UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
Form 10-K/A
Amendment No. 1
☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended December 31, 20202021
or
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period fromto
Commission file number: 814-00967
WHITEHORSE FINANCE, INC.
(Exact Name of Registrant as Specified in its Charter)
Delaware | 45-4247759 | ||||
(State or Other Jurisdiction of | (I.R.S. Employer | ||||
Incorporation or Organization) | Identification No.) | ||||
1450 Brickell Avenue, 31st Floor | |||||
Miami, Florida | 33131 | ||||
(Address of Principal Executive Offices) | (Zip Code) |
(305) 381-6999
(Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
Name of Each Exchange on Which | ||||||||
Title of Each Class | Trading Symbol(s) | Registered | ||||||
Common Stock, par value $0.001 per | WHF | The Nasdaq Stock Market LLC (Nasdaq Global Select Market) | ||||||
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ☐ No ☒
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 (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☐ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or 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 ☐ | ||||
Non-accelerated filer ☒ | Smaller reporting company ☐ | ||||
Emerging growth company ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934). Yes ☐ No ☒
The aggregate market value of common stock held by non-affiliates of the registrant on June 30, 20202021 based on the closing price on that date of $10.30$14.90 on the Nasdaq Global Select Market was approximately $211.6$308.8 million. For the purposes of calculating this amount only, all directors and executive officers of the registrant have been treated as affiliates. There were 20,546,03223,194,735 shares of the registrant’s common stock outstanding as of March 2, 2021.
DOCUMENTS INCORPORATED BY REFERENCE
None.
WhiteHorse Finance, Inc., a Delaware corporation, and its consolidated subsidiaries WhiteHorse Credit (as defined below), WhiteHorse California (as defined below). and WhiteHorse Finance Warehouse, LLC;
| | | December 31, 2020 | | | December 31, 2019 | | ||||||||||||||||||
Investment Performance Rating | | | Investments at Fair Value (Dollars in Millions) | | | Percentage of Total Portfolio | | | Investments at Fair Value (Dollars in Millions) | | | Percentage of Total Portfolio | | ||||||||||||
1 | | | | $ | 153.3 | | | | | | 22.2% | | | | | $ | 13.4 | | | | | | 2.3% | | |
2 | | | | | 422.1 | | | | | | 61.1 | | | | | | 491.4 | | | | | | 83.3 | | |
3 | | | | | 103.7 | | | | | | 15.0 | | | | | | 77.2 | | | | | | 13.1 | | |
4 | | | | | 4.0 | | | | | | 0.6 | | | | | | — | | | | | | 0.0 | | |
5 | | | | | 7.6 | | | | | | 1.1 | | | | | | 7.7 | | | | | | 1.3 | | |
Total Portfolio | | | | $ | 690.7 | | | | | | 100.0% | | | | | $ | 589.7 | | | | | | 100.0% | | |
| | | Assumed Return on Our Portfolio (Net of Expenses) | | |||||||||||||||||||||||||||
| | | -10% | | | -5% | | | 0% | | | 5% | | | 10% | | |||||||||||||||
Corresponding return to common stockholder assuming actual asset coverage as of December 31, 2020 (180.2%)(1) | | | | | (25.9)% | | | | | | (14.9)% | | | | | | (3.9)% | | | | | | 7.2% | | | | | | 18.2% | | |
Corresponding return to common stockholder assuming 200% asset coverage(2) | | | | | (23.6)% | | | | | | (13.8)% | | | | | | (4.0)% | | | | | | 5.8% | | | | | | 15.6% | | |
Corresponding return to common stockholder assuming 150% asset coverage(3) | | | | | (36.3)% | | | | | | (21.5)% | | | | | | (6.7)% | | | | | | 8.1% | | | | | | 22.9% | | |
| | | | | | | | | Closing Sales Price | | | Premium (Discount) of High Sales Price to NAV(2) | | | (Discount) of Low Sales Price to NAV(2) | | | Distributions Declared Per Share(3) | | ||||||||||||||||||
Period | | | NAV(1) | | | High | | | Low | | |||||||||||||||||||||||||||
Fiscal year ending December 31, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Quarter (through March 2, 2021) | | | | | * | | | | | $ | 14.79 | | | | | $ | 13.30 | | | | | | * | | | | | | * | | | | | $ | 0.355 | | |
Fiscal year ended December 31, 2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fourth Quarter | | | | $ | 15.22 | | | | | $ | 14.37 | | | | | $ | 9.90 | | | | | | (5.6)% | | | | | | (35.0)% | | | | | $ | 0.480 | | |
Third Quarter | | | | | 15.31 | | | | | | 10.98 | | | | | | 9.18 | | | | | | (28.3) | | | | | | (40.0) | | | | | | 0.355 | | |
Second Quarter | | | | | 14.61 | | | | | | 11.69 | | | | | | 6.15 | | | | | | (20.0) | | | | | | (57.9) | | | | | | 0.355 | | |
First Quarter | | | | | 13.86 | | | | | | 14.30 | | | | | | 6.08 | | | | | | (3.2) | | | | | | (56.1) | | | | | | 0.355 | | |
Fiscal year ended December 31, 2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fourth Quarter | | | | $ | 15.23 | | | | | $ | 14.35 | | | | | | 13.37 | | | | | | (5.8)% | | | | | | (12.2) | | | | | $ | 0.550 | | |
Third Quarter | | | | | 15.36 | | | | | | 14.27 | | | | | | 12.77 | | | | | | (7.1) | | | | | | (16.8) | | | | | | 0.355 | | |
Second Quarter | | | | | 15.38 | | | | | | 14.68 | | | | | | 13.75 | | | | | | (4.5) | | | | | | (10.6) | | | | | | 0.355 | | |
First Quarter | | | | | 15.33 | | | | | | 14.66 | | | | | | 12.90 | | | | | | (4.4) | | | | | | (15.9) | | | | | | 0.355 | | |
Stockholders would pay the following expenses on a $1,000 common stock investment: | | | 1 year | | | 3 years | | | 5 years | | | 10 years | | ||||||||||||
Assuming a 5% annual return (none of which is subject to the incentive fee) | | | | $ | 116 | | | | | $ | 325 | | | | | $ | 505 | | | | | $ | 855 | | |
Stockholders would pay the following expenses on a $1,000 common stock investment: | | | 1 year | | | 3 years | | | 5 years | | | 10 years | | ||||||||||||
Assuming a 5% annual return resulting entirely from net realized capital gains (which is subject to the incentive fee based on capital gains) | | | | $ | 126 | | | | | $ | 353 | | | | | $ | 549 | | | | | $ | 929 | | |
| | | As of and for the years ended December 31, | | |||||||||||||||||||||||||||
| | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | |||||||||||||||
| | | | | | | | | (In thousands, except per share data) | | |||||||||||||||||||||
Statement of Operations Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment income | | | | $ | 61,699 | | | | | $ | 67,073 | | | | | $ | 63,246 | | | | | $ | 54,804 | | | | | $ | 53,849 | | |
Base management fees, net of fees waived | | | | | 12,464 | | | | | | 10,903 | | | | | | 10,241 | | | | | | 9,508 | | | | | | 8,990 | | |
Performance-based incentive fees | | | | | 7,619 | | | | | | 7,710 | | | | | | 12,134 | | | | | | 6,553 | | | | | | 6,755 | | |
All other expenses | | | | | 16,717 | | | | | | 16,451 | | | | | | 14,929 | | | | | | 12,531 | | | | | | 11,093 | | |
Net investment income before excise tax | | | | | 24,899 | | | | | | 32,009 | | | | | | 25,942 | | | | | | 26,212 | | | | | | 27,011 | | |
Excise tax | | | | | 742 | | | | | | 813 | | | | | | 942 | | | | | | — | | | | | | — | | |
Net investment income after excise tax | | | | | 24,157 | | | | | | 31,196 | | | | | | 25,000 | | | | | | 26,212 | | | | | | 27,011 | | |
Net realized gains (losses) on investments and foreign currency transactions | | | | | 4,163 | | | | | | (408) | | | | | | 32,734 | | | | | | 108 | | | | | | (478) | | |
Net change in unrealized appreciation (depreciation) on investments and foreign currency translation | | | | | 3,365 | | | | | | 53 | | | | | | (433) | | | | | | 8,128 | | | | | | 4,796 | | |
Net increase in net assets resulting from operations | | | | | 31,685 | | | | | | 30,841 | | | | | | 57,301 | | | | | | 34,448 | | | | | | 31,329 | | |
Per share data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value | | | | | 15.23 | | | | | | 15.23 | | | | | | 15.35 | | | | | | 13.98 | | | | | | 13.63 | | |
Net investment income | | | | | 1.17 | | | | | | 1.52 | | | | | | 1.22 | | | | | | 1.36 | | | | | | 1.48 | | |
Net realized gains (losses) on investments and foreign currency transactions | | | | | 0.20 | | | | | | (0.02) | | | | | | 1.59 | | | | | | 0.01 | | | | | | (0.02) | | |
Net change in unrealized (depreciation) appreciation and foreign currency translation | | | | | 0.17 | | | | | | 0.00 | | | | | | (0.02) | | | | | | 0.40 | | | | | | 0.26 | | |
Net increase in net assets resulting from operations | | | | | 1.55 | | | | | | 1.50 | | | | | | 2.79 | | | | | | 1.77 | | | | | | 1.72 | | |
Per share distributions declared | | | | | 1.55 | | | | | | 1.62 | | | | | | 1.42 | | | | | | 1.42 | | | | | | 1.42 | | |
Dollar amount of distributions declared | | | | | 31,743 | | | | | | 33,182 | | | | | | 29,165 | | | | | | 27,573 | | | | | | 25,992 | | |
Balance Sheet data at period end: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments, at fair value | | | | | 690,735 | | | | | | 589,688 | | | | | | 469,564 | | | | | | 440,680 | | | | | | 411,714 | | |
Cash and cash equivalents | | | | | 8,062 | | | | | | 4,294 | | | | | | 24,148 | | | | | | 35,219 | | | | | | 17,036 | | |
Restricted cash and cash equivalents | | | | | 7,882 | | | | | | 23,252 | | | | | | 9,584 | | | | | | 3,717 | | | | | | 11,858 | | |
Other assets | | | | | 12,310 | | | | | | 13,990 | | | | | | 10,799 | | | | | | 5,915 | | | | | | 5,626 | | |
Total assets | | | | | 718,989 | | | | | | 631,224 | | | | | | 514,095 | | | | | | 485,531 | | | | | | 446,234 | | |
Total liabilities | | | | | 406,092 | | | | | | 318,269 | | | | | | 198,799 | | | | | | 198,579 | | | | | | 196,845 | | |
Total net assets | | | | | 312,897 | | | | | | 312,955 | | | | | | 315,296 | | | | | | 286,952 | | | | | | 249,389 | | |
Other data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average effective yield on income producing debt investments(1) | | | | | 9.9% | | | | | | 10.4% | | | | | | 11.9% | | | | | | 11.9% | | | | | | 11.8% | | |
Weighted average effective yield on total portfolio, including equities(1) | | | | | 9.4% | | | | | | 9.9% | | | | | | 11.8% | | | | | | 11.4% | | | | | | 11.1% | | |
Number of portfolio investments at period end | | | | | 99 | | | | | | 66 | | | | | | 53 | | | | | | 43 | | | | | | 37 | | |
Class and Year | | | Total Amount Outstanding(1) | | | Asset Coverage per Unit(2) | | | Involuntary Liquidating Preference per Unit(3) | | | Average Market Value per Unit(4) | | ||||||||||||
Credit Facility(5) | | | | | | | | | | | | | | | | | | | | | | | | | |
Fiscal 2020 | | | | $ | 265,246 | | | | | $ | 1,813 | | | | | $ | — | | | | | | N/A | | |
Fiscal 2019 | | | | | 238,917 | | | | | | 2,047 | | | | | | — | | | | | | N/A | | |
Fiscal 2018 | | | | | 115,000 | | | | | | 2,792 | | | | | | — | | | | | | N/A | | |
Fiscal 2017 | | | | | 155,000 | | | | | | 2,576 | | | | | | — | | | | | | N/A | | |
Fiscal 2016 | | | | | 155,000 | | | | | | 2,368 | | | | | | — | | | | | | N/A | | |
Fiscal 2015 | | | | | 102,000 | | | | | | 2,305 | | | | | | — | | | | | | N/A | | |
Fiscal 2014 | | | | | 105,500 | | | | | | 2,183 | | | | | | — | | | | | | N/A | | |
Fiscal 2013 | | | | | 25,000 | | | | | | 3,064 | | | | | | — | | | | | | N/A | | |
Fiscal 2012 | | | | | 51,250 | | | | | | 2,622 | | | | | | — | | | | | | N/A | | |
2023 Private Notes | | | | | | | | | | | | | | | | | | | | | | | | | |
Fiscal 2020 | | | | $ | 30,000 | | | | | $ | 1,813 | | | | | $ | — | | | | | | N/A | | |
Fiscal 2019 | | | | | 30,000 | | | | | | 2,047 | | | | | | — | | | | | | N/A | | |
Fiscal 2018 | | | | | 30,000 | | | | | | 2,792 | | | | | | — | | | | | | N/A | | |
2025 Private Notes | | | | | | | | | | | | | | | | | | | | | | | | | |
Fiscal 2020 | | | | $ | 40,000 | | | | | $ | 1,813 | | | | | $ | — | | | | | | N/A | | |
2026 Private Notes | | | | | | | | | | | | | | | | | | | | | | | | | |
Fiscal 2020 | | | | $ | 10,000 | | | | | $ | 1,813 | | | | | $ | — | | | | | | N/A | | |
2027 Private Notes | | | | | | | | | | | | | | | | | | | | | | | | | |
Fiscal 2020 | | | | $ | 10,000 | | | | | $ | 1,813 | | | | | $ | — | | | | | | N/A | | |
2025 Public Notes | | | | | | | | | | | | | | | | | | | | | | | | | |
Fiscal 2020 | | | | $ | 35,000 | | | | | $ | 1,813 | | | | | $ | — | | | | | | 1,029 | | |
Fiscal 2019 | | | | | 35,000 | | | | | | 2,047 | | | | | | — | | | | | | 1,049 | | |
Fiscal 2018 | | | | | 35,000 | | | | | | 2,792 | | | | | | — | | | | | | 982 | | |
2020 Notes(6) | | | | | | | | | | | | | | | | | | | | | | | | | |
Fiscal 2018 | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | | N/A | | |
Fiscal 2017 | | | | | 30,000 | | | | | | 2,576 | | | | | | — | | | | | | 1,026 | | |
Fiscal 2016 | | | | | 30,000 | | | | | | 2,368 | | | | | | — | | | | | | 1,005 | | |
Fiscal 2015 | | | | | 30,000 | | | | | | 2,305 | | | | | | — | | | | | | 1,010 | | |
Fiscal 2014 | | | | | 30,000 | | | | | | 2,183 | | | | | | — | | | | | | 1,006 | | |
Fiscal 2013 | | | | | 30,000 | | | | | | 3,064 | | | | | | — | | | | | | 982 | | |
Unsecured Term Loan(7) | | | | | | | | | | | | | | | | | | | | | | | | | |
Fiscal 2015 | | | | $ | 55,000 | | | | | $ | 2,305 | | | | | $ | — | | | | | | N/A | | |
Fiscal 2014 | | | | | 55,000 | | | | | | 2,183 | | | | | | — | | | | | | N/A | | |
Fiscal 2013 | | | | | 55,000 | | | | | | 3,064 | | | | | | — | | | | | | N/A | | |
Fiscal 2012 | | | | | 90,000 | | | | | | 2,622 | | | | | | — | | | | | | N/A | | |
| | | December 31, 2020 | | | December 31, 2019 | | ||||||
Total investments(1) | | | | $ | 174,552 | | | | | $ | 97,260 | | |
Weighted average effective yield on total portfolio(2) | | | | | 7.9% | | | | | | 8.5% | | |
Number of portfolio companies in STRS JV | | | | | 20 | | | | | | 10 | | |
Largest portfolio company investment(1) | | | | $ | 13,511 | | | | | $ | 13,657 | | |
Total of five largest portfolio company investments(1) | | | | $ | 60,252 | | | | | $ | 57,819 | | |
| | | December 31, 2020 | | | December 31, 2019 | | ||||||||||||||||||
| | | Amortized Cost | | | Fair Value | | | Amortized Cost | | | Fair Value | | ||||||||||||
First lien secured loans | | | | $ | 176,716 | | | | | $ | 174,552 | | | | | $ | 96,910 | | | | | $ | 97,260 | | |
Total | | | | $ | 176.716 | | | | | $ | 174,552 | | | | | $ | 96,910 | | | | | $ | 97,260 | | |
| | | December 31, 2020 | | | December 31, 2019 | | ||||||||||||||||||
Advertising | | | | $ | 9,256 | | | | | | 5.3% | | | | | $ | 8,672 | | | | | | 8.9% | | |
Building Products | | | | | 19,754 | | | | | | 11.3 | | | | | | — | | | | | | — | | |
Construction & Engineering | | | | | 19,815 | | | | | | 11.4 | | | | | | 10,132 | | | | | | 10.4 | | |
Data Processing & Outsourced Services | | | | | 11,130 | | | | | | 6.4 | | | | | | — | | | | | | — | | |
Diversified Support Services | | | | | 10,230 | | | | | | 5.9 | | | | | | 10,497 | | | | | | 10.8 | | |
Environmental & Facilities Services | | | | | 6,248 | | | | | | 3.6 | | | | | | — | | | | | | — | | |
Health Care Services | | | | | — | | | | | | — | | | | | | 13,482 | | | | | | 13.9 | | |
Human Resource & Employment Services | | | | | 11,549 | | | | | | 6.6 | | | | | | — | | | | | | — | | |
Industrial Machinery | | | | | 9,886 | | | | | | 5.7 | | | | | | 9,990 | | | | | | 10.3 | | |
Insurance Brokers | | | | | 7,838 | | | | | | 4.5 | | | | | | 10,051 | | | | | | 10.3 | | |
Internet & Direct Marketing Retail | | | | | 13,511 | | | | | | 7.7 | | | | | | 13,657 | | | | | | 14.1 | | |
Investment Banking & Brokerage | | | | | 11,076 | | | | | | 6.3 | | | | | | — | | | | | | — | | |
Packaged Foods & Meats | | | | | 24,577 | | | | | | 14.1 | | | | | | 7,688 | | | | | | 7.9 | | |
Personal Products | | | | | 4,232 | | | | | | 2.4 | | | | | | 4,781 | | | | | | 4.9 | | |
Systems Software | | | | | 8,110 | | | | | | 4.6 | | | | | | 8,310 | | | | | | 8.5 | | |
Technology Hardware, Storage & Peripherals | | | | | 7,340 | | | | | | 4.2 | | | | | | — | | | | | | — | | |
Total | | | | $ | 174,552 | | | | | | 100.0% | | | | | $ | 97,260 | | | | | | 100.0% | | |
| | | December 31, 2020 | | | December 31, 2019 | | ||||||||||||||||||
Investment Performance Rating | | | Investments at Fair Value | | | Percentage of Total Portfolio | | | Investments at Fair Value | | | Percentage of Total Portfolio | | ||||||||||||
| | | (Dollars in Millions) | | | | | | | | | (Dollars in Millions) | | | | | | | | ||||||
1 | | | | $ | 153.3 | | | | | | 22.2% | | | | | $ | 13.4 | | | | | | 2.3% | | |
2 | | | | | 422.1 | | | | | | 61.1 | | | | | | 491.4 | | | | | | 83.3 | | |
3 | | | | | 103.7 | | | | | | 15.0 | | | | | | 77.2 | | | | | | 13.1 | | |
| | | December 31, 2020 | | | December 31, 2019 | | ||||||||||||||||||
Investment Performance Rating | | | Investments at Fair Value | | | Percentage of Total Portfolio | | | Investments at Fair Value | | | Percentage of Total Portfolio | | ||||||||||||
| | | (Dollars in Millions) | | | | | | | | | (Dollars in Millions) | | | | | | | | ||||||
4 | | | | | 4.0 | | | | | | 0.6 | | | | | | — | | | | | | — | | |
5 | | | | | 7.6 | | | | | | 1.1 | | | | | | 7.7 | | | | | | 1.3 | | |
Total Portfolio | | | | $ | 690.7 | | | | | | 100.0% | | | | | $ | 589.7 | | | | | | 100.0% | | |
|
| | | Payments Due by Period | | |||||||||||||||||||||||||||
| | | Total | | | Less Than 1 Year | | | 1 – 3 Years | | | 3 – 5 Years | | | More Than 5 Years | | |||||||||||||||
| | | (Dollars in millions) | | |||||||||||||||||||||||||||
Credit Facility | | | | $ | 265.2 | | | | | $ | — | | | | | $ | — | | | | | $ | 265.2 | | | | | $ | — | | |
2023 Private Notes | | | | | 30.0 | | | | | | — | | | | | | — | | | | | | 30.0 | | | | | | — | | |
2025 Private Notes | | | | | 40.0 | | | | | | — | | | | | | — | | | | | | 40.0 | | | | | | — | | |
2026 Private Notes | | | | | 10.0 | | | | | | — | | | | | | — | | | | | | 10.0 | | | | | | —— | | |
2027 Private Notes | | | | | 10.0 | | | | | | — | | | | | | — | | | | | | — | | | | | | 10.0 | | |
2025 Public Notes | | | | | 35.0 | | | | | | — | | | | | | — | | | | | | — | | | | | | 35.0 | | |
Total contractual obligations | | | | $ | 390.2 | | | | | $ | — | | | | | $ | — | | | | | $ | 345.2 | | | | | $ | 45.0 | | |
Basis point Increase (Decrease) | | | Increase (Decrease) in Interest Income | | | Increase (Decrease) in Interest Expense | | | Net Increase (Decrease) | | |||||||||
(100) | | | | $ | (616) | | | | | | (632) | | | | | | 16 | | |
100 | | | | | 2,541 | | | | | | 2,652 | | | | | | (111) | | |
200 | | | | | 9,207 | | | | | | 5,305 | | | | | | 3,902 | | |
300 | | | | | 16,125 | | | | | | 7,957 | | | | | | 8,168 | | |
400 | | | | | 23,043 | | | | | | 10,610 | | | | | | 12,433 | | |
500 | | | | | 29,962 | | | | | | 13,262 | | | | | | 16,700 | | |
| | | December 31, 2020 | | | December 31, 2019 | | ||||||
Assets | | | | | | | | | | | | | |
Investments, at fair value | | | | | | | | | | | | | |
Non-controlled/non-affiliate company investments | | | | $ | 623,777 | | | | | $ | 546,744 | | |
Non-controlled affiliate company investments | | | | | 15,717 | | | | | | 9,651 | | |
Controlled affiliate company investments | | | | | 51,241 | | | | | | 33,293 | | |
Total investments, at fair value (amortized cost $695,429 and $597,725, respectively) | | | | | 690,735 | | | | | | 589,688 | | |
Cash and cash equivalents | | | | | 8,062 | | | | | | 4,294 | | |
Restricted cash and cash equivalents | | | | | 7,549 | | | | | | 23,252 | | |
Restricted foreign currency (cost of $319) | | | | | 333 | | | | | | — | | |
Interest and dividend receivable | | | | | 6,532 | | | | | | 6,010 | | |
Amounts receivable on unsettled investment transactions | | | | | 4,717 | | | | | | 360 | | |
Prepaid expenses and other receivables | | | | | 1,061 | | | | | | 7,620 | | |
Total assets | | | | $ | 718,989 | | | | | $ | 631,224 | | |
Liabilities | | | | | | | | | | | | | |
Debt | | | | $ | 384,880 | | | | | $ | 298,924 | | |
Distributions payable | | | | | 7,294 | | | | | | 7,294 | | |
Management fees payable | | | | | 3,354 | | | | | | 3,060 | | |
Incentive fees payable | | | | | 6,117 | | | | | | 5,230 | | |
Amounts payable on unsettled investment transactions | | | | | 497 | | | | | | — | | |
Interest payable | | | | | 1,870 | | | | | | 1,674 | | |
Accounts payable and accrued expenses | | | | | 1,708 | | | | | | 1,944 | | |
Advances received from unfunded credit facilities | | | | | 372 | | | | | | 143 | | |
Total liabilities | | | | | 406,092 | | | | | | 318,269 | | |
Commitments and contingencies (See Note 8) | | | | | | | | | | | | | |
Net assets | | | | | | | | | | | | | |
Common stock, 20,546,032 and 20,546,032 shares issued and outstanding, par value $0.001 per share, respectively, and 100,000,000 shares authorized | | | | | 21 | | | | | | 21 | | |
Paid-in capital in excess of par | | | | | 300,002 | | | | | | 300,744 | | |
Accumulated undistributed (overdistributed) earnings | | | | | 12,874 | | | | | | 12,190 | | |
Total net assets | | | | | 312,897 | | | | | | 312,955 | | |
Total liabilities and total net assets | | | | $ | 718,989 | | | | | $ | 631,224 | | |
Number of shares outstanding | | | | | 20,546,032 | | | | | | 20,546,032 | | |
Net asset value per share | | | | $ | 15.23 | | | | | $ | 15.23 | | |
| | | Years ended December 31, | | |||||||||||||||
| | | 2020 | | | 2019 | | | 2018 | | |||||||||
Investment income | | | | | | | | | | | | | | | | | | | |
From non-controlled/non-affiliate company investments | | | | | | | | | | | | | | | | | | | |
Interest income | | | | $ | 54,039 | | | | | $ | 56,566 | | | | | $ | 56,208 | | |
Fee income | | | | | 1,988 | | | | | | 8,398 | | | | | | 4,906 | | |
Dividend income | | | | | 133 | | | | | | — | | | | | | — | | |
From non-controlled affiliate company investments | | | | | | | | | | | | | | | | | | | |
Dividend income | | | | | 1,183 | | | | | | 1,173 | | | | | | 2,132 | | |
From controlled affiliate company investments | | | | | | | | | | | | | | | | | | | |
Interest income | | | | | 2,595 | | | | | | 936 | | | | | | — | | |
Dividend income | | | | | 1,761 | | | | | | — | | | | | | — | | |
Total investment income | | | | | 61,699 | | | | | | 67,073 | | | | | | 63,246 | | |
Expenses | | | | | | | | | | | | | | | | | | | |
Interest expense | | | | | 13,125 | | | | | | 13,468 | | | | | | 11,599 | | |
Base management fees | | | | | 12,464 | | | | | | 11,300 | | | | | | 10,511 | | |
Performance-based incentive fees | | | | | 7,619 | | | | | | 7,710 | | | | | | 12,134 | | |
Administrative service fees | | | | | 683 | | | | | | 646 | | | | | | 684 | | |
General and administrative expenses | | | | | 2,909 | | | | | | 2,337 | | | | | | 2,646 | | |
Total expenses, before fees waived | | | | | 36,800 | | | | | | 35,461 | | | | | | 37,574 | | |
Base management fees waived | | | | | — | | | | | | (397) | | | | | | (270) | | |
Total expenses, net of fees waived | | | | | 36,800 | | | | | | 35,064 | | | | | | 37,304 | | |
Net investment income before excise tax | | | | | 24,899 | | | | | | 32,009 | | | | | | 25,942 | | |
Excise tax | | | | | 742 | | | | | | 813 | | | | | | 942 | | |
Net investment income after excise tax | | | | | 24,157 | | | | | | 31,196 | | | | | | 25,000 | | |
Realized and unrealized gains (losses) on investments and foreign currency transactions | | | | | | | | | | | | | | | | | | | |
Net realized gains (losses) | | | | | | | | | | | | | | | | | | | |
Non-controlled/non-affiliate company investments | | | | | 4,118 | | | | | | (409) | | | | | | (216) | | |
Non-controlled affiliate company investments | | | | | — | | | | | | — | ��� | | | | | 32,950 | | |
Foreign currency transactions | | | | | 70 | | | | | | 1 | | | | | | — | | |
Foreign currency forward contracts | | | | | (25) | | | | | | — | | | | | | — | | |
Net realized gains (losses) | | | | | 4,163 | | | | | | (408) | | | | | | 32,734 | | |
Net change in unrealized appreciation (depreciation) | | | | | | | | | | | | | | | | | | | |
Non-controlled/non-affiliate company investments | | | | | 4,685 | | | | | | 388 | | | | | | (5,136) | | |
Non-controlled affiliate company investments | | | | | (878) | | | | | | (514) | | | | | | 4,703 | | |
Controlled affiliate company investments | | | | | (464) | | | | | | 363 | | | | | | — | | |
Translation of assets and liabilities in foreign currencies | | | | | 22 | | | | | | (184) | | | | | | — | | |
Net change in unrealized appreciation (depreciation) | | | | | 3,365 | | | | | | 53 | | | | | | (433) | | |
Net realized and unrealized gains (losses) on investments and foreign currency transactions | | | | | 7,528 | | | | | | (355) | | | | | | 32,301 | | |
Net increase in net assets resulting from operations | | | | $ | 31,685 | | | | | $ | 30,841 | | | | | $ | 57,301 | | |
Per Common Share Data | | | | | | | | | | | | | | | | | | | |
Basic and diluted earnings per common share | | | | $ | 1.55 | | | | | $ | 1.50 | | | | | $ | 2.79 | | |
Dividends and distributions declared per common share | | | | $ | 1.55 | | | | | $ | 1.62 | | | | | $ | 1.42 | | |
Basic and diluted weighted average common shares outstanding | | | | | 20,546,032 | | | | | | 20,546,032 | | | | | | 20,538,971 | | |
| | | Common Stock | | | Paid-in Capital in Excess of Par | | | Accumulated Undistributed (Overdistributed) Earnings | | | Total Net Assets | | ||||||||||||||||||
| | | Shares | | | Par amount | | ||||||||||||||||||||||||
Balance at December 31, 2017 | | | | | 20,531,948 | | | | | $ | 20 | | | | | $ | 302,292 | | | | | $ | (15,360) | | | | | $ | 286,952 | | |
Stock issued in connection with distribution reinvestment plan | | | | | 14,084 | | | | | | 1 | | | | | | 207 | | | | | | — | | | | | | 208 | | |
Net increase in net assets resulting from operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income after excise tax | | | | | — | | | | | | — | | | | | | — | | | | | | 25,000 | | | | | | 25,000 | | |
Net realized gains (losses) on investments | | | | | — | | | | | | — | | | | | | — | | | | | | 32,734 | | | | | | 32,734 | | |
Net change in unrealized appreciation (depreciation) on investments | | | | | — | | | | | | — | | | | | | — | | | | | | (433) | | | | | | (433) | | |
Distributions declared | | | | | — | | | | | | — | | | | | | — | | | | | | (29,165) | | | | | | (29,165) | | |
Tax reclassification of stockholders’ equity | | | | | — | | | | | | — | | | | | | (942) | | | | | | 942 | | | | | | — | | |
Balance at December 31, 2018 | | | | | 20,546,032 | | | | | | 21 | | | | | | 301,557 | | | | | | 13,718 | | | | | | 315,296 | | |
Net increase in net assets resulting from operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income after excise tax | | | | | — | | | | | | — | | | | | | — | | | | | | 31,196 | | | | | | 31,196 | | |
Net realized gains (losses) on investments | | | | | — | | | | | | — | | | | | | — | | | | | | (408) | | | | | | (408) | | |
Net change in unrealized appreciation (depreciation) on investments | | | | | — | | | | | | — | | | | | | — | | | | | | 53 | | | | | | 53 | | |
Distributions declared | | | | | — | | | | | | — | | | | | | — | | | | | | (33,182) | | | | | | (33,182) | | |
Tax reclassification of stockholders’ equity | | | | | — | | | | | | — | | | | | | (813) | | | | | | 813 | | | | | | — | | |
Balance at December 31, 2019 | | | | | 20,546,032 | | | | | $ | 21 | | | | | | 300,744 | | | | | | 12,190 | | | | | | 312,955 | | |
Net increase in net assets resulting from operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income after excise tax | | | | | — | | | | | | — | | | | | | — | | | | | | 24,157 | | | | | | 24,157 | | |
Net realized gains (losses) on investments and foreign currency transactions | | | | | — | | | | | | — | | | | | | — | | | | | | 4,163 | | | | | | 4,163 | | |
Net change in unrealized appreciation (depreciation) on investments and translation of assets and liabilities in foreign currencies | | | | | — | | | | | | — | | | | | | — | | | | | | 3,365 | | | | | | 3,365 | | |
Distributions declared | | | | | — | | | | | | — | | | | | | — | | | | | | (31,743) | | | | | | (31,743) | | |
Tax reclassification of stockholders’ equity | | | | | — | | | | | | — | | | | | | (742) | | | | | | 742 | | | | | | — | | |
Balance at December 31, 2020 | | | | | 20,546,032 | | | | | $ | 21 | | | | | | 300,002 | | | | | | 12,874 | | | | | | 312,897 | | |
| | | Years ended December 31, | | |||||||||||||||
| | | 2020 | | | 2019 | | | 2018 | | |||||||||
Cash flows from operating activities | | | | | | | | | | | | | | | | | | | |
Net increase in net assets resulting from operations | | | | $ | 31,685 | | | | | $ | 30,841 | | | | | $ | 57,301 | | |
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities: | | | | | | | | | | | | | | | | | | | |
Paid-in-kind income | | | | | (1,210) | | | | | | (2,141) | | | | | | (584) | | |
Net realized (gains) losses on investments | | | | | (4,118) | | | | | | 408 | | | | | | (32,734) | | |
Net unrealized (appreciation) depreciation on investments | | | | | (3,343) | | | | | | (237) | | | | | | 433 | | |
Net unrealized appreciation on translation of assets and liabilities in foreign currencies | | | | | (22) | | | | | | 184 | | | | | | — | | |
Accretion of discount | | | | | (3,434) | | | | | | (4,431) | | | | | | (4,740) | | |
Amortization of deferred financing costs | | | | | 1,055 | | | | | | 998 | | | | | | 1,155 | | |
Acquisition of investments | | | | | (302,729) | | | | | | (360,070) | | | | | | (277,035) | | |
Acquisition of interests in STRS JV | | | | | — | | | | | | (3,090) | | | | | | — | | |
Proceeds from principal payments and sales of portfolio investments | | | | | 133,419 | | | | | | 191,870 | | | | | | 285,776 | | |
Proceeds from sales of portfolio investments to STRS JV | | | | | 80,369 | | | | | | 57,568 | | | | | | — | | |
Net changes in operating assets and liabilities: | | | | | | | | | | | | | | | | | | | |
Interest and dividend receivable | | | | | (522) | | | | | | (402) | | | | | | (661) | | |
Prepaid expenses and other receivables | | | | | 6,560 | | | | | | (7,045) | | | | | | (390) | | |
Amounts receivable on unsettled investment transactions | | | | | (4,357) | | | | | | 4,255 | | | | | | (3,833) | | |
Amounts payable on unsettled investment transactions | | | | | 497 | | | | | | (445) | | | | | | 445 | | |
Management fees payable | | | | | 294 | | | | | | 515 | | | | | | 168 | | |
Incentive fees payable | | | | | 887 | | | | | | (3,418) | | | | | | 3,177 | | |
Accounts payable and accrued expenses | | | | | (52) | | | | | | (563) | | | | | | 1,621 | | |
Interest payable | | | | | 196 | | | | | | 112 | | | | | | 1,035 | | |
Advances received from unfunded credit facilities | | | | | 229 | | | | | | 113 | | | | | | (62) | | |
Net cash provided by (used in) operating activities | | | | | (64,596) | | | | | | (94,978) | | | | | | 31,072 | | |
Cash flows from financing activities | | | | | | | | | | | | | | | | | | | |
Proceeds from notes issued | | | | | 60,000 | | | | | | — | | | | | | 65,000 | | |
Borrowings | | | | | 236,045 | | | | | | 176,017 | | | | | | 100,400 | | |
Repayments of debt | | | | | (209,895) | | | | | | (52,100) | | | | | | (170,400) | | |
Deferred financing costs | | | | | (1,427) | | | | | | (1,943) | | | | | | (2,324) | | |
Distributions paid to common stockholders, net of distributions reinvested | | | | | (31,743) | | | | | | (33,182) | | | | | | (28,952) | | |
Net cash provided by (used in) financing activities | | | | | 52,980 | | | | | | 88,792 | | | | | | (36,276) | | |
Effect of exchange rate changes on cash | | | | | 14 | | | | | | — | | | | | | — | | |
Net change in cash, cash equivalents and restricted cash | | | | | (11,602) | | | | | | (6,186) | | | | | | (5,204) | | |
Cash, cash equivalents and restricted cash at beginning of year | | | | | 27,546 | | | | | | 33,732 | | | | | | 38,936 | | |
Cash, cash equivalents and restricted cash at end of year | | | | $ | 15,944 | | | | | $ | 27,546 | | | | | $ | 33,732 | | |
Supplemental disclosure of cash flow information: | | | | | | | | | | | | | | | | | | | |
Interest paid | | | | $ | 11,888 | | | | | $ | 12,358 | | | | | $ | 9,409 | | |
Taxes, including excise tax, paid during the year | | | | | 833 | | | | | | 942 | | | | | | — | | |
Supplemental noncash disclosures: | | | | | | | | | | | | | | | | | | | |
Distributions declared | | | | $ | 31,743 | | | | | $ | 33,182 | | | | | $ | 29,165 | | |
Distributions reinvested | | | | | — | | | | | | — | | | | | | 208 | | |
Non-cash exchanges of investments | | | | $ | 28,103 | | | | | | 29,840 | | | | | | — | | |
| | | December 31, | | |||||||||||||||
| | | 2020 | | | 2019 | | | 2018 | | |||||||||
Cash and cash equivalents | | | | $ | 8,062 | | | | | $ | 4,294 | | | | | $ | 24,148 | | |
Restricted cash and restricted foreign currency | | | | | 7,882 | | | | | | 23,252 | | | | | | 9,584 | | |
Total cash, cash equivalents and restricted cash presented in consolidated statements of cash flows | | | | $ | 15,944 | | | | | $ | 27,546 | | | | | $ | 33,732 | | |
Investment Type(1) | | | Spread Above Index(2) | | | Interest Rate(3) | | | Acquisition Date(10) | | | Maturity Date | | | Principal/ Share Amount | | | Amortized Cost | | | Fair Value(11) | | | Fair Value As A Percentage of Net Assets | | ||||||||||||||||||
North America | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Debt Investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Advertising | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fluent, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 7.00% (0.50% Floor) | | | 7.50% | | | | | 03/26/18 | | | | | | 03/27/23 | | | | | | 7,453 | | | | | $ | 7,453 | | | | | $ | 7,453 | | | | | | 2.38% | | |
SmartSign Holdings LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 7.50% (1.00% Floor) | | | 8.50% | | | | | 08/21/20 | | | | | | 10/11/24 | | | | | | 7,744 | | | | | | 7,603 | | | | | | 7,706 | | | | | | 2.46 | | |
| | | | | | | | | | | | | | | | | | | | | | | 15,197 | | | | | | 15,056 | | | | | | 15,159 | | | | | | 4.84 | | |
Agricultural & Farm Machinery | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Bad Boy Mowers Acquisition, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 5.75% (1.00% Floor) | | | 6.75% | | | | | 12/19/19 | | | | | | 12/06/25 | | | | | | 9,294 | | | | | | 9,062 | | | | | | 9,201 | | | | | | 2.94 | | |
Air Freight & Logistics | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Access USA Shipping, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 8.00% (1.50% Floor) | | | 9.50% | | | | | 02/08/19 | | | | | | 02/08/24 | | | | | | 5,359 | | | | | | 5,309 | | | | | | 5,359 | | | | | | 1.71 | | |
Application Software | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Connexity, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 8.50% (1.50% Floor) | | | 10.00% | | | | | 05/21/20 | | | | | | 05/21/25 | | | | | | 10,863 | | | | | | 10,577 | | | | | | 10,863 | | | | | | 3.47 | | |
Newscycle Solutions, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 7.00% (1.00% Floor) | | | 8.00% | | | | | 06/14/19 | | | | | | 12/29/22 | | | | | | 3,245 | | | | | | 3,209 | | | | | | 3,194 | | | | | | 1.02 | | |
First Lien Secured Revolving Loan(7) | | | L+ 7.00% (1.00% Floor) | | | 8.00% | | | | | 06/14/19 | | | | | | 12/29/22 | | | | | | 181 | | | | | | 179 | | | | | | 177 | | | | | | 0.06 | | |
TaxSlayer LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.50% (1.00% Floor) | | | 7.50% | | | | | 12/31/20 | | | | | | 12/31/26 | | | | | | 14,452 | | | | | | 14,163 | | | | | | 14,163 | | | | | | 4.53 | | |
First Lien Secured Revolving Loan(7) | | | L+ 6.50% (1.00% Floor) | | | 7.50% | | | | | 12/31/20 | | | | | | 12/31/26 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | 28,741 | | | | | | 28,128 | | | | | | 28,397 | | | | | | 9.08 | | |
Automotive Retail | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Team Car Care Holdings, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan(12) | | | Base rate+ 8.00% (1.00% Floor) | | | 9.00% | | | | | 02/26/18 | | | | | | 02/23/23 | | | | | | 16,168 | | | | | | 16,011 | | | | | | 15,820 | | | | | | 5.06 | | |
BW Gas & Convenience Holdings, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.25% (0.00% Floor) | | | 6.40% | | | | | 11/15/19 | | | | | | 11/18/24 | | | | | | 6,319 | | | | | | 6,121 | | | | | | 6,319 | | | | | | 2.02 | | |
| | | | | | | | | | | | | | | | | | | | | | | 22,487 | | | | | | 22,132 | | | | | | 22,139 | | | | | | 7.08 | | |
Broadcasting | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Alpha Media, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | P+7.50% (2.00% Floor) | | | 10.75% | | | | | 08/14/18 | | | | | | 02/25/22 | | | | | | 5,075 | | | | | | 5,022 | | | | | | 4,844 | | | | | | 1.55 | | |
Building Products | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Drew Foam Companies Inc | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.50% (1.00% Floor) | | | 7.50% | | | | | 12/15/20 | | | | | | 11/24/25 | | | | | | 10,078 | | | | | | 9,878 | | | | | | 9,879 | | | | | | 3.16 | | |
First Lien Secured Revolving Loan(7) | | | L+ 6.50% (1.00% Floor) | | | 7.50% | | | | | 12/15/20 | | | | | | 11/05/25 | | | | | | 332 | | | | | | 325 | | | | | | 325 | | | | | | 0.10 | | |
LHS Borrower, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.75% (1.00% Floor) | | | 7.75% | | | | | 09/30/20 | | | | | | 09/30/25 | | | | | | 9,689 | | | | | | 9,483 | | | | | | 9,543 | | | | | | 3.05 | | |
First Lien Secured Revolving Loan (7) | | | L+ 6.75% (1.00% Floor) | | | 7.75% | | | | | 09/30/20 | | | | | | 09/30/25 | | | | | | — | | | | | | — | | | | | | 4 | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | 20,099 | | | | | | 19,686 | | | | | | 19,751 | | | | | | 6.31 | | |
Investment Type(1) | | | Spread Above Index(2) | | | Interest Rate(3) | | | Acquisition Date(10) | | | Maturity Date | | | Principal/ Share Amount | | | Amortized Cost | | | Fair Value(11) | | | Fair Value As A Percentage of Net Assets | | ||||||||||||||||||
Cable & Satellite | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Bulk Midco, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan(15) | | | L+ 7.19% (1.00% Floor) | | | 8.19% | | | | | 06/08/18 | | | | | | 06/08/23 | | | | | | 15,000 | | | | | $ | 14,890 | | | | | $ | 14,250 | | | | | | 4.55% | | |
Communications Equipment | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ribbon Communications Operating Company, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan(5) | | | L+ 7.50% (0.00% Floor) | | | 7.65% | | | | | 08/14/20 | | | | | | 03/03/26 | | | | | | 12,438 | | | | | | 12,002 | | | | | | 12,313 | | | | | | 3.94% | | |
Sorenson Communications, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.50% (0.00% Floor) | | | 6.75% | | | | | 03/15/19 | | | | | | 04/29/24 | | | | | | 3,462 | | | | | | 3,393 | | | | | | 3,457 | | | | | | 1.10 | | |
| | | | | | | | | | | | | | | | | | | | | | | 15,900 | | | | | | 15,395 | | | | | | 15,770 | | | | | | 5.04 | | |
Construction & Engineering | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Atlas Intermediate Holdings LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.25% (1.00% Floor) | | | 7.25% | | | | | 05/26/20 | | | | | | 02/13/26 | | | | | | 15,073 | | | | | | 14,259 | | | | | | 14,922 | | | | | | 4.77 | | |
Road Safety Services, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.00% (1.00% Floor) | | | 7.00% | | | | | 12/31/20 | | | | | | 09/18/23 | | | | | | 4,550 | | | | | | 4,459 | | | | | | 4,461 | | | | | | 1.43 | | |
First Lien Secured Revolving Loan(7) | | | L+ 6.00% (1.00% Floor) | | | 7.00% | | | | | 12/31/20 | | | | | | 09/18/23 | | | | | | — | | | | | | — | | | | | | 17 | | | | | | 0.01 | | |
Tensar Corp. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.75% (1.00% Floor) | | | 7.75% | | | | | 11/20/20 | | | | | | 08/20/25 | | | | | | 7,000 | | | | | | 6,829 | | | | | | 6,829 | | | | | | 2.18 | | |
| | | | | | | | | | | | | | | | | | | | | | | 26,623 | | | | | | 25,547 | | | | | | 26,229 | | | | | | 8.39 | | |
Construction Materials | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Claridge Products and Equipment, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.50% | | | 7.50% | | | | | 12/30/20 | | | | | | 12/29/25 | | | | | | 8,000 | | | | | | 7,840 | | | | | | 7,840 | | | | | | 2.51 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Revolving Loan(7) | | | L+ 6.50% (1.00% Floor) | | | 7.50% | | | | | 12/30/20 | | | | | | 12/29/25 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | 8,000 | | | | | | 7,840 | | | | | | 7,840 | | | | | | 2.51 | | |
Consumer Finance | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Maxitransfers Blocker Corp | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 9.00% (1.00% Floor) | | | 10.00% | | | | | 10/07/20 | | | | | | 10/07/25 | | | | | | 8,869 | | | | | | 8,668 | | | | | | 8,668 | | | | | | 2.77 | | |
First Lien Secured Revolving Loan(4) | | | L+ 9.00% (1.00% Floor) | | | 10.00% | | | | | 10/07/20 | | | | | | 10/07/25 | | | | | | 1,038 | | | | | | 1,014 | | | | | | 1,014 | | | | | | 0.32 | | |
| | | | | | | | | | | | | | | | | | | | | | | 9,907 | | | | | | 9,682 | | | | | | 9,682 | | | | | | 3.09 | | |
Data Processing & Outsourced Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Escalon Services Inc | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | P+12.50% (0.75% Floor) | | | 15.75% (1.50% PIK) | | | | | 12/04/20 | | | | | | 12/04/25 | | | | | | 8,000 | | | | | | 7,295 | | | | | | 7,763 | | | | | | 2.48 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
FPT Operating Company, LLC/ | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
TLabs Operating Company, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 8.25% (1.00% Floor) | | | 9.25% (0.50% PIK) | | | | | 12/23/16 | | | | | | 06/07/24 | | | | | | 24,467 | | | | | | 24,225 | | | | | | 23,460 | | | | | | 7.50 | | |
Geo Logic Systems Ltd.(5) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan(13) | | | C +6.25% (1.00% Floor) | | | 7.25% | | | | | 12/19/19 | | | | | | 12/19/24 | | | | | | 6,709 | | | | | | 5,035 | | | | | | 5,164 | | | | | | 1.65 | | |
First Lien Secured Revolving Loan(7)(13) | | | C +6.25% (1.00% Floor) | | | 7.25% | | | | | 12/19/19 | | | | | | 12/19/24 | | | | | | — | | | | | | — | | | | | | (2) | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | 39,176 | | | | | | 36,555 | | | | | | 36,385 | | | | | | 11.63 | | |
|
Investment Type(1) | | | Spread Above Index(2) | | | Interest Rate(3) | | | Acquisition Date(10) | | | Maturity Date | | | Principal/ Share Amount | | | Amortized Cost | | | Fair Value(11) | | | Fair Value As A Percentage of Net Assets | | ||||||||||||||||||
Department Stores | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mills Fleet Farm Group, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.00% (1.00% Floor) | | | 7.00% | | | | | 10/24/18 | | | | | | 10/24/24 | | | | | | 13,543 | | | | | $ | 13,292 | | | | | $ | 13,272 | | | | | | 4.24% | | |
Distributors | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Crown Brands, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Second Lien Secured Term Loan(20) | | | L+ 10.50% (1.50% Floor) | | | 12.00% | | | | | 12/15/20 | | | | | | 01/08/26 | | | | | | 4,526 | | | | | | 4,420 | | | | | | 3,621 | | | | | | 1.16 | | |
Second Lien Secured Delayed Draw Loan(20) | | | L+ 10.50% (1.50% Floor) | | | 12.00% | | | | | 12/15/20 | | | | | | 01/08/26 | | | | | | 671 | | | | | | 671 | | | | | | 537 | | | | | | 0.17 | | |
| | | | | | | | | | | | | | | | | | | | | | | 5,197 | | | | | | 5,091 | | | | | | 4,158 | | | | | | 1.33 | | |
Diversified Chemicals | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sklar Holdings, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.00% (1.00% Floor) | | | 7.00% | | | | | 11/13/19 | | | | | | 05/13/23 | | | | | | 8,882 | | | | | | 8,718 | | | | | | 8,834 | | | | | | 2.82 | | |
Diversified Support Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
ImageOne Industries, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 10.00% (1.00% Floor) | | | 11.00% (4.00% PIK) | | | | | 01/11/18 | | | | | | 01/11/23 | | | | | | 6,564 | | | | | | 6,422 | | | | | | 6,564 | | | | | | 2.10 | | |
First Lien Secured Revolving Loan(4)(7) | | | L+ 10.00% (1.00% Floor) | | | 11.00% (4.00% PIK) | | | | | 07/22/19 | | | | | | 12/12/22 | | | | | | 379 | | | | | | 379 | | | | | | 379 | | | | | | 0.12 | | |
NNA Services, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 7.00% (1.50% Floor) | | | 8.50% | | | | | 10/16/18 | | | | | | 10/16/23 | | | | | | 13,353 | | | | | | 13,178 | | | | | | 13,284 | | | | | | 4.25 | | |
| | | | | | | | | | | | | | | | | | | | | | | 20,296 | | | | | | 19,979 | | | | | | 20,227 | | | | | | 6.47 | | |
Education Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
EducationDynamics, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 7.75% (1.00% Floor) | | | 8.75% | | | | | 11/26/19 | | | | | | 11/26/24 | | | | | | 13,649 | | | | | | 13,428 | | | | | | 13,612 | | | | | | 4.35 | | |
Food Retail | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
AG Kings Holdings, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan(4)(8) | | | P+ 11.00% (0.75% Floor) | | | 16.25% (2.00% PIK) | | | | | 8/10/16 | | | | | | 08/10/21 | | | | | | 21,755 | | | | | | 8,612 | | | | | | 7,600 | | | | | | 2.43 | | |
Superpriority Secured Debtor-In-Possession Term Loan(4)(18) | | | L+ 10.00% (1.00% Floor) | | | 11.00% | | | | | 08/26/20 | | | | | | 02/08/21 | | | | | | 14,222 | | | | | | 5,663 | | | | | | 14,222 | | | | | | 4.55 | | |
| | | | | | | | | | | | | | | | | | | | | | | 35,977 | | | | | | 14,275 | | | | | | 21,822 | | | | | | 6.98 | | |
Health Care Facilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Epiphany Dermatology | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 7.50% (1.00% Floor) | | | 8.50% | | | | | 12/04/20 | | | | | | 12/01/25 | | | | | | 3,500 | | | | | | 3,414 | | | | | | 3,414 | | | | | | 1.09 | | |
First Lien Secured Revolving Loan(7) | | | L+ 7.50% (1.00% Floor) | | | 8.50% | | | | | 12/04/20 | | | | | | 12/01/25 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
First Lien Secured Delayed Draw Loan(7) | | | L+ 7.50% (1.00% Floor) | | | 8.50% | | | | | 12/04/20 | | | | | | 12/01/25 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Grupo HIMA San Pablo, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan A | | | L+ 9.00% | | | 9.22% | | | | | 05/15/19 | | | | | | 04/30/19 | | | | | | 3,855 | | | | | | 3,855 | | | | | | 2,613 | | | | | | 0.84 | | |
First Lien Secured Term Loan B | | | L+ 9.00% (1.50% Floor) | | | 10.50% | | | | | 02/01/13 | | | | | | 04/30/19 | | | | | | 13,511 | | | | | | 13,511 | | | | | | 9,161 | | | | | | 2.93 | | |
Second Lien Secured Term Loan(8) | | | N/A | | | 15.75% (2.00% PIK) | | | | | 02/01/13 | | | | | | 07/31/18 | | | | | | 1,028 | | | | | | 1,024 | | | | | | — | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | 21,894 | | | | | | 21,804 | | | | | | 15,188 | | | | | | 4.86 | | |
Health Care Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CHS Therapy, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan A | | | L+ 7.75% (1.50% Floor) | | | 9.25% | | | | | 06/14/19 | | | | | | 06/14/24 | | | | | | 7,422 | | | | | | 7,325 | | | | | | 7,422 | | | | | | 2.37 | | |
First Lien Secured Term Loan C | | | L+ 7.75% (1.50% Floor) | | | 9.25% | | | | | 10/07/20 | | | | | | 06/14/24 | | | | | | 912 | | | | | ��� | 895 | | | | | | 895 | | | | | | 0.29 | | |
Investment Type(1) | | | Spread Above Index(2) | | | Interest Rate(3) | | | Acquisition Date(10) | | | Maturity Date | | | Principal/ Share Amount | | | Amortized Cost | | | Fair Value(11) | | | Fair Value As A Percentage of Net Assets | | ||||||||||||||||||
Ivy Rehab Holdings LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.75% (1.00% Floor) | | | 7.75% | | | | | 12/04/20 | | | | | | 12/04/24 | | | | | | 8,855 | | | | | $ | 8,682 | | | | | $ | 8,682 | | | | | | 2.77% | | |
First Lien Secured Revolving Loan(7) | | | L+ 6.75% (1.00% Floor) | | | 7.75% | | | | | 12/04/20 | | | | | | 12/04/25 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
First Lien Secured Delayed Draw Loan(7) | | | L+ 6.75% (1.00% Floor) | | | 7.75% | | | | | 12/04/20 | | | | | | 12/04/25 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Lab Logistics, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 7.25% (1.00% Floor) | | | 8.25% | | | | | 10/16/19 | | | | | | 11/19/25 | | | | | | 709 | | | | | | 693 | | | | | | 694 | | | | | | 0.22 | | |
First Lien Secured Delayed Draw Loan | | | L+ 7.25% (1.00% Floor) | | | 8.25% | | | | | 10/16/19 | | | | | | 09/25/23 | | | | | | 5,236 | | | | | | 5,209 | | | | | | 5,236 | | | | | | 1.67 | | |
PG Dental New Jersey Parent, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 7.75% (1.00% Floor) | | | 8.75% | | | | | 11/25/20 | | | | | | 11/25/25 | | | | | | 16,170 | | | | | | 15,813 | | | | | | 15,814 | | | | | | 5.05 | | |
First Lien Secured Revolving Loan (7) | | | L+ 7.75% (1.00% Floor) | | | 8.75% | | | | | 11/25/20 | | | | | | 11/25/25 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | 39,304 | | | | | | 38,617 | | | | | | 38,743 | | | | | | 12.37 | | |
Home Furnishings | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sure Fit Home Products, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan(8) | | | L+ 9.75% (1.00% Floor) | | | 10.75% | | | | | 10/26/18 | | | | | | 07/13/22 | | | | | | 5,229 | | | | | | 5,111 | | | | | | 4,019 | | | | | | 1.28 | | |
Interactive Media & Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
What If Media Group, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.50% (1.00% Floor) | | | 7.50% | | | | | 10/02/19 | | | | | | 10/02/24 | | | | | | 12,594 | | | | | | 12,405 | | | | | | 12,594 | | | | | | 4.02 | | |
Internet & Direct Marketing Retail | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
BBQ Buyer, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 8.00% (1.50% Floor) | | | 9.50% | | | | | 08/28/20 | | | | | | 08/28/25 | | | | | | 10,669 | | | | | | 10,421 | | | | | | 10,563 | | | | | | 3.38 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Revolving Loan(7) | | | L+ 8.00% (1.50% Floor) | | | 9.50% | | | | | 08/28/20 | | | | | | 02/28/21 | | | | | | — | | | | | | — | | | | | | 8 | | | | | | — | | |
Luxury Brand Holdings, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 7.00% (1.00% Floor) | | | 8.00% | | | | | 12/04/20 | | | | | | 06/04/26 | | | | | | 6,000 | | | | | | 5,882 | | | | | | 5,882 | | | | | | 1.88 | | |
Potpourri Group, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 8.25% (1.50% Floor) | | | 9.75% | | | | | 07/03/19 | | | | | | 07/03/24 | | | | | | 18,390 | | | | | | 18,099 | | | | | | 18,238 | | | | | | 5.83 | | |
| | | | | | | | | | | | | | | | | | | | | | | 35,059 | | | | | | 34,402 | | | | | | 34,691 | | | | | | 11.09 | | |
Investment Banking & brokerage | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
JVMC Holdings Corp. (f/k/a RJO Holdings Corp) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 7.25% (1.00% Floor) | | | 8.25% | | | | | 02/28/19 | | | | | | 02/28/24 | | | | | | 13,598 | | | | | | 13,512 | | | | | | 13,598 | | | | | | 4.35 | | |
IT Consulting & Other Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
AST-Applications Software Technology LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 8.00% (1.00% Floor) | | | 9.00% (1.00% PIK) | | | | | 01/10/17 | | | | | | 01/10/23 | | | | | | 4,019 | | | | | | 3,988 | | | | | | 4,019 | | | | | | 1.28 | | |
RCKC Acquisitions LLC (dba KSM Consulting LLC) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.25% (1.00% Floor) | | | 7.25% | | | | | 12/31/20 | | | | | | 12/31/26 | | | | | | 11,378 | | | | | | 11,150 | | | | | | 11,150 | | | | | | 3.56 | | |
First Lien Secured Revolving Loan(7) | | | L+ 6.25% (1.00% Floor) | | | 7.25% | | | | | 12/31/20 | | | | | | 12/31/26 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
First Lien Secured Delayed Draw Loan(7) | | | L+ 6.25% (1.00% Floor) | | | 7.25% | | | | | 12/31/20 | | | | | | 12/31/22 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | 15,397 | | | | | | 15,138 | | | | | | 15,169 | | | | | | 4.84 | | |
|
Investment Type(1) | | | Spread Above Index(2) | | | Interest Rate(3) | | | Acquisition Date(10) | | | Maturity Date | | | Principal/ Share Amount | | | Amortized Cost | | | Fair Value(11) | | | Fair Value As A Percentage of Net Assets | | ||||||||||||||||||
Leisure Facilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Honors Holdings, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan(16) | | | L+ 7.97% (1.00% Floor) | | | 8.97% (0.50% PIK) | | | | | 09/06/19 | | | | | | 09/06/24 | | | | | | 9,427 | | | | | $ | 9,278 | | | | | $ | 8,296 | | | | | | 2.65% | | |
First Lien Secured Delayed Draw Loan(16) | | | L+ 7.61% (1.00% Floor) | | | 8.61% (0.50% PIK) | | | | | 09/06/19 | | | | | | 09/06/24 | | | | | | 4,643 | | | | | | 4,597 | | | | | | 4,086 | | | | | | 1.31 | | |
Lift Brands, Inc. (aka Snap Fitness Holdings, Inc) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan A | | | L+ 3.25% (1.00% Floor) | | | 4.25% | | | | | 06/29/20 | | | | | | 06/29/25 | | | | | | 5,659 | | | | | | 5,580 | | | | | | 5,569 | | | | | | 1.78 | | |
First Lien Secured Term Loan B | | | N/A | | | 9.50% (9.50% PIK) | | | | | 06/29/20 | | | | | | 06/29/25 | | | | | | 1,164 | | | | | | 1,138 | | | | | | 1,133 | | | | | | 0.36 | | |
First Lien Secured Term Loan C(9) | | | N/A | | | 9.50% (9.50% PIK) | | | | | 06/29/20 | | | | | | NA | | | | | | 1,268 | | | | | | 1,265 | | | | | | 1,265 | | | | | | 0.40 | | |
| | | | | | | | | | | | | | | | | | | | | | | 22,161 | | | | | | 21,858 | | | | | | 20,349 | | | | | | 6.50 | | |
Office Services & Supplies | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Empire Office, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.75% (1.50% Floor) | | | 8.25% | | | | | 04/12/19 | | | | | | 04/12/24 | | | | | | 10,736 | | | | | | 10,595 | | | | | | 10,489 | | | | | | 3.35 | | |
Packaged Foods & Meats | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Lenny & Larry's, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan(17) | | | L+ 7.94% (1.00% Floor) | | | 8.94% (1.17% PIK) | | | | | 05/15/18 | | | | | | 05/15/23 | | | | | | 11,304 | | | | | | 11,200 | | | | | | 10,811 | | | | | | 3.46 | | |
Personal Products | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Inspired Beauty Brands, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 7.00% (1.00% Floor) | | | 8.00% | | | | | 12/30/20 | | | | | | 12/31/25 | | | | | | 11,500 | | | | | | 11,270 | | | | | | 11,270 | | | | | | 3.60 | | |
First Lien Secured Revolving Loan(7) | | | L+ 7.00% (1.00% Floor) | | | 8.00% | | | | | 12/30/20 | | | | | | 12/31/25 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | 11,500 | | | | | | 11,270 | | | | | | 11,270 | | | | | | 3.60 | | |
Property & Casualty Insurance | | | | | | | | | | ||||||||||||||||||||||||||||||||||
Policy Services Company, LLC(5) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.00% (1.00% Floor) | | | 7.00% | | | | | 03/06/20 | | | | | | 05/31/24 | | | | | | 6,240 | | | | | | 5,987 | | | | | | 6,115 | | | | | | 1.95 | | |
Research & Consulting Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Comniscient Technologies LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 7.50% (1.00% Floor) | | | 8.50% | | | | | 10/13/20 | | | | | | 10/13/25 | | | | | | 6,962 | | | | | | 6,830 | | | | | | 6,830 | | | | | | 2.18 | | |
First Lien Secured Revolving Loan(7) | | | L+ 7.50% (1.00% Floor) | | | 8.50% | | | | | 10/13/20 | | | | | | 10/13/25 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Nelson Worldwide, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 9.25% (1.00% Floor) | | | 10.25% | | | | | 01/09/18 | | | | | | 01/09/23 | | | | | | 11,593 | | | | | | 11,477 | | | | | | 11,362 | | | | | | 3.63 | | |
ALM Media, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.50% (1.00% Floor) | | | 7.50% | | | | | 11/25/19 | | | | | | 11/25/24 | | | | | | 14,962 | | | | | | 14,728 | | | | | | 14,439 | | | | | | 4.61 | | |
| | | | | | | | | | | | | | | | | | | | | | | 33,517 | | | | | | 33,035 | | | | | | 32,631 | | | | | | 10.42 | | |
Restaurants | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
LS GFG Holdings Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 7.00% (1.00% Floor) | | | 8.00% (1.00% PIK) | | | | | 11/30/18 | | | | | | 11/19/25 | | | | | | 11,240 | | | | | | 10,442 | | | | | | 9,779 | | | | | | 3.13 | | |
Specialized Consumer Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
True Blue Car Wash, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 7.12% (1.00% Floor) | | | 8.12% | | | | | 10/17/19 | | | | | | 10/17/24 | | | | | | 4,349 | | | | | | 4,283 | | | | | | 4,349 | | | | | | 1.39 | | |
First Lien Secured Delayed Draw Loan | | | L+ 7.12% (1.00% Floor) | | | 8.12% | | | | | 10/17/19 | | | | | | 10/17/24 | | | | | | 2,014 | | | | | | 1,997 | | | | | | 2,014 | | | | | | 0.64 | | |
| | | | | | | | | | | | | | | | | | | | | | | 6,363 | | | | | | 6,280 | | | | | | 6,363 | | | | | | 2.03 | | |
|
Investment Type(1) | | | Spread Above Index(2) | | | Interest Rate(3) | | | Acquisition Date(10) | | | Maturity Date | | | Principal/ Share Amount | | | Amortized Cost | | | Fair Value(11) | | | Fair Value As A Percentage of Net Assets | | ||||||||||||||||||
Specialized Finance | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Golden Pear Funding Assetco, LLC(5) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Second Lien Secured Term Loan | | | L+ 10.50% (1.00% Floor) | | | 11.50% | | | | | 09/20/18 | | | | | | 03/20/24 | | | | | | 10,938 | | | | | $ | 10,810 | | | | | $ | 10,938 | | | | | | 3.50% | | |
Oasis Legal Finance, LLC(5) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Second Lien Secured Term Loan | | | L+ 10.75% (1.00% Floor) | | | 11.75% | | | | | 09/09/16 | | | | | | 03/09/22 | | | | | | 12,500 | | | | | | 12,446 | | | | | | 12,500 | | | | | | 3.99 | | |
WHF STRS Ohio Senior Loan Fund LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Subordinated Note(4)(5)(7)(9)(14) | | | L+ 6.50% | | | 6.65% | | | | | 07/19/19 | | | | | | N/A | | | | | | 41,073 | | | | | | 41,073 | | | | | | 41,073 | | | | | | 13.13 | | |
| | | | | | | | | | | | | | | | | | | | | | | 64,511 | | | | | | 64,329 | | | | | | 64,511 | | | | | | 20.62 | | |
Specialty Chemicals | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Flexitallic Group SAS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.50% (1.00% Floor) | | | 7.50% | | | | | 10/28/19 | | | | | | 10/29/26 | | | | | | 11,632 | | | | | | 11,389 | | | | | | 10,818 | | | | | | 3.46 | | |
Systems Software | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Vero Parent, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.00% (1.00% Floor) | | | 7.00% | | | | | 11/06/19 | | | | | | 08/16/24 | | | | | | 7,074 | | | | | | 6,613 | | | | | | 7,074 | | | | | | 2.26 | | |
Technology Hardware, Storage & Peripherals | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Source Code Midco, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 8.25% (1.00% Floor) | | | 9.25% | | | | | 05/04/18 | | | | | | 05/04/23 | | | | | | 22,322 | | | | | | 22,022 | | | | | | 22,322 | | | | | | 7.13 | | |
Telestream Holdings Corporation | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 8.75% (1.00% Floor) | | | 9.75% | | | | | 10/15/20 | | | | | | 10/15/25 | | | | | | 14,037 | | | | | | 13,608 | | | | | | 13,769 | | | | | | 4.40 | | |
First Lien Secured Revolving Loan(7) | | | L+ 8.75% (1.00% Floor) | | | 9.75% | | | | | 10/15/20 | | | | | | 10/15/25 | | | | | | — | | | | | | — | | | | | | 15 | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | 36,359 | | | | | | 35,630 | | | | | | 36,106 | | | | | | 11.54 | | |
Total Debt Investments | | | | | | | | | | | | | | | | | | | | | | | 694,114 | | | | | | 658,704 | | | | | | 657,249 | | | | | | 210.03 | | |
Equity Investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Data Processing & Outsourced Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Escalon Services Inc Warrants(4) | | | N/A | | | N/A | | | | | 12/04/20 | | | | | | N/A | | | | | | 709 | | | | | | 476 | | | | | | 476 | | | | | | 0.15 | | |
Diversified Support Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Quest Events, LLC Preferred Units(4) | | | N/A | | | N/A | | | | | 12/28/18 | | | | | | 12/08/25 | | | | | | 317 | | | | | | 317 | | | | | | — | | | | | | — | | |
ImageOne Industries, LLC Common A Units(4) | | | N/A | | | N/A | | | | | 09/20/19 | | | | | | N/A | | | | | | 225 | | | | | | — | | | | | | 14 | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | 542 | | | | | | 317 | | | | | | 14 | | | | | | — | | |
Health Care Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Lab Logistics Preferred Units(4) | | | N/A | | | N/A | | | | | 10/29/19 | | | | | | N/A | | | | | | 2 | | | | | | 857 | | | | | | 857 | | | | | | 0.27 | | |
Internet & Direct Marketing Retail | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
BBQ Buyer, LLC Shares(4) | | | N/A | | | N/A | | | | | 08/28/20 | | | | | | N/A | | | | | | 1,100 | | | | | | 1,100 | | | | | | 1,265 | | | | | | 0.40 | | |
Ross-Simons Topco, LP Preferred Units(4) | | | N/A | | | N/A | | | | | 12/04/20 | | | | | | N/A | | | | | | 600 | | | | | | 600 | | | | | | 600 | | | | | | 0.19 | | |
| | | | | | | | | | | | | | | | | | | | | | | 1,700 | | | | | | 1,700 | | | | | | 1,865 | | | | | | 0.59 | | |
Investment Banking & Brokerage | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Arcole Holding Corp. Shares(4)(5)(6)(19) | | | N/A | | | N/A | | | | | 10/01/20 | | | | | | N/A | | | | | | — | | | | | | 6,944 | | | | | | 6,448 | | | | | | 2.06 | | |
IT Consulting & Other Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Keras Holdings, LLC Shares(dba KSM Consulting LLC)(4) | | | N/A | | | N/A | | | | | 12/31/20 | | | | | | N/A | | | | | | 496 | | | | | | 496 | | | | | | 496 | | | | | | 0.16 | | |
Leisure Facilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Lift Brands, Inc. (aka Snap Fitness Holdings, Inc.) Class A Common Stock(4) | | | N/A | | | N/A | | | | | 06/29/20 | | | | | | N/A | | | | | | 2 | | | | | | 1,955 | | | | | | 282 | | | | | | 0.09 | | |
Lift Brands, Inc. (aka Snap Fitness Holdings, Inc.) Warrants(4) | | | N/A | | | N/A | | | | | 06/29/20 | | | | | | 06/28/28 | | | | | | 1 | | | | | | 793 | | | | | | 114 | | | | | | 0.04 | | |
|
Investment Type(1) | | | Spread Above Index(2) | | | Interest Rate(3) | | | Acquisition Date(10) | | | Maturity Date | | | Principal/ Share Amount | | | Amortized Cost | | | Fair Value(11) | | | Fair Value As A Percentage of Net Assets | | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | 3 | | | | | | 2,748 | | | | | | 396 | | | | | | 0.13 | | |
Other Diversified Financial Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
RCS Creditor Trust Class B Units(4)(6) | | | N/A | | | N/A | | | | | 10/01/17 | | | | | | N/A | | | | | | 143 | | | | | $ | — | | | | | $ | — | | | | | | —% | | |
SFS Global Holding Company Warrants(4) | | | N/A | | | N/A | | | | | 06/28/18 | | | | | | 12/28/25 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Sigue Corporation Warrants(4) | | | N/A | | | N/A | | | | | 06/28/18 | | | | | | 12/28/25 | | | | | | 22 | | | | | | 2,890 | | | | | | 3,498 | | | | | | 1.12 | | |
| | | | | | | | | | | | | | | | | | | | | | | 165 | | | | | | 2,890 | | | | | | 3,498 | | | | | | 1.12 | | |
Specialized Finance | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
NMFC Senior Loan Program I LLC Units(4)(5)(6) | | | N/A | | | N/A | | | | | 06/10/14 | | | | | | 08/31/22 | | | | | | 10,000 | | | | | | 10,029 | | | | | | 9,269 | | | | | | 2.96 | | |
WHF STRS Ohio Senior Loan Fund LLC Interests(4)(5)(7)(14) | | | N/A | | | N/A | | | | | 07/19/19 | | | | | | N/A | | | | | | 10,268 | | | | | | 10,268 | | | | | | 10,167 | | | | | | 3.25 | | |
| | | | | | | | | | | | | | | | | | | | | | | 20,268 | | | | | | 20,297 | | | | | | 19,436 | | | | | | 6.21 | | |
Total Equity Investments | | | | | | | | | | | | | | | | | | | | | | | 23,885 | | | | | | 36,725 | | | | | | 33,486 | | | | | | 10.69 | | |
Total Investments | | | | | | | | | | | | | | | | | | | | | | | 717,999 | | | | | $ | 695,429 | | | | | $ | 690,735 | | | | | | 220.72% | | |
|
Investment Type(1) | | | Spread Above Index(2) | | | Interest Rate(3) | | | Acquisition Date(10) | | | Maturity Date | | | Principal/ Share Amount | | | Amortized Cost | | | Fair Value(11) | | | Fair Value As A Percentage of Net Assets | | ||||||||||||||||||
North America | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Debt Investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Advertising | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fluent, LLC First Lien Secured Term Loan | | | L+ 7.00% (0.50% Floor) | | | 8.80% | | | | | 03/26/18 | | | | | | 03/26/24 | | | | | | 9,337 | | | | | $ | 9,337 | | | | | $ | 9,337 | | | | | | 2.98% | | |
Agricultural & Farm Machinery | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Bad Boy Mowers Acquisition, LLC First Lien Secured Term Loan | | | L+ 5.75% (1.00% Floor) | | | 7.38% | | | | | 12/19/19 | | | | | | 12/06/25 | | | | | | 10,385 | | | | | | 10,073 | | | | | | 10,073 | | | | | | 3.22 | | |
Air Freight & Logistics | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Access USA Shipping, LLC First Lien Secured Term Loan | | | L+ 8.00% (1.00% Floor) | | | 9.80% | | | | | 02/08/19 | | | | | | 02/08/24 | | | | | | 5,651 | | | | | | 5,581 | | | | | | 5,600 | | | | | | 1.79 | | |
Application Software | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Newscycle Solutions, Inc. First Lien Secured Term Loan | | | L+ 7.00% (1.00% Floor) | | | 8.80% | | | | | 06/14/19 | | | | | | 12/29/22 | | | | | | 5,263 | | | | | | 5,174 | | | | | | 5,136 | | | | | | 1.64 | | |
First Lien Secured Revolving Loan(7) | | | L+ 6.50% (1.00% Floor) | | | 9.77% | | | | | 06/14/19 | | | | | | 12/29/22 | | | | | | 265 | | | | | | 262 | | | | | | 259 | | | | | | 0.08 | | |
| | | | | | | | | | | | | | | | | | | | | | | 5,528 | | | | | | 5,436 | | | | | | 5,395 | | | | | | 1.72 | | |
Automotive Retail | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Team Car Care Holdings, LLC First Lien Secured Term Loan(12) | | | base rate+ 7.99% (1.00% Floor) | | | 10.05% | | | | | 02/26/18 | | | | | | 02/26/23 | | | | | | 16,722 | | | | | | 16,485 | | | | | | 16,722 | | | | | | 5.34 | | |
BW Gas & Convenience Holdings, LLC First Lien Secured Term Loan | | | L+ 6.25% (1.00% Floor) | | | 8.00% | | | | | 11/15/19 | | | | | | 11/18/24 | | | | | | 8,500 | | | | | | 8,164 | | | | | | 8,168 | | | | | | 2.61 | | |
| | | | | | | | | | | | | | | | | | | | | | | 25,222 | | | | | | 24,649 | | | | | | 24,890 | | | | | | 7.95 | | |
Broadcasting | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Alpha Media, LLC First Lien Secured Term Loan | | | L+ 6.00% (1.50% Floor) | | | 7.87% | | | | | 08/14/18 | | | | | | 02/25/22 | | | | | | 5,405 | | | | | | 5,299 | | | | | | 5,405 | | | | | | 1.73 | | |
Rural Media Group, Inc. First Lien Secured Term Loan(16) | | | L+ 7.71% (1.00% Floor) | | | 9.64% | | | | | 12/29/17 | | | | | | 12/29/22 | | | | | | 7,133 | | | | | | 7,050 | | | | | | 6,991 | | | | | | 2.23 | | |
| | | | | | | | | | | | | | | | | | | | | | | 12,538 | | | | | | 12,349 | | | | | | 12,396 | | | | | | 3.96 | | |
Cable & Satellite | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Bulk Midco, LLC First Lien Secured Term Loan(16) | | | P+ 6.27% (2.25% Floor) | | | 11.02% | | | | | 06/08/18 | | | | | | 06/08/23 | | | | | | 15,000 | | | | | | 14,845 | | | | | | 14,250 | | | | | | 4.45 | | |
Communications Equipment | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sorenson Communications, LLC First Lien Secured Term Loan | | | L+ 6.50% (0.00% Floor) | | | 8.44% | | | | | 03/15/19 | | | | | | 04/29/24 | | | | | | 4,875 | | | | | | 4,749 | | | | | | 4,857 | | | | | | 1.55 | | |
Data Processing & Outsourced Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
FPT Operating Company, LLC/ TLabs Operating Company, LLC | | | | | | | | | | ||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan | | | L+ 8.25% (1.00% Floor) | | | 9.94% | | | | | 06/07/19 | | | | | | 06/07/24 | | | | | | 24,907 | | | | | | 24,685 | | | | | | 24,284 | | | | | | 7.76 | | |
Geo Logic Systems Ltd.(5) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan(13) | | | C+ 6.25% (1.00% Floor) | | | 8.26% | | | | | 12/19/19 | | | | | | 12/19/24 | | | | | | 21,718 | | | | | | 16,231 | | | | | | 16,415 | | | | | | 5.25 | | |
First Lien Secured Revolving Loan(7)(13) | | | C+ 6.25% (1.00% Floor) | | | 8.26% | | | | | 12/19/19 | | | | | | 12/19/24 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | 46,625 | | | | | | 40,916 | | | | | | 40,699 | | | | | | 13.01 | | |
Department Stores | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mills Fleet Farm Group, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 7.00% (1.00% Floor) | | | 9.04% (0.75% PIK) | | | | | 10/24/18 | | | | | | 10/24/24 | | | | | | 14,883 | | | | | | 14,591 | | | | | | 13,544 | | | | | | 4.33% | | |
Investment Type(1) | | | Spread Above Index(2) | | | Interest Rate(3) | | | Acquisition Date(10) | | | Maturity Date | | | Principal/ Share Amount | | | Amortized Cost | | | Fair Value(11) | | | Fair Value As A Percentage of Net Assets | | ||||||||||||||||||
Distributors | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Crown Brands, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 8.00% (1.50% Floor) | | | 9.80% | | | | | 01/28/19 | | | | | | 01/25/24 | | | | | | 5,727 | | | | | $ | 5,610 | | | | | $ | 5,596 | | | | | | 1.79% | | |
First Lien Secured Delayed Draw Loan(7) | | | L+ 8.00% (1.50% Floor) | | | 9.80% | | | | | 01/28/19 | | | | | | 01/25/24 | | | | | | — | | | | | | — | | | | | | (2) | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | 5,727 | | | | | | 5,610 | | | | | | 5,594 | | | | | | 1.79 | | |
Diversified Chemicals | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sklar Holdings, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.00% | | | 7.99% | | | | | 11/13/19 | | | | | | 05/13/23 | | | | | | 8,902 | | | | | | 8,731 | | | | | | 8,731 | | | | | | 2.79 | | |
| | | (1.00% Floor) | | | (1.00% PIK) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Revolving Loan(7) | | | L+ 6.00% (1.00% Floor) | | | 7.99% (1.00% PIK) | | | | | 11/13/19 | | | | | | 05/13/20 | | | | | | — | | | | | | — | | | | | | 2 | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | 8,902 | | | | | | 8,731 | | | | | | 8,733 | | | | | | 2.79 | | |
Diversified Support Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
ImageOne Industries, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 10.00% (1.00% Floor) | | | 11.80% (4.00% PIK) | | | | | 01/11/18 | | | | | | 01/11/23 | | | | | | 7,261 | | | | | | 7,097 | | | | | | 6,898 | | | | | | 2.20 | | |
First Lien Secured Revolving Loan(4) | | | L+ 10.00% (1.00% Floor) | | | 11.94% (4.00% PIK) | | | | | 07/22/19 | | | | | | 12/12/22 | | | | | | 525 | | | | | | 525 | | | | | | 525 | | | | | | 0.17 | | |
NNA Services, LLC First Lien Secured Term Loan | | | L+ 7.00% (1.50% Floor) | | | 8.84% | | | | | 10/16/18 | | | | | | 10/16/23 | | | | | | 9,889 | | | | | | 9,739 | | | | | | 9,889 | | | | | | 3.16 | | |
| | | | | | | | | | | | | | | | | | | | | | | 17,675 | | | | | | 17,361 | | | | | | 17,312 | | | | | | 5.53 | | |
Education Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
EducationDynamics, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 7.50% (1.00% Floor) | | | 9.42% | | | | | 11/26/19 | | | | | | 11/26/24 | | | | | | 11,750 | | | | | | 11,520 | | | | | | 11,519 | | | | | | 3.68 | | |
Environmental & Facilities Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
WH Lessor Corp. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.00% (1.00% Floor) | | | 7.79% | | | | | 12/26/19 | | | | | | 12/26/24 | | | | | | 6,458 | | | | | | 6,330 | | | | | | 6,329 | | | | | | 2.02 | | |
First Lien Secured Revolving Loan(7) | | | L+ 6.00% (1.00% Floor) | | | 7.79% | | | | | 12/26/19 | | | | | | 12/26/24 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | 6,458 | | | | | | 6,330 | | | | | | 6,329 | | | | | | 2.02 | | |
Food Retail | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
AG Kings Holdings, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan(8)(19) | | | P+ 11.00% (2.25% Floor) | | | 15.75% (2.00% PIK) | | | | | 08/10/16 | | | | | | 08/10/21 | | | | | | 13,250 | | | | | | 12,837 | | | | | | 7,668 | | | | | | 2.45 | | |
Health Care Facilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Grupo HIMA San Pablo, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan A | | | L+ 9.00% (1.50% Floor) | | | 10.94% | | | | | 05/15/19 | | | | | | 04/30/19 | | | | | | 3,855 | | | | | | 3,855 | | | | | | 3,276 | | | | | | 1.05 | | |
First Lien Secured Term Loan B | | | L+ 9.00% (1.50% Floor) | | | 10.94% | | | | | 02/01/13 | | | | | | 04/30/19 | | | | | | 13,511 | | | | | | 13,511 | | | | | | 11,484 | | | | | | 3.67 | | |
Second Lien Secured Term Loan(8) | | | N/A | | | 15.75% (2.00% PIK) | | | | | 02/01/13 | | | | | | 07/31/18 | | | | | | 1,028 | | | | | | 1,024 | | | | | | — | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | 18,394 | | | | | | 18,390 | | | | | | 14,760 | | | | | | 4.72 | | |
Health Care Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CHS Therapy, LLC First Lien Secured Term Loan A | | | L+ 8.50% (1.50% Floor) | | | 10.44% | | | | | 06/14/19 | | | | | | 06/14/24 | | | | | | 7,615 | | | | | | 7,486 | | | | | | 7,615 | | | | | | 2.43 | | |
Lab Logistics, LLC First Lien Secured Term Loan | | | L+ 6.50% (1.00% Floor) | | | 8.56% | | | | | 10/16/19 | | | | | | 09/25/23 | | | | | | 107 | | | | | | 106 | | | | | | 106 | | | | | | 0.03 | | |
First Lien Secured Delayed Draw Loan(7) | | | L+ 6.50% (1.00% Floor) | | | 8.44% | | | | | 10/16/19 | | | | | | 09/25/23 | | | | | | 5,289 | | | | | | 5,251 | | | | | | 5,251 | | | | | | 1.68 | | |
Investment Type(1) | | | Spread Above Index(2) | | | Interest Rate(3) | | | Acquisition Date(10) | | | Maturity Date | | | Principal/ Share Amount | | | Amortized Cost | | | Fair Value(11) | | | Fair Value As A Percentage of Net Assets | | ||||||||||||||||||
PMA Holdco, LLC First Lien Secured Term Loan | | | L+ 7.75% (1.00% Floor) | | | 9.69% (2.00% PIK) | | | | | 06/28/18 | | | | | | 06/28/23 | | | | | | 12,784 | | | | | $ | 12,595 | | | | | $ | 12,720 | | | | | | 4.06% | | |
| | | | | | | | | | | | | | | | | | | | | | | 25,795 | | | | | | 25,438 | | | | | | 25,692 | | | | | | 8.20 | | |
Home Furnishings | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sure Fit Home Products, LLC First Lien Secured Term Loan | | | L+ 9.75% (1.00% Floor) | | | 11.70% | | | | | 10/26/18 | | | | | | 07/13/22 | | | | | | 5,250 | | | | | | 5,178 | | | | | | 5,040 | | | | | | 1.61 | | |
Human Resources & Employment Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Pluto Acquisition Topco, LLC First Lien Secured Term Loan(18) | | | L+ 6.31% (1.50% Floor) | | | 8.23% | | | | | 01/31/19 | | | | | | 01/31/24 | | | | | | 12,354 | | | | | | 12,152 | | | | | | 12,354 | | | | | | 3.95 | | |
Interactive Media & Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
What If Media Group, LLC First Lien Secured Term Loan | | | L+ 7.00% (1.00% Floor) | | | 8.80% | | | | | 10/02/19 | | | | | | 10/02/24 | | | | | | 12,919 | | | | | | 12,673 | | | | | | 12,673 | | | | | | 4.05 | | |
Internet & Direct Marketing Retail | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Potpourri Group, Inc. First Lien Secured Term Loan | | | L+ 8.25% (1.50% Floor) | | | 9.94% | | | | | 07/03/19 | | | | | | 07/03/24 | | | | | | 18,763 | | | | | | 18,385 | | | | | | 18,424 | | | | | | 5.89 | | |
Investment Banking & Brokerage | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Arcole Acquisition Corp(5) First Lien Secured Term Loan A | | | L+ 8.25% (1.00% Floor) | | | 10.16% | | | | | 11/29/18 | | | | | | 11/30/23 | | | | | | 5,231 | | | | | | 5,156 | | | | | | 4,968 | | | | | | 1.59 | | |
First Lien Secured Term Loan B | | | L+ 14.50% (1.00% Floor) | | | 16.41% (1.50% PIK) | | | | | 11/29/18 | | | | | | 11/30/23 | | | | | | 1,805 | | | | | | 1,779 | | | | | | 1,777 | | | | | | 0.57 | | |
JVMC Holdings Corp. (f/k/a RJO Holdings Corp) First Lien Secured Term Loan | | | L+ 6.50% (1.00% Floor) | | | 8.30% | | | | | 02/28/19 | | | | | | 02/28/24 | | | | | | 16,190 | | | | | | 16,055 | | | | | | 16,190 | | | | | | 5.17 | | |
| | | | | | | | | | | | | | | | | | | | | | | 23,226 | | | | | | 22,990 | | | | | | 22,935 | | | | | | 7.33 | | |
IT Consulting & Other Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
AST-Applications Software Technology LLC First Lien Secured Term Loan | | | L+ 8.00% (1.00% Floor) | | | 9.80% (1.00% PIK) | | | | | 01/10/17 | | | | | | 01/10/23 | | | | | | 4,236 | | | | | | 4,187 | | | | | | 4,236 | | | | | | 1.35 | | |
Leisure Facilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Honors Holdings, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan(17) | | | L+ 6.86% (1.00% Floor) | | | 8.74% | | | | | 09/06/19 | | | | | | 09/06/24 | | | | | | 9,405 | | | | | | 9,264 | | | | | | 9,305 | | | | | | 2.97 | | |
First Lien Secured Delayed Draw Loan(17) | | | L+ 6.00% (1.00% Floor) | | | 7.90% | | | | | 09/06/19 | | | | | | 09/06/24 | | | | | | 4,662 | | | | | | 4,616 | | | | | | 4,612 | | | | | | 1.47 | | |
Lift Brands, Inc. First Lien Secured Term Loan | | | L+ 7.50% (1.00% Floor) | | | 9.44% (0.50% PIK) | | | | | 04/16/18 | | | | | | 04/16/23 | | | | | | 10,532 | | | | | | 10,387 | | | | | | 10,038 | | | | | | 3.21 | | |
First Lien Secured Revolving Loan(7) | | | P+ 6.00% (2.76% Floor) | | | 10.75% | | | | | 04/16/18 | | | | | | 04/16/23 | | | | | | 158 | | | | | | 156 | | | | | | 131 | | | | | | 0.04 | | |
| | | | | | | | | | | | | | | | | | | | | | | 24,757 | | | | | | 24,423 | | | | | | 24,086 | | | | | | 7.69 | | |
Office Services & Supplies | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Empire Office, Inc. First Lien Secured Term Loan | | | L+ 6.75% (1.50% Floor) | | | 8.55% | | | | | 04/12/19 | | | | | | 04/12/24 | | | | | | 12,224 | | | | | | 12,015 | | | | | | 12,029 | | | | | | 3.84 | | |
Other Diversified Financial Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sigue Corporation Second Lien Secured Term Loan(4) | | | L+ 12.00% (1.00% Floor) | | | 13.94% | | | | | 12/27/13 | | | | | | 05/01/20 | | | | | | 24,904 | | | | | | 24,905 | | | | | | 24,655 | | | | | | 7.88 | | |
Packaged Foods & Meats | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Lenny & Larry’s, LLC First Lien Secured Term Loan(18) | | | L+ 7.97% (1.00% Floor) | | | 9.71% (1.18% PIK) | | | | | 05/15/18 | | | | | | 05/15/23 | | | | | | 12,293 | | | | | | 12,128 | | | | | | 11,924 | | | | | | 3.81 | | |
Investment Type(1) | | | Spread Above Index(2) | | | Interest Rate(3) | | | Acquisition Date(10) | | | Maturity Date | | | Principal/ Share Amount | | | Amortized Cost | | | Fair Value(11) | | | Fair Value As A Percentage of Net Assets | | ||||||||||||||||||
Research & Consulting Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Nelson Worldwide, LLC First Lien Secured Term Loan | | | L+ 9.25% (1.00% Floor) | | | 11.23% | | | | | 01/09/18 | | | | | | 01/09/23 | | | | | | 13,603 | | | | | $ | 13,397 | | | | | $ | 13,263 | | | | | | 4.24% | | |
ALM Media, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.50% (1.00% Floor) | | | 8.44% | | | | | 11/25/19 | | | | | | 11/25/24 | | | | | | 15,750 | | | | | | 15,441 | | | | | | 15,441 | | | | | | 4.93 | | |
| | | | | | | | | | | | | | | | | | | | | | | 29,353 | | | | | | 28,838 | | | | | | 28,704 | | | | | | 9.17 | | |
Restaurants | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
LS GFG Holdings Inc. First Lien Secured Term Loan | | | L+ 6.00% (0.00% Floor) | | | 7.80% | | | | | 11/30/18 | | | | | | 11/19/25 | | | | | | 10,237 | | | | | | 9,977 | | | | | | 9,717 | | | | | | 3.10 | | |
Specialized Consumer Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
True Blue Car Wash, LLC First Lien Secured Term Loan | | | L+ 8.12% (1.00% Floor) | | | 9.91% | | | | | 10/17/19 | | | | | | 10/17/24 | | | | | | 4,461 | | | | | | 4,375 | | | | | | 4,375 | | | | | | 1.40 | | |
First Lien Secured Revolving Loan(7) | | | L+ 8.12% (1.00% Floor) | | | 9.91% | | | | | 10/17/19 | | | | | | 10/17/24 | | | | | | — | | | | | | — | | | | | | (20) | | | | | | (0.01) | | |
| | | | | | | | | | | | | | | | | | | | | | | 4,461 | | | | | | 4,375 | | | | | | 4,355 | | | | | | 1.39 | | |
Specialty Chemicals | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Flexitallic Group SAS First Lien Secured Term Loan | | | L+ 6.50% (1.00% Floor) | | | 8.44% | | | | | 10/28/19 | | | | | | 10/29/26 | | | | | | 11,750 | | | | | | 11,461 | | | | | | 11,463 | | | | | | 3.66 | | |
Specialized Finance | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Golden Pear Funding Assetco, LLC(5) Second Lien Secured Term Loan | | | L+ 10.50% (1.00% Floor) | | | 12.19% | | | | | 09/20/18 | | | | | | 03/20/24 | | | | | | 17,500 | | | | | | 17,232 | | | | | | 17,500 | | | | | | 5.59 | | |
Oasis Legal Finance, LLC(5) Second Lien Secured Term Loan | | | L+ 10.75% (1.00% Floor) | | | 12.44% | | | | | 09/09/16 | | | | | | 03/09/22 | | | | | | 20,000 | | | | | | 19,841 | | | | | | 20,000 | | | | | | 6.39 | | |
WHF STRS Ohio Senior Loan Fund LLC Subordinated Note(4)(5)(7)(14)(15) | | | L+ 6.50% | | | 8.16% | | | | | 07/19/19 | | | | | | NA | | | | | | 26,344 | | | | | | 26,344 | | | | | | 26,344 | | | | | | 8.42 | | |
| | | | | | | | | | | | | | | | | | | | | | | 63,844 | | | | | | 63,417 | | | | | | 63,844 | | | | | | 20.40 | | |
Systems Software | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Vero Parent, Inc. First Lien Secured Term Loan | | | L+ 6.00% (1.00% Floor) | | | 7.91% | | | | | 11/06/19 | | | | | | 08/16/24 | | | | | | 20,000 | | | | | | 18,014 | | | | | | 19,025 | | | | | | 6.08 | | |
Trading Companies & Distributors | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Vessco Holdings, LLC First Lien Secured Term Loan | | | L+ 6.50% (1.50% Floor) | | | 8.41% | | | | | 08/22/19 | | | | | | 08/22/24 | | | | | | 19,067 | | | | | | 18,713 | | | | | | 18,696 | | | | | | 5.97 | | |
Technology Hardware, Storage & Peripherals | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Source Code Midco, LLC First Lien Secured Term Loan | | | L+ 8.25% (1.00% Floor) | | | 10.18% | | | | | 05/04/18 | | | | | | 05/04/23 | | | | | | 23,566 | | | | | | 23,112 | | | | | | 23,566 | | | | | | 7.53% | | |
Total Debt Investments | | | | | | | | | | | | | | | | | | | | | | | 591,199 | | | | | | 575,686 | | | | | | 566,374 | | | | | | 180.94 | | |
Equity Investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Advertising | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fluent, Inc. (f/k/a Cogint, Inc.)(4)(9) | | | N/A | | | N/A | | | | | 11/28/17 | | | | | | N/A | | | | | | 187 | | | | | | 560 | | | | | | 467 | | | | | | 0.15 | | |
Diversified Support Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Quest Events, LLC Preferred Units(4) | | | N/A | | | N/A | | | | | 12/28/18 | | | | | | 12/08/25 | | | | | | 317 | | | | | | 317 | | | | | | 276 | | | | | | 0.09 | | |
ImageOne Industries, LLC Common A Units(4) | | | N/A | | | N/A | | | | | 09/20/19 | | | | | | N/A | | | | | | 149 | | | | | | — | | | | | | 48 | | | | | | 0.02 | | |
Health Care Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Lab Logistics Preferred Units | | | N/A | | | N/A | | | | | 10/29/19 | | | | | | N/A | | | | | | 2 | | | | | | 857 | | | | | | 857 | | | | | | 0.27 | | |
PMA Holdco, LLC Warrants(4) | | | N/A | | | N/A | | | | | 06/28/18 | | | | | | 06/28/28 | | | | | | 8 | | | | | | — | | | | | | 461 | | | | | | 0.15 | | |
| | | | | | | | | | | | | | | | | | | | | | | 10 | | | | | | 857 | | | | | | 1,318 | | | | | | 0.42 | | |
|
Investment Type(1) | | | Spread Above Index(2) | | | Interest Rate(3) | | | Acquisition Date(10) | | | Maturity Date | | | Principal/ Share Amount | | | Amortized Cost | | | Fair Value(11) | | | Fair Value As A Percentage of Net Assets | | ||||||||||||||||||
Other Diversified Financial Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
RCS Creditor Trust Class B Units(4)(6) | | | N/A | | | N/A | | | | | 10/01/17 | | | | | | N/A | | | | | | 143 | | | | | $ | — | | | | | $ | — | | | | | | —% | | |
SFS Global Holding Company Warrants(4) | | | N/A | | | N/A | | | | | 06/28/18 | | | | | | 12/28/25 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Sigue Corporation Warrants(4) | | | N/A | | | N/A | | | | | 06/28/18 | | | | | | 12/28/25 | | | | | | 22 | | | | | | 2,890 | | | | | | 3,721 | | | | | | 1.19 | | |
| | | | | | | | | | | | | | | | | | | | | | | 165 | | | | | | 2,890 | | | | | | 3,721 | | | | | | 1.19 | | |
Specialized Finance | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
NMFC Senior Loan Program I LLC Units(4)(5)(6) | | | N/A | | | N/A | | | | | 06/10/14 | | | | | | 08/31/22 | | | | | | 10,000 | | | | | | 10,029 | | | | | | 9,651 | | | | | | 3.08 | | |
WHF STRS Ohio Senior Loan Fund LLC(4)(5)(7)(14) | | | N/A | | | N/A | | | | | 07/19/19 | | | | | | N/A | | | | | | 6,586 | | | | | | 6,586 | | | | | | 6,949 | | | | | | 2.22 | | |
Trading Companies & Distributors | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Vessco Holdings, LLC(4) | | | N/A | | | N/A | | | | | 08/22/19 | | | | | | N/A | | | | | | 489 | | | | | | 800 | | | | | | 800 | | | | | | 0.26 | | |
Trucking | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Europcar Mobility Group(5) | | | N/A | | | N/A | | | | | 10/31/19 | | | | | | 12/31/22 | | | | | | — | | | | | | — | | | | | | 84 | | | | | | 0.03 | | |
Total Equity Investments | | | | | | | | | | | | | | | | | | | | | | | 17,903 | | | | | | 22,039 | | | | | | 23,314 | | | | | | 7.46 | | |
Total Investments | | | | | | | | | | | | | | | | | | | | | | | 609,102 | | | | | $ | 597,725 | | | | | $ | 589,688 | | | | | | 188.40% | | |
|
| | | December 31, 2020 | | | December 31, 2019 | | ||||||||||||||||||
| | | Cost | | | Fair Value | | | Cost | | | Fair Value | | ||||||||||||
First lien secured loans | | | | $ | 588,260 | | | | | $ | 588,580 | | | | | $ | 486,340 | | | | | $ | 477,875 | | |
Second lien secured loans | | | | | 29,371 | | | | | | 27,596 | | | | | | 63,002 | | | | | | 62,155 | | |
Subordinated Note to STRS JV | | | | | 41,073 | | | | | | 41,073 | | | | | | 26,344 | | | | | | 26,344 | | |
Equity (excluding STRS JV) | | | | | 26,457 | | | | | | 23,319 | | | | | | 15,453 | | | | | | 16,365 | | |
Equity in STRS JV | | | | | 10,268 | | | | | | 10,167 | | | | | | 6,586 | | | | | | 6,949 | | |
Total | | | | $ | 695,429 | | | | | $ | 690,735 | | | | | $ | 597,725 | | | | | $ | 589,688 | | |
| | | December 31, 2020 | | | December 31, 2019 | | ||||||||||||||||||
Advertising | | | | $ | 15,159 | | | | | | 2.37% | | | | | $ | 9,804 | | | | | | 1.76% | | |
Agricultural & Farm Machinery | | | | | 9,201 | | | | | | 1.44 | | | | | | 10,073 | | | | | | 1.81 | | |
Air Freight & Logistics | | | | | 5,359 | | | | | | 0.84 | | | | | | 5,600 | | | | | | 1.01 | | |
Application Software | | | | | 28,397 | | | | | | 4.43 | | | | | | 5,395 | | | | | | 0.97 | | |
Automotive Retail | | | | | 22,139 | | | | | | 3.46 | | | | | | 24,890 | | | | | | 4.47 | | |
Broadcasting | | | | | 4,844 | | | | | | 0.76 | | | | | | 12,396 | | | | | | 2.23 | | |
Building Products | | | | | 19,751 | | | | | | 3.09 | | | | | | — | | | | | | — | | |
Cable & Satellite | | | | | 14,250 | | | | | | 2.23 | | | | | | 14,250 | | | | | | 2.56 | | |
Communications Equipment | | | | | 15,770 | | | | | | 2.47 | | | | | | 4,857 | | | | | | 0.87 | | |
Construction & Engineering | | | | | 26,229 | | | | | | 4.09 | | | | | | — | | | | | | — | | |
Construction Material | | | | | 7,840 | | | | | | 1.23 | | | | | | — | | | | | | — | | |
Consumer Finance | | | | | 9,682 | | | | | | 1.51 | | | | | | — | | | | | | — | | |
Data Processing & Outsourced Services | | | | | 36,861 | | | | | | 5.76 | | | | | | 40,699 | | | | | | 7.32 | | |
Department Stores | | | | | 13,272 | | | | | | 2.08 | | | | | | 13,544 | | | | | | 2.43 | | |
Distributors | | | | | 4,158 | | | | | | 0.65 | | | | | | 5,594 | | | | | | 1.01 | | |
Diversified Chemicals | | | | | 8,834 | | | | | | 1.38 | | | | | | 8,733 | | | | | | 1.57 | | |
Diversified Support Services | | | | | 20,241 | | | | | | 3.17 | | | | | | 17,636 | | | | | | 3.17 | | |
Education Services | | | | | 13,612 | | | | | | 2.13 | | | | | | 11,519 | | | | | | 2.07 | | |
Environmental & Facilities Services | | | | | — | | | | | | — | | | | | | 6,329 | | | | | | 1.14 | | |
Food Retail | | | | | 21,822 | | | | | | 3.41 | | | | | | 7,668 | | | | | | 1.38 | | |
Health Care Facilities | | | | | 15,188 | | | | | | 2.37 | | | | | | 14,760 | | | | | | 2.65 | | |
Health Care Services | | | | | 39,600 | | | | | | 6.19 | | | | | | 27,010 | | | | | | 4.85 | | |
Home Furnishings | | | | | 4,019 | | | | | | 0.63 | | | | | | 5,040 | | | | | | 0.91 | | |
Human Resource & Employment Services | | | | | — | | | | | | — | | | | | | 12,354 | | | | | | 2.22 | | |
Interactive Media & Services | | | | | 12,594 | | | | | | 1.97 | | | | | | 12,673 | | | | | | 2.28 | | |
Internet & Direct Marketing Retail | | | | | 36,556 | | | | | | 5.72 | | | | | | 18,424 | | | | | | 3.31 | | |
Investment Banking & Brokerage | | | | | 20,046 | | | | | | 3.14 | | | | | | 22,935 | | | | | | 4.12 | | |
IT Consulting & Other Services | | | | | 15,665 | | | | | | 2.45 | | | | | | 4,236 | | | | | | 0.76 | | |
Leisure Facilities | | | | | 20,745 | | | | | | 3.24 | | | | | | 24,086 | | | | | | 4.33 | | |
Office Services & Supplies | | | | | 10,489 | | | | | | 1.64 | | | | | | 12,029 | | | | | | 2.16 | | |
Other Diversified Financial Services | | | | | 3,498 | | | | | | 0.55 | | | | | | 28,376 | | | | | | 5.10 | | |
Packaged Foods & Meats | | | | | 10,811 | | | | | | 1.69 | | | | | | 11,924 | | | | | | 2.14 | | |
Personal Products | | | | | 11,270 | | | | | | 1.76 | | | | | | — | | | | | | — | | |
Property & Casualty Insurance | | | | | 6,115 | | | | | | 0.96 | | | | | | — | | | | | | — | | |
Research & Consulting Services | | | | | 32,631 | | | | | | 5.10 | | | | | | 28,704 | | | | | | 5.16 | | |
Restaurants | | | | | 9,779 | | | | | | 1.53 | | | | | | 9,717 | | | | | | 1.75 | | |
Specialized Consumer Services | | | | | 6,363 | | | | | | 1.00 | | | | | | 4,355 | | | | | | 0.78 | | |
Specialized Finance | | | | | 32,707 | | | | | | 5.11 | | | | | | 47,151 | | | | | | 8.47 | | |
Specialty Chemicals | | | | | 10,818 | | | | | | 1.69 | | | | | | 11,463 | | | | | | 2.06 | | |
Systems Software | | | | | 7,074 | | | | | | 1.11 | | | | | | 19,025 | | | | | | 3.42 | | |
Technology Hardware, Storage & Peripherals | | | | | 36,106 | | | | | | 5.65 | | | | | | 23,566 | | | | | | 4.24 | | |
Trading Companies & Distributors | | | | | — | | | | | | — | | | | | | 19,496 | | | | | | 3.50 | | |
Trucking | | | | | — | | | | | | — | | | | | | 84 | | | | | | 0.02 | | |
Total | | | | $ | 639,495 | | | | | | 100.00% | | | | | $ | 556,395 | | | | | | 100.00% | | |
Affiliated Person(1) | | | Type of Asset | | | Amount of dividends and interest included in income | | | Beginning Fair Value at December 31, 2019 | | | Purchases | | | Sales | | | Net Realized Gain (Loss) | | | Net Change in Unrealized Appreciation (Depreciation) | | | Ending Fair Value at December 31, 2020 | | ||||||||||||||||||||||||
Non-controlled affiliates | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Arcole Holding Corp Shares | | | | | Equity | | | | | $ | 114 | | | | | $ | — | | | | | $ | 6,944 | | | | | $ | — | | | | | $ | — | | | | | $ | (496) | | | | | $ | 6,448 | | |
NMFC Senior Loan | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Program I LLC Units | | | | | Equity | | | | | | 1,069 | | | | | | 9,651 | | | | | | — | | | | | | — | | | | | | — | | | | | | (382) | | | | | | 9,269 | | |
Total Non-controlled | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
affiliates | | | | | | | | | | $ | 1,183 | | | | | $ | 9,651 | | | | | $ | 6,944 | | | | | $ | — | | | | | $ | — | | | | | $ | (878) | | | | | $ | 15,717 | | |
Affiliated Person(1) | | | Type of Asset | | | Amount of dividends and interest included in income | | | Beginning Fair Value at December 31, 2019 | | | Purchases | | | Sales | | | Net Realized Gain (Loss) | | | Net Change in Unrealized Appreciation (Depreciation) | | | Ending Fair Value at December 31, 2020 | | |||||||||||||||||||||
Controlled affiliates WHF STRS Ohio Senior Loan Fund LLC* | | | Subordinate Note | | | | $ | 2,595 | | | | | $ | 26,344 | | | | | $ | 14,729 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 41,073 | | |
WHF STRS Ohio Senior Loan Fund LLC*. | | | Equity | | | | | 1,761 | | | | | | 6,949 | | | | | | 3,682 | | | | | | — | | | | | | — | | | | | | (464) | | | | | | 10,167 | | |
Total Controlled affiliates | | | | | | | $ | 4,356 | | | | | | 33,293 | | | | | $ | 18,411 | | | | | $ | — | | | | | $ | — | | | | | $ | (464) | | | | | $ | 51,240 | | |
Affiliated Person(1) | | | Type of Asset | | | Amount of dividends and interest included in income | | | Beginning Fair Value at December 31, 2018 | | | Purchases | | | Sales | | | Net Realized Gain (Loss) | | | Net Change in Unrealized Appreciation (Depreciation) | | | Ending Fair Value at December 31, 2019 | | ||||||||||||||||||||||||
Non-controlled affiliates | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
NMFC Senior Loan Program I LLC Units | | | | | Equity | | | | | $ | 1,173 | | | | | $ | 9,630 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 21 | | | | | $ | 9,651 | | |
RCS Creditor Trust Class B Units | | | | | Equity | | | | | | — | | | | | | 535 | | | | | | — | | | | | | — | | | | | | — | | | | | | (535) | | | | | | — | | |
Total Non-controlled affiliates | | | | | | | | | | $ | 1,173 | | | | | $ | 10,165 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | (514) | | | | | $ | 9,651 | | |
Affiliated Person(1) | | | Type of Asset | | | Amount of dividends and interest included in income | | | Beginning Fair Value at December 31, 2018 | | | Purchases | | | Sales | | | Net Realized Gain (Loss) | | | Net Change in Unrealized Appreciation (Depreciation) | | | Ending Fair Value at December 31, 2019 | | |||||||||||||||||||||
Controlled affiliates WHF STRS Ohio Senior Loan Fund LLC* | | | Subordinated Note | | | | $ | 936 | | | | | $ | — | | | | | $ | 26,344 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 26,344 | | |
WHF STRS Ohio Senior Loan Fund LLC*. | | | Equity | | | | | — | | | | | | — | | | | | | 6,586 | | | | | | — | | | | | | — | | | | | | 363 | | | | | | 6,949 | | |
Total Controlled affiliates | | | | | | | $ | 936 | | | | | $ | — | | | | | $ | 32,930 | | | | | $ | — | | | | | $ | — | | | | | $ | 363 | | | | | $ | 33,293 | | |
Investment Type(1) | | | Spread Above Index(2) | | | Interest Rate(3) | | | Acquisition Date(4) | | | Maturity Date | | | Principal/ Share Amount | | | Amortized Cost | | | Fair Value(5) | | ||||||||||||||||||
North America | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Debt Investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Advertising | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
SmartSign Holdings LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.00% | | | | | 7.00% | | | | | | 10/21/19 | | | | | | 10/11/24 | | | | | | 8,753 | | | | | $ | 8,620 | | | | | $ | 8,710 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Revolving Loan | | | L+ 6.00% | | | | | 7.00% | | | | | | 10/21/19 | | | | | | 10/11/24 | | | | | | 545 | | | | | | 537 | | | | | | 546 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | 9,298 | | | | | | 9,157 | | | | | | 9,256 | | |
Investment Type(1) | | | Spread Above Index(2) | | | Interest Rate(3) | | | Acquisition Date(4) | | | Maturity Date | | | Principal/ Share Amount | | | Amortized Cost | | | Fair Value(5) | | ||||||||||||||||||
Building Products | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Drew Foam Companies Inc | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.50% | | | | | 7.50% | | | | | | 11/09/20 | | | | | | 11/24/25 | | | | | | 10,079 | | | | | $ | 9,883 | | | | | $ | 9,882 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Revolving Loan | | | L+ 6.50% | | | | | 7.50% | | | | | | 11/09/20 | | | | | | 11/05/25 | | | | | | 332 | | | | | | 325 | | | | | | 325 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
LHS Borrower, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.75% | | | | | 7.75% | | | | | | 10/09/20 | | | | | | 09/30/25 | | | | | | 9,689 | | | | | | 9,478 | | | | | | 9,543 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Revolving Loan | | | L+ 6.75% | | | | | 7.75% | | | | | | 10/09/20 | | | | | | 09/30/25 | | | | | | — | | | | | | — | | | | | | 4 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | 20,100 | | | | | | 19,686 | | | | | | 19,754 | | |
Construction & Engineering | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
SFP Holding, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.25% | | | | | 7.25% | | | | | | 12/13/19 | | | | | | 09/01/22 | | | | | | 6,483 | | | | | | 6,482 | | | | | | 6,389 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Delayed Draw Loan | | | L+ 6.25% | | | | | 7.25% | | | | | | 12/13/19 | | | | | | 09/01/22 | | | | | | 6,713 | | | | | | 6,711 | | | | | | 6,610 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Revolving Loan | | | L+ 6.25% | | | | | 7.25% | | | | | | 12/31/19 | | | | | | 09/01/22 | | | | | | — | | | | | | — | | | | | | (13) | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Tensar Corp. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.75% | | | | | 7.75% | | | | | | 11/24/20 | | | | | | 08/20/25 | | | | | | 7,000 | | | | | | 6,829 | | | | | | 6,829 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | 20,196 | | | | | | 20,022 | | | | | | 19,815 | | |
Data Processing & Outsourced Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Geo Logic Systems Ltd. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan(7) | | | L+ 6.24% | | | | | 7.25% | | | | | | 01/22/20 | | | | | | 12/19/24 | | | | | | 14,466 | | | | | | 10,894 | | | | | | 11,133 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Revolving Loan(7) | | | L+ 6.24% | | | | | 7.25% | | | | | | 01/22/20 | | | | | | 12/19/24 | | | | | | — | | | | | | — | | | | | | (3) | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | 14,466 | | | | | | 10,894 | | | | | | 11,130 | | |
Diversified Support Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Quest Events, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.00% | | | | | 7.00% | | | | | | 07/19/19 | | | | | | 12/28/24 | | | | | | 11,649 | | | | | | 11,490 | | | | | | 9,470 | | |
| | | (1.00% Floor) | | | | | (3.50% PIK) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Revolving Loan | | | L+ 6.00% | | | | | 7.00% | | | | | | 07/19/19 | | | | | | 12/28/24 | | | | | | 935 | | | | | | 922 | | | | | | 760 | | |
| | | (1.00% Floor) | | | | | (3.50% PIK) | | | | | | | | | | | | | | | | | | 12,584 | | | | | | 12,412 | | | | | | 10,230 | | |
|
Investment Type(1) | | | Spread Above Index(2) | | | Interest Rate(3) | | | Acquisition Date(4) | | | Maturity Date | | | Principal/ Share Amount | | | Amortized Cost | | | Fair Value(5) | | ||||||||||||||||||
Environmental & Facilities Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
WH Lessor Corp. | | | | | | | | | | | �� | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.00% | | | | | 7.00% | | | | | | 01/22/20 | | | | | | 11/24/25 | | | | | | 6,259 | | | | | $ | 6,155 | | | | | $ | 6,239 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Revolving Loan | | | L+ 6.00% | | | | | 7.00% | | | | | | 01/22/20 | | | | | | 12/26/24 | | | | | | — | | | | | | — | | | | | | 9 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | 6,259 | | | | | | 6,155 | | | | | | 6,248 | | |
Human Resource & Employment Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Pluto Acquisition Topco, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan(8) | | | L+ 6.31% | | | | | 7.81% | | | | | | 05/19/20 | | | | | | 01/31/24 | | | | | | 11,549 | | | | | | 11,405 | | | | | | 11,549 | | |
| | | (1.50% Floor) | | | | | | | | | | | | | | | | | | | | | | | 11,549 | | | | | | 11,405 | | | | | | 11,549 | | |
Industrial Machinery | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
FR Flow Control CB LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan B | | | L+ 6.00% | | | | | 7.00% | | | | | | 07/19/19 | | | | | | 06/28/26 | | | | | | 7,269 | | | | | | 7,154 | | | | | | 7,088 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan C | | | L+ 6.00% | | | | | 7.00% | | | | | | 07/19/19 | | | | | | 06/28/26 | | | | | | 2,870 | | | | | | 2,825 | | | | | | 2,798 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | 10,139 | | | | | | 9,979 | | | | | | 9,886 | | |
Insurance Brokers | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
SelectQuote, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.00% | | | | | 7.00% | | | | | | 11/05/19 | | | | | | 11/05/24 | | | | | | 7,838 | | | | | | 7,718 | | | | | | 7,838 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | 7,838 | | | | | | 7,718 | | | | | | 7,838 | | |
Internet & Direct Marketing Retail | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Marlin DTC-LS Midco 2, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 5.50% | | | | | 6.50% | | | | | | 07/19/19 | | | | | | 07/01/25 | | | | | | 13,577 | | | | | | 13,373 | | | | | | 13,501 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Revolving Loan | | | L+ 5.50% | | | | | 6.50% | | | | | | 07/19/19 | | | | | | 07/01/25 | | | | | | — | | | | | | — | | | | | | 10 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | 13,577 | | | | | | 13,373 | | | | | | 13,511 | | |
Investment Banking & Brokerage | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
TOUR Intermediate Holdings, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 7.00% | | | | | 8.00% | | | | | | 05/19/20 | | | | | | 05/15/25 | | | | | | 8,194 | | | | | | 8,059 | | | | | | 8,194 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Delayed Draw Loan | | | L+ 7.00% | | | | | 8.00% | | | | | | 05/19/20 | | | | | | 05/15/25 | | | | | | 2,882 | | | | | | 2,859 | | | | | | 2,882 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | 11,076 | | | | | | 10,918 | | | | | | 11,076 | | |
Packaged Foods & Meats | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mikawaya Holdings, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 5.75% | | | | | 7.00% | | | | | | 02/18/20 | | | | | | 01/29/25 | | | | | | 3,057 | | | | | | 3,007 | | | | | | 3,057 | | |
| | | (1.25% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Poultry Holdings, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 5.75% | | | | | 6.75% | | | | | | 10/21/19 | | | | | | 06/28/25 | | | | | | 7,728 | | | | | | 7,606 | | | | | | 7,265 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment Type(1) | | | Spread Above Index(2) | | | Interest Rate(3) | | | Acquisition Date(4) | | | Maturity Date | | | Principal/ Share Amount | | | Amortized Cost | | | Fair Value(5) | | ||||||||||||||||||
Stella & Chewy's | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.50% | | | | | 7.50% | | | | | | 12/29/20 | | | | | | 12/16/25 | | | | | | 5,312 | | | | | $ | 5,206 | | | | | $ | 5,206 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Delayed Draw Loan(6) | | | L+ 6.50% | | | | | 7.50% | | | | | | 12/29/20 | | | | | | 12/16/25 | | | | | | — | | | | | | — | | | | | | — | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Westrock Coffee Company, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 8.25% | | | | | 9.75% | | | | | | 03/20/20 | | | | | | 02/28/25 | | | | | | 9,234 | | | | | | 9,137 | | | | | | 9,049 | | |
| | | (1.50% Floor) | | | | | (1.00% PIK) | | | | | | | | | | | | | | | | | | 25,331 | | | | | | 24,956 | | | | | | 24,577 | | |
Personal Products | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sunless, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.50% | | | | | 7.50% | | | | | | 10/21/19 | | | | | | 08/13/24 | | | | | | 4,828 | | | | | | 4,734 | | | | | | 4,345 | | |
| | | (1.00% Floor) | | | | | (0.50% PIK) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Revolving Loan | | | L+ 6.50% | | | | | 7.50% | | | | | | 10/21/19 | | | | | | 08/13/24 | | | | | | — | | | | | | — | | | | | | (113) | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | 4,828 | | | | | | 4,734 | | | | | | 4,232 | | |
Systems Software | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
arcserve (USA) LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.00% | | | | | 7.00% | | | | | | 07/19/19 | | | | | | 05/01/24 | | | | | | 8,110 | | | | | | 8,001 | | | | | | 8,110 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | 8,110 | | | | | | 8,001 | | | | | | 8,110 | | |
Technology Hardware, Storage & Peripherals | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
PS Lightwave, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.75% | | | | | 8.25% | | | | | | 05/19/20 | | | | | | 03/10/25 | | | | | | 7,435 | | | | | | 7,306 | | | | | | 7,334 | | |
| | | (1.50% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Delayed Draw Loan | | | L+ 6.75% | | | | | 8.25% | | | | | | 05/19/20 | | | | | | 03/10/25 | | | | | | — | | | | | | — | | | | | | 6 | | |
| | | (1.50% Floor) | | | | | | | | | | | | | | | | | | | | | | | 7,435 | | | | | | 7,306 | | | | | | 7,340 | | |
Total Investments | | | | | | | | | | | | | | | | | | | | | | | | | | 182,786 | | | | | $ | 176,716 | | | | | $ | 174,552 | | |
|
Investment Type(1) | | | Spread Above Index(2) | | | Interest Rate(3) | | | Acquisition Date(4) | | | Maturity Date | | | Principal/ Share Amount | | | Amortized Cost | | | Fair Value(5) | | ||||||||||||||||||
North America | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Debt Investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Advertising | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
SmartSign Holdings LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.00% | | | | | 10.19% | | | | | | 10/21/19 | | | | | | 10/11/24 | | | | | | 8,841 | | | | | $ | 8,672 | | | | | $ | 8,672 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Revolving Loan | | | L+ 6.00% | | | | | 10.19% | | | | | | 10/21/19 | | | | | | 10/11/24 | | | | | | — | | | | | | — | | | | | | — | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | 8,841 | | | | | | 8,672 | | | | | | 8,672 | | |
Construction & Engineering | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
SFP Holding, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.25% | | | | | 8.14% | | | | | | 12/13/19 | | | | | | 09/01/22 | | | | | | 9,932 | | | | | | 9,927 | | | | | | 9,932 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Delayed Draw Loan | | | L+ 6.25% | | | | | 8.14% | | | | | | 12/13/19 | | | | | | 09/01/22 | | | | | | 85 | | | | | | 84 | | | | | | 85 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Delayed Draw Loan | | | L+ 6.25% | | | | | 8.14% | | | | | | 12/13/19 | | | | | | 12/14/20 | | | | | | — | | | | | | — | | | | | | 47 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Revolving Loan | | | L+ 6.25% | | | | | 8.41% | | | | | | 12/13/19 | | | | | | 09/01/22 | | | | | | 61 | | | | | | 61 | | | | | | 68 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | 10,078 | | | | | | 10,072 | | | | | | 10,132 | | |
Diversified Support Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Quest Events, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.00% | | | | | 7.94% | | | | | | 07/19/19 | | | | | | 12/28/24 | | | | | | 10,833 | | | | | | 10,634 | | | | | | 10,508 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Revolving Loan | | | L+ 6.00% | | | | | 7.94% | | | | | | 07/19/19 | | | | | | 12/28/24 | | | | | | — | | | | | | — | | | | | | (11) | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | 10,833 | | | | | | 10,634 | | | | | | 10,497 | | |
Health Care Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Akumin Corp. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.00% | | | | | 7.80% | | | | | | 07/19/19 | | | | | | 05/31/24 | | | | | | 13,632 | | | | | | 13,392 | | | | | | 13,482 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | 13,632 | | | | | | 13,392 | | | | | | 13,482 | | |
Industrial Machinery | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
FR Flow Control CB LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan B | | | L+ 6.00% | | | | | 7.94% | | | | | | 07/19/19 | | | | | | 06/28/26 | | | | | | 7,343 | | | | | | 7,206 | | | | | | 7,183 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan C | | | L+ 6.00% | | | | | 7.94% | | | | | | 07/19/19 | | | | | | 06/28/26 | | | | | | 2,870 | | | | | | 2,816 | | | | | | 2,807 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | 10,213 | | | | | | 10,022 | | | | | | 9,990 | | |
Insurance Brokers | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment Type(1) | | | Spread Above Index(2) | | | Interest Rate(3) | | | Acquisition Date(4) | | | Maturity Date | | | Principal/ Share Amount | | | Amortized Cost | | | Fair Value(5) | | ||||||||||||||||||
SelectQuote, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.00% | | | | | 7.70% | | | | | | 11/05/19 | | | | | | 11/05/24 | | | | | | 10,250 | | | | | | 10,051 | | | | | | 10,051 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | 10,250 | | | | | | 10,051 | | | | | | 10,051 | | |
Internet & Direct Marketing Retail | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Marlin DTC-LS Midco 2, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.00% | | | | | 7.80% | | | | | | 07/19/19 | | | | | | 07/01/25 | | | | | | 13,715 | | | | | | 13,463 | | | | | | 13,644 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Revolving Loan | | | L+ 6.00% | | | | | 7.80% | | | | | | 07/19/19 | | | | | | 07/01/25 | | | | | | — | | | | | | — | | | | | | 13 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | 13,715 | | | | | | 13,463 | | | | | | 13,657 | | |
Packaged Foods & Meats | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Poultry Holdings, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 5.75% | | | | | 7.55% | | | | | | 10/21/19 | | | | | | 06/28/25 | | | | | | 7,807 | | | | | | 7,656 | | | | | | 7,688 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | 7,807 | | | | | | 7,656 | | | | | | 7,688 | | |
Personal Products | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sunless, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.00% | | | | | 7.79% | | | | | | 10/21/19 | | | | | | 08/13/24 | | | | | | 4,864 | | | | | | 4,773 | | | | | | 4,779 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Revolving Loan | | | L+ 6.00% | | | | | 7.79% | | | | | | 10/21/19 | | | | | | 08/13/24 | | | | | | — | | | | | | — | | | | | | 2 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | 4,864 | | | | | | 4,773 | | | | | | 4,781 | | |
Systems Software | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
arcserve (USA) LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.00% | | | | | 7.91% | | | | | | 07/19/19 | | | | | | 05/01/24 | | | | | | 8,321 | | | | | | 8,175 | | | | | | 8,310 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | 8,321 | | | | | | 8,175 | | | | | | 8,310 | | |
Total Investments | | | | | | | | | | | | | | | | | | | | | | | | | | 98,554 | | | | | $ | 96,910 | | | | | $ | 97,260 | | |
|
Selected Balance Sheet Information | | | December 31, 2020 | | | December 31, 2019 | | ||||||
Assets: | | | | | | | | | | | | | |
Investments, at fair value (amortized cost of $176,716 and $96,910, respectively) | | | | $ | 174,552 | | | | | $ | 97,260 | | |
Cash and cash equivalents | | | | | 5,947 | | | | | | 1,552 | | |
Other assets | | | | | 883 | | | | | | 726 | | |
Total assets | | | | $ | 181,382 | | | | | $ | 99,538 | | |
Liabilities: | | | | | | | | | | | | | |
Credit facility | | | | $ | 94,260 | | | | | $ | 42,773 | | |
Note payable to members | | | | | 68,456 | | | | | | 43,907 | | |
Interest payable on credit facility | | | | | 189 | | | | | | 179 | | |
Interest payable on notes to members | | | | | 1,136 | | | | | | 850 | | |
Other liabilities | | | | | 396 | | | | | | 248 | | |
Total liabilities | | | | | 164,437 | | | | | | 87,957 | | |
Members’ equity | | | | | 16,945 | | | | | | 11,581 | | |
Total liabilities and members’ equity | | | | $ | 181,382 | | | | | $ | 99,538 | | |
Selected Statement of Operations Information | | | For the year ended December 31, 2020 | | | For the period July 19, 2019 (commencement of operations) through December31, 2019 | | ||||||
Interest income | | | | $ | 13,316 | | | | | $ | 2,936 | | |
Total investment income | | | | $ | 13,316 | | | | | $ | 2,936 | | |
Interest expense on credit facility | | | | | 3,256 | | | | | | 1,042 | | |
Interest expense on notes to members | | | | | 4,465 | | | | | | 1,422 | | |
Administrative fee | | | | | 308 | | | | | | 65 | | |
Other expenses | | | | | 317 | | | | | | 164 | | |
Total expenses | | | | $ | 8,346 | | | | | $ | 2,693 | | |
Net investment income | | | | | 4,970 | | | | | | 243 | | |
Net realized gains (losses) on investments | | | | | (10) | | | | | | 12 | | |
Net change in unrealized appreciation (depreciation) on investments | | | | | (2,799) | | | | | | 350 | | |
Net increase in net assets resulting from operations | | | | $ | 2,161 | | | | | $ | 605 | | |
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
First lien secured loans | | | | $ | — | | | | | $ | — | | | | | $ | 589,717 | | | | | $ | 589,717 | | |
Second lien secured loans | | | | | — | | | | | | — | | | | | | 27,059 | | | | | | 27,059 | | |
Subordinated Note to STRS JV | | | | | — | | | | | | — | | | | | | 41,073 | | | | | | 41,073 | | |
Equity (excluding STRS JV) | | | | | — | | | | | | — | | | | | | 22,719 | | | | | | 22,719 | | |
Equity in STRS JV(1) | | | | | — | | | | | | — | | | | | | — | | | | | | 10,167 | | |
Total investments | | | | $ | — | | | | | $ | — | | | | | $ | 680,568 | | | | | | 690,735 | | |
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
First lien secured loans | | | | $ | — | | | | | $ | — | | | | | $ | 477,875 | | | | | $ | 477,875 | | |
Second lien secured loans | | | | | — | | | | | | — | | | | | | 62,155 | | | | | | 62,155 | | |
Subordinated Note to STRS JV | | | | | — | | | | | | — | | | | | | 26,344 | | | | | | 26,344 | | |
Equity (excluding STRS JV) | | | | | 467 | | | | | | — | | | | | | 15,898 | | | | | | 16,365 | | |
Equity in STRS JV(1) | | | | | — | | | | | | — | | | | | | — | | | | | | 6,949 | | |
Total investments | | | | $ | 467 | | | | | $ | — | | | | | $ | 582,272 | | | | | $ | 589,688 | | |
| | | First Lien Secured Loans | | | Second Lien Secured Loans | | | Subordinated Unsecured Loans | | | Subordinated Notes to STRS JV | | | Equity | | | Total Investments | | ||||||||||||||||||
Fair value, beginning of period | | | | $ | 477,875 | | | | | $ | 62,155 | | | | | | — | | | | | $ | 26,344 | | | | | $ | 15,898 | | | | | $ | 582,272 | | |
Funding of investments | | | | | 298,856 | | | | | | 850 | | | | | | 291 | | | | | | 14,729 | | | | | | 2,732 | | | | | | 317,458 | | |
Non-cash interest income | | | | | 1,170 | | | | | | 40 | | | | | | — | | | | | | — | | | | | | | | | | | | 1,210 | | |
Accretion of discount | | | | | 3,055 | | | | | | 247 | | | | | | — | | | | | | — | | | | | | 132 | | | | | | 3,434 | | |
Proceeds from paydowns and sales | | | | | (188,017) | | | | | | (39,187) | | | | | | (291) | | | | | | — | | | | | | (3,989) | | | | | | (231,484) | | |
Conversions | | | | | (14,111) | | | | | | 4,419 | | | | | | — | | | | | | — | | | | | | 9,692 | | | | | | — | | |
Realized gains | | | | | 965 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,997 | | | | | | 3,962 | | |
Net unrealized (depreciation) appreciation | | | | | 8,787 | | | | | | (928) | | | | | | — | | | | | | — | | | | | | (4,143) | | | | | | 3,716 | | |
Fair value, end of period | | | | $ | 588,580 | | | | | $ | 27,596 | | | | | | — | | | | | $ | 41,073 | | | | | $ | 23,319 | | | | | $ | 680,568 | | |
Change in unrealized appreciation (depreciation) on investments still held as of December 31, 2020 | | | | $ | 8,627 | | | | | $ | (926) | | | | | $ | — | | | | | $ | — | | | | | $ | (4,059) | | | | | $ | 3,642 | | |
| | | First Lien Secured Loans | | | Second Lien Secured Loans | | | Subordinated Notes to STRS JV | | | Equity | | | Total Investments | | |||||||||||||||
Fair value, beginning of period | | | | $ | 359,416 | | | | | $ | 97,167 | | | | | $ | — | | | | | $ | 12,275 | | | | | $ | 468,858 | | |
Funding of investments | | | | | 356,222 | | | | | | — | | | | | | 26,344 | | | | | | 3,846 | | | | | | 386,412 | | |
Non-cash interest income | | | | | 1,575 | | | | | | 567 | | | | | | — | | | | | | — | | | | | | 2,142 | | |
Accretion of discount | | | | | 3,690 | | | | | | 722 | | | | | | — | | | | | | 19 | | | | | | 4,431 | | |
Proceeds from paydowns and sales | | | | | (252,923) | | | | | | (24,691) | | | | | | — | | | | | | (1,660) | | | | | | (279,274) | | |
Lien priority conversion | | | | | 14,472 | | | | | | (14,472) | | | | | | — | | | | | | — | | | | | | — | | |
Realized losses | | | | | (2,051) | | | | | | — | | | | | | — | | | | | | 1,641 | | | | | | (410) | | |
Net unrealized (depreciation) appreciation | | | | | (2,526) | | | | | | 2,862 | | | | | | — | | | | | | (223) | | | | | | 113 | | |
Fair value, end of period | | | | $ | 477,875 | | | | | $ | 62,155 | | | | | $ | 26,344 | | | | | $ | 15,898 | | | | | $ | 582,272 | | |
Change in unrealized appreciation (depreciation) on investments still held as of December 31, 2019 | | | | $ | (5,273) | | | | | $ | 420 | | | | | $ | — | | | | | $ | 812 | | | | | $ | (4,041) | | |
Investment Type | | | Fair Value at December 31, 2020 | | | Valuation Techniques | | | Unobservable Inputs | | | Range (Weighted Average) | | |||
First lien secured loans | | | | $ | 391,704 | | | | Discounted cash flows | | | Discount rate | | | 7.2% – 16.6% (9.7)% | |
| | | | | | | | | | | | Exit EBITDA multiple | | | 3.0x – 15.0x (7.5x) | |
| | | | | 11,774 | | | | Guideline public companies | | | LTM EBITDA multiple | | | 6.3x | |
| | | | | 142,031 | | | | Recent transaction | | | Transaction price | | | 97.0 – 99.0 (97.9) | |
| | | | | 20,870 | | | | Discounted cash flows, recent transaction, guideline public companies and consensus market pricing | | | Discount rate | | | 7.1% – 16.5% (9.6)% | |
| | | | | | | | | | | | Market pricing | | | 100.2 – 100.6 (100.4) | |
| | | | | | | | | | | | Transaction price | | | 100.0 | |
| | | | | | | | | | | | Exit EBITDA multiple | | | 7.0x – 12.0x (9.3x) | |
| | | | | 22,201 | | | | Other (asset coverage and expected repayment) | | | — | | | — | |
| | | | $ | 588,580 | | | | | | | | | | | |
Second lien secured loans | | | | $ | 15,096 | | | | Discounted cash flows | | | Discount rate | | | 12.1% – 20.9% (14.9)% | |
| | | | | | | | | | | | Exit EBITDA multiple | | | 6.5x | |
| | | | | 12,500 | | | | Other (expected repayment) | | | — | | | — | |
| | | | $ | 27,596 | | | | | | | | | | | |
Subordinated Note to STRS JV | | | | $ | 41,073 | | | | Enterprise value | | | — | | | — | |
| | | | $ | 41,073 | | | | | | | | | | | |
Preferred Equity | | | | $ | 857 | | | | Similar transactions | | | LTM EBITDA multiple | | | 8.0x | |
| | | | | 600 | | | | Recent transaction | | | Transaction price | | | $1.0/s | |
| | | | $ | 1,457 | | | | | | | | | | | |
Common Equity | | | | $ | 10,816 | | | | Discounted cash flows | | | Discount rate | | | 12.5% – 19.8% (13.5)% | |
| | | | | | | | | | | | Exit EBITDA Multiple | | | 6.7x – 8.6x (7.1x) | |
| | | | | | | | | | | | Discount for lack of marketability | | | 2.0% – 15.0% (3.8)% | |
| | | | | 6,448 | | | | Discounted cash flows and Guideline public companies | | | Discount rate | | | 15.5% | |
| | | | | | | | | | | | Exit EBITDA Multiple | | | 8.0x | |
| | | | | | | | | | | | Discount for lack of marketability | | | 10.0% | |
| | | | | 14 | | | | Similar transactions | | | Exit EBITDA Multiple | | | 6.0x | |
| | | | | | | | | | | | Discount for lack of marketability | | | 15.0% | |
| | | | | 496 | | | | Recent transaction | | | Transaction price | | | $1.0/s | |
| | | | $ | 17,774 | | | | | | | | | | | |
Warrant | | | | $ | 3,612 | | | | Discounted cash flows and | | | Discount rate | | | 19.1% – 24.7% (24.5)% | |
| | | | | | | | | Option-pricing method | | | Exit EBITDA multiple | | | 5.5x – 8.6x (5.6x) | |
| | | | | | | | | | | | Volatility | | | 3.0% – 7.8% (3.2)% | |
| | | | | | | | | | | | Discount for lack of marketability | | | 10.0% – 15.0% (10.2)% | |
| | | | | 476 | | | | Recent transaction | | | Transaction price | | | $1.0/s | |
| | | | $ | 4,088 | | | | | | | | | | | |
Total Level 3 Investments | | | | $ | 680,568 | | | | | | | | | | | |
Investment Type | | | Fair Value at December 31, 2019 | | | Valuation Techniques | | | Unobservable Inputs | | | Range (Weighted Average) | | |||
First lien secured loans | | | | $ | 204,908 | | | | Discounted cash flows | | | Discount rate | | | 8.8% – 20.0% (10.9)% | |
| | | | | | | | | | | | Exit multiple | | | 4.8x – 9.0x (7.3x) | |
| | | | | 525 | | | | Asset coverage and Recent transaction | | | Transaction price | | | 100.0 | |
| | | | | 184,636 | | | | Discounted cash flows and consensus market pricing or recent transaction | | | Discount rate | | | 6.2% – 11.2% (9.1)% | |
| | | | | | | | | | | | Market quotes or transaction price | | | 97.1 – 99.7 (98.2) | |
| | | | | | | | | | | | Exit multiple | | | 7.0x – 10.0x (8.2x) | |
| | | | | 22,429 | | | | Guideline public companies | | | Exit multiple | | | 4.0x – 5.0x (4.6x) | |
| | | | | 5,405 | | | | Expected repayment | | | Repayment price | | | 100.0 | |
| | | | | 59,972 | | | | Consensus market pricing or recent transaction | | | Market quotes or transaction price | | | 95.1 – 98.0 (96.6) | |
| | | | $ | 477,875 | | | | | | | | | | | |
Second lien secured loans | | | | $ | 62,155 | | | | Discounted cash flows | | | Discount rate | | | 12.0% – 18.5% (14.9)% | |
| | | | | | | | | | | | Exit multiple | | | 6.0x | |
| | | | $ | 62,155 | | | | | | | | | | | |
Subordinated Note to STRS JV | | | | $ | 26,344 | | | | Enterprise value | | | — | | | — | |
| | | | $ | 26,344 | | | | | | | | | | | |
Preferred Equity | | | | $ | 1,133 | | | | Similar transactions | | | Transaction multiple | | | 9.4x – 9.5x (9.5x) | |
| | | | $ | 1,133 | | | | | | | | | | | |
Common Equity | | | | $ | 9,650 | | | | Discounted cash flows | | | Discount rate | | | 9.1% | |
| | | | | | | | | | | | Discount for lack of marketability | | | 2.0% | |
| | | | | 849 | | | | Similar transactions | | | Transaction multiple | | | 6.0x – 6.8x (6.8x) | |
| | | | $ | 10,499 | | | | | | | | | | | |
Warrant | | | | $ | 4,182 | | | | Discounted cash flows and | | | Discount rate | | | 23.0% – 30.0% (23.8)% | |
| | | | | | | | | Option-pricing method | | | Exit multiple | | | 5.5x – 8.0x (5.8x) | |
| | | | | | | | | | | | Volatility | | | 1.3% – 2.2% (2.1)% | |
| | | | | | | | | | | | Discount for lack of marketability | | | 10.0% – 13.0% (10.3)% | |
| | | | $ | 4,182 | | | | | | | | | | | |
Earnout and Holdback | | | | $ | 84 | | | | Discounted cash flows | | | Discount rate | | | 1.6% | |
| | | | $ | 84 | | | | | | | | | | | |
Total Level 3 Investments | | | | $ | 582,272 | | | | | | | | | | | |
| | | | | | | | | December 31, 2020 | | | December 31, 2019 | | ||||||||||||||||||
| | | Fair Value Level | | | Amortized Cost | | | Fair Value | | | Amortized Cost | | | Fair Value | | |||||||||||||||
JPM Credit Facility | | | | | 3 | | | | | $ | 265,246 | | | | | $ | 272,570 | | | | | $ | 238,917 | | | | | $ | 243,435 | | |
2023 Private Notes | | | | | 3 | | | | | | 30,000 | | | | | | 32,389 | | | | | | 30,000 | | | | | | 31,558 | | |
2025 Private Notes | | | | | 3 | | | | | | 40,000 | | | | | | 41,110 | | | | | | — | | | | | | — | | |
2026 Private Notes | | | | | 3 | | | | | | 10,000 | | | | | | 10,260 | | | | | | — | | | | | | — | | |
2027 Private Notes | | | | | 3 | | | | | | 10,000 | | | | | | 10,324 | | | | | | — | | | | | | — | | |
2025 Public Notes | | | | | 2 | | | | | | 35,000 | | | | | | 36,000 | | | | | | 35,000 | | | | | | 36,722 | | |
| | | | | | | | | | $ | 390,246 | | | | | $ | 402,653 | | | | | $ | 303,917 | | | | | $ | 311,715 | | |
| | | Maturity | | | Rate | | | Face Amount | | | Available | | ||||||||||||
JPM Credit Facility | | | | | 2024 | | | | | | L+2.50% | | | | | $ | 265,246 | | | | | $ | 19,754 | | |
2023 Private Notes | | | | | 2023 | | | | | | 6.0% | | | | | | 30,000 | | | | | | — | | |
2025 Private Notes | | | | | 2025 | | | | | | 5.375% | | | | | | 40,000 | | | | | | — | | |
2026 Private Notes | | | | | 2026 | | | | | | 5.375% | | | | | | 10,000 | | | | | | — | | |
2027 Private Notes | | | | | 2027 | | | | | | 5.625% | | | | | | 10,000 | | | | | | — | | |
2025 Public Notes | | | | | 2025 | | | | | | 6.5% | | | | | | 35,000 | | | | | | — | | |
Total debt | | | | | | | | | | | | | | | | | 390,246 | | | | | $ | 19,754 | | |
Debt issuance cost | | | | | | | | | | | | | | | | | (5,366) | | | | | | | | |
Total debt net issuance cost | | | | | | | | | | | | | | | | $ | 384,880 | | | | | | | | |
| | | Maturity | | | Rate | | | Face Amount | | | Available | | ||||||||||||
JPM Credit Facility | | | | | 2024 | | | | | | L+2.50% | | | | | $ | 238,917 | | | | | $ | 11,083 | | |
2023 Private Notes | | | | | 2023 | | | | | | 6.0% | | | | | | 30,000 | | | | | | — | | |
2025 Public Notes | | | | | 2025 | | | | | | 6.5% | | | | | | 35,000 | | | | | | — | | |
Total debt | | | | | | | | | | | | | | | | | 303,917 | | | | | $ | 11,083 | | |
Debt issuance cost | | | | | | | | | | | | | | | | | (4,993) | | | | | | | | |
Total debt net issuance cost | | | | | | | | | | | | | | | | $ | 298,924 | | | | | | | | |
This Amendment also includes the current fiscal quarter and the 11 full preceding fiscal quarters, referred to as the “Incentive Fee Look-back Period,” would exceed 20.0% of the Cumulative Pre-Incentive Fee Net Return (as defined below) during the Incentive Fee Look-back Period.
| | | Unfunded Commitment as of | | |||||||||
| | | December 31, 2020 | | | December 31, 2019 | | ||||||
Revolving Loan Commitments: | | | | | | | | | | | | | |
BBQ Buyer, LLC | | | | $ | 823 | | | | | $ | — | | |
Claridge Products and Equipment, LLC | | | | | 702 | | | | | | — | | |
Comniscient Technologies LLC | | | | | 341 | | | | | | — | | |
Drew Foam Companies Inc | | | | | 534 | | | | | | — | | |
Epiphany Dermatology | | | | | 438 | | | | | | — | | |
Geo Logic Systems Ltd. | | | | | 321 | | | | | | 994 | | |
ImageOne Industries, LLC | | | | | 408 | | | | | | — | | |
Inspired Beauty Brands, Inc. | | | | | 531 | | | | | | — | | |
Ivy Rehab Holdings LLC | | | | | 545 | | | | | | — | | |
LHS Borrower, LLC | | | | | 560 | | | | | | — | | |
Lift Brands, Inc. | | | | | — | | | | | | 594 | | |
Newscycle Solutions, Inc. | | | | | 120 | | | | | | 36 | | |
PG Dental New Jersey Parent, LLC | | | | | 1,166 | | | | | | — | | |
Quest Events, LLC | | | | | — | | | | | | — | | |
RCKC Acquisitions LLC (dba KSM Consulting) | | | | | 1,422 | | | | | | — | | |
Road Safety Services, Inc. | | | | | 875 | | | | | | — | | |
TaxSlayer LLC | | | | | 1,548 | | | | | | — | | |
Telestream Holdings Corporation | | | | | 1,324 | | | | | | — | | |
WH Lessor Corp. | | | | | — | | | | | | 646 | | |
| | | | | 11,658 | | | | | | 2,270 | | |
Delayed Draw Loan Commitments: | | | | | | | | | | | | | |
Crown Brands LLC | | | | | — | | | | | | 850 | | |
Epiphany Dermatology | | | | | 3,063 | | | | | | — | | |
Ivy Rehab Holdings LLC | | | | | 1,633 | | | | | | — | | |
Lab Logistics, LLC | | | | | — | | | | | | 572 | | |
RCKC Acquisitions LLC (dba KSM Consulting) | | | | | 3,200 | | | | | | — | | |
Sklar Holdings, Inc. | | | | | — | | | | | | 3,039 | | |
True Blue Car Wash, LLC | | | | | — | | | | | | 2,031 | | |
| | | | | 7,896 | | | | | | 6,492 | | |
Total Unfunded Commitments | | | | $ | 19,554 | | | | | $ | 8,762 | | |
| | | Years Ended December 31, | | |||||||||||||||||||||||||||
| | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | |||||||||||||||
Per share data:(1) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | | $ | 15.23 | | | | | | 15.35 | | | | | $ | 13.98 | | | | | $ | 13.63 | | | | | $ | 13.33 | | |
Investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | | | 1.18 | | | | | | 1.52 | | | | | | 1.22 | | | | | | 1.35 | | | | | | 1.48 | | |
Net realized and unrealized (losses) gains on investments and foreign currency | | | | | 0.37 | | | | | | (0.02) | | | | | | 1.57 | | | | | | 0.42 | | | | | | 0.24 | | |
Net increase in net assets resulting from operations | | | | | 1.55 | | | | | | 1.50 | | | | | | 2.79 | | | | | | 1.77 | | | | | | 1.72 | | |
Distributions declared | | | | | (1.55) | | | | | | (1.62) | | | | | | (1.42) | | | | | | (1.42) | | | | | | (1.42) | | |
Net asset value, end of period | | | | $ | 15.23 | | | | | | 15.23 | | | | | $ | 15.35 | | | | | $ | 13.98 | | | | | $ | 13.63 | | |
Total return based on market value(2) | | | | | (0.66)% | | | | | | 9.72% | | | | | | (5.22)% | | | | | | 10.27% | | | | | | 6.01% | | |
Total return based on net asset value | | | | | 10.36% | | | | | | 7.70% | | | | | | 18.66% | | | | | | 12.69% | | | | | | 12.64% | | |
Net assets, end of period | | | | $ | 312,897 | | | | | $ | 312,955 | | | | | $ | 315,296 | | | | | $ | 286,952 | | | | | $ | 249,389 | | |
Per share market value at end of period | | | | $ | 13.61 | | | | | $ | 13.70 | | | | | $ | 12.72 | | | | | $ | 13.42 | | | | | $ | 12.17 | | |
Shares outstanding end of period | | | | | 20,546,032 | | | | | | 20,546,032 | | | | | | 20,546,032 | | | | | | 20,531,948 | | | | | | 18,303,890 | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of expenses before incentive fees to average net assets(3)(4) | | | | | 9.78% | | | | | | 8.88% | | | | | | 8.50% | | | | | | 8.12% | | | | | | 8.03% | | |
Ratio of incentive fees to average net assets(3) | | | | | 2.49% | | | | | | 2.43% | | | | | | 3.95% | | | | | | 2.42% | | | | | | 2.80% | | |
Ratio of total expenses to average net assets(3)(4) | | | | | 12.27% | | | | | | 11.31% | | | | | | 12.45% | | | | | | 10.54% | | | | | | 10.83% | | |
Ratio of net investment income to average net assets(3)(4) | | | | | 7.90% | | | | | | 9.83% | | | | | | 8.14% | | | | | | 9.66% | | | | | | 10.90% | | |
Portfolio turnover ratio | | | | | 35.86% | | | | | | 48.15% | | | | | | 57.74% | | | | | | 27.96% | | | | | | 29.38% | | |
| | | Years ended December 31, | | |||||||||||||||
| | | 2020 | | | 2019 | | | 2018 | | |||||||||
Net increase (decrease) in net assets resulting from operations | | | | $ | 31,685 | | | | | $ | 30,841 | | | | | $ | 57,301 | | |
Change in net unrealized (appreciation) depreciation on investments and foreign currency | | | | | (3,365) | | | | | | (53) | | | | | | 433 | | |
Other book-to-tax differences | | | | | 3,140 | | | | | | 1,069 | | | | | | 4,573 | | |
Taxable income before deductions for distributions | | | | $ | 31,460 | | | | | $ | 31,857 | | | | | $ | 62,307 | | |
| | | Years ended December 31, | | |||||||||||||||||||||||||||||||||
| | | 2020 | | | 2019 | | | 2018 | | |||||||||||||||||||||||||||
Ordinary income | | | | $ | 26,420 | | | | | | 83.2% | | | | | $ | 7,194 | | | | | | 21.7% | | | | | $ | 17,540 | | | | | | 60.1% | | |
Return of capital | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Long-term capital gains | | | | | 5,323 | | | | | | 16.8 | | | | | | 25,988 | | | | | | 78.3% | | | | | | 11,625 | | | | | | 39.9% | | |
Total distributions | | | | $ | 31,743 | | | | | | 100.0% | | | | | | 33,182 | | | | | | 100.0% | | | | | $ | 29,165 | | | | | | 100.0% | | |
| | | December 31, | | |||||||||||||||
| | | 2020 | | | 2019 | | | 2018 | | |||||||||
Ordinary income | | | | $ | 24,100 | | | | | $ | 24,548 | | | | | $ | — | | |
Accumulated capital and other losses | | | | | — | | | | | | — | | | | | | 26,073 | | |
Net unrealized (depreciation) appreciation on investments and foreign currency | | | | | (11,226) | | | | | | (12,358) | | | | | | (12,355) | | |
Distributions deferred | | | | | — | | | | | | — | | | | | | — | | |
Total (accumulated deficit) distributable earnings – tax basis | | | | $ | 12,874 | | | | | $ | 12,190 | | | | | $ | 13,718 | | |
| | | 2020 | | |||||||||||||||||||||
| | | Q4 | | | Q3 | | | Q2 | | | Q1 | | ||||||||||||
Total investment income | | | | $ | 16,845 | | | | | $ | 16,497 | | | | | $ | 13,823 | | | | | $ | 14,533 | | |
Net investment income after excise tax | | | | | 6,883 | | | | | | 5,929 | | | | | | 5,240 | | | | | | 6,102 | | |
Net realized and unrealized (losses) gains on investments and foreign currency | | | | | 1,310 | | | | | | 15,704 | | | | | | 17,571 | | | | | | (27,058) | | |
Net increase (decrease) in net assets resulting from operations | | | | | 8,193 | | | | | | 21,634 | | | | | | 22,811 | | | | | | (20,956) | | |
Earnings (loss) per share | | | | | 0.40 | | | | | | 1.06 | | | | | | 1.11 | | | | | | (1.01) | | |
Net asset value per share | | | | $ | 15.23 | | | | | $ | 15.31 | | | | | $ | 14.61 | | | | | $ | 13.86 | | |
| | | 2019 | | |||||||||||||||||||||
| | | Q4 | | | Q3 | | | Q2 | | | Q1 | | ||||||||||||
Total investment income | | | | $ | 17,411 | | | | | $ | 17,755 | | | | | $ | 15,984 | | | | | $ | 15,924 | | |
Net investment income after excise tax | | | | | 7,702 | | | | | | 8,655 | | | | | | 7,226 | | | | | | 7,611 | | |
Net realized and unrealized (losses) gains on investments and foreign currency | | | | | 1,059 | | | | | | (1,800) | | | | | | 993 | | | | | | (606) | | |
Net increase in net assets resulting from operations | | | | | 8,761 | | | | | | 6,855 | | | | | | 8,219 | | | | | | 7,005 | | |
Earnings per share | | | | | 0.42 | | | | | | 0.34 | | | | | | 0.41 | | | | | | 0.34 | | |
Net asset value per share | | | | $ | 15.23 | | | | | $ | 15.36 | | | | | $ | 15.38 | | | | | $ | 15.33 | | |
| | | 2018 | | |||||||||||||||||||||
| | | Q4 | | | Q3 | | | Q2 | | | Q1 | | ||||||||||||
Total investment income | | | | $ | 16,671 | | | | | $ | 15,318 | | | | | $ | 14,654 | | | | | $ | 16,605 | | |
Net investment income after excise tax | | | | | 8,040 | | | | | | 3,777(1) | | | | | | 4,607 | | | | | | 8,578 | | |
Net realized and unrealized (losses) gains on investments | | | | | (3,106) | | | | | | 15,685 | | | | | | 14,447 | | | | | | 5,275 | | |
Net increase in net assets resulting from operations | | | | | 4,934 | | | | | | 19,462 | | | | | | 19,054 | | | | | | 13,853 | | |
Earnings per share | | | | | 0.24 | | | | | | 0.95 | | | | | | 0.93 | | | | | | 0.67 | | |
Net asset value per share | | | | $ | 15.35 | | | | | $ | 15.46 | | | | | $ | 14.87 | | | | | $ | 14.30 | | |
Name | | | Age | | | Position | | | Director Since | | | Expiration of Term | |
Interested Directors | | | | | | | | | | | | | |
John Bolduc | | | 56 | | | Chairman of the Board of Directors | | | 2012 | | | 2021 | |
Stuart Aronson | | | 58 | | | Chief Executive Officer and Director | | | 2017 | | | 2023 | |
Jay Carvell | | | 55 | | | Director | | | 2012 | | | 2023 | |
Independent Directors | | | | | | | | | | | | | |
Rick P. Frier | | | 59 | | | Director, Chairman of the Compensation Committee | | | 2016 | | | 2023 | |
Rick D. Puckett | | | 67 | | | Director, Chairman of the Audit Committee | | | 2012 | | | 2021 | |
G. Stacy Smith | | | 52 | | | Director, Co-Chairman of the Nominating and Corporate Governance Committee | | | 2015 | | | 2022 | |
Kevin F. Burke | | | 67 | | | Director, Co-Chairman of the Nominating and Corporate Governance Committee | | | 2017 | | | 2022 | |
Except as described above, no other changes have been made to our directors, executive officers, officers, their respective staffs and the employees of WhiteHorse Advisers with respect to their personal investments and investment transactions. Personnel subject to each code may invest in securities for their personal investment accounts, including securitiesForm 10-K. This Amendment does not reflect subsequent events that may be purchasedhave occurred after the original filing date of the Form 10-K or held by us, so long as such investments aremodify or update in any way disclosures made in accordance with the code’s requirements. Our codeForm 10-K, except as required to reflect the revisions discussed above. Among other things, forward-looking statements made in the Form 10-K have not been revised to reflect events that occurred or facts that became known to us after filing of ethics is included as Exhibit 14.1 to this annual report onthe Form 10-K, and you may access our code of ethics viasuch forward-looking statements should be read in their historical context. Furthermore, this Amendment should be read in conjunction with the Internet at the website of the SEC at
Name | | | Aggregate Fees Earned or Paid in Cash | | | Pension or Retirement Benefits Accrued as Part of Our Expenses(1) | | | Total Compensation from WhiteHorse Finance | | |||||||||
Independent Directors | | | | | | | | | | | | | | | | | | | |
Kevin F. Burke | | | | $ | 92,625 | | | | | | — | | | | | $ | 92,625 | | |
Rick P. Frier | | | | | 92,625 | | | | | | — | | | | | | 92,625 | | |
Rick D. Puckett | | | | | 97,625 | | | | | | — | | | | | | 97,625 | | |
G. Stacy Smith | | | | | 92,625 | | | | | | — | | | | | | 92,625 | | |
Interested Directors | | | | | | | | | | | | | | | | | | | |
Stuart Aronson | | | | | — | | | | | | — | | | | | | — | | |
John Bolduc | | | | | — | | | | | | — | | | | | | — | | |
Jay Carvell | | | | | — | | | | | | — | | | | | | — | | |
Name and Address | | | Type of Ownership | | | Shares Owned | | | Percentage | | | |||||||||||
H.I.G. Bayside Loan Opportunity Fund IV, L.P.(1) | | | | | Beneficial | | | | | | 4,863,172 | | | | | | 23.7% | | | | ||
Hamilton Lane Advisors, L.L.C.(2) | | | | | Beneficial | | | | | | 496,591 | | | | | | 2.4% | | | | ||
Stuart Aronson(3) | | | | | Beneficial | | | | | | 36,000 | | | | | | * | | | | ||
John Bolduc(3)(4) | | | | | Beneficial | | | | | | 316,000 | | | | | | 1.5% | | | | ||
Jay Carvell(3) | | | | | Beneficial | | | | | | 15,630 | | | | | | * | | | | ||
Sami Mnaymneh(5)(6) | | | | | Beneficial | | | | | | 5,228,376 | | | | | | 25.4% | | | | ||
Anthony Tamer(5)(7) | | | | | Beneficial | | | | | | 5,214,888 | | | | | | 25.4% | | | | ||
Kevin F. Burke(3) | | | | | Beneficial | | | | | | 7,530 | | | | | | * | | | | | |
Rick P. Frier(3)(9) | | | | | Beneficial | | | | | | 3,700 | | | | | | * | | | | ||
Rick D. Puckett(3)(8) | | | | | Beneficial | | | | | | 19,912 | | | | | | * | | | | ||
G. Stacy Smith(3) | | | | | Beneficial | | | | | | 3,700 | | | | | | * | | | | ||
Marco Collazos(3) | | | | | Beneficial | | | | | | 10,000 | | | | | | * | | | | ||
Joyson C. Thomas(3) | | | | | Beneficial | | | | | | 9,921 | | | | | | * | | | | ||
All officers and directors as a group (9 persons) | | | | | Beneficial | | | | | | 422,393 | | | | | | 2.1% | | | |
| | | Years ended December 31, | | |||||||||
| | | 2020 | | | 2019 | | ||||||
Audit Fees | | | | $ | 400 | | | | | $ | 411 | | |
Audit-Related Fees | | | | | — | | | | | | 55 | | |
Tax Fees | | | | | — | | | | | | — | | |
All Other Fees | | | | | — | | | | | | — | | |
Total Fees | | | | $ | 400 | | | | | $ | 466 | | |
PART IV
Item 15.
Number | |||||||
3.1* | |||||||
3.2* | |||||||
4.1* | |||||||
4.2* | |||||||
4.3* | |||||||
4.4* | Form of 6.50% Notes due 2025 (incorporated herein by reference to Exhibit 4.2) | ||||||
4.5* | |||||||
4.6* | |||||||
4.7* | |||||||
10.1* | |||||||
10.2* | |||||||
10.3* | |||||||
10.4* | |||||||
10.5 | |||||||
10.6* | Form of 6.00% Senior Notes due 2023 (included in Exhibit 10.5) | ||||||
10.7* | |||||||
10.8* |
10.9* | ||||||
10.10* | ||||||
10.11 | ||||||
10.12* | ||||||
10.13* | ||||||
10.14* | ||||||
10.15* | ||||||
10.16* | ||||||
10.17* | ||||||
14.1* | ||||||
14.2* | ||||||
21.1* | ||||||
23.1* | ||||||
23.2** | |
24 | ||||||
31.1** | ||||||
31.2** | ||||||
32.1** | ||||||
32.2** | ||||||
99.1* | ||||||
99.2** | | |||||
| | |
* | Previously filed with or incorporated by reference in the original filing filed on March 4, 2022. |
** | Filed with this amendment. |
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this Annual Report on Form 10-K to be signed on its behalf by the undersigned, thereunto duly authorized.
5 | ||
WhiteHorse Finance, Inc. | ||
Dated: March 31, 2022 | By | /s/ Stuart Aronson |
Name: Stuart Aronson | ||
Title: Chief Executive Officer |
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Stuart Aronson and Joyson C. Thomas as his true and lawful attorneys-in-fact, each with full power of substitution, for him in any and all capacities, to sign any amendments to this Annual Report on Form 10-K and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that each of said attorneys-in-fact or their substitute or substitutes may do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this Annual Report on Form 10-K has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
Signature | Title | Date | ||||||
/s/ Stuart Aronson | Chief Executive Officer and Director | March 31, 2022 | ||||||
Stuart Aronson | (Principal Executive Officer) | |||||||
/s/ Joyson C. Thomas | Chief Financial Officer | March 31, 2022 | ||||||
Joyson C. Thomas | (Principal Financial and Accounting | |||||||
/s/ John Bolduc | Chairman of the Board of Directors | March | ||||||
John Bolduc | ||||||||
/s/ Jay Carvell | Director | March | ||||||
Jay Carvell | ||||||||
/s/ Kevin F. Burke | Director | March 31, 2022 | ||||||
Kevin F. Burke | ||||||||
/s/ Rick P. Frier | Director | March 31, 2022 | ||||||
Rick P. Frier | ||||||||
/s/ Rick D. Puckett | Director | March 31, 2022 | ||||||
Rick D. Puckett | ||||||||
/s/ G. Stacy Smith | Director | March 31, 2022 | ||||||
G. Stacy Smith |