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 |