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Section 1: 10-Q (10-Q)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

_______________________

FORM 10-Q

_______________________

(Mark One)

 

 

x

 

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

FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2017

¨

 

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

COMMISSION FILE NUMBER: 0-50398

_______________________

TICC CAPITAL CORP.

(Exact name of registrant as specified in its charter)

_______________________

MARYLAND

 

20-0188736

(State or other jurisdiction of
incorporation or organization)

 

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

8 SOUND SHORE DRIVE, SUITE 255
GREENWICH, CONNECTICUT 06830

(Address of principal executive office)

(203) 983-5275

(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 (the “Exchange Act”) 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 x  No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ¨ No ¨

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

Large accelerated filer

 

¨

 

Accelerated filer

 

x

Non-accelerated filer

 

¨

 

Smaller Reporting company

 

¨

Emerging growth company

 

¨

 

 

 

 

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

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

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. The number of shares of the issuer’s common stock, $0.01 par value, outstanding as of November 1, 2017 was 51,479,409.

 

TICC CAPITAL CORP.

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION

 

1

Item 1.

 

Financial Statements (Unaudited)

 

1

 

 

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

 

1

 

 

Consolidated Schedule of Investments as of September 30, 2017

 

2

 

 

Consolidated Schedule of Investments as of December 31, 2016

 

9

 

 

Consolidated Statements of Operations for the three and nine months ended September 30, 2017 and 2016

 

17

 

 

Consolidated Statements of Changes in Net Assets for the nine months ended September 30, 2017 and for the year ended December 31, 2016

 

18

 

 

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

 

19

 

 

Notes to Consolidated Financial Statements

 

20

Item 2.

 

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

 

51

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

74

Item 4.

 

Controls and Procedures

 

74

 

 

 

PART II. OTHER INFORMATION

 

II-1

Item 1.

 

Legal Proceedings

 

II-1

Item 1A.

 

Risk Factors

 

II-1

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

II-1

Item 3.

 

Defaults Upon Senior Securities

 

II-1

Item 4.

 

Mine Safety Disclosures

 

II-1

Item 5.

 

Other Information

 

II-1

Item 6.

 

Exhibits

 

II-2

SIGNATURES

 

II-3

i

PART I — FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)

TICC CAPITAL CORP.

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(unaudited)

 

 

September 30, 2017

 

December 31, 2016

ASSETS

 

 

 

 

 

 

 

Non-affiliated/non-control investments (cost: $432,803,519 @ 9/30/17; $616,542,612 @ 12/31/16)

 

$

406,516,270

 

 

$

578,297,069

Affiliated investments (cost: $9,812,378 @ 9/30/17; $7,497,229 @ 12/31/16)

 

 

15,214,283

 

 

 

11,626,007

Cash and cash equivalents

 

 

119,601,494

 

 

 

8,261,698

Restricted cash

 

 

 

 

 

3,451,636

Interest and distributions receivable

 

 

4,562,096

 

 

 

9,682,672

Securities sold not settled

 

 

2,950,000

 

 

 

7,406

Other assets

 

 

1,516,032

 

 

 

1,130,018

Total assets

 

$

550,360,175

 

 

$

612,456,506

LIABILITIES

 

 

 

 

 

 

 

Accrued interest payable

 

$

2,966,060

 

 

$

1,731,111

Base management fee and net investment income incentive fee payable to affiliate

 

 

2,571,494

 

 

 

3,673,381

Securities purchased not settled

 

 

5,015,000

 

 

 

Accrued expenses

 

 

759,194

 

 

 

1,089,043

Notes payable – TICC CLO 2012-1 LLC, net of discount and deferred
issuance costs

 

 

 

 

 

125,853,720

Convertible senior notes payable due 2017, net of deferred issuance costs

 

 

94,497,384

 

 

 

94,116,753

6.50% unsecured notes due 2024, net of deferred issuance costs

 

 

62,258,316

 

 

 

Total liabilities

 

 

168,067,448

 

 

 

226,464,008

COMMITMENTS AND CONTINGENCIES (Note 13)

 

 

 

 

 

 

 

NET ASSETS

 

 

 

 

 

 

 

Common stock, $0.01 par value, 100,000,000 shares authorized; 51,479,409 and 51,479,409 shares issued and outstanding, respectively

 

 

514,794

 

 

 

514,794

Capital in excess of par value

 

 

558,822,643

 

 

 

558,822,643

Net unrealized depreciation on investments

 

 

(20,885,344

)

 

 

(34,116,765)

Accumulated net realized losses

 

 

(107,505,733

)

 

 

(98,364,284)

Distributions in excess of net investment income

 

 

(48,653,633

)

 

 

(40,863,890)

Total net assets

 

 

382,292,727

 

 

 

385,992,498

Total liabilities and net assets

 

$

550,360,175

 

 

$

612,456,506

Net asset value per common share

 

$

7.43

 

 

$

7.50

See Accompanying Notes.

1

TICC CAPITAL CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS
September 30, 2017
(unaudited)

COMPANY/INVESTMENT(1)

 

PRINCIPAL
AMOUNT

 

COST

 

FAIR
VALUE(2)

 

% of Net
Assets

Senior Secured Notes

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

 

 

 

 

Novetta, LLC

 

 

 

 

 

 

 

 

 

 

 

 

first lien senior secured notes, 6.34% (LIBOR + 5.00%), (1.00% floor) due October 16, 2022(4)(5)(6)(15)

 

$

5,600,250

 

$

5,548,448

 

$

5,397,241

 

 

 

Total Aerospace and Defense

 

 

 

 

$

 5,548,448

 

$

 5,397,241

 

1.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

 

 

 

 

Imagine! Print Solutions

 

 

 

 

 

 

 

 

 

 

 

 

second lien senior secured notes, 10.09% (LIBOR + 8.75%), (1.00% floor) due March 30, 2022(4)(5)(15)

 

$

15,000,000

 

$

14,851,246

 

$

14,700,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Polycom, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

second lien senior secured notes, 11.24% (LIBOR + 10.00%), (1.00% floor) due September 27, 2024(4)(5)(17)

 

 

13,000,000

 

 

12,756,478

 

 

13,000,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Premiere Global Services, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

senior secured notes, 7.78% (LIBOR + 6.50%), (1.00% floor) due December 8, 2021(4)(5)(6)(14)(15)

 

 

15,819,410

 

 

14,607,301

 

 

15,305,279

 

 

 

second lien senior secured notes, 10.74% (LIBOR + 9.50%), (1.00% floor) due June 6, 2022(4)(5)(14)(17)

 

 

10,000,000

 

 

9,728,198

 

 

9,875,000

 

 

 

Total Business Services

 

 

 

 

$

 51,943,223

 

$

 52,880,279

 

13.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer Services

 

 

 

 

 

 

 

 

 

 

 

 

Jackson Hewitt Tax Service, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

first lien senior secured notes, 8.31% (LIBOR + 7.00%), (1.00% floor) due July 30, 2020(4)(5)(6)(15)

 

$

19,601,471

 

$

19,296,154

 

$

18,817,412

 

 

 

Total Consumer Services

 

 

 

 

$

 19,296,154

 

$

 18,817,412

 

4.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Diversified Insurance

 

 

 

 

 

 

 

 

 

 

 

 

AmeriLife Group LLC

 

 

 

 

 

 

 

 

 

 

 

 

first lien senior secured notes, 5.99% (LIBOR + 4.75%), (1.00% floor) due July 10, 2022(4)(5)(6)(17)

 

$

15,447,791

 

$

15,329,320

 

$

15,196,764

 

 

 

Total Diversified Insurance

 

 

 

 

$

 15,329,320

 

$

 15,196,764

 

4.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Education

 

 

 

 

 

 

 

 

 

 

 

 

Edmentum, Inc. (F/K/A “Plato, Inc.”)

 

 

 

 

 

 

 

 

 

 

 

 

first lien senior secured notes, 5.81% (LIBOR + 4.50%), (1.00% floor) Cash, 2.00% PIK due June 10,
2019(3)(4)(5)(6)(15)

 

$

6,013,256

 

$

5,989,356

 

$

4,517,459

 

 

 

Total Education

 

 

 

 

$

 5,989,356

 

$

 4,517,459

 

1.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Intermediaries

 

 

 

 

 

 

 

 

 

 

 

 

First American Payment Systems

 

 

 

 

 

 

 

 

 

 

 

 

second lien senior secured notes, 11.73% (LIBOR + 10.50%), (1.00% floor) due July 6, 2024(4)(5)(6)(17)

 

$

1,500,000

 

$

1,457,823

 

$

1,477,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Harbortouch Payments

 

 

 

 

 

 

 

 

 

 

 

 

second lien senior secured notes, 10.74% (LIBOR + 9.50%), (1.00% floor) due October 11, 2024(4)(5)(6)(17)

 

 

12,000,000

 

 

11,793,754

 

 

12,000,000

 

 

 

Total Financial Intermediaries

 

 

 

 

$

 13,251,577

 

$

 13,477,500

 

3.5

%

 (continued on next page)

See Accompanying Notes.

2

TICC CAPITAL CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS — (continued)
September 30, 2017
(unaudited)

COMPANY/INVESTMENT(1)

 

PRINCIPAL AMOUNT

 

COST

 

FAIR
VALUE(2)

 

% of Net
Assets

Senior Secured Notes – (continued)

 

 

 

 

 

 

 

 

 

 

 

 

Healthcare

 

 

 

 

 

 

 

 

 

 

 

 

Keystone Acquisition Corp.

 

 

 

 

 

 

 

 

 

 

 

 

first lien senior secured notes, 6.58% (LIBOR + 5.25%), (1.00% floor) due May 1, 2024(4)(5)(6)(15)

 

$

3,000,000

 

$

2,941,950

 

$

2,996,250

 

 

 

second lien senior secured notes, 10.58% (LIBOR + 9.25%), (1.00% floor) due May 1, 2025(4)(5)(6)(15)

 

 

10,000,000

 

 

9,803,106

 

 

9,887,500

 

 

 

 Total Healthcare

 

 

 

 

$

 12,745,056

 

$

 12,883,750

 

3.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

IT Consulting

 

 

 

 

 

 

 

 

 

 

 

 

Unitek Global Services, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

first lien senior secured tranche B term loan, 9.84% (LIBOR + 8.50%), (1.00% floor) due January 13, 2019(4)(5)(15)

 

$

2,638,748

 

$

2,624,774

 

$

2,665,135

 

 

 

 Total IT Consulting

 

 

 

 

$

 2,624,774

 

$

 2,665,135

 

0.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Logistics

 

 

 

 

 

 

 

 

 

 

 

 

Capstone Logistics Acquisition, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

first lien senior secured notes, 5.74% (LIBOR + 4.50%), (1.00% floor) due October 7, 2021(4)(5)(6)(17)

 

$

10,573,496

 

$

10,554,997

 

$

10,467,761

 

 

 

 Total Logistics

 

 

 

 

$

 10,554,997

 

$

 10,467,761

 

2.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Printing and Publishing

 

 

 

 

 

 

 

 

 

 

 

 

Merrill Communications, LLC

 

 

 

 

 

 

 

 

 

 

 

 

first lien senior secured notes, 6.56% (LIBOR + 5.25%), (1.00% floor ) due June 01, 2022(4)(5)(6)(15)

 

$

12,730,561

 

$

12,638,574

 

$

12,794,214

 

 

 

 Total Printing and Publishing

 

 

 

 

$

 12,638,574

 

$

 12,794,214

 

3.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Software

 

 

 

 

 

 

 

 

 

 

 

 

ECI Software Solutions

 

 

 

 

 

 

 

 

 

 

 

 

second lien senior secured notes, 9.33% (LIBOR + 8.00%), (1.00% floor) due September 29, 2025(4)(5)(15)

 

$

15,000,000

 

$

14,895,056

 

$

14,962,500

 

 

 

Help/Systems Holdings, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

second lien senior secured notes 10.83% (LIBOR + 9.50%), (1.00% floor) due October 8, 2022(4)(5)(15)

 

 

10,000,000

 

 

9,707,916

 

 

9,791,700

 

 

 

 Total Software

 

 

 

 

$

 24,602,972

 

$

 24,754,200

 

6.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Telecommunications Services

 

 

 

 

 

 

 

 

 

 

 

 

Aricent Technologies, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

second lien senior secured notes, 9.74% (LIBOR + 8.50%), (1.00% floor) due April 14, 2022(4)(5)(17)

 

$

14,000,000

 

$

14,008,377

 

$

14,052,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Birch Communications, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

first lien senior secured notes, 8.55% (LIBOR + 7.25%), (1.00% floor) due July 15, 2020(4)(5)(6)(15)

 

 

21,475,095

 

 

20,826,313

 

 

18,253,831

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Tel Link Corp

 

 

 

 

 

 

 

 

 

 

 

 

second lien senior secured notes, 9.08% (LIBOR + 7.75%), (1.25% floor) due November 23, 2020(4)(5)(15)

 

 

13,000,000

 

 

12,919,938

 

 

12,935,000

 

 

 

 (continued on next page)

See Accompanying Notes.

3

TICC CAPITAL CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS — (continued)
September 30, 2017
(unaudited)

COMPANY/INVESTMENT(1)

 

PRINCIPAL AMOUNT

 

COST

 

FAIR VALUE(2)

 

% of Net Assets

Senior Secured Notes – (continued)

 

 

 

 

 

 

 

 

 

 

 

 

Telecommunications Services – (continued)                        

Securus Technologies, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

first lien senior secured notes, 4.75% (LIBOR + 3.50%), (1.25% floor) due April 30, 2020(4)(5)(6)(17)

 

$

5,638,392

 

$

5,614,900

 

$

5,638,392

 

 

 

second lien senior secured notes, 9.00% (LIBOR + 7.75%), (1.25% floor) due April 30, 2021(4)(5)(15)

 

 

6,400,000

 

 

6,382,803

 

 

6,405,312

 

 

 

Total Telecommunication Services

 

 

 

 

$

 59,752,331

 

$

 57,285,035

 

15.0

%

Total Senior Secured Notes

 

 

 

 

$

 234,276,782

 

$

 231,136,750

 

60.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Subordinated Debt

 

 

 

 

 

 

 

 

 

 

 

 

IT Consulting

 

 

 

 

 

 

 

 

 

 

 

 

Unitek Global Services, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

Holdco PIK Debt Cash 0.00%, 15.00% PIK, due July 13, 2019(3)(5)

 

$

750,317

 

$

748,183

 

$

757,820

 

 

 

Total IT Consulting

 

 

 

 

$

 748,183

 

$

 757,820

 

0.2

%

Total Subordinated Debt

 

 

 

 

$

 748,183

 

$

 757,820

 

0.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Collateralized Loan Obligation – Debt Investments

 

 

 

 

 

 

 

 

 

 

 

 

Structured Finance

 

 

 

 

 

 

 

 

 

 

 

 

Catamaran CLO 2012-1 Ltd.

 

 

 

 

 

 

 

 

 

 

 

 

CLO secured class F notes, 7.52% (LIBOR + 6.25%), due December 20, 2023(4)(5)(11)(12)(15)

 

$

1,250,000

 

$

1,182,662

 

$

1,218,750

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jamestown CLO V Ltd.

 

 

 

 

 

 

 

 

 

 

 

 

CLO secured class F notes, 7.15% (LIBOR + 5.85%), due
January 17, 2027(4)(5)(11)(12)(15)

 

 

4,000,000

 

 

3,288,787

 

 

3,262,800

 

 

 

 Total Structured Finance

 

 

 

 

$

 4,471,449

 

$

 4,481,550

 

1.2

%

 Total Collateralized Loan Obligation – Debt Investments

 

 

 

 

$

 4,471,449

 

$

 4,481,550

 

1.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Collateralized Loan Obligation – Equity Investments

 

 

 

 

 

 

 

 

 

 

 

 

Structured Finance

 

 

 

 

 

 

 

 

 

 

 

 

AMMC CLO XI, Ltd.

 

 

 

 

 

 

 

 

 

 

 

 

CLO subordinated notes, estimated yield 12.24% due October 30, 2023(9)(11)(12)(19)

 

$

6,000,000

 

$

3,766,347

 

$

3,000,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AMMC CLO XII, Ltd.

 

 

 

 

 

 

 

 

 

 

 

 

CLO subordinated notes, estimated yield 4.05% due May 10, 2025(9)(11)(12)(19)

 

 

12,921,429

 

 

6,678,484

 

 

5,427,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Anchorage Capital 6 CLO, Ltd.

 

 

 

 

 

 

 

 

 

 

 

 

CLO subordinated notes, estimated yield 16.58% due July 15, 2030(9)(11)(12)(19)

 

 

5,000,000

 

 

3,366,362

 

 

3,256,696

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ares XXV CLO Ltd.

 

 

 

 

 

 

 

 

 

 

 

 

CLO subordinated notes, estimated yield 0.00% due January 17, 2024(9)(10)(11)(12)(19)

 

 

15,500,000

 

 

317,125

 

 

 

 

 

Ares XXVI CLO Ltd.

 

 

 

 

 

 

 

 

 

 

 

 

CLO subordinated notes, estimated yield 4.29% due April 15, 2025(9)(11)(12)(19)

 

 

17,630,000

 

 

8,496,368

 

 

6,701,691

 

 

 

 (continued on next page)

See Accompanying Notes.

4

TICC CAPITAL CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS — (continued)
September 30, 2017
(unaudited)

COMPANY/INVESTMENT(1)

 

PRINCIPAL AMOUNT

 

COST

 

FAIR VALUE(2)

 

% of Net Assets

Collateralized Loan Obligation — Equity Investments – (continued)

 

 

 

 

 

 

 

 

 

 

 

Structured Finance – (continued)                      

Carlyle Global Market Strategies CLO 2013-2, Ltd.

 

 

 

 

 

 

 

 

 

 

 

CLO subordinated notes, estimated yield 9.82% due April 18, 2025(9)(11)(12)(19)

 

$

9,250,000

 

$

5,932,670

 

$

5,593,861

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Catamaran CLO 2012-1 Ltd.

 

 

 

 

 

 

 

 

 

 

 

CLO subordinated notes, estimated yield 2.37% due December 20, 2023(9)(11)(12)(19)

 

 

23,000,000

 

 

9,521,922

 

 

4,140,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cedar Funding II CLO, Ltd.

 

 

 

 

 

 

 

 

 

 

 

CLO subordinated notes, estimated yield 15.32% due March 09, 2025(9)(11)(12)(19)

 

 

18,000,000

 

 

13,658,689

 

 

13,140,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cedar Funding VI CLO, Ltd.

 

 

 

 

 

 

 

 

 

 

 

CLO subordinated notes, estimated yield 14.88% due October 20, 2028(9)(11)(12)(19)

 

 

7,700,000

 

 

7,008,964

 

 

7,007,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CIFC Funding 2012-1, Ltd.

 

 

 

 

 

 

 

 

 

 

 

CLO subordinated notes, estimated yield 0.00% due August 14, 2024(9)(10)(11)(12)(19)

 

 

12,750,000

 

 

213,307

 

 

133,875

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CIFC Funding 2014-3, Ltd.

 

 

 

 

 

 

 

 

 

 

 

CLO subordinated notes, estimated yield 15.10% due July 22, 2026(9)(11)(12)(19)

 

 

10,000,000

 

 

6,996,163

 

 

6,400,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Eaton Vance 2015-1, Ltd.

 

 

 

 

 

 

 

 

 

 

 

CLO subordinated notes, estimated yield 13.62% due October 20, 2026(9)(11)(12)(19)

 

 

7,500,000

 

 

5,109,292

 

 

5,475,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Galaxy XVII CLO, Ltd.

 

 

 

 

 

 

 

 

 

 

 

CLO subordinated notes, estimated yield 24.75% due April 25, 2025(9)(11)(12)(19)

 

 

2,000,000

 

 

900,698

 

 

860,000