UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2017

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: 814-01190

 

OWL ROCK CAPITAL CORPORATION

(Exact Name of Registrant as Specified in its Charter)

 

 

Maryland

47-5402460

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

 

 

245 Park Avenue, 41st Floor

New York, New York

10167

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (212) 419-3000

 

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      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 (§ 232.405 of this chapter) 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 the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

  (Do not check if a small reporting company)

  

Small reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    

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

As of November 7, 2017, the registrant had 85,413,892 shares of common stock, $0.01 par value per share, outstanding.

 

 


 

 

Table of Contents

 

 

 

Page

PART I.

FINANCIAL INFORMATION

 

Item 1.

Consolidated Financial Statements

3

 

Consolidated Statements of Assets and Liabilities as of September 30, 2017 (Unaudited) and December 31, 2016

3

 

Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2017 and 2016 (Unaudited)

4

 

Consolidated Schedules of Investments as of September 30, 2017 (Unaudited) and December 31, 2016

5

Consolidated Statements of Changes in Net Assets for the nine months ended September 30, 2017 and 2016 (Unaudited)

11

 

Consolidated Statements of Cash Flows for the nine months ended September 30, 2017 and 2016 (Unaudited)

12

 

Notes to Consolidated Financial Statements (Unaudited)

13

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

35

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

60

Item 4.

Controls and Procedures

61

PART II.

OTHER INFORMATION

 

Item 1.

Legal Proceedings

62

Item 1A.

Risk Factors

62

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

62

Item 3.

Defaults Upon Senior Securities

62

Item 4.

Mine Safety Disclosures

62

Item 5.

Other Information

62

Item 6.

Exhibits

63

Signatures

64

 

 

i


 

 

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

 

This report contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about Owl Rock Capital Corporation (the “Company,” “Owl Rock,” “we” or “our”), our current and prospective portfolio investments, our industry, our beliefs and opinions, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:

 

 

an economic downturn could impair our portfolio companies’ ability to continue to operate, which could lead to the loss of some or all of our investments in such portfolio companies;

 

an economic downturn could disproportionately impact the companies that we intend to target for investment, potentially causing us to experience a decrease in investment opportunities and diminished demand for capital from these companies;

 

an economic downturn could also impact availability and pricing of our financing;

 

a contraction of available credit and/or an inability to access the equity markets could impair our lending and investment activities;

 

interest rate volatility could adversely affect our results, particularly if we elect to use leverage as part of our investment strategy;

 

currency fluctuations could adversely affect the results of our investments in foreign companies, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars;

 

our future operating results;

 

our business prospects and the prospects of our portfolio companies;

 

our contractual arrangements and relationships with third parties;

 

the ability of our portfolio companies to achieve their objectives;

 

competition with other entities and our affiliates for investment opportunities;

 

the speculative and illiquid nature of our investments;

 

the use of borrowed money to finance a portion of our investments as well as any estimates regarding potential use of leverage;

 

the adequacy of our financing sources and working capital;

 

the loss of key personnel;

 

the timing of cash flows, if any, from the operations of our portfolio companies;

 

the ability of Owl Rock Capital Advisors LLC (the “Adviser”) to locate suitable investments for us and to monitor and administer our investments;

 

the ability of the Adviser to attract and retain highly talented professionals;

 

our ability to maintain our tax treatment as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and as a business development company (“BDC”);

 

the effect of legal, tax and regulatory changes; and

 

other risks, uncertainties and other factors previously identified in the reports and other documents we have filed with the Securities and Exchange Commission (“SEC”).

 

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. These forward-looking statements apply only as of the date of this report. Moreover, we assume no duty and do not undertake to update the forward-looking statements. Because we are an investment company, the forward-looking statements and projections contained in this report are excluded from the safe harbor protection provided by Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the “1934 Act”).

2


 

PART I. CONSOLIDATED FINANCIAL INFORMATION

 

Item 1. Consolidated Financial Statements

 

Owl Rock Capital Corporation

Consolidated Statements of Assets and Liabilities

(Amounts in thousands, except share and per share amounts)

 

 

 

September 30, 2017

(Unaudited)

 

 

December 31, 2016

 

Assets

 

 

 

 

 

 

 

 

Investments at fair value

 

 

 

 

 

 

 

 

Non-controlled/non-affiliated company investments (amortized cost of $2,140,081 and $959,768, respectively)

 

$

2,152,931

 

 

$

967,399

 

Controlled affiliated company investments (amortized cost of $41,119 and $0, respectively)

 

 

40,521

 

 

 

 

Total investments at fair value (amortized cost of $2,181,200 and $959,768, respectively)

 

 

2,193,452

 

 

 

967,399

 

Cash and cash equivalents

 

 

19,233

 

 

 

209,353

 

Interest receivable

 

 

6,855

 

 

 

3,349

 

Subscriptions receivable

 

 

12,170

 

 

 

 

Other income receivable from a controlled affiliate

 

 

1,978

 

 

 

 

Prepaid expenses and other assets

 

 

1,150

 

 

 

723

 

Total Assets

 

$

2,234,838

 

 

$

1,180,824

 

Liabilities

 

 

 

 

 

 

 

 

Debt (net of unamortized debt issuance costs of $6,233 and $3,094, respectively)

 

$

856,266

 

 

$

491,906

 

Management fee payable

 

 

8,637

 

 

 

4,565

 

Payable for investments purchased

 

 

59,998

 

 

 

 

Payables to affiliates

 

 

1,918

 

 

 

1,860

 

Accrued expenses and other liabilities

 

 

3,619

 

 

 

1,968

 

Total Liabilities

 

 

930,438

 

 

 

500,299

 

Commitments and contingencies (Note 7)

 

 

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 

 

 

Common shares $0.01 par value, 500,000,000 shares authorized; 85,413,892 and 45,833,313 shares issued and outstanding, respectively

 

 

854

 

 

 

458

 

Additional paid-in-capital

 

 

1,262,482

 

 

 

664,554

 

Accumulated undistributed net investment income

 

 

28,316

 

 

 

7,882

 

Net unrealized gain (loss) on investments

 

 

12,252

 

 

 

7,631

 

Undistributed net realized gains (losses)

 

 

496

 

 

 

 

Total Net Assets

 

 

1,304,400

 

 

 

680,525

 

Total Liabilities and Net Assets

 

$

2,234,838

 

 

$

1,180,824

 

Net Asset Value Per Share

 

$

15.27

 

 

$

14.85

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

3


 

Owl Rock Capital Corporation

Consolidated Statements of Operations

(Amounts in thousands, except share and per share amounts)

(Unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Investment Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income from non-controlled, non-affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

44,272

 

 

$

10,685

 

 

$

99,216

 

 

$

11,313

 

Other income

 

 

1,104

 

 

 

41

 

 

 

2,311

 

 

 

42

 

Total investment income from non-controlled, non-affiliated investments

 

 

45,376

 

 

 

10,726

 

 

 

101,527

 

 

 

11,355

 

Investment income from controlled, affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income

 

 

1,978

 

 

 

 

 

 

1,978

 

 

 

 

Total investment income from controlled, affiliated investments

 

 

1,978

 

 

 

 

 

 

1,978

 

 

 

 

Total Investment Income

 

 

47,354

 

 

 

10,726

 

 

 

103,505

 

 

 

11,355

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Initial organization

 

 

 

 

 

 

 

 

 

 

 

1,224

 

Interest expense

 

 

7,293

 

 

 

774

 

 

 

15,551

 

 

 

774

 

Management fee

 

 

8,637

 

 

 

2,474

 

 

 

19,910

 

 

 

4,673

 

Professional fees

 

 

1,522

 

 

 

924

 

 

 

3,962

 

 

 

2,097

 

Directors' fees

 

 

96

 

 

 

114

 

 

 

286

 

 

 

218

 

Other general and administrative

 

 

1,403

 

 

 

870

 

 

 

3,319

 

 

 

1,715

 

Total Expenses

 

 

18,951

 

 

 

5,156

 

 

 

43,028

 

 

 

10,701

 

Net Investment Income (Loss) Before Taxes

 

 

28,403

 

 

 

5,570

 

 

 

60,477

 

 

 

654

 

Excise tax expense

 

 

28

 

 

 

 

 

 

43

 

 

 

 

Net Investment Income (Loss) After Taxes

 

$

28,375

 

 

$

5,570

 

 

$

60,434

 

 

$

654

 

Net Realized and Unrealized Gain (Loss) on Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized gain (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

$

(1,040

)

 

$

2,422

 

 

$

5,219

 

 

 

2,940

 

Controlled affiliated investments

 

 

(549

)

 

 

 

 

 

(598

)

 

 

 

Total Net Unrealized Gain (Loss)

 

 

(1,589

)

 

 

2,422

 

 

 

4,621

 

 

 

2,940

 

Net realized gain (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

496

 

 

 

 

 

 

496

 

 

 

 

Total Net Realized Gain (Loss)

 

 

496

 

 

 

 

 

 

496

 

 

 

 

Total Net Realized and Unrealized Gain (Loss) on Investments

 

 

(1,093

)

 

 

2,422

 

 

 

5,117

 

 

 

2,940

 

Net Increase (Decrease) in Net Assets Resulting from Operations

 

$

27,282

 

 

$

7,992

 

 

$

65,551

 

 

$

3,594

 

Earnings Per Share - Basic and Diluted

 

$

0.37

 

 

$

0.27

 

 

$

1.12

 

 

$

0.22

 

Weighted Average Shares Outstanding - Basic and Diluted

 

 

73,138,745

 

 

 

29,634,244

 

 

 

58,741,817

 

 

 

16,302,756

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

4


 

Owl Rock Capital Corporation

Consolidated Schedule of Investments

As of September 30, 2017

(Amounts in thousands, except share amounts)

(Unaudited)

 

Company(1)(14)

 

Investment

 

Interest

 

 

Maturity Date

 

Principal / Par

 

 

Amortized Cost(3)

 

 

Fair Value

 

 

Percentage of Net Assets

 

 

Non-controlled/non-affiliated company investments(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advertising and media

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PAK Acquisition Corporation (dba Valpak)(4)(5)

 

First lien senior secured loan

 

L + 8.00%

 

 

6/30/2022

 

$

78,925

 

 

$

77,521

 

 

$

78,925

 

 

 

6.1

 

%

Aerospace and defense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vencore, Inc.(4)(6)

 

Second lien senior secured loan

 

L + 8.75%

 

 

5/23/2020

 

 

50,000

 

 

 

49,286

 

 

 

50,000

 

 

 

3.8

 

%

Buildings and real estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DTZ U.S. Borrower, LLC (dba Cushman & Wakefield)(4)(6)

 

Second lien senior secured loan

 

L + 7.75%

 

 

11/4/2022

 

 

125,000

 

 

 

123,817

 

 

 

124,375

 

 

 

9.5

 

%

Business services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Access Information(4)(5)(13)

 

First lien senior secured loan

 

L + 5.00%

 

 

10/17/2021

 

 

39,694

 

 

 

39,358

 

 

 

39,806

 

 

 

3.1

 

%

Access Information(4)(5)

 

Second lien senior secured loan

 

L + 8.75%

 

 

10/17/2022

 

 

20,000

 

 

 

19,235

 

 

 

19,400

 

 

 

1.5

 

%

CIBT Global, Inc.(4)(6)

 

Second lien senior secured loan

 

L + 7.75%

 

 

6/1/2025

 

 

49,000

 

 

 

47,827

 

 

 

48,020

 

 

 

3.7

 

%

GC Agile Holdings Limited (dba Apex Fund Services)(4)(6)(11)

 

First lien senior secured loan

 

L + 6.50%

 

 

8/29/2023

 

 

38,522

 

 

 

37,761

 

 

 

37,752

 

 

 

2.9

 

%

GC Agile Holdings Limited (dba Apex Fund Services)(4)(8)(9)(10)(11)

 

First lien senior secured multi draw term loan

 

L + 6.50%

 

 

8/29/2019

 

 

-

 

 

 

(153

)

 

 

(156

)

 

 

-

 

%

GC Agile Holdings Limited (dba Apex Fund Services)(4)(8)(9)(11)

 

First lien senior secured revolving loan

 

L + 6.50%

 

 

8/29/2023

 

 

-

 

 

 

(38

)

 

 

(39

)

 

 

-

 

%

Vestcom Parent Holdings, Inc.(4)(5)

 

Second lien senior secured loan

 

L + 8.50%

 

 

6/19/2024

 

 

65,000

 

 

 

64,098

 

 

 

64,675

 

 

 

5.0

 

%

 

 

 

 

 

 

 

 

 

 

 

212,216

 

 

 

208,088

 

 

 

209,458

 

 

 

16.2

 

%

Consumer products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Feradyne Outdoors, LLC(4)(6)

 

First lien senior secured loan

 

L + 6.25%

 

 

5/25/2023

 

 

115,211

 

 

 

113,878

 

 

 

113,771

 

 

 

8.7

 

%

Distribution

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ABB/Con-cise Optical Group LLC(4)(6)(13)

 

First lien senior secured loan

 

L + 5.00%

 

 

6/15/2023

 

 

59,849

 

 

 

59,998

 

 

 

59,998

 

 

 

4.6

 

%

ABB/Con-cise Optical Group LLC(4)(6)

 

Second lien senior secured loan

 

L + 9.00%

 

 

6/17/2024

 

 

25,000

 

 

 

24,332

 

 

 

24,875

 

 

 

1.9

 

%

Dade Paper & Bag, LLC (dba Imperial-Dade)(4)(5)

 

First lien senior secured loan

 

L + 7.50%

 

 

6/9/2024

 

 

33,416

 

 

 

32,791

 

 

 

32,748

 

 

 

2.5

 

%

JM Swank, LLC(4)(6)

 

First lien senior secured loan

 

L + 7.50%

 

 

7/25/2022

 

 

74,575

 

 

 

73,321

 

 

 

75,694

 

 

 

5.8

 

%

Medical Specialties Distributors, LLC(4)(6)

 

First lien senior secured loan

 

L + 5.75%

 

 

12/6/2022

 

 

88,355

 

 

 

87,567

 

 

 

88,355

 

 

 

6.8

 

%

QC Supply, LLC(4)(5)

 

First lien senior secured loan

 

L + 6.00%

 

 

12/29/2022

 

 

26,301

 

 

 

25,713

 

 

 

25,907

 

 

 

2.0

 

%

QC Supply, LLC(4)(8)(9)(10)

 

First lien senior secured delayed draw term loan

 

L + 6.00%

 

 

12/29/2018

 

 

-

 

 

 

(181

)

 

 

(41

)

 

 

-

 

%

5


 

Company(1)(14)

 

Investment

 

Interest

 

 

Maturity Date

 

Principal / Par

 

 

Amortized Cost(3)

 

 

Fair Value

 

 

Percentage of Net Assets

 

 

QC Supply, LLC (4)(5)(8)

 

First lien senior secured revolving loan

 

L + 6.00%

 

 

12/29/2021

 

 

1,988

 

 

 

1,882

 

 

 

1,913

 

 

 

0.1

 

%

 

 

 

 

 

 

 

 

 

 

 

309,484

 

 

 

305,423

 

 

 

309,449

 

 

 

23.7

 

%

Energy equipment and services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Keane Group Holdings, LLC(4)(6)(11)

 

First lien senior secured loan

 

L + 7.25%

 

 

8/18/2022

 

 

124,438

 

 

 

122,597

 

 

 

124,438

 

 

 

9.5

 

%

Liberty Oilfield Services LLC(4)(5)

 

First lien senior secured loan

 

L + 7.63%

 

 

9/19/2022

 

 

22,250

 

 

 

21,810

 

 

 

21,805

 

 

 

1.7

 

%

 

 

 

 

 

 

 

 

 

 

 

146,688

 

 

 

144,407

 

 

 

146,243

 

 

 

11.20

 

%

Food and beverage

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Candy Intermediate Holding, Inc. (dba Ferrara Candy Company)(4)(5)

 

Second lien senior secured loan

 

L + 9.00%

 

 

12/15/2023

 

 

75,000

 

 

 

74,341

 

 

 

72,375

 

 

 

5.5

 

%

Give and Go Prepared Foods Corp.(4)(6)(11)

 

Second lien senior secured loan

 

L + 8.50%

 

 

1/29/2024

 

 

42,000

 

 

 

41,585

 

 

 

41,580

 

 

 

3.2

 

%

Recipe Acquisition Corp. (dba Roland Corporation)(4)(6)

 

Second lien senior secured loan

 

L + 9.00%

 

 

12/1/2022

 

 

32,000

 

 

 

31,466

 

 

 

32,000

 

 

 

2.5

 

%

Tall Tree Foods, Inc.(4)(5)

 

First lien senior secured loan

 

L + 7.25%

 

 

8/12/2022

 

 

58,900

 

 

 

58,154

 

 

 

58,017

 

 

 

4.4

 

%

 

 

 

 

 

 

 

 

 

 

 

207,900

 

 

 

205,546

 

 

 

203,972

 

 

 

15.6

 

%

Healthcare equipment and services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Geodigm Corporation (dba National Dentex)(4)(6)(16)

 

First lien senior secured loan

 

L + 6.54%

 

 

12/1/2021

 

 

69,937

 

 

 

69,282

 

 

 

69,238

 

 

 

5.3

 

%

Geodigm Corporation (dba National Dentex)(4)(8)(10)(16)

 

First lien senior secured delayed draw term loan

 

L + 6.54%

 

 

10/13/2017

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

%

PetVet Care Centers, LLC(4)(6)

 

First lien senior secured loan

 

L + 6.00%

 

 

6/8/2023

 

 

31,282

 

 

 

30,984

 

 

 

30,969

 

 

 

2.4

 

%

PetVet Care Centers, LLC(4)(6)(8)(10)

 

First lien senior secured delayed draw term loan

 

L + 6.00%

 

 

6/8/2019

 

 

6,523

 

 

 

6,384

 

 

 

6,376

 

 

 

0.5

 

%

PetVet Care Centers, LLC(4)(5)(8)

 

First lien senior secured revolving loan

 

L + 6.00%

 

 

6/8/2023

 

 

809

 

 

 

781

 

 

 

779

 

 

 

0.1

 

%

 

 

 

 

 

 

 

 

 

 

 

108,551

 

 

 

107,431

 

 

 

107,362

 

 

 

8.3

 

%

Household products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hayward Industries, Inc.(4)(5)

 

Second lien senior secured loan

 

L + 8.25%

 

 

8/4/2025

 

 

72,500

 

 

 

71,070

 

 

 

71,050

 

 

 

5.4

 

%

Human resource support services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SABA Software, Inc.(4)(5)

 

First lien senior secured loan

 

L + 5.50%

 

 

5/1/2023

 

 

44,937

 

 

 

44,422

 

 

 

44,488

 

 

 

3.4

 

%

SABA Software, Inc.(4)(8)(9)

 

First lien senior secured revolving loan

 

L + 5.50%

 

 

5/1/2023

 

 

-

 

 

 

(58

)

 

 

(50

)

 

 

-

 

%

 

 

 

 

 

 

 

 

 

 

 

44,937

 

 

 

44,364

 

 

 

44,438

 

 

 

3.4

 

%

Infrastructure and environmental services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FR Arsenal Holdings II Corp. (dba Applied-Cleveland Holdings, Inc.)(4)(6)

 

First lien senior secured loan

 

L + 7.25%

 

 

9/8/2022

 

 

74,301

 

 

 

73,009

 

 

 

74,672

 

 

 

5.7

 

%

Insurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CD&R TZ Purchaser, Inc. (dba Tranzact)(4)(6)

 

First lien senior secured loan

 

L + 6.00%

 

 

7/21/2023

 

 

34,650

 

 

 

32,835

 

 

 

33,957

 

 

 

2.6

 

%

6


 

Company(1)(14)

 

Investment

 

Interest

 

 

Maturity Date

 

Principal / Par

 

 

Amortized Cost(3)

 

 

Fair Value

 

 

Percentage of Net Assets

 

 

Internet software and services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accela, Inc.(4)(6)

 

First lien senior secured loan

 

L + 6.25%

 

 

9/28/2023

 

 

54,000

 

 

 

52,651

 

 

 

52,650

 

 

 

4.0

 

%

Accela, Inc.(4)(6)(8)(9)

 

First lien senior secured revolving loan

 

L + 6.25%

 

 

9/28/2023

 

 

105

 

 

 

(45

)

 

 

(45

)

 

 

-

 

%

Trader Interactive, LLC (fka Dominion Web Solutions, LLC)(4)(5)

 

First lien senior secured loan

 

L + 6.25%

 

 

6/17/2024

 

 

93,995

 

 

 

92,632

 

 

 

92,585

 

 

 

7.1

 

%

Trader Interactive, LLC (fka Dominion Web Solutions, LLC)(4)(8)(9)

 

First lien senior secured revolving loan

 

L + 6.25%

 

 

6/15/2023

 

 

-

 

 

 

(82

)

 

 

(87

)

 

 

-

 

%

Infoblox Inc.(4)(5)

 

Second lien senior secured loan

 

L + 8.75%

 

 

11/7/2024

 

 

30,000

 

 

 

29,457

 

 

 

29,700

 

 

 

2.3

 

%