $ | 5,977 | $ | (37 | ) | $ | (124 | ) | (0.01 | )% | |||||||||
CoolSys, Inc. | |||||||||||||||||||||||
Industrial Services | First lien (3)(10)(11) - Undrawn | — | 11/20/2019 | 11/19/2021 | 5,600 | — | (128 | ) | (0.02 | )% | |||||||||||||
Salient CRGT Inc. | |||||||||||||||||||||||
Federal Services | First lien (3)(10)(11) - Undrawn | — | 6/26/2018 | 11/29/2021 | 4,025 | (322 | ) | (191 | ) | (0.03 | )% | ||||||||||||
GS Acquisitionco, Inc. | |||||||||||||||||||||||
Software | First lien (3)(10)(11) - Undrawn | — | 8/7/2019 | 8/2/2021 | 17,947 | — | (316 | ) | |||||||||||||||
First lien (3)(10)(11) - Undrawn | — | 8/7/2019 | 5/24/2024 | 2,351 | (15 | ) | (41 | ) | |||||||||||||||
20,298 | (15 | ) | (357 | ) | (0.03 | )% | |||||||||||||||||
CFS Management, LLC | |||||||||||||||||||||||
Healthcare Services | First lien (3)(10)(11) - Undrawn | — | 8/6/2019 | 7/1/2024 | 3,468 | (17 | ) | (405 | ) | (0.04 | )% | ||||||||||||
Ansira Holdings, Inc. | |||||||||||||||||||||||
Business Services | First lien (3)(10)(11) - Undrawn | — | 12/19/2016 | 4/16/2020 | 2,437 | (10 | ) | (696 | ) | (0.07 | )% | ||||||||||||
PhyNet Dermatology LLC | |||||||||||||||||||||||
Healthcare Services | First lien (3)(10)(11) - Undrawn | — | 9/17/2018 | 8/16/2020 | 17,077 | (85 | ) | (1,276 | ) | (0.12 | )% | ||||||||||||
DCA Investment Holding, LLC | |||||||||||||||||||||||
Healthcare Services | First lien (3)(10)(11) - Undrawn | — | 7/2/2015 | 7/2/2021 | 50 | — | (4 | ) | |||||||||||||||
First lien (3)(10)(11) - Undrawn | — | 4/16/2019 | 4/16/2021 | 17,396 | — | (1,571 | ) | ||||||||||||||||
17,446 | — | (1,575 | ) | (0.14 | )% | ||||||||||||||||||
Total Unfunded Debt Investments - United States | $ | 147,711 | $ | (821 | ) | $ | (5,652 | ) | (0.52 | )% | |||||||||||||
Total Unfunded Debt Investments | $ | 148,620 | $ | (830 | ) | $ | (5,661 | ) | (0.52 | )% | |||||||||||||
Total Non-Controlled/Non-Affiliated Investments | $ | 2,627,761 | $ | 2,481,871 | 227.79 | % |
Portfolio Company, Location and Industry (1) | Type of Investment | Interest Rate (12) | Acquisition Date | Maturity / Expiration Date | Principal Amount, Par Value or Shares | Cost | Fair Value | Percent of Net Assets | |||||||||||||||
Non-Controlled/Affiliated Investments (27) | |||||||||||||||||||||||
Funded Debt Investments - United States | |||||||||||||||||||||||
Permian Holdco 1, Inc. | |||||||||||||||||||||||
Permian Holdco 2, Inc. | |||||||||||||||||||||||
Permian Holdco 3, Inc. | |||||||||||||||||||||||
Energy | First lien (3)(10) | 14.02% (L + 7.50% + 5.00% PIK/Q)* | 6/14/2018 | 6/30/2022 | $ | 10,633 | $ | 10,633 | $ | 9,571 | |||||||||||||
First lien (3)(10)(11) - Drawn | 7.50% (L + 6.50%/M) | 6/14/2018 | 6/30/2022 | 17,700 | 17,700 | 15,930 | |||||||||||||||||
Subordinated (3)(10) | 18.00% PIK/Q* | 12/26/2018 | 6/30/2022 | 3,005 | 3,005 | 2,479 | |||||||||||||||||
Subordinated (3)(10) | 14.00% PIK/Q(25)* | 10/31/2016 | 10/15/2021 | 2,735 | 2,735 | 1,853 | |||||||||||||||||
Subordinated (3)(10) | 14.00% PIK/Q(25)* | 10/31/2016 | 10/15/2021 | 1,409 | 1,409 | 954 | |||||||||||||||||
35,482 | 35,482 | 30,787 | 2.83 | % | |||||||||||||||||||
Sierra Hamilton Holdings Corporation | |||||||||||||||||||||||
Energy | Second lien (3)(10) | 15.00% PIK/Q* | 9/12/2019 | 9/12/2023 | 1,496 | 1,466 | 1,272 | 0.12 | % | ||||||||||||||
Total Funded Debt Investments - United States | $ | 36,978 | $ | 36,948 | $ | 32,059 | 2.95 | % | |||||||||||||||
Equity - United States | |||||||||||||||||||||||
NMFC Senior Loan Program I LLC** | |||||||||||||||||||||||
Investment Fund | Membership interest (3)(10) | — | 6/13/2014 | — | — | $ | 23,000 | $ | 22,073 | 2.03 | % | ||||||||||||
Sierra Hamilton Holdings Corporation | |||||||||||||||||||||||
Energy | Ordinary shares (2)(10) | — | 7/31/2017 | — | 25,000,000 | 11,501 | 5,181 | ||||||||||||||||
Ordinary shares (3)(10) | — | 7/31/2017 | — | 2,786,000 | 1,281 | 577 | |||||||||||||||||
12,782 | 5,758 | 0.53 | % | ||||||||||||||||||||
Permian Holdco 1, Inc. | |||||||||||||||||||||||
Energy | Preferred shares (3)(10)(17)(25) | — | 10/31/2016 | — | 1,929,949 | 5,714 | — | ||||||||||||||||
Ordinary shares (3)(10) | — | 10/31/2016 | — | 1,366,452 | 1,350 | — | |||||||||||||||||
$ | 7,064 | $ | — | — | % | ||||||||||||||||||
Total Shares - United States | $ | 42,846 | $ | 27,831 | 2.56 | % | |||||||||||||||||
Total Funded Investments | $ | 79,794 | $ | 59,890 | 5.51 | % | |||||||||||||||||
Unfunded Debt Investments - United States | |||||||||||||||||||||||
Permian Holdco 3, Inc. | |||||||||||||||||||||||
Energy | First lien (3)(10)(11) - Undrawn | — | 6/14/2018 | 6/30/2022 | $ | 2,300 | $ | — | $ | (230 | ) | (0.02 | )% | ||||||||||
Total Unfunded Debt Investments - United States | $ | 2,250 | $ | — | $ | (230 | ) | (0.02 | )% | ||||||||||||||
Total Non-Controlled/Affiliated Investments | $ | 79,794 | $ | 59,660 | 5.49 | % |
Portfolio Company, Location and Industry (1) | Type of Investment | Interest Rate (12) | Acquisition Date | Maturity / Expiration Date | Principal Amount, Par Value or Shares | Cost | Fair Value | Percent of Net Assets | |||||||||||||||
Controlled Investments (28) | |||||||||||||||||||||||
Funded Debt Investments - United Kingdom | |||||||||||||||||||||||
Edmentum Ultimate Holdings, LLC (16) | |||||||||||||||||||||||
EducationCity Limited** | |||||||||||||||||||||||
Education | First lien (3)(10)(11) - Drawn | 10.00%/S | 1/24/2020 | 8/31/2020 | $ | 3,000 | $ | 3,000 | $ | 2,945 | 0.27 | % | |||||||||||
Total Funded Debt Investments - United Kingdom | $ | 3,000 | $ | 3,000 | $ | 2,945 | 0.27 | % | |||||||||||||||
Funded Debt Investments - United States | |||||||||||||||||||||||
Edmentum Ultimate Holdings, LLC (16) | |||||||||||||||||||||||
Edmentum, Inc. (fka Plato, Inc.) (Archipelago Learning, Inc.) | |||||||||||||||||||||||
Education | First lien (2)(10) | 10.28% (L + 4.50% + 4.00% PIK/Q)* | 8/6/2018 | 6/9/2021 | $ | 10,170 | $ | 9,385 | $ | 9,983 | |||||||||||||
First lien (3)(10)(11) - Drawn | 10.00%/S | 1/24/2020 | 8/31/2020 | 5,000 | 5,000 | 4,908 | |||||||||||||||||
Second lien (3)(10) | 7.00% PIK/Q* | 2/23/2018 | 12/9/2021 | 12,213 | 11,844 | 11,410 | |||||||||||||||||
Second lien (3)(10)(11) - Drawn | 5.00% PIK/Q* | 6/9/2015 | 12/9/2021 | 7,967 | 7,967 | 7,821 | |||||||||||||||||
Subordinated (3)(10) | 8.50% PIK/Q* | 6/9/2015 | 12/9/2021 | 5,441 | 5,440 | 4,902 | |||||||||||||||||
Subordinated (2)(10) | 10.00% PIK/Q* | 6/9/2015 | 12/9/2021 | 20,999 | 20,999 | 17,263 | |||||||||||||||||
Subordinated (3)(10) | 10.00% PIK/Q* | 6/9/2015 | 12/9/2021 | 5,166 | 5,166 | 4,247 | |||||||||||||||||
66,956 | 65,801 | 60,534 | 5.57 | % | |||||||||||||||||||
NHME Holdings Corp. (21) | |||||||||||||||||||||||
National HME, Inc. | |||||||||||||||||||||||
Healthcare Services | Second lien (3)(10) | 12.00% PIK/Q* | 11/27/2018 | 5/27/2024 | 17,033 | 13,688 | 12,349 | ||||||||||||||||
Second lien (3)(10) | 12.00% PIK/Q* | 11/27/2018 | 5/27/2024 | 9,413 | 8,592 | 8,236 | |||||||||||||||||
26,446 | 22,280 | 20,585 | 1.89 | % | |||||||||||||||||||
UniTek Global Services, Inc. | |||||||||||||||||||||||
Business Services | First lien (2)(10) | 8.11% (L + 5.50% + 1.00% PIK/Q)* | 6/29/2018 | 8/20/2024 | 12,447 | 12,447 | 10,997 | ||||||||||||||||
First lien (3)(10) | 8.11% (L + 5.50% + 1.00% PIK/Q)* | 3/16/2020 | 8/20/2024 | 4,682 | 4,682 | 4,136 | |||||||||||||||||
First lien (2)(10) | 8.11% (L + 5.50% + 1.00% PIK/Q)* | 6/29/2018 | 8/20/2024 | 2,490 | 2,490 | 2,199 | |||||||||||||||||
19,619 | 19,619 | 17,332 | 1.59 | % | |||||||||||||||||||
Total Funded Debt Investments - United States | $ | 113,021 | $ | 107,700 | $ | 98,451 | 9.05 | % | |||||||||||||||
Equity - Canada | |||||||||||||||||||||||
NM APP Canada Corp.** | |||||||||||||||||||||||
Net Lease | Membership interest (7)(10) | — | 9/13/2016 | — | — | $ | 7,345 | $ | 10,481 | 0.96 | % | ||||||||||||
Total Shares - Canada | $ | 7,345 | $ | 10,481 | 0.96 | % |
Portfolio Company, Location and Industry (1) | Type of Investment | Interest Rate (12) | Acquisition Date | Maturity / Expiration Date | Principal Amount, Par Value or Shares | Cost | Fair Value | Percent of Net Assets | |||||||||||||||
Equity - United States | |||||||||||||||||||||||
NMFC Senior Loan Program III LLC** | |||||||||||||||||||||||
Investment Fund | Membership interest (3)(10) | — | 5/4/2018 | — | — | $ | 110,000 | $ | 106,271 | 9.75 | % | ||||||||||||
NMFC Senior Loan Program II LLC** | |||||||||||||||||||||||
Investment Fund | Membership interest (3)(10) | — | 5/3/2016 | — | — | 79,400 | 76,288 | 7.00 | % | ||||||||||||||
UniTek Global Services, Inc. | |||||||||||||||||||||||
Business Services | Preferred shares (3)(10)(20) | — | 8/17/2018 | — | 9,024,006 | 9,024 | 7,933 | ||||||||||||||||
Preferred shares (3)(10)(20) | — | 8/29/2019 | — | 5,363,390 | 5,363 | 4,882 | |||||||||||||||||
Preferred shares (3)(10)(19) | — | 6/30/2017 | — | 16,495,268 | 16,495 | 13,435 | |||||||||||||||||
Preferred shares (2)(10)(18)(25) | — | 1/13/2015 | — | 29,326,545 | 26,946 | 15,279 | |||||||||||||||||
Preferred shares (3)(10)(18)(25) | — | 1/13/2015 | — | 8,104,462 | 7,447 | 4,223 | |||||||||||||||||
Ordinary shares (2)(10) | — | 1/13/2015 | — | 2,096,477 | 1,925 | 199 | |||||||||||||||||
Ordinary shares (3)(10) | — | 1/13/2015 | — | 1,993,749 | 532 | 189 | |||||||||||||||||
67,732 | 46,140 | 4.24 | % | ||||||||||||||||||||
NM NL Holdings, L.P.** | |||||||||||||||||||||||
Net Lease | Membership interest (7)(10) | — | 6/20/2018 | — | — | 44,070 | 45,461 | 4.16 | % | ||||||||||||||
NM GLCR LP | |||||||||||||||||||||||
Net Lease | Membership interest (7)(10) | — | 2/1/2018 | — | — | 14,750 | 22,282 | 2.05 | % | ||||||||||||||
NM CLFX LP | |||||||||||||||||||||||
Net Lease | Membership interest (7)(10) | — | 10/6/2017 | — | — | 12,538 | 11,709 | 1.07 | % | ||||||||||||||
NM APP US LLC | |||||||||||||||||||||||
Net Lease | Membership interest (7)(10) | — | 9/13/2016 | — | — | 5,080 | 6,529 | 0.60 | % | ||||||||||||||
NM YI, LLC | |||||||||||||||||||||||
Net Lease | Membership interest (7)(10) | — | 9/30/2019 | — | — | 6,272 | 5,897 | 0.54 | % | ||||||||||||||
NM DRVT LLC | |||||||||||||||||||||||
Net Lease | Membership interest (7)(10) | — | 11/18/2016 | — | — | 5,152 | 5,783 | 0.53 | % | ||||||||||||||
NHME Holdings Corp.(21) | |||||||||||||||||||||||
Healthcare Services | Ordinary shares (3)(10) | — | 11/27/2018 | — | 640,000 | 4,000 | 4,000 | 0.37 | % | ||||||||||||||
NM JRA LLC | |||||||||||||||||||||||
Net Lease | Membership interest (7)(10) | — | 8/12/2016 | — | — | 2,043 | 3,522 | 0.32 | % | ||||||||||||||
NM KRLN LLC | |||||||||||||||||||||||
Net Lease | Membership interest (7)(10) | — | 11/15/2016 | — | — | 7,627 | 1,058 | 0.10 | % | ||||||||||||||
NM GP Holdco, LLC** | |||||||||||||||||||||||
Net Lease | Membership interest (7)(10) | — | 6/20/2018 | — | — | 452 | 456 | 0.04 | % |
Portfolio Company, Location and Industry (1) | Type of Investment | Interest Rate (12) | Acquisition Date | Maturity / Expiration Date | Principal Amount, Par Value or Shares | Cost | Fair Value | Percent of Net Assets | |||||||||||||||
Edmentum Ultimate Holdings, LLC(16) | |||||||||||||||||||||||
Education | Ordinary shares (3)(10) | — | 6/9/2015 | — | 123,968 | $ | 11 | $ | 136 | ||||||||||||||
Ordinary shares (2)(10) | — | 6/9/2015 | — | 107,143 | 9 | 118 | |||||||||||||||||
20 | 254 | 0.02 | % | ||||||||||||||||||||
Total Shares - United States | $ | 359,136 | $ | 335,650 | 30.79 | % | |||||||||||||||||
Total Shares | $ | 366,481 | $ | 346,131 | 31.75 | % | |||||||||||||||||
Warrants - United States | |||||||||||||||||||||||
Edmentum Ultimate Holdings, LLC(16) | |||||||||||||||||||||||
Education | Warrants (3)(10) | — | 2/23/2018 | 5/5/2026 | 1,141,846 | $ | 769 | $ | 1,259 | 0.11 | % | ||||||||||||
NHME Holdings Corp.(21) | |||||||||||||||||||||||
Healthcare Services | Warrants (3)(10) | — | 11/27/2018 | — | 160,000 | 1,000 | 1,000 | 0.09 | % | ||||||||||||||
Total Warrants - United States | $ | 1,769 | $ | 2,259 | 0.20 | % | |||||||||||||||||
Total Funded Investments | $ | 478,950 | $ | 449,786 | 41.28 | % | |||||||||||||||||
Total Controlled Investments | $ | 478,950 | $ | 449,786 | 41.28 | % | |||||||||||||||||
Total Investments | $ | 3,186,505 | $ | 2,991,317 | 274.58 | % |
(1) | New Mountain Finance Corporation (the “Company”) generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). These investments are generally subject to certain limitations on resale, and may be deemed to be “restricted securities” under the Securities Act. |
(2) | Investment is pledged as collateral for the Holdings Credit Facility, a revolving credit facility among the Company as Collateral Manager, New Mountain Finance Holdings, L.L.C. (“NMF Holdings”) as the Borrower, Wells Fargo Bank, National Association as the Administrative Agent, and Collateral Custodian. See Note 7. Borrowings, for details. |
(3) | Investment is pledged as collateral for the NMFC Credit Facility, a revolving credit facility among the Company as the Borrower and Goldman Sachs Bank USA as the Administrative Agent and the Collateral Agent and Goldman Sachs Bank USA, Morgan Stanley Bank, N.A. and Stifel Bank & Trust as Lenders. See Note 7. Borrowings, for details. |
(4) | Investment is held in New Mountain Finance SBIC, L.P. |
(5) | Investment is held in New Mountain Finance SBIC II, L.P. |
(6) | Investment is held in NMF QID NGL Holdings, Inc. |
(7) | Investment is held in New Mountain Net Lease Corporation. |
(8) | Investment is pledged as collateral for the DB Credit Facility, a revolving credit facility among New Mountain Finance DB, L.L.C as the Borrower and Deutsche Bank AG, New York Branch as the Facility Agent. See Note 7. Borrowings, for details. |
(9) | Investment is held in NMF Ancora Holdings, Inc. |
(10) | The fair value of the Company's investment is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 4. Fair Value, for details. |
(11) | Par Value amounts represent the drawn or undrawn (as indicated in type of investment) portion of revolving credit facilities or delayed draws. Cost amounts represent the cash received at settlement date net of the impact of paydowns and cash paid for drawn revolvers or delayed draws. |
(12) | All interest is payable in cash unless otherwise indicated. A majority of the variable rate debt investments bear interest at a rate that may be determined by reference to the London Interbank Offered Rate (L), the Prime Rate (P) and the alternative base rate (Base) and which resets daily (D), weekly (W), monthly (M), quarterly (Q), semi-annually (S) or annually (A). For each investment the current interest rate provided reflects the rate in effect as of March 31, 2020. |
(13) | The Company holds investments in Education Management Corporation and one related entity of Education Management Corporation. The Company holds series A-1 convertible preferred stock and common stock in Education Management Corporation and holds a tranche A first lien term loan and a tranche B first lien term loan in Education Management II LLC, which is an indirect subsidiary of Education Management Corporation. |
(14) | The Company holds investments in two related entities of Tenawa Resource Holdings LLC. The Company holds 4.77% of the common units in QID NGL LLC (which at closing represented 98.1% of the ownership in the common units in Tenawa Resource Holdings LLC), class A preferred units in QID NGL LLC and a first lien investment in Tenawa Resource Management LLC, a wholly-owned subsidiary of Tenawa Resource Holdings LLC. |
(15) | The Company holds investments in two wholly-owned subsidiaries of Alert Holding Company, Inc. The Company holds a first lien term loan and a first lien revolver in Appriss Holdings, Inc. and preferred equity in Alert Intermediate Holdings I, Inc. The preferred equity is entitled to receive preferential dividends at a rate of L + 10.0% per annum. |
(16) | The Company holds investments in Edmentum Ultimate Holdings, LLC and its related entities. The Company holds subordinated notes, ordinary equity, and warrants in Edmentum Ultimate Holdings, LLC, holds a first lien promissory note in EducationCity Limited and holds a first lien term loan, first lien promissory note, second lien revolver and a second lien term loan in Edmentum, Inc. and Archipelago Learning, Inc., which are wholly-owned subsidiaries of Edmentum Ultimate Holdings, LLC. |
(17) | The Company holds preferred equity in Permian Holdco 1, Inc. that is entitled to receive cumulative preferential dividends at a rate of 12.0% per annum payable in additional shares. |
(18) | The Company holds preferred equity in UniTek Global Services, Inc. that is entitled to receive cumulative preferential dividends at a rate of 13.5% per annum payable in additional shares. |
(19) | The Company holds preferred equity in UniTek Global Services, Inc. that is entitled to receive cumulative preferential dividends at a rate of 19.0% per annum payable in additional shares. |
(20) | The Company holds preferred equity in UniTek Global Services, Inc. that is entitled to received cumulative preferential dividends at a rate of 20.0% per annum payable in additional shares. |
(21) | The Company holds ordinary shares and warrants in NHME Holdings Corp., as well as second lien term loans in National HME, Inc., a wholly-owned subsidiary of NHME Holdings Corp. |
(22) | The Company holds preferred equity in Bach Special Limited (Bach Preference Limited) that is entitled to receive cumulative preferential dividends at a rate of 12.25% per annum payable in additional shares. |
(23) | The Company holds preferred equity in Avatar Topco, Inc., and holds a second lien term loan investment in EAB Global, Inc., a wholly-owned subsidiary of Avatar Topco, Inc. The preferred equity is entitled to receive cumulative preferential dividends at a rate of L + 11.00% per annum. |
(24) | The Company holds preferred equity in Symplr Intermediate Holdings, Inc. and holds a first lien term loan investment in Symplr Software Inc, Inc. (fka Caliper Software, Inc.), a wholly-owned subsidiary of Symplr Software Intermediate Holdings, Inc. The preferred equity is entitled to receive preferential dividends at a rate of L + 10.50% per annum. |
(25) | Investment or a portion of the investment is on non-accrual status. See Note 3. Investments, for details. |
(26) | The Company holds one security purchased under a collateralized agreement to resell on its Consolidated Statement of Assets and Liabilities with a cost basis of $30,000 and a fair value of $21,422 as of March 31, 2020. See Note 2. Summary of Significant Accounting Policies, for details. |
(27) | Denotes investments in which the Company is an “Affiliated Person”, as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), due to owning or holding the power to vote 5.0% or more of the outstanding voting securities of the investment but not controlling the company. Fair value as of March 31, 2020 and December 31, 2019, along with transactions during the three months ended March 31, 2020 in which the issuer was a non-controlled/affiliated investment, is as follows: |
Portfolio Company | Fair Value at December 31, 2019 | Gross Additions (A) | Gross Redemptions (B) | Net Realized Gains (Losses) | Net Change In Unrealized Appreciation (Depreciation) | Fair Value at March 31, 2020 | Interest Income | Dividend Income | Other Income | |||||||||||||||||||||||||||
NMFC Senior Loan Program I LLC | $ | 23,000 | $ | — | $ | — | $ | — | $ | (927 | ) | $ | 22,073 | $ | — | $ | 720 | $ | 267 | |||||||||||||||||
Permian Holdco 1, Inc. / Permian Holdco 2, Inc. / Permian Holdco 3, Inc. | 40,621 | (3,012 | ) | (75 | ) | — | (6,977 | ) | 30,557 | 1,013 | (3,418 | ) | 15 | |||||||||||||||||||||||
Sierra Hamilton Holdings Corporation | 9,906 | 56 | — | — | (2,932 | ) | 7,030 | 56 | — | 9 | ||||||||||||||||||||||||||
Total Non-Controlled/Affiliated Investments | $ | 73,527 | $ | (2,956 | ) | $ | (75 | ) | $ | — | $ | (10,836 | ) | $ | 59,660 | $ | 1,069 | $ | (2,698 | ) | $ | 291 |
(A) | Gross additions include increases in the cost basis of investments resulting from new portfolio investments, payment-in-kind ("PIK") interest or dividends, the amortization of discounts, reorganizations or restructurings and the movement of an existing portfolio company into this category from a different category. |
(B) | Gross redemptions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, reorganizations or restructurings and the movement of an existing portfolio company out of this category into a different category. |
(28) | Denotes investments in which the Company is in “Control”, as defined in the 1940 Act, due to owning or holding the power to vote more than 25.0% of the outstanding voting securities of the investment. Fair value as of March 31, 2020 and December 31, 2019, along with transactions during the three months ended March 31, 2020 in which the issuer was a controlled investment, is as follows: |
Portfolio Company | Fair Value at December 31, 2019 | Gross Additions (A) | Gross Redemptions (B) | Net Realized Gains (Losses) | Net Change In Unrealized Appreciation (Depreciation) | Fair Value at March 31, 2020 | Interest Income | Dividend Income | Other Income | |||||||||||||||||||||||||||
Edmentum Ultimate Holdings, LLC/Edmentum Inc. | $ | 79,112 | $ | 9,667 | $ | (42 | ) | $ | 4 | $ | (23,745 | ) | $ | 64,992 | $ | 1,702 | $ | — | $ | 80 | ||||||||||||||||
National HME, Inc./NHME Holdings Corp. | 24,979 | 948 | — | — | (342 | ) | 25,585 | 948 | — | — | ||||||||||||||||||||||||||
NM APP CANADA CORP | 10,774 | — | — | — | (293 | ) | 10,481 | — | 240 | — | ||||||||||||||||||||||||||
NM APP US LLC | 6,834 | — | — | — | (305 | ) | 6,529 | — | 137 | — | ||||||||||||||||||||||||||
NM CLFX LP | 12,723 | — | — | — | (1,014 | ) | 11,709 | — | 395 | — | ||||||||||||||||||||||||||
NM DRVT LLC | 6,016 | — | — | — | (233 | ) | 5,783 | — | 118 | — | ||||||||||||||||||||||||||
NM JRA LLC | 3,700 | — | — | — | (178 | ) | 3,522 | — | 67 | — | ||||||||||||||||||||||||||
NM GLCR LP | 23,800 | — | — | — | (1,518 | ) | 22,282 | — | 460 | — | ||||||||||||||||||||||||||
NM KRLN LLC | 2,379 | 117 | — | — | (1,438 | ) | 1,058 | — | — | — | ||||||||||||||||||||||||||
NM NL Holdings, L.P. | 48,308 | — | — | — | (2,847 | ) | 45,461 | — | 1,152 | — | ||||||||||||||||||||||||||
NM GP Holdco, LLC | 487 | — | — | — | (31 | ) | 456 | — | 12 | — | ||||||||||||||||||||||||||
NM YI LLC | 6,339 | — | — | — | (442 | ) | 5,897 | — | 193 | — | ||||||||||||||||||||||||||
NMFC Senior Loan Program II LLC | 79,400 | — | — | — | (3,112 | ) | 76,288 | — | 2,581 | — | ||||||||||||||||||||||||||
NMFC Senior Loan Program III LLC | 100,000 | 10,000 | — | — | (3,729 | ) | 106,271 | — | 2,874 | — | ||||||||||||||||||||||||||
UniTek Global Services, Inc. | 68,101 | 9,001 | (49 | ) | — | (13,581 | ) | 63,472 | 331 | 2,638 | 113 | |||||||||||||||||||||||||
Total Controlled Investments | $ | 472,952 | $ | 29,733 | $ | (91 | ) | $ | 4 | $ | (52,808 | ) | $ | 449,786 | $ | 2,981 | $ | 10,867 | $ | 193 |
(A) | Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest or dividends, the amortization of discounts, reorganizations or restructurings and the movement of an existing portfolio company into this category from a different category. |
(B) | Gross redemptions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, reorganizations or restructurings and the movement of an existing portfolio company out of this category into a different category. |
* | All or a portion of interest contains PIK interest. |
** | Indicates assets that the Company deems to be “non-qualifying assets” under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70.0% of the Company’s total assets at the time of acquisition of any additional non-qualifying assets. As of March 31, 2020, 16.0% of the Company’s total assets are represented by investments at fair value that are considered non-qualifying assets. |
March 31, 2020 | |||
Investment Type | Percent of Total Investments at Fair Value | ||
First lien | 59.83 | % | |
Second lien | 23.29 | % | |
Subordinated | 1.57 | % | |
Equity and other | 15.31 | % | |
Total investments | 100.00 | % |
March 31, 2020 | |||
Industry Type | Percent of Total Investments at Fair Value | ||
Software | 28.44 | % | |
Business Services | 20.71 | % | |
Healthcare Services | 15.49 | % | |
Education | 7.14 | % | |
Investment Fund (includes investments in joint ventures) | 6.84 | % | |
Net Lease | 3.78 | % | |
Healthcare Information Technology | 3.50 | % | |
Federal Services | 3.35 | % | |
Consumer Services | 2.63 | % | |
Distribution & Logistics | 2.16 | % | |
Specialty Chemicals & Materials | 2.00 | % | |
Energy | 1.26 | % | |
Industrial Services | 1.07 | % | |
Food & Beverage | 0.89 | % | |
Packaging | 0.41 | % | |
Business Products | 0.33 | % | |
Total investments | 100.00 | % |
March 31, 2020 | |||
Interest Rate Type | Percent of Total Investments at Fair Value | ||
Floating rates | 95.01 | % | |
Fixed rates | 4.99 | % | |
Total investments | 100.00 | % |
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 | |||||||||||||||
Non-Controlled/Non-Affiliated Investments | |||||||||||||||||||||||
Funded Debt Investments - Canada | |||||||||||||||||||||||
Dentalcorp Health Services ULC (fka Dentalcorp Perfect Smile ULC)** | |||||||||||||||||||||||
Healthcare Services | Second lien (3) | 9.30% (L + 7.50%/M) | 6/1/2018 | 6/8/2026 | $ | 28,613 | $ | 28,390 | $ | 27,754 | |||||||||||||
Second lien (8) | 9.30% (L + 7.50%/M) | 6/1/2018 | 6/8/2026 | 7,500 | 7,445 | 7,275 | |||||||||||||||||
36,113 | 35,835 | 35,029 | 2.73 | % | |||||||||||||||||||
Wolfpack IP Co.** | |||||||||||||||||||||||
Software | First lien (2)(9) | 8.29% (L + 6.50%/M) | 6/14/2019 | 6/13/2025 | 9,091 | 9,007 | 9,000 | 0.70 | % | ||||||||||||||
Total Funded Debt Investments - Canada | $ | 45,204 | $ | 44,842 | $ | 44,029 | 3.43 | % | |||||||||||||||
Funded Debt Investments - United Arab Emirates | |||||||||||||||||||||||
GEMS Menasa (Cayman) Limited** | |||||||||||||||||||||||
Education | First lien (8) | 6.91% (L + 5.00%/Q) | 7/30/2019 | 7/31/2026 | $ | 33,405 | $ | 33,240 | $ | 33,488 | 2.61 | % | |||||||||||
Total Funded Debt Investments - United Arab Emirates | $ | 33,405 | $ | 33,240 | $ | 33,488 | 2.61 | % | |||||||||||||||
Funded Debt Investments - United Kingdom | |||||||||||||||||||||||
Shine Acquisition Co. S.à.r.l / Boing US Holdco Inc.** | |||||||||||||||||||||||
Consumer Services | Second lien (2) | 9.24% (L + 7.50%/M) | 9/25/2017 | 10/3/2025 | $ | 37,853 | $ | 37,671 | $ | 36,717 | |||||||||||||
Second lien (8) | 9.24% (L + 7.50%/M) | 9/25/2017 | 10/3/2025 | 6,000 | 5,971 | 5,820 | |||||||||||||||||
43,853 | 43,642 | 42,537 | 3.32 | % | |||||||||||||||||||
Aston FinCo S.a r.l. / Aston US Finco, LLC** | |||||||||||||||||||||||
Software | Second lien (8)(9) | 10.26% (L + 8.25%/Q) | 10/8/2019 | 10/8/2027 | 34,459 | 34,187 | 34,201 | 2.66 | % | ||||||||||||||
Total Funded Debt Investments - United Kingdom | $ | 78,312 | $ | 77,829 | $ | 76,738 | 5.98 | % | |||||||||||||||
Funded Debt Investments - United States | |||||||||||||||||||||||
Benevis Holding Corp. | |||||||||||||||||||||||
Healthcare Services | First lien (2)(9) | 8.25% (L + 6.32%/Q) | 3/15/2018 | 3/15/2024 | $ | 62,731 | $ | 62,731 | $ | 62,323 | |||||||||||||
First lien (8)(9) | 8.25% (L + 6.32%/Q) | 3/15/2018 | 3/15/2024 | 15,391 | 15,391 | 15,291 | |||||||||||||||||
First lien (3)(9) | 8.25% (L + 6.32%/Q) | 3/29/2019 | 3/15/2024 | 7,743 | 7,743 | 7,693 | |||||||||||||||||
85,865 | 85,865 | 85,307 | 6.64 | % | |||||||||||||||||||
PhyNet Dermatology LLC | |||||||||||||||||||||||
Healthcare Services | First lien (2)(9) | 7.30% (L + 5.50%/M) | 9/17/2018 | 8/16/2024 | 50,368 | 49,956 | 50,368 | ||||||||||||||||
First lien (3)(9)(10) - Drawn | 7.30% (L + 5.50%/M) | 9/17/2018 | 8/16/2024 | 28,139 | 28,009 | 28,139 | |||||||||||||||||
78,507 | 77,965 | 78,507 | 6.11 | % | |||||||||||||||||||
Kronos Incorporated | |||||||||||||||||||||||
Software | Second lien (2) | 10.16% (L + 8.25%/Q) | 10/26/2012 | 11/1/2024 | 49,210 | 48,955 | 50,563 | ||||||||||||||||
Second lien (8) | 10.16% (L + 8.25%/Q) | 10/26/2012 | 11/1/2024 | 11,147 | 11,147 | 11,453 | |||||||||||||||||
60,357 | 60,102 | 62,016 | 4.83 | % | |||||||||||||||||||
Associations, Inc. | |||||||||||||||||||||||
Business Services | First lien (2)(9) | 9.09% (L + 4.00% + 3.00% PIK/Q)* | 7/30/2018 | 7/30/2024 | 44,557 | 44,332 | 44,557 | ||||||||||||||||
First lien (8)(9) | 9.09% (L + 4.00% + 3.00% PIK/Q)* | 7/30/2018 | 7/30/2024 | 5,115 | 5,090 | 5,115 | |||||||||||||||||
First lien (3)(9)(10) - Drawn | 9.06% (L + 4.00% + 3.00% PIK/Q)* | 7/30/2018 | 7/30/2024 | 7,171 | 7,133 | 7,171 | |||||||||||||||||
56,843 | 56,555 | 56,843 | 4.43 | % |
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 | |||||||||||||||
Nomad Buyer, Inc. | |||||||||||||||||||||||
Healthcare Services | First lien (2) | 6.74% (L + 5.00%/M) | 8/3/2018 | 8/1/2025 | $ | 56,439 | $ | 54,867 | $ | 56,298 | 4.39 | % | |||||||||||
GS Acquisitionco, Inc. | |||||||||||||||||||||||
Software | First lien (2)(9) | 7.55% (L + 5.75%/M) | 8/7/2019 | 5/24/2024 | 26,894 | 26,738 | 26,725 | ||||||||||||||||
First lien (5)(9) | 7.55% (L + 5.75%/M) | 8/7/2019 | 5/24/2024 | 22,406 | 22,276 | 22,266 | |||||||||||||||||
First lien (3)(9)(10) - Drawn | 7.55% (L + 5.75%/M) | 8/7/2019 | 5/25/2024 | 3,720 | 3,698 | 3,697 | |||||||||||||||||
First lien (3)(9)(10) - Drawn | 7.55% (L + 5.75%/M) | 8/7/2019 | 5/25/2024 | 3,510 | 3,488 | 3,488 | |||||||||||||||||
56,530 | 56,200 | 56,176 | 4.38 | % | |||||||||||||||||||
iCIMS, Inc. | |||||||||||||||||||||||
Software | First lien (8)(9) | 8.29% (L + 6.50%/M) | 9/12/2018 | 9/12/2024 | 46,636 | 46,229 | 46,636 | ||||||||||||||||
First lien (8)(9) | 8.29% (L + 6.50%/M) | 6/14/2019 | 9/12/2024 | 8,667 | 8,587 | 8,667 | |||||||||||||||||
55,303 | 54,816 | 55,303 | 4.31 | % | |||||||||||||||||||
ConnectWise, LLC | |||||||||||||||||||||||
Software | First lien (2)(9) | 7.94% (L + 6.00%/Q) | 11/26/2019 | 2/28/2025 | 55,613 | 55,270 | 55,265 | 4.31 | % | ||||||||||||||
CentralSquare Technologies, LLC | |||||||||||||||||||||||
Software | Second lien (3) | 9.30% (L + 7.50%/M) | 8/15/2018 | 8/31/2026 | 47,838 | 47,297 | 45,087 | ||||||||||||||||
Second lien (8) | 9.30% (L + 7.50%/M) | 8/15/2018 | 8/31/2026 | 7,500 | 7,415 | 7,069 | |||||||||||||||||
55,338 | 54,712 | 52,156 | 4.06 | % | |||||||||||||||||||
Dealer Tire, LLC | |||||||||||||||||||||||
Distribution & Logistics | First lien (2) | 7.30% (L + 5.50%/M) | 12/4/2018 | 12/12/2025 | 51,386 | 50,251 | 51,577 | 4.02 | % | ||||||||||||||
Salient CRGT Inc. | |||||||||||||||||||||||
Federal Services | First lien (2) | 8.29% (L + 6.50%/M) | 1/6/2015 | 2/28/2022 | 39,312 | 39,049 | 37,445 | ||||||||||||||||
First lien (8) | 8.29% (L + 6.50%/M) | 6/6/2019 | 2/28/2022 | 13,434 | 12,987 | 12,795 | |||||||||||||||||
52,746 | 52,036 | 50,240 | 3.91 | % | |||||||||||||||||||
NM GRC Holdco, LLC | |||||||||||||||||||||||
Business Services | First lien (2)(9) | 7.94% (L + 6.00%/Q) | 2/9/2018 | 2/9/2024 | 38,346 | 38,206 | 38,346 | ||||||||||||||||
First lien (2)(9)(10) - Drawn | 7.94% (L + 6.00%/Q) | 2/9/2018 | 2/9/2024 | 10,658 | 10,616 | 10,658 | |||||||||||||||||
49,004 | 48,822 | 49,004 | 3.82 | % | |||||||||||||||||||
Frontline Technologies Group Holdings, LLC | |||||||||||||||||||||||
Education | First lien (4)(9) | 7.55% (L + 5.75%/M) | 9/18/2017 | 9/18/2023 | 22,162 | 22,050 | 22,162 | ||||||||||||||||
First lien (2)(9) | 7.55% (L + 5.75%/M) | 9/18/2017 | 9/18/2023 | 18,677 | 18,619 | 18,677 | |||||||||||||||||
First lien (2)(9) | 7.55% (L + 5.75%/M) | 9/18/2017 | 9/18/2023 | 7,710 | 7,658 | 7,710 | |||||||||||||||||
48,549 | 48,327 | 48,549 | 3.78 | % | |||||||||||||||||||
Integro Parent Inc. | |||||||||||||||||||||||
Business Services | First lien (2)(9) | 7.54% (L + 5.75%/M) | 10/9/2015 | 10/31/2022 | 35,024 | 34,892 | 35,024 | ||||||||||||||||
Second lien (8)(9) | 11.04% (L + 9.25%/M) | 10/9/2015 | 10/30/2023 | 10,000 | 9,941 | 10,000 | |||||||||||||||||
45,024 | 44,833 | 45,024 | 3.51 | % | |||||||||||||||||||
Brave Parent Holdings, Inc. | |||||||||||||||||||||||
Software | Second lien (5) | 9.43% (L + 7.50%/Q) | 4/17/2018 | 4/17/2026 | 22,500 | 22,404 | 21,825 | ||||||||||||||||
Second lien (2) | 9.43% (L + 7.50%/Q) | 4/17/2018 | 4/17/2026 | 16,624 | 16,480 | 16,125 | |||||||||||||||||
Second lien (8) | 9.43% (L + 7.50%/Q) | 4/17/2018 | 4/17/2026 | 6,000 | 5,948 | 5,820 | |||||||||||||||||
45,124 | 44,832 | 43,770 | 3.41 | % | |||||||||||||||||||
Quest Software US Holdings Inc. | |||||||||||||||||||||||
Software | Second lien (2) | 10.18% (L + 8.25%/Q) | 5/17/2018 | 5/18/2026 | 43,697 | 43,320 | 42,851 | 3.35 | % |
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) | 7.94% (L + 6.00%/Q) | 11/30/2018 | 11/28/2025 | $ | 25,561 | $ | 25,387 | $ | 25,561 | |||||||||||||
First lien (4)(9) | 7.94% (L + 6.00%/Q) | 11/30/2018 | 11/28/2025 | 14,850 | 14,752 | 14,850 | |||||||||||||||||
40,411 | 40,139 | 40,411 | 3.15 | % | |||||||||||||||||||
Tenawa Resource Holdings LLC (13) | |||||||||||||||||||||||
Tenawa Resource Management LLC | |||||||||||||||||||||||
Energy | First lien (3)(9) | 10.50% (Base + 8.00%/Q) | 5/12/2014 | 10/30/2024 | 39,000 | 38,950 | 39,000 | 3.04 | % | ||||||||||||||
KAMC Holdings, Inc | |||||||||||||||||||||||
Business Services | Second lien (2)(9) | 9.91% (L + 8.00%/Q) | 8/14/2019 | 8/13/2027 | 18,750 | 18,614 | 18,609 | ||||||||||||||||
Second lien (8)(9) | 9.91% (L + 8.00%/Q) | 8/14/2019 | 8/13/2027 | 18,750 | 18,614 | 18,609 | |||||||||||||||||
37,500 | 37,228 | 37,218 | 2.90 | % | |||||||||||||||||||
Trader Interactive, LLC | |||||||||||||||||||||||
Business Services | First lien (2)(9) | 8.30% (L + 6.50%/M) | 6/15/2017 | 6/17/2024 | 31,932 | 31,776 | 31,932 | ||||||||||||||||
First lien (8)(9) | 8.30% (L + 6.50%/M) | 6/15/2017 | 6/17/2024 | 4,949 | 4,925 | 4,949 | |||||||||||||||||
36,881 | 36,701 | 36,881 | 2.87 | % | |||||||||||||||||||
Peraton Holding Corp. (fka MHVC Acquisition Corp.) | |||||||||||||||||||||||
Federal Services | First lien (2) | 7.05% (L + 5.25%/M) | 4/25/2017 | 4/29/2024 | 36,907 | 36,781 | 36,745 | 2.86 | % | ||||||||||||||
Apptio, Inc. | |||||||||||||||||||||||
Software | First lien (8)(9) | 8.96% (L + 7.25%/M) | 1/10/2019 | 1/10/2025 | 34,076 | 33,473 | 33,394 | 2.60 | % | ||||||||||||||
Definitive Healthcare Holdings, LLC | |||||||||||||||||||||||
Healthcare Information Technology | First lien (8)(9) | 8.40% (L + 5.50% + 1.00% PIK/Q)* | 8/7/2019 | 7/16/2026 | 33,402 | 33,244 | 33,234 | 2.59 | % | ||||||||||||||
Finalsite Holdings, Inc. | |||||||||||||||||||||||
Software | First lien (4)(9) | 6.93% (L + 5.00%/Q) | 9/28/2018 | 9/25/2024 | 22,219 | 22,081 | 22,219 | ||||||||||||||||
First lien (2)(9) | 6.93% (L + 5.00%/Q) | 9/28/2018 | 9/25/2024 | 10,974 | 10,906 | 10,974 | |||||||||||||||||
33,193 | 32,987 | 33,193 | 2.59 | % | |||||||||||||||||||
TDG Group Holding Company | |||||||||||||||||||||||
Consumer Services | First lien (2)(9) | 7.44% (L + 5.50%/Q) | 5/22/2018 | 5/31/2024 | 24,860 | 24,763 | 24,860 | ||||||||||||||||
First lien (8)(9) | 7.44% (L + 5.50%/Q) | 5/22/2018 | 5/31/2024 | 4,950 | 4,931 | 4,950 | |||||||||||||||||
First lien (2)(9) | 7.44% (L + 5.50%/Q) | 5/22/2018 | 5/31/2024 | 3,321 | 3,307 | 3,321 | |||||||||||||||||
33,131 | 33,001 | 33,131 | 2.58 | % | |||||||||||||||||||
CoolSys, Inc. | |||||||||||||||||||||||
Industrial Services | First lien (5) | 7.80% (L + 6.00%/M) | 11/20/2019 | 11/20/2026 | 22,500 | 22,388 | 22,388 | ||||||||||||||||
First lien (2) | 7.80% (L + 6.00%/M) | 11/20/2019 | 11/20/2026 | 10,400 | 10,348 | 10,348 | |||||||||||||||||
32,900 | 32,736 | 32,736 | 2.55 | % | |||||||||||||||||||
Ansira Holdings, Inc. | |||||||||||||||||||||||
Business Services | First lien (8) | 7.55% (L + 5.75%/M) | 12/19/2016 | 12/20/2022 | 28,455 | 28,378 | 27,032 | ||||||||||||||||
First lien (3)(10) - Drawn | 7.51% (L + 5.75%/M) | 12/19/2016 | 12/20/2022 | 4,743 | 4,731 | 4,506 | |||||||||||||||||
33,198 | 33,109 | 31,538 | 2.46 | % | |||||||||||||||||||
DCA Investment Holding, LLC | |||||||||||||||||||||||
Healthcare Services | First lien (2)(9) | 7.19% (L + 5.25%/Q) | 7/2/2015 | 7/2/2021 | 17,095 | 17,046 | 17,095 | ||||||||||||||||
First lien (3)(9) | 7.19% (L + 5.25%/Q) | 12/20/2017 | 7/2/2021 | 8,890 | 8,834 | 8,890 | |||||||||||||||||
First lien (2)(9) | 7.19% (L + 5.25%/Q) | 12/20/2017 | 7/2/2021 | 4,184 | 4,163 | 4,184 | |||||||||||||||||
First lien (3)(9)(10) - Drawn | 9.00% (P + 4.25%/Q) | 7/2/2015 | 7/2/2021 | 608 | 602 | 608 | |||||||||||||||||
30,777 | 30,645 | 30,777 | 2.40 | % |
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 | |||||||||||||||
Integral Ad Science, Inc. | |||||||||||||||||||||||
Software | First lien (8)(9) | 9.05% (L + 6.00% + 1.25% PIK/M)* | 7/19/2018 | 7/19/2024 | $ | 26,843 | $ | 26,616 | $ | 26,843 | |||||||||||||
First lien (3)(9) | 9.05% (L + 6.00% + 1.25% PIK/M)* | 8/27/2019 | 7/19/2024 | 3,507 | 3,474 | 3,507 | |||||||||||||||||
30,350 | 30,090 | 30,350 | 2.36 | % | |||||||||||||||||||
Conservice, LLC | |||||||||||||||||||||||
Business Services | First lien (2)(9) | 7.05% (L + 5.25%/M) | 1/3/2019 | 11/29/2024 | 25,311 | 25,202 | 25,184 | ||||||||||||||||
First lien (3)(9)(10) - Drawn | 7.05% (L + 5.25%/M) | 1/3/2019 | 11/29/2024 | 4,418 | 4,398 | 4,396 | |||||||||||||||||
29,729 | 29,600 | 29,580 | 2.30 | % | |||||||||||||||||||
Kaseya Traverse Inc. | |||||||||||||||||||||||
Software | First lien (8)(9) | 8.72% (L + 5.50% + 1.00% PIK/S)* | 5/9/2019 | 5/2/2025 | 27,525 | 27,274 | 27,250 | ||||||||||||||||
First lien (3)(9)(10) - Drawn | 8.45% (L + 6.50%/Q) | 5/9/2019 | 5/2/2025 | 1,321 | 1,308 | 1,308 | |||||||||||||||||
First lien (3)(9)(10) - Drawn | 8.69% (L + 5.50% + 1.00% PIK/S)* | 5/9/2019 | 5/2/2025 | 430 | 426 | 426 | |||||||||||||||||
29,276 | 29,008 | 28,984 | 2.26 | % | |||||||||||||||||||
Clarkson Eyecare, LLC | |||||||||||||||||||||||
Healthcare Services | First lien (2) | 8.05% (L + 6.25%/M) | 8/21/2019 | 4/2/2021 | 17,300 | 17,149 | 17,300 | ||||||||||||||||
First lien (2) | 8.05% (L + 6.25%/M) | 9/11/2019 | 4/2/2021 | 11,533 | 11,433 | 11,533 | |||||||||||||||||
28,833 | 28,582 | 28,833 | 2.25 | % | |||||||||||||||||||
Keystone Acquisition Corp. | |||||||||||||||||||||||
Healthcare Services | First lien (2) | 7.19% (L + 5.25%/Q) | 5/10/2017 | 5/1/2024 | 24,482 | 24,369 | 23,992 | ||||||||||||||||
Second lien (2) | 11.19% (L + 9.25%/Q) | 5/10/2017 | 5/1/2025 | 4,500 | 4,465 | 4,399 | |||||||||||||||||
28,982 | 28,834 | 28,391 | 2.21 | % | |||||||||||||||||||
Sovos Brands Intermediate, Inc. | |||||||||||||||||||||||
Food & Beverage | First lien (2) | 6.80% (L + 5.00%/M) | 11/16/2018 | 11/20/2025 | 27,957 | 27,834 | 27,957 | 2.18 | % | ||||||||||||||
Affinity Dental Management, Inc. | |||||||||||||||||||||||
Healthcare Services | First lien (4)(9) | 8.07% (L + 6.00%/S) | 9/17/2019 | 9/15/2023 | 10,945 | 10,945 | 10,945 | ||||||||||||||||
First lien (2)(9) | 8.01% (L + 6.00%/S) | 9/15/2017 | 9/15/2023 | 11,316 | 11,288 | 11,316 | |||||||||||||||||
First lien (3)(9) | 8.00% (L + 6.00%/S) | 9/15/2017 | 9/15/2023 | 5,224 | 5,194 | 5,224 | |||||||||||||||||
27,485 | 27,427 | 27,485 | 2.14 | % | |||||||||||||||||||
Confluent Health, LLC | |||||||||||||||||||||||
Healthcare Services | First lien (2) | 6.80% (L + 5.00%/M) | 6/21/2019 | 6/24/2026 | 27,363 | 27,233 | 27,363 | 2.13 | % | ||||||||||||||
TMK Hawk Parent, Corp. | |||||||||||||||||||||||
Distribution & Logistics | First lien (2) | 5.30% (L + 3.50%/M) | 6/24/2019 | 8/28/2024 | 16,908 | 14,483 | 13,865 | ||||||||||||||||
First lien (8) | 5.30% (L + 3.50%/M) | 10/23/2019 | 8/28/2024 | 16,308 | 13,388 | 13,373 | |||||||||||||||||
33,216 | 27,871 | 27,238 | 2.12 | % | |||||||||||||||||||
HS Purchaser, LLC / Help/Systems Holdings, Inc. | |||||||||||||||||||||||
Software | Second lien (5) | 9.80% (L + 8.00%/M) | 11/14/2019 | 11/19/2027 | 22,500 | 22,380 | 22,388 | ||||||||||||||||
Second lien (2) | 9.80% (L + 8.00%/M) | 11/14/2019 | 11/19/2027 | 4,208 | 4,166 | 4,187 | |||||||||||||||||
26,708 | 26,546 | 26,575 | 2.07 | % | |||||||||||||||||||
GC Waves Holdings, Inc.** | |||||||||||||||||||||||
Business Services | First lien (5)(9) | 7.55% (L + 5.75%/M) | 10/31/2019 | 10/31/2025 | 22,500 | 22,335 | 22,331 | ||||||||||||||||
First lien (2)(9) | 7.55% (L + 5.75%/M) | 10/31/2019 | 10/31/2025 | 3,673 | 3,646 | 3,645 | |||||||||||||||||
26,173 | 25,981 | 25,976 | 2.02 | % | |||||||||||||||||||
Spring Education Group, Inc (fka SSH Group Holdings, Inc.) | |||||||||||||||||||||||
Education | Second lien (2) | 10.19% (L + 8.25%/Q) | 7/26/2018 | 7/30/2026 | 24,533 | 24,476 | 24,488 | 1.91 | % |
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 | |||||||||||||||
AAC Holding Corp. | |||||||||||||||||||||||
Education | First lien (2)(9) | 9.95% (L + 8.25%/M) | 9/30/2015 | 9/30/2022 | $ | 24,956 | $ | 24,866 | $ | 23,110 | 1.80 | % | |||||||||||
Idera, Inc. | |||||||||||||||||||||||
Software | Second lien (4) | 10.80% (L + 9.00%/M) | 6/27/2019 | 6/28/2027 | 22,500 | 22,338 | 22,612 | 1.76 | % | ||||||||||||||
Convey Health Solutions, Inc. | |||||||||||||||||||||||
Healthcare Services | First lien (4)(9) | 6.94% (L + 5.25%/M) | 9/9/2019 | 9/4/2026 | 22,444 | 22,200 | 22,191 | 1.73 | % | ||||||||||||||
Avatar Topco, Inc. (22) | |||||||||||||||||||||||
EAB Global, Inc. | |||||||||||||||||||||||
Education | Second lien (3) | 9.49% (L + 7.50%/S) | 11/17/2017 | 11/17/2025 | 13,950 | 13,782 | 13,950 | ||||||||||||||||
Second lien (8) | 9.49% (L + 7.50%/S) | 11/17/2017 | 11/17/2025 | 7,500 | 7,410 | 7,500 | |||||||||||||||||
21,450 | 21,192 | 21,450 | 1.67 | % | |||||||||||||||||||
CRCI Longhorn Holdings, Inc. | |||||||||||||||||||||||
Business Services | Second lien (3) | 8.99% (L + 7.25%/M) | 8/2/2018 | 8/10/2026 | 14,349 | 14,301 | 14,062 | ||||||||||||||||
Second lien (8) | 8.99% (L + 7.25%/M) | 8/2/2018 | 8/10/2026 | 7,500 | 7,475 | 7,350 | |||||||||||||||||
21,849 | 21,776 | 21,412 | 1.67 | % | |||||||||||||||||||
National Mentor Holdings, Inc. (aka Civitas Solutions, Inc.) | |||||||||||||||||||||||
Healthcare Services | Second lien (2) | 10.30% (L + 8.50%/M) | 2/5/2019 | 3/8/2027 | 21,051 | 20,609 | 20,999 | 1.64 | % | ||||||||||||||
MED Parentco, LP | |||||||||||||||||||||||
Healthcare Services | Second lien (8) | 10.05% (L + 8.25%/M) | 8/2/2019 | 8/30/2027 | 20,857 | 20,703 | 20,753 | 1.62 | % | ||||||||||||||
Institutional Shareholder Services, Inc. | |||||||||||||||||||||||
Business Services | Second lien (3) | 10.44% (L + 8.50%/Q) | 3/5/2019 | 3/5/2027 | 20,372 | 20,087 | 19,557 | 1.52 | % | ||||||||||||||
DiversiTech Holdings, Inc. | |||||||||||||||||||||||
Distribution & Logistics | Second lien (2) | 9.44% (L + 7.50%/Q) | 5/18/2017 | 6/2/2025 | 12,000 | 11,909 | 11,760 | ||||||||||||||||
Second lien (8) | 9.44% (L + 7.50%/Q) | 5/18/2017 | 6/2/2025 | 7,500 | 7,443 | 7,350 | |||||||||||||||||
19,500 | 19,352 | 19,110 | 1.49 | % | |||||||||||||||||||
Xactly Corporation | |||||||||||||||||||||||
Software | First lien (4)(9) | 9.05% (L + 7.25%/M) | 7/31/2017 | 7/29/2022 | 19,047 | 18,925 | 19,047 | 1.48 | % | ||||||||||||||
FR Arsenal Holdings II Corp. | |||||||||||||||||||||||
Business Services | First lien (2)(9) | 9.19% (L + 7.25%/Q) | 9/29/2016 | 9/8/2022 | 18,355 | 18,249 | 18,355 | 1.43 | % | ||||||||||||||
YLG Holdings, Inc. | |||||||||||||||||||||||
Business Services | First lien (5) | 7.66% (L + 5.75%/Q) | 11/1/2019 | 10/31/2025 | 18,413 | 18,323 | 18,321 | 1.43 | % | ||||||||||||||
Geo Parent Corporation | |||||||||||||||||||||||
Business Services | First lien (2) | 7.05% (L + 5.25%/M) | 12/13/2018 | 12/19/2025 | 18,364 | 18,282 | 18,318 | 1.43 | % | ||||||||||||||
Bluefin Holding, LLC | |||||||||||||||||||||||
Software | Second lien (8)(9) | 9.64% (L + 7.75%/Q) | 9/6/2019 | 9/6/2027 | 18,000 | 18,000 | 18,000 | 1.40 | % | ||||||||||||||
Bullhorn, Inc. | |||||||||||||||||||||||
Software | First lien (2)(9) | 7.44% (L + 5.50%/Q) | 9/24/2019 | 10/1/2025 | 17,174 | 17,049 | 17,045 | ||||||||||||||||
First lien (3)(9)(10) - Drawn | 7.46% (L + 5.50%/Q) | 9/24/2019 | 10/1/2025 | 284 | 282 | 282 | |||||||||||||||||
17,458 | 17,331 | 17,327 | 1.35 | % | |||||||||||||||||||
The Kleinfelder Group, Inc. | |||||||||||||||||||||||
Business Services | First lien (4)(9) | 6.37% (L + 4.75%/W) | 12/18/2018 | 11/29/2024 | 17,325 | 17,251 | 17,325 | 1.35 | % | ||||||||||||||
TIBCO Software Inc. | |||||||||||||||||||||||
Software | Subordinated (3) | 11.38%/S | 11/24/2014 | 12/1/2021 | 15,000 | 14,844 | 15,554 | 1.21 | % | ||||||||||||||
Hill International, Inc.** | |||||||||||||||||||||||
Business Services | First lien (2)(9) | 7.55% (L + 5.75%/M) | 6/21/2017 | 6/21/2023 | 15,405 | 15,356 | 15,405 | 1.20 | % | ||||||||||||||
Bleriot US Bidco Inc. | |||||||||||||||||||||||
Federal Services | Second lien (2) | 10.44% (L + 8.50%/Q) | 10/24/2019 | 10/29/2027 | 15,000 | 14,852 | 14,981 | 1.17 | % |
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 | |||||||||||||||
Netsmart Inc. / Netsmart Technologies, Inc. | |||||||||||||||||||||||
Healthcare Information Technology | Second lien (2) | 9.30% (L + 7.50%/M) | 4/18/2016 | 10/19/2023 | $ | 15,000 | $ | 14,774 | $ | 14,925 | 1.16 | % | |||||||||||
Pathway Vet Alliance LLC | |||||||||||||||||||||||
Consumer Services | First lien (4)(9)(10) - Drawn | 6.30% (L + 4.50%/M) | 11/14/2019 | 12/20/2024 | 3,670 | 3,652 | 3,652 | ||||||||||||||||
First lien (3)(9)(10) - Drawn | 6.30% (L + 4.50%/M) | 11/14/2019 | 12/20/2024 | 1,223 | 1,217 | 1,217 | |||||||||||||||||
Second lien (4)(9)(10) - Drawn | 10.30% (L + 8.50%/M) | 11/14/2019 | 12/19/2025 | 7,547 | 7,490 | 7,490 | |||||||||||||||||
Second lien (3)(9)(10) - Drawn | 10.30% (L + 8.50%/M) | 11/14/2019 | 12/19/2025 | 2,516 | 2,497 | 2,497 | |||||||||||||||||
14,956 | 14,856 | 14,856 | 1.16 | % | |||||||||||||||||||
Diligent Corporation | |||||||||||||||||||||||
Software | First lien (2)(9) | 7.56% (L + 5.50%/S) | 10/30/2019 | 4/14/2022 | 6,842 | 6,777 | 6,842 | ||||||||||||||||
First lien (2)(9) | 7.56% (L + 5.50%/S) | 10/30/2019 | 4/14/2022 | 140 | 139 | 140 | |||||||||||||||||
First lien (3)(9)(10) - Drawn | 7.54% (L + 5.50%/S) | 12/19/2018 | 4/14/2022 | 7,431 | 7,391 | 7,431 | |||||||||||||||||
14,413 | 14,307 | 14,413 | 1.12 | % | |||||||||||||||||||
Alegeus Technologies Holding Corp. | |||||||||||||||||||||||
Healthcare Services | First lien (8)(9) | 8.28% (L + 6.25%/Q) | 9/5/2018 | 9/5/2024 | 13,444 | 13,388 | 13,444 | 1.05 | % | ||||||||||||||
JAMF Holdings, Inc. | |||||||||||||||||||||||
Software | First lien (8)(9) | 8.91% (L + 7.00%/Q) | 11/13/2017 | 11/11/2022 | 8,757 | 8,702 | 8,757 | ||||||||||||||||
First lien (2)(9) | 8.91% (L + 7.00%/Q) | 11/8/2019 | 11/11/2022 | 4,582 | 4,549 | 4,582 | |||||||||||||||||
13,339 | 13,251 | 13,339 | 1.04 | % | |||||||||||||||||||
BackOffice Associates Holdings, LLC | |||||||||||||||||||||||
Business Services | First lien (2)(9) | 12.70% (L + 7.50% + 3.00% PIK/S)* | 8/25/2017 | 8/25/2023 | 13,047 | 12,973 | 12,425 | ||||||||||||||||
First lien (3)(9)(10) - Drawn | 12.68% (L + 7.50% + 3.00% PIK/Q)* | 8/25/2017 | 8/25/2023 | 894 | 886 | 851 | |||||||||||||||||
13,941 | 13,859 | 13,276 | 1.03 | % | |||||||||||||||||||
Castle Management Borrower LLC | |||||||||||||||||||||||
Business Services | First lien (2)(9) | 8.16% (L + 6.25%/Q) | 5/31/2018 | 2/15/2024 | 13,217 | 13,166 | 13,217 | 1.03 | % | ||||||||||||||
Ministry Brands, LLC | |||||||||||||||||||||||
Software | First lien (2)(9) | 5.85% (L + 4.00%/M) | 12/7/2016 | 12/2/2022 | 2,932 | 2,924 | 2,932 | ||||||||||||||||
Second lien (8)(9) | 11.08% (L + 9.25%/M) | 12/7/2016 | 6/2/2023 | 7,840 | 7,804 | 7,840 | |||||||||||||||||
Second lien (3)(9) | 11.08% (L + 9.25%/M) | 12/7/2016 | 6/2/2023 | 2,160 | 2,150 | 2,160 | |||||||||||||||||
First lien (3)(9)(10) - Drawn | 6.95% (L + 5.00%/Q) | 12/7/2016 | 12/2/2022 | 200 | 199 | 200 | |||||||||||||||||
13,132 | 13,077 | 13,132 | 1.02 | % | |||||||||||||||||||
Transcendia Holdings, Inc. | |||||||||||||||||||||||
Packaging | Second lien (8)(9) | 9.80% (L + 8.00%/M) | 6/28/2017 | 5/30/2025 | 14,500 | 14,348 | 12,476 | 0.97 | % | ||||||||||||||
OEConnection LLC | |||||||||||||||||||||||
Business Services | Second lien (2)(9) | 10.04% (L + 8.25%/M) | 9/25/2019 | 9/25/2027 | 12,044 | 11,926 | 11,924 | 0.93 | % | ||||||||||||||
CFS Management, LLC | |||||||||||||||||||||||
Healthcare Services | First lien (2)(9) | 7.95% (L + 5.75%/S) | 8/6/2019 | 7/1/2024 | 11,733 | 11,678 | 11,674 | 0.91 | % | ||||||||||||||
CHA Holdings, Inc. | |||||||||||||||||||||||
Business Services | Second lien (4) | 10.69% (L + 8.75%/Q) | 4/3/2018 | 4/10/2026 | 7,012 | 6,952 | 7,082 | ||||||||||||||||
Second lien (3) | 10.69% (L + 8.75%/Q) | 4/3/2018 | 4/10/2026 | 4,453 | 4,415 | 4,497 | |||||||||||||||||
11,465 | 11,367 | 11,579 | 0.90 | % |
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 | |||||||||||||||
Alert Holding Company, Inc. (14) | |||||||||||||||||||||||
Appriss Holdings, Inc. | |||||||||||||||||||||||
Business Services | First lien (8) | 7.44% (L + 5.50%/Q) | 5/24/2019 | 5/29/2026 | $ | 11,054 | $ | 10,965 | $ | 10,888 | 0.86 | % | |||||||||||
PaySimple, Inc. | |||||||||||||||||||||||
Software | First lien (2) | 7.30% (L + 5.50%/M) | 8/19/2019 | 8/25/2025 | 9,857 | 9,763 | 9,808 | ||||||||||||||||
First lien (3)(10) - Drawn | 7.31% (L + 5.50%/M) | 8/19/2019 | 8/25/2025 | 934 | 916 | 930 | |||||||||||||||||
10,791 | 10,679 | 10,738 | 0.84 | % | |||||||||||||||||||
Vectra Co. | |||||||||||||||||||||||
Business Products | Second lien (8) | 9.05% (L + 7.25%/M) | 2/23/2018 | 3/8/2026 | 10,788 | 10,754 | 10,518 | 0.82 | % | ||||||||||||||
NorthStar Financial Services Group, LLC | |||||||||||||||||||||||
Software | Second lien (5) | 9.30% (L + 7.50%/M) | 5/23/2018 | 5/25/2026 | 10,607 | 10,585 | 10,501 | 0.82 | % | ||||||||||||||
PPVA Black Elk (Equity) LLC | |||||||||||||||||||||||
Business Services | Subordinated (3)(9) | — | 5/3/2013 | — | 14,500 | 14,500 | 10,354 | 0.81 | % | ||||||||||||||
Masergy Holdings, Inc. | |||||||||||||||||||||||
Business Services | Second lien (2) | 9.46% (L + 7.50%/Q) | 12/14/2016 | 12/16/2024 | 10,500 | 10,458 | 10,264 | 0.80 | % | ||||||||||||||
VT Topco, Inc. | |||||||||||||||||||||||
Business Services | Second lien (4) | 8.94% (L + 7.00%/Q) | 8/14/2018 | 7/31/2026 | 10,000 | 9,978 | 10,025 | 0.78 | % | ||||||||||||||
Quartz Holding Company | |||||||||||||||||||||||
Software | Second lien (3) | 9.71% (L + 8.00%/M) | 4/2/2019 | 4/2/2027 | 10,000 | 9,813 | 9,975 | 0.78 | % | ||||||||||||||
AG Parent Holdings, LLC | |||||||||||||||||||||||
Healthcare Services | First lien (2) | 6.91% (L + 5.00%/Q) | 7/30/2019 | 7/31/2026 | 10,000 | 9,952 | 9,925 | 0.77 | % | ||||||||||||||
Stats Intermediate Holdings, LLC** | |||||||||||||||||||||||
Business Services | First lien (2) | 7.30% (L + 5.25%/S) | 5/22/2019 | 7/10/2026 | 10,000 | 9,881 | 9,775 | 0.76 | % | ||||||||||||||
Affordable Care Holding Corp. | |||||||||||||||||||||||
Healthcare Services | First lien (2) | 6.59% (L + 4.75%/M) | 3/18/2019 | 10/24/2022 | 9,897 | 9,738 | 9,649 | 0.75 | % | ||||||||||||||
Teneo Holdings, LLC | |||||||||||||||||||||||
Business Services | First lien (2) | 6.99% (L + 5.25%/M) | 7/15/2019 | 7/11/2025 | 9,975 | 9,788 | 9,476 | 0.74 | % | ||||||||||||||
AgKnowledge Holdings Company, Inc. | |||||||||||||||||||||||
Business Services | First lien (4) | 6.55% (L + 4.75%/M) | 11/30/2018 | 7/21/2023 | 9,355 | 9,318 | 9,332 | 0.73 | % | ||||||||||||||
Wrike, Inc. | |||||||||||||||||||||||
Software | First lien (8)(9) | 8.55% (L + 6.75%/M) | 12/31/2018 | 12/31/2024 | 9,067 | 8,988 | 9,067 | 0.71 | % | ||||||||||||||
WD Wolverine Holdings, LLC | |||||||||||||||||||||||
Healthcare Services | First lien (2) | 7.30% (L + 5.50%/M) | 2/22/2017 | 8/16/2022 | 9,014 | 8,859 | 9,014 | 0.70 | % | ||||||||||||||
Amerijet Holdings, Inc. | |||||||||||||||||||||||
Distribution & Logistics | First lien (4)(9) | 9.80% (L + 8.00%/M) | 7/15/2016 | 7/15/2021 | 7,674 | 7,653 | 7,674 | ||||||||||||||||
First lien (4)(9) | 9.80% (L + 8.00%/M) | 7/15/2016 | 7/15/2021 | 1,279 | 1,276 | 1,279 | |||||||||||||||||
8,953 | 8,929 | 8,953 | 0.70 | % | |||||||||||||||||||
Zywave, Inc. | |||||||||||||||||||||||
Software | Second lien (4)(9) | 10.95% (L + 9.00%/Q) | 11/22/2016 | 11/17/2023 | 6,980 | 6,946 | 6,980 | ||||||||||||||||
Second lien (4)(9) | 10.84% (L + 9.00%/M) | 12/3/2019 | 11/17/2023 | 600 | 596 | 600 | |||||||||||||||||
First lien (3)(9)(10) - Drawn | 6.80% (L + 5.00%/M) | 11/22/2016 | 11/17/2022 | 670 | 665 | 670 | |||||||||||||||||
8,250 | 8,207 | 8,250 | 0.64 | % |
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 | |||||||||||||||
DealerSocket, Inc. | |||||||||||||||||||||||
Software | First lien (2) | 6.66% (L + 4.75%/Q) | 4/16/2018 | 4/26/2023 | $ | 6,610 | $ | 6,576 | $ | 6,544 | |||||||||||||
First lien (3)(10) - Drawn | 7.05% (L + 5.25%/M) | 4/16/2018 | 4/26/2023 | 168 | 167 | 166 | |||||||||||||||||
6,778 | 6,743 | 6,710 | 0.52 | % | |||||||||||||||||||
Restaurant Technologies, Inc. | |||||||||||||||||||||||
Business Services | Second lien (4) | 8.30% (L + 6.50%/M) | 9/24/2018 | 10/1/2026 | 6,722 | 6,707 | 6,705 | 0.52 | % | ||||||||||||||
CP VI Bella Midco, LLC | |||||||||||||||||||||||
Healthcare Services | Second lien (3) | 8.55% (L + 6.75%/M) | 1/25/2018 | 12/29/2025 | 6,732 | 6,705 | 6,657 | 0.52 | % | ||||||||||||||
DG Investment Intermediate Holdings 2, Inc. (aka Convergint Technologies Holdings, LLC) | |||||||||||||||||||||||
Business Services | Second lien (3) | 8.55% (L + 6.75%/M) | 1/29/2018 | 2/2/2026 | 6,732 | 6,705 | 6,530 | 0.51 | % | ||||||||||||||
Recorded Future, Inc. | |||||||||||||||||||||||
Software | First lien (8)(9) | 8.55% (L + 6.75%/M) | 8/26/2019 | 7/3/2025 | 6,250 | 6,220 | 6,219 | 0.48 | % | ||||||||||||||
Solera LLC / Solera Finance, Inc. | |||||||||||||||||||||||
Software | Subordinated (3) | 10.50%/S | 2/29/2016 | 3/1/2024 | 5,000 | 4,844 | 5,316 | 0.41 | % | ||||||||||||||
ADG, LLC | |||||||||||||||||||||||
Healthcare Services | Second lien (3)(9) | 11.92% (L + 10.00%/S) | 10/3/2016 | 3/28/2024 | 5,264 | 5,215 | 4,213 | 0.33 | % | ||||||||||||||
Sphera Solutions, Inc. | |||||||||||||||||||||||
Software | First lien (2)(9) | 9.00% (L + 7.00%/Q) | 9/10/2019 | 6/14/2022 | 2,489 | 2,466 | 2,464 | 0.19 | % | ||||||||||||||
First American Payment Systems, L.P. | |||||||||||||||||||||||
Business Services | First lien (2) | 6.81% (L + 4.75%/Q) | 1/3/2017 | 1/5/2024 | 2,034 | 2,021 | 2,020 | 0.16 | % | ||||||||||||||
Education Management Corporation (12) | |||||||||||||||||||||||
Education Management II LLC | |||||||||||||||||||||||
Education | First lien (2) | 10.25% (P + 5.50%/Q)(24) | 1/5/2015 | 7/2/2020 | 208 | 202 | 2 | ||||||||||||||||
First lien (3) | 10.25% (P + 5.50%/Q)(24) | 1/5/2015 | 7/2/2020 | 117 | 114 | 1 | |||||||||||||||||
First lien (2) | 14.00% (P + 8.50%/M)(24) | 1/5/2015 | 7/2/2020 | 300 | 292 | — | |||||||||||||||||
First lien (3) | 14.00% (P + 8.50%/M)(24) | 1/5/2015 | 7/2/2020 | 169 | 165 | — | |||||||||||||||||
First lien (2) | 13.25% (P + 8.50%/M)(24) | 1/5/2015 | 7/2/2020 | 142 | 117 | — | |||||||||||||||||
First lien (2) | 13.25% (P + 8.50%/M)(24) | 1/5/2015 | 7/2/2020 | 4 | 3 | — | |||||||||||||||||
First lien (3) | 13.25% (P + 8.50%/M)(24) | 1/5/2015 | 7/2/2020 | 80 | 66 | — | |||||||||||||||||
First lien (3) | 13.25% (P + 8.50%/M)(24) | 1/5/2015 | 7/2/2020 | 2 | 2 | — | |||||||||||||||||
1,022 | 961 | 3 | — | % | |||||||||||||||||||
PPVA Fund, L.P. | |||||||||||||||||||||||
Business Services | Collateralized Financing (24)(25) | — | 11/7/2014 | — | — | — | — | — | % | ||||||||||||||
Total Funded Debt Investments - United States | $ | 2,408,610 | $ | 2,385,761 | $ | 2,375,987 | 185.12 | % | |||||||||||||||
Total Funded Debt Investments | $ | 2,565,531 | $ | 2,541,672 | $ | 2,530,242 | 197.14 | % | |||||||||||||||
Equity - Hong Kong | |||||||||||||||||||||||
Bach Special Limited (Bach Preference Limited)** | |||||||||||||||||||||||
Education | Preferred shares (3)(9)(21) | — | 9/1/2017 | — | 75,184 | $ | 7,439 | $ | 7,518 | 0.59 | % | ||||||||||||
Total Shares - Hong Kong | $ | 7,439 | $ | 7,518 | 0.59 | % |
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 | |||||||||||||||
Equity - United States | |||||||||||||||||||||||
Avatar Topco, Inc. | |||||||||||||||||||||||
Education | Preferred shares (3)(9)(22) | — | 11/17/2017 | — | 35,750 | $ | 46,093 | $ | 47,165 | 3.67 | % | ||||||||||||
Symplr Software Intermediate Holdings, Inc.(23) | |||||||||||||||||||||||
Healthcare Information Technology | Preferred shares (4)(9) | — | 11/30/2018 | — | 7,500 | 8,502 | 8,571 | ||||||||||||||||
Preferred shares (3)(9) | — | 11/30/2018 | — | 2,586 | 2,931 | 2,955 | |||||||||||||||||
11,433 | 11,526 | 0.90 | % | ||||||||||||||||||||
Tenawa Resource Holdings LLC (13) | |||||||||||||||||||||||
QID NGL LLC | Ordinary shares (6)(9) | — | 5/12/2014 | — | 5,290,997 | 5,291 | 8,445 | ||||||||||||||||
Energy | Preferred shares (6)(9) | — | 10/30/2017 | — | 1,623,385 | 1,623 | 2,727 | ||||||||||||||||
6,914 | 11,172 | 0.87 | % | ||||||||||||||||||||
Alert Holding Company, Inc. (14) | |||||||||||||||||||||||
Alert Intermediate Holdings I, Inc. | |||||||||||||||||||||||
Business Services | Preferred shares (3)(9) | — | 5/31/2019 | — | 6,111 | 6,459 | 6,452 | 0.50 | % | ||||||||||||||
Education Management Corporation(12) | |||||||||||||||||||||||
Education | Preferred shares (2) | — | 1/5/2015 | — | 3,331 | 200 | — | ||||||||||||||||
Preferred shares (3) | — | 1/5/2015 | — | 1,879 | 113 | — | |||||||||||||||||
Ordinary shares (2) | — | 1/5/2015 | — | 2,994,065 | 100 | — | |||||||||||||||||
Ordinary shares (3) | — | 1/5/2015 | — | 1,688,976 | 56 | — | |||||||||||||||||
469 | — | — | % | ||||||||||||||||||||
Total Shares - United States | $ | 71,368 | $ | 76,315 | 5.94 | % | |||||||||||||||||
Total Shares | $ | 78,807 | $ | 83,833 | 6.53 | % | |||||||||||||||||
Warrants - United States | |||||||||||||||||||||||
ASP LCG Holdings, Inc. | |||||||||||||||||||||||
Education | Warrants (3)(9) | — | 5/5/2014 | 5/5/2026 | 622 | $ | 37 | $ | 898 | 0.07 | % | ||||||||||||
Total Warrants - United States | $ | 37 | $ | 898 | 0.07 | % | |||||||||||||||||
Total Funded Investments | $ | 2,620,516 | $ | 2,614,973 | 203.74 | % | |||||||||||||||||
Unfunded Debt Investments - Canada | |||||||||||||||||||||||
Wolfpack IP Co.** | |||||||||||||||||||||||
Software | First lien (3)(9)(10) - Undrawn | — | 6/14/2019 | 6/13/2025 | $ | 909 | $ | (9 | ) | $ | (9 | ) | (0.00 | )% | |||||||||
Total Unfunded Debt Investments - Canada | $ | 909 | $ | (9 | ) | $ | (9 | ) | (0.00 | )% | |||||||||||||
Unfunded Debt Investments - United States | |||||||||||||||||||||||
NM GRC Holdco, LLC | |||||||||||||||||||||||
Business Services | First lien (2)(9)(10) - Undrawn | — | 2/9/2018 | 2/9/2020 | $ | 771 | $ | (2 | ) | $ | — | — | % | ||||||||||
Ministry Brands, LLC | |||||||||||||||||||||||
Software | First lien (3)(9)(10) - Undrawn | — | 12/7/2016 | 12/2/2022 | 800 | (4 | ) | — | — | % | |||||||||||||
Wrike, Inc. | |||||||||||||||||||||||
Software | First lien (3)(9)(10) - Undrawn | — | 12/31/2018 | 12/31/2024 | 933 | (9 | ) | — | — | % |
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 | |||||||||||||||
Xactly Corporation |