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Standard & Poor’s Long-Term Credit Ratings

Rating	Description
AAA	Extremely strong capacity to meet financial commitments. Highest Rating.
AA	Very strong capacity to meet financial commitments.
A	Strong capacity to meet financial commitments, but somewhat susceptible to adverse economic conditions and changes in circumstances
BBB	Adequate capacity to meet financial commitments, but more subject to adverse economic conditions.
BBB-	Considered lowest investment grade by market participants.
BB+	Considered highest speculative grade by market participants.
BB	Less vulnerable in the near-term but faces major ongoing uncertainties to adverse business, financial and economic conditions.risk.
B	More vulnerable to adverse business, financial and economic conditions but currently has the capacity to meet financial commitments.
CCC	Currently vulnerable and dependent on favorable business, financial and economic conditions to meet financial commitments.
CC	Currently highly vulnerable.
C	Currently highly vulnerable obligations and other defined circumstances.
D	Payment default on financial commitments.

Moody’s Long-Term Credit Ratings

Rating	Description
Aaa	Obligations rated Aaa are judged to be of the highest quality, with minimal credit risk.
Aa	Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.
A	Obligations rated A are considered upper-medium grade and are subject to low credit risk.
Baa	Obligations rated Baa are subject to moderate credit risk. They are considered medium grade and as such may possess certain speculative characteristics.
Ba	Obligations rated Ba are judged to have speculative elements and are subject to substantial credit risk.
B	Obligations rated B are considered speculative and are subject to high credit risk.
Caa	Obligations rated Caa are judged to be of poor standing and are subject to very high credit
Caa	risk.
Ca	Obligations rated Ca are highly speculative and are likely in, or very near, default, with
Ca	some prospect of recovery of principal and interest.
C	Obligations rated C are the lowest rated class and are typically in default, with little prospect for recovery of principal or interest.

Tenant	Holding Company	Sector	Stock Ticker	Standard & Poor's	Historic Default Rates	Moody's	Historic Default Rates
7-Eleven	Seven & i Holdings Co., Ltd.	Convenience & Gas	TYO:3382	AA-	0.51%	Baa1	1.37%
24 Hour Fitness	24 Hour Fitness Worldwide, Inc.	Specialty (Gym)	Private	B	27.91%	B2	23.81%
	Holding Company:
	AEA Investors
76	ConocoPhillips	Gas	COP	A	0.42%	A3	0.66%
99 Cents Only Stores	99 Cents Only Stores LLC	Discount (Dollar Store)	Private	CCC+	35.14%	Caa2	41.23%
	Holding Company:
	Ares Management
99 Ranch Market	Tawa Supermarket, Inc.	Grocery	Private	NR	-	NR	-
A&W	Yum! Brands, Inc.	Dining (Fast Food)	YUM	BB	9.43%	Ba3	16.53%
Aaron Brothers	Michaels Companies Inc.	Specialty (Arts & Crafts)	MIK	BB-	14.16%	Ba2	21.47%
Aaron's	Aarons, Inc.	Speciality (Rent to Own)	AAN	NR	-	NR	-
Abercrombie	Abercrombie & Fitch Co.	Apparel	ANF	BB-	14.16%	Ba3	16.53%
Acapulco Restaurants	Real Mex Restaurants, Inc.	Dining (Casual)	Private	NR	-	NR	-
Ace Hardware	Ace Hardware Corporation	Home & Garden	Private	NR	-	NR	-
ACME	Albertsons Companies Inc.	Grocery	Private	B	27.91%	B1	21.47%
	Holding Company:
	Cerberus Capital Management, L.P.
Advance Auto Parts	Advance Auto Parts, Inc.	Auto (Parts & Service)	AAP	BBB-	4.52%	Baa2	2.05%
Alamo	Enterprise Holdings, Inc.	Automotive (Rentals)	Private	A-	0.80%	NR	-
Albertsons	Albertsons Companies Inc.	Grocery	Private	B	27.91%	B1	21.47%
	Holding Company:
	Cerberus Capital Management, L.P.
Aldi	ALDI GmbH & Co. KG Essen	Grocery	Private	NR	-	NR	-
American Eagle Outfitters	American Eagle Outfitters, Inc.	Apparel	AEO	NR	-	NR	-
Amoco	BP p.l.c.	Gas	BP	A-	0.80%	A1	0.42%
Apple	Apple Inc.	Electronics	AAPL	AA+	0.15%	Aa1	0.17%
Applebee's	Dine Brands Global Inc.	Dining (Casual)	DIN	NR	-	NR	-
Arby's	Inspire Brands, Inc.	Dining (Fast Food)	Private	NR	-	NR	-
	Holding Company:
	Roark Capital Group
Arco	BP p.l.c.	Gas	BP	A-	0.80%	A1	0.42%
Associated Food Stores	Associated Food Stores, Inc.	Grocery	Private	NR	-	NR	-
AT&T	AT&T	Electronics	T	BBB	2.24%	Baa1	2.05%
AutoNation	AutoNation, Inc.	Auto (Sales)	AN	BBB-	4.52%	Baa3	3.48%
AutoZone	AutoZone, Inc.	Auto (Parts & Service)	AZO	BBB	2.24%	Baa1	1.37%
Avis	Avis Budget Group, Inc.	Auto (Rental)	CAR	BB	9.43%	NR	-
Bahama Breeze	Darden Restaurants, Inc.	Dining (Casual)	DRI	BBB	2.24%	Baa2	2.05%
Baja Fresh	Fresh Enterprises, LLC	Dining (QSR)	Private	NR	-	NR	-
Bakers Square	American Blue Ribbon Holdings, LLC	Dining (Casual)	Private	NR	-	NR	-
Bank of America	Bank of America Corp.	Banks & Financial	BAC	A-	0.80%	A3	0.66%
Bank of the West	Wintrust Financial Corp	Banks & Financial	WTFC	NR	-	NR	-
Barnes & Noble	Barnes & Noble, Inc.	Speciality (Book Sales)	BKS	NR	-	NR	-
Baskin Robbins	Dunkin' Brands Group, Inc.	Dining (QSR)	DNKN	NR	-	NR	-
Bass Pro Shops	BPS Direct, LLC	Speciality (Fishing & Gaming)	Private	B+	19.93%	Ba3	16.53%
Bath & Body Works	L Brands Inc.	Specialty (Women's Products)	LB	BB	9.43%	Ba1	6.42%
BB&T	BB&T Corp.	Banks & Financial	BBT	A-	0.80%	A2	0.61%
Bed Bath & Beyond	Bed Bath & Beyond Inc.	Home & Garden	BBBY	BB+	6.29%	Baa3	3.48%
Benihana	Benihana Inc.	Dining (Casual)	Private	NR	-	NR	-
	Holding Company:
	Angelo, Gordon & Co.
Bertucci's Italian Restaurant	Bertucci's Corporation	Dining (Casual)	Private	NR	-	NR	-
Best Buy	Best Buy Co., Inc.	Electronics	BBY	BBB	2.24%	Baa1	1.37%
BI-LO	BI-LO, LLC	Grocery	Private	B-	35.14%	B3	33.02%
	Southeastern Grocers LLC
	Holding Company:
	Lone Star Funds
Big 5 Sporting Goods	Big 5 Sporting Goods Corp.	Specialty (Sporting Goods)	BGFV	NR	-	NR	-
Big Lots	Big Lots Inc.	Discount (Department)	BIG	BBB-	4.52%	NR	-
BJ's Restaurant & Brewhouse	BJ's Restaurants, Inc.	Dining (Casual)	BJRI	NR	-	NR	-
BJ's Wholesale Club	BJ's Wholesale Club, Inc.	Discount (Membership)	Private	B	27.91%	B1	21.47%
Black Angus	Versa Capital Management, Inc.	Dining (Casual)	Private	NR	-	NR	-
Blain's Farm & Fleet	Blain Supply Inc.	Specialty (Agricultural Supply)	Private	NR	-	NR	-
Blaze Pizza	Blaze Pizza LLC	Dining (QSR)	Private	NR	-	NR	-
Blimpie	Kahala Brands, Ltd.	Dining (QSR)	Private	NR	-	NR	-
Bob Evans	Golden Gate Capital	Dining (Casual)	Private	NR	-	NR	-
Bojangle's	The Jordan Company	Dining (Fast Food)	Private	NR	-	NR	-
Bonanza Steak & BBQ	Homestyle Dining, LLC	Dining (Casual)	Private	NR	-	NR	-
Bonefish Grill	Bloomin' Brands, Inc.	Dining (Casual)	BLMN	BB	9.43%	NR	-
Bon-Ton	CSC Generation, Inc.	Department	Private	NR	-	NR	-
Books-A-Million	Books-A-Million, Inc.	Speciality (Book Sales)	Private	NR	-	NR	-
Boston Market	Boston Market Corporation	Dining (Casual)	Private	NR	-	NR	-
	Holding Company:
	Sun Capital Parnters, Inc.
Boston's The Gourmet Pizza	Boston Pizza Royalties Income Fund	Dining (Casual)	BLMN	NR	-	NR	-
BP	BP p.l.c.	Gas	BP	A-	0.80%	A1	0.42%
Bridgestone Firestone	Bridgestone Corp.	Auto (Parts & Service)	BRDCY:US	A	0.42%	A2	0.61%
Bristol Farms	Endeavour Capital	Grocery	Private	NR	-	NR	-
Buca di Beppo	Buca Inc.	Dining (Casual)	Private	NR	-	NR	-
	Holding Company:
	Planet Hollywood International, Inc.
Budget	Avis Budget Group, Inc	Auto (Rental)	CAR	BB	9.43%	NR	-
Buffalo Wild Wings	Inspire Brands, Inc.	Dining (Casual)	Private	NR	-	NR	-
	Holding Company:
	Roark Capital Group
Bubba Gump Shrimp Company	Landry's, Inc.	Dining (Casual)	Private	NR	-	B3	33.02%
Burger King	Restaurant Brands International Inc.	Dining (Fast Food)	QSR	B+	19.93%	NR	-
Burlington Coat Factory	Burlington Stores, Inc.	Apparel	BURL	BB+	6.29%	NR	-
California Bank & Trust	Zions Bancorporation	Banks & Financial	ZION	NR	-	NR	-
California Pizza Kitchen	Golden Gate Capital	Dining (Casual)	Private	NR	-	NR	-
Caltex	Chevron Corp.	Gas	CVX	AA	0.15%	Aa2	0.23%
The Capital Grille	Darden Restaurants, Inc.	Dining (Casual)	DRI	BBB	2.24%	Baa2	2.05%
Capital One Financial	Capital One Financial Corp.	Banks & Financial	COF	BBB	2.24%	Baa1	1.37%
Carl's Jr.	CKE Restaurants Holdings, Inc.	Dining (Fast Food)	Private	NR	-	NR	-
	Holding Company:
	Roark Capital Group
CarMax	Carmax, Inc.	Auto (Sales)	KMX	NR	-	NR	-
Carrabba's Italian Grill	Bloomin' Brands, Inc.	Dining (Casual)	BLMN	BB	9.43%	NR	-
Carrows Restaurants	Shari's Management Corporation	Dining (Casual)	Private	NR	-	NR	-
Casual Male XL	Destination XL Group, Inc.	Apparel	DXLG	NR	-	NR	-
Cathay Bank	Cathay General Bancorp	Banks & Financial	CATY	NR	-	NR	-
Cato Fashions	The Cato Corporation	Apparel	CATO	NR	-	NR	-
Champps	Champps Entertainment, Inc.	Dining (Casual)	Private	NR	-	NR	-
Champs Sports	Foot Locker, Inc.	Apparel	FL	BB+	6.29%	Ba1	6.42%
Charleys Philly Steaks	Gosh Enterprises, Inc.	Dining (QSR)	Private	NR	-	NR	-
Charo Chicken	Charo Chicken Systems, Inc.	Dining (QSR)	Private	NR	-	NR	-
The Chart House	Landry's, Inc.	Dining (Casual)	Private	NR	-	B3	33.02%
Chase Bank	JPMorgan Chase & Co.	Banks & Financial	JPM	A-	0.80%	A2	0.61%
Checkers	Checkers Drive-In Restaurants, Inc.	Dining (Fast Food)	Private	NR	-	NR	-
	Holding Company:
	Oak Hill Capital Partners
Cheeseburger in Paraside	Luby's, Inc.	Dining (Casual)	LUB	NR	-	NR	-
Cheesecake Factory	The Cheesecake Factory Inc.	Dining (Casual)	CAKE	NR	-	NR	-
Chevron	Chevron Corp.	Gas	CVX	AA	0.15%	Aa2	0.23%
Chevys	Real Mex Restaurants, Inc.	Dining (Casual)	Private	NR	-	NR	-
Chick-fil-A	Chick-fil-A, Inc.	Dining (Fast Food)	Private	NR	-	NR	-
The Children's Place	Children's Place Retail Stores, Inc.	Apparel	PLCE	NR	-	NR	-
Chili's Bar & Grill	Brinker International, Inc.	Dining (Casual)	EAT	BB+	6.29%	Ba1	6.42%
Chipotle Mexican Grill	Chipotle Mexican Grill, Inc.	Dining (Casual)	CMG	NR	-	NR	-
Church's Chicken	Cajun Operating Company	Dining (Fast Food)	Private	NR	-	NR	-
Church's Chicken	Friedman Fleischer & Lowe	Dining (Fast Food)	Private	NR	-	NR	-
CiCi's Pizza	CiCi Enterprises, LP	Dining (QSR)	Private	NR	-	NR	-
Circle K	Alimentation Couche-Tard Inc.	Convenience & Gas	OTC:ANCUF	BBB	2.24%	Baa2	2.05%
Citgo	Citgo Petroleum Corporation	Gas	Private	B-	35.14%	B3	33.02%
Citibank	Citibank, N.A.	Banks & Financial	C	A+	0.63%	A1	0.42%
City Market	The Kroger Co.	Grocery	KR	BBB	2.24%	Baa1	6.42%
ClaimJumper	Landry's, Inc.	Dining (Casual)	Private	NR	-	B3	33.02%
Coach	Tapestry, Inc.	Specialty (Women's Products)	TPR	BBB-	4.52%	Baa2	2.05%
Coco's Bakery	Shari's Management Corporation	Dining (Casual)	Private	NR	-	NR	-
The Coffee Bean & Tea Leaf	International Coffee & Tea, LLC	Dining (QSR)	Private	NR	-	NR	-
Coldstone Creamery	Kahala Brands, Ltd.	Dining (QSR)	Private	NR	-	NR	-
Conoco	ConocoPhillips	Gas	COP	A	0.42%	A3	0.66%
Corner Bakery	Il Fornaio (America) Corporation	Dining (Casual)	Private	NR	-	NR	-
	Holding Company:
	Roark Capital Group
Cost Plus World Market	Bed Bath & Beyond Inc.	Home & Garden	BBBY	BB+	6.29%	Baa3	3.48%
Costco	Costco Wholesale Corp.	Discount (Membership)	COST	A+	0.63%	Aa3	0.20%
Coyote Canyon	Stockade Companies, LLC	Dining (Casual)	Private	NR	-	NR	-
Cracker Barrel	Cracker Barrel Old Country Store, Inc.	Dining (Casual)	CBRL	NR	-	NR	-
Crate & Barrel	Euromarket Designs, Inc.	Home & Garden	Private	NR	-	NR	-
Cub Foods	Endeavour Capital	Grocery	Private	NR	-	NR	-
Culver's Frozen Custard Butter Burgers	Culver Franchising System, Inc.	Dining (QSR)	Private	NR	-	NR	-
CVS Pharmacy	CVS Health Corp.	Drug	CVS	BBB	2.24%	Baa2	2.05%
Dairy Queen	Berkshire Hathaway Inc.	Dining (Fast Food)	BRK.A	AA	0.15%	Aa2	0.23%
Dave & Buster's	Dave & Buster's Entertainment, Inc.	Specialty (Entertainment)	PLAY	NR	-	NR	-
DaVita Dialysis	DaVita Inc.	Medical	DVA	BB	2.24%	Ba2	7.99%
dd's DISCOUNTS	Ross Stores, Inc.	Discount (Apparel)	ROST	A-	0.80%	A3	0.66%
DelTaco	Del Taco Restaurants, Inc.	Dining (Fast Food)	TACO	NR	-	NR	-
Denny's	Denny's Corp.	Dining (Casual)	DENN	NR	-	NR	-
Dick's Last Resort	Triton Pacific Capital Partners, LLC	Dining (Casual)	Private	NR	-	NR	-
Dick's Sporting Goods	Dick's Sporting Goods, Inc.	Specialty (Sporting Goods)	DKS	NR	-	NR	-
Dierbergs Markets	Dierbergs Markets, Inc.	Grocery	Private	NR	-	NR	-
Dillard's	Dillard's, Inc.	Department	DDS	BB+	6.29%	Baa3	3.48%
Dillons Food Stores	The Kroger Co.	Grocery	KR	BBB	2.24%	Baa1	6.42%
Do it Best	Do It Best Corp.	Home & Garden	Private	NR	-	NR	-
Dollar General	Dollar General Corp.	Discount (Dollar Store)	DG	BBB	2.24%	Baa2	2.05%
Dollar Rent A Car	Hertz Global Holdings, Inc.	Auto (Rental)	HTZ	B+	19.93%	B2	23.81%
Dollar Tree	Dollar Tree, Inc.	Discount (Dollar Store)	DLTR	BBB-	4.52%	Baa3	3.48%
Domino's Pizza	Domino's Pizza, Inc.	Dining (Fast Food)	DPZ	NR	-	NR	-
Dressbarn	Ascena Retail Group, Inc.	Apparel	ASNA	B	27.91%	Ba3	16.53%
DSW Shoes	DSW Inc.	Apparel	DSW	NR	-	NR	-
Dunkin' Donuts	Dunkin' Brands Group, Inc.	Dining (Fast Food)	DNKN	NR	-	NR	-
East West Bank	East West Bancorp, Inc.	Banks & Financial	EWBC	BBB	2.24	NR	-
Eddie Bauer	Golden Gate Capital	Apparel	LOCO	NR	-	NR	-
Edible Arrangements	Edible Arrangements International, LLC	Specialty (Confections)	Private	NR	-	NR	-
Einstein Bros. Bagels	BDT Capital Partners, LLC	Dining (QSR)	Private	A-	0.80%	Baa1	1.37%
	Holding Company:
	JAB Holding Company
El Pollo Loco	El Pollo Loco Holdings, Inc.	Dining (QSR)	LOCO	NR	-	NR	-
El Torito	Real Mex Restaurants, Inc.	Dining (Casual)	Private	NR	-	NR	-
El Torito Grill	Real Mex Restaurants, Inc.	Dining (Casual)	Private	NR	-	NR	-
Elephant Bar	Chalak Mitra Group LLC	Dining (Casual)	Private	NR	-	NR	-
Enterprise	Enterprise Holdings, Inc.	Automotive (Rentals)	Private	A-	0.80%	NR	-
Exxon	Exxon Mobil Corp.	Gas	XOM	AA+	0.15%	Aaa	0.09%
Family Dollar	Dollar Tree, Inc.	Discount (Dollar Store)	DLTR	BBB-	4.52%	Baa3	3.48%
Famous Dave's	Famous Dave's of America, Inc.	Dining (Casual)	DAVE	NR	-	NR	-
Farm Fresh	Endeavour Capital	Grocery	Private	NR	-	NR	-
Farmer Boys	Farmer Boys Foods, Inc.	Dining (Fast Food)	Private	NR	-	NR	-
Farmers & Merchants Bank	F&M Bank Corp.	Banks & Financial	FMBM	NR	-	NR	-
Fatburger	Fatburger North America, Inc.	Dining (QSR)	Private	NR	-	NR	-
Fazoli's	Sentinel Capital Partners	Dining (Casual)	Private	NR	-	NR	-
FedEx Office	FedEx Corp.	Specialty (Business Services)	FDX	BBB	2.24%	Baa2	2.05%
Fifth Third Bank	Fifth Third Bancorp	Banks & Financial	FITB	BBB+	2.24%	Baa1	1.37%
First Republic Bank	First Republic Bank	Banks & Financial	FRC	A-	0.80%	A1	0.42%
Five Guys Burgers and Fries	Fiive Guys Enterprises LLC	Dining (QSR)	Private	NR	-	NR	-
Fleming's	Bloomin' Brands, Inc.	Dining (Casual)	BLMN	BB	9.43%	NR	-
Flying J	Pilot Travel Centers LLC	Convenience & Gas	Private	BB+	6.29%	Ba1	6.42%
Food 4 Less	The Kroger Co.	Grocery	KR	BBB	2.24%	Baa1	6.42%
Food Lion	Ahold Delhaize	Grocery	DEG	BBB	2.24%	NR	-
Foot Locker	Foot Locker, Inc.	Apparel	FL	BB+	6.29%	Ba1	6.42%
Fred Meyer	The Kroger Co.	Grocery	KR	BBB	2.24%	Baa1	6.42%
Fred's Super Dollar	Fred's, Inc.	Discount (Dollar Store)	FRED	NR	-	NR	-
Fresenius Medical Care	Fresenius Medical Care AG & Co.	Medical	FMS	BBB-	4.52%	Baa3	3.48%
Frisch's Big Boy!	NRD Partners I, L.P.	Dining (Casual)	Private	NR	-	NR	-
Fry's Electronics	Fry's Electronics, Inc.	Electronics	Private	NR	-	NR	-
Fry's Food Stores	The Kroger Co.	Grocery	KR	BBB	2.24%	Baa1	6.42%
Fuddrucker's	Luby's, Inc.	Dining (Casual)	LUB	NR	-	NR	-
GameStop	GameStop Corp.	Electronics	GME	BB	9.43%	Ba1	6.42%
GAP	The Gap Inc.	Apparel	GPS	BB+	6.29%	Baa2	7.99%
Gelson's Markets	Gelson's Markets, Inc.	Grocery	Private	NR	-	NR	-
GIANT Food Stores	Ahold Delhaize	Grocery	DEG	BBB	2.24%	NR	-
Golden Corral	Golden Corral Corp.	Dining (Casual)	Private	NR	-	NR	-
Goodwill	Goodwill Industries International, Inc.	Discount (Apparel)	Private	NR	-	NR	-
Goodyear	The Goodyear Tire & Rubber Co.	Auto (Parts & Service)	GT	BB	9.43%	Ba2	7.99%
Grainger	W.W. Grainger, Inc.	Specialty (MRO Supply)	GWW	A+	0.63%	A3	0.66%
GUESS?	Guess?, Inc.	Apparel	GES	NR	-	NR	-
Gyu-Kaku Japanese BBQ	Reins International Inc.	Dining (Casual)	Private	NR	-	NR	-
H&R Block	H&R Block, Inc.	Banks & Financial	HRB	BBB	2.24%	NR	-
Hanmi Bank	Hanmi Financial Corp.	Banks & Financial	HAFC	NR	-	NR	-
Hannaford	Ahold Delhaize	Grocery	DEG	BBB	2.24%	NR	-
Hard Rock Cafe	Hard Rock Cafe International, Inc.	Dining (Casual)	Private	NR	-	NR	-
Hardee's	CKE Restaurants Holdings, Inc.	Dining (Fast Food)	Private	NR	-	NR	-
	Holding Company:
	Roark Capital Group
Harmon Discount	Bed Bath & Beyond Inc.	Home & Garden	BBBY	BB+	6.29%	Baa3	3.48%
Harris Teeter	The Kroger Co.	Grocery	KR	BBB	2.24%	Baa1	6.42%
Harveys Supermarket	Southeastern Grocers LLC	Grocery	Private	NR	-	NR	-
	Holding Company:
	Lone Star Funds
Hertz	Hertz Global Holdings, Inc.	Auto (Rental)	HTZ	B+	19.93%	B2	23.81%
hhgregg	HHGREGG, Inc.	Electronics	HGG	NR	-	NR	-
Hibbett Sports	Hibbett Sports, Inc.	Specialty (Sporting Goods)	HIBB	NR	-	NR	-
Hobby Lobby	Hobby Lobby Stores, Inc.	Specialty (Arts & Crafts)	Private	NR	-	NR	-
Home Depot	The Home Depot, Inc.	Home & Garden	HD	A	0.42%	A2	0.61%
HomeGoods	The TJX Companies, Inc.	Home & Garden	TJX	A+	0.63%	A2	0.61%
HomeTown Buffet	Ovation Brands, Inc.	Dining (Casual)	Private	NR	-	NR	-
Hooter's	Hooters of America, LLC	Dining (Casual)	Private	NR	-	NR	-
Hornbacher's	Coborn's, Inc.	Grocery	Private	NR	-	NR	-
Hoss's Steak & Sea House	Hoss's Steak and Sea House, Inc.	Dining (Casual)	Private	NR	-	NR	-
Houlihan's	Houlihan's Restaurants, Inc.	Dining (Casual)	Private	NR	-	NR	-
HSBC	HSBC Holdings plc	Banks & Financial	HSBC	A	0.42%	A2	0.61%
Hy-Vee	Hy-Vee, Inc.	Grocery	Private	NR	-	NR	-
IHOP	Dine Brands Global Inc.	Dining (Casual)	DIN	NR	-	NR	-
Ikea	Inter IKEA Systems B.V.	Home & Garden	Private	NR	-	NR	-
Il Fornaio	Roark Capital Group	Dining (Casual)	Private	NR	-	NR	-
In-N-Out Burger	In-N-Out Burger, Inc.	Dining (Fast Food)	Private	NR	-	NR	-
Ingles Markets	Ingles Markets, Inc.	Grocery	IMKTA	BB-	14.16%	Ba2	7.99%
Islands	Islands Restaurants, L.P.	Dining (Casual)	Private	NR	-	NR	-
JCPenney	J.C. Penney Company, Inc.	Department	JCP	B-	35.14%	Caa2	41.23%
Jack in the Box	Jack in the Box, Inc.	Dining (Fast Food)	JACK	NR	-	NR	-
Jersey Mike's	Jersey Mike's Franchise Systems, Inc.	Dining (QSR)	Private	NR	-	NR	-
Jewel-Osco	Albertsons Companies Inc.	Grocery	Private	B	27.91%	B1	21.47%
	Holding Company:
	Cerberus Capital Management, L.P.
Jiffy Lube	Jiffy Lube International, Inc.	Auto (Parts & Service)	Private	NR	-	NR	-
Joe's Crab Shack	Landry's, Inc.	Dining (Casual)	Private	NR	-	B3	33.02%
Johnny Carino's	Fired Up, Inc.	Dining (Casual)	Private	NR	-	NR	-
Johnny Rockets	Johnny Rockets Group, Inc.	Dining (Casual)	Private	NR	-	NR	-
	Holding Company:
	Sun Capital Partners, Inc.
Jos. A. Bank	Tailored Brands, Inc.	Apparel	LOCO	NR	-	NR	-
Kenneth Cole	KCP Holdco, Inc.	Apparel	Private	NR	-	NR	-
Kentucky Fried Chicken	Yum! Brands, Inc.	Dining (Fast Food)	YUM	BB	9.43%	Ba3	16.53%
KeyBank	KeyCorp	Banks & Financial	KEY	BBB+	2.08%	Baa1	1.37%
KinderCare	KinderCare Education	Specialty (Education)	Private	NR	-	NR	-
King Soopers	The Kroger Co.	Grocery	KR	BBB	2.24%	Baa1	6.42%
Kmart	Transform Holdco LLC	Discount (Department)	Private	NR	-	NR	-
Knowledge Beginnings	KinderCare Education	Specialty (Education)	Private	NR	-	NR	-
Kohl's	Kohl's Corp.	Department	KSS	BBB-	4.52%	Baa2	2.05%
Kroger	The Kroger Co.	Grocery	KR	BBB	2.24%	Baa1	6.42%
Kumon Learning Center	Kumon Institute of Education Co., Ltd.	Specialty (Education)	Private	NR	-	NR	-
Kwik Trip	Kwik Trip, Inc.	Convenience & Gas	Private	NR	-	NR	-
LA Fitness	LA Fitness International LLC	Specialty (Gym)	Private	NR	-	NR	-
La-Z-Boy	La-Z-Boy Inc.	Home & Garden	LZB	NR	-	NR	-
La Salsa Fresh Mexican Grill	Kahala Brands, Ltd.	Dining (QSR)	Private	NR	-	NR	-
Landry's Seafood	Landry's, Inc.	Dining (Casual)	Private	NR	-	B3	33.02%
Legal Sea Foods	Legal Sea Foods, LLC	Dining (Casual)	Private	NR	-	NR	-
LensCrafters	Luxottica Group S.p.A.	Specialty (Eyeglasses)	LUX	NR	-	NR	-
Lion's Choice	Red Beef Lion Corp.	Dining (Fast Food)	Private	NR	-	NR	-
Little Caesars	Ilitch Holdings, Inc.	Dining (Fast Food)	Private	NR	-	NR	-
Logan's Roadhouse	CraftWorks Restaurants & Breweries, Inc.	Dining (Casual)	Private	NR	-	NR	-
Logan's Roadhouse		Dining (Casual)	Private	NR	-	NR	-
Lone Star Steakhouse & Saloon	Day Star Restaurant Group, Inc.	Dining (Casual)	Private	NR	-	NR	-
Long John Silver's	Yum! Brands, Inc.	Dining (Fast Food)	YUM	BB	9.43%	Ba3	16.53%
LongHorn Steakhouse	Darden Restaurants, Inc.	Dining (Casual)	DRI	BBB	2.24%	Baa2	2.05%
Lowe's	Lowe's Companies, Inc.	Home & Garden	LOW	BBB+	2.08%	Baa1	1.37%
Luby's Cafeteria	Luby's, Inc.	Dining (Casual)	LUB	NR	-	NR	-
Lululemon Athletica	Lululemon Athletica, Inc.	Apparel	LULU	NR	-	NR	-
Mac's	Alimentation Couche-Tard Inc.	Convenience	OTC:ANCUF	BBB	2.24%	Baa2	2.05%
Macy's	Macy's Inc.	Department	M	BBB-	4.52%	Baa3	3.48%
Maggiano's Little Italy	Brinker International, Inc.	Dining (Casual)	EAT	BB+	6.29%	Ba1	6.42%
Mail Boxes Etc.	United Parcel Service, Inc.	Specialty (Business Services)	UPS	A+	0.63%	A1	0.42%
Marie Callender's	Perkins & Marie Callender's, LLC	Dining (Casual)	Private	NR	-	NR	-
Marshalls	The TJX Companies, Inc.	Home & Garden	TJX	A+	0.63%	A2	0.61%
MARTIN's Food Markets	Ahold Delhaize	Grocery	DEG	BBB	2.24%	NR	-
Massage Envy	Massage Envy Franchising, LLC	Specialty (Massages)	Private	NR	-	NR	-
MattressFirm	Mattress Firm Holding Corp.	Home & Garden	MFRM	NR	-	NR	-
Max & Erma's	Glacier Restaurant Group	Dining (Casual)	Private	NR	-	NR	-
McCormick & Schmick's	Landry's, Inc.	Dining (Casual)	Private	NR	-	B3	33.02%
McDonald's	McDonalds Corp.	Dining (Fast Food)	MCD	BBB+	2.08%	Baa1	1.37%
Meijer	Meijer, Inc.	Grocery	Private	NR	-	NR	-
Meineke	Driven Brands, Inc.	Auto (Parts & Service)	Private	NR	-	NR	-
The Melting Pot	Front Burner Brands, Inc.	Dining (Casual)	Private	NR	-	NR	-
The Men's Wearhouse	Tailored Brands, Inc.	Apparel	LOCO	NR	-	NR	-
Michael Kors	Capri Holdings Limited	Apparel	CPRI	BBB-	4.52%	NR	-
Michaels	Michaels Companies Inc.	Specialty (Arts & Crafts)	MIK	BB-	14.16%	Ba2	21.47%
Midas	TBC Corporation, Inc.	Auto (Parts & Service)	Private	NR	-	NR	-
Mimi's Cafe	Le Duff America	Dining (Casual)	Private	NR	-	NR	-
Mitchell's Fish Market	Landry's, Inc.	Dining (Casual)	Private	NR	-	B3	33.02%
Mobil	Exxon Mobil Corp.	Gas	XOM	AA+	0.15%	Aaa	0.09%
Montana Mike's	Stockade Companies, LLC	Dining (Casual)	Private	NR	-	NR	-
Morton's The Steakhouse	Landry's, Inc.	Dining (Casual)	Private	NR	-	B3	33.02%
Motherhood Maternity	Destination Maternity Corp.	Apparel	DEST	NR	-	NR	-
Muer Seafood Restaurants	Landry's, Inc.	Dining (Casual)	Private	NR	-	B3	33.02%
Napa Auto Parts	Genuine Parts Co.	Auto (Parts & Service)	GPC	NR	-	NR	-
National	Enterprise Holdings, Inc.	Automotive (Rentals)	Private	A-	0.80%	NR	-
Navarro Discount Pharmacy	CVS Health Corp.	Drug	CVS	BBB	2.24%	Baa2	2.05%
New Balance	New Balance Athletics, Inc.	Apparel	Private	NR	-	NR	-
New York & Company	New York & Company, Inc.	Apparel	RTW	NR	-	NR	-
Ninety Nine (99) Restaurant & Pub	American Blue Ribbon Holdings, LLC	Dining (Casual)	Private	NR	-	NR	-
Nordstrom	Nordstrom, Inc.	Department	JWN	BBB+	2.08%	Baa1	1.37%
Nordstrom Rack	Nordstrom, Inc.	Department	JWN	BBB+	2.08%	Baa1	1.37%
Norm's	NORMS Restaurants, Inc.	Dining (Casual)	Private	NR	-	NR	-
Northern Tool	Northern Tool & Equipment Co.	Home & Garden	Private	NR	-	NR	-
O'Charley's	American Blue Ribbon Holdings, LLC	Dining (Casual)	Private	NR	-	NR	-
Office Depot	Office Depot, Inc.	Specialty (Office Supply)	ODP	B	27.91%	Ba3	16.53%
OfficeMax	Office Depot, Inc.	Specialty (Office Supply)	ODP	B	27.91%	Ba3	16.53%
Old Country Buffet	Ovation Brands, Inc.	Dining (Casual)	Private	NR	-	NR	-
Old Navy	The Gap Inc.	Apparel	GPS	BB+	6.29%	Baa2	7.99%
Olive Garden	Darden Restaurants, Inc.	Dining (Casual)	DRI	BBB	2.24%	Baa2	2.05%
On the Border	Argonne Capital Group	Dining (Casual)	Private	NR	-	NR	-
O'Reilly Auto Parts	O'Reilly Automotive, Inc.	Auto (Parts & Service)	ORLY	BBB	2.24%	Baa1	1.37%
The Original Pancake House	The Original Pancake House Franchising, LLC	Dining (Casual)	Private	NR	-	NR	-
Outback Steakhouse	Bloomin' Brands, Inc.	Dining (Casual)	BLMN	BB	9.43%	NR	-
P.F. Chang's China Bistro	P.F. Chang's China Bistro, Inc.	Dining (Casual)	Private	CCC	47.56%	Caa1	41.23%
	Holding Company:
	Centerbridge Partners, L.P.
Panda Express	Panda Restaurant Group, Inc.	Dining (QSR)	Private	NR	-	NR	-
Panera Bread	JAB Holding Company S.à r.l.	Dining (Casual)	Private	A-	0.80%	Baa1	1.37%
Papa John's Pizza	Papa John's International, Inc.	Dining (Fast Food)	PZZA	NR	-	NR	-
Paradise Bakery & Cafe	JAB Holding Company S.à r.l.	Dining (Casual)	Private	A-	0.80%	Baa1	1.37%
Party City	Party City Holdings Inc.	Specialty (Party Supply)	PRTY	B+	19.93%	Ba3	16.53%
Paul Mitchell Schools	John Paul Mitchell Systems	Specialty (Cosmetology)	Private	NR	-	NR	-
Pearle Vision	Luxottica Group S.p.A.	Specialty (Eyeglasses)	LUX	NR	-	NR	-
Peet's Coffe & Tea	JAB Holding Company S.à r.l.	Dining (QSR)	Private	A-	0.80%	Baa1	1.37%
Pei Wei Asian Diner	P.F. Chang's China Bistro, Inc.	Dining (Casual)	Private	CCC	47.56%	Caa1	41.23%
	Holding Company:
	Centerbridge Partners, L.P.
Penn Station East Coast Subs	Penn Station, Inc.	Dining (QSR)	Private	NR	-	NR	-
Pep Boys	Icahn Enterprises L.P.	Auto (Parts & Service)	IEP	BB+	6.29%	Ba3	16.53%
Perkins Restaurant & Bakery	Perkins & Marie Callender's, LLC	Dining (Casual)	Private	NR	-	NR	-
PETCO	PETCO Animal Supplies, Inc.	Specialty (Pet Supply)	Private	B	27.91%	B2	23.81%
PetSmart	PetSmart, Inc.	Specialty (Pet Supply)	Private	CCC	47.56%	Caa1	41.23%
Phillips 66	ConocoPhillips	Gas	COP	A	0.42%	A3	0.66%
Pick Up Stix	Pick Up Stix, Inc.	Dining (QSR)	Private	NR	-	NR	-
	Holding Company:
	West Coast Capital
Pier 1 Imports	Pier 1 Imports, Inc.	Home & Garden	PIR	CCC+	47.56%	NR	-
Pilot Travel Centers	Pilot Travel Centers LLC	Convenience & Gas	Private	BB+	6.29%	Ba1	6.42%
PinkBerry	Kahala Brands, Ltd.	Dining (QSR)	Private	NR	-	NR	-
Pizza Hut	Yum! Brands, Inc.	Dining (QSR)	YUM	BB	9.43%	Ba3	16.53%
Planet Fitness	Planet Fitness Holdings, LLC	Specialty (Gym)	PLNT	NR	-	NR	-
Planet Hollywood	Planet Hollywood International, Inc.	Dining (Casual)	Private	NR	-	NR	-
PNC Bank	The PNC Financial Services Group, Inc.	Banks & Financial	PNC	A-	0.80%	A3	0.66%
Pollo Tropical	Fiesta Restaurant Group, Inc.	Dining (QSR)	FRGI	NR	-	NR	-
Polo Ralph Lauren	Polo Ralph Lauren Corp.	Apparel	RL	A-	0.80%	A2	0.61%
Ponderosa Steakhouse	Homestyle Dining, LLC	Dining (Casual)	Private	NR	-	NR	-
	Holding Company:
	Metromedia Company, Inc.
Popeyes	Restaurant Brands International Inc.	Dining (Fast Food)	QSR	B+	6.29%	NR	-
Pottery Barn	Williams-Sonoma, Inc.	Home & Garden	WSM	NR	-	NR	-
Publix	Publix Super Markets Inc.	Grocery	Private	NR	-	NR	-
Qdoba Mexican Grill	Apollo Global Management, LLC	Dining (Fast Food)	APO	A	0.42%	NR	-
QFC Quality Food Centers	The Kroger Co.	Grocery	KR	BBB	2.24%	Baa1	6.42%
QuikTrip	QuikTrip Corp.	Convenience & Gas	Private	NR	-	NR	-
Quiznos	High Bluff Capital Partners	Dining (QSR)	Private	NR	-	NR	-
Rainforest Cafe	Landry's, Inc.	Dining (Casual)	Private	NR	-	B3	33.02%
Raising Cane's	Raising Cane's Restaurants, LLC	Dining (Fast Food)	Private	NR	-	NR	-
Rally's	Checkers Drive-In Restaurants, Inc.	Dining (Fast Food)	Private	NR	-	NR	-
	Holding Company:
	Oak Hill Capital Partners
Ralphs	The Kroger Co.	Grocery	KR	BBB	2.24%	Baa1	6.42%
Royal Bank of Canada (RBC)	Royal Bank of Canada (USA)	Banks & Financial	RY	AA-	0.51%	Aa2	0.23%
Red Lobster	Golden Gate Capital	Dining (Casual)	Private	NR	-	NR	-
Red Robin	Red Robin Gourmet Burgers, Inc.	Dining (Casual)	RRGB	NR	-	NR	-
Regal Cinemas	Cineworld Group plc	Specialty (Entertainment)	CINE	BB-	14.16%	NR	-
Regis Salons	Regis Corp.	Specialty (Cosmetology)	RGS	NR	-	NR	-
Rite Aid	Walgreens Boots Alliance, Inc.	Drug	WBA	BBB	2.24%	Baa2	2.05%
Romano's Macaroni Grill	Romano's Macaroni Grill Inc.	Restaurants	Private	NR	-	NR	-
Ross Dress for Less	Ross Stores, Inc.	Discount (Apparel)	ROST	A-	0.80%	A3	0.66%
Round Table Pizza	Global Franchise Group, LLC	Dining (Casual)	Private	NR	-	NR	-
Roy's	United Ohana LLC	Dining (Casual)	Private	NR	-	NR	-
Rubio's Fresh Mexican Grill	Rubio's Restaurants, Inc.	Dining (QSR)	Private	NR	-	NR	-
	Holding Company:
	Mill Road Capital
Ruby Tuesday	NRD Capital Management, LLC	Dining (Casual)	Private	B-	35.14%	B3	33.02%
Ruby's Diner	Ruby's Diner, Inc.	Dining (Casual)	Private	NR	-	NR	-
Rural King	Rural King Supply, Inc.	Specialty (Agricultural Supply)	Private	NR	-	NR	-
Ruth's Chris Steak House	Ruth's Hospitality Group, Inc.	Restaurants	RUTH	NR	-	NR	-
Ryan's	Ovation Brands, Inc.	Dining (Casual)	Private	NR	-	NR	-
Safeway	Albertsons Companies Inc.	Grocery	Private	B	27.91%	B1	21.47%
	Holding Company:
	Cerberus Capital Management, L.P.
Saint Louis Bread Company	JAB Holding Company S.à r.l.	Dining (Casual)	Private	A-	0.80%	Baa1	1.37%
Saks Fifth Avenue	Hudson's Bay Company	Department	HBC	B	27.91%	B3	33.02%
Saks OFF 5TH	Hudson's Bay Company	Department	HBC	B	27.91%	B3	33.02%
Sally Beauty Supply	Sally Beauty Holdings, Inc.	Specialty (Women's Products)	SBH	BB-	14.16%	NR	-
Sam's Club	Wal-Mart Stores, Inc.	Discount (Department)	WMT	AA	0.15%	Aa2	0.23%
Sav-A-Lot	Onex Corporation	Grocery	SVU	NR	-	NR	-
Sbarro	Sbarro Inc.	Dining (QSR)	Private	NR	-	NR	-
Schnucks	Schnuck Markets, Inc.	Grocery	Private	NR	-	NR	-
Sears	Transform Holdco LLC	Discount (Department)	Private	NR	-	NR	-
Seasons 52	Darden Restaurants, Inc.	Dining (Casual)	DRI	BBB	2.24%	Baa2	2.05%
Sephora	LVMH S.E.	Specialty (Women's Products)	MC	A+	0.63%	NR	-
Shakey's Pizza Parlor	Shakey's USA, Inc.	Dining (Casual)	Private	NR	-	NR	-
	Holding Company:
	The Jacmar Companies
Sharky's Woodfired Mexican Grill	Sharky's Franchise Group, LLC	Dining (Casual)	Private	NR	-	NR	-
Shaw's	Albertsons Companies Inc.	Grocery	Private	B	27.91%	B1	21.47%
	Holding Company:
	Cerberus Capital Management, L.P.
Sheetz	Sheetz, Inc.	Convenience & Gas	Private	NR	-	NR	-
Shell Oil	Royal Dutch Shell plc (ADR)	Gas	RDS.A	AA-	0.51%	Aa2	0.23%
Sherwin-Williams	The Sherwin-Williams Co.	Home & Garden	SHW	BBB	2.24%	Baa3	3.48%
Shoe Carnival	Shoe Carnival, Inc.	Apparel	SCVL	NR	-	NR	-
Shoney's	Royal Hospitality Corp.	Dining (Casual)	Private	NR	-	NR	-
Shopko	Shopko Stores Operating Co., LLC	Grocery	Private	NR	-	NR	-
	Holding Company:
	Sun Capital Partners, Inc.
Shoppers Food Warehouse	United Natural Foods, Incorporated	Grocery	UNFI	NR	-	NR	-
Sirloin Stockade	Stockade Companies, LLC	Dining (Casual)	Private	NR	-	NR	-
Sizzler	Sizzler USA Restaurants, Inc.	Restaurants	Private	NR	-	NR	-
Smart & Final	Smart & Final Stores, Inc.	Grocery	SFS	B	27.91%	B3	33.02%
Smith's Food and Drug Stores	The Kroger Co.	Grocery	KR	BBB	2.24%	Baa1	6.42%
Smokey Bones Bar & Fire Grill	Barbeque Integrated, Inc.	Dining (Casual)	Private	NR	-	NR	-
Sonic Drive-In	Inspire Brands, Inc.	Restaurants	Private	NR	-	NR	-
Souplantation	Cerberus Capital Management, L.P.	Dining (Casual)	Private	B	27.91%	B1	21.47%
Sprint	Sprint Corp.	Electronics	S	B+	19.93%	B3	33.02%
Sprouts Farmers Market	Sprouts Farmers Market, Inc.	Grocery	SFM	NR	-	NR	-
Staples	Sycamore Partners	Specialiy (Office Supply)	Private	NR	-	NR	-
Starbucks	Starbucks Corp.	Dining (QSR)	SBUX	BBB+	2.08%	Baa1	1.37%
Stater Brothers Markets	Stater Bros. Holdings Inc.	Grocery	Private	NR	-	NR	-
Steak 'n Shake	Biglari Holdings, Inc.	Dining (Fast Food)	BH	NR	-	NR	-
Stein Mart	Stein Mart, Inc.	Discount (Apparel)	SMRT	NR	-	NR	-
Steve Madden	Steve Madden, Ltd.	Apparel	SHOO	NR	-	NR	-
Stoney River Steakhouse	J Alexanders Holdings Inc.	Dining (Casual)	JAX	NR	-	NR	-
Stop & Shop	Ahold Delhaize	Grocery	DEG	BBB	2.24%	NR	-
Subway	Doctor's Associates Inc.	Dining (QSR)	Private	NR	-	NR	-
Sunglass Hut	Luxottica Group S.p.A.	Specialty (Eyeglasses)	LUX	NR	-	NR	-
SunTrust Bank	SunTrust Banks, Inc.	Banks & Financial	STI	BBB+	2.08%	Baa1	1.37%
T-Mobile	T-Mobile US, Inc.	Electronics	TMUS	BB+	6.29%	Ba2	7.99%
T.G.I. Friday's	TGI Friday's, Inc.	Dining (Casual)	Private	NR	-	NR	-
T.J. Maxx	The TJX Companies, Inc.	Home & Garden	TJX	A+	0.63%	A2	0.61%
Taco Bell	Yum! Brands, Inc.	Dining (Fast Food)	YUM	BB	9.43%	Ba3	16.53%
Taco Cabana	Fiesta Restaurant Group, Inc.	Dining (QSR)	FRGI	NR	-	NR	-
Talbots	The Talbots, Inc.	Apparel	Private	B-	35.14%	B2	23.81%
	Holding Company:
	Sycamore Partners
Target	Target Corp.	Discount (Department)	TGT	A	0.42%	A2	0.61%
TD Bank	Toronto-Dominion Bank, N.A.	Banks & Financial	TD	AA-	0.51%	A1	0.42%
Texaco	Chevron Corp.	Gas	CVX	AA	0.15%	Aa2	0.23%
Texas Land & Cattle	Day Star Restaurant Group, Inc.	Dining (Casual)	Private	NR	-	NR	-
Texas Roadhouse	Texas Roadhouse, Inc.	Dining (Casual)	TXRH	NR	-	NR	-
Thrifty Car Rental	Hertz Global Holdings, Inc.	Auto (Rental)	HTZ	B+	19.93%	B2	23.81%
Tiffany & Co.	Tiffany & Co.	Specialty (Jewelry)	TIF	BBB+	2.08%	Baa2	2.05%
Tilted Kilt	ARC Group, Inc.	Dining (Casual)	Private	NR	-	NR	-
Tim Horton's	Restaurant Brands International Inc.	Dining (Fast Food)	QSR	B+	19.93%	NR	-
Togo's	Togo's Eateries, Inc.	Dining (QSR)	Private	NR	-	NR	-
Togo's	Nimes Capital, LLC	Dining (QSR)	Private	NR	-	NR	-
Tony Roma's	Romacorp, Inc.	Dining (Casual)	Private	NR	-	NR	-
Tractor Supply Company	Tractor Supply Co.	Specialty (Agricultural Supply)	TSCO	NR	-	NR	-
Trader Joe's	Trader Joe's Company	Grocery	Private	NR	-	NR	-
True Value	True Value Company	Home & Garden	Private	NR	-	NR	-
Tumbleweed Southwest Grill	Tumbleweed, Inc.	Dining (Casual)	Private	NR	-	NR	-
Ulta Beauty	Ulta Salon, Cosmetics & Fragrance, Inc.	Specialty (Women's Products)	ULTA	NR	-	NR	-
Uno Chicago Grill	Uno Restaurant Holdings Corp.	Dining (Casual)	Private	NR	-	NR	-
The UPS Store	United Parcel Service, Inc.	Specialty (Business Services)	UPS	A+	0.63%	A1	0.42%
Urban Ouffitters	Urban Outfitters, Inc.	Apparel	URBN	NR	-	NR	-
US Bank	U.S. Bancorp	Banks & Financial	USB	A+	0.63%	A1	0.42%
Valero	Valero Energy Corp.	Gas	VLO	BBB	2.24%	Baa2	2.05%
Vallarta Supermarkets	Vallarta Food Enterprises, Inc.	Grocery	Private	NR	-	NR	-
Valvoline Instant Oil Change	Ashland Inc.	Auto (Parts & Service)	ASH	BBB	2.24%	Ba2	7.99%
VCA Veterinary Hospital	Mars, Incorporated	Specialty (Pet Care)	Private	NR	-	NR	-
Verizon Wireless	Verizon Communications Inc.	Electronics	VZ	BBB+	2.08%	Baa1	1.37%
Victoria's Secret	L Brands, Inc.	Specialty (Women's Products)	LB	BB	9.43%	Ba1	6.42%
Village Inn	American Blue Ribbon Holdings, LLC	Dining (Casual)	Private	NR	-	NR	-
Vitamin Shoppe	Vitamin Shoppe, Inc.	Specialty (Health Products)	VSI	NR	-	NR	-
Vons	Albertsons Companies Inc.	Grocery	Private	B	27.91%	B1	21.47%
	Holding Company:
	Cerberus Capital Management, L.P.
Waffle House	Waffle House, Inc.	Dining (Casual)	Private	NR	-	NR	-
Walgreens	Walgreens Boots Alliance, Inc.	Drug	WBA	BBB	2.24%	Baa2	2.05%
Walmart	Wal-Mart Stores, Inc.	Discount (Department)	WMT	AA	0.15%	Aa2	0.23%
Wawa	Wawa, Inc.	Grocery	Private	NR	-	NR	-
Weight Watchers	Weight Watchers International, Inc.	Specialty (Weight Loss)	WTW	B+	19.93%	Ba3	16.53%
Weis Markets	Weis Markets, Inc.	Grocery	WMK	NR	-	NR	-
Wells Fargo	Wells Fargo & Co.	Banks & Financial	WFC	A-	0.80%	Aa1	0.17%
Wendy's	The Wendy's Company	Dining (Fast Food)	WEN	B	27.91%	B2	23.81%
West Elm	Williams-Sonoma, Inc.	Home & Garden	WSM	NR	-	NR	-
West Marine	West Marine, Inc.	Specialty (Boating Supply)	Private	NR	-	NR	-
Western Sizzlin	Biglari Holdings, Inc.	Dining (Casual)	BH	NR	-	NR	-
White Castle	White Castle System, Inc.	Dining (Fast Food)	Private	NR	-	NR	-
Whole Foods	Amazon.com, Inc.	Grocery	AMZN	AA-	0.51%	A3	0.66%
Williams-Sonoma	Williams-Sonoma, Inc.	Home & Garden	WSM	NR	-	NR	-
Wingstop	Wingstop Inc.	Dining (Casual)	WING	NR	-	NR	-
Winn-Dixie	BI-LO, LLC	Grocery	Private	B	27.91%	B3	33.02%
	Southeastern Grocers LLC
	Holding Company:
	Lone Star Funds
Wood Ranch BBQ & Grill	Wood Ranch BBQ & Grill	Dining (Casual)	Private	NR	-	NR	-
Yard House	Darden Restaurants, Inc.	Dining (Casual)	DRI	BBB	2.24%	Baa2	2.05%
Yogurtland	Yogurtland Franchising, Inc.	Dining (QSR)	Private	NR	-	NR	-
Yoshinoya	Yoshinoya America, Inc.	Dining (QSR)	TYO:9861	NR	-	NR	-
	Holding Company:
	Yoshinoya Holdings Co., Ltd.
Zales	Signet Jewelers Ltd.	Specialty (Jewelry)	SIG	BB	9.43%	NR	-
Zaxby's	Zaxby's Franchising, Inc.	Dining (Fast Food)	Private	NR	-	NR	-