UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 

 

 

FORM 10-Q

 

þ                 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

 

For the Quarterly Period Ended December 31, 2015

 

OR

 

¨         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)

 

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 ¨

 

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 ¨ No   ¨

 

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.

Large accelerated filer   þ Accelerated filer ¨
Non-accelerated filer  ¨  (Do not check if a smaller reporting company) Smaller reporting company ¨

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ¨  No þ

 

As of February 5, 2016, the Registrant had 51,379,787 shares of common stock, $0.001 par value, outstanding.

 

 

 

 

 

 

Part I. Financial Information    
       
Item 1. Financial Statements   3
       
  Consolidated Statements of Financial Condition as of December 31, 2015 (unaudited) and September 30, 2015   3
       
  Consolidated Statements of Operations for the three months ended December 31, 2015 (unaudited) and 2014 (unaudited)   4
       
  Consolidated Statements of Changes in Net Assets for the three months ended December 31, 2015 (unaudited) and 2014 (unaudited)   5
       
  Consolidated Statements of Cash Flows for the three months ended December 31, 2015 (unaudited) and 2014 (unaudited)   6
       
  Consolidated Schedules of Investments as of December 31, 2015 (unaudited) and September 30, 2015   7
       
  Notes to Consolidated Financial Statements (unaudited)   28
       
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations   61
       
Item 3. Quantitative And Qualitative Disclosures About Market Risk   90
       
Item 4. Controls and Procedures   91
       
Part II.  Other Information    
       
Item 1. Legal Proceedings   92
       
Item 1A. Risk Factors   92
       
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds   92
       
Item 3. Defaults Upon Senior Securities   92
       
Item 4. Mine Safety Disclosures   92
       
Item 5. Other Information   92
       
Item 6. Exhibits   93

 

 2 

 

 

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Financial Condition

(In thousands, except share and per share data)

 

   December 31, 2015   September 30, 2015 
Assets  (unaudited)     
Investments, at fair value          
Non-controlled/non-affiliate company investments  $1,416,533   $1,425,325 
Non-controlled affiliate company investments   -    5,523 
Controlled affiliate company investments   111,929    98,936 
Total investments, at fair value (cost of $1,515,330 and $1,517,314, respectively)   1,528,462    1,529,784 
Cash and cash equivalents   6,871    5,468 
Restricted cash and cash equivalents   94,199    92,016 
Interest receivable   5,881    5,700 
Receivable from investments sold   5,079    - 
Other assets   355    458 
Total Assets  $1,640,847   $1,633,426 
           
Liabilities          
Debt  $809,050   $813,250 
Less unamortized debt issuance costs   6,448    7,624 
Debt less unamortized debt issuance costs   802,602    805,626 
Secured borrowings, at fair value (proceeds of $342 and $351, respectively)   346    355 
Interest payable   4,872    2,722 
Management and incentive fees payable   9,566    11,754 
Payable for open trades   4,677    - 
Accounts payable and accrued expenses   2,365    2,042 
Accrued trustee fees   59    57 
Total Liabilities   824,487    822,556 
Commitments and contingencies (Note 8)          
           
Net Assets          
Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of December 31, 2015 and September 30, 2015   -    - 
Common stock, par value $0.001 per share, 100,000,000 shares authorized, 51,379,787 and 51,300,193 shares issued and outstanding as of December 31, 2015 and September 30, 2015, respectively   51    51 
Paid in capital in excess of par   791,980    790,713 
Undistributed net investment income   2,813    4,230 
Net unrealized appreciation (depreciation) on investments and secured borrowings   15,796    15,134 
Net realized gain (loss) on investments   5,720    742 
Total Net Assets   816,360    810,870 
Total Liabilities and Total Net Assets  $1,640,847   $1,633,426 
           
Number of common shares outstanding   51,379,787    51,300,193 
Net asset value per common share  $15.89   $15.80 

 

See Notes to Consolidated Financial Statements.

 

 3 

 

 

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Operations (unaudited)

(In thousands, except share and per share data)

 

   Three months ended December 31, 
   2015   2014 
Investment income          
From non-controlled/non-affiliate company investments:          
Interest income  $27,567   $26,769 
Dividend income   231    18 
Fee income   300    208 
Total investment income from non-controlled/non-affiliate company investments   28,098    26,995 
           
From controlled affiliate company investments:          
Interest income   1,626    550 
Dividend income   776    - 
Total investment income from controlled affiliate company investments   2,402    550 
           
Total investment income   30,500    27,545 
           
Expenses          
Interest and other debt financing expenses   6,731    5,694 
Base management fee   5,314    4,821 
Incentive fee   1,771    1,071 
Professional fees   731    629 
Administrative service fee   503    607 
General and administrative expenses   149    166 
           
Total expenses   15,199    12,988 
           
Net investment income - before excise tax   15,301    14,557 
           
Excise tax   302    - 
           
Net investment income - after excise tax   14,999    14,557 
           
Net gain (loss) on investments and secured borrowings          
Net realized gains (losses):          
Non-controlled/non-affiliate company investments   2,256    1,726 
Non-controlled affiliate company investments   2,722    - 
Net realized gains (losses)   4,978    1,726 
           
Net change in unrealized appreciation (depreciation) on investments:          
Non-controlled/non-affiliate company investments   1,831    (1,412)
Non-controlled affiliate company investments   1,343    327 
Controlled affiliate company investments   (2,512)   (26)
Net change in unrealized appreciation (depreciation) on investments   662    (1,111)
           
Net change in unrealized depreciation (appreciation) on secured borrowings   -    - 
           
Net gain (loss) on investments and secured borrowings   5,640    615 
           
Net increase in net assets resulting from operations  $20,639   $15,172 
           
Per Common Share Data          
Basic and diluted earnings per common share  $0.40   $0.32 
Dividends and distributions declared per common share  $0.32   $0.32 
Basic and diluted weighted average common shares outstanding   51,302,788    47,121,194 

 

See Notes to Consolidated Financial Statements.

 

 4 

 

 

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Changes in Net Assets (unaudited)

(In thousands, except share data)

 

                   Net Unrealized         
                   Appreciation   Net     
               Undistributed   (Depreciation) on   Realized     
   Common Stock   Paid in Capital   Net   Investments and     Gain     
       Par   in Excess   Investment   Secured   (Loss) on   Total 
   Shares   Amount   of Par   Income   Borrowings   Investments   Net Assets 
Balance at September 30, 2014   47,119,498   $47   $720,479   $3,627   $12,694   $(4,108)  $732,739 
Net increase in net assets resulting from operations   -    -    -    14,557    (1,111)   1,726    15,172 
Distributions to stockholders:                                   
Stock issued in connection with dividend reinvestment plan   52,020    -    885    -    -    -    885 
Dividends and distributions   -    -    -    (15,078)   -    -    (15,078)
Balance at December 31, 2014   47,171,518   $47   $721,364   $3,106   $11,583   $(2,382)  $733,718 
Balance at September 30, 2015   51,300,193   $51   $790,713   $4,230   $15,134   $742   $810,870 
Net increase in net assets resulting from operations   -    -    -    14,999    662    4,978    20,639 
Distributions to stockholders:                                   
Stock issued in connection with dividend reinvestment plan   79,594    -    1,267    -    -    -    1,267 
Dividends and distributions   -    -    -    (16,416)   -    -    (16,416)
Balance at December 31, 2015   51,379,787   $51   $791,980   $2,813   $15,796   $5,720   $816,360 

 

See Notes to Consolidated Financial Statements.

 

 5 

 

 

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Cash Flows (unaudited)

(In thousands)

 

   Three months ended December 31, 
   2015   2014 
Cash flows from operating activities          
Net increase in net assets resulting from operations  $20,639   $15,172 
Adjustments to reconcile net increase in net assets resulting from operations to net cash (used in) provided by operating activities:          
Amortization of debt issuance costs   1,249    1,047 
Accretion of discounts and amortization of premiums   (1,891)   (1,670)
Net realized (gain) loss on investments   (4,978)   (1,726)
Net change in unrealized (appreciation) depreciation on investments   (662)   1,111 
Proceeds from (fundings of) revolving loans, net   514    90 
Fundings of investments   (162,820)   (131,470)
Proceeds from principal payments and sales of portfolio investments   171,356    80,941 
PIK interest   (197)   (390)
Changes in operating assets and liabilities:          
Interest receivable   (181)   (394)
Receivable for investments sold   (5,079)   (2,232)
Other assets   103    (51)
Interest payable   2,150    1,259 
Management and incentive fees payable   (2,188)   (2,598)
Payable for open trades   4,677    - 
Accounts payable and accrued expenses   323    71 
Accrued trustee fees   2    (7)
Net cash (used in) provided by operating activities   23,017    (40,847)
           
Cash flows from investing activities          
Net change in restricted cash and cash equivalents   (2,183)   39,122 
Net cash (used in) provided by investing activities   (2,183)   39,122 
           
Cash flows from financing activities          
Borrowings on debt   56,550    33,550 
Repayments of debt   (60,750)   (16,050)
Capitalized debt issuance costs   (73)   (968)
Repayments on secured borrowings   (9)   (9)
Dividends and distributions paid   (15,149)   (14,193)
Net cash (used in) provided by financing activities   (19,431)   2,330 
           
Net change in cash and cash equivalents   1,403    605 
           
Cash and cash equivalents, beginning of period   5,468    5,135 
           
Cash and cash equivalents, end of period  $6,871   $5,740 
           
Supplemental information:          
Cash paid during the period for interest  $3,328   $3,383 
Dividends and distributions declared during the period   16,416    15,078 

 

See Notes to Consolidated Financial Statements.

 

 6 

 

 

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited)

December 31, 2015

(In thousands)

 

      Spread                 Percentage     
   Investment  Above  Interest   Maturity  Principal / Par       of   Fair 
   Type  Index (1)  Rate (2)   Date  Amount   Cost   Net Assets   Value 
                              
Investments                                  
Canada                                  
Debt investments                                  
Beverage, Food and Tobacco                                  
The Original Cakerie Ltd. (3)  Senior loan  L + 5.00%   6.00%  12/2020  $1   $1    -%  $1 
The Original Cakerie Ltd. (3)  Senior loan  L + 5.00%   6.00%  12/2020   1,652    1,635    0.2    1,635 
                  1,653    1,636    0.2    1,636 
                                   
Total debt investments Canada                $1,653   $1,636    0.2%  $1,636 
                                   
United States                                  
Debt investments                                  
Aerospace and Defense                                  
ILC Dover, LP  One stop  P + 6.00%   9.50%  03/2019  $781   $770    0.1%  $661 
ILC Dover, LP*^  One stop  P + 6.00%   9.50%  03/2020   18,006    17,835    2.0    16,206 
ILC Industries, Inc.(4)  One stop  L + 6.00%   N/A(5)  07/2020   -    (21)   -    - 
ILC Industries, Inc.*^  One stop  L + 6.00%   7.00%  07/2020   22,613    22,478    2.8    22,613 
NTS Technical Systems(4)  One stop  L + 6.00%   N/A(5)  06/2021   -    (45)   -    - 
NTS Technical Systems(4)  One stop  L + 6.00%   N/A(5)  06/2021   -    (96)   -    - 
NTS Technical Systems*^  One stop  L + 6.00%   7.00%  06/2021   26,375    25,956    3.2    26,375 
Tresys Technology Holdings, Inc.  One stop  L + 6.75%   8.00%  12/2017   349    345    -    349 
Tresys Technology Holdings, Inc.(6)  One stop  L + 6.75%   8.00%  12/2017   3,899    3,845    0.1    1,170 
Whitcraft LLC(4)  One stop  L + 6.50%   N/A(5)  05/2020   -    (1)   -    - 
Whitcraft LLC*^  One stop  L + 6.50%   7.50%  05/2020   13,607    13,485    1.7    13,607 
                  85,630    84,551    9.9    80,981 
Automobile                                  
American Driveline Systems, Inc.  Senior loan  P + 4.75%   8.25%  03/2020   79    72    -    66 
American Driveline Systems, Inc.*  Senior loan  L + 5.75%   6.75%  03/2020   1,812    1,762    0.2    1,721 
CH Hold Corp. (Caliber Collision)  Senior loan  L + 4.75%   5.75%  11/2019   603    600    0.1    603 
CH Hold Corp. (Caliber Collision)  Senior loan  L + 4.75%   5.75%  11/2019   332    329    -    332 
CH Hold Corp. (Caliber Collision)  Senior loan  L + 4.75%   5.75%  11/2019   1,858    1,843    0.2    1,858 
Dent Wizard International Corporation*  Senior loan  L + 4.75%   5.77%  04/2020   2,530    2,518    0.3    2,530 
Integrated Supply Network, LLC  Senior loan  L + 5.25%   6.25%  02/2020   221    213    -    221 
Integrated Supply Network, LLC*  Senior loan  L + 5.25%   6.25%  02/2020   5,648    5,580    0.7    5,648 
K&N Engineering, Inc.^  Senior loan  L + 4.25%   5.25%  07/2019   136    122    -    132 
K&N Engineering, Inc.(4)  Senior loan  L + 4.25%   N/A(5)  07/2019   -    (3)   -    (5)
K&N Engineering, Inc.^  Senior loan  L + 4.25%   5.25%  07/2019   2,876    2,841    0.3    2,790 
                  16,095    15,877    1.8    15,896 
                                   
Banking                                  
HedgeServ Holding L.P.(4)  One stop  L + 6.00%   N/A(5)  02/2019   -    (6)   -    - 
HedgeServ Holding L.P.*^  One stop  L + 8.00%  7.00% cash/2.00% PIK   02/2019   17,265    17,162    2.1    17,265 
                  17,265    17,156    2.1    17,265 
Beverage, Food and Tobacco                                  
Abita Brewing Co., L.L.C.(4)  One stop  L + 5.75%   N/A(5)  04/2021   -    (1)   -    - 
Abita Brewing Co., L.L.C.  One stop  L + 5.75%   6.75%  04/2021   8,054    7,911    1.0    8,054 
ABP Corporation  Senior loan  P + 3.50%   7.25%  09/2018   167    163    -    167 
ABP Corporation*  Senior loan  L + 4.75%   6.00%  09/2018   4,734    4,690    0.6    4,734 
Atkins Nutritionals, Inc*^  One stop  L + 5.00%   6.25%  01/2019   17,490    17,328    2.1    17,490 
Atkins Nutritionals, Inc*^  One stop  L + 8.50%   9.75%  04/2019   21,636    21,412    2.7    21,744 
C. J. Foods, Inc.(4)  One stop  L + 5.50%   N/A(5)  05/2019   -    (9)   -    - 
C. J. Foods, Inc.(4)  One stop  L + 5.50%   N/A(5)  05/2019   -    (7)   -    - 
C. J. Foods, Inc.  One stop  L + 5.50%   6.50%  05/2019   3,184    3,151    0.4    3,184 
Candy Intermediate Holdings, Inc. (Ferrara Candy)^  Senior loan  L + 6.25%   7.50%  06/2018   4,825    4,756    0.6    4,807 
Firebirds International, LLC  One stop  L + 5.75%   7.00%  05/2018   304    301    -    304 
Firebirds International, LLC(4)  One stop  L + 5.75%   N/A(5)  05/2018   -    (3)   -    - 
Firebirds International, LLC(4)  One stop  L + 5.75%   N/A(5)  05/2018   -    (1)   -    - 
Firebirds International, LLC*  One stop  L + 5.75%   7.00%  05/2018   1,079    1,070    0.1    1,079 
First Watch Restaurants, Inc.(4)  One stop  L + 6.00%   N/A(5)  12/2020   -    (11)   -    - 
First Watch Restaurants, Inc.(4)  One stop  L + 6.00%   N/A(5)  12/2020   -    (11)   -    - 
First Watch Restaurants, Inc.(4)  One stop  L + 6.00%   N/A(5)  12/2020   -    (10)   -    - 
First Watch Restaurants, Inc.  One stop  P + 5.00%   8.50%  12/2020   272    263    -    272 
First Watch Restaurants, Inc.*^  One stop  L + 6.00%   7.00%  12/2020   25,793    25,544    3.2    25,793 

 

See Notes to Consolidated Financial Statements

 

 7 

 

 

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2015

(In thousands)

 

      Spread                 Percentage     
   Investment  Above  Interest   Maturity  Principal / Par       of   Fair 
   Type  Index (1)  Rate (2)   Date  Amount   Cost   Net Assets   Value 
Hopdoddy Holdings, LLC(4)  One stop  L + 8.00%   N/A(5)   08/2020   -    (3)   -    - 
Hopdoddy Holdings, LLC  One stop  L + 8.00%   N/A(5)  08/2020   -    -    -    - 
Hopdoddy Holdings, LLC  One stop  L + 8.00%   9.00%  08/2020   666    654    0.1    666 
IT'SUGAR LLC  Subordinated debt  N/A   5.00%  10/2017   1,707    1,707    0.2    1,721 
Northern Brewer, LLC  One stop  P + 5.25%   8.75%  02/2018   699    692    0.1    629 
Northern Brewer, LLC  One stop  L + 6.50%   8.00%  02/2018   6,376    6,296    0.7    5,738 
Smashburger Finance LLC(4)  Senior loan  L + 5.00%   N/A(5)  05/2018   -    (3)   -    - 
Surfside Coffee Company LLC  One stop  L + 5.25%   6.25%  06/2020   132    122    -    132 
Surfside Coffee Company LLC  One stop  L + 5.25%   6.25%  06/2020   21    20    -    21 
Surfside Coffee Company LLC^  One stop  L + 5.25%   6.25%  06/2020   4,504    4,463    0.6    4,504 
Tate's Bake Shop, Inc.  Senior loan  L + 5.00%   6.00%  08/2019   602    596    0.1    602 
Uinta Brewing Company  One stop  L + 6.00%   7.00%  08/2019   493    488    0.1    455 
Uinta Brewing Company^  One stop  L + 6.00%   7.00%  08/2019   3,195    3,172    0.4    3,036 
United Craft Brews LLC  One stop  L + 6.25%   7.25%  03/2020   540    526    0.1    540 
United Craft Brews LLC(4)  One stop  L + 6.25%   N/A(5)  03/2020   -    (14)   -    - 
United Craft Brews LLC  One stop  L + 6.25%   7.25%  03/2020   12,127    11,900    1.5    12,127 
                  118,600    117,152    14.6    117,799 
Broadcasting and Entertainment                                  
TouchTunes Interactive Networks, Inc.^  Senior loan  L + 4.75%   5.75%  05/2021   1,488    1,481    0.2    1,481 
                                   
Building and Real Estate                                  
Accruent, LLC*  One stop  L + 6.25%   7.27%  11/2019   4,709    4,673    0.6    4,709 
Brooks Equipment Company, LLC (4)  One stop  L + 5.35%   N/A(5)  08/2020   -    (15)   -    - 
Brooks Equipment Company, LLC*^  One stop  L + 5.35%   6.35%  08/2020   24,467    24,184    3.0    24,467 
ITEL Laboratories, Inc.(4)  Senior loan  L + 4.75%   N/A(5)  06/2018   -    (1)   -    - 
ITEL Laboratories, Inc.*  Senior loan  L + 4.75%   6.00%  06/2018   695    690    0.1    695 
                  29,871    29,531    3.7    29,871 
                                   
Containers, Packaging and Glass                                  
Fort Dearborn Company*^  Senior loan  L + 4.25%   5.27%  10/2017   552    550    0.1    552 
Fort Dearborn Company*^  Senior loan  L + 4.75%   5.78%  10/2018   2,577    2,566    0.3    2,577 
Packaging Coordinators, Inc.*  Senior loan  L + 4.25%   5.25%  08/2021   2,843    2,820    0.3    2,825 
Packaging Coordinators, Inc.  Second lien  L + 8.00%   9.00%  08/2022   10,000    9,917    1.2    9,850 
                  15,972    15,853    1.9    15,804 
Diversified Conglomerate Manufacturing                                  
Chase Industries, Inc.  One stop  L + 5.75%   6.75%  09/2020   3,385    3,347    0.4    3,385 
Chase Industries, Inc.  One stop  L + 5.75%   6.75%  09/2020   234    217    -    234 
Chase Industries, Inc.*^  One stop  L + 5.75%   6.75%  09/2020   20,827    20,664    2.6    20,827 
Harvey Tool Company, LLC  Senior loan  L + 5.00%   N/A(5)  03/2019   -    -    -    - 
Harvey Tool Company, LLC*  Senior loan  L + 5.00%   6.00%  03/2020   3,131    3,102    0.4    3,131 
ICC-Nexergy, Inc(4)  One stop  L + 5.50%   N/A(5)  04/2020   -    (3)   -    - 
ICC-Nexergy, Inc^  One stop  L + 5.50%   6.50%  04/2020   8,569    8,516    1.0    8,569 
Onicon Incorporated(4)  One stop  L + 6.00%   N/A(5)  04/2020   -    (6)   -    - 
Onicon Incorporated*  One stop  L + 6.00%   7.00%  04/2020   9,227    9,158    1.1    9,227 
Plex Systems, Inc.(4)  One stop  L + 7.50%   N/A(5)  06/2018   -    (26)   -    - 
Plex Systems, Inc.*^  One stop  L + 7.50%   8.75%  06/2018   18,797    18,436    2.3    18,797 
Sunless Merger Sub, Inc.  Senior loan  P + 4.00%   7.50%  07/2016   165    165    -    147 
Sunless Merger Sub, Inc.*  Senior loan  L + 5.25%   6.50%  07/2016   1,563    1,561    0.2    1,250 
                  65,898    65,131    8.0    65,567 
Diversified Conglomerate Service                                  
Accellos, Inc.(4)  One stop  L + 5.75%   N/A(5)  07/2020   -    (16)   -    - 
Accellos, Inc.*^  One stop  L + 5.75%   6.75%  07/2020   32,040    31,740    3.9    32,040 
Actiance, Inc.  One stop  L + 9.00%   N/A(5)  04/2018   -    -    -    - 
Actiance, Inc.*^  One stop  L + 9.00%   10.00%  04/2018   2,502    2,419    0.3    2,502 
Agility Recovery Solutions Inc.(4)  One stop  L + 6.50%   N/A(5)  03/2020   -    (6)   -    - 
Agility Recovery Solutions Inc.*^  One stop  L + 6.50%   7.50%  03/2020   10,325    10,239    1.3    10,325 
Bomgar Corporation(4)  One stop  L + 6.00%   N/A(5)  09/2020   -    (19)   -    - 
Bomgar Corporation*  One stop  L + 6.00%   7.00%  09/2020   29,564    29,110    3.6    29,564 
Daxko, LLC(4)  One stop  L + 5.75%   N/A(5)  03/2020   -    (24)   -    (16)
Daxko, LLC*^  One stop  L + 5.75%   6.75%  03/2020   29,015    28,684    3.5    28,809 
DTI Holdco, Inc.  Senior loan  L + 5.00%   6.00%  08/2020   7,874    7,804    0.9    7,637 
HealthcareSource HR, Inc.(4)  One stop  L + 6.75%   N/A(5)  05/2020   -    (2)   -    - 

 

See Notes to Consolidated Financial Statements

 

 8 

 

 

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2015

(In thousands)

 

      Spread                 Percentage     
   Investment  Above  Interest   Maturity  Principal / Par       of   Fair 
   Type  Index (1)  Rate (2)   Date  Amount   Cost   Net Assets   Value 
HealthcareSource HR, Inc.  One stop  L + 6.75%   7.75%  05/2020   17,859    17,485    2.2    17,859 
Host Analytics, Inc.(4)  One stop  N/A   N/A(5)  02/2020   -    (5)   -    - 
Host Analytics, Inc.  One stop  N/A   8.50% cash/2.25% PIK  02/2020   2,977    2,934    0.4    2,977 
Integration Appliance, Inc.  One stop  L + 8.25%   9.50%  09/2018   899    891    0.1    899 
Integration Appliance, Inc.*  One stop  L + 8.25%   9.50%  09/2020   719    709    0.1    719 
Integration Appliance, Inc.  One stop  L + 8.25%   9.50%  06/2019   7,914    7,776    1.0    7,914 
Integration Appliance, Inc.  One stop  L + 8.25%   9.50%  09/2018   5,396    5,322    0.7    5,396 
Jensen Hughes, Inc.(4)  Senior loan  L + 5.00%   N/A(5)  12/2021   -    (3)   -    (3)
Jensen Hughes, Inc.^  Senior loan  L + 5.00%   6.00%  12/2021   2,360    2,336    0.3    2,336 
Mediaocean LLC  Senior loan  L + 4.75%   5.75%  08/2022   168    165    -    168 
NetSmart Technologies, Inc.  One stop  L + 5.25%   6.25%  02/2019   736    719    0.1    736 
NetSmart Technologies, Inc.*^  One stop  L + 5.25%   6.25%  02/2019   14,779    14,662    1.8    14,779 
Saldon Holdings, Inc.  Senior loan  L + 4.50%   N/A(5)  09/2021   -    -    -    - 
Saldon Holdings, Inc.  Senior loan  L + 5.00%   6.00%  09/2021   2,928    2,900    0.4    2,928 
Secure-24, LLC(4)  One stop  L + 6.00%   N/A(5)  08/2017   -    (3)   -    - 
Secure-24, LLC*  One stop  L + 6.00%   7.25%  08/2017   10,002    9,901    1.2    10,002 
Secure-24, LLC^  One stop  L + 6.00%   7.25%  08/2017   1,463    1,452    0.2    1,463 
Severin Acquisition, LLC^  Senior loan  L + 5.00%   6.00%  07/2021   800    793    0.1    813 
Source Medical Solutions, Inc.  Second lien  L + 8.00%   9.00%  03/2018   9,294    9,200    1.1    9,108 
Steelwedge Software, Inc.  One stop  P + 8.75%   N/A(5)  09/2020   -    -    -    - 
Steelwedge Software, Inc.^  One stop  P + 8.75%    10.25% cash/2.00% PIK  09/2020   2,164    2,071    0.3    2,164 
TA MHI Buyer, Inc.  One stop  L + 6.50%   N/A(5)  09/2021   -    -    -    - 
TA MHI Buyer, Inc.^  One stop  L + 6.50%   7.50%  09/2021   8,295    8,225    1.0    8,295 
Trintech, Inc.(4)  One stop  L + 5.75%   N/A(5)  10/2021   -    (1)   -    - 
Trintech, Inc.*  One stop  L + 5.75%   6.75%  10/2021   7,355    7,266    0.9    7,281 
Vendavo, Inc.(4)  One stop  L + 8.50%   N/A(5)  10/2019   -    (12)   -    - 
Vendavo, Inc.  One stop  L + 8.50%   9.50%  10/2019   15,501    15,237    1.9    15,501 
Vendor Credentialing Service LLC(4)  One stop  L + 5.00%   N/A(5)  11/2021   -    (1)   -    - 
Vendor Credentialing Service LLC  One stop  L + 5.00%   6.00%  11/2021   5,246    5,117    0.6    5,193 
Vitalyst, LLC  Senior loan  P + 4.25%   7.75%  09/2017   66    65    -    60 
Vitalyst, LLC  Senior loan  L + 5.25%   6.50%  09/2017   1,502    1,494    0.2    1,472 
                  229,743    226,624    28.1    228,921 
                                   
Electronics                                  
Appriss Holdings, Inc.  Senior loan  L + 4.75%   5.75%  11/2020   902    867    0.1    902 
Appriss Holdings, Inc.*  Senior loan  L + 4.75%   5.75%  11/2020   20,894    20,634    2.6    20,894 
Compusearch Software Holdings, Inc.^  Senior loan  L + 4.50%   5.50%  05/2021   1,318    1,315    0.2    1,318 
ECI Acquisition Holdings, Inc.  One stop  L + 6.25%   7.25%  03/2019   1,410    1,353    0.2    1,410 
ECI Acquisition Holdings, Inc.(4)  One stop  L + 6.25%   N/A(5)  03/2019   -    (12)   -    - 
ECI Acquisition Holdings, Inc.*^  One stop  L + 6.25%   7.25%  03/2019   21,779    21,516    2.7    21,779 
Gamma Technologies, LLC(4)  One stop  L + 5.50%   N/A(5)  06/2021   -    (1)   -    - 
Gamma Technologies, LLC^  One stop  L + 5.50%   6.50%  06/2021   18,138    17,972    2.2    18,138 
Park Place Technologies LLC(4)  One stop  L + 5.25%   N/A(5)  06/2022   -    (2)   -    (2)
Park Place Technologies LLC*  One stop  L + 5.25%   6.25%  06/2022   12,560    12,373    1.5    12,434 
Sloan Company, Inc., The  One stop  L + 6.25%   7.25%  04/2020   31    30    -    27 
Sloan Company, Inc., The  One stop  L + 6.25%   7.25%  04/2020   7,570    7,489    0.9    6,965 
Sovos Compliance (4)  One stop  L + 6.50%   N/A(5)  04/2022   -    (5)   -    - 
Sovos Compliance*^  One stop  L + 6.50%   7.50%  04/2022   19,850    19,572    2.4    19,850 
Sparta Holding Corporation(4)  One stop  L + 5.50%   N/A(5)  07/2020   -    (29)   -    - 
Sparta Holding Corporation*^  One stop  L + 5.50%   6.50%  07/2020   23,066    22,847    2.8    23,066 
Syncsort Incorporated(4)  One stop  L + 5.50%   N/A(5)  11/2021   -    (2)   -    (1)
Syncsort Incorporated*^  One stop  L + 5.50%   6.50%  11/2021   16,735    16,407    2.0    16,567 
Systems Maintenance Services Holding, Inc.^  Senior loan  L + 4.00%   5.00%  10/2019   2,617    2,608    0.3    2,617 
Watchfire Enterprises, Inc.  Second lien  L + 8.00%   9.00%  10/2021   9,435    9,251    1.2    9,435 
                  156,305    154,183    19.1    155,399 
Grocery                                  
MyWebGrocer, Inc.(4)  One stop  L + 8.75%   N/A(5)  05/2018   -    (10)   -    (79)
MyWebGrocer, Inc.^  One stop  L + 8.75%   10.00%  05/2018   14,271    14,130    1.7    13,557 
Teasdale Quality Foods, Inc.  Senior loan  L + 4.75%   5.75%  10/2020   557    552    0.1    557 
                  14,828    14,672    1.8    14,035 
Healthcare, Education and Childcare                                  
Active Day, Inc.(4)  One stop  L + 6.00%   N/A(5)  12/2021   -    (42)   -    (24)

 

See Notes to Consolidated Financial Statements

 

 9 

 

 

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2015

(In thousands)

 

      Spread                 Percentage     
   Investment  Above  Interest   Maturity  Principal / Par       of   Fair 
   Type  Index (1)  Rate (2)   Date  Amount   Cost   Net Assets   Value 
Active Day, Inc.(4)  One stop  L + 6.00%   N/A(5)   12/2021   -    (2)   -    (1)
Active Day, Inc.  One stop  L + 6.00%   7.00%  12/2021   13,640    13,269    1.7    13,504 
Agilitas USA, Inc.^  Senior loan  L + 4.00%   5.00%  10/2020   2,124    2,108    0.3    2,124 
Argon Medical Devices, Inc.  Senior loan  L + 4.75%   5.75%  12/2021   4,000    3,960    0.5    3,960 
Avalign Technologies, Inc.^  Senior loan  L + 4.50%   5.50%  07/2021   1,136    1,131    0.1    1,125 
Avatar International, LLC (6)  One stop  L + 7.89%   6.19% cash/2.95% PIK  09/2016   1,648    1,644    0.1    1,004 
Avatar International, LLC  One stop  L + 7.89%   6.19% cash/2.95% PIK  09/2016   658    657    0.1    658 
Avatar International, LLC (6)  One stop  L + 7.89%   6.19% cash/2.95% PIK  09/2016   7,641    7,615    0.6    4,654 
California Cryobank, LLC^  One stop  L + 5.50%   6.50%  08/2019   1,550    1,539    0.2    1,550 
California Cryobank, LLC  One stop  L + 5.50%   6.50%  08/2019   43    42    -    43 
California Cryobank, LLC  One stop  P + 4.25%   7.75%  08/2019   22    20    -    22 
Certara L.P.(4)  One stop  L + 6.25%   N/A(5)  12/2018   -    (13)   -    - 
Certara L.P.*^  One stop  L + 6.25%   7.25%  12/2018   30,770    30,502    3.8    30,770 
CLP Healthcare Services, Inc.^  Senior loan  L + 4.75%   5.75%  12/2020   8,743    8,659    1.1    8,699 
CPI Buyer, LLC (Cole-Parmer)*^  Senior loan  L + 4.50%   5.50%  08/2021   7,920    7,666    0.9    7,612 
Curo Health Services LLC  Senior loan  L + 5.50%   6.50%  02/2022   1,985    1,968    0.2    1,969 
DCA Investment Holding, LLC  One stop  P + 4.25%   7.75%  07/2021   3    1    -    3 
DCA Investment Holding, LLC*  One stop  L + 5.25%   6.25%  07/2021   14,299    13,970    1.8    14,299 
Deca Dental Management LLC(4)  One stop  L + 6.25%   N/A(5)  07/2020   -    (10)   -    - 
Deca Dental Management LLC  One stop  L + 6.25%   7.25%  07/2020   20    19    -    20 
Deca Dental Management LLC*^  One stop  L + 6.25%   7.25%  07/2020   4,178    4,120    0.5    4,178 
Delta Educational Systems*  Senior loan  P + 4.75%   8.25%  12/2016   1,528    1,519    0.2    1,299 
Delta Educational Systems(4)  Senior loan  L + 6.00%   N/A(5)  12/2016   -    -    -    (7)
Dental Holdings Corporation  One stop  L + 5.50%   6.50%  02/2020   484    469    0.1    484 
Dental Holdings Corporation  One stop  P + 4.25%   7.75%  02/2020   242    231    -    242 
Dental Holdings Corporation  One stop  L + 5.50%   6.50%  02/2020   7,657    7,511    0.9    7,657 
Encore GC Acquisition, LLC(4)  Senior loan  L + 4.50%   N/A(5)  01/2020   -    (8)   -    - 
Encore GC Acquisition, LLC*  Senior loan  L + 4.50%   5.50%  01/2020   3,475    3,433    0.4    3,475 
G & H Wire Company, Inc.  One stop  P + 4.50%   8.00%  12/2017   321    317    -    321 
G & H Wire Company, Inc.*^  One stop  L + 5.75%   6.75%  12/2017   13,258    13,177    1.6    13,258 
GSDM Holdings Corp.  Senior loan  L + 4.25%   5.25%  06/2019   868    865    0.1    868 
Joerns Healthcare, LLC*  One stop  L + 5.00%   6.00%  05/2020   3,309    3,280    0.4    3,287 
Katena Holdings, Inc.(4)  One stop  L + 6.25%   N/A(5)  06/2021   -    (8)   -    - 
Katena Holdings, Inc.(4)  One stop  L + 6.25%   N/A(5)  06/2021   -    (1)   -    - 
Katena Holdings, Inc.^  One stop  L + 6.25%   7.25%  06/2021   8,121    8,047    1.0    8,121 
Maverick Healthcare Group, LLC*  Senior loan  L + 9.50%   9.25% cash/2.00% PIK  12/2016   1,927    1,911    0.2    1,927 
Pentec Acquisition Sub, Inc.(4)  Senior loan  L + 5.00%   N/A(5)  05/2017   -    (1)   -    - 
Pentec Acquisition Sub, Inc.*  Senior loan  L + 5.00%   6.25%  05/2018   1,549    1,537    0.2    1,549 
Premise Health Holding Corp.(4)  One stop  L + 4.50%   N/A(5)  06/2020   -    (19)   -    - 
Premise Health Holding Corp.  One stop  L + 4.50%   5.50%  06/2020   15,000    14,902    1.8    15,000 
Radiology Partners, Inc.(4)  One stop  L + 5.00%   N/A(5)  09/2020   -    (36)   -    - 
Radiology Partners, Inc.(4)  One stop  L + 5.00%   N/A(5)  09/2020   -    (6)   -    - 
Radiology Partners, Inc.*^  One stop  L + 5.00%   6.00%  09/2020   16,994    16,781    2.1    16,994 
Reliant Pro ReHab, LLC  Senior loan  P + 4.00%   7.38%  06/2017   197    192    -    197 
Reliant Pro ReHab, LLC*  Senior loan  L + 5.00%   6.00%  06/2017   3,205    3,188    0.4    3,205 
RXH Buyer Corporation(4)  One stop  L + 5.75%   N/A(5)  09/2021   -    (53)   -    - 
RXH Buyer Corporation  One stop  P + 4.75%   8.25%  09/2021   10    6    -    10 
RXH Buyer Corporation*^  One stop  L + 5.75%   6.75%  09/2021   17,568    17,235    2.2    17,568 
Southern Anesthesia and Surgical  One stop  L + 5.50%   6.50%  11/2017   2,735    2,712    0.3    2,735 
Southern Anesthesia and Surgical(4)  One stop  L + 5.50%   N/A(5)  11/2017   -    (6)   -    - 
Southern Anesthesia and Surgical  One stop  L + 5.50%   6.50%  11/2017   5,624    5,564    0.7    5,624 
Surgical Information Systems, LLC^  Senior loan  L + 3.00%   4.01%  09/2018   1,906    1,903    0.2    1,906 
U.S. Anesthesia Partners, Inc.  One stop  L + 5.00%   6.00%  12/2019   5,927    5,905    0.7    5,927 
WIL Research Company, Inc.*  Senior loan  L + 4.50%   5.75%  02/2018   754    750    0.1    754 
Young Innovations, Inc. (4)  Senior loan  L + 3.25%   N/A(5)  01/2018   -    -    -    (2)
Young Innovations, Inc.*  Senior loan  L + 4.25%   5.25%  01/2019   1,755    1,745    0.2    1,755 
                  214,794    211,865    25.7    210,323 
Home and Office Furnishings, Housewares, and Durable Consumer                                  
1A Smart Start LLC*  Senior loan  L + 4.75%   5.75%  02/2022   2,132    2,112    0.2    2,126 
Floor & Decor Outlets of America, Inc.*^  One stop  L + 6.50%   7.75%  05/2019   11,101    11,024    1.4    11,101 
Plano Molding Company, LLC*  One stop  L + 6.00%   7.00%  05/2021   18,070    17,908    2.2    18,070 

 

See Notes to Consolidated Financial Statements

 

 10 

 

 

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2015

(In thousands)

 

      Spread                 Percentage     
   Investment  Above  Interest   Maturity  Principal / Par       of   Fair 
   Type  Index (1)  Rate (2)   Date  Amount   Cost   Net Assets   Value 
                  31,303    31,044    3.8    31,297 
Insurance                                  
Captive Resources Midco, LLC (4)  One stop  L + 5.75%   N/A(5)  06/2020   -    (21)   -    - 
Captive Resources Midco, LLC (4)  One stop  L + 5.75%   N/A(5)  06/2020   -    (19)   -    - 
Captive Resources Midco, LLC*^  One stop  L + 5.75%   6.75%  06/2020   26,328    26,027    3.2    26,328 
Higginbotham Insurance Agency, Inc.*  Senior loan  L + 5.25%   6.25%  11/2021   1,311    1,298    0.2    1,304 
Internet Pipeline, Inc.(4)  One stop  L + 7.25%   N/A(5)  08/2021   -    (1)   -    - 
Internet Pipeline, Inc.  One stop  L + 7.25%   8.25%  08/2022   4,948    4,819    0.6    4,948 
RSC Acquisition, Inc.(4)  Senior loan  L + 5.25%   N/A(5)  11/2022   -    (11)   -    (5)
RSC Acquisition, Inc.(4)  Senior loan  L + 4.75%   N/A(5)  11/2020   -    (1)   -    - 
RSC Acquisition, Inc.  Senior loan  L + 5.25%   6.25%  11/2022   3,453    3,376    0.4    3,418 
                  36,040    35,467    4.4    35,993 
Investment Funds and Vehicles                                  
Senior Loan Fund LLC (3)(8)  Subordinated debt  L + 8.00%   8.19%  05/2020   82,730    82,730    10.1    82,730 
                                   
Leisure, Amusement, Motion Pictures and Entertainment                                  
Competitor Group, Inc.  One stop  L + 7.75%   9.00%  11/2018   1,177    1,170    0.1    806 
Competitor Group, Inc.*  One stop  L + 9.25%   9.00% cash/1.50% PIK  11/2018   12,378    12,276    1.1    9,284 
Self Esteem Brands, LLC(4)  Senior loan  L + 4.00%   N/A(5)  02/2020   -    (4)   -    - 
Self Esteem Brands, LLC^  Senior loan  L + 4.00%   5.00%  02/2020   3,669    3,654    0.4    3,669 
Teaching Company, The(4)  One stop  L + 6.25%   N/A(5)  08/2020   -    (1)   -    - 
Teaching Company, The  One stop  L + 6.25%   7.25%  08/2020   19,069    18,803    2.3    19,069 
Titan Fitness, LLC(4)  One stop  L + 6.50%   N/A(5)  09/2019   -    (16)   -    - 
Titan Fitness, LLC(4)  One stop  L + 6.50%   N/A(5)  09/2019   -    (45)   -    - 
Titan Fitness, LLC(4)  One stop  L + 6.50%   N/A(5)  09/2019   -    (16)   -    - 
Titan Fitness, LLC*  One stop  L + 6.50%   7.75%  09/2019   13,292    13,099    1.6    13,292 
                  49,585    48,920    5.5    46,120 
Mining, Steel, Iron and Non-Precious Metals                                  
Benetech, Inc.  One stop  P + 7.75%   11.25%  10/2017   303    298    -    192 
Benetech, Inc.*  One stop  L + 9.00%   10.25%  10/2017   4,628    4,606    0.5    4,165 
                  4,931    4,904    0.5    4,357 
Oil and Gas                                  
Drilling Info, Inc.(4)(7)  One stop  L + 5.00%   N/A(5)  06/2018   -    (1)   -    - 
Drilling Info, Inc.(7)  One stop  L + 5.00%   6.00%  06/2018   346    344    -    346 
Drilling Info, Inc.^  One stop  L + 5.00%   6.00%  06/2018   893    886    0.1    893 
Drilling Info, Inc.(4)(7)  One stop  L + 5.00%   N/A(5)  06/2018   -    (8)   -    - 
                  1,239    1,221    0.1    1,239 
Personal and Non-Durable Consumer Products                                  
C.B. Fleet Company, Incorporated(4)  Senior loan  L + 4.75%   N/A(5)  12/2021   -    (6)   -    (6)
C.B. Fleet Company, Incorporated  Senior loan  L + 4.75%   N/A(5)  12/2021   -    -    -    - 
C.B. Fleet Company, Incorporated*  Senior loan  L + 4.75%   5.75%  12/2021   1,360    1,347    0.2    1,347 
Georgica Pine Clothiers, LLC  One stop  L + 5.50%   6.50%  11/2021   6    5    -    5 
Georgica Pine Clothiers, LLC  One stop  L + 5.50%   6.50%  11/2021   5,765    5,652    0.7    5,707 
The Hygenic Corporation(4)  Senior loan  L + 5.00%   N/A(5)  10/2019   -    (4)   -    - 
The Hygenic Corporation*  Senior loan  L + 5.00%   6.00%  10/2020   3,267    3,226    0.4    3,267 
Massage Envy, LLC(4)  One stop  L + 7.25%   N/A(5)  09/2018   -    (8)   -    - 
Massage Envy, LLC*  One stop  L + 7.25%   8.50%  09/2018   15,570    15,392    1.9    15,570 
Orthotics Holdings, Inc(3)(4)  One stop  L + 5.00%   N/A(5)  02/2020   -    (1)   -    (4)
Orthotics Holdings, Inc*(3)  One stop  L + 5.00%   6.00%  02/2020   1,384    1,370    0.2    1,342 
Orthotics Holdings, Inc(4)  One stop  L + 5.00%   N/A(5)  02/2020   -    (14)   -    (42)
Orthotics Holdings, Inc(4)  One stop  L + 5.00%   N/A(5)  02/2020   -    (13)   -    (38)
Orthotics Holdings, Inc*  One stop  L + 5.00%   6.00%  02/2020   8,439    8,351    1.0    8,186 
Team Technologies Acquisition Company(4)  Senior loan  L + 5.00%   N/A(5)  12/2017   -    (2)   -    - 
Team Technologies Acquisition Company^  Senior loan  L + 5.00%   6.25%  12/2017   4,770    4,745    0.6    4,763 
Team Technologies Acquisition Company  Senior loan  L + 5.50%   6.75%  12/2017   879    870    0.1    885 
                  41,440    40,910    5.1    40,982 
Personal, Food and Miscellaneous Services                                  
Community Veterinary Partners, LLC  One stop  L + 5.50%   N/A(5)  10/2021   -    -    -    - 
Community Veterinary Partners, LLC  One stop  L + 5.50%   N/A(5)  10/2021   -    -    -    - 
Community Veterinary Partners, LLC*  One stop  L + 5.50%   6.50%  10/2021   2,485    2,461    0.3    2,460 

 

See Notes to Consolidated Financial Statements

 

 11 

 

 

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

December 31, 2015

(In thousands)

 

      Spread                 Percentage     
   Investment  Above  Interest   Maturity  Principal / Par       of   Fair 
   Type  Index (1)  Rate (2)   Date  Amount   Cost   Net Assets   Value 
Focus Brands Inc.*^  Second lien  L + 9.00%   10.25%  08/2018   11,195    11,127    1.4    11,195 
Ignite Restaurant Group, Inc (Joe's Crab Shack)^  One stop  L + 7.00%   8.00%  02/2019   4,787    4,735    0.6    4,787 
PetVet Care Centers LLC  Senior loan  L + 4.50%   5.50%  12/2020   1,228    1,209    0.2    1,228 
PetVet Care Centers LLC  Senior loan  L + 4.50%   5.50%  12/2019   205    195    -    205 
PetVet Care Centers LLC^  Senior loan  L + 4.50%   5.50%  12/2020   5,881    5,790    0.7    5,881 
Vetcor Merger Sub LLC  One stop  L + 6.00%   7.00%  04/2021   973    965    0.1    973 
Vetcor Merger Sub LLC(4)  One stop  L + 6.00%   N/A(5)  04/2021   -    (5)   -    - 
Vetcor Merger Sub LLC(4)  One stop  L + 6.00%   N/A(5)  04/2021   -    (4)   -    - 
Vetcor Merger Sub LLC*^  One stop  L + 6.00%   7.00%  04/2021   25,119    24,674    3.1    25,119 
Veterinary Specialists of North America, LLC(4)  One stop  L + 5.00%   N/A(5)  11/2020   -    (10)   -    - 
Veterinary Specialists of North America, LLC(4)  One stop  L + 5.00%   N/A(5)  11/2020   -    (1)   -    - 
Veterinary Specialists of North America, LLC*  One stop  L + 5.00%   6.00%  11/2020   2,716    2,697    0.3    2,716 
                  54,589    53,833    6.7    54,564 
Printing and Publishing                                  
Brandmuscle, Inc.(4)  Senior loan  L + 4.75%   N/A(5)  12/2021   -    (1)   -    - 
Brandmuscle, Inc.  Senior loan  L + 4.75%   5.75%  12/2021   4,985    4,911    0.6    4,935 
Market Track, LLC*  One stop  L + 7.00%   8.00%  10/2019   2,191    2,169    0.3    2,191 
Market Track, LLC(4)  One stop  L + 7.00%   N/A(5)  10/2019   -    (8)   -    - 
Market Track, LLC  One stop  L + 7.00%   8.00%  10/2019   2,157    2,139    0.3    2,157 
Market Track, LLC  One stop  L + 7.00%   8.00%  10/2019   1,330    1,307    0.2    1,330 
Market Track, LLC*^  One stop  L + 7.00%   8.00%  10/2019   28,902    28,590    3.5    28,902 
                  39,565    39,107    4.9    39,515 
Retail Stores                                  
Benihana, Inc.  One stop  P + 4.75%   8.25%  07/2018   651    610    0.1    608 
Benihana, Inc.*^  One stop  L + 6.00%   7.25%  01/2019   15,397    15,109    1.8    15,089 
CVS Holdings I, LP  One stop  L + 6.25%   7.25%  08/2021   1,928    1,892    0.2    1,928 
CVS Holdings I, LP(4)  One stop  L + 6.25%   N/A(5)  08/2020   -    (4)   -    - 
CVS Holdings I, LP*^  One stop  L + 6.25%   7.25%  08/2021   20,523    20,139    2.5    20,523 
Cycle Gear, Inc.  One stop  L + 6.00%   7.00%  01/2020   72    58    -    72 
Cycle Gear, Inc.  One stop  L + 6.00%   7.00%  01/2020   6,470    6,353    0.8    6,470 
DTLR, Inc.*^  One stop  L + 6.50%   7.50%  10/2020   11,481    11,371    1.4    11,366 
Elite Sportswear, L.P.(4)  Senior loan  L + 5.00%   N/A(5)  03/2020   -    (6)   -    - 
Elite Sportswear, L.P.  Senior loan  L + 5.00%   6.00%  03/2020   2,842    2,794    0.3    2,842 
Express Oil Change, LLC*  Senior loan  L + 5.00%   6.00%  12/2017   496    492    0.1    496 
Marshall Retail Group, LLC, The(4)  One stop  L + 6.00%   N/A(5)  08/2020   -    (9)   -    (44)
Marshall Retail Group, LLC, The  One stop  L + 6.00%   7.47%  08/2019   585    564    0.1    475 
Marshall Retail Group, LLC, The^  One stop  L + 6.00%   7.00%  08/2020   12,300    12,180    1.4    11,685 
Paper Source, Inc.(4)  One stop  L + 6.25%   N/A(5)  09/2018   -    (7)   -    - 
Paper Source, Inc.*^  One stop  L + 6.25%   7.25%  09/2018   12,856    12,784    1.6    12,856 
RCPSI Corporation(4)  One stop  L + 5.75%   N/A(5)  04/2020   -    (3)   -    - 
RCPSI Corporation*^  One stop  L + 5.75%   6.75%  04/2021   22,344    21,949    2.7    22,344 
Restaurant Holding Company, LLC  Senior loan  L + 7.75%   8.75%  02/2019   4,831    4,799    0.6    4,589 
Rubio's Restaurants, Inc*  Senior loan  L + 4.75%   6.00%  11/2018   3,974    3,974    0.5    3,974 
Sneaker Villa, Inc.*^  One stop  L + 7.75%   8.75%  12/2020   12,530    12,405    1.5    12,405 
Specialty Commerce Corp.(4)  One stop  L + 6.00%   N/A(5)  07/2017   -    (3)   -    - 
Specialty Commerce Corp.  One stop  L + 6.00%   7.50%  07/2017   4,073    4,056    0.5    4,073 
                  133,353    131,497    16.1    131,751 
Telecommunications                                  
Arise Virtual Solutions, Inc.(4)  One stop  L + 6.00%   N/A(5)  12/2018   -    (1)   -    (6)
Arise Virtual Solutions, Inc.^  One stop  L + 6.00%   7.25%  12/2018   1,490