|
Delaware
|
| |
27-6822130
|
|
|
(State or other jurisdiction of
incorporation or organization) |
| |
(I.R.S. Employer
Identification No.) |
|
|
201 Rouse Boulevard
Philadelphia, Pennsylvania (Address of principal executive office) |
| |
19112
(Zip Code) |
|
|
Large accelerated filer ☐
|
| |
Accelerated filer ☐
|
| |
Non-accelerated filer ☒
|
| |
Smaller reporting company ☐
|
| |
Emerging growth company ☐
|
|
| | |
Page
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| |||
PART I—FINANCIAL INFORMATION | | | | | | | |
ITEM 1.
FINANCIAL STATEMENTS
|
| | | | | | |
| | | | 1 | | | |
| | | | 2 | | | |
| | | | 3 | | | |
| | | | 4 | | | |
| | | | 5 | | | |
| | | | 20 | | | |
| | | | 45 | | | |
| | | | 59 | | | |
| | | | 60 | | | |
PART II—OTHER INFORMATION | | | | | | | |
| | | | 61 | | | |
| | | | 61 | | | |
| | | | 61 | | | |
| | | | 61 | | | |
| | | | 61 | | | |
| | | | 61 | | | |
| | | | 62 | | | |
| | | | 68 | | |
| | |
March 31, 2019
(Unaudited) |
| |
December 31,
2018 |
| ||||||
Assets | | | | | | | | | | | | | |
Investments, at fair value | | | | | | | | | | | | | |
Non-controlled/unaffiliated investments (amortized cost—$3,382,329 and $3,339,313, respectively)
|
| | | $ | 3,201,894 | | | | | $ | 3,099,252 | | |
Non-controlled/affiliated investments (amortized cost—$755,783 and $881,726, respectively)
|
| | | | 512,055 | | | | | | 622,700 | | |
Controlled/affiliated investments (amortized cost—$27,464 and $27,464, respectively)
|
| | | | — | | | | | | — | | |
Total investments, at fair value (amortized cost—$4,165,576 and $4,248,503, respectively)
|
| | | | 3,713,949 | | | | | | 3,721,952 | | |
Cash
|
| | | | 100,235 | | | | | | 97,839 | | |
Restricted cash
|
| | | | 667 | | | | | | 667 | | |
Receivable for investments sold and repaid
|
| | | | 3,635 | | | | | | 15,974 | | |
Swap income receivable
|
| | | | 472 | | | | | | 854 | | |
Unrealized appreciation on swap contracts
|
| | | | 8,024 | | | | | | 20,521 | | |
Interest receivable
|
| | | | 41,909 | | | | | | 33,339 | | |
Prepaid expenses and other assets
|
| | | | 1 | | | | | | 2,370 | | |
Total assets
|
| | | $ | 3,868,892 | | | | | $ | 3,893,516 | | |
Liabilities | | | | | | | | | | | | | |
Payable for investments purchased
|
| | | $ | 23,881 | | | | | $ | 91,894 | | |
Credit facilities payable (net of deferred financing costs of $6,266 and $6,465, respectively)(1)
|
| | | | 625,401 | | | | | | 625,202 | | |
Secured note payable (net of deferred financing costs of $8,870 and $9,146, respectively)(1)
|
| | | | 482,260 | | | | | | 481,485 | | |
Shareholder distributions payable
|
| | | | 9,306 | | | | | | 9,036 | | |
Management fees payable
|
| | | | 18,487 | | | | | | 16,406 | | |
Administrative services expense payable
|
| | | | 413 | | | | | | 498 | | |
Interest payable
|
| | | | 6,892 | | | | | | 16,228 | | |
Swap income payable
|
| | | | 84 | | | | | | 225 | | |
Unrealized depreciation on swap contracts
|
| | | | 676 | | | | | | 867 | | |
Trustees’ fees payable
|
| | | | 188 | | | | | | 183 | | |
Other accrued expenses and liabilities
|
| | | | 3,376 | | | | | | 3,306 | | |
Total liabilities
|
| | | | 1,170,964 | | | | | | 1,245,330 | | |
Commitments and contingencies ($28,104 and $28,104, respectively)(2) | | | | | | | | | | | | | |
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, 439,854,096 and 440,451,167 shares issued and outstanding, respectively
|
| | | | 440 | | | | | | 440 | | |
Capital in excess of par value
|
| | | | 3,743,295 | | | | | | 3,746,792 | | |
Accumulated earnings (deficit)
|
| | | | (1,045,807) | | | | | | (1,099,046) | | |
Total shareholders’ equity
|
| | | | 2,697,928 | | | | | | 2,648,186 | | |
Total liabilities and shareholders’ equity
|
| | | $ | 3,868,892 | | | | | $ | 3,893,516 | | |
Net asset value per common share at period end
|
| | | $ | 6.13 | | | | | $ | 6.01 | | |
| | |
Three Months Ended March 31,
|
| |||||||||
| | |
2019
|
| |
2018
|
| ||||||
Investment income | | | | | | | | | | | | | |
From non-controlled/unaffiliated investments: | | | | | | | | | | | | | |
Interest income
|
| | | $ | 77,859 | | | | | $ | 66,380 | | |
Paid-in-kind interest income
|
| | | | 1,891 | | | | | | 2,390 | | |
Fee income
|
| | | | 1,513 | | | | | | 6,965 | | |
From non-controlled/affiliated investments: | | | | | | | | | | | | | |
Interest income
|
| | | | 6,786 | | | | | | 11,518 | | |
Paid-in-kind interest income
|
| | | | 364 | | | | | | 629 | | |
Fee income
|
| | | | — | | | | | | 2,091 | | |
Total investment income
|
| | | | 88,413 | | | | | | 89,973 | | |
Operating expenses | | | | | | | | | | | | | |
Management fees
|
| | | | 17,048 | | | | | | 18,298 | | |
Administrative services expenses
|
| | | | 793 | | | | | | 793 | | |
Share transfer agent fees
|
| | | | 693 | | | | | | 643 | | |
Accounting and administrative fees
|
| | | | 272 | | | | | | 361 | | |
Interest expense(1)
|
| | | | 21,739 | | | | | | 14,107 | | |
Trustees’ fees
|
| | | | 188 | | | | | | 450 | | |
Other general and administrative expenses
|
| | | | 901 | | | | | | 933 | | |
Total operating expenses
|
| | | | 41,634 | | | | | | 35,585 | | |
Less: Management fee waiver(2)
|
| | | | (200) | | | | | | — | | |
Net expenses
|
| | | | 41,434 | | | | | | 35,585 | | |
Net investment income
|
| | | | 46,979 | | | | | | 54,388 | | |
Realized and unrealized gain/loss | | | | | | | | | | | | | |
Net realized gain (loss) on investments: | | | | | | | | | | | | | |
Non-controlled/unaffiliated
|
| | | | (3,312) | | | | | | (67,880) | | |
Non-controlled/affiliated
|
| | | | 38 | | | | | | — | | |
Net realized gain (loss) on swap contracts
|
| | | | 1,531 | | | | | | — | | |
Net change in unrealized appreciation (depreciation) on investments: | | | | | | | | | | | | | |
Non-controlled/unaffiliated
|
| | | | 59,626 | | | | | | 41,067 | | |
Non-controlled/affiliated
|
| | | | 15,298 | | | | | | (66,783) | | |
Net change in unrealized appreciation (depreciation) on swap contracts
|
| | | | (12,306) | | | | | | — | | |
Net change in unrealized gain (loss) on foreign currency
|
| | | | 1 | | | | | | 1 | | |
Total net realized and unrealized gain (loss)
|
| | | | 60,876 | | | | | | (93,595) | | |
Net increase (decrease) in net assets resulting from operations
|
| | | $ | 107,855 | | | | | $ | (39,207) | | |
Per share information—basic and diluted | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations (Earnings per Share)
|
| | | $ | 0.25 | | | | | $ | (0.09) | | |
Weighted average shares outstanding
|
| | | | 437,647,716 | | | | | | 439,924,494 | | |
| | |
Three Months Ended
March 31, |
| |||||||||
| | |
2019
|
| |
2018
|
| ||||||
Operations | | | | | | | | | | | | | |
Net investment income
|
| | | $ | 46,979 | | | | | $ | 54,388 | | |
Net realized gain (loss) on investments, swap contracts and foreign currency
|
| | | | (1,743) | | | | | | (67,880) | | |
Net change in unrealized appreciation (depreciation) on investments
|
| | | | 74,924 | | | | | | (25,716) | | |
Net change in unrealized appreciation (depreciation) on swap contracts
|
| | | | (12,306) | | | | | | — | | |
Net change in unrealized gain (loss) on foreign currency
|
| | | | 1 | | | | | | 1 | | |
Net increase (decrease) in net assets resulting from operations
|
| | | | 107,855 | | | | | | (39,207) | | |
Shareholder distributions(1) | | | | | | | | | | | | | |
Distributions to shareholders
|
| | | | (54,616) | | | | | | (54,823) | | |
Net decrease in net assets resulting from shareholder distributions
|
| | | | (54,616) | | | | | | (54,823) | | |
Capital share transactions(2) | | | | | | | | | | | | | |
Reinvestment of shareholder distributions
|
| | | | 26,953 | | | | | | 31,380 | | |
Repurchases of common shares
|
| | | | (30,450) | | | | | | (60,425) | | |
Net increase (decrease) in net assets resulting from capital share transactions
|
| | | | (3,497) | | | | | | (29,045) | | |
Total increase (decrease) in net assets
|
| | | | 49,742 | | | | | | (123,075) | | |
Net assets at beginning of period
|
| | | | 2,648,186 | | | | | | 2,966,042 | | |
Net assets at end of period
|
| | | $ | 2,697,928 | | | | | $ | 2,842,967 | | |
| | |
Three Months Ended
March 31, |
| |||||||||
| | |
2019
|
| |
2018
|
| ||||||
Cash flows from operating activities | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations
|
| | | $ | 107,855 | | | | | $ | (39,207) | | |
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
|
| | | | | | | | | | | | |
Purchases of investments
|
| | | | (264,593) | | | | | | (260,693) | | |
Paid-in-kind interest
|
| | | | (2,255) | | | | | | (3,019) | | |
Proceeds from sales and repayments of investments
|
| | | | 351,405 | | | | | | 551,229 | | |
Net realized (gain) loss on investments
|
| | | | 3,274 | | | | | | 67,880 | | |
Net change in unrealized (appreciation) depreciation on investments
|
| | | | (74,924) | | | | | | 25,716 | | |
Net change in unrealized (appreciation) depreciation on swap contracts
|
| | | | 12,306 | | | | | | — | | |
Accretion of discount
|
| | | | (4,904) | | | | | | (3,480) | | |
Amortization of deferred financing costs and discount
|
| | | | 1,536 | | | | | | 531 | | |
(Increase) decrease in receivable for investments sold and repaid
|
| | | | 12,339 | | | | | | 65,106 | | |
(Increase) decrease in interest receivable
|
| | | | (8,570) | | | | | | 1,121 | | |
(Increase) decrease in expense reimbursement due from sponsor(1)
|
| | | | — | | | | | | 5,945 | | |
(Increase) decrease in swap income receivable
|
| | | | 382 | | | | | | — | | |
(Increase) decrease in prepaid expenses and other assets
|
| | | | 2,369 | | | | | | 47 | | |
Increase (decrease) in payable for investments purchased
|
| | | | (68,013) | | | | | | 18,540 | | |
Increase (decrease) in management fees payable
|
| | | | 2,081 | | | | | | (3,536) | | |
Increase (decrease) in administrative services expense payable
|
| | | | (85) | | | | | | 219 | | |
Increase (decrease) in swap income payable
|
| | | | (141) | | | | | | — | | |
Increase (decrease) in interest payable(2)
|
| | | | (9,336) | | | | | | (601) | | |
Increase (decrease) in trustees’ fees payable
|
| | | | 5 | | | | | | 198 | | |
Increase (decrease) in other accrued expenses and liabilities
|
| | | | 70 | | | | | | (984) | | |
Net cash provided by (used in) operating activities
|
| | | | 60,801 | | | | | | 425,012 | | |
Cash flows from financing activities | | | | | | | | | | | | | |
Repurchases of common shares
|
| | | | (30,450) | | | | | | (60,425) | | |
Shareholder distributions paid
|
| | | | (27,393) | | | | | | (26,427) | | |
Borrowings under credit facilities(2)
|
| | | | 150,000 | | | | | | — | | |
Repayments of credit facilities(2)
|
| | | | (150,000) | | | | | | (150,000) | | |
Deferred financing costs paid
|
| | | | (562) | | | | | | — | | |
Net cash provided by (used in) financing activities
|
| | | | (58,405) | | | | | | (236,852) | | |
Total increase (decrease) in cash
|
| | | | 2,396 | | | | | | 188,160 | | |
Cash at beginning of period
|
| | | | 98,506 | | | | | | 195,376 | | |
Cash at end of period(3)
|
| | | $ | 100,902 | | | | | $ | 383,536 | | |
Supplemental disclosure | | | | | | | | | | | | | |
Reinvestment of shareholder distributions
|
| | | $ | 26,953 | | | | | $ | 31,380 | | |
Non-cash purchase of investments
|
| | | $ | (37) | | | | | $ | (7,140) | | |
Non-cash sales of investments
|
| | | $ | 37 | | | | | $ | 7,140 | | |
Portfolio Company(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate(b)
|
| |
Floor
|
| |
Maturity
|
| |
Principal
Amount(c) |
| |
Amortized
Cost |
| |
Fair
Value(d) |
| ||||||||||||
Senior Secured Loans—First Lien—49.2% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Abaco Energy Technologies LLC
|
| |
(h)
|
| |
Service & Equipment
|
| |
L+950
|
| | | | 1.0% | | | |
11/20/20
|
| | | $ | 8,371 | | | | | $ | 8,148 | | | | | $ | 8,392 | | |
Allied Wireline Services, LLC
|
| |
(w)(x)
|
| |
Service & Equipment
|
| |
L+950
|
| | | | 1.5% | | | |
6/30/20
|
| | | | 104,170 | | | | | | 104,028 | | | | | | 102,087 | | |
Altus Power America, Inc.
|
| |
(h)(w)
|
| | Power | | |
L+750
|
| | | | 1.5% | | | |
9/30/21
|
| | | | 85,939 | | | | | | 85,939 | | | | | | 82,501 | | |
Altus Power America, Inc.
|
| |
(e)(w)
|
| | Power | | |
L+750
|
| | | | 1.5% | | | |
9/30/21
|
| | | | 3,787 | | | | | | 3,787 | | | | | | 3,635 | | |
ARB Midstream Operating Company, LLC
|
| |
(w)(x)
|
| | Midstream | | |
L+725
|
| | | | 1.0% | | | |
11/6/21
|
| | | | 3,466 | | | | | | 3,451 | | | | | | 3,402 | | |
Bioenergy Infrastructure Holdings Limited
|
| |
(k)(w)
|
| | Power | | |
L+725
|
| | | | 1.0% | | | |
12/22/22
|
| | | | 945 | | | | | | 939 | | | | | | 955 | | |
Bioenergy Infrastructure Holdings Limited
|
| |
(e)(k)(w)
|
| | Power | | |
L+725
|
| | | | 1.0% | | | |
12/22/22
|
| | | | 543 | | | | | | 543 | | | | | | 549 | | |
Bioenergy Infrastructure Holdings Limited
|
| |
(e)(k)(w)
|
| | Power | | |
L+725
|
| | | | 1.0% | | | |
12/22/22
|
| | | | 544 | | | | | | 544 | | | | | | 549 | | |
BL Sand Hills Unit, L.P.
|
| |
(w)(x)(aa)
|
| | Upstream | | |
Prime+650
|
| | | | 3.5% | | | |
12/17/21
|
| | | | 20,000 | | | | | | 17,369 | | | | | | 20,000 | | |
Brazos Delaware II LLC
|
| | | | | Midstream | | |
L+400
|
| | | | | | | |
5/21/25
|
| | | | 34,825 | | | | | | 34,078 | | | | | | 33,153 | | |
Cimarron Energy Inc.
|
| |
(w)(x)
|
| |
Service & Equipment
|
| |
L+900 PIK (L+900 Max PIK)
|
| | | | 1.0% | | | |
6/30/21
|
| | | | 7,500 | | | | | | 7,500 | | | | | | 7,500 | | |
Cox Oil Offshore, LLC, Volumetric Production Payments
|
| |
(w)(x)(y)
|
| | Upstream | | |
9.9%
|
| | | | | | | |
12/31/23
|
| | | | 100,000 | | | | | | 85,409 | | | | | | 84,375 | | |
CPV Shore Holdings LLC
|
| | | | | Power | | |
L+375
|
| | | | | | | |
12/29/25
|
| | | | 19,571 | | | | | | 19,380 | | | | | | 19,571 | | |
Eagle Midstream Canada Finance Inc.
|
| |
(k)(w)(x)
|
| | Midstream | | |
8.5%, 1.0% PIK (1.0% Max PIK)
|
| | | | | | | |
9/27/20
|
| | | | 175,000 | | | | | | 175,000 | | | | | | 173,040 | | |
Edgewater Generation LLC
|
| | | | | Power | | |
L+375
|
| | | | | | | |
12/13/25
|
| | | | 19,950 | | | | | | 19,902 | | | | | | 19,938 | | |
EIF Van Hook Holdings, LLC
|
| |
(h)
|
| | Midstream | | |
L+525
|
| | | | | | | |
9/5/24
|
| | | | 35,423 | | | | | | 34,529 | | | | | | 33,918 | | |
EPIC Crude Services LP
|
| | | | | Midstream | | |
L+500
|
| | | | | | | |
3/2/26
|
| | | | 60,000 | | | | | | 58,809 | | | | | | 59,550 | | |
Felix Investments Holdings II, LLC
|
| |
(w)
|
| | Upstream | | |
L+650
|
| | | | 1.0% | | | |
8/9/22
|
| | | | 5,900 | | | | | | 5,873 | | | | | | 5,991 | | |
FR BR Holdings LLC
|
| |
(w)
|
| | Midstream | | |
L+650
|
| | | | | | | |
12/14/23
|
| | | | 90,000 | | | | | | 84,741 | | | | | | 88,605 | | |
Industrial Group Intermediate Holdings, LLC
|
| |
(h)(w)(x)
|
| | Industrials | | |
L+800
|
| | | | 1.3% | | | |
5/31/20
|
| | | | 20,972 | | | | | | 20,972 | | | | | | 21,129 | | |
JSS Holdings, Inc.
|
| |
(h)(w)
|
| | Industrials | | |
L+800, 0.0% PIK (2.5% Max PIK)
|
| | | | 1.0% | | | |
3/31/23
|
| | | | 14,957 | | | | | | 14,852 | | | | | | 15,406 | | |
LMBE-MC Holdco II LLC
|
| | | | | Power | | |
L+400
|
| | | | 1.0% | | | |
12/3/25
|
| | | | 24,040 | | | | | | 23,901 | | | | | | 23,980 | | |
Lusk Operating LLC
|
| |
(m)(o)(w)(bb)
|
| | Upstream | | |
Prime+500 PIK (8.8% Max PIK)
|
| | | | 3.3% | | | |
4/30/19
|
| | | | 29,297 | | | | | | 27,464 | | | | | | — | | |
MB Precision Holdings LLC
|
| |
(m)(o)(w)(x)(aa)
|
| | Industrials | | |
L+725, 2.3% PIK (2.3% Max PIK)
|
| | | | 1.3% | | | |
1/23/21
|
| | | | 4,579 | | | | | | 4,450 | | | | | | 4,579 | | |
MECO IV LLC
|
| |
(h)(w)
|
| | Upstream | | |
L+725
|
| | | | 1.5% | | | |
9/14/21
|
| | | | 29,750 | | | | | | 29,543 | | | | | | 29,319 | | |
MECO IV LLC
|
| |
(e)(w)
|
| | Upstream | | |
L+725
|
| | | | 1.5% | | | |
9/14/21
|
| | | | 5,250 | | | | | | 5,250 | | | | | | 5,174 | | |
Navitas Midstream Midland Basin LLC
|
| | | | | Midstream | | |
L+450
|
| | | | 1.0% | | | |
12/13/24
|
| | | | 39,579 | | | | | | 39,623 | | | | | | 37,921 | | |
NNE Holding LLC
|
| |
(h)(w)
|
| | Upstream | | |
L+800
|
| | | | | | | |
3/2/22
|
| | | | 35,000 | | | | | | 34,979 | | | | | | 34,706 | | |
ORYX Southern Delaware Holdings
|
| | | | | Midstream | | |
L+325
|
| | | | 1.0% | | | |
2/28/25
|
| | | | 17,815 | | | | | | 17,894 | | | | | | 17,273 | | |
Panda Hummel Station LLC
|
| | | | | Power | | |
L+600
|
| | | | 1.0% | | | |
10/27/22
|
| | | | 17,796 | | | | | | 17,369 | | | | | | 16,973 | | |
Panda Hummel Station LLC
|
| | | | | Power | | |
L+600
|
| | | | 1.0% | | | |
10/27/22
|
| | | | 24,411 | | | | | | 23,887 | | | | | | 23,282 | | |
Panda Stonewall LLC
|
| | | | | Power | | |
L+550
|
| | | | 1.0% | | | |
11/13/21
|
| | | | 29,811 | | | | | | 29,992 | | | | | | 29,625 | | |
Permian Production Partners LLC
|
| |
(h)(w)
|
| | Upstream | | |
L+600
|
| | | | 1.0% | | | |
5/18/24
|
| | | | 41,715 | | | | | | 41,010 | | | | | | 40,935 | | |
Plainfield Renewable Energy Holdings LLC
|
| |
(w)
|
| | Power | | |
10.0%
|
| | | | | | | |
8/22/25
|
| | | | 2,589 | | | | | | 2,589 | | | | | | 2,668 | | |
Plainfield Renewable Energy Holdings LLC, Letter of Credit
|
| |
(e)(w)
|
| | Power | | |
10.0%
|
| | | | | | | |
8/22/23
|
| | | | 2,709 | | | | | | 2,709 | | | | | | 2,791 | | |
Plainfield Renewable Energy Holdings LLC
|
| |
(w)
|
| | Power | | |
15.5%
|
| | | | | | | |
8/22/25
|
| | | | 9,589 | | | | | | 9,589 | | | | | | 9,954 | | |
Power Distribution, Inc.
|
| |
(w)(x)
|
| | Power | | |
L+725
|
| | | | 1.3% | | | |
1/25/23
|
| | | | 29,271 | | | | | | 29,271 | | | | | | 28,649 | | |
Sandy Creek Energy Associates, L.P.
|
| |
(f)
|
| | Power | | |
L+400
|
| | | | 1.0% | | | |
11/9/20
|
| | | | 43,026 | | | | | | 38,060 | | | | | | 38,132 | | |
Swift Worldwide Resources US Holdings Corp.
|
| |
(h)(w)(x)
|
| |
Service & Equipment
|
| |
9.5%, L+150 PIK (L+1.5% Max PIK)
|
| | | | 2.5% | | | |
7/20/21
|
| | | | 58,477 | | | | | | 58,477 | | | | | | 58,477 | | |
Portfolio Company(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate(b)
|
| |
Floor
|
| |
Maturity
|
| |
Principal
Amount(c) |
| |
Amortized
Cost |
| |
Fair
Value(d) |
| ||||||||||||
Talen Energy Supply LLC
|
| |
(f)
|
| | Power | | |
L+400
|
| | | | 1.0% | | | |
4/13/24
|
| | | $ | 11,419 | | | | | $ | 11,347 | | | | | $ | 11,337 | | |
Traverse Midstream Partners LLC
|
| |
(h)
|
| | Midstream | | |
L+400
|
| | | | 1.0% | | | |
9/27/24
|
| | | | 73,751 | | | | | | 73,856 | | | | | | 73,820 | | |
Ultra Resources, Inc.
|
| |
(f)
|
| | Upstream | | |
L+400
|
| | | | 1.0% | | | |
4/12/24
|
| | | | 45,834 | | | | | | 41,399 | | | | | | 39,976 | | |
Warren Resources, Inc.
|
| |
(h)(w)(x)(aa)
|
| | Upstream | | |
L+1000, 1.0% PIK (1.0% Max PIK)
|
| | | | 1.0% | | | |
5/22/20
|
| | | | 27,368 | | | | | | 27,368 | | | | | | 27,368 | | |
Total Senior Secured Loans—First Lien
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,375,820 | | | | | | 1,341,185 | | |
Unfunded Loan Commitments
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (12,833) | | | | | | (12,833) | | |
Net Senior Secured Loans—First Lien
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,362,987 | | | | | | 1,328,352 | | |
Senior Secured Loans—Second Lien—22.0% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Aethon III BR LLC
|
| |
(w)
|
| | Upstream | | |
L+675
|
| | | | 1.0% | | | |
1/10/25
|
| | | | 10,000 | | | | | | 9,854 | | | | | | 9,923 | | |
Aethon United BR LP
|
| |
(h)(w)
|
| | Upstream | | |
L+675
|
| | | | 1.0% | | | |
9/8/23
|
| | | | 103,919 | | | | | | 102,723 | | | | | | 103,784 | | |
Aethon United BR LP
|
| |
(e)(w)
|
| | Upstream | | |
L+675
|
| | | | 1.0% | | | |
9/8/23
|
| | | | 23,981 | | | | | | 23,981 | | | | | | 23,948 | | |
Arena Energy, LP
|
| |
(h)(w)(x)
|
| | Upstream | | |
L+900, 4.0% PIK (4.0% Max PIK)
|
| | | | 1.0% | | | |
1/24/21
|
| | | | 113,210 | | | | | | 113,210 | | | | | | 113,210 | | |
Bellatrix Exploration Ltd.
|
| |
(k)(w)
|
| | Upstream | | |
8.5%
|
| | | | | | | |
7/26/23
|
| | | | 22,511 | | | | | | 22,511 | | | | | | 22,309 | | |
Bellatrix Exploration Ltd.
|
| |
(e)(k)(w)
|
| | Upstream | | |
8.5%
|
| | | | | | | |
7/26/23
|
| | | | 7,504 | | | | | | 7,504 | | | | | | 7,436 | | |
Bellatrix Exploration Ltd.
|
| |
(k)(w)(x)
|
| | Upstream | | |
8.5%
|
| | | | | | | |
7/26/23
|
| | | | 54,108 | | | | | | 49,220 | | | | | | 47,330 | | |
Chisholm Oil and Gas Operating, LLC
|
| |
(h)(w)(x)
|
| | Upstream | | |
L+800
|
| | | | 1.0% | | | |
3/21/24
|
| | | | 196,000 | | | | | | 196,000 | | | | | | 192,383 | | |
Encino Acquisition Partners Holdings LLC
|
| | | | | Upstream | | |
L+675
|
| | | | 1.0% | | | |
10/29/25
|
| | | | 20,000 | | | | | | 19,809 | | | | | | 19,400 | | |
Granite Acquisition, Inc.
|
| |
(x)
|
| | Power | | |
L+725
|
| | | | 1.0% | | | |
12/19/22
|
| | | | 22,331 | | | | | | 22,085 | | | | | | 22,387 | | |
Peak Exploration & Production, LLC
|
| |
(w)
|
| | Upstream | | |
L+675
|
| | | | 1.5% | | | |
11/16/23
|
| | | | 13,545 | | | | | | 13,475 | | | | | | 13,359 | | |
Peak Exploration & Production, LLC
|
| |
(e)(w)
|
| | Upstream | | |
L+675
|
| | | | 1.5% | | | |
11/16/23
|
| | | | 1,505 | | | | | | 1,505 | | | | | | 1,484 | | |
Penn Virginia Holdings Corp.
|
| |
(h)(k)(w)
|
| | Upstream | | |
L+700
|
| | | | 1.0% | | | |
9/29/22
|
| | | | 20,000 | | | | | | 20,000 | | | | | | 19,900 | | |
Rosehill Operating Company, LLC
|
| |
(w)(x)
|
| | Upstream | | |
10.0%
|
| | | | | | | |
1/31/23
|
| | | | 1,667 | | | | | | 1,653 | | | | | | 1,643 | | |
SilverBow Resources, Inc.
|
| |
(h)(k)(w)
|
| | Upstream | | |
L+750
|
| | | | 1.0% | | | |
12/15/24
|
| | | | 19,000 | | | | | | 18,837 | | | | | | 18,818 | | |
Titan Energy Operating, LLC
|
| |
(m)(o)(w)(x)(aa)
|
| | Upstream | | |
L+1300 PIK (L+1300 Max PIK)
|
| | | | 1.0% | | | |
2/23/20
|
| | | | 137,233 | | | | | | 100,902 | | | | | | 10,064 | | |
Total Senior Secured Loans—Second Lien
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 723,269 | | | | | | 627,378 | | |
Unfunded Loan Commitments
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (32,990) | | | | | | (32,990) | | |
Net Senior Secured Loans—Second Lien
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 690,279 | | | | | | 594,388 | | |
Senior Secured Bonds—18.4% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Black Swan Energy Ltd.
|
| |
(h)(k)(w)(x)
|
| | Upstream | | |
9.0%
|
| | | | | | | |
1/20/24
|
| | | | 90,000 | | | | | | 90,000 | | | | | | 89,100 | | |
Denbury Resources Inc.
|
| |
(k)
|
| | Upstream | | |
7.5%
|
| | | | | | | |
2/15/24
|
| | | | 12,000 | | | | | | 11,994 | | | | | | 10,295 | | |
Denbury Resources Inc.
|
| |
(k)
|
| | Upstream | | |
9.3%
|
| | | | | | | |
3/31/22
|
| | | | 27,341 | | | | | | 28,928 | | | | | | 26,509 | | |
FourPoint Energy, LLC
|
| |
(h)(w)(x)(aa)
|
| | Upstream | | |
9.0%
|
| | | | | | | |
12/31/21
|
| | | | 235,125 | | | | | | 229,670 | | | | | | 230,423 | | |
Sunnova Energy Corp.
|
| |
(h)(w)(aa)
|
| | Power | | |
6.0%, 6.0% PIK (6.0% Max PIK)
|
| | | | | | | |
7/31/19
|
| | | | 18,136 | | | | | | 18,136 | | | | | | 18,068 | | |
Velvet Energy Ltd.
|
| |
(h)(k)(w)
|
| | Upstream | | |
9.0%
|
| | | | | | | |
10/5/23
|
| | | | 120,000 | | | | | | 120,000 | | | | | | 122,700 | | |
Total Senior Secured Bonds
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 498,728 | | | | | | 497,095 | | |
Unsecured Debt—18.1% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Archrock Partners, L.P.
|
| |
(k)
|
| | Midstream | | |
6.0%
|
| | | | | | | |
4/1/21
|
| | | | 5,690 | | | | | | 5,724 | | | | | | 5,695 | | |
Bruin E&P Partners, LLC
|
| |
(x)
|
| | Upstream | | |
8.9%
|
| | | | | | | |
8/1/23
|
| | | | 12,424 | | | | | | 12,542 | | | | | | 11,915 | | |
Canbriam Energy Inc.
|
| |
(h)(k)(x)
|
| | Upstream | | |
9.8%
|
| | | | | | | |
11/15/19
|
| | | | 109,790 | | | | | | 109,119 | | | | | | 89,479 | | |
Portfolio Company(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate(b)
|
| |
Floor
|
| |
Maturity
|
| |
Principal
Amount(c) |
| |
Amortized
Cost |
| |
Fair
Value(d) |
| ||||||||||||
Compressco Partners, LP
|
| |
(x)
|
| | Midstream | | |
7.3%
|
| | | | | | | |
8/15/22
|
| | | $ | 11,900 | | | | | $ | 11,867 | | | | | $ | 10,492 | | |
Covey Park Energy LLC
|
| |
(x)
|
| | Upstream | | |
7.5%
|
| | | | | | | |
5/15/25
|
| | | | 62,289 | | | | | | 62,712 | | | | | | 57,773 | | |
Ferrellgas, L.P.
|
| | | | | Midstream | | |
6.5%
|
| | | | | | | |
5/1/21
|
| | | | 7,000 | | | | | | 5,972 | | | | | | 6,158 | | |
Ferrellgas, L.P.
|
| | | | | Midstream | | |
6.8%
|
| | | | | | | |
1/15/22
|
| | | | 9,270 | | | | | | 8,142 | | | | | | 8,121 | | |
Global Jet Capital Holdings, LP
|
| |
(w)(x)
|
| | Industrials | | |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
1/30/25
|
| | | | 1,023 | | | | | | 994 | | | | | | 1,006 | | |
Global Jet Capital Holdings, LP
|
| |
(w)(x)
|
| | Industrials | | |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
4/30/25
|
| | | | 6,502 | | | | | | 6,315 | | | | | | 6,396 | | |
Global Jet Capital Holdings, LP
|
| |
(w)(x)
|
| | Industrials | | |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
9/3/25
|
| | | | 1,344 | | | | | | 1,305 | | | | | | 1,322 | | |
Global Jet Capital Holdings, LP
|
| |
(w)(x)
|
| | Industrials | | |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
9/29/25
|
| | | | 1,265 | | | | | | 1,229 | | | | | | 1,244 | | |
Global Jet Capital Holdings, LP
|
| |
(w)(x)
|
| | Industrials | | |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
12/2/26
|
| | | | 1,112 | | | | | | 1,080 | | | | | | 1,094 | | |
Great Western Petroleum, LLC
|
| |
(w)(x)
|
| | Upstream | | |
8.5%
|
| | | | | | | |
4/15/25
|
| | | | 13,636 | | | | | | 13,047 | | | | | | 11,351 | | |
Great Western Petroleum, LLC
|
| |
(x)
|
| | Upstream | | |
9.0%
|
| | | | | | | |
9/30/21
|
| | | | 35,830 | | | | | | 35,750 | | | | | | 28,664 | | |
Hammerhead Resources Inc.
|
| |
(h)(k)(w)(x)
|
| | Upstream | | |
9.0%
|
| | | | | | | |
7/10/22
|
| | | | 100,000 | | | | | | 97,856 | | | | | | 97,880 | | |
Hilcorp Energy I, L.P.
|
| | | | | Upstream | | |
5.8%
|
| | | | | | | |
10/1/25
|
| | | | 8,967 | | | | | | 8,930 | | | | | | 8,848 | | |
Lonestar Resources America Inc.
|
| |
(x)
|
| | Upstream | | |
11.3%
|
| | | | | | | |
1/1/23
|
| | | | 37,500 | | | | | | 38,478 | | | | | | 37,000 | | |
Martin Midstream Partners L.P.
|
| |
(k)(x)
|
| | Midstream | | |
7.3%
|
| | | | | | | |
2/15/21
|
| | | | 12,723 | | | | | | 12,288 | | | | | | 12,389 | | |
Moss Creek Resources, LLC
|
| |
(x)
|
| | Upstream | | |
7.5%
|
| | | | | | | |
1/15/26
|
| | | | 36,500 | | | | | | 36,045 | | | | | | 33,717 | | |
Suburban Propane Partners LP
|
| |
(k)
|
| | Midstream | | |
5.8%
|
| | | | | | | |
3/1/25
|
| | | | 8,433 | | | | | | 8,225 | | | | | | 8,194 | | |
Suburban Propane Partners LP
|
| |
(k)
|
| | Midstream | | |
5.9%
|
| | | | | | | |
3/1/27
|
| | | | 11,513 | | | | | | 10,865 | | | | | | 10,937 | | |
Talen Energy Supply LLC
|
| | | | | Power | | |
9.5%
|
| | | | | | | |
7/15/22
|
| | | | 10,365 | | | | | | 10,460 | | | | | | 11,238 | | |
Tenrgys, LLC
|
| |
(i)(m)(o)(w)(x)
|
| | Upstream | | |
L+900
|
| | | | 2.5% | | | |
12/23/18
|
| | | | 75,000 | | | | | | 75,000 | | | | | | 25,954 | | |
Total Unsecured Debt
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 573,945 | | | | | | 486,867 | | |
|
| | | | | | | | | | | | | | | | | |
Number of
Shares |
| |
Amortized
Cost |
| |
Fair
Value(d) |
| |||||||||
Preferred Equity—19.8%(n)
|
| | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | | | | | |
Abaco Energy Technologies LLC, Preferred Equity
|
| |
(o)(w)(x)
|
| | Service & Equipment | | | | | | | | | | | | | | 28,942,003 | | | | | | 1,447 | | | | | | 16,642 | | |
Altus Power America Holdings, LLC, Preferred Equity
|
| |
(i)(p)(w)(x)
|
| | Power | | |
9.0%, 5.0% PIK (5.0% Max PIK)
|
| |
|
| |
10/3/23
|
| | | | 28,646,341 | | | | | | 28,646 | | | | | | 28,611 | | |
Global Jet Capital Holdings, LP, Preferred Equity
|
| |
(o)(w)(x)
|
| | Industrials | | | | | | | | | | | | | | 2,785,562 | | | | | | 2,786 | | | | | | 209 | | |
Great Western Petroleum, LLC, Preferred Equity
|
| |
(i)(n)(w)(x)
|
| | Upstream | | |
15.5%
|
| | | | |
12/31/27
|
| | | | 36,363 | | | | | | 39,562 | | | | | | 33,783 | | |
Limetree Bay Ventures, LLC, Preferred Equity
|
| |
(w)(x)
|
| | Midstream | | |
13.9%
|
| | | | |
11/30/24
|
| | | | 75,000,000 | | | | | | 72,679 | | | | | | 74,108 | | |
MB Precision Investment Holdings LLC, Class A Preferred Units
|
| |
(o)(w)(x)(aa)
|
| | Industrials | | | | | | | | | | | | | | 8,952,623 | | | | | | 1,880 | | | | | | 758 | | |
NuStar, Preferred Equity
|
| |
(k)(w)(x)
|
| | Midstream | | |
12.8%
|
| | | | |
6/29/28
|
| | | | 5,910,165 | | | | | | 147,830 | | | | | | 188,475 | | |
Rosehill Resources, Inc. Preferred Equity
|
| |
(o)(w)(x)
|
| | Upstream | | | | | | | | | | | | | | 2,536 | | | | | | 2,511 | | | | | | 2,601 | | |
Segreto Power Holdings, LLC, Preferred Equity
|
| |
(g)(w)(x)
|
| | Power | | |
13.1%
|
| | | | |
5/8/25
|
| | | | 70,297 | | | | | | 69,271 | | | | | | 75,295 | | |
Sunnova Energy Corp., Preferred Equity
|
| |
(o)(w)(x)(aa)
|
| | Power | | | | | | | | | | | | | | 1,117,214 | | | | | | 5,948 | | | | | | 6,564 | | |
Synergy Offshore LLC, Preferred Equity
|
| |
(i)(m)(o)(v)(w)(x)
|
| | Upstream | | | | | | | | | | | | | | 71,131 | | | | | | 93,009 | | | | | | 19,063 | | |
TE Holdings, LLC, Preferred Equity
|
| |
(o)(x)
|
| | Upstream | | | | | | | | | | | | | | 1,475,531 | | | | | | 14,734 | | | | | | 3,689 | | |
USA Compression Partners, LP, Preferred Equity
|
| |
(k)(w)(x)
|
| | Midstream | | |
9.8%
|
| | | | |
4/3/28
|
| | | | 79,336 | | | | | | 77,366 | | | | | | 83,684 | | |
Total Preferred Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 557,669 | | | | | | 533,482 | | |
|
Portfolio Company(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Number of
Shares |
| |
Amortized
Cost |
| |
Fair
Value(d) |
| |||||||||
Equity/Other—10.1%(n) | | | | | | | | | | | | | | | | | | | | | | | | | |
Abaco Energy Technologies LLC, Common Equity
|
| |
(o)(w)(x)
|
| | Service & Equipment | | | | | 6,944,444 | | | | | $ | 6,944 | | | | | $ | 3,212 | | |
Allied Downhole Technologies, LLC, Common Equity
|
| |
(i)(n)(o)(w)(x)
|
| | Service & Equipment | | | | | 7,431,113 | | | | | | 7,223 | | | | | | 5,202 | | |
Allied Downhole Technologies, LLC, Warrants
|
| |
(i)(n)(o)(w)(x)
|
| | Service & Equipment | | | | | 5,344,680 | | | | | | 1,865 | | | | | | 3,741 | | |
Ascent Resources Utica Holdings, LLC, Common Equity
|
| |
(o)(q)(w)(x)
|
| | Upstream | | | | | 148,692,909 | | | | | | 44,700 | | | | | | 47,879 | | |
BL Sand Hills Unit, L.P., Net Profits Interest
|
| |
(o)(s)(w)(x)(aa)
|
| | Upstream | | | | | N/A | | | | | | 5,180 | | | | | | 1,311 | | |
BL Sand Hills Unit, L.P., Overriding Royalty Interest
|
| |
(s)(w)(x)(aa)
|
| | Upstream | | | | | N/A | | | | | | 740 | | | | | | 676 | | |
BL Sand Hills Unit, L.P., Series A Units
|
| |
(g)(o)(w)(x)(aa)
|
| | Upstream | | | | | 29,117 | | | | | | 24,019 | | | | | | 1,875 | | |
Chisholm Oil and Gas, LLC, Series A Units
|
| |
(g)(o)(w)(x)
|
| | Upstream | | | | | 14,700,000 | | | | | | 14,700 | | | | | | 6,721 | | |
Cimarron Energy Holdco Inc., Common Equity
|
| |
(o)(w)(x)
|
| | Service & Equipment | | | | | 4,302,293 | | | | | | 3,950 | | | | | | 217 | | |
Cimarron Energy Holdco Inc., Participation Option
|
| |
(o)(w)(x)
|
| | Service & Equipment | | | | | 25,000,000 | | | | | | 1,289 | | | | | | 1,263 | | |
FourPoint Energy, LLC, Common Equity, Class C-II-A Units
|
| |
(i)(n)(o)(w)(x)(aa)
|
| | Upstream | | | | | 66,000 | | | | | | 66,000 | | | | | | 14,702 | | |
FourPoint Energy, LLC, Common Equity, Class D Units
|
| |
(i)(n)(o)(w)(x)(aa)
|
| | Upstream | | | | | 12,374 | | | | | | 8,176 | | | | | | 2,786 | | |
FourPoint Energy, LLC, Common Equity, Class E-II Units
|
| |
(g)(o)(w)(x)(aa)
|
| | Upstream | | | | | 150,937 | | | | | | 37,734 | | | | | | 33,621 | | |
FourPoint Energy, LLC, Common Equity, Class E-III Units
|
| |
(g)(i)(n)(o)(w)(x)(aa)
|
| | Upstream | | | | | 222,750 | | | | | | 55,688 | | | | | | 49,618 | | |
Harvest Oil & Gas Corp., Common Equity
|
| |
(o)(x)(aa)
|
| | Upstream | | | | | 1,350,620 | | | | | | 29,714 | | | | | | 22,663 | | |
Industrial Group Intermediate Holdings, LLC, Common Equity
|
| |
(i)(n)(o)(w)(x)
|
| | Industrials | | | | | 472,755 | | | | | | 473 | | | | | | 603 | | |
JSS Holdco, LLC, Net Profits Interest
|
| |
(o)(w)(x)
|
| | Industrials | | | | | N/A | | | | | | — | | | | | | 96 | | |
Limetree Bay Ventures, LLC, Common Equity
|
| |
(o)(w)(x)
|
| | Midstream | | | | | 13,486 | | | | | | 3,406 | | | | | | 3,700 | | |
Lusk Operating LLC, Common Equity
|
| |
(o)(r)(w)(x)(bb)
|
| | Upstream | | | | | 2,000 | | | | | | — | | | | | | — | | |
MB Precision Investment Holdings LLC, Class A-2 Units
|
| |
(i)(n)(o)(w)(aa)
|
| | Industrials | | | | | 1,426,110 | | | | | | 490 | | | | | | — | | |
PDI Parent LLC, Common Equity
|
| |
(o)(w)(x)
|
| | Power | | | | | 1,384,615 | | | | | | 1,385 | | | | | | 312 | | |
Ridgeback Resources Inc., Common Equity
|
| |
(j)(k)(o)(t)(w)(x)(aa)
|
| | Upstream | | | | | 9,599,928 | | | | | | 58,985 | | | | | | 45,630 | | |
Sunnova Energy Corp., Common Equity
|
| |
(o)(w)(x)(aa)
|
| | Power | | | | | 6,667,368 | | | | | | 25,026 | | | | | | 8,268 | | |
Swift Worldwide Resources Holdco Limited, Common Equity
|
| |
(k)(o)(u)(w)(x)
|
| | Service & Equipment | | | | | 3,750,000 | | | | | | 6,029 | | | | | | 1,313 | | |
TE Holdings, LLC, Common Equity
|
| |
(g)(o)(x)
|
| | Upstream | | | | | 2,225,950 | | | | | | 18,921 | | | | | | 1,253 | | |
The Brock Group, Inc., Common Equity
|
| |
(j)(o)(w)
|
| | Service & Equipment | | | | | 786,094 | | | | | | 15,617 | | | | | | — | | |
Titan Energy, LLC, Common Equity
|
| |
(o)(x)(aa)
|
| | Upstream | | | | | 555,496 | | | | | | 17,554 | | | | | | 55 | | |
USA Compression Partners, LP, Warrants (Market)
|
| |
(k)(o)(w)(x)
|
| | Midstream | | | | | 793,359 | | | | | | 555 | | | | | | 1,261 | | |
USA Compression Partners, LP, Warrants (Premium)
|
| |
(k)(o)(w)(x)
|
| | Midstream | | | | | 1,586,719 | | | | | | 714 | | | | | | 1,666 | | |
Warren Resources, Inc., Common Equity
|
| |
(j)(o)(w)(x)(aa)
|
| | Upstream | | | | | 4,415,749 | | | | | | 20,754 | | | | | | 13,026 | | |
White Star Petroleum Holdings, LLC, Common Equity
|
| |
(g)(o)(w)(x)
|
| | Upstream | | | | | 4,867,084 | | | | | | 4,137 | | | | | | 1,095 | | |
Total Equity/Other
|
| | | | | | | | | | | | | | | | 481,968 | | | | | | 273,765 | | |
TOTAL INVESTMENTS—137.6%
|
| | | | | | | | | | | | | | | $ | 4,165,576 | | | | | | 3,713,949 | | |
LIABILITIES IN EXCESS OF OTHER ASSETS—(37.6%)
|
| |
(z)
|
| | | | | | | | | | | | | | | | | | | (1,016,021) | | |
NET ASSETS—100.0%
|
| | | | | | | | | | | | | | | | | | | | | $ | 2,697,928 | | |
|
Derivative Instruments
Swap Contracts—Crude Oil(y)
|
| | | | | | | | |||||||||||||||||||||||
Counterparty
|
| |
Type
|
| |
Location
|
| |
Period
|
| |
Bbls
|
| |
Weighted Average Price
($/Bbls) |
| |
Unrealized
Appreciation |
| |
Unrealized
Depreciation |
| |||||||||
BP Energy Company
|
| |
Fixed
|
| | NYMEX WTI | | |
April 1, 2019–December 31, 2023
|
| | | | 1,319,885 | | | |
$63.39
|
| | | $ | 7,476 | | | | | $ | — | | |
BP Energy Company
|
| |
Basis
|
| |
NYMEX WTI/Argus LLS
|
| |
April 1, 2019–December 31, 2023
|
| | | | 1,171,234 | | | |
$3.32
|
| | | | 414 | | | | | | 322 | | |
Macquarie Bank Limited
|
| |
Basis
|
| |
NYMEX WTI/Argus LLS
|
| |
April 1, 2019–December 31, 2019
|
| | | | 148,617 | | | |
$5.38
|
| | | | 132 | | | | | | 23 | | |
Total Swap Contracts—Crude Oil
|
| | | | | | | | | | | | | | | | | | | | | | 8,022 | | | | | | 345 | | |
|
Swap Contracts—Natural Gas(y)
Counterparty
|
| |
Type
|
| |
Location
|
| |
Period
|
| |
MMBtu
|
| |
Weighted Average Price
($/MMBtu) |
| |
Unrealized
Appreciation |
| |
Unrealized
Depreciation |
| |||||||||
Macquarie Bank Limited
|
| |
Fixed
|
| | NYMEX Henry Hub | | |
April 1, 2019–December 31, 2023
|
| | | | 3,549,934 | | | |
$2.64
|
| | | $ | 2 | | | | | $ | 331 | | |
Total Swap Contracts—Natural Gas
|
| | | | | | | | | | | | | | | | | | | | | | 2 | | | | | | 331 | | |
TOTAL SWAP CONTRACTS
|
| | | | | | | | | | | | | | | | | | | | | $ | 8,024 | | | | | $ | 676 | | |
|
Portfolio Company
|
| |
Fair Value at
December 31, 2018 |
| |
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
March 31, 2019 |
| |
Interest
Income(2) |
| |
PIK
Income(2) |
| |||||||||||||||||||||||||||
Senior Secured Loans—First Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Altus Power America, Inc.(1)
|
| | | $ | 83,247 | | | | | $ | — | | | | | $ | (85,939) | | | | | $ | — | | | | | $ | — | | | | | $ | 2,692 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
BL Sand Hills Unit, L.P.
|
| | | | 20,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 20,000 | | | | | | 19 | | | | | | — | | |
MB Precision Holdings LLC
|
| | | | 4,573 | | | | | | 25 | | | | | | (56) | | | | | | 130 | | | | | | 38 | | | | | | (131) | | | | | | 4,579 | | | | | | 130 | | | | | | 25 | | |
Warren Resources, Inc.
|
| | | | 27,297 | | | | | | 71 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 27,368 | | | | | | 38 | | | | | | 71 | | |
Senior Secured Loans—Second Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Titan Energy Operating, LLC
|
| | | | 12,411 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,347) | | | | | | 10,064 | | | | | | 109 | | | | | | — | | |
Senior Secured Bonds | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
FourPoint Energy, LLC
|
| | | | 231,010 | | | | | | — | | | | | | — | | | | | | 603 | | | | | | — | | | | | | (1,190) | | | | | | 230,423 | | | | | | 5,952 | | | | | | — | | |
Sunnova Energy Corp.
|
| | | | 17,757 | | | | | | 268 | | | | | | — | | | | | | — | | | | | | — | | | | | | 43 | | | | | | 18,068 | | | | | | 538 | | | | | | 268 | | |
Preferred Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Altus Power America Holdings, LLC, Preferred Equity
|
| | | | 28,217 | | | | | | — | | | | | | (28,646) | | | | | | — | | | | | | — | | | | | | 429 | | | | | | — | | | | | | — | | | | | | — | | |
MB Precision Investment Holdings LLC, Class A Preferred Units
|
| | | | 1,248 | | | | | | 37 | | | | | | — | | | | | | — | | | | | | — | | | | | | (527) | | | | | | 758 | | | | | | — | | | | | | — | | |
Sunnova Energy Corp., Preferred Equity
|
| | | | 6,134 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 430 | | | | | | 6,564 | | | | | | — | | | | | | — | | |
Equity/Other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Altus Power America Holdings, LLC, Common Equity
|
| | | | 2,183 | | | | | | — | | | | | | (12,474) | | | | | | — | | | | | | — | | | | | | 10,291 | | | | | | — | | | | | | — | | | | | | — | | |
BL Sand Hills Unit, L.P., Net Profits Interest
|
| | | | 1,150 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 161 | | | | | | 1,311 | | | | | | — | | | | | | — | | |
BL Sand Hills Unit, L.P., Overriding Royalty Interest
|
| | | | 738 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (62) | | | | | | 676 | | | | | | — | | | | | | — | | |
BL Sand Hills Unit, L.P., Series A Units
|
| | | | 3,239 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,364) | | | | | | 1,875 | | | | | | — | | | | | | — | | |
FourPoint Energy, LLC, Common Equity, Class C-II-A Units
|
| | | | 14,768 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (66) | | | | | | 14,702 | | | | | | — | | | | | | — | | |
FourPoint Energy, LLC, Common Equity, Class D Units
|
| | | | 2,800 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (14) | | | | | | 2,786 | | | | | | — | | | | | | — | | |
FourPoint Energy, LLC, Common Equity, Class E-II Units
|
| | | | 33,772 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (151) | | | | | | 33,621 | | | | | | — | | | | | | — | | |
FourPoint Energy, LLC, Common Equity, Class E-III Units
|
| | | | 49,840 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (222) | | | | | | 49,618 | | | | | | — | | | | | | — | | |
Harvest Oil & Gas Corp., Common Equity
|
| | | | 24,284 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,621) | | | | | | 22,663 | | | | | | — | | | | | | — | | |
MB Precision Investment Holdings LLC, Class A-2 Units
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Ridgeback Resources Inc., Common Equity
|
| | | | 47,488 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,858) | | | | | | 45,630 | | | | | | — | | | | | | — | | |
Sunnova Energy Corp., Common Equity
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 8,268 | | | | | | 8,268 | | | | | | — | | | | | | — | | |
Titan Energy, LLC, Common Equity
|
| | | | 167 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (112) | | | | | | 55 | | | | | | — | | | | | | — | | |
Warren Resources, Inc., Common Equity
|
| | | | 10,377 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,649 | | | | | | 13,026 | | | | | | — | | | | | | — | | |
| | | | $ | 622,700 | | | | | $ | 401 | | | | | $ | (127,115) | | | | | $ | 733 | | | | | $ | 38 | | | | | $ | 15,298 | | | | | $ | 512,055 | | | | | $ | 6,786 | | | | | $ | 364 | | |
|
Portfolio Company(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate(b)
|
| |
Floor
|
| |
Maturity
|
| |
Principal
Amount(c) |
| |
Amortized
Cost |
| |
Fair
Value(d) |
| ||||||||||||
Senior Secured Loans—First Lien—44.4% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Abaco Energy Technologies LLC
|
| |
(h)
|
| |
Service & Equipment
|
| |
L+950
|
| | | | 1.0% | | | |
11/20/20
|
| | | $ | 14,281 | | | | | $ | 13,814 | | | | | $ | 14,121 | | |
Allied Wireline Services, LLC
|
| |
(w)(x)
|
| |
Service & Equipment
|
| |
L+950
|
| | | | 1.5% | | | |
6/30/20
|
| | | | 105,600 | | | | | | 105,505 | | | | | | 104,148 | | |
Altus Power America, Inc.
|
| |
(h)(w)(z)
|
| | Power | | |
L+750
|
| | | | 1.5% | | | |
9/30/21
|
| | | | 85,939 | | | | | | 85,939 | | | | | | 83,361 | | |
Altus Power America, Inc.
|
| |
(e)(w)(z)
|
| | Power | | |
L+750
|
| | | | 1.5% | | | |
9/30/21
|
| | | | 3,787 | | | | | | 3,787 | | | | | | 3,673 | | |
ARB Midstream Operating Company, LLC
|
| |
(w)(x)
|
| | Midstream | | |
L+725
|
| | | | 1.0% | | | |
11/6/21
|
| | | | 3,557 | | | | | | 3,540 | | | | | | 3,502 | | |
Bioenergy Infrastructure Holdings Limited
|
| |
(k)(w)
|
| | Power | | |
L+725
|
| | | | 1.0% | | | |
12/22/22
|
| | | | 957 | | | | | | 951 | | | | | | 947 | | |
Bioenergy Infrastructure Holdings Limited
|
| |
(e)(k)(w)
|
| | Power | | |
L+725
|
| | | | 1.0% | | | |
12/22/22
|
| | | | 543 | | | | | | 543 | | | | | | 537 | | |
Bioenergy Infrastructure Holdings Limited
|
| |
(e)(k)(w)
|
| | Power | | |
L+725
|
| | | | 1.0% | | | |
12/22/22
|
| | | | 544 | | | | | | 544 | | | | | | 537 | | |
BL Sand Hills Unit, L.P.
|
| |
(w)(x)(z)
|
| | Upstream | | |
Prime+650
|
| | | | 3.5% | | | |
12/17/21
|
| | | | 20,000 | | | | | | 17,369 | | | | | | 20,000 | | |
Brazos Delaware II LLC
|
| | | | | Midstream | | |
L+400
|
| | | | | | | |
5/29/25
|
| | | | 34,912 | | | | | | 34,142 | | | | | | 32,148 | | |
Cimarron Energy Inc.
|
| |
(o)(w)(x)
|
| |
Service & Equipment
|
| |
L+900 PIK (L+900 Max PIK)
|
| | | | 1.0% | | | |
6/30/21
|
| | | | 7,500 | | | | | | 7,500 | | | | | | 7,500 | | |
Cox Oil Offshore, LLC, Volumetric Production Payments
|
| |
(w)(x)(y)
|
| | Upstream | | |
9.9%
|
| | | | | | | |
12/31/23
|
| | | | 100,000 | | | | | | 93,401 | | | | | | 81,750 | | |
CPV Shore Holdings LLC
|
| |
(f)
|
| | Power | | |
L+375
|
| | | | | | | |
12/14/25
|
| | | | 20,000 | | | | | | 19,800 | | | | | | 19,775 | | |
Eagle Midstream Canada Finance Inc.
|
| |
(k)(w)(x)
|
| | Midstream | | |
8.5%, 1.0% PIK (1.0% Max PIK)
|
| | | | | | | |
9/27/20
|
| | | | 175,000 | | | | | | 175,000 | | | | | | 171,281 | | |
Edgewater Generation LLC
|
| | | | | Power | | |
L+375
|
| | | | | | | |
11/16/25
|
| | | | 20,000 | | | | | | 19,951 | | | | | | 19,625 | | |
EIF Van Hook Holdings, LLC
|
| | | | | Midstream | | |
L+525
|
| | | | | | | |
9/5/24
|
| | | | 24,844 | | | | | | 24,360 | | | | | | 24,192 | | |
Felix Investments Holdings II, LLC
|
| |
(w)
|
| | Upstream | | |
L+650
|
| | | | 1.0% | | | |
8/9/22
|
| | | | 3,933 | | | | | | 3,925 | | | | | | 3,960 | | |
Fortis Minerals Intermediate Holdings, LLC
|
| |
(w)
|
| | Upstream | | |
L+625
|
| | | | 1.0% | | | |
2/16/25
|
| | | | 18,760 | | | | | | 18,656 | | | | | | 18,919 | | |
Fortis Minerals Intermediate Holdings, LLC
|
| |
(e)(w)
|
| | Upstream | | |
L+625
|
| | | | 1.0% | | | |
2/16/25
|
| | | | 28,140 | | | | | | 28,140 | | | | | | 28,379 | | |
Industrial Group Intermediate Holdings, LLC
|
| |
(h)(w)(x)
|
| | Industrials | | |
L+800
|
| | | | 1.3% | | | |
5/31/20
|
| | | | 20,972 | | | | | | 20,972 | | | | | | 20,841 | | |
JSS Holdings, Inc.
|
| |
(h)(w)
|
| | Industrials | | |
L+800, 0.0% PIK (2.5% Max PIK)
|
| | | | 1.0% | | | |
3/31/23
|
| | | | 14,938 | | | | | | 14,827 | | | | | | 15,386 | | |
LMBE-MC Holdco II LLC
|
| |
(f)
|
| | Power | | |
L+400
|
| | | | 1.0% | | | |
11/15/25
|
| | | | 24,100 | | | | | | 23,957 | | | | | | 23,980 | | |
Lusk Operating LLC
|
| |
(m)(o)(w)(x)(aa)
|
| | Upstream | | |
Prime+500 PIK (8.8% Max PIK)
|
| | | | 3.3% | | | |
1/31/19
|
| | | | 29,297 | | | | | | 27,464 | | | | | | — | | |
MB Precision Holdings LLC
|
| |
(m)(o)(w)(x)(z)
|
| | Industrials | | |
L+725, 2.3% PIK (2.3% Max PIK)
|
| | | | 1.3% | | | |
1/23/21
|
| | | | 4,573 | | | | | | 4,313 | | | | | | 4,573 | | |
MECO IV LLC
|
| |
(h)(w)
|
| | Upstream | | |
L+725
|
| | | | 1.5% | | | |
9/14/21
|
| | | | 22,750 | | | | | | 22,526 | | | | | | 22,336 | | |
MECO IV LLC
|
| |
(e)(w)
|
| | Upstream | | |
L+725
|
| | | | 1.5% | | | |
9/14/21
|
| | | | 12,250 | | | | | | 12,250 | | | | | | 12,027 | | |
Navitas Midstream Midland Basin LLC
|
| |
(f)
|
| | Midstream | | |
L+450
|
| | | | 1.0% | | | |
12/13/24
|
| | | | 39,679 | | | | | | 39,724 | | | | | | 38,092 | | |
NNE Holding LLC
|
| |
(h)(w)
|
| | Upstream | | |
L+800
|
| | | | | | | |
3/2/22
|
| | | | 35,000 | | | | | | 34,978 | | | | | | 34,129 | | |
ORYX Southern Delaware Holdings
|
| | | | | Midstream | | |
L+325
|
| | | | 1.0% | | | |
2/28/25
|
| | | | 17,860 | | | | | | 17,942 | | | | | | 16,610 | | |
Panda Hummel Station LLC
|
| |
(f)
|
| | Power | | |
L+600
|
| | | | 1.0% | | | |
10/27/22
|
| | | | 23,915 | | | | | | 23,349 | | | | | | 22,958 | | |
Panda Hummel Station LLC
|
| |
(f)
|
| | Power | | |
L+600
|
| | | | 1.0% | | | |
10/27/22
|
| | | | 9,860 | | | | | | 9,700 | | | | | | 9,466 | | |
Panda Stonewall LLC
|
| |
(f)
|
| | Power | | |
L+550
|
| | | | 1.0% | | | |
11/13/21
|
| | | | 29,924 | | | | | | 30,119 | | | | | | 29,775 | | |
Permian Production Partners LLC
|
| |
(h)(w)
|
| | Upstream | | |
L+600
|
| | | | 1.0% | | | |
5/18/24
|
| | | | 42,257 | | | | | | 41,516 | | | | | | 41,411 | | |
Plainfield Renewable Energy Holdings LLC
|
| |
(w)
|
| | Power | | |
10.0%
|
| | | | | | | |
8/22/25
|
| | | | 2,589 | | | | | | 2,589 | | | | | | 2,568 | | |
Plainfield Renewable Energy Holdings LLC, Letter of Credit
|
| |
(e)(w)
|
| | Power | | |
10.0%
|
| | | | | | | |
8/22/23
|
| | | | 2,709 | | | | | | 2,709 | | | | | | 2,687 | | |
Plainfield Renewable Energy Holdings LLC
|
| |
(w)
|
| | Power | | |
15.5%
|
| | | | | | | |
8/22/25
|
| | | | 9,589 | | | | | | 9,589 | | | | | | 9,527 | | |
Power Distribution, Inc.
|
| |
(w)(x)
|
| | Power | | |
L+725
|
| | | | 1.3% | | | |
1/25/23
|
| | | | 29,347 | | | | | | 29,347 | | | | | | 29,347 | | |
Sandy Creek Energy Associates, L.P.
|
| |
(f)
|
| | Power | | |
L+400
|
| | | | 1.0% | | | |
11/9/20
|
| | | | 16,290 | | | | | | 14,464 | | | | | | 14,152 | | |
Strike, LLC
|
| |
(h)
|
| | Midstream | | |
L+800
|
| | | | 1.0% | | | |
11/30/22
|
| | | | 22,500 | | | | | | 22,015 | | | | | | 22,527 | | |
Portfolio Company(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate(b)
|
| |
Floor
|
| |
Maturity
|
| |
Principal
Amount(c) |
| |
Amortized
Cost |
| |
Fair
Value(d) |
| ||||||||||||
Swift Worldwide Resources US Holdings Corp.
|
| |
(h)(w)(x)
|
| |
Service & Equipment
|
| |
L+1000, 1.0% PIK (1.0% Max PIK)
|
| | | | 1.0% | | | |
7/20/21
|
| | | $ | 58,475 | | | | | $ | 58,475 | | | | | $ | 58,475 | | |
Traverse Midstream Partners LLC
|
| |
(f)(h)
|
| | Midstream | | |
L+400
|
| | | | 1.0% | | | |
9/27/24
|
| | | | 94,172 | | | | | | 94,346 | | | | | | 90,640 | | |
Ultra Resources, Inc.
|
| |
(f)
|
| | Upstream | | |
L+400
|
| | | | 1.0% | | | |
4/12/24
|
| | | | 42,000 | | | | | | 37,917 | | | | | | 37,695 | | |
Warren Resources, Inc.
|
| |
(h)(w)(x)(z)
|
| | Upstream | | |
L+1000, 1.0% PIK (1.0% Max PIK)
|
| | | | 1.0% | | | |
5/22/20
|
| | | | 27,297 | | | | | | 27,297 | | | | | | 27,297 | | |
Total Senior Secured Loans—First Lien
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,279,252 | | | | | | 1,224,854 | | |
Unfunded Loan Commitments
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (47,973) | | | | | | (47,973) | | |
Net Senior Secured Loans—First Lien
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,231,279 | | | | | | 1,176,881 | | |
Senior Secured Loans—Second Lien—21.9% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Aethon United BR LP
|
| |
(h)(w)
|
| | Upstream | | |
L+675
|
| | | | 1.0% | | | |
9/8/23
|
| | | | 103,919 | | | | | | 102,671 | | | | | | 103,503 | | |
Aethon United BR LP
|
| |
(e)(w)
|
| | Upstream | | |
L+675
|
| | | | 1.0% | | | |
9/8/23
|
| | | | 23,981 | | | | | | 23,981 | | | | | | 23,885 | | |
Arena Energy, LP
|
| |
(h)(w)(x)
|
| | Upstream | | |
L+900, 4.0% PIK (4.0% Max PIK)
|
| | | | 1.0% | | | |
1/24/21
|
| | | | 112,114 | | | | | | 112,114 | | | | | | 112,114 | | |
Bellatrix Exploration Ltd.
|
| |
(k)(w)(x)
|
| | Upstream | | |
8.5%
|
| | | | | | | |
7/26/23
|
| | | | 22,511 | | | | | | 22,511 | | | | | | 22,442 | | |
Bellatrix Exploration Ltd.
|
| |
(e)(k)(w)(x)
|
| | Upstream | | |
8.5%
|
| | | | | | | |
7/26/23
|
| | | | 7,504 | | | | | | 7,504 | | | | | | 7,481 | | |
Bellatrix Exploration Ltd.
|
| |
(k)(w)
|
| | Upstream | | |
8.5%
|
| | | | | | | |
7/26/23
|
| | | | 54,108 | | | | | | 49,005 | | | | | | 47,841 | | |
Chisholm Oil and Gas Operating, LLC
|
| |
(h)(w)(x)
|
| | Upstream | | |
L+800
|
| | | | 1.0% | | | |
3/21/24
|
| | | | 196,000 | | | | | | 196,000 | | | | | | 193,683 | | |
Encino Acquisition Partners Holdings LLC
|
| | | | | Upstream | | |
L+675
|
| | | | 1.0% | | | |
9/26/25
|
| | | | 20,000 | | | | | | 19,804 | | | | | | 19,100 | | |
Granite Acquisition, Inc.
|
| |
(x)
|
| | Power | | |
L+725
|
| | | | 1.0% | | | |
12/19/22
|
| | | | 22,331 | | | | | | 22,072 | | | | | | 21,872 | | |
Peak Exploration & Production, LLC
|
| |
(w)
|
| | Upstream | | |
L+675
|
| | | | 1.5% | | | |
11/16/23
|
| | | | 7,525 | | | | | | 7,451 | | | | | | 7,404 | | |
Peak Exploration & Production, LLC
|
| |
(e)(w)
|
| | Upstream | | |
L+675
|
| | | | 1.5% | | | |
11/16/23
|
| | | | 7,525 | | | | | | 7,525 | | | | | | 7,404 | | |
Penn Virginia Holdings Corp.
|
| |
(h)(k)(w)
|
| | Upstream | | |
L+700
|
| | | | 1.0% | | | |
9/29/22
|
| | | | 20,000 | | | | | | 20,000 | | | | | | 19,650 | | |
Rosehill Operating Company, LLC
|
| |
(w)(x)
|
| | Upstream | | |
10.0%
|
| | | | | | | |
1/31/23
|
| | | | 1,667 | | | | | | 1,652 | | | | | | 1,649 | | |
SilverBow Resources, Inc.
|
| |
(h)(k)(w)
|
| | Upstream | | |
L+750
|
| | | | 1.0% | | | |
12/15/24
|
| | | | 19,000 | | | | | | 18,832 | | | | | | 18,715 | | |
Titan Energy Operating, LLC
|
| |
(m)(o)(w)(x)(z)
|
| | Upstream | | |
L+1300 PIK (L+1300 Max PIK)
|
| | | | 1.0% | | | |
2/23/20
|
| | | | 133,445 | | | | | | 100,902 | | | | | | 12,411 | | |
Total Senior Secured Loans—Second Lien
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 712,024 | | | | | | 619,154 | | |
Unfunded Loan Commitments
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (39,010) | | | | | | (39,010) | | |
Net Senior Secured Loans—Second Lien
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 673,014 | | | | | | 580,144 | | |
Senior Secured Bonds—18.6% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Black Swan Energy Ltd.
|
| |
(h)(k)(w)(x)
|
| | Upstream | | |
9.0%
|
| | | | | | | |
1/20/24
|
| | | | 90,000 | | | | | | 90,000 | | | | | | 86,850 | | |
Denbury Resources Inc.
|
| |
(k)
|
| | Upstream | | |
7.5%
|
| | | | | | | |
2/15/24
|
| | | | 12,000 | | | | | | 11,994 | | | | | | 9,675 | | |
Denbury Resources Inc.
|
| |
(k)
|
| | Upstream | | |
9.3%
|
| | | | | | | |
3/31/22
|
| | | | 27,341 | | | | | | 29,041 | | | | | | 25,666 | | |
FourPoint Energy, LLC
|
| |
(h)(i)(w)(x)(z)
|
| | Upstream | | |
9.0%
|
| | | | | | | |
12/31/21
|
| | | | 235,125 | | | | | | 229,067 | | | | | | 231,010 | | |
Sunnova Energy Corp.
|
| |
(h)(w)(z)
|
| | Power | | |
6.0%, 6.0% PIK (6.0% Max PIK)
|
| | | | | | | |
7/31/19
|
| | | | 17,868 | | | | | | 17,868 | | | | | | 17,757 | | |
Velvet Energy Ltd.
|
| |
(h)(k)(w)
|
| | Upstream | | |
9.0%
|
| | | | | | | |
10/5/23
|
| | | | 120,000 | | | | | | 120,000 | | | | | | 120,958 | | |
Total Senior Secured Bonds
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 497,970 | | | | | | 491,916 | | |
|
Portfolio Company(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate(b)
|
| |
Floor
|
| |
Maturity
|
| |
Principal
Amount(c) |
| |
Amortized
Cost |
| |
Fair
Value(d) |
| ||||||||||||
Unsecured Debt—26.7% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Amerigas—Amerigas Partners, L.P.
|
| |
(k)(x)
|
| | Midstream | | |
5.8%
|
| | | | | | | |
5/20/27
|
| | | $ | 13,267 | | | | | $ | 13,038 | | | | | $ | 11,874 | | |
Amerigas—Amerigas Partners, L.P.
|
| |
(k)(x)
|
| | Midstream | | |
5.9%
|
| | | | | | | |
8/20/26
|
| | | | 4,508 | | | | | | 4,462 | | | | | | 4,080 | | |
Archrock Partners, L.P.
|
| |
(k)
|
| | Midstream | | |
6.0%
|
| | | | | | | |
10/1/22
|
| | | | 26,333 | | | | | | 26,536 | | | | | | 25,436 | | |
Archrock Partners, L.P.
|
| |
(k)
|
| | Midstream | | |
6.0%
|
| | | | | | | |
4/1/21
|
| | | | 5,690 | | | | | | 5,728 | | | | | | 5,534 | | |
Ascent Resources Utica Holdings, LLC
|
| |
(x)
|
| | Upstream | | |
10.0%
|
| | | | | | | |
4/1/22
|
| | | | 97,701 | | | | | | 97,701 | | | | | | 99,988 | | |
Bruin E&P Partners, LLC
|
| |
(x)
|
| | Upstream | | |
8.9%
|
| | | | | | | |
8/1/23
|
| | | | 36,250 | | | | | | 35,782 | | | | | | 32,444 | | |
Canbriam Energy Inc.
|
| |
(h)(k)(x)
|
| | Upstream | | |
9.8%
|
| | | | | | | |
11/15/19
|
| | | | 109,790 | | | | | | 108,872 | | | | | | 96,341 | | |
Compressco Partners, LP
|
| |
(x)
|
| | Midstream | | |
7.3%
|
| | | | | | | |
8/15/22
|
| | | | 13,050 | | | | | | 13,006 | | | | | | 11,615 | | |
Covey Park Energy LLC
|
| |
(x)
|
| | Upstream | | |
7.5%
|
| | | | | | | |
5/15/25
|
| | | | 62,289 | | | | | | 62,725 | | | | | | 54,269 | | |
Ferrellgas, L.P.
|
| | | | | Midstream | | |
6.5%
|
| | | | | | | |
5/1/21
|
| | | | 3,000 | | | | | | 2,501 | | | | | | 2,499 | | |
Global Jet Capital Holdings, LP
|
| |
(w)(x)
|
| | Industrials | | |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
1/30/25
|
| | | | 986 | | | | | | 971 | | | | | | 986 | | |
Global Jet Capital Holdings, LP
|
| |
(w)(x)
|
| | Industrials | | |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
4/30/25
|
| | | | 6,267 | | | | | | 6,174 | | | | | | 6,267 | | |
Global Jet Capital Holdings, LP
|
| |
(w)(x)
|
| | Industrials | | |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
9/3/25
|
| | | | 1,295 | | | | | | 1,276 | | | | | | 1,295 | | |
Global Jet Capital Holdings, LP
|
| |
(w)(x)
|
| | Industrials | | |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
9/29/25
|
| | | | 1,219 | | | | | | 1,201 | | | | | | 1,219 | | |
Global Jet Capital Holdings, LP
|
| |
(w)(x)
|
| | Industrials | | |
15.0% PIK (15.0% Max PIK)
|
| | | | | | | |
12/2/26
|
| | | | 1,072 | | | | | | 1,056 | | | | | | 1,072 | | |
Great Western Petroleum, LLC
|
| |
(w)(x)
|
| | Upstream | | |
8.5%
|
| | | | | | | |
4/15/25
|
| | | | 13,636 | | | | | | 13,026 | | | | | | 11,967 | | |
Great Western Petroleum, LLC
|
| |
(w)(x)
|
| | Upstream | | |
9.0%
|
| | | | | | | |
9/30/21
|
| | | | 35,830 | | | | | | 35,735 | | | | | | 31,665 | | |
Hammerhead Resources Inc.
|
| |
(h)(k)(x)
|
| | Upstream | | |
9.0%
|
| | | | | | | |
7/10/22
|
| | | | 100,000 | | | | | | 97,739 | | | | | | 95,000 | | |
Hilcorp Energy I, L.P.
|
| | | | | Upstream | | |
5.0%
|
| | | | | | | |
12/1/24
|
| | | | 23,418 | | | | | | 22,514 | | | | | | 20,892 | | |
Hilcorp Energy I, L.P.
|
| | | | | Upstream | | |
5.8%
|
| | | | | | | |
10/1/25
|
| | | | 12,067 | | | | | | 12,038 | | | | | | 10,772 | | |
Lonestar Resources America Inc.
|
| |
(x)
|
| | Upstream | | |
11.3%
|
| | | | | | | |
1/1/23
|
| | | | 37,500 | | | | | | 38,537 | | | | | | 35,437 | | |
Martin Midstream Partners L.P.
|
| |
(k)(x)
|
| | Midstream | | |
7.3%
|
| | | | | | | |
2/15/21
|
| | | | 12,723 | | | | | | 12,235 | | | | | | 12,300 | | |
Moss Creek Resources, LLC
|
| |
(x)
|
| | Upstream | | |
7.5%
|
| | | | | | | |
1/15/26
|
| | | | 55,500 | | | | | | 55,035 | | | | | | 48,400 | | |
Suburban Propane Partners LP
|
| |
(k)
|
| | Midstream | | |
5.8%
|
| | | | | | | |
3/1/25
|
| | | | 8,433 | | | | | | 8,217 | | | | | | 7,811 | | |
Suburban Propane Partners LP
|
| |
(k)
|
| | Midstream | | |
5.9%
|
| | | | | | | |
3/1/27
|
| | | | 37,758 | | | | | | 35,572 | | | | | | 33,368 | | |
Talen Energy Supply LLC
|
| | | | | Power | | |
9.5%
|
| | | | | | | |
7/15/22
|
| | | | 10,365 | | | | | | 10,469 | | | | | | 10,459 | | |
Tenrgys, LLC
|
| |
(i)(m)(o)(w)(x)
|
| | Upstream | | |
L+900
|
| | | | 2.5% | | | |
12/23/18
|
| | | | 75,000 | | | | | | 75,000 | | | | | | 33,100 | | |
Total Unsecured Debt
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 797,146 | | | | | | 706,090 | | |
|
Portfolio Company(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Rate(b)
|
| |
Maturity
|
| |
Number of
Shares |
| |
Amortized
Cost |
| |
Fair
Value(d) |
| |||||||||
Preferred Equity—18.9%(l) | | | | | | | | | |||||||||||||||||||||||
Abaco Energy Technologies LLC, Preferred Equity
|
| |
(o)(w)(x)
|
| |
Service & Equipment
|
| | | | | | | | | | 28,942,003 | | | | | $ | 1,447 | | | | | $ | 15,195 | | |
Altus Power America Holdings, LLC, Preferred Equity
|
| |
(i)(p)(w)(x)(z)
|
| | Power | | |
9.0%, 5.0% PIK (5.0% Max PIK)
|
| |
10/3/23
|
| | | | 28,646,341 | | | | | | 28,646 | | | | | | 28,217 | | |
Global Jet Capital Holdings, LP, Preferred Equity
|
| |
(o)(w)(x)
|
| | Industrials | | | | | | | | | | | 2,785,562 | | | | | | 2,786 | | | | | | 390 | | |
Great Western Petroleum, LLC, Preferred Equity
|
| |
(i)(n)(w)(x)
|
| | Upstream | | |
15.5%
|
| |
12/31/27
|
| | | | 36,363 | | | | | | 38,480 | | | | | | 36,424 | | |
Limetree Bay Ventures, LLC, Preferred Equity
|
| |
(w)(x)
|
| | Midstream | | |
13.9%
|
| |
11/30/24
|
| | | | 75,000,000 | | | | | | 71,878 | | | | | | 71,594 | | |
MB Precision Investment Holdings LLC, Class A Preferred Units
|
| |
(o)(w)(x)(z)
|
| | Industrials | | | | | | | | | | | 8,952,623 | | | | | | 1,843 | | | | | | 1,248 | | |
NuStar, Preferred Equity
|
| |
(k)(w)(x)
|
| | Midstream | | |
12.8%
|
| |
6/29/28
|
| | | | 5,910,165 | | | | | | 146,794 | | | | | | 160,981 | | |
Rosehill Resources, Inc. Preferred Equity
|
| |
(o)(w)(x)
|
| | Upstream | | | | | | | | | | | 2,536 | | | | | | 2,511 | | | | | | 2,555 | | |
Segreto Power Holdings, LLC, Preferred Equity
|
| |
(g)(w)(x)
|
| | Power | | |
13.1%
|
| |
5/8/25
|
| | | | 70,297 | | | | | | 69,242 | | | | | | 74,131 | | |
Sunnova Energy Corp., Preferred Equity
|
| |
(o)(w)(x)(z)
|
| | Power | | | | | | | | | | | 1,117,214 | | | | | | 5,948 | | | | | | 6,134 | | |
Synergy Offshore LLC, Preferred Equity
|
| |
(i)(m)(o)(v)(w)(x)
|
| | Upstream | | | | | | | | | | | 71,131 | | | | | | 93,009 | | | | | | 20,486 | | |
TE Holdings, LLC, Preferred Equity
|
| |
(o)(x)
|
| | Upstream | | | | | | | | | | | 1,475,531 | | | | | | 14,734 | | | | | | 4,427 | | |
USA Compression Partners, LP, Preferred Equity
|
| |
(k)(w)(x)
|
| | Midstream | | |
9.8%
|
| |
4/3/28
|
| | | | 79,336 | | | | | | 77,334 | | | | | | 80,812 | | |
Total Preferred Equity
|
| | | | | | | | | | | | | | | | | | | | | | 554,652 | | | | | | 502,594 | | |
|
Portfolio Company(a)
|
| |
Footnotes
|
| |
Industry
|
| |
Number of
Shares |
| |
Amortized
Cost |
| |
Fair
Value(d) |
| |||||||||
Equity/Other—10.0%(l) | | | | | | | | | | | | | | | | ||||||||||
Abaco Energy Technologies LLC, Common Equity
|
| |
(o)(w)(x)
|
| | Service & Equipment | | | | | 6,944,444 | | | | | $ | 6,944 | | | | | $ | 2,951 | | |
Allied Downhole Technologies, LLC, Common Equity
|
| |
(i)(n)(o)(w)(x)
|
| | Service & Equipment | | | | | 7,431,113 | | | | | | 7,223 | | | | | | 6,316 | | |
Allied Downhole Technologies, LLC, Warrants, 2/28/29
|
| |
(i)(n)(o)(w)(x)
|
| | Service & Equipment | | | | | 5,344,680 | | | | | | 1,865 | | | | | | 4,543 | | |
Altus Power America Holdings, LLC, Common Equity
|
| |
(i)(o)(w)(x)(z)
|
| | Power | | | | | 12,474,205 | | | | | | 12,474 | | | | | | 2,183 | | |
Ascent Resources Utica Holdings, LLC, Common Equity
|
| |
(o)(q)(w)(x)
|
| | Upstream | | | | | 148,692,909 | | | | | | 44,700 | | | | | | 41,337 | | |
BL Sand Hills Unit, L.P., Net Profits Interest
|
| |
(o)(s)(w)(x)(z)
|
| | Upstream | | | | | N/A | | | | | | 5,180 | | | | | | 1,150 | | |
BL Sand Hills Unit, L.P., Overriding Royalty Interest
|
| |
(s)(w)(x)(z)
|
| | Upstream | | | | | N/A | | | | | | 740 | | | | | | 738 | | |
BL Sand Hills Unit, L.P., Series A Units
|
| |
(g)(o)(w)(x)(z)
|
| | Upstream | | | | | 29,117 | | | | | | 24,019 | | | | | | 3,239 | | |
Chisholm Oil and Gas, LLC, Series A Units
|
| |
(g)(o)(w)(x)
|
| | Upstream | | | | | 14,700,000 | | | | | | 14,700 | | | | | | 6,273 | | |
Cimarron Energy Holdco Inc., Common Equity
|
| |
(o)(w)(x)
|
| | Service & Equipment | | | | | 4,302,293 | | | | | | 3,950 | | | | | | 194 | | |
Cimarron Energy Holdco Inc., Participation Option
|
| |
(o)(w)(x)
|
| | Service & Equipment | | | | | 25,000,000 | | | | | | 1,289 | | | | | | 1,125 | | |
FourPoint Energy, LLC, Common Equity, Class C-II-A Units
|
| |
(i)(n)(o)(w)(x)(z)
|
| | Upstream | | | | | 66,000 | | | | | | 66,000 | | | | | | 14,768 | | |
FourPoint Energy, LLC, Common Equity, Class D Units
|
| |
(i)(n)(o)(w)(x)(z)
|
| | Upstream | | | | | 12,374 | | | | | | 8,176 | | | | | | 2,800 | | |
FourPoint Energy, LLC, Common Equity, Class E-II Units
|
| |
(g)(o)(w)(x)(z)
|
| | Upstream | | | | | 150,937 | | | | | | 37,734 | | | | | | 33,772 | | |
FourPoint Energy, LLC, Common Equity, Class E-III Units
|
| |
(g)(i)(n)(o)(w)(x)(z)
|
| | Upstream | | | | | 222,750 | | | | | | 55,688 | | | | | | 49,840 | | |
Harvest Oil & Gas Corp., Common Equity
|
| |
(o)(x)(z)
|
| | Upstream | | | | | 1,350,620 | | | | | | 29,714 | | | | | | 24,284 | | |
Industrial Group Intermediate Holdings, LLC, Common Equity
|
| |
(i)(n)(o)(w)(x)
|
| | Industrials | | | | | 472,755 | | | | | | 473 | | | | | | 284 | | |
JSS Holdco, LLC, Net Profits Interest
|
| |
(o)(w)(x)
|
| | Industrials | | | | | N/A | | | | | | — | | | | | | 97 | | |
Limetree Bay Ventures, LLC, Common Equity
|
| |
(o)(w)(x)
|
| | Midstream | | | | | 13,486 | | | | | | 3,406 | | | | | | 3,406 | | |
Lusk Operating LLC, Common Equity
|
| |
(o)(r)(w)(x)(aa)
|
| | Upstream | | | | | 2,000 | | | | | | — | | | | | | — | | |
MB Precision Investment Holdings LLC, Class A-2 Units
|
| |
(i)(n)(o)(w)(x)(z)
|
| | Industrials | | | | | 1,426,110 | | | | | | 490 | | | | | | — | | |
PDI Parent LLC, Common Equity
|
| |
(o)(w)(x)
|
| | Power | | | | | 1,384,615 | | | | | | 1,385 | | | | | | 727 | | |
Ridgeback Resources Inc., Common Equity
|
| |
(j)(k)(o)(t)(w)(x)(z)
|
| | Upstream | | | | | 9,599,928 | | | | | | 58,985 | | | | | | 47,488 | | |
Sunnova Energy Corp., Common Equity
|
| |
(o)(w)(x)(z)
|
| | Power | | | | | 6,667,368 | | | | | | 25,026 | | | | | | — | | |
Swift Worldwide Resources Holdco Limited, Common Equity
|
| |
(k)(o)(u)(w)(x)
|
| | Service & Equipment | | | | | 3,750,000 | | | | | | 6,029 | | | | | | 1,875 | | |
TE Holdings, LLC, Common Equity
|
| |
(g)(o)(x)
|
| | Upstream | | | | | 2,225,950 | | | | | | 18,921 | | | | | | 1,391 | | |
The Brock Group, Inc., Common Equity
|
| |
(j)(o)(w)(x)
|
| | Service & Equipment | | | | | 786,094 | | | | | | 15,617 | | | | | | — | | |
Titan Energy, LLC, Common Equity
|
| |
(o)(x)(z)
|
| | Upstream | | | | | 555,496 | | | | | | 17,554 | | | | | | 167 | | |
USA Compression Partners, LP, Warrants (Market), 4/3/28
|
| |
(k)(o)(w)(x)
|
| | Midstream | | | | | 793,359 | | | | | | 555 | | | | | | 627 | | |
USA Compression Partners, LP, Warrants (Premium), 4/3/28
|
| |
(k)(o)(w)(x)
|
| | Midstream | | | | | 1,586,719 | | | | | | 714 | | | | | | 793 | | |
Warren Resources, Inc., Common Equity
|
| |
(j)(o)(w)(x)(z)
|
| | Upstream | | | | | 4,415,749 | | | | | | 20,754 | | | | | | 10,377 | | |
White Star Petroleum Holdings, LLC, Common Equity
|
| |
(g)(o)(w)(x)
|
| | Upstream | | | | | 4,867,084 | | | | | | 4,137 | | | | | | 1,582 | | |
Total Equity/Other
|
| | | | | | | | | | | | | | | | 494,442 | | | | | | 264,327 | | |
TOTAL INVESTMENTS—140.5%
|
| | | | | | | | | | | | | | | $ | 4,248,503 | | | | | | 3,721,952 | | |
LIABILITIES IN EXCESS OF OTHER ASSETS—(40.5%)
|
| |
(bb)
|
| | | | | | | | | | | | | | | | | | | (1,073,766) | | |
NET ASSETS—100.0%
|
| | | | | | | | | | | | | | | | | | | | | $ | 2,648,186 | | |
|
Derivative Instruments
Swap Contracts—Crude Oil(y)
|
| | | | | | | | |||||||||||||||||||||||
Counterparty
|
| |
Type
|
| |
Location
|
| |
Period
|
| |
Bbls
|
| |
Weighted Average Price
($/Bbls) |
| |
Unrealized
Appreciation |
| |
Unrealized
Depreciation |
| |||||||||
BP Energy Company
|
| |
Fixed
|
| | NYMEX WTI | | |
January 1, 2019–December 31, 2023
|
| | | | 1,441,514 | | | |
$63.88
|
| | | $ | 20,162 | | | | | $ | — | | |
BP Energy Company
|
| |
Basis
|
| |
NYMEX WTI/Argus LLS
|
| |
January 1, 2019–December 31, 2023
|
| | | | 1,233,639 | | | |
$3.42
|
| | | | 149 | | | | | | 672 | | |
Macquarie Bank Limited
|
| |
Basis
|
| |
NYMEX WTI/Argus LLS
|
| |
January 1, 2019–December 31, 2019
|
| | | | 207,837 | | | |
$5.38
|
| | | | 130 | | | | | | — | | |
Total Swap Contracts—Crude Oil
|
| | | | | | | | | | | | | | | | | | | | | | 20,441 | | | | | | 672 | | |
|
Swap Contracts—Natural Gas(y)
Counterparty
|
| |
Type
|
| |
Location
|
| |
Period
|
| |
MMBtu
|
| |
Weighted Average Price
($/MMBtu) |
| |
Unrealized
Appreciation |
| |
Unrealized
Depreciation |
| |||||||||
Macquarie Bank Limited
|
| |
Fixed
|
| | NYMEX Henry Hub | | |
January 1, 2019–December 31, 2023
|
| | | | 4,099,135 | | | |
$2.71
|
| | | $ | 80 | | | | | $ | 195 | | |
Total Swap Contracts—Natural Gas
|
| | | | | | | | | | | | | | | | | | | | | | 80 | | | | | | 195 | | |
TOTAL SWAP CONTRACTS
|
| | | | | | | | | | | | | | | | | | | | | $ | 20,521 | | | | | $ | 867 | | |
|
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
Realized Gain (Loss) |
| |
Net Change in
Unrealized Appreciation (Depreciation) |
| |
Fair Value at
December 31, 2018 |
| |
Interest
Income(2) |
| |
PIK
Income(2) |
| |
Fee
Income(2) |
| ||||||||||||||||||||||||||||||
Senior Secured Loans—First Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Altus Power America, Inc.(1)
|
| | | $ | 75,353 | | | | | $ | 8,561 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | (667) | | | | | $ | 83,247 | | | | | $ | 7,975 | | | | | $ | — | | | | | $ | — | | |
BL Sand Hills Unit, L.P.
|
| | | | 20,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 20,000 | | | | | | 2,281 | | | | | | — | | | | | | — | | |
MB Precision Holdings LLC
|
| | | | — | | | | | | 13,945 | | | | | | (2,747) | | | | | | — | | | | | | (6,885) | | | | | | 260 | | | | | | 4,573 | | | | | | 749 | | | | | | 152 | | | | | | — | | |
Warren Resources, Inc.
|
| | | | 81,214 | | | | | | 329 | | | | | | (52,265) | | | | | | — | | | | | | — | | | | | | (1,981) | | | | | | 27,297 | | | | | | 3,612 | | | | | | 329 | | | | | | 2,091 | | |
Senior Secured Loans—Second Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Titan Energy Operating, LLC
|
| | | | 62,026 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (49,615) | | | | | | 12,411 | | | | | | 895 | | | | | | — | | | | | | — | | |
Senior Secured Bonds | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
FourPoint Energy, LLC
|
| | | | 238,946 | | | | | | — | | | | | | (1,485) | | | | | | 2,737 | | | | | | — | | | | | | (9,188) | | | | | | 231,010 | | | | | | 24,133 | | | | | | — | | | | | | — | | |
Ridgeback Resources Inc.
|
| | | | 3,887 | | | | | | — | | | | | | (3,887) | | | | | | 6 | | | | | | 56 | | | | | | (62) | | | | | | — | | | | | | 297 | | | | | | — | | | | | | — | | |
Sunnova Energy Corp.
|
| | | | — | | | | | | 35,474 | | | | | | (17,606) | | | | | | — | | | | | | — | | | | | | (111) | | | | | | 17,757 | | | | | | 3,341 | | | | | | 1,804 | | | | | | — | | |
Preferred Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Altus Power America Holdings, LLC, Preferred Equity
|
| | | | 25,793 | | | | | | 6,694 | | | | | | (3,841) | | | | | | — | | | | | | — | | | | | | (429) | | | | | | 28,217 | | | | | | 3,746 | | | | | | — | | | | | | — | | |
MB Precision Investment Holdings LLC, Class A Preferred Units
|
| | | | — | | | | | | 1,843 | | | | | | — | | | | | | — | | | | | | — | | | | | | (595) | | | | | | 1,248 | | | | | | — | | | | | | — | | | | | | — | | |
Sunnova Energy Corp., Preferred Equity
|
| | | | — | | | | | | 5,948 | | | | | | — | | | | | | — | | | | | | — | | | | | | 186 | | | | | | 6,134 | | | | | | — | | | | | | — | | | | | | — | | |
Equity/Other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Altus Power America Holdings, LLC, Common Equity
|
| | | | 1,871 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 312 | | | | | | 2,183 | | | | | | — | | | | | | — | | | | | | — | | |
BL Sand Hills Unit, L.P., Net Profits Interest
|
| | | | 966 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 184 | | | | | | 1,150 | | | | | | — | | | | | | — | | | | | | — | | |
BL Sand Hills Unit, L.P., Overriding Royalty Interest
|
| | | | 726 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 12 | | | | | | 738 | | | | | | — | | | | | | — | | | | | | — | | |
BL Sand Hills Unit, L.P., Series A Units
|
| | | | 7,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (3,761) | | | | | | 3,239 | | | | | | — | | | | | | — | | | | | | — | | |
FourPoint Energy, LLC, Common Equity, Class C-II-A Units
|
| | | | 19,140 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (4,372) | | | | | | 14,768 | | | | | | — | | | | | | — | | | | | | — | | |
FourPoint Energy, LLC, Common Equity, Class D Units
|
| | | | 3,619 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (819) | | | | | | 2,800 | | | | | | — | | | | | | — | | | | | | — | | |
FourPoint Energy, LLC, Common Equity, Class E-II Units
|
| | | | 43,395 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (9,623) | | | | | | 33,772 | | | | | | — | | | | | | — | | | | | | — | | |
FourPoint Energy, LLC, Common Equity, Class E-III Units
|
| | | | 64,598 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (14,758) | | | | | | 49,840 | | | | | | — | | | | | | — | | | | | | — | | |
Harvest Oil & Gas Corp., Common Equity
|
| | | | — | | | | | | 29,714 | | | | | | — | | | | | | — | | | | | | — | | | | | | (5,430) | | | | | | 24,284 | | | | | | — | | | | | | — | | | | | | — | | |
MB Precision Investment Holdings LLC, Class A-2 Units
|
| | | | — | | | | | | 490 | | | | | | — | | | | | | — | | | | | | — | | | | | | (490) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Ridgeback Resources Inc., Common Equity
|
| | | | 58,284 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (10,796) | | | | | | 47,488 | | | | | | — | | | | | | — | | | | | | — | | |
Sunnova Energy Corp., Common Equity
|
| | | | — | | | | | | 25,026 | | | | | | — | | | | | | — | | | | | | — | | | | | | (25,026) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Titan Energy, LLC, Common Equity
|
| | | | 844 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (677) | | | | | | 167 | | | | | | — | | | | | | — | | | | | | — | | |
Warren Resources, Inc., Common Equity
|
| | | | 7,507 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,870 | | | | | | 10,377 | | | | | | — | | | | | | — | | | | | | — | | |
| | | | $ | 715,169 | | | | | $ | 128,024 | | | | | $ | (81,831) | | | | | $ | 2,743 | | | | | $ | (6,829) | | | | | $ | (134,576) | | | | | $ | 622,700 | | | | | $ | 47,029 | | | | | $ | 2,285 | | | | | $ | 2,091 | | |
|
| | |
Three Months Ended March 31,
|
| |||||||||||||||||||||
| | |
2019
|
| |
2018
|
| ||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||
Reinvestment of Distributions
|
| | | | 4,394,767 | | | | | $ | 26,953 | | | | | | 4,714,195 | | | | | $ | 31,380 | | |
Share Repurchase Program
|
| | | | (4,991,838) | | | | | | (30,450) | | | | | | (9,018,665) | | | | | | (60,425) | | |
Net Proceeds from Share Transactions
|
| | | | (597,071) | | | | | $ | (3,497) | | | | | | (4,304,470) | | | | | $ | (29,045) | | |
|
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 2018 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
December 31, 2017
|
| |
January 12, 2018
|
| | | | 9,018,665 | | | | | | 64% | | | | | | 2.02% | | | | | $ | 6.70 | | | | | $ | 60,425 | | |
Fiscal 2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
December 31, 2018
|
| |
January 2, 2019
|
| | | | 4,568,195 | | | | | | 16% | | | | | | 1.04% | | | | | $ | 6.10 | | | | | $ | 27,866 | | |
| | | | | | | | |
Three Months Ended
March 31, |
| |||||||||
Related Party
|
| |
Source Agreement
|
| |
Description
|
| |
2019
|
| |
2018
|
| ||||||
FS Advisor and FS/EIG Advisor
|
| | FS Advisor investment advisory agreement and FS/EIG investment advisory agreement | | | Base Management Fee(1) | | | | $ | 16,848 | | | | | $ | 18,298 | | |
FS Advisor and FS/EIG Advisor
|
| | FS Advisor investment advisory agreement and FS/EIG investment advisory agreement | | | Administrative Services Expenses(2) | | | | $ | 793 | | | | | $ | 793 | | |
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 2018 | | | | | | | | | | | | | |
March 31, 2018
|
| | | $ | 0.12500 | | | | | $ | 54,823 | | |
Fiscal 2019 | | | | | | | | | | | | | |
March 31, 2019
|
| | | $ | 0.12500 | | | | | $ | 54,616 | | |
| | |
Three Months Ended March 31,
|
| |||||||||||||||||||||
| | |
2019
|
| |
2018
|
| ||||||||||||||||||
Source of Distribution
|
| |
Distribution
Amount |
| |
Percentage
|
| |
Distribution
Amount |
| |
Percentage
|
| ||||||||||||
Offering proceeds
|
| | | $ | — | | | | | | — | | | | | $ | — | | | | | | — | | |
Borrowings
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net investment income(1)
|
| | | | 54,616 | | | | | | 100% | | | | | | 54,823 | | | | | | 100% | | |
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
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Expense reimbursement from sponsor
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | $ | 54,616 | | | | | | 100% | | | | | $ | 54,823 | | | | | | 100% | | |
|
| | |
Three Months Ended
March 31, |
| |||||||||
| | |
2019
|
| |
2018
|
| ||||||
GAAP-basis net investment income
|
| | | $ | 46,979 | | | | | $ | 54,388 | | |
Reclassification of unamortized original issue discount, amendment fees and
prepayment fees |
| | | | (884) | | | | | | (9,459) | | |
GAAP versus tax-basis impact of consolidation of certain subsidiaries
|
| | | | 6,255 | | | | | | 6,549 | | |
Income subject to tax not recorded for GAAP (Income recorded for GAAP not subject to tax)
|
| | | | (1,167) | | | | | | 8,742 | | |
Other miscellaneous differences
|
| | | | 1,525 | | | | | | (6) | | |
Tax-basis net investment income
|
| | | $ | 52,708 | | | | | $ | 60,214 | | |
|
| | |
March 31, 2019
(Unaudited) |
| |
December 31,
2018 |
| ||||||
Distributable ordinary income
|
| | | $ | 4,602 | | | | | $ | 6,510 | | |
Accumulated capital losses(1)
|
| | | | (549,405) | | | | | | (550,356) | | |
Other temporary differences
|
| | | | (171) | | | | | | (178) | | |
Net unrealized appreciation (depreciation) on investments, swap contracts and
unrealized gain/loss on foreign currency(2) |
| | | | (494,579) | | | | | | (555,022) | | |
Total
|
| | | $ | (1,039,553) | | | | | $ | (1,099,046) | | |
|
Year
|
| |
Location
|
| |
Bbls
|
| |
Weighted Average Price
($/Bbls) |
| ||||||
2019
|
| | NYMEX WTI | | | | | 326,158 | | | | | $ | 68.57 | | |
2020
|
| | NYMEX WTI | | | | | 511,363 | | | | | $ | 65.12 | | |
2021
|
| | NYMEX WTI | | | | | 132,918 | | | | | $ | 61.24 | | |
2022
|
| | NYMEX WTI | | | | | 180,928 | | | | | $ | 57.96 | | |
2023
|
| | NYMEX WTI | | | | | 168,518 | | | | | $ | 55.63 | | |
Year
|
| |
Location
|
| |
MMBtu
|
| |
Weighted Average Price
($/MMBtu) |
| ||||||
2019
|
| | NYMEX Henry Hub | | | | | 945,552 | | | | | $ | 2.75 | | |
2020
|
| | NYMEX Henry Hub | | | | | 1,537,598 | | | | | $ | 2.64 | | |
2021
|
| | NYMEX Henry Hub | | | | | 337,174 | | | | | $ | 2.55 | | |
2022
|
| | NYMEX Henry Hub | | | | | 385,908 | | | | | $ | 2.55 | | |
2023
|
| | NYMEX Henry Hub | | | | | 343,702 | | | | | $ | 2.58 | | |
Year
|
| |
Location
|
| |
Bbls
|
| |
Weighted Average Price
($/Bbls) |
| ||||||
2019
|
| | Argus LLS/NYMEX WTI | | | | | 326,149 | | | | | $ | 5.34 | | |
2020
|
| | Argus LLS/NYMEX WTI | | | | | 511,357 | | | | | $ | 3.71 | | |
2021
|
| | Argus LLS/NYMEX WTI | | | | | 132,912 | | | | | $ | 2.85 | | |
2022
|
| | Argus LLS/NYMEX WTI | | | | | 180,921 | | | | | $ | 2.07 | | |
2023
|
| | Argus LLS/NYMEX WTI | | | | | 168,512 | | | | | $ | 1.78 | | |
| | |
March 31, 2019
(Unaudited) |
| |
December 31, 2018
|
| ||||||||||||||||||
Instrument
|
| |
Asset(1)
|
| |
Liability(2)
|
| |
Asset(1)
|
| |
Liability(2)
|
| ||||||||||||
Swap Contracts—Crude Oil
|
| | | $ | 8,022 | | | | | $ | 345 | | | | | $ | 20,441 | | | | | $ | 672 | | |
Swap Contracts—Natural Gas
|
| | | | 2 | | | | | | 331 | | | | | | 80 | | | | | | 195 | | |
Total
|
| | | $ | 8,024 | | | | | $ | 676 | | | | | $ | 20,521 | | | | | $ | 867 | | |
|
Instrument
|
| |
Realized Gain (Loss)
on Derivatives Recognized in Income(1) |
| |
Net Change in Unrealized
Appreciation (Depreciation) on Derivatives Recognized in Income(2) |
| ||||||
Swap Contracts—Crude Oil
|
| | | $ | 1,502 | | | | | $ | (12,091) | | |
Swap Contracts—Natural Gas
|
| | | | 29 | | | | | | (215) | | |
Total
|
| | | $ | 1,531 | | | | | $ | (12,306) | | |
|
| | |
March 31, 2019
(Unaudited) |
| |
December 31, 2018
|
| ||||||||||||||||||||||||||||||
Counterparty
|
| |
Derivative
Assets Subject to Master Netting Agreement |
| |
Derivatives
Available for Offset |
| |
Net Amount of
Derivative Assets(1) |
| |
Derivative
Assets Subject to Master Netting Agreement |
| |
Derivatives
Available for Offset |
| |
Net Amount of
Derivative Assets(1) |
| ||||||||||||||||||
BP Energy Company
|
| | | $ | 8,333 | | | | | $ | 366 | | | | | $ | 7,967 | | | | | $ | 21,163 | | | | | $ | 672 | | | | | $ | 20,491 | | |
Macquarie Bank Limited
|
| | | | 163 | | | | | | 163 | | | | | | — | | | | | | 212 | | | | | | 212 | | | | | | — | | |
Total
|
| | | $ | 8,496 | | | | | $ | 529 | | | | | $ | 7,967 | | | | | $ | 21,375 | | | | | $ | 884 | | | | | $ | 20,491 | | |
|
| | |
March 31, 2019
(Unaudited) |
| |
December 31, 2018
|
| ||||||||||||||||||||||||||||||
Counterparty
|
| |
Derivative
Liabilities Subject to Master Netting Agreement |
| |
Derivatives
Available for Offset |
| |
Net Amount of
Derivative Liabilities(2) |
| |
Derivative
Liabilities Subject to Master Netting Agreement |
| |
Derivatives
Available for Offset |
| |
Net Amount of
Derivative Liabilities(2) |
| ||||||||||||||||||
BP Energy Company
|
| | | $ | 366 | | | | | $ | 366 | | | | | $ | — | | | | | $ | 672 | | | | | $ | 672 | | | | | $ | — | | |
Macquarie Bank Limited
|
| | | | 394 | | | | | | 163 | | | | | | 231 | | | | | | 420 | | | | | | 212 | | | | | | 208 | | |
Total
|
| | | $ | 760 | | | | | $ | 529 | | | | | $ | 231 | | | | | $ | 1,092 | | | | | $ | 884 | | | | | $ | 208 | | |
|
| | |
March 31, 2019
(Unaudited) |
| |
December 31, 2018
|
| ||||||||||||||||||||||||||||||
| | |
Amortized
Cost(1) |
| |
Fair Value
|
| |
Percentage
of Portfolio |
| |
Amortized
Cost(1) |
| |
Fair Value
|
| |
Percentage
of Portfolio |
| ||||||||||||||||||
Senior Secured Loans—First Lien
|
| | | $ | 1,362,987 | | | | | $ | 1,328,352 | | | | | | 36% | | | | | $ | 1,231,279 | | | | | $ | 1,176,881 | | | | | | 32% | | |
Senior Secured Loans—Second Lien
|
| | | | 690,279 | | | | | | 594,388 | | | | | | 16% | | | | | | 673,014 | | | | | | 580,144 | | | | | | 16% | | |
Senior Secured Bonds
|
| | | | 498,728 | | | | | | 497,095 | | | | | | 14% | | | | | | 497,970 | | | | | | 491,916 | | | | | | 13% | | |
Unsecured Debt
|
| | | | 573,945 | | | | | | 486,867 | | | | | | 13% | | | | | | 797,146 | | | | | | 706,090 | | | | | | 19% | | |
Preferred Equity
|
| | | | 557,669 | | | | | | 533,482 | | | | | | 14% | | | | | | 554,652 | | | | | | 502,594 | | | | | | 13% | | |
Equity/Other
|
| | | | 481,968 | | | | | | 273,765 | | | | | | 7% | | | | | | 494,442 | | | | | | 264,327 | | | | | | 7% | | |
Total
|
| | | $ | 4,165,576 | | | | | $ | 3,713,949 | | | | | | 100% | | | | | $ | 4,248,503 | | | | | $ | 3,721,952 | | | | | | 100% | | |
| | |
March 31, 2019
(Unaudited) |
| |
December 31, 2018
|
| ||||||||||||||||||
Industry Classification
|
| |
Fair Value
|
| |
Percentage
of Portfolio |
| |
Fair Value
|
| |
Percentage
of Portfolio |
| ||||||||||||
Upstream
|
| | | $ | 2,038,250 | | | | | | 55% | | | | | $ | 2,193,317 | | | | | | 59% | | |
Midstream
|
| | | | 935,562 | | | | | | 25% | | | | | | 831,722 | | | | | | 22% | | |
Power
|
| | | | 478,249 | | | | | | 13% | | | | | | 426,812 | | | | | | 12% | | |
Service & Equipment
|
| | | | 208,046 | | | | | | 6% | | | | | | 216,443 | | | | | | 6% | | |
Industrials
|
| | | | 53,842 | | | | | | 1% | | | | | | 53,658 | | | | | | 1% | | |
Total
|
| | | $ | 3,713,949 | | | | | | 100% | | | | | $ | 3,721,952 | | | | | | 100% | | |
|
Valuation Inputs
|
| |
March 31, 2019
(Unaudited) |
| |
December 31, 2018
|
| ||||||
Level 1—Price quotations in active markets
|
| | | $ | 22,718 | | | | | $ | 24,451 | | |
Level 2—Significant other observable inputs
|
| | | | 910,994 | | | | | | 1,148,071 | | |
Level 3—Significant unobservable inputs
|
| | | | 2,780,237 | | | | | | 2,549,430 | | |
Total
|
| | | $ | 3,713,949 | | | | | $ | 3,721,952 | | |
|
| | |
March 31, 2019
(Unaudited) |
| |
December 31, 2018
|
| ||||||||||||||||||
Valuation Inputs
|
| |
Assets
|
| |
Liabilities
|
| |
Assets
|
| |
Liabilities
|
| ||||||||||||
Level 1—Price quotations in active markets
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Level 2—Significant other observable inputs
|
| | | | 8,024 | | | | | | 676 | | | | | | 20,521 | | | | | | 867 | | |
Level 3—Significant unobservable inputs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | $ | 8,024 | | | | | $ | 676 | | | | | $ | 20,521 | | | | | $ | 867 | | |
|
| | |
For the Three Months Ended March 31, 2019
|
| |||||||||||||||||||||||||||||||||||||||
| | |
Senior Secured
Loans— First Lien |
| |
Senior Secured
Loans— Second Lien |
| |
Senior
Secured Bonds |
| |
Unsecured
Debt |
| |
Preferred
Equity |
| |
Equity/
Other |
| |
Total
|
| |||||||||||||||||||||
Fair value at beginning of period
|
| | | $ | 761,125 | | | | | $ | 539,172 | | | | | $ | 456,575 | | | | | $ | 55,906 | | | | | $ | 498,167 | | | | | $ | 238,485 | | | | | $ | 2,549,430 | | |
Accretion of discount (amortization of premium)
|
| | | | 276 | | | | | | 279 | | | | | | 604 | | | | | | 137 | | | | | | 2,638 | | | | | | — | | | | | | 3,934 | | |
Net realized gain (loss)
|
| | | | 154 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (7,859) | | | | | | (7,705) | | |
Net change in unrealized appreciation (depreciation)
|
| | | | 15,249 | | | | | | (3,814) | | | | | | 2,844 | | | | | | (5,040) | | | | | | 28,607 | | | | | | 23,783 | | | | | | 61,629 | | |
Purchases
|
| | | | 121,687 | | | | | | 15,869 | | | | | | — | | | | | | — | | | | | | 37 | | | | | | — | | | | | | 137,593 | | |
Paid-in-kind interest
|
| | | | 304 | | | | | | 1,095 | | | | | | 268 | | | | | | 244 | | | | | | 344 | | | | | | — | | | | | | 2,255 | | |
Sales and repayments
|
| | | | (57,284) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (4,615) | | | | | | (61,899) | | |
Net transfers in or out of Level 3(1)
|
| | | | — | | | | | | — | | | | | | — | | | | | | 95,000 | | | | | | — | | | | | | — | | | | | | 95,000 | | |
Fair value at end of period
|
| | | $ | 841,511 | | | | | $ | 552,601 | | | | | $ | 460,291 | | | | | $ | 146,247 | | | | | $ | 529,793 | | | | | $ | 249,794 | | | | | $ | 2,780,237 | | |
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 |
| | | $ | 15,680 | | | | | $ | (3,814) | | | | | $ | 2,844 | | | | | $ | (5,040) | | | | | $ | 28,607 | | | | | $ | 13,198 | | | | | $ | 51,475 | | |
|
| | |
For the Three Months Ended March 31, 2018
|
| |||||||||||||||||||||||||||||||||||||||
| | |
Senior
Secured Loans— First Lien |
| |
Senior
Secured Loans— Second Lien |
| |
Senior
Secured Bonds |
| |
Unsecured
Debt |
| |
Preferred
Equity |
| |
Equity/
Other |
| |
Total
|
| |||||||||||||||||||||
Fair value at beginning of period(2)
|
| | | $ | 924,926 | | | | | $ | 796,524 | | | | | $ | 660,151 | | | | | $ | 1,203,524 | | | | | $ | 78,161 | | | | | $ | 294,974 | | | | | $ | 3,958,260 | | |
Accretion of discount (amortization
of premium) |
| | | | 1,070 | | | | | | 519 | | | | | | 1,042 | | | | | | 849 | | | | | | — | | | | | | — | | | | | | 3,480 | | |
Net realized gain (loss)
|
| | | | (1,926) | | | | | | (29,312) | | | | | | (4,226) | | | | | | (28,785) | | | | | | (84) | | | | | | — | | | | | | (64,333) | | |
Net change in unrealized appreciation (depreciation)
|
| | | | (3,421) | | | | | | (13,015) | | | | | | (7,585) | | | | | | (2,863) | | | | | | 3,586 | | | | | | (198) | | | | | | (23,496) | | |
Purchases
|
| | | | 146,200 | | | | | | 14,403 | | | | | | 24,371 | | | | | | 76,596 | | | | | | 2,486 | | | | | | 3,777 | | | | | | 267,833 | | |
Paid-in-kind interest
|
| | | | 1,328 | | | | | | 1,298 | | | | | | 68 | | | | | | 325 | | | | | | — | | | | | | — | | | | | | 3,019 | | |
Sales and repayments
|
| | | | (174,934) | | | | | | (16,522) | | | | | | (69,136) | | | | | | (277,971) | | | | | | (811) | | | | | | — | | | | | | (539,374) | | |
Net transfers in or out of Level 3
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Fair value at end of period
|
| | | $ | 893,243 | | | | | $ | 753,895 | | | | | $ | 604,685 | | | | | $ | 971,675 | | | | | $ | 83,338 | | | | | $ | 298,553 | | | | | $ | 3,605,389 | | |
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 |
| | | $ | (2,481) | | | | | $ | (34,532) | | | | | $ | (9,272) | | | | | $ | (18,319) | | | | | $ | 3,587 | | | | | $ | (2,018) | | | | | $ | (63,035) | | |
|
Type of Investment
|
| |
Fair Value at
March 31, 2019 (Unaudited) |
| |
Valuation Technique(1)
|
| |
Unobservable Input
|
| |
Range
|
| |
Weighted
Average |
| |||
Senior Secured Loans—
First Lien |
| | |
$
|
806,643
|
| | | Market Comparables | | | Market Yield (%) | | |
8.5%–23.5%
|
| |
12.2%
|
|
| | | | | | | | | | | | EBITDA Multiples (x) | | |
7.3x–7.8x
|
| |
7.5x
|
|
| | | | | | | | | | | | Proved Reserves Multiples (Mmboe) | | |
$5.3 – $6.1
|
| |
$5.7
|
|
| | | | | | | | | | | | PV-10 Multiples (x) | | |
0.5x–0.5x
|
| |
0.5x
|
|
| | | |
|
34,868
|
| | | Other(2) | | | Other(2) | | |
N/A
|
| |
N/A
|
|
Senior Secured Loans—
Second Lien |
| | |
|
529,199
|
| | | Market Comparables | | | Market Yield (%) | | |
9.0%–13.8%
|
| |
11.4%
|
|
| | | |
|
13,338
|
| | |
Discounted Cash Flow
|
| | Discount Rate (%) | | |
9.5%–10.5%
|
| |
10.0%
|
|
| | | |
|
10,064
|
| | | Other(2) | | | Other(2) | | |
N/A
|
| |
N/A
|
|
Senior Secured Bonds
|
| | |
|
460,291
|
| | | Market Comparables | | | Market Yield (%) | | |
8.1%–13.5%
|
| |
9.5%
|
|
Unsecured Debt
|
| | |
|
146,247
|
| | | Market Comparables | | | Market Yield (%) | | |
9.5% – 10.0%
|
| |
9.8%
|
|
| | | | | | | | | | | | PV-10 Multiples (x) | | |
0.9x – 1.0x
|
| |
0.9x
|
|
| | | | | | | | | | | | Net Aircraft Book Value Multiple (x) | | |
1.0x – 1.0x
|
| |
1.0x
|
|
Preferred Equity
|
| | |
|
226,654
|
| | | Market Comparables | | | Market Yield (%) | | |
9.5%–19.8%
|
| |
10.0%
|
|
| | | | | | | | | | | | EBITDA Multiples (x) | | |
7.3x–12.3x
|
| |
10.9x
|
|
| | | | | | | | | | | | PV-10 Multiples (x) | | |
15.3x–22.6x
|
| |
19.0x
|
|
| | | | | | | | | | | | Proved Reserves Multiples (Mmboe) | | |
$6.1–$6.1
|
| |
$6.1
|
|
| | | |
|
296,366
|
| | |
Discounted Cash Flow
|
| | Discount Rate (%) | | |
9.5%–18.0%
|
| |
14.3%
|
|
| | | |
|
6,773
|
| | | Other(2) | | | Other(2) | | |
N/A
|
| |
N/A
|
|
Equity/Other
|
| | |
|
218,310
|
| | | Market Comparables | | | EBITDA Multiples (x) | | |
0.2x–9.3x
|
| |
4.6x
|
|
| | | | | | | | | | | | Production Multiples (Mboe/d) | | |
$26,250.0 – $37,500.0
|
| |
$32,382.6
|
|
| | | | | | | | | | | | Proved Reserves Multiples (Mmboe) | | |
$4.0–$13.5
|
| |
$6.9
|
|
| | | | | | | | | | | | Production Multiples (MMcfe/d) | | |
$3,450.0–$3,950.0
|
| |
$3,700.0
|
|
| | | | | | | | | | | | Proved Reserves Multiples (Bcfe) | | |
0.9x–1.0x
|
| |
1.0x
|
|
| | | | | | | | | | | | PV-10 Multiples (x) | | |
0.4x–1.4x
|
| |
0.8x
|
|
| | | |
|
5,687
|
| | |
Discounted Cash Flow
|
| | Discount Rate (%) | | |
9.6%–30.5%
|
| |
10.8%
|
|
| | | |
|
3,023
|
| | |
Option Valuation Model
|
| | Volatility (%) | | |
27.0%–33.0%
|
| |
30.0%
|
|
| | | |
|
22,774
|
| | | Other(2) | | | Other(2) | | |
N/A
|
| |
N/A
|
|
Total
|
| | |
$
|
2,780,237
|
| | | | | | | | | | | | | |
|
Type of Investment
|
| |
Fair Value at
December 31, 2018 |
| |
Valuation Technique(1)
|
| |
Unobservable Input
|
| |
Range
|
| |
Weighted
Average |
| |||
Senior Secured Loans—
First Lien |
| | |
$
|
726,328
|
| | | Market Comparables | | | Market Yield (%) | | |
9.3%–17.5%
|
| |
11.6%
|
|
| | | | | | | | | | | | EBITDA Multiples (x) | | |
5.5x–8.0x
|
| |
6.1x
|
|
| | | | | | | | | | | | Proved Reserves Multiples (Mmboe) | | |
$5.7–$7.3
|
| |
$6.5
|
|
| | | | | | | | | | | | PV-10 Multiples (x) | | |
0.5x–0.5x
|
| |
0.5x
|
|
| | | |
|
34,797
|
| | | Other(2) | | | Other(2) | | |
N/A
|
| |
N/A
|
|
Senior Secured Loans—
Second Lien |
| | |
|
519,478
|
| | | Market Comparables | | | Market Yield (%) | | |
8.9%–13.8%
|
| |
10.9%
|
|
| | | |
|
7,283
|
| | |
Discounted Cash Flow
|
| | Discount Rate (%) | | |
10.0%–11.0%
|
| |
10.5%
|
|
| | | |
|
12,411
|
| | | Other(2) | | | Other(2) | | |
N/A
|
| |
N/A
|
|
Senior Secured Bonds
|
| | |
|
456,575
|
| | | Market Comparables | | | Market Yield (%) | | |
9.4%–13.6%
|
| |
10.0%
|
|
Unsecured Debt
|
| | |
|
55,906
|
| | | Market Comparables | | | Market Yield (%) | | |
11.0%–15.3%
|
| |
13.2%
|
|
| | | | | | | | | | | | PV-10 Multiples (x) | | |
0.9x–1.1x
|
| |
1.0x
|
|
Preferred Equity
|
| | |
|
383,625
|
| | | Market Comparables | | | Market Yield (%) | | |
10.0%–18.8%
|
| |
10.5%
|
|
| | | | | | | | | | | | EBITDA Multiples (x) | | |
7.5x–12.0x
|
| |
10.8x
|
|
| | | | | | | | | | | | Proved Reserves Multiples (Mmboe) | | |
$6.7–$6.7
|
| |
$6.7
|
|
| | | |
|
108,018
|
| | |
Discounted Cash Flow
|
| | Discount Rate (%) | | |
14.0%–18.0%
|
| |
15.8%
|
|
| | | |
|
6,524
|
| | | Other(2) | | | Other(2) | | |
N/A
|
| |
N/A
|
|
Equity/Other
|
| | |
|
220,605
|
| | | Market Comparables | | | EBITDA Multiples (x) | | |
0.2x–9.0x
|
| |
6.5x
|
|
| | | | | | | | | | | | Production Multiples (Mboe/d) | | |
$25,000.0–$38,750.0
|
| |
$29,476.4
|
|
| | | | | | | | | | | | Proved Reserves Multiples (Mmboe) | | |
$3.5–$13.8
|
| |
$6.7
|
|
| | | | | | | | | | | | Production Multiples (MMcfe/d) | | |
$4,100.0–$4,600.0
|
| |
$4,350.0
|
|
| | | | | | | | | | | | Proved Reserves Multiples (Bcfe) | | |
1.2x–1.3x
|
| |
1.2x
|
|
| | | | | | | | | | | | PV-10 Multiples (x) | | |
0.5x–2.3x
|
| |
1.2x
|
|
| | | | | | | | | | | | Capacity Multiple ($/kW) | | |
$1,875.0–$2,125.0
|
| |
$2,000.0
|
|
| | | |
|
5,294
|
| | |
Discounted Cash Flow
|
| | Discount Rate (%) | | |
11.8%–31.0%
|
| |
13.5%
|
|
| | | |
|
890
|
| | |
Option Valuation Model
|
| | Volatility (%) | | |
26.0%–34.0%
|
| |
30.0%
|
|
| | | |
|
11,696
|
| | | Other(2) | | | Other(2) | | |
N/A
|
| |
N/A
|
|
Total
|
| | |
$
|
2,549,430
|
| | | | | | | | | | | | | |
|
| | |
As of March 31, 2019
(Unaudited) |
| ||||||||||||||||||
Arrangement(1)
|
| |
Type of
Arrangement |
| |
Rate
|
| |
Amount
Outstanding |
| |
Amount
Available |
| |
Maturity Date
|
| ||||||
Goldman Facility
|
| |
Term
|
| |
L+3.72%
|
| | | $ | 425,000 | | | | | $ | — | | | |
September 15, 2019
|
|
JPMorgan Facility
|
| |
Revolving/Term
|
| |
L+2.75%
|
| | | | 206,667 | | | | | | 413,333 | | | |
February 16, 2023
|
|
Senior Secured Notes(2)
|
| |
Bond
|
| |
7.50%
|
| | | | 500,000 | | | | | | — | | | |
August 15, 2023
|
|
Total
|
| | | | | | | | | $ | 1,131,667 | | | | | $ | 413,333 | | | | | |
|
| | |
As of December 31, 2018
|
| ||||||||||||||||||
Arrangement(1)
|
| |
Type of
Arrangement |
| |
Rate
|
| |
Amount
Outstanding |
| |
Amount
Available |
| |
Maturity Date
|
| ||||||
Goldman Facility
|
| |
Term
|
| |
L+3.72%
|
| | | $ | 425,000 | | | | | $ | — | | | |
September 15, 2019
|
|
JPMorgan Facility
|
| |
Revolving/Term
|
| |
L+2.75%
|
| | | | 206,667 | | | | | | 413,333 | | | |
February 16, 2023
|
|
Senior Secured Notes(2)
|
| |
Bond
|
| |
7.50%
|
| | | | 500,000 | | | | | | — | | | |
August 15, 2023
|
|
Total
|
| | | | | | | | | $ | 1,131,667 | | | | | $ | 413,333 | | | | | |
|
| | |
Three Months Ended March 31,
|
| |||||||||||||||||||||||||||||||||
| | |
2019
|
| |
2018
|
| ||||||||||||||||||||||||||||||
Arrangement(1)
|
| |
Direct
Interest Expense(2) |
| |
Amortization
of Deferred Financing Costs and Discount |
| |
Total
Interest Expense |
| |
Direct
Interest Expense(2) |
| |
Amortization
of Deferred Financing Costs and Discount |
| |
Total
Interest Expense |
| ||||||||||||||||||
Goldman Facility
|
| | | $ | 6,886 | | | | | $ | 159 | | | | | $ | 7,045 | | | | | $ | 5,632 | | | | | $ | 144 | | | | | $ | 5,776 | | |
JPMorgan Facility
|
| | | | 3,942 | | | | | | 379 | | | | | | 4,321 | | | | | | — | | | | | | — | | | | | | — | | |
Senior Secured Notes
|
| | | | 9,375 | | | | | | 998 | | | | | | 10,373 | | | | | | — | | | | | | — | | | | | | — | | |
Barclays Credit Facility
|
| | | | — | | | | | | — | | | | | | — | | | | | | 94 | | | | | | 19 | | | | | | 113 | | |
BNP Facility
|
| | | | — | | | | | | — | | | | | | — | | | | | | 2,121 | | | | | | — | | | | | | 2,121 | | |
Deutsche Bank Credit Facility
|
| | | | — | | | | | | — | | | | | | — | | | | | | 3,243 | | | | | | 291 | | | | | | 3,534 | | |
Fortress Facility
|
| | | | — | | | | | | — | | | | | | — | | | | | | 2,486 | | | | | | 77 | | | | | | 2,563 | | |
Total
|
| | | $ | 20,203 | | | | | $ | 1,536 | | | | | $ | 21,739 | | | | | $ | 13,576 | | | | | $ | 531 | | | | | $ | 14,107 | | |
|
| | |
Three Months Ended
March 31, 2019 (Unaudited) |
| |
Year Ended
December 31, 2018 |
| ||||||
Per Share Data:(1) | | | | | | | | | | | | | |
Net asset value, beginning of period
|
| | | $ | 6.01 | | | | | $ | 6.65 | | |
Results of operations(2) | | | | | | | | | | | | | |
Net investment income
|
| | | | 0.11 | | | | | | 0.42 | | |
Net realized gain (loss) and unrealized appreciation (depreciation)
|
| | | | 0.14 | | | | | | (0.56) | | |
Net increase (decrease) in net assets resulting from operations
|
| | | | 0.25 | | | | | | (0.14) | | |
Shareholder distributions(3) | | | | | | | | | | | | | |
Distributions from net investment income
|
| | | | (0.13) | | | | | | (0.50) | | |
Net decrease in net assets resulting from shareholder distributions
|
| | | | (0.13) | | | | | | (0.50) | | |
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
|
| | | $ | 6.13 | | | | | $ | 6.01 | | |
Shares outstanding, end of period
|
| | | | 439,854,096 | | | | | | 440,451,167 | | |
Total return(6)
|
| | | | 4.09% | | | | | | (2.49)% | | |
Total return (without assuming reinvestment of distributions)(6)
|
| | | | 4.16% | | | | | | (2.11)% | | |
Ratio/Supplemental Data: | | | | | | | | | | | | | |
Net assets, end of period
|
| | | $ | 2,697,928 | | | | | $ | 2,648,186 | | |
Ratio of net investment income to average net assets(7)
|
| | | | 7.09% | | | | | | 6.40% | | |
Ratio of total operating expenses to average net assets(7)
|
| | | | 6.30% | | | | | | 5.19% | | |
Portfolio turnover(8)
|
| | | | 7.00% | | | | | | 51.25% | | |
Total amount of senior securities outstanding, exclusive of treasury securities
|
| | | $ | 1,131,667 | | | | | $ | 1,131,667 | | |
Asset coverage per unit(9)
|
| | | | 3.38 | | | | | | 3.34 | | |
| | |
Three Months Ended
March 31, 2019 (Unaudited) |
| |
Year Ended
December 31, 2018 |
| ||||||
Ratio of interest expense to average net assets
|
| | | | 3.29% | | | | | | 2.30% | | |
Net Investment Activity
|
| |
For the Three Months
Ended March 31, 2019 |
| |
For the Year Ended
December 31, 2018 |
| ||||||
Purchases
|
| | | $ | 264,630 | | | | | $ | 1,915,034 | | |
Sales and Repayments
|
| | | | (351,442) | | | | | | (1,948,414) | | |
Net Portfolio Activity
|
| | | $ | (86,812) | | | | | $ | (33,380) | | |
|
| | |
For the Three Months
Ended March 31, 2019 |
| |
For the Year Ended
December 31, 2018 |
| ||||||||||||||||||
New Investment Activity by Asset Class
|
| |
Purchases
|
| |
Percentage
|
| |
Purchases
|
| |
Percentage
|
| ||||||||||||
Senior Secured Loans—First Lien
|
| | | $ | 237,254 | | | | | | 90% | | | | | $ | 743,640 | | | | | | 39% | | |
Senior Secured Loans—Second Lien
|
| | | | 15,869 | | | | | | 6% | | | | | | 128,292 | | | | | | 7% | | |
Senior Secured Bonds
|
| | | | — | | | | | | — | | | | | | 118,587 | | | | | | 6% | | |
Unsecured Debt
|
| | | | 11,470 | | | | | | 4% | | | | | | 368,741 | | | | | | 19% | | |
Preferred Equity
|
| | | | 37 | | | | | | 0% | | | | | | 415,370 | | | | | | 22% | | |
Equity/Other
|
| | | | — | | | | | | — | | | | | | 140,404 | | | | | | 7% | | |
Total
|
| | | $ | 264,630 | | | | | | 100% | | | | | $ | 1,915,034 | | | | | | 100% | | |
|
| | |
March 31, 2019
(Unaudited) |
| |
December 31, 2018
|
| ||||||||||||||||||||||||||||||
| | |
Amortized
Cost(1) |
| |
Fair Value
|
| |
Percentage
of Portfolio |
| |
Amortized
Cost(1) |
| |
Fair Value
|
| |
Percentage
of Portfolio |
| ||||||||||||||||||
Senior Secured Loans—First Lien
|
| | | $ | 1,362,987 | | | | | $ | 1,328,352 | | | | | | 36% | | | | | $ | 1,231,279 | | | | | $ | 1,176,881 | | | | | | 32% | | |
Senior Secured Loans—Second Lien
|
| | | | 690,279 | | | | | | 594,388 | | | | | | 16% | | | | | | 673,014 | | | | | | 580,144 | | | | | | 16% | | |
Senior Secured Bonds
|
| | | | 498,728 | | | | | | 497,095 | | | | | | 14% | | | | | | 497,970 | | | | | | 491,916 | | | | | | 13% | | |
Unsecured Debt
|
| | | | 573,945 | | | | | | 486,867 | | | | | | 13% | | | | | | 797,146 | | | | | | 706,090 | | | | | | 19% | | |
Preferred Equity
|
| | | | 557,669 | | | | | | 533,482 | | | | | | 14% | | | | | | 554,652 | | | | | | 502,594 | | | | | | 13% | | |
Equity/Other
|
| | | | 481,968 | | | | | | 273,765 | | | | | | 7% | | | | | | 494,442 | | | | | | 264,327 | | | | | | 7% | | |
Total
|
| | | $ | 4,165,576 | | | | | $ | 3,713,949 | | | | | | 100% | | | | | $ | 4,248,503 | | | | | $ | 3,721,952 | | | | | | 100% | | |
|
| | |
March 31,
2019 |
| |
December 31,
2018 |
| ||||||
Number of Portfolio Companies
|
| | | | 79 | | | | | | 79 | | |
% Variable Rate (based on fair value)
|
| | | | 43.3% | | | | | | 39.0% | | |
% Fixed Rate (based on fair value)
|
| | | | 35.0% | | | | | | 40.4% | | |
% Income Producing Preferred Equity and Equity/Other Investments (based on fair value)
|
| | | | 13.0% | | | | | | 12.2% | | |
% Non-Income Producing Preferred Equity and Equity/Other Investments (based
on fair value) |
| | | | 8.7% | | | | | | 8.4% | | |
Weighted Average Annual EBITDA of Portfolio Companies
|
| | | $ | 204,502 | | | | | $ | 202,135 | | |
Weighted Average Purchase Price of Debt Investments (as a % of par value)
|
| | | | 97.1% | | | | | | 97.7% | | |
% of Investments on Non-Accrual (based on fair value)
|
| | | | 1.6% | | | | | | 1.9% | | |
Gross Portfolio Yield Prior to Leverage (based on amortized cost)
|
| | | | 8.3% | | | | | | 8.1% | | |
Gross Portfolio Yield Prior to Leverage (based on amortized cost)—Excluding Non-Income Producing Assets
|
| | | | 10.3% | | | | | | 10.1% | | |
New Direct Originations
|
| |
For the Three Months Ended
March 31, 2019 |
| |
For the Year Ended
December 31, 2018 |
| ||||||
Total Commitments (including unfunded commitments)
|
| | | $ | 100,000 | | | | | $ | 828,509 | | |
Exited Investments (including partial paydowns)
|
| | | | (25,730) | | | | | | (340,064) | | |
Net Direct Originations
|
| | | $ | 74,270 | | | | | $ | 488,445 | | |
|
| | |
For the Three Months Ended
March 31, 2019 |
| |
For the Year Ended
December 31, 2018 |
| ||||||||||||||||||
New Direct Originations by Asset Class (including Unfunded Commitments)
|
| |
Commitment
Amount |
| |
Percentage
|
| |
Commitment
Amount |
| |
Percentage
|
| ||||||||||||
Senior Secured Loans—First Lien
|
| | | $ | 90,000 | | | | | | 90% | | | | | $ | 287,473 | | | | | | 35% | | |
Senior Secured Loans—Second Lien
|
| | | | 10,000 | | | | | | 10% | | | | | | 109,031 | | | | | | 13% | | |
Senior Secured Bonds
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Unsecured Debt
|
| | | | — | | | | | | — | | | | | | 13,636 | | | | | | 2% | | |
Preferred Equity
|
| | | | — | | | | | | — | | | | | | 403,151 | | | | | | 48% | | |
Equity/Other
|
| | | | — | | | | | | — | | | | | | 15,218 | | | | | | 2% | | |
Total
|
| | | $ | 100,000 | | | | | | 100% | | | | | $ | 828,509 | | | | | | 100% | | |
|
| | |
For the Three Months Ended
March 31, 2019 |
| |
For the Year Ended
December 31, 2018 |
| ||||||
Average New Direct Origination Commitment Amount
|
| | | $ | 50,000 | | | | | $ | 29,590 | | |
Weighted Average Maturity for New Direct Originations
|
| | | | 1/22/24 | | | | | | 2/11/24 | | |
Gross Portfolio Yield Prior to Leverage (based on amortized cost) of Direct Originations Funded during Period
|
| | | | 10.7% | | | | | | 11.1% | | |
Gross Portfolio Yield Prior to Leverage (based on amortized cost) of Direct Originations Funded during Period—Excluding Non-Income Producing Assets
|
| | | | 10.7% | | | | | | 11.2% | | |
Gross Portfolio Yield Prior to Leverage (based on amortized cost) of Direct Originations Exited during Period
|
| | | | 5.8% | | | | | | 10.6% | | |
Characteristics of All Direct Originations held in Portfolio
|
| |
March 31, 2019
|
| |
December 31, 2018
|
| ||||||
Number of Portfolio Companies
|
| | | | 49 | | | | | | 47 | | |
Weighted Average Annual EBITDA of Portfolio Companies
|
| | | $ | 207,592 | | | | | $ | 190,915 | | |
Weighted Average Leverage Through Tranche of Portfolio Companies—Excluding Equity/Other Securities
|
| | | | 4.7x | | | | | | 4.4x | | |
% of Investments on Non-Accrual (based on fair value)
|
| | | | 2.1% | | | | | | 2.7% | | |
Gross Portfolio Yield Prior to Leverage (based on amortized cost) of Funded Direct Originations
|
| | | | 8.4% | | | | | | 8.2% | | |
Gross Portfolio Yield Prior to Leverage (based on amortized cost) of Funded Direct Originations—Excluding Non-Income Producing Assets
|
| | | | 10.9% | | | | | | 10.9% | | |
| | |
March 31, 2019
|
| |
December 31, 2018
|
| ||||||||||||||||||
Portfolio Composition by Strategy
|
| |
Fair Value
|
| |
Percentage of
Portfolio |
| |
Fair Value
|
| |
Percentage of
Portfolio |
| ||||||||||||
Direct Originations
|
| | | $ | 2,780,210 | | | | | | 75% | | | | | $ | 2,644,594 | | | | | | 71% | | |
Broadly Syndicated/Other
|
| | | | 933,739 | | | | | | 25% | | | | | | 1,077,358 | | | | | | 29% | | |
Total
|
| | | $ | 3,713,949 | | | | | | 100% | | | | | $ | 3,721,952 | | | | | | 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. | |
| | |
March 31, 2019
|
| |
December 31, 2018
|
| ||||||||||||||||||
Investment Rating
|
| |
Fair Value
|
| |
Percentage
of Portfolio |
| |
Fair Value
|
| |
Percentage
of Portfolio |
| ||||||||||||
1
|
| | | $ | — | | | | | | — | | | | | $ | — | | | | | | — | | |
2
|
| | | | 3,147,174 | | | | | | 85% | | | | | | 3,143,439 | | | | | | 84% | | |
3
|
| | | | 306,563 | | | | | | 8% | | | | | | 446,877 | | | | | | 12% | | |
4
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
5
|
| | | | 260,212 | | | | | | 7% | | | | | | 131,636 | | | | | | 4% | | |
Total
|
| | | $ | 3,713,949 | | | | | | 100% | | | | | $ | 3,721,952 | | | | | | 100% | | |
|
| | |
Three Months Ended March 31,
|
| |||||||||||||||||||||
| | |
2019
|
| |
2018
|
| ||||||||||||||||||
| | |
Amount
|
| |
Percentage of
Total Income |
| |
Amount
|
| |
Percentage of
Total Income |
| ||||||||||||
Interest income
|
| | | $ | 84,645 | | | | | | 96% | | | | | $ | 77,898 | | | | | | 87% | | |
Paid-in-kind interest income
|
| | | | 2,255 | | | | | | 2% | | | | | | 3,019 | | | | | | 3% | | |
Fee income
|
| | | | 1,513 | | | | | | 2% | | | | | | 9,056 | | | | | | 10% | | |
Total investment income(1)
|
| | | $ | 88,413 | | | | | | 100% | | | | | $ | 89,973 | | | | | | 100% | | |
|
| | |
Three Months Ended March 31,
|
| |||||||||
| | |
2019
|
| |
2018
|
| ||||||
Management fees
|
| | | $ | 17,048 | | | | | $ | 18,298 | | |
Administrative services expenses
|
| | | | 793 | | | | | | 793 | | |
Share transfer agent fees
|
| | | | 693 | | | | | | 643 | | |
Accounting and administrative fees
|
| | | | 272 | | | | | | 361 | | |
Interest expense
|
| | | | 21,739 | | | | | | 14,107 | | |
Trustees’ fees
|
| | | | 188 | | | | | | 450 | | |
Expenses associated with our independent audit and related fees
|
| | | | 104 | | | | | | 79 | | |
Legal fees
|
| | | | 139 | | | | | | 99 | | |
Printing fees
|
| | | | 294 | | | | | | 244 | | |
Other
|
| | | | 364 | | | | | | 511 | | |
Total operating expenses
|
| | | | 41,634 | | | | | | 35,585 | | |
Less: Management fees waiver
|
| | | | (200) | | | | | | — | | |
Net operating expenses
|
| | | $ | 41,434 | | | | | $ | 35,585 | | |
|
| | |
Three Months Ended March 31,
|
| |||||||||
| | |
2019
|
| |
2018
|
| ||||||
Ratio of operating expenses to average net assets
|
| | | | 1.58% | | | | | | 1.21% | | |
Ratio of management fee waiver to average net assets
|
| | | | (0.01)% | | | | | | — | | |
Ratio of net operating expenses to average net assets
|
| | | | 1.57% | | | | | | 1.21% | | |
Ratio of interest expense to average net assets
|
| | | | (0.82)% | | | | | | (0.48)% | | |
Ratio of net operating expenses to average net assets, excluding certain expenses
|
| | | | 0.75% | | | | | | 0.73% | | |
|
| | |
Three Months Ended March 31,
|
| |||||||||
| | |
2019
|
| |
2018
|
| ||||||
Net realized gain (loss) on investments(1)
|
| | | $ | (3,274) | | | | | $ | (67,880) | | |
Net realized gain (loss) on swap contracts
|
| | | | 1,531 | | | | | | — | | |
Total net realized gain (loss)
|
| | | $ | (1,743) | | | | | $ | (67,880) | | |
|
| | |
Three Months Ended March 31,
|
| |||||||||
| | |
2019
|
| |
2018
|
| ||||||
Net change in unrealized appreciation (depreciation) on investments
|
| | | $ | 74,924 | | | | | $ | (25,716) | | |
Net change in unrealized appreciation (depreciation) on swap contracts
|
| | | | (12,306) | | | | | | — | | |
Net change in unrealized appreciation (depreciation) on foreign currency
|
| | | | 1 | | | | | | 1 | | |
Total net change in unrealized appreciation (depreciation)
|
| | | $ | 62,619 | | | | | $ | (25,715) | | |
|
Arrangement(1)
|
| |
Type of
Arrangement |
| |
Rate
|
| |
Amount
Outstanding |
| |
Amount
Available |
| |
Maturity
Date |
| ||||||
Goldman Facility
|
| |
Term
|
| |
L+3.72%
|
| | | $ | 425,000 | | | | | $ | — | | | |
September 15, 2019
|
|
JPMorgan Facility
|
| |
Revolving/Term
|
| |
L+2.75%
|
| | | | 206,667 | | | | | | 413,333 | | | |
February 16, 2023
|
|
Senior Secured Notes(2)
|
| |
Bond
|
| |
7.50%
|
| | | | 500,000 | | | | | | — | | | |
August 15, 2023
|
|
Total
|
| | | | | | | | | $ | 1,131,667 | | | | | $ | 413,333 | | | | | |
| | |
Distribution
|
| |||||||||
For the Three Months Ended
|
| |
Per Share
|
| |
Amount
|
| ||||||
Fiscal 2018 | | | | | | | | | | | | | |
March 31, 2018
|
| | | $ | 0.12500 | | | | | $ | 54,823 | | |
Fiscal 2019 | | | | | | | | | | | | | |
March 31, 2019
|
| | | $ | 0.12500 | | | | | $ | 54,616 | | |
| | | | | |
Payments Due By Period
|
| |||||||||||||||||||||||||||
| | |
Maturity Date(1)
|
| |
Total
|
| |
Less than
1 year |
| |
1–3 years
|
| |
3–5 years
|
| |
More than
5 years |
| |||||||||||||||
Goldman Facility(2)
|
| |
September 15, 2019
|
| | | $ | 425,000 | | | | | $ | 425,000 | | | | | | — | | | | | | — | | | | | | — | | |
JPMorgan Facility(3)
|
| |
February 16, 2023
|
| | | $ | 206,667 | | | | | | — | | | | | | — | | | | | $ | 206,667 | | | | | | — | | |
Senior Secured Notes(2)
|
| |
August 15, 2023
|
| | | $ | 500,000 | | | | | | — | | | | | | — | | | | | $ | 500,000 | | | | | | — | | |
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
|
| | | $ | (15,814) | | | | | $ | (6,153) | | | | | $ | (9,661) | | | | | | (3.6)% | | |
No change
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Up 100 basis points
|
| | | $ | 15,814 | | | | | $ | 6,153 | | | | | $ | 9,661 | | | | | | 3.6% | | |
Up 300 basis points
|
| | | $ | 47,442 | | | | | $ | 18,460 | | | | | $ | 28,982 | | | | | | 10.8% | | |
Up 500 basis points
|
| | | $ | 79,070 | | | | | $ | 30,767 | | | | | $ | 48,303 | | | | | | 18.0% | | |
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 |
| ||||||||||||
January 1 to January 31, 2019
|
| | | | 4,991,838 | | | | | $ | 6.10 | | | | | | 4,991,838 | | | | | | (1) | | |
February 1 to February 28, 2019
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
March 1 to March 31, 2019
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | | 4,991,838 | | | | | $ | 6.10 | | | | | | 4,991,838 | | | | | | (1) | | |
|
|
/s/ Michael C. Forman
Michael C. Forman
Chief Executive Officer |
|
|
/s/ Edward T. Gallivan, Jr.
Edward T. Gallivan, Jr.
Chief Financial Officer |
|
|
Dated: May 10, 2019
|
|
|
/s/ Michael C. Forman
Michael C. Forman
Chief Executive Officer |
|
|
/s/ Edward T. Gallivan, Jr.
Edward T. Gallivan, Jr.
Chief Financial Officer |
|