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EX-31.1 - CERTIFICATIONS BY CHIEF EXECUTIVE OFFICER - GOLUB CAPITAL BDC, Inc.v376994_ex31-1.htm
EX-31.2 - CERTIFICATIONS BY CHIEF FINANCIAL OFFICER - GOLUB CAPITAL BDC, Inc.v376994_ex31-2.htm
EX-32.1 - CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 - GOLUB CAPITAL BDC, Inc.v376994_ex32-1.htm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 

 

 

FORM 10-Q

 

þ                 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

 

For the Quarterly Period Ended March 31, 2014

 

OR

 

¨         TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from _____ to _____

 

Commission File Number 814-00794

 

Golub Capital BDC, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware   27-2326940
(State or other jurisdiction of incorporation or organization)    (I.R.S. Employer Identification No.)

 

150 South Wacker Drive, Suite 800

Chicago, IL 60606

(Address of principal executive offices)

 

(312) 205-5050 

(Registrant's telephone number, including area code)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes þ   No ¨

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).   Yes ¨ No   ¨

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer  ¨ Accelerated filer þ
Non-accelerated filer  ¨  (Do not check if a smaller reporting company) Smaller reporting company ¨

 

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

 

As of May 6, 2014, the Registrant had 47,024,463 shares of common stock, $0.001 par value, outstanding. 

 

 

 

 
 

 

Part I. Financial Information  
     
Item 1. Financial Statements 3
     
  Consolidated Statements of Financial Condition as of March 31, 2014 (unaudited) and September 30, 2013 3
     
  Consolidated Statements of Operations for the three and six months ended March 31, 2014 (unaudited) and 2013 (unaudited) 4
     
  Consolidated Statements of Changes in Net Assets for the six months ended March 31, 2014 (unaudited) and 2013 (unaudited) 5
     
  Consolidated Statements of Cash Flows for the six months ended March 31, 2014 (unaudited) and 2013 (unaudited) 6
     
  Consolidated Schedules of Investments as of March 31, 2014 (unaudited) and September 30, 2013 7
     
  Notes to Consolidated Financial Statements (unaudited) 21
     
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 49
     
Item 3. Quantitative And Qualitative Disclosures About Market Risk 76
     
Item 4. Controls and Procedures 77
     
Part II.  Other Information  
     
Item 1. Legal Proceedings 78
     
Item 1A. Risk Factors 78
     
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 78
     
Item 3. Defaults Upon Senior Securities 78
     
Item 4. Mine Safety Disclosures 78
     
Item 5. Other Information 78
     
Item 6. Exhibits 79

  

2
 

 

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Financial Condition

(In thousands, except share and per share data)

 

   March 31, 2014   September 30, 2013 
   (unaudited)     
Assets          
Investments, at fair value          
Non-controlled/non-affiliate company investments  $1,209,009   $1,011,586 
Non-controlled affiliate company investments   2,879    8,225 
Controlled affiliate company investments   41,709    4,834 
Total investments, at fair value (cost of $1,239,603 and $1,017,961, respectively)   1,253,597    1,024,645 
Cash and cash equivalents   12,810    16,309 
Restricted cash and cash equivalents   41,261    38,408 
Interest receivable   4,958    4,316 
Deferred financing costs   8,712    7,742 
Other assets   306    236 
Total Assets  $1,321,644   $1,091,656 
           
Liabilities          
Debt  $572,150   $412,100 
Secured borrowings, at fair value (proceeds of $18,008 and $8,683, respectively)   18,222    8,809 
Interest payable   1,691    1,277 
Management and incentive fees payable   5,736    5,579 
Payable for open trades   -    3,677 
Accounts payable and accrued expenses   1,842    1,978 
Accrued trustee fees   73    - 
Total Liabilities   599,714    433,420 
Commitments and contingencies (Note 8)          
           
Net Assets          
Preferred stock, par value $0.001 per share, 1,000,000 shares authorized,  zero shares issued and outstanding as of March 31, 2014 and September 30, 2013   -    - 
Common stock, par value $0.001 per share, 100,000,000 shares authorized, 46,857,608 and 43,282,932 shares issued and outstanding as of March 31, 2014 and September 30, 2013, respectively   47    43 
Paid in capital in excess of par   715,148    652,669 
Undistributed net investment income   1,622    2,725 
Net unrealized appreciation on investments, derivative instruments and secured borrowings   16,446    9,225 
Net realized loss on investments and derivative instruments   (11,333)   (6,426)
Total Net Assets   721,930    658,236 
Total Liabilities and Total Net Assets  $1,321,644   $1,091,656 
           
Number of common shares outstanding   46,857,608    43,282,932 
Net asset value per common share  $15.41   $15.21 

 

See Notes to Consolidated Financial Statements.

 

3
 

 

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Operations (unaudited)

(In thousands, except share and per share data)

 

   Three months ended March 31,   Six months ended March 31, 
   2014   2013   2014   2013 
Investment income                    
From non-controlled/non-affiliate company investments:                    
Interest income  $24,421   $18,621   $48,494   $35,887 
Dividend income   262    479    278    746 
Fee income   21    839    934    1,749 
Total investment income from non-controlled/non-affiliate company investments   24,704    19,939    49,706    38,382 
                     
From non-controlled affiliate company investments:                    
Interest income   -    157    225    308 
Fee income   -    -    171    - 
Total investment income from non-controlled affiliate company investments   -    157    396    308 
                     
From controlled affiliate company investments:                    
Interest income   556    -    737    - 
Total investment income from controlled affiliate company investments   556    -    737    - 
                     
Total investment income   25,260    20,096    50,839    38,690 
                     
Expenses                    
Interest and other debt financing expenses   4,540    3,292    8,632    6,287 
Base management fee   4,185    2,686    8,009    5,154 
Incentive fee   1,656    2,468    4,688    4,862 
Professional fees   640    512    1,298    1,006 
Administrative service fee   742    610    1,324    1,158 
General and administrative expenses   145    134    276    252 
                     
Total expenses   11,908    9,702    24,227    18,719 
                     
Net investment income   13,352    10,394    26,612    19,971 
                     
Net gain (loss) on investments and secured borrowings                    
Net realized gains (losses) on investments:                    
Non-controlled/non-affiliate company investments   87    -    (4,907)   94 
Net realized gains (losses) on investments:   87    -    (4,907)   94 
                     
Net unrealized appreciation (depreciation) on investments:                    
Non-controlled/non-affiliate company investments   653    1,857    6,786    1,505 
Non-controlled affiliate company investments   -    -    274    - 
Controlled affiliate company investments   9    -    249    - 
Net unrealized appreciation (depreciation) on investments   662    1,857    7,309    1,505 
                     
Net change in unrealized (appreciation) depreciation on secured borrowings   (12)   -    (88)   - 
                     
Net gain (loss) on investments and secured borrowings   737    1,857    2,314    1,599 
                     
Net increase in net assets resulting from operations  $14,089   $12,251   $28,926   $21,570 
                     
Per Common Share Data                    
Basic and diluted earnings per common share  $0.32   $0.38   $0.66   $0.71 
Dividends and distributions declared per common share  $0.32   $0.32   $0.64   $0.64 
Basic and diluted weighted average common shares outstanding   43,754,776    32,532,794    43,517,433    30,207,933 

 

See Notes to Consolidated Financial Statements.

 

4
 

 

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Changes in Net Assets (unaudited)

(In thousands, except share data)

 

                   Net Unrealized         
                   Appreciation         
                   (Depreciation) on         
               Capital   Investments,   Net Realized Gain     
   Common Stock   Paid in Capital   Distributions and   Derivative Instruments   (Loss) on Investments     
       Par   in Excess   Undistributed Net   and Secured   and Derivative   Total 
   Shares   Amount   of Par   Investment Income   Borrowings   Instruments   Net Assets 
Balance at September 30, 2012   25,688,101   $26   $375,563   $347   $5,737   $(6,544)  $375,129 
Issuance of common stock, net of offering and underwriting costs(1)   8,016,382    8    122,120    -    -    -    122,128 
Net increase in net assets resulting from operations   -    -    -    19,971    1,505    94    21,570 
Distributions to stockholders:                                   
Stock issued in connection with dividend reinvestment plan   50,029    -    765    -    -    -    765 
Dividends and distributions   -    -    -    (19,939)   -    -    (19,939)
Balance at March 31, 2013   33,754,512   $34   $498,448   $379   $7,242   $(6,450)  $499,653 
Balance at September 30, 2013   43,282,932   $43   $652,669   $2,725   $9,225   $(6,426)  $658,236 
Issuance of common stock, net of offering and underwriting costs (2)   3,500,000    4    61,182    -    -    -    61,186 
Net increase in net assets resulting from operations   -    -    -    26,612    7,221    (4,907)   28,926 
Distributions to stockholders:                                   
Stock issued in connection with dividend reinvestment plan   74,676    -    1,297    -    -    -    1,297 
Dividends and distributions   -    -    -    (27,715)   -    -    (27,715)
Balance at March 31, 2014   46,857,608   $47   $715,148   $1,622   $16,446   $(11,333)  $721,930 

 

 

(1) On October 16, 2012, Golub Capital BDC, Inc. priced a public offering of 2,600,000 shares of its common stock at a public offering price of $15.58 per share. On November 14, 2012, Golub Capital BDC, Inc. sold an additional 294,120 shares of its common stock at a public offering price of $15.58 per share pursuant to the underwriters’ partial exercise of the over-allotment option. On January 15, 2013, Golub Capital BDC, Inc. priced a public offering of 4,500,000 shares of its common stock at a public offering price of $15.87 per share. On February 20, 2013, Golub Capital BDC, Inc. sold an additional 622,262 shares of its common stock at a public offering price of $15.87 per share pursuant to the underwriters’ partial exercise of the over-allotment option.

 

(2) On March 18, 2014, Golub Capital BDC, Inc. priced a public offering of 3,500,000 shares of its common stock at a public offering price of $18.05 per share.

 

See Notes to Consolidated Financial Statements.

 

5
 

 

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Cash Flows (unaudited) 

(In thousands)  Six Months Ended March 31, 
   2014   2013 
Cash flows from operating activities          
Net increase in net assets resulting from operations  $28,926   $21,570 
Adjustments to reconcile net increase in net assets resulting from operations  to net cash (used in) provided by operating activities          
Amortization of deferred financing costs   899    1,084 
Accretion of discounts and amortization of premiums   (3,592)   (4,465)
Net realized loss (gain) on investments   4,907    (94)
Net change in unrealized (appreciation) depreciation on investments   (7,309)   (1,505)
Net change in unrealized appreciation (depreciation) on secured borrowings   88    - 
Proceeds from (fundings of) revolving loans, net   2,295    (4,242)
Fundings of investments   (433,116)   (288,565)
Proceeds from principal payments and sales of portfolio investments   207,336    183,906 
PIK interest   582    (567)
Changes in operating assets and liabilities:          
Interest receivable   (642)   (372)
Other assets   (70)   190 
Interest payable   414    (87)
Management and incentive fees payable   157    866 
Accrued trustee fees   73    - 
Payable for investments purchased   (3,677)   - 
Accounts payable and accrued expenses   (136)   379 
Net cash (used in) provided by operating activities   (202,865)   (91,902)
           
Cash flows from investing activities          
Net change in restricted cash and cash equivalents   (2,853)   (47,178)
Net cash (used in) provided by investing activities   (2,853)   (47,178)
           
Cash flows from financing activities          
Borrowings on debt   361,600    172,950 
Repayments of debt   (201,550)   (139,550)
Capitalized debt financing costs   (1,869)   (2,215)
Proceeds from secured borrowings   23,365    - 
Repayments on secured borrowings   (14,095)   - 
Proceeds from shares sold, net of underwriting costs   61,250    122,485 
Offering costs paid   (64)   (357)
Dividends and distributions paid   (26,418)   (19,174)
Net cash (used in) provided by financing activities   202,219    134,139 
           
Net change in cash and cash equivalents   (3,499)   (4,941)
           
Cash and cash equivalents, beginning of period   16,309    13,891 
           
Cash and cash equivalents, end of period  $12,810   $8,950 
           
Supplemental information:          
Cash paid during the period for interest  $6,881   $5,290 
Dividends and distributions declared during the period  $27,715   $19,939 

 

See Notes to Consolidated Financial Statements.

 

6
 

 

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited)

March 31, 2014

(In thousands)

 

      Spread                   Percentage     
   Investment  Above   Interest   Maturity   Principal / Par       of   Fair 
   Type  Index (1)   Rate(2)   Date   Amount   Cost   Net Assets   Value 
Investments                                     
United States                                      
Debt investments                                      
Aerospace and Defense                                      
ILC Dover, LP(3)  Senior loan   L + 5.50%    N/A(4)   03/2019   $-   $(9)   -%  $(9)
ILC Dover, LP  Senior loan   P + 4.50%    7.75%   03/2020    18,830    18,689    2.6    18,689 
NTS Technical Systems(3)  One stop   L + 5.50%    N/A(4)   11/2018    -    (20)   -    (9)
NTS Technical Systems(3)  One stop   L + 5.50%    N/A(4)   11/2018    -    (63)   -    (30)
NTS Technical Systems*  One stop   L + 5.50%    6.75%   11/2018    18,966    18,642    2.6    18,776 
Tresys Technology Holdings, Inc.(3)  One stop   L + 6.75%    N/A(4)   12/2017    -    (7)   -    - 
Tresys Technology Holdings, Inc.  One stop   L + 6.75%    8.00%   12/2017    3,899    3,827    0.4    2,924 
Whitcraft LLC  Subordinated debt   N/A    12.00%   12/2018    1,877    1,855    0.3    1,877 
White Oak Technologies, Inc.(3)  Senior loan   L + 5.00%    6.25%   03/2017    15    8    -    15 
White Oak Technologies, Inc.*  Senior loan   L + 5.00%    6.25%   03/2017    1,784    1,755    0.2    1,784 
                      45,371    44,677    6.1    44,017 
Automobile                                      
ABRA, Inc(3)(5)  One stop   L + 6.00%    N/A(4)   05/2018    -    (17)   -    - 
ABRA, Inc*(5)  One stop   L + 6.00%    7.25%   05/2018    31,230    30,960    4.3    31,230 
ABRA, Inc(5)  One stop   L + 6.00%    7.25%   05/2018    5,179    5,147    0.7    5,179 
ABRA, Inc(5)  One stop   L + 6.00%    7.25%   05/2018    1,041    995     0.2    1,041 
ABRA, Inc*  One stop   L + 7.75%    9.00%   05/2018    4,334    4,267    0.6    4,334 
American Driveline Systems, Inc.  Senior loan   L + 5.50%    7.14%   01/2016    290    285    -    251 
American Driveline Systems, Inc.*  Senior loan   L + 5.50%    7.00%   01/2016    2,812    2,780    0.4    2,530 
K&N Engineering, Inc.(3)  Senior loan   L + 4.50%    N/A(4)   04/2018    -    (7)   -    - 
K&N Engineering, Inc.*  Senior loan   L + 4.50%    5.75%   04/2018    3,732    3,686    0.5    3,732 
K&N Engineering, Inc.*  Senior loan   P + 3.50%    6.75%   04/2018    3,510    3,467    0.5    3,510 
Take 5 Oil Change, L.L.C.(3)  Senior loan   L + 5.25%    N/A(4)   07/2018    -    (3)   -    - 
Take 5 Oil Change, L.L.C.  Senior loan   L + 5.25%    6.25%   07/2018    2,964    2,945    0.4    2,964 
Tectum Holdings, Inc.*  Senior loan   L + 4.25%    5.25%   09/2018    876    874    0.1    874 
                      55,968    55,379     7.7    55,645 
Banking                                      
HedgeServ Holding L.P.(3)  One stop   L + 4.25%    N/A(4)   02/2019    -    (9)   -    (9)
HedgeServ Holding L.P.  One stop   L + 8.25%    9.25%   02/2019    17,069    16,903    2.3    16,898 
Prommis Fin Co.(6)  Senior loan   P + 10.00%    13.25%   06/2015    85    84    -    2 
Prommis Fin Co.*(6)  Senior loan   N/A    2.25% cash/8.25% PIK    06/2015    124    124    -    3 
                      17,278    17,102     2.3    16,894 
Beverage, Food and Tobacco                                      
ABP Corporation  Senior loan   P + 3.50%    7.25%   06/2016    84    80    -    84 
ABP Corporation*  Senior loan   L + 4.75%    6.00%   06/2016    4,467    4,428    0.6    4,467 
American Importing Company, Inc.  One stop   L + 5.75%    7.00%   05/2018    14,731    14,570    2.1    14,731 
Ameriqual Group, LLC*  Senior loan   L + 6.25%    6.50% cash /1.00% PIK    03/2016    1,730    1,709    0.2    1,661  
Ameriqual Group, LLC*  Senior loan   L + 8.00%    9.00% cash /1.50% PIK    03/2016    829    823    0.1    763 
ARG IH Corporation (Arby's)  Senior loan   L + 4.00%    5.00%   11/2020    2,349    2,321    0.3    2,368 
Atkins Nutritionals, Inc*  One stop   L + 5.00%    6.25%   01/2019    22,226    22,008    3.1    22,504 
Atkins Nutritionals, Inc*  One stop   L + 8.50%    9.75%   04/2019    17,270    16,871    2.5    17,572 
Candy Intermediate Holdings, Inc. (Ferrara Candy)  Senior loan   L + 6.25%    7.50%   06/2018    4,912    4,790    0.6    4,569 
Diversified Foodservice Supply, Inc.(3)  Senior loan   L + 4.75%    N/A(4)   12/2018    -    (3)   -    (3)
Diversified Foodservice Supply, Inc.*  Senior loan   L + 4.75%    6.00%   12/2018    4,617    4,574    0.6    4,571 
Firebirds International, LLC(3)  One stop   L + 5.75%    N/A(4)   05/2018    -    (1)   -    - 
Firebirds International, LLC(3)  One stop   L + 5.75%    N/A(4)   05/2018    -    (3)   -    - 
Firebirds International, LLC*  One stop   L + 5.75%    7.00%   05/2018    907    898    0.1    907 
Firebirds International, LLC  One stop   L + 5.75%    7.00%   05/2018    221    217    -    221 
First Watch Restaurants, Inc.(3)  One stop   L + 7.50%    N/A(4)   12/2018    -    (26)   -    - 
First Watch Restaurants, Inc.  One stop   L + 7.50%    8.75%   12/2018    1,751    1,745    0.2    1,751 
First Watch Restaurants, Inc.*  One stop   L + 7.50%    8.75%   12/2018    11,293    11,150    1.6    11,293 
First Watch Restaurants, Inc.  One stop   P + 6.50%    9.75%   12/2018    3,144    3,104    0.4    3,144 
IT'SUGAR LLC  Senior loan   L + 8.50%    10.00%   04/2017    4,191    4,140    0.6    4,191 
IT'SUGAR LLC  Subordinated debt   N/A    8.00%   10/2017    1,707    1,707    0.3    2,287 
Julio & Sons Company(3)  One stop   L + 5.50%    N/A(4)   09/2016    -    (33)   -    - 
Julio & Sons Company  One stop   L + 5.50%    6.50%   09/2016    426    419    0.1    426 
Julio & Sons Company*  One stop   L + 5.50%    6.50%   09/2016    7,014    6,958    1.0    7,014 
Northern Brewer, LLC  One stop   P + 9.25%    12.50%   02/2018    665    653    0.1    565 
Northern Brewer, LLC  One stop   P + 9.25%    12.50%   02/2018    6,332    6,203    0.8    5,382 
Richelieu Foods, Inc.  Senior loan   P + 4.50%    7.75%   11/2015    53    46    -    53 
Richelieu Foods, Inc.*  Senior loan   L + 5.50%    7.25%   11/2015    1,911    1,889    0.3    1,911 
                      112,830    111,237    15.6    112,432 

  

See Notes to Consolidated Financial Statements.

 

7
 

 

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (Continued)

March 31, 2014

(In thousands)

 

      Spread                   Percentage     
   Investment  Above   Interest   Maturity   Principal / Par       of Total   Fair 
   Type  Index (1)   Rate(2)   Date   Amount   Cost   Net Assets   Value 
Building and Real Estate                                      
ITEL Laboratories, Inc.(3)  Senior loan   L + 4.75%    N/A(4)   06/2018    -    (1)   -    - 
ITEL Laboratories, Inc.*  Senior loan   L + 4.75%    6.00%   06/2018    797    789    0.1    797 
                      797    788     0.1    797 
Cargo Transport                                      
RP Crown Parent (RedPrairie Corp)*  Senior loan   L + 5.00%    6.00%   12/2018    1,980    1,948    0.3    1,977 
                      1,980    1,948    0.3    1,977 
Containers, Packaging and Glass                                      
Fort Dearborn Company*  Senior loan   L + 4.25%    5.25%   10/2017    28    28    -    28 
Fort Dearborn Company*  Senior loan   L + 4.25%    5.25%   10/2017    534    531    0.1    534 
Fort Dearborn Company*  Senior loan   L + 4.75%    5.75%   10/2018    110    109    -    110 
Fort Dearborn Company*  Senior loan   L + 4.75%    5.75%   10/2018    2,191    2,177    0.3    2,191 
Packaging Coordinators, Inc.*  Senior loan   L + 4.25%    5.50%   05/2020    6,776    6,738    0.9    6,776 
Packaging Coordinators, Inc.  Senior loan   L + 4.25%    5.50%   05/2020    9,286    9,264    1.3    9,286 
Packaging Coordinators, Inc.  Second lien   L + 8.25%    9.50%   11/2020    29,098    28,300    4.0    29,098 
                      48,023    47,147     6.6    48,023 
Diversified Conglomerate Manufacturing                                      
Chase Industries, Inc.*  One stop   L + 5.64%    6.89%   11/2017    13,249    13,086    1.8    13,249 
ICCN Acquisition Corp.(3)  One stop   L + 5.25%    N/A(4)   03/2019    -    (4)   -    (3)
ICCN Acquisition Corp.(3)  One stop   L + 5.25%    N/A(4)   03/2019    -    (20)   -    (14)
ICCN Acquisition Corp.  One stop   L + 5.25%    6.25%   03/2019    5,021    4,941    0.7    4,970 
Metal Spinners, Inc.*  Senior loan   L + 6.50%    8.00%   12/2014    1,323    1,312    0.2    1,323 
Metal Spinners, Inc.*  Senior loan   L + 6.50%    8.00%   12/2014    2,610    2,589    0.4    2,610 
Onicon Incorporated(3)  One stop   L + 6.75%    N/A(4)   12/2017    -    (12)   -    - 
Onicon Incorporated  One stop   P + 5.75%    9.00%   12/2017    3,437    3,385    0.5    3,437 
Pasternack Enterprises, Inc.*  Senior loan   L + 5.00%    6.25%   12/2017    1,161    1,152    0.2    1,161 
Plex Systems, Inc.(3)  Senior loan   L + 7.50%    N/A(4)   06/2018    -     (26   -    - 
Plex Systems, Inc.*  Senior loan   L + 7.50%    8.75%   06/2018    13,670    13,375    1.9    13,670 
Sunless Merger Sub, Inc.  Senior loan   P + 4.00%    7.25%   07/2016    130    129    -    107 
Sunless Merger Sub, Inc.*  Senior loan   L + 5.25%    6.50%   07/2016    1,847    1,842    0.2    1,385 
TIDI Products, LLC(3)  One stop   P + 5.50%    8.75%   07/2017    117    104    -    117 
TIDI Products, LLC*  One stop   L + 6.50%    7.75%   07/2018    11,140    10,940    1.5    11,140 
Vintage Parts, Inc.*  One stop   L + 4.50%    5.75%   12/2015    4,610    4,569    0.6    4,610 
Vintage Parts, Inc.*  One stop   L + 4.50%    5.75%   12/2015    64    64    -    64 
Vintage Parts, Inc.*  One stop   L + 4.50%    5.75%   12/2015    963    970    0.1    963 
                      59,342    58,396    8.1    58,789 
Diversified Conglomerate Service                                      
Aderant North America, Inc.*  Senior loan   L + 4.25%    5.25%   12/2018    4,484    4,448    0.6    4,484 
Agility Recovery Solutions Inc.(3)  One stop   L + 6.75%    N/A(4)   09/2018    -    (6)   -    - 
Agility Recovery Solutions Inc.*  One stop   L + 6.75%    8.00%   09/2018    9,291    9,120    1.3    9,291 
Daxko, LLC(3)  One stop   L + 7.25%    N/A(4)   03/2019    -    (22)   -    (17)
Daxko, LLC  One stop   L + 7.25%    8.25%   03/2019    10,935    10,692    1.5    10,826 
Document Technologies, LLC (3)  Senior loan   L + 4.25%    N/A(4)   12/2018    -    (11)   -    - 
Document Technologies, LLC*  Senior loan   L + 4.25%    5.50%   12/2018    7,034    6,977    1.0    7,034 
EAG, INC. (Evans Analytical Group)*  Senior loan   L + 4.50%    6.00%   07/2017    2,392    2,369    0.3    2,392 
HighJump Acquisition LLC  One stop   L + 7.50%    8.75%   07/2018    7,107    7,046    1.0    7,107 
Integration Appliance, Inc.  Senior loan   L + 8.25%    9.50%   09/2018    719    710    0.1    719 
Integration Appliance, Inc.  Senior loan   L + 8.25%    9.50%   09/2018    5,396    5,274    0.7    5,396 
Marathon Data Operating Co., LLC (3)  One stop   L + 6.25%    N/A(4)   08/2017    -    (7)   -    - 
Marathon Data Operating Co., LLC  One stop   L + 6.25%    7.50%   08/2017    4,749    4,668    0.7    4,749 
MSC.Software Corporation*  One stop   L + 7.25%    8.50%   11/2017    9,768    9,629    1.4    9,768 
Navex Global, Inc.(3)  One stop   L + 7.50%    N/A(4)   12/2016    -    (14)   -    - 
Navex Global, Inc.*  One stop   L + 7.50%    9.00%   12/2016    17,527    17,278    2.4    17,527 
NetSmart Technologies, Inc.  One stop   L + 7.50%    8.75%   12/2017    8,270    8,205    1.1    8,270 
NetSmart Technologies, Inc.*  One stop   L + 7.92%    9.17%   12/2017    646    636    0.1    646 
PC Helps Support, LLC(3)  Senior loan   L + 5.25%    N/A(4)   09/2017    -    (2)   -    - 
PC Helps Support, LLC  Senior loan   L + 5.25%    6.52%   09/2017    1,895    1,875    0.3    1,895 
Secure-24, LLC(3)  One stop   L + 7.00%    N/A(4)   08/2017    -    (6)   -    - 
Secure-24, LLC*  One stop   L + 7.00%    8.25%   08/2017    10,486    10,270    1.5    10,486 
Secure-24, LLC  One stop   L + 7.00%    8.25%   08/2017    1,534    1,511    0.2    1,534 
Source Medical Solutions, Inc.  Second lien   L + 9.50%    10.75%   03/2018    9,294    9,125    1.3    9,294 
Vericlaim, Inc.(3)  Senior loan   L + 4.75%    N/A(4)   05/2018    -    (3)   -    - 
Vericlaim, Inc.  Senior loan   L + 4.75%    6.00%   05/2018    6,327    6,297    0.9    6,327 
                      117,854    116,059    16.4    117,728 

  

See Notes to Consolidated Financial Statements.

 

8
 

 

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (Continued)

March 31, 2014

(In thousands)

 

      Spread                   Percentage     
   Investment  Above   Interest   Maturity   Principal / Par       of Total   Fair 
   Type  Index (1)   Rate(2)   Date   Amount   Cost   Net Assets   Value 
Electronics                                      
BeyondTrust Software, Inc.  One stop   L + 7.59%    8.84%   12/2019    11,939    11,692    1.6    11,765 
ECI Acquisition Holdings, Inc.(3)  One stop   L + 6.25%    N/A(4)   03/2019    -    (19)   -    (10)
ECI Acquisition Holdings, Inc.(3)  One stop   L + 6.25%    N/A(4)   03/2019    -    (88)   -    (48)
ECI Acquisition Holdings, Inc.  One stop   L + 6.25%    7.25%   03/2019    22,326    21,912    3.1    22,103 
Rogue Wave Holdings, Inc.*  One stop   L + 8.01%    9.01%   12/2018    10,749    10,622    1.5    10,642 
Sloan Company, Inc., The  One stop   L + 7.50%    8.75%   10/2018    267    252    -    267 
Sloan Company, Inc., The*  One stop   L + 7.50%    8.75%   10/2018    13,193    13,044    1.8    13,193 
Sparta Systems, Inc.(3)  Senior loan   L + 5.25%    N/A(4)   12/2017    -    (6)   -    - 
Sparta Systems, Inc.*  Senior loan   L + 5.25%    6.50%   12/2017    6,343    6,284    0.9    6,343 
Syncsort Incorporated(3)  Senior loan   L + 4.75%    N/A(4)   03/2019    -    (3)   -    (3)
Syncsort Incorporated(3)  Senior loan   L + 4.75%    N/A(4)   03/2019    -    (14)   -    (14)
Syncsort Incorporated*  Senior loan   L + 4.75%    5.75%   03/2019    6,174    6,113    0.8    6,112 
Systems Maintenance Services Holding, Inc.  Senior loan   L + 4.25%    5.25%   10/2019    2,663    2,651    0.4    2,663 
Taxware, LLC  Second lien   L + 8.50%    9.50%   10/2019    11,099    10,893    1.5    11,099 
Watchfire Enterprises, Inc.  Second lien   L + 8.00%    9.00%   10/2021    9,435    9,259    1.3    9,435 
                      94,188    92,592    12.9    93,547 
Farming and Agriculture                                      
AGData, L.P.*  One stop   L + 6.00%    7.25%   08/2016    3,818    3,786    0.5    3,818 
                      3,818    3,786    0.5    3,818 
Finance                                      
Ascensus, Inc.(3)  One stop   L + 4.00%    N/A(4)   11/2018    -    (18)   -    (5)
Ascensus, Inc.  One stop   L + 4.00%    5.00%   12/2019    4,214    4,134    0.6    4,193 
Ascensus, Inc.  One stop   L + 8.00%    9.00%   12/2020    6,337    6,125    0.9    6,242 
Pillar Processing LLC*  Senior loan   L + 5.50%    5.74%   11/2018    1,023    1,021    0.1    511 
Pillar Processing LLC*(6)  Senior loan   N/A    14.50%   05/2019    2,377    2,368    -    - 
                      13,951    13,630    1.6    10,941 
Grocery                                      
MyWebGrocer, Inc.(3)  Senior loan   L + 4.75%    N/A(4)   05/2018    -    (13)   -    - 
MyWebGrocer, Inc.  Senior loan   L + 8.75%    10.00%   05/2018    14,271    14,065    2.0    14,271 
Teasdale Quality Foods, Inc.*  Senior loan   L + 4.50%    5.75%   05/2018    2,786    2,762    0.4    2,786 
                      17,057    16,814    2.4    17,057 
Healthcare, Education and Childcare                                      
Advanced Pain Management Holdings, Inc.(3)  Senior loan   L + 5.00%    N/A(4)   02/2018    -    (9)   -    - 
Advanced Pain Management Holdings, Inc.*  Senior loan   L + 5.00%    6.25%   02/2018    7,327    7,269    1.0    7,327 
Advanced Pain Management Holdings, Inc.  Senior loan   L + 5.00%    6.25%   02/2018    501    495    0.1    501 
Avatar International, LLC(3)  One stop   L + 4.94%    N/A(4)   09/2016    -    (5)   -    - 
Avatar International, LLC*  One stop   L + 7.89%    9.14%   09/2016    7,568    7,504    0.9    6,735 
Avatar International, LLC  One stop   L + 7.90%    9.15%   09/2016    1,633    1,622    0.2    1,453 
Certara L.P.(3)  One stop   L + 6.25%    N/A(4)   12/2018    -    (21)   -    (22)
Certara L.P.*  One stop   L + 6.25%    7.25%   12/2018    17,695    17,486    2.4    17,474 
Delta Educational Systems*  Senior loan   P + 4.75%    8.00%   12/2016    1,762    1,738    0.2    1,762 
Dialysis Newco, Inc.  Second lien   L + 8.50%    9.75%   02/2021    23,901    23,331    3.4    24,618 
Dialysis Newco, Inc.*  Second lien   L + 4.25%    5.25%   08/2020    6,314    6,256    0.9    6,330 
Encore Rehabilitation Services, LLC(3)  One stop   L + 6.00%    N/A(4)   06/2017    -    (10)   -    - 
Encore Rehabilitation Services, LLC  One stop   L + 6.00%    7.25%   06/2017    5,034    4,945    0.7    5,034 
G & H Wire Company, Inc.(3)  Senior loan   L + 5.50%    N/A(4)   11/2016    -    (8)   -    - 
G & H Wire Company, Inc.*  Senior loan   L + 5.50%    7.00%   11/2016    8,411    8,326    1.1    8,411 
Global Healthcare Exchange, LLC(3)  One stop   L + 9.00%    N/A(4)   03/2020    -    (25)   -    (25)
Global Healthcare Exchange, LLC  One stop   L + 9.00%    10.00%   03/2020    20,087    19,689    2.8    19,886 
Healogics, Inc.*  Second lien   L + 8.00%    9.25%   02/2020    16,454    16,316    2.3    16,851 
Hospitalists Management Group, LLC  Senior loan   L + 5.00%    6.72%   05/2017    828    819    0.1    755 
Hospitalists Management Group, LLC  Senior loan   L + 5.00%    6.50%   05/2017    3,694    3,638    0.5    3,398 
Hospitalists Management Group, LLC  Senior loan   L + 5.00%    6.50%   05/2017    432    428    0.1    398 
IntegraMed America, Inc.  One stop   L + 7.25%    8.50%   09/2017    811    799    0.1    811 
IntegraMed America, Inc.*  One stop   L + 7.25%    8.50%   09/2017    14,384    14,157    2.0    14,384 
Maverick Healthcare Group, LLC*  Senior loan   L + 5.50%    7.25%   12/2016    2,009    1,994    0.3    1,909 
NeuroTherm, Inc.  Senior loan   P + 3.50%    6.46%   02/2016    78    73    -    78 
NeuroTherm, Inc.*  Senior loan   L + 4.50%    5.75%   02/2016    2,211    2,187    0.3    2,211 
Northwestern Management Services, LLC(3)  Senior loan   L + 5.25%    N/A(4)   10/2017    -    (11)   -    - 
Northwestern Management Services, LLC*  Senior loan   L + 5.25%    6.50%   10/2017    4,007    3,948    0.6    4,007 
Northwestern Management Services, LLC  Senior loan   L + 5.25%    6.50%   10/2017    48    43    -    48 
Paradigm Management Services, LLC  Senior loan   L + 4.50%    5.51%   01/2019    1,930    1,911    0.3    1,911 
Pentec Acquisition Sub, Inc.(3)  Senior loan   L + 5.25%    N/A(4)   05/2017    -    (3)   -    - 
Pentec Acquisition Sub, Inc.*  Senior loan   L + 5.25%    6.50%   05/2018    1,842    1,816    0.3    1,842 
Precision Dermatology, Inc.(3)  One stop   L + 6.00%    N/A(4)   09/2018    -    (6)   -    - 
Precision Dermatology, Inc.  One stop   L + 6.00%    7.25%   09/2018    10,017    9,927    1.4    10,017 
Reliant Pro ReHab, LLC  Senior loan   P + 3.75%    7.00%   06/2016    563    558    0.1     563 
Reliant Pro ReHab, LLC*  Senior loan   L + 4.75%    6.00%   06/2016    3,313    3,287    0.4    3,313 
Reliant Pro ReHab, LLC  Senior loan   L + 4.75%    6.00%   06/2016    916    910    0.1    916 
Renaissance Pharma (U.S.) Holdings Inc.(3)  Senior loan   L + 5.25%    N/A(4)   05/2018    -    (3)   -    - 
Renaissance Pharma (U.S.) Holdings Inc.*  Senior loan   L + 5.25%    6.75%   05/2018    4,378    4,328    0.6    4,378 
Southern Anesthesia and Surgical(3)  One stop   L + 7.00%    N/A(4)   11/2017    -    (11)   -    - 
Southern Anesthesia and Surgical  One stop   L + 7.00%    8.25%   11/2017    6,154    6,043    0.8    6,154 
Surgical Information Systems, LLC  Senior loan   L + 3.00%    4.01%   09/2018    2,193    2,188    0.3    2,193 
WIL Research Company, Inc.*  Senior loan   L + 4.50%    5.75%   02/2018    780    772    0.1    761 
Young Innovations, Inc.(3)  Senior loan   L + 4.50%    N/A(4)   01/2018    -    (2)   -    - 
Young Innovations, Inc.  Senior loan   L + 4.50%    5.75%   01/2019    4,269    4,243    0.6    4,269 
                      181,544    178,932    25.0    180,651 

  

See Notes to Consolidated Financial Statements.

 

9
 

 

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (Continued)

March 31, 2014

(In thousands)

 

      Spread                   Percentage     
   Investment  Above   Interest   Maturity   Principal / Par       of Total   Fair 
   Type  Index (1)   Rate(2)   Date   Amount   Cost   Net Assets   Value 
Home and Office Furnishings,                                      
  Housewares, and Durable Consumer                                      
Plano Molding Company, LLC  Senior loan   L + 4.25%    5.25%   10/2018    2,009    1,996    0.3    2,009 
WII Components, Inc.*  Senior loan   L + 4.75%    6.26%   07/2016    1,513    1,503    0.2    1,513 
WII Components, Inc.  Senior loan   P + 3.75%    7.00%   07/2016    18    17    -    18 
Zenith Products Corporation  One stop   P + 1.75%    5.00%   09/2013    29    29    -    15 
Zenith Products Corporation*  One stop   P + 3.50%    6.75%   09/2013    3,684    3,684    0.3    1,842 
                      7,253    7,229    0.8    5,397 
Insurance                                      
AssuredPartners Capital, Inc.  Senior loan   P + 3.50%    6.75%   12/2018    2,365    2,347    0.3    2,365 
AssuredPartners Capital, Inc.  Senior loan   P + 3.75%    6.62%   06/2019    413    410    0.1    413 
AssuredPartners Capital, Inc.  Senior loan   L + 4.75%    6.00%   12/2019    773    753    0.1    773 
Captive Resources Midco, LLC (3)  One stop   L + 5.00%    N/A(4)   01/2019    -    (17)   -    (17)
Captive Resources Midco, LLC*  One stop   L + 5.00%    6.50%   01/2019    20,097    19,899    2.8    19,896 
Evolution1, Inc.*  Senior loan   L + 4.75%    6.25%   06/2016    4,549    4,519    0.6    4,549 
Evolution1, Inc.  Senior loan   P + 3.75%    7.00%   06/2016    56    53    -    56 
                      28,253    27,964    3.9    28,035 
Investment Funds and Vehicles                                      
Senior Loan Fund LLC (7)(8)  Subordinated debt   L + 8.00%    8.17%   05/2020    36,188    36,188    5.0    36,188 
                      36,188    36,188    5.0    36,188 
Leisure, Amusement, Motion Pictures                                      
  and Entertainment                                      
Competitor Group, Inc.  One stop   P + 6.75%    9.76%   11/2018    884    872    0.1    716 
Competitor Group, Inc.*  One stop   L + 8.75%    9.00% cash/1.00% PIK    11/2018    12,765    12,593    1.5    11,105 
Octane Fitness, LLC(3)  One stop   L + 5.25%    N/A(4)   10/2018    -    (4)   -    - 
Octane Fitness, LLC  One stop   L + 5.25%    6.50%   10/2018    8,158    8,121    1.1    8,158 
Pride Manufacturing Company, LLC*  Senior loan   L + 6.00%    7.75%   11/2015    550    547    0.1    550 
Self Esteem Brands, LLC(3)  Senior loan   L + 4.00%    N/A(4)   02/2020    -    (5)   -    (5)
Self Esteem Brands, LLC  Senior loan   L + 4.00%    5.00%   02/2020    8,034    7,984    1.1    7,983 
Starplex Operating, L.L.C.  One stop   L + 7.50%    9.00%   12/2017    1,197    1,182    0.2    1,197 
Starplex Operating, L.L.C.*  One stop   L + 7.50%    9.00%   12/2017    17,279    17,049    2.4    17,279 
Titan Fitness, LLC (3)  One stop   L + 6.50%    N/A(4)   09/2019    -    (24)   -    - 
Titan Fitness, LLC (3)  One stop   L + 6.50%    N/A(4)   09/2019    -    (24)   -    - 
Titan Fitness, LLC*  One stop   L + 6.50%    7.75%   09/2019    13,671    13,380    1.9    13,671 
                      62,538    61,671    8.4    60,654 
Mining, Steel, Iron and Non-Precious Metals                                      
Benetech, Inc.*  One stop   P + 4.75%    8.00%   10/2017    60    56    -    60 
Benetech, Inc.*  One stop   L + 6.00%    7.25%   10/2017    5,262    5,243    0.7    5,262 
                      5,322    5,299    0.7    5,322 
Oil and Gas                                      
Drilling Info, Inc.(3), (5)  One stop   L + 5.00%    N/A(4)   06/2018    -    (1)   -    - 
Drilling Info, Inc.(3), (5)  One stop   L + 5.00%    N/A(4)   06/2018    -    (4)   -    - 
Drilling Info, Inc.(5)  One stop   L + 5.00%    6.00%   06/2018    1,351    1,339    0.2    1,351 
                      1,351    1,334    0.2    1,351 
Personal and Non-Durable Consumer                                      
  Products                                      
Hygenic Corporation, The  Senior loan   L + 4.75%    6.00%   10/2017    142    138    -    142 
Hygenic Corporation, The*  Senior loan   L + 4.75%    6.00%   10/2018    4,245    4,197    0.6    4,245 
Massage Envy, LLC(3)  One stop   L + 7.25%    N/A(4)   09/2018    -    (14)   -    - 
Massage Envy, LLC  One stop   L + 7.25%    8.50%   09/2018    16,421    16,116    2.3    16,421 
Rug Doctor LLC  Senior loan   P + 4.25%    7.50%   12/2016    258    247    -    246 
Rug Doctor LLC*  Senior loan   L + 5.25%    6.25%   12/2016    5,505    5,455    0.7    5,450 
Team Technologies Acquisition Company  Senior loan   P + 3.50%    6.75%   12/2017    58     55    -    58 
Team Technologies Acquisition Company  Senior loan   L + 4.75%    6.00%   12/2017    3,502    3,476    0.5    3,502 
                      30,131    29,670    4.1    30,064 
Personal, Food and Miscellaneous                                      
  Services                                      
Affordable Care Inc.(3)  Senior loan   L + 4.75%    N/A(4)   12/2017    -     (2   -    - 
Affordable Care Inc.  Senior loan   L + 4.75%    6.00%   12/2018    3,523    3,496    0.5    3,523 
El Pollo Loco Inc  Senior loan   L + 4.25%    5.25%   10/2018     5,175    5,128     0.7     5,240 
Focus Brands Inc.  Second lien   L + 9.00%    10.25%   08/2018    11,195    11,078    1.6    11,404 
National Veterinary Associates, Inc.(3)  Senior loan   L + 5.00%    N/A(4)   12/2017    -    (1)   -    - 
National Veterinary Associates, Inc.  Senior loan   L + 5.00%    6.25%   12/2017    5,991    5,953    0.8    5,991 
National Veterinary Associates, Inc.  Senior loan   L + 5.00%    6.25%   12/2017    1,671    1,661    0.2    1,671 
PMI Holdings, Inc.  One stop   P + 4.75%    8.00%   10/2018    200    190    -    200 
PMI Holdings, Inc.*  One stop   L + 5.75%    6.75%   10/2018    33,326    33,173    4.6    33,326 
Vetcor Merger Sub LLC(3)  One stop   L + 6.50%    N/A(4)   12/2017    -    (8)   -    - 
Vetcor Merger Sub LLC  One stop   L + 6.50%    7.75%   12/2017    199    193    -    199 
Vetcor Merger Sub LLC*  One stop   L + 6.50%    7.75%   12/2017    5,892    5,844    0.8    5,892 
Vetcor Merger Sub LLC  One stop   L + 6.50%    7.75%   12/2017    374    374    0.1    374 
Vetcor Merger Sub LLC  One stop   L + 6.50%    7.75%   12/2017    577    577    0.1    577 
Vetcor Merger Sub LLC  One stop   L + 6.50%    7.75%   12/2017    387    387    0.1    387 
                      68,510    68,043    9.5    68,784 

  

See Notes to Consolidated Financial Statements.

 

10
 

 

Golub Capital BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (Continued)

March 31, 2014

(In thousands)

 

      Spread                   Percentage     
   Investment  Above   Interest   Maturity   Principal / Par       of Total   Fair 
   Type  Index (1)   Rate(2)   Date   Amount   Cost   Net Assets   Value 
Printing and Publishing                                      
Market Track, LLC(3)  One stop   L + 6.00%    N/A(4)   10/2019    -    (20)   -    - 
Market Track, LLC(3)  One stop   L + 6.00%    N/A(4)   10/2019    -    (19)   -    - 
Market Track, LLC*  One stop   L + 6.00%    7.25%   10/2019    29,418    29,145    4.1    29,418 
                      29,418    29,106    4.1    29,418 
Retail Stores                                      
Benihana, Inc.(3)  One stop   L + 5.50%    N/A(4)   07/2018    -    (38)   -    - 
Benihana, Inc.*  One stop   L + 5.50%    6.75%   01/2019    14,000    13,616    1.9    14,000 
Boot Barn, Inc.*  One stop   L + 5.75%    7.00%   05/2019    24,553    24,235    3.4    24,553 
Capital Vision Services, LLC(3)  One stop   L + 7.25%    N/A(4)   12/2017    -    (10)   -    - 
Capital Vision Services, LLC(3)  One stop   L + 7.25%    N/A(4)   12/2017    -    (7)   -    - 
Capital Vision Services, LLC*  One stop   L + 7.25%    8.50%   12/2017    15,480    15,323    2.1    15,480 
Capital Vision Services, LLC  One stop   L + 7.25%    8.50%   12/2017    1,241    1,228    0.2    1,241 
DTLR, Inc.*  One stop   L + 8.00%    11.00%   12/2015    16,325    16,225    2.3    16,325 
Express Oil Change, LLC  Senior loan   L + 4.75%    6.29%   12/2017    81    79    -    81 
Express Oil Change, LLC*  Senior loan   P + 3.50%    6.75%   12/2017    1,771    1,758    0.2    1,771 
Express Oil Change, LLC  Senior loan   P + 3.50%    6.75%   12/2017    113    109    -    113 
Floor & Decor Outlets of America, Inc.*  One stop   L + 6.50%    7.75%   05/2019    11,300    11,181    1.6    11,300 
Marshall Retail Group, LLC, The(3)  Senior loan   L + 6.50%    8.00%   10/2016    122    113    -    122 
Marshall Retail Group, LLC, The*  Senior loan   L + 6.50%    8.00%   10/2016    9,235    9,132    1.3    9,235 
Paper Source, Inc.(3)  One stop   L + 6.25%    N/A(4)   09/2018    -    (11)   -    - 
Paper Source, Inc.*  One stop   L + 6.25%    7.25%   09/2018    12,641    12,527    1.8    12,641 
Restaurant Holding Company, LLC  Senior loan   L + 7.75%    8.75%   02/2019    4,989    4,940    0.7    4,977 
Rubio's Restaurants, Inc*  Senior loan   L + 4.75%    6.00%   11/2018    9,423    9,415    1.3    9,423 
Sneaker Villa, Inc.(3)  One stop   L + 8.50%