ý | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Maryland | 06-1798488 | |||||||
(State or other jurisdiction of | (I.R.S. Employer | |||||||
incorporation or organization) | Identification No.) | |||||||
Charlotte, North Carolina | ||||||||
(Address of principal executive offices) | (Zip Code) |
Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||||||
Common Stock, par value $0.001 per share | BBDC | The New York Stock Exchange |
Large accelerated filer | Accelerated filer | ¨ | |||||||||
Non-accelerated filer | Smaller reporting company | ¨ | |||||||||
Emerging growth company | ¨ | ||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ¨ |
Page | ||||||||
PART I – FINANCIAL INFORMATION | ||||||||
Item 1. | ||||||||
Unaudited Consolidated Balance Sheet as of | ||||||||
Unaudited Consolidated Statements of Operations for theThree and | ||||||||
Unaudited Consolidated Statements of Changes in Net Assets for the | ||||||||
Unaudited Consolidated Statements of Cash Flows for the | ||||||||
2021 | ||||||||
Consolidated Schedule of Investments as of December 31, | ||||||||
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 | ||||||
(Unaudited) | |||||||
Assets: | |||||||
Investments at fair value: | |||||||
Non-Control / Non-Affiliate investments (cost of $998,836,068 and $888,974,154 as of September 30, 2017 and December 31, 2016, respectively) | $ | 908,181,226 | $ | 857,604,639 | |||
Affiliate investments (cost of $153,091,223 and $162,539,224 as of September 30, 2017 and December 31, 2016, respectively) | 146,607,453 | 161,510,773 | |||||
Control investments (cost of $86,861,024 and $45,418,113 as of September 30, 2017 and December 31, 2016, respectively) | 36,403,000 | 18,791,769 | |||||
Total investments at fair value | 1,091,191,679 | 1,037,907,181 | |||||
Cash and cash equivalents | 81,003,756 | 107,087,663 | |||||
Interest, fees and other receivables | 9,744,381 | 10,189,788 | |||||
Prepaid expenses and other current assets | 1,827,994 | 1,659,570 | |||||
Deferred financing fees | 5,439,945 | 2,699,960 | |||||
Property and equipment, net | 91,195 | 106,494 | |||||
Total assets | $ | 1,189,298,950 | $ | 1,159,650,656 | |||
Liabilities: | |||||||
Accounts payable and accrued liabilities | $ | 5,540,240 | $ | 6,797,244 | |||
Interest payable | 1,723,664 | 3,996,940 | |||||
Taxes payable | — | 489,691 | |||||
Deferred income taxes | 1,196,745 | 2,053,701 | |||||
Borrowings under credit facility | 141,118,837 | 127,011,475 | |||||
Notes | 163,241,179 | 162,755,381 | |||||
SBA-guaranteed debentures payable | 246,084,869 | 245,389,966 | |||||
Total liabilities | 558,905,534 | 548,494,398 | |||||
Commitments and contingencies (Note 8) | |||||||
Net Assets: | |||||||
Common stock, $0.001 par value per share (150,000,000 shares authorized, 47,740,832 and 40,401,292 shares issued and outstanding as of September 30, 2017 and December 31, 2016, respectively) | 47,741 | 40,401 | |||||
Additional paid-in capital | 822,780,495 | 686,835,054 | |||||
Net investment income in excess of (less than) distributions | (4,483,783 | ) | 5,884,512 | ||||
Accumulated realized losses | (41,242,051 | ) | (24,211,594 | ) | |||
Net unrealized depreciation | (146,708,986 | ) | (57,392,115 | ) | |||
Total net assets | 630,393,416 | 611,156,258 | |||||
Total liabilities and net assets | $ | 1,189,298,950 | $ | 1,159,650,656 | |||
Net asset value per share | $ | 13.20 | $ | 15.13 |
June 30, 2021 | December 31, 2020 | ||||||||||
(Unaudited) | |||||||||||
Assets: | |||||||||||
Investments at fair value: | |||||||||||
Non-Control / Non-Affiliate investments (cost of $1,397,993,028 and $1,318,614,617 as of June 30, 2021 and December 31, 2020, respectively) | $ | 1,414,823,146 | $ | 1,325,783,281 | |||||||
Affiliate investments (cost of $114,383,398 and $76,055,873 as of June 30, 2021 and December 31, 2020, respectively) | 126,432,371 | 78,598,633 | |||||||||
Control investments (cost of $25,826,428 and $25,826,428 as of June 30, 2021 and December 31, 2020, respectively) | 23,279,660 | 25,855,796 | |||||||||
Short-term investments (cost of $10,574,196 and $65,558,227 as of June 30, 2021 and December 31, 2020, respectively) | 10,574,196 | 65,558,227 | |||||||||
Total investments at fair value | 1,575,109,373 | 1,495,795,937 | |||||||||
Cash (restricted cash of $0 and $3,488,336 at June 30, 2021 and December 31, 2020, respectively) | 21,559,624 | 62,651,340 | |||||||||
Foreign currencies (cost of $9,194,416 and $29,555,465 as of June 30, 2021 and December 31, 2020, respectively) | 9,144,010 | 29,836,121 | |||||||||
Interest and fees receivable | 26,718,726 | 21,617,843 | |||||||||
Prepaid expenses and other assets | 2,318,215 | 2,014,558 | |||||||||
Credit support agreement (cost of $13,600,000 as of both June 30, 2021 and December 31, 2020) | 14,300,006 | 13,600,000 | |||||||||
Deferred financing fees | 3,475,563 | 4,110,564 | |||||||||
Receivable from unsettled transactions | 153,721,772 | 47,412,382 | |||||||||
Total assets | $ | 1,806,347,289 | $ | 1,677,038,745 | |||||||
Liabilities: | |||||||||||
Accounts payable and accrued liabilities | $ | 2,723,517 | $ | 6,045,443 | |||||||
Interest payable | 4,224,298 | 2,219,274 | |||||||||
Administrative fees payable | 500,000 | 675,000 | |||||||||
Base management fees payable | 4,891,372 | 3,413,270 | |||||||||
Incentive management fees payable | 3,510,339 | — | |||||||||
Derivative liabilities | 821,828 | 1,336,283 | |||||||||
Payable from unsettled transactions | 2,872,973 | 1,548,578 | |||||||||
Borrowings under credit facilities | 668,452,480 | 719,660,707 | |||||||||
Notes payable (net of deferred financing fees) | 374,222,921 | 224,335,666 | |||||||||
Total liabilities | 1,062,219,728 | 959,234,221 | |||||||||
Commitments and contingencies (Note 7) | |||||||||||
Net Assets: | |||||||||||
Common stock, $0.001 par value per share (150,000,000 shares authorized and 65,316,085 shares issued and outstanding as of both June 30, 2021 and December 31, 2020) | 65,316 | 65,316 | |||||||||
Additional paid-in capital | 1,027,707,047 | 1,027,707,047 | |||||||||
Total distributable earnings (loss) | (283,644,802) | (309,967,839) | |||||||||
Total net assets | 744,127,561 | 717,804,524 | |||||||||
Total liabilities and net assets | $ | 1,806,347,289 | $ | 1,677,038,745 | |||||||
Net asset value per share | $ | 11.39 | $ | 10.99 |
Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended | ||||||||||||||||||||
June 30, 2021 | June 30, 2020 | June 30, 2021 | June 30, 2020 | ||||||||||||||||||||
Investment income: | |||||||||||||||||||||||
Interest income: | |||||||||||||||||||||||
Non-Control / Non-Affiliate investments | $ | 26,597,095 | $ | 15,249,065 | $ | 51,693,420 | $ | 32,645,476 | |||||||||||||||
Affiliate investments | 109,301 | — | 109,301 | — | |||||||||||||||||||
Control investments | 108,429 | — | 215,667 | — | |||||||||||||||||||
Short-term investments | 4,364 | 46,614 | 15,043 | 324,605 | |||||||||||||||||||
Total interest income | 26,819,189 | 15,295,679 | 52,033,431 | 32,970,081 | |||||||||||||||||||
Dividend income: | |||||||||||||||||||||||
Non-Control / Non-Affiliate investments | 33,027 | 2,603 | 33,027 | 2,603 | |||||||||||||||||||
Affiliate investments | 361,874 | — | 433,374 | — | |||||||||||||||||||
Total dividend income | 394,901 | 2,603 | 466,401 | 2,603 | |||||||||||||||||||
Fee and other income: | |||||||||||||||||||||||
Non-Control / Non-Affiliate investments | 2,411,851 | 650,433 | 4,384,913 | 1,611,426 | |||||||||||||||||||
Affiliate investments | 1,301 | — | 1,301 | — | |||||||||||||||||||
Control investments | 155,303 | — | 315,416 | — | |||||||||||||||||||
Total fee and other income | 2,568,455 | 650,433 | 4,701,630 | 1,611,426 | |||||||||||||||||||
Payment-in-kind interest income: | |||||||||||||||||||||||
Non-Control / Non-Affiliate investments | 3,068,421 | 191,049 | 6,105,745 | 234,621 | |||||||||||||||||||
Affiliate investments | 302,464 | — | 438,927 | — | |||||||||||||||||||
Total payment-in-kind interest income | 3,370,885 | 191,049 | 6,544,672 | 234,621 | |||||||||||||||||||
Interest income from cash | 58 | — | 587 | 631 | |||||||||||||||||||
Total investment income | 33,153,488 | 16,139,764 | 63,746,721 | 34,819,362 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Interest and other financing fees | 7,994,447 | 4,624,731 | 15,279,156 | 10,628,864 | |||||||||||||||||||
Base management fee (Note 2) | 4,891,372 | 3,616,787 | 8,820,622 | 7,529,160 | |||||||||||||||||||
Incentive management fees (Note 2) | 3,510,345 | — | 6,232,086 | — | |||||||||||||||||||
Compensation expenses | — | — | — | 48,410 | |||||||||||||||||||
General and administrative expenses (Note 2) | 2,199,666 | 1,369,117 | 4,501,103 | 2,789,730 | |||||||||||||||||||
Total operating expenses | 18,595,830 | 9,610,635 | 34,832,967 | 20,996,164 | |||||||||||||||||||
Net investment income | 14,557,658 | 6,529,129 | 28,913,754 | 13,823,198 | |||||||||||||||||||
Income taxes, including excise tax benefit | — | — | (18,038) | — | |||||||||||||||||||
Net investment income after taxes | 14,557,658 | 6,529,129 | 28,931,792 | 13,823,198 | |||||||||||||||||||
Barings BDC, Inc. Unaudited Consolidated Statements of Operations — (Continued) | Barings BDC, Inc. Unaudited Consolidated Statements of Operations — (Continued) | |||||||||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||
June 30, 2021 | June 30, 2020 | June 30, 2021 | June 30, 2020 | |||||||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||
September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | |||||||||||||||||||||||||||||||||||
Investment income: | ||||||||||||||||||||||||||||||||||||||
Interest income: | ||||||||||||||||||||||||||||||||||||||
Non-Control / Non-Affiliate investments | $ | 20,629,534 | $ | 17,270,300 | $ | 62,755,411 | $ | 52,938,976 | ||||||||||||||||||||||||||||||
Affiliate investments | 3,329,256 | 3,380,867 | 10,580,976 | 10,121,974 | ||||||||||||||||||||||||||||||||||
Control investments | 281,147 | 303,708 | 861,294 | 764,622 | ||||||||||||||||||||||||||||||||||
Total interest income | 24,239,937 | 20,954,875 | 74,197,681 | 63,825,572 | ||||||||||||||||||||||||||||||||||
Dividend income: | ||||||||||||||||||||||||||||||||||||||
Non-Control / Non-Affiliate investments | 57,515 | 167,468 | 1,318,748 | (1,030,703 | ) | |||||||||||||||||||||||||||||||||
Affiliate investments | 137,470 | 244,233 | 241,714 | 706,495 | ||||||||||||||||||||||||||||||||||
Control investments | — | — | — | 300,000 | ||||||||||||||||||||||||||||||||||
Total dividend income | 194,985 | 411,701 | 1,560,462 | (24,208 | ) | |||||||||||||||||||||||||||||||||
Fee and other income: | ||||||||||||||||||||||||||||||||||||||
Non-Control / Non-Affiliate investments | 2,104,631 | 1,585,403 | 4,980,285 | 5,662,081 | ||||||||||||||||||||||||||||||||||
Affiliate investments | 479,802 | 319,289 | 951,091 | 855,855 | ||||||||||||||||||||||||||||||||||
Control investments | 107,292 | 110,000 | 307,292 | 310,000 | ||||||||||||||||||||||||||||||||||
Total fee and other income | 2,691,725 | 2,014,692 | 6,238,668 | 6,827,936 | ||||||||||||||||||||||||||||||||||
Payment-in-kind interest income: | ||||||||||||||||||||||||||||||||||||||
Non-Control / Non-Affiliate investments | 1,963,525 | 2,719,831 | 6,756,172 | 8,373,124 | ||||||||||||||||||||||||||||||||||
Affiliate investments | 622,613 | 1,175,899 | 2,118,550 | 3,259,634 | ||||||||||||||||||||||||||||||||||
Total payment-in-kind interest income | 2,586,138 | 3,895,730 | 8,874,722 | 11,632,758 | ||||||||||||||||||||||||||||||||||
Interest income from cash and cash equivalents | 175,273 | 135,459 | 421,062 | 228,129 | ||||||||||||||||||||||||||||||||||
Total investment income | 29,888,058 | 27,412,457 | 91,292,595 | 82,490,187 | ||||||||||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||||||||
Interest and other financing fees | 7,394,241 | 6,757,718 | 21,418,371 | 20,040,942 | ||||||||||||||||||||||||||||||||||
Compensation expenses | 4,323,708 | 3,963,797 | 12,149,527 | 17,510,762 | ||||||||||||||||||||||||||||||||||
General and administrative expenses | 1,019,192 | 859,785 | 3,403,385 | 3,170,330 | ||||||||||||||||||||||||||||||||||
Total operating expenses | 12,737,141 | 11,581,300 | 36,971,283 | 40,722,034 | ||||||||||||||||||||||||||||||||||
Net investment income | 17,150,917 | 15,831,157 | 54,321,312 | 41,768,153 | ||||||||||||||||||||||||||||||||||
Realized and unrealized gains (losses) on investments and foreign currency borrowings: | ||||||||||||||||||||||||||||||||||||||
Realized and unrealized gains (losses) on investments, credit support agreement and foreign currency transactions: | Realized and unrealized gains (losses) on investments, credit support agreement and foreign currency transactions: | |||||||||||||||||||||||||||||||||||||
Net realized gains (losses): | Net realized gains (losses): | |||||||||||||||||||||||||||||||||||||
Non-Control / Non-Affiliate investments | 4,066,263 | (11,213,561 | ) | (3,036,048 | ) | (5,007,647 | ) | Non-Control / Non-Affiliate investments | 553,013 | (16,597,865) | 3,444,053 | (16,755,844) | ||||||||||||||||||||||||||
Affiliate investments | (4,443,680 | ) | 2,106 | (999,336 | ) | (1,680,198 | ) | Affiliate investments | — | — | (76,631) | — | ||||||||||||||||||||||||||
Control investments | (8,503,633 | ) | — | (12,995,073 | ) | — | ||||||||||||||||||||||||||||||||
Net realized losses | (8,881,050 | ) | (11,211,455 | ) | (17,030,457 | ) | (6,687,845 | ) | ||||||||||||||||||||||||||||||
Net realized gains (losses) on investments | Net realized gains (losses) on investments | 553,013 | (16,597,865) | 3,367,422 | (16,755,844) | |||||||||||||||||||||||||||||||||
Foreign currency transactions | Foreign currency transactions | (210,353) | 82,868 | (1,185,182) | (61,525) | |||||||||||||||||||||||||||||||||
Net realized gains (losses) | Net realized gains (losses) | 342,660 | (16,514,997) | 2,182,240 | (16,817,369) | |||||||||||||||||||||||||||||||||
Net unrealized appreciation (depreciation): | Net unrealized appreciation (depreciation): | |||||||||||||||||||||||||||||||||||||
Non-Control / Non-Affiliate investments | (64,601,974 | ) | 11,731,534 | (70,083,204 | ) | (596,458 | ) | Non-Control / Non-Affiliate investments | 4,304,354 | 63,416,644 | 9,661,448 | (53,944,413) | ||||||||||||||||||||||||||
Affiliate investments | (2,313,261 | ) | (303,939 | ) | (11,651,017 | ) | 1,130,412 | Affiliate investments | 7,087,294 | 3,037,255 | 9,531,991 | (795,968) | ||||||||||||||||||||||||||
Control investments | 2,047,411 | (8,546,464 | ) | (5,981,149 | ) | (8,098,464 | ) | Control investments | 1,367,526 | — | (2,601,908) | — | ||||||||||||||||||||||||||
Net unrealized appreciation (depreciation) on investments | (64,867,824 | ) | 2,881,131 | (87,715,370 | ) | (7,564,510 | ) | Net unrealized appreciation (depreciation) on investments | 12,759,174 | 66,453,899 | 16,591,531 | (54,740,381) | ||||||||||||||||||||||||||
Foreign currency borrowings | (897,734 | ) | 342,409 | (1,601,501 | ) | (569,382 | ) | |||||||||||||||||||||||||||||||
Credit support agreement | Credit support agreement | 2,300,005 | — | 700,006 | — | |||||||||||||||||||||||||||||||||
Foreign currency transactions | Foreign currency transactions | (649,766) | (1,410,589) | 3,392,031 | 387,638 | |||||||||||||||||||||||||||||||||
Net unrealized appreciation (depreciation) | (65,765,558 | ) | 3,223,540 | (89,316,871 | ) | (8,133,892 | ) | Net unrealized appreciation (depreciation) | 14,409,413 | 65,043,310 | 20,683,568 | (54,352,743) | ||||||||||||||||||||||||||
Net realized and unrealized losses on investments and foreign currency borrowings | (74,646,608 | ) | (7,987,915 | ) | (106,347,328 | ) | (14,821,737 | ) | ||||||||||||||||||||||||||||||
Tax benefit (provision) | (985 | ) | 36,431 | (305,166 | ) | 47,342 | ||||||||||||||||||||||||||||||||
Net realized gains (losses) and unrealized appreciation (depreciation) on investments, credit support agreement and foreign currency transactions | Net realized gains (losses) and unrealized appreciation (depreciation) on investments, credit support agreement and foreign currency transactions | 14,752,073 | 48,528,313 | 22,865,808 | (71,170,112) | |||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | Loss on extinguishment of debt | — | (306,202) | — | (443,592) | |||||||||||||||||||||||||||||||||
Benefit from (provision for) taxes | Benefit from (provision for) taxes | (1,700) | (2,532) | (1,290) | 17,467 | |||||||||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | (57,496,676 | ) | $ | 7,879,673 | $ | (52,331,182 | ) | $ | 26,993,758 | Net increase (decrease) in net assets resulting from operations | $ | 29,308,031 | $ | 54,748,708 | $ | 51,796,310 | $ | (57,773,039) | |||||||||||||||||||
Net investment income per share—basic and diluted | $ | 0.36 | $ | 0.42 | $ | 1.18 | $ | 1.19 | Net investment income per share—basic and diluted | $ | 0.22 | $ | 0.14 | $ | 0.44 | $ | 0.29 | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations per share—basic and diluted | $ | (1.20 | ) | $ | 0.21 | $ | (1.14 | ) | $ | 0.77 | Net increase (decrease) in net assets resulting from operations per share—basic and diluted | $ | 0.45 | $ | 1.14 | $ | 0.79 | $ | (1.19) | |||||||||||||||||||
Dividends/distributions per share: | Dividends/distributions per share: | |||||||||||||||||||||||||||||||||||||
Regular quarterly dividends/distributions | $ | 0.45 | $ | 0.45 | $ | 1.35 | $ | 1.44 | ||||||||||||||||||||||||||||||
Total dividends/distributions per share | $ | 0.45 | $ | 0.45 | $ | 1.35 | $ | 1.44 | Total dividends/distributions per share | $ | 0.20 | $ | 0.16 | $ | 0.39 | $ | 0.32 | |||||||||||||||||||||
Weighted average shares outstanding—basic and diluted | 47,743,990 | 38,115,449 | 46,079,139 | 35,199,704 | Weighted average shares outstanding—basic and diluted | 65,316,085 | 47,977,481 | 65,316,085 | 48,432,437 |
Common Stock | Additional Paid-In Capital | Total Distributable Earnings (Loss) | Total Net Assets | ||||||||||||||||||||||||||
Three Months Ended June 30, 2020 | Number of Shares | Par Value | |||||||||||||||||||||||||||
Balance, March 31, 2020 | 48,288,822 | $ | 48,289 | $ | 848,982,942 | $ | (403,286,323) | $ | 445,744,908 | ||||||||||||||||||||
Net investment income | — | — | — | 6,529,129 | 6,529,129 | ||||||||||||||||||||||||
Net realized loss on investments / foreign currency transactions | — | — | — | (16,514,997) | (16,514,997) | ||||||||||||||||||||||||
Net unrealized depreciation of investments / foreign currency transactions | — | — | — | 65,043,310 | 65,043,310 | ||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | — | (306,202) | (306,202) | ||||||||||||||||||||||||
Provision for taxes | — | — | — | (2,532) | (2,532) | ||||||||||||||||||||||||
Dividends / distributions | — | — | — | (7,673,880) | (7,673,880) | ||||||||||||||||||||||||
Purchases of shares in repurchase plan | (327,069) | (327) | (2,346,215) | — | (2,346,542) | ||||||||||||||||||||||||
Balance, June 30, 2020 | 47,961,753 | $ | 47,962 | $ | 846,636,727 | $ | (356,211,495) | $ | 490,473,194 |
Common Stock | Additional Paid-In Capital | Investment Income in Excess of Distributions | Accumulated Realized Losses on Investments | Net Unrealized Depreciation | Total Net Assets | |||||||||||||||||||||
Number of Shares | Par Value | |||||||||||||||||||||||||
Balance, December 31, 2015 | 33,375,126 | $ | 33,375 | $ | 549,242,439 | $ | 16,127,141 | $ | (25,813,329 | ) | $ | (31,221,871 | ) | $ | 508,367,755 | |||||||||||
Net investment income | — | — | — | 41,768,153 | — | — | 41,768,153 | |||||||||||||||||||
Stock-based compensation | — | — | 7,502,500 | — | — | — | 7,502,500 | |||||||||||||||||||
Realized gain (loss) on investments | — | — | — | — | (6,687,845 | ) | 7,532,502 | 844,657 | ||||||||||||||||||
Net unrealized loss on investments / foreign currency | — | — | — | — | — | (15,666,394 | ) | (15,666,394 | ) | |||||||||||||||||
Tax benefit | — | — | — | 47,342 | — | — | 47,342 | |||||||||||||||||||
Dividends / distributions | 120,562 | 120 | 2,325,851 | (51,389,199 | ) | — | — | (49,063,228 | ) | |||||||||||||||||
Public offering of common stock | 6,742,362 | 6,742 | 129,129,554 | — | — | — | 129,136,296 | |||||||||||||||||||
Issuance of restricted stock | 364,605 | 365 | (365 | ) | — | — | — | — | ||||||||||||||||||
Common stock withheld for payroll taxes upon vesting of restricted stock | (197,252 | ) | (197 | ) | (3,581,675 | ) | — | — | — | (3,581,872 | ) | |||||||||||||||
Balance, September 30, 2016 | 40,405,403 | $ | 40,405 | $ | 684,618,304 | $ | 6,553,437 | $ | (32,501,174 | ) | $ | (39,355,763 | ) | $ | 619,355,209 |
Common Stock | Additional Paid-In Capital | Total Distributable Earnings (Loss) | Total Net Assets | ||||||||||||||||||||||||||
Three Months Ended June 30, 2021 | Number of Shares | Par Value | |||||||||||||||||||||||||||
Balance, March 31, 2021 | 65,316,085 | $ | 65,316 | $ | 1,027,707,047 | $ | (299,889,616) | $ | 727,882,747 | ||||||||||||||||||||
Net investment income | — | — | — | 14,557,658 | 14,557,658 | ||||||||||||||||||||||||
Net realized gain on investments / foreign currency transactions | — | — | — | 342,660 | 342,660 | ||||||||||||||||||||||||
Net unrealized appreciation of investments / CSA / foreign currency transactions | — | — | — | 14,409,413 | 14,409,413 | ||||||||||||||||||||||||
Provision for taxes | — | — | — | (1,700) | (1,700) | ||||||||||||||||||||||||
Dividends / distributions | — | — | — | (13,063,217) | (13,063,217) | ||||||||||||||||||||||||
Balance, June 30, 2021 | 65,316,085 | $ | 65,316 | $ | 1,027,707,047 | $ | (283,644,802) | $ | 744,127,561 |
Common Stock | Additional Paid-In Capital | Investment Income in Excess of (Less Than) Distributions | Accumulated Realized Losses on Investments | Net Unrealized Depreciation | Total Net Assets | |||||||||||||||||||||
Number of Shares | Par Value | |||||||||||||||||||||||||
Balance, December 31, 2016 | 40,401,292 | $ | 40,401 | $ | 686,835,054 | $ | 5,884,512 | $ | (24,211,594 | ) | $ | (57,392,115 | ) | $ | 611,156,258 | |||||||||||
Net investment income | — | — | — | 54,321,312 | — | — | 54,321,312 | |||||||||||||||||||
Stock-based compensation | — | — | 4,499,374 | — | — | — | 4,499,374 | |||||||||||||||||||
Realized gain (loss) on investments | — | — | — | — | (17,030,457 | ) | 18,724,566 | 1,694,109 | ||||||||||||||||||
Net unrealized loss on investments / foreign currency | — | — | — | — | — | (108,041,437 | ) | (108,041,437 | ) | |||||||||||||||||
Tax provision | — | — | — | (305,166 | ) | — | — | (305,166 | ) | |||||||||||||||||
Dividends / distributions | 91,366 | 91 | 1,637,467 | (64,384,441 | ) | — | — | (62,746,883 | ) | |||||||||||||||||
Public offering of common stock | 7,000,000 | 7,000 | 131,989,144 | — | — | — | 131,996,144 | |||||||||||||||||||
Issuance of restricted stock | 360,470 | 361 | (361 | ) | — | — | — | — | ||||||||||||||||||
Common stock withheld for payroll taxes upon vesting of restricted stock | (112,296 | ) | (112 | ) | (2,180,183 | ) | — | — | — | (2,180,295 | ) | |||||||||||||||
Balance, September 30, 2017 | 47,740,832 | $ | 47,741 | $ | 822,780,495 | $ | (4,483,783 | ) | $ | (41,242,051 | ) | $ | (146,708,986 | ) | $ | 630,393,416 |
Common Stock | Additional Paid-In Capital | Total Distributable Earnings (Loss) | Total Net Assets | ||||||||||||||||||||||||||
Six Months Ended June 30, 2020 | Number of Shares | Par Value | |||||||||||||||||||||||||||
Balance, December 31, 2019 | 48,950,803 | $ | 48,951 | $ | 853,766,370 | $ | (282,940,612) | $ | 570,874,709 | ||||||||||||||||||||
Net investment income | — | — | — | 13,823,198 | 13,823,198 | ||||||||||||||||||||||||
Net realized loss on investments / foreign currency transactions | — | — | — | (16,817,369) | (16,817,369) | ||||||||||||||||||||||||
Net unrealized depreciation of investments / foreign currency transactions | — | — | — | (54,352,743) | (54,352,743) | ||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | — | (443,592) | (443,592) | ||||||||||||||||||||||||
Income tax benefit | — | — | — | 17,467 | 17,467 | ||||||||||||||||||||||||
Dividends / distributions | — | — | — | (15,497,844) | (15,497,844) | ||||||||||||||||||||||||
Purchases of shares in repurchase plan | (989,050) | (989) | (7,129,643) | — | (7,130,632) | ||||||||||||||||||||||||
Balance, June 30, 2020 | 47,961,753 | $ | 47,962 | $ | 846,636,727 | $ | (356,211,495) | $ | 490,473,194 |
Common Stock | Additional Paid-In Capital | Total Distributable Earnings (Loss) | Total Net Assets | ||||||||||||||||||||||||||
Six Months Ended June 30, 2021 | Number of Shares | Par Value | |||||||||||||||||||||||||||
Balance, December 31, 2020 | 65,316,085 | $ | 65,316 | $ | 1,027,707,047 | $ | (309,967,839) | $ | 717,804,524 | ||||||||||||||||||||
Net investment income | — | — | — | 28,931,792 | 28,931,792 | ||||||||||||||||||||||||
Net realized gain on investments / foreign currency transactions | — | — | — | 2,182,240 | 2,182,240 | ||||||||||||||||||||||||
Net unrealized appreciation of investments / CSA / foreign currency transactions | — | — | — | 20,683,568 | 20,683,568 | ||||||||||||||||||||||||
Provision for taxes | — | — | — | (1,290) | (1,290) | ||||||||||||||||||||||||
Dividends / distributions | — | — | — | (25,473,273) | (25,473,273) | ||||||||||||||||||||||||
Balance, June 30, 2021 | 65,316,085 | $ | 65,316 | $ | 1,027,707,047 | $ | (283,644,802) | $ | 744,127,561 |
Nine Months Ended | Nine Months Ended | ||||||
September 30, 2017 | September 30, 2016 | ||||||
Cash flows from operating activities: | |||||||
Net increase (decrease) in net assets resulting from operations | $ | (52,331,182 | ) | $ | 26,993,758 | ||
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | |||||||
Purchases of portfolio investments | (391,502,625 | ) | (163,867,651 | ) | |||
Repayments received/sales of portfolio investments | 231,730,067 | 182,153,894 | |||||
Loan origination and other fees received | 5,733,890 | 3,205,460 | |||||
Net realized loss on investments | 17,030,457 | 6,687,845 | |||||
Net unrealized depreciation on investments | 88,572,326 | 9,525,827 | |||||
Net unrealized depreciation on foreign currency borrowings | 1,601,501 | 569,382 | |||||
Deferred income taxes | (856,956 | ) | (1,961,317 | ) | |||
Payment-in-kind interest accrued, net of payments received | (519,326 | ) | (4,177,550 | ) | |||
Amortization of deferred financing fees | 1,857,810 | 1,644,826 | |||||
Accretion of loan origination and other fees | (3,863,096 | ) | (3,676,003 | ) | |||
Accretion of loan discounts | (466,191 | ) | (307,081 | ) | |||
Accretion of discount on SBA-guaranteed debentures payable | — | 31,899 | |||||
Depreciation expense | 51,275 | 52,369 | |||||
Stock-based compensation | 4,499,374 | 7,502,500 | |||||
Changes in operating assets and liabilities: | |||||||
Interest, fees and other receivables | 445,407 | (2,074,332 | ) | ||||
Prepaid expenses and other current assets | (168,424 | ) | (743,114 | ) | |||
Accounts payable and accrued liabilities | (1,257,004 | ) | (2,827,297 | ) | |||
Interest payable | (2,273,276 | ) | (2,176,980 | ) | |||
Taxes payable | (489,691 | ) | (735,498 | ) | |||
Net cash provided by (used in) operating activities | (102,205,664 | ) | 55,820,937 | ||||
Cash flows from investing activities: | |||||||
Purchases of property and equipment | (35,976 | ) | (69,177 | ) | |||
Net cash used in investing activities | (35,976 | ) | (69,177 | ) | |||
Cash flows from financing activities: | |||||||
Borrowings under SBA-guaranteed debentures payable | — | 32,800,000 | |||||
Repayments of SBA-guaranteed debentures payable | — | (7,800,000 | ) | ||||
Borrowings under credit facility | 106,700,000 | 68,901,849 | |||||
Repayments of credit facility | (94,194,139 | ) | (109,300,000 | ) | |||
Financing fees paid | (3,417,094 | ) | (1,123,400 | ) | |||
Net proceeds related to public offering of common stock | 131,996,144 | 129,136,296 | |||||
Common stock withheld for payroll taxes upon vesting of restricted stock | (2,180,295 | ) | (3,581,872 | ) | |||
Cash dividends/distributions paid | (62,746,883 | ) | (49,063,228 | ) | |||
Net cash provided by financing activities | 76,157,733 | 59,969,645 | |||||
Net increase (decrease) in cash and cash equivalents | (26,083,907 | ) | 115,721,405 | ||||
Cash and cash equivalents, beginning of period | 107,087,663 | 52,615,418 | |||||
Cash and cash equivalents, end of period | $ | 81,003,756 | $ | 168,336,823 | |||
Supplemental disclosure of cash flow information: | |||||||
Cash paid for interest | $ | 20,955,808 | $ | 19,929,857 | |||
Summary of non-cash financing transactions: | |||||||
Dividends/distributions paid through DRIP share issuances | $ | 1,637,558 | $ | 2,325,971 |
Six Months Ended | Six Months Ended | ||||||||||
June 30, 2021 | June 30, 2020 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 51,796,310 | $ | (57,773,040) | |||||||
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | |||||||||||
Purchases of portfolio investments | (538,011,699) | (171,523,304) | |||||||||
Repayments received / sales of portfolio investments | 322,356,447 | 239,658,503 | |||||||||
Purchases of short-term investments | (217,559,209) | (403,971,411) | |||||||||
Sales of short-term investments | 272,542,440 | 442,510,853 | |||||||||
Loan origination and other fees received | 10,024,060 | 3,131,785 | |||||||||
Net realized (gain) loss on investments | (3,367,422) | 16,755,844 | |||||||||
Net realized loss on foreign currency transactions | 1,185,182 | 61,525 | |||||||||
Net unrealized (appreciation) depreciation of investments | (16,591,531) | 54,740,381 | |||||||||
Net unrealized appreciation of CSA | (700,006) | — | |||||||||
Net unrealized appreciation of foreign currency transactions | (3,392,031) | (387,638) | |||||||||
Payment-in-kind interest | (6,544,672) | (234,621) | |||||||||
Amortization of deferred financing fees | 713,365 | 737,617 | |||||||||
Loss on extinguishment of debt | — | 443,592 | |||||||||
Accretion of loan origination and other fees | (3,512,943) | (1,141,713) | |||||||||
Amortization / accretion of purchased loan premium / discount | (3,821,935) | (604,296) | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Interest and fees receivables | (6,513,288) | (1,374,055) | |||||||||
Prepaid expenses and other assets | 253,515 | 255,386 | |||||||||
Accounts payable and accrued liabilities | 142,144 | (144,024) | |||||||||
Interest payable | 2,011,219 | (1,184,912) | |||||||||
Net cash provided by (used in) operating activities | (138,990,054) | 119,956,472 | |||||||||
Cash flows from financing activities: | |||||||||||
Borrowings under credit facilities | 110,731,648 | 108,123,996 | |||||||||
Repayments of credit facilities | (157,861,039) | (117,200,000) | |||||||||
Repayment of debt securitization | — | (91,790,053) | |||||||||
Proceeds from notes | 150,000,000 | — | |||||||||
Financing fees paid | (191,109) | — | |||||||||
Purchases of shares in repurchase plan | — | (7,130,632) | |||||||||
Cash dividends / distributions paid | (25,473,273) | (15,497,844) | |||||||||
Net cash provided by (used in) financing activities | 77,206,227 | (123,494,533) | |||||||||
Net decrease in cash and foreign currencies | (61,783,827) | (3,538,061) | |||||||||
Cash and foreign currencies, beginning of period | 92,487,461 | 21,991,565 | |||||||||
Cash and foreign currencies, end of period | $ | 30,703,634 | $ | 18,453,504 | |||||||
Supplemental disclosure of cash flow information: | |||||||||||
Cash paid for interest | $ | 12,186,261 | $ | 9,891,871 | |||||||
Portfolio Company(6) | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | ||||||||||||||||||||||||||||||
Non–Control / Non–Affiliate Investments: | |||||||||||||||||||||||||||||||||||
1A Smart Start LLC (0.4%)*(7) (8) (11) | Technology Distributors | Second Lien Senior Secured Term Loan (LIBOR + 8.5%, 9.5% Cash, Acquired 06/21, Due 05/28) | $ | 3,001,138 | $ | 2,956,488 | $ | 2,956,121 | |||||||||||||||||||||||||||
3,001,138 | 2,956,488 | 2,956,121 | |||||||||||||||||||||||||||||||||
1WorldSync, Inc. (2.9%)*(7) (8) (11) | IT Consulting & Other Services | First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 07/19, Due 07/25) | 21,530,382 | 21,158,670 | 21,530,382 | ||||||||||||||||||||||||||||||
21,530,382 | 21,158,670 | 21,530,382 | |||||||||||||||||||||||||||||||||
Accelerate Learning, Inc. (1.0%)*(7) (8) (11) | Education Services | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 12/18, Due 12/24) | 7,567,965 | 7,473,315 | 7,333,358 | ||||||||||||||||||||||||||||||
7,567,965 | 7,473,315 | 7,333,358 | |||||||||||||||||||||||||||||||||
Accurus Aerospace Corporation (2.8%)*(7) (8) (11) | Aerospace & Defense | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, 1.50% PIK, Acquired 10/18, Due 10/24) | 24,685,119 | 24,465,639 | 21,007,036 | ||||||||||||||||||||||||||||||
24,685,119 | 24,465,639 | 21,007,036 | |||||||||||||||||||||||||||||||||
Advantage Software Company (The), LLC (2.6%)*(7) (8) | Advertising, Printing & Publishing | First Lien Senior Secured Term Loan (LIBOR + 6.5%, 7.5% Cash, Acquired 01/21, Due 01/27)(11) | 18,302,262 | 17,848,072 | 17,844,705 | ||||||||||||||||||||||||||||||
Class A Partnership Units (7,054.59 units, Acquired 01/21) | 705,459 | 720,602 | |||||||||||||||||||||||||||||||||
Class B Partnership Units (3,496.31 units, Acquired 01/21) | 22,656 | 642,377 | |||||||||||||||||||||||||||||||||
18,302,262 | 18,576,187 | 19,207,684 | |||||||||||||||||||||||||||||||||
AEP Holdings, Inc. (1.9%)*(7) (8) | Wholesale | First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 6.8% Cash, Acquired 11/20, Due 11/25) (16) | 5,220,549 | 5,213,139 | 5,168,343 | ||||||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 11/20, Due 11/25) (11) | 8,726,897 | 8,562,442 | 8,639,628 | ||||||||||||||||||||||||||||||||
13,947,446 | 13,775,581 | 13,807,971 | |||||||||||||||||||||||||||||||||
Aftermath Bidco Corporation (1.2%)* (7) (8) (11) | Professional Services | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 04/19, Due 04/25) | 9,425,284 | 9,281,629 | 9,254,687 | ||||||||||||||||||||||||||||||
9,425,284 | 9,281,629 | 9,254,687 | |||||||||||||||||||||||||||||||||
Air Canada 2020-2 Class B Pass Through Trust (1.0%)* | Airlines | Structured Secured Note - Class B (9.0% Cash, Acquired 09/20, Due 10/25) | 6,835,161 | 6,835,161 | 7,587,028 | ||||||||||||||||||||||||||||||
6,835,161 | 6,835,161 | 7,587,028 | |||||||||||||||||||||||||||||||||
Air Comm Corporation, LLC (0.4%)* (7) (8) (11) | Aerospace & Defense | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 06/21, Due 06/27) | 2,972,973 | 2,872,973 | 2,872,973 | ||||||||||||||||||||||||||||||
2,972,973 | 2,872,973 | 2,872,973 | |||||||||||||||||||||||||||||||||
AIT Worldwide Logistics Holdings, Inc. (0.9%)*(7) (8) | Transportation Services | Second Lien Senior Secured Term Loan (LIBOR + 7.75%, 8.5% Cash, Acquired 04/21, Due 04/28)(11) | 6,460,345 | 6,310,043 | 6,314,988 | ||||||||||||||||||||||||||||||
Partnership Units (348.68 units, Acquired 04/21) | 348,678 | 351,149 | |||||||||||||||||||||||||||||||||
6,460,345 | 6,658,721 | 6,666,137 | |||||||||||||||||||||||||||||||||
Alpine US Bidco LLC (2.4%)*(7) (8) (11) | Agricultural Products | Second Lien Senior Secured Term Loan (LIBOR + 9.0%, 9.8% Cash, Acquired 05/21, Due 05/29) | 18,156,509 | 17,618,677 | 18,156,509 | ||||||||||||||||||||||||||||||
18,156,509 | 17,618,677 | 18,156,509 | |||||||||||||||||||||||||||||||||
Anagram Holdings, LLC (2.2%)*(3) | Chemicals, Plastics, & Rubber | First Lien Senior Secured Note (10.0% Cash, 5.0% PIK, Acquired 08/20, Due 08/25) | 14,044,112 | 13,017,919 | 16,150,728 | ||||||||||||||||||||||||||||||
14,044,112 | 13,017,919 | 16,150,728 | |||||||||||||||||||||||||||||||||
Anchorage Capital CLO Ltd: Series 2013-1A (0.3%)*(3) (8) (11) | Structured Finance | Structured Secured Note - Class DR (LIBOR + 6.8%, 7.0% Cash, Acquired 03/20, Due 10/30) | 2,000,000 | 1,751,454 | 2,000,164 | ||||||||||||||||||||||||||||||
2,000,000 | 1,751,454 | 2,000,164 | |||||||||||||||||||||||||||||||||
Anju Software, Inc. (1.8%)*(7) (8) (9) | Application Software | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 5.6% Cash, Acquired 02/19, Due 02/25) | 13,597,160 | 13,368,379 | 13,597,160 | ||||||||||||||||||||||||||||||
13,597,160 | 13,368,379 | 13,597,160 | |||||||||||||||||||||||||||||||||
Apex Bidco Limited (0.3%)*(3) (7) | Business Equipment & Services | First Lien Senior Secured Term Loan (GBP LIBOR + 6.25%, 6.8% Cash, Acquired 01/20, Due 01/27) (8) (14) | 2,013,165 | 1,861,799 | 1,981,625 | ||||||||||||||||||||||||||||||
Subordinated Senior Unsecured Term Loan (8.0% PIK, Acquired 01/20, Due 07/27) | 272,187 | 252,753 | 267,923 | ||||||||||||||||||||||||||||||||
2,285,352 | 2,114,552 | 2,249,548 | |||||||||||||||||||||||||||||||||
Apus Bidco Limited (0.5%)*(3) (7) (8) (15) | Banking, Finance, Insurance & Real Estate | First Lien Senior Secured Term Loan (GBP LIBOR + 5.5%, 5.5% Cash, Acquired 02/21, Due 03/28) | 3,979,483 | 3,816,214 | 3,880,473 | ||||||||||||||||||||||||||||||
3,979,483 | 3,816,214 | 3,880,473 | |||||||||||||||||||||||||||||||||
AQA Acquisition Holding, Inc. (2.6%)*(7) (8) (11) | High Tech Industries | Second Lien Senior Secured Term Loan (LIBOR + 7.5%, 8.0% Cash, Acquired 03/21, Due 03/29) | 20,000,000 | 19,471,907 | 19,500,000 | ||||||||||||||||||||||||||||||
20,000,000 | 19,471,907 | 19,500,000 |
TRIANGLE CAPITAL CORPORATION Unaudited Consolidated Schedule of Investments September 30, 2017 | ||||||||||||||||
Portfolio Company | Industry | Type of Investment(1)(2)(7) | Principal Amount | Cost | Fair Value(3) | |||||||||||
Non–Control / Non–Affiliate Investments: | ||||||||||||||||
Access Medical Acquisition, Inc. (3%)* | Operator of Primary Care Clinics | Subordinated Notes (10% Cash, 2% PIK, Due 01/22) | $ | 13,819,514 | $ | 13,620,530 | $ | 13,620,530 | ||||||||
Class A Units (1,500,000 units) | 901,026 | 2,610,000 | ||||||||||||||
13,819,514 | 14,521,556 | 16,230,530 | ||||||||||||||
Aden & Anais Holdings, Inc. (0%)* | Baby Products | Common Stock (20,000 shares) | 2,000,000 | 1,117,000 | ||||||||||||
2,000,000 | 1,117,000 | |||||||||||||||
AM General, LLC (5%)* | Defense Manufacturing | Senior Note (LIBOR + 7.25%, 8.5% Cash, Due 12/21)(8) | 9,500,000 | 9,368,788 | 9,410,000 | |||||||||||
Second Lien Term Note (LIBOR +11.75%, 13.0% Cash, Due 06/22)(8) | 20,000,000 | 19,459,561 | 19,641,000 | |||||||||||||
29,500,000 | 28,828,349 | 29,051,000 | ||||||||||||||
Avantor Performance Materials Holdings, LLC (2%)* | Life Sciences and Advanced Technologies | Second Lien Term Note (LIBOR + 8.25%, 9.5% Cash, Due 03/25)(8) | 15,000,000 | 14,856,508 | 14,976,000 | |||||||||||
15,000,000 | 14,856,508 | 14,976,000 | ||||||||||||||
AVL Holdings, Inc. (0%)* | Manufacturer and Distributor for Independent Artists and Authors | Common Stock (138 shares) | 1,300,000 | 2,049,000 | ||||||||||||
1,300,000 | 2,049,000 | |||||||||||||||
Baker Hill Acquisition, LLC (2%)* | Loan Origination Software Solutions Provider | Second Lien Term Notes (LIBOR + 11.0%, 12.3% Cash, Due 03/21)(8) | 13,500,000 | 13,358,951 | 11,000,000 | |||||||||||
Delayed Draw Term Note (LIBOR + 11.0%, 12.3% Cash, Due 03/21)(8) | 1,500,000 | 1,481,072 | 1,481,072 | |||||||||||||
Limited Partnership Interest | 1,498,500 | 103,000 | ||||||||||||||
15,000,000 | 16,338,523 | 12,584,072 | ||||||||||||||
Cafe Enterprises, Inc. (1%)* | Restaurant | Second Lien Term Note (Prime + 5.75%, 10.0% Cash, Due 03/19)(6)(8) | 2,000,000 | 1,990,411 | 1,454,000 | |||||||||||
Subordinated Note (7% Cash, 7% PIK, Due 09/19)(6) | 14,632,863 | 13,745,570 | 2,801,000 | |||||||||||||
Series C Preferred Stock (10,000 shares) | 1,000,000 | — | ||||||||||||||
16,632,863 | 16,735,981 | 4,255,000 | ||||||||||||||
Captek Softgel International, Inc. (5%)* | Nutraceuticals Manufacturer | Subordinated Note (10% Cash, 1.5% PIK, Due 01/23) | 30,695,433 | 30,405,827 | 30,405,827 | |||||||||||
Common Stock (38,023 shares) | 3,957,697 | 4,059,000 | ||||||||||||||
30,695,433 | 34,363,524 | 34,464,827 | ||||||||||||||
Carolina Beverage Group, LLC (0%)* | Beverage Manufacturing and Packaging | Class B Units (11,974 units) | 119,735 | 1,183,000 | ||||||||||||
119,735 | 1,183,000 | |||||||||||||||
Centerfield Media Holding Company (0%)* | Digital Marketing | Common Shares (500 shares) | 500,000 | 1,121,000 | ||||||||||||
500,000 | 1,121,000 | |||||||||||||||
CIBT Global, Inc. (2%)* | Provider of Mobility Services | Second Lien Term Note (LIBOR + 7.75%, 9.1% Cash, Due 06/25)(8) | 10,000,000 | 9,902,191 | 9,840,000 | |||||||||||
10,000,000 | 9,902,191 | 9,840,000 | ||||||||||||||
CIS Acquisition, LLC (0%)* | Secure Communications and Computing Solutions Provider | Units (1.09 units) | 277,538 | 277,538 | ||||||||||||
277,538 | 277,538 | |||||||||||||||
Community Intervention Services, Inc. (1%)* | Provider of Behavioral Health Services | Subordinated Note (7% Cash, 6% PIK, Due 01/21) (6) | 20,294,798 | 17,732,558 | 3,717,000 | |||||||||||
20,294,798 | 17,732,558 | 3,717,000 | ||||||||||||||
Constellis Holdings, LLC (1%)* | Provider of Security and Risk Management Services | Second Lien Term Note (LIBOR + 9.0%, 10.3% Cash, Due 04/25)(8) | 5,000,000 | 4,928,155 | 4,903,000 | |||||||||||
5,000,000 | 4,928,155 | 4,903,000 | ||||||||||||||
CPower Ultimate HoldCo, LLC (0%)* | Demand Response Business | Units (345,542 units) | 345,542 | 345,542 | ||||||||||||
345,542 | 345,542 | |||||||||||||||
CWS Holding Company, LLC (0%)* | Manufacturer of Custom Windows and Sliding Doors | Class A Units (1,500,000 units) | 1,500,000 | 1,624,000 | ||||||||||||
1,500,000 | 1,624,000 | |||||||||||||||
Portfolio Company(6) | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | ||||||||||||||||||||||||||||||
Arch Global Precision LLC (0.9%)*(7) (8) (11) | Industrial Machinery | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 4.8% Cash, Acquired 04/19, Due 04/26) | $ | 6,753,978 | $ | 6,725,126 | $ | 6,661,033 | |||||||||||||||||||||||||||
6,753,978 | 6,725,126 | 6,661,033 | |||||||||||||||||||||||||||||||||
Archimede (1.9%)*(3) (7) (8) (17) | Consumer Services | First Lien Senior Secured Term Loan (EURIBOR + 6.5%, 6.5% Cash, Acquired 10/20, Due 10/27) | 14,112,217 | 14,017,636 | 13,900,534 | ||||||||||||||||||||||||||||||
14,112,217 | 14,017,636 | 13,900,534 | |||||||||||||||||||||||||||||||||
Argus Bidco Limited (0.5%)*(3) (7) (8) | High Tech Industries | First Lien Senior Secured Term Loan (GBP LIBOR + 5.5%, 5.8% Cash, Acquired 12/20, Due 12/27)(14) | 2,735,690 | 2,554,595 | 2,713,805 | ||||||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (LIBOR + 5.5%, 5.8% Cash, Acquired 05/21, Due 12/27)(11) | 671,922 | 652,110 | 666,547 | ||||||||||||||||||||||||||||||||
3,407,612 | 3,206,705 | 3,380,352 | |||||||||||||||||||||||||||||||||
Armstrong Transport Group (Pele Buyer, LLC ) (1.0%)*(7) (8) | Air Freight & Logistics | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 06/19, Due 06/24)(11) | 5,327,863 | 5,261,469 | 5,306,552 | ||||||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 07/20, Due 06/24)(12) | 1,934,530 | 1,904,336 | 1,934,530 | ||||||||||||||||||||||||||||||||
7,262,393 | 7,165,805 | 7,241,082 | |||||||||||||||||||||||||||||||||
Ascensus Specialties, LLC (0.9%)*(7) (8) (9) | Specialty Chemicals | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 4.8% Cash, Acquired 09/19, Due 09/26) | 6,983,949 | 6,929,297 | 6,955,238 | ||||||||||||||||||||||||||||||
6,983,949 | 6,929,297 | 6,955,238 | |||||||||||||||||||||||||||||||||
ASPEQ Heating Group LLC (1.2%)* (7) (8) (10) | Building Products, Air & Heating | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 11/19, Due 11/25) | 8,900,320 | 8,798,601 | 8,900,320 | ||||||||||||||||||||||||||||||
8,900,320 | 8,798,601 | 8,900,320 | |||||||||||||||||||||||||||||||||
Auxi International (0.3%)*(3) (7) (8) | Commercial Finance | First Lien Senior Secured Term Loan (EURIBOR + 6.25%, 6.3% Cash, Acquired 12/19, Due 12/26)(17) | 1,660,261 | 1,517,769 | 1,637,017 | ||||||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (SONIA + 6.25%, 6.3% Cash, Acquired 04/21, Due 12/26)(22) | 925,572 | 895,411 | 900,118 | ||||||||||||||||||||||||||||||||
2,585,833 | 2,413,180 | 2,537,135 | |||||||||||||||||||||||||||||||||
AVSC Holding Corp. (1.5%)* | Advertising | First Lien Senior Secured Term Loan (LIBOR + 3.25%, 4.3% Cash, 0.25% PIK, Acquired 08/18, Due 03/25)(8) (11) | 4,885,526 | 4,357,791 | 4,471,380 | ||||||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, 1.0% PIK, Acquired 08/18, Due 03/25)(8) (13) | 748,150 | 687,554 | 705,401 | ||||||||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (5.0% Cash, 10.0% PIK, Acquired 11/20, Due 10/26) | 5,242,169 | 5,117,306 | 6,255,637 | ||||||||||||||||||||||||||||||||
10,875,845 | 10,162,651 | 11,432,418 | |||||||||||||||||||||||||||||||||
BDP International, Inc. (f/k/a BDP Buyer, LLC) (2.0%)*(7) (8) (9) | Air Freight & Logistics | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 12/18, Due 12/24) | 14,924,697 | 14,685,795 | 14,651,127 | ||||||||||||||||||||||||||||||
14,924,697 | 14,685,795 | 14,651,127 | |||||||||||||||||||||||||||||||||
Beacon Pointe Advisors, LLC (0.1%)*(7) (8) (11) | Asset Manager & Custody Bank | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 03/20, Due 03/26) | 990,841 | 972,683 | 990,841 | ||||||||||||||||||||||||||||||
990,841 | 972,683 | 990,841 | |||||||||||||||||||||||||||||||||
Benify (Bennevis AB) (0.2%)*(3) (7) (8) (18) | High Tech Industries | First Lien Senior Secured Term Loan (STIBOR + 5.25%, 5.3% Cash, Acquired 07/19, Due 07/26) | 1,361,557 | 1,220,706 | 1,361,557 | ||||||||||||||||||||||||||||||
1,361,557 | 1,220,706 | 1,361,557 | |||||||||||||||||||||||||||||||||
Bidwax (0.3%)*(3) (7) (8) (16) | Non-durable Consumer Goods | First Lien Senior Secured Term Loan (EURIBOR + 6.5%, 6.5% Cash, Acquired 02/21, Due 02/28) | 2,608,981 | 2,509,502 | 2,529,588 | ||||||||||||||||||||||||||||||
2,608,981 | 2,509,502 | 2,529,588 | |||||||||||||||||||||||||||||||||
BigHand UK Bidco Limited (0.1%)*(3) (7) (8) (14) | High Tech Industries | First Lien Senior Secured Term Loan (GBP LIBOR + 5.5%, 5.6% Cash, Acquired 01/21, Due 01/28) | 926,907 | 855,940 | 894,337 | ||||||||||||||||||||||||||||||
926,907 | 855,940 | 894,337 | |||||||||||||||||||||||||||||||||
Black Diamond Equipment Rentals LLC (1.4%)*(7) (23) | Equipment Rental | Second Lien Loan (12.5% Cash, Acquired 12/20, Due 06/22) | 10,000,000 | 10,000,000 | 10,000,000 | ||||||||||||||||||||||||||||||
Warrant (4.17 units, Acquired 12/20) | 1,010,000 | 651,375 | |||||||||||||||||||||||||||||||||
10,000,000 | 11,010,000 | 10,651,375 | |||||||||||||||||||||||||||||||||
British Airways 2020-1 Class B Pass Through Trust (0.1%)* | Airlines | Structured Secured Note - Class B (8.4% Cash, Acquired 11/20, Due 11/28) | 863,250 | 863,250 | 1,001,040 | ||||||||||||||||||||||||||||||
863,250 | 863,250 | 1,001,040 | |||||||||||||||||||||||||||||||||
British Engineering Services Holdco Limited (2.1%)*(3) (7) (8) (15) | Commercial Services & Supplies | First Lien Senior Secured Term Loan (GBP LIBOR + 6.75%, 7.0% Cash, Acquired 12/20, Due 12/27) | 15,839,726 | 15,048,263 | 15,440,924 | ||||||||||||||||||||||||||||||
15,839,726 | 15,048,263 | 15,440,924 | |||||||||||||||||||||||||||||||||
TRIANGLE CAPITAL CORPORATION Unaudited Consolidated Schedule of Investments — (Continued) September 30, 2017 | ||||||||||||||||
Portfolio Company | Industry | Type of Investment(1)(2)(7) | Principal Amount | Cost | Fair Value(3) | |||||||||||
Data Source Holdings, LLC (0%)* | Print Supply Chain Management Services | Common Units (47,503 units) | $ | 1,000,000 | $ | 882,000 | ||||||||||
1,000,000 | 882,000 | |||||||||||||||
Del Real, LLC (3%)* | Hispanic Refrigerated Foods Company | Subordinated Note (11% Cash, Due 04/23) | $ | 14,000,000 | 13,751,325 | 13,751,325 | ||||||||||
Class A Units (3,000,000 units) | 3,000,000 | 3,442,000 | ||||||||||||||
14,000,000 | 16,751,325 | 17,193,325 | ||||||||||||||
Dimora Brands, Inc. (3%)* | Hardware Designer and Distributor | Second Lien Term Note (LIBOR + 8.5%, 9.7% Cash, Due 08/25)(8) | 20,000,000 | 19,600,000 | 19,600,000 | |||||||||||
20,000,000 | 19,600,000 | 19,600,000 | ||||||||||||||
DLC Acquisition, LLC (6%)* | Staffing Firm | Senior Notes (LIBOR + 8.0%, 10% Cash, Due 12/20)(8) | 21,978,125 | 21,785,931 | 21,785,931 | |||||||||||
Senior Note (10% Cash, 2% PIK, Due 12/20) | 17,187,831 | 17,024,644 | 17,024,644 | |||||||||||||
39,165,956 | 38,810,575 | 38,810,575 | ||||||||||||||
Dyno Acquiror, Inc. (1%)* | Sewing Products and Seasonal Decorative Products Supplier | Subordinated Note (10.5% Cash, 1.5% PIK, Due 08/20) | 4,646,082 | 4,623,967 | 4,623,967 | |||||||||||
Series A Units (600,000 units) | 600,000 | 591,000 | ||||||||||||||
4,646,082 | 5,223,967 | 5,214,967 | ||||||||||||||
Eckler's Holdings, Inc. (0%)* | Restoration Parts and Accessories for Classic Cars and Trucks | Subordinated Note (7.7% Cash, Due 06/19)(6) | 13,941,700 | 13,242,814 | 3,126,000 | |||||||||||
Common Stock (18,029 shares) | 183,562 | — | ||||||||||||||
Series A Preferred Stock (1,596 shares) | 1,596,126 | — | ||||||||||||||
Series B Preferred Stock (702 shares) | 435,127 | — | ||||||||||||||
13,941,700 | 15,457,629 | 3,126,000 | ||||||||||||||
Fridababy Holdings, LLC (4%)* | Baby Products | Subordinated Notes (LIBOR + 9.0%, 10.3% Cash, Due 10/21)(8) | 23,000,000 | 22,614,777 | 22,614,777 | |||||||||||
Class B Units (4,500 units) | 273,401 | 288,000 | ||||||||||||||
23,000,000 | 22,888,178 | 22,902,777 | ||||||||||||||
FrontStream Holdings, LLC (1%)* | Payment and Donation Management Product Service Provider | Subordinated Note (LIBOR + 6.0%, 7.3% Cash, Due 12/20)(6)(8) | 14,624,745 | 14,272,931 | 7,315,000 | |||||||||||
Series C-2 Preferred Shares (500 shares) | 500,000 | — | ||||||||||||||
14,624,745 | 14,772,931 | 7,315,000 | ||||||||||||||
Frozen Specialties, Inc. (2%)* | Frozen Foods Manufacturer | Subordinated Note (10% Cash, 4% PIK, Due 3/18) | 14,094,381 | 14,094,381 | 14,094,381 | |||||||||||
14,094,381 | 14,094,381 | 14,094,381 | ||||||||||||||
GST AutoLeather, Inc. (0%)* | Supplier of Automotive Interior Leather | Subordinated Note (11% Cash, 2% PIK, Due 01/21)(6) | 24,140,883 | 23,073,507 | 2,450,000 | |||||||||||
24,140,883 | 23,073,507 | 2,450,000 | ||||||||||||||
Halo Branded Solutions, Inc. (2%)* | Supply Chain Services | Subordinated Notes (11% Cash, 1% PIK, Due 10/22) | 10,490,124 | 10,292,192 | 10,292,192 | |||||||||||
Class A1 Units (2,600 units) | 2,600,000 | 4,034,000 | ||||||||||||||
10,490,124 | 12,892,192 | 14,326,192 | ||||||||||||||
HemaSource, Inc. (2%)* | Medical Products Distributor | Subordinated Note (9.5% Cash, 1.5% PIK, Due 01/24) | 10,030,833 | 9,836,481 | 9,836,481 | |||||||||||
Class A Units (1,000,000 units) | 1,000,000 | 1,000,000 | ||||||||||||||
10,030,833 | 10,836,481 | 10,836,481 | ||||||||||||||
HKW Capital Partners IV, L.P. (0%)*(4) | Multi-Sector Holdings | 0.6% Limited Partnership Interest | 922,279 | 1,533,000 | ||||||||||||
922,279 | 1,533,000 | |||||||||||||||
HTC Borrower, LLC (4%)* | Hunting and Outdoor Products | Subordinated Notes (10% Cash, 3% PIK, Due 09/20) | 26,730,722 | 26,501,283 | 26,501,283 | |||||||||||
26,730,722 | 26,501,283 | 26,501,283 | ||||||||||||||
ICP Industrial, Inc. (4%)* | Coatings Formulator and Manufacturer | Second Lien Term Note (LIBOR + 8.5%, 9.7% Cash, Due 04/22)(8) | 7,500,000 | 7,442,511 | 7,442,511 | |||||||||||
Subordinated Notes (10% Cash, 1% PIK, Due 10/22) | 8,149,614 | 8,021,608 | 8,021,608 | |||||||||||||
Subordinated Notes (14% PIK, Due 10/22) | 6,374,723 | 6,325,018 | 6,325,018 | |||||||||||||
Class A Units (1,289 units) | 1,751,483 | 1,643,000 | ||||||||||||||
22,024,337 | 23,540,620 | 23,432,137 | ||||||||||||||
IDERA, Inc. (2%)* | Software Provider | Second Lien Term Note (LIBOR + 9.0%, 10.2% Cash, Due 06/25)(8) | 10,000,000 | 9,853,115 | 9,853,115 | |||||||||||
10,000,000 | 9,853,115 | 9,853,115 | ||||||||||||||
Portfolio Company(6) | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | ||||||||||||||||||||||||||||||
Brown Machine Group Holdings, LLC (0.9%)*(7) (8) (9) | Industrial Equipment | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 10/18, Due 10/24) | $ | 6,633,915 | $ | 6,579,303 | $ | 6,633,915 | |||||||||||||||||||||||||||
6,633,915 | 6,579,303 | 6,633,915 | |||||||||||||||||||||||||||||||||
Cadent, LLC (f/k/a Cross MediaWorks) (1.0%)*(7) (8) (9) | Media & Entertainment | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 09/18, Due 09/23) | 7,532,846 | 7,497,997 | 7,532,846 | ||||||||||||||||||||||||||||||
7,532,846 | 7,497,997 | 7,532,846 | |||||||||||||||||||||||||||||||||
Canadian Orthodontic Partners Corp.(0.6%)*(3) (7) (8) (21) | Healthcare | First Lien Senior Secured Term Loan (CDOR + 6.5%, 7.5% Cash, Acquired 06/21, Due 03/26) | 4,437,878 | 4,496,664 | 4,389,012 | ||||||||||||||||||||||||||||||
4,437,878 | 4,496,664 | 4,389,012 | |||||||||||||||||||||||||||||||||
Carlson Travel, Inc (1.0%)* | Business Travel Management | First Lien Senior Secured Note (6.8% Cash, Acquired 09/20, Due 12/25) | 3,000,000 | 2,362,500 | 2,758,140 | ||||||||||||||||||||||||||||||
Super Senior Secured Term Loan (10.5% Cash, Acquired 12/20, Due 3/25) | 4,239,000 | 4,158,132 | 4,450,950 | ||||||||||||||||||||||||||||||||
Common Stock (1,962 units, Acquired 11/20)(7) | 88,290 | 19,620 | |||||||||||||||||||||||||||||||||
7,239,000 | 6,608,922 | 7,228,710 | |||||||||||||||||||||||||||||||||
Centralis Finco S.a.r.l. (0.1%)*(3) (7) (8) (16) | Diversified Financial Services | First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 05/20, Due 05/27) | 841,207 | 735,840 | 841,207 | ||||||||||||||||||||||||||||||
841,207 | 735,840 | 841,207 | |||||||||||||||||||||||||||||||||
Cineworld Group PLC (1.4%)*(3) | Leisure Products | First Lien Senior Secured Term Loan (LIBOR + 2.50%, 3.5% Cash, Acquired 04/20, Due 02/25)(8) (12) | 9,014,844 | 6,162,352 | 7,925,580 | ||||||||||||||||||||||||||||||
Super Senior Secured Term Loan (7.0% Cash, 8.3% PIK, Acquired 11/20, Due 05/24) | 1,713,829 | 1,498,611 | 2,155,140 | ||||||||||||||||||||||||||||||||
Warrants (553,375 units, Acquired 12/20) | 101,602 | 351,652 | |||||||||||||||||||||||||||||||||
10,728,673 | 7,762,565 | 10,432,372 | |||||||||||||||||||||||||||||||||
Classic Collision (Summit Buyer, LLC) (1.8%)*(7) (8) (11) | Auto Collision Repair Centers | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 01/20, Due 01/26) | 13,611,310 | 13,400,361 | 13,471,672 | ||||||||||||||||||||||||||||||
13,611,310 | 13,400,361 | 13,471,672 | |||||||||||||||||||||||||||||||||
CM Acquisitions Holdings Inc. (2.6%)*(7) (8) (11) | Internet & Direct Marketing | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 05/19, Due 05/25) | 19,191,301 | 18,920,572 | 19,191,301 | ||||||||||||||||||||||||||||||
19,191,301 | 18,920,572 | 19,191,301 | |||||||||||||||||||||||||||||||||
CMT Opco Holding, LLC (Concept Machine) (0.6%)*(7) (8) | Distributors | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 01/20, Due 01/25)(11) | 4,144,368 | 4,082,369 | 3,968,232 | ||||||||||||||||||||||||||||||
LLC Units (8,782 units, Acquired 01/20) | 351,709 | 281,165 | |||||||||||||||||||||||||||||||||
4,144,368 | 4,434,078 | 4,249,397 | |||||||||||||||||||||||||||||||||
Command Alkon (Project Potter Buyer, LLC) (2.8%)*(7) (8) | Software | First Lien Senior Secured Term Loan (LIBOR + 8.25%, 9.3% Cash, Acquired 04/20, Due 04/27)(9) | 20,848,238 | 20,282,856 | 20,470,072 | ||||||||||||||||||||||||||||||
Class A Units (90.384 units, Acquired 04/20) | 90,384 | 100,449 | |||||||||||||||||||||||||||||||||
Class B Units (33,324.69 units, Acquired 04/20) | — | 14,063 | |||||||||||||||||||||||||||||||||
20,848,238 | 20,373,240 | 20,584,584 | |||||||||||||||||||||||||||||||||
Contabo Finco S.À R.L (0.2%)*(3) (7) (8) (16) | Internet Software & Services | First Lien Senior Secured Term Loan (EURIBOR + 4.75%, 4.8% Cash, Acquired 10/19, Due 10/26) | 1,437,733 | 1,313,423 | 1,419,484 | ||||||||||||||||||||||||||||||
1,437,733 | 1,313,423 | 1,419,484 | |||||||||||||||||||||||||||||||||
Crash Champions (0.3%)*(7) (8) (11) | Automotive | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 05/21, Due 08/25) | 2,333,333 | 2,236,344 | 2,233,333 | ||||||||||||||||||||||||||||||
2,333,333 | 2,236,344 | 2,233,333 | |||||||||||||||||||||||||||||||||
CSL DualCom (0.2%)*(3) (7) (8) (15) | Tele-communications | First Lien Senior Secured Term Loan (GBP LIBOR + 5.5%, 5.5% Cash, Acquired 09/20, Due 09/27) | 1,368,191 | 1,198,629 | 1,314,903 | ||||||||||||||||||||||||||||||
1,368,191 | 1,198,629 | 1,314,903 | |||||||||||||||||||||||||||||||||
Custom Alloy Corporation (5.1%)*(7) (23) | Manufacturer of Pipe Fittings & Forgings | Second Lien Loan (15.0% PIK, Acquired 12/20, Due 04/22) | 45,000,185 | 37,043,142 | 33,975,140 | ||||||||||||||||||||||||||||||
Revolver (15.0% PIK, Acquired 12/20, Due 04/22) | 4,255,152 | 3,737,652 | 3,612,624 | ||||||||||||||||||||||||||||||||
49,255,337 | 40,780,794 | 37,587,764 | |||||||||||||||||||||||||||||||||
CW Group Holdings, LLC (0.4%)*(7) (8) (9) | High Tech Industries | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 01/21, Due 01/27) | 2,831,613 | 2,765,400 | 2,831,613 | ||||||||||||||||||||||||||||||
LLC Units (161,290.32 units, Acquired 01/21) | 161,290 | 172,581 | |||||||||||||||||||||||||||||||||
2,831,613 | 2,926,690 | 3,004,194 | |||||||||||||||||||||||||||||||||
Dart Buyer, Inc. (1.6%)*(3) (7) (8) (11) | Aerospace & Defense | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 04/19, Due 04/25) | 12,248,503 | 12,054,416 | 12,174,828 | ||||||||||||||||||||||||||||||
12,248,503 | 12,054,416 | 12,174,828 | |||||||||||||||||||||||||||||||||
TRIANGLE CAPITAL CORPORATION Unaudited Consolidated Schedule of Investments — (Continued) September 30, 2017 | ||||||||||||||||
Portfolio Company | Industry | Type of Investment(1)(2)(7) | Principal Amount | Cost | Fair Value(3) | |||||||||||
Inland Pipe Rehabilitation Holding Company LLC (0%)* | Cleaning and Repair Services | Membership Interest Purchase Warrant (3%) | $ | 853,500 | $ | 596,000 | ||||||||||
853,500 | 596,000 | |||||||||||||||
Integrated Efficiency Solutions, Inc. (3%)* | Energy Services Contracting Firm | Senior Secured Term Note (LIBOR + 9.25%, 10.6% Cash, Due 06/22)(8) | $ | 18,500,000 | 18,188,844 | 18,188,844 | ||||||||||
Series B Preferred Units (238,095 units) | 300,000 | 300,000 | ||||||||||||||
18,500,000 | 18,488,844 | 18,488,844 | ||||||||||||||
IPS Structural Adhesives Holdings, Inc. (2%)* | Specialty Adhesives and Plumbing Products Manufacturer | Second Lien Term Note (LIBOR + 9.5%, 10.7% Cash, Due 12/24)(8) | 15,000,000 | 14,718,778 | 14,903,000 | |||||||||||
15,000,000 | 14,718,778 | 14,903,000 | ||||||||||||||
Keystone Peer Review Organization, Inc. (0%)* | Healthcare - Managed Care | Second Lien Term Note (LIBOR + 9.25%, 10.6% Cash, Due 05/25)(8) | 3,000,000 | 2,942,497 | 2,927,000 | |||||||||||
3,000,000 | 2,942,497 | 2,927,000 | ||||||||||||||
KidKraft, Inc. (4%)* | Children's Toy Manufacturer and Distributor | Second Lien Term Note (11% Cash, 1% PIK, Due 03/22) | 27,876,081 | 27,401,586 | 27,401,586 | |||||||||||
27,876,081 | 27,401,586 | 27,401,586 | ||||||||||||||
K-Square Restaurant Partners, LP (0%)* | Restaurant | Class A Units of Limited Partnership (2,000 units) | 638,260 | 2,759,000 | ||||||||||||
638,260 | 2,759,000 | |||||||||||||||
Lakeview Health Holdings, Inc. (3%)* | Substance Abuse Treatment Service Provider | Senior Note (LIBOR + 6.75%, 8.1% Cash, Due 12/21)(8) | 18,473,037 | 18,298,370 | 18,298,370 | |||||||||||
Common Stock (2,000 shares) | 2,000,000 | 1,149,000 | ||||||||||||||
18,473,037 | 20,298,370 | 19,447,370 | ||||||||||||||
Media Storm, LLC (1%)* | Marketing Services | Subordinated Note (10% Cash, Due 08/19)(6) | 6,709,091 | 6,541,519 | 3,571,000 | |||||||||||
Membership Units (1,216,204 units) | 1,176,957 | — | ||||||||||||||
6,709,091 | 7,718,476 | 3,571,000 | ||||||||||||||
MIC Holding LLC (1%)* | Firearm Accessories Manufacturer and Distributor | Preferred Units (1,470 units) | 1,470,000 | 3,333,000 | ||||||||||||
Common Units (30,000 units) | 30,000 | 5,572,000 | ||||||||||||||
1,500,000 | 8,905,000 | |||||||||||||||
Micross Solutions LLC (3%)* | Provider of Semiconductor Products and Services | Senior Note (LIBOR + 5.50%, 6.8% Cash, Due 08/23)(8) | 15,000,000 | 14,820,000 | 14,820,000 | |||||||||||
Class A-2 Common Units (1,979,524 units) | 2,019,693 | 2,246,000 | ||||||||||||||
15,000,000 | 16,839,693 | 17,066,000 | ||||||||||||||
Motor Vehicle Software Corporation (3%)* | Provider of EVR Services | Subordinated Note (10% Cash, 0.5% PIK, Due 03/21) | 20,321,960 | 20,043,031 | 20,043,031 | |||||||||||
Class A Units (1,000,000 units) | 1,087,460 | 1,526,000 | ||||||||||||||
20,321,960 | 21,130,491 | 21,569,031 | ||||||||||||||
Nautic Partners VII, LP (0%)*(4) | Multi-Sector Holdings | 0.4% Limited Partnership Interest | 1,180,910 | 1,748,000 | ||||||||||||
1,180,910 | 1,748,000 | |||||||||||||||
Nomacorc, LLC (3%)* | Synthetic Wine Cork Producer | Subordinated Note (10% Cash, 2.3% PIK, Due 07/21) | 21,234,114 | 20,972,775 | 17,400,000 | |||||||||||
Limited Partnership Interest | 2,161,185 | — | ||||||||||||||
21,234,114 | 23,133,960 | 17,400,000 | ||||||||||||||
Orchid Underwriters Agency, LLC (1%)* | Insurance Underwriter | Subordinated Note (10% Cash, 1.5% PIK, Due 03/23) | 2,127,072 | 2,086,080 | 2,086,080 | |||||||||||
Subordinated Note (13.5% PIK, Due 03/24) | 785,362 | 770,531 | 770,531 | |||||||||||||
Class A Preferred Units (15,000 units) | 338,158 | 927,000 | ||||||||||||||
Class A Common Units (15,000 units) | — | 1,153,000 | ||||||||||||||
2,912,434 | 3,194,769 | 4,936,611 | ||||||||||||||
ProAmpac PG Borrower LLC (2%)* | Manufacturer of Flexible Packaging Products | Second Lien Term Note (LIBOR + 8.5%, 9.8% Cash, Due 11/24)(8) | 15,000,000 | 14,789,664 | 14,982,000 | |||||||||||
15,000,000 | 14,789,664 | 14,982,000 | ||||||||||||||
Q International Courier, LLC (2%)* | Third-Party Logistics Provider | Second Lien Term Note (LIBOR + 8.25%, 9.6% Cash, Due 09/25)(8) | 14,000,000 | 13,720,000 | 13,720,000 | |||||||||||
14,000,000 | 13,720,000 | 13,720,000 | ||||||||||||||
Portfolio Company(6) | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | ||||||||||||||||||||||||||||||
Discovery Education, Inc. (2.5%)*(7) (8) (11) | Publishing | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 10/20, Due 10/26) | $ | 18,892,531 | $ | 18,581,129 | $ | 18,892,531 | |||||||||||||||||||||||||||
18,892,531 | 18,581,129 | 18,892,531 | |||||||||||||||||||||||||||||||||
Distinct Holdings, Inc. (0.9%)*(7) (8) (9) | Systems Software | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 04/19, Due 12/23) | 6,880,088 | 6,831,263 | 6,856,833 | ||||||||||||||||||||||||||||||
6,880,088 | 6,831,263 | 6,856,833 | |||||||||||||||||||||||||||||||||
Dragon Bidco (0.9%)*(3) (7) (8) (17) | Technology | First Lien Senior Secured Term Loan (EURIBOR + 6.75%, 6.8% Cash, Acquired 04/21, Due 04/28) | 6,878,223 | 6,805,615 | 6,706,268 | ||||||||||||||||||||||||||||||
6,878,223 | 6,805,615 | 6,706,268 | |||||||||||||||||||||||||||||||||
DreamStart Bidco SAS (d/b/a SmartTrade) (0.3%)*(3) (7) (8) (17) | Diversified Financial Services | First Lien Senior Secured Term Loan (EURIBOR + 4.5%, 4.5% Cash, 1.0% PIK, Acquired 03/20, Due 03/27) | 2,200,328 | 1,981,308 | 2,151,243 | ||||||||||||||||||||||||||||||
2,200,328 | 1,981,308 | 2,151,243 | |||||||||||||||||||||||||||||||||
Dukane IAS, LLC (0.6%)*(7) (23) | Welding Equipment Manufacturer | Second Lien Note (10.5% Cash, 2.5% PIK, Acquired 12/20, Due 12/24) | 4,662,752 | 4,662,752 | 4,662,752 | ||||||||||||||||||||||||||||||
4,662,752 | 4,662,752 | 4,662,752 | |||||||||||||||||||||||||||||||||
Entact Environmental Services, Inc. (0.8%)*(7) (8) (11) | Environmental Industries | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 02/21, Due 12/25) | 5,733,602 | 5,680,230 | 5,686,644 | ||||||||||||||||||||||||||||||
5,733,602 | 5,680,230 | 5,686,644 | |||||||||||||||||||||||||||||||||
EPS NASS Parent, Inc. (1.7%)*(7) (8) (11) | Electrical Components & Equipment | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 04/21, Due 04/28) | 13,100,510 | 12,818,903 | 12,812,299 | ||||||||||||||||||||||||||||||
13,100,510 | 12,818,903 | 12,812,299 | |||||||||||||||||||||||||||||||||
F24 (Stairway BidCo Gmbh) (0.2%)*(3) (7) (8) (16) | Software Services | First Lien Senior Secured Term Loan (EURIBOR + 6.5%, 6.5% Cash, Acquired 08/20, Due 08/27) | 1,689,921 | 1,640,868 | 1,687,808 | ||||||||||||||||||||||||||||||
1,689,921 | 1,640,868 | 1,687,808 | |||||||||||||||||||||||||||||||||
Ferrellgas L.P. (0.4%)*(3) (7) | Oil & Gas Equipment & Services | OpCo Preferred Units (2,886 units, Acquired 03/21) | 2,799,420 | 2,943,720 | |||||||||||||||||||||||||||||||
2,799,420 | 2,943,720 | ||||||||||||||||||||||||||||||||||
Fineline Technologies, Inc. (0.2%)*(7) (8) (11) | Consumer Services | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 02/21, Due 02/28) | 1,316,700 | 1,283,170 | 1,298,740 | ||||||||||||||||||||||||||||||
1,316,700 | 1,283,170 | 1,298,740 | |||||||||||||||||||||||||||||||||
FitzMark Buyer, LLC (0.6%)*(7) (8) (11) | Cargo & Transportation | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 12/20, Due 12/26) | 4,280,000 | 4,201,056 | 4,254,320 | ||||||||||||||||||||||||||||||
4,280,000 | 4,201,056 | 4,254,320 | |||||||||||||||||||||||||||||||||
Foundation Risk Partners, Corp. (1.6%)*(7) (8) (11) | Financial Services | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 09/20, Due 11/23) | 10,281,618 | 10,103,469 | 10,117,112 | ||||||||||||||||||||||||||||||
Second Lien Senior Secured Term Loan (LIBOR + 8.50%, 9.5% Cash, Acquired 09/20, Due 11/24) | 1,722,222 | 1,604,612 | 1,722,222 | ||||||||||||||||||||||||||||||||
12,003,840 | 11,708,081 | 11,839,334 | |||||||||||||||||||||||||||||||||
FragilePak LLC (1.3%)*(7) (8) | Transportation Services | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 05/21, Due 05/27)(11) | 9,375,000 | 8,993,430 | 8,988,281 | ||||||||||||||||||||||||||||||
Partnership Units (937.5 units, Acquired 05/21) | 937,500 | 937,500 | |||||||||||||||||||||||||||||||||
9,375,000 | 9,930,930 | 9,925,781 | |||||||||||||||||||||||||||||||||
GoldenTree Loan Opportunities IX, Limited: Series 2014-9A (0.2%)*(3) (8) (11) | Structured Finance | Structured Secured Note - Class DR2 (LIBOR + 3.0%, 3.2% Cash, Acquired 03/20, Due 10/29) | 1,250,000 | 930,689 | 1,243,100 | ||||||||||||||||||||||||||||||
1,250,000 | 930,689 | 1,243,100 | |||||||||||||||||||||||||||||||||
GTM Intermediate Holdings, Inc. (2.1%)*(7) (23) | Medical Equipment Manufacturer | Second Lien Loan (11.0% Cash, 1.0% PIK, Acquired 12/20, Due 12/24) | 11,447,937 | 11,396,779 | 11,447,937 | ||||||||||||||||||||||||||||||
Series A Preferred Units (923,347.4 units) | 1,446,615 | 1,671,259 | |||||||||||||||||||||||||||||||||
Series C Preferred Units (460,652.6 units) | 721,708 | 833,781 | |||||||||||||||||||||||||||||||||
Common Stock (2 shares, Acquired 12/20) | 1,078,778 | 1,388,826 | |||||||||||||||||||||||||||||||||
11,447,937 | 14,643,880 | 15,341,803 | |||||||||||||||||||||||||||||||||
Gulf Finance, LLC (0.1%)*(8) (9) | Oil & Gas Exploration & Production | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 10/18, Due 08/23) | 1,042,968 | 956,712 | 883,175 | ||||||||||||||||||||||||||||||
1,042,968 | 956,712 | 883,175 | |||||||||||||||||||||||||||||||||
Halo Technology Bidco, Inc. (1.0%)*(7) (8) (11) | Technology | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 06/21, Due 06/27) | 7,500,000 | 7,387,542 | 7,387,500 | ||||||||||||||||||||||||||||||
7,500,000 | 7,387,542 | 7,387,500 | |||||||||||||||||||||||||||||||||
TRIANGLE CAPITAL CORPORATION Unaudited Consolidated Schedule of Investments — (Continued) September 30, 2017 | ||||||||||||||||
Portfolio Company | Industry | Type of Investment(1)(2)(7) | Principal Amount | Cost | Fair Value(3) | |||||||||||
REP WWEX Acquisition Parent, LLC (2%)* | Third-Party Logistics Provider | Second Lien Term Note (LIBOR + 8.75%, 10.2% Cash, Due 02/25)(8) | $ | 15,000,000 | $ | 14,789,517 | $ | 14,920,000 | ||||||||
15,000,000 | 14,789,517 | 14,920,000 | ||||||||||||||
RMP Group, Inc. (2%)* | Provider of RCM Services to Hospitals and Physician Groups | Subordinated Note (10.5% Cash, 1% PIK, Due 09/22) | 10,058,460 | 9,872,305 | 9,872,305 | |||||||||||
Units (1,000 units) | 1,000,000 | 706,000 | ||||||||||||||
10,058,460 | 10,872,305 | 10,578,305 | ||||||||||||||
RockYou, Inc. (0%)* | Mobile Game Advertising Network | Common Stock (67,585 shares) | 111,000 | 111,000 | ||||||||||||
111,000 | 111,000 | |||||||||||||||
Rotolo Consultants, Inc. (2%)* | Landscape Services | Subordinated Note (11% Cash, 3% PIK, Due 08/21) | 7,574,709 | 7,467,551 | 7,467,551 | |||||||||||
Series A Preferred Units (39 units) | 3,654,253 | 5,691,000 | ||||||||||||||
7,574,709 | 11,121,804 | 13,158,551 | ||||||||||||||
SCA Pharmaceuticals, LLC (2%)* | Provider of Pharmaceutical Products | Subordinated Note (LIBOR + 9.0%, 10.3% Cash, Due 12/20)(8) | 10,000,000 | 9,820,631 | 9,820,631 | |||||||||||
10,000,000 | 9,820,631 | 9,820,631 | ||||||||||||||
Schweiger Dermatology Group, LLC (3%)* | Provider of Dermatology Services | Senior Notes (LIBOR + 8.5%, 9.8% Cash, Due 06/22)(8) | 20,000,000 | 19,639,784 | 19,639,784 | |||||||||||
20,000,000 | 19,639,784 | 19,639,784 | ||||||||||||||
SCUF Gaming, Inc. (4%)* | Gaming Controller Manufacturer | Senior Notes (LIBOR + 8.5%, 9.7% Cash, Due 12/21)(8) | 25,008,000 | 24,568,745 | 24,568,745 | |||||||||||
Revolver Loan (LIBOR + 8.5%, 9.7% Cash, Due 06/18)(8) | 1,500,000 | 1,500,000 | 1,500,000 | |||||||||||||
Common Stock (27,112 shares) | 742,000 | 316,000 | ||||||||||||||
26,508,000 | 26,810,745 | 26,384,745 | ||||||||||||||
Smile Brands, Inc. (4%)* | Dental Service Organization | Subordinated Notes (10% Cash, 2% PIK, Due 02/23) | 22,681,843 | 22,289,511 | 22,289,511 | |||||||||||
Class A Units (3,000 units) | 3,000,000 | 2,876,000 | ||||||||||||||
22,681,843 | 25,289,511 | 25,165,511 | ||||||||||||||
SPC Partners V, LP (0%)*(4) | Multi-Sector Holdings | 0.7% Limited Partnership Interest | 2,247,369 | 2,321,000 | ||||||||||||
2,247,369 | 2,321,000 | |||||||||||||||
Specialized Desanders, Inc. (2%)*(4) | Sand and Particulate Removal Equipment Provider for Oil and Gas Companies | Subordinated Note (11% Cash, 2% PIK, Due 10/20) | 10,117,769 | 10,053,062 | 7,463,727 | |||||||||||
Class C Partnership Units (2,000,000 units) | 1,937,421 | 3,662,000 | ||||||||||||||
10,117,769 | 11,990,483 | 11,125,727 | ||||||||||||||
St. Croix Hospice Acquisition Corp. (1%)* | Hospice Services Provider | Second Lien Term Note (LIBOR + 8.75%, 10.0% Cash, Due 03/24)(8) | 9,200,000 | 9,062,000 | 9,062,000 | |||||||||||
Series A Preferred Units (500 units) | 500,000 | 500,000 | ||||||||||||||
Class B Common Units (500 units) | — | — | ||||||||||||||
9,200,000 | 9,562,000 | 9,562,000 | ||||||||||||||
Tate's Bake Shop (2%)* | Producer of Baked Goods | Subordinated Note (10% Cash, 3% PIK, Due 02/20) | 10,983,585 | 10,879,180 | 10,983,585 | |||||||||||
Limited Partnership Interest | 925,000 | 1,760,000 | ||||||||||||||
10,983,585 | 11,804,180 | 12,743,585 | ||||||||||||||
Tax Advisors Group, LLC (2%)* | Tax Advisory Services | Subordinated Note (10% Cash, 2% PIK, Due 12/22) | 12,400,000 | 12,160,592 | 12,160,592 | |||||||||||
Class A Units (386 units) | 1,458,824 | 1,458,824 | ||||||||||||||
12,400,000 | 13,619,416 | 13,619,416 | ||||||||||||||
TCFI Merlin LLC ("Merlin") and TCFI CSG LLC ("CSG") (3%)* | Specialty Staffing Service Provider | Senior Notes (LIBOR + 8.5%, 9.7% Cash, Due 09/19)(8) | 20,184,192 | 19,918,528 | 19,918,528 | |||||||||||
Limited Partnership Units - Merlin (500,500 units) | 285,485 | 645,000 | ||||||||||||||
Class A Units - CSG (100,000 units) | 100,000 | 158,000 | ||||||||||||||
20,184,192 | 20,304,013 | 20,721,528 | ||||||||||||||
The Cook & Boardman Group, LLC (3%)* | Distributor of Doors and Related Products | Subordinated Note (10% Cash, 2.5% PIK, Due 03/20) | 15,123,450 | 14,977,282 | 14,977,282 | |||||||||||
Class A Units (1,400,000 units) | 1,400,000 | 2,773,000 | ||||||||||||||
15,123,450 | 16,377,282 | 17,750,282 | ||||||||||||||
Portfolio Company(6) | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | ||||||||||||||||||||||||||||||
Hawaiian Airlines 2020-1 Class B Pass Through Certificates (1.0%)* | Airlines | Structured Secured Note - Class B (11.3% Cash, Acquired 08/20, Due 09/25) | $ | 6,796,296 | $ | 6,796,296 | $ | 7,781,759 | |||||||||||||||||||||||||||
6,796,296 | 6,796,296 | 7,781,759 | |||||||||||||||||||||||||||||||||
Heartland, LLC (1.2%)*(7) (8) (11) | Commercial Services & Supplies | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 08/19, Due 08/25) | 9,283,341 | 9,137,266 | 9,283,342 | ||||||||||||||||||||||||||||||
9,283,341 | 9,137,266 | 9,283,342 | |||||||||||||||||||||||||||||||||
Heilbron (f/k/a Sucsez (Bolt Bidco B.V.)) (2.6%)*(3) (7) (8) (17) | Insurance | First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 09/19, Due 09/26) | 19,660,625 | 18,803,899 | 19,169,109 | ||||||||||||||||||||||||||||||
19,660,625 | 18,803,899 | 19,169,109 | |||||||||||||||||||||||||||||||||
Highpoint Global LLC (0.7%)*(7) (23) | Government Services | Second Lien Note (12.0% Cash, 2.0% PIK, Acquired 12/20, Due 09/22) | 5,361,602 | 5,340,371 | 5,361,602 | ||||||||||||||||||||||||||||||
5,361,602 | 5,340,371 | 5,361,602 | |||||||||||||||||||||||||||||||||
Holley Performance Products (Holley Purchaser, Inc.) (2.3%)*(7) (8) (11) | Automotive Parts & Equipment | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 5.2% Cash, Acquired 10/18, Due 10/25) | 16,870,229 | 16,705,521 | 16,870,229 | ||||||||||||||||||||||||||||||
16,870,229 | 16,705,521 | 16,870,229 | |||||||||||||||||||||||||||||||||
Home Care Assistance, LLC (0.4%)*(7) (8) (11) | Healthcare & Pharmaceuticals | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 03/21, Due 03/27) | 3,096,181 | 3,022,278 | 3,025,840 | ||||||||||||||||||||||||||||||
3,096,181 | 3,022,278 | 3,025,840 | |||||||||||||||||||||||||||||||||
HTI Technology & Industries (1.7%)* (7) (23) | Electronic Component Manufacturing | Second Lien Note (12.0% Cash, 4.8% PIK, Acquired 12/20, Due 09/24) | 12,924,838 | 12,420,038 | 12,498,318 | ||||||||||||||||||||||||||||||
12,924,838 | 12,420,038 | 12,498,318 | |||||||||||||||||||||||||||||||||
HW Holdco, LLC (Hanley Wood LLC) (1.0%)*(7) (8) (11) | Advertising | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 12/18, Due 12/24) | 7,469,758 | 7,354,938 | 7,469,758 | ||||||||||||||||||||||||||||||
7,469,758 | 7,354,938 | 7,469,758 | |||||||||||||||||||||||||||||||||
Hyperion Materials & Technologies, Inc. (1.8%)*(7) (8) (11) | Industrial Machinery | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 08/19, Due 08/26) | 13,785,817 | 13,590,466 | 13,732,466 | ||||||||||||||||||||||||||||||
13,785,817 | 13,590,466 | 13,732,466 | |||||||||||||||||||||||||||||||||
IGL Holdings III Corp. (1.7%)*(7) (8) (11) | Commercial Printing | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 11/20, Due 11/26) | 12,555,275 | 12,221,551 | 12,555,275 | ||||||||||||||||||||||||||||||
12,555,275 | 12,221,551 | 12,555,275 | |||||||||||||||||||||||||||||||||
IM Analytics Holding, LLC (d/b/a NVT) (0.9%)*(7) (8) | Electronic Instruments & Components | First Lien Senior Secured Term Loan (LIBOR + 7.0%, 8.0% Cash, Acquired 11/19, Due 11/23)(11) | 8,167,730 | 8,116,223 | 6,779,216 | ||||||||||||||||||||||||||||||
Warrant (68,950 units, Acquired 11/19) | — | — | |||||||||||||||||||||||||||||||||
8,167,730 | 8,116,223 | 6,779,216 | |||||||||||||||||||||||||||||||||
IM Square (1.7%)*(3) (7) (8) (16) | Banking, Finance, Insurance & Real Estate | First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 05/21, Due 05/28) | 13,282,087 | 12,999,053 | 12,695,066 | ||||||||||||||||||||||||||||||
13,282,087 | 12,999,053 | 12,695,066 | |||||||||||||||||||||||||||||||||
IMIA Holdings, Inc. (2.0%)*(7) (8) (11) | Aerospace & Defense | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 04/21, Due 04/27) | 15,000,000 | 14,682,265 | 14,700,000 | ||||||||||||||||||||||||||||||
15,000,000 | 14,682,265 | 14,700,000 | |||||||||||||||||||||||||||||||||
Innovad Group II BV (0.8%)*(3) (7) (8) (16) | Beverage, Food & Tobacco | First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 04/21, Due 04/28) | 6,523,509 | 6,258,149 | 6,312,854 | ||||||||||||||||||||||||||||||
6,523,509 | 6,258,149 | 6,312,854 | |||||||||||||||||||||||||||||||||
INOS 19-090 GmbH (0.7%)*(3) (7) (8) (16) | Aerospace & Defense | First Lien Senior Secured Term Loan (EURIBOR + 6.1%, 6.1% Cash, Acquired 12/20, Due 12/27) | 5,496,840 | 5,484,942 | 5,358,920 | ||||||||||||||||||||||||||||||
5,496,840 | 5,484,942 | 5,358,920 | |||||||||||||||||||||||||||||||||
International Precision Components (0.5%)*(7) (23) | Plastic Injection Molding | Second Lien Loan (12.0% Cash, 2.0% PIK, Acquired 12/20, Due 10/24) | 3,909,761 | 3,852,090 | 3,909,761 | ||||||||||||||||||||||||||||||
3,909,761 | 3,852,090 | 3,909,761 | |||||||||||||||||||||||||||||||||
ISS#2, LLC (d/b/a Industrial Services Solutions) (0.8%)*(7) (8) (11) | Commercial Services & Supplies | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 02/20, Due 02/26) | 6,753,963 | 6,646,027 | 6,166,368 | ||||||||||||||||||||||||||||||
6,753,963 | 6,646,027 | 6,166,368 | |||||||||||||||||||||||||||||||||
Jade Bidco Limited (Jane's) (1.1%)*(3) (7) (8) | Aerospace & Defense | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 4.8% Cash, 2.0% PIK, Acquired 11/19, Due 12/26)(12) | 7,241,738 | 7,086,980 | 7,151,014 | ||||||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (EURIBOR + 4.5%, 4.5% Cash, 2.0% PIK, Acquired 11/19, Due 12/26)(17) | 1,370,029 | 1,250,985 | 1,352,866 | ||||||||||||||||||||||||||||||||
8,611,767 | 8,337,965 | 8,503,880 | |||||||||||||||||||||||||||||||||
TRIANGLE CAPITAL CORPORATION Unaudited Consolidated Schedule of Investments — (Continued) September 30, 2017 | ||||||||||||||||
Portfolio Company | Industry | Type of Investment(1)(2)(7) | Principal Amount | Cost | Fair Value(3) | |||||||||||
Tosca Services, LLC (4%)* | Perishable Food Supply Chain Management | Senior Note (LIBOR + 9.5%, 10.7% Cash, Due 12/20)(8) | $ | 28,258,474 | $ | 27,997,197 | $ | 27,997,197 | ||||||||
28,258,474 | 27,997,197 | 27,997,197 | ||||||||||||||
Trademark Global LLC (3%)* | Supplier to Mass Market Internet Retail | Subordinated Note (10% Cash, 1.3% PIK, Due 04/23) | 14,800,000 | 14,603,600 | 14,603,600 | |||||||||||
Class A Units (1,500,000 units) | 1,500,000 | 1,500,000 | ||||||||||||||
Class B Units (1,500,000 units) | — | 363,000 | ||||||||||||||
14,800,000 | 16,103,600 | 16,466,600 | ||||||||||||||
Travelpro Products, Inc. ("Travelpro") and TP - Holiday Group Limited ("TP") (3%)* | Luggage and Travel Bag Supplier | Second Lien Term Note - Travelpro (11% Cash, 2% PIK, Due 11/22) | 10,280,411 | 10,094,230 | 10,094,230 | |||||||||||
Second Lien Term Note - TP (11% Cash, 2% PIK, Due 11/22)(4) | 9,105,711 | 8,938,148 | 9,376,544 | |||||||||||||
Common Units - Travelpro (2,000,000 units) | 2,000,000 | 2,266,000 | ||||||||||||||
19,386,122 | 21,032,378 | 21,736,774 | ||||||||||||||
United Biologics, LLC (2%)* | Allergy Immunotherapy | Senior Note (12% Cash, 2% PIK, Due 04/18) | 12,955,563 | 12,955,562 | 11,605,000 | |||||||||||
Class A-1 Common Units (18,818 units) | 137,324 | — | ||||||||||||||
Class A Common Units (177,935 units) | 1,999,989 | — | ||||||||||||||
Class A-2 Common Kicker Units (444,003 units) | — | — | ||||||||||||||
Class A-1 Common Kicker Units (14,114 units) | — | — | ||||||||||||||
Class A, Class A-1, Class A-1 Kicker & Class B Unit Purchase Warrants | 838,117 | — | ||||||||||||||
12,955,563 | 15,930,992 | 11,605,000 | ||||||||||||||
Vantage Mobility International, LLC (5%)* | Wheelchair Accessible Vehicle Manufacturer | Subordinated Notes (10.5% Cash, Due 09/21) | 30,708,796 | 30,189,737 | 30,189,737 | |||||||||||
Class A Units (1,750,000 units) | 1,750,000 | 995,000 | ||||||||||||||
30,708,796 | 31,939,737 | 31,184,737 | ||||||||||||||
Wheel Pros Holdings, Inc. (3%)* | Wheel/Rim and Performance Tire Distributor | Subordinated Note (LIBOR + 7.0%, 11% Cash, Due 06/20)(8) | 16,435,000 | 16,198,669 | 16,198,669 | |||||||||||
Class A Units (2,000 units) | 1,954,144 | 2,087,000 | ||||||||||||||
16,435,000 | 18,152,813 | 18,285,669 | ||||||||||||||
Women's Marketing, Inc. (0%)* | Full-Service Media Organization | Subordinated Note (11% Cash, 1.5% PIK, Due 06/21)(6) | 18,537,823 | 16,141,439 | — | |||||||||||
Class A Common Units (16,300 units) | 1,630,000 | — | ||||||||||||||
18,537,823 | 17,771,439 | — | ||||||||||||||
WSO Holdings, LP (0%)* | Organic/Fair Trade Sugar, Syrup, Nectar and Honey Producer | Common Points (3,121 points) | 3,089,581 | 2,396,000 | ||||||||||||
3,089,581 | 2,396,000 | |||||||||||||||
YummyEarth Inc. (4%)* | Organic Candy Manufacturer | Senior Notes (LIBOR + 8.5%, 9.8% Cash, Due 08/20)(8) | 30,250,000 | 29,943,370 | 24,657,000 | |||||||||||
Limited Partnership Interest | 3,496,500 | — | ||||||||||||||
30,250,000 | 33,439,870 | 24,657,000 | ||||||||||||||
Subtotal Non–Control / Non–Affiliate Investments | 942,022,874 | 998,836,068 | 908,181,226 | |||||||||||||
Affiliate Investments: | ||||||||||||||||
All Metals Holding, LLC (1%)* | Steel Processor and Distributor | Subordinated Note (12% Cash, 1% PIK, Due 12/21) | 6,482,284 | 6,319,348 | 6,319,348 | |||||||||||
Units (318,977 units) | 793,331 | 790,000 | ||||||||||||||
6,482,284 | 7,112,679 | 7,109,348 | ||||||||||||||
Consolidated Lumber Holdings, LLC (0%)* | Lumber Yard Operator | Class A Units (15,000 units) | 1,500,000 | 2,972,000 | ||||||||||||
1,500,000 | 2,972,000 | |||||||||||||||
DPII Holdings, LLC (0%)* | Satellite Communication Business | Tranche III Subordinated Note (19% PIK, Due 01/18)(6) | 2,778,885 | 2,148,462 | 2,148,000 | |||||||||||
Tranche I & II Subordinated Notes (12% Cash, 4% PIK, Due 01/18)(6) | 3,859,842 | 2,881,603 | 502,000 | |||||||||||||
Class A Membership Interest (17,308 units) | 1,107,692 | — | ||||||||||||||
6,638,727 | 6,137,757 | 2,650,000 | ||||||||||||||
Portfolio Company(6) | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | ||||||||||||||||||||||||||||||
Jedson Engineering, Inc. (0.4%)*(7) (23) | Engineering & Construction Management | First Lien Loan (12.0% Cash, Acquired 12/20, Due 06/22) | $ | 2,900,000 | $ | 2,900,000 | $ | 2,900,000 | |||||||||||||||||||||||||||
2,900,000 | 2,900,000 | 2,900,000 | |||||||||||||||||||||||||||||||||
JetBlue 2019-1 Class B Pass Through Trust (0.7%)* | Airlines | Structured Secured Note - Class B (8.0% Cash, Acquired 08/20, Due 11/27) | 4,443,386 | 4,443,386 | 5,220,979 | ||||||||||||||||||||||||||||||
4,443,386 | 4,443,386 | 5,220,979 | |||||||||||||||||||||||||||||||||
JF Acquisition, LLC (1.0%)*(7) (8) (11) | Automotive | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 05/21, Due 07/24) | 7,875,565 | 7,645,829 | 7,726,244 | ||||||||||||||||||||||||||||||
7,875,565 | 7,645,829 | 7,726,244 | |||||||||||||||||||||||||||||||||
Kano Laboratories LLC (1.2%)*(7) (8) (11) | Chemicals, Plastics & Rubber | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 11/20, Due 09/26) | 8,801,635 | 8,559,529 | 8,801,635 | ||||||||||||||||||||||||||||||
Partnership Equity (203.2 units, Acquired 11/20) | 203,198 | 220,155 | |||||||||||||||||||||||||||||||||
8,801,635 | 8,762,727 | 9,021,790 | |||||||||||||||||||||||||||||||||
Kene Acquisition, Inc. (En Engineering) (1.0%)*(7) (8) (9) | Oil & Gas Equipment & Services | First Lien Senior Secured Term Loan (LIBOR + 4.25%, 5.3% Cash, Acquired 08/19, Due 08/26) | 7,261,685 | 7,151,807 | 7,208,167 | ||||||||||||||||||||||||||||||
7,261,685 | 7,151,807 | 7,208,167 | |||||||||||||||||||||||||||||||||
Kona Buyer, LLC (3.2%)*(7) (8) (11) | High Tech Industries | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 12/20, Due 12/27) | 24,647,727 | 24,080,173 | 24,145,062 | ||||||||||||||||||||||||||||||
24,647,727 | 24,080,173 | 24,145,062 | |||||||||||||||||||||||||||||||||
LAC Intermediate, LLC (f/k/a Lighthouse Autism Center) (4.7%)*(7) (8) | Healthcare & Pharmaceuticals | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 10/18, Due 10/24)(11) | 34,296,589 | 33,670,721 | 34,296,589 | ||||||||||||||||||||||||||||||
Class A LLC Units (154,320 units, Acquired 10/18) | 154,320 | 379,627 | |||||||||||||||||||||||||||||||||
34,296,589 | 33,825,041 | 34,676,216 | |||||||||||||||||||||||||||||||||
LAF International (0.2%)*(3) (7) (8) (16) | Healthcare & Pharmaceuticals | First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 03/21, Due 03/28) | 1,541,671 | 1,528,912 | 1,514,451 | ||||||||||||||||||||||||||||||
1,541,671 | 1,528,912 | 1,514,451 | |||||||||||||||||||||||||||||||||
Learfield Communications, LLC (1.0%)* | Broadcasting | First Lien Senior Secured Term Loan (LIBOR + 3.25%, 4.3% Cash, Acquired 08/20, Due 12/23)(8) (9) | 136,090 | 95,943 | 131,327 | ||||||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (LIBOR + 3.0%, 3.0% Cash, 10.2% PIK, Acquired 08/20, Due 12/23)(11) | 7,557,013 | 7,502,126 | 7,585,352 | ||||||||||||||||||||||||||||||||
7,693,103 | 7,598,069 | 7,716,679 | |||||||||||||||||||||||||||||||||
Legal Solutions Holdings (1.4%)*(7) (23) | Business Services | Senior Subordinated Loan (6.0% Cash, 10.0% PIK, Acquired 12/20, Due 03/22) | 10,930,158 | 10,129,503 | 10,252,488 | ||||||||||||||||||||||||||||||
10,930,158 | 10,129,503 | 10,252,488 | |||||||||||||||||||||||||||||||||
LivTech Purchaser, Inc. (0.1%)*(7) (8) (11) | Business Services | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 01/21, Due 12/25) | 918,023 | 906,589 | 907,623 | ||||||||||||||||||||||||||||||
918,023 | 906,589 | 907,623 | |||||||||||||||||||||||||||||||||
MC Group Ventures Corporation (0.1%)*(7) | Business Services | Partnership Units (746.66 Units, Acquired 06/21) | — | 746,662 | 746,660 | ||||||||||||||||||||||||||||||
— | 746,662 | 746,660 | |||||||||||||||||||||||||||||||||
Media Recovery, Inc. (SpotSee) (1.0%)*(7) (8) | Containers, Packaging & Glass | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 11/19, Due 11/25) (11) | 2,947,860 | 2,902,613 | 2,923,747 | ||||||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (GBP LIBOR + 6.0%, 7.0% Cash, Acquired 12/20, Due 12/26) (14) | 4,575,457 | 4,339,461 | 4,538,030 | ||||||||||||||||||||||||||||||||
7,523,317 | 7,242,074 | 7,461,777 | |||||||||||||||||||||||||||||||||
Modern Star Holdings Bidco Pty Limited. (0.6%)*(3) (7) (8) (19) | Non-durable Consumer Goods | First Lien Senior Secured Term Loan (BBSY + 6.25%, 6.8% Cash, Acquired 12/20, Due 12/26) | 4,605,966 | 4,454,223 | 4,530,514 | ||||||||||||||||||||||||||||||
4,605,966 | 4,454,223 | 4,530,514 | |||||||||||||||||||||||||||||||||
MSG National Properties (0.3%)*(3) (7) (8) (11) | Hotel, Gaming, & Leisure | First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.0% Cash, Acquired 11/20, Due 11/25) | 2,455,605 | 2,389,676 | 2,529,273 | ||||||||||||||||||||||||||||||
2,455,605 | 2,389,676 | 2,529,273 | |||||||||||||||||||||||||||||||||
Murphy Midco Limited (0.6%)*(3) (7) (8) (14) | Media, Diversified & Production | First Lien Senior Secured Term Loan (GBP LIBOR + 5.5%, 5.6% Cash, Acquired 11/20, Due 11/27) | 4,689,588 | 4,288,723 | 4,513,014 | ||||||||||||||||||||||||||||||
4,689,588 | 4,288,723 | 4,513,014 | |||||||||||||||||||||||||||||||||
Music Reports, Inc. (0.7%)*(7) (8) (9) | Media & Entertainment | First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 08/20, Due 08/26) | 5,551,025 | 5,428,493 | 5,551,025 | ||||||||||||||||||||||||||||||
5,551,025 | 5,428,493 | 5,551,025 | |||||||||||||||||||||||||||||||||
Navia Benefit Solutions, Inc. (0.3%)* (7) (8) (11) | Healthcare & Pharmaceuticals | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 02/21, Due 02/27) | 2,385,000 | 2,302,319 | 2,324,229 | ||||||||||||||||||||||||||||||
2,385,000 | 2,302,319 | 2,324,229 | |||||||||||||||||||||||||||||||||
TRIANGLE CAPITAL CORPORATION Unaudited Consolidated Schedule of Investments — (Continued) September 30, 2017 | ||||||||||||||||
Portfolio Company | Industry | Type of Investment(1)(2)(7) | Principal Amount | Cost | Fair Value(3) | |||||||||||
FCL Holding SPV, LLC (0%)* | Commercial Printing Services | Class A Interest (24,873 units) | $ | 292,000 | $ | 602,000 | ||||||||||
Class B Interest (48,427 units) | — | — | ||||||||||||||
Class C Interest (3,746 units) | — | — | ||||||||||||||
292,000 | 602,000 | |||||||||||||||
Mac Land Holdings, Inc. (0%)* | Environmental and Facilities Services | Common Stock (139 shares) | 369,000 | 369,000 | ||||||||||||
369,000 | 369,000 | |||||||||||||||
NB Products, Inc. (8%)* | Distributor of Work Apparel and Accessories | Subordinated Note (12% Cash, 2% PIK, Due 02/20) | $ | 23,453,631 | 23,166,924 | 23,166,924 | ||||||||||
Jr. Subordinated Note (10% PIK, Due 02/20) | 5,067,665 | 4,980,083 | 4,980,083 | |||||||||||||
Jr. Subordinated Bridge Note (20% PIK, Due 05/21) | 2,318,244 | 2,294,294 | 2,294,294 | |||||||||||||
Series A Redeemable Senior Preferred Stock (7,839 shares) | 7,621,648 | 10,134,000 | ||||||||||||||
Common Stock (1,668,691 shares) | 333,738 | 11,133,000 | ||||||||||||||
30,839,540 | 38,396,687 | 51,708,301 | ||||||||||||||
Passport Food Group, LLC (3%)* | Manufacturer of Ethnic Food Products | Senior Notes (LIBOR + 9.0%, 10.3% Cash, Due 03/22)(8) | 20,000,000 | 19,631,708 | 17,684,000 | |||||||||||
Common Stock (20,000 shares) | 2,000,000 | 783,000 | ||||||||||||||
20,000,000 | 21,631,708 | 18,467,000 | ||||||||||||||
PCX Aerostructures, LLC (4%)* | Aerospace Components Manufacturer | Subordinated Note (10.5% Cash, Due 10/19) | 31,647,359 | 31,219,054 | 24,799,000 | |||||||||||
Series A Preferred Stock (6,066 shares) | 6,065,621 | — | ||||||||||||||
Series B Preferred Stock (411 shares) | 410,514 | — | ||||||||||||||
Class A Common Stock (121,922 shares) | 30,480 | — | ||||||||||||||
31,647,359 | 37,725,669 | 24,799,000 | ||||||||||||||
Team Waste, LLC (2%)* | Environmental and Facilities Services | Subordinated Note (10% Cash, 2% PIK, Due 8/23) | 4,006,667 | 3,916,667 | 3,916,667 | |||||||||||
Preferred Units (500,000 units) | 10,000,000 | 10,000,000 | ||||||||||||||
4,006,667 | 13,916,667 | 13,916,667 | ||||||||||||||
Technology Crops, LLC (1%)* | Supply Chain Management Services | Subordinated Notes (12% Cash, 5% PIK, Due 11/17) | 12,294,102 | 12,294,102 | 9,451,000 | |||||||||||
Common Units (50 units) | 500,000 | — | ||||||||||||||
12,294,102 | 12,794,102 | 9,451,000 | ||||||||||||||
TGaS Advisors, LLC (2%)* | Advisory Solutions to Pharmaceutical Companies | Senior Note (10% Cash, 1% PIK, Due 11/19) | 9,560,682 | 9,453,137 | 9,453,137 | |||||||||||
Preferred Units (1,685,357 units) | 1,556,069 | 1,336,000 | ||||||||||||||
9,560,682 | 11,009,206 | 10,789,137 | ||||||||||||||
Tulcan Fund IV, L.P. (0%)* | Custom Forging and Fastener Supplies | Common Units (1,000,000 units) | 1,000,000 | — | ||||||||||||
1,000,000 | — | |||||||||||||||
United Retirement Plan Consultants, Inc. (0%)* | Retirement Plan Administrator | Series A Preferred Shares (9,400 shares) | 205,748 | 286,000 | ||||||||||||
Common Shares (100,000 shares) | 1,000,000 | 348,000 | ||||||||||||||
1,205,748 | 634,000 | |||||||||||||||
Wythe Will Tzetzo, LLC (0%)* | �� | Confectionery Goods Distributor | Series A Preferred Units (99,829 units) | — | 3,140,000 | |||||||||||
— | 3,140,000 | |||||||||||||||
Subtotal Affiliate Investments | 121,469,361 | 153,091,223 | 146,607,453 | |||||||||||||
Control Investments: | ||||||||||||||||
CRS Reprocessing, LLC (1%)* | Fluid Reprocessing Services | Debtor in Possession Loan (8% PIK, Due (11/17)(6) | 700,000 | 700,000 | 700,000 | |||||||||||
Senior Notes (LIBOR + 3.5%, Due 06/17)(6)(8) | 2,942,769 | 2,942,769 | 502,000 | |||||||||||||
Split Collateral Term Loans (8% Cash, Due 06/17)(6) | 31,243,725 | 17,542,464 | 6,557,000 | |||||||||||||
Subordinated Note (5% Cash, Due 09/17)(6) | 7,136,824 | 125,000 | — | |||||||||||||
Series F Preferred Units (705,321 units) | 9,134,807 | — | ||||||||||||||
Common Units (15,174 units) | — | — | ||||||||||||||
42,023,318 | 30,445,040 | 7,759,000 | ||||||||||||||
DialogDirect, Inc. (2%)* | Business Process Outsourcing Provider | Subordinated Notes (8% PIK, Due 10/19)(6) | 21,005,082 | 20,020,226 | 10,197,000 | |||||||||||
Class A Common Units (1,176,500 units) | — | — | ||||||||||||||
21,005,082 | 20,020,226 | 10,197,000 |
Portfolio Company(6) | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | ||||||||||||||||||||||||||||||
NGS US Finco, LLC (f/k/a Dresser Natural Gas Solutions) (1.6%)*(7) (8) (9) | Energy Equipment & Services | First Lien Senior Secured Term Loan (LIBOR + 4.25%, 5.3% Cash, Acquired 10/18, Due 10/25) | $ | 11,795,227 | $ | 11,756,894 | $ | 11,771,637 | |||||||||||||||||||||||||||
11,795,227 | 11,756,894 | 11,771,637 | |||||||||||||||||||||||||||||||||
Odeon Cinemas Group Limited (0.5%)*(3) (7) | Hotel, Gaming, & Leisure | First Lien Senior Secured Term Loan (10.75% PIK, Acquired 02/21, Due 08/23) | 1,414,117 | 1,373,555 | 1,442,399 | ||||||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (10.75% PIK, Acquired 02/21, Due 08/23) | 2,567,534 | 2,548,970 | 2,618,884 | ||||||||||||||||||||||||||||||||
3,981,651 | 3,922,525 | 4,061,283 | |||||||||||||||||||||||||||||||||
OG III B.V. (1.6%)*(3) (7) (8) (16) | Containers & Glass Products | First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 06/21, Due 06/28) | 12,327,172 | 12,227,940 | 11,956,524 | ||||||||||||||||||||||||||||||
12,327,172 | 12,227,940 | 11,956,524 | |||||||||||||||||||||||||||||||||
Omni Intermediate Holdings, LLC (1.8%)*(7) (8) (9) | Transportation | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 12/20, Due 12/26) | 13,994,706 | 13,644,202 | 13,644,838 | ||||||||||||||||||||||||||||||
13,994,706 | 13,644,202 | 13,644,838 | |||||||||||||||||||||||||||||||||
Options Technology Ltd. (1.6%)*(3) (7) (8) (11) | Computer Services | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 12/19, Due 12/25) | 12,375,894 | 12,183,457 | 12,276,887 | ||||||||||||||||||||||||||||||
12,375,894 | 12,183,457 | 12,276,887 | |||||||||||||||||||||||||||||||||
Oracle Vision Bidco Limited (0.4%)*(3) (7) (8) (22) | Healthcare | First Lien Senior Secured Term Loan (SONIA + 5.25%, 5.3% Cash, Acquired 06/21, Due 05/28) | 3,161,862 | 3,135,186 | 3,067,006 | ||||||||||||||||||||||||||||||
3,161,862 | 3,135,186 | 3,067,006 | |||||||||||||||||||||||||||||||||
Origin Bidco Limited (0.1%)*(3) (7) (8) | Technology | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 06/21, Due 06/28)(11) | 597,094 | 580,783 | 580,674 | ||||||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 06/21, Due 06/28)(16) | 393,386 | 393,173 | 382,568 | ||||||||||||||||||||||||||||||||
990,480 | 973,956 | 963,242 | |||||||||||||||||||||||||||||||||
Pacific Health Supplies Bidco Pty Limited (1.2%)*(3) (7) (8) (20) | Healthcare & Pharmaceuticals | First Lien Senior Secured Term Loan (BBSY + 6.0%, 6.5% Cash, Acquired 12/20, Due 12/25) | 9,065,142 | 8,668,003 | 8,812,614 | ||||||||||||||||||||||||||||||
9,065,142 | 8,668,003 | 8,812,614 | |||||||||||||||||||||||||||||||||
Pare SAS (SAS Maurice MARLE) (0.6%)*(3) (7) (8) (17) | Health Care Equipment | First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, 1.0% PIK, Acquired 12/19, Due 12/26) | 4,836,103 | 4,471,745 | 4,739,381 | ||||||||||||||||||||||||||||||
4,836,103 | 4,471,745 | 4,739,381 | |||||||||||||||||||||||||||||||||
Patriot New Midco 1 Limited (Forensic Risk Alliance) (1.0%)*(3) (7) (8) | Diversified Financial Services | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 02/20, Due 02/27)(11) | 4,006,241 | 3,910,841 | 3,958,166 | ||||||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 02/20, Due 02/27) (16) | 3,569,411 | 3,202,598 | 3,526,578 | ||||||||||||||||||||||||||||||||
7,575,652 | 7,113,439 | 7,484,744 | |||||||||||||||||||||||||||||||||
PerTronix, LLC (1.0%)*(7) (8) (10) | Automotive | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 10/20, Due 10/26) | 7,287,692 | 7,188,611 | 7,287,692 | ||||||||||||||||||||||||||||||
7,287,692 | 7,188,611 | 7,287,692 | |||||||||||||||||||||||||||||||||
Premier Technical Services Group (Project Graphite) (0.5%)*(3) (7) (8) (14) | Construction & Engineering | First Lien Senior Secured Term Loan (GBP LIBOR + 6.75%, 7.3% Cash, Acquired 08/19, Due 06/26) | 3,415,902 | 2,969,477 | 3,415,902 | ||||||||||||||||||||||||||||||
3,415,902 | 2,969,477 | 3,415,902 | |||||||||||||||||||||||||||||||||
Premium Franchise Brands, LLC (2.9%)*(7) (8) (11) | Research & Consulting Services | First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 12/20, Due 12/26) | 21,945,000 | 21,537,034 | 21,769,440 | ||||||||||||||||||||||||||||||
21,945,000 | 21,537,034 | 21,769,440 | |||||||||||||||||||||||||||||||||
Premium Invest (2.5%)*(3) (7) (8) (16) | Brokerage, Asset Managers & Exchanges | First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 06/21, Due 06/28) | 19,211,590 | 19,023,975 | 18,543,038 | ||||||||||||||||||||||||||||||
19,211,590 | 19,023,975 | 18,543,038 | |||||||||||||||||||||||||||||||||
Process Equipment, Inc. (ProcessBarron) (0.7%)*(7) (8) (11) | Industrial Air & Material Handling Equipment | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 03/19, Due 03/25) | 6,173,594 | 6,102,813 | 5,568,582 | ||||||||||||||||||||||||||||||
6,173,594 | 6,102,813 | 5,568,582 | |||||||||||||||||||||||||||||||||
Professional Datasolutions, Inc. (PDI) (1.4%)*(7) (8) (11) | Application Software | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 03/19, Due 10/24) | 10,869,004 | 10,856,368 | 10,733,142 | ||||||||||||||||||||||||||||||
10,869,004 | 10,856,368 | 10,733,142 | |||||||||||||||||||||||||||||||||
Protego Bidco B.V. (0.3%)*(3) (7) (8) (17) | Aerospace & Defense | First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 03/21, Due 03/27) | 774,296 | 755,137 | 774,296 | ||||||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 03/21, Due 03/28) | 1,614,106 | 1,519,724 | 1,569,204 | ||||||||||||||||||||||||||||||||
2,388,402 | 2,274,861 | 2,343,500 | |||||||||||||||||||||||||||||||||
TRIANGLE CAPITAL CORPORATION Unaudited Consolidated Schedule of Investments — (Continued) September 30, 2017 | ||||||||||||||||
Portfolio Company | Industry | Type of Investment(1)(2)(7) | Principal Amount | Cost | Fair Value(3) | |||||||||||
Frank Entertainment Group, LLC (1%)* | Movie Theatre and Family Entertainment Operator | Senior Note (6% Cash, Due 06/19)(6) | $ | 10,939,428 | $ | 10,526,358 | $ | 6,169,000 | ||||||||
Second Lien Term Note (2.5% Cash, Due 09/19)(6) | 2,078,396 | 2,050,693 | — | |||||||||||||
Redeemable Preferred Units (2,800,000 units) | 2,800,000 | — | ||||||||||||||
Class B Redeemable Preferred Units (2,800,000 units) | 2,800,000 | — | ||||||||||||||
Class A Common Units (606,552 units) | 1,000,000 | — | ||||||||||||||
13,017,824 | 19,177,051 | 6,169,000 | ||||||||||||||
Frontstreet Facility Solutions, Inc. (1%)* | Retail, Restaurant and Commercial Facilities Maintenance | Subordinated Note (13% Cash, Due 03/21) | 8,462,629 | 8,439,709 | 4,250,000 | |||||||||||
Series A Convertible Preferred Stock (60,000 shares) | 250,575 | — | ||||||||||||||
Series B Convertible Preferred Stock (20,000 shares) | 500,144 | — | ||||||||||||||
Common Stock (27,890 shares) | 279 | |||||||||||||||
8,462,629 | 9,190,707 | 4,250,000 | ||||||||||||||
SRC Worldwide, Inc. (1%)* | Specialty Chemical Manufacturer | Common Stock (5,000 shares) | 8,028,000 | 8,028,000 | ||||||||||||
8,028,000 | 8,028,000 | |||||||||||||||
Subtotal Control Investments | 84,508,853 | 86,861,024 | 36,403,000 | |||||||||||||
Total Investments, September 30, 2017 (173%)* | $ | 1,148,001,088 | $ | 1,238,788,315 | $ | 1,091,191,679 |
Portfolio Company(6) | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | ||||||||||||||||||||||||||||||
PSC UK Pty Ltd. (0.4%)*(3) (7) (8) (14) | Insurance Services | First Lien Senior Secured Term Loan (GBP LIBOR + 6.0%, 6.5% Cash, Acquired 11/19, Due 10/24) | $ | 2,713,297 | $ | 2,448,944 | $ | 2,652,663 | |||||||||||||||||||||||||||
2,713,297 | 2,448,944 | 2,652,663 | |||||||||||||||||||||||||||||||||
Questel Unite (2.8%)*(3) (7) (8) | Business Services | First Lien Senior Secured Term Loan (EURIBOR + 6.25%, 6.3% Cash, Acquired 12/20, Due 12/27)(16) | 13,969,579 | 13,951,810 | 13,894,541 | ||||||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (LIBOR + 6.25%, 6.8% Cash, Acquired 12/20, Due 12/27) | 6,892,270 | 6,796,005 | 6,864,701 | ||||||||||||||||||||||||||||||||
20,861,849 | 20,747,815 | 20,759,242 | |||||||||||||||||||||||||||||||||
Radwell International, LLC (2.1%)*(7) (8) (11) | Wholesale | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 12/20, Due 12/26) | 15,838,237 | 15,546,688 | 15,579,836 | ||||||||||||||||||||||||||||||
15,838,237 | 15,546,688 | 15,579,836 | |||||||||||||||||||||||||||||||||
Recovery Point Systems, Inc. (1.6%)*(7) (8) | Technology | First Lien Senior Secured Term Loan (LIBOR + 6.5%, 7.5% Cash, Acquired 08/20, Due 07/26)(11) | 11,707,308 | 11,501,457 | 11,707,308 | ||||||||||||||||||||||||||||||
Partnership Equity (187,235 units, Acquired 03/21) | 187,235 | 170,197 | |||||||||||||||||||||||||||||||||
11,707,308 | 11,688,692 | 11,877,505 | |||||||||||||||||||||||||||||||||
REP SEKO MERGER SUB LLC (1.0%)* (7) (8) (11) | Air Freight & Logistics | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 12/20, Due 12/26) | 7,652,455 | 7,436,675 | 7,652,455 | ||||||||||||||||||||||||||||||
7,652,455 | 7,436,675 | 7,652,455 | |||||||||||||||||||||||||||||||||
Resonetics, LLC (0.3%)*(7) (8) (11) | Health Care Equipment | Second Lien Senior Secured Term Loan (LIBOR + 7.0%, 7.8% Cash, Acquired 04/21, Due 04/29) | 2,088,364 | 2,047,263 | 2,046,597 | ||||||||||||||||||||||||||||||
2,088,364 | 2,047,263 | 2,046,597 | |||||||||||||||||||||||||||||||||
RPX Corporation (2.2%)*(7) (8) (11) | Research & Consulting Services | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 10/20, Due 10/25) | 16,143,750 | 15,820,062 | 16,167,966 | ||||||||||||||||||||||||||||||
16,143,750 | 15,820,062 | 16,167,966 | |||||||||||||||||||||||||||||||||
Ruffalo Noel Levitz, LLC (1.3%)*(7) (8) (11) | Media Services | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 01/19, Due 05/22) | 9,592,266 | 9,550,275 | 9,592,266 | ||||||||||||||||||||||||||||||
9,592,266 | 9,550,275 | 9,592,266 | |||||||||||||||||||||||||||||||||
Safety Products Holdings, LLC (2.1%)* (7) (8) | Non-durable Consumer Goods | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 12/20, Due 12/26)(9) | 15,574,673 | 15,117,074 | 15,332,211 | ||||||||||||||||||||||||||||||
Preferred Stock (372.1 shares, Acquired 12/20) | 372,088 | 462,609 | |||||||||||||||||||||||||||||||||
15,574,673 | 15,489,162 | 15,794,820 | |||||||||||||||||||||||||||||||||
Scaled Agile, Inc. (0.5%)*(7) (8) (9) | Research & Consulting Services | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 06/19, Due 06/24) | 4,069,352 | 4,040,684 | 4,069,352 | ||||||||||||||||||||||||||||||
4,069,352 | 4,040,684 | 4,069,352 | |||||||||||||||||||||||||||||||||
Serta Simmons Bedding LLC (1.5%)*(8) (9) | Home Furnishings | Super Priority First Out (LIBOR + 7.5%, 8.5% Cash, Acquired 6/20, Due 08/23) | 7,387,283 | 7,230,661 | 7,461,156 | ||||||||||||||||||||||||||||||
Super Priority Second Out (LIBOR + 7.5%, 8.5% Cash, Acquired 6/20, Due 08/23) | 3,616,420 | 3,368,207 | 3,446,665 | ||||||||||||||||||||||||||||||||
11,003,703 | 10,598,868 | 10,907,821 | |||||||||||||||||||||||||||||||||
Sigmatek Systems, LLC (0.5%)*(7) (8) (11) | High Tech Industries | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 01/21, Due 01/27) | 3,965,038 | 3,874,166 | 3,917,457 | ||||||||||||||||||||||||||||||
3,965,038 | 3,874,166 | 3,917,457 | |||||||||||||||||||||||||||||||||
SISU ACQUISITIONCO., INC. (1.9%)*(7) (8) (11) | Aerospace & Defense | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 12/20, Due 12/26) | 14,062,171 | 13,801,268 | 13,829,625 | ||||||||||||||||||||||||||||||
14,062,171 | 13,801,268 | 13,829,625 | |||||||||||||||||||||||||||||||||
SMA Holdings, Inc. (1.0%)*(7) (23) | Consulting | First Lien Loan (11.0% Cash, Acquired 12/20, Due 06/24) | 7,000,000 | 6,720,000 | 6,860,000 | ||||||||||||||||||||||||||||||
Warrants (2.0 units, Acquired 12/20) | 286,781 | 485,741 | |||||||||||||||||||||||||||||||||
7,000,000 | 7,006,781 | 7,345,741 | |||||||||||||||||||||||||||||||||
Smile Brands Group Inc. (2.0%)*(7) (8) (11) | Health Care Services | First Lien Senior Secured Term Loan (LIBOR + 5.17%, 5.4% Cash, Acquired 10/18, Due 10/24) | 5,846,563 | 5,813,007 | 5,846,563 | ||||||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 12/20, Due 10/24) | 9,264,438 | 9,018,510 | 9,264,438 | ||||||||||||||||||||||||||||||||
15,111,001 | 14,831,517 | 15,111,001 | |||||||||||||||||||||||||||||||||
SN BUYER, LLC (2.6%)*(7) (8) (11) | Health Care Services | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 12/20, Due 12/26) | 19,270,833 | 18,900,009 | 19,328,646 | ||||||||||||||||||||||||||||||
19,270,833 | 18,900,009 | 19,328,646 | |||||||||||||||||||||||||||||||||
Springbrook Software (SBRK Intermediate, Inc.) (1.2%)*(7) (8) (11) | Enterprise Software & Services | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 12/19, Due 12/26) | 9,279,066 | 9,097,433 | 9,279,066 | ||||||||||||||||||||||||||||||
9,279,066 | 9,097,433 | 9,279,066 | |||||||||||||||||||||||||||||||||
Portfolio Company(6) | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | ||||||||||||||||||||||||||||||
SPT Acquico Limited (0.1%)*(3) (7) (8) (11) | High Tech Industries | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 01/21, Due 12/27) | $ | 658,312 | $ | 636,898 | $ | 646,462 | |||||||||||||||||||||||||||
658,312 | 636,898 | 646,462 | |||||||||||||||||||||||||||||||||
SSCP Pegasus Midco Limited (1.6%)*(3) (7) (8) (14) | Healthcare & Pharmaceuticals | First Lien Senior Secured Term Loan (GBP LIBOR + 6.75%, 6.8% Cash, Acquired 12/20, Due 11/27) | 12,088,274 | 11,093,862 | 12,037,034 | ||||||||||||||||||||||||||||||
12,088,274 | 11,093,862 | 12,037,034 | |||||||||||||||||||||||||||||||||
Syniverse Holdings, Inc. (2.3%)*(8) (11) | Technology Distributors | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 08/18, Due 03/23) | 17,435,517 | 16,293,502 | 17,245,993 | ||||||||||||||||||||||||||||||
17,435,517 | 16,293,502 | 17,245,993 | |||||||||||||||||||||||||||||||||
The Hilb Group, LLC (2.0%)*(7) (8) (11) | Insurance Brokerage | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 12/19, Due 12/26) | 11,607,278 | 11,371,666 | 11,282,274 | ||||||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 12/19, Due 12/26) | 3,984,879 | 3,784,467 | 3,923,687 | ||||||||||||||||||||||||||||||||
15,592,157 | 15,156,133 | 15,205,961 | |||||||||||||||||||||||||||||||||
Total Safety U.S. Inc. (0.9%)*(8) (11) | Diversified Support Services | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 11/19, Due 08/25) | 6,674,616 | 6,458,297 | 6,671,812 | ||||||||||||||||||||||||||||||
6,674,616 | 6,458,297 | 6,671,812 | |||||||||||||||||||||||||||||||||
Transit Technologies LLC (0.8%)*(7) (8) (11) | Software | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 02/20, Due 02/25) | 6,035,305 | 5,932,553 | 5,735,397 | ||||||||||||||||||||||||||||||
6,035,305 | 5,932,553 | 5,735,397 | |||||||||||||||||||||||||||||||||
Transportation Insight, LLC (2.5%)*(7) (8) (9) | Air Freight & Logistics | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 4.6% Cash, Acquired 08/18, Due 12/24) | 19,394,696 | 19,282,145 | 18,929,223 | ||||||||||||||||||||||||||||||
19,394,696 | 19,282,145 | 18,929,223 | |||||||||||||||||||||||||||||||||
Trident Maritime Systems, Inc. (2.0%)*(7) (8) (11) | Aerospace & Defense | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 02/21, Due 02/27) | 14,962,500 | 14,686,294 | 14,730,731 | ||||||||||||||||||||||||||||||
14,962,500 | 14,686,294 | 14,730,731 | |||||||||||||||||||||||||||||||||
Truck-Lite Co., LLC (3.0%)*(7) (8) (11) | Automotive Parts & Equipment | First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 12/19, Due 12/26) | 22,240,385 | 21,876,322 | 22,240,385 | ||||||||||||||||||||||||||||||
22,240,385 | 21,876,322 | 22,240,385 | |||||||||||||||||||||||||||||||||
Trystar, LLC (2.2%)*(7) (8) | Power Distribution Solutions | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 09/18, Due 09/23)(11) | 16,185,659 | 16,021,574 | 16,007,616 | ||||||||||||||||||||||||||||||
Class A LLC Units (384.5 units, Acquired 09/18) | 395,995 | 332,452 | |||||||||||||||||||||||||||||||||
16,185,659 | 16,417,569 | 16,340,068 | |||||||||||||||||||||||||||||||||
Turf Products, LLC (1.2%)*(7) (23) | Landscaping & Irrigation Equipment Distributor | Senior Subordinated Debt (10.0% Cash, Acquired 12/20, Due 10/23) | 8,697,056 | 8,383,962 | 8,610,085 | ||||||||||||||||||||||||||||||
8,697,056 | 8,383,962 | 8,610,085 | |||||||||||||||||||||||||||||||||
U.S. Gas & Electric, Inc. (0.2%)*(7) (23) | Energy Services | Second Lien Loan (9.5% Cash, Acquired 12/20, Due 07/25) | 2,285,250 | 1,785,250 | 1,785,250 | ||||||||||||||||||||||||||||||
Second Lien Loan (9.5% Cash, Acquired 12/20, Due 07/25)(24) | 2,485,469 | — | — | ||||||||||||||||||||||||||||||||
4,770,719 | 1,785,250 | 1,785,250 | |||||||||||||||||||||||||||||||||
U.S. Silica Company (0.2%)*(3) (8) (9) | Metal & Glass Containers | First Lien Senior Secured Term Loan (LIBOR + 4.0%, 5.0% Cash, Acquired 08/18, Due 05/25) | 1,479,815 | 1,482,292 | 1,412,306 | ||||||||||||||||||||||||||||||
1,479,815 | 1,482,292 | 1,412,306 | |||||||||||||||||||||||||||||||||
UKFast Leaders Limited (1.7%)*(3) (7) (8) (14) | Technology | First Lien Senior Secured Term Loan (GBP LIBOR + 7.0%, 7.0% Cash, Acquired 09/20, Due 9/27) | 12,557,085 | 11,376,760 | 12,282,223 | ||||||||||||||||||||||||||||||
12,557,085 | 11,376,760 | 12,282,223 | |||||||||||||||||||||||||||||||||
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.) (2.1%)*(7) (8) (11) | Legal Services | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 11/18, Due 11/24) | 16,263,423 | 16,082,298 | 15,466,516 | ||||||||||||||||||||||||||||||
16,263,423 | 16,082,298 | 15,466,516 | |||||||||||||||||||||||||||||||||
Utac Ceram (0.7%)*(3) (7) (8) | Business Services | First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 09/20, Due 09/27)(16) | 1,778,851 | 1,703,125 | 1,742,162 | ||||||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (LIBOR + 5.75%, 5.8% Cash, Acquired 02/21, Due 09/27)(11) | 3,491,000 | 3,408,270 | 3,419,016 | ||||||||||||||||||||||||||||||||
5,269,851 | 5,111,395 | 5,161,178 | |||||||||||||||||||||||||||||||||
Validity, Inc. (0.6%)*(7) (8) (9) | IT Consulting & Other Services | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 4.9% Cash, Acquired 07/19, Due 05/25) | 4,783,146 | 4,674,093 | 4,692,266 | ||||||||||||||||||||||||||||||
4,783,146 | 4,674,093 | 4,692,266 | |||||||||||||||||||||||||||||||||
Portfolio Company(6) | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | ||||||||||||||||||||||||||||||
Vital Buyer, LLC (2.0%)* (7) (8) | Technology | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 6.8% Cash, Acquired 06/21, Due 06/28)(11) | $ | 14,880,952 | $ | 14,586,082 | $ | 14,583,333 | |||||||||||||||||||||||||||
Partnership Units (16,442.9 units, Acquired 06/21) | 164,429 | 164,429 | |||||||||||||||||||||||||||||||||
14,880,952 | 14,750,511 | 14,747,762 | |||||||||||||||||||||||||||||||||
W2O Holdings, Inc. (0.0%)* (7) (8) | Healthcare Technology | Undrawn Delayed Draw Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 10/20, Due 06/25) | — | (106,398) | — | ||||||||||||||||||||||||||||||
— | (106,398) | — | |||||||||||||||||||||||||||||||||
World 50, Inc. (1.6%)*(7) (8) (9) | Professional Services | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 01/20, Due 01/26) | 3,296,584 | 3,210,036 | 3,296,583 | ||||||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 09/20, Due 01/26) | 9,054,760 | 8,876,930 | 8,964,213 | ||||||||||||||||||||||||||||||||
12,351,344 | 12,086,966 | 12,260,796 | |||||||||||||||||||||||||||||||||
Subtotal Non–Control / Non–Affiliate Investments (190.1%) | 1,433,845,553 | 1,397,993,028 | 1,414,823,146 | ||||||||||||||||||||||||||||||||
Affiliate Investments: (4) | |||||||||||||||||||||||||||||||||||
Jocassee Partners LLC (4.7%)*(3) | Investment Funds & Vehicles | 9.1% Member Interest, Acquired 06/19 | 30,158,270 | 34,976,280 | |||||||||||||||||||||||||||||||
30,158,270 | 34,976,280 | ||||||||||||||||||||||||||||||||||
JSC Tekers Holdings (0.8%)*(3) (7) (23) | Real Estate Management | Preferred Stock (9,159,085 shares, Acquired 12/20) | 4,753,000 | 5,678,633 | |||||||||||||||||||||||||||||||
Common Stock (3,201 shares, Acquired 12/20) | — | — | |||||||||||||||||||||||||||||||||
4,753,000 | 5,678,633 | ||||||||||||||||||||||||||||||||||
Security Holdings B.V. (6.4%)*(3) (7) (23) | Electrical Engineering | Bridge Loan (5.0% PIK, Acquired 12/20, Due 05/22) | 5,451,205 | 5,451,207 | 5,451,205 | ||||||||||||||||||||||||||||||
Senior Subordinated Loan (3.1% PIK, Acquired 12/20, Due 05/22) | 8,884,067 | 8,884,068 | 8,884,067 | ||||||||||||||||||||||||||||||||
Senior Unsecured Term Loan (9.0% PIK, Acquired 04/21, Due 04/25) | 8,301,304 | 8,347,853 | 8,301,304 | ||||||||||||||||||||||||||||||||
Common Stock (1,099.5 shares, Acquired 12/20) | 21,264,000 | 25,352,179 | |||||||||||||||||||||||||||||||||
22,636,576 | 43,947,128 | 47,988,755 | |||||||||||||||||||||||||||||||||
Thompson Rivers LLC (4.3%)*(3) | Investment Funds & Vehicles | 9.6% Member Interest, Acquired 06/20 | 30,000,000 | 32,200,110 | |||||||||||||||||||||||||||||||
30,000,000 | 32,200,110 | ||||||||||||||||||||||||||||||||||
Waccamaw River LLC (0.8%)*(3) | Investment Funds & Vehicles | 25% Member Interest, Acquired 02/21 | 5,525,000 | 5,588,593 | |||||||||||||||||||||||||||||||
5,525,000 | 5,588,593 | ||||||||||||||||||||||||||||||||||
Subtotal Affiliate Investments (17.0%) | 22,636,576 | 114,383,398 | 126,432,371 | ||||||||||||||||||||||||||||||||
Control Investments:(5) | |||||||||||||||||||||||||||||||||||
MVC Automotive Group Gmbh (2.1%)*(3) (7) (23) | Other Diversified Financial Services | Bridge Loan (6.0% Cash, Acquired 12/20, Due 12/21) | 7,149,166 | 7,149,166 | 7,149,166 | ||||||||||||||||||||||||||||||
Common Equity Interest (18,000 shares, Acquired 12/20) | 9,553,000 | 8,418,519 | |||||||||||||||||||||||||||||||||
7,149,166 | 16,702,166 | 15,567,685 | |||||||||||||||||||||||||||||||||
MVC Private Equity Fund LP (1.0%)*(3) (23) | Investment Funds & Vehicles | General Partnership Interest | 224,978 | 191,074 | |||||||||||||||||||||||||||||||
Limited Partnership Interest | 8,899,284 | 7,520,901 | |||||||||||||||||||||||||||||||||
9,124,262 | 7,711,975 | ||||||||||||||||||||||||||||||||||
Subtotal Control Investments (3.1%) | 7,149,166 | 25,826,428 | 23,279,660 | ||||||||||||||||||||||||||||||||
Short-Term Investment: | |||||||||||||||||||||||||||||||||||
JPMorgan Chase & Co. (1.4%)* | Money Market Fund | JPMorgan Prime Money Market Fund (0.05% yield) | 10,574,196 | 10,574,196 | |||||||||||||||||||||||||||||||
10,574,196 | 10,574,196 | ||||||||||||||||||||||||||||||||||
Subtotal Short-Term Investment (1.4%) | 10,574,196 | 10,574,196 | |||||||||||||||||||||||||||||||||
Total Investments, June 30, 2021 (211.7%)* | $ | 1,463,631,295 | $ | 1,548,777,050 | $ | 1,575,109,373 | |||||||||||||||||||||||||||||
Credit Support Agreement(a)(b)(d) | |||||||||||||||||||||||||||||||||||||||||
Description | Counter Party | Settlement Date(c) | Notional Amount | Value | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||||||||||||||
Credit Support Agreement | Barings LLC | 01/01/31 | $ | 23,000,000 | $ | 14,300,006 | $ | 700,006 | |||||||||||||||||||||||||||||||||
Total Credit Support Agreement, June 30, 2021 | $ | 700,006 |
Foreign Currency Forward Contracts: | ||||||||||||||||||||||||||||||||
Description | Notional Amount to be Purchased | Notional Amount to be Sold | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||||||
Foreign currency forward contract (AUD) | $853,209 | A$1,114,133 | 07/07/21 | $ | 16,750 | |||||||||||||||||||||||||||
Foreign currency forward contract (AUD) | A$1,114,133 | $842,900 | 07/07/21 | (6,440) | ||||||||||||||||||||||||||||
Foreign currency forward contract (AUD) | $843,201 | A$1,114,133 | 10/06/21 | 6,439 | ||||||||||||||||||||||||||||
Foreign currency forward contract (CAD) | C$6,000,000 | $4,863,920 | 07/07/21 | (18,596) | ||||||||||||||||||||||||||||
Foreign currency forward contract (CAD) | $4,974,150 | C$6,000,000 | 07/07/21 | 128,825 | ||||||||||||||||||||||||||||
Foreign currency forward contract (CAD) | $4,863,825 | C$6,000,000 | 10/06/21 | 18,572 | ||||||||||||||||||||||||||||
Foreign currency forward contract (EUR) | €20,518,045 | $24,952,136 | 07/07/21 | (617,138) | ||||||||||||||||||||||||||||
Foreign currency forward contract (EUR) | $24,184,783 | €20,518,045 | 07/07/21 | (150,216) | ||||||||||||||||||||||||||||
Foreign currency forward contract (EUR) | $5,039,910 | €4,218,045 | 10/06/21 | 27,868 | ||||||||||||||||||||||||||||
Foreign currency forward contract (GBP) | £2,388,498 | $3,315,648 | 07/07/21 | (16,006) | ||||||||||||||||||||||||||||
Foreign currency forward contract (GBP) | $3,289,859 | £2,388,498 | 07/07/21 | (9,783) | ||||||||||||||||||||||||||||
Foreign currency forward contract (GBP) | $3,316,255 | £2,388,498 | 10/06/21 | 15,940 | ||||||||||||||||||||||||||||
Foreign currency forward contract (SEK) | $176,315 | 1,530,825kr | 07/07/21 | (2,693) | ||||||||||||||||||||||||||||
Foreign currency forward contract (SEK) | 1,530,825kr | $179,964 | 07/07/21 | (956) | ||||||||||||||||||||||||||||
Foreign currency forward contract (SEK) | $180,113 | 1,530,825kr | 10/06/21 | 955 | ||||||||||||||||||||||||||||
Total Foreign Currency Forward Contracts, June 30, 2021 | $ | (606,479) |
December 31, 2020 Value | Gross Additions (b) | Gross Reductions (c) | Amount of Realized Gain (Loss) | Amount of Unrealized Gain (Loss) | June 30, 2021 Value | Amount of Interest or Dividends Credited to Income(d) | ||||||||||||||||||||
Portfolio Company | Type of Investment(a) | |||||||||||||||||||||||||
Advantage Insurance, Inc.(e) | Preferred Stock (587,001 shares) | $ | 5,946,641 | $ | — | $ | (5,870,010) | $ | (76,631) | $ | — | $ | — | $ | 71,500 | |||||||||||
5,946,641 | — | (5,870,010) | (76,631) | — | — | 71,500 | ||||||||||||||||||||
Jocassee Partners LLC | 9.1% Member Interest | 22,623,820 | 10,000,000 | — | — | 2,352,460 | 34,976,280 | — | ||||||||||||||||||
22,623,820 | 10,000,000 | — | — | 2,352,460 | 34,976,280 | — | ||||||||||||||||||||
JSC Tekers Holdings(e) | Preferred Stock (9,159,085 shares) | 4,753,000 | — | (3) | — | 925,636 | 5,678,633 | — | ||||||||||||||||||
Common Stock (3,201 shares) | — | — | — | — | — | — | — | |||||||||||||||||||
4,753,000 | — | (3) | — | 925,636 | 5,678,633 | — | ||||||||||||||||||||
Security Holdings B.V(e) | Bridge Loan (5.0% PIK 5/31/2021) | 5,187,508 | 263,697 | — | — | — | 5,451,205 | 137,037 | ||||||||||||||||||
Senior Subordinated Loan (3.1% PIK) | 8,746,454 | 137,613 | — | — | — | 8,884,067 | 137,939 | |||||||||||||||||||
Senior Unsecured Term Loan (9.0% PIK) | — | 8,347,853 | — | — | (46,549) | 8,301,304 | 274,553 | |||||||||||||||||||
Common Equity Interest | 21,329,370 | — | — | — | 4,022,809 | 25,352,179 | — | |||||||||||||||||||
35,263,332 | 8,749,163 | — | — | 3,976,260 | 47,988,755 | 549,529 | ||||||||||||||||||||
Thompson Rivers LLC | 9.6% Member Interest | 10,011,840 | 20,000,000 | — | — | 2,188,270 | 32,200,110 | 361,874 | ||||||||||||||||||
10,011,840 | 20,000,000 | — | — | 2,188,270 | 32,200,110 | 361,874 | ||||||||||||||||||||
Waccamaw River LLC | 25% Member Interest | — | 5,499,228 | — | — | 89,365 | 5,588,593 | — | ||||||||||||||||||
— | 5,499,228 | — | — | 89,365 | 5,588,593 | — | ||||||||||||||||||||
Total Affiliate Investments | $ | 78,598,633 | $ | 44,248,391 | $ | (5,870,013) | $ | (76,631) | $ | 9,531,991 | $ | 126,432,371 | $ | 982,903 |
December 31, 2020 Value | Gross Additions (b) | Gross Reductions (c) | Amount of Realized Gain (Loss) | Amount of Unrealized Gain (Loss) | June 30, 2021 Value | Amount of Interest or Dividends Credited to Income(d) | ||||||||||||||||||||
Portfolio Company | Type of Investment(a) | |||||||||||||||||||||||||
MVC Automotive Group GmbH | Common Equity Interest | $ | 9,582,368 | $ | — | $ | — | $ | — | $ | (1,163,849) | $ | 8,418,519 | $ | — | |||||||||||
Bridge Loan (6.0% PIK 12/31/2021) | 7,149,166 | — | — | — | — | 7,149,166 | 215,667 | |||||||||||||||||||
16,731,534 | — | — | — | (1,163,849) | 15,567,685 | 215,667 | ||||||||||||||||||||
MVC Private Equity Fund LP | Limited Partnership Interest | 8,899,284 | — | — | — | (1,378,383) | 7,520,901 | — | ||||||||||||||||||
General Partnership Interest | 224,978 | 1 | — | — | (33,905) | 191,074 | 315,416 | |||||||||||||||||||
9,124,262 | 1 | — | — | (1,412,288) | 7,711,975 | 315,416 | ||||||||||||||||||||
Waccamaw River LLC | 50% Member Interest | — | 4,500,000 | (4,474,229) | — | (25,771) | — | — | ||||||||||||||||||
Total Control Investments | $ | 25,855,796 | $ | 4,500,001 | $ | (4,474,229) | $ | — | $ | (2,601,908) | $ | 23,279,660 | $ | 531,083 |
Portfolio Company(6) | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | |||||||||||||||||||||||||||
Non–Control / Non–Affiliate Investments: | ||||||||||||||||||||||||||||||||
1WorldSync, Inc. (4.0%)*(7) (9) (12) | IT Consulting & Other Services | First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 07/19, Due 07/25) | $ | 29,000,000 | $ | 28,490,102 | $ | 28,420,000 | ||||||||||||||||||||||||
29,000,000 | 28,490,102 | 28,420,000 | ||||||||||||||||||||||||||||||
Accelerate Learning, Inc. (1.0%)*(7) (9) (12) | Education Services | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 12/18, Due 12/24) | 7,567,965 | 7,461,410 | 7,258,435 | |||||||||||||||||||||||||||
7,567,965 | 7,461,410 | 7,258,435 | ||||||||||||||||||||||||||||||
Accurus Aerospace Corporation (2.9%)*(7) (9) (12) | Aerospace & Defense | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 10/18, Due 10/24) | 24,500,000 | 24,251,575 | 20,506,500 | |||||||||||||||||||||||||||
24,500,000 | 24,251,575 | 20,506,500 | ||||||||||||||||||||||||||||||
ADE Holding (d/b/a AD Education) (0.8%)*(3) (7) (9) (19) | Education Services | First Lien Senior Secured Term Loan (EURIBOR + 5.0%, 5.0% Cash, Acquired 01/20, Due 01/27) | 5,459,746 | 4,977,557 | 5,459,746 | |||||||||||||||||||||||||||
5,459,746 | 4,977,557 | 5,459,746 | ||||||||||||||||||||||||||||||
AEP Holdings, Inc. (1.8%)*(7) (9) | Wholesale | First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 6.8% Cash, Acquired 11/20, Due 11/25) (18) | 4,362,794 | 4,143,810 | 4,275,538 | |||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 11/20, Due 11/25) (12) | 8,902,516 | 8,727,725 | 8,724,466 | |||||||||||||||||||||||||||||
13,265,310 | 12,871,535 | 13,000,004 | ||||||||||||||||||||||||||||||
Aftermath Bidco Corporation (1.3%)* (7) (9) (12) | Professional Services | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 04/19, Due 04/25) | 9,425,284 | 9,265,301 | 9,335,155 | |||||||||||||||||||||||||||
9,425,284 | 9,265,301 | 9,335,155 | ||||||||||||||||||||||||||||||
Ahead DB Borrower, LLC. (0.3%)*(7) (9) (12) | Technology Distributors | Second Lien Senior Secured Term Loan (LIBOR + 8.5%, 9.5% Cash, Acquired 10/20, Due 10/28) | 2,139,295 | 2,076,161 | 2,075,117 | |||||||||||||||||||||||||||
2,139,295 | 2,076,161 | 2,075,117 | ||||||||||||||||||||||||||||||
Air Canada 2020-2 Class B Pass Through Trust (1.1%)* | Airlines | Structured Secured Note - Class B (9.0% Cash, Acquired 09/20, Due 10/25) | 7,500,000 | 7,500,000 | 8,077,169 | |||||||||||||||||||||||||||
7,500,000 | 7,500,000 | 8,077,169 | ||||||||||||||||||||||||||||||
American Dental Partners, Inc. (1.3%)*(7) (9) (12) | Health Care Services | First Lien Senior Secured Term Loan (LIBOR + 4.25%, 5.3% Cash, Acquired 11/18, Due 03/23) | 9,800,000 | 9,786,672 | 9,396,240 | |||||||||||||||||||||||||||
9,800,000 | 9,786,672 | 9,396,240 | ||||||||||||||||||||||||||||||
American Scaffold, Inc. (1.3%)*(7) (9) (12) | Aerospace & Defense | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 09/19, Due 09/25) | 9,686,750 | 9,509,443 | 9,686,750 | |||||||||||||||||||||||||||
9,686,750 | 9,509,443 | 9,686,750 | ||||||||||||||||||||||||||||||
Anagram Holdings, LLC (2.2%)*(3) | Chemicals, Plastics, & Rubber | First Lien Senior Secured Note (10.0% Cash, 5.0% PIK, Acquired 08/20, Due 08/25) | 13,673,780 | 12,565,289 | 15,588,108 | |||||||||||||||||||||||||||
13,673,780 | 12,565,289 | 15,588,108 | ||||||||||||||||||||||||||||||
Anchorage Capital CLO Ltd: Series 2013-1A (0.3%)*(3) (9) (12) | Structured Finance | Structured Secured Note - Class DR (LIBOR + 6.8%, 7.0% Cash, Acquired 03/20, Due 10/30) | 2,000,000 | 1,743,066 | 2,000,156 | |||||||||||||||||||||||||||
2,000,000 | 1,743,066 | 2,000,156 | ||||||||||||||||||||||||||||||
Anju Software, Inc. (1.9%)*(7) (12) | Application Software | First Lien Senior Secured Term Loan (LIBOR + 6.25%, 6.4% Cash, Acquired 02/19, Due 02/25) | 13,701,182 | 13,442,543 | 13,385,963 | |||||||||||||||||||||||||||
13,701,182 | 13,442,543 | 13,385,963 | ||||||||||||||||||||||||||||||
Apex Bidco Limited (0.3%)*(3) (7) | Business Equipment & Services | First Lien Senior Secured Term Loan (GBP LIBOR + 6.50%, 7.0% Cash, Acquired 01/20, Due 01/27) (9) (15) | 1,992,033 | 1,851,359 | 1,950,974 | |||||||||||||||||||||||||||
Subordinated Senior Unsecured Term Loan (8.0% PIK, Acquired 01/20, Due 07/27) | 258,955 | 241,837 | 253,618 | |||||||||||||||||||||||||||||
2,250,988 | 2,093,196 | 2,204,592 | ||||||||||||||||||||||||||||||
AQA Acquisition Holding, Inc. (f/k/a SmartBear) (0.7%)*(7) (9) (12) | High Tech Industries | Second Lien Senior Secured Term Loan (LIBOR + 8.0%, 9.0% Cash, Acquired 10/18, Due 05/24) | 4,959,088 | 4,877,581 | 4,959,088 | |||||||||||||||||||||||||||
4,959,088 | 4,877,581 | 4,959,088 | ||||||||||||||||||||||||||||||
Arch Global Precision LLC (2.3%)*(7) (12) | Industrial Machinery | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.0% Cash, Acquired 04/19, Due 04/26) | 16,649,218 | 16,496,045 | 16,557,510 | |||||||||||||||||||||||||||
16,649,218 | 16,496,045 | 16,557,510 | ||||||||||||||||||||||||||||||
Archimede (0.4%)*(3) (7) (9) (17) | Consumer Services | First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 10/20, Due 10/27) | 2,677,354 | 2,510,391 | 2,610,420 | |||||||||||||||||||||||||||
2,677,354 | 2,510,391 | 2,610,420 | ||||||||||||||||||||||||||||||
Argus Bidco Limited (0.8%)*(3) (7) (9) (15) | High Tech Industries | First Lien Senior Secured Term Loan (GBP LIBOR + 5.5%, 5.8% Cash, Acquired 12/20, Due 12/27) | 5,715,005 | 5,383,300 | 5,543,555 | |||||||||||||||||||||||||||
5,715,005 | 5,383,300 | 5,543,555 | ||||||||||||||||||||||||||||||
TRIANGLE CAPITAL CORPORATION Consolidated Schedule of Investments December 31, 2016 | ||||||||||||||||
Portfolio Company | Industry | Type of Investment(1)(2)(7) | Principal Amount | Cost | Fair Value(3) | |||||||||||
Non–Control / Non–Affiliate Investments: | ||||||||||||||||
ACA Holdings LLC (0%)* | Security Company | Preferred Units (2,000,000 units) | $ | 2,000,000 | $ | 1,242,000 | ||||||||||
2,000,000 | 1,242,000 | |||||||||||||||
Access Medical Acquisition, Inc. (3%)* | Operator of Primary Care Clinics | Subordinated Notes (10% Cash, 2% PIK, Due 01/22) | $ | 13,819,514 | 13,593,292 | 13,593,292 | ||||||||||
Class A Units (1,500,000 units) | 901,026 | 3,618,000 | ||||||||||||||
13,819,514 | 14,494,318 | 17,211,292 | ||||||||||||||
Aden & Anais Holdings, Inc. (0%)* | Baby Products | Common Stock (20,000 shares) | 2,000,000 | 2,000,000 | ||||||||||||
2,000,000 | 2,000,000 | |||||||||||||||
Agilex Flavors & Fragrances, Inc. (2%)* | Custom Fragrance Producer | Subordinated Note (12% Cash, Due 11/21) | 13,168,124 | 13,048,983 | 13,048,983 | |||||||||||
Common Units (1,250 units) | 1,250,000 | 2,227,000 | ||||||||||||||
13,168,124 | 14,298,983 | 15,275,983 | ||||||||||||||
AGM Automotive, LLC (1%)* | Auto Industry Interior Components Supplier | Units (1,500,000 units) | 630,134 | 4,266,000 | ||||||||||||
630,134 | 4,266,000 | |||||||||||||||
Avkem International, LLC (1%)* | Flux and Foundry Manufacturer and Supplier | Subordinated Note (10% Cash, 4% PIK, Due 12/17) | 4,112,935 | 4,075,177 | 4,075,177 | |||||||||||
4,112,935 | 4,075,177 | 4,075,177 | ||||||||||||||
AVL Holdings, Inc. (0%)* | Manufacturer and Distributor for Independent Artists and Authors | Common Stock (138 shares) | 1,300,000 | 1,767,000 | ||||||||||||
1,300,000 | 1,767,000 | |||||||||||||||
Baker Hill Acquisition, LLC (2%)* | Loan Origination Software Solutions Provider | Subordinated Notes (LIBOR + 11.0%, 12% Cash, Due 03/21)(8) | 13,500,000 | 13,334,260 | 12,320,000 | |||||||||||
Limited Partnership Interest | 1,498,500 | 721,000 | ||||||||||||||
13,500,000 | 14,832,760 | 13,041,000 | ||||||||||||||
Cafe Enterprises, Inc. (2%)* | Restaurant | Subordinated Note (7% Cash, 7% PIK, Due 09/19) | 13,882,800 | 13,743,461 | 10,331,000 | |||||||||||
Series C Preferred Stock (10,000 shares) | 1,000,000 | — | ||||||||||||||
13,882,800 | 14,743,461 | 10,331,000 | ||||||||||||||
Capital Contractors, Inc. (0%)* | Janitorial and Facilities Maintenance Services | Subordinated Notes (5% Cash, Due 6/20) | 9,843,542 | 9,711,658 | — | |||||||||||
Series A Redeemable Preferred Stock (200 shares) | 2,000,000 | — | ||||||||||||||
Common Stock Warrants (20 shares) | 492,000 | — | ||||||||||||||
9,843,542 | 12,203,658 | — | ||||||||||||||
Captek Softgel International, Inc. (3%)* | Nutraceutical Manufacturer | Subordinated Note (10% Cash, 2.5% PIK, Due 06/21) | 15,407,336 | 15,150,497 | 15,150,497 | |||||||||||
Common Stock (15,000 shares) | 1,500,000 | 1,500,000 | ||||||||||||||
15,407,336 | 16,650,497 | 16,650,497 | ||||||||||||||
Carolina Beverage Group, LLC (0%)* | Beverage Manufacturing and Packaging | Class B Units (11,974 units) | 119,735 | 264,000 | ||||||||||||
119,735 | 264,000 | |||||||||||||||
Centerfield Media Holding Company (4%)* | Digital Marketing | Subordinated Note (10% Cash, 3.5% PIK, Due 03/21) | 18,857,978 | 18,567,590 | 19,235,000 | |||||||||||
Common Shares (1,000 shares) | 1,000,000 | 2,220,000 | ||||||||||||||
18,857,978 | 19,567,590 | 21,455,000 | ||||||||||||||
Community Intervention Services, Inc. (2%)* | Provider of Behavioral Health Services | Subordinated Note (7% Cash, 6% PIK, Due 01/21) (5) | 18,736,265 | 17,717,756 | 14,134,000 | |||||||||||
18,736,265 | 17,717,756 | 14,134,000 | ||||||||||||||
Comverge, Inc. (3%)* | Provider of Intelligent Energy Management Solutions | Senior Note (12% Cash, Due 05/18) | 15,505,583 | 15,406,749 | 15,406,749 | |||||||||||
Preferred Stock (703 shares) | 554,458 | 835,000 | ||||||||||||||
Common Stock (1,000,000 shares) | 100,000 | 353,000 | ||||||||||||||
15,505,583 | 16,061,207 | 16,594,749 | ||||||||||||||
CPower Ultimate HoldCo, LLC (0%)* | Demand Response Business | Units (345,542 units) | 345,542 | 345,542 | ||||||||||||
345,542 | 345,542 | |||||||||||||||
Portfolio Company(6) | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | |||||||||||||||||||||||||||
Armstrong Transport Group (Pele Buyer, LLC ) (1.0%)*(7) (9) (12) | Air Freight & Logistics | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 06/19, Due 06/24) | $ | 5,354,941 | $ | 5,277,976 | $ | 5,302,778 | ||||||||||||||||||||||||
First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 07/20, Due 06/24) | 2,000,318 | 1,964,493 | 2,000,318 | |||||||||||||||||||||||||||||
7,355,259 | 7,242,469 | 7,303,096 | ||||||||||||||||||||||||||||||
Ascensus Specialties, LLC (1.0%)*(7) (9) (10) | Specialty Chemicals | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 4.9% Cash, Acquired 09/19, Due 09/26) | 7,019,401 | 6,959,939 | 6,978,909 | |||||||||||||||||||||||||||
7,019,401 | 6,959,939 | 6,978,909 | ||||||||||||||||||||||||||||||
ASPEQ Heating Group LLC (1.2%)* (7) (9) (12) | Building Products, Air & Heating | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 11/19, Due 11/25) | 8,945,499 | 8,833,249 | 8,862,629 | |||||||||||||||||||||||||||
8,945,499 | 8,833,249 | 8,862,629 | ||||||||||||||||||||||||||||||
Auxi International (0.2%)*(3) (7) (9) (19) | Commercial Finance | First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 12/19, Due 12/26) | 1,712,970 | 1,514,901 | 1,682,438 | |||||||||||||||||||||||||||
1,712,970 | 1,514,901 | 1,682,438 | ||||||||||||||||||||||||||||||
AVSC Holding Corp. (1.4%)*(9) (12) | Advertising | First Lien Senior Secured Term Loan (LIBOR + 3.25%, 4.3% Cash, 0.25% PIK, Acquired 08/18, Due 03/25) | 4,904,496 | 4,313,104 | 4,165,780 | |||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (LIBOR + 4.50%, 5.5% Cash, 1.0% PIK, Acquired 08/18, Due 03/25) | 748,116 | 682,722 | 665,823 | |||||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (5.0% Cash, 10.0% PIK, Acquired 11/20, Due 10/26) | 4,951,086 | 4,816,560 | 5,668,994 | |||||||||||||||||||||||||||||
10,603,698 | 9,812,386 | 10,500,597 | ||||||||||||||||||||||||||||||
Bass Pro Group, LLC (0.3%)*(9) (12) | General Merchandise Stores | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 5.8% Cash, Acquired 03/20, Due 09/24) | 1,979,540 | 1,793,950 | 1,983,083 | |||||||||||||||||||||||||||
1,979,540 | 1,793,950 | 1,983,083 | ||||||||||||||||||||||||||||||
BDP International, Inc. (f/k/a BDP Buyer, LLC) (4.8%)*(7) (9) (12) | Air Freight & Logistics | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 12/18, Due 12/24) | 34,937,500 | 34,387,459 | 34,238,750 | |||||||||||||||||||||||||||
34,937,500 | 34,387,459 | 34,238,750 | ||||||||||||||||||||||||||||||
Beacon Pointe Advisors, LLC (0.1%)*(7) (9) (12) | Asset Manager & Custody Bank | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 03/20, Due 03/26) | 631,591 | 611,703 | 631,591 | |||||||||||||||||||||||||||
631,591 | 611,703 | 631,591 | ||||||||||||||||||||||||||||||
Benify (Bennevis AB) (0.2%)*(3) (7) (9) (20) | High Tech Industries | First Lien Senior Secured Term Loan (STIBOR + 5.25%, 5.3% Cash, Acquired 07/19, Due 07/26) | 1,588,980 | 1,366,586 | 1,576,555 | |||||||||||||||||||||||||||
1,588,980 | 1,366,586 | 1,576,555 | ||||||||||||||||||||||||||||||
Black Diamond Equipment Rentals LLC (1.2%)*(7) (23) | Equipment Rental | Second Lien Loan (12.5% Cash, Acquired 12/20, Due 06/22) | 7,500,000 | 7,500,000 | 7,500,000 | |||||||||||||||||||||||||||
Warrant (1.0 unit, Acquired 12/20) | 847,000 | 847,000 | ||||||||||||||||||||||||||||||
7,500,000 | 8,347,000 | 8,347,000 | ||||||||||||||||||||||||||||||
British Airways 2020-1 Class B Pass Through Trust (0.2%)* | Airlines | Structured Secured Note - Class B (8.4% Cash, Acquired 11/20, Due 11/28) | 1,500,000 | 1,500,000 | 1,661,827 | |||||||||||||||||||||||||||
1,500,000 | 1,500,000 | 1,661,827 | ||||||||||||||||||||||||||||||
British Engineering Services Holdco Limited (1.1%)*(3) (7) (9) (15) | Commercial Services & Supplies | First Lien Senior Secured Term Loan (GBP LIBOR + 5.25%, 5.5% Cash, Acquired 12/20, Due 12/27) | 8,667,451 | 7,989,566 | 8,191,066 | |||||||||||||||||||||||||||
8,667,451 | 7,989,566 | 8,191,066 | ||||||||||||||||||||||||||||||
Brown Machine Group Holdings, LLC (0.7%)*(7) (9) (12) | Industrial Equipment | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 10/18, Due 10/24) | 5,286,022 | 5,241,933 | 5,286,022 | |||||||||||||||||||||||||||
5,286,022 | 5,241,933 | 5,286,022 | ||||||||||||||||||||||||||||||
Cadent, LLC (f/k/a Cross MediaWorks) (1.0%)*(7) (9) (12) | Media & Entertainment | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 09/18, Due 09/23) | 7,532,846 | 7,490,785 | 7,361,851 | |||||||||||||||||||||||||||
7,532,846 | 7,490,785 | 7,361,851 | ||||||||||||||||||||||||||||||
Carlson Travel, Inc (1.0%)* | Business Travel Management | First Lien Senior Secured Note (6.8% Cash, Acquired 09/20, Due 12/25) | 3,000,000 | 2,362,500 | 2,471,250 | |||||||||||||||||||||||||||
Super Senior Secured Term Loan (10.5% Cash, Acquired 12/20, Due 3/25) | 4,239,000 | 4,149,608 | 4,376,768 | |||||||||||||||||||||||||||||
Common Stock (1,962 units, Acquired 11/20)(7) | 88,290 | 68,670 | ||||||||||||||||||||||||||||||
7,239,000 | 6,600,398 | 6,916,688 | ||||||||||||||||||||||||||||||
Carlyle Aviation Partners Ltd. (0.2%)* | Structured Finance | Structured Secured Note, Series 2019-2 - Class A (3.4% Cash, Acquired 3/20, Due 11/39) | 912,844 | 826,343 | 863,003 | |||||||||||||||||||||||||||
Structured Secured Note, Series 2018-2 - Class A (4.5% Cash, Acquired 3/20, Due 11/38) | 432,194 | 391,920 | 408,302 | |||||||||||||||||||||||||||||
1,345,038 | 1,218,263 | 1,271,305 | ||||||||||||||||||||||||||||||
TRIANGLE CAPITAL CORPORATION Consolidated Schedule of Investments — (Continued) December 31, 2016 | ||||||||||||||||
Portfolio Company | Industry | Type of Investment(1)(2)(7) | Principal Amount | Cost | Fair Value(3) | |||||||||||
CWS Holding Company, LLC (0%)* | Manufacturer of Custom Windows and Sliding Doors | Class A Units (1,500,000 units) | $ | 1,500,000 | $ | 2,076,000 | ||||||||||
1,500,000 | 2,076,000 | |||||||||||||||
Data Source Holdings, LLC (0%)* | Print Supply Chain Management Services | Common Units (47,503 units) | 1,000,000 | 940,000 | ||||||||||||
1,000,000 | 940,000 | |||||||||||||||
Del Real, LLC (2%)* | Hispanic Refrigerated Foods Company | Subordinated Note (11% Cash, Due 04/23) | $ | 14,000,000 | 13,727,515 | 13,727,515 | ||||||||||
Class A Units (3,000,000 units) | 3,000,000 | 3,000,000 | ||||||||||||||
14,000,000 | 16,727,515 | 16,727,515 | ||||||||||||||
DialogDirect, Inc. (2%)* | Business Process Outsourcing Provider | Subordinated Notes (12% Cash, 1.5% PIK, Due 04/20) | 16,126,541 | 16,020,226 | 11,994,000 | |||||||||||
16,126,541 | 16,020,226 | 11,994,000 | ||||||||||||||
Dimora Brands, Inc. (2%)* | Hardware Designer and Distributor | Subordinated Note (LIBOR + 10.0%, 11% Cash, Due 10/23)(8) | 12,500,000 | 12,267,514 | 12,267,514 | |||||||||||
12,500,000 | 12,267,514 | 12,267,514 | ||||||||||||||
DLC Acquisition, LLC (6%)* | Staffing Firm | Senior Notes (LIBOR + 8.0%, 10% Cash, Due 12/20)(8) | 21,312,500 | 21,047,577 | 21,047,577 | |||||||||||
Senior Note (10% Cash, 2% PIK, Due 12/20) | 16,929,763 | 16,735,793 | 16,735,793 | |||||||||||||
38,242,263 | 37,783,370 | 37,783,370 | ||||||||||||||
Dyno Acquiror, Inc. (1%)* | Sewing Products and Seasonal Decorative Products Supplier | Subordinated Note (12% Cash, 2% PIK, Due 11/19) | 7,531,330 | 7,474,744 | 7,474,744 | |||||||||||
Series A Units (600,000 units) | 600,000 | 739,000 | ||||||||||||||
7,531,330 | 8,074,744 | 8,213,744 | ||||||||||||||
Eckler's Holdings, Inc. (1%)* | Restoration Parts and Accessories for Classic Cars and Trucks | Subordinated Note (11% Cash, 4.5% PIK, Due 07/18) | 9,941,563 | 9,882,596 | 8,396,000 | |||||||||||
Common Stock (18,029 shares) | 183,562 | — | ||||||||||||||
Series A Preferred Stock (1,596 shares) | 1,596,126 | — | ||||||||||||||
Series B Preferred Stock (185 shares) | 185,127 | — | ||||||||||||||
9,941,563 | 11,847,411 | 8,396,000 | ||||||||||||||
Fresh-G Restaurant Holding, LLC (0%)* | Restaurant | Class A Units (5,000 units) | 500,000 | — | ||||||||||||
500,000 | — | |||||||||||||||
Flowchem Holdings LLC (0%)* | Services to Crude Oil Pipeline Operators | Common Units (1,000,000 units) | 782,356 | 2,552,000 | ||||||||||||
782,356 | 2,552,000 | |||||||||||||||
Fridababy Holdings, LLC (4%)* | Baby Products | Senior Notes (LIBOR + 9.0%, 10% Cash, Due 10/21)(8) | 23,000,000 | 22,558,007 | 22,558,007 | |||||||||||
Class B Units (4,500 units) | 273,401 | 273,401 | ||||||||||||||
23,000,000 | 22,831,408 | 22,831,408 | ||||||||||||||
FrontStream Holdings, LLC (2%)* | Payment and Donation Management Product Service Provider | Subordinated Note (12.5% Cash, Due 12/20) | 13,375,000 | 13,254,632 | 12,643,000 | |||||||||||
Series C-2 Preferred Shares (500 shares) | 500,000 | 435,000 | ||||||||||||||
13,375,000 | 13,754,632 | 13,078,000 | ||||||||||||||
Frontstreet Facility Solutions, Inc. (1%)* | Retail, Restaurant and Commercial Facilities Maintenance | Subordinated Note (11% Cash, 2% PIK, Due 07/18) | 8,462,629 | 8,418,332 | 6,771,000 | |||||||||||
Series A Convertible Preferred Stock (2,500 shares) | 250,000 | — | ||||||||||||||
Series B Convertible Preferred Stock (5,556 shares) | 500,000 | — | ||||||||||||||
8,462,629 | 9,168,332 | 6,771,000 | ||||||||||||||
Frozen Specialties, Inc. (2%)* | Frozen Foods Manufacturer | Subordinated Note (10% Cash, 4% PIK, Due 12/17) | 13,675,353 | 13,675,353 | 13,675,353 | |||||||||||
13,675,353 | 13,675,353 | 13,675,353 | ||||||||||||||
GST AutoLeather, Inc. (4%)* | Supplier of Automotive Interior Leather | Subordinated Note (11% Cash, 2% PIK, Due 01/21) | 23,131,473 | 22,812,032 | 22,812,032 | |||||||||||
23,131,473 | 22,812,032 | 22,812,032 | ||||||||||||||
Halo Branded Solutions, Inc. (2%)* | Supply Chain Services | Subordinated Notes (11% Cash, 1% PIK, Due 10/22) | 10,410,398 | 10,190,992 | 10,190,992 | |||||||||||
Class A1 Units (2,600 units) | 2,600,000 | 3,308,000 | ||||||||||||||
10,410,398 | 12,790,992 | 13,498,992 | ||||||||||||||
HKW Capital Partners IV, L.P. (0%)*(4) | Multi-Sector Holdings | 0.6% Limited Partnership Interest | 835,283 | 1,231,000 | ||||||||||||
835,283 | 1,231,000 | |||||||||||||||
Portfolio Company(6) | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | |||||||||||||||||||||||||||
Centralis Finco S.a.r.l. (0.1%)*(3) (7) (9) (18) | Diversified Financial Services | First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 05/20, Due 05/27) | $ | 867,913 | $ | 732,995 | $ | 867,913 | ||||||||||||||||||||||||
867,913 | 732,995 | 867,913 | ||||||||||||||||||||||||||||||
Cineworld Group PLC (1.1%)*(3) (9) (13) | Leisure Products | First Lien Senior Secured Term Loan (LIBOR + 2.50%, 2.8% Cash, Acquired 04/20, Due 02/25) | 9,070,729 | 5,915,501 | 6,121,290 | |||||||||||||||||||||||||||
Super Senior Secured Term Loan (7.0% Cash, 8.3% PIK, Acquired 11/20, Due 05/24) | 1,618,242 | 1,446,976 | 1,920,318 | |||||||||||||||||||||||||||||
Warrants (553,375 units, Acquired 12/20) | 101,602 | 166,416 | ||||||||||||||||||||||||||||||
10,688,971 | 7,464,079 | 8,208,024 | ||||||||||||||||||||||||||||||
Classic Collision (Summit Buyer, LLC) (1.6%)*(7) (9) (12) | Auto Collision Repair Centers | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 01/20, Due 01/26) | 12,006,341 | 11,774,075 | 11,820,664 | |||||||||||||||||||||||||||
12,006,341 | 11,774,075 | 11,820,664 | ||||||||||||||||||||||||||||||
CM Acquisitions Holdings Inc. (3.4%)*(7) (9) (13) | Internet & Direct Marketing | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 05/19, Due 05/25) | 24,655,278 | 24,287,477 | 24,196,657 | |||||||||||||||||||||||||||
24,655,278 | 24,287,477 | 24,196,657 | ||||||||||||||||||||||||||||||
CMT Opco Holding, LLC (Concept Machine) (0.6%)*(7) (9) (12) | Distributors | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 01/20, Due 01/25) | 4,425,935 | 4,351,646 | 4,097,088 | |||||||||||||||||||||||||||
LLC Units (8,309 units, Acquired 01/20) | 332,904 | 230,492 | ||||||||||||||||||||||||||||||
4,425,935 | 4,684,550 | 4,327,580 | ||||||||||||||||||||||||||||||
Command Alkon (Project Potter Buyer, LLC) (3.0%)*(7) (9) (10) | Software | First Lien Senior Secured Term Loan (LIBOR + 8.25%, 9.3% Cash, Acquired 04/20, Due 04/27) | 22,166,804 | 21,527,201 | 21,501,800 | |||||||||||||||||||||||||||
Class A Units (90.384 units, Acquired 04/20) | 90,384 | 93,510 | ||||||||||||||||||||||||||||||
Class B Units (33,324.69 units, Acquired 04/20) | — | 8,165 | ||||||||||||||||||||||||||||||
22,166,804 | 21,617,585 | 21,603,475 | ||||||||||||||||||||||||||||||
Confie Seguros Holding II Co. (0.3%)*(9) (12) | Insurance Brokerage Services | Second Lien Senior Secured Term Loan (LIBOR + 8.5%, 8.7% Cash, Acquired 10/19, Due 11/25) | 2,500,000 | 2,370,563 | 2,233,600 | |||||||||||||||||||||||||||
2,500,000 | 2,370,563 | 2,233,600 | ||||||||||||||||||||||||||||||
Contabo Finco S.À R.L (0.2%)*(3) (7) (9) (18) | Internet Software & Services | First Lien Senior Secured Term Loan (EURIBOR + 4.75%, 4.8% Cash, Acquired 10/19, Due 10/26) | 1,483,377 | 1,310,386 | 1,454,918 | |||||||||||||||||||||||||||
1,483,377 | 1,310,386 | 1,454,918 | ||||||||||||||||||||||||||||||
CSL DualCom (0.5%)*(3) (7) (9) (15) | Tele-communications | First Lien Senior Secured Term Loan (GBP LIBOR + 5.5%, 5.6% Cash, Acquired 09/20, Due 09/27) | 3,776,936 | 3,339,563 | 3,646,170 | |||||||||||||||||||||||||||
3,776,936 | 3,339,563 | 3,646,170 | ||||||||||||||||||||||||||||||
Custom Alloy Corporation (4.8%)*(7) (23) | Manufacturer of Pipe Fittings & Forgings | Second Lien Loan (15.0% PIK, Acquired 12/20, Due 04/22) | 39,391,300 | 31,434,257 | 31,434,257 | |||||||||||||||||||||||||||
Revolver (15.0% PIK, Acquired 12/20, Due 04/21) | 3,745,808 | 3,228,308 | 3,228,308 | |||||||||||||||||||||||||||||
43,137,108 | 34,662,565 | 34,662,565 | ||||||||||||||||||||||||||||||
Dart Buyer, Inc. (1.7%)*(3) (7) (9) (12) | Aerospace & Defense | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 04/19, Due 04/25) | 12,310,907 | 12,092,929 | 12,188,061 | |||||||||||||||||||||||||||
12,310,907 | 12,092,929 | 12,188,061 | ||||||||||||||||||||||||||||||
Diamond Sports Group, LLC (0.1%)*(9) (10) | Broadcasting | First Lien Senior Secured Term Loan (LIBOR + 3.25%, 3.4% Cash, Acquired 03/20, Due 08/26) | 989,975 | 790,536 | 872,208 | |||||||||||||||||||||||||||
989,975 | 790,536 | 872,208 | ||||||||||||||||||||||||||||||
Discovery Education, Inc. (3.7%)*(7) (9) (10) | Publishing | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 10/20, Due 10/26) | 27,000,000 | 26,538,991 | 26,527,500 | |||||||||||||||||||||||||||
27,000,000 | 26,538,991 | 26,527,500 | ||||||||||||||||||||||||||||||
Distinct Holdings, Inc. (1.0%)*(7) (9) (10) | Systems Software | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 04/19, Due 12/23) | 7,516,792 | 7,453,665 | 7,475,638 | |||||||||||||||||||||||||||
7,516,792 | 7,453,665 | 7,475,638 | ||||||||||||||||||||||||||||||
DreamStart Bidco SAS (d/b/a SmartTrade) (0.3%)*(3) (7) (9) (19) | Diversified Financial Services | First Lien Senior Secured Term Loan (EURIBOR + 4.5%, 4.5% Cash, 1.8% PIK, Acquired 03/20, Due 03/27) | 2,232,173 | 1,939,189 | 2,176,655 | |||||||||||||||||||||||||||
2,232,173 | 1,939,189 | 2,176,655 | ||||||||||||||||||||||||||||||
Dukane IAS, LLC (0.6%)*(7) (23) | Welding Equipment Manufacturer | Second Lien Note (10.5% Cash, 2.5% PIK, Acquired 12/20, Due 12/24) | 4,604,374 | 4,604,374 | 4,604,374 | |||||||||||||||||||||||||||
4,604,374 | 4,604,374 | 4,604,374 | ||||||||||||||||||||||||||||||
Envision Healthcare Corp. (0.4%)*(9) (10) | Health Care Services | First Lien Senior Secured Term Loan (LIBOR + 3.75%, 3.9% Cash, Acquired 03/20, Due 10/25) | 3,156,772 | 2,259,339 | 2,623,688 | |||||||||||||||||||||||||||
3,156,772 | 2,259,339 | 2,623,688 | ||||||||||||||||||||||||||||||
TRIANGLE CAPITAL CORPORATION Consolidated Schedule of Investments — (Continued) December 31, 2016 | ||||||||||||||||
Portfolio Company | Industry | Type of Investment(1)(2)(7) | Principal Amount | Cost | Fair Value(3) | |||||||||||
HTC Borrower, LLC (4%)* | Hunting and Outdoor Products | Subordinated Notes (10% Cash, 3% PIK, Due 09/20) | $ | 26,131,706 | $ | 25,854,767 | $ | 25,854,767 | ||||||||
26,131,706 | 25,854,767 | 25,854,767 | ||||||||||||||
ICP Industrial, Inc. (4%)* | Coatings Formulator and Manufacturer | Second Lien Term Note (LIBOR + 8.5%, 9.5% Cash, Due 04/22)(8) | 7,500,000 | 7,435,556 | 7,435,556 | |||||||||||
Subordinated Notes (10% Cash, 1% PIK, Due 10/22) | 8,088,123 | 7,946,278 | 7,946,278 | |||||||||||||
Subordinated Notes (14% PIK, Due 10/22) | 5,743,159 | 5,688,352 | 5,688,352 | |||||||||||||
Class A Units (1,289 units) | 1,751,483 | 1,929,000 | ||||||||||||||
21,331,282 | 22,821,669 | 22,999,186 | ||||||||||||||
Inland Pipe Rehabilitation Holding Company LLC (0%)* | Cleaning and Repair Services | Membership Interest Purchase Warrant (3%) | 853,500 | 1,527,000 | ||||||||||||
853,500 | 1,527,000 | |||||||||||||||
IPS Structural Adhesives Holdings, Inc. (2%)* | Specialty Adhesives and Plumbing Products Manufacturer | Second Lien Term Note (LIBOR + 9.5%, 10.5% Cash, Due 12/24)(8) | 15,000,000 | 14,700,000 | 14,700,000 | |||||||||||
15,000,000 | 14,700,000 | 14,700,000 | ||||||||||||||
KidKraft, Inc. (4%)* | Children's Toy Manufacturer and Distributor | Second Lien Term Note (11% Cash, 1% PIK, Due 03/22) | 27,668,623 | 27,135,218 | 27,135,218 | |||||||||||
27,668,623 | 27,135,218 | 27,135,218 | ||||||||||||||
K-Square Restaurant Partners, LP (1%)* | Restaurant | Class A Units of Limited Partnership (2,000 units) | 638,260 | 3,830,000 | ||||||||||||
638,260 | 3,830,000 | |||||||||||||||
Lakeview Health Holdings, Inc. (3%)* | Substance Abuse Treatment Service Provider | Senior Note (LIBOR + 6.75%, 7.8% Cash, Due 12/21)(8) | 18,612,633 | 18,412,633 | 18,412,633 | |||||||||||
Common Stock (2,000 shares) | 2,000,000 | 2,000,000 | ||||||||||||||
18,612,633 | 20,412,633 | 20,412,633 | ||||||||||||||
Media Storm, LLC (1%)* | Marketing Services | Subordinated Note (10% Cash, Due 08/19) | 6,545,455 | 6,533,934 | 5,055,000 | |||||||||||
Membership Units (1,216,204 units) | 1,176,957 | 260,000 | ||||||||||||||
6,545,455 | 7,710,891 | 5,315,000 | ||||||||||||||
MIC Holding LLC (2%)* | Firearm Accessories Manufacturer and Distributor | Preferred Units (1,470 units) | 1,470,000 | 3,012,000 | ||||||||||||
Common Units (30,000 units) | 30,000 | 8,837,000 | ||||||||||||||
1,500,000 | 11,849,000 | |||||||||||||||
Micross Solutions LLC (4%)* | Provider of Semiconductor Products and Services | Subordinated Note (12% Cash, 3% PIK, Due 06/18) | 24,435,074 | 24,342,230 | 24,342,230 | |||||||||||
Class A-2 Common Units (1,979,524 units) | 2,019,693 | 1,875,000 | ||||||||||||||
24,435,074 | 26,361,923 | 26,217,230 | ||||||||||||||
Motor Vehicle Software Corporation (3%)* | Provider of EVR Services | Subordinated Note (10% Cash, 0.5% PIK, Due 03/21) | 20,245,100 | 19,917,945 | 19,917,945 | |||||||||||
Class A Units (1,000,000 units) | 1,076,210 | 1,372,000 | ||||||||||||||
20,245,100 | 20,994,155 | 21,289,945 | ||||||||||||||
Nautic Partners VII, LP (0%)*(4) | Multi-Sector Holdings | 0.4% Limited Partnership Interest | 1,093,312 | 1,520,000 | ||||||||||||
1,093,312 | 1,520,000 | |||||||||||||||
Nomacorc, LLC (3%)* | Synthetic Wine Cork Producer | Subordinated Note (10% Cash, 2.3% PIK, Due 07/21) | 20,875,890 | 20,572,926 | 16,597,000 | |||||||||||
Limited Partnership Interest | 2,150,637 | — | ||||||||||||||
20,875,890 | 22,723,563 | 16,597,000 | ||||||||||||||
Orchid Underwriters Agency, LLC (4%)* | Insurance Underwriter | Term B Note (10% Cash, Due 11/19) | 21,409,670 | 21,125,036 | 21,125,036 | |||||||||||
Class A Preferred Units (15,000 units) | 1,500,000 | 1,972,000 | ||||||||||||||
Class A Common Units (15,000 units) | — | 1,624,000 | ||||||||||||||
21,409,670 | 22,625,036 | 24,721,036 | ||||||||||||||
PowerDirect Marketing, LLC (0%)* | Marketing Services | Senior Note (13% Cash, 2% PIK, Due 06/17)(6) | 8,573,531 | 5,077,482 | 850,000 | |||||||||||
Common Unit Purchase Warrants | 590,200 | — | ||||||||||||||
8,573,531 | 5,667,682 | 850,000 | ||||||||||||||
ProAmpac PG Borrower LLC (2%)* | Manufacturer of Flexible Packaging Products | Second Lien Term Note (LIBOR + 8.5%, 9.5% Cash, Due 11/24)(8) | 15,000,000 | 14,775,000 | 14,775,000 | |||||||||||
15,000,000 | 14,775,000 | 14,775,000 | ||||||||||||||
Portfolio Company(6) | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | |||||||||||||||||||||||||||
Exeter Property Group, LLC (2.6%)*(7) (9) (10) | Real Estate | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 4.7% Cash, Acquired 02/19, Due 08/24) | $ | 19,363,647 | $ | 19,100,177 | $ | 18,976,374 | ||||||||||||||||||||||||
19,363,647 | 19,100,177 | 18,976,374 | ||||||||||||||||||||||||||||||
F24 (Stairway BidCo Gmbh) (0.3%)*(3) (7) (9) (18) | Software Services | First Lien Senior Secured Term Loan (EURIBOR + 6.5%, 6.5% Cash, Acquired 08/20, Due 08/27) | 1,855,625 | 1,734,062 | 1,805,715 | |||||||||||||||||||||||||||
1,855,625 | 1,734,062 | 1,805,715 | ||||||||||||||||||||||||||||||
FitzMark Buyer, LLC (0.5%)*(7) (9) (10) | Cargo & Transportation | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 12/20, Due 12/26) | 3,529,412 | 3,429,854 | 3,429,412 | |||||||||||||||||||||||||||
3,529,412 | 3,429,854 | 3,429,412 | ||||||||||||||||||||||||||||||
Foundation Risk Partners, Corp. (1.4%)*(7) (9) (12) | Financial Services | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 09/20, Due 11/23) | 8,789,777 | 8,575,855 | 8,576,718 | |||||||||||||||||||||||||||
Second Lien Senior Secured Term Loan (LIBOR + 8.50%, 9.5% Cash, Acquired 09/20, Due 11/24) | 1,722,222 | 1,588,593 | 1,602,355 | |||||||||||||||||||||||||||||
10,511,999 | 10,164,448 | 10,179,073 | ||||||||||||||||||||||||||||||
GoldenTree Loan Opportunities IX, Limited: Series 2014-9A (0.2%)*(3) (9) (12) | Structured Finance | Structured Secured Note - Class DR2 (LIBOR + 3.0%, 3.2% Cash, Acquired 03/20, Due 10/29) | 1,250,000 | 916,935 | 1,231,963 | |||||||||||||||||||||||||||
1,250,000 | 916,935 | 1,231,963 | ||||||||||||||||||||||||||||||
GTM Intermediate Holdings, Inc. (0.9%)*(7) (23) | Medical Equipment Manufacturer | Second Lien Loan (11.0% Cash, 1.0% PIK, Acquired 12/20, Due 11/24) | 5,115,750 | 5,064,593 | 5,064,593 | |||||||||||||||||||||||||||
Common Stock (2 shares, Acquired 12/20) | 1,078,778 | 1,078,778 | ||||||||||||||||||||||||||||||
5,115,750 | 6,143,371 | 6,143,371 | ||||||||||||||||||||||||||||||
Gulf Finance, LLC (0.1%)*(9) (10) | Oil & Gas Exploration & Production | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 10/18, Due 08/23) | 1,048,305 | 944,246 | 788,105 | |||||||||||||||||||||||||||
1,048,305 | 944,246 | 788,105 | ||||||||||||||||||||||||||||||
Hawaiian Airlines 2020-1 Class B Pass Through Certificates (1.1%)* | Airlines | Structured Secured Note - Class B (11.3% Cash, Acquired 08/20, Due 09/25) | 7,500,000 | 7,500,000 | 7,738,286 | |||||||||||||||||||||||||||
7,500,000 | 7,500,000 | 7,738,286 | ||||||||||||||||||||||||||||||
Heartland, LLC (1.2%)*(7) (9) (12) | Commercial Services & Supplies | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 08/19, Due 08/25) | 8,831,018 | 8,667,194 | 8,582,892 | |||||||||||||||||||||||||||
8,831,018 | 8,667,194 | 8,582,892 | ||||||||||||||||||||||||||||||
Heilbron (f/k/a Sucsez (Bolt Bidco B.V.)) (1.6%)*(3) (7) (9) | Insurance | First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 09/19, Due 09/26)(19) | 10,413,655 | 9,216,174 | 10,266,128 | |||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (EURIBOR + 6.25%, 6.3% Cash, Acquired 07/20, Due 09/26) (18) | 1,092,757 | 820,169 | 1,092,757 | |||||||||||||||||||||||||||||
11,506,412 | 10,036,343 | 11,358,885 | ||||||||||||||||||||||||||||||
Highbridge Loan Management Ltd: Series 2014A-19 (0.1%)*(3) (9) (12) | Structured Finance | Structured Secured Note - Class E (LIBOR + 6.75%, 7.0% Cash, Acquired 03/20, Due 07/30) | 1,000,000 | 833,749 | 978,180 | |||||||||||||||||||||||||||
1,000,000 | 833,749 | 978,180 | ||||||||||||||||||||||||||||||
Highpoint Global LLC (0.7%)*(7) (23) | Government Services | Second Lien Note (12.0% Cash, 2.0% PIK, Acquired 12/20, Due 09/22) | 5,307,799 | 5,286,568 | 5,286,568 | |||||||||||||||||||||||||||
5,307,799 | 5,286,568 | 5,286,568 | ||||||||||||||||||||||||||||||
Holley Performance Products (Holley Purchaser, Inc.) (2.4%)*(7) (9) (12) | Automotive Parts & Equipment | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 5.2% Cash, Acquired 10/18, Due 10/25) | 16,936,387 | 16,754,221 | 16,936,387 | |||||||||||||||||||||||||||
16,936,387 | 16,754,221 | 16,936,387 | ||||||||||||||||||||||||||||||
HTI Technology & Industries (1.70%)* (7) (23) | Electronic Component Manufacturing | Second Lien Note (12.0% Cash, 4.8% PIK, Acquired 12/20, Due 09/24) | 12,619,964 | 12,115,165 | 12,115,165 | |||||||||||||||||||||||||||
12,619,964 | 12,115,165 | 12,115,165 | ||||||||||||||||||||||||||||||
HW Holdco, LLC (Hanley Wood LLC) (1.0%)*(7) (9) (12) | Advertising | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 12/18, Due 12/24) | 7,527,218 | 7,396,115 | 7,527,218 | |||||||||||||||||||||||||||
7,527,218 | 7,396,115 | 7,527,218 | ||||||||||||||||||||||||||||||
Hyperion Materials & Technologies, Inc. (1.9%)*(7) (9) (12) | Industrial Machinery | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 08/19, Due 08/26) | 13,855,795 | 13,643,767 | 13,700,560 | |||||||||||||||||||||||||||
13,855,795 | 13,643,767 | 13,700,560 | ||||||||||||||||||||||||||||||
IGL Holdings III Corp. (1.9%)*(7) (9) (12) | Commercial Printing | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 11/20, Due 11/26) | 14,025,147 | 13,635,887 | 13,626,360 | |||||||||||||||||||||||||||
14,025,147 | 13,635,887 | 13,626,360 | ||||||||||||||||||||||||||||||
IM Analytics Holding, LLC (d/b/a NVT) (1.0%)*(7) (9) (12) | Electronic Instruments & Components | First Lien Senior Secured Term Loan (LIBOR + 7.0%, 8.0% Cash, Acquired 11/19, Due 11/23) | 8,209,191 | 8,147,872 | 6,982,738 | |||||||||||||||||||||||||||
Warrant (68,950 units, Acquired 11/19) | — | — | ||||||||||||||||||||||||||||||
8,209,191 | 8,147,872 | 6,982,738 | ||||||||||||||||||||||||||||||
TRIANGLE CAPITAL CORPORATION Consolidated Schedule of Investments — (Continued) December 31, 2016 | ||||||||||||||||
Portfolio Company | Industry | Type of Investment(1)(2)(7) | Principal Amount | Cost | Fair Value(3) | |||||||||||
RockYou, Inc. (0%)* | Mobile Game Advertising Network | Common Stock (67,585 shares) | $ | 111,000 | $ | 111,000 | ||||||||||
111,000 | 111,000 | |||||||||||||||
Rotolo Consultants, Inc. (1%)* | Landscape Services | Subordinated Note (11% Cash, 3% PIK, Due 08/21) | $ | 6,904,210 | 6,792,686 | 6,792,686 | ||||||||||
Series A Preferred Units (39 units) | 3,654,253 | 1,671,000 | ||||||||||||||
6,904,210 | 10,446,939 | 8,463,686 | ||||||||||||||
SCA Pharmaceuticals, LLC (0%)* | Provider of Pharmaceutical Products | Subordinated Note (LIBOR + 9.0%, 10% Cash, Due 12/20)(8) | 3,000,000 | 2,700,000 | 2,700,000 | |||||||||||
3,000,000 | 2,700,000 | 2,700,000 | ||||||||||||||
SCUF Gaming, Inc. (4%)* | Gaming Controller Manufacturer | Senior Notes (LIBOR + 8.5%, 9.5% Cash, Due 12/21)(8) | 25,008,000 | 24,507,840 | 24,507,840 | |||||||||||
Common Stock (27,112 shares) | 742,000 | 742,000 | ||||||||||||||
25,008,000 | 25,249,840 | 25,249,840 | ||||||||||||||
Smile Brands, Inc. (4%)* | Dental Service Organization | Subordinated Notes (10% Cash, 2% PIK, Due 02/23) | 22,341,283 | 21,910,129 | 21,910,129 | |||||||||||
Class A Units (3,000 units) | 3,000,000 | 3,000,000 | ||||||||||||||
22,341,283 | 24,910,129 | 24,910,129 | ||||||||||||||
SPC Partners V, LP (0%)*(4) | Multi-Sector Holdings | 0.7% Limited Partnership Interest | 1,922,865 | 2,019,000 | ||||||||||||
1,922,865 | 2,019,000 | |||||||||||||||
Specialized Desanders, Inc. (2%)*(4) | Sand and Particulate Removal Equipment Provider for Oil and Gas Companies | Subordinated Note (12% Cash, 2% PIK, Due 03/20) | 16,110,042 | 15,966,524 | 12,524,143 | |||||||||||
Class C Partnership Units (2,000,000 units) | 1,937,421 | 2,813,000 | ||||||||||||||
16,110,042 | 17,903,945 | 15,337,143 | ||||||||||||||
Tate's Bake Shop (2%)* | Producer of Baked Goods | Subordinated Note (10% Cash, 3% PIK, Due 02/20) | 10,737,451 | 10,606,430 | 10,606,430 | |||||||||||
Limited Partnership Interest | 925,000 | 1,310,000 | ||||||||||||||
10,737,451 | 11,531,430 | 11,916,430 | ||||||||||||||
TCFI Merlin LLC (2%)* | Specialty Staffing Service Provider | Senior Notes (10% Cash, 1% PIK, Due 09/19) | 13,396,027 | 13,212,935 | 13,212,935 | |||||||||||
Limited Partnership Units (500,500 units) | 500,000 | 578,000 | ||||||||||||||
13,396,027 | 13,712,935 | 13,790,935 | ||||||||||||||
The Cook & Boardman Group, LLC (3%)* | Distributor of Doors and Related Products | Subordinated Note (10% Cash, 2.5% PIK, Due 03/20) | 14,840,320 | 14,656,890 | 14,656,890 | |||||||||||
Class A Units (1,400,000 units) | 1,400,000 | 2,663,000 | ||||||||||||||
14,840,320 | 16,056,890 | 17,319,890 | ||||||||||||||
Trademark Global LLC (3%)* | Supplier to Mass Market Internet Retail | Subordinated Note (10% Cash, 1.3% PIK, Due 04/23) | 14,800,000 | 14,584,165 | 14,584,165 | |||||||||||
Class A Units (1,500,000 units) | 1,500,000 | 1,500,000 | ||||||||||||||
Class B Units (1,500,000 units) | — | — | ||||||||||||||
14,800,000 | 16,084,165 | 16,084,165 | ||||||||||||||
Travelpro Products, Inc. ("Travelpro") and TP - Holiday Group Limited ("TP") (3%)* | Luggage and Travel Bag Supplier | Second Lien Term Note - Travelpro (11% Cash, 2% PIK, Due 11/22) | 10,126,055 | 9,919,675 | 9,919,675 | |||||||||||
Second Lien Term Note - TP (11% Cash, 2% PIK, Due 11/22)(4) | 8,970,540 | 8,784,798 | 8,562,599 | |||||||||||||
Common Units - Travelpro (2,000,000 units) | 2,000,000 | 2,077,000 | ||||||||||||||
19,096,595 | 20,704,473 | 20,559,274 | ||||||||||||||
United Biologics, LLC (2%)* | Allergy Immunotherapy | Senior Note (12% Cash, 2% PIK, Due 04/18) | 12,758,807 | 12,686,184 | 12,686,184 | |||||||||||
Class A-1 Common Units (18,818 units) | 137,324 | 137,000 | ||||||||||||||
Class A Common Units (177,935 units) | 1,999,989 | 1,767,000 | ||||||||||||||
Class A-2 Common Kicker Units (444,003 units) | — | — | ||||||||||||||
Class A-1 Common Kicker Units (14,114 units) | — | — | ||||||||||||||
Class A, Class A-1, Class A-1 Kicker & Class B Unit Purchase Warrants | 838,117 | 361,000 | ||||||||||||||
12,758,807 | 15,661,614 | 14,951,184 | ||||||||||||||
Vantage Mobility International, LLC (5%)* | Wheelchair Accessible Vehicle Manufacturer | Subordinated Notes (10.2% Cash, Due 09/21) | 29,350,000 | 28,785,893 | 28,785,893 | |||||||||||
Class A Units (1,750,000 units) | 1,750,000 | 1,750,000 | ||||||||||||||
29,350,000 | 30,535,893 | 30,535,893 | ||||||||||||||
Portfolio Company(6) | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | |||||||||||||||||||||||||||
INOS 19-090 GmbH (1.7%)*(3) (7) (9) (18) | Aerospace & Defense | First Lien Senior Secured Term Loan (EURIBOR + 6.1%, 6.1% Cash, Acquired 12/20, Due 10/27) | $ | 12,275,911 | $ | 11,888,699 | $ | 11,934,913 | ||||||||||||||||||||||||
12,275,911 | 11,888,699 | 11,934,913 | ||||||||||||||||||||||||||||||
Institutional Shareholder Services, Inc. (0.7%)*(7) (9) (12) | Diversified Support Services | Second Lien Senior Secured Term Loan (LIBOR + 8.5%, 8.7% Cash, Acquired 03/19, Due 03/27) | 4,951,685 | 4,830,132 | 4,951,685 | |||||||||||||||||||||||||||
4,951,685 | 4,830,132 | 4,951,685 | ||||||||||||||||||||||||||||||
International Precision Components (1.0%)*(7) (23) | Plastic Injection Molding | Second Lien Loan (12.0% Cash, 2.0% PIK, Acquired 12/20, Due 10/24) | 7,000,000 | 6,895,000 | 6,895,000 | |||||||||||||||||||||||||||
7,000,000 | 6,895,000 | 6,895,000 | ||||||||||||||||||||||||||||||
ISS#2, LLC (d/b/a Industrial Services Solutions) (0.9%)*(7) (9) (12) | Commercial Services & Supplies | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 02/20, Due 02/26) | 6,819,551 | 6,700,432 | 6,300,583 | |||||||||||||||||||||||||||
6,819,551 | 6,700,432 | 6,300,583 | ||||||||||||||||||||||||||||||
Jade Bidco Limited (Jane's) (1.7%)*(3) (7) (9) | Aerospace & Defense | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 4.8% Cash, 2.0% PIK, Acquired 11/19, Due 12/26)(13) | 10,538,414 | 10,291,098 | 10,353,797 | |||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (EURIBOR + 4.5%, 4.5% Cash, 2.0% PIK, Acquired 11/19, Due 12/26)(19) | 2,057,007 | 1,813,166 | 2,020,971 | |||||||||||||||||||||||||||||
12,595,421 | 12,104,264 | 12,374,768 | ||||||||||||||||||||||||||||||
Jedson Engineering, Inc. (0.4%)*(7) (8) (23) | Engineering & Construction Management | First Lien Loan (12.0% Cash, 3.0% PIK, Acquired 12/20, Due 06/22) | 9,560,423 | 3,000,000 | 3,000,000 | |||||||||||||||||||||||||||
9,560,423 | 3,000,000 | 3,000,000 | ||||||||||||||||||||||||||||||
JetBlue 2019-1 Class B Pass Through Trust (0.7%)* | Airlines | Structured Secured Note - Class B (8.0% Cash, Acquired 08/20, Due 11/27) | 4,721,693 | 4,721,693 | 5,048,044 | |||||||||||||||||||||||||||
4,721,693 | 4,721,693 | 5,048,044 | ||||||||||||||||||||||||||||||
Kano Laboratories LLC (1.4%)*(7) (9) (12) | Chemicals, Plastics & Rubber | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 11/20, Due 09/26) | 9,873,095 | 9,589,856 | 9,584,754 | |||||||||||||||||||||||||||
Partnership Equity (227.2 units, Acquired 11/20) | 227,198 | 227,200 | ||||||||||||||||||||||||||||||
9,873,095 | 9,817,054 | 9,811,954 | ||||||||||||||||||||||||||||||
Kenan Advantage Group Inc. (0.6%)* (9) (10) | Trucking | First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.0% Cash, Acquired 08/18, Due 07/22) | 4,265,453 | 4,263,951 | 4,217,125 | |||||||||||||||||||||||||||
4,265,453 | 4,263,951 | 4,217,125 | ||||||||||||||||||||||||||||||
Kene Acquisition, Inc. (En Engineering) (1.0%)*(7) (9) (12) | Oil & Gas Equipment & Services | First Lien Senior Secured Term Loan (LIBOR + 4.25%, 5.3% Cash, Acquired 08/19, Due 08/26) | 7,298,712 | 7,173,784 | 7,202,679 | |||||||||||||||||||||||||||
7,298,712 | 7,173,784 | 7,202,679 | ||||||||||||||||||||||||||||||
Kona Buyer, LLC (4.8%)*(7) (9) (12) | High Tech Industries | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 12/20, Due 12/27) | 35,000,000 | 34,132,135 | 34,125,000 | |||||||||||||||||||||||||||
35,000,000 | 34,132,135 | 34,125,000 | ||||||||||||||||||||||||||||||
LAC Intermediate, LLC (f/k/a Lighthouse Autism Center) (1.3%)*(7) (9) (12) | Healthcare & Pharmaceuticals | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 10/18, Due 10/24) | 9,218,032 | 9,083,136 | 8,987,581 | |||||||||||||||||||||||||||
Class A LLC Units (154,320 units, Acquired 10/18) | 154,320 | 184,312 | ||||||||||||||||||||||||||||||
9,218,032 | 9,237,456 | 9,171,893 | ||||||||||||||||||||||||||||||
Learfield Communications, LLC (1.0%)* | Broadcasting | First Lien Senior Secured Term Loan (LIBOR + 3.25%, 4.3% Cash, Acquired 08/20, Due 12/23)(9)(10) | 136,803 | 96,446 | 123,073 | |||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (LIBOR + 3.00%, 3.2% Cash, 10.0% PIK, Acquired 08/20, Due 12/23)(12) | 7,181,368 | 7,117,163 | 7,133,468 | |||||||||||||||||||||||||||||
7,318,171 | 7,213,609 | 7,256,541 | ||||||||||||||||||||||||||||||
Legal Solutions Holdings (1.3%)*(7) (23) | Business Services | Senior Subordinated Loan (6.0% Cash, 10.0% PIK, Acquired 12/20, Due 03/22) | 10,398,126 | 9,597,471 | 9,597,471 | |||||||||||||||||||||||||||
10,398,126 | 9,597,471 | 9,597,471 | ||||||||||||||||||||||||||||||
MB2 Dental Solutions, LLC (1.0%)*(7) (9) (12) | Health Care Services | First Lien Senior Secured Term Loan (LIBOR + 6.5%, 6.7% Cash, Acquired 09/19, Due 09/23) | 7,443,622 | 7,381,819 | 7,443,622 | |||||||||||||||||||||||||||
7,443,622 | 7,381,819 | 7,443,622 | ||||||||||||||||||||||||||||||
Media Recovery, Inc. (SpotSee) (1.3%)*(7) (9) (12) | Containers, Packaging & Glass | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 11/19, Due 11/25) | 9,179,626 | 8,873,020 | 9,018,983 | |||||||||||||||||||||||||||
9,179,626 | 8,873,020 | 9,018,983 | ||||||||||||||||||||||||||||||
Modern Star Holdings Bidco Pty Limited. (1.4%)*(3) (7) (9) (22) | Non-durable Consumer Goods | First Lien Senior Secured Term Loan (BBSY + 6.25%, 6.8% Cash, Acquired 12/20, Due 12/26) | 10,482,797 | 9,973,821 | 10,101,881 | |||||||||||||||||||||||||||
10,482,797 | 9,973,821 | 10,101,881 | ||||||||||||||||||||||||||||||
TRIANGLE CAPITAL CORPORATION Consolidated Schedule of Investments — (Continued) December 31, 2016 | ||||||||||||||||
Portfolio Company | Industry | Type of Investment(1)(2)(7) | Principal Amount | Cost | Fair Value(3) | |||||||||||
Water Pik, Inc. (5%)* | Oral Health and Shower Head Supplier | Second Lien Term Loan (LIBOR + 8.75%, 9.8% Cash, Due 01/21)(8) | $ | 31,150,970 | $ | 30,769,847 | $ | 30,769,847 | ||||||||
31,150,970 | 30,769,847 | 30,769,847 | ||||||||||||||
Wheel Pros Holdings, Inc. (3%)* | Wheel/Rim and Performance Tire Distributor | Subordinated Note (LIBOR + 7.0%, 11% Cash, Due 06/20)(8) | 13,822,500 | 13,605,040 | 13,605,040 | |||||||||||
Class A Units (2,000 units) | 1,954,144 | 1,954,000 | ||||||||||||||
13,822,500 | 15,559,184 | 15,559,040 | ||||||||||||||
Women's Marketing, Inc. (2%)* | Full-Service Media Organization | Subordinated Note (11% Cash, 1.5% PIK, Due 06/21)(6) | 16,868,045 | 16,141,439 | 11,093,000 | |||||||||||
Class A Common Units (16,300 units) | 1,630,000 | — | ||||||||||||||
16,868,045 | 17,771,439 | 11,093,000 | ||||||||||||||
WSO Holdings, LP (1%)* | Organic/Fair Trade Sugar, Syrup, Nectar and Honey Producer | Common Points (3,000 points) | 3,000,000 | 3,576,000 | ||||||||||||
3,000,000 | 3,576,000 | |||||||||||||||
YummyEarth Inc. (3%)* | Organic Candy Manufacturer | Senior Notes (LIBOR + 8.5%, 9.5% Cash, Due 08/20)(8) | 22,000,000 | 21,565,471 | 19,564,000 | |||||||||||
Limited Partnership Interest | 3,496,500 | — | ||||||||||||||
22,000,000 | 25,061,971 | 19,564,000 | ||||||||||||||
Subtotal Non–Control / Non–Affiliate Investments | 825,243,841 | 888,974,154 | 857,604,639 | |||||||||||||
Affiliate Investments: | ||||||||||||||||
All Metals Holding, LLC (1%)* | Steel Processor and Distributor | Subordinated Note (12% Cash, 1% PIK, Due 12/21) | 6,433,333 | 6,249,220 | 6,249,220 | |||||||||||
Units (318,977 units) | 793,331 | 754,000 | ||||||||||||||
6,433,333 | 7,042,551 | 7,003,220 | ||||||||||||||
CIS Secure Computing Inc. (2%)* | Secure Communications and Computing Solutions Provider | Subordinated Note (12% Cash, 3% PIK, Due 03/18) | 11,670,708 | 11,670,708 | 11,670,708 | |||||||||||
Common Stock (84 shares) | 502,320 | 2,155,000 | ||||||||||||||
11,670,708 | 12,173,028 | 13,825,708 | ||||||||||||||
Consolidated Lumber Company LLC (1%)* | Lumber Yard Operator | Subordinated Note (10% Cash, 2% PIK, Due 09/20) | 4,193,848 | 4,121,389 | 4,278,000 | |||||||||||
Class A Units (15,000 units) | 1,500,000 | 2,481,000 | ||||||||||||||
4,193,848 | 5,621,389 | 6,759,000 | ||||||||||||||
DPII Holdings, LLC (0%)* | Satellite Communication Business | Tranche I & II Subordinated Notes (12% Cash, 4% PIK, Due 01/18)(6) | 3,744,709 | 3,227,001 | 2,356,001 | |||||||||||
Tranche III Subordinated Note (19% PIK, Due 01/18)(6) | 2,408,752 | 2,148,462 | — | |||||||||||||
Class A Membership Interest (17,308 units) | 1,107,692 | — | ||||||||||||||
6,153,461 | 6,483,155 | 2,356,001 | ||||||||||||||
FCL Holding SPV, LLC (0%)* | Commercial Printing Services | Class A Interest (24,873 units) | 292,000 | 645,000 | ||||||||||||
Class B Interest (48,427 units) | — | 101,000 | ||||||||||||||
Class C Interest (3,746 units) | — | — | ||||||||||||||
292,000 | 746,000 | |||||||||||||||
Frank Entertainment Group, LLC (3%)* | Movie Theatre and Family Entertainment Operator | Senior Note (LIBOR + 7%, 10% Cash, 5.8% PIK, Due 06/18)(8) | 9,997,644 | 9,940,684 | 9,940,684 | |||||||||||
Class A Redeemable Preferred Units (10.5% Cash) (196,718 units) | 3,934,666 | 4,566,904 | ||||||||||||||
Class B Redeemable Preferred Units (18,667 units) | 433,334 | 1,660,810 | ||||||||||||||
Class C Redeemable Preferred Units (25,846 units) | 600,000 | 600,000 | ||||||||||||||
Class A Common Units (43,077 units) | 1,000,000 | — | ||||||||||||||
Class A Common Warrants | 632,000 | — | ||||||||||||||
9,997,644 | 16,540,684 | 16,768,398 | ||||||||||||||
MS Bakery Holdings, Inc. (1%)* | Baked Goods Provider | Preferred Units (233 units) | 211,867 | 397,000 | ||||||||||||
Common B Units (3,000 units) | 23,140 | 2,110,000 | ||||||||||||||
Common A Units (1,652 units) | 14,993 | 1,162,000 | ||||||||||||||
250,000 | 3,669,000 | |||||||||||||||
Portfolio Company(6) | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | |||||||||||||||||||||||||||
MSG National Properties (0.3%)*(3) (7) (9) (12) | Hotel, Gaming, & Leisure | First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.0% Cash, Acquired 11/20, Due 11/25) | $ | 2,461,759 | $ | 2,389,417 | $ | 2,474,068 | ||||||||||||||||||||||||
2,461,759 | 2,389,417 | 2,474,068 | ||||||||||||||||||||||||||||||
Murphy Midco Limited (1.3%)*(3) (7) (9) (16) | Media, Diversified & Production | First Lien Senior Secured Term Loan (GBP LIBOR + 5.50%, 5.5% Cash, Acquired 11/20, Due 11/27) | 9,904,416 | 9,228,222 | 9,508,239 | |||||||||||||||||||||||||||
9,904,416 | 9,228,222 | 9,508,239 | ||||||||||||||||||||||||||||||
Music Reports, Inc. (0.8%)*(7) (9) (10) | Media & Entertainment | First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 08/20, Due 08/26) | 5,592,972 | 5,459,912 | 5,469,461 | |||||||||||||||||||||||||||
5,592,972 | 5,459,912 | 5,469,461 | ||||||||||||||||||||||||||||||
Neuberger Berman CLO Ltd: Series 2020-36A (0.3%)*(3) (9) (12) | Structured Finance | Structured Secured Note - Class E (LIBOR + 7.81%, 8.0% Cash, Acquired 03/20, Due 04/33) | 2,500,000 | 2,476,562 | 2,501,790 | |||||||||||||||||||||||||||
2,500,000 | 2,476,562 | 2,501,790 | ||||||||||||||||||||||||||||||
NGS US Finco, LLC (f/k/a Dresser Natural Gas Solutions) (1.6%)*(7) (9) (10) | Energy Equipment & Services | First Lien Senior Secured Term Loan (LIBOR + 4.25%, 5.3% Cash, Acquired 10/18, Due 10/25) | 11,855,804 | 11,813,315 | 11,645,956 | |||||||||||||||||||||||||||
11,855,804 | 11,813,315 | 11,645,956 | ||||||||||||||||||||||||||||||
Omni Intermediate Holdings, LLC (1.4%)*(7) (9) (10) | Transportation | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 12/20, Due 12/26) | 10,000,000 | 9,700,263 | 9,700,000 | |||||||||||||||||||||||||||
10,000,000 | 9,700,263 | 9,700,000 | ||||||||||||||||||||||||||||||
Options Technology Ltd. (1.3%)*(3) (7) (9) (12) | Computer Services | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 12/19, Due 12/25) | 9,796,552 | 9,583,342 | 9,633,049 | |||||||||||||||||||||||||||
9,796,552 | 9,583,342 | 9,633,049 | ||||||||||||||||||||||||||||||
Pacific Health Supplies Bidco Pty Limited (2.5%)*(3) (7) (9) (21) | Healthcare & Pharmaceuticals | First Lien Senior Secured Term Loan (BBSY + 6.0%, 6.5% Cash, Acquired 12/20, Due 12/25) | 18,489,367 | 17,237,355 | 17,919,335 | |||||||||||||||||||||||||||
18,489,367 | 17,237,355 | 17,919,335 | ||||||||||||||||||||||||||||||
Pare SAS (SAS Maurice MARLE) (0.7%)*(3) (7) (9) (19) | Health Care Equipment | First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, 1.5% PIK, Acquired 12/19, Due 12/26) | 4,817,430 | 4,305,403 | 4,683,024 | |||||||||||||||||||||||||||
4,817,430 | 4,305,403 | 4,683,024 | ||||||||||||||||||||||||||||||
Patriot New Midco 1 Limited (Forensic Risk Alliance) (1.2%)*(3) (7) (9) | Diversified Financial Services | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 02/20, Due 02/27)(12) | 4,489,471 | 4,372,581 | 4,388,907 | |||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 02/20, Due 02/27) (18) | 4,126,940 | 3,579,755 | 4,034,496 | |||||||||||||||||||||||||||||
8,616,411 | 7,952,336 | 8,423,403 | ||||||||||||||||||||||||||||||
PerTronix, LLC (1.1%)*(7) (9) (13) | Automotive | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 10/20, Due 10/26) | 8,308,515 | 8,186,879 | 8,183,887 | |||||||||||||||||||||||||||
8,308,515 | 8,186,879 | 8,183,887 | ||||||||||||||||||||||||||||||
Playtika Holding Corp. (0.5%)*(9) (12) | Leisure, Amusement & Entertainment | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 03/20, Due 12/24) | 3,800,000 | 3,536,230 | 3,818,582 | |||||||||||||||||||||||||||
3,800,000 | 3,536,230 | 3,818,582 | ||||||||||||||||||||||||||||||
Premier Technical Services Group (Project Graphite) (0.4%)*(3) (7) (9) (15) | Construction & Engineering | First Lien Senior Secured Term Loan (GBP LIBOR + 6.75%, 7.3% Cash, Acquired 08/19, Due 06/26) | 3,108,900 | 2,681,906 | 3,039,998 | |||||||||||||||||||||||||||
3,108,900 | 2,681,906 | 3,039,998 | ||||||||||||||||||||||||||||||
Premium Franchise Brands, LLC (3.4%)*(7) (9) (12) | Research & Consulting Services | First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 12/20, Due 12/26) | 25,000,000 | 24,501,666 | 24,500,000 | |||||||||||||||||||||||||||
25,000,000 | 24,501,666 | 24,500,000 | ||||||||||||||||||||||||||||||
Process Equipment, Inc. (ProcessBarron) (0.8%)*(7) (9) (12) | Industrial Air & Material Handling Equipment | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 03/19, Due 03/25) | 6,173,594 | 6,090,812 | 5,612,414 | |||||||||||||||||||||||||||
6,173,594 | 6,090,812 | 5,612,414 | ||||||||||||||||||||||||||||||
Professional Datasolutions, Inc. (PDI) (2.3%)*(7) (9) (12) | Application Software | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 03/19, Due 10/24) | 16,924,678 | 16,905,254 | 16,628,496 | |||||||||||||||||||||||||||
16,924,678 | 16,905,254 | 16,628,496 | ||||||||||||||||||||||||||||||
PSC UK Pty Ltd. (0.4%)*(3) (7) (9) (15) | Insurance Services | First Lien Senior Secured Term Loan (GBP LIBOR + 6.0%, 6.5% Cash, Acquired 11/19, Due 10/24) | 2,684,817 | 2,439,292 | 2,614,299 | |||||||||||||||||||||||||||
2,684,817 | 2,439,292 | 2,614,299 | ||||||||||||||||||||||||||||||
Questel Unite (3.1%)*(3) (7) (9) (18) | Business Services | First Lien Senior Secured Term Loan (EURIBOR + 6.25%, 7.3% Cash, Acquired 12/20, Due 12/27) | 22,451,369 | 21,728,443 | 21,905,058 | |||||||||||||||||||||||||||
22,451,369 | 21,728,443 | 21,905,058 | ||||||||||||||||||||||||||||||
TRIANGLE CAPITAL CORPORATION Consolidated Schedule of Investments — (Continued) December 31, 2016 | ||||||||||||||||
Portfolio Company | Industry | Type of Investment(1)(2)(7) | Principal Amount | Cost | Fair Value(3) | |||||||||||
NB Products, Inc. (8%)* | Distributor of Work Apparel and Accessories | Subordinated Note (12% Cash, 2% PIK, Due 02/20) | $ | 23,105,315 | $ | 22,751,190 | $ | 22,751,190 | ||||||||
Jr. Subordinated Note (10% PIK, Due 02/20) | 4,705,830 | 4,595,921 | 4,595,921 | |||||||||||||
Jr. Subordinated Bridge Note (20% PIK, Due 05/21) | 2,002,586 | 1,972,727 | 1,972,727 | |||||||||||||
Series A Redeemable Senior Preferred Stock (7,839 shares) | 7,621,648 | 9,412,000 | ||||||||||||||
Common Stock (1,668,691 shares) | 333,738 | 9,779,000 | ||||||||||||||
29,813,731 | 37,275,224 | 48,510,838 | ||||||||||||||
PCX Aerostructures, LLC (4%)* | Aerospace Component Manufacturer | Subordinated Note (10.5% Cash, Due 10/19) | 29,647,359 | 29,148,152 | 21,960,000 | |||||||||||
Series A Preferred Stock (6,066 shares) | 6,065,621 | — | ||||||||||||||
Series B Preferred Stock (411 shares) | 410,514 | — | ||||||||||||||
Class A Common Stock (121,922 shares) | 30,480 | — | ||||||||||||||
29,647,359 | 35,654,767 | 21,960,000 | ||||||||||||||
Team Waste, LLC (1%)* | Environmental and Facilities Services | Preferred Units (455,000 units) | 9,100,000 | 9,100,000 | ||||||||||||
9,100,000 | 9,100,000 | |||||||||||||||
Technology Crops, LLC (2%)* | Supply Chain Management Services | Subordinated Notes (12% Cash, 5% PIK, Due 09/17) | 11,837,622 | 11,837,622 | 11,837,622 | |||||||||||
Common Units (50 units) | 500,000 | — | ||||||||||||||
11,837,622 | 12,337,622 | 11,837,622 | ||||||||||||||
TGaS Advisors, LLC (2%)* | Advisory Solutions to Pharmaceutical Companies | Senior Note (10% Cash, 1% PIK, Due 11/19) | 9,674,276 | 9,521,986 | 9,521,986 | |||||||||||
Preferred Units (1,685,357 units) | 1,556,069 | 1,270,000 | ||||||||||||||
9,674,276 | 11,078,055 | 10,791,986 | ||||||||||||||
Tulcan Fund IV, L.P. (0%)* | Custom Forging and Fastener Supplies | Common Units (1,000,000 units) | 1,000,000 | — | ||||||||||||
1,000,000 | — | |||||||||||||||
United Retirement Plan Consultants, Inc. (0%)* | Retirement Plan Administrator | Series A Preferred Shares (9,400 shares) | 205,748 | 257,000 | ||||||||||||
Common Shares (100,000 shares) | 1,000,000 | 301,000 | ||||||||||||||
1,205,748 | 558,000 | |||||||||||||||
Waste Recyclers Holdings, LLC (0%)* | Environmental and Facilities Services | Class A Preferred Units (280 units) | 2,251,100 | — | ||||||||||||
Class B Preferred Units (11,484,867 units) | 3,304,218 | 817,000 | ||||||||||||||
Common Unit Purchase Warrant (1,170,083 units) | 748,900 | — | ||||||||||||||
Common Units (153,219 units) | 180,783 | — | ||||||||||||||
6,485,001 | 817,000 | |||||||||||||||
Wythe Will Tzetzo, LLC (1%)* | Confectionery Goods Distributor | Series A Preferred Units (99,829 units) | — | 6,808,000 | ||||||||||||
— | 6,808,000 | |||||||||||||||
Subtotal Affiliate Investments | 119,421,982 | 162,539,224 | 161,510,773 | |||||||||||||
Control Investments: | ||||||||||||||||
CRS Reprocessing, LLC (1%)* | Fluid Reprocessing Services | Senior Notes (LIBOR + 3.5%, 4.3% Cash, Due 06/17)(8) | 2,942,769 | 2,942,769 | 2,942,769 | |||||||||||
Split Collateral Term Loans (8% Cash, Due 06/17) | 11,192,464 | 11,192,464 | 6,182,000 | |||||||||||||
Series F Preferred Units (705,321 units) | 9,134,807 | — | ||||||||||||||
Common Units (15,174 units) | — | — | ||||||||||||||
14,135,233 | 23,270,040 | 9,124,769 | ||||||||||||||
DCWV Acquisition Corporation (0%)* | Arts & Crafts and Home Decor Products Designer and Supplier | Senior Subordinated Note (15% PIK, Due 12/19)(6) | 291,875 | 250,000 | 250,000 | |||||||||||
Subordinated Note (12% Cash, 3% PIK, Due 12/19)(6) | 8,090,699 | 6,178,633 | 1,389,000 | |||||||||||||
Jr. Subordinated Note (15% PIK, Due 12/19)(6) | 2,440,829 | 2,000,000 | — | |||||||||||||
Series A Preferred Equity (1,200 shares) | 1,200,000 | — | ||||||||||||||
100% Common Shares | — | — | ||||||||||||||
10,823,403 | 9,628,633 | 1,639,000 | ||||||||||||||
Portfolio Company(6) | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | |||||||||||||||||||||||||||
Radwell International, LLC (1.9%)*(7) (9) (12) | Wholesale | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 12/20, Due 12/26) | $ | 14,264,053 | $ | 13,916,962 | $ | 13,914,053 | ||||||||||||||||||||||||
14,264,053 | 13,916,962 | 13,914,053 | ||||||||||||||||||||||||||||||
Recovery Point Systems, Inc. (1.6%)*(7) (9) (10) | Technology | First Lien Senior Secured Term Loan (LIBOR + 6.5%, 7.5% Cash, Acquired 03/20, Due 07/26) | 11,795,776 | 11,572,084 | 11,766,287 | |||||||||||||||||||||||||||
11,795,776 | 11,572,084 | 11,766,287 | ||||||||||||||||||||||||||||||
REP SEKO MERGER SUB LLC (1.2%)* (7) (9) (10) | Air Freight & Logistics | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 12/20, Due 12/26) | 8,545,455 | 8,290,487 | 8,345,456 | |||||||||||||||||||||||||||
8,545,455 | 8,290,487 | 8,345,456 | ||||||||||||||||||||||||||||||
RPX Corporation (2.4%)*(7) (9) (12) | Research & Consulting Services | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 10/20, Due 10/25) | 17,500,000 | 17,110,715 | 17,106,250 | |||||||||||||||||||||||||||
17,500,000 | 17,110,715 | 17,106,250 | ||||||||||||||||||||||||||||||
RR Ltd: Series 2019-6A (0.3%)*(3) (12) | Structured Finance | Structured Secured Note - Class D (LIBOR + 6.75%, 7.0% Cash, Acquired 03/20, Due 04/30) | 2,000,000 | 1,661,539 | 2,000,124 | |||||||||||||||||||||||||||
2,000,000 | 1,661,539 | 2,000,124 | ||||||||||||||||||||||||||||||
Ruffalo Noel Levitz, LLC (1.3%)*(7) (9) (12) | Media Services | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 01/19, Due 05/22) | 9,616,736 | 9,552,719 | 9,567,718 | |||||||||||||||||||||||||||
9,616,736 | 9,552,719 | 9,567,718 | ||||||||||||||||||||||||||||||
Safety Products Holdings, LLC (2.5%)* (9) (12) | Non-durable Consumer Goods | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 12/20, Due 12/26)(7) | 18,108,567 | 17,559,056 | 17,555,609 | |||||||||||||||||||||||||||
Common Stock (424.1 units, Acquired 12/20) | 424,088 | 424,090 | ||||||||||||||||||||||||||||||
18,108,567 | 17,983,144 | 17,979,699 | ||||||||||||||||||||||||||||||
Scaled Agile, Inc. (0.7%)*(7) (9) (10) | Research & Consulting Services | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 06/19, Due 06/24) | 4,845,720 | 4,807,839 | 4,797,263 | |||||||||||||||||||||||||||
4,845,720 | 4,807,839 | 4,797,263 | ||||||||||||||||||||||||||||||
Serta Simmons Bedding LLC (1.5%)*(9) (10) | Home Furnishings | Super Priority First Out (LIBOR + 7.5%, 8.5% Cash, Acquired 6/20, Due 08/23) | 7,424,499 | 7,234,063 | 7,498,744 | |||||||||||||||||||||||||||
Super Priority Second Out (LIBOR + 7.5%, 8.5% Cash, Acquired 6/20, Due 08/23) | 3,643,817 | 3,379,870 | 3,272,913 | |||||||||||||||||||||||||||||
11,068,316 | 10,613,933 | 10,771,657 | ||||||||||||||||||||||||||||||
SISU ACQUISITIONCO., INC. (2.2%)*(7) (9) (12) | Aerospace & Defense | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 12/20, Due 12/26) | 16,132,835 | 15,811,282 | 15,810,178 | |||||||||||||||||||||||||||
16,132,835 | 15,811,282 | 15,810,178 | ||||||||||||||||||||||||||||||
SMA Holdings, Inc. (1.0%)*(7) (23) | Consulting | First Lien Loan (11.0% Cash, Acquired 12/20, Due 06/24) | 7,000,000 | 6,720,000 | 6,720,000 | |||||||||||||||||||||||||||
Warrants (2.0 units, Acquired 12/20) | 286,781 | 286,781 | ||||||||||||||||||||||||||||||
7,000,000 | 7,006,781 | 7,006,781 | ||||||||||||||||||||||||||||||
Smile Brands Group Inc. (2.1%)*(7) (9) (12) | Health Care Services | First Lien Senior Secured Term Loan (LIBOR + 5.17%, 5.4% Cash, Acquired 10/18, Due 10/24) | 5,880,607 | 5,842,184 | 5,824,154 | |||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 12/20, Due 10/24) | 9,310,993 | 9,030,258 | 9,024,500 | |||||||||||||||||||||||||||||
15,191,600 | 14,872,442 | 14,848,654 | ||||||||||||||||||||||||||||||
SN BUYER, LLC (4.8%)*(7) (9) (12) | Health Care Services | First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 12/20, Due 11/26) | 35,000,000 | 34,304,393 | 34,300,000 | |||||||||||||||||||||||||||
35,000,000 | 34,304,393 | 34,300,000 | ||||||||||||||||||||||||||||||
Springbrook Software (SBRK Intermediate, Inc.) (1.3%)*(7) (9) (12) | Enterprise Software & Services | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 12/19, Due 12/26) | 9,349,719 | 9,152,983 | 9,201,599 | |||||||||||||||||||||||||||
9,349,719 | 9,152,983 | 9,201,599 | ||||||||||||||||||||||||||||||
SSCP Pegasus Midco Limited (2.3%)*(3) (7) (9) (16) | Healthcare & Pharmaceuticals | First Lien Senior Secured Term Loan (GBP LIBOR + 6.75%, 6.8% Cash, Acquired 12/20, Due 11/27) | 17,664,989 | 16,498,614 | 16,733,353 | |||||||||||||||||||||||||||
17,664,989 | 16,498,614 | 16,733,353 | ||||||||||||||||||||||||||||||
Syniverse Holdings, Inc. (2.2%)*(9) (12) | Technology Distributors | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 08/18, Due 03/23) | 17,480,454 | 16,048,735 | 15,749,365 | |||||||||||||||||||||||||||
17,480,454 | 16,048,735 | 15,749,365 | ||||||||||||||||||||||||||||||
Team Health Holdings, Inc. (0.8%)*(9) (10) | Health Care Services | First Lien Senior Secured Term Loan (LIBOR + 2.75%, 3.8% Cash, Acquired 09/18, Due 02/24) | 6,822,785 | 6,659,174 | 6,058,906 | |||||||||||||||||||||||||||
6,822,785 | 6,659,174 | 6,058,906 | ||||||||||||||||||||||||||||||
TRIANGLE CAPITAL CORPORATION Consolidated Schedule of Investments — (Continued) December 31, 2016 | ||||||||||||||||
Portfolio Company | Industry | Type of Investment(1)(2)(7) | Principal Amount | Cost | Fair Value(3) | |||||||||||
Gerli & Company (0%)* | Specialty Woven Fabrics Manufacturer | Subordinated Note (13% Cash, Due 1/17)(6) | $ | 648,527 | $ | 375,000 | $ | — | ||||||||
Subordinated Note (8.5% Cash, Due 1/17)(6) | 4,900,843 | 3,000,000 | — | |||||||||||||
Class A Preferred Shares (1,211 shares) | 855,000 | — | ||||||||||||||
Class C Preferred Shares (744 shares) | — | — | ||||||||||||||
Class E Preferred Shares (400 shares) | 161,440 | — | ||||||||||||||
Common Stock (300 shares) | 100,000 | — | ||||||||||||||
5,549,370 | 4,491,440 | — | ||||||||||||||
SRC Worldwide, Inc. (1%)* | Specialty Chemical Manufacturer | Common Stock (5,000 shares) | 8,028,000 | 8,028,000 | ||||||||||||
8,028,000 | 8,028,000 | |||||||||||||||
Subtotal Control Investments | 30,508,006 | 45,418,113 | 18,791,769 | |||||||||||||
Total Investments, December 31, 2016 (170%)* | $ | 975,173,829 | $ | 1,096,931,491 | $ | 1,037,907,181 |
Portfolio Company(6) | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | |||||||||||||||||||||||||||
The Hilb Group, LLC (2.1%)*(7) (9) | Insurance Brokerage | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 12/19, Due 12/26)(11) | $ | 11,667,719 | $ | 11,413,365 | $ | 11,541,707 | ||||||||||||||||||||||||
First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 12/19, Due 12/26)(12) | 3,602,001 | 3,374,934 | 3,373,303 | |||||||||||||||||||||||||||||
15,269,720 | 14,788,299 | 14,915,010 | ||||||||||||||||||||||||||||||
Total Safety U.S. Inc. (0.9%)* (12) | Diversified Support Services | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 11/19, Due 08/25) | 6,857,482 | 6,611,003 | 6,576,325 | |||||||||||||||||||||||||||
6,857,482 | 6,611,003 | 6,576,325 | ||||||||||||||||||||||||||||||
Transit Technologies LLC (0.7%)*(7) (9) (12) | Software | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.0% Cash, Acquired 02/20, Due 02/25) | 6,035,305 | 5,859,123 | 5,221,746 | |||||||||||||||||||||||||||
6,035,305 | 5,859,123 | 5,221,746 | ||||||||||||||||||||||||||||||
Transportation Insight, LLC (3.3%)*(7) (9) (12) | Air Freight & Logistics | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 4.6% Cash, Acquired 08/18, Due 12/24) | 24,506,875 | 24,346,335 | 23,899,105 | |||||||||||||||||||||||||||
24,506,875 | 24,346,335 | 23,899,105 | ||||||||||||||||||||||||||||||
Truck-Lite Co., LLC (3.0%)*(7) (9) (12) | Automotive Parts & Equipment | First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 12/19, Due 12/26) | 22,352,885 | 21,960,470 | 21,791,827 | |||||||||||||||||||||||||||
22,352,885 | 21,960,470 | 21,791,827 | ||||||||||||||||||||||||||||||
Trystar, LLC (2.5%)*(7) (9) (12) | Power Distribution Solutions | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 09/18, Due 09/23) | 17,596,398 | 17,384,658 | 17,288,461 | |||||||||||||||||||||||||||
Class A LLC Units (384.5 units, Acquired 09/18) | 395,995 | 339,474 | ||||||||||||||||||||||||||||||
17,596,398 | 17,780,653 | 17,627,935 | ||||||||||||||||||||||||||||||
Tuf-Tug, Inc. (0.1%)*(7) (23) | Safety Equipment Manufacturer | Common Stock (24.6 shares, Acquired 12/20) | 385,047 | $ | 385,047 | |||||||||||||||||||||||||||
385,047 | 385,047 | |||||||||||||||||||||||||||||||
Turf Products, LLC (1.2%)*(7) (23) | Landscaping & Irrigation Equipment Distributor | Senior Subordinated Debt (10.0% Cash, Acquired 12/20, Due 10/23) | 8,697,056 | 8,383,962 | 8,383,962 | |||||||||||||||||||||||||||
8,697,056 | 8,383,962 | 8,383,962 | ||||||||||||||||||||||||||||||
U.S. Gas & Electric, Inc. (0.2%)*(7) (23) | Energy Services | Second Lien Loan (9.5% Cash, Acquired 12/20, Due 07/25) | 2,285,250 | 1,785,250 | 1,785,250 | |||||||||||||||||||||||||||
Second Lien Loan (9.5% Cash, Acquired 12/20, Due 07/25)(24) | 2,485,469 | — | — | |||||||||||||||||||||||||||||
4,770,719 | 1,785,250 | 1,785,250 | ||||||||||||||||||||||||||||||
U.S. Silica Company (0.2%)*(3) (9) (10) | Metal & Glass Containers | First Lien Senior Secured Term Loan (LIBOR + 4.0%, 5.0% Cash, Acquired 08/18, Due 05/25) | 1,487,525 | 1,490,312 | 1,299,724 | |||||||||||||||||||||||||||
1,487,525 | 1,490,312 | 1,299,724 | ||||||||||||||||||||||||||||||
UKFast Leaders Limited (3.3%)*(3) (7) (9) (14) | Technology | First Lien Senior Secured Term Loan (GBP LIBOR + 6.75%, 6.8% Cash, Acquired 09/20, Due 9/27) | 24,226,278 | 22,140,865 | 23,625,466 | |||||||||||||||||||||||||||
24,226,278 | 22,140,865 | 23,625,466 | ||||||||||||||||||||||||||||||
USF Holdings LLC (U.S. Farathane, LLC) (0.4%)*(9) (12) | Auto Parts & Equipment | First Lien Senior Secured Term Loan (LIBOR + 3.5%, 4.5% Cash, Acquired 08/18, Due 12/21) | 3,088,580 | 3,092,541 | 2,849,214 | |||||||||||||||||||||||||||
3,088,580 | 3,092,541 | 2,849,214 | ||||||||||||||||||||||||||||||
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.) (2.1%)*(7) (9) (12) | Legal Services | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 11/18, Due 11/24) | 16,388,428 | 16,165,710 | 15,226,488 | |||||||||||||||||||||||||||
16,388,428 | 16,165,710 | 15,226,488 | ||||||||||||||||||||||||||||||
Utac Ceram (0.2%)*(3) (7) (9) (18) | Business Services | First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 09/20, Due 09/27) | 1,713,064 | 1,524,242 | 1,651,143 | |||||||||||||||||||||||||||
1,713,064 | 1,524,242 | 1,651,143 | ||||||||||||||||||||||||||||||
Validity, Inc. (0.6%)*(7) (9) (10) | IT Consulting & Other Services | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 4.9% Cash, Acquired 07/19, Due 05/25) | 5,025,862 | 4,896,882 | 4,586,098 | |||||||||||||||||||||||||||
5,025,862 | 4,896,882 | 4,586,098 | ||||||||||||||||||||||||||||||
W2O Holdings, Inc. (0.0%)* (7) (9) | Healthcare Technology | Undrawn Delayed Draw Term Loan (LIBOR + 5.0%, 5.0% Cash, Acquired 10/20, Due 06/25) | — | (115,981) | (104,214) | |||||||||||||||||||||||||||
— | (115,981) | (104,214) | ||||||||||||||||||||||||||||||
Winebow Group, LLC, (The) (2.1%)*(9) (10) | Consumer Goods | First Lien Senior Secured Term Loan (LIBOR + 3.75%, 4.8% Cash, Acquired 11/19, Due 07/21) | 10,599,445 | 10,113,510 | 9,690,543 | |||||||||||||||||||||||||||
Second Lien Senior Secured Term Loan (LIBOR + 7.5%, 8.5% Cash, Acquired 10/19, Due 01/22) | 7,141,980 | 4,813,864 | 5,713,584 | |||||||||||||||||||||||||||||
17,741,425 | 14,927,374 | 15,404,127 | ||||||||||||||||||||||||||||||
Portfolio Company(6) | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | |||||||||||||||||||||||||||
World 50, Inc. (1.7%)*(7) (9) (10) | Professional Services | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 01/20, Due 01/26) | $ | 3,313,191 | $ | 3,218,141 | $ | 3,313,191 | ||||||||||||||||||||||||
First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 09/20, Due 01/26) | 9,100,607 | 8,905,025 | 8,940,436 | |||||||||||||||||||||||||||||
12,413,798 | 12,123,166 | 12,253,627 | ||||||||||||||||||||||||||||||
Subtotal Non–Control / Non–Affiliate Investments (184.7%) | 1,378,776,392 | 1,318,614,617 | 1,325,783,281 | |||||||||||||||||||||||||||||
Affiliate Investment: (4) | ||||||||||||||||||||||||||||||||
Advantage Insurance, Inc. (0.8%)*(7) (23) | Banking, Finance, Insurance, & Real Estate | Preferred Stock (587,001 shares, Acquired 12/20) | 5,946,641 | 5,946,641 | ||||||||||||||||||||||||||||
5,946,641 | 5,946,641 | |||||||||||||||||||||||||||||||
Jocassee Partners LLC (3.2%)*(3) | Investment Funds & Vehicles | 9.1% Member Interest, Acquired 06/19 | 20,158,270 | 22,623,820 | ||||||||||||||||||||||||||||
20,158,270 | 22,623,820 | |||||||||||||||||||||||||||||||
JSC Tekers Holdings (0.7%)*(3) (7) (23) | Real Estate Management | Preferred Stock (9,159,085 shares, Acquired 12/20) | 4,753,000 | 4,753,000 | ||||||||||||||||||||||||||||
Common Stock (3,201 shares, Acquired 12/20) | — | — | ||||||||||||||||||||||||||||||
4,753,000 | 4,753,000 | |||||||||||||||||||||||||||||||
Security Holdings B.V. (4.9%)*(3) (7) (23) | Electrical Engineering | Bridge Loan (5.0% PIK, Acquired 12/20, Due 05/22) | 5,187,506 | 5,187,508 | 5,187,508 | |||||||||||||||||||||||||||
Senior Subordinated Loan (3.1% PIK, Acquired 12/20, Due 05/22) | 8,746,454 | 8,746,454 | 8,746,454 | |||||||||||||||||||||||||||||
Common Stock (1,099.5 shares, Acquired 12/20) | 21,264,000 | 21,329,370 | ||||||||||||||||||||||||||||||
13,933,960 | 35,197,962 | 35,263,332 | ||||||||||||||||||||||||||||||
Thompson Rivers LLC (1.4%)*(3) | Investment Funds & Vehicles | 10% Member Interest, Acquired 06/20 | 10,000,000 | 10,011,840 | ||||||||||||||||||||||||||||
10,000,000 | 10,011,840 | |||||||||||||||||||||||||||||||
Subtotal Affiliate Investments (11.0%) | 13,933,960 | 76,055,873 | 78,598,633 | |||||||||||||||||||||||||||||
Control Investments:(5) | ||||||||||||||||||||||||||||||||
MVC Automotive Group Gmbh (2.3%)*(3) (7) (23) | Other Diversified Financial Services | Bridge Loan (6.0% Cash, Acquired 12/20, Due 12/21) | 7,149,166 | 7,149,166 | 7,149,166 | |||||||||||||||||||||||||||
Common Equity Interest (18,000 shares, Acquired 12/20) | 9,553,000 | 9,582,368 | ||||||||||||||||||||||||||||||
7,149,166 | 16,702,166 | 16,731,534 | ||||||||||||||||||||||||||||||
MVC Private Equity Fund LP (1.3%)*(3) (23) | Investment Funds & Vehicles | General Partnership Interest | 224,978 | 224,978 | ||||||||||||||||||||||||||||
Limited Partnership Interest | 8,899,284 | 8,899,284 | ||||||||||||||||||||||||||||||
9,124,262 | 9,124,262 | |||||||||||||||||||||||||||||||
Subtotal Control Investments (3.6%) | 7,149,166 | 25,826,428 | 25,855,796 | |||||||||||||||||||||||||||||
Short-Term Investments: | ||||||||||||||||||||||||||||||||
BlackRock, Inc. (4.2%)* | Money Market Fund | BlackRock Liquidity Temporary Fund (0.08% yield) | 30,000,000 | 30,000,000 | ||||||||||||||||||||||||||||
30,000,000 | 30,000,000 | |||||||||||||||||||||||||||||||
JPMorgan Chase & Co. (5.0%)* | Money Market Fund | JPMorgan Prime Money Market Fund (0.09% yield) | 35,558,227 | 35,558,227 | ||||||||||||||||||||||||||||
35,558,227 | 35,558,227 | |||||||||||||||||||||||||||||||
Subtotal Short-Term Investments (9.1%) | 65,558,227 | 65,558,227 | ||||||||||||||||||||||||||||||
Total Investments, December 31, 2020 (208.4%)* | $ | 1,399,859,518 | $ | 1,486,055,145 | $ | 1,495,795,937 | ||||||||||||||||||||||||||
Credit Support Agreement(a)(b)(d) | |||||||||||||||||||||||||||||||||||||||||
Description | Counter Party | Settlement Date(c) | Notional Amount | Value | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||||||||||||||
Credit Support Agreement | Barings LLC | 01/01/31 | $ | 23,000,000 | $ | 13,600,000 | $ | — | |||||||||||||||||||||||||||||||||
Total Credit Support Agreement, December 31, 2020 | $ | — |
Foreign Currency Forward Contracts: | ||||||||||||||||||||||||||||||||
Description | Notional Amount to be Purchased | Notional Amount to be Sold | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||||||
Foreign currency forward contract (AUD) | $8,471,304 | A$11,378,670 | 01/05/21 | $ | (309,049) | |||||||||||||||||||||||||||
Foreign currency forward contract (AUD) | A$11,378,670 | $8,610,504 | 01/05/21 | 169,849 | ||||||||||||||||||||||||||||
Foreign currency forward contract (AUD) | $148,019 | A$193,882 | 04/06/21 | (1,698) | ||||||||||||||||||||||||||||
Foreign currency forward contract (EUR) | $13,472,749 | €11,406,604 | 01/05/21 | (483,801) | ||||||||||||||||||||||||||||
Foreign currency forward contract (EUR) | €11,406,604 | $13,518,023 | 01/05/21 | 438,526 | ||||||||||||||||||||||||||||
Foreign currency forward contract (EUR) | $561,754 | €456,604 | 04/06/21 | 1,944 | ||||||||||||||||||||||||||||
Foreign currency forward contract (GBP) | $13,554,607 | £10,215,299 | 01/05/21 | (409,190) | ||||||||||||||||||||||||||||
Foreign currency forward contract (GBP) | £10,215,299 | $13,717,678 | 01/05/21 | 246,118 | ||||||||||||||||||||||||||||
Foreign currency forward contract (GBP) | $13,109,849 | £9,672,758 | 04/06/21 | (119,769) | ||||||||||||||||||||||||||||
Foreign currency forward contract (SEK) | $141,603 | 1,259,406kr | 01/05/21 | (11,748) | ||||||||||||||||||||||||||||
Foreign currency forward contract (SEK) | 1,259,406kr | $152,396 | 01/05/21 | 955 | ||||||||||||||||||||||||||||
Foreign currency forward contract (SEK) | $164,325 | 1,356,628kr | 04/06/21 | (1,028) | ||||||||||||||||||||||||||||
Total Foreign Currency Forward Contracts, December 31, 2020 | $ | (478,891) |
Amount of Realized Gain (Loss) | Amount of Unrealized Gain (Loss) | Amount of Interest or Dividends Credited to Income(b) | December 31, 2019 Value | Gross Additions (c) | Gross Reductions (d) | December 31, 2020 Value | ||||||||||||||||||||
Portfolio Company | Type of Investment(a) | |||||||||||||||||||||||||
Advantage Insurance, Inc.(e) | Preferred Stock (587,001 shares) | $ | — | $ | — | $ | — | $ | — | $ | 5,946,641 | $ | — | $ | 5,946,641 | |||||||||||
— | — | — | — | 5,946,641 | — | 5,946,641 | ||||||||||||||||||||
Jocassee Partners LLC | 9.1% Member Interest | — | 2,394,007 | — | 10,229,813 | 12,394,007 | — | 22,623,820 | ||||||||||||||||||
— | 2,394,007 | — | 10,229,813 | 12,394,007 | — | 22,623,820 | ||||||||||||||||||||
JSC Tekers Holdings(e) | Common Stock (3,201 shares) | — | — | — | — | — | — | — | ||||||||||||||||||
Preferred Stock (9,159,085 shares) | — | — | — | — | 4,753,000 | — | 4,753,000 | |||||||||||||||||||
— | — | — | — | 4,753,000 | — | 4,753,000 | ||||||||||||||||||||
Security Holdings B.V(e) | Bridge Loan (5.0% PIK) | — | — | — | — | 5,187,508 | — | 5,187,508 | ||||||||||||||||||
Senior Subordinated Loan (3.1% PIK) | — | — | — | — | 8,746,454 | — | 8,746,454 | |||||||||||||||||||
Common Stock (1,099.5 shares) | — | 65,370 | — | — | 21,329,370 | — | 21,329,370 | |||||||||||||||||||
— | 65,370 | — | — | 35,263,332 | — | 35,263,332 | ||||||||||||||||||||
Thompson Rivers LLC | 10% Member Interest | — | 11,840 | — | — | 10,011,840 | — | 10,011,840 | ||||||||||||||||||
— | 11,840 | — | — | 10,011,840 | — | 10,011,840 | ||||||||||||||||||||
Total Affiliate Investments | $ | — | $ | 2,471,217 | $ | — | $ | 10,229,813 | $ | 68,368,820 | $ | — | $ | 78,598,633 |
Amount of Realized Gain (Loss) | Amount of Unrealized Gain (Loss) | Amount of Interest or Dividends Credited to Income(b) | December 31, 2019 Value | Gross Additions (c) | Gross Reductions (d) | December 31, 2020 Value | ||||||||||||||||||||
Portfolio Company | Type of Investment(a) | |||||||||||||||||||||||||
MVC Automotive Group GmbH(e) | Common Equity Interest (18,000 shares) | $ | — | $ | 29,368 | $ | — | $ | — | $ | 9,582,368 | $ | — | $ | 9,582,368 | |||||||||||
Bridge Loan (6.0% PIK) | — | — | 9,532 | — | 7,149,166 | — | 7,149,166 | |||||||||||||||||||
— | 29,368 | 9,532 | — | 16,731,534 | — | 16,731,534 | ||||||||||||||||||||
MVC Private Equity Fund LP(e) | Limited Partnership Interest | — | — | — | — | 8,899,284 | — | 8,899,284 | ||||||||||||||||||
General Partnership Interest | — | — | 5,292 | — | 224,978 | — | 224,978 | |||||||||||||||||||
— | — | 5,292 | — | 9,124,262 | — | 9,124,262 | ||||||||||||||||||||
Total Control Investments | $ | — | $ | 29,368 | $ | 14,824 | $ | — | $ | 25,855,796 | $ | — | $ | 25,855,796 |
Cost | Percentage of Total Portfolio | Fair Value | Percentage of Total Portfolio | Percentage of Total Net Assets | |||||||||||||||||||||||||
June 30, 2021: | |||||||||||||||||||||||||||||
Senior debt and 1st lien notes | $ | 1,204,984,713 | 78 | % | $ | 1,218,866,771 | 77 | % | 164 | % | |||||||||||||||||||
Subordinated debt and 2nd lien notes | 188,845,576 | 12 | 186,866,059 | 12 | 25 | ||||||||||||||||||||||||
Structured products | 21,620,236 | 1 | 24,834,070 | 2 | 3 | ||||||||||||||||||||||||
Equity shares | 46,546,414 | 3 | 52,002,551 | 3 | 7 | ||||||||||||||||||||||||
Equity warrants | 1,398,383 | — | 1,488,768 | — | — | ||||||||||||||||||||||||
Investment in joint ventures / PE fund | 74,807,532 | 5 | 80,476,958 | 5 | 11 | ||||||||||||||||||||||||
Short-term investments | 10,574,196 | 1 | 10,574,196 | 1 | 2 | ||||||||||||||||||||||||
$ | 1,548,777,050 | 100 | % | $ | 1,575,109,373 | 100 | % | 212 | % | ||||||||||||||||||||
December 31, 2020: | |||||||||||||||||||||||||||||
Senior debt and 1st lien notes | $ | 1,167,436,742 | 79 | % | $ | 1,171,250,512 | 79 | % | 163 | % | |||||||||||||||||||
Subordinated debt and 2nd lien notes | 137,776,808 | 9 | 138,767,120 | 9 | 19 | ||||||||||||||||||||||||
Structured products | 30,071,808 | 2 | 32,508,845 | 2 | 5 | ||||||||||||||||||||||||
Equity shares | 44,693,645 | 3 | 44,651,114 | 3 | 6 | ||||||||||||||||||||||||
Equity warrants | 1,235,383 | — | 1,300,197 | — | — | ||||||||||||||||||||||||
Investment in joint ventures / PE fund | 39,282,532 | 3 | 41,759,922 | 3 | 6 | ||||||||||||||||||||||||
Short-term investments | 65,558,227 | 4 | 65,558,227 | 4 | 9 | ||||||||||||||||||||||||
$ | 1,486,055,145 | 100 | % | $ | 1,495,795,937 | 100 | % | 208 | % |
Cost | Percentage of Total Portfolio | Fair Value | Percentage of Total Portfolio | ||||||||||
September 30, 2017: | |||||||||||||
Subordinated debt and 2nd lien notes | $ | 812,599,788 | 66 | % | $ | 688,995,595 | 63 | % | |||||
Senior debt and 1st lien notes | 290,613,735 | 23 | 270,479,180 | 25 | |||||||||
Equity shares | 133,883,175 | 11 | 131,120,904 | 12 | |||||||||
Equity warrants | 1,691,617 | — | 596,000 | — | |||||||||
$ | 1,238,788,315 | 100 | % | $ | 1,091,191,679 | 100 | % | ||||||
December 31, 2016: | |||||||||||||
Subordinated debt and 2nd lien notes | $ | 753,635,857 | 69 | % | $ | 690,159,367 | 67 | % | |||||
Senior debt and 1st lien notes | 198,616,110 | 18 | 191,643,157 | 18 | |||||||||
Equity shares | 140,524,807 | 13 | 154,216,657 | 15 | |||||||||
Equity warrants | 4,154,717 | — | 1,888,000 | — | |||||||||
$ | 1,096,931,491 | 100 | % | $ | 1,037,907,181 | 100 | % |
June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
Aerospace and Defense | $ | 95,521,492 | 6.1 | % | $ | 82,501,170 | 5.8 | % | |||||||||||||||
Automotive | 62,103,310 | 4.0 | 61,581,980 | 4.3 | |||||||||||||||||||
Banking, Finance, Insurance and Real Estate | 117,657,387 | 7.5 | 99,099,552 | 6.9 | |||||||||||||||||||
Beverage, Food and Tobacco | 24,469,363 | 1.6 | 15,404,126 | 1.1 | |||||||||||||||||||
Capital Equipment | 32,101,331 | 2.0 | 30,899,579 | 2.2 | |||||||||||||||||||
Chemicals, Plastics, and Rubber | 32,127,756 | 2.0 | 32,378,972 | 2.3 | |||||||||||||||||||
Construction and Building | 64,702,211 | 4.1 | 59,861,616 | 4.2 | |||||||||||||||||||
Consumer goods: Durable | 35,925,986 | 2.3 | 38,165,784 | 2.7 | |||||||||||||||||||
Consumer goods: Non-durable | 22,854,922 | 1.5 | 28,081,580 | 2.0 | |||||||||||||||||||
Containers, Packaging and Glass | 19,418,301 | 1.2 | 9,018,983 | 0.6 | |||||||||||||||||||
Energy: Electricity | 16,340,069 | 1.0 | 17,627,935 | 1.2 | |||||||||||||||||||
Energy: Oil and Gas | 3,826,895 | 0.2 | 788,105 | 0.1 | |||||||||||||||||||
Environmental Services | 5,686,644 | 0.4 | — | — | |||||||||||||||||||
Healthcare and Pharmaceuticals | 140,010,989 | 8.9 | 142,708,050 | 10.0 | |||||||||||||||||||
High Tech Industries | 172,738,322 | 11.0 | 152,413,985 | 10.6 | |||||||||||||||||||
Hotel, Gaming and Leisure | 17,022,928 | 1.1 | 10,682,093 | 0.7 | |||||||||||||||||||
Investment Funds and Vehicles | 80,476,958 | 5.1 | 41,759,922 | 2.9 | |||||||||||||||||||
Media: Advertising, Printing and Publishing | 66,594,658 | 4.3 | 54,123,033 | 3.8 | |||||||||||||||||||
Media: Broadcasting and Subscription | 5,682,352 | 0.4 | 6,464,741 | 0.4 | |||||||||||||||||||
Media: Diversified and Production | 38,822,514 | 2.5 | 48,200,216 | 3.4 | |||||||||||||||||||
Metals and Mining | 8,073,339 | 0.5 | 17,857,236 | 1.2 | |||||||||||||||||||
Retail | — | — | 1,983,083 | 0.1 | |||||||||||||||||||
Services: Business | 251,707,954 | 16.1 | 209,974,914 | 14.7 | |||||||||||||||||||
Services: Consumer | 61,874,481 | 4.0 | 54,450,324 | 3.8 | |||||||||||||||||||
Structured Products | 24,834,070 | 1.6 | 32,508,845 | 2.3 | |||||||||||||||||||
Telecommunications | 30,843,119 | 2.0 | 43,021,001 | 3.0 | |||||||||||||||||||
Transportation: Cargo | 82,964,964 | 5.3 | 91,132,943 | 6.4 | |||||||||||||||||||
Utilities: Electric | 8,993,417 | 0.6 | 8,987,929 | 0.6 | |||||||||||||||||||
Utilities: Oil and Gas | 11,771,637 | 0.8 | 11,645,956 | 0.8 | |||||||||||||||||||
Wholesale | 29,387,808 | 1.9 | 26,914,057 | 1.9 | |||||||||||||||||||
Total | $ | 1,564,535,177 | 100.0 | % | $ | 1,430,237,710 | 100.0 | % |
As of June 30, 2021 | As of December 31, 2020 | |||||||||||||
Total contributed capital by Barings BDC, Inc. | $ | 30,000,000 | $ | 20,000,000 | ||||||||||
Total contributed capital by all members | $ | 330,000,000 | $ | 220,000,000 | ||||||||||
Total unfunded commitments by Barings BDC, Inc. | $ | 20,000,000 | $ | 30,000,000 | ||||||||||
Total unfunded commitments by all members | $ | 220,000,000 | $ | 330,000,000 |
As of June 30, 2021 | As of December 31, 2020 | ||||||||||||||||
Total contributed capital by Barings BDC, Inc. | $ | 30,000,000 | $ | 10,000,000 | |||||||||||||
Total contributed capital by all members | $ | 325,000,000 | (1) | $ | 100,000,000 | (2) | |||||||||||
Total unfunded commitments by Barings BDC, Inc. | $ | — | $ | — | |||||||||||||
Total unfunded commitments by all members | $ | — | $ | — |
As of June 30, 2021 | |||||||||||
Total contributed capital by Barings BDC, Inc. | $ | 9,075,000 | |||||||||
Total contributed capital by all members | $ | 29,200,000 | (1) | ||||||||
Total return of capital (recallable) by Barings BDC, Inc. | $ | (3,550,000) | |||||||||
Total return of capital (recallable) by all members | $ | (7,100,000) | (2) | ||||||||
Total unfunded commitments by Barings BDC, Inc. | $ | 19,475,000 | |||||||||
Total unfunded commitments by all members | $ | 77,900,000 | (3) |
For the quarter ended: | Total companies | Percent of total investments at fair value(1) | |
March 31, 2016 | 18 | 27% | |
June 30, 2016 | 19 | 30% | |
September 30, 2016 | 19 | 33% | |
December 31, 2016 | 20 | 33% | |
March 31, 2017 | 18 | 30% | |
June 30, 2017 | 20 | 29% | |
September 30, 2017 | 22 | 25% |
June 30, 2021: | Fair Value | Valuation Model | Level 3 Input | Range of Inputs | Weighted Average | Impact to Valuation from an Increase in Input | |||||||||||||||||||||||||||||
Senior debt and 1st lien notes(1) | $ | 947,636,653 | Yield Analysis | Market Yield | 4.7% – 26.2% | 7.3% | Decrease | ||||||||||||||||||||||||||||
174,928,818 | Recent Transaction | Transaction Price | 97.0% – 99.0% | 97.8% | Increase | ||||||||||||||||||||||||||||||
Subordinated debt and 2nd lien notes(2) | 105,606,102 | Yield Analysis | Market Yield | 8.2% – 29.0% | 19.5% | Decrease | |||||||||||||||||||||||||||||
21,484,439 | Market Approach | Adjusted EBITDA Multiple | 4.5x – 7.8x | 5.6x | Increase | ||||||||||||||||||||||||||||||
41,619,009 | Recent Transaction | Transaction Price | 97.5% – 100% | 98.3% | Increase | ||||||||||||||||||||||||||||||
Equity shares(3) | 41,511,989 | Market Approach | Adjusted EBITDA Multiple | 4.5x – 24.4x | 6.7x | Increase | |||||||||||||||||||||||||||||
5,678,633 | Real Estate - Cost Approach | Replacement Cost (CZK/m2) | 1,237 to 1,892 | 1,892 | Increase | ||||||||||||||||||||||||||||||
Real Estate - Cost Approach | Depreciation Factor | 0.50 to 1.00 | 0.81 | Increase | |||||||||||||||||||||||||||||||
Real Estate - Income Approach | Market Rent CZK/Year | CZK5,011,718 to CZK8,700,000 | CZK5,011,718 | Increase | |||||||||||||||||||||||||||||||
Real Estate - Income Approach | Cap Rate | 6.0% to 7.0% | 6.5% | Decrease | |||||||||||||||||||||||||||||||
Real Estate - Income Approach | Adj. Factor for Development Zone | n/a | 1.15 | Increase | |||||||||||||||||||||||||||||||
1,848,589 | Recent Transaction | Transaction Price | $10 – $1,000 | 911.94 | Increase | ||||||||||||||||||||||||||||||
Equity warrants | 1,137,116 | Market Approach | Adjusted EBITDA Multiple | 5.8x – 12.2x | 6.5x | Increase |
December 31, 2020: | Fair Value | Valuation Model | Level 3 Input | Range of Inputs | Weighted Average | Impact to Valuation from an Increase in Input | |||||||||||||||||||||||||||||
Senior debt and 1st lien notes(1) | $ | 650,550,710 | Yield Analysis | Market Yield | 4.7% – 16.2% | 7.4% | Decrease | ||||||||||||||||||||||||||||
3,000,000 | Liquidation Analysis | Adjusted EBITDA Multiple | 0.05x – 0.15x | 0.10x | Increase | ||||||||||||||||||||||||||||||
399,692,333 | Recent Transaction | Transaction Price | 96.0% – 100.0% | 97.8% | Increase | ||||||||||||||||||||||||||||||
Subordinated debt and 2nd lien notes(2) | 109,851,771 | Yield Analysis | Market Yield | 6.0% – 26.0% | 16.7% | Decrease | |||||||||||||||||||||||||||||
13,933,960 | Market Approach | Adjusted EBITDA Multiple | 5.0x – 6.0x | 5.5x | Increase | ||||||||||||||||||||||||||||||
4,959,088 | Recent Transaction | Transaction Price | 100% | 100% | Increase | ||||||||||||||||||||||||||||||
Equity shares(3) | 39,178,157 | Market Approach | Adjusted EBITDA Multiple | 0.8x – 11.8x | 4.8x | Increase | |||||||||||||||||||||||||||||
4,752,997 | Real Estate - Cost Approach | Replacement Cost (CZK/m2) | 1,237 to 1,892 | 1,892 | Increase | ||||||||||||||||||||||||||||||
Real Estate - Cost Approach | Depreciation Factor | 0.50 to 1.00 | 0.81 | Increase | |||||||||||||||||||||||||||||||
Real Estate - Income Approach | Market Rent CZK/Year | CZK5,011,718 to CZK8,700,000 | CZK5,011,718 | Increase | |||||||||||||||||||||||||||||||
Real Estate - Income Approach | Cap Rate | 6.0% to 7.0% | 6.5% | Decrease | |||||||||||||||||||||||||||||||
Real Estate - Income Approach | Adj. Factor for Development Zone | n/a | 1.15 | Increase | |||||||||||||||||||||||||||||||
227,200 | Recent Transaction | Transaction Price | $1,000 | $1,000 | Increase | ||||||||||||||||||||||||||||||
Equity warrants | 1,133,781 | Market Approach | Adjusted EBITDA Multiple | 4.8x-9.0x | 6.0x | Increase |
September 30, 2017: | Fair Value(1) | Valuation Model | Level 3 Inputs | Range of Inputs | Weighted Average | ||||||
Subordinated debt and 2nd lien notes | $ | 637,935,010 | Income Approach | Required Rate of Return | 9.6% – 25.0% | 12.1% | |||||
Leverage Ratio | 1.6x – 10.3x | 4.7x | |||||||||
Adjusted EBITDA | $2.6 million – $280.6 million | $45.9 million | |||||||||
Subordinated debt and 2nd lien notes | 40,077,000 | Enterprise Value Waterfall Approach | Adjusted EBITDA Multiple | 3.9x – 10.0x | 6.9x | ||||||
Adjusted EBITDA | $1.8 million – $31.4 million | $11.2 million | |||||||||
Revenue Multiple | 0.8x – 0.8x | 0.8x | |||||||||
Revenues | $80.0 million – $80.0 million | $80.0 million | |||||||||
Senior debt and 1st lien notes | 270,479,180 | Income Approach | Required Rate of Return | 6.8% – 25.0% | 11.4% | ||||||
Leverage Ratio | 1.0x – 7.4x | 4.0x | |||||||||
Adjusted EBITDA | $3.5 million – $129.5 million | $17.4 million | |||||||||
Equity shares and warrants | 131,716,904 | Enterprise Value Waterfall Approach | Adjusted EBITDA Multiple | 3.3x – 14.9x | 7.7x | ||||||
Adjusted EBITDA | $0.5 million – $60.0 million | $15.9 million | |||||||||
Revenue Multiple | 0.8x – 3.0x | 1.2x | |||||||||
Revenues | $17.5 million – $80.0 million | $52.8 million |
December 31, 2016: | Fair Value(1) | Valuation Model | Level 3 Input | Range of Inputs | Weighted Average | ||||||
Subordinated debt and 2nd lien notes | $ | 646,856,367 | Income Approach | Required Rate of Return | 9.5% – 35.0% | 13.8% | |||||
Leverage Ratio | 0.1x – 9.5x | 4.8x | |||||||||
Adjusted EBITDA | $2.6 million – $169.8 million | $27.9 million | |||||||||
Subordinated debt and 2nd lien notes | 19,790,000 | Enterprise Value Waterfall Approach | Adjusted EBITDA Multiple | 5.0x – 6.7x | 5.8x | ||||||
Adjusted EBITDA | $0.6 million – 4.9 million | $2.1 million | |||||||||
Revenue Multiple | 0.8x – 0.8x | 0.8x | |||||||||
Revenues | $98.0 million – $98.0 million | $98.0 million | |||||||||
Senior debt and 1st lien notes | 190,793,157 | Income Approach | Required Rate of Return | 4.3% – 20.0% | 11.0% | ||||||
Leverage Ratio | 0.0x – 8.3x | 3.2x | |||||||||
Adjusted EBITDA | $4.0 million – $14.1 million | $9.3 million | |||||||||
Equity shares and warrants | 152,435,657 | Enterprise Value Waterfall Approach | Adjusted EBITDA Multiple | 3.3x – 14.9x | 7.4x | ||||||
Adjusted EBITDA | ($1.4 million) – $82.1 million | $15.0 million | |||||||||
Revenue Multiple | 0.8x – 4.0x | 1.4x | |||||||||
Revenues | $19.0 million – $98.0 million | $61.7 million |
Fair Value as of June 30, 2021 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Senior debt and 1st lien notes | $ | — | $ | 89,710,744 | $ | 1,129,156,027 | $ | 1,218,866,771 | |||||||||||||||
Subordinated debt and 2nd lien notes | — | — | 186,866,059 | 186,866,059 | |||||||||||||||||||
Structured products | — | 24,834,070 | — | 24,834,070 | |||||||||||||||||||
Equity shares | — | — | 52,002,551 | 52,002,551 | |||||||||||||||||||
Equity warrants | — | 351,652 | 1,137,116 | 1,488,768 | |||||||||||||||||||
Short-term investments | 10,574,196 | — | — | 10,574,196 | |||||||||||||||||||
Investments subject to leveling | $ | 10,574,196 | $ | 114,896,466 | $ | 1,369,161,753 | $ | 1,494,632,415 | |||||||||||||||
Investment in joint ventures / PE fund(1) | 80,476,958 | ||||||||||||||||||||||
$ | 1,575,109,373 | ||||||||||||||||||||||
Fair Value as of December 31, 2020 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Senior debt and 1st lien notes | $ | — | $ | 115,533,401 | $ | 1,055,717,111 | $ | 1,171,250,512 | |||||||||||||||
Subordinated debt and 2nd lien notes | — | 7,947,184 | 130,819,936 | 138,767,120 | |||||||||||||||||||
Structured products | — | 32,508,845 | — | 32,508,845 | |||||||||||||||||||
Equity shares | — | 424,090 | 44,227,024 | 44,651,114 | |||||||||||||||||||
Equity warrants | — | 166,416 | 1,133,781 | 1,300,197 | |||||||||||||||||||
Short-term investments | 65,558,227 | — | — | 65,558,227 | |||||||||||||||||||
Investments subject to leveling | $ | 65,558,227 | $ | 156,579,936 | $ | 1,231,897,852 | $ | 1,454,036,015 | |||||||||||||||
Investment in joint ventures / PE fund(1) | 41,759,922 | ||||||||||||||||||||||
$ | 1,495,795,937 |
Fair Value as of September 30, 2017 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Subordinated debt and 2nd lien notes | $ | — | $ | — | $ | 688,995,595 | $ | 688,995,595 | |||||||
Senior debt and 1st lien notes | — | — | 270,479,180 | 270,479,180 | |||||||||||
Equity shares | — | — | 131,120,904 | 131,120,904 | |||||||||||
Equity warrants | — | — | 596,000 | 596,000 | |||||||||||
$ | — | $ | — | $ | 1,091,191,679 | $ | 1,091,191,679 | ||||||||
Fair Value as of December 31, 2016 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Subordinated debt and 2nd lien notes | $ | — | $ | — | $ | 690,159,367 | $ | 690,159,367 | |||||||
Senior debt and 1st lien notes | — | — | 191,643,157 | 191,643,157 | |||||||||||
Equity shares | — | — | 154,216,657 | 154,216,657 | |||||||||||
Equity warrants | — | — | 1,888,000 | 1,888,000 | |||||||||||
$ | — | $ | — | $ | 1,037,907,181 | $ | 1,037,907,181 |
Six Months Ended June 30, 2021: | Senior Debt and 1st Lien Notes | Subordinated Debt and 2nd Lien Notes | Equity Shares | Equity Warrants | Total | ||||||||||||||||||||||||||||||
Fair value, beginning of period | $ | 1,055,717,111 | $ | 130,819,936 | $ | 44,227,024 | $ | 1,133,781 | $ | 1,231,897,852 | |||||||||||||||||||||||||
New investments | 420,633,459 | 75,315,803 | 5,461,038 | 163,000 | 501,573,300 | ||||||||||||||||||||||||||||||
Transfers into Level 3 | — | 2,233,600 | 3,223,510 | — | 5,457,110 | ||||||||||||||||||||||||||||||
Proceeds from sales of investments | (277,575,137) | (8,771,000) | (5,946,010) | — | (292,292,147) | ||||||||||||||||||||||||||||||
Loan origination fees received | (9,036,702) | (987,358) | — | — | (10,024,060) | ||||||||||||||||||||||||||||||
Principal repayments received | (71,712,993) | (17,705,291) | — | — | (89,418,284) | ||||||||||||||||||||||||||||||
Payment-in-kind interest | 482,629 | 7,569,986 | — | — | 8,052,615 | ||||||||||||||||||||||||||||||
Accretion of loan discounts | 6,416 | 199,434 | — | — | 205,850 | ||||||||||||||||||||||||||||||
Accretion of deferred loan origination revenue | 3,110,042 | 285,015 | — | — | 3,395,057 | ||||||||||||||||||||||||||||||
Realized gain (loss) | 2,573,680 | (23,956) | (461,678) | — | 2,088,046 | ||||||||||||||||||||||||||||||
Unrealized appreciation (depreciation) | 4,957,522 | (2,070,110) | 5,498,667 | (159,665) | 8,226,414 | ||||||||||||||||||||||||||||||
Fair value, end of period | $ | 1,129,156,027 | $ | 186,866,059 | $ | 52,002,551 | $ | 1,137,116 | $ | 1,369,161,753 |
Nine Months Ended September 30, 2017: | Subordinated Debt and 2nd Lien Notes | Senior Debt and 1st Lien Notes | Equity Shares | Equity Warrants | Total | |||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2020: | Six Months Ended June 30, 2020: | Senior Debt and 1st Lien Notes | Subordinated Debt and 2nd Lien Notes | Equity Shares | Total | |||||||||||||||||||||||||||||||||||||||||||
Fair value, beginning of period | $ | 690,159,367 | $ | 191,643,157 | $ | 154,216,657 | $ | 1,888,000 | $ | 1,037,907,181 | Fair value, beginning of period | $ | 555,500,307 | $ | 12,011,965 | $ | 760,716 | $ | 568,272,988 | |||||||||||||||||||||||||||||
New investments | 220,193,495 | 158,635,429 | 12,673,701 | — | 391,502,625 | New investments | 114,529,054 | 660,263 | 512,299 | 115,701,616 | ||||||||||||||||||||||||||||||||||||||
Reclassifications | 22,558,007 | (22,558,007 | ) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Transfers in (out) of Level 3 | Transfers in (out) of Level 3 | 19,063,921 | (2,312,500) | — | 16,751,421 | |||||||||||||||||||||||||||||||||||||||||||
Proceeds from sales of investments | — | — | (27,036,478 | ) | (479,408 | ) | (27,515,886 | ) | Proceeds from sales of investments | (41,847,723) | — | — | (41,847,723) | |||||||||||||||||||||||||||||||||||
Loan origination fees received | (3,471,655 | ) | (2,262,235 | ) | — | — | (5,733,890 | ) | Loan origination fees received | (3,089,477) | (19,808) | — | (3,109,285) | |||||||||||||||||||||||||||||||||||
Principal repayments received | (163,054,918 | ) | (41,159,263 | ) | — | — | (204,214,181 | ) | Principal repayments received | (17,760,617) | — | — | (17,760,617) | |||||||||||||||||||||||||||||||||||
PIK interest earned | 8,033,507 | 841,215 | — | — | 8,874,722 | |||||||||||||||||||||||||||||||||||||||||||
PIK interest payments received | (7,847,417 | ) | (507,979 | ) | — | — | (8,355,396 | ) | ||||||||||||||||||||||||||||||||||||||||
Accretion of loan discounts | 411,497 | 54,694 | — | — | 466,191 | |||||||||||||||||||||||||||||||||||||||||||
Payment-in-kind interest | Payment-in-kind interest | 198,839 | — | — | 198,839 | |||||||||||||||||||||||||||||||||||||||||||
Accretion of loan premium | Accretion of loan premium | (9,119) | — | — | (9,119) | |||||||||||||||||||||||||||||||||||||||||||
Accretion of deferred loan origination revenue | 2,798,373 | 1,064,723 | — | — | 3,863,096 | Accretion of deferred loan origination revenue | 1,124,798 | 16,915 | — | 1,141,713 | ||||||||||||||||||||||||||||||||||||||
Realized gain (loss) | (20,656,958 | ) | (2,110,952 | ) | 7,721,145 | (1,983,692 | ) | (17,030,457 | ) | |||||||||||||||||||||||||||||||||||||||
Unrealized gain (loss) | (60,127,703 | ) | (13,161,602 | ) | (16,454,121 | ) | 1,171,100 | (88,572,326 | ) | |||||||||||||||||||||||||||||||||||||||
Realized loss | Realized loss | (311,196) | — | — | (311,196) | |||||||||||||||||||||||||||||||||||||||||||
Unrealized depreciation | Unrealized depreciation | (31,616,478) | (301,944) | (202,605) | (32,121,027) | |||||||||||||||||||||||||||||||||||||||||||
Fair value, end of period | $ | 688,995,595 | $ | 270,479,180 | $ | 131,120,904 | $ | 596,000 | $ | 1,091,191,679 | Fair value, end of period | $ | 595,782,309 | $ | 10,054,891 | $ | 1,070,410 | $ | 606,907,610 |
Nine Months Ended September 30, 2016: | Subordinated Debt and 2nd Lien Notes | Senior Debt and 1st Lien Notes | Equity Shares | Equity Warrants | Total | ||||||||||||||
Fair value, beginning of period | $ | 699,125,083 | $ | 132,929,264 | $ | 141,555,369 | $ | 3,667,000 | $ | 977,276,716 | |||||||||
New investments | 145,487,825 | 3,000,000 | 14,729,826 | 650,000 | 163,867,651 | ||||||||||||||
Reclassifications | 4,020,247 | (4,020,247 | ) | — | — | — | |||||||||||||
Proceeds from sales of investments | — | — | (14,838,506 | ) | (5,627,106 | ) | (20,465,612 | ) | |||||||||||
Loan origination fees received | (3,165,460 | ) | (40,000 | ) | — | — | (3,205,460 | ) | |||||||||||
Principal repayments received | (157,151,997 | ) | (4,536,285 | ) | — | — | (161,688,282 | ) | |||||||||||
PIK interest earned | 10,548,903 | 1,083,855 | — | — | 11,632,758 | ||||||||||||||
PIK interest payments received | (7,219,058 | ) | (236,150 | ) | — | — | (7,455,208 | ) | |||||||||||
Accretion of loan discounts | 156,879 | 150,202 | — | — | 307,081 | ||||||||||||||
Accretion of deferred loan origination revenue | 3,289,162 | 386,841 | — | — | 3,676,003 | ||||||||||||||
Realized gain (loss) | (15,371,087 | ) | (1,560,322 | ) | 7,090,358 | 3,153,206 | (6,687,845 | ) | |||||||||||
Unrealized gain (loss) | (10,065,698 | ) | (168,648 | ) | 253,619 | 454,900 | (9,525,827 | ) | |||||||||||
Fair value, end of period | $ | 669,654,799 | $ | 126,988,510 | $ | 148,790,666 | $ | 2,298,000 | $ | 947,731,975 |
Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended | ||||||||||||
September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | ||||||||||||
Recurring Fee Income: | |||||||||||||||
Amortization of loan origination fees | $ | 598,288 | $ | 498,733 | $ | 1,828,783 | $ | 1,584,691 | |||||||
Management, valuation and other fees | 232,272 | 298,033 | 689,663 | 716,328 | |||||||||||
Total Recurring Fee Income | 830,560 | 796,766 | 2,518,446 | 2,301,019 | |||||||||||
Non-Recurring Fee Income: | |||||||||||||||
Prepayment fees | 273,106 | 374,778 | 1,004,509 | 1,863,135 | |||||||||||
Acceleration of unamortized loan origination fees | 1,340,781 | 626,648 | 2,344,435 | 2,091,313 | |||||||||||
Advisory and structuring fees | 230,000 | 200,000 | 230,000 | 200,000 | |||||||||||
Loan amendment fees | 17,278 | — | 132,278 | 17,770 | |||||||||||
Other fees | — | 16,500 | 9,000 | 354,699 | |||||||||||
Total Non-Recurring Fee Income | 1,861,165 | 1,217,926 | 3,720,222 | 4,526,917 | |||||||||||
Total Fee Income | $ | 2,691,725 | $ | 2,014,692 | $ | 6,238,668 | $ | 6,827,936 |
Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended | ||||||||||||||||||||
June 30, 2021 | June 30, 2020 | June 30, 2021 | June 30, 2020 | ||||||||||||||||||||
Recurring Fee Income: | |||||||||||||||||||||||
Amortization of loan origination fees | $ | 1,163,837 | $ | 463,590 | $ | 2,241,927 | $ | 893,139 | |||||||||||||||
Management, valuation and other fees | 547,829 | 154,000 | 1,129,223 | 329,755 | |||||||||||||||||||
Total Recurring Fee Income | 1,711,666 | 617,590 | 3,371,150 | 1,222,894 | |||||||||||||||||||
Non-Recurring Fee Income: | |||||||||||||||||||||||
Prepayment fees | — | — | 49,517 | 84,151 | |||||||||||||||||||
Acceleration of unamortized loan origination fees | 868,068 | 20,118 | 1,271,016 | 248,574 | |||||||||||||||||||
Advisory, loan amendment and other fees | (11,279) | 12,725 | 9,947 | 55,807 | |||||||||||||||||||
Total Non-Recurring Fee Income | 856,789 | 32,843 | 1,330,480 | 388,532 | |||||||||||||||||||
Total Fee Income | $ | 2,568,455 | $ | 650,433 | $ | 4,701,630 | $ | 1,611,426 |
Nine Months Ended September 30, 2017: | Amount of Realized Gain (Loss) | Amount of Unrealized Gain (Loss) | Amount of Interest or Dividends Credited to Income(2) | December 31, 2016 Value | Gross Additions (3) | Gross Reductions(4) | September 30, 2017 Value | |||||||||||||||
Portfolio Company | Type of Investment(1) | |||||||||||||||||||||
Control Investments: | ||||||||||||||||||||||
CRS Reprocessing, LLC | Debtor in Possession Loan (8% PIK)(5) | $ | — | $ | — | $ | — | $ | — | $ | 700,000 | $ | — | $ | 700,000 | |||||||
Senior Notes (LIBOR + 3.5%)(5)(6) | — | (2,440,769 | ) | 66,184 | 2,942,769 | — | 2,440,769 | 502,000 | ||||||||||||||
Split Collateral Term Loans (8% Cash)(5) | — | (5,975,000 | ) | 513,963 | 6,182,000 | 6,350,000 | 5,975,000 | 6,557,000 | ||||||||||||||
Subordinated Note (5% Cash)(5) | — | (125,000 | ) | — | — | 125,000 | 125,000 | — | ||||||||||||||
Series F Preferred Units (705,321 units) | — | — | — | — | — | — | — | |||||||||||||||
Common Units (15,174 units) | — | — | — | — | — | — | ||||||||||||||||
— | (8,540,769 | ) | 580,147 | 9,124,769 | 7,175,000 | 8,540,769 | 7,759,000 | |||||||||||||||
Nine Months Ended September 30, 2017: | Amount of Realized Gain (Loss) | Amount of Unrealized Gain (Loss) | Amount of Interest or Dividends Credited to Income(2) | December 31, 2016 Value | Gross Additions (3) | Gross Reductions(4) | September 30, 2017 Value | |||||||||||||||
Portfolio Company | Type of Investment(1) | |||||||||||||||||||||
DCWV Acquisition Corporation | Senior Subordinated Note (15% PIK) | $ | (250,000 | ) | $ | — | $ | — | $ | 250,000 | $ | — | $ | 250,000 | $ | — | ||||||
Subordinated Note (12% Cash, 3% PIK) | (7,053,633 | ) | 6,789,633 | — | 1,389,000 | 6,789,633 | 8,178,633 | — | ||||||||||||||
Jr. Subordinated Note (15% PIK) | (1,200,000 | ) | 1,200,000 | — | — | — | — | — | ||||||||||||||
Series A Preferred Equity (1,200 shares) | — | — | — | — | — | — | — | |||||||||||||||
100% Common Shares | — | — | — | — | — | — | — | |||||||||||||||
(8,503,633 | ) | 7,989,633 | — | 1,639,000 | 6,789,633 | 8,428,633 | — | |||||||||||||||
DialogDirect, Inc. | Subordinated Note (8% PIK)(5) | — | (3,183,000 | ) | — | — | 13,380,000 | 3,183,000 | 10,197,000 | |||||||||||||
Class A Common Units (1,176,500 units) | — | — | — | — | — | — | — | |||||||||||||||
— | (3,183,000 | ) | — | — | 13,380,000 | 3,183,000 | 10,197,000 | |||||||||||||||
Frank Entertainment Group, LLC(7) | Senior Note (6% Cash, Due 06/19)(5) | — | (3,279,470 | ) | — | — | 9,448,470 | 3,279,470 | 6,169,000 | |||||||||||||
Second Lien Term Note (2.5% Cash)(5) | — | (1,876,693 | ) | — | — | 1,876,693 | 1,876,693 | — | ||||||||||||||
Redeemable Preferred Units (2,800,000 units) | — | (1,074,000 | ) | — | — | 1,074,000 | 1,074,000 | — | ||||||||||||||
Redeemable Class B Preferred Units (2,800,000 units) | — | — | — | — | — | — | — | |||||||||||||||
Class A Common Units (606,552 units) | — | — | — | — | — | — | — | |||||||||||||||
— | (6,230,163 | ) | — | — | 12,399,163 | 6,230,163 | 6,169,000 | |||||||||||||||
Frontstreet Facility Solutions, Inc. | Subordinated Note (13% Cash) | — | (507,292 | ) | 288,439 | — | 4,757,292 | 507,292 | 4,250,000 | |||||||||||||
Series A Convertible Preferred Stock (60,000 shares) | — | (575 | ) | — | — | 575 | 575 | — | ||||||||||||||
Series B Convertible Preferred Stock (20,000 shares) | — | (144 | ) | — | — | 144 | 144 | — | ||||||||||||||
Common Stock (27,890 shares) | — | (279 | ) | — | — | 279 | 279 | — | ||||||||||||||
— | (508,290 | ) | 288,439 | — | 4,758,290 | 508,290 | 4,250,000 | |||||||||||||||
Gerli & Company | Subordinated Note (13% Cash) | (375,000 | ) | 375,000 | — | — | 375,000 | 375,000 | — | |||||||||||||
Subordinated Note (8.5% Cash) | (3,000,000 | ) | 3,000,000 | — | — | 3,000,000 | 3,000,000 | — | ||||||||||||||
Class A Preferred Shares (1,211 shares) | (855,000 | ) | 855,000 | — | — | 855,000 | 855,000 | — | ||||||||||||||
Class C Preferred Shares (744 shares) | — | — | — | — | — | — | — | |||||||||||||||
Class E Preferred Shares (400 shares) | (161,440 | ) | 161,440 | — | — | 161,440 | 161,440 | — | ||||||||||||||
Common Stock (300 shares) | (100,000 | ) | 100,000 | — | — | 100,000 | 100,000 | — | ||||||||||||||
(4,491,440 | ) | 4,491,440 | — | — | 4,491,440 | 4,491,440 | — | |||||||||||||||
Nine Months Ended September 30, 2017: | Amount of Realized Gain (Loss) | Amount of Unrealized Gain (Loss) | Amount of Interest or Dividends Credited to Income(2) | December 31, 2016 Value | Gross Additions (3) | Gross Reductions(4) | September 30, 2017 Value | |||||||||||||||
Portfolio Company | Type of Investment(1) | |||||||||||||||||||||
SRC Worldwide, Inc. | Common Stock (5,000 shares) | $ | — | $ | — | $ | 300,000 | $ | 8,028,000 | $ | — | $ | — | $ | 8,028,000 | |||||||
— | — | 300,000 | 8,028,000 | — | — | 8,028,000 | ||||||||||||||||
Total Control Investments | (12,995,073 | ) | (5,981,149 | ) | 1,168,586 | 18,791,769 | 48,993,526 | 31,382,295 | 36,403,000 | |||||||||||||
Affiliate Investments: | ||||||||||||||||||||||
All Metals Holding, LLC | Subordinated Note (12% Cash, 1% PIK) | — | — | 657,541 | 6,249,220 | 70,128 | — | 6,319,348 | ||||||||||||||
Units (318,977 units) | — | 36,000 | — | 754,000 | 36,000 | — | 790,000 | |||||||||||||||
— | 36,000 | 657,541 | 7,003,220 | 106,128 | — | 7,109,348 | ||||||||||||||||
CIS Secure Computing Inc. | Subordinated Note (12% Cash, 3% PIK) | — | — | 1,154,260 | 11,670,708 | 207,319 | 11,878,027 | — | ||||||||||||||
Common Stock (84 shares) | 1,672,321 | (1,652,680 | ) | — | 2,155,000 | 1,672,322 | 3,827,322 | — | ||||||||||||||
1,672,321 | (1,652,680 | ) | 1,154,260 | 13,825,708 | 1,879,641 | 15,705,349 | — | |||||||||||||||
Consolidated Lumber Holdings, LLC | Subordinated Note (10% Cash, 2% PIK) | — | (156,611 | ) | 194,082 | 4,278,000 | 78,750 | 4,356,750 | — | |||||||||||||
Class A Units (15,000 units) | — | 491,000 | 196,262 | 2,481,000 | 491,000 | — | 2,972,000 | |||||||||||||||
— | 334,389 | 390,344 | 6,759,000 | 569,750 | 4,356,750 | 2,972,000 | ||||||||||||||||
DPII Holdings, LLC | Tranche III Subordinated Note (19% PIK)(5) | — | 2,148,000 | — | — | 2,148,000 | — | 2,148,000 | ||||||||||||||
Tranche I & II Subordinated Notes (12% Cash, 4% PIK)(5) | — | (1,508,603 | ) | — | 2,356,001 | — | 1,854,001 | 502,000 | ||||||||||||||
Class A Membership Interest (17,308 units) | — | — | — | — | — | — | — | |||||||||||||||
— | 639,397 | — | 2,356,001 | 2,148,000 | 1,854,001 | 2,650,000 | ||||||||||||||||
FCL Holding SPV, LLC | Class A Interest (24,873 units) | — | (43,000 | ) | 45,452 | 645,000 | — | 43,000 | 602,000 | |||||||||||||
Class B Interest (48,427 units) | — | (101,000 | ) | — | 101,000 | — | 101,000 | — | ||||||||||||||
Class B Interest (3,746 units) | — | — | — | — | — | — | ||||||||||||||||
— | (144,000 | ) | 45,452 | 746,000 | — | 144,000 | 602,000 | |||||||||||||||
Frank Entertainment Group, LLC(7) | Senior Note (LIBOR + 7%, 10% Cash, 5.8% PIK)(6) | — | (1,077,888 | ) | 823,087 | 9,940,684 | 351,600 | 10,292,284 | — | |||||||||||||
Second Lien Term Note (10% Cash) | — | (174,000 | ) | 15,000 | — | 1,200,000 | 1,200,000 | — | ||||||||||||||
Class A Redeemable Preferred Units (10.5% Cash) (196,718 units) | — | (3,492,904 | ) | — | 4,566,904 | — | 4,566,904 | — | ||||||||||||||
Class B Redeemable Preferred Units (18,667 units) | — | (1,660,810 | ) | — | 1,660,810 | — | 1,660,810 | — | ||||||||||||||
Class C Redeemable Preferred Units (25,846 units) | — | (600,000 | ) | — | 600,000 | — | 600,000 | — | ||||||||||||||
Class A Common Units (43,077 units) | — | — | — | — | — | — | — | |||||||||||||||
Class A Common Warrants | — | — | — | — | — | — | — | |||||||||||||||
— | (7,005,602 | ) | 838,087 | 16,768,398 | 1,551,600 | 18,319,998 | — | |||||||||||||||
Nine Months Ended September 30, 2017: | Amount of Realized Gain (Loss) | Amount of Unrealized Gain (Loss) | Amount of Interest or Dividends Credited to Income(2) | December 31, 2016 Value | Gross Additions (3) | Gross Reductions(4) | September 30, 2017 Value | |||||||||||||||
Portfolio Company | Type of Investment(1) | |||||||||||||||||||||
Mac Land Holdings, Inc. | Common Stock (139 shares) | $ | — | $ | — | $ | — | $ | — | $ | 369,000 | $ | — | $ | 369,000 | |||||||
— | — | — | — | 369,000 | — | 369,000 | ||||||||||||||||
MS Bakery Holdings, Inc. | Preferred Units (233 units) | 185,133 | (185,133 | ) | — | 397,000 | 185,133 | 582,133 | — | |||||||||||||
Common B Units (3,000 units) | 2,087,323 | (2,086,860 | ) | — | 2,110,000 | 2,087,323 | 4,197,323 | — | ||||||||||||||
Common A Units (1,652 units) | 1,147,007 | (1,147,007 | ) | — | 1,162,000 | 1,147,007 | 2,309,007 | — | ||||||||||||||
3,419,463 | (3,419,000 | ) | — | 3,669,000 | 3,419,463 | 7,088,463 | — | |||||||||||||||
Native Maine Operations, Inc. | Senior Notes (LIBOR + 9%)(6) | — | — | 1,476,540 | — | 18,000,000 | 18,000,000 | — | ||||||||||||||
Preferred Units (20,000 units) | — | — | — | — | 2,000,000 | 2,000,000 | — | |||||||||||||||
— | — | 1,476,540 | — | 20,000,000 | 20,000,000 | — | ||||||||||||||||
NB Products, Inc. | Subordinated Note (12% Cash, 2% PIK) | — | — | 2,643,824 | 22,751,190 | 415,734 | — | 23,166,924 | ||||||||||||||
Jr. Subordinated Note (10% PIK) | — | — | 376,848 | 4,595,921 | 384,162 | — | 4,980,083 | |||||||||||||||
Jr. Subordinated Bridge Note (20% PIK) | — | — | 321,567 | 1,972,727 | 321,567 | — | 2,294,294 | |||||||||||||||
Series A Redeemable Senior Preferred Stock (7,839 shares) | — | 722,000 | — | 9,412,000 | 722,000 | — | 10,134,000 | |||||||||||||||
Common Stock (1,668,691 shares) | — | 1,354,000 | — | 9,779,000 | 1,354,000 | — | 11,133,000 | |||||||||||||||
— | 2,076,000 | 3,342,239 | 48,510,838 | 3,197,463 | — | 51,708,301 | ||||||||||||||||
Passport Food Group, LLC | Senior Notes (LIBOR + 9.0%, 10.3% Cash, Due 03/22)(6) | — | (1,947,708 | ) | 1,076,866 | — | 19,631,708 | 1,947,708 | 17,684,000 | |||||||||||||
Common Stock (20,000 shares) | — | (1,217,000 | ) | — | — | 2,000,000 | 1,217,000 | 783,000 | ||||||||||||||
— | (3,164,708 | ) | 1,076,866 | — | 21,631,708 | 3,164,708 | 18,467,000 | |||||||||||||||
PCX Aerostructures, LLC | Subordinated Note (10.5% Cash) | — | 768,098 | 2,460,740 | 21,960,000 | 2,839,000 | — | 24,799,000 | ||||||||||||||
Series A Preferred Stock (6,066 shares) | — | — | — | — | — | — | — | |||||||||||||||
Series B Preferred Stock (411 shares) | — | — | — | — | — | — | — | |||||||||||||||
Class A Common Stock (121,922 shares) | — | — | — | — | — | — | — | |||||||||||||||
— | 768,098 | 2,460,740 | 21,960,000 | 2,839,000 | — | 24,799,000 | ||||||||||||||||
Team Waste, LLC | Subordinated Note (10% Cash, 2% PIK) | — | — | 40,000 | — | 3,916,667 | — | 3,916,667 | ||||||||||||||
Preferred Units (500,000 units) | — | — | 9,000 | 9,100,000 | 900,000 | — | 10,000,000 | |||||||||||||||
— | — | 49,000 | 9,100,000 | 4,816,667 | — | 13,916,667 | ||||||||||||||||
Technology Crops, LLC | Subordinated Notes (12% Cash, 5% PIK) | — | (2,843,102 | ) | 1,552,035 | 11,837,622 | 456,480 | 2,843,102 | 9,451,000 | |||||||||||||
Common Units (50 units) | — | — | — | — | — | — | — | |||||||||||||||
— | (2,843,102 | ) | 1,552,035 | 11,837,622 | 456,480 | 2,843,102 | 9,451,000 | |||||||||||||||
Nine Months Ended September 30, 2017: | Amount of Realized Gain (Loss) | Amount of Unrealized Gain (Loss) | Amount of Interest or Dividends Credited to Income(2) | December 31, 2016 Value | Gross Additions (3) | Gross Reductions(4) | September 30, 2017 Value | |||||||||||||||
Portfolio Company | Type of Investment(1) | |||||||||||||||||||||
TGaS Advisors, LLC | Senior Note (10% Cash, 1% PIK) | $ | — | $ | — | $ | 849,227 | $ | 9,521,986 | $ | 117,880 | $ | 186,729 | $ | 9,453,137 | |||||||
Preferred Units (1,685,357 units) | — | 66,000 | — | 1,270,000 | 66,000 | — | 1,336,000 | |||||||||||||||
— | 66,000 | 849,227 | 10,791,986 | 183,880 | 186,729 | 10,789,137 | ||||||||||||||||
Tulcan Fund IV, L.P. | Common Units (1,000,000 units) | — | — | — | — | — | — | — | ||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||
United Retirement Plan Consultants, Inc. | Series A Preferred Shares (9,400 shares) | — | 29,000 | — | 257,000 | 29,000 | — | 286,000 | ||||||||||||||
Common Shares (100,000 shares) | — | 47,000 | — | 301,000 | 47,000 | — | 348,000 | |||||||||||||||
— | 76,000 | — | 558,000 | 76,000 | — | 634,000 | ||||||||||||||||
Waste Recyclers Holdings, LLC | Class A Preferred Units (280 units) | (2,251,100 | ) | 2,251,100 | — | — | 2,251,100 | 2,251,100 | — | |||||||||||||
Class B Preferred Units (11,484,867 units) | (2,935,218 | ) | 2,487,218 | — | 817,000 | 2,487,218 | 3,304,218 | — | ||||||||||||||
Common Unit Purchase Warrant (1,170,083 units) | (748,900 | ) | 748,900 | — | — | 748,900 | 748,900 | — | ||||||||||||||
Common Units (153,219 units) | (180,783 | ) | 180,783 | — | — | 180,783 | 180,783 | — | ||||||||||||||
(6,116,001 | ) | 5,668,001 | — | 817,000 | 5,668,001 | 6,485,001 | — | |||||||||||||||
Wythe Will Tzetzo, LLC | Series A Preferred Units (99,829 units) | — | (3,668,000 | ) | — | 6,808,000 | — | 3,668,000 | 3,140,000 | |||||||||||||
— | (3,668,000 | ) | — | 6,808,000 | — | 3,668,000 | 3,140,000 | |||||||||||||||
Investments not held at the end of the period | 24,881 | — | — | — | 24,881 | 24,881 | — | |||||||||||||||
Deferred taxes | — | 582,190 | — | — | — | — | — | |||||||||||||||
Total Affiliate Investments | $ | (999,336 | ) | $ | (11,651,017 | ) | $ | 13,892,331 | $ | 161,510,773 | $ | 68,937,662 | $ | 83,840,982 | $ | 146,607,453 |
Year Ended December 31, 2016: | Amount of Realized Gain (Loss) | Amount of Unrealized Gain (Loss) | Amount of Interest or Dividends Credited to Income(2) | December 31, 2015 Value | Gross Additions (3) | Gross Reductions(4) | December 31, 2016 Value | |||||||||||||||
Portfolio Company | Type of Investment(1) | |||||||||||||||||||||
Control Investments: | ||||||||||||||||||||||
CRS Reprocessing, LLC | Senior Notes (LIBOR + 3.5%, 4.3% Cash)(6) | $ | — | $ | — | $ | 120,067 | $ | 2,942,769 | $ | — | $ | — | $ | 2,942,769 | |||||||
Split Collateral Term Loans (8% Cash) | — | (5,010,464 | ) | 897,649 | 6,192,464 | 5,000,000 | 5,010,464 | 6,182,000 | ||||||||||||||
Series F Preferred Units (705,321 units) | — | (5,221,000 | ) | — | 5,221,000 | — | 5,221,000 | — | ||||||||||||||
Common Units (15,174 units) | — | — | 333 | — | — | — | ||||||||||||||||
— | (10,231,464 | ) | 1,018,049 | 14,356,233 | 5,000,000 | 10,231,464 | 9,124,769 | |||||||||||||||
DCWV Acquisition Corporation | Senior Subordinated Note (15% PIK)(5) | — | — | — | 250,000 | — | — | 250,000 | ||||||||||||||
Subordinated Note (12% Cash, 3% PIK)(5) | — | (1,728,000 | ) | — | 3,117,000 | — | 1,728,000 | 1,389,000 | ||||||||||||||
Jr. Subordinated Note (15% PIK)(5) | — | — | — | — | — | — | — | |||||||||||||||
Series A Preferred Equity (1,200 shares) | — | — | — | — | — | — | — | |||||||||||||||
100% Common Shares | — | — | — | — | — | — | — | |||||||||||||||
— | (1,728,000 | ) | — | 3,367,000 | — | 1,728,000 | 1,639,000 | |||||||||||||||
Gerli & Company | Subordinated Note (13% Cash)(5) | — | (375,000 | ) | — | 375,000 | — | 375,000 | — | |||||||||||||
Subordinated Note (8.5% Cash)(5) | — | (437,000 | ) | — | 437,000 | — | 437,000 | — | ||||||||||||||
Class A Preferred Shares (1,211 shares) | — | — | — | — | — | — | — | |||||||||||||||
Class C Preferred Shares (744 shares) | — | — | — | — | — | — | — | |||||||||||||||
Class E Preferred Shares (400 shares) | — | — | — | — | — | — | — | |||||||||||||||
Common Stock (300 shares) | — | — | — | — | — | — | — | |||||||||||||||
— | (812,000 | ) | — | 812,000 | — | 812,000 | — | |||||||||||||||
SRC Worldwide, Inc. | Common Stock (5,000 shares) | — | 1,307,000 | 700,000 | 6,921,000 | 1,307,000 | 200,000 | 8,028,000 | ||||||||||||||
— | 1,307,000 | 700,000 | 6,921,000 | 1,307,000 | 200,000 | 8,028,000 | ||||||||||||||||
Total Control Investments | — | (11,464,464 | ) | 1,718,049 | 25,456,233 | 6,307,000 | 12,971,464 | 18,791,769 | ||||||||||||||
Affiliate Investments: | ||||||||||||||||||||||
All Aboard America! Holdings Inc. | Subordinated Note (12% Cash, 3% PIK) | — | — | 2,440,362 | 14,953,191 | 577,433 | 15,530,624 | — | ||||||||||||||
Membership Units in LLC | 3,118,958 | (2,723,218 | ) | — | 5,024,000 | 3,118,958 | 8,142,958 | — | ||||||||||||||
3,118,958 | (2,723,218 | ) | 2,440,362 | 19,977,191 | 3,696,391 | 23,673,582 | — | |||||||||||||||
All Metals Holding, LLC | Subordinated Note (12% Cash, 1% PIK) | — | — | — | — | 6,249,220 | — | 6,249,220 | ||||||||||||||
Units (318,977 units) | — | (55,331 | ) | — | — | 809,331 | 55,331 | 754,000 | ||||||||||||||
— | (55,331 | ) | — | — | 7,058,551 | 55,331 | 7,003,220 | |||||||||||||||
American De-Rosa Lamparts, LLC and Hallmark Lighting, LLC | Subordinated Note (12% Cash, 3% PIK) | — | — | 663,502 | 7,186,235 | 227,130 | 7,413,365 | — | ||||||||||||||
Membership Units (8,364 units) | 3,555,652 | (3,251,347 | ) | 102,800 | 3,872,000 | 3,555,652 | 7,427,652 | — | ||||||||||||||
3,555,652 | (3,251,347 | ) | 766,302 | 11,058,235 | 3,782,782 | 14,841,017 | — |
Year Ended December 31, 2016: | Amount of Realized Gain (Loss) | Amount of Unrealized Gain (Loss) | Amount of Interest or Dividends Credited to Income(2) | December 31, 2015 Value | Gross Additions (3) | Gross Reductions(4) | December 31, 2016 Value | |||||||||||||||
Portfolio Company | Type of Investment(1) | |||||||||||||||||||||
CIS Secure Computing Inc. | Subordinated Note (12% Cash, 3% PIK) | $ | — | $ | — | $ | 1,757,750 | $ | 11,323,440 | $ | 347,268 | $ | — | $ | 11,670,708 | |||||||
Common Stock (84 shares) | — | 1,956,000 | — | 199,000 | 1,956,000 | — | 2,155,000 | |||||||||||||||
— | 1,956,000 | 1,757,750 | 11,522,440 | 2,303,268 | — | 13,825,708 | ||||||||||||||||
Consolidated Lumber Company LLC | Subordinated Note (10% Cash, 2% PIK) | — | 156,611 | 1,480,383 | 14,332,445 | 564,627 | 10,619,072 | 4,278,000 | ||||||||||||||
Class A Units (15,000 units) | — | 981,000 | 451,128 | 1,500,000 | 981,000 | — | 2,481,000 | |||||||||||||||
— | 1,137,611 | 1,931,511 | 15,832,445 | 1,545,627 | 10,619,072 | 6,759,000 | ||||||||||||||||
DPII Holdings, LLC | Tranche I & II Subordinated Notes (12% Cash, 4% PIK)(5) | — | (871,000 | ) | 115,147 | 3,558,804 | 5,708 | 1,208,511 | 2,356,001 | |||||||||||||
Tranche III Subordinated Note (19% PIK)(5) | — | (2,148,462 | ) | — | — | 2,148,462 | 2,148,462 | — | ||||||||||||||
Class A Membership Interest (17,308 units) | — | (795,000 | ) | — | 795,000 | — | 795,000 | — | ||||||||||||||
— | (3,814,462 | ) | 115,147 | 4,353,804 | 2,154,170 | 4,151,973 | 2,356,001 | |||||||||||||||
FCL Holding SPV, LLC | Class A Interest (24,873 units) | — | 195,000 | — | — | 645,000 | — | 645,000 | ||||||||||||||
Class B Interest (48,427 units) | — | 101,000 | — | — | 101,000 | — | 101,000 | |||||||||||||||
Class B Interest (3,746 units) | — | — | — | — | — | — | — | |||||||||||||||
— | 296,000 | — | — | 746,000 | — | 746,000 | ||||||||||||||||
Frank Entertainment Group, LLC | Senior Note (LIBOR +7%, 10% Cash, 5.8% PIK)(6) | — | — | 1,599,606 | 9,592,545 | 605,281 | 257,142 | 9,940,684 | ||||||||||||||
Class A Redeemable Preferred Units (10.5% Cash) (196,718 units) | — | — | 324,995 | 4,566,904 | — | — | 4,566,904 | |||||||||||||||
Class B Redeemable Preferred Units (18,667 units) | — | — | — | 1,660,810 | — | — | 1,660,810 | |||||||||||||||
Class C Redeemable Preferred Units (25,846 units) | — | — | — | 600,000 | — | — | 600,000 | |||||||||||||||
Class A Common Units (43,077 units) | — | — | — | — | — | — | — | |||||||||||||||
Class A Common Warrants | — | — | — | — | — | — | — | |||||||||||||||
— | — | 1,924,601 | 16,420,259 | 605,281 | 257,142 | 16,768,398 | ||||||||||||||||
GenPref LLC | 7.0% LLC Interest | 30,823 | 6,762 | — | 16,400 | 37,585 | 53,985 | — | ||||||||||||||
30,823 | 6,762 | — | 16,400 | 37,585 | 53,985 | — | ||||||||||||||||
MS Bakery Holdings, Inc. | Preferred Units (233 units) | — | 30,000 | — | 367,000 | 30,000 | — | 397,000 | ||||||||||||||
Common B Units (3,000 units) | — | 303,000 | — | 1,807,000 | 303,000 | — | 2,110,000 | |||||||||||||||
Common A Units (1,652 units) | — | 167,000 | — | 995,000 | 167,000 | — | 1,162,000 | |||||||||||||||
— | 500,000 | — | 3,169,000 | 500,000 | — | 3,669,000 | ||||||||||||||||
Year Ended December 31, 2016: | Amount of Realized Gain (Loss) | Amount of Unrealized Gain (Loss) | Amount of Interest or Dividends Credited to Income(2) | December 31, 2015 Value | Gross Additions (3) | Gross Reductions(4) | December 31, 2016 Value | |||||||||||||||
Portfolio Company | Type of Investment(1) | |||||||||||||||||||||
NB Products, Inc. | Subordinated Note (12% Cash, 2% PIK) | $ | — | $ | — | $ | 3,368,353 | $ | 20,327,140 | $ | 2,424,050 | $ | — | $ | 22,751,190 | |||||||
Jr. Subordinated Note (10% PIK) | — | — | 462,929 | 4,126,030 | 469,891 | — | 4,595,921 | |||||||||||||||
Jr. Subordinated Bridge Note (20% PIK) | — | — | 244,654 | — | 1,972,727 | — | 1,972,727 | |||||||||||||||
Series A Redeemable Senior Preferred Stock (7,839 shares) | — | 887,000 | — | 8,525,000 | 887,000 | — | 9,412,000 | |||||||||||||||
Common Stock (1,668,691 shares) | — | 5,782,000 | — | 3,997,000 | 5,782,000 | — | 9,779,000 | |||||||||||||||
— | 6,669,000 | 4,075,936 | 36,975,170 | 11,535,668 | — | 48,510,838 | ||||||||||||||||
PCX Aerostructures, LLC | Subordinated Note (10.5% Cash) | — | (6,001,060 | ) | 3,339,521 | 18,612,000 | 9,409,060 | 6,061,060 | 21,960,000 | |||||||||||||
Series A Preferred Stock (6,066 shares) | — | (1,912,668 | ) | — | 1,191,000 | 721,668 | 1,912,668 | — | ||||||||||||||
Series B Preferred Stock (411 shares) | — | (410,514 | ) | — | — | 410,514 | 410,514 | — | ||||||||||||||
Class A Common Stock (121,922 shares) | — | (3,626 | ) | — | — | 3,626 | 3,626 | — | ||||||||||||||
— | (8,327,868 | ) | 3,339,521 | 19,803,000 | 10,544,868 | 8,387,868 | 21,960,000 | |||||||||||||||
Team Waste, LLC | Preferred Units (455,000 units) | — | — | 36,000 | 5,500,000 | 3,600,000 | — | 9,100,000 | ||||||||||||||
— | — | 36,000 | 5,500,000 | 3,600,000 | — | 9,100,000 | ||||||||||||||||
Technology Crops, LLC | Subordinated Notes (12% Cash, 5% PIK) | — | — | 1,944,252 | 11,252,123 | 585,499 | — | 11,837,622 | ||||||||||||||
Common Units (50 units) | — | (400,000 | ) | — | 400,000 | — | 400,000 | — | ||||||||||||||
— | (400,000 | ) | 1,944,252 | 11,652,123 | 585,499 | 400,000 | 11,837,622 | |||||||||||||||
TGaS Advisors, LLC | Senior Note (10% Cash, 1% PIK) | — | — | 1,180,938 | 9,633,898 | 177,061 | 288,973 | 9,521,986 | ||||||||||||||
Preferred Units (1,685,357 units) | — | (27,712 | ) | 33,000 | 1,427,000 | — | 157,000 | 1,270,000 | ||||||||||||||
— | (27,712 | ) | 1,213,938 | 11,060,898 | 177,061 | 445,973 | 10,791,986 | |||||||||||||||
Tulcan Fund IV, L.P. | Common Units (1,000,000 units) | — | (416,000 | ) | — | 416,000 | — | 416,000 | — | |||||||||||||
— | (416,000 | ) | — | 416,000 | — | 416,000 | — | |||||||||||||||
UCS Super HoldCo LLC | Membership Units (1,000 units) | (2,000,000 | ) | 2,000,000 | — | — | 2,000,000 | 2,000,000 | — | |||||||||||||
Participation Interest | (626,437 | ) | 700,000 | — | 300,000 | 700,000 | 1,000,000 | — | ||||||||||||||
(2,626,437 | ) | 2,700,000 | — | 300,000 | 2,700,000 | 3,000,000 | — | |||||||||||||||
United Retirement Plan Consultants, Inc. | Series A Preferred Shares (9,400 shares) | — | 505,252 | — | 446,000 | 265,000 | 454,000 | 257,000 | ||||||||||||||
Common Shares (100,000 shares) | — | (599,000 | ) | — | — | 611,000 | 310,000 | 301,000 | ||||||||||||||
— | (93,748 | ) | — | 446,000 | 876,000 | 764,000 | 558,000 | |||||||||||||||
Year Ended December 31, 2016: | Amount of Realized Gain (Loss) | Amount of Unrealized Gain (Loss) | Amount of Interest or Dividends Credited to Income(2) | December 31, 2015 Value | Gross Additions (3) | Gross Reductions(4) | December 31, 2016 Value | |||||||||||||||
Portfolio Company | Type of Investment(1) | |||||||||||||||||||||
Waste Recyclers Holdings, LLC | Class A Preferred Units (280 units) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||
Class B Preferred Units (11,484,867 units) | — | 74,000 | — | 743,000 | 74,000 | — | 817,000 | |||||||||||||||
Common Unit Purchase Warrant (1,170,083 units) | — | — | — | — | — | — | — | |||||||||||||||
Common Units (153,219 units) | — | — | — | — | — | — | — | |||||||||||||||
— | 74,000 | — | 743,000 | 74,000 | — | 817,000 | ||||||||||||||||
Wythe Will Tzetzo, LLC | Series A Preferred Units (99,829 units) | — | (1,528,000 | ) | 195,997 | 8,336,000 | — | 1,528,000 | 6,808,000 | |||||||||||||
— | (1,528,000 | ) | 195,997 | 8,336,000 | — | 1,528,000 | 6,808,000 | |||||||||||||||
Investments not held at the end of the period | 319,802 | — | — | — | 319,802 | 319,802 | — | |||||||||||||||
Deferred taxes | — | 1,825,301 | — | — | — | — | — | |||||||||||||||
Total Affiliate Investments | $ | 4,398,798 | $ | (5,473,012 | ) | $ | 19,741,317 | $ | 177,581,965 | $ | 52,842,553 | $ | 68,913,745 | $ | 161,510,773 |
Issuance/Pooling Date | Maturity Date | Interest Rate as of September 30, 2017 | September 30, 2017 | December 31, 2016 | |||||||
SBA-Guaranteed Debentures: | |||||||||||
March 25, 2009 | March 1, 2019 | 5.337% | $ | 22,000,000 | $ | 22,000,000 | |||||
March 24, 2010 | March 1, 2020 | 4.825% | 6,800,000 | 6,800,000 | |||||||
September 22, 2010 | September 1, 2020 | 3.687% | 32,590,000 | 32,590,000 | |||||||
March 29, 2011 | March 1, 2021 | 4.474% | 75,400,000 | 75,400,000 | |||||||
September 21, 2011 | September 1, 2021 | 3.392% | 19,100,000 | 19,100,000 | |||||||
March 27, 2013 | March 1, 2023 | 3.155% | 30,000,000 | 30,000,000 | |||||||
September 24, 2014 | September 1, 2024 | 3.790% | 31,310,000 | 31,310,000 | |||||||
September 21, 2016 | September 1, 2026 | 2.723% | 32,800,000 | 32,800,000 | |||||||
Less: Deferred financing fees | (3,915,131 | ) | (4,610,034 | ) | |||||||
Total SBA-Guaranteed Debentures | $ | 246,084,869 | $ | 245,389,966 | |||||||
Credit Facility: | |||||||||||
May 1, 2017 | April 30, 2022 | 3.998% | $ | 141,118,837 | $ | 127,011,475 | |||||
Total Credit Facility | $ | 141,118,837 | $ | 127,011,475 | |||||||
Notes: | |||||||||||
October 19, 2012 | December 15, 2022 | 6.375% | $ | 80,500,000 | $ | 80,500,000 | |||||
February 6, 2015 | March 15, 2022 | 6.375% | 86,250,000 | 86,250,000 | |||||||
Less: Deferred financing fees | (3,508,821 | ) | (3,994,619 | ) | |||||||
Total Notes | $ | 163,241,179 | $ | 162,755,381 |
Issuance Date | Maturity Date | Interest Rate as of June 30, 2021 | June 30, 2021 | December 31, 2020 | |||||||||||||||||||
Credit Facilities: | |||||||||||||||||||||||
February 21, 2019 | February 21, 2024 | 2.086% | $ | 668,452,480 | $ | 719,660,707 | |||||||||||||||||
Total Credit Facilities | $ | 668,452,480 | $ | 719,660,707 | |||||||||||||||||||
Notes: | |||||||||||||||||||||||
September 24, 2020 - August 2025 Notes | August 4, 2025 | 4.660% | $ | 25,000,000 | $ | 25,000,000 | |||||||||||||||||
September 29, 2020 - August 2025 Notes | August 4, 2025 | 4.660% | 25,000,000 | 25,000,000 | |||||||||||||||||||
November 5, 2020 - Series B Notes | November 4, 2025 | 4.250% | 62,500,000 | 62,500,000 | |||||||||||||||||||
November 5, 2020 - Series C Notes | November 4, 2027 | 4.750% | 112,500,000 | 112,500,000 | |||||||||||||||||||
February 25, 2021 Series D Notes | February 26, 2026 | 3.410% | 80,000,000 | — | |||||||||||||||||||
February 25, 2021 Series E Notes | February 26, 2028 | 4.060% | 70,000,000 | — | |||||||||||||||||||
(Less: Deferred financing fees) | (777,079) | (664,334) | |||||||||||||||||||||
Total Notes | $ | 374,222,921 | $ | 224,335,666 |
Nine Months Ended September 30, 2017 | Nine Months Ended September 30, 2016 | ||||||||
Number of Shares | Weighted Average Grant Date Fair Value per Share | Number of Shares | Weighted Average Grant Date Fair Value per Share | ||||||
Unvested shares, beginning of period | 631,622 | $21.23 | 778,116 | $24.10 | |||||
Shares granted during the period | 360,470 | $19.22 | 364,605 | $17.56 | |||||
Shares vested during the period | (243,418 | ) | $22.69 | (417,815 | ) | $23.28 | |||
Unvested shares, end of period | 748,674 | $19.79 | 724,906 | $21.29 |
As of June 30, 2021: Description | Counter Party | Settlement Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||||||||||||||
Credit Support Agreement | Barings LLC | 01/01/31 | $ | 23,000,000 | $ | 14,300,006 | $ | 700,006 | |||||||||||||||||||||||||||||||||
Total Credit Support Agreement | $ | 700,006 |
As of December 31, 2020: Description | Counter Party | Settlement Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||||||||||||||
Credit Support Agreement | Barings LLC | 01/01/31 | $ | 23,000,000 | $ | 13,600,000 | $ | — | |||||||||||||||||||||||||||||||||
Total Credit Support Agreement | $ | — |
As of June 30, 2021: Description | Notional Amount to be Purchased | Notional Amount to be Sold | Maturity Date | Gross Amount of Recognized Assets (Liabilities) | Balance Sheet Location of Net Amounts | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (AUD) | $853,209 | A$1,114,133 | 07/07/21 | $ | 16,750 | Prepaid expenses and other assets | ||||||||||||||||||||||||||||||||
Foreign currency forward contract (AUD) | A$1,114,133 | $842,900 | 07/07/21 | (6,440) | Derivative liability | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (AUD) | $843,201 | A$1,114,133 | 10/06/21 | 6,439 | Prepaid expenses and other assets | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (CAD) | C$6,000,000 | $4,863,920 | 07/07/21 | (18,596) | Derivative liability | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (CAD) | $4,974,150 | C$6,000,000 | 07/07/21 | 128,825 | Prepaid expenses and other assets | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (CAD) | $4,863,825 | C$6,000,000 | 10/06/21 | 18,572 | Prepaid expenses and other assets | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (EUR) | €20,518,045 | $24,952,136 | 07/07/21 | (617,138) | Derivative liability | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (EUR) | $24,184,783 | €20,518,045 | 07/07/21 | (150,216) | Derivative liability | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (EUR) | $5,039,910 | €4,218,045 | 10/06/21 | 27,868 | Prepaid expenses and other assets | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (GBP) | £2,388,498 | $3,315,648 | 07/07/21 | (16,006) | Derivative liability | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (GBP) | $3,289,859 | £2,388,498 | 07/07/21 | (9,783) | Derivative liability | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (GBP) | $3,316,255 | £2,388,498 | 10/06/21 | 15,940 | Prepaid expenses and other assets | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (SEK) | $176,315 | 1,530,825kr | 07/07/21 | (2,693) | Derivative liability | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (SEK) | 1,530,825kr | $179,964 | 07/07/21 | (956) | Derivative liability | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (SEK) | $180,113 | 1,530,825kr | 10/06/21 | 955 | Prepaid expenses and other assets | |||||||||||||||||||||||||||||||||
Total | $ | (606,479) |
As of December 31, 2020: Description | Notional Amount to be Purchased | Notional Amount to be Sold | Maturity Date | Gross Amount of Recognized Assets (Liabilities) | Balance Sheet Location of Net Amounts | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (AUD) | $8,471,304 | A$11,378,670 | 01/05/21 | $ | (309,049) | Derivative liability | ||||||||||||||||||||||||||||||||
Foreign currency forward contract (AUD) | A$11,378,670 | $8,610,504 | 01/05/21 | 169,849 | Prepaid expenses and other assets | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (AUD) | $148,019 | A$193,882 | 04/06/21 | (1,698) | Derivative liability | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (EUR) | $13,472,749 | €11,406,604 | 01/05/21 | (483,801) | Derivative liability | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (EUR) | €11,406,604 | $13,518,023 | 01/05/21 | 438,526 | Prepaid expenses and other assets | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (EUR) | $561,754 | €456,604 | 04/06/21 | 1,944 | Derivative liability | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (GBP) | $13,554,607 | £10,215,299 | 01/05/21 | (409,190) | Derivative liability | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (GBP) | £10,215,299 | $13,717,678 | 01/05/21 | 246,118 | Prepaid expenses and other assets | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (GBP) | $13,109,849 | £9,672,758 | 04/06/21 | (119,769) | Derivative liability | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (SEK) | $141,603 | 1,259,406kr | 01/05/21 | (11,748) | Derivative liability | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (SEK) | 1,259,406kr | $152,396 | 01/05/21 | 955 | Prepaid expenses and other assets | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (SEK) | $164,325 | 1,356,628kr | 04/06/21 | (1,028) | Derivative liability | |||||||||||||||||||||||||||||||||
Total | $ | (478,891) |
Portfolio Company | Investment Type | June 30, 2021 | December 31, 2020 | |||||||||||
ADE Holding(1)(3) | Committed Capex Line | $ | — | $ | 91,814 | |||||||||
Air Comm Corporation, LLC(1) | Delayed Draw Term Loan | 2,027,027 | — | |||||||||||
Anju Software, Inc.(1) | Delayed Draw Term Loan | 1,981,371 | 1,981,371 | |||||||||||
Arch Global Precision, LLC(1) | Delayed Draw Term Loan | 2,540,509 | 4,193,475 | |||||||||||
Beacon Pointe Advisors, LLC(1) | Delayed Draw Term Loan | — | 363,636 | |||||||||||
Bidwax(1)(3) | Acquisition Capex Facility | 711,540 | — | |||||||||||
BigHand UK Bidco Limited(1)(4) | Acquisition Capex Facility | 385,890 | — | |||||||||||
British Engineering Services Holdco Limited(1)(4) | Acquisition Facility | — | 7,006,008 | |||||||||||
British Engineering Services Holdco Limited(1)(4) | Bridge Revolver | 624,735 | 618,177 | |||||||||||
Canadian Orthodontic Partners Corp(1)(2)(6) | Delayed Draw Term Loan | 448,717 | — | |||||||||||
Centralis Finco S.a.r.l.(1)(3) | Acquisition Facility | 480,689 | 495,950 | |||||||||||
Classic Collision (Summit Buyer, LLC)(1) | Delayed Draw Term Loan | — | 1,672,446 | |||||||||||
CM Acquisitions Holdings Inc.(1) | Delayed Draw Term Loan | 1,247,359 | 1,551,602 | |||||||||||
Contabo Finco S.À R.L(1)(3) | Delayed Draw Term Loan | 221,189 | 228,211 | |||||||||||
Crash Champions, LLC(1)(2) | Delayed Draw Term Loan | 2,666,667 | — | |||||||||||
CSL Dualcom(1)(4) | Delayed Draw Term Loan | 1,017,866 | 1,007,182 | |||||||||||
Dart Buyer, Inc.(1) | Delayed Draw Term Loan | 2,430,569 | 2,430,569 | |||||||||||
DreamStart Bidco SAS(1)(3) | Acquisition Facility | 965,004 | 995,640 | |||||||||||
EPS NASS Parent, Inc.(1)(2) | Delayed Draw Term Loan | 1,310,051 | — | |||||||||||
F24 (Stairway BidCo GmbH)(1)(3) | Acquisition Facility | 422,480 | 323,840 | |||||||||||
Fineline Technologies, Inc.(1) | Delayed Draw Term Loan | 180,000 | — | |||||||||||
FitzMark Buyer, Inc.(1) | Delayed Draw Term Loan | — | 1,470,588 | |||||||||||
Foundation Risk Partners, Corp.(1) | Delayed Draw Term Loan | 3,444,445 | 4,984,771 | |||||||||||
FragilePak LLC(1)(2) | Delayed Draw Term Loan | 4,687,500 | — | |||||||||||
Heartland, LLC(1) | Delayed Draw Term Loan | 4,850,912 | 5,347,666 | |||||||||||
Heilbron (f/k/a Sucsez (Bolt Bidco B.V.))(1)(3) | Accordion Facility | — | 10,225,081 | |||||||||||
Home Care Assistance, LLC(1) | Delayed Draw Term Loan | 741,299 | — | |||||||||||
IGL Holdings III Corp.(1) | Delayed Draw Term Loan | 5,914,219 | 5,914,219 | |||||||||||
IM Square(1)(2)(3) | Acquisition Facility | 8,064,124 | — | |||||||||||
Innovad Group II BV(1)(3) | Delayed Draw Term Loan | 1,902,687 | — | |||||||||||
INOS 19-090 GmbH(1)(2)(3) | Acquisition Facility | 2,644,039 | 2,727,980 | |||||||||||
Jocassee Partners LLC | Joint Venture | 20,000,000 | 30,000,000 | |||||||||||
Kano Laboratories LLC(1) | Delayed Draw Term Loan | 4,543,950 | 4,543,950 | |||||||||||
Kene Acquisition, Inc.(1) | Delayed Draw Term Loan | — | 322,928 | |||||||||||
LAF International(1)(2)(3) | Acquisition Facility | 355,770 | — | |||||||||||
LivTech Purchaser, Inc.(1) | Delayed Draw Term Loan | 81,977 | — | |||||||||||
Modern Star Holdings Bidco Pty Limited(1)(5) | Capex Term Loan | 2,253,239 | 2,315,967 | |||||||||||
Murphy Midco Limited(1)(4) | Delayed Draw Term Loan | 3,336,495 | 3,301,472 | |||||||||||
Navia Benefit Solutions, Inc.(1) | Delayed Draw Term Loan | 1,600,000 | — | |||||||||||
OG III B.V.(1)(2)(3) | Acquisition Capex Facility | 2,498,751 | — |
Portfolio Company | Investment Type | September 30, 2017 | December 31, 2016 | |||||
Baker Hill Acquisition, LLC(1) | Delayed Draw Term Loan | $ | 500,000 | $ | — | |||
CRS Reprocessing, LLC | Debtor in Possession Loan | 3,300,000 | — | |||||
DPII Holdings LLC(1) | Guaranty | 576,925 | 576,925 | |||||
DLC Acquisition, LLC | Revolver | 1,800,000 | 3,000,000 | |||||
Eckler's Holdings, Inc.(1) | Equity Investment | 1,000,000 | — | |||||
Frank Entertainment Group, LLC(1) | Delayed Draw Senior Note | 489,796 | — | |||||
Frank Entertainment Group, LLC(1) | Delayed Draw Second Lien Term Note | 1,142,857 | — | |||||
Halo Branded Solutions, Inc. | Delayed Draw Term Loan | 3,250,000 | 3,250,000 | |||||
HKW Capital Partners IV, L.P. | Private Equity | 128,204 | 530,032 | |||||
Lakeview Health Acquisition Company | Revolver | 1,387,367 | 1,387,367 | |||||
Micross Solutions LLC | Delayed Draw Term Loan | 3,000,000 | — | |||||
Nautic Partners VII, LP | Private Equity | 532,532 | 642,172 | |||||
Nomacorc, LLC(1) | Equity Investment | 838,813 | 849,362 | |||||
Orchid Underwriters Agency, LLC | Delayed Draw Term Loan | 649,143 | 8,400,000 | |||||
Orchid Underwriters Agency, LLC | Revolver | — | 5,000,000 | |||||
SCA Pharmaceuticals, LLC | Delayed Draw Term Loan | — | 12,000,000 | |||||
Schweiger Dermatology Group, LLC | Delayed Draw Term Loan | 10,000,000 | — | |||||
SCUF Gaming, Inc. | Revolver | 2,000,000 | 3,500,000 | |||||
Smile Brands, Inc. | Equity Investment | 1,000,000 | 1,000,000 | |||||
Smile Brands, Inc. | Delayed Draw Term Loan | 18,826,531 | 18,826,531 | |||||
SPC Partners V, LP | Private Equity | 198,378 | 522,881 | |||||
SPC Partners VI, LP | Private Equity | 3,000,000 | 3,000,000 | |||||
TCFI Merlin LLC and TCFI CSG LLC | Revolver | 500,000 | — | |||||
Team Waste, LLC | Equity Investment | — | 900,000 | |||||
Team Waste, LLC | Delayed Draw Term Loan | 1,000,000 | — | |||||
TGaS Advisors, LLC | Revolver | 2,000,000 | 2,000,000 | |||||
YummyEarth Inc.(1) | Delayed Draw Term Loan | 1,000,000 | 1,500,000 | |||||
Total unused commitments to extend financing | $ | 58,120,546 | $ | 66,885,270 |
Portfolio Company | Investment Type | June 30, 2021 | December 31, 2020 | |||||||||||
Options Technology Ltd.(1) | Delayed Draw Term Loan | — | 2,604,080 | |||||||||||
Pacific Health Supplies Bidco Pty Limited(1)(5) | CapEx Term Loan | 1,324,375 | 1,535,025 | |||||||||||
Premier Technical Services Group(1)(4) | Acquisition Facility | 936,187 | 1,197,505 | |||||||||||
Premium Invest(1)(2)(3) | Acquisition Facility | 5,099,373 | — | |||||||||||
Protego Bidco B.V.(1)(3) | Delayed Draw Term Loan | 880,421 | — | |||||||||||
Protego Bidco B.V.(1)(3) | Revolver | 1,548,591 | — | |||||||||||
PSC UK Pty Ltd.(1)(4) | Acquisition Facility | 540,834 | 535,157 | |||||||||||
Questel Unite(1)(2)(3) | Cap Acquisition Facility | 4,790,061 | 10,300,913 | |||||||||||
Radwell International, LLC(1) | Delayed Draw Term Loan | — | 3,235,947 | |||||||||||
Rep Seko Merger Sub LLC(1) | Delayed Draw Term Loan | 1,454,545 | 1,454,546 | |||||||||||
Safety Products Holdings, LLC(1) | Delayed Draw Term Loan | 6,467,345 | 6,467,345 | |||||||||||
Security Holdings B.V.(1)(2) | Delayed Draw Term Loan | 2,371,801 | — | |||||||||||
Security Holdings B.V.(1)(2) | Revolver | 1,185,901 | — | |||||||||||
Smile Brands Group, Inc.(1) | Delayed Draw Term Loan | 2,148,691 | 2,148,691 | |||||||||||
Springbrook Software (SBRK Intermediate, Inc.)(1) | Delayed Draw Term Loan | 3,489,026 | 3,489,026 | |||||||||||
SSCP Pegasus Midco Limited(1)(4) | Delayed Draw Term Loan | 13,531,585 | 13,389,546 | |||||||||||
The Hilb Group, LLC(1) | Delayed Draw Term Loan | 4,756,929 | 5,545,939 | |||||||||||
Transit Technologies LLC(1)(2) | Delayed Draw Term Loan | 1,857,017 | 6,035,305 | |||||||||||
USLS Acquisition, Inc.(1)(2) | Delayed Draw Term Loan | — | 450,466 | |||||||||||
Utac Ceram(1)(2)(3) | Delayed Draw Term Loan | — | 743,327 | |||||||||||
Waccamaw River | Joint Venture | 19,475,000 | — | |||||||||||
W2O Holdings, Inc.(1) | Delayed Draw Term Loan | 5,989,298 | 5,989,298 | |||||||||||
Total unused commitments to extend financing | $ | 164,428,050 | $ | 159,236,659 |
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Per share data: | |||||||||||
Net asset value at beginning of period | $ | 10.99 | $ | 11.66 | |||||||
Net investment income(1) | 0.44 | 0.29 | |||||||||
Net realized gain (loss) on investments / foreign currency transactions(1) | 0.03 | (0.35) | |||||||||
Net unrealized appreciation (depreciation) on investments/ CSA / foreign currency transactions(1) | 0.32 | (1.12) | |||||||||
Total increase (decrease) from investment operations(1) | 0.79 | (1.18) | |||||||||
Dividends/distributions paid to stockholders from net investment income | (0.39) | (0.32) | |||||||||
Purchases of shares in share repurchase plan | — | 0.05 | |||||||||
Loss on extinguishment of debt(1) | — | (0.01) | |||||||||
Other | — | 0.03 | |||||||||
Net asset value at end of period | $ | 11.39 | $ | 10.23 | |||||||
Market value at end of period(2) | $ | 10.56 | $ | 7.94 | |||||||
Shares outstanding at end of period | 65,316,085 | 47,961,753 | |||||||||
Net assets at end of period | $ | 744,127,561 | $ | 490,473,194 | |||||||
Average net assets | $ | 731,948,104 | $ | 517,358,958 | |||||||
Ratio of total expenses, including loss on extinguishment of debt and provision for taxes, to average net assets (annualized)(3) | 9.51 | % | 8.28 | % | |||||||
Ratio of net investment income to average net assets (annualized) | 7.91 | % | 5.34 | % | |||||||
Portfolio turnover ratio (annualized) | 33.77 | % | 15.48 | % | |||||||
Total return(4) | 19.22 | % | (18.74) | % | |||||||
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Per share data: | |||||||
Net asset value at beginning of period | $ | 15.13 | $ | 15.23 | |||
Net investment income(1) | 1.18 | 1.19 | |||||
Net realized loss on investments(1) | (0.37 | ) | (0.19 | ) | |||
Net unrealized depreciation on investments / foreign currency(1) | (1.94 | ) | (0.23 | ) | |||
Total increase (decrease) from investment operations(1) | (1.13 | ) | 0.77 | ||||
Dividends paid to stockholders from net investment income | (1.35 | ) | (1.44 | ) | |||
Total dividends paid | (1.35 | ) | (1.44 | ) | |||
Shares issued pursuant to Dividend Reinvestment Plan | 0.01 | 0.03 | |||||
Common stock offering | 0.61 | 0.72 | |||||
Stock-based compensation | (0.04 | ) | 0.03 | ||||
Tax provision(1) | (0.01 | ) | — | ||||
Other(2) | (0.02 | ) | (0.01 | ) | |||
Net asset value at end of period | $ | 13.20 | $ | 15.33 | |||
Market value at end of period(3) | $ | 14.28 | $ | 19.70 | |||
Shares outstanding at end of period | 47,740,832 | 40,405,403 | |||||
Net assets at end of period | $ | 630,393,416 | $ | 619,355,209 | |||
Average net assets | $ | 676,951,030 | $ | 534,714,702 | |||
Ratio of total expenses, including provision for taxes, to average net assets (annualized) | 7.34 | % | 10.14 | % | |||
Ratio of net investment income to average net assets (annualized) | 10.70 | % | 10.42 | % | |||
Portfolio turnover ratio | 21.59 | % | 16.89 | % | |||
Total return(4) | (15.56 | )% | 10.62 | % | |||
Supplemental Data: | |||||||
Efficiency ratio(5) | 17.04 | % | 25.07 | % |
Cost | Percentage of Total Portfolio | Fair Value | Percentage of Total Portfolio | |||||||||||||||||||||||||||||||||
Cost | Percentage of Total Portfolio | Fair Value | Percentage of Total Portfolio | |||||||||||||||||||||||||||||||||
September 30, 2017: | ||||||||||||||||||||||||||||||||||||
June 30, 2021: | June 30, 2021: | |||||||||||||||||||||||||||||||||||
Senior debt and 1st lien notes | Senior debt and 1st lien notes | $ | 1,204,984,713 | 78 | % | $ | 1,218,866,771 | 77 | % | |||||||||||||||||||||||||||
Subordinated debt and 2nd lien notes | $ | 812,599,788 | 66 | % | $ | 688,995,595 | 63 | % | Subordinated debt and 2nd lien notes | 188,845,576 | 12 | 186,866,059 | 12 | |||||||||||||||||||||||
Senior debt and 1st lien notes | 290,613,735 | 23 | 270,479,180 | 25 | ||||||||||||||||||||||||||||||||
Structured products | Structured products | 21,620,236 | 1 | 24,834,070 | 2 | |||||||||||||||||||||||||||||||
Equity shares | 133,883,175 | 11 | 131,120,904 | 12 | Equity shares | 46,546,414 | 3 | 52,002,551 | 3 | |||||||||||||||||||||||||||
Equity warrants | 1,691,617 | — | 596,000 | — | Equity warrants | 1,398,383 | — | 1,488,768 | — | |||||||||||||||||||||||||||
Investment in joint ventures / PE fund | Investment in joint ventures / PE fund | 74,807,532 | 5 | 80,476,958 | 5 | |||||||||||||||||||||||||||||||
Short-term investments | Short-term investments | 10,574,196 | 1 | 10,574,196 | 1 | |||||||||||||||||||||||||||||||
$ | 1,238,788,315 | 100 | % | $ | 1,091,191,679 | 100 | % | $ | 1,548,777,050 | 100 | % | $ | 1,575,109,373 | 100 | % | |||||||||||||||||||||
December 31, 2016: | ||||||||||||||||||||||||||||||||||||
December 31, 2020: | December 31, 2020: | |||||||||||||||||||||||||||||||||||
Senior debt and 1st lien notes | Senior debt and 1st lien notes | $ | 1,167,436,742 | 79 | % | $ | 1,171,250,512 | 79 | % | |||||||||||||||||||||||||||
Subordinated debt and 2nd lien notes | $ | 753,635,857 | 69 | % | $ | 690,159,367 | 67 | % | Subordinated debt and 2nd lien notes | 137,776,808 | 9 | 138,767,120 | 9 | |||||||||||||||||||||||
Senior debt and 1st lien notes | 198,616,110 | 18 | 191,643,157 | 18 | ||||||||||||||||||||||||||||||||
Structured products | Structured products | 30,071,808 | 2 | 32,508,845 | 2 | |||||||||||||||||||||||||||||||
Equity shares | 140,524,807 | 13 | 154,216,657 | 15 | Equity shares | 44,693,645 | 3 | 44,651,114 | 3 | |||||||||||||||||||||||||||
Equity warrants | 4,154,717 | — | 1,888,000 | — | Equity warrants | 1,235,383 | — | 1,300,197 | — | |||||||||||||||||||||||||||
Investment in joint ventures / PE fund | Investment in joint ventures / PE fund | 39,282,532 | 3 | 41,759,922 | 3 | |||||||||||||||||||||||||||||||
Short-term investments | Short-term investments | 65,558,227 | 4 | 65,558,227 | 4 | |||||||||||||||||||||||||||||||
$ | 1,096,931,491 | 100 | % | $ | 1,037,907,181 | 100 | % | $ | 1,486,055,145 | 100 | % | $ | 1,495,795,937 | 100 | % |
Six Months Ended June 30, 2021: | Senior Debt and 1st Lien Notes | Subordinated Debt and 2nd Lien Notes | Structured Products | Equity Shares | Equity Warrants | Investments in Joint Ventures / PE Fund | Short-term Investments | Total | |||||||||||||||||||||||||||||||||||||||
Fair value, beginning of period | $ | 1,171,250,512 | $ | 138,767,120 | $ | 32,508,845 | $ | 44,651,114 | $ | 1,300,197 | $ | 41,759,922 | $ | 65,558,227 | $ | 1,495,795,937 | |||||||||||||||||||||||||||||||
New investments | 420,633,459 | 75,315,803 | — | 8,260,458 | 163,000 | 38,200,000 | 217,559,209 | 760,131,929 | |||||||||||||||||||||||||||||||||||||||
Proceeds from sales of investments | (291,704,784) | (8,771,000) | (6,823,471) | (5,971,996) | — | (2,675,000) | (272,542,440) | (588,488,691) | |||||||||||||||||||||||||||||||||||||||
Loan origination fees received | (9,036,702) | (987,358) | — | — | — | — | — | (10,024,060) | |||||||||||||||||||||||||||||||||||||||
Principal repayments received | (91,579,875) | (24,847,271) | (2,307,299) | — | — | — | — | (118,734,445) | |||||||||||||||||||||||||||||||||||||||
Payment-in-kind interest | 1,564,886 | 7,569,986 | — | — | — | — | — | 9,134,872 | |||||||||||||||||||||||||||||||||||||||
Accretion of loan discounts | 1,267,506 | 2,527,550 | 26,879 | — | — | — | — | 3,821,935 | |||||||||||||||||||||||||||||||||||||||
Accretion of deferred loan origination revenue | 3,227,928 | 285,015 | — | — | — | — | — | 3,512,943 | |||||||||||||||||||||||||||||||||||||||
Realized gain (loss) | 3,175,550 | (23,956) | 652,320 | (435,692) | — | — | (800) | 3,367,422 | |||||||||||||||||||||||||||||||||||||||
Unrealized appreciation (depreciation) | 10,068,291 | (2,969,830) | 776,796 | 5,498,667 | 25,571 | 3,192,036 | — | 16,591,531 | |||||||||||||||||||||||||||||||||||||||
Fair value, end of period | $ | 1,218,866,771 | $ | 186,866,059 | $ | 24,834,070 | $ | 52,002,551 | $ | 1,488,768 | $ | 80,476,958 | $ | 10,574,196 | $ | 1,575,109,373 |
Six Months Ended June 30, 2020: | Senior Debt and 1st Lien Notes | Subordinated Debt and 2nd Lien Notes | Structured Products | Equity Shares | Investment in Joint Venture | Short-term Investments | Total | ||||||||||||||||||||||||||||||||||
Fair value, beginning of period | $ | 1,050,863,369 | $ | 15,220,969 | $ | — | $ | 760,716 | $ | 10,229,813 | $ | 96,568,940 | $ | 1,173,643,807 | |||||||||||||||||||||||||||
New investments | 145,908,541 | 2,160,081 | 11,518,233 | 512,299 | 6,500,000 | 403,971,410 | $ | 570,570,564 | |||||||||||||||||||||||||||||||||
Proceeds from sales of investments | (136,317,018) | — | — | (241,428) | — | (442,510,852) | $ | (579,069,298) | |||||||||||||||||||||||||||||||||
Loan origination fees received | (3,111,977) | (19,808) | — | — | — | — | $ | (3,131,785) | |||||||||||||||||||||||||||||||||
Principal repayments received | (58,401,447) | — | (19,432) | — | — | — | $ | (58,420,879) | |||||||||||||||||||||||||||||||||
Payment-in-kind interest earned | 198,839 | — | — | — | — | — | $ | 198,839 | |||||||||||||||||||||||||||||||||
Accretion of loan discounts | 576,166 | 9,299 | 18,831 | — | — | — | $ | 604,296 | |||||||||||||||||||||||||||||||||
Accretion of deferred loan origination revenue | 1,124,781 | 16,932 | — | — | — | — | $ | 1,141,713 | |||||||||||||||||||||||||||||||||
Realized gain (loss) | (17,016,092) | — | 1,841 | 241,428 | — | 16,979 | $ | (16,755,844) | |||||||||||||||||||||||||||||||||
Unrealized appreciation (depreciation) | (53,139,679) | (1,346,538) | 744,762 | (202,605) | (795,968) | (353) | $ | (54,740,381) | |||||||||||||||||||||||||||||||||
Fair value, end of period | $ | 930,685,483 | $ | 16,040,935 | $ | 12,264,235 | $ | 1,070,410 | $ | 15,933,845 | $ | 58,046,124 | $ | 1,034,041,032 |
Nine Months Ended September 30, 2017: | Subordinated Debt and 2nd Lien Notes | Senior Debt and 1st Lien Notes | Equity Shares | Equity Warrants | Total | ||||||||||||||
Fair value, beginning of period | $ | 690,159,367 | $ | 191,643,157 | $ | 154,216,657 | $ | 1,888,000 | $ | 1,037,907,181 | |||||||||
New investments | 220,193,495 | 158,635,429 | 12,673,701 | — | 391,502,625 | ||||||||||||||
Reclassifications | 22,558,007 | (22,558,007 | ) | — | — | — | |||||||||||||
Proceeds from sales of investments | — | — | (27,036,478 | ) | (479,408 | ) | (27,515,886 | ) | |||||||||||
Loan origination fees received | (3,471,655 | ) | (2,262,235 | ) | — | — | (5,733,890 | ) | |||||||||||
Principal repayments received | (163,054,918 | ) | (41,159,263 | ) | — | — | (204,214,181 | ) | |||||||||||
PIK interest earned | 8,033,507 | 841,215 | — | — | 8,874,722 | ||||||||||||||
PIK interest payments received | (7,847,417 | ) | (507,979 | ) | — | — | (8,355,396 | ) | |||||||||||
Accretion of loan discounts | 411,497 | 54,694 | — | — | 466,191 | ||||||||||||||
Accretion of deferred loan origination revenue | 2,798,373 | 1,064,723 | — | — | 3,863,096 | ||||||||||||||
Realized gain (loss) | (20,656,958 | ) | (2,110,952 | ) | 7,721,145 | (1,983,692 | ) | (17,030,457 | ) | ||||||||||
Unrealized gain (loss) | (60,127,703 | ) | (13,161,602 | ) | (16,454,121 | ) | 1,171,100 | (88,572,326 | ) | ||||||||||
Fair value, end of period | $ | 688,995,595 | $ | 270,479,180 | $ | 131,120,904 | $ | 596,000 | $ | 1,091,191,679 | |||||||||
Weighted average yield on debt investments at end of period(1) | 11.2 | % | |||||||||||||||||
Weighted average yield on total investments at end of period(1) | 9.8 | % | |||||||||||||||||
Weighted average yield on total investments at end of period | 8.3 | % |
Nine Months Ended September 30, 2016: | Subordinated Debt and 2nd Lien Notes | Senior Debt and 1st Lien Notes | Equity Shares | Equity Warrants | Total | ||||||||||||||
Fair value, beginning of period | $ | 699,125,083 | $ | 132,929,264 | $ | 141,555,369 | $ | 3,667,000 | $ | 977,276,716 | |||||||||
New investments | 145,487,825 | 3,000,000 | 14,729,826 | 650,000 | 163,867,651 | ||||||||||||||
Reclassifications | 4,020,247 | (4,020,247 | ) | — | — | — | |||||||||||||
Proceeds from sales of investments | — | — | (14,838,506 | ) | (5,627,106 | ) | (20,465,612 | ) | |||||||||||
Loan origination fees received | (3,165,460 | ) | (40,000 | ) | — | — | (3,205,460 | ) | |||||||||||
Principal repayments received | (157,151,997 | ) | (4,536,285 | ) | — | — | (161,688,282 | ) | |||||||||||
PIK interest earned | 10,548,903 | 1,083,855 | — | — | 11,632,758 | ||||||||||||||
PIK interest payments received | (7,219,058 | ) | (236,150 | ) | — | — | (7,455,208 | ) | |||||||||||
Accretion of loan discounts | 156,879 | 150,202 | — | — | 307,081 | ||||||||||||||
Accretion of deferred loan origination revenue | 3,289,162 | 386,841 | — | — | 3,676,003 | ||||||||||||||
Realized gain (loss) | (15,371,087 | ) | (1,560,322 | ) | 7,090,358 | 3,153,206 | (6,687,845 | ) | |||||||||||
Unrealized gain (loss) | (10,065,698 | ) | (168,648 | ) | 253,619 | 454,900 | (9,525,827 | ) | |||||||||||
Fair value, end of period | $ | 669,654,799 | $ | 126,988,510 | $ | 148,790,666 | $ | 2,298,000 | $ | 947,731,975 | |||||||||
Weighted average yield on debt investments at end of period(1) | 12.3 | % | |||||||||||||||||
Weighted average yield on total investments at end of period(1) | 10.5 | % | |||||||||||||||||
Weighted average yield on total investments at end of period | 10.0 | % |
Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended | ||||||||||||||||||||
June 30, 2021 | June 30, 2020 | June 30, 2021 | June 30, 2020 | ||||||||||||||||||||
Total investment income | $ | 33,153,488 | $ | 16,139,764 | $ | 63,746,721 | $ | 34,819,362 | |||||||||||||||
Total operating expenses | 18,595,830 | 9,610,635 | 34,832,967 | 20,996,164 | |||||||||||||||||||
Net investment income | 14,557,658 | 6,529,129 | 28,913,754 | 13,823,198 | |||||||||||||||||||
Income taxes, including excise tax benefit | — | — | (18,038) | — | |||||||||||||||||||
Net investment income after taxes | 14,557,658 | 6,529,129 | 28,931,792 | 13,823,198 | |||||||||||||||||||
Net realized gains (losses) | 342,660 | (16,514,997) | 2,182,240 | (16,817,369) | |||||||||||||||||||
Net unrealized appreciation (depreciation) | 14,409,413 | 65,043,310 | 20,683,568 | (54,352,743) | |||||||||||||||||||
Loss on extinguishment of debt | — | (306,202) | — | (443,592) | |||||||||||||||||||
Benefit from taxes | (1,700) | (2,532) | (1,290) | 17,467 | |||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 29,308,031 | $ | 54,748,708 | $ | 51,778,272 | $ | (57,773,039) | |||||||||||||||
Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended | ||||||||||||||||||||
June 30, 2021 | June 30, 2020 | June 30, 2021 | June 30, 2020 | ||||||||||||||||||||
Investment income: | |||||||||||||||||||||||
Interest income | $ | 26,819,189 | $ | 15,295,679 | $ | 52,033,431 | $ | 32,970,081 | |||||||||||||||
Dividend income | 394,901 | 2,603 | 466,401 | 2,603 | |||||||||||||||||||
Fee and other income | 2,568,455 | 650,433 | 4,701,630 | 1,611,426 | |||||||||||||||||||
Payment-in-kind interest income | 3,370,885 | 191,049 | 6,544,672 | 234,621 | |||||||||||||||||||
Interest income from cash | 58 | — | 587 | 631 | |||||||||||||||||||
Total investment income | $ | 33,153,488 | $ | 16,139,764 | $ | 63,746,721 | $ | 34,819,362 |
Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended | ||||||||||||||||||||
June 30, 2021 | June 30, 2020 | June 30, 2021 | June 30, 2020 | ||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Interest and other financing fees | $ | 7,994,447 | $ | 4,624,731 | $ | 15,279,156 | $ | 10,628,864 | |||||||||||||||
Base management fees | 4,891,372 | 3,616,787 | 8,820,622 | 7,529,160 | |||||||||||||||||||
Incentive management fees | 3,510,345 | — | 6,232,086 | — | |||||||||||||||||||
Compensation expenses | — | — | — | 48,410 | |||||||||||||||||||
General and administrative expenses | 2,199,666 | 1,369,117 | 4,501,103 | 2,789,730 | |||||||||||||||||||
Total operating expenses | $ | 18,595,830 | $ | 9,610,635 | $ | 34,832,967 | $ | 20,996,164 | |||||||||||||||
Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended | ||||||||||||||||||||
June 30, 2021 | June 30, 2020 | June 30, 2021 | June 30, 2020 | ||||||||||||||||||||
Net realized gain (losses): | |||||||||||||||||||||||
Non-Control / Non-Affiliate investments | $ | 553,013 | $ | (16,597,865) | $ | 3,444,053 | $ | (16,755,844) | |||||||||||||||
Affiliate investments | — | — | (76,631) | — | |||||||||||||||||||
Net realized gains (losses) on investments | 553,013 | (16,597,865) | 3,367,422 | (16,755,844) | |||||||||||||||||||
Foreign currency transactions | (210,353) | 82,868 | (1,185,182) | (61,525) | |||||||||||||||||||
Net realized gains (losses) | $ | 342,660 | $ | (16,514,997) | $ | 2,182,240 | $ | (16,817,369) | |||||||||||||||
Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended | ||||||||||||||||||||
June 30, 2021 | June 30, 2020 | June 30, 2021 | June 30, 2020 | ||||||||||||||||||||
Net unrealized appreciation (depreciation): | |||||||||||||||||||||||
Non-Control / Non-Affiliate investments | $ | 4,304,354 | $ | 63,416,644 | $ | 9,661,448 | $ | (53,944,413) | |||||||||||||||
Affiliate investments | 7,087,294 | 3,037,255 | 9,531,991 | (795,968) | |||||||||||||||||||
Control investments | 1,367,526 | — | (2,601,908) | — | |||||||||||||||||||
Net unrealized appreciation (depreciation) on investments | 12,759,174 | 66,453,899 | 16,591,531 | (54,740,381) | |||||||||||||||||||
Credit support agreement | 2,300,005 | — | 700,006 | — | |||||||||||||||||||
Foreign currency transactions | (649,766) | (1,410,589) | 3,392,031 | 387,638 | |||||||||||||||||||
Net unrealized appreciation (depreciation) | $ | 14,409,413 | $ | 65,043,310 | $ | 20,683,568 | $ | (54,352,743) | |||||||||||||||
For the quarter ended: | Total companies | Percent of total investments at fair value(1) | |
March 31, 2016 | 18 | 27% | |
June 30, 2016 | 19 | 30% | |
September 30, 2016 | 19 | 33% | |
December 31, 2016 | 20 | 33% | |
March 31, 2017 | 18 | 30% | |
June 30, 2017 | 20 | 29% | |
September 30, 2017 | 22 | 25% |
Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended | ||||||||||||||||||||
June 30, 2021 | June 30, 2020 | June 30, 2021 | June 30, 2020 | ||||||||||||||||||||
Recurring Fee Income: | |||||||||||||||||||||||
Amortization of loan origination fees | $ | 1,163,837 | $ | 463,590 | $ | 2,241,927 | $ | 893,139 | |||||||||||||||
Management, valuation and other fees | 547,829 | 154,000 | 1,129,223 | 329,755 | |||||||||||||||||||
Total Recurring Fee Income | 1,711,666 | 617,590 | 3,371,150 | 1,222,894 | |||||||||||||||||||
Non-Recurring Fee Income: | |||||||||||||||||||||||
Prepayment fees | — | — | 49,517 | 84,151 | |||||||||||||||||||
Acceleration of unamortized loan origination fees | 868,068 | 20,118 | 1,271,016 | 248,574 | |||||||||||||||||||
Advisory, loan amendment and other fees | (11,279) | 12,725 | 9,947 | 55,807 | |||||||||||||||||||
Total Non-Recurring Fee Income | 856,789 | 32,843 | 1,330,480 | 388,532 | |||||||||||||||||||
Total Fee Income | $ | 2,568,455 | $ | 650,433 | $ | 4,701,630 | $ | 1,611,426 |
Portfolio Company | Investment Type | June 30, 2021 | December 31, 2020 | |||||||||||
ADE Holding(1)(3) | Committed Capex Line | $ | — | $ | 91,814 | |||||||||
Air Comm Corporation, LLC(1) | Delayed Draw Term Loan | 2,027,027 | — | |||||||||||
Anju Software, Inc.(1) | Delayed Draw Term Loan | 1,981,371 | 1,981,371 | |||||||||||
Arch Global Precision, LLC(1) | Delayed Draw Term Loan | 2,540,509 | 4,193,475 | |||||||||||
Beacon Pointe Advisors, LLC(1) | Delayed Draw Term Loan | — | 363,636 | |||||||||||
Bidwax(1)(3) | Acquisition Capex Facility | 711,540 | — | |||||||||||
BigHand UK Bidco Limited(1)(4) | Acquisition Capex Facility | 385,890 | — | |||||||||||
British Engineering Services Holdco Limited(1)(4) | Acquisition Facility | — | 7,006,008 | |||||||||||
British Engineering Services Holdco Limited(1)(4) | Bridge Revolver | 624,735 | 618,177 | |||||||||||
Canadian Orthodontic Partners Corp(1)(2)(6) | Delayed Draw Term Loan | 448,717 | — | |||||||||||
Centralis Finco S.a.r.l.(1)(3) | Acquisition Facility | 480,689 | 495,950 | |||||||||||
Classic Collision (Summit Buyer, LLC)(1) | Delayed Draw Term Loan | — | 1,672,446 | |||||||||||
CM Acquisitions Holdings Inc.(1) | Delayed Draw Term Loan | 1,247,359 | 1,551,602 | |||||||||||
Contabo Finco S.À R.L(1)(3) | Delayed Draw Term Loan | 221,189 | 228,211 | |||||||||||
Crash Champions, LLC(1)(2) | Delayed Draw Term Loan | 2,666,667 | — | |||||||||||
CSL Dualcom(1)(4) | Delayed Draw Term Loan | 1,017,866 | 1,007,182 | |||||||||||
Dart Buyer, Inc.(1) | Delayed Draw Term Loan | 2,430,569 | 2,430,569 | |||||||||||
DreamStart Bidco SAS(1)(3) | Acquisition Facility | 965,004 | 995,640 | |||||||||||
EPS NASS Parent, Inc.(1)(2) | Delayed Draw Term Loan | 1,310,051 | — | |||||||||||
F24 (Stairway BidCo GmbH)(1)(3) | Acquisition Facility | 422,480 | 323,840 | |||||||||||
Fineline Technologies, Inc.(1) | Delayed Draw Term Loan | 180,000 | — | |||||||||||
FitzMark Buyer, Inc.(1) | Delayed Draw Term Loan | — | 1,470,588 | |||||||||||
Foundation Risk Partners, Corp.(1) | Delayed Draw Term Loan | 3,444,445 | 4,984,771 | |||||||||||
FragilePak LLC(1)(2) | Delayed Draw Term Loan | 4,687,500 | — | |||||||||||
Heartland, LLC(1) | Delayed Draw Term Loan | 4,850,912 | 5,347,666 | |||||||||||
Heilbron (f/k/a Sucsez (Bolt Bidco B.V.))(1)(3) | Accordion Facility | — | 10,225,081 | |||||||||||
Home Care Assistance, LLC(1) | Delayed Draw Term Loan | 741,299 | — | |||||||||||
IGL Holdings III Corp.(1) | Delayed Draw Term Loan | 5,914,219 | 5,914,219 | |||||||||||
IM Square(1)(2)(3) | Acquisition Facility | 8,064,124 | — | |||||||||||
Innovad Group II BV(1)(3) | Delayed Draw Term Loan | 1,902,687 | — | |||||||||||
INOS 19-090 GmbH(1)(2)(3) | Acquisition Facility | 2,644,039 | 2,727,980 | |||||||||||
Jocassee Partners LLC | Joint Venture | 20,000,000 | 30,000,000 | |||||||||||
Kano Laboratories LLC(1) | Delayed Draw Term Loan | 4,543,950 | 4,543,950 | |||||||||||
Kene Acquisition, Inc.(1) | Delayed Draw Term Loan | — | 322,928 | |||||||||||
LAF International(1)(2)(3) | Acquisition Facility | 355,770 | — | |||||||||||
LivTech Purchaser, Inc.(1) | Delayed Draw Term Loan | 81,977 | — | |||||||||||
Modern Star Holdings Bidco Pty Limited(1)(5) | Capex Term Loan | 2,253,239 | 2,315,967 | |||||||||||
Murphy Midco Limited(1)(4) | Delayed Draw Term Loan | 3,336,495 | 3,301,472 | |||||||||||
Navia Benefit Solutions, Inc.(1) | Delayed Draw Term Loan | 1,600,000 | — | |||||||||||
OG III B.V.(1)(2)(3) | Acquisition Capex Facility | 2,498,751 | — |
Portfolio Company | Investment Type | September 30, 2017 | December 31, 2016 | |||||
Baker Hill Acquisition, LLC(1) | Delayed Draw Term Loan | $ | 500,000 | $ | — | |||
CRS Reprocessing, LLC | Debtor in Possession Loan | 3,300,000 | — | |||||
DPII Holdings LLC(1) | Guaranty | 576,925 | 576,925 | |||||
DLC Acquisition, LLC | Revolver | 1,800,000 | 3,000,000 | |||||
Eckler's Holdings, Inc.(1) | Equity Investment | 1,000,000 | — | |||||
Frank Entertainment Group, LLC(1) | Delayed Draw Senior Note | 489,796 | — | |||||
Frank Entertainment Group, LLC(1) | Delayed Draw Second Lien Term Note | 1,142,857 | — | |||||
Halo Branded Solutions, Inc. | Delayed Draw Term Loan | 3,250,000 | 3,250,000 | |||||
HKW Capital Partners IV, L.P. | Private Equity | 128,204 | 530,032 | |||||
Lakeview Health Acquisition Company | Revolver | 1,387,367 | 1,387,367 | |||||
Micross Solutions LLC | Delayed Draw Term Loan | 3,000,000 | — | |||||
Nautic Partners VII, LP | Private Equity | 532,532 | 642,172 | |||||
Nomacorc, LLC(1) | Equity Investment | 838,813 | 849,362 | |||||
Orchid Underwriters Agency, LLC | Delayed Draw Term Loan | 649,143 | 8,400,000 | |||||
Orchid Underwriters Agency, LLC | Revolver | — | 5,000,000 | |||||
SCA Pharmaceuticals, LLC | Delayed Draw Term Loan | — | 12,000,000 | |||||
Schweiger Dermatology Group, LLC | Delayed Draw Term Loan | 10,000,000 | — | |||||
SCUF Gaming, Inc. | Revolver | 2,000,000 | 3,500,000 | |||||
Smile Brands, Inc. | Equity Investment | 1,000,000 | 1,000,000 | |||||
Smile Brands, Inc. | Delayed Draw Term Loan | 18,826,531 | 18,826,531 | |||||
SPC Partners V, LP | Private Equity | 198,378 | 522,881 | |||||
SPC Partners VI, LP | Private Equity | 3,000,000 | 3,000,000 | |||||
TCFI Merlin LLC and TCFI CSG LLC | Revolver | 500,000 | — | |||||
Team Waste, LLC | Equity Investment | — | 900,000 | |||||
Team Waste, LLC | Delayed Draw Term Loan | 1,000,000 | — | |||||
TGaS Advisors, LLC | Revolver | 2,000,000 | 2,000,000 | |||||
YummyEarth Inc.(1) | Delayed Draw Term Loan | 1,000,000 | 1,500,000 | |||||
Total unused commitments to extend financing | $ | 58,120,546 | $ | 66,885,270 |
Portfolio Company | Investment Type | June 30, 2021 | December 31, 2020 | |||||||||||
Options Technology Ltd.(1) | Delayed Draw Term Loan | — | 2,604,080 | |||||||||||
Pacific Health Supplies Bidco Pty Limited(1)(5) | CapEx Term Loan | 1,324,375 | 1,535,025 | |||||||||||
Premier Technical Services Group(1)(4) | Acquisition Facility | 936,187 | 1,197,505 | |||||||||||
Premium Invest(1)(2)(3) | Acquisition Facility | 5,099,373 | — | |||||||||||
Protego Bidco B.V.(1)(3) | Delayed Draw Term Loan | 880,421 | — | |||||||||||
Protego Bidco B.V.(1)(3) | Revolver | 1,548,591 | — | |||||||||||
PSC UK Pty Ltd.(1)(4) | Acquisition Facility | 540,834 | 535,157 | |||||||||||
Questel Unite(1)(2)(3) | Cap Acquisition Facility | 4,790,061 | 10,300,913 | |||||||||||
Radwell International, LLC(1) | Delayed Draw Term Loan | — | 3,235,947 | |||||||||||
Rep Seko Merger Sub LLC(1) | Delayed Draw Term Loan | 1,454,545 | 1,454,546 | |||||||||||
Safety Products Holdings, LLC(1) | Delayed Draw Term Loan | 6,467,345 | 6,467,345 | |||||||||||
Security Holdings B.V.(1)(2) | Delayed Draw Term Loan | 2,371,801 | — | |||||||||||
Security Holdings B.V.(1)(2) | Revolver | 1,185,901 | — | |||||||||||
Smile Brands Group, Inc.(1) | Delayed Draw Term Loan | 2,148,691 | 2,148,691 | |||||||||||
Springbrook Software (SBRK Intermediate, Inc.)(1) | Delayed Draw Term Loan | 3,489,026 | 3,489,026 | |||||||||||
SSCP Pegasus Midco Limited(1)(4) | Delayed Draw Term Loan | 13,531,585 | 13,389,546 | |||||||||||
The Hilb Group, LLC(1) | Delayed Draw Term Loan | 4,756,929 | 5,545,939 | |||||||||||
Transit Technologies LLC(1)(2) | Delayed Draw Term Loan | 1,857,017 | 6,035,305 | |||||||||||
USLS Acquisition, Inc.(1)(2) | Delayed Draw Term Loan | — | 450,466 | |||||||||||
Utac Ceram(1)(2)(3) | Delayed Draw Term Loan | — | 743,327 | |||||||||||
Waccamaw River | Joint Venture | 19,475,000 | — | |||||||||||
W2O Holdings, Inc.(1) | Delayed Draw Term Loan | 5,989,298 | 5,989,298 | |||||||||||
Total unused commitments to extend financing | $ | 164,428,050 | $ | 159,236,659 |
Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||
July 1 through July 31, 2017 | — | — | — | — | ||||||||
August 1 through August 31, 2017 | 4,842 | $ | 13.77 | — | — | |||||||
September 1 through September 30, 2017 | 68,352 | (1) | $ | 14.00 | — | — | ||||||
Total | 73,194 | $ | 13.98 | — | — |
Number | Exhibit | ||||
3.1 | |||||
3.2 | |||||
31.1 | |||||
31.2 | |||||
32.1 | |||||
32.2 |
* Filed Herewith. |
BARINGS BDC, INC. | |||||||||||
Date: | /s/ | ||||||||||
(Principal Executive Officer) | |||||||||||
Date: | /s/ | ||||||||||
Chief Financial Officer | |||||||||||
(Principal Financial Officer) | |||||||||||
Date: | /s/ | ||||||||||
Principal Accounting Officer |