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Delaware
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| |
27-6822130
|
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(State or other jurisdiction of
incorporation or organization) |
| |
(I.R.S. Employer
Identification No.) |
|
|
201 Rouse Boulevard
Philadelphia, Pennsylvania |
| |
19112
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|
(Address of principal executive office)
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(Zip Code)
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|
Large accelerated filer ☐
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Accelerated filer ☐
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Non-accelerated filer ☒
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| |
Smaller reporting company ☐
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| | | | | | |
(Do not check if a
smaller reporting company) |
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Emerging growth company ☐
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Page
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PART I—FINANCIAL INFORMATION | | | | | | | |
ITEM 1.
FINANCIAL STATEMENTS
|
| | | | | | |
| | | | 1 | | | |
| | | | 2 | | | |
| | | | 3 | | | |
| | | | 4 | | | |
| | | | 5 | | | |
| | | | 19 | | | |
| | | | 42 | | | |
| | | | 57 | | | |
| | | | 58 | | | |
PART II—OTHER INFORMATION | | | | | | | |
| | | | 59 | | | |
| | | | 59 | | | |
| | | | 59 | | | |
| | | | 59 | | | |
| | | | 59 | | | |
| | | | 59 | | | |
| | | | 60 | | | |
| | | | 66 | | |
| | |
June 30, 2018
(Unaudited) |
| |
December 31,
2017 |
| ||||||
Assets | | | | | | | | | | | | | |
Investments, at fair value | | | | | | | | | | | | | |
Non-controlled/unaffiliated investments (amortized cost—$2,903,746 and $3,490,683,
respectively) |
| | | $ | 2,773,333 | | | | | $ | 3,281,536 | | |
Non-controlled/affiliated investments (amortized cost—$849,003 and $839,619, respectively)
|
| | | | 673,652 | | | | | | 715,169 | | |
Controlled/affiliated investments (amortized cost—$27,464 and $27,464, respectively)
|
| | | | — | | | | | | — | | |
Total investments, at fair value (amortized cost—$3,780,213 and $4,357,766, respectively)
|
| | | | 3,446,985 | | | | | | 3,996,705 | | |
Cash
|
| | | | 281,741 | | | | | | 195,376 | | |
Receivable for investments sold and repaid
|
| | | | 47,814 | | | | | | 66,337 | | |
Interest receivable
|
| | | | 40,498 | | | | | | 51,293 | | |
Deferred financing costs
|
| | | | 132 | | | | | | 720 | | |
Reimbursement due from sponsor(1)
|
| | | | — | | | | | | 5,945 | | |
Prepaid expenses and other assets
|
| | | | — | | | | | | 55 | | |
Total assets
|
| | | $ | 3,817,170 | | | | | $ | 4,316,431 | | |
Liabilities | | | | | | | | | | | | | |
Payable for investments purchased
|
| | | $ | 38,701 | | | | | $ | 88,033 | | |
Credit facilities payable (net of deferred financing costs of $1,439 and $1,883, respectively)(2)
|
| | | | 868,561 | | | | | | 1,218,117 | | |
Shareholder distributions payable
|
| | | | 8,361 | | | | | | 10,938 | | |
Management fees payable
|
| | | | 17,118 | | | | | | 21,834 | | |
Administrative services expense payable
|
| | | | 720 | | | | | | 361 | | |
Interest payable
|
| | | | 5,927 | | | | | | 6,033 | | |
Trustees’ fees payable
|
| | | | 184 | | | | | | 252 | | |
Other accrued expenses and liabilities
|
| | | | 3,819 | | | | | | 4,821 | | |
Total liabilities
|
| | | | 943,391 | | | | | | 1,350,389 | | |
Commitments and contingencies ($28,104 and $28,104, respectively)(3) | | | | ||||||||||
Shareholders’ equity | | | | | | | | | | | | | |
Preferred shares, $0.001 par value, 50,000,000 shares authorized, none issued and outstanding
|
| | | | — | | | | | | — | | |
Common shares, $0.001 par value, 700,000,000 shares authorized, 441,532,187 and 446,045,135 shares
issued and outstanding, respectively |
| | | | 442 | | | | | | 446 | | |
Capital in excess of par value(4)
|
| | | | 3,783,964 | | | | | | 3,814,303 | | |
Accumulated undistributed net realized gains (losses) on investments and gain/loss on foreign currency(4)
|
| | | | (565,823) | | | | | | (487,379) | | |
Accumulated undistributed (distributions in excess of) net investment income(4)
|
| | | | (11,576) | | | | | | (247) | | |
Net unrealized appreciation (depreciation) on investments and unrealized gain/loss on foreign
currency |
| | | | (333,228) | | | | | | (361,081) | | |
Total shareholders’ equity
|
| | | | 2,873,779 | | | | | | 2,966,042 | | |
Total liabilities and shareholders’ equity
|
| | | $ | 3,817,170 | | | | | $ | 4,316,431 | | |
Net asset value per common share at period end
|
| | | $ | 6.51 | | | | | $ | 6.65 | | |
| | |
Three Months Ended
June 30, |
| |
Six Months Ended
June 30, |
| ||||||||||||||||||
| | |
2018
|
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2017
|
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2018
|
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2017
|
| ||||||||||||
Investment income | | | | | | | | | | | | | | | | | | | | | | | | | |
From non-controlled/unaffiliated investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income
|
| | | $ | 62,957 | | | | | $ | 76,745 | | | | | $ | 129,337 | | | | | $ | 145,923 | | |
Paid-in-kind interest income
|
| | | | 1,344 | | | | | | 5,394 | | | | | | 3,734 | | | | | | 10,757 | | |
Fee income
|
| | | | 910 | | | | | | 6,541 | | | | | | 7,875 | | | | | | 30,363 | | |
From non-controlled/affiliated investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income
|
| | | | 12,279 | | | | | | 9,842 | | | | | | 23,797 | | | | | | 24,865 | | |
Paid-in-kind interest income
|
| | | | 582 | | | | | | 3,462 | | | | | | 1,211 | | | | | | 6,322 | | |
Fee income
|
| | | | — | | | | | | 656 | | | | | | 2,091 | | | | | | 656 | | |
Total investment income
|
| | | | 78,072 | | | | | | 102,640 | | | | | | 168,045 | | | | | | 218,886 | | |
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Management fees
|
| | | | 17,118 | | | | | | 22,688 | | | | | | 35,416 | | | | | | 45,073 | | |
Subordinated income incentive fees(1)
|
| | | | — | | | | | | — | | | | | | — | | | | | | 10,499 | | |
Administrative services expenses
|
| | | | 802 | | | | | | 799 | | | | | | 1,595 | | | | | | 1,607 | | |
Share transfer agent fees
|
| | | | 650 | | | | | | 674 | | | | | | 1,293 | | | | | | 1,408 | | |
Accounting and administrative fees
|
| | | | 339 | | | | | | 410 | | | | | | 700 | | | | | | 832 | | |
Interest expense(2)
|
| | | | 14,162 | | | | | | 11,571 | | | | | | 28,269 | | | | | | 21,806 | | |
Trustees’ fees
|
| | | | 184 | | | | | | 250 | | | | | | 634 | | | | | | 500 | | |
Other general and administrative expenses
|
| | | | 900 | | | | | | 984 | | | | | | 1,833 | | | | | | 2,109 | | |
Total operating expenses
|
| | | | 34,155 | | | | | | 37,376 | | | | | | 69,740 | | | | | | 83,834 | | |
Less: Expense reimbursement from sponsor(3)
|
| | | | — | | | | | | — | | | | | | — | | | | | | (18,220) | | |
Less: Expense reimbursement due to sponsor(3)
|
| | | | — | | | | | | 2,858 | | | | | | — | | | | | | 2,858 | | |
Net expenses
|
| | | | 34,155 | | | | | | 40,234 | | | | | | 69,740 | | | | | | 68,472 | | |
Net investment income
|
| | | | 43,917 | | | | | | 62,406 | | | | | | 98,305 | | | | | | 150,414 | | |
Realized and unrealized gain/loss | | | | | | | | | | | | | | | | | | | | | | | | | |
Net realized gain (loss) on investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-controlled/unaffiliated
|
| | | | (10,564) | | | | | | (46,654) | | | | | | (78,444) | | | | | | (77,515) | | |
Non-controlled/affiliated
|
| | | | — | | | | | | 852 | | | | | | — | | | | | | 1,060 | | |
Net realized gain (loss) on foreign currency
|
| | | | — | | | | | | (2) | | | | | | — | | | | | | 1 | | |
Net change in unrealized appreciation (depreciation) on investments:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Non-controlled/unaffiliated
|
| | | | 37,667 | | | | | | (87,590) | | | | | | 78,734 | | | | | | (60,355) | | |
Non-controlled/affiliated
|
| | | | 15,882 | | | | | | (77,870) | | | | | | (50,901) | | | | | | (99,465) | | |
Controlled/affiliated
|
| | | | — | | | | | | — | | | | | | — | | | | | | (1,531) | | |
Net change in unrealized gain (loss) on foreign
currency |
| | | | 19 | | | | | | — | | | | | | 20 | | | | | | 52 | | |
Total net realized and unrealized gain (loss)
|
| | | | 43,004 | | | | | | (211,264) | | | | | | (50,591) | | | | | | (237,753) | | |
Net increase (decrease) in net assets resulting from operations
|
| | | $ | 86,921 | | | | | $ | (148,858) | | | | | $ | 47,714 | | | | | $ | (87,339) | | |
Per share information—basic and diluted | | | | | | | | | | | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations (Earnings per Share)
|
| | | $ | 0.20 | | | | | $ | (0.34) | | | | | $ | 0.11 | | | | | $ | (0.20) | | |
Weighted average shares outstanding
|
| | | | 439,286,145 | | | | | | 443,232,133 | | | | | | 439,603,556 | | | | | | 442,101,188 | | |
| | |
Six Months Ended
June 30, |
| |||||||||
| | |
2018
|
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2017
|
| ||||||
Operations | | | | | | | | | | | | | |
Net investment income
|
| | | $ | 98,305 | | | | | $ | 150,414 | | |
Net realized gain (loss) on investments and foreign currency
|
| | | | (78,444) | | | | | | (76,454) | | |
Net change in unrealized appreciation (depreciation) on investments
|
| | | | 27,833 | | | | | | (161,351) | | |
Net change in unrealized gain (loss) on foreign currency
|
| | | | 20 | | | | | | 52 | | |
Net increase (decrease) in net assets resulting from operations
|
| | | | 47,714 | | | | | | (87,339) | | |
Shareholder distributions(1) | | | | | | | | | | | | | |
Distributions from net investment income
|
| | | | (109,634) | | | | | | (156,358) | | |
Net decrease in net assets resulting from shareholder distributions
|
| | | | (109,634) | | | | | | (156,358) | | |
Capital share transactions(2) | | | | | | | | | | | | | |
Reinvestment of shareholder distributions
|
| | | | 61,430 | | | | | | 93,968 | | |
Repurchases of common shares
|
| | | | (91,773) | | | | | | (52,796) | | |
Net increase (decrease) in net assets resulting from capital share transactions
|
| | | | (30,343) | | | | | | 41,172 | | |
Total increase (decrease) in net assets
|
| | | | (92,263) | | | | | | (202,525) | | |
Net assets at beginning of period
|
| | | | 2,966,042 | | | | | | 3,348,894 | | |
Net assets at end of period
|
| | | $ | 2,873,779 | | | | | $ | 3,146,369 | | |
Accumulated undistributed (distributions in excess of) net investment income(1)
|
| | | $ | (11,576) | | | | | $ | (19,682) | | |
|
| | |
Six Months Ended
June 30, |
| |||||||||
| | |
2018
|
| |
2017
|
| ||||||
Cash flows from operating activities | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations
|
| | | $ | 47,714 | | | | | $ | (87,339) | | |
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
|
| | | | | | | | | | | | |
Purchases of investments
|
| | | | (706,117) | | | | | | (1,235,075) | | |
Paid-in-kind interest
|
| | | | (4,945) | | | | | | (17,079) | | |
Proceeds from sales and repayments of investments
|
| | | | 1,216,246 | | | | | | 754,124 | | |
Net realized (gain) loss on investments
|
| | | | 78,444 | | | | | | 76,455 | | |
Net change in unrealized (appreciation) depreciation on investments
|
| | | | (27,833) | | | | | | 161,351 | | |
Accretion of discount
|
| | | | (6,075) | | | | | | (12,391) | | |
Amortization of deferred financing costs
|
| | | | 1,032 | | | | | | 1,670 | | |
(Increase) decrease in receivable for investments sold and repaid
|
| | | | 18,523 | | | | | | (2,309) | | |
(Increase) decrease in interest receivable
|
| | | | 10,795 | | | | | | (4,365) | | |
(Increase) decrease in expense reimbursement due from sponsor(1)
|
| | | | 5,945 | | | | | | — | | |
(Increase) decrease in prepaid expenses and other assets
|
| | | | 55 | | | | | | (150) | | |
Increase (decrease) in payable for investments purchased
|
| | | | (49,332) | | | | | | 116,123 | | |
Increase (decrease) in management fees payable
|
| | | | (4,716) | | | | | | 1,833 | | |
Increase (decrease) in expense recoupment payable to sponsor(1)
|
| | | | — | | | | | | 2,858 | | |
Increase (decrease) in administrative services expense payable
|
| | | | 359 | | | | | | 14 | | |
Increase (decrease) in interest payable(2)
|
| | | | (106) | | | | | | 165 | | |
Increase (decrease) in trustees’ fees payable
|
| | | | (68) | | | | | | — | | |
Increase (decrease) in other accrued expenses and liabilities
|
| | | | (1,002) | | | | | | 40 | | |
Net cash provided by (used in) operating activities
|
| | | | 578,919 | | | | | | (244,075) | | |
Cash flows from financing activities | | | | | | | | | | | | | |
Reinvestment of shareholder distributions
|
| | | | 61,430 | | | | | | 93,968 | | |
Repurchases of common shares
|
| | | | (91,773) | | | | | | (52,796) | | |
Shareholder distributions
|
| | | | (112,211) | | | | | | (154,905) | | |
Borrowings under credit facilities(2)
|
| | | | 115,000 | | | | | | 672,000 | | |
Repayments of credit facilities(2)
|
| | | | (465,000) | | | | | | (144,704) | | |
Repayments under repurchase facility
|
| | | | — | | | | | | (325,000) | | |
Deferred financing costs paid
|
| | | | — | | | | | | (2,603) | | |
Net cash provided by (used in) financing activities
|
| | | | (492,554) | | | | | | 85,960 | | |
Total increase (decrease) in cash
|
| | | | 86,365 | | | | | | (158,115) | | |
Cash at beginning of period
|
| | | | 195,376 | | | | | | 317,520 | | |
Cash at end of period
|
| | | $ | 281,741 | | | | | $ | 159,405 | | |
Supplemental disclosure | | | | | | | | | | | | | |
Non-cash purchases of investments
|
| | | $ | (82,320) | | | | | $ | (16,957) | | |
Non-cash sales of investments
|
| | | $ | 82,320 | | | | | $ | 16,957 | | |
|
Portfolio Company(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate(b)
|
| |
Floor
|
| |
Maturity
|
| |
Principal
Amount(c) |
| |
Amortized
Cost |
| |
Fair
Value(d) |
| ||||||||||||
Senior Secured Loans—First Lien—31.3% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Abaco Energy Technologies LLC
|
| |
(j)
|
| |
Service & Equipment
|
| |
L+950
|
| | | | 1.0% | | | |
11/20/20
|
| | | $ | 75,013 | | | | | $ | 72,316 | | | | | $ | 74,637 | | |
Allied Wireline Services, LLC
|
| |
(k)(l)(z)
|
| |
Service & Equipment
|
| |
L+950
|
| | | | 1.5% | | | |
6/30/20
|
| | | | 115,104 | | | | | | 114,808 | | | | | | 113,665 | | |
Altus Power America, Inc.
|
| |
(j)(z)(aa)
|
| | Power | | |
L+750
|
| | | | 1.5% | | | |
9/30/21
|
| | | | 80,671 | | | | | | 80,671 | | | | | | 78,553 | | |
Altus Power America, Inc.
|
| |
(e)(z)(aa)
|
| | Power | | |
L+750
|
| | | | 1.5% | | | |
9/30/21
|
| | | | 9,055 | | | | | | 9,055 | | | | | | 8,817 | | |
ARB Midstream Operating Company, LLC
|
| |
(j)(z)
|
| | Midstream | | |
L+725
|
| | | | 1.0% | | | |
11/6/21
|
| | | | 3,182 | | | | | | 3,152 | | | | | | 3,147 | | |
ARB Midstream Operating Company, LLC
|
| |
(e)(z)
|
| | Midstream | | |
L+725
|
| | | | 1.0% | | | |
11/6/21
|
| | | | 1,819 | | | | | | 1,819 | | | | | | 1,798 | | |
Bioenergy Infrastructure Holdings Limited
|
| |
(m)(z)
|
| | Power | | |
L+725
|
| | | | 1.0% | | | |
12/14/22
|
| | | | 843 | | | | | | 835 | | | | | | 859 | | |
Bioenergy Infrastructure Holdings Limited
|
| |
(e)(m)(z)
|
| | Power | | |
L+725
|
| | | | 1.0% | | | |
12/14/22
|
| | | | 657 | | | | | | 657 | | | | | | 671 | | |
BL Sand Hills Unit, L.P.
|
| |
(l)(z)(aa)
|
| | Upstream | | |
Prime+650
|
| | | | 3.5% | | | |
12/17/21
|
| | | | 20,000 | | | | | | 17,369 | | | | | | 20,000 | | |
Cimarron Energy Inc.
|
| |
(p)(z)
|
| |
Service & Equipment
|
| |
L+1150 PIK (L+1150 Max PIK)
|
| | | | 1.0% | | | |
12/15/19
|
| | | | 25,866 | | | | | | 25,216 | | | | | | 12,771 | | |
Compass Power Generation LLC
|
| |
(g)
|
| | Power | | |
L+375
|
| | | | 1.0% | | | |
12/20/24
|
| | | | 2,977 | | | | | | 3,032 | | | | | | 2,998 | | |
Eagle Midstream Canada Finance Inc.
|
| |
(j)(l)(m)(z)
|
| | Midstream | | |
8.5%
|
| | | | | | | |
9/27/20
|
| | | | 175,000 | | | | | | 175,000 | | | | | | 173,250 | | |
Felix Investments Holdings II, LLC
|
| |
(z)
|
| | Upstream | | |
L+650
|
| | | | 1.0% | | | |
8/9/22
|
| | | | 3,933 | | | | | | 3,905 | | | | | | 3,914 | | |
Felix Investments Holdings II, LLC
|
| |
(e)(z)
|
| | Upstream | | |
L+650
|
| | | | 1.0% | | | |
8/9/22
|
| | | | 1,967 | | | | | | 1,967 | | | | | | 1,957 | | |
Fortis Minerals Intermediate Holdings, LLC
|
| |
(j)(z)
|
| | Upstream | | |
L+625
|
| | | | 1.0% | | | |
2/16/25
|
| | | | 11,725 | | | | | | 11,613 | | | | | | 11,650 | | |
Fortis Minerals Intermediate Holdings, LLC
|
| |
(e)(z)
|
| | Upstream | | |
L+625
|
| | | | 1.0% | | | |
2/16/25
|
| | | | 35,175 | | | | | | 35,175 | | | | | | 34,950 | | |
Industrial Group Intermediate Holdings, LLC
|
| |
(z)
|
| | Industrials | | |
L+800
|
| | | | 1.3% | | | |
5/31/20
|
| | | | 23,003 | | | | | | 23,003 | | | | | | 23,003 | | |
JSS Holdings, Inc.
|
| |
(l)(z)
|
| | Industrials | | |
L+800, 0.0% PIK (2.5% Max PIK)
|
| | | | 1.0% | | | |
3/31/23
|
| | | | 14,921 | | | | | | 14,800 | | | | | | 15,657 | | |
JSS Holdings, Inc.
|
| |
(e)(z)
|
| | Industrials | | |
L+800, 0.0% PIK (2.5% Max PIK)
|
| | | | 1.0% | | | |
3/31/23
|
| | | | 2,727 | | | | | | 2,727 | | | | | | 2,862 | | |
Kraken Oil & Gas LLC
|
| |
(j)(z)
|
| | Upstream | | |
L+750
|
| | | | 1.0% | | | |
5/7/21
|
| | | | 46,000 | | | | | | 45,597 | | | | | | 45,600 | | |
Kraken Oil & Gas LLC
|
| |
(e)(z)
|
| | Upstream | | |
L+750
|
| | | | 1.0% | | | |
5/7/21
|
| | | | 14,000 | | | | | | 14,000 | | | | | | 13,878 | | |
Lusk Operating LLC
|
| |
(p)(r)(z)(bb)
|
| | Upstream | | |
Prime+500 PIK (8.8% Max PIK)
|
| | | | 3.3% | | | |
7/31/18
|
| | | | 29,297 | | | | | | 27,464 | | | | | | — | | |
MB Precision Holdings LLC
|
| |
(z)
|
| | Industrials | | |
L+725, 2.3% PIK (2.3% Max PIK)
|
| | | | 1.3% | | | |
1/23/21
|
| | | | 13,226 | | | | | | 13,302 | | | | | | 10,077 | | |
New Age (African Global Energy) Limited
|
| |
(m)(z)
|
| | Upstream | | |
15.0%
|
| | | | | | | |
6/28/20
|
| | | | 1,658 | | | | | | 1,643 | | | | | | 1,692 | | |
NNE Holding LLC
|
| |
(j)(z)
|
| | Upstream | | |
L+800
|
| | | | | | | |
3/2/22
|
| | | | 30,917 | | | | | | 30,891 | | | | | | 30,778 | | |
NNE Holding LLC
|
| |
(e)(z)
|
| | Upstream | | |
L+800
|
| | | | | | | |
3/2/22
|
| | | | 4,083 | | | | | | 4,083 | | | | | | 4,065 | | |
ORYX Southern Delaware Holdings LLC
|
| |
(f)
|
| | Midstream | | |
L+325
|
| | | | 1.0% | | | |
2/28/25
|
| | | | 19,950 | | | | | | 20,047 | | | | | | 19,751 | | |
Permian Production Partners LLC
|
| |
(j)(z)
|
| | Upstream | | |
L+600
|
| | | | 1.0% | | | |
5/18/24
|
| | | | 40,000 | | | | | | 39,212 | | | | | | 40,152 | | |
Power Distribution, Inc.
|
| |
(k)(z)
|
| | Power | | |
L+725
|
| | | | 1.3% | | | |
1/25/23
|
| | | | 29,498 | | | | | | 29,498 | | | | | | 30,199 | | |
Strike, LLC
|
| |
(j)
|
| | Midstream | | |
L+800
|
| | | | 1.0% | | | |
11/30/22
|
| | | | 23,125 | | | | | | 22,578 | | | | | | 23,501 | | |
Strike, LLC
|
| | | | | Midstream | | |
L+800
|
| | | | 1.0% | | | |
5/30/19
|
| | | | 3,207 | | | | | | 3,184 | | | | | | 3,223 | | |
Swift Worldwide Resources US Holdings Corp.
|
| |
(j)(z)
|
| |
Service & Equipment
|
| |
L+1000, 1.0% PIK (1.0% Max PIK)
|
| | | | 1.0% | | | |
7/20/21
|
| | | | 58,469 | | | | | | 58,469 | | | | | | 59,565 | | |
Traverse Midstream Partners LLC
|
| |
(f)(g)(j)
|
| | Midstream | | |
L+400
|
| | | | 1.0% | | | |
9/27/24
|
| | | | 74,672 | | | | | | 75,342 | | | | | | 74,758 | | |
Warren Resources, Inc.
|
| |
(j)(l)(z)(aa)
|
| | Upstream | | |
L+900, 1.0% PIK (1.0% Max PIK)
|
| | | | 1.0% | | | |
5/22/20
|
| | | | 27,161 | | | | | | 27,161 | | | | | | 27,229 | | |
Total Senior Secured Loans—First Lien
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,009,591 | | | | | | 969,627 | | |
Unfunded Loan Commitments
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (69,483) | | | | | | (69,483) | | |
Net Senior Secured Loans—First Lien
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 940,108 | | | | | | 900,144 | | |
|
Portfolio Company(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate(b)
|
| |
Floor
|
| |
Maturity
|
| |
Principal
Amount(c) |
| |
Amortized
Cost |
| |
Fair
Value(d) |
| ||||||||||||
Senior Secured Loans—Second Lien—20.5% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Aethon United BR LP
|
| |
(j)(z)
|
| | Upstream | | |
L+675
|
| | | | 1.0% | | | |
9/8/23
|
| | | $ | 87,931 | | | | | $ | 86,789 | | | | | $ | 87,096 | | |
Aethon United BR LP
|
| |
(e)(z)
|
| | Upstream | | |
L+675
|
| | | | 1.0% | | | |
9/8/23
|
| | | | 39,969 | | | | | | 39,969 | | | | | | 39,589 | | |
Arena Energy, LP
|
| |
(j)(k)(z)
|
| | Upstream | | |
L+900, 4.0% PIK (4.0% Max PIK)
|
| | | | 1.0% | | | |
1/24/21
|
| | | | 109,844 | | | | | | 109,844 | | | | | | 109,844 | | |
Chisholm Oil and Gas Operating, LLC
|
| |
(j)(k)(l)(z)
|
| | Upstream | | |
L+800
|
| | | | 1.0% | | | |
3/21/24
|
| | | | 196,000 | | | | | | 196,000 | | | | | | 194,679 | | |
Granite Acquisition, Inc.
|
| |
(f)(g)
|
| | Power | | |
L+725
|
| | | | 1.0% | | | |
12/19/22
|
| | | | 22,331 | | | | | | 22,046 | | | | | | 22,442 | | |
Horn Intermediate Holdings, Inc.
|
| |
(z)
|
| |
Service & Equipment
|
| |
L+775
|
| | | | 1.3% | | | |
10/2/18
|
| | | | 50,250 | | | | | | 50,250 | | | | | | 50,250 | | |
P2 Upstream Acquisition Co.
|
| | | | |
Service & Equipment
|
| |
L+800
|
| | | | 1.0% | | | |
4/30/21
|
| | | | 15,399 | | | | | | 14,911 | | | | | | 14,331 | | |
Penn Virginia Holdings Corp.
|
| |
(j)(m)(z)
|
| | Upstream | | |
L+700
|
| | | | 1.0% | | | |
9/29/22
|
| | | | 30,000 | | | | | | 30,000 | | | | | | 30,264 | | |
Rosehill Operating Company, LLC
|
| |
(z)
|
| | Upstream | | |
10.0%
|
| | | | | | | |
1/31/23
|
| | | | 1,667 | | | | | | 1,651 | | | | | | 1,698 | | |
SilverBow Resources, Inc.
|
| |
(j)(m)(z)
|
| | Upstream | | |
L+750
|
| | | | 1.0% | | | |
12/15/24
|
| | | | 19,000 | | | | | | 18,822 | | | | | | 19,042 | | |
Titan Energy Operating, LLC
|
| |
(k)(p)(z)(aa)
|
| | Upstream | | |
L+1300 PIK (L+1300 Max PIK)
|
| | | | 1.0% | | | |
2/23/20
|
| | | | 125,126 | | | | | | 100,902 | | | | | | 21,881 | | |
UTEX Industries, Inc.
|
| | | | |
Service & Equipment
|
| |
L+725
|
| | | | 1.0% | | | |
5/20/22
|
| | | | 37,692 | | | | | | 35,058 | | | | | | 37,095 | | |
Total Senior Secured Loans—Second Lien
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 706,242 | | | | | | 628,211 | | |
Unfunded Loan Commitment
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (39,969) | | | | | | (39,969) | | |
Net Senior Secured Loans—Second Lien
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 666,273 | | | | | | 588,242 | | |
Senior Secured Bonds—18.4% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Black Swan Energy Ltd.
|
| |
(j)(m)(z)
|
| | Upstream | | |
9.0%
|
| | | | | | | |
1/20/24
|
| | | | 90,000 | | | | | | 90,000 | | | | | | 89,100 | | |
FourPoint Energy, LLC
|
| |
(j)(k)(l)(z)(aa)
|
| | Upstream | | |
9.0%
|
| | | | | | | |
12/31/21
|
| | | | 235,125 | | | | | | 227,886 | | | | | | 239,828 | | |
Ridgeback Resources Inc.
|
| |
(k)(m)(z)(aa)
|
| | Upstream | | |
12.0%
|
| | | | | | | |
12/29/20
|
| | | | 3,887 | | | | | | 3,830 | | | | | | 3,887 | | |
Sunnova Energy Corp.
|
| |
(j)(z)(aa)
|
| | Power | | |
6.0%, 6.0% PIK (6.0% Max PIK)
|
| | | | | | | |
1/24/19
|
| | | | 26,016 | | | | | | 26,016 | | | | | | 25,984 | | |
Talos Production LLC
|
| |
(k)(l)
|
| | Upstream | | |
11.0%
|
| | | | | | | |
4/3/22
|
| | | | 43,250 | | | | | | 45,394 | | | | | | 45,521 | | |
Velvet Energy Ltd.
|
| |
(j)(l)(m)(z)
|
| | Upstream | | |
9.0%
|
| | | | | | | |
10/5/23
|
| | | | 120,000 | | | | | | 120,000 | | | | | | 125,400 | | |
Total Senior Secured Bonds
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 513,126 | | | | | | 529,720 | | |
|
Portfolio Company(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate(b)
|
| |
Floor
|
| |
Maturity
|
| |
Principal
Amount(c) |
| |
Amortized
Cost |
| |
Fair
Value(d) |
| ||||||||||||
Subordinated Debt—25.0% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ascent Resources Utica Holdings, LLC
|
| |
(f)(h)(j)(o)
|
| | Upstream | | |
10.0%
|
| | | | | | | |
4/1/22
|
| | | $ | 185,000 | | | | | $ | 185,000 | | | | | $ | 203,731 | | |
Bellatrix Exploration Ltd.
|
| |
(f)(h)(m)(o)
|
| | Upstream | | |
8.5%
|
| | | | | | | |
5/15/20
|
| | | | 60,120 | | | | | | 59,407 | | | | | | 40,028 | | |
Canbriam Energy Inc.
|
| |
(f)(h)(j)(m)(o)
|
| | Upstream | | |
9.8%
|
| | | | | | | |
11/15/19
|
| | | | 109,790 | | | | | | 108,399 | | | | | | 110,927 | | |
Compressco Partners, LP
|
| |
(f)(h)(o)
|
| | Midstream | | |
7.3%
|
| | | | | | | |
8/15/22
|
| | | | 19,050 | | | | | | 18,948 | | | | | | 17,455 | | |
Covey Park Energy LLC
|
| |
(h)(o)
|
| | Upstream | | |
7.5%
|
| | | | | | | |
5/15/25
|
| | | | 41,582 | | | | | | 41,653 | | | | | | 42,466 | | |
Eclipse Resources Corp.
|
| |
(h)(m)(o)
|
| | Upstream | | |
8.9%
|
| | | | | | | |
7/15/23
|
| | | | 27,245 | | | | | | 23,907 | | | | | | 25,920 | | |
Global Jet Capital Holdings, LP
|
| |
(z)
|
| | Industrials | | |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
1/30/25
|
| | | | 915 | | | | | | 915 | | | | | | 908 | | |
Global Jet Capital Holdings, LP
|
| |
(z)
|
| | Industrials | | |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
4/30/25
|
| | | | 5,813 | | | | | | 5,813 | | | | | | 5,762 | | |
Global Jet Capital Holdings, LP
|
| |
(z)
|
| | Industrials | | |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
9/3/25
|
| | | | 1,201 | | | | | | 1,201 | | | | | | 1,189 | | |
Global Jet Capital Holdings, LP
|
| |
(z)
|
| | Industrials | | |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
9/29/25
|
| | | | 1,131 | | | | | | 1,131 | | | | | | 1,119 | | |
Global Jet Capital Holdings, LP
|
| |
(z)
|
| | Industrials | | |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
12/2/26
|
| | | | 994 | | | | | | 994 | | | | | | 982 | | |
Global Partners L.P.
|
| |
(f)(m)
|
| | Midstream | | |
6.3%
|
| | | | | | | |
7/15/22
|
| | | | 8,560 | | | | | | 8,560 | | | | | | 8,359 | | |
Great Western Petroleum, LLC
|
| |
(m)(z)
|
| | Upstream | | |
8.5%
|
| | | | | | | |
4/15/25
|
| | | | 13,636 | | | | | | 12,959 | | | | | | 13,221 | | |
Great Western Petroleum, LLC
|
| |
(f)(h)(o)
|
| | Upstream | | |
9.0%
|
| | | | | | | |
9/30/21
|
| | | | 35,830 | | | | | | 35,721 | | | | | | 36,824 | | |
Hammerhead Resources Inc.
|
| |
(j)(m)
|
| | Upstream | | |
9.0%
|
| | | | | | | |
7/10/22
|
| | | | 100,000 | | | | | | 97,476 | | | | | | 96,750 | | |
Lonestar Resources America Inc.
|
| |
(h)(o)
|
| | Upstream | | |
11.3%
|
| | | | | | | |
1/1/23
|
| | | | 25,000 | | | | | | 25,000 | | | | | | 26,756 | | |
Martin Midstream Partners L.P.
|
| |
(f)(h)(m)(o)
|
| | Midstream | | |
7.3%
|
| | | | | | | |
2/15/21
|
| | | | 12,723 | | | | | | 12,134 | | | | | | 12,596 | | |
Moss Creek Resources, LLC
|
| |
(h)(o)
|
| | Upstream | | |
7.5%
|
| | | | | | | |
1/15/26
|
| | | | 30,000 | | | | | | 30,000 | | | | | | 29,533 | | |
Tenrgys, LLC
|
| |
(k)(p)(r)(z)
|
| | Upstream | | |
L+900
|
| | | | 2.5% | | | |
12/23/18
|
| | | | 75,000 | | | | | | 75,000 | | | | | | 45,281 | | |
Total Subordinated Debt
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 744,218 | | | | | | 719,807 | | |
|
Portfolio Company(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Number of
Shares |
| |
Amortized
Cost |
| |
Fair
Value(d) |
| |||||||||
Equity/Other—24.7%(n) | | | | | | | | | | | | | | | | | | | | | |||||
Abaco Energy Technologies LLC, Common Equity
|
| |
(r)(z)
|
| | Service & Equipment | | | | | 6,944,444 | | | | | $ | 6,944 | | | | | $ | 2,517 | | |
Abaco Energy Technologies LLC, Preferred Equity
|
| |
(r)(z)
|
| | Service & Equipment | | | | | 28,942,003 | | | | | | 1,447 | | | | | | 12,300 | | |
Allied Downhole Technologies, LLC, Common Equity
|
| |
(k)(q)(r)(z)
|
| | Service & Equipment | | | | | 7,431,113 | | | | | | 7,223 | | | | | | 9,289 | | |
Allied Downhole Technologies, LLC, Warrants, 2/28/2019
|
| |
(k)(q)(r)(z)
|
| | Service & Equipment | | | | | 5,344,680 | | | | | | 1,865 | | | | | | 6,681 | | |
Altus Power America Holdings, LLC, Common Equity
|
| |
(k)(r)(z)(aa)
|
| | Power | | | | | 12,474,205 | | | | | | 12,474 | | | | | | 2,183 | | |
Altus Power America Holdings, LLC, Preferred Equity
|
| |
(k)(s)(z)(aa)
|
| | Power | | | | | 26,890,244 | | | | | | 26,890 | | | | | | 26,890 | | |
Ascent Resources Utica Holdings, LLC, Common Equity
|
| |
(r)(t)(z)
|
| | Upstream | | | | | 148,692,909 | | | | | | 44,700 | | | | | | 39,032 | | |
BL Sand Hills Unit, L.P., Net Profits Interest
|
| |
(r)(v)(z)(aa)
|
| | Upstream | | | | | N/A | | | | | | 5,180 | | | | | | 1,077 | | |
BL Sand Hills Unit, L.P., Overriding Royalty Interest
|
| |
(v)(z)(aa)
|
| | Upstream | | | | | N/A | | | | | | 740 | | | | | | 741 | | |
BL Sand Hills Unit, L.P., Series A Units
|
| |
(i)(r)(z)(aa)
|
| | Upstream | | | | | 29,117 | | | | | | 24,019 | | | | | | 7,103 | | |
Chisholm Oil and Gas, LLC, Series A Units
|
| |
(i)(r)(z)
|
| | Upstream | | | | | 14,700,000 | | | | | | 14,700 | | | | | | 11,922 | | |
Cimarron Energy Holdco Inc., Common Equity
|
| |
(r)(z)
|
| | Service & Equipment | | | | | 3,675,487 | | | | | | 3,323 | | | | | | — | | |
Cimarron Energy Holdco Inc., Preferred Equity
|
| |
(r)(z)
|
| | Service & Equipment | | | | | 626,806 | | | | | | 627 | | | | | | — | | |
FourPoint Energy, LLC, Common Equity, Class C-II-A Units
|
| |
(k)(q)(r)(z)(aa)
|
| | Upstream | | | | | 66,000 | | | | | | 66,000 | | | | | | 19,305 | | |
FourPoint Energy, LLC, Common Equity, Class D Units
|
| |
(k)(q)(r)(z)(aa)
|
| | Upstream | | | | | 12,374 | | | | | | 8,176 | | | | | | 3,650 | | |
FourPoint Energy, LLC, Common Equity, Class E-II Units
|
| |
(i)(r)(z)(aa)
|
| | Upstream | | | | | 150,937 | | | | | | 37,734 | | | | | | 43,961 | | |
FourPoint Energy, LLC, Common Equity, Class E-III Units
|
| |
(i)(k)(q)(r)(z)(aa)
|
| | Upstream | | | | | 222,750 | | | | | | 55,688 | | | | | | 65,154 | | |
Global Jet Capital Holdings, LP, Preferred Equity
|
| |
(r)(z)
|
| | Industrials | | | | | 2,785,562 | | | | | | 2,786 | | | | | | 1,880 | | |
Great Western Petroleum, LLC, Preferred Equity
|
| |
(k)(q)(z)
|
| | Upstream | | | | | 36,363 | | | | | | 36,366 | | | | | | 36,363 | | |
Harvest Oil & Gas Corp., Common Equity
|
| |
(r)(z)
|
| | Upstream | | | | | 1,350,620 | | | | | | 29,714 | | | | | | 29,714 | | |
Industrial Group Intermediate Holdings, LLC, Common Equity
|
| |
(k)(q)(r)(z)
|
| | Industrials | | | | | 472,755 | | | | | | 473 | | | | | | 355 | | |
JSS Holdco, LLC, Net Profits Interest
|
| |
(r)(z)
|
| | Industrials | | | | | N/A | | | | | | — | | | | | | 88 | | |
Lusk Operating LLC, Common Equity
|
| |
(r)(u)(z)(bb)
|
| | Upstream | | | | | 2,000 | | | | | | — | | | | | | — | | |
MB Precision Investment Holdings LLC, Class A-2 Units
|
| |
(k)(q)(r)(z)
|
| | Industrials | | | | | 490,213 | | | | | | 490 | | | | | | — | | |
New Age (African Global Energy) Limited
|
| |
(m)(r)(z)
|
| | Upstream | | | | | 32,423 | | | | | | 19 | | | | | | — | | |
NuStar Energy, LP, Preferred Equity
|
| |
(z)
|
| | Midstream | | | | | 4,006,892 | | | | | | 96,460 | | | | | | 101,695 | | |
PDI Parent LLC, Common Equity
|
| |
(r)(z)
|
| | Power | | | | | 1,384,615 | | | | | | 1,385 | | | | | | 1,315 | | |
Ridgeback Resources Inc., Common Equity
|
| |
(l)(m)(r)(w)(z)(aa)
|
| | Upstream | | | | | 9,599,928 | | | | | | 58,985 | | | | | | 64,136 | | |
Rosehill Resources, Inc., Preferred Equity
|
| |
(r)(z)
|
| | Upstream | | | | | 2,536 | | | | | | 2,511 | | | | | | 2,570 | | |
Segreto Power Holdings, LLC, Preferred Equity
|
| |
(i)(z)
|
| | Power | | | | | 70,297 | | | | | | 69,186 | | | | | | 70,297 | | |
Sunnova Energy Corp., Common Equity
|
| |
(r)(z)(aa)
|
| | Power | | | | | 6,667,368 | | | | | | 25,026 | | | | | | — | | |
Sunnova Energy Corp., Preferred Equity
|
| |
(r)(z)(aa)
|
| | Power | | | | | 1,117,214 | | | | | | 5,948 | | | | | | 5,558 | | |
Swift Worldwide Resources Holdco Limited, Common Equity
|
| |
(m)(r)(x)(z)
|
| | Service & Equipment | | | | | 3,750,000 | | | | | | 6,029 | | | | | | 1,875 | | |
Synergy Offshore LLC, Preferred Equity
|
| |
(k)(p)(r)(y)(z)
|
| | Upstream | | | | | 71,131 | | | | | | 93,009 | | | | | | 25,323 | | |
TE Holdings, LLC, Common Equity
|
| |
(i)(r)
|
| | Upstream | | | | | 2,225,950 | | | | | | 18,921 | | | | | | 2,449 | | |
TE Holdings, LLC, Preferred Equity
|
| |
(l)(r)
|
| | Upstream | | | | | 1,475,531 | | | | | | 14,734 | | | | | | 10,329 | | |
The Brock Group, Inc., Common Equity
|
| |
(l)(r)(z)
|
| | Service & Equipment | | | | | 786,094 | | | | | | 15,617 | | | | | | — | | |
Titan Energy, LLC, Common Equity
|
| |
(k)(r)(aa)
|
| | Upstream | | | | | 555,496 | | | | | | 17,554 | | | | | | 211 | | |
USA Compression Partners, LP, 9.8%, Preferred Equity
|
| |
(z)
|
| | Midstream | | | | | 79,336 | | | | | | 70,654 | | | | | | 81,327 | | |
USA Compression Partners, LP, Warrants (Market)
|
| |
(r)(z)
|
| | Midstream | | | | | 793,359 | | | | | | 3,500 | | | | | | 1,349 | | |
USA Compression Partners, LP, Warrants (Premium)
|
| |
(r)(z)
|
| | Midstream | | | | | 1,586,719 | | | | | | 4,500 | | | | | | 1,745 | | |
Warren Resources, Inc., Common Equity
|
| |
(l)(r)(z)(aa)
|
| | Upstream | | | | | 4,415,749 | | | | | | 20,754 | | | | | | 16,559 | | |
White Star Petroleum Holdings, LLC, Common Equity
|
| |
(i)(r)(z)
|
| | Upstream | | | | | 4,867,084 | | | | | | 4,137 | | | | | | 2,129 | | |
Total Equity/Other
|
| | | | | | | | | | | | | | | | 916,488 | | | | | | 709,072 | | |
TOTAL INVESTMENTS—119.9%
|
| | | | | | | | | | | | | | | $ | 3,780,213 | | | | | | 3,446,985 | | |
LIABILITIES IN EXCESS OF OTHER ASSETS—(19.9%)
|
| | | | | | | | | | | | | | | | | | | | | | (573,206) | | |
NET ASSETS—100.0%
|
| | | | | | | | | | | | | | | | | | | | | $ | 2,873,779 | | |
|
Portfolio Company
|
| |
Fair Value at
December 31, 2017 |
| |
Purchases,
Paid-in-Kind Interest and Transfers In |
| |
Sales,
Repayments and Transfers Out |
| |
Accretion
of Discount |
| |
Net Change in
Unrealized Appreciation (Depreciation) |
| |
Fair Value at
June 30, 2018 |
| |
Interest
Income(2) |
| |
PIK
Income(2) |
| |
Fee
Income(2) |
| |||||||||||||||||||||||||||
Senior Secured Loans—First Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Altus Power America, Inc.(1)
|
| | | $ | 75,353 | | | | | $ | 3,293 | | | | | $ | — | | | | | $ | — | | | | | $ | (331) | | | | | $ | 78,315 | | | | | $ | 3,753 | | | | | $ | — | | | | | $ | — | | |
BL Sand Hills Unit, L.P.
|
| | | | 20,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 20,000 | | | | | | 1,107 | | | | | | — | | | | | | — | | |
Warren Resources, Inc.
|
| | | | 81,214 | | | | | | 193 | | | | | | (52,265) | | | | | | — | | | | | | (1,913) | | | | | | 27,229 | | | | | | 2,030 | | | | | | 193 | | | | | | 2,091 | | |
Senior Secured Loans—Second Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Titan Energy Operating, LLC
|
| | | | 62,026 | | | | | | — | | | | | | — | | | | | | — | | | | | | (40,145) | | | | | | 21,881 | | | | | | 895 | | | | | | — | | | | | | — | | |
Senior Secured Bonds | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
FourPoint Energy, LLC
|
| | | | 238,946 | | | | | | — | | | | | | (1,485) | | | | | | 1,556 | | | | | | 811 | | | | | | 239,828 | | | | | | 12,195 | | | | | | — | | | | | | — | | |
Ridgeback Resources Inc.
|
| | | | 3,887 | | | | | | — | | | | | | — | | | | | | 5 | | | | | | (5) | | | | | | 3,887 | | | | | | 238 | | | | | | — | | | | | | — | | |
Sunnova Energy Corp.
|
| | | | — | | | | | | 34,688 | | | | | | (8,672) | | | | | | — | | | | | | (32) | | | | | | 25,984 | | | | | | 1,803 | | | | | | 1,018 | | | | | | — | | |
Equity/Other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Altus Power America Holdings, LLC, Common Equity
|
| | | | 1,871 | | | | | | — | | | | | | — | | | | | | — | | | | | | 312 | | | | | | 2,183 | | | | | | — | | | | | | — | | | | | | — | | |
Altus Power America Holdings, LLC, Preferred Equity
|
| | | | 25,793 | | | | | | 4,939 | | | | | | (3,842) | | | | | | — | | | | | | — | | | | | | 26,890 | | | | | | 1,776 | | | | | | — | | | | | | — | | |
BL Sand Hills Unit, L.P., Net Profits Interest
|
| | | | 966 | | | | | | — | | | | | | — | | | | | | — | | | | | | 111 | | | | | | 1,077 | | | | | | — | | | | | | — | | | | | | — | | |
BL Sand Hills Unit, L.P., Overriding Royalty Interest
|
| | | | 726 | | | | | | — | | | | | | — | | | | | | — | | | | | | 15 | | | | | | 741 | | | | | | — | | | | | | — | | | | | | — | | |
BL Sand Hills Unit, L.P., Series A Units
|
| | | | 7,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | 103 | | | | | | 7,103 | | | | | | — | | | | | | — | | | | | | — | | |
FourPoint Energy, LLC, Common Equity, Class C-II-A Units
|
| | | | 19,140 | | | | | | — | | | | | | — | | | | | | — | | | | | | 165 | | | | | | 19,305 | | | | | | — | | | | | | — | | | | | | — | | |
FourPoint Energy, LLC, Common Equity, Class D Units
|
| | | | 3,619 | | | | | | — | | | | | | — | | | | | | — | | | | | | 31 | | | | | | 3,650 | | | | | | — | | | | | | — | | | | | | — | | |
FourPoint Energy, LLC, Common Equity, Class E-II Units
|
| | | | 43,395 | | | | | | — | | | | | | — | | | | | | — | | | | | | 566 | | | | | | 43,961 | | | | | | — | | | | | | — | | | | | | — | | |
FourPoint Energy, LLC, Common Equity, Class E-III Units
|
| | | | 64,598 | | | | | | — | | | | | | — | | | | | | — | | | | | | 556 | | | | | | 65,154 | | | | | | — | | | | | | — | | | | | | — | | |
Ridgeback Resources Inc., Common Equity
|
| | | | 58,284 | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,852 | | | | | | 64,136 | | | | | | — | | | | | | — | | | | | | — | | |
Sunnova Energy Corp., Common Equity
|
| | | | — | | | | | | 25,026 | | | | | | — | | | | | | — | | | | | | (25,026) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Sunnova Energy Corp., Preferred Equity
|
| | | | — | | | | | | 5,948 | | | | | | — | | | | | | — | | | | | | (390) | | | | | | 5,558 | | | | | | — | | | | | | — | | | | | | — | | |
Titan Energy, LLC, Common Equity
|
| | | | 844 | | | | | | — | | | | | | — | | | | | | — | | | | | | (633) | | | | | | 211 | | | | | | — | | | | | | — | | | | | | — | | |
Warren Resources, Inc., Common Equity
|
| | | | 7,507 | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,052 | | | | | | 16,559 | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | $ | 715,169 | | | | | $ | 74,087 | | | | | $ | (66,264) | | | | | $ | 1,561 | | | | | $ | (50,901) | | | | | $ | 673,652 | | | | | $ | 23,797 | | | | | $ | 1,211 | | | | | $ | 2,091 | | |
|
Portfolio Company
|
| |
Fair Value at
December 31, 2017 |
| |
Purchases,
Paid-in-Kind Interest and Other |
| |
Sales,
Repayments and Other |
| |
Accretion
of Discount |
| |
Net Realized
Gain (Loss) |
| |
Net Change in
Unrealized Appreciation (Depreciation) |
| |
Fair Value at
June 30, 2018 |
| |||||||||||||||||||||
Senior Secured Loans—First Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Lusk Operating LLC
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Equity/Other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Lusk Operating LLC, Common Equity
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
|
Portfolio Company(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate(b)
|
| |
Floor
|
| |
Maturity
|
| |
Principal
Amount(c) |
| |
Amortized
Cost |
| |
Fair
Value(d) |
| ||||||||||||
Senior Secured Loans—First Lien—31.2% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Abaco Energy Technologies LLC
|
| |
(g)(j)
|
| |
Service & Equipment
|
| |
L+700, 2.5% PIK (2.5% Max PIK)
|
| | | | 1.0% | | | |
11/20/20
|
| | | $ | 86,207 | | | | | $ | 82,722 | | | | | $ | 84,697 | | |
Allied Wireline Services, LLC
|
| |
(k)(l)
|
| |
Service & Equipment
|
| |
L+400, 5.5% PIK (5.5% Max PIK)
|
| | | | 1.5% | | | |
2/28/19
|
| | | | 115,104 | | | | | | 114,625 | | | | | | 113,377 | | |
Altus Power America, Inc.
|
| |
(j)(aa)
|
| | Power | | |
L+750
|
| | | | 1.5% | | | |
9/30/21
|
| | | | 77,378 | | | | | | 77,378 | | | | | | 75,830 | | |
Altus Power America, Inc.
|
| |
(e)(aa)
|
| | Power | | |
L+750
|
| | | | 1.5% | | | |
9/30/21
|
| | | | 23,872 | | | | | | 23,872 | | | | | | 23,395 | | |
BL Sand Hills Unit, L.P.
|
| |
(l)(aa)
|
| | Upstream | | |
Prime+650
|
| | | | 3.5% | | | |
12/17/21
|
| | | | 20,000 | | | | | | 17,369 | | | | | | 20,000 | | |
Cactus Wellhead, LLC
|
| |
(f)(j)
|
| |
Service & Equipment
|
| |
L+600
|
| | | | 1.0% | | | |
7/31/20
|
| | | | 41,225 | | | | | | 39,865 | | | | | | 41,293 | | |
Cimarron Energy Inc.
|
| | | | |
Service & Equipment
|
| |
L+1150 PIK (L+1150 Max PIK)
|
| | | | 1.0% | | | |
12/15/19
|
| | | | 25,470 | | | | | | 25,470 | | | | | | 10,379 | | |
CITGO Holding, Inc.
|
| |
(f)
|
| | Downstream | | |
L+850
|
| | | | 1.0% | | | |
5/12/18
|
| | | | 26,014 | | | | | | 26,149 | | | | | | 26,340 | | |
Crestwood Holdings LLC
|
| |
(f)
|
| | Midstream | | |
L+800
|
| | | | 1.0% | | | |
6/19/19
|
| | | | 29,151 | | | | | | 29,210 | | | | | | 29,297 | | |
Eagle Midstream Canada Finance Inc.
|
| |
(l)(m)
|
| | Midstream | | |
8.5%
|
| | | | | | | |
9/27/20
|
| | | | 175,000 | | | | | | 175,000 | | | | | | 175,000 | | |
Gulf Finance, LLC
|
| |
(f)
|
| | Midstream | | |
L+525
|
| | | | 1.0% | | | |
8/25/23
|
| | | | 18,485 | | | | | | 18,030 | | | | | | 16,687 | | |
Industrial Group Intermediate Holdings, LLC
|
| | | | |
Service & Equipment
|
| |
L+800
|
| | | | 1.3% | | | |
5/31/20
|
| | | | 23,027 | | | | | | 23,027 | | | | | | 23,373 | | |
JSS Holdings, Inc.
|
| |
(l)
|
| |
Service & Equipment
|
| |
L+800, 0.0% PIK (2.5% Max PIK)
|
| | | | 1.0% | | | |
3/31/23
|
| | | | 14,941 | | | | | | 14,809 | | | | | | 15,173 | | |
JSS Holdings, Inc.
|
| |
(e)
|
| |
Service & Equipment
|
| |
L+800, 0.0% PIK (2.5% Max PIK)
|
| | | | 1.0% | | | |
3/31/23
|
| | | | 2,727 | | | | | | 2,727 | | | | | | 2,770 | | |
Kraken Oil & Gas LLC
|
| | | | | Upstream | | |
L+750
|
| | | | 1.0% | | | |
5/7/21
|
| | | | 35,000 | | | | | | 34,660 | | | | | | 34,913 | | |
Kraken Oil & Gas LLC
|
| |
(e)
|
| | Upstream | | |
L+750
|
| | | | 1.0% | | | |
5/7/21
|
| | | | 25,000 | | | | | | 25,000 | | | | | | 24,938 | | |
Lusk Operating LLC
|
| |
(p)(r)(bb)
|
| | Upstream | | |
Prime+500 PIK (8.8% Max PIK)
|
| | | | 3.3% | | | |
1/31/18
|
| | | | 29,297 | | | | | | 27,464 | | | | | | — | | |
MB Precision Holdings LLC
|
| | | | |
Service & Equipment
|
| |
L+725, 2.25% PIK (2.25% Max PIK)
|
| | | | 1.3% | | | |
1/23/21
|
| | | | 13,793 | | | | | | 13,793 | | | | | | 12,638 | | |
Panda Temple Power, LLC
|
| |
(j)(p)(r)
|
| | Power | | |
L+625
|
| | | | 1.0% | | | |
3/6/22
|
| | | | 9,923 | | | | | | 9,782 | | | | | | 7,219 | | |
Panda Temple Power, LLC
|
| | | | | Power | | |
L+900
|
| | | | 1.0% | | | |
4/28/18
|
| | | | 377 | | | | | | 377 | | | | | | 378 | | |
Power Distribution, Inc.
|
| | | | | Power | | |
L+725
|
| | | | 1.3% | | | |
1/25/23
|
| | | | 29,928 | | | | | | 29,928 | | | | | | 30,377 | | |
Strike, LLC
|
| |
(j)
|
| | Midstream | | |
L+800
|
| | | | 1.0% | | | |
5/30/19
|
| | | | 19,600 | | | | | | 19,358 | | | | | | 19,698 | | |
Strike, LLC
|
| |
(j)
|
| | Midstream | | |
L+800
|
| | | | 1.0% | | | |
11/30/22
|
| | | | 23,750 | | | | | | 23,160 | | | | | | 24,106 | | |
Swift Worldwide Resources US Holdings Corp.
|
| |
(j)
|
| |
Service & Equipment
|
| |
L+1000, 1.0% PIK (1.0% Max PIK)
|
| | | | 1.0% | | | |
7/20/21
|
| | | | 58,468 | | | | | | 58,468 | | | | | | 59,637 | | |
UTEX Industries, Inc.
|
| |
(f)
|
| |
Service & Equipment
|
| |
L+400
|
| | | | 1.0% | | | |
5/21/21
|
| | | | 24,210 | | | | | | 22,006 | | | | | | 23,796 | | |
Warren Resources, Inc.
|
| |
(j)(l)(aa)
|
| | Upstream | | |
L+900, 1.0% PIK (1.0% Max PIK)
|
| | | | 1.0% | | | |
5/22/20
|
| | | | 79,233 | | | | | | 79,233 | | | | | | 81,214 | | |
Total Senior Secured Loans—First Lien
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,013,482 | | | | | | 976,525 | | |
Unfunded Loan Commitments
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (51,599) | | | | | | (51,599) | | |
Net Senior Secured Loans—First Lien
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 961,883 | | | | | | 924,926 | | |
|
Portfolio Company(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate(b)
|
| |
Floor
|
| |
Maturity
|
| |
Principal
Amount(c) |
| |
Amortized
Cost |
| |
Fair
Value(d) |
| ||||||||||||
Senior Secured Loans—Second Lien—26.8% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Aethon United BR LP
|
| | | | | Upstream | | |
L+675
|
| | | | 1.0% | | | |
9/8/23
|
| | | $ | 85,938 | | | | | $ | 84,698 | | | | | $ | 85,052 | | |
Aethon United BR LP
|
| |
(e)
|
| | Upstream | | |
L+675
|
| | | | 1.0% | | | |
9/8/23
|
| | | | 39,063 | | | | | | 39,063 | | | | | | 38,660 | | |
Arena Energy, LP
|
| |
(j)(k)
|
| | Upstream | | |
L+900, 4.0% PIK (4.0% Max PIK)
|
| | | | 1.0% | | | |
1/24/21
|
| | | | 107,656 | | | | | | 107,656 | | | | | | 102,360 | | |
Chief Exploration & Development LLC
|
| |
(f)
|
| | Upstream | | |
L+650
|
| | | | 1.0% | | | |
5/16/21
|
| | | | 16,156 | | | | | | 15,685 | | | | | | 15,928 | | |
Chisholm Oil and Gas Operating, LLC
|
| |
(j)(k)(l)
|
| | Upstream | | |
L+800
|
| | | | 1.0% | | | |
3/21/24
|
| | | | 196,000 | | | | | | 196,000 | | | | | | 195,971 | | |
Emerald Performance Materials, LLC
|
| |
(f)
|
| | Downstream | | |
L+775
|
| | | | 1.0% | | | |
8/1/22
|
| | | | 11,819 | | | | | | 11,764 | | | | | | 11,838 | | |
Fieldwood Energy LLC
|
| |
(f)(p)(r)
|
| | Upstream | | |
L+713
|
| | | | 1.3% | | | |
9/30/20
|
| | | | 33,591 | | | | | | 34,068 | | | | | | 11,252 | | |
Granite Acquisition, Inc.
|
| |
(f)
|
| | Power | | |
L+725
|
| | | | 1.0% | | | |
12/19/22
|
| | | | 18,694 | | | | | | 18,330 | | | | | | 18,825 | | |
Gruden Acquisition, Inc.
|
| |
(j)
|
| |
Service & Equipment
|
| |
L+850
|
| | | | 1.0% | | | |
8/18/23
|
| | | | 15,000 | | | | | | 14,463 | | | | | | 14,981 | | |
Horn Intermediate Holdings, Inc.
|
| |
(j)
|
| |
Service & Equipment
|
| |
L+775
|
| | | | 1.3% | | | |
10/2/18
|
| | | | 50,250 | | | | | | 50,250 | | | | | | 50,501 | | |
P2 Upstream Acquisition Co.
|
| |
(f)(j)
|
| |
Service & Equipment
|
| |
L+800
|
| | | | 1.0% | | | |
4/30/21
|
| | | | 42,399 | | | | | | 42,046 | | | | | | 39,218 | | |
Penn Virginia Holding Corp.
|
| |
(m)
|
| | Upstream | | |
L+700
|
| | | | 1.0% | | | |
9/29/22
|
| | | | 50,000 | | | | | | 50,000 | | | | | | 50,053 | | |
SilverBow Resources, Inc.
|
| |
(m)
|
| | Upstream | | |
L+750
|
| | | | 1.0% | | | |
12/15/24
|
| | | | 15,000 | | | | | | 14,850 | | | | | | 14,850 | | |
Talos Production LLC
|
| |
(k)(l)
|
| | Upstream | | |
11.0%
|
| | | | | | | |
4/3/22
|
| | | | 43,250 | | | | | | 40,495 | | | | | | 42,926 | | |
Titan Energy Operating, LLC
|
| |
(k)(aa)
|
| | Upstream | | |
2.0%, L+1100 PIK (L+1100 Max PIK)
|
| | | | 1.0% | | | |
2/23/20
|
| | | | 116,964 | | | | | | 100,902 | | | | | | 62,026 | | |
UTEX Industries, Inc.
|
| |
(f)(j)
|
| |
Service & Equipment
|
| |
L+725
|
| | | | 1.0% | | | |
5/20/22
|
| | | | 85,192 | | | | | | 79,263 | | | | | | 81,146 | | |
Total Senior Secured Loans—Second Lien
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 899,533 | | | | | | 835,587 | | |
Unfunded Loan Commitment
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (39,063) | | | | | | (39,063) | | |
Net Senior Secured Loans—Second Lien
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 860,470 | | | | | | 796,524 | | |
Senior Secured Bonds—22.3% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Black Swan Energy Ltd.
|
| |
(j)(m)
|
| | Upstream | | |
9.0%
|
| | | | | | | |
1/20/24
|
| | | | 90,000 | | | | | | 90,000 | | | | | | 90,675 | | |
CITGO Holding, Inc.
|
| |
(f)
|
| | Downstream | | |
10.8%
|
| | | | | | | |
2/15/20
|
| | | | 9,000 | | | | | | 9,045 | | | | | | 9,653 | | |
CSVC Acquisition Corp.
|
| |
(f)
|
| |
Service & Equipment
|
| |
7.8%
|
| | | | | | | |
6/15/25
|
| | | | 30,608 | | | | | | 30,608 | | | | | | 29,460 | | |
EP Energy LLC
|
| |
(f)(h)(m)(o)
|
| | Upstream | | |
8.0%
|
| | | | | | | |
2/15/25
|
| | | | 54,880 | | | | | | 52,838 | | | | | | 40,131 | | |
EP Energy LLC
|
| |
(g)(h)(m)
|
| | Upstream | | |
9.4%
|
| | | | | | | |
5/1/24
|
| | | | 68,614 | | | | | | 63,012 | | | | | | 60,134 | | |
FourPoint Energy, LLC
|
| |
(j)(k)(l)(aa)
|
| | Upstream | | |
9.0%
|
| | | | | | | |
12/31/21
|
| | | | 235,125 | | | | | | 227,815 | | | | | | 238,946 | | |
Mirant Mid-Atlantic Trust
|
| |
(f)(h)(o)
|
| | Power | | |
10.1%
|
| | | | | | | |
12/30/28
|
| | | | 31,752 | | | | | | 33,728 | | | | | | 32,052 | | |
Ridgeback Resources Inc.
|
| |
(k)(m)(aa)
|
| | Upstream | | |
12.0%
|
| | | | | | | |
12/29/20
|
| | | | 3,887 | | | | | | 3,825 | | | | | | 3,887 | | |
Sunnova Energy Corp.
|
| |
(j)
|
| | Power | | |
6.0%, 6.0% PIK (6.0% Max PIK)
|
| | | | | | | |
10/24/18
|
| | | | 33,671 | | | | | | 33,671 | | | | | | 33,671 | | |
Velvet Energy Ltd.
|
| |
(j)(l)(m)
|
| | Upstream | | |
9.0%
|
| | | | | | | |
10/5/23
|
| | | | 120,000 | | | | | | 120,000 | | | | | | 121,542 | | |
Total Senior Secured Bonds
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 664,542 | | | | | | 660,151 | | |
|
Portfolio Company(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate(b)
|
| |
Floor
|
| |
Maturity
|
| |
Principal
Amount(c) |
| |
Amortized
Cost |
| |
Fair
Value(d) |
|||||||||||
Subordinated Debt—40.6% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Alta Mesa Holdings, LP
|
| |
(f)(h)
|
| | Upstream | | |
7.9%
|
| | | | | | | |
12/15/24
|
| | | $ | 20,425 | | | | | $ | 20,425 | | | | | $ | 22,459 |
Archrock Partners, L.P.
|
| |
(h)(m)(o)
|
| | Midstream | | |
6.0%
|
| | | | | | | |
4/1/21
|
| | | | 8,555 | | | | | | 7,714 | | | | | | 8,587 |
Archrock Partners, L.P.
|
| |
(h)(m)
|
| | Midstream | | |
6.0%
|
| | | | | | | |
10/1/22
|
| | | | 14,283 | | | | | | 12,661 | | | | | | 14,337 |
Ascent Resources Utica Holdings, LLC
|
| |
(f)(h)(j)(o)
|
| | Upstream | | |
10.0%
|
| | | | | | | |
4/1/22
|
| | | | 200,000 | | | | | | 200,000 | | | | | | 216,132 |
Bellatrix Exploration Ltd.
|
| |
(f)(h)(m)(o)
|
| | Upstream | | |
8.5%
|
| | | | | | | |
5/15/20
|
| | | | 60,120 | | | | | | 59,240 | | | | | | 57,415 |
Brand Energy & Infrastructure Services, Inc.
|
| |
(f)(h)
|
| |
Service & Equipment
|
| |
8.5%
|
| | | | | | | |
7/15/25
|
| | | | 44,759 | | | | | | 44,759 | | | | | | 47,165 |
Canbriam Energy Inc.
|
| |
(f)(h)(j)(m)(o)
|
| | Upstream | | |
9.8%
|
| | | | | | | |
11/15/19
|
| | | | 115,200 | | | | | | 113,222 | | | | | | 117,648 |
Compressco Partners, LP
|
| |
(f)(h)(o)
|
| |
Service & Equipment
|
| |
7.3%
|
| | | | | | | |
8/15/22
|
| | | | 20,050 | | | | | | 19,929 | | | | | | 18,972 |
Covey Park Energy LLC
|
| |
(h)(o)
|
| | Upstream | | |
7.5%
|
| | | | | | | |
5/15/25
|
| | | | 8,333 | | | | | | 8,333 | | | | | | 8,705 |
Eclipse Resources Corp.
|
| |
(f)(h)(m)(o)
|
| | Upstream | | |
8.9%
|
| | | | | | | |
7/15/23
|
| | | | 62,745 | | | | | | 57,444 | | | | | | 64,549 |
EV Energy Partners, L.P.
|
| |
(f)(h)(o)(p)
|
| | Upstream | | |
8.0%
|
| | | | | | | |
4/15/19
|
| | | | 48,814 | | | | | | 39,678 | | | | | | 24,895 |
Extraction Oil & Gas Holdings, LLC
|
| |
(h)(o)
|
| | Upstream | | |
7.9%
|
| | | | | | | |
7/15/21
|
| | | | 37,500 | | | | | | 37,500 | | | | | | 39,777 |
Genesis Energy, L.P.
|
| |
(f)(m)
|
| | Midstream | | |
6.8%
|
| | | | | | | |
8/1/22
|
| | | | 23,540 | | | | | | 23,036 | | | | | | 24,477 |
Genesis Energy, L.P.
|
| |
(f)(m)
|
| | Midstream | | |
6.0%
|
| | | | | | | |
5/15/23
|
| | | | 15,280 | | | | | | 14,264 | | | | | | 15,519 |
Global Jet Capital Inc.
|
| | | | |
Service & Equipment
|
| |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
1/30/25
|
| | | | 849 | | | | | | 849 | | | | | | 864 |
Global Jet Capital Inc.
|
| | | | |
Service & Equipment
|
| |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
4/30/25
|
| | | | 5,398 | | | | | | 5,398 | | | | | | 5,492 |
Global Jet Capital Inc.
|
| | | | |
Service & Equipment
|
| |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
9/3/25
|
| | | | 1,115 | | | | | | 1,115 | | | | | | 1,135 |
Global Jet Capital Inc.
|
| | | | |
Service & Equipment
|
| |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
9/29/25
|
| | | | 1,050 | | | | | | 1,050 | | | | | | 1,068 |
Global Jet Capital Inc.
|
| | | | |
Service & Equipment
|
| |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
12/2/26
|
| | | | 923 | | | | | | 923 | | | | | | 940 |
Global Partners L.P.
|
| |
(f)(h)(m)(o)
|
| | Midstream | | |
6.3%
|
| | | | | | | |
7/15/22
|
| | | | 68,335 | | | | | | 68,188 | | | | | | 70,385 |
Global Partners L.P.
|
| |
(f)(m)
|
| | Midstream | | |
7.0%
|
| | | | | | | |
6/15/23
|
| | | | 2,824 | | | | | | 2,466 | | | | | | 2,909 |
Great Western Petroleum, LLC
|
| |
(f)(h)(o)
|
| | Upstream | | |
9.0%
|
| | | | | | | |
9/30/21
|
| | | | 35,830 | | | | | | 35,708 | | | | | | 37,398 |
Gulfport Energy Corp.
|
| |
(h)(m)(o)
|
| | Upstream | | |
6.0%
|
| | | | | | | |
10/15/24
|
| | | | 10,000 | | | | | | 10,000 | | | | | | 10,010 |
Hammerhead Resources Inc.
|
| |
(j)(m)
|
| | Upstream | | |
9.0%
|
| | | | | | | |
7/10/22
|
| | | | 100,000 | | | | | | 97,229 | | | | | | 100,000 |
Jupiter Resources Inc.
|
| |
(h)(m)
|
| | Upstream | | |
8.5%
|
| | | | | | | |
10/1/22
|
| | | | 76,125 | | | | | | 72,383 | | | | | | 47,007 |
Lonestar Resources America Inc.
|
| |
(f)(h)
|
| | Upstream | | |
8.8%
|
| | | | | | | |
4/15/19
|
| | | | 24,200 | | | | | | 24,055 | | | | | | 25,289 |
Lonestar Resources America Inc.
|
| |
(g)
|
| | Upstream | | |
11.3%
|
| | | | | | | |
1/1/23
|
| | | | 25,000 | | | | | | 25,000 | | | | | | 25,563 |
Martin Midstream Partners L.P.
|
| |
(f)(h)(m)(o)
|
| | Midstream | | |
7.3%
|
| | | | | | | |
2/15/21
|
| | | | 24,660 | | | | | | 24,059 | | | | | | 25,073 |
Moss Creek Resources, LLC
|
| |
(l)
|
| | Upstream | | |
L+800
|
| | | | 1.5% | | | |
4/7/22
|
| | | | 65,000 | | | | | | 65,000 | | | | | | 66,443 |
ONEOK, Inc.
|
| |
(f)(m)
|
| | Midstream | | |
7.5%
|
| | | | | | | |
9/1/23
|
| | | | 12,600 | | | | | | 11,789 | | | | | | 15,114 |
Tenrgys, LLC
|
| |
(k)(p)(r)
|
| | Upstream | | |
L+900
|
| | | | 2.5% | | | |
12/23/18
|
| | | | 75,000 | | | | | | 75,000 | | | | | | 34,313 |
Whiting Petroleum Corp.
|
| |
(h)(m)(o)
|
| | Upstream | | |
5.0%
|
| | | | | | | |
3/15/19
|
| | | | 11,685 | | | | | | 11,034 | | | | | | 11,990 |
Whiting Petroleum Corp.
|
| |
(f)(m)
|
| | Upstream | | |
5.8%
|
| | | | | | | |
3/15/21
|
| | | | 7,000 | | | | | | 6,479 | | | | | | 7,219 |
WildHorse Resource Development Corp.
|
| |
(h)(m)
|
| | Upstream | | |
6.9%
|
| | | | | | | |
2/1/25
|
| | | | 10,000 | | | | | | 9,930 | | | | | | 10,242 |
Zachry Holdings, Inc.
|
| |
(f)
|
| |
Service & Equipment
|
| |
7.5%
|
| | | | | | | |
2/1/20
|
| | | | 23,925 | | | | | | 23,930 | | | | | | 24,433 |
Total Subordinated Debt
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,229,790 | | | | | | 1,203,524 |
|
Portfolio Company(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate(b)
|
| |
Number of
Shares |
| |
Amortized
Cost |
| |
Fair
Value(d) |
| |||||||||
Equity/Other—13.9%(n) | | | | | | | | | | | | | | | | | | | ||||||||||
Abaco Energy Technologies LLC, Common Equity
|
| |
(r)
|
| | Service & Equipment | | | | | | | | 6,944,444 | | | | | $ | 6,944 | | | | | $ | 1,042 | | |
Abaco Energy Technologies LLC, Preferred Equity
|
| |
(r)
|
| | Service & Equipment | | | | | | | | 28,942,003 | | | | | | 1,447 | | | | | | 5,065 | | |
Allied Downhole Technologies, LLC, Common Equity
|
| |
(k)(q)(r)
|
| | Service & Equipment | | | | | | | | 7,431,113 | | | | | | 7,223 | | | | | | 1,858 | | |
Allied Downhole Technologies, LLC, Warrants, 2/28/2019
|
| |
(k)(q)(r)
|
| | Service & Equipment | | | | | | | | 5,344,680 | | | | | | 1,865 | | | | | | 1,336 | | |
Altus Power America Holdings, LLC, Common Equity
|
| |
(k)(r)(aa)
|
| | Power | | | | | | | | 12,474,205 | | | | | | 12,474 | | | | | | 1,871 | | |
Altus Power America Holdings, LLC, Preferred Equity
|
| |
(k)(s)(aa)
|
| | Power | | |
9.0%, 5.0% PIK (5.0% Max PIK)
|
| | | | 25,792,683 | | | | | | 25,793 | | | | | | 25,793 | | |
AP Exhaust Holdings, LLC, Class A1 Common Units
|
| |
(k)(q)(r)
|
| | Service & Equipment | | | | | | | | 8 | | | | | | — | | | | | | — | | |
AP Exhaust Holdings, LLC, Class A1 Preferred Units
|
| |
(k)(q)(r)
|
| | Service & Equipment | | | | | | | | 803 | | | | | | 895 | | | | | | 811 | | |
Ascent Resources Utica Holdings, LLC, Common Equity
|
| |
(r)(t)
|
| | Upstream | | | | | | | | 148,692,909 | | | | | | 44,700 | | | | | | 37,173 | | |
BL Sand Hills Unit, L.P., Net Profits Interest
|
| |
(r)(v)(aa)
|
| | Upstream | | | | | | | | N/A | | | | | | 5,180 | | | | | | 966 | | |
BL Sand Hills Unit, L.P., Overriding Royalty Interest
|
| |
(v)(aa)
|
| | Upstream | | | | | | | | N/A | | | | | | 740 | | | | | | 726 | | |
BL Sand Hills Unit, L.P., Series A Units
|
| |
(i)(r)(aa)
|
| | Upstream | | | | | | | | 29,117 | | | | | | 24,019 | | | | | | 7,000 | | |
Chisholm Oil and Gas, LLC, Series A Units
|
| |
(i)(r)
|
| | Upstream | | | | | | | | 13,905,565 | | | | | | 13,906 | | | | | | 13,815 | | |
Cimarron Energy Holdco Inc., Common Equity
|
| |
(r)
|
| | Service & Equipment | | | | | | | | 3,675,487 | | | | | | 3,323 | | | | | | — | | |
Cimarron Energy Holdco Inc., Preferred Equity
|
| |
(r)
|
| | Service & Equipment | | | | | | | | 626,806 | | | | | | 627 | | | | | | — | | |
Extraction Oil & Gas, Inc., Common Equity
|
| |
(k)(r)(z)
|
| | Upstream | | |
|
| | | | 1,140,637 | | | | | | 11,250 | | | | | | 16,323 | | |
FourPoint Energy, LLC, Common Equity, Class C-II-A Units
|
| |
(k)(q)(r)(aa)
|
| | Upstream | | | | | | | | 66,000 | | | | | | 66,000 | | | | | | 19,140 | | |
FourPoint Energy, LLC, Common Equity, Class D Units
|
| |
(k)(q)(r)(aa)
|
| | Upstream | | | | | | | | 12,374 | | | | | | 8,176 | | | | | | 3,619 | | |
FourPoint Energy, LLC, Common Equity, Class E-II Units
|
| |
(i)(r)(aa)
|
| | Upstream | | | | | | | | 150,937 | | | | | | 37,734 | | | | | | 43,395 | | |
FourPoint Energy, LLC, Common Equity, Class E-III Units
|
| |
(i)(k)(q)(r)(aa)
|
| | Upstream | | | | | | | | 222,750 | | | | | | 55,688 | | | | | | 64,598 | | |
Global Jet Capital Holdings, LP, Preferred Equity
|
| |
(r)
|
| | Service & Equipment | | | | | | | | 2,785,562 | | | | | | 2,786 | | | | | | 2,507 | | |
Industrial Group Intermediate Holdings, LLC, Common Equity
|
| |
(k)(q)(r)
|
| | Service & Equipment | | | | | | | | 472,755 | | | | | | 473 | | | | | | 709 | | |
JSS Holdco, LLC, Net Profits Interest
|
| |
(r)
|
| | Service & Equipment | | | | | | | | N/A | | | | | | — | | | | | | 103 | | |
Lusk Operating LLC, Common Equity
|
| |
(r)(u)(bb)
|
| | Upstream | | | | | | | | 2,000 | | | | | | — | | | | | | — | | |
MB Precision Investment Holdings LLC, Class A-2 Units
|
| |
(k)(q)(r)
|
| | Service & Equipment | | | | | | | | 490,213 | | | | | | 490 | | | | | | — | | |
PDI Parent LLC, Common Equity
|
| |
(r)
|
| | Power | | | | | | | | 1,384,615 | | | | | | 1,385 | | | | | | 1,454 | | |
Ridgeback Resources Inc., Common Equity
|
| |
(k)(l)(m)(r)(w)(aa)
|
| | Upstream | | | | | | | | 9,599,928 | | | | | | 58,985 | | | | | | 58,284 | | |
SandRidge Energy, Inc., Common Equity
|
| |
(h)(l)(m)(o)(r)(z)
|
| | Upstream | | | | | | | | 1,009,878 | | | | | | 22,542 | | | | | | 21,278 | | |
Sunnova Energy Corp., Common Equity
|
| |
(r)
|
| | Power | | | | | | | | 6,667,368 | | | | | | 25,026 | | | | | | — | | |
Sunnova Energy Corp., Preferred Equity
|
| |
(r)
|
| | Power | | | | | | | | 1,117,214 | | | | | | 5,948 | | | | | | 4,502 | | |
Swift Worldwide Resources Holdco Limited, Common Equity
|
| |
(m)(r)(x)
|
| | Service & Equipment | | | | | | | | 3,750,000 | | | | | | 6,029 | | | | | | 2,062 | | |
Synergy Offshore LLC, Preferred Equity
|
| |
(k)(p)(r)(y)
|
| | Upstream | | | | | | | | 71,131 | | | | | | 93,009 | | | | | | 25,465 | | |
TE Holdings, LLC, Common Equity
|
| |
(i)(r)
|
| | Upstream | | | | | | | | 2,225,950 | | | | | | 18,921 | | | | | | 3,617 | | |
TE Holdings, LLC, Preferred Equity
|
| |
(l)(r)
|
| | Upstream | | | | | | | | 1,475,531 | | | | | | 14,734 | | | | | | 14,018 | | |
The Brock Group, Inc., Common Equity
|
| |
(j)(r)
|
| | Service & Equipment | | | | | | | | 786,094 | | | | | | 15,617 | | | | | | 16,390 | | |
Titan Energy, LLC, Common Equity
|
| |
(k)(r)(z)(aa)
|
| | Upstream | | | | | | | | 555,496 | | | | | | 17,554 | | | | | | 844 | | |
Total Safety Holdings, LLC, Common Equity
|
| |
(j)(r)
|
| | Service & Equipment | | | | | | | | 12,897 | | | | | | 4,707 | | | | | | 4,659 | | |
Warren Resources, Inc., Common Equity
|
| |
(l)(r)(aa)
|
| | Upstream | | | | | | | | 4,415,749 | | | | | | 20,754 | | | | | | 7,507 | | |
White Star Petroleum Holdings, LLC, Common Equity
|
| |
(i)(r)
|
| | Upstream | | | | | | | | 4,867,084 | | | | | | 4,137 | | | | | | 3,650 | | |
Total Equity/Other
|
| | | | | | | | | | | | | | | | | | | 641,081 | | | | | | 411,580 | | |
TOTAL INVESTMENTS—134.8%
|
| | | | | | | | | | | | | | | | | | $ | 4,357,766 | | | | | | 3,996,705 | | |
LIABILITIES IN EXCESS OF OTHER ASSETS—(34.8%)
|
| | | | | | | | | | | | | | | | | | | | | | | | | (1,030,663) | | |
NET ASSETS—100.0%
|
| | | | | | | | | | | | | | | | | | | | | | | | $ | 2,966,042 | | |
|
Portfolio Company
|
| |
Fair Value at
December 31, 2016 |
| |
Purchases,
Paid-In-Kind, Interest and Transfers In |
| |
Sales,
Repayments and Transfers Out |
| |
Accretion
of Discount |
| |
Net
Realized Gain (Loss) |
| |
Net Change in
Unrealized Appreciation (Depreciation) |
| |
Fair Value at
December 31, 2017 |
| |
Interest
Income(2) |
| |
PIK
Income(2) |
| |
Fee
Income(2) |
| ||||||||||||||||||||||||||||||
Senior Secured Loans—First Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Altus Power America, Inc.(1)
|
| | | $ | 73,294 | | | | | $ | 5,433 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | (3,374) | | | | | $ | 75,353 | | | | | $ | 7,152 | | | | | $ | — | | | | | $ | — | | |
BL Sand Hills Unit, L.P.
|
| | | | — | | | | | | 64,187 | | | | | | (44,460) | | | | | | — | | | | | | (2,358) | | | | | | 2,631 | | | | | | 20,000 | | | | | | 3,857 | | | | | | — | | | | | | — | | |
Sunnova Asset Portfolio 5 Holdings, LLC
|
| | | | 151,148 | | | | | | — | | | | | | (149,652) | | | | | | 2,217 | | | | | | — | | | | | | (3,713) | | | | | | — | | | | | | 6,992 | | | | | | — | | | | | | — | | |
Warren Resources, Inc.
|
| | | | 78,437 | | | | | | 796 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,981 | | | | | | 81,214 | | | | | | 7,818 | | | | | | 796 | | | | | | — | | |
Senior Secured Loans—Second Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Titan Energy Operating, LLC
|
| | | | 85,427 | | | | | | 9,863 | | | | | | (332) | | | | | | 4,237 | | | | | | — | | | | | | (37,169) | | | | | | 62,026 | | | | | | 16,269 | | | | | | 9,863 | | | | | | — | | |
Senior Secured Bonds | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
FourPoint Energy, LLC
|
| | | | 240,709 | | | | | | — | | | | | | (2,227) | | | | | | 2,183 | | | | | | — | | | | | | (1,719) | | | | | | 238,946 | | | | | | 22,834 | | | | | | — | | | | | | — | | |
Ridgeback Resources Inc.
|
| | | | 3,887 | | | | | | — | | | | | | — | | | | | | 16 | | | | | | — | | | | | | (16) | | | | | | 3,887 | | | | | | 473 | | | | | | — | | | | | | — | | |
Sunnova Energy Corp(3)
|
| | | | — | | | | | | 33,671 | | | | | | (33,671) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,738 | | | | | | 859 | | | | | | 656 | | |
Equity/Other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Altus Power America Holdings, LLC, Common Equity
|
| | | | 12,474 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (10,603) | | | | | | 1,871 | | | | | | — | | | | | | — | | | | | | — | | |
Altus Power America Holdings, LLC, Preferred Equity
|
| | | | 23,982 | | | | | | 1,811 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 25,793 | | | | | | 3,586 | | | | | | — | | | | | | — | | |
BL Sand Hills Unit, L.P., Net Profits Interest
|
| | | | — | | | | | | 5,180 | | | | | | — | | | | | | — | | | | | | — | | | | | | (4,214) | | | | | | 966 | | | | | | — | | | | | | — | | | | | | — | | |
BL Sand Hills Unit, L.P., Overriding Royalty Interest
|
| | | | — | | | | | | 740 | | | | | | — | | | | | | — | | | | | | — | | | | | | (14) | | | | | | 726 | | | | | | — | | | | | | — | | | | | | — | | |
BL Sand Hills Unit, L.P., Series A Units
|
| | | | — | | | | | | 24,019 | | | | | | — | | | | | | — | | | | | | — | | | | | | (17,019) | | | | | | 7,000 | | | | | | — | | | | | | — | | | | | | — | | |
FourPoint Energy, LLC, Common Equity, Class C-II-A Units
|
| | | | 31,845 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (12,705) | | | | | | 19,140 | | | | | | — | | | | | | — | | | | | | — | | |
FourPoint Energy, LLC, Common Equity, Class D Units
|
| | | | 6,032 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,413) | | | | | | 3,619 | | | | | | — | | | | | | — | | | | | | — | | |
FourPoint Energy, LLC, Common Equity, Class E-II Units
|
| | | | 125,670 | | | | | | — | | | | | | (30,938) | | | | | | — | | | | | | — | | | | | | (51,337) | | | | | | 43,395 | | | | | | — | | | | | | — | | | | | | — | | |
FourPoint Energy, LLC, Common Equity, Class E-III Units
|
| | | | 107,477 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (42,879) | | | | | | 64,598 | | | | | | — | | | | | | — | | | | | | — | | |
Ridgeback Resources Inc., Common Equity
|
| | | | 58,985 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (701) | | | | | | 58,284 | | | | | | — | | | | | | — | | | | | | — | | |
Sunnova Energy Corp., Common Equity(3)
|
| | | | 36,204 | | | | | | — | | | | | | (25,026) | | | | | | — | | | | | | — | | | | | | (11,178) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Sunnova Energy Corp., Preferred Equity(3)
|
| | | | 3,141 | | | | | | 2,868 | | | | | | (5,948) | | | | | | — | | | | | | — | | | | | | (61) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Titan Energy, LLC, Common Equity
|
| | | | 13,332 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (12,488) | | | | | | 844 | | | | | | — | | | | | | — | | | | | | — | | |
Warren Resources, Inc., Common Equity
|
| | | | 18,988 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (11,481) | | | | | | 7,507 | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | $ | 1,071,032 | | | | | $ | 148,568 | | | | | $ | (292,254) | | | | | $ | 8,653 | | | | | $ | (2,358) | | | | | $ | (218,472) | | | | | $ | 715,169 | | | | | $ | 71,719 | | | | | $ | 11,518 | | | | | $ | 656 | | |
|
Portfolio Company
|
| |
Fair Value at
December 31, 2016 |
| |
Purchases,
Paid-In-Kind, Interest and Transfers In |
| |
Sales,
Repayments and Transfers Out |
| |
Accretion
of Discount |
| |
Net Realized
Gain (Loss) |
| |
Net Change in
Unrealized Appreciation (Depreciation) |
| |
Fair Value at
December 31, 2017 |
| | | | | | | | |||||||||||||||||||||||||||||||||||
Senior Secured Loans—First Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||
Lusk Operating LLC
|
| | | $ | 1,031 | | | | | $ | 1,800 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | (2,831) | | | | | $ | — | | | | | | | | | | ||||||||||||||
Equity/Other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||
Lusk Operating LLC, Common Equity
|
| | | | — | | | | | | — | | | | | | (1,000) | | | | | | — | | | | | | — | | | | | | 1,000 | | | | | | — | | | | | | | | | | ||||||||||||||
Total
|
| | | $ | 1,031 | | | | | $ | 1,800 | | | | | $ | (1,000) | | | | | $ | — | | | | | $ | — | | | | | $ | (1,831) | | | | | $ | — | | | | | | | | | | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
Six Months Ended June 30,
|
| |||||||||||||||||||||
| | |
2018
|
| |
2017
|
| ||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||
Reinvestment of Distributions
|
| | | | 9,291,732 | | | | | $ | 61,430 | | | | | | 12,317,949 | | | | | $ | 93,968 | | |
Share Repurchase Program
|
| | | | (13,804,680) | | | | | | (91,773) | | | | | | (6,826,786) | | | | | | (52,796) | | |
Net Proceeds from Share Transactions
|
| | | | (4,512,948) | | | | | $ | (30,343) | | | | | | 5,491,163 | | | | | $ | 41,172 | | |
For the Three Months Ended
|
| |
Repurchase
Date |
| |
Shares
Repurchased |
| |
Percentage of
Shares Tendered That Were Repurchased |
| |
Percentage of
Outstanding Shares Repurchased as of the Repurchase Date |
| |
Repurchase
Price Per Share |
| |
Aggregate
Consideration for Repurchased Shares |
| |||||||||||||||
Fiscal 2016 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
December 31, 2016
|
| |
January 3, 2017
|
| | | | 2,239,480 | | | | | | 100% | | | | | | 0.51% | | | | | $ | 7.70 | | | | | $ | 17,244 | | |
March 31, 2017
|
| |
April 17, 2017
|
| | | | 4,587,306 | | | | | | 100% | | | | | | 1.03% | | | | | $ | 7.75 | | | | | $ | 35,552 | | |
Total
|
| | | | | | | 6,826,786 | | | | | | | | | | | | | | | | | | | | | | | $ | 52,796 | | |
Fiscal 2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
December 31, 2017
|
| |
January 12, 2018
|
| | | | 9,018,665 | | | | | | 64% | | | | | | 2.02% | | | | | $ | 6.70 | | | | | $ | 60,425 | | |
March 31, 2018
|
| |
April 2, 2018
|
| | | | 4,786,015 | | | | | | 24% | | | | | | 1.08% | | | | | $ | 6.55 | | | | | $ | 31,348 | | |
Total
|
| | | | | | | 13,804,680 | | | | | | | | | | | | | | | | | | | | | | | $ | 91,773 | | |
|
| | | | | | | | |
Three Months Ended
June 30, |
| |
Six Months Ended
June 30, |
| ||||||||||||||||||
Related Party
|
| |
Source Agreement
|
| |
Description
|
| |
2018
|
| |
2017
|
| |
2018
|
| |
2017
|
| ||||||||||||
FS Advisor and FS/EIG Advisor
|
| | FS Advisor Investment Advisory Agreement and FS/EIG Investment Advisory Agreement |
| |
Base Management Fee(1)
|
| | | $ | 17,118 | | | | | $ | 22,688 | | | | | $ | 35,416 | | | | | $ | 45,073 | | |
FS Advisor
|
| | FS Advisor Investment Advisory Agreement |
| | Subordinated Incentive Fee on Income(2) |
| | | | — | | | | | | — | | | | | | — | | | | | $ | 10,499 | | |
FS Advisor and FS/EIG Advisor
|
| | FS Advisor Investment Advisory Agreement and FS/EIG Investment Advisory Agreement |
| | Administrative Services Expenses(3) |
| | | $ | 802 | | | | | $ | 799 | | | | | $ | 1,595 | | | | | $ | 1,607 | | |
FS Advisor
|
| | Expense Support and Conditional Reimbursement Agreement |
| |
Expense Recoupment(4)
|
| | | | — | | | | | $ | 2,858 | | | | | | — | | | | | $ | 2,858 | | |
For the Three Months Ended
|
| |
Amount of
Expense Reimbursement Payment |
| |
Annualized “Other
Operating Expenses” Ratio as of the Date of Expense Reimbursement |
| |
Annualized Rate
of Distributions Per Share(1) |
| |
Reimbursement Eligibility
Expiration |
| |||||||||
March 31, 2017
|
| | | $ | 15,362(2) | | | | | | 0.40% | | | | | | 9.14% | | | |
March 31, 2020
|
|
September 30, 2017
|
| | | | 7,095 | | | | | | 0.36% | | | | | | 9.91% | | | |
September 30, 2020
|
|
December 31, 2017
|
| | | | 5,647 | | | | | | 0.36% | | | | | | 10.57% | | | |
December 31, 2020
|
|
Total
|
| | | $ | 28,104 | | | | | | | | | | | | | | | | | |
|
| | |
Distribution
|
| |||||||||
For the Three Months Ended
|
| |
Per Share
|
| |
Amount
|
| ||||||
Fiscal 2017 | | | | | | | | | | | | | |
March 31, 2017
|
| | | $ | 0.17713 | | | | | $ | 77,984 | | |
June 30, 2017
|
| | | | 0.17713 | | | | | | 78,374 | | |
Total
|
| | | $ | 0.35426 | | | | | $ | 156,358 | | |
Fiscal 2018 | | | | | | | | | | | | | |
March 31, 2018
|
| | | $ | 0.12500 | | | | | $ | 54,823 | | |
June 30, 2018
|
| | | | 0.12500 | | | | | | 54,811 | | |
Total
|
| | | $ | 0.25000 | | | | | $ | 109,634 | | |
|
| | |
Six Months Ended June 30,
|
| |||||||||||||||||||||
| | |
2018
|
| |
2017
|
| ||||||||||||||||||
Source of Distribution
|
| |
Distribution
Amount |
| |
Percentage
|
| |
Distribution
Amount |
| |
Percentage
|
| ||||||||||||
Offering proceeds
|
| | | $ | — | | | | | | — | | | | | $ | — | | | | | | — | | |
Borrowings
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net investment income (prior to expense reimbursement)(1)
|
| | | | 109,634 | | | | | | 100% | | | | | | 139,628 | | | | | | 89% | | |
Short-term capital gains proceeds from the sale of assets
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Long-term capital gains proceeds from the sale of assets
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Non-capital gains proceeds from the sale of assets
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Distributions on account of investments in portfolio companies
|
| | | | — | | | | | | — | | | | | | 1,368 | | | | | | 1% | | |
Expense reimbursement from sponsor
|
| | | | — | | | | | | — | | | | | | 15,362 | | | | | | 10% | | |
Total
|
| | | $ | 109,634 | | | | | | 100% | | | | | $ | 156,358 | | | | | | 100% | | |
|
| | |
Six Months Ended
June 30, |
| |||||||||
| | |
2018
|
| |
2017
|
| ||||||
GAAP-basis net investment income
|
| | | $ | 98,305 | | | | | $ | 150,414 | | |
Reclassification of unamortized original issue discount, amendment fees and prepayment fees
|
| | | | (9,479) | | | | | | (20,147) | | |
GAAP versus tax-basis impact of consolidation of certain subsidiaries
|
| | | | 12,366 | | | | | | 13,184 | | |
Income subject to tax not recorded for GAAP
|
| | | | 13,691 | | | | | | 11,550 | | |
Other miscellaneous differences
|
| | | | (12) | | | | | | (11) | | |
Tax-basis net investment income
|
| | | $ | 114,871 | | | | | $ | 154,990 | | |
|
| | |
June 30, 2018
(Unaudited) |
| |
December 31, 2017
|
| ||||||
Distributable ordinary income
|
| | | $ | 5,236 | | | | | $ | — | | |
Accumulated capital losses(1)
|
| | | | (519,341) | | | | | | (430,039) | | |
Other temporary differences
|
| | | | (187) | | | | | | (198) | | |
Net unrealized appreciation (depreciation) on investments and unrealized gain/loss on foreign currency(2)
|
| | | | (382,705) | | | | | | (498,322) | | |
Total
|
| | | $ | (896,997) | | | | | $ | (928,559) | | |
|
| | |
June 30, 2018
(Unaudited) |
| |
December 31, 2017
|
| ||||||||||||||||||||||||||||||
| | |
Amortized
Cost(1) |
| |
Fair Value
|
| |
Percentage
of Portfolio |
| |
Amortized
Cost(1) |
| |
Fair Value
|
| |
Percentage
of Portfolio |
| ||||||||||||||||||
Senior Secured Loans—First Lien
|
| | | $ | 940,108 | | | | | $ | 900,144 | | | | | | 26% | | | | | $ | 961,883 | | | | | $ | 924,926 | | | | | | 23% | | |
Senior Secured Loans—Second Lien
|
| | | | 666,273 | | | | | | 588,242 | | | | | | 17% | | | | | | 860,470 | | | | | | 796,524 | | | | | | 20% | | |
Senior Secured Bonds
|
| | | | 513,126 | | | | | | 529,720 | | | | | | 15% | | | | | | 664,542 | | | | | | 660,151 | | | | | | 17% | | |
Subordinated Debt
|
| | | | 744,218 | | | | | | 719,807 | | | | | | 21% | | | | | | 1,229,790 | | | | | | 1,203,524 | | | | | | 30% | | |
Equity/Other
|
| | | | 916,488 | | | | | | 709,072 | | | | | | 21% | | | | | | 641,081 | | | | | | 411,580 | | | | | | 10% | | |
Total
|
| | | $ | 3,780,213 | | | | | $ | 3,446,985 | | | | | | 100% | | | | | $ | 4,357,766 | | | | | $ | 3,996,705 | | | | | | 100% | | |
| | |
June 30, 2018
(Unaudited) |
| |
December 31, 2017
|
| ||||||||||||||||||
Industry Classification
|
| |
Fair Value
|
| |
Percentage
of Portfolio |
| |
Fair Value
|
| |
Percentage
of Portfolio |
| ||||||||||||
Upstream
|
| | | $ | 2,201,665 | | | | | | 64% | | | | | $ | 2,539,867 | | | | | | 64% | | |
Midstream
|
| | | | 522,135 | | | | | | 15% | | | | | | 441,189 | | | | | | 11% | | |
Downstream
|
| | | | — | | | | | | — | | | | | | 47,831 | | | | | | 1% | | |
Power
|
| | | | 267,054 | | | | | | 8% | | | | | | 231,495 | | | | | | 6% | | |
Service & Equipment
|
| | | | 394,976 | | | | | | 11% | | | | | | 672,278 | | | | | | 16% | | |
Industrials(1) | | | | | 61,155 | | | | | | 2% | | | | | | 64,045 | | | | | | 2% | | |
Total
|
| | | $ | 3,446,985 | | | | | | 100% | | | | | $ | 3,996,705 | | | | | | 100% | | |
|
Valuation Inputs
|
| |
June 30, 2018
(Unaudited) |
| |
December 31, 2017
|
| ||||||
Level 1—Price quotations in active markets
|
| | | $ | 211 | | | | | $ | 38,445 | | |
Level 2—Significant other observable inputs
|
| | | | 982,380 | | | | | | — | | |
Level 3—Significant unobservable inputs
|
| | | | 2,464,394 | | | | | | 3,958,260 | | |
Total
|
| | | $ | 3,446,985 | | | | | $ | 3,996,705 | | |
|
| | |
For the Six Months Ended June 30, 2018
|
| |||||||||||||||||||||||||||||||||
| | |
Senior
Secured Loans— First Lien |
| |
Senior
Secured Loans— Second Lien |
| |
Senior
Secured Bonds |
| |
Subordinated
Debt |
| |
Equity/
Other |
| |
Total
|
| ||||||||||||||||||
Fair value at beginning of period
|
| | | $ | 924,926 | | | | | $ | 796,524 | | | | | $ | 660,151 | | | | | $ | 1,203,524 | | | | | $ | 373,135 | | | | | $ | 3,958,260 | | |
Accretion of discount (amortization of premium)
|
| | | | 266 | | | | | | 133 | | | | | | 1,560 | | | | | | 10 | | | | | | 674 | | | | | | 2,643 | | |
Net realized gain (loss)
|
| | | | (2,823) | | | | | | 453 | | | | | | — | | | | | | — | | | | | | (84) | | | | | | (2,454) | | |
Net change in unrealized appreciation (depreciation)
|
| | | | 37 | | | | | | (35,936) | | | | | | 3,057 | | | | | | 9,532 | | | | | | 31,336 | | | | | | 8,026 | | |
Purchases
|
| | | | 127,896 | | | | | | 10,965 | | | | | | — | | | | | | 12,947 | | | | | | 325,979 | | | | | | 477,787 | | |
Paid-in-kind interest
|
| | | | 945 | | | | | | 2,265 | | | | | | 1,018 | | | | | | 717 | | | | | | — | | | | | | 4,945 | | |
Sales and repayments
|
| | | | (84,056) | | | | | | (23,915) | | | | | | (10,156) | | | | | | (65,000) | | | | | | (12,663) | | | | | | (195,790) | | |
Net transfers in or out of Level 3(1)
|
| | | | (265,915) | | | | | | (236,115) | | | | | | (171,431) | | | | | | (1,093,268) | | | | | | (22,294) | | | | | | (1,789,023) | | |
Fair value at end of period
|
| | | $ | 701,276 | | | | | $ | 514,374 | | | | | $ | 484,199 | | | | | $ | 68,462 | | | | | $ | 696,083 | | | | | $ | 2,464,394 | | |
The amount of total gains or losses for the
period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date |
| | | $ | (279) | | | | | $ | (33,112) | | | | | $ | 3,447 | | | | | $ | 10,962 | | | | | $ | 12,386 | | | | | $ | (6,596) | | |
|
| | |
For the Six Months Ended June 30, 2017
|
| |||||||||||||||||||||||||||||||||
| | |
Senior
Secured Loans— First Lien |
| |
Senior
Secured Loans— Second Lien |
| |
Senior
Secured Bonds |
| |
Subordinated
Debt |
| |
Equity/
Other |
| |
Total
|
| ||||||||||||||||||
Fair value at beginning of period
|
| | | $ | 912,491 | | | | | $ | 873,869 | | | | | $ | 397,614 | | | | | $ | 1,043,167 | | | | | $ | 636,571 | | | | | $ | 3,863,712 | | |
Accretion of discount (amortization of premium)
|
| | | | 3,255 | | | | | | 4,183 | | | | | | 657 | | | | | | 4,296 | | | | | | — | | | | | | 12,391 | | |
Net realized gain (loss)
|
| | | | (3,461) | | | | | | (42,350) | | | | | | 648 | | | | | | (16,334) | | | | | | (14,958) | | | | | | (76,455) | | |
Net change in unrealized appreciation (depreciation)
|
| | | | (6,433) | | | | | | 31,596 | | | | | | (25,785) | | | | | | (33,423) | | | | | | (106,250) | | | | | | (140,295) | | |
Purchases
|
| | | | 137,423 | | | | | | 253,554 | | | | | | 240,254 | | | | | | 587,389 | | | | | | 22,057 | | | | | | 1,240,677 | | |
Paid-in-kind interest
|
| | | | 4,569 | | | | | | 7,779 | | | | | | 361 | | | | | | 618 | | | | | | 3,752 | | | | | | 17,079 | | |
Sales and repayments
|
| | | | (229,769) | | | | | | (316,019) | | | | | | (35,984) | | | | | | (160,993) | | | | | | (28,316) | | | | | | (771,081) | | |
Net transfers in or out of Level 3
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Fair value at end of period
|
| | | $ | 818,075 | | | | | $ | 812,612 | | | | | $ | 577,765 | | | | | $ | 1,424,720 | | | | | $ | 512,856 | | | | | $ | 4,146,028 | | |
The amount of total gains or losses for the
period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date |
| | | $ | (5,207) | | | | | $ | 4,960 | | | | | $ | (26,113) | | | | | $ | (66,477) | | | | | $ | (44,482) | | | | | $ | (137,319) | | |
|
Type of Investment
|
| |
Fair Value at
June 30, 2018 (Unaudited) |
| |
Valuation
Technique(1) |
| |
Unobservable Input
|
| |
Range
|
| |
Weighted
Average |
| |||
Senior Secured Loans—
First Lien |
| | |
$
|
661,276
|
| | | Market Comparables | | | Market Yield (%) | | |
8.5% – 16.5%
|
| |
10.7%
|
|
| | | | | | | | | | | | EBITDA Multiples (x) | | |
5.5x – 8.8x
|
| |
6.7x
|
|
| | | | | | | | | | | | Proved Reserves Multiples (Mmboe) | | |
$7.0 – $7.5
|
| |
$7.3
|
|
| | | | | | | | | | | | PV-10 Multiples (x) | | |
0.7x – 0.7x
|
| |
0.7x
|
|
| | | |
|
40,000
|
| | | Other(2) | | | Other(2) | | |
N/A
|
| |
N/A
|
|
Senior Secured Loans—
Second Lien |
| | |
|
442,243
|
| | | Market Comparables | | | Market Yield (%) | | |
9.7% – 16.9%
|
| |
12.2%
|
|
| | | |
|
72,131
|
| | | Other(2) | | | Other(2) | | |
N/A
|
| |
N/A
|
|
Senior Secured Bonds
|
| | |
|
484,199
|
| | | Market Comparables | | | Market Yield (%) | | |
7.5% – 12.6%
|
| |
8.3%
|
|
| | | | | | | | | | | | Production Multiples (Mboe/d) | | |
$47,500.0 – $52,500.0
|
| |
$50,000.0
|
|
| | | | | | | | | | | | Proved Reserves Multiples (Mmboe) | | |
$16.0 – $17.5
|
| |
$16.8
|
|
| | | | | | | | | | | | PV-10 Multiples (x) | | |
1.1x – 1.2x
|
| |
1.1x
|
|
| | | | | | | | | | | | EBITDA Multiples (x) | | |
5.0x – 5.5x
|
| |
5.3x
|
|
Subordinated Debt
|
| | |
|
68,462
|
| | | Market Comparables | | | Market Yield (%) | | |
8.9% – 15.3%
|
| |
11.8%
|
|
| | | | | | | | | | | | PV-10 Multiples (x) | | |
0.9x – 1.1x
|
| |
1.0x
|
|
Equity/Other
|
| | |
|
632,072
|
| | | Market Comparables | | | EBITDA Multiples (x) | | |
5.0x – 11.0x
|
| |
7.1x
|
|
| | | | | | | | | | | | Production Multiples (Mboe/d) | | |
$35,000.0 – $52,500.0
|
| |
$40,723.2
|
|
| | | | | | | | | | | | Proved Reserves Multiples (Mmboe) | | |
$4.9 – $17.5
|
| |
$8.6
|
|
| | | | | | | | | | | | Production Multiples (MMcfe/d) | | |
$4,000.0 – $4,500.0
|
| |
$4,250.0
|
|
| | | | | | | | | | | |
Proved & Probable Reserves Multiples
(Mboe/d) |
| |
$5.0 – $6.0
|
| |
$5.5
|
|
| | | | | | | | | | | | Proved Reserves Multiples (Bcfe) | | |
$1.0 – $1.1
|
| |
$1.0
|
|
| | | | | | | | | | | | PV-10 Multiples (x) | | |
0.7x – 2.1x
|
| |
1.3x
|
|
| | | | | | | | | | | | Capacity Multiple ($/kW) | | |
$1,875.0 – $2,125.0
|
| |
$2,000.0
|
|
| | | | | | | | | | | | Market Yield (%) | | |
10.3% – 16.3%
|
| |
10.7%
|
|
| | | |
|
38,181
|
| | |
Discounted Cash Flow
|
| | Discount Rate (%) | | |
13.5% – 30.5%
|
| |
15.2%
|
|
| | | |
|
1,833
|
| | |
Option Valuation Model
|
| | Volatility (%) | | |
30.0% – 30.0%
|
| |
30.0%
|
|
| | | |
|
23,997
|
| | | Other(2) | | | Other(2) | | |
N/A
|
| |
N/A
|
|
Total
|
| | |
$
|
2,464,394
|
| | | | | | | | | | | | | |
|
Type of Investment
|
| |
Fair Value at
December 31, 2017 |
| |
Valuation
Technique(1) |
| |
Unobservable Input
|
| |
Range
|
| |
Weighted
Average |
| |||
Senior Secured Loans—
First Lien |
| | |
$
|
560,200
|
| | | Market Comparables | | | Market Yield (%) | | |
8.0% – 13.0%
|
| |
10.4%
|
|
| | | | | | | | | | | | EBITDA Multiples (x) | | |
5.3x – 8.0x
|
| |
6.4x
|
|
| | | | | | | | | | | | Proved Reserves Multiples (Mmboe) | | |
$5.8 – $6.3
|
| |
$6.0
|
|
| | | | | | | | | | | | PV-10 Multiples (x) | | |
0.4x – 0.5x
|
| |
0.4x
|
|
| | | |
|
273,133
|
| | | Market Quotes | | | Indicative Dealer Quotes | | |
71.3% – 102.0%
|
| |
98.4%
|
|
| | | |
|
91,593
|
| | | Other(2) | | | Other(2) | | |
N/A
|
| |
N/A
|
|
Senior Secured Loans—
Second Lien |
| | |
|
588,486
|
| | | Market Comparables | | | Market Yield (%) | | |
8.5% – 20.7%
|
| |
11.9%
|
|
| | | | | | | | | | | | EBITDA Multiples (x) | | |
6.0x – 6.5x
|
| |
6.3x
|
|
| | | |
|
14,850
|
| | | Cost | | | Cost | | |
100.0% – 100.0%
|
| |
100.0%
|
|
| | | |
|
193,188
|
| | | Market Quotes | | | Indicative Dealer Quotes | | |
31.0% – 101.3%
|
| |
92.6%
|
|
Senior Secured Bonds
|
| | |
|
488,721
|
| | | Market Comparables | | | Market Yield (%) | | |
7.7% – 12.3%
|
| |
8.9%
|
|
| | | | | | | | | | | | Production Multiples (Mboe/d) | | |
$42,250.0 – $44,750.0
|
| |
$43,500.0
|
|
| | | | | | | | | | | | Proved Reserves Multiples (Mmboe) | | |
$10.3 – $11.3
|
| |
$10.8
|
|
| | | | | | | | | | | | PV-10 Multiples (x) | | |
0.8x – 0.8x
|
| |
0.8x
|
|
| | | | | | | | | | | | EBITDA Multiples (x) | | |
4.8x – 5.3x
|
| |
5.0x
|
|
| | | |
|
171,430
|
| | | Market Quotes | | | Indicative Dealer Quotes | | |
73.0% – 107.8%
|
| |
89.1%
|
|
Subordinated Debt
|
| | |
|
110,255
|
| | | Market Comparables | | | Market Yield (%) | | |
11.0% – 14.8%
|
| |
11.4%
|
|
| | | | | | | | | | | | PV-10 Multiples (x) | | |
1.2x – 1.2x
|
| |
1.2x
|
|
| | | |
|
1,093,269
|
| | | Market Quotes | | | Indicative Dealer Quotes | | |
50.0% – 120.2%
|
| |
100.7%
|
|
Equity/Other
|
| | |
|
329,226
|
| | | Market Comparables | | | EBITDA Multiples (x) | | |
5.5x – 23.5x
|
| |
8.1x
|
|
| | | | | | | | | | | | Production Multiples (Mboe/d) | | |
$32,500.0 – $51,250.0
|
| |
$37,007.0
|
|
| | | | | | | | | | | | Proved Reserves Multiples (Mmboe) | | |
$8.3 – $11.3
|
| |
$9.1
|
|
| | | | | | | | | | | | Production Multiples (MMcfe/d) | | |
$5,000.0 – $5,500.0
|
| |
$5,250.0
|
|
| | | | | | | | | | | | Proved Reserves Multiples (Bcfe) | | |
$1.8 – $2.0
|
| |
$1.9
|
|
| | | | | | | | | | | | PV-10 Multiples (x) | | |
0.8x – 2.6x
|
| |
1.9x
|
|
| | | | | | | | | | | | Capacity Multiple ($/kW) | | |
$2,000.0 – $2,250.0
|
| |
$2,125.0
|
|
| | | | | | | | | | | | Market Yield (%) | | |
15.3% – 15.8%
|
| |
15.5%
|
|
| | | |
|
1,692
|
| | | Discounted Cash Flow | | | Discount Rate (%) | | |
11.0% – 30.5%
|
| |
12.2%
|
|
| | | |
|
103
|
| | |
Option Valuation Model
|
| | Volatility (%) | | |
30.0% – 30.0%
|
| |
30.0%
|
|
| | | |
|
19,820
|
| | | Other(2) | | | Other(2) | | |
N/A
|
| |
N/A
|
|
| | | |
|
22,294
|
| | | Market Quotes | | | Indicative Dealer Quotes | | |
$1.5 – $372.5
|
| |
$81.7
|
|
Total
|
| | |
$
|
3,958,260
|
| | | | | | | | | | | | | |
|
| | |
As of June 30, 2018 (Unaudited)
|
| ||||||||||||||||||
Arrangement(1)
|
| |
Type of
Arrangement |
| |
Rate
|
| |
Amount
Outstanding |
| |
Amount
Available |
| |
Maturity Date
|
| ||||||
Barclays Credit Facility
|
| |
Revolving
|
| |
L+3.25%
|
| | | $ | — | | | | | $ | 100,000 | | | |
March 29, 2019
|
|
BNP Facility
|
| |
Prime Brokerage
|
| |
L+1.35%
|
| | | | 175,000 | | | | | | 125,000 | | | |
March 27, 2019(2)
|
|
Deutsche Bank Credit Facility
|
| |
Revolving
|
| |
L+2.25%
|
| | | | 115,000 | | | | | | 35,000 | | | |
June 11, 2019
|
|
Fortress Facility
|
| |
Term
|
| |
L+5.00%(3)
|
| | | | 155,000 | | | | | | — | | | |
November 6, 2020
|
|
Goldman Facility
|
| |
Term
|
| |
L+3.72%
|
| | | | 425,000 | | | | | | — | | | |
September 15, 2019
|
|
Total
|
| | | | | | | | | $ | 870,000 | | | | | $ | 260,000 | | | | | |
|
| | |
As of December 31, 2017
|
| ||||||||||||||||||
Arrangement(1)
|
| |
Type of
Arrangement |
| |
Rate
|
| |
Amount
Outstanding |
| |
Amount
Available |
| |
Maturity Date
|
| ||||||
Barclays Credit Facility
|
| |
Revolving
|
| |
L+3.25%
|
| | | $ | — | | | | | $ | 100,000 | | | |
May 18, 2021
|
|
BNP Facility
|
| |
Prime Brokerage
|
| |
L+1.35%
|
| | | | 300,000 | | | | | | — | | | |
September 27, 2018(2)
|
|
Deutsche Bank Credit Facility
|
| |
Revolving
|
| |
L+2.05%
|
| | | | 340,000 | | | | | | — | | | |
June 11, 2018
|
|
Fortress Facility
|
| |
Term
|
| |
L+5.00%(3)
|
| | | | 155,000 | | | | | | — | | | |
November 6, 2020
|
|
Goldman Facility
|
| |
Term
|
| |
L+3.72%
|
| | | | 425,000 | | | | | | — | | | |
September 15, 2019
|
|
Total
|
| | | | | | | | | $ | 1,220,000 | | | | | $ | 100,000 | | | | | |
|
| | |
Three Months Ended June 30,
|
| |||||||||||||||||||||||||||||||||
| | |
2018
|
| |
2017
|
| ||||||||||||||||||||||||||||||
Arrangement(1)
|
| |
Direct
Interest Expense(2) |
| |
Amortization
of Deferred Financing Costs |
| |
Total
Interest Expense |
| |
Direct
Interest Expense(2) |
| |
Amortization
of Deferred Financing Costs |
| |
Total
Interest Expense |
| ||||||||||||||||||
Barclays Credit Facility
|
| | | $ | 95 | | | | | $ | 45 | | | | | $ | 140 | | | | | $ | 111 | | | | | $ | 14 | | | | | $ | 125 | | |
BNP Facility
|
| | | | 2,013 | | | | | | — | | | | | | 2,013 | | | | | | 1,572 | | | | | | — | | | | | | 1,572 | | |
Deutsche Bank Credit Facility
|
| | | | 2,339 | | | | | | 233 | | | | | | 2,572 | | | | | | 2,103 | | | | | | 287 | | | | | | 2,390 | | |
Fortress Facility
|
| | | | 2,725 | | | | | | 77 | | | | | | 2,802 | | | | | | 2,369 | | | | | | 68 | | | | | | 2,437 | | |
Goldman Facility
|
| | | | 6,489 | | | | | | 146 | | | | | | 6,635 | | | | | | 3,337 | | | | | | 117 | | | | | | 3,454 | | |
Goldman Repurchase Financing
|
| | | | — | | | | | | — | | | | | | — | | | | | | 759 | | | | | | 59 | | | | | | 818 | | |
Natixis Credit Facility
|
| | | | — | | | | | | — | | | | | | — | | | | | | 263 | | | | | | 86 | | | | | | 349 | | |
Wells Fargo Credit Facility
|
| | | | — | | | | | | — | | | | | | — | | | | | | 225 | | | | | | 201 | | | | | | 426 | | |
Total
|
| | | $ | 13,661 | | | | | $ | 501 | | | | | $ | 14,162 | | | | | $ | 10,739 | | | | | $ | 832 | | | | | $ | 11,571 | | |
|
| | |
Six Months Ended June 30,
|
| |||||||||||||||||||||||||||||||||
| | |
2018
|
| |
2017
|
| ||||||||||||||||||||||||||||||
Arrangement(1)
|
| |
Direct
Interest Expense(2) |
| |
Amortization
of Deferred Financing Costs |
| |
Total
Interest Expense |
| |
Direct
Interest Expense(2) |
| |
Amortization
of Deferred Financing Costs |
| |
Total
Interest Expense |
| ||||||||||||||||||
Barclays Credit Facility
|
| | | $ | 189 | | | | | $ | 64 | | | | | $ | 253 | | | | | $ | 205 | | | | | $ | 28 | | | | | $ | 233 | | |
BNP Facility
|
| | | | 4,134 | | | | | | — | | | | | | 4,134 | | | | | | 2,712 | | | | | | — | | | | | | 2,712 | | |
Deutsche Bank Credit Facility
|
| | | | 5,582 | | | | | | 524 | | | | | | 6,106 | | | | | | 3,878 | | | | | | 558 | | | | | | 4,436 | | |
Fortress Facility
|
| | | | 5,211 | | | | | | 154 | | | | | | 5,365 | | | | | | 4,545 | | | | | | 135 | | | | | | 4,680 | | |
Goldman Facility
|
| | | | 12,121 | | | | | | 290 | | | | | | 12,411 | | | | | | 3,337 | | | | | | 117 | | | | | | 3,454 | | |
Goldman Repurchase Financing
|
| | | | — | | | | | | — | | | | | | — | | | | | | 4,305 | | | | | | 91 | | | | | | 4,396 | | |
Natixis Credit Facility
|
| | | | — | | | | | | — | | | | | | — | | | | | | 686 | | | | | | 342 | | | | | | 1,028 | | |
Wells Fargo Credit Facility
|
| | | | — | | | | | | — | | | | | | — | | | | | | 468 | | | | | | 399 | | | | | | 867 | | |
Total
|
| | | $ | 27,237 | | | | | $ | 1,032 | | | | | $ | 28,269 | | | | | $ | 20,136 | | | | | $ | 1,670 | | | | | $ | 21,806 | | |
|
| | |
Six Months Ended
June 30, 2018 (Unaudited) |
| |
Year Ended
December 31, 2017 |
| ||||||
Per Share Data:(1) | | | | | | | | | | | | | |
Net asset value, beginning of period
|
| | | $ | 6.65 | | | | | $ | 7.61 | | |
Results of operations(2) | | | | | | | | | | | | | |
Net investment income
|
| | | | 0.22 | | | | | | 0.65 | | |
Net realized gain (loss) and unrealized appreciation (depreciation)
|
| | | | (0.11) | | | | | | (0.90) | | |
Net increase (decrease) in net assets resulting from operations
|
| | | | 0.11 | | | | | | (0.25) | | |
Shareholder distributions(3) | | | | | | | | | | | | | |
Distributions from net investment income
|
| | | | (0.25) | | | | | | (0.71) | | |
Distributions representing tax return of capital
|
| | | | — | | | | | | (0.00) | | |
Net decrease in net assets resulting from shareholder distributions
|
| | | | (0.25) | | | | | | (0.71) | | |
Capital share transactions | | | | | | | | | | | | | |
Issuance of common shares(4)
|
| | | | — | | | | | | — | | |
Repurchases of common shares(5)
|
| | | | — | | | | | | — | | |
Net increase (decrease) in net assets resulting from capital share transactions
|
| | | | — | | | | | | — | | |
Net asset value, end of period
|
| | | $ | 6.51 | | | | | $ | 6.65 | | |
Shares outstanding, end of period
|
| | | | 441,532,187 | | | | | | 446,045,135 | | |
Total return(6)
|
| | | | 1.66% | | | | | | (3.65)% | | |
Total return (without assuming reinvestment of distributions)(6)
|
| | | | 1.65% | | | | | | (3.29)% | | |
Ratio/Supplemental Data: | | | | | | | | | | | | | |
Net assets, end of period
|
| | | $ | 2,873,779 | | | | | $ | 2,966,042 | | |
Ratio of net investment income to average net assets(7)
|
| | | | 6.77% | | | | | | 8.82% | | |
Ratio of total operating expenses to average net assets(7)
|
| | | | 4.81% | | | | | | 4.94% | | |
Portfolio turnover(8)
|
| | | | 21.18% | | | | | | 34.08% | | |
Total amount of senior securities outstanding, exclusive of treasury securities
|
| | | $ | 870,000 | | | | | $ | 1,220,000 | | |
Asset coverage per unit(9)
|
| | | | 4.30 | | | | | | 3.43 | | |
| | |
Six Months Ended
June 30, 2018 (Unaudited) |
| |
Year Ended
December 31, 2017 |
| ||||||
Ratio of subordinated income incentive fees to average net assets
|
| | | | — | | | | | | 0.32% | | |
Ratio of interest expense to average net assets
|
| | | | 1.95% | | | | | | 1.52% | | |
Net Investment Activity
|
| |
For the Three Months Ended
June 30, 2018 |
| |
For the Six Months Ended
June 30, 2018 |
| ||||||
Purchases
|
| | | $ | 520,604 | | | | | $ | 788,437 | | |
Sales and Repayments
|
| | | | (740,197) | | | | | | (1,298,566) | | |
Net Portfolio Activity
|
| | | $ | (219,593) | | | | | $ | (510,129) | | |
|
| | |
For the Three Months Ended
June 30, 2018 |
| |
For the Six Months Ended
June 30, 2018 |
| ||||||||||||||||||
New Investment Activity by Asset Class
|
| |
Purchases
|
| |
Percentage
|
| |
Purchases
|
| |
Percentage
|
| ||||||||||||
Senior Secured Loans—First Lien
|
| | | $ | 106,697 | | | | | | 20% | | | | | $ | 252,897 | | | | | | 32% | | |
Senior Secured Loans—Second Lien
|
| | | | 255 | | | | | | 0% | | | | | | 14,658 | | | | | | 2% | | |
Senior Secured Bonds
|
| | | | 45,029 | | | | | | 9% | | | | | | 69,400 | | | | | | 9% | | |
Subordinated Debt
|
| | | | 45,149 | | | | | | 9% | | | | | | 121,745 | | | | | | 15% | | |
Equity/Other
|
| | | | 323,474 | | | | | | 62% | | | | | | 329,737 | | | | | | 42% | | |
Total
|
| | | $ | 520,604 | | | | | | 100% | | | | | $ | 788,437 | | | | | | 100% | | |
|
| | |
June 30, 2018
(Unaudited) |
| |
December 31, 2017
|
| ||||||||||||||||||||||||||||||
| | |
Amortized
Cost(1) |
| |
Fair Value
|
| |
Percentage
of Portfolio |
| |
Amortized
Cost(1) |
| |
Fair Value
|
| |
Percentage
of Portfolio |
| ||||||||||||||||||
Senior Secured Loans—First Lien
|
| | | $ | 940,108 | | | | | $ | 900,144 | | | | | | 26% | | | | | $ | 961,883 | | | | | $ | 924,926 | | | | | | 23% | | |
Senior Secured Loans—Second Lien
|
| | | | 666,273 | | | | | | 588,242 | | | | | | 17% | | | | | | 860,470 | | | | | | 796,524 | | | | | | 20% | | |
Senior Secured Bonds
|
| | | | 513,126 | | | | | | 529,720 | | | | | | 15% | | | | | | 664,542 | | | | | | 660,151 | | | | | | 17% | | |
Subordinated Debt
|
| | | | 744,218 | | | | | | 719,807 | | | | | | 21% | | | | | | 1,229,790 | | | | | | 1,203,524 | | | | | | 30% | | |
Equity/Other
|
| | | | 916,488 | | | | | | 709,072 | | | | | | 21% | | | | | | 641,081 | | | | | | 411,580 | | | | | | 10% | | |
Total
|
| | | $ | 3,780,213 | | | | | $ | 3,446,985 | | | | | | 100% | | | | | $ | 4,357,766 | | | | | $ | 3,996,705 | | | | | | 100% | | |
| | |
June 30, 2018
|
| |
December 31, 2017
|
|
Number of Portfolio Companies
|
| |
64
|
| |
76
|
|
% Variable Rate (based on fair value)
|
| |
39.4%
|
| |
40.1%
|
|
% Fixed Rate (based on fair value)
|
| |
40.0%
|
| |
49.6%
|
|
% Income Producing Equity/Other Investments (based on fair value)
|
| |
9.2%
|
| |
0.7%
|
|
% Non-Income Producing Equity/Other Investments (based on fair value)
|
| |
11.4%
|
| |
9.6%
|
|
Average Annual EBITDA of Portfolio Companies
|
| |
$122,766
|
| |
$188,168
|
|
Weighted Average Purchase Price of Debt Investments (as a % of par value)
|
| |
97.6%
|
| |
97.0%
|
|
% of Investments on Non-Accrual (based on fair value)
|
| |
3.1%
|
| |
2.6%
|
|
Gross Portfolio Yield Prior to Leverage (based on amortized cost)
|
| |
8.1%
|
| |
8.0%
|
|
Gross Portfolio Yield Prior to Leverage (based on amortized cost)—Excluding Non-Income Producing Assets
|
| |
9.7%
|
| |
9.8%
|
|
New Direct Originations
|
| |
For the Three Months Ended
June 30, 2018 |
| |
For the Six Months Ended
June 30, 2018 |
| ||||||
Total Commitments (including unfunded commitments)
|
| | | $ | 417,221 | | | | | $ | 490,099 | | |
Exited Investments (including partial paydowns)
|
| | | | (43,482) | | | | | | (171,179) | | |
Net Direct Originations
|
| | | $ | 373,739 | | | | | $ | 318,920 | | |
|
| | |
For the Three Months Ended
June 30, 2018 |
| |
For the Six Months Ended
June 30, 2018 |
| ||||||||||||||||||
New Direct Originations by Asset Class (including Unfunded Commitments)
|
| |
Commitment
Amount |
| |
Percentage
|
| |
Commitment
Amount |
| |
Percentage
|
| ||||||||||||
Senior Secured Loans—First Lien
|
| | | $ | 68,267 | | | | | | 17% | | | | | $ | 129,215 | | | | | | 26% | | |
Senior Secured Loans—Second Lien
|
| | | | — | | | | | | — | | | | | | 8,567 | | | | | | 2% | | |
Senior Secured Bonds
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Subordinated Debt
|
| | | | 13,636 | | | | | | 3% | | | | | | 13,636 | | | | | | 3% | | |
Equity/Other
|
| | | | 335,318 | | | | | | 80% | | | | | | 338,681 | | | | | | 69% | | |
Total
|
| | | $ | 417,221 | | | | | | 100% | | | | | $ | 490,099 | | | | | | 100% | | |
|
| | |
For the Three Months Ended
June 30, 2018 |
| |
For the Six Months Ended
June 30, 2018 |
|
Average New Direct Origination Commitment Amount
|
| |
$69,537
|
| |
$32,673
|
|
Weighted Average Maturity for New Direct Originations
|
| |
6/24/26
|
| |
2/1/26
|
|
Gross Portfolio Yield Prior to Leverage (based on amortized cost) of Direct Originations Funded during Period
|
| |
11.4%
|
| |
11.2%
|
|
Gross Portfolio Yield Prior to Leverage (based on amortized cost) of Direct Originations Funded during Period—Excluding Non-Income Producing Assets
|
| |
11.6%
|
| |
11.5%
|
|
Gross Portfolio Yield Prior to Leverage (based on amortized cost) of Direct Originations Exited during Period
|
| |
7.8%
|
| |
10.4%
|
|
Characteristics of All Direct Originations held in Portfolio
|
| |
June 30, 2018
|
| |
December 31, 2017
|
|
Number of Portfolio Companies
|
| |
46
|
| |
36
|
|
Average Annual EBITDA of Portfolio Companies
|
| |
$110,850
|
| |
$77,664
|
|
Average Leverage Through Tranche of Portfolio Companies—Excluding Equity/Other Securities
|
| |
5.3x
|
| |
5.7x
|
|
% of Investments on Non-Accrual (based on fair value)
|
| |
4.3%
|
| |
2.6%
|
|
Gross Portfolio Yield Prior to Leverage (based on amortized cost) of Funded Direct Originations
|
| |
7.8%
|
| |
7.4%
|
|
Gross Portfolio Yield Prior to Leverage (based on amortized cost) of Funded Direct Originations—Excluding Non-Income Producing
Assets |
| |
10.7%
|
| |
9.8%
|
|
| | |
June 30, 2018
|
| |
December 31, 2017
|
| ||||||||||||||||||
Portfolio Composition by Strategy
|
| |
Fair
Value |
| |
Percentage
of Portfolio |
| |
Fair
Value |
| |
Percentage
of Portfolio |
| ||||||||||||
Direct Originations
|
| | | $ | 2,461,345 | | | | | | 71% | | | | | $ | 2,277,397 | | | | | | 57% | | |
Broadly Syndicated/Other
|
| | | | 985,640 | | | | | | 29% | | | | | | 1,719,308 | | | | | | 43% | | |
Total
|
| | | $ | 3,446,985 | | | | | | 100% | | | | | $ | 3,996,705 | | | | | | 100% | | |
|
Investment Rating |
| |
Summary Description
|
|
1
|
| | Investment exceeding expectations and/or capital gain expected. | |
2
|
| | Performing investment generally executing in accordance with the portfolio company’s business plan—full return of principal and interest expected. | |
3
|
| | Performing investment requiring closer monitoring. | |
4
|
| | Underperforming investment—some loss of interest or dividend possible, but still expecting a positive return on investment. | |
5
|
| | Underperforming investment with expected loss of interest and some principal. | |
| | |
June 30, 2018
|
| |
December 31, 2017
|
| ||||||||||||||||||
Investment Rating
|
| |
Fair
Value |
| |
Percentage
of Portfolio |
| |
Fair
Value |
| |
Percentage
of Portfolio |
| ||||||||||||
1
|
| | | $ | — | | | | | | — | | | | | $ | 99,205 | | | | | | 2% | | |
2
|
| | | | 3,104,235 | | | | | | 91% | | | | | | 3,125,386 | | | | | | 78% | | |
3
|
| | | | 113,495 | | | | | | 3% | | | | | | 546,153 | | | | | | 14% | | |
4
|
| | | | 50,105 | | | | | | 1% | | | | | | — | | | | | | — | | |
5
|
| | | | 179,150 | | | | | | 5% | | | | | | 225,961 | | | | | | 6% | | |
Total
|
| | | $ | 3,446,985 | | | | | | 100% | | | | | $ | 3,996,705 | | | | | | 100% | | |
|
| | |
Three Months Ended June 30,
|
| |
Six Months Ended June 30,
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
2018
|
| |
2017
|
| ||||||||||||||||||||||||||||||||||||
| | |
Amount
|
| |
Percentage of
Total Income |
| |
Amount
|
| |
Percentage of
Total Income |
| |
Amount
|
| |
Percentage of
Total Income |
| |
Amount
|
| |
Percentage of
Total Income |
| ||||||||||||||||||||||||
Interest income
|
| | | $ | 75,236 | | | | | | 97% | | | | | $ | 86,587 | | | | | | 84% | | | | | $ | 153,134 | | | | | | 91% | | | | | $ | 170,788 | | | | | | 78% | | |
Paid-in-kind interest income
|
| | | | 1,926 | | | | | | 2% | | | | | | 8,856 | | | | | | 9% | | | | | | 4,945 | | | | | | 3% | | | | | | 17,079 | | | | | | 8% | | |
Fee income
|
| | | | 910 | | | | | | 1% | | | | | | 7,197 | | | | | | 7% | | | | | | 9,966 | | | | | | 6% | | | | | | 31,019 | | | | | | 14% | | |
Total investment income(1)
|
| | | $ | 78,072 | | | | | | 100% | | | | | $ | 102,640 | | | | | | 100% | | | | | $ | 168,045 | | | | | | 100% | | | | | $ | 218,886 | | | | | | 100% | | |
|
| | |
Three Months Ended
June 30, |
| |
Six Months Ended
June 30, |
| ||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
2018
|
| |
2017
|
| ||||||||||||
Management fees
|
| | | $ | 17,118 | | | | | $ | 22,688 | | | | | $ | 35,416 | | | | | $ | 45,073 | | |
Subordinated income incentive fees
|
| | | | — | | | | | | — | | | | | | — | | | | | | 10,499 | | |
Administrative services expenses
|
| | | | 802 | | | | | | 799 | | | | | | 1,595 | | | | | | 1,607 | | |
Share transfer agent fees
|
| | | | 650 | | | | | | 674 | | | | | | 1,293 | | | | | | 1,408 | | |
Accounting and administrative fees
|
| | | | 339 | | | | | | 410 | | | | | | 700 | | | | | | 832 | | |
Interest expense
|
| | | | 14,162 | | | | | | 11,571 | | | | | | 28,269 | | | | | | 21,806 | | |
Trustees’ fees
|
| | | | 184 | | | | | | 250 | | | | | | 634 | | | | | | 500 | | |
Expenses associated with our independent audit and related fees
|
| | | | 130 | | | | | | 139 | | | | | | 209 | | | | | | 261 | | |
Legal fees
|
| | | | 265 | | | | | | 61 | | | | | | 364 | | | | | | 128 | | |
Printing fees
|
| | | | 300 | | | | | | 400 | | | | | | 544 | | | | | | 907 | | |
Other
|
| | | | 205 | | | | | | 384 | | | | | | 716 | | | | | | 813 | | |
Total operating expenses
|
| | | | 34,155 | | | | | | 37,376 | | | | | | 69,740 | | | | | | 83,834 | | |
Less: Expense reimbursement from sponsor
|
| | | | — | | | | | | — | | | | | | — | | | | | | (18,220) | | |
Plus: Expense recoupement due to sponsor
|
| | | | — | | | | | | 2,858 | | | | | | — | | | | | | 2,858 | | |
Net operating expenses
|
| | | $ | 34,155 | | | | | $ | 40,234 | | | | | $ | 69,740 | | | | | $ | 68,472 | | |
|
| | |
Three Months Ended
June 30, |
| |
Six Months Ended
June 30, |
| ||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
2018
|
| |
2017
|
| ||||||||||||
Ratio of operating expenses to average net assets
|
| | | | 1.20% | | | | | | 1.12% | | | | | | 2.40% | | | | | | 2.49% | | |
Ratio of expense reimbursement to (from) sponsor to average net assets
|
| | | | — | | | | | | 0.08% | | | | | | — | | | | | | (0.55)% | | |
Ratio of net operating expenses to average net assets
|
| | | | 1.20% | | | | | | 1.20% | | | | | | 2.40% | | | | | | 2.04% | | |
Ratio of income incentive fees and interest expense to average net assets(1)
|
| | | | (0.50)% | | | | | | (0.35)% | | | | | | (0.97)% | | | | | | (0.96)% | | |
Ratio of net operating expenses to average net assets, excluding certain expenses
|
| | | | 0.70% | | | | | | 0.85% | | | | | | 1.43% | | | | | | 1.08% | | |
|
| | |
Three Months Ended
June 30, |
| |
Six Months Ended
June 30, |
| ||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
2018
|
| |
2017
|
| ||||||||||||
Net realized gain (loss) on investments(1)
|
| | | $ | (10,564) | | | | | $ | (45,802) | | | | | $ | (78,444) | | | | | $ | (76,455) | | |
Net realized gain (loss) on foreign currency
|
| | | | — | | | | | | (2) | | | | | | — | | | | | | 1 | | |
Total net realized gain (loss)
|
| | | $ | (10,564) | | | | | $ | (45,804) | | | | | $ | (78,444) | | | | | $ | (76,454) | | |
|
| | |
Three Months Ended
June 30, |
| |
Six Months Ended
June 30, |
|||||||||||||||||
| | |
2018
|
| |
2017
|
| |
2018
|
| |
2017
|
|||||||||||
Net change in unrealized appreciation (depreciation) on investments
|
| | | $ | 53,549 | | | | | $ | (165,460) | | | | | $ | 27,833 | | | | | $ | (161,351) |
Net change in unrealized appreciation (depreciation) on foreign currency
|
| | | | 19 | | | | | | — | | | | | | 20 | | | | | | 52 |
Total net change in unrealized appreciation (depreciation)
|
| | | $ | 53,568 | | | | | $ | (165,460) | | | | | $ | 27,853 | | | | | $ | (161,299) |
|
Arrangement(1)
|
| |
Type of Arrangement
|
| |
Rate
|
| |
Amount
Outstanding |
| |
Amount
Available |
| |
Maturity
Date |
| ||||||
Barclays Credit Facility
|
| |
Revolving
|
| |
L+3.25%
|
| | | $ | — | | | | | $ | 100,000 | | | |
March 29, 2019
|
|
BNP Facility
|
| |
Prime Brokerage
|
| |
L+1.35%
|
| | | | 175,000 | | | | | | 125,000 | | | |
March 27, 2019(2)
|
|
Deutsche Bank Credit Facility
|
| |
Revolving
|
| |
L+2.25%
|
| | | | 115,000 | | | | | | 35,000 | | | |
June 11, 2019
|
|
Fortress Facility
|
| |
Term
|
| |
L+5.00%(3)
|
| | | | 155,000 | | | | | | — | | | |
November 6, 2020
|
|
Goldman Facility
|
| |
Term
|
| |
L+3.72%
|
| | | | 425,000 | | | | | | — | | | |
September 15, 2019
|
|
Total
|
| | | | | | | | | $ | 870,000 | | | | | $ | 260,000 | | | | | |
|
| | |
Distribution
|
| |||||||||
For the Three Months Ended
|
| |
Per Share
|
| |
Amount
|
| ||||||
Fiscal 2017 | | | | | | | | | | | | | |
March 31, 2017
|
| | | $ | 0.17713 | | | | | $ | 77,984 | | |
June 30, 2017
|
| | | | 0.17713 | | | | | | 78,374 | | |
Total
|
| | | $ | 0.35426 | | | | | $ | 156,358 | | |
Fiscal 2018 | | | | | | | | | | | | | |
March 31, 2018
|
| | | $ | 0.12500 | | | | | $ | 54,823 | | |
June 30, 2018
|
| | | | 0.12500 | | | | | | 54,811 | | |
Total
|
| | | $ | 0.25000 | | | | | $ | 109,634 | | |
|
| | | | | |
Payments Due By Period
|
| |||||||||||||||||||||||||||
| | |
Maturity Date(1)
|
| |
Total
|
| |
Less than 1 year
|
| |
1–3 years
|
| |
3–5 years
|
| |
More than 5 years
|
| |||||||||||||||
BNP Facility(2)(3)
|
| |
March 27, 2019
|
| | | $ | 175,000 | | | | | $ | 175,000 | | | | | | — | | | | | | — | | | | | | — | | |
Deutsche Bank Credit Facility(4)
|
| |
June 11, 2019
|
| | | $ | 115,000 | | | | | $ | 115,000 | | | | | | — | | | | | | — | | | | | | — | | |
Fortress Facility(5)
|
| |
November 6, 2020
|
| | | $ | 155,000 | | | | | | — | | | | | $ | 155,000 | | | | | | — | | | | | | — | | |
Goldman Facility(5)
|
| |
September 15, 2019
|
| | | $ | 425,000 | | | | | | — | | | | | $ | 425,000 | | | | | | — | | | | | | — | | |
Basis Point Change in Interest Rates
|
| |
Increase
(Decrease) in Interest Income |
| |
Increase
(Decrease) in Interest Expense |
| |
Increase
(Decrease) in Net Interest Income |
| |
Percentage
Change in Net Interest Income |
| ||||||||||||
Down 100 basis points
|
| | | $ | (12,397) | | | | | $ | (8,388) | | | | | $ | (4,009) | | | | | | (1.6)% | | |
No change
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Up 100 basis points
|
| | | $ | 12,691 | | | | | $ | 8,388 | | | | | $ | 4,303 | | | | | | 1.7% | | |
Up 300 basis points
|
| | | $ | 38,073 | | | | | $ | 25,163 | | | | | $ | 12,910 | | | | | | 5.1% | | |
Up 500 basis points
|
| | | $ | 63,455 | | | | | $ | 41,939 | | | | | $ | 21,516 | | | | | | 8.5% | | |
Period
|
| |
Total Number
of Shares Purchased |
| |
Average
Price Paid per Share |
| |
Total Number of
Shares Purchased as Part of Publicly Announced Plans or Programs |
| |
Maximum Number of
Shares that May Yet Be Purchased Under the Plans or Programs |
| ||||||||||||
April 1 to April 30, 2018
|
| | | | 4,786,015 | | | | | $ | 6.55 | | | | | | 4,786,015 | | | | | | (1) | | |
May 1 to May 31, 2018
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
June 1 to June 30, 2018
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | | 4,786,015 | | | | | $ | 6.55 | | | | | | 4,786,015 | | | | | | (1) | | |
|
| | | | FS Energy and Power Fund | | |||
| | | | By: | | |
/s/ MICHAEL C. FORMAN
Michael C. Forman
Chief Executive Officer (Principal Executive Officer) |
|
| | | | By: | | |
/s/ EDWARD T. GALLIVAN, JR.
Edward T. Gallivan, Jr.
Chief Financial Officer (Principal Financial and Accounting Officer) |
|
|
/s/ Michael C. Forman
Michael C. Forman
Chief Executive Officer |
|
|
/s/ Edward T. Gallivan, Jr.
Edward T. Gallivan, Jr.
Chief Financial Officer |
| | | |
| | | |
/s/ Michael C. Forman
Michael C. Forman
Chief Executive Officer |
|
| | | |
/s/ Edward T. Gallivan, Jr.
Edward T. Gallivan, Jr.
Chief Financial Officer |
|