☒ | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
For the Quarter Ended | |
☐ | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Delaware | 56-2594706 |
(State or Other Jurisdiction of Incorporation) | (IRS Employer Identification No.) |
2951 28th Street, Suite 1000 | |
Santa Monica, California | 90405 |
(Address of Principal Executive Offices) | (Zip 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 x | Accelerated filer ¨ |
Non-accelerated filer ¨ | Smaller Reporting company ¨ |
Part I. | Financial Information | |
Item 1. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Part II. | Other Information | |
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 5. | ||
Item 6. |
September 30, 2017 | December 31, 2016 | March 31, 2020 | December 31, 2019 | |||||||||||
(unaudited) | (unaudited) | |||||||||||||
Assets | ||||||||||||||
Investments, at fair value: | ||||||||||||||
Companies less than 5% owned (cost of $1,378,833,997 and $1,174,421,611, respectively) | $ | 1,389,967,667 | $ | 1,175,097,468 | ||||||||||
Companies 5% to 25% owned (cost of $86,080,592 and $75,508,585, respectively) | 74,735,725 | 69,355,808 | ||||||||||||
Companies more than 25% owned (cost of $95,435,060 and $96,135,623, respectively) | 64,047,095 | 70,516,594 | ||||||||||||
Total investments (cost of $1,560,349,649 and $1,346,065,819, respectively) | 1,528,750,487 | 1,314,969,870 | ||||||||||||
Companies less than 5% owned (cost of $1,550,870,770 and $1,483,508,500, respectively) | $ | 1,468,734,301 | $ | 1,474,318,011 | ||||||||||
Companies 5% to 25% owned (cost of $76,568,077 and $70,112,667, respectively) | 63,901,597 | 75,880,291 | ||||||||||||
Companies more than 25% owned (cost of $134,870,172 and $135,655,840, respectively) | 93,282,976 | 99,308,593 | ||||||||||||
Total investments (cost of $1,762,309,019 and $1,689,277,007, respectively) | 1,625,918,874 | 1,649,506,895 | ||||||||||||
Cash and cash equivalents | 71,929,885 | 53,579,868 | 8,574,859 | 44,848,539 | ||||||||||
Accrued interest income: | ||||||||||||||
Companies less than 5% owned | 17,600,493 | 12,713,025 | 17,329,567 | 16,937,339 | ||||||||||
Companies 5% to 25% owned | 2,237,834 | 953,561 | 729,805 | 665,165 | ||||||||||
Companies more than 25% owned | 11,763 | 25,608 | 349,945 | 305,721 | ||||||||||
Deferred debt issuance costs | 5,073,471 | 5,476,382 | ||||||||||||
Receivable for investments sold | 13,414,257 | — | 510,570 | 1,316,667 | ||||||||||
Deferred debt issuance costs | 3,664,315 | 3,828,784 | ||||||||||||
Prepaid expenses and other assets | 4,506,089 | 1,527,745 | 4,917,342 | 3,012,488 | ||||||||||
Total assets | 1,642,115,123 | 1,387,598,461 | 1,663,404,433 | 1,722,069,196 | ||||||||||
Liabilities | ||||||||||||||
Debt, net of unamortized issuance costs of $8,417,444 and $8,247,426, respectively | 665,378,107 | 571,658,862 | ||||||||||||
Debt, net of unamortized issuance costs of $7,217,414 and $7,711,684, respectively | 965,458,014 | 907,802,387 | ||||||||||||
Management and advisory fees payable | 5,930,289 | 5,429,075 | ||||||||||||
Payable for investments purchased | 85,545,089 | 12,348,925 | 4,825,000 | 13,057,446 | ||||||||||
Incentive allocation payable | 5,513,546 | 4,716,834 | ||||||||||||
Interest payable | 4,526,655 | 5,013,713 | 4,424,813 | 10,837,121 | ||||||||||
Payable to the Advisor | 1,094,249 | 325,790 | 1,344,290 | 1,591,651 | ||||||||||
Unrealized depreciation on swaps | 470,202 | — | ||||||||||||
Incentive compensation payable | — | 4,753,671 | ||||||||||||
Accrued expenses and other liabilities | 2,190,308 | 2,598,346 | 1,838,116 | 2,279,459 | ||||||||||
Total liabilities | 764,718,156 | 596,662,470 | 983,820,522 | 945,750,810 | ||||||||||
Commitments and contingencies (Note 5) | ||||||||||||||
Net assets applicable to common shareholders | $ | 877,396,967 | $ | 790,935,991 | ||||||||||
Net assets | $ | 679,583,911 | $ | 776,318,386 | ||||||||||
Composition of net assets applicable to common shareholders | ||||||||||||||
Common stock, $0.001 par value; 200,000,000 shares authorized, 58,792,364 and 53,041,900 shares issued and outstanding as of September 30, 2017 and December 31, 2016, respectively | $ | 58,792 | $ | 53,042 | ||||||||||
Composition of net assets | ||||||||||||||
Common stock, $0.001 par value; 200,000,000 shares authorized, 57,766,912 and 58,766,426 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively | $ | 57,767 | $ | 58,766 | ||||||||||
Paid-in capital in excess of par | 1,038,026,254 | 944,426,650 | 991,283,210 | 997,379,362 | ||||||||||
Accumulated net investment income | 17,896,625 | 12,533,289 | ||||||||||||
Accumulated net realized losses | (146,500,724 | ) | (134,960,267 | ) | ||||||||||
Accumulated net unrealized depreciation | (32,083,980 | ) | (31,116,723 | ) | ||||||||||
Net assets applicable to common shareholders | $ | 877,396,967 | $ | 790,935,991 | ||||||||||
Distributable earnings (loss) | (311,757,066 | ) | (221,119,742 | ) | ||||||||||
Net assets | $ | 679,583,911 | $ | 776,318,386 | ||||||||||
Net assets per share | $ | 14.92 | $ | 14.91 | $ | 11.76 | $ | 13.21 |
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 (M) | — | 8.81 | % | 10.19 | % | 6/1/2020 | $ | 18,750,000 | $ | 18,383,852 | $ | 18,334,875 | 1.15 | % | L/N | |||||||||||||||
InMobi, Inc. (Singapore) | First Lien Delayed Draw Tranche 1 Term Loan (4.00% Exit Fee) | LIBOR (M) | 1.37 | % | 8.13 | % | 9.50 | % | 12/31/2019 | $ | 24,897,542 | 24,372,226 | 24,353,215 | 1.52 | % | H/L/N | ||||||||||||||||
Videology Media Technologies, LLC | First Lien UK Revolver (2.0% Exit Fee) | LIBOR (M) | 1.00 | % | 10.00 | % | 11.32 | % | 1/10/2020 | $ | 8,170,996 | 8,170,996 | 8,170,996 | 0.51 | % | L/N | ||||||||||||||||
Videology Media Technologies, LLC | First Lien US Revolver (2.0% Exit Fee) | LIBOR (M) | 1.00 | % | 8.50 | % | 9.82 | % | 1/10/2020 | $ | 2,647,385 | 2,647,385 | 2,647,385 | 0.17 | % | L/N | ||||||||||||||||
53,574,459 | 53,506,471 | 3.35 | % | |||||||||||||||||||||||||||||
Air Transportation | ||||||||||||||||||||||||||||||||
Mesa Air Group, Inc. | Acquisition Loan | LIBOR (M) | — | 7.25 | % | 8.63 | % | 7/15/2022 | $ | 12,478,783 | 12,326,601 | 12,728,359 | 0.80 | % | N | |||||||||||||||||
Mesa Airlines, Inc. | Engine Acquisition Delayed Draw Term Loan A | LIBOR (M) | — | 7.25 | % | 8.50 | % | 12/14/2021 | $ | 15,025,436 | 14,800,541 | 15,029,944 | 0.94 | % | N | |||||||||||||||||
Mesa Airlines, Inc. | Engine Acquisition Delayed Draw Term Loan B | LIBOR (M) | — | 7.25 | % | 8.50 | % | 2/28/2022 | $ | 8,723,671 | 8,589,297 | 8,680,488 | 0.54 | % | N | |||||||||||||||||
Mesa Airlines, Inc. | Engine Acquisition Delayed Draw Term Loan C | LIBOR (M) | — | 7.25 | % | 8.50 | % | 7/31/2022 | $ | 3,621,731 | 3,566,306 | 3,578,814 | 0.22 | % | N | |||||||||||||||||
Mesa Airlines, Inc. | Engine Acquisition Delayed Draw Term Loan C-1 | LIBOR (M) | — | 7.25 | % | 8.50 | % | 9/30/2022 | $ | 5,560,909 | 5,463,631 | 5,466,652 | 0.34 | % | N | |||||||||||||||||
44,746,376 | 45,484,257 | 2.84 | % | |||||||||||||||||||||||||||||
Amusement and Recreation | ||||||||||||||||||||||||||||||||
VSS-Southern Holdings, LLC | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 6.50% Cash+2.00% PIK | 9.83 | % | 11/3/2020 | $ | 24,342,738 | 23,968,373 | 24,707,879 | 1.54 | % | N | |||||||||||||||||
VSS-Southern Holdings, LLC | Sr Secured Revolver | LIBOR (Q) | 1.00 | % | 6.50% Cash+2.00% PIK | N/A | 11/3/2020 | $ | — | (13,214 | ) | 12,842 | — | K/N | ||||||||||||||||||
23,955,159 | 24,720,721 | 1.54 | % | |||||||||||||||||||||||||||||
Apparel Manufacturing | ||||||||||||||||||||||||||||||||
Broder Bros., Co. | First Lien Term Loan (First Out) | LIBOR (Q) | 1.25 | % | 5.75 | % | 7.05 | % | 6/3/2021 | $ | 8,957,976 | 8,836,152 | 9,047,555 | 0.57 | % | N | ||||||||||||||||
Broder Bros., Co. | First Lien Term Loan B (Last Out) | LIBOR (Q) | 1.25 | % | 12.25 | % | 13.55 | % | 6/3/2021 | $ | 9,305,317 | 9,190,600 | 9,463,507 | 0.59 | % | N | ||||||||||||||||
18,026,752 | 18,511,062 | 1.16 | % | |||||||||||||||||||||||||||||
Building Equipment Contractors | ||||||||||||||||||||||||||||||||
Hylan Datacom & Electrical, LLC | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 7.50 | % | 8.74 | % | 7/25/2021 | $ | 13,805,441 | 13,635,230 | 13,915,884 | 0.87 | % | N | ||||||||||||||||
Business Support Services | ||||||||||||||||||||||||||||||||
Enerwise Global Technologies, Inc. | Sr Secured Revolving Loan | LIBOR (Q) | 0.23 | % | 8.52 | % | N/A | 11/30/2018 | $ | — | (3,251 | ) | (18,600 | ) | — | K/N | ||||||||||||||||
Enerwise Global Technologies, Inc. | Sr Secured Term Loan (3.77% Exit Fee) | LIBOR (Q) | 0.23 | % | 9.27 | % | 10.57 | % | 11/30/2019 | $ | 23,000,000 | 22,776,712 | 22,893,050 | 1.43 | % | L/N | ||||||||||||||||
STG-Fairway Acquisitions, Inc. (First Advantage) | Second Lien Term Loan | LIBOR (Q) | 1.00 | % | 9.25 | % | 10.57 | % | 6/30/2023 | $ | 31,000,000 | 30,624,810 | 29,267,100 | 1.83 | % | N | ||||||||||||||||
53,398,271 | 52,141,550 | 3.26 | % | |||||||||||||||||||||||||||||
Chemicals | ||||||||||||||||||||||||||||||||
Anuvia Plant Nutrients Holdings, LLC | Sr Secured Term Loan (8.0% Exit Fee) | LIBOR (M) | — | 10.63 | % | 12.00 | % | 2/1/2018 | $ | 2,824,919 | 2,829,948 | 2,824,919 | 0.18 | % | L/N | |||||||||||||||||
Green Biologics, Inc. | Convertible Note | Fixed | — | 10.00% PIK | 10.00 | % | 6/30/2019 | $ | 7,500,000 | 7,355,902 | 5,853,750 | 0.37 | % | E/N | ||||||||||||||||||
Green Biologics, Inc. | Sr Secured Term Loan (12.4 % Exit Fee) | Fixed | — | 10.00% PIK | 10.00 | % | 12/31/2020 | $ | 8,106,004 | 7,940,893 | 6,376,993 | 0.40 | % | L/N | ||||||||||||||||||
iGM RFE1 B.V. (Netherlands) | First Lien Delayed Draw Term Loan | LIBOR (Q) | — | 8.00 | % | 9.33 | % | 10/12/2021 | $ | 877,431 | 872,110 | 927,444 | 0.06 | % | H/N | |||||||||||||||||
iGM RFE1 B.V. (Netherlands) | First Lien Term Loan | LIBOR (Q) | — | 8.00 | % | 9.33 | % | 10/12/2021 | $ | 3,792,122 | 3,768,558 | 4,008,273 | 0.25 | % | H/N | |||||||||||||||||
iGM RFE1 B.V. (Netherlands) | First Lien Term Loan | EURIBOR (Q) | — | 8.00 | % | 8.00 | % | 10/12/2021 | € | 6,418,239 | 7,011,284 | 8,014,710 | 0.50 | % | D/H/N | |||||||||||||||||
Nanosys, Inc. | First Lien Delayed Draw Term Loan (3.5% Exit Fee) | LIBOR (Q) | — | 9.81 | % | 11.19 | % | 4/1/2019 | $ | 10,000,000 | 9,604,298 | 9,828,000 | 0.61 | % | L/N | |||||||||||||||||
39,382,993 | 37,834,089 | 2.37 | % | |||||||||||||||||||||||||||||
Communications Equipment Manufacturing | ||||||||||||||||||||||||||||||||
Globecomm Systems, Inc. | First Lien Term Loan | LIBOR (Q) | 1.25 | % | 7.63 | % | 9.05 | % | 12/11/2018 | $ | 14,442,682 | 14,298,255 | 13,409,308 | 0.84 | % | B/N | ||||||||||||||||
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 | % | 7.25 | % | 5/31/2024 | $ | 5,127,551 | $ | 5,062,492 | $ | 4,691,321 | 0.28 | % | N | |||||||||||||||
Unanet, Inc. | First Lien Term Loan | LIBOR(M) | — | 6.25 | % | 7.25 | % | 5/31/2024 | $ | 19,897,959 | 19,719,334 | 18,763,776 | 1.15 | % | N | |||||||||||||||||
Unanet, Inc. | Sr Secured Revolver | LIBOR(M) | — | 6.25 | % | 7.25 | % | 5/31/2024 | $ | 2,448,980 | 2,428,534 | 2,309,388 | 0.14 | % | K/N | |||||||||||||||||
27,210,360 | 25,764,485 | 1.57 | % | |||||||||||||||||||||||||||||
Airlines | ||||||||||||||||||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N902FJ) | LIBOR(Q) | — | 7.50 | % | 9.26 | % | 2/1/2022 | $ | 741,844 | 738,535 | 737,393 | 0.05 | % | N | |||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N903FJ) | LIBOR(Q) | — | 7.50 | % | 9.26 | % | 2/1/2022 | $ | 866,823 | 862,956 | 861,622 | 0.05 | % | N | |||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N904FJ) | LIBOR(Q) | — | 7.50 | % | 9.26 | % | 2/1/2022 | $ | 976,276 | 971,922 | 970,419 | 0.06 | % | N | |||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N905FJ) | LIBOR(Q) | — | 7.50 | % | 9.26 | % | 2/1/2022 | $ | 712,097 | 708,921 | 707,825 | 0.04 | % | N | |||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N906FJ) | LIBOR(Q) | — | 7.50 | % | 9.26 | % | 5/1/2022 | $ | 763,101 | 759,247 | 758,523 | 0.05 | % | N | |||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N907FJ) | LIBOR(Q) | — | 7.50 | % | 9.26 | % | 5/1/2022 | $ | 795,798 | 791,779 | 791,023 | 0.05 | % | N | |||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N908FJ) | LIBOR(Q) | — | 7.50 | % | 9.26 | % | 5/1/2022 | $ | 1,172,238 | 1,166,318 | 1,165,205 | 0.07 | % | N | |||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N909FJ) | LIBOR(Q) | — | 7.50 | % | 9.26 | % | 8/1/2022 | $ | 554,752 | 551,836 | 551,423 | 0.03 | % | N | |||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N910FJ) | LIBOR(Q) | — | 7.50 | % | 9.26 | % | 8/1/2022 | $ | 530,051 | 527,266 | 526,871 | 0.03 | % | N | |||||||||||||||||
Mesa Airlines, Inc. | Aircraft Acquisition Incremental Loan | LIBOR(Q) | 2.00 | % | 5.00 | % | 7.00 | % | 9/27/2023 | $ | 2,478,113 | 2,450,730 | 2,366,598 | 0.14 | % | N | ||||||||||||||||
Mesa Airlines, Inc. | Aircraft Acquisition Loan | LIBOR(Q) | 2.00 | % | 5.00 | % | 7.00 | % | 6/5/2023 | $ | 20,134,665 | 19,926,465 | 19,349,413 | 1.18 | % | N | ||||||||||||||||
One Sky Flight, LLC | First Lien Term Loan | LIBOR(M) | 1.00 | % | 7.50 | % | 8.50 | % | 12/27/2024 | $ | 19,750,000 | 19,469,804 | 19,335,250 | 1.18 | % | N | ||||||||||||||||
48,925,779 | 48,121,565 | 2.93 | % | |||||||||||||||||||||||||||||
Automobiles | ||||||||||||||||||||||||||||||||
Autoalert, LLC | First Lien Incremental Term Loan | LIBOR(M) | 0.25 | % | 5.75% Cash+3.00% PIK | 9.69 | % | 1/1/2022 | $ | 38,966,342 | 38,882,813 | 36,823,193 | 2.25 | % | N | |||||||||||||||||
Autoalert, LLC | First Lien Term Loan | LIBOR(M) | 0.25 | % | 5.75% Cash+3.00% PIK | 9.69 | % | 1/1/2022 | $ | 15,420,901 | 15,342,948 | 14,572,751 | 0.89 | % | N | |||||||||||||||||
DealerFX, Inc. | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 6.25% Cash+2.00% PIK | 9.75 | % | 2/1/2023 | $ | 16,225,890 | 16,025,364 | 16,160,986 | 0.99 | % | N | |||||||||||||||||
70,251,125 | 67,556,930 | 4.13 | % | |||||||||||||||||||||||||||||
Building Products | ||||||||||||||||||||||||||||||||
Dodge Data & Analytics, LLC | First Lien Delayed Draw Term Loan | LIBOR(Q) | 1.00 | % | 7.00 | % | 8.50 | % | 5/1/2020 | $ | 864,616 | 864,450 | 852,511 | 0.05 | % | N | ||||||||||||||||
Dodge Data & Analytics, LLC | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 7.00 | % | 8.50 | % | 5/1/2020 | $ | 34,974,960 | 34,968,028 | 34,485,310 | 2.11 | % | N | ||||||||||||||||
35,832,478 | 35,337,821 | 2.16 | % | |||||||||||||||||||||||||||||
Capital Markets | ||||||||||||||||||||||||||||||||
HighTower Holding, LLC | Second Lien Term Loan | LIBOR(M) | 1.00 | % | 8.75 | % | 9.75 | % | 1/31/2026 | $ | 15,080,645 | 14,746,553 | 14,503,056 | 0.89 | % | N | ||||||||||||||||
HighTower Holding, LLC | Second Lien Delayed Draw Term Loan | LIBOR(M) | 1.00 | % | 8.75 | % | 9.75 | % | 1/31/2026 | $ | 6,169,355 | 6,064,200 | 5,933,069 | 0.36 | % | N | ||||||||||||||||
Pico Quantitative Trading, LLC | First Lien Term Loan (1.0% Exit Fee) | LIBOR(Q) | 1.50 | % | 7.25 | % | 8.75 | % | 2/7/2025 | $ | 21,791,007 | 20,850,269 | 20,592,502 | 1.26 | % | L | ||||||||||||||||
41,661,022 | 41,028,627 | 2.51 | % | |||||||||||||||||||||||||||||
Chemicals | ||||||||||||||||||||||||||||||||
AGY Holding Corp. | Second Lien Notes | Fixed | — | 11.00 | % | 11.00 | % | 11/15/2020 | $ | 11,481,428 | 8,778,822 | 218,147 | 0.01 | % | B/C/E/N | |||||||||||||||||
AGY Holding Corp. | Delayed Draw Term Loan | Fixed | — | 12.00 | % | 12.00 | % | 9/15/2020 | $ | 1,147,915 | 1,147,915 | 1,147,915 | 0.07 | % | B/N | |||||||||||||||||
AGY Holding Corp. | Sr Secured Term Loan | Fixed | — | 12.00 | % | 12.00 | % | 9/15/2020 | $ | 5,328,009 | 5,328,009 | 5,328,009 | 0.33 | % | B/N | |||||||||||||||||
AGY Holding Corp. | Delayed Draw Term Loan A | Fixed | — | 12.00 | % | 12.00 | % | 9/15/2020 | $ | 1,191,316 | 1,144,606 | 1,191,318 | 0.07 | % | B/N | |||||||||||||||||
AGY Holding Corp. | Sr Secured Term Loan A1 | Fixed | — | 12.00 | % | 12.00 | % | 9/15/2020 | $ | 249,123 | 224,211 | 249,123 | 0.02 | % | B/N | |||||||||||||||||
16,623,563 | 8,134,512 | 0.50 | % | |||||||||||||||||||||||||||||
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (continued) | ||||||||||||||||||||||||||||||||
Credit (Nondepository) | ||||||||||||||||||||||||||||||||
Auto Trakk SPV, LLC | First Lien Delayed Draw Term Loan | LIBOR (M) | 0.50 | % | 9.50 | % | 10.73 | % | 12/21/2021 | $ | 32,392,942 | $ | 31,954,106 | $ | 32,602,257 | 2.04 | % | N | ||||||||||||||
Caliber Home Loans, Inc. | First Lien Delayed Draw Term Loan | LIBOR (M) | 1.00 | % | 6.50 | % | 7.74 | % | 6/30/2020 | $ | 15,555,556 | 15,399,451 | 15,735,556 | 0.98 | % | N | ||||||||||||||||
Caribbean Financial Group (Cayman Islands) | Sr Secured Notes | Fixed | — | 11.50 | % | 11.50 | % | 11/15/2019 | $ | 28,678,000 | 28,593,384 | 29,538,340 | 1.85 | % | E/G/H/N | |||||||||||||||||
75,946,941 | 77,876,153 | 4.87 | % | |||||||||||||||||||||||||||||
Credit Related Activities | ||||||||||||||||||||||||||||||||
Pacific Union Financials, LLC | First Lien Term Loan | LIBOR (M) | 1.00 | % | 7.50 | % | 8.74 | % | 4/21/2022 | $ | 25,000,000 | 24,765,887 | 25,108,750 | 1.57 | % | N | ||||||||||||||||
Pegasus Business Intelligence, LP (Onyx Centersource) | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 6.75 | % | 8.09 | % | 12/20/2021 | $ | 14,659,047 | 14,532,703 | 14,644,388 | 0.91 | % | N | ||||||||||||||||
Pegasus Business Intelligence, LP (Onyx Centersource) | Revolver | LIBOR (Q) | 1.00 | % | 6.75 | % | 8.09 | % | 12/20/2021 | $ | 89,514 | 83,765 | 88,843 | 0.01 | % | N | ||||||||||||||||
39,382,355 | 39,841,981 | 2.49 | % | |||||||||||||||||||||||||||||
Computer Systems Design and Related Services | ||||||||||||||||||||||||||||||||
Aptos Inc. (Canada) | First Lien Incremental Term Loan | LIBOR (Q) | 1.00 | % | 6.75 | % | 8.08 | % | 9/1/2022 | $ | 7,969,241 | 7,849,702 | 7,849,702 | 0.49 | % | H/N | ||||||||||||||||
Aptos Inc. (Canada) | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 6.75 | % | 8.08 | % | 9/1/2022 | $ | 9,900,000 | 9,731,240 | 9,751,500 | 0.61 | % | H/N | ||||||||||||||||
Bracket Intermediate Holding Corp. | Second Lien Term Loan | LIBOR (Q) | 1.00 | % | 9.00 | % | 10.32 | % | 3/14/2024 | $ | 10,925,551 | 10,612,225 | 10,696,115 | 0.67 | % | N | ||||||||||||||||
Dealersocket, Inc. | First Lien Term Loan | LIBOR (M) | 1.00 | % | 10.00 | % | 11.37 | % | 2/10/2021 | $ | 15,750,000 | 15,285,565 | 15,750,000 | 0.98 | % | N | ||||||||||||||||
Fidelis Acquisitionco, LLC | First Lien Bridge Term Loan | LIBOR (M) | 1.00 | % | 6.00% Cash+2.00% PIK | 9.38 | % | 10/13/2017 | $ | 3,182,143 | 3,163,821 | 3,182,143 | 0.20 | % | N | |||||||||||||||||
Fidelis Acquisitionco, LLC | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 6.00% Cash+2.00% PIK | 9.32 | % | 11/4/2019 | $ | 43,214,417 | 42,779,942 | 39,178,191 | 2.45 | % | N | |||||||||||||||||
Fidelis Acquisitionco, LLC | Sr Secured Revolver | LIBOR (Q) | 1.00 | % | 8.00 | % | 9.32 | % | 11/4/2019 | $ | 3,182,143 | 3,182,143 | 2,884,931 | 0.18 | % | N | ||||||||||||||||
Marketo, Inc. | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 9.50 | % | 10.83 | % | 8/16/2021 | $ | 23,295,455 | 22,722,018 | 23,295,455 | 1.46 | % | N | ||||||||||||||||
Marketo, Inc. | Senior Secured Revolver | LIBOR (Q) | 1.00 | % | 9.50 | % | N/A | 8/16/2021 | $ | — | (39,766 | ) | — | — | K/N | |||||||||||||||||
OnX Enterprise Solutions, Ltd. (Canada) | First Lien Term Loan B | LIBOR (Q) | — | 8.00 | % | 9.32 | % | 9/3/2018 | $ | 2,296,200 | 2,296,200 | 2,296,200 | 0.14 | % | H/N | |||||||||||||||||
OnX Enterprise Solutions, Ltd. (Canada) | First Lien Term Loan | LIBOR (Q) | — | 8.00 | % | 9.32 | % | 9/3/2018 | $ | 10,240,000 | 10,210,950 | 10,240,000 | 0.64 | % | H/N | |||||||||||||||||
OnX USA, LLC | First Lien Term Loan B | LIBOR (Q) | — | 8.00 | % | 9.32 | % | 9/3/2018 | $ | 3,702,400 | 3,702,400 | 3,702,400 | 0.23 | % | N | |||||||||||||||||
OnX USA, LLC | First Lien Term Loan | LIBOR (Q) | — | 8.00 | % | 9.32 | % | 9/3/2018 | $ | 3,120,000 | 3,121,990 | 3,120,000 | 0.19 | % | N | |||||||||||||||||
134,618,430 | 131,946,637 | 8.24 | % | |||||||||||||||||||||||||||||
Data Processing and Hosting Services | ||||||||||||||||||||||||||||||||
Applause App Quality, Inc. | First Lien Term Loan | LIBOR (M) | 1.00 | % | 6.50 | % | 7.74 | % | 9/20/2022 | $ | 22,647,306 | 22,197,368 | 22,194,361 | 1.39 | % | N | ||||||||||||||||
Applause App Quality, Inc. | First Revolver | LIBOR (M) | 1.00 | % | 6.50 | % | N/A | 9/20/2022 | $ | — | (30,014 | ) | — | — | K/N | |||||||||||||||||
DigiCert Holdings, Inc. | Second Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.00 | % | 9.00 | % | 9/20/2025 | $ | 10,578,112 | 10,525,221 | 10,694,947 | 0.67 | % | |||||||||||||||||
Internap Corporation | First Lien Term Loan | LIBOR (M) | 1.00 | % | 7.00 | % | 8.24 | % | 4/3/2022 | $ | 8,184,324 | 8,069,799 | 8,286,628 | 0.52 | % | J | ||||||||||||||||
IO Data Centers, USA, LLC | First Lien Term Loan | Fixed | — | 9.00 | % | 9.00 | % | 1/15/2020 | $ | 15,000,000 | 15,000,000 | 15,000,000 | 0.94 | % | N | |||||||||||||||||
Pulse Secure, LLC | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 7.00 | % | 8.30 | % | 5/1/2022 | $ | 12,022,227 | 11,852,990 | 11,895,993 | 0.74 | % | N | ||||||||||||||||
Pulse Secure, LLC | Revolver | LIBOR (Q) | 1.00 | % | 7.00 | % | N/A | 5/1/2022 | $ | — | (18,491 | ) | (14,096 | ) | — | K/N | ||||||||||||||||
TierPoint, LLC | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 7.25 | % | 8.49 | % | 5/5/2025 | $ | 9,675,000 | 9,608,020 | 9,872,564 | 0.62 | % | |||||||||||||||||
77,204,893 | 77,930,397 | 4.88 | % | |||||||||||||||||||||||||||||
Educational Support Services | ||||||||||||||||||||||||||||||||
Edmentum, Inc. | Jr Revolving Facility | Fixed | — | 5.00 | % | 5.00 | % | 6/9/2020 | $ | — | — | — | — | B/N | ||||||||||||||||||
Edmentum Ultimate Holdings, LLC | Sr PIK Notes | Fixed | — | 8.50 | % | 8.50 | % | 6/9/2020 | $ | 3,033,675 | 3,033,675 | 3,033,675 | 0.19 | % | B/N | |||||||||||||||||
Edmentum Ultimate Holdings, LLC | Jr PIK Notes | Fixed | — | 10.00 | % | 10.00 | % | 6/9/2020 | $ | 14,054,482 | 13,646,311 | 11,173,317 | 0.70 | % | B/N | |||||||||||||||||
16,679,986 | 14,206,992 | 0.89 | % | |||||||||||||||||||||||||||||
Electronic Component Manufacturing | ||||||||||||||||||||||||||||||||
Soraa, Inc. | Tranche A Term Loan (3.0% Exit Fee) | LIBOR (M) | 0.44 | % | 9.33 | % | 10.71 | % | 3/1/2018 | $ | 7,570,571 | 7,488,052 | 7,394,555 | 0.46 | % | L/N | ||||||||||||||||
Soraa, Inc. | Tranche B Term Loan | LIBOR (M) | 0.44 | % | 9.33 | % | 10.71 | % | 3/1/2018 | $ | 1,603,779 | 1,579,327 | 1,567,373 | 0.10 | % | N | ||||||||||||||||
9,067,379 | 8,961,928 | 0.56 | % | |||||||||||||||||||||||||||||
Equipment Leasing | ||||||||||||||||||||||||||||||||
36th Street Capital Partners Holdings, LLC | Senior Note | Fixed | — | 12.00 | % | 12.00 | % | 11/1/2020 | $ | 21,696,871 | 21,696,871 | 21,696,871 | 1.36 | % | E/F/N | |||||||||||||||||
Essex Ocean, LLC (Solexel) | Sr Secured Term Loan | Fixed | — | 8.00 | % | 8.00 | % | 8/15/2018 | $ | 1,696,898 | 1,696,898 | — | — | C/N | ||||||||||||||||||
23,393,769 | 21,696,871 | 1.36 | % |
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 B | LIBOR(M) | 1.00 | % | 6.50 | % | 7.50 | % | 11/7/2026 | $ | — | $ | — | $ | (115,686 | ) | (0.01 | )% | K/N | |||||||||||||
Kellermeyer Bergensons Services, LLC | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 6.50 | % | 8.24 | % | 11/7/2026 | $ | 6,519,608 | 6,460,124 | 6,134,951 | 0.38 | % | N | ||||||||||||||||
Kellermeyer Bergensons Services, LLC | First Lien Delayed Draw Term Loan A | LIBOR(Q) | 1.00 | % | 6.50 | % | 8.33 | % | 11/7/2026 | $ | 1,434,314 | 1,420,607 | 1,349,689 | 0.08 | % | N | ||||||||||||||||
Team Software, Inc. | First Lien Incremental Term Loan | LIBOR(Q) | — | 5.50 | % | 7.00 | % | 9/17/2023 | $ | 7,220,080 | 7,121,555 | 6,880,737 | 0.42 | % | N | |||||||||||||||||
Team Software, Inc. | First Lien Revolver | LIBOR(Q) | — | 5.50 | % | 7.00 | % | 9/17/2023 | $ | 3,160,089 | 3,122,778 | 2,995,062 | 0.18 | % | N | |||||||||||||||||
Team Software, Inc. | First Lien Term Loan | LIBOR(Q) | — | 5.50 | % | 7.00 | % | 9/17/2023 | $ | 13,167,038 | 13,022,266 | 12,548,187 | 0.77 | % | N | |||||||||||||||||
31,147,330 | 29,792,940 | 1.82 | % | |||||||||||||||||||||||||||||
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 | $ | 1,252,632 | 1,252,632 | 1,252,632 | 0.08 | % | L/N | |||||||||||||||||
Avanti Communications Jersey Limited | 1.5 Lien Term Loan (2.5% Exit Fee) | Fixed | — | 12.50 | % | 12.50 | % | 5/24/2021 | $ | 291,730 | 249,246 | 291,730 | 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 | 1,044,328 | 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 | 2,664,831 | 0.16 | % | C/E/G/H/N | ||||||||||||||||||
7,157,683 | 5,253,521 | 0.32 | % | |||||||||||||||||||||||||||||
Construction and Engineering | ||||||||||||||||||||||||||||||||
Hylan Datacom & Electrical, LLC | First Lien Incremental Term Loan | LIBOR(Q) | 1.00 | % | 9.50 | % | 11.11 | % | 7/25/2021 | $ | 2,568,367 | 2,539,629 | 1,669,182 | 0.10 | % | N | ||||||||||||||||
Hylan Datacom & Electrical, LLC | First Lien Term Loan (3.15% Exit Fee) | LIBOR(Q) | 1.00 | % | 9.50 | % | 11.11 | % | 7/25/2021 | $ | 14,208,421 | 14,149,294 | 9,234,053 | 0.56 | % | L/N | ||||||||||||||||
16,688,923 | 10,903,235 | 0.66 | % | |||||||||||||||||||||||||||||
Construction Materials | ||||||||||||||||||||||||||||||||
Brannan Sand and Gravel Company, LLC | First Lien Term Loan | LIBOR(Q) | — | 5.25 | % | 6.75 | % | 7/3/2023 | $ | 6,561,998 | 6,497,633 | 6,617,775 | 0.40 | % | N | |||||||||||||||||
Consumer Finance | ||||||||||||||||||||||||||||||||
Auto Trakk SPV, LLC | First Lien Delayed Draw Term Loan | LIBOR(M) | 0.50 | % | 6.50 | % | 7.20 | % | 12/21/2021 | $ | 23,971,792 | 23,822,888 | 23,971,792 | 1.46 | % | N | ||||||||||||||||
Barri Financial Group, LL | First Lien Term Loan | LIBOR(M) | 1.00 | % | 7.75 | % | 8.82 | % | 10/23/2024 | $ | 19,225,745 | 18,776,612 | 18,322,135 | 1.12 | % | N | ||||||||||||||||
Open Lending, LLC | First Lien Term Loan | LIBOR(M) | 1.00 | % | 6.50 | % | 7.50 | % | 3/11/2027 | $ | 5,000,000 | 4,825,000 | 4,850,000 | 0.30 | % | N | ||||||||||||||||
47,424,500 | 47,143,927 | 2.88 | % | |||||||||||||||||||||||||||||
Diversified Consumer Services | ||||||||||||||||||||||||||||||||
Edmentum, Inc. | Jr Revolving Facility | Fixed | — | 5.00 | % | 5.00 | % | 6/9/2020 | $ | 5,498,865 | 5,498,865 | 5,498,865 | 0.34 | % | B/N | |||||||||||||||||
Edmentum, Inc. | First Lien Term Loan B | Fixed | — | 8.50 | % | 8.50 | % | 6/9/2021 | $ | 10,792,686 | 9,801,903 | 10,792,686 | 0.66 | % | B/N | |||||||||||||||||
Edmentum, Inc. | Second Lien Term Loan | Fixed | — | 7.00% PIK | 7.00 | % | 12/8/2021 | $ | 8,429,803 | 8,429,803 | 8,429,803 | 0.52 | % | B/N | ||||||||||||||||||
Edmentum Ultimate Holdings, LLC | Jr PIK Notes | Fixed | — | 10.00% PIK | 10.00 | % | 6/9/2020 | $ | 18,059,291 | 18,029,203 | 11,292,474 | 0.69 | % | B/N | ||||||||||||||||||
Edmentum Ultimate Holdings, LLC | Sr PIK Notes | Fixed | — | 8.50% PIK | 8.50 | % | 6/9/2020 | $ | 3,755,736 | 3,755,736 | 3,755,736 | 0.23 | % | B/N | ||||||||||||||||||
Educationcity Limited (Edmentum) | Sr Unsecured Promissory Note | Fixed | — | 10.00 | % | 10.00 | % | 8/31/2020 | $ | 3,707,423 | 3,677,040 | 3,707,423 | 0.23 | % | N | |||||||||||||||||
Spark Networks, Inc. | Sr Secured Revolver | LIBOR(Q) | 1.50 | % | 8.00 | % | 9.50 | % | 7/1/2023 | $ | — | (28,700 | ) | (32,490 | ) | — | K/N | |||||||||||||||
Spark Networks, Inc. | First Lien Term Loan | LIBOR(Q) | 1.50 | % | 8.00 | % | 9.50 | % | 7/1/2023 | $ | 22,330,697 | 21,662,773 | 21,591,551 | 1.32 | % | N | ||||||||||||||||
70,826,623 | 65,036,048 | 3.99 | % | |||||||||||||||||||||||||||||
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (continued) | ||||||||||||||||||||||||||||||||
Facilities Support Services | ||||||||||||||||||||||||||||||||
NANA Development Corp. | First Lien Term Loan B | LIBOR (Q) | 1.25 | % | 6.75 | % | 8.08 | % | 3/15/2018 | $ | 233,324 | $ | 230,588 | $ | 230,990 | 0.01 | % | N | ||||||||||||||
Grocery Stores | ||||||||||||||||||||||||||||||||
Bashas, Inc. | First Lien FILO Term Loan | LIBOR (M) | 1.50 | % | 8.80 | % | 10.30 | % | 10/8/2019 | $ | 5,727,386 | 5,705,475 | 5,727,386 | 0.36 | % | N | ||||||||||||||||
Hospitals | ||||||||||||||||||||||||||||||||
KPC Healthcare, Inc. | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 9.00 | % | 10.45 | % | 2/6/2020 | $ | 14,792,003 | 14,707,122 | 14,939,923 | 0.93 | % | N | ||||||||||||||||
Pacific Coast Holdings Investment, LLC (KPC Healthcare) | First Lien Term Loan | LIBOR (M) | 1.00 | % | 7.50 | % | 8.74 | % | 2/14/2021 | $ | 29,288,064 | 28,909,527 | 29,280,742 | 1.83 | % | N | ||||||||||||||||
43,616,649 | 44,220,665 | 2.76 | % | |||||||||||||||||||||||||||||
Insurance | ||||||||||||||||||||||||||||||||
Alera Group Intermediate Holdings, Inc. | First Lien Delayed Draw Term Loan | LIBOR (Q) | 1.00 | % | 5.50 | % | 6.74 | % | 12/30/2022 | $ | 124,583 | 116,283 | 126,249 | 0.01 | % | N | ||||||||||||||||
Alera Group Intermediate Holdings, Inc. | First Lien Revolver | LIBOR (Q) | 1.00 | % | 5.50 | % | N/A | 12/30/2021 | $ | — | (7,558 | ) | — | — | K/N | |||||||||||||||||
Alera Group Intermediate Holdings, Inc. | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 5.50 | % | 6.74 | % | 12/30/2022 | $ | 3,390,085 | 3,360,563 | 3,396,866 | 0.21 | % | N | ||||||||||||||||
Association Member Benefits Advisors, LLC | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 8.75 | % | 9.99 | % | 6/8/2023 | $ | 8,277,983 | 8,130,115 | 8,257,288 | 0.52 | % | N | ||||||||||||||||
US Apple Holdco, LLC (Ventiv Technology) | First Lien FILO Term Loan | LIBOR (Q) | 0.50 | % | 13.62 | % | 14.91 | % | 8/29/2019 | $ | 20,060,606 | 19,698,428 | 20,060,606 | 1.25 | % | N | ||||||||||||||||
US Apple Holdco, LLC (Ventiv Technology) | First Lien Incremental Tranche B FILO Term Loan | LIBOR (Q) | 0.50 | % | 13.62 | % | 14.97 | % | 8/29/2019 | $ | 4,320,000 | 4,245,257 | 4,320,000 | 0.27 | % | N | ||||||||||||||||
35,543,088 | 36,161,009 | 2.26 | % | |||||||||||||||||||||||||||||
Lessors of Nonfinancial Licenses | ||||||||||||||||||||||||||||||||
ABG Intermediate Holdings 2, LLC | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 7.75 | % | 8.99 | % | 9/29/2025 | $ | 15,000,000 | 14,887,500 | 15,150,000 | 0.95 | % | |||||||||||||||||
Kenneth Cole Productions, Inc. | First Lien FILO Term Loan | LIBOR (M) | 1.00 | % | 9.65 | % | 10.90 | % | 3/21/2022 | $ | 33,544,709 | 33,232,910 | 33,199,199 | 2.07 | % | N | ||||||||||||||||
48,120,410 | 48,349,199 | 3.02 | % | |||||||||||||||||||||||||||||
Management, Scientific, and Technical Consulting Services | ||||||||||||||||||||||||||||||||
Asentinel, LLC (Tangoe) | First Lien Last Out Term Loan | LIBOR (M) | 1.00 | % | 10.77%Cash +0.50%PIK | 12.60 | % | 6/16/2022 | $ | 24,259,932 | 23,339,619 | 23,495,744 | 1.47 | % | N | |||||||||||||||||
Dodge Data & Analytics, LLC | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.75 | % | 10.06 | % | 10/31/2019 | $ | 23,297,434 | 23,037,915 | 23,297,434 | 1.45 | % | N | ||||||||||||||||
46,377,534 | 46,793,178 | 2.92 | % | |||||||||||||||||||||||||||||
Motion Picture and Video Industries | ||||||||||||||||||||||||||||||||
NEG Holdings, LLC (CORE Entertainment) | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.00% PIK | 9.33 | % | 10/17/2022 | $ | 1,548,210 | 1,548,210 | 1,548,210 | 0.10 | % | N | |||||||||||||||||
Other Information Services | ||||||||||||||||||||||||||||||||
Asset International, Inc. | Delayed Draw Term Loan | LIBOR (Q) | 1.00 | % | 8.50 | % | 9.84 | % | 7/31/2020 | $ | 1,251,626 | 1,231,645 | 1,246,933 | 0.08 | % | N | ||||||||||||||||
Asset International, Inc. | Revolver Loan | LIBOR (Q) | 1.00 | % | 8.50 | % | 9.84 | % | 7/31/2020 | $ | 491,303 | 482,070 | 489,092 | 0.03 | % | N | ||||||||||||||||
Asset International, Inc. | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.50 | % | 9.83 | % | 7/31/2020 | $ | 15,213,518 | 15,042,452 | 15,179,287 | 0.95 | % | N | ||||||||||||||||
Discoverorg, LLC | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 8.50 | % | 9.74 | % | 2/26/2024 | $ | 12,839,252 | 12,712,038 | 12,710,859 | 0.79 | % | N | ||||||||||||||||
29,468,205 | 29,626,171 | 1.85 | % | |||||||||||||||||||||||||||||
Other Manufacturing | ||||||||||||||||||||||||||||||||
AGY Holding Corp. | Sr Secured Term Loan | Fixed | — | 12.00 | % | 12.00 | % | 9/15/2018 | $ | 4,869,577 | 4,869,577 | 4,869,577 | 0.30 | % | B/N | |||||||||||||||||
AGY Holding Corp. | Second Lien Notes | Fixed | — | 11.00 | % | 11.00 | % | 11/15/2018 | $ | 9,268,000 | 7,586,317 | 9,268,000 | 0.58 | % | B/E/N | |||||||||||||||||
AGY Holding Corp. | Delayed Draw Term Loan | Fixed | — | 12.00 | % | 12.00 | % | 9/15/2018 | $ | 1,049,146 | 1,049,146 | 1,049,146 | 0.06 | % | B/N | |||||||||||||||||
13,505,040 | 15,186,723 | 0.94 | % | |||||||||||||||||||||||||||||
Other Publishing | ||||||||||||||||||||||||||||||||
Bisnow, LLC | First Lien Revolver | LIBOR (Q) | — | 9.00 | % | N/A | 4/29/2021 | $ | — | (24,000 | ) | — | — | K/N | ||||||||||||||||||
Bisnow, LLC | First Lien Term Loan | LIBOR (Q) | — | 9.00 | % | 10.31 | % | 4/29/2021 | $ | 8,247,890 | 8,121,791 | 8,313,875 | 0.52 | % | N | |||||||||||||||||
Contextmedia Health, LLC | First Lien Term Loan B | LIBOR (M) | 1.00 | % | 6.50 | % | 7.75 | % | 12/23/2021 | $ | 13,125,000 | 11,957,589 | 13,075,781 | 0.82 | % | |||||||||||||||||
Patient Point Network Solutions, LLC | First Lien Second Out Term Loan | LIBOR (M) | 1.00 | % | 7.50 | % | 8.74 | % | 6/26/2022 | $ | 7,003,544 | 6,916,582 | 6,916,000 | 0.43 | % | N | ||||||||||||||||
Patient Point Network Solutions, LLC | Revolver | LIBOR (M) | 1.00 | % | 7.50 | % | N/A | 6/26/2022 | $ | — | (5,366 | ) | (5,506 | ) | — | K/N | ||||||||||||||||
26,966,596 | 28,300,150 | 1.77 | % |
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (continued) | ||||||||||||||||||||||||||||||||
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 | 2.50 | % | E/F/N | |||||||||||||||
Aretec Group, Inc. (Cetera) | Second Lien Term Loan | LIBOR(M) | — | 8.25 | % | 9.24 | % | 10/1/2026 | $ | 27,105,263 | 26,851,602 | 20,328,947 | 1.24 | % | G/N | |||||||||||||||||
Credit Suisse AG (Cayman Islands) | Asset-Backed Credit Linked Notes | LIBOR(Q) | — | 9.50 | % | 11.50 | % | 4/12/2025 | $ | 38,000,000 | 38,000,000 | 31,692,000 | 1.94 | % | H/I/N | |||||||||||||||||
GC Agile Holdings Limited (Apex) (England) | First Lien Delayed Term Loan B | LIBOR(M) | 1.00 | % | 7.00 | % | 8.25 | % | 6/15/2025 | $ | 18,931,720 | 18,591,397 | 18,360,659 | 1.12 | % | H/N | ||||||||||||||||
GC Agile Holdings Limited (Apex) (England) | First Lien Term Loan A | LIBOR(M) | 1.00 | % | 7.00 | % | 8.25 | % | 6/15/2025 | $ | 822,864 | 808,526 | 795,216 | 0.05 | % | H/N | ||||||||||||||||
RSB-160, LLC (Lat20) | First Lien Delayed Draw Term Loan | LIBOR(M) | 1.00 | % | 6.00 | % | 7.00 | % | 7/20/2022 | $ | 2,333,333 | 2,302,395 | 2,366,000 | 0.14 | % | N | ||||||||||||||||
127,388,338 | 114,377,241 | 6.99 | % | |||||||||||||||||||||||||||||
Diversified Telecommunication Services | ||||||||||||||||||||||||||||||||
American Broadband Holding Company | First Lien Term Loan | LIBOR(Q) | 1.25 | % | 7.25 | % | 8.70 | % | 10/25/2022 | $ | 14,941,671 | 14,720,283 | 15,031,321 | 0.91 | % | N | ||||||||||||||||
American Broadband Holding Company | First Lien Incremental Term Loan | LIBOR(Q) | 1.25 | % | 7.25 | % | 8.70 | % | 10/25/2022 | $ | 1,244,358 | 1,244,358 | 1,251,824 | 0.08 | % | N | ||||||||||||||||
ECI Macola/Max Holding, LLC | Second Lien Term Loan | LIBOR(Q) | 1.00 | % | 8.00 | % | 9.45 | % | 9/29/2025 | $ | 24,840,563 | 24,664,685 | 23,673,057 | 1.45 | % | N | ||||||||||||||||
Aventiv Technologies, Inc. (Securus) | Second Lien Term Loan | LIBOR(M) | 1.00 | % | 8.25 | % | 9.25 | % | 11/1/2025 | $ | 25,846,154 | 25,653,114 | 13,569,231 | 0.83 | % | N | ||||||||||||||||
TPC Intermediate Holdings, LLC | First Lien Delayed Draw Term Loan | LIBOR(Q) | 1.00 | % | 6.00 | % | 7.45 | % | 5/15/2023 | $ | 797,559 | 786,465 | 781,687 | 0.05 | % | N | ||||||||||||||||
TPC Intermediate Holdings, LLC | First Lien Incremental Delayed Draw Term Loan | LIBOR(Q) | 1.00 | % | 6.00 | % | 7.45 | % | 5/15/2020 | $ | 788,529 | 786,516 | 774,729 | 0.05 | % | N | ||||||||||||||||
TPC Intermediate Holdings, LLC | First Lien Incremental Delayed Draw Term Loan A | LIBOR(M) | 1.00 | % | 6.00 | % | 7.00 | % | 10/31/2020 | $ | — | — | (71,755 | ) | — | K/N | ||||||||||||||||
Telarix, Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 6.00 | % | 7.00 | % | 11/19/2023 | $ | 7,425,000 | 7,334,608 | 7,119,833 | 0.44 | % | N | ||||||||||||||||
Telarix, Inc. | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 6.00 | % | 7.00 | % | 11/19/2023 | $ | 357,143 | 353,176 | 342,464 | 0.02 | % | N | ||||||||||||||||
75,543,205 | 62,472,391 | 3.83 | % | |||||||||||||||||||||||||||||
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 | 1,479,533 | 0.09 | % | 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 | 0.20 | % | 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 | 2,129,936 | 0.13 | % | C/F/H/N | ||||||||||||||||||
Utilidata, Inc. | First Lien Delayed Draw Term Loan (4.5% Exit Fee) | LIBOR(Q) | — | 9.88 | % | 11.38 | % | 7/1/2020 | $ | 793,398 | 789,077 | 715,407 | 0.04 | % | L/N | |||||||||||||||||
17,810,611 | 7,614,314 | 0.46 | % | |||||||||||||||||||||||||||||
Electrical Equipment | ||||||||||||||||||||||||||||||||
TCFI Amteck Holdings, LLC | First Lien Delayed Draw Term Loan | LIBOR(Q) | — | 6.25 | % | 7.75 | % | 5/22/2023 | $ | 507,510 | 500,859 | 487,261 | 0.03 | % | N | |||||||||||||||||
TCFI Amteck Holdings, LLC | First Lien Term Loan | LIBOR(Q) | — | 6.25 | % | 7.75 | % | 5/22/2023 | $ | 8,413,638 | 8,302,037 | 8,077,934 | 0.49 | % | N | |||||||||||||||||
8,802,896 | 8,565,195 | 0.52 | % | |||||||||||||||||||||||||||||
Energy Equipment and Services | ||||||||||||||||||||||||||||||||
GlassPoint Solar, Inc. | First Lien Term Loan (4.0% Exit Fee) | LIBOR(Q) | 1.50 | % | 8.50 | % | 10.00 | % | 8/31/2021 | $ | 4,167,831 | 4,145,797 | 4,158,661 | 0.25 | % | L/N | ||||||||||||||||
GlassPoint Solar, Inc. | First Lien Term Loan (5.0% Exit Fee) | LIBOR(Q) | 1.06 | % | 11.44 | % | 12.94 | % | 8/31/2021 | $ | 2,276,123 | 2,190,099 | 2,222,407 | 0.14 | % | L/N | ||||||||||||||||
Sphera Solutions, Inc. (Diamondback) | First Lien FILO Term Loan B | LIBOR(Q) | 2.00 | % | 8.81 | % | 10.31 | % | 6/14/2022 | $ | 23,555,164 | 23,204,354 | 22,989,840 | 1.41 | % | N | ||||||||||||||||
29,540,250 | 29,370,908 | 1.80 | % | |||||||||||||||||||||||||||||
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (continued) | ||||||||||||||||||||||||||||||||
Pharmaceuticals | ||||||||||||||||||||||||||||||||
Nephron Pharmaceuticals Corporation | First Lien FILO Term Loan | LIBOR (M) | 1.00 | % | 8.75 | % | 9.99 | % | 8/7/2019 | $ | 44,047,447 | $ | 42,913,836 | $ | 43,122,451 | 2.69 | % | N | ||||||||||||||
Other Real Estate Activities | ||||||||||||||||||||||||||||||||
Associations, Inc. | First Lien FILO Term Loan | LIBOR (Q) | 1.00 | % | 8.96 | % | 10.29 | % | 12/23/2019 | $ | 12,794,670 | 12,703,330 | 12,794,670 | 0.80 | % | N | ||||||||||||||||
Greystone Select Holdings, LLC | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.00 | % | 9.26 | % | 4/17/2024 | $ | 25,202,549 | 24,954,120 | 25,782,207 | 1.61 | % | N | ||||||||||||||||
37,657,450 | 38,576,877 | 2.41 | % | |||||||||||||||||||||||||||||
Other Telecommunications | ||||||||||||||||||||||||||||||||
Securus Technologies, Inc. | Second Lien Term Loan | LIBOR (M) | 1.25 | % | 7.75 | % | 9.00 | % | 4/30/2021 | $ | 4,516,129 | 4,470,968 | 4,542,458 | 0.28 | % | N | ||||||||||||||||
Securus Technologies, Inc. | Second Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.25 | % | 9.25 | % | 6/20/2025 | $ | 25,846,154 | 25,620,000 | 26,120,769 | 1.63 | % | N | ||||||||||||||||
30,090,968 | 30,663,227 | 1.91 | % | |||||||||||||||||||||||||||||
Plastics Manufacturing | ||||||||||||||||||||||||||||||||
Iracore International, Inc. | First Lien Term Loan | LIBOR (M) | 1.00 | % | 9.00 | % | 10.25 | % | 4/13/2021 | $ | 1,900,733 | 1,900,733 | 1,900,733 | 0.12 | % | B/N | ||||||||||||||||
Radio and Television Broadcasting | ||||||||||||||||||||||||||||||||
NEP/NCP Holdco, Inc. | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 7.00 | % | 8.23 | % | 1/23/2023 | $ | 11,536,391 | 11,508,154 | 11,644,545 | 0.73 | % | G | ||||||||||||||||
Real Estate Leasing | ||||||||||||||||||||||||||||||||
Daymark Financial Acceptance, LLC | First Lien Delayed Draw Term Loan | LIBOR (Q) | — | 9.50 | % | 10.74 | % | 1/12/2020 | $ | 14,000,000 | 13,879,590 | 13,748,000 | 0.86 | % | N | |||||||||||||||||
Home Partners of America, Inc. | First Lien Term Loan | LIBOR (M) | 1.00 | % | 7.00 | % | 8.23 | % | 10/13/2022 | $ | 5,000,000 | 4,913,427 | 5,100,000 | 0.32 | % | N | ||||||||||||||||
18,793,017 | 18,848,000 | 1.18 | % | |||||||||||||||||||||||||||||
Restaurants | ||||||||||||||||||||||||||||||||
RM OpCo, LLC (Real Mex) | Convertible Second Lien Term Loan Tranche B-1 | Fixed | — | 8.50 | % | 8.50 | % | 3/30/2018 | $ | 2,072,771 | 2,072,771 | 1,705,683 | 0.11 | % | B/N | |||||||||||||||||
RM OpCo, LLC (Real Mex) | First Lien Term Loan Tranche A | Fixed | — | 7.00 | % | 7.00 | % | 3/30/2018 | $ | 4,892,097 | 4,608,710 | 4,892,097 | 0.30 | % | B/N | |||||||||||||||||
RM OpCo, LLC (Real Mex) | Second Lien Term Loan Tranche B | Fixed | — | 8.50 | % | 8.50 | % | 3/30/2018 | $ | 10,327,904 | 10,327,904 | — | — | B/C/N | ||||||||||||||||||
RM OpCo, LLC (Real Mex) | Second Lien Term Loan Tranche B-1 | Fixed | — | 8.50 | % | 8.50 | % | 3/30/2018 | $ | 3,252,610 | 3,237,187 | 2,676,572 | 0.17 | % | B/N | |||||||||||||||||
RM OpCo, LLC (Real Mex) | Sr Convertible Second Lien Term Loan B | Fixed | — | 8.50 | % | 8.50 | % | 3/30/2018 | $ | 6,490,093 | 6,490,093 | 6,490,103 | 0.40 | % | B/N | |||||||||||||||||
26,736,665 | 15,764,455 | 0.98 | % | |||||||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||||||||
Bon-Ton, Inc. | First Lien Tranche A-1 Revolver | LIBOR (Q) | 1.00 | % | 9.50 | % | 10.81 | % | 3/15/2021 | $ | 4,432,934 | 4,361,693 | 4,399,687 | 0.27 | % | N | ||||||||||||||||
USR Parent, Inc. (Staples) | First Lien FILO Term Loan | LIBOR (M) | 1.00 | % | 8.84 | % | 10.07 | % | 9/12/2022 | $ | 11,149,443 | 10,871,171 | 10,870,707 | 0.68 | % | N | ||||||||||||||||
15,232,864 | 15,270,394 | 0.95 | % | |||||||||||||||||||||||||||||
Satellite Telecommunications | ||||||||||||||||||||||||||||||||
Avanti Communications Group, PLC (United Kingdom) | Sr New Money Initial Note | Fixed | — | 10.00 | % | 10.00 | % | 10/1/2021 | $ | 1,273,204 | 1,240,014 | 1,062,330 | 0.07 | % | E/G/H/N | |||||||||||||||||
Avanti Communications Group, PLC (United Kingdom) | Sr Second-Priority PIK Toggle Note | Fixed | — | 10.00 | % | 10.00 | % | 10/1/2021 | $ | 3,248,857 | 3,166,787 | 2,710,765 | 0.17 | % | E/G/H/N | |||||||||||||||||
Avanti Communications Group, PLC (United Kingdom) | Sr Secured Third-Priority Note | Fixed | — | 12.00 | % | 12.00 | % | 10/1/2023 | $ | 6,729,804 | 3,428,151 | 1,716,100 | 0.11 | % | E/G/H/N | |||||||||||||||||
7,834,952 | 5,489,195 | 0.35 | % | |||||||||||||||||||||||||||||
Scientific Research and Development Services | ||||||||||||||||||||||||||||||||
Envigo Holdings, Inc. (BPA Laboratories, Inc.) | First Lien Term Loan | LIBOR (Q) | — | 2.50 | % | 3.81 | % | 4/29/2020 | $ | 1,857,267 | 1,671,540 | 1,798,456 | 0.11 | % | ||||||||||||||||||
Envigo Holdings, Inc. (BPA Laboratories, Inc.) | Second Lien Term Loan | LIBOR (Q) | — | 2.50 | % | 3.81 | % | 4/29/2020 | $ | 4,189,589 | 2,787,440 | 4,084,849 | 0.25 | % | ||||||||||||||||||
Envigo Holdings, Inc. (BPA Laboratories, Inc.) | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.50 | % | 9.80 | % | 11/3/2021 | $ | 34,930,560 | 34,339,828 | 35,017,889 | 2.19 | % | G | ||||||||||||||||
38,798,808 | 40,901,194 | 2.55 | % | |||||||||||||||||||||||||||||
Textile Furnishings Mills | ||||||||||||||||||||||||||||||||
Lexmark Carpet Mills, Inc. | First Lien Term Loan (1.5% Exit Fee) | LIBOR (Q) | 1.00 | % | 10.00%Cash+1.00% PIK | 12.30 | % | 12/19/2019 | $ | 21,061,727 | 21,061,727 | 20,988,011 | 1.31 | % | L/N | |||||||||||||||||
Lexmark Carpet Mills, Inc. | First Lien Term Loan B (1.5% Exit Fee) | LIBOR (Q) | 1.00 | % | 10.00%Cash+1.00% PIK | 12.30 | % | 12/19/2019 | $ | 7,224,662 | 7,124,139 | 7,199,375 | 0.45 | % | L/N | |||||||||||||||||
28,185,866 | 28,187,386 | 1.76 | % |
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (continued) | ||||||||||||||||||||||||||||||||
Health Care Technology | ||||||||||||||||||||||||||||||||
CAREATC, Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 7.25 | % | 8.25 | % | 3/14/2024 | $ | 8,502,033 | $ | 8,358,936 | $ | 8,221,466 | 0.50 | % | N | ||||||||||||||
CAREATC, Inc. | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 7.25 | % | 8.47 | % | 3/14/2024 | $ | 607,288 | 597,654 | 587,248 | 0.04 | % | K/N | ||||||||||||||||
Patient Point Network Solutions, LLC | Sr Secured Revolver | PRIME | — | 6.50 | % | 9.75 | % | 6/26/2022 | $ | 440,474 | 437,894 | 428,582 | 0.03 | % | N | |||||||||||||||||
Patient Point Network Solutions, LLC | First Lien Incremental Term Loan | LIBOR(Q) | 1.00 | % | 7.50 | % | 8.95 | % | 6/26/2022 | $ | 1,222,894 | 1,213,925 | 1,189,876 | 0.07 | % | N | ||||||||||||||||
Patient Point Network Solutions, LLC | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 7.50 | % | 8.95 | % | 6/26/2022 | $ | 6,344,935 | 6,307,776 | 6,173,622 | 0.38 | % | N | ||||||||||||||||
Sandata Technologies, LLC | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 6.00 | % | 7.50 | % | 7/23/2024 | $ | 20,250,000 | 19,975,035 | 18,994,500 | 1.16 | % | N | ||||||||||||||||
Sandata Technologies, LLC | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 6.00 | % | 7.00 | % | 7/23/2024 | $ | 2,250,000 | 2,220,849 | 2,110,500 | 0.13 | % | K/N | ||||||||||||||||
39,112,069 | 37,705,794 | 2.31 | % | |||||||||||||||||||||||||||||
Hotels, Restaurants and Leisure | ||||||||||||||||||||||||||||||||
Fishbowl, Inc. | First Lien Term Loan | LIBOR(Q) | — | 2.80% Cash+8.45% PIK | 11.25 | % | 1/26/2022 | $ | 24,981,214 | 24,701,568 | 21,496,335 | 1.32 | % | N | ||||||||||||||||||
Pegasus Business Intelligence, LP (Onyx Centersource) | First Lien Incremental Term Loan | LIBOR(Q) | 1.00 | % | 6.25 | % | 7.71 | % | 12/20/2021 | $ | 5,663,543 | 5,663,543 | 5,043,385 | 0.31 | % | N | ||||||||||||||||
Pegasus Business Intelligence, LP (Onyx Centersource) | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 6.25 | % | 8.20 | % | 12/20/2021 | $ | 13,546,938 | 13,495,185 | 12,063,549 | 0.74 | % | N | ||||||||||||||||
Pegasus Business Intelligence, LP (Onyx Centersource) | Revolver | LIBOR(Q) | 1.00 | % | 6.25 | % | 8.21 | % | 12/20/2021 | $ | 671,356 | 668,989 | 597,842 | 0.04 | % | K/N | ||||||||||||||||
VSS-Southern Holdings, LLC (Southern Theatres) | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 4.50% Cash+2.00% PIK | 7.95 | % | 3/31/2022 | $ | 2,395,992 | 2,375,761 | 2,242,649 | 0.14 | % | N | |||||||||||||||||
VSS-Southern Holdings, LLC (Southern Theatres) | First Lien Incremental Term Loan | LIBOR(Q) | 1.00 | % | 4.50% Cash+2.00% PIK | 7.95 | % | 3/31/2022 | $ | 142,889 | 142,000 | 133,744 | 0.01 | % | N | |||||||||||||||||
VSS-Southern Holdings, LLC (Southern Theatres) | First Lien Incremental Term Loan | LIBOR(Q) | 1.00 | % | 6.50 | % | 7.95 | % | 3/31/2022 | $ | 550,909 | 550,909 | 515,651 | 0.03 | % | N | ||||||||||||||||
VSS-Southern Holdings, LLC (Southern Theatres) | Sr Secured Revolver | LIBOR(Q) | 1.00 | % | 4.50% Cash+2.00% PIK | 7.95 | % | 3/31/2022 | $ | 1,027,397 | 1,021,439 | 961,644 | 0.06 | % | K/N | |||||||||||||||||
48,619,394 | 43,054,799 | 2.65 | % | |||||||||||||||||||||||||||||
Insurance | ||||||||||||||||||||||||||||||||
2-10 Holdco, Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 6.25 | % | 7.25 | % | 10/31/2024 | $ | 4,526,042 | 4,453,012 | 4,368,988 | 0.27 | % | N | ||||||||||||||||
2-10 Holdco, Inc. | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 6.25 | % | 7.25 | % | 10/31/2024 | $ | — | (6,377 | ) | (14,458 | ) | — | K/N | |||||||||||||||
AmeriLife Holdings, LLC | Second Lien Term Loan | LIBOR(M) | 1.00 | % | 8.50 | % | 9.50 | % | 3/18/2028 | $ | 14,636,031 | 14,343,685 | 14,343,310 | 0.88 | % | N | ||||||||||||||||
Higginbotham Insurance Agency, Inc. | Second Lien Term Loan | LIBOR(M) | 1.00 | % | 7.50 | % | 8.50 | % | 12/19/2025 | $ | 28,000,000 | 27,806,105 | 26,460,000 | 1.62 | % | N | ||||||||||||||||
IAS Investco, Inc. | First Lien Delayed Draw Term Loan A | LIBOR(Q) | 1.00 | % | 5.50 | % | 7.10 | % | 1/24/2021 | $ | 5,245,714 | 5,228,521 | 5,196,405 | 0.32 | % | N | ||||||||||||||||
IAS Investco, Inc. | First Lien Delayed Draw Term Loan B | LIBOR(M) | 1.00 | % | 5.50 | % | 6.50 | % | 1/24/2021 | $ | 1,692,857 | 1,688,306 | 1,676,944 | 0.10 | % | N | ||||||||||||||||
IAS Investco, Inc. | First Lien Incremental Term Loan | LIBOR(M) | 1.00 | % | 5.50 | % | 6.50 | % | 1/24/2021 | $ | 5,935,629 | 5,922,605 | 5,879,834 | 0.36 | % | N | ||||||||||||||||
IAS Investco, Inc. | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 5.50 | % | 7.10 | % | 1/24/2021 | $ | 3,879,054 | 3,866,313 | 3,842,591 | 0.24 | % | N | ||||||||||||||||
63,302,170 | 61,753,614 | 3.79 | % | |||||||||||||||||||||||||||||
Internet Software and Services | ||||||||||||||||||||||||||||||||
Acquia Inc. | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 7.00 | % | 8.58 | % | 11/1/2025 | $ | 16,648,997 | 16,332,788 | 15,500,216 | 0.95 | % | N | ||||||||||||||||
Acquia Inc. | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 7.00 | % | 8.00 | % | 11/1/2025 | $ | — | (33,594 | ) | (124,462 | ) | (0.01 | )% | K/N | ||||||||||||||
Domo, Inc. | First Lien Delayed Draw Term Loan (7.0% Exit Fee) | LIBOR(Q) | 1.50 | % | 5.63% Cash+2.50% PIK | 9.63 | % | 10/1/2022 | $ | 52,457,612 | 52,243,816 | 52,431,219 | 3.21 | % | 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 | 27,550,190 | 28,308,000 | 1.73 | % | L/N | ||||||||||||||||
Foursquare Labs, Inc. | First Lien Term Loan (5.0% Exit Fee) | LIBOR(Q) | 2.19 | % | 7.25 | % | 9.44 | % | 10/1/2022 | $ | 33,750,000 | 33,473,792 | 33,918,750 | 2.08 | % | L/N | ||||||||||||||||
InMobi, Inc. (Singapore) | First Lien Delayed Draw Term Loan | LIBOR(Q) | — | 8.25 | % | 9.63 | % | 5/22/2023 | $ | 30,906,865 | 30,745,904 | 30,906,865 | 1.89 | % | H/N | |||||||||||||||||
Persado, Inc. | First Lien Delayed Term Loan (4.25% Exit Fee) | LIBOR(Q) | 1.80 | % | 7.00 | % | 8.80 | % | 2/1/2025 | $ | 10,538,494 | 10,403,930 | 10,468,237 | 0.64 | % | L/N | ||||||||||||||||
Quartz Holding Company (Quick Base) | Second Lien Term Loan | LIBOR(M) | — | 8.00 | % | 8.86 | % | 4/2/2027 | $ | 9,903,019 | 9,715,185 | 9,754,474 | 0.60 | % | N | |||||||||||||||||
ResearchGate GmBH (Germany) | First Lien Term Loan | EURIBOR(M) | — | 8.25 | % | 8.55 | % | 5/22/2023 | € | 6,714,000 | 7,893,464 | 7,091,830 | 0.43 | % | D/H/L/N | |||||||||||||||||
188,325,475 | 188,255,129 | 11.52 | % | |||||||||||||||||||||||||||||
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (continued) | ||||||||||||||||||||||||||||||||
Traveler Arrangement | ||||||||||||||||||||||||||||||||
CIBT Solutions, Inc. | Second Lien Term Loan | LIBOR (Q) | 1.00 | % | 7.75 | % | 9.08 | % | 6/1/2025 | $ | 7,611,914 | $ | 7,536,412 | $ | 7,726,092 | 0.48 | % | N | ||||||||||||||
Software Publishing | ||||||||||||||||||||||||||||||||
Acronis International GmbH (Switzerland) | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 13.00%Cash+2.00%PIK | 16.31 | % | 7/16/2018 | $ | 17,446,997 | 17,452,145 | 17,446,997 | 1.09 | % | H/N | |||||||||||||||||
Actifio, Inc. | First Lien Term Loan (2.0% Exit Fee) | LIBOR (M) | 1.00 | % | 7.50% Cash+1.00% PIK | 9.88 | % | 11/1/2020 | $ | 35,204,503 | 34,711,491 | 34,708,120 | 2.17 | % | L/N | |||||||||||||||||
ArcServe (USA), LLC | Second Lien Term Loan | LIBOR (Q) | 0.50 | % | 8.50% Cash+1.25% PIK | 11.00 | % | 1/31/2020 | $ | 30,534,114 | 30,242,898 | 30,089,843 | 1.88 | % | N | |||||||||||||||||
Autoalert, LLC | First Lien Term Loan | LIBOR (Q) | 0.25 | % | 5.75% Cash+3.00% PIK | 10.06 | % | 3/31/2019 | $ | 36,505,910 | 36,256,859 | 36,816,210 | 2.30 | % | N | |||||||||||||||||
Bond International Software, Inc. (United Kingdom) | First Lien Term Loan | LIBOR (M) | 1.00 | % | 10.00 | % | 11.24 | % | 11/4/2021 | $ | 26,358,696 | 25,825,375 | 25,939,592 | 1.62 | % | H/N | ||||||||||||||||
ECI Macola/Max Holding, LLC | Second Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.00 | % | 9.33 | % | 9/19/2025 | $ | 24,325,623 | 24,082,367 | 24,386,437 | 1.52 | % | N | ||||||||||||||||
Fishbowl, Inc. | First Lien Term Loan | LIBOR (Q) | — | 2.80% Cash+8.45% PIK | 12.63 | % | 1/26/2022 | $ | 19,316,029 | 18,756,824 | 18,947,092 | 1.18 | % | N | ||||||||||||||||||
Mapp Digital US, LLC | First Lien Term Loan | LIBOR (Q) | — | 9.50 | % | 10.80 | % | 12/31/2017 | $ | 5,621,605 | 5,607,200 | 5,613,173 | 0.35 | % | N | |||||||||||||||||
Newscycle Solutions, Inc. | Second Lien Term Loan | LIBOR (Q) | — | 13.00 | % | 14.32 | % | 9/10/2021 | $ | 11,513,362 | 11,235,273 | 11,789,683 | 0.74 | % | N | |||||||||||||||||
Newscycle Solutions AB (Sweden) | Second Lien Term Loan B | LIBOR (Q) | — | 13.00 | % | 14.32 | % | 9/10/2021 | $ | 11,513,362 | 11,235,273 | 11,789,683 | 0.74 | % | H/N | |||||||||||||||||
Tradeshift Holdings, Inc. | First Lien Delayed Draw Term Loan (7.0% Exit Fee) | LIBOR (M) | — | 8.88 | % | 10.25 | % | 9/1/2020 | $ | 14,529,322 | 13,826,524 | 13,876,940 | 0.87 | % | L/N | |||||||||||||||||
Utilidata, Inc. | First Lien Delayed Draw Term Loan (1.0% Exit Fee) | LIBOR (M) | 0.62 | % | 9.88 | % | 11.25 | % | 1/1/2019 | $ | 2,255,976 | 2,210,023 | 2,224,505 | 0.14 | % | L/N | ||||||||||||||||
Xactly Corporation | First Lien Term Loan | LIBOR (M) | 1.00 | % | 7.25 | % | 8.49 | % | 7/31/2022 | $ | 16,397,517 | 16,077,665 | 16,069,567 | 1.00 | % | N | ||||||||||||||||
Xactly Corporation | Revolver | LIBOR (M) | 1.00 | % | 7.25 | % | N/A | 7/31/2022 | $ | — | (27,167 | ) | (28,110 | ) | — | K/N | ||||||||||||||||
247,492,750 | 249,669,732 | 15.6 | % | |||||||||||||||||||||||||||||
Utility System Construction | ||||||||||||||||||||||||||||||||
GlassPoint Solar, Inc. | First Lien Term Loan (5.0% Exit Fee) | LIBOR (M) | — | 11.44 | % | 12.81 | % | 8/1/2020 | $ | 3,912,604 | 3,585,789 | 3,804,828 | 0.24 | % | L/N | |||||||||||||||||
GlassPoint Solar, Inc. | First Lien Delay Draw Term Loan A | LIBOR (M) | — | 11.44 | % | N/A | 8/1/2020 | $ | — | — | — | — | N | |||||||||||||||||||
GlassPoint Solar, Inc. | First Lien Delay Draw Term Loan B | LIBOR (M) | — | 11.44 | % | N/A | 8/1/2020 | $ | — | — | — | — | N | |||||||||||||||||||
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) | Bank Guarantee Credit Facility | Fixed | — | 8.00% PIK | 9.34 | % | 7/2/2018 | $ | 17,471,897 | 17,471,897 | 16,700,513 | 1.04 | % | F/H/N | ||||||||||||||||||
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) | Revolving Credit Facility | LIBOR (Q) | — | — | — | 7/2/2018 | $ | 6,072,441 | 6,072,441 | 6,072,441 | 0.38 | % | C/F/H/N | |||||||||||||||||||
27,130,127 | 26,577,782 | 1.66 | % | |||||||||||||||||||||||||||||
Wholesalers | ||||||||||||||||||||||||||||||||
NILCO, LLC | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 9.50 | % | 10.74 | % | 9/1/2021 | $ | 20,224,763 | 19,723,119 | 20,629,259 | 1.29 | % | N | ||||||||||||||||
Wired Telecommunications Carriers | ||||||||||||||||||||||||||||||||
Alpheus Communications, LLC | First Lien Delayed Draw FILO Term Loan | LIBOR (M) | 1.00 | % | 7.42 | % | 8.73 | % | 5/31/2018 | $ | 325,447 | 322,212 | 325,252 | 0.02 | % | N | ||||||||||||||||
Alpheus Communications, LLC | First Lien Delayed Draw FILO Term Loan | LIBOR (M) | 1.00 | % | 7.42 | % | 8.51 | % | 5/31/2018 | $ | 1,321,328 | 1,315,866 | 1,320,321 | 0.08 | % | N | ||||||||||||||||
Alpheus Communications, LLC | First Lien FILO Term Loan | LIBOR (M) | 1.00 | % | 7.42 | % | 8.72 | % | 5/31/2018 | $ | 7,110,607 | 7,039,918 | 7,106,340 | 0.44 | % | N | ||||||||||||||||
8,677,996 | 8,751,913 | 0.54 | % | |||||||||||||||||||||||||||||
Wireless Telecommunications Carriers | ||||||||||||||||||||||||||||||||
Gogo, LLC | Sr Secured Notes | Fixed | — | 12.50 | % | 12.50 | % | 7/1/2022 | $ | 10,000,000 | 10,000,000 | 11,443,750 | 0.71 | % | E/G | |||||||||||||||||
Total Debt Investments | 1,468,606,760 | 1,463,294,967 | 91.42 | % | ||||||||||||||||||||||||||||
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (continued) | ||||||||||||||||||||||||||||||||
Internet and Catalog Retail | ||||||||||||||||||||||||||||||||
Live Auctioneers LLC | First Lien Last Out B-2 Term Loan | LIBOR(M) | 1.00 | % | 6.76 | % | 7.83 | % | 5/20/2025 | $ | 13,925,285 | $ | 13,672,271 | $ | 13,229,021 | 0.81 | % | N | ||||||||||||||
IT Services | ||||||||||||||||||||||||||||||||
Apptio, Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 7.25 | % | 8.25 | % | 1/10/2025 | $ | 11,812,993 | 11,605,658 | 11,269,595 | 0.69 | % | N | ||||||||||||||||
Apptio, Inc. | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 7.25 | % | 8.25 | % | 1/10/2025 | $ | — | (12,267 | ) | (35,385 | ) | — | K/N | |||||||||||||||
Donuts Inc. | First Lien Revolver | LIBOR(M) | 1.00 | % | 6.25 | % | 7.37 | % | 9/17/2023 | $ | 608,276 | 586,267 | 586,345 | 0.04 | % | N | ||||||||||||||||
Donuts Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 6.25 | % | 7.32 | % | 9/17/2023 | $ | 10,883,276 | 10,641,943 | 10,652,550 | 0.65 | % | N | ||||||||||||||||
Web.com Group Inc. | Second Lien Term Loan | LIBOR(M) | — | 7.75 | % | 8.95 | % | 10/11/2026 | $ | 21,466,800 | 21,228,480 | 16,600,920 | 1.02 | % | G/J | |||||||||||||||||
Xactly Corporation | First Lien Incremental Term Loan B | LIBOR(M) | 1.00 | % | 7.25 | % | 8.25 | % | 7/31/2022 | $ | 4,996,644 | 4,920,427 | 4,896,711 | 0.30 | % | N | ||||||||||||||||
Xactly Corporation | First Lien Incremental Term Loan | LIBOR(M) | 1.00 | % | 7.25 | % | 8.25 | % | 7/31/2022 | $ | 2,726,918 | 2,695,367 | 2,672,380 | 0.16 | % | N | ||||||||||||||||
Xactly Corporation | First Lien Term Loan | LIBOR(M) | 1.00 | % | 7.25 | % | 8.25 | % | 7/31/2022 | $ | 16,397,517 | 16,227,000 | 16,069,567 | 0.98 | % | N | ||||||||||||||||
Xactly Corporation | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 7.25 | % | 8.25 | % | 7/31/2022 | $ | — | (13,173 | ) | (28,110 | ) | — | K/N | |||||||||||||||
67,879,702 | 62,684,573 | 3.84 | % | |||||||||||||||||||||||||||||
Leisure Products | ||||||||||||||||||||||||||||||||
Blue Star Sports Holdings, Inc. | First Lien Delayed Draw Term Loan | LIBOR(Q) | 1.00 | % | 5.75 | % | 7.63 | % | 6/15/2024 | $ | 55,556 | 54,729 | 50,511 | — | N | |||||||||||||||||
Blue Star Sports Holdings, Inc. | First Lien Revolver | LIBOR(M) | 1.00 | % | 5.75 | % | 6.75 | % | 6/15/2024 | $ | 111,111 | 108,671 | 95,978 | 0.01 | % | N | ||||||||||||||||
Blue Star Sports Holdings, Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 5.75 | % | 6.82 | % | 6/15/2024 | $ | 1,504,611 | 1,481,487 | 1,367,992 | 0.08 | % | N | ||||||||||||||||
Machine Zone, Inc. | First Lien Term Loan (10.0% Exit Fee) | LIBOR(Q) | 1.00 | % | 13.50 | % | 15.16 | % | 2/1/2021 | $ | 5,715,838 | 5,689,916 | 5,612,953 | 0.34 | % | L/N | ||||||||||||||||
7,334,803 | 7,127,434 | 0.43 | % | |||||||||||||||||||||||||||||
Media | ||||||||||||||||||||||||||||||||
Bisnow, LLC | First Lien Revolver | LIBOR(Q) | — | 7.50 | % | 8.95 | % | 9/21/2022 | $ | — | (9,330 | ) | (41,400 | ) | — | K/N | ||||||||||||||||
Bisnow, LLC | First Lien Term Loan | LIBOR(Q) | — | 7.50 | % | 8.95 | % | 9/21/2022 | $ | 10,449,384 | 10,349,000 | 10,088,880 | 0.62 | % | N | |||||||||||||||||
Khoros, LLC (Lithium) | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 8.00 | % | 9.00 | % | 10/3/2022 | $ | — | (23,861 | ) | (75,368 | ) | — | K/N | |||||||||||||||
Khoros, LLC (Lithium) | First Lien Incremental Term Loan | LIBOR(M) | 1.00 | % | 8.00 | % | 9.00 | % | 10/3/2022 | $ | 7,131,905 | 7,027,393 | 6,860,893 | 0.42 | % | N | ||||||||||||||||
Khoros, LLC (Lithium) | First Lien Term Loan | LIBOR(M) | 1.00 | % | 8.00 | % | 9.00 | % | 10/3/2022 | $ | 20,884,731 | 20,642,106 | 20,091,111 | 1.23 | % | N | ||||||||||||||||
NEP II, Inc. | Second Lien Term Loan | LIBOR(Q) | — | 7.00 | % | 8.45 | % | 10/19/2026 | $ | 25,000,000 | 24,759,843 | 12,812,500 | 0.78 | % | G | |||||||||||||||||
Quora, Inc. | First Lien Term Loan (4.0% Exit Fee) | Fixed | — | 10.10 | % | 10.10 | % | 5/1/2022 | $ | 12,692,602 | 12,543,121 | 12,709,103 | 0.78 | % | L/N | |||||||||||||||||
75,288,272 | 62,445,719 | 3.83 | % | |||||||||||||||||||||||||||||
Metal and Mining | ||||||||||||||||||||||||||||||||
Neenah Foundry Company | First Lien Term Loan B | LIBOR(Q) | — | 6.50 | % | 7.76 | % | 12/13/2022 | $ | 4,875,310 | 4,843,543 | 4,265,896 | 0.26 | % | N | |||||||||||||||||
Oil, Gas and Consumable Fuels | ||||||||||||||||||||||||||||||||
Iracore International, Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 9.00 | % | 10.00 | % | 4/13/2021 | $ | 1,635,903 | 1,635,902 | 1,635,903 | 0.10 | % | B/N | ||||||||||||||||
Personal Products | ||||||||||||||||||||||||||||||||
Olaplex, Inc. | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 6.50 | % | 7.50 | % | 1/8/2025 | $ | 1,340,000 | 1,314,356 | 1,247,540 | 0.08 | % | N | ||||||||||||||||
Olaplex, Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 6.50 | % | 7.50 | % | 1/8/2026 | $ | 13,660,000 | 13,398,537 | 12,717,460 | 0.78 | % | N | ||||||||||||||||
14,712,893 | 13,965,000 | 0.86 | % | |||||||||||||||||||||||||||||
Pharmaceuticals | ||||||||||||||||||||||||||||||||
Cambrex Corporation | Second Lien Term Loan | LIBOR(M) | 1.00 | % | 9.00 | % | 10.00 | % | 12/4/2027 | $ | 15,441,176 | 15,143,538 | 13,125,000 | 0.80 | % | N | ||||||||||||||||
P&L Development, LLC | First Lien Term Loan | LIBOR(Q) | 2.00 | % | 7.50 | % | 9.50 | % | 6/28/2024 | $ | 8,623,333 | 8,432,764 | 8,278,400 | 0.51 | % | G/N | ||||||||||||||||
23,576,302 | 21,403,400 | 1.31 | % | |||||||||||||||||||||||||||||
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | 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 | 1,125,000 | $ | 185,450 | $ | 177,750 | 0.01 | % | C/E/N | |||||||||||||||||||||||
InMobi, Inc. (Singapore) | Warrants to Purchase Common Stock | 995,902 | 159,270 | 159,245 | 0.01 | % | C/E/H/N | |||||||||||||||||||||||||
InMobi, Inc. (Singapore) | Warrants to Purchase Series E Preferred Stock | 1,049,996 | 276,492 | 486,148 | 0.03 | % | C/E/H/N | |||||||||||||||||||||||||
621,212 | 823,143 | 0.05 | % | |||||||||||||||||||||||||||||
Air Transportation | ||||||||||||||||||||||||||||||||
Aircraft Leased to United Airlines, Inc. | ||||||||||||||||||||||||||||||||
United N659UA-767, LLC (N659UA) | Trust Beneficial Interests | 683 | 2,979,575 | 2,983,358 | 0.19 | % | E/F/N | |||||||||||||||||||||||||
United N661UA-767, LLC (N661UA) | Trust Beneficial Interests | 688 | 3,088,529 | 3,057,259 | 0.19 | % | E/F/N | |||||||||||||||||||||||||
Epic Aero, Inc. (One Sky) | Warrants to Purchase Common Stock | 1,843 | 855,313 | 3,451,916 | 0.22 | % | C/E/N | |||||||||||||||||||||||||
6,923,417 | 9,492,533 | 0.60 | % | |||||||||||||||||||||||||||||
Business Support Services | ||||||||||||||||||||||||||||||||
Findly Talent, LLC | Membership Units | 708,229 | 230,938 | 143,133 | 0.01 | % | C/E/N | |||||||||||||||||||||||||
STG-Fairway Holdings, LLC (First Advantage) | Class A Units | 803,961 | 325,432 | 604,016 | 0.04 | % | C/E/N | |||||||||||||||||||||||||
556,370 | 747,149 | 0.05 | % | |||||||||||||||||||||||||||||
Chemicals | ||||||||||||||||||||||||||||||||
Green Biologics, Inc. | Warrants to Purchase Stock | 909,300 | 272,807 | 1,546 | — | C/E/N | ||||||||||||||||||||||||||
Nanosys, Inc. | Warrants to Purchase Preferred Stock | 800,000 | 605,266 | 806,400 | 0.05 | % | C/E/N | |||||||||||||||||||||||||
878,073 | 807,946 | 0.05 | % | |||||||||||||||||||||||||||||
Communications Equipment Manufacturing | ||||||||||||||||||||||||||||||||
Wasserstein Cosmos Co-Invest, L.P. (Globecomm) | Limited Partnership Units | 5,000,000 | 5,000,000 | 500 | — | B/C/E/N | ||||||||||||||||||||||||||
Data Processing and Hosting Services | ||||||||||||||||||||||||||||||||
Anacomp, Inc. | Class A Common Stock | 1,255,527 | 26,711,049 | 1,255,527 | 0.08 | % | C/E/F/N | |||||||||||||||||||||||||
Educational Support Services | ||||||||||||||||||||||||||||||||
Edmentum Ultimate Holdings, LLC | Class A Common Units | 159,515 | 680,226 | 1,595 | — | B/C/E/N | ||||||||||||||||||||||||||
Electrical Equipment Manufacturing | ||||||||||||||||||||||||||||||||
NEXTracker, Inc. | Series B Preferred Stock | 558,884 | — | 480,640 | 0.03 | % | E/N | |||||||||||||||||||||||||
NEXTracker, Inc. | Series C Preferred Stock | 17,640 | — | 15,170 | — | E/N | ||||||||||||||||||||||||||
— | 495,810 | 0.03 | % | |||||||||||||||||||||||||||||
Electronic Component Manufacturing | ||||||||||||||||||||||||||||||||
Soraa, Inc. | Warrants to Purchase Common Stock | 3,071,860 | 478,899 | 1,843 | — | C/E/N | ||||||||||||||||||||||||||
Equipment Leasing | ||||||||||||||||||||||||||||||||
36th Street Capital Partners Holdings, LLC | Membership Units | 7,082,618 | 7,082,618 | 9,445,380 | 0.59 | % | C/E/F/N | |||||||||||||||||||||||||
Essex Ocean II, LLC | Membership Units | 199,430 | 103,398 | — | — | C/E/F/N | ||||||||||||||||||||||||||
7,186,016 | 9,445,380 | 0.59 | % | |||||||||||||||||||||||||||||
Financial Investment Activities | ||||||||||||||||||||||||||||||||
GACP I, LP | Membership Units | 16,607,783 | 16,697,588 | 17,159,258 | 1.07 | % | E/I/N | |||||||||||||||||||||||||
Metal and Mineral Mining | ||||||||||||||||||||||||||||||||
EPMC HoldCo, LLC | Membership Units | 1,312,720 | — | 210,035 | 0.01 | % | B/E/N | |||||||||||||||||||||||||
Other Information Services | ||||||||||||||||||||||||||||||||
SoundCloud, Ltd. (United Kingdom) | Warrants to Purchase Preferred Stock | 946,498 | 79,082 | 45,621 | — | C/E/H/N | ||||||||||||||||||||||||||
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (continued) | ||||||||||||||||||||||||||||||||
Professional Services | ||||||||||||||||||||||||||||||||
Applause App Quality, Inc. | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 5.00 | % | 6.81 | % | 9/20/2022 | $ | 20,772,306 | $ | 20,541,653 | $ | 20,356,860 | 1.24 | % | N | ||||||||||||||
Applause App Quality, Inc. | Sr Secured Revolver | LIBOR(Q) | 1.00 | % | 5.00 | % | 6.81 | % | 9/20/2022 | $ | — | (14,980 | ) | (30,196 | ) | — | K/N | |||||||||||||||
CIBT Solutions, Inc. | Second Lien Term Loan | LIBOR(Q) | 1.00 | % | 7.75 | % | 9.20 | % | 6/1/2025 | $ | 7,611,914 | 7,553,720 | 5,328,340 | 0.33 | % | G/N | ||||||||||||||||
Discoverorg, LLC | Second Lien Term Loan | LIBOR(Q) | 1.00 | % | 8.50 | % | 10.08 | % | 2/1/2027 | $ | 15,000,000 | 14,814,437 | 13,650,000 | 0.84 | % | G/N | ||||||||||||||||
Dude Solutions Holdings, Inc. | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 7.00 | % | 8.07 | % | 6/13/2025 | $ | 588,772 | 545,351 | 487,209 | 0.03 | % | K/N | ||||||||||||||||
Dude Solutions Holdings, Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 7.00 | % | 8.07 | % | 6/13/2025 | $ | 16,927,201 | 16,577,841 | 16,148,550 | 0.99 | % | N | ||||||||||||||||
Dude Solutions Holdings, Inc. | First Lien Incremental Term Loan | LIBOR(M) | 1.00 | % | 7.00 | % | 8.07 | % | 6/13/2025 | $ | 2,233,091 | 2,183,170 | 2,130,368 | 0.13 | % | N | ||||||||||||||||
iCIMS, Inc. | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 6.50 | % | 7.50 | % | 9/12/2024 | $ | — | (7,292 | ) | (19,433 | ) | — | K/N | |||||||||||||||
iCIMS, Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 6.50 | % | 7.50 | % | 9/12/2024 | $ | 9,482,016 | 9,322,135 | 9,106,836 | 0.56 | % | N | ||||||||||||||||
Institutional Shareholder Services, Inc. | Second Lien Term Loan | LIBOR(M) | — | 8.50 | % | 9.57 | % | 3/5/2027 | $ | 5,820,856 | 5,659,794 | 4,511,164 | 0.28 | % | N | |||||||||||||||||
RigUp, Inc. | First Delayed Draw Term Loan (3.5% Exit Fee) | LIBOR(Q) | 1.50 | % | 7.00 | % | 8.50 | % | 3/1/2024 | $ | 19,333,333 | 18,758,439 | 18,753,333 | 1.15 | % | L/N | ||||||||||||||||
95,934,268 | 90,423,031 | 5.55 | % | |||||||||||||||||||||||||||||
Real Estate Management and Development | ||||||||||||||||||||||||||||||||
Florida East Coast Industries, LLC | First Lien Term Loan B | LIBOR(M) | — | 6.75 | % | 7.67 | % | 12/13/2021 | $ | 2,310,027 | 2,282,306 | 2,188,058 | 0.13 | % | N | |||||||||||||||||
Florida East Coast Industries, LLC | First Lien Incremental Lien Term Loan B | LIBOR(M) | — | 6.75 | % | 7.67 | % | 12/13/2021 | $ | 872,116 | 866,435 | 826,068 | 0.05 | % | N | |||||||||||||||||
Space Midco, Inc. (Archibus) | First Lien Term Loan | LIBOR(M) | — | 6.25 | % | 6.88 | % | 12/5/2023 | $ | 4,444,444 | 4,375,654 | 4,160,000 | 0.25 | % | N | |||||||||||||||||
Space Midco, Inc. (Archibus) | Sr Secured Revolver | LIBOR(M) | — | 6.25 | % | 7.25 | % | 12/5/2023 | $ | 277,778 | 273,672 | 260,000 | 0.02 | % | K/N | |||||||||||||||||
7,798,067 | 7,434,126 | 0.45 | % | |||||||||||||||||||||||||||||
Road and Rail | ||||||||||||||||||||||||||||||||
GlobalTranz Enterprises LLC | Second Lien Term Loan | LIBOR(M) | 1.00 | % | 8.25 | % | 9.25 | % | 5/15/2027 | $ | 19,382,324 | 19,019,738 | 17,269,651 | 1.06 | % | N | ||||||||||||||||
Software | ||||||||||||||||||||||||||||||||
Certify, Inc. | First Lien Delayed Draw Term Loan | LIBOR(M) | 1.00 | % | 5.75 | % | 6.75 | % | 2/28/2024 | $ | 2,125,754 | 2,080,618 | 2,022,761 | 0.12 | % | N | ||||||||||||||||
Certify, Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 5.75 | % | 6.75 | % | 2/28/2024 | $ | 23,383,293 | 23,299,187 | 22,628,012 | 1.38 | % | N | ||||||||||||||||
Certify, Inc. | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 5.75 | % | 6.75 | % | 2/28/2024 | $ | 159,432 | 143,621 | 125,101 | 0.01 | % | N | ||||||||||||||||
JAMF Holdings, Inc. | First Lien Incremental Term Loan | LIBOR(Q) | 1.00 | % | 7.00 | % | 8.70 | % | 11/13/2022 | $ | 3,606,829 | 3,567,399 | 3,570,039 | 0.22 | % | N | ||||||||||||||||
JAMF Holdings, Inc. | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 7.00 | % | 8.70 | % | 11/13/2022 | $ | 14,160,797 | 13,993,233 | 14,016,357 | 0.86 | % | N | ||||||||||||||||
JAMF Holdings, Inc. | Sr Secured Revolver | LIBOR(Q) | 1.00 | % | 7.00 | % | 8.70 | % | 11/13/2022 | $ | — | (13,110 | ) | (12,383 | ) | — | K/N | |||||||||||||||
Marketlive, LLC (Kibo) | First Lien Term Loan | LIBOR(M) | 1.00 | % | 8.00 | % | 9.08 | % | 12/18/2020 | $ | 5,063,792 | 4,996,869 | 4,825,794 | 0.30 | % | N | ||||||||||||||||
Rhode Holdings, Inc. (Kaseya) | First Lien Delayed Draw Term Loan | LIBOR(Q) | 1.00 | % | 7.00 | % | 8.91 | % | 5/3/2025 | $ | 224,974 | 195,553 | 149,113 | 0.01 | % | N | ||||||||||||||||
Rhode Holdings, Inc. (Kaseya) | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 5.50% Cash+1.00% PIK | 8.91 | % | 5/3/2025 | $ | 14,399,654 | 14,148,558 | 13,766,069 | 0.83 | % | N | |||||||||||||||||
Rhode Holdings, Inc. (Kaseya) | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 6.50 | % | 7.50 | % | 5/3/2025 | $ | 1,194,139 | 1,173,466 | 1,141,066 | 0.07 | % | N | ||||||||||||||||
Rhode Holdings, Inc. (Kaseya) | First Lien Incremental Delayed Draw Term Loan | LIBOR(M) | 1.00 | % | 6.50 | % | 7.50 | % | 5/3/2025 | $ | — | (14,061 | ) | (35,872 | ) | — | K/N | |||||||||||||||
Rhode Holdings, Inc. (Kaseya) | First Lien Incremental Term Loan | LIBOR(Q) | 1.00 | % | 5.50% Cash+1.00% PIK | 8.91 | % | 5/3/2025 | $ | 1,223,592 | 1,202,464 | 1,169,754 | 0.07 | % | N | |||||||||||||||||
Snow Software AB | First Lien Term Loan | LIBOR(Q) | 2.00 | % | 6.50 | % | 8.50 | % | 4/17/2024 | $ | 10,373,317 | 10,195,940 | 10,236,389 | 0.63 | % | N | ||||||||||||||||
Snow Software AB | First Lien Incremental Term Loan | LIBOR(Q) | 2.00 | % | 6.50 | % | 8.50 | % | 4/17/2024 | $ | 11,543,865 | 11,326,462 | 11,391,486 | 0.70 | % | N | ||||||||||||||||
Snow Software AB | Sr Secured Revolver | LIBOR(Q) | 2.00 | % | 6.50 | % | 8.50 | % | 4/17/2024 | $ | 4,360,548 | 4,289,518 | 4,302,989 | 0.26 | % | N | ||||||||||||||||
Winshuttle, LLC | First Lien FILO Term Loan | LIBOR(M) | 1.00 | % | 8.42 | % | 9.42 | % | 8/9/2024 | $ | 13,972,844 | 13,629,530 | 13,106,528 | 0.80 | % | N | ||||||||||||||||
104,215,247 | 102,403,203 | 6.26 | % | |||||||||||||||||||||||||||||
Specialty Retail | ||||||||||||||||||||||||||||||||
USR Parent, Inc. (Staples) | First Lien FILO Term Loan | LIBOR(Q) | 1.00 | % | 8.84 | % | 10.46 | % | 9/12/2022 | $ | 6,132,194 | 6,047,422 | 6,187,383 | 0.38 | % | N | ||||||||||||||||
Technology Hardware, Storage and Peripherals | ||||||||||||||||||||||||||||||||
Pulse Secure, LLC | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 7.00 | % | 8.00 | % | 5/1/2022 | $ | — | (8,437 | ) | (11,411 | ) | — | K/N | |||||||||||||||
Pulse Secure, LLC | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 7.00 | % | 8.61 | % | 5/1/2022 | $ | 11,082,466 | 11,008,729 | 10,988,265 | 0.66 | % | N | ||||||||||||||||
TierPoint, LLC | Second Lien Term Loan | LIBOR(Q) | 1.00 | % | 7.25 | % | 9.50 | % | 5/5/2025 | $ | 2,322,000 | 2,302,698 | 2,275,560 | 0.14 | % | |||||||||||||||||
13,302,990 | 13,252,414 | 0.80 | % |
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Shares | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||
Equity Securities (continued) | ||||||||||||||||||||||||||||
Motion Picture and Video Industries | ||||||||||||||||||||||||||||
NEG Parent, LLC (Core Entertainment, Inc.) | Class A Units | 2,720,392 | $ | 2,772,807 | $ | 3,319,966 | 0.21 | % | C/E/N | |||||||||||||||||||
NEG Parent, LLC (Core Entertainment, Inc.) | Class A Warrants to Purchase Class A Units | 343,387 | 196,086 | 51,714 | — | C/E/N | ||||||||||||||||||||||
NEG Parent, LLC (Core Entertainment, Inc.) | Class B Warrants to Purchase Class A Units | 346,794 | 198,032 | 52,227 | — | C/E/N | ||||||||||||||||||||||
NEG Parent, LLC (Core Entertainment, Inc.) | Litigation Trust Units | 407 | — | 1,201,138 | 0.08 | % | C/N | |||||||||||||||||||||
3,166,925 | 4,625,045 | 0.29 | % | |||||||||||||||||||||||||
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 | 11,021,542 | 0.69 | % | B/C/E/N | |||||||||||||||||||||
1,091,200 | 11,021,542 | 0.69 | % | |||||||||||||||||||||||||
Plastics Manufacturing | ||||||||||||||||||||||||||||
Iracore Investments Holdings, Inc. | Class A Common Stock | 16,207 | 4,177,710 | 3,033,842 | 0.19 | % | B/C/E/N | |||||||||||||||||||||
Radio and Television Broadcasting | ||||||||||||||||||||||||||||
Fuse Media, LLC | Warrants to Purchase Common Stock | 233,470 | 300,322 | — | — | C/E/N | ||||||||||||||||||||||
Restaurants | ||||||||||||||||||||||||||||
RM Holdco, LLC (Real Mex) | Equity Participation | 24 | — | — | — | B/C/E/N | ||||||||||||||||||||||
RM Holdco, LLC (Real Mex) | Membership Units | 13,161,000 | 2,010,777 | — | — | B/C/E/N | ||||||||||||||||||||||
2,010,777 | — | — | ||||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||||
Shop Holding, LLC (Connexity) | Class A Units | 507,167 | 480,048 | — | — | C/E/N | ||||||||||||||||||||||
Satellite Telecommunications | ||||||||||||||||||||||||||||
Avanti Communications Group, PLC (United Kingdom) | Common Stock | 245,368 | 3,086 | 26,300 | — | C/D/H | ||||||||||||||||||||||
Scientific Research and Development Services | ||||||||||||||||||||||||||||
Lions Holdings, Inc. (BPA) | Series A Warrants to Purchase Common Stock | 10,287 | — | — | — | C/E/N | ||||||||||||||||||||||
Lions Holdings, Inc. (BPA) | Series B Warrants to Purchase Common Stock | 16,494 | — | — | — | C/E/N | ||||||||||||||||||||||
— | — | — | ||||||||||||||||||||||||||
Software Publishing | ||||||||||||||||||||||||||||
Actifio, Inc. | Warrants to Purchase Series F Preferred Stock | 1,052,651 | 188,770 | 196,319 | 0.01 | % | C/E/N | |||||||||||||||||||||
Blackline, Inc. | Common Stock | 1,797 | 4,449 | 61,313 | — | C/J | ||||||||||||||||||||||
Tradeshift, Inc. | Warrants to Purchase Series D Preferred Stock | 1,712,930 | 577,842 | 528,097 | 0.03 | % | C/E/N | |||||||||||||||||||||
Utilidata, Inc. | Warrants to Purchase Preferred Stock | 719,998 | 216,335 | 373,319 | 0.02 | % | C/E/N | |||||||||||||||||||||
987,396 | 1,159,048 | 0.06 | % | |||||||||||||||||||||||||
Utility System Construction | ||||||||||||||||||||||||||||
Conergy Asia Holdings Limited (United Kingdom) | Class B Shares | 1,000,000 | 1,000,000 | 1,007,900 | 0.06 | % | C/E/F/H/N | |||||||||||||||||||||
Conergy Asia Holdings Limited (United Kingdom) | Ordinary Shares | 3,333 | 7,833,333 | 1,827,603 | 0.12 | % | C/E/F/H/N | |||||||||||||||||||||
GlassPoint Solar, Inc. | Warrants to Purchase Series C-1 Preferred Stock | 1,100,000 | 248,555 | 290,730 | 0.02 | % | C/E/N | |||||||||||||||||||||
Kawa Solar Holdings Limited (Cayman Islands) | Ordinary Shares | 2,332,594 | — | — | — | C/E/F/H/N | ||||||||||||||||||||||
Kawa Solar Holdings Limited (Cayman Islands) | Series B Preferred Shares | 93,023 | 1,395,349 | 243 | — | C/E/F/H/N | ||||||||||||||||||||||
10,477,237 | 3,126,476 | 0.20 | % |
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity/Expiration | Principal/Shares | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (continued) | ||||||||||||||||||||||||||||||||
Textiles, Apparel and Luxury Goods | ||||||||||||||||||||||||||||||||
Kenneth Cole Productions, Inc. | First Lien FILO Term Loan | LIBOR(Q) | 1.00 | % | 7.75 | % | 9.38 | % | 12/28/2023 | $ | 18,857,986 | $ | 18,750,498 | $ | 18,876,844 | 1.15 | % | N | ||||||||||||||
PSEB, LLC (Eddie Bauer) | First Lien FILO II Term Loan | PRIME | — | 7.25 | % | 10.50 | % | 10/12/2023 | $ | 10,793,402 | 10,563,596 | 10,771,815 | 0.66 | % | N | |||||||||||||||||
PSEB, LLC (Eddie Bauer) | First Lien Term Loan | LIBOR(Q) | 1.50 | % | 8.00 | % | 9.50 | % | 10/12/2023 | $ | 39,305,971 | 38,478,947 | 40,013,478 | 2.44 | % | N | ||||||||||||||||
WH Buyer, LLC (Anne Klein) | First Lien Term Loan | LIBOR(Q) | 1.50 | % | 7.76 | % | 8.25 | % | 7/16/2025 | $ | 27,664,640 | 27,400,966 | 26,115,420 | 1.60 | % | N | ||||||||||||||||
WH Buyer, LLC (Anne Klein) | First Lien Incremental Term Loan | LIBOR(Q) | 1.50 | % | 7.76 | % | 9.26 | % | 7/16/2025 | $ | 5,307,692 | 5,255,062 | 5,010,462 | 0.31 | % | |||||||||||||||||
100,449,069 | 100,788,019 | 6.16 | % | |||||||||||||||||||||||||||||
Thrifts and Mortgage Finance | ||||||||||||||||||||||||||||||||
Greystone Select Holdings, LLC | First Lien Term Loan | LIBOR(M) | 1.00 | % | 8.00 | % | 9.15 | % | 4/17/2024 | $ | 24,764,798 | 24,626,784 | 25,012,446 | 1.53 | % | N | ||||||||||||||||
Home Partners of America, Inc. | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 6.25 | % | 7.85 | % | 10/13/2022 | $ | 2,857,143 | 2,829,339 | 2,820,000 | 0.17 | % | N | ||||||||||||||||
27,456,123 | 27,832,446 | 1.70 | % | |||||||||||||||||||||||||||||
Tobacco Related | ||||||||||||||||||||||||||||||||
Juul Labs, Inc. | First Lien Term Loan | LIBOR(Q) | 1.50 | % | 8.00% Cash+1.50% PIK | 11.25 | % | 8/2/2023 | $ | 26,354,167 | 26,126,494 | 25,827,083 | 1.58 | % | N | |||||||||||||||||
Total Debt Investments - 224.0% of Net Assets | 1,627,984,533 | 1,522,035,073 | 93.12 | % | ||||||||||||||||||||||||||||
Equity Securities | ||||||||||||||||||||||||||||||||
Airlines | ||||||||||||||||||||||||||||||||
Epic Aero, Inc (One Sky) | Common Stock | 1,842 | 855,313 | 3,714,085 | 0.24 | % | C/N | |||||||||||||||||||||||||
United N659UA-767, LLC (N659UA) | Trust Beneficial Interests | 683 | 2,105,126 | 2,025,233 | 0.12 | % | E/F/N | |||||||||||||||||||||||||
2,960,439 | 5,739,318 | 0.36 | % | |||||||||||||||||||||||||||||
Capital Markets | ||||||||||||||||||||||||||||||||
Pico Quantitative Trading, LLC | Warrants to Purchase Membership Units (144A) | 2/7/2030 | 287 | 645,121 | 634,065 | 0.04 | % | C/E/N | ||||||||||||||||||||||||
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 | 3,301 | — | C/D/H/N | ||||||||||||||||||||||||||
Diversified Consumer Services | ||||||||||||||||||||||||||||||||
Edmentum Ultimate Holdings, LLC | Class A Common Units | 159,515 | 680,226 | 16 | — | B/C/E/N | ||||||||||||||||||||||||||
Edmentum Ultimate Holdings, LLC | Warrants to Purchase Class A Units | 2/23/2028 | 788,112 | 1 | — | — | B/C/E/N | |||||||||||||||||||||||||
680,227 | 16 | — | ||||||||||||||||||||||||||||||
Diversified Financial Services | ||||||||||||||||||||||||||||||||
36th Street Capital Partners Holdings, LLC | Membership Units | 22,199,416 | 22,199,416 | 27,887,607 | 1.72 | % | E/F/N | |||||||||||||||||||||||||
Conventional Lending TCP Holdings, LLC | Membership Units | 15,769,948 | 15,769,948 | 14,192,953 | 0.87 | % | E/F/I/N | |||||||||||||||||||||||||
GACP I, LP (Great American Capital) | Membership Units | 1,757,364 | 1,757,364 | 2,774,710 | 0.17 | % | E/I/N | |||||||||||||||||||||||||
GACP II, LP (Great American Capital) | Membership Units | 20,338,470 | 20,338,470 | 21,172,740 | 1.30 | % | E/I/N | |||||||||||||||||||||||||
60,065,198 | 66,028,010 | 4.06 | % |
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Shares | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||
Equity Securities (continued) | ||||||||||||||||||||||||||||
Wired Telecommunications Carriers | ||||||||||||||||||||||||||||
V Telecom Investment S.C.A. (Vivacom) (Luxembourg) | Common Shares | 1,393 | $ | 3,236,256 | $ | 1,976,927 | 0.12 | % | C/D/E/H/N | |||||||||||||||||||
Total Equity Securities | 91,742,889 | 65,455,520 | 4.08 | % | ||||||||||||||||||||||||
Total Investments | $ | 1,560,349,649 | $ | 1,528,750,487 | ||||||||||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||||||||||
Cash Held on Account at Various Institutions | 64,929,885 | 4.06 | % | |||||||||||||||||||||||||
Wells Fargo Government Money Market Fund | 4,000,000 | 0.25 | % | |||||||||||||||||||||||||
Wells Fargo Treasury Plus Government Money Market Fund | 3,000,000 | 0.19 | % | |||||||||||||||||||||||||
Cash and Cash Equivalents | 71,929,885 | 4.50 | % | |||||||||||||||||||||||||
Total Cash and Investments | $ | 1,600,680,372 | 100.00 | % | M |
Issuer | Instrument | Expiration | Shares | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||||||
Equity Securities (continued) | ||||||||||||||||||||||||||||||||
Diversified Telecommunication Services | ||||||||||||||||||||||||||||||||
V Telecom Investment S.C.A. (Vivacom) (Luxembourg) | Common Shares | 1,393 | $ | 3,236,256 | $ | 662,497 | 0.04 | % | 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 | 52,000 | — | C/E/N | |||||||||||||||||||||||||
10,445,018 | 52,000 | — | ||||||||||||||||||||||||||||||
Electrical Equipment | ||||||||||||||||||||||||||||||||
TCFI Amteck Holdings, LLC | Series A Preferred Units | 8,020,824 | 7,511,391 | 7,459,366 | 0.47 | % | C/N | |||||||||||||||||||||||||
TCFI Amteck Holdings, LLC | Common Units | 362,513 | 395,336 | 206,632 | 0.01 | % | C/N | |||||||||||||||||||||||||
7,906,727 | 7,665,998 | 0.48 | % | |||||||||||||||||||||||||||||
Electronic Equipment, Instruments and Components | ||||||||||||||||||||||||||||||||
Soraa, Inc. | Warrants to Purchase Preferred Stock | 8/29/2024 | 3,071,860 | 478,899 | — | 0.01 | % | C/E/N | ||||||||||||||||||||||||
Energy Equipment and Services | ||||||||||||||||||||||||||||||||
GlassPoint Solar, Inc. | Warrants to Purchase Series E Preferred Stock | 2/7/2027 | 2,448,000 | 754,005 | 107,200 | 0.01 | % | C/E/N | ||||||||||||||||||||||||
Internet Software and Services | ||||||||||||||||||||||||||||||||
Domo, Inc. | Warrants to Purchase Class B Common Stock | 6/28/2021 | 62,247 | 511,349 | 108,061 | 0.01 | % | C/E/N | ||||||||||||||||||||||||
FinancialForce.com, Inc. | Warrants to Purchase Series C Preferred Stock | 1/30/2029 | 840,000 | 287,985 | 247,600 | 0.02 | % | C/E/N | ||||||||||||||||||||||||
Foursquare Labs, Inc. | Warrants to Purchase Series E Preferred Stock | 5/4/2027 | 1,687,500 | 297,361 | 992,250 | 0.06 | % | C/E/N | ||||||||||||||||||||||||
InMobi, Inc. (Singapore) | Warrants to Purchase Common Stock | 8/15/2027 | 1,327,869 | 212,360 | 83,361 | 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 | 278,852 | 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 | 333,107 | 0.02 | % | C/E/H/N | ||||||||||||||||||||||||
ResearchGate Corporation (Germany) | Warrants to Purchase Series D Preferred Stock | 10/30/2029 | 333,370 | 202,001 | 140,000 | 0.01 | % | C/D/E/H/N | ||||||||||||||||||||||||
Snaplogic, Inc. | Warrants to Purchase Series Preferred Stock | 3/19/2028 | 1,860,000 | 377,722 | 4,900,000 | 0.31 | % | C/E/N | ||||||||||||||||||||||||
2,258,677 | 7,083,231 | 0.46 | % | |||||||||||||||||||||||||||||
IT Services | ||||||||||||||||||||||||||||||||
Fidelis (SVC), LLC | Preferred Units | 657,932 | 2,001,384 | 45,271 | — | C/E/N | ||||||||||||||||||||||||||
Life Sciences Tools and Services | ||||||||||||||||||||||||||||||||
Envigo RMS Holdings Corp. | Common Stock | 36,413 | — | 439,869 | 0.03 | % | C/E/N | |||||||||||||||||||||||||
Issuer | Instrument | Expiration | Shares | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Equity Securities (continued) | ||||||||||||||||||||||||||||
Media | ||||||||||||||||||||||||||||
NEG Parent, LLC (Core Entertainment, Inc.) | Class A Units | 2,720,392 | $ | 2,772,807 | $ | 6,172,630 | 0.38 | % | 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 | 288,567 | 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 | 291,430 | 0.02 | % | B/C/E/N | ||||||||||||||||||||
Quora, Inc. | Warrants to Purchase Series D Preferred Stock | 4/11/2029 | 507,704 | 65,245 | 59,401 | — | 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 | 6,857,171 | 0.42 | % | |||||||||||||||||||||||||
Oil, Gas and Consumable Fuels | ||||||||||||||||||||||||||||
Iracore Investments Holdings, Inc. | Class A Common Stock | 16,207 | 4,177,710 | 3,901,552 | 0.24 | % | B/C/E/N | |||||||||||||||||||||
Professional Services | ||||||||||||||||||||||||||||
Anacomp, Inc. | Class A Common Stock | 1,255,527 | 26,711,048 | 1,443,857 | 0.09 | % | C/E/F/N | |||||||||||||||||||||
Semiconductors and Semiconductor Equipment | ||||||||||||||||||||||||||||
Adesto Technologies Corporation | Warrants to Purchase Common Stock | 5/8/2024 | 436,320 | 846,724 | 1,557,149 | 0.11 | % | C/E/N | ||||||||||||||||||||
Nanosys, Inc. | Warrants to Purchase Preferred Stock | 3/29/2023 | 800,000 | 605,266 | 816,398 | 0.05 | % | C/E/N | ||||||||||||||||||||
1,451,990 | 2,373,547 | 0.16 | % | |||||||||||||||||||||||||
Software | ||||||||||||||||||||||||||||
Actifio, Inc. | Warrants to Purchase Series G Preferred Stock | 5/5/2027 | 1,052,651 | 188,770 | 340,492 | 0.02 | % | C/E/N | ||||||||||||||||||||
Tradeshift, Inc. | Warrants to Purchase Series D Preferred Stock | 3/26/2027 | 1,712,930 | 577,842 | 506,406 | 0.03 | % | C/E/N | ||||||||||||||||||||
766,612 | 846,898 | 0.05 | % | |||||||||||||||||||||||||
Total Equity Securities - 15.3% of Nets Assets | 134,324,486 | 103,883,801 | 6.36 | % | ||||||||||||||||||||||||
Total Investments - 239.3% of Net Assets | $ | 1,762,309,019 | $ | 1,625,918,874 | ||||||||||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||||||||||
Cash Held on Account at Various Institutions | 8,574,859 | 0.52 | % | |||||||||||||||||||||||||
Cash and Cash Equivalents | 8,574,859 | 0.52 | % | |||||||||||||||||||||||||
Total Cash and Investments - 240.5% of Net Assets | $ | 1,634,493,733 | 100.00 | % | M |
(A) |
(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 |
(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. |
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. |
Options and Swaps at September 30, 2017 were as follows: | ||||||||||||||||||||
Receive | Pay | Counter Party | Maturity | Notional Amount | Fair Value | Upfront payments/receipts | Unrealized appreciation/depreciation | |||||||||||||
Interest at LIBOR plus 8.68% on USD 7,270,250 | Interest at 8.00% on EUR 6,500,000 | Wells Fargo Bank, N.A. | 5/31/2019 | USD 7,270,250/ EUR 6,500,000 | $ | (470,202 | ) | $ | — | $ | (470,202 | ) |
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (A) | ||||||||||||||||||||||||||||||||
Activities Related to Credit Intermediation | ||||||||||||||||||||||||||||||||
Pegasus Business Intelligence, LP (Onyx Centersource) | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 6.75 | % | 7.75 | % | 12/20/2021 | $ | 14,769,821 | $ | 14,623,499 | $ | 14,622,123 | 1.07 | % | M | ||||||||||||||
Pegasus Business Intelligence, LP (Onyx Centersource) | Revolver | LIBOR (Q) | 1.00 | % | 6.75 | % | N/A | 12/20/2021 | $ | — | (6,669 | ) | (6,713 | ) | — | J/M | ||||||||||||||||
iPayment, Inc. | First Lien Term Loan B2 | LIBOR (Q) | 1.50 | % | 5.25 | % | 6.75 | % | 5/8/2017 | $ | 11,289,051 | 11,134,310 | 10,893,934 | 0.80 | % | M | ||||||||||||||||
25,751,140 | 25,509,344 | 1.87 | % | |||||||||||||||||||||||||||||
Activities Related to Real Estate | ||||||||||||||||||||||||||||||||
Associations, Inc. | First Lien FILO Term Loan | LIBOR (Q) | 1.00 | % | 8.96 | % | 9.96 | % | 12/23/2019 | $ | 12,891,845 | 12,773,127 | 12,898,291 | 0.94 | % | M | ||||||||||||||||
Advertising and Public Relations Services | ||||||||||||||||||||||||||||||||
InMobi, Inc. (Singapore) | First Lien Delayed Draw Tranche 1 Term Loan (1.25% Exit Fee) | LIBOR (M) | 0.33 | % | 10.17 | % | 10.98 | % | 9/1/2018 | $ | 15,000,000 | 14,772,946 | 14,704,508 | 1.07 | % | H/K/M | ||||||||||||||||
InMobi, Inc. (Singapore) | First Lien Delayed Draw Tranche 2 Term Loan | LIBOR (M) | 0.33 | % | 10.17 | % | N/A | 9/1/2018 | $ | — | — | — | — | H/M | ||||||||||||||||||
InMobi, Inc. (Singapore) | First Lien Delayed Draw Tranche 3 Term Loan | LIBOR (M) | 0.33 | % | 10.17 | % | N/A | 9/1/2018 | $ | — | — | — | — | H/M | ||||||||||||||||||
14,772,946 | 14,704,508 | 1.07 | % | |||||||||||||||||||||||||||||
Air Transportation | ||||||||||||||||||||||||||||||||
Mesa Air Group, Inc. | Acquisition Loan | LIBOR (M) | — | 7.25 | % | 8.00 | % | 7/15/2022 | $ | 14,042,971 | 13,839,296 | 14,323,830 | 1.05 | % | M | |||||||||||||||||
Mesa Airlines, Inc. | Engine Acquisition Delayed Draw Term Loan A | LIBOR (M) | — | 7.25 | % | 8.00 | % | 12/14/2021 | $ | 16,546,652 | 16,259,013 | 16,257,105 | 1.19 | % | M | |||||||||||||||||
Mesa Airlines, Inc. | Engine Acquisition Delayed Draw Term Loan B | LIBOR (M) | — | 7.25 | % | N/A | 2/28/2022 | $ | — | — | — | — | M | |||||||||||||||||||
Mesa Airlines, Inc. | Engine Acquisition Delayed Draw Term Loan C | LIBOR (M) | — | 7.25 | % | N/A | 12/31/2022 | $ | — | — | — | — | M | |||||||||||||||||||
30,098,309 | 30,580,935 | 2.24 | % | |||||||||||||||||||||||||||||
Amusement and Recreation | ||||||||||||||||||||||||||||||||
AP Gaming I, LLC | First Lien Revolver | LIBOR (M) | — | 8.25 | % | N/A | 12/20/2018 | $ | — | (1,655,756 | ) | (937,500 | ) | (0.07 | )% | J/M | ||||||||||||||||
VSS-Southern Holdings, LLC | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 6.50% Cash+2.00% PIK | 9.50 | % | 11/3/2020 | $ | 24,220,291 | 23,755,180 | 23,735,885 | 1.73 | % | M | |||||||||||||||||
VSS-Southern Holdings, LLC | Sr Secured Revolver | LIBOR (Q) | 1.00 | % | 6.50% Cash+2.00% PIK | N/A | 11/3/2020 | $ | — | (16,444 | ) | (17,123 | ) | — | J/M | |||||||||||||||||
22,082,980 | 22,781,262 | 1.66 | % | |||||||||||||||||||||||||||||
Apparel Manufacturing | ||||||||||||||||||||||||||||||||
Broder Bros., Co. | First Lien Term Loan (First Out) | LIBOR (Q) | 1.25 | % | 5.75 | % | 7.00 | % | 6/3/2021 | $ | 9,700,000 | 9,541,402 | 9,700,000 | 0.71 | % | M | ||||||||||||||||
Broder Bros., Co. | First Lien Term Loan B (Last Out) | LIBOR (Q) | 1.25 | % | 12.25 | % | 13.50 | % | 6/3/2021 | $ | 9,800,000 | 9,646,339 | 9,800,000 | 0.72 | % | M | ||||||||||||||||
JH Apparel Holdings, LLC | First Lien FILO Term Loan | LIBOR (M) | 1.00 | % | 9.60 | % | 10.60 | % | 4/8/2019 | $ | 2,714,632 | 2,705,143 | 2,741,779 | 0.20 | % | M | ||||||||||||||||
21,892,884 | 22,241,779 | 1.63 | % | |||||||||||||||||||||||||||||
Building Equipment Contractors | ||||||||||||||||||||||||||||||||
Hylan Datacom & Electrical, LLC | First Lien Delayed Draw Term Loan | LIBOR (Q) | 1.00 | % | 7.50 | % | 8.50 | % | 7/25/2021 | $ | — | — | — | — | M | |||||||||||||||||
Hylan Datacom & Electrical, LLC | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 7.50 | % | 8.50 | % | 7/25/2021 | $ | 14,295,589 | 14,092,734 | 14,188,374 | 1.04 | % | M | ||||||||||||||||
14,092,734 | 14,188,374 | 1.04 | % | |||||||||||||||||||||||||||||
Business Support Services | ||||||||||||||||||||||||||||||||
Enerwise Global Technologies, Inc. | Sr Secured Revolving Loan | LIBOR (Q) | 0.23 | % | 8.52 | % | N/A | 11/30/2018 | $ | — | (17,798 | ) | 70,000 | 0.01 | % | J/M | ||||||||||||||||
Enerwise Global Technologies, Inc. | Sr Secured Term Loan (1.0% Exit Fee) | LIBOR (Q) | 0.23 | % | 9.27 | % | 10.12 | % | 11/30/2019 | $ | 23,937,500 | 23,867,666 | 24,356,406 | 1.78 | % | K/M | ||||||||||||||||
STG-Fairway Acquisitions, Inc. (First Advantage) | Second Lien Term Loan | LIBOR (Q) | 1.00 | % | 9.25 | % | 10.25 | % | 6/30/2023 | $ | 31,000,000 | 30,588,757 | 30,336,600 | 2.22 | % | M | ||||||||||||||||
54,438,625 | 54,763,006 | 4.01 | % |
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (continued) | ||||||||||||||||||||||||||||||||
Chemicals | ||||||||||||||||||||||||||||||||
Anuvia Plant Nutrients Holdings, LLC | Sr Secured Term Loan (8.0% Exit Fee) | LIBOR (Q) | — | 10.63 | % | 11.63 | % | 2/1/2018 | $ | 7,563,676 | $ | 7,995,360 | $ | 8,250,457 | 0.60 | % | K/M | |||||||||||||||
Green Biologics, Inc. | Sr Secured Delayed Draw Term Loan (12.4% Exit Fee) | Prime Rate | — | 7.75 | % | 11.50 | % | 6/30/2019 | $ | 15,000,000 | 15,468,439 | 14,905,500 | 1.09 | % | K/M | |||||||||||||||||
iGM RFE1 B.V. (Netherlands) | First Lien Delayed Draw Term Loan | LIBOR (Q) | — | 8.00 | % | 9.00 | % | 10/12/2021 | $ | 253,581 | 245,565 | 251,684 | 0.02 | % | H/M | |||||||||||||||||
iGM RFE1 B.V. (Netherlands) | First Lien Term Loan | LIBOR (Q) | — | 8.00 | % | 9.00 | % | 10/12/2021 | $ | 3,864,583 | 3,836,083 | 3,835,599 | 0.28 | % | H/M | |||||||||||||||||
Nanosys, Inc. | First Lien Delayed Draw Term Loan (3.5% Exit Fees) | LIBOR (Q) | — | 9.81 | % | 10.75 | % | 4/1/2019 | $ | 10,000,000 | 9,526,456 | 9,712,000 | 0.71 | % | K/M | |||||||||||||||||
37,071,903 | 36,955,240 | 2.70 | % | |||||||||||||||||||||||||||||
Communications Equipment Manufacturing | ||||||||||||||||||||||||||||||||
Globecomm Systems, Inc. | First Lien Term Loan | LIBOR (Q) | 1.25 | % | 7.63 | % | 8.88 | % | 12/11/2018 | $ | 14,480,001 | 14,335,200 | 14,480,002 | 1.06 | % | B/M | ||||||||||||||||
Triangle Acquisition Co. (Polycom) | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 6.50 | % | 7.50 | % | 9/27/2023 | $ | 4,835,417 | 4,646,389 | 4,877,727 | 0.36 | % | M | ||||||||||||||||
18,981,589 | 19,357,729 | 1.42 | % | |||||||||||||||||||||||||||||
Computer Systems Design and Related Services | ||||||||||||||||||||||||||||||||
Aptos Inc. (Canada) | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 6.75 | % | 7.75 | % | 9/1/2022 | $ | 9,975,000 | 9,784,353 | 9,875,250 | 0.72 | % | HM | ||||||||||||||||
Dealersocket, Inc. | Senior Secured 1st Lien Term Loan | LIBOR (M) | 1.00 | % | 10.00 | % | 11.00 | % | 2/10/2021 | $ | 17,500,000 | 16,884,459 | 17,291,750 | 1.26 | % | M | ||||||||||||||||
MSC Software Corporation | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 7.50 | % | 8.50 | % | 5/29/2021 | $ | 6,993,035 | 6,953,617 | 7,001,777 | 0.51 | % | M | ||||||||||||||||
Marketo, Inc. | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 9.50 | % | 10.50 | % | 8/16/2021 | $ | 23,295,455 | 22,630,922 | 22,887,784 | 1.67 | % | M | ||||||||||||||||
Marketo, Inc. | Senior Secured Revolver | LIBOR (Q) | 1.00 | % | 9.50 | % | 10.50 | % | 8/16/2021 | $ | — | (47,341 | ) | 21,307 | — | J/M | ||||||||||||||||
OnX Enterprise Solutions, Ltd. (Canada) | First Lien Term Loan B | LIBOR (Q) | — | 8.00 | % | 8.90 | % | 9/3/2018 | $ | 2,314,000 | 2,314,000 | 2,314,000 | 0.17 | % | H/M | |||||||||||||||||
OnX Enterprise Solutions, Ltd. (Canada) | First Lien Term Loan | LIBOR (Q) | — | 8.00 | % | 8.90 | % | 9/3/2018 | $ | 10,320,000 | 10,268,787 | 10,320,000 | 0.75 | % | H/M | |||||||||||||||||
OnX USA, LLC | First Lien Term Loan B | LIBOR (Q) | — | 8.00 | % | 8.90 | % | 9/3/2018 | $ | 3,738,000 | 3,738,000 | 3,738,000 | 0.27 | % | M | |||||||||||||||||
OnX USA, LLC | First Lien Term Loan | LIBOR (Q) | — | 8.00 | % | 8.90 | % | 9/3/2018 | $ | 3,160,000 | 3,151,013 | 3,160,000 | 0.23 | % | M | |||||||||||||||||
Waterfall International, Inc. | First Lien Delayed Draw Term Loan (3.0% Exit Fee) | LIBOR (Q) | — | 11.67 | % | 12.48 | % | 9/1/2018 | $ | 4,800,000 | 4,827,231 | 4,970,640 | 0.36 | % | K/M | |||||||||||||||||
80,505,041 | 81,580,508 | 5.94 | % | |||||||||||||||||||||||||||||
Data Processing and Hosting Services | ||||||||||||||||||||||||||||||||
IO Data Centers, USA, LLC | First Lien Term Loan | Fixed | — | 9.00 | % | 9.00 | % | 1/15/2020 | $ | 6,876,756 | 6,876,756 | 6,876,756 | 0.50 | % | M | |||||||||||||||||
Electric Power Generation, Transmission and Distribution | ||||||||||||||||||||||||||||||||
Holocene Renewable Energy Fund 3, LLC (Conergy) | First Lien Term Loan | Fixed | — | 9.00% Cash+1.00% PIK | 10.00 | % | 9/10/2017 | $ | 7,518,173 | 7,491,471 | 7,442,991 | 0.54 | % | M | ||||||||||||||||||
Electronic Component Manufacturing | ||||||||||||||||||||||||||||||||
Soraa, Inc. | Tranche A Term Loan (3.0% Exit Fee) | LIBOR (Q) | 0.44 | % | 9.33 | % | 10.15 | % | 3/1/2018 | $ | 15,666,296 | 15,483,478 | 15,471,251 | 1.13 | % | K/M | ||||||||||||||||
Soraa, Inc. | Tranche B Term Loan | LIBOR (Q) | 0.44 | % | 9.33 | % | 10.15 | % | 9/1/2017 | $ | 1,603,779 | 1,556,152 | 1,563,204 | 0.11 | % | M | ||||||||||||||||
17,039,630 | 17,034,455 | 1.24 | % | |||||||||||||||||||||||||||||
Equipment Leasing | ||||||||||||||||||||||||||||||||
36th Street Capital Partners Holdings, LLC | Senior Note | Fixed | — | 12.00 | % | 12.00 | % | 11/1/2020 | $ | 29,203,304 | 29,203,304 | 29,203,304 | 2.13 | % | E/F/M | |||||||||||||||||
Essex Ocean, LLC (Solexel) | Sr Secured Term Loan | Fixed | — | 8.00 | % | 8.00 | % | 8/15/2018 | $ | 1,685,289 | 1,685,289 | 1,718,994 | 0.13 | % | M | |||||||||||||||||
30,888,593 | 30,922,298 | 2.26 | % | |||||||||||||||||||||||||||||
Facilities Support Services | ||||||||||||||||||||||||||||||||
NANA Development Corp. | First Lien Term Loan B | LIBOR (M) | 1.25 | % | 6.75 | % | 8.00 | % | 3/15/2018 | $ | 879,513 | 834,963 | 853,128 | 0.06 | % | M | ||||||||||||||||
Financial Investment Activities | ||||||||||||||||||||||||||||||||
Magnolia Finance V plc (Cayman Islands) | Asset-Backed Credit Linked Notes | Fixed | — | 13.13 | % | 13.13 | % | 8/2/2021 | $ | 15,000,000 | 15,000,000 | 14,994,000 | 1.10 | % | E/H/M | |||||||||||||||||
Grocery Stores | ||||||||||||||||||||||||||||||||
Bashas, Inc. | First Lien FILO Term Loan | LIBOR (M) | 1.50 | % | 8.80 | % | 10.30 | % | 10/8/2019 | $ | 9,333,235 | 9,297,529 | 9,426,567 | 0.69 | % | M |
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (continued) | ||||||||||||||||||||||||||||||||
Hospitals | ||||||||||||||||||||||||||||||||
KPC Healthcare, Inc. | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 9.25 | % | 10.51 | % | 8/28/2020 | $ | 12,071,083 | $ | 11,857,665 | $ | 12,375,878 | 0.90 | % | M | ||||||||||||||
Pacific Coast Holdings Investment, LLC | Senior Secured 1st Lien Delayed Draw Term Loan | LIBOR (M) | 2.00 | % | 9.70 | % | 11.70 | % | 10/23/2019 | $ | 10,828,233 | 10,806,929 | 10,828,233 | 0.79 | % | M | ||||||||||||||||
22,664,594 | 23,204,111 | 1.69 | % | |||||||||||||||||||||||||||||
Insurance | ||||||||||||||||||||||||||||||||
Alera Group Intermediate Holdings, Inc. | First Lien Delayed Draw Term Loan | Prime | — | 4.50 | % | 8.25 | % | 12/30/2022 | $ | — | (8,333 | ) | — | — | J/M | |||||||||||||||||
Alera Group Intermediate Holdings, Inc. | First Lien Revolver | Prime | — | 4.50 | % | 8.25 | % | 12/30/2021 | $ | — | (7,595 | ) | — | — | J/M | |||||||||||||||||
Alera Group Intermediate Holdings, Inc. | First Lien Term Loan | Prime | — | 4.50 | % | 8.25 | % | 12/30/2022 | $ | 3,407,121 | 3,373,050 | 3,373,050 | 0.25 | % | M | |||||||||||||||||
Association Member Benefits Advisors, LLC | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 8.75 | % | 9.75 | % | 6/8/2023 | $ | 8,277,983 | 8,112,882 | 8,112,423 | 0.59 | % | M | ||||||||||||||||
JSS Holdings, Inc. | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 6.50 | % | 7.50 | % | 8/31/2021 | $ | 3,750,000 | 3,689,740 | 3,731,250 | 0.27 | % | M | ||||||||||||||||
US Apple Holdco, LLC (Ventiv Technology) | First Lien Term Loan | LIBOR (Q) | 0.50 | % | 13.62 | % | 14.49 | % | 8/29/2019 | $ | 20,015,152 | 19,533,393 | 20,015,152 | 1.46 | % | M | ||||||||||||||||
34,693,137 | 35,231,875 | 2.57 | % | |||||||||||||||||||||||||||||
Lessors of Nonfinancial Licenses | ||||||||||||||||||||||||||||||||
ABG Intermediate Holdings 2, LLC | Second Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.50 | % | 9.50 | % | 5/27/2022 | $ | 16,573,588 | 16,434,441 | 16,739,324 | 1.22 | % | M | ||||||||||||||||
ABG Intermediate Holdings 2, LLC | Second Lien Incremental Term Loan | LIBOR (Q) | 1.00 | % | 8.50 | % | 9.50 | % | 5/27/2022 | $ | 3,426,412 | 3,396,918 | 3,460,676 | 0.25 | % | M | ||||||||||||||||
19,831,359 | 20,200,000 | 1.47 | % | |||||||||||||||||||||||||||||
Management, Scientific, and Technical Consulting Services | ||||||||||||||||||||||||||||||||
Dodge Data & Analytics, LLC | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.75 | % | 9.75 | % | 10/31/2019 | $ | 23,995,511 | 23,613,049 | 23,699,166 | 1.73 | % | M | ||||||||||||||||
Motion Picture and Video Industries | ||||||||||||||||||||||||||||||||
NEG Holdings, LLC (CORE Entertainment) | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.00% PIK | 9.00 | % | 10/17/2022 | $ | 1,445,592 | 1,445,592 | 1,387,712 | 0.10 | % | M | |||||||||||||||||
Nondepository Credit Intermediation | ||||||||||||||||||||||||||||||||
Auto Trakk SPV, LLC | First Lien Delayed Draw Term Loan | LIBOR (M) | 0.50 | % | 9.50 | % | 10.24 | % | 12/21/2021 | $ | 32,392,942 | 31,888,166 | 31,939,467 | 2.33 | % | M | ||||||||||||||||
Caliber Home Loans, Inc. | First Lien Delayed Draw Term Loan | LIBOR (M) | 1.00 | % | 6.50 | % | 7.50 | % | 6/30/2020 | $ | 13,333,333 | 13,136,017 | 13,133,333 | 0.96 | % | M | ||||||||||||||||
Caribbean Financial Group (Cayman Islands) | Sr Secured Notes | Fixed | — | 11.50 | % | 11.50 | % | 11/15/2019 | $ | 28,678,000 | 28,568,148 | 29,108,170 | 2.13 | % | E/G/H/M | |||||||||||||||||
Daymark Financial Acceptance, LLC | First Lien Delayed Draw Term Loan | LIBOR (M) | — | 9.50 | % | 10.27 | % | 1/12/2020 | $ | 17,500,000 | 17,300,337 | 16,992,500 | 1.24 | % | M | |||||||||||||||||
Greystone Select Holdings, LLC | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.00 | % | 9.00 | % | 3/26/2021 | $ | 16,062,731 | 15,912,928 | 16,207,296 | 1.18 | % | M | ||||||||||||||||
Trade Finance Funding I, Ltd. (Cayman Islands) | Secured Class B Notes | Fixed | — | 10.75 | % | 10.75 | % | 11/13/2018 | $ | 15,084,000 | 15,084,000 | 14,857,740 | 1.09 | % | E/H/M | |||||||||||||||||
121,889,596 | 122,238,506 | 8.93 | % | |||||||||||||||||||||||||||||
Other Information Services | ||||||||||||||||||||||||||||||||
Asset International, Inc. | Delayed Draw Term Loan | LIBOR (M) | 1.00 | % | 8.50 | % | 9.50 | % | 7/31/2020 | $ | 1,251,626 | 1,227,886 | 1,231,183 | 0.09 | % | M | ||||||||||||||||
Asset International, Inc. | Revolver Loan | LIBOR (M) | 1.00 | % | 8.50 | % | 9.50 | % | 7/31/2020 | $ | 491,303 | 480,225 | 481,674 | 0.04 | % | M | ||||||||||||||||
Asset International, Inc. | First Lien Term Loan | LIBOR (M) | 1.00 | % | 8.50 | % | 9.50 | % | 7/31/2020 | $ | 15,408,563 | 15,204,465 | 15,257,559 | 1.11 | % | M | ||||||||||||||||
Simmons Research, LLC | First Lien Term Loan | LIBOR (Q) | 0.50 | % | 10.50 | % | 11.38 | % | 12/11/2020 | $ | 4,936,601 | 4,853,985 | 4,973,625 | 0.36 | % | M | ||||||||||||||||
SoundCloud Ltd. (United Kingdom) | Sr Secured Term Loan (2.0% Exit Fee) | LIBOR (M) | 0.28 | % | 10.72 | % | 11.60 | % | 10/1/2018 | $ | 31,550,000 | 31,632,236 | 32,510,698 | 2.38 | % | H/K/M | ||||||||||||||||
TCH-2 Holdings, LLC (TravelClick) | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 7.75 | % | 8.75 | % | 11/6/2021 | $ | 19,988,392 | 19,769,829 | 19,663,581 | 1.44 | % | G/M | ||||||||||||||||
73,168,626 | 74,118,320 | 5.42 | % | |||||||||||||||||||||||||||||
Other Manufacturing | ||||||||||||||||||||||||||||||||
AGY Holding Corp. | Sr Secured Term Loan | Fixed | — | 12.00 | % | 12.00 | % | 9/15/2018 | $ | 4,869,577 | 4,869,577 | 4,869,710 | 0.36 | % | B/M | |||||||||||||||||
AGY Holding Corp. | Second Lien Notes | Fixed | — | 11.00 | % | 11.00 | % | 11/15/2018 | $ | 9,268,000 | 7,586,317 | 9,268,000 | 0.68 | % | B/E/M | |||||||||||||||||
AGY Holding Corp. | Delayed Draw Term Loan | Fixed | — | 12.00 | % | 12.00 | % | 9/15/2018 | $ | 1,049,146 | 1,049,146 | 1,049,147 | 0.08 | % | B/M | |||||||||||||||||
Bioventus, LLC | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 6.25 | % | 7.25 | % | 11/15/2021 | $ | 5,000,000 | 4,900,613 | 5,000,000 | 0.37 | % | M | ||||||||||||||||
Boomerang Tube, LLC | Subordinated Notes | LIBOR (M) | — | 17.50 | % | N/A | 2/1/2021 | $ | 1,030,741 | 1,030,740 | 107,200 | 0.01 | % | C/M | ||||||||||||||||||
19,436,393 | 20,294,057 | 1.50 | % |
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (continued) | ||||||||||||||||||||||||||||||||
Other Publishing | ||||||||||||||||||||||||||||||||
Bisnow, LLC | First Lien Revolver | LIBOR (Q) | — | 9.00 | % | N/A | 4/29/2021 | $ | — | $ | (24,000 | ) | $ | 15,000 | — | J/M | ||||||||||||||||
Bisnow, LLC | First Lien Term Loan | LIBOR (Q) | — | 9.00 | % | 9.88 | % | 4/29/2021 | $ | 8,614,356 | 8,459,058 | 8,549,749 | 0.62 | % | M | |||||||||||||||||
Contextmedia Health, LLC | First Lien Term Loan B | LIBOR (M) | 1.00 | % | 6.50 | % | 7.50 | % | 12/23/2021 | $ | 13,636,364 | 12,272,727 | 12,477,273 | 0.91 | % | |||||||||||||||||
20,707,785 | 21,042,022 | 1.53 | % | |||||||||||||||||||||||||||||
Other Telecommunications | ||||||||||||||||||||||||||||||||
Securus Technologies, Inc. | Second Lien Term Loan | LIBOR (Q) | 1.25 | % | 7.75 | % | 9.00 | % | 4/30/2021 | $ | 4,516,129 | 4,470,968 | 4,407,177 | 0.32 | % | |||||||||||||||||
Pharmaceuticals | ||||||||||||||||||||||||||||||||
Lantheus Medical Imaging, Inc. | First Lien Term Loan | LIBOR (M) | 1.00 | % | 6.00 | % | 7.00 | % | 6/30/2022 | $ | 8,642,604 | 8,199,514 | 8,664,210 | 0.63 | % | |||||||||||||||||
Plastics Manufacturing | ||||||||||||||||||||||||||||||||
Iracore International, Inc. | Sr Secured Notes | Fixed | — | 9.50 | % | 9.50 | % | 6/1/2018 | $ | 13,600,000 | 14,246,000 | 4,503,640 | 0.33 | % | C/E/G/M | |||||||||||||||||
Radio and Television Broadcasting | ||||||||||||||||||||||||||||||||
Fuse, LLC | Sr Secured Notes | Fixed | — | 10.38 | % | 10.38 | % | 7/1/2019 | $ | 7,312,000 | 7,312,000 | 4,435,972 | 0.32 | % | E/G | |||||||||||||||||
NEP/NCP Holdco, Inc. | Second Lien Term Loan | LIBOR (M) | 1.25 | % | 8.75 | % | 10.00 | % | 7/22/2020 | $ | 15,981,496 | 15,727,220 | 16,141,311 | 1.18 | % | |||||||||||||||||
23,039,220 | 20,577,283 | 1.50 | % | |||||||||||||||||||||||||||||
Real Estate Leasing | ||||||||||||||||||||||||||||||||
Home Partners of America, Inc. | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 7.00 | % | 8.00 | % | 10/13/2022 | $ | 5,000,000 | 4,902,332 | 5,000,000 | 0.37 | % | M | ||||||||||||||||
Restaurants | ||||||||||||||||||||||||||||||||
RM OpCo, LLC (Real Mex) | Convertible Second Lien Term Loan Tranche B-1 | Fixed | — | 8.50 | % | 8.50 | % | 3/30/2018 | $ | 1,943,371 | 1,943,371 | 1,943,371 | 0.14 | % | B/M | |||||||||||||||||
RM OpCo, LLC (Real Mex) | First Lien Term Loan Tranche A | Fixed | — | 7.00 | % | 7.00 | % | 3/30/2018 | $ | 4,871,284 | 4,587,898 | 4,871,284 | 0.36 | % | B/M | |||||||||||||||||
RM OpCo, LLC (Real Mex) | Second Lien Term Loan Tranche B | Fixed | — | 8.50 | % | 8.50 | % | 3/30/2018 | $ | 9,683,150 | 9,683,150 | 3,154,770 | 0.23 | % | B/M | |||||||||||||||||
RM OpCo, LLC (Real Mex) | Second Lien Term Loan Tranche B-1 | Fixed | — | 8.50 | % | 8.50 | % | 3/30/2018 | $ | 3,049,554 | 3,034,132 | 3,049,555 | 0.22 | % | B/M | |||||||||||||||||
RM OpCo, LLC (Real Mex) | Sr Convertible Second Lien Term Loan B | Fixed | — | 8.50 | % | 8.50 | % | 3/30/2018 | $ | 4,251,368 | 4,251,368 | 4,251,368 | 0.31 | % | B/M | |||||||||||||||||
23,499,919 | 17,270,348 | 1.26 | % | |||||||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||||||||
Bon-Ton, Inc. | First Lien Tranche A-1 Revolver | LIBOR (Q) | 1.00 | % | 9.50 | % | 10.50 | % | 3/15/2021 | $ | 4,432,934 | 4,348,162 | 4,388,605 | 0.32 | % | M | ||||||||||||||||
Gander Mountain Company | Second Lien Term Loan | LIBOR (M) | — | 9.50 | % | 10.44 | % | 6/15/2018 | $ | 14,740,910 | 14,618,096 | 14,749,754 | 1.08 | % | M | |||||||||||||||||
The Gymboree Corporation | First Lien Term Loan | LIBOR (Q) | — | 10.25 | % | 11.18 | % | 9/24/2020 | $ | 12,857,349 | 12,618,039 | 13,050,209 | 0.95 | % | M | |||||||||||||||||
Kenneth Cole Productions, Inc. | First Lien FILO Term Loan | LIBOR (M) | 1.00 | % | 8.50 | % | 9.50 | % | 9/25/2020 | $ | 20,672,789 | 20,491,699 | 20,879,517 | 1.53 | % | M | ||||||||||||||||
52,075,996 | 53,068,085 | 3.88 | % | |||||||||||||||||||||||||||||
Satellite Telecommunications | ||||||||||||||||||||||||||||||||
Avanti Communications Group, PLC (United Kingdom) | Sr Secured Notes | Fixed | — | 10.00 | % | 10.00 | % | 10/1/2019 | $ | 9,393,000 | 9,393,000 | 5,665,153 | 0.41 | % | E/G/H | |||||||||||||||||
Scientific Research and Development Services | ||||||||||||||||||||||||||||||||
Envigo Holdings, Inc. | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.50 | % | 9.50 | % | 11/3/2021 | $ | 35,192,124 | 34,499,517 | 34,796,212 | 2.54 | % |
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (continued) | ||||||||||||||||||||||||||||||||
Software Publishing | ||||||||||||||||||||||||||||||||
Acronis International GmbH (Switzerland) | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 11.50 | % | 12.50 | % | 6/9/2017 | $ | 28,336,513 | $ | 28,329,478 | $ | 28,165,077 | 2.06 | % | H/M | ||||||||||||||
ArcServe (USA), LLC | Second Lien Term Loan | LIBOR (Q) | 0.50 | % | 8.50% Cash+1.25% PIK | 10.75 | % | 1/31/2020 | $ | 30,222,833 | 29,851,330 | 28,893,029 | 2.11 | % | M | |||||||||||||||||
Autoalert, LLC | First Lien Term Loan | LIBOR (Q) | 0.25 | % | 5.75% Cash+3.00% PIK | 9.63 | % | 3/31/2019 | $ | 35,627,947 | 35,263,561 | 35,538,877 | 2.60 | % | M | |||||||||||||||||
Mapp Digital US, LLC | First Lien Term Loan | LIBOR (Q) | — | 9.50 | % | 10.35 | % | 12/31/2017 | $ | 5,837,798 | 5,754,455 | 5,823,203 | 0.43 | % | M | |||||||||||||||||
Edmentum, Inc. | Jr Revolving Facility | Fixed | — | 5.00 | % | 5.00 | % | 6/9/2020 | $ | — | — | — | — | B/M | ||||||||||||||||||
Edmentum Ultimate Holdings, LLC | Sr PIK Notes | Fixed | — | 8.50 | % | 8.50 | % | 6/9/2020 | $ | 2,846,243 | 2,846,243 | 2,846,246 | 0.21 | % | B/M | |||||||||||||||||
Edmentum Ultimate Holdings, LLC | Jr PIK Notes | Fixed | — | 10.00 | % | 10.00 | % | 6/9/2020 | $ | 13,040,391 | 12,539,980 | 12,101,483 | 0.88 | % | B/M | |||||||||||||||||
Fidelis Acquisitionco, LLC | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 6.00% Cash+2.00% PIK | 9.00 | % | 11/4/2019 | $ | 42,565,572 | 41,986,034 | 42,991,228 | 3.14 | % | M | |||||||||||||||||
Fidelis Acquisitionco, LLC | Sr Secured Revolver | LIBOR (Q) | 1.00 | % | 8.00 | % | 9.00 | % | 11/4/2019 | $ | 3,182,143 | 3,182,143 | 3,213,964 | 0.24 | % | M | ||||||||||||||||
Newscycle Solutions, Inc. | Second Lien Term Loan | LIBOR (Q) | — | 13.00 | % | 13.95 | % | 9/10/2021 | $ | 11,513,361 | 11,196,782 | 11,334,905 | 0.83 | % | M | |||||||||||||||||
Newscycle Solutions AB (Sweden) | Second Lien Term Loan B | LIBOR (Q) | — | 13.00 | % | 13.95 | % | 9/10/2021 | $ | 11,513,362 | 11,196,782 | 11,334,905 | 0.83 | % | H/M | |||||||||||||||||
Soasta, Inc. | Senior Secured 1st Lien Term Loan (4.0% Exit Fee) | LIBOR (M) | — | 9.56 | % | 10.50 | % | 4/1/2019 | $ | 17,880,435 | 17,783,558 | 19,037,299 | 1.39 | % | K/M | |||||||||||||||||
Soasta, Inc. | Convertible Promissory Note | Fixed | — | 10.00 | % | 10.00 | % | 12/16/2017 | $ | 2,282,609 | 2,282,609 | 5,504,054 | 0.40 | % | M | |||||||||||||||||
Utilidata, Inc. | First Lien Delayed Draw Term Loan (1.0% Exit Fee) | LIBOR (M) | 0.62 | % | 9.88 | % | 10.69 | % | 1/1/2019 | $ | 3,200,000 | 3,135,670 | 3,080,000 | 0.23 | % | K/M | ||||||||||||||||
205,348,625 | 209,864,270 | 15.35 | % | |||||||||||||||||||||||||||||
Textile Furnishings Mills | ||||||||||||||||||||||||||||||||
Lexmark Carpet Mills, Inc. | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 10.00 | % | 11.00 | % | 12/19/2019 | $ | 22,804,525 | 22,804,525 | 22,827,329 | 1.67 | % | M | ||||||||||||||||
Lexmark Carpet Mills, Inc. | First Lien Term Loan B | LIBOR (Q) | 1.00 | % | 10.00 | % | 11.00 | % | 12/19/2019 | $ | 7,822,482 | 7,681,925 | 7,830,304 | 0.57 | % | M | ||||||||||||||||
30,486,450 | 30,657,633 | 2.24 | % | |||||||||||||||||||||||||||||
Utility System Construction | ||||||||||||||||||||||||||||||||
Kawa Solar Holdings Limited (Cayman Islands) | Bank Guarantee Credit Facility | Fixed | — | 8.20% Cash+3.50% PIK | 11.70 | % | 7/2/2017 | $ | 21,276,420 | 21,276,420 | 21,276,653 | 1.56 | % | F/H/M | ||||||||||||||||||
Kawa Solar Holdings Limited (Cayman Islands) | Revolving Credit Facility | Fixed | — | 8.20 | % | 8.20 | % | 7/2/2017 | $ | 4,000,000 | 4,000,000 | 4,000,000 | 0.29 | % | F/H/M | |||||||||||||||||
25,276,420 | 25,276,653 | 1.85 | % | |||||||||||||||||||||||||||||
Wholesalers | ||||||||||||||||||||||||||||||||
NILCO, LLC | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 9.50 | % | 10.50 | % | 9/1/2021 | $ | 21,023,109 | 20,424,799 | 21,601,245 | 1.58 | % | M | ||||||||||||||||
Wired Telecommunications Carriers | ||||||||||||||||||||||||||||||||
Alpheus Communications, LLC | First Lien Delayed Draw FILO Term Loan | LIBOR (M) | 1.00 | % | 7.42 | % | 8.53 | % | 5/31/2018 | $ | 332,044 | 328,743 | 326,682 | 0.02 | % | M | ||||||||||||||||
Alpheus Communications, LLC | First Lien Delayed Draw FILO Term Loan | LIBOR (M) | 1.00 | % | 7.42 | % | 8.66 | % | 5/31/2018 | $ | 1,355,968 | 1,346,859 | 1,328,296 | 0.10 | % | M | ||||||||||||||||
Alpheus Communications, LLC | First Lien FILO Term Loan | LIBOR (M) | 1.00 | % | 7.42 | % | 8.42 | % | 5/31/2018 | $ | 7,255,721 | 7,183,589 | 7,139,992 | 0.52 | % | M | ||||||||||||||||
Integra Telecom Holdings, Inc. | Second Lien Term Loan | LIBOR (Q) | 1.25 | % | 8.50 | % | 9.75 | % | 2/22/2020 | $ | 13,231,193 | 13,084,285 | 13,313,989 | 0.97 | % | G | ||||||||||||||||
U.S. TelePacific Corp. | First Lien Notes | LIBOR (Q) | 1.00 | % | 8.50 | % | 9.50 | % | 2/24/2021 | $ | 10,000,000 | 9,715,362 | 10,000,000 | 0.73 | % | M | ||||||||||||||||
31,658,838 | 32,108,959 | 2.34 | % | |||||||||||||||||||||||||||||
Wireless Telecommunications Carriers | ||||||||||||||||||||||||||||||||
Gogo, LLC | Sr Secured Notes | Fixed | — | 12.50 | % | 12.50 | % | 7/1/2022 | $ | 10,000,000 | 10,000,000 | 10,900,000 | 0.80 | % | E/G | |||||||||||||||||
Total Debt Investments | 1,254,861,949 | 1,248,887,808 | 91.25 | % |
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Shares | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||
Equity Securities | ||||||||||||||||||||||||||||
Advertising and Public Relations Services | ||||||||||||||||||||||||||||
InMobi, Inc. (Singapore) | Warrants to Purchase Stock | 562,496 | $ | 230,569 | $ | 87,356 | 0.01 | % | C/E/H/M | |||||||||||||||||||
Air Transportation | ||||||||||||||||||||||||||||
Aircraft Leased to United Airlines, Inc. | ||||||||||||||||||||||||||||
United N659UA-767, LLC (N659UA) | Trust Beneficial Interests | 683 | 3,250,956 | 3,191,938 | 0.23 | % | E/F/M | |||||||||||||||||||||
United N661UA-767, LLC (N661UA) | Trust Beneficial Interests | 688 | 3,376,251 | 3,266,101 | 0.24 | % | E/F/M | |||||||||||||||||||||
Epic Aero, Inc. (One Sky) | Warrants to Purchase Common Stock | 1,843 | 855,313 | 1,909,600 | 0.14 | % | C/E/M | |||||||||||||||||||||
7,482,520 | 8,367,639 | 0.61 | % | |||||||||||||||||||||||||
Business Support Services | ||||||||||||||||||||||||||||
Findly Talent, LLC | Membership Units | 708,229 | 230,938 | 143,133 | 0.01 | % | C/E/M | |||||||||||||||||||||
STG-Fairway Holdings, LLC (First Advantage) | Class A Units | 841,479 | 325,432 | 1,112,351 | 0.08 | % | C/E/M | |||||||||||||||||||||
556,370 | 1,255,484 | 0.09 | % | |||||||||||||||||||||||||
Chemicals | ||||||||||||||||||||||||||||
Green Biologics, Inc. | Warrants to Purchase Stock | 909,300 | 274,213 | 875 | — | C/E/M | ||||||||||||||||||||||
Nanosys, Inc. | Warrants to Purchase Common Stock | 800,000 | 605,266 | 611,920 | 0.05 | % | C/E/M | |||||||||||||||||||||
879,479 | 612,795 | 0.05 | % | |||||||||||||||||||||||||
Communications Equipment Manufacturing | ||||||||||||||||||||||||||||
Wasserstein Cosmos Co-Invest, L.P. (Globecomm) | Limited Partnership Units | 5,000,000 | 5,000,000 | 1,530,000 | 0.11 | % | B/C/E/M | |||||||||||||||||||||
Computer Systems Design and Related Services | ||||||||||||||||||||||||||||
Waterfall International, Inc. | Series B Preferred Stock | 1,428,571 | 1,000,000 | 1,145,286 | 0.08 | % | C/E/M | |||||||||||||||||||||
Waterfall International, Inc. | Warrants to Purchase Stock | 920,000 | 89,847 | 175,168 | 0.01 | % | C/E/M | |||||||||||||||||||||
1,089,847 | 1,320,454 | 0.09 | % | |||||||||||||||||||||||||
Data Processing and Hosting Services | ||||||||||||||||||||||||||||
Anacomp, Inc. | Class A Common Stock | 1,255,527 | 26,711,048 | 1,205,306 | 0.09 | % | C/E/F/M | |||||||||||||||||||||
Rightside Group, Ltd. | Warrants | 498,855 | 2,778,622 | 366,489 | 0.03 | % | C/E/M | |||||||||||||||||||||
29,489,670 | 1,571,795 | 0.12 | % | |||||||||||||||||||||||||
Electrical Equipment Manufacturing | ||||||||||||||||||||||||||||
NEXTracker, Inc. | Series B Preferred Stock | 558,884 | — | 1,727,622 | 0.13 | % | E/M | |||||||||||||||||||||
NEXTracker, Inc. | Series C Preferred Stock | 17,640 | — | 54,525 | — | E/M | ||||||||||||||||||||||
— | 1,782,147 | 0.13 | % | |||||||||||||||||||||||||
Electronic Component Manufacturing | ||||||||||||||||||||||||||||
Soraa, Inc. | Warrants to Purchase Common Stock | 3,071,860 | 478,899 | 5,222 | — | C/E/M | ||||||||||||||||||||||
Equipment Leasing | ||||||||||||||||||||||||||||
36th Street Capital Partners Holdings, LLC | Membership Units | 6,818,897 | 6,818,897 | 6,818,897 | 0.50 | % | C/E/F/M | |||||||||||||||||||||
Essex Ocean II, LLC | Membership Units | 199,430 | 103,398 | 159,045 | 0.01 | % | C/E/F/M | |||||||||||||||||||||
6,922,295 | 6,977,942 | 0.51 | % | |||||||||||||||||||||||||
Financial Investment Activities | ||||||||||||||||||||||||||||
GACP I, LP | Membership Units | 16,615,951 | 16,735,088 | 16,866,903 | 1.23 | % | C/E/I/M | |||||||||||||||||||||
Marsico Holdings, LLC | Common Interest Units | 168,698 | 172,694 | 1,687 | — | C/E/I/M | ||||||||||||||||||||||
16,907,782 | 16,868,590 | 1.23 | % | |||||||||||||||||||||||||
Metal and Mineral Mining | ||||||||||||||||||||||||||||
EPMC HoldCo, LLC | Membership Units | 1,312,720 | — | 210,035 | 0.02 | % | B/E/M | |||||||||||||||||||||
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Shares | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||
Equity Securities (continued) | ||||||||||||||||||||||||||||
Motion Picture and Video Industries | ||||||||||||||||||||||||||||
NEG Parent, LLC | Class A Units | 1,182,779 | $ | 1,235,194 | $ | 1,292,023 | 0.09 | % | C/E/M | |||||||||||||||||||
NEG Parent, LLC | Class P Units | 1,537,613 | 1,537,613 | 1,551,056 | 0.11 | % | C/E/M | |||||||||||||||||||||
NEG Parent, LLC | Class A Warrants to Purchase Class A Units | 343,387 | 196,086 | 196,086 | 0.01 | % | C/E/M | |||||||||||||||||||||
NEG Parent, LLC | Class B Warrants to Purchase Class A Units | 346,794 | 198,032 | 198,032 | 0.02 | % | C/E/M | |||||||||||||||||||||
3,166,925 | 3,237,197 | 0.23 | % | |||||||||||||||||||||||||
Other Information Services | ||||||||||||||||||||||||||||
SoundCloud, Ltd. (United Kingdom) | Warrants to Purchase Preferred Stock | 946,498 | 79,082 | 95,502 | 0.01 | % | C/E/H/M | |||||||||||||||||||||
Other Manufacturing | ||||||||||||||||||||||||||||
AGY Holding Corp. | Common Stock | 1,333,527 | — | — | — | B/C/E/M | ||||||||||||||||||||||
Boomerang Tube Holdings, Inc. | Common Stock | 24,288 | 243 | — | — | C/E/M | ||||||||||||||||||||||
KAGY Holding Company, Inc. | Series A Preferred Stock | 9,778 | 1,091,200 | 4,607,246 | 0.34 | % | B/C/E/M | |||||||||||||||||||||
1,091,443 | 4,607,246 | 0.34 | % | |||||||||||||||||||||||||
Radio and Television Broadcasting | ||||||||||||||||||||||||||||
Fuse Media, LLC | Warrants to Purchase Common Stock | 233,470 | 300,322 | — | — | C/E/M | ||||||||||||||||||||||
Restaurants | ||||||||||||||||||||||||||||
RM Holdco, LLC (Real Mex) | Equity Participation | 24 | — | — | — | B/C/E/M | ||||||||||||||||||||||
RM Holdco, LLC (Real Mex) | Membership Units | 13,161,000 | 2,010,777 | — | — | B/C/E/M | ||||||||||||||||||||||
2,010,777 | — | — | ||||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||||
Shop Holding, LLC (Connexity) | Class A Units | 507,167 | 480,049 | — | — | C/E/M | ||||||||||||||||||||||
Software Publishing | ||||||||||||||||||||||||||||
Blackline Intermediate, Inc. | Warrants to Purchase Common Stock | 246,546 | 522,678 | 5,300,373 | 0.39 | % | C/E/M | |||||||||||||||||||||
Edmentum Ultimate Holdings, LLC | Class A Common Units | 159,515 | 680,226 | 1,123,591 | 0.08 | % | B/C/E/M | |||||||||||||||||||||
Soasta, Inc. | Warrants to Purchase Series F Preferred Stock | 1,251,630 | 533,192 | 794,535 | 0.06 | % | C/E/M | |||||||||||||||||||||
Utilidata, Inc. | Warrants to Purchase Stock | 719,998 | 216,336 | 204,983 | 0.01 | % | C/E/M | |||||||||||||||||||||
1,952,432 | 7,423,482 | 0.54 | % | |||||||||||||||||||||||||
Utility System Construction | ||||||||||||||||||||||||||||
Kawa Solar Holdings Limited (Cayman Islands) | Ordinary Shares | 2,332,594 | — | — | — | C/E/F/H/M | ||||||||||||||||||||||
Kawa Solar Holdings Limited (Cayman Islands) | Series B Preferred Shares | 93,023 | 1,395,349 | 1,395,350 | 0.10 | % | C/E/F/H/M | |||||||||||||||||||||
1,395,349 | 1,395,350 | 0.10 | % |
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Shares | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||
Equity Securities (continued) | ||||||||||||||||||||||||||||
Wired Telecommunications Carriers | ||||||||||||||||||||||||||||
Integra Telecom, Inc. | Common Stock | 1,274,522 | $ | 8,433,884 | $ | 6,533,964 | 0.48 | % | C/E/M | |||||||||||||||||||
Integra Telecom, Inc. | Warrants | 346,939 | 19,920 | — | — | C/E/M | ||||||||||||||||||||||
V Telecom Investment S.C.A. (Vivacom) (Luxembourg) | Common Shares | 1,393 | 3,236,256 | 2,199,862 | 0.16 | % | C/D/E/H/M | |||||||||||||||||||||
11,690,060 | 8,733,826 | 0.64 | % | |||||||||||||||||||||||||
Total Equity Securities | 91,203,870 | 66,082,062 | 4.83 | % | ||||||||||||||||||||||||
Total Investments | $ | 1,346,065,819 | $ | 1,314,969,870 | ||||||||||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||||||||||
Cash Held on Account at Various Institutions | 53,579,868 | 3.92 | % | |||||||||||||||||||||||||
Cash and Cash Equivalents | 53,579,868 | 3.92 | % | |||||||||||||||||||||||||
Total Cash and Investments | $ | 1,368,549,738 | 100.00 | % | L |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Investment income | |||||||||||||||
Interest income: | |||||||||||||||
Companies less than 5% owned | $ | 39,120,645 | $ | 35,115,862 | $ | 117,016,921 | $ | 99,016,633 | |||||||
Companies 5% to 25% owned | 1,856,712 | 1,848,171 | 5,365,553 | 4,982,075 | |||||||||||
Companies more than 25% owned | 1,363,740 | 1,313,034 | 4,720,816 | 1,915,981 | |||||||||||
Dividend income: | |||||||||||||||
Companies less than 5% owned | — | — | 16,627 | — | |||||||||||
Lease income: | |||||||||||||||
Companies more than 25% owned | 74,457 | 71,013 | 223,370 | 1,496,869 | |||||||||||
Other income: | |||||||||||||||
Companies less than 5% owned | 841,895 | 120,910 | 1,424,831 | 1,241,885 | |||||||||||
Companies 5% to 25% owned | 31,486 | — | 94,458 | — | |||||||||||
Total investment income | 43,288,935 | 38,468,990 | 128,862,576 | 108,653,443 | |||||||||||
Operating expenses | |||||||||||||||
Interest and other debt expenses | 8,213,045 | 6,198,850 | 23,863,700 | 17,577,859 | |||||||||||
Management and advisory fees | 5,611,249 | 4,816,043 | 15,624,277 | 13,976,545 | |||||||||||
Administrative expenses | 597,232 | 429,867 | 1,730,638 | 1,267,815 | |||||||||||
Legal fees, professional fees and due diligence expenses | 288,180 | 550,563 | 1,127,387 | 1,784,174 | |||||||||||
Director fees | 114,098 | 97,877 | 422,108 | 295,486 | |||||||||||
Insurance expense | 111,585 | 78,794 | 327,725 | 280,575 | |||||||||||
Custody fees | 85,035 | 75,995 | 244,427 | 231,846 | |||||||||||
Other operating expenses | 700,780 | 555,944 | 2,036,376 | 1,569,986 | |||||||||||
Total operating expenses | 15,721,204 | 12,803,933 | 45,376,638 | 36,984,286 | |||||||||||
Net investment income | 27,567,731 | 25,665,057 | 83,485,938 | 71,669,157 | |||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency | |||||||||||||||
Net realized gain (loss): | |||||||||||||||
Investments in companies less than 5% owned | (4,663,896 | ) | (763,617 | ) | (11,540,457 | ) | (4,490,140 | ) | |||||||
Investments in companies 5% to 25% owned | — | 102,392 | — | 417,446 | |||||||||||
Investments in companies more than 25% owned | — | — | — | 79,742 | |||||||||||
Net realized loss | (4,663,896 | ) | (661,225 | ) | (11,540,457 | ) | (3,992,952 | ) | |||||||
Change in net unrealized appreciation/depreciation | (2,772,338 | ) | 869,981 | (967,257 | ) | 53,816 | |||||||||
Net realized and unrealized gain (loss) | (7,436,234 | ) | 208,756 | (12,507,714 | ) | (3,939,136 | ) | ||||||||
Net increase in net assets from operations | 20,131,497 | 25,873,813 | 70,978,224 | 67,730,021 | |||||||||||
Distributions of incentive allocation to the General Partner from: | |||||||||||||||
Net investment income | (5,513,546 | ) | (5,133,010 | ) | (16,697,188 | ) | (14,333,831 | ) | |||||||
Net increase in net assets applicable to common shareholders resulting from operations | $ | 14,617,951 | $ | 20,740,803 | $ | 54,281,036 | $ | 53,396,190 | |||||||
Basic and diluted earnings per common share | $ | 0.25 | $ | 0.39 | $ | 0.96 | $ | 1.06 | |||||||
Basic and diluted weighted average common shares outstanding | 58,792,204 | 52,736,835 | 56,390,954 | 50,245,035 | |||||||||||
Three Months Ended March 31, | |||||||
2020 | 2019 | ||||||
Investment income | |||||||
Interest income (excluding PIK): | |||||||
Companies less than 5% owned | $ | 35,989,337 | $ | 42,956,654 | |||
Companies 5% to 25% owned | 552,275 | 729,267 | |||||
Companies more than 25% owned | 1,676,256 | 896,257 | |||||
PIK interest income: | |||||||
Companies less than 5% owned | 1,411,631 | 1,678,016 | |||||
Companies 5% to 25% owned | 1,002,130 | 716,626 | |||||
Dividend income: | |||||||
Companies more than 25% owned | 428,419 | 480,404 | |||||
Lease income: | |||||||
Companies more than 25% owned | 38,136 | 74,457 | |||||
Other income: | |||||||
Companies less than 5% owned | 153,014 | 8,848 | |||||
Total investment income | 41,251,198 | 47,540,529 | |||||
Operating expenses | |||||||
Interest and other debt expenses | 10,955,646 | 10,687,633 | |||||
Management and advisory fees | 6,117,043 | 6,034,741 | |||||
Administrative expenses | 539,947 | 599,559 | |||||
Legal fees, professional fees and due diligence expenses | 498,410 | 437,137 | |||||
Director fees | 232,232 | 188,798 | |||||
Insurance expense | 175,080 | 127,328 | |||||
Custody fees | 111,667 | 99,609 | |||||
Incentive fee | — | 5,353,416 | |||||
Other operating expenses | 568,249 | 692,210 | |||||
Total operating expenses | 19,198,274 | 24,220,431 | |||||
Net investment income | 22,052,924 | 23,320,098 | |||||
Realized and unrealized gain (loss) on investments and foreign currency | |||||||
Net realized gain (loss): | |||||||
Investments in companies less than 5% owned | 4,794,459 | (300,322 | ) | ||||
Investments in companies 5% to 25% owned | — | 43,320 | |||||
Investments in companies more than 25% owned | 162,012 | — | |||||
Net realized gain (loss) | 4,956,471 | (257,002 | ) | ||||
Change in net unrealized appreciation/depreciation | (96,490,806 | ) | 1,058,724 | ||||
Net realized and unrealized gain (loss) | (91,534,335 | ) | 801,722 | ||||
Net increase (decrease) in net assets resulting from operations | $ | (69,481,411 | ) | $ | 24,121,820 | ||
Basic and diluted earnings (loss) per common share | $ | (1.18 | ) | $ | 0.41 | ||
Basic and diluted weighted average common shares outstanding | 58,668,432 | 58,767,442 |
Common Stock | Paid in Capital in Excess of Par | Accumulated Net Investment Income | Accumulated Net Realized Losses | Accumulated Net Unrealized Depreciation | Total Net Assets | ||||||||||||||||||||||
Shares | Par Amount | ||||||||||||||||||||||||||
Balance at December 31, 2015 | 48,834,734 | $ | 48,834 | $ | 878,383,356 | $ | 22,261,793 | $ | (132,483,593 | ) | $ | (46,233,373 | ) | $ | 721,977,017 | ||||||||||||
Issuance of common stock in public offering, net | 2,336,552 | 2,337 | 34,956,233 | — | — | — | 34,958,570 | ||||||||||||||||||||
Issuance of common stock from conversion of convertible debt | 2,011,900 | 2,012 | 30,216,726 | — | — | — | 30,218,738 | ||||||||||||||||||||
Issuance of common stock from dividend reinvestment plan | 610 | — | 9,657 | — | — | — | 9,657 | ||||||||||||||||||||
Equity component of issuance of convertible debt | — | — | 3,309,596 | — | — | — | 3,309,596 | ||||||||||||||||||||
Repurchase of common stock | (141,896 | ) | (141 | ) | (1,879,407 | ) | — | — | — | (1,879,548 | ) | ||||||||||||||||
Net investment income | — | — | — | 95,253,322 | — | — | 95,253,322 | ||||||||||||||||||||
Net realized and unrealized gain (loss) | — | — | — | — | (15,002,148 | ) | 15,116,650 | 114,502 | |||||||||||||||||||
General Partner incentive allocation | — | — | — | (19,050,665 | ) | — | — | (19,050,665 | ) | ||||||||||||||||||
Regular dividends paid to common shareholders | — | — | — | (73,975,198 | ) | — | — | (73,975,198 | ) | ||||||||||||||||||
Tax reclassification of stockholders' equity in accordance with generally accepted accounting principles | — | — | (569,511 | ) | (11,955,963 | ) | 12,525,474 | — | — | ||||||||||||||||||
Balance at December 31, 2016 | 53,041,900 | $ | 53,042 | $ | 944,426,650 | $ | 12,533,289 | $ | (134,960,267 | ) | $ | (31,116,723 | ) | $ | 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 dividend reinvestment plan | 464 | — | 7,854 | — | — | — | 7,854 | ||||||||||||||||||||
Net investment income | — | — | — | 83,485,938 | — | — | 83,485,938 | ||||||||||||||||||||
Net realized and unrealized gain (loss) | — | — | — | — | (11,540,457 | ) | (967,257 | ) | (12,507,714 | ) | |||||||||||||||||
General Partner incentive allocation | — | — | — | (16,697,188 | ) | — | — | (16,697,188 | ) | ||||||||||||||||||
Regular dividends paid to common shareholders | — | — | — | (61,425,414 | ) | — | — | (61,425,414 | ) | ||||||||||||||||||
Balance at September 30, 2017 | 58,792,364 | $ | 58,792 | $ | 1,038,026,254 | $ | 17,896,625 | $ | (146,500,724 | ) | $ | (32,083,980 | ) | $ | 877,396,967 |
Common Stock | Paid in Capital in Excess of Par | Distributable earnings (loss) | Total Net Assets | ||||||||||||||||
Shares | Par Amount | ||||||||||||||||||
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 | 193 | — | 2,738 | — | 2,738 | ||||||||||||||
Repurchase of common stock | (9,000 | ) | (9 | ) | (125,670 | ) | — | (125,679 | ) | ||||||||||
Net investment income | — | — | — | 23,320,098 | 23,320,098 | ||||||||||||||
Net realized and unrealized gain | — | — | — | 801,722 | 801,722 | ||||||||||||||
Regular dividends paid to common shareholders | — | — | — | (21,155,619 | ) | (21,155,619 | ) | ||||||||||||
Balance at March 31, 2019 | 58,765,800 | $ | 58,766 | $ | 999,950,251 | $ | (166,691,030 | ) | $ | 833,317,987 | |||||||||
Common Stock | Paid in Capital in Excess of Par | Distributable earnings (loss) | Total Net Assets | ||||||||||||||||
Shares | Par Amount | ||||||||||||||||||
Balance at December 31, 2019 | 58,766,426 | $ | 58,766 | $ | 997,379,362 | $ | (221,119,742 | ) | $ | 776,318,386 | |||||||||
Issuance of common stock from dividend reinvestment plan | 486 | 1 | 3,038 | — | 3,039 | ||||||||||||||
Repurchase of common stock | (1,000,000 | ) | (1,000 | ) | (6,099,190 | ) | — | (6,100,190 | ) | ||||||||||
Net investment income | — | — | — | 22,052,924 | 22,052,924 | ||||||||||||||
Net realized and unrealized loss | — | — | — | (91,534,335 | ) | (91,534,335 | ) | ||||||||||||
Regular dividends paid to common shareholders | — | — | — | (21,155,913 | ) | (21,155,913 | ) | ||||||||||||
Balance at March 31, 2020 | 57,766,912 | $ | 57,767 | $ | 991,283,210 | $ | (311,757,066 | ) | $ | 679,583,911 |
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Operating activities | |||||||
Net increase in net assets applicable to common shareholders resulting from operations | $ | 54,281,036 | $ | 53,396,190 | |||
Adjustments to reconcile net increase in net assets applicable to common shareholders resulting from operations to net cash used in operating activities: | |||||||
Net realized loss | 11,540,457 | 3,992,952 | |||||
Change in net unrealized appreciation/depreciation of investments | 973,415 | 121,178 | |||||
Net amortization of investment discounts and premiums | (10,569,705 | ) | (9,263,325 | ) | |||
Amortization of original issue discount on convertible debt | 763,012 | 361,750 | |||||
Interest and dividend income paid in kind | (10,130,140 | ) | (5,209,391 | ) | |||
Amortization of deferred debt issuance costs | 2,646,451 | 1,947,472 | |||||
Accrued interest on convertible debt at conversion | — | 218,738 | |||||
Changes in assets and liabilities: | |||||||
Purchases of investment securities | (642,264,119 | ) | (374,607,255 | ) | |||
Proceeds from sales, maturities and pay downs of investments | 434,061,754 | 294,224,143 | |||||
Increase in accrued interest income - companies less than 5% owned | (1,809,544 | ) | (2,224,606 | ) | |||
Increase in accrued interest income - companies 5% to 25% owned | (1,284,273 | ) | (295,458 | ) | |||
Decrease in accrued interest income - companies more than 25% owned | 13,845 | 13,311 | |||||
Increase in receivable for investments sold | (13,414,257 | ) | (6,306,581 | ) | |||
Decrease (increase) in prepaid expenses and other assets | (2,978,344 | ) | 909,421 | ||||
Increase in payable for investments purchased | 73,196,164 | 2,725,929 | |||||
Increase (decrease) in incentive allocation payable | 796,712 | (74,596 | ) | ||||
Increase (decrease) in interest payable | (487,058 | ) | 1,608,964 | ||||
Increase in payable to the Advisor | 768,459 | 369,532 | |||||
Decrease in accrued expenses and other liabilities | (408,038 | ) | (540,927 | ) | |||
Net cash used in operating activities | (104,304,173 | ) | (38,632,559 | ) | |||
Financing activities | |||||||
Borrowings | 321,000,000 | 503,700,000 | |||||
Repayments of debt | (352,500,000 | ) | (503,500,000 | ) | |||
Payments of debt issuance costs | (2,652,000 | ) | (4,529,350 | ) | |||
Regular dividends paid to common shareholders | (61,425,414 | ) | (54,880,168 | ) | |||
Repurchase of common shares | — | (1,879,548 | ) | ||||
Proceeds from issuances of convertible debt | — | 170,000,000 | |||||
Proceeds from issuance of debt | 124,626,250 | — | |||||
Proceeds from shares issued in connection with dividend reinvestment plan | 7,854 | 7,147 | |||||
Proceeds from common shares sold, net of underwriting and offering costs | 93,597,500 | 34,958,570 | |||||
Net cash provided by financing activities | 122,654,190 | 143,876,651 | |||||
Net increase in cash and cash equivalents | 18,350,017 | 105,244,092 | |||||
Cash and cash equivalents at beginning of period | 53,579,868 | 35,629,435 | |||||
Cash and cash equivalents at end of period | $ | 71,929,885 | $ | 140,873,527 | |||
Supplemental cash flow information | |||||||
Interest payments | $ | 19,746,066 | $ | 12,768,481 | |||
Excise tax payments | $ | 528,603 | $ | 877,879 | |||
Non-cash transactions | |||||||
Conversion of convertible debt | $ | — | $ | 30,218,738 |
Three Months Ended March 31, | |||||||
2020 | 2019 | ||||||
Operating activities | |||||||
Net increase (decrease) in net assets applicable to common shareholders resulting from operations | $ | (69,481,411 | ) | $ | 24,121,820 | ||
Adjustments to reconcile net increase (decrease) in net assets applicable to common shareholders resulting from operations to net cash provided by (used in) operating activities: | |||||||
Net realized gain (loss) | (4,956,471 | ) | 257,002 | ||||
Change in net unrealized appreciation/depreciation of investments | 96,620,032 | (1,058,816 | ) | ||||
Net amortization of investment discounts and premiums | (1,987,612 | ) | (2,950,121 | ) | |||
Amortization of original issue discount on convertible debt | 296,039 | 305,838 | |||||
Interest and dividend income paid in kind | (2,413,761 | ) | (2,394,642 | ) | |||
Amortization of deferred debt issuance costs | 897,181 | 906,641 | |||||
Changes in assets and liabilities: | |||||||
Purchases of investment securities | (140,555,042 | ) | (147,747,739 | ) | |||
Proceeds from sales, maturities and pay downs of investments | 76,880,873 | 146,351,859 | |||||
Decrease (increase) in accrued interest income - companies less than 5% owned | (392,228 | ) | 312,309 | ||||
Increase in accrued interest income - companies 5% to 25% owned | (64,640 | ) | (428,392 | ) | |||
Increase in accrued interest income - companies more than 25% owned | (44,224 | ) | (43,989 | ) | |||
Decrease (increase) in receivable for investments sold | 806,097 | (433,969 | ) | ||||
Decrease (increase) in prepaid expenses and other assets | (1,904,854 | ) | 3,037,679 | ||||
Increase (decrease) in payable for investments purchased | (8,232,446 | ) | 9,810,755 | ||||
Decrease in incentive compensation payable | (4,753,671 | ) | (486,930 | ) | |||
Decrease in interest payable | (6,412,308 | ) | (2,956,112 | ) | |||
Decrease in payable to the Advisor | (247,361 | ) | (499,446 | ) | |||
Increase (decrease) in management and advisory fees payable | 501,214 | (5,247,344 | ) | ||||
Decrease in accrued expenses and other liabilities | (441,343 | ) | (246,499 | ) | |||
Net cash provided by (used in) operating activities | (65,885,936 | ) | 20,609,904 | ||||
Financing activities | |||||||
Borrowings | 118,085,624 | 95,000,000 | |||||
Repayments of debt | (61,220,304 | ) | (95,500,000 | ) | |||
Dividends paid to common shareholders | (21,155,913 | ) | (21,155,619 | ) | |||
Repurchase of common shares | (6,100,190 | ) | (125,679 | ) | |||
Proceeds from shares issued in connection with dividend reinvestment plan | 3,039 | 2,738 | |||||
Net cash provided by (used in) financing activities | 29,612,256 | (21,778,560 | ) | ||||
Net decrease in cash and cash equivalents (including restricted cash) | (36,273,680 | ) | (1,168,656 | ) | |||
Cash and cash equivalents (including restricted cash) at beginning of period | 44,848,539 | 27,920,402 | |||||
Cash and cash equivalents (including restricted cash) at end of period | $ | 8,574,859 | $ | 26,751,746 | |||
Supplemental cash flow information | |||||||
Interest payments | $ | 15,823,217 | $ | 12,233,405 | |||
Excise tax payments | $ | — | $ | — |
Level | Basis for Determining Fair Value | Bank Debt | Other Corporate Debt | Equity Securities | Basis for Determining Fair Value | Bank Debt | Other Corporate Debt | Equity Securities | ||||||||||||||||||||
1 | Quoted prices in active markets for identical assets | $ | — | $ | — | $ | 87,613 | Quoted prices in active markets for identical assets | $ | — | $ | — | $ | — | ||||||||||||||
2 | Other direct and indirect observable market inputs * | 140,288,886 | 11,443,750 | — | Other direct and indirect observable market inputs * | 37,017,320 | — | — | ||||||||||||||||||||
3 | Independent third-party valuation sources that employ significant unobservable inputs | 1,239,716,175 | 71,846,156 | 63,217,780 | Independent third-party valuation sources that employ significant unobservable inputs | 1,408,564,028 | 76,453,725 | 100,870,636 | ||||||||||||||||||||
3 | Advisor valuations with significant unobservable inputs | — | — | 2,150,127 | Advisor valuations with significant unobservable inputs | — | — | 3,013,165 | ||||||||||||||||||||
$ | 1,380,005,061 | $ | 83,289,906 | $ | 65,455,520 | |||||||||||||||||||||||
Total | $ | 1,445,581,348 | $ | 76,453,725 | $ | 103,883,801 |
* | For example, quoted prices in inactive markets or quotes for comparable investments |
Asset Type | Fair Value | Valuation Technique | Unobservable Input | Range (Weighted Avg.) | Fair Value | Valuation Technique | Unobservable Input | Range (Weighted Avg.) † | ||||||||||||
Bank Debt | $ | 1,116,767,255 | Income approach | Discount rate | 5.8% - 27.5% (11.9%) | $ | 1,216,821,170 | Income approach | Discount rate | 6.6% - 51.3% (10.6%) | ||||||||||
66,626,635 | Market quotations | Indicative bid/ask quotes | 1 (1) | 117,413,619 | Market quotations | Indicative bid/ask quotes | 1 (1) | |||||||||||||
22,867,951 | Market comparable companies | Revenue multiples | 0.4x - 2.9x (1.1x) | 1,544,362 | Market comparable companies | Revenue multiples | 4.4x (4.4x) | |||||||||||||
33,454,334 | Market comparable companies | EBITDA multiples | 3.4x - 9.5x (6.9x) | 72,784,877 | Market comparable companies | EBITDA multiples | 5.4x - 12.6x (10.7x) | |||||||||||||
Other Corporate Debt | 56,724,406 | Market quotations | Indicative bid/ask quotes | 1 - 11 (7) | 31,692,000 | Income approach | Discount rate | 23.8% (23.8%) | ||||||||||||
5,853,750 | Market comparable companies | Revenue multiples | 2.0x (2.0x) | 40,834,419 | Market comparable companies | Book value multiples | 1.3x (1.3x) | |||||||||||||
9,268,000 | Market comparable companies | EBITDA multiples | 8.0x (8.0x) | 3,709,159 | Market comparable companies | Revenue multiples | 4.4x (4.4x) | |||||||||||||
218,147 | Market comparable companies | EBITDA multiples | 6.9x (6.9x) | |||||||||||||||||
Equity | 7,557,538 | Income approach | Discount rate | 4.0% - 19.5% (7.1%) | 9,484,599 | Income approach | Discount rate | 5.9% - 10.5% (9.5%) | ||||||||||||
30,631,924 | Market quotations | Indicative bid/ask quotes | 1 (1) | 14,900,721 | Market quotations | Indicative bid/ask quotes | 1 (1) | |||||||||||||
3,516,942 | Market comparable companies | Revenue multiples | 0.3x - 4.4x (2.1x) | 11,781,481 | Option Pricing Model | EBITDA/Revenue multiples | 1.0x - 24.5x (4.0x) | |||||||||||||
23,661,503 | Market comparable companies | EBITDA multiples | 3.4x - 18.0x (9.0x) | Implied volatility | 30.0% - 200.0% (40.7%) | |||||||||||||||
$ | 1,376,930,238 | Yield | 0.0% (0.0%) | |||||||||||||||||
Term | 0.8 years - 5.0 years (2.1 years) | |||||||||||||||||||
1,447,158 | Market comparable companies | Revenue multiples | 0.3x - 4.4x (1.1x) | |||||||||||||||||
14,434,785 | Market comparable companies | EBITDA multiples | 2.5x - 12.6x (6.0x) | |||||||||||||||||
27,887,607 | Market comparable companies | Book value multiples | 1.3x (1.3x) | |||||||||||||||||
23,947,450 | Other * | N/A | N/A | |||||||||||||||||
$ | 1,588,901,554 |
* | 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 | $ | 1,131,662,534 | $ | 95,645,627 | $ | 65,359,889 | |||||
Net realized and unrealized gains (losses) | (1,698,366 | ) | (2,413,331 | ) | (539,557 | ) | |||||
Acquisitions * | 219,258,618 | 10,349,086 | 11,837,810 | ||||||||
Dispositions | (109,506,611 | ) | (31,735,226 | ) | (13,440,362 | ) | |||||
Ending balance | $ | 1,239,716,175 | $ | 71,846,156 | $ | 63,217,780 | |||||
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) | $ | (1,940,418 | ) | $ | (2,413,332 | ) | $ | (2,625,120 | ) |
Advisor Valuation | |||||||||||
Bank Debt | Other Corporate Debt | Equity Securities | |||||||||
Beginning balance | $ | — | $ | — | $ | 2,221,444 | |||||
Net realized and unrealized gains (losses) | — | — | (69,630 | ) | |||||||
Dispositions | — | — | (1,687 | ) | |||||||
Ending balance | $ | — | $ | — | $ | 2,150,127 | |||||
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) | $ | — | $ | — | $ | (69,630 | ) |
Independent Third-Party Valuation | Independent Third-Party Valuation | |||||||||||||||||||||
Bank Debt | Other Corporate Debt | Equity Securities | Bank Debt | Other Corporate Debt | Equity Securities | |||||||||||||||||
Beginning balance | $ | 1,036,044,457 | $ | 101,934,853 | $ | 64,521,901 | $ | 1,312,492,099 | $ | 85,962,603 | $ | 111,994,829 | ||||||||||
Net realized and unrealized gains (losses) | (17,582,409 | ) | (3,758,757 | ) | 34,522 | (51,401,936 | ) | (9,508,878 | ) | (15,833,406 | ) | |||||||||||
Acquisitions * | 559,544,251 | 25,582,996 | 28,384,223 | 115,437,916 | 10,752 | 12,517,409 | ||||||||||||||||
Dispositions | (307,732,609 | ) | (51,912,936 | ) | (27,845,217 | ) | (44,598,972 | ) | (10,752 | ) | (7,808,196 | ) | ||||||||||
Transfers out of Level 3 † | (30,557,515 | ) | — | — | ||||||||||||||||||
Reclassifications within Level 3 ‡ | — | — | (1,877,649 | ) | ||||||||||||||||||
Transfers into Level 3 † | 83,790,120 | — | — | |||||||||||||||||||
Transfers out of Level 3 ‡ | (7,155,199 | ) | — | — | ||||||||||||||||||
Ending balance | $ | 1,239,716,175 | $ | 71,846,156 | $ | 63,217,780 | $ | 1,408,564,028 | $ | 76,453,725 | $ | 100,870,636 | ||||||||||
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) | $ | (9,121,109 | ) | $ | (3,393,578 | ) | $ | 819,830 | $ | (51,186,966 | ) | $ | (9,508,879 | ) | $ | (15,671,067 | ) |
* | Includes payments received in kind and accretion of original issue and market discounts |
† | Comprised of |
‡ | Comprised of one investment that was transferred to Level 2 due to increased observable market activity |
Advisor Valuation | Advisor Valuation | |||||||||||||||||||||
Bank Debt | Other Corporate Debt | Equity Securities | Bank Debt | Other Corporate Debt | Equity Securities | |||||||||||||||||
Beginning balance | $ | 107,199 | $ | — | $ | 1,560,161 | $ | — | $ | — | $ | 2,318,128 | ||||||||||
Net realized and unrealized gains (losses) | 65,797 | — | (1,285,996 | ) | — | — | 818,977 | |||||||||||||||
Acquisitions * | (20,962 | ) | — | — | ||||||||||||||||||
Dispositions | (152,034 | ) | — | (1,687 | ) | — | — | (123,940 | ) | |||||||||||||
Reclassifications within Level 3 † | — | — | 1,877,649 | |||||||||||||||||||
Ending balance | $ | — | $ | — | $ | 2,150,127 | $ | — | $ | — | $ | 3,013,165 | ||||||||||
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) | $ | — | $ | — | $ | (1,285,996 | ) | $ | — | $ | — | $ | 818,977 |
Level | Basis for Determining Fair Value | Bank Debt | Other Corporate Debt | Equity Securities | Basis for Determining Fair Value | Bank Debt | Other Corporate Debt | Equity Securities | ||||||||||||||||||||
1 | Quoted prices in active markets for identical assets | $ | — | $ | — | $ | — | Quoted prices in active markets for identical assets | $ | — | $ | — | $ | — | ||||||||||||||
2 | Other direct and indirect observable market inputs * | 89,800,173 | 21,001,126 | — | Other direct and indirect observable market inputs * | 136,739,236 | — | — | ||||||||||||||||||||
3 | Independent third-party valuation sources that employ significant unobservable inputs | 1,036,044,457 | 101,934,853 | 64,521,901 | 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 | 107,199 | — | 1,560,161 | Advisor valuations with significant unobservable inputs | — | — | 2,318,128 | ||||||||||||||||||||
Total | $ | 1,125,951,829 | $ | 122,935,979 | $ | 66,082,062 | $ | 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 |
Asset Type | Fair Value | Valuation Technique | Unobservable Input | Range (Weighted Avg.) | ||||||
Bank Debt | $ | 847,311,244 | Income approach | Discount rate | 6.9% – 19.4% (12.1%) | |||||
136,116,277 | Market quotations | Indicative bid/ask quotes | 1 – 2 (1) | |||||||
24,851,412 | Market comparable companies | Revenue multiples | 0.4x – 2.6x (1.0x) | |||||||
27,872,723 | Market comparable companies | EBITDA multiples | 7.3x – 11.0x (8.4x) | |||||||
Other Corporate Debt | 88,163,213 | Market quotations | Indicative bid/ask quotes | 1(1) | ||||||
13,771,640 | Market comparable companies | EBITDA multiples | 7.6x – 7.8x (7.7x) | |||||||
Equity | 6,617,084 | Income approach | Discount rate | 7.3% – 26.2% (7.7%) | ||||||
41,442,919 | Market quotations | Indicative bid/ask quotes | 1(1) | |||||||
1,767,102 | Market comparable companies | Revenue multiples | 0.3x – 2.6x (1.6x) | |||||||
16,254,957 | Market comparable companies | EBITDA multiples | 5.0x – 11.0x (7.7x) | |||||||
$ | 1,204,168,571 |
Independent Third-Party Valuation | |||||||||||
Bank Debt | Other Corporate Debt | Equity Securities | |||||||||
Beginning balance | $ | 986,374,365 | $ | 108,247,783 | $ | 53,064,896 | |||||
Net realized and unrealized gains (losses) | 185,985 | 1,148,520 | (1,782,745 | ) | |||||||
Acquisitions * | 143,164,985 | 7,310,415 | 5,540,103 | ||||||||
Dispositions | (102,376,236 | ) | — | (3,007,459 | ) | ||||||
Transfers out of Level 3 † | — | (46,265,760 | ) | — | |||||||
Transfers into Level 3 ‡ | 6,502,839 | — | — | ||||||||
Reclassifications within Level 3 § | — | — | (320,682 | ) | |||||||
Ending balance | $ | 1,033,851,938 | $ | 70,440,958 | $ | 53,494,113 | |||||
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) | $ | 2,587,265 | $ | 1,148,520 | $ | (1,782,745 | ) |
Advisor Valuation | |||||||||||
Bank Debt | Other Corporate Debt | Equity Securities | |||||||||
Beginning balance | $ | 146,365 | $ | — | $ | 1,855,336 | |||||
Net realized and unrealized gains (losses) | 3,093 | — | (319,764 | ) | |||||||
Dispositions | — | — | (102,763 | ) | |||||||
Reclassifications within Level 3 * | — | — | 320,682 | ||||||||
Ending balance | $ | 149,458 | $ | — | $ | 1,753,491 | |||||
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) | $ | 3,093 | $ | — | $ | (420,896 | ) |
Independent Third-Party Valuation | |||||||||||
Bank Debt | Other Corporate Debt | Equity Securities | |||||||||
Beginning balance | $ | 907,967,337 | $ | 89,314,530 | $ | 49,956,123 | |||||
Net realized and unrealized gains (losses) | 4,677,005 | (1,665,010 | ) | (5,662,544 | ) | ||||||
Acquisitions * | 324,878,794 | 23,280,718 | 19,764,729 | ||||||||
Dispositions | (249,281,514 | ) | — | (10,238,452 | ) | ||||||
Transfers out of Level 3 † | (5,492,400 | ) | (46,265,760 | ) | — | ||||||
Transfers into Level 3 ‡ | 51,102,716 | 5,776,480 | — | ||||||||
Reclassifications within Level 3 § | — | — | (325,743 | ) | |||||||
Ending balance | $ | 1,033,851,938 | $ | 70,440,958 | $ | 53,494,113 | |||||
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) | $ | 7,944,054 | $ | (1,665,010 | ) | $ | (5,637,217 | ) |
Advisor Valuation | Independent Third-Party Valuation | |||||||||||||||||||||
Bank Debt | Other Corporate Debt | Equity Securities | Bank Debt | Other Corporate Debt | Equity Securities | |||||||||||||||||
Beginning balance | $ | 1,124,504 | $ | — | $ | 2,428,217 | $ | 1,369,456,684 | $ | 78,250,150 | $ | 79,804,988 | ||||||||||
Net realized and unrealized gains (losses) | (923,349 | ) | — | (582,896 | ) | (2,867,511 | ) | 1,436,695 | 1,858,671 | |||||||||||||
Acquisitions * | 1,050,297 | — | 243 | 146,325,834 | 759,965 | 6,001,046 | ||||||||||||||||
Dispositions | (1,101,994 | ) | — | (417,816 | ) | (141,013,918 | ) | — | (5,305,256 | ) | ||||||||||||
Reclassifications within Level 3 † | — | — | 325,743 | |||||||||||||||||||
Transfers into Level 3 † | 9,339,062 | — | — | |||||||||||||||||||
Reclassification within Level 3 ‡ | — | — | (814,640 | ) | ||||||||||||||||||
Ending balance | $ | 149,458 | $ | — | $ | 1,753,491 | $ | 1,381,240,151 | $ | 80,446,810 | $ | 81,544,809 | ||||||||||
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) | $ | (881,282 | ) | $ | — | $ | (999,280 | ) | $ | (1,316,000 | ) | $ | 1,436,695 | $ | 1,858,671 |
* | Includes payments received in kind and accretion of original issue and market discounts |
† | Comprised of |
‡ | Comprised of one investment that was reclassified to Advisor Valuation |
Advisor Valuation | |||||||||||
Bank Debt | Other Corporate Debt | Equity Securities | |||||||||
Beginning balance | $ | — | $ | — | $ | 1,524,143 | |||||
Net realized and unrealized gains (losses) | — | — | 45,781 | ||||||||
Dispositions | — | — | (43,297 | ) | |||||||
Reclassification within Level 3 * | — | — | 814,640 | ||||||||
Ending balance | $ | — | $ | — | $ | 2,341,267 | |||||
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) | $ | — | $ | — | $ | 28,739 |
* | Comprised of one investment that was reclassified from Independent Third-Party Valuation |
Instrument | Realized Gains (Losses) | Unrealized Gains (Losses) | ||||||
Cross currency basis swap | $ | — | $ | (470,202 | ) |
Instrument | Realized Gains (Losses) | Unrealized Gains (Losses) | ||||||
Put option | $ | — | $ | 460,972 | ||||
Cross currency basis swap | 2,746,072 | (3,229,442 | ) | |||||
Interest rate cap | (51,750 | ) | 51,750 |
September 30, 2017 | December 31, 2016 | ||||||
Unrealized appreciation | $ | 41,846,827 | $ | 33,945,996 | |||
Unrealized depreciation | (73,916,191 | ) | (65,041,945 | ) | |||
Net unrealized depreciation | $ | (32,069,364 | ) | $ | (31,095,949 | ) | |
Cost | $ | 1,560,349,649 | $ | 1,346,065,819 |
March 31, 2020 | |||
Tax basis of investments | $ | 1,762,309,019 | |
Unrealized appreciation | $ | 27,320,266 | |
Unrealized depreciation | (163,710,411 | ) | |
Net unrealized depreciation | $ | (136,390,145 | ) |
Maturity | Rate | Carrying Value* | Available | Total Capacity | Maturity | Rate | Carrying Value* | Available | Total Capacity | |||||||||||||||||||||
SVCP Revolver | 2018 | L+2.50%† | $ | 30,000,000 | $ | 86,000,000 | $ | 116,000,000 | ||||||||||||||||||||||
2019 Convertible Notes ($108 million par) | 2019 | 5.25% | 106,893,357 | — | 106,893,357 | |||||||||||||||||||||||||
2022 Convertible Notes ($140 million par) | 2022 | 4.625% | 137,266,488 | — | 137,266,488 | |||||||||||||||||||||||||
2022 Notes ($125 million par) | 2022 | 4.125% | 124,635,706 | — | 124,635,706 | |||||||||||||||||||||||||
SVCP Facility | 2023 ** | L+2.00% | † | $ | 108,362,940 | $ | 161,637,060 | $ | 270,000,000 | |||||||||||||||||||||
TCPC Funding Facility | 2021 | L+2.50%‡ | 200,000,000 | 150,000,000 | 350,000,000 | 2023 | L+2.00% | ‡ | 215,000,000 | 85,000,000 | 300,000,000 | |||||||||||||||||||
SBA Debentures | 2024−2027 | 2.57%§ | 75,000,000 | 75,000,000 | 150,000,000 | 2024−2029 | 2.63% | § | 138,000,000 | 12,000,000 | 150,000,000 | |||||||||||||||||||
2022 Convertible Notes ($140 million par) | 2022 | 4.625% | 138,739,857 | — | 138,739,857 | |||||||||||||||||||||||||
2022 Notes ($175 million par) | 2022 | 4.125% | 174,681,290 | — | 174,681,290 | |||||||||||||||||||||||||
2024 Notes ($200 million par) | 2024 | 3.900% | 197,891,341 | — | 197,891,341 | |||||||||||||||||||||||||
Total leverage | 673,795,551 | $ | 311,000,000 | $ | 984,795,551 | 972,675,428 | $ | 258,637,060 | $ | 1,231,312,488 | ||||||||||||||||||||
Unamortized issuance costs | (8,417,444 | ) | (7,217,414 | ) | ||||||||||||||||||||||||||
Debt, net of unamortized issuance costs | $ | 665,378,107 | $ | 965,458,014 |
* | 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 March 31, 2020, $8.2 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% |
** | In April 2020, the maturity was extended to May 6, 2024 |
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 |
† |
‡ |
§ | Weighted-average interest rate, excluding fees of 0.36% |
Maturity | Rate | Carrying Value* | Available | Total Capacity | |||||||||||
SVCP Facility | |||||||||||||||
SVCP Revolver | 2018 | L+2.50%† | $ | — | $ | 116,000,000 | $ | 116,000,000 | |||||||
Term Loan | 2018 | L+2.50%† | 100,500,000 | — | 100,500,000 | ||||||||||
2019 Convertible Notes ($108 million par) | 2019 | 5.25% | 106,547,929 | — | 106,547,929 | ||||||||||
2022 Convertible Notes ($140 million par) | 2022 | 4.625% | 136,858,359 | — | 136,858,359 | ||||||||||
TCPC Funding Facility | 2020 | L+2.50%‡ | 175,000,000 | 175,000,000 | 350,000,000 | ||||||||||
SBA Debentures | 2024−2026 | 2.58%§ | 61,000,000 | 89,000,000 | 150,000,000 | ||||||||||
Total leverage | 579,906,288 | $ | 380,000,000 | $ | 959,906,288 | ||||||||||
Unamortized issuance costs | (8,247,426 | ) | |||||||||||||
Debt, net of unamortized issuance costs | $ | 571,658,862 |
Nine Months Ended September 30, | Three Months Ended March 31, | |||||||||||||
2017 | 2016 | 2020 | 2019 | |||||||||||
Interest expense | $ | 20,022,020 | $ | 14,739,195 | $ | 9,706,948 | $ | 9,583,131 | ||||||
Amortization of deferred debt issuance costs | 2,646,451 | 1,947,472 | 897,181 | 906,641 | ||||||||||
Commitment fees | 1,195,229 | 891,192 | 351,517 | 197,861 | ||||||||||
Total | $ | 23,863,700 | $ | 17,577,859 | $ | 10,955,646 | $ | 10,687,633 |
September 30, 2017 | December 31, 2016 | March 31, 2020 | December 31, 2019 | |||||||||||||||||||||||
2019 Convertible Notes | 2022 Convertible Notes | 2019 Convertible Notes | 2022 Convertible Notes | 2019 Convertible Notes | 2022 Convertible Notes | 2019 Convertible Notes | 2022 Convertible Notes | |||||||||||||||||||
Principal amount of debt | $ | 108,000,000 | $ | 140,000,000 | $ | 108,000,000 | $ | 140,000,000 | N/A | $ | 140,000,000 | N/A | $ | 140,000,000 | ||||||||||||
Original issue discount, net of accretion | (1,106,643 | ) | (2,733,512 | ) | (1,452,071 | ) | (3,141,641 | ) | N/A | (1,260,143 | ) | N/A | (1,415,687 | ) | ||||||||||||
Carrying value of debt | $ | 106,893,357 | $ | 137,266,488 | $ | 106,547,929 | $ | 136,858,359 | N/A | $ | 138,739,857 | N/A | $ | 138,584,313 |
Nine Months Ended September 30, | Three Months Ended March 31, | |||||||||||||||||||||||||||
2017 | 2016 | 2020 | 2019 | |||||||||||||||||||||||||
2019 Convertible Notes | 2022 Convertible Notes | 2019 Convertible Notes | 2022 Convertible Notes | 2019 Convertible Notes | 2022 Convertible Notes | 2019 Convertible Notes | 2022 Convertible Notes | |||||||||||||||||||||
Stated interest expense | $ | 4,252,500 | $ | 4,874,236 | $ | 4,252,500 | $ | 431,667 | N/A | $ | 1,618,750 | $ | 1,417,500 | $ | 1,618,750 | |||||||||||||
Amortization of original issue discount | 345,427 | 408,129 | 326,391 | $ | 35,359 | N/A | 155,544 | 127,540 | 147,869 | |||||||||||||||||||
Total interest expense | $ | 4,597,927 | $ | 5,282,365 | $ | 4,578,891 | $ | 467,026 | N/A | $ | 1,774,294 | $ | 1,545,040 | $ | 1,766,619 |
March 31, 2020 | December 31, 2019 | |||||||||||||||||
September 30, 2017 | 2022 Notes | 2024 Notes | 2022 Notes | 2024 Notes | ||||||||||||||
Principal amount of debt | $ | 125,000,000 | $ | 175,000,000 | $ | 200,000,000 | $ | 175,000,000 | $ | 200,000,000 | ||||||||
Original issue discount, net of accretion | (364,294 | ) | (318,710 | ) | (2,108,659 | ) | (350,434 | ) | (2,217,428 | ) | ||||||||
Carrying value of debt | $ | 124,635,706 | $ | 174,681,290 | $ | 197,891,341 | $ | 174,649,566 | $ | 197,782,572 |
Three Months Ended March 31, | ||||||||||||||||
Nine Months Ended September 30, | 2020 | 2019 | ||||||||||||||
2017 | 2022 Notes | 2024 Notes | 2022 Notes | 2024 Notes | ||||||||||||
Stated interest expense | $ | 716,146 | $ | 1,804,688 | $ | 1,950,000 | $ | 1,804,688 | N/A | |||||||
Amortization of original issue discount | 9,456 | 31,725 | 108,770 | 30,430 | N/A | |||||||||||
Total interest expense | $ | 725,602 | $ | 1,836,413 | $ | 2,058,770 | $ | 1,835,118 | 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 | % | * |
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 | % | ||||||
$ | 75,000,000 | 2.57 | % | * |
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 | % | ||||||
$ | 61,000,000 | 2.58 | % | * |
* | Weighted-average interest rate |
Unfunded Balances | ||||||||||
Issuer | Maturity | March 31, 2020 | December 31, 2019 | |||||||
2-10 Holdco, Inc. | 10/31/2024 | $ | 416,667 | $ | 416,667 | |||||
Acquia Inc. | 11/1/2025 | 1,803,792 | 1,803,792 | |||||||
Applause App Quality, Inc. | 9/20/2022 | 1,509,820 | 1,509,820 | |||||||
Apptio, Inc. | 1/10/2025 | 769,231 | 769,231 | |||||||
Auto Trakk SPV, LLC | 12/21/2021 | 3,193,208 | 3,193,208 | |||||||
Bisnow, LLC | 9/21/2022 | 1,200,000 | 1,200,000 | |||||||
Blue Star Sports Holdings, Inc. | 6/15/2024 | 55,556 | 55,556 | |||||||
CAREATC, Inc. | 3/14/2024 | N/A | 607,288 | |||||||
Certify, Inc. | 2/28/2024 | 1,966,322 | 2,497,761 | |||||||
Donuts Inc. | 9/17/2023 | 426,207 | 660,634 | |||||||
Dude Solutions Holdings, Inc. | 6/14/2025 | 1,619,124 | 2,207,896 | |||||||
Edmentum, Inc. | 6/9/2020 | N/A | 205,642 | |||||||
Home Partners of America, Inc. | 10/13/2022 | N/A | 2,142,857 | |||||||
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 | 1,960,784 | 3,464,052 | |||||||
Khoros LLC (Lithium) | 10/3/2022 | 1,983,364 | 1,983,364 | |||||||
Patient Point Network Solutions, LLC | 6/26/2022 | N/A | 176,190 | |||||||
Pegasus Business Intelligence, LP (Onyx Centersource) | 12/20/2021 | N/A | 671,356 | |||||||
Persado, Inc. | 2/1/2025 | 3,512,831 | N/A | |||||||
Pulse Secure, LLC | 5/1/2022 | 1,342,516 | 1,342,516 | |||||||
ResearchGate GmBH | 10/1/2022 | 8,286,000 | 8,286,000 | |||||||
Rhode Holdings, Inc. (Kaseya) | 5/3/2025 | 2,326,925 | 2,016,078 | |||||||
RigUp, Inc. | 3/1/2024 | 9,666,667 | N/A | |||||||
Sandata Technologies, LLC | 7/23/2024 | N/A | 2,250,000 | |||||||
Snow Software AB | 4/17/2024 | N/A | 2,616,329 | |||||||
Space Midco, Inc. (Archibus) | 12/5/2023 | N/A | 277,778 | |||||||
Spark Networks, Inc. | 7/1/2023 | 1,005,887 | 1,005,887 | |||||||
Team Software, Inc. | 9/17/2023 | 351,121 | 2,282,287 | |||||||
Telarix, Inc. | 11/19/2023 | N/A | 178,571 | |||||||
TPC Intermediate Holdings, LLC | 5/15/2020 | 4,100,294 | 4,363,137 | |||||||
Unanet, Inc. | 5/31/2024 | 2,525,510 | 4,974,490 | |||||||
VSS-Southern Holdings, LLC | 3/31/2022 | N/A | 1,027,397 | |||||||
Xactly Corporation | 7/31/2022 | 1,405,501 | 1,405,501 | |||||||
Total Unfunded Balances | $ | 53,132,114 | $ | 57,296,072 |
Unfunded Balances | ||||||||||
Issuer | Maturity | September 30, 2017 | December 31, 2016 | |||||||
Alera Group Intermediate Holdings, Inc. | 12/30/2021 | $ | 708,333 | $ | 833,333 | |||||
Alera Group Intermediate Holdings, Inc. | 12/30/2022 | 759,546 | 759,547 | |||||||
Alpheus Communications, LLC | 5/31/2018 | 357,419 | 357,419 | |||||||
AP Gaming I, LLC | 12/20/2018 | N/A | 12,500,000 | |||||||
Applause App Quality, Inc. | 9/20/2022 | 1,509,820 | N/A | |||||||
Asset International, Inc. | 7/1/2021 | 1,325,721 | 1,325,721 | |||||||
Auto Trakk SPV, LLC | 12/21/2021 | 3,827,058 | 3,827,058 | |||||||
Bisnow, LLC | 4/29/2021 | 1,200,000 | 1,200,000 | |||||||
Caliber Home Loans, Inc. | 6/30/2020 | 4,444,444 | 6,666,667 | |||||||
Edmentum, Inc. | 6/9/2020 | 3,368,586 | 3,368,586 | |||||||
Enerwise Global Technologies, Inc. | 11/30/2017 | 4,000,000 | 4,000,000 | |||||||
Foursquare Labs, Inc. | 6/1/2020 | 3,750,000 | N/A | |||||||
GlassPoint Solar, Inc. | 8/1/2020 | 16,000,000 | N/A | |||||||
Hylan Datacom & Electrical, LLC | 7/25/2016 | N/A | 1,247,989 | |||||||
iGM RFE1 B.V. | 10/12/2021 | N/A | 855,935 | |||||||
InMobi, Inc. | 12/31/2019 | 8,299,181 | 7,500,000 | |||||||
Marketo, Inc. | 8/16/2021 | 1,704,545 | 1,704,545 | |||||||
Mesa Airlines, Inc. | 2/28/2022 | N/A | 9,268,182 | |||||||
Mesa Airlines, Inc. | 12/31/2022 | N/A | 9,731,591 | |||||||
Patient Point Network Solutions, LLC | 6/26/2022 | 440,474 | N/A | |||||||
Pegasus Business Intelligence, LP (Onyx Centersource) | 12/20/2021 | 581,841 | 671,356 | |||||||
Pulse Secure, LLC | 5/1/2022 | 1,342,516 | N/A | |||||||
RM OpCo, LLC (Real Mex) | 3/30/2018 | 188,903 | N/A | |||||||
Tradeshift Holdings, Inc. | 9/1/2020 | 9,941,115 | N/A | |||||||
VSS-Southern Holdings, LLC | 11/3/2020 | 856,164 | 856,164 | |||||||
Videology Tech Technologies, LLC | 1/10/2020 | 9,202,379 | N/A | |||||||
Xactly Corporation | 7/31/2022 | 1,405,501 | N/A | |||||||
Total Unfunded Balances | $ | 75,213,546 | $ | 66,674,093 |
Shares Issued | Price Per Share | Net Proceeds | ||||||||
Shares issued from dividend reinvestment plan | 464 | $ | 16.93 | * | $ | 7,854 | ||||
April 25, 2017 public offering | 5,750,000 | 16.84 | 93,597,500 |
Shares Issued | Price Per Share | Net Proceeds | |||||||
Shares issued from dividend reinvestment plan | 610 | $ | 15.83 | * | $ | 9,657 | |||
Shares issued from conversion of convertible debt † | 2,011,900 | 15.02 | — | ||||||
July 13, 2016 registered direct public offering | 2,336,552 | 15.09 | 34,958,570 |
2020 | 2019 | ||||||
Shares Issued | 486 | 193 | |||||
Average Price Per Share | $ | 6.25 | $ | 14.19 | |||
Proceeds | $ | 3,039 | $ | 2,738 |
Date Declared | Record Date | Payment Date | Type | Amount Per Share | Total Amount | |||||||||
February 22, 2017 | March 17, 2017 | March 31, 2017 | Regular | $ | 0.36 | $ | 19,095,084 | |||||||
May 9, 2017 | June 16, 2017 | June 30, 2017 | Regular | 0.36 | 21,165,137 | |||||||||
August 3, 2017 | September 15, 2017 | September 29, 2017 | Regular | 0.36 | 21,165,193 | |||||||||
$ | 1.08 | $ | 61,425,414 |
Date Declared | Record Date | Payment Date | Type | Amount Per Share | Total Amount | |||||||||
February 26, 2020 | March 17, 2020 | March 31, 2020 | Regular | $ | 0.36 | $ | 21,155,913 |
Date Declared | Record Date | Payment Date | Type | Amount Per Share | Total Amount | |||||||||
February 24, 2016 | March 17, 2016 | March 31, 2016 | Regular | $ | 0.36 | $ | 17,530,963 | |||||||
May 10, 2016 | June 16, 2016 | June 30, 2016 | Regular | 0.36 | 18,254,229 | |||||||||
August 9, 2016 | September 16, 2016 | September 30, 2016 | Regular | 0.36 | 19,094,976 | |||||||||
$ | 1.08 | $ | 54,880,168 |
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 |
Shares Repurchased | Price Per Share | Total Cost | |||||||
Company Repurchase Plan | 1,000,000 | $ | 6.10 | * | $ | 6,100,190 |
* | Weighted-average price per share |
Shares Repurchased | Price Per Share | Total Cost | |||||||
Company Repurchase Plan | 141,896 | $ | 13.25 | * | $ | 1,879,548 |
Shares Repurchased | Price Per Share | Total Cost | |||||||
Company Repurchase Plan | 9,000 | $ | 13.96 | * | $ | 125,679 |
* | Weighted-average price per share |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net increase in net assets applicable to common shareholders resulting from operations | $ | 14,617,951 | $ | 20,740,803 | $ | 54,281,036 | $ | 53,396,190 | |||||||
Weighted average shares outstanding | 58,792,204 | 52,736,835 | 56,390,954 | 50,245,035 | |||||||||||
Earnings per share | $ | 0.25 | $ | 0.39 | $ | 0.96 | $ | 1.06 |
Three Months Ended March 31, | |||||||
2020 | 2019 | ||||||
Net increase (decrease) in net assets applicable to common shareholders resulting from operations | $ | (69,481,411 | ) | $ | 24,121,820 | ||
Weighted average shares outstanding | 58,668,432 | 58,767,442 | |||||
Earnings (loss) per share | $ | (1.18 | ) | $ | 0.41 |
Nine Months Ended September 30, | Three Months Ended March 31, | |||||||||||||
2017 | 2016 | 2020 | 2019 | |||||||||||
Per Common Share | ||||||||||||||
Per share NAV at beginning of period | $ | 14.91 | $ | 14.78 | $ | 13.21 | $ | 14.13 | ||||||
Investment operations: | ||||||||||||||
Net investment income | 1.48 | 1.43 | 0.38 | 0.40 | ||||||||||
Net realized and unrealized losses | (0.22 | ) | (0.08 | ) | (1.56 | ) | 0.01 | |||||||
Incentive allocation reserve and distributions | (0.30 | ) | (0.29 | ) | ||||||||||
Total from investment operations | 0.96 | 1.06 | (1.18 | ) | 0.41 | |||||||||
Issuance of common stock | 0.13 | 0.02 | ||||||||||||
Issuance of convertible debt | — | 0.06 | ||||||||||||
Distributions to common shareholders from: | ||||||||||||||
Net investment income | (1.08 | ) | (1.08 | ) | ||||||||||
Repurchase of common stock | 0.09 | — | ||||||||||||
Distributions to common shareholders | (0.36 | ) | (0.36 | ) | ||||||||||
Per share NAV at end of period | $ | 14.92 | $ | 14.84 | $ | 11.76 | $ | 14.18 | ||||||
Per share market price at end of period | $ | 16.49 | $ | 16.38 | $ | 6.25 | $ | 14.18 | ||||||
Total return based on market value (1), (2) | 4.0 | % | 25.3 | % | (53.0 | )% | 11.5 | % | ||||||
Total return based on net asset value (1), (3) | 7.3 | % | 7.7 | % | (8.3 | )% | 2.9 | % | ||||||
Shares outstanding at end of period | 58,792,364 | 53,041,751 | 57,766,912 | 58,765,800 |
Nine Months Ended September 30, | Three Months Ended March 31, | |||||||||||||
2017 | 2016 | 2020 | 2019 | |||||||||||
Ratios to average common equity: (4) | ||||||||||||||
Net investment income | 11.1 | % | 10.2 | % | 11.7 | % | 13.3 | % | ||||||
Expenses | 7.1 | % | 6.6 | % | ||||||||||
Expenses and incentive allocation (6) | 9.1 | % | 8.5 | % | ||||||||||
Expenses excluding incentive compensation | 10.2 | % | 9.1 | % | ||||||||||
Expenses including incentive compensation | 10.2 | % | 9.7 | % | ||||||||||
Ending common shareholder equity | $ | 877,396,967 | $ | 787,107,542 | $ | 679,583,911 | $ | 833,317,987 | ||||||
Portfolio turnover rate | 31.1 | % | 23.8 | % | 4.7 | % | 9.1 | % | ||||||
Weighted-average leverage outstanding | $ | 599,740,024 | $ | 528,593,078 | $ | 934,766,749 | $ | 808,228,913 | ||||||
Weighted-average interest rate on leverage | 4.5 | % | 3.7 | % | 4.2 | % | 4.8 | % | ||||||
Weighted-average number of common shares | 56,390,954 | 50,245,035 | 58,668,432 | 58,767,442 | ||||||||||
Average leverage per share | $ | 10.64 | $ | 10.52 | $ | 15.93 | $ | 13.75 |
(1) | Not annualized. |
(2) | Total return based on market value equals the change in ending market value per share during the period |
(3) | Total return based on net asset value equals the change in net asset value per share during the period plus |
(4) | Annualized, except for incentive |
Security | Dividends or Interest (2) | Fair Value at December 31, 2016 | Net realized gain or loss | Net increase or decrease in unrealized appreciation or depreciation | Acquisitions (3) | Dispositions (4) | Fair Value at September 30, 2017 | |||||||||||||||||||||
36th Street Capital Partners Holdings, LLC, Membership Units | $ | — | $ | 6,818,897 | $ | — | $ | 2,362,761 | $ | 1,876,574 | $ | (1,612,852 | ) | $ | 9,445,380 | |||||||||||||
36th Street Capital Partners Holdings, LLC, Senior Note, 12%, due 11/1/20 | 2,814,491 | 29,203,304 | — | — | 10,323,288 | (17,829,721 | ) | 21,696,871 | ||||||||||||||||||||
AGY Holding Corp., Common Stock | — | — | — | — | — | — | — | |||||||||||||||||||||
AGY Holding Corp., Senior Secured 2nd Lien Notes, 11%, due 11/15/16 | 764,610 | 9,268,000 | — | — | — | — | 9,268,000 | |||||||||||||||||||||
AGY Holding Corp., Senior Secured Delayed Draw Term Loan, 12%, due 9/15/18 | 95,472 | 1,049,147 | — | (1 | ) | — | — | 1,049,146 | ||||||||||||||||||||
AGY Holding Corp., Senior Secured Term Loan, 12%, due 9/15/16 | 443,133 | 4,869,710 | — | (133 | ) | — | — | 4,869,577 | ||||||||||||||||||||
Anacomp, Inc., Class A Common Stock | — | 1,205,306 | — | 50,221 | — | — | 1,255,527 | |||||||||||||||||||||
Conergy Asia Holdings Limited, Class B Shares | 0 | 0 | — | 7,900 | 1,000,000 | 1,007,900 | ||||||||||||||||||||||
Conergy Asia Holdings Limited, Ordinary Shares | 0 | 0 | — | — | 7,833,333 | (6,005,729 | ) | 1,827,604 | ||||||||||||||||||||
Edmentum Ultimate Holdings, LLC, Junior PIK Notes, 10%, due 6/9/20 | 1,123,796 | 12,101,483 | — | (2,034,497 | ) | 1,106,331 | — | 11,173,317 | ||||||||||||||||||||
Edmentum Ultimate Holdings, LLC, Senior PIK Notes, 8.5%, due 6/9/20 | 190,177 | 2,846,246 | — | — | 187,429 | — | 3,033,675 | |||||||||||||||||||||
Edmentum, Inc., Junior Revolving Facility, 5%, due 6/9/20 | 78,261 | — | — | — | 3,368,589 | (3,368,589 | ) | — | ||||||||||||||||||||
Edmentum Ultimate Holdings, LLC, Class A Common Units | — | 1,123,591 | — | (1,121,996 | ) | — | — | 1,595 | ||||||||||||||||||||
EPMC HoldCo, LLC, Membership Units | — | 210,035 | — | — | — | — | 210,035 | |||||||||||||||||||||
Essex Ocean II, LLC, Membership Units | — | 159,045 | — | (159,045 | ) | — | — | — | ||||||||||||||||||||
Globecomm Systems Inc., Senior Secured 1st Lien Term Loan, LIBOR + 7.625%, 1.25% LIBOR Floor, due 12/11/18 | 973,215 | 14,480,002 | — | (1,033,747 | ) | 373 | (37,320 | ) | 13,409,308 | |||||||||||||||||||
Iracore International Holdings, Inc., Senior Secured 1st Lien Term Loan, LIBOR + 9%, 1% LIBOR Floor, due 4/13/21 | 91,711 | — | — | — | 1,900,733 | — | 1,900,733 | |||||||||||||||||||||
Iracore Investments Holdings, Inc., Class A Common Stock | — | — | — | (1,143,868 | ) | 4,177,710 | — | 3,033,842 | ||||||||||||||||||||
KAGY Holding Company, Inc., Series A Preferred Stock | — | 4,607,246 | — | 6,414,295 | — | 11,021,541 | ||||||||||||||||||||||
Kawa Solar Holdings Limited, Bank Guarantee Credit Facility, 8.2% Cash + 3.5% PIK, due 7/2/17 | 1,614,803 | 21,276,653 | — | (771,618 | ) | 267,919 | (4,072,441 | ) | 16,700,513 | |||||||||||||||||||
Kawa Solar Holdings Limited, Revolving Credit Facility, 8.2%, due 7/2/17 | 291,522 | 4,000,000 | — | — | 2,072,441 | — | 6,072,441 | |||||||||||||||||||||
Kawa Solar Holdings Limited, Ordinary Shares | — | — | — | — | — | — | — | |||||||||||||||||||||
Kawa Solar Holdings Limited, Series B Preferred Shares | — | 1,395,350 | — | (1,395,340 | ) | 233 | — | 243 | ||||||||||||||||||||
RM Holdco, LLC, Equity Participation | — | — | — | — | — | — | — | |||||||||||||||||||||
RM Holdco, LLC, Membership Units | 94,458 | — | — | — | — | — | — | |||||||||||||||||||||
RM OpCo, LLC, Senior Secured 1st Lien Term Loan Tranche A, 7%, due 3/21/16 | 259,194 | 4,871,284 | — | — | 20,813 | — | 4,892,097 | |||||||||||||||||||||
RM OpCo, LLC, Senior Secured 2nd Lien Term Loan Tranche B, 8.5%, due 3/30/18 | 644,597 | 3,154,770 | — | (3,799,525 | ) | 644,755 | — | — | ||||||||||||||||||||
RM OpCo, LLC, Senior Secured 2nd Lien Term Loan Tranche B-1, 8.5%, due 3/30/18 | 203,774 | 3,049,555 | — | (576,038 | ) | 203,055 | — | 2,676,572 | ||||||||||||||||||||
RM OpCo, LLC, Convertible 2nd Lien Term Loan Tranche B-1, 8.5%, due 3/30/18 | 129,857 | 1,943,371 | — | (367,088 | ) | 129,400 | — | 1,705,683 | ||||||||||||||||||||
RM OpCo, LLC, Senior Convertible 2nd Lien Term Loan B, 8.5%, due 3/30/18 | 367,755 | 4,251,368 | — | — | 2,238,735 | — | 6,490,103 | |||||||||||||||||||||
United N659UA-767, LLC (N659UA) | 119,856 | 3,191,938 | — | 62,801 | (271,381 | ) | 2,983,358 | |||||||||||||||||||||
United N661UA-767, LLC (N661UA) | 103,515 | 3,266,101 | — | 78,880 | (287,722 | ) | 3,057,259 | |||||||||||||||||||||
Wasserstein Cosmos Co-Invest, L.P., Limited Partnership Units | — | 1,530,000 | — | (1,529,500 | ) | — | — | 500 |
Security | Dividends or Interest (2) | Fair Value at December 31, 2019 | Net realized gain or loss | Net increase or decrease in unrealized appreciation or depreciation | Acquisitions (3) | Dispositions (4) | Fair Value at March 31, 2020 | |||||||||||||||||||||
AGY Holding Corp., Common Stock | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
AGY Holding Corp., Senior Secured 2nd Lien Notes, 11%, due 11/15/20 | — | 3,708,428 | — | (3,490,281 | ) | — | — | 218,147 | ||||||||||||||||||||
AGY Holding Corp., Senior Secured Delayed Draw Term Loan A, 12%, due 9/15/20 | 24,344 | — | 46,712 | 1,144,606 | — | 1,191,318 | ||||||||||||||||||||||
AGY Holding Corp., Senior Secured Delayed Draw Term Loan, 12%, due 9/15/20 | 33,806 | 1,114,120 | — | — | 33,795 | — | 1,147,915 | |||||||||||||||||||||
AGY Holding Corp., Senior Secured Term Loan A1, 12%, due 9/15/20 | 166 | — | 24,912 | 224,211 | — | 249,123 | ||||||||||||||||||||||
AGY Holding Corp., Senior Secured Term Loan, 12%, due 9/15/20 | 156,911 | 5,171,151 | — | — | 156,858 | — | 5,328,009 | |||||||||||||||||||||
Edmentum Ultimate Holdings, LLC, Class A Common Units | — | 1,433,968 | — | (1,433,952 | ) | — | — | 16 | ||||||||||||||||||||
Edmentum Ultimate Holdings, LLC, Junior PIK Notes, 10%, due 6/9/20 | 495,420 | 17,609,276 | — | (6,809,489 | ) | 492,687 | — | 11,292,474 | ||||||||||||||||||||
Edmentum Ultimate Holdings, LLC, Senior PIK Notes, 8.5%, due 6/9/20 | 80,131 | 3,675,888 | — | — | 79,848 | — | 3,755,736 | |||||||||||||||||||||
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 | 68,690 | 5,235,978 | — | (5 | ) | 262,892 | — | 5,498,865 | ||||||||||||||||||||
Edmentum, Inc., Senior Secured 1st Lien Term Loan B, 8.5%, due 6/9/21 | 461,515 | 10,740,023 | — | (182,660 | ) | 235,323 | — | 10,792,686 | ||||||||||||||||||||
Edmentum, Inc., Senior Secured 2nd Lien Term Loan, 7% PIK, due 12/8/21 | 148,296 | 8,281,661 | — | (8 | ) | 148,150 | — | 8,429,803 | ||||||||||||||||||||
Educationcity Limited (Edmentum), Senior Unsecured Promissory Note, 10%, due 8/31/20 | 40,718 | — | — | 30,383 | 3,677,040 | — | 3,707,423 | |||||||||||||||||||||
Iracore International Holdings, Inc., Senior Secured 1st Lien Term Loan, LIBOR + 9%, 1% LIBOR Floor, due 4/13/21 | 44,408 | 1,635,903 | — | — | — | — | 1,635,903 | |||||||||||||||||||||
Iracore Investments Holdings, Inc., Class A Common Stock | — | 2,476,881 | — | 1,424,671 | — | — | 3,901,552 | |||||||||||||||||||||
KAGY Holding Company, Inc., Series A Preferred Stock | — | — | — | — | — | — | — | |||||||||||||||||||||
NEG Parent, LLC (CORE Entertainment, Inc.), Class A Units | — | 6,925,848 | — | (753,218 | ) | — | — | 6,172,630 | ||||||||||||||||||||
NEG Parent, LLC (CORE Entertainment, Inc.), Class A Warrants to Purchase Class A Units | — | 391,407 | — | (102,840 | ) | — | — | 288,567 | ||||||||||||||||||||
NEG Parent, LLC (CORE Entertainment, Inc.), Class B Warrants to Purchase Class A Units | — | 395,290 | — | (103,860 | ) | — | — | 291,430 | ||||||||||||||||||||
Total | $ | 1,554,405 | $ | 75,880,292 | $ | — | $ | (18,434,105 | ) | $ | 6,455,410 | $ | — | $ | 63,901,597 |
(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% |
(2) | Also includes fee and lease income as |
(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, 2015 | Net realized gain or loss | Net increase or decrease in unrealized appreciation or depreciation | Acquisitions(3) | Dispositions(4) | Fair Value at December 31, 2016 | |||||||||||||||||||||
36th Street Capital Partners Holdings, LLC, Membership Units | $ | — | $ | 225,000 | $ | — | $ | — | $ | 6,593,897 | $ | — | $ | 6,818,897 | ||||||||||||||
36th Street Capital Partners Holdings, LLC, Subordinated Promissory Note, 12%, due 11/1/20 | 1,921,851 | 900,000 | — | — | 28,303,304 | — | 29,203,304 | |||||||||||||||||||||
AGY Holding Corp., Senior Secured 2nd Lien Notes, 11%, due 11/15/16 | 1,019,480 | 9,268,000 | — | — | — | — | 9,268,000 | |||||||||||||||||||||
AGY Holding Corp., Senior Secured Delayed Draw Term Loan, 12%, due 9/15/18 | 20,074 | — | — | — | 1,049,147 | — | 1,049,147 | |||||||||||||||||||||
AGY Holding Corp., Senior Secured Term Loan, 12%, due 9/15/16 | 594,088 | 4,869,577 | — | — | 133 | — | 4,869,710 | |||||||||||||||||||||
Anacomp, Inc., Class A Common Stock | — | 1,581,964 | — | (376,658 | ) | — | — | 1,205,306 | ||||||||||||||||||||
Edmentum Ultimate Holdings, LLC, Junior PIK Notes, 10%, due 6/9/20 | 1,381,227 | 11,343,490 | — | (605,002 | ) | 1,362,995 | — | 12,101,483 | ||||||||||||||||||||
Edmentum Ultimate Holdings, LLC, Senior PIK Notes, 8.5%, due 6/9/20 | 236,640 | 2,612,408 | — | — | 233,838 | — | 2,846,246 | |||||||||||||||||||||
Edmentum, Inc., Junior Revolving Facility, 5%, due 6/9/20 | 51,210 | — | — | — | 2,762,241 | (2,762,241 | ) | — | ||||||||||||||||||||
Edmentum Ultimate Holdings, LLC, Class A Common Units | — | 680,218 | — | — | 443,373 | — | 1,123,591 | |||||||||||||||||||||
EPMC HoldCo, LLC, Membership Units | — | 682,614 | 417,445 | (472,579 | ) | 0 | (417,445 | ) | 210,035 | |||||||||||||||||||
Essex Ocean II, LLC, Membership Units | — | 200,686 | — | 54,390 | 0 | (96,031 | ) | 159,045 | ||||||||||||||||||||
Globecomm Systems Inc., Senior Secured 1st Lien Term Loan, LIBOR + 7.625%, 1.25% LIBOR Floor, due 12/11/18 | 1,316,646 | 14,256,233 | — | 371,555 | 1,493 | (149,279 | ) | 14,480,002 | ||||||||||||||||||||
KAGY Holding Company, Inc., Series A Preferred Stock | — | 6,118,515 | — | (1,511,269 | ) | 0 | — | 4,607,246 | ||||||||||||||||||||
Kawa Solar Holdings Limited, Bank Guarantee Credit Facility, 8.2% Cash + 3.5% PIK, due 7/2/17 | 2,475,897 | 25,000,000 | — | — | (3,723,347 | ) | — | 21,276,653 | ||||||||||||||||||||
Kawa Solar Holdings Limited, Revolving Credit Facility, 8.2%, due 7/2/17 | 93,425 | — | — | — | 4,000,000 | — | 4,000,000 | |||||||||||||||||||||
Kawa Solar Holdings Limited, Ordinary Shares | — | — | — | — | — | — | — | |||||||||||||||||||||
Kawa Solar Holdings Limited, Series B Preferred Shares | — | — | — | — | 1,395,350 | — | 1,395,350 | |||||||||||||||||||||
N659UA Aircraft Secured Mortgage, 12%, due 2/28/16 | 4,554 | 318,980 | — | (5,665 | ) | — | (313,315 | ) | — | |||||||||||||||||||
N661UA Aircraft Secured Mortgage, 12%, due 5/4/16 | 11,822 | 570,303 | — | (12,619 | ) | — | (557,684 | ) | — | |||||||||||||||||||
N913DL Aircraft Secured Mortgage, 8%, due 3/15/17 | 2,322 | 115,617 | — | (1,421 | ) | — | (114,196 | ) | — | |||||||||||||||||||
N918DL Aircraft Secured Mortgage, 8%, due 8/15/18 | 5,109 | 237,494 | — | (4,275 | ) | — | (233,219 | ) | — | |||||||||||||||||||
N954DL Aircraft Secured Mortgage, 8%, due 3/20/19 | 7,829 | 342,734 | — | (6,180 | ) | — | (336,554 | ) | — | |||||||||||||||||||
N955DL Aircraft Secured Mortgage, 8%, due 6/20/19 | 8,463 | 369,162 | — | (6,930 | ) | — | (362,232 | ) | — | |||||||||||||||||||
N956DL Aircraft Secured Mortgage, 8%, due 5/20/19 | 8,365 | 365,197 | — | (6,817 | ) | — | (358,380 | ) | — | |||||||||||||||||||
N957DL Aircraft Secured Mortgage, 8%, due 6/20/19 | 8,537 | 372,392 | — | (6,991 | ) | — | (365,401 | ) | — | |||||||||||||||||||
N959DL Aircraft Secured Mortgage, 8%, due 7/20/19 | 8,708 | 379,522 | — | (7,161 | ) | — | (372,361 | ) | — | |||||||||||||||||||
N960DL Aircraft Secured Mortgage, 8%, due 10/20/19 | 9,289 | 403,869 | — | (7,700 | ) | — | (396,169 | ) | — | |||||||||||||||||||
N961DL Aircraft Secured Mortgage, 8%, due 8/20/19 | 9,028 | 393,115 | — | (7,448 | ) | — | (385,667 | ) | — | |||||||||||||||||||
N976DL Aircraft Secured Mortgage, 8%, due 2/15/18 | 4,636 | 218,321 | — | (3,635 | ) | — | (214,686 | ) | — | |||||||||||||||||||
N913DL Equipment Trust Beneficial Interests | 491,371 | 107,501 | 211,982 | (23,336 | ) | — | (296,147 | ) | — | |||||||||||||||||||
N918DL Equipment Trust Beneficial Interests | 8,483 | 127,662 | 89,515 | (41,618 | ) | — | (175,559 | ) | — | |||||||||||||||||||
N954DL Equipment Trust Beneficial Interests | 8,743 | 77,850 | (17,833 | ) | 17,495 | — | (77,512 | ) | — | |||||||||||||||||||
N955DL Equipment Trust Beneficial Interests | 8,278 | 108,100 | (40,649 | ) | (16,055 | ) | — | (51,396 | ) | — | ||||||||||||||||||
N956DL Equipment Trust Beneficial Interests | 8,362 | 104,478 | (36,257 | ) | (12,484 | ) | — | (55,737 | ) | — | ||||||||||||||||||
N957DL Equipment Trust Beneficial Interests | 8,249 | 105,329 | (43,849 | ) | (12,913 | ) | — | (48,567 | ) | — | ||||||||||||||||||
N959DL Equipment Trust Beneficial Interests | 8,139 | 106,203 | (51,380 | ) | (13,363 | ) | — | (41,460 | ) | — | ||||||||||||||||||
N960DL Equipment Trust Beneficial Interests | 7,785 | 105,937 | (76,964 | ) | (11,434 | ) | — | (17,539 | ) | — | ||||||||||||||||||
N961DL Equipment Trust Beneficial Interests | 7,976 | 101,487 | (65,354 | ) | (7,469 | ) | — | (28,664 | ) | — | ||||||||||||||||||
N976DL Equipment Trust Beneficial Interests | 8,635 | 100,793 | 110,531 | (12,825 | ) | — | (198,499 | ) | — | |||||||||||||||||||
RM Holdco, LLC, Equity Participation | — | — | — | — | — | — | — | |||||||||||||||||||||
RM Holdco, LLC, Membership Units | 251,887 | — | — | — | — | — | — | |||||||||||||||||||||
RM OpCo, LLC, Senior Secured 1st Lien Term Loan Tranche A, 7%, due 3/21/16 | 328,902 | 3,719,155 | — | 281,896 | 870,233 | — | 4,871,284 | |||||||||||||||||||||
RM OpCo, LLC, Senior Secured 2nd Lien Term Loan Tranche B, 8.5%, due 3/30/18 | 804,739 | 4,490,993 | — | (2,135,114 | ) | 798,891 | — | 3,154,770 | ||||||||||||||||||||
RM OpCo, LLC, Senior Secured 2nd Lien Term Loan Tranche B-1, 8.5%, due 3/30/18 | 253,440 | 2,797,956 | — | — | 251,599 | — | 3,049,555 | |||||||||||||||||||||
RM OpCo, LLC, Convertible 2nd Lien Term Loan Tranche B-1, 8.5%, due 3/30/18 | 165,193 | 1,783,036 | — | (3,685 | ) | 164,020 | — | 1,943,371 | ||||||||||||||||||||
RM OpCo, LLC, Senior Convertible 2nd Lien Term Loan B, 8.5%, due 3/30/18 | 248,959 | 2,188,233 | — | — | 2,063,135 | — | 4,251,368 | |||||||||||||||||||||
United N659UA-767, LLC (N659UA) | 456,168 | 3,368,599 | — | (284,572 | ) | — | 107,911 | 3,191,938 | ||||||||||||||||||||
United N661UA-767, LLC (N661UA) | 549,091 | 3,294,024 | — | (341,679 | ) | — | 313,756 | 3,266,101 | ||||||||||||||||||||
Wasserstein Cosmos Co-Invest, L.P., Limited Partnership Units | — | 4,198,500 | — | (2,668,500 | ) | — | — | 1,530,000 |
Security | Dividends or Interest (2) | Fair Value at December 31, 2019 | Net realized gain or loss | Net increase or decrease in unrealized appreciation or depreciation | Acquisitions (3) | Dispositions (4) | Fair Value at March 31, 2020 | |||||||||||||||||||||
36th Street Capital Partners Holdings, LLC, Membership Units | $ | 428,419 | $ | 31,682,859 | $ | — | $ | (3,795,252 | ) | $ | — | $ | — | $ | 27,887,607 | |||||||||||||
36th Street Capital Partners Holdings, LLC, Senior Note, 12%, due 11/1/20 | 1,225,033 | 40,834,419 | — | — | — | — | 40,834,419 | |||||||||||||||||||||
Anacomp, Inc., Class A Common Stock | — | 1,167,640 | — | 276,216 | — | — | 1,443,856 | |||||||||||||||||||||
Conergy Asia & ME Pte. Ltd., 1st Lien Term Loan, 10%, due 5/26/20 | 44,222 | 1,207,786 | — | 271,747 | — | — | 1,479,533 | |||||||||||||||||||||
Conergy Asia Holdings Limited, Class B Shares | — | — | — | — | — | — | — | |||||||||||||||||||||
Conergy Asia Holdings Limited, Ordinary Shares | — | — | — | — | — | — | — | |||||||||||||||||||||
Conventional Lending TCP Holdings, LLC, Membership Units | 407,000 | 14,269,948 | — | (1,576,995 | ) | 1,500,000 | — | 14,192,953 | ||||||||||||||||||||
Kawa Solar Holdings Limited, Bank Guarantee Credit Facility, 0%, due 5/26/20 | — | 3,289,438 | — | — | — | — | 3,289,438 | |||||||||||||||||||||
Kawa Solar Holdings Limited, Ordinary Shares | — | — | — | — | — | — | — | |||||||||||||||||||||
Kawa Solar Holdings Limited, Revolving Credit Facility, 0%, due 5/26/20 | — | 2,208,823 | — | (78,887 | ) | — | — | 2,129,936 | ||||||||||||||||||||
Kawa Solar Holdings Limited, Series B Preferred Shares | — | — | — | — | — | — | — | |||||||||||||||||||||
United N659UA-767, LLC (Aircraft Trust Holding Company) | 26,635 | 2,300,366 | — | (214,824 | ) | — | (60,308 | ) | 2,025,234 | |||||||||||||||||||
United N661UA-767, LLC (Aircraft Trust Holding Company) | 11,502 | 2,347,314 | 162,012 | (121,954 | ) | — | (2,387,372 | ) | — | |||||||||||||||||||
Total | $ | 2,142,811 | $ | 99,308,593 | $ | 162,012 | $ | (5,239,949 | ) | $ | 1,500,000 | $ | (2,447,680 | ) | $ | 93,282,976 |
(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 |
(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 | |||||||||||||||||||||
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. |
Investment | Acquisition Date | |
Actifio, Inc., Warrants to Purchase Series | 5/5/17 | |
Adesto Technologies Corporation, Warrants to Purchase Common Stock | 5/8/18 | |
Avanti Communications Group, PLC (144A), Senior New Money Initial Note, | 1/26/17 | |
Avanti Communications Group, PLC (144A), Senior Second-Priority PIK Toggle Note, | 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 | |
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 | |
Pico Quantitative Trading Holdings, LLC, Warrants to Purchase Membership Units | 2/7/20 | |
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 | |
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% PIK, due 10/1/22 | 1/26/17 | |
Avanti Communications Group, PLC (144A), Senior | 1/26/17 | |
12/ | ||
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 | |
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 | |
Nanosys, Inc., Warrants to Purchase | 3/29/16 | |
4/12/ | ||
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 |
TCP Capital Corp. Standalone | Special Value Continuation Partners, LP Consolidated | Eliminations | TCP Capital Corp. Consolidated | ||||||||||||
Assets | |||||||||||||||
Investments, at fair value: | |||||||||||||||
Companies less than 5% owned | $ | — | $ | 1,389,967,667 | $ | — | $ | 1,389,967,667 | |||||||
Companies 5% to 25% owned | — | 74,735,725 | — | 74,735,725 | |||||||||||
Companies more than 25% owned | — | 64,047,095 | — | 64,047,095 | |||||||||||
Investment in subsidiary | 1,243,969,860 | — | (1,243,969,860 | ) | — | ||||||||||
Total investments | 1,243,969,860 | 1,528,750,487 | (1,243,969,860 | ) | 1,528,750,487 | ||||||||||
Cash and cash equivalents | — | 71,929,885 | — | 71,929,885 | |||||||||||
Accrued interest income | — | 19,850,090 | — | 19,850,090 | |||||||||||
Receivable for investments sold | — | 13,414,257 | — | 13,414,257 | |||||||||||
Deferred debt issuance costs | — | 3,664,315 | — | 3,664,315 | |||||||||||
Prepaid expenses and other assets | 512,789 | 3,993,300 | — | 4,506,089 | |||||||||||
Total assets | 1,244,482,649 | 1,641,602,334 | (1,243,969,860 | ) | 1,642,115,123 | ||||||||||
Liabilities | |||||||||||||||
Debt, net of unamortized issuance costs | 363,128,121 | 302,249,986 | — | 665,378,107 | |||||||||||
Payable for investment securities purchased | — | 85,545,089 | — | 85,545,089 | |||||||||||
Incentive allocation payable | — | 5,513,546 | — | 5,513,546 | |||||||||||
Interest payable | 2,921,146 | 1,605,509 | — | 4,526,655 | |||||||||||
Payable to the Advisor | 424,942 | 669,307 | — | 1,094,249 | |||||||||||
Unrealized depreciation on swaps | — | 470,202 | — | 470,202 | |||||||||||
Accrued expenses and other liabilities | 611,473 | 1,578,835 | — | 2,190,308 | |||||||||||
Total liabilities | 367,085,682 | 397,632,474 | — | 764,718,156 | |||||||||||
Net assets | $ | 877,396,967 | $ | 1,243,969,860 | $ | (1,243,969,860 | ) | $ | 877,396,967 | ||||||
Composition of net assets | |||||||||||||||
Common stock | $ | 58,792 | $ | — | $ | — | $ | 58,792 | |||||||
Additional paid-in capital | 1,038,026,254 | 1,273,621,817 | (1,273,621,817 | ) | 1,038,026,254 | ||||||||||
Accumulated deficit | (160,688,079 | ) | (29,651,957 | ) | 29,651,957 | (160,688,079 | ) | ||||||||
Net assets | $ | 877,396,967 | $ | 1,243,969,860 | $ | (1,243,969,860 | ) | $ | 877,396,967 |
TCP Capital Corp. Standalone | Special Value Continuation Partners, LP Consolidated | Eliminations | TCP Capital Corp. Consolidated | ||||||||||||
Assets | |||||||||||||||
Investments, at fair value: | |||||||||||||||
Companies less than 5% owned | $ | — | $ | 1,175,097,468 | $ | — | $ | 1,175,097,468 | |||||||
Companies 5% to 25% owned | — | 69,355,808 | — | 69,355,808 | |||||||||||
Companies more than 25% owned | — | 70,516,594 | — | 70,516,594 | |||||||||||
Investment in subsidiary | 1,031,709,637 | — | (1,031,709,637 | ) | — | ||||||||||
Total investments | 1,031,709,637 | 1,314,969,870 | (1,031,709,637 | ) | 1,314,969,870 | ||||||||||
Cash and cash equivalents | — | 53,579,868 | — | 53,579,868 | |||||||||||
Accrued interest income | — | 13,692,194 | — | 13,692,194 | |||||||||||
Deferred debt issuance costs | — | 3,828,784 | — | 3,828,784 | |||||||||||
Prepaid expenses and other assets | 371,466 | 1,156,279 | — | 1,527,745 | |||||||||||
Total assets | 1,032,081,103 | 1,387,226,995 | (1,031,709,637 | ) | 1,387,598,461 | ||||||||||
Liabilities | |||||||||||||||
Debt, net of unamortized issuance costs | 237,871,436 | 333,787,426 | — | 571,658,862 | |||||||||||
Payable for investment securities purchased | — | 12,348,925 | — | 12,348,925 | |||||||||||
Interest payable | 2,298,333 | 2,715,380 | — | 5,013,713 | |||||||||||
Incentive allocation payable | — | 4,716,834 | — | 4,716,834 | |||||||||||
Payable to the Advisor | — | 325,790 | — | 325,790 | |||||||||||
Accrued expenses and other liabilities | 975,343 | 1,623,003 | — | 2,598,346 | |||||||||||
Total liabilities | 241,145,112 | 355,517,358 | — | 596,662,470 | |||||||||||
Net assets | $ | 790,935,991 | $ | 1,031,709,637 | $ | (1,031,709,637 | ) | $ | 790,935,991 | ||||||
Composition of net assets | |||||||||||||||
Common stock | $ | 53,042 | $ | — | $ | — | $ | 53,042 | |||||||
Additional paid-in capital | 944,426,650 | 1,180,024,317 | (1,180,024,317 | ) | 944,426,650 | ||||||||||
Accumulated deficit | (153,543,701 | ) | (148,314,680 | ) | 148,314,680 | (153,543,701 | ) | ||||||||
Net assets | $ | 790,935,991 | $ | 1,031,709,637 | $ | (1,031,709,637 | ) | $ | 790,935,991 |
TCP Capital Corp. Standalone | Special Value Continuation Partners, LP Consolidated | Eliminations | TCP Capital Corp. Consolidated | ||||||||||||
Investment income | |||||||||||||||
Interest income: | |||||||||||||||
Companies less than 5% owned | $ | — | $ | 117,016,921 | $ | — | $ | 117,016,921 | |||||||
Companies 5% to 25% owned | — | 5,365,553 | — | 5,365,553 | |||||||||||
Companies more than 25% owned | — | 4,720,816 | — | 4,720,816 | |||||||||||
Dividend income: | |||||||||||||||
Companies less than 5% owned | — | 16,627 | — | 16,627 | |||||||||||
Lease income: | |||||||||||||||
Companies more than 25% owned | — | 223,370 | — | 223,370 | |||||||||||
Other income: | |||||||||||||||
Companies less than 5% owned | — | 1,424,831 | — | 1,424,831 | |||||||||||
Companies 5% to 25% owned | — | 94,458 | — | 94,458 | |||||||||||
Total investment income | — | 128,862,576 | — | 128,862,576 | |||||||||||
Operating expenses | |||||||||||||||
Interest and other debt expenses | 11,710,817 | 12,152,883 | — | 23,863,700 | |||||||||||
Management and advisory fees | — | 15,624,277 | — | 15,624,277 | |||||||||||
Administration expenses | — | 1,730,638 | — | 1,730,638 | |||||||||||
Legal fees, professional fees and due diligence expenses | 434,665 | 692,722 | — | 1,127,387 | |||||||||||
Director fees | 140,292 | 281,816 | — | 422,108 | |||||||||||
Insurance expense | 109,058 | 218,667 | — | 327,725 | |||||||||||
Custody fees | 2,626 | 241,801 | — | 244,427 | |||||||||||
Other operating expenses | 729,707 | 1,306,669 | — | 2,036,376 | |||||||||||
Total operating expenses | 13,127,165 | 32,249,473 | — | 45,376,638 | |||||||||||
Net investment income (loss) | (13,127,165 | ) | 96,613,103 | — | 83,485,938 | ||||||||||
Net realized and unrealized loss on investments and foreign currency | |||||||||||||||
Net realized loss: | |||||||||||||||
Investments in companies less than 5% owned | — | (11,540,457 | ) | — | (11,540,457 | ) | |||||||||
Net realized loss | — | (11,540,457 | ) | — | (11,540,457 | ) | |||||||||
Change in net unrealized appreciation/depreciation | — | (967,257 | ) | — | (967,257 | ) | |||||||||
Net realized and unrealized loss | — | (12,507,714 | ) | — | (12,507,714 | ) | |||||||||
Net increase (decrease) in net assets from operations | (13,127,165 | ) | 84,105,389 | — | 70,978,224 | ||||||||||
Interest in earnings of subsidiary | 67,408,201 | — | (67,408,201 | ) | — | ||||||||||
Distributions of incentive allocation to the General Partner from net investment income | — | — | (16,697,188 | ) | (16,697,188 | ) | |||||||||
Net increase in net assets applicable to common equityholders resulting from operations | $ | 54,281,036 | $ | 84,105,389 | $ | (84,105,389 | ) | $ | 54,281,036 |
TCP Capital Corp. Standalone | Special Value Continuation Partners, LP Consolidated | Eliminations | TCP Capital Corp. Consolidated | ||||||||||||
Investment income | |||||||||||||||
Interest income: | |||||||||||||||
Companies less than 5% owned | $ | — | $ | 99,016,633 | $ | — | $ | 99,016,633 | |||||||
Companies 5% to 25% owned | — | 4,982,075 | — | 4,982,075 | |||||||||||
Companies more than 25% owned | — | 1,915,981 | — | 1,915,981 | |||||||||||
Lease income: | |||||||||||||||
Companies more than 25% owned | — | 1,496,869 | — | 1,496,869 | |||||||||||
Other income: | |||||||||||||||
Companies less than 5% owned | — | 1,241,885 | — | 1,241,885 | |||||||||||
Total investment income | — | 108,653,443 | — | 108,653,443 | |||||||||||
Operating expenses | |||||||||||||||
Interest and other debt expenses | 5,819,334 | 11,758,525 | — | 17,577,859 | |||||||||||
Management and advisory fees | — | 13,976,545 | — | 13,976,545 | |||||||||||
Legal fees, professional fees and due diligence expenses | 973,172 | 811,002 | — | 1,784,174 | |||||||||||
Administration expenses | — | 1,267,815 | — | 1,267,815 | |||||||||||
Director fees | 97,295 | 198,191 | — | 295,486 | |||||||||||
Insurance expense | 90,345 | 190,230 | — | 280,575 | |||||||||||
Custody fees | 2,625 | 229,221 | — | 231,846 | |||||||||||
Other operating expenses | 708,438 | 861,548 | — | 1,569,986 | |||||||||||
Total expenses | 7,691,209 | 29,293,077 | — | 36,984,286 | |||||||||||
Net investment income (loss) | (7,691,209 | ) | 79,360,366 | — | 71,669,157 | ||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency | |||||||||||||||
Net realized gain (loss): | |||||||||||||||
Investments in companies less than 5% owned | — | (4,490,140 | ) | — | (4,490,140 | ) | |||||||||
Investments in companies 5% to 25% owned | — | 417,446 | — | 417,446 | |||||||||||
Investments in companies more than 25% owned | — | 79,742 | — | 79,742 | |||||||||||
Net realized loss | — | (3,992,952 | ) | — | (3,992,952 | ) | |||||||||
Change in net unrealized appreciation/depreciation | — | 53,816 | — | 53,816 | |||||||||||
Net realized and unrealized loss | — | (3,939,136 | ) | — | (3,939,136 | ) | |||||||||
Net increase (decrease) in net assets from operations | (7,691,209 | ) | 75,421,230 | — | 67,730,021 | ||||||||||
Interest in earnings of subsidiary | 61,087,399 | — | (61,087,399 | ) | — | ||||||||||
Distributions of incentive allocation to the General Partner from net investment income | — | — | (14,333,831 | ) | (14,333,831 | ) | |||||||||
Net increase in net assets applicable to common equityholders resulting from operations | $ | 53,396,190 | $ | 75,421,230 | $ | (75,421,230 | ) | $ | 53,396,190 |
Industry | Percent of Total Investments | ||
Internet Software | % | ||
% | |||
6.4 | % | ||
Textiles, Apparel and | 6.2 | % | |
Professional Services | % | ||
% | |||
% | |||
% | |||
% | |||
% | |||
% | |||
3.3 | % | ||
Consumer Finance | 2.9 | % | |
2.6 | % | ||
% | |||
% | |||
% | |||
1.8 | % | ||
1.8 | % | ||
Thrifts and Mortgage Finance | 1.7 | % | |
1.6 | % | ||
% | |||
% | |||
1.1 | % | ||
1.0 | % | ||
Other | % | ||
Total | 100.0 | % |
Shares Issued | Price Per Share | Net Proceeds | ||||||||
Shares issued from dividend reinvestment plan | 464 | $ | 16.93 | * | $ | 7,854 | ||||
April 25, 2017 public offering | 5,750,000 | 16.84 | 93,597,500 |
Shares Issued | Price Per Share | Net Proceeds | ||||||||
Shares issued from dividend reinvestment plan | 610 | $ | 15.83 | * | $ | 9,657 | ||||
Shares issued from conversion of convertible debt † | 2,011,900 | 15.02 | — | |||||||
July 13, 2016 registered direct public offering | 2,336,552 | 15.09 | 34,958,570 |
2020 | 2019 | ||||||
Shares Issued | 486 | 193 | |||||
Average Price Per Share | $ | 6.25 | $ | 14.19 | |||
Proceeds | $ | 3,039 | $ | 2,738 |
2020 | 2019 | ||||||
Shares Repurchased | 1,000,000 | 9,000 | |||||
Price Per Share * | $ | 6.10 | $ | 13.96 | |||
Total Cost | $ | 6,100,190 | $ | 125,679 |
* | Weighted-average price per share |
Maturity | Rate | Carrying Value* | Available | Total Capacity | Maturity | Rate | Carrying Value* | Available | Total Capacity | |||||||||||||||||||||
SVCP Revolver | 2018 | L+2.50%† | $ | 30,000,000 | $ | 86,000,000 | $ | 116,000,000 | ||||||||||||||||||||||
2019 Convertible Notes ($108 million par) | 2019 | 5.25% | 106,893,357 | — | 106,893,357 | |||||||||||||||||||||||||
2022 Convertible Notes ($140 million par) | 2022 | 4.625% | 137,266,488 | — | 137,266,488 | |||||||||||||||||||||||||
2022 Notes ($125 million par) | 2022 | 4.125% | 124,635,706 | — | 124,635,706 | |||||||||||||||||||||||||
SVCP Facility | 2023 ** | L+2.00% | † | $ | 108,362,940 | $ | 161,637,060 | $ | 270,000,000 | |||||||||||||||||||||
TCPC Funding Facility | 2021 | L+2.50%‡ | 200,000,000 | 150,000,000 | 350,000,000 | 2023 | L+2.00% | ‡ | 215,000,000 | 85,000,000 | 300,000,000 | |||||||||||||||||||
SBA Debentures | 2024−2027 | 2.57%§ | 75,000,000 | 75,000,000 | 150,000,000 | 2024−2029 | 2.63% | § | 138,000,000 | 12,000,000 | 150,000,000 | |||||||||||||||||||
2022 Convertible Notes ($140 million par) | 2022 | 4.625% | 138,739,857 | — | 138,739,857 | |||||||||||||||||||||||||
2022 Notes ($175 million par) | 2022 | 4.125% | 174,681,290 | — | 174,681,290 | |||||||||||||||||||||||||
2024 Notes ($200 million par) | 2024 | 3.900% | 197,891,341 | — | 197,891,341 | |||||||||||||||||||||||||
Total leverage | 673,795,551 | $ | 311,000,000 | $ | 984,795,551 | 972,675,428 | $ | 258,637,060 | $ | 1,231,312,488 | ||||||||||||||||||||
Unamortized issuance costs | (8,417,444 | ) | (7,217,414 | ) | ||||||||||||||||||||||||||
Debt, net of unamortized issuance costs | $ | 665,378,107 | $ | 965,458,014 |
* | Except for the convertible notes, the 2022 Notes and |
† | As of March 31, 2020, $8.2 million of the |
‡ |
§ | Weighted-average interest rate, excluding fees of 0.36% |
** | In April 2020, the maturity was extended to May 6, 2024 |
Date Declared | Record Date | Payment Date | Type | Amount Per Share | Total Amount | |||||||||
February 26, 2020 | March 17, 2020 | March 31, 2020 | Regular | $ | 0.36 | $ | 21,155,913 |
Date Declared | Record Date | Payment Date | Type | Amount Per Share | Total Amount | |||||||||
February 22, 2017 | March 17, 2017 | March 31, 2017 | Regular | $ | 0.36 | $ | 19,095,084 | |||||||
May 9, 2017 | June 16, 2017 | June 30, 2017 | Regular | 0.36 | 21,165,137 | |||||||||
August 3, 2017 | September 15, 2017 | September 29, 2017 | Regular | 0.36 | 21,165,193 | |||||||||
$ | 1.08 | $ | 61,425,414 | |||||||||||
Date Declared | Record Date | Payment Date | Type | Amount Per Share | Total Amount | |||||||||
February 24, 2016 | March 17, 2016 | March 31, 2016 | Regular | $ | 0.36 | $ | 17,530,963 | |||||||
May 10, 2016 | June 16, 2016 | June 30, 2016 | Regular | 0.36 | 18,254,229 | |||||||||
August 9, 2016 | September 16, 2016 | September 30, 2016 | Regular | 0.36 | 19,094,976 | |||||||||
$ | 1.08 | $ | 54,880,168 |
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 |
2017 | 2016 | 2020 | 2019 | |||||||||||
Shares Issued | 464 | 311 | 486 | 193 | ||||||||||
Average Price Per Share | $ | 16.93 | $ | 15.08 | $ | 6.25 | $ | 14.19 | ||||||
Proceeds | $ | 7,854 | $ | 4,691 | $ | 3,039 | $ | 2,738 |
Basis Point Change | Interest income | Interest Expense | Net Investment Income | Interest income | Interest Expense | Net Investment Income | ||||||||||||||||||
Up 300 basis points | $ | 45,988,135 | $ | (9,150,000 | ) | $ | 36,838,135 | $ | 43,928,868 | $ | (9,700,844 | ) | $ | 34,228,024 | ||||||||||
Up 200 basis points | 32,119,293 | (6,100,000 | ) | 26,019,293 | 28,390,955 | (6,467,229 | ) | 21,923,726 | ||||||||||||||||
Up 100 basis points | 18,250,452 | (3,050,000 | ) | 15,200,452 | 13,136,788 | (3,233,615 | ) | 9,903,173 | ||||||||||||||||
Down 100 basis points | (7,085,379 | ) | 3,050,000 | (4,035,379 | ) | (5,420,996 | ) | 3,233,615 | (2,187,381 | ) | ||||||||||||||
Down 200 basis points | (8,033,856 | ) | 4,036,065 | (3,997,791 | ) | (5,832,005 | ) | 3,564,737 | (2,267,268 | ) | ||||||||||||||
Down 300 basis points | (8,033,856 | ) | 4,036,065 | (3,997,791 | ) | (5,946,845 | ) | 3,564,737 | (2,382,108 | ) |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds. |
Item 3. | Defaults Upon Senior Securities. |
Item 5. | Other Information. |
Number | Description | |
3.1 | ||
3.2 | ||
3.3 | ||
4.11 | ||
31.1 | ||
31.2 | ||
32.1 |
(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 99.3 to the Registrant’s Form 8-K, filed on August 2, 2018 |
Date: | ||
By: | /s/ Howard M. Levkowitz | |
Name: | Howard M. Levkowitz | |
Title: | Chief Executive Officer | |
Date: | ||
By: | /s/ Paul L. Davis | |
Name: | Paul L. Davis | |
Title: | Chief Financial Officer |