x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Maryland | 27-2614444 | |||||||
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |||||||
9 West 57th Street, 49th Floor, Suite 4920 New York, New York | 10019 | |||||||
(Address of Principal Executive Office) | (Zip Code) |
Large accelerated filer o | Accelerated filer o | |||||||
Non-accelerated filer x | Smaller reporting company o | |||||||
Emerging growth company o |
Page | |||||
PART I | |||||
PART II | |||||
PART III | |||||
PART IV | |||||
Loan Rating | Summary Description | |||||||
1 | Debt investment exceeding fundamental performance expectations and/or capital gain expected. Trends and risk factors since the time of investment are favorable. | |||||||
2 | Performing consistent with expectations and a full return of principal and interest expected. Trends and risk factors are neutral to favorable. All investments are initially rated a “2”. | |||||||
3 | Performing debt investment requiring closer monitoring. Trends and risk factors show some deterioration. | |||||||
4 | Underperforming debt investment. Some loss of interest or dividend expected, but still expecting a positive return on investment. Trends and risk factors are negative. | |||||||
5 | Underperforming debt investment with expected loss of interest and some principal. |
December 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||
Internal Performance Rating | Investments at Fair Value (in thousands) | Percentage of Total Investments | Investments at Fair Value (in thousands) | Percentage of Total Investments | ||||||||||||||||||||||
1 | $ | 75,776 | 2.7 | % | $ | 96,513 | 3.7 | % | ||||||||||||||||||
2 | 2,169,927 | 78.1 | % | 1,523,518 | 58.1 | % | ||||||||||||||||||||
3 | 270,944 | 9.7 | % | 703,487 | 26.8 | % | ||||||||||||||||||||
4 | 8,779 | 0.3 | % | 23,360 | 0.9 | % | ||||||||||||||||||||
5 | 9,784 | 0.4 | % | 46,595 | 1.8 | % | ||||||||||||||||||||
Not rated (1) | 243,754 | 8.8 | % | 230,043 | 8.7 | % | ||||||||||||||||||||
Total | $ | 2,778,964 | 100.0 | % | $ | 2,623,516 | 100.0 | % |
Assumed Return on Our Portfolio (net of expenses) | (10)% | (5)% | —% | 5% | 10% | |||||||||||||||||||||||||||
Corresponding return to stockholders (1) | (22.79)% | (13.02)% | (3.25)% | 6.52% | 16.29% |
Title of Class | Amount Authorized | Amount Issued | ||||||||||||
Common Stock, par value $0.001 per share | 450,000,000 | 232,419,916 |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs. (in millions) | ||||||||||||||||||||||
January 1, 2021 to March 31, 2021 | 2,776,140 | $ | 6.71 | 2,776,140 | — | |||||||||||||||||||||
April 1, 2021 to June 30, 2021 | — | — | — | — | ||||||||||||||||||||||
July 1, 2021 to September 30, 2021 | — | — | — | — | ||||||||||||||||||||||
October 1, 2021 to December 31, 2021 | — | — | — | — | ||||||||||||||||||||||
Total | 2,776,140 | 2,776,140 |
(Dollars in millions, except per share amounts) | ||||||||
At December 31, 2021: | ||||||||
Investment Portfolio | $ | 2,779.0 | ||||||
Net assets | 1,509.5 | |||||||
Debt (net of deferred financing costs) | 1,272.3 | |||||||
Net asset value per share | 7.49 | |||||||
Portfolio Activity for the Year Ended December 31, 2021: | ||||||||
Purchases during the period | 1,932.8 | |||||||
Sales, repayments, and other exits during the period | 1,898.1 | |||||||
Number of portfolio companies at end of period | 162 | |||||||
Operating results for the Year Ended December 31, 2021: | ||||||||
Net investment income per share | 0.54 | |||||||
Distributions declared per share | 0.50 | |||||||
Net increase in net assets resulting from operations per share | 1.03 | |||||||
Net investment income | 107.6 | |||||||
Net realized and unrealized gain, net of change in deferred taxes | 98.5 | |||||||
Net increase in net assets resulting from operations | 206.2 |
December 31, 2021 | |||||||||||
Percentage of Total Portfolio | Weighted Average Current Yield for Total Portfolio (1) | ||||||||||
Senior Secured First Lien Debt | 65.9 | % | 7.6 | % | |||||||
Senior Secured Second Lien Debt | 8.8 | 9.1 | |||||||||
Subordinated Debt | 4.2 | 11.0 | |||||||||
Debt Subtotal | 78.9 | 7.9 | |||||||||
Collateralized Securities (2) | 1.3 | 15.0 | |||||||||
Equity/Other (3) | 8.8 | 17.1 | |||||||||
FBLC Senior Loan Fund, LLC (3)(4) | 11.0 | 8.0 | |||||||||
Total | 100.0 | % | 8.8 | % |
December 31, 2020 | |||||||||||
Percentage of Total Portfolio | Weighted Average Current Yield for Total Portfolio (1) | ||||||||||
Senior Secured First Lien Debt | 73.5 | % | 7.1 | % | |||||||
Senior Secured Second Lien Debt | 9.1 | 9.4 | |||||||||
Subordinated Debt | 4.5 | 12.3 | |||||||||
Debt Subtotal | 87.1 | 7.6 | |||||||||
Collateralized Securities (2) | 4.1 | 9.6 | |||||||||
Equity/Other (3) | 8.8 | 14.8 | |||||||||
Total | 100.0 | % | 8.3 | % |
Loan Rating | Summary Description | |||||||
1 | Debt investment exceeding fundamental performance expectations and/or capital gain expected. Trends and risk factors since the time of investment are favorable. | |||||||
2 | Performing consistent with expectations and a full return of principal and interest expected. Trends and risk factors are neutral to favorable. All investments are initially rated a “2”. | |||||||
3 | Performing debt investment requiring closer monitoring. Trends and risk factors show some deterioration. | |||||||
4 | Underperforming debt investment. Some loss of interest or dividend expected, but still expecting a positive return on investment. Trends and risk factors are negative. | |||||||
5 | Underperforming debt investment with expected loss of interest and some principal. |
December 31, 2021 | ||||||||
Total assets | $ | 1,195,960 | ||||||
Total investments (1) | $ | 1,088,337 | ||||||
Weighted Average Current Yield for Total Portfolio (2) | 5.4 | % | ||||||
Number of Portfolio companies in SLF | 172 | |||||||
Largest portfolio company investment (1) | $ | 27,965 | ||||||
Total of five largest portfolio company investments (1) | $ | 113,297 |
Selected Statement of Assets and Liabilities Information | December 31, | ||||
2021 | |||||
ASSETS | |||||
Investments, at fair value (amortized cost of $1,085,170) | $ | 1,088,337 | |||
Cash and other assets | 107,623 | ||||
Total assets | $ | 1,195,960 | |||
LIABILITIES | |||||
Revolving credit facilities | $ | 631,562 | |||
Secured borrowings | 94,737 | ||||
Other liabilities | 71,008 | ||||
Total liabilities | 797,307 | ||||
MEMBERS' CAPITAL | |||||
Total members' capital | 398,653 | ||||
Total liabilities and members' capital | $ | 1,195,960 |
Selected Statements of Operations Information | For the period January 20, 2021 (inception) through December 31, | ||||
2021 | |||||
Investment income: | |||||
Total investment income | $ | 44,964 | |||
Operating expenses: | |||||
Interest and credit facility financing expenses | 10,051 | ||||
Other expenses | 2,161 | ||||
Total expenses | 12,212 | ||||
Net investment income | 32,752 | ||||
Realized and unrealized gain: | |||||
Net realized and unrealized gain | 10,093 | ||||
Net increase in net assets resulting from operations | $ | 42,845 |
For the years ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Total investment income | $ | 232,786 | $ | 196,685 | $ | 244,505 | |||||||||||
Total expenses | 121,828 | 102,919 | 134,477 | ||||||||||||||
Income tax expense, including excise tax | 3,311 | 2,566 | 1,771 | ||||||||||||||
Net investment gain attributable to non-controlling interests | — | — | 9 | ||||||||||||||
Net investment income | $ | 107,647 | $ | 91,200 | $ | 108,248 |
For the years ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Management fees | $ | 39,563 | $ | 37,764 | $ | 39,837 | |||||||||||
Incentive fee on income | 26,912 | 6,223 | 27,062 | ||||||||||||||
Interest and debt fees | 44,241 | 46,971 | 55,312 | ||||||||||||||
Professional fees | 3,572 | 5,397 | 3,553 | ||||||||||||||
Other general and administrative | 5,807 | 4,877 | 7,016 | ||||||||||||||
Administrative services | 748 | 702 | 788 | ||||||||||||||
Directors' fees | 985 | 985 | 909 | ||||||||||||||
Total operating expenses | $ | 121,828 | $ | 102,919 | $ | 134,477 |
For the years ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Net realized gain (loss) | |||||||||||||||||
Control investments | $ | (6,239) | $ | (18,650) | $ | (41,367) | |||||||||||
Affiliate investments | 23,155 | 2,448 | (21,341) | ||||||||||||||
Non-affiliate investments | 1,199 | (115,614) | (2,534) | ||||||||||||||
Net realized gain (loss) on foreign currency transactions | (791) | (333) | 717 | ||||||||||||||
Net realized loss on extinguishment of debt | (1,286) | — | — | ||||||||||||||
Total net realized gain (loss) | 16,038 | (132,149) | (64,525) | ||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | |||||||||||||||||
Control investments | 8,806 | (13,747) | 68,265 | ||||||||||||||
Affiliate investments | 21,960 | (19,275) | 7,652 | ||||||||||||||
Non-affiliate investments | 55,066 | 35,995 | (23,757) | ||||||||||||||
Net change in deferred taxes | (4,076) | 2,263 | 987 | ||||||||||||||
Total net change in unrealized appreciation on investments, net of change in deferred taxes | 81,756 | 5,236 | 53,147 | ||||||||||||||
Net change in unrealized depreciation attributable to non-controlling interests | — | — | (3,017) | ||||||||||||||
Net change in unrealized appreciation (depreciation) from forward currency exchange contracts | 743 | (89) | (1,381) | ||||||||||||||
Net realized and unrealized gain (loss) | $ | 98,537 | $ | (127,002) | $ | (15,776) |
For the years ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Distributions declared | $ | 99,737 | $ | 90,981 | $ | 123,465 | |||||||||||
Distributions paid | $ | 91,978 | $ | 85,990 | $ | 123,468 | |||||||||||
Portion of distributions paid in cash | $ | 69,156 | $ | 63,658 | $ | 88,563 | |||||||||||
Portion of distributions paid in DRIP shares | $ | 22,822 | $ | 22,332 | $ | 34,905 |
For the years ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Distributions | $ | 99,737 | $ | 90,981 | $ | 123,465 | |||||||||||
Total distributions | $ | 99,737 | $ | 90,981 | $ | 123,465 |
Payment Due by Period | |||||||||||||||||||||||||||||
Total | Less than 1 year | 1 - 3 years | 3- 5 years | More than 5 years | |||||||||||||||||||||||||
Wells Fargo Credit Facility (1) | $ | 285,000 | $ | — | $ | — | $ | 285,000 | $ | — | |||||||||||||||||||
JPM Credit Facility (2) | 391,100 | — | 391,100 | — | — | ||||||||||||||||||||||||
MassMutual Credit Facility (3) | — | — | — | — | — | ||||||||||||||||||||||||
2026 Notes (4) | 296,688 | — | — | 296,688 | — | ||||||||||||||||||||||||
2024 Notes (5) | 99,295 | — | 99,295 | — | — | ||||||||||||||||||||||||
2023 Notes (6) | 59,908 | — | 59,908 | — | — | ||||||||||||||||||||||||
2022 Notes (7) | 149,836 | 149,836 | — | — | — | ||||||||||||||||||||||||
Total contractual obligations | $ | 1,281,827 | $ | 149,836 | $ | 550,303 | $ | 581,688 | $ | — |
Change in Base Interest Rates | Estimated Change in Interest Income net of Interest Expense (in thousands) | |||||||
(-) 21 Basis Points | $ | (2,850) | ||||||
(+) 50 Basis Points | $ | 6,813 | ||||||
(+) 100 Basis Points | $ | 13,626 | ||||||
(+) 200 Basis Points | $ | 27,252 |
Exhibit No. | Description | ||||
Exhibit No. | Description | ||||
Exhibit No. | Description | ||||
Exhibit No. | Description | ||||
FRANKLIN BSP LENDING CORPORATION | ||||||||||||||
By: | ||||||||||||||
/s/ Richard J. Byrne Name: Richard J. Byrne Title: Chief Executive Officer, President, and Chairman of the Board of Directors | ||||||||||||||
* * * * * |
Signature | Title | Date | ||||||||||||
/s/ Richard J. Byrne Richard J. Byrne | Chief Executive Officer, President, and Chairman of the Board of Directors (Principal Executive Officer) | March 17, 2022 | ||||||||||||
/s/ Nina Kang Baryski Nina Kang Baryski | Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer) | March 17, 2022 | ||||||||||||
/s/ Lee S. Hillman Lee S. Hillman | Independent Director | March 17, 2022 | ||||||||||||
/s/ Ronald J. Kramer Ronald J. Kramer | Independent Director | March 17, 2022 | ||||||||||||
/s/ Leslie D. Michelson Leslie D. Michelson | Independent Director | March 17, 2022 | ||||||||||||
/s/ Edward G. Rendell Edward G. Rendell | Independent Director | March 17, 2022 | ||||||||||||
/s/ Dennis M. Schaney Dennis M. Schaney | Independent Director | March 17, 2022 |
Page | |||||
Audited Consolidated Financial Statements: | |||||
Critical Audit Matter The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the account or disclosures to which it relates. Valuation of investments using significant unobservable inputs and assumptions | |||||
The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the account or disclosures to which it relates. |
For the years ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Investment income: | |||||||||||||||||
From control investments | |||||||||||||||||
Interest income | $ | 12,145 | $ | 19,504 | $ | 22,817 | |||||||||||
Dividend income | 56,034 | 18,452 | 14,850 | ||||||||||||||
Fee and other income | 107 | 19 | 5 | ||||||||||||||
Total investment income from control investments | 68,286 | 37,975 | 37,672 | ||||||||||||||
From affiliate investments | |||||||||||||||||
Interest income | 10,800 | 4,593 | 12,765 | ||||||||||||||
Dividend income | 3,355 | 3,476 | 4,482 | ||||||||||||||
Fee and other income | 2,036 | 150 | 35 | ||||||||||||||
Total investment income from affiliate investments | 16,191 | 8,219 | 17,282 | ||||||||||||||
From non-affiliate investments | |||||||||||||||||
Interest income | 143,098 | 144,194 | 182,885 | ||||||||||||||
Dividend income | 270 | 81 | 1,773 | ||||||||||||||
Fee and other income | 4,934 | 5,939 | 3,602 | ||||||||||||||
Total investment income from non-affiliate investments | 148,302 | 150,214 | 188,260 | ||||||||||||||
Interest from cash and cash equivalents | 7 | 277 | 1,291 | ||||||||||||||
Total investment income | 232,786 | 196,685 | 244,505 | ||||||||||||||
Operating expenses: | |||||||||||||||||
Management fees | 39,563 | 37,764 | 39,837 | ||||||||||||||
Incentive fee on income | 26,912 | 6,223 | 27,062 | ||||||||||||||
Interest and debt fees | 44,241 | 46,971 | 55,312 | ||||||||||||||
Professional fees | 3,572 | 5,397 | 3,553 | ||||||||||||||
Other general and administrative | 5,807 | 4,877 | 7,016 | ||||||||||||||
Administrative services | 748 | 702 | 788 | ||||||||||||||
Directors' fees | 985 | 985 | 909 | ||||||||||||||
Total expenses | 121,828 | 102,919 | 134,477 | ||||||||||||||
Income tax expense, including excise tax | 3,311 | 2,566 | 1,771 | ||||||||||||||
Net investment gain attributable to non-controlling interests | — | — | 9 | ||||||||||||||
Net investment income | 107,647 | 91,200 | 108,248 | ||||||||||||||
Realized and unrealized gain (loss): | |||||||||||||||||
Net realized gain (loss) | |||||||||||||||||
Control investments | (6,239) | (18,650) | (41,367) | ||||||||||||||
Affiliate investments | 23,155 | 2,448 | (21,341) | ||||||||||||||
Non-affiliate investments | 1,199 | (115,614) | (2,534) | ||||||||||||||
Net realized gain (loss) on foreign currency transactions | (791) | (333) | 717 | ||||||||||||||
Net realized loss on extinguishment of debt | (1,286) | — | — | ||||||||||||||
Total net realized gain (loss) | 16,038 | (132,149) | (64,525) | ||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | |||||||||||||||||
Control investments | 8,806 | (13,747) | 68,265 |
For the years ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Affiliate investments | 21,960 | (19,275) | 7,652 | ||||||||||||||
Non-affiliate investments | 55,066 | 35,995 | (23,757) | ||||||||||||||
Net change in deferred taxes | (4,076) | 2,263 | 987 | ||||||||||||||
Total net change in unrealized appreciation on investments, net of change in deferred taxes | 81,756 | 5,236 | 53,147 | ||||||||||||||
Net change in unrealized depreciation attributable to non-controlling interests | — | — | (3,017) | ||||||||||||||
Net change in unrealized appreciation (depreciation) from forward currency exchange contracts | 743 | (89) | (1,381) | ||||||||||||||
Net realized and unrealized gain (loss) | 98,537 | (127,002) | (15,776) | ||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 206,184 | $ | (35,802) | $ | 92,472 | |||||||||||
Per share information - basic and diluted | |||||||||||||||||
Net investment income | $ | 0.54 | $ | 0.46 | $ | 0.57 | |||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 1.03 | $ | (0.18) | $ | 0.49 | |||||||||||
Weighted average shares outstanding | 200,070,608 | 197,482,855 | 189,940,267 |
For the years ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Operations: | |||||||||||||||||
Net investment income | $ | 107,647 | $ | 91,200 | $ | 108,248 | |||||||||||
Net realized gain (loss) from investments | 18,115 | (131,816) | (65,242) | ||||||||||||||
Net realized gain (loss) on foreign currency transactions | (791) | (333) | 717 | ||||||||||||||
Net realized loss on extinguishment of debt | (1,286) | — | — | ||||||||||||||
Net change in unrealized appreciation on investments | 85,832 | 2,973 | 52,160 | ||||||||||||||
Net change in deferred taxes | (4,076) | 2,263 | 987 | ||||||||||||||
Net change in unrealized depreciation attributable to non-controlling interests | — | — | (3,017) | ||||||||||||||
Net change in unrealized appreciation (depreciation) from forward currency exchange contracts | 743 | (89) | (1,381) | ||||||||||||||
Net increase (decrease) in net assets resulting from operations | 206,184 | (35,802) | 92,472 | ||||||||||||||
Stockholder distributions: | |||||||||||||||||
Distributions | (99,737) | (90,981) | (123,465) | ||||||||||||||
Net decrease in net assets from stockholder distributions | (99,737) | (90,981) | (123,465) | ||||||||||||||
Capital share transactions: | |||||||||||||||||
Acquisition of non-controlling interest | — | — | 6,024 | ||||||||||||||
Issuance of common stock, net of issuance costs | — | 59,000 | — | ||||||||||||||
Reinvestment of stockholder distributions | 22,822 | 22,332 | 34,905 | ||||||||||||||
Repurchases of common stock | (19,532) | (17,477) | (36,286) | ||||||||||||||
Net increase in net assets from capital share transactions | 3,290 | 63,855 | 4,643 | ||||||||||||||
Total increase (decrease) in net assets, before non-controlling interest | 109,737 | (62,928) | (26,350) | ||||||||||||||
Decrease in non-controlling interest | — | — | (3,686) | ||||||||||||||
Total increase (decrease) in net assets | 109,737 | (62,928) | (30,036) | ||||||||||||||
Net assets at beginning of year | 1,399,755 | 1,462,683 | 1,492,719 | ||||||||||||||
Net assets at end of year | $ | 1,509,492 | $ | 1,399,755 | $ | 1,462,683 | |||||||||||
Net asset value per common share attributable to Franklin BSP Lending Corporation | $ | 7.49 | $ | 6.95 | $ | 7.69 | |||||||||||
Common shares outstanding at end of year | 201,610,757 | 201,390,728 | 190,207,517 |
For the years ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Operating activities: | |||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 206,184 | $ | (35,802) | $ | 92,472 | |||||||||||
Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by (used in) operating activities: | |||||||||||||||||
Payment-in-kind interest income | (8,114) | (7,608) | (5,209) | ||||||||||||||
Net accretion of discount on investments | (8,640) | (7,748) | (9,210) | ||||||||||||||
Amortization of deferred financing costs | 3,228 | 4,050 | 3,586 | ||||||||||||||
Amortization of discount on unsecured notes | 1,063 | 665 | 563 | ||||||||||||||
Sales and repayments of investments | 1,233,840 | 847,245 | 786,830 | ||||||||||||||
Purchases of investments | (1,612,937) | (1,038,064) | (996,963) | ||||||||||||||
Net realized (gain) loss from investments | (18,115) | 131,816 | 65,242 | ||||||||||||||
Net realized (gain) loss on foreign currency transactions | 791 | 333 | (717) | ||||||||||||||
Net realized loss on extinguishment of debt | 1,286 | — | — | ||||||||||||||
Net change in unrealized appreciation on investments | (85,832) | (2,973) | (52,160) | ||||||||||||||
Net change in unrealized (appreciation) depreciation from forward currency exchange contracts | (743) | 89 | 1,381 | ||||||||||||||
(Increase) decrease in operating assets: | |||||||||||||||||
Interest and dividends receivable | (14,214) | 2,172 | 5,156 | ||||||||||||||
Receivable for unsettled trades | 10,971 | (20,455) | (21,687) | ||||||||||||||
Prepaid expenses and other assets | (4,074) | 259 | (420) | ||||||||||||||
Increase (decrease) in operating liabilities: | |||||||||||||||||
Management fees payable | 941 | (540) | 387 | ||||||||||||||
Incentive fee on income payable | 946 | (290) | 823 | ||||||||||||||
Accounts payable and accrued expenses | 21,370 | (6,876) | (388) | ||||||||||||||
Payable for unsettled trades | (157,614) | 151,661 | 7,426 | ||||||||||||||
Interest and debt fees payable | 2,113 | (5,494) | (583) | ||||||||||||||
Directors' fees payable | 35 | 32 | (35) | ||||||||||||||
Net cash provided by (used in) operating activities | (427,515) | 12,472 | (123,506) | ||||||||||||||
Financing activities: | |||||||||||||||||
Acquisition of non-controlling interest | — | — | 6,024 | ||||||||||||||
Proceeds from issuance of shares of common stock, net | — | 59,000 | — | ||||||||||||||
Repurchases of common stock | (19,532) | (17,477) | (36,291) | ||||||||||||||
Proceeds from debt | 1,208,294 | 1,057,100 | 408,800 | ||||||||||||||
Payments on debt | (701,000) | (1,035,002) | (211,000) | ||||||||||||||
Payments of financing costs | (708) | (5,406) | (2,717) | ||||||||||||||
Stockholder distributions | (69,156) | (63,658) | (88,563) | ||||||||||||||
Decrease in non-controlling interest | — | — | (3,686) | ||||||||||||||
Net cash provided by (used in) financing activities | 417,898 | (5,443) | 72,567 | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | (9,617) | 7,029 | (50,939) | ||||||||||||||
Effect of foreign currency exchange rates | (791) | (317) | 717 | ||||||||||||||
Cash and cash equivalents, beginning of year | 53,182 | 46,470 | 96,692 | ||||||||||||||
Cash and cash equivalents, end of year | $ | 42,774 | $ | 53,182 | $ | 46,470 | |||||||||||
Supplemental information: | |||||||||||||||||
Interest paid during the year | $ | 36,091 | $ | 41,786 | $ | 51,506 | |||||||||||
Net taxes, including excise tax, paid during the year | $ | 2,186 | $ | 2,600 | $ | 1,533 | |||||||||||
Distributions reinvested | $ | 22,822 | $ | 22,332 | $ | 34,905 |
For the years ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Securities received from in-kind distribution | $ | — | $ | 44,411 | $ | — | |||||||||||
Assets and liabilities exchanged for interest in FBLC Senior Loan Fund, LLC (Note 3) | $ | 262,544 | $ | — | $ | — | |||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Portfolio Company (f) (q) | Industry | Investment Coupon Rate / Maturity (l) | Principal / Number of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | ||||||||||||||||||||||||||||||||
Senior Secured First Lien Debt - 121.3% (b) | ||||||||||||||||||||||||||||||||||||||
1236904 BC, Ltd. (c) (h) | Software/Services | L+7.50% (8.50%), 3/4/2027 | $ | 10,441 | $ | 10,264 | $ | 10,754 | 0.7 | % | ||||||||||||||||||||||||||||
1236904 BC, Ltd. (c) (h) (i) | Software/Services | L+5.50% (5.60%), 3/4/2027 | 18,639 | 18,079 | 18,276 | 1.2 | % | |||||||||||||||||||||||||||||||
Absolute Software Corp. (a) (c) (h) | Software/Services | L+6.00% (6.75%), 7/1/2027 | 46,405 | 45,555 | 45,556 | 3.0 | % | |||||||||||||||||||||||||||||||
ADCS Clinics Intermediate Holdings, LLC (c) (h) | Healthcare | L+6.25% (7.25%), 5/7/2027 | 13,772 | 13,526 | 13,527 | 0.9 | % | |||||||||||||||||||||||||||||||
ADCS Clinics Intermediate Holdings, LLC (c) | Healthcare | L+6.25% (7.25%), 5/7/2027 | 2,119 | 2,119 | 2,082 | 0.1 | % | |||||||||||||||||||||||||||||||
Arch Global Precision, LLC (c) | Industrials | L+4.50% (4.72%), 4/1/2026 | 2,216 | 2,216 | 2,216 | 0.1 | % | |||||||||||||||||||||||||||||||
Arch Global Precision, LLC (c) (h) (i) | Industrials | L+4.50% (4.72%), 4/1/2026 | 7,556 | 7,526 | 7,556 | 0.5 | % | |||||||||||||||||||||||||||||||
Arctic Holdco, LLC (c) | Paper & Packaging | L+6.00% (7.00%), 12/23/2026 | 6,938 | 6,938 | 6,834 | 0.6 | % | |||||||||||||||||||||||||||||||
Arctic Holdco, LLC (c) | Paper & Packaging | L+6.00% (7.00%), 12/23/2026 | 1,015 | 1,015 | 1,000 | 0.1 | % | |||||||||||||||||||||||||||||||
Arctic Holdco, LLC (c) (h) (i) | Paper & Packaging | L+6.00% (7.00%), 12/23/2026 | 51,003 | 49,921 | 50,238 | 3.3 | % | |||||||||||||||||||||||||||||||
Armada Parent, Inc. (c) (h) | Industrials | L+5.75% (6.50%), 10/29/2027 | 45,169 | 44,292 | 44,293 | 2.9 | % | |||||||||||||||||||||||||||||||
Armada Parent, Inc. (c) | Industrials | L+5.75% (6.50%), 10/29/2027 | 452 | 452 | 443 | 0.0 | % | |||||||||||||||||||||||||||||||
Aventine Holdings, LLC (c) | Media/Entertainment | 10.25%, 6/18/2027 | 22,439 | 21,881 | 21,880 | 1.5 | % | |||||||||||||||||||||||||||||||
Aventine Holdings, LLC (c) | Media/Entertainment | L+6.00% (6.75%), 6/18/2027 | 25,159 | 24,658 | 24,658 | 1.6 | % | |||||||||||||||||||||||||||||||
Axiom Global, Inc. (c) (h) (i) | Business Services | L+4.75% (5.50%), 10/1/2026 | 20,525 | 20,370 | 20,525 | 1.4 | % | |||||||||||||||||||||||||||||||
BCPE Oceandrive Buyer, Inc. (c) (i) | Healthcare | L+6.25% (7.00%), 12/29/2028 | 20,550 | 20,088 | 20,088 | 1.3 | % | |||||||||||||||||||||||||||||||
Bearcat Buyer, Inc. (c) (i) | Healthcare | L+4.25% (5.25%), 7/9/2026 | 151 | 151 | 151 | 0.0 | % | |||||||||||||||||||||||||||||||
Bearcat Buyer, Inc. (c) (i) | Healthcare | L+4.25% (5.25%), 7/9/2026 | 726 | 726 | 726 | 0.0 | % | |||||||||||||||||||||||||||||||
Black Mountain Sand, LLC (c) | Energy | L+9.00% (10.50%), 6/28/2024 | 17,145 | 17,071 | 17,145 | 1.1 | % | |||||||||||||||||||||||||||||||
Capstone Logistics (c) | Transportation | L+4.75% (5.75%), 11/12/2027 | 1,127 | 1,127 | 1,127 | 0.1 | % | |||||||||||||||||||||||||||||||
Capstone Logistics (c) (h) | Transportation | L+4.75% (5.75%), 11/12/2027 | 19,208 | 19,053 | 19,208 | 1.3 | % | |||||||||||||||||||||||||||||||
Capstone Logistics (c) | Transportation | P+3.75% (7.00%), 11/12/2025 | 278 | 278 | 278 | 0.0 | % | |||||||||||||||||||||||||||||||
CDS U.S. Intermediate Holdings, Inc. (a) (h) (i) (p) | Media/Entertainment | L+6.00% (7.00%), 11/24/2025 | 5,570 | 5,514 | 5,565 | 0.4 | % | |||||||||||||||||||||||||||||||
CHA Holdings, Inc. (c) (i) | Business Services | L+4.50% (5.50%), 4/10/2025 | 520 | 493 | 520 | 0.0 | % | |||||||||||||||||||||||||||||||
Chudy Group, LLC (c) (h) | Healthcare | L+5.75% (6.75%), 6/30/2027 | 20,600 | 20,317 | 20,318 | 1.3 | % | |||||||||||||||||||||||||||||||
Cobblestone Intermediate Holdco, LLC (c) (i) | Consumer | L+5.25% (6.25%), 1/29/2026 | 15,014 | 14,927 | 15,014 | 1.0 | % | |||||||||||||||||||||||||||||||
Cobblestone Intermediate Holdco, LLC (c) | Consumer | L+5.50% (6.25%), 1/29/2026 | 1,116 | 1,116 | 1,116 | 0.1 | % | |||||||||||||||||||||||||||||||
Cold Spring Brewing, Co. (c) (h) (i) | Food & Beverage | L+4.75% (5.75%), 12/19/2025 | 7,746 | 7,694 | 7,746 | 0.5 | % | |||||||||||||||||||||||||||||||
Communication Technology Intermediate, LLC (c) (h) | Business Services | L+5.75% (6.75%), 5/5/2027 | 18,072 | 17,750 | 18,072 | 1.2 | % | |||||||||||||||||||||||||||||||
Communication Technology Intermediate, LLC (c) | Business Services | L+5.75% (6.75%), 5/5/2027 | 6,286 | 6,286 | 6,286 | 0.4 | % |
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Portfolio Company (f) (q) | Industry | Investment Coupon Rate / Maturity (l) | Principal / Number of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | ||||||||||||||||||||||||||||||||
Community Care Health Network, LLC (h) | Healthcare | L+4.75% (4.85%), 2/17/2025 | $ | 8 | $ | 7 | $ | 7 | 0.0 | % | ||||||||||||||||||||||||||||
Corfin Industries, LLC (c) (h) (i) | Industrials | L+5.75% (6.75%), 2/5/2026 | 16,520 | 16,277 | 16,520 | 1.1 | % | |||||||||||||||||||||||||||||||
Cornerstone Chemical, Co. | Chemicals | 6.75%, 8/15/2024 | 14,850 | 14,369 | 13,271 | 0.9 | % | |||||||||||||||||||||||||||||||
CRS-SPV, Inc. (c) (j) (o) (w) | Industrials | L+4.50% (5.50%), 3/8/2022 | 62 | 62 | 62 | 0.0 | % | |||||||||||||||||||||||||||||||
Drilling Info Holdings, Inc. (c) (i) | Business Services | L+4.25% (4.35%), 7/30/2025 | 7,024 | 6,833 | 7,024 | 0.5 | % | |||||||||||||||||||||||||||||||
Dynagrid Holdings, LLC (c) | Utilities | L+6.00% (7.00%), 12/18/2025 | 679 | 679 | 679 | 0.0 | % | |||||||||||||||||||||||||||||||
Dynagrid Holdings, LLC (c) (i) | Utilities | L+6.00% (7.00%), 12/18/2025 | 14,336 | 14,101 | 14,336 | 0.9 | % | |||||||||||||||||||||||||||||||
FGT Purchaser, LLC (c) (h) | Consumer | L+5.50% (6.50%), 9/13/2027 | 21,445 | 21,038 | 21,038 | 1.4 | % | |||||||||||||||||||||||||||||||
FGT Purchaser, LLC (c) | Consumer | L+5.50% (6.50%), 9/13/2027 | 643 | 643 | 631 | 0.0 | % | |||||||||||||||||||||||||||||||
Foresight Energy Operating, LLC (c) (p) | Energy | L+8.00% (9.50%), 6/30/2027 | 1,091 | 1,091 | 1,102 | 0.1 | % | |||||||||||||||||||||||||||||||
Galway Borrower, LLC (c) (h) | Financials | L+5.25% (6.00%), 9/29/2028 | 26,354 | 25,878 | 25,845 | 1.7 | % | |||||||||||||||||||||||||||||||
Gold Standard Baking, Inc. (c) (t) | Food & Beverage | P+5.50% (8.75%) 2.00% PIK, 7/25/2022 | 2,515 | 2,176 | 755 | 0.1 | % | |||||||||||||||||||||||||||||||
Green Energy Partners/Stonewall, LLC | Utilities | L+6.00% (6.50%), 11/12/2026 | 10,339 | 10,138 | 10,235 | 0.7 | % | |||||||||||||||||||||||||||||||
Health Plan One, Inc. (c) (j) | Financials | L+7.50% (8.50%), 7/15/2025 | 10,695 | 10,317 | 10,695 | 0.7 | % | |||||||||||||||||||||||||||||||
Higginbotham Insurance Agency, Inc. (c) (h) | Financials | L+5.50% (6.25%), 11/25/2026 | 11,521 | 11,380 | 11,521 | 0.8 | % | |||||||||||||||||||||||||||||||
Higginbotham Insurance Agency, Inc. (c) | Financials | L+5.50% (6.25%), 11/25/2026 | 4,091 | 4,091 | 4,091 | 0.3 | % | |||||||||||||||||||||||||||||||
Hospice Care Buyer, Inc. (c) | Healthcare | L+6.50% (7.50%), 12/9/2026 | 4,579 | 4,579 | 4,527 | 0.3 | % | |||||||||||||||||||||||||||||||
Hospice Care Buyer, Inc. (c) (h) | Healthcare | L+6.50% (7.50%), 12/9/2026 | 24,561 | 23,956 | 24,283 | 1.6 | % | |||||||||||||||||||||||||||||||
Hospice Care Buyer, Inc. (c) (h) | Healthcare | L+6.50% (7.50%), 12/9/2026 | 18,191 | 17,804 | 17,986 | 1.2 | % | |||||||||||||||||||||||||||||||
Hospice Care Buyer, Inc. (c) | Healthcare | P+5.50% (8.75%), 12/9/2026 | 1,705 | 1,705 | 1,686 | 0.1 | % | |||||||||||||||||||||||||||||||
ICR Operations, LLC (c) (h) | Business Services | L+5.50% (6.50%), 11/22/2028 | 42,773 | 41,931 | 41,930 | 2.8 | % | |||||||||||||||||||||||||||||||
ICR Operations, LLC (c) | Business Services | L+5.25% (6.25%), 11/22/2027 | 3,089 | 3,089 | 3,028 | 0.2 | % | |||||||||||||||||||||||||||||||
Ideal Tridon Holdings, Inc. (c) | Industrials | L+5.25% (6.25%), 7/31/2024 | 45 | 45 | 45 | 0.0 | % | |||||||||||||||||||||||||||||||
Ideal Tridon Holdings, Inc. (c) (h) (i) | Industrials | L+5.25% (6.25%), 7/31/2024 | 820 | 812 | 820 | 0.1 | % | |||||||||||||||||||||||||||||||
Ideal Tridon Holdings, Inc. (c) (h) (i) | Industrials | L+5.25% (6.25%), 7/31/2024 | 26,837 | 26,699 | 26,837 | 1.8 | % | |||||||||||||||||||||||||||||||
Ideal Tridon Holdings, Inc. (c) (j) | Industrials | L+5.25% (6.25%), 7/31/2023 | 883 | 883 | 883 | 0.1 | % | |||||||||||||||||||||||||||||||
IG Investments Holdings, LLC (c) (h) | Business Services | L+6.00% (6.75%), 9/22/2028 | 17,807 | 17,465 | 17,465 | 1.2 | % | |||||||||||||||||||||||||||||||
IG Investments Holdings, LLC (c) | Business Services | L+6.00% (6.75%), 9/22/2027 | 695 | 695 | 682 | 0.0 | % | |||||||||||||||||||||||||||||||
Integrated Efficiency Solutions, Inc. (c) (o) (w) | Industrials | 7.50%, 12/31/2025 | 1,436 | 1,436 | 1,436 | 0.1 | % | |||||||||||||||||||||||||||||||
Integrated Efficiency Solutions, Inc. (c) (o) (w) | Industrials | 7.50%, 12/31/2025 | 131 | 131 | 131 | 0.0 | % | |||||||||||||||||||||||||||||||
Integrated Global Services, Inc. (c) (i) | Industrials | L+6.00% (7.00%), 2/4/2026 | 11,385 | 11,230 | 10,928 | 0.7 | % |
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Portfolio Company (f) (q) | Industry | Investment Coupon Rate / Maturity (l) | Principal / Number of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | ||||||||||||||||||||||||||||||||
Integrated Global Services, Inc. (c) (j) | Industrials | L+6.00% (7.00%), 2/4/2026 | $ | 1,622 | $ | 1,622 | $ | 1,556 | 0.1 | % | ||||||||||||||||||||||||||||
Internap Corp. (c) (h) (p) | Business Services | L+6.50% (7.50%) 5.50% PIK, 5/8/2025 | 6,294 | 6,294 | 5,475 | 0.4 | % | |||||||||||||||||||||||||||||||
International Cruise & Excursions, Inc. (c) (i) | Business Services | L+5.25% (6.25%), 6/6/2025 | 4,900 | 4,874 | 4,459 | 0.3 | % | |||||||||||||||||||||||||||||||
K2 Intelligence Holdings, Inc. (c) (h) (i) | Business Services | L+5.75% (6.75%), 9/23/2024 | 10,251 | 10,140 | 9,539 | 0.6 | % | |||||||||||||||||||||||||||||||
Kaman Distribution Corp. (c) (h) (i) | Industrials | L+5.00% (5.10%), 8/26/2026 | 20,448 | 19,219 | 20,448 | 1.4 | % | |||||||||||||||||||||||||||||||
KidKraft, Inc. (c) (w) | Consumer | L+5.00% (6.00%), 8/15/2022 | 1,060 | 680 | 1,060 | 0.1 | % | |||||||||||||||||||||||||||||||
Kissner Milling Co., Ltd. | Industrials | 4.88%, 5/1/2028 | 2,983 | 2,983 | 2,871 | 0.2 | % | |||||||||||||||||||||||||||||||
Knowledge Pro Buyer, Inc. (c) (i) | Business Services | L+5.75% (6.50%), 12/10/2027 | 24,800 | 24,309 | 24,309 | 1.6 | % | |||||||||||||||||||||||||||||||
Knowledge Pro Buyer, Inc. (c) | Business Services | L+5.75% (6.50%), 12/10/2027 | 607 | 607 | 595 | 0.0 | % | |||||||||||||||||||||||||||||||
Labrie Environmental Group, LLC (a) (c) (h) | Industrials | L+5.50% (6.50%), 9/1/2026 | 22,580 | 22,229 | 22,580 | 1.5 | % | |||||||||||||||||||||||||||||||
Lakeland Tours, LLC (c) (h) (i) | Education | L+7.50% (8.75%) 6.00% PIK, 9/25/2025 | 3,565 | 3,548 | 3,565 | 0.2 | % | |||||||||||||||||||||||||||||||
Lakeland Tours, LLC (c) (h) (i) | Education | L+7.50% (8.75%) 6.00% PIK, 9/25/2025 | 4,321 | 3,955 | 3,889 | 0.3 | % | |||||||||||||||||||||||||||||||
Lakeland Tours, LLC (c) (h) | Education | L+12.00% (13.25%) 6.00% PIK, 9/25/2023 | 1,875 | 1,875 | 1,875 | 0.1 | % | |||||||||||||||||||||||||||||||
Lakeland Tours, LLC (c) (h) (i) | Education | 13.25% PIK, 9/27/2027 | 4,700 | 3,010 | 3,290 | 0.2 | % | |||||||||||||||||||||||||||||||
Lakeview Health Holdings, Inc. (c) (o) (w) | Healthcare | P+6.00% (9.25%), 10/15/2024 | 414 | 414 | 414 | 0.0 | % | |||||||||||||||||||||||||||||||
Lakeview Health Holdings, Inc. (c) (o) (t) (w) | Healthcare | P+4.50% (7.75%) PIK, 10/15/2024 | 1,576 | 600 | 584 | 0.0 | % | |||||||||||||||||||||||||||||||
LightSquared, LP | Telecom | 15.50% PIK, 11/1/2023 | 1,794 | 1,794 | 1,471 | 0.1 | % | |||||||||||||||||||||||||||||||
Manna Pro Products, LLC (c) | Consumer | L+6.00% (7.00%), 12/10/2026 | 4,033 | 4,033 | 4,033 | 0.3 | % | |||||||||||||||||||||||||||||||
Manna Pro Products, LLC (c) (i) | Consumer | L+6.00% (7.00%), 12/10/2026 | 33,250 | 32,596 | 33,250 | 2.2 | % | |||||||||||||||||||||||||||||||
Manna Pro Products, LLC (c) | Consumer | L+6.00% (7.00%), 12/10/2026 | 744 | 744 | 744 | 0.0 | % | |||||||||||||||||||||||||||||||
McDonald Worley, P.C. (c) | Business Services | 26.00% PIK, 12/31/2024 | 12,080 | 12,080 | 11,826 | 0.8 | % | |||||||||||||||||||||||||||||||
MCS Acquisition Corp. (c) | Business Services | L+6.00% (7.00%), 10/2/2025 | 780 | 780 | 780 | 0.1 | % | |||||||||||||||||||||||||||||||
Medical Depot Holdings, Inc. (c) (h) (i) | Healthcare | L+9.50% (10.50%) 4.00% PIK, 6/2/2025 | 19,929 | 19,510 | 19,630 | 1.3 | % | |||||||||||||||||||||||||||||||
Medical Management Resource Group, LLC (c) (h) | Healthcare | L+5.75% (6.50%), 9/30/2027 | 16,139 | 15,830 | 15,829 | 1.0 | % | |||||||||||||||||||||||||||||||
MGTF Radio Company, LLC (c) (j) (o) | Media/Entertainment | L+6.00% (7.00%), 4/1/2024 | 51,596 | 51,529 | 42,567 | 2.8 | % | |||||||||||||||||||||||||||||||
Midwest Can Company, LLC (c) (h) (i) | Paper & Packaging | L+6.00% (7.00%), 3/2/2026 | 32,385 | 31,896 | 32,385 | 2.1 | % | |||||||||||||||||||||||||||||||
Midwest Can Company, LLC (c) (j) | Paper & Packaging | L+6.00% (7.00%), 3/2/2026 | 565 | 565 | 565 | 0.0 | % | |||||||||||||||||||||||||||||||
Miller Environmental Group, Inc. (c) (h) (i) | Business Services | L+6.50% (7.50%), 3/15/2024 | 11,346 | 11,246 | 11,346 | 0.8 | % | |||||||||||||||||||||||||||||||
Miller Environmental Group, Inc. (c) (h) (i) | Business Services | L+6.50% (7.50%), 3/15/2024 | 10,377 | 10,269 | 10,377 | 0.7 | % | |||||||||||||||||||||||||||||||
Ministry Brands, LLC (c) (i) | Software/Services | L+4.00% (5.00%), 12/2/2022 | 5,610 | 5,585 | 5,610 | 0.4 | % | |||||||||||||||||||||||||||||||
Mintz Group, LLC (c) (i) | Business Services | L+4.25% (5.25%), 3/18/2026 | 3,986 | 3,958 | 3,986 | 0.3 | % |
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Portfolio Company (f) (q) | Industry | Investment Coupon Rate / Maturity (l) | Principal / Number of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | ||||||||||||||||||||||||||||||||
Mirra-Primeaccess Holdings, LLC (c) (h) | Healthcare | L+6.50% (7.50%), 7/29/2026 | $ | 49,321 | $ | 48,419 | $ | 49,321 | 3.3 | % | ||||||||||||||||||||||||||||
Muth Mirror Systems, LLC (c) (h) (i) | Technology | L+5.25% (6.25%), 4/23/2025 | 15,140 | 14,973 | 14,032 | 0.9 | % | |||||||||||||||||||||||||||||||
New Star Metals, Inc. (c) (h) (i) | Industrials | L+5.00% (6.00%), 1/9/2026 | 32,817 | 32,335 | 32,817 | 2.2 | % | |||||||||||||||||||||||||||||||
Norvax, LLC (a) (c) | Business Services | L+6.50% (7.50%), 9/13/2024 | 893 | 893 | 893 | 0.1 | % | |||||||||||||||||||||||||||||||
NTM Acquisition Corp. (c) (h) (i) | Media/Entertainment | L+7.25% (8.25%) 1.00% PIK, 6/7/2024 | 21,678 | 21,655 | 21,093 | 1.4 | % | |||||||||||||||||||||||||||||||
Odessa Technologies, Inc. (c) (h) | Software/Services | L+5.75% (6.50%), 10/19/2027 | 14,451 | 14,172 | 14,172 | 0.9 | % | |||||||||||||||||||||||||||||||
Olaplex, Inc. (c) (h) (i) | Consumer | L+6.25% (7.25%), 1/8/2026 | 16,792 | 16,567 | 16,792 | 1.1 | % | |||||||||||||||||||||||||||||||
ORG GC Holdings, LLC (c) (o) | Business Services | L+6.50% (7.50%) PIK, 11/24/2026 | 8,343 | 8,343 | 8,343 | 0.6 | % | |||||||||||||||||||||||||||||||
Pie Buyer, Inc. (c) (i) | Food & Beverage | L+5.50% (6.50%), 4/5/2027 | 28,390 | 27,644 | 28,390 | 1.9 | % | |||||||||||||||||||||||||||||||
Pie Buyer, Inc. (c) | Food & Beverage | L+5.50% (6.50%), 4/5/2027 | 1,471 | 1,471 | 1,471 | 0.1 | % | |||||||||||||||||||||||||||||||
Pilot Air Freight, LLC (c) (i) | Transportation | L+5.25% (6.25%), 7/25/2024 | 8,964 | 8,859 | 8,964 | 0.6 | % | |||||||||||||||||||||||||||||||
Pilot Air Freight, LLC (c) | Transportation | L+5.25% (6.25%), 7/25/2024 | 2,326 | 2,326 | 2,326 | 0.2 | % | |||||||||||||||||||||||||||||||
PlayPower, Inc. (c) (h) (i) | Industrials | L+5.50% (5.72%), 5/8/2026 | 23,961 | 23,737 | 22,786 | 1.5 | % | |||||||||||||||||||||||||||||||
Pluralsight, LLC (c) (h) | Software/Services | L+8.00% (9.00%), 4/6/2027 | 18,826 | 18,496 | 18,481 | 1.2 | % | |||||||||||||||||||||||||||||||
Pluralsight, LLC (c) (h) | Software/Services | L+8.00% (9.00%), 4/6/2027 | 6,728 | 6,605 | 6,605 | 0.4 | % | |||||||||||||||||||||||||||||||
Point Broadband Acquisition, LLC (c) (h) | Telecom | L+6.00% (7.00%), 9/29/2028 | 19,340 | 18,874 | 18,874 | 1.3 | % | |||||||||||||||||||||||||||||||
Premier Global Services, Inc. (c) (t) | Telecom | P+5.50% (8.75%), 6/8/2023 | 5,024 | 4,908 | 251 | 0.0 | % | |||||||||||||||||||||||||||||||
Premier Global Services, Inc. (c) | Telecom | P+5.50% (8.75%), 3/31/2022 | 969 | 969 | 969 | 0.1 | % | |||||||||||||||||||||||||||||||
Prototek, LLC (c) (h) | Industrials | L+5.75% (6.75%), 10/20/2026 | 11,172 | 10,971 | 11,060 | 0.7 | % | |||||||||||||||||||||||||||||||
Prototek, LLC (c) | Industrials | L+5.75% (6.75%), 10/20/2026 | 1,242 | 1,242 | 1,229 | 0.1 | % | |||||||||||||||||||||||||||||||
PSKW, LLC (c) (h) (i) | Healthcare | L+6.25% (7.25%), 3/9/2026 | 29,475 | 28,961 | 29,475 | 2.0 | % | |||||||||||||||||||||||||||||||
PT Network, LLC (c) (h) | Healthcare | L+7.50% (8.50%) 2.00% PIK, 11/30/2023 | 17,179 | 17,142 | 17,179 | 1.1 | % | |||||||||||||||||||||||||||||||
PT Network, LLC (c) | Healthcare | L+7.50% (8.50%) 2.00% PIK, 11/30/2023 | 395 | 395 | 395 | 0.0 | % | |||||||||||||||||||||||||||||||
Questex, Inc. (c) (h) (i) | Media/Entertainment | L+5.00% (6.00%), 9/9/2024 | 15,665 | 15,525 | 14,257 | 0.9 | % | |||||||||||||||||||||||||||||||
Questex, Inc. (c) (j) | Media/Entertainment | L+5.00% (6.00%), 9/9/2024 | 1,550 | 1,550 | 1,410 | 0.1 | % | |||||||||||||||||||||||||||||||
Reddy Ice Corp. (c) (j) | Food & Beverage | L+6.50% (7.50%), 7/1/2025 | 1,807 | 1,795 | 1,772 | 0.1 | % | |||||||||||||||||||||||||||||||
Reddy Ice Corp. (c) | Food & Beverage | L+6.50% (7.50%), 7/1/2025 | 1,476 | 1,476 | 1,447 | 0.1 | % | |||||||||||||||||||||||||||||||
Reddy Ice Corp. (c) | Food & Beverage | L+6.50% (7.50%), 7/1/2025 | 4,844 | 4,845 | 4,707 | 0.3 | % | |||||||||||||||||||||||||||||||
Reddy Ice Corp. (c) (h) (i) | Food & Beverage | L+6.50% (7.50%), 7/1/2025 | 19,147 | 18,812 | 18,774 | 1.2 | % | |||||||||||||||||||||||||||||||
Refresh Parent Holdings, Inc. (c) | Healthcare | L+6.50% (7.50%), 12/9/2026 | 3,035 | 3,035 | 3,035 | 0.2 | % |
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Portfolio Company (f) (q) | Industry | Investment Coupon Rate / Maturity (l) | Principal / Number of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | ||||||||||||||||||||||||||||||||
Refresh Parent Holdings, Inc. (c) (h) | Healthcare | L+6.50% (7.50%), 12/9/2026 | $ | 9,487 | $ | 9,277 | $ | 9,487 | 0.6 | % | ||||||||||||||||||||||||||||
Refresh Parent Holdings, Inc. (c) (h) | Healthcare | L+6.50% (7.50%), 12/9/2026 | 1,159 | 1,136 | 1,136 | 0.1 | % | |||||||||||||||||||||||||||||||
Refresh Parent Holdings, Inc. (c) | Healthcare | P+5.50% (8.75%), 12/9/2026 | 406 | 406 | 406 | 0.0 | % | |||||||||||||||||||||||||||||||
Relativity Oda, LLC (c) (i) | Software/Services | L+7.50% (8.50%) PIK, 5/12/2027 | 4,885 | 4,781 | 4,787 | 0.3 | % | |||||||||||||||||||||||||||||||
REP TEC Intermediate Holdings, Inc. (c) (h) (i) | Software/Services | L+6.50% (7.50%), 12/1/2027 | 28,236 | 27,758 | 27,717 | 1.8 | % | |||||||||||||||||||||||||||||||
Resco Products, Inc. (c) | Industrials | L+7.00% (9.00%) 2.00% PIK, 6/5/2022 | 9,376 | 9,376 | 9,376 | 0.6 | % | |||||||||||||||||||||||||||||||
Roadsafe Holdings, Inc. (c) (i) | Industrials | L+5.75% (6.75%), 10/19/2027 | 7,832 | 7,692 | 7,692 | 0.5 | % | |||||||||||||||||||||||||||||||
Roadsafe Holdings, Inc. (c) | Industrials | P+4.75% (8.00%), 10/19/2027 | 2,879 | 2,879 | 2,828 | 0.2 | % | |||||||||||||||||||||||||||||||
RSC Acquisition, Inc. (c) | Financials | L+5.50% (6.25%), 10/30/2026 | 4,249 | 4,249 | 4,208 | 0.3 | % | |||||||||||||||||||||||||||||||
RSC Acquisition, Inc. (c) | Financials | L+5.50% (6.25%), 10/30/2026 | 1,293 | 1,293 | 1,280 | 0.1 | % | |||||||||||||||||||||||||||||||
RSC Acquisition, Inc. (c) (i) | Financials | L+5.50% (6.25%), 10/30/2026 | 1,847 | 1,829 | 1,829 | 0.1 | % | |||||||||||||||||||||||||||||||
Saturn SHC Buyer Holdings, Inc. (c) (h) | Healthcare | L+6.00% (6.75%), 11/18/2027 | 33,324 | 32,671 | 32,671 | 2.2 | % | |||||||||||||||||||||||||||||||
Saturn SHC Buyer Holdings, Inc. (c) | Healthcare | P+5.00% (8.25%), 11/18/2027 | 3,332 | 3,332 | 3,267 | 0.2 | % | |||||||||||||||||||||||||||||||
SCIH Salt Holdings, Inc. (c) | Industrials | L+4.00% (5.00%), 3/17/2025 | 1,030 | 1,030 | 978 | 0.1 | % | |||||||||||||||||||||||||||||||
Sherlock Buyer Corp. (c) (i) | Business Services | L+5.75% (6.50%), 12/8/2028 | 11,124 | 10,904 | 10,904 | 0.7 | % | |||||||||||||||||||||||||||||||
Simplifi Holdings, Inc. (c) (h) | Media/Entertainment | L+5.50% (6.25%), 10/1/2027 | 35,460 | 34,781 | 34,779 | 2.3 | % | |||||||||||||||||||||||||||||||
Skillsoft Corp. (a) (h) | Technology | L+4.75% (5.50%), 7/14/2028 | 1,460 | 1,440 | 1,462 | 0.1 | % | |||||||||||||||||||||||||||||||
St. Croix Hospice Acquisition Corp. (c) (i) | Healthcare | L+6.00% (7.00%), 10/30/2026 | 25,680 | 25,267 | 25,680 | 1.7 | % | |||||||||||||||||||||||||||||||
STRIPER BUYER, LLC (c) (h) | Paper & Packaging | L+5.50% (6.25%), 12/30/2026 | 12,393 | 12,287 | 12,393 | 0.8 | % | |||||||||||||||||||||||||||||||
Subsea Global Solutions, LLC (c) (i) | Business Services | L+7.00% (8.00%), 3/29/2023 | 4,697 | 4,663 | 4,697 | 0.3 | % | |||||||||||||||||||||||||||||||
Subsea Global Solutions, LLC (c) (i) | Business Services | L+7.00% (8.00%), 3/29/2023 | 7,916 | 7,877 | 7,916 | 0.5 | % | |||||||||||||||||||||||||||||||
Subsea Global Solutions, LLC (c) (j) | Business Services | L+7.00% (8.00%), 3/29/2023 | 963 | 963 | 963 | 0.1 | % | |||||||||||||||||||||||||||||||
SunMed Group Holdings, LLC (c) (h) | Healthcare | L+5.75% (6.50%), 6/16/2028 | 9,054 | 8,908 | 8,909 | 0.6 | % | |||||||||||||||||||||||||||||||
SunMed Group Holdings, LLC (c) | Healthcare | L+5.75% (6.50%), 6/16/2027 | 96 | 96 | 95 | 0.0 | % | |||||||||||||||||||||||||||||||
Tax Defense Network, LLC (c) (p) (t) | Consumer | L+6.00% (10.00%) PIK, 3/31/2022 | 6,633 | 3,833 | 464 | 0.0 | % | |||||||||||||||||||||||||||||||
Tax Defense Network, LLC (c) (p) (t) | Consumer | 10.00% PIK, 3/31/2022 | 3,678 | 2,986 | 3,678 | 0.3 | % | |||||||||||||||||||||||||||||||
Tax Defense Network, LLC (c) (p) (t) | Consumer | L+6.00% (10.00%) PIK, 3/31/2022 | 37,368 | 21,646 | 2,616 | 0.2 | % | |||||||||||||||||||||||||||||||
Therapy Brands Holdings, LLC (c) (h) | Healthcare | L+4.00% (4.75%), 5/18/2028 | 3,475 | 3,459 | 3,475 | 0.2 | % | |||||||||||||||||||||||||||||||
Tillamook Country Smoker, LLC (c) (h) | Food & Beverage | L+7.75% (8.75%), 5/19/2022 | 9,629 | 9,618 | 8,493 | 0.6 | % | |||||||||||||||||||||||||||||||
Tillamook Country Smoker, LLC (c) (j) | Food & Beverage | L+7.75% (8.75%), 5/19/2022 | 2,561 | 2,561 | 2,259 | 0.1 | % | |||||||||||||||||||||||||||||||
Trilogy International Partners, LLC (a) | Telecom | 8.88%, 5/15/2023 | 15,510 | 15,240 | 15,359 | 1.0 | % |
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Portfolio Company (f) (q) | Industry | Investment Coupon Rate / Maturity (l) | Principal / Number of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | ||||||||||||||||||||||||||||||||
Trilogy International Partners, LLC (a) (c) (h) | Telecom | 10.00%, 5/1/2022 | $ | 6,298 | $ | 6,235 | $ | 6,298 | 0.4 | % | ||||||||||||||||||||||||||||
Trinity Air Consultants Holdings Corp. (c) (h) | Business Services | L+5.25% (6.00%), 6/29/2027 | 20,424 | 20,050 | 20,050 | 1.3 | % | |||||||||||||||||||||||||||||||
Trinity Air Consultants Holdings Corp. (c) | Business Services | L+5.25% (6.00%), 6/29/2027 | 1,594 | 1,594 | 1,565 | 0.1 | % | |||||||||||||||||||||||||||||||
Triple Lift, Inc. (c) (i) | Software/Services | L+5.75% (6.50%), 5/8/2028 | 22,983 | 22,566 | 22,983 | 1.5 | % | |||||||||||||||||||||||||||||||
University of St. Augustine Acquisition Corp. (c) (h) (i) | Education | L+4.25% (5.25%), 2/2/2026 | 23,520 | 23,177 | 23,520 | 1.6 | % | |||||||||||||||||||||||||||||||
Urban One, Inc. | Media/Entertainment | 7.38%, 2/1/2028 | 1,561 | 1,561 | 1,613 | 0.1 | % | |||||||||||||||||||||||||||||||
US Oral Surgery Management Holdco, LLC (c) | Healthcare | L+5.50% (6.25%), 11/18/2027 | 428 | 428 | 420 | 0.0 | % | |||||||||||||||||||||||||||||||
US Oral Surgery Management Holdco, LLC (c) (h) | Healthcare | L+5.50% (6.25%), 11/18/2027 | 12,173 | 11,934 | 11,934 | 0.8 | % | |||||||||||||||||||||||||||||||
US Salt Investors, LLC (c) (h) | Chemicals | L+5.50% (6.25%), 7/19/2028 | 20,133 | 19,756 | 19,757 | 1.3 | % | |||||||||||||||||||||||||||||||
Vantage Mobility International, LLC (c) (p) (t) (w) | Transportation | L+6.00% (7.00%), 3/21/2024 | 1,897 | 251 | 251 | 0.0 | % | |||||||||||||||||||||||||||||||
Vantage Mobility International, LLC (c) (p) (w) | Transportation | L+6.00% (7.00%), 3/21/2024 | 244 | 244 | 244 | 0.0 | % | |||||||||||||||||||||||||||||||
Vensure Employer Services, Inc. (c) (i) | Business Services | L+4.75% (5.50%), 3/26/2027 | 9,614 | 9,536 | 9,614 | 0.6 | % | |||||||||||||||||||||||||||||||
Westwood Professional Services, Inc. (c) | Business Services | L+6.00% (7.00%), 5/26/2026 | 1,007 | 1,007 | 982 | 0.1 | % | |||||||||||||||||||||||||||||||
Westwood Professional Services, Inc. (c) (i) | Business Services | L+6.00% (7.00%), 5/26/2026 | 8,648 | 8,495 | 8,431 | 0.6 | % | |||||||||||||||||||||||||||||||
WHCG Purchaser III, Inc. (c) (h) | Healthcare | L+5.75% (6.50%), 6/22/2028 | 29,420 | 28,876 | 28,876 | 1.9 | % | |||||||||||||||||||||||||||||||
WHCG Purchaser III, Inc. (c) | Healthcare | L+5.75% (6.50%), 6/22/2028 | 919 | 919 | 902 | 0.1 | % | |||||||||||||||||||||||||||||||
WIN Holdings III Corp. (c) (h) | Consumer | L+5.75% (6.50%), 7/16/2028 | 31,627 | 31,036 | 31,035 | 2.1 | % | |||||||||||||||||||||||||||||||
WIN Holdings III Corp. (c) | Consumer | L+5.75% (6.50%), 7/16/2026 | 556 | 556 | 546 | 0.0 | % | |||||||||||||||||||||||||||||||
WMK, LLC (c) (j) | Business Services | L+5.75% (6.75%), 9/5/2025 | 2,558 | 2,550 | 2,558 | 0.2 | % | |||||||||||||||||||||||||||||||
WMK, LLC (c) | Business Services | L+5.75% (6.75%), 9/5/2025 | 352 | 350 | 352 | 0.0 | % | |||||||||||||||||||||||||||||||
WMK, LLC (c) (h) (i) | Business Services | L+5.75% (6.75%), 9/5/2025 | 18,912 | 18,714 | 18,912 | 1.3 | % | |||||||||||||||||||||||||||||||
WMK, LLC (c) (j) | Business Services | L+5.75% (6.75%), 9/5/2024 | 2,618 | 2,618 | 2,618 | 0.2 | % | |||||||||||||||||||||||||||||||
Subtotal Senior Secured First Lien Debt | $ | 1,865,403 | $ | 1,831,170 | 121.3 | % | ||||||||||||||||||||||||||||||||
Senior Secured Second Lien Debt - 16.2% (b) | ||||||||||||||||||||||||||||||||||||||
Accentcare, Inc. (c) (h) | Healthcare | L+8.75% (9.50%), 6/21/2027 | $ | 30,152 | $ | 29,588 | $ | 30,152 | 2.0 | % | ||||||||||||||||||||||||||||
Anchor Glass Container Corp. (c) (j) | Paper & Packaging | L+7.75% (8.75%), 12/6/2024 | 6,667 | 6,615 | 2,003 | 0.1 | % | |||||||||||||||||||||||||||||||
Aruba Investments Holdings, LLC (i) | Chemicals | L+7.75% (8.50%), 11/24/2028 | 3,759 | 3,710 | 3,765 | 0.2 | % | |||||||||||||||||||||||||||||||
Astro AB Merger Sub, Inc. (a) (c) (h) | Financials | L+8.00% (9.00%), 4/30/2025 | 8,162 | 8,138 | 8,162 | 0.5 | % | |||||||||||||||||||||||||||||||
Carlisle FoodService Products, Inc. (c) (h) | Consumer | L+7.75% (8.75%), 3/20/2026 | 10,719 | 10,606 | 10,166 | 0.7 | % | |||||||||||||||||||||||||||||||
CDS U.S. Intermediate Holdings, Inc. (a) (p) | Media/Entertainment | L+8.00% (9.00%) 7.00% PIK, 11/24/2027 | 10,324 | 10,271 | 10,262 | 0.7 | % | |||||||||||||||||||||||||||||||
CommerceHub, Inc. (c) (h) | Technology | L+7.00% (7.75%), 12/29/2028 | 12,360 | 12,306 | 12,125 | 0.8 | % |
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Portfolio Company (f) (q) | Industry | Investment Coupon Rate / Maturity (l) | Principal / Number of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | ||||||||||||||||||||||||||||||||
Kahala US OpCo, LLC (a) (c) (e) (o) (x) | Transportation | 13.00% | 4,413,472 | $ | — | $ | — | — | % | |||||||||||||||||||||||||||||
KidKraft, Inc. (c) (e) (u) (w) | Consumer | 2,682,257 | — | 1,048 | 0.1 | % | ||||||||||||||||||||||||||||||||
Lakeview Health Holdings, Inc. (c) (e) (o) (w) | Healthcare | 5,272 | — | — | — | % | ||||||||||||||||||||||||||||||||
Luna Sub 2, LLC (c) (e) (o) (u) | Financials | 79,479,085 | 81,693 | 81,693 | 5.4 | % | ||||||||||||||||||||||||||||||||
McDonald Worley, P.C. (c) (e) | Business Services | 248,600 | 104 | 1,272 | 0.1 | % | ||||||||||||||||||||||||||||||||
MCS Acquisition Corp. (c) (e) | Business Services | 31,521 | 4,103 | 2,431 | 0.2 | % | ||||||||||||||||||||||||||||||||
MGTF Holdco, LLC (c) (e) (o) (u) | Media/Entertainment | 402,000 | — | — | — | % | ||||||||||||||||||||||||||||||||
Motor Vehicle Software Corp. (c) (e) (w) | Business Services | 223,503 | 318 | 386 | 0.0 | % | ||||||||||||||||||||||||||||||||
New Constellis Holdings Inc. (c) (e) (w) | Business Services | 2,316 | 67 | — | — | % | ||||||||||||||||||||||||||||||||
ORG GC Holdings, LLC (c) (e) (o) | Business Services | 93,380 | 212 | 212 | 0.0 | % | ||||||||||||||||||||||||||||||||
ORG GC Holdings, LLC (c) (e) (o) | Business Services | 1,771 | — | — | — | % | ||||||||||||||||||||||||||||||||
Park Ave RE Holdings, LLC (c) (e) (j) (o) (v) | Financials | 719 | 1,623 | 4,461 | 0.3 | % | ||||||||||||||||||||||||||||||||
PennantPark Credit Opportunities Fund II, LP (a) (p) | Diversified Investment Vehicles | 8,739 | 3,936 | 4,953 | 0.3 | % | ||||||||||||||||||||||||||||||||
Point Broadband Acquisition, LLC (c) (e) | Telecom | 2,099,333 | 2,099 | 2,099 | 0.1 | % | ||||||||||||||||||||||||||||||||
PT Network, LLC (c) (e) (u) | Healthcare | 3 | — | 2,813 | 0.2 | % | ||||||||||||||||||||||||||||||||
RMP Group, Inc. (c) (e) (u) (w) | Financials | 223 | 164 | 340 | 0.0 | % | ||||||||||||||||||||||||||||||||
Schweiger Dermatology Group, LLC (c) (e) (u) (w) | Healthcare | 265,024 | — | — | — | % | ||||||||||||||||||||||||||||||||
Siena Capital Finance, LLC (c) (j) (o) (z) | Financials | 41,789,400 | 42,499 | 65,609 | 4.3 | % | ||||||||||||||||||||||||||||||||
Skillsoft Corp (a) (e) (s) | Technology | 248,712 | 2,636 | 2,275 | 0.2 | % | ||||||||||||||||||||||||||||||||
Smile Brands, Inc. (c) (w) | Healthcare | 712 | — | 1,437 | 0.1 | % | ||||||||||||||||||||||||||||||||
Squan Holding Corp. (c) (e) | Telecom | 180,835 | — | — | — | % | ||||||||||||||||||||||||||||||||
Tap Rock Resources, LLC (c) (g) (p) (u) | Energy | 18,356,442 | 6,490 | 8,742 | 0.6 | % | ||||||||||||||||||||||||||||||||
Tax Defense Network, LLC (c) (e) (p) | Consumer | 147,099 | 425 | — | — | % | ||||||||||||||||||||||||||||||||
Tax Defense Network, LLC (c) (e) (p) | Consumer | 633,382 | — | — | — | % | ||||||||||||||||||||||||||||||||
Team Waste, LLC (c) (e) (p) (u) (w) | Industrials | 128,483 | 2,569 | 3,073 | 0.2 | % | ||||||||||||||||||||||||||||||||
Tennenbaum Waterman Fund, LP (a) (j) (p) | Diversified Investment Vehicles | 10,000 | 10,000 | 9,764 | 0.6 | % | ||||||||||||||||||||||||||||||||
Travelpro Products, Inc. (a) (c) (e) (w) | Consumer | 447,007 | 506 | — | — | % | ||||||||||||||||||||||||||||||||
United Biologics, LLC (c) (e) (u) (w) | Healthcare | 39,769 | 132 | — | — | % | ||||||||||||||||||||||||||||||||
United Biologics, LLC (c) (e) (u) (w) | Healthcare | 3,155 | — | — | — | % | ||||||||||||||||||||||||||||||||
United Biologics, LLC (c) (e) (u) (w) | Healthcare | 4,206 | 31 | — | — | % | ||||||||||||||||||||||||||||||||
United Biologics, LLC (c) (e) (u) (w) | Healthcare | 99,236 | — | — | — | % | ||||||||||||||||||||||||||||||||
United Biologics, LLC (c) (e) (u) (w) | Healthcare | 223 | 35 | — | — | % | ||||||||||||||||||||||||||||||||
USASF Holdco, LLC (c) (e) (u) | Financials | 10,000 | 10 | — | — | % | ||||||||||||||||||||||||||||||||
USASF Holdco, LLC (c) (e) (u) | Financials | 490 | 490 | 510 | 0.0 | % | ||||||||||||||||||||||||||||||||
USASF Holdco, LLC (c) (e) (u) | Financials | 139 | 139 | 278 | 0.0 | % | ||||||||||||||||||||||||||||||||
Vantage Mobility International, LLC (c) (e) (p) (w) | Transportation | 512,923 | — | — | — | % | ||||||||||||||||||||||||||||||||
Vantage Mobility International, LLC (c) (e) (p) (w) | Transportation | 4,439,484 | 3,140 | — | — | % |
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Portfolio Company (f) (q) | Industry | Investment Coupon Rate / Maturity (l) | Principal / Number of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | ||||||||||||||||||||||||||||||||
Vantage Mobility International, LLC (c) (e) (p) (w) | Transportation | 1,940,977 | $ | — | $ | — | — | % | ||||||||||||||||||||||||||||||
World Business Lenders, LLC (c) (e) | Financials | 922,669 | 3,750 | 2,676 | 0.2 | % | ||||||||||||||||||||||||||||||||
WPNT, LLC (c) (e) (o) (u) | Media/Entertainment | 402,000 | — | — | — | % | ||||||||||||||||||||||||||||||||
Wythe Will Tzetzo, LLC (c) (e) (u) (w) | Food & Beverage | 22,312 | 302 | — | — | % | ||||||||||||||||||||||||||||||||
YummyEarth, Inc. (c) (e) (w) | Food & Beverage | 223 | — | — | — | % | ||||||||||||||||||||||||||||||||
Subtotal Equity/Other | $ | 498,355 | $ | 548,688 | 36.3 | % | ||||||||||||||||||||||||||||||||
TOTAL INVESTMENTS - 184.1% (b) | $ | 2,783,617 | $ | 2,778,964 | 184.1 | % |
Counterparty | Contract to Deliver | In Exchange For | Maturity Date | Unrealized Depreciation | ||||||||||||||||||||||
Goldman Sachs International | CAD 21,807 | $ | 17,388 | 2/17/2022 | $ | 266 |
At December 31, 2021 | |||||||||||
Investments at Fair Value | Percentage of Total Portfolio | ||||||||||
Healthcare | $ | 422,430 | 15.2 | % | |||||||
Diversified Investment Vehicles (1) | 357,212 | 12.9 | % | ||||||||
Business Services | 339,083 | 12.2 | % | ||||||||
Financials | 337,699 | 12.2 | % | ||||||||
Industrials | 301,669 | 10.9 | % | ||||||||
Software/Services | 197,238 | 7.1 | % | ||||||||
Media/Entertainment | 186,555 | 6.7 | % | ||||||||
Consumer | 150,903 | 5.4 | % | ||||||||
Paper & Packaging | 105,418 | 3.8 | % | ||||||||
Food & Beverage | 79,390 | 2.9 | % | ||||||||
Transportation | 59,397 | 2.1 | % | ||||||||
Education | 46,261 | 1.7 | % | ||||||||
Telecom | 45,321 | 1.6 | % | ||||||||
Technology | 40,077 | 1.4 | % | ||||||||
Chemicals | 36,793 | 1.3 | % | ||||||||
Energy | 31,432 | 1.1 | % | ||||||||
Utilities | 25,250 | 0.9 | % | ||||||||
Gaming/Lodging | 16,836 | 0.6 | % | ||||||||
Retail | — | — | % | ||||||||
Total | $ | 2,778,964 | 100.0 | % |
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Portfolio Company (f) (q) | Industry | Investment Coupon Rate / Maturity (y) | Principal / Number of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | ||||||||||||||||||||||||||||||||
Senior Secured First Lien Debt - 137.8% (b) | ||||||||||||||||||||||||||||||||||||||
1236904 BC, Ltd. (c) (h) (i) | Software/Services | L+5.50% (5.65%), 3/4/2027 | $ | 18,828 | $ | 18,153 | $ | 17,680 | 1.3 | % | ||||||||||||||||||||||||||||
Abaco Systems Holding Corp. (c) (h) (i) | Industrials | L+6.00% (7.00%), 12/7/2021 | 22,973 | 22,886 | 22,973 | 1.6 | % | |||||||||||||||||||||||||||||||
ABC Financial Intermediate, LLC (c) (j) | Technology | L+4.25% (5.25%), 1/2/2025 | 19,308 | 18,829 | 17,667 | 1.3 | % | |||||||||||||||||||||||||||||||
Abercrombie & Fitch, Co. (a) | Consumer | 8.75%, 7/15/2025 | 3,182 | 3,182 | 3,522 | 0.3 | % | |||||||||||||||||||||||||||||||
Accentcare, Inc. (c) (j) | Healthcare | L+5.00% (5.15%), 6/22/2026 | 13,337 | 13,232 | 13,337 | 1.0 | % | |||||||||||||||||||||||||||||||
Accentcare, Inc. (j) | Healthcare | L+5.00% (5.50%), 6/22/2026 | 2,765 | 2,751 | 2,765 | 0.2 | % | |||||||||||||||||||||||||||||||
Access Cig, LLC (j) | Business Services | L+3.75% (3.98%), 2/27/2025 | 4,277 | 4,236 | 4,228 | 0.3 | % | |||||||||||||||||||||||||||||||
Achilles Acquisition, LLC (j) | Financials | L+4.50% (5.25%), 11/16/2027 | 4,508 | 4,405 | 4,508 | 0.3 | % | |||||||||||||||||||||||||||||||
Acrisure, LLC (i) (j) | Financials | L+3.50% (3.65%), 2/16/2027 | 24,649 | 24,632 | 24,130 | 1.7 | % | |||||||||||||||||||||||||||||||
Advisor Group, Inc. (j) | Financials | L+5.00% (5.15%), 7/31/2026 | 7,984 | 7,879 | 7,897 | 0.6 | % | |||||||||||||||||||||||||||||||
Affordable Care Holding Corp. (c) (j) | Healthcare | L+4.75% (5.75%), 10/24/2022 | 7,690 | 7,286 | 7,460 | 0.5 | % | |||||||||||||||||||||||||||||||
AHP Health Partners, Inc. (i) (j) | Healthcare | L+4.50% (5.50%), 6/30/2025 | 13,558 | 13,502 | 13,592 | 1.0 | % | |||||||||||||||||||||||||||||||
Alchemy US Holdco 1, LLC (c) (h) (i) (j) | Industrials | L+5.50% (5.65%), 10/10/2025 | 7,203 | 6,922 | 6,878 | 0.5 | % | |||||||||||||||||||||||||||||||
Aldevron, LLC (h) (i) (j) | Healthcare | L+4.25% (5.25%), 10/13/2026 | 10,689 | 10,609 | 10,711 | 0.8 | % | |||||||||||||||||||||||||||||||
Alvogen Pharma US, Inc. (j) | Healthcare | L+5.25% (6.25%), 12/29/2023 | 12,818 | 12,781 | 12,241 | 0.9 | % | |||||||||||||||||||||||||||||||
AMI Entertainment Network, LLC (c) | Media/Entertainment | P+5.00% (10.25%), 7/21/2022 | 1,234 | 1,234 | 1,138 | 0.1 | % | |||||||||||||||||||||||||||||||
AMI Entertainment Network, LLC (c) (i) | Media/Entertainment | L+8.00% (9.00%), 7/21/2022 | 12,161 | 12,086 | 11,227 | 0.8 | % | |||||||||||||||||||||||||||||||
AMI Entertainment Network, LLC (c) (i) | Media/Entertainment | L+8.00% (9.00%), 7/21/2022 | 3,667 | 3,635 | 3,385 | 0.2 | % | |||||||||||||||||||||||||||||||
Anchor Glass Container Corp. (c) (k) | Paper & Packaging | L+5.00% (6.00%), 12/7/2023 | 9,600 | 9,600 | 8,093 | 0.6 | % | |||||||||||||||||||||||||||||||
AP Gaming I, LLC (a) (j) | Gaming/Lodging | L+3.50% (4.50%), 2/15/2024 | 7,544 | 7,540 | 7,191 | 0.5 | % | |||||||||||||||||||||||||||||||
Aq Carver Buyer, Inc. (h) (i) | Business Services | L+5.00% (6.00%), 9/23/2025 | 9,297 | 8,696 | 9,158 | 0.7 | % | |||||||||||||||||||||||||||||||
AqGen Ascensus, Inc. (j) | Business Services | L+4.00% (5.00%), 12/3/2026 | 18,206 | 18,148 | 18,233 | 1.3 | % | |||||||||||||||||||||||||||||||
Arch Global Precision, LLC (c) (h) (i) | Industrials | L+4.75% (5.00%), 4/1/2026 | 11,643 | 11,577 | 11,643 | 0.8 | % | |||||||||||||||||||||||||||||||
Arctic Holdco, LLC (c) | Paper & Packaging | L+6.00% (7.00%), 12/23/2026 | 387 | 377 | 377 | 0.0 | % | |||||||||||||||||||||||||||||||
Arctic Holdco, LLC (c) (i) | Paper & Packaging | L+6.00% (7.00%), 12/23/2026 | 16,492 | 16,080 | 16,080 | 1.1 | % | |||||||||||||||||||||||||||||||
ASG Technologies Group, Inc. (c) (j) | Software/Services | L+3.50% (4.50%), 7/31/2024 | 759 | 740 | 744 | 0.1 | % | |||||||||||||||||||||||||||||||
Asp Navigate Acquisition Corp. (j) | Healthcare | L+4.50% (5.50%), 10/6/2027 | 3,309 | 3,261 | 3,301 | 0.2 | % | |||||||||||||||||||||||||||||||
Athenahealth, Inc. (j) | Healthcare | L+4.50% (4.65%), 2/11/2026 | 12,663 | 12,531 | 12,629 | 0.9 | % | |||||||||||||||||||||||||||||||
Avaya Holdings Corp. (a) (j) | Technology | L+4.25% (4.41%), 12/16/2024 | 20,145 | 20,035 | 20,180 | 1.4 | % | |||||||||||||||||||||||||||||||
Aveanna Healthcare, LLC (h) | Healthcare | L+4.25% (5.25%), 3/18/2024 | 776 | 748 | 754 | 0.1 | % |
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Portfolio Company (f) (q) | Industry | Investment Coupon Rate / Maturity (y) | Principal / Number of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | ||||||||||||||||||||||||||||||||
Aveanna Healthcare, LLC (h) | Healthcare | L+5.50% (6.50%), 3/18/2024 | $ | 5,961 | $ | 5,799 | $ | 5,819 | 0.4 | % | ||||||||||||||||||||||||||||
Aveanna Healthcare, LLC (j) | Healthcare | L+6.25% (7.25%), 3/18/2024 | 3,629 | 3,562 | 3,574 | 0.3 | % | |||||||||||||||||||||||||||||||
Axiom Global, Inc. (c) (i) | Business Services | L+4.75% (4.90%), 10/1/2026 | 11,378 | 11,289 | 11,276 | 0.8 | % | |||||||||||||||||||||||||||||||
Barbri, Inc. (c) (j) | Education | L+4.00% (5.00%), 12/1/2023 | 6,953 | 6,675 | 6,849 | 0.5 | % | |||||||||||||||||||||||||||||||
BBB Industries, LLC (h) | Transportation | L+4.50% (4.65%), 8/1/2025 | 12,988 | 12,914 | 12,533 | 0.9 | % | |||||||||||||||||||||||||||||||
BCP Raptor, LLC (j) | Energy | L+4.25% (5.25%), 6/24/2024 | 13,748 | 13,673 | 12,554 | 0.9 | % | |||||||||||||||||||||||||||||||
BCP Renaissance, LLC (j) | Energy | L+3.50% (4.50%), 10/31/2024 | 3,384 | 3,375 | 3,263 | 0.2 | % | |||||||||||||||||||||||||||||||
Bearcat Buyer, Inc. (c) (i) | Healthcare | L+4.25% (5.25%), 7/9/2026 | 152 | 152 | 148 | 0.0 | % | |||||||||||||||||||||||||||||||
Bearcat Buyer, Inc. (c) (i) | Healthcare | L+4.25% (5.25%), 7/9/2026 | 734 | 734 | 712 | 0.1 | % | |||||||||||||||||||||||||||||||
Black Mountain Sand, LLC (c) | Energy | L+9.00% (10.50%), 6/28/2024 | 23,000 | 22,861 | 21,850 | 1.6 | % | |||||||||||||||||||||||||||||||
BMC Software Finance, Inc. (j) | Technology | L+4.25% (4.40%), 10/2/2025 | 14,461 | 14,362 | 14,384 | 1.0 | % | |||||||||||||||||||||||||||||||
Bomgar Corp. (j) | Technology | L+4.00% (4.15%), 4/18/2025 | 1,942 | 1,937 | 1,930 | 0.1 | % | |||||||||||||||||||||||||||||||
Boston Market Corp. (c) (t) | Food & Beverage | 5.00% PIK, 4/1/2022 | 2,477 | — | — | — | % | |||||||||||||||||||||||||||||||
Bracket Intermediate Holding Corp. (c) (j) | Healthcare | L+4.25% (4.48%), 9/5/2025 | 5,255 | 5,193 | 5,177 | 0.4 | % | |||||||||||||||||||||||||||||||
Capstone Logistics (c) | Transportation | L+4.75% (5.75%), 11/12/2025 | 139 | 137 | 137 | 0.0 | % | |||||||||||||||||||||||||||||||
Capstone Logistics (c) (h) | Transportation | L+4.75% (5.75%), 11/12/2027 | 16,447 | 16,284 | 16,284 | 1.2 | % | |||||||||||||||||||||||||||||||
CareCentrix, Inc. (i) (j) | Healthcare | L+4.50% (4.72%), 4/3/2025 | 20,095 | 19,991 | 19,618 | 1.4 | % | |||||||||||||||||||||||||||||||
CCW, LLC (c) (h) (i) (t) | Food & Beverage | L+8.00% (9.00%), 3/22/2021 | 28,799 | 26,608 | 16,387 | 1.2 | % | |||||||||||||||||||||||||||||||
CCW, LLC (c) (t) | Food & Beverage | L+8.00% (9.00%), 3/22/2021 | 1,005 | 925 | 572 | 0.0 | % | |||||||||||||||||||||||||||||||
CDHA Holdings, LLC (c) (h) (i) (k) | Healthcare | L+7.25% (8.25%) 1.00% PIK, 8/24/2023 | 16,082 | 15,955 | 15,568 | 1.1 | % | |||||||||||||||||||||||||||||||
CDS U.S. Intermediate Holdings, Inc. (a) (c) (h) (p) | Media/Entertainment | L+6.00% (7.00%), 11/24/2025 | 2,041 | 1,941 | 1,940 | 0.1 | % | |||||||||||||||||||||||||||||||
Certara Holdco, Inc. (c) (j) | Healthcare | L+3.50% (3.75%), 8/15/2024 | 5,975 | 5,952 | 5,975 | 0.4 | % | |||||||||||||||||||||||||||||||
CHA Holdings, Inc. (c) (i) | Business Services | L+4.50% (5.50%), 4/10/2025 | 526 | 491 | 512 | 0.0 | % | |||||||||||||||||||||||||||||||
Chloe Ox Parent, LLC (c) (i) | Healthcare | L+5.25% (6.25%), 12/23/2024 | 22,535 | 21,866 | 21,866 | 1.6 | % | |||||||||||||||||||||||||||||||
Chloe Ox Parent, LLC (i) (j) | Healthcare | L+4.50% (5.50%), 12/23/2024 | 13,287 | 13,151 | 12,756 | 0.9 | % | |||||||||||||||||||||||||||||||
Clarion Events, Ltd. (a) (j) | Business Services | L+5.00% (6.00%), 9/30/2024 | 6,038 | 5,965 | 5,369 | 0.4 | % | |||||||||||||||||||||||||||||||
Claros Mortgage Trust, Inc. (j) | Financials | L+5.00% (6.00%), 8/10/2026 | 6,384 | 6,218 | 6,400 | 0.5 | % | |||||||||||||||||||||||||||||||
Clover Technologies Group, LLC (c) (j) | Industrials | L+7.50% (8.50%), 2/3/2024 | 1,471 | 1,471 | 1,301 | 0.1 | % | |||||||||||||||||||||||||||||||
CLP Health Services, Inc. (i) | Healthcare | L+5.00% (6.00%), 12/31/2026 | 10,009 | 9,844 | 9,934 | 0.7 | % | |||||||||||||||||||||||||||||||
Cold Spring Brewing, Co. (c) (h) (i) | Food & Beverage | L+4.75% (5.75%), 12/19/2025 | 8,774 | 8,700 | 8,774 | 0.6 | % | |||||||||||||||||||||||||||||||
CommerceHub, Inc. (i) | Technology | L+4.00% (4.75%), 12/29/2027 | 7,716 | 7,677 | 7,706 | 0.6 | % |
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Portfolio Company (f) (q) | Industry | Investment Coupon Rate / Maturity (y) | Principal / Number of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | ||||||||||||||||||||||||||||||||
Community Care Health Network, LLC (h) (j) | Healthcare | L+4.50% (4.65%), 2/17/2025 | $ | 9,863 | $ | 9,616 | $ | 9,802 | 0.7 | % | ||||||||||||||||||||||||||||
Connect Finco SARL (a) (j) | Telecom | L+4.50% (5.50%), 12/11/2026 | 4,607 | 4,487 | 4,618 | 0.3 | % | |||||||||||||||||||||||||||||||
Conservice Midco, LLC (j) | Business Services | L+4.25% (4.50%), 5/13/2027 | 3,101 | 2,974 | 3,101 | 0.2 | % | |||||||||||||||||||||||||||||||
CONSOL Energy, Inc. (j) | Energy | L+4.50% (4.65%), 9/27/2024 | 4,078 | 4,064 | 3,366 | 0.2 | % | |||||||||||||||||||||||||||||||
Conterra Ultra Broadband, LLC (c) (j) | Telecom | L+4.50% (4.65%), 4/30/2026 | 5,984 | 5,962 | 5,984 | 0.5 | % | |||||||||||||||||||||||||||||||
Corfin Industries, LLC (c) (h) (i) | Industrials | L+6.00% (7.00%), 2/5/2026 | 12,205 | 11,998 | 11,987 | 0.9 | % | |||||||||||||||||||||||||||||||
CRGT, Inc. (c) (j) | Software/Services | L+6.50% (7.50%), 2/28/2022 | 7,827 | 7,715 | 7,513 | 0.5 | % | |||||||||||||||||||||||||||||||
CRS-SPV, Inc. (c) (k) (o) (x) | Industrials | L+4.50% (5.50%), 3/8/2021 | 62 | 62 | 62 | 0.0 | % | |||||||||||||||||||||||||||||||
CVENT, Inc. (j) | Technology | L+3.75% (3.90%), 11/29/2024 | 7,843 | 7,492 | 7,529 | 0.5 | % | |||||||||||||||||||||||||||||||
Dealer Tire, LLC (j) | Retail | L+4.25% (4.40%), 12/12/2025 | 3,992 | 3,977 | 3,955 | 0.3 | % | |||||||||||||||||||||||||||||||
Drilling Info Holdings, Inc. (c) (i) | Business Services | L+4.25% (4.40%), 7/30/2025 | 7,097 | 6,851 | 6,884 | 0.5 | % | |||||||||||||||||||||||||||||||
Dunn Paper, Inc. (c) (j) | Paper & Packaging | L+4.75% (5.75%), 8/26/2022 | 581 | 548 | 542 | 0.0 | % | |||||||||||||||||||||||||||||||
Dynagrid Holdings, LLC (c) | Utilities | L+6.00% (7.00%), 12/18/2025 | 113 | 113 | 111 | 0.0 | % | |||||||||||||||||||||||||||||||
Dynagrid Holdings, LLC (c) (i) | Utilities | L+6.00% (7.00%), 12/18/2025 | 14,481 | 14,193 | 14,193 | 1.0 | % | |||||||||||||||||||||||||||||||
Dynasty Acqusition Co., Inc. (i) (j) | Industrials | L+3.50% (3.75%), 4/6/2026 | 3,038 | 2,866 | 2,886 | 0.2 | % | |||||||||||||||||||||||||||||||
Dynasty Acqusition Co., Inc. (i) (j) | Industrials | L+3.50% (3.75%), 4/6/2026 | 5,651 | 5,328 | 5,368 | 0.4 | % | |||||||||||||||||||||||||||||||
Emerald 2, Ltd. (a) (j) | Industrials | L+3.25% (3.50%), 7/10/2026 | 522 | 517 | 515 | 0.0 | % | |||||||||||||||||||||||||||||||
eResearchTechnology, Inc. (j) | Healthcare | L+4.50% (5.50%), 2/4/2027 | 1,564 | 1,563 | 1,547 | 0.1 | % | |||||||||||||||||||||||||||||||
Fastlane Parent Co, Inc. (j) | Transportation | L+4.50% (4.65%), 2/4/2026 | 1,585 | 1,559 | 1,577 | 0.1 | % | |||||||||||||||||||||||||||||||
Florida Food Products, LLC (c) (h) | Food & Beverage | L+6.50% (7.50%), 9/6/2025 | 21,890 | 21,525 | 21,890 | 1.6 | % | |||||||||||||||||||||||||||||||
Florida Food Products, LLC (c) (i) | Food & Beverage | L+7.25% (8.25%), 9/8/2025 | 1,324 | 1,244 | 1,324 | 0.1 | % | |||||||||||||||||||||||||||||||
Florida Food Products, LLC (c) (k) | Food & Beverage | L+6.50% (7.50%), 9/6/2023 | 461 | 461 | 461 | 0.0 | % | |||||||||||||||||||||||||||||||
Foresight Energy Operating, LLC (c) (p) | Energy | L+8.00% (9.50%), 6/30/2027 | 1,326 | 1,326 | 1,354 | 0.1 | % | |||||||||||||||||||||||||||||||
Frontier Communications Corp. | Telecom | 5.00%, 5/1/2028 | 1,240 | 1,240 | 1,290 | 0.1 | % | |||||||||||||||||||||||||||||||
Frontier Communications Corp. (h) | Telecom | L+4.75% (5.75%), 10/8/2021 | 18,988 | 18,867 | 19,047 | 1.4 | % | |||||||||||||||||||||||||||||||
Gold Standard Baking, Inc. (c) | Food & Beverage | L+6.50% (7.50%) 2.00% PIK, 7/25/2022 | 3,131 | 2,660 | 1,252 | 0.1 | % | |||||||||||||||||||||||||||||||
Green Energy Partners/Stonewall, LLC | Utilities | L+5.50% (6.50%), 11/15/2021 | 1,310 | 1,310 | 1,201 | 0.1 | % | |||||||||||||||||||||||||||||||
Green Energy Partners/Stonewall, LLC | Utilities | L+5.50% (6.50%), 11/15/2021 | 989 | 989 | 907 | 0.1 | % | |||||||||||||||||||||||||||||||
Greenway Health, LLC (c) (j) | Healthcare | L+3.75% (4.75%), 2/16/2024 | 7,782 | 6,965 | 7,160 | 0.5 | % | |||||||||||||||||||||||||||||||
HAH Group Holding Company, LLC (c) (j) | Healthcare | L+5.00% (6.00%), 10/29/2027 | 5,871 | 5,785 | 5,785 | 0.4 | % | |||||||||||||||||||||||||||||||
HC2 Holdings, Inc. (c) (k) | Industrials | 11.50%, 12/1/2021 | 7,818 | 7,792 | 7,685 | 0.5 | % |
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Portfolio Company (f) (q) | Industry | Investment Coupon Rate / Maturity (y) | Principal / Number of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | ||||||||||||||||||||||||||||||||
Health Plan One, Inc. (c) (k) | Financials | L+7.50% (8.50%), 7/15/2025 | $ | 10,695 | $ | 10,210 | $ | 10,485 | 0.7 | % | ||||||||||||||||||||||||||||
Heartland Dental, LLC (j) | Healthcare | L+3.50% (3.65%), 4/30/2025 | 4,197 | 4,033 | 4,088 | 0.3 | % | |||||||||||||||||||||||||||||||
Higginbotham Insurance Agency, Inc. (c) (h) | Financials | L+5.75% (6.50%), 11/25/2026 | 11,579 | 11,408 | 11,408 | 0.8 | % | |||||||||||||||||||||||||||||||
HireRight, Inc. (i) | Business Services | L+3.75% (3.90%), 7/11/2025 | 2,885 | 2,868 | 2,790 | 0.2 | % | |||||||||||||||||||||||||||||||
Hospice Care Buyer, Inc. (c) | Healthcare | L+6.50% (7.50%), 12/9/2026 | 396 | 396 | 396 | 0.0 | % | |||||||||||||||||||||||||||||||
Hospice Care Buyer, Inc. (c) (h) | Healthcare | L+6.50% (7.50%), 12/9/2026 | 21,876 | 21,183 | 21,226 | 1.5 | % | |||||||||||||||||||||||||||||||
HS Purchaser, LLC (c) (j) | Software/Services | L+4.75% (5.75%), 11/19/2026 | 160 | 160 | 160 | 0.0 | % | |||||||||||||||||||||||||||||||
ICR Operations, LLC (c) (h) (i) | Business Services | L+5.00% (6.00%), 3/26/2025 | 17,145 | 16,932 | 16,728 | 1.2 | % | |||||||||||||||||||||||||||||||
ICR Operations, LLC (c) (i) | Business Services | L+5.00% (6.00%), 3/26/2025 | 6,650 | 6,488 | 6,488 | 0.5 | % | |||||||||||||||||||||||||||||||
ICR Operations, LLC (c) (k) | Business Services | L+5.00% (6.00%), 3/26/2024 | 907 | 907 | 885 | 0.1 | % | |||||||||||||||||||||||||||||||
Ideal Tridon Holdings, Inc. (c) | Industrials | L+5.75% (6.75%), 7/31/2024 | 46 | 45 | 46 | 0.0 | % | |||||||||||||||||||||||||||||||
Ideal Tridon Holdings, Inc. (c) (h) (i) | Industrials | L+5.75% (6.75%), 7/31/2024 | 26,837 | 26,612 | 26,837 | 1.9 | % | |||||||||||||||||||||||||||||||
Ideal Tridon Holdings, Inc. (c) (h) (i) | Industrials | L+5.75% (6.75%), 7/31/2024 | 828 | 817 | 828 | 0.1 | % | |||||||||||||||||||||||||||||||
Ideal Tridon Holdings, Inc. (c) (k) | Industrials | L+5.75% (6.75%), 7/31/2023 | 442 | 442 | 442 | 0.0 | % | |||||||||||||||||||||||||||||||
IDERA, Inc. (j) | Technology | L+4.00% (5.00%), 6/28/2024 | 5,475 | 5,458 | 5,458 | 0.4 | % | |||||||||||||||||||||||||||||||
Integral Ad Science, Inc. (c) (k) | Software/Services | L+7.25% (8.25%) 1.25% PIK, 7/19/2024 | 15,464 | 15,283 | 15,464 | 1.1 | % | |||||||||||||||||||||||||||||||
Integrated Efficiency Solutions, Inc. (c) (x) | Industrials | L+2.50% (3.50%) 1.50% PIK, 6/30/2022 | 3,833 | 3,833 | 2,990 | 0.2 | % | |||||||||||||||||||||||||||||||
Integrated Global Services, Inc. (c) (i) | Industrials | L+6.00% (7.00%), 2/4/2026 | 11,414 | 11,221 | 11,018 | 0.8 | % | |||||||||||||||||||||||||||||||
Integrated Global Services, Inc. (c) (k) | Industrials | L+6.00% (7.00%), 2/4/2026 | 1,622 | 1,622 | 1,565 | 0.1 | % | |||||||||||||||||||||||||||||||
Intelsat Jackson Holdings, SA (a) | Telecom | 8.63%, 1/2/2024 | 2,367 | 2,375 | 2,403 | 0.2 | % | |||||||||||||||||||||||||||||||
Intelsat Jackson Holdings, SA (a) | Telecom | P+4.75% (8.00%), 11/27/2023 | 1,124 | 1,121 | 1,138 | 0.1 | % | |||||||||||||||||||||||||||||||
Internap Corp. (c) (h) (p) | Business Services | L+6.50% (7.50%) 5.50% PIK, 5/8/2025 | 5,955 | 5,955 | 5,181 | 0.4 | % | |||||||||||||||||||||||||||||||
International Cruise & Excursions, Inc. (c) (i) | Business Services | L+5.25% (6.25%), 6/6/2025 | 4,951 | 4,916 | 4,159 | 0.3 | % | |||||||||||||||||||||||||||||||
Iri Holdings, Inc. (j) | Business Services | L+4.25% (4.40%), 12/1/2025 | 7,900 | 7,822 | 7,801 | 0.6 | % | |||||||||||||||||||||||||||||||
Jakks Pacific, Inc. (c) (p) | Consumer | 10.50%, 2.50% PIK, 2/9/2023 | 17,104 | 16,097 | 17,104 | 1.2 | % | |||||||||||||||||||||||||||||||
K2 Intelligence Holdings, Inc. (c) (h) (i) | Business Services | L+4.75% (5.75%), 9/23/2024 | 10,251 | 10,099 | 10,082 | 0.7 | % | |||||||||||||||||||||||||||||||
Kahala Ireland OpCo Designated Activity Company (a) (c) (k) (o) | Transportation | L+8.00% (13.00%), 12/22/2028 | 18,549 | 18,549 | 18,549 | 1.3 | % | |||||||||||||||||||||||||||||||
Kaman Distribution Corp. (c) (h) (i) | Industrials | L+5.00% (5.25%), 8/26/2026 | 21,283 | 19,729 | 19,793 | 1.4 | % | |||||||||||||||||||||||||||||||
KidKraft, Inc. (c) (t) (x) | Consumer | L+5.50% (6.50%) PIK, 8/15/2022 | 1,043 | 50 | 335 | 0.0 | % | |||||||||||||||||||||||||||||||
KMTEX, LLC (c) (g) (o) | Chemicals | P+3.00% (6.25%) PIK, 6/16/2025 | 829 | 829 | 829 | 0.1 | % | |||||||||||||||||||||||||||||||
KMTEX, LLC (c) (g) (o) | Chemicals | P+3.00% (6.25%) PIK, 6/16/2025 | 218 | 218 | 218 | 0.0 | % |
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Portfolio Company (f) (q) | Industry | Investment Coupon Rate / Maturity (y) | Principal / Number of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | ||||||||||||||||||||||||||||||||
KMTEX, LLC (c) (o) | Chemicals | P+3.00% (6.25%) PIK, 6/16/2025 | $ | 3,230 | $ | 3,230 | $ | 3,230 | 0.2 | % | ||||||||||||||||||||||||||||
Labrie Environmental Group, LLC (a) (c) (h) | Industrials | L+5.50% (6.50%), 9/1/2026 | 22,809 | 22,378 | 22,353 | 1.6 | % | |||||||||||||||||||||||||||||||
Lakeland Tours, LLC (c) (h) | Education | 13.25% PIK, 9/27/2027 | 4,101 | 2,129 | 2,051 | 0.2 | % | |||||||||||||||||||||||||||||||
Lakeland Tours, LLC (c) (h) | Education | L+12.00% (13.25%) 6.00% PIK, 9/25/2023 | 1,783 | 1,783 | 1,783 | 0.1 | % | |||||||||||||||||||||||||||||||
Lakeland Tours, LLC (c) (h) | Education | L+7.50% (8.75%) 6.00% PIK, 9/25/2025 | 3,369 | 3,352 | 3,369 | 0.2 | % | |||||||||||||||||||||||||||||||
Lakeland Tours, LLC (c) (h) | Education | L+7.50% (8.75%) 6.00% PIK, 9/25/2025 | 4,083 | 3,622 | 3,593 | 0.3 | % | |||||||||||||||||||||||||||||||
Lakeview Health Holdings, Inc. (c) (t) (x) | Healthcare | 9.75% PIK, 12/15/2021 | 142 | 124 | 36 | 0.0 | % | |||||||||||||||||||||||||||||||
Lakeview Health Holdings, Inc. (c) (t) (x) | Healthcare | 9.75% PIK, 12/15/2021 | 4,136 | 2,671 | 1,034 | 0.1 | % | |||||||||||||||||||||||||||||||
LightSquared, LP | Telecom | 15.50%, 11/1/2023 | 1,540 | 1,540 | 1,494 | 0.1 | % | |||||||||||||||||||||||||||||||
LSCS Holdings, Inc. (c) (j) | Healthcare | L+4.25% (4.51%), 3/17/2025 | 1,595 | 1,555 | 1,547 | 0.1 | % | |||||||||||||||||||||||||||||||
LSCS Holdings, Inc. (c) (j) | Healthcare | L+4.25% (4.50%), 3/17/2025 | 6,180 | 6,025 | 5,994 | 0.4 | % | |||||||||||||||||||||||||||||||
Manna Pro Products, LLC (c) (i) | Consumer | L+6.00% (7.00%), 12/10/2026 | 24,659 | 24,050 | 24,050 | 1.7 | % | |||||||||||||||||||||||||||||||
McDonald Worley, P.C. (c) | Business Services | 21.00% PIK, 12/31/2024 | 10,047 | 10,047 | 10,047 | 0.7 | % | |||||||||||||||||||||||||||||||
MCS Acquisition Corp. (c) | Business Services | L+6.00% (7.00%), 10/2/2025 | 788 | 788 | 788 | 0.1 | % | |||||||||||||||||||||||||||||||
MED Parentco, LP (j) | Healthcare | L+4.25% (4.40%), 8/31/2026 | 1,426 | 1,426 | 1,402 | 0.1 | % | |||||||||||||||||||||||||||||||
MED Parentco, LP (j) | Healthcare | L+4.25% (4.40%), 8/31/2026 | 5,688 | 5,642 | 5,590 | 0.4 | % | |||||||||||||||||||||||||||||||
Medallion Midland Acquisition, LP (j) | Energy | L+3.25% (4.25%), 10/30/2024 | 3,651 | 3,646 | 3,578 | 0.3 | % | |||||||||||||||||||||||||||||||
Medical Depot Holdings, Inc. (c) (h) (i) | Healthcare | L+7.50% (8.50%) 2.00% PIK, 1/3/2023 | 19,236 | 18,652 | 16,158 | 1.2 | % | |||||||||||||||||||||||||||||||
Medical Solutions Holdings, Inc. (c) (j) | Healthcare | L+4.50% (5.50%), 6/14/2024 | 2,615 | 2,611 | 2,602 | 0.2 | % | |||||||||||||||||||||||||||||||
MGTF Radio Company, LLC (c) (k) (o) | Media/Entertainment | L+6.00% (7.00%), 4/1/2024 | 55,146 | 55,042 | 43,400 | 3.1 | % | |||||||||||||||||||||||||||||||
Midwest Can Company, LLC (c) (h) (i) | Paper & Packaging | L+6.00% (7.00%), 3/2/2026 | 29,983 | 29,438 | 29,383 | 2.1 | % | |||||||||||||||||||||||||||||||
Millennium Park HoldCo, Inc. (c) (j) | Business Services | L+4.25% (5.25%), 6/5/2024 | 908 | 894 | 881 | 0.1 | % | |||||||||||||||||||||||||||||||
Miller Environmental Group, Inc. (c) (h) (i) | Business Services | L+6.50% (7.50%), 3/15/2024 | 10,483 | 10,324 | 10,483 | 0.7 | % | |||||||||||||||||||||||||||||||
Miller Environmental Group, Inc. (c) (h) (i) | Business Services | L+6.50% (7.50%), 3/15/2024 | 11,463 | 11,316 | 11,463 | 0.8 | % | |||||||||||||||||||||||||||||||
Ministry Brands, LLC (c) (i) | Software/Services | L+4.00% (5.00%), 12/2/2022 | 5,670 | 5,617 | 5,599 | 0.4 | % | |||||||||||||||||||||||||||||||
Mintz Group, LLC (c) (i) | Business Services | L+4.75% (5.75%), 3/18/2026 | 4,711 | 4,670 | 4,670 | 0.3 | % | |||||||||||||||||||||||||||||||
Monitronics International, Inc. (a) (k) | Business Services | L+6.50% (7.75%), 3/29/2024 | 5,565 | 5,572 | 4,908 | 0.4 | % | |||||||||||||||||||||||||||||||
Montreign Operating Company, LLC (c) | Gaming/Lodging | L+3.25% (3.40%), 3/22/2021 | 7,896 | 7,880 | 7,896 | 0.6 | % | |||||||||||||||||||||||||||||||
MSG National Properties, LLC (a) (c) (h) | Media/Entertainment | L+6.25% (7.00%), 11/12/2025 | 12,311 | 11,950 | 11,950 | 0.9 | % | |||||||||||||||||||||||||||||||
Muth Mirror Systems, LLC (c) (h) (i) | Technology | L+5.25% (6.25%), 4/23/2025 | 15,459 | 15,237 | 13,836 | 1.0 | % | |||||||||||||||||||||||||||||||
National Intergovernmental Purchasing Alliance Co. (j) | Business Services | L+3.75% (4.00%), 5/23/2025 | 1,573 | 1,559 | 1,553 | 0.1 | % |
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Portfolio Company (f) (q) | Industry | Investment Coupon Rate / Maturity (y) | Principal / Number of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | ||||||||||||||||||||||||||||||||
Navitas Midstream Midland Basin, LLC (j) | Energy | L+4.50% (5.50%), 12/13/2024 | $ | 21,563 | $ | 18,958 | $ | 21,199 | 1.5 | % | ||||||||||||||||||||||||||||
New Amsterdam Software Bidco, LLC (c) (h) (i) | Technology | L+5.00% (6.00%), 5/1/2026 | 6,073 | 5,980 | 6,073 | 0.4 | % | |||||||||||||||||||||||||||||||
New Star Metals, Inc. (c) (h) (i) | Industrials | L+6.00% (7.50%), 7/10/2023 | 21,864 | 21,500 | 21,024 | 1.5 | % | |||||||||||||||||||||||||||||||
NN, Inc. (a) (h) | Industrials | L+5.75% (5.90%), 10/19/2022 | 1,011 | 978 | 1,005 | 0.1 | % | |||||||||||||||||||||||||||||||
NN, Inc. (a) (h) | Industrials | L+5.75% (6.50%), 10/19/2022 | 918 | 877 | 913 | 0.1 | % | |||||||||||||||||||||||||||||||
Norvax, LLC (c) (k) | Business Services | L+6.50% (7.50%), 9/12/2025 | 11,374 | 11,139 | 11,374 | 0.8 | % | |||||||||||||||||||||||||||||||
NTM Acquisition Corp. (c) (h) (i) | Media/Entertainment | L+7.25% (8.25%) 1.00% PIK, 6/7/2024 | 22,129 | 22,050 | 19,916 | 1.4 | % | |||||||||||||||||||||||||||||||
Olaplex, Inc. (c) (h) (i) | Consumer | L+6.50% (7.50%), 1/8/2026 | 17,231 | 16,943 | 17,231 | 1.2 | % | |||||||||||||||||||||||||||||||
ORG GC Holdings, LLC (c) (h) (t) | Business Services | L+6.75% (7.75%), 7/31/2022 | 21,624 | 21,457 | 14,306 | 1.0 | % | |||||||||||||||||||||||||||||||
Pelican Products, Inc. (c) (j) | Consumer | L+3.50% (4.50%), 5/1/2025 | 2,621 | 2,578 | 2,529 | 0.2 | % | |||||||||||||||||||||||||||||||
Perstorp Holding Ab (a) (j) | Chemicals | L+4.75% (5.02%), 2/27/2026 | 8,868 | 8,774 | 8,010 | 0.6 | % | |||||||||||||||||||||||||||||||
Petrochoice Holdings, Inc. (c) (j) | Industrials | L+5.00% (6.00%), 8/19/2022 | 2,038 | 1,882 | 1,900 | 0.1 | % | |||||||||||||||||||||||||||||||
PG&E Corp. (a) (j) | Utilities | L+4.50% (5.50%), 6/23/2025 | 2,888 | 2,865 | 2,918 | 0.2 | % | |||||||||||||||||||||||||||||||
Planet Equity Group, LLC (c) (h) | Business Services | L+5.25% (6.25%), 11/18/2025 | 1,089 | 1,070 | 1,070 | 0.1 | % | |||||||||||||||||||||||||||||||
Planet Equity Group, LLC (c) (h) | Business Services | L+5.25% (6.25%), 11/18/2025 | 14,792 | 14,611 | 14,792 | 1.1 | % | |||||||||||||||||||||||||||||||
PlayPower, Inc. (c) (h) (i) | Industrials | L+5.50% (5.74%), 5/8/2026 | 25,350 | 25,059 | 24,083 | 1.7 | % | |||||||||||||||||||||||||||||||
Premier Dental Services, Inc. (c) (h) (i) (j) | Healthcare | L+5.25% (6.25%), 6/30/2023 | 32,590 | 32,448 | 31,873 | 2.3 | % | |||||||||||||||||||||||||||||||
Premier Global Services, Inc. (c) (j) | Telecom | L+6.50% (7.50%), 6/8/2023 | 6,069 | 5,929 | 3,077 | 0.2 | % | |||||||||||||||||||||||||||||||
Premise Health Holding Corp. (c) (j) | Healthcare | L+3.50% (3.75%), 7/10/2025 | 730 | 712 | 721 | 0.1 | % | |||||||||||||||||||||||||||||||
Prototek, LLC (c) | Industrials | L+5.75% (6.75%), 10/20/2026 | 677 | 677 | 663 | 0.0 | % | |||||||||||||||||||||||||||||||
Prototek, LLC (c) (h) | Industrials | L+5.75% (6.75%), 10/20/2026 | 11,285 | 11,040 | 11,040 | 0.8 | % | |||||||||||||||||||||||||||||||
PSC Industrial Holdings Corp. (j) | Industrials | L+3.75% (4.75%), 10/11/2024 | 4,542 | 4,417 | 4,383 | 0.3 | % | |||||||||||||||||||||||||||||||
PSKW, LLC (c) (h) (i) | Healthcare | L+6.25% (7.25%), 3/9/2026 | 29,775 | 29,132 | 29,477 | 2.1 | % | |||||||||||||||||||||||||||||||
PT Network, LLC (c) (h) | Healthcare | L+7.50% (8.50%) 2.00% PIK, 11/30/2023 | 16,999 | 16,941 | 15,418 | 1.1 | % | |||||||||||||||||||||||||||||||
Questex, Inc. (c) (h) (i) | Media/Entertainment | L+5.75% (6.75%), 9/9/2024 | 15,827 | 15,633 | 14,529 | 1.0 | % | |||||||||||||||||||||||||||||||
Questex, Inc. (c) (k) | Media/Entertainment | L+5.75% (6.75%), 9/9/2024 | 1,895 | 1,895 | 1,738 | 0.1 | % | |||||||||||||||||||||||||||||||
RE Investment Company, LLC (c) | Industrials | L+8.00% (9.00%), 9/25/2025 | 5,674 | 5,674 | 5,539 | 0.4 | % | |||||||||||||||||||||||||||||||
RE Investment Company, LLC (c) (h) | Industrials | L+8.00% (9.00%), 9/25/2025 | 13,616 | 13,294 | 13,293 | 0.9 | % | |||||||||||||||||||||||||||||||
Red River Technology, LLC (c) (h) (i) | Business Services | L+5.00% (6.00%), 8/30/2024 | 23,431 | 23,168 | 23,431 | 1.7 | % | |||||||||||||||||||||||||||||||
Reddy Ice Corp. (c) (h) (i) | Food & Beverage | L+6.50% (7.50%), 7/1/2025 | 19,343 | 18,909 | 18,811 | 1.3 | % |
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Portfolio Company (f) (q) | Industry | Investment Coupon Rate / Maturity (y) | Principal / Number of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | ||||||||||||||||||||||||||||||||
Reddy Ice Corp. (c) (k) | Food & Beverage | L+6.50% (7.50%), 7/1/2025 | $ | 1,271 | $ | 1,255 | $ | 1,233 | 0.1 | % | ||||||||||||||||||||||||||||
Refresh Parent Holdings, Inc. (c) | Healthcare | L+6.50% (7.50%), 12/9/2026 | 320 | 320 | 312 | 0.0 | % | |||||||||||||||||||||||||||||||
Refresh Parent Holdings, Inc. (c) (h) | Healthcare | L+6.50% (7.50%), 12/9/2026 | 9,583 | 9,346 | 9,345 | 0.7 | % | |||||||||||||||||||||||||||||||
Regionalcare Hospital Partners Holdings, Inc. (j) | Healthcare | L+3.75% (3.90%), 11/14/2025 | 18,195 | 17,993 | 18,125 | 1.3 | % | |||||||||||||||||||||||||||||||
REP TEC Intermediate Holdings, Inc. (c) (h) (i) | Software/Services | L+6.50% (7.50%), 6/19/2025 | 6,980 | 6,793 | 6,823 | 0.5 | % | |||||||||||||||||||||||||||||||
Resco Products, Inc. (c) | Industrials | L+7.00% (9.00%) 2.00% PIK, 6/5/2022 | 9,700 | 9,700 | 8,924 | 0.6 | % | |||||||||||||||||||||||||||||||
RXB Holdings, Inc. (h) | Healthcare | L+5.25% (6.00%), 12/20/2027 | 8,095 | 7,933 | 8,014 | 0.6 | % | |||||||||||||||||||||||||||||||
Safety Products/JHC Acquisition Corp. (j) | Industrials | L+4.50% (4.65%), 6/28/2026 | 17,539 | 17,411 | 16,442 | 1.2 | % | |||||||||||||||||||||||||||||||
Safety Products/JHC Acquisition Corp. (j) | Industrials | L+4.50% (4.65%), 6/28/2026 | 948 | 948 | 889 | 0.1 | % | |||||||||||||||||||||||||||||||
Schenectady International Group, Inc. (j) | Chemicals | L+4.75% (4.90%), 10/15/2025 | 21,509 | 21,161 | 21,105 | 1.5 | % | |||||||||||||||||||||||||||||||
SCIH Salt Holdings, Inc. (c) | Industrials | L+4.00% (5.00%), 3/17/2025 | 1,153 | 1,153 | 1,147 | 0.1 | % | |||||||||||||||||||||||||||||||
SCIH Salt Holdings, Inc. (h) (i) | Industrials | L+4.50% (5.50%), 3/16/2027 | 24,850 | 24,627 | 24,819 | 1.8 | % | |||||||||||||||||||||||||||||||
SFR Group, SA (a) (i) (j) | Telecom | L+4.00% (4.24%), 8/14/2026 | 12,836 | 12,748 | 12,761 | 0.9 | % | |||||||||||||||||||||||||||||||
Shields Health Solutions Holdings, LLC (h) (i) | Healthcare | L+5.00% (5.15%), 8/19/2026 | 6,893 | 6,837 | 6,755 | 0.5 | % | |||||||||||||||||||||||||||||||
Sierra Acquisition, Inc. (c) (j) | Food & Beverage | L+4.00% (5.00%), 11/11/2024 | 4,953 | 4,705 | 4,879 | 0.4 | % | |||||||||||||||||||||||||||||||
SitusAMC Holdings Corp. (c) (h) | Financials | L+4.75% (5.75%), 6/28/2025 | 1,473 | 1,452 | 1,454 | 0.1 | % | |||||||||||||||||||||||||||||||
SitusAMC Holdings Corp. (c) (h) (i) | Financials | L+4.75% (5.75%), 6/30/2025 | 8,394 | 8,298 | 8,283 | 0.6 | % | |||||||||||||||||||||||||||||||
SitusAMC Holdings Corp. (c) (k) | Financials | L+4.75% (5.75%), 6/30/2025 | 752 | 742 | 742 | 0.1 | % | |||||||||||||||||||||||||||||||
Skillsoft Corp. (c) | Technology | L+7.50% (8.50%), 12/27/2024 | 725 | 685 | 725 | 0.1 | % | |||||||||||||||||||||||||||||||
Skillsoft Corp. (c) | Technology | L+7.50% (8.50%), 12/27/2024 | 638 | 606 | 638 | 0.0 | % | |||||||||||||||||||||||||||||||
Skillsoft Corp. (c) (h) | Technology | L+7.50% (8.50%), 4/28/2025 | 12,918 | 12,857 | 12,918 | 0.9 | % | |||||||||||||||||||||||||||||||
Sotera Health Holdings, LLC (j) | Healthcare | L+4.50% (5.50%), 12/11/2026 | 3,187 | 3,110 | 3,196 | 0.2 | % | |||||||||||||||||||||||||||||||
Spirit Aerosystems, Inc. (a) (j) | Industrials | L+5.25% (6.00%), 1/15/2025 | 2,581 | 2,573 | 2,600 | 0.2 | % | |||||||||||||||||||||||||||||||
SSH Group Holdings, Inc. (j) | Education | L+4.25% (4.50%), 7/30/2025 | 10,627 | 10,601 | 10,096 | 0.7 | % | |||||||||||||||||||||||||||||||
St. Croix Hospice Acquisition Corp. (c) (i) | Healthcare | L+6.25% (7.25%), 10/30/2026 | 25,939 | 25,435 | 25,436 | 1.8 | % | |||||||||||||||||||||||||||||||
Subsea Global Solutions, LLC (c) (i) | Business Services | L+7.00% (8.00%), 3/29/2023 | 4,744 | 4,682 | 4,611 | 0.3 | % | |||||||||||||||||||||||||||||||
Subsea Global Solutions, LLC (c) (i) | Business Services | L+7.00% (8.00%), 3/29/2023 | 8,001 | 7,930 | 7,776 | 0.6 | % | |||||||||||||||||||||||||||||||
Subsea Global Solutions, LLC (c) (k) | Business Services | L+7.00% (8.00%), 3/29/2023 | 385 | 385 | 376 | 0.0 | % | |||||||||||||||||||||||||||||||
Tax Defense Network, LLC (c) (p) (t) | Consumer | 10.00% PIK, 9/30/2021 | 3,311 | 2,986 | 3,311 | 0.2 | % | |||||||||||||||||||||||||||||||
Tax Defense Network, LLC (c) (p) (t) | Consumer | L+6.00% (10.00%) PIK, 9/30/2021 | 33,829 | 21,646 | 2,368 | 0.2 | % | |||||||||||||||||||||||||||||||
Tax Defense Network, LLC (c) (p) (t) | Consumer | L+6.00% (10.00%) PIK, 9/30/2021 | 6,005 | 3,833 | 420 | 0.0 | % |
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Portfolio Company (f) (q) | Industry | Investment Coupon Rate / Maturity (y) | Principal / Number of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | ||||||||||||||||||||||||||||||||
The Dun & Bradstreet Corp. (j) | Business Services | L+3.75% (3.90%), 2/6/2026 | $ | 9,925 | $ | 9,780 | $ | 9,921 | 0.7 | % | ||||||||||||||||||||||||||||
Tillamook Country Smoker, LLC (c) (h) | Food & Beverage | L+7.75% (8.75%), 5/19/2022 | 9,834 | 9,794 | 9,547 | 0.7 | % | |||||||||||||||||||||||||||||||
Tillamook Country Smoker, LLC (c) (k) | Food & Beverage | L+7.75% (8.75%), 5/19/2022 | 2,561 | 2,561 | 2,486 | 0.2 | % | |||||||||||||||||||||||||||||||
Tivity Health, Inc. (a) (j) | Healthcare | L+4.25% (4.40%), 3/8/2024 | 420 | 417 | 415 | 0.0 | % | |||||||||||||||||||||||||||||||
Tivity Health, Inc. (a) (j) | Healthcare | L+5.25% (5.40%), 3/6/2026 | 1,761 | 1,728 | 1,742 | 0.1 | % | |||||||||||||||||||||||||||||||
Trademark Global, LLC (c) (k) (x) | Consumer | L+6.00% (7.00%), 10/31/2022 | 1,943 | 1,943 | 1,904 | 0.1 | % | |||||||||||||||||||||||||||||||
Traverse Midstream Partners, LLC (j) | Energy | L+5.50% (6.50%), 9/27/2024 | 15,445 | 15,164 | 15,117 | 1.1 | % | |||||||||||||||||||||||||||||||
Trilogy International Partners, LLC (a) | Telecom | 8.88%, 5/1/2022 | 14,875 | 14,852 | 14,317 | 1.0 | % | |||||||||||||||||||||||||||||||
Trilogy International Partners, LLC (a) (c) (h) | Telecom | 10.00%, 5/1/2022 | 6,298 | 6,044 | 6,044 | 0.4 | % | |||||||||||||||||||||||||||||||
University of St. Augustine Acquisition Corp. (c) (h) (i) | Education | L+4.25% (5.25%), 2/2/2026 | 23,762 | 23,330 | 23,999 | 1.7 | % | |||||||||||||||||||||||||||||||
Urban One, Inc. (j) | Media/Entertainment | L+4.00% (5.00%), 4/18/2023 | 539 | 510 | 498 | 0.0 | % | |||||||||||||||||||||||||||||||
Veritext Corp. (h) (i) | Business Services | L+3.50% (3.65%), 8/1/2025 | 4,924 | 4,924 | 4,851 | 0.4 | % | |||||||||||||||||||||||||||||||
Verscend Holding Corp. (j) | Healthcare | L+4.50% (4.65%), 8/27/2025 | 1,733 | 1,702 | 1,729 | 0.1 | % | |||||||||||||||||||||||||||||||
Vertex Aerospace Services Corp. (h) (i) | Industrials | L+4.50% (4.65%), 6/30/2025 | 8,133 | 8,107 | 8,092 | 0.6 | % | |||||||||||||||||||||||||||||||
Vyaire Medical, Inc. (c) (j) | Healthcare | L+4.75% (5.75%), 4/16/2025 | 7,912 | 7,716 | 6,330 | 0.5 | % | |||||||||||||||||||||||||||||||
WaterBridge Midstream Operating, LLC (j) | Energy | L+5.75% (6.75%), 6/22/2026 | 13,769 | 13,539 | 11,781 | 0.9 | % | |||||||||||||||||||||||||||||||
Wirepath, LLC (c) (j) | Consumer | L+4.00% (4.26%), 8/5/2024 | 7,883 | 7,627 | 7,627 | 0.5 | % | |||||||||||||||||||||||||||||||
WMK, LLC (c) | Business Services | L+6.25% (7.25%), 9/5/2025 | 356 | 353 | 339 | 0.0 | % | |||||||||||||||||||||||||||||||
WMK, LLC (c) (h) (i) | Business Services | L+5.75% (6.75%), 9/5/2025 | 19,108 | 18,853 | 18,176 | 1.3 | % | |||||||||||||||||||||||||||||||
WMK, LLC (c) (k) | Business Services | L+6.25% (7.25%), 9/5/2024 | 2,182 | 2,182 | 2,074 | 0.1 | % | |||||||||||||||||||||||||||||||
WMK, LLC (c) (k) | Business Services | L+6.25% (7.25%), 9/5/2025 | 2,584 | 2,576 | 2,458 | 0.2 | % | |||||||||||||||||||||||||||||||
WP CityMD Bidco, LLC (j) | Healthcare | L+4.50% (5.50%), 8/13/2026 | 7,149 | 7,152 | 7,134 | 0.5 | % | |||||||||||||||||||||||||||||||
Wrench Group, LLC (c) (j) | Consumer | L+4.00% (4.25%), 4/30/2026 | 3,185 | 3,145 | 3,121 | 0.2 | % | |||||||||||||||||||||||||||||||
YI, LLC (c) (j) | Healthcare | L+4.00% (5.00%), 11/7/2024 | 9,068 | 8,342 | 8,614 | 0.6 | % | |||||||||||||||||||||||||||||||
Zelis Payments Buyer, Inc. (j) | Healthcare | L+4.75% (4.90%), 9/30/2026 | 2,044 | 2,049 | 2,047 | 0.1 | % | |||||||||||||||||||||||||||||||
Subtotal Senior Secured First Lien Debt | $ | 2,009,503 | $ | 1,928,623 | 137.8 | % | ||||||||||||||||||||||||||||||||
Senior Secured Second Lien Debt - 17.1% (b) | ||||||||||||||||||||||||||||||||||||||
Accentcare, Inc. (c) (h) | Healthcare | L+8.75% (9.50%), 6/21/2027 | $ | 30,152 | $ | 29,485 | $ | 30,152 | 2.2 | % | ||||||||||||||||||||||||||||
Anchor Glass Container Corp. (c) (k) | Paper & Packaging | L+7.75% (8.75%), 12/6/2024 | 6,667 | 6,615 | 2,553 | 0.2 | % | |||||||||||||||||||||||||||||||
Aruba Investments Holdings, LLC (c) (i) | Chemicals | L+7.75% (8.50%), 11/24/2028 | 3,759 | 3,703 | 3,703 | 0.3 | % | |||||||||||||||||||||||||||||||
Astro AB Merger Sub, Inc. (a) (c) (h) | Financials | L+8.00% (9.00%), 4/30/2025 | 9,638 | 9,602 | 9,638 | 0.7 | % |
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Portfolio Company (f) (q) | Industry | Investment Coupon Rate / Maturity (y) | Principal / Number of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | ||||||||||||||||||||||||||||||||
Avatar Purchaser, Inc. (c) (j) | Software/Services | L+7.50% (8.50%), 11/17/2025 | $ | 11,716 | $ | 11,502 | $ | 11,517 | 0.8 | % | ||||||||||||||||||||||||||||
Aveanna Healthcare, LLC (h) | Healthcare | L+8.00% (9.00%), 3/17/2025 | 5,883 | 5,836 | 5,854 | 0.4 | % | |||||||||||||||||||||||||||||||
Barracuda Networks, Inc. (h) | Software/Services | L+6.75% (7.50%), 10/30/2028 | 4,698 | 4,652 | 4,733 | 0.3 | % | |||||||||||||||||||||||||||||||
BrandMuscle Holdings, Inc. (c) (k) | Business Services | L+8.50% (9.50%), 6/1/2022 | 24,500 | 24,393 | 23,398 | 1.7 | % | |||||||||||||||||||||||||||||||
Carlisle FoodService Products, Inc. (c) (h) | Consumer | L+7.75% (8.75%), 3/20/2026 | 10,719 | 10,579 | 10,001 | 0.7 | % | |||||||||||||||||||||||||||||||
CDS U.S. Intermediate Holdings, Inc. (a) (c) (p) (t) | Media/Entertainment | L+8.00% (9.00%) 7.00% PIK, 11/24/2027 | 1,339 | 1,104 | 1,104 | 0.1 | % | |||||||||||||||||||||||||||||||
CommerceHub, Inc. (h) | Technology | L+7.00% (7.75%), 12/2/2028 | 12,360 | 12,298 | 12,391 | 0.9 | % | |||||||||||||||||||||||||||||||
Dentalcorp Perfect Smile, ULC (a) (c) (k) | Healthcare | L+7.50% (8.50%), 6/8/2026 | 10,139 | 10,069 | 10,098 | 0.7 | % | |||||||||||||||||||||||||||||||
Edelman Financial Services, LLC (a) (j) | Financials | L+6.75% (6.90%), 7/20/2026 | 8,852 | 8,837 | 8,852 | 0.6 | % | |||||||||||||||||||||||||||||||
HAH Group Holding Company, LLC (c) (h) | Healthcare | L+8.50% (9.50%), 10/20/2028 | 12,445 | 12,140 | 12,140 | 0.9 | % | |||||||||||||||||||||||||||||||
Hyland Software, Inc. (h) | Technology | L+7.00% (7.75%), 7/7/2025 | 6,075 | 6,094 | 6,111 | 0.4 | % | |||||||||||||||||||||||||||||||
MLN US Holdco, LLC (a) (c) (h) (i) | Technology | L+8.75% (8.90%), 11/30/2026 | 3,000 | 2,956 | 1,941 | 0.1 | % | |||||||||||||||||||||||||||||||
PetVet Care Centers, LLC (c) (h) | Healthcare | L+6.25% (6.40%), 2/13/2026 | 3,539 | 3,528 | 3,486 | 0.3 | % | |||||||||||||||||||||||||||||||
PI US Holdco III, Ltd. (a) (c) (k) | Financials | L+7.25% (8.25%), 12/22/2025 | 7,865 | 7,810 | 7,802 | 0.6 | % | |||||||||||||||||||||||||||||||
Project Boost Purchaser, LLC (k) | Business Services | L+8.00% (8.15%), 5/31/2027 | 1,848 | 1,848 | 1,783 | 0.1 | % | |||||||||||||||||||||||||||||||
QuickBase, Inc. (c) | Technology | L+8.00% (8.15%), 4/2/2027 | 7,484 | 7,367 | 7,353 | 0.5 | % | |||||||||||||||||||||||||||||||
Recess Holdings, Inc. (c) (h) | Industrials | L+7.75% (8.75%), 9/29/2025 | 16,134 | 15,968 | 14,843 | 1.1 | % | |||||||||||||||||||||||||||||||
Renaissance Holding Corp. (c) | Software/Services | L+7.00% (7.15%), 5/29/2026 | 8,456 | 8,341 | 8,287 | 0.6 | % | |||||||||||||||||||||||||||||||
River Cree Enterprises, LP (a) (c) (m) | Gaming/Lodging | 10.00%, 5/17/2025 | 21,275 | 16,459 | 14,245 | 1.0 | % | |||||||||||||||||||||||||||||||
SSH Group Holdings, Inc. (c) (h) | Education | L+8.25% (8.50%), 7/30/2026 | 10,122 | 10,051 | 9,717 | 0.7 | % | |||||||||||||||||||||||||||||||
TIBCO Software, Inc. (k) | Technology | L+7.25% (7.40%), 3/3/2028 | 13,020 | 12,961 | 13,129 | 0.9 | % | |||||||||||||||||||||||||||||||
Travelpro Products, Inc. (a) (c) (m) (x) | Consumer | 13.00%, 2.00% PIK, 11/21/2022 | 2,966 | 2,282 | 1,894 | 0.1 | % | |||||||||||||||||||||||||||||||
Travelpro Products, Inc. (a) (c) (x) | Consumer | 14.50%, 11.25% PIK, 11/21/2022 | 2,563 | 2,563 | 2,083 | 0.1 | % | |||||||||||||||||||||||||||||||
Vantage Mobility International, LLC (c) (p) (t) (x) | Transportation | L+6.00% (7.00%) PIK, 9/9/2021 | 3,341 | 2,914 | 944 | 0.1 | % | |||||||||||||||||||||||||||||||
Subtotal Senior Secured Second Lien Debt | $ | 251,957 | $ | 239,752 | 17.1 | % | ||||||||||||||||||||||||||||||||
Subordinated Debt - 8.5% (b) | ||||||||||||||||||||||||||||||||||||||
Captek Softgel International, Inc. (c) (t) (x) | Health/Fitness | 11.50%, 1.50% PIK, 1/30/2023 | $ | 7,208 | $ | 7,071 | $ | 6,012 | 0.4 | % | ||||||||||||||||||||||||||||
Del Real, LLC (c) (t) (x) | Food & Beverage | 14.50%, 2.00% PIK, 4/1/2023 | 3,639 | 3,131 | 3,071 | 0.2 | % | |||||||||||||||||||||||||||||||
DoorDash, Inc. (c) (k) | Technology | 10.00% PIK, 3/1/2025 | 24,331 | 24,052 | 24,696 | 1.8 | % | |||||||||||||||||||||||||||||||
Gdb Debt Recovery Authority Of Commonwealth Puerto Rico (a) | Financials | 7.50%, 8/20/2040 | 13,003 | 9,700 | 9,963 | 0.7 | % | |||||||||||||||||||||||||||||||
HemaSource, Inc. (c) (k) (x) | Healthcare | 11.00%, 1/1/2024 | 2,235 | 2,173 | 2,235 | 0.2 | % |
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Portfolio Company (f) (q) | Industry | Investment Coupon Rate / Maturity (y) | Principal / Number of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | ||||||||||||||||||||||||||||||||
Sound Point CLO, Ltd. 18-3A D (a) (c) (k) | Diversified Investment Vehicles | L+5.79% (6.00%), 10/26/2031 | $ | 1,000 | $ | 917 | $ | 892 | 0.1 | % | ||||||||||||||||||||||||||||
Sound Point CLO, Ltd. 2015-3A ER (a) (c) (k) | Diversified Investment Vehicles | L+5.25% (5.47%), 1/20/2028 | 2,000 | 1,896 | 1,902 | 0.1 | % | |||||||||||||||||||||||||||||||
Symphony CLO, Ltd. 2012-9A ER2 (a) (c) (k) | Diversified Investment Vehicles | L+6.95% (7.18%), 7/16/2032 | 3,000 | 2,947 | 2,757 | 0.2 | % | |||||||||||||||||||||||||||||||
TCW CLO 2019-1 AMR, Ltd. 19-1A F (a) (c) (k) | Diversified Investment Vehicles | L+8.67% (8.89%), 2/15/2029 | 2,500 | 2,407 | 2,277 | 0.2 | % | |||||||||||||||||||||||||||||||
Tralee CLO, Ltd. 13-1A DR (a) (c) | Diversified Investment Vehicles | L+4.18% (4.40%), 7/20/2029 | 2,500 | 2,306 | 2,356 | 0.2 | % | |||||||||||||||||||||||||||||||
Whitehorse, Ltd. 2014-1A E (a) (c) (p) | Diversified Investment Vehicles | L+4.55% (4.76%), 5/1/2026 | 8,000 | 7,854 | 5,592 | 0.4 | % | |||||||||||||||||||||||||||||||
Zais CLO 13, Ltd. 19-13A D1 (a) (c) (k) | Diversified Investment Vehicles | L+4.52% (4.76%), 7/15/2032 | 3,000 | 2,866 | 2,704 | 0.2 | % | |||||||||||||||||||||||||||||||
Collateralized Securities - Equity Investment (n) | ||||||||||||||||||||||||||||||||||||||
Figueroa CLO, Ltd. 2014-1A Side Letter (a) (c) | Diversified Investment Vehicles | 25.44%, 1/15/2027 | $ | 2,986 | $ | 132 | $ | — | — | % | ||||||||||||||||||||||||||||
MidOcean Credit CLO 2013-2A INC (a) (c) (p) (v) | Diversified Investment Vehicles | 0.00%, 1/29/2030 | 37,600 | 15,829 | 6,313 | 0.4 | % | |||||||||||||||||||||||||||||||
NewStar Arlington Senior Loan Program, LLC 14-1A SUB (a) (c) (k) (p) (v) | Diversified Investment Vehicles | 18.63%, 4/25/2031 | 31,603 | 19,045 | 15,631 | 1.1 | % | |||||||||||||||||||||||||||||||
Newstar Fairfield Fund CLO, Ltd. 2015-1RA SUB (a) (c) (p) (v) | Diversified Investment Vehicles | 0.00%, 1/20/2027 | 31,575 | 6,285 | — | — | % | |||||||||||||||||||||||||||||||
OFSI Fund, Ltd. 2014-6A Side Letter (a) (c) | Diversified Investment Vehicles | 0.00%, 3/20/2025 | 1,970 | 263 | — | — | % | |||||||||||||||||||||||||||||||
Whitehorse, Ltd. 2014-1A Side Letter (a) (c) (p) | Diversified Investment Vehicles | 0.00%, 5/1/2026 | 1,886 | 134 | — | — | % | |||||||||||||||||||||||||||||||
Whitehorse, Ltd. 2014-1A SUB (a) (c) (p) (v) | Diversified Investment Vehicles | 0.00%, 5/1/2026 | 36,000 | 6,965 | — | — | % | |||||||||||||||||||||||||||||||
Subtotal Collateralized Securities | $ | 139,592 | $ | 106,525 | 7.6 | % | ||||||||||||||||||||||||||||||||
Equity/Other - 16.4% (b) (d) | ||||||||||||||||||||||||||||||||||||||
Aden & Anais Holdings, Inc. (c) (e) (x) | Retail | 4,470 | $ | — | $ | — | — | % | ||||||||||||||||||||||||||||||
Answers Corp. (c) (e) (p) | Media/Entertainment | 908,911 | 11,361 | 727 | 0.1 | % | ||||||||||||||||||||||||||||||||
Baker Hill Acquisition, LLC (c) (e) (x) | Financials | 22,653 | — | — | — | % | ||||||||||||||||||||||||||||||||
Black Mountain Sand, LLC (c) (e) (u) | Energy | 55,463 | — | 3 | 0.0 | % | ||||||||||||||||||||||||||||||||
Capstone Nutrition Development, LLC (c) (e) (p) (u) | Consumer | 47,883 | 4,468 | 5,928 | 0.4 | % | ||||||||||||||||||||||||||||||||
Captek Softgel International, Inc. (c) (e) (x) | Health/Fitness | 8,498 | 942 | — | — | % | ||||||||||||||||||||||||||||||||
CDS U.S. Intermediate Holdings, Inc. (a) (c) (e) (p) | Media/Entertainment | 539,708 | 1,224 | 1,224 | 0.1 | % | ||||||||||||||||||||||||||||||||
CDS U.S. Intermediate Holdings, Inc. (a) (c) (e) (p) | Media/Entertainment | 874,000 | 437 | 437 | 0.0 | % | ||||||||||||||||||||||||||||||||
Clover Technologies Group, LLC (c) (e) | Industrials | 2,753 | 275 | 423 | 0.0 | % | ||||||||||||||||||||||||||||||||
Clover Technologies Group, LLC (c) (e) | Industrials | 180,274 | 1,153 | 20 | 0.0 | % | ||||||||||||||||||||||||||||||||
CRD Holdings, LLC (a) (c) (o) (u) | Energy | 9.00% | 52,285,603 | 13,770 | 14,557 | 1.0 | % | |||||||||||||||||||||||||||||||
CRS-SPV, Inc. (c) (e) (k) (o) (x) | Industrials | 246 | 2,219 | 1,393 | 0.1 | % | ||||||||||||||||||||||||||||||||
Danish CRJ, Ltd. (a) (c) (e) (p) (r) | Transportation | 5,002 | — | — | — | % | ||||||||||||||||||||||||||||||||
Data Source Holdings, LLC (c) (e) (x) | Business Services | 10,617 | 140 | 203 | 0.0 | % | ||||||||||||||||||||||||||||||||
Del Real, LLC (c) (e) (u) (x) | Food & Beverage | 670,510 | 382 | — | — | % | ||||||||||||||||||||||||||||||||
Dyno Acquiror, Inc. (c) (e) (x) | Consumer | 134,102 | 58 | 80 | 0.0 | % |
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Portfolio Company (f) (q) | Industry | Investment Coupon Rate / Maturity (y) | Principal / Number of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | ||||||||||||||||||||||||||||||||
First Eagle Greenway Fund II, LLC (a) (k) (p) | Diversified Investment Vehicles | 5,329 | $ | 5,329 | $ | 1,759 | 0.1 | % | ||||||||||||||||||||||||||||||
Foresight Energy Operating, LLC (c) (e) (p) (u) | Energy | 158,093 | 2,087 | 2,520 | 0.2 | % | ||||||||||||||||||||||||||||||||
HemaSource, Inc. (c) (e) (x) | Healthcare | 223,503 | 168 | 246 | 0.0 | % | ||||||||||||||||||||||||||||||||
Integrated Efficiency Solutions, Inc. (c) (e) (x) | Industrials | 53,215 | 56 | — | — | % | ||||||||||||||||||||||||||||||||
Integrated Efficiency Solutions, Inc. (c) (e) (x) | Industrials | 2,975 | 3 | — | — | % | ||||||||||||||||||||||||||||||||
Internap Corp (c) (e) (p) | Business Services | 1,293,189 | 543 | 2,231 | 0.2 | % | ||||||||||||||||||||||||||||||||
Jakks Pacific, Inc. (c) (e) (p) | Consumer | 3,389 | 102 | 402 | 0.0 | % | ||||||||||||||||||||||||||||||||
Jakks Pacific, Inc. (e) (p) (s) | Consumer | 9,884 | 41 | 49 | — | % | ||||||||||||||||||||||||||||||||
Kahala Ireland OpCo Designated Activity Company (a) (c) (e) (o) (z) | Transportation | 1 | — | 42,952 | 3.1 | % | ||||||||||||||||||||||||||||||||
Kahala Ireland OpCo Designated Activity Company (a) (c) (o) (z) | Transportation | 3,250,000 | — | 3,250 | 0.2 | % | ||||||||||||||||||||||||||||||||
Kahala US OpCo, LLC (a) (c) (e) (o) (y) | Transportation | 13.00% | 4,413,472 | — | — | — | % | |||||||||||||||||||||||||||||||
KidKraft, Inc. (c) (e) (u) (x) | Consumer | 2,682,257 | — | — | — | % | ||||||||||||||||||||||||||||||||
KMTEX, LLC (c) (e) (o) (u) | Chemicals | 4,162,000 | 2,793 | 2,289 | 0.2 | % | ||||||||||||||||||||||||||||||||
KMTEX, LLC (c) (e) (o) (u) | Chemicals | 442,000 | — | — | — | % | ||||||||||||||||||||||||||||||||
Lakeview Health Holdings, Inc. (c) (e) (x) | Healthcare | 447 | — | — | — | % | ||||||||||||||||||||||||||||||||
LendingHome Corp. (c) (p) | Financials | 8.00% | 13,986,239 | 59,823 | 59,823 | 4.3 | % | |||||||||||||||||||||||||||||||
MCS Acquisition Corp. (c) (e) | Business Services | 31,521 | 4,103 | 3,089 | 0.2 | % | ||||||||||||||||||||||||||||||||
MGTF Holdco, LLC (c) (e) (o) (u) | Media/Entertainment | 402,000 | — | — | — | % | ||||||||||||||||||||||||||||||||
Motor Vehicle Software Corp. (c) (x) | Business Services | 223,503 | 318 | 279 | 0.0 | % | ||||||||||||||||||||||||||||||||
New Constellis Holdings Inc. (c) (e) (x) | Business Services | 2,316 | 67 | 67 | 0.0 | % | ||||||||||||||||||||||||||||||||
Nomacorc, LLC (c) (e) (u) (x) | Industrials | 356,816 | 56 | 111 | 0.0 | % | ||||||||||||||||||||||||||||||||
Park Ave RE Holdings, LLC (c) (e) (k) (o) (w) | Financials | 719 | 2,415 | 3,300 | 0.3 | % | ||||||||||||||||||||||||||||||||
PCX Aerostructures, LLC (c) (e) (p) (x) | Industrials | 27,250 | — | — | — | % | ||||||||||||||||||||||||||||||||
PCX Aerostructures, LLC (c) (e) (p) (x) | Industrials | 1,356 | — | 76 | 0.0 | % | ||||||||||||||||||||||||||||||||
PCX Aerostructures, LLC (c) (e) (p) (x) | Industrials | 315 | — | 535 | 0.0 | % | ||||||||||||||||||||||||||||||||
PennantPark Credit Opportunities Fund II, LP (a) (p) | Diversified Investment Vehicles | 8,739 | 8,132 | 9,274 | 0.7 | % | ||||||||||||||||||||||||||||||||
PT Network, LLC (c) (e) (u) | Healthcare | 3 | — | — | — | % | ||||||||||||||||||||||||||||||||
RMP Group, Inc. (c) (u) (x) | Financials | 223 | 164 | 299 | 0.0 | % | ||||||||||||||||||||||||||||||||
Schweiger Dermatology Group, LLC (c) (e) (u) (x) | Healthcare | 265,024 | — | — | — | % | ||||||||||||||||||||||||||||||||
Siena Capital Finance, LLC (c) (k) (o) | Financials | 35,839,400 | 36,548 | 35,839 | 2.6 | % | ||||||||||||||||||||||||||||||||
Skillsoft Corp. (c) (e) | Technology | 39,794 | 4,993 | 7,163 | 0.5 | % | ||||||||||||||||||||||||||||||||
Smile Brands, Inc. (c) (e) (x) | Healthcare | 712 | 815 | 1,141 | 0.1 | % | ||||||||||||||||||||||||||||||||
Squan Holding Corp. (c) (e) | Telecom | 180,835 | — | — | — | % | ||||||||||||||||||||||||||||||||
SYNACOR, Inc. (e) (s) | Technology | 59,785 | — | 81 | 0.0 | % | ||||||||||||||||||||||||||||||||
Tap Rock Resources, LLC (c) (g) (p) (u) | Energy | 18,356,442 | 9,973 | 11,405 | 0.8 | % | ||||||||||||||||||||||||||||||||
Tax Advisors Group, LLC (c) (u) (x) | Financials | 86 | 609 | 963 | 0.1 | % |
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Portfolio Company (f) (q) | Industry | Investment Coupon Rate / Maturity (y) | Principal / Number of Shares | Amortized Cost | Fair Value | % of Net Assets (b) | ||||||||||||||||||||||||||||||||
Tax Defense Network, LLC (c) (e) (p) | Consumer | 147,099 | $ | 425 | $ | — | — | % | ||||||||||||||||||||||||||||||
Tax Defense Network, LLC (c) (e) (p) | Consumer | 633,382 | — | — | — | % | ||||||||||||||||||||||||||||||||
Team Waste, LLC (c) (p) (u) (x) | Industrials | 128,483 | 2,569 | 2,570 | 0.2 | % | ||||||||||||||||||||||||||||||||
Tennenbaum Waterman Fund, LP (a) (k) (p) | Diversified Investment Vehicles | 10,000 | 10,000 | 10,087 | 0.7 | % | ||||||||||||||||||||||||||||||||
Travelpro Products, Inc. (a) (c) (e) (x) | Consumer | 447,007 | 506 | — | — | % | ||||||||||||||||||||||||||||||||
United Biologics, LLC (c) (e) (u) (x) | Healthcare | 4,206 | 31 | 15 | 0.0 | % | ||||||||||||||||||||||||||||||||
United Biologics, LLC (c) (e) (u) (x) | Healthcare | 3,155 | — | — | — | % | ||||||||||||||||||||||||||||||||
United Biologics, LLC (c) (e) (u) (x) | Healthcare | 99,236 | — | — | — | % | ||||||||||||||||||||||||||||||||
United Biologics, LLC (c) (e) (u) (x) | Healthcare | 39,769 | 132 | 21 | 0.0 | % | ||||||||||||||||||||||||||||||||
United Biologics, LLC (c) (e) (u) (x) | Healthcare | 223 | 35 | 9 | 0.0 | % | ||||||||||||||||||||||||||||||||
USASF Holdco, LLC (c) (e) (u) | Financials | 10,000 | 10 | — | — | % | ||||||||||||||||||||||||||||||||
USASF Holdco, LLC (c) (e) (u) | Financials | 490 | 490 | 228 | 0.0 | % | ||||||||||||||||||||||||||||||||
USASF Holdco, LLC (c) (e) (u) | Financials | 139 | 139 | 278 | 0.0 | % | ||||||||||||||||||||||||||||||||
Vantage Mobility International, LLC (c) (e) (p) (x) | Transportation | 1,468,221 | — | — | — | % | ||||||||||||||||||||||||||||||||
Vantage Mobility International, LLC (c) (e) (p) (x) | Transportation | 391,131 | — | — | — | % | ||||||||||||||||||||||||||||||||
Vantage Mobility International, LLC (c) (e) (p) (x) | Transportation | 3,280,908 | 3,140 | — | — | % | ||||||||||||||||||||||||||||||||
World Business Lenders, LLC (c) (e) | Financials | 922,669 | 3,750 | 2,168 | 0.2 | % | ||||||||||||||||||||||||||||||||
WPNT, LLC (c) (e) (o) (u) | Media/Entertainment | 402,000 | — | — | — | % | ||||||||||||||||||||||||||||||||
WSO Holdings, LP (c) (e) (x) | Food & Beverage | 698 | 279 | 529 | 0.0 | % | ||||||||||||||||||||||||||||||||
Wythe Will Tzetzo, LLC (c) (e) (u) (x) | Food & Beverage | 22,312 | 302 | — | — | % | ||||||||||||||||||||||||||||||||
YummyEarth, Inc. (c) (e) (x) | Food & Beverage | 223 | — | — | — | % | ||||||||||||||||||||||||||||||||
Subtotal Equity/Other | $ | 197,375 | $ | 230,043 | 16.4 | % | ||||||||||||||||||||||||||||||||
TOTAL INVESTMENTS - 187.4% (b) | $ | 2,714,001 | $ | 2,623,516 | 187.4 | % |
Counterparty | Contract to Deliver | In Exchange For | Maturity Date | Unrealized Depreciation | ||||||||||||||||||||||
Goldman Sachs International | CAD 21,807 | $ | 16,643 | 2/17/2021 | $ | 477 |
At December 31, 2020 | |||||||||||
Investments at Fair Value | Percentage of Total Portfolio | ||||||||||
Healthcare | $ | 504,384 | 19.2 | % | |||||||
Industrials | 333,756 | 12.7 | % | ||||||||
Business Services | 304,273 | 11.6 | % | ||||||||
Financials | 277,197 | 10.5 | % | ||||||||
Technology | 181,909 | 6.9 | % | ||||||||
Diversified Investment Vehicles | 127,645 | 4.9 | % | ||||||||
Energy | 122,547 | 4.7 | % | ||||||||
Media/Entertainment | 113,213 | 4.3 | % | ||||||||
Consumer | 103,959 | 4.0 | % | ||||||||
Transportation | 96,226 | 3.7 | % | ||||||||
Food & Beverage | 91,216 | 3.5 | % | ||||||||
Software/Services | 78,520 | 3.0 | % | ||||||||
Telecom | 72,173 | 2.8 | % | ||||||||
Education | 61,457 | 2.3 | % | ||||||||
Paper & Packaging | 57,028 | 2.2 | % | ||||||||
Chemicals | 39,384 | 1.5 | % | ||||||||
Gaming/Lodging | 29,332 | 1.1 | % | ||||||||
Utilities | 19,330 | 0.7 | % | ||||||||
Health/Fitness | 6,012 | 0.2 | % | ||||||||
Retail | 3,955 | 0.2 | % | ||||||||
Total | $ | 2,623,516 | 100.0 | % |
Fair Value Measurements | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Measured at Net Asset Value (1) | Total | |||||||||||||||||||||||||
Senior Secured First Lien Debt | $ | — | $ | 51,854 | $ | 1,779,316 | $ | — | $ | 1,831,170 | |||||||||||||||||||
Senior Secured Second Lien Debt | — | 24,909 | 219,023 | — | 243,932 | ||||||||||||||||||||||||
Subordinated Debt | — | — | 118,077 | — | 118,077 | ||||||||||||||||||||||||
Collateralized Securities | — | — | 37,097 | — | 37,097 | ||||||||||||||||||||||||
Equity/Other | 4,687 | 5,442 | 218,444 | 15,181 | 243,754 | ||||||||||||||||||||||||
FBLC Senior Loan Fund, LLC | — | — | 304,934 | — | 304,934 | ||||||||||||||||||||||||
Total | $ | 4,687 | $ | 82,205 | $ | 2,676,891 | $ | 15,181 | $ | 2,778,964 | |||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Measured at Net Asset Value (1) | Total | |||||||||||||||||||||||||
Senior Secured First Lien Debt | $ | — | $ | 620,666 | $ | 1,307,957 | $ | — | $ | 1,928,623 | |||||||||||||||||||
Senior Secured Second Lien Debt | — | 52,853 | 186,899 | — | 239,752 | ||||||||||||||||||||||||
Subordinated Debt | — | 9,963 | 108,610 | — | 118,573 | ||||||||||||||||||||||||
Collateralized Securities | — | — | 106,525 | — | 106,525 | ||||||||||||||||||||||||
Equity/Other | 130 | — | 208,793 | 21,120 | 230,043 | ||||||||||||||||||||||||
Total | $ | 130 | $ | 683,482 | $ | 1,918,784 | $ | 21,120 | $ | 2,623,516 |
Senior Secured First Lien Debt | Senior Secured Second Lien Debt | Subordinated Debt | Collateralized Securities | Equity/Other | Total | ||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | $ | 1,307,957 | $ | 186,899 | $ | 108,610 | $ | 106,525 | $ | 208,793 | $ | 1,918,784 | |||||||||||||||||||||||
Purchases and other adjustments to cost | 1,077,201 | 83,554 | 115,838 | 422 | 395,008 | (1) | 1,672,023 | ||||||||||||||||||||||||||||
Sales and repayments | (664,874) | (68,648) | (106,646) | (84,250) | (119,493) | (1,043,911) | |||||||||||||||||||||||||||||
Net realized gain (loss) | (12,043) | 382 | 2,561 | (4,677) | 25,959 | 12,182 | |||||||||||||||||||||||||||||
Transfers in | 90,853 | 25,018 | — | — | — | 115,871 | |||||||||||||||||||||||||||||
Transfers out | (63,570) | (13,094) | — | — | (1,224) | (77,888) | |||||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | 43,792 | 4,912 | (2,286) | 19,077 | 14,335 | 79,830 | |||||||||||||||||||||||||||||
Balance as of December 31, 2021 | $ | 1,779,316 | $ | 219,023 | $ | 118,077 | $ | 37,097 | $ | 523,378 | $ | 2,676,891 | |||||||||||||||||||||||
Net change in unrealized appreciation for the period relating to those Level 3 assets that were still held by the Company at the end of the period: | $ | 18,655 | $ | 4,052 | $ | 504 | $ | 10,436 | $ | 18,515 | $ | 52,162 |
Senior Secured First Lien Debt | Senior Secured Second Lien Debt | Subordinated Debt | Collateralized Securities | Equity/Other | Total | ||||||||||||||||||||||||||||||
Balance as of December 31, 2019 | $ | 1,121,537 | $ | 271,232 | $ | 97,100 | $ | 108,927 | $ | 187,300 | $ | 1,786,096 | |||||||||||||||||||||||
Purchases and other adjustments to cost | 597,910 | 35,666 | 29,266 | 58,242 | 65,574 | 786,658 | |||||||||||||||||||||||||||||
Sales and repayments | (414,661) | (80,738) | (21,151) | (39,837) | (33,144) | (589,531) | |||||||||||||||||||||||||||||
Net realized gain (loss) | (62,465) | (41,634) | (1,202) | (1,681) | 8,036 | (98,946) | |||||||||||||||||||||||||||||
Transfers in | 126,805 | 7,719 | — | — | — | 134,524 | |||||||||||||||||||||||||||||
Transfers out | (69,903) | (20,554) | — | — | — | (90,457) | |||||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | 8,734 | 15,208 | 4,597 | (19,126) | (18,973) | (9,560) | |||||||||||||||||||||||||||||
Balance as of December 31, 2020 | $ | 1,307,957 | $ | 186,899 | $ | 108,610 | $ | 106,525 | $ | 208,793 | $ | 1,918,784 | |||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) for the period relating to those Level 3 assets that were still held by the Company at the end of the period: | $ | (43,203) | $ | (3,352) | $ | 4,985 | $ | (19,337) | $ | (17,988) | $ | (78,895) |
Investments at Amortized Cost | Investments at Fair Value | Fair Value Percentage of Total Portfolio | |||||||||||||||
Senior Secured First Lien Debt | $ | 1,865,403 | $ | 1,831,170 | 65.9 | % | |||||||||||
Senior Secured Second Lien Debt | 251,149 | 243,932 | 8.8 | ||||||||||||||
Subordinated Debt | 117,627 | 118,077 | 4.2 | ||||||||||||||
Collateralized Securities | 51,083 | 37,097 | 1.3 | ||||||||||||||
Equity/Other | 193,421 | 243,754 | 8.8 | ||||||||||||||
FBLC Senior Loan Fund, LLC | 304,934 | 304,934 | 11.0 | ||||||||||||||
Total | $ | 2,783,617 | $ | 2,778,964 | 100.0 | % |
Investments at Amortized Cost | Investments at Fair Value | Fair Value Percentage of Total Portfolio | |||||||||||||||
Senior Secured First Lien Debt | $ | 2,009,503 | $ | 1,928,623 | 73.5 | % | |||||||||||
Senior Secured Second Lien Debt | 251,957 | 239,752 | 9.1 | ||||||||||||||
Subordinated Debt | 115,574 | 118,573 | 4.5 | ||||||||||||||
Collateralized Securities | 139,592 | 106,525 | 4.1 | ||||||||||||||
Equity/Other | 197,375 | 230,043 | 8.8 | ||||||||||||||
Total | $ | 2,714,001 | $ | 2,623,516 | 100.0 | % |
Range | ||||||||||||||||||||||||||||||||||||||
Asset Category | Fair Value | Primary Valuation Technique | Unobservable Inputs | Minimum | Maximum | Weighted Average (a) | ||||||||||||||||||||||||||||||||
Senior Secured First Lien Debt | $ | 1,258,128 | Discounted Cash Flow | Market Yield | 5.00% | 23.71% | 8.15% | |||||||||||||||||||||||||||||||
Senior Secured First Lien Debt (c) | 272,647 | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Senior Secured First Lien Debt | 214,761 | Yield Analysis | Market Yield | 1.82% | 14.14% | 7.93% | ||||||||||||||||||||||||||||||||
Senior Secured First Lien Debt | 27,022 | Waterfall Analysis | EBITDA Multiple | 4.30x | 10.16x | 8.08x | ||||||||||||||||||||||||||||||||
Senior Secured First Lien Debt | 6,758 | Waterfall Analysis | Revenue Multiple | 0.24x | 0.24x | 0.24x | ||||||||||||||||||||||||||||||||
Senior Secured Second Lien Debt | 120,275 | Discounted Cash Flow | Market Yield | 7.00% | 19.54% | 9.17% | ||||||||||||||||||||||||||||||||
Senior Secured Second Lien Debt | 64,578 | Yield Analysis | Market Yield | 8.03% | 24.78% | 10.92% | ||||||||||||||||||||||||||||||||
Senior Secured Second Lien Debt (c) | 31,387 | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Senior Secured Second Lien Debt | 2,783 | Waterfall Analysis | EBITDA Multiple | 6.26x | 6.30x | 6.29x | ||||||||||||||||||||||||||||||||
Subordinated Debt (b) | 75,000 | Waterfall Analysis | Tangible Net Asset Value Multiple | 1.65x | 1.65x | 1.65x | ||||||||||||||||||||||||||||||||
Subordinated Debt (b) (c) | 37,963 | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Subordinated Debt (b) | 3,577 | Waterfall Analysis | EBITDA Multiple | 11.12x | 11.12x | 11.12x | ||||||||||||||||||||||||||||||||
Subordinated Debt (b) | 1,537 | Discounted Cash Flow | Discount Rate | 8.75% | 8.75% | 8.75% | ||||||||||||||||||||||||||||||||
Collateralized Securities | 37,097 | Discounted Cash Flow | Discount Rate | 9.00% | 17.00% | 14.62% | ||||||||||||||||||||||||||||||||
Equity/Other (c) | 89,678 | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Equity/Other (b) | 65,609 | Waterfall Analysis | Tangible Net Asset Value Multiple | 1.65x | 1.65x | 1.65x | ||||||||||||||||||||||||||||||||
Equity/Other | 26,981 | Waterfall Analysis | Discount Rate | 17.50% | 17.50% | 17.50% | ||||||||||||||||||||||||||||||||
Equity/Other | 15,209 | Waterfall Analysis | EBITDA Multiple | 2.75x | 12.00x | 7.01x | ||||||||||||||||||||||||||||||||
Equity/Other | 13,204 | Discounted Cash Flow | Discount Rate | 8.75% | 12.50% | 11.23% | ||||||||||||||||||||||||||||||||
Equity/Other | 3,030 | Waterfall Analysis | Revenue Multiple | 0.15x | 2.70x | 2.58x | ||||||||||||||||||||||||||||||||
Equity/Other (b) | 2,676 | Waterfall Analysis | TBV Multiple | 5.50x | 5.50x | 5.50x | ||||||||||||||||||||||||||||||||
Equity/Other | 2,057 | Discounted Cash Flow | Market Yield | 9.75% | 12.54% | 11.48% | ||||||||||||||||||||||||||||||||
FBLC Senior Loan Fund, LLC (b) | 304,934 | Discounted Cash Flow | Discount Rate | 13.03% | 13.03% | 13.03% | ||||||||||||||||||||||||||||||||
Total | $ | 2,676,891 |
Range | ||||||||||||||||||||||||||||||||||||||
Asset Category | Fair Value | Primary Valuation Technique | Unobservable Inputs | Minimum | Maximum | Weighted Average (a) | ||||||||||||||||||||||||||||||||
Senior Secured First Lien Debt | $ | 851,279 | Discounted Cash Flow | Market Yield | 4.38% | 38.50% | 8.88% | |||||||||||||||||||||||||||||||
Senior Secured First Lien Debt (c) | 179,109 | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Senior Secured First Lien Debt | 161,126 | Yield Analysis | Market Yield | 2.87% | 14.13% | 7.17% | ||||||||||||||||||||||||||||||||
Senior Secured First Lien Debt | 78,988 | Waterfall Analysis | EBITDA Multiple | 4.50x | 8.39x | 6.62x | ||||||||||||||||||||||||||||||||
Senior Secured First Lien Debt (b) | 18,549 | Waterfall Analysis | Discount Rate | 15.00% | 15.00% | 15.00% | ||||||||||||||||||||||||||||||||
Senior Secured First Lien Debt (b) | 10,485 | Discounted Cash Flow | Discount Rate | 9.47% | 9.47% | 9.47% | ||||||||||||||||||||||||||||||||
Senior Secured First Lien Debt | 8,421 | Waterfall Analysis | Revenue Multiple | 0.20x | 0.75x | 0.30x | ||||||||||||||||||||||||||||||||
Senior Secured Second Lien Debt | 141,633 | Discounted Cash Flow | Market Yield | 7.30% | 29.00% | 11.21% | ||||||||||||||||||||||||||||||||
Senior Secured Second Lien Debt | 28,479 | Yield Analysis | Market Yield | 12.82% | 23.96% | 15.20% | ||||||||||||||||||||||||||||||||
Senior Secured Second Lien Debt (c) | 15,843 | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Senior Secured Second Lien Debt (b) | 944 | Waterfall Analysis | Revenue Multiple | 0.55x | 0.55x | 0.55x | ||||||||||||||||||||||||||||||||
Subordinated Debt (b) | 37,237 | Discounted Cash Flow | Discount Rate | 10.25% | 10.25% | 10.25% | ||||||||||||||||||||||||||||||||
Subordinated Debt (b) | 25,500 | Waterfall Analysis | Tangible Net Asset Value Multiple | 1.50x | 1.50x | 1.50x | ||||||||||||||||||||||||||||||||
Subordinated Debt (b) | 24,696 | Discounted Cash Flow | Market Yield | 8.79% | 8.79% | 8.79% | ||||||||||||||||||||||||||||||||
Subordinated Debt | 18,942 | Waterfall Analysis | EBITDA Multiple | 4.50x | 10.91x | 6.41x | ||||||||||||||||||||||||||||||||
Subordinated Debt (b) | 2,235 | Yield Analysis | Market Yield | 11.63% | 11.63% | 11.63% | ||||||||||||||||||||||||||||||||
Collateralized Securities | 106,525 | Discounted Cash Flow | Discount Rate | 5.50% | 35.00% | 14.24% | ||||||||||||||||||||||||||||||||
Equity/Other (b) (c) | 59,823 | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Equity/Other | 46,202 | Waterfall Analysis | Discount Rate | 15.00% | 15.00% | 15.00% | ||||||||||||||||||||||||||||||||
Equity/Other (b) | 35,839 | Waterfall Analysis | Tangible Net Asset Value Multiple | 1.50x | 1.50x | 1.50x | ||||||||||||||||||||||||||||||||
Equity/Other | 22,425 | Waterfall Analysis | EBITDA Multiple | 1.53x | 11.74x | 6.24x | ||||||||||||||||||||||||||||||||
Equity/Other | 14,959 | Discounted Cash Flow | Market Yield | 0.06% | 13.00% | 0.61% | ||||||||||||||||||||||||||||||||
Equity/Other | 14,705 | Discounted Cash Flow | Discount Rate | 10.25% | 16.50% | 15.10% | ||||||||||||||||||||||||||||||||
Equity/Other | 12,166 | Waterfall Analysis | Revenue Multiple | 0.11x | 2.86x | 2.43x | ||||||||||||||||||||||||||||||||
Equity/Other | 2,674 | Waterfall Analysis | TBV Multiple | 1.37x | 3.20x | 2.85x | ||||||||||||||||||||||||||||||||
Total | $ | 1,918,784 |
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company (d) | Industry | Investment Coupon Rate (a) | Maturity | Principal/ Number of Shares | Amortized Cost | Fair Value | % of Members' Capital (c) | |||||||||||||||||||||||||||||||||||||
Senior Secured First Lien Debt | ||||||||||||||||||||||||||||||||||||||||||||
ABC Financial Intermediate, LLC (e) | Technology | L+4.25% (5.25%) | 1/2/2025 | $ | 19,109 | $ | 19,038 | $ | 19,014 | 4.8 | % | |||||||||||||||||||||||||||||||||
Accentcare, Inc. (b) | Healthcare | L+4.00% (4.18%) | 6/22/2026 | 10,030 | 10,030 | 9,976 | 2.5 | % | ||||||||||||||||||||||||||||||||||||
Access Cig, LLC (b) | Business Services | L+3.75% (3.84%) | 2/27/2025 | 4,233 | 4,220 | 4,200 | 1.1 | % | ||||||||||||||||||||||||||||||||||||
Acrisure, LLC (b) (f) | Financials | L+3.50% (3.72%) | 2/16/2027 | 28,319 | 27,836 | 27,965 | 7.0 | % | ||||||||||||||||||||||||||||||||||||
Adtalem Global Education, Inc. | Education | 5.50% | 3/1/2028 | 2,000 | 2,000 | 1,959 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
Adtalem Global Education, Inc. (f) | Education | L+4.50% (5.25%) | 8/12/2028 | 2,000 | 2,000 | 2,003 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
Advisor Group, Inc. (f) | Financials | L+4.50% (4.60%) | 7/31/2026 | 7,903 | 7,902 | 7,925 | 2.0 | % | ||||||||||||||||||||||||||||||||||||
Alchemy US Holdco 1, LLC (b) | Industrials | L+5.50% (5.60%) | 10/10/2025 | 15,555 | 15,403 | 15,555 | 3.9 | % | ||||||||||||||||||||||||||||||||||||
Alvogen Pharma US, Inc. (b) | Healthcare | L+5.25% (6.25%) | 12/29/2023 | 12,497 | 12,388 | 11,935 | 3.0 | % | ||||||||||||||||||||||||||||||||||||
Amentum Government Services Holdings, LLC (f) | Industrials | L+3.50% (3.60%) | 2/1/2027 | 1,990 | 1,978 | 1,956 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
American Airlines Inc/AAdvantage Loyalty IP, Ltd. (b) | Transportation | L+4.75% (5.50%) | 4/20/2028 | 6,316 | 6,259 | 6,534 | 1.6 | % | ||||||||||||||||||||||||||||||||||||
American Rock Salt Company, LLC (f) | Chemicals | L+4.00% (4.75%) | 6/9/2028 | 4,777 | 4,780 | 4,759 | 1.2 | % | ||||||||||||||||||||||||||||||||||||
AmWINS Group, Inc. (f) | Financials | L+2.25% (3.00%) | 2/22/2028 | 4,975 | 4,909 | 4,933 | 1.2 | % | ||||||||||||||||||||||||||||||||||||
AP Gaming I, LLC (f) | Gaming/Lodging | L+3.50% (4.50%) | 2/15/2024 | 7,467 | 7,327 | 7,410 | 1.9 | % | ||||||||||||||||||||||||||||||||||||
APLP Holdings, LP (b) | Utilities | L+3.75% (4.75%) | 5/14/2027 | 3,245 | 3,215 | 3,265 | 0.8 | % | ||||||||||||||||||||||||||||||||||||
Apollo Commercial Real Estate Finance, Inc. | Financials | 4.63% | 6/15/2029 | 3,000 | 3,000 | 2,922 | 0.7 | % | ||||||||||||||||||||||||||||||||||||
AppLovin Corp. (b) | Media/Entertainment | L+3.00% (3.50%) | 10/25/2028 | 8,978 | 8,955 | 8,953 | 2.2 | % | ||||||||||||||||||||||||||||||||||||
Artera Services, LLC (f) | Utilities | L+3.50% (4.50%) | 3/6/2025 | 2,488 | 2,473 | 2,404 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
Ascensus Holidngs, Inc. (b) | Business Services | L+3.50% (4.00%) | 8/2/2028 | 5,000 | 4,982 | 4,974 | 1.2 | % | ||||||||||||||||||||||||||||||||||||
Asp Navigate Acquisition Corp. (f) | Healthcare | L+4.50% (5.50%) | 10/6/2027 | 3,276 | 3,284 | 3,276 | 0.8 | % | ||||||||||||||||||||||||||||||||||||
Astoria Energy, LLC (f) | Utilities | L+3.50% (4.50%) | 12/10/2027 | 1,985 | 1,985 | 1,976 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
Astro AB Merger Sub, Inc. (f) | Financials | L+4.25% (5.25%) | 4/30/2024 | 3,902 | 3,898 | 3,907 | 1.0 | % | ||||||||||||||||||||||||||||||||||||
Asurion, LLC (b) | Business Services | L+3.25% (3.35%) | 12/23/2026 | 4,975 | 4,892 | 4,938 | 1.2 | % | ||||||||||||||||||||||||||||||||||||
Athenahealth, Inc. (e) | Healthcare | L+4.25% (4.38%) | 2/11/2026 | 14,233 | 14,197 | 14,219 | 3.6 | % | ||||||||||||||||||||||||||||||||||||
Avaya Holdings Corp. (b) | Technology | L+4.00% (4.11%) | 12/15/2027 | 17,770 | 17,770 | 17,743 | 4.5 | % | ||||||||||||||||||||||||||||||||||||
Aveanna Healthcare, LLC | Healthcare | L+3.75% (4.25%) | 7/17/2028 | 5,465 | 5,457 | 5,432 | 1.4 | % | ||||||||||||||||||||||||||||||||||||
Bally's Corp. (b) | Gaming/Lodging | L+3.25% (3.75%) | 10/2/2028 | 2,730 | 2,704 | 2,729 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
BBB Industries, LLC (b) | Transportation | L+4.50% (4.60%) | 8/1/2025 | 12,855 | 12,754 | 12,855 | 3.2 | % | ||||||||||||||||||||||||||||||||||||
BCP Raptor, LLC (b) | Energy | L+4.25% (5.25%) | 6/24/2024 | 13,604 | 12,835 | 13,572 | 3.4 | % | ||||||||||||||||||||||||||||||||||||
BCP Renaissance, LLC (f) | Energy | L+3.50% (4.50%) | 10/31/2024 | 5,896 | 5,852 | 5,880 | 1.5 | % | ||||||||||||||||||||||||||||||||||||
Beasley Mezzanine Holdings, LLC | Broadcasting | 8.63% | 2/1/2026 | 2,174 | 2,225 | 2,151 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
Bella Holding Company, LLC (f) | Healthcare | L+3.75% (4.50%) | 5/10/2028 | 7,481 | 7,411 | 7,469 | 1.9 | % | ||||||||||||||||||||||||||||||||||||
Blackstone CQP Holdco, LP (f) | Industrials | L+3.75% (4.25%) | 6/5/2028 | 7,967 | 7,931 | 7,944 | 2.0 | % | ||||||||||||||||||||||||||||||||||||
BMC Software Finance, Inc. (b) | Technology | L+3.75% (3.97%) | 10/2/2025 | 12,748 | 12,782 | 12,659 | 3.2 | % | ||||||||||||||||||||||||||||||||||||
Bomgar Corp. (f) | Technology | L+4.00% (4.10%) | 4/18/2025 | 1,922 | 1,926 | 1,916 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
CareCentrix, Inc. (b) | Healthcare | L+4.50% (4.72%) | 4/3/2025 | 20,845 | 20,127 | 20,715 | 5.2 | % | ||||||||||||||||||||||||||||||||||||
Clover Technologies Group, LLC (e) | Industrials | L+7.50% (8.50%) | 2/5/2024 | 1,445 | 1,375 | 1,369 | 0.3 | % | ||||||||||||||||||||||||||||||||||||
CLP Health Services, Inc. (b) | Healthcare | L+4.25% (5.00%) | 12/31/2026 | 12,915 | 12,867 | 12,882 | 3.2 | % |
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company (d) | Industry | Investment Coupon Rate (a) | Maturity | Principal/ Number of Shares | Amortized Cost | Fair Value | % of Members' Capital (c) | |||||||||||||||||||||||||||||||||||||
Cnt Holdings I Corp (f) | Consumer | L+3.50% (4.25%) | 11/8/2027 | $ | 3,474 | $ | 3,474 | $ | 3,473 | 0.9 | % | |||||||||||||||||||||||||||||||||
CommerceHub, Inc. (f) | Technology | L+4.00% (4.75%) | 12/29/2027 | 7,639 | 7,649 | 7,551 | 1.9 | % | ||||||||||||||||||||||||||||||||||||
Community Care Health Network, LLC (b) | Healthcare | L+4.75% (4.85%) | 2/17/2025 | 9,755 | 9,726 | 9,368 | 2.3 | % | ||||||||||||||||||||||||||||||||||||
Compass Power Generation, LLC (f) | Utilities | L+3.50% (4.50%) | 12/20/2024 | 4,777 | 4,765 | 4,753 | 1.2 | % | ||||||||||||||||||||||||||||||||||||
Connect Finco SARL (f) | Telecom | L+3.50% (4.50%) | 12/11/2026 | 7,538 | 7,560 | 7,534 | 1.9 | % | ||||||||||||||||||||||||||||||||||||
Connectwise, LLC (f) | Software/Services | L+3.50% (4.00%) | 9/29/2028 | 4,000 | 3,980 | 3,986 | 1.0 | % | ||||||||||||||||||||||||||||||||||||
Conservice Midco, LLC (b) | Business Services | L+4.25% (4.47%) | 5/13/2027 | 7,700 | 7,713 | 7,679 | 1.9 | % | ||||||||||||||||||||||||||||||||||||
CONSOL Energy, Inc. (b) | Energy | L+4.50% (4.60%) | 9/27/2024 | 3,612 | 3,328 | 3,502 | 0.9 | % | ||||||||||||||||||||||||||||||||||||
Conterra Ultra Broadband, LLC (b) | Telecom | L+4.75% (5.75%) | 4/30/2026 | 6,710 | 6,710 | 6,710 | 1.7 | % | ||||||||||||||||||||||||||||||||||||
Corelogic, Inc. (b) | Business Services | L+3.50% (4.00%) | 6/2/2028 | 7,980 | 7,965 | 7,964 | 2.0 | % | ||||||||||||||||||||||||||||||||||||
CVENT, Inc. (e) | Technology | L+3.75% (3.83%) | 11/29/2024 | 2,700 | 2,628 | 2,695 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
Dealer Tire, LLC (e) | Retail | L+4.25% (4.33%) | 12/12/2025 | 3,952 | 3,927 | 3,946 | 1.0 | % | ||||||||||||||||||||||||||||||||||||
Directv Financing, LLC (b) | Media/Entertainment | L+5.00% (5.75%) | 8/2/2027 | 4,888 | 4,842 | 4,889 | 1.2 | % | ||||||||||||||||||||||||||||||||||||
Dish DBS Corp. | Cable | 5.25% | 12/1/2026 | 700 | 700 | 711 | 0.2 | % | ||||||||||||||||||||||||||||||||||||
Dish DBS Corp. | Cable | 5.75% | 12/1/2028 | 1,000 | 1,000 | 1,009 | 0.3 | % | ||||||||||||||||||||||||||||||||||||
Division Holding Corp. (b) | Business Services | L+4.75% (5.50%) | 5/26/2028 | 8,739 | 8,749 | 8,745 | 2.2 | % | ||||||||||||||||||||||||||||||||||||
Dunn Paper, Inc. (b) | Paper & Packaging | L+5.25% (6.25%) | 8/26/2022 | 578 | 562 | 555 | 0.1 | % | ||||||||||||||||||||||||||||||||||||
Dynasty Acquisition Co., Inc. (e) | Industrials | L+3.50% (3.63%) | 4/6/2026 | 2,824 | 2,736 | 2,743 | 0.7 | % | ||||||||||||||||||||||||||||||||||||
Dynasty Acquisition Co., Inc. (e) | Industrials | L+3.50% (3.63%) | 4/6/2026 | 5,253 | 5,089 | 5,102 | 1.3 | % | ||||||||||||||||||||||||||||||||||||
Echo Global Logistics, Inc. (b) | Transportation | L+3.75% (4.25%) | 11/23/2028 | 3,330 | 3,322 | 3,313 | 0.8 | % | ||||||||||||||||||||||||||||||||||||
Edgewater Generation, LLC (b) | Utilities | L+3.75% (3.85%) | 12/12/2025 | 2,491 | 2,476 | 2,349 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
Emerald 2, Ltd. (b) | Industrials | L+3.25% (3.47%) | 7/12/2028 | 518 | 515 | 514 | 0.1 | % | ||||||||||||||||||||||||||||||||||||
Fastlane Parent Co, Inc. (b) | Transportation | L+4.50% (4.60%) | 2/4/2026 | 1,569 | 1,569 | 1,567 | 0.4 | % | ||||||||||||||||||||||||||||||||||||
Flex Acquisition Company, Inc. (f) | Paper & Packaging | L+3.50% (4.00%) | 3/2/2028 | 6,957 | 6,920 | 6,939 | 1.7 | % | ||||||||||||||||||||||||||||||||||||
Florida Food Products, LLC (f) | Food & Beverage | L+5.00% (5.75%) | 10/18/2028 | 8,000 | 7,881 | 7,860 | 2.0 | % | ||||||||||||||||||||||||||||||||||||
Frontier Communications Corp. | Telecom | 5.00% | 5/1/2028 | 1,240 | 1,303 | 1,276 | 0.3 | % | ||||||||||||||||||||||||||||||||||||
Frontier Communications Corp. (b) | Telecom | L+3.75% (4.50%) | 5/1/2028 | 19,425 | 19,407 | 19,386 | 4.9 | % | ||||||||||||||||||||||||||||||||||||
Geon Performance Solutions, LLC (b) | Chemicals | L+4.75% (5.50%) | 8/18/2028 | 4,705 | 4,671 | 4,739 | 1.2 | % | ||||||||||||||||||||||||||||||||||||
Gogo Intermediate Holdings, LLC (f) | Telecom | L+3.75% (4.50%) | 4/28/2028 | 8,381 | 8,381 | 8,373 | 2.1 | % | ||||||||||||||||||||||||||||||||||||
Golden Nugget, LLC (b) (f) | Gaming/Lodging | L+2.50% (3.25%) | 10/4/2023 | 3,960 | 3,932 | 3,933 | 1.0 | % | ||||||||||||||||||||||||||||||||||||
Gordian Medical, Inc. (b) | Healthcare | L+6.25% (7.00%) | 1/31/2027 | 11,060 | 10,987 | 10,968 | 2.8 | % | ||||||||||||||||||||||||||||||||||||
Greenway Health, LLC (f) | Healthcare | L+3.75% (4.75%) | 2/16/2024 | 4,733 | 4,462 | 4,496 | 1.1 | % | ||||||||||||||||||||||||||||||||||||
GVC Holdings Gibraltar, Ltd. (f) | Gaming/Lodging | L+2.50% (3.00%) | 3/29/2027 | 4,975 | 4,969 | 4,958 | 1.2 | % | ||||||||||||||||||||||||||||||||||||
HAH Group Holding Company, LLC (b) | Healthcare | L+5.00% (6.00%) | 10/29/2027 | 737 | 737 | 737 | 0.2 | % | ||||||||||||||||||||||||||||||||||||
HAH Group Holding Company, LLC (b) | Healthcare | L+5.00% (6.00%) | 10/29/2027 | 5,827 | 5,748 | 5,827 | 1.5 | % | ||||||||||||||||||||||||||||||||||||
Hamilton Projects Acquiror, LLC (f) | Utilities | L+4.50% (5.25%) | 6/17/2027 | 5,718 | 5,694 | 5,710 | 1.4 | % | ||||||||||||||||||||||||||||||||||||
Heartland Dental, LLC (e) | Healthcare | L+3.50% (3.58%) | 4/30/2025 | 4,154 | 4,076 | 4,109 | 1.0 | % | ||||||||||||||||||||||||||||||||||||
Hertz Corp. (b) (f) | Transportation | L+3.25% (3.75%) | 6/30/2028 | 4,186 | 4,170 | 4,185 | 1.0 | % | ||||||||||||||||||||||||||||||||||||
Hertz Corp. (b) (f) | Transportation | L+3.25% (3.75%) | 6/30/2028 | 793 | 790 | 793 | 0.2 | % | ||||||||||||||||||||||||||||||||||||
HireRight, Inc. (f) | Business Services | L+3.75% (3.85%) | 7/11/2025 | 7,237 | 7,197 | 7,203 | 1.8 | % | ||||||||||||||||||||||||||||||||||||
Hudson River Trading, LLC (b) | Financials | L+3.00% (3.10%) | 3/20/2028 | 4,975 | 4,910 | 4,933 | 1.2 | % | ||||||||||||||||||||||||||||||||||||
ICP Industrial, Inc. (f) | Chemicals | L+3.75% (4.50%) | 12/29/2027 | 4,975 | 4,971 | 4,900 | 1.2 | % | ||||||||||||||||||||||||||||||||||||
IDERA, Inc. (f) | Technology | L+3.75% (4.50%) | 3/2/2028 | 6,983 | 6,994 | 6,972 | 1.7 | % |
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company (d) | Industry | Investment Coupon Rate (a) | Maturity | Principal/ Number of Shares | Amortized Cost | Fair Value | % of Members' Capital (c) | |||||||||||||||||||||||||||||||||||||
Ineos Us Finance, LLC (f) | Chemicals | L+2.50% (3.00%) | 11/6/2028 | $ | 4,000 | $ | 3,995 | $ | 3,977 | 1.0 | % | |||||||||||||||||||||||||||||||||
Iri Holdings, Inc. (b) | Business Services | L+4.25% (4.35%) | 12/1/2025 | 7,819 | 7,800 | 7,809 | 2.0 | % | ||||||||||||||||||||||||||||||||||||
Jack Ohio Finance, LLC (f) | Gaming/Lodging | L+4.75% (5.50%) | 10/4/2028 | 4,000 | 3,980 | 3,980 | 1.0 | % | ||||||||||||||||||||||||||||||||||||
Jane Street Group, LLC (f) | Financials | L+2.75% (2.85%) | 1/26/2028 | 4,938 | 4,932 | 4,895 | 1.2 | % | ||||||||||||||||||||||||||||||||||||
Jump Financial, LLC (b) | Financials | L+3.50% (4.00%) | 8/7/2028 | 2,494 | 2,482 | 2,475 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
Kissner Milling Co., Ltd. | Industrials | 4.88% | 5/1/2028 | 5,000 | 5,035 | 4,814 | 1.2 | % | ||||||||||||||||||||||||||||||||||||
LABL, Inc. (b) | Paper & Packaging | L+5.00% (5.50%) | 10/30/2028 | 5,000 | 4,925 | 4,988 | 1.3 | % | ||||||||||||||||||||||||||||||||||||
Liquid Tech Solutions Holdings, LLC (b) (f) | Industrials | L+4.75% (5.50%) | 3/20/2028 | 10,216 | 10,166 | 10,216 | 2.6 | % | ||||||||||||||||||||||||||||||||||||
Luxembourg Investment Co., 428 SARL (b) | Chemicals | S+5.00% (5.50%) | 1/3/2029 | 3,864 | 3,825 | 3,827 | 1.0 | % | ||||||||||||||||||||||||||||||||||||
Medallion Midland Acquisition, LP (f) | Energy | L+3.75% (4.50%) | 10/18/2028 | 3,614 | 3,579 | 3,594 | 0.9 | % | ||||||||||||||||||||||||||||||||||||
Meridian Adhesives Group, Inc. (b) | Chemicals | L+4.00% (4.75%) | 7/24/2028 | 5,000 | 4,953 | 5,000 | 1.3 | % | ||||||||||||||||||||||||||||||||||||
MH Sub I, LLC (f) | Business Services | L+3.75% (4.75%) | 9/13/2024 | 8,641 | 8,636 | 8,650 | 2.2 | % | ||||||||||||||||||||||||||||||||||||
Michael Baker International, LLC (b) | Industrials | L+5.00% (5.75%) | 12/1/2028 | 3,334 | 3,301 | 3,301 | 0.8 | % | ||||||||||||||||||||||||||||||||||||
MicroStrategy, Inc. | Software/Services | 6.13% | 6/15/2028 | 1,500 | 1,500 | 1,508 | 0.4 | % | ||||||||||||||||||||||||||||||||||||
Monitronics International, Inc. (b) | Business Services | L+6.50% (7.75%) | 3/29/2024 | 5,508 | 5,301 | 5,164 | 1.3 | % | ||||||||||||||||||||||||||||||||||||
MPH Acquisition Holdings, LLC (b) | Healthcare | L+4.25% (4.75%) | 9/1/2028 | 4,988 | 4,895 | 4,860 | 1.2 | % | ||||||||||||||||||||||||||||||||||||
MSG National Properties, LLC (b) | Media/Entertainment | L+6.25% (7.00%) | 11/12/2025 | 12,188 | 12,431 | 12,188 | 3.1 | % | ||||||||||||||||||||||||||||||||||||
MYOB US Borrower, LLC (f) | Business Services | L+4.00% (4.10%) | 5/6/2026 | 5,468 | 5,453 | 5,422 | 1.4 | % | ||||||||||||||||||||||||||||||||||||
National Mentor Holdings, Inc. (b) (f) | Healthcare | L+3.75% (4.50%) | 3/2/2028 | 7,370 | 7,336 | 7,282 | 1.8 | % | ||||||||||||||||||||||||||||||||||||
National Mentor Holdings, Inc. (f) | Healthcare | L+3.75% (4.50%) | 3/2/2028 | 233 | 232 | 230 | 0.1 | % | ||||||||||||||||||||||||||||||||||||
Navitas Midstream Midland Basin, LLC (b) | Energy | L+4.00% (4.75%) | 12/13/2024 | 10,676 | 10,676 | 10,639 | 2.7 | % | ||||||||||||||||||||||||||||||||||||
Nexus Buyer, LLC (f) | Business Services | L+3.75% (3.85%) | 11/9/2026 | 1,489 | 1,485 | 1,480 | 0.4 | % | ||||||||||||||||||||||||||||||||||||
Nouryon USA, LLC (e) | Chemicals | L+3.00% (3.10%) | 10/1/2025 | 2,342 | 2,310 | 2,332 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
Paysafe Finance, PLC | Software/Services | 4.00% | 6/15/2029 | 400 | 400 | 373 | 0.1 | % | ||||||||||||||||||||||||||||||||||||
Perstorp Holding Ab (b) | Chemicals | L+4.75% (4.91%) | 2/27/2026 | 8,777 | 8,325 | 8,777 | 2.2 | % | ||||||||||||||||||||||||||||||||||||
PG&E Corp. (f) | Utilities | L+3.00% (3.50%) | 6/23/2025 | 10,698 | 10,735 | 10,569 | 2.7 | % | ||||||||||||||||||||||||||||||||||||
Proofpoint, Inc. (b) | Software/Services | L+3.25% (3.75%) | 8/31/2028 | 2,500 | 2,494 | 2,488 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
Protective Industrial Products, Inc. (b) | Industrials | L+4.00% (4.75%) | 12/29/2027 | 9,127 | 9,091 | 9,087 | 2.3 | % | ||||||||||||||||||||||||||||||||||||
Pug, LLC (f) | Technology | L+3.50% (3.60%) | 2/12/2027 | 4,962 | 4,843 | 4,843 | 1.2 | % | ||||||||||||||||||||||||||||||||||||
Pug, LLC (f) | Technology | L+4.25% (4.75%) | 2/13/2027 | 1,995 | 1,986 | 1,983 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
Quikrete Holdings, Inc. (f) | Industrials | L+3.00% (3.19%) | 6/11/2028 | 8,000 | 7,959 | 7,978 | 2.0 | % | ||||||||||||||||||||||||||||||||||||
Regionalcare Hospital Partners Holdings, Inc. | Healthcare | 4.38% | 2/15/2027 | 2,000 | 2,000 | 2,025 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
Regionalcare Hospital Partners Holdings, Inc. (b) | Healthcare | L+3.75% (3.85%) | 11/14/2025 | 5,195 | 5,214 | 5,186 | 1.3 | % | ||||||||||||||||||||||||||||||||||||
RXB Holdings, Inc. (f) | Healthcare | L+4.50% (5.25%) | 12/20/2027 | 10,205 | 10,244 | 10,205 | 2.6 | % | ||||||||||||||||||||||||||||||||||||
S&S Holdings, LLC (f) | Consumer | L+5.00% (5.50%) | 3/10/2028 | 6,948 | 6,759 | 6,948 | 1.7 | % | ||||||||||||||||||||||||||||||||||||
Safe Fleet Holdings, LLC (f) | Industrials | L+3.00% (4.00%) | 2/3/2025 | 2,374 | 2,359 | 2,357 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
Safety Products/JHC Acquisition Corp. (b) | Industrials | L+4.50% (4.60%) | 6/28/2026 | 938 | 891 | 892 | 0.2 | % | ||||||||||||||||||||||||||||||||||||
Safety Products/JHC Acquisition Corp. (b) | Industrials | L+4.50% (4.60%) | 6/28/2026 | 17,360 | 16,549 | 16,492 | 4.1 | % | ||||||||||||||||||||||||||||||||||||
Schenectady International Group, Inc. (b) | Chemicals | L+4.75% (4.87%) | 10/15/2025 | 19,911 | 19,791 | 19,911 | 5.0 | % | ||||||||||||||||||||||||||||||||||||
SCIH Salt Holdings, Inc. (b) (f) | Industrials | L+4.00% (4.75%) | 3/16/2027 | 18,735 | 18,671 | 18,532 | 4.6 | % |
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company (d) | Industry | Investment Coupon Rate (a) | Maturity | Principal/ Number of Shares | Amortized Cost | Fair Value | % of Members' Capital (c) | |||||||||||||||||||||||||||||||||||||
SFR Group, SA (b) (e) | Telecom | L+4.00% (4.13%) | 8/14/2026 | $ | 12,705 | $ | 12,640 | $ | 12,629 | 3.2 | % | |||||||||||||||||||||||||||||||||
Sierra Acquisition, Inc. (b) | Food & Beverage | L+4.00% (5.00%) | 11/11/2024 | 4,902 | 4,712 | 4,890 | 1.2 | % | ||||||||||||||||||||||||||||||||||||
Sophia, LP (f) | Software/Services | L+3.50% (4.00%) | 10/7/2027 | 3,004 | 3,007 | 3,001 | 0.8 | % | ||||||||||||||||||||||||||||||||||||
Spirit Aerosystems, Inc. (b) | Industrials | L+3.75% (4.25%) | 1/15/2025 | 2,555 | 2,584 | 2,556 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
SSH Group Holdings, Inc. (e) | Education | L+4.25% (4.40%) | 7/30/2025 | 10,518 | 10,064 | 10,134 | 2.5 | % | ||||||||||||||||||||||||||||||||||||
Staples, Inc. (b) | Business Services | L+5.00% (5.13%) | 4/16/2026 | 4,949 | 4,896 | 4,774 | 1.2 | % | ||||||||||||||||||||||||||||||||||||
Station Casinos, LLC (f) | Gaming/Lodging | L+2.25% (2.50%) | 2/8/2027 | 2,278 | 2,267 | 2,257 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
Team Health Holdings, Inc. (e) | Healthcare | L+2.75% (3.75%) | 2/6/2024 | 2,969 | 2,808 | 2,830 | 0.7 | % | ||||||||||||||||||||||||||||||||||||
Tecta America Corp. (f) | Industrials | L+4.25% (5.00%) | 4/6/2028 | 9,045 | 9,018 | 9,033 | 2.3 | % | ||||||||||||||||||||||||||||||||||||
Tenneco, Inc. | Transportation | 5.13% | 4/15/2029 | 3,846 | 3,846 | 3,773 | 0.9 | % | ||||||||||||||||||||||||||||||||||||
Tenneco, Inc. (e) | Transportation | L+3.00% (3.08%) | 10/1/2025 | 2,969 | 2,911 | 2,921 | 0.7 | % | ||||||||||||||||||||||||||||||||||||
The Dun & Bradstreet Corp. (f) | Business Services | L+3.25% (3.35%) | 2/6/2026 | 4,863 | 4,884 | 4,841 | 1.2 | % | ||||||||||||||||||||||||||||||||||||
TransDigm, Inc. (f) | Industrials | L+2.25% (2.35%) | 12/9/2025 | 2,970 | 2,953 | 2,926 | 0.7 | % | ||||||||||||||||||||||||||||||||||||
Traverse Midstream Partners, LLC (b) | Energy | S+4.25% (5.25%) | 9/27/2024 | 14,962 | 14,936 | 14,878 | 3.7 | % | ||||||||||||||||||||||||||||||||||||
Triton Water Holdings, Inc. (f) | Food & Beverage | L+3.50% (4.00%) | 3/31/2028 | 7,463 | 7,445 | 7,374 | 1.8 | % | ||||||||||||||||||||||||||||||||||||
Truck Hero, Inc. (f) | Transportation | L+3.25% (4.00%) | 1/31/2028 | 1,489 | 1,485 | 1,479 | 0.4 | % | ||||||||||||||||||||||||||||||||||||
TSL Engineered Products, LLC (b) | Industrials | L+4.75% (5.50%) | 1/7/2028 | 7,858 | 7,785 | 7,858 | 2.0 | % | ||||||||||||||||||||||||||||||||||||
United Airlines, Inc. (f) | Transportation | L+3.75% (4.50%) | 4/21/2028 | 3,794 | 3,782 | 3,800 | 1.0 | % | ||||||||||||||||||||||||||||||||||||
University Support Services, LLC (f) | Education | L+3.25% (3.75%) | 6/29/2028 | 5,000 | 4,983 | 4,975 | 1.2 | % | ||||||||||||||||||||||||||||||||||||
Urban One, Inc. | Media/Entertainment | 7.38% | 2/1/2028 | 6,000 | 6,194 | 6,200 | 1.6 | % | ||||||||||||||||||||||||||||||||||||
Venga Finance Sarl (b) | Telecom | L+4.75% (5.25%) | 12/4/2028 | 4,000 | 3,880 | 3,913 | 1.0 | % | ||||||||||||||||||||||||||||||||||||
Veritext Corp. (f) | Business Services | L+3.25% (3.35%) | 8/1/2025 | 3,505 | 3,463 | 3,472 | 0.9 | % | ||||||||||||||||||||||||||||||||||||
Virgin Media Bristol, LLC (f) | Telecom | L+3.25% (3.36%) | 1/31/2029 | 2,500 | 2,497 | 2,497 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
Vyaire Medical, Inc. (f) | Healthcare | L+4.75% (5.75%) | 4/16/2025 | 7,831 | 6,573 | 6,695 | 1.7 | % | ||||||||||||||||||||||||||||||||||||
WaterBridge Midstream Operating, LLC (b) | Energy | L+5.75% (6.75%) | 6/22/2026 | 10,748 | 9,572 | 10,462 | 2.6 | % | ||||||||||||||||||||||||||||||||||||
Watlow Electric Manufacturing Co. (b) | Industrials | L+3.75% (4.25%) | 3/2/2028 | 9,473 | 9,431 | 9,447 | 2.4 | % | ||||||||||||||||||||||||||||||||||||
Western Dental Services, Inc. (f) | Healthcare | L+4.50% (5.25%) | 8/18/2028 | 9,075 | 9,067 | 9,070 | 2.3 | % | ||||||||||||||||||||||||||||||||||||
Western Dental Services, Inc. (f) | Healthcare | L+4.50% (5.25%) | 8/18/2028 | 389 | 389 | 388 | 0.1 | % | ||||||||||||||||||||||||||||||||||||
Wilsonart, LLC (b) | Consumer | L+3.50% (4.50%) | 12/31/2026 | 7,450 | 7,444 | 7,444 | 1.9 | % | ||||||||||||||||||||||||||||||||||||
Wrench Group, LLC (f) | Consumer | L+4.00% (4.22%) | 4/30/2026 | 3,151 | 3,098 | 3,151 | 0.8 | % | ||||||||||||||||||||||||||||||||||||
YI, LLC (e) | Healthcare | L+4.00% (5.00%) | 11/7/2024 | 8,974 | 8,891 | 8,974 | 2.3 | % | ||||||||||||||||||||||||||||||||||||
Subtotal Senior Secured First Lien Debt | $ | 945,196 | $ | 947,148 | 237.6 | % | ||||||||||||||||||||||||||||||||||||||
Senior Secured Second Lien Debt | ||||||||||||||||||||||||||||||||||||||||||||
American Rock Salt Company, LLC (b) | Chemicals | L+7.25% (8.00%) | 6/11/2029 | $ | 4,943 | $ | 4,894 | $ | 4,955 | 1.2 | % | |||||||||||||||||||||||||||||||||
Asp Ls Acquisition Corp. (b) | Transportation | L+7.50% (8.25%) | 4/30/2029 | 2,065 | 2,075 | 2,074 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
Asurion, LLC (b) | Business Services | L+5.25% (5.35%) | 1/31/2028 | 15,632 | 15,564 | 15,671 | 3.9 | % | ||||||||||||||||||||||||||||||||||||
Barracuda Networks, Inc. (b) | Software/Services | L+6.75% (7.50%) | 10/30/2028 | 4,698 | 4,724 | 4,749 | 1.2 | % | ||||||||||||||||||||||||||||||||||||
CDS U.S. Intermediate Holdings, Inc. (b) | Media/Entertainment | L+8.00% (9.00%) 7.00% PIK | 11/24/2027 | 5,088 | 5,070 | 5,058 | 1.3 | % | ||||||||||||||||||||||||||||||||||||
Edelman Financial Services, LLC (b) (e) | Financials | L+6.75% (6.84%) | 7/20/2026 | 9,972 | 9,929 | 9,989 | 2.5 | % | ||||||||||||||||||||||||||||||||||||
IDERA, Inc. (b) (e) | Technology | L+6.75% (7.50%) | 3/2/2029 | 1,545 | 1,537 | 1,545 | 0.4 | % | ||||||||||||||||||||||||||||||||||||
Tecta America Corp. (b) | Industrials | L+8.50% (9.25%) | 4/6/2029 | 4,998 | 4,973 | 4,998 | 1.3 | % | ||||||||||||||||||||||||||||||||||||
TIBCO Software, Inc. (b) | Technology | L+7.25% (7.36%) | 3/3/2028 | 13,020 | 13,166 | 13,047 | 3.3 | % |
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company (d) | Industry | Investment Coupon Rate (a) | Maturity | Principal/ Number of Shares | Amortized Cost | Fair Value | % of Members' Capital (c) | |||||||||||||||||||||||||||||||||||||
Subtotal Senior Secured Second Lien Debt | $ | 61,932 | $ | 62,086 | 15.6 | % | ||||||||||||||||||||||||||||||||||||||
Collateralized Securities | ||||||||||||||||||||||||||||||||||||||||||||
Collateralized Securities - Debt Investments | ||||||||||||||||||||||||||||||||||||||||||||
AIG CLO, Ltd. 21‐1A F | Diversified Investment Vehicles | L+6.90% (7.03%) | 4/22/2034 | $ | 1,410 | $ | 1,285 | $ | 1,270 | 0.3 | % | |||||||||||||||||||||||||||||||||
Avery Point CLO, Ltd. 15-6A E1 (f) | Diversified Investment Vehicles | L+5.50% (5.64%) | 8/6/2027 | 3,500 | 3,124 | 3,380 | 0.9 | % | ||||||||||||||||||||||||||||||||||||
Battalion CLO, Ltd. 21-17A F | Diversified Investment Vehicles | L+7.50% (7.63%) | 3/9/2034 | 1,224 | 1,132 | 1,123 | 0.3 | % | ||||||||||||||||||||||||||||||||||||
Carlyle GMS CLO, 16-3A FRR (f) | Diversified Investment Vehicles | L+8.60% (8.73%) | 7/20/2034 | 2,100 | 1,984 | 1,983 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
Eaton Vance CDO, Ltd. 15-1A FR (f) | Diversified Investment Vehicles | L+7.97% (8.10%) | 1/20/2030 | 2,000 | 1,736 | 1,829 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
Elevation CLO, Ltd. 13-1A D2 | Diversified Investment Vehicles | L+7.65% (7.80%) | 8/15/2032 | 2,000 | 1,961 | 1,973 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
Great Lakes CLO, Ltd. 21-6A E | Diversified Investment Vehicles | L+8.03% (8.25%) | 1/15/2034 | 5,150 | 4,945 | 4,906 | 1.2 | % | ||||||||||||||||||||||||||||||||||||
Greywolf CLO, Ltd. 20-3RA ER (f) | Diversified Investment Vehicles | L+8.74% (8.87%) | 4/15/2033 | 1,000 | 873 | 949 | 0.2 | % | ||||||||||||||||||||||||||||||||||||
Hayfin Kingsland XI, Ltd. 19‐2A ER | Diversified Investment Vehicles | L+7.72% (7.85%) | 10/20/2034 | 2,500 | 2,426 | 2,412 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
Highbridge Loan Management, Ltd. 11A-17 E (f) | Diversified Investment Vehicles | L+6.10% (6.24%) | 5/6/2030 | 3,000 | 2,689 | 2,825 | 0.7 | % | ||||||||||||||||||||||||||||||||||||
Jamestown CLO, Ltd. 17-10A D (f) | Diversified Investment Vehicles | L+6.70% (6.82%) | 7/17/2029 | 1,200 | 1,120 | 1,153 | 0.3 | % | ||||||||||||||||||||||||||||||||||||
KKR Financial CLO, Ltd. 15 FR | Diversified Investment Vehicles | L+8.50% (8.62%) | 1/18/2032 | 2,000 | 1,892 | 1,880 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
LCM, Ltd. Partnership 16A ER2 (f) | Diversified Investment Vehicles | L+6.38% (6.50%) | 10/15/2031 | 2,500 | 2,280 | 2,373 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
Marble Point CLO, Ltd. 20-1A E (f) | Diversified Investment Vehicles | L+6.82% (6.95%) | 4/20/2033 | 4,500 | 4,400 | 4,392 | 1.1 | % | ||||||||||||||||||||||||||||||||||||
Medalist Partners Corporate Finance CLO, Ltd. 21-1A D (f) | Diversified Investment Vehicles | L+7.48% (7.69%) | 10/20/2034 | 3,000 | 2,852 | 2,833 | 0.7 | % | ||||||||||||||||||||||||||||||||||||
Northwoods Capital, Ltd. 17-15A ER | Diversified Investment Vehicles | L+7.64% (7.85%) | 6/20/2034 | 3,000 | 2,920 | 2,909 | 0.7 | % | ||||||||||||||||||||||||||||||||||||
OCP CLO, Ltd. 14-5A DR (f) | Diversified Investment Vehicles | L+5.70% (5.82%) | 4/26/2031 | 2,200 | 2,077 | 2,118 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
OZLM, Ltd. 16-15A DR (f) | Diversified Investment Vehicles | L+6.75% (6.88%) | 4/20/2033 | 2,000 | 1,903 | 1,922 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
Palmer Square CLO, Ltd. 21‐4A F | Diversified Investment Vehicles | L+7.66% (7.80%) | 10/15/2034 | 1,500 | 1,426 | 1,413 | 0.4 | % | ||||||||||||||||||||||||||||||||||||
Regatta II Funding, LP 13-2A DR2 (f) | Diversified Investment Vehicles | L+6.95% (7.07%) | 1/15/2029 | 2,000 | 1,923 | 1,968 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
Saranac CLO, Ltd. 20-8A E | Diversified Investment Vehicles | L+8.12% (8.28%) | 2/20/2033 | 1,455 | 1,441 | 1,433 | 0.4 | % | ||||||||||||||||||||||||||||||||||||
Sound Point CLO, Ltd. 17-1A E (f) | Diversified Investment Vehicles | L+5.96% (6.08%) | 1/23/2029 | 4,000 | 3,589 | 3,736 | 0.9 | % | ||||||||||||||||||||||||||||||||||||
Sound Point CLO, Ltd. 17-2A E (f) | Diversified Investment Vehicles | L+6.10% (6.22%) | 7/25/2030 | 2,400 | 2,065 | 2,173 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
Sound Point CLO, Ltd. 18-3A D (f) | Diversified Investment Vehicles | L+5.79% (5.91%) | 10/26/2031 | 1,000 | 899 | 895 | 0.2 | % | ||||||||||||||||||||||||||||||||||||
Symphony CLO, Ltd. 2012-9A ER2 (f) | Diversified Investment Vehicles | L+6.95% (7.07%) | 7/16/2032 | 3,000 | 2,769 | 2,937 | 0.7 | % | ||||||||||||||||||||||||||||||||||||
Trimaran CAVU 2021-2A, Ltd. 21-2A E (f) | Diversified Investment Vehicles | L+7.20% (7.33%) | 10/25/2034 | 3,000 | 2,941 | 2,915 | 0.7 | % | ||||||||||||||||||||||||||||||||||||
Trysail CLO, Ltd. 21‐1A E | Diversified Investment Vehicles | L+7.38% (7.52%) | 7/20/2032 | 1,500 | 1,444 | 1,445 | 0.4 | % |
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company (d) | Industry | Investment Coupon Rate (a) | Maturity | Principal/ Number of Shares | Amortized Cost | Fair Value | % of Members' Capital (c) | |||||||||||||||||||||||||||||||||||||
Venture CDO, Ltd. 16-23A ER2 (f) | Diversified Investment Vehicles | L+7.55% (7.67%) | 7/19/2034 | $ | 3,000 | $ | 2,912 | $ | 2,892 | 0.7 | % | |||||||||||||||||||||||||||||||||
Venture CDO, Ltd. 16-25A E (f) | Diversified Investment Vehicles | L+7.20% (7.33%) | 4/20/2029 | 2,000 | 1,943 | 1,936 | 0.5 | % | ||||||||||||||||||||||||||||||||||||
Venture CDO, Ltd. 20-39A E | Diversified Investment Vehicles | L+7.63% (7.75%) | 4/15/2033 | 4,995 | 4,961 | 4,922 | 1.2 | % | ||||||||||||||||||||||||||||||||||||
Venture CLO 43, Ltd. 21-43A E (f) | Diversified Investment Vehicles | L+7.15% (7.27%) | 4/15/2034 | 3,000 | 2,913 | 2,901 | 0.7 | % | ||||||||||||||||||||||||||||||||||||
Wind River CLO, Ltd. 14-2A FR | Diversified Investment Vehicles | L+7.87% (7.99%) | 1/15/2031 | 3,000 | 2,495 | 2,489 | 0.6 | % | ||||||||||||||||||||||||||||||||||||
Zais CLO 13, Ltd. 19-13A D1 (f) | Diversified Investment Vehicles | L+4.52% (4.64%) | 7/15/2032 | 3,000 | 2,722 | 2,818 | 0.7 | % | ||||||||||||||||||||||||||||||||||||
Subtotal Collateralized Securities | $ | 78,042 | $ | 79,103 | 19.8 | % | ||||||||||||||||||||||||||||||||||||||
TOTAL INVESTMENTS | $ | 1,085,170 | $ | 1,088,337 | 273.0 | % |
Selected Statement of Assets and Liabilities Information | December 31, | ||||
2021 | |||||
ASSETS | |||||
Investments, at fair value (amortized cost of $1,085,170) | $ | 1,088,337 | |||
Cash and other assets | 107,623 | ||||
Total assets | $ | 1,195,960 | |||
LIABILITIES | |||||
Revolving credit facilities | $ | 631,562 | |||
Secured borrowings | 94,737 | ||||
Other liabilities | 71,008 | ||||
Total liabilities | 797,307 | ||||
MEMBERS' CAPITAL | |||||
Total members' capital | 398,653 | ||||
Total liabilities and members' capital | $ | 1,195,960 |
Selected Statements of Operations Information | For the period January 20, 2021 (inception) through December 31, | |||||||
2021 | ||||||||
Investment income: | ||||||||
Total investment income | $ | 44,964 | ||||||
Operating expenses: | ||||||||
Interest and credit facility financing expenses | 10,051 | |||||||
Other expenses | 2,161 | |||||||
Total expenses | 12,212 | |||||||
Net investment income | 32,752 | |||||||
Realized and unrealized gain: | ||||||||
Net realized and unrealized gain | 10,093 | |||||||
Net increase in net assets resulting from operations | $ | 42,845 |
Selected Balance Sheet Information | As of December 31, | As of December 31, | ||||||||||||
2021 | 2020 | |||||||||||||
Total Assets | $ | 470,781 | $ | 225,645 | ||||||||||
Total Liabilities | 414,464 | 181,401 |
Selected Income Statement Information | For the Year Ended December 31, | For the Year Ended December 31, | For the period February 16, 2019 through December 31, | |||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Revenues | $ | 29,452 | $ | 21,509 | $ | 15,428 | ||||||||||||||
Net income | 12,082 | 7,324 | 6,213 |
Maturity Date | Total Aggregate Borrowing Capacity | Total Principal Outstanding | Less Deferred Financing Costs | Amount per Consolidated Statements of Assets and Liabilities | ||||||||||||||||||||||||||||
Wells Fargo Credit Facility | 8/28/2025 | $ | 300,000 | $ | 285,000 | $ | (5,575) | $ | 279,425 | |||||||||||||||||||||||
JPM Credit Facility | 8/28/2023 | 400,000 | 391,100 | (734) | 390,366 | |||||||||||||||||||||||||||
MassMutual Credit Facility | 12/31/2025 | 100,000 | — | (1,807) | (1,807) | |||||||||||||||||||||||||||
2026 Notes | 3/30/2026 | 300,000 | 296,688 | (607) | 296,081 | |||||||||||||||||||||||||||
2024 Notes | 12/15/2024 | 100,000 | 99,295 | (110) | 99,185 | |||||||||||||||||||||||||||
2023 Notes | 5/30/2023 | 60,000 | 59,908 | (266) | 59,642 | |||||||||||||||||||||||||||
2022 Notes | 12/30/2022 | 150,000 | 149,836 | (454) | 149,382 | |||||||||||||||||||||||||||
Totals | $ | 1,410,000 | $ | 1,281,827 | $ | (9,553) | $ | 1,272,274 |
Maturity Date | Total Aggregate Borrowing Capacity | Total Principal Outstanding | Less Deferred Financing Costs | Amount per Consolidated Statements of Assets and Liabilities | ||||||||||||||||||||||||||||
Wells Fargo Credit Facility | 8/28/2025 | $ | 300,000 | $ | 253,000 | $ | (7,099) | $ | 245,901 | |||||||||||||||||||||||
JPM Credit Facility | 8/28/2023 | 300,000 | 289,000 | (894) | 288,106 | |||||||||||||||||||||||||||
Citi Credit Facility | 5/31/2022 | 400,000 | 267,250 | (1,335) | 265,915 | |||||||||||||||||||||||||||
MassMutual Credit Facility | 12/31/2025 | 100,000 | — | (2,258) | (2,258) | |||||||||||||||||||||||||||
2024 Notes | 12/15/2024 | 100,000 | 99,057 | (147) | 98,910 | |||||||||||||||||||||||||||
2023 Notes | 5/30/2023 | 60,000 | 59,843 | (455) | 59,388 | |||||||||||||||||||||||||||
2022 Notes | 12/30/2022 | 150,000 | 149,671 | (910) | 148,761 | |||||||||||||||||||||||||||
Totals | $ | 1,410,000 | $ | 1,117,821 | $ | (13,098) | $ | 1,104,723 |
Year ended December 31, 2021 | |||||||||||||||||||||||||||||
Interest Rate | Non-Usage Rate | Interest Expense | Deferred Financing Costs (6) | Other Fees (7) | |||||||||||||||||||||||||
Wells Fargo Credit Facility | (1) | (2) | $ | 5,973 | $ | 1,524 | $ | 559 | |||||||||||||||||||||
JPM Credit Facility | (3) | (4) | 9,103 | 423 | 801 | ||||||||||||||||||||||||
Citi Credit Facility(8) | L+1.60% | 0.50% | 277 | 49 | 48 | ||||||||||||||||||||||||
MassMutual Credit Facility | (5) | 0.50% | — | 450 | 579 | ||||||||||||||||||||||||
2026 Notes | 3.25% | n/a | 7,961 | 100 | 35 | ||||||||||||||||||||||||
2024 Notes | 4.85% | n/a | 5,088 | 37 | — | ||||||||||||||||||||||||
2023 Notes | 5.38% | n/a | 3,290 | 189 | 9 | ||||||||||||||||||||||||
2022 Notes | 4.75% | n/a | 7,290 | 456 | — | ||||||||||||||||||||||||
Totals | $ | 38,982 | $ | 3,228 | $ | 2,031 |
Year ended December 31, 2020 | |||||||||||||||||||||||||||||
Interest Rate | Non-Usage Rate | Interest Expense | Deferred Financing Costs (6) | Other Fees (7) | |||||||||||||||||||||||||
Wells Fargo Credit Facility | (1) | (2) | $ | 12,580 | $ | 2,018 | $ | 494 | |||||||||||||||||||||
JPM Credit Facility | (3) | (4) | 2,659 | 112 | 79 | ||||||||||||||||||||||||
Citi Credit Facility | L+1.60% | 0.50% | 6,230 | 938 | 955 | ||||||||||||||||||||||||
MassMutual Credit Facility | (5) | 0.50% | — | 214 | 299 | ||||||||||||||||||||||||
2024 Notes | 4.85% | n/a | 5,089 | 37 | 34 | ||||||||||||||||||||||||
2023 Notes | 5.38% | n/a | 3,290 | 189 | 10 | ||||||||||||||||||||||||
2022 Notes | 4.75% | n/a | 7,291 | 458 | 8 | ||||||||||||||||||||||||
2020 Notes | 6.00% | n/a | 3,895 | 84 | 8 | ||||||||||||||||||||||||
Totals | $ | 41,034 | $ | 4,050 | $ | 1,887 |
Year ended December 31, 2019 | |||||||||||||||||||||||||||||
Interest Rate | Non-Usage Rate | Interest Expense | Deferred Financing Costs (3) | Other Fees (4) | |||||||||||||||||||||||||
Wells Fargo Credit Facility | (1) | (2) | $ | 19,628 | $ | 1,955 | $ | 1,142 | |||||||||||||||||||||
Citi Credit Facility | L+1.60% | 0.50% | 13,163 | 858 | 487 | ||||||||||||||||||||||||
2024 Notes | 4.85% | n/a | 368 | 3 | — | ||||||||||||||||||||||||
2023 Notes | 5.38% | n/a | 3,290 | 189 | 9 | ||||||||||||||||||||||||
2022 Notes | 4.75% | n/a | 7,290 | 456 | 9 | ||||||||||||||||||||||||
2020 Notes | 6.00% | n/a | 6,332 | 125 | 8 | ||||||||||||||||||||||||
Totals | $ | 50,071 | $ | 3,586 | $ | 1,655 |
Level | Carrying Amount at December 31, 2021 | Fair Value at December 31, 2021 | |||||||||||||||
Wells Fargo Credit Facility | 3 | $ | 285,000 | $ | 285,000 | ||||||||||||
JPM Credit Facility | 3 | 391,100 | 391,100 | ||||||||||||||
MassMutual Credit Facility | 3 | — | — | ||||||||||||||
2026 Notes | 3 | 296,688 | 300,243 | ||||||||||||||
2024 Notes | 3 | 99,295 | 105,163 | ||||||||||||||
2023 Notes | 3 | 59,908 | 62,113 | ||||||||||||||
2022 Notes | 3 | 149,836 | 153,732 | ||||||||||||||
$ | 1,281,827 | $ | 1,297,351 |
Level | Carrying Amount at December 31, 2020 | Fair Value at December 31, 2020 | |||||||||||||||
Wells Fargo Credit Facility | 3 | $ | 253,000 | $ | 253,000 | ||||||||||||
JPM Credit Facility | 3 | 289,000 | 289,000 | ||||||||||||||
Citi Credit Facility | 3 | 267,250 | 267,250 | ||||||||||||||
MassMutual Credit Facility | 3 | — | — | ||||||||||||||
2024 Notes | 3 | 99,057 | 100,216 | ||||||||||||||
2023 Notes | 3 | 59,843 | 61,388 | ||||||||||||||
2022 Notes | 3 | 149,671 | 153,440 | ||||||||||||||
$ | 1,117,821 | $ | 1,124,294 |
Portfolio Company Name | Investment Type | Commitment Type | Total Commitment | Remaining Commitment | ||||||||||||||||||||||
ADCS Clinics Intermediate Holdings, LLC | Senior Secured First Lien Debt | Delayed draw term loan | $ | 3,604 | $ | 1,485 | ||||||||||||||||||||
ADCS Clinics Intermediate Holdings, LLC | Senior Secured First Lien Debt | Revolver term loan | 1,264 | 1,264 | ||||||||||||||||||||||
Arch Global Precision, LLC | Senior Secured First Lien Debt | Delayed draw term loan | 2,380 | 164 | ||||||||||||||||||||||
Arch Global Precision, LLC | Senior Secured First Lien Debt | Revolver term loan | 1,008 | 1,008 | ||||||||||||||||||||||
Arctic Holdco, LLC | Senior Secured First Lien Debt | Delayed draw term loan | 10,632 | 3,694 | ||||||||||||||||||||||
Arctic Holdco, LLC | Senior Secured First Lien Debt | Revolver term loan | 5,074 | 4,059 | ||||||||||||||||||||||
Armada Parent, Inc. | Senior Secured First Lien Debt | Delayed draw term loan | 4,517 | 4,517 | ||||||||||||||||||||||
Armada Parent, Inc. | Senior Secured First Lien Debt | Revolver term loan | 5,420 | 4,968 | ||||||||||||||||||||||
Aventine Holdings, LLC | Senior Secured First Lien Debt | Delayed draw term loan | 10,063 | 10,063 | ||||||||||||||||||||||
BCPE Oceandrive Buyer, Inc. | Senior Secured First Lien Debt | Delayed draw term loan | 11,417 | 11,417 | ||||||||||||||||||||||
BCPE Oceandrive Buyer, Inc. | Senior Secured First Lien Debt | Delayed draw term loan | 3,425 | 3,425 | ||||||||||||||||||||||
BCPE Oceandrive Buyer, Inc. | Senior Secured First Lien Debt | Revolver term loan | 3,425 | 3,425 | ||||||||||||||||||||||
Capstone Logistics | Senior Secured First Lien Debt | Delayed draw term loan | 2,945 | 1,818 | ||||||||||||||||||||||
Capstone Logistics | Senior Secured First Lien Debt | Revolver term loan | 1,804 | 1,526 | ||||||||||||||||||||||
Chudy Group, LLC | Senior Secured First Lien Debt | Delayed draw term loan | 3,442 | 3,442 | ||||||||||||||||||||||
Chudy Group, LLC | Senior Secured First Lien Debt | Revolver term loan | 860 | 860 | ||||||||||||||||||||||
Cobblestone Intermediate Holdco, LLC | Senior Secured First Lien Debt | Delayed draw term loan | 7,015 | 5,899 | ||||||||||||||||||||||
Communication Technology Intermediate, LLC | Senior Secured First Lien Debt | Revolver term loan | 2,363 | 2,363 | ||||||||||||||||||||||
CRS-SPV, Inc. | Senior Secured First Lien Debt | Revolver term loan | 224 | 162 | ||||||||||||||||||||||
Dynagrid Holdings, LLC | Senior Secured First Lien Debt | Revolver term loan | 2,262 | 1,583 | ||||||||||||||||||||||
FGT Purchaser, LLC | Senior Secured First Lien Debt | Revolver term loan | 2,144 | 1,501 | ||||||||||||||||||||||
Galway Borrower, LLC | Senior Secured First Lien Debt | Delayed draw term loan | 3,977 | 3,977 | ||||||||||||||||||||||
Galway Borrower, LLC | Senior Secured First Lien Debt | Revolver term loan | 1,894 | 1,894 | ||||||||||||||||||||||
Gogo Intermediate Holdings, LLC | Senior Secured First Lien Debt | Revolver term loan | 1,053 | 1,053 | ||||||||||||||||||||||
Health Plan One, Inc. | Senior Secured First Lien Debt | Revolver term loan | 1,458 | 1,458 | ||||||||||||||||||||||
Higginbotham Insurance Agency, Inc. | Senior Secured First Lien Debt | Delayed draw term loan | 10,113 | 6,022 | ||||||||||||||||||||||
Hospice Care Buyer, Inc. | Senior Secured First Lien Debt | Revolver term loan | 2,775 | 1,070 | ||||||||||||||||||||||
ICR Operations, LLC | Senior Secured First Lien Debt | Revolver term loan | 6,178 | 3,089 | ||||||||||||||||||||||
Ideal Tridon Holdings, Inc. | Senior Secured First Lien Debt | Revolver term loan | 2,810 | 1,927 | ||||||||||||||||||||||
IG Investments Holdings, LLC | Senior Secured First Lien Debt | Revolver term loan | 1,390 | 695 | ||||||||||||||||||||||
Integrated Efficiency Solutions, Inc. | Senior Secured First Lien Debt | Revolver term loan | 600 | 469 | ||||||||||||||||||||||
Integrated Global Services, Inc. | Senior Secured First Lien Debt | Revolver term loan | 2,028 | 406 | ||||||||||||||||||||||
Knowledge Pro Buyer, Inc. | Senior Secured First Lien Debt | Delayed draw term loan | 5,061 | 5,061 | ||||||||||||||||||||||
Knowledge Pro Buyer, Inc. | Senior Secured First Lien Debt | Revolver term loan | 2,531 | 1,924 | ||||||||||||||||||||||
Lakeview Health Holdings, Inc. | Senior Secured First Lien Debt | Delayed draw term loan | 514 | 100 | ||||||||||||||||||||||
Luna Sub 2, LLC | Subordinated Debt | Delayed draw term loan | 24,000 | 24,000 | ||||||||||||||||||||||
Manna Pro Products, LLC | Senior Secured First Lien Debt | Revolver term loan | 2,706 | 1,962 | ||||||||||||||||||||||
McDonald Worley, P.C. | Senior Secured First Lien Debt | Term loan | 12,887 | 807 | ||||||||||||||||||||||
Medical Management Resource Group, LLC | Senior Secured First Lien Debt | Delayed draw term loan | 6,631 | 6,631 | ||||||||||||||||||||||
Medical Management Resource Group, LLC | Senior Secured First Lien Debt | Revolver term loan | 1,326 | 1,326 | ||||||||||||||||||||||
Midwest Can Company, LLC | Senior Secured First Lien Debt | Revolver term loan | 2,019 | 1,454 | ||||||||||||||||||||||
Miller Environmental Group, Inc. | Senior Secured First Lien Debt | Delayed draw term loan | 1,131 | 1,131 | ||||||||||||||||||||||
Miller Environmental Group, Inc. | Senior Secured First Lien Debt | Revolver term loan | 1,324 | 1,324 | ||||||||||||||||||||||
Mintz Group, LLC | Senior Secured First Lien Debt | Delayed draw term loan | 1,344 | 1,344 | ||||||||||||||||||||||
Mintz Group, LLC | Senior Secured First Lien Debt | Revolver term loan | 630 | 630 | ||||||||||||||||||||||
Mirra-Primeaccess Holdings, LLC | Senior Secured First Lien Debt | Revolver term loan | 7,827 | 7,827 | ||||||||||||||||||||||
Muth Mirror Systems, LLC | Senior Secured First Lien Debt | Revolver term loan | 1,299 | 1,299 |
Portfolio Company Name | Investment Type | Commitment Type | Total Commitment | Remaining Commitment | ||||||||||||||||||||||
Norvax, LLC | Senior Secured First Lien Debt | Revolver term loan | $ | 1,152 | $ | 259 | ||||||||||||||||||||
Odessa Technologies, Inc. | Senior Secured First Lien Debt | Delayed draw term loan | 2,676 | 2,676 | ||||||||||||||||||||||
Odessa Technologies, Inc. | Senior Secured First Lien Debt | Revolver term loan | 3,747 | 3,747 | ||||||||||||||||||||||
Olaplex, Inc. | Senior Secured First Lien Debt | Revolver term loan | 1,908 | 1,908 | ||||||||||||||||||||||
ORG GC Holdings, LLC | Senior Secured First Lien Debt | Delayed draw term loan | 584 | 584 | ||||||||||||||||||||||
Pie Buyer, Inc. | Senior Secured First Lien Debt | Delayed draw term loan | 6,129 | 4,658 | ||||||||||||||||||||||
Pie Buyer, Inc. | Senior Secured First Lien Debt | Revolver term loan | 1,840 | 1,840 | ||||||||||||||||||||||
Pluralsight, LLC | Senior Secured First Lien Debt | Revolver term loan | 1,602 | 1,602 | ||||||||||||||||||||||
Point Broadband Acquisition, LLC | Senior Secured First Lien Debt | Delayed draw term loan | 8,058 | 8,058 | ||||||||||||||||||||||
Premier Global Services, Inc. | Senior Secured First Lien Debt | Revolver term loan | 1,042 | 73 | ||||||||||||||||||||||
Prototek, LLC | Senior Secured First Lien Debt | Delayed draw term loan | 2,257 | 2,257 | ||||||||||||||||||||||
Prototek, LLC | Senior Secured First Lien Debt | Revolver term loan | 1,693 | 451 | ||||||||||||||||||||||
PT Network, LLC | Senior Secured First Lien Debt | Revolver term loan | 1,316 | 921 | ||||||||||||||||||||||
Questex, Inc. | Senior Secured First Lien Debt | Revolver term loan | 2,584 | 1,034 | ||||||||||||||||||||||
Reddy Ice Corp. | Senior Secured First Lien Debt | Delayed draw term loan | 4,863 | 19 | ||||||||||||||||||||||
Reddy Ice Corp. | Senior Secured First Lien Debt | Revolver term loan | 1,762 | 1,762 | ||||||||||||||||||||||
Refresh Parent Holdings, Inc. | Senior Secured First Lien Debt | Delayed draw term loan | 3,120 | 85 | ||||||||||||||||||||||
Refresh Parent Holdings, Inc. | Senior Secured First Lien Debt | Delayed draw term loan | 1,859 | 1,859 | ||||||||||||||||||||||
Refresh Parent Holdings, Inc. | Senior Secured First Lien Debt | Revolver term loan | 1,127 | 721 | ||||||||||||||||||||||
Relativity Oda, LLC | Senior Secured First Lien Debt | Revolver term loan | 464 | 464 | ||||||||||||||||||||||
REP TEC Intermediate Holdings, Inc. | Senior Secured First Lien Debt | Revolver term loan | 1,354 | 1,354 | ||||||||||||||||||||||
Roadsafe Holdings, Inc. | Senior Secured First Lien Debt | Delayed draw term loan | 4,433 | 1,554 | ||||||||||||||||||||||
RSC Acquisition, Inc. | Senior Secured First Lien Debt | Delayed draw term loan | 9,236 | 7,943 | ||||||||||||||||||||||
Saturn SHC Buyer Holdings, Inc. | Senior Secured First Lien Debt | Revolver term loan | 8,886 | 5,554 | ||||||||||||||||||||||
SCIH Salt Holdings, Inc. | Senior Secured First Lien Debt | Revolver term loan | 3,746 | 2,716 | ||||||||||||||||||||||
Sherlock Buyer Corp. | Senior Secured First Lien Debt | Delayed draw term loan | 3,209 | 3,209 | ||||||||||||||||||||||
Sherlock Buyer Corp. | Senior Secured First Lien Debt | Revolver term loan | 1,284 | 1,284 | ||||||||||||||||||||||
Simplifi Holdings, Inc. | Senior Secured First Lien Debt | Revolver term loan | 3,782 | 3,782 | ||||||||||||||||||||||
St. Croix Hospice Acquisition Corp. | Senior Secured First Lien Debt | Delayed draw term loan | 5,639 | 5,639 | ||||||||||||||||||||||
St. Croix Hospice Acquisition Corp. | Senior Secured First Lien Debt | Revolver term loan | 2,256 | 2,256 | ||||||||||||||||||||||
SunMed Group Holdings, LLC | Senior Secured First Lien Debt | Revolver term loan | 601 | 505 | ||||||||||||||||||||||
Tap Rock Resources, LLC (1) | Equity/Other | Equity | 29,470 | 11,114 | ||||||||||||||||||||||
Therapy Brands Holdings, LLC | Senior Secured First Lien Debt | Delayed draw term loan | 889 | 889 | ||||||||||||||||||||||
Therapy Brands Holdings, LLC | Senior Secured Second Lien Debt | Delayed draw term loan | 1,379 | 1,379 | ||||||||||||||||||||||
Trinity Air Consultants Holdings Corp. | Senior Secured First Lien Debt | Delayed draw term loan | 6,974 | 6,974 | ||||||||||||||||||||||
Trinity Air Consultants Holdings Corp. | Senior Secured First Lien Debt | Revolver term loan | 1,993 | 399 | ||||||||||||||||||||||
Triple Lift, Inc. | Senior Secured First Lien Debt | Revolver term loan | 3,300 | 3,300 | ||||||||||||||||||||||
University of St. Augustine Acquisition Corp. | Senior Secured First Lien Debt | Revolver term loan | 2,615 | 2,615 | ||||||||||||||||||||||
US Oral Surgery Management Holdco, LLC | Senior Secured First Lien Debt | Delayed draw term loan | 4,821 | 4,393 | ||||||||||||||||||||||
US Oral Surgery Management Holdco, LLC | Senior Secured First Lien Debt | Revolver term loan | 1,167 | 1,167 | ||||||||||||||||||||||
US Salt Investors, LLC | Senior Secured First Lien Debt | Revolver term loan | 2,169 | 2,169 | ||||||||||||||||||||||
Vensure Employer Services, Inc. | Senior Secured First Lien Debt | Delayed draw term loan | 2,384 | 2,384 | ||||||||||||||||||||||
Westwood Professional Services, Inc. | Senior Secured First Lien Debt | Delayed draw term loan | 3,023 | 2,016 | ||||||||||||||||||||||
Westwood Professional Services, Inc. | Senior Secured First Lien Debt | Revolver term loan | 378 | 378 | ||||||||||||||||||||||
WHCG Purchaser III, Inc. | Senior Secured First Lien Debt | Delayed draw term loan | 13,728 | 12,809 | ||||||||||||||||||||||
WHCG Purchaser III, Inc. | Senior Secured First Lien Debt | Revolver term loan | 4,224 | 4,224 | ||||||||||||||||||||||
WIN Holdings III Corp. | Senior Secured First Lien Debt | Revolver term loan | 4,448 | 3,892 | ||||||||||||||||||||||
Total | $ | 367,965 | $ | 278,399 |
December 31, 2020 | ||||||||||||||||||||||||||
Portfolio Company Name | Investment Type | Commitment Type | Total Commitment | Remaining Commitment | ||||||||||||||||||||||
Achilles Acquisition, LLC | Senior Secured First Lien Debt | Delayed draw term loan | $ | 445 | $ | 445 | ||||||||||||||||||||
Arch Global Precision, LLC | Senior Secured First Lien Debt | Delayed draw term loan | 1,129 | 1,129 | ||||||||||||||||||||||
Arch Global Precision, LLC | Senior Secured First Lien Debt | Revolver term loan | 1,008 | 1,008 | ||||||||||||||||||||||
Arctic Holdco, LLC | Senior Secured First Lien Debt | Revolver term loan | 2,844 | 2,457 | ||||||||||||||||||||||
Capstone Logistics | Senior Secured First Lien Debt | Delayed draw term loan | 2,948 | 2,948 | ||||||||||||||||||||||
Capstone Logistics | Senior Secured First Lien Debt | Revolver term loan | 1,804 | 1,665 | ||||||||||||||||||||||
CCW, LLC | Senior Secured First Lien Debt | Revolver term loan | 1,605 | 600 | ||||||||||||||||||||||
CDHA Holdings, LLC | Senior Secured First Lien Debt | Revolver term loan | 1,264 | 1,264 | ||||||||||||||||||||||
CRS-SPV, Inc. | Senior Secured First Lien Debt | Revolver term loan | 224 | 162 | ||||||||||||||||||||||
Dynagrid Holdings, LLC | Senior Secured First Lien Debt | Revolver term loan | 2,262 | 2,149 | ||||||||||||||||||||||
Florida Food Products, LLC | Senior Secured First Lien Debt | Revolver term loan | 1,647 | 1,186 | ||||||||||||||||||||||
HAH Group Holding Company, LLC | Senior Secured First Lien Debt | Delayed draw term loan | 741 | 741 | ||||||||||||||||||||||
Health Plan One, Inc. | Senior Secured First Lien Debt | Revolver term loan | 1,458 | 1,458 | ||||||||||||||||||||||
Higginbotham Insurance Agency, Inc. | Senior Secured First Lien Debt | Delayed draw term loan | 3,259 | 3,259 | ||||||||||||||||||||||
Hospice Care Buyer, Inc. | Senior Secured First Lien Debt | Delayed draw term loan | 4,599 | 4,599 | ||||||||||||||||||||||
Hospice Care Buyer, Inc. | Senior Secured First Lien Debt | Term Loan | 24,739 | 2,863 | ||||||||||||||||||||||
Hospice Care Buyer, Inc. | Senior Secured First Lien Debt | Revolver term loan | 2,775 | 2,379 | ||||||||||||||||||||||
ICR Operations, LLC | Senior Secured First Lien Debt | Revolver term loan | 2,753 | 1,846 | ||||||||||||||||||||||
Ideal Tridon Holdings, Inc. | Senior Secured First Lien Debt | Delayed draw term loan | 79 | 33 | ||||||||||||||||||||||
Ideal Tridon Holdings, Inc. | Senior Secured First Lien Debt | Revolver term loan | 2,810 | 2,368 | ||||||||||||||||||||||
Integral Ad Science, Inc. | Senior Secured First Lien Debt | Revolver term loan | 1,085 | 1,085 | ||||||||||||||||||||||
Integrated Global Services, Inc. | Senior Secured First Lien Debt | Revolver term loan | 2,028 | 406 | ||||||||||||||||||||||
KMTEX, LLC (1) | Senior Secured First Lien Debt | Delayed draw term loan | 2,682 | 2,464 | ||||||||||||||||||||||
Lakeview Health Holdings, Inc. | Senior Secured First Lien Debt | Revolver term loan | 328 | 186 | ||||||||||||||||||||||
Manna Pro Products, LLC | Senior Secured First Lien Debt | Delayed draw term loan | 4,059 | 4,059 | ||||||||||||||||||||||
Manna Pro Products, LLC | Senior Secured First Lien Debt | Revolver term loan | 2,706 | 2,706 | ||||||||||||||||||||||
McDonald Worley, P.C. | Senior Secured First Lien Debt | Term loan | 11,000 | 953 | ||||||||||||||||||||||
Midwest Can Company, LLC | Senior Secured First Lien Debt | Revolver term loan | 2,019 | 2,019 | ||||||||||||||||||||||
Miller Environmental Group, Inc. | Senior Secured First Lien Debt | Delayed draw term loan | 1,131 | 1,131 | ||||||||||||||||||||||
Miller Environmental Group, Inc. | Senior Secured First Lien Debt | Revolver term loan | 1,324 | 1,324 | ||||||||||||||||||||||
Mintz Group, LLC | Senior Secured First Lien Debt | Delayed draw term loan | 1,344 | 1,344 | ||||||||||||||||||||||
Mintz Group, LLC | Senior Secured First Lien Debt | Revolver term loan | 630 | 630 | ||||||||||||||||||||||
Muth Mirror Systems, LLC | Senior Secured First Lien Debt | Revolver term loan | 1,299 | 1,299 | ||||||||||||||||||||||
New Amsterdam Software Bidco, LLC | Senior Secured First Lien Debt | Delayed draw term loan | 1,790 | 1,790 | ||||||||||||||||||||||
Norvax, LLC | Senior Secured First Lien Debt | Revolver term loan | 1,152 | 1,152 | ||||||||||||||||||||||
Olaplex, Inc. | Senior Secured First Lien Debt | Revolver term loan | 1,908 | 1,908 | ||||||||||||||||||||||
Planet Equity Group, LLC | Senior Secured First Lien Debt | Revolver term loan | 2,325 | 2,325 | ||||||||||||||||||||||
Prototek, LLC | Senior Secured First Lien Debt | Delayed draw term loan | 2,257 | 2,257 | ||||||||||||||||||||||
Prototek, LLC | Senior Secured First Lien Debt | Revolver term loan | 1,693 | 1,016 | ||||||||||||||||||||||
PT Network, LLC | Senior Secured First Lien Debt | Revolver term loan | 1,316 | 1,316 | ||||||||||||||||||||||
Questex, Inc. | Senior Secured First Lien Debt | Revolver term loan | 2,584 | 689 | ||||||||||||||||||||||
Reddy Ice Corp. | Senior Secured First Lien Debt | Delayed draw term loan | 2,505 | 1,234 | ||||||||||||||||||||||
Reddy Ice Corp. | Senior Secured First Lien Debt | Delayed draw term loan | 1,477 | 1,477 | ||||||||||||||||||||||
Reddy Ice Corp. | Senior Secured First Lien Debt | Revolver term loan | 1,762 | 1,762 | ||||||||||||||||||||||
Refresh Parent Holdings, Inc. | Senior Secured First Lien Debt | Delayed draw term loan | 3,144 | 3,144 | ||||||||||||||||||||||
Refresh Parent Holdings, Inc. | Senior Secured First Lien Debt | Revolver term loan | 1,127 | 807 | ||||||||||||||||||||||
REP TEC Intermediate Holdings, Inc. | Senior Secured First Lien Debt | Delayed draw term loan | 2,223 | 2,223 |
REP TEC Intermediate Holdings, Inc. | Senior Secured First Lien Debt | Revolver term loan | $ | 741 | $ | 741 | ||||||||||||||||||||
Safety Products/JHC Acquisition Corp. | Senior Secured First Lien Debt | Delayed draw term loan | 2,162 | 1,214 | ||||||||||||||||||||||
SCIH Salt Holdings, Inc. | Senior Secured First Lien Debt | Revolver term loan | 3,746 | 2,593 | ||||||||||||||||||||||
St. Croix Hospice Acquisition Corp. | Senior Secured First Lien Debt | Delayed draw term loan | 5,639 | 5,639 | ||||||||||||||||||||||
St. Croix Hospice Acquisition Corp. | Senior Secured First Lien Debt | Revolver term loan | 2,256 | 2,256 | ||||||||||||||||||||||
Subsea Global Solutions, LLC | Senior Secured First Lien Debt | Revolver term loan | 963 | 578 | ||||||||||||||||||||||
Tap Rock Resources, LLC (1) | Equity/Other | Equity | 29,470 | 11,114 | ||||||||||||||||||||||
Tillamook Country Smoker, LLC | Senior Secured First Lien Debt | Revolver term loan | 2,696 | 135 | ||||||||||||||||||||||
University of St. Augustine Acquisition Corp. | Senior Secured First Lien Debt | Revolver term loan | 2,615 | 2,615 | ||||||||||||||||||||||
WMK, LLC | Senior Secured First Lien Debt | Delayed draw term loan | 1,918 | 1,562 | ||||||||||||||||||||||
WMK, LLC | Senior Secured First Lien Debt | Revolver term loan | 2,618 | 436 | ||||||||||||||||||||||
Total | $ | 174,115 | $ | 106,148 |
Shares | Value | |||||||||||||
Shares Sold | — | $ | — | |||||||||||
Shares Issued through DRIP | 3,130,965 | 22,822 | ||||||||||||
Share Repurchases | (2,910,936) | (19,532) | ||||||||||||
220,029 | $ | 3,290 |
Shares | Value | |||||||||||||
Shares Sold | 10,225,302 | $ | 59,000 | |||||||||||
Shares Issued through DRIP | 3,213,102 | 22,332 | ||||||||||||
Share Repurchases | (2,255,193) | (17,477) | ||||||||||||
11,183,211 | $ | 63,855 |
Shares | Value | |||||||||||||
Shares Sold | — | $ | — | |||||||||||
Shares Issued through DRIP | 4,373,786 | 34,905 | ||||||||||||
Share Repurchases | (4,490,328) | (36,286) | ||||||||||||
(116,542) | $ | (1,381) |
Common stock - shares | Common stock - par | Additional paid in capital | Total distributable earnings (loss) | Net assets attributable to non-controlling interest | Total Stockholders' Equity | ||||||||||||||||||||||||||||||
Balance as of December 31, 2018 | 190,324,059 | $ | 190 | $ | 1,811,970 | $ | (323,127) | $ | 3,686 | $ | 1,492,719 | ||||||||||||||||||||||||
Net investment income | — | — | — | 108,248 | 9 | 108,257 | |||||||||||||||||||||||||||||
Net realized loss from investment transactions | — | — | — | (64,525) | — | (64,525) | |||||||||||||||||||||||||||||
Net change in unrealized appreciation on investments and foreign exchange currency contracts, net of change in deferred taxes | — | — | — | 48,749 | 3,017 | 51,766 | |||||||||||||||||||||||||||||
Issuance of common stock, net of issuance costs | — | — | 6,024 | — | (6,712) | (688) | |||||||||||||||||||||||||||||
Repurchases | (4,490,328) | (4) | (36,282) | — | — | (36,286) | |||||||||||||||||||||||||||||
Distributions to stockholders | — | — | — | (123,465) | — | (123,465) | |||||||||||||||||||||||||||||
Reinvested dividends | 4,373,786 | 4 | 34,901 | — | — | 34,905 | |||||||||||||||||||||||||||||
Tax adjustment | — | — | 30,699 | (30,699) | — | — | |||||||||||||||||||||||||||||
Balance as of December 31, 2019 | 190,207,517 | $ | 190 | $ | 1,847,312 | $ | (384,819) | $ | — | $ | 1,462,683 | ||||||||||||||||||||||||
Net investment income | — | — | — | 91,200 | — | 91,200 | |||||||||||||||||||||||||||||
Net realized loss from investment transactions | — | — | — | (132,149) | — | (132,149) | |||||||||||||||||||||||||||||
Net change in unrealized appreciation on investments and foreign exchange currency contracts, net of change in deferred taxes | — | — | — | 5,147 | — | 5,147 | |||||||||||||||||||||||||||||
Issuance of common stock, net of issuance costs | 10,225,302 | 10 | 58,990 | — | — | 59,000 | |||||||||||||||||||||||||||||
Repurchases | (2,255,193) | (2) | (17,475) | — | — | (17,477) | |||||||||||||||||||||||||||||
Distributions to stockholders | — | — | — | (90,981) | — | (90,981) | |||||||||||||||||||||||||||||
Reinvested dividends | 3,213,102 | 3 | 22,329 | — | — | 22,332 | |||||||||||||||||||||||||||||
Tax adjustment | — | — | (3,040) | 3,040 | — | — | |||||||||||||||||||||||||||||
Balance as of December 31, 2020 | 201,390,728 | $ | 201 | $ | 1,908,116 | $ | (508,562) | $ | — | $ | 1,399,755 | ||||||||||||||||||||||||
Net investment income | — | — | — | 107,647 | — | 107,647 | |||||||||||||||||||||||||||||
Net realized gain from investment transactions | — | — | — | 16,038 | — | 16,038 | |||||||||||||||||||||||||||||
Net change in unrealized appreciation on investments and foreign exchange currency contracts, net of change in deferred taxes | — | — | — | 82,499 | — | 82,499 | |||||||||||||||||||||||||||||
Repurchases | (2,910,936) | (3) | (19,529) | — | — | (19,532) | |||||||||||||||||||||||||||||
Distributions to stockholders | — | — | — | (99,737) | — | (99,737) | |||||||||||||||||||||||||||||
Reinvested dividends | 3,130,965 | 4 | 22,818 | — | — | 22,822 | |||||||||||||||||||||||||||||
Tax adjustment | — | — | 1,960 | (1,960) | — | — | |||||||||||||||||||||||||||||
Balance as of December 31, 2021 | 201,610,757 | $ | 202 | $ | 1,913,365 | $ | (404,075) | $ | — | $ | 1,509,492 |
Offer Date | Repurchase Date | Shares Tendered | Shares Repurchased | Repurchase Price Per Share | Aggregate Consideration for Repurchased Shares (in thousands) | |||||||||||||||||||||||||||
December 19, 2017 | January 19, 2018 | 21,521,235 | 2,547,524 | $ | 8.31 | $ | 21,350.21 | |||||||||||||||||||||||||
June 15, 2018 | July 16, 2018 | 20,864,620 | 2,348,835 | $ | 8.26 | $ | 19,401.38 | |||||||||||||||||||||||||
December 14, 2018 | January 18, 2019 | 21,586,074 | 2,241,000 | $ | 8.20 | $ | 18,376.18 | |||||||||||||||||||||||||
June 18, 2019 | July 23, 2019 | 31,263,410 | 2,199,337 | $ | 7.96 | $ | 17,506.70 | |||||||||||||||||||||||||
December 17, 2019 | January 27, 2020 | 37,389,681 | 2,115,276 | $ | 7.75 | $ | 16,698.90 | |||||||||||||||||||||||||
December 15, 2020 | January 26, 2021 | 39,794,155 | 2,776,140 | $ | 6.71 | $ | 18,627.86 |
For the years ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Basic and diluted | |||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 206,184 | $ | (35,802) | $ | 92,472 | |||||||||||
Weighted average common shares outstanding | 200,070,608 | 197,482,855 | 189,940,267 | ||||||||||||||
Net increase (decrease) in net assets resulting from operations per share | $ | 1.03 | $ | (0.18) | $ | 0.49 |
For the years ended December 31, | ||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||
Ordinary income distributions | $ | 99,737 | 100.0 | % | $ | 90,981 | 100.0 | % | $ | 123,465 | 100.0 | % | ||||||||||||||||||||||||||
Capital gains distributions | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Return of capital | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Total distributions | $ | 99,737 | 100.0 | % | $ | 90,981 | 100.0 | % | $ | 123,465 | 100.0 | % |
For the years ended December 31, | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Book income (loss) from operating activities | $ | 206,184 | $ | (35,802) | $ | 92,472 | ||||||||||||||
Net unrealized (gain) loss on investments | (873) | (295) | 517 | |||||||||||||||||
Nondeductible expenses | 3,311 | 2,566 | 1,771 | |||||||||||||||||
Temporary differences | (103,076) | 139,652 | 36,875 | |||||||||||||||||
Taxable income before deductions for distributions paid | $ | 105,546 | $ | 106,121 | $ | 131.635 |
For the years ended December 31, | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Undistributed ordinary income | $ | 57,736 | $ | 56,493 | $ | 31,010 | ||||||||||||||
Undistributed capital loss carryforward | (328,995) | (329,587) | (206,292) | |||||||||||||||||
Total undistributed net earnings (loss carryforward) | (271,259) | (273,094) | (175,282) | |||||||||||||||||
Net unrealized (loss) on investments | (59,643) | (231,926) | (204,294) | |||||||||||||||||
Total undistributed taxable income | $ | (330,902) | $ | (505,020) | $ | (379,576) |
December 31, 2021 | ||||||||
Tax cost | $ | 2,838,871 | ||||||
Gross unrealized appreciation | 158,637 | |||||||
Gross unrealized depreciation | (218,280) |
Total distributable loss | Paid in capital | |||||||||||||
2021 | $ | (1,960) | $ | 1,960 |
For the years ended December 31, | |||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||
Per share data: | |||||||||||||||||||||||||||||
Net asset value, beginning of year | $ | 6.95 | $ | 7.69 | $ | 7.82 | $ | 8.30 | $ | 8.62 | |||||||||||||||||||
Results of operations (1) | |||||||||||||||||||||||||||||
Net investment income | 0.54 | 0.46 | 0.57 | 0.57 | 0.59 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss), net of deferred taxes | 0.49 | (0.64) | (0.07) | (0.41) | (0.15) | ||||||||||||||||||||||||
Net change in unrealized depreciation attributable to non-controlling interests | — | — | (0.01) | — | — | ||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 1.03 | (0.18) | 0.49 | 0.16 | 0.44 | ||||||||||||||||||||||||
Stockholder distributions (2) | |||||||||||||||||||||||||||||
Distributions from net investment income | (0.50) | (0.46) | (0.65) | (0.65) | (0.76) | ||||||||||||||||||||||||
Net decrease in net assets resulting from stockholder distributions | (0.50) | (0.46) | (0.65) | (0.65) | (0.76) | ||||||||||||||||||||||||
Capital share transactions | |||||||||||||||||||||||||||||
Issuance of common stock (3) | — | (0.06) | — | 0.01 | — | ||||||||||||||||||||||||
Acquisition of non-controlling interest | — | — | 0.03 | — | — | ||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions | — | (0.06) | 0.03 | 0.01 | — | ||||||||||||||||||||||||
Other (7) | 0.01 | (0.04) | — | — | — | ||||||||||||||||||||||||
Net asset value, end of year | $ | 7.49 | $ | 6.95 | $ | 7.69 | $ | 7.82 | $ | 8.30 | |||||||||||||||||||
Shares outstanding at end of year | 201,610,757 | 201,390,728 | 190,207,517 | 190,324,059 | 179,733,998 | ||||||||||||||||||||||||
Total return (4) | 15.30 | % | (3.44) | % | 6.60 | % | 1.96 | % | 5.24 | % | |||||||||||||||||||
Ratio/Supplemental data: | |||||||||||||||||||||||||||||
Net assets attributable to FBLC, end of year | $ | 1,509,492 | $ | 1,399,755 | $ | 1,462,683 | $ | 1,489,033 | $ | 1,491,695 | |||||||||||||||||||
Total net assets, end of year | $ | 1,509,492 | $ | 1,399,755 | $ | 1,462,683 | $ | 1,492,719 | $ | 1,494,516 | |||||||||||||||||||
Ratio of net investment income to average net assets | 7.35 | % | 6.71 | % | 7.26 | % | 6.92 | % | 7.01 | % | |||||||||||||||||||
Ratio of total expenses to average net assets (6) | 8.54 | % | 7.76 | % | 9.14 | % | 8.94 | % | 7.79 | % | |||||||||||||||||||
Ratio of incentive fees to average net assets | 1.84 | % | 0.46 | % | 1.82 | % | 1.45 | % | 1.30 | % | |||||||||||||||||||
Ratio of debt related expenses to average net assets | 3.02 | % | 3.45 | % | 3.71 | % | 3.70 | % | 2.90 | % | |||||||||||||||||||
Portfolio turnover rate (5) | 74.47 | % | 37.22 | % | 32.24 | % | 45.58 | % | 40.06 | % |
Quarter Ended | Total Investment Income | Net Investment Income | Net Realized and Unrealized Gain (Loss) | Net Increase (Decrease) In Net Assets Resulting from Operations | Net Investment Income per Share | Net Increase (Decrease) in Net Assets Resulting from Operations per Share | Net Asset Value per Common Share at End of Quarter | |||||||||||||||||||||||||||||||||||||
December 31, 2021 | $ | 59,569 | $ | 26,796 | $ | 8,255 | $ | 35,051 | $ | 0.13 | $ | 0.17 | $ | 7.49 | ||||||||||||||||||||||||||||||
September 30, 2021 | 58,532 | 26,726 | 10,707 | 37,433 | 0.13 | 0.19 | 7.46 | |||||||||||||||||||||||||||||||||||||
June 30, 2021 | 58,251 | 27,507 | 39,214 | 66,721 | 0.14 | 0.33 | 7.43 | |||||||||||||||||||||||||||||||||||||
March 31, 2021 | 56,434 | 26,618 | 40,361 | 66,979 | 0.13 | 0.33 | 7.19 | |||||||||||||||||||||||||||||||||||||
December 31, 2020 | 54,157 | 24,889 | 44,162 | 69,051 | 0.12 | 0.34 | 6.95 | |||||||||||||||||||||||||||||||||||||
September 30, 2020 | 44,166 | 20,320 | 37,654 | 57,974 | 0.10 | 0.29 | 6.71 | |||||||||||||||||||||||||||||||||||||
June 30, 2020 | 45,081 | 20,433 | 10,459 | 30,892 | 0.10 | 0.16 | 6.52 | |||||||||||||||||||||||||||||||||||||
March 31, 2020 | 53,281 | 25,558 | (219,277) | (193,719) | 0.13 | (1.02) | 6.47 |
Total Amount Outstanding Exclusive of Treasury Securities | Asset Coverage Ratio Per Unit (1) | Involuntary Liquidation Preference Per Unit (2) | Asset Market Value Per Unit (3) | |||||||||||||||||||||||
Wells Fargo Credit Facility | $ | 285,000 | $ | — | $ | — | N/A | |||||||||||||||||||
JPM Credit Facilty | 391,100 | — | — | N/A | ||||||||||||||||||||||
MassMutual Credit Facility | — | — | — | N/A | ||||||||||||||||||||||
2026 Notes | 296,688 | — | — | N/A | ||||||||||||||||||||||
2024 Notes | 99,295 | — | — | N/A | ||||||||||||||||||||||
2023 Notes | 59,908 | — | — | N/A | ||||||||||||||||||||||
2022 Notes | 149,836 | — | — | N/A | ||||||||||||||||||||||
$ | 1,281,827 | $ | 2,178 | $ | — | N/A |
Total Amount Outstanding Exclusive of Treasury Securities | Asset Coverage Ratio Per Unit (1) | Involuntary Liquidation Preference Per Unit (2) | Asset Market Value Per Unit (3) | |||||||||||||||||||||||
Wells Fargo Credit Facility | $ | 253,000 | $ | — | $ | — | N/A | |||||||||||||||||||
JPM Credit Facility | 289,000 | — | — | N/A | ||||||||||||||||||||||
Citi Credit Facility | 267,250 | — | — | N/A | ||||||||||||||||||||||
MassMutual Credit Facility | — | — | — | N/A | ||||||||||||||||||||||
2024 Notes | 99,057 | — | — | N/A | ||||||||||||||||||||||
2023 Notes | 59,843 | — | — | N/A | ||||||||||||||||||||||
2022 Notes | 149,671 | — | — | N/A | ||||||||||||||||||||||
$ | 1,117,821 | $ | 2,252 | $ | — | N/A |
Total Amount Outstanding Exclusive of Treasury Securities | Asset Coverage Ratio Per Unit (1) | Involuntary Liquidation Preference Per Unit (2) | Asset Market Value Per Unit (3) | |||||||||||||||||||||||
Wells Fargo Credit Facility | $ | 436,652 | $ | — | $ | — | N/A | |||||||||||||||||||
Citi Credit Facility | 250,500 | — | — | N/A | ||||||||||||||||||||||
2024 Notes | 98,818 | N/A | ||||||||||||||||||||||||
2023 Notes | 59,778 | — | — | N/A | ||||||||||||||||||||||
2022 Notes | 149,505 | — | — | N/A | ||||||||||||||||||||||
2020 Notes | 99,789 | — | — | N/A | ||||||||||||||||||||||
$ | 1,095,042 | $ | 2,336 | $ | — | N/A |
Total Amount Outstanding Exclusive of Treasury Securities | Asset Coverage Ratio Per Unit (1) | Involuntary Liquidation Preference Per Unit (2) | Asset Market Value Per Unit (3) | |||||||||||||||||||||||
Wells Fargo Credit Facility | $ | 294,651 | $ | — | $ | — | N/A | |||||||||||||||||||
Citi Credit Facility | 293,500 | — | — | N/A | ||||||||||||||||||||||
2023 Notes | 59,713 | — | — | N/A | ||||||||||||||||||||||
2022 Notes | 149,340 | — | — | N/A | ||||||||||||||||||||||
2020 Notes | 99,474 | — | — | N/A | ||||||||||||||||||||||
$ | 896,678 | $ | 2,688 | $ | — | N/A |
Total Amount Outstanding Exclusive of Treasury Securities | Asset Coverage Ratio Per Unit (1) | Involuntary Liquidation Preference Per Unit (2) | Asset Market Value Per Unit (3) | |||||||||||||||||||||||
Wells Fargo Credit Facility | $ | 188,051 | $ | — | $ | — | N/A | |||||||||||||||||||
Citi Credit Facility | 336,003 | — | — | N/A | ||||||||||||||||||||||
UBS Credit Facility | 232,500 | — | — | N/A | ||||||||||||||||||||||
2022 Notes | 149,175 | — | — | N/A | ||||||||||||||||||||||
2020 Notes | 99,158 | — | — | N/A | ||||||||||||||||||||||
JPMC PB Account | 36,262 | — | — | N/A | ||||||||||||||||||||||
$ | 1,041,149 | $ | 2,435 | $ | — | N/A |
Portfolio Company (1) | Type of Asset | Industry | Amount of dividends and interest included in income | Beginning Fair Value at December 31, 2020 | Gross additions* | Gross reductions** | Realized Gain/(Loss) | Change in Unrealized Gain (Loss) (7) | Fair Value at December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Control Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CRD Holdings, LLC - 9.00% (2) (5) (6) | Equity/Other | Energy | $ | — | $ | 14,557 | $ | — | $ | (13,174) | $ | (597) | $ | (786) | $ | — | ||||||||||||||||||||||||||||||||||||||||
CRS-SPV, Inc. - L+4.50% (5.50%), 3/8/2022 (2) (6) | Senior Secured First Lien Debt | Industrials | 3 | 62 | — | — | — | — | 62 | |||||||||||||||||||||||||||||||||||||||||||||||
CRS-SPV, Inc. (2) (3) (6) | Equity/Other | Industrials | — | 1,393 | — | — | — | (127) | 1,266 | |||||||||||||||||||||||||||||||||||||||||||||||
Danish CRJ, Ltd. (2) (3) (6) | Equity/Other | Transportation | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
FBLC Senior Loan Fund, LLC (2) (4) (6) | Equity/Other | Diversified Investment Vehicles | 24,066 | — | 304,934 | — | — | — | 304,934 | |||||||||||||||||||||||||||||||||||||||||||||||
Integrated Efficiency Solutions, Inc. - 7.50%, 12/31/2025 (2) (6) | Senior Secured First Lien Debt | Industrials | — | — | 131 | — | — | — | 131 | |||||||||||||||||||||||||||||||||||||||||||||||
Integrated Efficiency Solutions, Inc. - 7.50%, 12/31/2025 (2) (6) | Senior Secured First Lien Debt | Industrials | — | — | 1,436 | — | — | — | 1,436 | |||||||||||||||||||||||||||||||||||||||||||||||
Integrated Efficiency Solutions, Inc. - 10.00% PIK, 12/31/2026 (2) (6) | Senior Secured Second Lien Debt | Industrials | 1 | — | 780 | — | — | — | 780 | |||||||||||||||||||||||||||||||||||||||||||||||
Kahala Ireland OpCo Designated Activity Company - L+8.00% (13.00%), 12/22/2028 (2) (5) (6) | Senior Secured First Lien Debt | Transportation | 950 | 18,549 | — | (18,549) | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Kahala Ireland OpCo Designated Activity Company (2) (6) | Equity/Other | Transportation | 25,513 | 42,952 | — | — | — | (19,220) | 23,732 | |||||||||||||||||||||||||||||||||||||||||||||||
Kahala Ireland OpCo Designated Activity Company (2) (3) (6) | Equity/Other | Transportation | — | 3,250 | — | — | — | — | 3,250 | |||||||||||||||||||||||||||||||||||||||||||||||
Kahala US OpCo, LLC - 13.00% (2) (3) (6) | Equity/Other | Transportation | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
KMTEX, LLC - P+3.00% (6.25%) PIK, 6/16/2025 (2) (5) (6) | Senior Secured First Lien Debt | Chemicals | 16 | 218 | 468 | (686) | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
KMTEX, LLC - P+3.00% (6.25%) PIK, 6/16/2025 (2) (5) (6) | Senior Secured First Lien Debt | Chemicals | 92 | 3,230 | 102 | (1,060) | (2,272) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
KMTEX, LLC - P+3.00% (6.25%) PIK, 6/16/2025 (2) (5) (6) | Senior Secured First Lien Debt | Chemicals | 26 | 829 | 26 | (272) | (583) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
KMTEX, LLC (2) (3) (5) (6) | Equity/Other | Chemicals | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
KMTEX, LLC (2) (3) (5) (6) | Equity/Other | Chemicals | — | 2,289 | — | — | (2,793) | 504 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Lakeview Health Holdings, Inc. - P+4.50% (7.75%) PIK, 10/15/2024 (2) (6) | Senior Secured First Lien Debt | Healthcare | 26 | 600 | — | — | (16) | 584 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lakeview Health Holdings, Inc. - P+6.00% (9.25%), 10/15/2024 (2) (6) | Senior Secured First Lien Debt | Healthcare | 28 | 414 | — | — | — | 414 | ||||||||||||||||||||||||||||||||||||||||||||||||
Luna Sub 2, LLC - L+7.75% (9.00%), 12/31/2028 (2) (6) | Subordinated Debt | Financials | 19 | — | 37,964 | — | — | — | 37,964 | |||||||||||||||||||||||||||||||||||||||||||||||
Luna Sub 2, LLC (2) (3) (6) | Equity/Other | Financials | — | — | 81,693 | — | — | — | 81,693 | |||||||||||||||||||||||||||||||||||||||||||||||
MGTF Holdco, LLC (2) (3) (6) | Equity/Other | Media/Entertainment | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
MGTF Radio Company, LLC - L+6.00% (7.00%), 4/1/2024 (2) (6) | Senior Secured First Lien Debt | Media/Entertainment | 3,854 | 43,400 | 32 | (3,551) | 6 | 2,680 | 42,567 | |||||||||||||||||||||||||||||||||||||||||||||||
NMFC Senior Loan Program I, LLC (2) (3) (5) (6) | Equity/Other | Diversified Investment Vehicles | 496 | — | — | — | — | — | — |
Portfolio Company (1) | Type of Asset | Industry | Amount of dividends and interest included in income | Beginning Fair Value at December 31, 2020 | Gross additions* | Gross reductions** | Realized Gain/(Loss) | Change in Unrealized Gain (Loss) (7) | Fair Value at December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
ORG GC Holdings, LLC - L+6.50% (7.50%) PIK, 11/24/2026 (2) (6) | Senior Secured First Lien Debt | Business Services | $ | 57 | $ | — | $ | 8,343 | $ | — | $ | — | $ | — | $ | 8,343 | ||||||||||||||||||||||||||||||||||||||||
ORG GC Holdings, LLC - 18.00% PIK, 11/24/2027 (2) (6) | Senior Secured Second Lien Debt | Business Services | 56 | — | 3,439 | — | — | — | 3,439 | |||||||||||||||||||||||||||||||||||||||||||||||
ORG GC Holdings, LLC (2) (3) (6) | Equity/Other | Business Services | — | — | 212 | — | — | — | 212 | |||||||||||||||||||||||||||||||||||||||||||||||
ORG GC Holdings, LLC (2) (3) (6) | Equity/Other | Business Services | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Park Ave RE Holdings, LLC - 13.00%, 12/30/2022 (2) (6) | Subordinated Debt | Financials | 1,784 | 37,237 | — | (35,700) | — | — | 1,537 | |||||||||||||||||||||||||||||||||||||||||||||||
Park Ave RE Holdings, LLC (2) (3) (6) | Equity/Other | Financials | — | 3,300 | — | (792) | — | 1,953 | 4,461 | |||||||||||||||||||||||||||||||||||||||||||||||
Siena Capital Finance, LLC - 12.50%, 11/27/2026 (2) (6) | Subordinated Debt | Financials | 5,340 | 25,500 | 74,502 | (25,000) | — | (2) | 75,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Siena Capital Finance, LLC (2) (6) | Equity/Other | Financials | 5,959 | 35,839 | 5,950 | — | — | 23,820 | 65,609 | |||||||||||||||||||||||||||||||||||||||||||||||
WPNT, LLC (2) (3) (6) | Equity/Other | Media/Entertainment | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Total Control Investments | $ | 68,286 | $ | 232,605 | $ | 521,026 | $ | (98,784) | $ | (6,239) | $ | 8,806 | $ | 657,414 | ||||||||||||||||||||||||||||||||||||||||||
Affiliate Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Answers Corp. (3) (6) | Equity/Other | Media/Entertainment | $ | — | $ | 727 | $ | — | $ | (718) | $ | — | $ | 136 | $ | 145 | ||||||||||||||||||||||||||||||||||||||||
Capstone Nutrition Development, LLC (3) (5) (6) | Equity/Other | Consumer | — | 5,928 | — | (28,103) | 23,635 | (1,460) | — | |||||||||||||||||||||||||||||||||||||||||||||||
CDS U.S. Intermediate Holdings, Inc. - L+6.00% (7.00%), 11/24/2025 (6) | Senior Secured First Lien Debt | Media/Entertainment | 330 | 1,940 | 3,944 | (374) | 3 | 52 | 5,565 | |||||||||||||||||||||||||||||||||||||||||||||||
CDS U.S. Intermediate Holdings, Inc. - L+8.00% (9.00%) 7.00% PIK, 11/24/2027 | Senior Secured Second Lien Debt | Media/Entertainment | 756 | 1,104 | 13,866 | (4,977) | 278 | (9) | 10,262 | |||||||||||||||||||||||||||||||||||||||||||||||
CDS U.S. Intermediate Holdings, Inc. (3) (6) | Equity/Other | Media/Entertainment | — | 1,224 | — | — | — | 4,218 | 5,442 | |||||||||||||||||||||||||||||||||||||||||||||||
CDS U.S. Intermediate Holdings, Inc. (3) (6) | Equity/Other | Media/Entertainment | — | 437 | — | — | — | 2,447 | 2,884 | |||||||||||||||||||||||||||||||||||||||||||||||
First Eagle Greenway Fund II, LLC | Equity/Other | Diversified Investment Vehicles | 170 | 1,759 | — | (1,279) | — | (16) | 464 | |||||||||||||||||||||||||||||||||||||||||||||||
Foresight Energy Operating, LLC - L+8.00% (9.50%), 6/30/2027 (6) | Senior Secured First Lien Debt | Energy | 119 | 1,354 | — | (235) | — | (17) | 1,102 | |||||||||||||||||||||||||||||||||||||||||||||||
Foresight Energy Operating, LLC (3) (6) | Equity/Other | Energy | — | 2,520 | — | — | — | 1,445 | 3,965 | |||||||||||||||||||||||||||||||||||||||||||||||
Internap Corp. - L+6.50% (7.50%) 5.50% PIK, 5/8/2025 (6) | Senior Secured First Lien Debt | Business Services | 466 | 5,181 | 338 | — | — | (44) | 5,475 | |||||||||||||||||||||||||||||||||||||||||||||||
Internap Corp (3) (6) | Equity/Other | Business Services | — | 2,231 | — | — | — | (679) | 1,552 | |||||||||||||||||||||||||||||||||||||||||||||||
Jakks Pacific, Inc. - 10.50%, 2.50% PIK, 2/9/2023 (5) (6) | Senior Secured First Lien Debt | Consumer | 1,217 | 17,104 | 1,552 | (18,515) | 866 | (1,007) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Jakks Pacific, Inc. - 6.00%, 2.75% PIK, 8/31/2021 (5) (6) | Subordinated Debt | Consumer | 80 | — | 1,495 | (2,827) | 1,332 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Jakks Pacific, Inc. (3) (6) | Equity/Other | Consumer | 81 | 402 | 83 | — | — | 300 | 785 | |||||||||||||||||||||||||||||||||||||||||||||||
Jakks Pacific, Inc. (3) | Equity/Other | Consumer | — | 49 | 2,345 | — | — | 18 | 2,412 | |||||||||||||||||||||||||||||||||||||||||||||||
LendingHome Corp. - 8.00% (5) (6) | Equity/Other | Financials | — | 59,823 | — | (59,477) | (346) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
MidOcean Credit CLO 2013-2A INC - 0.00%, 1/29/2030 (5) (6) | Collateralized Securities | Diversified Investment Vehicles | — | 6,313 | — | (10,152) | (5,677) | 9,516 | — |
Portfolio Company (1) | Type of Asset | Industry | Amount of dividends and interest included in income | Beginning Fair Value at December 31, 2020 | Gross additions* | Gross reductions** | Realized Gain/(Loss) | Change in Unrealized Gain (Loss) (7) | Fair Value at December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Mood Media - Common Equity (5) (6) | Equity/Other | Media/Entertainment | $ | — | $ | — | $ | — | $ | 645 | $ | (645) | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||
NewStar Arlington Senior Loan Program, LLC 14-1A FR - L+11.00% (11.12%), 4/25/2031 (6) | Collateralized Securities | Diversified Investment Vehicles | 555 | 3,632 | 19 | — | — | 924 | 4,575 | |||||||||||||||||||||||||||||||||||||||||||||||
NewStar Arlington Senior Loan Program, LLC 14-1A SUB - 23.85%, 4/25/2031 (6) | Collateralized Securities | Diversified Investment Vehicles | 3,906 | 15,631 | — | (3,821) | — | 5,304 | 17,114 | |||||||||||||||||||||||||||||||||||||||||||||||
Newstar Fairfield Fund CLO, Ltd. 2015-1RA F - L+7.50% (7.63%), 1/20/2027 (6) | Collateralized Securities | Diversified Investment Vehicles | 2,060 | 5,459 | 318 | — | — | 2,460 | 8,237 | |||||||||||||||||||||||||||||||||||||||||||||||
Newstar Fairfield Fund CLO, Ltd. 2015-1RA SUB - 0.00%, 1/20/2027 (6) | Collateralized Securities | Diversified Investment Vehicles | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
PCX Aerostructures, LLC - 6.00%, 8/9/2021 (5) (6) | Subordinated Debt | Industrials | 2,829 | 9,859 | 645 | (7,995) | 634 | (3,143) | — | |||||||||||||||||||||||||||||||||||||||||||||||
PCX Aerostructures, LLC (5) (6) | Equity/Other | Industrials | — | 76 | — | (2,263) | 2,263 | (76) | — | |||||||||||||||||||||||||||||||||||||||||||||||
PCX Aerostructures, LLC (5) (6) | Equity/Other | Industrials | — | 535 | — | (609) | 609 | (535) | — | |||||||||||||||||||||||||||||||||||||||||||||||
PCX Aerostructures, LLC (5) (6) | Equity/Other | Industrials | — | — | — | (168) | 168 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
PennantPark Credit Opportunities Fund II, LP | Equity/Other | Diversified Investment Vehicles | 726 | 9,274 | — | (4,197) | — | (124) | 4,953 | |||||||||||||||||||||||||||||||||||||||||||||||
Tap Rock Resources, LLC (6) | Equity/Other | Energy | 1,398 | 11,405 | — | (3,484) | — | 821 | 8,742 | |||||||||||||||||||||||||||||||||||||||||||||||
Tax Defense Network, LLC - 10.00% PIK, 3/31/2022 (6) | Senior Secured First Lien Debt | Consumer | — | 3,311 | — | — | — | 367 | 3,678 | |||||||||||||||||||||||||||||||||||||||||||||||
Tax Defense Network, LLC - L+6.00% (10.00%) PIK, 3/31/2022 (6) | Senior Secured First Lien Debt | Consumer | — | 420 | — | — | — | 44 | 464 | |||||||||||||||||||||||||||||||||||||||||||||||
Tax Defense Network, LLC - L+6.00% (10.00%) PIK, 3/31/2022 (6) | Senior Secured First Lien Debt | Consumer | — | 2,368 | — | — | — | 248 | 2,616 | |||||||||||||||||||||||||||||||||||||||||||||||
Tax Defense Network, LLC (3) (6) | Equity/Other | Consumer | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Tax Defense Network, LLC (3) (6) | Equity/Other | Consumer | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Team Waste, LLC (3) (6) | Equity/Other | Industrials | — | 2,570 | — | — | — | 503 | 3,073 | |||||||||||||||||||||||||||||||||||||||||||||||
Tennenbaum Waterman Fund, LP | Equity/Other | Diversified Investment Vehicles | 1,062 | 10,087 | — | — | — | (323) | 9,764 | |||||||||||||||||||||||||||||||||||||||||||||||
TwentyEighty, Inc. (3) (5) (6) | Equity/Other | Business Services | — | — | — | (35) | 35 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Vantage Mobility International, LLC - L+6.00% (7.00%), 3/21/2024 (6) | Senior Secured First Lien Debt | Transportation | 8 | — | 251 | — | — | — | 251 | |||||||||||||||||||||||||||||||||||||||||||||||
Vantage Mobility International, LLC - L+6.00% (7.00%), 3/21/2024 (6) | Senior Secured First Lien Debt | Transportation | 2 | — | 244 | — | — | — | 244 | |||||||||||||||||||||||||||||||||||||||||||||||
Vantage Mobility International, LLC - L+6.00% (7.00%), 3/21/2024 (6) | Senior Secured Second Lien Debt | Transportation | — | — | 17 | — | — | — | 17 | |||||||||||||||||||||||||||||||||||||||||||||||
Vantage Mobility International, LLC - L+6.00% (7.00%) PIK, 3/21/2024 (6) | Senior Secured Second Lien Debt | Transportation | — | 944 | — | — | — | (944) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Vantage Mobility International, LLC (3) (6) | Equity/Other | Transportation | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Vantage Mobility International, LLC (3) (6) | Equity/Other | Transportation | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Vantage Mobility International, LLC (3) (6) | Equity/Other | Transportation | — | — | — | — | — | — | — |
Portfolio Company (1) | Type of Asset | Industry | Amount of dividends and interest included in income | Beginning Fair Value at December 31, 2020 | Gross additions* | Gross reductions** | Realized Gain/(Loss) | Change in Unrealized Gain (Loss) (7) | Fair Value at December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Whitehorse, Ltd. 2014-1A E - L+4.55% (4.68%), 5/1/2026 (6) | Collateralized Securities | Diversified Investment Vehicles | $ | 426 | $ | 5,592 | $ | 45 | $ | — | $ | — | $ | 1,534 | $ | 7,171 | ||||||||||||||||||||||||||||||||||||||||
Whitehorse, Ltd. 2014-1A Side Letter - 0.00%, 5/1/2026 (6) | Collateralized Securities | Diversified Investment Vehicles | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Whitehorse, Ltd. 2014-1A SUB - 0.00%, 5/1/2026 (6) | Collateralized Securities | Diversified Investment Vehicles | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Total Affiliate Investments | $ | 16,191 | $ | 189,259 | $ | 25,162 | $ | (148,584) | $ | 23,155 | $ | 21,960 | $ | 110,952 | ||||||||||||||||||||||||||||||||||||||||||
Total Control & Affiliate Investments | $ | 84,477 | $ | 421,864 | $ | 546,188 | $ | (247,368) | $ | 16,916 | $ | 30,766 | $ | 768,366 |
Portfolio Company (1) | Type of Asset | Industry | Amount of dividends and interest included in income | Beginning Fair Value at December 31, 2019 | Gross additions* | Gross reductions** | Realized Gain/(Loss) | Change in Unrealized Gain (Loss) (4) | Fair Value at December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Control Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capstone Nutrition (fka Integrity Nutraceuticals) - L+12.50% (15.08%), 9/25/2020 (2) (5) (6) | Senior Secured First Lien Debt | Consumer | $ | — | $ | — | $ | 504 | $ | — | $ | (504) | $ | — | $ | — |
Portfolio Company (1) | Type of Asset | Industry | Amount of dividends and interest included in income | Beginning Fair Value at December 31, 2019 | Gross additions* | Gross reductions** | Realized Gain/(Loss) | Change in Unrealized Gain (Loss) (4) | Fair Value at December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
CRD Holdings, LLC - 9.00% (2) (6) | Equity/Other | Energy | $ | 2,071 | $ | 28,943 | $ | — | $ | (14,295) | $ | — | $ | (91) | $ | 14,557 | ||||||||||||||||||||||||||||||||||||||||
CRS-SPV, Inc. (2) (3) (6) | Equity/Other | Industrials | — | 2,221 | — | — | — | (828) | 1,393 | |||||||||||||||||||||||||||||||||||||||||||||||
CRS-SPV, Inc. - L+4.50% (5.50%), 3/8/2021 (2) (6) | Senior Secured First Lien Debt | Industrials | 4 | 62 | — | — | — | — | 62 | |||||||||||||||||||||||||||||||||||||||||||||||
Kahala Ireland OpCo Designated Activity Company - L+8.00% (13.00%), 12/22/2028 (2) (6) | Senior Secured First Lien Debt | Transportation | 7,061 | 105,549 | — | (87,000) | — | — | 18,549 | |||||||||||||||||||||||||||||||||||||||||||||||
Kahala Ireland OpCo Designated Activity Company (2) (3) (6) | Equity/Other | Transportation | — | 57,226 | — | — | — | (14,274) | 42,952 | |||||||||||||||||||||||||||||||||||||||||||||||
Kahala Ireland OpCo Designated Activity Company (2) (6) | Equity/Other | Transportation | 5,945 | 3,250 | 2 | (2,797) | — | 2,795 | 3,250 | |||||||||||||||||||||||||||||||||||||||||||||||
Kahala US OpCo, LLC - 13.00% (2) (3) (6) | Equity/Other | Transportation | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
KMTEX, LLC - P+3.00% (6.25%) PIK, 6/16/2025 (2) (6) | Senior Secured First Lien Debt | Chemicals | 26 | — | 829 | — | — | — | 829 | |||||||||||||||||||||||||||||||||||||||||||||||
KMTEX, LLC - P+3.00% (6.25%) PIK, 6/16/2025 (2) (6) | Senior Secured First Lien Debt | Chemicals | 119 | — | 3,230 | — | — | — | 3,230 | |||||||||||||||||||||||||||||||||||||||||||||||
KMTEX, LLC - P+3.00% (6.25%) PIK, 6/16/2025 (2) (6) | Senior Secured First Lien Debt | Chemicals | 4 | — | 218 | — | — | — | 218 | |||||||||||||||||||||||||||||||||||||||||||||||
KMTEX, LLC (2) (3) (6) | Equity/Other | Chemicals | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
KMTEX, LLC (2) (3) (6) | Equity/Other | Chemicals | — | — | 2,793 | — | — | (504) | 2,289 | |||||||||||||||||||||||||||||||||||||||||||||||
MGTF Holdco, LLC (2) (3) (6) | Equity/Other | Media/Entertainment | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
MGTF Radio Company, LLC - L+6.00% (7.00%), 4/1/2024 (2) (6) | Senior Secured First Lien Debt | Media/Entertainment | 4,115 | 54,171 | 33 | (2,827) | 5 | (7,982) | 43,400 | |||||||||||||||||||||||||||||||||||||||||||||||
NexSteppe, Inc. (2) (3) (5) (6) | Equity/Other | Chemicals | — | — | — | — | (737) | 737 | — | |||||||||||||||||||||||||||||||||||||||||||||||
NexSteppe, Inc. - 12.00%, 9/30/2020 (2) (5) (6) | Senior Secured First Lien Debt | Chemicals | — | — | — | — | (1,750) | 1,750 | — | |||||||||||||||||||||||||||||||||||||||||||||||
NexSteppe, Inc. - 12.00%, 9/30/2020 (2) (5) (6) | Senior Secured First Lien Debt | Chemicals | — | — | — | (378) | (10,075) | 10,453 | — | |||||||||||||||||||||||||||||||||||||||||||||||
NMFC Senior Loan Program I, LLC (2) (5) | Equity/Other | Diversified Investment Vehicles | 5,344 | 47,310 | — | (44,411) | (5,589) | 2,690 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Park Ave RE Holdings, LLC - 13.00%, 12/31/2021 (2) (6) | Subordinated Debt | Financials | 4,963 | 37,237 | 1,237 | (1,237) | — | — | 37,237 | |||||||||||||||||||||||||||||||||||||||||||||||
Park Ave RE Holdings, LLC (2) (3) (6) | Equity/Other | Financials | — | 11,133 | — | (427) | — | (7,406) | 3,300 | |||||||||||||||||||||||||||||||||||||||||||||||
Siena Capital Finance, LLC - 12.50%, 5/15/2024 (2) (6) | Subordinated Debt | Financials | 3,232 | 22,500 | 3,001 | — | — | (1) | 25,500 | |||||||||||||||||||||||||||||||||||||||||||||||
Siena Capital Finance, LLC (2) (6) | Equity/Other | Financials | 5,091 | 36,915 | 10 | — | — | (1,086) | 35,839 | |||||||||||||||||||||||||||||||||||||||||||||||
WPNT, LLC (2) (3) (6) | Equity/Other | Media/Entertainment | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Total Control Investments | $ | 37,975 | $ | 406,517 | $ | 11,857 | $ | (153,372) | $ | (18,650) | $ | (13,747) | $ | 232,605 | ||||||||||||||||||||||||||||||||||||||||||
Affiliate Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Answers Corp. (3) (6) | Equity/Other | Media/Entertainment | $ | — | $ | 727 | $ | — | $ | — | $ | — | $ | — | $ | 727 | ||||||||||||||||||||||||||||||||||||||||
Capstone Nutrition Development, LLC (3) (6) | Equity/Other | Consumer | — | 4,788 | — | (320) | — | 1,460 | 5,928 | |||||||||||||||||||||||||||||||||||||||||||||||
CDS U.S. Intermediate Holdings, Inc. - L+6.00% (7.00%), 11/24/2025 (6) | Senior Secured First Lien Debt | Media/Entertainment | 18 | — | 1,941 | — | — | (1) | 1,940 | |||||||||||||||||||||||||||||||||||||||||||||||
CDS U.S. Intermediate Holdings, Inc. - L+8.00% (9.00%) 7.00% PIK, 11/24/2027 (6) | Senior Secured Second Lien Debt | Media/Entertainment | — | — | 1,104 | — | — | — | 1,104 |
Portfolio Company (1) | Type of Asset | Industry | Amount of dividends and interest included in income | Beginning Fair Value at December 31, 2019 | Gross additions* | Gross reductions** | Realized Gain/(Loss) | Change in Unrealized Gain (Loss) (4) | Fair Value at December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
CDS U.S. Intermediate Holdings, Inc. (3) (6) | Equity/Other | Media/Entertainment | $ | — | $ | — | $ | 1,224 | $ | — | $ | — | $ | — | $ | 1,224 | ||||||||||||||||||||||||||||||||||||||||
CDS U.S. Intermediate Holdings, Inc. (3) (6) | Equity/Other | Media/Entertainment | — | — | 437 | — | — | — | 437 | |||||||||||||||||||||||||||||||||||||||||||||||
Danish CRJ, Ltd. (3) (6) | Equity/Other | Transportation | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
First Eagle Greenway Fund II, LLC | Equity/Other | Diversified Investment Vehicles | (8) | 2,554 | 326 | (46) | — | (1,075) | 1,759 | |||||||||||||||||||||||||||||||||||||||||||||||
Foresight Energy Operating, LLC - L+8.00% (9.50%), 6/30/2027 (6) | Senior Secured First Lien Debt | Energy | 65 | — | 1,333 | (7) | — | 28 | 1,354 | |||||||||||||||||||||||||||||||||||||||||||||||
Foresight Energy Operating, LLC - L+8.00% (9.50%), 6/30/2027 (5) (6) | Senior Secured First Lien Debt | Energy | 4 | — | 977 | (989) | 12 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Foresight Energy Operating, LLC (3) (6) | Equity/Other | Energy | — | — | 2,087 | — | — | 433 | 2,520 | |||||||||||||||||||||||||||||||||||||||||||||||
Internap Corp. - L+10.00% (11.00%), 5/8/2023 (5) | Senior Secured First Lien Debt | Business Services | 175 | — | 2,569 | (2,719) | 150 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Internap Corp. - L+6.50% (7.50%) 5.50% PIK, 5/8/2025 (6) | Senior Secured First Lien Debt | Business Services | 291 | — | 5,956 | — | — | (775) | 5,181 | |||||||||||||||||||||||||||||||||||||||||||||||
Internap Corp (3) (6) | Equity/Other | Business Services | — | — | 544 | — | — | 1,687 | 2,231 | |||||||||||||||||||||||||||||||||||||||||||||||
Jakks Pacific, Inc. - 10.50%, 2.50% PIK, 2/9/2023 (6) | Senior Secured First Lien Debt | Consumer | 80 | — | 16,329 | (256) | 24 | 1,007 | 17,104 | |||||||||||||||||||||||||||||||||||||||||||||||
Jakks Pacific, Inc. (3) (6) | Equity/Other | Consumer | — | — | 101 | — | — | 301 | 402 | |||||||||||||||||||||||||||||||||||||||||||||||
Jakks Pacific, Inc. (3) | Equity/Other | Consumer | — | — | 40 | — | — | 9 | 49 | |||||||||||||||||||||||||||||||||||||||||||||||
LendingHome Corp. - 8.00% (6) | Equity/Other | Financials | 346 | — | 59,823 | — | — | — | 59,823 | |||||||||||||||||||||||||||||||||||||||||||||||
MidOcean Credit CLO 2013-2A INC - 0.00%, 1/29/2030 (6) | Collateralized Securities | Diversified Investment Vehicles | (22) | 11,835 | — | (986) | — | (4,536) | 6,313 | |||||||||||||||||||||||||||||||||||||||||||||||
Mood Media Corp. - L+9.25% (10.25%), 7/31/2025 (5) (6) | Senior Secured First Lien Debt | Media/Entertainment | 463 | — | 9,242 | (9,519) | 277 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Mood Media Corp. - L+9.25% (10.25%), 7/31/2025 (5) (6) | Senior Secured First Lien Debt | Media/Entertainment | 26 | — | 1,881 | (1,962) | 81 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Mood Media Corp. (5) (6) | Equity/Other | Media/Entertainment | — | — | 2,713 | (4,085) | 1,372 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
NewStar Arlington Senior Loan Program, LLC 14-1A SUB - 18.63%, 4/25/2031 (6) | Collateralized Securities | Diversified Investment Vehicles | 1,637 | 19,697 | — | (309) | — | (3,757) | 15,631 | |||||||||||||||||||||||||||||||||||||||||||||||
NewStar Arlington Senior Loan Program, LLC 14-1A FR - L+11.00% (11.21%), 4/25/2031 (6) | Collateralized Securities | Diversified Investment Vehicles | 607 | 4,612 | 17 | — | — | (997) | 3,632 | |||||||||||||||||||||||||||||||||||||||||||||||
Newstar Fairfield Fund CLO, Ltd. 2015-1RA F - L+7.50% (7.72%), 1/20/2027 (6) | Collateralized Securities | Diversified Investment Vehicles | 97 | 9,209 | 41 | — | — | (3,791) | 5,459 | |||||||||||||||||||||||||||||||||||||||||||||||
Newstar Fairfield Fund CLO, Ltd. 2015-1RA SUB - 0.00%, 1/20/2027 (6) | Collateralized Securities | Diversified Investment Vehicles | (318) | 6,607 | — | (1,012) | — | (5,595) | — | |||||||||||||||||||||||||||||||||||||||||||||||
PCX Aerostructures, LLC - 6.00%, 8/9/2021 (6) | Subordinated Debt | Industrials | 1,018 | 5,908 | 653 | (2) | — | 3,300 | 9,859 | |||||||||||||||||||||||||||||||||||||||||||||||
PCX Aerostructures, LLC (3) (6) | Equity/Other | Industrials | — | — | — | — | — | 76 | 76 | |||||||||||||||||||||||||||||||||||||||||||||||
PCX Aerostructures, LLC (3) (6) | Equity/Other | Industrials | — | — | — | — | — | 535 | 535 | |||||||||||||||||||||||||||||||||||||||||||||||
PCX Aerostructures, LLC (3) (6) | Equity/Other | Industrials | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
PennantPark Credit Opportunities Fund II, LP | Equity/Other | Diversified Investment Vehicles | 645 | 8,707 | — | (606) | — | 1,173 | 9,274 | |||||||||||||||||||||||||||||||||||||||||||||||
Tap Rock Resources, LLC (6) | Equity/Other | Energy | 1,231 | 20,879 | 3,886 | (14,773) | 187 | 1,226 | 11,405 | |||||||||||||||||||||||||||||||||||||||||||||||
Tax Defense Network, LLC - L+6.00% (10.00%) PIK, 9/30/2021 (6) | Senior Secured First Lien Debt | Consumer | — | 1,262 | — | — | — | (842) | 420 |
Portfolio Company (1) | Type of Asset | Industry | Amount of dividends and interest included in income | Beginning Fair Value at December 31, 2019 | Gross additions* | Gross reductions** | Realized Gain/(Loss) | Change in Unrealized Gain (Loss) (4) | Fair Value at December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Tax Defense Network, LLC - L+6.00% (10.00%) PIK, 9/30/2021 (6) | Senior Secured First Lien Debt | Consumer | $ | — | $ | 7,108 | $ | — | $ | — | $ | — | $ | (4,740) | $ | 2,368 | ||||||||||||||||||||||||||||||||||||||||
Tax Defense Network, LLC - 10.00% PIK, 9/30/2021 (6) | Senior Secured First Lien Debt | Consumer | — | 2,357 | 628 | — | — | 326 | 3,311 | |||||||||||||||||||||||||||||||||||||||||||||||
Tax Defense Network, LLC (3) (6) | Equity/Other | Consumer | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Tax Defense Network, LLC (3) (6) | Equity/Other | Consumer | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Team Waste, LLC (6) | Equity/Other | Industrials | 84 | 2,235 | 335 | — | — | — | 2,570 | |||||||||||||||||||||||||||||||||||||||||||||||
Tennenbaum Waterman Fund, LP | Equity/Other | Diversified Investment Vehicles | 1,178 | 9,841 | — | — | — | 246 | 10,087 | |||||||||||||||||||||||||||||||||||||||||||||||
TwentyEighty, Inc. (3) (5) (6) | Equity/Other | Business Services | — | — | — | (369) | 369 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Vantage Mobility International, LLC - L+6.00% (7.00%), 6/30/2023 (5) (6) | Senior Secured First Lien Debt | Transportation | — | — | 196 | (172) | (24) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Vantage Mobility International, LLC - L+6.00% (7.00%) PIK, 9/9/2021 (6) | Senior Secured Second Lien Debt | Transportation | — | 2,883 | 172 | — | — | (2,111) | 944 | |||||||||||||||||||||||||||||||||||||||||||||||
Vantage Mobility International, LLC - L+7.75% (10.26%), 9/1/2021 (5) (6) | Subordinated Debt | Transportation | 26 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Vantage Mobility International, LLC (3) (6) | Equity/Other | Transportation | — | 942 | — | — | — | (942) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Vantage Mobility International, LLC (3) (6) | Equity/Other | Transportation | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Vantage Mobility International, LLC (3) (6) | Equity/Other | Transportation | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Whitehorse, Ltd. 2014-1A SUB - 0.00%, 5/1/2026 (6) | Collateralized Securities | Diversified Investment Vehicles | — | 286 | — | — | — | (286) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Whitehorse, Ltd. 2014-1A Side Letter - 0.00%, 5/1/2026 (6) | Collateralized Securities | Diversified Investment Vehicles | (2) | 35 | — | — | — | (35) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Whitehorse, Ltd. 2014-1A E - L+4.55% (4.76%), 5/1/2026 (6) | Collateralized Securities | Diversified Investment Vehicles | 578 | 7,054 | 137 | — | — | (1,599) | 5,592 | |||||||||||||||||||||||||||||||||||||||||||||||
Total Affiliate Investments | $ | 8,219 | $ | 129,526 | $ | 114,692 | $ | (38,132) | $ | 2,448 | $ | (19,275) | $ | 189,259 | ||||||||||||||||||||||||||||||||||||||||||
Total Control & Affiliate Investments | $ | 46,194 | $ | 536,043 | $ | 126,549 | $ | (191,504) | $ | (16,202) | $ | (33,022) | $ | 421,864 |