ý | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
For the quarterly period ended March 31, 2022 | |||||
OR | |||||
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Maryland | 43-2048643 | ||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||
10 East 40th Street, 42nd Floor | |||||
New York, New York | 10016 | ||||
(Address of principal executive offices) | (Zip Code) | ||||
Registrant's telephone number, including area code: (212) 448-0702 |
Title of each class | Trading symbols | Name of each exchange on which registered | ||||||
Common Stock, $0.001 par value | PSEC | NASDAQ Global Select Market | ||||||
5.35% Series A Fixed Rate Cumulative Perpetual Preferred Stock, par value $0.001 | PSEC PRA | New York Stock Exchange |
Large accelerated filer ý | Accelerated filer o | |||||||
Non-accelerated filer o | Smaller reporting company o | |||||||
Emerging growth company o | ||||||||
(Do not check if a smaller reporting company) |
Page | ||||||||
PART I | FINANCIAL INFORMATION | |||||||
Item 1. | Financial Statements | |||||||
PART II | OTHER INFORMATION | |||||||
March 31, 2022 | June 30, 2021 | ||||||||||
(Unaudited) | (Audited) | ||||||||||
Assets | |||||||||||
Investments at fair value: | |||||||||||
Control investments (amortized cost of $2,588,661 and $2,482,431, respectively) | $ | 3,378,505 | $ | 2,919,717 | |||||||
Affiliate investments (amortized cost of $237,845 and $202,943, respectively) | 417,652 | 356,734 | |||||||||
Non-control/non-affiliate investments (amortized cost of $4,061,431 and $3,372,750, respectively) | 3,633,774 | 2,925,327 | |||||||||
Total investments at fair value (amortized cost of $6,887,937 and $6,058,124, respectively) | 7,429,931 | 6,201,778 | |||||||||
Cash | 36,402 | 63,610 | |||||||||
Receivables for: | |||||||||||
Interest, net | 12,969 | 12,575 | |||||||||
Other | 525 | 365 | |||||||||
Deferred financing costs on Revolving Credit Facility (Note 4) | 11,504 | 11,141 | |||||||||
Due from broker | 4,055 | 12,551 | |||||||||
Prepaid expenses | 299 | 1,072 | |||||||||
Total Assets | 7,495,685 | 6,303,092 | |||||||||
Liabilities | |||||||||||
Revolving Credit Facility (Notes 4 and 8) | 699,440 | 356,937 | |||||||||
Public Notes (less unamortized discount and debt issuance costs of $23,601 and $20,061, respectively) (Notes 6 and 8) | 1,341,858 | 1,114,717 | |||||||||
Prospect Capital InterNotes® (less unamortized debt issuance costs of $7,196 and $10,496, respectively) (Notes 7 and 8) | 333,578 | 498,215 | |||||||||
Convertible Notes (less unamortized debt issuance costs of $2,794 and $4,123, respectively) (Notes 5 and 8) | 213,875 | 263,100 | |||||||||
Due to Prospect Capital Management (Note 13) | 56,399 | 48,612 | |||||||||
Dividends payable | 23,529 | 23,313 | |||||||||
Interest payable | 19,501 | 27,359 | |||||||||
Due to broker | — | 14,854 | |||||||||
Accrued expenses | 3,417 | 5,151 | |||||||||
Due to Prospect Administration (Note 13) | 2,855 | 4,835 | |||||||||
Other liabilities | 338 | 482 | |||||||||
Total Liabilities | 2,694,790 | 2,357,575 | |||||||||
Commitments and Contingencies (Note 3) | |||||||||||
Preferred Stock, par value $0.001 per share (167,900,000 shares authorized, with 40,000,000 shares of preferred stock authorized for each of the Series A1, Series M1, and Series M2 and 20,000,000 shares of preferred stock authorized for each of the Series AA1 and Series MM1 and 1,000,000 shares of preferred stock authorized for the Series A2 and 6,900,000 shares of preferred stock authorized for the Series A; 16,394,214 Series A1 shares issued and outstanding; 1,380,203 Series M1 shares issued and outstanding; 0 Series M2 shares issued and outstanding; 0 Series AA1 shares issued and outstanding; 0 Series MM1 shares issued and outstanding; 187,000 Series A2 shares issued and outstanding; and 6,000,000 Series A shares issued and outstanding as of March 31, 2022) at carrying value plus cumulative accrued and unpaid dividends (Note 9) | 564,884 | — | |||||||||
Net Assets as of June 30, 2021 | $ | — | $ | 3,945,517 | |||||||
Net Assets Applicable to Common Shares as of March 31, 2022 | $ | 4,236,011 | $ | — | |||||||
Components of Net Assets Applicable to Common Shares and Net Assets, respectively | |||||||||||
Preferred Stock, par value $0.001 per share (141,000,000 shares authorized, with 40,000,000 shares of preferred stock authorized for each of the Series A1, Series M1, and Series M2 and 20,000,000 shares of preferred stock authorized for the Series AA1 and 1,000,000 shares of preferred stock authorized for the Series A2; 5,163,926 Series A1 shares issued and outstanding; 130,666 Series M1 shares issued and outstanding; 0 Series M2 shares issued and outstanding; 0 Series AA1 shares issued and outstanding; and 187,000 Series A2 shares issued and outstanding as of June 30, 2021) (Note 9) | $ | — | 137,040 | ||||||||
Common stock, par value $0.001 per share (1,832,100,000 common shares authorized; 391,718,136 and 388,419,573 issued and outstanding, respectively) (Note 9) | 392 | 388 | |||||||||
Paid-in capital in excess of par (Note 9 and 12) | 4,039,944 | 4,018,659 | |||||||||
Total distributable earnings (loss) (Note 12) | 195,675 | (210,570) | |||||||||
Net Assets as of June 30, 2021 | $ | — | $ | 3,945,517 | |||||||
Net Assets Applicable to Common Shares as of March 31, 2022 | $ | 4,236,011 | $ | — | |||||||
Net Asset Value Per Common Share (Note 16) | $ | 10.81 | $ | 9.81 |
Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Investment Income | |||||||||||||||||||||||
Interest income: | |||||||||||||||||||||||
Control investments | $ | 53,095 | $ | 52,056 | $ | 166,036 | $ | 151,416 | |||||||||||||||
Affiliate investments | 6,745 | 6,145 | 23,497 | 24,333 | |||||||||||||||||||
Non-control/non-affiliate investments | 65,037 | 52,846 | 182,698 | 156,125 | |||||||||||||||||||
Structured credit securities | 17,612 | 28,536 | 58,702 | 84,735 | |||||||||||||||||||
Total interest income | 142,489 | 139,583 | 430,933 | 416,609 | |||||||||||||||||||
Dividend income: | |||||||||||||||||||||||
Control investments | 5,197 | 1,384 | 12,134 | 3,645 | |||||||||||||||||||
Affiliate investments | 95 | — | 95 | — | |||||||||||||||||||
Non-control/non-affiliate investments | 14 | 18 | 48 | 62 | |||||||||||||||||||
Total dividend income | 5,306 | 1,402 | 12,277 | 3,707 | |||||||||||||||||||
Other income: | |||||||||||||||||||||||
Control investments | 26,571 | 15,877 | 55,306 | 45,493 | |||||||||||||||||||
Affiliate investments | 19 | 38 | 3,961 | 102 | |||||||||||||||||||
Non-control/non-affiliate investments | 7,046 | 2,556 | 23,804 | 8,717 | |||||||||||||||||||
Total other income (Note 10) | 33,636 | 18,471 | 83,071 | 54,312 | |||||||||||||||||||
Total Investment Income | 181,431 | 159,456 | 526,281 | 474,628 | |||||||||||||||||||
Operating Expenses | |||||||||||||||||||||||
Base management fee (Note 13) | 36,426 | 29,183 | 102,472 | 83,866 | |||||||||||||||||||
Income incentive fee (Note 13) | 19,967 | 18,251 | 59,296 | 53,354 | |||||||||||||||||||
Interest and credit facility expenses | 29,235 | 32,773 | 86,952 | 100,549 | |||||||||||||||||||
Allocation of overhead from Prospect Administration (Note 13) | 4,126 | 2,685 | 10,891 | 10,768 | |||||||||||||||||||
Audit, compliance and tax related fees | 994 | 989 | 1,940 | 2,267 | |||||||||||||||||||
Directors’ fees | 131 | 113 | 360 | 339 | |||||||||||||||||||
Other general and administrative expenses | 3,547 | 2,060 | 10,439 | 10,977 | |||||||||||||||||||
Total Operating Expenses | 94,426 | 86,054 | 272,350 | 262,120 | |||||||||||||||||||
Net Investment Income | 87,005 | 73,402 | 253,931 | 212,508 | |||||||||||||||||||
Net Realized and Net Change in Unrealized Gains (Losses) from Investments | |||||||||||||||||||||||
Net realized gains (losses) | |||||||||||||||||||||||
Control investments | 5,298 | 121 | 5,304 | 2,953 | |||||||||||||||||||
Affiliate investments | — | 745 | — | 4,469 | |||||||||||||||||||
Non-control/non-affiliate investments | (7,552) | 15 | (17,386) | 29 | |||||||||||||||||||
Net realized (losses) gains | (2,254) | 881 | (12,082) | 7,451 | |||||||||||||||||||
Net change in unrealized gains | |||||||||||||||||||||||
Control investments | 96,162 | 142,379 | 352,558 | 323,967 | |||||||||||||||||||
Affiliate investments | (11,610) | 21,876 | 26,016 | 107,582 | |||||||||||||||||||
Non-control/non-affiliate investments | (4,066) | 20,705 | 19,766 | 87,028 | |||||||||||||||||||
Net change in unrealized gains | 80,486 | 184,960 | 398,340 | 518,577 | |||||||||||||||||||
Net Realized and Net Change in Unrealized Gains from Investments | 78,232 | 185,841 | 386,258 | 526,028 | |||||||||||||||||||
Net realized (losses) on extinguishment of debt | (941) | (12,835) | (10,149) | (18,415) | |||||||||||||||||||
Net Increase in Net Assets Resulting from Operations | 164,296 | 246,408 | 630,040 | 720,121 | |||||||||||||||||||
Preferred stock dividends | 7,139 | 400 | 16,748 | 446 | |||||||||||||||||||
Net Increase in Net Assets Resulting from Operations applicable to Common Stockholders | $ | 157,157 | $ | 246,008 | $ | 613,292 | $ | 719,675 | |||||||||||||||
Basic and diluted earnings per common share (Note 11) | |||||||||||||||||||||||
Basic | $ | 0.40 | $ | 0.64 | $ | 1.57 | $ | 1.89 | |||||||||||||||
Diluted | $ | 0.38 | $ | 0.63 | $ | 1.50 | $ | 1.88 | |||||||||||||||
Weighted-average shares of common stock outstanding (Note 11) | |||||||||||||||||||||||
Basic | 391,091,485 | 385,996,921 | 389,981,608 | 380,985,329 | |||||||||||||||||||
Diluted | 432,808,120 | 389,420,855 | 419,914,712 | 382,259,257 |
Common Stock | ||||||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2022 | Shares | Par | Paid-in-capital in excess of par(1) | Distributable Earnings (Loss)(1) | Total Net Asset Applicable to Common Shares | |||||||||||||||||||||||||||
Balance as of December 31, 2021(1) | 390,584,255 | $391 | $ | 4,030,760 | $ | 108,977 | $ | 4,140,128 | ||||||||||||||||||||||||
Net Increase in Net Assets resulting from Operations: | ||||||||||||||||||||||||||||||||
Net investment income | 87,005 | 87,005 | ||||||||||||||||||||||||||||||
Net realized losses | (3,195) | (3,195) | ||||||||||||||||||||||||||||||
Net change in unrealized gains | 80,486 | 80,486 | ||||||||||||||||||||||||||||||
Distributions to Shareholders | ||||||||||||||||||||||||||||||||
Distributions from earnings | (77,578) | (77,578) | ||||||||||||||||||||||||||||||
Capital Transactions | ||||||||||||||||||||||||||||||||
Shares issued through reinvestment of dividends | 1,120,220 | 1 | 9,049 | 9,050 | ||||||||||||||||||||||||||||
Conversion of preferred stock to common stock | 13,661 | — | 115 | 115 | ||||||||||||||||||||||||||||
Tax reclassifications of net assets (Note 12) | 20 | (20) | — | |||||||||||||||||||||||||||||
Total increase for the three months ended March 31, 2022 | 1,133,881 | 1 | 9,184 | 86,698 | 95,883 | |||||||||||||||||||||||||||
Balance as of March 31, 2022 | 391,718,136 | $ | 392 | $ | 4,039,944 | $ | 195,675 | $ | 4,236,011 |
Preferred Stock | Common Stock | |||||||||||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2021 | Liquidation Value | Shares | Par | Paid-in capital in excess of par(1) | Distributable earnings (loss)(1) | Total Net Assets | ||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | $ | 13,786 | 384,097,645 | $384 | $ | 4,023,978 | $ | (581,628) | $ | 3,456,520 | ||||||||||||||||||||||||||||
Net Increase in Net Assets resulting from Operations: | ||||||||||||||||||||||||||||||||||||||
Net investment income | 73,402 | 73,402 | ||||||||||||||||||||||||||||||||||||
Net realized losses | (11,954) | (11,954) | ||||||||||||||||||||||||||||||||||||
Net change in unrealized gains | 184,960 | 184,960 | ||||||||||||||||||||||||||||||||||||
Distributions to Shareholders(1) | ||||||||||||||||||||||||||||||||||||||
Distributions from earnings | (58,979) | (58,979) | ||||||||||||||||||||||||||||||||||||
Return of capital to common stockholders(Note 12) | (11,024) | (11,024) | ||||||||||||||||||||||||||||||||||||
Capital Transactions | ||||||||||||||||||||||||||||||||||||||
Issuance of preferred stock | 53,185 | (5,579) | 47,606 | |||||||||||||||||||||||||||||||||||
Shares issued through reinvestment of dividends | 9 | 3,292,927 | 3 | 21,297 | 21,309 | |||||||||||||||||||||||||||||||||
Conversion of preferred stock to common stock | (80) | 9,982 | — | 80 | — | |||||||||||||||||||||||||||||||||
Total increase for the three months ended March 31, 2021 | 53,114 | 3,302,909 | 3 | 4,774 | 187,429 | 245,320 | ||||||||||||||||||||||||||||||||
Balance as of March 31, 2021(1) | $ | 66,900 | 387,400,554 | $ | 387 | $ | 4,028,752 | $ | (394,199) | $ | 3,701,840 |
Preferred Stock | Common Stock | |||||||||||||||||||||||||||||||||||||
Nine Months Ended March 31, 2022 | Liquidation Value | Shares | Par | Paid-in capital in excess of par(1) | Distributable earnings (loss)(1) | Total Net Assets | ||||||||||||||||||||||||||||||||
Balance as of June 30, 2021(1) | $ | 137,040 | 388,419,573 | $388 | $ | 4,018,659 | $ | (210,570) | $ | 3,945,517 | ||||||||||||||||||||||||||||
Net Increase in Net Assets Resulting from Operations: | ||||||||||||||||||||||||||||||||||||||
Net investment income | 253,931 | 253,931 | ||||||||||||||||||||||||||||||||||||
Net realized losses | (22,231) | (22,231) | ||||||||||||||||||||||||||||||||||||
Net change in unrealized gains | 398,340 | 398,340 | ||||||||||||||||||||||||||||||||||||
Distributions to Shareholders(1) | ||||||||||||||||||||||||||||||||||||||
Distributions from earnings | (223,775) | (223,775) | ||||||||||||||||||||||||||||||||||||
Return of capital to common stockholders (Note 12) | (3,695) | (3,695) | ||||||||||||||||||||||||||||||||||||
Capital Transactions | ||||||||||||||||||||||||||||||||||||||
Issuance of preferred stock | 7,866 | (13,239) | (5,373) | |||||||||||||||||||||||||||||||||||
Reclassification of preferred stock issuance costs to temporary equity(3) | 11,970 | 11,970 | ||||||||||||||||||||||||||||||||||||
Shares issued through reinvestment of dividends | 8 | 3,268,814 | 4 | 25,970 | 25,982 | |||||||||||||||||||||||||||||||||
Conversion of preferred stock to common stock | 29,749 | 259 | 259 | |||||||||||||||||||||||||||||||||||
Reclassification of preferred stock to temporary equity(2) | (144,914) | (144,914) | ||||||||||||||||||||||||||||||||||||
Tax reclassifications of net assets (Note 12) | 20 | (20) | — | |||||||||||||||||||||||||||||||||||
Total (decrease) increase for the nine months ended March 31, 2022 | (137,040) | 3,298,563 | 4 | 21,285 | 406,245 | 290,494 | ||||||||||||||||||||||||||||||||
Balance as of March 31, 2022 | $ | — | 391,718,136 | $ | 392 | $ | 4,039,944 | $ | 195,675 | $ | 4,236,011 | |||||||||||||||||||||||||||
Preferred Stock | Common Stock | |||||||||||||||||||||||||||||||||||||
Nine Months Ended March 31, 2021 | Liquidation Value | Shares | Par | Paid-in capital in excess of par(1) | Distributable earnings (loss)(1) | Total Net Assets | ||||||||||||||||||||||||||||||||
Balance as of June 30, 2020 | $ | — | 373,538,499 | $ | 374 | $ | 3,986,417 | $ | (930,930) | $ | 3,055,861 | |||||||||||||||||||||||||||
Net Increase in Net Assets Resulting from Operations: | ||||||||||||||||||||||||||||||||||||||
Net investment income | 212,508 | 212,508 | ||||||||||||||||||||||||||||||||||||
Net realized losses | (10,964) | (10,964) | ||||||||||||||||||||||||||||||||||||
Net change in unrealized gains | 518,577 | 518,577 | ||||||||||||||||||||||||||||||||||||
Distributions to Shareholders(1) | ||||||||||||||||||||||||||||||||||||||
Distributions from earnings | (183,447) | (183,447) | ||||||||||||||||||||||||||||||||||||
Return of capital to common stockholders(Note 12) | (23,287) | (23,287) | ||||||||||||||||||||||||||||||||||||
Capital Transactions | ||||||||||||||||||||||||||||||||||||||
Issuance of Preferred Stock | 66,971 | (7,610) | 59,361 | |||||||||||||||||||||||||||||||||||
Shares issued through reinvestment of dividends | 9 | 13,852,073 | 13 | 73,209 | 73,231 | |||||||||||||||||||||||||||||||||
Conversion of preferred stock to common stock | (80) | 9,982 | 80 | — | ||||||||||||||||||||||||||||||||||
Tax reclassifications of net assets (Note 12) | (57) | 57 | — | |||||||||||||||||||||||||||||||||||
Total increase for the nine months ended March 31, 2021 | 66,900 | 13,862,055 | 13 | 42,335 | 536,731 | 645,979 | ||||||||||||||||||||||||||||||||
Balance as of March 31, 2021(1) | $ | 66,900 | 387,400,554 | $ | 387 | $ | 4,028,752 | $ | (394,199) | $ | 3,701,840 |
Nine Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Operating Activities | |||||||||||
Net increase in net assets resulting from operations | $ | 630,040 | $ | 720,121 | |||||||
Net realized losses on extinguishment of debt | 10,149 | 18,415 | |||||||||
Net realized losses (gains) on investments | 12,082 | (7,451) | |||||||||
Net change in unrealized (gains) on investments | (398,340) | (518,577) | |||||||||
Amortization of discounts (accretion of premiums), net | 62,435 | (17,163) | |||||||||
Accretion of original issue discount | 2,063 | 903 | |||||||||
Amortization of deferred financing costs | 6,242 | 5,527 | |||||||||
Payment-in-kind interest | (61,030) | (58,750) | |||||||||
Structuring fees | (16,437) | (20,620) | |||||||||
Change in operating assets and liabilities: | |||||||||||
Payments for purchases of investments | (1,767,402) | (701,768) | |||||||||
Proceeds from sale of investments and collection of investment principal | 940,539 | 673,329 | |||||||||
(Decrease) increase in due to broker | (14,854) | 48,668 | |||||||||
Increase in due to Prospect Capital Management | 7,787 | 4,960 | |||||||||
Increase in interest receivable, net | (394) | (1,892) | |||||||||
Decrease in interest payable | (7,858) | (12,335) | |||||||||
Decrease in accrued expenses | (1,734) | (217) | |||||||||
Decrease in due from broker | 8,496 | 1,524 | |||||||||
Decrease in other liabilities | (144) | (1,252) | |||||||||
Increase in other receivables | (160) | (179) | |||||||||
Increase in due from Prospect Administration | — | (38) | |||||||||
Decrease in prepaid expenses | 773 | 1,053 | |||||||||
Decrease in due to Prospect Administration | (1,980) | (3,255) | |||||||||
Net Cash (Used in) Provided by Operating Activities | (589,727) | 131,003 | |||||||||
Financing Activities | |||||||||||
Borrowings under Revolving Credit Facility (Note 4) | 1,627,051 | 668,000 | |||||||||
Principal payments under Revolving Credit Facility (Note 4) | (1,284,548) | (561,999) | |||||||||
Issuances of Public Notes, net of original issue discount (Note 6) | 294,798 | 395,781 | |||||||||
Redemptions of Public Notes (Note 6) | (69,319) | (290,419) | |||||||||
Redemptions of Convertible Notes, net (Note 5) | (51,872) | (199,626) | |||||||||
Issuances of Prospect Capital InterNotes® (Note 7) | 155,909 | 109,562 | |||||||||
Redemptions of Prospect Capital InterNotes®, net (Note 7) | (323,846) | (116,511) | |||||||||
Financing costs paid and deferred | (11,206) | (6,053) | |||||||||
Proceeds from issuance of preferred stock, net of underwriting costs | 429,433 | 61,823 | |||||||||
Offering costs from issuance of preferred stock | (4,184) | (2,462) | |||||||||
Dividends paid and distributions to stockholders | (199,697) | (132,671) | |||||||||
Net Cash Provided by (Used in) Financing Activities | 562,519 | (74,575) | |||||||||
Net (Decrease) Increase in Cash | (27,208) | 56,428 | |||||||||
Cash at beginning of period | 63,610 | 44,561 | |||||||||
Cash at End of Period | $ | 36,402 | $ | 100,989 | |||||||
Supplemental Disclosures | |||||||||||
Cash paid for interest | $ | 86,505 | $ | 106,454 | |||||||
Non-Cash Financing Activities | |||||||||||
Value of shares issued through reinvestment of dividends | $ | 26,083 | $ | 73,222 | |||||||
March 31, 2022 (Unaudited) | |||||||||||||||||||||||||||||||||||
Portfolio Company | Industry | Investments(1)(37) | Acquisition Date(44) | Coupon/Yield | Floor | Legal Maturity | Principal Value | Amortized Cost | Fair Value(2) | % of Net Assets | |||||||||||||||||||||||||
Control Investments (greater than 25.00% voting control)(40) | |||||||||||||||||||||||||||||||||||
CP Energy Services Inc. (20) | Energy Equipment & Services | First Lien Term Loan | 10/1/2017 | 12.01% (3ML+ 11.00%) | 1.00 | 1/31/2024 | $45,322 | $45,322 | $45,322 | 1.1% | (10)(39) | ||||||||||||||||||||||||
First Lien Term Loan A to Spartan Energy Services, LLC | 10/20/2014 | 9.00% (1ML+ 8.00%) | 1.00 | 12/31/2022 | 26,258 | 26,258 | 26,258 | 0.6% | (10)(39) | ||||||||||||||||||||||||||
Series A Preferred Units to Spartan Energy Holdings, Inc. (10,000 shares) | 9/25/2020 | — | N/A | — | 26,193 | 26,193 | 0.6% | (16) | |||||||||||||||||||||||||||
Series B Convertible Preferred Stock (790 shares) | 10/30/2015 | — | N/A | — | 63,225 | 20,688 | 0.5% | (16) | |||||||||||||||||||||||||||
Common Stock (102,924 shares) | 8/2/2013 | — | N/A | — | 86,240 | — | —% | (16) | |||||||||||||||||||||||||||
247,238 | 118,461 | 2.8% | |||||||||||||||||||||||||||||||||
Credit Central Loan Company, LLC (21) | Consumer Finance | First Lien Term Loan | 12/28/2012 | 10.00% plus 10.00% PIK | — | 6/30/2025 | 74,702 | 72,602 | 74,702 | 1.9% | (14)(39) | ||||||||||||||||||||||||
Class A Units (14,867,312 units) | 12/28/2012 | — | N/A | — | 19,331 | 11,454 | 0.3% | (14)(16) | |||||||||||||||||||||||||||
Net Revenues Interest (25% of Net Revenues) | 1/28/2015 | — | N/A | — | — | — | —% | (14)(16) | |||||||||||||||||||||||||||
91,933 | 86,156 | 2.2% | |||||||||||||||||||||||||||||||||
Echelon Transportation, LLC | Aerospace & Defense | First Lien Term Loan | 3/31/2014 | 6.00% (1ML+ 4.00%) | 2.00 | 3/31/2024 | 53,209 | 53,209 | 53,209 | 1.3% | (10)(39) | ||||||||||||||||||||||||
Preferred Units (32,842,586 shares) | 1/31/2022 | — | N/A | — | 32,843 | 14,750 | 0.3% | (16) | |||||||||||||||||||||||||||
Membership Interest (100%) | 3/31/2014 | — | N/A | — | 22,738 | — | —% | (16) | |||||||||||||||||||||||||||
108,790 | 67,959 | 1.6% | |||||||||||||||||||||||||||||||||
First Tower Finance Company LLC (23) | Consumer Finance | First Lien Term Loan to First Tower, LLC | 6/24/2014 | 10.00% plus 12.00% PIK | — | 2/18/2025 | 348,484 | 348,484 | 348,484 | 8.3% | (14)(39) | ||||||||||||||||||||||||
Class A Units (95,709,910 units) | 6/14/2012 | — | N/A | — | 31,146 | 296,672 | 7.0% | (14)(16) | |||||||||||||||||||||||||||
379,630 | 645,156 | 15.3% | |||||||||||||||||||||||||||||||||
Freedom Marine Solutions, LLC (24) | Energy Equipment & Services | Membership Interest (100%) | 11/9/2006 | — | N/A | — | 44,492 | 11,938 | 0.3% | (16) | |||||||||||||||||||||||||
44,492 | 11,938 | 0.3% | |||||||||||||||||||||||||||||||||
InterDent, Inc. | Health Care Providers & Services | First Lien Term Loan A/B | 8/1/2018 | 16.65% (1ML+ 14.65%) | 2.00 | 9/5/2025 | 14,249 | 14,249 | 14,249 | 0.3% | (10) | ||||||||||||||||||||||||
First Lien Term Loan A | 8/3/2012 | 6.50% (1ML+ 5.50%) | 1.00 | 9/5/2025 | 96,773 | 96,773 | 96,773 | 2.3% | (3)(10) | ||||||||||||||||||||||||||
First Lien Term Loan B | 8/3/2012 | 12.00% PIK | — | 9/5/2025 | 157,644 | 157,644 | 157,644 | 3.8% | (39) | ||||||||||||||||||||||||||
Common Stock (99,900 shares) | 5/3/2019 | — | N/A | — | 45,118 | 141,091 | 3.3% | (16) | |||||||||||||||||||||||||||
313,784 | 409,757 | 9.7% | |||||||||||||||||||||||||||||||||
Kickapoo Ranch Pet Resort | Diversified Consumer Services | Membership Interest (100%) | 8/26/2019 | — | N/A | — | 2,378 | 3,833 | 0.1% | (16) | |||||||||||||||||||||||||
2,378 | 3,833 | 0.1% | |||||||||||||||||||||||||||||||||
MITY, Inc. (25) | Commercial Services & Supplies | First Lien Term Loan A | 9/19/2013 | 10.00% (3ML+ 7.00%) | 3.00 | 4/30/2025 | 31,944 | 31,944 | 31,944 | 0.8% | (10)(39) | ||||||||||||||||||||||||
First Lien Term Loan B | 6/23/2014 | 10.00% (3ML+ 7.00%) plus 10.00% PIK | 3.00 | 4/30/2025 | 18,404 | 18,404 | 18,404 | 0.4% | (10)(39) | ||||||||||||||||||||||||||
Unsecured Note to Broda Enterprises ULC | 9/19/2013 | 10.00% | — | 1/1/2028 | 5,719 | 7,200 | 5,719 | 0.1% | (14) | ||||||||||||||||||||||||||
Common Stock (42,053 shares) | 9/19/2013 | — | N/A | — | 27,349 | 4,428 | 0.1% | (16) | |||||||||||||||||||||||||||
84,897 | 60,495 | 1.4% |
March 31, 2022 (Unaudited) | |||||||||||||||||||||||||||||||||||
Portfolio Company | Industry | Investments(1)(37) | Acquisition Date(44) | Coupon/Yield | Floor | Legal Maturity | Principal Value | Amortized Cost | Fair Value(2) | % of Net Assets | |||||||||||||||||||||||||
Control Investments (greater than 25.00% voting control)(40) | |||||||||||||||||||||||||||||||||||
National Property REIT Corp. (26) | Equity Real Estate Investment Trusts (REITs) / Online Lending / Structured Finance | First Lien Term Loan A | 12/31/2018 | 4.44% (3ML+ 1.44%) plus 3.53% PIK | 3.00 | 12/31/2023 | $378,861 | $378,861 | $378,861 | 8.9% | (10)(39) | ||||||||||||||||||||||||
First Lien Term Loan B | 12/31/2018 | 5.00% (3ML+ 2.00%) plus 5.50% PIK | 3.00 | 12/31/2023 | 29,080 | 29,080 | 29,080 | 0.7% | (10)(39) | ||||||||||||||||||||||||||
First Lien Term Loan C | 10/31/2019 | 11.01% (3ML+ 10.00%) plus 2.25% PIK | 1.00 | 12/31/2023 | 140,800 | 140,800 | 140,800 | 3.3% | (10)(39) | ||||||||||||||||||||||||||
First Lien Term Loan D | 6/19/2020 | 3.50% (3ML+ 0.50%) plus 2.50% PIK | 3.00 | 12/31/2023 | 183,425 | 183,425 | 183,425 | 4.3% | (10)(39) | ||||||||||||||||||||||||||
Residual Profit Interest | 12/31/2018 | — | N/A | — | — | 63,193 | 1.5% | (35) | |||||||||||||||||||||||||||
Common Stock (3,318,230 shares) | 12/31/2013 | — | N/A | — | 11,830 | 733,217 | 17.4% | (16)(45) | |||||||||||||||||||||||||||
743,996 | 1,528,576 | 36.1% | |||||||||||||||||||||||||||||||||
Nationwide Loan Company LLC (27) | Consumer Finance | First Lien Term Loan | 6/18/2014 | 10.00% plus 10.00% PIK | — | 6/18/2022 | 20,260 | 20,260 | 20,260 | 0.5% | (14)(39) | ||||||||||||||||||||||||
Class A Units (38,550,460 units) | 1/31/2013 | — | N/A | — | 20,846 | 30,054 | 0.7% | (14) | |||||||||||||||||||||||||||
41,106 | 50,314 | 1.2% | |||||||||||||||||||||||||||||||||
NMMB, Inc. (28) | Media | First Lien Term Loan | 12/30/2019 | 10.50% (3ML+ 8.50%) | 2.00 | 3/31/2027 | 29,760 | 29,760 | 29,760 | 0.7% | (3)(10) | ||||||||||||||||||||||||
Common Stock (21,418 shares) | 12/30/2019 | — | N/A | — | — | 50,508 | 1.1% | ||||||||||||||||||||||||||||
29,760 | 80,268 | 1.8% | |||||||||||||||||||||||||||||||||
Pacific World Corporation (36) | Personal Products | First Lien Revolving Line of Credit - $26,000 Commitment | 9/26/2014 | 8.25% (1ML+ 7.25%) | 1.00 | 9/26/2025 | 26,174 | 26,174 | 26,174 | 0.6% | (10)(15)(39) | ||||||||||||||||||||||||
First Lien Term Loan A | 12/31/2014 | 6.25% PIK (1ML+ 5.25%) | 1.00 | 9/26/2025 | 43,639 | 43,639 | 30,613 | 0.7% | (10)(39) | ||||||||||||||||||||||||||
Convertible Preferred Equity (318,038 shares) | 6/15/2018 | — | N/A | — | 189,295 | — | —% | (16) | |||||||||||||||||||||||||||
Common Stock (6,778,414 shares) | 9/29/2017 | — | N/A | — | — | — | —% | (16) | |||||||||||||||||||||||||||
259,108 | 56,787 | 1.3% | |||||||||||||||||||||||||||||||||
R-V Industries, Inc. | Machinery | First Lien Term Loan | 12/15/2020 | 10.01% (3ML+ 9.00%) | 1.00 | 12/15/2028 | 33,622 | 33,622 | 33,622 | 0.8% | (3)(10) | ||||||||||||||||||||||||
Common Stock (745,107 shares) | 6/26/2007 | — | N/A | — | 6,866 | 25,133 | 0.6% | ||||||||||||||||||||||||||||
40,488 | 58,755 | 1.4% | |||||||||||||||||||||||||||||||||
Universal Turbine Parts, LLC (34) | Trading Companies & Distributors | First Lien Delayed Draw Term Loan - $6,965 Commitment | 2/28/2019 | 10.25% (1ML+ 7.75%) | 2.50 | 4/5/2024 | 3,149 | 3,149 | 3,149 | 0.1% | (10)(15) | ||||||||||||||||||||||||
First Lien Term Loan A | 7/22/2016 | 6.76% (3ML+ 5.75%) | 1.00 | 4/5/2024 | 29,575 | 29,575 | 22,618 | 0.5% | (10) | ||||||||||||||||||||||||||
Preferred Units (47,244,213 units) | 3/31/2021 | — | N/A | — | 32,500 | — | —% | (16) | |||||||||||||||||||||||||||
Common Stock (10,000 units) | 12/10/2018 | — | N/A | — | — | — | —% | (16) | |||||||||||||||||||||||||||
65,224 | 25,767 | 0.6% | |||||||||||||||||||||||||||||||||
USES Corp. (30) | Commercial Services & Supplies | First Lien Term Loan A | 3/31/2014 | 9.00% PIK | — | 7/29/2024 | 59,010 | 30,651 | 23,916 | 0.6% | (9) | ||||||||||||||||||||||||
First Lien Term Loan B | 3/31/2014 | 15.50% PIK | — | 7/29/2024 | 87,118 | 35,568 | — | —% | (9) | ||||||||||||||||||||||||||
First Lien Term Loan | 12/30/2020 | 10.00% (1ML+ 9.00%) | 1.00 | 7/29/2024 | 2,000 | 2,000 | 2,000 | —% | (10) | ||||||||||||||||||||||||||
Common Stock (268,962 shares) | 6/15/2016 | — | N/A | — | — | — | —% | (16) | |||||||||||||||||||||||||||
68,219 | 25,916 | 0.6% | |||||||||||||||||||||||||||||||||
Valley Electric Company, Inc. (31) | Construction & Engineering | First Lien Term Loan to Valley Electric Co. of Mt. Vernon, Inc. | 12/31/2012 | 8.00% (3ML+ 5.00%) plus 2.50% PIK | 3.00 | 12/31/2024 | 10,452 | 10,452 | 10,452 | 0.2% | (3)(10)(39) | ||||||||||||||||||||||||
First Lien Term Loan | 6/24/2014 | 8.00% plus 10.00% PIK | — | 6/23/2024 | 33,301 | 33,301 | 33,301 | 0.8% | (39) | ||||||||||||||||||||||||||
First Lien Term Loan B | 3/28/2022 | 8.00% plus 4.50% PIK | — | 6/23/2024 | 13,000 | 13,000 | 13,000 | 0.3% | |||||||||||||||||||||||||||
Consolidated Revenue Interest (2.00%) | 6/22/2018 | — | N/A | — | — | 1,984 | —% | (12) | |||||||||||||||||||||||||||
Common Stock (50,000 shares) | 12/31/2012 | — | N/A | — | 10,865 | 89,630 | 2.1% | ||||||||||||||||||||||||||||
67,618 | 148,367 | 3.4% | |||||||||||||||||||||||||||||||||
Total Control Investments (Level 3) | $2,588,661 | $3,378,505 | 79.8% |
March 31, 2022 (Unaudited) | |||||||||||||||||||||||||||||||||||
Portfolio Company | Industry | Investments(1)(37) | Acquisition Date(44) | Coupon/Yield | Floor | Legal Maturity | Principal Value | Amortized Cost | Fair Value(2) | % of Net Assets | |||||||||||||||||||||||||
Affiliate Investments (5.00% to 24.99% voting control)(41) | |||||||||||||||||||||||||||||||||||
Nixon, Inc. (32) | Textiles, Apparel & Luxury Goods | Common Stock (857 units) | 5/12/2017 | — | N/A | $ | — | $ | — | $ | — | — | % | (16) | |||||||||||||||||||||
— | — | — | % | ||||||||||||||||||||||||||||||||
PGX Holdings, Inc. (6) | Diversified Consumer Services | First Lien Term Loan | 7/21/2021 | 9.25% (1ML+ 7.75%) | 1.50 | 7/21/2026 | 67,126 | 67,126 | 67,126 | 1.6 | % | (3)(8)(10) | |||||||||||||||||||||||
Second Lien Term Loan | 7/21/2021 | 13.25% (1ML+ 11.75%) | 1.50 | 7/27/2027 | 153,931 | 153,931 | 153,931 | 3.6 | % | (3)(10) | |||||||||||||||||||||||||
Common Stock (40,780,359 shares) | 5/27/2020 | — | N/A | — | — | 141,123 | 3.3 | % | (16) | ||||||||||||||||||||||||||
221,057 | 362,180 | 8.5 | % | ||||||||||||||||||||||||||||||||
RGIS Services, LLC | Commercial Services & Supplies | First Lien Term Loan | 6/25/2020 | 8.50% (1ML+ 7.50%) | 1.00 | 6/25/2025 | 3,680 | 3,680 | 3,680 | 0.1 | % | (8)(10) | |||||||||||||||||||||||
Membership Interest (5.11%) | 6/25/2020 | — | N/A | — | 10,303 | 15,256 | 0.4 | % | |||||||||||||||||||||||||||
13,983 | 18,936 | 0.5 | % | ||||||||||||||||||||||||||||||||
Targus Cayman HoldCo Limited (33) | Textiles, Apparel & Luxury Goods | Common Stock (7,383,395 shares) | 2/12/2016 | — | N/A | — | 2,805 | 36,536 | 0.9 | % | (16) | ||||||||||||||||||||||||
2,805 | 36,536 | 0.9 | % | ||||||||||||||||||||||||||||||||
Total Affiliate Investments (Level 3) | $ | 237,845 | $ | 417,652 | 9.9 | % |
March 31, 2022 (Unaudited) | |||||||||||||||||||||||||||||||||||
Portfolio Company | Industry | Investments(1)(37) | Acquisition Date(44) | Coupon/Yield | Floor | Legal Maturity | Principal Value | Amortized Cost | Fair Value(2) | % of Net Assets | |||||||||||||||||||||||||
Non-Control/Non-Affiliate Investments (less than 5.00% voting control) | |||||||||||||||||||||||||||||||||||
8th Avenue Food & Provisions, Inc. | Food Products | Second Lien Term Loan | 9/21/2018 | 8.21% (1ML+ 7.75%) | — | 10/1/2026 | $ | 32,133 | $ | 31,956 | $ | 29,168 | 0.7 | % | (3)(8)(10) | ||||||||||||||||||||
31,956 | 29,168 | 0.7 | % | ||||||||||||||||||||||||||||||||
ABG Intermediate Holdings 2 LLC | Textiles, Apparel & Luxury Goods | Second Lien Term Loan | 12/20/2021 | 6.80% (3M SOFR+ 6.00%) | 0.80 | 12/20/2029 | 9,000 | 8,935 | 8,955 | 0.2 | % | (3)(8)(10) | |||||||||||||||||||||||
8,935 | 8,955 | 0.2 | % | ||||||||||||||||||||||||||||||||
AmeriLife Holdings, LLC | Insurance | Second Lien Term Loan | 3/18/2020 | 9.50% (1ML+ 8.50%) | 1.00 | 3/18/2028 | 22,280 | 21,952 | 22,280 | 0.5 | % | (3)(8)(10) | |||||||||||||||||||||||
21,952 | 22,280 | 0.5 | % | ||||||||||||||||||||||||||||||||
Apidos CLO XI | Structured Finance | Subordinated Structured Note | 12/6/2012 | Residual Interest, current yield 9.31% | — | 4/17/2034 | 67,782 | 37,180 | 29,680 | 0.7 | % | (5)(14) | |||||||||||||||||||||||
37,180 | 29,680 | 0.7 | % | ||||||||||||||||||||||||||||||||
Apidos CLO XII | Structured Finance | Subordinated Structured Note | 3/15/2013 | Residual Interest, current yield 4.16% | — | 4/15/2031 | 52,203 | 34,646 | 29,278 | 0.7 | % | (5)(14) | |||||||||||||||||||||||
34,646 | 29,278 | 0.7 | % | ||||||||||||||||||||||||||||||||
Apidos CLO XV | Structured Finance | Subordinated Structured Note | 9/13/2013 | Residual Interest, current yield 5.58% | — | 4/21/2031 | 48,515 | 35,857 | 28,659 | 0.7 | % | (5)(14) | |||||||||||||||||||||||
35,857 | 28,659 | 0.7 | % | ||||||||||||||||||||||||||||||||
Apidos CLO XXII | Structured Finance | Subordinated Structured Note | 9/16/2015 | Residual Interest, current yield 8.26% | — | 4/21/2031 | 35,855 | 29,084 | 25,474 | 0.6 | % | (5)(14) | |||||||||||||||||||||||
29,084 | 25,474 | 0.6 | % | ||||||||||||||||||||||||||||||||
Atlantis Health Care Group (Puerto Rico), Inc. | Health Care Providers & Services | First Lien Revolving Line of Credit - $3,000 Commitment | 2/21/2013 | 10.75% (3ML+ 8.75%) | 2.00 | 4/29/2022 | — | — | — | — | % | (10)(15) | |||||||||||||||||||||||
First Lien Term Loan | 2/21/2013 | 10.75% (3ML+ 8.75%) | 2.00 | 4/29/2022 | 65,552 | 65,552 | 65,552 | 1.5 | % | (3)(10) | |||||||||||||||||||||||||
65,552 | 65,552 | 1.5 | % | ||||||||||||||||||||||||||||||||
Barings CLO 2018-III | Structured Finance | Subordinated Structured Note | 10/9/2014 | Residual Interest, current yield 0.00% | — | 7/20/2029 | 83,097 | 38,122 | 28,903 | 0.7 | % | (5)(14)(17) | |||||||||||||||||||||||
38,122 | 28,903 | 0.7 | % | ||||||||||||||||||||||||||||||||
BCPE North Star US Holdco 2, Inc. | Food Products | Second Lien Delayed Draw Term Loan - $5,185 Commitment | 6/7/2021 | 8.26% (3ML+ 7.25%) | 0.75 | 6/10/2023 | — | — | — | — | % | (8)(10)(15) | |||||||||||||||||||||||
Second Lien Term Loan | 6/7/2021 | 8.26% (3ML+ 7.25%) | 0.75 | 6/11/2029 | 94,815 | 94,084 | 94,815 | 2.2 | % | (3)(8)(10) | |||||||||||||||||||||||||
94,084 | 94,815 | 2.2 | % | ||||||||||||||||||||||||||||||||
BCPE Osprey Buyer, Inc. | Health Care Technology | First Lien Revolving Line of Credit - $4,239 Commitment | 10/18/2021 | 6.50% (3ML+ 5.75%) | 0.75 | 8/21/2026 | — | — | — | — | % | (8)(10)(15) | |||||||||||||||||||||||
Second Lien Delayed Draw Term Loan - $22,609 Commitment | 10/18/2021 | 6.50% (3ML+ 5.75%) | 0.75 | 8/23/2028 | — | — | — | — | % | (8)(10)(15) | |||||||||||||||||||||||||
First Lien Term Loan | 10/18/2021 | 6.50% (3ML+ 5.75%) | 0.75 | 8/23/2028 | 64,838 | 64,838 | 64,838 | 1.5 | % | (8)(10) | |||||||||||||||||||||||||
64,838 | 64,838 | 1.5 | % | ||||||||||||||||||||||||||||||||
Belnick, LLC | Household Durables | First Lien Term Loan | 1/20/2022 | 9.50% (1ML+ 8.50%) | 1,000 | 1/20/2027 | 86,953 | 86,953 | 86,953 | 2.1 | % | (3)(10) | |||||||||||||||||||||||
86,953 | 86,953 | 2.1 | % | ||||||||||||||||||||||||||||||||
Broder Bros., Co. | Textiles, Apparel & Luxury Goods | First Lien Term Loan | 12/4/2017 | 7.39% (6ML+ 6.00%) | 1.00 | 12/4/2025 | 177,568 | 177,568 | 177,568 | 4.2 | % | (3)(10) | |||||||||||||||||||||||
177,568 | 177,568 | 4.2 | % | ||||||||||||||||||||||||||||||||
California Street CLO IX Ltd. | Structured Finance | Subordinated Structured Note | 4/19/2012 | Residual Interest, current yield 9.99% | — | 7/16/2032 | 58,914 | 42,597 | 30,057 | 0.7 | % | (5)(14) | |||||||||||||||||||||||
42,597 | 30,057 | 0.7 | % | ||||||||||||||||||||||||||||||||
Candle-Lite Company, LLC | Household Products | First Lien Term Loan A | 1/23/2018 | 6.75% (3ML+ 5.50%) | 1.25 | 4/30/2023 | 10,050 | 10,050 | 10,050 | 0.2 | % | (3)(10) | |||||||||||||||||||||||
First Lien Term Loan B | 1/23/2018 | 10.75% (3ML+ 9.50%) | 1.25 | 4/30/2023 | 10,949 | 10,949 | 10,949 | 0.3 | % | (3)(10) | |||||||||||||||||||||||||
20,999 | 20,999 | 0.5 | % | ||||||||||||||||||||||||||||||||
Capstone Logistics Acquisition, Inc. | Commercial Services & Supplies | Second Lien Delayed Draw Term Loan - $1,500 Commitment | 11/12/2020 | 9.75% (1ML+ 8.75%) | 1.00 | 11/13/2028 | — | — | — | — | % | (8)(10)(15) | |||||||||||||||||||||||
Second Lien Term Loan | 11/12/2020 | 9.75% (1ML+ 8.75%) | 1.00 | 11/13/2028 | 8,500 | 8,236 | 8,500 | 0.2 | % | (3)(8)(10) | |||||||||||||||||||||||||
8,236 | 8,500 | 0.2 | % |
March 31, 2022 (Unaudited) | |||||||||||||||||||||||||||||||||||
Portfolio Company | Industry | Investments(1)(37) | Acquisition Date(44) | Coupon/Yield | Floor | Legal Maturity | Principal Value | Amortized Cost | Fair Value(2) | % of Net Assets | |||||||||||||||||||||||||
Non-Control/Non-Affiliate Investments (less than 5.00% voting control) | |||||||||||||||||||||||||||||||||||
Carlyle C17 CLO Limited | Structured Finance | Subordinated Structured Note | 1/24/2013 | Residual Interest, current yield 12.01% | — | 4/30/2031 | $ | 24,870 | $ | 15,058 | $ | 13,292 | 0.3 | % | (5)(14) | ||||||||||||||||||||
15,058 | 13,292 | 0.3 | % | ||||||||||||||||||||||||||||||||
Carlyle Global Market Strategies CLO 2014-4-R, Ltd. | Structured Finance | Subordinated Structured Note | 4/7/2017 | Residual Interest, current yield 10.27% | — | 7/15/2030 | 25,534 | 18,717 | 16,221 | 0.4 | % | (5)(14) | |||||||||||||||||||||||
18,717 | 16,221 | 0.4 | % | ||||||||||||||||||||||||||||||||
Carlyle Global Market Strategies CLO 2016-3, Ltd. | Structured Finance | Subordinated Structured Note | 8/9/2016 | Residual Interest, current yield 9.97% | — | 7/20/2034 | 32,199 | 29,881 | 27,294 | 0.6 | % | (5)(14) | |||||||||||||||||||||||
29,881 | 27,294 | 0.6 | % | ||||||||||||||||||||||||||||||||
Cent CLO 21 Limited | Structured Finance | Subordinated Structured Note | 5/15/2014 | Residual Interest, current yield 2.34% | — | 7/29/2030 | 49,552 | 35,843 | 29,459 | 0.7 | % | (5)(14) | |||||||||||||||||||||||
35,843 | 29,459 | 0.7 | % | ||||||||||||||||||||||||||||||||
CIFC Funding 2013-III-R, Ltd. | Structured Finance | Subordinated Structured Note | 8/2/2013 | Residual Interest, current yield 9.58% | — | 4/24/2031 | 44,100 | 27,283 | 20,672 | 0.5 | % | (5)(14) | |||||||||||||||||||||||
27,283 | 20,672 | 0.5 | % | ||||||||||||||||||||||||||||||||
CIFC Funding 2013-IV, Ltd. | Structured Finance | Subordinated Structured Note | 10/22/2013 | Residual Interest, current yield 13.00% | — | 4/28/2031 | 45,500 | 31,329 | 29,094 | 0.7 | % | (5)(14) | |||||||||||||||||||||||
31,329 | 29,094 | 0.7 | % | ||||||||||||||||||||||||||||||||
CIFC Funding 2014-IV-R, Ltd. | Structured Finance | Subordinated Structured Note | 8/5/2014 | Residual Interest, current yield 13.51% | — | 10/17/2030 | 50,143 | 31,694 | 27,132 | 0.6 | % | (5)(14) | |||||||||||||||||||||||
31,694 | 27,132 | 0.6 | % | ||||||||||||||||||||||||||||||||
CIFC Funding 2016-I, Ltd. | Structured Finance | Subordinated Structured Note | 12/9/2016 | Residual Interest, current yield 13.24% | — | 10/21/2031 | 34,000 | 30,545 | 29,553 | 0.7 | % | (5)(14) | |||||||||||||||||||||||
30,545 | 29,553 | 0.7 | % | ||||||||||||||||||||||||||||||||
Collections Acquisition Company, Inc. | Diversified Financial Services | First Lien Term Loan | 12/3/2019 | 10.65% (1ML+ 8.15%) | 2.50 | 6/3/2024 | 36,971 | 36,971 | 36,971 | 0.9 | % | (3)(10) | |||||||||||||||||||||||
36,971 | 36,971 | 0.9 | % | ||||||||||||||||||||||||||||||||
Columbia Cent CLO 27 Limited | Structured Finance | Subordinated Structured Note | 12/18/2013 | Residual Interest, current yield 13.82% | — | 10/25/2028 | 48,977 | 29,577 | 28,059 | 0.7 | % | (5)(14) | |||||||||||||||||||||||
29,577 | 28,059 | 0.7 | % | ||||||||||||||||||||||||||||||||
CP IRIS Holdco I, Inc. (49) | Building Products | Second Lien Term Loan | 10/1/2021 | 7.50% (1ML+ 7.00%) | 0.50 | 10/1/2029 | 35,000 | 35,000 | 35,000 | 0.8 | % | (3)(8)(10) | |||||||||||||||||||||||
35,000 | 35,000 | 0.8 | % | ||||||||||||||||||||||||||||||||
Curo Group Holdings Corp. | Consumer Finance | First Lien Term Loan | 7/30/2021 | 7.50% | — | 8/1/2028 | 47,000 | 47,030 | 41,128 | 1.0 | % | (8)(14)(47) | |||||||||||||||||||||||
47,030 | 41,128 | 1.0 | % | ||||||||||||||||||||||||||||||||
DRI Holding Inc. | Commercial Services & Supplies | First Lien Term Loan | 12/21/2021 | 5.75% (1ML+ 5.25%) | 0.50 | 12/21/2028 | 20,000 | 20,000 | 20,000 | 0.5 | % | (3)(8)(10) | |||||||||||||||||||||||
Second Lien Term Loan | 12/21/2021 | 8.50% (1ML+ 8.00%) | 0.50 | 12/21/2029 | 135,000 | 135,000 | 135,000 | 3.2 | % | (10) | |||||||||||||||||||||||||
155,000 | 155,000 | 3.7 | % | ||||||||||||||||||||||||||||||||
Dunn Paper, Inc. | Paper & Forest Products | Second Lien Term Loan | 8/26/2016 | 10.26% (3ML+ 9.25%) | 1.00 | 8/26/2023 | 11,500 | 11,454 | 9,457 | 0.2 | % | (8)(10) | |||||||||||||||||||||||
11,454 | 9,457 | 0.2 | % | ||||||||||||||||||||||||||||||||
Easy Gardener Products, Inc. | Household Durables | Class A Units of EZG Holdings, LLC (200 units) | 6/11/2020 | — | N/A | — | 313 | 781 | — | % | (16) | ||||||||||||||||||||||||
Class B Units of EZG Holdings, LLC (12,525 units) | 6/11/2020 | — | N/A | — | 1,688 | 3,269 | 0.1 | % | (16) | ||||||||||||||||||||||||||
2,001 | 4,050 | 0.1 | % | ||||||||||||||||||||||||||||||||
Engine Group, Inc. (7) | Media | First Lien Term Loan | 11/17/2020 | 5.75% (1ML+ 4.75%) | 1.00 | 11/17/2023 | 3,556 | 3,556 | 3,433 | 0.1 | % | (8)(10) | |||||||||||||||||||||||
Class B Common Units (1,039,554 units) | 11/17/2020 | — | N/A | — | 26,991 | 294 | — | % | (8)(16) | ||||||||||||||||||||||||||
30,547 | 3,727 | 0.1 | % | ||||||||||||||||||||||||||||||||
Engineered Machinery Holdings, Inc. | Machinery | Incremental Amendment No. 2 Second Lien Term Loan | 5/6/2021 | 7.51% (3ML+ 6.50%) | 0.75 | 7/18/2025 | 5,000 | 4,980 | 5,000 | 0.1 | % | (3)(8)(10) | |||||||||||||||||||||||
Incremental Amendment No. 3 Second Lien Term Loan | 8/6/2021 | 7.01% (3ML+ 6.00%) | 0.75 | 5/21/2029 | 5,000 | 5,000 | 5,000 | 0.1 | % | (3)(8)(10) | |||||||||||||||||||||||||
9,980 | 10,000 | 0.2 | % |
March 31, 2022 (Unaudited) | |||||||||||||||||||||||||||||||||||
Portfolio Company | Industry | Investments(1)(37) | Acquisition Date(44) | Coupon/Yield | Floor | Legal Maturity | Principal Value | Amortized Cost | Fair Value(2) | % of Net Assets | |||||||||||||||||||||||||
Non-Control/Non-Affiliate Investments (less than 5.00% voting control) | |||||||||||||||||||||||||||||||||||
Enseo Acquisition, Inc. | IT Services | First Lien Term Loan | 6/2/2021 | 9.01% (3ML+ 8.00%) | 1.00 | 6/2/2026 | $ | 54,588 | $ | 54,588 | $ | 54,588 | 1.3 | % | (3)(10) | ||||||||||||||||||||
54,588 | 54,588 | 1.3 | % | ||||||||||||||||||||||||||||||||
EXC Holdings III Corp | Technology Hardware, Storage & Peripherals | Second Lien Term Loan | 11/17/2017 | 8.50% (3ML+ 7.50%) | 1.00 | 12/1/2025 | 12,500 | 12,443 | 12,500 | 0.3 | % | (3)(8)(10) | |||||||||||||||||||||||
12,443 | 12,500 | 0.3 | % | ||||||||||||||||||||||||||||||||
Eze Castle Integration, Inc. (f/k/a/ H.I.G. ECI Merger Sub, Inc.) | IT Services | First Lien Delayed Draw Term Loan - $1,786 Commitment | 7/15/2020 | 10.00% (1ML+ 8.50%) | 1.50 | 7/15/2025 | — | — | — | — | % | (10)(15) | |||||||||||||||||||||||
First Lien Term Loan | 7/15/2020 | 10.00% (1ML+ 8.50%) | 1.50 | 7/15/2025 | 46,861 | 46,861 | 46,861 | 1.1 | % | (3)(10) | |||||||||||||||||||||||||
46,861 | 46,861 | 1.1 | % | ||||||||||||||||||||||||||||||||
First Brands Group | Auto Components | First Lien Term Loan | 3/24/2021 | 6.00% (3ML+ 5.00%) | 1.00 | 3/30/2027 | 16,583 | 16,474 | 16,474 | 0.4 | % | (3)(8)(10) | |||||||||||||||||||||||
Second Lien Term Loan | 3/24/2021 | 9.50% (3ML+ 8.50%) | 1.00 | 3/30/2028 | 32,000 | 31,523 | 31,523 | 0.7 | % | (3)(8)(10) | |||||||||||||||||||||||||
47,997 | 47,997 | 1.1 | % | ||||||||||||||||||||||||||||||||
Galaxy XV CLO, Ltd. | Structured Finance | Subordinated Structured Note | 2/13/2013 | Residual Interest, current yield 11.91% | — | 10/15/2030 | 50,525 | 34,529 | 27,387 | 0.6 | % | (5)(14) | |||||||||||||||||||||||
34,529 | 27,387 | 0.6 | % | ||||||||||||||||||||||||||||||||
Galaxy XXVII CLO, Ltd. | Structured Finance | Subordinated Structured Note | 9/30/2013 | Residual Interest, current yield 10.43% | — | 5/16/2031 | 24,575 | 16,183 | 12,109 | 0.3 | % | (5)(14) | |||||||||||||||||||||||
16,183 | 12,109 | 0.3 | % | ||||||||||||||||||||||||||||||||
Galaxy XXVIII CLO, Ltd. | Structured Finance | Subordinated Structured Note | 5/30/2014 | Residual Interest, current yield 8.11% | — | 7/15/2031 | 39,905 | 27,797 | 17,669 | 0.4 | % | (5)(14) | |||||||||||||||||||||||
27,797 | 17,669 | 0.4 | % | ||||||||||||||||||||||||||||||||
Global Tel*Link Corporation | Diversified Telecommunication Services | First Lien Term Loan | 8/7/2019 | 4.71% (1ML+ 4.25%) | — | 11/29/2025 | 9,723 | 9,483 | 9,596 | 0.2 | % | (3)(8)(10) | |||||||||||||||||||||||
Second Lien Term Loan | 11/20/2018 | 10.41% (1M SOFR+ 10.00%) | — | 11/29/2026 | 122,670 | 121,694 | 122,474 | 2.9 | % | (3)(8)(10) | |||||||||||||||||||||||||
131,177 | 132,070 | 3.1 | % | ||||||||||||||||||||||||||||||||
Halcyon Loan Advisors Funding 2012-1 Ltd. | Structured Finance | Subordinated Structured Note | 8/7/2012 | Residual Interest, current yield 0.00% | — | 8/15/2023 | 23,188 | 3,704 | 11 | — | % | (5)(14)(17) | |||||||||||||||||||||||
3,704 | 11 | — | % | ||||||||||||||||||||||||||||||||
Halcyon Loan Advisors Funding 2013-1 Ltd. | Structured Finance | Subordinated Structured Note | 3/8/2013 | Residual Interest, current yield 0.00% | — | 4/15/2025 | 40,400 | 19,984 | 28 | — | % | (5)(14)(17) | |||||||||||||||||||||||
19,984 | 28 | — | % | ||||||||||||||||||||||||||||||||
Halcyon Loan Advisors Funding 2014-1 Ltd. | Structured Finance | Subordinated Structured Note | 2/7/2014 | Residual Interest, current yield 0.00% | — | 4/20/2026 | 24,500 | 11,822 | 52 | — | % | (5)(14)(17) | |||||||||||||||||||||||
11,822 | 52 | — | % | ||||||||||||||||||||||||||||||||
Halcyon Loan Advisors Funding 2014-2 Ltd. | Structured Finance | Subordinated Structured Note | 4/14/2014 | Residual Interest, current yield 0.00% | — | 4/28/2025 | 41,164 | 21,322 | 73 | — | % | (5)(14)(17) | |||||||||||||||||||||||
21,322 | 73 | — | % | ||||||||||||||||||||||||||||||||
Halcyon Loan Advisors Funding 2015-3 Ltd. | Structured Finance | Subordinated Structured Note | 7/23/2015 | Residual Interest, current yield 0.00% | — | 10/18/2027 | 39,598 | 29,557 | 406 | — | % | (5)(14)(17) | |||||||||||||||||||||||
29,557 | 406 | — | % | ||||||||||||||||||||||||||||||||
HarbourView CLO VII-R, Ltd. | Structured Finance | Subordinated Structured Note | 6/5/2015 | Residual Interest, current yield 0.00% | — | 7/18/2031 | 19,025 | 13,024 | 5,593 | 0.1 | % | (5)(14)(17) | |||||||||||||||||||||||
13,024 | 5,593 | 0.1 | % | ||||||||||||||||||||||||||||||||
Help/Systems Holdings, Inc. | Software | Second Lien Term Loan | 11/14/2019 | 7.50% (3ML+ 6.75%) | 0.75 | 11/19/2027 | 52,500 | 52,281 | 52,500 | 1.2 | % | (3)(8)(10) | |||||||||||||||||||||||
52,281 | 52,500 | 1.2 | % | ||||||||||||||||||||||||||||||||
Interventional Management Services, LLC | Health Care Providers & Services | First Lien Revolving Line of Credit - $5,000 Commitment | 2/22/2021 | 9.51% (3ML+ 8.50%) | 1.00 | 2/22/2025 | 5,000 | 5,000 | 4,986 | 0.1 | % | (10)(15) | |||||||||||||||||||||||
First Lien Term Loan | 2/22/2021 | 9.51% (3ML+ 8.50%) | 1.00 | 2/20/2026 | 69,090 | 69,090 | 68,891 | 1.6 |