UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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| þ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Quarterly Period Ended December 31, 2012
OR
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| o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number 814-00794
Golub Capital BDC, Inc.
(Exact name of registrant as specified in its charter)
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| Delaware | 27-2326940 | |
| (State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
150 South Wacker Drive, Suite 800
Chicago, IL 60606
(Address of principal executive offices)
(312) 205-5050
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes o No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
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| Large accelerated filer o | Accelerated filer þ | |
| Non-accelerated filer o (Do not check if a smaller reporting company) | Smaller reporting company o |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No þ
As of February 7, 2013, the Registrant had 33,105,336 shares of common stock, $0.001 par value, outstanding.
Table of Contents
i
Part I. Financial Information
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Statements of Financial Condition
(In thousands, except share and per share data)
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| December 31, 2012 | September 30, 2012 | |||||||
| (unaudited) | ||||||||
| Assets |
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| Investments, at fair value (cost of $765,626 and $669,841, respectively) | $ | 768,342 | $ | 672,910 | ||||
| Cash and cash equivalents | 21,420 | 13,891 | ||||||
| Restricted cash and cash equivalents | 39,226 | 37,036 | ||||||
| Interest receivable | 3,245 | 3,906 | ||||||
| Deferred financing costs | 6,373 | 5,898 | ||||||
| Other assets | 397 | 455 | ||||||
| Total Assets | $ | 839,003 | $ | 734,096 | ||||
| Liabilities |
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| Debt | $ | 400,450 | $ | 352,300 | ||||
| Interest payable | 2,473 | 1,391 | ||||||
| Management and incentive fees payable | 4,782 | 4,203 | ||||||
| Accounts payable and accrued expenses | 1,452 | 1,073 | ||||||
| Payable for investments purchased | 10,456 | — | ||||||
| Total Liabilities | 419,613 | 358,967 | ||||||
| Net Assets |
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| Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of December 31, 2012 and September 30, 2012 | — | — | ||||||
| Common stock, par value $0.001 per share, 100,000,000 shares authorized, 28,605,336 and 25,688,101 shares issued and outstanding as of December 31, 2012 and September 30, 2012, respectively | 29 | 26 | ||||||
| Paid in capital in excess of par | 419,648 | 375,563 | ||||||
| Capital distributions in excess of net investment income | 779 | 347 | ||||||
| Net unrealized appreciation on investments and derivative instruments | 5,384 | 5,737 | ||||||
| Net realized loss on investments and derivative instruments | (6,450 | ) | (6,544 | ) | ||||
| Total Net Assets | 419,390 | 375,129 | ||||||
| Total Liabilities and Total Net Assets | $ | 839,003 | $ | 734,096 | ||||
| Number of common shares outstanding | 28,605,336 | 25,688,101 | ||||||
| Net asset value per common share | $ | 14.66 | $ | 14.60 | ||||
See Notes to Consolidated Financial Statements.
2
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Statements of Operations (unaudited)
(In thousands, except share and per share data)
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| Three months ended December 31, | ||||||||
| 2012 | 2011 | |||||||
| Investment income |
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| Interest income | $ | 18,327 | $ | 12,100 | ||||
| Dividend income | 267 | 377 | ||||||
| Total investment income | 18,594 | 12,477 | ||||||
| Expenses |
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| Interest and other debt financing expenses | 2,995 | 2,366 | ||||||
| Base management fee | 2,468 | 1,874 | ||||||
| Incentive fee | 2,394 | 909 | ||||||
| Professional fees | 493 | 588 | ||||||
| Administrative service fee | 548 | 262 | ||||||
| General and administrative expenses | 118 | 136 | ||||||
| Total expenses | 9,016 | 6,135 | ||||||
| Net investment income | 9,578 | 6,342 | ||||||
| Net loss on investments |
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| Net realized gain (loss) on investments | 94 | (2,115 | ) | |||||
| Net realized gain on derivative instruments | — | 264 | ||||||
| Net change in unrealized (depreciation) appreciation on investments | (353 | ) | 343 | |||||
| Net change in unrealized appreciation on derivative instruments | — | 1,357 | ||||||
| Net loss on investments | (259 | ) | (151 | ) | ||||
| Net increase in net assets resulting from operations | $ | 9,319 | $ | 6,191 | ||||
| Per Common Share Data |
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| Basic and diluted earnings per common share | $ | 0.33 | $ | 0.28 | ||||
| Dividends and distributions declared per common share | $ | 0.32 | $ | 0.32 | ||||
| Basic and diluted weighted average common shares outstanding | 27,933,613 | 21,734,720 | ||||||
See Notes to Consolidated Financial Statements.
3
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Statements of Changes in Net Assets (unaudited)
(In thousands, except share data)
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| Common Stock | Paid in Capital in Excess of Par |
Capital Distributions in Excess of Net Investment Income | Net Unrealized Appreciation (Depreciation) on Investments and Derivative Instruments | Net Realized Gain (Loss) on Investments and Derivative Instruments | Total Net Assets |
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| Shares | Par Amount | |||||||||||||||||||||||||||
| Balance at September 30, 2011 | 21,733,903 | $ | 22 | $ | 318,302 | $ | (398 | ) | $ | (1,519 | ) | $ | 142 | $ | 316,549 | |||||||||||||
| Net increase (decrease) in net assets resulting from operations |
— | — | — | 6,342 | 1,700 | (1,851 | ) | 6,191 | ||||||||||||||||||||
| Distributions to stockholders: |
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| Stock issued in connection with dividend reinvestment plan | 25,052 | — | 375 | — | — | — | 375 | |||||||||||||||||||||
| Dividends and distributions | — | — | — | (6,955 | ) | — | — | (6,955 | ) | |||||||||||||||||||
| Balance at December 31, 2011 | 21,758,955 | $ | 22 | $ | 318,677 | $ | (1,011 | ) | $ | 181 | $ | (1,709 | ) | $ | 316,160 | |||||||||||||
| Balance at September 30, 2012 | 25,688,101 | $ | 26 | $ | 375,563 | $ | 347 | $ | 5,737 | $ | (6,544 | ) | $ | 375,129 | ||||||||||||||
| Issuance of common stock, net of offering and underwriting costs(1) | 2,894,120 | 3 | 43,742 | — | — | — | 43,745 | |||||||||||||||||||||
| Net increase (decrease) in net assets resulting from operations |
— | — | — | 9,578 | (353 | ) | 94 | 9,319 | ||||||||||||||||||||
| Distributions to stockholders: |
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| Stock issued in connection with dividend reinvestment plan | 23,115 | — | 343 | — | — | — | 343 | |||||||||||||||||||||
| Dividends and distributions | — | — | — | (9,146 | ) | — | — | (9,146 | ) | |||||||||||||||||||
| Balance at December 31, 2012 | 28,605,336 | $ | 29 | $ | 419,648 | $ | 779 | $ | 5,384 | $ | (6,450 | ) | $ | 419,390 | ||||||||||||||
| (1) | On October 16, 2012, Golub Capital BDC, Inc. priced a public offering of 2,600,000 shares of its common stock at a public offering price of $15.58 per share. On November 14, 2012, Golub Capital BDC, Inc. sold an additional 294,120 shares of its common stock at a public offering price of $15.58 per share pursuant to the underwriters’ partial exercise of the over-allotment option. |
See Notes to Consolidated Financial Statements.
4
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Statements of Cash Flows (unaudited)
(In thousands)
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| Three Months Ended December 31, | ||||||||
| 2012 | 2011 | |||||||
| Cash flows from operating activities |
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| Net increase in net assets resulting from operations | $ | 9,319 | $ | 6,191 | ||||
| Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities |
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| Amortization of deferred financing costs | 366 | 340 | ||||||
| Accretion of discounts and amortization of premiums | (2,440 | ) | (1,090 | ) | ||||
| Net realized (gain) loss on investments | (94 | ) | 2,115 | |||||
| Net realized gain on derivative instruments | — | (264 | ) | |||||
| Net change in unrealized depreciation (appreciation) on investments | 353 | (343 | ) | |||||
| Net change in unrealized depreciation on derivative instruments | — | (1,357 | ) | |||||
| Fundings of revolving loans, net | (2,828 | ) | (1,046 | ) | ||||
| Fundings of investments | (235,325 | ) | (144,546 | ) | ||||
| Proceeds from principal payments and sales of portfolio investments | 145,609 | 42,876 | ||||||
| Proceeds from derivative instruments | — | 264 | ||||||
| Payment-in-kind (“PIK”) interest | (705 | ) | (185 | ) | ||||
| Changes in operating assets and liabilities: |
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| Interest receivable | 661 | (127 | ) | |||||
| Cash collateral on deposit with custodian | — | 122 | ||||||
| Other assets | 58 | 21 | ||||||
| Interest payable | 1,082 | 723 | ||||||
| Management and incentive fees payable | 579 | 1,114 | ||||||
| Accounts payable and accrued expenses | 379 | 79 | ||||||
| Payable for investments purchased | 10,456 | — | ||||||
| Receivable for investments sold | — | (1,449 | ) | |||||
| Net cash used in operating activities | (72,530 | ) | (96,562 | ) | ||||
| Cash flows from investing activities |
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| Net change in restricted cash and cash equivalents | (2,190 | ) | 8,961 | |||||
| Net cash (used in) provided by investing activities | (2,190 | ) | 8,961 | |||||
| Cash flows from financing activities |
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| Borrowings on debt | 107,650 | 74,217 | ||||||
| Repayments of debt | (59,500 | ) | — | |||||
| Capitalized debt financing costs | (841 | ) | (939 | ) | ||||
| Proceeds from shares sold, net of underwriting costs | 43,825 | — | ||||||
| Offering costs paid | (80 | ) | — | |||||
| Dividends and distributions paid | (8,805 | ) | (6,580 | ) | ||||
| Net cash provided by financing activities | 82,249 | 66,698 | ||||||
| Net change in cash and cash equivalents | 7,529 | (20,903 | ) | |||||
| Cash and cash equivalents, beginning of period | 13,891 | 46,350 | ||||||
| Cash and cash equivalents, end of period | $ | 21,420 | $ | 25,447 | ||||
| Supplemental information: |
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| Cash paid during the period for interest | $ | 1,547 | $ | 1,304 | ||||
| Dividends and distributions declared during the period | $ | 9,146 | $ | 6,955 | ||||
See Notes to Consolidated Financial Statements.
5
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited)
December 31, 2012
(In thousands)
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| Investment Type |
Spread Above Index(1) | Interest Rate(2) |
Maturity Date |
Principal Amount |
Cost | Percentage of Net Assets |
Fair Value |
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| Investments |
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| Canada |
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| Debt investments |
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| Leisure, Amusement, Motion Pictures, Entertainment |
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| Extreme Fitness, Inc.(3)(4) | Subordinated debt | N/A | 14.50 | % | 11/2015 | $ | 2,889 | $ | 2,810 | 0.1 % | $ | 289 | ||||||||||||||||||||
| Extreme Fitness, Inc. | Senior loan | N/A | 8.00 | % | 12/2012 | 596 | 596 | 0.1 | 596 | |||||||||||||||||||||||
| Total Canada | $ | 3,485 | $ | 3,406 | 0.2 % | $ | 885 | |||||||||||||||||||||||||
| Fair Value as percentage of Principal Amount |
25.4 | % | ||||||||||||||||||||||||||||||
| United States |
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| Debt investments |
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| Aerospace and Defense |
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| Aderant North America, Inc.* |
Senior loan | P + 4.00 | % | 7.25 | % | 12/2018 | $ | 4,529 | $ | 4,484 | 1.1 % | $ | 4,484 | |||||||||||||||||||
| ILC Dover, LP | Senior loan | P + 4.75 | % | 8.00 | % | 07/2017 | 85 | 78 | — | 80 | ||||||||||||||||||||||
| ILC Dover, LP | Senior loan | L + 5.75 | % | 7.01 | % | 07/2017 | 4,393 | 4,315 | 1.0 | 4,349 | ||||||||||||||||||||||
| ILC Dover, LP | Senior loan | L + 5.75 | % | 7.02 | % | 07/2017 | 612 | 606 | 0.1 | 606 | ||||||||||||||||||||||
| Tresys Technology Holdings, Inc. | Senior loan | L + 6.75 | % | 8.75 | % | 12/2017 | 4,025 | 3,925 | 0.9 | 3,965 | ||||||||||||||||||||||
| Tresys Technology Holdings, Inc.(5) | Senior loan | L + 6.75 | % | N/A | (6) | 12/2017 | — | (10 | ) | — | (10 | ) | ||||||||||||||||||||
| Whitcraft LLC | Subordinated debt | N/A | 12.00 | % | 12/2018 | 1,877 | 1,850 | 0.4 | 1,877 | |||||||||||||||||||||||
| White Oak Technologies, Inc.* |
Senior loan | L + 5.00 | % | 6.25 | % | 03/2017 | 1,905 | 1,869 | 0.4 | 1,886 | ||||||||||||||||||||||
| White Oak Technologies, Inc.(5) |
Senior loan | L + 5.00 | % | N/A | (6) | 03/2017 | — | (7 | ) | — | (4 | ) | ||||||||||||||||||||
| 17,426 | 17,110 | 3.9 | 17,233 | |||||||||||||||||||||||||||||
| Automobile |
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| ABRA, Inc.(4) | Subordinated debt | N/A | 13.50 | % | 04/2017 | 966 | 947 | 0.2 | 966 | |||||||||||||||||||||||
| ABRA, Inc.(4) | Subordinated debt | N/A | 13.50 | % | 04/2017 | 9,623 | 9,456 | 2.3 | 9,623 | |||||||||||||||||||||||
| American Driveline Systems, Inc.* | Senior loan | L + 5.50 | % | 7.00 | % | 01/2016 | 2,847 | 2,803 | 0.7 | 2,762 | ||||||||||||||||||||||
| American Driveline Systems, Inc. | Senior loan | P + 4.50 | % | 7.75 | % | 01/2016 | 325 | 319 | 0.1 | 313 | ||||||||||||||||||||||
| CLP Auto Interior Corporation* | Senior loan | L + 4.75 | % | 4.96 | % | 06/2013 | 3,036 | 3,036 | 0.7 | 2,975 | ||||||||||||||||||||||
| Express Oil Change, LLC* |
Senior loan | P + 3.50 | % | 6.75 | % | 12/2017 | 1,889 | 1,870 | 0.4 | 1,870 | ||||||||||||||||||||||
| Express Oil Change, LLC(5) |
Senior loan | P + 3.50 | % | N/A | (6) | 12/2017 | — | (5 | ) | — | (5 | ) | ||||||||||||||||||||
| Express Oil Change, LLC | Senior loan | P + 3.50 | % | 6.75 | % | 12/2017 | 151 | 148 | — | 148 | ||||||||||||||||||||||
| Federal-Mogul Corporation | Senior loan | L + 1.94 | % | 2.15 | % | 12/2014 | 1,971 | 1,933 | 0.4 | 1,821 | ||||||||||||||||||||||
| Federal-Mogul Corporation | Senior loan | L + 1.94 | % | 2.15 | % | 12/2015 | 1,006 | 985 | 0.2 | 929 | ||||||||||||||||||||||
| K&N Engineering, Inc.(5) | Senior loan | P + 4.25 | % | N/A | (6) | 12/2016 | — | (6 | ) | — | — | |||||||||||||||||||||
| K&N Engineering, Inc. | Senior loan | P + 4.25 | % | 7.50 | % | 12/2016 | 3,183 | 3,132 | 0.8 | 3,183 | ||||||||||||||||||||||
| 24,997 | 24,618 | 5.8 | 24,585 | |||||||||||||||||||||||||||||
See Notes to Consolidated Financial Statements.
6
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| Investment Type |
Spread Above Index(1) | Interest Rate(2) |
Maturity Date |
Principal Amount |
Cost | Percentage of Net Assets |
Fair Value |
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| Banking |
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| Prommis Fin Co.*(3)(4) | Senior loan | L + 9.50 | % | 10.50 | % | 06/2015 | 201 | 191 | — | 161 | ||||||||||||||||||||||
| Prommis Fin Co.*(3)(4) | Second lien | L + 9.50 | % | 10.50 | % | 06/2015 | 403 | 382 | — | 133 | ||||||||||||||||||||||
| Prommis Fin Co.*(3)(4) | Second lien | L + 9.50 | % | 10.50 | % | 06/2015 | 202 | 191 | — | — | ||||||||||||||||||||||
| Prommis Fin Co. | Senior loan | L + 9.00 | % | 10.00 | % | 06/2015 | 120 | 119 | — | 120 | ||||||||||||||||||||||
| 926 | 883 | — | 414 | |||||||||||||||||||||||||||||
| Beverage, Food and Tobacco |
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| ABP Corporation(5) | Senior loan | L + 5.25 | % | N/A | (6) | 06/2016 | — | (5 | ) | — | — | |||||||||||||||||||||
| ABP Corporation* | Senior loan | L + 5.25 | % | 6.75 | % | 06/2016 | 4,524 | 4,463 | 1.1 | 4,524 | ||||||||||||||||||||||
| Ameriqual Group, LLC* | Senior loan | L + 5.00 | % | 6.50 | % | 03/2016 | 1,774 | 1,751 | 0.4 | 1,685 | ||||||||||||||||||||||
| Ameriqual Group, LLC* | Senior loan | L + 7.50 | % | 9.00 | % | 03/2016 | 837 | 826 | 0.2 | 754 | ||||||||||||||||||||||
| Atkins Nutritionals, Inc* | Second lien | L + 8.69 | % | 10.19 | % | 12/2015 | 6,121 | 6,000 | 1.5 | 6,121 | ||||||||||||||||||||||
| Candy Intermediate Holdings, Inc. | Senior loan | L + 6.25 | % | 7.51 | % | 06/2018 | 4,975 | 4,816 | 1.2 | 5,039 | ||||||||||||||||||||||
| First Watch Restaurants, Inc. |
Senior loan | L + 7.50 | % | 8.75 | % | 12/2016 | 421 | 394 | 0.1 | 421 | ||||||||||||||||||||||
| First Watch Restaurants, Inc.(5) |
Senior loan | L + 7.50 | % | N/A | (6) | 12/2016 | — | (28 | ) | — | — | |||||||||||||||||||||
| First Watch Restaurants, Inc.* |
Senior loan | P + 6.50 | % | 9.75 | % | 12/2016 | 11,472 | 11,290 | 2.7 | 11,472 | ||||||||||||||||||||||
| IL Fornaio (America) Corporation* | Senior loan | L + 5.25 | % | 6.50 | % | 06/2017 | 4,423 | 4,406 | 1.1 | 4,423 | ||||||||||||||||||||||
| IT'SUGAR LLC | Senior loan | L + 8.50 | % | 10.00 | % | 04/2017 | 4,245 | 4,171 | 1.0 | 4,245 | ||||||||||||||||||||||
| IT'SUGAR LLC | Subordinated debt |
N/A | 8.00 | % | 10/2017 | 1,707 | 1,707 | 0.5 | 2,270 | |||||||||||||||||||||||
| Julio & Sons Company(5) | Senior loan | L + 5.50 | % | N/A | (6) | 09/2014 | — | (13 | ) | — | — | |||||||||||||||||||||
| Julio & Sons Company* | Senior loan | L + 5.50 | % | 7.00 | % | 09/2016 | 7,103 | 7,050 | 1.7 | 7,103 | ||||||||||||||||||||||
| Julio & Sons Company(5) | Senior loan | L + 5.50 | % | N/A | (6) | 09/2016 | — | (11 | ) | — | — | |||||||||||||||||||||
| Richelieu Foods, Inc.* | Senior loan | L + 5.00 | % | 6.76 | % | 11/2015 | 2,082 | 2,049 | 0.5 | 2,082 | ||||||||||||||||||||||
| Richelieu Foods, Inc. | Senior loan | P + 4.00 | % | 7.25 | % | 11/2015 | 137 | 128 | — | 137 | ||||||||||||||||||||||
| 49,821 | 48,994 | 12.0 | 50,276 | |||||||||||||||||||||||||||||
| Building and Real Estate |
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| ASP PDM Acquisition Co. LLC* | Senior loan | L + 6.25 | % | 7.75 | % | 12/2013 | 451 | 442 | 0.1 | 338 | ||||||||||||||||||||||
| Global Claims Services, Inc.* |
Senior loan | L + 5.00 | % | 6.25 | % | 06/2018 | 829 | 817 | 0.2 | 829 | ||||||||||||||||||||||
| Global Claims Services, Inc.(5) |
Senior loan | L + 5.00 | % | N/A | (6) | 06/2018 | — | (1 | ) | — | — | |||||||||||||||||||||
| KHKI Acquisition, Inc. | Senior loan | L + 5.00 | % | 8.50 | % | 03/2017 | 2,626 | 2,626 | 0.4 | 1,576 | ||||||||||||||||||||||
| Tecta America Corp. | Senior loan | P + 7.75 | % | 11.00 | % | 03/2014 | 3,779 | 3,779 | 0.8 | 3,267 | ||||||||||||||||||||||
| 7,685 | 7,663 | 1.5 | 6,010 | |||||||||||||||||||||||||||||
| Cargo Transport |
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| RedPrairie Corporation* | Senior loan | L + 5.50 | % | 6.75 | % | 12/2018 | 2,000 | 1,960 | 0.5 | 2,003 | ||||||||||||||||||||||
| RedPrairie Corporation | Second lien | L + 10.00 | % | 11.25 | % | 12/2019 | 7,500 | 7,350 | 1.8 | 7,587 | ||||||||||||||||||||||
| 9,500 | 9,310 | 2.3 | 9,590 | |||||||||||||||||||||||||||||
| Chemicals, Plastics and Rubber |
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| Integrated DNA Technologies, Inc.(4) | Subordinated debt | N/A | 14.00 | % | 04/2015 | 2,167 | 2,121 | 0.5 | 2,167 | |||||||||||||||||||||||
| Road Infrastructure Investment, LLC(5) | Senior loan | L + 5.00 | % | N/A | (6) | 03/2017 | — | (39 | ) | — | (3 | ) | ||||||||||||||||||||
| Road Infrastructure Investment, LLC* | Senior loan | L + 5.00 | % | 6.25 | % | 03/2018 | 4,127 | 4,072 | 1.0 | 4,135 | ||||||||||||||||||||||
| 6,294 | 6,154 | 1.5 | 6,299 | |||||||||||||||||||||||||||||
See Notes to Consolidated Financial Statements.
7
Golub Capital BDC, Inc. and Subsidiaries
Consolidated Schedule of Investments (unaudited) — (Continued)
December 31, 2012
(In thousands)
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| Investment Type |
Spread Above Index(1) | Interest Rate(2) |
Maturity Date |
Principal Amount |
Cost | Percentage of Total Net Assets |
Fair Value |
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| Containers, Packaging and Glass |
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| Fort Dearborn Company* | Senior loan | L + 4.75 | % | 6.00 | % | 10/2017 | 50 | 50 | — | 50 | ||||||||||||||||||||||
| Fort Dearborn Company* | Senior loan | L + 5.25 | % | 6.50 | % | 10/2018 | 192 | 190 | — | 192 | ||||||||||||||||||||||
| Fort Dearborn Company* | Senior loan | L + 4.75 | % | 6.00 | % | 10/2017 | 481 | 476 | 0.1 | 481 | ||||||||||||||||||||||
| Fort Dearborn Company* | Senior loan | L + 5.25 | % | 6.50 | % | 10/2018 | 1,843 | 1,825 | 0.4 | 1,843 | ||||||||||||||||||||||
| John Henry Holdings Inc. |
Second lien | L + 9.00 | % | 10.25 | % | 06/2020 | 1,175 | 1,146 | 0.3 | 1,152 | ||||||||||||||||||||||
| 3,741 | 3,687 | 0.8 | 3,718 | |||||||||||||||||||||||||||||
| Diversified Conglomerate Manufacturing |
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| Chase Industries, Inc.* | Senior loan | L + 5.50 | % | 6.75 | % | 11/2017 | 11,785 | 11,575 | 2.8 | 11,667 | ||||||||||||||||||||||
| Pasternack Enterprises, Inc.* |
Senior loan | L + 5.00 | % | 6.25 | % | 12/2017 | 1,290 | 1,277 | 0.3 | 1,277 | ||||||||||||||||||||||
| Sunless Merger Sub, Inc.* |
Senior loan | L + 5.25 | % | 6.50 | % | 07/2016 | 2,261 | 2,253 | 0.5 | 2,171 | ||||||||||||||||||||||
| Sunless Merger Sub, Inc. |
Senior loan | P + 4.00 | % | 7.25 | % | 07/2016 | 65 | 64 | — | 54 | ||||||||||||||||||||||
| Tecomet Inc. | Senior loan | L + 5.25 | % | 7.00 | % | 12/2016 | 1,681 | 1,658 | 0.4 | 1,681 | ||||||||||||||||||||||
| Tecomet Inc.* | Senior loan | L + 5.25 | % | 7.00 | % | 12/2016 | 4,363 | 4,302 | 1.0 | 4,363 | ||||||||||||||||||||||
| Tecomet Inc.(5) | Senior loan | L + 5.25 | % | N/A | (6) | 12/2016 | — | (6 | ) | — | — | |||||||||||||||||||||
| TIDI Products, LLC* | Senior loan | L + 7.00 | % | 8.25 | % | 07/2018 | 8,769 | 8,592 | 2.1 | 8,769 | ||||||||||||||||||||||
| TIDI Products, LLC(5) | Senior loan | L + 7.00 | % | N/A | (6) | 07/2017 | — | (12 | ) | — | — | |||||||||||||||||||||
| Vintage Parts, Inc.* | Senior loan | L + 6.00 | % | 8.50 | % | 12/2013 | 76 | 76 | — | 76 | ||||||||||||||||||||||
| Vintage Parts, Inc.* | Senior loan | L + 8.00 | % | 9.75 | % | 12/2013 | 1,141 | 1,131 | 0.3 | 1,175 | ||||||||||||||||||||||
| Vintage Parts, Inc.* | Senior loan | L + 5.50 | % | 5.81 | % | 12/2013 | 5,462 | 5,448 | 1.3 | 5,298 | ||||||||||||||||||||||
| 36,893 | 36,358 | 8.7 | 36,531 | |||||||||||||||||||||||||||||
| Diversified Conglomerate Service |
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| Agility Recovery Solutions Inc. | Senior loan | L + 6.75 | % | 8.00 | % | 12/2017 | 5,498 | 5,361 | 1.3 | 5,416 | ||||||||||||||||||||||
| Agility Recovery Solutions Inc.(5) | Senior loan | L + 6.75 | % | N/A | (6) | 12/2017 | — | (7 | ) | — | (7 | ) | ||||||||||||||||||||
| API Healthcare Corporation* | Senior loan | L + 9.11 | % | 10.61 | % | 02/2017 | 9,464 | 9,312 | 2.3 | 9,464 | ||||||||||||||||||||||
| Consona Holdings, Inc.* | Senior loan | L + 5.50 | % | 6.75 | % | 08/2018 | 1,078 | 1,044 | 0.3 | 1,078 | ||||||||||||||||||||||
| Consona Holdings, Inc.* | Senior loan | L + 6.00 | % | 7.25 | % | 08/2018 | 1,563 | 1,548 | 0.4 | 1,563 | ||||||||||||||||||||||
| Consona Holdings, Inc.(5) |
Senior loan | L + 5.50 | % | N/A | (6) | 08/2017 | — | (3 | ) | — | — | |||||||||||||||||||||
| Document Technologies, LLC(5) |
Senior loan | L + 5.00 | % | N/A | (6) | 12/2016 | — | (15 | ) | — | — | |||||||||||||||||||||
| Document Technologies, LLC |
Senior loan | L + 5.00 | % | 6.50 | % | 12/2016 | 4,992 | 4,925 | 1.2 | 4,992 | ||||||||||||||||||||||
| EAG, Inc.* | Senior loan | P + 3.50 | % | 6.75 | % | 07/2017 | 2,560 | 2,527 | 0.6 | 2,560 | ||||||||||||||||||||||
| HighJump Acquisition LLC(5) |
Senior loan | L + 8.75 | % | N/A | (6) | 07/2016 | — | (11 | ) | — | — | |||||||||||||||||||||
| HighJump Acquisition LLC |
Senior loan | L + 8.75 | % | 10.00 | % | 07/2016 | 5,427 | 5,369 | 1.3 | 5,427 | ||||||||||||||||||||||
| Marathon Data Operating Co., LLC | Senior loan | L + 6.25 | % | 7.50 | % | 08/2017 | 4,807 | 4,695 | 1.1 | 4,807 | ||||||||||||||||||||||
| Marathon Data Operating Co., LLC(5) | Senior loan | L + 6.25 | % | N/A | (6) | 08/2017 | — | (10 | ) | — | — | |||||||||||||||||||||
See Notes to Consolidated Financial Statements.
8
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| Investment Type |
Spread Above Index(1) | Interest Rate(2) |
Maturity Date |
Principal Amount |
Cost | Percentage of Total Net Assets |
Fair Value |
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| MSC.Software Corporation* | Senior loan | L + 6.50 | % | 7.75 | % | 11/2017 | 10,419 | 10,223 | 2.4 | 10,262 | ||||||||||||||||||||||
| Navex Global, Inc. | Senior loan | L + 7.50 | % | N/A | (6) | 12/2016 | — | (20 | ) | — | — | |||||||||||||||||||||
| Navex Global, Inc.* | Senior loan | L + 7.50 | % | 9.00 | % | 12/2016 | 18,103 | 17,732 | 4.3 | 18,103 | ||||||||||||||||||||||
| NetSmart Technologies, Inc.* |
Senior loan | L + 7.03 | % | 8.28 | % | 12/2017 | 8,537 | 8,447 | 2.0 | 8,446 | ||||||||||||||||||||||
| NetSmart Technologies, Inc. |
Senior loan | L + 6.00 | % | 7.25 | % | 12/2017 | 667 | 653 | 0.2 | 652 | ||||||||||||||||||||||
| PC Helps Support, LLC | Senior loan | L + 5.25 | % | 6.51 | % | 09/2017 | 2,324 | 2,292 | 0.6 | 2,324 | ||||||||||||||||||||||
| PC Helps Support, LLC(5) |
Senior loan | L + 5.25 | % | N/A | (6) | 09/2017 | — | (2 | ) | — | — | |||||||||||||||||||||
| Secure-24, LLC | Senior loan | L + 6.25 | % | 7.50 | % | 08/2017 | 9,265 | 9,050 | 2.2 | 9,265 | ||||||||||||||||||||||
| Secure-24, LLC(5) | Senior loan | L + 6.25 | % | N/A | (6) | 08/2017 | — | (8 | ) | — | — | |||||||||||||||||||||
| Secure-24, LLC | Senior loan | L + 6.25 | % | 7.50 | % | 08/2017 | 553 | 538 | 0.1 | 553 | ||||||||||||||||||||||
| Source Medical Solutions, Inc. | Second lien | L + 9.50 | % | 10.75 | % | 03/2018 | 9,294 | 9,071 | 2.2 | 9,155 | ||||||||||||||||||||||
| 94,551 | 92,711 | 22.5 | 94,060 | |||||||||||||||||||||||||||||
| Diversified Natural Resources, Precious Metals, and Minerals |
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| Metal Spinners, Inc.* | Senior loan | L + 6.50 | % | 8.00 | % | 12/2014 | 1,466 | 1,433 | 0.3 | 1,466 | ||||||||||||||||||||||
| Metal Spinners, Inc.* | Senior loan | L + 6.50 | % | 8.00 | % | 12/2014 | 2,935 | 2,874 | 0.7 | 2,935 | ||||||||||||||||||||||
| 4,401 | 4,307 | 1.0 | 4,401 | |||||||||||||||||||||||||||||
| Electronics |
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| Cape Electrical Supply LLC*(4) |
Senior loan | L + 5.75 | % | 7.00 | % | 06/2013 | 1,332 | 1,319 | 0.3 | 1,332 | ||||||||||||||||||||||
| Ecommerce Industries, Inc.(5) |
Senior loan | L + 6.75 | % | N/A | (6) | 10/2016 | — | (25 | ) | — | — | |||||||||||||||||||||
| Ecommerce Industries, Inc.* |
Senior loan | L + 8.39 | % | 9.64 | % | 10/2016 | 13,352 | 13,166 | 3.2 | 13,352 | ||||||||||||||||||||||
| Entrust, Inc./Entrust Limited* | Second lien | L + 9.50 | % | 10.75 | % | 04/2019 | 5,204 | 5,153 | 1.2 | 5,204 | ||||||||||||||||||||||
| Entrust, Inc./Entrust Limited* | Second lien | L + 9.50 | % | 10.75 | % | 04/2019 | 11,523 | 11,411 | 2.7 | 11,523 | ||||||||||||||||||||||
| Rogue Wave Holdings, Inc.* |
Senior loan | L + 7.00 | % | 8.25 | % | 11/2017 | 6,307 | 6,229 | 1.5 | 6,228 | ||||||||||||||||||||||
| Sparta Systems, Inc. | Senior loan | L + 5.25 | % | 6.50 | % | 12/2017 | 55 | 46 | — | 46 | ||||||||||||||||||||||
| Sparta Systems, Inc. | Senior loan | L + 5.25 | % | 6.50 | % | 12/2017 | 6,838 | 6,753 | 1.6 | 6,753 | ||||||||||||||||||||||
| Syncsort Incorporated(5) | Senior loan | L + 5.50 | % | N/A | (6) | 03/2015 | — | (4 | ) | — | — | |||||||||||||||||||||
| Syncsort Incorporated* | Senior loan | L + 5.50 | % | 7.50 | % | 03/2015 | 7,138 | 7,036 | 1.7 | 7,138 | ||||||||||||||||||||||
| Time-O-Matic, Inc.(4) | Subordinated debt | N/A | 13.25 | % | 12/2016 | 11,598 | 11,434 | 2.8 | 11,598 | |||||||||||||||||||||||
| 63,347 | 62,518 | 15.0 | 63,174 | |||||||||||||||||||||||||||||
| Farming and Agriculture |
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| AGData, L.P. | Senior loan | L + 6.25 | % | 7.75 | % | 08/2016 | 2,774 | 2,745 | 0.7 | 2,774 | ||||||||||||||||||||||
| Finance |
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| Ascensus, Inc.* | Senior loan | L + 6.75 | % | 8.00 | % | 12/2018 | 18,093 | 17,731 | 4.2 | 17,731 | ||||||||||||||||||||||
| Bonddesk Group LLC* | Senior loan | L + 5.00 | % | 6.50 | % | 09/2016 | 995 | 988 | 0.2 | 995 | ||||||||||||||||||||||
| Compass Group Diversified Holdings, LLC* |
Senior loan | L + 5.00 | % | 6.25 | % | 10/2017 | 8,366 | 8,023 | 2.0 | 8,413 | ||||||||||||||||||||||
| Pillar Processing LLC*(3) |
Senior loan | L + 5.50 | % | 5.82 | % | 11/2013 | 1,802 | 1,745 | 0.3 | 1,441 | ||||||||||||||||||||||
| Pillar Processing LLC*(3) |
Senior loan | N/A | 14.50 | % | 05/2014 | 3,125 | 2,830 | 0.1 | 469 | |||||||||||||||||||||||
| 32,381 | 31,317 | 6.8 | 29,049 | |||||||||||||||||||||||||||||
See Notes to Consolidated Financial Statements.
9
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| Investment Type |
Spread Above Index(1) | Interest Rate(2) |
Maturity Date |
Principal Amount |
Cost | Percentage of Total Net Assets |
Fair Value |
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| Healthcare, Education and Childcare |
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| Advanced Pain Management Holdings, Inc.(4) | Subordinated debt | N/A | 14.00 | % | 06/2016 | 7,999 | 7,877 | 1.9 | 7,999 | |||||||||||||||||||||||
| Alegeus Technologies, LLC* |
Senior loan | L + 5.00 | % | 6.50 | % | 08/2018 | 871 | 859 | 0.2 | 871 | ||||||||||||||||||||||
| Avatar International, LLC(5) |
Senior loan | L + 7.50 | % | N/A | (6) | 09/2016 | — | (7 | ) | — | — | |||||||||||||||||||||
| Avatar International, LLC* |
Senior loan | L + 7.50 | % | 8.75 | % | 09/2016 | 7,804 | 7,704 | 1.9 | 7,804 | ||||||||||||||||||||||
| Avatar International, LLC |
Senior loan | L + 8.00 | % | 9.25 | % | 09/2016 | 1,684 | 1,667 | 0.4 | 1,684 | ||||||||||||||||||||||
| Campus Management Acquisition Corp. | Second lien | L + 6.80 | % | 8.55 | % | 09/2015 | 5,067 | 5,012 | 1.1 | 4,662 | ||||||||||||||||||||||
| DDC Center Inc.* | Senior loan | L + 6.50 | % | 9.50 | % | 10/2014 | 8,134 | 8,142 | 1.9 | 8,134 | ||||||||||||||||||||||
| DDC Center Inc. | Senior loan | P + 5.25 | % | 10.75 | % | 10/2013 | 182 | 182 | — | 182 | ||||||||||||||||||||||
| Delta Educational Systems* | Senior loan | P + 4.75 | % | 8.00 | % | 12/2016 | 2,203 | 2,168 | 0.5 | 2,071 | ||||||||||||||||||||||
| Dialysis Newco, Inc.(4) | Subordinated debt | N/A | 13.00 | % | 09/2018 | 8,839 | 8,727 | 2.1 | 8,839 | |||||||||||||||||||||||
| Encore Rehabilitation Services, LLC | Senior loan | L + 6.25 | % | 7.50 | % | 06/2017 | 5,196 | 5,068 | 1.2 | 5,144 | ||||||||||||||||||||||
| Encore Rehabilitation Services, LLC(5) | Senior loan | L + 6.25 | % | N/A | (6) | 06/2017 | — | (15 | ) | — | (10 | ) | ||||||||||||||||||||
| G & H Wire Company, Inc.(5) |
Senior loan | L + 5.50 | % | N/A | (6) | 11/2016 | — | (12 | ) | — | — | |||||||||||||||||||||
| G & H Wire Company, Inc.* |
Senior loan | L + 5.50 | % | 7.00 | % | 11/2016 | 8,915 | 8,780 | 2.1 | 8,915 | ||||||||||||||||||||||
| Hospitalists Management Group, LLC |
Senior loan | L + 4.50 | % | 6.00 | % | 05/2017 | 455 | 445 | 0.1 | 410 | ||||||||||||||||||||||
| Hospitalists Management Group, LLC | Senior loan | L + 4.50 | % | 6.00 | % | 05/2017 | 3,841 | 3,771 | 0.9 | 3,649 | ||||||||||||||||||||||
| Hospitalists Management Group, LLC |
Senior loan | L + 4.50 | % | 6.00 | % | 05/2017 | 218 | 209 | — | 173 | ||||||||||||||||||||||
| IntegraMed America, Inc.(5) |
Senior loan | L + 7.25 | % | N/A | (6) | 09/2017 | — | (17 | ) | — | — | |||||||||||||||||||||
| IntegraMed America, Inc.* |
Senior loan | L + 7.25 | % | 8.50 | % | 09/2017 | 14,566 | 14,255 | 3.5 | 14,566 | ||||||||||||||||||||||
| Maverick Healthcare Group, LLC* | Senior loan | L + 5.50 | % | 7.25 | % | 12/2016 | 2,120 | 2,096 | 0.5 | 2,120 | ||||||||||||||||||||||
| National Healing Corporation | Senior loan | L + 6.75 | % | 8.25 | % | 11/2017 | 3,560 | 3,414 | 0.8 | 3,560 | ||||||||||||||||||||||
| National Healing Corporation* | Second lien | L + 10.00 | % | 11.50 | % | 11/2018 | 17,976 | 17,008 | 4.3 | 17,976 | ||||||||||||||||||||||
| NeuroTherm, Inc.* | Senior loan | L + 5.00 | % | 6.50 | % | 02/2016 | 1,559 | 1,538 | 0.4 | 1,559 | ||||||||||||||||||||||
| NeuroTherm, Inc. | Senior loan | P + 4.00 | % | 7.25 | % | 02/2016 | 46 | 41 | — | 46 | ||||||||||||||||||||||
| Northwestern Management Services, LLC* | Senior loan | L + 5.50 | % | 6.75 | % | 10/2017 | 3,077 | 3,040 | 0.7 | 3,039 | ||||||||||||||||||||||
| Northwestern Management Services, LLC(5) | Senior loan | L + 5.50 | % | N/A | (6) | 10/2017 | — | (6 | ) | — | (6 | ) | ||||||||||||||||||||
| Northwestern Management Services, LLC | Senior loan | L + 5.50 | % | 6.75 | % | 10/2017 | 95 | 89 | — | 89 | ||||||||||||||||||||||
| Pentec Acquisition Sub, Inc.* |
Senior loan | L + 5.25 | % | 6.50 | % | 05/2018 | 2,214 | 2,174 | 0.5 | 2,104 | ||||||||||||||||||||||
| Pentec Acquisition Sub, Inc.(5) |
Senior loan | L + 5.25 | % | N/A | (6) | 05/2017 | — | (4 | ) | — | (10) | |||||||||||||||||||||
See Notes to Consolidated Financial Statements.
10
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| Investment Type |
Spread Above Index(1) | Interest Rate(2) |
Maturity Date |
Principal Amount |
Cost | Percentage of Total Net Assets |
Fair Value |
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| PhysioTherapy Associates Holdings, Inc.* |
Senior loan | L + 4.75 | % | 6.01 | % | 04/2018 | 575 | 565 | 0.1 | 576 | ||||||||||||||||||||||
| Reliant Pro ReHab, LLC* |
Senior loan | L + 4.75 | % | 6.00 | % | 06/2016 | 3,553 | 3,510 | 0.8 | 3,553 | ||||||||||||||||||||||
| Reliant Pro ReHab, LLC |
Senior loan | L + 4.75 | % | 6.00 | % | 06/2016 | 966 | 953 | 0.2 | 966 | ||||||||||||||||||||||
| Reliant Pro ReHab, LLC |
Senior loan | P + 3.75 | % | 7.00 | % | 06/2016 | 638 | 631 | 0.2 | 638 | ||||||||||||||||||||||
| Renaissance Pharma (U.S.) Holdings Inc.(5) | Senior loan | L + 5.25 | % | N/A | (6) | 06/2017 | — | (6 | ) | — | — | |||||||||||||||||||||
| Renaissance Pharma (U.S.) Holdings Inc. | Senior loan | L + 5.25 | % | 6.75 | % | 06/2017 | 2,388 | 2,345 | 0.6 | 2,388 | ||||||||||||||||||||||
| Southern Anesthesia and Surgical | Senior loan | P + 5.75 | % | 9.00 | % | 11/2017 | 6,312 | 6,159 | 1.5 | 6,249 | ||||||||||||||||||||||
| Southern Anesthesia and Surgical(5) | Senior loan | P + 5.75 | % | N/A | (6) | 11/2017 | — | (15 | ) | — | (11 | ) | ||||||||||||||||||||
| Surgical Information Systems, LLC | Second lien | L + 7.48 | % | 8.99 | % | 12/2015 | 3,899 | 3,852 | 0.9 | 3,899 | ||||||||||||||||||||||
| WIL Research Company, Inc.* |
Senior loan | L + 5.25 | % | 6.75 | % | 04/2018 | 790 | 780 | 0.2 | 788 | ||||||||||||||||||||||
| 125,742 | 122,979 | 29.5 | 124,616 | |||||||||||||||||||||||||||||
| Home and Office Furnishings, Housewares, and Durable Consumer |
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| Top Knobs USA, Inc.* | Senior loan | L + 5.75 | % | 7.00 | % | 11/2017 | 2,151 | 2,124 | 0.5 | 2,124 | ||||||||||||||||||||||
| WII Components, Inc.* | Senior loan | L + 4.75 | % | 6.25 | % | 07/2016 | 1,708 | 1,690 | 0.4 | 1,708 | ||||||||||||||||||||||
| WII Components, Inc. | Senior loan | P + 3.75 | % | 7.00 | % | 07/2016 | 15 | 14 | — | 15 | ||||||||||||||||||||||
| Zenith Products Corporation* | Senior loan | L + 5.75 | % | 6.09 | % | 09/2013 | 3,369 | 3,337 | 0.7 | 3,032 | ||||||||||||||||||||||
| 7,243 | 7,165 | 1.6 | 6,879 | |||||||||||||||||||||||||||||
| Insurance |
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| AssuredPartners Capital, Inc.* |
Senior loan | L + 5.25 | % | 6.50 | % | 05/2018 | ||||||||||||||||||||||||||