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 March 31, 2016

 

OR

 

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)

 

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. 

Large accelerated filer   þ Accelerated filer o
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 May 5, 2016, the Registrant had 51,511,221 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 March 31, 2016 (unaudited) and September 30, 2015   3
       
  Consolidated Statements of Operations for the three and six months ended March 31, 2016 (unaudited) and 2015 (unaudited)   4
       
  Consolidated Statements of Changes in Net Assets for the three and six months ended March 31, 2016 (unaudited) and 2015 (unaudited)   5
       
  Consolidated Statements of Cash Flows for the six months ended March 31, 2016 (unaudited) and 2015 (unaudited)   6
       
  Consolidated Schedules of Investments as of March 31, 2016 (unaudited) and September 30, 2015   7
       
  Notes to Consolidated Financial Statements (unaudited)   25
       
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations   59
       
Item 3. Quantitative And Qualitative Disclosures About Market Risk   88
       
Item 4. Controls and Procedures   89
       
Part II.  Other Information    
       
Item 1. Legal Proceedings   90
       
Item 1A. Risk Factors   90
       
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds   90
       
Item 3. Defaults Upon Senior Securities   90
       
Item 4. Mine Safety Disclosures   90
       
Item 5. Other Information   90
       
Item 6. Exhibits   91

 

 2 

 

 

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Financial Condition

(In thousands, except share and per share data)

 

   March 31, 2016   September 30, 2015 
   (unaudited)     
Assets          
Investments, at fair value          
Non-controlled/non-affiliate company investments  $1,485,073   $1,425,325 
Non-controlled affiliate company investments   9,610    5,523 
Controlled affiliate company investments   117,019    98,936 
Total investments, at fair value (amortized cost of $1,601,440 and $1,517,314, respectively)   1,611,702    1,529,784 
Cash and cash equivalents   5,335    5,468 
Restricted cash and cash equivalents   36,863    92,016 
Interest receivable   6,021    5,700 
Receivable from investments sold   4,822    - 
Other assets   272    458 
Total Assets  $1,665,015   $1,633,426 
           
Liabilities          
Debt  $840,050   $813,250 
Less unamortized debt issuance costs   6,454    7,624 
Debt less unamortized debt issuance costs   833,596    805,626 
Secured borrowings, at fair value (proceeds of $330 and $351, respectively)   334    355 
Interest payable   3,136    2,722 
Management and incentive fees payable   9,590    11,754 
Accounts payable and accrued expenses   2,053    2,042 
Accrued trustee fees   56    57 
Total Liabilities   848,765    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 March 31, 2016 and September 30, 2015   -    - 
Common stock, par value $0.001 per share, 100,000,000 shares authorized, 51,511,221 and 51,300,193 shares issued and outstanding as of March 31, 2016 and September 30, 2015, respectively   51    51 
Paid in capital in excess of par   794,135    790,713 
Undistributed net investment income   3,239    4,230 
Net unrealized appreciation (depreciation) on investments and secured borrowings   12,927    15,134 
Net realized gain (loss) on investments   5,898    742 
Total Net Assets   816,250    810,870 
Total Liabilities and Total Net Assets  $1,665,015   $1,633,426 
           
Number of common shares outstanding   51,511,221    51,300,193 
Net asset value per common share  $15.85   $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 March 31,   Six months ended March 31, 
   2016   2015   2016   2015 
Investment income                    
From non-controlled/non-affiliate company investments:                    
Interest income  $27,322   $26,837   $54,889   $53,606 
Dividend income   51    63    282    81 
Fee income   474    595    774    803 
Total investment income from non-controlled/non-affiliate company investments  27,847    27,495    55,945    54,490 
                     
From non-controlled affiliate company investments:                    
Interest income   21    -    21    - 
Total investment income from non-controlled affiliate company investments  21    -    21    - 
                     
From controlled affiliate company investments:                    
Interest income   1,767    652    3,393    1,202 
Dividend income   1,127    314    1,903    314 
Total investment income from controlled affiliate company investments   2,894    966    5,296    1,516 
                     
Total investment income   30,762    28,461    61,262    56,006 
                     
Expenses                    
Interest and other debt financing expenses   6,833    6,017    13,564    11,711 
Base management fee   5,405    4,855    10,719    9,676 
Incentive fee   180    2,258    1,951    3,329 
Professional fees   700    840    1,431    1,469 
Administrative service fee   609    584    1,112    1,191 
General and administrative expenses   136    153    285    319 
                     
Total expenses   13,863    14,707    29,062    27,695 
                     
Net investment income - before excise tax   16,899    13,754    32,200    28,311 
                     
Excise tax   31    -    333    - 
                     
Net investment income - after excise tax   16,868    13,754    31,867    28,311 
                     
Net gain (loss) on investments and secured borrowings                    
Net realized gain (loss) on investments:                    
Non-controlled/non-affiliate company investments   178    4,523    2,434    6,249 
Non-controlled affiliate company investments   -    -    2,722    - 
Net realized gain (loss) on investments   178    4,523    5,156    6,249 
                     
Net change in unrealized appreciation (depreciation) on investments:                    
Non-controlled/non-affiliate company investments   1,118    (1,009)   2,949    (2,421)
Non-controlled affiliate company investments   (4,142)   344    (2,799)   671 
Controlled affiliate company investments   155    248    (2,357)   222 
Net change in unrealized appreciation (depreciation) on investments   (2,869)   (417)   (2,207)   (1,528)
                     
Net change in unrealized depreciation (appreciation) on secured borrowings  -    1    -    1 
                     
Net gain (loss) on investments and secured borrowings   (2,691)   4,107    2,949    4,722 
                     
Net increase in net assets resulting from operations  $14,177   $17,861   $34,816   $33,033 
                     
Per Common Share Data                    
Basic and diluted earnings per common share  $0.28   $0.38   $0.68   $0.70 
Dividends and distributions declared per common share  $0.32   $0.32   $0.64   $0.64 
Basic and diluted weighted average common shares outstanding   51,382,676    47,174,501    51,342,514    47,147,555 

 

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         
   Common Stock   Paid in Capital       (Depreciation) on         
       Par   in Excess   Undistributed Net   Investments and   Net Realized Gain   Total 
   Shares   Amount   of Par   Investment Income   Secured Borrowings   (Loss) on 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   -    -    -    28,311    (1,527)   6,249    33,033 
Distributions to stockholders:                                   
Stock issued in connection with dividend reinvestment plan   105,714    -    1,793    -    -    -    1,793 
Distributions from net investment income   -    -    -    (30,173)   -    -    (30,173)
Total increase (decrease) for the period ended March 31, 2015   105,714    -    1,793    (1,862)   (1,527)   6,249    4,653 
Balance at March 31, 2015   47,225,212   $47   $722,272   $1,765   $11,167   $2,141   $737,392 
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   -    -    -    31,867    (2,207)   5,156    34,816 
Distributions to stockholders:                                   
Stock issued in connection with dividend reinvestment plan   211,028    -    3,422    -    -    -    3,422 
Distributions from net investment income   -    -    -    (32,858)   -    -    (32,858)
Total increase (decrease) for the period ended March 31, 2016   211,028    -    3,422    (991)   (2,207)   5,156    5,380 
Balance at March 31, 2016   51,511,221   $51   $794,135   $3,239   $12,927   $5,898   $816,250 

 

See Notes to Consolidated Financial Statements.

 

 5 

 

 

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Cash Flows (unaudited)

(In thousands)

 

   Six months ended March 31, 
   2016   2015 
Cash flows from operating activities          
Net increase in net assets resulting from operations  $34,816   $33,033 
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   2,250    2,135 
Accretion of discounts and amortization of premiums   (3,686)   (3,489)
Net realized (gain) loss on investments   (5,156)   (6,249)
Net change in unrealized (appreciation) depreciation on investments   2,207    1,528 
Net change in unrealized appreciation (depreciation) on secured borrowings   -    (1)
Proceeds from (fundings of) revolving loans, net   (4,681)   (4,261)
Fundings of investments   (318,255)   (290,334)
Proceeds from principal payments and sales of portfolio investments   247,969    227,939 
PIK interest   (316)   (584)
Changes in operating assets and liabilities:          
Interest receivable   (321)   (156)
Receivable for investments sold   (4,822)   (8,232)
Other assets   186    52 
Interest payable   414    (585)
Management and incentive fees payable   (2,164)   (1,293)
Accounts payable and accrued expenses   11    155 
Accrued trustee fees   (1)   2 
Net cash (used in) provided by operating activities   (51,549)   (50,340)
           
Cash flows from investing activities          
Net change in restricted cash and cash equivalents   55,153    20,338 
Net cash (used in) provided by investing activities   55,153    20,338 
           
Cash flows from financing activities          
Borrowings on debt   161,750    110,100 
Repayments of debt   (134,950)   (52,800)
Capitalized debt issuance costs   (1,080)   (968)
Repayments on secured borrowings   (21)   (17)
Dividends and distributions paid   (29,436)   (28,380)
Net cash (used in) provided by financing activities   (3,737)   27,935 
           
Net change in cash and cash equivalents   (133)   (2,067)
           
Cash and cash equivalents, beginning of period   5,468    5,135 
           
Cash and cash equivalents, end of period  $5,335   $3,068 
           
Supplemental information:          
Cash paid during the period for interest  $10,892   $10,152 
Dividends and distributions declared during the period   32,858    30,173 

 

See Notes to Consolidated Financial Statements.

 

 6 

 

 

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited)

March 31, 2016

(In thousands)

 

      Spread                 Percentage     
   Investment  Above  Interest   Maturity  Principal / Par ($),   Amortized   of   Fair 
   Type  Index (1)  Rate(2)   Date  Shares/Units(3)   Cost   Net Assets   Value 
                              
Investments                                  
Non-controlled/non-affiliate company investments                                  
Debt investments                                  
Aerospace and Defense                                  
ILC Dover, LP  One stop  P + 6.00%   9.50%  03/2019  $781   $771    0.1%  $630 
ILC Dover, LP*^#  One stop  P + 6.00%   9.50%  03/2020   17,888    17,729    1.9    15,205 
ILC Industries, Inc.(4)  One stop  L + 6.00%   N/A(5)  07/2020   -    (20)   -    - 
ILC Industries, Inc.*^#  One stop  L + 6.00%   7.00%  07/2020   22,556    22,428    2.8    22,556 
Loar Group Inc.#  Senior loan  L + 4.75%   5.75%  01/2022   2,244    2,205    0.3    2,233 
NTS Technical Systems(4)  One stop  L + 6.00%   N/A(5)  06/2021   -    (92)   -    - 
NTS Technical Systems*^#  One stop  L + 6.00%   7.00%  06/2021   26,308    25,910    3.2    26,308 
NTS Technical Systems(4)  One stop  L + 6.00%   N/A(5)  06/2021   -    (43)   -    - 
Tresys Technology Holdings, Inc.  One stop  L + 6.75%   8.00%  12/2017   349    346    -    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   13,572    13,458    1.7    13,572 
                  87,597    86,536    10.1    82,023 
Automobile                                  
American Driveline Systems, Inc.  Senior loan  P + 4.75%   8.25%  03/2020   25    18    -    16 
American Driveline Systems, Inc.*  Senior loan  L + 5.75%   6.75%  03/2020   1,807    1,761    0.2    1,717 
American Driveline Systems, Inc.^  Senior loan  L + 5.75%   6.75%  03/2020   233    228    -    228 
CH Hold Corp. (Caliber Collision)*#  Senior loan  L + 5.25%   6.25%  11/2019   5,170    5,127    0.6    5,170 
Dent Wizard International Corporation*  Senior loan  L + 4.75%   5.75%  04/2020   2,482    2,471    0.3    2,482 
Integrated Supply Network, LLC(4)  Senior loan  L + 5.25%   N/A(5)  02/2020   -    (8)   -    - 
Integrated Supply Network, LLC*^  Senior loan  L + 5.25%   6.25%  02/2020   6,942    6,862    0.9    6,942 
K&N Engineering, Inc.(4)  Senior loan  L + 4.25%   N/A(5)  07/2019   -    (3)   -    (3)
K&N Engineering, Inc.^  Senior loan  L + 4.25%   5.25%  07/2019   2,869    2,837    0.4    2,811 
K&N Engineering, Inc.^  Senior loan  L + 4.25%   5.25%  07/2019   135    123    -    133 
T5 Merger Corporation(4)  One stop  L + 6.25%   N/A(5)  03/2022   -    (2)   -    (1)
T5 Merger Corporation^  One stop  L + 6.25%   7.25%  03/2022   2,400    2,358    0.3    2,376 
                  22,063    21,772    2.7    21,871 
Banking                                  
HedgeServ Holding L.P.(4)  One stop  L + 8.00%   N/A(5)   02/2019   -    (5)   -    - 
HedgeServ Holding L.P.*^#  One stop  L + 8.00%   7.00% cash/2.00% PIK  02/2019   17,353    17,258    2.1    17,353 
                  17,353    17,253    2.1    17,353 
Beverage, Food and Tobacco                                  
Abita Brewing Co., L.L.C.  One stop  L + 5.75%   6.75%  04/2021   8    7    -    8 
Abita Brewing Co., L.L.C.  One stop  L + 5.75%   6.75%  04/2021   8,033    7,898    1.0    8,033 
ABP Corporation  Senior loan  P + 3.50%   7.25%  09/2018   209    205    -    209 
ABP Corporation*  Senior loan  L + 4.75%   6.00%  09/2018   4,721    4,682    0.6    4,721 
Atkins Nutritionals, Inc*^#  One stop  L + 5.00%   6.25%  01/2019   16,872    16,726    2.1    16,872 
Atkins Nutritionals, Inc*^  One stop  L + 8.50%   9.75%  04/2019   21,636    21,429    2.7    21,636 
C. J. Foods, Inc.(4)  One stop  L + 5.50%   N/A(5)   05/2019   -    (6)   -    - 
C. J. Foods, Inc.  One stop  L + 5.50%   6.50%  05/2019   668    660    0.1    668 
C. J. Foods, Inc.*  One stop  L + 5.50%   6.50%  05/2019   3,176    3,145    0.4    3,176 
Candy Intermediate Holdings, Inc. (Ferrara Candy)^  Senior loan  L + 6.25%   7.50%  06/2018   4,813    4,751    0.6    4,825 
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    1,071    0.1    1,079 
Firebirds International, LLC*  One stop  L + 5.75%   7.00%  05/2018   303    300    -    303 
Firebirds International, LLC(4)  One stop  L + 5.75%   N/A(5)   05/2018   -    (3)   -    - 
First Watch Restaurants, Inc.  One stop  P + 5.00%   8.50%  12/2020   1,634    1,625    0.2    1,634 
First Watch Restaurants, Inc.*^#  One stop  L + 6.00%   7.00%  12/2020   25,727    25,491    3.1    25,727 
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   -    (9)   -    - 
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   663    651    0.1    663 
Hopdoddy Holdings, LLC(4)  One stop  L + 8.00%   N/A(5)   08/2020   -    (3)   -    - 
IT'SUGAR LLC  Subordinated debt  N/A   8.00%  10/2017   1,707    1,707    0.2    1,911 
Northern Brewer, LLC  One stop  P + 5.25%   8.75%  02/2018   699    692    0.1    647 
Northern Brewer, LLC  One stop  L + 6.50%   8.07%  02/2018   6,002    5,935    0.7    5,552 
Smashburger Finance LLC(4)  Senior loan  L + 5.50%   N/A(5)   05/2018   -    (2)   -    - 
Smashburger Finance LLC  Senior loan  L + 5.50%   6.75%  05/2018   87    87    -    87 
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   4,492    4,454    0.5    4,492 
Surfside Coffee Company LLC  One stop  L + 5.25%   6.25%  06/2020   131    123    -    131 
Tate's Bake Shop, Inc.#  Senior loan  L + 5.00%   6.00%  08/2019   600    595    0.1    600 
The Original Cakerie Ltd.(7)(8)  Senior loan  L + 5.00%   N/A(5)   12/2020   -    -    -    - 
The Original Cakerie Ltd.#(7)(8)  Senior loan  L + 5.00%   6.00%  12/2020   1,652    1,636    0.2    1,652 
Uinta Brewing Company  One stop  L + 7.00%   8.00%  08/2019   678    673    0.1    666 
Uinta Brewing Company^  One stop  L + 7.00%   8.00%  08/2019   3,195    3,174    0.4    3,147 
United Craft Brews LLC  One stop  L + 6.25%   7.25%  03/2020   1,084    1,070    0.1    1,084 
United Craft Brews LLC  One stop  L + 6.25%   7.25%  03/2020   539    526    0.1    539 
United Craft Brews LLC  One stop  L + 6.25%   7.25%  03/2020   12,097    11,884    1.5    12,097 
                  122,526    121,171    15.0    122,180 

 

See Notes to Consolidated Financial Statements.

 

 7 

 

 

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2016

(In thousands)

 

      Spread                 Percentage     
   Investment  Above  Interest   Maturity  Principal / Par ($),   Amortized   of   Fair 
   Type  Index (1)  Rate(2)   Date  Shares/Units(3)   Cost   Net Assets   Value 
                              
Broadcasting and Entertainment                                  
TouchTunes Interactive Networks, Inc.^  Senior loan  L + 4.75%   5.75%  05/2021   1,484    1,478    0.2    1,485 
                                   
Building and Real Estate                                  
Accruent, LLC*  One stop  L + 6.25%   7.27%  11/2019   4,697    4,663    0.6    4,697 
Brooks Equipment Company, LLC (4)  One stop  L + 5.00%   N/A(5)   08/2020   -    (15)   -    - 
Brooks Equipment Company, LLC*^  One stop  L + 5.00%   6.00%  08/2020   23,967    23,706    2.9    23,967 
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   637    633    0.1    637 
                  29,301    28,986    3.6    29,301 
Cargo Transport                                  
Worldwide Express Operations, LLC*^  Senior loan  L + 5.00%   6.00%  07/2019   4,900    4,851    0.6    4,851 
Worldwide Express Operations, LLC(4)  Senior loan  L + 5.00%   N/A(5)  07/2019   -    (1)   -    (1)
                  4,900    4,850    0.6    4,850 
Containers, Packaging and Glass                                  
Fort Dearborn Company*^  Senior loan  L + 4.25%   5.25%  10/2017   538    536    0.1    538 
Fort Dearborn Company*^  Senior loan  L + 4.75%   5.75%  10/2018   2,577    2,567    0.3    2,577 
Packaging Coordinators, Inc.*  Senior loan  L + 4.25%   5.25%  08/2021   2,836    2,814    0.3    2,810 
Packaging Coordinators, Inc.  Second lien  L + 8.00%   9.00%  08/2022   10,000    9,920    1.2    9,450 
                  15,951    15,837    1.9    15,375 
Diversified Conglomerate Manufacturing                                  
Chase Industries, Inc.#  One stop  L + 5.75%   6.75%  09/2020   3,376    3,340    0.4    3,376 
Chase Industries, Inc.  One stop  L + 5.75%   6.75%  09/2020   234    218    -    234 
Chase Industries, Inc.*^#  One stop  L + 5.75%   6.75%  09/2020   20,774    20,620    2.6    20,774 
Harvey Tool Company, LLC  Senior loan  L + 5.00%   N/A(5)   03/2019   -    -    -    - 
Harvey Tool Company, LLC*  Senior loan  L + 5.00%   6.01%  03/2020   3,123    3,096    0.4    3,123 
Inventus Power, Inc(4)  One stop  L + 5.50%   N/A(5)   04/2020   -    (3)   -    (21)
Inventus Power, Inc*^  One stop  L + 5.50%   6.50%  04/2020   8,547    8,498    1.0    8,205 
Onicon Incorporated(4)  One stop  L + 6.00%   N/A(5)   04/2020   -    (5)   -    - 
Onicon Incorporated*#  One stop  L + 6.00%   7.07%  04/2020   9,168    9,103    1.1    9,168 
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    18,441    2.3    18,797 
Sunless Merger Sub, Inc.  Senior loan  P + 4.00%   7.50%  07/2016   247    247    -    238 
Sunless Merger Sub, Inc.  Senior loan  L + 5.25%   6.50%  07/2016   1,534    1,536    0.2    1,380 
                  65,800    65,065    8.0    65,274 
Diversified Conglomerate Service                                  
Accellos, Inc.(4)  One stop  L + 5.75%   N/A(5)   07/2020   -    (15)   -    - 
Accellos, Inc.*^#  One stop  L + 5.75%   6.75%  07/2020   31,960    31,675    3.9    31,960 
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    2,427    0.3    2,502 
Agility Recovery Solutions Inc.(4)  One stop  L + 6.50%   N/A(5)   03/2020   -    (7)   -    (7)
Agility Recovery Solutions Inc.*^  One stop  L + 6.50%   7.50%  03/2020   14,163    13,998    1.7    14,021 
Bomgar Corporation(4)  One stop  L + 6.00%   N/A(5)   09/2020   -    (18)   -    - 
Bomgar Corporation*  One stop  L + 6.00%   7.00%  09/2020   29,491    29,060    3.6    29,491 
Daxko, LLC(4)  One stop  L + 5.75%   N/A(5)   03/2020   -    (22)   -    - 
Daxko, LLC*^#  One stop  L + 5.75%   6.75%  03/2020   28,943    28,631    3.5    28,943 
DTI Holdco, Inc.#  Senior loan  L + 5.00%   6.00%  08/2020   8,302    8,236    1.0    8,302 
HealthcareSource HR, Inc.(4)  One stop  L + 6.75%   N/A(5)   05/2020   -    (1)   -    - 
HealthcareSource HR, Inc.#  One stop  L + 6.75%   7.75%  05/2020   17,814    17,462    2.2    17,814 
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   2,994    2,954    0.4    2,994 
Integration Appliance, Inc.(4)  One stop  L + 8.25%   N/A(5)   09/2018   -    (10)   -    (9)
Integration Appliance, Inc.  One stop  L + 8.25%   9.50%  09/2020   5,396    5,296    0.6    5,342 
Integration Appliance, Inc.  One stop  L + 8.25%   9.50%  09/2020   7,913    7,753    1.0    7,834 
Integration Appliance, Inc.*  One stop  L + 8.25%   9.50%  09/2020   719    708    0.1    712 
Integration Appliance, Inc.*^  One stop  L + 8.25%   9.50%  09/2020   16,123    15,969    2.0    15,962 
Mediaocean LLC#  Senior loan  L + 4.75%   5.75%  08/2022   167    164    -    167 
NetSmart Technologies, Inc.  One stop  P + 4.25%   7.75%  02/2019   1,045    1,030    0.1    1,045 
NetSmart Technologies, Inc.^#  One stop  L + 5.25%   6.25%  02/2019   14,741    14,634    1.8    14,741 
Secure-24, LLC(4)  One stop  L + 6.00%   N/A(5)   08/2017   -    (2)   -    - 
Secure-24, LLC*  One stop  L + 6.00%   7.25%  08/2017   9,976    9,891    1.2    9,976 
Secure-24, LLC^  One stop  L + 6.00%   7.25%  08/2017   1,459    1,450    0.2    1,459 
Severin Acquisition, LLC^  Senior loan  L + 5.00%   6.00%  07/2021   798    791    0.1    798 
Severin Acquisition, LLC^  Senior loan  L + 5.38%   6.38%  07/2021   897    888    0.1    911 
Source Medical Solutions, Inc.  Second lien  L + 8.00%   9.00%  03/2018   9,294    9,211    1.1    8,829 
Steelwedge Software, Inc.(5)  One stop  L + 10.00%   N/A(5)   09/2020   -    -    -    - 
Steelwedge Software, Inc.^  One stop  L + 10.00%   9.00% cash/2.00% PIK  09/2020   2,174    2,087    0.3    2,174 
TA MHI Buyer, Inc. (5)  One stop  L + 6.50%   N/A(5)   09/2021   -    -    -    - 
TA MHI Buyer, Inc.^  One stop  L + 6.50%   7.50%  09/2021   8,274    8,208    1.0    8,274 
TA MHI Buyer, Inc.^  One stop  L + 6.50%   7.50%  09/2021   239    236    -    239 
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   7,341    7,257    0.9    7,341 
Vendavo, Inc.(4)  One stop  L + 8.50%   N/A(5)   10/2019   -    (11)   -    - 
Vendavo, Inc.  One stop  L + 8.50%   9.50%  10/2019   15,501    15,254    1.9    15,501 
Vendor Credentialing Service LLC(4)  One stop  L + 6.00%   N/A(5)   11/2021   -    (1)   -    - 

 

See Notes to Consolidated Financial Statements.

 

 8 

 

 

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2016

(In thousands)

 

      Spread                 Percentage     
   Investment  Above  Interest   Maturity  Principal / Par ($),   Amortized   of   Fair 
   Type  Index (1)  Rate(2)   Date  Shares/Units(3)   Cost   Net Assets   Value 
                              
Vendor Credentialing Service LLC  One stop  L + 6.00%   7.00%  11/2021   10,246    9,998    1.3    10,246 
Vitalyst, LLC  Senior loan  P + 4.25%   7.75%  09/2017   66    65    -    58 
Vitalyst, LLC  Senior loan  L + 5.25%   6.50%  09/2017   1,481    1,475    0.2    1,437 
                  250,019    246,715    30.5    249,057 
Electronics                                  
Appriss Holdings, Inc.  Senior loan  L + 4.75%   5.75%  11/2020   902    868    0.1    902 
Appriss Holdings, Inc.*#  Senior loan  L + 4.75%   5.75%  11/2020   20,842    20,595    2.6    20,842 
Compusearch Software Holdings, Inc.^  Senior loan  L + 4.50%   5.50%  05/2021   1,315    1,312    0.2    1,315 
ECI Acquisition Holdings, Inc.(4)  One stop  L + 6.25%   N/A(5)   03/2019   -    (11)   -    - 
ECI Acquisition Holdings, Inc.*^#  One stop  L + 6.25%   7.25%  03/2019   21,779    21,537    2.7    21,779 
ECI Acquisition Holdings, Inc.  One stop  L + 6.25%   7.25%  03/2019   1,410    1,395    0.2    1,410 
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   18,092    17,935    2.2    18,092 
Park Place Technologies LLC(4)  One stop  L + 5.25%   N/A(5)   06/2022   -    (2)   -    - 
Park Place Technologies LLC*#  One stop  L + 5.25%   6.25%  06/2022   12,529    12,349    1.5    12,529 
Sloan Company, Inc., The  One stop  L + 6.25%   7.25%  04/2020   31    30    -    23 
Sloan Company, Inc., The#  One stop  L + 6.25%   7.25%  04/2020   7,551    7,474    0.8    6,419 
Sovos Compliance (4)  One stop  L + 6.75%   N/A(5)   03/2022   -    (1)   -    (1)
Sovos Compliance*  One stop  L + 6.75%   7.75%  03/2022   4,930    4,845    0.6    4,856 
Sparta Holding Corporation(4)  One stop  L + 5.50%   N/A(5)   07/2020   -    (27)   -    - 
Sparta Holding Corporation*^#  One stop  L + 5.50%   6.50%  07/2020   22,309    22,107    2.7    22,309 
Syncsort Incorporated(4)  One stop  L + 5.50%   N/A(5)   11/2021   -    (2)   -    - 
Syncsort Incorporated*^#  One stop  L + 5.50%   6.50%  11/2021   16,693    16,379    2.0    16,693 
Systems Maintenance Services Holding, Inc.^  Senior loan  L + 4.00%   5.00%  10/2019   2,610    2,602    0.3    2,610 
Watchfire Enterprises, Inc.  Second lien  L + 8.00%   9.00%  10/2021   9,435    9,259    1.2    9,435 
                  140,428    138,643    17.1    139,213 
Grocery                                  
MyWebGrocer, Inc.  One stop  L + 8.75%   10.00%  05/2018   1,586    1,577    0.2    1,586 
MyWebGrocer, Inc.^  One stop  L + 8.75%   10.00%  05/2018   14,271    14,145    1.7    14,271 
Teasdale Quality Foods, Inc.#  Senior loan  L + 4.75%   5.77%  10/2020   557    552    0.1    566 
                  16,414    16,274    2.0    16,423 
Healthcare, Education and Childcare                                  
Active Day, Inc.(4)  One stop  L + 6.00%   N/A(5)   12/2021   -    (2)   -    - 
Active Day, Inc.  One stop  L + 6.00%   7.00%  12/2021   13,606    13,252    1.7    13,606 
Active Day, Inc.(4)  One stop  L + 6.00%   N/A(5)   12/2021   -    (40)   -    - 
Agilitas USA, Inc.^  Senior loan  L + 4.00%   5.00%  10/2020   2,125    2,109    0.3    2,125 
Aris Teleradiology Company, LLC  Senior loan  L + 4.75%   N/A(5)   03/2021   -    -    -    - 
Aris Teleradiology Company, LLC*  Senior loan  L + 4.75%   5.75%  03/2021   946    936    0.1    936 
Avalign Technologies, Inc.^  Senior loan  L + 4.50%   5.50%  07/2021   1,136    1,131    0.1    1,136 
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    0.3    2,560 
Avatar International, LLC#(6)  One stop  L + 7.89%   6.19% cash/2.95% PIK  09/2016   1,648    1,644    0.1    552 
BIORECLAMATIONIVT, LLC (4)  One stop  L + 6.25%   N/A(5)   01/2021   -    (2)   -    - 
BIORECLAMATIONIVT, LLC *^#  One stop  L + 6.25%   7.25%  01/2021   14,464    14,223    1.8    14,464 
California Cryobank, LLC  One stop  P + 4.25%   7.75%  08/2019   22    20    -    22 
California Cryobank, LLC^  One stop  L + 5.50%   6.50%  08/2019   1,550    1,540    0.2    1,550 
California Cryobank, LLC  One stop  L + 5.50%   6.50%  08/2019   43    42    -    43 
Certara L.P.(4)  One stop  L + 6.25%   N/A(5)   12/2018   -    (12)   -    - 
Certara L.P.*^#  One stop  L + 6.25%   7.25%  12/2018   30,694    30,447    3.8    30,694 
CPI Buyer, LLC (Cole-Parmer)*^  Senior loan  L + 4.50%   5.50%  08/2021   7,900    7,658    0.9    7,574 
Curo Health Services LLC#  Senior loan  L + 5.50%   6.50%  02/2022   1,980    1,963    0.2    1,964 
DCA Investment Holding, LLC  One stop  P + 4.25%   7.75%  07/2021   372    356    -    359 
DCA Investment Holding, LLC*^#  One stop  L + 5.25%   6.25%  07/2021   19,063    18,693    2.3    18,872 
DCA Investment Holding, LLC*^#  One stop  L + 5.25%   6.25%  07/2021   13,672    13,513    1.7    13,536 
Deca Dental Management LLC  One stop  L + 6.25%   7.25%  07/2020   37    36    -    37 
Deca Dental Management LLC  One stop  L + 6.25%   7.25%  07/2020   183    173    -    183 
Deca Dental Management LLC*^  One stop  L + 6.25%   7.25%  07/2020   4,168    4,114    0.5    4,168 
Delta Educational Systems*  Senior loan  P + 4.75%   8.25%  12/2016   1,483    1,477    0.2    1,260 
Delta Educational Systems(4)  Senior loan  L + 6.00%   N/A(5)   12/2016   -    -    -    (7)
Dental Holdings Corporation  One stop  P + 4.25%   7.75%  02/2020   184    173    -    184 
Dental Holdings Corporation  One stop  L + 5.50%   6.50%  02/2020   7,638    7,500    0.9    7,638 
Dental Holdings Corporation  One stop  L + 5.50%   6.50%  02/2020   630    616    0.1    630 
Encore GC Acquisition, LLC(4)  Senior loan  L + 5.25%   N/A(5)   01/2020   -    (8)   -    (14)
Encore GC Acquisition, LLC*^  Senior loan  L + 5.25%   6.25%  01/2020   4,796    4,731    0.6    4,701 
eSolutions, Inc.(4)  One stop  L + 6.50%   N/A(5)   03/2022   -    (1)   -    (1)
eSolutions, Inc.  One stop  L + 6.50%   7.50%  03/2022   13,141    12,849    1.6    13,009 
G & H Wire Company, Inc.  One stop  P + 4.50%   8.00%  12/2017   250    246    -    250 
G & H Wire Company, Inc.*^  One stop  L + 5.75%   6.75%  12/2017   13,224    13,156    1.6    13,224 
Joerns Healthcare, LLC*  One stop  L + 5.00%   6.00%  05/2020   3,301    3,273    0.4    3,272 
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   8,743    8,663    1.1    8,743 
Katena Holdings, Inc.(4)  One stop  L + 6.25%   N/A(5)   06/2021   -    (7)   -    - 
Maverick Healthcare Group, LLC*  Senior loan  L + 9.50%   9.25% cash/2.00% PIK  12/2016   1,922    1,910    0.2    1,922 
PPT Management, LLC(4)  One stop  L + 5.00%   N/A(5)   04/2020   -    (7)   -    - 
PPT Management, LLC  One stop  L + 5.00%   6.00%  04/2020   2,457    2,433    0.3    2,457 
Premise Health Holding Corp.(4)  One stop  L + 4.50%   N/A(5)   06/2020   -    (18)   -    - 
Premise Health Holding Corp.#  One stop  L + 4.50%   5.50%  06/2020   15,000    14,907    1.8    15,000 

 

See Notes to Consolidated Financial Statements.

 

 9 

 

 

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2016

(In thousands)

 

      Spread                 Percentage     
   Investment  Above  Interest   Maturity  Principal / Par ($),   Amortized   of   Fair 
   Type  Index (1)  Rate(2)   Date  Shares/Units(3)   Cost   Net Assets   Value 
                              
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   16,951    16,749    2.1    16,951 
Radiology Partners, Inc.  One stop  L + 5.00%   6.00%  09/2020   1,919    1,885    0.2    1,919 
Reliant Pro ReHab, LLC  Senior loan  P + 4.00%   7.50%  06/2017   129    126    -    129 
Reliant Pro ReHab, LLC*  Senior loan  L + 5.00%   6.00%  06/2017   3,185    3,170    0.4    3,185 
Renaissance Pharma (U.S.) Holdings Inc.^  Senior loan  L + 4.00%   5.03%  05/2018   418    414    0.1    418 
RXH Buyer Corporation  One stop  P + 4.75%   8.25%  09/2021   10    6    -    10 
RXH Buyer Corporation(4)  One stop  L + 5.75%   N/A(5)   09/2021   -    (51)   -    - 
RXH Buyer Corporation*^  One stop  L + 5.75%   6.75%  09/2021   17,524    17,206    2.2    17,524 
Sarnova HC, LLC#  Senior loan  L + 4.75%   5.76%  01/2022   3,740    3,704    0.5    3,703 
Southern Anesthesia and Surgical(4)  One stop  L + 5.50%   N/A(5)   11/2017   -    (5)   -    - 
Southern Anesthesia and Surgical  One stop  L + 5.50%   6.50%  11/2017   5,610    5,558    0.7    5,610 
Southern Anesthesia and Surgical^  One stop  L + 5.50%   6.50%  11/2017   2,728    2,708    0.3    2,728 
Surgical Information Systems, LLC^  Senior loan  L + 3.00%   4.01%  09/2018   1,879    1,876    0.2    1,879 
U.S. Anesthesia Partners, Inc.#  One stop  L + 5.00%   6.00%  12/2019   5,927    5,906    0.7    5,927 
WIL Research Company, Inc.*  Senior loan  L + 4.50%   5.75%  02/2018   752    748    0.1    752 
Young Innovations, Inc.*#  Senior loan  L + 4.25%   5.25%  01/2019   1,742    1,733    0.2    1,742 
Young Innovations, Inc.  Senior loan  P + 3.25%   6.75%  01/2018   52    52    -    51 
Zest Holdings, LLC#  Senior loan  L + 4.75%   5.75%  08/2020   5,309    5,110    0.7    5,309 
                  262,552    258,847    31.3#   255,144 
Home and Office Furnishings,                                  
Housewares, and Durable Consumer                                  
1A Smart Start LLC*  Senior loan  L + 4.75%   5.75%  02/2022   2,126    2,107    0.2    2,124 
Floor & Decor Outlets of America, Inc.*^  One stop  L + 6.50%   7.75%  05/2019   11,073    11,002    1.4    11,073 
Plano Molding Company, LLC*^#  One stop  L + 6.00%   7.00%  05/2021   18,024    17,871    2.2    18,024 
                  31,223    30,980    3.8    31,221 
Hotels, Motels, Inns, and Gaming                                  
Aimbridge Hospitality, LLC^  Senior loan  L + 4.50%   5.75%  10/2018   827    812    0.1    827 
                                   
Insurance                                  
Captive Resources Midco, LLC (4)  One stop  L + 5.75%   N/A(5)   06/2020   -    (20)   -    - 
Captive Resources Midco, LLC (4)  One stop  L + 5.75%   N/A(5)   06/2020   -    (18)   -    - 
Captive Resources Midco, LLC*^#  One stop  L + 5.75%   6.75%  06/2020   26,261    25,978    3.2    26,261 
Higginbotham Insurance Agency, Inc.*  Senior loan  L + 5.25%   6.25%  11/2021   1,308    1,295    0.2    1,301 
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   4,935    4,812    0.6    4,935 
                  32,504    32,046    4.0    32,497 
Leisure, Amusement, Motion Pictures and Entertainment                                  
Self Esteem Brands, LLC(4)  Senior loan  L + 4.00%   N/A(5)   02/2020   -    (3)   -    - 
Self Esteem Brands, LLC^  Senior loan  L + 4.00%   5.00%  02/2020   3,525    3,512    0.4    3,525 
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   19,021    18,771    2.3    19,021 
Titan Fitness, LLC(4)  One stop  L + 6.50%   N/A(5)   09/2019   -    (15)   -    - 
Titan Fitness, LLC(4)  One stop  L + 6.50%   N/A(5)   09/2019   -    (42)   -    - 
Titan Fitness, LLC  One stop  P + 5.25%   8.75%  09/2019   373    357    0.1    373 
Titan Fitness, LLC*  One stop  L + 6.50%   7.75%  09/2019   13,292    13,112    1.6    13,292 
                  36,211    35,691    4.4    36,211 
Mining, Steel, Iron and Non-Precious Metals                                  
Benetech, Inc.  One stop  P + 7.75%   11.25%  10/2017   152    148    -    20 
Benetech, Inc.*  One stop  L + 9.00%   10.25%  10/2017   4,561    4,542    0.5    4,013 
                  4,713    4,690    0.5    4,033 
Oil and Gas                                  
Drilling Info, Inc.(9)  One stop  L + 5.00%   N/A(5)   06/2018   -    -    -    - 
Drilling Info, Inc.(9)  One stop  L + 5.00%   6.00%  06/2018   334    332    -    334 
Drilling Info, Inc.^  One stop  L + 5.00%   6.00%  06/2018   881    875    0.1    881 
Drilling Info, Inc.(4)(9)  One stop  L + 5.00%   N/A(5)  06/2018   -    (8)   -    - 
                  1,215    1,199    0.1    1,215 
Personal and Non-Durable Consumer Products                                  
Georgica Pine Clothiers, LLC(4)  One stop  L + 5.50%   N/A(5)   11/2021   -    (1)   -    - 
Georgica Pine Clothiers, LLC  One stop  L + 5.50%   6.50%  11/2021   5,765    5,657    0.7    5,765 
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   3,259    3,220    0.4    3,259 
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   15,568    15,406    1.9    15,568 
Orthotics Holdings, Inc(4)(7)  One stop  L + 5.00%   N/A(5)   02/2020   -    (1)   -    (7)
Orthotics Holdings, Inc*#(7)  One stop  L + 5.00%   6.00%  02/2020   1,380    1,366    0.1    1,311 
Orthotics Holdings, Inc(4)  One stop  L + 5.00%   N/A(5)   02/2020   -    (14)   -    (70)
Orthotics Holdings, Inc(4)  One stop  L + 5.00%   N/A(5)   02/2020   -    (12)   -    (63)
Orthotics Holdings, Inc*#  One stop  L + 5.00%   6.00%  02/2020   8,418    8,335    1.0    7,996 
Team Technologies Acquisition Company(4)  Senior loan  L + 5.00%   N/A(5)   12/2017   -    (1)   -    (3)
Team Technologies Acquisition Company^  Senior loan  L + 5.00%   6.25%  12/2017   4,757    4,736    0.6    4,710 
Team Technologies Acquisition Company#  Senior loan  L + 5.50%   6.76%  12/2017   877    869    0.1    874 
                  40,024    39,548    4.8    39,340 

 

See Notes to Consolidated Financial Statements.

 

 10 

 

 

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

March 31, 2016

(In thousands)

 

      Spread                 Percentage     
   Investment  Above  Interest   Maturity  Principal / Par ($),   Amortized   of   Fair 
   Type  Index (1)  Rate(2)   Date  Shares/Units(3)   Cost   Net Assets   Value 
                              
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%   6.50%  10/2021   2,479    2,456    0.3    2,479 
Community Veterinary Partners, LLC  One stop  L + 5.50%   6.50%  10/2021   267    267    -    267 
Focus Brands Inc.*^  Second lien  L + 9.00%   10.25%  08/2018   11,195    11,133    1.4    11,195 
Ignite Restaurant Group, Inc (Joe's Crab Shack)^  One stop  L + 7.00%   8.00%  02/2019   4,775    4,727    0.6    4,775 
PetVet Care Centers LLC  Senior loan  L + 4.75%   5.75%  12/2019   68    58    -    68 
PetVet Care Centers LLC^  Senior loan  L + 4.75%   5.75%  12/2020   1,225    1,207    0.2    1,225 
PetVet Care Centers LLC^  Senior loan  L + 4.75%   5.75%  12/2020   5,866