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Section 1: 10-Q (10-Q)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
x
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Quarter Ended March 31, 2018
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: 814-01025
393432167_acsflogoa01a01a10.jpg
AMERICAN CAPITAL SENIOR FLOATING, LTD.
(Exact name of registrant as specified in its charter) 
Maryland
 
46-1996220
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer
Identification No.)
 
 245 Park Avenue, 42nd Floor, New York, NY 10167
 
 
 (Address of principal executive offices) (Zip Code)
 
 
(212) 750-7300
 
 
(Registrant’s telephone number, including area code)
 
N/A
(Former name, former address and former fiscal year, if changed since last report)

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 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 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, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
¨
 
Accelerated filer
x
Non-accelerated filer
¨
(Do not check if a smaller reporting company)
Smaller reporting company
¨
Emerging growth company
x
 
 
 

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.
Class
 
Outstanding at May 8, 2018
Common stock, $0.01 par value
 
10,000,100
 
 
 






AMERICAN CAPITAL SENIOR FLOATING, LTD.
FORM 10-Q FOR THE QUARTER ENDED March 31, 2018
TABLE OF CONTENTS

 
PAGE
PART I. FINANCIAL INFORMATION
 
 
 
 
Item 1.
Financial Statements
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.
 
 
PART II. OTHER INFORMATION
 
 
 
 
Item 1.
 
 
 
Item 1A.
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.
 
 
 
Item 5.
 
 
 
Item 6.
 
 
 
 
 
 
 




2



PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

AMERICAN CAPITAL SENIOR FLOATING, LTD.
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(in thousands, except per share data)
 
 
March 31, 2018
 
December 31, 2017
 
 
(unaudited)
 
 
Assets:
 
 
 
 
Investments, fair value (cost of $234,034 and $241,228, respectively)
 
$
224,642

 
$
229,240

Cash and cash equivalents
 
3,558

 
1,756

Receivable for investments sold
 
2,266

 
2,324

Deferred financing costs
 
66

 
89

Interest receivable
 
450

 
669

Prepaid expenses and other assets
 
845

 
579

Total assets
 
$
231,827

 
$
234,657

Liabilities:
 
 
 
 
Secured revolving credit facility payable (see Note 7)
 
$
93,800

 
$
87,500

Payable for investments purchased
 
5,143

 
14,413

Distributions to stockholders payable (see Note 9)
 
970

 
970

Management fee payable (see Note 3)
 
469

 
494

Interest payable (see Note 7)
 
40

 
36

Taxes payable
 

 
70

Payable to affiliate (see Note 4)
 
9

 
14

Other liabilities and accrued expenses
 
325

 
304

Total liabilities
 
100,756

 
103,801

Commitments and contingencies (see Note 10)
 
 
 
 
Net Assets:
 
 
 
 
Common stock, par value $0.01 per share; 10,000 issued and outstanding; 300,000 authorized
 
100

 
100

Paid-in capital in excess of par
 
150,879

 
150,879

Accumulated overdistributed net investment income
 
(831
)
 
(136
)
Accumulated net realized loss from investments
 
(9,685
)
 
(7,999
)
Net unrealized loss on investments
 
(9,392
)
 
(11,988
)
Total net assets
 
131,071

 
130,856

Total liabilities and net assets
 
$
231,827

 
$
234,657

Net asset value per share outstanding
 
$
13.11

 
$
13.09


See notes to consolidated financial statements.


3



AMERICAN CAPITAL SENIOR FLOATING, LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except per share data)

 
 
Three Months Ended March 31,
 
 
2018
 
2017
Investment Income:
 
 
 
 
Interest
 
$
4,078

 
$
4,612

Total investment income
 
4,078

 
4,612

Expenses:
 

 
 
Interest and commitment fee (see Note 7)
 
876

 
710

Management fee (see Note 3)
 
469

 
531

Professional fees
 
223

 
343

Insurance
 
104

 
148

Amortization of deferred financing costs
 
23

 
23

Other general and administrative expenses
 
168

 
222

Total expenses
 
1,863

 
1,977

Expense reimbursement (see Note 3)
 

 
(437
)
Net expenses
 
1,863

 
1,540

Net investment income before taxes
 
2,215

 
3,072

Income tax provision, including excise tax
 

 
(19
)
Net investment income
 
2,215

 
3,053

Net gain (loss) on investments:
 
 
 
 
Net realized gain (loss) on investments
 
(1,686
)
 
462

Net unrealized gain (loss) on investments
 
2,596

 
(763
)
Net gain (loss) on investments
 
910

 
(301
)
Net increase in net assets resulting from operations (“Net Earnings”)
 
$
3,125

 
$
2,752

 
 
 
 
 
Net investment income per share
 
$
0.22

 
$
0.31

Net Earnings per share (see Note 5)
 
$
0.31

 
$
0.28

Distributions to stockholders declared per share
 
$
0.29

 
$
0.29

Weighted average shares outstanding
 
10,000

 
10,000


See notes to consolidated financial statements.


4



AMERICAN CAPITAL SENIOR FLOATING, LTD.
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
(unaudited, in thousands)
 
 
 
Three Months Ended March 31,
 
 
2018
 
2017
Operations:
 
 
 
 
Net investment income
 
$
2,215

 
$
3,053

Net realized gain (loss) on investments
 
(1,686
)
 
462

Net unrealized gain (loss) on investments
 
2,596

 
(763
)
Net earnings
 
3,125

 
2,752

 
 
 
 
 
Distributions to stockholders:
 
 
 
 
From net investment income
 
(2,910
)
 
(2,910
)
 
 
 
 
 
Net increase (decrease) in net assets
 
215

 
(158
)
 
 
 
 
 
Net assets, beginning of period
 
130,856

 
136,789

Net assets, end of period
 
$
131,071

 
$
136,631

 
 
 
 
 
Undistributed net investment income included in net assets
 
$
(831
)
 
$
2,276

Common shares outstanding
 
10,000

 
10,000



















5



AMERICAN CAPITAL SENIOR FLOATING, LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)
 
 
Three Months Ended March 31,
 
 
2018
 
2017
Cash Flows from Operating Activities:
 
 
 
 
Net increase in stockholders' equity resulting from operations
 
$
3,125

 
$
2,752

Adjustments to reconcile net increase in net assets resulting from operations:
 
 
 
 
Net realized (gain) loss on investments
 
1,686

 
(462
)
Net unrealized (gain) loss on investments
 
(2,596
)
 
763

Accretion of CLO interest income
 
(1,361
)
 
(1,835
)
Net amortization of premium/discount on loans
 
(42
)
 
(81
)
Amortization of deferred financing costs
 
23

 
23

Purchase of investments
 
(24,692
)
 
(63,879
)
Proceeds from disposition of investments
 
31,603

 
63,035

Changes in operating assets and liabilities:
 
 
 
 
Payable for investments purchased
 
(9,270
)
 
6,149

Receivable for investments sold
 
58

 
(4,427
)
Interest receivable
 
219

 
258

Prepaid expenses and other assets
 
(266
)
 
(725
)
Receivable from affiliate
 

 
(139
)
Management fee payable
 
(25
)
 
531

Interest payable
 
4

 
(3
)
Taxes payable
 
(70
)
 
(98
)
Payable to affiliate
 
(5
)
 
(129
)
Other liabilities and accrued expenses
 
21

 
207

Net cash provided by (used in) operating activities
 
(1,588
)
 
1,940

Cash Flows from Financing Activities:
 
 
 
 
Distributions to stockholders
 
(2,910
)
 
(3,880
)
Borrowings (payments) from (on) revolving credit facility
 
6,300

 
(1,500
)
Net cash provided by (used in) financing activities
 
3,390

 
(5,380
)
Net increase (decrease) in cash and cash equivalents
 
1,802

 
(3,440
)
Cash and cash equivalents at beginning of period
 
1,756

 
8,795

Cash and cash equivalents at end of period
 
$
3,558

 
$
5,355

Supplemental disclosure of cash flow information:
 
 
 
 
Cash paid for interest and commitment fees
 
$
872

 
$
713

Cash paid for income taxes
 
$
100

 
$
130

Cash received for income tax benefit
 
$
(30
)
 
$
(126
)
Distributions to stockholders declared and payable during the period
 
$
2,910

 
$
2,910



6



AMERICAN CAPITAL SENIOR FLOATING, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS
MARCH 31, 2018
(unaudited, in thousands)


Description (5), (12)

Maturity

Interest
Rate (1)

Basis 
Point
Spread
Above
Index 
(2)

LIBOR
Interest Rate Floor
 
Industry

Par
Amount

Cost

Fair
Value
Non-Control/Non-Affiliate Investments
 
 
 
 
 
 
 
 
 
 
 
 
First Lien Floating Rate Loans —129.4% of Net Assets
 
 
 
 
 










1A Smart Start LLC
 
02/21/2022
 
6.38%
 
L+ 4.50
 
1.00%
 
 Electronics/Electric
 
$
752

 
$
750

 
$
753

24 Hour Fitness Worldwide, Inc. (6)
 
05/28/2021
 
6.05%
 
L+ 3.75
 
1.00%
 
 Leisure Goods/Activities/Movies
 
1,927

 
1,924

 
1,946

Academy, Ltd.
 
07/01/2022
 
6.02%
 
L+ 4.00
 
1.00%
 
 Retailers (except Food and Drug)
 
893

 
810

 
715

Access CIG, LLC
 
02/27/2025
 
5.63%
 
L+ 3.75
 
—%
 
 Service & Equipment
 
2,068

 
2,058

 
2,094

Access CIG, LLC (9)
 
02/27/2025
 
5.65%
 
L+ 3.75
 
—%
 
 Service & Equipment
 
432

 

 
6

Acosta, Inc.
 
09/26/2021
 
5.13%
 
L+ 3.25
 
1.00%
 
 Business Equipment and Services
 
2,419

 
2,397

 
2,035

Acrisure, LLC
 
11/22/2023
 
5.99%
 
L+ 4.25
 
1.00%
 
 Banking, Finance & Insurance
 
329

 
329

 
334

Advanced Integration Technology LP (6)
 
04/03/2023
 
6.73%
 
L+ 4.75
 
1.00%
 
 Industrial Equipment
 
1,980

 
1,980

 
1,995

Aegis Toxicology Sciences Corporation
 
02/24/2021
 
6.79%
 
L+ 4.50
 
1.00%
 
 Health Care
 
1,604

 
1,599

 
1,598

Air Medical Group Holdings Inc
 
04/28/2022
 
4.94%
 
L+ 3.25
 
1.00%
 
 Health Care
 
2,440

 
2,440

 
2,453

Albertson's LLC
 
12/21/2022
 
5.29%
 
L+ 3.00
 
0.75%
 
 Food/Drug Retailers
 
978

 
960

 
969

American Residential Services, LLC
 
06/30/2022
 
5.88%
 
L+ 4.00
 
1.00%
 
 Ecological Services and Equipment
 
1,975

 
1,971

 
1,987

American Tire Distributors, Inc.
 
09/01/2021
 
6.24%
 
L+ 4.25
 
1.00%
 
 Retailers (except Food and Drug)
 
954

 
951

 
967

AqGen Ascensus, Inc.
 
12/05/2022
 
5.80%
 
L+ 3.50
 
1.00%
 
 Financial Intermediaries
 
1,715

 
1,673

 
1,733

Arctic Glacier U.S.A., Inc.
 
03/20/2024
 
5.38%
 
L+ 3.50
 
1.00%
 
 Food Products
 
1,050

 
1,045

 
1,061

Ardent Legacy Acquisitions, Inc.
 
08/04/2021
 
7.38%
 
L+ 5.50
 
1.00%
 
 Health Care
 
318

 
317

 
320

Argon Medical Devices, Inc. (6)
 
01/23/2025
 
6.05%
 
L+ 3.75
 
1.00%
 
 Health Care
 
1,500

 
1,493

 
1,510

AVSC Holding Corp.
 
03/01/2025
 
5.26%
 
L+ 3.25
 
1.00%
 
 Service & Equipment
 
1,811

 
1,807

 
1,819

BCP Raptor, LLC
 
06/24/2024
 
6.04%
 
L+ 4.25
 
1.00%
 
 Energy
 
1,092

 
1,069

 
1,099

BCPE Eagle Buyer LLC
 
03/18/2024
 
6.02%
 
L+ 4.25
 
1.00%
 
 Health Care
 
1,287

 
1,276

 
1,272

Big Jack Holdings LP (6)
 
04/05/2024
 
5.88%
 
L+ 4.00
 
1.00%
 
 Food/Drug Retailers
 
1,858

 
1,850

 
1,876

BJ's Wholesale Club, Inc.
 
02/03/2024
 
5.19%
 
L+ 3.50
 
1.00%
 
 Food/Drug Retailers
 
1,889

 
1,886

 
1,890

Blackboard, Inc.
 
06/30/2021
 
6.73%
 
L+ 5.00
 
1.00%
 
 Electronics/Electric
 
2,381

 
2,381

 
2,228

Brand Energy & Infrastructure Services, Inc.
 
06/21/2024
 
5.99%
 
L+ 4.25
 
1.00%
 
 Oil and Gas
 
2,476

 
2,454

 
2,501

Calceus Acquisition, Inc.
 
01/31/2020
 
5.88%
 
L+ 4.00
 
1.00%
 
 Clothing/Textiles
 
2,280

 
2,283

 
2,249

Carestream Health, Inc.
 
06/07/2019
 
5.88%
 
L+ 4.00
 
1.00%
 
 Health Care
 
771

 
772

 
776

CB Poly Investments, LLC
 
08/16/2023
 
5.63%
 
L+ 3.75
 
1.00%
 
 Clothing/Textiles
 
1,726

 
1,714

 
1,737

Central Security Group, Inc.
 
10/06/2021
 
7.50%
 
L+ 5.63
 
1.00%
 
 Electronics/Electric
 
1,990

 
2,003

 
1,995

CIBT Global, Inc.
 
06/03/2024
 
6.05%
 
L+ 3.75
 
1.00%
 
 Service & Equipment
 
993

 
990

 
999

CT Technologies Intermediate Holdings, Inc.
 
12/01/2021
 
6.13%
 
L+ 4.25
 
1.00%
 
 Electronics/Electric
 
486

 
485

 
485

Curvature, Inc.
 
10/30/2023
 
6.88%
 
L+ 5.00
 
1.00%
 
 Business Equipment and Services
 
1,975

 
1,967

 
1,830

DJO Finance LLC
 
06/08/2020
 
4.94%
 
L+ 3.25
 
1.00%
 
 Health Care
 
990

 
975

 
996

DTI Holdco, Inc. (7)
 
09/29/2023
 
6.71%
 
L+ 4.75
 
1.00%
 
 Electronics/Electric
 
1,239

 
1,238

 
1,243

Dynacast International LLC
 
01/28/2022
 
5.55%
 
L+ 3.25
 
1.00%
 
 Industrial Equipment
 
530

 
530

 
534

Eastern Power, LLC
 
10/02/2023
 
5.63%
 
L+ 3.75
 
1.00%
 
 Utilities
 
1,873

 
1,865

 
1,904

ECi Software Solutions, Inc.
 
09/27/2024
 
6.55%
 
L+ 4.25
 
1.00%
 
 Technology
 
1,493

 
1,479

 
1,508

The Edelman Financial Center, LLC (6)
 
11/11/2024
 
5.97%
 
L+ 4.25
 
1.00%
 
 Banking, Finance & Insurance
 
1,535

 
1,531

 
1,559

EIG Investors Corp. (3)
 
02/09/2023
 
5.96%
 
L+ 4.00
 
1.00%
 
 Electronics/Electric
 
2,208

 
2,203

 
2,227


7



AMERICAN CAPITAL SENIOR FLOATING, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
MARCH 31, 2018
(unaudited, in thousands)


Description (5), (12)

Maturity

Interest
Rate (1)

Basis 
Point
Spread
Above
Index 
(2)

LIBOR
Interest Rate Floor
 
Industry

Par
Amount

Cost

Fair
Value
First Lien Floating Rate Loans (continued) —129.4% of Net Assets
 
 
 
 
 
 
 
 
 
 
Epicor Software Corporation
 
06/01/2022
 
5.13%
 
L+ 3.25
 
1.00%
 
 Electronics/Electric
 
1,944

 
1,932

 
1,955

ExamWorks Group, Inc. (7)
 
07/27/2023
 
5.13%
 
L+ 3.25
 
1.00%
 
 Business Equipment and Services
 
1,235

 
1,238

 
1,246

Fairmount Santrol Inc.
 
11/01/2022
 
8.30%
 
L+ 6.00
 
1.00%
 
 Nonferrous Metals/Minerals
 
1,800

 
1,775

 
1,824

FHC Health Systems, Inc. (6)
 
12/23/2021
 
5.88%
 
L+ 4.00
 
1.00%
 
 Health Care
 
1,473

 
1,458

 
1,470

Go Wireless Inc.
 
12/22/2024
 
8.38%
 
L+ 6.50
 
1.00%
 
 Telecommunications
 
1,450

 
1,436

 
1,448

Greeneden U.S. Holdings I, LLC
 
12/01/2023
 
5.80%
 
L+ 3.50
 
—%
 
 Business Equipment and Services
 
495

 
489

 
498

HGIM Corp. (10)
 
06/18/2020
 
8.25%
 
L+ 3.50
 
1.00%
 
 Surface Transport
 
1,444

 
1,449

 
609

Hummel Station LLC
 
10/27/2022
 
7.88%
 
L+ 6.00
 
1.00%
 
 Energy
 
2,000

 
1,889

 
1,948

Hyland Software, Inc. (7)
 
07/01/2022
 
5.13%
 
L+ 3.25
 
0.75%
 
 Electronics/Electric
 
2,434

 
2,420

 
2,457

IBC Capital Limited (3)
 
09/09/2021
 
5.82%
 
L+ 3.75
 
1.00%
 
 Business Equipment and Services
 
985

 
978

 
988

Immucor, Inc.
 
06/15/2021
 
7.30%
 
L+ 5.00
 
1.00%
 
 Conglomerates
 
2,481

 
2,461

 
2,546

Indra Holdings Corp.
 
05/01/2021
 
6.02%
 
L+ 4.25
 
1.00%
 
 Clothing/Textiles
 
1,185

 
1,180

 
710

Infoblox Inc.
 
11/07/2023
 
6.38%
 
L+ 4.50
 
—%
 
 Electronics/Electric
 
1,874

 
1,850

 
1,905

Information Resources, Inc.
 
01/18/2024
 
6.19%
 
L+ 4.25
 
1.00%
 
 Business Equipment and Services
 
2,407

 
2,397

 
2,428

Innovative XCessories & Services LLC (6)
 
11/29/2022
 
6.58%
 
L+ 4.75
 
1.00%
 
 Automotive
 
1,990

 
1,980

 
2,010

IPC Corp.
 
08/06/2021
 
6.28%
 
L+ 4.50
 
1.00%
 
 Telecommunications
 
777

 
775

 
764

Ivanti Software, Inc.
 
01/20/2024
 
6.13%
 
L+ 4.25
 
1.00%
 
 Electronics/Electric
 
2,577

 
2,561

 
2,539

Jazz Acquisition, Inc.
 
06/19/2021
 
5.80%
 
L+ 3.50
 
1.00%
 
 Aerospace and Defense
 
1,927

 
1,930

 
1,886

JC Penney Co Inc (3)
 
06/23/2023
 
6.23%
 
L+ 4.25
 
1.00%
 
 Retailers (except Food and Drug)
 
726

 
729

 
713

KEMET Corporation (3) (6)
 
04/26/2024
 
7.88%
 
L+ 6.00
 
1.00%
 
 Electronics
 
2,677

 
2,645

 
2,731

Kestra Financial, Inc. (6)
 
06/24/2022
 
6.80%
 
L+ 4.50
 
1.00%
 
 Banking, Finance & Insurance
 
998

 
988

 
995

Kingpin Intermediate Holdings LLC (6) (7)
 
07/03/2024
 
6.13%
 
L+ 4.25
 
1.00%
 
 Service & Equipment
 
1,001

 
997

 
1,014

K-Mac Holdings Corp.
 
03/14/2025
 
5.04%
 
L+ 3.25
 
—%
 
 Food Service
 
1,000

 
998

 
1,006

Kronos Acquisition Intermediate Inc.
 
05/15/2023
 
5.88%
 
L+ 4.00
 
1.00%
 
 Cosmetics/Toiletries
 
711

 
699

 
719

Learning Care Group (US) No. 2 Inc. (6)
 
03/13/2025
 
5.03%
 
L+ 3.25
 
1.00%
 
 Business Equipment and Services
 
1,250

 
1,247

 
1,263

Legalzoom.com, Inc. (6)
 
11/21/2024
 
6.34%
 
L+ 4.50
 
1.00%
 
 Technology
 
1,926

 
1,908

 
1,943

Liberty Cablevision of Puerto Rico LLC
 
01/07/2022
 
5.22%
 
L+ 3.50
 
1.00%
 
 Cable and Satellite Television
 
1,000

 
995

 
973

LSF9 Atlantis Holdings LLC
 
05/01/2023
 
7.69%
 
L+ 6.00
 
1.00%
 
 Telecommunications/Cellular Communications
 
2,082

 
2,080

 
2,077

MB Aerospace Holdings II Corp.
 
01/22/2025
 
5.38%
 
L+ 3.50
 
1.00%
 
 Aerospace and Defense
 
1,995

 
1,985

 
2,016

McGraw-Hill Global Education Holdings, LLC
 
05/04/2022
 
5.88%
 
L+ 4.00
 
1.00%
 
 Publishing
 
1,972

 
1,962

 
1,953

Mirion Technologies, Inc.
 
03/31/2022
 
7.05%
 
L+ 4.75
 
1.00%
 
 Utilities
 
1,980

 
1,982

 
1,978

MND Holdings III Corp (6)
 
06/19/2024
 
6.05%
 
L+ 3.75
 
1.00%
 
 Consumer Products
 
1,787

 
1,778

 
1,807

Mohegan Tribal Gaming Authority
 
10/13/2023
 
5.88%
 
L+ 4.00
 
1.00%
 
 Lodging and Casinos
 
1,447

 
1,465

 
1,446

Murray Energy Corporation
 
04/16/2020
 
9.55%
 
L+ 7.25
 
1.00%
 
 Nonferrous Metals/Minerals
 
984

 
955

 
835

Navicure, Inc.
 
11/01/2024
 
5.63%
 
L+ 3.75
 
1.00%
 
 Health Care
 
1,995

 
1,986

 
2,007


8



AMERICAN CAPITAL SENIOR FLOATING, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
MARCH 31, 2018
(unaudited, in thousands)


Description (5), (12)

Maturity

Interest
Rate (1)

Basis 
Point
Spread
Above
Index 
(2)

LIBOR
Interest Rate Floor
 
Industry

Par
Amount

Cost

Fair
Value
First Lien Floating Rate Loans (continued) —129.4% of Net Assets
 
 
 
 
 
 
 
 
 
 
Navitas Midstream Midland Basin, LLC
 
12/13/2024
 
6.29%
 
L+ 4.50
 
1.00%
 
 Oil and Gas
 
1,995

 
1,985

 
1,999

NFP Corp
 
01/08/2024
 
4.88%
 
L+ 3.00
 
1.00%
 
 Diversified Insurance
 
2,469

 
2,459

 
2,480

nThrive, Inc.
 
10/20/2022
 
6.38%
 
L+ 4.50
 
1.00%
 
 Health Care
 
1,975

 
1,975

 
1,983

Oak Parent, Inc. (6)
 
10/26/2023
 
6.38%
 
L+ 4.50
 
1.00%
 
 Clothing/Textiles
 
1,331

 
1,323

 
1,271

Optiv Inc.
 
02/01/2024
 
5.13%
 
L+ 3.25
 
1.00%
 
 Business Equipment and Services
 
1,031

 
1,029

 
998

PAE Holding Corporation
 
10/20/2022
 
7.49%
 
L+ 5.50
 
1.00%
 
 Aerospace and Defense
 
536

 
528

 
540

Patterson Medical Supply, Inc.
 
08/29/2022
 
6.54%
 
L+ 4.75
 
1.00%
 
 Health Care
 
1,993

 
1,971

 
1,938

PetSmart, Inc.
 
03/11/2022
 
4.68%
 
L+ 3.00
 
1.00%
 
 Retailers (except Food and Drug)
 
481

 
480

 
385

Pike Corporation (7)
 
03/23/2025
 
4.50%
 
L+ 3.50
 
1.00%
 
 Utilities
 
1,500

 
1,496

 
1,516

Plaskolite, LLC (6)
 
11/03/2022
 
6.30%
 
L+ 4.00
 
1.00%
 
 Chemical/Plastics
 
1,397

 
1,393

 
1,401

Plaze, Inc.
 
07/31/2022
 
5.80%
 
L+ 3.50
 
1.00%
 
 Chemical/Plastics
 
815

 
815

 
824

Pregis Holding I Corporation
 
05/20/2021
 
5.80%
 
L+ 3.50
 
1.00%
 
 Chemical/Plastics
 
1,341

 
1,328

 
1,346

Project Alpha Intermediate Holding, Inc.
 
04/26/2024
 
5.04%
 
L+ 3.50
 
1.00%
 
 Technology
 
1,751

 
1,744

 
1,731

Renaissance Learning, Inc.
 
04/09/2021
 
6.05%
 
L+ 3.75
 
1.00%
 
 Electronics/Electric
 
1,906

 
1,906

 
1,918

SciQuest, Inc. (6)
 
12/28/2024
 
5.88%
 
L+ 4.00
 
1.00%
 
 Technology
 
2,500

 
2,488

 
2,513

Serta Simmons Bedding, LLC
 
11/08/2023
 
5.19%
 
L+ 3.50
 
1.00%
 
 Home Furnishings
 
1,980

 
1,972

 
1,797

St. George's University Scholastic Services LLC
 
07/06/2022
 
5.63%
 
L+ 3.75
 
1.00%
 
 Education
 
2,466

 
2,466

 
2,492

StandardAero Aviation Holdings, Inc.
 
07/07/2022
 
5.63%
 
L+ 3.75
 
1.00%
 
 Aerospace and Defense
 
1,151

 
1,146

 
1,163

Sterigenics-Nordion Topco LLC
 
05/15/2022
 
4.88%
 
L+ 3.00
 
1.00%
 
 Health Care
 
884

 
879

 
885

Strategic Partners Acquisition Corp. (6)
 
06/30/2023
 
5.63%
 
L+ 3.75
 
1.00%
 
 Clothing/Textiles
 
1,910

 
1,910

 
1,929

Summit Midstream Partners Holdings, LLC (3) (6)
 
05/13/2022
 
7.88%
 
L+ 6.00
 
1.00%
 
 Oil and Gas
 
539

 
534

 
546

Syniverse Holdings Inc
 
03/09/2023
 
6.72%
 
L+ 5.00
 
1.00%
 
 Telecommunications
 
1,000

 
990

 
1,013

Thermasys Corp.
 
05/03/2019
 
5.70%
 
L+ 4.00
 
1.25%
 
 Industrial Equipment
 
426

 
426

 
415

TIBCO Software Inc
 
12/04/2020
 
5.38%
 
L+ 3.50
 
1.00%
 
 Business Equipment and Services
 
1,482

 
1,492

 
1,490

TravelCLICK, Inc. (6)
 
05/06/2021
 
5.88%
 
L+ 4.00
 
1.00%
 
 Food Service
 
536

 
525

 
539

Traverse Midstream Partners LLC
 
09/27/2024
 
5.85%
 
L+ 4.00
 
1.00%
 
 Oil and Gas
 
1,495

 
1,488

 
1,506

Tricorbraun Holdings, Inc.
 
11/30/2023
 
5.97%
 
L+ 3.75
 
1.00%
 
 Containers and Glass Products
 
90

 
91

 
91

Tricorbraun Holdings, Inc.
 
11/30/2023
 
6.05%
 
L+ 3.75
 
—%
 
 Containers and Glass Products
 
898

 
913

 
904

Truck Hero, Inc.
 
04/22/2024
 
6.22%
 
L+ 4.00
 
1.00%
 
 Automotive
 
2,627

 
2,606

 
2,645

Turbocombustor Technology, Inc. (6)
 
12/02/2020
 
6.80%
 
L+ 4.50
 
1.00%
 
 Aerospace and Defense
 
3,351

 
3,338

 
3,284

TVC Albany, Inc.
 
09/18/2024
 
6.30%
 
L+ 4.00
 
1.00%
 
 Utilities
 
1,995

 
1,995

 
2,010

Vantage Specialty Chemicals, Inc.
 
10/28/2024
 
6.30%
 
L+ 4.00
 
1.00%
 
 Chemical/Plastics
 
669

 
666

 
676

Veritas US Inc. (3)
 
01/27/2023
 
6.80%
 
L+ 4.50
 
1.00%
 
 Electronics/Electric
 
1,978

 
1,941

 
1,972

VF Holding Corp.
 
06/30/2023
 
5.13%
 
L+ 3.25
 
1.00%
 
 Insurance
 
1,036

 
1,032

 
1,046

West Corporation (7)
 
10/10/2024
 
4.50%
 
L+ 3.50
 
1.00%
 
 Conglomerates
 
2,462

 
2,458

 
2,468

Woodford Express, LLC
 
01/27/2025
 
6.88%
 
L+ 5.00
 
1.00%
 
 Energy
 
2,000

 
1,980

 
1,975

WP CPP Holdings, LLC
 
12/28/2019
 
5.27%
 
L+ 3.50
 
1.00%
 
 Aerospace and Defense
 
2,378

 
2,376

 
2,380

YI, LLC (6)
 
11/07/2024
 
6.30%
 
L+ 4.00
 
1.00%
 
 Health Care
 
1,420

 
1,413

 
1,427

YI, LLC (6) (9)
 
11/07/2024
 
6.30%
 
L+ 4.00
 
1.00%
 
 Health Care
 
553

 
199

 
204


9



AMERICAN CAPITAL SENIOR FLOATING, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
MARCH 31, 2018
(unaudited, in thousands)


Description (5), (12)

Maturity

Interest
Rate (1)

Basis 
Point
Spread
Above
Index 
(2)

LIBOR
Interest Rate Floor
 
Industry

Par
Amount

Cost

Fair
Value
First Lien Floating Rate Loans (continued) —129.4% of Net Assets
 
 
 
 
 
 
 
 
 
 
Zest Acquisition Corp. (6)
 
03/14/2025
 
5.61%
 
L+ 3.50
 
—%
 
 Health Care
 
2,000

 
1,990

 
2,010

Total First Lien Floating Rate Loans
 
 
 
 
 
 
 
 
 
$
172,573

 
$
170,798

 
$
169,620

Second Lien Floating Rate Loans —9.9% of Net Assets
 
 
 
 
 
 
 
 
 
 
 
 
Advantage Sales & Marketing Inc.
 
07/25/2022
 
8.27%
 
L+ 6.50
 
1.00%
 
 Business Equipment and Services
 
$
1,000

 
$
996

 
$
963

Albany Molecular Research, Inc.
 
08/30/2025
 
8.88%
 
L+ 7.00
 
1.00%
 
 Health Care
 
3,002

 
3,054

 
3,027

Almonde Inc (3)
 
06/13/2025
 
9.23%
 
L+ 7.25
 
1.00%
 
 Technology
 
609

 
603

 
605

Anchor Glass Container Corporation (6)  
 
12/07/2024
 
9.49%
 
L+ 7.75
 
1.00%
 
 Containers and Glass Products
 
500

 
496

 
490

Applied Systems, Inc.
 
09/19/2025
 
9.30%
 
L+ 7.00
 
1.00%
 
 Technology
 
344

 
344

 
357

Asurion, LLC
 
08/04/2025
 
7.88%
 
L+ 6.00
 
—%
 
 Diversified Insurance
 
567

 
567

 
583

AVSC Holding Corp.
 
09/01/2025
 
9.26%
 
L+ 7.25
 
1.00%
 
 Service & Equipment
 
576

 
573

 
580

BJ's Wholesale Club, Inc.
 
02/03/2025
 
9.19%
 
L+ 7.50
 
1.00%
 
 Food/Drug Retailers
 
845

 
826

 
850

CH Hold Corp. (6)
 
02/03/2025
 
9.13%
 
L+ 7.25
 
1.00%
 
 Automotive
 
149

 
148

 
151

Checkout Holding Corp.
 
04/11/2022
 
8.63%
 
L+ 6.75
 
1.00%
 
 Business Equipment and Services
 
1,000

 
1,001

 
205

Hyland Software Inc.
 
07/07/2025
 
8.88%
 
L+ 7.00
 
0.75%
 
 Electronics/Electric
 
605

 
604

 
613

Jazz Acquisition, Inc.
 
06/19/2022
 
9.05%
 
L+ 6.75
 
1.00%
 
 Aerospace and Defense
 
1,250

 
1,252

 
1,182

Navicure, Inc. (6)
 
10/31/2025
 
9.38%
 
L+ 7.50
 
1.00%
 
 Health Care
 
500

 
495

 
503

Optiv Inc. (6) 
 
01/31/2025
 
9.13%
 
L+ 7.25
 
1.00%
 
 Business Equipment and Services
 
444

 
443

 
431

ProAmpac PG Borrower LLC
 
11/18/2024
 
10.35%
 
L+ 8.50
 
1.00%
 
 Containers and Glass Products
 
500

 
494

 
510

Ranpak Corp. (6)
 
10/03/2022
 
9.07%
 
L+ 7.25
 
1.00%
 
 Containers and Glass Products
 
820

 
819

 
826

Solenis International, L.P.
 
07/31/2022
 
8.73%
 
L+ 6.75
 
1.00%
 
 Chemical/Plastics
 
500

 
499

 
477

Vantage Specialty Chemicals, Inc.
 
10/27/2025
 
10.02%
 
L+ 8.25
 
1.00%
 
 Chemical/Plastics
 
125

 
123

 
126

WP CPP Holdings, LLC
 
04/30/2021
 
9.52%
 
L+ 7.75
 
1.00%
 
 Aerospace and Defense
 
493

 
498

 
491

Total Second Lien Floating Rate Loans
 
 
 
 
 
 
 
 
 
$
13,829

 
$
13,835

 
$
12,970

CLO Equity —32.0% of Net Assets
 
 
 
 
 
 
 
 
 
 
 
 
AMMC 2017-21A, Subordinated Notes (3) (4) (6)
 
11/02/2030
 
11.70%
 
 
 
 
 
 
 
$
2,750

 
$
2,616

 
$
2,498

Apidos CLO XIV, Income Notes (3) (4) (6)
 
04/15/2025
 
—%
 
 
 
 
 
 
 
5,900

 
1,298

 
193

Apidos CLO XVIII, Income Notes (3) (4) (6)
 
07/22/2026
 
4.64%
 
 
 
 
 
 
 
2,500

 
1,671

 
1,433

Apidos CLO XXVII, Income Notes (3) (4) (6)
 
07/17/2030
 
8.11%
 
 
 
 
 
 
 
5,000

 
4,249

 
4,066

Ares XXIX CLO Ltd., Subordinated Notes (3) (4) (6)
 
04/17/2026
 
6.39%
 
 
 
 
 
 
 
4,750

 
3,179

 
2,180

Avery Point II CLO, Income Notes (3) (4) (6)
 
07/17/2025
 
—%
 
 
 
 
 
 
 
3,200

 
1,347

 
48

Babson 2015-1, Income Notes (3) (4) (6)
 
01/20/2031
 
17.35%
 
 
 
 
 
 
 
2,840

 
2,039

 
1,934

Carlyle Global Market Strategies CLO 2015-3, LTD., Subordinated Notes (3) (4) (6)
 
07/28/2028
 
9.65%
 
 
 
 
 
 
 
3,000

 
2,242

 
2,357

Carlyle Global Market Strategies CLO 2017-3, LTD., Subordinated Notes (3) (4) (6)
 
07/20/2029
 
9.31%
 
 
 
 
 
 
 
2,000

 
1,772

 
1,846


10



AMERICAN CAPITAL SENIOR FLOATING, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
MARCH 31, 2018
(unaudited, in thousands)


Description (5), (12)

Maturity

Interest
Rate (1)

Basis 
Point
Spread
Above
Index 
(2)

LIBOR
Interest Rate Floor
 
Industry

Par
Amount

Cost

Fair
Value
CLO Equity (continued) — 32.0% of Net Assets
 
 
 
 
 
 
 
 
 
 
Cent CLO 18 Limited, Subordinated Notes (3) (4) (6)
 
07/23/2025
 
26.94%
 
 
 
 
 
 
 
4,675

 
3,114

 
2,578

Cent CLO 19 Limited, Subordinated Notes (3) (4) (6)
 
10/29/2025
 
12.42%
 
 
 
 
 
 
 
2,750

 
2,056

 
1,591

Dryden 30 Senior Loan Fund, Subordinated Notes (3) (4) (6)
 
11/15/2028
 
19.54%
 
 
 
 
 
 
 
2,500

 
1,390

 
1,423

Dryden 30A Senior Loan Fund, Subordinated Notes (3) (4) (6)
 
11/15/2028
 
18.54%
 
 
 
 
 
 
 
250

 
126

 
142

Dryden 38 Senior Loan Fund, Subordinated Notes (3) (4) (6)
 
07/15/2027
 
8.12%
 
 
 
 
 
 
 
3,000

 
2,297

 
2,166

Galaxy XVI CLO, Ltd., Subordinated Notes (3) (4) (6)
 
11/16/2025
 
11.00%
 
 
 
 
 
 
 
2,750

 
1,718

 
1,174

Highbridge Loan Management 2013-2, Ltd., Subordinated Notes (3) (4) (6)
 
10/20/2029
 
10.87%
 
 
 
 
 
 
 
1,401

 
843

 
840

Magnetite VIII, Limited, Subordinated Notes (3) (4) (6)
 
04/15/2026
 
7.31%
 
 
 
 
 
 
 
3,000

 
2,103

 
1,513

Neuberger Berman CLO XV, Ltd., Subordinated Notes (3) (4) (6)
 
10/15/2029
 
10.77%
 
 
 
 
 
 
 
3,410

 
1,945

 
1,870

Octagon Investment Partners XX, Ltd., Subordinated Notes (3) (4) (6)
 
08/12/2026
 
6.62%
 
 
 
 
 
 
 
2,500

 
1,684

 
1,254

OZLM XIX, Subordinated Notes (3) (4) (6)
 
11/22/2030
 
8.60%
 
 
 
 
 
 
 
1,500

 
1,404

 
1,326

OZLM XXI, Subordinated Notes (3) (4) (6)
 
01/20/2031
 
8.57%
 
 
 
 
 
 
 
1,750

 
1,630

 
1,592

Venture XVIII CLO, Subordinated Notes (3) (4) (6)
 
10/15/2029
 
12.30%
 
 
 
 
 
 
 
1,750

 
1,248

 
1,303

Voya 2017-2, Subordinated Notes (3) (4) (6)
 
06/07/2030
 
8.31%
 
 
 
 
 
 
 
2,000

 
1,785

 
1,806

Voya CLO 2017-4, Subordinated Notes, (3) (4) (6)
 
10/15/2030
 
8.31%
 
 
 
 
 
 
 
2,270

 
2,307

 
2,245

Wind River CLO 2014-1, Ltd. (3) (4) (6)
 
04/18/2026
 
5.12%
 
 
 
 
 
 
 
5,050

 
3,338

 
2,599

Total CLO Equity
 
 
 
 
 
 
 
 
 
 
 
$
72,496

 
$
49,401