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



¨	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

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
	Consolidated Statements of Assets and Liabilities as of March 31, 2018 (unaudited) and December 31, 2017	3

	Consolidated Statements of Operations for the three months ended March 31, 2018 (unaudited) and March 31, 2017 (unaudited)	4

	Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2018 (unaudited) and March 31, 2017 (unaudited)	5

	Consolidated Statements of Cash Flows for the three months ended March 31, 2018, (unaudited) and March 31, 2017 (unaudited)	6

	Consolidated Schedule of Investments as of March 31, 2018 (unaudited) and December 31, 2017	7

	Notes to Consolidated Financial Statements (unaudited)	19

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	32

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	40

Item 4.	Controls and Procedures	43

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	44

Item 1A.	Risk Factors	44

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	44

Item 3.	Defaults Upon Senior Securities	44

Item 4.	Mine Safety Disclosures	44

Item 5.	Other Information	44

Item 6.	Exhibits	44

Signatures		46

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.

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.

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

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

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

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

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

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

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	$	41,977
Common Equity —0.1% of Net Assets
Ameriforge Group Inc., Common Equity (1,570 shares) ^{(6) (11)}						2		—		75
Total Common Equity						$	2	$	—	$	75
Warrants —0.0% of Net Assets
Ameriforge Group Inc., Warrants (4,984 shares) ^{(6) (11)}						5		—		—
Total Warrants						$	5	$	—	$	—
Total Non-Control/Non-Affiliate Investments (8) —171.4% of Net Assets						$	258,905	$	234,034	$	224,642
Liabilities in Excess of Other Assets — (71.4%) of Net Assets										(93,571		)
Net Assets — 100.0%										$	131,071

(1)

For each debt investment we have provided the weighted-average interest rate in effect as of March 31, 2018. For each CLO investment we have provided the yield as of March 31, 2018 determined using the effective interest method that will be applied to the current amortized cost of the investment in the following quarter. See “Note 2 - Significant Accounting Policies” to the consolidated financial statements regarding the recognition of investment income on CLOs.


(2)	Floating rate debt investments typically accrue interest at a predetermined spread relative to an index, typically the London Interbank Offered Rate (“LIBOR” or “L”) or the prime index rate (“PRIME” or “P”), and reset monthly, quarterly or semi-annually. These instruments may be subject to a LIBOR or PRIME rate floor.


(3)	Investments that are not “qualifying assets” under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. As of March 31, 2018, qualifying assets represented 77% of total assets at fair value.

AMERICAN CAPITAL SENIOR FLOATING, LTD.

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2018

(unaudited, in thousands)


(4)	These securities are exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions that are exempt from registration, normally to qualified institutional buyers.


(5)	All first lien floating rate loans and second lien floating rate loans are held at ACSF Funding I, LLC (“ACSF Funding”), a wholly owned special purpose financing vehicle, and are pledged as collateral for a secured revolving credit facility (see “Note 7 - Debt”).


(6)	Fair value was determined using significant unobservable inputs and are classified as Level 3 in the fair value hierarchy.


(7)	All or a portion of this position has not settled as of March 31, 2018.


(8)	Net estimated unrealized loss for federal income tax purposes was $12,078 as of March 31, 2018 based on a tax cost of $236,720. Estimated aggregate gross unrealized loss for federal income tax purposes as of March 31, 2018 is $14,247; estimated aggregate gross unrealized gain for federal income tax purposes as of March 31, 2018 was $2,169.

(9)

As of March 31, 2018, the Company had the following commitments to fund various delayed draw “Senior Floating Rate Loans” or “SFRLs.” Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and there can be no assurance that such conditions will be satisfied. See Note 10 to the consolidated financial statements for further information on delayed draw loan commitments.



(in thousands) Portfolio Company	Total revolving and delayed draw loan commitments		Less: drawn commitments			Total undrawn commitments
Access CIG, LLC	$	432	$	—		$	432
YI, LLC	553		(201		)	352
	$	985	$	(201	)	$	784


(10)	Investment was placed on non-accrual status as of March 31, 2018.


(11)	Non-income producing.


(12)	All of the Company’s portfolio company investments, which as of March 31, 2018 represented 171.4% of the Company’s net assets or 96.9% of the Company’s total assets, were subject to legal restrictions on sales.

AMERICAN CAPITAL SENIOR FLOATING, LTD.

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2017

(in thousands)



Description ⁽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 —130.6% of Net Assets (5)
1A Smart Start LLC ^{(6) (7)}	2/21/2022	6.19	%	L+ 4.50	1.00	%	Electronics/Electric	$	753	$	751	$	754
24 Hour Fitness Worldwide, Inc.	5/28/2021	5.44	%	L+ 3.75	1.00	%	Leisure Goods/Activities/Movies	1,932		1,928		1,937
Academy, Ltd.	7/1/2022	5.57	%	L+ 4.00	1.00	%	Retailers (except Food and Drug)	895		807		709
Acosta, Inc.	9/26/2021	4.82	%	L+ 3.25	1.00	%	Business Equipment and Services	2,425		2,401		2,142
Acrisure, LLC	11/22/2023	5.65	%	L+ 4.25	1.00	%	Banking, Finance & Insurance	330		329		334
Advanced Integration Technology LP ⁽⁶⁾	4/3/2023	6.32	%	L+ 4.75	1.00	%	Industrial Equipment	1,985		1,985		2,000
Aegis Toxicology Sciences Corporation	2/24/2021	6.17	%	L+ 4.50	1.00	%	Health Care	1,608		1,603		1,558
Air Medical Group Holdings, Inc.	4/28/2022	4.94	%	L+ 3.25	1.00	%	Health Care	1,950		1,953		1,946
Air Medical Group Holdings, Inc.	4/28/2022	5.67	%	L+ 4.00	1.00	%	Health Care	496		494		497
Albertson's LLC	12/21/2022	4.67	%	L+ 3.00	0.75	%	Food/Drug Retailers	980		961		962
American Residential Services, LLC	6/30/2022	5.57	%	L+ 4.00	1.00	%	Ecological Services and Equipment	1,980		1,975		1,987
American Tire Distributors, Inc.	9/1/2021	5.82	%	L+ 4.25	1.00	%	Retailers (except Food and Drug)	956		953		964
AqGen Ascensus, Inc.	12/5/2022	5.69	%	L+ 4.00	1.00	%	Financial Intermediaries	1,719		1,675		1,728
Arctic Glacier U.S.A., Inc.	3/20/2024	5.82	%	L+ 4.25	1.00	%	Food Products	993		988		1,005
Ardent Legacy Acquisitions, Inc.	8/4/2021	7.07	%	L+ 5.50	1.00	%	Health Care	321		319		322
Argon Medical Devices, Inc. ⁽⁷⁾	10/27/2024	5.25	%	L+ 4.25	1.00	%	Health Care	1,500		1,493		1,512
AssuredPartners, Inc.	10/22/2024	5.07	%	L+ 3.50	—	%	Insurance	1,327		1,327		1,337
BCP Raptor, LLC	6/24/2024	5.73	%	L+ 4.25	1.00	%	Energy	1,095		1,071		1,101
BCPE Eagle Buyer LLC ⁽⁶⁾	3/16/2024	5.82	%	L+ 4.25	1.00	%	Health Care	1,290		1,278		1,264
Big Jack Holdings LP ⁽⁶⁾	4/5/2024	5.57	%	L+ 4.00	1.00	%	Food/Drug Retailers	1,858		1,850		1,865
BJ's Wholesale Club, Inc.	2/3/2024	4.95	%	L+ 3.50	1.00	%	Food/Drug Retailers	1,894		1,891		1,866
Blackboard, Inc.	6/30/2021	6.35	%	L+ 5.00	1.00	%	Electronics/Electric	2,387		2,387		2,369
Brand Energy & Infrastructure Services, Inc.	6/21/2024	5.61	%	L+ 4.25	1.00	%	Oil and Gas	2,483		2,459		2,495
Calceus Acquisition, Inc.	1/31/2020	5.57	%	L+ 4.00	1.00	%	Clothing/Textiles	2,286		2,289		2,143
Catalina Marketing Corporation	4/9/2021	5.07	%	L+ 3.50	1.00	%	Business Equipment and Services	2,388		2,387		1,883
CB Poly Investments, LLC	8/16/2023	6.32	%	L+ 4.75	1.00	%	Clothing/Textiles	1,731		1,719		1,745
Central Security Group, Inc.	10/6/2021	7.19	%	L+ 5.63	1.00	%	Electronics/Electric	1,995		2,009		2,005
Charter NEX US, Inc.	5/16/2024	4.82	%	L+ 3.25	1.00	%	Manufacturing	597		594		599
CIBT Global, Inc.	6/1/2024	5.44	%	L+ 3.75	1.00	%	Service & Equipment	995		993		1,000
Comfort Holding, LLC	2/5/2024	6.18	%	L+ 4.75	1.00	%	Home Furnishings	2,252		2,240		2,056
CT Technologies Intermediate Holdings, Inc.	12/1/2021	5.82	%	L+ 4.25	1.00	%	Electronics/Electric	488		486		487
DiversiTech Holdings, Inc.	6/3/2024	5.20	%	L+ 3.50	1.00	%	Industrials	1,990		1,985		2,002
DJO Finance LLC	6/8/2020	4.59	%	L+ 3.25	1.00	%	Health Care	992		976		981
DTI Holdco, Inc.	10/2/2023	6.63	%	L+ 5.25	1.00	%	Electronics/Electric	742		741		742
Dynacast International LLC	1/28/2022	4.94	%	L+ 3.25	1.00	%	Industrial Equipment	531		531		535
Eastern Power, LLC	10/2/2023	5.32	%	L+ 3.75	1.00	%	Utilities	1,885		1,876		1,904
ECi Software Solutions, Inc.	9/27/2024	5.94	%	L+ 4.25	1.00	%	Technology	1,496		1,482		1,511
EIG Investors Corp. ⁽³⁾	2/9/2023	5.46	%	L+ 4.00	1.00	%	Electronics/Electric	2,244		2,238		2,261
Epicor Software Corporation	6/1/2022	5.32	%	L+ 3.75	1.00	%	Electronics/Electric	1,949		1,936		1,956

AMERICAN CAPITAL SENIOR FLOATING, LTD.

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

DECEMBER 31, 2017

(in thousands)



Description ⁽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) —130.6% of Net Assets (5)
ExamWorks Group, Inc.	7/27/2023	4.82	%	L+ 3.25	1.00	%	Business Equipment and Services	$	988	$	991	$	995
Fairmount Santrol Inc.	11/1/2022	7.69	%	L+ 6.00	1.00	%	Nonferrous Metals/Minerals	1,811		1,785		1,837
FHC Health Systems, Inc.	12/23/2021	5.57	%	L+ 4.00	1.00	%	Health Care	1,477		1,461		1,449
Flexera Software LLC	4/2/2020	5.07	%	L+ 3.50	1.00	%	Electronics/Electric	993		993		999
Genesys Telecommunications Laboratories, Inc	12/1/2023	5.44	%	L+ 3.75	—	%	Business Equipment and Services	496		490		500
Go Wireless Inc. ⁽⁷⁾	12/24/2024	7.50	%	L+ 6.50	1.00	%	Telecommunications	1,469		1,454		1,458
HGIM Corp. ^{(6) (10)}	6/18/2020	7.75	%	L+ 3.50	1.00	%	Surface Transport	1,444		1,449		570
Hummel Station LLC ⁽⁶⁾	10/27/2022	7.57	%	L+ 6.00	1.00	%	Energy	2,000		1,883		1,900
Hyland Software, Inc.	7/1/2022	4.82	%	L+ 3.25	0.75	%	Electronics/Electric	2,440		2,425		2,460
IBC Capital Limited ⁽³⁾	9/9/2021	5.29	%	L+ 3.75	1.00	%	Business Equipment and Services	987		980		989
Immucor, Inc.	6/15/2021	6.57	%	L+ 5.00	1.00	%	Conglomerates	2,488		2,465		2,533
Indra Holdings Corp.	5/1/2021	5.63	%	L+ 4.25	1.00	%	Clothing/Textiles	1,185		1,180		701
Infoblox Inc.	11/7/2023	6.57	%	L+ 5.00	1.00	%	Electronics/Electric	1,920		1,894		1,935
Informatica Corporation	8/5/2022	5.19	%	L+ 3.50	1.00	%	Electronics/Electric	1,928		1,925		1,937
Information Resources, Inc.	1/18/2024	5.62	%	L+ 4.25	1.00	%	Business Equipment and Services	2,413		2,403		2,429
Innovative XCessories & Services LLC _{(6) (7)}	11/29/2022	6.21	%	L+ 4.75	1.00	%	Automotive	1,997		1,987		2,022
IPC Corp. ⁽⁶⁾	8/6/2021	5.88	%	L+ 4.50	1.00	%	Telecommunications	1,459		1,455		1,433
JAGGAER, Inc. ^{(6) (7)}	12/21/2024	5.00	%	L+ 4.00	1.00	%	Technology	2,500		2,487		2,494
Jazz Acquisition, Inc.	6/19/2021	5.19	%	L+ 3.50	1.00	%	Aerospace and Defense	1,932		1,935		1,891
JC Penney Co Inc ⁽³⁾	6/23/2023	5.73	%	L+ 4.25	1.00	%	Retailers (except Food and Drug)	731		734		686
Jo-Ann Stores, Inc.	10/20/2023	6.55	%	L+ 5.00	1.00	%	Retailers (except Food and Drug)	564		555		545
KEMET Corporation ^{(3), (6)}	4/26/2024	7.57	%	L+ 6.00	1.00	%	Electronics	2,712		2,678		2,742
Kingpin Intermediate Holdings LLC ⁽⁶⁾	7/3/2024	5.73	%	L+ 4.25	1.00	%	Service & Equipment	871		867		881
Kronos Acquisition Intermediate Inc.	8/26/2022	6.17	%	L+ 4.50	1.00	%	Cosmetics/Toiletries	711		699		717
Kronos Incorporated ⁽³⁾	11/1/2023	4.90	%	L+ 3.50	1.00	%	Electronics/Electric	2,277		2,270		2,295
LANDesk Software Group, Inc.	1/20/2024	5.82	%	L+ 4.25	1.00	%	Electronics/Electric	2,583		2,567		2,463
Learning Care Group (US) No. 2 Inc. ⁽⁶⁾	5/5/2021	5.33	%	L+ 4.00	1.00	%	Business Equipment and Services	987		987		994
Legalzoom.com, Inc. ⁽⁶⁾	11/21/2024	5.94	%	L+ 4.50	1.00	%	Technology	1,931		1,912		1,936
Liberty Cablevision of Puerto Rico LLC	1/7/2022	4.86	%	L+ 3.50	1.00	%	Cable and Satellite Television	1,000		995		973
LSF9 Atlantis Holdings LLC	5/1/2023	7.36	%	L+ 6.00	1.00	%	Telecommunications/Cellular Communications	2,095		2,094		2,106
MB Aerospace Holdings II Corp. ⁽⁷⁾	12/28/2024	5.00	%	L+ 4.00	1.00	%	Aerospace and Defense	2,000		1,990		2,005
McGraw-Hill Global Education Holdings, LLC	5/4/2022	5.57	%	L+ 4.00	1.00	%	Publishing	1,976		1,966		1,977
Meter Readings Holdings, LLC ⁽⁶⁾	8/29/2023	7.23	%	L+ 5.75	1.00	%	Electronics/Electric	658		650		662
Mirion Technologies, Inc.	3/31/2022	6.44	%	L+ 4.75	1.00	%	Utilities	1,985		1,987		1,985
MND Holdings III Corp ⁽⁶⁾	6/19/2024	5.44	%	L+ 3.75	1.00	%	Consumer Products	1,791		1,783		1,804
Mohegan Tribal Gaming Authority	10/13/2023	5.57	%	L+ 4.00	1.00	%	Lodging and Casinos	1,489		1,508		1,504
Murray Energy Corporation	4/16/2020	8.94	%	L+ 7.25	1.00	%	Nonferrous Metals/Minerals	986

American Capital Senior Floating, Ltd. 10-Q