Company Quick10K Filing
Goldman Sachs BDC
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-02-20
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-01
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-02-28
10-Q 2018-09-30 Filed 2018-11-01
10-Q 2018-06-30 Filed 2018-08-02
10-Q 2018-03-31 Filed 2018-05-03
10-K 2017-12-31 Filed 2018-02-22
10-Q 2017-09-30 Filed 2017-11-02
10-Q 2017-06-30 Filed 2017-08-03
10-Q 2017-03-31 Filed 2017-05-04
10-K 2016-12-31 Filed 2017-02-28
10-Q 2016-09-30 Filed 2016-11-03
10-Q 2016-06-30 Filed 2016-08-04
10-Q 2016-03-31 Filed 2016-05-09
10-K 2015-12-31 Filed 2016-03-02
10-Q 2015-09-30 Filed 2015-11-05
10-Q 2015-06-30 Filed 2015-08-06
10-Q 2015-03-31 Filed 2015-05-14
8-K 2020-09-10 Other Events, Exhibits
8-K 2020-08-10 Earnings, Regulation FD, Exhibits
8-K 2020-07-09 Regulation FD, Exhibits
8-K 2020-06-17
8-K 2020-06-11
8-K 2020-05-11
8-K 2020-04-20
8-K 2020-03-19
8-K 2020-03-16
8-K 2020-02-24
8-K 2020-02-20
8-K 2020-02-20
8-K 2020-02-06
8-K 2020-01-22
8-K 2019-12-09
8-K 2019-11-07
8-K 2019-10-03
8-K 2019-08-01
8-K 2019-07-15
8-K 2019-05-17
8-K 2019-05-09
8-K 2019-04-17
8-K 2019-02-28
8-K 2019-02-05
8-K 2018-11-01
8-K 2018-10-04
8-K 2018-09-17
8-K 2018-08-24
8-K 2018-08-02
8-K 2018-07-13
8-K 2018-07-09
8-K 2018-07-02
8-K 2018-06-18
8-K 2018-06-15
8-K 2018-05-03
8-K 2018-05-03
8-K 2018-04-05
8-K 2018-03-02
8-K 2018-02-22
8-K 2018-01-23
8-K 2018-01-02

GSBD 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
EX-31.1 gsbd-ex311_8.htm
EX-31.2 gsbd-ex312_6.htm
EX-32.1 gsbd-ex321_7.htm

Goldman Sachs BDC Earnings 2020-06-30

Balance SheetIncome StatementCash Flow

10-Q 1 gsbd-10q_20200630.htm 10-Q gsbd-10q_20200630.htm

Table of Contents

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 10-Q

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 814-00998

 

 

Goldman Sachs BDC, Inc.

(Exact Name of Registrant as Specified in Its Charter)

 

Delaware

46-2176593

(State or Other Jurisdiction of

Incorporation or Organization)

(I.R.S. Employer

Identification No.)

 

 

200 West Street, New York, New York

10282

(Address of Principal Executive Offices)

(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: (212) 902-0300

 

Not Applicable

Former Name, Former Address and Former Fiscal Year, If Changed Since Last Report.

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class 

 

Trading Symbol(s) 

 

Name of each exchange

on which registered

Common Stock, par value

$0.001 per share

 

GSBD

 

The New York Stock Exchange

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES  NO 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). YES  NO 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer:

X

Accelerated filer:

Non-accelerated filer:

Smaller reporting company:

Emerging growth company:

 

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    YES      NO  X

The number of shares of the registrant’s common stock, $0.001 par value per share, outstanding as of August 10, 2020 was 40,448,044.

 

 

 


Table of Contents

 

GOLDMAN SACHS BDC, INC.

 

 

 

 

 

INDEX

PAGE

 

Cautionary Statement Regarding Forward-Looking Statements

3

PART I

FINANCIAL INFORMATION

4

ITEM 1.

Financial Statements

4

 

Consolidated Statements of Assets and Liabilities as of June 30, 2020 (Unaudited) and December 31, 2019

4

 

Consolidated Statements of Operations for the three and six months ended June 30, 2020 (Unaudited) and 2019 (Unaudited)

5

 

Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2020 (Unaudited) and 2019 (Unaudited)

6

 

Consolidated Statements of Cash Flows for the six months ended June 30, 2020 (Unaudited) and 2019 (Unaudited)

7

 

Consolidated Schedules of Investments as of June 30, 2020 (Unaudited) and December 31, 2019

8

 

Notes to the Consolidated Financial Statements (Unaudited)

20

ITEM 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

44

ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

59

ITEM 4.

Controls and Procedures

59

 

 

 

PART II

OTHER INFORMATION

60

ITEM 1.

Legal Proceedings

60

ITEM 1A.

Risk Factors

60

ITEM 2.

Unregistered Sales of Equity Securities and Use of Proceeds

66

ITEM 3.

Defaults Upon Senior Securities

66

ITEM 4.

Mine Safety Disclosures

66

ITEM 5.

Other Information

66

ITEM 6.

Exhibits

67

 

 

SIGNATURES

68

 

 

2


Table of Contents

 

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements that involve substantial risks and uncertainties. You can identify these statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “target,” “estimate,” “intend,” “continue” or “believe” or the negatives of, or other variations on, these terms or comparable terminology. You should read statements that contain these words carefully because they discuss our plans, strategies, prospects and expectations concerning our business, operating results, financial condition and other similar matters. We believe that it is important to communicate our future expectations to our investors. Our forward-looking statements include information in this report regarding general domestic and global economic conditions, our future financing plans, our ability to operate as a business development company (“BDC”) and the expected performance of, and the yield on, our portfolio companies. There may be events in the future, however, that we are not able to predict accurately or control. The factors listed under “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2019 and our quarterly report on Form 10-Q for the quarter ended March 31, 2020, as well as any cautionary language in this report, provide examples of risks, uncertainties and events that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements. The occurrence of the events described in these risk factors and elsewhere in this report could have a material adverse effect on our business, results of operations and financial position. Any forward-looking statement made by us in this report speaks only as of the date of this report. Factors or events that could cause our actual results to differ from our forward-looking statements may emerge from time to time, and it is not possible for us to predict all of them. You are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the U.S. Securities and Exchange Commission (the “SEC”), including annual reports on Form 10-K, registration statements on Form N-2, quarterly reports on Form 10-Q and current reports on Form 8-K. Under Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 do not apply to statements made in periodic reports we file under the Exchange Act, such as this quarterly report on Form 10-Q.

The following factors are among those that may cause actual results to differ materially from our forward-looking statements:

 

 

our future operating results;

 

the impact of the novel coronavirus (“COVID-19”) pandemic on our business and our portfolio companies, including our and their ability to access capital and liquidity;

 

changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets, including the effect of the current COVID-19 pandemic;

 

uncertainty surrounding the financial and political stability of the United States, the United Kingdom, the European Union and China, including the effect of the current COVID-19 pandemic;

 

our business prospects and the prospects of our portfolio companies;

 

the impact of investments that we expect to make;

 

the impact of increased competition;

 

our contractual arrangements and relationships with third parties;

 

the dependence of our future success on the general economy and its impact on the industries in which we invest;

 

the ability of our current and prospective portfolio companies to achieve their objectives;

 

the relative and absolute performance of Goldman Sachs Asset Management, L.P., the investment adviser (the “Investment Adviser”) of the Company;

 

the use of borrowed money to finance a portion of our investments;

 

our ability to make distributions;

 

the adequacy of our cash resources and working capital;

 

changes in interest rates, including the decommissioning of London InterBank Offered Rate (“LIBOR”);

 

the timing of cash flows, if any, from the operations of our portfolio companies;

 

the impact of future acquisitions and divestitures;

 

the effect of changes in tax laws and regulations and interpretations thereof;

 

our ability to maintain our status as a BDC and a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”);

 

actual and potential conflicts of interest with the Investment Adviser and its affiliates;

 

general price and volume fluctuations in the stock market;

 

the ability of the Investment Adviser to attract and retain highly talented professionals;

 

the impact on our business from new or amended legislation or regulations;

 

the availability of credit and/or our ability to access the equity and capital markets;

 

currency fluctuations, particularly to the extent that we receive payments denominated in currency other than U.S. dollars;

 

the ability of the parties to consummate the Merger (as defined below) on the expected timeline, or at all;

 

the ability to realize the anticipated benefits of the proposed Merger;

 

the effects of disruption on our business from the proposed Merger;

 

the effect that the announcement or consummation of the proposed Merger may have on the trading price of our common stock;

 

the combined company’s plans, expectations, objectives and intentions, as a result of the Merger; and

 

any potential termination of the Amended and Restated Merger Agreement (as defined below) or action of our stockholders or the stockholders of Goldman Sachs Middle Market Lending Corp. (“GS MMLC”) with respect to any proposed transaction.

 

3


Table of Contents

 

PART I. FINANCIAL INFORMATION

 

ITEM 1.

  FINANCIAL STATEMENTS

Goldman Sachs BDC, Inc.

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share amounts)

 

 

 

June 30, 2020

(Unaudited)

 

 

December 31, 2019

 

Assets

 

 

 

 

 

 

 

 

Investments, at fair value

 

 

 

 

 

 

 

 

Non-controlled/non-affiliated investments (cost of $1,364,946 and $1,338,268)

 

$

1,283,565

 

 

$

1,298,133

 

Non-controlled affiliated investments (cost of $83,410 and $83,460)

 

 

94,492

 

 

 

82,580

 

Controlled affiliated investments (cost of $85,603 and $88,119)

 

 

46,410

 

 

 

73,539

 

Investments in affiliated money market fund (cost of $89,470 and $—)

 

 

89,470

 

 

 

 

Cash

 

 

16,318

 

 

 

9,409

 

Receivable for investments sold

 

 

153

 

 

 

93

 

Unrealized appreciation on foreign currency forward contracts

 

 

33

 

 

 

32

 

Interest and dividends receivable

 

 

8,406

 

 

 

5,702

 

Deferred financing costs

 

 

8,618

 

 

 

4,427

 

Deferred offering costs

 

 

 

 

 

276

 

Other assets

 

 

3,139

 

 

 

1,084

 

Total assets

 

$

1,550,604

 

 

$

1,475,275

 

Liabilities

 

 

 

 

 

 

 

 

Debt (net of debt issuance costs of $9,229 and $3,680)

 

$

909,263

 

 

$

769,727

 

Interest and other debt expenses payable

 

 

7,659

 

 

 

2,304

 

Management fees payable

 

 

1,467

 

 

 

3,653

 

Incentive fees payable

 

 

 

 

 

1,850

 

Distribution payable

 

 

18,181

 

 

 

18,165

 

Directors’ fees payable

 

 

135

 

 

 

 

Accrued offering costs

 

 

 

 

 

28

 

Accrued expenses and other liabilities

 

 

2,403

 

 

 

3,423

 

Total liabilities

 

$

939,108

 

 

$

799,150

 

Commitments and Contingencies (Note 8)

 

 

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 

 

 

Preferred stock, par value $0.001 per share (1,000,000 shares authorized, no shares issued and outstanding)

 

$

 

 

$

 

Common stock, par value $0.001 per share (200,000,000 shares authorized, 40,401,637 and 40,367,071 shares issued and outstanding as of June 30, 2020 and December 31, 2019)

 

 

40

 

 

 

40

 

Paid-in capital in excess of par

 

 

778,827

 

 

 

778,132

 

Distributable earnings

 

 

(165,950

)

 

 

(100,626

)

Allocated income tax expense

 

 

(1,421

)

 

 

(1,421

)

TOTAL NET ASSETS

 

$

611,496

 

 

$

676,125

 

TOTAL LIABILITIES AND NET ASSETS

 

$

1,550,604

 

 

$

1,475,275

 

Net asset value per share

 

$

15.14

 

 

$

16.75

 

 

The accompanying notes are part of these unaudited consolidated financial statements.

4


Table of Contents

 

Goldman Sachs BDC, Inc.

Consolidated Statements of Operations

(in thousands, except share and per share amounts)

(Unaudited)

 

 

 

For the Three Months Ended

 

 

For the Six Months Ended

 

 

 

June 30,

2020

 

 

June 30,

2019

 

 

June 30,

2020

 

 

June 30,

2019

 

Investment Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

From non-controlled/non-affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

28,509

 

 

$

34,713

 

 

$

58,024

 

 

$

66,282

 

Payment-in-kind

 

 

535

 

 

 

174

 

 

 

1,149

 

 

 

476

 

Other income

 

 

245

 

 

 

870

 

 

 

492

 

 

 

1,521

 

Total investment income from non-controlled/non-affiliated investments

 

 

29,289

 

 

 

35,757

 

 

 

59,665

 

 

 

68,279

 

From non-controlled affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

423

 

 

 

576

 

 

 

1,088

 

 

 

1,194

 

Payment-in-kind

 

 

385

 

 

 

376

 

 

 

575

 

 

 

745

 

Dividend income

 

 

38

 

 

 

53

 

 

 

43

 

 

 

85

 

Other income

 

 

41

 

 

 

11

 

 

 

46

 

 

 

22

 

Total investment income from non-controlled affiliated investments

 

 

887

 

 

 

1,016

 

 

 

1,752

 

 

 

2,046

 

From controlled affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payment-in-kind

 

 

366

 

 

 

565

 

 

 

996

 

 

 

1,100

 

Interest income

 

 

60

 

 

 

63

 

 

 

161

 

 

 

63

 

Dividend income

 

 

 

 

 

1,000

 

 

 

 

 

 

3,450

 

Total investment income from controlled affiliated investments

 

 

426

 

 

 

1,628

 

 

 

1,157

 

 

 

4,613

 

Total investment income

 

$

30,602

 

 

$

38,401

 

 

$

62,574

 

 

$

74,938

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other debt expenses

 

$

9,114

 

 

$

9,501

 

 

$

18,008

 

 

$

17,954

 

Management fees

 

 

3,617

 

 

 

3,742

 

 

 

7,283

 

 

 

7,278

 

Incentive fees

 

 

 

 

 

4,144

 

 

 

 

 

 

4,637

 

Professional fees

 

 

623

 

 

 

689

 

 

 

1,337

 

 

 

1,331

 

Administration, custodian and transfer agent fees

 

 

228

 

 

 

239

 

 

 

469

 

 

 

479

 

Directors’ fees

 

 

139

 

 

 

114

 

 

 

278

 

 

 

227

 

Other expenses

 

 

462

 

 

 

433

 

 

 

834

 

 

 

769

 

Total expenses

 

$

14,183

 

 

$

18,862

 

 

$

28,209

 

 

$

32,675

 

Fee waiver

 

 

(2,150

)

 

 

 

 

 

(2,810

)

 

 

 

Net expenses

 

$

12,033

 

 

$

18,862

 

 

$

25,399

 

 

$

32,675

 

NET INVESTMENT INCOME BEFORE TAXES

 

$

18,569

 

 

$

19,539

 

 

$

37,175

 

 

$

42,263

 

Income tax expense, including excise tax

 

$

389

 

 

$

452

 

 

$

816

 

 

$

891

 

NET INVESTMENT INCOME AFTER TAXES

 

$

18,180

 

 

$

19,087

 

 

$

36,359

 

 

$

41,372

 

Net realized and unrealized gains (losses) on investment transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled/non-affiliated investments

 

$

(1,182

)

 

$

(8,570

)

 

$

(6,616

)

 

$

(33,292

)

Non-controlled affiliated investments

 

 

(211

)

 

 

 

 

 

(211

)

 

 

 

Controlled affiliated investments

 

 

 

 

 

(673

)

 

 

(4,704

)

 

 

(673

)

Foreign currency forward contracts

 

 

52

 

 

 

34

 

 

 

80

 

 

 

52

 

Foreign currency transactions

 

 

(23

)

 

 

(10

)

 

 

(18

)

 

 

(16

)

Net change in unrealized appreciation (depreciation) from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled/non-affiliated investments

 

 

31,798

 

 

 

(1,435

)

 

 

(41,246

)

 

 

5,771

 

Non-controlled affiliated investments

 

 

8,169

 

 

 

5,840

 

 

 

11,962

 

 

 

3,084

 

Controlled affiliated investments

 

 

(21,214

)

 

 

2,440

 

 

 

(24,613

)

 

 

1,546

 

Foreign currency forward contracts

 

 

(81

)

 

 

(45

)

 

 

1

 

 

 

33

 

Foreign currency translations

 

 

(670

)

 

 

(507

)

 

 

(55

)

 

 

295

 

Net realized and unrealized gains (losses)

 

$

16,638

 

 

$

(2,926

)

 

$

(65,420

)

 

$

(23,200

)

(Provision) benefit for taxes on realized gain/loss on investments

 

 

 

 

 

121

 

 

 

 

 

 

121

 

(Provision) benefit for taxes on unrealized appreciation/depreciation on investments

 

 

 

 

 

(152

)

 

 

99

 

 

 

52

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

 

$

34,818

 

 

$

16,130

 

 

$

(28,962

)

 

$

18,345

 

Weighted average shares outstanding

 

 

40,401,637

 

 

 

40,297,090

 

 

 

40,398,978

 

 

 

40,279,173

 

Net investment income per share (basic and diluted)

 

$

0.45

 

 

$

0.47

 

 

$

0.90

 

 

$

1.03

 

Earnings (loss) per share (basic and diluted)

 

$

0.86

 

 

$

0.40

 

 

$

(0.72

)

 

$

0.46

 

 

The accompanying notes are part of these unaudited consolidated financial statements.

5


Table of Contents

 

Goldman Sachs BDC, Inc.

Consolidated Statements of Changes in Net Assets

(in thousands, except share and per share amounts)

(Unaudited)

 

 

 

For the Three Months Ended

For the Six Months Ended

 

 

 

June 30,

2020

 

 

June 30,

2019

 

 

June 30,

2020

 

 

June 30,

2019

 

Net assets at beginning of period

 

$

594,859

 

 

$

694,746

 

 

$

676,125

 

 

$

709,892

 

Increase (decrease) in net assets resulting from operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

18,180

 

 

$

19,087

 

 

$

36,359

 

 

$

41,372

 

Net realized gain (loss)

 

 

(1,364

)

 

 

(9,219

)

 

 

(11,469

)

 

 

(33,929

)

Net change in unrealized appreciation (depreciation)

 

 

18,002

 

 

 

6,293

 

 

 

(53,951

)

 

 

10,729

 

(Provision) benefit for taxes on realized gain/loss on investments

 

 

 

 

 

121

 

 

 

 

 

 

121

 

(Provision) benefit for taxes on unrealized appreciation/depreciation on investments

 

 

 

 

 

(152

)

 

 

99

 

 

 

52

 

Net increase (decrease) in net assets resulting from operations

 

$

34,818

 

 

$

16,130

 

 

$

(28,962

)

 

$

18,345

 

Distributions to stockholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributable earnings

 

$

(18,181

)

 

$

(18,136

)

 

$

(36,362

)

 

$

(36,256

)

Total distributions to stockholders

 

$

(18,181

)

 

$

(18,136

)

 

$

(36,362

)

 

$

(36,256

)

Capital transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reinvestment of stockholder distributions

 

$

 

 

$

687

 

 

$

695

 

 

$

1,446

 

Net increase (decrease) in net assets resulting from capital transactions

 

$

 

 

$

687

 

 

$

695

 

 

$

1,446

 

TOTAL INCREASE (DECREASE) IN NET ASSETS

 

$

16,637

 

 

$

(1,319

)

 

$

(64,629

)

 

$

(16,465

)

Net assets at end of period

 

$

611,496

 

 

$

693,427

 

 

$

611,496

 

 

$

693,427

 

Distributions declared per share

 

$

0.45

 

 

$

0.45

 

 

$

0.90

 

 

$

0.90

 

 

The accompanying notes are part of these unaudited consolidated financial statements.

6


Table of Contents

 

Goldman Sachs BDC, Inc.

Consolidated Statements of Cash Flows

(in thousands, except share and per share amounts)

(Unaudited)

 

 

 

For the Six Months Ended

 

 

 

June 30,

2020

 

 

June 30,

2019

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from operations:

 

$

(28,962

)

 

$

18,345

 

Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities:

 

 

 

 

 

 

 

 

Purchases of investments

 

 

(106,679

)

 

 

(417,534

)

Payment-in-kind interest capitalized

 

 

(2,829

)

 

 

(2,226

)

Investments in affiliated money market fund, net

 

 

(89,470

)

 

 

 

Proceeds from sales of investments and principal repayments

 

 

76,629

 

 

 

234,179

 

Dissolution of Senior Credit Fund, LLC

 

 

 

 

 

9,779

 

Net realized (gain) loss on investments

 

 

11,534

 

 

 

33,965

 

Net change in unrealized (appreciation) depreciation on investments

 

 

53,897

 

 

 

(10,401

)

Net change in unrealized (appreciation) depreciation on

   foreign currency forward contracts and transactions

 

 

(7

)

 

 

(35

)

Amortization of premium and accretion of discount, net

 

 

(2,767

)

 

 

(6,029

)

Amortization of deferred financing and debt issuance costs

 

 

2,023

 

 

 

1,300

 

Amortization of original issue discount on convertible notes

 

 

220

 

 

 

209

 

Change in operating assets and liabilities:

 

 

 

 

 

 

 

 

(Increase) decrease in receivable for investments sold

 

 

(60

)

 

 

(9,011

)

(Increase) decrease in interest and dividends receivable

 

 

(2,704

)

 

 

1,878

 

(Increase) decrease in other assets

 

 

(2,055

)

 

 

(1,490

)

Increase (decrease) in interest and other debt expenses payable

 

 

5,316

 

 

 

248

 

Increase (decrease) in management fees payable

 

 

(2,186

)

 

 

308

 

Increase (decrease) in incentive fees payable

 

 

(1,850

)

 

 

4,144

 

Increase (decrease) in investments purchased payable

 

 

 

 

 

9

 

Increase (decrease) in directors’ fees payable

 

 

135

 

 

 

110

 

Increase (decrease) in accrued expenses and other liabilities

 

 

(1,020

)

 

 

(1,519

)

Net cash provided by (used for) operating activities

 

$

(90,835

)

 

$

(143,771

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Offering costs paid

 

$

 

 

$

140

 

Distributions paid

 

 

(35,651

)

 

 

(34,776

)

Deferred financing and debt issuance costs paid

 

 

(11,696

)

 

 

(494

)

Borrowings on debt

 

 

553,761

 

 

 

358,908

 

Repayments of debt

 

 

(408,676

)

 

 

(176,000

)

Net cash provided by (used for) financing activities

 

$

97,738

 

 

$

147,778

 

Net increase (decrease) in cash

 

 

6,903

 

 

 

4,007

 

Effect of foreign exchange rate changes on cash and cash equivalents

 

 

6

 

 

 

2

 

Cash, beginning of period

 

 

9,409

 

 

 

6,113

 

Cash, end of period

 

$

16,318

 

 

$

10,122

 

Supplemental and non-cash activities

 

 

 

 

 

 

 

 

Interest expense paid

 

$

10,114

 

 

$

15,824

 

Accrued but unpaid excise tax expense

 

$

1,010

 

 

$

1,070

 

Accrued but unpaid deferred financing and debt issuance costs

 

$

39

 

 

$

 

Accrued but unpaid offering costs

 

$

 

 

$

202

 

Accrued but unpaid distributions

 

$

18,181

 

 

$

18,136

 

Reinvestment of stockholder distributions

 

$

695

 

 

$

1,446

 

Non-cash purchases of investments