Commission File Number | Exact name of registrant as specified in its charter, address of principal executive offices, telephone numbers and states or other jurisdictions of incorporation or organization | I.R.S. Employer Identification Number | ||||||||||||
814-00832 | New Mountain Finance Corporation | 27-2978010 | ||||||||||||
787 Seventh Avenue, 48th Floor New York, New York 10019 Telephone: (212) 720-0300 State of Incorporation: Delaware |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common stock, par value $0.01 per share | NMFC | New York Stock Exchange | ||||||||||||
5.75% Notes due 2023 | NMFX | New York Stock Exchange |
Large accelerated filer ý | Accelerated filer o | |||||||||||||
Non-accelerated filer o | Smaller reporting company o | |||||||||||||
Emerging growth company o |
Description | Shares as of August 5, 2020 | |||||||
Common stock, par value $0.01 per share | 96,827,342 |
PAGE | ||||||||
June 30, 2020 | December 31, 2019 | ||||||||||
Assets | |||||||||||
Investments at fair value | |||||||||||
Non-controlled/non-affiliated investments (cost of $2,307,414 and $2,619,408, respectively) | $ | 2,234,933 | $ | 2,613,801 | |||||||
Non-controlled/affiliated investments (cost of $77,989 and $82,825, respectively) | 55,084 | 73,527 | |||||||||
Controlled investments (cost of $582,965 and $449,308, respectively) | 536,445 | 472,952 | |||||||||
Total investments at fair value (cost of $2,968,368 and $3,151,541, respectively) | 2,826,462 | 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 | 56,163 | 48,574 | |||||||||
Interest and dividend receivable | 33,348 | 31,800 | |||||||||
Receivable from affiliates | 259 | 277 | |||||||||
Other assets | 5,904 | 3,702 | |||||||||
Total assets | $ | 2,943,558 | $ | 3,266,055 | |||||||
Liabilities | |||||||||||
Borrowings | |||||||||||
Holdings Credit Facility | $ | 500,163 | $ | 661,563 | |||||||
Unsecured Notes | 453,250 | 453,250 | |||||||||
SBA-guaranteed debentures | 300,000 | 225,000 | |||||||||
DB Credit Facility | 215,000 | 230,000 | |||||||||
Convertible Notes | 201,571 | 201,623 | |||||||||
NMFC Credit Facility | 78,500 | 188,500 | |||||||||
Deferred financing costs (net of accumulated amortization of $30,733 and $28,390, respectively) | (17,263) | (17,640) | |||||||||
Net borrowings | 1,731,221 | 1,942,296 | |||||||||
Payable for unsettled securities purchased | 3,465 | 1,780 | |||||||||
Management fee payable | 30,564 | 10,298 | |||||||||
Incentive fee payable | 22,368 | 7,646 | |||||||||
Interest payable | 14,640 | 16,484 | |||||||||
Payable to affiliates | 2,061 | 673 | |||||||||
Deferred tax liability | 391 | 912 | |||||||||
Other liabilities | 1,982 | 2,498 | |||||||||
Total liabilities | 1,806,692 | 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 shares authorized, 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 | (163,198) | (5,353) | |||||||||
Total net assets of New Mountain Finance Corporation | 1,125,623 | 1,283,468 | |||||||||
Non-controlling interest in New Mountain Net Lease Corporation | 11,243 | — | |||||||||
Total net assets | $ | 1,136,866 | $ | 1,283,468 | |||||||
Total liabilities and net assets | $ | 2,943,558 | $ | 3,266,055 | |||||||
Number of shares outstanding | 96,827,342 | 96,827,342 | |||||||||
Net asset value per share of New Mountain Finance Corporation | $ | 11.63 | $ | 13.26 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, 2020 | June 30, 2019 | June 30, 2020 | June 30, 2019 | ||||||||||||||||||||
Investment income | |||||||||||||||||||||||
From non-controlled/non-affiliated investments: | |||||||||||||||||||||||
Interest income | $ | 48,860 | $ | 48,018 | $ | 106,446 | $ | 92,475 | |||||||||||||||
Non-cash dividend income | 2,300 | 2,069 | 4,624 | 4,043 | |||||||||||||||||||
Other income | 1,117 | 1,841 | 2,588 | 4,095 | |||||||||||||||||||
From non-controlled/affiliated investments: | |||||||||||||||||||||||
Interest income | (1,235) | 1,033 | (166) | 2,037 | |||||||||||||||||||
Dividend income | 689 | 812 | 1,409 | 1,538 | |||||||||||||||||||
Non-cash dividend income | — | 301 | (3,418) | 592 | |||||||||||||||||||
Other income | 284 | 301 | 575 | 592 | |||||||||||||||||||
From controlled investments: | |||||||||||||||||||||||
Interest income | 3,738 | 2,584 | 6,719 | 5,047 | |||||||||||||||||||
Dividend income | 7,725 | 7,265 | 15,954 | 15,722 | |||||||||||||||||||
Non-cash dividend income | 1,502 | 2,128 | 4,140 | 4,173 | |||||||||||||||||||
Other income | 987 | 113 | 1,180 | 342 | |||||||||||||||||||
Total investment income | 65,967 | 66,465 | 140,051 | 130,656 | |||||||||||||||||||
Expenses | |||||||||||||||||||||||
Incentive fee | 6,896 | 6,987 | 14,722 | 13,850 | |||||||||||||||||||
Management fee | 13,134 | 11,640 | 26,992 | 22,615 | |||||||||||||||||||
Interest and other financing expenses | 19,229 | 20,719 | 41,423 | 39,865 | |||||||||||||||||||
Administrative expenses | 1,239 | 1,049 | 2,279 | 2,144 | |||||||||||||||||||
Professional fees | 969 | 886 | 1,874 | 1,652 | |||||||||||||||||||
Other general and administrative expenses | 442 | 398 | 941 | 810 | |||||||||||||||||||
Total expenses | 41,909 | 41,679 | 88,231 | 80,936 | |||||||||||||||||||
Less: management fees waived (See Note 5) | (3,183) | (2,823) | (6,726) | (5,356) | |||||||||||||||||||
Less: expenses waived and reimbursed (See Note 5) | (335) | (335) | (335) | (335) | |||||||||||||||||||
Net expenses | 38,391 | 38,521 | 81,170 | 75,245 | |||||||||||||||||||
Net investment income before income taxes | 27,576 | 27,944 | 58,881 | 55,411 | |||||||||||||||||||
Income tax (benefit) expense | (7) | (4) | (7) | 13 | |||||||||||||||||||
Net investment income | 27,583 | 27,948 | 58,888 | 55,398 | |||||||||||||||||||
Net realized (losses) gains: | |||||||||||||||||||||||
Non-controlled/non-affiliated investments | (3,759) | 47 | (4,461) | 90 | |||||||||||||||||||
Controlled investments | 3 | 5 | 7 | 8 | |||||||||||||||||||
New Mountain Net Lease Corporation | — | — | 812 | — | |||||||||||||||||||
Net change in unrealized appreciation (depreciation): | |||||||||||||||||||||||
Non-controlled/non-affiliated investments | 51,466 | 2,677 | (88,817) | 12,440 | |||||||||||||||||||
Non-controlled/affiliated investments | (2,771) | (1,637) | (13,607) | (2,528) | |||||||||||||||||||
Controlled investments | 4,587 | (5,025) | (48,221) | 2,417 | |||||||||||||||||||
New Mountain Net Lease Corporation | — | — | (812) | — | |||||||||||||||||||
(Provision) benefit for taxes | (377) | (270) | 521 | (160) | |||||||||||||||||||
Net realized and unrealized gains (losses) | 49,149 | (4,203) | (154,578) | 12,267 | |||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 76,732 | 23,745 | (95,690) | 67,665 | |||||||||||||||||||
Less: Net increase in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation | 251 | — | 186 | — | |||||||||||||||||||
Net increase (decrease) in net assets resulting from operations related to New Mountain Finance Corporation | $ | 76,481 | $ | 23,745 | $ | (95,876) | $ | 67,665 | |||||||||||||||
Basic earnings (loss) per share | $ | 0.79 | $ | 0.29 | $ | (0.99) | $ | 0.85 | |||||||||||||||
Weighted average shares of common stock outstanding - basic (See Note 11) | 96,827,342 | 80,522,426 | 96,827,342 | 79,495,737 | |||||||||||||||||||
Diluted earnings (loss) per share | $ | 0.72 | $ | 0.27 | $ | (0.99) | $ | 0.76 | |||||||||||||||
Weighted average shares of common stock outstanding - diluted (See Note 11) | 110,084,927 | 97,693,499 | 110,084,927 | 96,780,587 | |||||||||||||||||||
Distributions declared and paid per share | $ | 0.30 | $ | 0.34 | $ | 0.64 | $ | 0.68 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, 2020 | June 30, 2019 | June 30, 2020 | June 30, 2019 | ||||||||||||||||||||
Increase (decrease) in net assets resulting from operations: | |||||||||||||||||||||||
Net investment income | $ | 27,583 | $ | 27,948 | $ | 58,888 | $ | 55,398 | |||||||||||||||
Net realized (losses) gains on investments and New Mountain Net Lease Corporation | (3,756) | 52 | (3,642) | 98 | |||||||||||||||||||
Net change in unrealized appreciation (depreciation) of investments and New Mountain Net Lease Corporation | 53,282 | (3,985) | (151,457) | 12,329 | |||||||||||||||||||
(Provision) benefit for taxes | (377) | (270) | 521 | (160) | |||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 76,732 | 23,745 | (95,690) | 67,665 | |||||||||||||||||||
Less: Net increase in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation | 251 | — | 186 | — | |||||||||||||||||||
Net increase (decrease) in net assets resulting from operations related to New Mountain Finance Corporation | 76,481 | 23,745 | (95,876) | 67,665 | |||||||||||||||||||
Capital transactions | |||||||||||||||||||||||
Net proceeds from shares sold | — | — | — | 59,297 | |||||||||||||||||||
Deferred offering costs | — | — | — | (229) | |||||||||||||||||||
Distributions declared to stockholders from net investment income | (29,048) | (27,377) | (61,969) | (54,719) | |||||||||||||||||||
Reinvestment of distributions | — | 1,270 | — | 2,634 | |||||||||||||||||||
Total net (decrease) increase in net assets resulting from capital transactions | (29,048) | (26,107) | (61,969) | 6,983 | |||||||||||||||||||
Net increase (decrease) in net assets | 47,433 | (2,362) | (157,845) | 74,648 | |||||||||||||||||||
New Mountain Finance Corporation net assets at the beginning of the period | 1,078,190 | 1,083,279 | 1,283,468 | 1,006,269 | |||||||||||||||||||
New Mountain Finance Corporation net assets at the end of the period | 1,125,623 | 1,080,917 | 1,125,623 | 1,080,917 | |||||||||||||||||||
Non-controlling interest in New Mountain Net Lease Corporation | 11,243 | — | 11,243 | — | |||||||||||||||||||
Net assets at the end of the period | $ | 1,136,866 | $ | 1,080,917 | $ | 1,136,866 | $ | 1,080,917 | |||||||||||||||
Capital share activity | |||||||||||||||||||||||
Shares sold | — | — | — | 4,312,500 | |||||||||||||||||||
Shares issued from the reinvestment of distributions | — | 90,872 | — | 191,430 | |||||||||||||||||||
Net increase in shares outstanding | — | 90,872 | — | 4,503,930 |
Six Months Ended | |||||||||||
June 30, 2020 | June 30, 2019 | ||||||||||
Cash flows from operating activities | |||||||||||
Net (decrease) increase in net assets resulting from operations | $ | (95,690) | $ | 67,665 | |||||||
Adjustments to reconcile net decrease (increase) in net assets resulting from operations to net cash provided by (used in) operating activities: | |||||||||||
Net realized losses (gains) on investments and New Mountain Net Lease Corporation | 3,642 | (98) | |||||||||
Net change in unrealized depreciation (appreciation) of investments and New Mountain Net Lease Corporation | 151,457 | (12,329) | |||||||||
Amortization of purchase discount | (6,495) | (2,205) | |||||||||
Amortization of deferred financing costs | 2,343 | 3,247 | |||||||||
Amortization of premium on Convertible Notes | (52) | (57) | |||||||||
Non-cash investment income | (13,159) | (14,274) | |||||||||
(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 | (215,345) | (341,402) | |||||||||
Proceeds from sales and paydowns of investments | 437,631 | 74,268 | |||||||||
Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities | 210 | 88 | |||||||||
Cash paid for purchase of drawn portion of revolving credit facilities | (13,996) | (338) | |||||||||
Cash paid on drawn revolvers | (40,066) | (13,181) | |||||||||
Cash repayments on drawn revolvers | 29,939 | 8,328 | |||||||||
Interest and dividend receivable | (1,548) | (3,304) | |||||||||
Receivable from affiliates | 18 | (9) | |||||||||
Other assets | (1,983) | (802) | |||||||||
Increase (decrease) in operating liabilities: | |||||||||||
Management fee payable | 20,266 | 425 | |||||||||
Incentive fee payable | 14,722 | 123 | |||||||||
Payable for unsettled securities purchased | 1,685 | 64,783 | |||||||||
Payable to affiliates | 1,388 | (570) | |||||||||
Interest payable | (1,844) | 3,104 | |||||||||
Deferred tax liability | (521) | 160 | |||||||||
Other liabilities | 218 | (3,360) | |||||||||
Distributions related to non-controlling interest in New Mountain Net Lease Corporation | (258) | — | |||||||||
Net cash flows provided by (used in) operating activities | 283,877 | (169,738) | |||||||||
Cash flows from financing activities | |||||||||||
Net proceeds from shares sold | — | 59,297 | |||||||||
Distributions paid | (61,969) | (52,085) | |||||||||
Offering costs paid | (175) | (380) | |||||||||
Proceeds from Holdings Credit Facility | 16,000 | 119,500 | |||||||||
Repayment of Holdings Credit Facility | (177,400) | (83,000) | |||||||||
Proceeds from Convertible Notes | — | 86,681 | |||||||||
Repayment of Convertible Notes | — | (155,250) | |||||||||
Proceeds from Unsecured Notes | — | 116,500 | |||||||||
Proceeds from SBA-guaranteed debentures | 75,000 | — | |||||||||
Proceeds from NMFC Credit Facility | 25,000 | 245,000 | |||||||||
Repayment of NMFC Credit Facility | (135,000) | (170,000) | |||||||||
Proceeds from DB Credit Facility | 40,000 | 95,000 | |||||||||
Repayment of DB Credit Facility | (55,000) | (52,000) | |||||||||
Deferred financing costs paid | (2,744) | (2,028) | |||||||||
Net cash flows (used in) provided by financing activities | (276,288) | 207,235 | |||||||||
Net increase in cash and cash equivalents | 7,589 | 37,497 | |||||||||
Cash and cash equivalents at the beginning of the period | 48,574 | 49,664 | |||||||||
Cash and cash equivalents at the end of the period | $ | 56,163 | $ | 87,161 | |||||||
Supplemental disclosure of cash flow information | |||||||||||
Cash interest paid | $ | 40,183 | $ | 34,452 | |||||||
Income taxes paid | 6 | 10 | |||||||||
Non-cash financing activities: | |||||||||||
Value of shares issued in connection with the distribution reinvestment plan | $ | — | $ | 2,634 | |||||||
Accrual for offering costs | 108 | 40 | |||||||||
Accrual for deferred financing costs | 9 | 336 |
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 | $ | 28,403 | $ | 26,120 | ||||||||||||||||||||||||||||||||||||||||
Second lien (8)(10) | 8.50% (L + 7.50%/M) | 6/1/2018 | 6/8/2026 | 7,500 | 7,448 | 6,847 | ||||||||||||||||||||||||||||||||||||||||||||
36,113 | 35,851 | 32,967 | 2.90 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Wolfpack IP Co.** | ||||||||||||||||||||||||||||||||||||||||||||||||||
Software | First lien (2)(10) | 7.50% (L + 6.50%/S) | 6/14/2019 | 6/13/2025 | 9,091 | 9,013 | 9,024 | 0.79 | % | |||||||||||||||||||||||||||||||||||||||||
Total Funded Debt Investments - Canada | $ | 45,204 | $ | 44,864 | $ | 41,991 | 3.69 | % | ||||||||||||||||||||||||||||||||||||||||||
Funded Debt Investments - United Arab Emirates | ||||||||||||||||||||||||||||||||||||||||||||||||||
GEMS Menasa (Cayman) Limited** | ||||||||||||||||||||||||||||||||||||||||||||||||||
Education | First lien (8) | 6.00% (L + 5.00%/S) | 7/30/2019 | 7/31/2026 | $ | 25,323 | $ | 25,206 | $ | 24,057 | 2.12 | % | ||||||||||||||||||||||||||||||||||||||
Total Funded Debt Investments - United Arab Emirates | $ | 25,323 | $ | 25,206 | $ | 24,057 | 2.12 | % | ||||||||||||||||||||||||||||||||||||||||||
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 | $ | 37,684 | $ | 37,043 | ||||||||||||||||||||||||||||||||||||||||
Second lien (8)(10) | 8.50% (L + 7.50%/M) | 9/25/2017 | 10/3/2025 | 6,000 | 5,973 | 5,872 | ||||||||||||||||||||||||||||||||||||||||||||
43,853 | 43,657 | 42,915 | 3.77 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Aston FinCo S.a r.l. / Aston US Finco, LLC** | ||||||||||||||||||||||||||||||||||||||||||||||||||
Software | Second lien (8)(10) | 8.44% (L + 8.25%/M) | 10/8/2019 | 10/8/2027 | 34,459 | 34,200 | 34,201 | 3.01 | % | |||||||||||||||||||||||||||||||||||||||||
Total Funded Debt Investments - United Kingdom | $ | 78,312 | $ | 77,857 | $ | 77,116 | 6.78 | % | ||||||||||||||||||||||||||||||||||||||||||
Funded Debt Investments - United States | ||||||||||||||||||||||||||||||||||||||||||||||||||
GS Acquisitionco, Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Software | First lien (2)(10) | 6.83% (L + 5.75%/S) | 8/7/2019 | 5/24/2024 | $ | 26,774 | $ | 26,634 | $ | 26,607 | ||||||||||||||||||||||||||||||||||||||||
First lien (2)(10) | 6.84% (L + 5.75%/S) | 8/7/2019 | 5/24/2024 | 26,081 | 25,931 | 25,920 | ||||||||||||||||||||||||||||||||||||||||||||
First lien (5)(10) | 6.83% (L + 5.75%/S) | 8/7/2019 | 5/24/2024 | 22,306 | 22,190 | 22,168 | ||||||||||||||||||||||||||||||||||||||||||||
First lien (3)(10)(11) - Drawn | 6.83% (L + 5.75%/S) | 8/7/2019 | 5/24/2024 | 1,881 | 1,869 | 1,869 | ||||||||||||||||||||||||||||||||||||||||||||
77,042 | 76,624 | 76,564 | 6.73 | % | ||||||||||||||||||||||||||||||||||||||||||||||
PhyNet Dermatology LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||
Healthcare Services | First lien (2)(10) | 6.50% (L + 5.50%/M) | 9/17/2018 | 8/16/2024 | 50,112 | 49,743 | 47,907 | |||||||||||||||||||||||||||||||||||||||||||
First lien (3)(10)(11) - Drawn | 6.50% (L + 5.50%/M) | 9/17/2018 | 8/16/2024 | 27,998 | 27,880 | 26,766 | ||||||||||||||||||||||||||||||||||||||||||||
78,110 | 77,623 | 74,673 | 6.55 | % |
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 | ||||||||||||||||||||||||||||||||||||||||||
Associations, Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Services | First lien (2)(10) | 8.46% (L + 4.00% + 3.00% PIK/Q)* | 7/30/2018 | 7/30/2024 | $ | 45,239 | $ | 45,035 | $ | 44,424 | ||||||||||||||||||||||||||||||||||||||||
First lien (8)(10) | 8.46% (L + 4.00% + 3.00% PIK/Q)* | 7/30/2018 | 7/30/2024 | 5,193 | 5,170 | 5,099 | ||||||||||||||||||||||||||||||||||||||||||||
First lien (2)(10)(11) - Drawn | 8.46% (L + 4.00% + 3.00% PIK/Q)* | 7/30/2018 | 7/30/2024 | 7,488 | 7,453 | 7,354 | ||||||||||||||||||||||||||||||||||||||||||||
First lien (2)(10)(11) - Drawn | 7.46% (L + 6.00%/Q) | 7/30/2018 | 7/30/2024 | 2,033 | 2,020 | 1,996 | ||||||||||||||||||||||||||||||||||||||||||||
59,953 | 59,678 | 58,873 | 5.18 | % | ||||||||||||||||||||||||||||||||||||||||||||||
ConnectWise, LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||
Software | First lien (2)(10) | 7.07% (L + 6.00%/S) | 11/26/2019 | 2/28/2025 | 55,333 | 55,020 | 54,989 | 4.84 | % | |||||||||||||||||||||||||||||||||||||||||
CentralSquare Technologies, LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||
Software | Second lien (3)(10) | 7.68% (L + 7.50%/M) | 8/15/2018 | 8/31/2026 | 47,838 | 47,327 | 44,628 | |||||||||||||||||||||||||||||||||||||||||||
Second lien (8)(10) | 7.68% (L + 7.50%/M) | 8/15/2018 | 8/31/2026 | 7,500 | 7,420 | 6,997 | ||||||||||||||||||||||||||||||||||||||||||||
55,338 | 54,747 | 51,625 | 4.54 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Salient CRGT Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Federal Services | First lien (2)(10) | 7.57% (L + 6.50%/S) | 1/6/2015 | 2/28/2022 | 38,470 | 38,270 | 37,370 | |||||||||||||||||||||||||||||||||||||||||||
First lien (8)(10) | 7.57% (L + 6.50%/S) | 6/6/2019 | 2/28/2022 | 13,146 | 12,804 | 12,770 | ||||||||||||||||||||||||||||||||||||||||||||
51,616 | 51,074 | 50,140 | 4.41 | % | ||||||||||||||||||||||||||||||||||||||||||||||
iCIMS, Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Software | First lien (8)(10) | 7.50% (L + 6.50%/S) | 9/12/2018 | 9/12/2024 | 41,636 | 41,307 | 41,011 | |||||||||||||||||||||||||||||||||||||||||||
First lien (8)(10) | 7.50% (L + 6.50%/S) | 6/14/2019 | 9/12/2024 | 8,667 | 8,595 | 8,537 | ||||||||||||||||||||||||||||||||||||||||||||
50,303 | 49,902 | 49,548 | 4.36 | % | ||||||||||||||||||||||||||||||||||||||||||||||
DCA Investment Holding, LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||
Healthcare Services | First lien (3)(10) | 6.30% (L + 5.25%/S) | 4/16/2019 | 7/2/2021 | 20,411 | 20,264 | 18,845 | |||||||||||||||||||||||||||||||||||||||||||
First lien (2)(10) | 6.32% (L + 5.25%/S) | 7/2/2015 | 7/2/2021 | 17,006 | 16,973 | 15,701 | ||||||||||||||||||||||||||||||||||||||||||||
First lien (3)(10) | 6.32% (L + 5.25%/S) | 12/20/2017 | 7/2/2021 | 8,845 | 8,808 | 8,167 | ||||||||||||||||||||||||||||||||||||||||||||
First lien (2)(10) | 6.32% (L + 5.25%/S) | 12/20/2017 | 7/2/2021 | 4,163 | 4,149 | 3,844 | ||||||||||||||||||||||||||||||||||||||||||||
First lien (3)(10)(11) - Drawn | 6.25% (L + 5.25%/S) | 7/2/2015 | 7/2/2021 | 2,056 | 2,036 | 1,899 | ||||||||||||||||||||||||||||||||||||||||||||
52,481 | 52,230 | 48,456 | 4.26 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Frontline Technologies Group Holdings, LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||
Software | First lien (4)(10) | 6.75% (L + 5.75%/Q) | 9/18/2017 | 9/18/2023 | 22,051 | 21,953 | 21,542 | |||||||||||||||||||||||||||||||||||||||||||
First lien (2)(10) | 6.75% (L + 5.75%/Q) | 9/18/2017 | 9/18/2023 | 18,583 | 18,533 | 18,154 | ||||||||||||||||||||||||||||||||||||||||||||
First lien (2)(10) | 6.75% (L + 5.75%/Q) | 9/18/2017 | 9/18/2023 | 7,671 | 7,626 | 7,494 | ||||||||||||||||||||||||||||||||||||||||||||
48,305 | 48,112 | 47,190 | 4.15 | % |
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) | 8.50% (L + 6.00% + 1.50% PIK/Q)* | 2/9/2018 | 2/9/2024 | $ | 38,269 | $ | 38,144 | $ | 35,671 | ||||||||||||||||||||||||||||||||||||||||
First lien (2)(10) | 8.50% (L + 6.00% + 1.50% PIK/Q)* | 2/9/2018 | 2/9/2024 | 10,636 | 10,599 | 9,914 | ||||||||||||||||||||||||||||||||||||||||||||
48,905 | 48,743 | 45,585 | 4.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Integro Parent Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Services | First lien (2)(10) | 6.75% (L + 5.75%/M) | 10/9/2015 | 10/31/2022 | 34,743 | 34,634 | 34,743 | |||||||||||||||||||||||||||||||||||||||||||
Second lien (8)(10) | 10.25% (L + 9.25%/M) | 10/9/2015 | 10/30/2023 | 10,000 | 9,948 | 10,000 | ||||||||||||||||||||||||||||||||||||||||||||
44,743 | 44,582 | 44,743 | 3.94 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Brave Parent Holdings, Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Software | Second lien (5)(10) | 7.68% (L + 7.50%/M) | 4/17/2018 | 4/17/2026 | 22,500 | 22,410 | 22,093 | |||||||||||||||||||||||||||||||||||||||||||
Second lien (2)(10) | 7.68% (L + 7.50%/M) | 4/17/2018 | 4/17/2026 | 16,624 | 16,488 | 16,323 | ||||||||||||||||||||||||||||||||||||||||||||
Second lien (8)(10) | 7.68% (L + 7.50%/M) | 4/17/2018 | 4/17/2026 | 6,000 | 5,951 | 5,891 | ||||||||||||||||||||||||||||||||||||||||||||
45,124 | 44,849 | 44,307 | 3.90 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Quest Software US Holdings Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Software | Second lien (2)(10) | 9.01% (L + 8.25%/Q) | 5/17/2018 | 5/18/2026 | 43,697 | 43,342 | 42,662 | 3.75 | % | |||||||||||||||||||||||||||||||||||||||||
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 | 38,800 | 38,754 | 38,800 | 3.41 | % | |||||||||||||||||||||||||||||||||||||||||
Trader Interactive, LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||
Business Services | First lien (2)(10) | 7.57% (L + 6.50%/S) | 6/15/2017 | 6/17/2024 | 31,769 | 31,628 | 31,327 | |||||||||||||||||||||||||||||||||||||||||||
First lien (8)(10) | 7.57% (L + 6.50%/S) | 6/15/2017 | 6/17/2024 | 4,924 | 4,902 | 4,856 | ||||||||||||||||||||||||||||||||||||||||||||
36,693 | 36,530 | 36,183 | 3.18 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Peraton Holding Corp. (fka MHVC Acquisition Corp.) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Federal Services | First lien (2) | 6.25% (L + 5.25%/Q) | 4/25/2017 | 4/29/2024 | 36,717 | 36,605 | 35,432 | 3.12 | % | |||||||||||||||||||||||||||||||||||||||||
Affinity Dental Management, Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Healthcare Services | First lien (2)(10) | 9.30% (L + 8.00%/S) | 9/15/2017 | 9/15/2023 | 26,960 | 26,910 | 23,882 | |||||||||||||||||||||||||||||||||||||||||||
First lien (4)(10) | 9.30% (L + 8.00%/S) | 9/17/2019 | 9/15/2023 | 10,890 | 10,890 | 9,646 | ||||||||||||||||||||||||||||||||||||||||||||
First lien (3)(10) | 9.00% (P + 7.00%/Q) | 9/15/2017 | 3/15/2023 | 1,738 | 1,720 | 1,539 | ||||||||||||||||||||||||||||||||||||||||||||
39,588 | 39,520 | 35,067 | 3.08 | % | ||||||||||||||||||||||||||||||||||||||||||||||
CoolSys, Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial Services | First lien (5)(10) | 7.00% (L + 6.00%/Q) | 11/20/2019 | 11/20/2026 | 22,388 | 22,282 | 22,276 | |||||||||||||||||||||||||||||||||||||||||||
First lien (2)(10) | 7.00% (L + 6.00%/Q) | 11/20/2019 | 11/20/2026 |