ý | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Maryland | 06-1798488 | |||||||
(State or other jurisdiction of | (I.R.S. Employer | |||||||
incorporation or organization) | Identification No.) | |||||||
300 South Tryon Street, Suite 2500 Charlotte, North Carolina | 28202 | |||||||
(Address of principal executive offices) | (Zip Code) |
Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||||||
Common Stock, par value $0.001 per share | BBDC | The New York Stock Exchange |
Large accelerated filer | ¨ | Accelerated filer | ý | ||||||||
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. | ¨ |
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. | ||||||||
June 30, 2020 | December 31, 2019 | ||||||||||
(Unaudited) | |||||||||||
Assets: | |||||||||||
Investments at fair value: | |||||||||||
Non-Control / Non-Affiliate investments (cost of $1,033,046,789 and $1,085,866,720 as of June 30, 2020 and December 31, 2019, respectively) | $ | 960,061,063 | $ | 1,066,845,054 | |||||||
Affiliate investments (cost of $16,658,270 and $10,158,270 as of June 30, 2020 and December 31, 2019, respectively) | 15,933,845 | 10,229,813 | |||||||||
Short-term investments (cost of $58,046,476 and $96,568,940 as of June 30, 2020 and December 31, 2019, respectively) | 58,046,124 | 96,568,940 | |||||||||
Total investments at fair value | 1,034,041,032 | 1,173,643,807 | |||||||||
Cash | 18,453,504 | 21,991,565 | |||||||||
Interest and fees receivable | 6,493,056 | 5,265,980 | |||||||||
Prepaid expenses and other assets | 857,173 | 1,112,559 | |||||||||
Deferred financing fees | 4,705,974 | 5,366,119 | |||||||||
Receivable from unsettled transactions | 575,630 | 45,254,808 | |||||||||
Total assets | $ | 1,065,126,369 | $ | 1,252,634,838 | |||||||
Liabilities: | |||||||||||
Accounts payable and accrued liabilities | $ | 1,213,146 | $ | 1,524,830 | |||||||
Interest payable | 1,306,052 | 2,491,534 | |||||||||
Administrative fees payable | 200,000 | 400,000 | |||||||||
Base management fees payable | 3,616,787 | 3,266,722 | |||||||||
Payable from unsettled transactions | — | 4,924,150 | |||||||||
Borrowings under credit facilities | 342,921,705 | 352,488,419 | |||||||||
Debt securitization | 225,395,485 | 316,664,474 | |||||||||
Total liabilities | 574,653,175 | 681,760,129 | |||||||||
Commitments and contingencies (Note 7) | |||||||||||
Net Assets: | |||||||||||
Common stock, $0.001 par value per share (150,000,000 shares authorized, 47,961,753 and 48,950,803 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively) | 47,962 | 48,951 | |||||||||
Additional paid-in capital | 846,636,727 | 853,766,370 | |||||||||
Total distributable earnings (loss) | (356,211,495) | (282,940,612) | |||||||||
Total net assets | 490,473,194 | 570,874,709 | |||||||||
Total liabilities and net assets | $ | 1,065,126,369 | $ | 1,252,634,838 | |||||||
Net asset value per share | $ | 10.23 | $ | 11.66 |
Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended | ||||||||||||||||||||
June 30, 2020 | June 30, 2019 | June 30, 2020 | June 30, 2019 | ||||||||||||||||||||
Investment income: | |||||||||||||||||||||||
Interest income: | |||||||||||||||||||||||
Non-Control / Non-Affiliate investments | $ | 15,249,065 | $ | 18,823,480 | $ | 32,645,476 | $ | 36,684,799 | |||||||||||||||
Short-term investments | 46,614 | 251,344 | 324,605 | 424,039 | |||||||||||||||||||
Total interest income | 15,295,679 | 19,074,824 | 32,970,081 | 37,108,838 | |||||||||||||||||||
Dividend income: | |||||||||||||||||||||||
Non-Control / Non-Affiliate investments | 2,603 | 4,711 | 2,603 | 4,711 | |||||||||||||||||||
Total dividend income | 2,603 | 4,711 | 2,603 | 4,711 | |||||||||||||||||||
Fee and other income: | |||||||||||||||||||||||
Non-Control / Non-Affiliate investments | 650,433 | 519,970 | 1,611,426 | 821,027 | |||||||||||||||||||
Total fee and other income | 650,433 | 519,970 | 1,611,426 | 821,027 | |||||||||||||||||||
Payment-in-kind interest income: | |||||||||||||||||||||||
Non-Control / Non-Affiliate investments | 191,049 | — | 234,621 | — | |||||||||||||||||||
Total payment-in-kind interest income | 191,049 | — | 234,621 | — | |||||||||||||||||||
Interest income from cash | — | 2,183 | 631 | 6,870 | |||||||||||||||||||
Total investment income | 16,139,764 | 19,601,688 | 34,819,362 | 37,941,446 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Interest and other financing fees | 4,624,731 | 7,027,040 | 10,628,864 | 12,871,212 | |||||||||||||||||||
Base management fee (Note 2) | 3,616,787 | 3,130,955 | 7,529,160 | 5,581,950 | |||||||||||||||||||
Compensation expenses | — | 108,646 | 48,410 | 227,090 | |||||||||||||||||||
General and administrative expenses (Note 2) | 1,369,117 | 1,922,165 | 2,789,730 | 3,891,025 | |||||||||||||||||||
Total operating expenses | 9,610,635 | 12,188,806 | 20,996,164 | 22,571,277 | |||||||||||||||||||
Net investment income | 6,529,129 | 7,412,882 | 13,823,198 | 15,370,169 | |||||||||||||||||||
Realized and unrealized gains (losses) on investments and foreign currency transactions: | |||||||||||||||||||||||
Net realized gains (losses): | |||||||||||||||||||||||
Non-Control / Non-Affiliate investments | (16,597,865) | 50,024 | (16,755,844) | (79,751) | |||||||||||||||||||
Net realized gains (losses) on investments | (16,597,865) | 50,024 | (16,755,844) | (79,751) | |||||||||||||||||||
Foreign currency transactions | 82,868 | — | (61,525) | — | |||||||||||||||||||
Net realized gains (losses) | (16,514,997) | 50,024 | (16,817,369) | (79,751) | |||||||||||||||||||
Net unrealized appreciation (depreciation): | |||||||||||||||||||||||
Non-Control / Non-Affiliate investments | 63,416,644 | 2,014,096 | (53,944,413) | 27,411,284 | |||||||||||||||||||
Affiliate investments | 3,037,255 | (162,089) | (795,968) | (162,089) | |||||||||||||||||||
Net unrealized appreciation (depreciation) on investments | 66,453,899 | 1,852,007 | (54,740,381) | 27,249,195 | |||||||||||||||||||
Foreign currency transactions | (1,410,589) | — | 387,638 | — | |||||||||||||||||||
Net unrealized appreciation (depreciation) | 65,043,310 | 1,852,007 | (54,352,743) | 27,249,195 | |||||||||||||||||||
Net realized losses and unrealized appreciation (depreciation) on investments and foreign currency transactions | 48,528,313 | 1,902,031 | (71,170,112) | 27,169,444 | |||||||||||||||||||
Loss on extinguishment of debt | (306,202) | (85,356) | (443,592) | (129,751) | |||||||||||||||||||
Benefit from (provision for) taxes | (2,532) | 17,493 | 17,467 | (499) | |||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 54,748,708 | $ | 9,247,050 | $ | (57,773,039) | $ | 42,409,363 | |||||||||||||||
Net investment income per share—basic and diluted | $ | 0.14 | $ | 0.15 | $ | 0.29 | $ | 0.30 | |||||||||||||||
Net increase (decrease) in net assets resulting from operations per share—basic and diluted | $ | 1.14 | $ | 0.18 | $ | (1.19) | $ | 0.83 | |||||||||||||||
Dividends/distributions per share: | |||||||||||||||||||||||
Total dividends/distributions per share | $ | 0.16 | $ | 0.13 | $ | 0.32 | $ | 0.25 | |||||||||||||||
Weighted average shares outstanding—basic and diluted | 47,977,481 | 50,473,640 | 48,432,437 | 50,813,753 |
Common Stock | Additional Paid-In Capital | Total Distributable Earnings (Loss) | Total Net Assets | ||||||||||||||||||||||||||
Three Months Ended June 30, 2019 | Number of Shares | Par Value | |||||||||||||||||||||||||||
Balance, March 31, 2019 | 50,690,659 | $ | 50,691 | $ | 879,033,345 | $ | (294,922,722) | $ | 584,161,314 | ||||||||||||||||||||
Net investment income | — | — | — | 7,412,882 | 7,412,882 | ||||||||||||||||||||||||
Net realized gain on investments / foreign currency transactions | — | — | — | 50,024 | 50,024 | ||||||||||||||||||||||||
Net unrealized appreciation of investments / foreign currency transactions | — | — | — | 1,852,007 | 1,852,007 | ||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | — | (85,356) | (85,356) | ||||||||||||||||||||||||
Income tax benefit | — | — | — | 17,493 | 17,493 | ||||||||||||||||||||||||
Dividends / distributions | — | — | — | (6,540,856) | (6,540,856) | ||||||||||||||||||||||||
Purchases of shares in repurchase plan | (376,384) | (377) | (3,787,426) | — | (3,787,803) | ||||||||||||||||||||||||
Balance, June 30, 2019 | 50,314,275 | $ | 50,314 | $ | 875,245,919 | $ | (292,216,528) | $ | 583,079,705 |
Common Stock | Additional Paid-In Capital | Total Distributable Earnings (Loss) | Total Net Assets | ||||||||||||||||||||||||||
Three Months Ended June 30, 2020 | Number of Shares | Par Value | |||||||||||||||||||||||||||
Balance, March 31, 2020 | 48,288,822 | $ | 48,289 | $ | 848,982,942 | $ | (403,286,323) | $ | 445,744,908 | ||||||||||||||||||||
Net investment income | — | — | — | 6,529,129 | 6,529,129 | ||||||||||||||||||||||||
Net realized loss on investments / foreign currency transactions | — | — | — | (16,514,997) | (16,514,997) | ||||||||||||||||||||||||
Net unrealized appreciation of investments / foreign currency transactions | — | — | — | 65,043,310 | 65,043,310 | ||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | — | (306,202) | (306,202) | ||||||||||||||||||||||||
Provision for taxes | — | — | — | (2,532) | (2,532) | ||||||||||||||||||||||||
Dividends / distributions | — | — | — | (7,673,880) | (7,673,880) | ||||||||||||||||||||||||
Purchases of shares in repurchase plan | (327,069) | (327) | (2,346,215) | — | (2,346,542) | ||||||||||||||||||||||||
Balance, June 30, 2020 | 47,961,753 | $ | 47,962 | $ | 846,636,727 | $ | (356,211,495) | $ | 490,473,194 |
Common Stock | Additional Paid-In Capital | Total Distributable Earnings (Loss) | Total Net Assets | ||||||||||||||||||||||||||
Six Months Ended June 30, 2019 | Number of Shares | Par Value | |||||||||||||||||||||||||||
Balance, December 31, 2018 | 51,284,064 | $ | 51,284 | $ | 884,894,249 | $ | (321,978,246) | $ | 562,967,287 | ||||||||||||||||||||
Net investment income | — | — | — | 15,370,169 | 15,370,169 | ||||||||||||||||||||||||
Net realized loss on investments / foreign currency transactions | — | — | — | (79,751) | (79,751) | ||||||||||||||||||||||||
Net unrealized appreciation of investments / foreign currency transactions | — | — | — | 27,249,195 | 27,249,195 | ||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | — | (129,751) | (129,751) | ||||||||||||||||||||||||
Provision for taxes | — | — | — | (499) | (499) | ||||||||||||||||||||||||
Dividends / distributions | — | — | — | (12,647,645) | (12,647,645) | ||||||||||||||||||||||||
Purchases of shares in repurchase plan | (969,789) | (970) | (9,648,330) | — | (9,649,300) | ||||||||||||||||||||||||
Balance, June 30, 2019 | 50,314,275 | $ | 50,314 | $ | 875,245,919 | $ | (292,216,528) | $ | 583,079,705 |
Common Stock | Additional Paid-In Capital | Total Distributable Earnings (Loss) | Total Net Assets | ||||||||||||||||||||||||||
Six Months Ended June 30, 2020 | Number of Shares | Par Value | |||||||||||||||||||||||||||
Balance, December 31, 2019 | 48,950,803 | $ | 48,951 | $ | 853,766,370 | $ | (282,940,612) | $ | 570,874,709 | ||||||||||||||||||||
Net investment income | — | — | — | 13,823,198 | 13,823,198 | ||||||||||||||||||||||||
Net realized loss on investments / foreign currency transactions | — | — | — | (16,817,369) | (16,817,369) | ||||||||||||||||||||||||
Net unrealized depreciation of investments / foreign currency transactions | — | — | — | (54,352,743) | (54,352,743) | ||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | — | (443,592) | (443,592) | ||||||||||||||||||||||||
Income tax benefit | — | — | — | 17,467 | 17,467 | ||||||||||||||||||||||||
Dividends / distributions | — | — | — | (15,497,844) | (15,497,844) | ||||||||||||||||||||||||
Purchases of shares in repurchase plan | (989,050) | (989) | (7,129,643) | — | (7,130,632) | ||||||||||||||||||||||||
Balance, June 30, 2020 | 47,961,753 | $ | 47,962 | $ | 846,636,727 | $ | (356,211,495) | $ | 490,473,194 |
Six Months Ended | Six Months Ended | ||||||||||
June 30, 2020 | June 30, 2019 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net increase (decrease) in net assets resulting from operations | $ | (57,773,040) | $ | 42,409,363 | |||||||
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | |||||||||||
Purchases of portfolio investments | (171,523,304) | (171,350,190) | |||||||||
Repayments received / sales of portfolio investments | 239,658,503 | 104,431,586 | |||||||||
Purchases of short-term investments | (403,971,411) | (317,480,389) | |||||||||
Sales of short-term investments | 442,510,853 | 328,280,839 | |||||||||
Loan origination and other fees received | 3,131,785 | 2,420,157 | |||||||||
Net realized loss on investments | 16,755,844 | 79,751 | |||||||||
Net realized loss on foreign currency transactions | 61,525 | — | |||||||||
Net unrealized (appreciation) depreciation of investments | 54,740,381 | (27,249,195) | |||||||||
Net unrealized appreciation of foreign currency transactions | (387,638) | — | |||||||||
Payment-in-kind interest accrued, net of payments received | (234,621) | — | |||||||||
Amortization of deferred financing fees | 737,617 | 558,712 | |||||||||
Loss on extinguishment of debt | 443,592 | 129,751 | |||||||||
Accretion of loan origination and other fees | (1,141,713) | (543,501) | |||||||||
Amortization / accretion of purchased loan premium/discount | (604,296) | (114,594) | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Interest and fees receivables | (1,374,055) | 800,641 | |||||||||
Prepaid expenses and other assets | 255,386 | 2,805,502 | |||||||||
Accounts payable and accrued liabilities | (144,024) | 525,202 | |||||||||
Interest payable | (1,184,912) | 1,589,621 | |||||||||
Net cash provided by (used in) operating activities | 119,956,472 | (32,706,744) | |||||||||
Cash flows from financing activities: | |||||||||||
Borrowings under credit facilities | 108,123,996 | 120,000,000 | |||||||||
Repayments of credit facilities | (117,200,000) | (404,500,000) | |||||||||
Proceeds from debt securitization | — | 348,250,000 | |||||||||
Repayment of debt securitization | (91,790,053) | — | |||||||||
Financing fees paid | — | (8,246,691) | |||||||||
Purchases of shares in repurchase plan | (7,130,632) | (9,649,300) | |||||||||
Cash dividends / distributions paid | (15,497,844) | (12,647,645) | |||||||||
Net cash provided by (used in) financing activities | (123,494,533) | 33,206,364 | |||||||||
Net increase (decrease) in cash | (3,538,061) | 499,620 | |||||||||
Cash, beginning of period | 21,991,565 | 12,426,982 | |||||||||
Cash, end of period | $ | 18,453,504 | $ | 12,926,602 | |||||||
Supplemental disclosure of cash flow information: | |||||||||||
Cash paid for interest | $ | 9,891,871 | $ | 9,451,297 | |||||||
Portfolio Company | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | |||||||||||||||||||||||||||
Non–Control / Non–Affiliate Investments: | ||||||||||||||||||||||||||||||||
1WorldSync, Inc. (4.3%)*(5) (7) (8) | IT Consulting & Other Services | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 07/19, Due 07/25) | $ | 858,894 | $ | 844,035 | $ | 816,626 | ||||||||||||||||||||||||
First Lien Senior Secured Term Loan (LIBOR + 5.75%, 7.0% Cash, Acquired 07/19, Due 07/25) | 21,472,356 | 21,099,121 | 20,415,644 | |||||||||||||||||||||||||||||
22,331,250 | 21,943,156 | 21,232,270 | ||||||||||||||||||||||||||||||
Accelerate Learning, Inc. (1.4%)*(5) (7) (8) | Education Services | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.6% Cash, Acquired 12/18, Due 12/24) | 7,567,965 | 7,449,704 | 6,933,342 | |||||||||||||||||||||||||||
7,567,965 | 7,449,704 | 6,933,342 | ||||||||||||||||||||||||||||||
Accurus Aerospace Corporation (4.3%)*(5) (7) (8) | Aerospace & Defense | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 6.4% Cash, Acquired 10/18, Due 10/24) | 24,625,000 | 24,346,233 | 21,198,156 | |||||||||||||||||||||||||||
24,625,000 | 24,346,233 | 21,198,156 | ||||||||||||||||||||||||||||||
Acrisure, LLC (0.4%)*(5) (8) | Property & Casualty Insurance | First Lien Senior Secured Term Loan (LIBOR + 3.5%, 3.7% Cash, Acquired 03/20, Due 02/27) | 1,995,000 | 1,709,898 | 1,880,288 | |||||||||||||||||||||||||||
1,995,000 | 1,709,898 | 1,880,288 | ||||||||||||||||||||||||||||||
ADE Holding (d/b/a AD Education) (1.8%)*(3) (5) (7) (8) | Education Services | First Lien Senior Secured Term Loan (EURIBOR + 5.0%, 5.0% Cash, Acquired 01/20, Due 01/27) | 9,581,593 | 9,163,988 | 8,755,838 | |||||||||||||||||||||||||||
9,581,593 | 9,163,988 | 8,755,838 | ||||||||||||||||||||||||||||||
ADMI Corp. (0.6%)*(6) (8) | Health Care Services | First Lien Senior Secured Term Loan (LIBOR + 2.75%, 2.9% Cash, Acquired 08/18, Due 04/25) | 3,430,482 | 3,440,286 | 3,180,709 | |||||||||||||||||||||||||||
3,430,482 | 3,440,286 | 3,180,709 | ||||||||||||||||||||||||||||||
Aftermath Bidco Corporation (2.4%)*(5) (7) (8) | Professional Services | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 7.1% Cash, Acquired 04/19, Due 04/25) | 12,197,427 | 11,969,619 | 11,603,465 | |||||||||||||||||||||||||||
12,197,427 | 11,969,619 | 11,603,465 | ||||||||||||||||||||||||||||||
Alliant Holdings LP (0.9%)*(6) (8) | Property & Casualty Insurance | First Lien Senior Secured Term Loan (LIBOR + 2.75%, 2.9% Cash, Acquired 09/18, Due 05/25) | 4,910,038 | 4,916,270 | 4,643,373 | |||||||||||||||||||||||||||
4,910,038 | 4,916,270 | 4,643,373 | ||||||||||||||||||||||||||||||
Altice USA, Inc. (0.5%)*(3) (5) (8) | Cable & Satellite | First Lien Senior Secured Term Loan (LIBOR + 2.25%, 2.4% Cash, Acquired 09/18, Due 01/26) | 2,493,687 | 2,206,701 | 2,354,315 | |||||||||||||||||||||||||||
2,493,687 | 2,206,701 | 2,354,315 | ||||||||||||||||||||||||||||||
American Dental Partners, Inc. (1.8%)*(5) (7) (8) | Health Care Services | First Lien Senior Secured Term Loan (LIBOR + 4.25%, 5.3% Cash, Acquired 11/18, Due 03/23) | 9,850,000 | 9,833,760 | 8,983,941 | |||||||||||||||||||||||||||
9,850,000 | 9,833,760 | 8,983,941 | ||||||||||||||||||||||||||||||
American Scaffold, Inc. (1.9%)*(5) (7) (8) | Aerospace & Defense | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 09/19, Due 09/25) | 9,735,797 | 9,541,502 | 9,245,360 | |||||||||||||||||||||||||||
9,735,797 | 9,541,502 | 9,245,360 | ||||||||||||||||||||||||||||||
Anchorage Capital CLO Ltd: Series 2013-1A (0.4%)*(3) (5) (8) | Structured Finance | Structured Secured Note - Class DR (LIBOR + 6.8%, 8.1% Cash, Acquired 03/20, Due 10/30) | 2,000,000 | 1,734,878 | 1,861,922 | |||||||||||||||||||||||||||
2,000,000 | 1,734,878 | 1,861,922 | ||||||||||||||||||||||||||||||
Anju Software, Inc. (2.6%)*(5) (7) (8) | Application Software | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.6% Cash, Acquired 02/19, Due 02/25) | 13,735,856 | 13,449,096 | 12,947,157 | |||||||||||||||||||||||||||
13,735,856 | 13,449,096 | 12,947,157 | ||||||||||||||||||||||||||||||
Apex Bidco Limited (1.1%)*(3) (5) (7) | Business Equipment & Services | First Lien Senior Secured Term Loan (GBP LIBOR + 6.50%, 7.2% Cash, Acquired 01/20, Due 01/27) (8) | 5,181,990 | 5,344,752 | 4,868,108 | |||||||||||||||||||||||||||
Subordinated Senior Unsecured Term Loan (8.0% PIK, Acquired 01/20, Due 07/27) | 621,838 | 641,273 | 584,714 | |||||||||||||||||||||||||||||
5,803,828 | 5,986,025 | 5,452,822 | ||||||||||||||||||||||||||||||
Apex Tool Group, LLC (1.3%)*(5) (6) (8) | Industrial Machinery | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.5% Cash, Acquired 08/18, Due 08/24) | 7,054,987 | 6,937,646 | 6,292,625 | |||||||||||||||||||||||||||
7,054,987 | 6,937,646 | 6,292,625 | ||||||||||||||||||||||||||||||
Applied Systems Inc. (1.0%)*(6) (8) | Application Software | First Lien Senior Secured Term Loan (LIBOR + 3.25%, 4.3% Cash, Acquired 09/19, Due 09/24) | 4,937,940 | 4,965,194 | 4,791,481 | |||||||||||||||||||||||||||
4,937,940 | 4,965,194 | 4,791,481 | ||||||||||||||||||||||||||||||
AQA Acquisition Holding, Inc. (f/k/a SmartBear) (1.0%)*(5) (7) (8) | High Tech Industries | Second Lien Senior Secured Term Loan (LIBOR + 8.0%, 9.5% Cash, Acquired 10/18, Due 05/24) | 4,959,088 | 4,867,502 | 4,766,877 | |||||||||||||||||||||||||||
4,959,088 | 4,867,502 | 4,766,877 | ||||||||||||||||||||||||||||||
Portfolio Company | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | |||||||||||||||||||||||||||
Arch Global Precision LLC (2.2%)*(5) (7) (8) | Industrial Machinery | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 04/19, Due 04/26) | $ | 11,558,622 | $ | 11,342,687 | $ | 10,684,104 | ||||||||||||||||||||||||
11,558,622 | 11,342,687 | 10,684,104 | ||||||||||||||||||||||||||||||
Armstrong Transport Group (Pele Buyer, LLC ) (0.9%)*(5) (7) (8) | Air Freight & Logistics | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 06/19, Due 06/24) | 4,667,670 | 4,580,193 | 4,405,835 | |||||||||||||||||||||||||||
4,667,670 | 4,580,193 | 4,405,835 | ||||||||||||||||||||||||||||||
Ascend Learning, LLC (1.0%)*(6) (8) | IT Consulting & Other Services | First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.0% Cash, Acquired 09/18, Due 07/24) | 4,936,548 | 4,944,790 | 4,686,660 | |||||||||||||||||||||||||||
4,936,548 | 4,944,790 | 4,686,660 | ||||||||||||||||||||||||||||||
Ascensus Specialties, LLC (1.4%)*(5) (7) (8) | Specialty Chemicals | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 4.9% Cash, Acquired 09/19, Due 09/26) | 7,054,852 | 6,990,567 | 6,625,013 | |||||||||||||||||||||||||||
7,054,852 | 6,990,567 | 6,625,013 | ||||||||||||||||||||||||||||||
ASPEQ Heating Group LLC (1.8%)*(5) (7) (8) | Building Products, Air and Heating | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 11/19, Due 11/25) | 8,990,679 | 8,868,005 | 8,613,002 | |||||||||||||||||||||||||||
8,990,679 | 8,868,005 | 8,613,002 | ||||||||||||||||||||||||||||||
Auxi International (0.3%)*(3) (5) (7) (8) | Commercial Finance | First Lien Senior Secured Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 12/19, Due 12/26) | 1,572,410 | 1,512,116 | 1,481,336 | |||||||||||||||||||||||||||
1,572,410 | 1,512,116 | 1,481,336 | ||||||||||||||||||||||||||||||
Aveanna Healthcare Holdings, Inc. (0.9%)*(6) (8) | Health Care Facilities | First Lien Senior Secured Term Loan (LIBOR + 4.25%, 5.3% Cash, Acquired 10/18, Due 03/24) | 1,465,984 | 1,451,877 | 1,292,514 | |||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 10/18, Due 03/24) | 3,511,966 | 3,512,767 | 3,109,565 | |||||||||||||||||||||||||||||
4,977,950 | 4,964,644 | 4,402,079 | ||||||||||||||||||||||||||||||
AVSC Holding Corp. (0.7%)*(6) (8) | Advertising | First Lien Senior Secured Term Loan (LIBOR + 3.25%, 4.25% Cash, Acquired 08/18, Due 03/25) | 4,917,072 | 4,894,839 | 3,515,706 | |||||||||||||||||||||||||||
4,917,072 | 4,894,839 | 3,515,706 | ||||||||||||||||||||||||||||||
Bass Pro Group, LLC (0.4%)*(5) (8) | General Merchandise Stores | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.1% Cash, Acquired 03/20, Due 09/24) | 1,989,770 | 1,782,295 | 1,909,463 | |||||||||||||||||||||||||||
1,989,770 | 1,782,295 | 1,909,463 | ||||||||||||||||||||||||||||||
BDP International, Inc. (f/k/a BDP Buyer, LLC) (4.8%)*(5) (7) (8) | Air Freight & Logistics | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 12/18, Due 12/24) | 24,625,000 | 24,239,939 | 23,504,409 | |||||||||||||||||||||||||||
24,625,000 | 24,239,939 | 23,504,409 | ||||||||||||||||||||||||||||||
Beacon Pointe Advisors, LLC (0.1%)*(5) (7) (8) | Asset Manager & Custody Bank | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.4% Cash, Acquired 03/20, Due 03/26) | 634,773 | 613,132 | 612,386 | |||||||||||||||||||||||||||
634,773 | 613,132 | 612,386 | ||||||||||||||||||||||||||||||
Benify (Bennevis AB) (0.3%)*(3) (5) (7) (8) | High Tech Industries | First Lien Senior Secured Term Loan (STIBOR + 5.25%, 5.3% Cash, Acquired 07/19, Due 07/26) | 1,400,672 | 1,365,178 | 1,335,227 | |||||||||||||||||||||||||||
1,400,672 | 1,365,178 | 1,335,227 | ||||||||||||||||||||||||||||||
Berlin Packaging LLC (1.0%)*(6) (8) | Forest Products /Containers | First Lien Senior Secured Term Loan (LIBOR + 3.0%, 3.2% Cash, Acquired 08/18, Due 11/25) | 4,937,028 | 4,946,645 | 4,665,491 | |||||||||||||||||||||||||||
4,937,028 | 4,946,645 | 4,665,491 | ||||||||||||||||||||||||||||||
Blackhawk Network Holdings Inc. (0.9%)*(6) (8) | Data Processing & Outsourced Services | First Lien Senior Secured Term Loan (LIBOR + 3.0%, 3.2% Cash, Acquired 11/18, Due 06/25) | 4,937,028 | 4,937,028 | 4,533,821 | |||||||||||||||||||||||||||
4,937,028 | 4,937,028 | 4,533,821 | ||||||||||||||||||||||||||||||
Boxer Parent Company Inc. (0.4%)*(5) (8) | Software/Services | First Lien Senior Secured Term Loan (LIBOR + 4.25%, 4.4% Cash, Acquired 03/20, Due 10/25) | 1,989,899 | 1,797,528 | 1,877,967 | |||||||||||||||||||||||||||
1,989,899 | 1,797,528 | 1,877,967 | ||||||||||||||||||||||||||||||
Brown Machine Group Holdings, LLC (1.0%)*(5) (7) (8) | Industrial Equipment | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 10/18, Due 10/24) | 5,286,022 | 5,236,738 | 4,867,702 | |||||||||||||||||||||||||||
5,286,022 | 5,236,738 | 4,867,702 | ||||||||||||||||||||||||||||||
Cadent, LLC (f/k/a Cross MediaWorks) (1.5%)*(5) (7) (8) | Media & Entertainment | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 09/18, Due 09/23) | 7,798,384 | 7,747,419 | 7,454,420 | |||||||||||||||||||||||||||
7,798,384 | 7,747,419 | 7,454,420 | ||||||||||||||||||||||||||||||
Carlyle Aviation Partners Ltd. (0.3%)*(5) | Structured Finance | Structured Secured Note, Series 2019-2 - Class A (3.4% Cash, Acquired 3/20, Due 10/39) | 948,595 | 858,707 | 855,977 | |||||||||||||||||||||||||||
Structured Secured Note, Series 2018-2 - Class A (4.5% Cash, Acquired 03/20, Due 11/38) | 434,772 | 393,648 | 387,701 | |||||||||||||||||||||||||||||
1,383,367 | 1,252,355 | 1,243,678 | ||||||||||||||||||||||||||||||
Portfolio Company | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | |||||||||||||||||||||||||||
Centralis Finco S.a.r.l. (0.4%)*(3) (5) (7) (8) | Diversified Financial Services | First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 5/20, Due 5/27) | $ | 2,006,413 | $ | 1,838,968 | $ | 1,961,000 | ||||||||||||||||||||||||
2,006,413 | 1,838,968 | 1,961,000 | ||||||||||||||||||||||||||||||
Cineworld Group PLC (0.5%)*(3) (5) (8) | Leisure Products | First Lien Senior Secured Term Loan (LIBOR + 2.25%, 3.3% Cash, Acquired 4/20, Due 2/25) | 2,990,793 | 1,954,589 | 2,238,878 | |||||||||||||||||||||||||||
2,990,793 | 1,954,589 | 2,238,878 | ||||||||||||||||||||||||||||||
Classic Collision (Summit Buyer, LLC) (0.6%)*(5) (7) (8) | Auto Collision Repair Centers | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 01/20, Due 01/26) | 3,921,456 | 3,630,038 | 3,145,392 | |||||||||||||||||||||||||||
3,921,456 | 3,630,038 | 3,145,392 | ||||||||||||||||||||||||||||||
CM Acquisitions Holdings Inc. (4.0%)*(5) (7) (8) | Internet & Direct Marketing | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 05/19, Due 05/25) | 20,434,481 | 20,115,062 | 19,398,331 | |||||||||||||||||||||||||||
20,434,481 | 20,115,062 | 19,398,331 | ||||||||||||||||||||||||||||||
CMT Opco Holding, LLC (Concept Machine) (1.1%)*(5) (7) (8) | Distributors | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 01/20, Due 01/25) | 5,450,744 | 5,349,552 | 5,007,434 | |||||||||||||||||||||||||||
LLC Units (10,185 units, Acquired 01/20) | 407,915 | 299,118 | ||||||||||||||||||||||||||||||
5,450,744 | 5,757,467 | 5,306,552 | ||||||||||||||||||||||||||||||
Confie Seguros Holding II Co. (0.3%)*(5) (8) | Insurance Brokerage Services | Second Lien Senior Secured Term Loan (LIBOR + 8.5%, 8.7% Cash, Acquired 10/19, Due 11/25) | 2,500,000 | 2,360,112 | 1,677,075 | |||||||||||||||||||||||||||
2,500,000 | 2,360,112 | 1,677,075 | ||||||||||||||||||||||||||||||
Contabo Finco S.À R.L (0.3%)*(3) (5) (7) (8) | Internet Software and Services | First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 10/19, Due 10/26) | 1,361,657 | 1,307,535 | 1,269,399 | |||||||||||||||||||||||||||
1,361,657 | 1,307,535 | 1,269,399 | ||||||||||||||||||||||||||||||
Container Store Group, Inc., (The) (0.5%)*(6) (8) | Retail | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 09/18, Due 09/23) | 2,889,648 | 2,891,578 | 2,326,166 | |||||||||||||||||||||||||||
2,889,648 | 2,891,578 | 2,326,166 | ||||||||||||||||||||||||||||||
Core & Main LP (0.8%)*(6) (8) | Building Products | First Lien Senior Secured Term Loan (LIBOR + 2.75%, 3.8% Cash, Acquired 09/18, Due 08/24) | 3,959,391 | 3,973,700 | 3,762,649 | |||||||||||||||||||||||||||
3,959,391 | 3,973,700 | 3,762,649 | ||||||||||||||||||||||||||||||
CPI International Inc. (0.9%)*(6) (8) | Electronic Components | First Lien Senior Secured Term Loan (LIBOR + 3.5%, 4.5% Cash, Acquired 08/18, Due 07/24) | 4,722,788 | 4,728,810 | 4,431,534 | |||||||||||||||||||||||||||
4,722,788 | 4,728,810 | 4,431,534 | ||||||||||||||||||||||||||||||
Dart Buyer, Inc. (2.4%)*(3) (5) (7) (8) | Aerospace & Defense | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 04/19, Due 04/25) | 12,373,311 | 12,131,607 | 11,685,480 | |||||||||||||||||||||||||||
12,373,311 | 12,131,607 | 11,685,480 | ||||||||||||||||||||||||||||||
Davis Vision Incorporation (0.8%)*(6) (8) | Managed Health Care | First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.0% Cash, Acquired 08/18, Due 12/24) | 3,949,367 | 3,947,664 | 3,774,134 | |||||||||||||||||||||||||||
3,949,367 | 3,947,664 | 3,774,134 | ||||||||||||||||||||||||||||||
Diamond Sports Group, LLC (0.2%)* (5) (8) | Broadcasting | First Lien Senior Secured Term Loan (LIBOR + 3.25%, 3.4% Cash, Acquired 03/20, Due 08/26) | 994,987 | 780,476 | 807,184 | |||||||||||||||||||||||||||
994,987 | 780,476 | 807,184 | ||||||||||||||||||||||||||||||
Dimora Brands, Inc. (0.6%)*(6) (8) | Building Products | First Lien Senior Secured Term Loan (LIBOR + 3.5%, 4.6% Cash, Acquired 08/18, Due 08/24) | 2,938,760 | 2,941,402 | 2,812,040 | |||||||||||||||||||||||||||
2,938,760 | 2,941,402 | 2,812,040 | ||||||||||||||||||||||||||||||
Distinct Holdings, Inc. (1.5%)*(5) (7) (8) | Systems Software | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 04/19, Due 12/23) | 7,554,756 | 7,481,644 | 7,256,971 | |||||||||||||||||||||||||||
7,554,756 | 7,481,644 | 7,256,971 | ||||||||||||||||||||||||||||||
DreamStart Bidco SAS (d/b/a SmartTrade) (2.0%)*(3) (5) (7) (8) | Diversified Financial Services | First Lien Senior Secured Term Loan (EURIBOR + 4.5%, 4.5% Cash, 1.8% PIK, Acquired 03/20, Due 03/27) | 9,870,524 | 9,344,248 | 9,620,125 | |||||||||||||||||||||||||||
9,870,524 | 9,344,248 | 9,620,125 | ||||||||||||||||||||||||||||||
Edelman Financial Center, LLC, The (1.0%)*(6) (8) | Investment Banking & Brokerage | First Lien Senior Secured Term Loan (LIBOR + 3.0%, 3.2% Cash, Acquired 09/18, Due 07/25) | 4,937,343 | 4,970,893 | 4,702,820 | |||||||||||||||||||||||||||
4,937,343 | 4,970,893 | 4,702,820 | ||||||||||||||||||||||||||||||
Elmwood CLO: Series 2019-1A (0.6%)*(3) (5) (8) | Structured Finance | Structured Secured Note - Class E (LIBOR + 7.10%, 8.2% Cash, Acquired 03/20, Due 04/30) | 3,000,000 | 2,673,958 | 2,825,565 | |||||||||||||||||||||||||||
3,000,000 | 2,673,958 | 2,825,565 | ||||||||||||||||||||||||||||||
Endo International PLC (1.5%)*(3) (5) (6) (8) | Pharmaceuticals | First Lien Senior Secured Term Loan (LIBOR + 4.25%, 5.0% Cash, Acquired 09/18, Due 04/24) | 7,838,384 | 7,892,372 | 7,387,677 | |||||||||||||||||||||||||||