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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 June 30, 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
394538104_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 August 2, 2018
Common stock, $0.01 par value
 
10,000,100
 
 
 






AMERICAN CAPITAL SENIOR FLOATING, LTD.
FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 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)
 
 
June 30, 2018
 
December 31, 2017
 
 
(unaudited)
 
 
Assets:
 
 
 
 
Investments, fair value (cost of $233,842 and $241,228, respectively)
 
$
223,926

 
$
229,240

Cash and cash equivalents
 
3,539

 
1,756

Receivable for investments sold
 
2,693

 
2,324

Deferred financing costs
 
43

 
89

Interest receivable
 
417

 
669

Prepaid expenses and other assets
 
696

 
579

Total assets
 
$
231,314

 
$
234,657

Liabilities:
 
 
 
 
Secured revolving credit facility payable (see Note 7)
 
$
92,300

 
$
87,500

Payable for investments purchased
 
9,239

 
14,413

Distributions to stockholders payable (see Note 9)
 
970

 
970

Management fee payable (see Note 3)
 
473

 
494

Interest payable (see Note 7)
 
33

 
36

Taxes payable
 

 
70

Payable to affiliate (see Note 4)
 
10

 
14

Other liabilities and accrued expenses
 
651

 
304

Total liabilities
 
103,676

 
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
 
(1,640
)
 
(136
)
Accumulated net realized loss from investments
 
(11,785
)
 
(7,999
)
Net unrealized loss on investments
 
(9,916
)
 
(11,988
)
Total net assets
 
127,638

 
130,856

Total liabilities and net assets
 
$
231,314

 
$
234,657

Net asset value per share outstanding
 
$
12.76

 
$
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
June 30,
 
Six Months Ended
June 30,
 
 
2018
 
2017
 
2018
 
2017
Investment Income:
 
 
 
 
 
 
 
 
Interest
 
$
4,201

 
$
4,119

 
$
8,279

 
$
8,731

Total investment income
 
4,201

 
4,119

 
8,279

 
8,731

Expenses:
 

 
 
 
 
 
 
Interest and commitment fee (see Note 7)
 
929

 
746

 
1,805

 
1,456

Management fee (see Note 3)
 
473

 
533

 
942

 
1,064

Professional fees
 
350

 
260

 
573

 
603

Insurance
 
100

 
91

 
204

 
239

Amortization of deferred financing costs
 
23

 
23

 
46

 
46

Other general and administrative expenses
 
219

 
190

 
387

 
413

Total expenses
 
2,094

 
1,843

 
3,957

 
3,821

Expense reimbursement (see Note 3)
 

 
(176
)
 

 
(614
)
Net expenses
 
2,094

 
1,667

 
3,957

 
3,207

Net investment income before taxes
 
2,107

 
2,452

 
4,322

 
5,524

Income tax provision, including excise tax
 
(6
)
 
(9
)
 
(6
)
 
(28
)
Net investment income
 
2,101

 
2,443

 
4,316

 
5,496

Net gain (loss) on investments:
 
 
 
 
 
 
 
 
Net realized loss on investments
 
(2,100
)
 
(3,735
)
 
(3,786
)
 
(3,273
)
Net unrealized gain (loss) on investments
 
(524
)
 
1,685

 
2,072

 
922

Net loss on investments
 
(2,624
)
 
(2,050
)
 
(1,714
)
 
(2,351
)
Net increase (decrease) in net assets resulting from operations (“Net Earnings (Losses)”)
 
$
(523
)
 
$
393

 
$
2,602

 
$
3,145

 
 
 
 
 
 
 
 
 
Net investment income per share
 
$
0.21

 
$
0.24

 
$
0.43

 
$
0.55

Net Earnings (Losses) per share (see Note 5)
 
$
(0.05
)
 
$
0.04

 
$
0.26

 
$
0.31

Distributions to stockholders declared per share
 
$
0.29

 
$
0.29

 
$
0.58

 
$
0.58

Weighted average shares outstanding
 
10,000

 
10,000

 
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)
 
 
 
Six Months Ended June 30,
 
 
2018
 
2017
Operations:
 
 
 
 
Net investment income
 
$
4,316

 
$
5,496

Net realized loss on investments
 
(3,786
)
 
(3,273
)
Net unrealized gain on investments
 
2,072

 
922

Net earnings
 
2,602

 
3,145

 
 
 
 
 
Distributions to stockholders:
 
 
 
 
From net investment income
 
(5,820
)
 
(5,820
)
 
 
 
 
 
Net decrease in net assets
 
(3,218
)
 
(2,675
)
 
 
 
 
 
Net assets, beginning of period
 
130,856

 
136,789

Net assets, end of period
 
$
127,638

 
$
134,114

 
 
 
 
 
Undistributed (overdistributed) net investment income included in net assets
 
$
(1,640
)
 
$
1,809

Common shares outstanding
 
10,000

 
10,000



















5



AMERICAN CAPITAL SENIOR FLOATING, LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)
 
 
Six Months Ended June 30,
 
 
2018
 
2017
Cash Flows from Operating Activities:
 
 
 
 
Net increase in stockholders' equity resulting from operations
 
$
2,602

 
$
3,145

Adjustments to reconcile net increase in net assets resulting from operations:
 
 
 
 
Net realized loss on investments
 
3,786

 
3,273

Net unrealized gain on investments
 
(2,072
)
 
(922
)
Accretion of CLO interest income
 
(2,517
)
 
(3,263
)
Net amortization of premium/discount on loans
 
(95
)
 
(127
)
Amortization of deferred financing costs
 
46

 
46

Purchase of investments
 
(55,309
)
 
(121,890
)
Proceeds from disposition of investments
 
61,521

 
116,665

Changes in operating assets and liabilities:
 
 
 
 
Payable for investments purchased
 
(5,174
)
 
10,205

Receivable for investments sold
 
(369
)
 
(448
)
Interest receivable
 
252

 
362

Prepaid expenses and other assets
 
(117
)
 
(613
)
Receivable from affiliate
 

 
122

Management fee payable
 
(20
)
 
(1,513
)
Interest payable
 
(3
)
 
(10
)
Taxes payable
 
(70
)
 
(89
)
Payable to affiliate
 
(4
)
 
(143
)
Other liabilities and accrued expenses
 
346

 
172

Net cash provided by operating activities
 
2,803

 
4,972

Cash Flows from Financing Activities:
 
 
 
 
Distributions to stockholders
 
(5,820
)
 
(5,820
)
Borrowings (repayments) on revolving credit facility
 
4,800

 
(6,700
)
Net cash used in financing activities
 
(1,020
)
 
(12,520
)
Net increase (decrease) in cash and cash equivalents
 
1,783

 
(7,548
)
Cash and cash equivalents at beginning of period
 
1,756

 
8,795

Cash and cash equivalents at end of period
 
$
3,539

 
$
1,247

Supplemental disclosure of cash flow information:
 
 
 
 
Cash paid for interest and commitment fees
 
$
1,809

 
$
1,466

Cash paid for income taxes
 
$
106

 
$
130

Cash received for income tax benefit
 
$
(30
)
 
$
(126
)
Distributions to stockholders declared and payable during the period
 
$
5,820

 
$
5,820



6



AMERICAN CAPITAL SENIOR FLOATING, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 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 —135.9% of Net Assets
 










1A Smart Start LLC
 
02/21/2022
 
6.59
%
 
L+ 4.50
 
1.00
%
 
 Electronics/electric
 
$
751

 
$
749

 
$
753

24 Hour Fitness Worldwide, Inc.
 
05/30/2025
 
5.59
%
 
L+ 3.50
 
%
 
 Leisure goods/activities/movies
 
1,931

 
1,921

 
1,933

Academy, Ltd.
 
07/01/2022
 
6.00
%
 
L+ 4.00
 
1.00
%
 
 Retailers (except food and drug)
 
890

 
813

 
743

Access CIG, LLC
 
02/27/2025
 
5.84
%
 
L+ 3.75
 
%
 
 Service & Equipment
 
2,217

 
2,208

 
2,224

Access CIG, LLC (9)
 
02/27/2025
 
5.65
%
 
L+ 3.75
 
%
 
 Service & Equipment
 
277

 

 
1

Access CIG, LLC (7)
 
02/27/2025
 
6.09
%
 
L+ 3.75
 
%
 
 Service & Equipment
 
500

 
500

 
502

Acrisure, LLC
 
11/22/2023
 
6.61
%
 
L+ 4.25
 
1.00
%
 
 Banking, Finance & Insurance
 
329

 
328

 
328

Advanced Integration Technology LP (6)
 
04/03/2023
 
7.22
%
 
L+ 4.75
 
1.00
%
 
 Industrial Equipment
 
1,975

 
1,975

 
1,975

Air Medical Group Holdings Inc
 
04/28/2022
 
5.28
%
 
L+ 3.25
 
1.00
%
 
 Health Care
 
2,434

 
2,434

 
2,370

Albertson's LLC
 
12/21/2022
 
5.34
%
 
L+ 3.00
 
0.75
%
 
 Food/drug retailers
 
975

 
958

 
968

American Residential Services, LLC
 
06/30/2022
 
6.09
%
 
L+ 4.00
 
1.00
%
 
 Ecological services and equipment
 
1,969

 
1,966

 
1,962

American Tire Distributors, Inc.
 
09/01/2021
 
6.34
%
 
L+ 4.25
 
1.00
%
 
 Retailers (except food and drug)
 
951

 
949

 
615

AqGen Ascensus, Inc. (6)
 
12/05/2022
 
5.59
%
 
L+ 3.50
 
1.00
%
 
 Financial Intermediaries
 
1,711

 
1,671

 
1,713

Arctic Glacier U.S.A., Inc.
 
03/20/2024
 
5.59
%
 
L+ 3.50
 
1.00
%
 
 Food Products
 
1,047

 
1,043

 
1,053

Argon Medical Devices, Inc.
 
01/23/2025
 
5.84
%
 
L+ 3.75
 
1.00
%
 
 Health Care
 
1,496

 
1,489

 
1,503

Asurion, LLC (6) (7)
 
11/29/2024
 
5.34
%
 
L+ 3.00
 
%
 
 Diversified Insurance
 
1,488

 
1,480

 
1,484

AVSC Holding Corp.
 
03/01/2025
 
5.23
%
 
L+ 3.25
 
1.00
%
 
 Service & Equipment
 
1,807

 
1,802

 
1,792

BCP Raptor, LLC
 
06/24/2024
 
6.42
%
 
L+ 4.25
 
1.00
%
 
 Energy
 
1,089

 
1,067

 
1,067

BCPE Eagle Buyer LLC (6)
 
03/18/2024
 
6.34
%
 
L+ 4.25
 
1.00
%
 
 Health Care
 
1,283

 
1,273

 
1,222

BJ's Wholesale Club, Inc.
 
02/03/2024
 
5.53
%
 
L+ 3.50
 
1.00
%
 
 Food/drug retailers
 
1,884

 
1,882

 
1,886

Blackboard, Inc.
 
06/30/2021
 
7.36
%
 
L+ 5.00
 
1.00
%
 
 Electronics/electric
 
2,375

 
2,375

 
2,255

Blackhawk Network Holdings Inc.
 
06/15/2025
 
5.07
%
 
L+ 3.00
 
%
 
 Banking, Finance & Insurance
 
1,186

 
1,183

 
1,184

Brand Energy & Infrastructure Services, Inc.
 
06/21/2024
 
6.61
%
 
L+ 4.25
 
1.00
%
 
 Oil and Gas
 
2,470

 
2,449

 
2,478

Brazos Delaware II, LLC (6)
 
05/21/2025
 
6.09
%
 
L+ 4.00
 
%
 
 Energy
 
1,087

 
1,082

 
1,090

Calceus Acquisition, Inc.
 
01/31/2020
 
6.10
%
 
L+ 4.00
 
1.00
%
 
 Clothing/Textiles
 
2,274

 
2,277

 
2,242

Carestream Health, Inc.
 
06/07/2019
 
6.09
%
 
L+ 4.00
 
1.00
%
 
 Health Care
 
771

 
771

 
772

CB Poly Investments, LLC (6)
 
08/16/2023
 
5.84
%
 
L+ 3.75
 
1.00
%
 
 Clothing/Textiles
 
1,721

 
1,710

 
1,730

Central Security Group, Inc.
 
10/06/2021
 
7.72
%
 
L+ 5.63
 
1.00
%
 
 Electronics/electric
 
1,985

 
1,997

 
1,995

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

 
990

 
996

CT Technologies Intermediate Holdings, Inc.
 
12/01/2021
 
6.34
%
 
L+ 4.25
 
1.00
%
 
 Electronics/electric
 
485

 
484

 
460

Curvature, Inc.
 
10/30/2023
 
7.09
%
 
L+ 5.00
 
1.00
%
 
 Business Equipment and Services
 
1,970

 
1,962

 
1,550

DJO Finance LLC
 
06/08/2020
 
5.56
%
 
L+ 3.25
 
1.00
%
 
 Health Care
 
987

 
974

 
985

DTI Holdco, Inc.
 
09/29/2023
 
6.84
%
 
L+ 4.75
 
1.00
%
 
 Electronics/electric
 
1,219

 
1,218

 
1,220

Dynacast International LLC
 
01/28/2022
 
5.58
%
 
L+ 3.25
 
1.00
%
 
 Industrial Equipment
 
529

 
529

 
528

ECi Software Solutions, Inc.
 
09/27/2024
 
6.58
%
 
L+ 4.25
 
1.00
%
 
 Technology
 
1,489

 
1,475

 
1,496

The Edelman Financial Center, LLC
 
11/11/2024
 
6.73
%
 
L+ 4.25
 
1.00
%
 
 Banking, Finance & Insurance
 
1,531

 
1,527

 
1,537

The Edelman Financial Center, LLC (3) (7)
 
06/26/2025
 
5.59
%
 
L+ 3.25
 
%
 
 Banking, Finance & Insurance
 
3,000

 
2,985

 
3,000


7



AMERICAN CAPITAL SENIOR FLOATING, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 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) —135.9% of Net Assets (5)
 
 
 
 
 
 
 
 
EIG Investors Corp. (3)
 
02/09/2023
 
6.07
%
 
L+ 3.75
 
1.00
%
 
 Electronics/electric
 
2,173

 
2,169

 
2,176

Epicor Software Corporation (7)
 
06/01/2022
 
5.35
%
 
L+ 3.25
 
1.00
%
 
 Electronics/electric
 
2,039

 
2,027

 
2,035

ExamWorks Group, Inc.
 
07/27/2023
 
5.34
%
 
L+ 3.25
 
1.00
%
 
 Business Equipment and Services
 
1,232

 
1,235

 
1,235

FHC Health Systems, Inc.
 
12/23/2021
 
6.09
%
 
L+ 4.00
 
1.00
%
 
 Health Care
 
1,470

 
1,455

 
1,378

Go Wireless Inc. (6)
 
12/22/2024
 
8.59
%
 
L+ 6.50
 
1.00
%
 
 Telecommunications
 
1,432

 
1,419

 
1,421

Greeneden U.S. Holdings I, LLC
 
12/01/2023
 
5.59
%
 
L+ 3.50
 
%
 
 Business Equipment and Services
 
494

 
488

 
494

Greenway Health, LLC
 
02/16/2024
 
6.08
%
 
L+ 3.75
 
1.00
%
 
 Computers & Electronics
 
1,995

 
1,995

 
1,996

HGIM Corp. (10)
 
06/18/2020
 
8.50
%
 
L+ 3.50
 
1.00
%
 
 Surface transport
 
1,444

 
1,449

 
609

Highline Aftermarket Acquisition, LLC
 
04/26/2025
 
5.63
%
 
L+ 3.50
 
1.00
%
 
 Automotive
 
3,000

 
3,000

 
3,013

Hummel Station LLC
 
10/27/2022
 
8.09
%
 
L+ 6.00
 
1.00
%
 
 Energy
 
2,000

 
1,895

 
1,958

Hyland Software, Inc.
 
07/01/2022
 
5.34
%
 
L+ 3.25
 
0.75
%
 
 Electronics/electric
 
2,427

 
2,415

 
2,437

Immucor, Inc.
 
06/15/2021
 
7.09
%
 
L+ 5.00
 
1.00
%
 
 Conglomerates
 
2,475

 
2,456

 
2,511

Indra Holdings Corp.
 
05/01/2021
 
6.34
%
 
L+ 4.25
 
1.00
%
 
 Clothing/Textiles
 
1,185

 
1,181

 
711

Infoblox Inc.
 
11/07/2023
 
6.59
%
 
L+ 4.50
 
%
 
 Electronics/electric
 
1,869

 
1,846

 
1,889

Information Resources, Inc.
 
01/18/2024
 
6.57
%
 
L+ 4.25
 
1.00
%
 
 Business Equipment and Services
 
2,401

 
2,391

 
2,405

Innovative XCessories & Services LLC (6) 
 
11/29/2022
 
6.84
%
 
L+ 4.75
 
1.00
%
 
 Automotive
 
1,985

 
1,976

 
1,987

IPC Corp.
 
08/06/2021
 
6.86
%
 
L+ 4.50
 
1.00
%
 
 Telecommunications
 
777

 
775

 
762

Ivanti Software, Inc.
 
01/20/2024
 
6.35
%
 
L+ 4.25
 
1.00
%
 
 Electronics/electric
 
2,571

 
2,556

 
2,553

Jazz Acquisition, Inc.
 
06/19/2021
 
5.83
%
 
L+ 3.50
 
1.00
%
 
 Aerospace and Defense
 
1,922

 
1,925

 
1,884

JC Penney Co Inc (3)
 
06/23/2023
 
6.57
%
 
L+ 4.25
 
1.00
%
 
 Retailers (except food and drug)
 
722

 
724

 
691

KEMET Corporation (3) (6)
 
04/26/2024
 
8.09
%
 
L+ 6.00
 
1.00
%
 
 Electronics
 
2,642

 
2,612

 
2,682

Kestra Financial, Inc.
 
06/24/2022
 
6.59
%
 
L+ 4.50
 
1.00
%
 
 Banking, Finance & Insurance
 
995

 
986

 
995

Kingpin Intermediate Holdings LLC (6)
 
07/03/2024
 
6.35
%
 
L+ 4.25
 
1.00
%
 
 Service & Equipment
 
999

 
995

 
999

K-Mac Holdings Corp.
 
03/14/2025
 
5.34
%
 
L+ 3.25
 
%
 
 Food service
 
998

 
995

 
993

Kronos Acquisition Intermediate Inc. (7)
 
05/15/2023
 
6.09
%
 
L+ 4.00
 
1.00
%
 
 Cosmetics/Toiletries
 
811

 
799

 
808

Learning Care Group (US) No. 2 Inc.
 
03/13/2025
 
5.61
%
 
L+ 3.25
 
1.00
%
 
 Business Equipment and Services
 
1,247

 
1,244

 
1,242

Legalzoom.com, Inc. (6)
 
11/21/2024
 
6.59
%
 
L+ 4.50
 
1.00
%
 
 Technology
 
1,921

 
1,904

 
1,933

Liberty Cablevision of Puerto Rico LLC
 
01/07/2022
 
5.85
%
 
L+ 3.50
 
1.00
%
 
 Cable and Satellite Television
 
1,000

 
995

 
972

LSF9 Atlantis Holdings LLC
 
05/01/2023
 
8.00
%
 
L+ 6.00
 
1.00
%
 
 Telecommunications/Cellular Communications
 
2,068

 
2,067

 
2,052

MB Aerospace Holdings II Corp.
 
01/22/2025
 
5.59
%
 
L+ 3.50
 
1.00
%
 
 Aerospace and Defense
 
1,990

 
1,981

 
1,996

McGraw-Hill Global Education Holdings, LLC
 
05/04/2022
 
6.09
%
 
L+ 4.00
 
1.00
%
 
 Publishing
 
1,967

 
1,957

 
1,928

Mirion Technologies, Inc. (6)
 
03/31/2022
 
7.08
%
 
L+ 4.75
 
1.00
%
 
 Utilities
 
1,974

 
1,976

 
1,977

Mohegan Tribal Gaming Authority
 
10/13/2023
 
6.09
%
 
L+ 4.00
 
1.00
%
 
 Lodging and Casinos
 
1,443

 
1,460

 
1,367

Murray Energy Corporation (6)
 
10/16/2022
 
9.34
%
 
L+ 7.25
 
1.00
%
 
 Nonferrous metals/minerals
 
981

 
956

 
922

Navicure, Inc. (6)
 
11/01/2024
 
5.84
%
 
L+ 3.75
 
1.00
%
 
 Health Care
 
1,990

 
1,981

 
1,990

Navitas Midstream Midland Basin, LLC
 
12/13/2024
 
6.59
%
 
L+ 4.50
 
1.00
%
 
 Oil and Gas
 
1,990

 
1,981

 
1,975


8



AMERICAN CAPITAL SENIOR FLOATING, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 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) —135.9% of Net Assets (5)
 
 
 
 
 
 
 
 
NFP Corp
 
01/08/2024
 
5.09
%
 
L+ 3.00
 
1.00
%
 
 Diversified Insurance
 
2,463

 
2,453

 
2,449

nThrive, Inc.
 
10/20/2022
 
6.59
%
 
L+ 4.50
 
1.00
%
 
 Health Care
 
1,970

 
1,970

 
1,961

Oak Parent, Inc.
 
10/26/2023
 
6.59
%
 
L+ 4.50
 
1.00
%
 
 Clothing/Textiles
 
946

 
940

 
878

Optiv Inc.
 
02/01/2024
 
5.31
%
 
L+ 3.25
 
1.00
%
 
 Business Equipment and Services
 
1,029

 
1,026

 
1,003

PAE Holding Corporation
 
10/20/2022
 
7.59
%
 
L+ 5.50
 
1.00
%
 
 Aerospace and Defense
 
535

 
527

 
538

Patterson Medical Supply, Inc.
 
08/29/2022
 
7.11
%
 
L+ 4.75
 
1.00
%
 
 Health Care
 
1,988

 
1,967

 
1,904

Pike Corporation
 
03/23/2025
 
5.60
%
 
L+ 3.50
 
1.00
%
 
 Utilities
 
1,418

 
1,415

 
1,425

Plaskolite, LLC (6)
 
11/03/2022
 
5.59
%
 
L+ 3.50
 
1.00
%
 
 Chemical/plastics
 
1,397

 
1,393

 
1,396

Plaze, Inc.
 
07/31/2022
 
5.83
%
 
L+ 3.50
 
1.00
%
 
 Chemical/plastics
 
802

 
802

 
806

Pregis Holding I Corporation (7)
 
05/20/2021
 
5.80
%
 
L+ 3.50
 
1.00
%
 
 Chemical/plastics
 
1,587

 
1,574

 
1,583

ProAmpac PG Borrower LLC
 
11/20/2023
 
5.58
%
 
L+ 3.50
 
1.00
%
 
 Containers and Glass Products
 
1,995

 
1,995

 
1,989

Project Alpha Intermediate Holding, Inc.
 
04/26/2024
 
5.99
%
 
L+ 3.50
 
1.00
%
 
 Technology
 
1,747

 
1,740

 
1,741

Renaissance Learning, Inc.
 
05/30/2025
 
5.58
%
 
L+ 3.25
 
%
 
 Electronics/electric
 
1,000

 
998

 
996

SciQuest, Inc. (6)
 
12/28/2024
 
6.09
%
 
L+ 4.00
 
1.00
%
 
 Technology
 
2,494

 
2,482

 
2,494

Serta Simmons Bedding, LLC
 
11/08/2023
 
5.81
%
 
L+ 3.50
 
1.00
%
 
 Home Furnishings
 
1,975

 
1,967

 
1,687

SRS Distribution Inc.
 
05/23/2025
 
5.58
%
 
L+ 3.25
 
%
 
 Building & Development
 
1,250

 
1,247

 
1,233

St. George's University Scholastic Services LLC
 
07/06/2022
 
5.85
%
 
L+ 3.75
 
1.00
%
 
 Education
 
2,432

 
2,432

 
2,455

St. George's University Scholastic Services LLC (6) (7)
 
06/15/2025
 
5.84
%
 
L+ 3.50
 
%
 
 Education
 
2,077

 
2,067

 
2,082

St. George's University Scholastic Services LLC (6) (7) (9)
 
06/22/2025
 
5.84
%
 
L+ 3.50
 
%
 
 Education
 
646

 
(3
)
 
2

StandardAero Aviation Holdings, Inc.
 
07/07/2022
 
5.84
%
 
L+ 3.75
 
1.00
%
 
 Aerospace and Defense
 
1,148

 
1,144

 
1,151

Sterigenics-Nordion Holdings, LLC
 
05/15/2022
 
5.33
%
 
L+ 3.00
 
1.00
%
 
 Health Care
 
882

 
877

 
881

Strategic Partners Acquisition Corp.
 
06/30/2023
 
5.84
%
 
L+ 3.75
 
1.00
%
 
 Clothing/Textiles
 
1,905

 
1,905

 
1,924

Summit Midstream Partners Holdings, LLC (3)
 
05/13/2022
 
8.09
%
 
L+ 6.00
 
1.00
%
 
 Oil and Gas
 
513

 
509

 
519

Syniverse Holdings Inc
 
03/09/2023
 
7.05
%
 
L+ 5.00
 
1.00
%
 
 Telecommunications
 
998

 
988

 
998

Thermasys Corp.
 
05/03/2019
 
6.34
%
 
L+ 4.00
 
1.25
%
 
 Industrial Equipment
 
423

 
423

 
411

TIBCO Software Inc
 
12/04/2020
 
5.60
%
 
L+ 3.50
 
1.00
%
 
 Business Equipment and Services
 
1,479

 
1,487

 
1,481

TravelCLICK, Inc. (3)
 
05/06/2021
 
5.59
%
 
L+ 3.50
 
1.00
%
 
 Food service
 
535

 
524

 
541

Tricorbraun Holdings, Inc.
 
11/30/2023
 
6.08
%
 
L+ 3.75
 
1.00
%
 
 Containers and Glass Products
 
90

 
91

 
90

Tricorbraun Holdings, Inc.
 
11/30/2023
 
6.08
%
 
L+ 3.75
 
%
 
 Containers and Glass Products
 
895

 
910

 
896

Truck Hero, Inc.
 
04/22/2024
 
5.84
%
 
L+ 3.75
 
1.00
%
 
 Automotive
 
2,620

 
2,601

 
2,624

Turbocombustor Technology, Inc. (6)
 
12/02/2020
 
6.59
%
 
L+ 4.50
 
1.00
%
 
 Aerospace and Defense
 
3,343

 
3,331

 
3,192

TVC Albany, Inc. (6)
 
09/18/2024
 
6.09
%
 
L+ 4.00
 
1.00
%
 
 Utilities
 
1,990

 
1,990

 
1,995

U.S. Security Associates Holdings, Inc.
 
07/14/2023
 
5.83
%
 
L+ 3.50
 
1.00
%
 
 Service & Equipment
 
1,990

 
1,990

 
1,996

Valeant Pharmaceuticals International, Inc. (3)
 
06/02/2025
 
4.98
%
 
L+ 3.00
 
%
 
 Drugs
 
457

 
454

 
456

Vantage Specialty Chemicals, Inc.
 
10/28/2024
 
6.09
%
 
L+ 4.00
 
1.00
%
 
 Chemical/plastics
 
668

 
665

 
673

Veritas US Inc. (3)
 
01/27/2023
 
6.59
%
 
L+ 4.50
 
1.00
%
 
 Electronics/electric
 
1,973

 
1,938

 
1,812


9



AMERICAN CAPITAL SENIOR FLOATING, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 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) —135.9% of Net Assets (5)
 
 
 
 
 
 
 
 
VF Holding Corp.
 
06/30/2023
 
5.34
%
 
L+ 3.25
 
1.00
%
 
 Insurance
 
1,033

 
1,030

 
1,028

VF Holding Corp. (7)
 
06/04/2025
 
4.81
%
 
L+ 2.50
 
%
 
 Insurance
 
1,000

 
995

 
995

West Corporation
 
10/10/2024
 
5.59
%
 
L+ 3.50
 
1.00
%
 
 Conglomerates
 
2,462

 
2,459

 
2,446

Woodford Express, LLC
 
01/27/2025
 
7.09
%
 
L+ 5.00
 
1.00
%
 
 Energy
 
1,995

 
1,976

 
1,937

WP CPP Holdings, LLC
 
04/30/2025
 
6.28
%
 
L+ 3.75
 
1.00
%
 
 Aerospace and Defense
 
2,500

 
2,494

 
2,515

YI, LLC
 
11/07/2024
 
6.33
%
 
L+ 4.00
 
1.00
%
 
 Health Care
 
1,416

 
1,410

 
1,421

YI, LLC (9)
 
11/07/2024
 
6.33
%
 
L+ 4.00
 
1.00
%
 
 Health Care
 
553

 
265

 
268

Zest Acquisition Corp. (6)
 
03/14/2025
 
5.84
%
 
L+ 3.50
 
%
 
 Health Care
 
1,995

 
1,985

 
1,997

Total First Lien Floating Rate Loans
 
 
 
$
178,319

 
$
176,195

 
$
173,457

Second Lien Floating Rate Loans —10% of Net Assets
 
 
 
 
 
 
 
 
Advantage Sales & Marketing Inc.
 
07/25/2022
 
8.59
%
 
L+ 6.50
 
1.00
%
 
 Business Equipment and Services
 
$
1,000

 
$
996

 
$
905

Albany Molecular Research, Inc.
 
08/30/2025
 
9.09
%
 
L+ 7.00
 
1.00
%
 
 Health Care
 
3,002

 
3,052

 
3,006

Almonde Inc (3)
 
06/13/2025
 
9.56
%
 
L+ 7.25
 
1.00
%
 
 Technology
 
608

 
603

 
588

Anchor Glass Container Corporation
 
12/07/2024
 
9.81
%
 
L+ 7.75
 
1.00
%
 
 Containers and Glass Products
 
500

 
496

 
330

Applied Systems, Inc.
 
09/19/2025
 
9.33
%
 
L+ 7.00
 
1.00
%
 
 Technology
 
344

 
344

 
356

Asurion, LLC (6) (7)
 
08/04/2025
 
8.09
%
 
L+ 6.00
 
%
 
 Diversified Insurance
 
823

 
822

 
836

AVSC Holding Corp.
 
09/01/2025
 
9.34
%
 
L+ 7.25
 
1.00
%
 
 Service & Equipment
 
1,077

 
1,075

 
1,072

BJ's Wholesale Club, Inc.
 
02/03/2025
 
9.53
%
 
L+ 7.50
 
1.00
%
 
 Food/drug retailers
 
841

 
822

 
852

CH Hold Corp. (6)
 
02/03/2025
 
9.34
%
 
L+ 7.25
 
1.00
%
 
 Automotive
 
149

 
148

 
151

Hyland Software Inc.
 
07/07/2025
 
9.09
%
 
L+ 7.00
 
0.75
%
 
 Electronics/electric
 
605

 
604

 
616

Jazz Acquisition, Inc.
 
06/19/2022
 
9.08
%
 
L+ 6.75
 
1.00
%
 
 Aerospace and Defense
 
1,250

 
1,253

 
1,194

Navicure, Inc. (6)
 
10/31/2025
 
9.59
%
 
L+ 7.50
 
1.00
%
 
 Health Care
 
500

 
495

 
503

Optiv Inc.
 
01/31/2025
 
9.31
%
 
L+ 7.25
 
1.00
%
 
 Business Equipment and Services
 
444

 
443

 
431

ProAmpac PG Borrower LLC
 
11/18/2024
 
10.58
%
 
L+ 8.50
 
1.00
%
 
 Containers and Glass Products
 
500

 
494

 
508

Ranpak Corp.
 
10/03/2022
 
9.34
%
 
L+ 7.25
 
1.00
%
 
 Containers and Glass Products
 
820

 
820

 
826

Vantage Specialty Chemicals, Inc.
 
10/27/2025
 
10.35
%
 
L+ 8.25
 
1.00
%
 
 Chemical/plastics
 
125

 
123

 
126

WP CPP Holdings, LLC
 
04/30/2026
 
10.28
%
 
L+ 7.75
 
1.00
%
 
 Aerospace and Defense
 
500

 
495

 
501

Total Second Lien Floating Rate Loans
 
 
 
$
13,088

 
$
13,085

 
$
12,801

CLO Equity —29.4% of Net Assets
 
 
 
 
 
 
 
 
AMMC 2017-21A, Subordinated Notes (3) (4) (6)
 
11/02/2030
 
8.50
%
 
 
 
 
 
 
 
$
2,750

 
$
2,597

 
$
2,272

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

 
1,277

 
75

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

 
1,630

 
1,323

Apidos CLO XXVII, Subordinated Notes (3) (4) (6)
 
07/17/2030
 
7.78
%
 
 
 
 
 
 
 
5,000

 
4,103

 
3,728

Ares XXIX CLO Ltd., Subordinated Notes (3) (4) (6)
 
04/17/2026
 
5.92
%
 
 
 
 
 
 
 
4,750

 
3,115

 
2,028

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

 
1,255

 
48

Babson 2015-1, Income Notes (3) (4) (6)
 
01/20/2031
 
15.12
%
 
 
 
 
 
 
 
2,840

 
1,979

 
1,812


10



AMERICAN CAPITAL SENIOR FLOATING, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2018
(unaudited, in thousands)


Description (5), (12)

Maturity

Interest
Rate (1)

Basis 
Point
Spread
Above
Index 
(2)

LIBOR