ptmn-10q_20210331.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

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

For the quarterly period ended March 31, 2021

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

For the transition period from          to

Commission File No. 814-00735

Portman Ridge Finance Corporation

(Exact name of Registrant as specified in its charter)

 

 

Delaware

 

20-5951150

(State or other jurisdiction of

Incorporation or organization)

 

(I.R.S. Employer

Identification Number)

650 Madison Avenue, 23rd Floor

New York, New York 10022

(Address of principal executive offices)

(212) 891-2880

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Stock, par value $0.01 per share

 

PTMN

 

The NASDAQ Global Select Market

6.125% Notes due 2022

 

KCAPL

 

The NASDAQ Global Select Market

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 every Interactive Data File required to be submitted 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 such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See 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

 

Smaller reporting company

Emerging growth company

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.

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

 

The number of outstanding shares of common stock of the registrant as of May 3, 2021 was 75,195,141.

 

 

 

 


 

TABLE OF CONTENTS

 

 

 

Page

 

 

 

 

Part I. Financial Information

 

 

 

 

Item 1.

Consolidated Financial Statements

 

 

 

 

 

Consolidated Balance Sheets as of March 31, 2021 (unaudited) and December 31, 2020

5

 

 

 

 

Consolidated Statements of Operations (unaudited) for the three months ended March 31, 2021 and 2020

6

 

 

 

 

Consolidated Statements of Changes in Net Assets (unaudited) for the three months ended March 31, 2021 and 2020

7

 

 

 

 

Consolidated Statements of Cash Flows (unaudited) for the three months ended March 31, 2021 and 2020

8

 

 

 

 

Consolidated Schedules of Investments as of March 31, 2021 (unaudited) and December 31, 2020

9

 

 

 

 

Consolidated Financial Highlights (unaudited) for the three months ended March 31, 2021 and 2020

40

 

 

 

 

Notes to Consolidated Financial Statements (unaudited)

41

 

 

 

Item 2.

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

78

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

101

 

 

 

Item 4.

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

103

 

 

 

Item 5.

Controls and Procedures

103

 

 

 

 

Part II. Other Information

 

 

 

 

Item 1.

Legal Proceedings

104

 

 

 

Item 1A.

Risk Factors

104

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

107

 

 

 

Item 3.

Defaults Upon Senior Securities

108

 

 

 

Item 4.

Mine Safety Disclosures

108

 

 

 

Item 5.

Other Information

108

 

 

 

Item 6.

Exhibits

108

 

 

 

Signatures

 

110

 

2


 

NOTE ABOUT REFERENCES TO PORTMAN RIDGE FINANCE CORPORATION

In this Quarterly Report on Form 10-Q, the “Company”, “Portman Ridge”, “we”, “us” and “our” refer to Portman Ridge Finance Corporation and its wholly-owned subsidiaries, Garrison Funding 2018-2 Ltd. (“GF CLO 2018-2”), Great Lakes KCAP Funding I LLC, Great Lakes Portman Ridge Funding, LLC, OHA Investment Sub, LLC, OHA Asset Holdings II, LP, Kohlberg Capital Funding I LLC, KCAP Senior Funding I, LLC and KCAP Senior Funding I Holdings, LLC, unless the context otherwise requires.

NOTE ABOUT FORWARD-LOOKING STATEMENTS

The information contained in this item should be read in conjunction with our consolidated financial statements and notes thereto appearing elsewhere in this Quarterly Report and in conjunction with the financial statements and notes thereto in the Company’s Form 10-K for the year ended December 31, 2020, as filed with the U.S. Securities and Exchange Commission (the “Commission” or the “SEC”). In addition, some of the statements in this report constitute forward-looking statements. The matters discussed in this Quarterly Report, as well as in future oral and written statements by management of Portman Ridge Finance Corporation, that are forward-looking statements are based on current management expectations that involve substantial risks and uncertainties which could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements. Forward-looking statements relate to future events or our future financial performance. We generally identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “outlook, ”believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar words. Important assumptions include our ability to originate new investments, achieve certain margins and levels of profitability, the availability of additional capital, and the ability to maintain certain debt to asset ratios. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Quarterly Report should not be regarded as a representation by us that our plans or objectives will be achieved. 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:

 

our future operating results;

 

our business prospects and the prospects of our existing and prospective portfolio companies;

 

the return or impact of current and future investments;

 

our contractual arrangements and other relationships with third parties;

 

the dependence of our future success on the general economy and its impact on the industries in which we invest;

 

the financial condition and ability of our existing and prospective portfolio companies to achieve their objectives;

 

our expected financings and investments;

 

our ability to operate as a business development company (“BDC”) under the Investment Company Act of 1940 and a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, including the impact of changes in laws or regulations governing our operations or the operations of our portfolio companies;

 

the adequacy of our available liquidity, cash resources and working capital;

 

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

 

the ability of Sierra Crest Investment Management LLC (the “Adviser”) to locate suitable investments for us to monitor and administer our investments;

 

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

 

actual and potential conflicts of interest with the Adviser and its affiliates;

 

the effect of legal, tax, and regulatory changes on us and our portfolio companies;

 

the impact of a protracted decline in the liquidity of credit markets on our business;

 

the impact of fluctuations in interest rates on our business;

 

the valuation of our investments in portfolio companies, particularly those having no liquid trading market;

3


 

 

our ability to recover unrealized losses;

 

market conditions and our ability to access additional capital;

 

the duration and effects of the COVID-19 pandemic on us and our portfolio companies;

 

an economic downturn, including as a result of the impact of the COVID-19 pandemic, could have a material adverse effect on our portfolio companies’ results of operations and financial condition, which could lead to a loss on some or all of our investments in such portfolio companies and have a material adverse effect on our results of operations and financial condition; and

 

the timing, form and amount of any dividend distributions.

For a more detailed discussion of factors that could cause our actual results to differ from forward-looking statements contained in this Quarterly Report, please see the discussion in Part II, “Item 1A. Risk Factors” of this Quarterly Report, and in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020. You should not place undue reliance on these forward-looking statements. The forward-looking statements made in this Quarterly Report relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances occurring after the date this Quarterly Report is filed with the SEC.

4


PORTMAN RIDGE FINANCE CORPORATION

CONSOLIDATED BALANCE SHEETS

 

 

 

March 31,

2021

 

 

December 31,

2020

 

 

 

(Unaudited)

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Investments at fair value:

 

 

 

 

 

 

 

 

Debt securities (amortized cost: 2021 - $377,355,331; 2020 - $392,932,411)

 

$

387,043,989

 

 

$

404,860,855

 

CLO Fund Securities managed by non-affiliates (amortized cost: 2021 - $35,264,540; 2020 - $45,727,813)

 

 

16,021,434

 

 

 

19,582,555

 

Equity securities (cost: 2021 - $23,950,747; 2020 - $24,593,639)

 

 

14,651,029

 

 

 

13,944,876

 

Asset Manager Affiliates (cost: 2021 - $17,791,230; 2020 - $17,791,230)

 

 

 

 

 

 

Joint Ventures (cost: 2021 - $61,105,966; 2020 - $54,932,458)

 

 

56,730,956

 

 

 

49,349,163

 

Total Investments at Fair Value, excluding derivatives (cost: 2021 - $515,467,814; 2020 - $535,977,551)

 

 

474,447,408

 

 

 

487,737,449

 

Cash and cash equivalents

 

 

30,843,590

 

 

 

6,990,008

 

Restricted cash

 

 

28,452,560

 

 

 

75,913,411

 

Interest receivable

 

 

2,888,364

 

 

 

2,972,546

 

Receivable for unsettled trades

 

 

14,142,812

 

 

 

25,107,598

 

Due from affiliates

 

 

853,420

 

 

 

357,168

 

Other assets

 

 

1,201,991

 

 

 

1,100,241

 

Total Assets

 

$

552,830,145

 

 

$

600,178,421

 

LIABILITIES

 

 

 

 

 

 

 

 

6.125% Notes Due 2022 (net of offering costs of: 2021-$0; 2020 - $1,058,351)

 

$

76,725,975

 

 

$

75,667,624

 

2018-2 Secured Notes (net of discount of: 2021-$1,535,573; 2020 - $2,444,512)

 

 

162,327,125

 

 

$

249,418,186

 

Great Lakes Portman Ridge Funding LLC Revolving Credit Facility (net of offering costs of: 2021-$1,006,335; 2020 - $1,097,815)

 

 

68,064,563

 

 

 

48,223,083

 

Derivative liabilities, net (cost: 2021 - $30,609; 2020 - $30,609)

 

 

1,582,963

 

 

 

1,108,618

 

Payable for unsettled trades

 

 

13,881,059

 

 

 

 

Accounts payable and accrued expenses

 

 

2,409,861

 

 

 

1,788,908

 

Accrued interest payable

 

 

1,146,732

 

 

 

1,089,531

 

Due to affiliates

 

 

2,372,115

 

 

 

1,374,739

 

Management and incentive fees payable

 

 

4,464,644

 

 

 

5,243,869

 

Total Liabilities

 

 

332,975,037

 

 

 

383,914,558

 

COMMITMENTS AND CONTINGENCIES (NOTE 8)

 

 

 

 

 

 

 

 

STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Common stock, par value $0.01 per share, 100,000,000 common shares authorized; 76,124,403 issued, and 75,195,141 outstanding at March 31, 2021, and 76,093,492 issued, and 75,164,230 outstanding at December 31, 2020

 

 

751,951

 

 

 

751,642

 

Capital in excess of par value

 

 

638,523,223

 

 

 

638,459,548

 

Total distributable (loss) earnings

 

 

(419,420,066

)

 

 

(422,947,327

)

Total Stockholders' Equity

 

 

219,855,108

 

 

 

216,263,863

 

Total Liabilities and Stockholders' Equity

 

$

552,830,145

 

 

$

600,178,421

 

NET ASSET VALUE PER COMMON SHARE

 

$

2.92

 

 

$

2.88

 

 

See accompanying notes to unaudited consolidated financial statements.

5


PORTMAN RIDGE FINANCE CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

 

 

 

For the Three Months

Ended March 31,

 

 

 

2021

 

 

2020

 

Investment Income:

 

 

 

 

 

 

 

 

Interest from investments in debt securities

 

$

14,086,475

 

 

$

4,579,782

 

Payment-in-kind investment income

 

 

1,131,598

 

 

 

309,369

 

Interest from short-term investments

 

 

 

 

 

15,279

 

Investment income on CLO Fund Securities managed by affiliates

 

 

 

 

 

1,073,494

 

Investment income on CLO Fund Securities managed by non-affiliates

 

 

617,256

 

 

 

117,243

 

Investment income - Joint Ventures

 

 

2,039,266

 

 

 

1,577,136

 

Capital structuring service fees

 

 

429,968

 

 

 

81,904

 

Total investment income

 

 

18,304,563

 

 

 

7,754,207

 

Expenses:

 

 

 

 

 

 

 

 

Management fees

 

 

1,792,564

 

 

 

1,011,690

 

Performance-based incentive fees

 

 

2,093,619

 

 

 

102,006

 

Interest and amortization of debt issuance costs

 

 

3,380,497

 

 

 

2,350,071

 

Professional fees

 

 

1,494,428

 

 

 

843,630

 

Insurance

 

 

177,154

 

 

 

123,750

 

Administrative services expense

 

 

613,372

 

 

 

461,000

 

Other general and administrative expenses

 

 

540,412

 

 

 

198,276

 

Total expenses

 

 

10,092,046

 

 

 

5,090,423

 

Management and performance-based incentive fees waived

 

 

 

 

 

(102,006

)

Net Expenses

 

 

10,092,046

 

 

 

4,988,417

 

Net Investment Income

 

 

8,212,517

 

 

 

2,765,790

 

Realized And Unrealized Gains (Losses) On Investments:

 

 

 

 

 

 

 

 

Net realized (losses) gains from investment transactions

 

 

(5,085,788

)

 

 

(1,048,147

)

Net change in unrealized appreciation (depreciation) on:

 

 

 

 

 

 

 

 

Debt securities

 

 

(2,239,786

)

 

 

(10,778,237

)

Equity securities

 

 

1,349,044

 

 

 

(277,907

)

CLO Fund Securities managed by affiliates

 

 

 

 

 

(11,162,275

)

CLO Fund Securities managed by non-affiliates

 

 

6,902,151

 

 

 

(571,429

)

Joint Venture Investments

 

 

1,208,285

 

 

 

(8,109,197

)

Derivatives

 

 

(474,345

)

 

 

(25,637

)

Total net change in unrealized appreciation (depreciation)

 

 

6,745,349

 

 

 

(30,924,682

)

Net realized and unrealized appreciation (depreciation) on investments

 

 

1,659,561

 

 

 

(31,972,829

)

Realized (losses) gains on extinguishments of Debt

 

 

(1,834,963

)

 

 

154,106

 

Net Increase (Decrease) In Stockholders’ Equity Resulting From Operations

 

$

8,037,115

 

 

$

(29,052,933

)

Net Increase (Decrease) In Stockholders' Equity Resulting from Operations per Common Share:

 

 

 

 

 

 

 

 

Basic:

 

$

0.11

 

 

$

(0.65

)

Diluted:

 

$

0.11

 

 

$

(0.65

)

Net Investment Income Per Common Share:

 

 

 

 

 

 

 

 

Basic:

 

$

0.11

 

 

$

0.06

 

Diluted:

 

$

0.11

 

 

$

0.06

 

Weighted Average Shares of Common Stock Outstanding—Basic

 

 

75,174,533

 

 

 

44,823,193

 

Weighted Average Shares of Common Stock Outstanding—Diluted

 

 

75,174,533

 

 

 

44,823,193

 

 

See accompanying notes to unaudited consolidated financial statements.

6


PORTMAN RIDGE FINANCE CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS(1)

(unaudited)

 

 

 

For the Three Months Ended March 31,

 

 

 

2021

 

 

2020

 

Operations:

 

 

 

 

 

 

 

 

Net investment income

 

$

8,212,517

 

 

$

2,765,790

 

Net realized gains (losses) from investment transactions

 

 

(5,085,788

)

 

 

(1,048,147

)

Realized (losses) gains from extinguishments of debt

 

 

(1,834,963

)

 

 

154,106

 

Net change in unrealized (depreciation) appreciation on investments

 

 

6,745,349

 

 

 

(30,924,682

)

Net increase (decrease) in stockholders’ equity resulting from operations

 

 

8,037,115

 

 

 

(29,052,933

)

 

 

 

 

 

 

 

 

 

Stockholder distributions:

 

 

(4,509,854

)

 

 

(2,689,779

)

 

 

 

 

 

 

 

 

 

Capital share transactions:

 

 

 

 

 

 

 

 

Issuance of common stock for:

 

 

 

 

 

 

 

 

Dividend reinvestment plan

 

 

63,984

 

 

 

37,084

 

Stock repurchases

 

 

 

 

 

(123,330

)

Net increase in net assets resulting from capital share transactions

 

 

63,984

 

 

 

(86,246

)

 

 

 

 

 

 

 

 

 

Net assets at beginning of period

 

 

216,263,863

 

 

 

152,198,570

 

Net assets at end of period

 

$

219,855,108

 

 

$

120,369,612

 

Net asset value per common share

 

$

2.92

 

 

$

2.69

 

Common shares outstanding at end of period

 

 

75,195,141

 

 

 

44,725,872

 

 

(1)

Refer to note 9 "Stockholders' Equity" for additional information on changes in components of Stockholders' Equity

See accompanying notes to unaudited consolidated financial statements.

7


PORTMAN RIDGE FINANCE CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

 

 

 

For the Three Months Ended March 31,

 

 

 

2021

 

 

2020

 

OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

Net (decrease) increase in stockholders' equity resulting from operations

 

$

8,037,115

 

 

$

(29,052,933

)

Adjustments to reconcile net (decrease) increase in stockholders' equity resulting from operations to net cash (used in) provided by in operations:

 

 

 

 

 

 

 

 

Net realized (gains) losses on investment transactions

 

 

5,085,788

 

 

 

1,048,147

 

Net change in unrealized (depreciation) appreciation from investments

 

 

(6,745,349

)

 

 

30,924,682

 

Purchases of investments

 

 

(58,353,638

)

 

 

(47,942,983

)

Proceeds from sales and redemptions of investments

 

 

80,774,432

 

 

 

23,453,568

 

Net accretion of investments

 

 

(7,880,944

)

 

 

(1,951,807

)

Amortization of debt issuance costs

 

 

223,806

 

 

 

234,925

 

Realized gains on extinguishments of debt

 

 

1,834,963

 

 

 

(154,106

)

Net payment-in-kind interest income

 

 

884,098

 

 

 

(59,119

)

(Increase) decrease in operating assets:

 

 

 

 

 

 

 

 

Receivable for unsettled trades

 

 

10,964,786

 

 

 

21,075,553

 

Interest and dividends receivable

 

 

84,182

 

 

 

446,820

 

Due from affiliates

 

 

(496,252

)

 

 

185,063

 

Other assets

 

 

(101,750

)

 

 

(89,061

)

Increase (decrease) in operating liabilities:

 

 

 

 

 

 

 

 

Payable for unsettled trades

 

 

13,881,059

 

 

 

26,571,709

 

Accrued interest payable

 

 

57,201

 

 

 

663,492

 

Management and incentive fees payable

 

 

(779,225

)

 

 

(65,289

)

Due to affiliates

 

 

997,376

 

 

 

318,899

 

Accounts payable and accrued expenses

 

 

620,953

 

 

 

115,551

 

Net cash used in operating activities

 

 

49,088,601

 

 

 

25,723,111

 

FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

Debt issuance costs

 

 

 

 

 

(1,342

)

Stock repurchase program

 

 

 

 

 

(123,330

)

Distributions to stockholders

 

 

(4,445,870

)

 

 

(2,652,695

)

Repurchase of 6.125% Notes Due 2022

 

 

 

 

 

(418,594

)

Repayment of 2018-2 Secured Notes

 

 

(88,000,000

)

 

 

 

Borrowings from Revolving Credit Facilities

 

 

19,750,000

 

 

 

6,000,000

 

Repayment of Revolving Credit Facilities

 

 

 

 

 

(28,500,000

)

Net cash provided by financing activities

 

 

(72,695,870

)

 

 

(25,695,962

)

CHANGE IN CASH AND RESTRICTED CASH

 

 

(23,607,269

)

 

 

27,149

 

CASH AND RESTRICTED CASH, BEGINNING OF PERIOD

 

 

82,903,419

 

 

 

5,104,355

 

CASH AND RESTRICTED CASH, END OF PERIOD

 

$

59,296,150

 

 

$

5,131,504

 

Amounts per balance sheet:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

30,843,590

 

 

$

403,497

 

Restricted cash

 

 

28,452,560

 

 

 

4,728,007

 

Total Cash and Restricted cash

 

$

59,296,150

 

 

$

5,131,504

 

Supplemental Information:

 

 

 

 

 

 

 

 

Interest paid during the period

 

$

3,099,490

 

 

$

1,440,865

 

Dividends paid during the period under the dividend reinvestment plan

 

$

63,984

 

 

$

37,084

 

 

See accompanying notes to unaudited consolidated financial statements.

8


PORTMAN RIDGE FINANCE CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2021

(unaudited)

Debt Securities Portfolio

 

Portfolio Company /

Principal Business

 

Investment

Interest Rate¹ / Maturity15

 

Initial

Acquisition

Date

 

Principal

 

 

Amortized

Cost

 

 

Fair Value2

 

1A Smart Start LLC

                    Consumer goods: Non-durable

(8)(14)

Senior Secured Loan — First Lien Term Loan

5.8% Cash, 3 Month Libor (1.00%) + 4.75%; Libor Floor 1.00% , Due 8/27

 

10/28/2020

 

$

2,089,500

 

 

$

1,842,084

 

 

$

2,101,253

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advantage Capital Holdings LLC

     Banking, Finance, Insurance & Real Estate

(8)(13)(21)

Senior Secured Loan — Delayed Draw Term Loan, 8.0% PIK, Due 1/25

 

2/14/2020

 

 

2,852,556

 

 

 

2,852,556

 

 

 

2,884,790

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advantage Capital Holdings LLC

          Banking, Finance, Insurance & Real Estate

(8)(13)(14)(21)

Senior Secured Loan — Term Loan

5.0% Cash, 8.0% PIK, Due 1/25

 

2/14/2020

 

 

2,520,115

 

 

 

2,520,115

 

 

 

2,548,592

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AIS Holdco, LLC

      Banking, Finance, Insurance & Real Estate

(8)(13)(14)

Senior Secured Loan — First Lien Term Loan A

5.2% Cash, 3 Month Libor (0.21%) + 5.00% , Due 8/25

 

10/28/2020

 

 

2,545,236

 

 

 

2,067,899

 

 

 

2,487,460

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allied Universal Holdco LLC

      Services: Business

(8)(14)

Senior Secured Loan — Initial Term Loan

4.4% Cash, 1 Month Libor (0.11%) + 4.25% , Due 7/26

 

3/23/2020

 

 

5,143,496

 

 

 

4,253,956

 

 

 

5,135,473

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AMCP Pet Holdings, Inc.

      Beverage, Food and Tobacco

(8)(13)(14)(21)

Senior Secured Loan — Delayed Draw Term Loan

1.0% Cash, Due 10/26

 

12/9/2020

 

 

-

 

 

 

(19,000

)

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AMCP Pet Holdings, Inc.

      Beverage, Food and Tobacco

(8)(13)(14)(21)

Senior Secured Loan — First Lien Term Loan

7.3% Cash, 3 Month Libor (1.00%) + 6.25%; Libor Floor 1.00% , Due 10/26

 

12/9/2020

 

 

4,987,500

 

 

 

4,892,738

 

 

 

4,987,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AMCP Pet Holdings, Inc.

      Beverage, Food and Tobacco

(8)(13)(21)

Senior Secured Loan — Revolving Loan

6.3% Cash, Due 10/26

 

12/9/2020

 

 

50,000

 

 

 

30,883

 

 

 

50,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Analogic Corporation

 

      Electronics

(8)(13)(14)

Senior Secured Loan — Revolver

0.5% Cash, Due 6/23

 

10/28/2020

 

 

0

 

 

 

0

 

 

 

(5,197

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Analogic Corporation

      Electronics

(8)(13)(14)

Senior Secured Loan — First Lien Term Loan A

6.3% Cash, 1 Month Libor (1.00%) + 5.25%; Libor Floor 1.00% , Due 6/24

 

10/28/2020

 

 

3,546,831

 

 

 

3,127,646

 

 

 

3,455,678

 

 

9


 

 

Portfolio Company /

Principal Business

 

Investment

Interest Rate¹ / Maturity15

 

Initial

Acquisition

Date

 

Principal

 

 

Amortized

Cost

 

 

Fair Value2

 

Anthem Sports & Entertainment Inc.

 

      Media: Broadcasting & Subscription

(8)(13)(14)

Senior Secured Loan — Term Loan

5.0% Cash, Due 9/24

 

3/31/2021

 

 

916,514

 

 

 

808,158

 

 

 

883,336

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Anthem Sports & Entertainment Inc.

     Media: Broadcasting & Subscription

(8)(13)(14)(21)

Senior Secured Loan — Term Loan

7.8% Cash, 2.8% PIK, 3 Month Libor (1.00%) + 6.75%; Libor Floor 1.00% , Due 9/24

 

9/9/2019

 

 

3,562,644

 

 

 

3,472,376

 

 

 

3,433,677

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Anthem Sports & Entertainment Inc.

     Media: Broadcasting & Subscription

(8)(13)(21)

Senior Secured Loan — Revolving Loan

10.5% Cash, 3 Month Libor (1.00%) + 9.50%; Libor Floor 1.00% , Due 9/24

 

9/9/2019

 

 

416,667

 

 

 

387,967

 

 

 

377,450

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ascensus Specialties LLC

 

      Chemicals, Plastics & Rubber

(8)(13)(14)

Senior Secured Loan — First Lien Term Loan

4.9% Cash, 1 Month Libor (0.11%) + 4.75% , Due 9/26

 

10/28/2020

 

 

1,699,478

 

 

 

1,443,790

 

 

 

1,692,850

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Athos Merger Sub LLC

     Services: Business

(8)(14)

Senior Secured Loan — First Lien Term Loan

5.1% Cash, 1 Month Libor (0.11%) + 5.00% , Due 7/26

 

10/28/2020

 

 

1,325,732

 

 

 

1,148,109

 

 

 

1,325,732

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BJ Services, LLC

     Energy: Oil & Gas

(8)(13)(14)

Senior Secured Loan — First Out Term Loan

7.0% Cash, 3 Month Libor (1.50%) + 5.50%; Libor Floor 1.50% , Due 1/23

 

10/28/2020

 

 

2,517,704

 

 

 

2,393,614

 

 

 

2,517,704

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BMC Acquisition, Inc.

     Banking, Finance, Insurance & Real Estate

(8)(13)(14)

Senior Secured Loan — Initial Term Loan

6.3% Cash, 6 month Libor (1.00%) + 5.25%; Libor Floor 1.00% , Due 12/24

 

1/2/2018

 

 

2,902,500

 

 

 

2,901,582

 

 

 

2,883,634

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bristol Hospice

     Healthcare & Pharmaceuticals

(8)(13)(14)(21)

Senior Secured Loan — Delayed Draw Term Loan

1.0% Cash, Due 12/26

 

12/22/2020

 

 

(0

)

 

 

(7,844

)

 

 

(12,000

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bristol Hospice

     Healthcare & Pharmaceuticals

(8)(13)(14)(21)

Senior Secured Loan — Unitranche

5.7% Cash, 3 Month Libor (1.00%) + 4.65%; Libor Floor 1.00% , Due 12/26

 

12/22/2020

 

 

2,172,637

 

 

 

2,131,167

 

 

 

2,140,916

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

C.P. Converters, Inc.

     Chemicals, Plastics & Rubber

(8)(13)(14)

Senior Secured Loan — Seventh Amendment Acquisition Loan

7.5% Cash, 1 Month Libor (1.00%) + 6.50%; Libor Floor 1.00% , Due 6/23

 

6/26/2020

 

 

2,943,750

 

 

 

2,889,045

 

 

 

2,929,031

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carestream Health, Inc.

     Healthcare & Pharmaceuticals

(8)(14)

Junior Secured Loan — 2023 Extended Term Loan (Second Lien)

5.5% Cash, 8.0% PIK, 6 month Libor (1.00%) + 4.50%; Libor Floor 1.00% , Due 8/23

 

5/8/2020

 

 

1,662,106

 

 

 

1,503,788

 

 

 

1,518,060

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Centric Brands Inc.

     Machinery (Non-Agrclt/Constr/Electr)

(8)(13)(14)

Senior Secured Loan — Term Loan

7.3% Cash, Due 10/25

 

10/28/2020

 

 

8,198,194

 

 

 

6,574,177

 

 

 

7,378,373

 

 

 

10


 

 

Portfolio Company /

Principal Business

 

Investment

Interest Rate¹ / Maturity15

 

Initial

Acquisition

Date

 

Principal

 

 

Amortized

Cost

 

 

Fair Value2

 

Centric Brands Inc.

     Machinery (Non-Agrclt/Constr/Electr)

(8)(13)(14)

Senior Secured Loan — Revolver

0.5% Cash, Due 10/24

 

10/28/2020

 

 

338,278

 

 

 

273,599

 

 

 

269,076

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Child Development Schools, Inc.

     Services: Consumer

(8)(13)(14)

Senior Secured Loan — Term Loan, 3 Month Libor (1.00%) + 4.25%; Libor Floor 1.00% , Due 5/23

 

6/6/2018

 

 

4,177,732

 

 

 

4,173,235

 

 

 

4,162,275

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chloe Ox Parent, LLC

     Services: Business

(8)(14)

Senior Secured Loan — First Lien Term Loan

5.5% Cash, 3 Month Libor (1.00%) + 4.50%; Libor Floor 1.00% , Due 12/24

 

10/28/2020

 

 

1,832,715

 

 

 

1,565,981

 

 

 

1,839,835

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Circustrix Holdings, LLC

     Banking, Finance, Insurance & Real Estate

(8)(13)(14)

Senior Secured Loan — Term Loan

6.5% Cash, 2.5% PIK, 1 Month Libor (1.00%) + 5.50%; Libor Floor 1.00% , Due 7/23

 

1/29/2021

 

 

574,205

 

 

 

574,205

 

 

 

478,485

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Circustrix Holdings, LLC

 

      Banking, Finance, Insurance & Real Estate

(8)(13)(14)

Senior Secured Loan — Delayed Draw Term Loan, 1 Month Libor (1.00%) + 5.50%; Libor Floor 1.00% , Due 7/23

 

1/11/2021

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Circustrix Holdings, LLC

 

      Banking, Finance, Insurance & Real Estate

(8)(13)(14)

Senior Secured Loan — First Lien Term Loan B

0.0% Cash, 7.8% PIK, Due 1/22

 

10/28/2020

 

 

6,556,981

 

 

 

4,694,494

 

 

 

4,797,743

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Coinamatic Canada Inc.

 

      Consumer goods: Durable

(3)(13)(14)

Junior Secured Loan — Initial Canadian Term Loan (Second Lien)

8.0% Cash, 1 Month Libor (1.00%) + 7.00%; Libor Floor 1.00% , Due 5/23

 

12/18/2019

 

 

521,646

 

 

 

472,779

 

 

 

500,676

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Colibri Group, LLC

     Services: Business

(8)(13)(14)(20)(21)

Senior Secured Loan — Last out DDTL

9.1% Cash, 3 Month Libor (1.00%) + 8.05%; Libor Floor 1.00% , Due 5/25

 

3/31/2020

 

 

932,983

 

 

 

927,361