UNITED STATES
FORM 10-K/A
☒ | Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
For the Year Ended December 31, | |
☐ | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Delaware56-2594706Delaware 56-2594706 (State or Other Jurisdiction of Incorporation) Santa Monica, California 90405 (Address of Principal Executive Offices) 90405
(Zip Code)
code)
Common Stock, par value $0.001 per share | TCPC | NASDAQ Global Select Market |
(Title of each class) | (Trading Symbol(s) ) | (Name of each exchange where registered) |
Large accelerated filer | Accelerated filer |
Non-accelerated filer | Smaller Reporting 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 a new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o¨
SPECIAL VALUE CONTINUATION PARTNERS, LP
2019
Page | ||||
PART I | ||||
Item 1. | ||||
Item 1A. | ||||
Item 1B. | ||||
Item 2. | ||||
Item 3. | ||||
Item 4. | ||||
PART II | ||||
Item 5. | ||||
Item 6. | ||||
Item 7. | ||||
Item 7A. | ||||
Item 8. | ||||
Item 9. | ||||
Item 9A. | ||||
Item 9B. | ||||
PART III | ||||
Item 10. | ||||
PART IV | ||||
i
Also included in this Form 10-K/A are (i) the signature page, (ii) certifications required of the principal executive officer and principal financial officer under Section 302 of the Sarbanes-Oxley Act of 2002 and (iii) Part IV of the Form 10-K, which has been included solelyConversion;
Except as described above, no other changes have been made to the Original Report. Other than the information specifically amended and restated herein, this Form 10-K/A does not reflect events occurring after February 27, 2018, the date of the Original Report, or modify or update those disclosures that may have been affected by subsequent events. Accordingly, this Form 10-K/A should be read in conjunction with our Original Report and our other filings made with the Securities and Exchange Commission (the “Commission”) subsequent to the filing of the Original Report.
ii
INFORMATION ABOUT THE DIRECTORS
Certain information with respect to the directors of the Company is set forth below, including their names, ages, a brief description of their recent business experience, including present occupations and employment, certain directorships that each person holds, and the year in which each person became a Director. Each member of the Board of Directors of the Company is a member of the Board of Directors of Special Value Continuation Partners LLC, a Delaware limited liability company;
a Delaware limited partnership;
The Board of Directors, in connection with the 1940 Act and NASDAQ rules, as applicable, has considered the independence of members of the Board of Directors who are not employed by Tennenbaum Capital Partners, LLC, (the “Advisor”) and has concluded that Kathleen A. Corbet, Eric J. Draut, M. Freddie Reiss, Peter E. Schwab and Brian F. Wruble (the “Independent Directors”) are not “interested persons” as defined by the 1940 Act and therefore qualify as independent directors under the standards promulgated by the 1940 Acta Delaware limited liability company and the NASDAQ rules. In reaching this conclusion, the Board of Directors concluded that Ms. Corbetinvestment manager; and Messrs. Draut, Reiss, Schwab and Wruble had no relationships with the Advisor or any of its affiliates, other than their positions as directors of the Company and other than, if applicable, investments in us or other private funds managed by the Advisor that are on the same terms as those of other stockholders and investors.
Each director has been nominated for election as a director
1
Biographical Information
2
3
4
Item 1. |
5
Multi-State Municipal Trust; Oppenheimer Portfolio Series; Oppenheimer Quest For Value Funds/Oppenheimer Fundamental Alternatives Fund; Oppenheimer Quest For Value Funds/Oppenheimer Global Allocation Fund; Oppenheimer Quest For Value Funds/Oppenheimer Mid Cap Value Fund; Oppenheimer Real Estate Fund; Oppenheimer Rising Dividends Fund; Oppenheimer Rochester AMT-Free Municipal Fund; Oppenheimer Rochester AMT-Free New York Municipal Fund; Oppenheimer Rochester Arizona Municipal Fund; Oppenheimer Rochester California Municipal Fund; Oppenheimer Rochester Fund Municipals; Oppenheimer Rochester Intermediate Term Municipal Fund; Oppenheimer Rochester Limited Term California Municipal Fund; Oppenheimer Rochester Limited Term Municipal Fund; Oppenheimer Rochester Limited Term New York Municipal Fund; Oppenheimer Rochester Maryland Municipal Fund; Oppenheimer Rochester Massachusetts Municipal Fund; Oppenheimer Rochester Michigan Municipal Fund; Oppenheimer Rochester Minnesota Municipal Fund; Oppenheimer Rochester North Carolina Municipal Fund; Oppenheimer Rochester Ohio Municipal Fund; Oppenheimer Rochester Short Term Municipal Fund; Oppenheimer Rochester Virginia Municipal Fund; Oppenheimer Series Fund; and Oppenheimer Small Cap Value Fund.
Audit Committee
Our Board of Directors currently has three committees: an Audit Committee, a Governance and Compensation Committee and a Joint Transaction Committee. The Audit Committee operates pursuant to a charter approved by our Board of Directors and met five times duringlesser extent, equity appreciation through options, warrants, conversion rights or direct equity investments.
Company
(1) | at least 98 percent of our ordinary income (not taking into account any capital gains or losses) for the calendar year; |
(2) | at least 98.2 percent of the amount by which our capital gains exceed our capital losses (adjusted for certain ordinary losses) for a one-year period generally ending on October 31 of the calendar year (unless an election is made by us to use our taxable year); and |
(3) | certain undistributed amounts from previous years on which we paid no U.S. federal income tax. |
[required under the 1940 Act] and our Code of Ethics and Business Conduct required under the Sarbanes-Oxley Act (our “SOX Code of Ethics”). Further, we will provide, without charge, upon written request, a copy of the Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, proxy statements
• | Total return hurdle(1) = 7% |
a. | Additional Assumptions |
ii. | cumulative ordinary income before incentive compensation (gross ordinary income - (management fee + other expenses)) = 9% |
b. | Cumulative total return does not exceed total return hurdle, therefore there is no income incentive compensation. |
ii. | cumulative ordinary income before incentive compensation (gross ordinary income - (management fee + other expenses)) = 7.5% |
d. | Cumulative ordinary income before incentive compensation is positive and the cumulative total return after incentive compensation exceeds the total return hurdle, therefore incentive compensation is fully payable. |
ii. | cumulative ordinary income before incentive compensation (gross ordinary income — (management fee + other expenses)) = 7.5% |
iii. | cumulative annual total return = 8.0% |
(1) | Represents 7.0% annualized total return hurdle. |
d. | Cumulative ordinary income before incentive compensation is positive and the total return hurdle is less than total return but greater than total return after tentative incentive compensation, therefore incentive compensation is partially payable and = Total return – total return hurdle |
a. | Assumptions |
i. | Year 1: $20 million investment made in Company A (“Investment A”), and $30 million investment made in Company B (“Investment B”). |
ii. | Year 2: Investment A sold for $50 million and fair market value, or fair market value (“FMV”), of Investment B determined to be $32 million. Cumulative annual total return of 40%. |
iii. | Year 3: FMV of Investment B determined to be $25 million. Cumulative annual total return of 15%. |
b. | The capital gains portion of the incentive compensation would be: |
ii. | Year 2: Capital gains incentive compensation of $5.25 million ($5.25 million = $30 million realized capital gains on sale of Investment A multiplied by 17.5% and total return hurdle satisfied). |
iv. | Year 4: Capital gains incentive compensation of $0.175 million ($31 million cumulative realized capital gains multiplied by 17.5%, less $5.25 million of capital gains incentive compensation paid in year 2 and total return hurdle satisfied). |
a. | Assumptions |
i. | Year 1: $20 million investment made in Company A (“Investment A”), $30 million investment made in Company B (“Investment B”) and $25 million investment made in Company C (“Investment C”). |
ii. | Year 2: Investment A sold for $50 million, FMV of Investment B determined to be $25 million and FMV of Investment C determined to be $25 million. Cumulative annual total return of 15%. |
iii. | Year 3: FMV of Investment B determined to be $27 million and Investment C sold for $30 million. Cumulative annual total return of 6%. |
iv. | Year 4: FMV of Investment B determined to be $35 million. Cumulative annual total return of 20%. |
v. | Year 5: Investment B sold for $40 million. Cumulative annual total return of 20%. |
b. | The capital gains portion of the incentive compensation would be: |
i. | Year 1: None. |
ii. | Year 2: Capital gains incentive compensation of $4.375 million; 17.5% multiplied by $25 million ($30 million realized capital gains on Investment A less $5 million unrealized capital depreciation on Investment B, and the total return hurdle is satisfied). |
iii. | Year 3: None as the total return hurdle is not satisfied. |
iv. | Year 4: Capital gains incentive compensation of $1.75 million ($35 million cumulative realized capital gains (including $5 million of realized capital gains from year 3 at a time when the total return hurdle was not satisfied and no cumulative unrealized capital depreciation) multiplied by 17.5%, less $4.375 million capital gains incentive compensation paid in year 2, and the total return hurdle is satisfied). |
v. | Year 5: Capital gains incentive compensation of $1.75 million ($45 million cumulative realized capital gains multiplied by 17.5%, less $6.125 million in capital gains incentive compensation paid in years 2 and 4, and the total return hurdle is satisfied). |
Assumed Return on Portfolio (Net of Expenses Other than Interest) | -10 | % | -5 | % | 0 | % | 5 | % | 10 | % | |||||||||
Corresponding Return to Common Stockholders | -26 | % | -15 | % | -5 | % | 6 | % | 17 | % |
Item 1B. | Unresolved Staff Comments |
Item 2. | Properties |
SECTION 16(A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE
Pursuantterms of the Administration Agreement. We believe that our office facilities are suitable and adequate for our business as it is contemplated to be conducted.
Premium/ (Discount) of High Sales Price to NAV(3) | Premium/ (Discount) of Low Sales Price to NAV(3) | Declared Dividends | |||||||||||||||||||
Stock Price | |||||||||||||||||||||
NAV(1) | High(2) | Low(2) | |||||||||||||||||||
Fiscal year ended December 31, 2019 | |||||||||||||||||||||
First Quarter | $ | 14.18 | $ | 14.87 | $ | 13.21 | 4.9 | % | (6.8 | )% | $ | 0.36 | |||||||||
Second Quarter | 13.64 | 14.77 | 14.05 | 8.3 | % | 3.0 | % | 0.36 | |||||||||||||
Third Quarter | 13.59 | 14.32 | 13.16 | 5.4 | % | (3.2 | )% | 0.36 | |||||||||||||
Fourth Quarter | 13.21 | 14.48 | 13.15 | 9.6 | % | (0.5 | )% | 0.36 | |||||||||||||
Fiscal year ended December 31, 2018 | |||||||||||||||||||||
First Quarter | $ | 14.90 | $ | 15.46 | $ | 13.75 | 3.8 | % | (7.7 | )% | $ | 0.36 | |||||||||
Second Quarter | 14.61 | 14.86 | 14.11 | 1.7 | % | (3.4 | )% | 0.36 | |||||||||||||
Third Quarter | 14.51 | 14.93 | 14.20 | 2.9 | % | (2.1 | )% | 0.36 | |||||||||||||
Fourth Quarter | 14.13 | 14.49 | 12.77 | 2.5 | % | (9.6 | )% | 0.36 | |||||||||||||
(1) | NAV per share is determined as of the last day in the relevant quarter and therefore may not reflect the NAV per share on the date of the high and low sales prices. The NAVs shown are based on outstanding shares at the end of each period. |
(2) | The High/Low Stock Price is calculated as of the closing price on a given day in the applicable quarter. |
(3) | Calculated as the respective High/Low Stock Price minus the quarter end NAV, divided by the quarter end NAV. |
Title of Class | Amount Authorized | Amount Held by Registrant or for its Account | Amount Outstanding | |||
Common Stock | 200,000,000 | — | 58,766,426 |
Date Declared | Record Date | Payment Date | Type | Amount Per Share | Total Amount | |||||||||
February 28, 2019 | March 15, 2019 | March 29, 2019 | Regular | $ | 0.36 | $ | 21,155,619 | |||||||
May 8, 2019 | June 14, 2019 | June 28, 2019 | Regular | 0.36 | 21,155,688 | |||||||||
August 8, 2019 | September 16, 2019 | September 30, 2019 | Regular | 0.36 | 21,155,760 | |||||||||
November 6, 2019 | December 17, 2019 | December 31, 2019 | Regular | 0.36 | 21,155,837 | |||||||||
$ | 1.44 | $ | 84,622,904 |
Date Declared | Record Date | Payment Date | Type | Amount Per Share | Total Amount | |||||||||
February 27, 2018 | March 16, 2018 | March 30, 2018 | Regular | $ | 0.36 | $ | 21,184,004 | |||||||
May 9, 2018 | June 15, 2018 | June 29, 2018 | Regular | 0.36 | 21,174,966 | |||||||||
August 8, 2018 | September 14, 2018 | September 28, 2018 | Regular | 0.36 | 21,170,272 | |||||||||
November 8, 2018 | December 17, 2018 | December 31, 2018 | Regular | 0.36 | 21,164,257 | |||||||||
$ | 1.44 | $ | 84,693,499 |
NOTES: | Assumes $100 invested April 4, 2012 in BlackRock TCP Capital Corp., the S&P 500 Total Return Index, the S&P LSTA Leveraged Loan Index and the Wells Fargo Business Development Company Index. Assumes all dividends are reinvested on the respective dividend payment dates without commissions. |
Item 6. | Selected Financial Data |
Fiscal Year Ended December 31, | ||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||
Performance Data: | ||||||||||||||||||||
Interest income | $ | 191,584,009 | $ | 189,147,814 | $ | 173,527,345 | $ | 145,018,414 | $ | 142,012,553 | ||||||||||
Dividend income | 2,392,274 | 750,714 | 254,025 | — | — | |||||||||||||||
Lease income | 297,827 | 297,827 | 294,366 | 1,571,280 | 1,352,797 | |||||||||||||||
Other income | 891,805 | 302,829 | 1,893,764 | 1,591,071 | 3,502,875 | |||||||||||||||
Total investment income | 195,165,915 | 190,499,184 | 175,969,500 | 148,180,765 | 146,868,225 | |||||||||||||||
Interest and other debt expenses | 46,398,795 | 40,468,761 | 33,091,143 | 25,192,990 | 18,895,977 | |||||||||||||||
Management and advisory fees | 24,860,910 | 24,179,376 | 21,560,868 | 18,881,786 | 18,593,660 | |||||||||||||||
Incentive fee | 20,307,759 | 23,346,164 | N/A | * | N/A | * | N/A | * | ||||||||||||
Other expenses | 8,740,358 | 9,027,528 | 7,879,489 | 8,283,156 | 7,999,070 | |||||||||||||||
Total expenses | 100,307,822 | 97,021,829 | 62,531,500 | 52,357,932 | 45,488,707 | |||||||||||||||
Net investment income before taxes | 94,858,093 | 93,477,355 | 113,438,000 | 95,822,833 | 101,379,518 | |||||||||||||||
Excise tax expense | — | 92,700 | 36,380 | 569,511 | 876,706 | |||||||||||||||
Net investment income | 94,858,093 | 93,384,655 | 113,401,620 | 95,253,322 | 100,502,812 | |||||||||||||||
Net realized and unrealized gains (losses) | (64,277,304 | ) | (47,908,773 | ) | (22,790,283 | ) | 114,502 | (22,405,111 | ) | |||||||||||
Gain on repurchase of Series A preferred interests | — | — | — | — | 1,675,000 | |||||||||||||||
Dividends to preferred interest holders | — | — | — | — | (754,140 | ) | ||||||||||||||
Incentive allocation | N/A | * | N/A | * | (22,680,323 | ) | (19,050,665 | ) | (19,949,734 | ) | ||||||||||
Net increase in net assets applicable to common shareholders resulting from operations | $ | 30,580,789 | $ | 45,475,882 | $ | 67,931,014 | $ | 76,317,159 | $ | 59,068,827 | ||||||||||
Per Share Data (at the end of the period): | ||||||||||||||||||||
Net increase in net assets from operations | $ | 0.52 | $ | 0.77 | $ | 1.19 | $ | 1.50 | $ | 1.21 | ||||||||||
Distributions declared per share | (1.44 | ) | (1.44 | ) | (1.44 | ) | (1.44 | ) | (1.44 | ) | ||||||||||
Average weighted shares outstanding for the period | 58,766,362 | 58,815,216 | 57,000,658 | 50,948,035 | 48,863,188 | |||||||||||||||
Assets and Liabilities Data: | ||||||||||||||||||||
Investments | $ | 1,649,506,895 | $ | 1,597,285,790 | $ | 1,514,532,703 | $ | 1,314,969,870 | $ | 1,182,919,725 | ||||||||||
Other assets | 72,562,301 | 62,249,899 | 114,889,665 | 72,628,591 | 56,193,226 | |||||||||||||||
Total assets | 1,722,069,196 | 1,659,535,689 | 1,629,422,368 | 1,387,598,461 | 1,239,112,951 | |||||||||||||||
Debt, net of unamortized issuance costs | 907,802,387 | 805,202,192 | 725,200,281 | 571,658,862 | 498,205,471 | |||||||||||||||
Other liabilities | 37,948,423 | 23,858,770 | 33,493,961 | 25,003,608 | 18,930,463 | |||||||||||||||
Total liabilities | 945,750,810 | 829,060,962 | 758,694,242 | 596,662,470 | 517,135,934 | |||||||||||||||
Net assets | $ | 776,318,386 | $ | 830,474,727 | $ | 870,728,126 | $ | 790,935,991 | $ | 721,977,017 | ||||||||||
Investment Activity Data: | ||||||||||||||||||||
No. of portfolio companies at period end | 105 | 95 | 96 | 90 | 88 | |||||||||||||||
Acquisitions | $ | 700,024,114 | $ | 634,002,472 | $ | 865,427,957 | $ | 587,219,129 | $ | 500,928,009 | ||||||||||
Sales, repayments, and other disposals | $ | 596,374,086 | $ | 512,795,715 | $ | 655,674,365 | $ | 473,457,512 | $ | 456,059,137 | ||||||||||
Weighted-average effective yield of debt portfolio at end of period | 10.3 | % | 11.4 | % | 11.0 | % | 10.9 | % | 11.0 | % |
Based on our reviewfinancial statements.
Industry | Percent of Total Investments | ||
Diversified Financial Services | 11.8 | % | |
Internet Software and Services | 11.2 | % | |
Textiles, Apparel and Luxury Goods | 6.9 | % | |
Professional Services | 6.8 | % | |
Software | 6.4 | % | |
Media | 4.9 | % | |
Diversified Consumer Services | 4.6 | % | |
Automobiles | 4.3 | % | |
Diversified Telecommunication Services | 3.8 | % | |
IT Services | 3.8 | % | |
Airlines | 3.3 | % | |
Insurance | 3.0 | % | |
Hotels, Restaurants and Leisure | 2.7 | % | |
Consumer Finance | 2.6 | % | |
Building Products | 2.2 | % | |
Health Care Technology | 2.2 | % | |
Energy Equipment and Services | 1.8 | % | |
Thrifts and Mortgage Finance | 1.7 | % | |
Commercial Services and Supplies | 1.7 | % | |
Tobacco Related | 1.6 | % | |
Aerospace and Defense | 1.5 | % | |
Pharmaceuticals | 1.5 | % | |
Capital Markets | 1.3 | % | |
Road and Rail | 1.1 | % | |
Electrical Equipment | 1.0 | % | |
Other | 6.3 | % | |
Total | 100.0 | % |
2019 | 2018 | ||||||
Shares Issued | 819 | 767 | |||||
Average Price Per Share | $ | 13.98 | $ | 13.94 | |||
Proceeds | $ | 11,453 | $ | 10,693 |
6
NoneOn February 24, 2015, the Company’s board of directors approved a stock repurchase plan (the “Company Repurchase Plan”) to acquire up to $50.0 million in the aggregate of the officers receive compensation fromCompany’s common stock at prices at certain thresholds below the Company. The compensationCompany’s net asset value per share, in accordance with the guidelines specified in Rule 10b-18 and Rule 10b5-1 of the officersSecurities Exchange Act of 1934. The Company Repurchase Plan is designed to allow the Company to repurchase its common stock at times when it otherwise might be prevented from doing so under insider trading laws. The Company Repurchase Plan requires an agent selected by the Company to repurchase shares of common stock on the Company’s behalf if and when the market price per share is at certain thresholds below the most recently reported net asset value per share. Under the plan, the agent will increase the volume of purchases made if the price of the Company’s common stock declines, subject to volume restrictions. The timing and amount of any stock repurchased depends on the terms and conditions of the Company Repurchase Plan, the market price of the common stock and trading volumes, and no assurance can be given that any particular amount of common stock will be repurchased. The Company Repurchase Plan was re-approved on February 20, 2020, to be in effect through the earlier of two trading days after our first quarter 2020 earnings release, unless further extended or terminated by our board of directors, or such time as the approved $50.0 million repurchase amount has been fully utilized, subject to certain conditions. The following table summarizes the total shares repurchased and amounts paid by the Company under the Company Repurchase Plan, including broker fees, for the years ended December 31, 2019 and 2018:
2019 | 2018 | ||||||
Shares Repurchased | 9,000 | 73,416 | |||||
Price Per Share * | $ | 13.96 | $ | 14.25 | |||
Total Cost | $ | 125,679 | $ | 1,046,475 |
* | Weighted-average price per share |
Maturity | Rate | Carrying Value* | Available | Total Capacity | ||||||||||||
SVCP Facility | 2023 | L+2.00% | † | $ | 108,497,620 | $ | 161,502,380 | $ | 270,000,000 | |||||||
TCPC Funding Facility | 2023 | L+2.00% | ‡ | 158,000,000 | 142,000,000 | 300,000,000 | ||||||||||
SBA Debentures | 2024−2029 | 2.63% | § | 138,000,000 | 12,000,000 | 150,000,000 | ||||||||||
2022 Convertible Notes ($140 million par) | 2022 | 4.625% | 138,584,313 | — | 138,584,313 | |||||||||||
2022 Notes ($175 million par) | 2022 | 4.125% | 174,649,566 | — | 174,649,566 | |||||||||||
2024 Notes ($200 million par) | 2024 | 3.900% | 197,782,572 | — | 197,782,572 | |||||||||||
Total leverage | 915,514,071 | $ | 315,502,380 | $ | 1,231,016,451 | |||||||||||
Unamortized issuance costs | (7,711,684 | ) | ||||||||||||||
Debt, net of unamortized issuance costs | $ | 907,802,387 |
* | Except for the convertible notes, the 2022 Notes and the 2024 Notes, all carrying values are the same as the principal amounts outstanding. |
† | As of December 31, 2019, $8.3 million of the outstanding amount bore interest at a rate of EURIBOR + 2.00% |
‡ | Subject to certain funding requirements |
§ | Weighted-average interest rate, excluding fees of 0.36% or 0.35% |
Date Declared | Record Date | Payment Date | Type | Amount Per Share | Total Amount | |||||||||
February 28, 2019 | March 15, 2019 | March 29, 2019 | Regular | $ | 0.36 | $ | 21,155,619 | |||||||
May 8, 2019 | June 14, 2019 | June 28, 2019 | Regular | 0.36 | 21,155,688 | |||||||||
August 8, 2019 | September 16, 2019 | September 30, 2019 | Regular | 0.36 | 21,155,760 | |||||||||
November 6, 2019 | December 17, 2019 | December 31, 2019 | Regular | 0.36 | 21,155,837 | |||||||||
$ | 1.44 | $ | 84,622,904 |
Date Declared | Record Date | Payment Date | Type | Amount Per Share | Total Amount | |||||||||
February 27, 2018 | March 16, 2018 | March 30, 2018 | Regular | $ | 0.36 | $ | 21,184,004 | |||||||
May 9, 2018 | June 15, 2018 | June 29, 2018 | Regular | 0.36 | 21,174,966 | |||||||||
August 8, 2018 | September 14, 2018 | September 28, 2018 | Regular | 0.36 | 21,170,272 | |||||||||
November 8, 2018 | December 17, 2018 | December 31, 2018 | Regular | 0.36 | 21,164,257 | |||||||||
$ | 1.44 | $ | 84,693,499 |
2019 | 2018 | ||||||
Shares Issued | 819 | 767 | |||||
Average Price Per Share | $ | 13.98 | $ | 13.94 | |||
Proceeds | $ | 11,453 | $ | 10,693 |
The following table sets forth, as of April 23, 2018, certain ownership information with respect to the Company’s shares for those persons who may, insofar as is known to us, directly or indirectly own, control or hold with the power to vote, 5% or more of the outstanding common shares of the Company.
Title of Class | Name and Address of Beneficial Owner | Amount and Nature of Beneficial Ownership | Percent of Class | ||||
5% or more holders | |||||||
Common Stock | Wells Fargo & Company(1) 420 Montgomery Street San Francisco, California 94163 | 4,333,913 | 7.37 | % | |||
Common Stock | Vaughan Nelson Investment Management, L.P.(2) 660 Travis Street, Suite 6300 Houston, Texas 77002 | 3,360,875 | 5.70 | % | |||
Common Stock | Burgundy Asset Management(3) 181 Bay Street, Suite 4510 Toronto, Ontario M5J 2T3 | 3,227,242 | 5.49 | % |
Our directors are divided into two groups — interested directors and independent directors. Interested directors are those who are “interested persons” of the Company, as defined in the 1940 Act.
The following table sets forth, as of April 23, 2018, certain information with respect to the beneficial ownership of TCPC’s shares of each current director and executive officer, and the executive officers and directorstreated as a group. As of April 23, 2018, all directors and officers as a group owned less than 1% of TCPC’s outstanding common shares.
Unless otherwise indicated, we believe that each person set forth in the table below has sole voting and investment power with respect to all shares of TCPC he or she beneficially owns and has the same address as TCPC. TCPC’s address is 2951 28th Street, Suite 1000, Santa Monica, California 90405.
7
We have entered into a number of business relationships with affiliated or related parties, including the following:
8
investment opportunities between us and certain other entities that could impact our investment returns. While our ability to enter into transactions with our affiliates is restricted under the 1940 Act, we have received twoan exemptive ordersorder from the CommissionSEC permitting certain affiliated investments subject to certain conditions. As a result, we may face conflictsconflict of interest oninterests and investments made pursuant to the exemptive ordersorder conditions which could in certain circumstances affect adversely the price paid or received by us or the availability or size of the position purchased or sold by us.
Basis Point Change | Interest income | Interest Expense | Net Investment Income | |||||||||
Up 300 basis points | $ | 45,316,285 | $ | (7,992,609 | ) | $ | 37,323,676 | |||||
Up 200 basis points | 30,210,857 | (5,328,406 | ) | 24,882,451 | ||||||||
Up 100 basis points | 15,105,428 | (2,664,203 | ) | 12,441,225 | ||||||||
Down 100 basis points | (12,663,801 | ) | 2,664,203 | (9,999,598 | ) | |||||||
Down 200 basis points | (18,047,994 | ) | 5,095,022 | (12,952,972 | ) | |||||||
Down 300 basis points | (18,155,928 | ) | 5,095,022 | (13,060,906 | ) |
Item 8. | Financial Statements and Supplementary Data |
Page | |
Audit Fees. Audit fees consist of fees billed for professional services rendered for the audityear ended December 31, 2019, of the Company and our year-endreport dated February 26, 2020, expressed an unqualified opinion on those financial statementsstatements.
Audit-Related Fees. Audit-related fees consist of fees billed for assurance and related services that are reasonably related to the performance of the audit or review of our financial statements and are not reported under “Audit Fees.” These services include attest services that are not required by statute or regulation and consultations concerning financial accounting and reporting standards. TCPC incurred audit-related fees with Deloitte in the amount of $245,700 and $112,350 during the fiscal years ended December 31, 2017 and December 31, 2016, respectively. The services comprising such fees related to the filing of TCPC’s registration statement on Form N-2. The Partnership incurred audit-related fees with Deloitte in the amount of $0 and $10,000, respectively, in the same periods.
Tax Fees. Tax fees consist of fees billed for professional services for tax compliance. These services include assistance regarding federal, state, and local tax compliance, and include services for Ernstprocedures may deteriorate.
All Other Fees. All other fees would include fees for products and services other than the services reported above. The Company incurred no such fees for the past two fiscal years.
The audit committee of the board of directors (the “Audit Committee”) is required to approve all audit engagement fees and terms for the Company. The Audit Committee also is required to consider and act upon (i) the provision by the Company's independent accountant of any non-audit services to the Company, and (ii) the provision by the Company's independent accountant of non-audit services to the Company and any entity controlling, controlled by, or under common control with the Company that provide ongoing services to the Company to the extent that such approval (in the case of this clause (ii)) is required under applicable regulations of the Commission.
The Audit Committee pre-approves all audit, review and attest engagements required under the securities laws and regulations provided by the Company's independent auditors. The Audit Committee also approves all non-audit services, including tax services, provided to the Company by the Company's independent auditors and verifies, at the time of pre-approval, that such pre-approved non-audit services would not be prohibited services under securities regulations. The Audit Committee pre-approves all non-audit services provided by the Company's independent auditors to the Company's investment advisor and to affiliates of the investment advisor that provide ongoing services to the Company, but only if the non-audit services have a direct impact on the operations or financial reporting of the Company.
9
PART IV
The following reports and consolidated financial statements required under this Item 15 were filed with the Commission as part of the Original Report on February 27, 2018:
Reports of Independent Registered Public Accounting Firm
Consolidated Statements of Assets and Liabilities as
December 31, 2019 | December 31, 2018 | ||||||
Assets | |||||||
Investments, at fair value: | |||||||
Companies less than 5% owned (cost of $1,483,508,500 and $1,460,936,257, respectively) | $ | 1,474,318,011 | $ | 1,463,800,744 | |||
Companies 5% to 25% owned (cost of $70,112,667 and $78,353,253, respectively) | 75,880,291 | 63,193,357 | |||||
Companies more than 25% owned (cost of $135,655,840 and $110,258,458, respectively) | 99,308,593 | 70,291,689 | |||||
Total investments (cost of $1,689,277,007 and $1,649,547,968, respectively) | 1,649,506,895 | 1,597,285,790 | |||||
Cash and cash equivalents | 44,848,539 | 27,920,402 | |||||
Accrued interest income: | |||||||
Companies less than 5% owned | 16,937,339 | 20,898,838 | |||||
Companies 5% to 25% owned | 665,165 | 678,057 | |||||
Companies more than 25% owned | 305,721 | 124,009 | |||||
Deferred debt issuance costs | 5,476,382 | 4,843,985 | |||||
Receivable for investments sold | 1,316,667 | — | |||||
Prepaid expenses and other assets | 3,012,488 | 7,784,608 | |||||
Total assets | 1,722,069,196 | 1,659,535,689 | |||||
Liabilities | |||||||
Debt, net of unamortized issuance costs of $7,711,684 and $6,805,196, respectively | 907,802,387 | 805,202,192 | |||||
Payable for investments purchased | 13,057,446 | 908,759 | |||||
Interest payable | 10,837,121 | 8,747,872 | |||||
Management and advisory fees payable | 5,429,075 | 5,247,344 | |||||
Incentive compensation payable | 4,753,671 | 5,840,346 | |||||
Payable to the Advisor | 1,591,651 | 1,226,372 | |||||
Accrued expenses and other liabilities | 2,279,459 | 1,888,077 | |||||
Total liabilities | 945,750,810 | 829,060,962 | |||||
Commitments and contingencies (Note 5) | |||||||
Net assets | $ | 776,318,386 | $ | 830,474,727 | |||
Composition of net assets | |||||||
Common stock, $0.001 par value; 200,000,000 shares authorized, 58,766,426 and 58,774,607 shares issued and outstanding as of December 31, 2019 and December 31, 2018, respectively | $ | 58,766 | $ | 58,775 | |||
Paid-in capital in excess of par | 997,379,362 | 1,000,073,183 | |||||
Distributable earnings (loss) | (221,119,742 | ) | (169,657,231 | ) | |||
Net assets | $ | 776,318,386 | $ | 830,474,727 | |||
Net assets per share | $ | 13.21 | $ | 14.13 |
2019
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (A) | ||||||||||||||||||||||||||||||||
Aerospace and Defense | ||||||||||||||||||||||||||||||||
Unanet, Inc. | First Lien Delayed Draw Term Loan | LIBOR(M) | — | 6.25 | % | 8.06 | % | 5/31/2024 | $ | 5,127,551 | $ | 5,059,515 | $ | 5,135,971 | 0.30 | % | N | |||||||||||||||
Unanet, Inc. | First Lien Term Loan | LIBOR(M) | — | 6.25 | % | 8.06 | % | 5/31/2024 | $ | 19,897,959 | 19,710,909 | 19,919,847 | 1.18 | % | N | |||||||||||||||||
Unanet, Inc. | Sr Secured Revolver | LIBOR(M) | — | 6.25 | % | 8.06 | % | 5/31/2024 | $ | — | (21,632 | ) | — | — | K/N | |||||||||||||||||
24,748,792 | 25,055,818 | 1.48 | % | |||||||||||||||||||||||||||||
Airlines | ||||||||||||||||||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N902FJ) | LIBOR(Q) | — | 7.50 | % | 9.41 | % | 2/1/2022 | $ | 801,784 | 797,527 | 801,784 | 0.05 | % | N | |||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N903FJ) | LIBOR(Q) | — | 7.50 | % | 9.41 | % | 2/1/2022 | $ | 942,947 | 937,941 | 942,947 | 0.06 | % | N | |||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N904FJ) | LIBOR(Q) | — | 7.50 | % | 9.41 | % | 2/1/2022 | $ | 1,066,574 | 1,060,912 | 1,066,574 | 0.06 | % | N | |||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N905FJ) | LIBOR(Q) | — | 7.50 | % | 9.41 | % | 2/1/2022 | $ | 768,185 | 764,107 | 768,185 | 0.05 | % | N | |||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N906FJ) | LIBOR(Q) | — | 7.50 | % | 9.41 | % | 5/1/2022 | $ | 817,276 | 812,522 | 817,276 | 0.05 | % | N | |||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N907FJ) | LIBOR(Q) | — | 7.50 | % | 9.41 | % | 5/1/2022 | $ | 853,632 | 848,667 | 853,632 | 0.05 | % | N | |||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N908FJ) | LIBOR(Q) | — | 7.50 | % | 9.41 | % | 5/1/2022 | $ | 1,272,196 | 1,264,796 | 1,272,196 | 0.08 | % | N | |||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N909FJ) | LIBOR(Q) | — | 7.50 | % | 9.41 | % | 8/1/2022 | $ | 581,841 | 578,354 | 581,841 | 0.03 | % | N | |||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N910FJ) | LIBOR(Q) | — | 7.50 | % | 9.41 | % | 8/1/2022 | $ | 554,715 | 551,390 | 554,715 | 0.03 | % | N | |||||||||||||||||
Mesa Airlines, Inc. | Aircraft Acquisition Incremental Loan | LIBOR(M) | — | 5.25 | % | 7.00 | % | 9/27/2023 | $ | 2,655,121 | 2,623,792 | 2,620,870 | 0.15 | % | N | |||||||||||||||||
Mesa Airlines, Inc. | Aircraft Acquisition Loan | LIBOR(M) | — | 5.00 | % | 6.75 | % | 6/5/2023 | $ | 21,683,485 | 21,440,802 | 21,653,129 | 1.28 | % | N | |||||||||||||||||
One Sky Flight, LLC | First Lien Term Loan | LIBOR(M) | 1.00 | % | 7.50 | % | 9.30 | % | 12/27/2024 | $ | 12,500,000 | 12,187,500 | 12,250,000 | 0.72 | % | N | ||||||||||||||||
43,868,310 | 44,183,149 | 2.61 | % | |||||||||||||||||||||||||||||
Automobiles | ||||||||||||||||||||||||||||||||
Autoalert, LLC | First Lien Incremental Term Loan | LIBOR(Q) | 0.25 | % | 5.75% Cash+3.00% PIK | 10.88 | % | 1/1/2022 | $ | 38,966,342 | 38,845,649 | 39,356,005 | 2.32 | % | N | |||||||||||||||||
Autoalert, LLC | First Lien Term Loan | LIBOR(Q) | 0.25 | % | 5.75% Cash+3.00% PIK | 10.88 | % | 1/1/2022 | $ | 15,420,901 | 15,313,907 | 15,575,110 | 0.92 | % | N | |||||||||||||||||
DealerFX, Inc. | First Lien Term Loan | LIBOR(Q) | — | 6.25% Cash+2.00% PIK | 10.25 | % | 2/1/2023 | $ | 16,183,673 | 15,965,712 | 16,345,510 | 0.96 | % | N | ||||||||||||||||||
70,125,268 | 71,276,625 | 4.20 | % | |||||||||||||||||||||||||||||
Building Products | ||||||||||||||||||||||||||||||||
Dodge Data & Analytics, LLC | First Lien Delayed Draw Term Loan | LIBOR(Q) | 1.00 | % | 7.00 | % | 9.00 | % | 5/1/2020 | $ | 875,631 | 875,023 | 875,106 | 0.05 | % | N | ||||||||||||||||
Dodge Data & Analytics, LLC | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 7.00 | % | 9.00 | % | 5/1/2020 | $ | 35,420,561 | 35,395,034 | 35,399,308 | 2.09 | % | N | ||||||||||||||||
36,270,057 | 36,274,414 | 2.14 | % | |||||||||||||||||||||||||||||
Capital Markets | ||||||||||||||||||||||||||||||||
HighTower Holding, LLC | Second Lien Term Loan | LIBOR(M) | 1.00 | % | 8.75 | % | 10.49 | % | 1/31/2026 | $ | 15,080,645 | 14,733,952 | 15,082,153 | 0.89 | % | N | ||||||||||||||||
HighTower Holding, LLC | Second Lien Delayed Draw Term Loan | LIBOR(M) | 1.00 | % | 8.75 | % | 10.49 | % | 1/31/2026 | $ | 6,169,355 | 6,059,721 | 6,169,972 | 0.36 | % | N | ||||||||||||||||
20,793,673 | 21,252,125 | 1.25 | % | |||||||||||||||||||||||||||||
Chemicals | ||||||||||||||||||||||||||||||||
AGY Holding Corp. | Second Lien Notes | Fixed | — | 11.00 | % | 11.00 | % | 11/15/2020 | $ | 10,315,515 | 8,778,822 | 3,708,428 | 0.22 | % | B/C/E/N | |||||||||||||||||
AGY Holding Corp. | Delayed Draw Term Loan | Fixed | — | 12.00 | % | 12.00 | % | 9/15/2020 | $ | 1,114,120 | 1,114,120 | 1,114,120 | 0.07 | % | B/N | |||||||||||||||||
AGY Holding Corp. | Sr Secured Term Loan | Fixed | — | 12.00 | % | 12.00 | % | 9/15/2020 | $ | 5,171,151 | 5,171,151 | 5,171,151 | 0.31 | % | B/N | |||||||||||||||||
15,064,093 | 9,993,699 | 0.60 | % | |||||||||||||||||||||||||||||
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (continued) | ||||||||||||||||||||||||||||||||
Commercial Services and Supplies | ||||||||||||||||||||||||||||||||
Kellermeyer Bergensons Services, LLC | First Lien Delayed Draw Term Loan A | LIBOR(M) | 1.00 | % | 6.50 | % | 8.39 | % | 11/7/2026 | $ | — | $ | — | $ | (13,529 | ) | — | K/N | ||||||||||||||
Kellermeyer Bergensons Services, LLC | First Lien Delayed Draw Term Loan B | LIBOR(M) | 1.00 | % | 6.50 | % | 8.39 | % | 11/7/2026 | $ | — | — | (17,647 | ) | — | K/N | ||||||||||||||||
Kellermeyer Bergensons Services, LLC | First Lien Term Loan | LIBOR(M) | 1.00 | % | 6.50 | % | 8.39 | % | 11/7/2026 | $ | 6,535,948 | 6,472,583 | 6,477,124 | 0.38 | % | N | ||||||||||||||||
Team Software, Inc. | First Lien Incremental Term Loan | LIBOR(Q) | — | 5.50 | % | 7.50 | % | 9/17/2023 | $ | 7,220,080 | 7,114,156 | 7,172,428 | 0.42 | % | N | |||||||||||||||||
Team Software, Inc. | First Lien Revolver | LIBOR(Q) | — | 5.50 | % | 7.50 | % | 9/17/2023 | $ | 1,228,924 | 1,189,152 | 1,205,750 | 0.07 | % | N | |||||||||||||||||
Team Software, Inc. | First Lien Term Loan | LIBOR(Q) | — | 5.50 | % | 7.50 | % | 9/17/2023 | $ | 13,167,038 | 13,012,854 | 13,080,136 | 0.77 | % | N | |||||||||||||||||
27,788,745 | 27,904,262 | 1.64 | % | |||||||||||||||||||||||||||||
Communications Equipment | ||||||||||||||||||||||||||||||||
Avanti Communications Jersey Limited | 1.5 Lien Delayed Draw Term Loan (2.5% Exit Fee) | Fixed | — | 12.50 | % | 12.50 | % | 5/24/2021 | $ | 1,214,371 | 1,214,371 | 1,214,371 | 0.07 | % | L/N | |||||||||||||||||
Avanti Communications Jersey Limited | 1.5 Lien Term Loan (2.5% Exit Fee) | Fixed | — | 12.50 | % | 12.50 | % | 5/24/2021 | $ | 282,820 | 238,768 | 282,820 | 0.02 | % | L/N | |||||||||||||||||
Avanti Communications Group, PLC (United Kingdom) | Sr New Money Initial Note | Fixed | — | 9.00% PIK | 9.00 | % | 10/1/2022 | $ | 1,592,934 | 1,591,586 | 1,074,115 | 0.06 | % | C/E/G/H/N | ||||||||||||||||||
Avanti Communications Group, PLC (United Kingdom) | Sr Second-Priority PIK Toggle Note | Fixed | — | 9.00% PIK | 9.00 | % | 10/1/2022 | $ | 4,064,721 | 4,064,219 | 2,740,841 | 0.16 | % | C/E/G/H/N | ||||||||||||||||||
7,108,944 | 5,312,147 | 0.31 | % | |||||||||||||||||||||||||||||
Construction and Engineering | ||||||||||||||||||||||||||||||||
Hylan Datacom & Electrical, LLC | First Lien Incremental Term Loan | LIBOR(Q) | 1.00 | % | 9.50 | % | 11.41 | % | 7/25/2021 | $ | 2,536,311 | 2,502,108 | 2,090,739 | 0.12 | % | N | ||||||||||||||||
Hylan Datacom & Electrical, LLC | First Lien Term Loan (5.4% Exit Fee) | LIBOR(Q) | 1.00 | % | 9.50 | % | 11.41 | % | 7/25/2021 | $ | 14,031,084 | 13,959,042 | 11,566,142 | 0.67 | % | L/N | ||||||||||||||||
16,461,150 | 13,656,881 | 0.79 | % | |||||||||||||||||||||||||||||
Construction Materials | ||||||||||||||||||||||||||||||||
Brannan Sand and Gravel Company, LLC | First Lien Term Loan | LIBOR(Q) | — | 5.25 | % | 7.25 | % | 7/3/2023 | $ | 6,682,556 | 6,612,301 | 6,652,484 | 0.39 | % | N | |||||||||||||||||
Consumer Finance | ||||||||||||||||||||||||||||||||
Auto Trakk SPV, LLC | First Lien Delayed Draw Term Loan | LIBOR(M) | 0.50 | % | 6.50 | % | 8.24 | % | 12/21/2021 | $ | 23,971,792 | 23,800,742 | 23,749,039 | 1.40 | % | N | ||||||||||||||||
Barri Financial Group, LL | First Lien Term Loan | LIBOR(M) | 1.00 | % | 7.75 | % | 9.54 | % | 10/23/2024 | $ | 19,346,662 | 18,873,298 | 19,031,311 | 1.12 | % | N | ||||||||||||||||
42,674,040 | 42,780,350 | 2.52 | % | |||||||||||||||||||||||||||||
Diversified Consumer Services | ||||||||||||||||||||||||||||||||
Edmentum, Inc. | Jr Revolving Facility | Fixed | — | 5.00 | % | 5.00 | % | 6/9/2020 | $ | 5,235,973 | 5,235,973 | 5,235,978 | 0.31 | % | B/N | |||||||||||||||||
Edmentum, Inc. | First Lien Term Loan B | LIBOR(Q) | — | 8.50 | % | 10.43 | % | 6/9/2021 | $ | 10,740,023 | 9,566,580 | 10,740,023 | 0.63 | % | B/N | |||||||||||||||||
Edmentum, Inc. | Second Lien Term Loan | Fixed | — | 7.00% PIK | 7.00 | % | 12/8/2021 | $ | 8,281,653 | 8,281,653 | 8,281,661 | 0.49 | % | B/N | ||||||||||||||||||
Edmentum Ultimate Holdings, LLC | Jr PIK Notes | Fixed | — | 10.00% PIK | 10.00 | % | 6/9/2020 | $ | 17,609,276 | 17,536,516 | 17,609,276 | 1.04 | % | B/N | ||||||||||||||||||
Edmentum Ultimate Holdings, LLC | Sr PIK Notes | Fixed | — | 8.50% PIK | 8.50 | % | 6/9/2020 | $ | 3,675,888 | 3,675,888 | 3,675,888 | 0.22 | % | B/N | ||||||||||||||||||
Spark Networks, Inc. | Sr Secured Revolver | LIBOR(Q) | 1.50 | % | 8.00 | % | 9.95 | % | 7/1/2023 | $ | — | (30,874 | ) | (38,827 | ) | — | K/N | |||||||||||||||
Spark Networks, Inc. | First Lien Term Loan | LIBOR(Q) | 1.50 | % | 8.00 | % | 9.95 | % | 7/1/2023 | $ | 22,934,229 | 22,203,944 | 22,062,728 | 1.30 | % | N | ||||||||||||||||
66,469,680 | 67,566,727 | 3.99 | % | |||||||||||||||||||||||||||||
Diversified Financial Services | ||||||||||||||||||||||||||||||||
36th Street Capital Partners Holdings, LLC | Senior Note | Fixed | — | 12.00 | % | 12.00 | % | 11/1/2020 | $ | 40,834,419 | 40,834,418 | 40,834,419 | 2.41 | % | E/F/N/O | |||||||||||||||||
Aretec Group, Inc. (Cetera) | Second Lien Term Loan | LIBOR(M) | — | 8.25 | % | 10.05 | % | 10/1/2026 | $ | 27,105,263 | 26,845,399 | 26,788,945 | 1.58 | % | G | |||||||||||||||||
Credit Suisse AG (Cayman Islands) | Asset-Backed Credit Linked Notes | LIBOR(Q) | — | 9.50 | % | 11.45 | % | 4/12/2025 | $ | 38,000,000 | 38,000,000 | 37,604,800 | 2.22 | % | H/I/N | |||||||||||||||||
GC Agile Holdings Limited (Apex) (England) | First Lien Delayed Term Loan B | LIBOR(Q) | 1.00 | % | 7.00 | % | 9.11 | % | 6/15/2025 | $ | 18,979,469 | 18,625,118 | 18,629,867 | 1.10 | % | H/N | ||||||||||||||||
GC Agile Holdings Limited (Apex) (England) | First Lien Term Loan A | LIBOR(Q) | 1.00 | % | 7.00 | % | 9.11 | % | 6/15/2025 | $ | 824,958 | 810,028 | 809,366 | 0.05 | % | H/N | ||||||||||||||||
RSB-160, LLC (Lat20) | First Lien Delayed Draw Term Loan | LIBOR(M) | 1.00 | % | 6.00 | % | 7.90 | % | 7/20/2022 | $ | 2,333,333 | 2,299,659 | 2,335,900 | 0.14 | % | N | ||||||||||||||||
127,414,622 | 127,003,297 | 7.50 | % |
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (continued) | ||||||||||||||||||||||||||||||||
Diversified Telecommunication Services | ||||||||||||||||||||||||||||||||
American Broadband Holding Company | First Lien Term Loan | LIBOR(M) | 1.25 | % | 7.25 | % | 9.05 | % | 10/25/2022 | $ | 15,395,873 | $ | 15,151,000 | $ | 15,796,166 | 0.93 | % | N | ||||||||||||||
ECI Macola/Max Holding, LLC | Second Lien Term Loan | LIBOR(Q) | 1.00 | % | 8.00 | % | 9.94 | % | 9/29/2025 | $ | 24,840,563 | 24,660,905 | 24,571,540 | 1.45 | % | |||||||||||||||||
Securus Technologies, Inc. | Second Lien Term Loan | LIBOR(M) | 1.00 | % | 8.25 | % | 10.05 | % | 11/1/2025 | $ | 25,846,154 | 25,648,456 | 12,509,538 | 0.74 | % | |||||||||||||||||
TPC Intermediate Holdings, LLC | First Lien Delayed Draw Term Loan | LIBOR(Q) | 1.00 | % | 6.00 | % | 7.94 | % | 5/15/2023 | $ | 799,588 | 787,670 | 796,310 | 0.05 | % | N | ||||||||||||||||
TPC Intermediate Holdings, LLC | First Lien Incremental Delayed Draw Term Loan | LIBOR(Q) | 1.00 | % | 6.00 | % | 7.94 | % | 5/15/2020 | $ | 525,686 | 519,722 | 522,453 | 0.03 | % | N | ||||||||||||||||
TPC Intermediate Holdings, LLC | First Lien Incremental Delayed Draw Term Loan A | LIBOR(Q) | 1.00 | % | 6.00 | % | 7.94 | % | 10/31/2020 | $ | — | — | (16,811 | ) | — | K/N | ||||||||||||||||
Telarix, Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 6.00 | % | 7.80 | % | 11/19/2023 | $ | 7,443,750 | 7,348,457 | 7,349,959 | 0.43 | % | N | ||||||||||||||||
Telarix, Inc. | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 6.00 | % | 7.80 | % | 11/19/2023 | $ | 178,571 | 174,365 | 174,071 | 0.01 | % | N | ||||||||||||||||
74,290,575 | 61,703,226 | 3.64 | % | |||||||||||||||||||||||||||||
Electric Utilities | ||||||||||||||||||||||||||||||||
Conergy Asia & ME Pte. Ltd (Singapore) | First Lien Term Loan | Fixed | — | 10.00 | % | 10.00 | % | 5/26/2020 | $ | 1,773,807 | 1,773,807 | 1,207,785 | 0.07 | % | F/H/N | |||||||||||||||||
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) | Bank Guarantee Credit Facility | Fixed | — | — | 0.00 | % | 5/26/2020 | $ | 6,578,877 | 6,578,877 | 3,289,438 | 0.19 | % | C/F/H/N | ||||||||||||||||||
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) | Revolving Credit Facility | Fixed | — | — | 0.00 | % | 5/26/2020 | $ | 8,668,850 | 8,668,850 | 2,208,823 | 0.13 | % | C/F/H/N | ||||||||||||||||||
Utilidata, Inc. | First Lien Delayed Draw Term Loan (4.0% Exit Fee) | LIBOR(Q) | — | 9.88 | % | 11.81 | % | 7/1/2020 | $ | 1,033,398 | 1,024,722 | 942,562 | 0.06 | % | L/N | |||||||||||||||||
18,046,256 | 7,648,608 | 0.45 | % | |||||||||||||||||||||||||||||
Electrical Equipment | ||||||||||||||||||||||||||||||||
TCFI Amteck Holdings, LLC | First Lien Delayed Draw Term Loan | LIBOR(M) | — | 8.25 | % | 9.75 | % | 5/22/2023 | $ | 497,143 | 490,068 | 497,143 | 0.03 | % | N | |||||||||||||||||
TCFI Amteck Holdings, LLC | First Lien Term Loan | LIBOR(M) | — | 8.25 | % | 9.75 | % | 5/22/2023 | $ | 16,237,115 | 16,003,295 | 16,237,115 | 0.96 | % | N | |||||||||||||||||
16,493,363 | 16,734,258 | 0.99 | % | |||||||||||||||||||||||||||||
Energy Equipment and Services | ||||||||||||||||||||||||||||||||
GlassPoint Solar, Inc. | First Lien Term Loan (4.0% Exit Fee) | LIBOR(Q) | — | 8.50 | % | 10.44 | % | 12/31/2020 | $ | 4,167,831 | 4,147,728 | 3,999,033 | 0.24 | % | L/N | |||||||||||||||||
GlassPoint Solar, Inc. | First Lien Term Loan (5.0% Exit Fee) | LIBOR(Q) | — | 11.44 | % | 13.38 | % | 12/31/2020 | $ | 2,276,123 | 2,204,998 | 2,226,731 | 0.13 | % | L/N | |||||||||||||||||
Sphera Solutions, Inc. (Diamondback) | First Lien FILO Term Loan B | LIBOR(Q) | 2.00 | % | 8.81 | % | 10.81 | % | 6/14/2022 | $ | 23,614,465 | 23,255,646 | 23,371,236 | 1.38 | % | N | ||||||||||||||||
29,608,372 | 29,597,000 | 1.75 | % | |||||||||||||||||||||||||||||
Health Care Technology | ||||||||||||||||||||||||||||||||
CAREATC, Inc. | First Lien Term Loan | LIBOR(M) | — | 7.25 | % | 9.14 | % | 3/14/2024 | $ | 8,502,033 | 8,351,441 | 8,483,328 | 0.50 | % | N | |||||||||||||||||
CAREATC, Inc. | Sr Secured Revolver | LIBOR(M) | — | 7.25 | % | 9.14 | % | 3/14/2024 | $ | — | (10,223 | ) | (1,336 | ) | — | K/N | ||||||||||||||||
Patient Point Network Solutions, LLC | Sr Secured Revolver | LIBOR(Q) | 1.00 | % | 7.50 | % | 9.44 | % | 6/26/2022 | $ | 264,285 | 261,418 | 262,347 | 0.02 | % | N | ||||||||||||||||
Patient Point Network Solutions, LLC | First Lien Incremental Term Loan | LIBOR(Q) | 1.00 | % | 7.50 | % | 9.44 | % | 6/26/2022 | $ | 1,239,799 | 1,229,504 | 1,234,344 | 0.07 | % | N | ||||||||||||||||
Patient Point Network Solutions, LLC | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 7.50 | % | 9.44 | % | 6/26/2022 | $ | 6,432,648 | 6,389,679 | 6,404,344 | 0.38 | % | N | ||||||||||||||||
Sandata Technologies, LLC | First Lien Term Loan | LIBOR(Q) | — | 6.00 | % | 8.00 | % | 7/23/2024 | $ | 20,250,000 | 19,961,722 | 19,942,200 | 1.18 | % | N | |||||||||||||||||
Sandata Technologies, LLC | Sr Secured Revolver | LIBOR(Q) | — | 6.00 | % | 8.00 | % | 7/23/2024 | $ | — | (30,795 | ) | (34,200 | ) | — | K/N | ||||||||||||||||
36,152,746 | 36,291,027 | 2.15 | % | |||||||||||||||||||||||||||||
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (continued) | ||||||||||||||||||||||||||||||||
Hotels, Restaurants and Leisure | ||||||||||||||||||||||||||||||||
Fishbowl, Inc. | First Lien Term Loan | LIBOR(Q) | — | 2.80% Cash+8.45% PIK | 13.25 | % | 1/26/2022 | $ | 24,564,304 | $ | 24,250,372 | $ | 22,591,790 | 1.33 | % | N | ||||||||||||||||
Pegasus Business Intelligence, LP (Onyx Centersource) | First Lien Incremental Term Loan | LIBOR(Q) | 1.00 | % | 6.25 | % | 8.20 | % | 12/20/2021 | $ | 5,678,264 | 5,678,264 | 5,735,615 | 0.34 | % | N | ||||||||||||||||
Pegasus Business Intelligence, LP (Onyx Centersource) | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 6.25 | % | 8.20 | % | 12/20/2021 | $ | 13,583,579 | 13,524,243 | 13,720,773 | 0.81 | % | N | ||||||||||||||||
Pegasus Business Intelligence, LP (Onyx Centersource) | Revolver | LIBOR(Q) | 1.00 | % | 6.25 | % | 8.20 | % | 12/20/2021 | $ | — | (2,686 | ) | — | — | K/N | ||||||||||||||||
VSS-Southern Holdings, LLC (Southern Theatres) | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 6.50% Cash+2.00% PIK | 10.44 | % | 3/31/2022 | $ | 2,395,992 | 2,373,398 | 2,443,913 | 0.14 | % | N | |||||||||||||||||
VSS-Southern Holdings, LLC (Southern Theatres) | First Lien Incremental Term Loan | LIBOR(Q) | 1.00 | % | 6.50% Cash+2.00% PIK | 10.44 | % | 3/31/2022 | $ | 142,889 | 141,895 | 145,747 | 0.01 | % | N | |||||||||||||||||
VSS-Southern Holdings, LLC (Southern Theatres) | First Lien Incremental Term Loan | LIBOR(Q) | 1.00 | % | 6.50 | % | 8.44 | % | 3/31/2022 | $ | 550,909 | 550,909 | 561,927 | 0.03 | % | N | ||||||||||||||||
VSS-Southern Holdings, LLC (Southern Theatres) | Sr Secured Revolver | LIBOR(Q) | 1.00 | % | 6.50% Cash+2.00% PIK | 10.44 | % | 3/31/2022 | $ | — | (6,733 | ) | — | — | K/N | |||||||||||||||||
46,509,662 | 45,199,765 | 2.66 | % | |||||||||||||||||||||||||||||
Insurance | ||||||||||||||||||||||||||||||||
2-10 Holdco, Inc. | First Lien Term Loan | LIBOR(M) | — | 6.25 | % | 8.05 | % | 10/31/2024 | $ | 4,537,500 | 4,461,178 | 4,479,420 | 0.26 | % | N | |||||||||||||||||
2-10 Holdco, Inc. | Sr Secured Revolver | LIBOR(M) | — | 6.25 | % | 8.05 | % | 10/31/2024 | $ | — | (6,724 | ) | (5,333 | ) | — | K/N | ||||||||||||||||
Higginbotham Insurance Agency, Inc. | Second Lien Term Loan | LIBOR(M) | 1.00 | % | 7.50 | % | 9.30 | % | 12/19/2025 | $ | 28,000,000 | 27,801,191 | 27,860,000 | 1.64 | % | N | ||||||||||||||||
IAS Investco, Inc. | First Lien Delayed Draw Term Loan A | LIBOR(M) | 1.00 | % | 5.50 | % | 7.30 | % | 1/24/2021 | $ | 5,318,571 | 5,296,361 | 5,295,702 | 0.31 | % | N | ||||||||||||||||
IAS Investco, Inc. | First Lien Delayed Draw Term Loan B | LIBOR(M) | 1.00 | % | 5.50 | % | 7.30 | % | 1/24/2021 | $ | 1,714,286 | 1,708,138 | 1,706,914 | 0.10 | % | N | ||||||||||||||||
IAS Investco, Inc. | First Lien Incremental Term Loan | LIBOR(M) | 1.00 | % | 5.50 | % | 7.30 | % | 1/24/2021 | $ | 6,020,424 | 6,002,687 | 5,994,536 | 0.35 | % | N | ||||||||||||||||
IAS Investco, Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 5.50 | % | 7.30 | % | 1/24/2021 | $ | 3,934,469 | 3,918,004 | 3,917,550 | 0.23 | % | N | ||||||||||||||||
49,180,835 | 49,248,789 | 2.89 | % | |||||||||||||||||||||||||||||
Internet and Catalog Retail | ||||||||||||||||||||||||||||||||
Live Auctioneers LLC | First Lien Last Out B-2 Term Loan | LIBOR(M) | — | 6.76 | % | 8.56 | % | 5/20/2025 | $ | 13,960,362 | 13,698,968 | 13,635,085 | 0.79 | % | N | |||||||||||||||||
Internet Software and Services | ||||||||||||||||||||||||||||||||
Acquia Inc. | First Lien Term Loan | LIBOR(Q) | — | 7.00 | % | 8.91 | % | 11/1/2025 | $ | 16,648,997 | 16,321,473 | 16,345,985 | 0.96 | % | N | |||||||||||||||||
Acquia Inc. | Sr Secured Revolver | LIBOR(Q) | — | 7.00 | % | 8.91 | % | 11/1/2025 | $ | — | (35,084 | ) | (32,829 | ) | — | K/N | ||||||||||||||||
Domo, Inc. | First Lien Delayed Draw Term Loan (7.0% Exit Fee) | LIBOR(M) | — | 5.63% Cash+2.50% PIK | 9.94 | % | 10/1/2022 | $ | 52,127,502 | 51,828,896 | 51,270,531 | 3.03 | % | L/N | ||||||||||||||||||
FinancialForce.com, Inc. | First Lien Delayed Draw Term Loan (3.0% Exit Fee) | LIBOR(Q) | 2.75 | % | 6.75 | % | 9.50 | % | 2/1/2024 | $ | 28,000,000 | 27,522,676 | 28,464,800 | 1.68 | % | L/N | ||||||||||||||||
Foursquare Labs, Inc. | First Lien Term Loan (5.0% Exit Fee) | LIBOR(Q) | — | 7.25 | % | 9.19 | % | 10/1/2022 | $ | 33,750,000 | 33,445,277 | 33,237,000 | 1.96 | % | L/N | |||||||||||||||||
InMobi, Inc. (Singapore) | First Lien Term Loan | LIBOR(Q) | 1.37 | % | 8.13 | % | 10.06 | % | 9/30/2021 | $ | 30,906,865 | 30,717,380 | 30,545,254 | 1.80 | % | H/N | ||||||||||||||||
Quartz Holding Company (Quick Base) | Second Lien Term Loan | LIBOR(M) | — | 8.00 | % | 9.71 | % | 4/2/2027 | $ | 9,903,019 | 9,708,757 | 9,878,261 | 0.58 | % | N | |||||||||||||||||
ResearchGate GmBH (Germany) | First Lien Term Loan (4.0% Exit Fee) | EURIBOR(M) | — | 8.55 | % | 8.55 | % | 10/1/2022 | € | 7,500,000 | 7,856,974 | 7,952,439 | 0.47 | % | D/H/L/N | |||||||||||||||||
177,366,349 | 177,661,441 | 10.48 | % | |||||||||||||||||||||||||||||
IT Services | ||||||||||||||||||||||||||||||||
Apptio, Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 7.25 | % | 8.96 | % | 1/10/2025 | $ | 11,812,993 | 11,598,319 | 11,567,282 | 0.68 | % | N | ||||||||||||||||
Apptio, Inc. | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 7.25 | % | 8.96 | % | 1/10/2025 | $ | — | (12,904 | ) | (16,000 | ) | — | K/N | |||||||||||||||
Donuts Inc. | First Lien Revolver | LIBOR(M) | 1.00 | % | 6.25 | % | 8.15 | % | 9/17/2023 | $ | 373,849 | 350,320 | 364,746 | 0.02 | % | N | ||||||||||||||||
Donuts Inc. | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 6.25 | % | 8.19 | % | 9/17/2023 | $ | 10,910,690 | 10,653,623 | 10,814,676 | 0.64 | % | N | ||||||||||||||||
Web.com Group Inc. | Second Lien Term Loan | LIBOR(M) | — | 7.75 | % | 9.49 | % | 10/11/2026 | $ | 16,280,678 | 16,166,395 | 15,715,983 | 0.93 | % | G/J | |||||||||||||||||
Xactly Corporation | First Lien Incremental Term Loan B | LIBOR(M) | 1.00 | % | 7.25 | % | 9.05 | % | 7/31/2022 | $ | 4,996,644 | 4,913,115 | 4,990,148 | 0.29 | % | N | ||||||||||||||||
Xactly Corporation | First Lien Incremental Term Loan | LIBOR(M) | 1.00 | % | 7.25 | % | 9.05 | % | 7/31/2022 | $ | 2,726,918 | 2,692,315 | 2,723,373 | 0.16 | % | N | ||||||||||||||||
Xactly Corporation | First Lien Term Loan | LIBOR(M) | 1.00 | % | 7.25 | % | 9.05 | % | 7/31/2022 | $ | 16,397,517 | 16,210,453 | 16,376,200 | 0.97 | % | N | ||||||||||||||||
Xactly Corporation | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 7.25 | % | 9.05 | % | 7/31/2022 | $ | — | (14,579 | ) | (1,827 | ) | — | K/N | |||||||||||||||
62,557,057 | 62,534,581 | 3.69 | % |
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (continued) | ||||||||||||||||||||||||||||||||
Leisure Products | ||||||||||||||||||||||||||||||||
Blue Star Sports Holdings, Inc. | First Lien Delayed Draw Term Loan | LIBOR(Q) | 1.00 | % | 5.75 | % | 7.76 | % | 6/15/2024 | $ | 55,556 | $ | 54,693 | $ | 53,556 | — | N | |||||||||||||||
Blue Star Sports Holdings, Inc. | First Lien Revolver | LIBOR(M) | 1.00 | % | 5.75 | % | 7.55 | % | 6/15/2024 | $ | 111,111 | 108,557 | 105,111 | 0.01 | % | N | ||||||||||||||||
Blue Star Sports Holdings, Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 5.75 | % | 7.55 | % | 6/15/2024 | $ | 1,504,611 | 1,480,597 | 1,450,445 | 0.09 | % | N | ||||||||||||||||
Machine Zone, Inc. | First Lien Term Loan (10.0% Exit Fee) | LIBOR(M) | — | 13.50 | % | 15.20 | % | 2/1/2021 | $ | 5,672,712 | 5,637,816 | 5,588,188 | 0.33 | % | L/N | |||||||||||||||||
7,281,663 | 7,197,300 | 0.43 | % | |||||||||||||||||||||||||||||
Media | ||||||||||||||||||||||||||||||||
Bisnow, LLC | First Lien Revolver | LIBOR(Q) | — | 7.50 | % | 9.63 | % | 9/21/2022 | $ | — | (10,270 | ) | — | — | K/N | |||||||||||||||||
Bisnow, LLC | First Lien Term Loan | LIBOR(Q) | — | 7.50 | % | 9.63 | % | 9/21/2022 | $ | 10,557,386 | 10,446,491 | 10,628,121 | 0.63 | % | N | |||||||||||||||||
Khoros, LLC (Lithium) | Sr Secured Revolver | LIBOR(Q) | 1.00 | % | 8.00 | % | 10.04 | % | 10/3/2022 | $ | — | (7,100 | ) | (5,736 | ) | — | K/N | |||||||||||||||
Khoros, LLC (Lithium) | Sr Secured Revolver | LIBOR(Q) | 1.00 | % | 8.00 | % | 10.04 | % | 10/3/2022 | $ | — | (19,127 | ) | (19,255 | ) | — | K/N | |||||||||||||||
Khoros, LLC (Lithium) | First Lien Incremental Term Loan | LIBOR(Q) | 1.00 | % | 8.00 | % | 10.04 | % | 10/3/2022 | $ | 7,131,905 | 7,016,707 | 7,042,043 | 0.42 | % | N | ||||||||||||||||
Khoros, LLC (Lithium) | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 8.00 | % | 10.04 | % | 10/3/2022 | $ | 20,884,731 | 20,616,273 | 20,621,583 | 1.22 | % | N | ||||||||||||||||
NEP II, Inc. | Second Lien Term Loan | LIBOR(M) | — | 7.00 | % | 8.80 | % | 10/19/2026 | $ | 25,000,000 | 24,753,355 | 22,687,500 | 1.34 | % | G | |||||||||||||||||
Quora, Inc. | First Lien Term Loan (4.0% Exit Fee) | Fixed | — | 10.10 | % | 10.10 | % | 5/1/2022 | $ | 12,692,602 | 12,528,197 | 12,709,103 | 0.75 | % | L/N | |||||||||||||||||
75,324,526 | 73,663,359 | 4.36 | % | |||||||||||||||||||||||||||||
Metal and Mining | ||||||||||||||||||||||||||||||||
Neenah Foundry Company | First Lien Term Loan B | LIBOR(M) | — | 6.50 | % | 8.35 | % | 12/13/2022 | $ | 4,943,976 | 4,909,287 | 4,845,097 | 0.29 | % | ||||||||||||||||||
Oil, Gas and Consumable Fuels | ||||||||||||||||||||||||||||||||
Iracore International, Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 9.00 | % | 10.88 | % | 4/13/2021 | $ | 1,635,903 | 1,635,902 | 1,635,903 | 0.10 | % | B/N | ||||||||||||||||
Pharmaceuticals | ||||||||||||||||||||||||||||||||
Cambrex Corporation | Second Lien Term Loan | LIBOR(M) | 1.00 | % | 9.00 | % | 10.70 | % | 12/6/2027 | $ | 15,441,176 | 15,133,798 | 15,363,971 | 0.91 | % | N | ||||||||||||||||
P&L Development, LLC | First Lien Term Loan | LIBOR(Q) | 2.00 | % | 7.50 | % | 9.50 | % | 6/28/2024 | $ | 8,645,000 | 8,447,637 | 8,601,775 | 0.51 | % | G/N | ||||||||||||||||
23,581,435 | 23,965,746 | 1.42 | % | |||||||||||||||||||||||||||||
Professional Services | ||||||||||||||||||||||||||||||||
Applause App Quality, Inc. | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 5.00 | % | 6.93 | % | 9/20/2022 | $ | 20,772,306 | 20,522,294 | 20,851,241 | 1.23 | % | N | ||||||||||||||||
Applause App Quality, Inc. | Sr Secured Revolver | LIBOR(Q) | 1.00 | % | 5.00 | % | 6.93 | % | 9/20/2022 | $ | — | (16,489 | ) | — | — | K/N | ||||||||||||||||
CIBT Solutions, Inc. | Second Lien Term Loan | LIBOR(Q) | 1.00 | % | 7.75 | % | 9.69 | % | 6/1/2025 | $ | 7,611,914 | 7,551,528 | 7,155,199 | 0.42 | % | G/N | ||||||||||||||||
Discoverorg, LLC | Second Lien Term Loan | LIBOR(M) | — | 8.50 | % | 10.19 | % | 2/1/2027 | $ | 15,000,000 | 14,795,054 | 15,075,000 | 0.89 | % | G | |||||||||||||||||
Dude Solutions Holdings, Inc. | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 7.00 | % | 8.80 | % | 6/13/2025 | $ | — | (45,365 | ) | (40,404 | ) | — | K/N | |||||||||||||||
Dude Solutions Holdings, Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 7.00 | % | 8.80 | % | 6/13/2025 | $ | 16,927,201 | 16,566,086 | 16,617,434 | 0.98 | % | N | ||||||||||||||||
iCIMS, Inc. | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 6.50 | % | 8.29 | % | 9/12/2024 | $ | — | (7,699 | ) | (11,385 | ) | — | K/N | |||||||||||||||
iCIMS, Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 6.50 | % | 8.29 | % | 9/12/2024 | $ | 9,482,016 | 9,315,912 | 9,262,034 | 0.55 | % | N | ||||||||||||||||
Institutional Shareholder Services, Inc. | Second Lien Term Loan | LIBOR(Q) | — | 8.50 | % | 10.44 | % | 3/5/2026 | $ | 5,820,856 | 5,658,368 | 5,588,022 | 0.33 | % | N | |||||||||||||||||
STG-Fairway Acquisitions, Inc.(First Advantage) | Second Lien Term Loan | LIBOR(M) | 1.00 | % | 9.25 | % | 11.05 | % | 6/30/2023 | $ | 31,000,000 | 30,701,658 | 31,000,000 | 1.83 | % | N | ||||||||||||||||
105,041,347 | 105,497,141 | 6.23 | % | |||||||||||||||||||||||||||||
Real Estate Management and Development | ||||||||||||||||||||||||||||||||
Florida East Coast Industries, LLC | First Lien Term Loan B | LIBOR(M) | — | 6.75 | % | 8.51 | % | 12/13/2021 | $ | 2,321,694 | 2,289,777 | 2,310,086 | 0.14 | % | N | |||||||||||||||||
Florida East Coast Industries, LLC | First Lien Incremental Lien Term Loan B | LIBOR(M) | — | 6.75 | % | 8.51 | % | 12/13/2021 | $ | 876,520 | 869,946 | 872,138 | 0.05 | % | N | |||||||||||||||||
Space Midco, Inc. (Archibus) | First Lien Term Loan | LIBOR(M) | — | 6.25 | % | 8.00 | % | 12/5/2023 | $ | 4,444,444 | 4,371,064 | 4,371,111 | 0.26 | % | N | |||||||||||||||||
Space Midco, Inc. (Archibus) | Sr Secured Revolver | LIBOR(M) | — | 6.25 | % | 8.00 | % | 12/5/2023 | $ | — | (4,371 | ) | (4,583 | ) | — | K/N | ||||||||||||||||
7,526,416 | 7,548,752 | 0.45 | % | |||||||||||||||||||||||||||||
Road and Rail | ||||||||||||||||||||||||||||||||
GlobalTranz Enterprises LLC | Second Lien Term Loan | LIBOR(M) | 1.00 | % | 8.25 | % | 10.04 | % | 5/15/2027 | $ | 19,382,324 | 19,008,604 | 18,796,978 | 1.11 | % | N |
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity/Expiration | Principal/Shares | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (continued) | ||||||||||||||||||||||||||||||||
Software | ||||||||||||||||||||||||||||||||
Certify, Inc. | First Lien Delayed Draw Term Loan | LIBOR(M) | 1.00% | 5.75% | 7.55% | 2/28/2024 | $ | 1,594,315 | $ | 1,547,623 | $ | 1,537,877 | 0.09 | % | N | |||||||||||||||||
Certify, Inc. | First Lien Term Loan | LIBOR(M) | 1.00% | 5.75% | 7.55% | 2/28/2024 | $ | 23,383,293 | 23,292,776 | 22,969,408 | 1.36 | % | N | |||||||||||||||||||
Certify, Inc. | Sr Secured Revolver | LIBOR(M) | 1.00% | 5.75% | 7.55% | 2/28/2024 | $ | 159,432 | 143,495 | 140,619 | 0.01 | % | N | |||||||||||||||||||
JAMF Holdings, Inc. | First Lien Incremental Term Loan | LIBOR(Q) | 1.00% | 7.00% | 8.91% | 11/13/2022 | $ | 3,606,829 | 3,563,940 | 3,606,829 | 0.21 | % | N | |||||||||||||||||||
JAMF Holdings, Inc. | First Lien Term Loan | LIBOR(Q) | 1.00% | 7.00% | 8.91% | 11/13/2022 | $ | 14,160,797 | 13,978,598 | 14,160,797 | 0.84 | % | N | |||||||||||||||||||
JAMF Holdings, Inc. | Sr Secured Revolver | LIBOR(M) | 1.00% | 7.00% | 8.80% | 11/13/2022 | $ | — | (14,355 | ) | — | — | K/N | |||||||||||||||||||
Marketlive, LLC (Kibo) | First Lien Term Loan | LIBOR(Q) | — | 8.00% | 9.91% | 12/18/2020 | $ | 5,076,516 | 4,988,719 | 4,989,707 | 0.29 | % | N | |||||||||||||||||||
Rhode Holdings, Inc. (Kaseya) | First Lien Delayed Draw Term Loan | LIBOR(Q) | 1.00% | 6.50% | 8.60% | 5/3/2025 | $ | 224,401 | 193,557 | 190,964 | 0.01 | % | N | |||||||||||||||||||
Rhode Holdings, Inc. (Kaseya) | First Lien Term Loan | LIBOR(Q) | 1.00% | 5.50% Cash+1.00% PIK | 8.72% | 5/3/2025 | $ | 14,362,948 | 14,098,242 | 14,084,307 | 0.82 | % | N | |||||||||||||||||||
Rhode Holdings, Inc. (Kaseya) | Sr Secured Revolver | LIBOR(M) | 1.00% | 6.50% | 8.30% | 5/3/2025 | $ | 689,257 | 667,641 | 665,857 | 0.04 | % | N | |||||||||||||||||||
Snow Software AB | First Lien Term Loan | LIBOR(Q) | 2.00% | 6.50% | 8.50% | 4/17/2024 | $ | 13,081,645 | 12,846,264 | 12,860,565 | 0.76 | % | N | |||||||||||||||||||
Snow Software AB | First Lien Incremental Term Loan | LIBOR(Q) | 2.00% | 6.50% | 8.50% | 4/17/2024 | $ | 14,557,807 | 14,269,367 | 14,311,780 | 0.84 | % | N | |||||||||||||||||||
Snow Software AB | Sr Secured Revolver | LIBOR(Q) | 2.00% | 6.50% | 8.50% | 4/17/2024 | $ | 1,744,219 | 1,668,977 | 1,670,526 | 0.10 | % | N | |||||||||||||||||||
Winshuttle, LLC | First Lien FILO Term Loan | LIBOR(M) | 1.00% | 8.42% | 10.22% | 8/9/2024 | $ | 14,007,952 | 13,649,539 | 13,665,177 | 0.81 | % | N | |||||||||||||||||||
104,894,383 | 104,854,413 | 6.18 | % | |||||||||||||||||||||||||||||
Specialty Retail | ||||||||||||||||||||||||||||||||
USR Parent, Inc. (Staples) | First Lien FILO Term Loan | LIBOR(M) | 1.00 | % | 8.84 | % | 10.54 | % | 9/12/2022 | $ | 6,410,930 | 6,314,032 | 6,404,519 | 0.38 | % | N | ||||||||||||||||
Technology Hardware, Storage and Peripherals | ||||||||||||||||||||||||||||||||
Pulse Secure, LLC | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 7.00 | % | 8.71 | % | 5/1/2022 | $ | — | (9,446 | ) | (3,893 | ) | — | K/N | |||||||||||||||
Pulse Secure, LLC | First Lien Term Loan | LIBOR(M) | 1.00 | % | 7.00 | % | 8.71 | % | 5/1/2022 | $ | 11,142,879 | 11,057,992 | 11,110,565 | 0.66 | % | N | ||||||||||||||||
TierPoint, LLC | Second Lien Term Loan | LIBOR(M) | 1.00 | % | 7.25 | % | 9.05 | % | 5/5/2025 | $ | 2,880,000 | 2,854,404 | 2,558,405 | 0.15 | % | |||||||||||||||||
13,902,950 | 13,665,077 | 0.81 | % | |||||||||||||||||||||||||||||
Textiles, Apparel and Luxury Goods | ||||||||||||||||||||||||||||||||
ABG Intermediate Holdings 2, LLC (Authentic Brands) | Second Lien Term Loan | LIBOR(M) | 1.00 | % | 7.75 | % | 9.55 | % | 9/29/2025 | $ | 11,967,243 | 11,888,882 | 11,987,228 | 0.71 | % | |||||||||||||||||
Kenneth Cole Productions, Inc. | First Lien FILO Term Loan | LIBOR(M) | 1.00 | % | 7.75 | % | 9.50 | % | 12/28/2023 | $ | 23,528,829 | 23,383,523 | 23,507,653 | 1.39 | % | N | ||||||||||||||||
PSEB, LLC (Eddie Bauer) | First Lien FILO II Term Loan | PRIME | — | 7.25 | % | 12.00 | % | 10/12/2023 | $ | 10,793,402 | 10,549,564 | 10,793,402 | 0.64 | % | N | |||||||||||||||||
PSEB, LLC (Eddie Bauer) | First Lien Term Loan | LIBOR(Q) | 1.50 | % | 8.00 | % | 9.91 | % | 10/12/2023 | $ | 39,823,155 | 38,936,624 | 39,624,039 | 2.34 | % | N | ||||||||||||||||
WH Buyer, LLC (Anne Klein) | First Lien Term Loan | LIBOR(Q) | 1.50 | % | 6.75 | % | 8.75 | % | 7/16/2025 | $ | 27,664,640 | 27,395,096 | 27,410,125 | 1.62 | % | N | ||||||||||||||||
112,153,689 | 113,322,447 | 6.70 | % | |||||||||||||||||||||||||||||
Thrifts and Mortgage Finance | ||||||||||||||||||||||||||||||||
Greystone Select Holdings, LLC | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 8.00 | % | 9.93 | % | 4/17/2024 | $ | 24,826,865 | 24,672,974 | 25,571,671 | 1.51 | % | N | ||||||||||||||||
Home Partners of America, Inc. | First Lien Delayed Draw Term Loan | LIBOR(M) | 1.00 | % | 6.25 | % | 8.05 | % | 10/13/2022 | $ | — | — | — | — | N | |||||||||||||||||
Home Partners of America, Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 6.25 | % | 8.05 | % | 10/13/2022 | $ | 2,857,143 | 2,826,874 | 2,857,145 | 0.17 | % | N | ||||||||||||||||
27,499,848 | 28,428,816 | 1.68 | % | |||||||||||||||||||||||||||||
Tobacco Related | ||||||||||||||||||||||||||||||||
Juul Labs, Inc. | First Lien Term Loan | LIBOR(M) | 1.50 | % | 7.00 | % | 8.90 | % | 8/2/2023 | $ | 26,315,789 | 26,067,931 | 26,202,632 | 1.55 | % | N | ||||||||||||||||
Total Debt Investments | 1,564,445,871 | 1,535,193,938 | 90.60 | % | ||||||||||||||||||||||||||||
Equity Securities | ||||||||||||||||||||||||||||||||
Airlines | ||||||||||||||||||||||||||||||||
Epic Aero, Inc (One Sky) | Common Stock | 1,842 | 855,313 | 6,333,559 | 0.38 | % | C/N | |||||||||||||||||||||||||
United N659UA-767, LLC (N659UA) | Trust Beneficial Interests | 683 | 2,165,433 | 2,300,366 | 0.14 | % | E/F/N | |||||||||||||||||||||||||
United N661UA-767, LLC (N661UA) | Trust Beneficial Interests | 688 | 2,225,361 | 2,347,314 | 0.14 | % | E/F/N | |||||||||||||||||||||||||
5,246,107 | 10,981,239 | 0.66 | % | |||||||||||||||||||||||||||||
Issuer | Instrument | Expiration | Shares | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||||||
Equity Securities (continued) | ||||||||||||||||||||||||||||||||
Chemicals | ||||||||||||||||||||||||||||||||
AGY Holding Corp. | Common Stock | 1,333,527 | $ | — | $ | — | — | B/C/E/N | ||||||||||||||||||||||||
KAGY Holding Company, Inc. | Series A Preferred Stock | 9,778 | 1,091,200 | — | — | B/C/E/N | ||||||||||||||||||||||||||
1,091,200 | — | — | ||||||||||||||||||||||||||||||
Communications Equipment | ||||||||||||||||||||||||||||||||
Avanti Communications Group, PLC (United Kingdom) | Common Stock | 26,576,710 | 4,902,674 | 3,523 | — | C/D/H/N | ||||||||||||||||||||||||||
Diversified Consumer Services | ||||||||||||||||||||||||||||||||
Edmentum Ultimate Holdings, LLC | Class A Common Units | 159,515 | 680,226 | 1,433,968 | 0.08 | % | B/C/E/N | |||||||||||||||||||||||||
Edmentum Ultimate Holdings, LLC | Warrants to Purchase Class A Units | 2/23/2028 | 788,112 | 1 | 7,084,470 | 0.42 | % | B/C/E/N | ||||||||||||||||||||||||
680,227 | 8,518,438 | 0.50 | % | |||||||||||||||||||||||||||||
Diversified Financial Services | ||||||||||||||||||||||||||||||||
36th Street Capital Partners Holdings, LLC | Membership Units | 22,199,416 | 22,199,416 | 31,682,859 | 1.87 | % | E/F/N/O | |||||||||||||||||||||||||
Conventional Lending TCP Holdings, LLC | Membership Units | 14,269,948 | 14,269,948 | 14,269,948 | 0.84 | % | E/F/I/N | |||||||||||||||||||||||||
GACP I, LP (Great American Capital) | Membership Units | 1,772,812 | 1,772,812 | 2,384,330 | 0.14 | % | E/I/N | |||||||||||||||||||||||||
GACP II, LP (Great American Capital) | Membership Units | 18,039,482 | 18,039,482 | 18,764,975 | 1.11 | % | E/I/N | |||||||||||||||||||||||||
56,281,658 | 67,102,112 | 3.96 | % | |||||||||||||||||||||||||||||
Diversified Telecommunication Services | ||||||||||||||||||||||||||||||||
V Telecom Investment S.C.A. (Vivacom) (Luxembourg) | Common Shares | 1,393 | 3,236,256 | 95,280 | 0.01 | % | C/D/E/H/N | |||||||||||||||||||||||||
Electric Utilities | ||||||||||||||||||||||||||||||||
Conergy Asia Holdings Limited (United Kingdom) | Class B Shares | 1,000,000 | 1,000,000 | — | — | C/E/F/H/N | ||||||||||||||||||||||||||
Conergy Asia Holdings Limited (United Kingdom) | Ordinary Shares | 3,333 | 7,833,333 | — | — | C/E/F/H/N | ||||||||||||||||||||||||||
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) | Ordinary Shares | 2,332,594 | — | — | — | C/E/F/H/N | ||||||||||||||||||||||||||
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) | Series B Preferred Shares | 93,023 | 1,395,349 | — | — | C/E/F/H/N | ||||||||||||||||||||||||||
Utilidata, Inc. | Warrants to Purchase Preferred Stock | 12/22/2022 | 719,998 | 216,336 | 29,070 | — | C/E/N | |||||||||||||||||||||||||
10,445,018 | 29,070 | — | ||||||||||||||||||||||||||||||
Electronic Equipment, Instruments and Components | ||||||||||||||||||||||||||||||||
Soraa, Inc. | Warrants to Purchase Preferred Stock | 8/29/2024 | 3,071,860 | 478,899 | — | — | C/E/N | |||||||||||||||||||||||||
Energy Equipment and Services | ||||||||||||||||||||||||||||||||
GlassPoint Solar, Inc. | Warrants to Purchase Series E Preferred Stock | 2/7/2027 | 400,000 | 248,555 | 113,280 | 0.01 | % | C/E/N | ||||||||||||||||||||||||
GlassPoint Solar, Inc. | Warrants to Purchase Series E Preferred Stock | 2/7/2027 | 2,048,000 | 505,450 | 579,992 | 0.03 | % | C/E/N | ||||||||||||||||||||||||
754,005 | 693,272 | 0.04 | % |
Issuer | Instrument | Expiration | Shares | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Equity Securities (continued) | ||||||||||||||||||||||||||||
Internet Software and Services | ||||||||||||||||||||||||||||
Domo, Inc. | Warrants to Purchase Class B Common Stock | 6/28/2021 | 62,247 | $ | 511,349 | $ | 509,086 | 0.03 | % | C/E/N | ||||||||||||||||||
FinancialForce.com, Inc. | Warrants to Purchase Series C Preferred Stock | 1/30/2029 | 840,000 | 287,985 | 271,044 | 0.02 | % | C/E/N | ||||||||||||||||||||
Foursquare Labs, Inc. | Warrants to Purchase Series E Preferred Stock | 5/4/2027 | 1,687,500 | 297,361 | 347,063 | 0.02 | % | C/E/N | ||||||||||||||||||||
InMobi, Inc. (Singapore) | Warrants to Purchase Common Stock | 8/15/2027 | 1,327,869 | 212,360 | 180,797 | 0.01 | % | C/E/H/N | ||||||||||||||||||||
InMobi, Inc. (Singapore) | Warrants to Purchase Series E Preferred Stock (Strike Price $20.01) | 9/18/2025 | 1,049,996 | 276,492 | 396,397 | 0.02 | % | C/E/H/N | ||||||||||||||||||||
InMobi, Inc. (Singapore) | Warrants to Purchase Series E Preferred Stock (Strike Price $28.58) | 10/3/2028 | 1,511,002 | 93,407 | 335,614 | 0.02 | % | C/E/H/N | ||||||||||||||||||||
ResearchGate Corporation (Germany) | Warrants to Purchase Series D Preferred Stock | 10/30/2029 | 333,370 | 202,001 | 205,018 | 0.01 | % | C/D/E/H/N | ||||||||||||||||||||
Snaplogic, Inc. | Warrants to Purchase Series Preferred Stock | 3/19/2028 | 1,860,000 | 377,722 | 4,600,000 | 0.27 | % | C/E/N | ||||||||||||||||||||
2,258,677 | 6,845,019 | 0.40 | % | |||||||||||||||||||||||||
IT Services | ||||||||||||||||||||||||||||
Fidelis (SVC), LLC | Preferred Units | 657,932 | 2,001,384 | 47,518 | — | C/E/N | ||||||||||||||||||||||
Life Sciences Tools and Services | ||||||||||||||||||||||||||||
Envigo RMS Holdings Corp. | Common Stock | 36,413 | — | 526,350 | 0.03 | % | C/E/N | |||||||||||||||||||||
Media | ||||||||||||||||||||||||||||
NEG Parent, LLC (Core Entertainment, Inc.) | Class A Units | 2,720,392 | 2,772,807 | 6,925,847 | 0.41 | % | B/C/E/N | |||||||||||||||||||||
NEG Parent, LLC (Core Entertainment, Inc.) | Class A Warrants to Purchase Class A Units | 10/17/2026 | 343,387 | 196,086 | 391,407 | 0.02 | % | B/C/E/N | ||||||||||||||||||||
NEG Parent, LLC (Core Entertainment, Inc.) | Class B Warrants to Purchase Class A Units | 10/17/2026 | 346,794 | 198,032 | 395,290 | 0.02 | % | B/C/E/N | ||||||||||||||||||||
Quora, Inc. | Warrants to Purchase Series D Preferred Stock | 4/11/2029 | 507,704 | 65,245 | 64,803 | — | C/E/N | |||||||||||||||||||||
Shop Holding, LLC (Connexity) | Class A Units | 507,167 | 480,049 | — | — | C/E/N | ||||||||||||||||||||||
SoundCloud, Ltd. (United Kingdom) | Warrants to Purchase Preferred Stock | 4/29/2025 | 946,498 | 79,082 | 45,143 | — | C/E/H/N | |||||||||||||||||||||
3,791,301 | 7,822,490 | 0.45 | % | |||||||||||||||||||||||||
Oil, Gas and Consumable Fuels | ||||||||||||||||||||||||||||
Iracore Investments Holdings, Inc. | Class A Common Stock | 16,207 | 4,177,710 | 2,476,881 | 0.15 | % | B/C/E/N | |||||||||||||||||||||
Professional Services | ||||||||||||||||||||||||||||
Anacomp, Inc. | Class A Common Stock | 1,255,527 | 26,711,048 | 1,167,641 | 0.07 | % | C/E/F/N | |||||||||||||||||||||
Findly Talent, LLC | Membership Units | 708,229 | 230,938 | 123,939 | 0.01 | % | C/E/N | |||||||||||||||||||||
STG-Fairway Holdings, LLC (First Advantage) | Class A Units | 803,961 | 325,432 | 5,380,520 | 0.32 | % | C/E/N | |||||||||||||||||||||
27,267,418 | 6,672,100 | 0.40 | % | |||||||||||||||||||||||||
Semiconductors and Semiconductor Equipment | ||||||||||||||||||||||||||||
Adesto Technologies Corporation | Warrants to Purchase Common Stock | 5/8/2024 | 436,320 | 846,724 | 667,570 | 0.04 | % | C/E/N | ||||||||||||||||||||
Nanosys, Inc. | Warrants to Purchase Preferred Stock | 3/29/2023 | 800,000 | 605,266 | 838,607 | 0.05 | % | C/E/N | ||||||||||||||||||||
1,451,990 | 1,506,177 | 0.09 | % | |||||||||||||||||||||||||
Issuer | Instrument | Expiration | Shares | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Equity Securities (continued) | ||||||||||||||||||||||||||||
Software | ||||||||||||||||||||||||||||
Actifio, Inc. | Warrants to Purchase Series G Preferred Stock | 5/5/2027 | 1,052,651 | $ | 188,770 | $ | 469,687 | 0.03 | % | C/E/N | ||||||||||||||||||
Tradeshift, Inc. | Warrants to Purchase Series D Preferred Stock | 3/26/2027 | 1,712,930 | 577,842 | 523,801 | 0.03 | % | C/E/N | ||||||||||||||||||||
766,612 | 993,488 | 0.06 | % | |||||||||||||||||||||||||
Total Equity Securities | 124,831,136 | 114,312,957 | 6.75 | % | ||||||||||||||||||||||||
Total Investments | $ | 1,689,277,077 | $ | 1,649,506,895 | ||||||||||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||||||||||
Cash Held on Account at Various Institutions | 44,848,539 | 2.65 | % | |||||||||||||||||||||||||
Cash and Cash Equivalents | 44,848,539 | 2.65 | % | |||||||||||||||||||||||||
Total Cash and Investments | $ | 1,694,355,434 | 100.00 | % | M | |||||||||||||||||||||||
(A) | Debt investments include investments in bank debt that generally are bought and sold among institutional investors in transactions not subject to registration under the Securities Act of 1933. Such transactions are generally subject to contractual restrictions, such as approval of the agent or borrower. |
(B) | Non-controlled affiliate – as defined under the Investment Company Act of 1940 (ownership of between 5% and 25% of the outstanding voting securities of this issuer). See Consolidated Schedule of Changes in Investments in Affiliates. |
(C) | Non-income producing. |
(D) | Investment denominated in foreign currency. Cost and fair value converted from foreign currency to US dollars. Foreign currency denominated investments are generally hedged for currency exposure. |
(E) | Restricted security. (See Note 2) |
(F) | Controlled issuer – as defined under the Investment Company Act of 1940 (ownership of 25% or more of the outstanding voting securities of this issuer). Investment is not more than 50% of the outstanding voting securities of the issuer nor deemed to be a significant subsidiary. See Consolidated Schedule of Changes in Investments in Affiliates. |
(G) | Investment has been segregated to collateralize certain unfunded commitments. |
(H) | Non-U.S. company or principal place of business outside the U.S. and as a result the investment is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets. |
(I) | Deemed an investment company under Section 3(c) of the Investment Company Act and as a result the investment is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets. |
(J) | Publicly traded company with a market capitalization greater than $250 million and as a result the investment is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets. |
(K) | Negative balances relate to an unfunded commitment that was acquired and/or valued at a discount. |
(L) | In addition to the stated coupon, investment has an exit fee payable upon repayment of the loan in an amount equal to the percentage of the original principal amount shown. |
(M) | All cash and investments, except those referenced in Notes G above, are pledged as collateral under certain debt as described in Note 4 to the Consolidated Financial Statements. |
(N) | Inputs in the valuation of this investment included certain unobservable inputs that were significant to the valuation as a whole. |
(O) | 36th Street Capital Partners Holdings, LLC holds common and preferred interests in a pool of equipment loans and leases made by 36th Street Capital Partners, LLC. |
aggregate dispositions of investments, other than government securities, totaled $700,024,114
and $596,374,086, respectively, for the twelve months ended December 31, 2019. Aggregate acquisitions includes investment assets received as payment in kind. Aggregate dispositions includes principal paydowns on and maturities of debt investments. The total value of restricted securities and bank debt as of December 31, 2019 was $1,605,565,013 or 94.8% of total cash and investments of the Company. As of December 31, 2019, approximately 9.3% of the total assets of the Company were not qualifying assets under Section 55(a) of the 1940 Act.Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (A) | ||||||||||||||||||||||||||||||||
Advertising, Public Relations and Marketing | ||||||||||||||||||||||||||||||||
Foursquare Labs, Inc. | First Lien Delayed Draw Term Loan (5.0% Exit Fee) | LIBOR (Q) | — | 8.81 | % | 11.56 | % | 6/1/2020 | $ | 22,500,000 | $ | 22,288,567 | $ | 22,343,623 | 1.37 | % | L/N | |||||||||||||||
InMobi, Inc. (Singapore) | First Lien Term Loan | LIBOR (Q) | 1.37 | % | 8.13 | % | 10.88 | % | 9/30/2021 | $ | 37,775,057 | 37,432,000 | 37,727,838 | 2.32 | % | H/N | ||||||||||||||||
59,720,567 | 60,071,461 | 3.69 | % | |||||||||||||||||||||||||||||
Air Transportation | ||||||||||||||||||||||||||||||||
Mesa Airlines, Inc. | Engine Acquisition Delayed Draw Term Loan A | LIBOR (Q) | — | 7.25 | % | 9.81 | % | 12/14/2021 | $ | 12,945,769 | 12,802,291 | 13,130,247 | 0.81 | % | N | |||||||||||||||||
Mesa Airlines, Inc. | Engine Acquisition Delayed Draw Term Loan B | LIBOR (Q) | — | 7.25 | % | 9.81 | % | 2/28/2022 | $ | 7,683,837 | 7,594,071 | 7,793,332 | 0.48 | % | N | |||||||||||||||||
Mesa Airlines, Inc. | Engine Acquisition Delayed Draw Term Loan C | LIBOR (Q) | — | 7.25 | % | 9.81 | % | 7/31/2022 | $ | 3,205,798 | 3,166,674 | 3,296,682 | 0.20 | % | N | |||||||||||||||||
Mesa Airlines, Inc. | Engine Acquisition Delayed Draw Term Loan C-1 | LIBOR (Q) | — | 7.25 | % | 9.81 | % | 9/30/2022 | $ | 4,912,965 | 4,845,174 | 5,051,510 | 0.31 | % | N | |||||||||||||||||
Mesa Airlines, Inc. | Engine Acquisition Term loan C-3 | LIBOR (Q) | — | 7.25 | % | 9.81 | % | 2/28/2023 | $ | 1,353,738 | 1,332,947 | 1,391,236 | 0.08 | % | N | |||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N902FJ) | LIBOR (Q) | — | 7.50 | % | 10.04 | % | 2/1/2022 | $ | 1,027,521 | 1,018,433 | 1,014,163 | 0.06 | % | N | |||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N903FJ) | LIBOR (Q) | — | 7.50 | % | 10.04 | % | 2/1/2022 | $ | 1,229,633 | 1,218,758 | 1,213,648 | 0.07 | % | N | |||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N904FJ) | LIBOR (Q) | — | 7.50 | % | 10.04 | % | 2/1/2022 | $ | 1,406,638 | 1,394,198 | 1,388,352 | 0.09 | % | N | |||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N905FJ) | LIBOR (Q) | — | 7.50 | % | 10.04 | % | 2/1/2022 | $ | 979,415 | 970,753 | 966,683 | 0.06 | % | N | |||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N906FJ) | LIBOR (Q) | — | 7.50 | % | 10.04 | % | 5/1/2022 | $ | 1,021,301 | 1,012,097 | 1,008,024 | 0.06 | % | N | |||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N907FJ) | LIBOR (Q) | — | 7.50 | % | 10.04 | % | 5/1/2022 | $ | 1,071,436 | 1,061,780 | 1,057,507 | 0.07 | % | N | |||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N908FJ) | LIBOR (Q) | — | 7.50 | % | 10.04 | % | 5/1/2022 | $ | 1,648,638 | 1,633,781 | 1,627,206 | 0.10 | % | N | |||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N909FJ) | LIBOR (Q) | — | 7.50 | % | 10.04 | % | 8/1/2022 | $ | 683,862 | 677,658 | 674,972 | 0.04 | % | N | |||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N910FJ) | LIBOR (Q) | — | 7.50 | % | 10.04 | % | 8/1/2022 | $ | 647,598 | 641,723 | 639,179 | 0.04 | % | N | |||||||||||||||||
39,370,338 | 40,252,741 | 2.47 | % | |||||||||||||||||||||||||||||
Amusement and Recreation | ||||||||||||||||||||||||||||||||
Blue Star Sports Holdings, Inc. | First Lien Delayed Draw Term Loan | LIBOR (M) | 1.00 | % | 5.75 | % | 8.22 | % | 6/15/2024 | $ | — | (15,165 | ) | — | — | K/N | ||||||||||||||||
Blue Star Sports Holdings, Inc. | First Lien Revolver | LIBOR (M) | 1.00 | % | 5.75 | % | 8.22 | % | 6/15/2024 | $ | 122,222 | 119,176 | 119,139 | 0.01 | % | N | ||||||||||||||||
Blue Star Sports Holdings, Inc. | First Lien Term Loan | LIBOR (M) | 1.00 | % | 5.75 | % | 8.22 | % | 6/15/2024 | $ | 1,500,000 | 1,472,068 | 1,472,250 | 0.09 | % | N | ||||||||||||||||
Machine Zone, Inc. | First Lien Term Loan (10.0% Exit Fee) | LIBOR (M) | — | 13.50 | % | 15.85 | % | 2/1/2021 | $ | 5,502,976 | 5,439,653 | 5,414,929 | 0.33 | % | L/N | |||||||||||||||||
VSS-Southern Holdings, LLC (Southern Theatres) | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 6.50% Cash+2.00% PIK | 11.30 | % | 11/3/2020 | $ | 23,739,142 | 23,504,334 | 24,037,068 | 1.48 | % | N | |||||||||||||||||
VSS-Southern Holdings, LLC (Southern Theatres) | Sr Secured Revolver | LIBOR (Q) | 1.00 | % | 6.50% Cash+2.00% PIK | 11.30 | % | 11/3/2020 | $ | 856,164 | 848,517 | 856,165 | 0.05 | % | N | |||||||||||||||||
VSS-Southern Holdings, LLC (Southern Theatres) | First Lien Incremental Term Loan | LIBOR (Q) | 1.00 | % | 6.50% Cash+2.00% PIK | 11.30 | % | 11/2/2022 | $ | 1,415,726 | 1,402,020 | 1,433,494 | 0.09 | % | N | |||||||||||||||||
32,770,603 | 33,333,045 | 2.05 | % | |||||||||||||||||||||||||||||
Building Equipment Contractors | ||||||||||||||||||||||||||||||||
Hylan Datacom & Electrical, LLC | First Lien Incremental Term Loan | LIBOR (M) | 1.00 | % | 7.50 | % | 10.02 | % | 7/25/2021 | $ | 2,496,448 | 2,442,261 | 2,490,207 | 0.15 | % | N | ||||||||||||||||
Hylan Datacom & Electrical, LLC | First Lien Term Loan | LIBOR (M) | 1.00 | % | 7.50 | % | 10.02 | % | 7/25/2021 | $ | 13,807,225 | 13,691,491 | 13,772,707 | 0.85 | % | N | ||||||||||||||||
TCFI Amteck Holdings, LLC | First Lien Delayed Draw Term Loan | LIBOR (Q) | — | 6.25 | % | 9.06 | % | 5/22/2023 | $ | 481,249 | 472,488 | 487,746 | 0.03 | % | N | |||||||||||||||||
TCFI Amteck Holdings, LLC | First Lien Term Loan | LIBOR (Q) | — | 6.25 | % | 9.06 | % | 5/22/2023 | $ | 16,046,661 | 15,753,256 | 16,263,291 | 1.00 | % | N | |||||||||||||||||
32,359,496 | 33,013,951 | 2.03 | % | |||||||||||||||||||||||||||||
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (continued) | ||||||||||||||||||||||||||||||||
Business Support Services | ||||||||||||||||||||||||||||||||
STG-Fairway Acquisitions, Inc.(First Advantage) | Second Lien Term Loan | LIBOR (Q) | 1.00 | % | 9.25 | % | 11.96 | % | 6/30/2023 | $ | 31,000,000 | $ | 30,671,781 | $ | 31,000,000 | 1.91 | % | N | ||||||||||||||
Chemicals | ||||||||||||||||||||||||||||||||
Nanosys, Inc. | First Lien Delayed Draw Term Loan (3.5% Exit Fee) | LIBOR (Q) | — | 9.81 | % | 12.56 | % | 4/1/2019 | $ | 5,773,290 | 5,728,080 | 5,799,558 | 0.36 | % | L/N | |||||||||||||||||
Computer Systems Design and Related Services | ||||||||||||||||||||||||||||||||
Fidelis Acquisitionco, LLC | First Lien Term Loan B | LIBOR (M) | — | 8.00% PIK | 10.44 | % | 12/31/2022 | $ | 25,904,525 | 25,904,525 | 22,562,841 | 1.39 | % | N | ||||||||||||||||||
Fidelis Acquisitionco, LLC | First Lien Term Loan C | LIBOR (M) | — | 10.00% PIK | 12.44 | % | 12/31/2022 | $ | 25,240,108 | 25,240,108 | 21,663,585 | 1.33 | % | N | ||||||||||||||||||
51,144,633 | 44,226,426 | 2.72 | % | |||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||
Brannan Sand Gravel Company, LLC | First Lien Term Loan | LIBOR (Q) | — | 5.25 | % | 8.06 | % | 7/3/2023 | $ | 9,403,553 | 9,272,489 | 9,417,659 | 0.58 | % | N | |||||||||||||||||
Credit (Nondepository) | ||||||||||||||||||||||||||||||||
Auto Trakk SPV, LLC | First Lien Delayed Draw Term Loan | LIBOR (M) | 0.50 | % | 6.50 | % | 8.96 | % | 12/21/2021 | $ | 22,432,442 | 22,185,057 | 22,498,697 | 1.38 | % | N | ||||||||||||||||
CFG Investments Limited (Caribbean Financial Group) (Cayman Islands) | Subordinated Class B Notes | Fixed | — | 9.42 | % | 9.42 | % | 11/15/2026 | $ | 28,314,000 | 27,452,195 | 28,998,633 | 1.78 | % | E/G/H | |||||||||||||||||
RSB-160, LLC (Lat20) | First Lien Delayed Draw Term Loan | LIBOR (Q) | 1.00 | % | 6.00 | % | 8.80 | % | 7/20/2022 | $ | 3,833,333 | 3,762,444 | 3,765,867 | 0.23 | % | N | ||||||||||||||||
RSB-160, LLC (Lat20) | First Lien Incremental Delayed Draw Term Loan | LIBOR (Q) | 1.00 | % | 6.00 | % | 8.80 | % | 7/20/2022 | $ | — | — | 10,646 | — | N | |||||||||||||||||
53,399,696 | 55,273,843 | 3.39 | % | |||||||||||||||||||||||||||||
Credit Related Activities | ||||||||||||||||||||||||||||||||
Pegasus Business Intelligence, LP (Onyx Centersource) | First Lien Incremental Term Loan | LIBOR (Q) | 1.00 | % | 6.25 | % | 9.06 | % | 12/20/2021 | $ | 5,737,148 | 5,737,148 | 5,823,206 | 0.36 | % | N | ||||||||||||||||
Pegasus Business Intelligence, LP (Onyx Centersource) | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 6.25 | % | 9.06 | % | 12/20/2021 | $ | 14,278,605 | 14,188,274 | 14,492,784 | 0.89 | % | N | ||||||||||||||||
Pegasus Business Intelligence, LP (Onyx Centersource) | Revolver | LIBOR (Q) | 1.00 | % | 6.25 | % | 9.06 | % | 12/20/2021 | $ | — | (4,047 | ) | — | — | K/N | ||||||||||||||||
Pacific Union Financial, LLC | First Lien Term Loan | LIBOR (M) | 1.00 | % | 7.50 | % | 9.85 | % | 4/21/2022 | $ | 24,583,333 | 24,410,715 | 24,891,854 | 1.53 | % | N | ||||||||||||||||
44,332,090 | 45,207,844 | 2.78 | % | |||||||||||||||||||||||||||||
Data Processing and Hosting Services | ||||||||||||||||||||||||||||||||
Applause App Quality, Inc. | First Lien Term Loan | LIBOR (M) | 1.00 | % | 5.00 | % | 7.48 | % | 9/20/2022 | $ | 20,772,306 | 20,444,242 | 20,634,170 | 1.27 | % | N | ||||||||||||||||
Applause App Quality, Inc. | Sr Secured Revolver | LIBOR (M) | 1.00 | % | 5.00 | % | 7.48 | % | 9/20/2022 | $ | — | (22,511 | ) | (10,040 | ) | — | K/N | |||||||||||||||
Datto, Inc. | First Lien Term Loan | LIBOR (M) | 1.00 | % | 8.00 | % | 10.46 | % | 12/7/2022 | $ | 27,792,848 | 27,330,546 | 27,695,573 | 1.70 | % | N | ||||||||||||||||
Datto, Inc. | Sr Secured Revolver | LIBOR (M) | 1.00 | % | 8.00 | % | 10.46 | % | 12/7/2022 | $ | — | (29,490 | ) | (6,547 | ) | — | K/N | |||||||||||||||
DigiCert Holdings, Inc. | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 8.00 | % | 10.52 | % | 10/31/2025 | $ | 9,590,821 | 9,562,544 | 9,339,062 | 0.57 | % | G | ||||||||||||||||
Domo, Inc. | First Lien Delayed Draw Term Loan (4.5% Exit Fee) | LIBOR (Q) | — | 5.50% Cash+2.50% PIK | 10.50 | % | 6/1/2021 | $ | 50,827,704 | 50,270,460 | 50,601,521 | 3.11 | % | L/N | ||||||||||||||||||
Donuts Inc. | First Lien Revolver | LIBOR (Q) | 1.00 | % | 6.25 | % | 9.05 | % | 9/17/2023 | $ | 373,849 | 344,520 | 363,194 | 0.02 | % | N | ||||||||||||||||
Donuts Inc. | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 6.25 | % | 9.05 | % | 9/17/2023 | $ | 10,965,517 | 10,652,302 | 10,653,000 | 0.66 | % | N | ||||||||||||||||
Pulse Secure, LLC | First Lien Term Loan | LIBOR (M) | 1.00 | % | 7.00 | % | 9.39 | % | 5/1/2022 | $ | 11,384,532 | 11,264,016 | 11,430,070 | 0.70 | % | N | ||||||||||||||||
Pulse Secure, LLC | Sr Secured Revolver | LIBOR (M) | 1.00 | % | 7.00 | % | 9.39 | % | 5/1/2022 | $ | — | (13,473 | ) | — | — | K/N | ||||||||||||||||
SnapLogic, Inc. | First Lien Term Loan | LIBOR (Q) | — | 7.81% Cash+2.00% PIK | 12.56 | % | 3/1/2022 | $ | 31,313,470 | 30,684,121 | 31,313,470 | 1.93 | % | N | ||||||||||||||||||
TierPoint, LLC | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 7.25 | % | 9.77 | % | 5/5/2025 | $ | 4,275,000 | 4,234,570 | 4,058,578 | 0.25 | % | |||||||||||||||||
Web.com Group Inc. | Second Lien Term Loan | LIBOR (Q) | — | 7.75 | % | 10.17 | % | 10/11/2026 | $ | 23,493,200 | 23,320,082 | 23,317,001 | 1.43 | % | J/N | |||||||||||||||||
188,041,929 | 189,389,052 | 11.64 | % | |||||||||||||||||||||||||||||
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (continued) | ||||||||||||||||||||||||||||||||
Diversified Software | ||||||||||||||||||||||||||||||||
Acronis International GmbH (Switzerland) | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 11.50%Cash+2.00% PIK | 16.31 | % | 7/16/2020 | $ | 15,196,285 | $ | 15,200,725 | $ | 15,196,285 | 0.94 | % | H/N | |||||||||||||||
ArcServe (USA), LLC | Second Lien Term Loan | LIBOR (Q) | 0.50 | % | 8.50% Cash+1.25% PIK | 12.55 | % | 1/31/2020 | $ | 31,075,558 | 30,932,264 | 30,997,869 | 1.91 | % | N | |||||||||||||||||
Autoalert, LLC | First Lien Incremental Term Loan | LIBOR (Q) | 0.25 | % | 5.75% Cash+3.00% PIK | 11.19 | % | 12/31/2020 | $ | 37,886,155 | 37,654,959 | 38,113,472 | 2.35 | % | N | |||||||||||||||||
Autoalert, LLC | First Lien Term Loan | LIBOR (Q) | 0.25 | % | 5.75% Cash+3.00% PIK | 11.19 | % | 12/31/2020 | $ | 14,993,418 | 14,790,062 | 15,083,378 | 0.93 | % | N | |||||||||||||||||
Bond International Software, Inc. (United Kingdom) | First Lien Term Loan | LIBOR (M) | 1.00 | % | 10.00 | % | 12.40 | % | 11/4/2021 | $ | 26,358,696 | 25,955,777 | 25,122,473 | 1.55 | % | H/N | ||||||||||||||||
Certify, Inc. | First Lien FILO Term Loan | LIBOR (M) | 1.00 | % | 6.25 | % | 8.77 | % | 1/30/2022 | $ | 15,863,835 | 15,632,297 | 15,625,877 | 0.96 | % | N | ||||||||||||||||
DealerFX, Inc. | First Lien Term Loan | LIBOR (Q) | — | 6.25% Cash+2.00% PIK | 11.06 | % | 2/1/2023 | $ | 16,016,055 | 15,742,618 | 16,118,558 | 0.99 | % | N | ||||||||||||||||||
ECI Macola/Max Holding, LLC | Second Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.00 | % | 10.80 | % | 9/19/2025 | $ | 24,840,563 | 24,634,138 | 24,343,752 | 1.50 | % | N | ||||||||||||||||
Fishbowl, Inc. | First Lien Term Loan | LIBOR (Q) | — | 4.80% Cash+8.45% PIK | 16.06 | % | 1/26/2022 | $ | 21,976,505 | 21,542,497 | 20,751,314 | 1.28 | % | N | ||||||||||||||||||
iCIMS, Inc. | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 6.50 | % | 9.02 | % | 9/12/2024 | $ | 7,851,765 | 7,699,495 | 7,698,655 | 0.47 | % | N | ||||||||||||||||
iCIMS, Inc. | Sr Secured Revolver | LIBOR (Q) | 1.00 | % | 6.50 | % | 9.02 | % | 9/12/2024 | $ | — | (9,323 | ) | (9,569 | ) | — | K/N | |||||||||||||||
JAMF Holdings, Inc. | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.00 | % | 10.61 | % | 11/13/2022 | $ | 14,160,797 | 13,927,609 | 13,990,868 | 0.86 | % | N | ||||||||||||||||
JAMF Holdings, Inc. | Sr Secured Revolver | LIBOR (Q) | 1.00 | % | 8.00 | % | 10.61 | % | 11/13/2022 | $ | — | (18,815 | ) | (14,569 | ) | — | K/N | |||||||||||||||
Lithium Technologies, LLC | First Lien Term Loan | LIBOR (M) | 1.00 | % | 8.00 | % | 10.39 | % | 10/3/2022 | $ | 20,884,731 | 20,520,511 | 20,529,691 | 1.26 | % | N | ||||||||||||||||
Lithium Technologies, LLC | Sr Secured Revolver | LIBOR (M) | 1.00 | % | 8.00 | % | 10.39 | % | 10/3/2022 | $ | — | (25,897 | ) | (25,978 | ) | — | K/N | |||||||||||||||
Lithium Technologies, LLC | First Lien Incremental Term Loan | LIBOR (M) | 1.00 | % | 8.00 | % | 10.39 | % | 10/3/2022 | $ | 7,131,905 | 6,977,108 | 7,010,663 | 0.43 | % | N | ||||||||||||||||
Lithium Technologies, LLC | Sr Secured Revolver | LIBOR (M) | 1.00 | % | 8.00 | % | 10.39 | % | 10/3/2022 | $ | — | (9,610 | ) | (7,739 | ) | — | K/N | |||||||||||||||
Space Midco, Inc. (Archibus) | First Lien Term Loan | LIBOR (M) | — | 6.25 | % | 8.69 | % | 12/5/2023 | $ | 4,444,444 | 4,356,066 | 4,355,556 | 0.27 | % | N | |||||||||||||||||
Space Midco, Inc. (Archibus) | Sr Secured Revolver | LIBOR (M) | — | 6.25 | % | 8.69 | % | 12/5/2023 | $ | — | (5,473 | ) | (5,556 | ) | — | K/N | ||||||||||||||||
Team Software, Inc. | First Lien Revolver | LIBOR (Q) | — | 5.50 | % | 8.31 | % | 9/17/2023 | $ | — | (49,632 | ) | (49,508 | ) | — | K/N | ||||||||||||||||
Team Software, Inc. | First Lien Term Loan | LIBOR (Q) | — | 5.50 | % | 8.31 | % | 9/17/2023 | $ | 13,167,038 | 12,979,534 | 12,981,383 | 0.80 | % | N | |||||||||||||||||
Telarix, Inc. | First Lien Term Loan | LIBOR (M) | 1.00 | % | 6.00 | % | 8.47 | % | 11/19/2023 | $ | 7,500,000 | 7,388,692 | 7,387,500 | 0.45 | % | N | ||||||||||||||||
Telarix, Inc. | Sr Secured Revolver | LIBOR (M) | 1.00 | % | 6.00 | % | 8.47 | % | 11/19/2023 | $ | — | (5,231 | ) | (5,357 | ) | — | K/N | |||||||||||||||
Tradeshift Holdings, Inc. | First Lien Delayed Draw Term Loan (7.0% Exit Fee) | LIBOR (Q) | — | 8.88 | % | 11.63 | % | 9/1/2020 | $ | 19,117,528 | 18,692,528 | 19,569,008 | 1.20 | % | L/N | |||||||||||||||||
Utilidata, Inc. | First Lien Delayed Draw Term Loan (4.0% Exit Fee) | LIBOR (Q) | — | 9.88 | % | 12.63 | % | 6/1/2019 | $ | 1,973,398 | 1,955,853 | 1,888,937 | 0.12 | % | L/N | |||||||||||||||||
Xactly Corporation | First Lien Incremental Term Loan | LIBOR (Q) | 1.00 | % | 7.25 | % | 9.78 | % | 7/31/2022 | $ | 2,726,918 | 2,680,492 | 2,726,918 | 0.17 | % | N | ||||||||||||||||
Xactly Corporation | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 7.25 | % | 9.78 | % | 7/31/2022 | $ | 16,397,517 | 16,146,078 | 16,397,517 | 1.01 | % | N | ||||||||||||||||
Xactly Corporation | Sr Secured Revolver | LIBOR (Q) | 1.00 | % | 7.25 | % | 9.78 | % | 7/31/2022 | $ | — | (20,188 | ) | — | — | K/N | ||||||||||||||||
315,265,134 | 315,771,398 | 19.45 | % | |||||||||||||||||||||||||||||
Educational Support Services | ||||||||||||||||||||||||||||||||
Edmentum, Inc. | First Lien Term Loan B | LIBOR (Q) | — | 8.50 | % | 11.03 | % | 6/9/2021 | $ | 6,187,476 | 5,276,592 | 6,187,478 | 0.38 | % | B/N | |||||||||||||||||
Edmentum, Inc. | Junior Revolving Facility | Fixed | — | 5.00 | % | 5.00 | % | 6/9/2020 | $ | 1,153,071 | 1,153,071 | 1,153,076 | 0.07 | % | B/N | |||||||||||||||||
Edmentum, Inc. | Second Lien Term Loan | Fixed | — | 7.00% PIK | 7.00 | % | 12/8/2021 | $ | 7,719,061 | 7,719,061 | 7,719,069 | 0.47 | % | B/N | ||||||||||||||||||
Edmentum Ultimate Holdings, LLC | Sr PIK Notes | Fixed | — | 8.50 | % | 8.50 | % | 6/9/2020 | $ | 3,375,453 | 3,375,453 | 3,375,453 | 0.21 | % | B/N | |||||||||||||||||
Edmentum Ultimate Holdings, LLC | Jr PIK Notes | Fixed | — | 10.00 | % | 10.00 | % | 6/9/2020 | $ | 15,931,540 | 15,700,810 | 11,152,078 | 0.69 | % | B/N | |||||||||||||||||
33,224,987 | 29,587,154 | 1.82 | % | |||||||||||||||||||||||||||||
Electronic Component Manufacturing | ||||||||||||||||||||||||||||||||
Adesto Technologies Corporation | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.75 | % | 11.56 | % | 5/8/2022 | $ | 17,816,424 | 16,762,198 | 16,979,052 | 1.04 | % | N | ||||||||||||||||
Soraa, Inc. | Tranche A Term Loan (4.33% Exit Fee) | LIBOR (Q) | 0.44 | % | 9.33 | % | 12.15 | % | 12/31/2019 | $ | 5,425,530 | 5,345,178 | 5,042,759 | 0.31 | % | L/N | ||||||||||||||||
22,107,376 | 22,021,811 | 1.35 | % | |||||||||||||||||||||||||||||
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (continued) | ||||||||||||||||||||||||||||||||
Equipment Leasing | ||||||||||||||||||||||||||||||||
36th Street Capital Partners Holdings, LLC | Senior Note | Fixed | — | 12.00 | % | 12.00 | % | 11/1/2020 | $ | 27,839,419 | $ | 27,839,419 | $ | 27,839,419 | 1.71 | % | E/F/N/O | |||||||||||||||
Financial Investment Activities | ||||||||||||||||||||||||||||||||
Aretec Group, Inc. (Cetera) | Second Lien Term Loan | LIBOR (M) | — | 8.25 | % | 10.77 | % | 10/1/2026 | $ | 27,105,263 | 26,835,011 | 26,969,737 | 1.66 | % | N | |||||||||||||||||
Credit Suisse AG (Cayman Islands) | Asset-Backed Credit Linked Notes | LIBOR (M) | — | 9.50 | % | 11.80 | % | 4/12/2025 | $ | 38,000,000 | 38,000,000 | 36,540,800 | 2.25 | % | H/I/N | |||||||||||||||||
HighTower Holding, LLC | Second Lien Delayed Draw Term Loan | LIBOR (Q) | 1.00 | % | 8.25 | % | 10.77 | % | 1/31/2026 | $ | — | (123,019 | ) | (135,726 | ) | (0.01 | )% | K/N | ||||||||||||||
HighTower Holding, LLC | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 8.25 | % | 10.64 | % | 1/31/2026 | $ | 15,080,645 | 14,696,998 | 14,748,871 | 0.91 | % | N | ||||||||||||||||
Institutional Shareholder Services, Inc. | Second Lien Term Loan | LIBOR (Q) | 1.00 | % | 7.75 | % | 10.55 | % | 10/16/2025 | $ | 4,333,333 | 4,314,098 | 4,268,333 | 0.26 | % | N | ||||||||||||||||
83,723,088 | 82,392,015 | 5.07 | % | |||||||||||||||||||||||||||||
Health Care | ||||||||||||||||||||||||||||||||
Pacific Coast Holdings Investment, LLC (KPC Healthcare) | First Lien Term Loan | LIBOR (M) | 1.00 | % | 7.50 | % | 10.02 | % | 2/14/2021 | $ | 29,288,064 | 29,037,391 | 29,727,385 | 1.83 | % | N | ||||||||||||||||
Insurance | ||||||||||||||||||||||||||||||||
2-10 Holdco, Inc. | First Lien Term Loan | LIBOR (M) | — | 6.25 | % | 8.77 | % | 10/31/2024 | $ | 4,583,333 | 4,493,433 | 4,491,667 | 0.28 | % | N | |||||||||||||||||
2-10 Holdco, Inc. | Sr Secured Revolver | LIBOR (M) | — | 6.25 | % | 8.77 | % | 10/31/2024 | $ | — | (8,102 | ) | (8,333 | ) | — | K/N | ||||||||||||||||
Higginbotham Insurance Agency, Inc. | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 7.25 | % | 9.76 | % | 12/19/2025 | $ | 16,417,578 | 16,312,313 | 16,253,402 | 1.00 | % | N | ||||||||||||||||
IAS Investco, Inc. | First Lien Delayed Draw Term Loan A | LIBOR (M) | 1.00 | % | 5.50 | % | 8.02 | % | 1/24/2021 | $ | 5,610,000 | 5,569,506 | 5,565,120 | 0.34 | % | N | ||||||||||||||||
IAS Investco, Inc. | First Lien Delayed Draw Term Loan B | LIBOR (M) | 1.00 | % | 5.50 | % | 8.02 | % | 1/24/2021 | $ | 600,000 | 588,544 | 586,286 | 0.04 | % | N | ||||||||||||||||
IAS Investco, Inc. | First Lien Term Loan | LIBOR (M) | 1.00 | % | 5.50 | % | 8.02 | % | 1/24/2021 | $ | 4,178,571 | 4,148,342 | 4,145,143 | 0.26 | % | N | ||||||||||||||||
US Apple Holdco, LLC (Ventiv Technology) | First Lien FILO Term Loan | LIBOR (Q) | 1.00 | % | 7.96 | % | 10.57 | % | 8/15/2020 | $ | 20,151,515 | 20,017,875 | 20,092,068 | 1.24 | % | N | ||||||||||||||||
US Apple Holdco, LLC (Ventiv Technology) | First Lien Incremental Tranche B FILO Term Loan | LIBOR (Q) | 1.00 | % | 7.96 | % | 10.57 | % | 8/15/2020 | $ | 4,371,000 | 4,329,254 | 4,358,106 | 0.27 | % | N | ||||||||||||||||
US Apple Holdco, LLC (Ventiv Technology) | First Lien Incremental Tranche B FILO Term Loan | LIBOR (Q) | 1.00 | % | 7.00 | % | 9.81 | % | 8/15/2020 | $ | 12,000,000 | 11,941,059 | 11,964,600 | 0.74 | % | N | ||||||||||||||||
67,392,224 | 67,448,059 | 4.17 | % | |||||||||||||||||||||||||||||
Lessors of Nonfinancial Licenses | ||||||||||||||||||||||||||||||||
ABG Intermediate Holdings 2, LLC (Authentic Brands) | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 7.75 | % | 10.27 | % | 9/29/2025 | $ | 15,000,000 | 14,897,544 | 14,775,000 | 0.91 | % | N | ||||||||||||||||
Kenneth Cole Productions, Inc. | First Lien FILO Term Loan | LIBOR (Q) | 1.00 | % | 7.75 | % | 10.31 | % | 12/28/2023 | $ | 24,445,537 | 24,261,768 | 24,449,204 | 1.50 | % | N | ||||||||||||||||
PSEB, LLC (Eddie Bauer) | First Lien FILO II Term Loan | Prime | — | 7.25 | % | 12.75 | % | 10/12/2023 | $ | 10,793,402 | 10,503,078 | 10,496,583 | 0.65 | % | N | |||||||||||||||||
PSEB, LLC (Eddie Bauer) | First Lien Term Loan | Prime | — | 7.00 | % | 12.25 | % | 10/12/2023 | $ | 41,374,706 | 40,270,155 | 40,236,902 | 2.48 | % | N | |||||||||||||||||
89,932,545 | 89,957,689 | 5.54 | % | |||||||||||||||||||||||||||||
Management, Scientific, and Technical Consulting Services | ||||||||||||||||||||||||||||||||
Dodge Data & Analytics, LLC | First Lien Delayed Draw Term Loan | LIBOR (Q) | 1.00 | % | 7.00 | % | 9.81 | % | 5/1/2020 | $ | 939,723 | 937,704 | 938,078 | 0.06 | % | N | ||||||||||||||||
Dodge Data & Analytics, LLC | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 7.00 | % | 9.81 | % | 5/1/2020 | $ | 38,013,149 | 37,925,182 | 37,946,626 | 2.33 | % | N | ||||||||||||||||
38,862,886 | 38,884,704 | 2.39 | % | |||||||||||||||||||||||||||||
Metal Manufacturing | ||||||||||||||||||||||||||||||||
Neenah Foundry Company | First Lien Term Loan B | LIBOR (Q) | — | 6.50 | % | 9.12 | % | 12/13/2022 | $ | 5,218,642 | 5,173,487 | 5,166,455 | 0.32 | % | N | |||||||||||||||||
Motion Picture and Video Industries | ||||||||||||||||||||||||||||||||
NEG Holdings, LLC (CORE Entertainment, Inc.) | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.00% PIK | 10.80 | % | 10/17/2022 | $ | 1,574,099 | 1,574,099 | 1,574,099 | 0.10 | % | B/N | |||||||||||||||||
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (continued) | ||||||||||||||||||||||||||||||||
Other Information Services | ||||||||||||||||||||||||||||||||
Discoverorg, LLC | Second Lien Incremental Term Loan | LIBOR (Q) | 1.00 | % | 8.50 | % | 11.03 | % | 2/26/2024 | $ | 3,419,277 | $ | 3,404,541 | $ | 3,435,005 | 0.21 | % | N | ||||||||||||||
Discoverorg, LLC | Second Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.50 | % | 11.03 | % | 2/26/2024 | $ | 12,839,252 | 12,738,498 | 12,898,312 | 0.79 | % | N | ||||||||||||||||
16,143,039 | 16,333,317 | 1.00 | % | |||||||||||||||||||||||||||||
Other Manufacturing | ||||||||||||||||||||||||||||||||
AGY Holding Corp. | Sr Secured Term Loan | Fixed | — | 12.00 | % | 12.00 | % | 5/18/2020 | $ | 4,869,577 | 4,869,577 | 4,869,577 | 0.30 | % | B/N | |||||||||||||||||
AGY Holding Corp. | Second Lien Notes | Fixed | — | 11.00 | % | 11.00 | % | 11/15/2020 | $ | 9,777,740 | 8,096,057 | 9,777,740 | 0.60 | % | B/E/N | |||||||||||||||||
AGY Holding Corp. | Delayed Draw Term Loan | Fixed | — | 12.00 | % | 12.00 | % | 5/18/2020 | $ | 1,049,146 | 1,049,146 | 1,049,147 | 0.06 | % | B/N | |||||||||||||||||
14,014,780 | 15,696,464 | 0.96 | % | |||||||||||||||||||||||||||||
Other Real Estate Activities | ||||||||||||||||||||||||||||||||
Greystone Select Holdings, LLC | First Lien Term Loan | LIBOR (M) | 1.00 | % | 8.00 | % | 10.51 | % | 4/17/2024 | $ | 25,076,693 | 24,873,125 | 25,828,994 | 1.59 | % | N | ||||||||||||||||
Other Telecommunications | ||||||||||||||||||||||||||||||||
Securus Technologies, Inc. | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 8.25 | % | 10.77 | % | 11/1/2025 | $ | 25,846,154 | 25,636,438 | 25,006,154 | 1.54 | % | |||||||||||||||||
Pharmaceuticals | ||||||||||||||||||||||||||||||||
P&L Development, LLC | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.00 | % | 10.40 | % | 5/18/2022 | $ | 489,643 | 489,643 | 460,460 | 0.03 | % | N | ||||||||||||||||
Plastics Manufacturing | ||||||||||||||||||||||||||||||||
Iracore International, Inc. | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 9.00 | % | 11.63 | % | 4/13/2021 | $ | 1,900,733 | 1,900,733 | 1,900,733 | 0.12 | % | B/N | ||||||||||||||||
Publishing | ||||||||||||||||||||||||||||||||
Bisnow, LLC | First Lien Revolver | LIBOR (Q) | — | 7.50 | % | 9.94 | % | 9/21/2022 | $ | — | (14,023 | ) | (1,800 | ) | — | K/N | ||||||||||||||||
Bisnow, LLC | First Lien Term Loan | LIBOR (Q) | — | 7.50 | % | 9.94 | % | 9/21/2022 | $ | 11,412,284 | 11,255,232 | 11,395,166 | 0.70 | % | N | |||||||||||||||||
Patient Point Network Solutions, LLC | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 7.50 | % | 10.30 | % | 6/26/2022 | $ | 6,783,498 | 6,717,412 | 6,825,895 | 0.42 | % | N | ||||||||||||||||
Patient Point Network Solutions, LLC | Sr Secured Revolver | LIBOR (Q) | 1.00 | % | 7.50 | % | 10.30 | % | 6/26/2022 | $ | — | (3,994 | ) | — | — | K/N | ||||||||||||||||
Patient Point Network Solutions, LLC | First Lien Incremental Term Loan | LIBOR (Q) | 1.00 | % | 7.50 | % | 10.30 | % | 6/26/2022 | $ | 1,307,421 | 1,291,842 | 1,315,592 | 0.08 | % | N | ||||||||||||||||
19,246,469 | 19,534,853 | 1.20 | % | |||||||||||||||||||||||||||||
Radio and Television Broadcasting | ||||||||||||||||||||||||||||||||
NEP II, Inc. | Second Lien Term Loan | LIBOR (M) | — | 7.00 | % | 9.52 | % | 10/19/2026 | $ | 18,769,990 | 18,676,292 | 17,737,641 | 1.09 | % | G/N | |||||||||||||||||
Real Estate Leasing | ||||||||||||||||||||||||||||||||
Daymark Financial Acceptance, LLC | First Lien Delayed Draw Term Loan | LIBOR (M) | — | 9.50 | % | 11.85 | % | 1/12/2020 | $ | 14,000,000 | 13,945,511 | 13,878,900 | 0.85 | % | N | |||||||||||||||||
Home Partners of America, Inc. | First Lien Delayed Draw Term Loan | LIBOR (M) | 1.00 | % | 6.25 | % | 8.77 | % | 10/13/2022 | $ | — | — | 19,286 | — | N | |||||||||||||||||
Home Partners of America, Inc. | First Lien Term Loan | LIBOR (M) | 1.00 | % | 6.25 | % | 8.77 | % | 10/13/2022 | $ | 2,857,143 | 2,817,711 | 2,840,000 | 0.17 | % | N | ||||||||||||||||
16,763,222 | 16,738,186 | 1.02 | % | |||||||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||||||||
USR Parent, Inc. (Staples) | First Lien FILO Term Loan | LIBOR (M) | 1.00 | % | 8.84 | % | 11.18 | % | 9/12/2022 | $ | 7,525,874 | 7,376,741 | 7,531,142 | 0.46 | % | N | ||||||||||||||||
Satellite Telecommunications | ||||||||||||||||||||||||||||||||
Avanti Communications Group, PLC (United Kingdom) | Sr New Money Initial Note | Fixed | — | 9.00% PIK | 9.00 | % | 10/1/2022 | $ | 1,524,339 | 1,491,697 | 1,152,172 | 0.07 | % | E/G/H/N | ||||||||||||||||||
Avanti Communications Group, PLC (United Kingdom) | Sr Second-Priority PIK Toggle Note | Fixed | — | 9.00 | % | 9.00 | % | 10/1/2022 | $ | 3,889,686 | 3,808,971 | 2,940,019 | 0.18 | % | E/G/H/N | |||||||||||||||||
5,300,668 | 4,092,191 | 0.25 | % | |||||||||||||||||||||||||||||
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (continued) | ||||||||||||||||||||||||||||||||
Scientific Research and Development Services | ||||||||||||||||||||||||||||||||
Envigo Holdings, Inc. (BPA Laboratories, Inc.) (United Kingdom) | First Lien Term Loan | LIBOR (Q) | — | 5.75 | % | 8.55 | % | 4/29/2020 | $ | 1,857,267 | $ | 1,747,856 | $ | 1,792,262 | 0.11 | % | H/N | |||||||||||||||
Envigo Holdings, Inc. (BPA Laboratories, Inc.) (United Kingdom) | Second Lien Term Loan | LIBOR (Q) | — | 7.75 | % | 10.55 | % | 4/29/2020 | $ | 4,189,589 | 2,787,441 | 3,906,792 | 0.24 | % | H/N | |||||||||||||||||
Envigo Holdings, Inc. (BPA Laboratories, Inc.) (United Kingdom) | First Lien Term Loan | LIBOR (M) | 1.00 | % | 8.50 | % | 10.93 | % | 11/3/2021 | $ | 34,494,622 | 34,071,469 | 32,769,891 | 2.02 | % | G/H/N | ||||||||||||||||
38,606,766 | 38,468,945 | 2.37 | % | |||||||||||||||||||||||||||||
Support Activities for Rail Transportation | ||||||||||||||||||||||||||||||||
Florida East Coast Industries, LLC | First Lien Term Loan B | LIBOR (M) | — | 6.50 | % | 8.93 | % | 12/13/2021 | $ | 3,214,286 | 3,150,403 | 3,182,143 | 0.20 | % | N | |||||||||||||||||
Traveler Arrangement | ||||||||||||||||||||||||||||||||
CIBT Solutions, Inc. | Second Lien Term Loan | LIBOR (Q) | 1.00 | % | 7.75 | % | 10.55 | % | 6/1/2025 | $ | 7,611,914 | 7,544,882 | 7,516,765 | 0.46 | % | G/N | ||||||||||||||||
Utility System Construction | ||||||||||||||||||||||||||||||||
Conergy Asia & ME Pte. Ltd (Singapore) | First Lien Term Loan | Fixed | — | 10.00 | % | 10.00 | % | 5/26/2020 | $ | 1,773,807 | 1,773,807 | 1,773,807 | 0.11 | % | F/H/N | |||||||||||||||||
GlassPoint Solar, Inc. | First Lien Term Loan (4.0% Exit Fee) | LIBOR (Q) | — | 8.50 | % | 11.25 | % | 8/1/2020 | $ | 5,434,622 | 5,387,085 | 5,355,005 | 0.33 | % | L/N | |||||||||||||||||
GlassPoint Solar, Inc. | First Lien Term Loan (5.0% Exit Fee) | LIBOR (Q) | — | 11.44 | % | 14.19 | % | 8/1/2020 | $ | 2,951,368 | 2,798,858 | 2,958,156 | 0.18 | % | L/N | |||||||||||||||||
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) | Bank Guarantee Credit Facility | Fixed | — | 0.00 | % | 0.00 | % | 5/26/2020 | $ | 14,155,971 | 14,155,971 | 11,682,923 | 0.72 | % | C/F/H/N | |||||||||||||||||
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) | Revolving Credit Facility | Fixed | — | 0.00 | % | 0.00 | % | 5/26/2020 | $ | 8,668,850 | 8,668,850 | 2,922,269 | 0.18 | % | C/F/H/N | |||||||||||||||||
32,784,571 | 24,692,160 | 1.52 | % | |||||||||||||||||||||||||||||
Wholesalers | ||||||||||||||||||||||||||||||||
FreePoint Commodities, LLC | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 8.25 | % | 10.71 | % | 6/13/2023 | $ | 15,000,000 | 14,855,083 | 14,875,500 | 0.92 | % | N | ||||||||||||||||
Wired Telecommunications Carriers | ||||||||||||||||||||||||||||||||
American Broadband Holding Company | First Lien Term Loan | LIBOR (Q) | 1.25 | % | 7.75 | % | 10.55 | % | 10/25/2022 | $ | 17,500,308 | 17,152,164 | 17,363,805 | 1.07 | % | N | ||||||||||||||||
TPC Intermediate Holdings, LLC | First Lien Delayed Draw Term Loan | LIBOR (Q) | 1.00 | % | 6.00 | % | 8.80 | % | 5/15/2023 | $ | 807,706 | 789,592 | 794,042 | 0.05 | % | N | ||||||||||||||||
17,941,756 | 18,157,847 | 1.12 | % | |||||||||||||||||||||||||||||
Total Debt Investments | 1,526,248,949 | 1,515,109,263 | 93.22 | % |
Issuer | Instrument | Expiration | Shares | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Equity Securities | ||||||||||||||||||||||||||||
Advertising, Public Relations and Marketing | ||||||||||||||||||||||||||||
Foursquare Labs, Inc. | Warrants to Purchase Series E Preferred Stock | 5/4/2027 | 1,125,000 | $ | 185,450 | $ | 130,725 | 0.01 | % | C/E/N | ||||||||||||||||||
InMobi, Inc. (Singapore) | Warrants to Purchase Common Stock | 8/15/2027 | 1,327,869 | 212,360 | 340,200 | 0.02 | % | C/E/H/N | ||||||||||||||||||||
InMobi, Inc. (Singapore) | Warrants to Purchase Series E Preferred Stock (Strike Price $20.01) | 9/18/2025 | 1,049,996 | 276,492 | 558,388 | 0.03 | % | C/E/H/N | ||||||||||||||||||||
InMobi, Inc. (Singapore) | Warrants to Purchase Series E Preferred Stock (Strike Price $28.58) | 10/3/2028 | 1,511,002 | 93,407 | 164,095 | 0.01 | % | C/E/H/N | ||||||||||||||||||||
767,709 | 1,193,408 | 0.07 | % | |||||||||||||||||||||||||
Air Transportation | ||||||||||||||||||||||||||||
Aircraft Leased to United Airlines, Inc. | ||||||||||||||||||||||||||||
United N659UA-767, LLC (N659UA) | Trust Beneficial Interests | 683 | 2,527,274 | 2,826,708 | 0.17 | % | E/F/N | |||||||||||||||||||||
United N661UA-767, LLC (N661UA) | Trust Beneficial Interests | 688 | 2,608,991 | 2,896,083 | 0.18 | % | E/F/N | |||||||||||||||||||||
Epic Aero, Inc (One Sky) | Common Stock | 1,842 | 855,313 | 5,030,670 | 0.31 | % | C/N | |||||||||||||||||||||
5,991,578 | 10,753,461 | 0.66 | % | |||||||||||||||||||||||||
Business Support Services | ||||||||||||||||||||||||||||
Findly Talent, LLC | Membership Units | 708,229 | 230,938 | 33,995 | — | C/E/N | ||||||||||||||||||||||
STG-Fairway Holdings, LLC (First Advantage) | Class A Units | 803,961 | 325,432 | 2,708,384 | 0.17 | % | C/E/N | |||||||||||||||||||||
556,370 | 2,742,379 | 0.17 | % | |||||||||||||||||||||||||
Chemicals | ||||||||||||||||||||||||||||
Green Biologics, Inc. | Common Stock | 34,761,145 | 18,522,593 | 3,670,777 | 0.23 | B/C/E/H/N | ||||||||||||||||||||||
Nanosys, Inc. | Warrants to Purchase Preferred Stock | 3/29/2023 | 800,000 | 605,266 | 814,640 | 0.05 | C/E/N | |||||||||||||||||||||
19,127,859 | 4,485,417 | 0.28 | % | |||||||||||||||||||||||||
Computer Systems Design and Related Services | ||||||||||||||||||||||||||||
Fidelis Topco LP | Warrants to Purchase Series A Preferred Units | 7/20/2028 | 21,888,917 | — | 663,234 | 0.04 | C/E/N | |||||||||||||||||||||
Fidelis Topco LP | Warrants to Purchase Series B Preferred Units | 7/20/2028 | 24,972,917 | — | 756,679 | 0.05 | C/E/N | |||||||||||||||||||||
— | 1,419,913 | 0.09 | % | |||||||||||||||||||||||||
Data Processing and Hosting Services | ||||||||||||||||||||||||||||
Anacomp, Inc. | Class A Common Stock | 1,255,527 | 26,711,048 | 1,418,746 | 0.09 | C/E/F/N | ||||||||||||||||||||||
Domo, Inc. | Warrants to Purchase Common Stock | 12/30/2027 | 33,993 | 264,624 | 296,840 | 0.02 | C/E/N | |||||||||||||||||||||
Snaplogic, Inc. | Warrants to Purchase Series Preferred Stock | 3/19/2028 | 1,860,000 | 377,722 | 2,510,070 | 0.15 | C/E/N | |||||||||||||||||||||
27,353,394 | 4,225,656 | 0.26 | % | |||||||||||||||||||||||||
Diversified Software | ||||||||||||||||||||||||||||
Actifio, Inc. | Warrants to Purchase Series G Preferred Stock | 5/5/2027 | 1,052,651 | 188,770 | 456,745 | 0.03 | C/E/N | |||||||||||||||||||||
Tradeshift, Inc. | Warrants to Purchase Series D Preferred Stock | 3/26/2027 | 1,712,930 | 577,843 | 647,316 | 0.04 | C/E/N | |||||||||||||||||||||
Utilidata, Inc. | Warrants to Purchase Preferred Stock | 12/22/2022 | 719,998 | 216,336 | 9,936 | — | C/E/N | |||||||||||||||||||||
982,949 | 1,113,997 | 0.07 | % | |||||||||||||||||||||||||
Educational Support Services | ||||||||||||||||||||||||||||
Edmentum Ultimate Holdings, LLC | Class A Common Units | 159,515 | 680,226 | — | — | B/C/E/N | ||||||||||||||||||||||
Edmentum Ultimate Holdings, LLC | Warrants to Purchase Class A Units | 2/23/2028 | 788,112 | — | — | — | B/C/E/N | |||||||||||||||||||||
680,226 | — | — | ||||||||||||||||||||||||||
Issuer | Instrument | Expiration | Shares | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Equity Securities (continued) | ||||||||||||||||||||||||||||
Electronic Component Manufacturing | ||||||||||||||||||||||||||||
Adesto Technologies Corporation | Warrants to Purchase Common Stock | 5/8/2024 | 436,320 | $ | 846,724 | $ | 76,356 | — | C/E/N | |||||||||||||||||||
Soraa, Inc. | Warrants to Purchase Common Stock | 8/29/2024 | 3,071,860 | 478,899 | 207,658 | 0.01 | % | C/E/N | ||||||||||||||||||||
1,325,623 | 284,014 | 0.01 | % | |||||||||||||||||||||||||
Equipment Leasing | ||||||||||||||||||||||||||||
36th Street Capital Partners Holdings, LLC | Membership Units | 15,744,416 | 15,744,416 | 18,931,734 | 1.16 | % | E/F/N/O | |||||||||||||||||||||
Financial Investment Activities | ||||||||||||||||||||||||||||
GACP I, LP (Great American Capital) | Membership Units | 5,919,194 | 5,919,194 | 6,590,430 | 0.41 | % | E/I/N | |||||||||||||||||||||
GACP II, LP (Great American Capital) | Membership Units | 16,861,296 | 16,861,296 | 17,308,120 | 1.06 | % | E/I/N | |||||||||||||||||||||
22,780,490 | 23,898,550 | 1.47 | % | |||||||||||||||||||||||||
Metal and Mineral Mining | ||||||||||||||||||||||||||||
EPMC HoldCo, LLC | Membership Units | 1,312,720 | — | 26,254 | — | B/C/E/N | ||||||||||||||||||||||
Motion Picture and Video Industries | ||||||||||||||||||||||||||||
NEG Parent, LLC (Core Entertainment, Inc.) | Class A Units | 2,720,392 | 2,772,807 | 6,543,086 | 0.40 | % | B/C/E/N | |||||||||||||||||||||
NEG Parent, LLC (Core Entertainment, Inc.) | Class A Warrants to Purchase Class A Units | 10/17/2026 | 343,387 | 196,086 | 364,299 | 0.02 | % | B/C/E/N | ||||||||||||||||||||
NEG Parent, LLC (Core Entertainment, Inc.) | Class B Warrants to Purchase Class A Units | 10/17/2026 | 346,794 | 198,032 | 367,914 | 0.02 | % | B/C/E/N | ||||||||||||||||||||
NEG Parent, LLC (Core Entertainment, Inc.) | Litigation Trust Units | 407 | — | 1,118,110 | 0.07 | % | B/C/N | |||||||||||||||||||||
3,166,925 | 8,393,409 | 0.51 | % | |||||||||||||||||||||||||
Other Information Services | ||||||||||||||||||||||||||||
SoundCloud, Ltd. (United Kingdom) | Warrants to Purchase Preferred Stock | 4/29/2025 | 946,498 | 79,082 | 45,148 | — | C/E/H/N | |||||||||||||||||||||
�� | ||||||||||||||||||||||||||||
Other Manufacturing | ||||||||||||||||||||||||||||
AGY Holding Corp. | Common Stock | 1,333,527 | — | — | — | B/C/E/N | ||||||||||||||||||||||
KAGY Holding Company, Inc. | Series A Preferred Stock | 9,778 | 1,091,200 | 969,224 | 0.06 | % | B/C/E/N | |||||||||||||||||||||
1,091,200 | 969,224 | 0.06 | % | |||||||||||||||||||||||||
Plastics Manufacturing | ||||||||||||||||||||||||||||
Iracore Investments Holdings, Inc. | Class A Common Stock | 16,207 | 4,177,710 | 1,375,243 | 0.08 | % | B/C/E/N | |||||||||||||||||||||
Radio and Television Broadcasting | ||||||||||||||||||||||||||||
Fuse Media, LLC | Warrants to Purchase Common Stock | 8/3/2022 | 233,470 | 300,322 | — | — | C/E/N | |||||||||||||||||||||
Retail | ||||||||||||||||||||||||||||
Shop Holding, LLC (Connexity) | Class A Units | 507,167 | 480,049 | — | — | C/E/N | ||||||||||||||||||||||
Satellite Telecommunications | ||||||||||||||||||||||||||||
Avanti Communications Group, PLC (United Kingdom) | Common Stock | 26,576,710 | 4,902,674 | 847,398 | 0.05 | % | C/D/H | |||||||||||||||||||||
Issuer | Instrument | Expiration | Shares | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Equity Securities (continued) | ||||||||||||||||||||||||||||
Scientific Research and Development Services | ||||||||||||||||||||||||||||
Lions Holdings, Inc. (Envigo) (United Kingdom) | Series A Warrants to Purchase Common Stock | 4/29/2020 | 10,287 | $ | — | $ | — | — | C/E/H/N | |||||||||||||||||||
Lions Holdings, Inc. (Envigo) (United Kingdom) | Series B Warrants to Purchase Common Stock | 4/29/2020 | 16,494 | — | — | — | C/E/H/N | |||||||||||||||||||||
— | — | — | ||||||||||||||||||||||||||
Utility System Construction | ||||||||||||||||||||||||||||
Conergy Asia Holdings Limited (United Kingdom) | Class B Shares | 1,000,000 | 1,000,000 | — | — | C/E/F/H/N | ||||||||||||||||||||||
Conergy Asia Holdings Limited (United Kingdom) | Ordinary Shares | 3,333 | 7,833,333 | — | — | C/E/F/H/N | ||||||||||||||||||||||
GlassPoint Solar, Inc. | Warrants to Purchase Series D Preferred Stock | 2/7/2027 | 448,000 | 76,950 | 50,714 | — | C/E/N | |||||||||||||||||||||
GlassPoint Solar, Inc. | Warrants to Purchase Series C-1 Preferred Stock | 2/7/2027 | 400,000 | 248,555 | 221,320 | 0.01 | % | C/E/N | ||||||||||||||||||||
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) | Ordinary Shares | 2,332,594 | — | — | — | C/E/F/H/N | ||||||||||||||||||||||
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) | Series B Preferred Shares | 93,023 | 1,395,349 | — | — | C/E/F/H/N | ||||||||||||||||||||||
10,554,187 | 272,034 | 0.01 | % | |||||||||||||||||||||||||
Wired Telecommunications Carriers | ||||||||||||||||||||||||||||
V Telecom Investment S.C.A. (Vivacom) (Luxembourg) | Common Shares | 1,393 | 3,236,256 | 1,199,288 | 0.07 | % | C/D/E/H/N | |||||||||||||||||||||
Total Equity Securities | 123,299,019 | 82,176,527 | 5.06 | % | ||||||||||||||||||||||||
Total Investments | $ | 1,649,547,968 | $ | 1,597,285,790 | ||||||||||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||||||||||
Cash Held on Account at Various Institutions | 27,920,402 | 1.72 | % | |||||||||||||||||||||||||
Cash and Cash Equivalents | 27,920,402 | 1.72 | % | |||||||||||||||||||||||||
Total Cash and Investments | $ | 1,625,206,192 | 100.00 | % | M |
(A) | Debt investments include investments in bank debt that generally are bought and sold among institutional investors in transactions not subject to registration under the Securities Act of 1933. Such transactions are generally subject to contractual restrictions, such as approval of the agent or borrower. |
(B) | Non-controlled affiliate – as defined under the Investment Company Act of 1940 (ownership of between 5% and 25% of the outstanding voting securities of this issuer). See Consolidated Schedule of Changes in Investments in Affiliates. |
(C) | Non-income producing. |
(D) | Investment denominated in foreign currency. Amortized cost and fair value converted from foreign currency to US dollars. Foreign currency denominated investments are generally hedged for currency exposure. |
(E) | Restricted security. (See Note 2) |
(F) | Controlled issuer – as defined under the Investment Company Act of 1940 (ownership of 25% or more of the outstanding voting securities of this issuer). Investment is not more than 50% of the outstanding voting securities of the issuer nor deemed to be a significant subsidiary. See Consolidated Schedule of Changes in Investments in Affiliates. |
(G) | Investment has been segregated to collateralize certain unfunded commitments. |
(H) | Non-U.S. company or principal place of business outside the U.S. and as a result the investment is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets. |
(I) | Deemed an investment company under Section 3(c) of the Investment Company Act and as a result the investment is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets. |
(J) | Publicly traded company with a market capitalization greater than $250 million and as a result the investment is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets. |
(K) | Negative balances relate to an unfunded commitment that was acquired and/or valued at a discount. |
(L) | In addition to the stated coupon, investment has an exit fee payable upon repayment of the loan in an amount equal to the percentage of the original principal amount shown. |
(M) | All cash and investments, except those referenced in Notes G above, are pledged as collateral under certain debt as described in Note 4 to the Consolidated Financial Statements. |
(N) | Inputs in the valuation of this investment included certain unobservable inputs that were significant to the valuation as a whole. |
(O) | 36th Street Capital Partners Holdings, LLC holds common and preferred interests in a pool of equipment loans and leases made by 36th Street Capital Partners, LLC. |
Year Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Investment income | ||||||||||||
Interest income (excluding PIK): | ||||||||||||
Companies less than 5% owned | $ | 170,292,622 | $ | 168,673,628 | $ | 155,374,375 | ||||||
Companies 5% to 25% owned | 2,750,461 | 2,713,602 | 2,117,440 | |||||||||
Companies more than 25% owned | 5,034,138 | 3,645,312 | 4,669,571 | |||||||||
PIK interest income: | ||||||||||||
Companies less than 5% owned | 10,108,553 | 9,128,512 | 5,290,187 | |||||||||
Companies 5% to 25% owned | 3,398,235 | 4,337,080 | 4,900,886 | |||||||||
Companies more than 25% owned | — | 649,680 | 1,174,886 | |||||||||
Dividend income: | ||||||||||||
Companies less than 5% owned | — | — | 16,627 | |||||||||
Companies more than 25% owned | 2,392,274 | 750,714 | 237,398 | |||||||||
Lease income: | ||||||||||||
Companies more than 25% owned | 297,827 | 297,827 | 294,366 | |||||||||
Other income: | ||||||||||||
Companies less than 5% owned | 891,805 | 5,473 | 1,767,821 | |||||||||
Companies 5% to 25% owned | — | 297,356 | 125,943 | |||||||||
Total investment income | 195,165,915 | 190,499,184 | 175,969,500 | |||||||||
Operating expenses | ||||||||||||
Interest and other debt expenses | 46,398,795 | 40,468,761 | 33,091,143 | |||||||||
Management and advisory fees | 24,860,910 | 24,179,376 | 21,560,868 | |||||||||
Incentive fee | 20,307,759 | 23,346,164 | N/A | * | ||||||||
Administrative expenses | 2,338,624 | 2,393,582 | 2,327,870 | |||||||||
Legal fees, professional fees and due diligence expenses | 1,756,480 | 2,307,196 | 1,485,182 | |||||||||
Director fees | 781,933 | 794,278 | 571,685 | |||||||||
Insurance expense | 591,728 | 468,184 | 436,965 | |||||||||
Custody fees | 410,852 | 377,611 | 335,841 | |||||||||
Other operating expenses | 2,860,741 | 2,686,677 | 2,721,946 | |||||||||
Total operating expenses | 100,307,822 | 97,021,829 | 62,531,500 | |||||||||
Net investment income before taxes | 94,858,093 | 93,477,355 | 113,438,000 | |||||||||
Excise tax expense | — | 92,700 | 36,380 | |||||||||
Net investment income | 94,858,093 | 93,384,655 | 113,401,620 | |||||||||
Realized and unrealized gain (loss) on investments and foreign currency | ||||||||||||
Net realized gain (loss): | ||||||||||||
Investments in companies less than 5% owned | (56,955,163 | ) | 856,650 | (13,450,535 | ) | |||||||
Investments in companies 5% to 25% owned | (19,671,886 | ) | (29,704,298 | ) | (7,113,339 | ) | ||||||
Investments in companies more than 25% owned | — | — | (103,398 | ) | ||||||||
Net realized loss | (76,627,049 | ) | (28,847,648 | ) | (20,667,272 | ) | ||||||
Change in net unrealized appreciation/depreciation | 12,349,745 | (19,061,125 | ) | (2,123,011 | ) | |||||||
Net realized and unrealized loss | (64,277,304 | ) | (47,908,773 | ) | (22,790,283 | ) | ||||||
Net increase in net assets from operations | $ | 30,580,789 | $ | 45,475,882 | $ | 90,611,337 | ||||||
Distributions of incentive allocation to general partner from: | ||||||||||||
Net investment income | N/A | * | N/A | * | $ | (22,680,323 | ) | |||||
Net increase in net assets resulting from operations | $ | 30,580,789 | $ | 45,475,882 | $ | 67,931,014 | ||||||
Basic and diluted earnings per common share | $ | 0.52 | $ | 0.77 | $ | 1.19 | ||||||
Basic and diluted weighted average common shares outstanding | 58,766,362 | 58,815,216 | 57,000,658 |
Common Stock | Paid in Capital in Excess of Par | Distributable earnings (loss) | Total Net Assets | ||||||||||||||||
Shares | Par Amount | ||||||||||||||||||
Balance at December 31, 2016 | 53,041,900 | $ | 53,042 | $ | 944,426,650 | $ | (153,543,701 | ) | $ | 790,935,991 | |||||||||
Issuance of common stock in public offering, net | 5,750,000 | 5,750 | 93,591,750 | — | 93,597,500 | ||||||||||||||
Issuance of common stock from at-the-market offerings, net | 54,713 | 55 | 863,343 | — | 863,398 | ||||||||||||||
Issuance of common stock from dividend reinvestment plan | 643 | — | 10,585 | — | 10,585 | ||||||||||||||
Net investment income | — | — | — | 113,401,620 | 113,401,620 | ||||||||||||||
Net realized and unrealized loss | — | — | — | (22,790,283 | ) | (22,790,283 | ) | ||||||||||||
General partner incentive allocation | — | — | — | (22,680,323 | ) | (22,680,323 | ) | ||||||||||||
Regular dividends paid to common shareholders | — | — | — | (82,610,362 | ) | (82,610,362 | ) | ||||||||||||
Tax reclassification of shareholders' equity in accordance with generally accepted accounting principles | — | — | (36,380 | ) | 36,380 | — | |||||||||||||
Balance at December 31, 2017 | 58,847,256 | $ | 58,847 | $ | 1,038,855,948 | $ | (168,186,669 | ) | $ | 870,728,126 | |||||||||
Issuance of common stock from dividend reinvestment plan | 767 | — | 10,693 | — | 10,693 | ||||||||||||||
Repurchase of common stock | (73,416 | ) | (72 | ) | (1,046,403 | ) | — | (1,046,475 | ) | ||||||||||
Net investment income | — | — | — | 93,384,655 | 93,384,655 | ||||||||||||||
Net realized and unrealized loss | — | — | — | (47,908,773 | ) | (47,908,773 | ) | ||||||||||||
Regular dividends paid to common shareholders | — | — | — | (84,693,499 | ) | (84,693,499 | ) | ||||||||||||
Tax reclassification of shareholders' equity in accordance with generally accepted accounting principles | — | — | (37,747,055 | ) | 37,747,055 | — | |||||||||||||
Balance at December 31, 2018 | 58,774,607 | $ | 58,775 | $ | 1,000,073,183 | $ | (169,657,231 | ) | $ | 830,474,727 | |||||||||
Issuance of common stock from dividend reinvestment plan | 819 | — | 11,453 | — | 11,453 | ||||||||||||||
Repurchase of common stock | (9,000 | ) | (9 | ) | (125,670 | ) | — | (125,679 | ) | ||||||||||
Net investment income | — | — | — | 94,858,093 | 94,858,093 | ||||||||||||||
Net realized and unrealized loss | — | — | — | (64,277,304 | ) | (64,277,304 | ) | ||||||||||||
Regular dividends paid to common shareholders | — | — | — | (84,622,904 | ) | (84,622,904 | ) | ||||||||||||
Tax reclassification of shareholders' equity in accordance with generally accepted accounting principles | — | — | (2,579,604 | ) | 2,579,604 | — | |||||||||||||
Balance at December 31, 2019 | 58,766,426 | $ | 58,766 | $ | 997,379,362 | $ | (221,119,742 | ) | $ | 776,318,386 |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Operating activities | |||||||||||
Net increase in net assets applicable to common shareholders resulting from operations | $ | 30,580,789 | $ | 45,475,882 | $ | 67,931,014 | |||||
Adjustments to reconcile net increase in net assets applicable to common shareholders resulting from operations to net cash provided by (used in) operating activities: | |||||||||||
Net realized loss | 76,627,049 | 28,847,648 | 20,667,272 | ||||||||
Change in net unrealized appreciation/depreciation of investments | (12,492,073 | ) | 19,034,390 | 2,131,838 | |||||||
Net amortization of investment discounts and premiums | (12,706,060 | ) | (10,032,111 | ) | (15,082,529 | ) | |||||
Amortization of original issue discount on convertible debt | 1,355,080 | 1,183,036 | 1,044,816 | ||||||||
Interest and dividend income paid in kind | (13,785,524 | ) | (14,115,272 | ) | (11,365,959 | ) | |||||
Amortization of deferred debt issuance costs | 3,640,812 | 3,856,735 | 3,646,299 | ||||||||
Changes in assets and liabilities: | |||||||||||
Purchases of investment securities | (686,238,590 | ) | (619,887,200 | ) | (854,061,998 | ) | |||||
Proceeds from sales, maturities and pay downs of investments | 596,374,086 | 512,795,715 | 655,674,364 | ||||||||
Decrease (increase) in accrued interest income - companies less than 5% owned | 3,961,499 | (2,365,743 | ) | (2,742,146 | ) | ||||||
Decrease in accrued interest income - companies 5% to 25% owned | 12,892 | 139,927 | 135,577 | ||||||||
Decrease (increase) in accrued interest income - companies more than 25% owned | (181,712 | ) | (107,150 | ) | 8,749 | ||||||
Decrease (increase) in receivable for investments sold | (1,316,667 | ) | 431,483 | (431,483 | ) | ||||||
Decrease (increase) in prepaid expenses and other assets | 4,772,120 | (2,596,439 | ) | (3,660,424 | ) | ||||||
Increase (decrease) in payable for investments purchased | 12,148,687 | (15,565,873 | ) | 4,125,707 | |||||||
Increase (decrease) in incentive compensation payable | (1,086,675 | ) | (142,789 | ) | 1,266,301 | ||||||
Increase in interest payable | 2,089,249 | 976,335 | 2,757,824 | ||||||||
Increase in payable to the Advisor | 365,279 | 425,669 | 474,913 | ||||||||
Increase in management and advisory fees payable | 181,731 | 5,247,344 | — | ||||||||
Increase (decrease) in accrued expenses and other liabilities | 391,382 | 27,868 | (738,137 | ) | |||||||
Net cash provided by (used in) operating activities | 4,693,354 | (46,370,545 | ) | (128,218,002 | ) | ||||||
Financing activities | |||||||||||
Borrowings | 724,497,620 | 476,953,697 | 563,000,000 | ||||||||
Repayments of debt | (712,000,000 | ) | (399,953,697 | ) | (584,500,000 | ) | |||||
Payments of debt issuance costs | (5,178,707 | ) | (3,605,009 | ) | (3,471,000 | ) | |||||
Dividends paid to common shareholders | (84,622,904 | ) | (84,693,499 | ) | (82,610,362 | ) | |||||
Repurchase of common shares | (125,679 | ) | (1,046,475 | ) | — | ||||||
Repayment of convertible debt | (108,000,000 | ) | — | — | |||||||
Proceeds from issuance of debt | 197,653,000 | — | 174,373,250 | ||||||||
Proceeds from shares issued in connection with dividend reinvestment plan | 11,453 | 10,693 | 10,585 | ||||||||
Proceeds from common shares sold, net of underwriting and offering costs | — | — | 94,460,898 | ||||||||
Net cash provided by (used in) financing activities | 12,234,783 | (12,334,290 | ) | 161,263,371 | |||||||
Net increase (decrease) in cash and cash equivalents (including restricted cash) | 16,928,137 | (58,704,835 | ) | 33,045,369 | |||||||
Cash and cash equivalents (including restricted cash) at beginning of year | 27,920,402 | 86,625,237 | 53,579,868 | ||||||||
Cash and cash equivalents (including restricted cash) at end of year | $ | 44,848,539 | $ | 27,920,402 | $ | 86,625,237 | |||||
Supplemental cash flow information | |||||||||||
Interest payments | $ | 38,216,149 | $ | 33,454,234 | $ | 24,067,375 | |||||
Excise tax payments | $ | — | $ | 86,106 | $ | 528,603 |
Level | Basis for Determining Fair Value | Bank Debt | Other Corporate Debt | Equity Securities | ||||||||||
1 | Quoted prices in active markets for identical assets | $ | — | $ | — | $ | — | |||||||
2 | Other direct and indirect observable market inputs * | 136,739,236 | — | — | ||||||||||
3 | Independent third-party valuation sources that employ significant unobservable inputs | 1,312,492,099 | 85,962,603 | 111,994,829 | ||||||||||
3 | Advisor valuations with significant unobservable inputs | — | — | 2,318,128 | ||||||||||
Total | $ | 1,449,231,335 | $ | 85,962,603 | $ | 114,312,957 |
* | For example, quoted prices in inactive markets or quotes for comparable investments |
Asset Type | Fair Value | Valuation Technique | Unobservable Input | Range (Weighted Avg.) † | ||||||
Bank Debt | $ | 1,147,288,529 | Income approach | Discount rate | 6.7% - 46.3% (9.9%) | |||||
96,585,498 | Market quotations | Indicative bid/ask quotes | 1 (1) | |||||||
24,268,604 | Market comparable companies | Revenue multiples | 3.6x - 4.4x (3.6x) | |||||||
44,349,468 | Market comparable companies | EBITDA multiples | 6.5x - 14.3x (10.8x) | |||||||
Other Corporate Debt | 37,604,800 | Income approach | Discount rate | 12.3% (12.3%) | ||||||
40,834,419 | Market comparable companies | Book value multiples | 1.3x (1.3x) | |||||||
3,814,956 | Market comparable companies | Revenue multiples | 4.4x (4.4x) | |||||||
3,708,428 | Market comparable companies | EBITDA multiples | 8.0x (8.0x) | |||||||
Equity | 4,647,680 | Income approach | Discount rate | 3.6% - 3.7% (3.7%) | ||||||
14,412,746 | Market quotations | Indicative bid/ask quotes | 1 (1) | |||||||
18,048,138 | Option Pricing Model | EBITDA/Revenue multiples | 1.2x - 27.2x (8.3x) | |||||||
Implied volatility | 30.0% - 200.0% (27.4%) | |||||||||
Yield | 0.0% (0.0%) | |||||||||
Term | 0.5 years - 3.5 years (1.4 years) | |||||||||
2,012,088 | Market comparable companies | Revenue multiples | 0.3x - 4.4x (2.0x) | |||||||
22,360,141 | Market comparable companies | EBITDA multiples | 2.5x - 14.3x (9.1x) | |||||||
31,682,859 | Market comparable companies | Book value multiples | 1.3x (1.3x) | |||||||
21,149,305 | Other * | N/A | N/A | |||||||
$ | 1,512,767,659 |
* | Fair value was determined based on the most recently available net asset value of the issuer adjusted for identified changes in the valuations of the underlying portfolio of the issuer through the measurement date. |
† | Weighted by fair value |
Input | Impact to Value if Input Increases | Impact to Value if Input Decreases | ||
Discount rate | Decrease | Increase | ||
Revenue multiples | Increase | Decrease | ||
EBITDA multiples | Increase | Decrease | ||
Book value multiples | Increase | Decrease | ||
Implied volatility | Increase | Decrease | ||
Term | Increase | Decrease | ||
Yield | Increase | Decrease |
Independent Third-Party Valuation | |||||||||||
Bank Debt | Other Corporate Debt | Equity Securities | |||||||||
Beginning balance | $ | 1,369,456,684 | $ | 78,250,150 | $ | 79,804,988 | |||||
Net realized and unrealized gains (losses) | (53,280,257 | ) | (7,866,887 | ) | 19,690,320 | ||||||
Acquisitions * | 630,057,206 | 14,851,582 | 32,966,579 | ||||||||
Dispositions | (521,431,948 | ) | (28,270,875 | ) | (15,422,094 | ) | |||||
Transfers into Level 3 † | — | 28,998,633 | 847,399 | ||||||||
Transfers out of Level 3 ‡ | (112,309,586 | ) | — | — | |||||||
Reclassifications within Level 3 § | — | — | (5,892,363 | ) | |||||||
Ending balance | $ | 1,312,492,099 | $ | 85,962,603 | $ | 111,994,829 | |||||
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above) | $ | (375,382 | ) | $ | (6,320,449 | ) | $ | 21,418,900 |
* | Includes payments received in kind and accretion of original issue and market discounts |
† | Comprised of one investment that was transferred from Level 2 and one investment that was transferred from Level 1 due to reduced trading volumes |
‡ | Comprised of seven investments that were transferred to Level 2 due to increased observable market activity |
§ | Comprised of four investments that were reclassified to Advisor Valuation |
Advisor Valuation | |||||||||||
Bank Debt | Other Corporate Debt | Equity Securities | |||||||||
Beginning balance | $ | — | $ | — | $ | 1,524,143 | |||||
Net realized and unrealized gains (losses) | — | — | (9,058,215 | ) | |||||||
Acquisitions | — | — | 4,007,684 | ||||||||
Dispositions | — | — | (47,847 | ) | |||||||
Reclassifications within Level 3 * | — | — | 5,892,363 | ||||||||
Ending balance | $ | — | $ | — | $ | 2,318,128 | |||||
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above) | $ | — | $ | — | $ | (3,402,422 | ) |
* | Comprised of four investments that were reclassified from Independent Third-Party Valuation |
Level | Basis for Determining Fair Value | Bank Debt | Other Corporate Debt | Equity Securities | ||||||||||
1 | Quoted prices in active markets for identical assets | $ | — | $ | — | $ | 847,398 | |||||||
2 | Other direct and indirect observable market inputs * | 38,403,794 | 28,998,633 | — | ||||||||||
3 | Independent third-party valuation sources that employ significant unobservable inputs | 1,369,456,684 | 78,250,150 | 79,804,988 | ||||||||||
3 | Advisor valuations with significant unobservable inputs | — | — | 1,524,143 | ||||||||||
Total | $ | 1,407,860,478 | $ | 107,248,783 | $ | 82,176,529 |
* | For example, quoted prices in inactive markets or quotes for comparable investments |
Asset Type | Fair Value | Valuation Technique | Unobservable Input | Range (Weighted Avg.) † | ||||||
Bank Debt | 1,134,622,267 | Income approach | Discount rate | 7.5% - 42.2% (12.3%) | ||||||
193,682,097 | Market quotations | Indicative bid/ask quotes | 1 - 2 (1) | |||||||
14,793,577 | Market comparable companies | Revenue multiples | 2.9x (2.9x) | |||||||
26,358,743 | Market comparable companies | EBITDA multiples | 0.8x - 11.0x (8.7x) | |||||||
Other Corporate Debt | 40,632,991 | Income approach | Discount rate | 14.6% - 17.8% (14.9%) | ||||||
27,839,419 | Market comparable companies | Book value multiples | 1.2x (1.2x) | |||||||
9,777,740 | Market comparable companies | EBITDA multiples | 10.0x (10.0x) | |||||||
Equity | 6,410,413 | Income approach | Discount rate | 4.7% - 13.0% (5.6%) | ||||||
2,343,653 | Market quotations | Indicative bid/ask quotes | 1 (1) | |||||||
8,682,278 | Option Pricing Model | EBITDA/Revenue multiples | 2.0x - 11.0x (5.5x) | |||||||
Implied volatility | 30.0% - 200.0% (44.7%) | |||||||||
Yield | 0.0% (0.0%) | |||||||||
Term | 0.4 years - 3.5 years (1.8 years) | |||||||||
5,123,517 | Market comparable companies | Revenue multiples | 0.4x - 2.9x (2.0x) | |||||||
15,938,987 | Market comparable companies | EBITDA multiples | 0.8x - 11.0x (8.5x) | |||||||
18,931,733 | Market comparable companies | Book value multiples | 1.2x (1.2x) | |||||||
23,898,550 | Other * | N/A | N/A | |||||||
$ | 1,529,035,965 |
* | Fair value was determined based on the most recently available net asset value of the issuer adjusted for identified changes in the valuations of the underlying portfolio of the issuer through the measurement date. |
† | Weighted by fair value |
Independent Third-Party Valuation | |||||||||||
Bank Debt | Other Corporate Debt | Equity Securities | |||||||||
Beginning balance | $ | 1,239,746,177 | $ | 78,011,815 | $ | 66,977,237 | |||||
Net realized and unrealized gains (losses) | (26,389,966 | ) | 3,234,238 | (19,627,175 | ) | ||||||
Acquisitions * | 558,522,290 | 28,644,658 | 47,881,799 | ||||||||
Dispositions | (443,234,322 | ) | (4,110,009 | ) | (15,426,873 | ) | |||||
Transfers into Level 3 † | 77,674,578 | — | — | ||||||||
Transfers out of Level 3 † | (36,862,073 | ) | (27,530,552 | ) | — | ||||||
Ending balance | $ | 1,369,456,684 | $ | 78,250,150 | $ | 79,804,988 | |||||
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above) | $ | (8,925,090 | ) | $ | 1,142,452 | $ | (18,732,987 | ) |
* | Includes payments received in kind and accretion of original issue and market discounts |
† | Comprised of seven investments that were transferred from Level 2 due to reduced trading volumes |
‡ | Comprised of five investments that were transferred to Level 2 due to increased observable market activity |
Advisor Valuation | |||||||||||
Bank Debt | Other Corporate Debt | Equity Securities | |||||||||
Beginning balance | $ | 116,662 | $ | — | $ | 1,730,941 | |||||
Net realized and unrealized gains (losses) | (623 | ) | — | (9,890 | ) | ||||||
Acquisitions * | 623 | — | — | ||||||||
Dispositions | (116,662 | ) | — | (196,908 | ) | ||||||
Ending balance | $ | — | $ | — | $ | 1,524,143 | |||||
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above) | $ | — | $ | — | $ | (206,798 | ) |
* | Includes payments received in kind and accretion of original issue and market discounts |
Instrument | Realized Gains (Losses) | Unrealized Gains (Losses) | ||||||
Cross currency basis swap | $ | (726,950 | ) | $ | 603,745 |
December 31, 2019 | |||
Paid-in capital | $ | (2,579,604 | ) |
Accumulated earnings | 2,579,604 |
December 31, 2019 | December 31, 2018 | ||||||
Ordinary income | $ | 82,136,286 | $ | 84,693,499 | |||
Tax return of capital | 2,486,618 | — | |||||
84,622,904 | 84,693,499 |
December 31, 2019 | December 31, 2018 | ||||||
Undistributed ordinary income | $ | — | $ | 1,496,914 | |||
Non-expiring capital loss carryforwards | (177,144,745 | ) | (127,718,766 | ) | |||
Net unrealized gains (losses) * | (43,974,997 | ) | (43,435,379 | ) | |||
Total accumulated earnings (losses) | $ | (221,119,742 | ) | $ | (169,657,231 | ) |
* | The difference between book-basis and tax-basis net unrealized gains (losses) was attributable primarily to the timing and recognition of gains and losses on certain investment transactions and will reverse in subsequent periods. |
December 31, 2019 | |||
Tax basis of investments | $ | 1,692,429,288 | |
Unrealized appreciation | $ | 54,380,159 | |
Unrealized depreciation | (97,302,552 | ) | |
Net unrealized depreciation | $ | (42,922,393 | ) |
Maturity | Rate | Carrying Value* | Available | Total Capacity | |||||||||||
SVCP Facility | 2023 | L+2.00% | † | $ | 108,497,620 | $ | 161,502,380 | $ | 270,000,000 | ||||||
TCPC Funding Facility | 2023 | L+2.00% | ‡ | 158,000,000 | 142,000,000 | 300,000,000 | |||||||||
SBA Debentures | 2024−2029 | 2.63% | § | 138,000,000 | 12,000,000 | 150,000,000 | |||||||||
2022 Convertible Notes ($140 million par) | 2022 | 4.625% | 138,584,313 | — | 138,584,313 | ||||||||||
2022 Notes ($175 million par) | 2022 | 4.125% | 174,649,566 | — | 174,649,566 | ||||||||||
2024 Notes ($200 million par) | 2024 | 3.900% | 197,782,572 | — | 197,782,572 | ||||||||||
Total leverage | 915,514,071 | $ | 315,502,380 | $ | 1,231,016,451 | ||||||||||
Unamortized issuance costs | (7,711,684 | ) | |||||||||||||
Debt, net of unamortized issuance costs | $ | 907,802,387 |
* | Except for the convertible notes, the 2022 Notes and the 2024 Notes, all carrying values are the same as the principal amounts outstanding. |
† | As of December 31, 2019, $8.3 million of the outstanding amount bore interest at a rate of EURIBOR + 2.00% |
‡ | Subject to certain funding requirements |
§ | Weighted-average interest rate, excluding fees of 0.36% or 0.35% |
Maturity | Rate | Carrying Value* | Available | Total Capacity | ||||||||||||
SVCP Facility | 2022 | L+2.25% | † | $ | 82,000,000 | $ | 88,000,000 | $ | 170,000,000 | |||||||
TCPC Funding Facility | 2022 | L+2.00% | ‡ | 212,000,000 | 88,000,000 | 300,000,000 | ||||||||||
SBA Debentures | 2024−2028 | 2.77 | % | § | 98,000,000 | 52,000,000 | 150,000,000 | |||||||||
2019 Convertible Notes ($108 million par) | 2019 | 5.25 | % | 107,501,207 | — | 107,501,207 | ||||||||||
2022 Convertible Notes ($140 million par) | 2022 | 4.625 | % | 137,980,185 | — | 137,980,185 | ||||||||||
2022 Notes ($175 million par) | 2022 | 4.125 | % | 174,525,996 | — | 174,525,996 | ||||||||||
Total leverage | 812,007,388 | $ | 228,000,000 | $ | 1,040,007,388 | |||||||||||
Unamortized issuance costs | (6,805,196 | ) | ||||||||||||||
Debt, net of unamortized issuance costs | $ | 805,202,192 |
* | Except for the convertible notes and 2022 Notes, all carrying values are the same as the principal amounts outstanding. |
† | As of December 31, 2018, $3.0 million of the outstanding amount were short-term borrowings bearing interest at a rate of Prime plus 2.25%. |
‡ | Subject to certain funding requirements |
§ | Weighted-average interest rate, excluding fees of 0.36% or 0.35% |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Interest expense | $ | 41,660,478 | $ | 35,613,605 | $ | 27,870,015 | |||||
Amortization of deferred debt issuance costs | 3,640,812 | 3,856,735 | * | 3,646,299 | |||||||
Commitment fees | 1,097,505 | 998,421 | 1,574,829 | ||||||||
Total | $ | 46,398,795 | $ | 40,468,761 | $ | 33,091,143 |
* | Includes approximately $0.3 million of amortized debt costs related to the early termination of the SVCP 2018 Facility. |
December 31, 2019 | December 31, 2018 | ||||||||||||
2019 Convertible Notes | 2022 Convertible Notes | 2019 Convertible Notes | 2022 Convertible Notes | ||||||||||
Principal amount of debt | N/A | $ | 140,000,000 | $ | 108,000,000 | $ | 140,000,000 | ||||||
Original issue discount, net of accretion | N/A | (1,415,687 | ) | (498,793 | ) | (2,019,815 | ) | ||||||
Carrying value of debt | N/A | $ | 138,584,313 | $ | 107,501,207 | $ | 137,980,185 |
Year Ended December 31, | |||||||||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||||||||
2019 Convertible Notes | 2022 Convertible Notes | 2019 Convertible Notes | 2022 Convertible Notes | 2019 Convertible Notes | 2022 Convertible Notes | ||||||||||||||||||
Stated interest expense | $ | 5,433,750 | $ | 6,475,000 | $ | 5,670,000 | $ | 6,475,000 | $ | 5,670,000 | $ | 6,492,986 | |||||||||||
Amortization of original issue discount | 497,813 | 604,127 | 490,145 | 574,316 | 463,132 | 547,511 | |||||||||||||||||
Total interest expense | $ | 5,931,563 | $ | 7,079,127 | $ | 6,160,145 | $ | 7,049,316 | $ | 6,133,132 | $ | 7,040,497 |
Consolidated StatementsDecember 31, 2018. The estimated effective interest rate of Changes in Net Assetsthe debt component of the 2022 Convertible Notes, equal to the stated interest of 4.625% plus the accretion of the original issue discount, was approximately 5.125% for the years ended December 31, 2019, December 31, 2018 and December 31, 2017.
all principal is due upon maturity. The 2022 Notes are general unsecured obligations of the Company and rank structurally junior to the SVCP Facility, TCPC Funding Facility and the SBA Debentures, and rank pari passu with the 2022 Convertible Notes and the 2024 Notes. The 2022 Notes may be redeemed in whole or part at the Company's option at a redemption price equal to par plus a "make whole" premium, as determined pursuant to the indenture governing the 2022 Notes, and any accrued and unpaid interest. The 2022 Notes were issued at a discount to the principal amount.
December 31, 2019 | December 31, 2018 | ||||||||||||
2022 Notes | 2024 Notes | 2022 Notes | 2024 Notes | ||||||||||
Principal amount of debt | $ | 175,000,000 | $ | 200,000,000 | $ | 175,000,000 | N/A | ||||||
Original issue discount, net of accretion | (350,434 | ) | (2,217,428 | ) | (474,004 | ) | N/A | ||||||
Carrying value of debt | $ | 174,649,566 | $ | 197,782,572 | $ | 174,525,996 | N/A |
Year Ended December 31, | |||||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||||
2022 Notes | 2024 Notes | 2022 Notes | 2024 Notes | 2022 Notes | 2024 Notes | ||||||||||||||
Stated interest expense | $ | 7,218,750 | $ | 2,269,583 | $ | 7,218,750 | N/A | $ | 2,337,500 | N/A | |||||||||
Amortization of original issue discount | 123,569 | 129,572 | 118,574 | N/A | 34,172 | N/A | |||||||||||||
Total interest expense | $ | 7,342,319 | $ | 2,399,155 | $ | 7,337,324 | N/A | $ | 2,371,672 | N/A |
Issuance Date | Maturity | Debenture Amount | Fixed Interest Rate | SBA Annual Charge | ||||||||
September 24, 2014 | September 1, 2024 | $ | 18,500,000 | 3.02 | % | 0.36 | % | |||||
March 25, 2015 | March 1, 2025 | 9,500,000 | 2.52 | % | 0.36 | % | ||||||
September 23, 2015 | September 1, 2025 | 10,800,000 | 2.83 | % | 0.36 | % | ||||||
March 23, 2016 | March 1, 2026 | 4,000,000 | 2.51 | % | 0.36 | % | ||||||
September 21, 2016 | September 1, 2026 | 18,200,000 | 2.05 | % | 0.36 | % | ||||||
September 20, 2017 | September 1, 2027 | 14,000,000 | 2.52 | % | 0.36 | % | ||||||
March 21, 2018 | March 1, 2028 | 8,000,000 | 3.19 | % | 0.35 | % | ||||||
September 19, 2018 | September 1, 2028 | 15,000,000 | 3.55 | % | 0.35 | % | ||||||
September 25, 2019 | September 1, 2029 | 40,000,000 | 2.28 | % | 0.35 | % | ||||||
$ | 138,000,000 | 2.63 | % | * |
* | Weighted-average interest rate |
Issuance Date | Maturity | Debenture Amount | Fixed Interest Rate | SBA Annual Charge | ||||||||
September 24, 2014 | September 1, 2024 | $ | 18,500,000 | 3.02 | % | 0.36 | % | |||||
March 25, 2015 | March 1, 2025 | 9,500,000 | 2.52 | % | 0.36 | % | ||||||
September 23, 2015 | September 1, 2025 | 10,800,000 | 2.83 | % | 0.36 | % | ||||||
March 23, 2016 | March 1, 2026 | 4,000,000 | 2.51 | % | 0.36 | % | ||||||
September 21, 2016 | September 1, 2026 | 18,200,000 | 2.05 | % | 0.36 | % | ||||||
September 20, 2017 | September 1, 2027 | 14,000,000 | 2.52 | % | 0.36 | % | ||||||
October 20, 2017 | March 1, 2028 | 8,000,000 | 3.19 | % | 0.35 | % | ||||||
September 19, 2018 | September 1, 2028 | 15,000,000 | 3.55 | % | 0.35 | % | ||||||
$ | 98,000,000 | 2.77 | % | * |
* | Weighted-average interest rate |
Unfunded Balances | ||||||||||
Issuer | Maturity | December 31, 2019 | December 31, 2018 | |||||||
2-10 Holdco, Inc. | 10/31/2024 | $ | 416,667 | $ | 416,667 | |||||
Acquia Inc. | 11/1/2025 | 1,803,792 | N/A | |||||||
Applause App Quality, Inc. | 9/20/2022 | 1,509,820 | 1,509,820 | |||||||
Apptio, Inc. | 1/10/2025 | 769,231 | N/A | |||||||
Auto Trakk SPV, LLC | 12/21/2021 | 3,193,208 | 4,732,558 | |||||||
Bisnow, LLC | 9/21/2022 | 1,200,000 | 1,200,000 | |||||||
Blue Star Sports Holdings, Inc. | 6/15/2024 | 55,556 | 877,777 | |||||||
CAREATC, Inc. | 3/14/2024 | 607,288 | N/A | |||||||
Certify, Inc. | 2/28/2024 | 2,497,761 | N/A | |||||||
Datto, Inc. | 12/7/2022 | N/A | 1,870,622 | |||||||
Donuts Inc. | 9/17/2023 | 660,634 | 660,634 | |||||||
Dude Solutions Holdings, Inc. | 6/14/2025 | 2,207,896 | N/A | |||||||
Edmentum, Inc. | 6/9/2020 | 205,642 | 4,103,102 | |||||||
HighTower Holding, LLC | 1/31/2026 | N/A | 6,169,355 | |||||||
Home Partners of America, Inc. | 10/13/2022 | 2,142,857 | 2,142,857 | |||||||
IAS Investco, Inc. | 1/24/2021 | N/A | 1,114,286 | |||||||
iCIMS, Inc. | 9/12/2024 | 490,735 | 490,735 | |||||||
JAMF Holdings, Inc. | 11/13/2022 | 1,214,052 | 1,214,052 | |||||||
Kellermeyer Bergensons Services, LLC | 11/7/2026 | 3,464,052 | N/A | |||||||
Khoros LLC (Lithium) | 10/3/2022 | 1,983,364 | 1,983,364 | |||||||
Patient Point Network Solutions, LLC | 6/26/2022 | 176,190 | 440,475 | |||||||
Pegasus Business Intelligence, LP (Onyx Centersource) | 12/20/2021 | 671,356 | 671,356 | |||||||
Pulse Secure, LLC | 5/1/2022 | 1,342,516 | 1,342,516 | |||||||
ResearchGate GmBH | 10/1/2022 | 8,286,000 | N/A | |||||||
Rhode Holdings, Inc. (Kaseya) | 5/3/2025 | 2,016,078 | N/A | |||||||
RSB-160, LLC (Lat20), LLC | 7/20/2022 | N/A | 4,435,914 | |||||||
Sandata Technologies, LLC | 7/23/2024 | 2,250,000 | N/A | |||||||
Snow Software AB | 4/17/2024 | 2,616,329 | N/A | |||||||
Space Midco, Inc. (Archibus) | 12/5/2023 | 277,778 | 277,778 | |||||||
Spark Networks, Inc. | 7/1/2023 | 1,005,887 | N/A | |||||||
Team Software, Inc. | 9/17/2023 | 2,282,287 | 3,511,210 | |||||||
Telarix, Inc. | 11/19/2023 | 178,571 | 357,143 | |||||||
TPC Intermediate Holdings, LLC | 5/15/2020 | 4,363,137 | 188,235 | |||||||
Tradeshift Holdings, Inc. | 9/1/2020 | N/A | 5,352,908 | |||||||
Unanet, Inc. | 5/31/2024 | 4,974,490 | N/A | |||||||
VSS-Southern Holdings, LLC | 3/31/2022 | 1,027,397 | N/A | |||||||
Xactly Corporation | 7/31/2022 | 1,405,501 | 1,405,501 | |||||||
Total Unfunded Balances | $ | 57,296,072 | $ | 46,468,865 |
2018:
2019 | 2018 | ||||||
Shares Issued | 819 | 767 | |||||
Average Price Per Share | $ | 13.98 | $ | 13.94 | |||
Proceeds | $ | 11,453 | $ | 10,693 |
Date Declared | Record Date | Payment Date | Type | Amount Per Share | Total Amount | |||||||||
February 28, 2019 | March 15, 2019 | March 29, 2019 | Regular | $ | 0.36 | $ | 21,155,619 | |||||||
May 8, 2019 | June 14, 2019 | June 28, 2019 | Regular | 0.36 | 21,155,688 | |||||||||
August 8, 2019 | September 16, 2019 | September 30, 2019 | Regular | 0.36 | 21,155,760 | |||||||||
November 6, 2019 | December 17, 2019 | December 31, 2019 | Regular | 0.36 | 21,155,837 | |||||||||
$ | 1.44 | $ | 84,622,904 |
Date Declared | Record Date | Payment Date | Type | Amount Per Share | Total Amount | |||||||||
February 27, 2018 | March 16, 2018 | March 30, 2018 | Regular | $ | 0.36 | $ | 21,184,004 | |||||||
May 9, 2018 | June 15, 2018 | June 29, 2018 | Regular | 0.36 | 21,174,966 | |||||||||
August 8, 2018 | September 14, 2018 | September 28, 2018 | Regular | 0.36 | 21,170,272 | |||||||||
November 8, 2018 | December 17, 2018 | December 31, 2018 | Regular | 0.36 | 21,164,257 | |||||||||
$ | 1.44 | $ | 84,693,499 |
Consolidated Schedules of Changes in Investments in Affiliates as of (Continued)
Consolidated SchedulesDividends — (continued)
Shares Repurchased | Price Per Share | Total Cost | |||||||
Company Repurchase Plan | 9,000 | $ | 13.96 | * | $ | 125,679 |
* | Weighted-average price per share |
Consolidating Statements of Assets and Liabilities as ofamounts paid by the Company under the Company Repurchase Plan, including broker fees, for the year ended December 31, 20172018:
Shares Repurchased | Price Per Share | Total Cost | |||||||
Company Repurchase Plan | 73,416 | $ | 14.25 | * | $ | 1,046,475 |
* | Weighted-average price per share |
Consolidating Statementsthe related impact to earnings, are considered when calculating earnings per share on a diluted basis. The following information sets forth the computation of Operationsthe net increase in net assets per share resulting from operations for the years ended December 31, 2017, 20162019, 2018 and 2015
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Net increase in net assets applicable to common shareholders resulting from operations | $ | 30,580,789 | $ | 45,475,882 | 67,931,014 | ||||||
Weighted average shares outstanding | 58,766,362 | 58,815,216 | 57,000,658 | ||||||||
Earnings per share | $ | 0.52 | $ | 0.77 | $ | 1.19 |
Year Ended December 31, | |||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||
Per Common Share | |||||||||||||||||||
Per share NAV at beginning of year | $ | 14.13 | $ | 14.80 | $ | 14.91 | $ | 14.78 | $ | 15.01 | |||||||||
Investment operations: | |||||||||||||||||||
Net investment income before income taxes | 1.61 | 1.59 | 1.99 | 1.88 | 2.07 | ||||||||||||||
Excise taxes | — | — | — | (0.01 | ) | (0.02 | ) | ||||||||||||
Net investment income | 1.61 | 1.59 | 1.99 | 1.87 | 2.05 | ||||||||||||||
Net realized and unrealized losses | (1.09 | ) | (0.82 | ) | (0.40 | ) | — | (0.45 | ) | ||||||||||
Dividends on Series A preferred equity facility | — | — | — | — | (0.01 | ) | |||||||||||||
Incentive allocation reserve and distributions | N/A | * | N/A | * | (0.40 | ) | (0.37 | ) | (0.41 | ) | |||||||||
Total from investment operations | 0.52 | 0.77 | 1.19 | 1.50 | 1.18 | ||||||||||||||
Issuance of common stock | — | — | 0.14 | 0.01 | — | ||||||||||||||
Repurchase of common stock | — | — | — | — | — | ||||||||||||||
Issuance of convertible debt | — | — | — | 0.06 | — | ||||||||||||||
Repurchase of Series A preferred interests | — | — | — | — | 0.03 | ||||||||||||||
Distributions to common shareholders from: | |||||||||||||||||||
Net investment income | (1.44 | ) | (1.44 | ) | (1.44 | ) | (1.44 | ) | (1.44 | ) | |||||||||
Per share NAV at end of year | $ | 13.21 | $ | 14.13 | $ | 14.80 | $ | 14.91 | $ | 14.78 | |||||||||
Per share market price at end of year | $ | 14.05 | $ | 13.04 | $ | 15.28 | $ | 16.90 | $ | 13.93 | |||||||||
Total return based on market value | 18.8 | % | (5.2 | )% | (1.1 | )% | 31.7 | % | (8.4 | )% | |||||||||
Total return based on net asset value | 3.7 | % | 5.2 | % | 8.9 | % | 10.6 | % | 8.1 | % | |||||||||
Shares outstanding at end of year | 58,766,426 | 58,774,607 | 58,847,256 | 53,041,900 | 48,834,734 |
Year Ended December 31, | |||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||
Ratios to average common equity: (1) | |||||||||||||||||||
Net investment income (2) | 11.6 | % | 10.8 | % | 10.6 | % | 10.1 | % | 10.9 | % | |||||||||
Expenses (3) | 9.8 | % | 8.5 | % | 7.3 | % | 6.9 | % | 6.2 | % | |||||||||
Expenses and incentive compensation (4) | 12.3 | % | 11.2 | % | 9.9 | % | 9.4 | % | 8.9 | % | |||||||||
Ending common shareholder equity | $ | 776,318,386 | $ | 830,474,727 | $ | 870,728,126 | $ | 790,935,991 | $ | 721,977,017 | |||||||||
Portfolio turnover rate | 35.9 | % | 32.3 | % | 45.9 | % | 37.9 | % | 37.8 | % | |||||||||
Weighted-average leverage outstanding (5) | $ | 902,977,493 | $ | 769,065,775 | $ | 623,666,655 | $ | 542,421,190 | $ | 513,312,510 | |||||||||
Weighted-average interest rate on leverage (6) | 4.6 | % | 4.6 | % | 4.5 | % | 3.9 | % | 3.2 | % | |||||||||
Weighted-average number of common shares | 58,766,362 | 58,815,216 | 57,000,658 | 50,948,035 | 48,863,188 | ||||||||||||||
Average leverage per share (5) | $ | 15.37 | $ | 13.08 | $ | 10.94 | $ | 10.65 | $ | 10.51 | |||||||||
Asset Coverage: | As of December 31, | ||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||
Debt | |||||||||||||||||||
Debt outstanding (7) | $ | 915,514,071 | $ | 812,007,389 | $ | 733,824,353 | $ | 579,906,288 | $ | 502,410,321 | |||||||||
Asset coverage per $1,000 of debt outstanding | $ | 1,992 | $ | 2,157 | $ | 2,335 | $ | 2,344 | $ | 2,423 |
(1) |
(2) | Net of incentive allocation and excise taxes. |
(3) | Includes interest and other debt costs but excludes excise taxes and incentive compensation. |
(4) | Includes incentive compensation and all Company expenses including interest and other debt costs. |
(5) | Includes both debt and preferred equity leverage. |
(6) | Includes dividends on the preferred equity leverage facility. |
(7) | Excludes unamortized debt issuance costs which are netted in the Consolidated Statements of Assets and Liabilities. |
2019 | |||||||||||||||
Q4 | Q3 | Q2 | Q1 | ||||||||||||
Total investment income | $ | 47,810,412 | $ | 51,640,349 | $ | 48,174,625 | $ | 47,540,529 | |||||||
Net investment income before taxes | 22,410,163 | 25,314,195 | 23,813,637 | 23,320,098 | |||||||||||
Excise taxes | — | — | — | — | |||||||||||
Net investment income | 22,410,163 | 25,314,195 | 23,813,637 | 23,320,098 | |||||||||||
Net realized and unrealized gain | (23,565,362 | ) | (6,876,144 | ) | (34,637,520 | ) | 801,722 | ||||||||
Net increase in net assets resulting from operations | $ | (1,155,199 | ) | $ | 18,438,051 | $ | (10,823,883 | ) | $ | 24,121,820 | |||||
Basic and diluted earnings per common share | $ | (0.02 | ) | $ | 0.31 | $ | (0.18 | ) | $ | 0.41 | |||||
2018 | |||||||||||||||
Q4 | Q3 | Q2 | Q1 | ||||||||||||
Total investment income | $ | 48,382,641 | $ | 49,480,586 | $ | 48,420,911 | $ | 44,215,046 | |||||||
Net investment income before taxes | 23,454,080 | 24,511,933 | 23,946,229 | 21,565,113 | |||||||||||
Excise taxes | 92,700 | — | — | — | |||||||||||
Net investment income | 23,361,380 | 24,511,933 | 23,946,229 | 21,565,113 | |||||||||||
Net realized and unrealized gain | (24,383,303 | ) | (9,320,557 | ) | (19,828,585 | ) | 5,623,672 | ||||||||
Net increase in net assets resulting from operations | $ | (1,021,923 | ) | $ | 15,191,376 | $ | 4,117,644 | $ | 27,188,785 | ||||||
Basic and diluted earnings per common share | $ | (0.02 | ) | $ | 0.26 | $ | 0.07 | $ | 0.46 | ||||||
2017 | |||||||||||||||
Q4 | Q3 | Q2 | Q1 | ||||||||||||
Total investment income | $ | 47,106,925 | $ | 43,288,935 | $ | 46,230,626 | $ | 39,343,014 | |||||||
Net investment income before taxes | 29,952,065 | 27,567,731 | 31,036,316 | 24,881,888 | |||||||||||
Excise taxes | 36,380 | — | — | — | |||||||||||
Net investment income | 29,915,685 | 27,567,731 | 31,036,316 | 24,881,888 | |||||||||||
Net realized and unrealized gain | (10,282,570 | ) | (7,436,234 | ) | (4,601,519 | ) | (469,960 | ) | |||||||
Incentive allocation reserve and distributions | (5,983,135 | ) | (5,513,546 | ) | (6,207,264 | ) | (4,976,378 | ) | |||||||
Net increase in net assets resulting from operations | $ | 13,649,980 | $ | 14,617,951 | $ | 20,227,533 | $ | 19,435,550 | |||||||
Basic and diluted earnings per common share | $ | 0.23 | $ | 0.24 | $ | 0.35 | $ | 0.37 |
Security | Dividends or Interest (2) | Fair Value at December 31, 2018 | Net realized gain or loss | Net increase or decrease in unrealized appreciation or depreciation | Acquisitions (3) | Dispositions (4) | Fair Value at December 31, 2019 | |||||||||||||||||||||
AGY Holding Corp., Common Stock | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
AGY Holding Corp., Senior Secured 2nd Lien Notes, 11%, due 11/15/20 | 545,334 | 9,777,740 | — | (6,752,077 | ) | 682,765 | — | 3,708,428 | ||||||||||||||||||||
AGY Holding Corp., Senior Secured Delayed Draw Term Loan, 12%, due 9/15/20 | 128,644 | 1,049,147 | — | — | 64,973 | — | 1,114,120 | |||||||||||||||||||||
AGY Holding Corp., Senior Secured Term Loan, 12%, due 9/15/20 | 597,096 | 4,869,577 | — | — | 301,574 | — | 5,171,151 | |||||||||||||||||||||
Edmentum Ultimate Holdings, LLC, Class A Common Units | — | — | — | 1,433,968 | — | — | 1,433,968 | |||||||||||||||||||||
Edmentum Ultimate Holdings, LLC, Junior PIK Notes, 10%, due 6/9/20 | 1,864,600 | 11,152,078 | — | 4,621,493 | 1,835,705 | — | 17,609,276 | |||||||||||||||||||||
Edmentum Ultimate Holdings, LLC, Senior PIK Notes, 8.5%, due 6/9/20 | 304,833 | 3,375,453 | — | — | 300,435 | — | 3,675,888 | |||||||||||||||||||||
Edmentum Ultimate Holdings, LLC, Warrants to Purchase Class A Common Units | — | — | — | 7,084,470 | — | — | 7,084,470 | |||||||||||||||||||||
Edmentum, Inc., Junior Revolving Facility, 5%, due 6/9/20 | 217,659 | 1,153,076 | — | — | 6,149,380 | (2,066,478 | ) | 5,235,978 | ||||||||||||||||||||
Edmentum, Inc., Senior Secured 1st Lien Term Loan B, 8.5%, due 6/9/21 | 1,327,742 | 6,187,478 | — | 262,555 | 4,289,990 | — | 10,740,023 | |||||||||||||||||||||
Edmentum, Inc., Senior Secured 2nd Lien Term Loan, 7% PIK, due 12/8/21 | 569,374 | 7,719,069 | — | — | 562,592 | — | 8,281,661 | |||||||||||||||||||||
Edmentum, Inc., Senior Unsecured Promissory Note, 10%, due 9/30/19 | 194,184 | — | — | — | 3,644,068 | (3,644,068 | ) | — | ||||||||||||||||||||
Educationcity Limited (Edmentum), Senior Unsecured Promissory Note, 10%, due 9/30/19 | 77,673 | — | — | — | 1,457,627 | (1,457,627 | ) | — | ||||||||||||||||||||
EPMC HoldCo, LLC, Membership Units | — | 26,254 | 43,320 | (26,254 | ) | — | (43,320 | ) | — | |||||||||||||||||||
Green Biologics, Inc., Common Stock | — | 3,670,777 | (20,524,650 | ) | 14,851,816 | 2,006,277 | (4,220 | ) | — | |||||||||||||||||||
Iracore International Holdings, Inc., Senior Secured 1st Lien Term Loan, LIBOR + 9%, 1% LIBOR Floor, due 4/13/21 | 220,506 | 1,900,733 | — | — | — | (264,830 | ) | 1,635,903 | ||||||||||||||||||||
Iracore Investments Holdings, Inc., Class A Common Stock | — | 1,375,243 | — | 1,101,638 | — | — | 2,476,881 | |||||||||||||||||||||
KAGY Holding Company, Inc., Series A Preferred Stock | — | 969,224 | — | (969,224 | ) | — | — | — | ||||||||||||||||||||
NEG Holdings, LLC (CORE Entertainment, Inc.), Senior Secured 1st Lien Term Loan, LIBOR + 8% PIK, 1% LIBOR Floor, due 10/17/22 | 101,051 | 1,574,099 | — | — | 84,863 | (1,658,962 | ) | — | ||||||||||||||||||||
NEG Parent, LLC (CORE Entertainment, Inc.), Class A Units | — | 6,543,086 | — | 382,762 | — | — | 6,925,848 | |||||||||||||||||||||
NEG Parent, LLC (CORE Entertainment, Inc.), Class A Warrants to Purchase Class A Units | — | 364,299 | — | 27,107 | — | — | 391,406 | |||||||||||||||||||||
NEG Parent, LLC (CORE Entertainment, Inc.), Class B Warrants to Purchase Class A Units | — | 367,914 | — | 27,376 | — | — | 395,290 | |||||||||||||||||||||
NEG Parent, LLC (CORE Entertainment, Inc.), Litigation Trust Units | — | 1,118,110 | 809,444 | (1,118,110 | ) | — | (809,444 | ) | — | |||||||||||||||||||
Total | $ | 6,148,696 | $ | 63,193,357 | $ | (19,671,886 | ) | $ | 20,927,520 | $ | 21,380,249 | $ | (9,948,949 | ) | $ | 75,880,291 |
(1) | The issuers of the securities listed on this schedule are considered non-controlled affiliates under the Investment Company Act of 1940 due to the ownership by the Company of 5% to 25% of the issuers' voting securities. |
(2) | Also includes fee and lease income as applicable. |
(3) | Acquisitions include new purchases, PIK income and amortization of original issue and market discounts. |
(4) | Dispositions include decreases in the cost basis from sales, paydowns, mortgage amortizations and aircraft depreciation. |
Security | Dividends or Interest (2) | Fair Value at December 31, 2018 | Net realized gain or loss | Net increase or decrease in unrealized appreciation or depreciation | Acquisitions (3) | Dispositions (4) | Fair Value at December 31, 2019 | |||||||||||||||||||||
36th Street Capital Partners Holdings, LLC, Membership Units | $ | 2,392,274 | $ | 18,931,734 | $ | — | $ | 6,296,773 | $ | 6,454,352 | $ | — | $ | 31,682,859 | ||||||||||||||
36th Street Capital Partners Holdings, LLC, Senior Note, 12%, due 11/1/20 | 3,874,967 | 27,839,419 | — | — | 12,995,000 | — | 40,834,419 | |||||||||||||||||||||
Anacomp, Inc., Class A Common Stock | — | 1,418,746 | — | (251,106 | ) | — | — | 1,167,640 | ||||||||||||||||||||
Conergy Asia & ME Pte. Ltd., 1st Lien Term Loan, 10%, due 5/26/20 | 177,381 | 1,773,807 | — | (566,022 | ) | — | — | 1,207,785 | ||||||||||||||||||||
Conergy Asia Holdings Limited, Class B Shares | — | — | — | — | — | — | — | |||||||||||||||||||||
Conergy Asia Holdings Limited, Ordinary Shares | — | — | — | — | — | — | — | |||||||||||||||||||||
Conventional Lending TCP Holdings, LLC, Membership Units | 981,790 | — | — | — | 14,269,948 | — | 14,269,948 | |||||||||||||||||||||
Kawa Solar Holdings Limited, Bank Guarantee Credit Facility, 0%, due 5/26/20 | — | 11,682,923 | — | (816,391 | ) | — | (7,577,094 | ) | 3,289,438 | |||||||||||||||||||
Kawa Solar Holdings Limited, Ordinary Shares | — | — | — | (578,646 | ) | — | 578,646 | — | ||||||||||||||||||||
Kawa Solar Holdings Limited, Revolving Credit Facility, 0%, due 5/26/20 | — | 2,922,269 | — | (134,800 | ) | — | (578,645 | ) | 2,208,824 | |||||||||||||||||||
Kawa Solar Holdings Limited, Series B Preferred Shares | — | — | — | — | — | — | — | |||||||||||||||||||||
United N659UA-767, LLC (Aircraft Trust Holding Company) | 159,808 | 2,826,708 | — | (164,500 | ) | — | (361,842 | ) | 2,300,366 | |||||||||||||||||||
United N661UA-767, LLC (Aircraft Trust Holding Company) | 138,019 | 2,896,083 | — | (165,139 | ) | — | (383,630 | ) | 2,347,314 | |||||||||||||||||||
Total | $ | 7,724,239 | $ | 70,291,689 | $ | — | $ | 3,620,169 | $ | 33,719,300 | $ | (8,322,565 | ) | $ | 99,308,593 |
(1) | The issuers of the securities listed on this schedule are considered controlled affiliates under the Investment Company Act of 1940 due to the ownership by the Company of more than 25% of the issuers' voting securities. |
(2) | Also includes fee and lease income as applicable. |
(3) | Acquisitions include new purchases, PIK income and amortization of original issue and market discounts. |
(4) | Dispositions include decreases in the cost basis from sales, paydowns, mortgage amortizations and aircraft depreciation. |
Security | Dividends or Interest (2) | Fair Value at December 31, 2017 | Net realized gain or loss | Net increase or decrease in unrealized appreciation or depreciation | Acquisitions (3) | Dispositions (4) | Fair Value at December 31, 2018 | |||||||||||||||||||||
AGY Holding Corp., Common Stock | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
AGY Holding Corp., Senior Secured 2nd Lien Notes, 11%, due 11/15/20 | 1,054,681 | 9,268,000 | — | — | 509,740 | — | 9,777,740 | |||||||||||||||||||||
AGY Holding Corp., Senior Secured Delayed Draw Term Loan, 12%, due 5/18/20 | 127,646 | 1,049,147 | — | — | — | — | 1,049,147 | |||||||||||||||||||||
AGY Holding Corp., Senior Secured Term Loan, 12%, due 5/18/20 | 592,465 | 4,869,577 | — | — | — | — | 4,869,577 | |||||||||||||||||||||
Edmentum Ultimate Holdings, LLC, Class A Common Units | — | — | — | — | — | — | — | |||||||||||||||||||||
Edmentum Ultimate Holdings, LLC, Junior PIK Notes, 10%, due 6/9/20 | 1,686,990 | 10,377,830 | — | (886,600 | ) | 1,660,848 | — | 11,152,078 | ||||||||||||||||||||
Edmentum Ultimate Holdings, LLC, Senior PIK Notes, 8.5%, due 6/9/20 | 279,918 | 3,099,573 | — | — | 275,880 | — | 3,375,453 | |||||||||||||||||||||
Edmentum Ultimate Holdings, LLC, Warrants to Purchase Class A Common Units | — | — | — | — | — | — | — | |||||||||||||||||||||
Edmentum, Inc., Junior Revolving Facility, 5%, due 6/9/20 | 129,029 | 2,189,584 | — | 2 | 3,740,309 | (4,776,819 | ) | 1,153,076 | ||||||||||||||||||||
Edmentum, Inc., Senior Secured 1st Lien Term Loan B, 8.5%, due 6/9/21 | 332,418 | — | — | 910,888 | 5,293,696 | (17,106 | ) | 6,187,478 | ||||||||||||||||||||
Edmentum, Inc., Senior Secured 2nd Lien Term Loan, 7% PIK, due 12/8/21 | 722,259 | — | — | 8 | 7,719,061 | — | 7,719,069 | |||||||||||||||||||||
EPMC HoldCo, LLC, Membership Units | — | 210,035 | 196,908 | (183,781 | ) | — | (196,908 | ) | 26,254 | |||||||||||||||||||
Globecomm Systems, Inc., Senior Secured 1st Lien Incremental Term Loan, LIBOR + 7.625%, 1.25% LIBOR Floor, due 12/11/21 | 14,923 | 175,824 | 3,917 | (4,221 | ) | 14,155 | (189,675 | ) | — | |||||||||||||||||||
Globecomm Systems, Inc., Senior Secured 1st Tranche Term Loan, LIBOR + 5.5%, 1.25% LIBOR Floor, due 12/11/21 | 547,010 | 7,200,000 | — | — | 420,234 | (7,620,234 | ) | — | ||||||||||||||||||||
Globecomm Systems, Inc., Senior Secured 2nd Tranche Term Loan, LIBOR + 8%, 1.25% LIBOR Floor, due 12/11/21 | 244,408 | 2,400,000 | — | — | 187,800 | (2,587,800 | ) | — | ||||||||||||||||||||
Globecomm Systems, Inc., Senior Secured 3rd Tranche Term Loan, 12.5% PIK, due 12/11/21 | 158,129 | 1,248,000 | (1,117,442 | ) | — | 122,538 | (253,096 | ) | — | |||||||||||||||||||
Globecomm Systems, Inc., Senior Secured 4th Tranche Term Loan, 12.5% PIK, due 12/11/21 | 205,845 | 2,256,000 | (2,477,512 | ) | — | 221,512 | — | — | ||||||||||||||||||||
Globecomm Systems, Inc., Senior Secured Incremental 1st Tranche Term Loan, LIBOR + 5.5%, 1.25% LIBOR Floor, due 12/11/21 | 9,757 | — | — | — | 244,778 | (244,778 | ) | — | ||||||||||||||||||||
Green Biologics, Inc., Common Stock | — | — | — | (14,851,816 | ) | 18,522,593 | — | 3,670,777 | ||||||||||||||||||||
HCT Acquisition, LLC (Globecomm), Membership Units | — | 531,575 | (531,575 | ) | — | — | — | — | ||||||||||||||||||||
Iracore International Holdings, Inc., Senior Secured 1st Lien Term Loan, LIBOR + 9%, 1% LIBOR Floor, due 4/13/21 | 213,331 | 1,900,733 | — | — | — | — | 1,900,733 | |||||||||||||||||||||
Iracore Investments Holdings, Inc., Class A Common Stock | — | 3,458,749 | — | (2,083,506 | ) | — | — | 1,375,243 | ||||||||||||||||||||
KAGY Holding Company, Inc., Series A Preferred Stock | — | 11,034,519 | — | (10,065,295 | ) | — | — | 969,224 | ||||||||||||||||||||
NEG Holdings, LLC (CORE Entertainment, Inc.), Senior Secured 1st Lien Term Loan, LIBOR + 8% PIK, 1% LIBOR Floor, due 10/17/22 | 118,111 | 1,584,734 | — | — | 118,889 | (129,524 | ) | 1,574,099 | ||||||||||||||||||||
NEG Parent, LLC (CORE Entertainment, Inc.), Class A Units | — | 4,345,010 | — | 2,198,076 | — | — | 6,543,086 | |||||||||||||||||||||
NEG Parent, LLC (CORE Entertainment, Inc.), Class A Warrants to Purchase Class A Units | — | 111,875 | — | 252,424 | — | — | 364,299 | |||||||||||||||||||||
NEG Parent, LLC (CORE Entertainment, Inc.), Class B Warrants to Purchase Class A Units | — | 112,985 | — | 254,929 | — | — | 367,914 | |||||||||||||||||||||
NEG Parent, LLC (CORE Entertainment, Inc.), Litigation Trust Units | — | 1,201,138 | — | (83,028 | ) | — | — | 1,118,110 | ||||||||||||||||||||
RM Holdco, LLC (Real Mex), Equity Participation | — | — | — | — | — | — | — | |||||||||||||||||||||
RM Holdco, LLC (Real Mex), Membership Units | 31,486 | — | (2,010,777 | ) | 2,010,777 | — | — | — | ||||||||||||||||||||
RM OpCo, LLC (Real Mex), Convertible 2nd Lien Term Loan Tranche B-1, 8.5%, due 3/30/18 | 77,143 | 862,509 | (2,210,269 | ) | 1,255,117 | 92,643 | — | — | ||||||||||||||||||||
RM OpCo, LLC (Real Mex), Senior Convertible 2nd Lien Term Loan B, 8.5%, due 3/30/18 | 264,147 | 7,250,973 | (7,568,193 | ) | — | 317,220 | — | — | ||||||||||||||||||||
RM OpCo, LLC (Real Mex), Senior Secured 1st Lien Term Loan Tranche A, 7%, due 3/30/18 | 297,194 | 4,899,257 | (150,583 | ) | (283,386 | ) | 297,423 | (4,762,711 | ) | — | ||||||||||||||||||
RM OpCo, LLC (Real Mex), Senior Secured 1st Out Term Loan Tranche A, 7%, due 3/30/18 | 101,757 | — | 7,551 | (38,950 | ) | 1,461,263 | (1,429,864 | ) | — | |||||||||||||||||||
RM OpCo, LLC (Real Mex), Senior Secured 2nd Lien Term Loan Tranche B, 8.5%, due 3/30/18 | — | — | (10,398,622 | ) | 10,398,622 | — | — | — | ||||||||||||||||||||
RM OpCo, LLC (Real Mex), Senior Secured 2nd Lien Term Loan Tranche B-1, 8.5%, due 3/30/18 | 121,054 | 1,353,457 | (3,452,951 | ) | 1,954,117 | 145,377 | — | — | ||||||||||||||||||||
RM OpCo, LLC (Real Mex), Senior Secured Super Priority Debtor-in-Possession Term Loan, 8.5%, due 12/15/18 | 18,337 | — | 5,251 | — | 715,249 | (720,500 | ) | — | ||||||||||||||||||||
Total | $ | 7,348,038 | $ | 82,991,084 | $ | (29,704,297 | ) | $ | (9,245,623 | ) | $ | 42,081,208 | $ | (22,929,015 | ) | $ | 63,193,357 |
(1) | The issuers of the securities listed on this schedule are considered non-controlled affiliates under the Investment Company Act of 1940 due to the ownership by the Company of 5% to 25% of the issuers' voting securities. |
(2) | Also includes fee and lease income as applicable. |
(3) | Acquisitions include new purchases, PIK income and amortization of original issue and market discounts. |
(4) | Dispositions include decreases in the cost basis from sales, paydowns, mortgage amortizations and aircraft depreciation. |
Security | Dividends or Interest (2) | Fair Value at December 31, 2017 | Net realized gain or loss | Net increase or decrease in unrealized appreciation or depreciation | Acquisitions (3) | Dispositions (4) | Fair Value at December 31, 2018 | |||||||||||||||||||||
36th Street Capital Partners Holdings, LLC, Membership Units | $ | 750,715 | $ | 12,576,276 | $ | — | $ | (443,614 | ) | $ | 7,049,072 | $ | (250,000 | ) | $ | 18,931,734 | ||||||||||||
36th Street Capital Partners Holdings, LLC, Senior Note, 12%, due 11/1/20 | 3,537,166 | 30,827,391 | — | — | 1,155,002 | (4,142,974 | ) | 27,839,419 | ||||||||||||||||||||
Anacomp, Inc., Class A Common Stock | — | 1,418,746 | — | — | — | — | 1,418,746 | |||||||||||||||||||||
Conergy Asia & ME Pte. Ltd., 1st Lien Term Loan, 10%, due 5/26/20 | 112,355 | 666,667 | — | — | 1,107,140 | — | 1,773,807 | |||||||||||||||||||||
Conergy Asia Holdings Limited, Class B Shares | — | 1,027,700 | — | (1,027,700 | ) | — | — | — | ||||||||||||||||||||
Conergy Asia Holdings Limited, Ordinary Shares | — | 193,847 | — | (193,847 | ) | — | — | — | ||||||||||||||||||||
Kawa Solar Holdings Limited, Bank Guarantee Credit Facility, 0% PIK, due 5/26/20 | 645,470 | 16,233,431 | — | (2,473,048 | ) | (290,793 | ) | (1,786,667 | ) | 11,682,923 | ||||||||||||||||||
Kawa Solar Holdings Limited, Ordinary Shares | — | — | — | — | — | — | — | |||||||||||||||||||||
Kawa Solar Holdings Limited, Revolving Credit Facility, 0%, due 5/26/20 | — | 7,048,850 | — | (5,746,581 | ) | 1,620,000 | — | 2,922,269 | ||||||||||||||||||||
Kawa Solar Holdings Limited, Series B Preferred Shares | — | — | — | — | — | — | — | |||||||||||||||||||||
United N659UA-767, LLC (Aircraft Trust Holding Company) | 159,808 | 3,161,798 | — | 26,751 | — | (361,841 | ) | 2,826,708 | ||||||||||||||||||||
United N661UA-767, LLC (Aircraft Trust Holding Company) | 138,019 | 3,228,449 | — | 51,265 | — | (383,631 | ) | 2,896,083 | ||||||||||||||||||||
Total | $ | 5,343,533 | $ | 76,383,155 | $ | — | $ | (9,806,774 | ) | $ | 10,640,421 | $ | (6,925,113 | ) | $ | 70,291,689 |
(1) | The issuers of the securities listed on this schedule are considered controlled affiliates under the Investment Company Act of 1940 due to the ownership by the Company of more than 25% of the issuers' voting securities. |
(2) | Also includes fee and lease income as applicable. |
(3) | Acquisitions include new purchases, PIK income and amortization of original issue and market discounts. |
(4) | Dispositions include decreases in the cost basis from sales, paydowns, mortgage amortizations and aircraft depreciation. |
Investment | Acquisition Date | |
Actifio, Inc., Warrants to Purchase Series G Preferred Stock | 5/5/17 | |
Adesto Technologies Corporation, Warrants to Purchase Common Stock | 5/8/18 | |
Avanti Communications Group, PLC (144A), Senior New Money Initial Note, 9% PIK, due 10/1/22 | 1/26/17 | |
Avanti Communications Group, PLC (144A), Senior Second-Priority PIK Toggle Note, 9%, due 10/1/22 | 1/26/17 | |
Domo, Inc., Warrants to Purchase Common Stock | 12/5/17 | |
Envigo RMS Holding Corp., Common Stock | 6/3/19 | |
Fidelis (SVC) LLC, Series C Preferred Units | 12/31/19 | |
FinancialForce.com, Inc., Warrants to Purchase Series C Preferred Stock | 1/30/19 | |
Findly Talent, LLC, Class A Membership Units | 1/1/14 | |
Foursquare Labs, Inc., Warrants to Purchase Series E Preferred Stock | 5/4/17 | |
GACP I, LP (Great American Capital), Membership Units | 10/1/15 | |
GACP II, LP (Great American Capital), Membership Units | 1/12/18 | |
GlassPoint Solar, Inc., Warrants to Purchase Series C-1 Preferred Stock | 2/7/17 | |
GlassPoint Solar, Inc., Warrants to Purchase Series D Preferred Stock | 3/16/18 | |
InMobi, Inc., Warrants to Purchase Common Stock | 8/22/17 | |
InMobi, Inc., Warrants to Purchase Series E Preferred Stock (Strike Price $20.01) | 9/18/15 | |
InMobi, Inc., Warrants to Purchase Series E Preferred Stock (Strike Price $28.58) | 10/1/18 | |
Nanosys, Inc., Warrants to Purchase Preferred Stock | 3/29/16 | |
Quora, Inc., Warrants to Purchase Series D Preferred Stock | 4/12/19 | |
ResearchGate Corporation., Warrants to Purchase Series D Preferred Stock | 11/7/19 | |
Shop Holding, LLC (Connexity), Class A Units | 6/2/11 | |
SnapLogic, Inc., Warrants to Purchase Series Preferred Stock | 3/20/18 | |
Soraa, Inc., Warrants to Purchase Common Stock | 8/29/14 | |
SoundCloud, Ltd., Warrants to Purchase Preferred Stock | 4/30/15 | |
STG-Fairway Holdings, LLC (First Advantage), Class A Units | 12/30/10 | |
Tradeshift, Inc., Warrants to Purchase Series D Preferred Stock | 3/9/17 | |
Utilidata, Inc., Warrants to Purchase Preferred Stock | 12/22/15 | |
V Telecom Investment S.C.A. (Vivacom), Common Shares | 11/9/12 |
Investment | Acquisition Date | |
Actifio, Inc., Warrants to Purchase Series G Preferred Stock | 5/5/17 | |
Adesto Technologies Corporation, Warrants to Purchase Common Stock | 5/8/18 | |
Avanti Communications Group, PLC (144A), Senior New Money Initial Note, 9%, due 10/1/22 | 1/26/17 | |
Avanti Communications Group, PLC (144A), Senior Second-Priority PIK Toggle Note, 9%, due 10/1/22 | 1/26/17 | |
CFG Investments Limited (Caribbean Financial Group), Subordinated Class B Notes, 9.42%, due 11/15/26 | 11/7/17 | |
Domo, Inc., Warrants to Purchase Common Stock | 12/5/17 | |
Fidelis Topco LP, Warrants to Purchase Series A Preferred Units | 7/20/18 | |
Fidelis Topco LP, Warrants to Purchase Series B Preferred Units | 7/20/18 | |
Findly Talent, LLC, Class A Membership Units | 1/1/14 | |
Foursquare Labs, Inc., Warrants to Purchase Series E Preferred Stock | 5/4/17 | |
Fuse Media, LLC, Warrants to Purchase Common Stock | 8/3/12 | |
GACP I, LP (Great American Capital), Membership Units | 10/1/15 | |
GACP II, LP (Great American Capital), Membership Units | 1/12/18 | |
GlassPoint Solar, Inc., Warrants to Purchase Series C-1 Preferred Stock | 2/7/17 | |
GlassPoint Solar, Inc., Warrants to Purchase Series D Preferred Stock | 3/16/18 | |
InMobi, Inc., Warrants to Purchase Common Stock | 8/22/17 | |
InMobi, Inc., Warrants to Purchase Series E Preferred Stock (Strike Price $20.01) | 9/18/15 | |
InMobi, Inc., Warrants to Purchase Series E Preferred Stock (Strike Price $28.58) | 10/1/18 | |
Lions Holdings, Inc., (BPA), Series A Warrants to Purchase Common Stock | 7/14/17 | |
Lions Holdings, Inc., (BPA), Series B Warrants to Purchase Common Stock | 7/14/17 | |
Nanosys, Inc., Warrants to Purchase Preferred Stock | 3/29/16 | |
Shop Holding, LLC (Connexity), Class A Units | 6/2/11 | |
SnapLogic, Inc., Warrants to Purchase Series Preferred Stock | 3/20/18 | |
Soraa, Inc., Warrants to Purchase Common Stock | 8/29/14 | |
SoundCloud, Ltd., Warrants to Purchase Preferred Stock | 4/30/15 | |
STG-Fairway Holdings, LLC (First Advantage), Class A Units | 12/30/10 | |
Tradeshift, Inc., Warrants to Purchase Series D Preferred Stock | 3/9/17 | |
Utilidata, Inc., Warrants to Purchase Preferred Stock | 12/22/15 | |
V Telecom Investment S.C.A. (Vivacom), Common Shares | 11/9/12 |
Item 9. | Changes in Disagreements with Accountants on Accounting and Financial Disclosure |
Item 10. | Directors, Executive Officers and Corporate Governance |
Item 11. | Executive Compensation |
Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters |
Item 13. | Certain Relationships and Related Transactions, and Director Independence |
Item 14. | Principal Accountant Fees and Services |
a. | Documents Filed as Part of this Report |
Page | |
Number | Description | ||
3.1 | |||
3.2 | |||
3.3 | |||
4.1 | |||
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TABLE OF CONTENTSthe Trustee (4)
4.2 | ||
4.3 | ||
4.4 | ||
4.5 | ||
4.6 | ||
4.7 | ||
4.8 | ||
4.9 | ||
4.10 | ||
10.1 | ||
10.2 | ||
10.3 | ||
10.4 | ||
10.5 | ||
10.6 | ||
10.7 | ||
10.16 | ||
10.17 | ||
10.18 | ||
10.19 | ||
11 | ||
Computation of Ratios (included in the notes to the financial statements contained in | ||
Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934* | ||
31.2 | ||
(1) | Incorporated by reference to Exhibit (a)(2) to the Registrant’s Registration Statement under the Securities Act of 1933 (File No. 333-172669), on Form N-2, filed on May 13, 2011 |
(2) | Incorporated by reference to Exhibit |
(3) | Incorporated by reference to Exhibit |
(4) | Incorporated by reference to Exhibit 4.1 to the Registrant's Form 8-K, filed on August 23, 2019 |
(5) | Incorporated by reference to Exhibit 99.1 to the Registrant’s Form 8-K, filed on August 2, 2018 |
(6) | Incorporated by reference to Exhibit (k)(8) to the Registrant’s Registration Statement under the Securities Act of 1933 (File No. 333-172669), on Form N-2, filed on May 13, 2011. |
(7) | Incorporated by reference to Exhibit 99.1 to the Registrant’s Form 8-K, filed on February 12, 2019 |
(8) | Incorporated by reference to Exhibit (k)(1) to the Registrant’s Registration Statement under the Securities Act of 1933 (File No. 333-172669), on Form N-2, filed on May 13, 2011. |
(9) | Incorporated by reference to Exhibit 10.2 to Form 10-12G of Special Value Continuation Partners, LP (File No. 000-54393), filed May 6, 2011. |
(10) | Incorporated by reference to Exhibit (k)(2) to the Registrant’s Registration Statement under the Securities Act of 1933 (File No. 333-172669), on Form N-2, filed on March 5, 2012 |
(11) | Incorporated by reference to Exhibit (k)(3) to the Registrant’s Registration Statement under the Securities Act of 1933 (File No. 333-172669), on Form N-2, filed on March 5, 2012. |
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(12) |
Incorporated by reference to Exhibit 4.1 of the Registrant’s Form 8-K filed on June 17, 2014. |
(13) | Incorporated by reference to Exhibit 4.1 of the Registrant’s Form 8-K filed on September 6, 2016. |
(14) | Incorporated by reference to Exhibit (d)(1) to Post-Effective Amendment No. 1 to the |
(15) | Incorporated by reference to Exhibit (d)(4) to Post-Effective Amendment No. 1 to the Registrant's Registration Statement under the Securities Act of 1933 (File No. 333-216716), on Form N-2, filed on August 11, 2017. |
(16) | Incorporated by reference to |
(17) | Incorporated by reference to Exhibit 3 to Special Value Continuation Partner, LP’s Form 8-K filed on January 30, 2018. |
(18) | Incorporated by reference to Exhibit |
(19) | Incorporated by reference to Exhibit 10.2 of the Registrant’s Form |
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Pursuant to the requirements of Section 13 or 15(d) of the Securities Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, there unto duly authorized.
By: | /s/ Howard M. Levkowitz | ||
Howard M. Levkowitz | |||
Chief Executive Officer |
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacity and on the dates indicated.
Date | Signature | Title | ||||
February 26, 2020 | /s/ Howard M. Levkowitz | Chief Executive Officer, Chairman of | ||||
Howard M. Levkowitz | the Board and Director (Principal Executive Officer) | |||||
February 26, 2020 | ||||||
/s/ Kathleen A. Corbet | Director | |||||
Kathleen A. Corbet | ||||||
/s/ Eric J. Draut | Director | |||||
Eric J. Draut | ||||||
/s/ M. Freddie Reiss | Director | |||||
M. Freddie Reiss | ||||||
February 26, 2020 | /s/ Peter E. Schwab | Director | ||||
Peter E. Schwab | ||||||
February 26, 2020 | /s/ Karyn L. Williams | Director | ||||
February 26, 2020 | /s/ Brian F. Wruble | Director | ||||
Brian F. Wruble | ||||||
/s/ Rajneesh Vig | President and Director | |||||
Rajneesh Vig | ||||||
/s/ Paul L. Davis | Chief Financial Officer (Principal Financial Officer) | |||||
Paul L. Davis |
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