Maryland | 52-2439556 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
9 West 57th Street 37th Floor New York, New York | 10019 |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||
Common Stock, $0.001 par value | AINV | NASDAQ Global Select Market |
Large accelerated filer | x | Accelerated filer | ¨ | Non-accelerated filer | ¨ | Smaller reporting company | ¨ |
Page | ||
PART I. FINANCIAL INFORMATION | ||
Item 1. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
PART II. OTHER INFORMATION | ||
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 5. | ||
Item 6. | ||
APOLLO INVESTMENT CORPORATION STATEMENTS OF ASSETS AND LIABILITIES (In thousands, except share and per share data) | |||||||
September 30, 2019 | March 31, 2019 | ||||||
(Unaudited) | |||||||
Assets | |||||||
Investments at fair value: | |||||||
Non-controlled/non-affiliated investments (cost — $2,159,801 and $1,654,322, respectively) | $ | 2,121,375 | $ | 1,627,406 | |||
Non-controlled/affiliated investments (cost — $67,304 and $67,072, respectively) | 49,164 | 49,681 | |||||
Controlled investments (cost — $662,657 and $736,717, respectively) | 634,221 | 731,045 | |||||
Cash and cash equivalents | 31,637 | 36,280 | |||||
Foreign currencies (cost — $4,860 and $4,963, respectively) | 4,801 | 4,909 | |||||
Receivable for investments sold | 269 | 336 | |||||
Interest receivable | 28,692 | 24,280 | |||||
Dividends receivable | 4,381 | 3,748 | |||||
Deferred financing costs | 17,693 | 19,776 | |||||
Prepaid expenses and other assets | 729 | 336 | |||||
Total Assets | $ | 2,892,962 | $ | 2,497,797 | |||
Liabilities | |||||||
Debt | $ | 1,584,128 | $ | 1,128,686 | |||
Payable for investments purchased | — | 677 | |||||
Distributions payable | 30,171 | 31,040 | |||||
Management and performance-based incentive fees payable | 12,101 | 8,880 | |||||
Interest payable | 3,666 | 5,818 | |||||
Accrued administrative services expense | 2,354 | 2,983 | |||||
Other liabilities and accrued expenses | 7,150 | 7,086 | |||||
Total Liabilities | $ | 1,639,570 | $ | 1,185,170 | |||
Commitments and contingencies (Note 10) | |||||||
Net Assets | $ | 1,253,392 | $ | 1,312,627 | |||
Net Assets | |||||||
Common stock, $0.001 par value (130,000,000 and 400,000,000 shares authorized; 67,047,352 and 68,876,986 shares issued and outstanding, respectively) | $ | 67 | $ | 69 | |||
Capital in excess of par value | 2,126,502 | 2,155,836 | |||||
Accumulated under-distributed (over-distributed) earnings | (873,177 | ) | (843,278 | ) | |||
Net Assets | $ | 1,253,392 | $ | 1,312,627 | |||
Net Asset Value Per Share | $ | 18.69 | $ | 19.06 |
APOLLO INVESTMENT CORPORATION STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except per share data) | |||||||||||||||
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Investment Income | |||||||||||||||
Non-controlled/non-affiliated investments: | |||||||||||||||
Interest income (excluding Payment-in-kind (“PIK”) interest income) | $ | 51,489 | $ | 44,586 | $ | 98,493 | $ | 84,029 | |||||||
Dividend income | 5 | — | 66 | — | |||||||||||
PIK interest income | 732 | 816 | 5,438 | 2,066 | |||||||||||
Other income | 2,185 | 1,810 | 3,122 | 3,213 | |||||||||||
Non-controlled/affiliated investments: | |||||||||||||||
Interest income (excluding PIK interest income) | — | — | — | — | |||||||||||
Dividend income | 313 | 295 | 632 | 607 | |||||||||||
PIK interest income | — | — | — | — | |||||||||||
Other income | — | — | — | — | |||||||||||
Controlled investments: | |||||||||||||||
Interest income (excluding PIK interest income) | 12,271 | 15,075 | 24,910 | 29,565 | |||||||||||
Dividend income | 2,451 | 1,985 | 2,451 | 7,250 | |||||||||||
PIK interest income | 872 | 1,467 | 1,722 | 2,895 | |||||||||||
Other income | — | — | — | — | |||||||||||
Total Investment Income | $ | 70,318 | $ | 66,034 | $ | 136,834 | $ | 129,625 | |||||||
Expenses | |||||||||||||||
Management fees | $ | 10,190 | $ | 9,258 | $ | 19,729 | $ | 18,131 | |||||||
Performance-based incentive fees | 1,911 | 6,359 | 1,911 | 13,782 | |||||||||||
Interest and other debt expenses | 18,735 | 14,903 | 36,246 | 28,480 | |||||||||||
Administrative services expense | 1,542 | 1,857 | 3,267 | 3,495 | |||||||||||
Other general and administrative expenses | 2,305 | 3,524 | 5,609 | 6,056 | |||||||||||
Total expenses | 34,683 | 35,901 | 66,762 | 69,944 | |||||||||||
Management and performance-based incentive fees waived | — | (1,834 | ) | — | (3,690 | ) | |||||||||
Expense reimbursements | (99 | ) | (196 | ) | (196 | ) | (339 | ) | |||||||
Net Expenses | $ | 34,584 | $ | 33,871 | $ | 66,566 | $ | 65,915 | |||||||
Net Investment Income | $ | 35,734 | $ | 32,163 | $ | 70,268 | $ | 63,710 | |||||||
Net Realized and Change in Unrealized Gains (Losses) | |||||||||||||||
Net realized gains (losses): | |||||||||||||||
Non-controlled/non-affiliated investments | $ | (5,701 | ) | $ | 228 | $ | (5,710 | ) | $ | (9,718 | ) | ||||
Non-controlled/affiliated investments | — | 2,007 | 1,089 | 2,007 | |||||||||||
Controlled investments | — | — | — | — | |||||||||||
Option contracts | — | (10,311 | ) | — | (23,520 | ) | |||||||||
Foreign currency transactions | (1,387 | ) | 2 | (1,185 | ) | (26 | ) | ||||||||
Extinguishment of debt | (4,375 | ) | — | (4,375 | ) | — | |||||||||
Net realized gains (losses) | (11,463 | ) | (8,074 | ) | (10,181 | ) | (31,257 | ) | |||||||
Net change in unrealized gains (losses): | |||||||||||||||
Non-controlled/non-affiliated investments | (7,463 | ) | (5,717 | ) | (11,508 | ) | (10,839 | ) | |||||||
Non-controlled/affiliated investments | (1,659 | ) | (3,094 | ) | (750 | ) | (3,960 | ) | |||||||
Controlled investments | (13,069 | ) | 1,393 | (22,765 | ) | 9,973 | |||||||||
Option contracts | — | 10,926 | — | 10,359 | |||||||||||
Foreign currency translations | 4,988 | 432 | 5,833 | 3,293 | |||||||||||
Net change in unrealized gains (losses) | (17,203 | ) | 3,940 | (29,190 | ) | 8,826 | |||||||||
Net Realized and Change in Unrealized Gains (Losses) | $ | (28,666 | ) | $ | (4,134 | ) | $ | (39,371 | ) | $ | (22,431 | ) | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 7,068 | $ | 28,029 | $ | 30,897 | $ | 41,279 | |||||||
Earnings Per Share — Basic | $ | 0.10 | $ | 0.39 | $ | 0.45 | $ | 0.58 |
APOLLO INVESTMENT CORPORATION STATEMENTS OF CHANGES IN NET ASSETS (Unaudited) (In thousands, except share data) | |||||||||||||||
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Operations | |||||||||||||||
Net investment income | $ | 35,734 | $ | 32,163 | $ | 70,268 | $ | 63,710 | |||||||
Net realized gains (losses) | (11,463 | ) | (8,074 | ) | (10,181 | ) | (31,257 | ) | |||||||
Net change in unrealized gains (losses) | (17,203 | ) | 3,940 | (29,190 | ) | 8,826 | |||||||||
Net Increase in Net Assets Resulting from Operations | $ | 7,068 | $ | 28,029 | $ | 30,897 | $ | 41,279 | |||||||
Distributions to Stockholders | |||||||||||||||
Distribution of net investment income | $ | (30,171 | ) | $ | (31,938 | ) | $ | (60,795 | ) | $ | (64,231 | ) | |||
Distribution of return of capital | — | — | — | — | |||||||||||
Net Decrease in Net Assets Resulting from Distributions to Stockholders | $ | (30,171 | ) | $ | (31,938 | ) | $ | (60,795 | ) | $ | (64,231 | ) | |||
Capital Share Transactions | |||||||||||||||
Repurchase of common stock | (14,215 | ) | (16,104 | ) | (29,337 | ) | (23,982 | ) | |||||||
Net Decrease in Net Assets Resulting from Capital Share Transactions | $ | (14,215 | ) | $ | (16,104 | ) | $ | (29,337 | ) | $ | (23,982 | ) | |||
Net Assets | |||||||||||||||
Net decrease in net assets during the period | $ | (37,318 | ) | $ | (20,013 | ) | $ | (59,235 | ) | $ | (46,934 | ) | |||
Net assets at beginning of period | 1,290,710 | 1,391,165 | 1,312,627 | 1,418,086 | |||||||||||
Net Assets at End of Period | $ | 1,253,392 | $ | 1,371,152 | $ | 1,253,392 | $ | 1,371,152 | |||||||
Capital Share Activity | |||||||||||||||
Shares repurchased during the period | (880,001 | ) | (956,100 | ) | (1,829,634 | ) | (1,418,367 | ) | |||||||
Shares issued and outstanding at beginning of period | 67,927,353 | 71,641,765 | 68,876,986 | 72,104,032 | |||||||||||
Shares Issued and Outstanding at End of Period | 67,047,352 | 70,685,665 | 67,047,352 | 70,685,665 |
APOLLO INVESTMENT CORPORATION STATEMENTS OF CASH FLOWS (Unaudited) (In thousands) | |||||||
Six Months Ended September 30, | |||||||
2019 | 2018 | ||||||
Operating Activities | |||||||
Net increase (decrease) in net assets resulting from operations | $ | 30,897 | $ | 41,279 | |||
Net realized (gains) losses | 10,181 | 31,257 | |||||
Net change in unrealized (gains) losses | 29,190 | (8,826 | ) | ||||
Net amortization of premiums and accretion of discounts on investments | (4,337 | ) | (3,358 | ) | |||
Accretion of discount on notes | 297 | 297 | |||||
Amortization of deferred financing costs | 2,526 | 2,345 | |||||
Increase in gains/(losses) from foreign currency transactions | (1,185 | ) | (26 | ) | |||
PIK interest and dividends capitalized | (5,982 | ) | (4,089 | ) | |||
Changes in operating assets and liabilities: | |||||||
Purchases of investments | (912,673 | ) | (760,464 | ) | |||
Proceeds from sales and repayments of investments | 486,112 | 639,764 | |||||
Purchases of option contracts | — | (23,740 | ) | ||||
Proceeds from option contracts | — | 546 | |||||
Net settlement of option contracts | — | 12,414 | |||||
Decrease (increase) in interest receivable | (4,402 | ) | 332 | ||||
Decrease (increase) in dividends receivable | (633 | ) | — | ||||
Decrease (increase) in prepaid expenses and other assets | (393 | ) | (768 | ) | |||
Increase (decrease) in management and performance-based incentive fees payable | 3,221 | 268 | |||||
Increase (decrease) in interest payable | (2,152 | ) | 385 | ||||
Increase (decrease) in accrued administrative services expense | (629 | ) | (275 | ) | |||
Increase (decrease) in other liabilities and accrued expenses | 64 | 3,069 | |||||
Net Cash Used in/Provided by Operating Activities | $ | (369,898 | ) | $ | (69,590 | ) | |
Financing Activities | |||||||
Issuances of debt | $ | 799,134 | $ | 553,603 | |||
Payments of debt | (342,797 | ) | (394,500 | ) | |||
Financing costs paid and deferred | (184 | ) | (10 | ) | |||
Repurchase of common stock | (29,337 | ) | (23,982 | ) | |||
Distributions paid | (61,664 | ) | (64,736 | ) | |||
Net Cash Used in/Provided by Financing Activities | $ | 365,152 | $ | 70,375 | |||
Cash, Cash Equivalents, Foreign Currencies and Collateral on Option Contracts | |||||||
Net increase (decrease) in cash, cash equivalents, foreign currencies and collateral on option contracts during the period | $ | (4,746 | ) | $ | 785 | ||
Effect of foreign exchange rate changes on cash and cash equivalents | (5 | ) | (11 | ) | |||
Cash, cash equivalents, foreign currencies and collateral on option contracts at beginning of period | 41,189 | 20,349 | |||||
Cash, Cash Equivalents, Foreign Currencies and Collateral on Option Contracts at the End of Period | $ | 36,438 | $ | 21,123 | |||
Supplemental Disclosure of Cash Flow Information | |||||||
Cash interest paid | $ | 35,627 | $ | 25,455 | |||
Non-Cash Activity | |||||||
PIK income | $ | 7,160 | $ | 4,961 |
Industry / Company | Investment Type | Interest Rate (20) | Maturity Date | Par / Shares (12) | Cost (28) | Fair Value (1)(29) | ||||||||||||||
Advertising, Printing & Publishing | ||||||||||||||||||||
A-L Parent LLC | Second Lien Secured Debt | 9.30% (1M L+725, 1.00% Floor) | 12/02/24 | $ | 5,536 | $ | 5,500 | $ | 5,508 | |||||||||||
Simplifi Holdings, Inc. | First Lien Secured Debt | 8.04% (1M L+500, 1.00% Floor) | 08/02/25 | 36,582 | 35,929 | 35,851 | (9) | |||||||||||||
First Lien Secured Debt - Unfunded Revolver | 0.50% Unfunded | 08/02/25 | 2,400 | (54 | ) | (48 | ) | (8)(9)(21)(23) | ||||||||||||
First Lien Secured Debt - Unfunded Delayed Draw | 0.50% Unfunded | 08/04/25 | 2,436 | (24 | ) | (49 | ) | (8)(9)(21)(23) | ||||||||||||
35,851 | 35,754 | |||||||||||||||||||
Total Advertising, Printing & Publishing | $ | 41,351 | $ | 41,262 | ||||||||||||||||
Aerospace & Defense | ||||||||||||||||||||
Erickson Inc | First Lien Secured Debt - Revolver | 9.82% (3M L+750, 1.00% Floor) | 04/28/22 | $ | 32,487 | $ | 32,487 | $ | 31,919 | (9)(23) | ||||||||||
First Lien Secured Debt - Unfunded Revolver | 0.50% Unfunded | 04/28/22 | 5,965 | (290 | ) | (104 | ) | (8)(9)(21)(23) | ||||||||||||
First Lien Secured Debt - Letters of Credit | 7.50% | 9/30/19 - 2/24/21 | 6,548 | — | (113 | ) | (8)(9)(23) | |||||||||||||
32,197 | 31,702 | |||||||||||||||||||
ILC Dover LP | Second Lien Secured Debt | 10.70% (3M L+850, 1.00% Floor) | 06/28/24 | 7,800 | 7,671 | 7,683 | ||||||||||||||
PAE Holding Corporation | Second Lien Secured Debt | 11.60% (3M L+950, 1.00% Floor) | 10/20/23 | 28,097 | 27,599 | 27,745 | (10) | |||||||||||||
Total Aerospace & Defense | $ | 67,467 | $ | 67,130 | ||||||||||||||||
Automotive | ||||||||||||||||||||
Accelerate Parent Corp. | Common Equity/Interests - Common Stock | N/A | N/A | 1,664,046 Shares | $ | 1,714 | $ | — | (13)(26) | |||||||||||
Arlington Industries Group Limited | First Lien Secured Debt | 5.96% (1M GBP L+525, 0.50% Floor) | 03/29/24 | £ | 7,961 | 10,126 | 9,556 | (9)(17) | ||||||||||||
First Lien Secured Debt | 5.75% (1M E+525, 0.50% Floor) | 03/29/24 | € | 3,297 | 3,693 | 3,496 | (9)(17) | |||||||||||||
First Lien Secured Debt - Revolver | 5.96% (1M GBP L+525, 0.50% Floor) | 03/29/24 | £ | 2,095 | 2,570 | 2,509 | (9)(17)(23) | |||||||||||||
First Lien Secured Debt - Unfunded Revolver | 1.25% Unfunded | 03/29/24 | £ | 605 | (64 | ) | (21 | ) | (8)(9)(17)(21)(23) | |||||||||||
First Lien Secured Debt - Unfunded Delayed Draw | 1.00% Unfunded | 03/29/24 | £ | 1,300 | (31 | ) | (45 | ) | (8)(9)(17)(21)(23) | |||||||||||
16,294 | 15,495 | |||||||||||||||||||
Crowne Automotive | ||||||||||||||||||||
Vari-Form Group, LLC | First Lien Secured Debt | 13.14% (3M L+11.00% (7.00% Cash plus 4.00% PIK), 1.00% Floor) | 02/02/23 | $ | 5,860 | 938 | 938 | (9)(13)(14) | ||||||||||||
Vari-Form Inc. | First Lien Secured Debt | 13.14% (3M L+11.00% (7.00% Cash plus 4.00% PIK), 1.00% Floor) | 02/02/23 | 2,446 | 391 | 391 | (9)(13)(14) | |||||||||||||
1,329 | 1,329 | |||||||||||||||||||
K&N Parent, Inc. | Second Lien Secured Debt | 10.79% (1M L+875, 1.00% Floor) | 10/21/24 | 23,765 | 23,459 | 23,075 | ||||||||||||||
Total Automotive | $ | 42,796 | $ | 39,899 | ||||||||||||||||
Aviation and Consumer Transport | ||||||||||||||||||||
Merx Aviation Finance, LLC (5) | First Lien Secured Debt - Revolver | 12.00% | 10/31/23 | $ | 307,300 | $ | 307,300 | $ | 307,300 | |||||||||||
First Lien Secured Debt - Letter of Credit | 2.25% | 07/13/20 | 177 | — | — | (23) | ||||||||||||||
Common Equity - Membership Interests | N/A | N/A | N/A | 15,000 | 55,697 | |||||||||||||||
Total Aviation and Consumer Transport | $ | 322,300 | $ | 362,997 |
Industry / Company | Investment Type | Interest Rate (20) | Maturity Date | Par / Shares (12) | Cost (28) | Fair Value (1)(29) | ||||||||||||||
Beverage, Food & Tobacco | ||||||||||||||||||||
Eagle Foods Family Group, LLC | First Lien Secured Debt | 9.12% (6M L+650, 1.00% Floor) | 06/14/24 | $ | 24,688 | $ | 24,470 | $ | 24,194 | (9) | ||||||||||
First Lien Secured Debt - Revolver | 9.12% (6M L+650, 1.00% Floor) | 06/14/23 | 417 | 417 | 408 | (9)(23) | ||||||||||||||
First Lien Secured Debt - Revolver | 8.71% (3M L+650, 1.00% Floor) | 06/14/23 | 917 | 917 | 898 | (9)(23) | ||||||||||||||
First Lien Secured Debt - Revolver | 8.72% (3M L+650, 1.00% Floor) | 06/14/23 | 250 | 250 | 245 | (9)(23) | ||||||||||||||
First Lien Secured Debt - Unfunded Revolver | 0.50% Unfunded | 06/14/23 | 2,166 | (31 | ) | (43 | ) | (8)(9)(21)(23) | ||||||||||||
26,023 | 25,702 | |||||||||||||||||||
Florida Food Products | ||||||||||||||||||||
Florida Food Products, Inc. | First Lien Secured Debt | 8.79% (1M L+675, 1.00% Floor) | 09/08/25 | 23,055 | 22,565 | 22,824 | (9) | |||||||||||||
Florida Food Products, LLC | First Lien Secured Debt - Revolver | 8.79% (1M L+675, 1.00% Floor) | 09/06/23 | 1,473 | 1,473 | 1,458 | (9)(23) | |||||||||||||
First Lien Secured Debt - Unfunded Revolver | 0.50% Unfunded | 09/06/23 | 240 | (34 | ) | (2 | ) | (8)(9)(21)(23) | ||||||||||||
24,004 | 24,280 | |||||||||||||||||||
TNT Crust LLC | First Lien Secured Debt | 7.29% (1M L+525, 1.00% Floor) | 11/06/23 | 10,377 | 10,183 | 10,170 | (9) | |||||||||||||
First Lien Secured Debt | 7.29% (1M L+525, 1.00% Floor) | 11/06/23 | 9,038 | 8,889 | 8,857 | (9) | ||||||||||||||
First Lien Secured Debt - Revolver | 7.30% (1M L+525, 1.00% Floor) | 11/06/23 | 813 | 813 | 797 | (9)(23) | ||||||||||||||
First Lien Secured Debt - Unfunded Revolver | 0.50% Unfunded | 11/06/23 | 2,439 | (57 | ) | (49 | ) | (8)(9)(21)(23) | ||||||||||||
Common Equity/Interests - Series A Units | N/A | N/A | 244 Shares | 30 | 310 | (9)(13) | ||||||||||||||
19,858 | 20,085 | |||||||||||||||||||
Turkey Hill | ||||||||||||||||||||
IC Holdings LLC | Common Equity/Interests - Series A Units | N/A | N/A | 169 Shares | 169 | 155 | (9)(13) | |||||||||||||
THLP CO. LLC | First Lien Secured Debt | 7.54% (1M L+550, 1.00% Floor) | 05/30/25 | 19,562 | 19,192 | 19,366 | (9) | |||||||||||||
First Lien Secured Debt - Unfunded Revolver | 0.50% Unfunded | 05/31/24 | 4,494 | (84 | ) | (45 | ) | (8)(9)(21)(23) | ||||||||||||
First Lien Secured Debt - Unfunded Delayed Draw | 1.00% Unfunded | 05/30/25 | 5,618 | (47 | ) | (56 | ) | (8)(9)(21)(23) | ||||||||||||
19,230 | 19,420 | |||||||||||||||||||
Wm. Bolthouse Farms, Inc. | Common Equity/Interests - Common Stock | N/A | N/A | 1,000,000 Shares | 1,000 | 1,000 | (13) | |||||||||||||
Total Beverage, Food & Tobacco | $ | 90,115 | $ | 90,487 | ||||||||||||||||
Business Services | ||||||||||||||||||||
Access CIG, LLC | Second Lien Secured Debt | 10.07% (3M L+775) | 02/27/26 | $ | 15,900 | $ | 15,781 | $ | 15,900 | (10) | ||||||||||
Aero Operating LLC | First Lien Secured Debt | 9.35% (1M L+725, 1.00% Floor) | 12/29/22 | 36,566 | 35,954 | 36,200 | (9) | |||||||||||||
First Lien Secured Debt - Revolver | 11.25% (P+625) | 12/29/22 | 160 | 160 | 159 | (9)(23) | ||||||||||||||
First Lien Secured Debt - Unfunded Revolver | 1.00% Unfunded | 12/29/22 | 3,613 | (78 | ) | (36 | ) | (8)(9)(21)(23) | ||||||||||||
First Lien Secured Debt - Letters of Credit | L+400 | 4/30/20 - 6/21/20 | 1,039 | — | (10 | ) | (8)(9)(23) | |||||||||||||
36,036 | 36,313 |
Industry / Company | Investment Type | Interest Rate (20) | Maturity Date | Par / Shares (12) | Cost (28) | Fair Value (1)(29) | ||||||||||||||
Ambrosia Buyer Corp. | Second Lien Secured Debt | 10.20% (6M L+800, 1.00% Floor) | 08/28/25 | 21,429 | 21,033 | 20,756 | ||||||||||||||
Claritas, LLC | First Lien Secured Debt | 8.10% (3M L+600, 1.00% Floor) | 12/21/23 | 3,895 | 3,860 | 3,856 | (9) | |||||||||||||
First Lien Secured Debt - Revolver | 8.04% (1M L+600, 1.00% Floor) | 12/21/23 | 258 | 258 | 255 | (9)(23) | ||||||||||||||
First Lien Secured Debt - Revolver | 10.00% (P+500) | 12/21/23 | 26 | 26 | 26 | (9)(23) | ||||||||||||||
First Lien Secured Debt - Unfunded Revolver | 0.50% Unfunded | 12/21/23 | 747 | (9 | ) | (7 | ) | (8)(9)(21)(23) | ||||||||||||
4,135 | 4,130 | |||||||||||||||||||
Continuum Global Solutions, LLC | First Lien Secured Debt - Revolver | 7.60% (1M L+550, 1.00% Floor) | 02/15/22 | 5,858 | 5,858 | 5,741 | (9)(23) | |||||||||||||
First Lien Secured Debt - Unfunded Revolver | 0.50% Unfunded | 02/15/22 | 4,911 | (171 | ) | (98 | ) | (8)(9)(21)(23) | ||||||||||||
Preferred Equity - Preferred Stock | N/A | N/A | 620 Shares | 62 | 62 | (9)(13) | ||||||||||||||
5,749 | 5,705 | |||||||||||||||||||
CT Technologies Intermediate Holdings, Inc | First Lien Secured Debt | 6.29% (1M L+425, 1.00% Floor) | 12/01/21 | 4,437 | 3,940 | 4,066 | (9)(10) | |||||||||||||
Second Lien Secured Debt | 11.04% (1M L+900, 1.00% Floor) | 12/01/22 | 31,253 | 30,719 | 28,128 | (9) | ||||||||||||||
34,659 | 32,194 | |||||||||||||||||||
Education Personnel | First Lien Secured Debt | 5.51% (3M GBP L+475, 0.50% Floor) | 08/31/24 | £ | 4,077 | 5,178 | 4,979 | (9)(17) | ||||||||||||
First Lien Secured Debt - Revolver | 5.51% (3M GBP L+475, 0.50% Floor) | 08/31/24 | £ | 1,471 | 1,868 | 1,796 | (9)(17)(23) | |||||||||||||
First Lien Secured Debt - Unfunded Delayed Draw | 1.66% Unfunded | 08/31/24 | £ | 4,412 | — | — | (9)(17)(21)(23) | |||||||||||||
7,046 | 6,775 | |||||||||||||||||||
Electro Rent Corporation | Second Lien Secured Debt | 11.13% (2M L+900, 1.00% Floor) | 01/31/25 | 34,235 | 33,485 | 33,551 | (9) | |||||||||||||
Ensemble RCM, LLC | First Lien Secured Debt - Unfunded Revolver | 0.50% Unfunded | 08/01/24 | 4,155 | (388 | ) | (374 | ) | (8)(21)(23) | |||||||||||
Jacent Strategic Merchandising | First Lien Secured Debt | 8.01% (3M L+575, 1.00% Floor) | 04/23/24 | 22,693 | 22,382 | 22,350 | (9) | |||||||||||||
First Lien Secured Debt - Revolver | 7.85% (3M L+575, 1.00% Floor) | 04/23/24 | 467 | 467 | 460 | (9)(23) | ||||||||||||||
First Lien Secured Debt - Revolver | 9.75% (P+475) | 04/23/24 | 933 | 933 | 919 | (9)(23) | ||||||||||||||
First Lien Secured Debt - Unfunded Revolver | 0.50% Unfunded | 04/23/24 | 2,100 | (48 | ) | (32 | ) | (8)(9)(21)(23) | ||||||||||||
Common Equity/Interests - Common Stock | N/A | N/A | 5,000 Shares | 500 | 500 | (9)(13) | ||||||||||||||
24,234 | 24,197 | |||||||||||||||||||
JF Acquisition, LLC | First Lien Secured Debt | 7.60% (3M L+550, 1.00% Floor) | 07/31/24 | 5,272 | 5,168 | 5,167 | (9) | |||||||||||||
First Lien Secured Debt | 7.76% (3M L+550, 1.00% Floor) | 07/31/24 | 8,159 | 8,002 | 7,996 | (9) | ||||||||||||||
First Lien Secured Debt - Revolver | 7.75% (3M L+550, 1.00% Floor) | 07/31/24 | 188 | 188 | 185 | (9)(23) | ||||||||||||||
First Lien Secured Debt - Unfunded Revolver | 0.50% Unfunded | 07/31/24 | 1,381 | (30 | ) | (28 | ) | (8)(9)(21)(23) | ||||||||||||
13,328 | 13,320 | |||||||||||||||||||
McLarens Global Ltd | ||||||||||||||||||||
Margaux Acquisition Inc. | First Lien Secured Debt | 8.32% (3M L+600, 1.00% Floor) | 12/19/24 | 18,895 | 18,590 | 18,706 | (9) | |||||||||||||
First Lien Secured Debt - Unfunded Revolver | 0.50% Unfunded | 12/19/24 | 1,601 | (28 | ) | (16 | ) | (8)(9)(21)(23) | ||||||||||||
First Lien Secured Debt - Unfunded Delayed Draw | 1.00% Unfunded | 12/19/24 | 4,461 | (101 | ) | (45 | ) | (8)(9)(21)(23) |
Industry / Company | Investment Type | Interest Rate (20) | Maturity Date | Par / Shares (12) | Cost (28) | Fair Value (1)(29) | ||||||||||||||
Margaux UK Finance Limited | First Lien Secured Debt | 7.00% (3M GBP L+600, 1.00% Floor) | 12/19/24 | £ | 5,926 | 7,357 | 7,229 | (9)(17) | ||||||||||||
First Lien Secured Debt - Unfunded Revolver | 0.50% Unfunded | 12/19/24 | £ | 541 | (12 | ) | (7 | ) | (8)(9)(17)(21)(23) | |||||||||||
First Lien Secured Debt - Unfunded Delayed Draw | 1.00% Unfunded | 12/19/24 | £ | 1,353 | (30 | ) | (17 | ) | (8)(9)(17)(21)(23) | |||||||||||
25,776 | 25,850 | |||||||||||||||||||
Ministry Brands, LLC | Second Lien Secured Debt | 11.34% (2M L+925, 1.00% Floor) | 06/02/23 | 10,000 | 9,914 | 9,977 | ||||||||||||||
Newscycle Solutions, Inc. | First Lien Secured Debt | 9.04% (1M L+700, 1.00% Floor) | 12/29/22 | 15,046 | 14,796 | 14,896 | (9) | |||||||||||||
First Lien Secured Debt | 9.10% (1M L+700, 1.00% Floor) | 12/29/22 | 1,163 | 1,150 | 1,151 | (9) | ||||||||||||||
First Lien Secured Debt - Revolver | 9.05% (1M L+700, 1.00% Floor) | 12/29/22 | 400 | 400 | 396 | (9)(23) | ||||||||||||||
First Lien Secured Debt - Unfunded Revolver | 0.50% Unfunded | 12/29/22 | 100 | (8 | ) | (1 | ) | (8)(9)(21)(23) | ||||||||||||
16,338 | 16,442 | |||||||||||||||||||
PSI Services, LLC | First Lien Secured Debt | 7.04% (1M L+500, 1.00% Floor) | 01/20/23 | 4,551 | 4,488 | 4,529 | (9) | |||||||||||||
First Lien Secured Debt - Revolver | 9.00% (P+400) | 01/20/22 | 278 | 278 | 277 | (9)(23) | ||||||||||||||
First Lien Secured Debt - Unfunded Revolver | 0.50% Unfunded | 01/20/22 | 119 | (5 | ) | (1 | ) | (8)(9)(21)(23) | ||||||||||||
First Lien Secured Debt - Unfunded Revolver | 0.50% Unfunded | 01/20/22 | £ | 47 | — | — | (8)(9)(21)(23) | |||||||||||||
Second Lien Secured Debt | 11.04% (1M L+900, 1.00% Floor) | 01/20/24 | 37,893 | 37,192 | 37,935 | (9) | ||||||||||||||
41,953 | 42,740 | |||||||||||||||||||
RA Outdoors, LLC | First Lien Secured Debt | 6.79% (1M L+475, 1.00% Floor) | 09/11/24 | 7,102 | 7,001 | 6,889 | (9) | |||||||||||||
First Lien Secured Debt - Unfunded Revolver | 0.50% Unfunded | 09/09/22 | 1,200 | (14 | ) | (24 | ) | (8)(9)(21)(23) | ||||||||||||
Second Lien Secured Debt | 10.79% (1M L+875, 1.00% Floor) | 09/11/25 | 34,200 | 33,563 | 32,832 | (9) | ||||||||||||||
40,550 | 39,697 | |||||||||||||||||||
STG-Fairway Acquisitions, Inc. | Second Lien Secured Debt | 11.29% (1M L+925, 1.00% Floor) | 06/30/23 | 15,000 | 14,823 | 14,400 | ||||||||||||||
TGG TS Acquisition Company | First Lien Secured Debt - Unfunded Revolver | 0.50% Unfunded | 12/14/23 | 1,750 | — | (44 | ) | (8)(21)(23) | ||||||||||||
Transplace Holdings, Inc. | Second Lien Secured Debt | 10.80% (1M L+875, 1.00% Floor) | 10/06/25 | 8,599 | 8,436 | 8,427 | (10) | |||||||||||||
U.S. Legal Support | ||||||||||||||||||||
USLS Acquisition, Inc. | First Lien Secured Debt | 7.85% (3M L+575, 1.00% Floor) | 12/02/24 | 24,623 | 24,234 | 24,175 | (9) | |||||||||||||
First Lien Secured Debt - Revolver | 8.08% (3M L+575) | 12/02/24 | 536 | 536 | 526 | (9)(23) | ||||||||||||||
First Lien Secured Debt - Unfunded Revolver | 0.50% Unfunded | 12/02/24 | 986 | (28 | ) | (18 | ) | (8)(9)(21)(23) | ||||||||||||
First Lien Secured Debt - Letters of Credit | 5.75% | 10/15/19-06/06/20 | 86 | — | (1 | ) | (8)(9)(23) | |||||||||||||
First Lien Secured Debt - Unfunded Delayed Draw | 0.50% Unfunded | 12/02/24 | 12 | (40 | ) | — | (9)(21)(23) | |||||||||||||
US Legal Support Investment Holdings, LLC | Common Equity/Interests - Series A-1 Units | N/A | N/A | 631,972 Shares | 632 | 712 | (9)(13) | |||||||||||||
25,334 | 25,394 |
Industry / Company | Investment Type | Interest Rate (20) | Maturity Date | Par / Shares (12) | Cost (28) | Fair Value (1)(29) | ||||||||||||||
Vertafore, Inc. | First Lien Secured Debt - Unfunded Revolver | 0.50% Unfunded | 06/30/23 | 14,576 | (1,294 | ) | (1,676 | ) | (8)(21)(23) | |||||||||||
First Lien Secured Debt - Letter of Credit | 3.25% | 01/17/20 | 424 | — | (49 | ) | (8)(23) | |||||||||||||
(1,294 | ) | (1,725 | ) | |||||||||||||||||
Total Business Services | $ | 376,928 | $ | 373,625 | ||||||||||||||||
Chemicals, Plastics & Rubber | ||||||||||||||||||||
Carbon Free Chemicals | ||||||||||||||||||||
Carbonfree Caustic SPE LLC | First Lien Secured Debt | 5.00% | 12/31/21 | $ | 12,800 | $ | 12,800 | $ | 12,800 | |||||||||||
Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC) | First Lien Secured Debt | 5.22% PIK | 12/31/21 | 50,305 | 50,305 | 43,076 | ||||||||||||||
First Lien Secured Debt - Unfunded Delayed Draw | 0.00% Unfunded | 12/31/21 | 311 | — | — | (21)(23) | ||||||||||||||
Common Equity/Interests - Residual Interests | N/A | N/A | 9,000,000 Shares | 9,000 | — | (13) | ||||||||||||||
72,105 | 55,876 | |||||||||||||||||||
Hare Bidco, Inc. | Second Lien Secured Debt | 9.75% (1M E+875) | 08/01/24 | € | 13,574 | 14,486 | 14,651 | |||||||||||||
Westfall Technik, Inc. | First Lien Secured Debt | 7.60% (3M L+575, 1.00% Floor) | 09/13/24 | 15,345 | 15,172 | 15,192 | (9) | |||||||||||||
First Lien Secured Debt - Revolver | 7.68% (1M L+575, 1.00% Floor) | 09/13/24 | 1,615 | 1,615 | 1,599 | (9)(23) | ||||||||||||||
First Lien Secured Debt - Unfunded Revolver | 0.50% Unfunded | 09/13/24 | 404 | (33 | ) | (4 | ) | (8)(9)(21)(23) | ||||||||||||
First Lien Secured Debt - Unfunded Delayed Draw | 1.00% Unfunded | 09/13/24 | 13,502 | (214 | ) | (135 | ) | (8)(9)(21)(23) | ||||||||||||
16,540 | 16,652 | |||||||||||||||||||
Total Chemical, Plastics & Rubber | $ | 103,131 | $ | 87,179 | ||||||||||||||||
Construction & Building | ||||||||||||||||||||
Englert | ||||||||||||||||||||
Gutter Buyer, Inc. | First Lien Secured Debt | 8.29% (1M L+625, 1.00% Floor) | 03/06/25 | $ | 23,804 | $ | 23,265 | $ | 23,233 | (9) | ||||||||||
First Lien Secured Debt - Unfunded Revolver | 0.50% Unfunded | 03/06/24 | 2,727 | (60 | ) | (65 | ) | (8)(9)(21)(23) | ||||||||||||
First Lien Secured Debt - Unfunded Delayed Draw | 1.00% Unfunded | 03/06/25 | 3,409 | (46 | ) | (49 | ) | (8)(9)(21)(23) | ||||||||||||
Gutter Holdings, LP | Common Equity/Interests - Common Stock | N/A | N/A | 500 Shares | 500 | 608 | (9)(13) | |||||||||||||
Total Construction & Building | $ | 23,659 | $ | 23,727 | ||||||||||||||||
Consumer Goods – Durable | ||||||||||||||||||||
Hayward Industries, Inc. | Second Lien Secured Debt | 10.29% (1M L+825) | 08/04/25 | $ | 21,919 | $ | 21,672 | $ | 21,480 | (10) | ||||||||||
KDC US Holdings | First Lien Secured Debt - Unfunded Revolver | 0.25% Unfunded | 12/21/23 | 5,916 | — | (477 | ) | (8)(21)(23) | ||||||||||||
First Lien Secured Debt - Letters of Credit | 3.25% | 12/31/19 - 03/08/20 | 104 | — | (9 | ) | (8)(23) | |||||||||||||
— | (486 | ) | ||||||||||||||||||
KLO Holdings |